N-CSR

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, 2019

ITEM 1. REPORTS TO STOCKHOLDERS.

The Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

Annual Report	August 31, 2019
	Access Fixed Income ETFs
	Access High Yield Corporate Bond ETF
	Access Inflation Protected USD Bond ETF
	Access Investment Grade Corporate Bond ETF
	Access Treasury 0-1 Year ETF
	Access Ultra Short Bond ETF

It is our intention that beginning on January 1, 2021, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from a Fund electronically by contacting your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. You can inform your financial intermediary that you wish to receive paper copies of reports by contacting your financial intermediary. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account.

Goldman Sachs Access Fixed Income ETFs

∎ ACCESS HIGH YIELD CORPORATE BOND ETF

∎ ACCESS INFLATION PROTECTED USD BOND ETF

∎ ACCESS INVESTMENT GRADE CORPORATE BOND ETF

∎ ACCESS TREASURY 0-1 YEAR ETF

∎ ACCESS ULTRA SHORT BOND ETF

TABLE OF CONTENTS
Investment Process	1
Portfolio Results and Fund Basics	6
Schedules of Investments	28
Financial Statements	55
Financial Highlights
Access High Yield Corporate Bond ETF	62
Access Inflation Protected USD Bond ETF	63
Access Investment Grade Corporate Bond ETF	64
Access Treasury 0-1 Year ETF	65
Access Ultra Short Bond ETF	66
Notes to Financial Statements	67
Report of Independent Registered Public Accounting Firm	78
Other Information	80

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 August 31, 2019, there were 674 constituents in the Index and the Index had a weighted average maturity of 5.65 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) if neither fundamental factor described below is available, 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 INFLATION PROTECTED USD BOND ETF

The Goldman Sachs Access Inflation Protected USD 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 Treasury Inflation Protected USD Bond Index (the “Index”) is designed to track the performance of inflation-protected, fixed rate U.S. Treasury Securities denominated in U.S. dollars (“USD”) that meet certain screening criteria. “U.S. Treasury Securities” 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 Securities include U.S. Treasury notes, U.S. Treasury bills and U.S. Treasury floating rate bonds. As of August 31, 2019, there were 36 issues in the Index and the Index had a weighted average maturity of 8.53 years and a weighted average duration of 7.93 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 U.S. sleeve of the FTSE World Inflation-Linked Securities Index (the “Reference Index”) using concepts developed with 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.

1

INVESTMENT PROCESS

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 fixed-rate, sovereign bonds denominated in USD that are linked to an inflation index. Only constituents of the Reference Index that are U.S. Treasury Inflation-Protected Securities (“TIPS”), have a minimum of 1 year to maturity and a minimum issue size of $5 billion outstanding (before taking into account the Federal Reserve System Open Market Account (“SOMA”) holdings) are included in the Universe.

Step 2

In the second step, the Index Provider screens the Universe to exclude securities that are unseasoned. The Index excludes “on-the-run” bonds, or the newest issues for each security term. The Index is constructed by weighting each constituent to match the weighted average real yield duration of the Universe.

THE FUND IS NOT A MONEY MARKET FUND AND DOES NOT ATTEMPT TO MAINTAIN A STABLE NET ASSET VALUE.

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 that meet certain liquidity and fundamental screening criteria. As of August 31, 2019, there were 2,236 constituents in the Index and the Index had a weighted average maturity of 11.71 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”).

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 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

The Goldman Sachs Access Treasury 0-1 Year 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.

2

INVESTMENT PROCESS

The FTSE US Treasury 0-1 Year Composite Select Index (the “Index”) is designed to measure the performance of U.S. Treasury Securities with a maximum remaining maturity of 12 months. “U.S. Treasury Securities” 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 Securities include U.S. Treasury notes, U.S. Treasury bills and U.S. Treasury floating rate bonds. The Fund expects to invest 100% of its assets in (i) U.S. Treasury Securities with a maximum remaining maturity of 12 months and (ii) cash. As of August 31, 2019, there were 79 issues in the Index and the Index had a weighted average maturity of 0.40 years. The Index includes publicly-issued U.S. Treasury Securities 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.

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 ABOVE 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 FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index is rebalanced monthly on the last business day of the month to account for changes in maturities (i.e., removing securities with less than 1 year to maturity), new issues and duration to closely match the weighted average real yield duration of its Universe.

The Investment Adviser uses a representative sampling strategy to manage each Fund. “Representative sampling” is an indexing strategy in which each 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 each Fund are expected to have, in the aggregate, investment characteristics, fundamental characteristics and liquidity measures similar to those of its Index. Each 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 Access 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. Each of the Goldman Sachs Access Treasury 0-1 Year ETF and Goldman Sachs Access Inflation Protected USD 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 U.S. government, state and municipal governments and their agencies, authorities and instrumentalities are not deemed to be industries for this purpose.

At the end of each Fund’s Reporting Period, i.e., August 31, 2019, we continued to believe the Funds may provide investors with smoother performance and less volatility, as a smart beta approach should provide liquidity while minimizing exposure to factors historically associated with volatility and underperformance.*

* Smart beta refers to quantitative index-based strategies. Liquidity is the ability to invest or redeem during market hours. Volatility refers to the annualized standard deviation of returns.

3

INVESTMENT PROCESS

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

The Goldman Sachs Access Ultra Short Bond ETF (the “Fund”) seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its Net Assets in a broad range of U.S. dollar denominated bonds. The Fund primarily invests in U.S. Government Securities, obligations of U.S. banks, corporate notes, commercial paper and other short-term obligations of U.S. companies, states, municipalities and other entities, fixed and floating rate mortgage-backed securities, asset-backed securities, and repurchase agreements. The Fund may also invest in U.S. dollar-denominated obligations issued or guaranteed by foreign banks, companies and governments or their agencies, authorities, instrumentalities or sponsored enterprises. Shareholders will be provided with sixty days’ notice in the manner prescribed by the Securities and Exchange Commission (“SEC”) before any change in the Fund’s policy to invest at least 80% of its Net Assets in the particular type of investment suggested by its name.

The Fund will generally focus its investments in securities of issuers that, at the time of purchase, have a short-term credit rating of at least investment grade by at least one NRSRO (at least A-2, P-2, or F2 by Standard & Poor’s, Moody’s or Fitch, respectively), have a long-term credit rating of at least investment grade by at least one NRSRO (at least BBB-, Baa3, or BBB by Standard & Poor’s, Moody’s or Fitch, respectively) if such securities only maintain long-term ratings, or, if unrated, are determined by the Investment Adviser to be of comparable credit quality at the time of purchase. The Fund may also rely on the credit quality of a guarantee or demand feature in determining the credit quality of a security supported by the guarantee or demand feature.

The Fund will concentrate its investments in the financial services group of industries. Therefore, under normal circumstances, the Fund will invest more than 25% of its total assets in securities issued by companies in the financial services group of industries and repurchase agreements secured by such obligations.

Under normal circumstances, the Fund’s effective duration is expected to be one year or less. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. In computing duration, the Fund will estimate the duration of obligations that are subject to prepayment or redemption by the issuer, taking into account the influence of interest rates on prepayments and coupon flows. This method of computing duration is known as “option-adjusted” duration.

The Fund is an actively managed ETF, which is a fund that trades like other publicly-traded securities. The Fund is not an index fund and does not seek to replicate the performance of a specified index.

The Fund may, from time to time, take temporary defensive positions that are inconsistent with the Fund’s principal investment strategies in attempting to respond to adverse market, political or other conditions. For temporary defensive purposes, the Fund may invest up to 100% of its total assets in U.S. Government Securities, commercial paper rated at least A-2 by Standard & Poor’s, P-2 by Moody’s, or having a comparable credit rating by another NRSRO (or if unrated, determined by the Investment Adviser to be of comparable credit quality), certificates of deposit, bankers’ acceptances, repurchase agreements, non-convertible preferred stocks and non-convertible corporate bonds with a remaining maturity of less than one year, certain ETFs and other investment companies and cash items. Cash items are not income-generating and, as a result, the Fund’s current yield may be adversely affected during periods when such positions are held. Cash positions may also subject the Fund to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances. When the Fund’s assets are invested in such instruments, the Fund may not be achieving its investment objective.

THE FUND IS NOT A MONEY MARKET FUND AND DOES NOT ATTEMPT TO MAINTAIN A STABLE NET ASSET VALUE.

The Fund is managed to seek to generate current income and secondarily maintain an emphasis on preservation of capital and liquidity. The Investment Adviser follows a conservative, risk-managed investment process.

Global fixed income markets are constantly evolving and are highly diverse — with a large number of countries, currencies, sectors, issuers and securities. We believe that inefficiencies in these complex markets cause bond prices to diverge from their fair value. To capitalize on these inefficiencies and generate consistent risk-adjusted performance, we believe it is critical to:

• Thoughtfully combine diversified sources of return by employing multiple strategies

4

INVESTMENT PROCESS

• Take a global perspective to uncover relative value opportunities

• Employ focused specialist teams to identify short-term mispricings and incorporate long-term views

• Emphasize a risk-aware approach as we view risk management as both an offensive and defensive tool

• Build a strong team of skilled investors who excel on behalf of our clients.

* * *

5

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 12-month period ended August 31, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 7.20% based on net asset value (“NAV”) and 6.88% based on market price. The Index returned 7.44% during the same period.

The Fund had a NAV of $48.86 per share on August 31, 2018 and ended the Reporting Period with a NAV of $49.42 per share. The Fund’s market price on August 31, 2019 was $49.24 per share.

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

A 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”) and 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.

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.

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 two primary factors — duration (whether interest rates are rising or falling) and spreads (a widening or tightening of the yield differential to duration-equivalent U.S. Treasuries).

After four interest rate hikes in 2018, the Federal Reserve (the “Fed”) shifted to a more dovish view early in 2019, predicated on soft inflation and domestic economic data. The Fed then delivered its first interest rate cut — 25 basis points — since 2008 in July 2019. (Dovish tends to suggest lower interest rates. Opposite of hawkish. A basis point is 1/100^th of a percentage point.) The Fed described the interest rate cut as a “mid-cycle adjustment.” The shift to a more dovish Fed policy created a positive environment for high yield credit by lowering borrowing costs and supporting yield compression.

Meanwhile, from the end of February 2019 to July 2019 alone, the 10-year U.S. Treasury yield fell from 2.73% to 2.02%, which was positive for intermediate-duration assets, such as high yield corporate credit. For the annual period overall, the yield on the 10-year U.S. Treasury fell 136 basis points, from 2.86% at the end of August 2018 to 1.50% at the end of August 2019.

During the fourth quarter of 2018, high yield corporate bonds experienced a drawdown but bounced back in January 2019. (A drawdown is a peak-to-trough decline during a specific

6

PORTFOLIO RESULTS

period of time of a sector or investment.) Year to date through August 31, 2019, high yield corporate spreads tightened from 537 basis points to 393 basis points, supported by strong second calendar quarter earnings, Fed easing, a slowdown in new issuance within the sector, and investor demand as investors shift out of floating-rate products. Still, escalating trade tensions challenged risk sentiment. The high yield default rate increased slightly during this same time frame, from 1.8% to 2.1%, but remained below historical averages. In our view, a modest increase in defaults should not pose a risk to the broader high yield market but rather may serve as a signal of stress in certain sectors.

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

A The Fund does not employ derivatives.

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

A The Fund had a weighted average duration of 3.04 years, a weighted average maturity of 5.49 years and a weighted average coupon of 6.07% as of August 31, 2019. The Fund’s weighted average yield to maturity was 5.71% on August 31, 2019. The 30-day standardized yield of the Fund at the end of the Reporting Period was 4.97%.

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

A

BBB	0.00%
BB	54.44%
B	38.14%
CCC	5.75%
Not Rated	0.00%
Cash	1.66%

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

A Of the approximately 96.7% of the Fund’s assets invested in high yield corporate bonds at the end of the Reporting Period, approximately 78.53% was in industrials, 8.92% in financials and 9.75% in utilities.

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

A While the Index was 98.95% allocated to high yield corporate bonds and 1.05% allocated to emerging market corporate bonds, the Fund was 97.20% invested in high yield corporate bonds, 1.14% in emerging market corporate bonds and 1.66% in cash at the end of the Reporting Period.

¹  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. Yield to maturity is the annual return that a bond is expected to generate if it is held till its maturity given its coupon rate, payment frequency and current market price. Yield to maturity is essentially the internal rate of return of a bond, i.e. the discount rate at which the present value of a bond’s coupon payments and maturity value is equal to its current market price. 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.

²  The 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.

³  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.

7

FUND BASICS

Access High Yield Corporate Bond ETF

as of August 31, 2019

FUND SNAPSHOT
As of August 31, 2019
Market Price1	$	49.24
Net Asset Value (NAV)1	$	49.42

¹  The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs.

TOP TEN HOLDINGS AS OF 8/31/192
Holding	% of Net Assets			Line of Business
TransDigm, Inc., 6.25%, 03/15/26		0.8	%	Industrials
Tenet Healthcare Corp., 4.63%, 07/15/24		0.8		Consumer, Non-cyclical
Post Holdings, Inc., 5.75%, 03/01/27		0.8		Consumer, Non-cyclical
Centene Corp., 5.38%, 06/01/26		0.7		Consumer, Non-cyclical
CCO Holdings LLC / CCO Holdings Capital Corp., 5.13%, 05/01/27		0.7		Telecommunication Services
HCA, Inc., 7.50%, 02/15/22		0.7		Consumer, Non-cyclical
Cheniere Corpus Christi Holdings LLC, 7.00%, 06/30/24		0.7		Energy
CCO Holdings LLC / CCO Holdings Capital Corp., 5.00%, 02/01/28		0.7		Telecommunication Services
CSC Holdings LLC, 5.75%, 01/15/30		0.7		Telecommunication Services
T-Mobile USA, Inc., 4.00%, 04/15/22		0.6		Telecommunication Services

²  The top 10 holdings may not be representative of the Fund’s future investments.

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

INDUSTRY ALLOCATION AS OF 8/31/193
Sector Name	Fund
Telecommunication Services		21.48	%
Consumer, Non-cyclical		20.01
Consumer, Cyclical		13.89
Energy		12.45
Financials		9.73
Industrials		8.42
Information Technology		4.64
Utilities		3.48
Materials		2.58
Other		1.43

³  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.

8

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Performance Summary

August 31, 2019

The following graph shows the value, as of August 31, 2019, 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. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

GoldmanSachsAccessHighYieldCorporateBondETF’sLifetimePerformance

Performance of a $10,000 Investment, with distributions reinvested, from September 5, 2017 through August 31, 2019.

AverageAnnualTotalReturnthroughAugust31,2019*	1 Year Return	Since Inception
Shares based on NAV (Commenced September 5, 2017)	7.20%	4.85%
Shares based on Market Price (Commenced September 5, 2017)	6.88%	4.65%
FTSE Goldman Sachs High Yield Corporate Bond Index	7.44%	5.22%

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

9

PORTFOLIO RESULTS

Goldman Sachs Access Inflation Protected USD Bond ETF

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Fixed Income Team discusses the Fund’s performance and positioning for the period since it commenced operations on October 2, 2018 through August 31, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 8.61% based on net asset value (“NAV”) and 8.54% based on market price. The Index returned 8.71% during the same period.

The Fund had a NAV of $50.00 per share on the date of inception and ended the Reporting Period with a NAV of $53.11 per share. The Fund’s market price on August 31, 2019 was $53.08 per share.

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

A 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 track the performance of inflation protected, fixed rate U.S. Treasury Securities denominated in U.S. dollars (“USD”) that meet certain screening criteria. “U.S. Treasury Securities” 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 Securities include U.S. Treasury notes, U.S. Treasury bills and U.S. Treasury floating rate 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 U.S. sleeve of the FTSE World Inflation-Linked Securities Index (the “Reference Index”) using concepts developed with 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.

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.

Two key drivers of return for the Treasury Inflation Protected Securities (“TIPS”) market are interest rates, given the sector’s longer duration profile, and inflation. During the Reporting Period, U.S. Treasuries rallied, with the yield on the 10-year U.S. Treasury declining approximately 159 basis points to 1.50%. (A basis point is 1/100^th of a percentage point.) The move in U.S. Treasuries reflected market expectations of further Federal Reserve (“Fed”) interest rate cuts on the back of lower economic growth expectations and higher trade policy uncertainty. Indeed, U.S. Treasury yields declined into the end of August 2019 given market expectations for a second interest rate cut in September 2019. The Fed remained on watch for signs of weakness in the economy, as it continues to decide whether to extend its monetary easing. Fed Chair Powell emphasized that the central bank would be largely guided by inflation outcomes as well as by the global economic growth backdrop and risk asset developments. At the end of the Reporting Period, an additional interest rate cut of 25 to 50 basis points was priced in for the near term and potentially more could follow.

Inflation-linked assets are inherently sensitive to macro data related to inflation estimates, including publication of unemployment, wage growth, inflation in other countries,

10

PORTFOLIO RESULTS

economic growth and fiscal spending figures. Year-over-year Consumer Price Index readings moved lower — from an annualized rate of 2.5% to an annualized rate of 1.8% during the Reporting Period. At the same time, we saw improved wage growth. Private sector average hourly earnings increased 3.2% year over year. Employment increased during the Reporting Period, with unemployment rates staying below 4%.

A tight labor market characterized by cyclically low unemployment, which was at or near the level of “full employment” during the Reporting Period, as defined by the U.S. Department of Labor, and a pick-up in wage growth is typically associated with an increase in inflation. This relationship is often referred to as the Phillips curve in economics, which asserts there is an inverse relationship between unemployment and inflation in an economy. A tight labor market and wage growth tend to exert upward pressure on inflation since labor is an input cost to many goods and services in the economy. The effect of higher consumer income leading to increased demand also supports this usual trend. While the U.S. economy experienced the former two conditions in the last few calendar quarters, i.e. low unemployment and a start to wage growth, inflation remained sluggish and slower to increase than the consensus expected. In our view, this scenario, combined with the Fed’s pivot toward monetary policy easing, should be constructive for inflation to build in the U.S. economy.

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

A The Fund does not employ derivatives.

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

A The Fund had a weighted average duration of 7.88 years, a weighted average maturity of 8.30 years and a weighted average coupon of 0.49% as of August 31, 2019. The Fund’s weighted average yield to maturity was 1.81% on August 31, 2019. The 30-day standardized yield of the Fund at the end of the Reporting Period was 0.32%.

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

A While the Index was 100% allocated to U.S. TIPS, the Fund was 99.62% invested in U.S. TIPS and 0.38% 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.)

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. Yield to maturity is the annual return that a bond is expected to generate if it is held till its maturity given its coupon rate, payment frequency and current market price. Yield to maturity is essentially the internal rate of return of a bond, i.e. the discount rate at which the present value of a bond’s coupon payments and maturity value is equal to its current market price. 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.

²The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index.

11

FUND BASICS

Access Inflation Protected USD Bond ETF

as of August 31, 2019

FUND SNAPSHOT
As of August 31, 2019
Market Price1	$	53.08
Net Asset Value (NAV)1	$	53.11

¹  The Market Price is the price at which the Fund’s shares are trading on the Cboe BZX Exchange, 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 Cboe BZX Exchange, Inc. at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs.

HOLDINGS AS OF 8/31/192
Holding	% of Net Assets3
U.S. Treasury Inflation Indexed Bond, 0.50%, 01/15/28		16.0	%
U.S. Treasury Inflation Indexed Bond, 0.63%, 01/15/24		13.9
U.S. Treasury Inflation Indexed Bond, 0.38%, 07/15/23		12.7
U.S. Treasury Inflation Indexed Bond, 0.38%, 07/15/27		12.0
U.S. Treasury Inflation Indexed Bond, 0.13%, 01/15/22		11.4
U.S. Treasury Inflation Indexed Bond, 0.38%, 07/15/25		9.1
U.S. Treasury Inflation Indexed Bond, 0.75%, 02/15/42		9.0
U.S. Treasury Inflation Indexed Bond, 0.88%, 02/15/47		5.4
U.S. Treasury Inflation Indexed Bond, 0.13%, 04/15/21		5.0
U.S. Treasury Inflation Indexed Bond, 1.13%, 01/15/21		3.4
U.S. Treasury Inflation Indexed Bond, 1.00%, 02/15/48		1.7

²  The holdings may not be representative of the Fund’s future investments.

³  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities.

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

12

GOLDMAN SACHS ACCESS INFLATION PROTECTED USD BOND ETF

Performance Summary

August 31, 2019

The following graph shows the value, as of August 31, 2019, of a $10,000 investment made on October 2, 2018 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Goldman Sachs Access Inflation Protected USD Bond ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from October 2, 2018 through August 31, 2019.

Average Annual Total Return through August 31, 2019*	Since Inception
Shares based on NAV (Commenced October 2, 2018)	8.61%
Shares based on Market Price (Commenced October 2, 2018)	8.54%
FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index	8.71%

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

13

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, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 13.35% based on net asset value (“NAV”) and 13.46% based on market price. The Index returned 13.57% during the same period.

The Fund had a NAV of $48.31 per share on August 31, 2018 and ended the Reporting Period with a NAV of $52.87 per share. The Fund’s market price on August 31, 2019 was $52.90 per share.

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

A 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 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”) and 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.

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.

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, investment grade corporate bond returns are driven by two primary factors — duration (whether interest rates are rising or falling) and spreads (a widening or tightening of the yield differential to duration-equivalent U.S. Treasuries).

Indices that track the U.S. investment grade corporate credit market typically have durations between seven to eight years, making them moderately sensitive to changes in underlying rates. During the Reporting Period, the yield on the 10-year U.S. Treasury declined by approximately 136 basis points, from 2.86% at the end of August 2018 to 1.50% at the end of August 2019, which was positive for intermediate duration assets such as investment grade corporate credit. (A basis point is 1/100^th of a percentage point.)

After four interest rate hikes in 2018, the Federal Reserve (the “Fed”) shifted to a more dovish view early in 2019, predicated on soft inflation and domestic economic data. The Fed then delivered its first interest rate cut — 25 basis points — since 2008 in July 2019. The Fed described the interest rate cut as a “mid-cycle adjustment.” In early August 2019, the 10-year and two-year segments of the U.S. Treasury yield curve, or spectrum of maturities, inverted due to anticipated further interest rate cuts as well as softening economic data with an uptick in trade policy uncertainty.

During the Reporting Period overall, investment grade corporate spreads were roughly unchanged. However, spreads

14

PORTFOLIO RESULTS

had widened toward the end of 2018, as investor sentiment turned negative for risk assets, or non-government bonds, broadly. Spreads subsequently reversed the trend, tightening as strong corporate earnings were released beginning in the first quarter of 2019.

At the end of the Reporting Period, we remained alert for possible headwinds posted by trade tensions and slowing corporate earnings. However, we believed supportive central bank actions may prolong the cycle and keep investment grade corporate credit supported in an environment of around-trend economic growth. Yields on U.S. credit appeared attractive on a relative value basis at the end of the Reporting Period, in our view, given global central bank easing. Gross investment grade corporate credit supply was down 10% year over year, a trend widely anticipated to continue.

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

A The Fund does not employ derivatives.

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

A The Fund had a weighted average duration of 7.83 years, a weighted average maturity of 11.50 years and a weighted average coupon of 4.04% as of August 31, 2019. The Fund’s weighted average yield to maturity was 2.83% on August 31, 2019. The 30-day standardized yield of the Fund at the end of the Reporting Period was 2.72%.

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

A

AAA	2.35	%
AA	12.05	%
A	37.72	%
BBB	46.95	%
BB	0.07	%
Cash	0.85	%

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

A Of the approximately 96.83% of the Fund’s assets invested in investment grade corporate bonds at the end of the Reporting Period, approximately 34.87% was in financials, 60.29% in industrials and 1.67% in utilities.

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

A While the Index was 97.71% allocated to investment grade corporate bonds, 0.28% allocated to high yield corporate bonds, 1.91% allocated to emerging market corporate bonds and 0.10% allocated to quasi-government securities, the Fund was 96.83% invested in investment grade corporate bonds, 0.07% in high yield corporate bonds, 2.25% in emerging market corporate bonds, 0.00% in quasi-government securities and 0.85% in cash at the end of the Reporting Period.

¹  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. Yield to maturity is the annual return that a bond is expected to generate if it is held till its maturity given its coupon rate, payment frequency and current market price. Yield to maturity is essentially the internal rate of return of a bond, i.e. the discount rate at which the present value of a bond’s coupon payments and maturity value is equal to its current market price. 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.

²  The 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.

³  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.

15

FUND BASICS

Access Investment Grade Corporate Bond ETF

as of August 31, 2019

FUND SNAPSHOT
As of August 31, 2019
Market Price1	$	52.90
Net Asset Value (NAV)1	$	52.87

¹  The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs.

TOP TEN HOLDINGS AS OF 8/31/192
Holding	% of Net Assets			Line of Business
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46		0.5	%	Consumer, Non-cyclical
BP Capital Markets PLC, 3.56%, 11/01/21		0.4		Energy
Berkshire Hathaway, Inc., 3.13%, 03/15/26		0.4		Financials
Apple, Inc., 2.10%, 09/12/22		0.4		Information Technology
JPMorgan Chase & Co., 3.88%, 09/10/24		0.4		Financials
Exxon Mobil Corp., 2.02%, 08/16/24		0.4		Energy
JPMorgan Chase & Co., 3.70%, 05/06/30		0.4		Financials
HSBC Holdings PLC, 3.90%, 05/25/26		0.4		Financials
Comcast Corp., 4.95%, 10/15/58		0.4		Telecommunication Services
AbbVie, Inc., 2.90%, 11/06/22		0.4		Consumer, Non-cyclical

²  The top 10 holdings may not be representative of the Fund’s future investments.

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

INDUSTRY ALLOCATION AS OF 8/31/193
Sector Name	Fund
Financials		35.61	%
Consumer, Non-cyclical		16.30
Telecommunication Services		12.71
Energy		11.65
Information Technology		9.10
Consumer, Cyclical		5.88
Industrials		3.84
Utilities		1.65
Materials		1.46
Other		0.67

³  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.

16

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Performance Summary

August 31, 2019

The following graph shows the value, as of August 31, 2019, 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. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

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, 2019.

Average Annual Total Return through August 31, 2019*	1 Year Return	Since Inception
Shares based on NAV (Commenced June 6, 2017)	13.35%	5.81%
Shares based on Market Price (Commenced June 6, 2017)	13.46%	5.82%
FTSE Goldman Sachs Investment Grade Corporate Bond Index	13.57%	6.04%

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

17

PORTFOLIO RESULTS

Goldman Sachs Access Treasury 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

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, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 2.40% based on net asset value (“NAV”) and 2.40% based on market price. The Index returned 2.50% during the same period.

The Fund had a NAV of $100.16 on August 31, 2018 and ended the Reporting Period with a NAV of $100.38 per share. The Fund’s market price on August 31, 2019 was $100.40 per share.

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

A 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 U.S. Treasury Securities with a maximum remaining maturity of 12 months. “U.S. Treasury Securities” 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 Securities 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.

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.

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.

The Fund’s and the Index’s performance was largely reflective of the performance of front-end, or short-term, U.S. Treasury rates.

During the Reporting Period, the Federal Reserve (the “Fed”) hiked interest rates twice — in September and December 2018, for a total four interest rate hikes in calendar year 2018. The Fed shifted to a more dovish view early in 2019, predicated on soft inflation and domestic economic data. The Fed then delivered its first interest rate cut — 25 basis points — since 2008 in July 2019. (A basis point is 1/100^th of a percentage point.) At the end of the Reporting Period, the effective federal funds rate stood at an upper bound of 2.25%. The Fed described the interest rate cut as a “mid-cycle adjustment.” Short-term U.S. Treasury yields ended the Reporting Period higher than longer-term U.S. Treasury yields, as the yield curve inverted in anticipation of further interest rate cuts as well as softening economic data with an uptick in trade policy uncertainty.

New issue supply of short-term securities remained elevated during the Reporting Period, further contributing to rising yields of front-end, or short-term, U.S. Treasury securities. Higher front-end rates, in turn, increased the yield of the Fund — the largest component of its return — during the Reporting Period.

18

PORTFOLIO RESULTS

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

A The Fund does not employ derivatives.

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

A The Fund had a weighted average duration of 0.41 years, a weighted average maturity of 0.41 years and a weighted average coupon of 0.35% as of August 31, 2019. The Fund’s weighted average yield to maturity was 1.85% on August 31, 2019. The 30-day net standardized subsidized yield of the Fund at the end of the Reporting Period was 1.83% and the 30-day gross unsubsidized yield was 1.81% at the end of the Reporting Period.

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

A The Index was 100% allocated to U.S. Treasury Securities as the end of the Reporting Period, and the Fund was also 100% invested in U.S. Treasury Securities at the end of the Reporting Period.

¹  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. Yield to maturity is the annual return that a bond is expected to generate if it is held till its maturity given its coupon rate, payment frequency and current market price. Yield to maturity is essentially the internal rate of return of a bond, i.e. the discount rate at which the present value of a bond’s coupon payments and maturity value is equal to its current market price. 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.

²  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.

19

FUND BASICS

Access Treasury 0-1 Year ETF

as of August 31, 2019

FUND SNAPSHOT
As of August 31, 2019
Market Price1	$	100.40
Net Asset Value (NAV)1	$	100.38

¹  The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs.

TOP TEN HOLDINGS AS OF 8/31/192
Holding	Maturity Date		% of Net Assets
U.S. Treasury Bill, 2.12%		10/24/19		16.1	%
U.S. Treasury Note, 1.00%		11/15/19		10.0
U.S. Treasury Note, 1.50%		04/15/20		6.5
U.S. Treasury Bill, 1.88%		02/27/20		6.4
U.S. Treasury Note, 1.38%		02/15/20		5.1
U.S. Treasury Bill, 1.99%		11/29/19		5.0
U.S. Treasury Bill, 2.41%		01/02/20		4.9
U.S. Treasury Note, 1.38%		12/15/19		4.7
U.S. Treasury Bill, 1.76%		07/16/20		4.6
U.S. Treasury Bill, 2.09%		12/26/19		4.6
Other		N/A		32.0

²  The top 10 holdings may not be representative of the Fund’s future investments.

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

20

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

Performance Summary

August 31, 2019

The following graph shows the value, as of August 31, 2019, 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. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

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, 2019.

Average Annual Total Return through August 31, 2019*	1 Year Return	Since Inception
Shares based on NAV (Commenced September 6, 2016)	2.40%	1.43%
Shares based on Market Price (Commenced September 6, 2016)	2.40%	1.44%
FTSE US Treasury 0-1 Year Composite Select Index	2.50%	1.54%

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

21

PORTFOLIO RESULTS

Goldman Sachs Access Ultra Short Bond ETF

Investment Objective

The Goldman Sachs Access Ultra Short Bond ETF (the “Fund”) seeks to provide current income with preservation of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Fixed Income and Liquidity Solutions Team discusses the Fund’s performance and positioning for the period since it commenced operations on April 15, 2019 through August 31, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 1.75% based on net asset value (“NAV”) and 1.76% based on market price. The Fund’s benchmark, the FTSE Three-Month U.S. Treasury Bill Index (the “Index”), returned 0.90% for the same period.

The Fund had a NAV of $50.00 per share on the date of inception and ended the Reporting Period with a NAV of $50.49 per share. The Fund’s market price on August 31, 2019 was $50.51 per share.

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

A The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in a broad range of U.S. dollar denominated bonds. The Fund primarily invests in obligations issued or guaranteed by the U.S. Government, its agencies, authorities, instrumentalities or sponsored enterprises (“U.S. Government Securities”), obligations of U.S. banks, corporate notes, commercial paper and other short-term obligations of U.S. companies, states, municipalities and other entities, fixed and floating rate mortgage-backed securities, asset-backed securities, collateralized loan obligations and repurchase agreements. The Fund may also invest in U.S. dollar-denominated obligations issued or guaranteed by foreign banks, companies and governments or their agencies, authorities, instrumentalities or sponsored enterprises.

The Fund will generally focus its investments in securities of issuers that, at the time of purchase, have a short-term credit rating of at least investment grade by at least one nationally recognized statistical rating organization (“NRSRO”) (at least A-2, P-2, or F2 by Standard & Poor’s Ratings Services (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch Ratings, Inc. (“Fitch”), respectively), have a long-term credit rating of at least investment grade by at least one NRSRO (at least BBB-, Baa3, or BBB by Standard & Poor’s, Moody’s or Fitch, respectively) if such securities only maintain long-term ratings, or, if unrated, are determined by the Investment Adviser to be of comparable credit quality at the time of purchase. The Fund may also rely on the credit quality of a guarantee or demand feature in determining the credit quality of a security supported by the guarantee or demand feature.

The Fund will concentrate its investments in the financial services group of industries. Therefore, under normal circumstances, the Fund will invest more than 25% of its total assets in securities issued by companies in the financial services group of industries and repurchase agreements secured by such obligations.

Under normal circumstances, the Fund’s effective duration is expected to be one year or less. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. In computing duration, the Fund will estimate the duration of obligations that are subject to prepayment or redemption by the issuer, taking into account the influence of interest rates on prepayments and coupon flows. This method of computing duration is known as “option-adjusted” duration.

The Fund is an actively managed exchange-traded fund (“ETF”), which is a fund that trades like other publicly-traded securities. The Fund is not an index fund and does not seek to replicate the performance of a specified index.

THE FUND IS NOT A MONEY MARKET FUND AND DOES NOT ATTEMPT TO MAINTAIN A STABLE NET ASSET VALUE.

During the Reporting Period, the Fund posted positive absolute returns that outperformed the Index. The Fund, as

22

PORTFOLIO RESULTS

an actively managed ETF investing in a broadly diversified portfolio of high quality short-term holdings across multiple spread, or non-U.S. Treasury, sectors, outperformed the Index due primarily to credit risk and having a longer duration than that of the Index, both of which boosted the Fund’s results during the Reporting Period.

Overall, short term bond returns are driven by two primary factors — short-term interest rates and sector yields.

Following four interest rate hikes in 2018, the Federal Reserve (the “Fed”) shifted to a more dovish view early in 2019, predicated on soft inflation and domestic economic data. The Fed then delivered its first interest rate cut — 25 basis points — since 2008 in July 2019. (A basis point is 1/100^th of a percentage point.) At the end of the Reporting Period, the effective federal funds rate stood at an upper bound of 2.25%. The Fed described the interest rate cut as a “mid-cycle adjustment.” Short-term U.S. Treasury yields ended the Reporting Period higher than longer-term U.S. Treasury yields, as the yield curve inverted in anticipation of further interest rate cuts as well as softening economic data with an uptick in trade policy uncertainty.

Short-term bond yields are usually anchored to Fed policy. With the Fed having completed a hiking cycle of nine interest rate increases since 2015, even with the one interest rate cut in July 2019, the Fund benefited from higher rates that had pushed up the yield of short-dated assets, i.e. maturities of one to three years. Given that the Fund is an ultra short bond fund, i.e. it maintains an effective duration of less than one year, its NAV has a low sensitivity to interest rate changes.

During the 12 months ended August 31, 2019, short-dated, investment grade credit yields tightened by approximately 100 basis points, and securitized credit yields fell by approximately 115 basis points. Yields initially rose toward the end of 2018, as investor sentiment turned negative for risk assets during the fourth calendar quarter amid trade policy uncertainties and softening macroeconomic data. However, yields then tightened during the Reporting Period, as strong corporate earnings were released beginning in early 2019. Yield tightening was beneficial to the performance of the Fund.

A broad diversified portfolio of high quality short-term holdings, across investment grade corporate credit, U.S. Treasuries, mortgage-backed securities and other securitized credit, helped the Fund achieve a high level of current income for investors while also providing reduced volatility as yields of various individual sectors fluctuated during the Reporting Period.

At the end of the Reporting Period, we remained alert for possible headwinds posted by trade tensions and slowing corporate earnings. However, we believed supportive central bank actions may prolong the cycle and keep investment grade corporate credit and other credit sectors supported in an environment of around-trend economic growth.

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

A The Fund does not employ derivatives.

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

A The Fund had a weighted average duration of 0.50 years, a weighted average maturity of 10.22 years and a weighted average coupon of 2.76% as of August 31, 2019. The Fund’s weighted average yield to maturity was 2.01% on August 31, 2019. The 30-day standardized subsidized net yield of the Fund at the end of the Reporting Period was 2.53%, and the 30-day unsubsidized gross yield of 2.49% at the end of the Reporting Period.

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

A

Agency	36.25	%
U.S. Treasuries	5.12	%
AAA	19.42	%
AA	6.32	%
A	15.20	%
BBB	13.39	%
Not Rated	1.32	%
Cash	2.98	%

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

A While the Index was 100% allocated to U.S. Treasury securities, the Fund was 5.12% invested in U.S. Treasury securities, 20.74% in asset-backed securities, 36.25% in residential mortgage-backed securities, 34.91% in investment grade corporate bonds and 2.98% in cash at the end of the Reporting Period.

23

PORTFOLIO RESULTS

¹  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. Yield to maturity is the annual return that a bond is expected to generate if it is held till its maturity given its coupon rate, payment frequency and current market price. Yield to maturity is essentially the internal rate of return of a bond, i.e. the discount rate at which the present value of a bond’s coupon payments and maturity value is equal to its current market price. 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.

²  The 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.

24

FUND BASICS

Access Ultra Short Bond ETF

as of August 31, 2019

FUND SNAPSHOT
As of August 31, 2019
Market Price1	$	50.51
Net Asset Value (NAV)1	$	50.49

¹  The Market Price is the price at which the Fund’s shares are trading on the Cboe BZX Exchange, 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 Cboe BZX Exchange, Inc. at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs.

TOP TEN HOLDINGS AS OF 8/31/192
Holding	% of Net Assets			Line of Business
FHLMC REMIC, Class FC, Series 2007-3298, 2.62%, 04/15/37		4.1	%	Mortgage-Backed Securities
U.S. Treasury Bill, 2.42%, 04/23/20		3.4		U.S. Treasury Bills
Edsouth Indenture No 2 LLC, Class A1, Series 2012-1, 3.30%, 09/25/40		3.1		Asset-Backed Securities
FNMA REMIC, Class BF, Series 2015-87, 2.45%, 12/25/45		2.7		Mortgage-Backed Securities
FNMA REMIC, Class FE, Series 2010-116, 2.55%, 10/25/40		2.7		Mortgage-Backed Securities
FNMA REMIC, Class FB, Series 2010-49, 2.90%, 05/25/40		2.5		Mortgage-Backed Securities
FHLMC STRIPS, Class F22, Series 2006-239, 2.55%, 08/15/36		2.4		Mortgage-Backed Securities
FNMA REMIC, Class FD, Series 2006-61, 2.51%, 07/25/36		2.4		Mortgage-Backed Securities
Symphony CLO XII Ltd., Class AR, Series 2013-12A, 3.33%, 10/15/25		2.3		Asset-Backed Securities
FNMA REMIC, Class FT, Series 2011-53, 2.73%, 06/25/41		2.1		Mortgage-Backed Securities

²  The top 10 holdings may not be representative of the Fund’s future investments.

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

SECTOR ALLOCATION AS OF 8/31/193
Sector Name	Fund
Mortgage-Backed Securities		36.24	%
Asset-Backed Securities		20.69
Corporate Obligations		17.95
Foreign Corporate Debt		16.70
U.S. Treasury Bills		5.12
Investment Company		2.59

³  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities.

25

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Performance Summary

August 31, 2019

Average Annual Total Return through August 31, 2019*	Since Inception
Shares based on NAV (Commenced April 15, 2019)	1.75%
Shares based on Market Price (Commenced April 15, 2019)	1.76%

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

The returns set forth above represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

26

FUND BASICS

Index Definitions

Access High Yield Corporate Bond ETF

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.

Access Inflation Protected USD Bond ETF

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.

Access Investment Grade Corporate Bond ETF

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.

Access Treasury 0-1 Year ETF

The Index is designed to measure the performance of U.S. Treasury Securities with a maximum remaining maturity of 12 months. “U.S. Treasury Securities” 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 Securities 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”). FTSE 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.

Access Ultra Short Bond ETF

The FTSE 3 Month US T Bill Index is intended to track the daily performance of 3 month US Treasury bills. The index is designed to operate as a reference rate for a series of funds.

Goldman Sachs Access Ultra Short Bond ETF (GSST) does not attempt to track an index and takes a more active approach.

27

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments

August 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 91.2%
Advertising – 0.8%
	Lamar Media Corp.
$	170,000		5.000	%		05/01/23	$	173,081
	20,000		5.375			01/15/24		20,575
	Nielsen Finance LLC / Nielsen Finance Co.
	250,000		4.500			10/01/20		250,313
	Outfront Media Capital LLC / Outfront Media Capital Corp.
	120,000		5.625			02/15/24		124,050
								568,019
Aerospace & Defense – 1.4%
	TransDigm, Inc.
	179,000		6.000			07/15/22		182,132
	4,000		6.500			07/15/24		4,155
	90,000		6.500			05/15/25		94,388
	590,000		6.250	(a)		03/15/26		637,200
	100,000		6.375			06/15/26		105,000
	70,000		7.500	(a)		03/15/27		75,338
								1,098,213
Agriculture – 1.6%
	JBS Investments II GmbH(a)
	400,000		7.000			01/15/26		434,000
	JBS USA LUX SA / JBS USA Finance, Inc.
	280,000		5.750	(a)		06/15/25		293,300
	64,000		6.750	(a)		02/15/28		71,680
	JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.(a)
	170,000		6.500			04/15/29		188,275
	Pilgrim’s Pride Corp.(a)
	208,000		5.875			09/30/27		225,160
								1,212,415
Banks – 2.5%
	Ally Financial, Inc.
	200,000		4.125			02/13/22		208,750
	180,000		4.625			05/19/22		191,025
	263,000		5.125			09/30/24		295,217
	7,000		4.625			03/30/25		7,683
	184,000		8.000			11/01/31		256,680
	150,000		8.000			11/01/31		207,750
	CIT Group, Inc.
	52,000		4.125			03/09/21		53,235
	230,000		5.000			08/15/22		245,525
	320,000		5.000			08/01/23		346,800
	Freedom Mortgage Corp.
	4,000		8.125	(a)		11/15/24		3,515
	105,000		8.250	(a)		04/15/25		92,006
								1,908,186
Basic Industry – 0.4%
	Ashland LLC
	100,000		4.750			08/15/22		105,000
	CF Industries, Inc.
	70,000		3.450			06/01/23		71,750
	70,000		5.150			03/15/34		72,975
	CVR Partners LP / CVR Nitrogen Finance Corp.(a)
	80,000		9.250			06/15/23		83,800
								333,525
Corporate Obligations – (continued)
Broadcasting – 4.2%
	Clear Channel Worldwide Holdings, Inc.
	282,000		9.250	(a)		02/15/24		309,847
	150,000		5.125	(a)		08/15/27		157,125
	Clear Channel Worldwide Holdings, Inc., Series A
	60,000		6.500			11/15/22		61,300
	Diamond Sports Group LLC / Diamond Sports Finance Co.
	250,000		5.375	(a)		08/15/26		263,438
	250,000		6.625	(a)		08/15/27		262,500
	iHeartCommunications, Inc.
	270,000		6.375			05/01/26		292,612
	150,000		8.375			05/01/27		162,563
	Nexstar Broadcasting, Inc.
	168,000		5.875			11/15/22		172,200
	95,000		5.625	(a)		08/01/24		99,275
	Sirius XM Radio, Inc.
	150,000		4.625	(a)		07/15/24		157,312
	150,000		5.375	(a)		04/15/25		156,375
	28,000		5.375	(a)		07/15/26		29,680
	345,000		5.000	(a)		08/01/27		365,269
	100,000		5.500	(a)		07/01/29		109,000
	Tribune Media Co.
	120,000		5.875			07/15/22		121,740
	Univision Communications, Inc.
	370,000		5.125	(a)		05/15/23		366,300
	107,000		5.125	(a)		02/15/25		103,389
								3,189,925
Building Materials – 0.6%
	AECOM
	163,000		5.125			03/15/27		170,742
	Beacon Roofing Supply, Inc.(a)
	70,000		4.875			11/01/25		69,300
	Griffon Corp.
	207,000		5.250			03/01/22		209,070
								449,112
Capital Goods – 4.6%
	Ball Corp.
	115,000		5.000			03/15/22		122,475
	245,000		4.000			11/15/23		259,700
	105,000		5.250			07/01/25		118,387
	121,000		4.875			03/15/26		132,949
	Berry Global, Inc.
	70,000		5.500			05/15/22		71,225
	263,000		4.500	(a)		02/15/26		262,342
	Covanta Holding Corp.
	125,000		5.875			07/01/25		130,588
	101,000		6.000			01/01/27		105,177
	Crown Americas LLC / Crown Americas Capital Corp. IV
	150,000		4.500			01/15/23		158,250
	Crown Americas LLC / Crown Americas Capital Corp. VI
	100,000		4.750			02/01/26		105,500
	Flex Acquisition Co., Inc.
	60,000		6.875	(a)		01/15/25		54,375
	44,000		7.875	(a)		07/15/26		40,040
	LABL Escrow Issuer LLC
	50,000		6.750	(a)		07/15/26		51,688
	60,000		10.500	(a)		07/15/27		60,600

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
Corporate Obligations – (continued)
Capital Goods – (continued)
	Mauser Packaging Solutions Holding Co.
$	334,000		5.500	% (a)		04/15/24	$	346,107
	185,000		7.250	(a)		04/15/25		177,138
	Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu
	231,617		5.750			10/15/20		232,775
	414,000		5.125	(a)		07/15/23		425,902
	106,000		7.000	(a)		07/15/24		109,578
	Sealed Air Corp.(a)
	160,000		4.875			12/01/22		168,200
	Sensata Technologies BV
	85,000		4.875	(a)		10/15/23		89,463
	179,000		5.000	(a)		10/01/25		190,411
	Vertiv Group Corp.(a)
	127,000		9.250			10/15/24		120,650
								3,533,520
Communications – 8.9%
	AMC Networks, Inc.
	120,000		4.750			12/15/22		122,400
	70,000		5.000			04/01/24		72,450
	Cablevision Systems Corp.
	180,000		5.875			09/15/22		192,825
	CCO Holdings LLC / CCO Holdings Capital Corp.
	104,000		5.250			09/30/22		105,690
	237,000		4.000	(a)		03/01/23		240,259
	17,000		5.125	(a)		05/01/23		17,425
	18,000		5.750			09/01/23		18,405
	87,000		5.750			01/15/24		89,284
	381,000		5.875	(a)		04/01/24		397,650
	320,000		5.375	(a)		05/01/25		333,600
	9,000		5.500	(a)		05/01/26		9,517
	530,000		5.125	(a)		05/01/27		561,800
	17,000		5.875	(a)		05/01/27		18,126
	491,000		5.000	(a)		02/01/28		514,322
	60,000		5.375	(a)		06/01/29		64,425
	CSC Holdings LLC
	4,000		5.250			06/01/24		4,300
	300,000		10.875	(a)		10/15/25		341,812
	200,000		5.500	(a)		04/15/27		213,500
	200,000		7.500	(a)		04/01/28		225,250
	480,000		5.750	(a)		01/15/30		502,800
	DISH DBS Corp.
	200,000		6.750			06/01/21		210,500
	172,000		5.875			07/15/22		178,665
	385,000		5.000			03/15/23		381,150
	224,000		5.875			11/15/24		213,640
	257,000		7.750			07/01/26		253,788
	Lions Gate Capital Holdings LLC
	83,000		6.375	(a)		02/01/24		87,773
	142,000		5.875	(a)		11/01/24		148,390
	Netflix, Inc.
	104,000		5.750			03/01/24		114,920
	215,000		5.875			02/15/25		237,575
	150,000		4.375			11/15/26		155,062
	207,000		4.875			04/15/28		217,609
	189,000		5.875			11/15/28		212,153
Corporate Obligations – (continued)
Communications – (continued)
	Netflix, Inc. – (continued)
	227,000		6.375	(a)		05/15/29		262,752
	100,000		5.375	(a)		11/15/29		108,750
								6,828,567
Consumer Cyclical – 12.2%
	Adient Global Holdings Ltd.(a)
	200,000		4.875			08/15/26		154,250
	ADT Security Corp. (The)
	50,000		6.250			10/15/21		53,188
	135,000		4.125			06/15/23		137,531
	160,000		4.875	(a)		07/15/32		139,600
	Allison Transmission, Inc.
	97,000		5.000	(a)		10/01/24		100,274
	120,000		4.750	(a)		10/01/27		123,000
	AMC Entertainment Holdings, Inc.
	50,000		6.125			05/15/27		46,250
	APX Group, Inc.
	60,000		8.750			12/01/20		57,000
	103,000		7.875			12/01/22		98,494
	Boyd Gaming Corp.
	279,000		6.000			08/15/26		296,089
	Caesars Resort Collection LLC / CRC Finco, Inc.(a)
	411,000		5.250			10/15/25		419,220
	Cinemark USA, Inc.
	4,000		5.125			12/15/22		4,080
	50,000		4.875			06/01/23		51,125
	Diamond Resorts International, Inc.(a)
	104,000		7.750			09/01/23		105,040
	ESH Hospitality, Inc.(a)
	219,000		5.250			05/01/25		227,212
	Guitar Center, Inc.(a)
	75,000		9.500			10/15/21		71,062
	Hanesbrands, Inc.(a)
	398,000		4.625			05/15/24		417,900
	Harland Clarke Holdings Corp.(a)
	136,000		8.375			08/15/22		109,140
	Hilton Domestic Operating Co., Inc.
	314,000		4.250			09/01/24		321,850
	60,000		4.875	(a)		01/15/30		64,425
	Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp.
	117,000		4.625			04/01/25		121,387
	155,000		4.875			04/01/27		163,913
	Iron Mountain, Inc.
	120,000		4.375	(a)		06/01/21		121,350
	124,000		5.750			08/15/24		125,550
	141,000		4.875	(a)		09/15/27		144,349
	270,000		5.250	(a)		03/15/28		280,125
	Jack Ohio Finance LLC / Jack Ohio Finance 1 Corp.(a)
	110,000		6.750			11/15/21		112,887
	KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC
	236,000		5.000	(a)		06/01/24		245,145
	120,000		5.250	(a)		06/01/26		127,350
	L Brands, Inc.
	30,000		5.625			02/15/22		31,612
	202,000		5.250			02/01/28		186,345

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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Consumer Cyclical – (continued)
	Lennar Corp.
$	270,000		4.125	%		01/15/22	$	279,450
	50,000		4.500			04/30/24		53,375
	55,000		4.750			05/30/25		58,850
	140,000		4.750			11/29/27		152,775
	MGM Resorts International
	208,000		6.625			12/15/21		226,720
	148,000		6.000			03/15/23		162,800
	116,000		5.750			06/15/25		128,325
	130,000		4.625			09/01/26		134,875
	131,000		5.500			04/15/27		142,299
	Navistar International Corp.(a)
	245,000		6.625			11/01/25		249,900
	Panther BF Aggregator 2 LP / Panther Finance Co., Inc.
	174,000		6.250	(a)		05/15/26		181,395
	210,000		8.500	(a)		05/15/27		205,800
	Penske Automotive Group, Inc.
	70,000		5.750			10/01/22		71,137
	20,000		5.500			05/15/26		21,025
	PetSmart, Inc.
	200,000		7.125	(a)		03/15/23		186,500
	150,000		5.875	(a)		06/01/25		147,750
	Prime Security Services Borrower LLC / Prime Finance, Inc.(a)
	100,000		5.750			04/15/26		104,750
	PulteGroup, Inc.
	105,000		4.250			03/01/21		107,362
	121,000		5.500			03/01/26		132,949
	220,000		5.000			01/15/27		236,775
	Sabre GLBL, Inc.
	155,000		5.375	(a)		04/15/23		159,650
	70,000		5.250	(a)		11/15/23		72,188
	Six Flags Entertainment Corp.(a)
	368,000		4.875			07/31/24		382,720
	Staples, Inc.
	347,000		7.500	(a)		04/15/26		352,205
	221,000		10.750	(a)		04/15/27		224,315
	Tesla, Inc.(a)
	255,000		5.300			08/15/25		228,863
	Toll Brothers Finance Corp.
	89,000		5.875			02/15/22		95,119
	63,000		4.375			04/15/23		65,914
	122,000		4.350			02/15/28		126,880
								9,349,409
Consumer Noncyclical – 3.6%
	Albertsons Cos. LLC / Safeway, Inc. / New Albertsons LP / Albertson’s LLC
	290,000		6.625			06/15/24		305,225
	135,000		5.750			03/15/25		139,219
	Avantor, Inc.(a)
	50,000		9.000			10/01/25		56,375
	Centene Corp.
	22,000		6.125			02/15/24		23,129
	130,000		4.750			01/15/25		135,525
	530,000		5.375	(a)		06/01/26		568,425
	Change Healthcare Holdings LLC / Change Healthcare Finance, Inc.(a)
	150,000		5.750			03/01/25		151,312
Corporate Obligations – (continued)
Consumer Noncyclical – (continued)
	Envision Healthcare Corp.(a)
	150,000		8.750			10/15/26		82,500
	Fresh Market, Inc. (The)(a)
	142,000		9.750			05/01/23		83,070
	Hologic, Inc.(a)
	230,000		4.375			10/15/25		236,325
	Jaguar Holding Co. II / Pharmaceutical Product Development LLC(a)
	219,000		6.375			08/01/23		227,486
	MPH Acquisition Holdings LLC(a)
	174,000		7.125			06/01/24		155,730
	Polaris Intermediate Corp.(a)
	120,000		8.500			12/01/22		101,100
	RegionalCare Hospital Partners Holdings, Inc.(a)
	118,000		8.250			05/01/23		126,113
	RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc.(a)
	170,000		9.750			12/01/26		182,537
	Rite Aid Corp.(a)
	243,000		6.125			04/01/23		197,438
								2,771,509
Consumer Products – 1.4%
	First Quality Finance Co., Inc.
	60,000		4.625	(a)		05/15/21		60,225
	161,000		5.000	(a)		07/01/25		167,641
	Mattel, Inc.(a)
	382,000		6.750			12/31/25		394,415
	Spectrum Brands, Inc.
	162,000		5.750			07/15/25		169,088
	Tempur Sealy International, Inc.
	232,000		5.625			10/15/23		239,540
								1,030,909
Electric – 3.3%
	Calpine Corp.
	5,000		5.375			01/15/23		5,056
	70,000		5.875	(a)		01/15/24		71,750
	99,000		5.500			02/01/24		99,990
	400,000		5.750			01/15/25		408,000
	8,000		5.250	(a)		06/01/26		8,150
	Clearway Energy Operating LLC
	74,000		5.375			08/15/24		76,312
	130,000		5.750	(a)		10/15/25		136,175
	NextEra Energy Operating Partners LP
	212,000		4.250	(a)		09/15/24		219,950
	95,000		4.500	(a)		09/15/27		98,088
	NRG Energy, Inc.
	110,000		7.250			05/15/26		121,275
	196,000		6.625			01/15/27		213,150
	Talen Energy Supply LLC
	220,000		10.500	(a)		01/15/26		199,100
	60,000		7.250	(a)		05/15/27		60,225
	TerraForm Power Operating LLC(a)
	218,000		4.250			01/31/23		224,268
	Vistra Operations Co. LLC
	410,000		5.625	(a)		02/15/27		435,625
	170,000		5.000	(a)		07/31/27		177,004
								2,554,118

30 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)
Energy – 8.4%
	Antero Resources Corp.
$	50,000		5.375	%		11/01/21	$	48,750
	67,000		5.125			12/01/22		61,975
	190,000		5.625			06/01/23		176,225
	50,000		5.000			03/01/25		43,500
	Ascent Resources Utica Holdings LLC / ARU Finance Corp.
	151,000		10.000	(a)		04/01/22		152,887
	80,000		7.000	(a)		11/01/26		66,200
	Brazos Valley Longhorn LLC / Brazos Valley Longhorn Finance Corp.
	125,000		6.875			02/01/25		112,813
	California Resources Corp.(a)
	268,000		8.000			12/15/22		154,100
	Cheniere Energy Partners LP
	200,000		5.250			10/01/25		208,500
	100,000		5.625			10/01/26		105,750
	Chesapeake Energy Corp.
	270,000		4.875			04/15/22		224,775
	10,000		7.000			10/01/24		7,650
	140,000		8.000			01/15/25		107,800
	171,000		8.000	(a)		03/15/26		122,265
	211,000		8.000			06/15/27		152,975
	CNX Resources Corp.(a)
	180,000		7.250			03/14/27		152,100
	CrownRock LP / CrownRock Finance, Inc.(a)
	280,000		5.625			10/15/25		278,600
	DCP Midstream Operating LP
	240,000		3.875			03/15/23		244,200
	110,000		5.375			07/15/25		117,287
	50,000		5.125			05/15/29		51,250
	Denbury Resources, Inc.
	30,000		9.000	(a)		05/15/21		27,375
	188,000		9.250	(a)		03/31/22		157,920
	Diamondback Energy, Inc.
	100,000		5.375			05/31/25		105,625
	Endeavor Energy Resources LP / EER Finance, Inc.
	213,000		5.500	(a)		01/30/26		222,319
	110,000		5.750	(a)		01/30/28		116,325
	Gulfport Energy Corp.
	100,000		6.000			10/15/24		72,500
	218,000		6.375			05/15/25		156,415
	Hilcorp Energy I LP / Hilcorp Finance Co.
	110,000		5.750	(a)		10/01/25		102,850
	120,000		6.250	(a)		11/01/28		111,000
	Moss Creek Resources Holdings, Inc.(a)
	107,000		7.500			01/15/26		75,167
	Murphy Oil Corp.
	50,000		5.750			08/15/25		50,778
	Oasis Petroleum, Inc.
	100,000		6.875			03/15/22		93,250
	60,000		6.250	(a)		05/01/26		48,600
	Parsley Energy LLC / Parsley Finance Corp.(a)
	250,000		5.375			01/15/25		256,250
	QEP Resources, Inc.
	91,000		5.375			10/01/22		82,810
	Range Resources Corp.
	146,000		5.000			08/15/22		137,970
	80,000		4.875			05/15/25		66,400
Corporate Obligations – (continued)
Energy – (continued)
	SM Energy Co.
	250,000		6.625			01/15/27		213,125
	Southwestern Energy Co.
	140,000		6.200			01/23/25		123,200
	150,000		7.750			10/01/27		132,000
	Transocean Poseidon Ltd.(a)
	140,000		6.875			02/01/27		146,125
	Transocean Proteus Ltd.(a)
	187,500		6.250			12/01/24		192,656
	Transocean Sentry Ltd.(a)
	250,000		5.375			05/15/23		248,750
	Transocean, Inc.
	130,000		7.250	(a)		11/01/25		118,950
	220,000		7.500	(a)		01/15/26		201,850
	USA Compression Partners LP / USA Compression Finance Corp.
	200,000		6.875			04/01/26		206,000
	50,000		6.875	(a)		09/01/27		51,500
	Whiting Petroleum Corp.
	250,000		6.250			04/01/23		195,625
	WPX Energy, Inc.
	36,000		6.000			01/15/22		37,260
	50,000		8.250			08/01/23		56,188
	60,000		5.750			06/01/26		62,100
								6,458,485
Financial Company – 4.5%
	BCD Acquisition, Inc.(a)
	224,000		9.625			09/15/23		229,040
	Icahn Enterprises LP / Icahn Enterprises Finance Corp.
	190,000		5.875			02/01/22		193,087
	260,000		6.750			02/01/24		273,000
	236,000		6.375			12/15/25		251,340
	Nationstar Mortgage Holdings, Inc.(a)
	192,000		8.125			07/15/23		199,680
	Navient Corp.
	70,000		5.875			03/25/21		73,325
	132,000		7.250			09/25/23		147,180
	16,000		5.875			10/25/24		16,920
	63,000		6.750			06/25/25		67,883
	90,000		6.750			06/15/26		96,750
	Navient Corp., MTN
	170,000		7.250			01/25/22		187,000
	220,000		6.125			03/25/24		234,575
	Quicken Loans, Inc.
	8,000		5.750	(a)		05/01/25		8,355
	272,000		5.250	(a)		01/15/28		282,824
	Springleaf Finance Corp.
	169,000		7.750			10/01/21		185,689
	302,000		5.625			03/15/23		326,537
	212,000		6.875			03/15/25		241,680
	270,000		7.125			03/15/26		308,475
	90,000		6.625			01/15/28		99,225
	Vertiv Intermediate Holding Corp.(a)
	50,000		12.000			02/15/22		44,750
								3,467,315

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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Food and Beverage – 2.2%
	Aramark Services, Inc.(a)
$	308,000		5.000	%		02/01/28	$	321,090
	Golden Nugget, Inc.(a)
	297,000		6.750			10/15/24		304,425
	Lamb Weston Holdings, Inc.(a)
	140,000		4.625			11/01/24		146,650
	Post Holdings, Inc.
	161,000		5.500	(a)		03/01/25		168,849
	138,000		5.000	(a)		08/15/26		144,382
	537,000		5.750	(a)		03/01/27		573,247
	50,000		5.500	(a)		12/15/29		53,063
								1,711,706
Hardware – 0.5%
	CDW LLC / CDW Finance Corp.
	17,000		5.000			09/01/23		17,425
	185,000		5.500			12/01/24		201,187
	100,000		5.000			09/01/25		105,000
	NCR Corp.
	75,000		6.375			12/15/23		77,344
								400,956
Healthcare – 7.1%
	CHS/Community Health Systems, Inc.
	120,000		5.125			08/01/21		120,450
	245,000		6.875			02/01/22		169,662
	312,000		6.250			03/31/23		302,640
	125,000		9.875	(a)		06/30/23		104,375
	59,000		8.625	(a)		01/15/24		59,664
	188,000		8.125	(a)		06/30/24		143,820
	285,000		8.000	(a)		03/15/26		276,450
	DaVita, Inc.
	410,000		5.125			07/15/24		417,687
	Encompass Health Corp.
	138,000		5.750			11/01/24		140,588
	HCA, Inc.
	470,000		7.500			02/15/22		525,813
	159,000		5.375			02/01/25		176,887
	120,000		5.875			02/15/26		137,400
	275,000		5.375			09/01/26		307,656
	260,000		5.625			09/01/28		296,725
	120,000		5.875			02/01/29		138,450
	IQVIA, Inc.(a)
	200,000		5.000			05/15/27		212,000
	Service Corp. International
	70,000		5.375			05/15/24		72,187
	125,000		4.625			12/15/27		130,938
	Tenet Healthcare Corp.
	210,000		8.125			04/01/22		227,577
	194,000		6.750			06/15/23		200,548
	575,000		4.625			07/15/24		594,406
	300,000		5.125			05/01/25		301,875
	172,000		7.000			08/01/25		174,365
	200,000		6.250	(a)		02/01/27		208,760
								5,440,923
Corporate Obligations – (continued)
Household & Leisure – 0.1%
	Prestige Brands, Inc.(a)
	100,000		6.375			03/01/24		104,625
Insurance – 0.7%
	Acrisure LLC / Acrisure Finance, Inc.
	213,000		8.125	(a)		02/15/24		230,839
	105,000		7.000	(a)		11/15/25		96,994
	HUB International Ltd.(a)
	217,000		7.000			05/01/26		221,611
								549,444
Internet & Data – 0.2%
	Uber Technologies, Inc.(a)
	160,000		8.000			11/01/26		168,800
Metals – 0.2%
	Novelis Corp.(a)
	150,000		5.875			09/30/26		159,188
	Steel Dynamics, Inc.
	10,000		5.500			10/01/24		10,350
								169,538
Metals and Mining – 0.6%
	Allegheny Technologies, Inc.
	50,000		5.950			01/15/21		51,375
	50,000		7.875			08/15/23		54,250
	Cleveland-Cliffs, Inc.
	200,000		4.875	(a)		01/15/24		205,500
	150,000		5.875	(a)		06/01/27		146,699
								457,824
Natural Gas – 3.7%
	AmeriGas Partners LP / AmeriGas Finance Corp.
	181,000		5.500			05/20/25		192,312
	133,000		5.750			05/20/27		140,315
	Antero Midstream Partners LP / Antero Midstream Finance Corp.(a)
	75,000		5.750			03/01/27		68,812
	Cheniere Corpus Christi Holdings LLC
	451,000		7.000			06/30/24		520,905
	170,000		5.125			06/30/27		188,700
	Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.
	108,000		6.250			04/01/23		110,970
	50,000		5.750			04/01/25		51,250
	138,000		5.625	(a)		05/01/27		137,138
	Ferrellgas LP / Ferrellgas Finance Corp.
	50,000		6.500			05/01/21		42,750
	150,000		6.750			06/15/23		125,625
	Genesis Energy LP / Genesis Energy Finance Corp.
	290,000		6.750			08/01/22		294,350
	NGL Energy Partners LP / NGL Energy Finance Corp.
	231,000		7.500			11/01/23		235,620
	NuStar Logistics LP
	120,000		4.800			09/01/20		122,100
	83,000		6.000			06/01/26		89,640
	29,000		5.625			04/28/27		30,233

32 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)
Natural Gas – (continued)
	PBF Logistics LP / PBF Logistics Finance Corp.
$	42,000		6.875	%		05/15/23	$	43,470
	Sunoco LP / Sunoco Finance Corp.
	100,000		6.000			04/15/27		106,000
	Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
	140,000		4.750	(a)		10/01/23		138,600
	70,000		5.500	(a)		09/15/24		68,250
	120,000		5.500	(a)		01/15/28		113,400
								2,820,440
Pharmaceuticals – 3.0%
	Bausch Health Americas, Inc.
	202,000		9.250	(a)		04/01/26		229,775
	377,000		8.500	(a)		01/31/27		420,355
	Bausch Health Cos., Inc.
	102,000		5.500	(a)		03/01/23		103,275
	67,000		5.875	(a)		05/15/23		67,921
	259,000		7.000	(a)		03/15/24		275,188
	379,000		6.125	(a)		04/15/25		392,739
	172,000		5.500	(a)		11/01/25		181,030
	246,000		5.750	(a)		08/15/27		263,835
	12,000		7.000	(a)		01/15/28		12,660
	113,000		7.250	(a)		05/30/29		120,062
	Mallinckrodt International Finance SA
	150,000		4.750			04/15/23		61,500
	Mallinckrodt International Finance SA / Mallinckrodt CB LLC
	10,000		5.750	(a)		08/01/22		5,800
	248,000		5.500	(a)		04/15/25		117,800
								2,251,940
REITs and Real Estate – 1.0%
	CBL & Associates LP
	170,000		5.250			12/01/23		109,438
	41,000		5.950			12/15/26		27,316
	Howard Hughes Corp. (The)(a)
	178,000		5.375			03/15/25		184,230
	Kennedy-Wilson, Inc.
	183,000		5.875			04/01/24		188,032
	Realogy Group LLC / Realogy Co.-Issuer Corp.
	120,000		4.875	(a)		06/01/23		105,150
	150,000		9.375	(a)		04/01/27		130,500
								744,666
Rental Equipment – 1.7%
	Hertz Corp. (The)
	371,000		7.625	(a)		06/01/22		386,304
	92,000		5.500	(a)		10/15/24		90,620
	United Rentals North America, Inc.
	250,000		5.875			09/15/26		269,375
	250,000		5.500			05/15/27		269,062
	250,000		4.875			01/15/28		263,438
								1,278,799
Software – 2.8%
	Banff Merger Sub, Inc.(a)
	229,000		9.750			09/01/26		209,535
	Dun & Bradstreet Corp. (The)
	86,000		6.875	(a)		08/15/26		93,417
	60,000		10.250	(a)		02/15/27		65,925
Corporate Obligations – (continued)
Software – (continued)
	Infor US, Inc.
	250,000		6.500			05/15/22		254,688
	MSCI, Inc.
	430,000		5.250	(a)		11/15/24		446,125
	95,000		4.750	(a)		08/01/26		99,869
	Rackspace Hosting, Inc.(a)
	95,000		8.625			11/15/24		87,637
	Refinitiv US Holdings, Inc.
	190,000		6.250	(a)		05/15/26		207,337
	171,000		8.250	(a)		11/15/26		193,444
	Solera LLC / Solera Finance, Inc.(a)
	220,000		10.500			03/01/24		233,750
	SS&C Technologies, Inc.(a)
	250,000		5.500			09/30/27		263,750
								2,155,477
Technology – 1.1%
	Dell International LLC / EMC Corp.
	260,000		5.875	(a)		06/15/21		264,225
	156,000		7.125	(a)		06/15/24		164,970
	Dell, Inc.
	60,000		4.625			04/01/21		61,425
	Verscend Escrow Corp.(a)
	217,000		9.750			08/15/26		231,105
	Xerox Corp.
	80,000		4.125			03/15/23		81,691
								803,416
Wireless – 6.3%
	CSC Holdings LLC
	400,000		5.125	(a)		12/15/21		402,000
	240,000		6.500	(a)		02/01/29		269,400
	Hughes Satellite Systems Corp.
	100,000		7.625			06/15/21		108,375
	100,000		6.625			08/01/26		108,125
	SBA Communications Corp.
	150,000		4.875			09/01/24		156,188
	Sprint Capital Corp.
	205,000		6.875			11/15/28		227,806
	220,000		8.750			03/15/32		275,825
	Sprint Communications, Inc.
	230,000		6.000			11/15/22		245,525
	Sprint Corp.
	220,000		7.250			09/15/21		236,775
	317,000		7.875			09/15/23		357,021
	315,000		7.125			06/15/24		348,469
	293,000		7.625			02/15/25		328,892
	95,000		7.625			03/01/26		107,588
	T-Mobile USA, Inc.
	450,000		4.000			04/15/22		464,062
	163,000		6.000			03/01/23		166,464
	58,000		6.500			01/15/24		60,465
	120,000		6.000			04/15/24		125,250
	335,000		5.125			04/15/25		350,494
	5,000		6.500			01/15/26		5,375
	115,000		5.375			04/15/27		124,200
	130,000		4.750			02/01/28		136,988

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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Wireless – (continued)
	ViaSat, Inc.(a)
$	225,000		5.625	%		04/15/27	$	239,906
								4,845,193
Wirelines – 1.6%
	CenturyLink, Inc., Series W
	250,000		6.750			12/01/23		273,750
	CenturyLink, Inc., Series Y
	200,000		7.500			04/01/24		222,250
	Level 3 Financing, Inc.
	200,000		5.375			08/15/22		201,000
	200,000		5.375			01/15/24		204,500
	Zayo Group LLC / Zayo Capital, Inc.
	150,000		6.000			04/01/23		154,312
	22,000		6.375			05/15/25		22,660
	150,000		5.750	(a)		01/15/27		153,563
								1,232,035
	TOTAL CORPORATE OBLIGATIONS
	(Cost $68,911,384)						$	69,889,009
Foreign Corporate Debt – 5.5%
Aerospace & Defense – 1.3%
	Bombardier, Inc. (Canada)
$	122,000		8.750	%(a)		12/01/21	$	132,828
	208,000		6.000	(a)		10/15/22		207,480
	185,000		6.125	(a)		01/15/23		185,000
	95,000		7.500	(a)		12/01/24		95,000
	130,000		7.500	(a)		03/15/25		127,237
	260,000		7.875	(a)		04/15/27		253,175
								1,000,720
Basic Industry – 0.5%
	NOVA Chemicals Corp. (Canada)
	10,000		5.250	(a)		08/01/23		10,225
	280,000		5.000	(a)		05/01/25		287,350
	75,000		5.250	(a)		06/01/27		78,562
								376,137
Capital Goods – 0.1%
	GFL Environmental, Inc.(a) (Canada)
	60,000		8.500			05/01/27		65,700
Communications – 0.3%
	Videotron Ltd.(a) (Canada)
	250,000		5.125			04/15/27		264,375
Consumer Cyclical – 1.0%
	1011778 BC ULC / New Red Finance, Inc. (Canada)
	280,000		4.250	(a)		05/15/24		290,150
	420,000		5.000	(a)		10/15/25		435,750
								725,900
Energy – 0.7%
	MEG Energy Corp. (Canada)
	100,000		6.375	(a)		01/30/23		96,000
	188,000		6.500	(a)		01/15/25		190,350
Foreign Corporate Debt – (continued)
Energy – (continued)
	Seven Generations Energy Ltd. (Canada)
	200,000		6.750	(a)		05/01/23		202,500
	50,000		5.375	(a)		09/30/25		48,250
								537,100
Food – 0.3%
	NBM US Holdings, Inc.(a) (Brazil)
	200,000		7.000			05/14/26		205,000
Mining – 0.8%
	First Quantum Minerals Ltd. (Zambia)
	200,000		6.500	(a)		03/01/24		181,000
	500,000		7.500	(a)		04/01/25		459,375
								640,375
Software – 0.5%
	Open Text Corp. (Canada)
	270,000		5.625	(a)		01/15/23		278,100
	70,000		5.875	(a)		06/01/26		74,813
								352,913
	TOTAL FOREIGN CORPORATE DEBT
	(Cost $4,135,243)						$	4,168,220

Principal
Amount Dividend
Rate Value

Investment Company – 1.4%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
$	1,093,653	2.045	%	$	1,093,653
	(Cost $1,093,653)
	TOTAL INVESTMENTS – 98.1%
	(Cost $74,140,280)			$	75,150,882
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.9%				1,451,049
	NET ASSETS – 100.0%			$	76,601,931

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.
(b)	Represents an affiliated issuer.

Investment Abbreviations:
LP	— Limited Partnership
MTN	— Medium Term Note
REIT	— Real Estate Investment Trust

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

GOLDMAN SACHS ACCESS INFLATION PROTECTED USD BOND ETF

Schedule of Investments

August 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
U.S. Treasury Inflation Indexed Bonds – 99.6%
	U.S. Treasury Inflation Indexed Bonds
$	269,314		1.125	%		01/15/21	$	270,617
	406,358		0.125			04/15/21		402,443
	914,414		0.125			01/15/22		908,863
	999,399		0.375			07/15/23		1,012,694
	1,079,108		0.625			01/15/24		1,106,013
	704,238		0.375			07/15/25		722,094
	925,645		0.375			07/15/27		956,452
	1,220,144		0.500			01/15/28		1,271,370
	652,936		0.750			02/15/42		717,532
	376,694		0.875			02/15/47		427,780
	115,297		1.000			02/15/48		135,456
	TOTAL INVESTMENTS – 99.6%
	(Cost $7,539,096)						$	7,931,314
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.4%							34,797
	NET ASSETS – 100.0%						$	7,966,111

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

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments

August 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 78.1%
Advertising – 0.1%
	Omnicom Group, Inc. / Omnicom Capital, Inc.
$	400,000		3.600	%		04/15/26	$	424,510
Aerospace & Defense – 1.0%
	Boeing Co. (The)
	540,000		2.700			02/01/27		554,988
	1,000,000		2.950			02/01/30		1,042,598
	100,000		3.900			05/01/49		113,391
	Lockheed Martin Corp.
	50,000		2.900			03/01/25		52,255
	310,000		4.070			12/15/42		365,883
	60,000		3.800			03/01/45		68,823
	180,000		4.700			05/15/46		233,688
	400,000		4.090			09/15/52		482,409
	Northrop Grumman Corp.
	95,000		2.550			10/15/22		96,543
	400,000		2.930			01/15/25		414,903
	290,000		3.200			02/01/27		306,579
	660,000		3.250			01/15/28		700,625
	240,000		4.030			10/15/47		278,882
	Raytheon Co.
	790,000		2.500			12/15/22		800,936
								5,512,503
Banks – 20.7%
	American Express Co.
	200,000		2.200			10/30/20		200,150
	350,000		3.400			02/22/24		368,963
	740,000		3.000			10/30/24		768,220
	150,000		4.200			11/06/25		166,780
	415,000		4.050			12/03/42		494,219
	American Express Credit Corp., Series F
	1,235,000		2.600			09/14/20		1,241,557
	American Express Credit Corp., MTN
	560,000		3.300			05/03/27		603,923
	Bank of America Corp.
	(3M USD LIBOR + 0.790%)
	1,042,000		3.004	(a)		12/20/23		1,070,850
	(3M USD LIBOR + 0.780%)
	135,000		3.550	(a)		03/05/24		141,154
	(3M USD LIBOR + 1.512%)
	540,000		3.705	(a)		04/24/28		582,484
	(3M USD LIBOR + 1.040%)
	868,000		3.419	(a)		12/20/28		916,607
	310,000		6.110			01/29/37		415,296
	(3M USD LIBOR + 1.814%)
	900,000		4.244	(a)		04/24/38		1,059,477
	370,000		7.750			05/14/38		580,065
	Bank of America Corp., GMTN
	1,405,000		3.300			01/11/23		1,461,345
	50,000		3.500			04/19/26		53,596
	(3M USD LIBOR + 1.370%)
	340,000		3.593	(a)		07/21/28		363,550
	Bank of America Corp., Series L
	50,000		3.950			04/21/25		53,301
	250,000		4.183			11/25/27		272,348
Corporate Obligations – (continued)
Banks – (continued)
	Bank of America Corp., MTN
	250,000		5.625			07/01/20		256,989
	190,000		2.625			10/19/20		191,398
	90,000		2.151			11/09/20		90,030
	324,000		5.000			05/13/21		339,209
	50,000		2.503			10/21/22		50,386
	(3M USD LIBOR + 1.160%)
	1,500,000		3.124	(a)		01/20/23		1,532,172
	720,000		4.000			04/01/24		779,304
	710,000		4.200			08/26/24		766,361
	850,000		4.000			01/22/25		908,591
	580,000		3.875			08/01/25		631,876
	(3M USD LIBOR + 1.090%)
	1,250,000		3.093	(a)		10/01/25		1,299,458
	50,000		4.450			03/03/26		55,054
	400,000		4.250			10/22/26		437,944
	880,000		3.248			10/21/27		929,017
	(3M USD LIBOR + 1.575%)
	600,000		3.824	(a)		01/20/28		649,724
	(3M USD LIBOR + 1.070%)
	150,000		3.970	(a)		03/05/29		165,132
	(3M USD LIBOR + 1.310%)
	1,000,000		4.271	(a)		07/23/29		1,129,765
	(3M USD LIBOR + 1.210%)
	500,000		3.974	(a)		02/07/30		554,586
	(3M USD LIBOR + 1.320%)
	800,000		4.078	(a)		04/23/40		918,671
	370,000		5.875			02/07/42		530,547
	820,000		5.000			01/21/44		1,072,609
	Bank of New York Mellon Corp. (The), MTN
	270,000		2.050			05/03/21		270,603
	263,000		2.600			02/07/22		267,270
	120,000		3.450			08/11/23		126,534
	570,000		2.200			08/16/23		574,847
	20,000		2.800			05/04/26		20,772
	75,000		2.450			08/17/26		76,130
	590,000		3.250			05/16/27		630,218
	60,000		3.300			08/23/29		64,088
	Bank of New York Mellon Corp. (The), Series G
	640,000		3.000			02/24/25		667,729
	BB&T Corp., MTN
	140,000		2.150			02/01/21		140,157
	150,000		2.050			05/10/21		150,150
	140,000		2.750			04/01/22		142,508
	500,000		3.050			06/20/22		514,131
	350,000		3.750			12/06/23		372,956
	605,000		2.850			10/26/24		624,386
	Capital One Bank USA NA
	400,000		3.375			02/15/23		413,071
	Capital One Financial Corp.
	250,000		3.450			04/30/21		255,511
	1,650,000		4.750			07/15/21		1,726,877
	150,000		3.300			10/30/24		155,584
	250,000		3.200			02/05/25		258,000
	542,000		4.200			10/29/25		579,294
	660,000		3.750			07/28/26		688,655

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)
Banks – (continued)
	Capital One Financial Corp. – (continued)
$	300,000		3.750	%		03/09/27	$	318,747
	290,000		3.800			01/31/28		309,592
	Citibank NA
	(3M USD LIBOR + 0.530%)
	780,000		3.165	(a)		02/19/22		790,541
	(3M USD LIBOR + 0.596%)
	770,000		2.844	(a)		05/20/22		778,835
	910,000		3.650			01/23/24		969,832
	Citigroup, Inc.
	405,000		2.650			10/26/20		407,484
	110,000		2.700			03/30/21		111,108
	380,000		2.350			08/02/21		382,093
	1,750,000		2.900			12/08/21		1,780,615
	780,000		4.500			01/14/22		823,096
	200,000		2.700			10/27/22		203,489
	500,000		3.500			05/15/23		520,924
	130,000		3.875			10/25/23		138,629
	90,000		4.000			08/05/24		96,339
	535,000		3.875			03/26/25		565,602
	190,000		3.300			04/27/25		201,027
	150,000		4.400			06/10/25		163,002
	80,000		5.500			09/13/25		91,609
	225,000		3.700			01/12/26		242,496
	40,000		4.600			03/09/26		44,068
	800,000		3.400			05/01/26		846,400
	360,000		3.200			10/21/26		375,937
	40,000		4.300			11/20/26		43,633
	1,387,000		4.450			09/29/27		1,534,379
	240,000		4.125			07/25/28		262,086
	(3M USD LIBOR + 1.338%)
	1,490,000		3.980	(a)		03/20/30		1,648,616
	240,000		6.625			06/15/32		320,288
	210,000		8.125			07/15/39		351,685
	230,000		6.675			09/13/43		343,659
	150,000		5.300			05/06/44		193,534
	310,000		4.650			07/30/45		387,302
	240,000		4.750			05/18/46		290,850
	(3M USD LIBOR + 1.839%)
	620,000		4.281	(a)		04/24/48		762,059
	320,000		4.650			07/23/48		402,791
	Discover Bank
	300,000		4.200			08/08/23		322,579
	1,050,000		4.650			09/13/28		1,188,280
	Discover Financial Services
	425,000		4.100			02/09/27		457,664
	Fifth Third Bancorp
	750,000		4.300			01/16/24		809,403
	330,000		8.250			03/01/38		512,709
	Fifth Third Bank
	200,000		2.200			10/30/20		200,432
	HSBC Bank USA NA
	300,000		5.625			08/15/35		380,777
	Huntington Bancshares, Inc.
	840,000		3.150			03/14/21		852,419
	250,000		2.300			01/14/22		251,214
Corporate Obligations – (continued)
Banks – (continued)
	JPMorgan Chase & Co.
	430,000		4.250			10/15/20		440,519
	1,520,000		2.550			10/29/20		1,528,256
	1,650,000		2.550			03/01/21		1,662,458
	300,000		2.400			06/07/21		301,895
	577,000		4.500			01/24/22		610,429
	660,000		3.250			09/23/22		684,085
	117,000		2.972			01/15/23		119,517
	140,000		3.200			01/25/23		145,486
	(3M USD LIBOR + 0.935%)
	200,000		2.776	(a)		04/25/23		203,379
	60,000		3.375			05/01/23		62,282
	250,000		2.700			05/18/23		255,904
	150,000		3.875			02/01/24		161,381
	1,960,000		3.875			09/10/24		2,097,468
	80,000		3.125			01/23/25		83,488
	1,400,000		3.300			04/01/26		1,477,293
	460,000		3.200			06/15/26		482,590
	400,000		4.125			12/15/26		440,960
	(3M USD LIBOR + 1.245%)
	200,000		3.960	(a)		01/29/27		217,975
	470,000		4.250			10/01/27		525,646
	540,000		3.625			12/01/27		574,668
	(3M USD LIBOR + 1.337%)
	215,000		3.782	(a)		02/01/28		233,993
	(3M USD LIBOR + 1.380%)
	700,000		3.540	(a)		05/01/28		749,525
	(3M USD LIBOR + 1.160%)
	1,796,000		3.702	(a)		05/06/30		1,963,110
	550,000		6.400			05/15/38		803,014
	(3M USD LIBOR + 1.360%)
	750,000		3.882	(a)		07/24/38		842,026
	175,000		5.500			10/15/40		240,614
	110,000		5.600			07/15/41		154,354
	180,000		5.400			01/06/42		247,310
	400,000		5.625			08/16/43		548,385
	150,000		4.850			02/01/44		194,988
	230,000		4.950			06/01/45		295,094
	(3M USD LIBOR + 1.580%)
	460,000		4.260	(a)		02/22/48		555,216
	(3M USD LIBOR + 1.220%)
	500,000		3.897	(a)		01/23/49		574,544
	JPMorgan Chase & Co., MTN
	1,000,000		2.295			08/15/21		1,002,850
	Morgan Stanley
	260,000		5.750			01/25/21		272,797
	1,535,000		2.750			05/19/22		1,561,594
	200,000		5.000			11/24/25		225,116
	30,000		3.625			01/20/27		32,112
	486,000		3.950			04/23/27		520,053
	1,026,000		6.375			07/24/42		1,528,230
	370,000		4.300			01/27/45		439,747
	130,000		4.375			01/22/47		158,007
	Morgan Stanley, GMTN
	1,070,000		2.500			04/21/21		1,077,007
	1,245,000		5.500			07/28/21		1,321,949

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, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	Morgan Stanley, GMTN – (continued)
$	40,000		3.125	%		01/23/23	$	41,281
	300,000		3.750			02/25/23		315,791
	25,000		3.700			10/23/24		26,707
	160,000		4.000			07/23/25		173,606
	730,000		3.875			01/27/26		789,362
	300,000		4.350			09/08/26		328,804
	Morgan Stanley, MTN
	630,000		2.625			11/17/21		636,711
	800,000		4.100			05/22/23		847,489
	865,000		3.125			07/27/26		898,258
	Morgan Stanley, Series F
	1,055,000		3.875			04/29/24		1,133,089
	State Street Corp.
	1,200,000		3.100			05/15/23		1,238,820
	545,000		3.700			11/20/23		580,978
	60,000		3.300			12/16/24		63,557
	300,000		3.550			08/18/25		322,746
	180,000		2.650			05/19/26		185,263
	Synchrony Financial
	100,000		3.750			08/15/21		102,385
	50,000		4.250			08/15/24		53,123
	498,000		4.500			07/23/25		535,626
	140,000		3.950			12/01/27		145,032
	US Bancorp, MTN
	50,000		2.350			01/29/21		50,268
	1,000,000		3.000			03/15/22		1,026,158
	550,000		3.700			01/30/24		591,034
	550,000		3.600			09/11/24		589,177
	540,000		3.100			04/27/26		566,993
	400,000		3.900			04/26/28		456,072
	US Bancorp, Series X
	375,000		3.150			04/27/27		402,280
	US Bank NA
	300,000		3.000			02/04/21		304,212
	Wells Fargo & Co.
	1,100,000		3.000			04/22/26		1,141,437
	250,000		5.375			02/07/35		326,214
	550,000		5.375			11/02/43		723,962
	450,000		5.606			01/15/44		604,858
	300,000		3.900			05/01/45		351,624
	Wells Fargo & Co., GMTN
	50,000		4.300			07/22/27		55,366
	1,157,000		4.900			11/17/45		1,446,921
	Wells Fargo & Co., MTN
	690,000		3.000			01/22/21		699,362
	1,628,000		3.500			03/08/22		1,685,558
	1,500,000		2.625			07/22/22		1,525,461
	200,000		3.000			02/19/25		207,383
	560,000		3.550			09/29/25		595,778
	1,475,000		4.100			06/03/26		1,598,880
	(3M USD LIBOR + 1.310%)
	1,310,000		3.584	(a)		05/22/28		1,404,916
	510,000		4.150			01/24/29		571,787
	400,000		4.750			12/07/46		491,590
	Wells Fargo Bank NA
	1,100,000		2.600			01/15/21		1,108,577
								109,061,813
Corporate Obligations – (continued)
Basic Industry – 0.3%
	International Paper Co.
	220,000		3.000			02/15/27		225,380
	200,000		4.800			06/15/44		220,175
	190,000		4.400			08/15/47		202,203
	150,000		4.350			08/15/48		158,582
	Sherwin-Williams Co. (The)
	90,000		2.750			06/01/22		91,606
	500,000		3.450			06/01/27		526,845
	250,000		4.500			06/01/47		285,592
								1,710,383
Broadcasting – 0.6%
	CBS Corp.
	50,000		4.000			01/15/26		53,554
	Discovery Communications LLC
	363,000		3.950			03/20/28		381,628
	940,000		5.200			09/20/47		1,064,953
	Fox Corp.
	500,000		4.709	(b)		01/25/29		578,487
	300,000		5.476	(b)		01/25/39		374,849
	350,000		5.576	(b)		01/25/49		456,618
								2,910,089
Brokerage – 0.5%
	BlackRock, Inc.
	200,000		3.500			03/18/24		214,648
	Intercontinental Exchange, Inc.
	850,000		2.750			12/01/20		857,523
	50,000		4.000			10/15/23		53,811
	620,000		3.750			12/01/25		672,783
	290,000		4.250			09/21/48		352,348
	Jefferies Financial Group, Inc.
	100,000		5.500			10/18/23		108,822
	Jefferies Group LLC / Jefferies Group Capital Finance, Inc.
	375,000		4.850			01/15/27		401,671
								2,661,606
Capital Goods – 1.6%
	3M Co., MTN
	430,000		4.000			09/14/48		491,123
	Caterpillar Financial Services Corp.
	520,000		1.700			08/09/21		517,846
	Caterpillar Financial Services Corp., GMTN
	1,050,000		1.850			09/04/20		1,047,458
	Caterpillar, Inc.
	30,000		3.900			05/27/21		30,985
	130,000		3.400			05/15/24		138,500
	80,000		5.200			05/27/41		108,483
	130,000		3.803			08/15/42		150,243
	Deere & Co.
	480,000		2.600			06/08/22		489,058
	320,000		3.900			06/09/42		377,080
	General Electric Co.
	1,400,000		2.700			10/09/22		1,390,867
	500,000		4.125			10/09/42		480,297
	450,000		4.500			03/11/44		455,868

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)
Capital Goods – (continued)
	General Electric Co., GMTN
$	200,000		6.150	%		08/07/37	$	236,816
	224,000		6.875			01/10/39		286,164
	General Electric Co., MTN
	1,200,000		5.875			01/14/38		1,385,692
	Honeywell International, Inc.
	545,000		2.500			11/01/26		559,554
	Illinois Tool Works, Inc.
	50,000		2.650			11/15/26		52,117
	John Deere Capital Corp., MTN
	250,000		2.800			03/06/23		257,042
								8,455,193
Communications – 3.7%
	AT&T, Inc.
	215,000		3.600			07/15/25		227,763
	370,000		3.800			02/15/27		396,820
	50,000		4.850			07/15/45		57,358
	Charter Communications Operating LLC / Charter Communications Operating Capital
	170,000		4.464			07/23/22		179,680
	960,000		4.908			07/23/25		1,062,122
	240,000		3.750			02/15/28		248,148
	370,000		4.200			03/15/28		393,626
	670,000		5.050			03/30/29		756,391
	855,000		6.384			10/23/35		1,048,941
	130,000		5.375			04/01/38		146,916
	450,000		6.484			10/23/45		557,612
	580,000		5.375			05/01/47		643,322
	320,000		5.750			04/01/48		370,456
	Comcast Corp.
	1,616,000		3.700			04/15/24		1,730,931
	225,000		3.375			02/15/25		238,195
	100,000		3.375			08/15/25		106,419
	200,000		3.150			03/01/26		211,276
	200,000		4.150			10/15/28		227,287
	1,500,000		4.250			10/15/30		1,744,554
	825,000		4.250			01/15/33		957,466
	650,000		7.050			03/15/33		947,474
	100,000		4.200			08/15/34		116,644
	140,000		3.900			03/01/38		158,132
	500,000		4.600			10/15/38		607,282
	300,000		4.750			03/01/44		365,355
	230,000		3.400			07/15/46		241,556
	1,200,000		4.700			10/15/48		1,499,017
	205,000		4.049			11/01/52		236,158
	1,385,000		4.950			10/15/58		1,826,504
	Time Warner Cable LLC
	50,000		6.550			05/01/37		60,395
	470,000		7.300			07/01/38		604,178
	400,000		6.750			06/15/39		497,886
	160,000		5.875			11/15/40		182,807
	250,000		5.500			09/01/41		272,128
	Time Warner Entertainment Co. LP
	50,000		8.375			03/15/23		59,389
Corporate Obligations – (continued)
Communications – (continued)
	Viacom, Inc.
	108,000		4.250			09/01/23		115,230
	240,000		6.875			04/30/36		322,669
	216,000		4.375			03/15/43		228,158
								19,646,245
Consumer Cyclical – 7.0%
	Amazon.com, Inc.
	422,000		2.400			02/22/23		430,395
	370,000		2.800			08/22/24		386,132
	560,000		3.800			12/05/24		611,560
	750,000		5.200			12/03/25		890,228
	780,000		3.150			08/22/27		839,431
	170,000		4.800			12/05/34		216,640
	275,000		3.875			08/22/37		320,736
	500,000		4.950			12/05/44		669,776
	485,000		4.050			08/22/47		594,223
	330,000		4.250			08/22/57		424,064
	American Honda Finance Corp., GMTN
	50,000		2.650			02/12/21		50,507
	297,000		1.700			09/09/21		295,767
	Costco Wholesale Corp.
	734,000		2.300			05/18/22		742,410
	400,000		3.000			05/18/27		425,321
	Dollar Tree, Inc.
	530,000		4.000			05/15/25		559,749
	eBay, Inc.
	150,000		2.875			08/01/21		151,745
	250,000		2.600			07/15/22		253,619
	250,000		2.750			01/30/23		254,794
	50,000		3.450			08/01/24		52,539
	Equinix, Inc.
	500,000		5.875			01/15/26		532,969
	Ford Motor Co.
	300,000		4.346			12/08/26		308,544
	370,000		7.450			07/16/31		439,159
	320,000		4.750			01/15/43		289,475
	320,000		5.291			12/08/46		308,039
	Ford Motor Credit Co. LLC
	300,000		5.750			02/01/21		311,582
	300,000		3.336			03/18/21		301,968
	555,000		5.875			08/02/21		584,371
	520,000		5.596			01/07/22		550,112
	250,000		4.375			08/06/23		258,572
	300,000		3.664			09/08/24		299,193
	376,000		4.134			08/04/25		379,255
	General Motors Co.
	340,000		5.000			10/01/28		366,669
	550,000		6.600			04/01/36		644,513
	300,000		6.250			10/02/43		337,303
	520,000		5.400			04/01/48		539,947
	General Motors Financial Co., Inc.
	600,000		3.200			07/06/21		607,216
	1,000,000		4.200			11/06/21		1,036,392
	1,000,000		5.100			01/17/24		1,080,727
	1,000,000		4.000			01/15/25		1,029,224
	300,000		5.250			03/01/26		328,177

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, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Consumer Cyclical – (continued)
	Home Depot, Inc. (The)
$	160,000		4.400	%		04/01/21	$	165,494
	70,000		2.625			06/01/22		71,722
	138,000		2.700			04/01/23		142,377
	80,000		3.350			09/15/25		85,878
	105,000		3.000			04/01/26		111,328
	60,000		2.125			09/15/26		60,208
	60,000		2.800			09/14/27		62,911
	430,000		5.875			12/16/36		607,948
	500,000		5.950			04/01/41		720,101
	620,000		4.400			03/15/45		770,491
	200,000		4.250			04/01/46		242,805
	290,000		3.900			06/15/47		335,196
	130,000		3.500			09/15/56		140,494
	Lowe’s Cos., Inc.
	310,000		2.500			04/15/26		312,360
	30,000		3.100			05/03/27		31,319
	1,000,000		3.650			04/05/29		1,086,541
	100,000		3.700			04/15/46		102,682
	264,000		4.050			05/03/47		286,305
	McDonald’s Corp., MTN
	50,000		2.750			12/09/20		50,468
	100,000		3.500			03/01/27		107,838
	593,000		4.700			12/09/35		717,214
	320,000		4.875			12/09/45		393,446
	370,000		4.450			09/01/48		436,948
	NIKE, Inc.
	288,000		2.375			11/01/26		296,622
	Starbucks Corp.
	637,000		3.800			08/15/25		690,601
	400,000		4.000			11/15/28		451,955
	Target Corp.
	620,000		3.500			07/01/24		668,218
	350,000		4.000			07/01/42		410,344
	140,000		3.625			04/15/46		157,715
	Toyota Motor Credit Corp., GMTN
	400,000		3.450			09/20/23		424,936
	Toyota Motor Credit Corp., MTN
	150,000		2.950			04/13/21		152,663
	Visa, Inc.
	650,000		3.150			12/14/25		697,226
	555,000		2.750			09/15/27		584,931
	270,000		4.150			12/14/35		330,528
	580,000		4.300			12/14/45		737,727
	280,000		3.650			09/15/47		326,760
	Walmart, Inc.
	80,000		1.900			12/15/20		80,172
	100,000		2.350			12/15/22		101,907
	188,000		2.550			04/11/23		192,871
	500,000		3.400			06/26/23		529,317
	500,000		2.650			12/15/24		518,747
	1,250,000		3.700			06/26/28		1,405,747
	325,000		3.250			07/08/29		356,337
	360,000		5.250			09/01/35		486,513
	530,000		3.950			06/28/38		634,940
	100,000		3.625			12/15/47		117,156
	650,000		4.050			06/29/48		811,163
								36,910,213
Corporate Obligations – (continued)
Consumer Noncyclical – 7.7%
	Abbott Laboratories
	400,000		2.900			11/30/21		407,760
	34,000		3.400			11/30/23		35,862
	60,000		2.950			03/15/25		62,604
	84,000		3.750			11/30/26		92,511
	438,000		4.750			11/30/36		549,038
	700,000		4.900			11/30/46		931,223
	AbbVie, Inc.
	1,790,000		2.900			11/06/22		1,824,518
	337,000		3.600			05/14/25		351,134
	190,000		3.200			05/14/26		194,530
	350,000		4.250			11/14/28		381,355
	1,274,000		4.500			05/14/35		1,386,464
	150,000		4.300			05/14/36		160,264
	210,000		4.400			11/06/42		221,950
	250,000		4.450			05/14/46		264,601
	725,000		4.875			11/14/48		813,872
	Amgen, Inc.
	680,000		3.450			10/01/20		688,741
	240,000		3.875			11/15/21		248,162
	145,000		2.650			05/11/22		147,185
	100,000		3.625			05/22/24		106,306
	430,000		2.600			08/19/26		434,760
	402,000		4.400			05/01/45		458,775
	780,000		4.663			06/15/51		930,635
	Becton Dickinson and Co.
	300,000		3.700			06/06/27		323,157
	400,000		4.685			12/15/44		472,421
	400,000		4.669			06/06/47		482,184
	Biogen, Inc.
	180,000		2.900			09/15/20		181,144
	307,000		3.625			09/15/22		319,566
	900,000		4.050			09/15/25		977,709
	270,000		5.200			09/15/45		323,599
	Boston Scientific Corp.
	300,000		4.550			03/01/39		359,512
	Bristol-Myers Squibb Co.
	1,500,000		3.400	(b)		07/26/29		1,622,875
	500,000		4.250	(b)		10/26/49		599,604
	Cardinal Health, Inc.
	300,000		2.616			06/15/22		302,049
	184,000		3.079			06/15/24		186,955
	Celgene Corp.
	130,000		3.250			08/15/22		134,535
	500,000		3.625			05/15/24		532,942
	580,000		3.875			08/15/25		628,389
	600,000		3.450			11/15/27		645,781
	50,000		3.900			02/20/28		55,600
	380,000		5.000			08/15/45		486,899
	320,000		4.550			02/20/48		398,755
	Eli Lilly & Co.
	380,000		3.950			05/15/47		446,575
	200,000		4.150			03/15/59		240,291
	Gilead Sciences, Inc.
	50,000		2.550			09/01/20		50,263
	700,000		2.500			09/01/23		713,114

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
Corporate Obligations – (continued)
Consumer Noncyclical – (continued)
	Gilead Sciences, Inc. – (continued)
$	800,000		3.500	%		02/01/25	$	850,292
	200,000		4.600			09/01/35		240,539
	250,000		4.800			04/01/44		302,677
	570,000		4.500			02/01/45		665,912
	350,000		4.750			03/01/46		424,222
	190,000		4.150			03/01/47		216,251
	Johnson & Johnson
	50,000		2.250			03/03/22		50,672
	307,000		2.625			01/15/25		318,937
	60,000		2.450			03/01/26		62,003
	700,000		3.550			03/01/36		783,621
	420,000		3.625			03/03/37		474,179
	300,000		5.950			08/15/37		431,899
	60,000		3.400			01/15/38		66,474
	70,000		3.700			03/01/46		81,191
	150,000		3.750			03/03/47		176,247
	Medtronic, Inc.
	700,000		4.625			03/15/45		907,038
	Merck & Co., Inc.
	50,000		3.875			01/15/21		51,156
	40,000		2.350			02/10/22		40,600
	400,000		2.900			03/07/24		418,100
	200,000		2.750			02/10/25		208,136
	400,000		3.400			03/07/29		440,778
	50,000		4.150			05/18/43		60,607
	690,000		3.700			02/10/45		787,101
	340,000		4.000			03/07/49		411,385
	Pfizer, Inc.
	40,000		2.200			12/15/21		40,363
	657,000		2.950			03/15/24		685,504
	125,000		2.750			06/03/26		130,420
	50,000		3.000			12/15/26		52,935
	300,000		3.450			03/15/29		327,521
	540,000		7.200			03/15/39		859,870
	280,000		4.400			05/15/44		341,350
	130,000		4.125			12/15/46		155,076
	320,000		4.000			03/15/49		375,965
	Philip Morris International, Inc.
	112,000		1.875			02/25/21		111,843
	100,000		2.500			11/02/22		101,188
	50,000		3.250			11/10/24		52,382
	670,000		3.375			08/11/25		706,523
	20,000		2.750			02/25/26		20,409
	440,000		6.375			05/16/38		604,175
	100,000		4.375			11/15/41		111,037
	30,000		3.875			08/21/42		31,171
	205,000		4.125			03/04/43		218,746
	50,000		4.250			11/10/44		54,704
	Stryker Corp.
	380,000		3.500			03/15/26		408,335
	Thermo Fisher Scientific, Inc.
	50,000		3.600			08/15/21		51,280
	790,000		3.300			02/15/22		812,616
	20,000		3.150			01/15/23		20,619
	50,000		3.000			04/15/23		51,434
	50,000		4.150			02/01/24		53,814
Corporate Obligations – (continued)
Consumer Noncyclical – (continued)
	Thermo Fisher Scientific, Inc. – (continued)
	314,000		2.950			09/19/26		325,082
	340,000		3.200			08/15/27		358,167
	Walgreen Co.
	50,000		3.100			09/15/22		51,344
	Walgreens Boots Alliance, Inc.
	550,000		3.300			11/18/21		563,238
	510,000		3.800			11/18/24		540,993
	350,000		3.450			06/01/26		362,570
	450,000		4.800			11/18/44		477,690
	Wyeth LLC
	140,000		6.500			02/01/34		201,598
	530,000		5.950			04/01/37		736,896
	Zoetis, Inc.
	710,000		3.000			09/12/27		736,706
	100,000		4.700			02/01/43		121,679
								40,501,429
Consumer Products – 0.2%
	Procter & Gamble Co. (The)
	538,000		3.100			08/15/23		566,169
	300,000		2.450			11/03/26		310,221
								876,390
Electric – 1.5%
	Berkshire Hathaway Energy Co.
	417,000		6.125			04/01/36		589,693
	120,000		5.150			11/15/43		156,364
	40,000		4.500			02/01/45		48,537
	Duke Energy Corp.
	680,000		1.800			09/01/21		676,396
	400,000		2.650			09/01/26		405,623
	375,000		3.750			09/01/46		397,427
	Exelon Corp.
	600,000		4.450			04/15/46		696,077
	Exelon Generation Co. LLC
	225,000		6.250			10/01/39		289,373
	FirstEnergy Corp., Series C
	360,000		7.375			11/15/31		515,697
	150,000		4.850			07/15/47		182,859
	FirstEnergy Corp., Series B
	255,000		3.900			07/15/27		274,012
	Florida Power & Light Co.
	500,000		3.950			03/01/48		590,202
	MidAmerican Energy Co.
	300,000		4.250			07/15/49		369,331
	NextEra Energy Capital Holdings, Inc.
	80,000		3.550			05/01/27		85,349
	NiSource, Inc.
	350,000		4.375			05/15/47		404,658
	Sempra Energy
	300,000		3.400			02/01/28		313,063
	200,000		4.000			02/01/48		217,817
	Southern California Edison Co.
	300,000		4.000			04/01/47		326,348
	Southern Co. (The)
	80,000		2.350			07/01/21		80,265
	260,000		3.250			07/01/26		268,612
	630,000		4.400			07/01/46		708,591

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, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Electric – (continued)
	Virginia Electric & Power Co., Series A
$	140,000		3.150	%		01/15/26	$	147,335
								7,743,629
Energy – 8.5%
	Anadarko Finance Co., Series B
	170,000		7.500			05/01/31		227,425
	Anadarko Petroleum Corp.
	225,000		6.450			09/15/36		282,818
	330,000		6.200			03/15/40		405,642
	70,000		6.600			03/15/46		92,431
	Andeavor Logistics LP / Tesoro Logistics Finance Corp.
	100,000		5.250			01/15/25		105,388
	500,000		4.250			12/01/27		531,562
	Baker Hughes a GE Co. LLC
	190,000		5.125			09/15/40		214,386
	Baker Hughes a GE Co. LLC / Baker Hughes Co.-Obligor, Inc.
	575,000		3.337			12/15/27		590,342
	BP Capital Markets America, Inc.
	450,000		3.790			02/06/24		481,245
	300,000		3.410			02/11/26		319,555
	50,000		3.119			05/04/26		52,502
	60,000		3.017			01/16/27		62,589
	520,000		4.234			11/06/28		594,136
	Chevron Corp.
	50,000		2.419			11/17/20		50,336
	646,000		2.566			05/16/23		662,464
	1,212,000		3.191			06/24/23		1,275,686
	30,000		2.895			03/03/24		31,340
	32,000		3.326			11/17/25		34,662
	180,000		2.954			05/16/26		190,237
	Concho Resources, Inc.
	825,000		3.750			10/01/27		861,568
	230,000		4.875			10/01/47		268,226
	ConocoPhillips
	580,000		6.500			02/01/39		850,163
	ConocoPhillips Co.
	250,000		4.950			03/15/26		290,927
	100,000		4.300			11/15/44		118,212
	ConocoPhillips Holding Co.
	455,000		6.950			04/15/29		628,581
	Continental Resources, Inc.
	800,000		5.000			09/15/22		806,200
	160,000		4.500			04/15/23		166,200
	670,000		3.800			06/01/24		681,725
	Devon Energy Corp.
	190,000		5.600			07/15/41		233,167
	190,000		4.750			05/15/42		212,268
	Energy Transfer Operating LP
	50,000		4.150			10/01/20		50,798
	20,000		4.650			06/01/21		20,742
	100,000		3.600			02/01/23		103,619
	250,000		4.500			04/15/24		267,998
	400,000		4.750			01/15/26		439,430
	400,000		5.250			04/15/29		457,189
	200,000		6.500			02/01/42		245,397
Corporate Obligations – (continued)
Energy – (continued)
	Energy Transfer Operating LP – (continued)
	20,000		5.150			03/15/45		21,299
	30,000		6.125			12/15/45		35,638
	610,000		5.300			04/15/47		672,121
	350,000		6.000			06/15/48		421,237
	200,000		6.250			04/15/49		248,146
	Enterprise Products Operating LLC
	160,000		5.200			09/01/20		164,638
	232,000		3.350			03/15/23		242,096
	157,000		3.900			02/15/24		168,955
	107,000		3.750			02/15/25		115,096
	1,120,000		3.125			07/31/29		1,162,316
	225,000		4.850			08/15/42		260,453
	340,000		4.450			02/15/43		377,289
	200,000		4.850			03/15/44		233,494
	190,000		5.100			02/15/45		228,106
	50,000		4.900			05/15/46		59,299
	200,000		4.800			02/01/49		236,488
	Enterprise Products Operating LLC(a), Series E
	(3M USD LIBOR + 3.033%)
	154,000		5.250			08/16/77		149,753
	EQT Corp.
	1,725,000		3.000			10/01/22		1,664,782
	Exxon Mobil Corp.
	1,265,000		2.222			03/01/21		1,272,126
	2,000,000		2.019			08/16/24		2,016,877
	525,000		3.043			03/01/26		555,844
	60,000		3.567			03/06/45		66,666
	370,000		4.114			03/01/46		448,684
	Hess Corp.
	307,000		4.300			04/01/27		321,936
	40,000		6.000			01/15/40		45,253
	250,000		5.600			02/15/41		278,798
	Kinder Morgan Energy Partners LP
	50,000		5.500			03/01/44		59,109
	Kinder Morgan, Inc.
	180,000		3.150			01/15/23		185,004
	200,000		4.300			06/01/25		215,042
	920,000		4.300			03/01/28		1,009,356
	320,000		5.550			06/01/45		384,708
	385,000		5.050			02/15/46		433,870
	Kinder Morgan, Inc., GMTN
	440,000		7.750			01/15/32		619,821
	Marathon Oil Corp.
	250,000		2.800			11/01/22		253,363
	140,000		3.850			06/01/25		147,156
	270,000		6.600			10/01/37		339,685
	Marathon Petroleum Corp.
	225,000		5.125			03/01/21		235,231
	120,000		6.500			03/01/41		152,602
	MPLX LP
	1,000,000		4.500			07/15/23		1,068,276
	50,000		4.875			06/01/25		55,266
	145,000		4.500			04/15/38		149,092
	300,000		5.200			03/01/47		329,729
	400,000		5.500			02/15/49		457,161

42 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)
Energy – (continued)
	Occidental Petroleum Corp.
$	970,000		2.600	%		08/13/21	$	975,430
	1,490,000		2.700			08/15/22		1,504,989
	470,000		3.400			04/15/26		477,767
	950,000		3.500			08/15/29		969,123
	285,000		4.625			06/15/45		301,979
	130,000		4.400			04/15/46		133,090
	92,000		4.100			02/15/47		91,126
	60,000		4.200			03/15/48		59,918
	Phillips 66
	250,000		4.300			04/01/22		265,481
	210,000		3.900			03/15/28		228,231
	140,000		4.650			11/15/34		162,101
	540,000		5.875			05/01/42		713,519
	110,000		4.875			11/15/44		132,149
	Plains All American Pipeline LP / PAA Finance Corp.
	250,000		3.600			11/01/24		259,305
	110,000		4.650			10/15/25		118,485
	240,000		4.500			12/15/26		257,671
	Sabine Pass Liquefaction LLC
	100,000		5.625			04/15/23		109,400
	895,000		5.625			03/01/25		1,006,315
	518,000		5.875			06/30/26		596,186
	220,000		5.000			03/15/27		243,210
	525,000		4.200			03/15/28		558,141
	Sunoco Logistics Partners Operations LP
	500,000		4.000			10/01/27		527,533
	50,000		5.350			05/15/45		54,840
	200,000		5.400			10/01/47		223,768
	Valero Energy Corp.
	657,000		3.400			09/15/26		679,822
	500,000		4.000			04/01/29		533,130
	Williams Cos., Inc. (The)
	350,000		4.300			03/04/24		373,967
	1,000,000		4.550			06/24/24		1,082,418
	705,000		3.900			01/15/25		742,145
	50,000		3.750			06/15/27		52,262
	240,000		6.300			04/15/40		300,681
	520,000		5.100			09/15/45		584,187
								44,787,386
Financial Company – 0.4%
	GE Capital International Funding Co. Unlimited Co.
	300,000		3.373			11/15/25		304,385
	1,500,000		4.418			11/15/35		1,529,551
	International Lease Finance Corp.
	375,000		5.875			08/15/22		412,649
								2,246,585
Food and Beverage – 1.5%
	Coca-Cola Co. (The)
	1,000,000		1.875			10/27/20		1,000,399
	50,000		2.450			11/01/20		50,350
	60,000		3.150			11/15/20		60,902
	500,000		2.875			10/27/25		526,650
	380,000		2.250			09/01/26		387,613
Corporate Obligations – (continued)
Food and Beverage – (continued)
	Keurig Dr Pepper, Inc.
	265,000		3.551			05/25/21		271,448
	178,000		4.057			05/25/23		189,182
	210,000		4.597			05/25/28		237,496
	Molson Coors Brewing Co.
	780,000		3.000			07/15/26		790,593
	140,000		5.000			05/01/42		156,959
	150,000		4.200			07/15/46		153,305
	PepsiCo, Inc.
	50,000		3.125			11/01/20		50,628
	110,000		2.750			04/30/25		115,223
	500,000		2.850			02/24/26		526,049
	620,000		4.450			04/14/46		788,174
	630,000		3.450			10/06/46		694,748
	30,000		4.000			05/02/47		36,185
	Sysco Corp.
	200,000		3.300			07/15/26		210,224
	60,000		3.250			07/15/27		63,061
	Tyson Foods, Inc.
	50,000		3.950			08/15/24		53,808
	762,000		4.000			03/01/26		829,868
	350,000		3.550			06/02/27		375,104
	140,000		4.550			06/02/47		161,651
	300,000		5.100			09/28/48		373,743
								8,103,363
Healthcare – 3.7%
	Aetna, Inc.
	350,000		2.800			06/15/23		355,884
	675,000		3.500			11/15/24		704,931
	140,000		6.625			06/15/36		182,599
	Anthem, Inc.
	60,000		2.500			11/21/20		60,252
	250,000		3.500			08/15/24		262,113
	50,000		3.350			12/01/24		52,253
	1,320,000		3.650			12/01/27		1,401,754
	90,000		4.625			05/15/42		103,637
	250,000		4.650			01/15/43		283,189
	75,000		4.650			08/15/44		86,655
	295,000		4.375			12/01/47		331,960
	CVS Health Corp.
	500,000		2.125			06/01/21		500,753
	548,000		2.750			12/01/22		556,739
	680,000		3.700			03/09/23		711,761
	849,000		4.000			12/05/23		902,658
	579,000		4.100			03/25/25		619,055
	100,000		3.875			07/20/25		106,139
	1,027,000		4.300			03/25/28		1,120,029
	670,000		4.780			03/25/38		753,487
	245,000		5.300			12/05/43		290,135
	578,000		5.125			07/20/45		673,746
	1,310,000		5.050			03/25/48		1,534,016
	HCA, Inc.
	120,000		4.750			05/01/23		129,048
	840,000		5.000			03/15/24		918,750
	270,000		5.250			04/15/25		301,725

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Healthcare – (continued)
	HCA, Inc. – (continued)
$	140,000		5.250	%		06/15/26	$	157,675
	375,000		4.500			02/15/27		405,750
	700,000		5.125			06/15/39		775,250
	145,000		5.500			06/15/47		167,649
	UnitedHealth Group, Inc.
	400,000		2.875			03/15/22		408,239
	359,000		2.875			03/15/23		369,617
	420,000		3.750			07/15/25		457,939
	530,000		3.100			03/15/26		558,334
	580,000		3.450			01/15/27		623,648
	120,000		4.625			07/15/35		147,751
	75,000		5.800			03/15/36		102,587
	320,000		6.875			02/15/38		486,492
	200,000		4.250			03/15/43		230,895
	300,000		4.750			07/15/45		375,820
	180,000		4.200			01/15/47		210,552
	130,000		3.750			10/15/47		143,340
	270,000		4.450			12/15/48		328,886
	Zimmer Biomet Holdings, Inc.
	320,000		3.550			04/01/25		337,062
								19,230,754
Insurance – 2.3%
	American International Group, Inc.
	1,015,000		3.750			07/10/25		1,081,139
	715,000		3.900			04/01/26		765,717
	300,000		3.875			01/15/35		318,501
	710,000		4.500			07/16/44		814,684
	American International Group, Inc.(a), Series A-9
	(3M USD LIBOR + 2.868%)
	200,000		5.750			04/01/48		211,476
	AXA Equitable Holdings, Inc.
	350,000		3.900			04/20/23		367,852
	1,062,000		4.350			04/20/28		1,139,868
	Berkshire Hathaway Finance Corp.
	10,000		5.750			01/15/40		14,195
	230,000		4.200			08/15/48		276,676
	410,000		4.250			01/15/49		501,662
	Berkshire Hathaway, Inc.
	1,000,000		2.200			03/15/21		1,006,512
	1,990,000		3.125			03/15/26		2,110,598
	90,000		4.500			02/11/43		111,047
	Brighthouse Financial, Inc.
	450,000		4.700			06/22/47		406,143
	MetLife, Inc.
	50,000		3.600			04/10/24		53,316
	240,000		6.375			06/15/34		346,822
	170,000		5.700			06/15/35		231,449
	410,000		4.125			08/13/42		471,623
	229,000		4.875			11/13/43		291,278
	120,000		4.050			03/01/45		137,980
	100,000		4.600			05/13/46		124,325
	Prudential Financial, Inc.
	(3M USD LIBOR + 3.920%)
	450,000		5.625	(a)		06/15/43		481,500
	275,000		3.905			12/07/47		307,319
Corporate Obligations – (continued)
Insurance – (continued)
	Prudential Financial, Inc., MTN
	480,000		4.350			02/25/50		571,612
								12,143,294
Natural Gas – 0.1%
	Sempra Energy
	325,000		3.250			06/15/27		335,816
REITs and Real Estate – 0.6%
	Boston Properties LP
	570,000		3.850			02/01/23		601,005
	335,000		3.650			02/01/26		356,223
	60,000		2.750			10/01/26		61,038
	GLP Capital LP / GLP Financing II, Inc.
	110,000		5.375			04/15/26		121,413
	Simon Property Group LP
	500,000		4.375			03/01/21		514,808
	150,000		3.375			10/01/24		159,050
	975,000		3.300			01/15/26		1,031,142
	140,000		3.375			06/15/27		149,928
	Welltower, Inc.
	60,000		4.000			06/01/25		64,454
	185,000		4.250			04/15/28		205,085
								3,264,146
Technology – 9.9%
	Alphabet, Inc.
	954,000		1.998			08/15/26		962,919
	Apple, Inc.
	1,177,000		2.250			02/23/21		1,183,927
	100,000		2.850			05/06/21		101,747
	139,000		1.550			08/04/21		138,361
	950,000		2.500			02/09/22		966,629
	2,088,000		2.100			09/12/22		2,107,210
	30,000		3.000			02/09/24		31,378
	814,000		3.450			05/06/24		872,701
	350,000		2.450			08/04/26		358,465
	110,000		3.000			06/20/27		116,731
	240,000		2.900			09/12/27		252,600
	410,000		3.000			11/13/27		436,263
	230,000		4.500			02/23/36		283,345
	287,000		3.850			05/04/43		328,197
	550,000		4.450			05/06/44		683,028
	200,000		3.450			02/09/45		216,388
	380,000		4.375			05/13/45		470,388
	400,000		4.650			02/23/46		511,832
	968,000		3.850			08/04/46		1,118,903
	160,000		4.250			02/09/47		195,321
	50,000		3.750			11/13/47		57,440
	Broadcom Corp. / Broadcom Cayman Finance Ltd.
	483,000		3.000			01/15/22		487,219
	30,000		2.650			01/15/23		29,975
	100,000		3.625			01/15/24		102,227
	300,000		3.125			01/15/25		296,708
	640,000		3.875			01/15/27		640,685
	160,000		3.500			01/15/28		155,677

44 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)
Technology – (continued)
	Broadcom, Inc.
$	150,000		3.625	% (b)		10/15/24	$	152,097
	600,000		4.250	(b)		04/15/26		617,910
	800,000		4.750	(b)		04/15/29		844,033
	Cisco Systems, Inc.
	1,300,000		2.200			02/28/21		1,308,975
	150,000		1.850			09/20/21		149,926
	315,000		3.625			03/04/24		340,418
	610,000		5.900			02/15/39		882,722
	270,000		5.500			01/15/40		379,928
	Dell International LLC / EMC Corp.
	1,280,000		4.420	(b)		06/15/21		1,321,411
	175,000		5.450	(b)		06/15/23		190,821
	1,280,000		6.020	(b)		06/15/26		1,445,411
	390,000		8.100	(b)		07/15/36		499,591
	460,000		8.350	(b)		07/15/46		609,281
	Fidelity National Information Services, Inc.
	100,000		5.000			10/15/25		114,301
	101,000		3.000			08/15/26		104,706
	Fiserv, Inc.
	50,000		3.850			06/01/25		53,868
	500,000		3.500			07/01/29		532,119
	500,000		4.400			07/01/49		574,824
	Hewlett Packard Enterprise Co.
	730,000		3.600			10/15/20		740,725
	550,000		4.900			10/15/25		611,456
	210,000		6.350			10/15/45		244,184
	HP, Inc.
	400,000		6.000			09/15/41		449,166
	Intel Corp.
	500,000		2.875			05/11/24		521,689
	503,000		3.700			07/29/25		549,692
	400,000		2.600			05/19/26		413,669
	720,000		3.150			05/11/27		773,699
	340,000		4.100			05/19/46		408,051
	320,000		4.100			05/11/47		381,668
	95,000		3.734			12/08/47		107,990
	International Business Machines Corp.
	150,000		1.875			08/01/22		149,739
	350,000		3.375			08/01/23		367,694
	235,000		3.625			02/12/24		250,383
	450,000		3.500			05/15/29		488,372
	700,000		4.150			05/15/39		802,033
	320,000		4.000			06/20/42		361,517
	550,000		4.250			05/15/49		643,171
	Microsoft Corp.
	1,200,000		1.550			08/08/21		1,196,837
	60,000		2.400			02/06/22		61,032
	882,000		2.375			02/12/22		896,547
	350,000		2.000			08/08/23		354,660
	97,000		2.875			02/06/24		101,666
	825,000		2.700			02/12/25		863,599
	60,000		2.400			08/08/26		62,028
	205,000		3.300			02/06/27		223,981
	475,000		3.500			02/12/35		535,892
	450,000		3.450			08/08/36		506,440
Corporate Obligations – (continued)
Technology – (continued)
	Microsoft Corp. – (continued)
	650,000		4.100			02/06/37		784,807
	95,000		5.200			06/01/39		131,639
	200,000		4.500			10/01/40		257,078
	280,000		3.500			11/15/42		316,364
	140,000		3.750			02/12/45		165,270
	469,000		4.450			11/03/45		611,551
	500,000		3.700			08/08/46		589,763
	430,000		4.250			02/06/47		550,413
	155,000		4.000			02/12/55		191,126
	50,000		4.750			11/03/55		69,184
	420,000		3.950			08/08/56		516,563
	680,000		4.500			02/06/57		913,266
	NVIDIA Corp.
	290,000		3.200			09/16/26		305,298
	Oracle Corp.
	356,000		2.800			07/08/21		362,321
	300,000		1.900			09/15/21		299,888
	150,000		2.500			05/15/22		152,144
	400,000		2.500			10/15/22		407,061
	30,000		2.625			02/15/23		30,676
	150,000		2.400			09/15/23		152,391
	475,000		3.400			07/08/24		503,749
	40,000		2.950			11/15/24		41,801
	260,000		2.950			05/15/25		271,453
	950,000		2.650			07/15/26		972,875
	80,000		3.250			11/15/27		85,870
	440,000		4.300			07/08/34		520,665
	200,000		3.900			05/15/35		226,928
	420,000		3.850			07/15/36		475,154
	245,000		3.800			11/15/37		274,566
	540,000		6.500			04/15/38		797,828
	220,000		5.375			07/15/40		294,551
	300,000		4.125			05/15/45		346,062
	440,000		4.000			07/15/46		499,911
	670,000		4.000			11/15/47		771,181
	200,000		4.375			05/15/55		242,268
	QUALCOMM, Inc.
	276,000		2.900			05/20/24		285,343
	320,000		4.800			05/20/45		384,675
	620,000		4.300			05/20/47		702,953
	Texas Instruments, Inc.
	650,000		4.150			05/15/48		804,911
	VMware, Inc.
	300,000		2.950			08/21/22		304,176
								51,909,909
Transportation – 1.2%
	Burlington Northern Santa Fe LLC
	490,000		4.450			03/15/43		590,775
	130,000		4.900			04/01/44		166,972
	150,000		4.550			09/01/44		183,941
	460,000		4.150			04/01/45		539,544
	350,000		3.900			08/01/46		400,968
	CSX Corp.
	550,000		3.250			06/01/27		582,553
	30,000		3.800			03/01/28		32,965
	190,000		3.800			11/01/46		204,561

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Transportation – (continued)
	Union Pacific Corp.
$	590,000		4.163	%		07/15/22	$	622,682
	450,000		3.950			09/10/28		507,294
	50,000		4.375			09/10/38		59,236
	200,000		4.500			09/10/48		243,047
	300,000		4.300			03/01/49		357,522
	310,000		3.799			10/01/51		341,102
	United Parcel Service, Inc.
	1,000,000		2.450			10/01/22		1,017,855
	330,000		3.750			11/15/47		363,973
								6,214,990
Wireless – 4.9%
	American Tower Corp.
	50,000		4.000			06/01/25		53,925
	400,000		3.375			10/15/26		416,786
	75,000		3.800			08/15/29		80,856
	AT&T, Inc.
	161,000		2.800			02/17/21		162,515
	650,000		3.200			03/01/22		667,239
	50,000		3.000			06/30/22		51,054
	230,000		2.625			12/01/22		233,296
	450,000		3.600			02/17/23		470,610
	25,000		3.800			03/01/24		26,564
	60,000		3.900			03/11/24		64,061
	410,000		3.950			01/15/25		439,943
	440,000		3.400			05/15/25		462,721
	280,000		4.125			02/17/26		305,170
	400,000		4.250			03/01/27		441,832
	560,000		4.100			02/15/28		611,984
	895,000		4.350			03/01/29		1,002,378
	520,000		4.300			02/15/30		577,141
	85,000		4.500			05/15/35		94,809
	875,000		5.250			03/01/37		1,039,986
	340,000		4.850			03/01/39		390,457
	360,000		6.000			08/15/40		451,527
	90,000		5.350			09/01/40		106,040
	100,000		6.375			03/01/41		130,958
	320,000		5.550			08/15/41		384,730
	154,000		5.150			03/15/42		178,921
	250,000		4.300			12/15/42		263,690
	270,000		4.800			06/15/44		301,553
	430,000		4.350			06/15/45		459,938
	610,000		4.750			05/15/46		683,726
	170,000		5.150			11/15/46		199,765
	400,000		5.650			02/15/47		499,901
	440,000		5.450			03/01/47		540,056
	410,000		4.500			03/09/48		448,505
	1,003,000		4.550			03/09/49		1,099,348
	70,000		5.700			03/01/57		88,975
	CC Holdings GS V LLC / Crown Castle GS III Corp.
	500,000		3.849			04/15/23		526,908
	Crown Castle International Corp.
	250,000		4.875			04/15/22		266,666
	190,000		5.250			01/15/23		207,805
	60,000		3.150			07/15/23		61,998
	210,000		4.450			02/15/26		233,020
	130,000		3.650			09/01/27		138,128
Corporate Obligations – (continued)
Wireless – (continued)
	Verizon Communications, Inc.
	370,000		2.946			03/15/22		378,732
	560,000		3.125			03/16/22		577,611
	130,000		5.150			09/15/23		146,084
	200,000		3.500			11/01/24		213,113
	634,000		3.376			02/15/25		673,993
	730,000		4.125			03/16/27		814,645
	750,000		4.329			09/21/28		862,964
	170,000		4.016	(b)		12/03/29		192,375
	560,000		4.500			08/10/33		662,717
	200,000		4.400			11/01/34		231,429
	220,000		4.272			01/15/36		253,290
	460,000		5.250			03/16/37		580,223
	525,000		4.812			03/15/39		641,316
	170,000		3.850			11/01/42		184,237
	270,000		6.550			09/15/43		403,177
	500,000		4.125			08/15/46		566,678
	640,000		4.862			08/21/46		793,583
	110,000		5.500			03/16/47		148,242
	300,000		4.522			09/15/48		361,907
	330,000		5.012			04/15/49		420,935
	562,000		5.012			08/21/54		728,764
	850,000		4.672			03/15/55		1,044,032
								25,745,532
Wirelines – 0.1%
	AT&T, Inc.
	450,000		4.900			08/15/37		518,539
	110,000		5.150			02/15/50		131,099
								649,638
	TOTAL CORPORATE OBLIGATIONS
	(Cost $384,056,670)						$	411,045,416
Foreign Corporate Debt – 20.1%
Banks – 9.7%
	Australia & New Zealand Banking Group Ltd., MTN (Australia)
$	250,000		2.700	%		11/16/20	$	251,982
	640,000		2.300			06/01/21		643,721
	Australia & New Zealand Banking Group Ltd. (Australia)
	360,000		2.550			11/23/21		364,445
	Bank of Montreal, MTN (Canada)
	120,000		1.900			08/27/21		119,955
	900,000		2.900			03/26/22		919,114
	200,000		2.550			11/06/22		203,859
	Bank of Montreal, Series D (Canada)
	1,000,000		3.100			04/13/21		1,018,136
	Barclays PLC (United Kingdom)
	880,000		3.250			01/12/21		888,455
	200,000		3.684			01/10/23		203,334
	(3M USD LIBOR + 1.400%)
	500,000		4.610	(a)		02/15/23		518,074
	(3M USD LIBOR + 1.356%)
	700,000		4.338	(a)		05/16/24		730,177
	690,000		3.650			03/16/25		703,001
	1,140,000		4.375			01/12/26		1,204,936
	400,000		4.950			01/10/47		440,310

46 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)
Banks – (continued)
	BNP Paribas SA (France)
$	1,130,000		5.000	%		01/15/21	$	1,173,060
	BNP Paribas SA, MTN (France)
	50,000		3.250			03/03/23		52,067
	BPCE SA (France)
	700,000		2.650			02/03/21		704,910
	Commonwealth Bank of Australia, GMTN (Australia)
	1,230,000		2.400			11/02/20		1,235,160
	Cooperatieve Rabobank UA (Netherlands)
	100,000		3.875			02/08/22		104,495
	370,000		3.950			11/09/22		387,169
	800,000		4.625			12/01/23		865,479
	250,000		3.750			07/21/26		262,030
	380,000		5.250			05/24/41		522,165
	370,000		5.750			12/01/43		508,384
	330,000		5.250			08/04/45		426,641
	Credit Suisse AG (Switzerland)
	670,000		3.000			10/29/21		685,425
	Credit Suisse AG, MTN (Switzerland)
	960,000		3.625			09/09/24		1,023,606
	Credit Suisse Group Funding Guernsey Ltd. (Switzerland)
	300,000		3.800			09/15/22		312,077
	710,000		4.550			04/17/26		785,885
	300,000		4.875			05/15/45		379,712
	Deutsche Bank AG (Germany)
	580,000		3.150			01/22/21		578,253
	750,000		4.250			10/14/21		762,047
	230,000		3.300			11/16/22		228,031
	200,000		3.950			02/27/23		202,304
	130,000		3.700			05/30/24		129,297
	Deutsche Bank AG, Series D (Germany)
	310,000		5.000			02/14/22		320,839
	Deutsche Bank AG, GMTN (Germany)
	50,000		3.375			05/12/21		50,155
	HSBC Holdings PLC (United Kingdom)
	200,000		2.950			05/25/21		202,172
	1,120,000		2.650			01/05/22		1,129,758
	(3M USD LIBOR + 1.055%)
	240,000		3.262	(a)		03/13/23		244,905
	700,000		4.250			03/14/24		739,068
	(3M USD LIBOR + 0.987%)
	500,000		3.950	(a)		05/18/24		524,063
	400,000		4.250			08/18/25		424,505
	550,000		4.300			03/08/26		599,437
	1,770,000		3.900			05/25/26		1,892,889
	(3M USD LIBOR + 1.348%)
	500,000		4.292	(a)		09/12/26		538,456
	500,000		4.375			11/23/26		536,878
	(3M USD LIBOR + 1.610%)
	500,000		3.973	(a)		05/22/30		536,312
	250,000		6.500			05/02/36		335,406
	720,000		6.500			09/15/37		978,568
	110,000		6.800			06/01/38		155,301
	280,000		5.250			03/14/44		347,063
	ING Groep NV (Netherlands)
	930,000		3.150			03/29/22		953,251
	500,000		4.100			10/02/23		534,134
Foreign Corporate Debt – (continued)
Banks – (continued)
	ING Groep NV (Netherlands) – (continued)
	200,000		3.950			03/29/27		216,992
	250,000		4.550			10/02/28		286,336
	Lloyds Banking Group PLC (United Kingdom)
	250,000		3.000			01/11/22		253,382
	1,100,000		4.050			08/16/23		1,154,228
	200,000		3.900			03/12/24		209,155
	200,000		4.500			11/04/24		209,709
	300,000		4.582			12/10/25		315,096
	525,000		3.750			01/11/27		547,227
	480,000		4.375			03/22/28		521,473
	150,000		5.300			12/01/45		171,947
	200,000		4.344			01/09/48		201,811
	Mitsubishi UFJ Financial Group, Inc. (Japan)
	350,000		2.950			03/01/21		353,764
	1,180,000		2.665			07/25/22		1,194,803
	950,000		3.850			03/01/26		1,027,526
	230,000		3.677			02/22/27		248,314
	150,000		3.287			07/25/27		158,612
	950,000		3.961			03/02/28		1,054,773
	Mizuho Financial Group, Inc. (Japan)
	300,000		2.273			09/13/21		299,940
	690,000		2.601			09/11/22		697,952
	200,000		2.839			09/13/26		205,891
	740,000		4.018			03/05/28		823,697
	National Australia Bank Ltd. (Australia)
	550,000		2.500			07/12/26		561,102
	National Australia Bank Ltd., GMTN (Australia)
	550,000		2.500			05/22/22		557,530
	Royal Bank of Scotland Group PLC (United Kingdom)
	(3M USD LIBOR + 1.480%)
	960,000		3.498	(a)		05/15/23		969,861
	325,000		6.100			06/10/23		351,993
	(3M USD LIBOR + 1.754%)
	345,000		4.892	(a)		05/18/29		379,655
	Sumitomo Mitsui Financial Group, Inc. (Japan)
	460,000		2.934			03/09/21		465,323
	520,000		2.442			10/19/21		522,452
	340,000		2.784			07/12/22		346,178
	150,000		2.778			10/18/22		152,945
	650,000		3.102			01/17/23		672,256
	400,000		3.784			03/09/26		431,916
	50,000		2.632			07/14/26		50,472
	610,000		3.010			10/19/26		633,368
	150,000		3.364			07/12/27		159,727
	Svenska Handelsbanken AB, MTN (Sweden)
	1,000,000		2.450			03/30/21		1,005,718
	840,000		3.350			05/24/21		858,541
	Westpac Banking Corp. (Australia)
	260,000		2.600			11/23/20		261,961
	200,000		2.100			05/13/21		200,402
	550,000		2.000			08/19/21		549,809
	650,000		3.650			05/15/23		688,507
	100,000		3.300			02/26/24		105,433
	330,000		2.850			05/13/26		343,667
	120,000		2.700			08/19/26		124,077
								51,126,377

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Corporate Debt – (continued)
Consumer Noncyclical – 2.0%
	AstraZeneca PLC (United Kingdom)
$	250,000		2.375	%		06/12/22	$	252,281
	710,000		3.375			11/16/25		753,229
	410,000		3.125			06/12/27		431,216
	280,000		4.000			01/17/29		315,000
	330,000		6.450			09/15/37		472,762
	80,000		4.375			11/16/45		95,818
	160,000		4.375			08/17/48		194,200
	BAT Capital Corp. (United Kingdom)
	1,160,000		2.764			08/15/22		1,175,331
	300,000		3.222			08/15/24		308,090
	560,000		3.557			08/15/27		574,848
	720,000		4.390			08/15/37		727,847
	350,000		4.540			08/15/47		351,406
	GlaxoSmithKline Capital PLC (United Kingdom)
	68,000		2.850			05/08/22		69,566
	600,000		3.375			06/01/29		652,930
	GlaxoSmithKline Capital, Inc. (United Kingdom)
	532,000		2.800			03/18/23		547,447
	800,000		3.875			05/15/28		896,939
	497,000		6.375			05/15/38		728,104
	Novartis Capital Corp. (Switzerland)
	75,000		2.400			05/17/22		76,306
	300,000		3.000			11/20/25		317,876
	800,000		3.100			05/17/27		865,404
	220,000		4.400			05/06/44		277,276
	Reynolds American, Inc. (United Kingdom)
	70,000		4.450			06/12/25		75,699
	110,000		5.700			08/15/35		127,207
	75,000		5.850			08/15/45		85,101
								10,371,883
Consumer Products – 0.3%
	Unilever Capital Corp. (United Kingdom)
	1,350,000		4.250			02/10/21		1,393,024
Electric – 0.1%
	Emera US Finance LP (Canada)
	50,000		2.700			06/15/21		50,345
	260,000		3.550			06/15/26		274,722
	240,000		4.750			06/15/46		283,984
								609,051
Energy – 2.7%
	BP Capital Markets PLC (United Kingdom)
	2,210,000		3.561			11/01/21		2,278,392
	20,000		2.500			11/06/22		20,301
	20,000		3.535			11/04/24		21,308
	200,000		3.279			09/19/27		211,759
	Canadian Natural Resources Ltd. (Canada)
	530,000		6.250			03/15/38		681,895
	Cenovus Energy, Inc. (Canada)
	590,000		4.250			04/15/27		617,287
	200,000		6.750			11/15/39		247,250
	325,000		5.400			06/15/47		370,094
	Enbridge, Inc. (Canada)
	120,000		4.000			10/01/23		127,102
Foreign Corporate Debt – (continued)
Energy – (continued)
	Equinor ASA (Norway)
	330,000		2.900			11/08/20		333,481
	430,000		3.150			01/23/22		441,772
	100,000		3.950			05/15/43		115,411
	160,000		4.800			11/08/43		207,532
	Shell International Finance BV (Netherlands)
	400,000		2.250			11/10/20		401,869
	425,000		1.750			09/12/21		424,333
	180,000		3.250			05/11/25		191,224
	60,000		2.875			05/10/26		62,820
	500,000		2.500			09/12/26		512,625
	660,000		4.125			05/11/35		767,342
	630,000		6.375			12/15/38		930,872
	430,000		5.500			03/25/40		581,016
	375,000		4.550			08/12/43		466,171
	440,000		4.375			05/11/45		535,015
	160,000		4.000			05/10/46		188,151
	Total Capital Canada Ltd. (France)
	25,000		2.750			07/15/23		25,754
	Total Capital International SA (France)
	250,000		3.700			01/15/24		267,187
	125,000		3.750			04/10/24		134,794
	1,100,000		3.455			02/19/29		1,201,478
	TransCanada PipeLines Ltd. (Canada)
	390,000		4.250			05/15/28		434,614
	50,000		4.625			03/01/34		57,264
	250,000		6.200			10/15/37		327,374
	200,000		7.625			01/15/39		298,524
	160,000		6.100			06/01/40		210,056
	190,000		4.875			05/15/48		226,679
	300,000		5.100			03/15/49		368,357
								14,287,103
Financial Company – 0.1%
	AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland)
	250,000		4.625			10/30/20		256,094
	350,000		5.000			10/01/21		367,500
	150,000		3.650			07/21/27		153,187
								776,781
Food and Beverage – 1.4%
	Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium)
	560,000		3.650			02/01/26		602,514
	2,200,000		4.900			02/01/46		2,627,254
	Anheuser-Busch InBev Worldwide, Inc. (Belgium)
	1,030,000		4.150			01/23/25		1,128,923
	290,000		4.000			04/13/28		322,002
	305,000		4.900			01/23/31		366,385
	500,000		4.439			10/06/48		564,307
	1,220,000		5.550			01/23/49		1,604,240
	Diageo Investment Corp. (United Kingdom)
	50,000		2.875			05/11/22		51,304
								7,266,929

48 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)
Insurance – 0.2%
	AXA SA (France)
$	220,000		8.600	%		12/15/30	$	318,312
	Manulife Financial Corp.(a) (Canada)
	(5 Year USD Swap + 1.647%)
	500,000		4.061			02/24/32		524,764
								843,076
Internet – 0.4%
	Alibaba Group Holding Ltd. (China)
	1,470,000		3.125			11/28/21		1,495,805
	300,000		3.400			12/06/27		314,733
	236,000		4.200			12/06/47		273,482
	270,000		4.400			12/06/57		322,724
								2,406,744
Lodging – 0.3%
	Sands China Ltd. (Macau)
	920,000		4.600			08/08/23		981,180
	330,000		5.400			08/08/28		380,119
								1,361,299
Metals – 0.1%
	ArcelorMittal (Luxembourg)
	375,000		3.600			07/16/24		380,942
Metals & Mining – 0.4%
	Barrick Gold Corp. (Canada)
	350,000		5.250			04/01/42		437,583
	Barrick North America Finance LLC (Canada)
	150,000		5.750			05/01/43		200,822
	BHP Billiton Finance USA Ltd. (Australia)
	390,000		5.000			09/30/43		512,807
	Rio Tinto Finance USA Ltd. (Australia)
	380,000		7.125			07/15/28		522,172
	240,000		5.200			11/02/40		316,969
	Rio Tinto Finance USA PLC (Australia)
	80,000		4.125			08/21/42		94,512
								2,084,865
Mining – 0.6%
	Barrick North America Finance LLC (Canada)
	50,000		5.700			05/30/41		64,244
	BHP Billiton Finance USA Ltd. (Australia)
	150,000		4.125			02/24/42		177,762
	Southern Copper Corp. (Peru)
	230,000		7.500			07/27/35		312,590
	130,000		6.750			04/16/40		170,944
	290,000		5.250			11/08/42		333,022
	140,000		5.875			04/23/45		173,987
	Vale Overseas Ltd. (Brazil)
	451,000		4.375			01/11/22		467,349
	480,000		6.250			08/10/26		553,800
	80,000		8.250			01/17/34		108,600
	154,000		6.875			11/21/36		192,885
	350,000		6.875			11/10/39		441,437
								2,996,620
Foreign Corporate Debt – (continued)
Oil Company-Exploration & Production – 0.1%
	CNOOC Finance 2013 Ltd. (China)
	200,000		3.000			05/09/23		205,342
	Nexen, Inc. (China)
	250,000		6.400			05/15/37		358,367
								563,709
Oil Company-Integrated – 0.4%
	Ecopetrol SA (Colombia)
	520,000		5.875			09/18/23		580,450
	263,000		4.125			01/16/25		276,479
	205,000		5.375			06/26/26		230,753
	20,000		7.375			09/18/43		26,850
	450,000		5.875			05/28/45		527,625
	SASOL Financing USA LLC (South Africa)
	450,000		6.500			09/27/28		500,062
								2,142,219
Telecommunications – 0.5%
	America Movil SAB de CV (Mexico)
	1,000,000		3.125			07/16/22		1,027,673
	925,000		3.625			04/22/29		1,001,800
	340,000		6.125			03/30/40		474,536
								2,504,009
Wireless – 0.0%
	Rogers Communications, Inc. (Canada)
	200,000		4.350			05/01/49		235,389
Wirelines – 0.8%
	British Telecommunications PLC (United Kingdom)
	310,000		9.625			12/15/30		476,198
	Deutsche Telekom International Finance BV (Germany)
	618,000		8.750			06/15/30		923,471
	Telefonica Emisiones SA (Spain)
	1,230,000		5.462			02/16/21		1,286,318
	365,000		7.045			06/20/36		499,424
	680,000		5.213			03/08/47		790,728
	150,000		4.895			03/06/48		168,536
	Telefonica Europe BV (Spain)
	40,000		8.250			09/15/30		58,084
								4,202,759
	TOTAL FOREIGN CORPORATE DEBT
	(Cost $100,506,182)						$	105,552,779

Principal Amount		Dividend Rate			Value
Investment Company – 0.7%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
$	3,519,879		2.045	%	$	3,519,879
	(Cost $3,519,879)
	TOTAL INVESTMENTS – 98.9%
	(Cost $488,082,731)				$	520,118,074
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.1%					5,930,468
	NET ASSETS – 100.0%				$	526,048,542

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2019

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on August 31, 2019.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	Represents an affiliated issuer.

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

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

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

Schedule of Investments

August 31, 2019

Principal Amount		Interest Rate(a)			Maturity Date		Value
U.S. Treasury Bills – 72.6%
	U.S. Treasury Bills
$	2,640,000		1.852	%		10/24/19	$	2,632,754
	1,232,000		1.887			10/24/19		1,228,618
	2,288,000		1.898			10/24/19		2,281,720
	6,512,000		1.938			10/24/19		6,494,126
	31,632,300		1.941			10/24/19		31,545,476
	5,808,000		1.962			10/24/19		5,792,058
	115,003,600		1.963			10/24/19		114,687,939
	5,632,000		1.965			10/24/19		5,616,541
	2,230,000		1.970			10/24/19		2,223,879
	2,640,000		2.004			10/24/19		2,632,754
	17,248,000		2.022			10/24/19		17,200,658
	512,129,400		2.119			10/24/19		510,723,712
	500,000		1.983			11/29/19		497,656
	158,971,400		1.985			11/29/19		158,226,025
	765,000		1.849			12/26/19		760,406
	357,000		1.856			12/26/19		354,856
	663,000		1.862			12/26/19		659,018
	1,632,000		1.891			12/26/19		1,622,199
	1,887,000		1.893			12/26/19		1,875,667
	1,683,000		1.930			12/26/19		1,672,893
	510,000		1.942			12/26/19		506,937
	765,000		2.003			12/26/19		760,406
	4,998,000		2.008			12/26/19		4,967,984
	146,769,200		2.092			12/26/19		145,887,765
	1,710,000		1.836			01/02/20		1,699,294
	798,000		1.844			01/02/20		793,004
	1,482,000		1.849			01/02/20		1,472,721
	3,648,000		1.863			01/02/20		3,625,160
	4,218,000		1.873			01/02/20		4,191,592
	1,140,000		1.896			01/02/20		1,132,863
	3,762,000		1.922			01/02/20		3,738,446
	1,710,000		1.984			01/02/20		1,699,294
	11,172,000		1.995			01/02/20		11,102,053
	990,000		2.042			01/02/20		983,802
	143,532,400		2.062			01/02/20		142,633,757
	66,000		2.113			01/02/20		65,587
	858,000		2.131			01/02/20		852,628
	2,508,000		2.182			01/02/20		2,492,298
	3,234,000		2.257			01/02/20		3,213,752
	1,023,000		2.320			01/02/20		1,016,595
	1,302,000		2.331			01/02/20		1,293,848
	330,000		2.344			01/02/20		327,934
	990,000		2.386			01/02/20		983,802
	528,000		2.389			01/02/20		524,694
	496,000		2.397			01/02/20		492,895
	13,333,900		2.399			01/02/20		13,250,418
	1,612,000		2.403			01/02/20		1,601,907
	372,000		2.405			01/02/20		369,671
	155,000,000		2.409			01/02/20		154,029,559
	1,054,000		2.412			01/02/20		1,047,401
	1,736,000		2.419			01/02/20		1,725,131
	300,000		2.434			01/02/20		298,122
	192,000		2.460			01/02/20		190,798
	132,000		2.509			01/02/20		131,174
	384,000		2.513			01/02/20		381,596
	482,000		2.519			01/02/20		478,982
U.S. Treasury Bills – (continued)
	U.S. Treasury Bills – (continued)
	203,737,000		1.875			02/27/20		201,901,371
	650,000		1.878			02/27/20		644,144
	750,000		1.727			03/26/20		742,531
	350,000		1.737			03/26/20		346,515
	650,000		1.746			03/26/20		643,527
	1,850,000		1.767			03/26/20		1,831,577
	1,600,000		1.769			03/26/20		1,584,067
	500,000		1.795			03/26/20		495,021
	1,650,000		1.873			03/26/20		1,633,569
	750,000		1.882			03/26/20		742,531
	4,900,000		1.909			03/26/20		4,851,205
	750,000		1.971			03/26/20		742,531
	650,000		2.017			03/26/20		643,527
	50,000		2.071			03/26/20		49,502
	1,900,000		2.138			03/26/20		1,881,080
	2,450,000		2.207			03/26/20		2,425,603
	770,000		2.327			03/26/20		762,332
	980,000		2.335			03/26/20		970,241
	250,000		2.358			03/26/20		247,510
	400,000		2.391			03/26/20		396,017
	750,000		2.394			03/26/20		742,531
	136,161,800		2.421			03/26/20		134,805,879
	765,000		1.720			05/21/20		755,297
	357,000		1.734			05/21/20		352,472
	663,000		1.752			05/21/20		654,591
	1,632,000		1.780			05/21/20		1,611,300
	510,000		1.801			05/21/20		503,531
	1,887,000		1.804			05/21/20		1,863,066
	765,000		1.828			05/21/20		755,297
	4,998,000		1.871			05/21/20		4,934,606
	1,683,000		1.886			05/21/20		1,661,653
	690,000		1.959			05/21/20		681,248
	113,133,700		1.985			05/21/20		111,698,727
	15,239,400		1.997			05/21/20		15,046,105
	10,000		2.008			05/21/20		9,873
	598,000		2.018			05/21/20		590,415
	380,000		2.058			05/21/20		375,180
	490,000		2.133			05/21/20		483,785
	17,404,500		2.304			05/21/20		17,183,744
	735,000		1.714			06/18/20		724,751
	343,000		1.744			06/18/20		338,217
	637,000		1.749			06/18/20		628,118
	1,568,000		1.778			06/18/20		1,546,135
	490,000		1.793			06/18/20		483,167
	1,813,000		1.805			06/18/20		1,787,719
	735,000		1.817			06/18/20		724,751
	4,802,000		1.849			06/18/20		4,735,040
	1,617,000		1.870			06/18/20		1,594,452
	39,857,400		1.962			06/18/20		39,301,618
	225,000		1.963			06/18/20		221,863
	100,415,500		1.988			06/18/20		99,015,281
	195,000		2.002			06/18/20		192,281
	270,000		1.716			07/16/20		265,884
	126,000		1.743			07/16/20		124,079
	234,000		1.751			07/16/20		230,433
	149,205,700		1.762			07/16/20		146,931,225

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

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

Schedule of Investments (continued)

August 31, 2019

Principal Amount		Interest Rate(a)			Maturity Date		Value
U.S. Treasury Bills – (continued)
	U.S. Treasury Bills – (continued)
$	576,000		1.768	%		07/16/20	$	567,220
	650,000		1.787			07/16/20		640,091
	270,000		1.796			07/16/20		265,884
	666,000		1.808			07/16/20		655,848
	1,764,000		1.825			07/16/20		1,737,110
	594,000		1.870			07/16/20		584,945
	51,921,300		1.989			07/16/20		51,129,818
	54,690,700		1.748			08/13/20		53,791,442
	170,000		1.771			08/13/20		167,205
	TOTAL U.S. TREASURY BILLS
	(Cost $2,303,529,915)						$	2,305,321,103
U.S. Treasury Notes – 27.3%
	U.S. Treasury Notes
$	316,443,100		1.000	%		11/15/19	$	315,831,229
	149,832,000		1.375			12/15/19		149,571,550
	32,180,000		1.250			01/31/20		32,092,008
	163,133,700		1.375			02/15/20		162,744,983
	206,453,200		1.500			04/15/20		206,021,745
	TOTAL U.S. TREASURY NOTES
	(Cost $864,738,966)						$	866,261,515
	TOTAL INVESTMENTS – 99.9%
	(Cost $3,168,268,881)						$	3,171,582,618
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%							2,443,742
	NET ASSETS – 100.0%						$	3,174,026,360

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.

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

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Schedule of Investments

August 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Securities – 36.2%
	FHLMC REMIC Series 2007-3298, Class FC(a) (1M USD LIBOR + 0.420%)
$	625,344		2.615	%		04/15/37	$	626,160
	FHLMC REMIC Series 2007-3371, Class FA(a) (1M USD LIBOR + 0.600%)
	225,793		2.795			09/15/37		227,553
	FHLMC REMIC Series 2013-4248, Class FL(a) (1M USD LIBOR + 0.450%)
	179,732		2.645			05/15/41		180,170
	FHLMC STRIPS Series 2006-239, Class F22(a) (1M USD LIBOR + 0.350%)
	369,149		2.545			08/15/36		368,945
	FNMA REMIC Series 2004-54, Class FL(a) (1M USD LIBOR + 0.400%)
	246,191		2.545			07/25/34		246,539
	FNMA REMIC Series 2006-104, Class PF(a) (1M USD LIBOR + 0.400%)
	187,732		2.545			11/25/36		188,030
	FNMA REMIC Series 2006-36, Class FB(a) (1M USD LIBOR + 0.300%)
	145,054		2.445			05/25/36		144,728
	FNMA REMIC Series 2006-42, Class PF(a) (1M USD LIBOR + 0.410%)
	215,052		2.555			06/25/36		215,985
	FNMA REMIC Series 2006-61, Class FD(a) (1M USD LIBOR + 0.360%)
	358,073		2.505			07/25/36		358,017
	FNMA REMIC Series 2010-116, Class FE(a) (1M USD LIBOR + 0.400%)
	402,447		2.545			10/25/40		402,146
	FNMA REMIC Series 2010-141, Class FB(a) (1M USD LIBOR + 0.470%)
	233,411		2.615			12/25/40		234,151
	FNMA REMIC Series 2010-49, Class FB(a) (1M USD LIBOR + 0.750%)
	371,995		2.895			05/25/40		376,959
	FNMA REMIC Series 2011-53, Class FT(a) (1M USD LIBOR + 0.580%)
	323,967		2.725			06/25/41		324,865
	FNMA REMIC Series 2012-37, Class BF(a) (1M USD LIBOR + 0.500%)
	314,991		2.645			12/25/35		316,565
	FNMA REMIC Series 2013-10, Class KF(a) (1M USD LIBOR + 0.300%)
	219,752		2.445			02/25/43		218,458
	FNMA REMIC Series 2013-2, Class QF(a) (1M USD LIBOR + 0.500%)
	172,734		2.645			02/25/43		172,857
	FNMA REMIC Series 2015-27, Class KF(a) (1M USD LIBOR + 0.300%)
	230,159		2.445			05/25/45		229,655
	FNMA REMIC Series 2015-87, Class BF(a) (1M USD LIBOR + 0.300%)
	407,826		2.445			12/25/45		405,199
	GNMA Series 2007-59, Class FA(a) (1M USD LIBOR + 0.500%)
	249,199		2.672			10/20/37		250,663
	TOTAL MORTGAGE-BACKED SECURITIES
	(Cost $5,433,699)						$	5,487,645
Asset-Backed Securities – 20.7%
	American Express Credit Account Master Trust, Series 2017-2, Class A(a) (1M USD LIBOR + 0.450%)
	135,000		2.645			09/16/24		135,749
	Brazos Higher Education Authority, Inc., Series 2011-1, Class A2(a) (3M USD LIBOR + 0.800%)
	237,992		2.932			02/25/30		238,083
	Capital One Multi-Asset Execution Trust, Series 2016-A7, Class A7(a) (1M USD LIBOR + 0.510%)
	300,000		2.705			09/16/24		301,828
	Dryden XXV Senior Loan Fund, Series 2012-25A, Class ARR(a) (b) (3M USD LIBOR + 0.900%) (Cayman Islands)
	300,000		3.203			10/15/27		299,588
	Edsouth Indenture No 2 LLC, Series 2012-1, Class A1(a)(b) (1M USD LIBOR + 1.150%)
	474,734		3.295			09/25/40		475,205
	North Texas Higher Education Authority, Inc., Series 2010-1, Class A2(a) (3M USD LIBOR + 0.900%)
	295,000		3.219			07/01/30		294,198
	Northstar Education Finance, Inc., Series 2012-1, Class A(a)(b) (1M USD LIBOR + 0.700%)
	238,428		2.845			12/26/31		238,030
	Pennsylvania Higher Education Assistance Agency, Series 2009-1, Class A1(a) (3M USD LIBOR + 0.900%)
	130,173		3.176			07/25/29		130,986
	Recette CLO Ltd., Series 2015-1A, Class AR(a)(b) (3M USD LIBOR + 0.920%) (Cayman Islands)
	250,000		3.198			10/20/27		249,749
	SLC Student Loan Trust 2010-1, Series 2010-1, Class A(a) (3M USD LIBOR + 0.875%)
	228,845		3.007			11/25/42		230,628
	Symphony CLO XII Ltd., Series 2013-12A, Class AR(a)(b) (3M USD LIBOR + 1.030%) (Cayman Islands)
	340,865		3.333			10/15/25		341,391
	Venture XVI CLO Ltd., Series 2014-16A, Class ARR(a)(b) (3M USD LIBOR + 0.850%) (Cayman Islands)
	200,000		3.153			01/15/28		199,401
	TOTAL ASSET-BACKED SECURITIES
	(Cost $3,130,785)						$	3,134,836
Corporate Obligations – 18.0%
Banks – 9.4%
	Bank of America Corp., MTN
$	250,000		2.625	%		04/19/21	$	252,325
	Capital One Financial Corp.
	200,000		3.450			04/30/21		204,227
	JPMorgan Chase & Co.
	250,000		4.350			08/15/21		260,872
	Morgan Stanley(a)
	(3M USD LIBOR + 1.180%)
	200,000		3.458			01/20/22		201,900
	Regions Financial Corp.
	250,000		3.200			02/08/21		253,348
	Wells Fargo Bank NA(a)
	(3M USD LIBOR + 0.510%)
	250,000		2.788			10/22/21		250,514
								1,423,186

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

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Schedule of Investments (continued)

August 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Financial Company – 1.6%
	Air Lease Corp.
$	250,000		2.500	%		03/01/21	$	250,951
Healthcare – 0.9%
	CVS Health Corp.
	133,000		3.350			03/09/21		135,547
Technology – 1.0%
	Hewlett Packard Enterprise Co.
	150,000		3.600			10/15/20		152,130
Transportation – 1.7%
	Penske Truck Leasing Co. LP / PTL Finance Corp.(b)
	250,000		3.300			04/01/21		253,554
Wireless – 1.7%
	Verizon Communications, Inc.(a) (3M USD LIBOR + 1.000%)
	250,000		3.410			03/16/22		253,639
Wirelines – 1.7%
	AT&T, Inc.(a) (3M USD LIBOR + 0.750%)
	250,000		2.888			06/01/21		251,084
	TOTAL CORPORATE OBLIGATIONS
	(Cost $2,711,411)						$	2,720,091
Foreign Corporate Debt – 16.7%
Banks – 15.0%
	ABN AMRO Bank NV(b) (Netherlands)
$	200,000		3.400	%		08/27/21	$	204,803
	Banque Federative du Credit Mutuel SA(b) (France)
	250,000		2.500			04/13/21		251,070
	BPCE SA(a), MTN (France)
	(3M USD LIBOR + 0.880%)
	250,000		3.004			05/31/22		251,420
	ING Groep NV(a) (Netherlands)
	(3M USD LIBOR + 1.150%)
	200,000		3.480			03/29/22		202,214
	Mizuho Financial Group, Inc.(a) (Japan)
	(3M USD LIBOR + 0.940%)
	250,000		3.084			02/28/22		251,602
	MUFG Bank Ltd.(b) (Japan)
	200,000		2.850			09/08/21		202,448
	National Australia Bank Ltd.(a) (b) (Australia)
	(3M USD LIBOR + 0.890%)
	250,000		3.228			01/10/22		252,737
	Nordea Bank Abp(b) (Finland)
	200,000		2.250			05/27/21		200,569
	Societe Generale SA(b) (France)
	200,000		5.200			04/15/21		209,471
	Svenska Handelsbanken AB, MTN (Sweden)
	250,000		1.875			09/07/21		248,814
								2,275,148
Consumer Non-cyclical – 1.7%
	Bayer US Finance II LLC(b) (Germany)
	250,000		3.500			06/25/21		254,526
	TOTAL FOREIGN CORPORATE DEBT
	(Cost $2,527,755)						$	2,529,674
U.S. Treasury Bills – 5.1%
	U.S. Treasury Bills
	95,000		1.814	(c)		04/23/20		93,918
	170,000		1.957	(c)		04/23/20		168,063
	520,000		2.418	(c)		04/23/20		514,076
	TOTAL U.S. TREASURY BILLS
	(Cost $773,742)						$	776,057

Principal Amount	Dividend Rate			Value
Investment Company – 2.6%(d)
Goldman Sachs Financial Square Government Fund – Institutional Shares
$392,280		2.045	%	$	392,280
(Cost $392,280)
TOTAL INVESTMENTS – 99.3%
(Cost $14,969,672)				$	15,040,583
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.7%					107,581
NET ASSETS – 100.0%				$	15,148,164

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on August 31, 2019.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	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.
(d)	Represents an affiliated issuer.

Investment Abbreviations:
LIBOR	— London Interbank Offered Rate
LP	— Limited Partnership
MTN	— Medium Term Note

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Assets and Liabilities

August 31, 2019

	Access High Yield Corporate Bond ETF		Access Inflation Protected USD Bond ETF		Access Investment Grade Corporate Bond ETF		Access Treasury 0-1 Year ETF
Assets:
Investments in unaffiliated issuers, at value (cost $73,046,627, $7,539,096, $484,562,852 and $3,168,268,881, respectively)	$	74,057,229	$	7,931,314	$	516,598,195	$	3,171,582,618
Investments in affiliated issuers, at value (cost $1,093,653, $0, $3,519,879 and $0, respectively)		1,093,653		—		3,519,879		—
Cash		50,000		30,712		51,661		67,440
Receivables:
Fund shares sold		7,410,846		—		34,342,375		—
Investments sold		7,276,658		—		34,081,639		—
Interest and dividends		1,412,904		4,131		5,289,181		2,691,053
Reimbursement from advisor		111		23		409		52,458
Total assets		91,301,401		7,966,180		593,883,339		3,174,393,569
Liabilities:
Payables:
Fund shares redeemed		7,423,129		—		34,424,967		—
Investments purchased		7,256,234		—		33,351,356		—
Management fees		20,038		—		58,405		367,140
Trustee fees		69		69		69		69
Total liabilities		14,699,470		69		67,834,797		367,209
Net Assets:
Paid-in capital		75,848,665		7,557,407		493,432,607		3,163,859,619
Total distributable earnings		753,266		408,704		32,615,935		10,166,741
NET ASSETS	$	76,601,931	$	7,966,111	$	526,048,542	$	3,174,026,360
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		1,550,000		150,000		9,950,000		31,620,000
Net asset value per share:	$	49.42	$	53.11	$	52.87	$	100.38

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Assets and Liabilities (continued)

August 31, 2019

	Access Ultra Short Bond ETF
Assets:
Investments in unaffiliated issuers, at value (cost $14,577,392)	$	14,648,303
Investments in affiliated issuers, at value (cost $392,280)		392,280
Cash		59,203
Receivables:
Interest and dividends		50,792
Reimbursement from advisor		544
Total assets		15,151,122
Liabilities:
Payables:
Management fees		2,500
Investments purchased		389
Trustee fees		69
Total liabilities		2,958
Net Assets:
Paid-in capital		15,034,457
Total distributable earnings		113,707
NET ASSETS	$	15,148,164
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		300,000
Net asset value per share:	$	50.49

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Operations

For the Fiscal Year Ended August 31, 2019

	Access High Yield Corporate Bond ETF			Access Inflation Protected USD Bond ETF(a)			Access Investment Grade Corporate Bond ETF			Access Treasury 0-1 Year ETF
Investment income:
Interest	$	3,571,016		$	170,215		$	13,246,507		$	66,721,446
Dividends from Affiliated Underlying Funds		13,992			—			38,788			—
Total investment income		3,585,008			170,215			13,285,295			66,721,446
Expenses:
Management fees		193,273			2,608			488,535			3,913,915
Trustee fees		9,667			4,538			16,631			73,321
Total expenses		202,940			7,146			505,166			3,987,236
Less — expense reductions		(1,016	)		—			(2,802	)		(571,125	)
Net expenses		201,924			7,146			502,364			3,416,111
NET INVESTMENT INCOME		3,383,084			163,069			12,782,931			63,305,335
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments		(68,904	)		10,783			(193,415	)		1,716,367
In-kind redemptions		374,249			(27,610	)		2,041,151			518,701
Net change in unrealized gain on:
Investments		979,401			392,218			35,258,508			3,239,890
Net realized and unrealized gain		1,284,746			375,391			37,106,244			5,474,958
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,667,830		$	538,460		$	49,889,175		$	68,780,293

(a) For the period October 2, 2018 (commencement of operations) through August 31, 2019.

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Operations (continued)

For the Fiscal Year Ended August 31, 2019

	Access Ultra Short Bond ETF(a)
Investment income:
Interest	$	136,240
Dividends from Affiliated Underlying Funds		1,360
Total investment income		137,600
Expenses:
Management fees		8,413
Trustee fees		1,160
Total expenses		9,573
Less — expense reductions		(2,013	)
Net expenses		7,560
NET INVESTMENT INCOME		130,040
Realized and unrealized gain:
Net realized gain from:
Investments		6,788
Net unrealized gain on:
Investments		70,911
Net realized and unrealized gain		77,699
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	207,739

(a) For the period April 15, 2019 (commencement of operations) through August 31, 2019.

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Changes in Net Assets

	Access High Yield Corporate Bond ETF						Access Inflation Protected USD Bond ETF
	For the Fiscal Year Ended August 31, 2019			For the Period September 5, 2017* to August 31, 2018			For the Period October 2, 2018* to August 31, 2019
From operations:
Net investment income	$	3,383,084		$	2,177,075		$	163,069
Net realized gain (loss)		305,345			(1,151,078	)		(16,827	)
Net change in unrealized gain		979,401			31,201			392,218
Net increase in net assets resulting from operations		4,667,830			1,057,198			538,460
Distributions to shareholders:
From distributable earnings		(3,325,987	)		(1,965,439	)(a)		(157,830	)
From share transactions:
Proceeds from sales of shares		119,456,665			141,101,712			11,281,177
Cost of shares redeemed		(90,609,448	)		(93,780,600	)		(3,695,696	)
Net increase in net assets resulting from share transactions		28,847,217			47,321,112			7,585,481
TOTAL INCREASE		30,189,060			46,412,871			7,966,111
Net assets: (b)
Beginning of period	$	46,412,871		$	—		$	—
End of period	$	76,601,931		$	46,412,871		$	7,966,111

 * Commencement of operations.

(a) Prior fiscal year information has been revised to conform with current year presentation. Distributions to shareholders for Access High Yield Corporate Bond ETF consisted solely of net investment income for the fiscal year ended August 31, 2018.

(b) Prior fiscal year information has been revised to conform with current year presentation. Undistributed net investment income was $309,834 for Access High Yield Corporate Bond ETF as of August 31, 2018.

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Changes in Net Assets (continued)

	Access Investment Grade Corporate Bond ETF						Access Treasury 0-1 Year ETF
	For the Fiscal Year Ended August 31, 2019			For the Fiscal Year Ended August 31, 2018			For the Fiscal Year Ended August 31, 2019			For the Fiscal Year Ended August 31, 2018
From operations:
Net investment income	$	12,782,931		$	5,886,424		$	63,305,335		$	15,332,752
Net realized gain (loss)		1,847,736			(2,551,726	)		2,235,068			(265,146	)
Net change in unrealized gain (loss)		35,258,508			(3,834,618	)		3,239,890			(23,608	)
Net increase (decrease) in net assets resulting from operations		49,889,175			(499,920	)		68,780,293			15,043,998
Distributions to shareholders:
From distributable earnings		(12,196,139	)		(5,390,095	)(a)		(60,529,416	)		(13,376,311	)(a)
From share transactions:
Proceeds from sales of shares		419,766,193			233,218,124			2,509,825,793			1,080,258,244
Cost of shares redeemed		(189,872,891	)		(149,862,662	)		(986,677,428	)		(255,128,079	)
Net increase in net assets resulting from share transactions		229,893,302			83,355,462			1,523,148,365			825,130,165
TOTAL INCREASE		267,586,338			77,465,447			1,531,399,242			826,797,852
Net assets: (b)
Beginning of period	$	258,462,204		$	180,996,757		$	1,642,627,118		$	815,829,266
End of period	$	526,048,542		$	258,462,204		$	3,174,026,360		$	1,642,627,118

(a) Prior fiscal year information has been revised to conform with current year presentation. Distributions to shareholders for Access Investment Grade Corporate Bond ETF and Access Treasury 0-1 Year ETF consisted solely of net investment income for the fiscal year ended August 31, 2018.

(b) Prior fiscal year information has been revised to conform with current year presentation. Undistributed net investment income was $770,376 and $2,610,844 for Access Investment Grade Corporate Bond ETF and Access Treasury 0-1 Year ETF respectively, as of August 31, 2018.

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Changes in Net Assets (continued)

	Access Ultra Short Bond ETF
	For the Period April 15, 2019* to August 31, 2019
From operations:
Net investment income	$	130,040
Net realized gain		6,788
Net unrealized gain		70,911
Net increase in net assets resulting from operations		207,739
Distributions to shareholders:
From distributable earnings		(94,032	)
From share transactions:
Proceeds from sales of shares		15,034,457
Net increase in net assets resulting from share transactions		15,034,457
TOTAL INCREASE		15,148,164
Net assets:
Beginning of period	$	—
End of period	$	15,148,164

* Commencement of operations.

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Access High Yield Corporate Bond ETF
	For the Fiscal Year Ended August 31, 2019			For the Period September 5, 2017* to August 31, 2018
Per Share Operating Performance:
Net asset value, beginning of period	$	48.86		$	49.92
Net investment income(a)		2.75			2.41
Net realized and unrealized gain (loss)		0.61			(1.21	)
Total gain from investment operations		3.36			1.20
Distributions to shareholders from net investment income		(2.80	)		(2.26	)
Net asset value, end of period	$	49.42		$	48.86
Market price, end of period	$	49.24		$	48.82
Total Return at Net Asset Value(b)		7.20	%		2.58	%
Net assets, end of period (in 000’s)	$	76,602		$	46,413
Ratio of total expenses to average net assets		0.34	%		0.34	%(c)
Ratio of net investment income to average net assets		5.67	%		4.93	%(c)
Portfolio turnover rate(d)		23	%		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.

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout the Period

	Access Inflation Protected USD Bond ETF
	For the Period October 2, 2018* to August 31, 2019
Per Share Operating Performance:
Net asset value, beginning of period	$	50.00
Net investment income(a)		1.27
Net realized and unrealized gain		2.98
Total gain from investment operations		4.25
Distributions to shareholders from net investment income		(1.14	)
Net asset value, end of period	$	53.11
Market price, end of period	$	53.08
Total Return at Net Asset Value(b)		8.61	%
Net assets, end of period (in 000’s)	$	7,966
Ratio of total expenses to average net assets		0.12	%(c)
Ratio of net investment income to average net assets		2.74	%(c)
Portfolio turnover rate(d)		36	%

 * 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.

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Access Investment Grade Corporate Bond ETF
	For the Fiscal Year Ended August 31,						For the Period June 6, 2017* to August 31, 2017
	2019			2018
Per Share Operating Performance:
Net asset value, beginning of period	$	48.31		$	50.28		$	49.90
Net investment income(a)		1.74			1.55			0.32
Net realized and unrealized gain (loss)		4.52			(2.09	)		0.27
Total gain (loss) from investment operations		6.26			(0.54	)		0.59
Distributions to shareholders from net investment income		(1.70	)		(1.43	)		(0.21	)
Net asset value, end of period	$	52.87		$	48.31		$	50.28
Market price, end of period	$	52.90		$	48.28		$	50.24
Total Return at Net Asset Value(b)		13.35	%		(1.04	)%		1.19	%
Net assets, end of period (in 000’s)	$	526,049		$	258,462		$	180,997
Ratio of net expenses to average net assets		0.14	%		0.14	%		0.13	%(c)
Ratio of total expenses to average net assets		0.14	%		0.14	%		0.14	%(c)
Ratio of net investment income to average net assets		3.54	%		3.18	%		2.65	%(c)
Portfolio turnover rate(d)		13	%		22	%		0	%(e)

 * 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.

(e) Less than 0.5%

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

GOLDMAN SACHS ACCESS FIXED INCOME 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,						For the Period September 6, 2016* to August 31, 2017
	2019			2018
Per Share Operating Performance:
Net asset value, beginning of period	$	100.16		$	100.10		$	100.00
Net investment income(a)		2.23			1.48			0.82
Net realized and unrealized gain (loss)		0.15			(0.13	)		(0.29	)
Total gain from investment operations		2.38			1.35			0.53
Distributions to shareholders from net investment income		(2.16	)		(1.29	)		(0.43	)
Net asset value, end of period	$	100.38		$	100.16		$	100.10
Market price, end of period	$	100.40		$	100.18		$	100.10
Total Return at Net Asset Value(b)		2.40	%		1.37	%		0.53	%
Net assets, end of period (in 000’s)	$	3,174,026		$	1,642,627		$	815,829
Ratio of net expenses to average net assets		0.12	%		0.12	%		0.13	%(c)
Ratio of total expenses to average net assets		0.14	%		0.14	%		0.14	%(c)
Ratio of net investment income to average net assets		2.22	%		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 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.

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout the Period

	Access Ultra Short Bond ETF
	For the Period April 15, 2019* to August 31, 2019
Per Share Operating Performance:
Net asset value, beginning of period	$	50.00
Net investment income(a)		0.52
Net realized and unrealized gain		0.34
Total gain from investment operations		0.86
Distributions to shareholders from net investment income		(0.37	)
Net asset value, end of period	$	50.49
Market price, end of period	$	50.51
Total Return at Net Asset Value(b)		1.75	%
Net assets, end of period (in 000’s)	$	15,148
Ratio of net expenses to average net assets		0.16	%(c)
Ratio of total expenses to average net assets		0.20	%(c)
Ratio of net investment income to average net assets		2.72	%(c)
Portfolio turnover rate(d)		66	%

 * 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.

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Notes to Financial Statements

August 31, 2019

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 Inflation Protected USD Bond ETF (“Access Inflation Protected USD 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 (“Access Treasury 0-1 Year ETF”)	Diversified
Goldman Sachs Access Ultra Short Bond ETF (“Access Ultra Short Bond ETF”)**	Diversified

* Commencement of operations on October 2, 2018.

** Commencement of operations on April 15, 2019.

The investment objective of each Fund (except the Access Ultra Short Bond ETF) is to provide investment results that closely correspond, before fees and expenses, to the performance of its respective Index. The Access Ultra Short Bond ETF seeks to provide current income with preservation of capital.

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 Access High Yield Corporate Bond ETF, Access Investment Grade Corporate Bond ETF and Access Treasury 0-1 Year ETF are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”), and shares of the Access Inflation Protected USD Bond ETF and Access Ultra Short Bond ETF are listed and traded on the Cboe BZX Exchange, Inc. (“Cboe BZX”). The market prices for the Funds’ shares may be different from the net asset values (“NAVs”). 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 Access Inflation Protected USD Bond ETF, Access Treasury 0-1 Year ETF and Access Ultra Short Bond ETF. Creation Units are issued for cash and redeemed principally in-kind for a basket of securities and a cash amount, with respect to the Access High Yield Corporate Bond ETF and Access Investment Grade Corporate Bond ETF. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the “Distributor”) may do business directly with the Funds.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

B.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. 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

67

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Notes to Financial Statements (continued)

August 31, 2019

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

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

D.  Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex- dividend date. For each Fund, income distributions, if any, are declared and paid 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 distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

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).

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.

68

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

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:

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 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 per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying 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. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments. GSAM did not develop the unobservable inputs for valuation of Level 3 Assets and Liabilities.

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of August 31, 2019:

ACCESS HIGH YIELD CORPORATE BOND ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	69,889,009	$	—
Foreign Corporate Debt		—		4,168,220		—
Investment Company		1,093,653		—		—
Total	$	1,093,653	$	74,057,229	$	—
ACCESS INFLATION PROTECTED USD BOND ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
U.S. Treasury Inflation Indexed Bonds	$	7,931,314	$	—	$	—
Total	$	7,931,314	$	—	$	—

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GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Notes to Financial Statements (continued)

August 31, 2019

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	411,045,416	$	—
Foreign Corporate Debt		—		105,552,779		—
Investment Company		3,519,879		—		—
Total	$	3,519,879	$	516,598,195	$	—
ACCESS TREASURY 0-1 YEAR ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
U.S. Treasury Securities	$	3,171,582,618	$	—	$	—
Total	$	3,171,582,618	$	—	$	—
ACCESS ULTRA SHORT BOND ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Mortgage-Backed Securities	$	—	$	5,487,645	$	—
Asset-Backed Securities				3,134,836
Corporate Obligations				2,720,091
Foreign Corporate Debt				2,529,674
U.S. Treasury Bills		776,057		—		—
Investment Company		392,280		—		—
Total	$	1,168,337	$	13,872,246	$	—

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 such Fund, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings and litigation, indemnification and extraordinary expenses. As the Funds directly pay fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Funds to the independent Trustees.

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4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended August 31, 2019, 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 Inflation Protected USD Bond ETF		0.12	%		0.12	%
Access Investment Grade Corporate Bond ETF		0.14	%		0.14	%
Access Treasury 0-1 Year ETF		0.14	%		0.12	%
Access Ultra Short Bond ETF		0.20	%		0.16	%

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

The Access High Yield Corporate Bond ETF, Access Investment Grade Corporate Bond ETF, and Access Ultra Short 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, 2019, GSAM waived $1,016, $2,802, and $98 of the Funds’ management fees for the Access High Yield Corporate Bond ETF, Access Investment Grade Corporate Bond ETF, and Access Ultra Short 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% and 0.16% as an annual percentage rate of average daily net assets of the Access Treasury 0-1 Year ETF and the Access Ultra Short Bond ETF, respectively. These arrangements will remain in effect through at least December 28, 2019 (with respect to the Access Treasury 0-1 Year ETF) and March 29, 2020 (with respect to the Access Ultra Short Bond ETF), and prior to such dates the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. For the fiscal year ended August 31, 2019, GSAM waived $571,125 and $1,915 of the Funds’ management fees for the Access Treasury 0-1 Year ETF and the Access Ultra Short Bond ETF respectively.

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 fiscal year ended August 31, 2019:

Fund	Beginning value as of August 31, 2018		Purchases at Cost		Proceeds from Sales			Ending value as of August 31, 2019		Shares as of August 31, 2019		Interest Income
Access High Yield Corporate Bond ETF	$	885,984	$	33,496,414	$	(33,288,745	)	$	1,093,653		1,093,653	$	13,992
Access Investment Grade Corporate Bond ETF	$	1,618,035	$	26,540,222	$	(24,638,378	)	$	3,519,879		3,519,879	$	38,788
Access Ultra Short Bond ETF	$	—	$	8,549,580	$	(8,157,300	)	$	392,280		392,280	$	1,360

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

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Notes to Financial Statements (continued)

August 31, 2019

5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.

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

Share activity is as follows:

	Access High Yield Corporate Bond ETF
	For the Fiscal Year Ended August 31, 2019						For the Period September 5, 2017* through August 31, 2018
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		2,450,000		$	119,417,522			2,850,000		$	141,032,291
Shares Redeemed		(1,850,000	)		(90,435,797	)		(1,900,000	)		(93,593,996	)
NET INCREASE IN SHARES		600,000		$	28,981,725			950,000		$	47,438,295

* Commencement of operations.

	Access Inflation Protected USD Bond ETF
	For the Period October 2, 2018* through August 31, 2019
	Shares			Dollars
Fund Share Activity
Shares Sold		225,000		$	11,280,939
Shares Redeemed		(75,000	)		(3,695,696	)
NET INCREASE IN SHARES		150,000		$	7,585,243

* Commencement of operations.

	Access Investment Grade Corporate Bond ETF
	For the Fiscal Year Ended August 31, 2019						For the Fiscal Year Ended August 31, 2018
	Shares			Dollars			Shares			Dollars
Shares Sold		8,450,000		$	419,509,892			4,800,000		$	233,147,838
Shares Redeemed		(3,850,000	)		(189,753,355	)		(3,050,000	)		(149,799,365	)
NET INCREASE IN SHARES		4,600,000		$	229,756,537			1,750,000		$	83,348,473

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5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

	Access Treasury 0-1 Year ETF
	For the Fiscal Year Ended August 31, 2019						For the Fiscal Year Ended August 31, 2018
	Shares			Dollars			Shares			Dollars
Shares Sold		25,070,000		$	2,509,781,663			10,800,000		$	1,080,258,244
Shares Redeemed		(9,850,000	)		(986,671,512	)		(2,550,000	)		(255,127,736	)
NET INCREASE IN SHARES		15,220,000		$	1,523,110,151			8,250,000		$	825,130,508

	Access Ultra Short Bond ETF
	For the Period April 15, 2019* through August 31, 2019
	Shares		Dollars
Fund Share Activity
Shares Sold		300,000	$	15,034,457
NET INCREASE IN SHARES		300,000	$	15,034,457

* 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, 2019, 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	$	130,284,325	$	13,080,932
Access Inflation Protected USD Bond ETF		6,157,676		2,372,189
Access Investment Grade Corporate Bond ETF		460,024,494		47,389,419
Access Treasury 0-1 Year ETF		13,600,823,915		13,620,635,441
Access Ultra Short Bond ETF		22,186,111		7,879,065

The purchases and sales from in-kind creation and redemption transactions for the fiscal year ended August 31, 2019, were as follows:

Fund	Purchases		Sales
Access High Yield Corporate Bond ETF	$	—	$	88,820,286
Access Inflation Protected USD Bond ETF		7,296,866		3,671,137
Access Investment Grade Corporate Bond ETF		—		186,999,285
Access Treasury 0-1 Year ETF		2,430,148,148		939,152,424

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Notes to Financial Statements (continued)

August 31, 2019

7. TAX INFORMATION

The tax character of distributions paid during the fiscal years ended August 31, 2019 and August 31, 2018 were as follows:

	Access High Yield Corporate Bond ETF		Access Inflation Protected USD Bond ETF		Access Investment Grade Corporate Bond ETF		Access Treasury 0-1 Year ETF		Access Ultra Short Bond ETF
Distributions paid from:
Ordinary Income	$	3,325,987	$	157,830	$	12,196,139	$	60,529,416	$	94,032
Total taxable distributions	$	3,325,987	$	157,830	$	12,196,139	$	60,529,416	$	94,032

	Year Ended August 31, 2018
	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

As of August 31, 2019, the components of accumulated earnings (losses) on a tax-basis were as follows:

	Access High Yield Corporate Bond ETF			Access Inflation Protected USD Bond ETF		Access Investment Grade Corporate Bond ETF			Access Treasury 0-1 Year ETF		Access Ultra Short Bond ETF
Undistributed ordinary income — net	$	269,035		$	16,999	$	1,348,840		$	6,853,365	$	42,796
Undistributed long-term capital gains		—			—		—			—		—
Total undistributed earnings		269,035			16,999		1,348,840			6,853,365		42,796
Capital loss carryforwards:
Perpetual Short-Term		(509,049	)		—		(431,430	)		—		—
Perpetual Long-Term		(1,005	)		—		(49,645	)		—		—
Timing differences (Post-October Capital Loss Deferral)		(6,354	)		—		(179,280	)		—		—
Unrealized gains (losses) — net		1,000,639			391,705		31,927,450			3,313,376		70,911
Total accumulated earnings (losses) net	$	753,266		$	408,704	$	32,615,935		$	10,166,741	$	113,707

As of August 31, 2019, 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 Inflation Protected USD Bond ETF		Access Investment Grade Corporate Bonds ETF			Access Treasury 0-1 Year ETF			Access Ultra Short Bond ETF
Tax Cost	$	74,150,243		$	7,539,609	$	488,190,624		$	3,168,269,242		$	14,969,672
Gross unrealized gain		1,818,244			391,705		32,001,988			3,321,072			74,559
Gross unrealized loss		(817,605	)		—		(74,538	)		(7,696	)		(3,648	)
Net unrealized gains (losses) on securities	$	1,000,639		$	391,705	$	31,927,450		$	3,313,376		$	70,911

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7. TAX INFORMATION (continued)

The difference between GAAP-basis and tax-basis unrealized gains (losses) is due to wash sales.

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 redemptions in-kind.

Fund	Paid-in Capital			Total Distributable Earnings
Access High Yield Corporate Bond ETF	$	296,056		$	(296,056	)
Access Inflation Protected USD Bond ETF	$	(28,074	)	$	28,074
Access Investment Grade Corporate Bond ETF	$	2,022,162		$	(2,022,162	)
Access Treasury 0-1 Year ETF	$	518,428		$	(518,428	)
Access Ultra Short Bond ETF	$	—		$	—

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 of assets and property, 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 interest 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 (each Fund except the Access Ultra Short Bond ETF) — 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 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

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Notes to Financial Statements (continued)

August 31, 2019

8. OTHER RISKS (continued)

of one or more issuers. When an Index is rebalanced and a Fund in turn rebalances its portfolio to attempt to increase the correlation between the Fund’s portfolio and the Index, any transaction costs and market exposure arising from such portfolio rebalancing may be borne directly by the Fund and its shareholders. 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 Treasury Inflation Protected USD 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 applicable Fund and its shareholders. In addition, neither a Fund, the Investment Adviser nor the Index Provider can guarantee the availability or timeliness of the production of the Index.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund.

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 or without significant dilution to remaining investors’ interests 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. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. 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. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

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 (except the Access Ultra Short Bond ETF) Index trading individually or in the aggregate at any point in time.

Tracking Error Risk (each Fund except the Access Ultra Short Bond ETF) — 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.

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9. INDEMNIFICATIONS

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

10. 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

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.

77

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, Goldman Sachs Access Treasury 0-1 Year ETF, Goldman Sachs Access Inflation Protected USD Bond ETF, and Goldman Sachs Access Ultra Short Bond 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 (five of the funds constituting Goldman Sachs ETF Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2019, 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 therein (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, 2019, the results of each of their operations, the changes in each of their net assets for each of the periods listed in the table below and each of the financial highlights for each of the periods therein 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 year ended August 31, 2019	For the year ended August 31, 2019, and 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, 2019	For the two years ended August 31, 2019	For each of the two years ended August 31, 2019 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, 2019	For the two years ended August 31, 2019	For each of the two years ended August 31, 2019 and for the period September 6, 2016 (commencement of operations) through August 31, 2017
Goldman Sachs Access Inflation Protected USD Bond ETF	For the period October 2, 2018 (commencement of operations) through August 31, 2019
Goldman Sachs Access Ultra Short Bond ETF	For the period April 15, 2019 (commencement of operations) through August 31, 2019

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.

78

Report of Independent Registered Public

Accounting Firm (continued)

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, 2019 by correspondence with the custodian, transfer agent and broker; 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 21, 2019

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

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Fund Expenses — For the Six Months Ended  8/31/2019 (Unaudited)

As a shareholder you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Shares of a Fund and to compare these costs with the ongoing costs of investing in other exchange-traded funds. This example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares of a Fund.

The example is based on an investment of $1,000 invested at the beginning of the period from March 1, 2019 and held for the entire six months ended August 31, 2019, which represents a period of 184 days of a 365 day year (or less where indicated).

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

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

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

	Access High Yield Corporate Bond ETF							Access Inflation Protected USD Bond ETF							Access Investment Grade Corporate Bond ETF
	Beginning Account Value 3/1/19		Ending Account Value 8/31/19			Expenses Paid**		Beginning Account Value 3/1/19		Ending Account Value 8/31/19			Expenses Paid**		Beginning Account Value 3/1/19		Ending Account Value 8/31/19			Expenses Paid**
Actual based on NAV	$	1,000	$	1,042.90		$	1.75	$	1,000	$	1,076.60		$	0.63	$	1,000	$	1,110.30		$	0.71
Hypothetical 5% return	$	1,000	$	1,023.49	+	$	1.73	$	1,000	$	1,024.60	+	$	0.61	$	1,000	$	1,024.50	+	$	0.74

	Access Treasury 0-1 Year ETF							Access Ultra Short Bond ETF*
	Beginning Account Value 3/1/19		Ending Account Value 8/31/19			Expenses Paid**		Beginning Account Value 4/15/19		Ending Account Value 8/31/19			Expenses Paid**
Actual based on NAV	$	1,000	$	1,012.90		$	0.61	$	1,000	$	1,017.50		$	0.61
Hypothetical 5% return	$	1,000	$	1,024.60	+	$	0.61	$	1,000	$	1,018.43	+	$	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.

* The Fund commenced operations on April 15, 2019. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 139/365, which represents a period of 139 days of a 365 day year (to reflect the Fund’s commencement of operation).

** Expenses for each Fund are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended August 31, 2019. 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 Inflation Protected USD Bond ETF	0.12%
Access Investment Grade Corporate Bond ETF	0.14%
Access Treasury 0-1 Year ETF	0.12%
Access Ultra Short Bond ETF	0.16%

80

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statement Regarding Basis for Initial Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Access Ultra Short Bond ETF (the “Fund”) is a newly-organized investment portfolio of Goldman Sachs ETF Trust (the “Trust”) that commenced investment operations on April 17, 2019. At a meeting held on November 27-28, 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”) on behalf of the Fund.

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

In connection with the Meeting, the Trustees received written materials and oral presentations on the topics covered, and were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval of registered fund investment management agreements under applicable law. In evaluating the Management Agreement at the Meeting, the Trustees relied upon information included in a presentation made by the Investment Adviser at the Meeting and information received at prior Board meetings, as well as on their knowledge of the Investment Adviser resulting from their meetings and other interactions over time.

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

As part of their review, the Trustees considered the nature, extent, and quality of the services to be provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that would be provided by the Investment Adviser and its affiliates. The Trustees noted the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the regulatory and control environment in which the Fund and its service providers would operate, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees considered that under the Management Agreement, the Fund pays a single management fee to the Investment Adviser, and the Investment Adviser pays all of the Fund’s ordinary operating expenses, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings and litigation, indemnification and extraordinary expenses. The Trustees also considered information about the Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Fund would operate as an actively-managed ETF that does not seek to replicate the performance of a specified index. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who would provide services to the Fund. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing fixed income investment strategies. The Trustees concluded that the Investment Adviser would be able to commit substantial financial and operational resources to the Fund. They also considered that although the Fund was new (and therefore had no performance data to evaluate), the Investment Adviser has committed substantial financial and operational resources to ETFs and has extensive experience managing other types of registered investment companies. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.

Unitary Fee Structure and Profitability

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

81

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statement Regarding Basis for Initial Approval of Management Agreement (Unaudited) (continued)

reasonableness of the management fee and total expenses to be paid by the Fund. The Trustees concluded that the Investment Adviser’s management of the Fund likely would benefit the Fund and its shareholders.

In addition, the Trustees recognized that there was not yet profitability data to evaluate for the Fund, but considered the Investment Adviser’s representations that (i) such data would be provided after the Fund commenced operations, and (ii) the Fund was not expected to be profitable to the Investment Adviser and its affiliates initially.

Economies of Scale

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

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits expected to be derived by the Investment Adviser and its affiliates from their relationships with the Fund, 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 & 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 management fee to be paid by the Fund was reasonable in light of the services to be provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s reasonably foreseeable asset levels. The Trustees unanimously concluded that the engagement of the Investment Adviser likely would benefit the Fund and its shareholders and that the Management Agreement should be approved until November 28, 2020.

82

GOLDMAN SACHS ACCESS FIXED INCOME 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: 65	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 and Goldman Sachs MLP and Energy Renaissance Fund.	41	Kennametal Inc. (a global manufacturer and distributor of tooling and industrial materials)
Caroline Dorsa Age: 60	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 and Goldman Sachs MLP and Energy Renaissance Fund.	41	Biogen Inc. (a biotechnology company); Intellia Therapeutics Inc. (a gene-editing company); Illumina, Inc. (a life sciences company)
Linda A. Lang Age: 61	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 and Goldman Sachs MLP and Energy Renaissance Fund.	41	WD-40 Company (a global consumer products company)
Michael Latham Age: 53	Trustee	Since 2015	Mr. Latham is retired. Formerly, he held senior management positions with the iShares exchange-traded fund business, including Chairman (2011-2014); Global Head (2010-2011); U.S. Head (2007-2010); and Chief Operating Officer (2003-2007). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund and Goldman Sachs MLP and Energy Renaissance Fund.	41	None

83

GOLDMAN SACHS ACCESS FIXED INCOME 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: 56	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 and Goldman Sachs MLP and Energy Renaissance Fund.	161	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.

¹  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, 2019.

²  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.

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2019, Goldman Sachs ETF Trust consisted of 39 portfolios (21 of which offered shares to the public); Goldman Sachs Trust consisted of 88 portfolios (87 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 and Goldman Sachs MLP and Energy Renaissance Fund 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.

84

GOLDMAN SACHS ACCESS FIXED INCOME 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: 56	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 and Goldman Sachs MLP and Energy Renaissance Fund.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 42	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 and Goldman Sachs MLP and Energy Renaissance Fund.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 51	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President – Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP Income Opportunities Fund (previously Assistant Treasurer (2017)) and Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)).

* Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds’ Statements 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.

¹  Information is provided as of August 31, 2019.

²  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, 2019, 100% of the net investment company taxable income distributions paid by the Access Inflation Protected USD Bond ETF and Access Treasury 0-1 Year ETF were designated as interest-related dividends pursuant to Section 871(k) of the Internal Revenue Code.

85

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

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:

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

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

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

4. 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 2018 were M. Michele Burns (Chair), James A. Johnson, 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 2018.

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.

86

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

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

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 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

1. Fixed Remuneration

2. 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, 2018:

Total remuneration for the financial year ending December 31, 2018 paid by the AIFM to 18 staff in respect of the management of the assets of the Fund	US$201,422, made up of: •  US$92,362 fixed remuneration •  US$109,060 variable remuneration
Which includes:
(a)   Remuneration paid by the AIFM to senior management	US$134,750
(b)  Remuneration paid by the AIFM to other staff members whose actions have a material impact on the risk profile of the Fund	US$66,672

The remuneration figures above:

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

2. 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, 2018, there have been no material changes to the information listed in Article 23 of the Directive.

87

FUNDS PROFILE

Goldman Sachs ETFs

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the Consumer and Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.44 trillion in assets under supervision as of August 31, 2019, 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 High Yield Corporate Bond ETF

Goldman Sachs Access Inflation Protected USD Bond ETF

Goldman Sachs Access Investment Grade Corporate Bond ETF

Goldman Sachs Access Treasury 0-1 Year ETF

Goldman Sachs Access Ultra Short Bond ETF

Goldman Sachs Motif Data-Driven World ETF

Goldman Sachs Motif Finance Reimagined ETF

Goldman Sachs Motif Human Evolution ETF

Goldman Sachs Motif Manufacturing Revolution ETF

Goldman Sachs Motif New Age Consumer 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 Inflation Protected USD Bond ETF

The Goldman Sachs Access Inflation Protected USD 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 Treasury Inflation Protected USD 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 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.

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 Joseph F. DiMaria, Treasurer, Principal Financial Officer and Principal Accounting Officer Caroline L. Kraus, Secretary
THE BANK OF NEW YORK MELLON Transfer Agent
ALPS DISTRIBUTORS, INC. Distributor	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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

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

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

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

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

Fund holdings and allocations shown are as of August 31, 2019 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.

A Fund may be 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.

ETF Fund shares are not individually redeemable and are issued and redeemed by the Fund at their net asset value (“NAV”) only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Ordinary brokerage commissions apply.

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.

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.

© 2019 Goldman Sachs. All rights reserved. 180397-OTU-1069509 AIGAHYCPBNDETAR-19

Goldman Sachs Funds

Annual Report	August 31, 2019
	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

It is our intention that beginning on January 1, 2021, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from a Fund electronically by contacting your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. You can inform your financial intermediary that you wish to receive paper copies of reports by contacting your financial intermediary. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account.

ActiveBeta^® is a registered trademark of GSAM.

Goldman Sachs ActiveBeta^® ETFs

TABLE OF CONTENTS
Investment Process	1
Portfolio Management Discussion and Performance Summaries	3
Schedules of Investments	32
Financial Statements	83
Financial Highlights
ActiveBeta® Emerging Markets Equity ETF	90
ActiveBeta® Europe Equity ETF	91
ActiveBeta® International Equity ETF	92
ActiveBeta® Japan Equity ETF	93
ActiveBeta® U.S. Large Cap Equity ETF	94
ActiveBeta® U.S. Small Cap Equity ETF	95
Notes to Financial Statements	96
Report of Independent Registered Public Accounting Firm	108
Other Information	109

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

* * *

1

INVESTMENT PROCESS

2

At the end of the Reporting Period, i.e. the 12 months ended August 31, 2019, 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, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned -3.21% based on net asset value (“NAV”) and -2.81% based on market price. The Index returned -3.40%, 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 -4.36% during the same period.

The Fund had a NAV of $32.98 per share on August 31, 2018 and ended the Reporting Period with a NAV of $31.12 per share. The Fund’s market price on August 31, 2019 was $31.14 per share.

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

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

The Index is constructed using a rules-based methodology that was developed to provide exposure to the “factors” (or characteristics) that are commonly tied to a stock’s outperformance relative to market returns, and its performance is compared to that of the MSCI Emerging Markets Index. Because the Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index, the discussion below compared the performance of the Index 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 negative absolute returns but outperformed the MSCI Emerging Markets Index, as measured by NAV. Amongst underlying factors, Quality and Momentum contributed most positively to results during the Reporting Period, followed by Low Volatility. Value detracted from relative results during the Reporting Period. Quality refers to sustainable profitability over time. Momentum is whether a company’s share price is trending up or down. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow.

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

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

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

3

PORTFOLIO RESULTS

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

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

A Relative to the MSCI Emerging Markets Index, overweight positions in Brazilian consumer discretionary company Lojas Renner, Brazilian insurance company Sul America and Brazilian consumer staples company JBS contributed most positively (0.42%, 0.25% and 0.35% of Fund net assets as of August 31, 2019, respectively). Lojas Renner posted a robust double-digit gain within the Index during the Reporting Period, and Sul America and JBS each generated a triple-digit gain within the Index during the Reporting Period.

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

A Relative to the MSCI Emerging Markets Index, an overweight position in South Korean consumer staples firm Amorepacific and underweight positions in Brazilian financials company Brasil Bolsa Balcao and Taiwanese semiconductor company MediaTek detracted most (0.11%, 0.23% and 0.22% of Fund net assets as of August 31, 2019, respectively). Amorepacific posted a double-digit decline within the Index during the Reporting Period, while Brasil Bolsa Balcao generated a triple-digit gain within the Index during the Reporting Period and MediaTek posted a more modest single-digit increase within the Index during the Reporting Period.

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

A 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.

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

Sector Name	Fund2			GS ActiveBeta® Emerging Markets Equity Index			MSCI Emerging Markets Index
Financials		25.47	%		25.52	%		24.61	%
Information Technology		14.64			14.55			14.38
Consumer Discretionary		12.92			12.88			13.94
Consumer Staples		12.49			12.97			6.88
Communication Services		11.55			11.60			11.63
Energy		6.78			6.72			7.42
Materials		4.77			4.71			7.35
Utilities		3.90			3.79			2.87
Industrials		3.83			3.87			5.24
Health Care		1.84			1.79			2.73
Real Estate		1.60			1.59			2.93

¹  Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 1.0% of the Fund’s net assets as of August 31, 2019. Figures above may not sum to 100% due to rounding.

²  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.

4

PORTFOLIO RESULTS

Q 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® Emerging Markets Equity Index			MSCI Emerging Markets Index
China		29.30	%		29.13	%		32.30	%
Korea		12.92			12.84			11.48
Taiwan		12.52			12.46			11.15
Brazil		8.89			8.84			7.45
India		8.86			8.81			8.68
South Africa		5.30			5.20			5.44
Russia		4.81			4.79			3.90
Thailand		2.99			2.98			2.96
Mexico		2.62			2.60			2.51
Saudi Arabia		1.97			1.96			2.64
Indonesia		1.93			1.92			2.15
Qatar		1.26			1.26			1.01
Chile		1.08			1.07			0.93
Poland		1.07			1.07			0.99
United Arab Emirates		0.70			0.70			0.75
Malaysia		0.66			1.48			2.09
Turkey		0.50			0.50			0.52
Philippines		0.44			0.43			1.13
Colombia		0.43			0.42			0.41
Egypt		0.39			0.41			0.15
Argentina		0.36			0.36			0.18
Hungary		0.31			0.31			0.29
Greece		0.25			0.25			0.31
Peru		0.21			0.21			0.38
Pakistan		0.00	3		0.00			0.02
Czech		0.00	3		0.00			0.15

¹  Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying country allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 1.0% of the Fund’s net assets as of August 31, 2019. Figures above may not sum to 100% due to rounding.

²  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.

³  Some weights are 0.00% at August 31, 2019 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.

5

FUND BASICS

ActiveBeta^® Emerging Markets Equity ETF

as of August 31, 2019

FUND SNAPSHOT
As of August 31, 2019
Market Price1	$	31.14
Net Asset Value (NAV)1	$	31.12

¹  The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of each Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs.

TOP TEN HOLDINGS AS OF 8/31/192
Holding	% of Net Assets			Line of Business	Country
Tencent Holdings Ltd.		3.9	%	Communication Services	China
Alibaba Group Holding Ltd. ADR		3.7		Consumer Discretionary	China
Taiwan Semiconductor Manufacturing Co. Ltd.		3.5		Information Technology	Taiwan
Samsung Electronics Co. Ltd.		3.1		Information Technology	South Korea
Ping An Insurance Group Co. of China Ltd., Class H		1.3		Financials	China
Naspers Ltd., Class N		1.2		Consumer Discretionary	South Africa
China Construction Bank Corp., Class H		1.2		Financials	China
Infosys Ltd.		1.0		Information Technology	India
China Mobile Ltd.		1.0		Communication Services	China
LUKOIL PJSC		0.9		Energy	Russia

²  The top 10 holdings may not be representative of the Fund’s future investments.

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

6

ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Performance Summary

August 31, 2019

The following graph shows the value, as of August 31, 2019, 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. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

ActiveBeta^® Emerging Markets Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from September 25, 2015 through August 31, 2019.

Average Annual Total Return through August 31, 2019*	1 Year Return	3 Year Return	Since Inception
Shares based on NAV (Commenced September 25, 2015)	-3.21%	5.74%	7.71%
Shares based on Market Price (Commenced September 25, 2015)	-2.81%	5.79%	7.72%
Goldman Sachs ActiveBeta® Emerging Markets Equity Index	-3.40%	5.94%	7.98%
MSCI Emerging Markets Index (net, unhedged)	-4.36%	5.76%	8.31%

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

7

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, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned -3.15% based on net asset value (“NAV”) and -2.77% based on market price. The Index returned -3.24%, 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 -3.03% during the same period.

The Fund had a NAV of $30.82 per share on August 31, 2018 and ended the Reporting Period with a NAV of $28.59 per share. The Fund’s market price on August 31, 2019 was $28.62 per share.

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

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

The Index is constructed using a rules-based methodology that was developed to provide exposure to the “factors” (or characteristics) that are commonly tied to a stock’s outperformance relative to market returns, and its performance is compared to that of the MSCI 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 Index 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 negative absolute returns that closely tracked the MSCI Europe Index, as measured by NAV. Amongst underlying factors, Momentum, Low Volatility and Quality contributed positively to relative results during the Reporting Period. Value detracted from relative results during the Reporting Period. 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. 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.

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

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

From a country perspective, Index constituents in Germany, Sweden and Norway contributed most positively to the Index’s results relative to the MSCI Europe Index during the Reporting Period. Conversely, Index constituents in France, Switzerland and the U.K. detracted the most from the Index’s results relative to the MSCI Europe Index during the Reporting Period.

8

PORTFOLIO RESULTS

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

A Relative to the MSCI Europe Index, overweight positions in Sweden-based retailer Hennes & Mauritz, Germany-based sporting goods company Puma and U.K.-based global mining company Anglo American contributed most positively (0.57%, 0.49% and 0.34% of Fund net assets as of August 31, 2019, respectively). Each of these holdings posted a double-digit gain within the Index during the Reporting Period.

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

A Relative to the MSCI Europe Index, overweight positions in U.K. postal and delivery services provider Royal Mail and French biotechnology firm Ipsen and an underweight position in Swiss packaged foods company Nestle detracted most (0.00%¹, 0.34% and 3.41% of Fund net assets as of August 31, 2019, respectively). Royal Mail and Ipsen each posted a double-digit decline within the Index during the Reporting Period, while Nestle generated a double-digit gain within the Index during the Reporting Period.

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

A 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.

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

Sector Name	Fund3			GS ActiveBeta® Europe Equity Index			MSCI Europe Index
Consumer Staples		15.66	%		15.73	%		15.59	%
Financials		15.65			15.71			16.91
Health Care		13.74			13.78			13.84
Industrials		13.71			13.76			13.54
Consumer Discretionary		12.26			12.30			9.48
Materials		6.31			6.33			7.15
Information Technology		5.57			5.59			5.81
Energy		5.36			5.38			7.05
Utilities		5.08			5.09			4.54
Communication Services		5.01			5.03			4.72
Real Estate		1.31			1.31			1.37

¹  Some weights are 0.00% at August 31, 2019 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.

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 chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.2% of the Fund’s net assets as of August 31, 2019. Figures above may not sum to 100% due to rounding.

³  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.

9

PORTFOLIO RESULTS

Q 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® Europe Equity Index			MSCI Europe Index
UK		25.09	%		25.17	%		25.82	%
France		18.83			18.89			18.20
Switzerland		14.35			14.42			15.36
Germany		13.33			13.37			13.75
Netherlands		6.11			6.13			5.92
Italy		4.52			4.54			3.75
Spain		4.41			4.42			4.56
Sweden		3.77			3.78			4.03
Denmark		3.68			3.70			2.90
Belgium		1.50			1.50			1.63
Norway		1.15			1.15			1.03
Finland		1.12			1.13			1.58
Ireland		0.75			0.75			0.86
Portugal		0.71			0.71			0.25
Austria		0.34			0.34			0.35

¹  Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying country allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.2% of the Fund’s net assets as of August 31, 2019. Figures above may not sum to 100% due to rounding.

²  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.

10

FUND BASICS

ActiveBeta^® Europe Equity ETF

as of August 31, 2019

FUND SNAPSHOT
As of August 31, 2019
Market Price1	$	28.62
Net Asset Value (NAV)1	$	28.59

¹  The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of each Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs.

TOP TEN HOLDINGS AS OF 8/31/192
Holding	% of Net Assets			Line of Business	Country
Nestle SA		3.4	%	Consumer Staples	Switzerland
Roche Holding AG		2.2		Health Care	Switzerland
Novartis AG		1.9		Health Care	Switzerland
HSBC Holdings PLC		1.2		Financials	United Kingdom
SAP SE		1.1		Information Technology	Germany
Royal Dutch Shell PLC, Class A		1.1		Energy	Netherlands
LVMH Moet Hennessy Louis Vuitton SE		1.1		Consumer Discretionary	France
adidas AG		1.1		Consumer Discretionary	Germany
GlaxoSmithKline PLC		1.1		Health Care	United Kingdom
Novo Nordisk A/S, Class B		1.1		Health Care	Denmark

²  The top 10 holdings may not be representative of the Fund’s future investments.

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

11

ACTIVEBETA^® EUROPE EQUITY ETF

Performance Summary

August 31, 2019

The following graph shows the value, as of August 31, 2019, 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. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

ActiveBeta^® Europe Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from March 2, 2016 through August 31, 2019.

Average Annual Total Return through August 31, 2019*	1 Year Return	3 Year Return	Since Inception
Shares based on NAV (Commenced March 2, 2016)	-3.15%	6.50%	7.38%
Shares based on Market Price (Commenced March 2, 2016)	-2.77%	6.42%	7.41%
Goldman Sachs ActiveBeta® Europe Equity Index	-3.24%	6.53%	7.39%
MSCI Europe Index (Total Return, USD)	-3.03%	5.92%	6.86%

* Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees 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.

12

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, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned -3.09% based on net asset value (“NAV”) and -3.08% based on market price. The Index returned -3.13%, 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 -2.90% during the same period.

The Fund had a NAV of $29.42 per share on August 31, 2018 and ended the Reporting Period with a NAV of $27.70 per share. The Fund’s market price on August 31, 2019 was $27.73 per share.

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

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

The Index is constructed using a rules-based methodology that was developed to provide exposure to the “factors” (or characteristics) that are commonly tied to a stock’s outperformance relative to market returns, and its performance is compared to that of the MSCI 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 Index 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 negative absolute returns that modestly underperformed the MSCI World ex USA Index, as measured by NAV. Amongst underlying factors, Value detracted from relative results, while Quality, Low Volatility and Momentum contributed positively to relative results during the Reporting Period. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. Quality refers to sustainable profitability over time. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time. Momentum is whether a company’s share price is trending up or down.

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

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

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

13

PORTFOLIO RESULTS

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

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

A Relative to the MSCI World ex USA Index, overweight positions in Israeli pharmaceutical company Teva Pharmaceutical Industries, U.K. postal and delivery services provider Royal Mail and Japanese online fashion shopping sites operator ZOZO detracted most (0.12%, 0.00%¹ and 0.20% of Fund net assets as of August 31, 2019, respectively). Each of these holdings posted a double-digit decline within the Index during the Reporting Period.

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

A Relative to the MSCI World ex USA Index, overweight positions in Canada-based food distribution company Empire, Canadian software company Constellation Software and Japanese technology services company NEC contributed most positively (0.48%, 0.48% and 0.17% of Fund net assets as of August 31, 2019, respectively). Each of these holdings generated a double-digit gain within the Index during the Reporting Period.

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

A 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.

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

Sector Name	Fund3			GS ActiveBeta® International Equity Index			MSCI World ex USA Index
Financials		18.21	%		18.25	%		19.89	%
Consumer Staples		15.66			15.69			11.68
Industrials		13.28			13.31			14.22
Consumer Discretionary		12.37			12.40			10.59
Health Care		10.98			11.00			10.84
Information Technology		7.28			7.31			6.69
Materials		5.49			5.51			7.34
Communication Services		4.92			4.93			5.32
Energy		4.25			4.26			6.27
Utilities		4.04			4.05			3.79
Real Estate		3.28			3.30			3.37

¹  Some weights are 0.00% at August 31, 2019 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.

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 chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 1.2% of the Fund’s net assets as of August 31, 2019. Figures above may not sum to 100% due to rounding.

³  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.

14

PORTFOLIO RESULTS

Q 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® International Equity Index			MSCI World ex USA Index
Japan		20.86	%		20.93	%		22.12	%
UK		13.85			13.88			14.64
France		11.28			11.31			10.32
Canada		9.84			9.87			9.51
Switzerland		8.16			8.17			8.71
Germany		7.66			7.68			7.80
Australia		6.06			6.08			6.43
Netherlands		3.42			3.42			3.36
Hong Kong		3.14			3.15			3.32
Spain		2.60			2.60			2.58
Italy		2.59			2.59			2.13
Denmark		2.39			2.39			1.65
Sweden		2.08			2.09			2.29
Singapore		1.56			1.56			1.16
Belgium		0.81			0.81			0.92
Israel		0.81			0.82			0.52
Norway		0.68			0.68			0.59
Finland		0.64			0.64			0.90
Portugal		0.43			0.43			0.14
Ireland		0.40			0.40			0.49
New Zealand		0.30			0.30			0.23
Austria		0.21			0.21			0.20

¹ Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying country allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 1.2% of the Fund’s net assets as of August 31, 2019. Figures above may not sum to 100% due to rounding.

²  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.

15

FUND BASICS

ActiveBeta^® International Equity ETF

as of August 31, 2019

FUND SNAPSHOT
As of August 31, 2019
Market Price1	$	27.73
Net Asset Value (NAV)1	$	27.70

¹  The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of each Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs.

TOP TEN HOLDINGS AS OF 8/31/192
Holding	% of Net Assets			Line of Business	Country
Nestle SA		1.9	%	Consumer Staples	Switzerland
Roche Holding AG		1.2		Health Care	Switzerland
Novartis AG		1.0		Health Care	Switzerland
LVMH Moet Hennessy Louis Vuitton SE		0.7		Consumer Discretionary	France
adidas AG		0.6		Consumer Discretionary	Germany
HSBC Holdings PLC		0.6		Financials	United Kingdom
Royal Bank of Canada		0.6		Financials	Canada
Novo Nordisk A/S, Class B		0.6		Health Care	Denmark
L’Oreal SA		0.6		Consumer Staples	France
GlaxoSmithKline PLC		0.6		Health Care	United Kingdom

²  The top 10 holdings may not be representative of the Fund’s future investments.

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

16

ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Performance Summary

August 31, 2019

The following graph shows the value, as of August 31, 2019, 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. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

ActiveBeta^® International Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from November 6, 2015 through August 31, 2019.

Average Annual Total Return through August 31, 2019*	1 Year Return	3 Year Return	Since Inception
Shares based on NAV (Commenced November 6, 2015)	-3.09%	6.62%	5.41%
Shares based on Market Price (Commenced November 6, 2015)	-3.08%	6.50%	5.44%
Goldman Sachs ActiveBeta® International Equity Index	-3.13%	6.69%	5.47%
MSCI World ex USA Index (net, Unhedged, USD)	-2.90%	5.93%	4.63%

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

17

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, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned -4.32% based on net asset value (“NAV”) and -4.23% based on market price. The Index returned -4.81%, 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 -5.61% during the same period.

The Fund had a NAV of $32.99 per share on August 31, 2018 and ended the Reporting Period with a NAV of $30.59 per share. The Fund’s market price on August 31, 2019 was $30.52 per share.

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

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

The Index is constructed using a rules-based methodology that was developed to provide exposure to the “factors” (or characteristics) that are commonly tied to a stock’s outperformance relative to market returns, and its performance is compared to that of the MSCI 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 Index 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 negative absolute returns but outperformed the MSCI Japan Index, as measured by NAV. Amongst underlying factors, Value contributed most positively to results relative to the MSCI Japan Index, followed by Quality, Low Volatility and Momentum, which also boosted relative results. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. Quality refers to sustainable profitability over time. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time. Momentum is whether a company’s share price is trending up or down.

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

A Index constituents in the information technology, financials and utilities 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, energy and real estate sectors detracted most from results relative to the MSCI Japan Index during the Reporting Period.

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

A Relative to the MSCI Japan Index, overweight positions in health care company Suzuken, information technology

18

PORTFOLIO RESULTS

company NEC and utilities company Tokyo Electric Power contributed most positively (0.30%, 0.72% and 0.10% of Fund net assets as of August 31, 2019, respectively). Each of these holdings generated a gain within the Index during the Reporting Period.

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

A Relative to the MSCI Japan Index, overweight positions in energy company Idemitsu Kosan and industrials company Marubeni and an underweight position in auto manufacturer Toyota Motor detracted most (0.47%, 0.80% and 3.74% of Fund net assets as of August 31, 2019, respectively). Idemitsu Kosan and Marubeni each posted a double-digit decline within the Index during the Reporting Period. Toyota Motor posted a solid single-digit positive return within the Index during the Reporting Period.

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

A 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.

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

Sector Name	Fund2			GS ActiveBeta® Japan Equity Index			MSCI Japan Index
Industrials		18.21	%		18.27	%		20.64	%
Consumer Discretionary		18.16			18.22			18.64
Information Technology		12.24			12.28			11.20
Consumer Staples		10.74			10.77			8.31
Health Care		10.04			10.07			9.34
Financials		9.71			9.74			10.51
Communication Services		9.10			9.13			9.04
Real Estate		4.64			4.67			4.42
Materials		3.95			3.96			5.24
Utilities		1.69			1.69			1.82
Energy		1.20			1.20			0.84

¹  Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 2.7% of the Fund’s net assets as of August 31, 2019. Figures above may not sum to 100% due to rounding.

²  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.

19

FUND BASICS

ActiveBeta^® Japan Equity ETF

as of August 31, 2019

FUND SNAPSHOT
As of August 31, 2019
Market Price1	$	30.52
Net Asset Value (NAV)1	$	30.59

¹ The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of each Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs.

TOP TEN HOLDINGS AS OF 8/31/192
Holding	% of Net Assets			Line of Business
Toyota Motor Corp.		3.7	%	Consumer Discretionary
Sony Corp.		1.9		Consumer Discretionary
SoftBank Group Corp.		1.8		Communication Services
Honda Motor Co. Ltd.		1.4		Consumer Discretionary
Nippon Telegraph & Telephone Corp.		1.4		Communication Services
Mitsubishi UFJ Financial Group, Inc.		1.3		Financials
KDDI Corp.		1.3		Communication Services
Sumitomo Mitsui Financial Group, Inc.		1.3		Financials
Keyence Corp.		1.2		Information Technology
NTT DOCOMO, Inc.		1.1		Communication Services

²  The top 10 holdings may not be representative of the Fund’s future investments.

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

20

ACTIVEBETA^® JAPAN EQUITY ETF

Performance Summary

August 31, 2019

The following graph shows the value, as of August 31, 2019, 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. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

ActiveBeta^® Japan Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from March 2, 2016 through August 31, 2019.

Average Annual Total Return through August 31, 2019*	1 Year Return	3 Year Return	Since Inception
Shares based on NAV (Commenced March 2, 2016)	-4.32%	6.30%	7.48%
Shares based on Market Price (Commenced March 2, 2016)	-4.23%	6.10%	7.43%
Goldman Sachs ActiveBeta® Japan Equity Index	-4.81%	6.06%	7.22%
MSCI Japan Index (Total Return, USD)	-5.61%	5.38%	7.36%

* 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.

21

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, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 2.42% based on net asset value (“NAV”) and 2.39% based on market price. The Index returned 2.51%, 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 2.92% during the same period.

The Fund had a NAV of $58.75 on August 31, 2018 and ended the Reporting Period with a NAV of $59.09 per share. The Fund’s market price on August 31, 2019 was $59.07 per share.

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

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

The Index is constructed using a rules-based methodology that was developed to provide exposure to the “factors” (or characteristics) that are commonly tied to a stock’s outperformance relative to market returns, and its performance is compared to that of the 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 Index 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 positive absolute returns but modestly underperformed the S&P 500 Index, as measured by NAV. Amongst underlying factors, Value detracted from relative returns, while Low Volatility, Momentum and Quality contributed positively. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time. Momentum is whether a company’s share price is trending up or down. Quality refers to sustainable profitability over time.

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

A Index constituents in the consumer discretionary, information technology 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 financials, energy and consumer staples, which contributed positively to the Index’s results relative to the S&P 500 Index during the Reporting Period.

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

A Relative to the S&P 500 Index, overweight positions in information technology services provider DXC Technology, generic and specialty pharmaceuticals company Mylan and department store retailer Kohl’s detracted most (0.30%, 0.46% and 0.45% of Fund net assets as of August 31, 2019,

22

PORTFOLIO RESULTS

respectively). Each of these holdings generated a double-digit decline within the Index during the Reporting Period.

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

A Relative to the S&P 500 Index, underweight positions in diversified chemicals company DuPont de Nemours, oilfield services company Schlumberger and diversified technology and financial services company General Electric contributed most positively (0.00%¹, 0.03% and 0.04% of Fund net assets as of August 31, 2019, respectively). Each of these holdings posted a double-digit decline within the Index during the Reporting Period.

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

A 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.

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

Sector Name	Fund3			GS ActiveBeta® U.S. Large Cap Equity Index			S&P 500 Index
Financials		18.25	%		10.87	%		12.77	%
Consumer Staples		15.69			9.49			7.58
Industrials		13.31			8.32			9.23
Consumer Discretionary		12.40			12.85			10.16
Health Care		11.00			14.50			13.90
Information Technology		7.31			22.79			22.05
Materials		5.51			1.29			2.70
Communication Services		4.93			8.87			10.47
Energy		4.26			2.37			4.42
Utilities		4.05			5.03			3.47
Real Estate		3.30			3.61			3.26

¹  Some weights are 0.00% at August 31, 2019 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.

²  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). Figures above may not sum to 100% due to rounding.

³  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.

23

FUND BASICS

ActiveBeta^® U.S. Large Cap Equity ETF

as of August 31, 2019

FUND SNAPSHOT
As of August 31, 2019
Market Price1	$	59.07
Net Asset Value (NAV)1	$	59.09

¹  The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of each Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs.

TOP TEN HOLDINGS AS OF 8/31/192
Holding	% of Net Assets			Line of Business	Country
Microsoft Corp.		3.6	%	Information Technology	United States
Apple, Inc.		3.1		Information Technology	United States
Amazon.com, Inc.		2.3		Consumer Discretionary	United States
Facebook, Inc., Class A		1.5		Communication Services	United States
Johnson & Johnson		1.2		Health Care	United States
Alphabet, Inc., Class C		1.2		Communication Services	United States
Alphabet, Inc., Class A		1.1		Communication Services	United States
JPMorgan Chase & Co.		1.1		Financials	United States
Home Depot, Inc. (The)		1.0		Consumer Discretionary	United States
Walmart, Inc.		1.0		Consumer Staples	United States

²  The top 10 holdings may not be representative of the Fund’s future investments.

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

24

ACTIVEBETA^® U.S. LARGE CAP EQUITY ETF

Performance Summary

August 31, 2019

The following graph shows the value, as of August 31, 2019, of a $10,000 investment made on September 17, 2015 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and a market-cap based index against which the performance of the Fund is measured, the Goldman Sachs ActiveBeta^® U.S. Large Cap Equity Index and the S&P 500 Index (Total Return, USD), respectively, are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

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

Performance of a $10,000 Investment, with distributions reinvested, from September 17, 2015 through August 31, 2019.

Average Annual Total Return through August 31, 2019*	1 Year Return	3 Year Return	Since Inception
Shares based on NAV (Commenced September 17, 2015)	2.42%	12.46%	11.70%
Shares based on Market Price (Commenced September 17, 2015)	2.39%	12.45%	11.69%
Goldman Sachs ActiveBeta® U.S. Large Cap Equity Index	2.51%	12.58%	11.82%
S&P 500 Index (Total Return, USD)	2.92%	12.70%	12.51%

* 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.

25

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, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned -12.28% based on net asset value (“NAV”) and -12.41% based on market price. The Index returned -12.37%, 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 -12.89% during the same period.

The Fund had a NAV of $49.49 on August 31, 2018 and ended the Reporting Period with a NAV of $42.84 per share. The Fund’s market price on August 31, 2019 was $42.84 per share.

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

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

The Index is constructed using a rules-based methodology that was developed to provide exposure to the “factors” (or characteristics) that are commonly tied to a stock’s outperformance relative to market returns, and its performance is compared to that of the 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 Index 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 negative absolute returns but outperformed the Russell 2000^® Index, as measured by NAV. Amongst underlying factors, Low Volatility, Momentum and Quality contributed positively to relative returns, while Value detracted. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time. Momentum is whether a company’s share price is trending up or down. Quality refers to sustainable profitability over time. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow.

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

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

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

A Relative to the Russell 2000^® Index, underweight positions in oil and gas exploration and production companies Oasis Petroleum and Southwestern Energy and an overweight

26

PORTFOLIO RESULTS

position in molecular test developer Veracyte contributed most positively (0.00%¹, 0.01% and 0.18% of Fund net assets as of August 31, 2019, respectively). Oasis Petroleum and Southwestern Energy each posted a double-digit decline within the Index during the Reporting Period, while Veracyte generated a triple-digit gain within the Index during the Reporting Period.

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

A Relative to the Russell 2000^® Index, underweight positions in drug discovery products and services provider Array BioPharma and security-as-a-services software company Zscaler and an overweight position in biotechnology company Acorda Therapeutics detracted most (0.00%¹, 0.00%¹ and 0.03% of Fund net assets as of August 31, 2019, respectively). Array BioPharma posted a triple-digit gain within the Index during the Reporting Period, and Zscaler generated a single-digit positive return within the Index during the Reporting Period. Acorda Therapeutics posted a double-digit negative return within the Index during the Reporting Period.

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

A 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.

Q 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® U.S. Small Cap Equity Index			Russell 2000® Index
Financials		19.90	%		19.96	%		17.90	%
Industrials		15.84			15.81			15.74
Health Care		14.87			14.84			16.74
Information Technology		14.30			14.38			13.76
Consumer Discretionary		11.49			11.53			11.10
Real Estate		7.93			7.91			8.12
Utilities		4.49			4.49			4.14
Materials		3.48			3.47			3.69
Consumer Staples		3.05			3.04			3.01
Communication Services		2.58			2.57			2.53
Energy		2.00			2.00			3.27

¹  Some weights are 0.00% at August 31, 2019 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.

²  Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Russell Investments. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 1.9% of the Fund’s net assets as of August 31, 2019. Figures above may not sum to 100% due to rounding.

³  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.

27

FUND BASICS

ActiveBeta^® U.S. Small Cap Equity ETF

as of August 31, 2019

FUND SNAPSHOT
As of August 31, 2019
Market Price1	$	42.84
Net Asset Value (NAV)1	$	42.84

¹  The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of each Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs.

TOP TEN HOLDINGS AS OF 8/31/192
Holding	% of Net Assets			Line of Business	Country
Haemonetics Corp.		0.3	%	Health Care	United States
Trex Co., Inc.		0.3		Industrials	United States
Amedisys, Inc.		0.3		Health Care	United States
Genomic Health, Inc.		0.3		Health Care	United States
Boston Beer Co, Inc. (The), Class A		0.3		Consumer Staples	United States
Aaron’s, Inc.		0.3		Consumer Discretionary	United States
Essent Group Ltd.		0.3		Financials	United States
Novocure Ltd.		0.3		Health Care	United States
Radian Group, Inc.		0.3		Financials	United States
Vonage Holdings Corp.		0.3		Communication Services	United States

²  The top 10 holdings may not be representative of the Fund’s future investments.

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

28

ACTIVEBETA^® U.S. SMALL CAP EQUITY ETF

Performance Summary

August 31, 2019

The following graph shows the value, as of August 31, 2019, 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. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

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

Performance of a $10,000 Investment, with distributions reinvested, from June 28, 2017 through August 31, 2019.

Average Annual Total Return through August 31, 2019*	1 Year Return	Since Inception
Shares based on NAV (Commenced June 28, 2017)	-12.28%	3.96%
Shares based on Market Price (Commenced June 28, 2017)	-12.41%	3.95%
Goldman Sachs ActiveBeta® U.S. Small Cap Equity Index	-12.37%	4.08%
Russell 2000® Index	-12.89%	3.57%

* 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.

29

FUND BASICS

Index Definitions and Industry Terms

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

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

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

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

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

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

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

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

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

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

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

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

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

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

30

FUND BASICS

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.

31

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments

August 31, 2019

Shares		Description	Value
Common Stocks – 95.3%
Argentina – 0.4%
	322,600	Banco BBVA Argentina SA ADR (Financials)	$	1,361,372
	19,710	Globant SA (Information Technology)*		1,871,070
	109,500	Grupo Financiero Galicia SA ADR (Financials)		1,186,980
	198,210	YPF SA ADR (Energy)		1,696,678
				6,116,100
Brazil – 6.1%
	1,604,298	Ambev SA (Consumer Staples)		7,267,910
	411,858	Atacadao SA (Consumer Staples)		2,222,650
	365,166	B3 SA – Brasil Bolsa Balcao (Financials)		3,959,014
	548,042	Banco Bradesco SA (Financials)		4,018,603
	392,587	Banco do Brasil SA (Financials)		4,393,113
	624,127	BB Seguridade Participacoes SA (Financials)		4,934,473
	245,948	Cia de Saneamento Basico do Estado de Sao Paulo (Utilities)		3,077,177
	519,693	Embraer SA (Industrials)		2,257,512
	159,285	Energisa SA (Utilities)		1,830,609
	289,328	Engie Brasil Energia SA (Utilities)		3,149,405
	150,530	Equatorial Energia SA (Utilities)		3,488,761
	249,246	Hypera SA (Health Care)		1,940,430
	219,628	IRB Brasil Resseguros SA (Financials)		5,766,816
	505,443	Klabin SA (Materials)		1,842,111
	223,657	Localiza Rent a Car SA (Industrials)		2,546,059
	590,027	Lojas Renner SA (Consumer Discretionary)		7,217,914
	201,564	M Dias Branco SA (Consumer Staples)		1,765,795
	507,130	Magazine Luiza SA (Consumer Discretionary)		4,453,741
	286,331	Natura Cosmeticos SA (Consumer Staples)		4,571,928
	893,021	Petroleo Brasileiro SA (Energy)		6,109,507
	280,628	Porto Seguro SA (Financials)		3,803,099
	211,520	Raia Drogasil SA (Consumer Staples)		4,711,365
	292,000	Rumo SA (Industrials)*		1,561,686
	360,627	Sul America SA (Financials)		4,228,348
	903,004	Vale SA (Materials)*		9,958,350
	555,383	WEG SA (Industrials)		3,024,083
				104,100,459
Chile – 1.0%
	84,564	Banco de Chile ADR (Financials)		2,410,920
	44,457,011	Banco Santander Chile (Financials)		3,185,100
	1,194,017	Cencosud SA (Consumer Staples)		1,792,208
	274,171	Cia Cervecerias Unidas SA (Consumer Staples)		3,120,754
	205,627	Empresas COPEC SA (Energy)		1,857,866
	14,347,800	Enel Americas SA (Utilities)		2,356,985
Common Stocks – (continued)
Chile – (continued)
	198,000	Latam Airlines Group SA (Industrials)		1,667,572
				16,391,405
China – 28.4%
	32,349	58.com, Inc. ADR (Communication Services)*		1,740,053
	4,916,657	Agricultural Bank of China Ltd., Class A (Financials)		2,335,704
	10,168,075	Agricultural Bank of China Ltd., Class H (Financials)		3,919,108
	360,155	Alibaba Group Holding Ltd. ADR (Consumer Discretionary)*		63,037,930
	837,766	ANTA Sports Products Ltd. (Consumer Discretionary)		6,949,886
	42,114	Autohome, Inc. ADR (Communication Services)*(a)		3,670,656
	68,439	Baidu, Inc. ADR (Communication Services)*		7,149,822
	3,297,690	Bank of Beijing Co. Ltd., Class A (Financials)		2,419,013
	3,520,404	Bank of China Ltd., Class A (Financials)		1,736,346
	20,749,803	Bank of China Ltd., Class H (Financials)		7,918,205
	3,137,499	Bank of Communications Co. Ltd., Class A (Financials)		2,371,646
	5,666,150	Bank of Communications Co. Ltd., Class H (Financials)		3,709,770
	2,549,520	Bank of Jiangsu Co. Ltd., Class A (Financials)		2,379,600
	1,354,849	Bank of Shanghai Co. Ltd., Class A (Financials)		1,707,522
	57,566	Baozun, Inc. ADR (Consumer Discretionary)*(a)		2,634,220
	530,274	Beijing Enterprises Holdings Ltd. (Utilities)		2,527,741
	6,600,482	CGN Power Co. Ltd., Class H (Utilities)(b)		1,743,764
	1,230,200	China Aoyuan Group Ltd. (Real Estate)		1,450,739
	8,809,180	China Cinda Asset Management Co. Ltd., Class H (Financials)		1,832,587
	4,884,691	China CITIC Bank Corp Ltd., Class H (Financials)		2,556,010
	1,723,240	China Construction Bank Corp., Class A (Financials)		1,661,360
	26,277,864	China Construction Bank Corp., Class H (Financials)		19,518,869
	3,377,601	China Everbright Bank Co. Ltd., Class A (Financials)		1,774,456
	6,767,028	China Everbright Bank Co. Ltd., Class H (Financials)		2,824,147
	3,942,464	China Huishan Dairy Holdings Co. Ltd. (Consumer Staples)*(c)		—

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	156,463	China International Travel Service Corp. Ltd., Class A (Consumer Discretionary)	$	2,087,339
	2,709,400	China Jinmao Holdings Group Ltd. (Real Estate)		1,514,568
	1,123,283	China Life Insurance Co. Ltd., Class H (Financials)		2,629,239
	3,073,579	China Longyuan Power Group Corp. Ltd., Class H (Utilities)		1,690,687
	2,127,486	China Medical System Holdings Ltd. (Health Care)		2,655,505
	1,698,256	China Mengniu Dairy Co. Ltd. (Consumer Staples)*		6,740,702
	1,442,819	China Merchants Bank Co. Ltd., Class H (Financials)		6,573,878
	3,108,913	China Minsheng Banking Corp. Ltd., Class A (Financials)		2,523,793
	5,278,243	China Minsheng Banking Corp. Ltd., Class H (Financials)		3,476,007
	1,949,579	China Mobile Ltd. (Communication Services)		16,160,753
	749,138	China Overseas Land & Investment Ltd. (Real Estate)		2,371,129
	506,112	China Pacific Insurance Group Co. Ltd., Class H (Financials)		2,028,233
	2,398,300	China Petroleum & Chemical Corp., Class A (Energy)		1,668,791
	7,231,340	China Petroleum & Chemical Corp., Class H (Energy)		4,236,167
	562,818	China Resources Beer Holdings Co. Ltd. (Consumer Staples)		3,196,462
	509,851	China Resources Land Ltd. (Real Estate)		2,075,752
	2,692,312	China Resources Pharmaceutical Group Ltd. (Health Care)(b)		2,783,249
	1,338,538	China Resources Power Holdings Co. Ltd. (Utilities)		1,769,832
	856,900	China Shenhua Energy Co. Ltd., Class H (Energy)		1,675,446
	12,880,398	China Telecom Corp. Ltd., Class H (Communication Services)		5,770,029
	8,589,000	China Tower Corp. Ltd., Class H (Communication Services)(b)		1,962,173
	3,577,179	China Unicom Hong Kong Ltd. (Communication Services)		3,565,606
	3,020,190	China United Network Communications Ltd., Class A (Communication Services)		2,468,648
	715,604	China Yangtze Power Co. Ltd., Class A (Utilities)		1,861,750
	4,042,148	Chongqing Rural Commercial Bank Co. Ltd., Class H (Financials)		1,955,208
	2,212,520	CITIC Ltd. (Industrials)		2,623,279
	4,582,375	CNOOC Ltd. (Energy)		6,842,552
	2,051,051	CSPC Pharmaceutical Group Ltd. (Health Care)		4,104,536
Common Stocks – (continued)
China – (continued)
	66,620	Ctrip.com International Ltd. ADR (Consumer Discretionary)*		2,157,156
	2,845,608	Dali Foods Group Co. Ltd. (Consumer Staples)(b)		1,895,777
	2,127,846	Daqin Railway Co. Ltd., Class A (Industrials)		2,301,178
	261,163	ENN Energy Holdings Ltd. (Utilities)		2,983,158
	5,702,500	GD Power Development Co. Ltd., Class A (Utilities)		1,960,060
	1,606,807	Geely Automobile Holdings Ltd. (Consumer Discretionary)		2,485,467
	1,506,611	Guangdong Investment Ltd. (Utilities)		3,176,529
	2,406,171	Huaxia Bank Co. Ltd., Class A (Financials)		2,434,075
	3,305,847	Industrial & Commercial Bank of China Ltd., Class A (Financials)		2,489,663
	19,284,491	Industrial & Commercial Bank of China Ltd., Class H (Financials)		12,183,021
	1,179,585	Industrial Bank Co. Ltd., Class A (Financials)		2,829,883
	176,799	JD.com, Inc. ADR (Consumer Discretionary)*		5,392,370
	312,284	Jiangsu Hengrui Medicine Co. Ltd., Class A (Health Care)		3,492,851
	5,897,102	Kaisa Group Holdings Ltd. (Real Estate)*		2,039,621
	2,780,200	Kunlun Energy Co. Ltd. (Utilities)		2,423,474
	14,638	Kweichow Moutai Co. Ltd., Class A (Consumer Staples)		2,335,699
	3,990,478	Lenovo Group Ltd. (Information Technology)		2,627,945
	1,608,260	Li Ning Co. Ltd. (Consumer Discretionary)		4,751,698
	1,045,686	Longfor Group Holdings Ltd. (Real Estate)(b)		3,730,136
	445,949	LONGi Green Energy Technology Co. Ltd., Class A (Information Technology)		1,722,857
	89,027	Momo, Inc. ADR (Communication Services)		3,274,413
	203,862	Muyuan Foodstuff Co. Ltd., Class A (Consumer Staples)		2,290,136
	25,641	NetEase, Inc. ADR (Communication Services)		6,538,455
	49,768	New Oriental Education & Technology Group, Inc. ADR (Consumer Discretionary)*		5,643,691
	2,435,311	PetroChina Co. Ltd., Class A (Energy)		2,082,451
	7,935,238	PetroChina Co. Ltd., Class H (Energy)		3,939,591
	3,175,649	PICC Property & Casualty Co. Ltd., Class H (Financials)		3,643,626

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2019

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	213,827	Ping An Insurance Group Co of China Ltd., Class A (Financials)	$	2,608,827
	1,876,186	Ping An Insurance Group Co. of China Ltd., Class H (Financials)		21,526,686
	2,967,271	Postal Savings Bank of China Co. Ltd., Class H (Financials)(b)		1,787,478
	1,178,086	Shanghai Industrial Holdings Ltd. (Industrials)		2,297,428
	1,755,395	Shanghai Pudong Development Bank Co. Ltd., Class A (Financials)		2,766,642
	4,873,698	Shenzhen Investment Ltd. (Real Estate)		1,847,382
	290,369	Shenzhou International Group Holdings Ltd. (Consumer Discretionary)		3,946,767
	1,272,415	Sichuan Chuantou Energy Co. Ltd., Class A (Utilities)		1,758,304
	587,869	Sunac China Holdings Ltd. (Real Estate)		2,355,873
	88,624	TAL Education Group ADR (Consumer Discretionary)*		3,157,673
	1,590,216	Tencent Holdings Ltd. (Communication Services)		65,919,475
	1,907,066	Tingyi Cayman Islands Holding Corp. (Consumer Staples)		2,628,640
	800,478	Tongwei Co. Ltd., Class A (Consumer Staples)		1,638,536
	323,565	Vipshop Holdings Ltd. ADR (Consumer Discretionary)*		2,708,239
	3,084,743	Want Want China Holdings Ltd. (Consumer Staples)		2,405,480
	42,537	Weibo Corp. ADR (Communication Services)*(a)		1,759,756
	1,163,900	Weichai Power Co. Ltd., Class H (Industrials)		1,782,537
	302,624	Wens Foodstuffs Group Co. Ltd., Class A (Consumer Staples)		1,754,348
	94,400	Wuliangye Yibin Co. Ltd., Class A (Consumer Staples)		1,866,369
	2,776,900	Xinyi Solar Holdings Ltd. (Information Technology)		1,754,313
	582,069	Yihai International Holding Ltd. (Consumer Staples)*		3,491,515
	201,839	Yum China Holdings, Inc. (Consumer Discretionary)		9,169,546
				482,337,262
Colombia – 0.2%
	2,527,270	Ecopetrol SA (Energy)		2,021,816
	426,825	Interconexion Electrica SA ESP (Utilities)		2,265,600
				4,287,416
Egypt – 0.4%
	1,437,095	Commercial International Bank Egypt SAE GDR (Financials)		6,682,492
Common Stocks – (continued)
Greece – 0.2%
	314,323	Hellenic Telecommunications Organization SA (Communication Services)	$	4,202,242
Hong Kong – 0.8%
	4,780,200	Bosideng International Holdings Ltd. (Consumer Discretionary)		1,641,119
	1,413,670	Haier Electronics Group Co. Ltd. (Consumer Discretionary)		3,680,610
	2,824,201	Sino Biopharmaceutical Ltd. (Health Care)		4,202,771
	4,288,324	Sun Art Retail Group Ltd. (Consumer Staples)		4,175,935
				13,700,435
Hungary – 0.3%
	228,822	MOL Hungarian Oil & Gas PLC (Energy)		2,243,973
	77,305	OTP Bank Nyrt (Financials)		3,088,466
				5,332,439
India – 8.9%
	122,075	Asian Paints Ltd. (Materials)		2,762,982
	121,693	Avenue Supermarts Ltd. (Consumer Staples)*(b)		2,677,561
	327,030	Axis Bank Ltd. (Financials)		3,040,510
	97,145	Bajaj Finance Ltd. (Financials)		4,533,637
	101,711	Britannia Industries Ltd. (Consumer Staples)		3,848,160
	296,400	Cipla Ltd. (Health Care)		1,961,057
	596,451	Dabur India Ltd. (Consumer Staples)		3,748,727
	95,600	Divi’s Laboratories Ltd. (Health Care)		2,176,077
	91,080	Dr. Reddy’s Laboratories Ltd. (Health Care)		3,262,082
	412,868	HCL Technologies Ltd. (Information Technology)		6,362,067
	83,580	Hero MotoCorp Ltd. (Consumer Discretionary)		3,010,495
	876,907	Hindalco Industries Ltd. (Materials)		2,265,105
	314,376	Hindustan Unilever Ltd. (Consumer Staples)		8,285,183
	407,671	Housing Development Finance Corp. Ltd. (Financials)		12,368,432
	503,257	ICICI Bank Ltd. (Financials)		2,887,081
	136,178	ICICI Lombard General Insurance Co. Ltd. (Financials)(b)		2,398,693
	1,420,948	Infosys Ltd. (Information Technology)		16,215,811
	75,100	InterGlobe Aviation Ltd. (Industrials)(b)		1,777,864
	968,077	ITC Ltd. (Consumer Staples)		3,330,296
	114,861	Larsen & Toubro Ltd. (Industrials)		2,136,528
	666,943	Marico Ltd. (Consumer Staples)		3,652,857

34 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)
	23,158	Maruti Suzuki India Ltd. (Consumer Discretionary)	$	1,985,979
	22,824	Nestle India Ltd. (Consumer Staples)		4,115,304
	1,141,745	Oil & Natural Gas Corp. Ltd. (Energy)		1,937,885
	188,550	Pidilite Industries Ltd. (Materials)		3,637,788
	952,558	Power Grid Corp. of India Ltd. (Utilities)		2,674,619
	1,076,201	REC Ltd. (Financials)		2,174,029
	571,783	Reliance Industries Ltd. (Energy)		9,997,545
	390,395	Tata Consultancy Services Ltd. (Information Technology)		12,353,556
	391,600	Tata Steel Ltd. (Materials)		1,891,438
	325,335	Tech Mahindra Ltd. (Information Technology)		3,160,293
	198,271	Titan Co. Ltd. (Consumer Discretionary)		3,068,435
	36,294	UltraTech Cement Ltd. (Materials)		2,059,621
	250,600	UPL Ltd. (Materials)		1,976,514
	1,560,306	Wipro Ltd. (Information Technology)		5,558,826
	1,866,900	Yes Bank Ltd. (Financials)		1,567,352
				150,860,389
Indonesia – 1.9%
	4,836,688	Astra International Tbk PT (Consumer Discretionary)		2,275,988
	3,550,471	Bank Central Asia Tbk PT (Financials)		7,634,076
	4,438,118	Bank Mandiri Persero Tbk PT (Financials)		2,268,337
	11,997,443	Bank Rakyat Indonesia Persero Tbk PT (Financials)		3,611,497
	37,611,643	Barito Pacific Tbk PT (Materials)		2,399,615
	3,331,928	Indofood CBP Sukses Makmur Tbk PT (Consumer Staples)		2,830,436
	12,994,100	Perusahaan Gas Negara Tbk PT (Utilities)		1,758,806
	16,476,125	Telekomunikasi Indonesia Persero Tbk PT (Communication Services)		5,168,753
	1,419,832	Unilever Indonesia Tbk PT (Consumer Staples)		4,889,587
				32,837,095
Mexico – 2.6%
	846,356	Alsea SAB de CV (Consumer Discretionary)*(a)		1,802,610
	10,415,470	America Movil SAB de CV, Series L (Communication Services)		7,608,992
	469,467	Arca Continental SAB de CV (Consumer Staples)		2,456,688
	2,018,215	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand (Financials)		2,561,596
Common Stocks – (continued)
Mexico – (continued)
	411,961	Coca-Cola Femsa SAB de CV (Consumer Staples)		2,433,933
	597,382	Fomento Economico Mexicano SAB de CV (Consumer Staples)		5,448,647
	323,581	Gruma SAB de CV, Class B (Consumer Staples)		3,009,876
	2,031,609	Grupo Bimbo SAB de CV, Series A (Consumer Staples)		3,550,506
	578,219	Grupo Financiero Banorte SAB de CV, Class O (Financials)		3,106,748
	1,740,073	Grupo Financiero Inbursa SAB de CV, Class O (Financials)		2,147,869
	1,215,000	Grupo Televisa SAB, Series CPO (Communication Services)		2,145,776
	1,262,400	Kimberly-Clark de Mexico SAB de CV, Class A (Consumer Staples)*		2,578,002
	2,030,186	Wal-Mart de Mexico SAB de CV (Consumer Staples)		5,739,353
				44,590,596
Peru – 0.2%
	17,621	Credicorp Ltd. (Financials)		3,649,662
Philippines – 0.4%
	68,679	Globe Telecom, Inc. (Communication Services)		2,678,161
	936,720	International Container Terminal Services, Inc. (Industrials)		2,443,578
	504,338	Jollibee Foods Corp. (Consumer Discretionary)		2,303,829
				7,425,568
Poland – 1.1%
	72,329	Bank Pekao SA (Financials)		1,772,556
	76,621	Dino Polska SA (Consumer Staples)*(b)		2,966,883
	146,954	Grupa Lotos SA (Energy)		3,186,263
	1,655	LPP SA (Consumer Discretionary)		3,095,872
	120,173	Polski Koncern Naftowy ORLEN SA (Energy)		2,742,351
	249,188	Powszechna Kasa Oszczednosci Bank Polski SA (Financials)		2,456,151
	221,235	Powszechny Zaklad Ubezpieczen SA (Financials)		2,082,599
				18,302,675
Qatar – 1.3%
	1,694,800	Commercial Bank PSQC (The) (Financials)		2,215,212
	695,896	Industries Qatar QSC (Industrials)		2,079,041
	2,185,498	Masraf Al Rayan QSC (Financials)		2,178,446

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2019

Shares		Description	Value
Common Stocks – (continued)
Qatar – (continued)
	1,186,634	Ooredoo QPSC (Communication Services)	$	2,280,892
	384,940	Qatar Fuel QSC (Energy)		2,283,162
	693,473	Qatar Islamic Bank (Financials)		3,008,684
	1,424,342	Qatar National Bank QPSC (Financials)		7,489,847
				21,535,284
Russia – 4.7%
	1,662,547	Alrosa PJSC (Materials)		1,853,452
	1,522,360	Gazprom PJSC ADR (Energy)		10,504,284
	54,728,489	Inter RAO UES PJSC (Utilities)		3,524,708
	185,059	LUKOIL PJSC (Energy)		14,945,297
	16,045	MMC Norilsk Nickel PJSC (Materials)		3,875,201
	19,864	Novatek PJSC GDR (Energy)		3,851,630
	204,200	Polymetal International PLC (Materials)		2,957,334
	23,300	Polyus PJSC (Materials)		2,681,146
	342,300	Rosneft Oil Co. PJSC (Energy)		2,091,223
	855,124	Sberbank of Russia PJSC ADR (Financials)		11,719,474
	235,745	Severstal PJSC GDR (Materials)		3,524,388
	487,221	Surgutneftegas PJSC ADR (Energy)		2,316,736
	520,301	Surgutneftegas PJSC ADR (Energy)		2,136,356
	108,872	Tatneft PJSC ADR (Energy)		7,237,810
	4,288,981,400	VTB Bank PJSC (Financials)		2,490,537
	106,337	X5 Retail Group NV GDR (Consumer Staples)		3,669,284
				79,378,860
Saudi Arabia – 2.0%
	287,417	Al Rajhi Bank (Financials)		4,636,129
	812,282	Dar Al Arkan Real Estate Development Co. (Real Estate)*		2,503,527
	339,276	Etihad Etisalat Co. (Communication Services)*		2,248,754
	293,146	National Commercial Bank (Financials)		3,724,213
	476,470	National Industrialization Co. (Materials)*		1,735,297
	360,900	Riyad Bank (Financials)		2,463,284
	289,000	Samba Financial Group (Financials)		2,211,401
	91,654	Saudi Basic Industries Corp. (Materials)		2,441,207
	652,157	Saudi Electricity Co. (Utilities)		3,564,460
	331,000	Saudi Industrial Investment Group (Materials)		1,923,854
	654,032	Saudi Kayan Petrochemical Co. (Materials)*		1,830,948
	96,800	Saudi Telecom Co. (Communication Services)		2,555,043
Common Stocks – (continued)
Saudi Arabia – (continued)
	204,800	Savola Group (The) (Consumer Staples)*		1,706,348
				33,544,465
Singapore – 0.2%
	312,973	BOC Aviation Ltd. (Industrials)(b)		2,720,167
South Africa – 5.2%
	201,520	Absa Group Ltd. (Financials)(a)		2,039,786
	44,344	Anglo American Platinum Ltd. (Materials)(a)		2,718,217
	131,186	AngloGold Ashanti Ltd. (Materials)		2,990,613
	411,500	Aspen Pharmacare Holdings Ltd. (Health Care)		2,132,876
	152,933	Bid Corp. Ltd. (Consumer Staples)		3,273,449
	199,484	Bidvest Group Ltd. (The) (Industrials)		2,347,759
	33,934	Capitec Bank Holdings Ltd. (Financials)		2,446,980
	159,261	Clicks Group Ltd. (Consumer Staples)		2,087,293
	1,037,517	FirstRand Ltd. (Financials)(a)		4,099,162
	2,002,559	Fortress REIT Ltd., Class A REIT (Real Estate)		2,784,162
	294,200	Gold Fields Ltd. (Materials)		1,760,501
	1,371,233	Growthpoint Properties Ltd. REIT (Real Estate)		2,077,113
	467,697	Investec Ltd. (Financials)		2,466,970
	69,410	Kumba Iron Ore Ltd. (Materials)(a)		1,796,443
	241,180	Mr Price Group Ltd. (Consumer Discretionary)		2,727,139
	253,600	MTN Group Ltd. (Communication Services)		1,713,465
	86,213	Naspers Ltd., Class N (Consumer Discretionary)		19,610,601
	194,836	Nedbank Group Ltd. (Financials)(a)		2,900,004
	2,690,960	Old Mutual Ltd. (Financials)(a)		3,223,747
	870,886	Pick n Pay Stores Ltd. (Consumer Staples)		3,315,203
	4,742,646	Redefine Properties Ltd. REIT (Real Estate)		2,451,948
	171,088	Remgro Ltd. (Financials)		1,934,800
	221,910	Shoprite Holdings Ltd. (Consumer Staples)(a)		1,651,345
	215,077	SPAR Group Ltd. (The) (Consumer Staples)		2,462,293
	342,867	Standard Bank Group Ltd. (Financials)		4,002,740
	659,223	Telkom SA SOC Ltd. (Communication Services)		3,456,376

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)
South Africa – (continued)
	271,258	Vodacom Group Ltd. (Communication Services)	$	2,059,658
	699,587	Woolworths Holdings Ltd. (Consumer Discretionary)(a)		2,542,403
				89,073,046
South Korea – 11.9%
	18,025	Amorepacific Corp. (Consumer Staples)		1,934,572
	10,500	BGF retail Co. Ltd. (Consumer Staples)		1,764,087
	409,418	BNK Financial Group, Inc. (Financials)		2,264,686
	166,396	Cheil Worldwide, Inc. (Communication Services)		3,626,712
	12,578	CJ CheilJedang Corp. (Consumer Staples)		2,372,816
	27,239	Daelim Industrial Co. Ltd. (Industrials)		2,197,111
	56,122	DB Insurance Co. Ltd. (Financials)		2,219,396
	47,581	Fila Korea Ltd. (Consumer Discretionary)		2,246,962
	51,604	GS Holdings Corp. (Energy)		2,044,988
	75,746	GS Retail Co. Ltd. (Consumer Staples)		2,420,120
	93,970	Hana Financial Group, Inc. (Financials)		2,521,383
	46,259	Hotel Shilla Co. Ltd. (Consumer Discretionary)		3,009,461
	36,434	Hyundai Department Store Co. Ltd. (Consumer Discretionary)		2,346,214
	13,100	Hyundai Glovis Co. Ltd. (Industrials)		1,730,444
	16,925	Hyundai Mobis Co. Ltd. (Consumer Discretionary)		3,472,332
	47,228	Hyundai Motor Co. (Consumer Discretionary)		5,010,360
	226,747	Industrial Bank of Korea (Financials)		2,321,290
	76,067	Kangwon Land, Inc. (Consumer Discretionary)		1,774,112
	120,470	KB Financial Group, Inc. (Financials)		3,948,532
	144,328	Kia Motors Corp. (Consumer Discretionary)		5,207,128
	52,500	Korea Aerospace Industries Ltd. (Industrials)		1,703,406
	105,347	Korea Electric Power Corp. (Utilities)*		2,222,180
	74,400	Korea Gas Corp. (Utilities)		2,398,613
	46,000	Korea Investment Holdings Co. Ltd. (Financials)		2,745,758
	6,644	Korea Zinc Co. Ltd. (Materials)		2,386,080
	35,046	KT&G Corp. (Consumer Staples)		2,951,242
Common Stocks – (continued)
South Korea – (continued)
	8,764	LG Chem Ltd. (Materials)		2,391,333
	42,355	LG Corp. (Industrials)		2,489,722
	68,502	LG Electronics, Inc. (Consumer Discretionary)		3,466,809
	6,448	LG Household & Health Care Ltd. (Consumer Staples)		6,276,319
	232,946	LG Uplus Corp. (Communication Services)		2,538,607
	679,811	Meritz Securities Co. Ltd. (Financials)		2,668,732
	20,328	NAVER Corp (Communication Services)		2,458,660
	9,342	NCSoft Corp. (Communication Services)		4,141,716
	23,590	Orion Corp. (Consumer Staples)		1,754,765
	3,841	Ottogi Corp. (Consumer Staples)		1,810,701
	12,968	Pearl Abyss Corp. (Communication Services)*		2,084,516
	19,041	POSCO (Materials)		3,316,946
	44,140	S-1 Corp. (Industrials)		3,680,611
	24,591	Samsung C&T Corp. (Industrials)		1,754,107
	23,343	Samsung Electro-Mechanics Co. Ltd. (Information Technology)		1,717,120
	1,463,619	Samsung Electronics Co. Ltd. (Information Technology)		53,167,584
	10,912	Samsung Fire & Marine Insurance Co. Ltd. (Financials)		2,063,032
	45,845	Samsung Life Insurance Co. Ltd. (Financials)		2,581,324
	11,138	Samsung SDI Co. Ltd. (Information Technology)		2,294,267
	12,731	Samsung SDS Co. Ltd. (Information Technology)		2,060,083
	78,262	Samsung Securities Co. Ltd. (Financials)		2,280,824
	122,667	Shinhan Financial Group Co. Ltd. (Financials)		4,126,877
	173,278	SK Hynix, Inc. (Information Technology)		11,072,625
	25,064	SK Telecom Co. Ltd. (Communication Services)		4,955,895
	51,840	Woongjin Coway Co. Ltd. (Consumer Discretionary)		3,603,656
	294,393	Woori Financial Group, Inc. (Financials)		2,892,282
				202,489,098
Taiwan – 12.5%
	436,429	Advantech Co. Ltd. (Information Technology)		3,709,855
	1,429,117	ASE Technology Holding Co. Ltd. (Information Technology)		3,248,614
	2,325,855	Cathay Financial Holding Co. Ltd. (Financials)		2,973,037

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, 2019

Shares		Description	Value
Common Stocks – (continued)
Taiwan – (continued)
	1,076,536	Chailease Holding Co. Ltd. (Financials)	$	4,267,072
	3,824,049	Chang Hwa Commercial Bank Ltd. (Financials)		2,459,274
	921,800	Chicony Electronics Co. Ltd. (Information Technology)		2,588,435
	8,598,129	China Development Financial Holding Corp. (Financials)		2,488,284
	4,303,200	China Steel Corp. (Materials)		3,171,572
	1,189,308	Chunghwa Telecom Co. Ltd. (Communication Services)		4,127,175
	4,510,379	Compal Electronics, Inc. (Information Technology)		2,577,565
	5,953,267	CTBC Financial Holding Co. Ltd. (Financials)		3,857,019
	727,136	Delta Electronics, Inc. (Information Technology)		3,391,449
	4,135,774	E.Sun Financial Holding Co. Ltd. (Financials)		3,324,683
	881,153	Far EasTone Telecommunications Co. Ltd. (Communication Services)		2,053,499
	916,672	Feng TAY Enterprise Co. Ltd. (Consumer Discretionary)		5,968,145
	4,163,207	First Financial Holding Co. Ltd. (Financials)		2,849,696
	909,382	Formosa Chemicals & Fibre Corp. (Materials)		2,550,670
	576,097	Formosa Plastics Corp. (Materials)		1,725,907
	1,166,708	Foxconn Technology Co. Ltd. (Information Technology)		2,354,960
	1,996,020	Fubon Financial Holding Co. Ltd. (Financials)		2,773,839
	239,908	Giant Manufacturing Co. Ltd. (Consumer Discretionary)		1,668,892
	185,800	Globalwafers Co. Ltd. (Information Technology)		1,703,610
	2,041,351	Hon Hai Precision Industry Co. Ltd. (Information Technology)		4,822,294
	3,612,527	Hua Nan Financial Holdings Co. Ltd. (Financials)		2,294,489
	3,969,290	Inventec Corp. (Information Technology)		2,716,961
	22,678	Largan Precision Co. Ltd. (Information Technology)		2,808,577
	1,962,934	Lite-On Technology Corp. (Information Technology)		3,124,696
	322,100	MediaTek, Inc. (Information Technology)		3,768,601
	2,958,276	Mega Financial Holding Co. Ltd. (Financials)		2,707,750
	1,092,922	Nan Ya Plastics Corp. (Materials)		2,393,920
	306,035	Nien Made Enterprise Co. Ltd. (Consumer Discretionary)		2,679,389
Common Stocks – (continued)
Taiwan – (continued)
	1,012,600	Powertech Technology, Inc. (Information Technology)		2,421,084
	608,238	President Chain Store Corp. (Consumer Staples)		5,654,425
	1,064,022	Quanta Computer, Inc. (Information Technology)		1,913,952
	270,445	Realtek Semiconductor Corp. (Information Technology)		1,851,184
	2,012,646	Shanghai Commercial & Savings Bank Ltd. (The) (Financials)		3,255,091
	5,443,498	SinoPac Financial Holdings Co Ltd. (Financials)		2,053,660
	1,533,859	Standard Foods Corp. (Consumer Staples)		3,037,441
	2,375,700	Synnex Technology International Corp. (Information Technology)		2,798,500
	6,032,336	Taishin Financial Holding Co. Ltd. (Financials)		2,573,489
	11,307,028	Taiwan Business Bank (Financials)		4,427,776
	4,089,828	Taiwan Cooperative Financial Holding Co. Ltd. (Financials)		2,604,157
	2,722,311	Taiwan High Speed Rail Corp. (Industrials)		3,284,801
	829,144	Taiwan Mobile Co. Ltd. (Communication Services)		2,956,515
	7,158,332	Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology)		59,026,042
	3,089,919	Uni-President Enterprises Corp. (Consumer Staples)		7,535,428
	5,232,557	United Microelectronics Corp. (Information Technology)		2,240,621
	4,038,698	Wistron Corp. (Information Technology)		3,201,642
	2,117,350	WPG Holdings Ltd. (Information Technology)		2,679,550
	219,424	Yageo Corp. (Information Technology)		1,585,777
	4,068,781	Yuanta Financial Holding Co. Ltd. (Financials)		2,338,157
	698,885	Zhen Ding Technology Holding Ltd. (Information Technology)		2,581,046
				213,170,267
Thailand – 3.0%
	592,716	Advanced Info Service PCL NVDR (Communication Services)		4,497,837
	1,547,500	Airports of Thailand PCL NVDR (Industrials)		3,644,452
	7,504,300	Bangkok Expressway & Metro PCL NVDR (Industrials)		2,749,142

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)
Thailand – (continued)
	8,741,300	BTS Group Holdings PCL NVDR (Industrials)	$	3,859,925
	433,900	Bumrungrad Hospital PCL NVDR (Health Care)		1,965,660
	2,035,377	CP ALL PCL NVDR (Consumer Staples)		5,592,335
	302,102	Electricity Generating PCL NVDR (Utilities)		3,320,182
	513,300	Gulf Energy Development PCL NVDR (Utilities)		2,434,492
	7,165,300	Home Product Center PCL NVDR (Consumer Discretionary)		4,218,673
	437,000	Kasikornbank PCL (Financials)		2,287,023
	1,251,600	Muangthai Capital PCL NVDR (Financials)		2,251,631
	578,400	PTT Exploration & Production PCL NVDR (Energy)		2,355,411
	1,055,100	PTT Global Chemical PCL NVDR (Materials)		1,837,732
	3,057,370	PTT PCL NVDR (Energy)		4,425,174
	1,352,900	Ratch Group PCL NVDR (Utilities)		3,252,536
	3,995,400	Thai Union Group PCL NVDR (Consumer Staples)		2,273,938
				50,966,143
Turkey – 0.5%
	516,908	BIM Birlesik Magazalar AS (Consumer Staples)		4,171,639
	1,813,621	Haci Omer Sabanci Holding AS (Financials)		2,729,965
	558,900	KOC Holding AS (Industrials)		1,677,779
				8,579,383
United Arab Emirates – 0.7%
	952,397	Abu Dhabi Commercial Bank PJSC (Financials)		2,253,197
	122,800	DP World PLC (Industrials)		1,719,200
	1,494,258	Dubai Islamic Bank PJSC (Financials)		2,082,845
	624,405	Emirates Telecommunications Group Co. PJSC (Communication Services)		2,872,860
	737,935	First Abu Dhabi Bank PJSC (Financials)		3,065,730
				11,993,832
United States – 0.4%
	837,362	JBS SA (Consumer Staples)		6,006,343
	TOTAL COMMON STOCKS
	(Cost $1,408,380,036)		$	1,620,273,123

Shares		Description	Rate			Value
Preferred Stocks – 3.9%
Brazil – 2.4%
	1,288,528	Banco Bradesco SA (Financials)		3.14	%	$	10,274,672
	122,623	Cia Brasileira de Distribuicao (Consumer Staples)		1.86			2,598,342
	492,200	Cia Energetica de Minas Gerais (Utilities)		3.99			1,758,112
	1,730,477	Itau Unibanco Holding SA (Financials)		5.15			14,213,346
	1,068,235	Itausa – Investimentos Itau SA (Financials)		5.93			3,177,147
	978,093	Petroleo Brasileiro SA (Energy)		4.49			6,035,858
	241,825	Telefonica Brasil SA (Communication Services)		9.96			3,140,881
							41,198,358
Chile – 0.1%
	657,618	Embotelladora Andina SA, Class B (Consumer Staples)		4.28			2,038,408
Colombia – 0.2%
	238,965	Bancolombia SA, Class Preference (Financials)		2.48			2,982,004
Russia – 0.2%
	1,145	Transneft PJSC (Energy)		7.02			2,585,269
South Korea – 1.0%
	34,935	Amorepacific Corp. (Consumer Staples)		1.52			2,082,400
	8,661	LG Household & Health Care Ltd. (Consumer Staples)		1.25			5,191,237
	334,288	Samsung Electronics Co. Ltd. (Information Technology)		3.91			10,170,083
							17,443,720
	TOTAL PREFERRED STOCKS
	(Cost $57,613,434)					$	66,247,759
Exchange-Traded Fund – 0.7%
United States – 0.7%
	404,221	iShares MSCI Malaysia ETF(a)
	(Cost $12,334,853)					$	11,285,850

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, 2019

Units	Description	Expiration Month		Value
Rights – 0.0%
Taiwan – 0.0%
162,548	Shanghai Commercial & Savings Bank Ltd. (The) (Financials)*		10/19	$	—
199,072	WPG Holdings Ltd. (Information Technology)*		09/19		—
TOTAL RIGHTS
(Cost $0)				$	—

Principal Amount		Interest Rate			Value
Foreign Corporate Debt – 0.0%
India – 0.0%
$3,033,330	Britannia Industries Ltd., 08/28/22 (Consumer Staples)*
(Cost $772)			8.00	%	$	—
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $1,478,329,095)					$	1,697,806,732

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 1.0%(d)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	16,175,855	2.045%	$	16,175,855
	(Cost $16,175,855)
	TOTAL INVESTMENTS – 100.9%
	(Cost $1,494,504,950)		$	1,713,982,587
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.9)%			(14,781,501	)
	NET ASSETS – 100.0%		$	1,699,201,086

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	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

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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments

August 31, 2019

Shares		Description	Value
Common Stocks – 98.7%
Australia – 0.8%
	2,846	BHP Group PLC (Materials)	$	61,452
	1,812	Rio Tinto PLC (Materials)		91,569
				153,021
Austria – 0.3%
	351	ANDRITZ AG (Industrials)		12,385
	140	Erste Group Bank AG (Financials)*		4,513
	83	OMV AG (Energy)		4,242
	709	Raiffeisen Bank International AG (Financials)		15,526
	440	Verbund AG (Utilities)		26,238
				62,904
Belgium – 1.5%
	713	Ageas (Financials)		38,239
	1,008	Anheuser-Busch InBev SA/NV (Consumer Staples)		95,687
	724	Colruyt SA (Consumer Staples)		37,130
	181	Groupe Bruxelles Lambert SA (Financials)		16,935
	230	KBC Group NV (Financials)		13,333
	580	Proximus SADP (Communication Services)		17,175
	123	Solvay SA (Materials)		12,424
	213	Telenet Group Holding NV (Communication Services)		10,635
	476	UCB SA (Health Care)		35,614
				277,172
Denmark – 3.7%
	64	AP Moller – Maersk A/S, Class A (Industrials)		63,852
	62	AP Moller – Maersk A/S, Class B (Industrials)		66,097
	528	Carlsberg A/S, Class B (Consumer Staples)		78,101
	137	Chr Hansen Holding A/S (Materials)		11,534
	499	Coloplast A/S, Class B (Health Care)		59,550
	1,195	Danske Bank A/S (Financials)		15,744
	321	Demant A/S (Health Care)*		9,743
	244	DSV A/S (Industrials)		24,232
	537	H Lundbeck A/S (Health Care)		19,590
	248	ISS A/S (Industrials)		6,306
	3,739	Novo Nordisk A/S, Class B (Health Care)		194,554
	262	Novozymes A/S, Class B (Materials)		11,195
	508	Orsted A/S (Utilities)(a)		48,605
	561	Pandora A/S (Consumer Discretionary)		23,946
	1,052	Tryg A/S (Financials)		31,511
	234	Vestas Wind Systems A/S (Industrials)		17,229
				681,789
Finland – 1.2%
	350	Elisa OYJ (Communication Services)		17,638
	476	Fortum OYJ (Utilities)		10,489
	377	Kone OYJ, Class B (Industrials)		21,838
	477	Neste OYJ (Energy)		15,044
	5,394	Nokia OYJ (Information Technology)		26,728
Common Stocks – (continued)
Finland – (continued)
	1,589	Nordea Bank Abp (Financials)		9,932
	49	Nordea Bank Abp (Financials)		306
	2,092	Orion OYJ, Class B (Health Care)		77,800
	499	Sampo OYJ, Class A (Financials)		19,860
	682	UPM-Kymmene OYJ (Materials)		18,416
				218,051
France – 18.1%
	356	Accor SA (Consumer Discretionary)		15,392
	63	Aeroports de Paris (Industrials)		10,899
	516	Air Liquide SA (Materials)		71,968
	550	Airbus SE (Industrials)		75,917
	331	Alstom SA (Industrials)		14,169
	207	Arkema SA (Materials)		18,182
	1,291	Atos SE (Information Technology)		97,928
	3,254	AXA SA (Financials)		74,787
	361	BioMerieux (Health Care)		29,399
	2,126	BNP Paribas SA (Financials)		96,074
	13,280	Bollore SA (Industrials)		56,480
	206	Bouygues SA (Industrials)		7,838
	625	Bureau Veritas SA (Industrials)		14,977
	524	Capgemini SE (Information Technology)		62,986
	1,809	Carrefour SA (Consumer Staples)		30,878
	422	Casino Guichard Perrachon SA (Consumer Staples)(b)		17,799
	659	Cie de Saint-Gobain (Industrials)		23,818
	176	Cie Generale des Etablissements Michelin (Consumer Discretionary)		18,529
	2,307	CNP Assurances (Financials)		41,970
	178	Covivio REIT (Real Estate)		18,975
	4,650	Credit Agricole SA (Financials)		53,205
	1,349	Danone SA (Consumer Staples)		121,016
	11	Dassault Aviation SA (Industrials)		15,675
	318	Dassault Systemes (Information Technology)		44,878
	586	Edenred (Industrials)		28,588
	711	Eiffage SA (Industrials)		73,789
	1,285	Electricite de France SA (Utilities)		15,658
	2,475	Engie SA (Utilities)		37,681
	442	EssilorLuxottica SA (Consumer Discretionary)		65,347
	274	Eurazeo SE (Financials)		18,150
	368	Faurecia (Consumer Discretionary)		16,109
	118	Gecina SA REIT (Real Estate)		18,738
	1,513	Getlink SE (Industrials)		21,327
	186	Hermes International (Consumer Discretionary)		127,201
	167	ICADE REIT (Real Estate)		14,795
	197	Ingenico Group SA (Information Technology)		19,569
	604	Ipsen SA (Health Care)		63,589
	116	Kering (Consumer Discretionary)		56,259
	387	Klepierre SA REIT (Real Estate)		11,831
	610	Legrand SA (Industrials)		43,141
	624	L’Oreal SA (Consumer Staples)		170,833

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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments (continued)

August 31, 2019

Shares		Description	Value
Common Stocks – (continued)
France – (continued)
	512	LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)	$	204,336
	10,775	Natixis SA (Financials)		41,792
	1,767	Orange SA (Communication Services)		26,854
	350	Pernod Ricard SA (Consumer Staples)		66,950
	3,183	Peugeot SA (Consumer Discretionary)		71,262
	478	Publicis Groupe SA (Communication Services)		22,961
	110	Remy Cointreau SA (Consumer Staples)*		16,644
	502	Safran SA (Industrials)		73,056
	2,160	Sanofi (Health Care)		185,824
	190	Sartorius Stedim Biotech (Health Care)		29,461
	908	Schneider Electric SE (Industrials)		76,155
	427	SCOR SE (Financials)		17,065
	222	SEB SA (Consumer Discretionary)		34,594
	222	Societe BIC SA (Industrials)		14,204
	1,817	Societe Generale SA (Financials)		46,132
	148	Sodexo SA (Consumer Discretionary)		16,804
	3,653	Suez (Utilities)		56,823
	151	Teleperformance (Industrials)		33,025
	148	Thales SA (Industrials)		17,138
	3,848	TOTAL SA (Energy)		192,345
	750	Ubisoft Entertainment SA (Communication Services)*		60,591
	83	Unibail-Rodamco-Westfield REIT (Real Estate)		10,886
	661	Valeo SA (Consumer Discretionary)		18,082
	1,338	Veolia Environnement SA (Utilities)		32,048
	813	Vinci SA (Industrials)		89,084
	1,073	Vivendi SA (Communication Services)		30,049
	63	Wendel SA (Financials)		8,846
	354	Worldline SA (Information Technology)*(a)		24,482
				3,353,837
Germany – 12.5%
	686	adidas AG (Consumer Discretionary)		203,747
	715	Allianz SE (Financials)		157,872
	2,156	Aroundtown SA (Real Estate)		17,964
	255	Axel Springer SE (Communication Services)		17,692
	1,088	BASF SE (Materials)		72,105
	1,732	Bayer AG (Health Care)		128,442
	266	Bayerische Motoren Werke AG (Consumer Discretionary)		17,813
	603	Beiersdorf AG (Consumer Staples)		76,034
	757	Brenntag AG (Industrials)		36,539
	120	Carl Zeiss Meditec AG (Health Care)		13,863
	674	Commerzbank AG (Financials)		3,829
	86	Continental AG (Consumer Discretionary)		10,395
	908	Covestro AG (Materials)(a)		41,187
	536	Daimler AG (Consumer Discretionary)		25,208
	379	Deutsche Boerse AG (Financials)		55,824
	1,137	Deutsche Lufthansa AG (Industrials)		17,505
	3,108	Deutsche Post AG (Industrials)		102,338
Common Stocks – (continued)
Germany – (continued)
	5,266	Deutsche Telekom AG (Communication Services)		88,008
	481	Deutsche Wohnen SE (Real Estate)		17,088
	2,769	E.ON SE (Utilities)		25,782
	385	Evonik Industries AG (Materials)		9,828
	127	Fraport AG Frankfurt Airport Services Worldwide (Industrials)		10,626
	145	Fresenius Medical Care AG & Co KGaA (Health Care)		9,773
	291	Fresenius SE & Co KGaA (Health Care)		14,152
	243	Hannover Rueck SE (Financials)		38,749
	708	HeidelbergCement AG (Materials)		49,151
	183	Henkel AG & Co KGaA (Consumer Staples)		16,939
	183	HOCHTIEF AG (Industrials)		19,941
	1,289	HUGO BOSS AG (Consumer Discretionary)		71,941
	1,010	Infineon Technologies AG (Information Technology)		17,516
	712	Innogy SE (Utilities)(a)		35,511
	212	KION Group AG (Industrials)		10,270
	374	Knorr-Bremse AG (Industrials)		35,005
	451	Merck KGaA (Health Care)		48,306
	1,130	METRO AG (Consumer Staples)		17,521
	133	MTU Aero Engines AG (Industrials)		36,368
	219	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)		52,552
	1,186	Puma SE (Consumer Discretionary)		90,185
	3,034	RWE AG (Utilities)		86,570
	1,740	SAP SE (Information Technology)		208,097
	1,058	Siemens AG (Industrials)		105,968
	279	Siemens Healthineers AG (Health Care)(a)		10,972
	290	Symrise AG (Materials)		27,120
	1,622	Telefonica Deutschland Holding AG (Communication Services)		4,137
	1,124	Uniper SE (Utilities)		34,126
	38	Volkswagen AG (Consumer Discretionary)		6,212
	758	Vonovia SE (Real Estate)		37,814
	88	Wirecard AG (Information Technology)		14,062
	1,624	Zalando SE (Consumer Discretionary)*(a)		80,479
				2,329,126
Ireland – 0.7%
	1,001	Bank of Ireland Group PLC (Financials)		3,816
	1,113	CRH PLC (Materials)		37,114
	280	Kerry Group PLC, Class A (Consumer Staples)		33,394
	2,075	Smurfit Kappa Group PLC (Materials)		64,120
				138,444
Italy – 4.2%
	3,598	Assicurazioni Generali SpA (Financials)		65,259
	852	Atlantia SpA (Industrials)		20,801
	2,513	Davide Campari-Milano SpA (Consumer Staples)		23,593

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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Italy – (continued)
	12,988	Enel SpA (Utilities)	$	94,314
	4,261	Eni SpA (Energy)		64,192
	314	Ferrari NV (Consumer Discretionary)		49,518
	1,777	FinecoBank Banca Fineco SpA (Financials)		18,352
	13,827	Intesa Sanpaolo SpA (Financials)		30,350
	1,512	Leonardo SpA (Industrials)		18,533
	973	Mediobanca Banca di Credito Finanziario SpA (Financials)		9,654
	2,285	Moncler SpA (Consumer Discretionary)		85,783
	4,433	Poste Italiane SpA (Financials)(a)		47,705
	684	Prysmian SpA (Industrials)		14,994
	1,028	Recordati SpA (Health Care)		45,125
	6,549	Snam SpA (Utilities)		33,168
	85,165	Telecom Italia SpA (Communication Services)*		45,431
	88,406	Telecom Italia SpA-RSP (Communication Services)		45,106
	4,600	Terna Rete Elettrica Nazionale SpA (Utilities)		28,925
	2,772	UniCredit SpA (Financials)		30,710
				771,513
Luxembourg – 0.5%
	5,837	ArcelorMittal (Materials)		84,156
	142	RTL Group SA (Communication Services)(b)		6,627
	520	SES SA (Communication Services)		8,392
				99,175
Netherlands – 7.2%
	479	ABN AMRO Bank NV (Financials)(a)		8,537
	7	Adyen NV (Information Technology)*(a)		5,078
	8,951	Aegon NV (Financials)		34,136
	335	Akzo Nobel NV (Materials)		30,056
	467	ASML Holding NV (Information Technology)		104,014
	796	EXOR NV (Financials)		53,911
	632	Heineken Holding NV (Consumer Staples)		62,604
	505	Heineken NV (Consumer Staples)		53,811
	5,592	ING Groep NV (Financials)		53,558
	5,496	Koninklijke Ahold Delhaize NV (Consumer Staples)		128,827
	334	Koninklijke DSM NV (Materials)		41,600
	5,260	Koninklijke KPN NV (Communication Services)		16,683
	2,308	Koninklijke Philips NV (Health Care)		109,000
	301	Koninklijke Vopak NV (Energy)		14,373
	1,731	NN Group NV (Financials)		58,065
	672	NXP Semiconductors NV (Information Technology)		68,638
	1,324	Randstad NV (Industrials)		61,894
	7,436	Royal Dutch Shell PLC, Class A (Energy)		206,068
	5,938	Royal Dutch Shell PLC, Class B (Energy)		163,796
	919	Wolters Kluwer NV (Industrials)		66,309
				1,340,958
Common Stocks – (continued)
Norway – 1.1%
	1,017	DNB ASA (Financials)		16,406
	847	Equinor ASA (Energy)		14,492
	2,126	Gjensidige Forsikring ASA (Financials)		41,078
	1,474	Mowi ASA (Consumer Staples)		35,287
	1,145	Orkla ASA (Consumer Staples)		10,502
	2,145	Schibsted ASA, Class B (Communication Services)		62,186
	1,311	Telenor ASA (Communication Services)		26,936
	118	Yara International ASA (Materials)		5,122
				212,009
Portugal – 0.7%
	15,126	EDP – Energias de Portugal SA (Utilities)		57,269
	704	Galp Energia SGPS SA (Energy)		10,125
	3,895	Jeronimo Martins SGPS SA (Consumer Staples)(b)		64,383
				131,777
Russia – 0.2%
	7,339	Evraz PLC (Materials)		44,358
South Africa – 0.5%
	2,952	Anglo American PLC (Materials)		63,784
	3,995	Investec PLC (Financials)		20,551
				84,335
Spain – 4.4%
	1,275	ACS Actividades de Construccion y Servicios SA (Industrials)		48,259
	190	Aena SME SA (Industrials)(a)		34,315
	954	Amadeus IT Group SA (Information Technology)		71,188
	8,149	Banco Bilbao Vizcaya Argentaria SA (Financials)		38,669
	27,191	Banco de Sabadell SA (Financials)		23,320
	23,724	Banco Santander SA (Financials)		89,874
	1,456	Bankinter SA (Financials)		8,495
	426	Cellnex Telecom SA (Communication Services)*(a)		17,076
	879	Enagas SA (Utilities)		19,220
	1,170	Endesa SA (Utilities)		30,111
	1,164	Ferrovial SA (Industrials)		33,162
	405	Grifols SA (Health Care)		12,845
	10,243	Iberdrola SA (Utilities)		105,492
	2,973	Industria de Diseno Textil SA (Consumer Discretionary)		92,065
	5,914	Mapfre SA (Financials)		15,422
	1,088	Naturgy Energy Group SA (Utilities)		28,516
	958	Red Electrica Corp. SA (Utilities)		19,122
	6,493	Repsol SA (Energy)		94,529
	4,905	Telefonica SA (Communication Services)		34,036
				815,716
Sweden – 3.7%
	247	Alfa Laval AB (Industrials)		4,551
	1,497	Assa Abloy AB, Class B (Industrials)		31,278

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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments (continued)

August 31, 2019

Shares		Description	Value
Common Stocks – (continued)
Sweden – (continued)
	919	Atlas Copco AB, Class A (Industrials)	$	27,467
	637	Atlas Copco AB, Class B (Industrials)		16,986
	532	Electrolux AB, Series B (Consumer Discretionary)		11,907
	721	Epiroc AB, Class A (Industrials)		7,477
	637	Epiroc AB, Class B (Industrials)		6,317
	832	Essity AB, Class B (Consumer Staples)		25,969
	5,487	Hennes & Mauritz AB, Class B (Consumer Discretionary)		105,177
	437	Hexagon AB, Class B (Information Technology)		19,429
	902	Husqvarna AB, Class B (Consumer Discretionary)		6,999
	442	ICA Gruppen AB (Consumer Staples)		21,693
	913	Industrivarden AB, Class C (Financials)		19,113
	856	Investor AB, Class B (Financials)		40,169
	401	Kinnevik AB, Class B (Financials)		10,934
	412	L E Lundbergforetagen AB, Class B (Financials)		15,443
	1,737	Sandvik AB (Industrials)		24,930
	1,569	Securitas AB, Class B (Industrials)		23,511
	2,724	Skandinaviska Enskilda Banken AB, Class A (Financials)		23,432
	3,301	Skanska AB, Class B (Industrials)		61,901
	477	SKF AB, Class B (Industrials)		7,702
	2,087	Svenska Handelsbanken AB, Class A (Financials)		18,383
	1,631	Swedish Match AB (Consumer Staples)		64,031
	415	Tele2 AB, Class B (Communication Services)		5,859
	6,120	Telefonaktiebolaget LM Ericsson, Class B (Information Technology)		47,715
	4,841	Telia Co. AB (Communication Services)		21,207
	1,302	Volvo AB, Class B (Industrials)		17,990
				687,570
Switzerland – 15.3%
	1,411	ABB Ltd. (Industrials)		26,738
	579	Adecco Group AG (Industrials)		30,464
	614	Alcon, Inc. (Health Care)*		37,419
	171	Baloise Holding AG (Financials)		29,155
	16	Barry Callebaut AG (Consumer Staples)		32,729
	6	Chocoladefabriken Lindt & Spruengli AG (Consumer Staples)		44,419
	589	Cie Financiere Richemont SA (Consumer Discretionary)		45,718
	268	Clariant AG (Materials)*		4,935
	1,488	Coca-Cola HBC AG (Consumer Staples)*		49,472
	2,401	Credit Suisse Group AG (Financials)*		28,064
	535	Dufry AG (Consumer Discretionary)*		43,386
	24	EMS-Chemie Holding AG (Materials)		14,275
	45	Geberit AG (Industrials)		20,470
	17	Givaudan SA (Materials)		45,977
	33,225	Glencore PLC (Materials)*		95,877
	114	Julius Baer Group Ltd. (Financials)*		4,508
Common Stocks – (continued)
Switzerland – (continued)
	644	Kuehne + Nagel International AG (Industrials)		93,757
	937	LafargeHolcim Ltd. (Materials)*		44,291
	126	Lonza Group AG (Health Care)*		44,545
	5,621	Nestle SA (Consumer Staples)		630,584
	3,927	Novartis AG (Health Care)		353,269
	239	Pargesa Holding SA (Financials)		17,476
	118	Partners Group Holding AG (Financials)		95,717
	1,462	Roche Holding AG (Health Care)		399,835
	66	Schindler Holding AG (Industrials)		14,968
	89	Schindler Holding AG Participation Certificates (Industrials)		20,328
	38	SGS SA (Industrials)		93,325
	125	Sika AG (Materials)		17,952
	117	Sonova Holding AG (Health Care)		27,161
	2,254	STMicroelectronics NV (Information Technology)		40,026
	72	Straumann Holding AG (Health Care)		56,439
	77	Swatch Group AG (The) – Bearer (Consumer Discretionary)		20,864
	293	Swatch Group AG (The) – Registered (Consumer Discretionary)		14,969
	111	Swiss Life Holding AG (Financials)		52,648
	228	Swiss Prime Site AG (Real Estate)*		22,697
	464	Swiss Re AG (Financials)		44,625
	59	Swisscom AG (Communication Services)		29,463
	246	Temenos AG (Information Technology)*		41,222
	3,600	UBS Group AG (Financials)*		38,021
	207	Zurich Insurance Group AG (Financials)		73,683
				2,841,471
United Kingdom – 21.4%
	3,768	3i Group PLC (Financials)		50,317
	4,010	Admiral Group PLC (Financials)		104,850
	248	Ashtead Group PLC (Industrials)		6,859
	964	Associated British Foods PLC (Consumer Staples)		26,662
	2,113	AstraZeneca PLC (Health Care)		188,315
	19,072	Auto Trader Group PLC (Communication Services)(a)		123,474
	17,749	Aviva PLC (Financials)		76,541
	2,089	BAE Systems PLC (Industrials)		13,881
	22,282	Barclays PLC (Financials)		37,068
	3,477	Barratt Developments PLC (Consumer Discretionary)		26,779
	862	Berkeley Group Holdings PLC (Consumer Discretionary)		41,120
	30,446	BP PLC (Energy)		185,467
	2,946	British American Tobacco PLC (Consumer Staples)		103,328
	2,270	British Land Co. PLC (The) REIT (Real Estate)		14,094
	8,677	BT Group PLC (Communication Services)		17,504
	925	Bunzl PLC (Industrials)		22,677
	4,035	Burberry Group PLC (Consumer Discretionary)		106,340

44 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)
	19,257	Centrica PLC (Utilities)	$	16,346
	506	CNH Industrial NV (Industrials)		5,210
	866	Coca-Cola European Partners PLC (Consumer Staples)		48,790
	2,450	Compass Group PLC (Consumer Discretionary)		62,151
	469	Croda International PLC (Materials)		26,856
	272	DCC PLC (Industrials)		23,135
	4,067	Diageo PLC (Consumer Staples)		173,528
	4,060	Direct Line Insurance Group PLC (Financials)		13,998
	2,974	Experian PLC (Industrials)		91,199
	494	Fiat Chrysler Automobiles NV (Consumer Discretionary)		6,440
	9,587	GlaxoSmithKline PLC (Health Care)		199,838
	1,335	Halma PLC (Information Technology)		31,915
	4,009	Hargreaves Lansdown PLC (Financials)		91,691
	30,216	HSBC Holdings PLC (Financials)		217,627
	1,041	Imperial Brands PLC (Consumer Staples)		26,934
	2,406	Informa PLC (Communication Services)		25,492
	1,058	InterContinental Hotels Group PLC (Consumer Discretionary)		66,035
	351	Intertek Group PLC (Industrials)		23,203
	9,477	J Sainsbury PLC (Consumer Staples)		22,633
	5,924	John Wood Group PLC (Energy)		27,192
	168	Johnson Matthey PLC (Materials)		5,954
	6,419	Kingfisher PLC (Consumer Discretionary)		15,201
	1,636	Land Securities Group PLC REIT (Real Estate)		15,449
	12,446	Legal & General Group PLC (Financials)		33,286
	67,128	Lloyds Banking Group PLC (Financials)		40,737
	645	London Stock Exchange Group PLC (Financials)		54,625
	34,761	Marks & Spencer Group PLC (Consumer Discretionary)		81,387
	1,631	Meggitt PLC (Industrials)		12,295
	2,523	Merlin Entertainments PLC (Consumer Discretionary)(a)		13,879
	1,242	Micro Focus International PLC (Information Technology)		16,771
	819	Mondi PLC (Materials)		15,929
	4,378	National Grid PLC (Utilities)		45,773
	1,162	Next PLC (Consumer Discretionary)		84,003
	2,363	Ocado Group PLC (Consumer Discretionary)*		37,282
	3,483	Pearson PLC (Communication Services)		35,266
	784	Persimmon PLC (Consumer Discretionary)		18,165
	2,854	Prudential PLC (Financials)		47,548
	584	Reckitt Benckiser Group PLC (Consumer Staples)		45,511
	3,013	RELX PLC (Industrials)		72,158
	2,337	Rentokil Initial PLC (Industrials)		12,813
	1,174	Rolls-Royce Holdings PLC (Industrials)*		11,026
	2,710	Royal Bank of Scotland Group PLC (Financials)		6,121
	2,310	RSA Insurance Group PLC (Financials)		14,724
Common Stocks – (continued)
United Kingdom – (continued)
	8,146	Sage Group PLC (The) (Information Technology)		69,504
	381	Schroders PLC (Financials)		12,667
	4,319	Segro PLC REIT (Real Estate)		41,290
	655	Severn Trent PLC (Utilities)		16,520
	3,915	Smith & Nephew PLC (Health Care)		93,689
	1,134	Smiths Group PLC (Industrials)		23,056
	161	Spirax-Sarco Engineering PLC (Industrials)		15,735
	1,332	SSE PLC (Utilities)		18,671
	902	St James’s Place PLC (Financials)		10,082
	1,743	Standard Chartered PLC (Financials)		13,203
	6,695	Standard Life Aberdeen PLC (Financials)		20,327
	7,511	Taylor Wimpey PLC (Consumer Discretionary)		13,350
	26,121	Tesco PLC (Consumer Staples)		69,731
	2,650	Unilever NV (Consumer Staples)		164,710
	2,203	Unilever PLC (Consumer Staples)		139,405
	1,679	United Utilities Group PLC (Utilities)		16,644
	42,494	Vodafone Group PLC (Communication Services)		80,339
	167	Whitbread PLC (Consumer Discretionary)		8,894
	12,350	Wm Morrison Supermarkets PLC (Consumer Staples)		27,464
	2,572	WPP PLC (Communication Services)		30,390
				3,967,063
United States – 0.7%
	92	Carnival PLC (Consumer Discretionary)		3,863
	1,378	Ferguson PLC (Industrials)		101,430
	803	QIAGEN NV (Health Care)*		27,953
				133,246
	TOTAL COMMON STOCKS
	(Cost $20,171,026)		$	18,343,535

Shares		Description	Rate			Value
Preferred Stocks – 0.6%
Germany – 0.6%
	125	Bayerische Motoren Werke AG (Consumer Discretionary)		7.22	%	$	6,731
	853	FUCHS PETROLUB SE (Materials)		2.99			29,853
	229	Henkel AG & Co KGaA (Consumer Staples)		2.01			22,974
	102	Porsche Automobil Holding SE (Consumer Discretionary)		3.86			6,410
	85	Sartorius AG (Health Care)		0.34			17,027
	128	Volkswagen AG (Consumer Discretionary)		3.33			20,594
	TOTAL PREFERRED STOCKS
	(Cost $134,079)					$	103,589
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $20,305,105)					$	18,447,124

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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments (continued)

August 31, 2019

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.2%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	41,424	2.045%	$	41,424
	(Cost $41,424)
	TOTAL INVESTMENTS – 99.5%
	(Cost $20,346,529)		$	18,488,548
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.5%			95,935
	NET ASSETS – 100.0%		$	18,584,483

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	All or a portion of security is on loan.
(c)	Represents an affiliated issuer.

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

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments

August 31, 2019

Shares		Description	Value
Common Stocks – 99.3%
Australia – 6.4%
	29,888	AGL Energy Ltd. (Utilities)	$	381,798
	44,308	APA Group (Utilities)		328,676
	44,164	Aristocrat Leisure Ltd. (Consumer Discretionary)		885,226
	22,833	ASX Ltd. (Financials)		1,327,770
	131,718	Aurizon Holdings Ltd. (Industrials)		524,483
	489,205	AusNet Services (Utilities)		593,283
	186,450	Australia & New Zealand Banking Group Ltd. (Financials)		3,359,097
	145,283	Bank of Queensland Ltd. (Financials)		897,600
	215,967	Bendigo & Adelaide Bank Ltd. (Financials)		1,626,777
	183,478	BHP Group Ltd. (Materials)		4,486,108
	108,083	BHP Group PLC (Materials)		2,333,781
	417,901	BlueScope Steel Ltd. (Materials)		3,516,695
	124,440	Brambles Ltd. (Industrials)		947,408
	73,231	CIMIC Group Ltd. (Industrials)		1,529,521
	84,455	Coca-Cola Amatil Ltd. (Consumer Staples)		618,520
	34,713	Cochlear Ltd. (Health Care)		5,098,559
	320,665	Coles Group Ltd. (Consumer Staples)		2,990,105
	141,421	Commonwealth Bank of Australia (Financials)		7,532,074
	36,029	Computershare Ltd. (Information Technology)		373,342
	36,301	CSL Ltd. (Health Care)		5,891,150
	120,734	Dexus REIT (Real Estate)		1,049,345
	102,959	Flight Centre Travel Group Ltd. (Consumer Discretionary)		3,226,335
	68,770	Fortescue Metals Group Ltd. (Materials)(a)		370,670
	136,228	Goodman Group REIT (Real Estate)		1,332,698
	265,883	GPT Group (The) REIT (Real Estate)		1,144,696
	181,910	Harvey Norman Holdings Ltd. (Consumer Discretionary)(a)		536,821
	398,378	Incitec Pivot Ltd. (Materials)		861,587
	116,431	Insurance Australia Group Ltd. (Financials)		632,270
	27,805	Macquarie Group Ltd. (Financials)		2,319,971
	51,617	Magellan Financial Group Ltd. (Financials)		1,764,583
	464,223	Medibank Pvt Ltd. (Financials)		1,138,484
	297,194	Mirvac Group REIT (Real Estate)		638,748
	143,159	National Australia Bank Ltd. (Financials)		2,638,964
	37,240	Newcrest Mining Ltd. (Materials)		928,347
	83,106	Oil Search Ltd. (Energy)		371,791
	340,611	Origin Energy Ltd. (Energy)		1,750,983
	108,397	QBE Insurance Group Ltd. (Financials)		915,097
	8,878	Ramsay Health Care Ltd. (Health Care)		392,629
	27,083	REA Group Ltd. (Communication Services)(a)		1,907,012
	18,045	Rio Tinto Ltd. (Materials)		1,064,782
	68,193	Rio Tinto PLC (Materials)		3,446,113
Common Stocks – (continued)
Australia – (continued)
	177,044	Santos Ltd. (Energy)		860,033
	228,312	Scentre Group REIT (Real Estate)		621,454
	43,945	Sonic Healthcare Ltd. (Health Care)		871,954
	1,210,498	South32 Ltd. (Materials)		2,153,113
	250,882	Stockland REIT (Real Estate)		764,024
	133,823	Suncorp Group Ltd. (Financials)		1,245,155
	68,822	Sydney Airport (Industrials)		390,889
	486,767	Telstra Corp. Ltd. (Communication Services)		1,220,009
	163,755	Transurban Group (Industrials)		1,649,433
	314,384	Vicinity Centres REIT (Real Estate)		548,604
	139,519	Wesfarmers Ltd. (Consumer Discretionary)		3,675,436
	214,175	Westpac Banking Corp. (Financials)		4,072,158
	44,669	Woodside Petroleum Ltd. (Energy)		966,976
	237,553	Woolworths Group Ltd. (Consumer Staples)		6,045,139
				98,758,276
Austria – 0.2%
	17,561	ANDRITZ AG (Industrials)		619,623
	10,971	Erste Group Bank AG (Financials)*		353,635
	61,440	Raiffeisen Bank International AG (Financials)		1,345,435
	16,201	Verbund AG (Utilities)		966,109
				3,284,802
Belgium – 0.8%
	28,563	Ageas (Financials)		1,531,859
	45,532	Anheuser-Busch InBev SA/NV (Consumer Staples)		4,322,250
	30,661	Colruyt SA (Consumer Staples)		1,572,456
	8,084	Groupe Bruxelles Lambert SA (Financials)		756,357
	14,752	KBC Group NV (Financials)		855,171
	15,963	Proximus SADP (Communication Services)		472,706
	7,422	Solvay SA (Materials)		749,671
	14,840	Telenet Group Holding NV (Communication Services)		740,971
	20,429	UCB SA (Health Care)		1,528,476
				12,529,917
Canada – 9.7%
	6,785	Agnico Eagle Mines Ltd. (Materials)		425,033
	9,246	Air Canada (Industrials)*		311,377
	44,129	Alimentation Couche-Tard, Inc., Class B (Consumer Staples)		2,782,970
	13,674	Atco Ltd., Class I (Utilities)		489,621
	42,281	Bank of Montreal (Financials)		2,903,796
	84,081	Bank of Nova Scotia (The) (Financials)		4,479,933
	48,868	Barrick Gold Corp. (Materials)(a)		949,189
	17,771	BCE, Inc. (Communication Services)		842,544

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2019

Shares		Description	Value
Common Stocks – (continued)
Canada – (continued)
	41,703	Brookfield Asset Management, Inc., Class A (Financials)	$	2,154,822
	38,407	CAE, Inc. (Industrials)		1,007,288
	35,029	Canadian Imperial Bank of Commerce (Financials)		2,718,649
	31,544	Canadian National Railway Co. (Industrials)		2,910,366
	53,709	Canadian Natural Resources Ltd. (Energy)		1,285,734
	8,917	Canadian Pacific Railway Ltd. (Industrials)		2,151,206
	3,649	Canadian Tire Corp. Ltd., Class A (Consumer Discretionary)		369,294
	17,831	Canadian Utilities Ltd., Class A (Utilities)		515,956
	351,735	Cenovus Energy, Inc. (Energy)		3,075,828
	44,294	CGI, Inc. (Information Technology)*		3,480,719
	204,485	CI Financial Corp. (Financials)		2,936,163
	7,668	Constellation Software, Inc. (Information Technology)		7,482,821
	85,302	Dollarama, Inc. (Consumer Discretionary)		3,270,723
	20,025	Emera, Inc. (Utilities)		869,237
	267,605	Empire Co. Ltd., Class A (Consumer Staples)		7,396,998
	86,040	Enbridge, Inc. (Energy)		2,883,324
	230,838	Encana Corp. (Energy)		1,024,943
	1,780	Fairfax Financial Holdings Ltd. (Financials)		794,691
	43,764	First Capital Realty, Inc. (Real Estate)		730,498
	37,868	Fortis, Inc. (Utilities)		1,566,529
	6,230	Franco-Nevada Corp. (Materials)		609,779
	54,566	George Weston Ltd. (Consumer Staples)		4,441,906
	16,506	Gildan Activewear, Inc. (Consumer Discretionary)		606,305
	55,454	Great-West Lifeco, Inc. (Financials)		1,184,365
	54,758	H&R Real Estate Investment Trust REIT (Real Estate)		932,551
	32,364	Hydro One Ltd. (Utilities)(b)		601,101
	67,795	iA Financial Corp., Inc. (Financials)		2,824,962
	25,981	IGM Financial, Inc. (Financials)		703,098
	59,072	Imperial Oil Ltd. (Energy)		1,452,350
	12,344	Intact Financial Corp. (Financials)		1,208,761
	20,020	Inter Pipeline Ltd. (Energy)(a)		365,808
	9,053	Kirkland Lake Gold Ltd. (Materials)		441,068
	58,821	Loblaw Cos. Ltd. (Consumer Staples)		3,225,682
	82,531	Magna International, Inc. (Consumer Discretionary)		4,140,214
	120,968	Manulife Financial Corp. (Financials)		2,010,975
	33,586	Methanex Corp. (Materials)		1,090,888
	36,010	Metro, Inc. (Consumer Staples)		1,530,859
	39,697	National Bank of Canada (Financials)		1,867,743
	11,416	Nutrien Ltd. (Materials)		576,041
	104,943	Onex Corp. (Financials)		6,177,484
Common Stocks – (continued)
Canada – (continued)
	16,150	Open Text Corp. (Information Technology)		633,093
	34,796	Pembina Pipeline Corp. (Energy)		1,276,307
	146,737	Power Corp. of Canada (Financials)		3,099,720
	133,076	Power Financial Corp. (Financials)		2,843,188
	27,377	Quebecor, Inc., Class B (Communication Services)		617,878
	5,872	Restaurant Brands International, Inc. (Consumer Discretionary)		461,390
	38,357	RioCan Real Estate Investment Trust REIT (Real Estate)		764,369
	29,160	Rogers Communications, Inc., Class B (Communication Services)		1,446,369
	118,893	Royal Bank of Canada (Financials)		8,909,817
	67,754	Saputo, Inc. (Consumer Staples)		2,040,574
	23,032	Shaw Communications, Inc., Class B (Communication Services)		438,523
	9,069	Shopify, Inc., Class A (Information Technology)*		3,499,973
	30,646	SmartCentres Real Estate Investment Trust REIT (Real Estate)		730,172
	21,893	Stars Group, Inc. (The) (Consumer Discretionary)*		333,305
	52,784	Sun Life Financial, Inc. (Financials)(a)		2,167,687
	82,097	Suncor Energy, Inc. (Energy)		2,405,823
	41,293	TC Energy Corp. (Energy)		2,119,964
	182,833	Teck Resources Ltd., Class B (Materials)		3,119,223
	20,436	TELUS Corp. (Communication Services)		741,743
	15,635	Thomson Reuters Corp. (Industrials)		1,076,495
	138,002	Toronto-Dominion Bank (The) (Financials)		7,498,302
	35,812	West Fraser Timber Co. Ltd. (Materials)		1,263,985
	84,097	WSP Global, Inc. (Industrials)		4,561,794
				149,851,886
China – 0.1%
	330,718	BOC Hong Kong Holdings Ltd. (Financials)		1,116,414
	527,222	Yangzijiang Shipbuilding Holdings Ltd. (Industrials)		345,856
				1,462,270
Colombia – 0.0%
	6,163	Millicom International Cellular SA (Communication Services)		314,221
Denmark – 2.4%
	3,693	AP Moller – Maersk A/S, Class A (Industrials)		3,684,491
	3,540	AP Moller – Maersk A/S, Class B (Industrials)		3,773,923
	31,150	Carlsberg A/S, Class B (Consumer Staples)		4,607,675
	10,794	Chr Hansen Holding A/S (Materials)		908,720

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Denmark – (continued)
	30,396	Coloplast A/S, Class B (Health Care)	$	3,627,443
	59,066	Danske Bank A/S (Financials)		778,171
	35,019	Demant A/S (Health Care)*		1,062,890
	19,452	DSV A/S (Industrials)		1,931,812
	24,862	H Lundbeck A/S (Health Care)		906,997
	17,553	ISS A/S (Industrials)		446,305
	167,342	Novo Nordisk A/S, Class B (Health Care)		8,707,439
	13,427	Novozymes A/S, Class B (Materials)		573,720
	25,287	Orsted A/S (Utilities)(b)		2,419,419
	25,634	Pandora A/S (Consumer Discretionary)(a)		1,094,176
	49,388	Tryg A/S (Financials)		1,479,320
	12,193	Vestas Wind Systems A/S (Industrials)		897,736
				36,900,237
Finland – 0.7%
	14,217	Elisa OYJ (Communication Services)		716,440
	22,004	Fortum OYJ (Utilities)		484,880
	15,451	Kone OYJ, Class B (Industrials)		895,011
	34,311	Neste OYJ (Energy)		1,082,162
	273,347	Nokia OYJ (Information Technology)		1,354,455
	2,606	Nordea Bank Abp (Financials)		16,281
	83,981	Nordea Bank Abp (Financials)		524,945
	77,587	Orion OYJ, Class B (Health Care)		2,885,400
	25,970	Sampo OYJ, Class A (Financials)		1,033,585
	53,165	UPM-Kymmene OYJ (Materials)		1,435,596
				10,428,755
France – 10.8%
	16,811	Accor SA (Consumer Discretionary)		726,825
	3,180	Aeroports de Paris (Industrials)		550,160
	21,083	Air Liquide SA (Materials)		2,940,516
	27,406	Airbus SE (Industrials)		3,782,869
	15,705	Alstom SA (Industrials)		672,262
	19,944	Arkema SA (Materials)		1,751,795
	70,835	Atos SE (Information Technology)		5,373,125
	158,257	AXA SA (Financials)		3,637,235
	20,512	BioMerieux (Health Care)		1,670,445
	97,271	BNP Paribas SA (Financials)		4,395,657
	763,509	Bollore SA (Industrials)		3,247,225
	12,937	Bouygues SA (Industrials)		492,229
	33,140	Bureau Veritas SA (Industrials)		794,140
	31,223	Capgemini SE (Information Technology)		3,753,050
	89,831	Carrefour SA (Consumer Staples)		1,533,359
	36,547	Casino Guichard Perrachon SA (Consumer Staples)(a)		1,541,475
	45,565	Cie de Saint-Gobain (Industrials)		1,646,857
	9,449	Cie Generale des Etablissements Michelin (Consumer Discretionary)		994,786
	115,253	CNP Assurances (Financials)		2,096,758
	6,317	Covivio REIT (Real Estate)		673,399
	235,391	Credit Agricole SA (Financials)		2,693,341
	68,900	Danone SA (Consumer Staples)		6,180,869
Common Stocks – (continued)
France – (continued)
	518	Dassault Aviation SA (Industrials)		738,159
	20,256	Dassault Systemes (Information Technology)		2,858,632
	22,005	Edenred (Industrials)		1,073,522
	30,802	Eiffage SA (Industrials)		3,196,687
	67,687	Electricite de France SA (Utilities)		824,789
	113,421	Engie SA (Utilities)		1,726,810
	21,731	EssilorLuxottica SA (Consumer Discretionary)		3,212,772
	12,187	Eurazeo SE (Financials)		807,269
	20,467	Eutelsat Communications SA (Communication Services)		356,572
	15,708	Faurecia SE (Consumer Discretionary)		687,613
	5,238	Gecina SA REIT (Real Estate)		831,796
	49,638	Getlink SE (Industrials)		699,697
	9,973	Hermes International (Consumer Discretionary)		6,820,298
	8,976	ICADE REIT (Real Estate)		795,234
	7,953	Imerys SA (Materials)		324,931
	14,746	Ingenico Group SA (Information Technology)		1,464,761
	27,155	Ipsen SA (Health Care)		2,858,865
	5,651	Kering (Consumer Discretionary)		2,740,681
	19,787	Klepierre SA REIT (Real Estate)		604,902
	18,857	Legrand SA (Industrials)		1,333,610
	31,342	L’Oreal SA (Consumer Staples)		8,580,523
	25,295	LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)		10,095,058
	498,774	Natixis SA (Financials)		1,934,546
	81,209	Orange SA (Communication Services)		1,234,154
	15,462	Pernod Ricard SA (Consumer Staples)		2,957,682
	186,616	Peugeot SA (Consumer Discretionary)		4,178,036
	26,829	Publicis Groupe SA (Communication Services)		1,288,772
	6,158	Remy Cointreau SA (Consumer Staples)*		931,778
	26,370	Safran SA (Industrials)		3,837,631
	91,933	Sanofi (Health Care)		7,908,964
	7,470	Sartorius Stedim Biotech (Health Care)		1,158,268
	34,410	Schneider Electric SE (Industrials)		2,886,008
	19,838	SCOR SE (Financials)		792,813
	20,226	SEB SA (Consumer Discretionary)		3,151,754
	15,235	Societe BIC SA (Industrials)		974,775
	82,175	Societe Generale SA (Financials)		2,086,367
	6,174	Sodexo SA (Consumer Discretionary)		700,989
	184,767	Suez (Utilities)		2,874,080
	7,750	Teleperformance (Industrials)		1,694,989
	6,544	Thales SA (Industrials)		757,772
	154,599	TOTAL SA (Energy)		7,727,745
	40,133	Ubisoft Entertainment SA (Communication Services)*		3,242,253
	3,834	Unibail-Rodamco-Westfield REIT (Real Estate)		502,863
	36,153	Valeo SA (Consumer Discretionary)		988,967
	43,140	Veolia Environnement SA (Utilities)		1,033,297

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2019

Shares		Description	Value
Common Stocks – (continued)
France – (continued)
	42,667	Vinci SA (Industrials)	$	4,675,210
	48,111	Vivendi SA (Communication Services)		1,347,338
	3,730	Wendel SA (Financials)		523,727
	21,826	Worldline SA (Information Technology)*(b)		1,509,453
				166,681,789
Germany – 7.2%
	32,485	adidas AG (Consumer Discretionary)		9,648,277
	36,920	Allianz SE (Financials)		8,151,959
	106,848	Aroundtown SA (Real Estate)		890,264
	16,546	Axel Springer SE (Communication Services)		1,147,941
	39,658	BASF SE (Materials)		2,628,264
	73,796	Bayer AG (Health Care)		5,472,577
	7,572	Bayerische Motoren Werke AG (Consumer Discretionary)		507,074
	35,686	Beiersdorf AG (Consumer Staples)		4,499,759
	30,633	Brenntag AG (Industrials)		1,478,587
	3,155	Carl Zeiss Meditec AG (Health Care)		364,469
	56,199	Commerzbank AG (Financials)		319,286
	5,591	Continental AG (Consumer Discretionary)		675,802
	48,279	Covestro AG (Materials)(b)		2,189,959
	19,960	Daimler AG (Consumer Discretionary)		938,697
	25,756	Deutsche Boerse AG (Financials)		3,793,658
	118,848	Deutsche Lufthansa AG (Industrials)		1,829,721
	162,244	Deutsche Post AG (Industrials)		5,342,269
	220,378	Deutsche Telekom AG (Communication Services)		3,683,083
	23,281	Deutsche Wohnen SE (Real Estate)		827,088
	140,303	E.ON SE (Utilities)		1,306,371
	19,889	Evonik Industries AG (Materials)		507,706
	7,574	Fraport AG Frankfurt Airport Services Worldwide (Industrials)		633,739
	13,003	Fresenius Medical Care AG & Co KGaA (Health Care)		876,357
	35,544	Fresenius SE & Co KGaA (Health Care)		1,728,547
	10,037	Hannover Rueck SE (Financials)		1,600,510
	29,788	HeidelbergCement AG (Materials)		2,067,966
	14,620	Henkel AG & Co KGaA (Consumer Staples)		1,353,228
	9,889	HOCHTIEF AG (Industrials)		1,077,591
	43,406	HUGO BOSS AG (Consumer Discretionary)		2,422,548
	62,807	Infineon Technologies AG (Information Technology)		1,089,230
	31,547	Innogy SE (Utilities)(b)		1,573,426
	14,491	KION Group AG (Industrials)		702,002
	14,295	Knorr-Bremse AG (Industrials)		1,337,944
	27,069	Merck KGaA (Health Care)		2,899,295
	77,770	METRO AG (Consumer Staples)(a)		1,205,871
	6,404	MTU Aero Engines AG (Industrials)		1,751,112
Common Stocks – (continued)
Germany – (continued)
	9,149	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)		2,195,416
	48,251	Puma SE (Consumer Discretionary)		3,669,069
	190,540	RWE AG (Utilities)		5,436,752
	69,699	SAP SE (Information Technology)		8,335,704
	41,872	Siemens AG (Industrials)		4,193,845
	8,774	Siemens Healthineers AG (Health Care)(b)		345,043
	12,034	Symrise AG (Materials)		1,125,397
	180,496	Telefonica Deutschland Holding AG (Communication Services)		460,354
	73,782	Uniper SE (Utilities)		2,240,130
	39,175	Vonovia SE (Real Estate)		1,954,309
	56,937	Zalando SE (Consumer Discretionary)*(b)		2,821,584
				111,299,780
Hong Kong – 2.9%
	646,377	AIA Group Ltd. (Financials)		6,290,242
	67,866	ASM Pacific Technology Ltd. (Information Technology)		778,237
	341,196	Bank of East Asia Ltd. (The) (Financials)		863,076
	142,575	CK Asset Holdings Ltd. (Real Estate)		968,957
	317,247	CK Hutchison Holdings Ltd. (Industrials)		2,765,412
	57,272	CK Infrastructure Holdings Ltd. (Utilities)		386,304
	78,774	CLP Holdings Ltd. (Utilities)		811,834
	321,872	Dairy Farm International Holdings Ltd. (Consumer Staples)		2,304,604
	175,305	Hang Lung Properties Ltd. (Real Estate)		396,460
	80,352	Hang Seng Bank Ltd. (Financials)		1,677,728
	86,690	Henderson Land Development Co. Ltd. (Real Estate)		403,835
	777,338	HK Electric Investments & HK Electric Investments Ltd. (Utilities)		745,060
	679,696	HKT Trust & HKT Ltd. (Communication Services)		1,063,523
	948,390	Hong Kong & China Gas Co. Ltd. (Utilities)		1,832,544
	126,957	Hong Kong Exchanges & Clearing Ltd. (Financials)		3,888,745
	72,347	Hongkong Land Holdings Ltd. (Real Estate)		395,015
	13,635	Jardine Matheson Holdings Ltd. (Industrials)		741,335
	26,659	Jardine Strategic Holdings Ltd. (Industrials)		842,424
	689,073	Kerry Properties Ltd. (Real Estate)		2,326,122
	140,636	Link REIT (Real Estate)		1,579,504
	147,955	MTR Corp. Ltd. (Industrials)		857,289
	258,815	New World Development Co. Ltd. (Real Estate)		323,050

50 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)
	389,515	NWS Holdings Ltd. (Industrials)	$	671,119
	1,758,728	PCCW Ltd. (Communication Services)		953,958
	63,426	Power Assets Holdings Ltd. (Utilities)		422,551
	475,883	Shangri-La Asia Ltd. (Consumer Discretionary)		497,423
	66,980	Sun Hung Kai Properties Ltd. (Real Estate)		949,731
	271,297	Swire Pacific Ltd., Class A (Real Estate)		2,657,449
	214,969	Techtronic Industries Co. Ltd. (Industrials)		1,487,020
	662,916	Vitasoy International Holdings Ltd. (Consumer Staples)		3,088,111
	1,659,946	WH Group Ltd. (Consumer Staples)(b)		1,336,795
	56,767	Wharf Real Estate Investment Co. Ltd. (Real Estate)		307,550
	67,236	Wheelock & Co. Ltd. (Real Estate)		390,870
	109,806	Yue Yuen Industrial Holdings Ltd. (Consumer Discretionary)		280,984
				45,284,861
Ireland – 0.5%
	83,551	Bank of Ireland Group PLC (Financials)		318,540
	51,358	CRH PLC (Materials)		1,712,576
	43,758	James Hardie Industries PLC CDI (Materials)		664,818
	14,273	Kerry Group PLC, Class A (Consumer Staples)		1,702,275
	78,681	Smurfit Kappa Group PLC (Materials)		2,431,328
				6,829,537
Israel – 0.8%
	5,584	Azrieli Group Ltd. (Real Estate)		416,576
	109,149	Bank Hapoalim BM (Financials)*		800,668
	276,760	Bank Leumi Le-Israel BM (Financials)		1,887,526
	11,801	Check Point Software Technologies Ltd. (Information Technology)*		1,270,968
	5,625	CyberArk Software Ltd. (Information Technology)*		631,912
	144,756	Israel Discount Bank Ltd., Class A (Financials)		603,090
	47,103	Mizrahi Tefahot Bank Ltd. (Financials)		1,084,606
	18,712	Nice Ltd. (Information Technology)*		2,864,501
	272,123	Teva Pharmaceutical Industries Ltd. ADR (Health Care)*		1,877,649
	8,039	Wix.com Ltd. (Information Technology)*		1,127,470
				12,564,966
Common Stocks – (continued)
Italy – 2.4%
	176,334	Assicurazioni Generali SpA (Financials)		3,198,273
	46,307	Atlantia SpA (Industrials)		1,130,572
	117,532	Davide Campari-Milano SpA (Consumer Staples)		1,103,409
	493,677	Enel SpA (Utilities)		3,584,906
	216,534	Eni SpA (Energy)		3,262,106
	21,673	Ferrari NV (Consumer Discretionary)		3,417,811
	96,276	FinecoBank Banca Fineco SpA (Financials)		994,293
	991,893	Intesa Sanpaolo SpA (Financials)		2,177,217
	82,300	Leonardo SpA (Industrials)		1,008,744
	40,292	Mediobanca Banca di Credito Finanziario SpA (Financials)		399,788
	89,180	Moncler SpA (Consumer Discretionary)		3,347,961
	186,519	Poste Italiane SpA (Financials)(b)		2,007,208
	43,829	Prysmian SpA (Industrials)		960,748
	46,824	Recordati SpA (Health Care)		2,055,378
	284,244	Snam SpA (Utilities)		1,439,596
	3,740,505	Telecom Italia SpA (Communication Services)*		1,995,356
	3,848,840	Telecom Italia SpA-RSP (Communication Services)		1,963,713
	208,840	Terna Rete Elettrica Nazionale SpA (Utilities)		1,313,215
	153,588	UniCredit SpA (Financials)		1,701,536
				37,061,830
Japan – 20.9%
	17,225	ABC-Mart, Inc. (Consumer Discretionary)		1,101,868
	20,668	Advantest Corp. (Information Technology)		849,930
	53,185	Aeon Co. Ltd. (Consumer Staples)(a)		943,997
	25,329	Ajinomoto Co., Inc. (Consumer Staples)		462,219
	47,048	Alfresa Holdings Corp. (Health Care)		1,065,999
	24,569	ANA Holdings, Inc. (Industrials)(a)		840,686
	16,658	Aozora Bank Ltd. (Financials)		385,278
	46,319	Asahi Group Holdings Ltd. (Consumer Staples)		2,162,673
	18,140	Asahi Intecc Co. Ltd. (Health Care)		405,713
	281,417	Astellas Pharma, Inc. (Health Care)		3,902,641
	67,130	Bandai Namco Holdings, Inc. (Consumer Discretionary)		3,952,730
	28,540	Benesse Holdings, Inc. (Consumer Discretionary)		730,809
	44,872	Bridgestone Corp. (Consumer Discretionary)		1,713,375
	112,890	Brother Industries Ltd. (Information Technology)		1,956,923
	83,935	Calbee, Inc. (Consumer Staples)		2,562,056
	83,733	Canon, Inc. (Information Technology)		2,178,028

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2019

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	32,876	Casio Computer Co. Ltd. (Consumer Discretionary)	$	459,325
	9,050	Central Japan Railway Co. (Industrials)		1,791,754
	39,439	Chubu Electric Power Co., Inc. (Utilities)		582,045
	16,119	Chugai Pharmaceutical Co. Ltd. (Health Care)		1,154,123
	60,872	Chugoku Electric Power Co., Inc. (The) (Utilities)		778,212
	51,522	Coca-Cola Bottlers Japan Holdings, Inc. (Consumer Staples)		1,121,257
	72,852	Credit Saison Co. Ltd. (Financials)		811,259
	39,026	CyberAgent, Inc. (Communication Services)		1,761,124
	36,613	Dai Nippon Printing Co. Ltd. (Industrials)		793,003
	49,149	Dai-ichi Life Holdings, Inc. (Financials)		670,477
	45,813	Daiichi Sankyo Co. Ltd. (Health Care)		3,029,023
	15,654	Daikin Industries Ltd. (Industrials)		1,940,067
	5,879	Daito Trust Construction Co. Ltd. (Real Estate)		757,687
	34,894	Daiwa House Industry Co. Ltd. (Real Estate)		1,095,358
	334	Daiwa House REIT Investment Corp. REIT (Real Estate)		882,318
	15,570	Denso Corp. (Consumer Discretionary)		653,927
	9,878	East Japan Railway Co. (Industrials)		941,316
	20,926	Eisai Co. Ltd. (Health Care)		1,070,500
	103,686	Electric Power Development Co. Ltd. (Utilities)		2,404,964
	43,164	FamilyMart UNY Holdings Co. Ltd. (Consumer Staples)(a)		996,296
	10,268	Fast Retailing Co. Ltd. (Consumer Discretionary)(a)		6,020,824
	59,348	FUJIFILM Holdings Corp. (Information Technology)		2,543,446
	40,800	Fujitsu Ltd. (Information Technology)		3,153,068
	4,506	GMO Payment Gateway, Inc. (Information Technology)		349,375
	50,773	Hakuhodo DY Holdings, Inc. (Communication Services)		750,510
	11,543	Hamamatsu Photonics KK (Information Technology)		399,103
	19,897	Hankyu Hanshin Holdings, Inc. (Industrials)		754,491
	2,591	Hikari Tsushin, Inc. (Consumer Discretionary)		607,809
	60,805	Hitachi Ltd. (Information Technology)		2,078,867
	177,474	Honda Motor Co. Ltd. (Consumer Discretionary)		4,219,282
	72,726	Hoya Corp. (Health Care)		5,925,924
	50,744	Idemitsu Kosan Co. Ltd. (Energy)		1,364,870
Common Stocks – (continued)
Japan – (continued)
	25,790	Iida Group Holdings Co. Ltd. (Consumer Discretionary)		401,872
	56,107	Isetan Mitsukoshi Holdings Ltd. (Consumer Discretionary)		425,514
	53,400	Isuzu Motors Ltd. (Consumer Discretionary)		575,027
	186,939	ITOCHU Corp. (Industrials)		3,731,031
	13,943	Itochu Techno-Solutions Corp. (Information Technology)		384,616
	117,809	J Front Retailing Co. Ltd. (Consumer Discretionary)		1,334,085
	33,048	Japan Airlines Co. Ltd. (Industrials)		1,033,363
	27,799	Japan Exchange Group, Inc. (Financials)		440,510
	54,744	Japan Post Bank Co. Ltd. (Financials)		499,243
	136,692	Japan Post Holdings Co. Ltd. (Financials)		1,244,001
	231	Japan Prime Realty Investment Corp. REIT (Real Estate)		1,055,490
	197	Japan Real Estate Investment Corp. REIT (Real Estate)		1,312,158
	366	Japan Retail Fund Investment Corp. REIT (Real Estate)		733,069
	47,349	Japan Tobacco, Inc. (Consumer Staples)		1,003,900
	56,917	JTEKT Corp. (Industrials)		617,725
	423,302	JXTG Holdings, Inc. (Energy)		1,751,113
	143,366	Kakaku.com, Inc. (Communication Services)		3,594,111
	43,633	Kamigumi Co. Ltd. (Industrials)		1,023,153
	56,911	Kao Corp. (Consumer Staples)		4,114,513
	21,839	Kawasaki Heavy Industries Ltd. (Industrials)		428,571
	124,783	KDDI Corp. (Communication Services)		3,332,798
	27,082	Keihan Holdings Co. Ltd. (Industrials)		1,135,380
	20,689	Keikyu Corp. (Industrials)		379,690
	16,474	Keio Corp. (Industrials)		1,030,546
	14,629	Keisei Electric Railway Co. Ltd. (Industrials)		576,091
	3,944	Keyence Corp. (Information Technology)		2,337,158
	37,201	Kikkoman Corp. (Consumer Staples)		1,675,263
	23,031	Kintetsu Group Holdings Co. Ltd. (Industrials)		1,147,807
	81,735	Kirin Holdings Co. Ltd. (Consumer Staples)		1,615,911
	9,708	Kobayashi Pharmaceutical Co. Ltd. (Consumer Staples)		728,020
	265,239	Konica Minolta, Inc. (Information Technology)		1,889,120
	26,864	Kose Corp. (Consumer Staples)		4,618,852
	6,066	Kyocera Corp. (Information Technology)		360,891
	61,864	Kyushu Electric Power Co., Inc. (Utilities)		611,384

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	25,277	Kyushu Railway Co. (Industrials)	$	758,465
	38,547	Lawson, Inc. (Consumer Staples)		1,913,822
	45,467	LINE Corp. (Communication Services)*		1,597,738
	134,696	Lion Corp. (Consumer Staples)		2,620,446
	32,109	M3, Inc. (Health Care)		682,140
	335,265	Marubeni Corp. (Industrials)		2,141,817
	18,588	Maruichi Steel Tube Ltd. (Materials)		452,507
	61,528	Mazda Motor Corp. (Consumer Discretionary)		517,173
	18,209	McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary)		855,169
	165,894	Medipal Holdings Corp. (Health Care)		3,527,465
	32,648	MEIJI Holdings Co. Ltd. (Consumer Staples)		2,269,935
	79,751	MISUMI Group, Inc. (Industrials)		1,809,227
	327,475	Mitsubishi Chemical Holdings Corp. (Materials)		2,249,703
	131,887	Mitsubishi Corp. (Industrials)		3,211,907
	90,271	Mitsubishi Electric Corp. (Industrials)		1,091,552
	46,276	Mitsubishi Estate Co. Ltd. (Real Estate)		886,762
	51,828	Mitsubishi Heavy Industries Ltd. (Industrials)		1,949,196
	30,453	Mitsubishi Materials Corp. (Materials)		738,767
	647,651	Mitsubishi UFJ Financial Group, Inc. (Financials)		3,114,241
	329,610	Mitsubishi UFJ Lease & Finance Co. Ltd. (Financials)		1,782,431
	68,980	Mitsui & Co. Ltd. (Industrials)		1,080,727
	15,168	Mitsui Fudosan Co. Ltd. (Real Estate)		363,820
	900,774	Mizuho Financial Group, Inc. (Financials)		1,312,824
	88,361	MonotaRO Co. Ltd. (Industrials)		2,173,542
	21,488	MS&AD Insurance Group Holdings, Inc. (Financials)		683,640
	19,861	Murata Manufacturing Co. Ltd. (Information Technology)		834,332
	48,205	Nagoya Railroad Co. Ltd. (Industrials)		1,437,362
	62,900	NEC Corp. (Information Technology)		2,696,265
	12,081	NH Foods Ltd. (Consumer Staples)		464,369
	3,476	Nidec Corp. (Industrials)		453,719
	1,652	Nintendo Co. Ltd. (Communication Services)		627,058
	191	Nippon Building Fund, Inc. REIT (Real Estate)		1,403,552
	91,001	Nippon Electric Glass Co. Ltd. (Information Technology)		1,890,407
	438	Nippon Prologis REIT, Inc. REIT (Real Estate)		1,187,587
	103,467	Nippon Telegraph & Telephone Corp. (Communication Services)		4,967,430
	16,264	Nissan Chemical Corp. (Materials)		688,743
	111,315	Nissan Motor Co. Ltd. (Consumer Discretionary)		688,371
	42,054	Nisshin Seifun Group, Inc. (Consumer Staples)		791,595
Common Stocks – (continued)
Japan – (continued)
	5,601	Nissin Foods Holdings Co. Ltd. (Consumer Staples)		388,896
	25,756	Nitori Holdings Co. Ltd. (Consumer Discretionary)		3,718,599
	167,819	Nomura Real Estate Holdings, Inc. (Real Estate)		3,560,492
	592	Nomura Real Estate Master Fund, Inc. REIT (Real Estate)		1,034,585
	108,387	NTT Data Corp. (Information Technology)		1,399,958
	170,977	NTT DOCOMO, Inc. (Communication Services)		4,320,131
	10,944	Obic Co. Ltd. (Information Technology)		1,252,717
	26,128	Odakyu Electric Railway Co. Ltd. (Industrials)		593,231
	190,106	Oji Holdings Corp. (Materials)		886,546
	185,383	Olympus Corp. (Health Care)		2,172,655
	37,989	Omron Corp. (Information Technology)		1,882,539
	19,905	Ono Pharmaceutical Co. Ltd. (Health Care)		368,021
	6,851	Oracle Corp. Japan (Information Technology)		590,576
	19,029	Oriental Land Co. Ltd. (Consumer Discretionary)		2,773,363
	94,971	ORIX Corp. (Financials)		1,403,830
	33,626	Osaka Gas Co. Ltd. (Utilities)		602,540
	12,583	Otsuka Corp. (Information Technology)		467,662
	21,714	Otsuka Holdings Co. Ltd. (Health Care)		893,763
	128,781	Panasonic Corp. (Consumer Discretionary)		994,991
	17,388	Park24 Co. Ltd. (Industrials)		356,950
	6,291	PeptiDream, Inc. (Health Care)*		330,123
	72,794	Persol Holdings Co. Ltd. (Industrials)		1,479,266
	29,312	Pigeon Corp. (Consumer Staples)		1,065,941
	115,823	Pola Orbis Holdings, Inc. (Consumer Staples)		2,756,313
	99,192	Rakuten, Inc. (Consumer Discretionary)		935,430
	209,044	Recruit Holdings Co. Ltd. (Industrials)		6,339,560
	243,539	Renesas Electronics Corp. (Information Technology)*		1,523,481
	180,887	Resona Holdings, Inc. (Financials)		710,631
	66,097	Ricoh Co. Ltd. (Information Technology)		612,119
	118,271	Ryohin Keikaku Co. Ltd. (Consumer Discretionary)		2,040,173
	12,875	Sankyo Co. Ltd. (Consumer Discretionary)		445,764
	12,155	Secom Co. Ltd. (Industrials)		1,037,947
	59,599	Sekisui Chemical Co. Ltd. (Consumer Discretionary)		859,636

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2019

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	30,464	Sekisui House Ltd. (Consumer Discretionary)	$	541,145
	65,531	Seven & i Holdings Co. Ltd. (Consumer Staples)		2,319,468
	25,648	SG Holdings Co. Ltd. (Industrials)		686,959
	32,129	Shimadzu Corp. (Information Technology)		799,706
	10,865	Shimamura Co. Ltd. (Consumer Discretionary)		849,588
	3,576	Shimano, Inc. (Consumer Discretionary)		514,443
	3,359	Shin-Etsu Chemical Co. Ltd. (Materials)		339,080
	39,347	Shinsei Bank Ltd. (Financials)		538,985
	26,953	Shionogi & Co. Ltd. (Health Care)		1,446,110
	85,834	Shiseido Co. Ltd. (Consumer Staples)		7,027,156
	17,873	Showa Denko KK (Materials)		461,706
	57,491	SoftBank Group Corp. (Communication Services)		2,612,809
	9,757	Sompo Holdings, Inc. (Financials)		390,115
	79,534	Sony Corp. (Consumer Discretionary)		4,527,245
	16,434	Sony Financial Holdings, Inc. (Financials)		379,943
	20,231	Stanley Electric Co. Ltd. (Consumer Discretionary)		503,369
	54,896	SUMCO Corp. (Information Technology)		681,125
	124,548	Sumitomo Corp. (Industrials)		1,868,601
	66,842	Sumitomo Dainippon Pharma Co. Ltd. (Health Care)		1,168,767
	33,424	Sumitomo Electric Industries Ltd. (Consumer Discretionary)		393,927
	96,726	Sumitomo Mitsui Financial Group, Inc. (Financials)		3,174,840
	25,724	Sumitomo Mitsui Trust Holdings, Inc. (Financials)		841,431
	26,688	Sumitomo Realty & Development Co. Ltd. (Real Estate)		1,004,461
	43,012	Sumitomo Rubber Industries Ltd. (Consumer Discretionary)		485,858
	52,421	Sundrug Co. Ltd. (Consumer Staples)		1,632,214
	41,564	Suntory Beverage & Food Ltd. (Consumer Staples)		1,793,425
	43,162	Suzuken Co. Ltd. (Health Care)		2,321,871
	21,698	Suzuki Motor Corp. (Consumer Discretionary)		837,707
	37,957	Sysmex Corp. (Health Care)		2,425,214
	13,562	Taiheiyo Cement Corp. (Materials)		342,675
	8,082	Taisho Pharmaceutical Holdings Co. Ltd. (Health Care)		563,444
	32,920	Taiyo Nippon Sanso Corp. (Materials)		653,159
	18,517	Takeda Pharmaceutical Co. Ltd. (Health Care)		626,276
	41,792	Teijin Ltd. (Materials)		752,016
	44,891	Terumo Corp. (Health Care)		1,305,559
	26,182	Tobu Railway Co. Ltd. (Industrials)		804,120
Common Stocks – (continued)
Japan – (continued)
	15,925	Toho Co. Ltd. (Communication Services)		675,888
	14,826	Toho Gas Co. Ltd. (Utilities)		576,167
	53,825	Tohoku Electric Power Co., Inc. (Utilities)		538,529
	38,278	Tokio Marine Holdings, Inc. (Financials)		1,973,312
	10,627	Tokyo Century Corp. (Financials)		428,504
	15,336	Tokyo Electron Ltd. (Information Technology)		2,745,873
	20,508	Tokyo Gas Co. Ltd. (Utilities)		518,858
	36,423	Tokyu Corp. (Industrials)		651,630
	36,193	Toppan Printing Co. Ltd. (Industrials)		577,274
	50,748	Toray Industries, Inc. (Materials)		362,209
	19,332	Toshiba Corp. (Industrials)		601,023
	14,440	TOTO Ltd. (Industrials)		523,075
	36,287	Toyo Seikan Group Holdings Ltd. (Materials)		529,203
	17,088	Toyo Suisan Kaisha Ltd. (Consumer Staples)		696,270
	25,581	Toyoda Gosei Co. Ltd. (Consumer Discretionary)		476,458
	103,768	Toyota Motor Corp. (Consumer Discretionary)		6,804,138
	49,218	Toyota Tsusho Corp. (Industrials)		1,527,847
	10,756	Trend Micro, Inc. (Information Technology)		521,865
	14,703	Tsuruha Holdings, Inc. (Consumer Staples)		1,604,039
	31,691	Unicharm Corp. (Consumer Staples)		974,809
	522	United Urban Investment Corp. REIT (Real Estate)		979,626
	27,446	USS Co. Ltd. (Consumer Discretionary)		519,210
	45,799	Welcia Holdings Co. Ltd. (Consumer Staples)(a)		2,394,691
	15,658	West Japan Railway Co. (Industrials)		1,320,261
	10,585	Yakult Honsha Co. Ltd. (Consumer Staples)		610,299
	406,608	Yamada Denki Co. Ltd. (Consumer Discretionary)		1,915,342
	12,957	Yamaha Corp. (Consumer Discretionary)		559,686
	81,939	Yamato Holdings Co. Ltd. (Industrials)		1,419,622
	163,548	Yamazaki Baking Co. Ltd. (Consumer Staples)		2,844,313
	17,533	Yaskawa Electric Corp. (Information Technology)(a)		589,692
	38,734	Yokogawa Electric Corp. (Information Technology)		704,288
	128,756	Yokohama Rubber Co. Ltd. (The) (Consumer Discretionary)		2,478,200
	151,735	ZOZO, Inc. (Consumer Discretionary)		3,033,413
				322,222,871

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Luxembourg – 0.3%
	258,900	ArcelorMittal (Materials)	$	3,732,708
	8,478	RTL Group SA (Communication Services)(a)		395,676
	29,831	SES SA (Communication Services)		481,437
				4,609,821
Macau – 0.1%
	80,611	Sands China Ltd. (Consumer Discretionary)		366,257
	885,406	SJM Holdings Ltd. (Consumer Discretionary)		837,341
	438,734	Wynn Macau Ltd. (Consumer Discretionary)		877,989
				2,081,587
Netherlands – 3.9%
	40,763	ABN AMRO Bank NV (Financials)(b)		726,549
	414,222	Aegon NV (Financials)		1,579,689
	11,884	Akzo Nobel NV (Materials)		1,066,219
	19,684	ASML Holding NV (Information Technology)		4,384,174
	37,465	EXOR NV (Financials)		2,537,388
	42,580	Heineken Holding NV (Consumer Staples)		4,217,866
	22,200	Heineken NV (Consumer Staples)		2,365,564
	242,575	ING Groep NV (Financials)		2,323,279
	242,161	Koninklijke Ahold Delhaize NV (Consumer Staples)		5,676,280
	16,005	Koninklijke DSM NV (Materials)		1,993,445
	233,348	Koninklijke KPN NV (Communication Services)		740,087
	100,791	Koninklijke Philips NV (Health Care)		4,760,067
	15,029	Koninklijke Vopak NV (Energy)		717,638
	80,098	NN Group NV (Financials)		2,686,813
	29,479	NXP Semiconductors NV (Information Technology)		3,010,985
	46,395	Randstad NV (Industrials)		2,168,876
	296,741	Royal Dutch Shell PLC, Class A (Energy)		8,223,341
	245,025	Royal Dutch Shell PLC, Class B (Energy)		6,758,845
	54,499	Wolters Kluwer NV (Industrials)		3,932,316
				59,869,421
New Zealand – 0.3%
	125,992	a2 Milk Co. Ltd. (Consumer Staples)*		1,148,243
	70,094	Auckland International Airport Ltd. (Industrials)		425,284
	126,423	Fisher & Paykel Healthcare Corp. Ltd. (Health Care)		1,327,587
	285,083	Meridian Energy Ltd. (Utilities)		895,413
	284,206	Spark New Zealand Ltd. (Communication Services)		792,279
				4,588,806
Common Stocks – (continued)
Norway – 0.7%
	41,422	DNB ASA (Financials)		668,211
	88,925	Equinor ASA (Energy)		1,521,429
	105,559	Gjensidige Forsikring ASA (Financials)		2,039,600
	83,730	Mowi ASA (Consumer Staples)		2,004,463
	74,066	Orkla ASA (Consumer Staples)		679,313
	86,837	Schibsted ASA, Class B (Communication Services)		2,517,498
	51,166	Telenor ASA (Communication Services)		1,051,273
				10,481,787
Portugal – 0.4%
	916,691	EDP – Energias de Portugal SA (Utilities)		3,470,682
	30,678	Galp Energia SGPS SA (Energy)		441,221
	161,456	Jeronimo Martins SGPS SA (Consumer Staples)(a)		2,668,829
				6,580,732
Russia – 0.1%
	276,703	Evraz PLC (Materials)		1,672,446
Singapore – 1.5%
	252,659	Ascendas Real Estate Investment Trust REIT (Real Estate)		560,979
	436,145	CapitaLand Commercial Trust REIT (Real Estate)		669,686
	446,865	CapitaLand Mall Trust REIT (Real Estate)		853,656
	257,553	ComfortDelGro Corp. Ltd. (Industrials)		454,877
	207,244	DBS Group Holdings Ltd. (Financials)		3,664,717
	13,283,710	Golden Agri-Resources Ltd. (Consumer Staples)		2,537,618
	64,487	Jardine Cycle & Carriage Ltd. (Consumer Discretionary)		1,431,805
	473,468	Oversea-Chinese Banking Corp. Ltd. (Financials)		3,634,973
	715,665	Singapore Exchange Ltd. (Financials)		4,230,430
	112,320	Singapore Technologies Engineering Ltd. (Industrials)		319,017
	249,339	Singapore Telecommunications Ltd. (Communication Services)		569,784
	266,520	Suntec Real Estate Investment Trust REIT (Real Estate)		370,807
	133,825	United Overseas Bank Ltd. (Financials)		2,407,924
	722,674	Wilmar International Ltd. (Consumer Staples)		1,984,853
				23,691,126

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2019

Shares		Description	Value
Common Stocks – (continued)
South Africa – 0.3%
	169,513	Anglo American PLC (Materials)	$	3,662,684
	122,302	Investec PLC (Financials)		629,146
				4,291,830
Spain – 2.6%
	83,331	ACS Actividades de Construccion y Servicios SA (Industrials)		3,154,075
	9,764	Aena SME SA (Industrials)(b)		1,763,427
	74,756	Amadeus IT Group SA (Information Technology)		5,578,345
	387,505	Banco Bilbao Vizcaya Argentaria SA (Financials)		1,838,822
	927,015	Banco de Sabadell SA (Financials)		795,058
	1,036,006	Banco Santander SA (Financials)		3,924,702
	54,207	Bankinter SA (Financials)		316,267
	13,290	Cellnex Telecom SA (Communication Services)*(b)		532,736
	40,198	Enagas SA (Utilities)		878,942
	52,284	Endesa SA (Utilities)		1,345,592
	46,937	Ferrovial SA (Industrials)		1,337,204
	474,328	Iberdrola SA (Utilities)		4,885,052
	158,211	Industria de Diseno Textil SA (Consumer Discretionary)		4,899,344
	479,638	Mapfre SA (Financials)		1,250,781
	51,168	Naturgy Energy Group SA (Utilities)		1,341,101
	37,020	Red Electrica Corp. SA (Utilities)		738,925
	291,971	Repsol SA (Energy)		4,250,667
	187,170	Telefonica SA (Communication Services)		1,298,768
				40,129,808
Sweden – 2.0%
	45,555	Assa Abloy AB, Class B (Industrials)		951,811
	66,557	Atlas Copco AB, Class A (Industrials)		1,989,217
	27,045	Atlas Copco AB, Class B (Industrials)		721,160
	34,274	Electrolux AB, Series B (Consumer Discretionary)		767,135
	66,569	Epiroc AB, Class A (Industrials)		690,344
	26,224	Essity AB, Class B (Consumer Staples)		818,531
	224,465	Hennes & Mauritz AB, Class B (Consumer Discretionary)		4,302,620
	19,994	Hexagon AB, Class B (Information Technology)		888,912
	51,695	Husqvarna AB, Class B (Consumer Discretionary)		401,149
	21,053	ICA Gruppen AB (Consumer Staples)		1,033,243
	27,331	Industrivarden AB, Class C (Financials)		572,160
	32,445	Investor AB, Class B (Financials)		1,522,534
	22,015	Kinnevik AB, Class B (Financials)		600,279
	17,781	L E Lundbergforetagen AB, Class B (Financials)		666,506
Common Stocks – (continued)
Sweden – (continued)
	87,953	Sandvik AB (Industrials)		1,262,327
	147,366	Securitas AB, Class B (Industrials)		2,208,206
	96,864	Skandinaviska Enskilda Banken AB, Class A (Financials)		833,243
	140,377	Skanska AB, Class B (Industrials)		2,632,391
	41,291	SKF AB, Class B (Industrials)		666,724
	70,641	Svenska Handelsbanken AB, Class A (Financials)		622,218
	51,616	Swedbank AB, Class A (Financials)		663,700
	58,677	Swedish Match AB (Consumer Staples)		2,303,569
	333,907	Telefonaktiebolaget LM Ericsson, Class B (Information Technology)		2,603,350
	207,195	Telia Co. AB (Communication Services)		907,645
	49,510	Volvo AB, Class B (Industrials)		684,077
				31,313,051
Switzerland – 8.8%
	44,871	ABB Ltd. (Industrials)		850,302
	30,541	Adecco Group AG (Industrials)		1,606,917
	35,442	Alcon, Inc. (Health Care)*		2,159,940
	5,603	Baloise Holding AG (Financials)		955,305
	849	Barry Callebaut AG (Consumer Staples)		1,736,698
	339	Chocoladefabriken Lindt & Spruengli AG (Consumer Staples)		2,509,652
	23,555	Cie Financiere Richemont SA (Consumer Discretionary)		1,828,313
	18,324	Clariant AG (Materials)*		337,423
	94,460	Coca-Cola HBC AG (Consumer Staples)*		3,140,541
	103,529	Credit Suisse Group AG (Financials)*		1,210,079
	22,066	Dufry AG (Consumer Discretionary)*		1,789,455
	1,281	EMS-Chemie Holding AG (Materials)		761,907
	2,420	Geberit AG (Industrials)		1,100,856
	729	Givaudan SA (Materials)		1,971,604
	1,393,155	Glencore PLC (Materials)*		4,020,222
	32,060	Kuehne + Nagel International AG (Industrials)		4,667,485
	31,603	LafargeHolcim Ltd. (Materials)*		1,493,832
	3,996	Lonza Group AG (Health Care)*		1,412,705
	266,975	Nestle SA (Consumer Staples)		29,950,200
	177,154	Novartis AG (Health Care)		15,936,609
	11,300	Pargesa Holding SA (Financials)		826,272
	7,003	Partners Group Holding AG (Financials)		5,680,537
	65,262	Roche Holding AG (Health Care)		17,848,196
	3,907	Schindler Holding AG (Industrials)		886,079
	5,329	Schindler Holding AG Participation Certificates (Industrials)		1,217,195
	1,515	SGS SA (Industrials)		3,720,703
	6,648	Sika AG (Materials)		954,753

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Switzerland – (continued)
	12,741	Sonova Holding AG (Health Care)	$	2,957,813
	186,781	STMicroelectronics NV (Information Technology)		3,316,793
	4,445	Straumann Holding AG (Health Care)		3,484,301
	6,820	Swatch Group AG (The) – Bearer (Consumer Discretionary)		1,847,938
	26,768	Swatch Group AG (The) – Registered (Consumer Discretionary)		1,367,550
	6,590	Swiss Life Holding AG (Financials)		3,125,663
	10,422	Swiss Prime Site AG (Real Estate)*		1,037,513
	17,935	Swiss Re AG (Financials)		1,724,892
	2,020	Swisscom AG (Communication Services)		1,008,724
	8,155	Temenos AG (Information Technology)*		1,366,516
	159,649	UBS Group AG (Financials)*		1,686,121
	8,218	Zurich Insurance Group AG (Financials)		2,925,241
				136,422,845
United Kingdom – 12.0%
	290,910	3i Group PLC (Financials)		3,884,733
	188,855	Admiral Group PLC (Financials)		4,938,038
	15,783	Ashtead Group PLC (Industrials)		436,516
	58,392	Associated British Foods PLC (Consumer Staples)		1,614,970
	88,219	AstraZeneca PLC (Health Care)		7,862,279
	771,496	Auto Trader Group PLC (Communication Services)(b)		4,994,736
	716,398	Aviva PLC (Financials)		3,089,400
	104,777	BAE Systems PLC (Industrials)		696,200
	1,062,026	Barclays PLC (Financials)		1,766,769
	259,055	Barratt Developments PLC (Consumer Discretionary)		1,995,160
	38,093	Berkeley Group Holdings PLC (Consumer Discretionary)		1,817,158
	1,204,287	BP PLC (Energy)		7,336,140
	138,912	British American Tobacco PLC (Consumer Staples)		4,872,212
	94,129	British Land Co. PLC (The) REIT (Real Estate)		584,409
	331,896	BT Group PLC (Communication Services)		669,516
	39,413	Bunzl PLC (Industrials)		966,223
	201,689	Burberry Group PLC (Consumer Discretionary)		5,315,368
	667,057	Centrica PLC (Utilities)		566,226
	39,992	Coca-Cola European Partners PLC (Consumer Staples)		2,253,149
	120,113	Compass Group PLC (Consumer Discretionary)		3,047,005
	26,447	Croda International PLC (Materials)		1,514,443
	9,756	DCC PLC (Industrials)		829,793
	144,083	Diageo PLC (Consumer Staples)		6,147,645
Common Stocks – (continued)
United Kingdom – (continued)
	143,449	Direct Line Insurance Group PLC (Financials)		494,574
	117,928	Experian PLC (Industrials)		3,616,318
	28,109	Fiat Chrysler Automobiles NV (Consumer Discretionary)		366,446
	410,499	GlaxoSmithKline PLC (Health Care)		8,556,739
	54,781	Halma PLC (Information Technology)		1,309,617
	223,024	Hargreaves Lansdown PLC (Financials)		5,100,833
	1,300,118	HSBC Holdings PLC (Financials)		9,363,926
	34,782	Imperial Brands PLC (Consumer Staples)		899,923
	124,226	Informa PLC (Communication Services)		1,316,211
	46,011	InterContinental Hotels Group PLC (Consumer Discretionary)		2,871,769
	14,946	Intertek Group PLC (Industrials)		988,004
	673,078	J Sainsbury PLC (Consumer Staples)		1,607,448
	286,903	John Wood Group PLC (Energy)		1,316,907
	9,607	Johnson Matthey PLC (Materials)		340,467
	570,722	Kingfisher PLC (Consumer Discretionary)		1,351,532
	60,908	Land Securities Group PLC REIT (Real Estate)		575,167
	899,795	Legal & General Group PLC (Financials)		2,406,411
	2,563,410	Lloyds Banking Group PLC (Financials)		1,555,618
	34,093	London Stock Exchange Group PLC (Financials)		2,887,313
	1,266,693	Marks & Spencer Group PLC (Consumer Discretionary)		2,965,730
	150,899	Meggitt PLC (Industrials)		1,137,551
	156,691	Merlin Entertainments PLC (Consumer Discretionary)(b)		861,962
	56,079	Micro Focus International PLC (Information Technology)		757,264
	53,358	Mondi PLC (Materials)		1,037,763
	211,905	National Grid PLC (Utilities)		2,215,519
	48,284	Next PLC (Consumer Discretionary)		3,490,527
	85,077	Ocado Group PLC (Consumer Discretionary)*		1,342,281
	118,496	Pearson PLC (Communication Services)		1,199,797
	48,889	Persimmon PLC (Consumer Discretionary)		1,132,739
	179,399	Prudential PLC (Financials)		2,988,822
	20,441	Reckitt Benckiser Group PLC (Consumer Staples)		1,592,972
	138,146	RELX PLC (Industrials)		3,308,462
	65,297	Rentokil Initial PLC (Industrials)		358,008
	78,476	Rolls-Royce Holdings PLC (Industrials)*		737,051
	122,525	RSA Insurance Group PLC (Financials)		781,002

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2019

Shares		Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
	436,603	Sage Group PLC (The) (Information Technology)	$	3,725,210
	34,894	Schroders PLC (Financials)		1,160,132
	247,012	Segro PLC REIT (Real Estate)		2,361,465
	37,131	Severn Trent PLC (Utilities)		936,506
	198,305	Smith & Nephew PLC (Health Care)		4,745,589
	60,419	Smiths Group PLC (Industrials)		1,228,440
	5,152	Spirax-Sarco Engineering PLC (Industrials)		503,518
	68,314	SSE PLC (Utilities)		957,588
	39,571	St James’s Place PLC (Financials)		442,302
	74,704	Standard Chartered PLC (Financials)		565,885
	492,449	Standard Life Aberdeen PLC (Financials)		1,495,125
	360,141	Taylor Wimpey PLC (Consumer Discretionary)		640,133
	1,062,917	Tesco PLC (Consumer Staples)		2,837,486
	130,997	Unilever NV (Consumer Staples)		8,142,060
	123,017	Unilever PLC (Consumer Staples)		7,784,454
	78,632	United Utilities Group PLC (Utilities)		779,503
	2,003,551	Vodafone Group PLC (Communication Services)		3,787,895
	8,681	Whitbread PLC (Consumer Discretionary)		462,320
	734,174	Wm Morrison Supermarkets PLC (Consumer Staples)		1,632,652
	104,957	WPP PLC (Communication Services)		1,240,128
				185,459,152
United States – 0.5%
	99,920	Bausch Health Cos., Inc. (Health Care)*		2,133,301
	71,643	Ferguson PLC (Industrials)		5,273,417
	24,696	QIAGEN NV (Health Care)*		859,681
				8,266,399
	TOTAL COMMON STOCKS
	(Cost $1,488,905,204)		$	1,534,934,809

Shares		Description	Rate			Value
Preferred Stocks – 0.4%
Germany – 0.4%
	61,861	FUCHS PETROLUB SE (Materials)		2.99	%	$	2,164,994
	15,584	Henkel AG & Co KGaA (Consumer Staples)		2.01			1,563,447
	6,100	Porsche Automobil Holding SE (Consumer Discretionary)		3.86			383,308
	4,739	Sartorius AG (Health Care)		0.34			949,304
Preferred Stocks – (continued)
Germany – (continued)
	4,279	Volkswagen AG (Consumer Discretionary)		3.33			688,460
	TOTAL PREFERRED STOCKS
	(Cost $6,680,650)					$	5,749,513
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $1,495,585,854)					$	1,540,684,322

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 1.2%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	17,792,823	2.045%	$	17,792,823
	(Cost $17,792,823)
	TOTAL INVESTMENTS – 100.9%
	(Cost $1,513,378,677)		$	1,558,477,145
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.9)%			(12,875,872	)
	NET ASSETS – 100.0%		$	1,545,601,273

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	Represents an affiliated issuer.

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

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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

Schedule of Investments

August 31, 2019

Shares		Description	Value
Common Stocks – 99.7%
Communication Services – 9.1%
	1,393	CyberAgent, Inc.	$	62,862
	1,293	Dentsu, Inc.		44,219
	4,841	Hakuhodo DY Holdings, Inc.		71,558
	3,986	Kakaku.com, Inc.		99,927
	11,887	KDDI Corp.		317,487
	728	Konami Holdings Corp.		33,024
	989	LINE Corp.*		34,754
	4,531	Nexon Co. Ltd.*		60,999
	586	Nintendo Co. Ltd.		222,431
	6,875	Nippon Telegraph & Telephone Corp.		330,067
	11,123	NTT DOCOMO, Inc.		281,048
	9,991	Softbank Corp.		140,295
	9,423	SoftBank Group Corp.		428,250
	1,878	Toho Co. Ltd.		79,706
	8,280	Yahoo Japan Corp.		20,750
				2,227,377
Consumer Discretionary – 18.2%
	850	ABC-Mart, Inc.		54,374
	486	Aisin Seiki Co. Ltd.		14,423
	2,148	Bandai Namco Holdings, Inc.		126,478
	1,895	Benesse Holdings, Inc.		48,524
	3,774	Bridgestone Corp.		144,105
	3,887	Casio Computer Co. Ltd.		54,307
	1,877	Denso Corp.		78,832
	402	Fast Retailing Co. Ltd.(a)		235,720
	332	Hikari Tsushin, Inc.		77,882
	14,146	Honda Motor Co. Ltd.		336,308
	2,015	Iida Group Holdings Co. Ltd.		31,399
	2,936	Isetan Mitsukoshi Holdings Ltd.		22,267
	1,721	Isuzu Motors Ltd.		18,532
	6,235	J Front Retailing Co. Ltd.(a)		70,606
	312	Koito Manufacturing Co. Ltd.		14,667
	1,493	Marui Group Co. Ltd.(a)		29,749
	6,879	Mazda Motor Corp.		57,821
	1,038	McDonald’s Holdings Co. Japan Ltd.		48,749
	3,040	Mitsubishi Motors Corp.		12,716
	565	NGK Spark Plug Co. Ltd.		9,762
	3,442	Nikon Corp.		42,642
	8,461	Nissan Motor Co. Ltd.		52,323
	673	Nitori Holdings Co. Ltd.		97,166
	1,135	Oriental Land Co. Ltd.		165,419
	2,884	Pan Pacific International Holdings Corp.		45,130
	14,063	Panasonic Corp.		108,654
	8,260	Rakuten, Inc.		77,896
	345	Rinnai Corp.		21,679
	3,000	Ryohin Keikaku Co. Ltd.		51,750
	771	Sankyo Co. Ltd.		26,694
	1,942	Sega Sammy Holdings, Inc.		26,639
	4,505	Sekisui Chemical Co. Ltd.		64,979
	4,410	Sekisui House Ltd.		78,337
	527	Shimamura Co. Ltd.		41,209
	342	Shimano, Inc.		49,200
	8,354	Sony Corp.		475,527
	832	Stanley Electric Co. Ltd.		20,701
	2,302	Subaru Corp.		61,722
Common Stocks – (continued)
Consumer Discretionary – (continued)
	2,720	Sumitomo Electric Industries Ltd.		32,057
	2,104	Sumitomo Rubber Industries Ltd.		23,766
	2,399	Suzuki Motor Corp.		92,620
	864	Toyoda Gosei Co. Ltd.		16,092
	429	Toyota Industries Corp.		23,603
	13,958	Toyota Motor Corp.		915,236
	1,254	USS Co. Ltd.		23,723
	23,152	Yamada Denki Co. Ltd.		109,058
	1,220	Yamaha Corp.		52,699
	1,813	Yamaha Motor Co. Ltd.		29,686
	4,548	Yokohama Rubber Co. Ltd. (The)		87,537
	2,235	ZOZO, Inc.		44,681
				4,445,646
Consumer Staples – 10.7%
	5,443	Aeon Co. Ltd.(a)		96,609
	3,548	Ajinomoto Co., Inc.		64,746
	3,287	Asahi Group Holdings Ltd.		153,473
	1,491	Calbee, Inc.		45,512
	2,243	Coca-Cola Bottlers Japan Holdings, Inc.(a)		48,814
	3,730	FamilyMart UNY Holdings Co. Ltd.(a)		86,094
	6,242	Japan Tobacco, Inc.		132,344
	3,156	Kao Corp.		228,170
	1,699	Kikkoman Corp.		76,511
	7,543	Kirin Holdings Co. Ltd.		149,126
	645	Kobayashi Pharmaceutical Co. Ltd.		48,370
	435	Kose Corp.		74,792
	1,058	Lawson, Inc.(a)		52,529
	3,198	Lion Corp.		62,215
	1,126	MEIJI Holdings Co. Ltd.		78,288
	1,145	NH Foods Ltd.		44,011
	3,735	Nisshin Seifun Group, Inc.		70,305
	570	Nissin Foods Holdings Co. Ltd.		39,577
	1,269	Pigeon Corp.		46,148
	2,024	Pola Orbis Holdings, Inc.		48,166
	5,137	Seven & i Holdings Co. Ltd.		181,824
	3,012	Shiseido Co. Ltd.		246,590
	1,786	Sundrug Co. Ltd.		55,610
	2,217	Suntory Beverage & Food Ltd.		95,660
	1,446	Toyo Suisan Kaisha Ltd.		58,919
	677	Tsuruha Holdings, Inc.		73,858
	2,997	Unicharm Corp.		92,187
	1,383	Welcia Holdings Co. Ltd.(a)		72,313
	797	Yakult Honsha Co. Ltd.		45,953
	3,476	Yamazaki Baking Co. Ltd.		60,452
				2,629,166
Energy – 1.2%
	4,287	Idemitsu Kosan Co. Ltd.		115,308
	1,182	Inpex Corp.		10,234
	40,441	JXTG Holdings, Inc.		167,296
				292,838
Financials – 9.7%
	7,333	Acom Co. Ltd.		25,907
	1,003	AEON Financial Service Co. Ltd.		14,703

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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

Schedule of Investments (continued)

August 31, 2019

Shares		Description	Value
Common Stocks – (continued)
Financials – (continued)
	826	Aozora Bank Ltd.	$	19,104
	186	Bank of Kyoto Ltd. (The)		6,685
	1,591	Chiba Bank Ltd. (The)		7,944
	2,846	Concordia Financial Group Ltd.		9,787
	8,979	Credit Saison Co. Ltd.		99,988
	9,128	Dai-ichi Life Holdings, Inc.		124,522
	4,930	Daiwa Securities Group, Inc.		21,263
	3,191	Fukuoka Financial Group, Inc.		54,954
	4,519	Japan Exchange Group, Inc.		71,609
	2,193	Japan Post Bank Co. Ltd.		19,999
	12,335	Japan Post Holdings Co. Ltd.		112,258
	25,435	Mebuki Financial Group, Inc.		56,791
	67,660	Mitsubishi UFJ Financial Group, Inc.		325,344
	11,942	Mitsubishi UFJ Lease & Finance Co. Ltd.		64,579
	81,713	Mizuho Financial Group, Inc.		119,092
	3,268	MS&AD Insurance Group Holdings, Inc.		103,971
	5,081	Nomura Holdings, Inc.		20,492
	10,618	ORIX Corp.		156,952
	10,217	Resona Holdings, Inc.		40,138
	1,356	SBI Holdings, Inc.		27,147
	7,077	Seven Bank Ltd.		18,535
	4,050	Shinsei Bank Ltd.		55,478
	1,967	Shizuoka Bank Ltd. (The)		13,305
	2,427	Sompo Holdings, Inc.		97,039
	2,707	Sony Financial Holdings, Inc.		62,584
	9,659	Sumitomo Mitsui Financial Group, Inc.		317,038
	1,431	Sumitomo Mitsui Trust Holdings, Inc.		46,808
	1,666	T&D Holdings, Inc.		16,237
	4,220	Tokio Marine Holdings, Inc.		217,550
	698	Tokyo Century Corp.		28,145
				2,375,948
Health Care – 10.1%
	1,447	Alfresa Holdings Corp.		32,786
	2,865	Asahi Intecc Co. Ltd.		64,078
	16,665	Astellas Pharma, Inc.		231,107
	1,730	Chugai Pharmaceutical Co. Ltd.		123,868
	3,880	Daiichi Sankyo Co. Ltd.		256,534
	1,772	Eisai Co. Ltd.		90,649
	479	Hisamitsu Pharmaceutical Co., Inc.		19,405
	3,018	Hoya Corp.		245,915
	2,509	Kyowa Kirin Co. Ltd.		45,975
	3,338	M3, Inc.		70,914
	7,360	Medipal Holdings Corp.		156,498
	1,322	Mitsubishi Tanabe Pharma Corp.		14,622
	9,191	Olympus Corp.		107,717
	2,458	Ono Pharmaceutical Co. Ltd.		45,446
	2,178	Otsuka Holdings Co. Ltd.		89,648
	1,214	PeptiDream, Inc.*		63,705
	3,021	Santen Pharmaceutical Co. Ltd.		52,966
	2,463	Shionogi & Co. Ltd.		132,148
	3,795	Sumitomo Dainippon Pharma Co. Ltd.		66,358
	1,345	Suzuken Co. Ltd.		72,353
	1,080	Sysmex Corp.		69,005
	488	Taisho Pharmaceutical Holdings Co. Ltd.		34,022
	7,327	Takeda Pharmaceutical Co. Ltd.		247,811
Common Stocks – (continued)
Health Care – (continued)
	4,299	Terumo Corp.		125,027
				2,458,557
Industrials – 18.2%
	559	AGC, Inc.		16,141
	1,100	Amada Holdings Co. Ltd.		11,472
	862	ANA Holdings, Inc.(a)		29,495
	896	Central Japan Railway Co.		177,394
	2,128	Dai Nippon Printing Co. Ltd.		46,090
	584	Daifuku Co. Ltd.		27,620
	1,380	Daikin Industries Ltd.		171,029
	1,519	East Japan Railway Co.		144,752
	689	FANUC Corp.		119,794
	311	Fuji Electric Co. Ltd.		8,878
	1,108	Hankyu Hanshin Holdings, Inc.		42,015
	1,466	Hino Motors Ltd.		11,546
	534	Hitachi Construction Machinery Co. Ltd.		11,420
	395	Hoshizaki Corp.		28,431
	11,395	ITOCHU Corp.		227,428
	1,500	Japan Airlines Co. Ltd.		46,903
	348	Japan Airport Terminal Co. Ltd.		13,885
	5,780	JTEKT Corp.		62,731
	1,479	Kajima Corp.		18,016
	2,979	Kamigumi Co. Ltd.		69,855
	4,083	Kawasaki Heavy Industries Ltd.		80,125
	1,553	Keihan Holdings Co. Ltd.		65,108
	979	Keikyu Corp.		17,967
	1,139	Keio Corp.		71,251
	875	Keisei Electric Railway Co. Ltd.		34,458
	1,566	Kintetsu Group Holdings Co. Ltd.		78,045
	3,473	Komatsu Ltd.		73,848
	3,582	Kubota Corp.		51,463
	673	Kurita Water Industries Ltd.		17,518
	1,180	Kyushu Railway Co.		35,407
	1,374	LIXIL Group Corp.		22,536
	826	Makita Corp.		24,318
	30,823	Marubeni Corp.		196,911
	1,088	MINEBEA MITSUMI, Inc.		16,820
	2,654	MISUMI Group, Inc.		60,208
	10,420	Mitsubishi Corp.		253,763
	9,383	Mitsubishi Electric Corp.		113,459
	2,904	Mitsubishi Heavy Industries Ltd.		109,216
	7,044	Mitsui & Co. Ltd.		110,360
	834	Mitsui OSK Lines Ltd.		19,659
	2,267	MonotaRO Co. Ltd.		55,765
	372	Nabtesco Corp.		10,707
	2,077	Nagoya Railroad Co. Ltd.		61,931
	1,021	NGK Insulators Ltd.		13,717
	826	Nidec Corp.		107,817
	528	Nippon Express Co. Ltd.		27,309
	845	Nippon Yusen KK		12,626
	986	NSK Ltd.		7,914
	1,952	Obayashi Corp.		18,004
	2,259	Odakyu Electric Railway Co. Ltd.		51,290
	1,372	Park24 Co. Ltd.		28,165
	2,830	Persol Holdings Co. Ltd.		57,509

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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Industrials – (continued)
	7,418	Recruit Holdings Co. Ltd.	$	224,962
	1,107	Secom Co. Ltd.		94,530
	917	Seibu Holdings, Inc.		15,576
	2,233	SG Holdings Co. Ltd.		59,809
	2,009	Shimizu Corp.		16,769
	207	SMC Corp.		78,280
	487	Sohgo Security Services Co. Ltd.		24,592
	10,799	Sumitomo Corp.		162,018
	1,385	Sumitomo Heavy Industries Ltd.		39,862
	434	Taisei Corp.		15,374
	1,143	Tobu Railway Co. Ltd.		35,105
	2,492	Tokyu Corp.		44,583
	1,797	Toppan Printing Co. Ltd.		28,662
	2,906	Toshiba Corp.		90,346
	1,281	TOTO Ltd.		46,403
	5,089	Toyota Tsusho Corp.		157,975
	1,016	West Japan Railway Co.		85,668
	2,783	Yamato Holdings Co. Ltd.		48,216
				4,458,819
Information Technology – 12.2%
	2,625	Advantest Corp.		107,948
	733	Alps Alpine Co. Ltd.		12,810
	3,428	Brother Industries Ltd.		59,424
	5,397	Canon, Inc.		140,384
	242	Disco Corp.		44,002
	3,208	FUJIFILM Holdings Corp.		137,484
	2,065	Fujitsu Ltd.		159,585
	497	GMO Payment Gateway, Inc.		38,535
	1,373	Hamamatsu Photonics KK		47,472
	95	Hirose Electric Co. Ltd.		10,803
	628	Hitachi High-Technologies Corp.		33,960
	6,754	Hitachi Ltd.		230,913
	1,731	Itochu Techno-Solutions Corp.		47,749
	515	Keyence Corp.		305,182
	8,240	Konica Minolta, Inc.		58,688
	1,564	Kyocera Corp.		93,049
	2,792	Murata Manufacturing Co. Ltd.		117,288
	4,089	NEC Corp.		175,279
	4,692	Nippon Electric Glass Co. Ltd.		97,469
	2,706	Nomura Research Institute Ltd.		53,868
	8,558	NTT Data Corp.		110,538
	545	Obic Co. Ltd.		62,384
	1,666	Omron Corp.		82,558
	502	Oracle Corp. Japan		43,274
	1,311	Otsuka Corp.		48,725
	10,736	Renesas Electronics Corp.*		67,160
	9,897	Ricoh Co. Ltd.		91,655
	111	Rohm Co. Ltd.		7,927
	3,157	Seiko Epson Corp.		42,026
	2,216	Shimadzu Corp.		55,157
	2,203	SUMCO Corp.		27,334
	435	TDK Corp.		34,670
	1,089	Tokyo Electron Ltd.		194,983
	1,081	Trend Micro, Inc.		52,448
	1,577	Yaskawa Electric Corp.(a)		53,040
Common Stocks – (continued)
Information Technology – (continued)
	2,770	Yokogawa Electric Corp.		50,366
				2,996,137
Materials – 4.0%
	742	Air Water, Inc.		12,618
	4,830	Asahi Kasei Corp.		43,738
	676	Daicel Corp.		5,229
	914	Hitachi Chemical Co. Ltd.		28,588
	1,510	Hitachi Metals Ltd.		16,274
	972	JFE Holdings, Inc.		11,387
	389	Kaneka Corp.		11,672
	372	Kansai Paint Co. Ltd.		7,749
	1,355	Kuraray Co. Ltd.		15,472
	618	Maruichi Steel Tube Ltd.		15,045
	16,921	Mitsubishi Chemical Holdings Corp.		116,245
	3,694	Mitsubishi Materials Corp.		89,614
	1,893	Mitsui Chemicals, Inc.		40,501
	727	Nippon Paint Holdings Co. Ltd.		34,451
	1,507	Nippon Steel Corp.		21,098
	1,333	Nissan Chemical Corp.		56,449
	646	Nitto Denko Corp.		30,101
	13,570	Oji Holdings Corp.		63,283
	1,400	Shin-Etsu Chemical Co. Ltd.		141,326
	1,407	Showa Denko KK		36,346
	6,903	Sumitomo Chemical Co. Ltd.		30,241
	281	Taiheiyo Cement Corp.		7,100
	1,863	Taiyo Nippon Sanso Corp.		36,963
	1,966	Teijin Ltd.		35,377
	3,604	Toray Industries, Inc.		25,723
	868	Tosoh Corp.		11,154
	1,563	Toyo Seikan Group Holdings Ltd.		22,794
				966,538
Real Estate – 4.6%
	1,218	Aeon Mall Co. Ltd.		19,174
	446	Daito Trust Construction Co. Ltd.		57,481
	3,482	Daiwa House Industry Co. Ltd.		109,303
	16	Daiwa House REIT Investment Corp. REIT		42,267
	1,678	Hulic Co. Ltd.		16,030
	14	Japan Prime Realty Investment Corp. REIT		63,969
	11	Japan Real Estate Investment Corp. REIT		73,268
	24	Japan Retail Fund Investment Corp. REIT(a)		48,070
	5,631	Mitsubishi Estate Co. Ltd.		107,904
	2,909	Mitsui Fudosan Co. Ltd.		69,775
	11	Nippon Building Fund, Inc. REIT		80,833
	25	Nippon Prologis REIT, Inc. REIT		67,785
	7,436	Nomura Real Estate Holdings, Inc.		157,764
	35	Nomura Real Estate Master Fund, Inc. REIT		61,166
	2,394	Sumitomo Realty & Development Co. Ltd.		90,103
	2,647	Tokyu Fudosan Holdings Corp.		16,434
	29	United Urban Investment Corp. REIT		54,424
				1,135,750

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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

Schedule of Investments (continued)

August 31, 2019

Shares		Description	Value
Common Stocks – (continued)
Utilities – 1.7%
	2,414	Chubu Electric Power Co., Inc.	$	35,626
	1,873	Chugoku Electric Power Co., Inc. (The)		23,945
	6,169	Electric Power Development Co. Ltd.		143,088
	1,331	Kansai Electric Power Co., Inc. (The)		16,207
	2,381	Kyushu Electric Power Co., Inc.		23,531
	1,557	Osaka Gas Co. Ltd.		27,900
	1,136	Toho Gas Co. Ltd.		44,147
	2,092	Tohoku Electric Power Co., Inc.		20,931
	5,125	Tokyo Electric Power Co. Holdings, Inc.*		24,431
	2,119	Tokyo Gas Co. Ltd.		53,611
				413,417
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $24,409,435)		$	24,400,193
Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 2.7%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	670,849	2.045%	$	670,849
	(Cost $670,849)
	TOTAL INVESTMENTS – 102.4%
	(Cost $25,080,284)		$	25,071,042
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (2.4)%			(602,585	)
	NET ASSETS – 100.0%		$	24,468,457

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

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

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

Schedule of Investments

August 31, 2019

Shares		Description	Value
Common Stocks – 99.7%
Communication Services – 8.8%
	158,150	Activision Blizzard, Inc.	$	8,002,390
	62,673	Alphabet, Inc., Class A*		74,614,087
	64,254	Alphabet, Inc., Class C*		76,340,177
	1,371,848	AT&T, Inc.		48,371,360
	79,830	CBS Corp., Class B		3,357,650
	1,367,448	CenturyLink, Inc.		15,561,558
	22,075	Charter Communications, Inc., Class A*		9,041,699
	930,260	Comcast Corp., Class A		41,173,308
	139,114	Electronic Arts, Inc.*		13,032,199
	524,618	Facebook, Inc., Class A*		97,405,824
	95,212	Fox Corp., Class A		3,158,182
	48,044	IAC/InterActiveCorp*		12,233,924
	646,959	Interpublic Group of Cos., Inc. (The)		12,861,545
	52,015	Liberty Broadband Corp., Class C*		5,484,462
	55,730	Netflix, Inc.*		16,370,687
	94,926	Omnicom Group, Inc.		7,220,072
	17,544	Take-Two Interactive Software, Inc.*		2,315,282
	160,073	T-Mobile US, Inc.*		12,493,698
	811,512	Verizon Communications, Inc.		47,197,538
	1,005,871	Viacom, Inc., Class B		25,126,658
	364,936	Walt Disney Co. (The)		50,091,115
				581,453,415
Consumer Discretionary – 12.8%
	45,881	Advance Auto Parts, Inc.		6,329,284
	87,029	Amazon.com, Inc.*		154,588,742
	24,905	AutoZone, Inc.*		27,437,589
	278,422	Best Buy Co., Inc.		17,721,560
	11,719	Booking Holdings, Inc.*		23,044,359
	71,221	Burlington Stores, Inc.*		14,421,540
	134,272	Carnival Corp.		5,918,710
	6,312	Chipotle Mexican Grill, Inc.*		5,292,107
	62,475	Darden Restaurants, Inc.		7,558,225
	129,928	Dollar General Corp.		20,280,461
	114,427	Dollar Tree, Inc.*		11,617,773
	69,959	Domino’s Pizza, Inc.		15,869,500
	260,592	eBay, Inc.		10,499,252
	44,815	Expedia Group, Inc.		5,830,431
	1,911,637	Ford Motor Co.		17,529,711
	60,146	Garmin Ltd.		4,906,109
	105,766	Genuine Parts Co.		9,549,612
	100,053	Hasbro, Inc.		11,052,855
	102,099	Hilton Worldwide Holdings, Inc.		9,430,885
	299,955	Home Depot, Inc. (The)		68,362,744
	628,258	Kohl’s Corp.		29,691,473
	47,919	Las Vegas Sands Corp.		2,658,067
	49,623	Lear Corp.		5,570,678
	72,612	Lennar Corp., Class A		3,703,212
	883,395	LKQ Corp.*		23,206,787
	304,855	Lowe’s Cos., Inc.		34,204,731
	57,959	Marriott International, Inc., Class A		7,306,312
	154,039	McDonald’s Corp.		33,575,881
	411,244	NIKE, Inc., Class B		34,750,118
Common Stocks – (continued)
Consumer Discretionary – (continued)
	140,095	Norwegian Cruise Line Holdings Ltd.*		7,109,821
	58,272	O’Reilly Automotive, Inc.*		22,362,463
	88,630	PVH Corp.		6,718,154
	219,450	Ross Stores, Inc.		23,263,894
	299,869	Starbucks Corp.		28,955,351
	263,656	Tapestry, Inc.		5,444,496
	308,894	Target Corp.		33,064,014
	88,784	Tiffany & Co.		7,535,098
	523,513	TJX Cos., Inc. (The)		28,777,510
	119,278	Tractor Supply Co.		12,152,043
	52,937	Ulta Beauty, Inc.*		12,584,713
	181,227	VF Corp.		14,851,553
	189,369	Yum! Brands, Inc.		22,114,512
				846,842,330
Consumer Staples – 9.5%
	160,955	Altria Group, Inc.		7,040,172
	197,707	Archer-Daniels-Midland Co.		7,522,751
	244,784	Brown-Forman Corp., Class B		14,439,808
	156,808	Church & Dwight Co., Inc.		12,510,142
	141,967	Clorox Co. (The)		22,453,501
	621,613	Coca-Cola Co. (The)		34,213,579
	308,921	Colgate-Palmolive Co.		22,906,492
	134,583	Conagra Brands, Inc.		3,816,774
	17,092	Constellation Brands, Inc., Class A		3,492,750
	143,085	Costco Wholesale Corp.		42,175,735
	146,606	Estee Lauder Cos., Inc. (The), Class A		29,026,522
	139,035	General Mills, Inc.		7,480,083
	134,027	Hershey Co. (The)		21,240,599
	178,348	Hormel Foods Corp.		7,599,408
	95,659	JM Smucker Co. (The)		10,059,500
	96,824	Kellogg Co.		6,080,547
	135,428	Kimberly-Clark Corp.		19,110,245
	79,809	Kraft Heinz Co. (The)		2,036,726
	612,764	Kroger Co. (The)		14,510,252
	132,288	Lamb Weston Holdings, Inc.		9,311,752
	64,675	McCormick & Co., Inc.		10,533,617
	552,441	Molson Coors Brewing Co., Class B		28,373,370
	279,748	Mondelez International, Inc., Class A		15,447,685
	157,012	Monster Beverage Corp.*		9,211,894
	350,693	PepsiCo, Inc.		47,950,254
	306,554	Philip Morris International, Inc.		22,099,478
	441,198	Procter & Gamble Co. (The)		53,045,236
	330,600	Sysco Corp.		24,573,498
	273,412	Tyson Foods, Inc., Class A		25,438,252
	533,683	Walgreens Boots Alliance, Inc.		27,319,233
	566,577	Walmart, Inc.		64,737,088
				625,756,943
Energy – 2.4%
	29,612	Cheniere Energy, Inc.*		1,768,133
	262,877	Chevron Corp.		30,945,880
	192,866	ConocoPhillips		10,063,748
	61,745	EOG Resources, Inc.		4,580,862

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

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

Schedule of Investments (continued)

August 31, 2019

Shares		Description	Value
Common Stocks – (continued)
Energy – (continued)
	763,751	Exxon Mobil Corp.	$	52,301,669
	319,409	Kinder Morgan, Inc.		6,474,420
	474,506	Marathon Petroleum Corp.		23,350,440
	49,592	Occidental Petroleum Corp.		2,156,260
	76,632	ONEOK, Inc.		5,462,329
	86,199	Phillips 66		8,501,807
	62,116	Schlumberger Ltd.		2,014,422
	74,450	Valero Energy Corp.		5,604,596
	130,197	Williams Cos., Inc. (The)		3,072,649
				156,297,215
Financials – 10.8%
	188,386	Aflac, Inc.		9,453,210
	5,981	Alleghany Corp.*		4,481,623
	66,595	Allstate Corp. (The)		6,818,662
	644,004	Ally Financial, Inc.		20,189,525
	140,594	American Express Co.		16,923,300
	75,285	American International Group, Inc.		3,917,831
	23,635	Ameriprise Financial, Inc.		3,048,442
	727,030	Annaly Capital Management, Inc. REIT		6,034,349
	81,816	Aon PLC		15,941,848
	154,152	Arch Capital Group Ltd.*		6,089,004
	102,226	Arthur J Gallagher & Co.		9,272,921
	1,790,600	Bank of America Corp.		49,259,406
	107,798	Bank of New York Mellon Corp. (The)		4,533,984
	112,890	BB&T Corp.		5,379,209
	155,248	Berkshire Hathaway, Inc., Class B*		31,578,996
	10,910	BlackRock, Inc.		4,610,130
	203,215	Capital One Financial Corp.		17,602,483
	28,061	Cboe Global Markets, Inc.		3,343,749
	116,719	Charles Schwab Corp. (The)		4,466,836
	51,832	Chubb Ltd.		8,100,305
	84,743	Cincinnati Financial Corp.		9,532,740
	356,081	Citigroup, Inc.		22,913,812
	234,665	Citizens Financial Group, Inc.		7,917,597
	68,484	CME Group, Inc.		14,880,888
	23,905	Comerica, Inc.		1,473,743
	99,702	Discover Financial Services		7,973,169
	53,391	E*TRADE Financial Corp.		2,228,540
	12,478	Everest Re Group Ltd.		2,943,311
	42,131	FactSet Research Systems, Inc.		11,463,424
	63,265	Fidelity National Financial, Inc.		2,779,864
	309,720	Fifth Third Bancorp		8,192,094
	26,138	First Republic Bank		2,345,101
	45,351	Franklin Resources, Inc.		1,191,824
	89,686	Hartford Financial Services Group, Inc. (The)		5,226,900
	209,237	Huntington Bancshares, Inc.		2,772,390
	106,739	Intercontinental Exchange, Inc.		9,977,962
	77,861	Invesco Ltd.		1,222,418
	676,879	JPMorgan Chase & Co.		74,361,927
	238,350	KeyCorp		3,956,610
	141,366	Lincoln National Corp.		7,475,434
	97,818	Loews Corp.		4,702,111
Common Stocks – (continued)
Financials – (continued)
	22,048	M&T Bank Corp.		3,223,638
	4,915	Markel Corp.*		5,618,238
	16,554	MarketAxess Holdings, Inc.		6,582,202
	137,026	Marsh & McLennan Cos., Inc.		13,687,527
	281,407	MetLife, Inc.		12,466,330
	98,678	Moody’s Corp.		21,273,003
	343,434	Morgan Stanley		14,249,077
	50,850	MSCI, Inc.		11,930,936
	63,125	Nasdaq, Inc.		6,302,400
	41,714	Northern Trust Corp.		3,667,912
	49,063	PNC Financial Services Group, Inc. (The)		6,325,693
	100,915	Principal Financial Group, Inc.		5,370,696
	221,917	Progressive Corp. (The)		16,821,309
	123,608	Prudential Financial, Inc.		9,899,765
	22,250	Raymond James Financial, Inc.		1,746,848
	153,183	Regions Financial Corp.		2,239,535
	31,425	Reinsurance Group of America, Inc.		4,838,507
	132,632	S&P Global, Inc.		34,509,520
	81,839	State Street Corp.		4,199,159
	95,124	SunTrust Banks, Inc.		5,851,077
	250,585	Synchrony Financial		8,031,249
	124,887	T. Rowe Price Group, Inc.		13,815,000
	64,751	TD Ameritrade Holding Corp.		2,875,592
	50,840	Travelers Cos., Inc. (The)		7,471,446
	167,618	US Bancorp		8,831,792
	857,583	Wells Fargo & Co.		39,937,640
	41,573	Willis Towers Watson PLC		8,230,207
				716,573,970
Health Care – 14.5%
	279,922	Abbott Laboratories		23,882,945
	281,747	AbbVie, Inc.		18,522,048
	39,509	ABIOMED, Inc.*		7,628,003
	91,172	Agilent Technologies, Inc.		6,483,241
	60,772	Align Technology, Inc.*		11,127,961
	142,216	Allergan PLC		22,714,740
	20,490	AmerisourceBergen Corp.		1,685,712
	154,774	Amgen, Inc.		32,288,952
	50,947	Anthem, Inc.		13,323,659
	173,537	Baxter International, Inc.		15,262,579
	40,927	Becton Dickinson and Co.		10,392,184
	62,131	Biogen, Inc.*		13,653,287
	235,146	Boston Scientific Corp.*		10,047,789
	404,774	Bristol-Myers Squibb Co.		19,457,486
	357,029	Cardinal Health, Inc.		15,398,661
	126,224	Celgene Corp.*		12,218,483
	286,435	Centene Corp.*		13,353,600
	146,526	Cerner Corp.		10,097,107
	113,216	Cigna Corp.		17,431,867
	16,921	Cooper Cos., Inc. (The)		5,241,280
	467,778	CVS Health Corp.		28,497,036
	111,035	Danaher Corp.		15,776,963
	43,896	DexCom, Inc.*		7,532,993
	109,230	Edwards Lifesciences Corp.*		24,231,583
	233,567	Eli Lilly & Co.		26,386,064

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

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

Shares		Description	Value
Common Stocks – (continued)
Health Care – (continued)
	29,859	Exact Sciences Corp.*	$	3,559,790
	337,638	Gilead Sciences, Inc.		21,453,518
	48,868	HCA Healthcare, Inc.		5,873,934
	135,929	Henry Schein, Inc.*		8,375,945
	45,291	Hologic, Inc.*		2,236,017
	37,569	Humana, Inc.		10,639,916
	87,742	IDEXX Laboratories, Inc.*		25,422,367
	34,151	Illumina, Inc.*		9,608,042
	99,368	Incyte Corp.*		8,130,290
	19,234	Intuitive Surgical, Inc.*		9,835,114
	53,001	Ionis Pharmaceuticals, Inc.*		3,350,193
	62,612	IQVIA Holdings, Inc.*		9,714,252
	613,276	Johnson & Johnson		78,720,107
	38,318	Laboratory Corp. of America Holdings*		6,420,564
	134,016	McKesson Corp.		18,530,392
	152,174	Medtronic PLC		16,418,053
	495,872	Merck & Co., Inc.		42,878,052
	27,725	Mettler-Toledo International, Inc.*		18,209,503
	1,557,179	Mylan NV*		30,318,275
	1,367,322	Pfizer, Inc.		48,608,297
	50,910	Quest Diagnostics, Inc.		5,211,657
	5,409	Regeneron Pharmaceuticals, Inc.*		1,568,880
	83,754	ResMed, Inc.		11,666,932
	58,284	STERIS PLC		8,999,050
	92,185	Stryker Corp.		20,341,542
	6,860	Teleflex, Inc.		2,496,491
	95,584	Thermo Fisher Scientific, Inc.		27,438,343
	214,440	UnitedHealth Group, Inc.		50,178,960
	48,378	Universal Health Services, Inc., Class B		6,994,491
	76,496	Varian Medical Systems, Inc.*		8,103,221
	43,155	Veeva Systems, Inc., Class A*		6,921,199
	53,131	Vertex Pharmaceuticals, Inc.*		9,564,643
	33,888	Waters Corp.*		7,180,528
	28,449	Zimmer Biomet Holdings, Inc.		3,960,101
	189,776	Zoetis, Inc.		23,991,482
				955,556,364
Industrials – 8.3%
	121,501	3M Co.		19,649,142
	89,782	AMETEK, Inc.		7,714,967
	70,356	Boeing Co. (The)		25,615,916
	215,143	C.H. Robinson Worldwide, Inc.		18,177,432
	53,785	Caterpillar, Inc.		6,400,415
	65,101	Cintas Corp.		17,173,644
	95,386	Copart, Inc.*		7,191,150
	14,135	CoStar Group, Inc.*		8,691,187
	108,632	CSX Corp.		7,280,517
	78,069	Cummins, Inc.		11,653,360
	9,302	Deere & Co.		1,440,973
	160,338	Delta Air Lines, Inc.		9,277,157
	52,901	Dover Corp.		4,958,940
	109,507	Eaton Corp. PLC		8,839,405
	170,628	Emerson Electric Co.		10,167,722
Common Stocks – (continued)
Industrials – (continued)
	59,654	Expeditors International of Washington, Inc.		4,241,399
	567,472	Fastenal Co.		17,375,993
	39,452	FedEx Corp.		6,257,482
	115,743	Fortive Corp.		8,206,179
	36,748	General Dynamics Corp.		7,028,790
	297,450	General Electric Co.		2,453,962
	118,829	Honeywell International, Inc.		19,561,630
	8,441	Huntington Ingalls Industries, Inc.		1,764,169
	55,921	IDEX Corp.		9,210,748
	106,212	IHS Markit Ltd.*		6,968,569
	91,808	Illinois Tool Works, Inc.		13,758,347
	107,935	Ingersoll-Rand PLC		13,069,849
	24,882	J.B. Hunt Transport Services, Inc.		2,688,251
	86,403	Jacobs Engineering Group, Inc.		7,677,771
	148,015	Johnson Controls International PLC		6,318,760
	43,059	Lennox International, Inc.		10,927,513
	25,272	Lockheed Martin Corp.		9,707,228
	186,823	Masco Corp.		7,609,301
	301,756	Nielsen Holdings PLC		6,264,455
	40,803	Norfolk Southern Corp.		7,101,762
	44,691	Northrop Grumman Corp.		16,440,478
	37,336	PACCAR, Inc.		2,447,748
	53,275	Parker-Hannifin Corp.		8,831,397
	44,245	Raytheon Co.		8,199,483
	116,359	Republic Services, Inc.		10,385,041
	54,962	Rockwell Automation, Inc.		8,397,644
	35,485	Roper Technologies, Inc.		13,014,479
	225,966	Southwest Airlines Co.		11,822,541
	47,506	Spirit AeroSystems Holdings, Inc., Class A		3,828,984
	24,163	Stanley Black & Decker, Inc.		3,210,296
	212,743	Textron, Inc.		9,573,435
	15,146	TransDigm Group, Inc.		8,153,395
	20,079	TransUnion		1,679,608
	88,401	Union Pacific Corp.		14,317,426
	214,784	United Airlines Holdings, Inc.*		18,108,439
	36,720	United Parcel Service, Inc., Class B		4,357,195
	77,384	United Rentals, Inc.*		8,710,343
	125,842	United Technologies Corp.		16,389,662
	74,604	Verisk Analytics, Inc.		12,051,530
	61,433	W.W. Grainger, Inc.		16,811,140
	123,151	Waste Management, Inc.		14,698,072
	62,093	Xylem, Inc.		4,756,945
				548,609,366
Information Technology – 22.7%
	221,806	Accenture PLC, Class A		43,955,295
	122,219	Adobe, Inc.*		34,772,528
	539,253	Advanced Micro Devices, Inc.*		16,959,507
	95,403	Akamai Technologies, Inc.*		8,503,269
	77,911	Amphenol Corp., Class A		6,820,329
	36,643	Analog Devices, Inc.		4,024,501
	39,662	ANSYS, Inc.*		8,192,583
	975,736	Apple, Inc.		203,675,133
	269,648	Applied Materials, Inc.		12,948,497

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

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

Schedule of Investments (continued)

August 31, 2019

Shares		Description	Value
Common Stocks – (continued)
Information Technology – (continued)
	21,639	Arista Networks, Inc.*	$	4,903,830
	85,923	Autodesk, Inc.*		12,271,523
	85,005	Automatic Data Processing, Inc.		14,437,249
	44,150	Broadcom, Inc.		12,478,556
	92,943	Broadridge Financial Solutions, Inc.		12,030,542
	330,227	Cadence Design Systems, Inc.*		22,613,945
	115,501	CDW Corp.		13,340,365
	872,178	Cisco Systems, Inc.		40,826,652
	149,142	Citrix Systems, Inc.		13,867,223
	177,058	Cognizant Technology Solutions Corp., Class A		10,869,591
	71,995	Corning, Inc.		2,005,061
	22,967	Dell Technologies, Inc., Class C*		1,183,489
	605,471	DXC Technology Co.		20,113,747
	72,183	F5 Networks, Inc.*		9,292,118
	145,438	Fidelity National Information Services, Inc.		19,811,564
	134,664	Fiserv, Inc.*		14,400,968
	17,501	FleetCor Technologies, Inc.*		5,222,298
	87,512	Fortinet, Inc.*		6,929,200
	44,384	Gartner, Inc.*		5,932,809
	43,553	Global Payments, Inc.		7,228,927
	39,915	GoDaddy, Inc., Class A*		2,528,216
	578,681	HP, Inc.		10,584,075
	1,149,872	Intel Corp.		54,515,432
	222,882	International Business Machines Corp.		30,207,197
	132,722	Intuit, Inc.		38,271,716
	58,134	Jack Henry & Associates, Inc.		8,427,105
	134,718	Juniper Networks, Inc.		3,120,069
	64,343	Keysight Technologies, Inc.*		6,232,263
	30,366	KLA Corp.		4,491,131
	76,732	Lam Research Corp.		16,152,853
	240,281	Leidos Holdings, Inc.		20,990,948
	169,959	Mastercard, Inc., Class A		47,821,364
	71,532	Maxim Integrated Products, Inc.		3,901,355
	36,640	Microchip Technology, Inc.		3,163,131
	788,297	Micron Technology, Inc.*		35,686,205
	1,732,642	Microsoft Corp.		238,862,026
	79,322	Motorola Solutions, Inc.		14,350,143
	158,970	NetApp, Inc.		7,640,098
	120,447	NVIDIA Corp.		20,176,077
	597,017	Oracle Corp.		31,080,705
	29,657	Palo Alto Networks, Inc.*		6,038,758
	156,062	Paychex, Inc.		12,750,265
	144,224	PayPal Holdings, Inc.*		15,727,627
	60,504	PTC, Inc.*		3,961,197
	104,021	Qorvo, Inc.*		7,430,220
	132,367	QUALCOMM, Inc.		10,294,182
	156,717	salesforce.com, Inc.*		24,458,822
	212,158	Seagate Technology PLC		10,652,453
	61,897	ServiceNow, Inc.*		16,207,110
	118,780	Skyworks Solutions, Inc.		8,940,571
	34,315	Splunk, Inc.*		3,837,103
	57,155	Square, Inc., Class A*		3,534,465
	151,883	SS&C Technologies Holdings, Inc.		7,079,267
Common Stocks – (continued)
Information Technology – (continued)
	419,671	Symantec Corp.		9,757,351
	128,600	Synopsys, Inc.*		18,236,766
	79,795	TE Connectivity Ltd.		7,278,900
	263,249	Texas Instruments, Inc.		32,577,064
	117,354	Total System Services, Inc.		15,751,254
	38,416	Trimble, Inc.*		1,441,368
	30,444	Twilio, Inc., Class A*		3,972,029
	91,723	VeriSign, Inc.*		18,697,734
	294,974	Visa, Inc., Class A		53,337,199
	43,865	VMware, Inc., Class A		6,204,266
	80,643	Western Digital Corp.		4,618,425
	26,306	Workday, Inc., Class A*		4,663,528
	47,403	Xilinx, Inc.		4,932,756
	7,190	Zebra Technologies Corp., Class A*		1,474,166
				1,501,668,254
Materials – 1.3%
	53,871	Air Products & Chemicals, Inc.		12,170,536
	125,734	Ball Corp.		10,110,271
	33,213	Eastman Chemical Co.		2,171,134
	62,395	Ecolab, Inc.		12,872,712
	22,208	International Flavors & Fragrances, Inc.		2,437,328
	90,910	International Paper Co.		3,554,581
	22,685	LyondellBasell Industries NV, Class A		1,755,365
	129,283	Nucor Corp.		6,332,281
	22,055	Packaging Corp. of America		2,218,292
	45,539	PPG Industries, Inc.		5,045,266
	23,746	Sherwin-Williams Co. (The)		12,508,206
	401,771	Westrock Co.		13,732,533
				84,908,505
Real Estate – 3.6%
	32,878	Alexandria Real Estate Equities, Inc. REIT		4,926,440
	80,669	American Tower Corp. REIT		18,569,197
	43,841	AvalonBay Communities, Inc. REIT		9,318,843
	28,752	Boston Properties, Inc. REIT		3,692,332
	268,483	CBRE Group, Inc., Class A*		14,033,606
	95,550	Crown Castle International Corp. REIT		13,870,993
	90,080	Digital Realty Trust, Inc. REIT		11,136,590
	163,030	Duke Realty Corp. REIT		5,424,008
	5,975	Equinix, Inc. REIT		3,323,773
	104,033	Equity Residential REIT		8,817,837
	24,679	Essex Property Trust, Inc. REIT		7,928,376
	48,979	Extra Space Storage, Inc. REIT		5,971,520
	37,361	Federal Realty Investment Trust REIT		4,827,415
	227,828	HCP, Inc. REIT		7,907,910
	691,534	Host Hotels & Resorts, Inc. REIT		11,092,205
	52,868	Iron Mountain, Inc. REIT		1,683,846
	54,459	Mid-America Apartment Communities, Inc. REIT		6,898,866
	110,035	Prologis, Inc. REIT		9,201,127
	24,139	Public Storage REIT		6,390,559
	132,788	Realty Income Corp. REIT		9,801,082

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

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

Shares		Description	Value
Common Stocks – (continued)
Real Estate – (continued)
	38,090	Regency Centers Corp. REIT	$	2,457,186
	39,320	SBA Communications Corp. REIT		10,318,748
	43,940	Simon Property Group, Inc. REIT		6,544,424
	78,259	Sun Communities, Inc. REIT		11,566,680
	158,522	UDR, Inc. REIT		7,637,590
	120,144	Ventas, Inc. REIT		8,817,368
	56,241	Vornado Realty Trust REIT		3,400,893
	109,721	W.P. Carey, Inc. REIT		9,852,946
	115,713	Welltower, Inc. REIT		10,363,256
	90,064	Weyerhaeuser Co. REIT		2,369,584
				238,145,200
Utilities – 5.0%
	330,437	AES Corp.		5,065,599
	114,707	Alliant Energy Corp.		6,016,382
	138,432	Ameren Corp.		10,680,029
	145,285	American Electric Power Co., Inc.		13,242,728
	77,516	American Water Works Co., Inc.		9,869,337
	69,656	Atmos Energy Corp.		7,678,181
	258,438	CenterPoint Energy, Inc.		7,156,148
	153,905	CMS Energy Corp.		9,703,710
	122,358	Consolidated Edison, Inc.		10,877,626
	146,868	Dominion Energy, Inc.		11,401,363
	84,539	DTE Energy Co.		10,961,327
	133,747	Duke Energy Corp.		12,403,697
	48,781	Edison International		3,525,403
	101,545	Entergy Corp.		11,458,338
	112,594	Evergy, Inc.		7,318,610
	128,873	Eversource Energy		10,326,593
	269,479	Exelon Corp.		12,735,578
	241,157	FirstEnergy Corp.		11,093,222
	115,024	NextEra Energy, Inc.		25,199,458
	191,406	NiSource, Inc.		5,656,047
	259,712	NRG Energy, Inc.		9,453,517
	136,260	PG&E Corp.*		1,423,917
	61,696	Pinnacle West Capital Corp.		5,880,246
	220,181	PPL Corp.		6,506,349
	170,946	Public Service Enterprise Group, Inc.		10,337,105
	58,757	Sempra Energy		8,321,754
	198,309	Southern Co. (The)		11,553,482
	259,529	UGI Corp.		12,631,276
	1,515,448	Vistra Energy Corp.		37,810,428
	132,869	WEC Energy Group, Inc.		12,724,864
	192,002	Xcel Energy, Inc.		12,330,368
				331,342,682
	TOTAL INVESTMENTS – 99.7%
	(Cost $5,873,964,473)		$	6,587,154,244
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.3%			18,895,889
	NET ASSETS –100.0%		$	6,606,050,133

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

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

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

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

Schedule of Investments

August 31, 2019

Shares		Description	Value
Common Stocks – 99.0%
Communication Services – 2.5%
	414	Anterix, Inc.*	$	16,042
	333	ATN International, Inc.		18,921
	261	Bandwidth, Inc., Class A*		22,757
	1,033	Boston Omaha Corp., Class A*		21,156
	2,693	Care.com, Inc.*		26,634
	3,363	Cargurus, Inc.*		109,701
	3,215	Cars.com, Inc.*		28,646
	6,743	Central European Media Enterprises Ltd., Class A (Czech Republic)*		31,288
	1,801	Cogent Communications Holdings, Inc.		109,663
	4,942	Consolidated Communications Holdings, Inc.		19,916
	77	Daily Journal Corp.*(a)		15,437
	9,611	DHI Group, Inc.*		34,888
	1,823	Emerald Expositions Events, Inc.		17,428
	3,792	Entercom Communications Corp., Class A		13,499
	8,199	Eros International PLC (India)*		13,856
	2,119	EverQuote, Inc., Class A*		47,444
	2,086	EW Scripps Co. (The), Class A		25,783
	5,795	Fluent, Inc.*		17,269
	21,299	Frontier Communications Corp.*(a)		17,050
	616	Gaia, Inc.*		4,109
	9,638	Gannett Co, Inc.		101,392
	10,653	Glu Mobile, Inc.*		47,299
	3,258	Gray Television, Inc.*		49,847
	1,842	Hemisphere Media Group, Inc.*		21,865
	4,163	IDT Corp., Class B*		36,718
	1,007	IMAX Corp.*		21,066
	1,378	Intelsat S.A.*		28,497
	1,754	Iridium Communications, Inc.*		42,412
	13,383	Lee Enterprises, Inc.*		23,822
	1,532	Liberty Latin America Ltd., Class A (Chile)*		25,155
	2,924	Liberty Latin America Ltd., Class C (Chile)*		48,217
	1,108	Liberty Media Corp.- Liberty Braves, Class A*		30,437
	1,597	Liberty Media Corp.- Liberty Braves, Class C*		43,854
	2,915	Liberty TripAdvisor Holdings, Inc., Class A*		25,477
	4,495	Marchex, Inc., Class B*		15,283
	837	Marcus Corp. (The)		28,090
	12,343	Meet Group, Inc. (The)*		42,583
	763	Meredith Corp.		33,404
	4,292	MSG Networks, Inc., Class A*		70,389
	5,075	National CineMedia, Inc.		41,615
	6,853	New Media Investment Group, Inc.		60,169
	2,405	Ooma, Inc.*		30,062
	7,834	Pareteum Corp.*(a)		16,765
	3,691	QuinStreet, Inc.*		42,262
	1,850	Reading International, Inc., Class A*		22,940
	4,867	Rosetta Stone, Inc.*		88,823
	185	Saga Communications, Inc., Class A		5,280
	2,834	Scholastic Corp.		99,388
	1,382	Shenandoah Telecommunications Co.		43,588
Common Stocks – (continued)
Communication Services – (continued)
	2,684	Spok Holdings, Inc.		31,537
	3,388	TechTarget, Inc.*		80,431
	7,162	TEGNA, Inc.		102,488
	9,472	TrueCar, Inc.*		37,509
	20,272	Vonage Holdings Corp.*		267,996
	4,269	Yelp, Inc.*		143,054
				2,461,201
Consumer Discretionary – 11.4%
	4,708	1-800-Flowers.com, Inc., Class A*		69,302
	4,638	Aaron’s, Inc.		297,342
	4,630	Abercrombie & Fitch Co., Class A		67,691
	2,012	Acushnet Holdings Corp.		52,252
	2,056	Adient PLC		41,470
	3,728	Adtalem Global Education, Inc.*		159,260
	3,265	American Axle & Manufacturing Holdings, Inc.*		20,700
	7,721	American Eagle Outfitters, Inc.		129,867
	2,500	American Outdoor Brands Corp.*		15,025
	3,361	American Public Education, Inc.*		81,437
	1,091	America’s Car-Mart, Inc.*		93,586
	799	Asbury Automotive Group, Inc.*		75,346
	31,150	Ascena Retail Group, Inc.*		7,753
	6,548	Barnes & Noble Education, Inc.*		25,537
	1,789	Bassett Furniture Industries, Inc.		21,790
	7,629	BBX Capital Corp.		31,660
	3,608	Beazer Homes USA, Inc.*		45,208
	5,145	Bed Bath & Beyond, Inc.		49,752
	2,336	Big Lots, Inc.		53,144
	212	Biglari Holdings, Inc., Class B*		18,594
	815	BJ’s Restaurants, Inc.		29,699
	2,697	Bloomin’ Brands, Inc.		48,654
	2,887	Boot Barn Holdings, Inc.*		98,880
	3,520	Boyd Gaming Corp.		84,621
	2,654	Brinker International, Inc.		100,852
	2,351	Buckle, Inc. (The)		46,080
	2,737	Caleres, Inc.		55,151
	3,999	Callaway Golf Co.		71,022
	10,214	Career Education Corp.*		209,489
	1,836	Carriage Services, Inc.		39,052
	2,054	Cato Corp. (The), Class A		35,185
	257	Cavco Industries, Inc.*		47,152
	4,007	Century Casinos, Inc.*		30,774
	2,041	Cheesecake Factory, Inc. (The)		77,538
	3,470	Chegg, Inc.*		137,551
	10,742	Chico’s FAS, Inc.		33,515
	1,032	Children’s Place, Inc. (The)		90,042
	1,103	Churchill Downs, Inc.		135,956
	1,583	Citi Trends, Inc.		26,610
	2,187	Clarus Corp.		24,079
	2,003	Collectors Universe, Inc.		51,918
	1,432	Conn’s, Inc.*		28,869
	2,695	Container Store Group, Inc. (The)*		12,074
	2,035	Cooper Tire & Rubber Co.		47,802
	453	Cooper-Standard Holdings, Inc.*		16,960
	2,082	Core-Mark Holding Co, Inc.		67,436

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

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

Shares		Description	Value
Common Stocks – (continued)
Consumer Discretionary – (continued)
	623	Cracker Barrel Old Country Store, Inc.	$	103,044
	6,993	Crocs, Inc.*		155,944
	4,770	Dana, Inc.		60,722
	994	Dave & Buster’s Entertainment, Inc.(a)		42,792
	1,781	Deckers Outdoor Corp.*		262,608
	3,423	Del Taco Restaurants, Inc.*		38,269
	839	Delta Apparel, Inc.*		18,827
	6,247	Denny’s Corp.*		147,367
	2,698	Designer Brands, Inc., Class A		44,490
	619	Dillard’s, Inc., Class A(a)		36,224
	298	Dine Brands Global, Inc.		21,024
	1,915	Dorman Products, Inc.*		136,118
	2,577	Drive Shack, Inc.*		12,138
	2,441	Duluth Holdings, Inc., Class B*(a)		22,433
	2,779	El Pollo Loco Holdings, Inc.*		28,374
	1,750	Eldorado Resorts, Inc.*(a)		67,392
	3,187	Ethan Allen Interiors, Inc.		54,816
	3,888	Everi Holdings, Inc.*		34,759
	8,225	Express, Inc.*		17,437
	2,954	Fiesta Restaurant Group, Inc.*		25,523
	6,903	Fossil Group, Inc.*(a)		88,358
	2,540	Fox Factory Holding Corp.*		182,982
	835	Funko, Inc., Class A*(a)		20,032
	3,722	GameStop Corp., Class A(a)		14,776
	1,783	Genesco, Inc.*		63,617
	2,090	Gentherm, Inc.*		76,703
	1,614	G-III Apparel Group Ltd.*		33,103
	1,882	Golden Entertainment, Inc.*		26,687
	7,188	GoPro, Inc., Class A*(a)		27,818
	269	Green Brick Partners, Inc.*		2,472
	641	Group 1 Automotive, Inc.		47,896
	22,086	Groupon, Inc.*		54,773
	2,010	Guess?, Inc.		36,321
	1,952	Habit Restaurants, Inc. (The), Class A*		17,100
	2,722	Haverty Furniture Cos, Inc.		52,126
	854	Helen of Troy Ltd.*		131,098
	2,650	Hibbett Sports, Inc.*		43,831
	6,191	Houghton Mifflin Harcourt Co.*		36,836
	2,513	Hudson Ltd, Class A*		27,266
	995	Installed Building Products, Inc.*		56,625
	1,608	International Speedway Corp., Class A		72,392
	1,401	iRobot Corp.*		86,596
	3,172	J Alexander’s Holdings, Inc.*		37,430
	1,250	Jack in the Box, Inc.		106,650
	17,901	JC Penney Co., Inc.*		13,320
	909	Johnson Outdoors, Inc., Class A		50,904
	6,147	K12, Inc.*		161,973
	4,325	KB Home		121,489
	706	Kontoor Brands, Inc.*		24,173
	1,608	Lands’ End, Inc.*		12,462
	4,251	Laureate Education, Inc., Class A*		77,793
	3,547	La-Z-Boy, Inc.		113,043
	1,419	LCI Industries		120,260
	2,885	Leaf Group Ltd.*		12,059
	272	LGI Homes, Inc.*		22,171
	2,332	Lifetime Brands, Inc.		18,003
Common Stocks – (continued)
Consumer Discretionary – (continued)
	1,755	Lindblad Expeditions Holdings, Inc.*		32,748
	3,409	Liquidity Services, Inc.*		25,806
	255	Lithia Motors, Inc., Class A		33,423
	611	Lovesac Co. (The)*		10,509
	2,502	Lumber Liquidators Holdings, Inc.*(a)		23,544
	1,469	M/I Homes, Inc.*		53,090
	1,271	Malibu Boats, Inc., Class A*		35,359
	1,566	Marine Products Corp.		23,694
	1,114	Marriott Vacations Worldwide Corp.		109,829
	3,411	MasterCraft Boat Holdings, Inc.*		51,677
	1,528	MDC Holdings, Inc.		59,088
	1,290	Meritage Homes Corp.*		84,289
	2,298	Michaels Cos., Inc. (The)*		13,030
	1,925	Modine Manufacturing Co.*		19,654
	881	Monarch Casino & Resort, Inc.*		39,099
	724	Monro, Inc.		56,269
	866	Movado Group, Inc.		18,636
	1,275	Murphy USA, Inc.*		113,985
	704	Nathan’s Famous, Inc.		46,886
	936	National Vision Holdings, Inc.*		26,545
	22,004	Office Depot, Inc.		28,605
	1,892	Overstock.com, Inc.*		29,761
	1,519	Oxford Industries, Inc.		105,996
	1,926	Papa John’s International, Inc.		95,838
	5,350	Penn National Gaming, Inc.*		102,559
	1,524	PetMed Express, Inc.(a)		24,079
	5,268	Potbelly Corp.*		24,391
	2,572	Quotient Technology, Inc.*		18,878
	1,556	RCI Hospitality Holdings, Inc.		27,697
	1,218	Red Robin Gourmet Burgers, Inc.*		40,791
	948	Red Rock Resorts, Inc., Class A		19,766
	4,922	Regis Corp.*		79,589
	6,097	Rent-A-Center, Inc.*		155,656
	1,174	RH*		168,175
	5,678	RTW RetailWinds, Inc.*		5,735
	2,961	Rubicon Project, Inc. (The)*		30,291
	3,540	Ruth’s Hospitality Group, Inc.		68,853
	5,734	Sally Beauty Holdings, Inc.*		70,127
	1,079	Scientific Games Corp.*(a)		19,940
	2,193	SeaWorld Entertainment, Inc.*		63,619
	415	Shake Shack, Inc., Class A*		41,151
	2,309	Shoe Carnival, Inc.		70,979
	1,879	Shutterfly, Inc.*		95,604
	1,513	Shutterstock, Inc.*		53,121
	1,897	Signet Jewelers Ltd.		23,219
	1,618	Skyline Champion Corp.*		45,304
	2,422	Sleep Number Corp.*		101,336
	4,355	Sonos, Inc.*		63,235
	2,533	Speedway Motorsports, Inc.		50,027
	713	Stamps.com, Inc.*		45,889
	1,911	Standard Motor Products, Inc.		84,676
	4,090	Steven Madden Ltd.		135,870
	1,871	Stitch Fix, Inc., Class A*(a)		35,661
	4,881	Stoneridge, Inc.*		149,895
	744	Strategic Education, Inc.		125,907
	1,510	Sturm Ruger & Co., Inc.		61,925

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

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

Schedule of Investments (continued)

August 31, 2019

Shares		Description	Value
Common Stocks – (continued)
Consumer Discretionary – (continued)
	4,265	Tailored Brands, Inc.	$	23,116
	4,174	Taylor Morrison Home Corp.*		99,592
	2,103	Texas Roadhouse, Inc.		108,220
	3,243	Tilly’s, Inc., Class A		34,733
	1,294	TopBuild Corp.*		119,850
	1,296	Tower International, Inc.		40,085
	4,638	TRI Pointe Group, Inc.*		64,932
	2,369	Tupperware Brands Corp.		30,821
	4,977	Vera Bradley, Inc.*		52,706
	3,351	Vista Outdoor, Inc.*		18,732
	5,850	Weight Watchers International, Inc.*		175,441
	871	Weyco Group, Inc.		21,366
	1,058	William Lyon Homes, Class A*		18,695
	1,879	Wingstop, Inc.		188,219
	534	Winmark Corp.		86,775
	627	Winnebago Industries, Inc.		20,077
	3,643	Wolverine World Wide, Inc.		94,536
	4,688	ZAGG, Inc.*		30,050
	3,217	Zumiez, Inc.*		83,578
				10,977,945
Consumer Staples – 3.0%
	390	Alico, Inc.		11,641
	1,128	B&G Foods, Inc.(a)		19,097
	2,039	BJ’s Wholesale Club Holdings, Inc.*		53,544
	680	Boston Beer Co, Inc. (The), Class A*		298,126
	421	Calavo Growers, Inc.		37,322
	1,753	Cal-Maine Foods, Inc.		71,067
	5,640	Celsius Holdings, Inc.*(a)		23,124
	1,224	Central Garden & Pet Co.*(a)		32,338
	1,352	Central Garden & Pet Co., Class A*		32,529
	1,666	Chefs’ Warehouse, Inc. (The)*		64,274
	451	Coca-Cola Consolidated, Inc.		151,811
	6,330	Darling Ingredients, Inc.*		117,738
	20,430	Dean Foods Co.(a)		20,634
	1,433	Edgewell Personal Care Co.*		39,895
	1,929	Farmer Brothers Co.*		23,418
	2,003	Fresh Del Monte Produce, Inc.		52,158
	3,184	Freshpet, Inc.*		156,271
	5,720	Hostess Brands, Inc.*		80,194
	2,041	Ingles Markets, Inc., Class A		79,354
	912	Inter Parfums, Inc.		58,632
	631	J&J Snack Foods Corp.		121,821
	466	John B Sanfilippo & Son, Inc.		43,152
	754	Lancaster Colony Corp.		110,009
	2,417	Landec Corp.*		26,563
	3,425	Lifevantage Corp.*		41,648
	858	Medifast, Inc.		85,766
	450	MGP Ingredients, Inc.		21,677
	1,305	National Beverage Corp.(a)		53,375
	1,875	Nature’s Sunshine Products, Inc.*		17,644
	4,337	New Age Beverages Corp.*(a)		13,184
	190	Oil-Dri Corp. of America		5,844
	4,897	Performance Food Group Co.*		229,131
	3,097	Rite Aid Corp.*(a)		20,007
	731	Sanderson Farms, Inc.		109,372
Common Stocks – (continued)
Consumer Staples – (continued)
	2,042	Simply Good Foods Co. (The)*		60,504
	1,963	SpartanNash Co.		21,142
	691	Tootsie Roll Industries, Inc.		25,346
	1,250	Turning Point Brands, Inc.(a)		44,813
	3,262	United Natural Foods, Inc.*		26,226
	1,088	Universal Corp.		54,465
	1,284	USANA Health Sciences, Inc.*		87,273
	4,099	Vector Group Ltd.		47,876
	1,965	Village Super Market, Inc., Class A		49,066
	704	WD-40 Co.		128,339
	1,119	Weis Markets, Inc.		42,779
				2,910,189
Energy – 2.0%
	18,263	Abraxas Petroleum Corp.*		9,531
	1,109	Arch Coal, Inc., Class A		84,905
	3,583	C&J Energy Services, Inc.*		34,253
	2,746	Cactus, Inc., Class A*		69,941
	2,094	Carrizo Oil & Gas, Inc.*		17,359
	1,401	CONSOL Energy, Inc.*		23,481
	735	Contura Energy, Inc.*		21,168
	953	CVR Energy, Inc.		37,910
	3,263	Delek US Holdings, Inc.		106,863
	19,578	Denbury Resources, Inc.*		21,144
	3,547	DHT Holdings, Inc.		19,934
	1,755	DMC Global, Inc.		76,220
	4,014	Dorian LPG Ltd.*		41,705
	2,904	Era Group, Inc.*		27,530
	6,271	Evolution Petroleum Corp.		37,124
	2,504	Exterran Corp.*		26,417
	2,496	Falcon Minerals Corp.		14,627
	8,033	FTS International, Inc.*		20,163
	1,471	Golar LNG Ltd. (Bermuda)		17,225
	3,966	Hallador Energy Co.		15,745
	4,444	Helix Energy Solutions Group, Inc.*		32,175
	10,512	Keane Group, Inc.*		55,714
	5,204	Liberty Oilfield Services, Inc., Class A		56,047
	1,714	Magnolia Oil & Gas Corp., Class A*		17,500
	3,088	Mammoth Energy Services, Inc.		11,240
	3,895	Matrix Service Co.*		77,394
	91	NACCO Industries, Inc., Class A		4,530
	5,390	Newpark Resources, Inc.*		35,628
	1,155	Nine Energy Service, Inc.*		6,329
	20,218	Northern Oil and Gas, Inc.*(a)		37,201
	1,967	Oceaneering International, Inc.*		25,492
	1,981	Oil States International, Inc.*		27,318
	6,190	Overseas Shipholding Group, Inc., Class A*		10,090
	2,457	Par Pacific Holdings, Inc.*		53,415
	581	PDC Energy, Inc.*		18,505
	3,574	Peabody Energy Corp.		65,869
	1,481	Penn Virginia Corp.*		42,208
	4,258	ProPetro Holding Corp.*		45,348
	4,844	Renewable Energy Group, Inc.*		58,951
	1,089	REX American Resources Corp.*		74,793
	3,288	RigNet, Inc.*		25,778

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

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

Shares		Description	Value
Common Stocks – (continued)
Energy – (continued)
	8,292	RPC, Inc.(a)	$	44,031
	1,512	Scorpio Tankers, Inc. (Monaco)		39,750
	590	SEACOR Holdings, Inc.*		27,712
	1,669	Select Energy Services, Inc., Class A*		13,619
	3,278	Solaris Oilfield Infrastructure, Inc., Class A		45,073
	7,775	Southwestern Energy Co.*		12,285
	15,125	Superior Energy Services, Inc.*		5,064
	22,882	Teekay Tankers Ltd., Class A (Bermuda)*		25,399
	2,554	Tellurian, Inc.*(a)		16,678
	22,958	W&T Offshore, Inc.*		100,556
	1,714	Whiting Petroleum Corp.*(a)		11,364
	1,688	World Fuel Services Corp.		64,819
				1,911,120
Financials – 19.7%
	947	1st Constitution Bancorp		16,487
	865	1st Source Corp.		38,380
	397	ACNB Corp.		13,371
	3,745	AG Mortgage Investment Trust, Inc. REIT		56,138
	816	Allegiance Bancshares, Inc.*		26,447
	1,524	Ambac Financial Group, Inc.*		27,493
	1,048	Amerant Bancorp, Inc.*		17,355
	5,559	American Equity Investment Life Holding Co.		119,796
	990	American National Bankshares, Inc.		33,858
	884	Ameris Bancorp		31,108
	1,456	AMERISAFE, Inc.		100,027
	439	Ames National Corp.		11,620
	7,128	Anworth Mortgage Asset Corp. REIT		22,097
	5,524	Apollo Commercial Real Estate Finance, Inc. REIT		102,470
	3,510	Ares Commercial Real Estate Corp. REIT		52,615
	2,990	Ares Management Corp., Class A		87,009
	1,501	Argo Group International Holdings Ltd.		98,646
	1,714	ARMOUR Residential REIT, Inc. REIT		28,144
	1,747	Arrow Financial Corp.		56,184
	4,209	Artisan Partners Asset Management, Inc., Class A		112,128
	486	Associated Capital Group, Inc., Class A(a)		16,893
	1,972	Atlantic Capital Bancshares, Inc.*		32,144
	3,161	Atlantic Union Bankshares Corp.		114,144
	5,579	Axos Financial, Inc.*		144,552
	2,648	B. Riley Financial, Inc.		56,032
	4,363	Banc of California, Inc.		63,569
	1,526	BancFirst Corp.		82,053
	1,085	Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		19,671
	3,736	BancorpSouth Bank		103,076
	569	Bank First Corp.(a)		30,971
	2,820	Bank of Commerce Holdings		28,200
	899	Bank of Marin Bancorp		36,508
	4,755	Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		131,048
	2,121	BankFinancial Corp.		24,731
	1,052	Bankwell Financial Group, Inc.		27,678
Common Stocks – (continued)
Financials – (continued)
	871	Bar Harbor Bankshares		19,223
	2,389	BCB Bancorp, Inc.		29,528
	2,523	Berkshire Hills Bancorp, Inc.		74,000
	3,467	Blackstone Mortgage Trust, Inc., Class A REIT		120,652
	2,476	Blucora, Inc.*		55,908
	3,698	Boston Private Financial Holdings, Inc.		39,273
	1,315	Bridge Bancorp, Inc.		35,387
	5,774	Brightsphere Investment Group, Inc.		52,486
	3,561	Brookline Bancorp, Inc.		49,996
	1,351	Bryn Mawr Bank Corp.		46,069
	513	C&F Financial Corp.		24,316
	4,553	Cadence BanCorp		69,980
	380	Cambridge Bancorp		28,097
	1,996	Camden National Corp.		82,754
	1,643	Cannae Holdings, Inc.*		45,708
	1,965	Capital City Bank Group, Inc.		47,907
	3,669	Capitol Federal Financial, Inc.		49,421
	1,380	Capstar Financial Holdings, Inc.		21,335
	6,189	Capstead Mortgage Corp. REIT		44,994
	1,253	Carolina Financial Corp.		42,790
	3,627	Cathay General Bancorp		120,380
	4,211	CenterState Bank Corp.		95,253
	1,350	Central Pacific Financial Corp.		37,557
	1,402	Central Valley Community Bancorp		27,451
	519	Century Bancorp, Inc., Class A		42,039
	600	Chemung Financial Corp.		24,114
	3,411	Cherry Hill Mortgage Investment Corp. REIT		41,034
	1,122	Citizens & Northern Corp.		26,614
	1,452	City Holding Co.		107,956
	2,452	Civista Bancshares, Inc.		50,094
	1,173	CNB Financial Corp.		31,014
	3,307	CNO Financial Group, Inc.		47,885
	1,239	Codorus Valley Bancorp, Inc.		27,704
	2,373	Cohen & Steers, Inc.		127,976
	1,196	Colony Bankcorp, Inc.		19,088
	2,461	Colony Credit Real Estate, Inc. REIT		30,836
	2,593	Columbia Banking System, Inc.		89,484
	1,925	Community Bank System, Inc.		117,406
	5,301	Community Bankers Trust Corp.		41,136
	622	Community Financial Corp. (The)		19,549
	1,209	Community Trust Bancorp, Inc.		47,030
	1,589	ConnectOne Bancorp, Inc.		32,543
	1,798	Cowen, Inc., Class A*		28,067
	2,252	Crawford & Co., Class A		21,732
	3,374	Customers Bancorp, Inc.*		63,735
	4,211	CVB Financial Corp.		86,620
	417	Diamond Hill Investment Group, Inc.		56,253
	2,086	Dime Community Bancshares, Inc.		41,365
	445	DNB Financial Corp.		18,316
	1,767	Donegal Group, Inc., Class A		25,498
	3,863	Donnelley Financial Solutions, Inc.*		41,064
	3,046	Dynex Capital, Inc. REIT		43,010
	1,624	Eagle Bancorp, Inc.		66,162
	409	eHealth, Inc.*		34,074

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

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

Schedule of Investments (continued)

August 31, 2019

Shares		Description	Value
Common Stocks – (continued)
Financials – (continued)
	1,883	Ellington Financial, Inc.	$	32,896
	1,105	EMC Insurance Group, Inc.		39,714
	2,845	Employers Holdings, Inc.		122,705
	1,937	Encore Capital Group, Inc.*		71,475
	2,927	Enova International, Inc.*		69,955
	303	Enstar Group Ltd. (Bermuda)*		54,122
	1,588	Entegra Financial Corp.*		47,704
	200	Enterprise Bancorp, Inc.		5,786
	1,733	Enterprise Financial Services Corp.		68,315
	881	Equity Bancshares, Inc., Class A*		22,289
	643	Esquire Financial Holdings, Inc.*		15,110
	1,624	ESSA Bancorp, Inc.		24,847
	6,116	Essent Group Ltd.*		296,626
	934	Evans Bancorp, Inc.		31,859
	3,604	EZCORP, Inc., Class A*		28,363
	1,046	Farmers & Merchants Bancorp, Inc.		26,757
	2,048	Farmers National Banc Corp.		27,648
	1,410	FB Financial Corp.		50,577
	634	FBL Financial Group, Inc., Class A		34,382
	1,975	Federal Agricultural Mortgage Corp., Class C		162,641
	5,628	Federated Investors, Inc., Class B		180,321
	5,197	FGL Holdings		41,472
	1,989	Financial Institutions, Inc.		57,800
	1,397	First Bancorp, Inc.		35,484
	9,960	First BanCorp. (Puerto Rico)		95,417
	1,883	First Bancorp/Southern Pines NC		66,319
	983	First Bancshares, Inc. (The)		31,004
	1,360	First Bank/Hamilton NJ		14,362
	2,253	First Busey Corp.		55,198
	1,483	First Business Financial Services, Inc.		33,442
	5,117	First Commonwealth Financial Corp.		63,297
	953	First Community Bankshares, Inc.		30,315
	1,939	First Defiance Financial Corp.		50,705
	5,139	First Financial Bancorp		120,355
	6,577	First Financial Bankshares, Inc.		201,388
	960	First Financial Corp.		38,976
	1,591	First Financial Northwest, Inc.		21,829
	2,593	First Foundation, Inc.		36,198
	1,077	First Guaranty Bancshares, Inc.		20,441
	1,166	First Internet Bancorp		23,577
	1,451	First Interstate BancSystem, Inc., Class A		56,589
	3,143	First Merchants Corp.		112,268
	1,085	First Mid Bancshares, Inc.		34,818
	3,163	First Midwest Bancorp, Inc.		60,730
	2,107	First Northwest Bancorp		33,670
	2,113	First of Long Island Corp. (The)		45,979
	1,457	FirstCash, Inc.		143,850
	2,662	Flagstar Bancorp, Inc.		96,764
	3,514	Flushing Financial Corp.		67,785
	719	Focus Financial Partners, Inc., Class A*		14,754
	1,159	Franklin Financial Network, Inc.		33,530
	796	FS Bancorp, Inc.		38,526
	6,699	Fulton Financial Corp.		106,849
	15,761	Genworth Financial, Inc., Class A*		69,821
	2,354	German American Bancorp, Inc.		71,868
Common Stocks – (continued)
Financials – (continued)
	3,419	Glacier Bancorp, Inc.		135,700
	749	Global Indemnity Ltd. (Cayman Islands)		19,287
	445	Goosehead Insurance, Inc., Class A		20,577
	1,814	Granite Point Mortgage Trust, Inc. REIT		33,178
	3,010	Great Ajax Corp. REIT		43,886
	1,493	Great Southern Bancorp, Inc.		84,116
	2,206	Great Western Bancorp, Inc.		65,805
	1,776	Green Dot Corp., Class A*		54,310
	3,640	Greenhill & Co., Inc.		51,106
	725	Hallmark Financial Services, Inc.*		12,745
	1,940	Hamilton Lane, Inc., Class A		120,552
	3,248	Hancock Whitney Corp.		114,037
	2,264	Hanmi Financial Corp.		40,548
	3,474	HarborOne Bancorp, Inc.*		34,601
	2,438	Health Insurance Innovations, Inc., Class A*(a)		44,713
	1,922	Heartland Financial USA, Inc.		84,049
	4,240	Heritage Commerce Corp.		49,142
	1,465	Heritage Financial Corp.		38,354
	1,322	Heritage Insurance Holdings, Inc.		17,331
	3,550	Hilltop Holdings, Inc.		84,312
	287	Hingham Institution for Savings		51,689
	879	Home Bancorp, Inc.		32,769
	6,205	Home BancShares, Inc.		109,953
	2,502	HomeStreet, Inc.*		65,978
	1,385	HomeTrust Bancshares, Inc.		34,930
	4,007	Hope Bancorp, Inc.		53,734
	1,890	Horace Mann Educators Corp.		82,914
	2,193	Horizon Bancorp, Inc.		35,658
	2,371	Houlihan Lokey, Inc.		104,751
	1,221	Howard Bancorp, Inc.*		18,059
	2,125	IBERIABANK Corp.		146,604
	1,693	Independent Bank Corp.		114,464
	2,489	Independent Bank Corp.		48,361
	1,087	Independent Bank Group, Inc.		53,165
	2,476	International Bancshares Corp.		88,121
	1,263	INTL. FCStone, Inc.*		49,522
	6,307	Invesco Mortgage Capital, Inc. REIT		94,794
	1,467	Investar Holding Corp.		34,064
	7,959	Investors Bancorp, Inc.		88,345
	278	Investors Title Co.		40,922
	1,663	James River Group Holdings Ltd.		81,953
	2,661	Kearny Financial Corp.		33,475
	1,591	Kinsale Capital Group, Inc.		156,284
	1,882	KKR Real Estate Finance Trust, Inc. REIT		35,589
	5,103	Ladder Capital Corp. REIT		85,628
	2,799	Lakeland Bancorp, Inc.		41,649
	2,081	Lakeland Financial Corp.		88,089
	392	LCNB Corp.		6,574
	2,575	LegacyTexas Financial Group, Inc.		104,030
	2,491	Live Oak Bancshares, Inc.		44,689
	4,732	Macatawa Bank Corp.		46,799
	1,590	Malvern Bancorp, Inc.*		33,628
	477	Marlin Business Services Corp.		10,317
	1,272	Mercantile Bank Corp.		39,139
	2,212	Meridian Bancorp, Inc.		38,666

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

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

Shares		Description	Value
Common Stocks – (continued)
Financials – (continued)
	1,579	Meta Financial Group, Inc.	$	48,807
	1,298	Midland States Bancorp, Inc.		33,449
	2,273	MidSouth Bancorp, Inc.		23,526
	1,070	MidWestOne Financial Group, Inc.		30,998
	952	MMA Capital Holdings, Inc.*		28,179
	2,572	Moelis & Co., Class A		86,239
	14,371	Mr Cooper Group, Inc.*		126,608
	446	MutualFirst Financial, Inc.		13,456
	951	National Bank Holdings Corp., Class A		31,041
	100	National Bankshares, Inc.		3,350
	3,912	National General Holdings Corp.		92,245
	188	National Western Life Group, Inc., Class A		48,470
	1,780	NBT Bancorp, Inc.		62,247
	1,208	Nelnet, Inc., Class A		80,996
	12,534	New York Mortgage Trust, Inc. REIT		77,084
	746	NI Holdings, Inc.*		12,533
	1,043	Nicolet Bankshares, Inc.*		66,105
	4,028	NMI Holdings, Inc., Class A*		114,154
	1,809	Northeast Bank		37,971
	1,150	Northrim BanCorp, Inc.		41,630
	3,135	Northwest Bancshares, Inc.		49,564
	1,103	Norwood Financial Corp.		33,884
	1,554	OceanFirst Financial Corp.		32,665
	3,856	OFG Bancorp (Puerto Rico)		79,125
	1,009	Ohio Valley Banc Corp.		32,500
	1,401	Old Line Bancshares, Inc.		37,014
	5,213	Old National Bancorp		87,578
	2,702	Old Second Bancorp, Inc.		31,857
	4,734	On Deck Capital, Inc.*		15,385
	1,094	Oppenheimer Holdings, Inc., Class A		30,369
	1,578	Opus Bank		32,759
	3,909	Orchid Island Capital, Inc. REIT		21,226
	3,600	Oritani Financial Corp.		61,668
	2,373	Pacific Mercantile Bancorp*		18,035
	1,255	Pacific Premier Bancorp, Inc.		36,972
	992	Park National Corp.		89,359
	1,575	Parke Bancorp, Inc.		35,863
	1,596	PCSB Financial Corp.		31,457
	1,750	Peapack Gladstone Financial Corp.		49,227
	747	Penns Woods Bancorp, Inc.		30,844
	3,958	PennyMac Financial Services, Inc.*		117,117
	4,686	PennyMac Mortgage Investment Trust REIT		101,967
	1,147	Peoples Bancorp of North Carolina, Inc.		31,967
	1,876	Peoples Bancorp, Inc.		57,612
	914	Peoples Financial Services Corp.		40,920
	1,734	People’s Utah Bancorp		45,951
	457	Piper Jaffray Cos		33,251
	510	PJT Partners, Inc., Class A		21,221
	1,850	PRA Group, Inc.*		63,159
	1,858	Preferred Bank		92,826
	2,355	Premier Financial Bancorp, Inc.		36,502
	1,171	ProAssurance Corp.		45,751
	1,284	Protective Insurance Corp., Class B		20,801
	3,046	Provident Financial Services, Inc.		72,525
Common Stocks – (continued)
Financials – (continued)
	2,005	Prudential Bancorp, Inc.		32,441
	4,175	Pzena Investment Management, Inc., Class A		33,943
	1,275	QCR Holdings, Inc.		45,020
	12,309	Radian Group, Inc.		277,568
	2,589	Ready Capital Corp. REIT		38,007
	5,192	Redwood Trust, Inc. REIT		86,187
	1,518	Regional Management Corp.*		39,088
	1,039	Reliant Bancorp, Inc.		23,803
	1,723	Renasant Corp.		56,497
	1,375	Republic Bancorp, Inc., Class A		58,369
	4,892	Riverview Bancorp, Inc.		34,489
	1,800	RLI Corp.		164,826
	1,873	S&T Bancorp, Inc.		64,094
	189	Safeguard Scientifics, Inc.*		2,260
	1,132	Safety Insurance Group, Inc.		109,170
	2,053	Sandy Spring Bancorp, Inc.		68,734
	362	SB One Bancorp		8,080
	1,973	Seacoast Banking Corp. of Florida*		46,050
	3,105	Selective Insurance Group, Inc.		247,251
	3,787	ServisFirst Bancshares, Inc.		115,125
	2,127	Shore Bancshares, Inc.		32,671
	1,626	Sierra Bancorp		40,065
	3,334	Simmons First National Corp., Class A		80,016
	1,079	SmartFinancial, Inc.*		20,911
	1,114	South State Corp.		81,968
	1,395	Southern First Bancshares, Inc.*		53,247
	1,497	Southern Missouri Bancorp, Inc.		50,000
	2,147	Southern National Bancorp of Virginia, Inc.		31,389
	1,499	Southside Bancshares, Inc.		49,362
	818	State Auto Financial Corp.		26,151
	1,546	Stewart Information Services Corp.		55,378
	2,383	Stifel Financial Corp.		127,300
	2,320	Stock Yards Bancorp, Inc.		84,216
	844	Summit Financial Group, Inc.		20,788
	2,241	TCF Financial Corp.		86,413
	1,443	Territorial Bancorp, Inc.		39,466
	3,541	Third Point Reinsurance Ltd. (Bermuda)*		33,356
	1,537	Timberland Bancorp, Inc.		39,301
	845	Tompkins Financial Corp.		66,839
	3,139	Towne Bank/Portsmouth VA		82,462
	1,896	TPG RE Finance Trust, Inc. REIT		36,801
	2,056	TriCo Bancshares		72,700
	2,720	TriState Capital Holdings, Inc.*		53,720
	1,557	Triumph Bancorp, Inc.*		46,694
	6,551	TrustCo Bank Corp.		50,246
	2,902	Trustmark Corp.		94,837
	1,707	UMB Financial Corp.		106,380
	2,889	United Bankshares, Inc.		106,546
	3,042	United Community Banks, Inc.		80,339
	2,802	United Community Financial Corp.		27,039
	3,470	United Financial Bancorp, Inc.		43,375
	754	United Fire Group, Inc.		34,051
	1,654	United Security Bancshares		17,169
	1,904	Unity Bancorp, Inc.		37,376

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, 2019

Shares		Description	Value
Common Stocks – (continued)
Financials – (continued)
	4,924	Universal Insurance Holdings, Inc.	$	123,100
	1,557	Univest Financial Corp		39,408
	11,201	Valley National Bancorp		117,723
	2,293	Veritex Holdings, Inc.		54,115
	470	Virtus Investment Partners, Inc.		50,144
	6,052	Waddell & Reed Financial, Inc., Class A		97,861
	3,635	Walker & Dunlop, Inc.		203,051
	4,051	Washington Federal, Inc.		144,216
	1,538	Washington Trust Bancorp, Inc.		71,363
	2,836	Waterstone Financial, Inc.		47,049
	703	Watford Holdings Ltd. (Bermuda)*(a)		16,310
	2,394	WesBanco, Inc.		81,923
	2,454	West Bancorporation, Inc.		51,141
	1,183	Westamerica Bancorporation		72,885
	6,075	Western Asset Mortgage Capital Corp. REIT		57,105
	3,541	Western New England Bancorp, Inc.		31,479
	669	World Acceptance Corp.*		88,910
	1,629	WSFS Financial Corp.		67,147
				19,008,146
Health Care – 14.7%
	3,308	ACADIA Pharmaceuticals, Inc.*		91,499
	487	Acceleron Pharma, Inc.*		21,871
	5,056	Accuray, Inc.*		13,550
	7,018	Achillion Pharmaceuticals, Inc.*		30,528
	9,018	Acorda Therapeutics, Inc.*		29,128
	1,263	Addus HomeCare Corp.*		111,119
	1,781	Adverum Biotechnologies, Inc.*		18,398
	15,051	Affimed NV (Germany)*		41,842
	4,498	Akorn, Inc.*		12,999
	1,385	Alector, Inc.*		22,797
	734	Allogene Therapeutics, Inc.*(a)		19,987
	8,608	Allscripts Healthcare Solutions, Inc.*		78,161
	7,460	Alphatec Holdings, Inc.*		39,016
	8,367	AMAG Pharmaceuticals, Inc.*		91,368
	2,425	Amedisys, Inc.*		312,122
	3,507	American Renal Associates Holdings, Inc.*		21,743
	1,627	Amicus Therapeutics, Inc.*		16,091
	3,021	AMN Healthcare Services, Inc.*		176,426
	3,028	Amneal Pharmaceuticals, Inc.*		7,721
	2,782	Amphastar Pharmaceuticals, Inc.*		62,484
	362	AnaptysBio, Inc.*		14,715
	4,217	AngioDynamics, Inc.*		77,466
	1,518	ANI Pharmaceuticals, Inc.*		99,429
	1,535	Anika Therapeutics, Inc.*		87,127
	6,461	Antares Pharma, Inc.*		20,934
	847	Apellis Pharmaceuticals, Inc.*		24,648
	3,133	Apyx Medical Corp.*		22,276
	4,749	Arena Pharmaceuticals, Inc.*		251,175
	1,948	ArQule, Inc.*		17,454
	3,017	Arrowhead Pharmaceuticals, Inc.*		103,091
	14,252	Assertio Therapeutics, Inc.*		20,523
	2,594	AtriCure, Inc.*		71,050
	78	Atrion Corp.		60,618
Common Stocks – (continued)
Health Care – (continued)
	523	Audentes Therapeutics, Inc.*		16,265
	545	Avanos Medical, Inc.*		18,083
	833	Axsome Therapeutics, Inc.*		21,200
	20,384	BioDelivery Sciences International, Inc.*		87,447
	490	Biohaven Pharmaceutical Holding Co. Ltd.*		19,203
	677	BioSpecifics Technologies Corp.*		37,289
	1,408	BioTelemetry, Inc.*		55,827
	732	Blueprint Medicines Corp.*		56,122
	5,692	Brookdale Senior Living, Inc.*		46,561
	2,606	Cambrex Corp.*		156,178
	3,880	Cardiovascular Systems, Inc.*		187,908
	1,444	CareDx, Inc.*		32,952
	5,404	Catalyst Pharmaceuticals, Inc.*		33,289
	1,764	Catasys, Inc.*(a)		24,767
	901	Cellular Biomedicine Group, Inc.*		11,118
	2,250	CEL-SCI Corp.*(a)		16,132
	2,748	ChemoCentryx, Inc.*		18,302
	2,530	Chiasma, Inc.*		13,105
	1,476	Codexis, Inc.*		20,708
	913	Coherus Biosciences, Inc.*		20,259
	8,033	Collegium Pharmaceutical, Inc.*		93,022
	2,243	Computer Programs & Systems, Inc.		47,439
	568	Concert Pharmaceuticals, Inc.*		5,720
	15,125	Conformis, Inc.*		32,368
	1,130	CONMED Corp.		113,870
	14,174	Corcept Therapeutics, Inc.*		178,734
	6,077	Corindus Vascular Robotics, Inc.*		25,827
	2,511	CorMedix, Inc.*		19,284
	986	CorVel Corp.*		83,051
	8,049	Cross Country Healthcare, Inc.*		82,502
	1,270	CryoLife, Inc.*		34,036
	1,076	CryoPort, Inc.*		23,414
	3,269	Cutera, Inc.*		94,376
	1,803	Cytokinetics, Inc.*		25,332
	994	Denali Therapeutics, Inc.*		17,892
	3,102	Dicerna Pharmaceuticals, Inc.*		43,118
	8,531	Diplomat Pharmacy, Inc.*		49,565
	2,321	Eagle Pharmaceuticals, Inc.*		130,881
	716	Eidos Therapeutics, Inc.*(a)		29,936
	102	Eloxx Pharmaceuticals, Inc.*		632
	4,089	Emergent BioSolutions, Inc.*		179,098
	704	Enanta Pharmaceuticals, Inc.*		49,667
	21,259	Endo International PLC*		50,384
	2,029	Ensign Group, Inc. (The)		101,247
	10,176	Enzo Biochem, Inc.*		33,072
	1,291	Epizyme, Inc.*		16,744
	1,983	Esperion Therapeutics, Inc.*		72,657
	2,457	Fate Therapeutics, Inc.*		40,098
	1,111	FibroGen, Inc.*		49,617
	1,591	Fluidigm Corp.*		8,878
	3,979	Genomic Health, Inc.*		305,030
	2,470	Glaukos Corp.*		158,846
	750	Global Blood Therapeutics, Inc.*		34,485
	3,519	Globus Medical, Inc., Class A*		179,715
	2,498	Haemonetics Corp.*		333,558

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)
Health Care – (continued)
	2,346	Halozyme Therapeutics, Inc.*	$	38,756
	1,623	Hanger, Inc.*		30,642
	1,853	HealthEquity, Inc.*		109,994
	565	Heska Corp.*		39,657
	2,551	HMS Holdings Corp.*		93,188
	1,064	Homology Medicines, Inc.*(a)		20,120
	3,494	Immunomedics, Inc.*		44,723
	13,696	Innoviva, Inc.*		158,737
	949	Inogen, Inc.*		44,005
	1,374	Inovalon Holdings, Inc., Class A*		23,248
	750	Insmed, Inc.*		12,330
	330	Inspire Medical Systems, Inc.*		22,938
	1,832	Integer Holdings Corp.*		132,637
	275	Intercept Pharmaceuticals, Inc.*		17,650
	5,333	Intersect ENT, Inc.*		87,355
	1,581	Invitae Corp.*		38,355
	1,626	Iovance Biotherapeutics, Inc.*		34,162
	1,554	iRhythm Technologies, Inc.*		118,290
	3,265	Joint Corp. (The)*		54,787
	917	KalVista Pharmaceuticals, Inc.*		14,324
	1,357	Kindred Biosciences, Inc.*		10,123
	475	Krystal Biotech, Inc.*		21,375
	1,019	Kura Oncology, Inc.*		15,468
	7,346	Lannett Co., Inc.*(a)		75,664
	5,238	Lantheus Holdings, Inc.*		113,979
	2,459	LeMaitre Vascular, Inc.		77,852
	1,525	LHC Group, Inc.*		180,713
	718	Ligand Pharmaceuticals, Inc.*		65,273
	1,897	LivaNova PLC*		147,264
	7,535	Luminex Corp.		154,468
	1,195	Magellan Health, Inc.*		75,297
	11,502	Mallinckrodt PLC*(a)		29,790
	968	Medicines Co. (The)*		40,617
	1,677	Medpace Holdings, Inc.*		135,686
	908	MeiraGTx Holdings PLC*		18,387
	4,484	Meridian Bioscience, Inc.		41,387
	1,805	Merit Medical Systems, Inc.*		62,778
	277	Mesa Laboratories, Inc.		61,281
	462	Mirati Therapeutics, Inc.*		37,870
	1,839	Misonix, Inc.*		36,008
	1,009	MyoKardia, Inc.*		54,254
	8,139	Myriad Genetics, Inc.*		191,511
	6,208	NanoString Technologies, Inc.*		158,180
	4,615	Natera, Inc.*		152,064
	768	National HealthCare Corp.		62,054
	1,892	National Research Corp.		121,145
	2,786	Natus Medical, Inc.*		77,116
	1,555	Neogen Corp.*		109,659
	6,325	NeoGenomics, Inc.*		157,999
	1,358	Nevro Corp.*		113,705
	7,468	NextGen Healthcare, Inc.*		106,120
	3,100	Novocure Ltd.*		281,666
	2,561	NuVasive, Inc.*		162,675
	1,193	Omeros Corp.*(a)		22,059
	1,515	Omnicell, Inc.*		108,777
	11,933	OPKO Health, Inc.*		21,957
Common Stocks – (continued)
Health Care – (continued)
	2,996	OptimizeRx Corp.*		49,164
	12,119	Option Care Health, Inc.*		42,417
	3,051	OraSure Technologies, Inc.*		20,137
	2,473	Orthofix Medical, Inc.*		125,727
	494	OrthoPediatrics Corp.*		15,902
	10,812	Owens & Minor, Inc.		54,925
	3,221	Pacific Biosciences of California, Inc.*		17,877
	3,027	Pacira BioSciences, Inc.*		112,725
	25,021	Palatin Technologies, Inc.*		22,546
	4,489	Patterson Cos., Inc.		75,056
	21,897	PDL BioPharma, Inc.*		51,239
	636	PetIQ, Inc.*(a)		20,136
	4,338	Phibro Animal Health Corp., Class A		89,580
	7,181	Pieris Pharmaceuticals, Inc.*		33,392
	738	Portola Pharmaceuticals, Inc.*		21,446
	3,842	Prestige Consumer Healthcare, Inc.*		122,483
	910	Providence Service Corp. (The)*		51,151
	771	PTC Therapeutics, Inc.*		34,363
	7,688	Puma Biotechnology, Inc.*		82,646
	784	Quanterix Corp.*		20,643
	1,296	Quidel Corp.*		81,713
	3,265	R1 RCM, Inc.*		38,070
	745	Ra Pharmaceuticals, Inc.*		20,264
	3,507	Radius Health, Inc.*		99,248
	6,574	RadNet, Inc.*		91,444
	340	Reata Pharmaceuticals, Inc., Class A*		26,214
	3,219	Recro Pharma, Inc.*		37,855
	1,042	REGENXBIO, Inc.*		35,939
	1,127	Repligen Corp.*		104,597
	1,627	Retrophin, Inc.*		20,484
	2,038	Sangamo Therapeutics, Inc.*		22,214
	2,929	SeaSpine Holdings Corp.*		32,190
	5,150	Select Medical Holdings Corp.*		83,533
	1,034	Silk Road Medical, Inc.*		44,555
	2,698	Simulations Plus, Inc.		97,425
	455	Spark Therapeutics, Inc.*		44,322
	4,071	STAAR Surgical Co.*(a)		122,578
	5,260	Supernus Pharmaceuticals, Inc.*		142,178
	6,008	Surgery Partners, Inc.*		38,692
	1,066	Surmodics, Inc.*		50,166
	3,531	Syneos Health, Inc.*		185,483
	557	Tabula Rasa HealthCare, Inc.*		31,638
	2,295	Tactile Systems Technology, Inc.*		115,760
	2,482	Tandem Diabetes Care, Inc.*		179,771
	1,187	Teladoc Health, Inc.*		68,704
	3,732	Tenet Healthcare Corp.*		80,798
	3,184	Tivity Health, Inc.*		58,140
	2,677	Triple-S Management Corp., Class B (Puerto Rico)*		54,932
	640	Ultragenyx Pharmaceutical, Inc.*		34,861
	609	US Physical Therapy, Inc.		81,314
	276	Utah Medical Products, Inc.		27,136
	11,225	Vanda Pharmaceuticals, Inc.*		158,160
	1,755	Varex Imaging Corp.*		46,244
	6,618	Veracyte, Inc.*		175,377
	9,291	Vericel Corp.*		153,673

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, 2019

Shares		Description	Value
Common Stocks – (continued)
Health Care – (continued)
	2,265	ViewRay, Inc.*	$	8,924
	2,137	Vocera Communications, Inc.*		49,044
	758	Voyager Therapeutics, Inc.*		13,545
	2,275	Wright Medical Group NV*		47,434
	2,654	XBiotech, Inc.*		22,161
	1,809	Xencor, Inc.*		67,440
	3,581	ZIOPHARM Oncology, Inc.*(a)		17,869
	721	Zogenix, Inc.*		30,779
	3,893	Zynex, Inc.(a)		34,803
				14,205,511
Industrials – 15.7%
	3,278	AAON, Inc.		157,246
	1,573	AAR Corp.		67,576
	2,294	ABM Industries, Inc.		85,474
	3,177	Acacia Research Corp.*		8,292
	5,047	ACCO Brands Corp.		46,786
	1,851	Actuant Corp., Class A		41,111
	1,973	Advanced Disposal Services, Inc.*		63,965
	2,656	Advanced Drainage Systems, Inc.		83,372
	1,924	Aegion Corp.*		37,980
	2,860	Aerojet Rocketdyne Holdings, Inc.*		149,378
	764	AeroVironment, Inc.*		39,369
	853	Air Transport Services Group, Inc.*		17,231
	1,035	Aircastle Ltd.		22,615
	815	Alamo Group, Inc.		93,057
	864	Albany International Corp., Class A		71,038
	412	Allegiant Travel Co.		58,500
	1,636	Allied Motion Technologies, Inc.		52,696
	1,681	Altra Industrial Motion Corp.		43,689
	3,102	American Superconductor Corp.*		23,792
	534	American Woodmark Corp.*		43,986
	2,367	Apogee Enterprises, Inc.		87,413
	3,093	Applied Industrial Technologies, Inc.		165,135
	2,502	ArcBest Corp.		74,084
	1,427	Arcosa, Inc.		46,363
	493	Argan, Inc.		20,366
	2,794	ASGN, Inc.*		174,541
	770	Astec Industries, Inc.		21,252
	964	Astronics Corp.*		26,520
	3,175	Atkore International Group, Inc.*		92,107
	1,523	Avis Budget Group, Inc.*		37,725
	3,089	Axon Enterprise, Inc.*		185,247
	1,165	AZZ, Inc.		48,080
	2,240	Barnes Group, Inc.		100,464
	811	Barrett Business Services, Inc.		70,662
	2,997	Beacon Roofing Supply, Inc.*		95,544
	2,244	BG Staffing, Inc.		42,053
	2,923	Blue Bird Corp.*		53,315
	1,107	BlueLinx Holdings, Inc.*(a)		31,760
	7,822	BMC Stock Holdings, Inc.*		198,913
	3,235	Brady Corp., Class A		152,724
	1,434	BrightView Holdings, Inc.*		26,285
	1,547	Brink’s Co. (The)		116,412
	10,211	Builders FirstSource, Inc.*		198,604
	2,877	Caesarstone Ltd.		43,126
Common Stocks – (continued)
Industrials – (continued)
	1,958	Casella Waste Systems, Inc., Class A*		89,089
	4,203	CBIZ, Inc.*		93,895
	1,307	Chart Industries, Inc.*		82,132
	1,571	Cimpress NV (Netherlands)*		180,178
	639	CIRCOR International, Inc.*		21,962
	1,900	Columbus McKinnon Corp.		61,503
	3,103	Comfort Systems USA, Inc.		119,962
	4,094	Commercial Vehicle Group, Inc.*		25,997
	1,837	Continental Building Products, Inc.*		46,182
	11,494	Cornerstone Building Brands, Inc.*		53,907
	2,735	Costamare, Inc. (Monaco)		15,836
	2,606	Covanta Holding Corp.		44,823
	1,794	Covenant Transportation Group, Inc., Class A*		25,798
	1,050	CRA International, Inc.		40,834
	1,431	CSW Industrials, Inc.		97,608
	994	Cubic Corp.		68,854
	2,975	Deluxe Corp.		137,088
	768	Douglas Dynamics, Inc.		32,072
	1,079	Ducommun, Inc.*		44,433
	3,042	DXP Enterprises, Inc.*		98,713
	456	Dycom Industries, Inc.*		20,292
	1,347	Eastern Co. (The)		29,715
	6,105	Echo Global Logistics, Inc.*		122,344
	2,747	EMCOR Group, Inc.		240,198
	1,104	Encore Wire Corp.		59,605
	1,758	EnerSys		98,448
	936	Ennis, Inc.		18,823
	871	EnPro Industries, Inc.		54,246
	1,355	ESCO Technologies, Inc.		103,156
	788	EVI Industries, Inc.(a)		23,490
	1,329	Exponent, Inc.		94,213
	2,005	Federal Signal Corp.		59,569
	1,400	Forrester Research, Inc.		48,818
	2,545	Forward Air Corp.		158,553
	1,759	Foundation Building Materials, Inc.*		30,132
	2,396	Franklin Covey Co.*		88,149
	2,517	Franklin Electric Co, Inc.		115,404
	1,791	FTI Consulting, Inc.*		193,679
	809	GATX Corp.		60,044
	862	Gencor Industries, Inc.*		9,861
	2,441	Generac Holdings, Inc.*		190,374
	1,310	General Finance Corp.*		10,834
	1,561	Gibraltar Industries, Inc.*		62,861
	4,910	GMS, Inc.*		144,649
	900	Gorman-Rupp Co. (The)		26,883
	24	Graham Corp.		442
	593	Granite Construction, Inc.		16,865
	3,158	Great Lakes Dredge & Dock Corp.*		34,233
	999	Greenbrier Cos, Inc. (The)		23,267
	2,196	H&E Equipment Services, Inc.		53,341
	3,053	Harsco Corp.*		54,649
	1,989	Hawaiian Holdings, Inc.		48,551
	2,746	Healthcare Services Group, Inc.		61,922
	1,192	Heartland Express, Inc.		24,519
	924	Heidrick & Struggles International, Inc.		24,532

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)
Industrials – (continued)
	442	Helios Technologies, Inc.	$	18,913
	1,565	Heritage-Crystal Clean, Inc.*		38,342
	4,504	Herman Miller, Inc.		190,429
	1,187	Hertz Global Holdings, Inc.*		14,375
	3,314	Hillenbrand, Inc.		90,936
	3,620	HNI Corp.		112,908
	2,767	Hub Group, Inc., Class A*		119,147
	1,105	Hurco Cos, Inc.		35,261
	1,362	Huron Consulting Group, Inc.*		83,368
	592	Hyster-Yale Materials Handling, Inc.		32,294
	1,482	ICF International, Inc.		125,466
	2,059	IES Holdings, Inc.*		38,853
	5,470	InnerWorkings, Inc.*		23,193
	2,057	Insperity, Inc.		203,766
	4,018	Interface, Inc.		44,399
	1,665	JELD-WEN Holding, Inc.*		28,738
	1,388	John Bean Technologies Corp.		142,020
	1,003	Kadant, Inc.		82,537
	2,327	Kaman Corp.		135,873
	2,611	Kelly Services, Inc., Class A		63,212
	3,008	Kennametal, Inc.		89,909
	4,672	Kforce, Inc.		152,027
	7,352	Kimball International, Inc., Class B		129,028
	3,039	Knoll, Inc.		70,079
	2,140	Korn Ferry		83,631
	2,352	Kratos Defense & Security Solutions, Inc.*		46,969
	1,043	Lawson Products, Inc.*		38,017
	2,055	LB Foster Co., Class A*		40,915
	598	Lindsay Corp.		52,779
	4,658	LSC Communications, Inc.		6,055
	1,246	Luxfer Holdings PLC (United Kingdom)		19,575
	1,489	Lydall, Inc.*		29,944
	1,180	Marten Transport Ltd.		23,211
	1,119	Masonite International Corp.*		59,743
	1,891	MasTec, Inc.*		118,887
	709	Matson, Inc.		25,191
	1,259	Matthews International Corp., Class A		36,901
	5,757	Maxar Technologies, Inc.		40,760
	587	McGrath RentCorp		37,586
	1,015	Mercury Systems, Inc.*		86,914
	3,694	Meritor, Inc.*		62,133
	2,822	Milacron Holdings Corp.*		44,729
	1,619	Mistras Group, Inc.*		23,637
	1,050	Mobile Mini, Inc.		32,823
	1,040	Moog, Inc., Class A		84,500
	2,484	MRC Global, Inc.*		31,224
	1,561	MSA Safety, Inc.		164,888
	1,852	Mueller Industries, Inc.		48,819
	1,988	Mueller Water Products, Inc., Class A		20,794
	883	MYR Group, Inc.*		25,316
	474	National Presto Industries, Inc.		40,627
	2,821	Navigant Consulting, Inc.		78,621
	864	Navistar International Corp.*		19,872
	1,262	Northwest Pipe Co.*		29,026
	6,002	NOW, Inc.*		71,364
	1,838	NV5 Global, Inc.*		113,460
Common Stocks – (continued)
Industrials – (continued)
	719	Omega Flex, Inc.		60,540
	490	PAM Transportation Services, Inc.*		28,268
	730	Park-Ohio Holdings Corp.		19,849
	2,563	Parsons Corp.*		87,193
	1,403	Patrick Industries, Inc.*		50,704
	4,800	PGT Innovations, Inc.*		76,800
	2,372	PICO Holdings, Inc.*		22,842
	6,392	Pitney Bowes, Inc.		22,755
	9,336	Plug Power, Inc.*(a)		20,259
	1,244	Powell Industries, Inc.		45,182
	753	Preformed Line Products Co.		38,591
	1,137	Primoris Services Corp.		22,217
	1,429	Proto Labs, Inc.*		135,383
	2,860	Quad/Graphics, Inc.		25,711
	1,776	Quanex Building Products Corp.		30,583
	9,245	Radiant Logistics, Inc.*		45,116
	2,607	Raven Industries, Inc.		76,046
	669	RBC Bearings, Inc.*		106,726
	5,832	Resources Connection, Inc.		96,520
	3,359	Rexnord Corp.*		87,939
	1,942	Rush Enterprises, Inc., Class A		70,126
	1,096	Rush Enterprises, Inc., Class B		40,749
	3,062	Safe Bulkers, Inc. (Greece)*		6,308
	843	Saia, Inc.*		72,110
	2,456	Simpson Manufacturing Co., Inc.		157,675
	2,909	SiteOne Landscape Supply, Inc.*		227,484
	1,446	SkyWest, Inc.		82,798
	1,711	SP Plus Corp.*		59,047
	1,151	Spirit Airlines, Inc.*		43,209
	1,867	SPX Corp.*		70,853
	1,723	SPX FLOW, Inc.*		58,082
	547	Standex International Corp.		37,606
	6,956	Steelcase, Inc., Class A		108,027
	1,852	Sterling Construction Co., Inc.*		20,724
	1,354	Sunrun, Inc.*		20,757
	2,837	Systemax, Inc.		56,939
	1,348	Team, Inc.*		22,215
	1,634	Tennant Co.		111,749
	2,554	Tetra Tech, Inc.		207,180
	761	Thermon Group Holdings, Inc.*		16,552
	2,399	Titan Machinery, Inc.*		36,129
	879	TPI Composites, Inc.*		15,506
	1,704	Transcat, Inc.*		39,584
	3,878	Trex Co., Inc.*		331,685
	2,216	TriMas Corp.*		65,106
	1,464	TriNet Group, Inc.*		98,278
	1,148	Triton International Ltd. (Bermuda)		36,908
	1,046	Triumph Group, Inc.		21,736
	5,221	TrueBlue, Inc.*		101,340
	1,930	Tutor Perini Corp.*		19,281
	2,106	Twin Disc, Inc.*		21,292
	654	UniFirst Corp.		128,125
	2,981	Universal Forest Products, Inc.		116,557
	1,259	Upwork, Inc.*(a)		18,205
	368	US Ecology, Inc.		22,290
	1,571	Vectrus, Inc.*		63,563

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, 2019

Shares		Description	Value
Common Stocks – (continued)
Industrials – (continued)
	2,839	Veritiv Corp.*	$	47,014
	1,064	Viad Corp.		68,766
	2,693	Vicor Corp.*		82,110
	2,608	Vivint Solar, Inc.*		21,020
	55	VSE Corp.		1,751
	3,665	Wabash National Corp.		49,991
	1,655	Watts Water Technologies, Inc., Class A		151,648
	1,680	Welbilt, Inc.*		26,443
	932	Werner Enterprises, Inc.		30,458
	1,921	Wesco Aircraft Holdings, Inc.*		21,131
	1,890	Willdan Group, Inc.*		68,323
	373	Willis Lease Finance Corp.*		23,040
	5,485	YRC Worldwide, Inc.*(a)		11,957
				15,136,010
Information Technology – 14.2%
	4,898	3D Systems Corp.*		34,286
	5,680	8x8, Inc.*		138,081
	10,732	A10 Networks, Inc.*		74,480
	753	Acacia Communications, Inc.*		47,477
	3,722	ACI Worldwide, Inc.*		110,841
	4,556	Adesto Technologies Corp.*		46,471
	3,248	ADTRAN, Inc.		33,357
	2,429	Advanced Energy Industries, Inc.*		125,434
	2,476	Agilysys, Inc.*		67,471
	2,315	Airgain, Inc.*		25,997
	1,984	Alarm.com Holdings, Inc.*		94,438
	1,844	Altair Engineering, Inc., Class A*		63,360
	1,226	Ambarella, Inc.*		68,497
	2,758	American Software, Inc., Class A		43,466
	7,890	Amkor Technology, Inc.*		69,038
	1,734	Anixter International, Inc.*		103,988
	1,673	Appfolio, Inc., Class A*		165,242
	2,121	Appian Corp.*		126,136
	5,214	Aquantia Corp.*		68,721
	1,523	AstroNova, Inc.		25,023
	6,421	Avaya Holdings Corp.*		90,665
	6,783	Avid Technology, Inc.*		50,601
	2,735	AVX Corp.		37,059
	1,841	Axcelis Technologies, Inc.*		28,186
	1,833	Badger Meter, Inc.		94,546
	1,354	Bel Fuse, Inc., Class B		14,894
	1,192	Belden, Inc.		54,367
	2,790	Benchmark Electronics, Inc.		73,879
	1,348	Blackbaud, Inc.		122,628
	1,093	Blackline, Inc.*		55,666
	1,361	Bottomline Technologies DE, Inc.*		56,128
	6,752	Box, Inc., Class A*		98,782
	7,076	Brightcove, Inc.*		87,247
	1,755	Brooks Automation, Inc.		58,494
	864	Cabot Microelectronics Corp.		107,698
	2,593	CalAmp Corp.*		24,893
	8,454	Calix, Inc.*		50,809
	1,857	Carbon Black, Inc.*		48,468
	2,580	Carbonite, Inc.*		31,089
	2,505	Cardtronics PLC, Class A*		74,198
Common Stocks – (continued)
Information Technology – (continued)
	3,761	Casa Systems, Inc.*		21,663
	675	Cass Information Systems, Inc.		34,155
	4,730	ChannelAdvisor Corp.*		40,678
	4,680	Cirrus Logic, Inc.*		251,035
	2,923	Cision Ltd*		20,227
	2,670	Clearfield, Inc.*		28,542
	8,020	Cloudera, Inc.*(a)		57,263
	3,542	Cohu, Inc.		42,221
	2,356	CommVault Systems, Inc.*		102,180
	1,599	Comtech Telecommunications Corp.		42,773
	9,335	Conduent, Inc.*		60,771
	2,281	Cornerstone OnDemand, Inc.*		119,000
	808	Cray, Inc.*		28,223
	2,476	CSG Systems International, Inc.		133,407
	1,515	CTS Corp.		43,223
	5,824	Daktronics, Inc.		42,108
	3,386	Digi International, Inc.*		43,273
	457	Digimarc Corp.*		18,070
	8,392	Digital Turbine, Inc.*		63,863
	3,067	Diodes, Inc.*		112,099
	1,022	Domo, Inc., Class B*		25,376
	1,373	DSP Group, Inc.*		19,002
	833	Ebix, Inc.		29,505
	4,363	eGain Corp.*		31,326
	7,469	Enphase Energy, Inc.*		221,605
	1,039	Envestnet, Inc.*		59,441
	972	ePlus, Inc.*		79,432
	1,046	Everbridge, Inc.*		90,165
	3,475	EVERTEC, Inc. (Puerto Rico)		121,139
	658	Evo Payments, Inc., Class A*		19,529
	2,066	Exela Technologies, Inc.*		2,376
	1,394	ExlService Holdings, Inc.*		94,374
	17,020	Extreme Networks, Inc.*		113,694
	1,493	Fabrinet (Thailand)*		75,382
	1,272	FARO Technologies, Inc.*		62,633
	2,030	Finisar Corp.*(a)		45,898
	11,249	Fitbit, Inc., Class A*		34,759
	3,226	Five9, Inc.*		203,915
	2,376	ForeScout Technologies, Inc.*		85,132
	3,202	FormFactor, Inc.*		54,722
	1,128	GTT Communications, Inc.*(a)		10,727
	5,003	Hackett Group, Inc. (The)		80,698
	4,286	Harmonic, Inc.*		28,245
	1,554	Ichor Holdings Ltd.*		33,038
	1,571	II-VI, Inc.*		58,928
	2,647	Impinj, Inc.*		96,298
	7,999	Information Services Group, Inc.*		21,277
	896	Inphi Corp.*		54,826
	4,325	Inseego Corp.*(a)		19,203
	1,722	Insight Enterprises, Inc.*		82,759
	3,057	Instructure, Inc.*		126,438
	1,104	Intelligent Systems Corp.*		58,391
	781	InterDigital, Inc.		38,402
	1,312	International Money Express, Inc.*		17,108
	5,876	Iteris, Inc.*		31,965
	1,417	Itron, Inc.*		98,411

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)
Information Technology – (continued)
	1,933	j2 Global, Inc.	$	163,532
	6,368	KBR, Inc.		162,511
	3,850	KEMET Corp.		64,488
	2,968	Kimball Electronics, Inc.*		39,207
	3,305	Knowles Corp.*		67,025
	3,853	KVH Industries, Inc.*		35,833
	8,267	Lattice Semiconductor Corp.*		162,777
	11,531	Limelight Networks, Inc.*		28,020
	5,245	LivePerson, Inc.*		208,436
	2,064	LiveRamp Holdings, Inc.*		87,431
	1,833	Lumentum Holdings, Inc.*		102,208
	1,932	ManTech International Corp., Class A		135,781
	3,348	MAXIMUS, Inc.		257,595
	2,461	MaxLinear, Inc.*		48,777
	1,935	Methode Electronics, Inc.		61,417
	657	MicroStrategy, Inc., Class A*		94,142
	4,054	Mitek Systems, Inc.*		41,108
	12,605	MobileIron, Inc.*		86,975
	2,565	Model N, Inc.*		73,436
	1,132	Monotype Imaging Holdings, Inc.		22,357
	1,048	MTS Systems Corp.		59,600
	2,893	Nanometrics, Inc.*		78,950
	2,890	Napco Security Technologies, Inc.*		99,647
	7,317	NeoPhotonics Corp.*		45,804
	1,418	NETGEAR, Inc.*		49,233
	4,114	NetScout Systems, Inc.*		91,125
	4,735	NIC, Inc.		98,583
	1,499	Novanta, Inc.*		112,425
	386	NVE Corp.		24,781
	2,386	OneSpan, Inc.*		32,211
	780	OSI Systems, Inc.*		81,908
	2,811	PAR Technology Corp.*(a)		65,018
	1,618	Paysign, Inc.*(a)		21,503
	2,814	PC Connection, Inc.		99,137
	2,240	PCM, Inc.*		78,422
	3,945	Perficient, Inc.*		145,334
	5,262	Perspecta, Inc.		136,549
	3,251	Photronics, Inc.*		35,111
	1,664	Plantronics, Inc.		51,700
	1,431	Plexus Corp.*		81,868
	1,176	Power Integrations, Inc.		104,688
	2,318	Presidio, Inc.		37,134
	5,172	PRGX Global, Inc.*		27,877
	2,610	Progress Software Corp.		98,606
	1,273	PROS Holdings, Inc.*		90,408
	1,452	Q2 Holdings, Inc.*		130,607
	1,290	QAD, Inc., Class A		52,271
	1,127	Qualys, Inc.*		89,732
	8,256	Rambus, Inc.*		103,530
	1,874	Rapid7, Inc.*		100,615
	10,168	Ribbon Communications, Inc.*		52,569
	315	Rogers Corp.*		41,712
	3,260	Rudolph Technologies, Inc.*		71,687
	1,804	SailPoint Technologies Holding, Inc.*		40,644
	3,356	Sanmina Corp.*		96,988
	1,592	ScanSource, Inc.*		44,990
Common Stocks – (continued)
Information Technology – (continued)
	2,874	Science Applications International Corp.		252,941
	2,098	SecureWorks Corp., Class A*		25,323
	1,962	Semtech Corp.*		82,345
	1,516	SharpSpring, Inc.*		17,586
	862	ShotSpotter, Inc.*(a)		23,472
	1,372	Silicon Laboratories, Inc.*		149,548
	3,270	SMART Global Holdings, Inc.*		92,901
	1,730	SPS Commerce, Inc.*		87,434
	1,618	Stratasys Ltd.*		38,541
	1,165	SVMK, Inc.*		19,502
	4,256	Sykes Enterprises, Inc.*		123,424
	2,930	Synaptics, Inc.*		93,819
	1,314	Tech Data Corp.*		121,847
	3,263	Telaria, Inc.*		32,565
	2,458	Telenav, Inc.*		27,825
	1,058	Tenable Holdings, Inc.*		24,122
	1,545	TESSCO Technologies, Inc.		22,835
	7,237	TiVo Corp.		54,495
	1,802	TTEC Holdings, Inc.		84,532
	5,328	TTM Technologies, Inc.*		56,796
	706	Tucows, Inc., Class A*(a)		35,625
	3,247	Ultra Clean Holdings, Inc.*		38,769
	5,218	Unisys Corp.*		34,126
	1,042	Upland Software, Inc.*		39,596
	2,644	USA Technologies, Inc.*		21,760
	2,647	Varonis Systems, Inc.*		180,843
	2,777	Verint Systems, Inc.*		147,986
	2,647	Verra Mobility Corp.*		36,846
	7,543	Viavi Solutions, Inc.*		104,772
	1,196	Virtusa Corp.*		43,223
	5,796	Vishay Intertechnology, Inc.		91,751
	1,830	Vishay Precision Group, Inc.*		57,188
	3,453	Workiva, Inc.*		166,124
	2,856	Xperi Corp.		52,322
	5,128	Yext, Inc.*		80,869
	3,657	Zix Corp.*		26,879
	1,935	Zuora, Inc., Class A*		29,122
				13,658,671
Materials – 3.4%
	1,486	AdvanSix, Inc.*		33,197
	11,872	AK Steel Holding Corp.*(a)		25,644
	4,102	Allegheny Technologies, Inc.*		81,302
	3,404	American Vanguard Corp.		48,235
	1,002	Balchem Corp.		88,968
	4,005	Boise Cascade Co.		125,757
	1,576	Carpenter Technology Corp.		76,657
	1,185	Chase Corp.		118,761
	10,530	Cleveland-Cliffs, Inc.(a)		83,608
	1,494	Commercial Metals Co.		23,411
	529	Compass Minerals International, Inc.		26,307
	3,251	Ferro Corp.*		33,128
	2,665	FutureFuel Corp.		28,729
	3,324	GCP Applied Technologies, Inc.*		58,336
	3,562	Gold Resource Corp.		12,146
	884	Greif, Inc., Class A		31,108

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, 2019

Shares		Description	Value
Common Stocks – (continued)
Materials – (continued)
	1,808	HB Fuller Co.	$	77,039
	1,872	Ingevity Corp.*		142,590
	946	Innophos Holdings, Inc.		26,573
	1,390	Innospec, Inc.		115,620
	631	Kaiser Aluminum Corp.		55,799
	1,556	Kraton Corp.*		42,697
	2,871	Kronos Worldwide, Inc.		31,437
	2,870	Livent Corp.*		17,650
	7,807	Louisiana-Pacific Corp.		187,680
	10,074	Marrone Bio Innovations, Inc.*		13,801
	1,759	Materion Corp.		103,500
	1,436	Minerals Technologies, Inc.		69,215
	6,259	Myers Industries, Inc.		105,339
	582	Neenah, Inc.		37,120
	2,272	Olympic Steel, Inc.		24,424
	6,094	OMNOVA Solutions, Inc.*		61,245
	3,380	Orion Engineered Carbons SA (Luxembourg)		47,016
	2,005	PH Glatfelter Co.		28,832
	4,664	PolyOne Corp.		149,295
	1,094	Quaker Chemical Corp.		173,793
	4,297	Rayonier Advanced Materials, Inc.(a)		15,082
	3,933	Ryerson Holding Corp.*		27,020
	2,916	Schnitzer Steel Industries, Inc., Class A		64,560
	1,265	Schweitzer-Mauduit International, Inc.		42,428
	1,570	Sensient Technologies Corp.		102,552
	1,238	Stepan Co.		118,093
	2,608	Summit Materials, Inc., Class A*		54,716
	4,803	SunCoke Energy, Inc.*		29,971
	708	Synalloy Corp.		11,356
	888	Trecora Resources*		8,036
	2,207	Trinseo SA		77,444
	4,665	Tronox Holdings PLC, Class A		34,661
	1,598	UFP Technologies, Inc.*		66,764
	488	United States Lime & Minerals, Inc.		37,659
	622	US Concrete, Inc.*		25,203
	2,006	Valhi, Inc.		3,912
	3,019	Verso Corp., Class A*		30,824
	5,465	Warrior Met Coal, Inc.		114,219
	1,600	Worthington Industries, Inc.		55,520
				3,325,979
Real Estate – 7.9%
	1,732	Acadia Realty Trust REIT		47,370
	1,310	Agree Realty Corp. REIT		97,844
	4,880	Alexander & Baldwin, Inc. REIT		111,703
	126	Alexander’s, Inc. REIT		47,574
	1,466	Altisource Portfolio Solutions SA*		29,027
	1,557	American Assets Trust, Inc. REIT		72,961
	2,387	American Finance Trust, Inc. REIT		28,572
	1,777	Armada Hoffler Properties, Inc. REIT		30,813
	11,247	Ashford Hospitality Trust, Inc. REIT		31,492
	6,435	Braemar Hotels & Resorts, Inc. REIT		59,009
	2,082	BRT Apartments Corp. REIT		30,147
	3,903	CareTrust REIT, Inc. REIT		92,852
	42,378	CBL & Associates Properties, Inc. REIT		38,564
Common Stocks – (continued)
Real Estate – (continued)
	11,418	Cedar Realty Trust, Inc. REIT		27,061
	3,803	Chatham Lodging Trust REIT		63,092
	4,910	Chesapeake Lodging Trust REIT		126,432
	2,011	City Office REIT, Inc. REIT		27,229
	316	Clipper Realty, Inc. REIT		3,457
	1,407	Community Healthcare Trust, Inc. REIT		59,994
	868	Consolidated-Tomoka Land Co.		55,413
	6,814	CoreCivic, Inc. REIT		115,497
	1,534	CorEnergy Infrastructure Trust, Inc. REIT		69,199
	3,604	CorePoint Lodging, Inc. REIT		32,796
	2,705	Cushman & Wakefield PLC*		45,552
	12,044	DiamondRock Hospitality Co. REIT		114,057
	1,921	Easterly Government Properties, Inc. REIT		39,477
	1,375	EastGroup Properties, Inc. REIT		171,215
	1,756	Essential Properties Realty Trust, Inc. REIT		39,879
	3,987	eXp World Holdings, Inc.*		34,687
	4,524	First Industrial Realty Trust, Inc. REIT		176,210
	2,599	Forestar Group, Inc.*		49,537
	3,585	Four Corners Property Trust, Inc. REIT		102,137
	5,914	Franklin Street Properties Corp. REIT		44,769
	3,409	Front Yard Residential Corp. REIT		37,806
	879	FRP Holdings, Inc.*		43,238
	6,391	GEO Group, Inc. (The) REIT		109,670
	1,993	Getty Realty Corp. REIT		63,298
	2,212	Gladstone Commercial Corp. REIT		50,146
	1,772	Global Medical REIT, Inc. REIT		19,368
	2,294	Global Net Lease, Inc. REIT		43,999
	1,746	Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		48,242
	3,672	Healthcare Realty Trust, Inc. REIT		122,021
	3,639	Hersha Hospitality Trust REIT		50,582
	5,193	Independence Realty Trust, Inc. REIT		72,235
	3,085	Industrial Logistics Properties Trust REIT		65,988
	648	Innovative Industrial Properties, Inc. REIT(a)		57,776
	365	Investors Real Estate Trust REIT		25,276
	4,554	iStar, Inc. REIT		58,291
	1,534	Jernigan Capital, Inc. REIT		29,622
	4,182	Kennedy-Wilson Holdings, Inc.		87,738
	4,884	Kite Realty Group Trust REIT		69,792
	7,137	Lexington Realty Trust REIT		74,153
	1,676	LTC Properties, Inc. REIT		81,789
	4,651	Mack-Cali Realty Corp. REIT		94,741
	5,741	Marcus & Millichap, Inc.*		207,135
	938	Maui Land & Pineapple Co., Inc.*		9,868
	3,330	Monmouth Real Estate Investment Corp. REIT		43,690
	1,597	National Health Investors, Inc. REIT		132,487
	4,190	National Storage Affiliates Trust REIT		140,197
	8,936	New Senior Investment Group, Inc. REIT		55,850
	7,795	Newmark Group, Inc., Class A		67,661
	1,651	NexPoint Residential Trust, Inc. REIT		76,606
	3,197	NorthStar Realty Europe Corp. REIT		54,125
	764	Office Properties Income Trust REIT		20,712
	1,039	One Liberty Properties, Inc. REIT		27,824

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)
Real Estate – (continued)
	7,227	Pebblebrook Hotel Trust REIT	$	194,912
	8,416	Pennsylvania Real Estate Investment Trust REIT		43,258
	5,786	Physicians Realty Trust REIT		100,213
	5,435	Piedmont Office Realty Trust, Inc., Class A REIT		107,287
	3,629	PotlatchDeltic Corp. REIT		139,644
	3,851	Preferred Apartment Communities, Inc., Class A REIT		51,834
	932	PS Business Parks, Inc. REIT		167,396
	1,805	QTS Realty Trust, Inc., Class A REIT		88,553
	813	Rafael Holdings, Inc., Class B*		16,423
	3,113	RE/MAX Holdings, Inc., Class A		79,911
	14,269	Realogy Holdings Corp.(a)		68,206
	9,511	Redfin Corp.*		160,641
	3,024	Retail Opportunity Investments Corp. REIT		52,950
	1,591	Retail Value, Inc. REIT		58,851
	3,425	Rexford Industrial Realty, Inc. REIT		151,351
	8,808	RLJ Lodging Trust REIT		142,778
	1,737	RMR Group, Inc. (The), Class A		80,927
	5,630	RPT Realty REIT		66,997
	2,170	Ryman Hospitality Properties, Inc. REIT		172,862
	8,282	Sabra Health Care REIT, Inc. REIT		179,057
	638	Saul Centers, Inc. REIT		32,047
	6,597	Senior Housing Properties Trust REIT		56,008
	1,180	Seritage Growth Properties, Class A REIT		46,126
	1,378	St Joe Co. (The)*		24,776
	3,897	STAG Industrial, Inc. REIT		113,325
	8,351	Summit Hotel Properties, Inc. REIT		93,197
	13,744	Sunstone Hotel Investors, Inc. REIT		180,596
	4,440	Tanger Factory Outlet Centers, Inc. REIT(a)		62,782
	2,380	Terreno Realty Corp. REIT		120,333
	2,565	UMH Properties, Inc. REIT		32,986
	4,564	Uniti Group, Inc. REIT		33,728
	704	Universal Health Realty Income Trust REIT		68,070
	2,878	Urban Edge Properties REIT		50,394
	1,318	Urstadt Biddle Properties, Inc., Class A REIT		27,665
	11,067	Washington Prime Group, Inc. REIT		35,746
	2,437	Washington Real Estate Investment Trust REIT		64,556
	1,871	Whitestone REIT		23,238
	6,252	Xenia Hotels & Resorts, Inc. REIT		126,353
				7,573,521
Utilities – 4.5%
	2,666	ALLETE, Inc.		228,556
	2,557	American States Water Co.		236,599
	2,692	AquaVenture Holdings Ltd.*		47,595
	627	Artesian Resources Corp., Class A		22,823
	26,719	Atlantic Power Corp.*		61,187
	3,170	Avista Corp.		148,673
	2,862	Black Hills Corp.		219,544
Common Stocks – (continued)
Utilities – (continued)
	2,084	California Water Service Group		117,621
	1,002	Chesapeake Utilities Corp.		94,769
	6,823	Clearway Energy, Inc., Class A		114,353
	7,945	Clearway Energy, Inc., Class C		140,627
	439	Connecticut Water Service, Inc.		30,791
	3,605	Consolidated Water Co. Ltd. (Cayman Islands)		52,849
	1,990	El Paso Electric Co.		132,733
	3,595	Genie Energy Ltd., Class B		25,740
	1,721	MGE Energy, Inc.		130,538
	591	Middlesex Water Co.		36,075
	3,868	New Jersey Resources Corp.		176,922
	1,267	Northwest Natural Holding Co.		90,413
	2,522	NorthWestern Corp.		182,694
	2,446	ONE Gas, Inc.		224,078
	2,375	Ormat Technologies, Inc.		176,391
	2,261	Otter Tail Corp.		114,452
	4,504	Pattern Energy Group, Inc., Class A		122,284
	4,095	PNM Resources, Inc.		208,886
	4,538	Portland General Electric Co.		258,167
	3,747	Pure Cycle Corp.*		40,655
	1,287	RGC Resources, Inc.		36,525
	1,090	SJW Group		74,480
	3,359	South Jersey Industries, Inc.		108,630
	2,350	Southwest Gas Holdings, Inc.		214,391
	2,846	Spark Energy, Inc., Class A		26,923
	2,157	Spire, Inc.		183,129
	6,245	TerraForm Power, Inc., Class A		105,915
	1,204	Unitil Corp.		72,685
	958	York Water Co. (The)		35,772
				4,294,465
	TOTAL COMMON STOCKS
	(Cost $95,630,760)		$	95,462,758
Units		Description	Value
Rights – 0.0%
Financials – 0.0%
	153	NewStar Financial, Inc. CVR*(b)	$	40
Health Care – 0.0%
	1,313	Corium International, Inc.*(a)(b)		236
Materials – 0.0%
	562	A Schulman, Inc. CVR*(b)		244
	TOTAL RIGHTS
	(Cost $1,061)		$	520
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $95,631,821)		$	95,463,278

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, 2019

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 1.9%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,802,678	2.045%	$	1,802,678
	(Cost $1,802,678)
	TOTAL INVESTMENTS – 100.9%
	(Cost $97,434,499)		$	97,265,956
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.9)%			(866,659	)
	NET ASSETS –100.0%		$	96,399,297

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

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Assets and Liabilities

August 31, 2019

	ActiveBeta® Emerging Markets Equity ETF		ActiveBeta® Europe Equity ETF			ActiveBeta® International Equity ETF		ActiveBeta® Japan Equity ETF
Assets:
Investments at value (cost $1,478,329,095, $20,305,105, $1,495,585,854 and $24,409,435, respectively)(a)	$	1,697,806,732	$	18,447,124		$	1,540,684,322	$	24,400,193
Investments in securities lending reinvestment vehicle, at value which equals cost		16,175,855		41,424			17,792,823		670,849
Cash		6,423,992		9,966			1,509,699		817
Foreign currency, at value (cost $–, $1,401, $1,310,121 and $23,336, respectively)		—		1,393			1,310,596		23,376
Receivables:
Investments sold		4,630,046		5			—		—
Dividends		3,456,958		53,143			3,515,054		42,920
Foreign tax reclaims		19,959		76,909			979,432		6,157
Securities lending income		18,614		527			39,747		188
Fund shares sold		—		—			74,795,776		—
Other assets		19,236		—			—		—
Total assets		1,728,551,392		18,630,491			1,640,627,449		25,144,500
Liabilities:
Payables:
Upon return of securities loaned		16,175,855		41,424			17,792,823		670,849
Investments purchased		7,663,073		78			76,923,507		41
Foreign bank overdraft (cost $(1,952,328), $—, $— and $—, respectively)		1,958,525		—			—		—
Foreign capital gains tax		1,760,796		—			—		—
Management fees		596,398		4,437			309,777		5,084
Trustees fees		6,634		69			69		69
Accrued expenses		1,189,025		—			—		—
Total liabilities		29,350,306		46,008			95,026,176		676,043
Net Assets:
Paid-in capital		1,580,065,377		22,475,143			1,536,463,609		24,989,119
Total distributable earnings		119,135,709		(3,890,660	)		9,137,664		(520,662	)
NET ASSETS	$	1,699,201,086	$	18,584,483		$	1,545,601,273	$	24,468,457
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		54,600,000		650,000			55,800,000		800,000
Net asset value per share:		$31.12		$28.59			$27.70		$30.59

(a) Includes loaned securities having a market value of $12,472,409, $40,226, $15,584,145 and $604,310.

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Assets and Liabilities (continued)

August 31, 2019

	ActiveBeta® U.S. Large Cap Equity ETF		ActiveBeta® U.S. Small Cap Equity ETF
Assets:
Investments at value (cost $5,873,964,473 and $95,631,821, respectively)(a)	$	6,587,154,244	$	95,463,278
Investments in securities lending reinvestment vehicle, at value which equals cost		—		1,802,678
Cash		7,138,631		866,141
Receivables:
Fund shares sold		29,543,246		—
Dividends		12,161,577		77,295
Securities lending income		—		9,022
Total assets		6,635,997,698		98,218,414
Liabilities:
Payables:
Investments purchased		29,459,968		—
Management fees		487,528		16,370
Trustees fees		69		69
Upon return of securities loaned		—		1,802,678
Total liabilities		29,947,565		1,819,117
Net Assets:
Paid-in capital		5,976,464,797		99,063,968
Total distributable earnings (loss)		629,585,336		(2,664,671	)
NET ASSETS	$	6,606,050,133	$	96,399,297
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		111,802,500		2,250,000
Net asset value per share:		$59.09		$42.84

(a) Includes loaned securities having a market value of $— and $1,736,689.

84 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, 2019

	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 $5,828,022, $127,723, $4,551,680 and $93,700, respectively)	$	47,292,246		$	927,676		$	38,279,452		$	813,817
Non cash dividend income		—			107,683			4,150,753			—
Securities lending income		143,031			17,857			532,609			2,720
Total investment income		47,435,277			1,053,216			42,962,814			816,537
Expenses:
Management fees		6,729,144			70,392			3,171,495			61,559
Custody, accounting and administrative services		1,350,701			—			—			21
Printing and mailing cost		159,838			—			—			—
Professional fees		121,072			—			—			—
Trustee fees		43,307			8,935			38,751			9,081
Registration fees		1,752			—			—			—
Other		110,933			25			1,348			—
Total expenses		8,516,747			79,352			3,211,594			70,661
Less — expense reductions		(943,925	)		—			—			—
Net expenses		7,572,822			79,352			3,211,594			70,661
NET INVESTMENT INCOME		39,862,455			973,864			39,751,220			745,876
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments (including the effects of the foreign capital gains tax liability of $15,068, $—, $— and $—, respectively)		(65,460,198	)		(1,108,957	)		(28,509,550	)		(554,459	)
In-kind redemptions		4,972,029			7,484,068			5,148,381			9,462,645
Foreign currency transactions		(1,323,627	)		(2,876	)		(63,273	)		5,548
Net change in unrealized gain (loss) on:
Investments (including the effects of the foreign capital gains tax liability of $1,726,913, $—, $— and $—, respectively)		(35,167,587	)		(7,880,201	)		(41,236,524	)		(9,017,972	)
Foreign currency translations		39,250			(4,088	)		(27,763	)		(673	)
Net realized and unrealized loss		(96,940,133	)		(1,512,054	)		(64,688,729	)		(104,911	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(57,077,678	)	$	(538,190	)	$	(24,937,509	)	$	640,965

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Operations (continued)

For the Fiscal Year Ended August 31, 2019

	ActiveBeta® U.S. Large Cap Equity ETF			ActiveBeta® U.S. Small Cap Equity ETF
Investment income:
Dividends (net of foreign withholding taxes of $— and $205, respectively)	$	87,464,044		$	1,082,872
Securities lending income		100,304			52,920
Total investment income		87,564,348			1,135,792
Expenses:
Management fees		4,013,805			139,997
Trustee fees		113,964			9,828
Total expenses		4,127,769			149,825
NET INVESTMENT INCOME		83,436,579			985,967
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments		(62,488,631	)		(2,334,650	)
In-kind redemptions		150,974,919			1,409,104
Foreign currency transactions		—			(70	)
Net change in unrealized loss on:
Investments		(22,078,144	)		(4,008,744	)
Net realized and unrealized gain (loss)		66,408,144			(4,934,360	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	149,844,723		$	(3,948,393	)

86 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, 2019			For the Fiscal Year Ended August 31, 2018			For the Fiscal Year Ended August 31, 2019			For the Fiscal Year Ended August 31, 2018
From operations:
Net investment income	$	39,862,455		$	37,961,917		$	973,864		$	1,914,710
Net realized gain (loss)		(61,811,796	)		(13,621,310	)		6,372,235			(1,087,193	)
Net change in unrealized gain (loss)		(35,128,337	)		(38,278,616	)		(7,884,289	)		344,197
Net increase (decrease) in net assets resulting from operations		(57,077,678	)		(13,938,009	)		(538,190	)		1,171,714
Distributions to shareholders:
From distributable earnings		(42,811,808	)		(32,143,026	)(a)		(1,153,378	)		(1,905,353	)(a)
Total distributions to shareholders		(42,811,808	)		(32,143,026	)		(1,153,378	)		(1,905,353	)
From share transactions:
Proceeds from sales of shares		173,910,887			314,794,227			9,731,944			30,634,671
Cost of shares redeemed		(63,360,446	)		(70,855,843	)		(63,419,366	)		—
Net increase (decrease) in net assets resulting from share transactions		110,550,441			243,938,384			(53,687,422	)		30,634,671
TOTAL INCREASE (DECREASE)		10,660,955			197,857,349			(55,378,990	)		29,901,032
Net assets: (b)
Beginning of year	$	1,688,540,131		$	1,490,682,782		$	73,963,473		$	44,062,441
End of year	$	1,699,201,086		$	1,688,540,131		$	18,584,483		$	73,963,473

(a) Prior fiscal year information has been revised to conform with current year presentation. Distributions to shareholders for ActiveBeta^® Emerging Markets Equity ETF and ActiveBeta^® Europe Equity ETF consisted solely of net investment income for the fiscal year ended August 31, 2018.

(b) Prior fiscal year information has been revised to conform with current year presentation. Undistributed net investment income was $14,894,569 and $140,745 for ActiveBeta^® Emerging Markets Equity ETF and ActiveBeta^® Europe Equity ETF respectively, as of August 31, 2018.

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

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, 2019			For the Fiscal Year Ended August 31, 2018			For the Fiscal Year Ended August 31, 2019			For the Fiscal Year Ended August 31, 2018
From operations:
Net investment income	$	39,751,220		$	21,402,220		$	745,876		$	817,023
Net realized gain (loss)		(23,424,442	)		(4,232,491	)		8,913,734			(5,936	)
Net change in unrealized gain (loss)		(41,264,287	)		15,910,667			(9,018,645	)		2,883,563
Net increase (decrease) in net assets resulting from operations		(24,937,509	)		33,080,396			640,965			3,694,650
Distributions to shareholders:
From distributable earnings		(37,687,035	)		(21,486,236	)(a)		(794,800	)		(918,018	)(a)
Total distributions to shareholders		(37,687,035	)		(21,486,236	)		(794,800	)		(918,018	)
From share transactions:
Proceeds from sales of shares		533,347,481			504,609,336			12,425,460			7,009,409
Cost of shares redeemed		(19,583,653	)		(14,870,038	)		(40,580,807	)		—
Net increase (decrease) in net assets resulting from share transactions		513,763,828			489,739,298			(28,155,347	)		7,009,409
TOTAL INCREASE (DECREASE)		451,139,284			501,333,458			(28,309,182	)		9,786,041
Net assets: (b)
Beginning of year	$	1,094,461,989		$	593,128,531		$	52,777,639		$	42,991,598
End of year	$	1,545,601,273		$	1,094,461,989		$	24,468,457		$	52,777,639

(a) Prior fiscal year information has been revised to conform with current year presentation. Distributions to shareholders for ActiveBeta^® International Equity ETF and ActiveBeta^® Japan Equity ETF consisted solely of net investment income for the fiscal year ended August 31, 2018.

(b) Prior fiscal year information has been revised to conform with current year presentation. Undistributed (distribution in excess of) net investment income was $2,014,147 and $(137,957) for ActiveBeta^® International Equity ETF and ActiveBeta^® Japan Equity ETF respectively, as of August 31, 2018.

88 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, 2019			For the Fiscal Year Ended August 31, 2018			For the Fiscal Year Ended August 31, 2019			For the Fiscal Year Ended August 31, 2018
From operations:
Net investment income	$	83,436,579		$	53,085,510		$	985,967		$	255,423
Net realized gain (loss)		88,486,288			38,767,598			(925,616	)		557,814
Net change in unrealized gain (loss)		(22,078,144	)		499,540,105			(4,008,744	)		4,040,567
Net increase (decrease) in net assets resulting from operations		149,844,723			591,393,213			(3,948,393	)		4,853,804
Distributions to shareholders:
From distributable earnings		(76,178,483	)		(50,169,147	)(a)		(900,932	)		(196,288	)(a)
Total distributions to shareholders		(76,178,483	)		(50,169,147	)		(900,932	)		(196,288	)
From share transactions:
Proceeds from sales of shares		3,028,113,603			1,249,627,575			58,670,921			41,173,190
Cost of shares redeemed		(476,026,399	)		(207,045,304	)		(4,436,399	)		(10,712,536	)
Net increase in net assets resulting from share transactions		2,552,087,204			1,042,582,271			54,234,522			30,460,654
TOTAL INCREASE		2,625,753,444			1,583,806,337			49,385,197			35,118,170
Net assets: (b)
Beginning of year	$	3,980,296,689		$	2,396,490,352		$	47,014,100		$	11,895,930
End of year	$	6,606,050,133		$	3,980,296,689		$	96,399,297		$	47,014,100

(a) Prior fiscal year information has been revised to conform with current year presentation. Distributions to shareholders for ActiveBeta^® U.S. Large Cap Equity ETF and ActiveBeta^® U.S. Small Cap Equity ETF consisted solely of net investment income for the fiscal year ended August 31, 2018.

(b) Prior fiscal year information has been revised to conform with current year presentation. Undistributed net investment income was $12,889,916 and $79,481 for ActiveBeta^® U.S. Large Cap Equity ETF and ActiveBeta^® U.S. Small Cap Equity ETF respectively, as of August 31, 2018.

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

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
	2019			2018			2017
Per Share Operating Performance:
Net asset value, beginning of period	$	32.98		$	33.73		$	28.03		$	25.00
Net investment income(a)		0.75			0.77			0.63			0.60
Net realized and unrealized gain (loss)		(1.79	)		(0.84	)		5.58			2.70
Total gain (loss) from investment operations		(1.04	)		(0.07	)		6.21			3.30
Distributions to shareholders from net investment income		(0.82	)		(0.68	)		(0.51	)		(0.27	)
Net asset value, end of period	$	31.12		$	32.98		$	33.73		$	28.03
Market price, end of period	$	31.14		$	32.87		$	33.74		$	28.01
Total Return at Net Asset Value(b)		(3.21	)%		(0.28	)%		22.49	%		13.29	%
Net assets, end of period (in 000’s)	$	1,699,201		$	1,688,540		$	1,490,683		$	863,388
Ratio of net expenses to average net assets		0.45	%		0.45	%		0.45	%		0.45	%(c)
Ratio of total expenses to average net assets		0.51	%		0.51	%		0.53	%		0.58	%(c)
Ratio of net investment income to average net assets		2.37	%		2.19	%		2.13	%		2.52	%(c)
Portfolio turnover rate(d)		28	%		28	%		27	%		44	%

 * 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.

90 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
	2019			2018			2017
Per Share Operating Performance:
Net asset value, beginning of period	$	30.82		$	30.39		$	26.12		$	25.03
Net investment income(a)		0.89			0.95			0.75			0.60
Net realized and unrealized gain (loss)		(1.84	)		0.37			4.26			0.97
Total gain (loss) from investment operations		(0.95	)		1.32			5.01			1.57
Distributions to shareholders from net investment income		(1.28	)		(0.89	)		(0.74	)		(0.48	)
Net asset value, end of period	$	28.59		$	30.82		$	30.39		$	26.12
Market price, end of period	$	28.62		$	30.73		$	30.54		$	26.20
Total Return at Net Asset Value(b)		(3.15	)%		4.40	%		19.46	%		6.23	%
Net assets, end of period (in 000’s)	$	18,584		$	73,963		$	44,062		$	33,959
Ratio of net expenses to average net assets		0.25	%		0.25	%		0.25	%		0.25	%(c)
Ratio of total expenses to average net assets		0.25	%		0.25	%		0.25	%		0.71	%(c)
Ratio of net investment income to average net assets		3.07	%		3.02	%		2.71	%		4.61	%(c)
Portfolio turnover rate(d)		17	%		23	%		17	%		14	%

 * 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.

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

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
	2019			2018			2017
Per Share Operating Performance:
Net asset value, beginning of period	$	29.42		$	28.38		$	24.67		$	24.78
Net investment income(a)		0.86			0.76			0.69			0.59
Net realized and unrealized gain (loss)		(1.78	)		1.02			3.61			(0.37	)
Total gain (loss) from investment operations		(0.92	)		1.78			4.30			0.22
Distributions to shareholders from net investment income		(0.80	)		(0.74	)		(0.59	)		(0.33	)
Net asset value, end of period	$	27.70		$	29.42		$	28.38		$	24.67
Market price, end of period	$	27.73		$	29.45		$	28.53		$	24.78
Total Return at Net Asset Value(b)		(3.09	)%		6.30	%		17.66	%		0.90	%
Net assets, end of period (in 000’s)	$	1,545,601		$	1,094,462		$	593,129		$	283,757
Ratio of net expenses to average net assets		0.25	%		0.25	%		0.25	%		0.27	%(c)
Ratio of total expenses to average net assets		0.25	%		0.25	%		0.25	%		0.62	%(c)
Ratio of net investment income to average net assets		3.10	%		2.56	%		2.64	%		3.02	%(c)
Portfolio turnover rate(d)		17	%		16	%		23	%		23	%

 * 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.

92 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
	2019			2018			2017
Per Share Operating Performance:
Net asset value, beginning of period	$	32.99		$	30.71		$	27.33		$	25.69
Net investment income(a)		0.82			0.54			0.48			0.24
Net realized and unrealized gain (loss)		(2.29	)		2.36			3.50			1.60
Total gain (loss) from investment operations		(1.47	)		2.90			3.98			1.84
Distributions to shareholders from net investment income		(0.93	)		(0.62	)		(0.60	)		(0.20	)
Net asset value, end of period	$	30.59		$	32.99		$	30.71		$	27.33
Market price, end of period	$	30.52		$	32.90		$	30.79		$	27.44
Total Return at Net Asset Value(b)		(4.32	)%		9.42	%		14.74	%		7.17	%
Net assets, end of period (in 000’s)	$	24,468		$	52,778		$	42,992		$	32,797
Ratio of net expenses to average net assets		0.25	%		0.25	%		0.25	%		0.25	%(c)
Ratio of total expenses to average net assets		0.25	%		0.25	%		0.25	%		0.73	%(c)
Ratio of net investment income to average net assets		2.64	%		1.62	%		1.68	%		1.81	%(c)
Portfolio turnover rate(d)		33	%		23	%		22	%		10	%

 * 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.

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	ActiveBeta® U.S. Large Cap Equity ETF
	For the Fiscal Year Ended August 31,									For the Period September 17, 2015* to August 31, 2016
	2019			2018			2017
Per Share Operating Performance:
Net asset value, beginning of period	$	58.75		$	49.16		$	43.83		$	40.70
Net investment income(a)		1.03			0.96			0.97			0.85
Net realized and unrealized gain		0.30			9.56			5.17			2.78
Total gain from investment operations		1.33			10.52			6.14			3.63
Distributions to shareholders from net investment income		(0.99	)		(0.93	)		(0.81	)		(0.50	)
Net asset value, end of period	$	59.09		$	58.75		$	49.16		$	43.83
Market price, end of period	$	59.07		$	58.75		$	49.15		$	43.82
Total Return at Net Asset Value(b)		2.42	%		21.65	%		14.15	%		8.97	%
Net assets, end of period (in 000’s)	$	6,606,050		$	3,980,297		$	2,396,490		$	1,157,206
Ratio of net expenses to average net assets		0.09	%		0.09	%		0.09	%		0.09	%(c)
Ratio of total expenses to average net assets		0.09	%		0.09	%		0.09	%		0.19	%(c)
Ratio of net investment income to average net assets		1.82	%		1.78	%		2.08	%		2.11	%(c)
Portfolio turnover rate(d)		16	%		16	%		20	%		18	%

 * 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.

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	ActiveBeta® U.S. Small Cap Equity ETF
	For the Fiscal Year Ended August 31,						For the Period June 28, 2017* to August 31, 2017
	2019			2018
Per Share Operating Performance:
Net asset value, beginning of period	$	49.49		$	39.65		$	40.36
Net investment income(a)		0.57			0.56			0.07
Net realized and unrealized gain (loss)		(6.66	)		9.79			(0.78	)
Total gain (loss) from investment operations		(6.09	)		10.35			(0.71	)
Distributions to shareholders from net investment income		(0.56	)		(0.51	)		—
Net asset value, end of period	$	42.84		$	49.49		$	39.65
Market price, end of period	$	42.84		$	49.55		$	38.95
Total Return at Net Asset Value(b)		(12.28	)%		26.28	%		(1.76	)%
Net assets, end of period (in 000’s)	$	96,399		$	47,014		$	11,896
Ratio of total expenses to average net assets		0.20	%		0.20	%		0.20	%(c)
Ratio of net investment income to average net assets		1.32	%		1.24	%		0.96	%(c)
Portfolio turnover rate(d)		20	%		27	%		0	%(e)

 * 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.

(e) Less than 0.5%

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Notes to Financial Statements

August 31, 2019

1. ORGANIZATION

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

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

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

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to management agreements (each, an “Agreement” and together, the “Agreements”) with the Trust. Each Fund is an exchange-traded fund (“ETF”). Shares of the Funds are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). The market price for the Funds’ shares may be different from the 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

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

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

B.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. 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

96

GOLDMAN SACHS ACTIVEBETA^® ETFS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

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

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

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

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

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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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Notes to Financial Statements (continued)

August 31, 2019

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities may be valued at the closing bid price for long positions and at the closing 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 for long positions or the last ask price for short positions, and are generally classified as Level 2.

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and ETFs. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. 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 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 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. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments. GSAM did not develop the unobservable inputs for valuation of Level 3 Assets and Liabilities.

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of August 31, 2019:

ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	89,073,046	$	6,682,492	$	—
Asia		1,252,246,232		79,321,005		—
Europe		27,837,356		—		—
North America		61,882,789		—		—
South America		136,303,154		44,460,658		—
Fixed Income
Foreign Corporate Debt		—		—		—
Securities Lending Reinvestment Vehicle		16,175,855		—		—
Total	$	1,583,518,432	$	130,464,155	$	—

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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	$	84,335	$	—	$	—
Asia		44,358		—		—
Europe		17,920,038		112,126		—
North America		133,246		—		—
Oceania		153,021		—		—
Securities Lending Reinvestment Vehicle		41,424		—		—
Total	$	18,376,422	$	112,126	$	—
ACTIVEBETA® INTERNATIONAL EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	4,291,830	$	—	$	—
Asia		408,980,127		—		—
Europe		859,156,715		6,476,062		—
North America		158,118,285		—		—
Oceania		103,347,082		—		—
South America		—		314,221		—
Securities Lending Reinvestment Vehicle		17,792,823		—		—
Total	$	1,551,686,862	$	6,790,283	$	—
ACTIVEBETA® JAPAN EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	24,400,193	$	—	$	—
Securities Lending Reinvestment Vehicle		670,849		—		—
Total	$	25,071,042	$	—	$	—
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	$	6,587,154,244	$	—	$	—
Total	$	6,587,154,244	$	—	$	—

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Notes to Financial Statements (continued)

August 31, 2019

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	$	89,238	$	—	$	—
Europe		381,793		—		—
North America		94,839,933		78,422		520
South America		73,372		—		—
Securities Lending Reinvestment Vehicle		1,802,678		—		—
Total	$	97,187,014	$	78,422	$	520

(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 Agreements, GSAM manages the Funds, subject to the general supervision of the Trustees.

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

For each Fund except the 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, 2019, 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	%

For the fiscal year ended August 31, 2019, 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	%

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4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

B.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the ActiveBeta^® Emerging Markets Equity ETF (excluding acquired fund fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitation as an annual percentage rate of average daily net assets for the ActiveBeta^® Emerging Markets Equity ETF is 0.05%. This Other Expense limitation will remain in effect permanently and GSAM may not terminate the arrangement without the approval of the Trustees.

For the fiscal year ended August 31, 2019, these expense reimbursements amounted to $943,925.

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.

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

Share activity is as follows:

	ActiveBeta® Emerging Markets Equity ETF
	For the Fiscal Year Ended August 31, 2019						For the Fiscal Year Ended August 31, 2018
Shares Sold		5,400,000		$	173,435,103			9,000,000		$	313,899,096
Shares Redeemed		(2,000,000	)		(63,269,200	)		(2,000,000	)		(70,845,037	)
NET INCREASE IN SHARES		3,400,000		$	110,165,903			7,000,000		$	243,054,059
	ActiveBeta® Europe Equity ETF
	For the Fiscal Year Ended August 31, 2019						For the Fiscal Year Ended August 31, 2018
Shares Sold		350,000		$	9,731,604			950,000		$	30,634,671
Shares Redeemed		(2,100,000	)		(63,419,366	)		—			—
NET INCREASE IN SHARES		(1,750,000	)	$	(53,687,762	)		950,000		$	30,634,671

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Notes to Financial Statements (continued)

August 31, 2019

5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

	ActiveBeta® International Equity ETF
	For the Fiscal Year Ended August 31, 2019						For the Fiscal Year Ended August 31, 2018
Shares Sold		19,300,000		$	533,307,092			16,800,000		$	504,572,187
Shares Redeemed		(700,000	)		(19,583,028	)		(500,000	)		(14,869,982	)
NET INCREASE IN SHARES		18,600,000		$	513,724,064			16,300,000		$	489,702,205
	ActiveBeta® Japan Equity ETF
	For the Fiscal Year Ended August 31, 2019						For the Fiscal Year Ended August 31, 2018
Shares Sold		400,000		$	12,425,460			200,000		$	7,009,409
Shares Redeemed		(1,200,000	)		(40,580,807	)		—			—
NET INCREASE IN SHARES		(800,000	)	$	(28,155,347	)		200,000		$	7,009,409
	ActiveBeta® U.S. Large Cap Equity ETF
	For the Fiscal Year Ended August 31, 2019						For the Fiscal Year Ended August 31, 2018
Shares Sold		52,500,000		$	3,028,113,210			22,900,000		$	1,249,627,522
Shares Redeemed		(8,450,000	)		(476,026,399	)		(3,900,000	)		(207,045,304	)
NET INCREASE IN SHARES		44,050,000		$	2,552,086,811			19,000,000		$	1,042,582,218
	ActiveBeta® U.S. Small Cap Equity ETF
	For the Fiscal Year Ended August 31, 2019						For the Fiscal Year Ended August 31, 2018
Shares Sold		1,400,000		$	58,670,905			900,000		$	41,173,179
Shares Redeemed		(100,000	)		(4,436,399	)		(250,000	)		(10,712,536	)
NET INCREASE IN SHARES		1,300,000		$	54,234,506			650,000		$	30,460,643

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the fiscal year ended August 31, 2019, were as follows:

Fund	Purchases		Sales
ActiveBeta® Emerging Markets Equity  ETF	$	557,416,923	$	475,492,548
ActiveBeta® Europe Equity ETF		5,484,651		5,741,884
ActiveBeta® International Equity ETF		235,881,885		213,666,797
ActiveBeta® Japan Equity ETF		9,915,126		9,371,791
ActiveBeta® U.S. Large Cap Equity  ETF		748,178,382		728,516,441
ActiveBeta® U.S. Small Cap Equity ETF		15,334,041		15,174,691

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6. PORTFOLIO SECURITIES TRANSACTIONS (continued)

The purchase and sales from in-kind creation and redemption transactions for the fiscal year ended August 31, 2019, were as follows:

Fund	Purchases		Sales
ActiveBeta® Emerging Markets Equity  ETF	$	44,186,772	$	17,449,701
ActiveBeta® Europe Equity ETF		9,626,671		62,992,920
ActiveBeta® International Equity ETF		510,255,471		18,887,111
ActiveBeta® Japan Equity ETF		12,267,988		40,286,144
ActiveBeta® U.S. Large Cap Equity  ETF		3,008,226,830		474,455,072
ActiveBeta® U.S. Small Cap Equity ETF		58,110,023		4,334,810

7. SECURITIES LENDING

The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of August 31, 2019, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

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Notes to Financial Statements (continued)

August 31, 2019

7. SECURITIES LENDING (continued)

Both the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the fiscal year ended August 31, 2019, 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, 2019:

Fund	Beginning value as of August 31, 2018		Purchases at Cost		Proceeds from Sales			Ending value as of August 31, 2019
ActiveBeta® Emerging Markets Equity ETF	$	22,917,805	$	120,312,270	$	(127,054,220	)	$	16,175,855
ActiveBeta® Europe Equity ETF		517,340		11,415,420		(11,891,336	)		41,424
ActiveBeta® International Equity ETF		12,382,605		319,924,660		(314,514,442	)		17,792,823
ActiveBeta® Japan Equity ETF		928,809		4,275,535		(4,533,495	)		670,849
ActiveBeta® U.S. Large Cap Equity ETF		165,999		37,267,739		(37,433,738	)		—
ActiveBeta® U.S. Small Cap Equity ETF		1,464,426		14,705,791		(14,367,539	)		1,802,678

8. TAX INFORMATION

The tax character of distributions paid during the fiscal years ended August 31, 2019 and August 31, 2018 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
Distributions paid from:
Ordinary Income	$	42,811,808	$	1,153,378	$	37,687,035	$	794,800	$	76,178,483	$	900,932
Total taxable distributions	$	42,811,808	$	1,153,378	$	37,687,035	$	794,800	$	76,178,483	$	900,932

	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
Long-term capital gain		—		—		—		—		—		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, 2019, 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	$	12,310,507		$	51,762		$	7,322,806		$	90,786		$	20,141,142		$	166,896
Total undistributed earnings	$	12,310,507		$	51,762		$	7,322,806		$	90,786		$	20,141,142		$	166,896
Capital loss carryforwards:
Perpetual Short-Term	$	(38,356,210	)	$	(685,963	)	$	(19,204,390	)	$	(276,454	)	$	(16,260,161	)	$	(253,145	)
Perpetual Long-Term		—			(230,075	)		(12,588,757	)		—			(9,008,313	)		—
Timing differences (Post-October Capital Loss Deferral/Qualified Late Year Loss Deferral)		(64,732,108	)		(1,108,535	)		—			—			(41,526,054	)		(1,208,478	)
Unrealized gains (losses) — net		209,913,520			(1,917,849	)		33,608,005			(334,994	)		676,238,722			(1,369,944	)
Total accumulated earnings (losses) net	$	119,135,709		$	(3,890,660	)	$	9,137,664		$	(520,662	)	$	629,585,336		$	(2,664,671	)

As of August 31, 2019, 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	$	1,502,254,267		$	20,402,862		$	1,524,844,737		$	25,406,627		$	5,910,915,522		$	98,635,900
Gross unrealized gain		308,790,012			1,151,982			136,304,170			1,844,609			877,488,485			8,588,868
Gross unrealized loss		(97,061,692	)		(3,066,296	)		(102,671,762	)		(2,180,194	)		(201,249,763	)		(9,958,812	)
Net unrealized gains (losses)	$	211,728,320		$	(1,914,314	)	$	33,632,408		$	(335,585	)	$	676,238,722		$	(1,369,944	)

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.

Fund	Paid-in Capital		Total Distributable Earnings
ActiveBeta® Emerging Markets Equity  ETF	$	4,819,610	$	(4,819,610	)
ActiveBeta® Europe Equity ETF		7,174,939		(7,174,939	)
ActiveBeta® International Equity ETF		4,957,741		(4,957,741	)
ActiveBeta® Japan Equity ETF		9,175,195		(9,175,195	)
ActiveBeta® U.S. Large Cap Equity ETF		148,400,942		(148,400,942	)
ActiveBeta® U.S. Small Cap Equity ETF		1,404,451		(1,404,451	)

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Notes to Financial Statements (continued)

August 31, 2019

8. TAX INFORMATION (continued)

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

9. OTHER RISKS

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

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the 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 of assets and property, 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.

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.

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.

106

GOLDMAN SACHS ACTIVEBETA^® ETFS

9. OTHER RISKS (continued)

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.

10. INDEMNIFICATIONS

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

11. SUBSEQUENT EVENTS

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

107

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 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 (six of the funds constituting Goldman Sachs ETF Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2019, the related statements of operations for the year ended August 31, 2019, the statements of changes in net assets for each of the two years in the period ended August 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (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, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2019 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

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, 2019 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 21, 2019

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

108

GOLDMAN SACHS ACTIVEBETA^® ETFS

Fund Expenses — Six Months ended 8/31/2019 (Unaudited)

As a shareholder you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Shares of the Funds and to compare these costs with the ongoing costs of investing in other exchange-traded funds. This example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares of a Fund.

The example is based on an investment of $1,000 invested at the beginning of the period from March 1, 2019 and held for the six months ended August 31, 2019, 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 Funds’ actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

	ActiveBeta® Emerging Markets Equity ETF							ActiveBeta® Europe Equity ETF							ActiveBeta® International Equity ETF
	Beginning Account Value 3/1/19		Ending Account Value 8/31/19			Expenses Paid*		Beginning Account Value 3/1/19		Ending Account Value 8/31/19			Expenses Paid*		Beginning Account Value 3/1/19		Ending Account Value 8/31/19			Expenses Paid*
Actual based on NAV	$	1,000	$	965.90		$	2.23	$	1,000	$	1,012.50		$	1.27	$	1,000	$	1,011.80		$	1.27
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 3/1/19		Ending Account Value 8/31/19			Expenses Paid*		Beginning Account Value 3/1/19		Ending Account Value 8/31/19			Expenses Paid*		Beginning Account Value 3/1/19		Ending Account Value 8/31/19			Expenses Paid*
Actual based on NAV	$	1,000	$	1,006.00		$	1.26	$	1,000	$	1,062.10		$	0.47	$	1,000	$	958.50		$	0.99
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 six months ended August 31, 2019. 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

109

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: 65	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; and Goldman Sachs MLP and Energy Renaissance Fund.	41	Kennametal Inc. (a global manufacturer and distributor of tooling and industrial materials)
Caroline Dorsa Age: 60	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; and Goldman Sachs MLP and Energy Renaissance Fund.	41	Biogen Inc. (a biotechnology company); Intellia Therapeutics Inc. (a gene-editing company); Illumina, Inc. (a life sciences company)
Linda A. Lang Age: 61	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; and Goldman Sachs MLP and Energy Renaissance Fund.	41	WD-40 Company (a global consumer products company)
Michael Latham Age: 53	Trustee	Since 2015	Mr. Latham is retired. Formerly, he held senior management positions with the iShares exchange-traded fund business, including Chairman (2011-2014); Global Head (2010-2011); U.S. Head (2007-2010); and Chief Operating Officer (2003-2007). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.	41	None

110

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: 56	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; and Goldman Sachs MLP and Energy Renaissance Fund.	161	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.

¹  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, 2019.

²  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.

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2019, Goldman Sachs ETF Trust consisted of 39 portfolios (21 of which offered shares to the public); Goldman Sachs Trust consisted of 88 portfolios (87 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); Goldman Sachs MLP Income Opportunities Fund and Goldman Sachs MLP and Energy Renaissance Fund 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.

111

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: 56	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; and Goldman Sachs MLP and Energy Renaissance Fund.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 42	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; and Goldman Sachs MLP and Energy Renaissance Fund.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 51	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President – Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP Income Opportunities Fund (previously Assistant Treasurer (2017)); and Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)).

* 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.

¹  Information is provided as of August 31, 2019.

²  Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

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

From distributions paid during the fiscal year ended August 31, 2019, 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 $0.7834, $1.3527, $0.4896 and $1.1508 and 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 94.90%, 81.81%, 84.85% and 85.71%, 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 $0.0916, $0.1628, $0.0481 and $0.1340 per share, respectively.

For the fiscal year ended August 31, 2019, 72.74%, 75.68%, 72.33%, 87.12%, 97.42%, and 80.48% 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 fiscal year ended August 31, 2019, 88.69% and 70.80% of the dividends paid from net investment company taxable income by the ActiveBeta^® U.S. Large Cap Equity and ActiveBeta^® U.S. Small Cap Equity ETF qualify for the dividends received deduction available to corporations.

112

FUNDS PROFILE

Goldman Sachs ETFs

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the Consumer and Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.44 trillion in assets under supervision as of August 31, 2019, 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 High Yield Corporate Bond ETF

Goldman Sachs Access Inflation Protected USD Bond ETF

Goldman Sachs Access Investment Grade Corporate Bond ETF

Goldman Sachs Access Treasury 0-1 Year ETF

Goldman Sachs Access Ultra Short Bond ETF

Goldman Sachs Motif Data-Driven World ETF

Goldman Sachs Motif Finance Reimagined ETF

Goldman Sachs Motif Human Evolution ETF

Goldman Sachs Motif Manufacturing Revolution ETF

Goldman Sachs Motif New Age Consumer 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, the Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF or the Goldman Sachs ActiveBeta^® U.S. Small Cap Equity Index.

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

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

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

TRUSTEES Lawrence W. Stranghoener, Chairman Caroline Dorsa Linda A. Lang Michael Latham James A. McNamara	OFFICERS James A. McNamara, President Joseph F. DiMaria, Treasurer, Principal Financial Officer and Principal Accounting Officer Caroline L. Kraus, Secretary
THE BANK OF NEW YORK MELLON Transfer Agent
ALPS DISTRIBUTORS, INC. Distributor	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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

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

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

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

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

Fund holdings and allocations shown are as of August 31, 2019 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

ETF Fund shares are not individually redeemable and are issued and redeemed by the Fund at their net asset value (“NAV”) only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Ordinary brokerage commissions apply. ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.

ActiveBeta^® is a registered trademark of GSAM.

© 2019 Goldman Sachs. All rights reserved. 180389-OTU-1069499 ACTBETAAR-19

Goldman Sachs Funds

Annual Report	August 31, 2019
	Equal Weight U.S. Large Cap Equity ETF

It is our intention that beginning on January 1, 2021, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from the Fund electronically by contacting your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. You can inform your financial intermediary that you wish to receive paper copies of reports by contacting your financial intermediary. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account.

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, 2019, the Index consisted of 495 securities with a market capitalization range of between approximately $5.2 billion and $1,099.4 billion, and an average market capitalization of approximately $50.2 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.

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.

* * *

At the end of the Reporting Period, i.e., the 12-month period ended August 31, 2019, 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.

1

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 12-month period ended August 31, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 1.62% based on net asset value (“NAV”) and 1.61% based on market price. The Index returned 1.78%, 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 2.92% during the same period.

The Fund had a NAV of $46.33 on August 31, 2018 and ended the Reporting Period with a NAV of $46.30 per share. The Fund’s market price on August 31, 2019 was $46.32 per share.

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

A 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’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 a positive absolute return but underperformed the S&P 500^® Index. The Fund also underperformed the S&P 500^® Index during the Reporting Period, as measured by NAV.

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

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

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

A Relative to the S&P 500^® Index, underweight positions in software giant Microsoft, consumer goods manufacturer Procter & Gamble and payments processor Visa detracted most (0.20%, 0.21% and 0.21% of Fund net assets as of August 31, 2019, respectively). Each of these holdings posted a double-digit positive return within the Index during the Reporting Period.

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

A Relative to the S&P 500^® Index, underweight positions in e-commerce retailing behemoth Amazon.com and information technology giants Apple and Alphabet contributed most positively (0.20%, 0.21% and 0.20% of Fund net assets as of August 31, 2019, respectively.) Each of these holdings posted a negative return within the Index during the Reporting Period.

2

PORTFOLIO RESULTS

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

A 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.

Q 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			Solactive US Large Cap Equal Weight Index (GTR)			S&P 500® Index
Information Technology		15.89	%		15.87	%		22.05	%
Financials		14.21			14.39			12.77
Health Care		13.22			13.25			13.90
Industrials		12.72			12.75			9.23
Consumer Discretionary		10.51			10.51			10.16
Utilities		6.34			6.36			3.47
Consumer Staples		6.39			6.33			7.58
Real Estate		6.24			6.20			3.26
Energy		5.17			5.23			4.42
Materials		4.75			4.71			2.70
Communication Services		4.40			4.40			10.47

¹  Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Standard & Poor’s. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.2% of the Fund’s net assets as of August 31, 2019. Figures above may not sum to 100% due to rounding.

²  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.

3

FUND BASICS

Equal Weight U.S. Large Cap Equity ETF

as of August 31, 2019

FUND SNAPSHOT
As of August 31, 2019
Market Price1	$	46.32
Net Asset Value (NAV)1	$	46.30

¹  The Market Price is the price at which the Fund’s shares are trading on the Cboe BZX Exchange, Inc. (“Cboe BZX”). The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of the Fund traded on Cboe BZX at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs.

TOP TEN HOLDINGS AS OF 8/31/192
Holding	% of Net Assets			Line of Business
Target Corp.		0.3	%	Consumer Discretionary
Kontoor Brands, Inc.		0.2		Consumer Discretionary
DexCom, Inc.		0.2		Health Care
Dollar General Corp.		0.2		Consumer Discretionary
Burlington Stores, Inc.		0.2		Consumer Discretionary
MarketAxess Holdings, Inc.		0.2		Financials
Lowe’s Cos., Inc.		0.2		Consumer Discretionary
QUALCOMM, Inc.		0.2		Information Technology
Symantec Corp.		0.2		Information Technology
Amgen, Inc.		0.2		Health Care

²  The top 10 holdings may not be representative of the Fund’s future investments.

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

4

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

Performance Summary

August 31, 2019

The following graph shows the value, as of August 31, 2019, 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. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

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, 2019.

Average Annual Total Return through August 31, 2019*	1 Year	Since Inception
Shares based on NAV (Commenced September 12, 2017)	1.62%	8.52%
Shares based on Market Price (Commenced September 12, 2017)	1.61%	8.53%
Solactive US Large Cap Equal Weight Index	1.78%	8.69%
S&P 500® Index (TR, unhedged, USD)	2.92%	10.57%

* 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.

5

FUND BASICS

Index Definitions and Industry Terms:

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

Solactive US Large Cap Equal Weight 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. It is not possible to invest directly in an index.

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

6

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

Schedule of Investments

August 31, 2019

Shares		Description	Value
Common Stocks – 99.6%
Communication Services – 4.4%
	7,225	Activision Blizzard, Inc.	$	365,585
	288	Alphabet, Inc., Class A*		342,873
	288	Alphabet, Inc., Class C*		342,173
	9,913	AT&T, Inc.		349,532
	6,792	CBS Corp., Class B		285,672
	28,169	CenturyLink, Inc.		320,563
	881	Charter Communications, Inc., Class A*		360,849
	8,003	Comcast Corp., Class A		354,213
	3,735	Electronic Arts, Inc.*		349,895
	1,824	Facebook, Inc., Class A*		338,662
	9,237	Fox Corp., Class A		306,391
	1,444	IAC/InterActiveCorp*		367,700
	15,812	Interpublic Group of Cos., Inc. (The)		314,343
	3,389	Liberty Broadband Corp., Class C*		357,336
	1,086	Netflix, Inc.*		319,012
	4,368	Omnicom Group, Inc.		332,230
	2,702	Take-Two Interactive Software, Inc.*		356,583
	4,357	T-Mobile US, Inc.*		340,064
	8,148	Twitter, Inc.*		347,512
	6,115	Verizon Communications, Inc.		355,648
	11,348	Viacom, Inc., Class B		283,473
	2,374	Walt Disney Co. (The)		325,855
				7,416,164
Consumer Discretionary – 10.5%
	2,312	Advance Auto Parts, Inc.		318,940
	190	Amazon.com, Inc.*		337,495
	310	AutoZone, Inc.*		341,524
	4,972	Best Buy Co., Inc.		316,468
	190	Booking Holdings, Inc.*		373,618
	1,919	Burlington Stores, Inc.*		388,578
	3,920	CarMax, Inc.*		326,458
	7,469	Carnival Corp.		329,234
	426	Chipotle Mexican Grill, Inc.*		357,167
	7,278	D.R. Horton, Inc.		360,043
	2,855	Darden Restaurants, Inc.		345,398
	2,503	Dollar General Corp.		390,693
	3,631	Dollar Tree, Inc.*		368,655
	1,388	Domino’s Pizza, Inc.		314,854
	8,481	eBay, Inc.		341,699
	2,648	Expedia Group, Inc.		344,505
	35,507	Ford Motor Co.		325,599
	4,391	Garmin Ltd.		358,174
	8,614	General Motors Co.		319,493
	3,669	Genuine Parts Co.		331,274
	2,980	Hasbro, Inc.		329,201
	3,637	Hilton Worldwide Holdings, Inc.		335,950
	1,612	Home Depot, Inc. (The)		367,391
	6,669	Kohl’s Corp.		315,177
	11,517	Kontoor Brands, Inc.*		394,342
	6,179	Las Vegas Sands Corp.		342,749
	2,833	Lear Corp.		318,033
	6,986	Lennar Corp., Class A		356,286
	13,173	LKQ Corp.*		346,055
	3,437	Lowe’s Cos., Inc.		385,631
	2,620	Marriott International, Inc., Class A		330,277
	1,574	McDonald’s Corp.		343,085
Common Stocks – (continued)
Consumer Discretionary – (continued)
	11,923	MGM Resorts International		334,559
	4,141	NIKE, Inc., Class B		349,914
	7,173	Norwegian Cruise Line Holdings Ltd.*		364,030
	98	NVR, Inc.*		352,702
	900	O’Reilly Automotive, Inc.*		345,384
	4,323	PVH Corp.		327,683
	3,257	Ross Stores, Inc.		345,275
	3,144	Royal Caribbean Cruises Ltd.		327,856
	3,530	Starbucks Corp.		340,857
	12,073	Tapestry, Inc.		249,307
	4,068	Target Corp.		435,439
	1,459	Tesla, Inc.*(a)		329,165
	3,799	Tiffany & Co.		322,421
	6,430	TJX Cos., Inc. (The)		353,457
	3,185	Tractor Supply Co.		324,488
	991	Ulta Beauty, Inc.*		235,590
	1,409	Vail Resorts, Inc.		332,919
	4,122	VF Corp.		337,798
	3,008	Wynn Resorts Ltd.		331,331
	2,901	Yum! Brands, Inc.		338,779
				17,733,000
Consumer Staples – 6.4%
	7,293	Altria Group, Inc.		318,996
	8,995	Archer-Daniels-Midland Co.		342,260
	6,212	Brown-Forman Corp., Class B		366,446
	4,509	Church & Dwight Co., Inc.		359,728
	2,182	Clorox Co. (The)		345,105
	6,439	Coca-Cola Co. (The)		354,403
	4,819	Colgate-Palmolive Co.		357,329
	12,179	Conagra Brands, Inc.		345,396
	1,799	Constellation Brands, Inc., Class A		367,626
	1,250	Costco Wholesale Corp.		368,450
	1,876	Estee Lauder Cos., Inc. (The), Class A		371,429
	6,411	General Mills, Inc.		344,912
	2,240	Hershey Co. (The)		354,995
	8,308	Hormel Foods Corp.		354,004
	3,043	JM Smucker Co. (The)		320,002
	5,460	Kellogg Co.		342,888
	2,502	Kimberly-Clark Corp.		353,057
	11,008	Kraft Heinz Co. (The)		280,924
	15,109	Kroger Co. (The)		357,781
	5,183	Lamb Weston Holdings, Inc.		364,831
	2,166	McCormick & Co., Inc.		352,776
	6,576	Molson Coors Brewing Co., Class B		337,743
	6,371	Mondelez International, Inc., Class A		351,807
	5,595	Monster Beverage Corp.*		328,259
	2,661	PepsiCo, Inc.		363,839
	4,140	Philip Morris International, Inc.		298,453
	2,944	Procter & Gamble Co. (The)		353,957
	4,907	Sysco Corp.		364,737
	3,959	Tyson Foods, Inc., Class A		368,345
	6,544	Walgreens Boots Alliance, Inc.		334,987
	3,138	Walmart, Inc.		358,548
				10,784,013

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, 2019

Shares		Description	Value
Common Stocks – (continued)
Energy – 5.1%
	14,686	Apache Corp.	$	316,777
	14,210	Baker Hughes a GE Co.		308,215
	19,470	Cabot Oil & Gas Corp.		333,326
	5,477	Cheniere Energy, Inc.*		327,032
	2,821	Chevron Corp.		332,088
	5,051	Concho Resources, Inc.		369,481
	6,207	ConocoPhillips		323,881
	13,897	Devon Energy Corp.		305,595
	3,698	Diamondback Energy, Inc.		362,700
	4,300	EOG Resources, Inc.		319,017
	4,744	Exxon Mobil Corp.		324,869
	16,873	Halliburton Co.		317,887
	5,854	Hess Corp.		368,509
	16,805	Kinder Morgan, Inc.		340,637
	27,682	Marathon Oil Corp.		327,755
	6,788	Marathon Petroleum Corp.		334,038
	15,795	National Oilwell Varco, Inc.		322,692
	15,728	Noble Energy, Inc.		355,138
	8,430	Occidental Petroleum Corp.		366,536
	4,944	ONEOK, Inc.		352,408
	3,455	Phillips 66		340,767
	2,799	Pioneer Natural Resources Co.		345,453
	9,493	Schlumberger Ltd.		307,858
	9,470	Targa Resources Corp.		342,056
	4,381	Valero Energy Corp.		329,802
	14,306	Williams Cos., Inc. (The)		337,622
				8,712,139
Financials – 14.2%
	6,471	Aflac, Inc.		324,715
	485	Alleghany Corp.*		363,415
	3,240	Allstate Corp. (The)		331,744
	10,704	Ally Financial, Inc.		335,570
	2,748	American Express Co.		330,777
	6,191	American International Group, Inc.		322,180
	2,527	Ameriprise Financial, Inc.		325,932
	36,001	Annaly Capital Management, Inc. REIT		298,808
	1,798	Aon PLC		350,340
	8,661	Arch Capital Group Ltd.*		342,110
	3,801	Arthur J Gallagher & Co.		344,789
	11,844	Bank of America Corp.		325,828
	7,405	Bank of New York Mellon Corp. (The)		311,454
	7,048	BB&T Corp.		335,837
	1,678	Berkshire Hathaway, Inc., Class B*		341,322
	774	BlackRock, Inc.		327,061
	3,812	Capital One Financial Corp.		330,195
	2,841	Cboe Global Markets, Inc.		338,534
	8,541	Charles Schwab Corp. (The)		326,864
	2,212	Chubb Ltd.		345,691
	3,146	Cincinnati Financial Corp.		353,894
	5,082	Citigroup, Inc.		327,027
	9,680	Citizens Financial Group, Inc.		326,603
	1,615	CME Group, Inc.		350,923
	5,169	Comerica, Inc.		318,669
	3,994	Discover Financial Services		319,400
	7,626	E*TRADE Financial Corp.		318,309
Common Stocks – (continued)
Financials – (continued)
	1,375	Everest Re Group Ltd.		324,335
	1,225	FactSet Research Systems, Inc.		333,310
	7,788	Fidelity National Financial, Inc.		342,205
	12,348	Fifth Third Bancorp		326,605
	3,583	First Republic Bank		321,467
	10,957	Franklin Resources, Inc.		287,950
	1,633	Goldman Sachs Group, Inc. (The)(b)		332,985
	5,842	Hartford Financial Services Group, Inc. (The)		340,472
	25,774	Huntington Bancshares, Inc.		341,506
	3,717	Intercontinental Exchange, Inc.		347,465
	19,538	Invesco Ltd.		306,747
	3,049	JPMorgan Chase & Co.		334,963
	20,217	KeyCorp		335,602
	13,417	KKR & Co., Inc., Class A		346,695
	5,872	Lincoln National Corp.		310,511
	6,529	Loews Corp.		313,849
	2,176	M&T Bank Corp.		318,153
	304	Markel Corp.*		347,496
	975	MarketAxess Holdings, Inc.		387,680
	3,446	Marsh & McLennan Cos., Inc.		344,221
	7,184	MetLife, Inc.		318,251
	1,631	Moody’s Corp.		351,611
	8,167	Morgan Stanley		338,849
	1,572	MSCI, Inc.		368,838
	3,512	Nasdaq, Inc.		350,638
	3,736	Northern Trust Corp.		328,507
	2,504	PNC Financial Services Group, Inc. (The)		322,841
	6,196	Principal Financial Group, Inc.		329,751
	4,232	Progressive Corp. (The)		320,786
	3,902	Prudential Financial, Inc.		312,511
	4,394	Raymond James Financial, Inc.		344,973
	22,823	Regions Financial Corp.		333,672
	2,261	Reinsurance Group of America, Inc.		348,126
	1,370	S&P Global, Inc.		356,460
	6,291	State Street Corp.		322,791
	5,472	SunTrust Banks, Inc.		336,583
	1,625	SVB Financial Group*		316,258
	9,824	Synchrony Financial		314,859
	3,138	T. Rowe Price Group, Inc.		347,126
	7,084	TD Ameritrade Holding Corp.		314,600
	2,307	Travelers Cos., Inc. (The)		339,037
	6,285	US Bancorp		331,157
	7,172	Wells Fargo & Co.		334,000
	1,735	Willis Towers Watson PLC		343,478
	8,012	Zions Bancorp NA		329,213
				23,967,124
Health Care – 13.2%
	3,966	Abbott Laboratories		338,379
	5,197	AbbVie, Inc.		341,651
	1,679	ABIOMED, Inc.*		324,165
	4,975	Agilent Technologies, Inc.		353,772
	3,077	Alexion Pharmaceuticals, Inc.*		310,038
	1,785	Align Technology, Inc.*		326,851
	2,111	Allergan PLC		337,169

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)
	4,003	AmerisourceBergen Corp.	$	329,327
	1,825	Amgen, Inc.		380,731
	1,157	Anthem, Inc.		302,579
	4,035	Baxter International, Inc.		354,878
	1,390	Becton Dickinson and Co.		352,949
	1,401	Biogen, Inc.*		307,870
	4,430	BioMarin Pharmaceutical, Inc.*		332,516
	7,952	Boston Scientific Corp.*		339,789
	7,368	Bristol-Myers Squibb Co.		354,180
	7,842	Cardinal Health, Inc.		338,225
	3,597	Celgene Corp.*		348,190
	6,876	Centene Corp.*		320,559
	4,773	Cerner Corp.		328,907
	2,056	Cigna Corp.		316,562
	1,024	Cooper Cos., Inc. (The)		317,184
	6,223	CVS Health Corp.		379,105
	2,434	Danaher Corp.		345,847
	6,520	DENTSPLY SIRONA, Inc.		340,018
	2,279	DexCom, Inc.*		391,099
	1,583	Edwards Lifesciences Corp.*		351,173
	10,249	Elanco Animal Health, Inc.*		266,679
	3,021	Eli Lilly & Co.		341,282
	2,980	Exact Sciences Corp.*		355,276
	5,261	Gilead Sciences, Inc.		334,284
	2,707	HCA Healthcare, Inc.		325,381
	5,451	Henry Schein, Inc.*		335,891
	6,908	Hologic, Inc.*		341,048
	1,152	Humana, Inc.		326,258
	1,245	IDEXX Laboratories, Inc.*		360,726
	1,154	Illumina, Inc.*		324,666
	4,074	Incyte Corp.*		333,335
	668	Intuitive Surgical, Inc.*		341,575
	5,254	Ionis Pharmaceuticals, Inc.*		332,105
	2,180	IQVIA Holdings, Inc.*		338,227
	2,573	Johnson & Johnson		330,270
	2,084	Laboratory Corp. of America Holdings*		349,195
	2,421	McKesson Corp.		334,752
	3,326	Medtronic PLC		358,842
	3,992	Merck & Co., Inc.		345,188
	477	Mettler-Toledo International, Inc.*		313,289
	18,494	Mylan NV*		360,078
	4,066	PerkinElmer, Inc.		336,258
	9,111	Pfizer, Inc.		323,896
	3,404	Quest Diagnostics, Inc.		348,467
	1,120	Regeneron Pharmaceuticals, Inc.*		324,856
	2,602	ResMed, Inc.		362,459
	2,209	STERIS PLC		341,070
	1,594	Stryker Corp.		351,732
	929	Teleflex, Inc.		338,082
	1,221	Thermo Fisher Scientific, Inc.		350,500
	1,357	UnitedHealth Group, Inc.		317,538
	2,301	Universal Health Services, Inc., Class B		332,679
	2,988	Varian Medical Systems, Inc.*		316,519
	2,099	Veeva Systems, Inc., Class A*		336,638
	1,902	Vertex Pharmaceuticals, Inc.*		342,398
	1,606	Waters Corp.*		340,295
Common Stocks – (continued)
Health Care – (continued)
	1,217	WellCare Health Plans, Inc.*		329,491
	2,490	Zimmer Biomet Holdings, Inc.		346,608
	2,778	Zoetis, Inc.		351,195
				22,302,741
Industrials – 12.7%
	2,056	3M Co.		332,496
	11,871	American Airlines Group, Inc.		312,326
	3,927	AMETEK, Inc.		337,447
	1,013	Boeing Co. (The)		368,823
	4,140	C.H. Robinson Worldwide, Inc.		349,789
	2,758	Caterpillar, Inc.		328,202
	1,309	Cintas Corp.		345,314
	4,513	Copart, Inc.*		340,235
	567	CoStar Group, Inc.*		348,631
	5,062	CSX Corp.		339,255
	2,181	Cummins, Inc.		325,558
	2,203	Deere & Co.		341,267
	5,724	Delta Air Lines, Inc.		331,191
	3,700	Dover Corp.		346,838
	4,266	Eaton Corp. PLC		344,352
	5,535	Emerson Electric Co.		329,831
	2,451	Equifax, Inc.		358,777
	4,647	Expeditors International of Washington, Inc.		330,402
	11,528	Fastenal Co.		352,987
	2,090	FedEx Corp.		331,495
	4,715	Fortive Corp.		334,293
	1,865	General Dynamics Corp.		356,719
	35,175	General Electric Co.		290,194
	2,046	Honeywell International, Inc.		336,813
	1,632	Huntington Ingalls Industries, Inc.		341,088
	2,110	IDEX Corp.		347,538
	5,333	IHS Markit Ltd.*		349,898
	2,260	Illinois Tool Works, Inc.		338,684
	2,818	Ingersoll-Rand PLC		341,232
	3,437	J.B. Hunt Transport Services, Inc.		371,333
	4,000	Jacobs Engineering Group, Inc.		355,440
	8,039	Johnson Controls International PLC		343,185
	2,860	Kansas City Southern		359,788
	1,640	L3Harris Technologies, Inc.		346,712
	1,327	Lennox International, Inc.		336,766
	919	Lockheed Martin Corp.		352,997
	8,521	Masco Corp.		347,060
	15,470	Nielsen Holdings PLC		321,157
	1,855	Norfolk Southern Corp.		322,863
	950	Northrop Grumman Corp.		349,477
	2,041	Old Dominion Freight Line, Inc.		334,234
	5,136	PACCAR, Inc.		336,716
	2,016	Parker-Hannifin Corp.		334,192
	1,821	Raytheon Co.		337,468
	3,823	Republic Services, Inc.		341,203
	2,198	Rockwell Automation, Inc.		335,832
	957	Roper Technologies, Inc.		350,989
	6,772	Southwest Airlines Co.		354,311
	4,541	Spirit AeroSystems Holdings, Inc., Class A		366,005

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, 2019

Shares		Description	Value
Common Stocks – (continued)
Industrials – (continued)
	2,449	Stanley Black & Decker, Inc.	$	325,374
	7,089	Textron, Inc.		319,005
	643	TransDigm Group, Inc.		346,140
	4,200	TransUnion		351,330
	1,999	Union Pacific Corp.		323,758
	3,939	United Airlines Holdings, Inc.*		332,097
	2,927	United Parcel Service, Inc., Class B		347,318
	2,942	United Rentals, Inc.*		331,152
	2,614	United Technologies Corp.		340,447
	2,209	Verisk Analytics, Inc.		356,842
	1,247	W.W. Grainger, Inc.		341,242
	4,602	Wabtec Corp.		318,504
	2,900	Waste Management, Inc.		346,115
	4,440	Xylem, Inc.		340,148
				21,448,875
Information Technology – 15.9%
	1,782	Accenture PLC, Class A		353,139
	1,176	Adobe, Inc.*		334,584
	11,664	Advanced Micro Devices, Inc.*		366,833
	3,919	Akamai Technologies, Inc.*		349,301
	3,858	Amphenol Corp., Class A		337,729
	3,080	Analog Devices, Inc.		338,276
	1,696	ANSYS, Inc.*		350,326
	1,707	Apple, Inc.		356,319
	7,267	Applied Materials, Inc.		348,961
	1,429	Arista Networks, Inc.*		323,840
	2,343	Autodesk, Inc.*		334,627
	2,060	Automatic Data Processing, Inc.		349,870
	1,262	Broadcom, Inc.		356,692
	2,735	Broadridge Financial Solutions, Inc.		354,018
	4,869	Cadence Design Systems, Inc.*		333,429
	3,108	CDW Corp.		358,974
	6,401	Cisco Systems, Inc.		299,631
	3,673	Citrix Systems, Inc.		341,516
	5,380	Cognizant Technology Solutions Corp., Class A		330,278
	11,804	Corning, Inc.		328,741
	6,631	Dell Technologies, Inc., Class C*		341,695
	6,780	DXC Technology Co.		225,232
	2,473	F5 Networks, Inc.*		318,349
	2,570	Fidelity National Information Services, Inc.		350,085
	3,268	Fiserv, Inc.*		349,480
	1,250	FleetCor Technologies, Inc.*		373,000
	4,102	Fortinet, Inc.*		324,796
	2,621	Gartner, Inc.*		350,349
	2,180	Global Payments, Inc.		361,836
	5,179	GoDaddy, Inc., Class A*		328,038
	25,755	Hewlett Packard Enterprise Co.		355,934
	17,488	HP, Inc.		319,856
	7,168	Intel Corp.		339,835
	2,393	International Business Machines Corp.		324,323
	1,246	Intuit, Inc.		359,297
	2,478	Jack Henry & Associates, Inc.		359,211
	13,338	Juniper Networks, Inc.		308,908
	3,921	Keysight Technologies, Inc.*		379,788
Common Stocks – (continued)
Information Technology – (continued)
	2,482	KLA Corp.		367,088
	1,731	Lam Research Corp.		364,393
	4,207	Leidos Holdings, Inc.		367,524
	13,870	Marvell Technology Group Ltd.		332,464
	1,271	Mastercard, Inc., Class A		357,621
	6,221	Maxim Integrated Products, Inc.		339,293
	3,957	Microchip Technology, Inc.		341,608
	7,898	Micron Technology, Inc.*		357,543
	2,498	Microsoft Corp.		344,374
	1,962	Motorola Solutions, Inc.		354,945
	7,315	NetApp, Inc.		351,559
	2,209	NVIDIA Corp.		370,030
	6,237	Oracle Corp.		324,698
	1,574	Palo Alto Networks, Inc.*		320,498
	4,091	Paychex, Inc.		334,235
	3,205	PayPal Holdings, Inc.*		349,505
	5,136	PTC, Inc.*		336,254
	4,800	Qorvo, Inc.*		342,864
	4,939	QUALCOMM, Inc.		384,106
	2,356	salesforce.com, Inc.*		367,701
	7,533	Seagate Technology PLC		378,232
	1,287	ServiceNow, Inc.*		336,988
	4,333	Skyworks Solutions, Inc.		326,145
	2,703	Splunk, Inc.*		302,249
	5,210	Square, Inc., Class A*		322,186
	7,752	SS&C Technologies Holdings, Inc.		361,321
	16,451	Symantec Corp.		382,486
	2,668	Synopsys, Inc.*		378,349
	3,799	TE Connectivity Ltd.		346,545
	2,829	Texas Instruments, Inc.		350,089
	2,703	Total System Services, Inc.		362,797
	8,885	Trimble, Inc.*		333,365
	2,682	Twilio, Inc., Class A*		349,921
	1,648	VeriSign, Inc.*		335,945
	1,952	Visa, Inc., Class A		352,961
	2,172	VMware, Inc., Class A		307,208
	6,282	Western Digital Corp.		359,770
	1,798	Workday, Inc., Class A*		318,749
	3,187	Xilinx, Inc.		331,639
	1,639	Zebra Technologies Corp., Class A*		336,044
				26,798,388
Materials – 4.7%
	1,521	Air Products & Chemicals, Inc.		343,624
	5,142	Albemarle Corp.		317,416
	4,551	Ball Corp.		365,946
	3,217	Celanese Corp.		364,711
	6,610	CF Industries Holdings, Inc.		318,536
	11,201	Corteva, Inc.		328,413
	7,577	Dow, Inc.		323,007
	4,911	DuPont de Nemours, Inc.		333,604
	4,973	Eastman Chemical Co.		325,085
	1,710	Ecolab, Inc.		352,790
	4,005	FMC Corp.		345,752
	33,198	Freeport-McMoRan, Inc.		305,090
	2,832	International Flavors & Fragrances, Inc.		310,812
	8,421	International Paper Co.		329,261

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)
	4,441	LyondellBasell Industries NV, Class A	$	343,645
	1,363	Martin Marietta Materials, Inc.		345,889
	15,286	Mosaic Co. (The)		281,110
	8,860	Newmont Goldcorp Corp.		353,425
	6,557	Nucor Corp.		321,162
	3,361	Packaging Corp. of America		338,049
	3,034	PPG Industries, Inc.		336,137
	674	Sherwin-Williams Co. (The)		355,029
	2,436	Vulcan Materials Co.		344,085
	9,666	Westrock Co.		330,384
				8,012,962
Real Estate – 6.2%
	2,333	Alexandria Real Estate Equities, Inc. REIT		349,577
	1,551	American Tower Corp. REIT		357,025
	1,658	AvalonBay Communities, Inc. REIT		352,424
	2,646	Boston Properties, Inc. REIT		339,799
	6,522	CBRE Group, Inc., Class A*		340,905
	2,470	Crown Castle International Corp. REIT		358,570
	2,874	Digital Realty Trust, Inc. REIT		355,313
	10,282	Duke Realty Corp. REIT		342,082
	648	Equinix, Inc. REIT		360,469
	4,253	Equity Residential REIT		360,484
	1,123	Essex Property Trust, Inc. REIT		360,775
	2,921	Extra Space Storage, Inc. REIT		356,128
	2,615	Federal Realty Investment Trust REIT		337,884
	10,270	HCP, Inc. REIT		356,472
	20,084	Host Hotels & Resorts, Inc. REIT		322,147
	10,927	Iron Mountain, Inc. REIT		348,025
	2,792	Mid-America Apartment Communities, Inc. REIT		353,691
	4,211	Prologis, Inc. REIT		352,124
	1,345	Public Storage REIT		356,075
	4,818	Realty Income Corp. REIT		355,617
	5,243	Regency Centers Corp. REIT		338,226
	1,359	SBA Communications Corp. REIT		356,642
	2,193	Simon Property Group, Inc. REIT		326,625
	2,491	Sun Communities, Inc. REIT		368,170
	7,267	UDR, Inc. REIT		350,124
	4,895	Ventas, Inc. REIT		359,244
	5,531	Vornado Realty Trust REIT		334,460
	4,005	W.P. Carey, Inc. REIT		359,649
	3,941	Welltower, Inc. REIT		352,956
	13,818	Weyerhaeuser Co. REIT		363,552
				10,525,234
Utilities – 6.3%
	21,441	AES Corp.		328,691
	6,672	Alliant Energy Corp.		349,946
	4,487	Ameren Corp.		346,172
	3,777	American Electric Power Co., Inc.		344,274
	2,866	American Water Works Co., Inc.		364,899
	3,108	Atmos Energy Corp.		342,595
	11,664	CenterPoint Energy, Inc.		322,976
	5,714	CMS Energy Corp.		360,268
	3,885	Consolidated Edison, Inc.		345,376
Common Stocks – (continued)
Utilities – (continued)
	4,474	Dominion Energy, Inc.		347,317
	2,633	DTE Energy Co.		341,395
	3,786	Duke Energy Corp.		351,114
	4,588	Edison International		331,575
	3,158	Entergy Corp.		356,349
	5,506	Evergy, Inc.		357,890
	4,348	Eversource Energy		348,405
	7,446	Exelon Corp.		351,898
	7,752	FirstEnergy Corp.		356,592
	1,593	NextEra Energy, Inc.		348,994
	11,979	NiSource, Inc.		353,979
	9,921	NRG Energy, Inc.		361,124
	18,465	PG&E Corp.*		192,959
	3,620	Pinnacle West Capital Corp.		345,022
	11,377	PPL Corp.		336,190
	5,929	Public Service Enterprise Group, Inc.		358,527
	2,512	Sempra Energy		355,775
	5,912	Southern Co. (The)		344,433
	7,062	UGI Corp.		343,708
	15,109	Vistra Energy Corp.		376,970
	3,829	WEC Energy Group, Inc.		366,703
	5,569	Xcel Energy, Inc.		357,641
				10,689,757
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $161,247,512)		$	168,390,397

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.2%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	320,144	2.045%	$	320,144
	(Cost $320,144)
	TOTAL INVESTMENTS – 99.8%
	(Cost $161,567,656)		$	168,710,541
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.2%			278,470
	NET ASSETS – 100.0%		$	168,989,011

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, 2019

	Equal Weight U.S. Large Cap Equity ETF
Assets:
Investments in unaffiliated issuers, at value (cost $160,917,023)(a)	$	168,057,412
Investments in affiliated issuers, at value (cost $330,489)		332,985
Investments in securities lending reinvestment vehicle, at value which equals cost		320,144
Cash		339,777
Receivables:
Dividends		271,082
Securities lending income		71
Total assets		169,321,471
Liabilities:
Payables:
Upon return of securities loaned		320,144
Management fees		12,247
Trustee fees		69
Total liabilities		332,460
Net Assets:
Paid-in capital		163,640,043
Total distributable earnings		5,348,968
NET ASSETS	$	168,989,011
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		3,650,000
Net asset value per share:		$46.30

(a) Includes loaned securities having a market value of $319,238.

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 Fiscal Year Ended August 31, 2019

	Equal Weight U.S. Large Cap Equity ETF
Investment income:
Dividends — unaffiliated issuers	$	2,058,539
Dividends — affiliated issuers		4,365
Securities lending income		2,177
Total investment income		2,065,081
Expenses:
Management fees		87,569
Trustee fees		10,256
Total expenses		97,825
NET INVESTMENT INCOME		1,967,256
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(2,666,822	)
Investments — affiliated issuers		(13,101	)
In-kind redemptions — unaffiliated issuers		6,269,474
In-kind redemptions — affiliated issuers		9,661
Net change in unrealized gain on:
Investments — unaffiliated issuers		2,981,435
Investments — affiliated issuers		4,689
Net realized and unrealized gain		6,585,336
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	8,552,592

The accompanying notes are an integral part of these financial statements. 13

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

Statements of Changes in Net Assets

	Equal Weight U.S. Large Cap Equity ETF
	For the Fiscal Year Ended August 31, 2019			For the Period September 12, 2017* to August 31, 2018
From operations:
Net investment income	$	1,967,256		$	624,097
Net realized gain		3,599,212			187,735
Net change in unrealized gain		2,986,124			4,156,761
Net increase in net assets resulting from operations		8,552,592			4,968,593
Distributions to shareholders:
From distributable earnings		(1,705,332	)		(410,506	)(a)
Total distributions to shareholders		(1,705,332	)		(410,506	)
From share transactions:
Proceeds from sales of shares		133,769,866			80,491,449
Cost of shares redeemed		(48,065,915	)		(8,611,736	)
Net increase in net assets resulting from share transactions		85,703,951			71,879,713
TOTAL INCREASE		92,551,211			76,437,800
Net assets:(b)
Beginning of period	$	76,437,800		$	—
End of period	$	168,989,011		$	76,437,800

* Commencement of operations.

(a) Prior fiscal year information has been revised to conform to current year presentation. Distributions to shareholders for Equal Weight U.S. Large Cap Equity ETF consisted solely of net investment income for the fiscal year ended August 31, 2018.

(b) Prior fiscal year information has been revised to conform with current year presentation. Undistributed net investment income was $215,556 as of August 31, 2018.

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 Each Period

	Equal Weight U.S. Large Cap Equity ETF
	For the Fiscal Year Ended August 31, 2019			For the Period September 12, 2017* to August 31, 2018
Per Share Operating Performance:
Net asset value, beginning of period	$	46.33		$	40.58
Net investment income(a)		0.81			0.77
Net realized and unrealized gain (loss)		(0.10	)		5.52
Total gain from investment operations		0.71			6.29
Distributions to shareholders from net investment income		(0.74	)		(0.54	)
Net asset value, end of period	$	46.30		$	46.33
Market price, end of period	$	46.32		$	46.35
Total Return at Net Asset Value(b)		1.62	%		15.60	%
Net assets, end of period (in 000’s)	$	168,989		$	76,438
Ratio of total expenses to average net assets		0.09	%		0.09	%(c)
Ratio of net investment income to average net assets		1.81	%		1.82	%(c)
Portfolio turnover rate(d)		39	%		34	%

* 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.

The accompanying notes are an integral part of these financial statements. 15

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

Notes to Financial Statements

August 31, 2019

1. ORGANIZATION

Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (the “Fund”) is a diversified series of the Goldman Sachs ETF Trust (the “Trust”) which 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 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”). The market price for the Fund’s shares may be different from the 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

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. The Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

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 and/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.

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 the Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings 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.

16

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

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

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the 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:

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 may be valued at the closing bid price for long positions and at the closing 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 for long positions or the last ask price for short positions, and are generally classified as Level 2.

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share of the institutional share class on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Fund invests in Underlying Funds that fluctuate in value, the Fund’s shares will correspondingly fluctuate in value. 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 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 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. To the extent investments are valued using single source broker

17

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

Notes to Financial Statements (continued)

August 31, 2019

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

C.  Fair Value Hierarchy — The following is a summary of the Fund’s investments classified in the fair value hierarchy as of August 31, 2019:

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	$	168,390,397	$	—	$	—
Securities Lending Reinvestment Vehicle		320,144		—		—
Total	$	168,710,541	$	—	$	—

(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.

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 fiscal year ended August 31, 2019, 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 fiscal year ended August 31, 2019:

Fund	Beginning value as of August 31, 2018	Purchases at Cost		Proceeds from Sales			Realized Loss			Change in Unrealized Appreciation		Ending value as of August 31, 2019		Shares as of August 31, 2019		Dividend Income
Equal Weight U.S. Large Cap Equity ETF	$149,821	$	328,627	$	(146,712	)	$	(3,440	)	$	4,689	$	332,985		1,633	$	4,365

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

18

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

(each an “Authorized Participant”). An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the 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 is as follows:

	Equal Weight U.S. Large Cap Equity ETF
	For the Year Ended August 31, 2019						For the period September 12, 2017* through August 31, 2018
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		3,100,000		$	133,769,847			1,850,000		$	80,491,438
Shares Redeemed		(1,100,000	)		(48,065,915	)		(200,000	)		(8,611,736	)
NET INCREASE IN SHARES		2,000,000		$	85,703,932			1,650,000		$	71,879,702

* Commencement of operations.

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the fiscal year ended August 31, 2019, were $43,460,442 and $43,078,783, respectively.

The purchases and sales from in-kind creation and redemption transactions for the fiscal year ended August 31, 2019, were $133,393,485 and $47,993,575, respectively.

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.

19

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

Notes to Financial Statements (continued)

August 31, 2019

7. SECURITIES LENDING (continued)

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.

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 master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The 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, 2019 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, 2019, 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, 2019:

Beginning value as of August 31, 2018		Purchases at Cost		Proceeds from Sales			Ending value as of August 31, 2019
	61,541	$	4,182,255	$	(3,923,652	)	$	320,144

8. TAX INFORMATION

The tax character of distributions paid during the fiscal years ended August 31, 2019 and August 31, 2018 were as follows:

	2019		2018
Distributions paid from:
Ordinary Income*	$	1,705,332	$	408,419
Long-term capital gain		—		2,087
Total taxable distributions	$	1,705,332	$	410,506

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

20

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

8. TAX INFORMATION (continued)

As of August 31, 2019, 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	$	478,110
Undistributed long-term capital gains		—
Total undistributed earnings	$	478,110
Capital loss carryforwards:
Perpetual Short-Term	$	(32,643	)
Perpetual Long-Term		—
Timing differences (Post-October Capital Loss Deferral)		(378,266	)
Unrealized gains (losses) — net		5,281,767
Total accumulated earnings (losses) net	$	5,348,968

As of August 31, 2019, 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	$	163,428,774
Gross unrealized gain		12,827,624
Gross unrealized loss		(7,545,857	)
Net unrealized gains (losses)	$	5,281,767

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.

The Fund reclassed $5,403,694 from distributable earnings to paid in capital for the year ending August 31, 2019. 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 NAV of the Fund and result primarily from redemptions in-kind.

GSAM has reviewed the Fund’s tax positions for all open tax years (the current year and prior tax 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 anadverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. The Fund also does notattempt 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

21

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

Notes to Financial Statements (continued)

August 31, 2019

9. OTHER RISKS (continued)

to be reliable in constructing the Index, but it does not guarantee the accuracy or availability of such third party data. The Index isnew 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 the 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

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.

22

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, hereafter referred to as the “Fund”) as of August 31, 2019, the related statement of operations for the year ended August 31, 2019, and the statement of changes in net assets and the financial highlights for the year ended August 31, 2019, and for the period September 12, 2017 (commencement of operations) through August 31, 2018, 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, 2019, the results of its operations for the year ended August 31, 2019, and the changes in its net assets and the financial highlights for the year ended August 31, 2019, and 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 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.

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, 2019 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 21, 2019

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 EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

Fund Expenses — Six Months Ended 8/31/2019  (Unaudited)

As a shareholder you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Shares of the Fund and to compare these costs with the ongoing costs of investing in other exchange-traded funds. This example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares of the Fund.

The example is based on an investment of $l,000 invested at the beginning of the period from March 1, 2019 and held for the six months ended August 31, 2019, 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.

	Equal Weight U.S. Large Cap Equity ETF
	Beginning Account Value 3/1/19		Ending Account Value 8/31/19			Expenses Paid*
Actual based on NAV	$	1,000	$	1,040.60		$	0.46
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, 2019. 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	%

24

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: 65	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; and Goldman Sachs MLP and Energy Renaissance Fund.	41	Kennametal Inc. (a global manufacturer and distributor of tooling and industrial materials)
Caroline Dorsa Age: 60	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; and Goldman Sachs MLP and Energy Renaissance Fund.	41	Biogen Inc. (a biotechnology company); Intellia Therapeutics Inc. (a gene-editing company); Illumina, Inc. (a life sciences company)
Linda A. Lang Age: 61	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; and Goldman Sachs MLP and Energy Renaissance Fund.	41	WD-40 Company (a global consumer products company)
Michael Latham Age: 53	Trustee	Since 2015	Mr. Latham is retired. Formerly, he held senior management positions with the iShares exchange-traded fund business, including Chairman (2011-2014); Global Head (2010-2011); U.S. Head (2007-2010); and Chief Operating Officer (2003-2007). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.	41	None

25

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: 56	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; and Goldman Sachs MLP and Energy Renaissance Fund.	161	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.

¹  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, 2019.

²  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.

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2019, Goldman Sachs ETF Trust consisted of 39 portfolios (21 of which offered shares to the public); Goldman Sachs Trust consisted of 88 portfolios (87 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 and Goldman Sachs MLP and Energy Renaissance Fund 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 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.

26

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: 56	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; and Goldman Sachs MLP and Energy Renaissance Fund.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 42	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; and Goldman Sachs MLP and Energy Renaissance Fund.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 51	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President – Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP Income Opportunities Fund (previously Assistant Treasurer (2017)); and Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)).

* 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.

¹  Information is provided as of August 31, 2019.

²  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 Equal Weight U.S. Large Cap Equity ETF — Tax Information (Unaudited)

For the fiscal year ended August 31, 2019, 100% 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 fiscal year ended August 31, 2019, 86.40% 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.

27

FUNDS PROFILE

Goldman Sachs ETFs

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the Consumer and Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.44 trillion in assets under supervision as of June 30, 2019, 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 High Yield Corporate Bond ETF

Goldman Sachs Access Inflation Protected USD Bond ETF

Goldman Sachs Access Investment Grade Corporate Bond ETF

Goldman Sachs Access Treasury 0-1 Year ETF

Goldman Sachs Access Ultra Short Bond ETF

Goldman Sachs Motif Data-Driven World ETF

Goldman Sachs Motif Finance Reimagined ETF

Goldman Sachs Motif Human Evolution ETF

Goldman Sachs Motif Manufacturing Revolution ETF

Goldman Sachs Motif New Age Consumer 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 Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary
THE BANK OF NEW YORK MELLON Transfer Agent
ALPS DISTRIBUTORS, INC. Distributor	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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

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

The reports concerning the 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 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

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

Fund holdings and allocations shown are as of August 31, 2019 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 Fund at their net asset value (“NAV”) only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Ordinary brokerage commissions apply.

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.

©2019 Goldman Sachs. All rights reserved. 181916-OTU-1069503 EQWUSLCEAR-19

Goldman Sachs Funds

Annual Report	August 31, 2019
	Hedge Industry VIP ETF

It is our intention that beginning on January 1, 2021, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from the Fund electronically by contacting your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. You can inform your financial intermediary that you wish to receive paper copies of reports by contacting your financial intermediary. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account.

Goldman Sachs Hedge Industry VIP ETF

TABLE OF CONTENTS
Investment Process	1
Portfolio Results and Fund Basics	2
Schedule of Investments	7
Financial Statements	8
Financial Highlights	11
Notes to Financial Statements	12
Report of Independent Registered Public Accounting Firm	19
Other Information	20

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 Form 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 Form 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, 2019, the Index consisted of 50 securities with a market capitalization range of between approximately $3.1 billion and $1,052.1 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.

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, 2019, 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 Form 13F filings of hedge fund managers and identifying stocks that appear among top holdings most frequently. Through an efficient implementation, we believe investors are able to access top hedge fund long equity ideas and gain exposure to evolving U.S. market themes.

1

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, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned -0.99% based on net asset value (“NAV”) and -0.70% based on market price. The Index returned -0.87%, 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 2.92% during the same period.

The Fund had a NAV of $57.98 on August 31, 2018 and ended the Reporting Period with a NAV of $56.86 per share. The Fund’s market price on August 31, 2019 was $57.03 per share.

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

A 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 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 Form 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 Form 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 a modestly negative absolute return that underperformed the S&P 500^® Index. The Fund also underperformed the S&P 500^® Index during the Reporting Period, as measured by NAV.

2

PORTFOLIO RESULTS

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

A Index constituents in the utilities, information technology and materials 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, consumer discretionary and communication services sectors, which contributed most positively to the Index’s results relative to the S&P 500^® Index during the Reporting Period.

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

A Relative to the S&P 500^® Index, overweight positions in California utilities provider PG&E, web hosting and domain name registrar GoDaddy and specialty pharmaceuticals company Allergan detracted most (1.29%, 1.99% and 2.00% of Fund net assets as of August 31, 2019, respectively). Each of these holdings generated a double-digit negative return within the Index during the Reporting Period.

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

A Relative to the S&P 500^® Index, overweight positions in aerospace components manufacturer TransDigm Group, enterprise information technology management software and cloud service provider ServiceNow and online used car retailer and technology company Carvana contributed most positively (1.96%, 2.04% and 2.02% of Fund net assets as of August 31, 2019, respectively). Each of these holdings generated a robust double-digit positive return within the Index during the Reporting Period.

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

A 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.

Q 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 Hedge Fund VIP IndexTM			S&P 500® Index
Information Technology		26.52	%		26.52	%		22.05	%
Communication Services		21.93			21.93			10.47
Health Care		13.70			13.70			13.90
Financials		10.27			10.27			12.77
Industrials		9.90			9.90			9.23
Consumer Discretionary		8.17			8.17			10.16
Energy		6.01			6.01			4.42
Utilities		3.49			3.49			3.47
Consumer Staples		0.00			0.00			7.58
Materials		0.00			0.00			2.70
Real Estate		0.00			0.00			3.26

¹  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 0.3% of the Fund’s net assets as of August 31, 2019. Figures above may not sum to 100% due to rounding.

²  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.

3

FUND BASICS

Hedge Industry VIP ETF

as of August 31, 2019

FUND SNAPSHOT
As of August 31, 2019
Market Price1	$	57.03
Net Asset Value (NAV)1	$	56.86

¹  The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs.

TOP TEN HOLDINGS AS OF 8/31/192
Holding	% of Net Assets			Line of Business	Country
Vistra Energy Corp.		2.2	%	Utilities	United States
salesforce.com, Inc.		2.2		Information Technology	United States
Charter Communications, Inc., Class A		2.1		Communication Services	United States
Alibaba Group Holding Ltd. ADR		2.1		Consumer Discretionary	China
Micron Technology, Inc.		2.1		Information Technology	United States
PayPal Holdings, Inc.		2.1		Information Technology	United States
Mastercard, Inc., Class A		2.1		Information Technology	United States
JPMorgan Chase & Co.		2.1		Financials	United States
Citigroup, Inc.		2.1		Financials	United States
S&P Global, Inc.		2.1		Financials	United States

²  The top 10 holdings may not be representative of the Fund’s future investments.

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

4

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Performance Summary

August 31, 2019

The following graph shows the value, as of August 31, 2019, 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. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

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, 2019.

Average Annual Total Return through August 31, 2019*	1 Year Return	Since Inception
Shares based on NAV (Commenced November 1, 2016)	-0.99%	13.88%
Shares based on Market Price (Commenced November 1, 2016)	-0.70%	14.00%
Goldman Sachs Hedge Fund VIP Index™	-0.87%	14.28%
S&P 500® Index (Total Return, USD)	2.92%	14.51%

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

5

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.

The Goldman Sachs Hedge Fund VIP Index^TM 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.

6

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Schedule of Investments

August 31, 2019

Shares		Description	Value
Common Stocks – 99.8%
Communication Services – 21.9%
	1,341	Alphabet, Inc., Class A*	$	1,596,501
	4,162	Charter Communications, Inc., Class A*		1,704,713
	36,853	Comcast Corp., Class A		1,631,114
	8,689	Facebook, Inc., Class A*		1,613,287
	46,348	Fox Corp., Class A		1,537,363
	5,220	Netflix, Inc.*		1,533,375
	46,778	Sea Ltd. ADR (Thailand)*		1,502,509
	20,297	T-Mobile US, Inc.*		1,584,181
	11,753	Walt Disney Co. (The)		1,613,217
	46,279	Zayo Group Holdings, Inc.*		1,557,751
	44,844	Zillow Group, Inc., Class C*		1,543,979
				17,417,990
Consumer Discretionary – 8.1%
	9,635	Alibaba Group Holding Ltd. ADR (China)*		1,686,414
	886	Amazon.com, Inc.*		1,573,793
	826	Booking Holdings, Inc.*		1,624,255
	19,793	Carvana Co.*(a)		1,606,400
				6,490,862
Energy – 6.0%
	26,230	Cheniere Energy, Inc.*		1,566,193
	16,213	Diamondback Energy, Inc.		1,590,171
	118,833	Energy Transfer LP		1,617,317
				4,773,681
Financials – 10.2%
	59,102	Bank of America Corp.		1,625,896
	7,975	Berkshire Hathaway, Inc., Class B*		1,622,195
	25,427	Citigroup, Inc.		1,636,228
	14,899	JPMorgan Chase & Co.		1,636,804
	6,281	S&P Global, Inc.		1,634,253
				8,155,376
Health Care – 13.7%
	9,920	Allergan PLC		1,584,422
	16,810	Celgene Corp.*		1,627,208
	32,681	Centene Corp.*		1,523,588
	5,269	Humana, Inc.		1,492,234
	10,326	IQVIA Holdings, Inc.*		1,602,079
	6,421	UnitedHealth Group, Inc.		1,502,514
	5,710	WellCare Health Plans, Inc.*		1,545,925
				10,877,970
Industrials – 9.9%
	27,284	Delta Air Lines, Inc.		1,578,652
	2,897	TransDigm Group, Inc.		1,559,513
	9,538	Union Pacific Corp.		1,544,775
	19,054	United Airlines Holdings, Inc.*		1,606,443
	11,804	WABCO Holdings, Inc.*		1,575,952
				7,865,335
Information Technology – 26.5%
	5,505	Adobe, Inc.*		1,566,228
	7,701	Apple, Inc.		1,607,507
Common Stocks – (continued)
Information Technology – (continued)
	11,949	Fidelity National Information Services, Inc.		1,627,693
	24,992	GoDaddy, Inc., Class A*		1,582,993
	5,845	Mastercard, Inc., Class A		1,644,608
	37,142	Micron Technology, Inc.*		1,681,418
	11,655	Microsoft Corp.		1,606,758
	7,210	Palo Alto Networks, Inc.*		1,468,100
	15,120	PayPal Holdings, Inc.*		1,648,836
	11,176	salesforce.com, Inc.*		1,744,238
	6,188	ServiceNow, Inc.*		1,620,266
	12,517	Twilio, Inc., Class A*		1,633,093
	9,000	Visa, Inc., Class A		1,627,380
				21,059,118
Utilities – 3.5%
	98,020	PG&E Corp.*		1,024,309
	70,053	Vistra Energy Corp.		1,747,822
				2,772,131
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $74,808,263)		$	79,412,463
Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.3%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	261,175	2.045%	$	261,175
	(Cost $261,175)
	TOTAL INVESTMENTS – 100.1%
	(Cost $75,069,438)		$	79,673,638
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.1)%			(65,755	)
	NET ASSETS – 100.0%		$	79,607,883

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
LP	—Limited Partnership
PLC	—Public Limited Company

The accompanying notes are an integral part of these financial statements. 7

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Statement of Assets and Liabilities

August 31, 2019

	Hedge Industry VIP ETF
Assets:
Investments at value (cost $74,808,263)(a)	$	79,412,463
Investments in securities lending reinvestment vehicle, at value which equals cost		261,175
Cash		204,183
Receivables:
Dividends		21,414
Securities lending income		230
Total assets		79,899,465
Liabilities:
Payables:
Upon return of securities loaned		261,175
Management fees		30,338
Trustee fees		69
Total liabilities		291,582
Net Assets:
Paid-in capital		85,343,002
Total distributable earnings		(5,735,119	)
NET ASSETS	$	79,607,883
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		1,400,000
Net asset value per share:		$56.86

(a) Includes loaned securities having a market value of $251,596.

8 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, 2019

	Hedge Industry VIP ETF
Investment income:
Dividends (net of foreign withholding taxes of $2,542)	$	907,559
Securities lending income		321,966
Total investment income		1,229,525
Expenses:
Management fees		396,468
Trustee fees		10,539
Total expenses		407,007
NET INVESTMENT INCOME		822,518
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments		(7,626,541	)
In-kind redemptions		6,263,560
Net change in unrealized loss on:
Investments		(6,015,036	)
Net realized and unrealized loss		(7,378,017	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(6,555,499	)

The accompanying notes are an integral part of these financial statements. 9

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Statements of Changes in Net Assets

	Hedge Industry VIP ETF
	For the Fiscal Year Ended August 31, 2019			For the Fiscal Year Ended August 31, 2018
From operations:
Net investment income	$	822,518		$	249,005
Net realized gain (loss)		(1,362,981	)		4,455,142
Net change in unrealized gain (loss)		(6,015,036	)		6,929,279
Net increase (decrease) in net assets resulting from operations		(6,555,499	)		11,633,426
Distributions to shareholders:
From distributable earnings		(814,931	)		(211,522	)(a)
Total distributions to shareholders		(814,931	)		(211,522	)
From share transactions:
Proceeds from sales of shares		43,224,579			89,646,943
Cost of shares redeemed		(66,400,806	)		(36,323,817	)
Net increase (decrease) in net assets resulting from share transactions		(23,176,227	)		53,323,126
TOTAL INCREASE (DECREASE)		(30,546,657	)		64,745,030
Net assets:(b)
Beginning of year	$	110,154,540		$	45,409,510
End of year	$	79,607,883		$	110,154,540

(a) Prior fiscal year information has been revised to conform with current year presentation. Distributions to shareholders for Hedge Industry VIP ETF consisted solely of net investment income for the fiscal year ended August 31, 2018.

(b) Prior fiscal year information has been revised to conform with current year presentation. Undistributed net investment income was $141,853 as of August 31, 2018.

10 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,						For the Period November 1, 2016* to August 31, 2017
	2019			2018
Per Share Operating Performance:
Net asset value, beginning of period	$	57.98		$	50.46		$	40.00
Net investment income(a)		0.51			0.17			0.32	(b)
Net realized and unrealized gain (loss)		(1.11	)		7.52			10.31
Total gain (loss) from investment operations		(0.60	)		7.69			10.63
Distributions to shareholders from net investment income		(0.52	)		(0.17	)		(0.17	)
Net asset value, end of period	$	56.86		$	57.98		$	50.46
Market price, end of period	$	57.03		$	57.98		$	50.48
Total Return at Net Asset Value(c)		(0.99	)%		15.27	%		26.61	%
Net assets, end of period (in 000’s)	$	79,608		$	110,155		$	45,410
Ratio of total expenses to average net assets		0.45	%		0.45	%		0.45	%(d)
Ratio of net investment income to average net assets		0.91	%		0.31	%		0.84	%(b)(d)
Portfolio turnover rate(e)		103	%		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) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

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

The accompanying notes are an integral part of these financial statements. 11

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Notes to Financial Statements

August 31, 2019

1. ORGANIZATION

Goldman Sachs Hedge Industry VIP ETF (the “Fund”) is a diversified series of the Goldman Sachs ETF Trust (the “Trust”) which 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 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”). The market price for the Fund’s shares may be different from the 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

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. The Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

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.

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.

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 the Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings 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.

12

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

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

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the 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:

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 may be valued at the closing bid price for long positions and at the closing 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 for long positions or the last ask price for short positions, and are generally classified as Level 2.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying 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 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. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

13

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Notes to Financial Statements (continued)

August 31, 2019

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, 2019:

HEDGE INDUSTRY VIP ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	3,188,923	$	—	$	—
North America		76,223,540		—		—
Securities Lending Reinvestment Vehicle		261,175		—		—
Total	$	79,673,638	$	—	$	—

(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 the table.

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 fiscal year ended August 31, 2019, 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.

14

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

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 Statements of Changes in Net Assets.

Share activity is as follows:

	Goldman Sachs Hedge Industry VIP ETF
	For the Fiscal Year Ended August 31, 2019						For the Fiscal Year Ended August 31, 2018
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		750,000		$	43,224,538			1,650,000		$	89,646,943
Shares Redeemed		(1,250,000	)		(66,400,806	)		(650,000	)		(36,323,817	)
NET INCREASE (DECREASE) IN SHARES		(500,000	)	$	(23,176,268	)		1,000,000		$	53,323,126

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, 2019, were $93,316,753 and $92,706,274, respectively.

The purchases and sales from in-kind creation and redemption transactions for the fiscal year ended August 31, 2019, were $42,506,753 and $66,263,754, respectively.

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.

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.

15

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Notes to Financial Statements (continued)

August 31, 2019

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 master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The 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, 2019, are disclosed as “Payable upon return of securities loaned” on the Statement of Assets and Liabilities, where applicable.

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, 2019, 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, 2019:

Beginning value as of August 31, 2018		Purchases at Cost		Proceeds from Sales			Ending value as of August 31, 2019
$	977,928	$	17,914,081	$	(18,630,834	)	$	261,175

8. TAX INFORMATION

The tax character of distributions paid during the fiscal years ended August 31, 2019 and August 31, 2018 were as follows:

	2019	2018
Distributions paid from:
Ordinary Income	$814,931	$	211,522
Total taxable distributions	$814,931	$	211,522

16

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

8. TAX INFORMATION (continued)

As of August 31, 2019, the components of accumulated earnings (losses) on a tax-basis were as follows:

	Goldman Sachs Hedge Industry VIP ETF
Undistributed ordinary income — net	$	149,440
Undistributed long-term capital gains		—
Total undistributed earnings	$	149,440
Capital loss carryforwards:
Perpetual Short-Term	$	(2,364,672	)
Perpetual Long-Term		—
Timing differences (Post-October Capital Loss Deferral/Qualified Late Year Loss Deferral)		—
Unrealized gains (losses) — net		(3,519,887	)
Total accumulated earnings (losses) net	$	(5,735,119	)

As of August 31, 2019, 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	$	75,754,185
Gross unrealized gain		6,029,169
Gross unrealized loss		(2,109,716	)
Net unrealized gains (losses) on securities	$	3,919,453

The Fund reclassed $6,066,099 from distributable earnings to paid in capital for the year ending August 31, 2019. 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 NAV of the Fund and result primarily from redemptions in-kind.

GSAM has reviewed the Fund’s tax positions for all open tax years (the current year and prior two years, 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 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

17

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Notes to Financial Statements (continued)

August 31, 2019

9. OTHER RISKS (continued)

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.

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

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.

18

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, hereafter referred to as the “Fund”) as of August 31, 2019, the related statement of operations for the year ended August 31, 2019, the statement of changes in net assets for each of the two years in the period ended August 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (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 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2019 and the financial highlights for each of the periods indicated therein 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.

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, 2019 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 21, 2019

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

19

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Fund Expenses — Six Months Ended 8/31/2019  (Unaudited)

As a shareholder you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Shares of the Fund and to compare these costs with the ongoing costs of investing in other exchange-traded funds. This example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares of the Fund.

The example is based on an investment of $1,000 invested at the beginning of the period from March 1, 2019 and held for the six months ended August 31, 2019, 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.

	Hedge Industry VIP ETF
	Beginning Account Value 3/1/19		Ending Account Value 8/31/19			Expenses Paid*
Actual based on NAV	$	1,000	$	1,022.00		$	2.29
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.

* 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, 2019. 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
Hedge Industry VIP ETF	0.45	%

20

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: 65	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; and Goldman Sachs MLP and Energy Renaissance Fund.	41	Kennametal Inc. (a global manufacturer and distributor of tooling and industrial materials)
Caroline Dorsa Age: 60	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; and Goldman Sachs MLP and Energy Renaissance Fund.	41	Biogen Inc. (a biotechnology company); Intellia Therapeutics Inc. (a gene-editing company); Illumina, Inc. (a life sciences company)
Linda A. Lang Age: 61	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; and Goldman Sachs MLP and Energy Renaissance Fund.	41	WD-40 Company (a global consumer products company)
Michael Latham Age: 53	Trustee	Since 2015	Mr. Latham is retired. Formerly, he held senior management positions with the iShares exchange-traded fund business, including Chairman (2011-2014); Global Head (2010-2011); U.S. Head (2007-2010); and Chief Operating Officer (2003-2007). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.	41	None

21

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: 56	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; and Goldman Sachs MLP and Energy Renaissance Fund.	161	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.

¹  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, 2019.

²  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.

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2019, Goldman Sachs ETF Trust consisted of 39 portfolios (21 of which offered shares to the public); Goldman Sachs Trust consisted of 88 portfolios (87 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 and Goldman Sachs MLP and Energy Renaissance Fund 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 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.

22

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: 56	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; and Goldman Sachs MLP and Energy Renaissance Fund.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 42	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; and Goldman Sachs MLP and Energy Renaissance Fund.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 51	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP Income Opportunities Fund (previously Assistant Treasurer (2017)); and Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)).

* 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.

¹  Information is provided as of August 31, 2019.

²  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 Hedge Industry VIP ETF — Tax Information (Unaudited)

For the fiscal year ended August 31, 2019, 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 fiscal year ended August 31, 2019, 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.

23

FUNDS PROFILE

Goldman Sachs ETFs

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the Consumer and Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.44 trillion in assets under supervision as of August 31, 2019, 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 High Yield Corporate Bond ETF

Goldman Sachs Access Inflation Protected USD Bond ETF

Goldman Sachs Access Investment Grade Corporate Bond ETF

Goldman Sachs Access Treasury 0-1 Year ETF

Goldman Sachs Access Ultra Short Bond ETF

Goldman Sachs Motif Data-Driven World ETF

Goldman Sachs Motif Finance Reimagined ETF

Goldman Sachs Motif Human Evolution ETF

Goldman Sachs Motif Manufacturing Revolution ETF

Goldman Sachs Motif New Age Consumer 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 ITS 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 Joseph F. DiMaria, Treasurer, Principal Financial Officer and Principal Accounting Officer Caroline L. Kraus, Secretary
THE BANK OF NEW YORK MELLON Transfer Agent
ALPS DISTRIBUTORS, INC. Distributor	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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

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

The reports concerning the 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 during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

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

Fund holdings and allocations shown are as of August 31, 2019 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 Fund at their net asset value (“NAV”) only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Ordinary brokerage commissions apply.

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.

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.

© 2019 Goldman Sachs. All rights reserved. 180400-OTU-1069497 HEDVIPETFAR-19

Goldman Sachs Funds

Annual Report	August 31, 2019
	JUST U.S. Large Cap Equity ETF

It is our intention that beginning on January 1, 2021, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from the Fund electronically by contacting your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. You can inform your financial intermediary that you wish to receive paper copies of reports by contacting your financial intermediary. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account.

Goldman Sachs JUST U.S. Large Cap Equity ETF

TABLE OF CONTENTS
Investment Process	1
Portfolio Management Discussion and Performance Summary	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 August 31, 2019, the Index consisted of 427 securities with a market capitalization range of between approximately $1.0 billion and $1,052.6 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.

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 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 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).

1

INVESTMENT PROCESS

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., the 12-month period ended August 31, 2019, 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.

2

PORTFOLIO RESULTS

Goldman Sachs JUST U.S. Large Cap Equity ETF

Investment Objective

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”).

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, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 2.06% based on net asset value (“NAV”) and 2.12% based on market price. The Index returned 2.22%, 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 2.49% during the same period.

The Fund had a NAV of $42.13 on August 31, 2018 and ended the Reporting Period with a NAV of $42.04 per share. The Fund’s market price on August 31, 2019 was $42.06 per share.

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

A 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’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 positive absolute returns but modestly underperformed the Russell 1000^® Index. The Fund also modestly underperformed the Russell 1000^® Index during the Reporting Period, as measured by NAV.

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

A Index constituents in the consumer discretionary, industrials and utilities sectors detracted most from the Index’s results relative to the Russell 1000^® Index during the Reporting Period. Index constituents in the consumer staples, energy and health care sectors contributed most positively to the Index’s results relative to the Russell 1000^® Index during the Reporting Period.

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

A Relative to the Russell 1000^® Index, an overweight position in e-commerce retailing leader Amazon.com and having no exposure to fast-food restaurant giant McDonald’s or semiconductor company Broadcom detracted most (3.58%, 0.00%¹ and 0.00%¹ of Fund net assets as of August 31, 2019, respectively). Amazon.com posted a double-digit loss within the Index during the Reporting Period, while McDonald’s and Broadcom each generated a double-digit gain within the Index during the Reporting Period.

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

A Relative to the Russell 1000^® Index, overweight positions in consumer staples leader Procter & Gamble, software giant Microsoft and payments processor Mastercard contributed most positively (1.70%, 4.39% and 1.37% of Fund net assets

¹  Some weights are 0.00% at August 31, 2019 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.

3

PORTFOLIO RESULTS

as of August 31, 2019, respectively). Each of these holdings posted a double-digit gain within the Index during the Reporting Period.

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

A 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.

Q What was the Fund’s sector positioning relative to the Index and the Russell 1000^® Index at the end of the Reporting Period?²

Sector Name	Fund3			JUST US Large Cap Diversified Index			Russell 1000® Index
Information Technology		22.43	%		22.43	%		22.18	%
Health Care		13.55	%		13.56	%		13.60	%
Financials		13.37	%		13.36	%		12.92	%
Communication Services		10.59	%		10.59	%		9.96	%
Consumer Discretionary		10.17	%		10.18	%		10.41	%
Industrials		9.31	%		9.30	%		9.59	%
Consumer Staples		7.86	%		7.86	%		7.01	%
Energy		4.23	%		4.23	%		4.16	%
Utilities		3.29	%		3.29	%		3.36	%
Materials		2.76	%		2.76	%		2.81	%
Real Estate		2.45	%		2.46	%		4.00	%

²  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 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 0.0% of the Fund’s net assets as of August 31, 2019. Figures above may not sum to 100% due to rounding.

³  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.

4

FUND BASICS

Goldman Sachs JUST U.S. Large Cap Equity ETF

as of August 31, 2019

FUND SNAPSHOT
As of August 31, 2019
Market Price1	$	42.06
Net Asset Value (NAV)1	$	42.04

¹  The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs.

TOP TEN HOLDINGS AS OF 8/31/192
Holding	% of Net Assets			Line of Business
Microsoft Corp.		4.4	%	Information Technology
Apple, Inc.		4.0		Information Technology
Amazon.com, Inc.		3.6		Consumer Discretionary
JPMorgan Chase & Co.		1.9		Financials
Facebook, Inc., Class A		1.9		Communication Services
Visa, Inc., Class A		1.7		Information Technology
Procter & Gamble Co. (The)		1.7		Consumer Staples
Johnson & Johnson		1.6		Health Care
Alphabet, Inc., Class C		1.5		Communication Services
Alphabet, Inc., Class A		1.5		Communication Services

²  The top 10 holdings may not be representative of the Fund’s future investments.

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

5

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Performance Summary

August 31, 2019

The following graph shows the value, as of August 31, 2019, of a $10,000 investment made on June 7, 2018 (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 JUST US Large Cap Diversified Index and the Russell 1000^® Index (Total Return, USD) are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Goldman Sachs JUST U.S. Large Cap Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from June 7, 2018 through August 31, 2019.

Average Annual Total Return through August 31, 2019*	1 Year Return	Since Inception
Shares based on NAV (Commenced June 7, 2018)	2.06%	5.85%
Shares based on Market Price (Commenced June 7, 2018)	2.12%	5.89%
JUST US Large Cap Diversified Index	2.22%	6.03%
Russell 1000® Index	2.49%	6.21%

* 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.

6

FUND BASICS

Index Definitions and Industry Terms

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

“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.

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.

7

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Schedule of Investments

August 31, 2019

Shares		Description	Value
Common Stocks – 99.7%
Communication Services – 10.6%
	5,580	Activision Blizzard, Inc.	$	282,348
	1,625	Alphabet, Inc., Class A*		1,934,611
	1,648	Alphabet, Inc., Class C*		1,957,989
	36,801	AT&T, Inc.		1,297,603
	28,299	Comcast Corp., Class A		1,252,514
	994	Discovery, Inc., Class A*		27,434
	2,226	Discovery, Inc., Class C*		57,943
	2,172	Electronic Arts, Inc.*		203,473
	12,962	Facebook, Inc., Class A*		2,406,655
	2,417	Interpublic Group of Cos., Inc. (The)		48,050
	2,646	Netflix, Inc.*		777,262
	1,369	Omnicom Group, Inc.		104,126
	2,849	Sprint Corp.*		19,345
	825	Take-Two Interactive Software, Inc.*		108,875
	1,576	T-Mobile US, Inc.*		123,007
	662	TripAdvisor, Inc.*		25,149
	4,080	Twitter, Inc.*		174,012
	20,861	Verizon Communications, Inc.		1,213,276
	64	Viacom, Inc., Class A		1,745
	2,220	Viacom, Inc., Class B		55,456
	10,969	Walt Disney Co. (The)		1,505,605
	393	Zillow Group, Inc., Class A*		13,429
	861	Zillow Group, Inc., Class C*		29,644
	6,235	Zynga, Inc., Class A*		35,602
				13,655,153
Consumer Discretionary – 10.1%
	431	Advance Auto Parts, Inc.		59,456
	2,599	Amazon.com, Inc.*		4,616,578
	1,894	Aptiv PLC		157,524
	1,534	Aramark		62,679
	156	AutoZone, Inc.*		171,864
	1,437	Best Buy Co., Inc.		91,465
	272	Booking Holdings, Inc.*		534,864
	3,569	Caesars Entertainment Corp.*		41,079
	1,040	CarMax, Inc.*		86,611
	773	Darden Restaurants, Inc.		93,518
	5,181	eBay, Inc.		208,742
	868	Expedia Group, Inc.		112,927
	28,803	Ford Motor Co.		264,124
	1,360	Gap, Inc. (The)		21,474
	9,141	General Motors Co.		339,040
	1,883	Gentex Corp.		50,088
	27	Graham Holdings Co., Class B		19,010
	571	GrubHub, Inc.*(a)		33,883
	1,278	H&R Block, Inc.		30,953
	2,643	Hanesbrands, Inc.		36,103
	854	Hasbro, Inc.		94,341
	567	Hilton Grand Vacations, Inc.*		19,148
	1,805	Hilton Worldwide Holdings, Inc.		166,728
	6,924	Home Depot, Inc. (The)		1,578,049
	237	Hyatt Hotels Corp., Class A		17,100
	1,021	Kohl’s Corp.		48,252
	1,428	L Brands, Inc.		23,576
	2,138	Las Vegas Sands Corp.		118,595
	457	Lear Corp.		51,303
Common Stocks – (continued)
Consumer Discretionary – (continued)
	5,007	Lowe’s Cos., Inc.		561,785
	1,937	Macy’s, Inc.		28,590
	1,742	Marriott International, Inc., Class A		219,597
	3,261	MGM Resorts International		91,504
	2,791	Newell Brands, Inc.		46,331
	9,091	NIKE, Inc., Class B		768,189
	677	Nordstrom, Inc.		19,613
	220	Penske Automotive Group, Inc.		9,412
	284	Pool Corp.		55,772
	1,895	PulteGroup, Inc.		64,051
	549	PVH Corp.		41,614
	2,474	Qurate Retail, Inc. Series A*		26,497
	1,076	Royal Caribbean Cruises Ltd.		112,205
	7,608	Starbucks Corp.		734,628
	3,237	Target Corp.		346,488
	758	Tiffany & Co.		64,331
	7,627	TJX Cos., Inc. (The)		419,256
	990	Toll Brothers, Inc.		35,828
	2,264	VF Corp.		185,535
	452	Wayfair, Inc., Class A*		50,958
	455	Whirlpool Corp.		63,286
	579	Wyndham Destinations, Inc.		25,673
				13,120,217
Consumer Staples – 7.8%
	4,099	Archer-Daniels-Midland Co.		155,967
	372	Brown-Forman Corp., Class A		21,416
	2,215	Brown-Forman Corp., Class B		130,663
	1,013	Bunge Ltd.		54,104
	1,231	Campbell Soup Co.		55,395
	938	Clorox Co. (The)		148,354
	28,253	Coca-Cola Co. (The)		1,555,045
	6,193	Colgate-Palmolive Co.		459,211
	2,760	Costco Wholesale Corp.		813,538
	1,582	Estee Lauder Cos., Inc. (The), Class A		313,220
	4,413	General Mills, Inc.		237,419
	1,062	Hershey Co. (The)		168,306
	2,044	Hormel Foods Corp.		87,095
	493	Ingredion, Inc.		38,094
	807	JM Smucker Co. (The)		84,864
	1,811	Kellogg Co.		113,731
	1,502	Keurig Dr Pepper, Inc.		40,975
	2,514	Kimberly-Clark Corp.		354,751
	904	McCormick & Co., Inc.		147,234
	1,281	Molson Coors Brewing Co., Class B		65,792
	10,324	PepsiCo, Inc.		1,411,600
	18,218	Procter & Gamble Co. (The)		2,190,350
	2,993	Sysco Corp.		222,470
	4,847	Walgreens Boots Alliance, Inc.		248,118
	8,866	Walmart, Inc.		1,013,029
				10,130,741
Energy – 4.2%
	1,487	Antero Resources Corp.*		4,714
	2,118	Apache Corp.		45,685
	2,907	Baker Hughes, a GE Co.		63,053

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)
	10,759	Chevron Corp.	$	1,266,550
	1,123	Concho Resources, Inc.		82,147
	6,384	ConocoPhillips		333,117
	2,333	Devon Energy Corp.		51,303
	3,273	EOG Resources, Inc.		242,824
	1,435	EQT Corp.		14,594
	23,892	Exxon Mobil Corp.		1,636,124
	4,908	Halliburton Co.		92,467
	600	Helmerich & Payne, Inc.		22,554
	1,515	Hess Corp.		95,369
	4,597	Marathon Oil Corp.		54,428
	2,173	National Oilwell Varco, Inc.		44,394
	2,669	Noble Energy, Inc.		60,266
	5,047	Occidental Petroleum Corp.		219,444
	2,318	ONEOK, Inc.		165,227
	2,559	Phillips 66		252,394
	943	Pioneer Natural Resources Co.		116,385
	7,814	Schlumberger Ltd.		253,408
	2,350	Valero Energy Corp.		176,908
	6,841	Williams Cos., Inc. (The)		161,448
				5,454,803
Financials – 13.3%
	355	Affiliated Managers Group, Inc.		27,204
	5,150	Aflac, Inc.		258,427
	2,321	Allstate Corp. (The)		237,647
	4,779	American Express Co.		575,248
	6,077	American International Group, Inc.		316,247
	1,129	Associated Banc-Corp.		21,722
	691	Assured Guaranty Ltd.		29,402
	2,051	AXA Equitable Holdings, Inc.		42,599
	60,097	Bank of America Corp.		1,653,268
	282	Bank of Hawaii Corp.		23,316
	5,947	Bank of New York Mellon Corp. (The)		250,131
	5,339	BB&T Corp.		254,403
	225	BOK Financial Corp.		17,132
	807	Brighthouse Financial, Inc.*		28,455
	3,263	Capital One Financial Corp.		282,641
	8,391	Charles Schwab Corp. (The)		321,124
	3,180	Chubb Ltd.		496,970
	16,149	Citigroup, Inc.		1,039,188
	2,473	CME Group, Inc.		537,358
	1,070	Comerica, Inc.		65,966
	74	Credit Acceptance Corp.*		33,496
	394	Cullen/Frost Bankers, Inc.		32,706
	2,256	Discover Financial Services		180,412
	779	Eaton Vance Corp.		33,591
	172	Erie Indemnity Co., Class A		37,721
	235	FactSet Research Systems, Inc.		63,941
	2,174	First Horizon National Corp.		34,414
	1,128	First Republic Bank		101,204
	2,299	Goldman Sachs Group, Inc. (The)(b)		468,789
	284	Hanover Insurance Group, Inc. (The)		37,815
	2,512	Hartford Financial Services Group, Inc. (The)		146,399
	7,266	Huntington Bancshares, Inc.		96,275
Common Stocks – (continued)
Financials – (continued)
	3,884	Intercontinental Exchange, Inc.		363,076
	2,750	Invesco Ltd.		43,175
	22,536	JPMorgan Chase & Co.		2,475,805
	7,001	KeyCorp		116,217
	589	Legg Mason, Inc.		21,669
	1,406	Lincoln National Corp.		74,349
	579	LPL Financial Holdings, Inc.		43,396
	95	Markel Corp.*		108,593
	3,540	Marsh & McLennan Cos., Inc.		353,611
	5,612	MetLife, Inc.		248,612
	1,148	Moody’s Corp.		247,486
	8,448	Morgan Stanley		350,508
	123	Morningstar, Inc.		19,874
	807	Nasdaq, Inc.		80,571
	3,149	PNC Financial Services Group, Inc. (The)		406,001
	665	Popular, Inc. (Puerto Rico)		34,959
	1,926	Principal Financial Group, Inc.		102,502
	4,071	Progressive Corp. (The)		308,582
	2,833	Prudential Financial, Inc.		226,895
	7,068	Regions Financial Corp.		103,334
	436	Reinsurance Group of America, Inc.		67,131
	1,718	S&P Global, Inc.		447,006
	2,613	State Street Corp.		134,073
	3,095	SunTrust Banks, Inc.		190,373
	362	SVB Financial Group*		70,452
	4,806	Synchrony Financial		154,032
	1,610	T. Rowe Price Group, Inc.		178,098
	1,903	TD Ameritrade Holding Corp.		84,512
	349	Texas Capital Bancshares, Inc.*		18,804
	339	TFS Financial Corp.		5,936
	1,827	Travelers Cos., Inc. (The)		268,496
	1,477	Unum Group		37,531
	10,149	US Bancorp		534,751
	975	Voya Financial, Inc.		48,087
	637	Webster Financial Corp.		28,512
	28,612	Wells Fargo & Co.		1,332,461
	828	Willis Towers Watson PLC		163,919
				17,238,600
Health Care – 13.5%
	10,384	Abbott Laboratories		885,963
	8,917	AbbVie, Inc.		586,204
	267	ABIOMED, Inc.*		51,550
	2,039	Agilent Technologies, Inc.		144,993
	311	Agios Pharmaceuticals, Inc.*(a)		11,802
	638	Alnylam Pharmaceuticals, Inc.*		51,480
	3,677	Amgen, Inc.		767,096
	1,551	Anthem, Inc.		405,618
	2,907	Baxter International, Inc.		255,671
	1,614	Becton Dickinson and Co.		409,827
	1,165	Biogen, Inc.*		256,009
	331	Bluebird Bio, Inc.*		34,196
	8,370	Boston Scientific Corp.*		357,650
	9,862	Bristol-Myers Squibb Co.		474,066
	1,809	Cardinal Health, Inc.		78,022
	1,754	Cerner Corp.		120,868

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, 2019

Shares		Description	Value
Common Stocks – (continued)
Health Care – (continued)
	2,245	Cigna Corp.	$	345,663
	525	Covetrus, Inc.*		6,977
	8,154	CVS Health Corp.		496,742
	4,093	Danaher Corp.		581,574
	766	DaVita, Inc.*		43,179
	1,403	DENTSPLY SIRONA, Inc.		73,166
	1,251	Edwards Lifesciences Corp.*		277,522
	5,187	Eli Lilly & Co.		585,975
	770	Exact Sciences Corp.*		91,799
	1,796	Exelixis, Inc.*		35,651
	1,624	HCA Healthcare, Inc.		195,205
	896	Henry Schein, Inc.*		55,212
	1,604	Hologic, Inc.*		79,189
	812	Humana, Inc.		229,967
	885	Illumina, Inc.*		248,986
	690	Intuitive Surgical, Inc.*		352,825
	16,019	Johnson & Johnson		2,056,199
	591	Laboratory Corp. of America Holdings*		99,028
	8,093	Medtronic PLC		873,154
	15,532	Merck & Co., Inc.		1,343,052
	158	Mettler-Toledo International, Inc.*		103,773
	33,548	Pfizer, Inc.		1,192,631
	493	Regeneron Pharmaceuticals, Inc.*		142,995
	855	ResMed, Inc.		119,101
	304	Sage Therapeutics, Inc.*		52,188
	658	Seattle Genetics, Inc.*		47,797
	2,403	Thermo Fisher Scientific, Inc.		689,805
	5,698	UnitedHealth Group, Inc.		1,333,332
	548	Varian Medical Systems, Inc.*		58,050
	442	Waters Corp.*		93,655
	302	WellCare Health Plans, Inc.*		81,763
	440	West Pharmaceutical Services, Inc.		64,002
	1,236	Zimmer Biomet Holdings, Inc.		172,051
	2,886	Zoetis, Inc.		364,848
				17,478,071
Industrials – 9.3%
	3,597	3M Co.		581,707
	1,000	AECOM*		35,480
	757	Alaska Air Group, Inc.		45,208
	602	Allegion PLC		57,954
	2,502	American Airlines Group, Inc.		65,828
	2,559	Arconic, Inc.		66,125
	3,424	Boeing Co. (The)		1,246,644
	3,565	Caterpillar, Inc.		424,235
	4,956	CSX Corp.		332,151
	988	Cummins, Inc.		147,479
	2,044	Deere & Co.		316,636
	3,659	Delta Air Lines, Inc.		211,710
	929	Dover Corp.		87,084
	2,715	Eaton Corp. PLC		219,155
	3,936	Emerson Electric Co.		234,546
	1,549	FedEx Corp.		245,687
	897	Fluor Corp.		15,850
	1,026	Fortune Brands Home & Security, Inc.		52,388
	1,639	General Dynamics Corp.		313,491
Common Stocks – (continued)
Industrials – (continued)
	55,625	General Electric Co.		458,906
	1,058	Graco, Inc.		48,213
	261	Huntington Ingalls Industries, Inc.		54,549
	2,762	IHS Markit Ltd.*		181,215
	2,085	Illinois Tool Works, Inc.		312,458
	1,545	Ingersoll-Rand PLC		187,084
	846	Jacobs Engineering Group, Inc.		75,176
	5,772	Johnson Controls International PLC		246,407
	228	Lennox International, Inc.		57,862
	1,590	Lockheed Martin Corp.		610,735
	470	Macquarie Infrastructure Corp.		17,775
	382	ManpowerGroup, Inc.		31,225
	1,878	Masco Corp.		76,491
	2,230	Nielsen Holdings PLC		46,295
	367	Nordson Corp.		49,897
	1,709	Norfolk Southern Corp.		297,451
	1,018	Northrop Grumman Corp.		374,492
	445	Oshkosh Corp.		31,270
	688	Owens Corning		39,464
	1,098	Pentair PLC		39,440
	1,797	Raytheon Co.		333,020
	1,369	Republic Services, Inc.		122,183
	757	Rockwell Automation, Inc.		115,662
	659	Roper Technologies, Inc.		241,695
	333	Ryder System, Inc.		16,041
	352	Snap-on, Inc.		52,335
	3,063	Southwest Airlines Co.		160,256
	661	Spirit AeroSystems Holdings, Inc., Class A		53,277
	973	Stanley Black & Decker, Inc.		129,273
	678	Toro Co. (The)		48,823
	4,552	Union Pacific Corp.		737,242
	1,512	United Airlines Holdings, Inc.*		127,477
	4,488	United Parcel Service, Inc., Class B		532,546
	504	United Rentals, Inc.*		56,730
	5,213	United Technologies Corp.		678,941
	1,025	Verisk Analytics, Inc.		165,578
	286	W.W. Grainger, Inc.		78,264
	2,731	Waste Management, Inc.		325,945
	1,150	Xylem, Inc.		88,101
				11,999,152
Information Technology – 22.4%
	4,097	Accenture PLC, Class A		811,903
	2,640	Adobe, Inc.*		751,106
	5,429	Advanced Micro Devices, Inc.*		170,742
	871	Akamai Technologies, Inc.*		77,632
	286	Alliance Data Systems Corp.		35,164
	1,994	Analog Devices, Inc.		219,001
	24,969	Apple, Inc.		5,212,029
	5,138	Applied Materials, Inc.		246,727
	1,193	Autodesk, Inc.*		170,384
	2,797	Automatic Data Processing, Inc.		475,043
	675	Avnet, Inc.		28,276
	875	Booz Allen Hamilton Holding Corp.		66,071
	742	Broadridge Financial Solutions, Inc.		96,044

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)
	785	CDW Corp.	$	90,668
	23,896	Cisco Systems, Inc.		1,118,572
	679	Citrix Systems, Inc.		63,133
	3,075	Cognizant Technology Solutions Corp., Class A		188,774
	4,184	Corning, Inc.		116,524
	324	F5 Networks, Inc.*		41,709
	463	First Solar, Inc.*		28,738
	3,624	Fiserv, Inc.*		387,551
	1,047	Genpact Ltd.		42,885
	442	Guidewire Software, Inc.*		42,512
	7,432	Hewlett Packard Enterprise Co.		102,710
	8,346	HP, Inc.		152,648
	24,301	Intel Corp.		1,152,110
	4,867	International Business Machines Corp.		659,625
	1,350	Intuit, Inc.		389,286
	227	IPG Photonics Corp.*		28,087
	955	Jabil, Inc.		27,514
	493	Jack Henry & Associates, Inc.		71,465
	1,850	Juniper Networks, Inc.		42,846
	1,204	Keysight Technologies, Inc.*		116,619
	811	Lam Research Corp.		170,724
	737	Leidos Holdings, Inc.		64,384
	154	Littelfuse, Inc.		24,035
	6,272	Mastercard, Inc., Class A		1,764,753
	1,470	Maxim Integrated Products, Inc.		80,174
	5,997	Micron Technology, Inc.*		271,484
	41,024	Microsoft Corp.		5,655,569
	892	Motorola Solutions, Inc.		161,372
	834	National Instruments Corp.		35,028
	758	Nutanix, Inc., Class A*		18,366
	3,164	NVIDIA Corp.		530,002
	12,458	Oracle Corp.		648,563
	499	Palo Alto Networks, Inc.*		101,606
	2,062	Paychex, Inc.		168,465
	267	Paycom Software, Inc.*		66,782
	7,553	PayPal Holdings, Inc.*		823,655
	1,237	Pure Storage, Inc., Class A*		20,138
	6,595	QUALCOMM, Inc.		512,893
	1,724	Sabre Corp.		40,755
	4,446	salesforce.com, Inc.*		693,887
	995	ServiceNow, Inc.*		260,531
	2,138	Square, Inc., Class A*		132,214
	3,242	Symantec Corp.		75,377
	806	Synopsys, Inc.*		114,299
	631	Teradata Corp.*		19,479
	5,084	Texas Instruments, Inc.		629,145
	1,614	Trimble, Inc.*		60,557
	12,155	Visa, Inc., Class A		2,197,867
	422	VMware, Inc., Class A		59,688
	277	WEX, Inc.*		56,660
	864	Workday, Inc., Class A*		153,170
	1,194	Xerox Holdings Corp.		34,614
	584	Zendesk, Inc.*		46,837
				28,917,171
Common Stocks – (continued)
Materials – 2.8%
	1,695	Air Products & Chemicals, Inc.		382,934
	806	Albemarle Corp.		49,754
	1,424	Alcoa Corp.*		25,532
	406	AptarGroup, Inc.		49,621
	478	Ashland Global Holdings, Inc.		35,009
	647	Avery Dennison Corp.		74,774
	2,122	Ball Corp.		170,630
	442	Cabot Corp.		17,680
	969	Celanese Corp.		109,856
	5,760	Corteva, Inc.		168,883
	481	Domtar Corp.		15,849
	5,753	Dow, Inc.		245,250
	5,760	DuPont de Nemours, Inc.		391,277
	1,060	Eastman Chemical Co.		69,292
	1,937	Ecolab, Inc.		399,623
	11,119	Freeport-McMoRan, Inc.		102,184
	819	International Flavors & Fragrances, Inc.		89,885
	2,256	LyondellBasell Industries NV, Class A		174,569
	2,700	Mosaic Co. (The)		49,653
	6,278	Newmont Goldcorp Corp.		250,430
	2,339	Nucor Corp.		114,564
	993	Owens-Illinois, Inc.		10,099
	304	Scotts Miracle-Gro Co. (The)		32,321
	533	Sherwin-Williams Co. (The)		280,758
	642	Sonoco Products Co.		36,722
	1,387	Valvoline, Inc.		31,346
	843	Vulcan Materials Co.		119,074
	1,654	Westrock Co.		56,534
				3,554,103
Real Estate – 2.4%
	1,791	American Homes 4 Rent, Class A REIT		45,814
	3,069	American Tower Corp. REIT		706,453
	971	AvalonBay Communities, Inc. REIT		206,396
	2,335	CBRE Group, Inc., Class A*		122,050
	2,895	Crown Castle International Corp. REIT		420,267
	1,449	Digital Realty Trust, Inc. REIT		179,140
	585	Equinix, Inc. REIT		325,424
	2,552	Equity Residential REIT		216,308
	280	Howard Hughes Corp. (The)*		35,356
	1,987	Iron Mountain, Inc. REIT		63,286
	362	Jones Lang LaSalle, Inc.		48,526
	4,383	Prologis, Inc. REIT		366,506
	783	SBA Communications Corp. REIT		205,483
	589	Sun Communities, Inc. REIT		87,054
	5,195	Weyerhaeuser Co. REIT		136,680
				3,164,743
Utilities – 3.3%
	1,854	Alliant Energy Corp.		97,242
	3,892	American Electric Power Co., Inc.		354,756
	439	Avangrid, Inc.		22,187
	3,923	CenterPoint Energy, Inc.		108,628
	2,211	CMS Energy Corp.		139,403
	2,561	Consolidated Edison, Inc.		227,673
	6,267	Dominion Energy, Inc.		486,507

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, 2019

Shares		Description	Value
Common Stocks – (continued)
Utilities – (continued)
	1,426	DTE Energy Co.	$	184,895
	5,696	Duke Energy Corp.		528,247
	1,484	Entergy Corp.		167,455
	2,484	Eversource Energy		199,043
	7,583	Exelon Corp.		358,373
	1,262	MDU Resources Group, Inc.		33,935
	3,742	NextEra Energy, Inc.		819,797
	2,911	NiSource, Inc.		86,020
	2,080	NRG Energy, Inc.		75,712
	4,139	PG&E Corp.*		43,253
	2,145	Sempra Energy		303,796
				4,236,922
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $123,678,645)		$	128,949,676
Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.0%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	44,769	2.045%	$	44,769
	(Cost $44,769)
	TOTAL INVESTMENTS – 99.7%
	(Cost $123,723,414)		$	128,994,445
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.3%			280,383
	NET ASSETS – 100.0%		$	129,274,828

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, 2019

	JUST U.S. Large Cap Equity ETF
Assets:
Investments in unaffiliated issuers, at value (cost $123,148,965)(a)	$	128,480,887
Investments in affiliated issuers, at value (cost $529,680)		468,789
Investments in securities lending reinvestment vehicle, at value which equals cost		44,769
Cash		86,870
Receivables:
Dividends		260,298
Securities lending income		26
Total assets		129,341,639
Liabilities:
Payables:
Upon return of securities loaned		44,769
Management fees		21,973
Trustee fees		69
Total liabilities		66,811
Net Assets:
Paid-in capital		127,512,782
Total distributable earnings		1,762,046
NET ASSETS	$	129,274,828
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		3,075,000
Net asset value per share:	$	42.04

(a) Includes loaned securities having a market value of $44,238.

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 Fiscal Year Ended August 31, 2019

	JUST U.S. Large Cap Equity ETF
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $126)	$	3,488,929
Dividends — affiliated issuers		11,708
Securities lending income		2,710
Total investment income		3,503,347
Expenses:
Management fees		340,208
Trustee fees		11,575
Total expenses		351,783
NET INVESTMENT INCOME		3,151,564
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(4,940,889	)
Investments — affiliated issuers		(17,250	)
In-kind redemptions — unaffiliated issuers		2,807,001
In-kind redemptions — affiliated issuers		(82,925	)
Net change in unrealized loss on:
Investments — unaffiliated issuers		(6,371,302	)
Investments — affiliated issuers		(86,240	)
Net realized and unrealized loss		(8,691,605	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(5,540,041	)

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

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Statements of Changes in Net Assets

	JUST U.S. Large Cap Equity ETF
	For the Fiscal Year Ended August 31, 2019			For the Period June 7, 2018* to August 31, 2018
From operations:
Net investment income	$	3,151,564		$	1,052,344
Net realized loss		(2,234,063	)		(76,598	)
Net change in unrealized gain (loss)		(6,457,542	)		11,728,573
Net increase (decrease) in net assets resulting from operations		(5,540,041	)		12,704,319
Distributions to shareholders:
From distributable earnings		(3,779,599	)		—
Total distributions to shareholders		(3,779,599	)		—
From share transactions:
Proceeds from sales of shares		45,068,001			260,101,111
Cost of shares redeemed		(179,278,963	)		—
Net increase (decrease) in net assets resulting from share transactions		(134,210,962	)		260,101,111
TOTAL INCREASE (DECREASE)		(143,530,602	)		272,805,430
Net assets:(a)
Beginning of period	$	272,805,430		$	—
End of period	$	129,274,828		$	272,805,430

* Commencement of operations.

(a) Prior fiscal year information has been revised to conform with current year presentation. Undistributed net investment income was $1,052,344 as of 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 Each Period

	JUST U.S. Large Cap Equity ETF
	For the Fiscal Year Ended August 31, 2019			For the Period June 7, 2018* to August 31, 2018
Per Share Operating Performance:
Net asset value, beginning of period	$	42.13		$	40.08
Net investment income(a)		0.72			0.17
Net realized and unrealized gain		0.08			1.88
Total gain from investment operations		0.80			2.05
Distributions to shareholders from net investment income		(0.89	)		—
Net asset value, end of period	$	42.04		$	42.13
Market price, end of period	$	42.06		$	42.13
Total Return at Net Asset Value(b)		2.06	%		5.11	%
Net assets, end of period (in 000’s)	$	129,275		$	272,805
Ratio of total expenses to average net assets		0.20	%		0.20	%(c)
Ratio of net investment income to average net assets		1.79	%		1.84	%(c)
Portfolio turnover rate(d)		17	%		2	%

* 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.

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

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Notes to Financial Statements

August 31, 2019

1. ORGANIZATION

Goldman Sachs JUST U.S. Large Cap Equity ETF (the “Fund”) is a diversified series of the Goldman Sachs ETF Trust (the “Trust”) which 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 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”). The market price 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

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. The Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

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 and/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.

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 the Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings 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.

17

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Notes to Financial Statements (continued)

August 31, 2019

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

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the 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:

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 may be valued at the closing bid price for long positions and at the closing 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 for long positions or the last ask price for short positions, and are generally classified as Level 2.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying 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 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. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

On August 31, 2019 the Fund did not hold Level 3 securities.

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GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

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, 2019:

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	$	128,949,676	$	—	$	—
Securities Lending Reinvestment Vehicle		44,769		—		—
Total	$	128,994,445	$	—	$	—

^(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 the table.

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 fiscal year ended August 31, 2019, the unitary management fee rate with GSAM was 0.20%.

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 fiscal year ended August 31, 2019:

Beginning value as of August 31, 2018	Purchases at Cost	Proceeds from Sales	Realized Loss	Change in Unrealized Depreciation	Ending value as of August 31, 2019	Shares as of August 31, 2019	Dividend Income
$1,247,789	$196,807	$(789,392)	$(100,175)	$(86,240)	$468,789	2,299	$11,708

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

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GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Notes to Financial Statements (continued)

August 31, 2019

5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

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.

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 is as follows:

	JUST U.S. Large Cap Equity ETF
	For the Fiscal Year Ended August 31, 2019						For the Period June 7, 2018 through August 31, 2018
	Shares			Dollars			Shares		Dollars
Fund Share Activity
Shares Sold		1,125,000		$	45,067,999			6,475,000	$	260,101,111
Shares Redeemed		(4,525,000	)		(179,278,963	)		—		—
NET INCREASE (DECREASE) IN SHARES		(3,400,000	)	$	(134,210,964	)		6,475,000	$	260,101,111

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the fiscal year ended August 31, 2019, were $31,623,786 and $30,864,449, respectively.

The purchase and sales from in-kind creation and redemption transactions for the fiscal year ended August 31, 2019, were $43,928,977 and $178,595,802, respectively.

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.

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GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

7. SECURITIES LENDING (continued)

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.

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 master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The 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, 2019 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, 2019, 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, 2019:

Beginning value as of August 31, 2018		Purchases at Cost		Proceeds from Sales			Ending value as of August 31, 2019
$	75,906	$	3,237,014	$	(3,268,151	)	$	44,769

8. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2019 was as follows:

	JUST U.S. Large Cap Equity ETF
Distributions paid from:
Ordinary Income	$	3,779,599
Total taxable distributions	$	3,779,599

There was no distribution paid during the period ended August 31, 2018.

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GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Notes to Financial Statements (continued)

August 31, 2019

8. TAX INFORMATION (continued)

As of August 31, 2019, the components of accumulated earnings (losses) on a tax-basis were as follows:

	JUST U.S. Large Cap Equity ETF
Undistributed ordinary income — net	$	424,309
Total undistributed earnings	$	424,309
Capital loss carryforwards:
Perpetual Short-Term	$	(24,957	)
Unrealized gains (losses) — net	$	1,362,694
Total accumulated earnings (losses) net	$	1,762,046

As of August 31, 2019, 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	$	123,946,385
Gross unrealized gain		13,144,626
Gross unrealized loss		(8,096,566	)
Net unrealized gains (losses)	$	5,048,060

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales.

The Fund reclassed $1,622,633 from distributable earnings to paid in capital for the year ending August 31, 2019. 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 NAV of the Fund and result primarily from redemptions in-kind.

GSAM has reviewed the Fund’s tax positions for all open tax years (the current year and prior tax 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 — 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

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GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

9. OTHER RISKS (continued)

Investment Adviser, the Calculation Agent nor the Index Provider can guarantee the availability or timeliness of the production of the Index.

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 the 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

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.

23

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, hereafter referred to as the “Fund”) as of August 31, 2019, the related statement of operations for the year ended August 31, 2019, and the statement of changes in net assets and the financial highlights for the year ended August 31, 2019 and for the period June 7, 2018 (commencement of operations) through August 31, 2018, 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, 2019, the results of its operations for the year ended August 31, 2019, and the changes in its net assets and the financial highlights for the year ended August 31, 2019 and 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

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.

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, 2019 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 21, 2019

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 JUST U.S. LARGE CAP EQUITY ETF

Fund Expenses — Six Months ended 8/31/2019  (Unaudited)

As a shareholder you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Shares of the Fund and to compare these costs with the ongoing costs of investing in other exchange-traded funds. This example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares of the Fund.

The example is based on an investment of $1,000 invested at the beginning of the period from March 1, 2019 and held for the six months ended August 31, 2019, 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.

	JUST U.S. Large Cap Equity ETF
	Beginning Account Value 3/1/19		Ending Account Value 8/31/19			Expenses Paid*
Actual based on NAV	$	1,000	$	1,061.80		$	1.04
Hypothetical 5% return	$	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.

* 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 six months ended August 31, 2019. 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	%

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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: 65	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; and Goldman Sachs MLP and Energy Renaissance Fund.	41	Kennametal Inc. (a global manufacturer and distributor of tooling and industrial materials)
Caroline Dorsa Age: 60	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; and Goldman Sachs MLP and Energy Renaissance Fund.	41	Biogen Inc. (a biotechnology company); Intellia Therapeutics Inc. (a gene-editing company); Illumina, Inc. (a life sciences company)
Linda A. Lang Age: 61	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; and Goldman Sachs MLP and Energy Renaissance Fund.	41	WD-40 Company (a global consumer products company)
Michael Latham Age: 53	Trustee	Since 2015	Mr. Latham is retired. Formerly, he held senior management positions with the iShares exchange-traded fund business, including Chairman (2011-2014); Global Head (2010-2011); U.S. Head (2007-2010); and Chief Operating Officer (2003-2007). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.	41	None

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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: 56	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; and Goldman Sachs MLP and Energy Renaissance Fund.	161	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.

¹  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, 2019.

²  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.

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2019, Goldman Sachs ETF Trust consisted of 39 portfolios (21 of which offered shares to the public); Goldman Sachs Trust consisted of 88 portfolios (87 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, and Goldman Sachs MLP and Energy Renaissance Fund, 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 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.

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GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

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

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: 56	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; and Goldman Sachs MLP and Energy Renaissance Fund.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 42	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; and Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 51	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President – Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP Income Opportunities Fund (previously Assistant Treasurer (2017)); and Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)).

* 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.

¹  Information is provided as of August 31, 2019.

²  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 JUST U.S. Large Cap Equity ETF — Tax Information (Unaudited)

For the fiscal year ended August 31, 2019, 100% of the dividends paid from net investment company taxable income by the Goldman Sachs JUST 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 fiscal year ended August 31, 2019, 100% of the dividends paid from net investment company taxable income by the Goldman Sachs JUST U.S. Large Cap Equity ETF qualify for the dividends received deduction available to corporations.

28

FUNDS PROFILE

Goldman Sachs ETFs

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the Consumer and Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.44 trillion in assets under supervision as of August 31, 2019, 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 High Yield Corporate Bond ETF

Goldman Sachs Access Inflation Protected USD Bond ETF

Goldman Sachs Access Investment Grade Corporate Bond ETF

Goldman Sachs Access Treasury 0-1 Year ETF

Goldman Sachs Access Ultra Short Bond ETF

Goldman Sachs Motif Data-Driven World ETF

Goldman Sachs Motif Finance Reimagined ETF

Goldman Sachs Motif Human Evolution ETF

Goldman Sachs Motif Manufacturing Revolution ETF

Goldman Sachs Motif New Age Consumer 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 Joseph F. DiMaria, Treasurer, Principal Financial Officer and Principal Accounting Officer Caroline L. Kraus, Secretary
THE BANK OF NEW YORK MELLON Transfer Agent
ALPS DISTRIBUTORS, INC. Distributor	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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

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

The reports concerning the 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 use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

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

Fund holdings and allocations shown are as of August 31, 2019 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 Fund at their net asset value (“NAV”) only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Ordinary brokerage commissions apply.

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.

©2019 Goldman Sachs. All rights reserved. 180396-OTU-1069493 JUSTUSLCEETFAR-19

Goldman Sachs Funds

Annual Report	August 31, 2019
	Goldman Sachs Motifs ETFs
	Motif Data-Driven World ETF
	Motif Finance Reimagined ETF
	Motif Human Evolution ETF
	Motif Manufacturing Revolution ETF
	Motif New Age Consumer ETF

It is our intention that beginning on January 1, 2021, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from the Fund electronically by contacting your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. You can inform your financial intermediary that you wish to receive paper copies of reports by contacting your financial intermediary. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account.

Goldman Sachs Motif ETFs

TABLE OF CONTENTS
Investment Process	1
Portfolio Management Discussion and Performance Summaries	3
Schedules of Investments	24
Financial Statements	34
Financial Highlights	41
Motif Data-Driven World ETF	41
Motif Finance Reimagined ETF	42
Motif Human Evolution ETF	43
Motif Manufacturing Revolution ETF	44
Motif New Age Consumer ETF	45
Notes to Financial Statements	46
Report of Independent Registered Public Accounting Firm	57
Other Information	58

NOT FDIC-INSURED May Lose Value No Bank Guarantee

INVESTMENT PROCESS

Goldman Sachs Motif ETFs

Principal Investment Strategies

The investment objective of each of the Goldman Sachs Motif Data-Driven World ETF, the Goldman Sachs Motif Finance Reimagined ETF, the Goldman Sachs Motif Human Evolution ETF, the Goldman Sachs Motif Manufacturing Revolution ETF and the Goldman Sachs Motif New Age Consumer 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 Index, in depositary receipts representing securities included in its Index and in underlying stocks in respect of depositary receipts included in its Index. Given each Fund’s investment objective of attempting to track its underlying index, the Funds do not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.

Each Index is designed to deliver exposure to equity securities of companies located across developed and emerging markets worldwide, listed and traded on major exchanges in certain developed markets, including Australia, Canada, France, Germany, Hong Kong, Japan, South Korea, Switzerland, the Netherlands, the U.K. and the U.S. In addition, company and stock screens are applied to set minimum liquidity and investability requirements for stocks in the eligible universe (“Index Universe”).

Motif Capital Management, Inc. (the “Index Provider”) determines the components of each Index based on that Index’s exposure to certain Themes (i.e., the Data-Driven World Theme, the Finance Reimagined Theme, the Human Evolution Theme, the Manufacturing Revolution Theme and the New Age Consumer Theme), as well as related Sub-Themes, and in accordance with a rules-based methodology that involves five steps.

Step 1

In the first step, a quantitative measurement is made of the exposure of companies in each Index Universe to each Sub-Theme (“Sub-Theme Thematic Beta”).

For the Digitization of Finance Sub-Theme and the Asset Management Makeover Sub-Theme within the Motif Finance Reimagined Index, and all Sub-Themes within the Motif New Age Consumer Index:

To calculate a Sub-Theme Thematic Beta, the Index Provider applies automated semantic search algorithms to multiple regulatory filings filed with the applicable regulators or major stock exchanges in certain developed markets to score the relevance of a Sub-Theme to a company. Each regulatory filing is scored for the relevance of the Sub-Theme by applying an automated semantic search algorithm. This algorithm assigns a score to the regulatory filing based on the topic, document length, and number of mentions of the topic, among other factors. Regulatory filings scoring above a fixed theme relevance threshold are then mapped, if possible, to a company. For each company that has a total market capitalization of at least $500,000,000 in U.S. dollars, a stock with an average daily trading volume over the most recent 30-day period (“ADTV”) of at least $1,000,000 in U.S. dollars and at least 50 days of historical returns data over the most recent 90-day period, the company’s reported revenue streams are examined to determine whether each revenue stream is relevant to the Sub-Theme. The company’s Sub-Theme Thematic Beta is equal to the sum of all revenue streams of such company that are theme-relevant divided by the company’s total revenue.

For all other Sub-Themes within each Index:

To calculate a Sub-Theme Thematic Beta, the Index Provider applies automated semantic search algorithms to multiple datasets and documents to score the relevance of a Sub-Theme to a company. The datasets and documents used include one or more of (1) regulatory filings filed with the applicable regulators or major stock exchanges in certain developed markets, (2) academic journals, and (3) patent filings (the “Search Corpus”). The Search Corpus for the Motif Human Evolution Index also includes clinical trial data. Each dataset and document in the Search Corpus is scored for the relevance of the Sub-Theme by applying an automated semantic search algorithm. This algorithm assigns a score to the dataset or document based on the topic, document length, and number of mentions of the topic, among other factors. Datasets and documents with a non-zero score are then mapped, if possible, to a company. Multiple entries within a type of Search Corpus for each company are then combined to make a single score. This results in up to three (or four, in the case of the Motif Human Evolution Index) quantitative measurements of the relevance of the Sub-Theme to a company: the “Filing Search Beta,” sourced from the regulatory filings; the “Academic Beta,”

1

INVESTMENT PROCESS

sourced from academic journals; and the “Patent Beta,” sourced from patent filings. The three (or four) quantitative measurements are then combined to give a company an overall Sub-Theme Thematic Beta. For the Motif Human Evolution Index, the “Clinical Trial Beta,” sourced from clinical trial data, is also combined to calculate a company’s Sub-Theme Thematic Beta.

Step 2

In the second step, a company’s Sub-Theme Thematic Betas for all Sub-Themes are combined to give that company a single Thematic Beta. Each respective Index Universe consists of all companies with a non-zero applicable Thematic Beta.

Step 3

In the third step, each company in the Index Universe is mapped, if possible, to one or more common equity securities listed on major stock exchanges in certain developed markets. If no relevant security is found, the company is removed from the Index Universe.

Step 4

In the fourth step, liquidity, investability and/or theme relevance screens are applied to the Index Universe. Stocks of companies with an applicable Thematic Beta below a fixed threshold are removed from the Index Universe. Additionally, for all Sub-Themes within each Index except the Digitization of Finance Sub-Theme and the Asset Management Makeover Sub-Theme within the Motif Finance Reimagined Index, and all Sub-Themes within the Motif New Age Consumer Index, stocks of companies with any of the following characteristics are removed from the Index Universe:

• An ADTV of less than $1,000,000 in U.S. dollars;

• A total market capitalization of less than $500,000,000 in U.S. dollars; or

• Less than 50 days of historical returns data over the most recent 90-day period;

• A Thematic Beta below a fixed threshold.

All remaining stocks are included in the Index. In addition, if the size of the remaining Index Universe is greater than 120 stocks, the final Index Universe is reduced to 120 stocks based on a function of the applicable Thematic Beta, market variables and the weight of the stock from the previous rebalancing, if any.

Step 5

In the fifth step, stocks are weighted according to a function of a company’s market capitalization and applicable Thematic Beta. A minimum weight of 0.1% and a maximum weight of the lesser of 5% or the ADTV of such stock multiplied by 10^-9 (for example, an ADTV of $10 million would correspond to a maximum weight of 1%) are applied to each stock to reduce concentration in individual securities and increase diversification of the Index.

Each Index is reconstituted and rebalanced quarterly on the third Friday of each February, May, August and November.

* * *

At the end of the Reporting Period, i.e., the period ended August 31, 2019, we believed that each of the Motif ETFs presented an attractive long-term opportunity, as their respective underlying secular growth Themes and Sub-Themes were still in the early innings of their potential value. Although the growth style of these Themes and Sub-Themes and their exposure to emerging markets may lead to short-term volatility, we remained confident overall in their long-term strength.

2

PORTFOLIO RESULTS

Goldman Sachs Motif Data-Driven World ETF

Investment Objective

The Goldman Sachs Motif Data-Driven World ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Motif Data-Driven World Index (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the period from its inception on March 1, 2019 through August 31, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 2.65% based on net asset value (“NAV”) and 2.77% based on market price. The Index returned 2.87% during the same period.

The Fund had a NAV of $50.10 per share on March 1, 2019 and ended the Reporting Period with a NAV of $51.34 per share. The Fund’s market price on August 31, 2019 was $51.40 per share.

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

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

The Index is constructed using a rules-based methodology that was developed to deliver exposure to companies with common equity securities listed on exchanges in certain developed markets that may benefit from the ongoing rapid increase in electronically recorded data in the world and its impact on the lifecycle of data delivery and processing (the “Data-Driven World Theme”). This lifecycle includes the recording, transmission, storage and processing, securing and analysis of data. The focus of the Index is to identify and weight companies that originate data solutions, as well as companies that deploy data solutions to solve business problems. The Data-Driven World Theme is separated into five sub-themes (each a “Sub-Theme,” and collectively, the “Sub-Themes”), each of which relates to a part of the data lifecycle. 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 Index.

During the Reporting Period, the Fund generated positive absolute returns but modestly underperformed the Index, as measured by NAV. Among the underlying Sub-Themes, the Internet of Things and Artificial Intelligence added most to the Index’s results. Big Data and Data Infrastructure also contributed positively, albeit to a lesser extent. The Internet of Things Sub-Theme represents companies that may benefit from the development of the Internet of Things, which, for the purposes of the Index, refers to the collection of consumer and industrial network-connected devices beyond traditional appliances. The Artificial Intelligence Sub-Theme represents companies that may benefit from the development of artificial intelligence, which, for the purposes of the Index, refers to the ability of a machine to perform cognitive tasks typically associated with human brains, such as perception, reasoning, learning, interacting with the environment and problem solving. The Big Data Sub-Theme represents companies that may benefit from the development of big data technologies. For the purposes of the Index, big data refers to the set of software technologies associated with the storage, processing and analytics of large-scale structured and unstructured data. The Data Infrastructure Sub-Theme represents companies that may benefit from the expansion in physical infrastructure to transmit and store data. For the purposes of the Index, data infrastructure refers to the range of hardware components needed for transmission and storage of large quantities of data, such as routers and switches, wired and wireless transmission networks, and high-density storage.

3

PORTFOLIO RESULTS

The Cybersecurity Sub-Theme detracted from the Index’s results. The Cybersecurity Sub-Theme represents companies that may benefit from the need to secure data in an online world. For the purposes of the Index, cybersecurity refers to the practice of ensuring the integrity, confidentiality and availability of information.

Q Which individual stock positions contributed the most to the Index’s relative returns during the Reporting Period, and which detracted most?

A During the Reporting Period, positions in U.S.-based technology company Microsoft, U.S. semiconductor maker Qualcomm and U.S. software company MongoDB added most to the Index’s results (3.35%, 1.89% and 0.96% of Fund net assets as of August 31, 2019, respectively). Positions in China-based Internet-related services and products and artificial intelligence specialist Baidu; U.S.-based software company Cloudera; and U.S. cybersecurity company Palo Alto Networks detracted most from the Index’s results during the Reporting Period (1.51%, 0.31% and 1.39% of Fund net assets as of August 31, 2019, respectively).

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

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

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

Region Name	Fund2			Index
North America		71.7	%		71.6	%
Developed Europe		11.3			11.2
Emerging Markets		10.9			10.9
Developed Asia Pacific		6.0			6.0

¹  The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Figures above may not sum to 100% due to rounding.

²  The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index.

4

FUND BASICS

Motif Data-Driven World ETF

as of August 31, 2019

FUND SNAPSHOT
As of August 31, 2019
Market Price1	$	51.40
Net Asset Value (NAV)1	$	51.34

¹  The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of each Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs.

TOP TEN HOLDINGS AS OF 8/31/192
Holding	% of Net Assets			Line of Business	Country
Microsoft Corp.		3.4	%	Information Technology	United States
Alphabet, Inc., Class A		3.1		Communication Services	United States
NVIDIA Corp.		2.9		Information Technology	United States
Intel Corp.		2.8		Information Technology	United States
Apple, Inc.		2.4		Information Technology	United States
Amazon.com, Inc.		2.3		Consumer Discretionary	United States
International Business Machines Corp.		2.1		Information Technology	United States
SAP SE		2.0		Information Technology	Germany
Oracle Corp.		2.0		Information Technology	United States
QUALCOMM, Inc.		1.9		Information Technology	United States

²  The top 10 holdings may not be representative of the Fund’s future investments.

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

5

GOLDMAN SACHS MOTIF DATA-DRIVEN WORLD ETF

Performance Summary

August 31, 2019

The following graph shows the value, as of August 31, 2019, of a $10,000 investment made on March 1, 2019 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the Goldman Sachs Motif Data-Driven World Index is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Goldman Sachs Motif Data-Driven World ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from March 1, 2019 through August 31, 2019.

Average Annual Total Return through August 31, 2019*	Since Inception
Shares based on NAV (Commenced March 1, 2019)	2.65%
Shares based on Market Price (Commenced March 1, 2019)	2.77%
Motif Data-Driven World Index	2.87%

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

6

PORTFOLIO RESULTS

Goldman Sachs Motif Finance Reimagined ETF

Investment Objective

The Goldman Sachs Motif Finance Reimagined ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Motif Finance Reimagined Index (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the period from its inception on March 1, 2019 through August 31, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 9.77% based on net asset value (“NAV”) and 9.91% based on market price. The Index returned 10.01% during the same period.

The Fund had a NAV of $50.74 per share on March 1, 2019 and ended the Reporting Period with a NAV of $55.59 per share. The Fund’s market price on August 31, 2019 was $55.64 per share.

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

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

The Index is constructed using a rules-based methodology that was developed to deliver exposure to companies with common equity securities listed on exchanges in certain developed markets that may benefit from the ongoing structural changes in the support and delivery of financial services (the “Finance Reimagined Theme”). These structural changes include the impact of rapid technological change on the industry, including the effects of the development of blockchain technology, and the split in the asset management industry toward very low and high cost investment strategies. The Finance Reimagined Theme is separated into three sub-themes (each a “Sub-Theme,” and collectively, the “Sub-Themes”), each of which relates to a part of the data lifecycle. 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 Index.

During the Reporting Period, the Fund recorded positive absolute returns but underperformed the Index, as measured by NAV. All of the underlying Sub-Themes—Digitization of Finance, Asset Management Makeover and Blockchain—contributed positively to the Index’s results. The Digitization of Finance Sub-Theme represents companies that may benefit from the digitization of traditional financial services, which, for the purposes of the Index, refers to the impact of technological changes on the support and delivery of traditional financial services, such as payments, lending and insurance. The Asset Management Makeover Sub-Theme represents companies that may benefit from the bifurcation in strategies in the asset management industry. For the purposes of the Index, asset management makeover refers to the movement of assets into low cost, often passive investments such as exchange-traded funds and index funds, and high cost, often complex investments such as private equity and hedge funds. The Blockchain Sub-Theme represents companies that may benefit from the development of blockchain technology, which, for the purposes of the Index, refers to the technology underlying distributed ledgers, applicable to payments, currencies and to other fields and industries that depend on a trusted intermediary.

Q Which individual stock positions contributed the most to the Index’s relative returns during the Reporting Period, and which detracted most?

A During the Reporting Period, positions in U.S. payment processors Mastercard and Visa, as well as Brazilian information technology service management company PagSeguro Digital, bolstered the Index’s results most

7

PORTFOLIO RESULTS

(4.98%, 4.13% and 1.07% of Fund net assets as of August 31, 2019, respectively). Positions in Square, a U.S.-based mobile payment company; Green Dot, a U.S. financial technology and bank holding company; and Overstock.com, a U.S. Internet retailer, detracted most from the Index’s results during the Reporting Period (2.39%, 0.00%¹ and 0.27% of Fund net assets as of August 31, 2019, respectively).

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

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

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

Region Name	Fund3			Index
North America		76.5	%		76.6	%
Developed Europe		13.8			13.8
Emerging Markets		5.2			5.2
Developed Asia Pacific		3.9			3.9

¹  Some weights are 0.00% at August 31, 2019 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.

²  The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Figures above may not sum to 100% due to rounding.

³  The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index.

8

FUND BASICS

Motif Finance Reimagined ETF

as of August 31, 2019

FUND SNAPSHOT
As of August 31, 2019
Market Price1	$	55.64
Net Asset Value (NAV)1	$	55.59

¹  The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of each Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs.

TOP TEN HOLDINGS AS OF 8/31/192
Holding	% of Net Assets			Line of Business	Country
Mastercard, Inc., Class A		5.0	%	Information Technology	United States
Visa, Inc., Class A		4.1		Information Technology	United States
PayPal Holdings, Inc.		2.7		Information Technology	United States
American Express Co.		2.4		Financials	United States
Square, Inc., Class A		2.4		Information Technology	United States
Intuit, Inc.		2.2		Information Technology	United States
Fiserv, Inc.		2.1		Information Technology	United States
Fidelity National Information Services, Inc.		1.9		Information Technology	United States
Intercontinental Exchange, Inc.		1.7		Financials	United States
Worldline SA		1.7		Information Technology	France

²  The top 10 holdings may not be representative of the Fund’s future investments.

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

9

GOLDMAN SACHS MOTIF FINANCE REIMAGINED ETF

Performance Summary

August 31, 2019

The following graph shows the value, as of August 31, 2019, of a $10,000 investment made on March 1, 2019 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the Goldman Sachs Motif Finance Reimagined Index is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Goldman Sachs Motif Finance Reimagined ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from March 1, 2019 through August 31, 2019.

Average Annual Total Return through August 31, 2019*	Since Inception
Shares based on NAV (Commenced March 1, 2019)	9.77%
Shares based on Market Price (Commenced March 1, 2019)	9.91%
Motif Finance Reimagined Index	10.01%

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

10

PORTFOLIO RESULTS

Goldman Sachs Motif Human Evolution ETF

Investment Objective

The Goldman Sachs Motif Human Evolution ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Motif Human Evolution Index (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the period from its inception on March 1, 2019 through August 31, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned -0.69% based on net asset value (“NAV”) and -0.47% based on market price. The Index returned -0.44% during the same period.

The Fund had a NAV of $50.63 per share on March 1, 2019 and ended the Reporting Period with a NAV of $50.15 per share. The Fund’s market price on August 31, 2019 was $50.26 per share.

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

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

The Index is constructed using a rules-based methodology that was developed to deliver exposure to companies with common equity securities listed on exchanges in certain developed markets that may benefit from the development of new knowledge, medicines and technologies for the medical treatment of the human condition, from birth to end-of-life care (the “Human Evolution Theme”). The Human Evolution Theme is separated into five sub-themes (each a “Sub-Theme,” and collectively, the “Sub-Themes”), each of which relates to a part of the data lifecycle. 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 Index.

During the Reporting Period, the Fund generated negative absolute returns that underperformed the Index, as measured by NAV. Among underlying Sub-Themes, Genomics detracted significantly from the Index’s results during the Reporting Period. The Genomics Sub-Theme represents companies that may benefit from the development of genomics, which, for the purposes of the Index, refers to the study of genomes, including genome sequencing and bioinformatics, and its application to healthcare as genomic medicine and pharmacogenomics, including gene therapy, gene editing and the use of biomarkers.

The Robotic Surgery Sub-Theme added most to the Index’s results. Precision Medicine, Life Extension and Digital Health also contributed positively, albeit to a lesser extent. The Robotic Surgery Sub-Theme represents companies that may benefit from the development of robotic surgery, which, for the purposes of the Index, refers to technology that enables minimally invasive surgery as well as the use of miniaturized surgical instruments and robotic systems to assist in surgical procedures. The Precision Medicine Sub-Theme represents companies that may benefit from the development of precise medical treatments. For the purposes of the Index, precision medicine refers to medical treatments or techniques that are either physically precise, targeting a specific group or type of cells, or tailored to a group of patients. The Life Extension Sub-Theme represents companies that may benefit from the long-term demographic shift towards an older population. For the purposes of the Index, life extension refers to medical products and services geared towards managing the health of an aging population. The Digital Health Sub-Theme represents companies that may benefit from the development of digital health tools. For the purposes of the Index, digital health refers to the use of

11

PORTFOLIO RESULTS

electronic data and software tools of analysis to assist in health care treatment and the development of drugs.

Q Which individual stock positions contributed the most to the Index’s relative returns during the Reporting Period, and which detracted most?

During the Reporting Period, positions in U.S. biopharmaceutical company Iovance Biotherapeutics, U.S.-based pharmaceutical company Array BioPharma and Ireland-headquartered medical device maker Medtronic contributed most positively to the Index’s results (1.00%, 0.00%¹ and 4.43% of Fund net assets as of August 31, 2019, respectively). Detracting most from the Index’s results during the Reporting Period were positions in U.S. biopharmaceutical company Nektar Therapeutics as well as U.S. biotechnology companies Biogen and bluebird bio (0.59%, 1.21% and 0.87% of Fund net assets as of August 31, 2019, respectively).

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

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

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

Region Name	Fund3			Index
North America		68.5	%		68.7	%
Developed Europe		25.2			25.2
Emerging Markets		3.5			3.5
Developed Asia Pacific		2.0			2.0

¹  Some weights are 0.00% at August 31, 2019 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.

²  The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Figures above may not sum to 100% due to rounding.

³  The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index.

12

FUND BASICS

Motif Human Evolution ETF

as of August 31, 2019

FUND SNAPSHOT
As of August 31, 2019
Market Price1	$	50.26
Net Asset Value (NAV)1	$	50.15

¹  The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of each Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs.

TOP TEN HOLDINGS AS OF 8/31/192
Holding	% of Net Assets	Line of Business		Country
Medtronic PLC	4.4%		Health Care	United States
Intuitive Surgical, Inc.	4.4		Health Care	United States
Abbott Laboratories	3.8		Health Care	United States
Boston Scientific Corp.	3.2		Health Care	United States
AstraZeneca PLC	2.7		Health Care	United Kingdom
Johnson & Johnson	2.6		Health Care	United States
Roche Holding AG	2.6		Health Care	Switzerland
Fresenius Medical Care AG & Co KGaA	2.6		Health Care	Germany
Novartis AG	2.3		Health Care	Switzerland
Sanofi	2.1		Health Care	France

²  The top 10 holdings may not be representative of the Fund’s future investments.

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

13

GOLDMAN SACHS MOTIF HUMAN EVOLUTION ETF

Performance Summary

August 31, 2019

The following graph shows the value, as of August 31, 2019, of a $10,000 investment made on March 1, 2019 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the Goldman Sachs Motif Human Evolution Index is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Goldman Sachs Motif Human Evolution ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from March 1, 2019 through August 31, 2019.

Average Annual Total Return through August 31, 2019*	Since Inception
Shares based on NAV (Commenced March 1, 2019)	-0.69%
Shares based on Market Price (Commenced March 1, 2019)	-0.47%
Motif Human Evolution Index	-0.44%

* Total return for periods of less than one year represents cumulative total return. Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return 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. Total returns for periods less than one full year are not annualized.

14

PORTFOLIO RESULTS

Goldman Sachs Motif Manufacturing Revolution ETF

Investment Objective

The Goldman Sachs Motif Manufacturing Revolution ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Motif Manufacturing Revolution Index (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the period from its inception on March 1, 2019 through August 31, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned -2.52% based on net asset value (“NAV”) and -2.30% based on market price. The Index returned -2.37% during the same period.

The Fund had a NAV of $49.70 per share on March 1, 2019 and ended the Reporting Period with a NAV of $48.11 per share. The Fund’s market price on August 31, 2019 was $48.22 per share.

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

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

The Index is constructed using a rules-based methodology that was developed to deliver exposure to companies with common equity securities listed on exchanges in certain developed markets that may benefit from the ongoing technology-driven transformation of the manufacturing industry (the “Manufacturing Revolution Theme”). This transformation includes the use of new materials and energy sources to supply the manufacturing process, the application of new methods and processes, and the manufacture of new products. The focus of the Index is to identify and weight companies that are originating new solutions for manufacturing, as well as companies that are deploying new solutions to solve business problems. The Manufacturing Revolution Theme is separated into five sub-themes (each a “Sub-Theme,” and collectively, the “Sub-Themes”), each of which relates to a part of the data lifecycle. 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 Index.

During the Reporting Period, the Fund generated negative absolute returns that underperformed the Index, as measured by NAV. Among underlying Sub-Themes, Future Mobility and 3D Printing detracted most from the Index’s results. Robotics also hampered the Index’s performance, albeit to a lesser extent. The Future Mobility Sub-Theme represents companies that may benefit from the development of new methods of mobility. For the purposes of the Index, future mobility refers to road vehicles, including automobiles and trucks that apply one or both of electrification and partially or fully autonomous driving capabilities. The 3D Printing Sub-Theme represents companies that may benefit from the development of 3D printing and its application in manufacturing. For the purposes of the Index, 3D printing refers to the additive process of manufacturing a three-dimensional object from a digital design. The Robotics Sub-Theme represents companies that may benefit from the increased sophistication of robotics used in the manufacturing process. For the purposes of the Index, robotics refers to the ability of a machine to perform physical tasks that previously either were not possible or required a human.

The Drones Sub-Theme and the Clean Energy Sub-Theme contributed positively to the Index’s results during the Reporting Period. The Drones Sub-Theme represents companies that may benefit from the development of drones, which, for the purposes of the Index, refers to aerial, land or sea-based unmanned vehicles, either remotely operated or

15

PORTFOLIO RESULTS

autonomous, used in military, consumer or industrial applications. The Clean Energy Sub-Theme represents companies that may benefit from the development of clean energy sources. For the purposes of the Index, clean energy refers to energy from renewable resources, such as solar, wind and biofuel, as well as battery technology needed for the storage of intermittent power sources.

Q Which individual stock positions contributed the most to the Index’s relative returns during the Reporting Period, and which detracted most?

A During the Reporting Period, the Index benefited most from positions in Israel-based SolarEdge Technologies, a provider of power optimizer, solar inverter and monitoring products for photovoltaic arrays; Japan-based Hitachi Chemical Company, which manufactures a wide range of chemical products for semiconductors, liquid crystal displays, industrial materials and processed synthetic resins; and U.S.-based SunPower, a designer and manufacturer of crystalline silicon photovoltaic cells and solar panels (0.96%, 0.79% and 0.29% of Fund net assets as of August 31, 2019, respectively). Positions in Chinese automobile maker NIO, U.S. automotive and energy company Tesla and U.S.-based printer manufacturer 3D Systems detracted most from the Index’s results during the Reporting Period (0.70%, 2.55% and 0.80% of Fund net assets as of August 31, 2019, respectively).

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

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

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

Region Name	Fund2			Index
North America		55.3	%		55.3	%
Developed Europe		25.9			25.9
Developed Asia Pacific		11.0			11.0
Emerging Markets		6.8			6.8

¹The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Figures above may not sum to 100% due to rounding.

²The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index.

16

FUND BASICS

Motif Manufacturing Revolution ETF

as of August 31, 2019

FUND SNAPSHOT
As of August 31, 2019
Market Price1	$	48.22
Net Asset Value (NAV)1	$	48.11

¹ The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of each Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs.

TOP TEN HOLDINGS AS OF 8/31/192
Holding	% of Net Assets			Line of Business	Country
ABB Ltd.		2.9	%	Industrials	Switzerland
Tesla, Inc.		2.6		Consumer Discretionary	United States
Rockwell Automation, Inc.		2.2		Industrials	United States
Amazon.com, Inc.		2.1		Consumer Discretionary	United States
Honeywell International, Inc.		2.0		Industrials	United States
Toyota Motor Corp.		2.0		Consumer Discretionary	Japan
Dassault Systemes		2.0		Information Technology	France
NVIDIA Corp.		2.0		Information Technology	United States
Emerson Electric Co.		1.9		Industrials	United States
Keyence Corp.		1.9		Information Technology	Japan

² The top 10 holdings may not be representative of the Fund’s future investments.

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

17

GOLDMAN SACHS MOTIF MANUFACTURING REVOLUTION ETF

Performance Summary

August 31, 2019

The following graph shows the value, as of August 31, 2019, of a $10,000 investment made on March 1, 2019 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the Goldman Sachs Motif Manufacturing Revolution Index is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Goldman Sachs Motif Manufacturing Revolution ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from March 1, 2019 through August 31, 2019.

Average Annual Total Return through August 31, 2019*	Since Inception
Shares based on NAV (Commenced March 1, 2019)	-2.52%
Shares based on Market Price (Commenced March 1, 2019)	-2.30%
Motif Manufacturing Revolution Index	-2.37%

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

18

PORTFOLIO RESULTS

Goldman Sachs Motif New Age Consumer ETF

Investment Objective

The Goldman Sachs Motif New Age Consumer ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Motif New Age Consumer Index (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the period from its inception on March 1, 2019 through August 31, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 3.83% based on net asset value (“NAV”) and 4.03% based on market price. The Index returned 4.09% during the same period.

The Fund had a NAV of $50.83 per share on March 1, 2019 and ended the Reporting Period with a NAV of $52.74 per share. The Fund’s market price on August 31, 2019 was $52.83 per share.

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

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

The Index is constructed using a rules-based methodology that was developed to deliver exposure to companies with common equity securities listed on exchanges in certain developed markets that may benefit from the ongoing structural shifts in the consumer market due to changes in demographics, technology and preferences (the “New Age Consumer Theme”). The focus of the Index is to identify and weight companies that are originating and monetizing new consumer products, as well as those creating and supporting the infrastructure to produce them. The New Age Consumer Theme is separated into seven sub-themes (each a “Sub-Theme,” and collectively, the “Sub-Themes”), each of which relates to a part of the data lifecycle. 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 Index.

During the Reporting Period, the Fund posted positive absolute returns but underperformed the Index, as measured by NAV. Among underlying Sub-Themes, Social Media, Health and Wellness, and Online Gaming added most to the Index’s returns. The Online Music and Video, E-commerce, and Experiences over Goods Sub-Themes also contributed positively, albeit to a lesser extent. The Social Media Sub-Theme represents companies that may benefit from the development of social media, which, for the purposes of the Index, refers to online platforms that connect people and allow members to interact with one another. The Health and Wellness Sub-Theme represents companies that may benefit from consumer interest in health and wellness, which, for the purposes of the Index, refers to consumer health-related goods and services outside of traditional health care (e.g., relating to nutrition, exercise and health tracking). The Online Gaming Sub-Theme represents companies that may benefit from the popularity of online gaming, which for the purposes of the Index, refers to a game that is either partially or primarily played through the Internet, including video games and games that may have traditionally been delivered in person, such as betting. The Online Music and Video Sub-Theme represents companies that may benefit from demand for music and video delivered over the Internet. For the purposes of the Index, online music and video refers to the digital distribution of music and video. The E-commerce Sub-Theme represents companies that may benefit from the expansion of e-commerce, which, for the purposes of the Index, refers to the purchase and delivery of goods and services over the Internet. The Experiences over Goods Sub-Theme represents companies that may benefit from demand

19

PORTFOLIO RESULTS

by consumers for experiences relative to goods. For the purposes of the Index, experiences over goods refers to demand for experiences, and the goods that relate to those experiences, relative to the demand for physical goods unrelated to those experiences.

The Evolution of Education Sub-Theme detracted from the Index’s results during the Reporting Period. The Evolution of Education Sub-Theme represents companies that may benefit from the evolution of education, which, for the purposes of the Index, refers to the delivery of educational materials over the Internet, such as interactive and non-interactive multimedia content, the streaming of lectures and the delivery of teaching and tutoring services online, and for-profit education services in emerging markets.

Q Which individual stock positions contributed the most to the Index’s relative returns during the Reporting Period, and which detracted most?

A During the Reporting Period, the Index was helped most by positions in Roku, a U.S. maker of online media players; Li Ning, a China-based manufacturer of athletic shoes and sporting goods; and Snap, a U.S. technology and camera company (1.52%, 0.83% and 1.02% of Fund net assets as of August 31, 2019, respectively). Positions in Sina Weibo, a Chinese microblogging website; 2U, a U.S. educational technology company; and Farfetch, a U.K.-based online luxury fashion retailer, detracted most from the Index’s results during the Reporting Period (0.85%, 0.00%¹ and 0.33% of Fund net assets as of August 31, 2019, respectively).

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

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

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

Region Name	Fund3			Index
North America		50.7	%		50.7	%
Emerging Markets		24.4			24.4
Developed Europe		14.1			14.1
Developed Asia Pacific		10.3			10.3

¹  Some weights are 0.00% at August 31, 2019 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.

²  The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Figures above may not sum to 100% due to rounding.

³  The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index.

20

FUND BASICS

Motif New Age Consumer ETF

as of August 31, 2019

FUND SNAPSHOT
As of August 31, 2019
Market Price1	$	52.83
Net Asset Value (NAV)1	$	52.74

¹  The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of each Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs.

TOP TEN HOLDINGS AS OF 8/31/192
Holding	% of Net Assets			Line of Business	Country
Facebook, Inc., Class A		3.3	%	Communication Services	United States
Alibaba Group Holding Ltd. ADR		3.0		Consumer Discretionary	China
Amazon.com, Inc.		2.8		Consumer Discretionary	United States
Tencent Holdings Ltd.		2.8		Communication Services	China
NIKE, Inc., Class B		2.0		Consumer Discretionary	United States
adidas AG		1.8		Consumer Discretionary	Germany
Meituan Dianping, Class B		1.8		Consumer Discretionary	China
Pinduoduo, Inc. ADR		1.7		Consumer Discretionary	China
Netflix, Inc.		1.7		Communication Services	United States
Booking Holdings, Inc.		1.7		Consumer Discretionary	United States

² The top 10 holdings may not be representative of the Fund’s future investments.

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

21

GOLDMAN SACHS MOTIF NEW AGE CONSUMER ETF

Performance Summary

August 31, 2019

The following graph shows the value, as of August 31, 2019, of a $10,000 investment made on March 1, 2019 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the Goldman Sachs Motif New Age Consumer Index is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Goldman Sachs Motif New Age Consumer ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from March 1, 2019 through August 31, 2019.

Average Annual Total Return through August 31, 2019*	Since Inception
Shares based on NAV (Commenced March 1, 2019)	3.83%
Shares based on Market Price (Commenced March 1, 2019)	4.03%
Motif New Age Consumer Index	4.09%

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

22

FUND BASICS

Index Definitions and Industry Terms

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

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

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

The Motif Human Evolution Index is designed to deliver exposure to companies with common equity securities listed on exchanges in certain developed markets that may benefit from the development of new knowledge, medicines and technologies for the medical treatment of the human condition, from birth to end-of-life care.

The Motif Finance Reimagined Index is designed to deliver exposure to companies with common equity securities listed on exchanges in certain developed markets that may benefit from the on-going structural changes in the support and delivery of financial services.

The Motif Data-Driven World Index is designed to deliver exposure to companies with common equity securities listed on exchanges in certain developed markets that may benefit from the on-going rapid increase in electronically recorded data in the world and its impact on the lifecycle of data delivery and processing.

The Motif Manufacturing Revolution Index is designed to deliver exposure to companies with common equity securities listed on exchanges in certain developed markets that may benefit from the on-going technology-driven transformation of the manufacturing industry.

The Motif New Age Consumer Index is designed to deliver exposure to companies with common equity securities listed on exchanges in certain developed markets that may benefit from the on-going structural shifts in the consumer market due to changes in demographics, technology and preferences.

23

GOLDMAN SACHS MOTIF DATA-DRIVEN WORLD ETF

Schedule of Investments

August 31, 2019

Shares		Description	Value
Common Stocks – 99.9%
Communication Services – 9.8%
	266	Alphabet, Inc., Class A*	$	316,681
	1,487	Baidu, Inc. ADR (China)*		155,347
	1,377	Criteo SA ADR (France)*		26,741
	1,016	Facebook, Inc., Class A*		188,641
	341	Heroz, Inc. (Japan)*		54,164
	2,154	Nippon Telegraph & Telephone Corp. (Japan)		103,413
	257	SK Telecom Co. Ltd. (South Korea)		50,816
	2,347	SoftBank Group Corp. (Japan)		106,665
				1,002,468
Consumer Discretionary – 6.1%
	1,078	Alibaba Group Holding Ltd. ADR (China)*		188,682
	133	Amazon.com, Inc.*		236,247
	1,893	eBay, Inc.		76,269
	3,166	JD.com, Inc. ADR (China)*		96,563
	937	Shutterstock, Inc.*		32,898
				630,659
Financials – 2.8%
	5,207	Bank of America Corp.		143,244
	12,836	Ping An Insurance Group Co. of China Ltd., Class H (China)		147,276
				290,520
Industrials – 1.6%
	757	Allegion PLC		72,876
	3,060	Toshiba Corp. (Japan)		95,134
				168,010
Information Technology – 75.5%
	2,737	21Vianet Group, Inc. ADR (China)*		21,485
	630	Accenture PLC, Class A		124,847
	597	Adobe, Inc.*		169,852
	3,595	Advanced Micro Devices, Inc.*		113,063
	927	Akamai Technologies, Inc.*		82,624
	541	Alarm.com Holdings, Inc.*		25,752
	474	Alteryx, Inc., Class A*		67,521
	1,485	Ambarella, Inc.*		82,967
	741	Amdocs Ltd.		47,972
	1,168	Apple, Inc.		243,808
	1,617	Avaya Holdings Corp.*		22,832
	5,973	BlackBerry Ltd. (Canada)*		41,035
	731	Booz Allen Hamilton Holding Corp.		55,198
	872	Cadence Design Systems, Inc.*		59,715
	815	CEVA, Inc.*		25,599
	974	Check Point Software Technologies Ltd. (Israel)*		104,900
	56,802	Chinasoft International Ltd. (China)*		23,633
	1,253	Ciena Corp.*		51,285
	3,777	Cisco Systems, Inc.		176,801
	4,486	Cloudera, Inc.*(a)		32,030
	1,355	Cognex Corp.		61,083
	689	CommVault Systems, Inc.*		29,882
	4,166	Conduent, Inc.*		27,121
	634	CyberArk Software Ltd. (Israel)*		71,224
Common Stocks – (continued)
Information Technology – (continued)
	1,416	Dell Technologies, Inc., Class C*		72,967
	1,318	Dialog Semiconductor PLC (United Kingdom)*		62,354
	506	Digimarc Corp.*		20,007
	1,089	DocuSign, Inc.*		50,845
	872	Domo, Inc., Class B*		21,652
	499	Elastic NV*		43,857
	541	ExlService Holdings, Inc.*		36,626
	3,427	Extreme Networks, Inc.*		22,892
	149	Fair Isaac Corp.*		52,555
	6,079	FireEye, Inc.*		81,641
	5,320	Fitbit, Inc., Class A*		16,439
	942	FLIR Systems, Inc.		46,412
	1,640	Fortinet, Inc.*		129,855
	973	Fujitsu Ltd. (Japan)		75,195
	3,620	Infineon Technologies AG (Germany)		62,780
	11,010	Infosys Ltd. ADR (India)		126,505
	6,069	Intel Corp.		287,731
	1,600	International Business Machines Corp.		216,848
	634	InterXion Holding NV (Netherlands)*		51,316
	382	Intuit, Inc.		110,154
	866	Itron, Inc.*		60,144
	2,607	Juniper Networks, Inc.		60,378
	2,729	Lattice Semiconductor Corp.*		53,734
	1,390	Logitech International SA (Switzerland)		56,347
	2,474	MACOM Technology Solutions Holdings, Inc.*		48,589
	2,518	Marvell Technology Group Ltd.		60,356
	1,459	MaxLinear, Inc.*		28,917
	2,545	Micron Technology, Inc.*		115,212
	2,494	Microsoft Corp.		343,823
	650	MongoDB, Inc.*		99,002
	1,088	Monotype Imaging Holdings, Inc.		21,488
	1,957	NEC Corp. (Japan)		83,889
	1,057	NetScout Systems, Inc.*		23,413
	623	Nice Ltd. ADR (Israel)*		95,475
	19,431	Nokia OYJ ADR (Finland)		96,378
	4,691	Nuance Communications, Inc.*		78,856
	1,798	NVIDIA Corp.		301,183
	1,438	NXP Semiconductors NV (Netherlands)		146,877
	3,845	Oracle Corp.		200,171
	699	Palo Alto Networks, Inc.*		142,330
	3,522	Pivotal Software, Inc., Class A*		52,513
	586	PKSHA Technology, Inc. (Japan)*		26,224
	458	Proofpoint, Inc.*		52,033
	908	Qorvo, Inc.*		64,858
	2,499	QUALCOMM, Inc.		194,347
	601	Qualys, Inc.*		47,852
	1,049	Radware Ltd. (Israel)*		25,648
	509	Rapid7, Inc.*		27,328
	4,224	Samsung Electronics Co. Ltd. (South Korea)		153,442
	1,739	SAP SE (Germany)		207,977
	2,108	SecureWorks Corp., Class A*(a)		25,444
	51,720	Semiconductor Manufacturing International Corp. (China)*(a)		56,899
	756	Silicon Laboratories, Inc.*		82,404

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

GOLDMAN SACHS MOTIF DATA-DRIVEN WORLD ETF

Shares		Description	Value
Common Stocks – (continued)
Information Technology – (continued)
	991	Silicon Motion Technology Corp. ADR (Taiwan)	$	31,980
	952	Software AG (Germany)		25,686
	16,813	Sophos Group PLC (United Kingdom)(b)		78,483
	961	Splunk, Inc.*		107,459
	5,318	STMicroelectronics NV (Switzerland)		94,435
	7,365	Symantec Corp.		171,236
	9,872	Telefonaktiebolaget LM Ericsson ADR (Sweden)		77,397
	1,454	Teradata Corp.*		44,885
	876	Teradyne, Inc.		46,402
	1,549	Trend Micro, Inc. (Japan)		75,155
	717	Verint Systems, Inc.*		38,209
	577	VMware, Inc., Class A		81,611
	2,440	VTech Holdings Ltd. (Hong Kong)		19,307
	1,707	Western Digital Corp.		97,760
	12,177	Wipro Ltd. ADR (India)		46,516
	1,595	Xerox Holdings Corp.		46,239
	1,729	Xperi Corp.		31,675
	341	Zebra Technologies Corp., Class A*		69,915
	1,200	Zscaler, Inc.*		82,488
				7,751,229
Real Estate – 4.1%
	321	CoreSite Realty Corp. REIT		37,294
	932	CyrusOne, Inc. REIT		68,465
	761	Digital Realty Trust, Inc. REIT		94,082
	227	Equinix, Inc. REIT		126,276
	2,041	Iron Mountain, Inc. REIT		65,006
	537	QTS Realty Trust, Inc., Class A REIT		26,345
				417,468
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $10,233,533)		$	10,260,354
Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.9%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	95,421	2.045%	$	95,421
	(Cost $95,421)
	TOTAL INVESTMENTS – 100.8%
	(Cost $10,328,954)		$	10,355,775
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.8)%			(88,230	)
	NET ASSETS – 100.0%		$	10,267,545

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	Represents an affiliated issuer.

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

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

GOLDMAN SACHS MOTIF FINANCE REIMAGINED ETF

Schedule of Investments

August 31, 2019

Shares		Description	Value
Common Stocks – 99.5%
Communication Services – 4.4%
	1,193	Internet Initiative Japan, Inc. (Japan)	$	26,547
	3,221	LINE Corp. (Japan)*		113,188
	300	NetEase, Inc. ADR (China)		76,500
	15,597	Rightmove PLC (United Kingdom)		101,717
	288	Take-Two Interactive Software, Inc.*		38,007
	699	YY, Inc. ADR (China)*		39,948
	2,587	Zillow Group, Inc., Class C*		89,071
				484,978
Consumer Discretionary – 0.9%
	3,448	Everi Holdings, Inc.*		30,825
	9,434	Moneysupermarket.com Group PLC (United Kingdom)		42,912
	1,941	Overstock.com, Inc.*		30,532
				104,269
Financials – 34.8%
	5,990	360 Finance, Inc. ADR (China)*		59,660
	390	Affiliated Managers Group, Inc.		29,886
	2,257	American Express Co.		271,675
	4,023	Apollo Global Management LLC, Class A		151,788
	4,075	Ares Management Corp., Class A		118,583
	2,189	Axos Financial, Inc.*		56,717
	26,207	Banco Santander SA ADR (Spain)(a)		98,276
	308	BlackRock, Inc.		130,148
	3,594	Blackstone Group, Inc. (The), Class A		178,837
	1,842	Blucora, Inc.*		41,592
	3,414	Brookfield Asset Management, Inc., Class A (Canada)		176,197
	1,140	Canadian Imperial Bank of Commerce (Canada)		88,477
	3,806	Carlyle Group LP (The)		86,701
	1,449	Curo Group Holdings Corp.*		19,735
	1,992	Enova International, Inc.*		47,609
	1,011	Eurazeo SE (France)		66,969
	342	FactSet Research Systems, Inc.		93,055
	809	Hamilton Lane, Inc., Class A		50,271
	2,273	Hong Kong Exchanges & Clearing Ltd. (Hong Kong)		69,623
	89	Hypoport AG (Germany)*		23,376
	4,019	IG Group Holdings PLC (United Kingdom)		26,421
	13,123	ING Groep NV (Netherlands)		125,686
	2,057	Intercontinental Exchange, Inc.		192,288
	4,673	Intermediate Capital Group PLC (United Kingdom)		76,032
	5,000	KKR & Co., Inc., Class A		129,200
	4,050	LendingClub Corp.*		53,015
	234	LendingTree, Inc.*		72,561
	6,223	LexinFintech Holdings Ltd. ADR (China)*		63,786
	1,428	London Stock Exchange Group PLC (United Kingdom)		120,936
	21,191	Man Group PLC (United Kingdom)		43,008
	6,791	Monex Group, Inc. (Japan)		19,322
	283	Morningstar, Inc.		45,727
	587	MSCI, Inc.		137,728
	927	Nasdaq, Inc.		92,552
Common Stocks – (continued)
Financials – (continued)
	1,225	Northern Trust Corp.		107,714
	1,192	Och-Ziff Capital Management Group, Inc., Class A		26,820
	1,907	Plus500 Ltd. (Israel)		15,830
	7,638	PPDAI Group, Inc. ADR (China)		28,566
	9,430	Qudian, Inc. ADR (China)*		75,346
	401	S&P Global, Inc.		104,336
	2,154	SEI Investments Co.		123,877
	11,906	Standard Chartered PLC (United Kingdom)		90,188
	1,647	Tradeweb Markets, Inc., Class A		70,146
	33,673	Value Partners Group Ltd. (Hong Kong)		17,190
	9,610	WisdomTree Investments, Inc.		46,224
	3,208	Yirendai Ltd. ADR (China)*		30,508
	34,442	ZhongAn Online P&C Insurance Co. Ltd., Class H (China)*(a)(b)		77,804
				3,871,986
Health Care – 0.3%
	554	HealthEquity, Inc.*		32,886
Industrials – 3.3%
	229	CoStar Group, Inc.*		140,805
	1,076	Thomson Reuters Corp. (Canada)		73,900
	946	Verisk Analytics, Inc.		152,817
				367,522
Information Technology – 54.2%
	581	Accenture PLC, Class A		115,137
	2,514	ACI Worldwide, Inc.*		74,867
	865	Appfolio, Inc., Class A*		85,436
	1,280	Avalara, Inc.*		107,955
	2,067	Black Knight, Inc.*		128,671
	922	Bottomline Technologies DE, Inc.*		38,023
	1,178	Broadridge Financial Solutions, Inc.		152,480
	193	Cass Information Systems, Inc.		9,766
	1,352	Ceridian HCM Holding, Inc.*		78,105
	1,708	CoreLogic, Inc.*		82,667
	1,182	Digital Garage, Inc. (Japan)		38,585
	1,203	Ebix, Inc.		42,610
	1,125	Envestnet, Inc.*		64,361
	8,449	Equiniti Group PLC (United Kingdom)(b)		21,094
	547	Euronet Worldwide, Inc.*		83,768
	824	EVERTEC, Inc. (Puerto Rico)		28,725
	2,044	Evo Payments, Inc., Class A*		60,666
	582	ExlService Holdings, Inc.*		39,401
	1,541	Fidelity National Information Services, Inc.		209,915
	2,126	Fiserv, Inc.*		227,355
	578	FleetCor Technologies, Inc.*		172,475
	930	Global Payments, Inc.		154,361
	549	Globant SA (Argentina)*		52,117
	2,198	GMO internet, Inc. (Japan)		38,620
	6,299	GreenSky, Inc., Class A*(a)		42,833
	1,319	Guidewire Software, Inc.*		126,861
	1,853	I3 Verticals, Inc., Class A*		41,915
	659	Ingenico Group SA (France)		65,460
	658	International Business Machines Corp.		89,179

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

GOLDMAN SACHS MOTIF FINANCE REIMAGINED ETF

Shares		Description	Value
Common Stocks – (continued)
Information Technology – (continued)
	843	Intuit, Inc.	$	243,088
	871	Jack Henry & Associates, Inc.		126,260
	1,968	Mastercard, Inc., Class A		553,736
	609	Money Forward, Inc. (Japan)*		19,335
	1,978	NEC Corp. (Japan)		84,789
	313	Nice Ltd. ADR (Israel)*		47,967
	4,885	Nomura Research Institute Ltd. (Japan)		97,244
	2,381	Pagseguro Digital Ltd., Class A (Brazil)*		118,955
	1,239	Paychex, Inc.		101,226
	2,721	PayPal Holdings, Inc.*		296,725
	3,290	Paysign, Inc.*(a)		43,724
	1,161	Q2 Holdings, Inc.*		104,432
	2,610	QIWI PLC ADR (Russia)		63,423
	1,439	RealPage, Inc.*		91,621
	11,611	Sage Group PLC (The) (United Kingdom)		99,068
	1,035	Sapiens International Corp. NV (Israel)		19,406
	4,306	Square, Inc., Class A*		266,283
	1,925	SS&C Technologies Holdings, Inc.		89,724
	3,161	StoneCo Ltd., Class A (Brazil)*		95,083
	2,540	Visa, Inc., Class A		459,283
	410	WEX, Inc.*		83,866
	1,173	Wirecard AG (Germany)		187,435
	406	Workday, Inc., Class A*		71,976
	2,776	Worldline SA (France)*(b)		191,984
				6,030,041
Materials – 0.4%
	10,513	IAMGOLD Corp. (Canada)*		39,108
Real Estate – 1.2%
	410	Corestate Capital Holding SA (Germany)*		12,936
	757	PATRIZIA AG (Germany)		13,838
	3,545	Redfin Corp.*(a)		59,875
	329,131	Zall Smart Commerce Group Ltd. (China)*(a)		42,426
				129,075
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $10,487,734)		$	11,059,865
Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 3.0%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	334,439	2.045%	$	334,439
	(Cost $334,439)
	TOTAL INVESTMENTS – 102.5%
	(Cost $10,822,173)		$	11,394,304
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (2.5)%			(277,064	)
	NET ASSETS – 100.0%		$	11,117,240

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	Represents an affiliated issuer.

Investment Abbreviations:
ADR	—American Depositary Receipt
LP	—Limited Partnership
PLC	—Public Limited Company

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

GOLDMAN SACHS MOTIF HUMAN EVOLUTION ETF

Schedule of Investments

August 31, 2019

Shares		Description	Value
Common Stocks – 99.3%
Consumer Staples – 0.4%
	3,198	Takara Holdings, Inc. (Japan)	$	31,153
Health Care – 98.0%
	31,086	3SBio, Inc. (China)*(a)		47,926
	3,950	Abbott Laboratories		337,014
	3,462	Abcam PLC (United Kingdom)		48,781
	186	ABIOMED, Inc.*		35,911
	539	Acceleron Pharma, Inc.*		24,206
	3,080	Adverum Biotechnologies, Inc.*		31,816
	732	Agios Pharmaceuticals, Inc.*(b)		27,779
	6,354	Akebia Therapeutics, Inc.*		26,242
	770	Align Technology, Inc.*		140,995
	1,556	Allogene Therapeutics, Inc.*(b)		42,370
	7,630	Allscripts Healthcare Solutions, Inc.*		69,280
	2,606	AstraZeneca PLC (United Kingdom)		232,253
	2,263	Athenex, Inc.*		33,334
	1,034	Audentes Therapeutics, Inc.*		32,157
	1,196	Avrobio, Inc.*		23,298
	1,547	Baxter International, Inc.		136,059
	1,142	Bayer AG (Germany)		84,689
	1,050	BeiGene Ltd. ADR (China)*		150,937
	485	Biogen, Inc.*		106,579
	370	BioTelemetry, Inc.*		14,670
	737	Bluebird Bio, Inc.*		76,139
	497	Blueprint Medicines Corp.*		38,105
	6,461	Boston Scientific Corp.*		276,079
	1,299	Cara Therapeutics, Inc.*		30,449
	735	Cellectis SA ADR (France)*		8,952
	1,609	Cerner Corp.		110,876
	308	Charles River Laboratories International, Inc.*		40,410
	2,295	Coherus Biosciences, Inc.*(b)		50,926
	692	CONMED Corp.		69,733
	1,588	CRISPR Therapeutics AG (Switzerland)*(b)		73,381
	1,181	DaVita, Inc.*		66,573
	508	DexCom, Inc.*		87,178
	1,426	Editas Medicine, Inc.*		35,408
	691	Edwards Lifesciences Corp.*		153,291
	117	Eurofins Scientific SE (Luxembourg)(b)		53,652
	3,208	Exelixis, Inc.*		63,679
	2,774	Fate Therapeutics, Inc.*		45,272
	1,289	FibroGen, Inc.*		57,567
	3,372	Fresenius Medical Care AG & Co KGaA (Germany)		227,261
	1,455	Fresenius SE & Co KGaA (Germany)		70,758
	685	G1 Therapeutics, Inc.*		24,866
	17,575	Genscript Biotech Corp. (China)*		39,433
	508	Genus PLC (United Kingdom)		16,271
	2,266	Gilead Sciences, Inc.		143,982
	1,349	Globus Medical, Inc., Class A*		68,893
	832	Gossamer Bio, Inc.*		17,439
	2,202	Halozyme Therapeutics, Inc.*		36,377
	595	HCA Healthcare, Inc.		71,519
	1,178	Henry Schein, Inc.*		72,588
	2,421	Homology Medicines, Inc.*		45,781
	1,422	Horizon Therapeutics PLC*		39,290
Common Stocks – (continued)
Health Care – (continued)
	2,480	Hutchison China MediTech Ltd. ADR (Hong Kong)*		54,039
	370	Illumina, Inc.*		104,096
	1,698	Inovalon Holdings, Inc., Class A*(b)		28,730
	513	Inspire Medical Systems, Inc.*		35,659
	441	Insulet Corp.*		67,989
	615	Integer Holdings Corp.*		44,526
	3,214	Intellia Therapeutics, Inc.*		45,607
	6,210	Intrexon Corp.*		36,266
	754	Intuitive Surgical, Inc.*		385,550
	4,193	Iovance Biotherapeutics, Inc.*		88,095
	331	iRhythm Technologies, Inc.*		25,196
	1,806	Johnson & Johnson		231,818
	1,614	Koninklijke Philips NV (Netherlands)		76,225
	648	Krystal Biotech, Inc.*		29,160
	312	Laboratory Corp. of America Holdings*		52,279
	373	LivaNova PLC*		28,956
	1,132	MacroGenics, Inc.*		16,233
	3,606	Medtronic PLC		389,051
	1,237	Merck KGaA (Germany)		132,492
	13,763	Microport Scientific Corp. (China)		12,208
	952	Mirati Therapeutics, Inc.*		78,035
	2,571	Moderna, Inc.*(b)		40,442
	424	MorphoSys AG (Germany)*		50,195
	1,048	Myriad Genetics, Inc.*		24,659
	1,715	Natera, Inc.*		56,509
	2,930	Nektar Therapeutics*		51,480
	1,787	NeoGenomics, Inc.*		44,639
	3,939	NextGen Healthcare, Inc.*		55,973
	1,491	Nichi-iko Pharmaceutical Co. Ltd. (Japan)		15,971
	2,228	Novartis AG (Switzerland)		200,429
	574	Novocure Ltd.*		52,154
	12,367	OPKO Health, Inc.*		22,755
	1,975	QIAGEN NV.*		68,513
	1,184	Quanterix Corp.*		31,175
	578	Quest Diagnostics, Inc.		59,170
	502	Reata Pharmaceuticals, Inc., Class A*		38,704
	237	Regeneron Pharmaceuticals, Inc.*		68,742
	1,378	REGENXBIO, Inc.*		47,527
	511	ResMed, Inc.		71,182
	644	Rhythm Pharmaceuticals, Inc.*		14,503
	832	Roche Holding AG (Switzerland)		227,540
	1,307	Rocket Pharmaceuticals, Inc.*(b)		14,181
	1,138	Rubius Therapeutics, Inc.*(b)		10,561
	7,555	Sangamo Therapeutics, Inc.*		82,350
	2,142	Sanofi (France)		184,276
	377	Sarepta Therapeutics, Inc.*		33,987
	1,386	Seattle Genetics, Inc.*		100,679
	1,716	Shockwave Medical, Inc.*(b)		71,815
	6,552	Smith & Nephew PLC (United Kingdom)		156,794
	603	Stryker Corp.		133,058
	676	Surmodics, Inc.*		31,813
	1,654	Takara Bio, Inc. (Japan)		36,634
	2,802	Takeda Pharmaceutical Co. Ltd. (Japan)		94,768
	411	Teleflex, Inc.		149,571
	4,069	TG Therapeutics, Inc.*		25,268
	1,943	Theravance Biopharma, Inc.*		42,804

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

GOLDMAN SACHS MOTIF HUMAN EVOLUTION ETF

Shares		Description	Value
Common Stocks – (continued)
Health Care – (continued)
	455	Thermo Fisher Scientific, Inc.	$	130,612
	895	Tricida, Inc.*		31,227
	933	Triple-S Management Corp., Class B (Puerto Rico)*		19,145
	518	uniQure NV (Netherlands)*		28,102
	1,072	Vocera Communications, Inc.*(b)		24,602
	995	Voyager Therapeutics, Inc.*		17,781
	438	WaVe Life Sciences Ltd.*(b)		10,074
	4,986	WuXi AppTec Co. Ltd., Class H (China)(a)		55,935
	11,186	ZIOPHARM Oncology, Inc.*(b)		55,818
				8,604,751
Information Technology – 0.9%
	497	Global Payments, Inc.		82,492
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $8,805,472)		$	8,718,396
Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 4.4%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	387,038	2.045%	$	387,038
	(Cost $387,038)
	TOTAL INVESTMENTS – 103.7%
	(Cost $9,192,510)		$	9,105,434
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (3.7)%			(329,033	)
	NET ASSETS – 100.0%		$	8,776,401

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	All or a portion of security is on loan.
(c)	Represents an affiliated issuer.

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

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

GOLDMAN SACHS MOTIF MANUFACTURING REVOLUTION ETF

Schedule of Investments

August 31, 2019

Shares		Description	Value
Common Stocks – 99.5%
Communication Services – 0.4%
	1,033	Iridium Communications, Inc.*	$	24,978
Consumer Discretionary – 21.6%
	71	Amazon.com, Inc.*		126,117
	1,200	Aptiv PLC		99,804
	484	Autoliv, Inc. (Sweden)(a)		33,106
	13,050	BYD Co. Ltd., Class H (China)		67,620
	384	Ferrari NV (Italy)		60,576
	5,996	Fiat Chrysler Automobiles NV (United Kingdom)		78,787
	6,951	Ford Motor Co.		63,741
	761	Garmin Ltd.		62,075
	520	Gentherm, Inc.*		19,084
	3,568	GoPro, Inc., Class A*(a)		13,808
	789	Hella GmbH & Co. KGaA (Germany)		32,913
	1,703	Magna International, Inc. (Canada)		85,337
	14,686	NIO, Inc. ADR (China)*(a)		42,002
	1,665	Niu Technologies ADR (China)*(a)		13,137
	3,120	Ocado Group PLC (United Kingdom)*		49,225
	4,119	Panasonic Corp. (Japan)		31,824
	3,148	Tata Motors Ltd. ADR (India)*		25,877
	680	Tesla, Inc.*(a)		153,415
	8,079	Tianneng Power International Ltd. (China)		6,382
	1,852	Toyota Motor Corp. (Japan)		121,437
	1,899	Valeo SA (France)		51,947
	1,775	Veoneer, Inc. (Sweden)*(a)		26,039
	440	Visteon Corp.*		30,347
	21,055	Yadea Group Holdings Ltd. (China)(b)		4,058
				1,298,658
Energy – 1.9%
	1,161	Oceaneering International, Inc.*		15,047
	1,669	TOTAL SA (France)		83,426
	3,414	Valaris PLC(a)		15,909
				114,382
Health Care – 2.3%
	443	Align Technology, Inc.*		81,118
	502	Hogy Medical Co. Ltd. (Japan)		13,710
	574	Omnicell, Inc.*		41,213
				136,041
Industrials – 35.8%
	9,040	ABB Ltd. (Switzerland)		171,307
	401	AeroVironment, Inc.*		20,664
	778	Airbus SE (France)		107,388
	815	Altra Industrial Motion Corp.		21,182
	38,426	AviChina Industry & Technology Co. Ltd., Class H (China)		20,107
	4,117	Ballard Power Systems, Inc. (Canada)*		18,527
	238	Boeing Co. (The)		86,653
	5,025	CNH Industrial NV (United Kingdom)		51,557
	357	Cubic Corp.		24,729
	327	Curtiss-Wright Corp.		40,103
	1,369	Daifuku Co. Ltd. (Japan)		64,745
	1,775	DMG Mori Co. Ltd. (Japan)		24,097
	80	Elbit Systems Ltd. (Israel)		12,402
Common Stocks – (continued)
Industrials – (continued)
	1,946	Emerson Electric Co.		115,962
	367	FANUC Corp. (Japan)		63,809
	6,717	General Electric Co.		55,415
	1,087	GS Yuasa Corp. (Japan)		18,229
	471	Hexcel Corp.		39,635
	747	Honeywell International, Inc.		122,971
	951	KION Group AG (Germany)		46,070
	318	L3Harris Technologies, Inc.		67,228
	310	Mercury Systems, Inc.*		26,545
	167	MTU Aero Engines AG (Germany)		45,665
	673	Nachi-Fujikoshi Corp. (Japan)		26,978
	308	Nidec Corp. (Japan)		40,203
	230	Northrop Grumman Corp.		84,610
	244	NV5 Global, Inc.*		15,062
	505	Proto Labs, Inc.*		47,844
	770	Rexnord Corp.*		20,159
	852	Rockwell Automation, Inc.		130,177
	737	Safran SA (France)		107,256
	1,298	Schneider Electric SE (France)		108,865
	1,105	Sensata Technologies Holding PLC*		50,366
	649	Siemens AG (Germany)		65,003
	9,678	Techtronic Industries Co. Ltd. (Hong Kong)		66,946
	583	Thales SA (France)		67,509
	376	TPI Composites, Inc.*		6,633
	1,207	Ultra Electronics Holdings PLC (United Kingdom)		32,015
	196	Varta AG (Germany)*		16,620
				2,151,236
Information Technology – 33.1%
	6,898	3D Systems Corp.*		48,286
	774	Ambarella, Inc.*		43,243
	586	Analog Devices, Inc.		64,360
	440	ANSYS, Inc.*		90,886
	505	Autodesk, Inc.*		72,124
	335	Belden, Inc.		15,279
	713	Brooks Automation, Inc.		23,764
	601	Cognex Corp.		27,093
	165	Coherent, Inc.*		23,918
	858	Dassault Systemes (France)		121,086
	835	Enphase Energy, Inc.*		24,775
	546	FARO Technologies, Inc.*		26,885
	818	First Solar, Inc.*		50,773
	2,767	Flex Ltd.*		26,646
	881	FLIR Systems, Inc.		43,407
	1,545	Hollysys Automation Technologies Ltd. (China)		24,179
	2,258	Infineon Technologies AG (Germany)		39,159
	2,032	Intel Corp.		96,337
	353	IPG Photonics Corp.*		43,677
	347	Isra Vision AG (Germany)		12,572
	1,636	JinkoSolar Holding Co. Ltd. ADR (China)*		35,779
	188	Keyence Corp. (Japan)		111,406
	431	Materialise NV ADR (Belgium)*(a)		8,474
	2,106	Nuance Communications, Inc.*		35,402
	709	NVIDIA Corp.		118,765
	1,128	Omron Corp. (Japan)		55,898

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

GOLDMAN SACHS MOTIF MANUFACTURING REVOLUTION ETF

Shares		Description	Value
Common Stocks – (continued)
Information Technology – (continued)
	1,593	ON Semiconductor Corp.*	$	28,355
	675	Renishaw PLC (United Kingdom)		29,183
	290	Silicon Laboratories, Inc.*		31,610
	525	SMA Solar Technology AG (Germany)*		12,257
	704	SolarEdge Technologies, Inc.*		57,672
	827	Spectris PLC (United Kingdom)		23,276
	3,458	STMicroelectronics NV (Switzerland)		61,406
	2,593	Stratasys Ltd.*		61,765
	5,711	Sunny Optical Technology Group Co. Ltd. (China)		79,229
	1,399	SunPower Corp.*		17,516
	1,170	Teradyne, Inc.		61,975
	634	Texas Instruments, Inc.		78,458
	2,796	Topcon Corp. (Japan)		32,347
	1,650	Trimble, Inc.*		61,908
	464	ViaSat, Inc.*		36,809
	1,197	Xerox Holdings Corp.		34,701
				1,992,640
Materials – 4.1%
	866	Albemarle Corp.		53,458
	320	Arkema SA (France)		28,108
	898	FMC Corp.		77,524
	1,526	Hitachi Chemical Co. Ltd. (Japan)		47,730
	6,959	Nippon Light Metal Holdings Co. Ltd. (Japan)		12,063
	1,243	Sociedad Quimica y Minera de Chile SA ADR (Chile)		30,628
				249,511
Utilities – 0.3%
	19,184	HK Electric Investments & HK Electric Investments Ltd. (Hong Kong)		18,387
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $6,148,990)		$	5,985,833
Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 4.9%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	295,431	2.045%	$	295,431
	(Cost $295,431)
	TOTAL INVESTMENTS – 104.4%
	(Cost $6,444,421)		$	6,281,264
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (4.4)%			(267,371	)
	NET ASSETS – 100.0%		$	6,013,893

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	Represents an affiliated issuer.

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

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

GOLDMAN SACHS MOTIF NEW AGE CONSUMER ETF

Schedule of Investments

August 31, 2019

Shares		Description	Value
Common Stocks – 99.4%
Communication Services – 35.8%
	1,320	Activision Blizzard, Inc.	$	66,792
	1,586	Bilibili, Inc. ADR (China)*		22,283
	609	Cargurus, Inc.*(a)		19,866
	5,781	China Literature Ltd. (China)*(b)		17,781
	1,272	Dip Corp. (Japan)		28,929
	592	Electronic Arts, Inc.*		55,459
	672	Eventbrite, Inc., Class A*(a)		11,747
	940	Facebook, Inc., Class A*		174,530
	1,338	GungHo Online Entertainment, Inc. (Japan)		30,429
	1,598	HUYA, Inc. ADR (China)*		40,270
	2,129	iQIYI, Inc. ADR (China)*		38,939
	1,859	Kakaku.com, Inc. (Japan)		46,604
	1,455	Koei Tecmo Holdings Co. Ltd. (Japan)		30,390
	805	LINE Corp. (Japan)*		28,288
	742	Live Nation Entertainment, Inc.*		51,576
	660	Mail.Ru Group Ltd. GDR (Russia)*		14,705
	832	Match Group, Inc.(a)		70,554
	1,144	Momo, Inc. ADR (China)		42,076
	264	NetEase, Inc. ADR (China)		67,320
	304	Netflix, Inc.*		89,300
	3,196	Nexon Co. Ltd. (Japan)*		43,027
	210	Nintendo Co. Ltd. (Japan)		79,711
	1,779	Pinterest, Inc., Class A*		61,233
	1,286	Sea Ltd. ADR (Thailand)*		41,306
	8,955	Sirius XM Holdings, Inc.(a)		55,252
	3,410	Snap, Inc., Class A*		53,980
	363	Spotify Technology SA*		48,987
	732	Square Enix Holdings Co. Ltd. (Japan)		29,240
	456	Take-Two Interactive Software, Inc.*		60,178
	3,504	Tencent Holdings Ltd. (China)		145,252
	3,763	Tencent Music Entertainment Group ADR (China)*		50,048
	430	TripAdvisor, Inc.*		16,336
	1,902	Twitter, Inc.*		81,120
	405	Ubisoft Entertainment SA (France)*		32,719
	1,085	Weibo Corp. ADR (China)*		44,887
	1,010	Yelp, Inc.*		33,845
	476	YY, Inc. ADR (China)*		27,203
	6,645	Zynga, Inc., Class A*		37,943
				1,890,105
Consumer Discretionary – 53.4%
	847	Acushnet Holdings Corp.		21,997
	325	adidas AG (Germany)		96,527
	902	Alibaba Group Holding Ltd. ADR (China)*		157,877
	84	Amazon.com, Inc.*		149,208
	8,503	ANTA Sports Products Ltd. (China)		70,539
	2,654	Asics Corp. (Japan)		34,305
	931	ASOS PLC (United Kingdom)*		26,985
	606	Baozun, Inc. ADR (China)*(a)		27,731
	10,355	boohoo Group PLC (United Kingdom)*		30,443
	45	Booking Holdings, Inc.*		88,488
	624	Brunswick Corp.		29,078
	1,117	Callaway Golf Co.		19,838
	633	Carvana Co.*		51,374
	861	Chegg, Inc.*		34,130
Common Stocks – (continued)
Consumer Discretionary – (continued)
	19,652	China Education Group Holdings Ltd. (China)		29,245
	40,420	China Maple Leaf Educational Systems Ltd. (China)		12,381
	42,243	China Yuhua Education Corp. Ltd. (China)(b)		23,344
	457	Columbia Sportswear Co.		42,862
	1,617	Ctrip.com International Ltd. ADR (China)*		52,358
	930	Delivery Hero SE (Germany)*(b)		47,071
	928	Descente Ltd. (Japan)		12,703
	776	Dick’s Sporting Goods, Inc.		26,415
	2,007	eBay, Inc.		80,862
	592	Etsy, Inc.*		31,252
	472	Expedia Group, Inc.		61,407
	1,784	Farfetch Ltd., Class A (United Kingdom)*		17,448
	403	Flutter Entertainment PLC (Ireland)		33,207
	769	Foot Locker, Inc.		27,830
	256	Goldwin, Inc. (Japan)		35,381
	7,437	Groupon, Inc.*		18,444
	569	GrubHub, Inc.*(a)		33,764
	3,069	GVC Holdings PLC (United Kingdom)		23,509
	598	HelloFresh SE (Germany)*		7,824
	4,501	JD Sports Fashion PLC (United Kingdom)		33,821
	2,687	JD.com, Inc. ADR (China)*		81,953
	4,484	Just Eat PLC (United Kingdom)*		42,911
	14,837	Li Ning Co. Ltd. (China)		43,837
	292	Lululemon Athletica, Inc.*		53,924
	1,180	MakeMyTrip Ltd. (India)*		27,105
	9,764	Meituan Dianping, Class B (China)*		92,651
	85	MercadoLibre, Inc. (Argentina)*		50,541
	1,332	Mercari, Inc. (Japan)*		31,184
	598	New Oriental Education & Technology Group, Inc. ADR (China)*		67,813
	1,227	NIKE, Inc., Class B		103,681
	2,479	Ocado Group PLC (United Kingdom)*		39,112
	2,753	Pinduoduo, Inc. ADR (China)*		90,216
	537	Planet Fitness, Inc., Class A*		37,918
	538	Puma SE (Germany)		40,910
	4,547	Rakuten, Inc. (Japan)		42,880
	530	Roku, Inc.*		80,221
	3,053	Sports Direct International PLC (United Kingdom)*		9,266
	1,836	Stars Group, Inc. (The) (Canada)*		27,889
	853	Stitch Fix, Inc., Class A*		16,258
	1,826	TAL Education Group ADR (China)*		65,060
	534	Thor Industries, Inc.		24,516
	1,533	Under Armour, Inc., Class A*		28,529
	5,457	Vipshop Holdings Ltd. ADR (China)*		45,675
	294	Wayfair, Inc., Class A*		33,146
	872	Weight Watchers International, Inc.*		26,151
	919	YETI Holdings, Inc.*(a)		25,962
	1,270	Zalando SE (Germany)*(b)		62,936
	1,781	ZOZO, Inc. (Japan)		35,605
				2,817,498

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

GOLDMAN SACHS MOTIF NEW AGE CONSUMER ETF

Shares		Description	Value
Common Stocks – (continued)
Consumer Staples – 4.8%
	265	Beyond Meat, Inc.*(a)	$	44,422
	222	Calavo Growers, Inc.		19,680
	535	Cal-Maine Foods, Inc.		21,689
	972	Fresh Del Monte Produce, Inc.		25,311
	655	Herbalife Nutrition Ltd.*		22,551
	683	Maruha Nichiro Corp. (Japan)		17,650
	2,574	Nippon Suisan Kaisha Ltd. (Japan)		14,938
	1,755	Pilgrim’s Pride Corp.*		54,686
	198	Sanderson Farms, Inc.		29,625
				250,552
Health Care – 2.2%
	1,039	Dechra Pharmaceuticals PLC (United Kingdom)		37,960
	228	IDEXX Laboratories, Inc.*		66,061
	494	Phibro Animal Health Corp., Class A		10,201
				114,222
Industrials – 0.4%
	1,269	Upwork, Inc.*(a)		18,350
Information Technology – 2.8%
	4,194	Fitbit, Inc., Class A*		12,960
	563	GoDaddy, Inc., Class A*		35,660
	718	LivePerson, Inc.*		28,533
	1,167	Sabre Corp.		27,588
	320	Wix.com Ltd. (Israel)*		44,880
				149,621
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $5,046,153)		$	5,240,348
Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 5.7%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	300,049	2.045%	$	300,049
	(Cost $300,049)
	TOTAL INVESTMENTS – 105.1%
	(Cost $5,346,202)		$	5,540,397
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (5.1)%			(266,627	)
	NET ASSETS – 100.0%		$	5,273,770

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	Represents an affiliated issuer.

Investment Abbreviations:
ADR	—American Depositary Receipt
GDR	—Global Depositary Receipt
PLC	—Public Limited Company

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

GOLDMAN SACHS MOTIFS ETFS

Statements of Assets and Liabilities

August 31, 2019

	Motif Data- Driven World ETF		Motif Finance Reimagined ETF		Motif Human Evolution ETF			Motif Manufacturing Revolution ETF
Assets:
Investments at value (cost $10,233,533, $10,487,734, $8,805,472 and $6,148,990, respectively)(a)	$	10,260,354	$	11,059,865	$	8,718,396		$	5,985,833
Investments in securities lending reinvestment vehicle, at value which equals cost		95,421		334,439		387,038			295,431
Cash		—		51,740		55,224			21,677
Foreign currency, at value (cost $—, $—, $22,217 and $56, respectively)		—		—		22,217			56
Receivables:
Dividends		11,599		8,567		4,297			6,021
Foreign tax reclaims		323		98		975			1,696
Securities lending income		100		951		636			1,009
Investments sold		—		470		—			—
Fund shares sold		—		—		121			—
Total assets		10,367,797		11,456,130		9,188,904			6,311,723
Liabilities:
Payables:
Upon return of securities loaned		95,421		334,439		387,038			295,431
Management fees		4,279		4,382		3,178			2,330
Due to custodian		483		—		—			—
Trustee fees		69		69		69			69
Investments purchased		—		—		22,218			—
Total liabilities		100,252		338,890		412,503			297,830
Net Assets:
Paid-in capital		10,243,257		10,548,730		8,868,242			6,184,790
Total distributable earnings (loss)		24,288		568,510		(91,841	)		(170,897	)
NET ASSETS	$	10,267,545	$	11,117,240	$	8,776,401		$	6,013,893
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		200,000		200,000		175,000			125,000
Net asset value per share:		$51.34		$55.59		$50.15			$48.11

(a) Includes loaned securities having a market value of $89,879, $316,800, $379,825 and $289,231, respectively.

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

GOLDMAN SACHS MOTIFS ETFS

Statements of Assets and Liabilities (continued)

August 31, 2019

	Motif New Age Consumer ETF
Assets:
Investments at value (cost $5,046,153)(a)	$	5,240,348
Investments in securities lending reinvestment vehicle, at value which equals cost		300,049
Cash		31,586
Receivables:
Dividends		2,872
Securities lending income		909
Foreign tax reclaims		267
Total assets		5,576,031
Liabilities:
Payables:
Upon return of securities loaned		300,049
Management fees		2,143
Trustee fees		69
Total liabilities		302,261
Net Assets:
Paid-in capital		5,084,814
Total distributable earnings		188,956
NET ASSETS	$	5,273,770
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		100,000
Net asset value per share:		$52.74

(a) Includes loaned securities having a market value of $292,163.

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

GOLDMAN SACHS MOTIFS ETFS

Statements of Operations

For the Period Ended August 31, 2019

	Motif Data- Driven World ETF(a)			Motif Finance Reimagined ETF(a)			Motif Human Evolution ETF(a)			Motif Manufacturing Revolution ETF(a)
Investment income:
Dividends (net of foreign withholding taxes of $2,578, $1,942, $4,118 and $5,948, respectively)	$	52,787		$	44,285		$	28,973		$	50,784
Securities lending income		133			1,061			876			1,342
Total investment income		52,920			45,346			29,849			52,126
Expenses:
Management fees		21,220			16,561			13,190			10,916
Trustee fees		1,849			1,839			1,822			1,820
Total expenses		23,069			18,400			15,012			12,736
NET INVESTMENT INCOME		29,851			26,946			14,837			39,390
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments		(15,048	)		(13,974	)		(6,654	)		(13,786	)
Foreign currency transactions		292			934			551			1,449
Net change in unrealized gain (loss) on:
Investments		26,821			572,131			(87,076	)		(163,157	)
Foreign currency translations		6			6			(49	)		(22	)
Net realized and unrealized gain (loss)		12,071			559,097			(93,228	)		(175,516	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	41,922		$	586,043		$	(78,391	)	$	(136,126	)

(a) For the period March 1, 2019 (commencement of operations) through August 31, 2019.

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

GOLDMAN SACHS MOTIFS ETFS

Statements of Operations (continued)

For the Period Ended August 31, 2019

	Motif New Age Consumer ETF(a)
Investment income:
Dividends (net of foreign withholding taxes of $900)	$	16,544
Securities lending income		987
Total investment income		17,531
Expenses:
Management fees		11,294
Trustee fees		1,823
Total expenses		13,117
NET INVESTMENT INCOME		4,414
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments		(5,561	)
Foreign currency transactions		698
Net change in unrealized gain (loss) on:
Investments		194,195
Foreign currency translations		(8	)
Net realized and unrealized gain		189,324
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	193,738

(a) For the period March 1, 2019 (commencement of operations) through August 31, 2019.

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

GOLDMAN SACHS MOTIFS ETFS

Statements of Changes in Net Assets

	Motif Data- Driven World ETF			Motif Finance Reimagined ETF
	For the Period March 1, 2019* to August 31, 2019			For the Period March 1, 2019* to August 31, 2019
From operations:
Net investment income	$	29,851		$	26,946
Net realized loss		(14,756	)		(13,040	)
Net change in unrealized gain		26,827			572,137
Net increase in net assets resulting from operations		41,922			586,043
Distributions to shareholders:
From distributable earnings		(17,634	)		(17,533	)
From share transactions:
Proceeds from sales of shares		10,243,257			10,548,730
Net increase in net assets resulting from share transactions		10,243,257			10,548,730
TOTAL INCREASE		10,267,545			11,117,240
Net assets:
Beginning of period	$	—		$	—
End of period	$	10,267,545		$	11,117,240

* Commencement of operations.

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

GOLDMAN SACHS MOTIFS ETFS

Statements of Changes in Net Assets (continued)

	Motif Human Evolution ETF			Motif Manufacturing Revolution ETF
	For the Period March 1, 2019* to August 31, 2019			For the Period March 1, 2019* to August 31, 2019
From operations:
Net investment income	$	14,837		$	39,390
Net realized loss		(6,103	)		(12,337	)
Net change in unrealized loss		(87,125	)		(163,179	)
Net decrease in net assets resulting from operations		(78,391	)		(136,126	)
Distributions to shareholders:
From distributable earnings		(13,450	)		(34,771	)
From share transactions:
Proceeds from sales of shares		8,868,242			6,184,790
Net increase in net assets resulting from share transactions		8,868,242			6,184,790
TOTAL INCREASE		8,776,401			6,013,893
Net assets:
Beginning of period	$	—		$	—
End of period	$	8,776,401		$	6,013,893

* Commencement of operations.

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

GOLDMAN SACHS MOTIFS ETFS

Statements of Changes in Net Assets (continued)

	Motif New Age Consumer ETF
	For the Period March 1, 2019* to August 31, 2019
From operations:
Net investment income	$	4,414
Net realized loss		(4,863	)
Net change in unrealized gain		194,187
Net increase in net assets resulting from operations		193,738
Distributions to shareholders:
From distributable earnings		(4,782	)
From share transactions:
Proceeds from sales of shares		5,084,814
Net increase in net assets resulting from share transactions		5,084,814
TOTAL INCREASE		5,273,770
Net assets:
Beginning of period	$	—
End of period	$	5,273,770

* Commencement of operations.

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

GOLDMAN SACHS MOTIFS ETFS

Financial Highlights

Selected Data for a Share Outstanding Throughout the Period

	Motif Data- Driven World ETF
	For the Period March 1, 2019* to August 31, 2019
Per Share Operating Performance:
Net asset value, beginning of period	$	50.10
Net investment income(a)		0.17
Net realized and unrealized gain		1.16
Total gain from investment operations		1.33
Distributions to shareholders from net investment income		(0.09	)
Net asset value, end of period	$	51.34
Market price, end of period	$	51.40
Total Return at Net Asset Value(b)		2.65	%
Net assets, end of period (in 000’s)	$	10,268
Ratio of total expenses to average net assets		0.50	%(c)
Ratio of net investment income to average net assets		0.65	%(c)
Portfolio turnover rate(d)		17	%

 * 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.

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

GOLDMAN SACHS MOTIFS ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout the Period

	Motif Finance Reimagined ETF
	For the Period March 1, 2019* to August 31, 2019
Per Share Operating Performance:
Net asset value, beginning of period	$	50.74
Net investment income(a)		0.20
Net realized and unrealized gain		4.77
Total gain from investment operations		4.97
Distributions to shareholders from net investment income		(0.12	)
Net asset value, end of period	$	55.59
Market price, end of period	$	55.64
Total Return at Net Asset Value(b)		9.77	%
Net assets, end of period (in 000’s)	$	11,117
Ratio of total expenses to average net assets		0.50	%(c)
Ratio of net investment income to average net assets		0.73	%(c)
Portfolio turnover rate(d)		18	%

 * 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.

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

GOLDMAN SACHS MOTIFS ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout the Period

	Motif Human Evolution ETF
	For the Period March 1, 2019* to August 31, 2019
Per Share Operating Performance:
Net asset value, beginning of period	$	50.63
Net investment income(a)		0.12
Net realized and unrealized loss		(0.47	)
Total loss from investment operations		(0.35	)
Distributions to shareholders from net investment income		(0.13	)
Net asset value, end of period	$	50.15
Market price, end of period	$	50.26
Total Return at Net Asset Value(b)		(0.69	)%
Net assets, end of period (in 000’s)	$	8,776
Ratio of total expenses to average net assets		0.50	%(c)
Ratio of net investment income to average net assets		0.49	%(c)
Portfolio turnover rate(d)		24	%

 * Commencement of operations.

(a) Calculated based on the average shares outstanding methodology.

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

(c) Annualized.

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

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

GOLDMAN SACHS MOTIFS ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout the Period

	Motif Manufacturing Revolution ETF
	For the Period March 1, 2019* to August 31, 2019
Per Share Operating Performance:
Net asset value, beginning of period	$	49.70
Net investment income(a)		0.38
Net realized and unrealized loss		(1.62	)
Total loss from investment operations		(1.24	)
Distributions to shareholders from net investment income		(0.35	)
Net asset value, end of period	$	48.11
Market price, end of period	$	48.22
Total Return at Net Asset Value(b)		(2.52	)%
Net assets, end of period (in 000’s)	$	6,014
Ratio of total expenses to average net assets		0.50	%(c)
Ratio of net investment income to average net assets		1.55	%(c)
Portfolio turnover rate(d)		21	%

 * 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.

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

GOLDMAN SACHS MOTIFS ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout the Period

	Motif New Age Consumer ETF
	For the Period March 1, 2019* to August 31, 2019
Per Share Operating Performance:
Net asset value, beginning of period	$	50.83
Net investment income(a)		0.04
Net realized and unrealized gain		1.92
Total gain from investment operations		1.96
Distributions to shareholders from net investment income		(0.05	)
Net asset value, end of period	$	52.74
Market price, end of period	$	52.83
Total Return at Net Asset Value(b)		3.83	%
Net assets, end of period (in 000’s)	$	5,274
Ratio of total expenses to average net assets		0.50	%(c)
Ratio of net investment income to average net assets		0.17	%(c)
Portfolio turnover rate(d)		7	%

 * 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.

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

GOLDMAN SACHS MOTIFS ETFS

Notes to Financial Statements

August 31, 2019

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 Motif Data-Driven World ETF (“Motif Data-Driven World ETF”)*	Diversified
Goldman Sachs Motif Finance Reimagined ETF (“Motif Finance Reimagined ETF”)*	Diversified
Goldman Sachs Motif Human Evolution ETF (“Motif Human Evolution ETF”)*	Diversified
Goldman Sachs Motif Manufacturing Revolution ETF (“Motif Manufacturing Revolution ETF”)*	Diversified
Goldman Sachs Motif New Age Consumer ETF (“Motif New Age Consumer ETF”)*	Diversified

* Commencement of operations on March 1, 2019.

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”). The market price 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 Motif Data-Driven World ETF, Motif Finance Reimagined ETF, Motif Human Evolution ETF, Motif Manufacturing Revolution ETF and Motif New Age Consumer ETF. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the “Distributor”) may do business directly with the Funds.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

46

GOLDMAN SACHS MOTIFS ETFS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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Notes to Financial Statements (continued)

August 31, 2019

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities may be valued at the closing bid price for long positions and at the closing 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 for long positions or the last ask price for short positions, and are generally classified as Level 2.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying 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 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. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of August 31, 2019:

MOTIF DATA-DRIVEN WORLD ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	2,035,537	$	—	$	—
Europe		986,771		—		—
North America		7,238,046		—		—
Securities Lending Reinvestment Vehicle		95,421		—		—
Total	$	10,355,775	$	—	$	—

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

MOTIF FINANCE REIMAGINED ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	1,165,613	$	—	$	—
Europe		1,407,336		—		—
North America		8,220,761		—		—
South America		266,155		—		—
Securities Lending Reinvestment Vehicle		334,439		—		—
Total	$	11,394,304	$	—	$	—
MOTIF HUMAN EVOLUTION ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	539,004	$	—	$	—
Europe		1,872,051		—		—
North America		6,307,341		—		—
Securities Lending Reinvestment Vehicle		387,038		—		—
Total	$	9,105,434	$	—	$	—
MOTIF MANUFACTURING REVOLUTION ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	1,080,581	$	—	$	—
Europe		1,570,795		—		—
North America		3,303,829		—		—
South America		30,628		—		—
Securities Lending Reinvestment Vehicle		295,431		—		—
Total	$	6,281,264	$	—	$	—

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Notes to Financial Statements (continued)

August 31, 2019

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

MOTIF NEW AGE CONSUMER ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	2,011,294	$	14,705	$	—
Europe		582,649		—		—
North America		2,581,159		—		—
South America		50,541		—		—
Securities Lending Reinvestment Vehicle		300,049		—		—
Total	$	5,525,692	$	14,705	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table.

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

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

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, litigation, indemnification and extraordinary expenses. As the Funds directly pay fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Funds to the independent Trustees.

For the period ended August 31, 2019, unitary management fees with GSAM were 0.50% for each Fund.

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.

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.

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5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

Share activity is as follows:

	Motif Data-Driven World ETF
	For the period March 1, 2019* through August 31, 2019
Shares Sold		200,000	$	10,242,706

	Motif Finance Reimagined ETF
	For the period March 1, 2019* through August 31, 2019
Shares Sold		200,000	$	10,548,731

	Motif Human Evolution ETF
	For the period March 1, 2019* through August 31, 2019
Shares Sold		175,000	$	8,869,648

	Motif Manufacturing Revolution ETF
	For the period March 1, 2019* through August 31, 2019
Shares Sold		125,000	$	6,183,762

	Motif New Age Consumer ETF
	For the period March 1, 2019* through August 31, 2019
Shares Sold		100,000	$	5,083,282

* Commencement of operations.

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the period ended August 31, 2019, were as follows:

Fund	Purchases		Sales
Motif Data-Driven World ETF	$	3,039,288	$	1,553,660
Motif Finance Reimagined ETF		3,072,000		1,383,709
Motif Human Evolution ETF		2,900,773		1,509,233
Motif Manufacturing Revolution ETF		2,399,970		1,042,566
Motif New Age Consumer ETF		1,908,961		338,995

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GOLDMAN SACHS MOTIFS ETFS

Notes to Financial Statements (continued)

August 31, 2019

6. PORTFOLIO SECURITIES TRANSACTIONS (continued)

The purchases and sales from in-kind creation and redemption transactions for the period ended August 31, 2019, were as follows:

Fund	Purchases		Sales
Motif Data-Driven World ETF	$	8,764,337	$	—
Motif Finance Reimagined ETF		8,820,069		—
Motif Human Evolution ETF		7,420,604		—
Motif Manufacturing Revolution ETF		4,805,378		—
Motif New Age Consumer ETF		3,481,749		—

7. SECURITIES LENDING

The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements, and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of August 31, 2019, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

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7. SECURITIES LENDING (continued)

Both the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the period ended August 31, 2019, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds’ investment in the Government Money Market Fund for the period ended August 31, 2019:

Fund	Beginning value as of March 1, 2019*		Purchases at Cost		Proceeds from Sales			Ending value as of August 31, 2019
Motif Data-Driven World ETF	$	—	$	363,581	$	(268,160	)	$	95,421
Motif Finance Reimagined ETF		—		751,447		(417,008	)		334,439
Motif Human Evolution ETF		—		876,634		(489,596	)		387,038
Motif Manufacturing Revolution ETF		—		629,819		(334,388	)		295,431
Motif New Age Consumer ETF		—		414,022		(113,973	)		300,049

* Commencement of operations.

8. TAX INFORMATION

The tax character of distributions paid during the period ended August 31, 2019 was as follows:

	Motif Data- Driven World ETF		Motif Finance Reimagined ETF		Motif Human Evolution ETF		Motif Manufacturing Revolution ETF		Motif New Age Consumer ETF
Distributions paid from:
Ordinary Income*	$	17,634	$	17,533	$	13,450	$	34,771	$	4,782
Long-term capital gain		—		—		—		—		—
Total taxable distributions	$	17,634	$	17,533	$	13,450	$	34,771	$	4,782

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

As of August 31, 2019, the components of accumulated earnings (losses) on a tax-basis were as follows:

	Motif Data- Driven World ETF			Motif Finance Reimagined ETF			Motif Human Evolution ETF			Motif Manufacturing Revolution ETF			Motif New Age Consumer ETF
Undistributed ordinary income — net	$	12,509		$	28,884		$	1,938		$	6,068		$	6,735
Undistributed long-term capital gains		—			—			—			—			—
Total undistributed earnings	$	12,509		$	28,884		$	1,938		$	6,068		$	6,735
Capital loss carryforwards:
Perpetual Short-Term	$	(13,719	)	$	(8,366	)	$	(3,268	)	$	(10,345	)	$	(11,966	)
Unrealized gains (losses) — net		25,498			547,992			(90,511	)		(166,620	)		194,187
Total accumulated earnings (losses) net	$	24,288		$	568,510		$	(91,841	)	$	(170,897	)	$	188,956

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Notes to Financial Statements (continued)

August 31, 2019

8. TAX INFORMATION (continued)

As of August 31, 2019, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Motif Data- Driven World ETF			Motif Finance Reimagined ETF			Motif Human Evolution ETF			Motif Manufacturing Revolution ETF			Motif New Age Consumer ETF
Tax Cost	$	10,330,283		$	10,846,318		$	9,195,896		$	6,447,862		$	5,346,202
Gross unrealized gain		671,700			953,557			443,636			298,110			599,579
Gross unrealized loss		(646,208	)		(405,571	)		(534,098	)		(464,708	)		(405,384	)
Net unrealized gains (losses)	$	25,492		$	547,986		$	(90,462	)	$	(166,598	)	$	194,195

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

GSAM has reviewed the Funds’ tax positions for all open tax years (the current year) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax year remains subject to examination and adjustment by tax authorities.

9. OTHER RISKS

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

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the 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.

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 — Motif Capital Management, Inc. (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

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9. OTHER RISKS (continued)

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.

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 or without significant dilution to remaining investors’ interests 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. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. These risks may be more pronounced in connection with a Fund’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

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.

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

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 the 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 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.

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Notes to Financial Statements (continued)

August 31, 2019

11. SUBSEQUENT EVENTS

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

56

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs ETF Trust and Shareholders of Goldman Sachs Motif Data-Driven World ETF, Goldman Sachs Motif Finance Reimagined ETF, Goldman Sachs Motif Human Evolution ETF, Goldman Sachs Motif Manufacturing Revolution ETF, and Goldman Sachs Motif New Age Consumer ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Motif Data-Driven World ETF, Goldman Sachs Motif Finance Reimagined ETF, Goldman Sachs Motif Human Evolution ETF, Goldman Sachs Motif Manufacturing Revolution ETF, and Goldman Sachs Motif New Age Consumer ETF (five of the funds constituting Goldman Sachs ETF Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2019, the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period March 1, 2019 (commencement of operations) through August 31, 2019 (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, 2019, and the results of each of their operations, changes in each of their net assets, and each of the financial highlights for the period March 1, 2019 (commencement of operations) through August 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

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, 2019 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 21, 2019

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

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Fund Expenses — Six Months ended 8/31/2019 (Unaudited)

As a shareholder you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Shares of the Fund and to compare these costs with the ongoing costs of investing in other exchange-traded funds. This example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares of the Fund.

The example is based on an investment of $1,000 invested at the beginning of the period from March 1, 2019 and held for the six months ended August 31, 2019, 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.

	Motif Data-Driven World ETF*							Motif Finance Reimagined ETF*							Motif Human Evolution ETF*
	Beginning Account Value 3/1/19		Ending Account Value 8/31/19			Expenses Paid**		Beginning Account Value 3/1/19		Ending Account Value 8/31/19			Expenses Paid**		Beginning Account Value 3/1/19		Ending Account Value 831/19			Expenses Paid**
Actual based on NAV	$	1,000	$	1,026.50		$	2.55	$	1,000	$	1,097.70		$	2.64	$	1,000	$	993.10		$	2.51
Hypothetical 5% return		1,000		1,022.68	+		2.55		1,000		1,022.68	+		2.55		1,000		1,022.68	+		2.55

	Motif Manufacturing Revolution ETF*							Motif New Age Consumer ETF*
	Beginning Account Value 3/1/19		Ending Account Value 8/31/19			Expenses Paid**		Beginning Account Value 3/1/19		Ending Account Value 8/31/19			Expenses Paid**
Actual based on NAV	$	1,000	$	974.80		$	2.49	$	1,000	$	1,038.30		$	2.57
Hypothetical 5% return		1,000		1,022.68	+		2.55		1,000		1,022.68	+		2.55

+ 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 March 1, 2019. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 184/365, which represents a period of 184 days of a 365 day year (to reflect the Fund’s commencement of operation).

** 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, 2019. 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
Motif Data-Driven World ETF	0.50	%
Motif Finance Reimagined ETF	0.50
Motif Human Evolution ETF	0.50
Motif Manufacturing Revolution ETF	0.50
Motif New Age Consumer ETF	0.50

58

GOLDMAN SACHS MOTIFS ETFS

Statement Regarding Basis for Initial Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Motif Data-Driven World ETF, Goldman Sachs Motif Finance Reimagined ETF, Goldman Sachs Motif Human Evolution ETF, Goldman Sachs Motif Manufacturing Revolution ETF and Goldman Sachs Motif New Age Consumer ETF (each, a “Fund” and together, the “Funds”) are newly-organized investment portfolios of Goldman Sachs ETF Trust (the “Trust”) that commenced investment operations on March 7, 2019. At a meeting held on September 20-21, 2018 (the “Meeting”) in connection with the Funds’ organization, the Board of Trustees, including all of the Trustees present who are not parties to the Funds’ investment management agreement (the “Management Agreement”) or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”) approved the Management Agreement with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

At the Meeting, the Trustees reviewed the Management Agreement with respect to the Funds, 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 each Fund; a comparison of each Fund’s proposed management fee and anticipated expenses with those paid by other similar exchange-traded funds (“ETFs”); potential benefits to be derived by the Investment Adviser and its affiliates from their relationships with the Funds; and potential benefits to be derived by the Funds from their relationship with the Investment Adviser. Various information was also provided at prior meetings at which each Fund was discussed.

In connection with the Meeting, the Trustees received written materials and oral presentations on the topics covered, and were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval of registered fund investment management agreements under applicable law. In evaluating the Management Agreement at the Meeting, the Trustees relied upon information included in a presentation made by the Investment Adviser and information received at prior Board meetings, as well as on their knowledge of the Investment Adviser resulting from their meetings and other interactions over time.

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

As part of their review, the Trustees considered the nature, extent, and quality of the services to be provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that would be provided by the Investment Adviser and its affiliates. The Trustees noted the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the regulatory and control environment in which the Funds and their service providers would operate, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees considered that under the Management Agreement, each Fund pays a single management fee to the Investment Adviser, and the Investment Adviser pays all of such Fund’s ordinary operating expenses, excluding payments under such Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings and litigation, indemnification and extraordinary expenses. The Trustees also considered information about each Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that each Fund would operate as a passively-managed ETF that would seek to track an index developed, maintained and calculated by third-party service providers. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who would provide services to the Funds. 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 operational resources to the Funds. They also considered that although the Funds were new (and therefore had no performance data to evaluate), the Investment Adviser has committed substantial financial and operational resources to ETFs and has extensive experience managing other types of registered investment companies. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

Unitary Fee Structure and Profitability

The Trustees considered the contractual management fee rate payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single management fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services to be rendered by the Investment Adviser to the Funds, which would include both advisory and administrative services directed to the needs and operations of the Funds as ETFs. The Trustees noted that license fees would be payable by the Investment Adviser to Motif Capital Management, Inc. for the use of its indices and certain trademarks. 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’ unitary management fee rates and projected expense ratios were prepared by the Investment

59

GOLDMAN SACHS MOTIFS ETFS

Statement Regarding Basis for Initial Approval of Management Agreement (Unaudited) (continued)

Adviser and a third-party provider of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing each Fund’s unitary management fee rate and projected expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fees and total expenses to be paid by the Funds. The Trustees concluded that the Investment Adviser’s management of the Funds likely would benefit the Funds and their shareholders.

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

Economies of Scale

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

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 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 & Co. LLC (“Goldman Sachs”).

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds are expected to 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 management fee to be paid by each Fund was reasonable in light of the services to be provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s reasonably foreseeable asset levels. The Trustees unanimously concluded that the engagement of the Investment Adviser likely would benefit each Fund and its shareholders and that the Management Agreement should be approved until September 21, 2020.

60

GOLDMAN SACHS MOTIFS 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: 65	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; and Goldman Sachs MLP and Energy Renaissance Fund.	41	Kennametal Inc. (a global manufacturer and distributor of tooling and industrial materials)
Caroline Dorsa Age: 60	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; and Goldman Sachs MLP and Energy Renaissance Fund.	41	Biogen Inc. (a biotechnology company); Intellia Therapeutics Inc. (a gene-editing company); Illumina, Inc. (a life sciences company)
Linda A. Lang Age: 61	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; and Goldman Sachs MLP and Energy Renaissance Fund.	41	WD-40 Company (a global consumer products company)
Michael Latham Age: 53	Trustee	Since 2015	Mr. Latham is retired. Formerly, he held senior management positions with the iShares exchange-traded fund business, including Chairman (2011-2014); Global Head (2010-2011); U.S. Head (2007-2010); and Chief Operating Officer (2003-2007). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.	41	None

61

GOLDMAN SACHS MOTIFS 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: 56	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; and Goldman Sachs MLP and Energy Renaissance Fund.	161	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.

¹  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, 2019.

²  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.

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2019, Goldman Sachs ETF Trust consisted of 39 portfolios (21 of which offered shares to the public); Goldman Sachs Trust consisted of 88 portfolios (87 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 and Goldman Sachs MLP and Energy Renaissance Fund 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.

62

GOLDMAN SACHS MOTIFS 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: 56	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; and Goldman Sachs MLP and Energy Renaissance Fund.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 42	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; and Goldman Sachs MLP and Energy Renaissance Fund.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 51	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President – Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer—Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP Income Opportunities Fund (previously Assistant Treasurer (2017)); and Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)).

* 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.

¹  Information is provided as of August 31, 2019.

²  Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

Goldman Sachs ETF Trust — Goldman Sachs Motifs ETFs — Tax Information (Unaudited)

For the fiscal year ended August 31, 2019, 94.23%, 40.61%, 53.31%, 25.48% and 43.35% of the dividends paid from net investment company taxable income by the Motif Data-Driven World ETF, Motif Finance Reimagined ETF, Motif Human Evolution ETF, Motif Manufacturing Revolution ETF and Motif New Age Consumer ETF, respectively, qualify for the dividends received deduction available to corporations.

For the fiscal year ended August 31, 2019, the Motif Data-Driven World ETF, Motif Finance Reimagined ETF, Motif Human Evolution ETF, Motif Manufacturing Revolution ETF and Motif New Age Consumer ETF designate 100%, 62.81%, 100%, 100% and 100%, respectively, of the dividends paid from net investment company taxable income as qualifying for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

63

FUNDS PROFILE

Goldman Sachs ETFs

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the Consumer and Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.44 trillion in assets under supervision as of June 30, 2019, 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 High Yield Corporate Bond ETF

Goldman Sachs Access Inflation Protected USD Bond ETF

Goldman Sachs Access Investment Grade Corporate Bond ETF

Goldman Sachs Access Treasury 0-1 Year ETF

Goldman Sachs Access Ultra Short Bond ETF

Goldman Sachs Motif Data-Driven World ETF

Goldman Sachs Motif Finance Reimagined ETF

Goldman Sachs Motif Human Evolution ETF

Goldman Sachs Motif Manufacturing Revolution ETF

Goldman Sachs Motif New Age Consumer ETF

INDEX DISCLAIMERS

The Motif Data-Driven World Index, Motif Finance Reimagined Index, Motif Human Evolution Index, Motif Manufacturing Revolution Index and Motif New Age Consumer Index were developed and are maintained by Motif Capital Management, Inc. (the “Index Provider”) and calculated by Solactive AG (the “Calculation Agent”). The Index Provider determines the composition and relative weightings of the securities in each Index. The Calculation Agent publishes information regarding the market value of each Index. A Fund may hire an affiliate of the Fund and/or the Investment Adviser to serve as calculation agent and/or index provider.

“Motif” is a trademark of Motif Capital Management, Inc. or its affiliates and has been licensed for use in connection with the issuance and distribution of the Funds. The Funds are not sponsored by, endorsed, sold or promoted by Motif Capital Management, Inc., and Motif Capital Management, Inc. makes no representation regarding the advisability of investing in them.

TRUSTEES Lawrence W. Stranghoener, Chairman Caroline Dorsa Linda A. Lang Michael Latham James A. McNamara	OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary
THE BANK OF NEW YORK MELLON Transfer Agent
ALPS DISTRIBUTORS, INC. Distributor	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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

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

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

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

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

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

Fund holdings and allocations shown are as of August 31, 2019 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

ETF Fund shares are not individually redeemable and are issued and redeemed by the Fund at their net asset value (“NAV”) only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Ordinary brokerage commissions apply.

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 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.

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

© 2019 Goldman Sachs. All rights reserved. 180339-OTU-1069483 MOTIFAR-19

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.

	2019			2018			Description of Services Rendered
Audit Fees:
• PricewaterhouseCoopers LLP (“PwC”)		$	436,500		$	314,325	Financial Statement audits.
Audit-Related Fees:
• PwC		$	12,753		$	9,797
Tax Fees:
• PwC		$	100,736		$	100,167	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.

	2019			2018			Description of Services Rendered
Audit-Related Fees:
• PwC		$	1,406,035		$	1,356,035	Internal control review performanced in accordance with Statement on Standards for Attestation Engagements No. 16 and Semi-annual Updates related to withholding tax accrual for non-US Jurisdictions. These fees are borne by the Funds’ Adviser.

* 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, 2019 and August 31, 2018 were approximately $113,489 and $109,964 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, 2018 and December 31, 2017 were approximately $12.3 million and $9.7 million respectively. With regard to the aggregate non-audit fees billed to GS ETF’s adviser and service affiliates, the 2018 and 2017 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:	October 28, 2019

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

By:	/s/ James A. McNamara
	James A. McNamara
	President/Chief Executive Officer
	Goldman Sachs ETF Trust
Date:	October 28, 2019
By:	/s/ Joseph F. DiMaria
	Joseph F. DiMaria
	Principal Financial Officer
	Goldman Sachs ETF Trust
Date:	October 28, 2019

EX-99.EXCERT

CERTIFICATIONS

(Section 302)

I, James A. McNamara, certify that:

1. I have reviewed this report on Form N-CSR of the Goldman Sachs ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: October 28, 2019

/s/ James A. McNamara

James A. McNamara

President/Chief Executive Officer

CERTIFICATIONS

(Section 302)

I, Joseph F. DiMaria, certify that:

1. I have reviewed this report on Form N-CSR of the Goldman Sachs ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: October 28, 2019

/s/ Joseph F. DiMaria

Joseph F. DiMaria

Principal Financial Officer

EX-99.906CT

EX-99.906CERT

Certification Under Section 906

of the Sarbanes-Oxley Act of 2002

James A. McNamara, President/Chief Executive Officer, and Joseph F. DiMaria, Principal Financial Officer of the Goldman Sachs ETF Trust (the “Registrant”), each certify to the best of his or her knowledge that:

1. The Registrant’s periodic report on Form N-CSR for the period ended August 31, 2019 (the “Form N-CSR”) fully complies with the requirements of section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

President/Chief Executive Officer	Principal Financial Officer
Goldman Sachs ETF Trust	Goldman Sachs ETF Trust
/s/ James A. McNamara	/s/ Joseph F. DiMaria
James A. McNamara	Joseph F. DiMaria
Date: October 28, 2019	October 28, 2019

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.