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: February 29, 2020

ITEM 1. REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

Semi-Annual Report	February 29, 2020
	Access Fixed Income ETFs
	Access High Yield Corporate Bond ETF (GHYB)
	Access Inflation Protected USD Bond ETF (GTIP)
	Access Investment Grade Corporate Bond ETF (GIGB)
	Access Treasury 0-1 Year ETF (GBIL)
	Access Ultra Short Bond ETF (GSST)

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
Recent Market Events related to COVID-19	i
Fund Basics	1
Schedules of Investments	10
Financial Statements	42
Financial Highlights
Access High Yield Corporate Bond ETF	49
Access Inflation Protected USD Bond ETF	50
Access Investment Grade Corporate Bond ETF	51
Access Treasury 0-1 Year ETF	52
Access Ultra Short Bond ETF	53
Notes to Financial Statements	54
Other Information	64

NOT FDIC-INSURED May Lose Value No Bank Guarantee

Recent Market Events related to COVID-19

While this semi-annual report covers the six month period ended February 29, 2020, we want to describe some more recent events through the end of April.

An outbreak of a novel strain of coronavirus (COVID-19) has emerged globally. The outbreak of COVID-19 has prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, curfews and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, and disruption in manufacturing and supply chains. While governments have already taken unprecedented action to limit disruption to the financial system, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of and subsequent intervening measures intended to limit the spread of COVID-19. A Fund could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions, events or actions. The full extent of the impact of COVID-19 on the Funds’ performance cannot be determined at this time and will depend on future developments, including the duration and the continued spread of the outbreak. Goldman Sachs Asset Management’s long-term commitment to you, our Fund shareholders, remains unchanged. We encourage you to maintain perspective and stay current with timely commentary and investment insights by visiting gsam.com.

On March 15, 2020, the Federal Reserve of the United States (Fed) announced an emergency 1.00% rate cut. This cut was their second intermeeting move in less than two weeks, having cut 0.50% on March 3rd. Since these rate cuts, and in response to further market disruption due to COVID-19, the Fed has announced various programs in an effort to stabilize the short-term credit markets and money market fund liquidity.

i

FUND BASICS

Access High Yield Corporate Bond ETF

as of February 29, 2020

FUND SNAPSHOT
As of February 29, 2020
Market Price1	$	48.85
Net Asset Value (NAV)1	$	48.74

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 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.

PERFORMANCE REVIEW
September 1, 2019–February 29, 2020	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			FTSE Goldman Sachs High Yield Corporate Bond Index3			Bloomberg Barclays High Yield Very Liquid Index4
Shares		1.09	%		1.73	%		1.36	%		0.93	%

²  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. Total returns for periods less than one full year are not annualized.

³  The Index was developed and is calculated and maintained by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). FTSE is not affiliated with the Fund or GSAM. The Fund is not sponsored, endorsed, sold or promoted by FTSE or any of its affiliates and FTSE makes no representation to any owner or prospective owner of the Fund regarding the advisability of investing in securities generally or in the Fund particularly, or the ability of the Fund to track the price and yield performance of the Index or the ability of the Index to track general bond market performance. FTSE’s only relationship to GSAM (“Licensee”) is the licensing of certain information, data, trademarks and trade names of FTSE or its affiliates. The Index is determined, composed and calculated by FTSE without regard to the Fund. FTSE has no obligation to take the needs of the owners or prospective owners of the Fund into consideration in determining, composing or calculating the Index. FTSE is not responsible for and has not participated in the determination of the prices and amount of the shares to be issued by the Fund or the timing of the issuance or sale of the shares to be issued by the Fund or in the determination or calculation of the equation by which the shares to be issued by the Fund are to be converted into cash. FTSE has no obligation or liability in connection with the administration, marketing or trading of the Fund. The index provider may delay or change a scheduled rebalancing or reconstitution of the Index or the implementation of certain rules at its sole discretion.

⁴  The Bloomberg Barclays High Yield Very Liquid Index (VLI) is a component of the US Corporate High Yield Index that is designed to track a more liquid component of the USD-denominated, high yield, fixed-rate corporate bond market.

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

1

FUND BASICS

TOP TEN HOLDINGS AS OF 2/29/205
Holding	% of Net Assets			Line of Business
TransDigm, Inc., 6.25%, 03/15/26		0.8	%	Aerospace & Defense
Freeport-McMoRan, Inc., 4.55%, 11/14/24		0.8		Mining
Tenet Healthcare Corp., 4.63%, 07/15/24		0.7		Healthcare
TransDigm, Inc., 5.50%, 11/15/27		0.7		Aerospace & Defense
Post Holdings, Inc., 5.75%, 03/01/27		0.7		Food and Beverage
CCO Holdings LLC / CCO Holdings Capital Corp., 5.13%, 05/01/27		0.7		Communications
HCA, Inc., 5.88%, 02/15/26		0.7		Healthcare
HCA, Inc., 7.50%, 02/15/22		0.7		Healthcare
CCO Holdings LLC / CCO Holdings Capital Corp., 5.00%, 02/01/28		0.6		Communications
CSC Holdings LLC, 5.75%, 01/15/30		0.6		Communications

⁵  The top 10 holdings may not be representative of the Fund’s future investments.

INDUSTRY ALLOCATION AS OF 2/29/206
Industry	% of Net Assets
Consumer, Non-cyclical		21.55	%
Telecommunication Services		21.18
Consumer, Cyclical		15.91
Energy		10.43
Financials		8.83
Industrials		8.67
Utilities		4.06
Information Technology		3.82
Materials		3.18
Other		0.76

⁶  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.

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.

2

FUND BASICS

Access Inflation Protected USD Bond ETF

as of February 29, 2020

FUND SNAPSHOT
As of February 29, 2020
Market Price1	$	54.04
Net Asset Value (NAV)1	$	54.15

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.

PERFORMANCE REVIEW
October 2, 2019–February 29, 2020	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index3
Shares		2.77	%		2.62	%		2.87	%

²  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.

³  The Index was developed and is calculated and maintained by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). FTSE is not affiliated with the Fund or GSAM. The Fund is not sponsored, endorsed, sold or promoted by FTSE or any of its affiliates and FTSE makes no representation to any owner or prospective owner of the Fund regarding the advisability of investing in securities generally or in the Fund particularly, or the ability of the Fund to track the price and yield performance of the Index or the ability of the Index to track general bond market performance. FTSE’s only relationship to GSAM (“Licensee”) is the licensing of certain information, data, trademarks and trade names of FTSE or its affiliates. The Index is determined, composed and calculated by FTSE without regard to the Fund. FTSE has no obligation to take the needs of the owners or prospective owners of the Fund into consideration in determining, composing or calculating the Index. FTSE is not responsible for and has not participated in the determination of the prices and amount of the shares to be issued by the Fund or the timing of the issuance or sale of the shares to be issued by the Fund or in the determination or calculation of the equation by which the shares to be issued by the Fund are to be converted into cash. FTSE has no obligation or liability in connection with the administration, marketing or trading of the Fund. The index provider may delay or change a scheduled rebalancing or reconstitution of the Index or the implementation of certain rules at its sole discretion.

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

3

FUND BASICS

HOLDINGS AS OF 2/29/204
Holding	% of Net Assets5			Line of Business
U.S. Treasury Inflation Indexed Bond, 0.50%, 01/15/28		16.6	%	Government
U.S. Treasury Inflation Indexed Bond, 0.38%, 07/15/23		14.2		Government
U.S. Treasury Inflation Indexed Bond, 0.25%, 01/15/25		11.4		Government
U.S. Treasury Inflation Indexed Bond, 0.63%, 01/15/24		9.9		Government
U.S. Treasury Inflation Indexed Bond, 0.75%, 02/15/42		9.7		Government
U.S. Treasury Inflation Indexed Bond, 0.38%, 07/15/27		8.9		Government
U.S. Treasury Inflation Indexed Bond, 0.13%, 01/15/22		7.3		Government
U.S. Treasury Inflation Indexed Bond, 0.13%, 04/15/21		7.1		Government
U.S. Treasury Inflation Indexed Bond, 0.88%, 02/15/47		5.4		Government
U.S. Treasury Inflation Indexed Bond, 0.75%, 07/15/28		5.0		Government
U.S. Treasury Inflation Indexed Bond, 1.00%, 02/15/48		2.0		Government
U.S. Treasury Inflation Indexed Bond, 0.63%, 04/15/23		1.6		Government
U.S. Treasury Inflation Indexed Bond, 0.38%, 07/15/25		0.9		Government

⁴  The holdings may not be representative of the Fund’s future investments.

⁵  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.

4

FUND BASICS

Access Investment Grade Corporate Bond ETF

as of February 29, 2020

FUND SNAPSHOT
As of February 29, 2020
Market Price1	$	54.10
Net Asset Value (NAV)1	$	54.23

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.

PERFORMANCE REVIEW
September 1, 2019–February 29, 2020	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			FTSE Goldman Sachs Investment Grade Corporate Bond Index3			Bloomberg Barclays US Corporate Investment Grade Index4
Shares		4.18	%		3.90	%		4.26	%		4.26	%

²  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. Total returns for periods less than one full year are not annualized.

³  The Index was developed and is calculated and maintained by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). FTSE is not affiliated with the Fund or GSAM. The Fund is not sponsored, endorsed, sold or promoted by FTSE or any of its affiliates and FTSE makes no representation to any owner or prospective owner of the Fund regarding the advisability of investing in securities generally or in the Fund particularly, or the ability of the Fund to track the price and yield performance of the Index or the ability of the Index to track general bond market performance. FTSE’s only relationship to GSAM (“Licensee”) is the licensing of certain information, data, trademarks and trade names of FTSE or its affiliates. The Index is determined, composed and calculated by FTSE without regard to the Fund. FTSE has no obligation to take the needs of the owners or prospective owners of the Fund into consideration in determining, composing or calculating the Index. FTSE is not responsible for and has not participated in the determination of the prices and amount of the shares to be issued by the Fund or the timing of the issuance or sale of the shares to be issued by the Fund or in the determination or calculation of the equation by which the shares to be issued by the Fund are to be converted into cash. FTSE has no obligation or liability in connection with the administration, marketing or trading of the Fund. The index provider may delay or change a scheduled rebalancing or reconstitution of the Index or the implementation of certain rules at its sole discretion.

⁴  The Bloomberg Barclays US Corporate Investment Grade Index measures the investment grade, fixed-rate, taxable corporate bond market. It includes USD-denominated securities publicly issued by US and non-US industrial, utility and financial issuers.

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

5

FUND BASICS

TOP TEN HOLDINGS AS OF 2/29/205
Holding	% of Net Assets			Line of Business
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46		0.5	%	Food and Beverage
BP Capital Markets PLC, 3.56%, 11/01/21		0.4		Energy
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35		0.4		Financial Company
DuPont de Nemours, Inc., 4.21%, 11/15/23		0.4		Basic Industry
Apple, Inc., 2.10%, 09/12/22		0.4		Technology
Toronto-Dominion Bank (The), Series MTN, 2.65%, 06/12/24		0.3		Banks
Apple, Inc., 2.50%, 02/09/22		0.3		Technology
AbbVie, Inc., 3.20%, 11/21/29		0.3		Consumer Noncyclical
AbbVie, Inc., 2.90%, 11/06/22		0.3		Consumer Noncyclical
JPMorgan Chase & Co., 3.88%, 09/10/24		0.3		Banks

⁵  The top 10 holdings may not be representative of the Fund’s future investments.

INDUSTRY ALLOCATION AS OF 2/29/206
Industry	% of Net Assets
Financials		33.33	%
Consumer, Non-cyclical		19.13
Telecommunication Services		12.59
Energy		9.81
Information Technology		8.65
Consumer, Cyclical		6.21
Industrials		4.77
Materials		2.15
Utilities		1.71
Other		0.40

⁶  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.

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

FUND BASICS

Access Treasury 0-1 Year ETF

as of February 29, 2020

FUND SNAPSHOT
As of February 29, 2020
Market Price1	$	100.51
Net Asset Value (NAV)1	$	100.50

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.

PERFORMANCE REVIEW
September 1, 2019–February 29, 2020	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2	FTSE US Treasury 0-1 Year Composite Select Index3
Shares		1.01	%	1.00%	1.03%

²  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. Total returns for periods less than one full year are not annualized.

³  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. The index provider may delay or change a scheduled rebalancing or reconstitution of the Index or the implementation of certain rules at its sole discretion.

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

HOLDINGS AS OF 2/29/204
Holding	Maturity Date		% of Net Assets5
U.S. Treasury Bill, 1.55%		04/02/20		11.2	%
U.S. Treasury Bill, 1.45%		08/27/20		9.1
U.S. Treasury Bill, 1.56%		04/02/20		8.5
U.S. Treasury Bill, 1.31%		01/28/21		6.6
U.S. Treasury Note, 2.00%		07/31/20		6.6
U.S. Treasury Note, 1.63%		10/15/20		6.6
U.S. Treasury Note, 2.38%		04/30/20		6.5
U.S. Treasury Note, 1.75%		11/15/20		5.0
U.S. Treasury Note, 1.38%		09/15/20		5.0
U.S. Treasury Bill, 1.56%		07/30/20		4.9
Other		N/A		30.0

⁴  The holdings may not be representative of the Fund’s future investments.

⁵  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.

7

FUND BASICS

Access Ultra Short Bond ETF

as of February 29, 2020

FUND SNAPSHOT
As of February 29, 2020
Market Price1	$	50.82
Net Asset Value (NAV)1	$	50.81

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.

PERFORMANCE REVIEW
September 1, 2019–February 29, 2020	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			FTSE Three-Month U.S. Treasury Bill Index3
Shares		1.68	%		1.68	%		0.90	%

²  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. Total returns for periods less than one full year are not annualized.

³  The FTSE Three-Month U.S. Treasury Bill Index is intended to track the daily performance of three-month U.S. Treasury bills. The index is designed to operate as a reference rate for a series of funds. The Fund does not attempt to track an index and takes a more active approach.

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

8

FUND BASICS

TOP TEN HOLDINGS AS OF 2/29/204
Holding	% of Net Assets			Line of Business
U.S. Treasury Floating Rate Note (3M USD T-Bill + 0.043%)		5.6	%	U.S. Treasury Note
U.S. Treasury Bills		3.7		U.S. Treasury Bill
Government National Mortgage Association Series 2013-64, Class KF(a) (1M USD LIBOR + 0.250%)		3.2		Mortgage-Backed Security
FNMA REMIC Series 2013-19, Class DF(a) (1M USD LIBOR + 0.300%)		3.0		Mortgage-Backed Security
FHLMC REMIC Series 2013-4238, Class FT(a) (1M USD LIBOR + 0.350%)		2.6		Mortgage-Backed Security
American Express Credit Account Master Trust, Series 2019-3, Class A		1.4		Asset-Backed Securities
FHLMC REMIC Series 2007-3315, Class PF(a) (1M USD LIBOR + 0.350%)		1.4		Mortgage-Backed Security
Ford Credit Auto Owner Trust, Series 2017-1, Class A(b)		1.3		Asset-Backed Securities
FHLMC REMIC Series 2005-3033, Class FG(a) (1M USD LIBOR + 0.350%)		1.2		Mortgage-Backed Security
FNMA REMIC Series 2007-67, Class FB(a) (1M USD LIBOR + 0.320%)		1.2		Mortgage-Backed Security

⁴  The top 10 holdings may not be representative of the Fund’s future investments.

SECTOR ALLOCATION AS OF 2/29/205
Sector Name	Fund
Mortgage-Backed Securities		34.28	%
Asset- Backed Securities		21.20
Corporate Obligations		19.71
Foreign Corporate Debt		13.44
U.S. Treasury Note		5.61
U.S. Treasury Bills		4.07
Investment Company		0.67
Certificate of Deposit		0.65

⁵  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.

9

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments

February 29, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 92.4%
Advertising – 0.4%
	Lamar Media Corp.
$	170,000		5.000	%		05/01/23	$	171,381
	Outfront Media Capital LLC / Outfront Media Capital Corp.
	120,000		5.625			02/15/24		121,800
								293,181
Aerospace & Defense – 1.9%
	TransDigm, Inc.
	4,000		6.500			07/15/24		4,110
	90,000		6.500			05/15/25		93,094
	590,000		6.250	(a)		03/15/26		625,400
	100,000		6.375			06/15/26		103,000
	70,000		7.500			03/15/27		74,025
	570,000		5.500	(a)		11/15/27		567,150
	Wolverine Escrow LLC(a)
	100,000		9.000			11/15/26		100,000
								1,566,779
Agriculture – 1.7%
	JBS Investments II GmbH(a)
	400,000		7.000			01/15/26		429,000
	JBS USA LUX SA / JBS USA Finance, Inc.
	280,000		5.750	(a)		06/15/25		287,350
	214,000		6.750	(a)		02/15/28		233,260
	JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.(a)
	170,000		6.500			04/15/29		185,300
	Pilgrim’s Pride Corp.(a)
	208,000		5.875			09/30/27		219,180
								1,354,090
Banks – 1.4%
	Ally Financial, Inc.
	140,000		5.750			11/20/25		158,170
	CIT Group, Inc.
	310,000		5.000			08/15/22		324,725
	420,000		5.000			08/01/23		452,025
	Freedom Mortgage Corp.
	4,000		8.125	(a)		11/15/24		3,910
	215,000		8.250	(a)		04/15/25		204,250
								1,143,080
Basic Industry – 0.8%
	CF Industries, Inc.
	70,000		3.450			06/01/23		71,312
	70,000		5.150			03/15/34		79,654
	CVR Partners LP / CVR Nitrogen Finance Corp.(a)
	80,000		9.250			06/15/23		83,300
	Olin Corp.
	400,000		5.125			09/15/27		404,000
								638,266
Broadcasting – 3.2%
	Clear Channel Worldwide Holdings, Inc.
	282,000		9.250	(a)		02/15/24		301,035
	150,000		5.125	(a)		08/15/27		151,125
Corporate Obligations – (continued)
Broadcasting – (continued)
	iHeartCommunications, Inc.
	270,000		6.375			05/01/26		290,250
	150,000		8.375			05/01/27		163,500
	Sirius XM Radio, Inc.
	150,000		4.625	(a)		07/15/24		155,063
	150,000		5.375	(a)		04/15/25		154,312
	28,000		5.375	(a)		07/15/26		29,085
	345,000		5.000	(a)		08/01/27		361,388
	100,000		5.500	(a)		07/01/29		107,700
	TEGNA, Inc.(a)
	150,000		5.000			09/15/29		148,875
	Terrier Media Buyer, Inc.(a)
	120,000		8.875			12/15/27		119,700
	Univision Communications, Inc.
	370,000		5.125	(a)		05/15/23		359,825
	207,000		5.125	(a)		02/15/25		195,356
								2,537,214
Building Materials – 0.5%
	AECOM
	193,000		5.125			03/15/27		200,238
	American Builders & Contractors Supply Co., Inc.(a)
	100,000		4.000			01/15/28		98,125
	Beacon Roofing Supply, Inc.(a)
	70,000		4.875			11/01/25		67,978
								366,341
Capital Goods – 4.6%
	Ball Corp.
	255,000		5.000			03/15/22		266,475
	245,000		4.000			11/15/23		252,656
	105,000		5.250			07/01/25		114,981
	121,000		4.875			03/15/26		133,100
	Berry Global, Inc.
	70,000		5.500			05/15/22		70,350
	263,000		4.500	(a)		02/15/26		259,712
	Covanta Holding Corp.
	125,000		5.875			07/01/25		128,260
	101,000		6.000			01/01/27		103,941
	Crown Americas LLC / Crown Americas Capital Corp. IV
	150,000		4.500			01/15/23		152,813
	Crown Americas LLC / Crown Americas Capital Corp. VI
	100,000		4.750			02/01/26		103,625
	Flex Acquisition Co., Inc.
	130,000		6.875	(a)		01/15/25		127,075
	44,000		7.875	(a)		07/15/26		44,330
	Herc Holdings, Inc.(a)
	160,000		5.500			07/15/27		166,200
	LABL Escrow Issuer LLC
	50,000		6.750	(a)		07/15/26		52,125
	60,000		10.500	(a)		07/15/27		62,250
	Mauser Packaging Solutions Holding Co.
	334,000		5.500	(a)		04/15/24		332,517
	185,000		7.250	(a)		04/15/25		179,595

10 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)
	Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu
$	214,000		5.125	%(a)		07/15/23	$	216,942
	106,000		7.000	(a)		07/15/24		107,458
	Sealed Air Corp.
	160,000		4.875	(a)		12/01/22		166,600
	60,000		6.875	(a)		07/15/33		71,925
	Sensata Technologies BV
	235,000		4.875	(a)		10/15/23		249,100
	179,000		5.000	(a)		10/01/25		189,964
	Vertiv Group Corp.(a)
	127,000		9.250			10/15/24		136,049
								3,688,043
Communications – 10.1%
	AMC Networks, Inc.
	120,000		4.750			12/15/22		121,200
	70,000		5.000			04/01/24		70,700
	Cablevision Systems Corp.
	270,000		5.875			09/15/22		284,850
	CCO Holdings LLC / CCO Holdings Capital Corp.
	104,000		5.250			09/30/22		105,560
	237,000		4.000	(a)		03/01/23		240,259
	17,000		5.125	(a)		05/01/23		17,255
	18,000		5.750			09/01/23		18,171
	181,000		5.875	(a)		04/01/24		186,656
	320,000		5.375	(a)		05/01/25		329,600
	9,000		5.500	(a)		05/01/26		9,394
	530,000		5.125	(a)		05/01/27		552,525
	17,000		5.875	(a)		05/01/27		17,765
	491,000		5.000	(a)		02/01/28		511,867
	60,000		5.375	(a)		06/01/29		64,050
	200,000		4.750	(a)		03/01/30		206,500
	CSC Holdings LLC
	154,000		5.250			06/01/24		167,090
	300,000		10.875	(a)		10/15/25		329,250
	200,000		5.500	(a)		04/15/27		211,000
	200,000		5.375	(a)		02/01/28		209,500
	200,000		7.500	(a)		04/01/28		225,000
	240,000		6.500	(a)		02/01/29		266,100
	480,000		5.750	(a)		01/15/30		508,200
	DISH DBS Corp.
	200,000		6.750			06/01/21		207,500
	172,000		5.875			07/15/22		180,170
	385,000		5.000			03/15/23		392,700
	324,000		5.875			11/15/24		334,530
	257,000		7.750			07/01/26		276,918
	Lions Gate Capital Holdings LLC
	83,000		6.375	(a)		02/01/24		81,755
	142,000		5.875	(a)		11/01/24		138,805
	Live Nation Entertainment, Inc.(a)
	150,000		4.750			10/15/27		151,125
	Meredith Corp.
	220,000		6.875			02/01/26		221,100
	Netflix, Inc.
	104,000		5.750			03/01/24		115,180
	215,000		5.875			02/15/25		240,800
Corporate Obligations – (continued)
Communications – (continued)
	Netflix, Inc. – (continued)
	310,000		4.375			11/15/26		325,500
	207,000		4.875			04/15/28		218,902
	189,000		5.875			11/15/28		212,153
	227,000		6.375			05/15/29		261,050
	100,000		5.375	(a)		11/15/29		109,250
								8,119,930
Consumer Cyclical – 15.0%
	Adient Global Holdings Ltd.(a)
	200,000		4.875			08/15/26		172,250
	ADT Security Corp. (The)
	50,000		6.250			10/15/21		52,313
	135,000		4.125			06/15/23		137,531
	160,000		4.875	(a)		07/15/32		153,200
	Allison Transmission, Inc.
	97,000		5.000	(a)		10/01/24		98,212
	120,000		4.750	(a)		10/01/27		123,300
	AMC Entertainment Holdings, Inc.
	100,000		5.750			06/15/25		81,500
	50,000		6.125			05/15/27		39,750
	APX Group, Inc.
	103,000		7.875			12/01/22		104,802
	Asbury Automotive Group, Inc.(a)
	340,000		4.750			03/01/30		343,825
	Boyd Gaming Corp.
	279,000		6.000			08/15/26		286,530
	Caesars Resort Collection LLC / CRC Finco, Inc.(a)
	211,000		5.250			10/15/25		209,417
	Cedar Fair LP(a)
	75,000		5.250			07/15/29		75,187
	Cinemark USA, Inc.
	4,000		5.125			12/15/22		4,000
	50,000		4.875			06/01/23		49,812
	Diamond Resorts International, Inc.(a)
	104,000		7.750			09/01/23		104,116
	ESH Hospitality, Inc.(a)
	219,000		5.250			05/01/25		221,190
	Goodyear Tire & Rubber Co. (The)
	370,000		5.000			05/31/26		360,750
	Guitar Center, Inc.(a)
	75,000		9.500			10/15/21		71,438
	Hanesbrands, Inc.(a)
	398,000		4.625			05/15/24		416,661
	Hilton Domestic Operating Co., Inc.
	314,000		4.250			09/01/24		316,355
	60,000		4.875			01/15/30		62,327
	Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp.
	117,000		4.625			04/01/25		117,585
	155,000		4.875			04/01/27		158,843
	Iron Mountain, Inc.
	120,000		4.375	(a)		06/01/21		120,000
	124,000		5.750			08/15/24		125,395
	271,000		4.875	(a)		09/15/27		275,742
	270,000		5.250	(a)		03/15/28		280,463

The accompanying notes are an integral part of these financial statements. 11

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Consumer Cyclical – (continued)
	KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC
$	236,000		5.000	%(a)		06/01/24	$	241,900
	120,000		5.250	(a)		06/01/26		124,200
	L Brands, Inc.
	30,000		5.625			02/15/22		31,575
	202,000		5.250			02/01/28		196,820
	Lennar Corp.
	270,000		4.125			01/15/22		276,075
	50,000		4.500			04/30/24		53,220
	55,000		4.750			05/30/25		59,671
	140,000		4.750			11/29/27		156,450
	MGM Resorts International
	298,000		6.000			03/15/23		320,723
	116,000		5.750			06/15/25		128,325
	130,000		4.625			09/01/26		136,500
	131,000		5.500			04/15/27		142,135
	Navistar International Corp.(a)
	245,000		6.625			11/01/25		255,413
	Panther BF Aggregator 2 LP / Panther Finance Co., Inc.
	174,000		6.250	(a)		05/15/26		179,290
	340,000		8.500	(a)		05/15/27		346,555
	Penske Automotive Group, Inc.
	70,000		5.750			10/01/22		70,875
	20,000		5.500			05/15/26		20,700
	PetSmart, Inc.
	200,000		7.125	(a)		03/15/23		195,261
	150,000		5.875	(a)		06/01/25		151,312
	100,000		8.875	(a)		06/01/25		99,750
	Prime Security Services Borrower LLC / Prime Finance, Inc.
	80,000		5.250	(a)		04/15/24		83,400
	400,000		5.750	(a)		04/15/26		421,500
	PulteGroup, Inc.
	201,000		5.500			03/01/26		222,153
	220,000		5.000			01/15/27		242,550
	Rite Aid Corp.(a)
	89,000		7.500			07/01/25		89,445
	Ryman Hospitality Properties, Inc.(a)
	100,000		4.750			10/15/27		101,500
	Sabre GLBL, Inc.
	155,000		5.375	(a)		04/15/23		155,775
	70,000		5.250	(a)		11/15/23		70,175
	Scientific Games International, Inc.
	150,000		5.000	(a)		10/15/25		151,125
	140,000		8.250	(a)		03/15/26		144,900
	90,000		7.000	(a)		05/15/28		87,300
	Six Flags Entertainment Corp.(a)
	368,000		4.875			07/31/24		363,400
	Staples, Inc.
	347,000		7.500	(a)		04/15/26		347,868
	221,000		10.750	(a)		04/15/27		215,475
	Tesla, Inc.(a)
	315,000		5.300			08/15/25		316,181
	Toll Brothers Finance Corp.
	89,000		5.875			02/15/22		93,526
	113,000		4.375			04/15/23		118,103
	122,000		4.350			02/15/28		129,133
Corporate Obligations – (continued)
Consumer Cyclical – (continued)
	Vericast Corp.(a)
	136,000		8.375			08/15/22		113,900
	VICI Properties LP / VICI Note Co., Inc.(a)
	200,000		4.625			12/01/29		207,000
	Wyndham Destinations, Inc.
	100,000		5.750			04/01/27		105,840
	Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.(a)
	347,000		5.500			03/01/25		341,228
	Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.(a)
	100,000		5.125			10/01/29		96,896
	Yum! Brands, Inc.(a)
	75,000		4.750			01/15/30		78,188
								12,045,805
Consumer Noncyclical – 3.8%
	Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
	290,000		6.625			06/15/24		298,700
	409,000		5.750			03/15/25		425,871
	Allied Universal Holdco LLC / Allied Universal Finance Corp.(a)
	140,000		6.625			07/15/26		147,525
	Avantor, Inc.(a)
	50,000		9.000			10/01/25		54,625
	Change Healthcare Holdings LLC / Change Healthcare Finance, Inc.(a)
	150,000		5.750			03/01/25		152,062
	Elanco Animal Health, Inc.
	300,000		5.650			08/28/28		346,161
	Fresh Market, Inc. (The)(a)
	182,000		9.750			05/01/23		84,857
	Hologic, Inc.(a)
	230,000		4.375			10/15/25		235,462
	Jaguar Holding Co. II / Pharmaceutical Product Development LLC(a)
	219,000		6.375			08/01/23		225,982
	MEDNAX, Inc.(a)
	230,000		6.250			01/15/27		222,525
	MPH Acquisition Holdings LLC(a)
	174,000		7.125			06/01/24		162,690
	Par Pharmaceutical, Inc.(a)
	150,000		7.500			04/01/27		159,188
	Polaris Intermediate Corp.(a)(b) (PIK 9.250%, Cash 8.500%)
	120,000		8.500			12/01/22		102,600
	RegionalCare Hospital Partners Holdings, Inc.(a)
	118,000		8.250			05/01/23		124,195
	RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc.(a)
	170,000		9.750			12/01/26		182,963
	Rite Aid Corp.(a)
	154,000		6.125			04/01/23		141,873
								3,067,279
Consumer Products – 1.4%
	Energizer Holdings, Inc.(a)
	340,000		6.375			07/15/26		354,025
	Mattel, Inc.(a)
	382,000		6.750			12/31/25		403,010

12 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)
Consumer Products – (continued)
	Spectrum Brands, Inc.
$	162,000		5.750	%		07/15/25	$	166,100
	Tempur Sealy International, Inc.
	232,000		5.625			10/15/23		237,800
								1,160,935
Electric – 3.8%
	Calpine Corp.
	99,000		5.500			02/01/24		98,505
	400,000		5.750			01/15/25		404,500
	8,000		5.250	(a)		06/01/26		8,010
	250,000		5.125	(a)		03/15/28		237,643
	Clearway Energy Operating LLC
	130,000		5.750			10/15/25		135,200
	NextEra Energy Operating Partners LP
	362,000		4.250	(a)		09/15/24		367,430
	95,000		4.500	(a)		09/15/27		98,800
	NRG Energy, Inc.
	110,000		7.250			05/15/26		117,287
	196,000		6.625			01/15/27		205,310
	200,000		5.250	(a)		06/15/29		208,000
	Talen Energy Supply LLC
	220,000		10.500	(a)		01/15/26		194,700
	60,000		7.250	(a)		05/15/27		60,750
	TerraForm Power Operating LLC
	218,000		4.250	(a)		01/31/23		223,177
	100,000		4.750	(a)		01/15/30		103,750
	Vistra Operations Co. LLC
	410,000		5.625	(a)		02/15/27		422,300
	170,000		5.000	(a)		07/31/27		172,338
								3,057,700
Energy – 7.8%
	Antero Resources Corp.
	50,000		5.375			11/01/21		41,750
	67,000		5.125			12/01/22		42,377
	280,000		5.625			06/01/23		152,600
	50,000		5.000			03/01/25		26,000
	Ascent Resources Utica Holdings LLC / ARU Finance Corp.
	211,000		10.000	(a)		04/01/22		179,350
	80,000		7.000	(a)		11/01/26		48,400
	California Resources Corp.(a)
	268,000		8.000			12/15/22		61,975
	Chesapeake Energy Corp.
	140,000		11.500	(a)		01/01/25		82,250
	100,000		8.000			03/15/26		29,237
	CNX Resources Corp.(a)
	180,000		7.250			03/14/27		133,650
	Comstock Resources, Inc.
	85,000		7.500	(a)		05/15/25		63,325
	109,000		9.750			08/15/26		91,015
	CrownRock LP / CrownRock Finance, Inc.(a)
	280,000		5.625			10/15/25		270,900
	Denbury Resources, Inc.
	30,000		9.000	(a)		05/15/21		26,250
	188,000		9.250	(a)		03/31/22		145,700
Corporate Obligations – (continued)
Energy – (continued)
	Endeavor Energy Resources LP / EER Finance, Inc.
	213,000		5.500	(a)		01/30/26		210,337
	235,000		5.750	(a)		01/30/28		232,063
	EnLink Midstream Partners LP
	320,000		4.850			07/15/26		275,020
	Genesis Energy LP / Genesis Energy Finance Corp.
	270,000		7.750			02/01/28		233,550
	Hilcorp Energy I LP / Hilcorp Finance Co.
	110,000		5.750	(a)		10/01/25		87,450
	120,000		6.250	(a)		11/01/28		90,000
	Laredo Petroleum, Inc.
	100,000		9.500			01/15/25		73,000
	Moss Creek Resources Holdings, Inc.
	107,000		7.500	(a)		01/15/26		62,862
	75,000		10.500	(a)		05/15/27		51,000
	Murphy Oil Corp.
	330,000		5.750			08/15/25		321,274
	Nabors Industries, Inc.
	140,000		5.750			02/01/25		100,649
	Parsley Energy LLC / Parsley Finance Corp.(a)
	250,000		5.375			01/15/25		251,250
	PDC Energy, Inc.
	50,000		6.125			09/15/24		46,500
	80,000		5.750			05/15/26		71,600
	QEP Resources, Inc.
	91,000		5.375			10/01/22		84,630
	75,000		5.625			03/01/26		59,063
	SM Energy Co.
	250,000		6.625			01/15/27		193,750
	Southwestern Energy Co.
	140,000		6.200			01/23/25		104,300
	150,000		7.750			10/01/27		114,375
	Targa Resources Partners LP / Targa Resources Partners Finance Corp.
	225,000		5.375			02/01/27		226,687
	370,000		6.875			01/15/29		400,988
	140,000		5.500	(a)		03/01/30		139,300
	Transocean Poseidon Ltd.(a)
	140,000		6.875			02/01/27		142,800
	Transocean Proteus Ltd.(a)
	175,000		6.250			12/01/24		175,000
	Transocean Sentry Ltd.(a)
	70,000		5.375			05/15/23		68,338
	Transocean, Inc.
	130,000		7.250	(a)		11/01/25		107,900
	220,000		7.500	(a)		01/15/26		176,000
	USA Compression Partners LP / USA Compression Finance Corp.
	280,000		6.875			04/01/26		271,600
	50,000		6.875			09/01/27		48,500
	Weatherford International Ltd.(a)
	230,000		11.000			12/01/24		219,650
	Whiting Petroleum Corp.
	250,000		6.250			04/01/23		113,750
	WPX Energy, Inc.
	29,000		8.250			08/01/23		32,480

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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Energy – (continued)
	WPX Energy, Inc. – (continued)
$	60,000		5.750	%		06/01/26	$	60,300
	75,000		5.250			10/15/27		74,250
								6,314,995
Financial Company – 4.6%
	BCD Acquisition, Inc.(a)
	224,000		9.625			09/15/23		230,440
	Icahn Enterprises LP / Icahn Enterprises Finance Corp.
	260,000		6.750			02/01/24		270,075
	236,000		6.375			12/15/25		244,866
	330,000		5.250	(a)		05/15/27		332,475
	Nationstar Mortgage Holdings, Inc.(a)
	192,000		8.125			07/15/23		199,920
	Navient Corp.
	70,000		5.875			03/25/21		71,874
	132,000		7.250			09/25/23		143,446
	16,000		5.875			10/25/24		16,473
	63,000		6.750			06/25/25		67,956
	90,000		6.750			06/15/26		95,645
	Navient Corp., MTN
	170,000		7.250			01/25/22		180,412
	220,000		6.125			03/25/24		227,557
	80,000		5.625			08/01/33		70,538
	Quicken Loans, Inc.
	8,000		5.750	(a)		05/01/25		8,208
	272,000		5.250	(a)		01/15/28		282,245
	Springleaf Finance Corp.
	69,000		7.750			10/01/21		73,626
	302,000		5.625			03/15/23		320,189
	212,000		6.875			03/15/25		233,966
	270,000		7.125			03/15/26		300,444
	240,000		6.625			01/15/28		264,600
	Vertiv Intermediate Holding Corp.(a)(b) (PIK 13.000%, Cash 12.000%)
	50,000		12.000			02/15/22		51,500
								3,686,455
Food and Beverage – 2.2%
	Aramark Services, Inc.(a)
	308,000		5.000			02/01/28		323,400
	B&G Foods, Inc.
	75,000		5.250			09/15/27		74,625
	Golden Nugget, Inc.(a)
	297,000		6.750			10/15/24		291,628
	Lamb Weston Holdings, Inc.(a)
	140,000		4.625			11/01/24		145,950
	Post Holdings, Inc.
	161,000		5.500	(a)		03/01/25		167,641
	138,000		5.000	(a)		08/15/26		138,965
	537,000		5.750	(a)		03/01/27		561,165
	50,000		5.500	(a)		12/15/29		52,000
								1,755,374
Corporate Obligations – (continued)
Hardware – 0.6%
	CDW LLC / CDW Finance Corp.
	185,000		5.500			12/01/24		203,962
	100,000		5.000			09/01/25		104,250
	NCR Corp.
	75,000		6.375			12/15/23		76,688
	75,000		6.125	(a)		09/01/29		82,031
								466,931
Healthcare – 7.7%
	CHS/Community Health Systems, Inc.
	312,000		6.250			03/31/23		311,220
	125,000		9.875	(a)		06/30/23		119,062
	149,000		8.625	(a)		01/15/24		154,960
	188,000		8.125	(a)		06/30/24		172,960
	285,000		8.000	(a)		03/15/26		295,688
	90,000		8.000	(a)		12/15/27		92,025
	200,000		6.875	(a)		04/01/28		113,000
	DaVita, Inc.
	410,000		5.125			07/15/24		416,662
	Encompass Health Corp.
	88,000		5.750			11/01/24		89,320
	100,000		4.750			02/01/30		103,875
	HCA, Inc.
	470,000		7.500			02/15/22		519,350
	159,000		5.375			02/01/25		176,093
	480,000		5.875			02/15/26		543,600
	275,000		5.375			09/01/26		307,656
	260,000		5.625			09/01/28		296,075
	120,000		5.875			02/01/29		139,500
	IQVIA, Inc.(a)
	200,000		5.000			05/15/27		207,750
	Service Corp. International
	70,000		5.375			05/15/24		71,400
	125,000		4.625			12/15/27		131,094
	Tenet Healthcare Corp.
	210,000		8.125			04/01/22		227,587
	304,000		6.750			06/15/23		328,320
	575,000		4.625			07/15/24		584,344
	300,000		5.125			05/01/25		303,375
	172,000		7.000			08/01/25		177,590
	200,000		6.250	(a)		02/01/27		210,750
	100,000		5.125	(a)		11/01/27		104,375
								6,197,631
Household & Leisure – 0.1%
	Prestige Brands, Inc.(a)
	100,000		6.375			03/01/24		103,375
Insurance – 0.7%
	Acrisure LLC / Acrisure Finance, Inc.
	213,000		8.125	(a)		02/15/24		225,883
	105,000		7.000	(a)		11/15/25		102,875
	HUB International Ltd.(a)
	217,000		7.000			05/01/26		220,526
								549,284

14 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)
Internet & Data – 0.3%
	Uber Technologies, Inc.
$	100,000		7.500	%(a)		11/01/23	$	104,250
	160,000		8.000	(a)		11/01/26		167,400
								271,650
Metals – 0.6%
	Novelis Corp.
	150,000		5.875	(a)		09/30/26		157,125
	330,000		4.750	(a)		01/30/30		325,463
								482,588
Mining – 0.9%
	Freeport-McMoRan, Inc.
	592,000		4.550			11/14/24		602,360
	100,000		5.400			11/14/34		98,250
								700,610
Natural Gas – 2.2%
	AmeriGas Partners LP / AmeriGas Finance Corp.
	181,000		5.500			05/20/25		185,525
	333,000		5.750			05/20/27		349,650
	Antero Midstream Partners LP / Antero Midstream Finance Corp.
	75,000		5.750	(a)		03/01/27		52,125
	87,000		5.750	(a)		01/15/28		60,465
	Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.
	108,000		6.250			04/01/23		103,140
	50,000		5.750			04/01/25		47,750
	138,000		5.625	(a)		05/01/27		128,340
	Ferrellgas LP / Ferrellgas Finance Corp.
	50,000		6.500			05/01/21		43,250
	150,000		6.750			06/15/23		126,000
	Genesis Energy LP / Genesis Energy Finance Corp.
	120,000		6.500			10/01/25		102,000
	NGL Energy Partners LP / NGL Energy Finance Corp.
	231,000		7.500			11/01/23		214,830
	NuStar Logistics LP
	83,000		6.000			06/01/26		86,735
	29,000		5.625			04/28/27		29,435
	PBF Logistics LP / PBF Logistics Finance Corp.
	42,000		6.875			05/15/23		43,050
	Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
	65,000		4.750	(a)		10/01/23		61,750
	70,000		5.500	(a)		09/15/24		65,450
	120,000		5.500	(a)		01/15/28		107,400
								1,806,895
Pharmaceuticals – 3.1%
	Bausch Health Americas, Inc.
	202,000		9.250	(a)		04/01/26		226,774
	427,000		8.500	(a)		01/31/27		470,943
	Bausch Health Cos., Inc.
	102,000		5.500	(a)		03/01/23		102,638
	259,000		7.000	(a)		03/15/24		267,099
	379,000		6.125	(a)		04/15/25		386,949
	172,000		5.500	(a)		11/01/25		177,590
	246,000		5.750	(a)		08/15/27		262,479
Corporate Obligations – (continued)
Pharmaceuticals – (continued)
	Bausch Health Cos., Inc. – (continued)
	12,000		7.000	%(a)		01/15/28		12,879
	113,000		7.250	(a)		05/30/29		124,619
	Endo Dac / Endo Finance LLC / Endo Finco, Inc.
	200,000		6.000	(a)		07/15/23		160,500
	200,000		6.000	(a)		02/01/25		155,000
	Mallinckrodt International Finance SA / Mallinckrodt CB LLC(a)
	164,000		10.000			04/15/25		135,300
								2,482,770
REITs and Real Estate – 0.6%
	CBL & Associates LP
	170,000		5.250			12/01/23		86,700
	141,000		5.950			12/15/26		62,040
	Howard Hughes Corp. (The)(a)
	178,000		5.375			03/15/25		182,450
	Kennedy-Wilson, Inc.
	183,000		5.875			04/01/24		186,660
								517,850
Rental Equipment – 1.7%
	Hertz Corp. (The)
	92,000		5.500	(a)		10/15/24		88,550
	300,000		6.000	(a)		01/15/28		279,000
	United Rentals North America, Inc.
	100,000		5.500			07/15/25		103,625
	250,000		5.875			09/15/26		264,375
	250,000		5.500			05/15/27		262,500
	250,000		4.875			01/15/28		257,500
	100,000		5.250			01/15/30		106,000
								1,361,550
Software – 2.1%
	Dun & Bradstreet Corp. (The)(a)
	86,000		6.875			08/15/26		92,127
	Infor US, Inc.
	250,000		6.500			05/15/22		251,250
	MSCI, Inc.
	245,000		4.750	(a)		08/01/26		255,106
	130,000		4.000	(a)		11/15/29		135,200
	Rackspace Hosting, Inc.(a)
	205,000		8.625			11/15/24		196,800
	Refinitiv US Holdings, Inc.
	190,000		6.250	(a)		05/15/26		204,725
	171,000		8.250	(a)		11/15/26		189,383
	Solera LLC / Solera Finance, Inc.(a)
	220,000		10.500			03/01/24		233,200
	Uber Technologies, Inc.(a)
	150,000		7.500			09/15/27		157,125
								1,714,916
Technology – 1.1%
	CDK Global, Inc.(a)
	130,000		5.250			05/15/29		139,262
	Dell International LLC / EMC Corp.
	172,000		5.875	(a)		06/15/21		173,075
	156,000		7.125	(a)		06/15/24		163,800

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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Technology – (continued)
	Dell, Inc.
$	60,000		4.625	%		04/01/21	$	60,900
	Verscend Escrow Corp.(a)
	217,000		9.750			08/15/26		237,615
	Xerox Corp.
	80,000		4.125			03/15/23		81,635
								856,287
Transportation – 0.1%
	XPO Logistics, Inc.(a)
	100,000		6.750			08/15/24		105,875
Wireless – 5.7%
	Hughes Satellite Systems Corp.
	100,000		7.625			06/15/21		105,375
	100,000		6.625			08/01/26		110,500
	SBA Communications Corp.
	150,000		4.875			09/01/24		154,687
	Sprint Capital Corp.
	285,000		6.875			11/15/28		339,150
	220,000		8.750			03/15/32		306,625
	Sprint Communications, Inc.
	230,000		6.000			11/15/22		248,400
	Sprint Corp.
	220,000		7.250			09/15/21		233,750
	317,000		7.875			09/15/23		362,965
	315,000		7.125			06/15/24		358,706
	293,000		7.625			02/15/25		339,514
	300,000		7.625			03/01/26		354,873
	T-Mobile USA, Inc.
	450,000		4.000			04/15/22		462,937
	163,000		6.000			03/01/23		165,852
	58,000		6.500			01/15/24		59,269
	120,000		6.000			04/15/24		122,700
	335,000		5.125			04/15/25		345,469
	5,000		6.500			01/15/26		5,275
	115,000		5.375			04/15/27		122,044
	130,000		4.750			02/01/28		135,688
	ViaSat, Inc.(a)
	225,000		5.625			04/15/27		229,500
								4,563,279
Wirelines – 1.7%
	Frontier Communications Corp.
	340,000		8.750			04/15/22		158,100
	457,000		7.125			01/15/23		213,647
	450,000		11.000			09/15/25		209,250
	330,000		8.000	(a)		04/01/27		342,788
	Zayo Group LLC / Zayo Capital, Inc.
	150,000		6.000			04/01/23		153,000
	122,000		6.375			05/15/25		124,287
	150,000		5.750	(a)		01/15/27		153,188
								1,354,260
	TOTAL CORPORATE OBLIGATIONS
	(Cost $74,168,763)						$	74,331,218
Foreign Corporate Debt – 5.2%
Aerospace & Defense – 1.4%
	Bombardier, Inc. (Canada)
$	122,000		8.750	%(a)		12/01/21	$	129,625
	208,000		6.000	(a)		10/15/22		205,400
	185,000		6.125	(a)		01/15/23		188,237
	95,000		7.500	(a)		12/01/24		96,425
	130,000		7.500	(a)		03/15/25		129,025
	340,000		7.875	(a)		04/15/27		337,450
								1,086,162
Basic Industry – 0.4%
	NOVA Chemicals Corp. (Canada)
	10,000		5.250	(a)		08/01/23		10,078
	280,000		5.000	(a)		05/01/25		272,911
	75,000		5.250	(a)		06/01/27		72,938
								355,927
Capital Goods – 0.2%
	GFL Environmental, Inc. (Canada)
	100,000		5.125	(a)		12/15/26		104,000
	75,000		8.500	(a)		05/01/27		81,281
								185,281
Communications – 0.3%
	Videotron Ltd.(a) (Canada)
	250,000		5.125			04/15/27		262,188
Consumer Cyclical – 0.9%
	1011778 BC ULC / New Red Finance, Inc. (Canada)
	280,000		4.250	(a)		05/15/24		281,050
	420,000		5.000	(a)		10/15/25		427,875
								708,925
Energy – 0.7%
	MEG Energy Corp. (Canada)
	156,000		6.500	(a)		01/15/25		154,440
	150,000		7.125	(a)		02/01/27		141,750
	Seven Generations Energy Ltd. (Canada)
	200,000		6.750	(a)		05/01/23		198,750
	50,000		5.375	(a)		09/30/25		45,750
								540,690
Food – 0.3%
	NBM US Holdings, Inc.(a) (Brazil)
	200,000		7.000			05/14/26		210,000
Mining – 0.5%
	First Quantum Minerals Ltd.(a) (Zambia)
	401,000		6.500			03/01/24		378,444
Natural Gas – 0.1%
	Parkland Fuel Corp.(a) (Canada)
	100,000		5.875			07/15/27		103,057
Software – 0.4%
	Open Text Corp. (Canada)
	270,000		5.625	(a)		01/15/23		273,796
	70,000		5.875	(a)		06/01/26		74,375
								348,171
	TOTAL FOREIGN CORPORATE DEBT
	(Cost $4,179,340)						$	4,178,845

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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Principal Amount	Dividend Rate			Value
Investment Company – 0.8%(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
$612,535		1.507	%	$	612,535
(Cost $612,535)
TOTAL INVESTMENTS – 98.4%
(Cost $78,960,638)				$	79,122,598
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.6%					1,297,056
NET ASSETS – 100.0%				$	80,419,654

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)	Pay-in-kind securities.
(c)	Represents an affiliated issuer.

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

The accompanying notes are an integral part of these financial statements. 17

GOLDMAN SACHS ACCESS INFLATION PROTECTED USD BOND ETF

Schedule of Investments

February 29, 2020 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
U.S. Treasury Inflation Indexed Bonds – 99.9%
	U.S. Treasury Inflation Indexed Bonds
$	1,155,811	0.125%		04/15/21	$	1,157,498
	1,178,514	0.125		01/15/22		1,187,366
	248,292	0.625		04/15/23		255,410
	2,239,378	0.375		07/15/23		2,302,341
	1,545,166	0.625		01/15/24		1,604,950
	1,795,592	0.250		01/15/25		1,852,903
	145,205	0.375		07/15/25		151,750
	1,375,118	0.375		07/15/27		1,452,043
	2,526,341	0.500		01/15/28		2,689,369
	737,086	0.750		07/15/28		806,225
	1,364,700	0.750		02/15/42		1,569,454
	731,346	0.875		02/15/47		883,488
	256,352	1.000		02/15/48		320,472
	TOTAL INVESTMENTS – 99.9%
	(Cost $15,461,948)				$	16,233,269
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%					13,144
	NET ASSETS – 100.0%				$	16,246,413

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

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments

February 29, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 76.0%
Advertising – 0.3%
	Omnicom Group, Inc. / Omnicom Capital, Inc.
$	1,450,000		3.650	%		11/01/24	$	1,567,076
	400,000		3.600			04/15/26		439,570
								2,006,646
Aerospace & Defense – 1.9%
	Boeing Co. (The)
	540,000		2.700			02/01/27		559,435
	1,000,000		2.950			02/01/30		1,053,177
	100,000		3.900			05/01/49		112,636
	General Dynamics Corp.
	280,000		3.000			05/11/21		285,962
	800,000		2.250			11/15/22		818,956
	350,000		3.750			05/15/28		397,615
	Lockheed Martin Corp.
	50,000		2.900			03/01/25		53,173
	310,000		4.070			12/15/42		386,398
	90,000		3.800			03/01/45		106,917
	180,000		4.700			05/15/46		244,151
	400,000		4.090			09/15/52		520,466
	Northrop Grumman Corp.
	95,000		2.550			10/15/22		97,874
	400,000		2.930			01/15/25		424,333
	290,000		3.200			02/01/27		314,661
	660,000		3.250			01/15/28		712,453
	240,000		4.030			10/15/47		286,352
	Rockwell Collins, Inc.
	300,000		2.800			03/15/22		309,354
	200,000		4.350			04/15/47		262,369
	United Technologies Corp.
	116,000		3.650			08/16/23		124,946
	750,000		3.950			08/16/25		839,638
	1,000,000		4.125			11/16/28		1,171,813
	500,000		6.125			07/15/38		745,855
	173,000		4.450			11/16/38		217,398
	400,000		4.500			06/01/42		513,700
	500,000		4.625			11/16/48		672,308
								11,231,940
Banks – 16.7%
	American Express Co.
	350,000		3.400			02/22/24		375,283
	710,000		3.000			10/30/24		751,087
	450,000		4.200			11/06/25		509,595
	415,000		4.050			12/03/42		520,976
	American Express Credit Corp., MTN
	350,000		2.250			05/05/21		352,583
	560,000		3.300			05/03/27		612,791
	Bank of America Corp.
	(3M USD LIBOR + 0.790%)
	1,042,000		3.004	(a)		12/20/23		1,080,798
	(3M USD LIBOR + 0.780%)
	135,000		3.550	(a)		03/05/24		142,567
	(3M USD LIBOR + 0.810%)
	400,000		3.366	(a)		01/23/26		427,564
	(3M USD LIBOR + 1.512%)
	540,000		3.705	(a)		04/24/28		594,478
Corporate Obligations – (continued)
Banks – (continued)
	(3M USD LIBOR + 1.040%)
	868,000		3.419	%(a)		12/20/28		940,048
	310,000		6.110			01/29/37		430,586
	(3M USD LIBOR + 1.814%)
	900,000		4.244	(a)		04/24/38		1,089,604
	370,000		7.750			05/14/38		606,165
	Bank of America Corp., GMTN
	1,405,000		3.300			01/11/23		1,476,364
	50,000		3.500			04/19/26		54,543
	(3M USD LIBOR + 1.370%)
	340,000		3.593	(a)		07/21/28		371,057
	Bank of America Corp., Series L
	50,000		3.950			04/21/25		54,664
	250,000		4.183			11/25/27		277,217
	Bank of America Corp., MTN
	474,000		5.000			05/13/21		494,088
	(3M USD LIBOR + 0.630%)
	180,000		3.499	(a)		05/17/22		184,219
	50,000		2.503			10/21/22		50,785
	(3M USD LIBOR + 1.160%)
	960,000		3.124	(a)		01/20/23		987,027
	240,000		4.000			04/01/24		261,269
	710,000		4.200			08/26/24		779,258
	850,000		4.000			01/22/25		925,187
	580,000		3.875			08/01/25		641,624
	(3M USD LIBOR + 1.090%)
	1,250,000		3.093	(a)		10/01/25		1,316,052
	50,000		4.450			03/03/26		56,373
	400,000		4.250			10/22/26		444,870
	880,000		3.248			10/21/27		946,098
	(3M USD LIBOR + 1.575%)
	600,000		3.824	(a)		01/20/28		663,379
	(3M USD LIBOR + 1.070%)
	150,000		3.970	(a)		03/05/29		168,985
	(3M USD LIBOR + 1.310%)
	1,000,000		4.271	(a)		07/23/29		1,152,154
	(3M USD LIBOR + 1.210%)
	500,000		3.974	(a)		02/07/30		569,676
	(3M USD LIBOR + 1.320%)
	440,000		4.078	(a)		04/23/40		515,668
	370,000		5.875			02/07/42		544,943
	544,000		5.000			01/21/44		736,619
	(3M USD LIBOR + 1.520%)
	500,000		4.330	(a)		03/15/50		638,325
	Bank of New York Mellon Corp. (The), MTN
	445,000		2.050			05/03/21		447,870
	263,000		2.600			02/07/22		268,721
	(3M USD LIBOR + 0.634%)
	150,000		2.661	(a)		05/16/23		153,479
	120,000		3.450			08/11/23		128,248
	1,270,000		2.200			08/16/23		1,298,248
	20,000		2.800			05/04/26		21,347
	75,000		2.450			08/17/26		78,558
	590,000		3.250			05/16/27		647,233
	60,000		3.300			08/23/29		65,793

The accompanying notes are an integral part of these financial statements. 19

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	Bank of New York Mellon Corp. (The), Series G
$	640,000		3.000	%		02/24/25	$	678,022
	Capital One Financial Corp.
	200,000		3.450			04/30/21		204,040
	1,338,000		4.750			07/15/21		1,395,859
	850,000		3.300			10/30/24		901,969
	250,000		3.200			02/05/25		264,153
	427,000		4.200			10/29/25		464,802
	435,000		3.750			07/28/26		464,896
	300,000		3.750			03/09/27		327,693
	290,000		3.800			01/31/28		317,256
	Citibank NA
	(3M USD LIBOR + 0.530%)
	780,000		3.165	(a)		02/19/22		792,023
	(3M USD LIBOR + 0.596%)
	770,000		2.844	(a)		05/20/22		781,933
	910,000		3.650			01/23/24		981,478
	Citigroup, Inc.
	110,000		2.700			03/30/21		110,991
	320,000		2.350			08/02/21		323,456
	1,306,000		2.900			12/08/21		1,334,151
	780,000		4.500			01/14/22		822,383
	200,000		2.700			10/27/22		205,062
	500,000		3.500			05/15/23		525,499
	130,000		3.875			10/25/23		140,380
	90,000		4.000			08/05/24		97,822
	535,000		3.875			03/26/25		574,452
	190,000		3.300			04/27/25		203,776
	150,000		4.400			06/10/25		167,391
	80,000		5.500			09/13/25		93,702
	225,000		3.700			01/12/26		244,697
	40,000		4.600			03/09/26		45,291
	800,000		3.400			05/01/26		860,614
	360,000		3.200			10/21/26		385,246
	40,000		4.300			11/20/26		44,546
	667,000		4.450			09/29/27		755,582
	240,000		4.125			07/25/28		268,278
	(3M USD LIBOR + 1.338%)
	935,000		3.980	(a)		03/20/30		1,060,791
	860,000		2.976			11/05/30		905,774
	240,000		6.625			06/15/32		332,003
	660,000		8.125			07/15/39		1,137,964
	230,000		6.675			09/13/43		349,889
	150,000		5.300			05/06/44		201,319
	310,000		4.650			07/30/45		396,614
	240,000		4.750			05/18/46		299,674
	(3M USD LIBOR + 1.839%)
	620,000		4.281	(a)		04/24/48		771,112
	320,000		4.650			07/23/48		421,832
	Discover Bank
	300,000		4.200			08/08/23		322,440
	1,050,000		4.650			09/13/28		1,219,778
	Discover Financial Services
	149,000		4.100			02/09/27		162,577
	Fifth Third Bancorp
	750,000		4.300			01/16/24		814,646
	330,000		8.250			03/01/38		542,951
Corporate Obligations – (continued)
Banks – (continued)
	Huntington Bancshares, Inc.
	840,000		3.150			03/14/21		850,720
	250,000		2.300			01/14/22		251,830
	JPMorgan Chase & Co.
	1,650,000		2.550			03/01/21		1,662,675
	300,000		2.400			06/07/21		303,094
	577,000		4.500			01/24/22		607,549
	660,000		3.250			09/23/22		690,216
	117,000		2.972			01/15/23		120,530
	140,000		3.200			01/25/23		146,042
	(3M USD LIBOR + 0.935%)
	200,000		2.776	(a)		04/25/23		205,172
	60,000		3.375			05/01/23		62,985
	250,000		2.700			05/18/23		258,954
	150,000		3.875			02/01/24		162,734
	1,695,000		3.875			09/10/24		1,843,282
	80,000		3.125			01/23/25		85,186
	1,400,000		3.300			04/01/26		1,515,539
	810,000		3.200			06/15/26		867,567
	400,000		4.125			12/15/26		448,996
	(3M USD LIBOR + 1.245%)
	200,000		3.960	(a)		01/29/27		222,296
	870,000		4.250			10/01/27		990,075
	540,000		3.625			12/01/27		586,176
	(3M USD LIBOR + 1.337%)
	215,000		3.782	(a)		02/01/28		238,414
	(3M USD LIBOR + 1.380%)
	700,000		3.540	(a)		05/01/28		764,037
	(3M USD LIBOR + 1.160%)
	836,000		3.702	(a)		05/06/30		928,514
	550,000		6.400			05/15/38		824,274
	(3M USD LIBOR + 1.360%)
	750,000		3.882	(a)		07/24/38		862,465
	175,000		5.500			10/15/40		243,561
	610,000		5.600			07/15/41		875,788
	180,000		5.400			01/06/42		250,876
	400,000		5.625			08/16/43		569,385
	150,000		4.850			02/01/44		202,092
	230,000		4.950			06/01/45		304,818
	(3M USD LIBOR + 1.580%)
	460,000		4.260	(a)		02/22/48		570,408
	(3M USD LIBOR + 1.380%)
	650,000		3.964	(a)		11/15/48		781,018
	(3M USD LIBOR + 1.220%)
	500,000		3.897	(a)		01/23/49		595,030
	JPMorgan Chase & Co., MTN
	990,000		2.295			08/15/21		994,005
	KeyCorp, MTN
	400,000		2.550			10/01/29		407,410
	Morgan Stanley
	1,535,000		2.750			05/19/22		1,578,167
	(3M USD LIBOR + 0.847%)
	1,600,000		3.737	(a)		04/24/24		1,697,356
	200,000		5.000			11/24/25		230,485
	30,000		3.625			01/20/27		32,918
	486,000		3.950			04/23/27		535,798

20 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)
	(3M USD LIBOR + 0.847%) – (continued)
$	798,000		6.375	%		07/24/42	$	1,224,836
	370,000		4.300			01/27/45		454,969
	730,000		4.375			01/22/47		928,484
	Morgan Stanley, GMTN
	339,000		2.500			04/21/21		342,475
	790,000		5.500			07/28/21		832,723
	40,000		3.125			01/23/23		41,777
	300,000		3.750			02/25/23		319,349
	25,000		3.700			10/23/24		27,185
	160,000		4.000			07/23/25		177,794
	730,000		3.875			01/27/26		804,685
	300,000		4.350			09/08/26		335,168
	Morgan Stanley, MTN
	600,000		2.625			11/17/21		611,479
	800,000		4.100			05/22/23		851,824
	865,000		3.125			07/27/26		920,058
	Morgan Stanley, Series F
	1,055,000		3.875			04/29/24		1,148,410
	PNC Bank NA
	600,000		2.550			12/09/21		611,803
	1,000,000		3.100			10/25/27		1,075,042
	1,000,000		2.700			10/22/29		1,043,934
	PNC Financial Services Group, Inc. (The)
	705,000		3.300			03/08/22		734,884
	950,000		2.600			07/23/26		991,133
	State Street Corp.
	(3M USD LIBOR + 0.635%)
	870,000		2.653	(a)		05/15/23		891,752
	828,000		3.100			05/15/23		872,136
	275,000		3.700			11/20/23		298,782
	35,000		3.300			12/16/24		37,540
	300,000		3.550			08/18/25		330,988
	180,000		2.650			05/19/26		188,993
	Synchrony Financial
	150,000		3.750			08/15/21		154,033
	50,000		4.250			08/15/24		53,976
	498,000		4.500			07/23/25		545,976
	140,000		3.950			12/01/27		150,855
	Truist Financial Corp., MTN
	140,000		2.150			02/01/21		140,730
	160,000		2.050			05/10/21		161,053
	240,000		2.750			04/01/22		245,697
	500,000		3.050			06/20/22		518,055
	840,000		3.750			12/06/23		905,848
	605,000		2.850			10/26/24		635,924
	US Bancorp, MTN
	50,000		2.350			01/29/21		50,334
	1,000,000		3.000			03/15/22		1,031,878
	550,000		3.700			01/30/24		595,748
	550,000		3.600			09/11/24		597,341
	540,000		3.100			04/27/26		578,988
	400,000		3.900			04/26/28		465,717
	320,000		3.000			07/30/29		340,102
	US Bancorp, Series X
	375,000		3.150			04/27/27		406,175
								98,615,943
Corporate Obligations – (continued)
Basic Industry – 1.1%
	Dow Chemical Co. (The)
	700,000		4.375			11/15/42		774,790
	DuPont de Nemours, Inc.
	2,000,000		4.205			11/15/23		2,182,707
	500,000		5.419			11/15/48		630,925
	International Paper Co.
	220,000		3.000			02/15/27		236,509
	200,000		4.800			06/15/44		234,494
	190,000		4.400			08/15/47		207,059
	150,000		4.350			08/15/48		167,219
	LYB International Finance BV
	220,000		4.875			03/15/44		261,183
	LYB International Finance III LLC
	300,000		4.200			10/15/49		316,631
	LyondellBasell Industries NV
	200,000		4.625			02/26/55		220,883
	Rohm & Haas Co.
	140,000		7.850			07/15/29		196,689
	Sherwin-Williams Co. (The)
	90,000		2.750			06/01/22		92,199
	500,000		3.450			06/01/27		544,590
	260,000		4.500			06/01/47		325,304
								6,391,182
Broadcasting – 0.6%
	Discovery Communications LLC
	300,000		2.950			03/20/23		310,469
	363,000		3.950			03/20/28		393,614
	568,000		5.200			09/20/47		681,384
	Fox Corp.
	990,000		4.030	(b)		01/25/24		1,071,795
	990,000		4.709	(b)		01/25/29		1,166,487
								3,623,749
Brokerage – 0.2%
	BlackRock, Inc.
	200,000		3.500			03/18/24		215,806
	Intercontinental Exchange, Inc.
	50,000		4.000			10/15/23		53,853
	660,000		3.750			12/01/25		725,522
	290,000		4.250			09/21/48		354,437
								1,349,618
Capital Goods – 1.5%
	3M Co.
	350,000		3.250			08/26/49		368,078
	3M Co., MTN
	450,000		4.000			09/14/48		535,227
	Caterpillar Financial Services Corp.
	520,000		1.700			08/09/21		522,654
	Caterpillar Financial Services Corp., MTN
	250,000		1.950			11/18/22		254,952
	Caterpillar, Inc.
	50,000		3.900			05/27/21		51,678
	130,000		3.400			05/15/24		139,468
	80,000		5.200			05/27/41		111,319
	130,000		3.803			08/15/42		155,053
	550,000		3.250			09/19/49		593,835

The accompanying notes are an integral part of these financial statements. 21

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Capital Goods – (continued)
	Deere & Co.
$	480,000		2.600	%		06/08/22	$	490,269
	320,000		3.900			06/09/42		394,544
	General Electric Co.
	1,400,000		2.700			10/09/22		1,429,921
	40,000		4.125			10/09/42		43,943
	170,000		4.500			03/11/44		196,642
	General Electric Co., GMTN
	400,000		6.750			03/15/32		539,409
	200,000		6.150			08/07/37		264,962
	224,000		6.875			01/10/39		314,450
	General Electric Co., MTN
	744,000		5.875			01/14/38		955,347
	Honeywell International, Inc.
	545,000		2.500			11/01/26		575,972
	Illinois Tool Works, Inc.
	50,000		2.650			11/15/26		53,742
	John Deere Capital Corp., MTN
	250,000		2.800			03/06/23		260,338
	Waste Management, Inc.
	510,000		2.950			06/15/24		538,787
	250,000		4.100			03/01/45		307,089
								9,097,679
Communications – 4.3%
	AT&T, Inc.
	215,000		3.600			07/15/25		232,737
	370,000		3.800			02/15/27		405,942
	50,000		4.850			07/15/45		58,815
	Charter Communications Operating LLC / Charter Communications Operating Capital
	170,000		4.464			07/23/22		180,574
	960,000		4.908			07/23/25		1,080,460
	315,000		3.750			02/15/28		338,063
	440,000		4.200			03/15/28		480,299
	670,000		5.050			03/30/29		777,083
	423,000		6.384			10/23/35		558,970
	130,000		5.375			04/01/38		150,450
	650,000		6.484			10/23/45		837,173
	580,000		5.375			05/01/47		666,718
	320,000		5.750			04/01/48		381,250
	Comcast Corp.
	700,000		3.125			07/15/22		730,607
	1,616,000		3.700			04/15/24		1,757,469
	225,000		3.375			02/15/25		243,235
	100,000		3.375			08/15/25		108,637
	200,000		3.150			03/01/26		215,378
	700,000		4.150			10/15/28		812,459
	1,140,000		4.250			10/15/30		1,358,785
	825,000		4.250			01/15/33		995,318
	650,000		7.050			03/15/33		1,003,111
	100,000		4.200			08/15/34		122,932
	140,000		3.900			03/01/38		166,697
	500,000		4.600			10/15/38		627,323
	1,180,000		3.250			11/01/39		1,281,312
	300,000		4.750			03/01/44		395,006
Corporate Obligations – (continued)
Communications – (continued)
	Comcast Corp. – (continued)
	230,000		3.400			07/15/46		249,935
	500,000		3.969			11/01/47		590,099
	1,092,000		4.700			10/15/48		1,424,874
	205,000		4.049			11/01/52		246,428
	681,000		4.950			10/15/58		933,454
	NBCUniversal Media LLC
	110,000		4.375			04/01/21		113,633
	180,000		5.950			04/01/41		264,435
	Time Warner Cable LLC
	70,000		6.550			05/01/37		91,807
	470,000		7.300			07/01/38		652,702
	450,000		6.750			06/15/39		608,150
	180,000		5.875			11/15/40		223,954
	250,000		5.500			09/01/41		297,657
	Time Warner Entertainment Co. LP
	490,000		8.375			03/15/23		584,474
	TWDC Enterprises 18 Corp., GMTN
	240,000		4.125			06/01/44		302,953
	TWDC Enterprises 18 Corp., MTN
	240,000		2.950			06/15/27		263,582
	ViacomCBS, Inc.
	108,000		4.250			09/01/23		116,618
	240,000		6.875			04/30/36		335,904
	216,000		4.375			03/15/43		230,154
	Walt Disney Co. (The)
	110,000		3.000			09/15/22		114,759
	1,000,000		1.750			08/30/24		1,017,902
	1,000,000		2.750			09/01/49		1,011,209
								25,641,486
Consumer Cyclical – 7.2%
	Amazon.com, Inc.
	422,000		2.400			02/22/23		435,105
	370,000		2.800			08/22/24		390,794
	530,000		3.800			12/05/24		584,245
	258,000		5.200			12/03/25		309,723
	780,000		3.150			08/22/27		859,368
	170,000		4.800			12/05/34		225,684
	275,000		3.875			08/22/37		330,565
	344,000		4.950			12/05/44		478,757
	485,000		4.050			08/22/47		619,469
	330,000		4.250			08/22/57		444,629
	American Honda Finance Corp., GMTN
	50,000		2.650			02/12/21		50,511
	297,000		1.700			09/09/21		298,227
	Costco Wholesale Corp.
	734,000		2.300			05/18/22		751,611
	200,000		3.000			05/18/27		218,256
	Dollar Tree, Inc.
	530,000		4.000			05/15/25		582,354
	140,000		4.200			05/15/28		156,830
	eBay, Inc.
	150,000		2.875			08/01/21		152,568
	250,000		2.600			07/15/22		256,321
	250,000		2.750			01/30/23		257,078
	50,000		3.450			08/01/24		53,052

22 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 Cyclical – (continued)
	Ford Motor Co.
$	300,000		4.346	%		12/08/26	$	301,939
	370,000		7.450			07/16/31		420,217
	320,000		4.750			01/15/43		280,921
	320,000		5.291			12/08/46		294,481
	Ford Motor Credit Co. LLC
	300,000		5.750			02/01/21		308,334
	300,000		3.336			03/18/21		302,946
	555,000		5.875			08/02/21		580,183
	520,000		5.596			01/07/22		547,005
	250,000		4.375			08/06/23		258,340
	300,000		3.664			09/08/24		304,439
	1,150,000		4.063			11/01/24		1,164,169
	376,000		4.134			08/04/25		378,523
	General Motors Co.
	340,000		5.000			10/01/28		374,074
	550,000		6.600			04/01/36		661,625
	300,000		6.250			10/02/43		339,839
	328,000		5.400			04/01/48		334,479
	200,000		5.950			04/01/49		218,550
	General Motors Financial Co., Inc.
	600,000		3.200			07/06/21		608,983
	1,000,000		4.200			11/06/21		1,035,422
	1,000,000		5.100			01/17/24		1,093,242
	1,000,000		4.000			01/15/25		1,060,314
	300,000		5.250			03/01/26		335,169
	Home Depot, Inc. (The)
	160,000		4.400			04/01/21		163,844
	70,000		2.625			06/01/22		72,032
	138,000		2.700			04/01/23		144,281
	50,000		3.350			09/15/25		54,686
	55,000		3.000			04/01/26		59,570
	30,000		2.125			09/15/26		31,091
	60,000		2.800			09/14/27		64,666
	430,000		5.875			12/16/36		619,090
	500,000		5.950			04/01/41		743,154
	620,000		4.400			03/15/45		783,851
	200,000		4.250			04/01/46		248,775
	290,000		3.900			06/15/47		353,333
	400,000		4.500			12/06/48		533,034
	400,000		3.125			12/15/49		423,263
	130,000		3.500			09/15/56		147,846
	Las Vegas Sands Corp.
	150,000		3.500			08/18/26		159,632
	Lowe’s Cos., Inc.
	1,010,000		2.500			04/15/26		1,047,491
	30,000		3.100			05/03/27		31,903
	1,000,000		3.650			04/05/29		1,109,794
	100,000		3.700			04/15/46		106,960
	264,000		4.050			05/03/47		297,823
	Mastercard, Inc.
	400,000		2.000			03/03/25		410,171
	McDonald’s Corp., MTN
	50,000		2.750			12/09/20		50,500
	800,000		3.350			04/01/23		845,654
	100,000		3.500			03/01/27		110,204
Corporate Obligations – (continued)
Consumer Cyclical – (continued)
	McDonald’s Corp., MTN – (continued)
	593,000		4.700			12/09/35		747,465
	320,000		4.875			12/09/45		410,086
	370,000		4.450			09/01/48		456,948
	NIKE, Inc.
	288,000		2.375			11/01/26		303,071
	140,000		3.875			11/01/45		174,874
	Starbucks Corp.
	322,000		3.800			08/15/25		354,997
	400,000		4.000			11/15/28		463,584
	470,000		4.500			11/15/48		573,469
	Target Corp.
	590,000		3.500			07/01/24		645,453
	350,000		4.000			07/01/42		425,234
	140,000		3.625			04/15/46		161,232
	80,000		3.900			11/15/47		97,349
	Toyota Motor Credit Corp., GMTN
	400,000		3.450			09/20/23		428,854
	Toyota Motor Credit Corp., MTN
	170,000		2.950			04/13/21		173,007
	800,000		2.150			09/08/22		816,331
	1,000,000		2.150			02/13/30		1,010,266
	Visa, Inc.
	625,000		3.150			12/14/25		679,330
	360,000		2.750			09/15/27		388,058
	270,000		4.150			12/14/35		335,025
	600,000		4.300			12/14/45		778,902
	280,000		3.650			09/15/47		334,197
	Walmart, Inc.
	80,000		1.900			12/15/20		80,261
	100,000		2.350			12/15/22		103,229
	188,000		2.550			04/11/23		195,148
	500,000		3.400			06/26/23		533,739
	470,000		2.650			12/15/24		496,751
	1,415,000		3.700			06/26/28		1,608,489
	325,000		3.250			07/08/29		362,454
	360,000		5.250			09/01/35		505,463
	530,000		3.950			06/28/38		646,538
	100,000		3.625			12/15/47		119,121
	650,000		4.050			06/29/48		822,495
								42,502,409
Consumer Noncyclical – 8.3%
	Abbott Laboratories
	34,000		3.400			11/30/23		36,489
	60,000		2.950			03/15/25		64,474
	84,000		3.750			11/30/26		94,455
	438,000		4.750			11/30/36		579,433
	700,000		4.900			11/30/46		973,910
	AbbVie, Inc.
	1,790,000		2.900			11/06/22		1,848,855
	337,000		3.600			05/14/25		365,788
	190,000		3.200			05/14/26		202,284
	350,000		4.250			11/14/28		400,075
	1,750,000		3.200	(b)		11/21/29		1,857,249
	734,000		4.500			05/14/35		872,814

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Consumer Noncyclical – (continued)
	AbbVie, Inc. – (continued)
$	150,000		4.300	%		05/14/36	$	175,056
	1,250,000		4.050	(b)		11/21/39		1,381,888
	210,000		4.400			11/06/42		243,556
	250,000		4.450			05/14/46		287,448
	495,000		4.875			11/14/48		614,054
	1,075,000		4.250	(b)		11/21/49		1,210,991
	Amgen, Inc.
	540,000		3.875			11/15/21		560,672
	145,000		2.650			05/11/22		148,520
	100,000		3.625			05/22/24		107,521
	430,000		2.600			08/19/26		454,744
	650,000		3.200			11/02/27		714,501
	402,000		4.400			05/01/45		471,317
	780,000		4.663			06/15/51		976,108
	Becton Dickinson and Co.
	300,000		3.700			06/06/27		331,600
	260,000		4.685			12/15/44		324,180
	400,000		4.669			06/06/47		504,543
	Biogen, Inc.
	307,000		3.625			09/15/22		324,064
	900,000		4.050			09/15/25		1,010,998
	270,000		5.200			09/15/45		349,269
	Boston Scientific Corp.
	215,000		4.550			03/01/39		267,072
	200,000		4.700			03/01/49		261,508
	Bristol-Myers Squibb Co.
	130,000		3.250	(b)		08/15/22		135,594
	500,000		3.625	(b)		05/15/24		542,239
	580,000		3.875	(b)		08/15/25		649,336
	600,000		3.450	(b)		11/15/27		672,730
	50,000		3.900	(b)		02/20/28		57,070
	1,520,000		3.400	(b)		07/26/29		1,709,118
	350,000		4.125	(b)		06/15/39		426,432
	380,000		5.000	(b)		08/15/45		520,328
	320,000		4.550	(b)		02/20/48		422,169
	500,000		4.250	(b)		10/26/49		640,661
	Cardinal Health, Inc.
	300,000		2.616			06/15/22		307,499
	184,000		3.079			06/15/24		191,458
	Centene Corp.
	810,000		4.750			01/15/25		831,769
	970,000		4.250	(b)		12/15/27		1,001,525
	Eli Lilly & Co.
	300,000		3.950			03/15/49		368,105
	200,000		4.150			03/15/59		250,953
	Gilead Sciences, Inc.
	1,000,000		3.500			02/01/25		1,086,392
	1,000,000		3.650			03/01/26		1,104,053
	1,000,000		2.950			03/01/27		1,073,475
	1,000,000		4.500			02/01/45		1,239,063
	Johnson & Johnson
	110,000		2.250			03/03/22		112,047
	277,000		2.625			01/15/25		292,926
	30,000		2.450			03/01/26		31,550
	125,000		2.950			03/03/27		136,285
Corporate Obligations – (continued)
Consumer Noncyclical – (continued)
	Johnson & Johnson – (continued)
	388,000		3.550			03/01/36		457,234
	420,000		3.625			03/03/37		492,324
	300,000		5.950			08/15/37		464,446
	60,000		3.400			01/15/38		68,484
	70,000		3.700			03/01/46		84,711
	395,000		3.750			03/03/47		481,254
	Medtronic, Inc.
	670,000		4.375			03/15/35		858,796
	424,000		4.625			03/15/45		573,066
	Merck & Co., Inc.
	50,000		3.875			01/15/21		50,892
	40,000		2.350			02/10/22		40,968
	400,000		2.900			03/07/24		424,310
	285,000		2.750			02/10/25		302,109
	400,000		3.400			03/07/29		448,322
	150,000		3.900			03/07/39		184,694
	50,000		4.150			05/18/43		63,620
	690,000		3.700			02/10/45		826,926
	340,000		4.000			03/07/49		428,149
	Mylan NV
	400,000		3.950			06/15/26		432,294
	Mylan, Inc.
	300,000		5.200			04/15/48		356,660
	Pfizer, Inc.
	40,000		2.200			12/15/21		40,690
	657,000		2.950			03/15/24		695,811
	125,000		2.750			06/03/26		133,966
	50,000		3.000			12/15/26		54,232
	300,000		3.450			03/15/29		337,278
	540,000		7.200			03/15/39		906,768
	280,000		4.400			05/15/44		353,615
	130,000		4.125			12/15/46		159,091
	320,000		4.000			03/15/49		397,928
	Philip Morris International, Inc.
	112,000		1.875			02/25/21		112,301
	100,000		2.500			11/02/22		102,769
	50,000		3.250			11/10/24		53,623
	335,000		3.375			08/11/25		364,217
	20,000		2.750			02/25/26		21,084
	440,000		6.375			05/16/38		636,538
	100,000		4.375			11/15/41		116,488
	30,000		3.875			08/21/42		32,666
	645,000		4.125			03/04/43		738,019
	50,000		4.250			11/10/44		58,039
	Stryker Corp.
	420,000		3.500			03/15/26		464,269
	Thermo Fisher Scientific, Inc.
	50,000		3.000			04/15/23		52,361
	50,000		4.150			02/01/24		55,075
	314,000		2.950			09/19/26		335,200
	340,000		3.200			08/15/27		374,783
	Walgreen Co.
	50,000		3.100			09/15/22		51,796
	Walgreens Boots Alliance, Inc.
	550,000		3.300			11/18/21		565,687

24 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)
	Walgreens Boots Alliance, Inc. – (continued)
$	174,000		3.800	%		11/18/24	$	185,569
	350,000		3.450			06/01/26		368,228
	450,000		4.800			11/18/44		473,931
	Wyeth LLC
	140,000		6.500			02/01/34		211,760
	530,000		5.950			04/01/37		773,222
	Zoetis, Inc.
	790,000		3.000			09/12/27		851,727
	100,000		4.700			02/01/43		131,925
								49,068,128
Consumer Products – 0.2%
	Newell Brands, Inc.
	125,000		4.200			04/01/26		130,279
	Procter & Gamble Co. (The)
	538,000		3.100			08/15/23		573,140
	275,000		2.450			11/03/26		295,290
								998,709
Electric – 1.6%
	Berkshire Hathaway Energy Co.
	417,000		6.125			04/01/36		597,742
	120,000		5.150			11/15/43		160,164
	40,000		4.500			02/01/45		49,698
	Dominion Energy, Inc.
	200,000		3.900			10/01/25		220,876
	Duke Energy Corp.
	680,000		1.800			09/01/21		682,874
	400,000		2.650			09/01/26		417,893
	375,000		3.750			09/01/46		410,988
	Exelon Corp.
	200,000		3.497			06/01/22		207,366
	400,000		4.450			04/15/46		478,589
	Exelon Generation Co. LLC
	225,000		6.250			10/01/39		287,483
	FirstEnergy Corp., Series B
	255,000		3.900			07/15/27		282,371
	FirstEnergy Corp., Series C
	360,000		7.375			11/15/31		526,579
	150,000		4.850			07/15/47		185,986
	Florida Power & Light Co.
	500,000		3.950			03/01/48		617,163
	MidAmerican Energy Co.
	300,000		4.250			07/15/49		386,532
	NextEra Energy Capital Holdings, Inc.
	400,000		2.900			04/01/22		411,721
	80,000		3.550			05/01/27		87,444
	NiSource, Inc.
	435,000		2.950			09/01/29		455,553
	350,000		4.375			05/15/47		409,658
	Sempra Energy
	300,000		3.400			02/01/28		323,889
	200,000		4.000			02/01/48		221,985
	Southern California Edison Co.
	100,000		4.650			10/01/43		121,439
	300,000		4.000			04/01/47		335,955
Corporate Obligations – (continued)
Electric – (continued)
	Southern Co. (The)
	90,000		2.350			07/01/21		90,867
	260,000		3.250			07/01/26		278,206
	630,000		4.400			07/01/46		748,195
	Virginia Electric & Power Co., Series A
	140,000		3.150			01/15/26		150,976
								9,148,192
Energy – 6.2%
	Baker Hughes a GE Co. LLC
	190,000		5.125			09/15/40		232,630
	Baker Hughes a GE Co. LLC / Baker Hughes Co.-Obligor, Inc.
	575,000		3.337			12/15/27		601,003
	BP Capital Markets America, Inc.
	450,000		3.790			02/06/24		486,256
	300,000		3.410			02/11/26		326,510
	50,000		3.119			05/04/26		53,365
	60,000		3.017			01/16/27		64,638
	520,000		4.234			11/06/28		602,782
	250,000		3.000			02/24/50		247,937
	Cheniere Corpus Christi Holdings LLC
	600,000		5.125			06/30/27		657,000
	Chevron Corp.
	646,000		2.566			05/16/23		668,994
	1,212,000		3.191			06/24/23		1,276,079
	30,000		2.895			03/03/24		31,717
	32,000		3.326			11/17/25		35,083
	180,000		2.954			05/16/26		192,728
	Concho Resources, Inc.
	825,000		3.750			10/01/27		855,937
	230,000		4.875			10/01/47		252,425
	ConocoPhillips
	580,000		6.500			02/01/39		855,287
	ConocoPhillips Co.
	250,000		4.950			03/15/26		293,396
	100,000		4.300			11/15/44		120,102
	ConocoPhillips Holding Co.
	515,000		6.950			04/15/29		705,729
	Devon Energy Corp.
	190,000		5.600			07/15/41		243,367
	190,000		4.750			05/15/42		196,918
	Energy Transfer Operating LP
	20,000		4.650			06/01/21		20,623
	100,000		3.600			02/01/23		103,736
	250,000		4.500			04/15/24		272,066
	400,000		4.750			01/15/26		440,914
	400,000		5.250			04/15/29		452,689
	200,000		6.500			02/01/42		249,902
	20,000		5.150			03/15/45		21,317
	220,000		6.125			12/15/45		256,406
	334,000		5.300			04/15/47		347,949
	350,000		6.000			06/15/48		395,397
	200,000		6.250			04/15/49		231,464
	Enterprise Products Operating LLC
	882,000		3.350			03/15/23		928,884
	157,000		3.900			02/15/24		169,925

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Energy – (continued)
	Enterprise Products Operating LLC – (continued)
$	107,000		3.750	%		02/15/25	$	117,075
	748,000		3.125			07/31/29		772,604
	225,000		4.850			08/15/42		270,045
	340,000		4.450			02/15/43		396,813
	200,000		4.850			03/15/44		245,536
	190,000		5.100			02/15/45		229,642
	50,000		4.900			05/15/46		58,713
	200,000		4.800			02/01/49		235,259
	500,000		4.200			01/31/50		526,099
	Enterprise Products Operating LLC(a), Series E
	(3M USD LIBOR + 3.033%)
	164,000		5.250			08/16/77		167,645
	Exxon Mobil Corp.
	773,000		2.222			03/01/21		778,551
	100,000		2.397			03/06/22		102,365
	1,655,000		2.019			08/16/24		1,709,954
	525,000		3.043			03/01/26		561,386
	60,000		3.567			03/06/45		67,155
	370,000		4.114			03/01/46		448,274
	550,000		3.095			08/16/49		568,418
	Halliburton Co.
	780,000		5.000			11/15/45		845,918
	Kinder Morgan Energy Partners LP
	10,000		3.500			03/01/21		10,177
	50,000		5.500			03/01/44		61,048
	Kinder Morgan Energy Partners LP, MTN
	200,000		6.950			01/15/38		270,908
	Kinder Morgan, Inc.
	180,000		3.150			01/15/23		186,776
	200,000		4.300			06/01/25		221,860
	308,000		4.300			03/01/28		342,899
	320,000		5.550			06/01/45		379,763
	385,000		5.050			02/15/46		436,114
	Kinder Morgan, Inc., GMTN
	440,000		7.750			01/15/32		632,738
	Marathon Petroleum Corp.
	235,000		5.125			03/01/21		244,026
	295,000		6.500			03/01/41		413,258
	MPLX LP
	1,000,000		4.500			07/15/23		1,083,522
	50,000		4.875			06/01/25		56,067
	145,000		4.500			04/15/38		148,286
	300,000		5.200			03/01/47		316,605
	400,000		5.500			02/15/49		455,458
	Noble Energy, Inc.
	190,000		5.250			11/15/43		200,483
	ONEOK, Inc.
	250,000		5.200			07/15/48		293,048
	Ovintiv, Inc.
	280,000		6.500			08/15/34		300,594
	Phillips 66
	250,000		4.300			04/01/22		265,855
	210,000		3.900			03/15/28		235,844
	140,000		4.650			11/15/34		171,741
	360,000		5.875			05/01/42		516,925
	110,000		4.875			11/15/44		132,945
Corporate Obligations – (continued)
Energy – (continued)
	Plains All American Pipeline LP / PAA Finance Corp.
	630,000		3.650			06/01/22		648,371
	250,000		3.600			11/01/24		261,716
	110,000		4.650			10/15/25		119,908
	240,000		4.500			12/15/26		258,504
	Sabine Pass Liquefaction LLC
	100,000		5.625			04/15/23		109,525
	895,000		5.625			03/01/25		1,016,385
	518,000		5.875			06/30/26		599,423
	220,000		5.000			03/15/27		243,474
	225,000		4.200			03/15/28		238,500
	Sunoco Logistics Partners Operations LP
	500,000		4.000			10/01/27		545,558
	50,000		5.350			05/15/45		55,764
	200,000		5.400			10/01/47		212,401
	Valero Energy Corp.
	587,000		3.400			09/15/26		633,108
	500,000		4.000			04/01/29		545,332
	170,000		6.625			06/15/37		233,530
	Williams Cos., Inc. (The)
	350,000		4.300			03/04/24		379,869
	1,000,000		4.550			06/24/24		1,097,146
	705,000		3.900			01/15/25		753,097
	50,000		3.750			06/15/27		52,254
	240,000		6.300			04/15/40		293,756
	208,000		5.100			09/15/45		230,087
								36,897,255
Financial Company – 0.7%
	Air Lease Corp., MTN
	300,000		2.300			02/01/25		300,567
	Ares Capital Corp.
	300,000		3.250			07/15/25		305,655
	BlackRock, Inc.
	400,000		2.400			04/30/30		414,525
	GE Capital International Funding Co. Unlimited Co.
	300,000		3.373			11/15/25		319,930
	1,920,000		4.418			11/15/35		2,193,100
	International Lease Finance Corp.
	375,000		5.875			08/15/22		411,231
								3,945,008
Food and Beverage – 2.2%
	Coca-Cola Co. (The)
	475,000		2.875			10/27/25		514,698
	380,000		2.250			09/01/26		399,859
	Conagra Brands, Inc.
	500,000		4.600			11/01/25		560,158
	General Mills, Inc.
	470,000		4.200			04/17/28		542,375
	Keurig Dr Pepper, Inc.
	265,000		3.551			05/25/21		271,501
	178,000		4.057			05/25/23		191,304
	210,000		4.597			05/25/28		242,652
	Kraft Heinz Foods Co.
	250,000		4.000			06/15/23		260,478
	250,000		3.950			07/15/25		260,914

26 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)
Food and Beverage – (continued)
	Kraft Heinz Foods Co. – (continued)
$	1,650,000		3.000	%		06/01/26	$	1,643,598
	250,000		6.875			01/26/39		300,419
	250,000		6.500			02/09/40		291,452
	990,000		4.875	(b)		10/01/49		979,107
	Molson Coors Beverage Co.
	120,000		2.100			07/15/21		120,843
	780,000		3.000			07/15/26		815,968
	140,000		5.000			05/01/42		160,223
	150,000		4.200			07/15/46		156,281
	PepsiCo, Inc.
	800,000		3.100			07/17/22		831,159
	80,000		2.750			04/30/25		84,795
	500,000		2.850			02/24/26		539,835
	620,000		4.450			04/14/46		828,631
	630,000		3.450			10/06/46		723,625
	30,000		4.000			05/02/47		37,602
	Sysco Corp.
	200,000		3.300			07/15/26		219,977
	60,000		3.250			07/15/27		65,565
	Tyson Foods, Inc.
	50,000		3.950			08/15/24		54,629
	762,000		4.000			03/01/26		848,307
	350,000		3.550			06/02/27		385,367
	290,000		4.550			06/02/47		355,355
	300,000		5.100			09/28/48		391,915
								13,078,592
Healthcare – 4.7%
	Aetna, Inc.
	350,000		2.800			06/15/23		359,643
	675,000		3.500			11/15/24		725,055
	140,000		6.625			06/15/36		201,899
	Anthem, Inc.
	250,000		3.500			08/15/24		268,940
	50,000		3.350			12/01/24		53,939
	1,320,000		3.650			12/01/27		1,449,585
	90,000		4.625			05/15/42		106,835
	250,000		4.650			01/15/43		294,594
	75,000		4.650			08/15/44		90,849
	295,000		4.375			12/01/47		337,703
	Cigna Corp.
	1,000,000		3.000	(b)		07/15/23		1,039,573
	1,400,000		4.125			11/15/25		1,576,868
	1,000,000		4.375			10/15/28		1,135,995
	750,000		4.900			12/15/48		931,222
	CVS Health Corp.
	550,000		2.125			06/01/21		553,209
	548,000		2.750			12/01/22		564,675
	680,000		3.700			03/09/23		717,792
	849,000		4.000			12/05/23		912,469
	579,000		4.100			03/25/25		635,763
	100,000		3.875			07/20/25		108,888
	1,027,000		4.300			03/25/28		1,150,137
	180,000		3.250			08/15/29		189,448
	1,370,000		4.780			03/25/38		1,620,598
Corporate Obligations – (continued)
Healthcare – (continued)
	CVS Health Corp. – (continued)
	245,000		5.300			12/05/43		319,812
	578,000		5.125			07/20/45		709,852
	1,310,000		5.050			03/25/48		1,603,266
	DH Europe Finance II Sarl
	500,000		3.250			11/15/39		537,421
	300,000		3.400			11/15/49		332,059
	HCA, Inc.
	470,000		4.750			05/01/23		506,425
	890,000		5.000			03/15/24		985,675
	270,000		5.250			04/15/25		307,125
	150,000		5.250			06/15/26		171,750
	425,000		4.500			02/15/27		470,156
	354,000		4.125			06/15/29		388,073
	565,000		5.125			06/15/39		652,575
	145,000		5.500			06/15/47		172,912
	UnitedHealth Group, Inc.
	400,000		2.875			03/15/22		410,972
	359,000		2.875			03/15/23		375,378
	420,000		3.750			07/15/25		467,352
	530,000		3.100			03/15/26		570,736
	580,000		3.450			01/15/27		635,532
	120,000		4.625			07/15/35		151,061
	275,000		5.800			03/15/36		386,065
	320,000		6.875			02/15/38		503,736
	200,000		4.250			03/15/43		240,710
	300,000		4.750			07/15/45		388,811
	180,000		4.200			01/15/47		216,383
	130,000		3.750			10/15/47		147,670
	270,000		4.450			12/15/48		340,901
	200,000		3.875			08/15/59		228,989
	Zimmer Biomet Holdings, Inc.
	320,000		3.550			04/01/25		345,349
								27,592,425
Insurance – 2.1%
	American International Group, Inc.
	1,015,000		3.750			07/10/25		1,107,029
	715,000		3.900			04/01/26		792,997
	300,000		3.875			01/15/35		343,637
	602,000		4.500			07/16/44		739,782
	American International Group, Inc.(a), Series A-9
	(3M USD LIBOR + 2.868%)
	200,000		5.750			04/01/48		229,419
	Berkshire Hathaway Finance Corp.
	10,000		5.750			01/15/40		14,662
	460,000		4.200			08/15/48		565,981
	410,000		4.250			01/15/49		512,100
	Berkshire Hathaway, Inc.
	1,000,000		2.200			03/15/21		1,007,444
	670,000		3.125			03/15/26		726,051
	90,000		4.500			02/11/43		119,313
	Brighthouse Financial, Inc.
	450,000		4.700			06/22/47		455,361
	Chubb INA Holdings, Inc.
	250,000		4.350			11/03/45		324,115

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Insurance – (continued)
	Equitable Holdings, Inc.
$	350,000		3.900	%		04/20/23	$	375,021
	696,000		4.350			04/20/28		777,229
	130,000		5.000			04/20/48		150,529
	Marsh & McLennan Cos., Inc.
	200,000		4.900			03/15/49		268,674
	MetLife, Inc.
	50,000		3.600			04/10/24		54,704
	240,000		6.375			06/15/34		358,179
	170,000		5.700			06/15/35		242,351
	350,000		5.875			02/06/41		503,523
	410,000		4.125			08/13/42		490,285
	229,000		4.875			11/13/43		309,665
	120,000		4.050			03/01/45		145,968
	100,000		4.600			05/13/46		130,298
	Prudential Financial, Inc.
	(3M USD LIBOR + 3.920%)
	450,000		5.625	(a)		06/15/43		480,853
	(3M USD LIBOR + 2.380%)
	400,000		4.500	(a)		09/15/47		438,630
	275,000		3.905			12/07/47		318,034
	Prudential Financial, Inc., MTN
	480,000		4.350			02/25/50		594,515
								12,576,349
Metals and Mining – 0.1%
	Newmont Corp.
	310,000		4.875			03/15/42		397,987
Natural Gas – 0.1%
	Sempra Energy
	325,000		3.250			06/15/27		347,108
REITs and Real Estate – 0.8%
	Boston Properties LP
	570,000		3.850			02/01/23		604,898
	375,000		3.650			02/01/26		406,994
	60,000		2.750			10/01/26		62,837
	Equinix, Inc.
	500,000		2.625			11/18/24		514,597
	480,000		5.875			01/15/26		507,300
	700,000		5.375			05/15/27		756,000
	GLP Capital LP / GLP Financing II, Inc.
	125,000		5.375			04/15/26		142,038
	Simon Property Group LP
	300,000		2.000			09/13/24		303,270
	150,000		3.375			10/01/24		160,202
	327,000		3.300			01/15/26		353,084
	370,000		3.375			06/15/27		402,986
	Welltower, Inc.
	60,000		4.000			06/01/25		66,057
	185,000		4.250			04/15/28		211,002
								4,491,265
Revenue – 0.2%
	CommonSpirit Health
	100,000		2.760			10/01/24		105,188
	300,000		4.350			11/01/42		348,582
Corporate Obligations – (continued)
Revenue – (continued)
	Kaiser Foundation Hospitals
	500,000		4.150			05/01/47		635,157
								1,088,927
Technology – 9.2%
	Alphabet, Inc.
	293,000		1.998			08/15/26		303,333
	Apple, Inc.
	1,187,000		2.250			02/23/21		1,195,256
	140,000		2.850			05/06/21		142,544
	215,000		1.550			08/04/21		215,987
	1,950,000		2.500			02/09/22		2,001,930
	2,088,000		2.100			09/12/22		2,129,745
	30,000		3.000			02/09/24		31,841
	784,000		3.450			05/06/24		849,639
	430,000		2.850			05/11/24		454,276
	350,000		2.450			08/04/26		367,130
	110,000		3.000			06/20/27		119,230
	355,000		2.900			09/12/27		383,679
	410,000		3.000			11/13/27		447,034
	230,000		4.500			02/23/36		294,258
	687,000		3.850			05/04/43		819,622
	550,000		4.450			05/06/44		711,174
	200,000		3.450			02/09/45		227,011
	380,000		4.375			05/13/45		491,354
	560,000		4.650			02/23/46		747,410
	644,000		3.850			08/04/46		769,856
	160,000		4.250			02/09/47		202,604
	50,000		3.750			11/13/47		59,724
	220,000		2.950			09/11/49		230,518
	Broadcom Corp. / Broadcom Cayman Finance Ltd.
	483,000		3.000			01/15/22		492,498
	30,000		2.650			01/15/23		30,610
	100,000		3.625			01/15/24		104,821
	300,000		3.125			01/15/25		309,669
	997,000		3.875			01/15/27		1,051,440
	160,000		3.500			01/15/28		166,953
	Broadcom, Inc.
	150,000		3.625	(b)		10/15/24		157,912
	360,000		4.250	(b)		04/15/26		386,590
	800,000		4.750	(b)		04/15/29		894,075
	Cisco Systems, Inc.
	1,300,000		2.200			02/28/21		1,308,615
	150,000		1.850			09/20/21		151,290
	315,000		3.625			03/04/24		343,456
	466,000		5.900			02/15/39		703,913
	270,000		5.500			01/15/40		395,745
	Dell International LLC / EMC Corp.
	1,310,000		4.420	(b)		06/15/21		1,353,596
	175,000		5.450	(b)		06/15/23		192,707
	764,000		6.020	(b)		06/15/26		896,021
	390,000		8.100	(b)		07/15/36		535,837
	460,000		8.350	(b)		07/15/46		623,415
	Fidelity National Information Services, Inc.
	101,000		3.000			08/15/26		108,172

28 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)
	Global Payments, Inc.
$	310,000		3.200	%		08/15/29	$	330,360
	Hewlett Packard Enterprise Co.
	100,000		4.400			10/15/22		106,974
	1,000,000		2.250			04/01/23		1,016,017
	HP, Inc.
	268,000		6.000			09/15/41		309,179
	Intel Corp.
	470,000		2.875			05/11/24		498,132
	253,000		3.700			07/29/25		279,982
	200,000		2.600			05/19/26		210,793
	240,000		3.150			05/11/27		262,382
	200,000		2.450			11/15/29		208,591
	340,000		4.100			05/19/46		417,746
	320,000		4.100			05/11/47		391,992
	95,000		3.734			12/08/47		113,606
	1,000,000		3.250			11/15/49		1,083,287
	Lam Research Corp.
	525,000		4.000			03/15/29		594,153
	460,000		4.875			03/15/49		605,385
	Microchip Technology, Inc.
	720,000		4.333			06/01/23		777,786
	Microsoft Corp.
	1,200,000		1.550			08/08/21		1,206,019
	60,000		2.400			02/06/22		61,401
	882,000		2.375			02/12/22		902,559
	350,000		2.000			08/08/23		359,470
	97,000		2.875			02/06/24		102,583
	795,000		2.700			02/12/25		844,325
	60,000		2.400			08/08/26		63,194
	705,000		3.300			02/06/27		783,402
	475,000		3.500			02/12/35		553,336
	450,000		3.450			08/08/36		520,048
	650,000		4.100			02/06/37		808,725
	95,000		5.200			06/01/39		135,734
	200,000		4.500			10/01/40		268,127
	280,000		3.500			11/15/42		329,848
	140,000		3.750			02/12/45		169,837
	469,000		4.450			11/03/45		626,742
	1,260,000		3.700			08/08/46		1,530,651
	430,000		4.250			02/06/47		569,353
	155,000		4.000			02/12/55		197,701
	200,000		4.750			11/03/55		290,231
	420,000		3.950			08/08/56		533,441
	464,000		4.500			02/06/57		649,362
	NVIDIA Corp.
	290,000		3.200			09/16/26		316,690
	Oracle Corp.
	656,000		2.800			07/08/21		670,868
	300,000		1.900			09/15/21		302,770
	1,150,000		2.500			05/15/22		1,176,656
	400,000		2.500			10/15/22		411,527
	30,000		2.625			02/15/23		31,068
	150,000		2.400			09/15/23		155,471
	775,000		3.400			07/08/24		835,082
	40,000		2.950			11/15/24		42,618
Corporate Obligations – (continued)
Technology – (continued)
	Oracle Corp. – (continued)
	130,000		2.950			05/15/25		138,504
	950,000		2.650			07/15/26		1,003,344
	80,000		3.250			11/15/27		87,963
	440,000		4.300			07/08/34		542,402
	200,000		3.900			05/15/35		237,650
	420,000		3.850			07/15/36		499,343
	245,000		3.800			11/15/37		284,827
	312,000		6.500			04/15/38		477,929
	220,000		5.375			07/15/40		302,709
	300,000		4.125			05/15/45		365,482
	440,000		4.000			07/15/46		536,864
	670,000		4.000			11/15/47		800,360
	200,000		4.375			05/15/55		253,729
	QUALCOMM, Inc.
	276,000		2.900			05/20/24		289,617
	750,000		3.250			05/20/27		809,395
	200,000		4.650			05/20/35		245,759
	320,000		4.800			05/20/45		406,531
	380,000		4.300			05/20/47		457,203
	Texas Instruments, Inc.
	422,000		4.150			05/15/48		540,327
	VMware, Inc.
	300,000		2.950			08/21/22		308,939
								54,646,571
Transportation – 1.3%
	Burlington Northern Santa Fe LLC
	490,000		4.450			03/15/43		607,314
	130,000		4.900			04/01/44		173,373
	150,000		4.550			09/01/44		189,373
	460,000		4.150			04/01/45		552,938
	350,000		3.900			08/01/46		417,869
	CSX Corp.
	550,000		3.250			06/01/27		598,798
	30,000		3.800			03/01/28		33,825
	190,000		3.800			11/01/46		210,925
	FedEx Corp.
	340,000		3.100			08/05/29		354,163
	860,000		4.400			01/15/47		940,182
	500,000		4.950			10/17/48		570,810
	Union Pacific Corp.
	530,000		4.163			07/15/22		561,225
	450,000		3.950			09/10/28		513,242
	50,000		4.375			09/10/38		59,880
	300,000		4.300			03/01/49		363,131
	310,000		3.799			10/01/51		348,043
	United Parcel Service, Inc.
	1,000,000		2.450			10/01/22		1,021,731
	330,000		3.750			11/15/47		367,377
								7,884,199
Wireless – 4.4%
	American Tower Corp.
	50,000		4.000			06/01/25		55,060
	400,000		3.375			10/15/26		433,069
	475,000		3.800			08/15/29		523,767

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Wireless – (continued)
	AT&T, Inc.
$	161,000		2.800	%		02/17/21	$	162,338
	650,000		3.200			03/01/22		669,370
	50,000		3.000			06/30/22		51,497
	230,000		2.625			12/01/22		235,507
	450,000		3.600			02/17/23		474,907
	25,000		3.800			03/01/24		26,861
	60,000		3.900			03/11/24		64,534
	410,000		3.950			01/15/25		447,776
	440,000		3.400			05/15/25		471,318
	280,000		4.125			02/17/26		310,099
	400,000		4.250			03/01/27		448,037
	560,000		4.100			02/15/28		626,343
	565,000		4.350			03/01/29		645,632
	520,000		4.300			02/15/30		597,819
	85,000		4.500			05/15/35		98,997
	551,000		5.250			03/01/37		680,815
	340,000		4.850			03/01/39		406,989
	360,000		6.000			08/15/40		482,700
	90,000		5.350			09/01/40		113,345
	100,000		6.375			03/01/41		139,299
	320,000		5.550			08/15/41		410,834
	154,000		5.150			03/15/42		188,149
	250,000		4.300			12/15/42		277,095
	270,000		4.800			06/15/44		314,292
	430,000		4.350			06/15/45		477,401
	610,000		4.750			05/15/46		714,414
	170,000		5.150			11/15/46		211,086
	400,000		5.650			02/15/47		525,612
	440,000		5.450			03/01/47		568,715
	910,000		4.500			03/09/48		1,040,359
	607,000		4.550			03/09/49		704,549
	70,000		5.700			03/01/57		94,002
	CC Holdings GS V LLC / Crown Castle GS III Corp.
	500,000		3.849			04/15/23		531,596
	Crown Castle International Corp.
	250,000		4.875			04/15/22		266,837
	190,000		5.250			01/15/23		208,586
	60,000		3.150			07/15/23		62,583
	210,000		4.450			02/15/26		235,968
	130,000		3.650			09/01/27		142,576
	Verizon Communications, Inc.
	370,000		2.946			03/15/22		383,042
	560,000		3.125			03/16/22		581,720
	130,000		5.150			09/15/23		145,994
	200,000		3.500			11/01/24		215,958
	634,000		3.376			02/15/25		685,663
	730,000		4.125			03/16/27		833,528
	750,000		4.329			09/21/28		877,608
	170,000		4.016			12/03/29		197,621
	560,000		4.500			08/10/33		686,059
	200,000		4.400			11/01/34		241,789
	220,000		4.272			01/15/36		264,988
	460,000		5.250			03/16/37		611,659
	225,000		4.812			03/15/39		290,007
	170,000		3.850			11/01/42		195,595
Corporate Obligations – (continued)
Wireless – (continued)
	Verizon Communications, Inc. – (continued)
	270,000		6.550			09/15/43		419,410
	500,000		4.125			08/15/46		605,486
	640,000		4.862			08/21/46		853,283
	110,000		5.500			03/16/47		156,961
	300,000		4.522			09/15/48		386,130
	330,000		5.012			04/15/49		455,095
	562,000		5.012			08/21/54		782,094
	555,000		4.672			03/15/55		737,584
								25,748,007
Wirelines – 0.1%
	AT&T, Inc.
	450,000		4.900			08/15/37		539,863
	110,000		5.150			02/15/50		137,729
								677,592
	TOTAL CORPORATE OBLIGATIONS
	(Cost $415,329,412)						$	449,046,966
Foreign Corporate Debt – 22.4%
Banks – 11.5%
	Australia & New Zealand Banking Group Ltd., MTN (Australia)
$	870,000		2.300	%		06/01/21	$	879,654
	750,000		2.050			11/21/22		761,480
	Australia & New Zealand Banking Group Ltd. (Australia)
	280,000		2.550			11/23/21		285,335
	Banco Santander SA (Spain)
	200,000		3.800			02/23/28		215,443
	200,000		3.306			06/27/29		216,042
	Bank of Montreal, MTN (Canada)
	120,000		1.900			08/27/21		120,540
	1,100,000		2.900			03/26/22		1,132,020
	200,000		2.550			11/06/22		205,520
	Bank of Montreal(a) (Canada)
	(5 Year USD Swap + 1.432%)
	100,000		3.803			12/15/32		109,062
	Bank of Montreal, Series D (Canada)
	928,000		3.100			04/13/21		945,446
	Bank of Nova Scotia (The) (Canada)
	1,000,000		2.000			11/15/22		1,015,752
	1,530,000		3.400			02/11/24		1,626,139
	Barclays PLC (United Kingdom)
	472,000		3.250			01/12/21		478,051
	200,000		3.684			01/10/23		206,373
	(3M USD LIBOR + 1.400%)
	500,000		4.610	(a)		02/15/23		525,442
	(3M USD LIBOR + 1.356%)
	700,000		4.338	(a)		05/16/24		747,855
	690,000		3.650			03/16/25		731,989
	1,140,000		4.375			01/12/26		1,260,789
	330,000		5.250			08/17/45		420,186
	400,000		4.950			01/10/47		491,730
	BNP Paribas SA, MTN (France)
	50,000		3.250			03/03/23		52,405

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Corporate Debt – (continued)
Banks – (continued)
	BPCE SA (France)
$	700,000		2.650	%		02/03/21	$	706,949
	Cooperatieve Rabobank UA (Netherlands)
	100,000		3.875			02/08/22		104,101
	370,000		3.950			11/09/22		390,061
	800,000		4.625			12/01/23		873,376
	250,000		3.750			07/21/26		269,750
	380,000		5.250			05/24/41		548,345
	370,000		5.750			12/01/43		543,143
	330,000		5.250			08/04/45		451,932
	Credit Suisse AG (Switzerland)
	670,000		3.000			10/29/21		686,151
	Credit Suisse AG, MTN (Switzerland)
	960,000		3.625			09/09/24		1,031,856
	Credit Suisse Group Funding Guernsey Ltd. (Switzerland)
	300,000		3.800			09/15/22		316,133
	710,000		4.550			04/17/26		801,834
	300,000		4.875			05/15/45		393,632
	Deutsche Bank AG (Germany)
	860,000		4.250			10/14/21		887,598
	230,000		3.300			11/16/22		234,969
	200,000		3.950			02/27/23		207,783
	130,000		3.700			05/30/24		136,224
	500,000		3.961			11/26/25		526,875
	Deutsche Bank AG, Series D (Germany)
	310,000		5.000			02/14/22		326,450
	Deutsche Bank AG, GMTN (Germany)
	50,000		3.375			05/12/21		50,783
	HSBC Holdings PLC (United Kingdom)
	300,000		3.400			03/08/21		305,052
	200,000		2.950			05/25/21		203,163
	1,010,000		2.650			01/05/22		1,027,462
	(3M USD LIBOR + 1.055%)
	1,240,000		3.262	(a)		03/13/23		1,277,933
	700,000		4.250			03/14/24		753,425
	(3M USD LIBOR + 0.987%)
	500,000		3.950	(a)		05/18/24		530,081
	400,000		4.250			08/18/25		432,365
	(3M USD LIBOR + 1.140%)
	250,000		2.633	(a)		11/07/25		255,666
	550,000		4.300			03/08/26		613,295
	1,305,000		3.900			05/25/26		1,427,270
	(3M USD LIBOR + 1.348%)
	500,000		4.292	(a)		09/12/26		550,568
	500,000		4.375			11/23/26		547,007
	(3M USD LIBOR + 1.610%)
	500,000		3.973	(a)		05/22/30		545,560
	250,000		6.500			05/02/36		342,007
	504,000		6.500			09/15/37		690,478
	110,000		6.800			06/01/38		157,785
	350,000		6.100			01/14/42		513,202
	280,000		5.250			03/14/44		355,175
	ING Groep NV (Netherlands)
	798,000		3.150			03/29/22		823,871
	390,000		4.100			10/02/23		421,689
	200,000		3.950			03/29/27		220,482
Foreign Corporate Debt – (continued)
Banks – (continued)
	ING Groep NV (Netherlands) – (continued)
	490,000		4.550			10/02/28		574,088
	630,000		4.050			04/09/29		714,330
	Lloyds Bank PLC (United Kingdom)
	250,000		3.300			05/07/21		255,753
	Lloyds Banking Group PLC (United Kingdom)
	250,000		3.000			01/11/22		255,868
	1,100,000		4.050			08/16/23		1,182,257
	200,000		3.900			03/12/24		215,131
	200,000		4.500			11/04/24		217,874
	300,000		4.582			12/10/25		330,339
	525,000		3.750			01/11/27		569,914
	1,180,000		4.375			03/22/28		1,336,187
	200,000		5.300			12/01/45		257,180
	200,000		4.344			01/09/48		226,099
	Mitsubishi UFJ Financial Group, Inc. (Japan)
	350,000		2.950			03/01/21		355,035
	1,000,000		2.623			07/18/22		1,024,304
	1,180,000		2.665			07/25/22		1,209,654
	950,000		3.850			03/01/26		1,054,351
	230,000		3.677			02/22/27		252,390
	150,000		3.287			07/25/27		162,628
	950,000		3.961			03/02/28		1,086,229
	300,000		3.195			07/18/29		321,602
	Mizuho Financial Group, Inc. (Japan)
	300,000		2.273			09/13/21		303,615
	690,000		2.601			09/11/22		708,221
	200,000		2.839			09/13/26		210,051
	740,000		4.018			03/05/28		839,697
	National Australia Bank Ltd. (Australia)
	550,000		2.500			07/12/26		571,490
	National Australia Bank Ltd., GMTN (Australia)
	550,000		2.500			05/22/22		562,959
	Royal Bank of Canada, GMTN (Canada)
	400,000		3.200			04/30/21		408,703
	300,000		4.650			01/27/26		345,361
	Royal Bank of Scotland Group PLC (United Kingdom)
	(3M USD LIBOR + 1.480%)
	960,000		3.498	(a)		05/15/23		990,664
	325,000		6.100			06/10/23		360,608
	(3M USD LIBOR + 1.762%)
	1,525,000		4.269	(a)		03/22/25		1,644,850
	(3M USD LIBOR + 1.754%)
	345,000		4.892	(a)		05/18/29		402,694
	(US 5 Year CMT T-Note + 2.100%)
	830,000		3.754	(a)		11/01/29		866,001
	(3M USD LIBOR + 1.905%)
	500,000		5.076	(a)		01/27/30		592,852
	Santander UK PLC (United Kingdom)
	1,000,000		2.875			06/18/24		1,043,619
	Sumitomo Mitsui Financial Group, Inc. (Japan)
	637,000		2.934			03/09/21		645,425
	520,000		2.442			10/19/21		527,890
	340,000		2.784			07/12/22		349,427
	150,000		2.778			10/18/22		154,540
	650,000		3.102			01/17/23		678,387

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Corporate Debt – (continued)
Banks – (continued)
	Sumitomo Mitsui Financial Group, Inc. (Japan) – (continued)
$	400,000		3.784	%		03/09/26	$	441,608
	50,000		2.632			07/14/26		51,716
	610,000		3.010			10/19/26		648,810
	100,000		3.446			01/11/27		108,635
	150,000		3.364			07/12/27		163,004
	500,000		3.040			07/16/29		532,671
	Svenska Handelsbanken AB, MTN (Sweden)
	844,000		2.450			03/30/21		852,930
	840,000		3.350			05/24/21		859,415
	Toronto-Dominion Bank (The), MTN (Canada)
	900,000		1.900			12/01/22		914,297
	1,950,000		2.650			06/12/24		2,037,282
	Westpac Banking Corp. (Australia)
	700,000		2.100			05/13/21		706,263
	550,000		2.000			08/19/21		556,815
	650,000		3.650			05/15/23		696,516
	100,000		3.300			02/26/24		106,387
	330,000		2.850			05/13/26		349,303
	120,000		2.700			08/19/26		126,514
	400,000		3.400			01/25/28		448,275
	300,000		2.650			01/16/30		313,388
	Westpac Banking Corp.(a), GMTN (Australia)
	(5 Year USD Swap + 2.236%)
	510,000		4.322			11/23/31		559,120
								68,189,950
Brokerage – 0.1%
	Brookfield Finance, Inc. (Canada)
	300,000		4.700			09/20/47		362,534
Consumer Noncyclical – 1.7%
	AstraZeneca PLC (United Kingdom)
	250,000		2.375			06/12/22		255,524
	710,000		3.375			11/16/25		774,434
	410,000		3.125			06/12/27		443,079
	280,000		4.000			01/17/29		323,664
	330,000		6.450			09/15/37		495,796
	80,000		4.375			11/16/45		101,897
	160,000		4.375			08/17/48		206,518
	BAT Capital Corp. (United Kingdom)
	1,160,000		2.764			08/15/22		1,186,726
	300,000		3.222			08/15/24		315,194
	560,000		3.557			08/15/27		589,194
	848,000		4.390			08/15/37		898,556
	350,000		4.540			08/15/47		365,929
	GlaxoSmithKline Capital PLC (United Kingdom)
	68,000		2.850			05/08/22		70,393
	240,000		3.375			06/01/29		266,407
	GlaxoSmithKline Capital, Inc. (United Kingdom)
	532,000		2.800			03/18/23		556,477
	272,000		3.875			05/15/28		311,015
	497,000		6.375			05/15/38		744,368
	Novartis Capital Corp. (Switzerland)
	75,000		2.400			05/17/22		77,430
	275,000		3.000			11/20/25		297,671
	800,000		3.100			05/17/27		875,963
Foreign Corporate Debt – (continued)
Consumer Noncyclical – (continued)
	Novartis Capital Corp. (Switzerland) – (continued)
	220,000		4.400			05/06/44		286,430
	300,000		2.750			08/14/50		311,793
	Reynolds American, Inc. (United Kingdom)
	70,000		4.450			06/12/25		77,305
	110,000		5.700			08/15/35		134,619
	95,000		5.850			08/15/45		113,116
								10,079,498
Consumer Products – 0.2%
	Unilever Capital Corp. (United Kingdom)
	1,350,000		4.250			02/10/21		1,384,824
Electric – 0.1%
	Emera US Finance LP (Canada)
	50,000		2.700			06/15/21		50,881
	260,000		3.550			06/15/26		282,258
	240,000		4.750			06/15/46		291,571
								624,710
Energy – 3.1%
	BP Capital Markets PLC (United Kingdom)
	2,210,000		3.561			11/01/21		2,297,257
	20,000		2.500			11/06/22		20,607
	20,000		3.535			11/04/24		21,815
	200,000		3.279			09/19/27		215,357
	Canadian Natural Resources Ltd. (Canada)
	530,000		6.250			03/15/38		692,667
	Cenovus Energy, Inc. (Canada)
	590,000		4.250			04/15/27		633,541
	200,000		6.750			11/15/39		250,699
	200,000		5.400			06/15/47		219,647
	Enbridge, Inc. (Canada)
	120,000		4.000			10/01/23		128,504
	1,500,000		3.125			11/15/29		1,556,596
	200,000		5.500			12/01/46		271,517
	Equinor ASA (Norway)
	430,000		3.150			01/23/22		444,138
	100,000		3.950			05/15/43		116,989
	160,000		4.800			11/08/43		212,530
	500,000		3.250			11/18/49		535,559
	Shell International Finance BV (Netherlands)
	425,000		1.750			09/12/21		427,073
	180,000		3.250			05/11/25		194,189
	60,000		2.875			05/10/26		63,851
	500,000		2.500			09/12/26		523,767
	1,160,000		2.375			11/07/29		1,186,377
	660,000		4.125			05/11/35		796,908
	630,000		6.375			12/15/38		954,202
	190,000		5.500			03/25/40		274,212
	375,000		4.550			08/12/43		467,878
	440,000		4.375			05/11/45		541,172
	660,000		4.000			05/10/46		780,972
	Suncor Energy, Inc. (Canada)
	350,000		6.500			06/15/38		504,237
	Total Capital Canada Ltd. (France)
	25,000		2.750			07/15/23		26,140

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Corporate Debt – (continued)
Energy – (continued)
	Total Capital International SA (France)
$	350,000		3.700	%		01/15/24	$	378,546
	125,000		3.750			04/10/24		135,873
	1,100,000		3.455			02/19/29		1,223,167
	TransCanada PipeLines Ltd. (Canada)
	390,000		4.250			05/15/28		440,441
	50,000		4.625			03/01/34		58,460
	260,000		6.200			10/15/37		365,132
	200,000		7.625			01/15/39		314,585
	160,000		6.100			06/01/40		226,854
	190,000		4.875			05/15/48		227,912
	300,000		5.100			03/15/49		374,472
								18,103,843
Financial Company – 0.2%
	AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland)
	650,000		4.500			05/15/21		671,125
	350,000		5.000			10/01/21		365,969
	200,000		2.875			08/14/24		204,125
	150,000		3.650			07/21/27		154,125
								1,395,344
Food and Beverage – 1.8%
	Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium)
	560,000		3.650			02/01/26		613,161
	750,000		4.700			02/01/36		900,723
	2,200,000		4.900			02/01/46		2,716,442
	Anheuser-Busch InBev Worldwide, Inc. (Belgium)
	1,030,000		4.150			01/23/25		1,148,755
	290,000		4.000			04/13/28		327,770
	600,000		4.750			01/23/29		712,075
	305,000		4.900			01/23/31		371,792
	850,000		4.375			04/15/38		996,357
	400,000		4.600			04/15/48		479,574
	500,000		4.439			10/06/48		582,970
	896,000		5.550			01/23/49		1,216,423
	400,000		5.800			01/23/59		563,153
	Diageo Investment Corp. (United Kingdom)
	50,000		2.875			05/11/22		51,457
								10,680,652
Forest Products & Paper – 0.2%
	Suzano Austria GmbH (Brazil)
	600,000		6.000			01/15/29		675,222
	460,000		5.000			01/15/30		480,446
								1,155,668
Insurance – 0.1%
	AXA SA (France)
	195,000		8.600			12/15/30		289,897
	Manulife Financial Corp.(a) (Canada)
	(5 Year USD Swap + 1.647%)
	400,000		4.061			02/24/32		430,640
								720,537
Foreign Corporate Debt – (continued)
Internet – 0.4%
	Alibaba Group Holding Ltd. (China)
	1,338,000		3.125			11/28/21		1,373,970
	300,000		3.400			12/06/27		323,649
	236,000		4.200			12/06/47		283,855
	270,000		4.400			12/06/57		345,054
								2,326,528
Lodging – 0.1%
	Sands China Ltd. (Macau)
	678,000		4.600			08/08/23		726,477
Media – 0.1%
	Grupo Televisa SAB (Mexico)
	300,000		6.125			01/31/46		403,179
Metals & Mining – 0.3%
	BHP Billiton Finance USA Ltd. (Australia)
	150,000		4.125			02/24/42		181,715
	390,000		5.000			09/30/43		524,155
	Rio Tinto Finance USA Ltd. (Australia)
	380,000		7.125			07/15/28		525,957
	240,000		5.200			11/02/40		328,930
	Rio Tinto Finance USA PLC (Australia)
	80,000		4.125			08/21/42		96,688
								1,657,445
Mining – 0.4%
	Barrick Gold Corp. (Canada)
	350,000		5.250			04/01/42		463,730
	Barrick North America Finance LLC (Canada)
	50,000		5.700			05/30/41		68,844
	170,000		5.750			05/01/43		241,436
	Southern Copper Corp. (Peru)
	230,000		7.500			07/27/35		336,763
	150,000		6.750			04/16/40		208,528
	290,000		5.250			11/08/42		338,642
	240,000		5.875			04/23/45		310,350
	Vale Overseas Ltd. (Brazil)
	250,000		6.875			11/21/36		328,437
	250,000		6.875			11/10/39		333,438
								2,630,168
Oil Company-Exploration & Production – 0.2%
	CNOOC Finance 2013 Ltd. (China)
	450,000		3.000			05/09/23		465,390
	CNOOC Finance 2015 USA LLC (China)
	305,000		4.375			05/02/28		352,354
	Nexen, Inc. (China)
	250,000		6.400			05/15/37		369,248
								1,186,992
Oil Company-Integrated – 0.4%
	Ecopetrol SA (Colombia)
	520,000		5.875			09/18/23		575,250
	263,000		4.125			01/16/25		277,465
	205,000		5.375			06/26/26		230,241
	70,000		7.375			09/18/43		96,250
	530,000		5.875			05/28/45		641,962

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Corporate Debt – (continued)
Oil Company-Integrated – (continued)
	SASOL Financing USA LLC (South Africa)
$	450,000		6.500	%		09/27/28	$	494,156
								2,315,324
Pharmaceuticals – 0.1%
	Novartis Capital Corp. (Switzerland)
	500,000		2.200			08/14/30		518,336
Telecommunications – 0.4%
	America Movil SAB de CV (Mexico)
	784,000		3.125			07/16/22		811,292
	425,000		3.625			04/22/29		472,362
	340,000		6.125			03/30/40		494,963
	400,000		4.375			04/22/49		497,287
								2,275,904
Wireless – 0.2%
	Rogers Communications, Inc. (Canada)
	395,000		4.300			02/15/48		469,244
	200,000		4.350			05/01/49		242,454
	300,000		3.700			11/15/49		330,671
								1,042,369
Wirelines – 0.8%
	British Telecommunications PLC (United Kingdom)
	310,000		9.625			12/15/30		492,262
	Deutsche Telekom International Finance BV (Germany)
	618,000		8.750			06/15/30		944,496
	Orange SA (France)
	230,000		9.000			03/01/31		368,613
	Telefonica Emisiones SA (Spain)
	1,230,000		5.462			02/16/21		1,272,045
	365,000		7.045			06/20/36		527,143
	572,000		5.213			03/08/47		707,404
	150,000		4.895			03/06/48		179,340
	Telefonica Europe BV (Spain)
	40,000		8.250			09/15/30		59,578
								4,550,881
	TOTAL FOREIGN CORPORATE DEBT
	(Cost $124,769,011)						$	132,331,163

Principal Amount	Dividend Rate			Value
Investment Company – 0.4%(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
$2,351,856		1.507	%	$	2,351,856
(Cost $2,351,856)
TOTAL INVESTMENTS – 98.8%
(Cost $542,450,279)				$	583,729,985
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.2%					7,371,790
NET ASSETS – 100.0%				$	591,101,775

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 February 29, 2020.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	Represents an affiliated issuer.

Investment Abbreviations:
CMT	—Constant Maturity Treasury Index
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

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

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

Schedule of Investments

February 29, 2020 (Unaudited)

Principal Amount		Interest Rate(a)			Maturity Date		Value
U.S. Treasury Bills – 69.3%
	U.S. Treasury Bills
$	5,831,000		1.510	%		04/02/20	$	5,824,021
	3,872,000		1.520			04/02/20		3,867,365
	2,299,000		1.528			04/02/20		2,296,248
	1,330,000		1.534			04/02/20		1,328,408
	5,082,000		1.549			04/02/20		5,075,917
	395,650,000		1.551			04/02/20		395,176,429
	2,793,000		1.555			04/02/20		2,789,657
	301,984,700		1.563			04/02/20		301,623,241
	1,815,000		1.564			04/02/20		1,812,828
	2,662,000		1.572			04/02/20		2,658,814
	605,000		1.573			04/02/20		604,276
	1,452,000		1.588			04/02/20		1,450,262
	4,900,000		1.511			05/21/20		4,886,212
	1,919,000		1.518			05/21/20		1,913,600
	3,232,000		1.520			05/21/20		3,222,906
	160,611,400		1.522			05/21/20		160,159,457
	810,000		1.524			05/21/20		807,721
	2,222,000		1.538			05/21/20		2,215,748
	3,333,000		1.543			05/21/20		3,323,621
	69,254,200		1.545			05/21/20		69,059,326
	909,000		1.547			05/21/20		906,442
	4,216,000		1.554			05/21/20		4,204,137
	1,515,000		1.565			05/21/20		1,510,737
	969,000		1.569			05/21/20		966,273
	1,275,000		1.571			05/21/20		1,271,412
	1,212,000		1.572			05/21/20		1,208,590
	505,000		1.574			05/21/20		503,579
	1,683,000		1.576			05/21/20		1,678,264
	1,122,000		1.599			05/21/20		1,118,843
	100,407,100		1.600			05/21/20		100,124,565
	612,000		1.638			05/21/20		610,278
	612,000		1.642			05/21/20		610,278
	765,000		1.720			05/21/20		762,847
	1,938,000		1.722			05/21/20		1,932,547
	357,000		1.734			05/21/20		355,995
	663,000		1.752			05/21/20		661,134
	2,040,000		1.774			05/21/20		2,034,260
	1,632,000		1.780			05/21/20		1,627,408
	1,122,000		1.781			05/21/20		1,118,843
	510,000		1.801			05/21/20		508,565
	1,020,000		1.803			05/21/20		1,017,130
	1,887,000		1.804			05/21/20		1,881,690
	765,000		1.828			05/21/20		762,847
	1,275,000		1.834			05/21/20		1,271,412
	408,000		1.870			05/21/20		406,852
	4,998,000		1.871			05/21/20		4,983,936
	1,683,000		1.886			05/21/20		1,678,264
	1,275,000		1.887			05/21/20		1,271,412
	690,000		1.959			05/21/20		688,058
	113,133,700		1.985			05/21/20		112,815,354
	15,239,400		1.997			05/21/20		15,196,518
	10,000		2.008			05/21/20		9,972
	598,000		2.018			05/21/20		596,317
	380,000		2.058			05/21/20		378,931
	490,000		2.133			05/21/20		488,621
	1,346,500		2.304			05/21/20		1,342,711
U.S. Treasury Bills – (continued)
	U.S. Treasury Bills – (continued)
	19,001,100		1.482			06/18/20		18,930,558
	1,716,000		1.501			06/18/20		1,709,629
	1,482,000		1.507			06/18/20		1,476,498
	2,496,000		1.514			06/18/20		2,486,734
	3,822,000		1.524			06/18/20		3,807,811
	1,020,000		1.530			06/18/20		1,016,213
	2,142,000		1.538			06/18/20		2,134,048
	702,000		1.539			06/18/20		699,394
	2,574,000		1.544			06/18/20		2,564,444
	936,000		1.547			06/18/20		932,525
	1,170,000		1.549			06/18/20		1,165,656
	390,000		1.550			06/18/20		388,552
	1,225,000		1.552			06/18/20		1,220,452
	490,000		1.555			06/18/20		488,181
	931,000		1.558			06/18/20		927,544
	1,225,000		1.559			06/18/20		1,220,452
	1,617,000		1.561			06/18/20		1,610,997
	99,542,800		1.575			06/18/20		99,173,247
	1,078,000		1.603			06/18/20		1,073,998
	588,000		1.630			06/18/20		585,817
	588,000		1.637			06/18/20		585,817
	735,000		1.714			06/18/20		732,271
	1,862,000		1.717			06/18/20		1,855,087
	1,960,000		1.737			06/18/20		1,952,724
	1,078,000		1.743			06/18/20		1,073,998
	343,000		1.744			06/18/20		341,727
	637,000		1.749			06/18/20		634,635
	1,568,000		1.778			06/18/20		1,562,179
	980,000		1.781			06/18/20		976,362
	490,000		1.793			06/18/20		488,181
	1,813,000		1.805			06/18/20		1,806,269
	735,000		1.817			06/18/20		732,271
	1,225,000		1.833			06/18/20		1,220,452
	392,000		1.845			06/18/20		390,545
	4,802,000		1.849			06/18/20		4,784,173
	490,000		1.868			06/18/20		488,181
	1,617,000		1.870			06/18/20		1,610,997
	735,000		1.885			06/18/20		732,271
	27,575,400		1.962			06/18/20		27,473,026
	225,000		1.963			06/18/20		224,165
	100,415,500		1.988			06/18/20		100,042,708
	195,000		2.002			06/18/20		194,276
	1,100,000		1.487			07/30/20		1,094,723
	459,000		1.547			07/30/20		456,798
	750,000		1.549			07/30/20		746,402
	600,000		1.553			07/30/20		597,122
	174,275,100		1.558			07/30/20		173,439,124
	323,679,100		1.451			08/27/20		321,906,242
	1,188,000		1.367			12/03/20		1,178,767
	340,000		1.458			12/03/20		337,357
	135,229,800		1.462			12/03/20		134,178,783
	810,000		1.469			12/03/20		803,705
	648,000		1.476			12/03/20		642,964
	270,000		1.479			12/03/20		267,902
	477,000		1.483			12/03/20		473,293
	47,392,800		1.484			12/03/20		47,024,459

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

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Principal Amount		Interest Rate(a)			Maturity Date		Value
U.S. Treasury Bills – (continued)
	U.S. Treasury Bills – (continued)
$	735,000		1.508	%		12/03/20	$	729,288
	714,000		1.510			12/03/20		708,451
	285,000		1.511			12/03/20		282,785
	480,000		1.518			12/03/20		476,269
	495,000		1.529			12/03/20		491,153
	234,911,400		1.312			01/28/21		232,754,744
	TOTAL U.S. TREASURY BILLS
	(Cost $2,447,681,563)						$	2,450,706,475
U.S. Treasury Notes – 30.5%
	U.S. Treasury Notes
$	229,528,200		2.375	%		04/30/20	$	229,874,703
	232,005,000		2.000			07/31/20		232,702,828
	176,075,000		1.375			09/15/20		176,233,193
	231,677,500		1.625			10/15/20		232,279,318
	176,044,400		1.750			11/15/20		176,797,402
	30,095,800		2.250			02/15/21		30,427,912
	TOTAL U.S. TREASURY NOTES
	(Cost $1,076,195,727)						$	1,078,315,356
	TOTAL INVESTMENTS – 99.8%
	(Cost $3,523,877,290)						$	3,529,021,831
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.2%							5,435,151
	NET ASSETS – 100.0%						$	3,534,456,982

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.

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

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Schedule of Investments

February 29, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Securities – 34.3%
	FHLMC REMIC Series 2003-2682, Class FB(a) (1M USD LIBOR + 0.900%)
$	328,237		2.559	%		10/15/33	$	334,144
	FHLMC REMIC Series 2005-3033, Class FG(a) (1M USD LIBOR + 0.350%)
	940,875		2.009			09/15/35		942,796
	FHLMC REMIC Series 2007-3298, Class FC(a) (1M USD LIBOR + 0.420%)
	502,878		2.079			04/15/37		504,591
	FHLMC REMIC Series 2007-3314, Class FC(a) (1M USD LIBOR + 0.400%)
	47,483		2.059			12/15/36		47,407
	FHLMC REMIC Series 2007-3315, Class PF(a) (1M USD LIBOR + 0.350%)
	1,066,200		2.009			11/15/36		1,068,773
	FHLMC REMIC Series 2007-3371, Class FA(a) (1M USD LIBOR + 0.600%)
	205,368		2.259			09/15/37		206,790
	FHLMC REMIC Series 2011-3895, Class FM(a) (1M USD LIBOR + 0.350%)
	492,306		2.009			12/15/40		491,893
	FHLMC REMIC Series 2012-4040, Class FW(a) (1M USD LIBOR + 0.370%)
	905,308		2.029			05/15/32		904,297
	FHLMC REMIC Series 2012-4068, Class UF(a) (1M USD LIBOR + 0.500%)
	496,812		2.159			06/15/42		498,511
	FHLMC REMIC Series 2012-4098, Class MF(a) (1M USD LIBOR + 0.300%)
	831,689		1.959			11/15/41		828,879
	FHLMC REMIC Series 2013-4238, Class FT(a) (1M USD LIBOR + 0.350%)
	1,996,895		2.009			08/15/43		2,001,171
	FHLMC REMIC Series 2013-4248, Class FL(a) (1M USD LIBOR + 0.450%)
	163,185		2.109			05/15/41		163,988
	FHLMC REMIC Series 2013-4263, Class FB(a) (1M USD LIBOR + 0.400%)
	116,599		2.059			11/15/43		116,946
	FHLMC REMIC Series 2013-4272, Class FD(a) (1M USD LIBOR + 0.350%)
	127,602		2.009			11/15/43		127,005
	FHLMC STRIPS Series 2006-239, Class F22(a) (1M USD LIBOR + 0.350%)
	340,866		2.009			08/15/36		341,318
	FHLMC STRIPS Series 2006-239, Class F30(a) (1M USD LIBOR + 0.300%)
	852,165		1.959			08/15/36		852,768
	FNMA REMIC Series 2004-54, Class FL(a) (1M USD LIBOR + 0.400%)
	216,245		2.027			07/25/34		216,819
	FNMA REMIC Series 2004-54, Class FN(a) (1M USD LIBOR + 0.450%)
	517,882		2.077			07/25/34		521,043
	FNMA REMIC Series 2005-120, Class FE(a) (1M USD LIBOR + 0.520%)
	738,768		2.147			01/25/36		745,315
Mortgage-Backed Securities – (continued)
	FNMA REMIC Series 2005-87, Class FE(a) (1M USD LIBOR + 0.450%)
	831,524		2.077			10/25/35		835,506
	FNMA REMIC Series 2006-16, Class FC(a) (1M USD LIBOR + 0.300%)
	242,372		1.961			03/25/36		242,179
	FNMA REMIC Series 2006-36, Class FB(a) (1M USD LIBOR + 0.300%)
	136,592		1.927			05/25/36		136,578
	FNMA REMIC Series 2006-42, Class PF(a) (1M USD LIBOR + 0.410%)
	193,965		2.037			06/25/36		195,163
	FNMA REMIC Series 2006-61, Class FD(a) (1M USD LIBOR + 0.360%)
	309,495		1.987			07/25/36		310,066
	FNMA REMIC Series 2006-79, Class DF(a) (1M USD LIBOR + 0.350%)
	763,619		1.977			08/25/36		764,749
	FNMA REMIC Series 2007-35, Class PF(a) (1M USD LIBOR + 0.250%)
	131,960		1.877			04/25/37		131,687
	FNMA REMIC Series 2007-67, Class FB(a) (1M USD LIBOR + 0.320%)
	923,682		1.947			07/25/37		924,696
	FNMA REMIC Series 2008-1, Class CF(a) (1M USD LIBOR + 0.700%)
	82,534		2.327			02/25/38		83,538
	FNMA REMIC Series 2010-113, Class FA(a) (1M USD LIBOR + 0.400%)
	290,516		2.027			10/25/40		291,582
	FNMA REMIC Series 2010-116, Class FE(a) (1M USD LIBOR + 0.400%)
	362,090		2.027			10/25/40		363,413
	FNMA REMIC Series 2010-141, Class FB(a) (1M USD LIBOR + 0.470%)
	216,162		2.097			12/25/40		217,278
	FNMA REMIC Series 2010-15, Class FJ(a) (1M USD LIBOR + 0.930%)
	673,351		2.557			06/25/36		684,177
	FNMA REMIC Series 2010-39, Class FG(a) (1M USD LIBOR + 0.920%)
	427,244		2.547			03/25/36		436,884
	FNMA REMIC Series 2010-49, Class FB(a) (1M USD LIBOR + 0.750%)
	337,791		2.377			05/25/40		342,951
	FNMA REMIC Series 2011-5, Class PF(a) (1M USD LIBOR + 0.600%)
	883,672		2.227			11/25/40		885,827
	FNMA REMIC Series 2011-53, Class FT(a) (1M USD LIBOR + 0.580%)
	297,418		2.207			06/25/41		298,011
	FNMA REMIC Series 2011-87, Class FJ(a) (1M USD LIBOR + 0.550%)
	605,632		2.177			09/25/41		609,430
	FNMA REMIC Series 2012-37, Class BF(a) (1M USD LIBOR + 0.500%)
	261,836		2.127			12/25/35		263,750

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

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Securities – (continued)
	FNMA REMIC Series 2013-10, Class KF(a) (1M USD LIBOR + 0.300%)
$	198,780		1.927	%		02/25/43	$	198,038
	FNMA REMIC Series 2013-130, Class FB(a) (1M USD LIBOR + 0.450%)
	256,574		2.077			01/25/44		257,616
	FNMA REMIC Series 2013-19, Class DF(a) (1M USD LIBOR + 0.300%)
	2,321,993		1.927			09/25/41		2,313,807
	FNMA REMIC Series 2013-2, Class QF(a) (1M USD LIBOR + 0.500%)
	144,576		2.127			02/25/43		144,575
	FNMA REMIC Series 2015-27, Class KF(a) (1M USD LIBOR + 0.300%)
	206,406		1.927			05/25/45		206,392
	FNMA REMIC Series 2015-87, Class BF(a) (1M USD LIBOR + 0.300%)
	785,621		1.927			12/25/45		779,882
	GNMA Series 2005-4, Class FA(a) (1M USD LIBOR + 0.370%)
	713,317		2.029			01/16/35		715,112
	GNMA Series 2007-59, Class FA(a) (1M USD LIBOR + 0.500%)
	227,986		2.147			10/20/37		229,934
	GNMA Series 2013-64, Class KF(a) (1M USD LIBOR + 0.250%)
	2,496,134		1.897			04/20/43		2,491,635
	Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C7, Class A3
	283,977		2.655			02/15/46		291,426
	TOTAL MORTGAGE-BACKED SECURITIES
	(Cost $26,321,059)						$	26,560,336
Asset- Backed Securities – 21.2%
	American Express Credit Account Master Trust, Series 2017-2, Class A(a) (1M USD LIBOR + 0.450%)
$	135,000		2.108	%		09/16/24	$	135,598
	American Express Credit Account Master Trust, Series 2019-3, Class A
	1,070,000		2.000			04/15/25		1,091,844
	Atlas Senior Loan Fund III Ltd., Series 2013-1A, Class AR(a)(b) (3M USD LIBOR + 0.830%) (Cayman Islands)
	247,476		2.522			11/17/27		247,492
	Atrium XII, Series 2017-12A, Class AR(a)(b) (3M USD LIBOR + 0.830%) (Cayman Islands)
	265,000		2.632			04/22/27		265,041
	BA Credit Card Trust, Series 2018-A3, Class A3
	500,000		3.100			12/15/23		512,729
	Barings CLO Ltd., Series 2018-3A, Class A1(a)(b) (3M USD LIBOR + 0.950%) (Cayman Islands)
	500,000		2.769			07/20/29		499,279
	Brazos Higher Education Authority, Inc., Series 2005-3, Class A16(a) (3M USD LIBOR + 0.200%)
	174,144		2.147			06/25/26		173,376
	Brazos Higher Education Authority, Inc., Series 2006-2, Class A10(a) (3M USD LIBOR + 0.120%)
	545,748		2.081			06/25/26		539,075
Asset- Backed Securities – (continued)
	Brazos Higher Education Authority, Inc., Series 2011-1, Class A2(a) (3M USD LIBOR + 0.800%)
	204,964		2.479			02/25/30		204,620
	Brazos Higher Education Authority, Inc., Series 2011-2, Class A2(a) (3M USD LIBOR + 0.850%)
	123,353		2.644			07/25/29		123,379
	California Street CLO XII Ltd., Series 2013-12A, Class AR(a)(b) (3M USD LIBOR + 1.030%) (Cayman Islands)
	485,592		2.861			10/15/25		485,858
	Capital One Multi-Asset Execution Trust, Series 2016-A7, Class A7(a) (1M USD LIBOR + 0.510%)
	300,000		2.169			09/16/24		301,514
	Chase Issuance Trust, Series 2020-A1, Class A1
	400,000		1.530			01/15/25		403,709
	Crown Point CLO 5 Ltd., Series 2018-5A, Class A(a)(b) (3M USD LIBOR + 0.940%) (Cayman Islands)
	300,000		2.776			07/17/28		299,505
	Crown Point CLO 6 Ltd., Series 2018-6A, Class A1(a)(b) (3M USD LIBOR + 1.170%) (Cayman Islands)
	300,000		2.989			10/20/28		300,035
	Discover Card Execution Note Trust, Series 2017-A7, Class A7(a) (1M USD LIBOR + 0.360%)
	150,000		2.019			04/15/25		150,383
	Dryden XXV Senior Loan Fund, Series 2012-25A, Class ARR(a)(b) (3M USD LIBOR + 0.900%) (Cayman Islands)
	294,615		2.731			10/15/27		294,673
	Dryden XXVI Senior Loan Fund, Series 2013-26A, Class AR(a)(b) (3M USD LIBOR + 0.900%) (Cayman Islands)
	250,000		2.731			04/15/29		248,892
	Edsouth Indenture No 2 LLC, Series 2012-1, Class A1(a)(b) (1M USD LIBOR + 1.150%)
	400,001		2.777			09/25/40		401,033
	Educational Funding of the South, Inc., Series 2011-1, Class A2(a) (3M USD LIBOR + 0.650%)
	878,031		2.444			04/25/35		871,295
	Evergreen Credit Card Trust, Series 2019-1, Class A(a)(b) (1M USD LIBOR + 0.480%) (Canada)
	500,000		2.138			01/15/23		501,055
	Ford Credit Auto Owner Trust, Series 2017-1, Class A(b)
	950,000		2.620			08/15/28		975,731
	Gallatin CLO VIII Ltd., Series 2017-1A, Class A(a)(b) (3M USD LIBOR + 1.050%) (Cayman Islands)
	595,822		2.881			07/15/27		595,985
	Goal Capital Funding Trust, Series 2010-1, Class A(a)(b) (3M USD LIBOR + 0.700%)
	427,266		2.379			08/25/48		429,770
	Golden Credit Card Trust, Series 2018-1A, Class A(b) (Canada)
	100,000		2.620			01/15/23		100,995
	KnowledgeWorks Foundation, Series 2010-1, Class A(a) (3M USD LIBOR + 0.950%)
	435,391		2.629			02/25/42		433,121
	LCM XX LP, Series 2018-20A, Class AR(a)(b) (3M USD LIBOR + 1.040%) (Cayman Islands)
	300,000		2.859			10/20/27		300,044
	Madison Park Funding XI Ltd., Series 2017-11A, Class X(a)(b) (3M USD LIBOR + 0.900%) (Cayman Islands)
	84,375		2.706			07/23/29		84,404

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

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Principal Amount		Interest Rate			Maturity Date		Value
Asset- Backed Securities – (continued)
	Nelnet Student Loan Trust, Series 2014-2A, Class A2(a)(b) (1M USD LIBOR + 0.600%)
$	334,915		2.227	%		03/25/30	$	335,230
	Nelnet Student Loan Trust, Series 2014-4A, Class A1(a)(b) (1M USD LIBOR + 0.540%)
	273,449		2.167			11/27/39		273,449
	Nelnet Student Loan Trust, Series 2016-1A, Class A(a)(b) (1M USD LIBOR + 0.800%)
	108,488		2.427			09/25/65		108,478
	Neuberger Berman CLO XX Ltd., Series 2017-20A, Class AR(a)(b) (3M USD LIBOR + 0.800%) (Cayman Islands)
	250,000		2.631			01/15/28		250,030
	New Hampshire Higher Education Loan Corp., Series 2012-1, Class A(a) (1M USD LIBOR + 0.500%)
	409,410		2.127			10/25/28		405,930
	North Texas Higher Education Authority, Inc., Series 2010-1, Class A2(a) (3M USD LIBOR + 0.900%)
	270,000		2.809			07/01/30		269,317
	Northstar Education Finance, Inc., Series 2012-1, Class A(a)(b) (1M USD LIBOR + 0.700%)
	199,262		2.327			12/26/31		199,585
	Octagon Investment Partners 25 Ltd., Series 2018-1A, Class AR(a)(b) (3M USD LIBOR + 0.800%) (Cayman Islands)
	350,000		2.619			10/20/26		349,397
	OZLM XXII Ltd., Series 2018-22A, Class X(a)(b) (3M USD LIBOR + 0.550%) (Cayman Islands)
	31,250		2.386			01/17/31		31,244
	Pennsylvania Higher Education Assistance Agency, Series 2009-1, Class A1(a) (3M USD LIBOR + 0.900%)
	183,565		2.694			07/25/29		185,078
	Recette CLO Ltd., Series 2015-1A, Class AR(a)(b) (3M USD LIBOR + 0.920%) (Cayman Islands)
	185,078		2.739			10/20/27		185,143
	Rhode Island Student Loan Authority, Series 2012-1, Class A1(a) (1M USD LIBOR + 0.900%)
	184,346		2.480			07/01/31		197,936
	Rhode Island Student Loan Authority, Series 2014-1, Class A1(a) (1M USD LIBOR + 0.700%)
	254,605		2.281			10/02/28		252,364
	SLC Student Loan Trust, Series 2007-1, Class A4(a) (3M USD LIBOR + 0.060%)
	439,725		1.752			05/15/29		431,497
	SLC Student Loan Trust, Series 2010-1, Class A(a) (3M USD LIBOR + 0.875%)
	204,047		2.554			11/25/42		204,065
	SLM Student Loan Trust, Series 2005-7, Class A4(a) (3M USD LIBOR + 0.150%)
	379,021		1.944			10/25/29		375,774
	Sound Point CLO XIV Ltd., Series 2016-3A, Class AR(a)(b) (3M USD LIBOR + 1.150%) (Cayman Islands)
	400,000		2.956			01/23/29		400,000
	Toyota Auto Receivables Owner Trust, Series 2017-C, Class A4
	300,000		1.980			12/15/22		302,376
	Utah State Board of Regents, Series 2016-1, Class A(a) (1M USD LIBOR + 0.750%)
	203,884		2.377			09/25/56		203,631
Asset- Backed Securities – (continued)
	Venture XVI CLO Ltd., Series 2014-16A, Class ARR(a)(b) (3M USD LIBOR + 0.850%) (Cayman Islands)
	200,000		2.681			01/15/28		200,003
	Voya CLO Ltd., Series 2015-1A, Class A1R(a)(b) (3M USD LIBOR + 0.900%) (Cayman Islands)
	300,000		2.719			01/18/29		299,147
	TOTAL ASSET- BACKED SECURITIES
	(Cost $16,360,061)						$	16,430,109
Corporate Obligations – 19.7%
Banks – 8.3%
	Bank of America Corp.(a), GMTN
	(3M USD LIBOR + 0.660%)
$	750,000		2.369	%		07/21/21	$	752,391
	Capital One Financial Corp.
	650,000		3.450			04/30/21		662,978
	Citigroup, Inc.
	710,000		2.350			08/02/21		718,906
	Citizens Bank NA/Providence RI
	550,000		2.550			05/13/21		557,221
	Discover Bank
	250,000		3.200			08/09/21		255,303
	JPMorgan Chase & Co.
	800,000		4.350			08/15/21		832,953
	Manufacturers & Traders Trust Co.(a)
	(3M USD LIBOR + 0.640%)
	675,000		2.220			12/01/21		674,406
	Morgan Stanley(a)
	(3M USD LIBOR + 1.180%)
	740,000		2.999			01/20/22		745,065
	Regions Bank(a)
	(3M USD LIBOR + 0.500%)
	450,000		3.374			08/13/21		453,764
	Wells Fargo Bank NA(a)
	(3M USD LIBOR + 0.510%)
	750,000		2.312			10/22/21		754,820
								6,407,807
Brokerage – 1.0%
	TD Ameritrade Holding Corp.(a) (3M USD LIBOR + 0.430%)
	758,000		2.193			11/01/21		759,435
Consumer Cyclical – 0.4%
	Marriott International, Inc.(a) (3M USD LIBOR + 0.650%)
	350,000		2.535			03/08/21		350,263
Consumer Non-cyclical – 0.4%
	AbbVie, Inc.(a)(b) (3M USD LIBOR + 0.460%)
	325,000		2.153			11/19/21		325,922
Electric – 0.4%
	Southern Co. (The)
	300,000		2.350			07/01/21		302,688
Energy – 1.3%
	Kinder Morgan Energy Partners LP
	465,000		5.000			10/01/21		485,549

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

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Energy – (continued)
	MPLX LP(a)
	(3M USD LIBOR + 0.900%)
$	500,000		2.785	%		09/09/21	$	501,534
								987,083
Financial Company – 2.0%
	Air Lease Corp.
	750,000		3.500			01/15/22		771,313
	GE Capital International Funding Co. Unlimited Co.
	750,000		2.342			11/15/20		752,163
								1,523,476
Food and Beverage – 0.6%
	Keurig Dr Pepper, Inc.
	440,000		3.551			05/25/21		450,843
Healthcare – 0.6%
	CVS Health Corp.
	450,000		2.125			06/01/21		452,452
Insurance – 2.7%
	Jackson National Life Global Funding(a)(b)
	(SOFR + 0.600%)
	500,000		2.184			01/06/23		501,871
	Marsh & McLennan Cos., Inc.
	250,000		4.800			07/15/21		259,667
	Metropolitan Life Global Funding I(b)
	600,000		3.375			01/11/22		621,409
	Protective Life Global Funding(a)(b)
	(3M USD LIBOR + 0.520%)
	695,000		2.481			06/28/21		698,467
								2,081,414
Technology – 0.4%
	Hewlett Packard Enterprise Co.(a) (3M USD LIBOR + 0.720%)
	350,000		2.620			10/05/21		349,977
Transportation – 0.3%
	Penske Truck Leasing Co. LP / PTL Finance Corp.(b)
	250,000		3.300			04/01/21		254,425
Wireless – 1.3%
	AT&T, Inc.
	450,000		3.875			08/15/21		464,742
	Verizon Communications, Inc.
	550,000		2.946			03/15/22		567,264
								1,032,006
	TOTAL CORPORATE OBLIGATIONS
	(Cost $15,224,647)						$	15,277,791
Foreign Corporate Debt – 13.4%
Banks – 10.7%
	ABN AMRO Bank NV(b) (Netherlands)
$	200,000		3.400	%		08/27/21	$	205,527
	Banque Federative du Credit Mutuel SA(b) (France)
	550,000		2.500			04/13/21		555,679
Foreign Corporate Debt – (continued)
Banks – (continued)
	BPCE SA(a), MTN (France)
	(3M USD LIBOR + 0.880%)
	250,000		2.460			05/31/22		252,864
	Commonwealth Bank of Australia(b) (Australia)
	600,000		2.050			09/18/20		602,272
	Credit Agricole SA(a)(b) (France)
	(3M USD LIBOR + 1.180%)
	650,000		3.089			07/01/21		658,832
	Credit Suisse AG(a) (Switzerland)
	(SOFR + 0.450%)
	700,000		2.049			02/04/22		699,962
	HSBC Holdings PLC (United Kingdom)
	450,000		3.400			03/08/21		457,677
	ING Groep NV(a) (Netherlands)
	(3M USD LIBOR + 1.150%)
	200,000		3.111			03/29/22		203,080
	Macquarie Bank Ltd.(b) (Australia)
	200,000		2.850			01/15/21		202,230
	Mizuho Financial Group, Inc.(a) (Japan)
	(3M USD LIBOR + 0.940%)
	600,000		2.553			02/28/22		605,434
	MUFG Bank Ltd.(b) (Japan)
	400,000		2.850			09/08/21		408,217
	National Australia Bank Ltd.(a)(b) (Australia)
	(3M USD LIBOR + 0.890%)
	250,000		2.724			01/10/22		253,106
	Nordea Bank Abp(b) (Finland)
	600,000		2.250			05/27/21		605,951
	Skandinaviska Enskilda Banken AB(b) (Sweden)
	550,000		2.625			11/17/20		552,751
	Societe Generale SA(b) (France)
	500,000		5.200			04/15/21		521,284
	Sumitomo Mitsui Financial Group, Inc. (Japan)
	427,000		2.442			10/19/21		433,324
	Svenska Handelsbanken AB (Sweden)
	250,000		1.875			09/07/21		252,013
	UBS Group AG(a)(b) (Switzerland)
	(3M USD LIBOR + 1.780%)
	450,000		3.618			04/14/21		458,017
	Westpac Banking Corp.(a) (Australia)
	(3M USD LIBOR + 0.850%)
	350,000		2.543			08/19/21		353,547
								8,281,767
Consumer Cyclical – 2.1%
	BMW US Capital LLC(b) (Germany)
	450,000		2.950			04/14/22		464,080
	Daimler Finance North America LLC(a)(b) (Germany)
	(3M USD LIBOR + 0.550%)
	450,000		2.301			05/04/21		449,244
	Volkswagen Group of America Finance LLC (Germany)
	(3M USD LIBOR + 0.860%)
	500,000		2.795	(a)(b)		09/24/21		503,896
	(3M USD LIBOR + 0.940%)
	250,000		2.653	(a)(b)		11/12/21		252,524
								1,669,744

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

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Corporate Debt – (continued)
Consumer Non-cyclical – 0.6%
	Bayer US Finance II LLC(b) (Germany)
$	450,000		3.500	%		06/25/21	$	460,265
	TOTAL FOREIGN CORPORATE DEBT
	(Cost $10,370,836)						$	10,411,776
U.S. Treasury Note – 5.6%
	U.S. Treasury Floating Rate Note (3M USD T-Bill + 0.043%)
$	4,345,000		1.201	%(c)		07/31/20	$	4,344,382
	TOTAL U.S. TREASURY NOTE
	(Cost $4,344,144)						$	4,344,382
U.S. Treasury Bills – 4.1%
	U.S. Treasury Bills
$	170,000		1.564	%(c)		06/18/20	$	169,382
	100,000		1.545	(c)		07/30/20		99,525
	2,900,000		1.516	(c)		08/20/20		2,884,884
	TOTAL U.S. TREASURY BILLS
	(Cost $3,148,136)						$	3,153,791

Principal Amount		Dividend Rate	Value
Investment Company – 0.7%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
$	519,470	1.507%	$	519,470
	(Cost $519,470)

Certificate of Deposit – 0.7%
	Bayerische Landesbank (3M USD LIBOR + 0.470%) (Germany)
$	500,000	2.221	%(d)	02/03/22	$	499,999
	TOTAL CERTIFICATE OF DEPOSIT
	(Cost $500,000)				$	499,999
	TOTAL INVESTMENTS – 99.7%
	(Cost $76,788,353)				$	77,197,654
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.3%					283,013
	NET ASSETS – 100.0%				$	77,480,667

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 February 29, 2020.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	Represents an affiliated issuer.
(d)	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.

Investment Abbreviations:
GMTN	—Global Medium Term Note
LIBOR	—London Interbank Offered Rate
LP	—Limited Partnership
MTN	—Medium Term Note
PLC	—Public Limited Company
SOFR	—Secured Overnight Financing Rate

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Assets and Liabilities

February 29, 2020 (Unaudited)

	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 $78,348,103, $15,461,948, $540,098,423 and $3,523,877,290, respectively)	$	78,510,063		$	16,233,269	$	581,378,129	$	3,529,021,831
Investments in affiliated issuers, at value (cost $612,535, $0, $2,351,856 and $0, respectively)		612,535			—		2,351,856		—
Cash		109,184			50,722		1,123,617		95,480
Receivables:
Fund shares sold		4,875,827			—		27,114,403		—
Dividends and interest		1,298,812			7,973		5,291,047		5,696,050
Reimbursement from investment adviser		52			—		267		56,255
Investments sold		—			54,317		954,322		10,030,784
Total assets		85,406,473			16,346,281		618,213,641		3,544,900,400
Liabilities:
Payables:
Investments purchased		4,965,913			98,512		27,004,040		—
Management fees		20,906			1,356		61,888		393,782
Fund shares redeemed		—			—		45,938		10,049,636
Total liabilities		4,986,819			99,868		27,111,866		10,443,418
Net Assets:
Paid-in capital		80,730,938			15,452,060		544,019,162		3,519,630,888
Total distributable earnings (loss)		(311,284	)		794,353		47,082,613		14,826,094
NET ASSETS	$	80,419,654		$	16,246,413	$	591,101,775	$	3,534,456,982
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		1,650,000			300,000		10,900,000		35,170,000
Net asset value per share:		$48.74			$54.15		$54.23		$100.50

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Assets and Liabilities (continued)

February 29, 2020 (Unaudited)

	Access Ultra Short Bond ETF
Assets:
Investments in unaffiliated issuers, at value (cost $76,268,883)	$	76,678,184
Investments in affiliated issuers, at value (cost $519,470)		519,470
Cash		89,397
Receivables:
Dividends and interest		203,578
Reimbursement from investment adviser		2,390
Total assets		77,493,019
Liabilities:
Payables:
Management fees		11,506
Investments purchased		846
Total liabilities		12,352
Net Assets:
Paid-in capital		76,927,413
Total distributable earnings		553,254
NET ASSETS	$	77,480,667
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		1,525,000
Net asset value per share:		$50.81

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Operations

For the Six Months Ended February 29, 2020 (Unaudited)

	Access High Yield Corporate Bond ETF			Access Inflation Protected USD Bond ETF		Access Investment Grade Corporate Bond ETF			Access Treasury 0-1 Year ETF
Investment income:
Interest	$	2,114,842		$	62,373	$	8,673,472		$	30,341,414
Dividends from Affiliated Underlying Funds		5,633			—		20,801			—
Total investment income		2,120,475			62,373		8,694,273			30,341,414
Expenses:
Management fees		127,007			4,798		364,554			2,330,023
Trustee fees		3,030			2,450		6,856			31,662
Total expenses		130,037			7,248		371,410			2,361,685
Less — expense reductions		(538	)		—		(1,986	)		(337,384	)
Net expenses		129,499			7,248		369,424			2,024,301
NET INVESTMENT INCOME		1,990,976			55,125		8,324,849			28,317,113
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments		(221,971	)		40,826		1,054,888			3,794,878
In-kind redemptions		(64,231	)		—		4,238,809			193,133
Net change in unrealized gain (loss) on:
Investments		(848,642	)		379,103		9,244,363			1,830,804
Net realized and unrealized gain (loss)		(1,134,844	)		419,929		14,538,060			5,818,815
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	856,132		$	475,054	$	22,862,909		$	34,135,928

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Operations (continued)

For the Six Months Ended February 29, 2020 (Unaudited)

	Access Ultra Short Bond ETF
Investment income:
Interest	$	583,482
Dividends from Affiliated Underlying Funds		6,059
Total investment income		589,541
Expenses:
Management fees		49,108
Trustee fees		2,680
Total expenses		51,788
Less — expense reductions		(10,939	)
Net expenses		40,849
NET INVESTMENT INCOME		548,692
Realized and unrealized gain (loss):
Net realized gain from:
Investments		8,587
Net change in unrealized gain (loss) on:
Investments		338,390
Net realized and unrealized gain		346,977
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	895,669

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

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 Six Months Ended February 29, 2020 (Unaudited)			For the Fiscal Year Ended August 31, 2019			For the Six Months Ended February 29, 2020 (Unaudited)			For the Period October 2, 2018* to August 31, 2019
From operations:
Net investment income	$	1,990,976		$	3,383,084		$	55,125		$	163,069
Net realized gain (loss)		(286,202	)		305,345			40,826			(16,827	)
Net change in unrealized gain (loss)		(848,642	)		979,401			379,103			392,218
Net increase in net assets resulting from operations		856,132			4,667,830			475,054			538,460
Distributions to shareholders:
From distributable earnings		(1,920,682	)		(3,325,987	)		(89,405	)		(157,830	)
From share transactions:
Proceeds from sales of shares		12,237,466			119,456,665			7,894,653			11,281,177
Cost of shares redeemed		(7,355,193	)		(90,609,448	)		—			(3,695,696	)
Net increase in net assets resulting from share transactions		4,882,273			28,847,217			7,894,653			7,585,481
TOTAL INCREASE		3,817,723			30,189,060			8,280,302			7,966,111
Net assets:
Beginning of period	$	76,601,931		$	46,412,871		$	7,966,111		$	—
End of period	$	80,419,654		$	76,601,931		$	16,246,413		$	7,966,111

* Commencement of operations.

46 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 Investment Grade Corporate Bond ETF						Access Treasury 0-1 Year ETF
	For the Six Months Ended February 29, 2020 (Unaudited)			For the Fiscal Year Ended August 31, 2019			For the Six Months Ended February 29, 2020 (Unaudited)			For the Fiscal Year Ended August 31, 2019
From operations:
Net investment income	$	8,324,849		$	12,782,931		$	28,317,113		$	63,305,335
Net realized gain		5,293,697			1,847,736			3,988,011			2,235,068
Net change in unrealized gain		9,244,363			35,258,508			1,830,804			3,239,890
Net increase in net assets resulting from operations		22,862,909			49,889,175			34,135,928			68,780,293
Distributions to shareholders:
From distributable earnings		(8,396,231	)		(12,196,139	)		(29,476,575	)		(60,529,416	)
From share transactions:
Proceeds from sales of shares		142,619,379			419,766,193			564,505,704			2,509,825,793
Cost of shares redeemed		(92,032,824	)		(189,872,891	)		(208,734,435	)		(986,677,428	)
Net increase in net assets resulting from share transactions		50,586,555			229,893,302			355,771,269			1,523,148,365
TOTAL INCREASE		65,053,233			267,586,338			360,430,622			1,531,399,242
Net assets:
Beginning of period	$	526,048,542		$	258,462,204		$	3,174,026,360		$	1,642,627,118
End of period	$	591,101,775		$	526,048,542		$	3,534,456,982		$	3,174,026,360

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Changes in Net Assets (continued)

	Access Ultra Short Bond ETF
	For the Six Months Ended February 29, 2020 (Unaudited)			For the Period April 15, 2019* to August 31, 2019
From operations:
Net investment income	$	548,692		$	130,040
Net realized gain		8,587			6,788
Net change in unrealized gain		338,390			70,911
Net increase in net assets resulting from operations		895,669			207,739
Distributions to shareholders:
From distributable earnings		(456,122	)		(94,032	)
From share transactions:
Proceeds from sales of shares		66,947,563			15,034,457
Cost of shares redeemed		(5,054,607	)		—
Net increase in net assets resulting from share transactions		61,892,956			15,034,457
TOTAL INCREASE		62,332,503			15,148,164
Net assets:
Beginning of period	$	15,148,164		$	—
End of period	$	77,480,667		$	15,148,164

* Commencement of operations.

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

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 Six Months Ended February 29, 2020 (Unaudited)			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	$	49.42		$	48.86		$	49.92
Net investment income(a)		1.28			2.75			2.41
Net realized and unrealized gain (loss)		(0.72	)		0.61			(1.21	)
Total gain from investment operations		0.56			3.36			1.20
Distributions to shareholders from net investment income		(1.24	)		(2.80	)		(2.26	)
Net asset value, end of period	$	48.74		$	49.42		$	48.86
Market price, end of period	$	48.85		$	49.24		$	48.82
Total Return at Net Asset Value(b)		1.09	%		7.20	%		2.58	%
Net assets, end of period (in 000’s)	$	80,420		$	76,602		$	46,413
Ratio of total expenses to average net assets		0.34	%(c)		0.34	%		0.34	%(c)
Ratio of net investment income to average net assets		5.21	%(c)		5.67	%		4.93	%(c)
Portfolio turnover rate(d)		12	%		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.

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Access Inflation Protected USD Bond ETF
	For the Six Months Ended February 29, 2020 (Unaudited)			For the Period October 2, 2018* to August 31, 2019
Per Share Operating Performance:
Net asset value, beginning of period	$	53.11		$	50.00
Net investment income(a)		0.24			1.27
Net realized and unrealized gain		1.21			2.98
Total gain from investment operations		1.45			4.25
Distributions to shareholders from net investment income		(0.41	)		(1.14	)
Net asset value, end of period	$	54.15		$	53.11
Market price, end of period	$	54.04		$	53.08
Total Return at Net Asset Value(b)		2.77	%		8.61	%
Net assets, end of period (in 000’s)	$	16,246		$	7,966
Ratio of total expenses to average net assets		0.12	%(c)		0.12	%(c)
Ratio of net investment income to average net assets		0.91	%(c)		2.74	%(c)
Portfolio turnover rate(d)		38	%		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.

50 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 Investment Grade Corporate Bond ETF
	For the Six Months Ended February 29, 2020 (Unaudited)			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	$	52.87		$	48.31		$	50.28		$	49.90
Net investment income(a)		0.82			1.74			1.55			0.32
Net realized and unrealized gain (loss)		1.37			4.52			(2.09	)		0.27
Total gain (loss) from investment operations		2.19			6.26			(0.54	)		0.59
Distributions to shareholders from net investment income		(0.83	)		(1.70	)		(1.43	)		(0.21	)
Net asset value, end of period	$	54.23		$	52.87		$	48.31		$	50.28
Market price, end of period	$	54.10		$	52.90		$	48.28		$	50.24
Total Return at Net Asset Value(b)		4.18	%		13.35	%		(1.04	)%		1.19	%
Net assets, end of period (in 000’s)	$	591,102		$	526,049		$	258,462		$	180,997
Ratio of net expenses to average net assets		0.14	%(c)		0.14	%		0.14	%		0.13	%(c)
Ratio of total expenses to average net assets		0.14	%(c)		0.14	%		0.14	%		0.14	%(c)
Ratio of net investment income to average net assets		3.14	%(c)		3.54	%		3.18	%		2.65	%(c)
Portfolio turnover rate(d)		5	%		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%

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

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 Six Months Ended February 29, 2020 (Unaudited)			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	$	100.38		$	100.16		$	100.10		$	100.00
Net investment income(a)		0.84			2.23			1.48			0.82
Net realized and unrealized gain (loss)		0.17			0.15			(0.13	)		(0.29	)
Total gain from investment operations		1.01			2.38			1.35			0.53
Distributions to shareholders from net investment income		(0.89	)		(2.16	)		(1.29	)		(0.43	)
Net asset value, end of period	$	100.50		$	100.38		$	100.16		$	100.10
Market price, end of period	$	100.51		$	100.40		$	100.18		$	100.10
Total Return at Net Asset Value(b)		1.01	%		2.40	%		1.37	%		0.53	%
Net assets, end of period (in 000’s)	$	3,534,457		$	3,174,026		$	1,642,627		$	815,829
Ratio of net expenses to average net assets		0.12	%(c)		0.12	%		0.12	%		0.13	%(c)
Ratio of total expenses to average net assets		0.14	%(c)		0.14	%		0.14	%		0.14	%(c)
Ratio of net investment income to average net assets		1.68	%(c)		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.

52 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 Ultra Short Bond ETF
	For the Six Months Ended February 29, 2020 (Unaudited)			For the Period April 15, 2019* to August 31, 2019
Per Share Operating Performance:
Net asset value, beginning of period	$	50.49		$	50.00
Net investment income(a)		0.53			0.52
Net realized and unrealized gain		0.32			0.34
Total gain from investment operations		0.85			0.86
Distributions to shareholders from net investment income		(0.53	)		(0.37	)
Net asset value, end of period	$	50.81		$	50.49
Market price, end of period	$	50.82		$	50.51
Total Return at Net Asset Value(b)		1.68	%		1.75	%
Net assets, end of period (in 000’s)	$	77,481		$	15,148
Ratio of net expenses to average net assets		0.16	%(c)		0.16	%(c)
Ratio of total expenses to average net assets		0.20	%(c)		0.20	%(c)
Ratio of net investment income to average net assets		2.12	%(c)		2.72	%(c)
Portfolio turnover rate(d)		38	%		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.

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Notes to Financial Statements

February 29, 2020 (Unaudited)

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 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”). Market Prices for the Funds’ shares may be different from their 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. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

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.

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Notes to Financial Statements (continued)

February 29, 2020 (Unaudited)

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 G7 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 February 29, 2020:

ACCESS HIGH YIELD CORPORATE BOND ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	74,331,218	$	—
Foreign Corporate Debt		—		4,178,845		—
Investment Company		612,535		—		—
Total	$	612,535	$	78,510,063	$	—
ACCESS INFLATION PROTECTED USD BOND ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
U.S. Treasury Inflation Indexed Bonds	$	16,233,269	$	—	$	—
Total	$	16,233,269	$	—	$	—

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GOLDMAN SACHS ACCESS FIXED INCOME ETFS

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	$	—	$	449,046,966	$	—
Foreign Corporate Debt		—		132,331,163		—
Investment Company		2,351,856		—		—
Total	$	2,351,856	$	581,378,129	$	—
ACCESS TREASURY 0-1 YEAR ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
U.S. Treasury Bills	$	2,450,706,475	$	—	$	—
U.S. Treasury Notes		1,078,315,356		—		—
Total	$	3,529,021,831	$	—	$	—
ACCESS ULTRA SHORT BOND ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Mortgage-Backed Securities	$	—	$	26,560,336	$	—
Asset- Backed Securities		—		16,430,109		—
Corporate Obligations		—		15,277,791		—
Foreign Corporate Debt		—		10,411,776		—
U.S. Treasury Note		4,344,382		—		—
U.S. Treasury Bills		3,153,791		—		—
Investment Company		519,470		—		—
Certificate of Deposit		—		499,999		—
Total	$	8,017,643	$	69,180,011	$	—

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.

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GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Notes to Financial Statements (continued)

February 29, 2020 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 six months ended February 29, 2020, 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.

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 27, 2020 and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. For the six months ended February 29, 2020, GSAM waived $337,384 and $10,357 of the Funds’ management fees for the Access Treasury 0-1 Year ETF and the Access Ultra Short Bond ETF respectively.

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 six months ended February 29, 2020, GSAM waived $538, $1,986, and $582 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.

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 in compliance with Rule 17a-7 under the Act for the six months ended February 29, 2020:

Fund	Beginning value as of August 31, 2019		Purchases at Cost		Proceeds from Sales			Ending value as of February 29, 2020		Shares as of February 29, 2020		Dividend Income
Access High Yield Corporate Bond ETF	$	1,093,653	$	5,896,448	$	(6,377,566	)	$	612,535		612,535	$	5,633
Access Investment Grade Corporate Bond ETF	$	3,519,879	$	17,533,916	$	(18,701,939	)	$	2,351,856		2,351,856	$	20,801
Access Ultra Short Bond ETF	$	392,280	$	24,738,229	$	(24,611,039	)	$	519,470		519,470	$	6,059

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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:

	Access High Yield Corporate Bond ETF
	For the Six Months Ended February 29, 2020 (Unaudited)						For the Fiscal Year Ended August 31, 2019
Fund Share Activity
Shares Sold		250,000		$	12,235,558			2,450,000		$	119,417,522
Shares Redeemed		(150,000	)		(7,350,035	)		(1,850,000	)		(90,435,797	)
NET INCREASE IN SHARES		100,000		$	4,885,523			600,000		$	28,981,725

	Access Inflation Protected USD Bond ETF
	For the Six Months Ended February 29, 2020 (Unaudited)				For the Period October 2, 2018* through August 31, 2019
Fund Share Activity
Shares Sold		150,000	$	7,894,653		225,000		$	11,280,939
Shares Redeemed		—		—		(75,000	)		(3,695,696	)
NET INCREASE IN SHARES		150,000	$	7,894,653		150,000		$	7,585,243

	Access Investment Grade Corporate Bond ETF
	For the Six Months Ended February 29, 2020 (Unaudited)						For the Fiscal Year Ended August 31, 2019
Fund Share Activity
Shares Sold		2,700,000		$	142,520,460			8,450,000		$	419,509,892
Shares Redeemed		(1,750,000	)		(91,973,342	)		(3,850,000	)		(189,753,355	)
NET INCREASE IN SHARES		950,000		$	50,547,118			4,600,000		$	229,756,537

* Commencement of operations.

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Notes to Financial Statements (continued)

February 29, 2020 (Unaudited)

5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

	Access Treasury 0-1 Year ETF
	For the Six Months Ended February 29, 2020 (Unaudited)						For the Fiscal Year Ended August 31, 2019
Fund Share Activity
Shares Sold		5,630,000		$	564,505,704			25,070,000		$	2,509,781,663
Shares Redeemed		(2,080,000	)		(208,734,435	)		(9,850,000	)		(986,671,512	)
NET INCREASE IN SHARES		3,550,000		$	355,771,269			15,220,000		$	1,523,110,151

	Access Ultra Short Bond ETF
	For the Six Months Ended February 29, 2020 (Unaudited)						For the Period April 15, 2019* through August 31, 2019
Fund Share Activity
Shares Sold		1,325,000		$	66,947,563			300,000	$	15,034,457
Shares Redeemed		(100,000	)		(5,054,607	)		—		—
NET INCREASE IN SHARES		1,225,000		$	61,892,956			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 six months ended February 29, 2020, 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	$	21,687,497	$	8,657,583
Access Inflation Protected USD Bond ETF		4,626,155		4,663,655
Access Investment Grade Corporate Bond ETF		166,411,239		24,202,464
Access Treasury 0-1 Year ETF		7,787,751,025		7,812,725,926
Access Ultra Short Bond ETF		70,101,595		17,164,293

The purchases and sales from in-kind creation and redemption transactions for the six months ended February 29, 2020, were as follows:

Fund	Purchases		Sales
Access High Yield Corporate Bond ETF	$	—	$	7,302,617
Access Inflation Protected USD Bond ETF		7,884,471		—
Access Investment Grade Corporate Bond ETF		—		91,196,142
Access Treasury 0-1 Year ETF		562,661,133		208,537,977
Access Ultra Short Bond ETF		—		—

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7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, August 31, 2019, the Funds’ capital loss carryforward and certain timing differences 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
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	)		—		—

As of February 29, 2020, 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	$	79,052,186		$	15,462,461		$	542,607,633		$	3,523,877,651		$	76,793,088
Gross unrealized gain		1,788,672			771,321			41,419,928			5,144,541			421,758
Gross unrealized loss		(1,718,260	)		(513	)		(369,576	)		(361	)		(17,192	)
Net unrealized gains (losses) on securities	$	70,412		$	770,808		$	41,122,352		$	5,144,180		$	404,566

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

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:

Floating and Variable Rate Obligations Risk — Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically, daily. monthly, quarterly, or semiannually) in response to changes in the market rate of interest on which the interest rate is based. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit a Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent a Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, a Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates.

In 2017, the United Kingdom’s Financial Conduct Authority (“FCA”) warned that LIBOR may cease to be available or appropriate for use by 2021. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to a Fund’s investment resulting from a substitute reference rate may also adversely affect the Fund’s performance and/or NAV.

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

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Notes to Financial Statements (continued)

February 29, 2020 (Unaudited)

8. OTHER RISKS (continued)

(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 of one or more issuers. When the 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. To the extent a Fund engages in cash redemptions, then 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.

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8. 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). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

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

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

The Funds have adopted Financial Accounting Standards Board Accounting Standards Update 2017-08 to amend the amortization period for certain purchased callable debt securities held at a premium. Under the new standard, the Funds have changed the amortization period for the premium on certain purchased callable debt securities with non-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, the Funds applied the amendments on a modified retrospective basis beginning with the fiscal period ended February 29, 2020. This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on total distributable earnings (loss) or the net asset value of the Funds.

Upon evaluation, GSAM has concluded that the change in accounting principle does not materially impact the financial statement amounts.

11. SUBSEQUENT EVENTS

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

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Fund Expenses — For the Six Months Ended  2/29/2020 (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 September 1, 2019 and held for the entire six months ended February 29, 2020, which represents a period of 182 days of a 366 day year (or less where indicated).

Actual Expenses — The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the 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							Access Treasury 0-1 Year ETF							Access Ultra Short Bond ETF
	Beginning Account Value 9/1/19		Ending Account Value 2/29/20			Expenses Paid*		Beginning Account Value 9/1/19		Ending Account Value 2/29/20			Expenses Paid*		Beginning Account Value 9/1/19		Ending Account Value 2/29/20			Expenses Paid*		Beginning Account Value 9/1/19		Ending Account Value 2/29/20			Expenses Paid*		Beginning Account Value 9/1/19		Ending Account Value 2/29/20			Expenses Paid*
Actual based on NAV	$	1,000	$	1,010.90		$	1.70	$	1,000	$	1,027.70		$	0.60	$	1,000	$	1,041.80		$	0.71	$	1,000	$	1,010.10		$	0.60	$	1,000	$	1,016.80		$	0.80
Hypothetical 5% return	$	1,000	$	1,023.17	+	$	1.71	$	1,000	$	1,024.27	+	$	0.60	$	1,000	$	1,024.17	+	$	0.70	$	1,000	$	1,024.27	+	$	0.60	$	1,000	$	1,024.07	+	$	0.81

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

* Expenses for each Fund are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended February 29, 2020. 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%

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GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Access Inflation Protected USD Bond ETF, Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs Access Investment Grade Corporate Bond ETF, Goldman Sachs Access Treasury 0-1 Year ETF (Unaudited)

Background

The Goldman Sachs Access Inflation Protected USD Bond ETF, Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs Access Investment Grade Corporate Bond ETF and Goldman Sachs Access Treasury 0-1 Year ETF (each, a “Fund” and together, the “Funds”) are investment portfolios of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The Management Agreement was approved for continuation until September 30, 2020 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on September 17-18, 2019 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

(f) the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations;

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

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

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

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

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

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GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Access Inflation Protected USD Bond ETF, Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs Access Investment Grade Corporate Bond ETF, Goldman Sachs Access Treasury 0-1 Year ETF (Unaudited) (continued)

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

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

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

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

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

Investment Performance

The Trustees also considered the investment performance of each Fund. In this regard, they compared the investment performance of each Fund to its peers using ranking compiled by the Outside Data Provider as of March 31, 2019, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of June 30, 2019. The information on each Fund’s investment performance was provided for the one-year period ending on the applicable dates, to the extent that each Fund had been in existence for that period. As part of this review, they reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing each Fund’s performance to that of its respective index, a comparable market capitalization-weighted reference index, and a separate account composite with a comparable investment strategy, as applicable. The Trustees observed that each Fund’s investment performance was consistent with the investment objective of tracking its index.

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GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Access Inflation Protected USD Bond ETF, Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs Access Investment Grade Corporate Bond ETF, Goldman Sachs Access Treasury 0-1 Year ETF (Unaudited) (continued)

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

Unitary Fee Structure and Profitability

The Trustees considered the contractual 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 fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as ETFs. In addition, the Trustees considered the Investment Adviser’s undertaking to implement a fee waiver for the Goldman Sachs Access Treasury 0-1 Year ETF. The Trustees noted that license fees would be payable by the Investment Adviser to FTSE Fixed Income LLC for the use of its indices. The Trustees also considered information previously provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Funds’ fee rates and expense ratios were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing each Fund’s management fee rate and net 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 paid by the Funds.

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

Economies of Scale

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

Other Benefits to the Investment Adviser and Its Affiliates

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

Other Benefits to the Funds and Their Shareholders

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

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GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Access Inflation Protected USD Bond ETF, Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs Access Investment Grade Corporate Bond ETF, Goldman Sachs Access Treasury 0-1 Year ETF (Unaudited) (continued)

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary fee paid by each Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and/or reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until September 30, 2020.

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GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Access Ultra Short Bond ETF (Unaudited)

Background

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

The Management Agreement was approved for continuation until September 30, 2020 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on September 17-18, 2019 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

(b) information on the general investment outlooks in the markets in which the Fund invests;

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

(d) fee and expense information for the Fund, including the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by a third-party fund data provider engaged as part of the contract review process (the “Outside Data Provider”);

(e) with respect to the expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

(f) the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations;

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

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

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

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

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

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

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Fund and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Fund. In conjunction with these meetings, the Trustees received written

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GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Access Ultra Short Bond ETF (Unaudited) (continued)

materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

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

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees 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 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 fee to the Investment Adviser, and the Investment Adviser pays all of the Fund’s ordinary operating expenses, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. The Trustees also considered information about the Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Fund is 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 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 continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future. 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.

Investment Performance

The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund against its peer group identified by the Outside Data Provider using updated performance information prepared by the Investment Adviser as of June 30, 2019. The Trustees observed that the Fund’s investment performance was consistent with the investment objective of seeking to provide current income with preservation of capital.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Fund’s risk profile, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

Unitary Fee Structure and Profitability

The Trustees considered the contractual 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 fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Fund, which included both advisory and administrative services that were directed to the needs and operations of the Fund as an ETF. In addition, the Trustees considered the Investment Adviser’s undertaking to implement a fee waiver for the Fund. The Trustees also considered information previously provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Fund’s fee rate and expense ratio were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s management fee rate and net 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 paid by the Fund.

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GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Access Ultra Short Bond ETF (Unaudited) (continued)

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

Other Benefits to the Investment Adviser and Its Affiliates

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

Other Benefits to the Fund and Its Shareholders

The Trustees also noted that the Fund receives other potential benefits as a result of its relationship with the Investment Adviser, including: (a) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (b) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Fund because of the reputation of the Goldman Sachs organization; and (c) the Fund’s access to certain affiliated distribution channels.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary fee paid by the Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and/or reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until September 30, 2020.

71

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 $1.69 trillion in assets under supervision as of December 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, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary
THE BANK OF NEW YORK MELLON Transfer Agent
ALPS DISTRIBUTORS, INC. Distributor	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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

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

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

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

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

Fund holdings and allocations shown are as of February 29, 2020 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.

© 2020 Goldman Sachs. All rights reserved. 200055-OTU-04/2020 GST 1136 AIGAHYCPBNDETFSAR-20

Goldman Sachs Funds

Semi-Annual Report	February 29, 2020
	Goldman Sachs ActiveBeta® ETFs
	ActiveBeta® Emerging Markets Equity ETF (GEM)
	ActiveBeta® Europe Equity ETF (GSEU)
	ActiveBeta® International Equity ETF (GSIE)
	ActiveBeta® Japan Equity ETF (GSJY)
	ActiveBeta® U.S. Large Cap Equity ETF (GSLC)
	ActiveBeta® U.S. Small Cap Equity ETF (GSSC)

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

∎ 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

TABLE OF CONTENTS
Recent Market Events related to COVID-19	i
Fund Basics	1
Schedules of Investments	13
Financial Statements	63
Financial Highlights
ActiveBeta® Emerging Markets Equity ETF	70
ActiveBeta® Europe Equity ETF	71
ActiveBeta® International Equity ETF	72
ActiveBeta® Japan Equity ETF	73
ActiveBeta® U.S. Large Cap Equity ETF	74
ActiveBeta® U.S. Small Cap Equity ETF	75
Notes to Financial Statements	76
Other Information	90

NOT FDIC-INSURED May Lose Value No Bank Guarantee

Recent Market Events related to COVID-19

While this semi-annual report covers the six month period ended February 29, 2020, we want to describe some more recent events through the end of April.

An outbreak of a novel strain of coronavirus (COVID-19) has emerged globally. The outbreak of COVID-19 has prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, curfews and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, and disruption in manufacturing and supply chains. While governments have already taken unprecedented action to limit disruption to the financial system, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of and subsequent intervening measures intended to limit the spread of COVID-19. A Fund could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions, events or actions. The full extent of the impact of COVID-19 on the Funds’ performance cannot be determined at this time and will depend on future developments, including the duration and the continued spread of the outbreak. Goldman Sachs Asset Management’s long-term commitment to you, our Fund shareholders, remains unchanged. We encourage you to maintain perspective and stay current with timely commentary and investment insights by visiting gsam.com.

i

FUND BASICS

ActiveBeta^® Emerging Markets Equity ETF

as of February 29, 2020

FUND SNAPSHOT
As of February 29, 2020
Market Price1	$	31.01
Net Asset Value (NAV)1	$	30.91

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.

PERFORMANCE REVIEW
September 1, 2019–February 29, 2020	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			GS ActiveBeta® Emerging Markets Equity Index3			MSCI Emerging Markets Index4
Shares		1.32	%		1.62	%		1.22	%		2.93	%

²  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. Total returns for periods less than one full year are not annualized.

³  The Goldman Sachs ActiveBeta^® Emerging Markets Equity Index (the “Index”) is designed to deliver exposure to equity securities of emerging market issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low dgree of fluctuation in a company’s share price over time). The index provider for the reference index on which the Index is based may delay or change a scheduled rebalancing or reconstitution of such reference index or the implementation of certain rules at its sole discretion. In such circumstances, the scheduled rebalancing or reconstitution of the Index may likewise be delayed or changed. It is not possible to invest directly in an unmanaged index.

⁴  The MSCI Emerging Markets Index captures large and mid cap representation across 24 Emerging Markets countries. It is not possible to invest directly in an unmanaged index.

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

1

FUND BASICS

TOP TEN HOLDINGS AS OF 2/29/205
Holding	% of Net Assets			Line of Business	Country
Alibaba Group Holding Ltd. ADR		5.3	%	Consumer Discretionary	China
Tencent Holdings Ltd.		4.4		Communication Services	China
Taiwan Semiconductor Manufacturing Co. Ltd.		4.2		Information Technology	Taiwan
Samsung Electronics Co. Ltd.		3.6		Information Technology	South Korea
Ping An Insurance Group Co. of China Ltd., Class H		1.2		Financials	China
China Construction Bank Corp., Class H		1.2		Financials	China
LUKOIL PJSC		0.9		Energy	Russia
China Mobile Ltd.		0.8		Communication Services	China
Infosys Ltd.		0.8		Information Technology	India
Samsung Electronics Co. Ltd., Participating Preferred		0.7		Information Technology	South Korea

FUND VS BENCHMARK⁶

⁵  The top 10 holdings may not be representative of the Fund’s future investments.

⁶  Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the 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 0.7% of the Fund’s net assets as of February 29, 2020. Figures above may not sum to 100% due to rounding.

⁷  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.

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.

2

FUND BASICS

ActiveBeta^® Europe Equity ETF

as of February 29, 2020

FUND SNAPSHOT
As of February 29, 2020
Market Price1	$	28.18
Net Asset Value (NAV)1	$	28.01

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.

PERFORMANCE REVIEW
September 1, 2019–February 29, 2020	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			GS ActiveBeta® Europe Equity Index3			MSCI Europe Index4
Shares		-1.51	%		-0.98	%		-1.35	%		-1.12	%

²  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. Total returns for periods less than one full year are not annualized.

³  The Goldman Sachs ActiveBeta^® Europe Equity Index (the “Index”) is designed to deliver exposure to equity securities of developed market issuers in Europe. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low dgree of fluctuation in a company’s share price over time). The index provider for the reference index on which the Index is based may delay or change a scheduled rebalancing or reconstitution of such reference index or the implementation of certain rules at its sole discretion. In such circumstances, the scheduled rebalancing or reconstitution of the Index may likewise be delayed or changed. It is not possible to invest directly in an unmanaged index.

⁴  The MSCI Europe Index captures large and mid-cap representation across 15 Developed Markets countries. It is not possible to invest directly in an unmanaged index.

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

3

FUND BASICS

TOP TEN HOLDINGS AS OF 2/29/205
Holding	% of Net Assets			Line of Business	Country
Nestle SA		3.2	%	Consumer Staples	Switzerland
Roche Holding AG		2.6		Health Care	Switzerland
Novartis AG		1.8		Health Care	Switzerland
Novo Nordisk A/S, Class B		1.2		Health Care	Denmark
SAP SE		1.2		Information Technology	Germany
LVMH Moet Hennessy Louis Vuitton SE		1.2		Consumer Discretionary	France
Sanofi		1.1		Health Care	France
GlaxoSmithKline PLC		1.1		Health Care	United Kingdom
adidas AG		1.0		Consumer Discretionary	Germany
AstraZeneca PLC		1.0		Health Care	United Kingdom

FUND VS BENCHMARK⁶

⁵  The top 10 holdings may not be representative of the Fund’s future investments.

⁶  Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the 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 1.8% of the Fund’s net assets as of February 29, 2020. Figures above may not sum to 100% due to rounding.

⁷  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.

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

FUND BASICS

ActiveBeta^® International Equity ETF

as of February 29, 2020

FUND SNAPSHOT
As of February 29, 2020
Market Price1	$	26.94
Net Asset Value (NAV)1	$	26.95

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.

PERFORMANCE REVIEW
September 1, 2019–February 29, 2020	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			GS ActiveBeta® Intl Equity  Index3			MSCI World ex USA Index4
Shares		-1.66	%		-1.80	%		-1.53	%		-0.92	%

²  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. Total returns for periods less than one full year are not annualized.

³  The Goldman Sachs ActiveBeta^® International Equity Index (the “Index”) is designed to deliver exposure to equity securities of developed market issuers outside of the United States. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The index provider for the reference index on which the Index is based may delay or change a scheduled rebalancing or reconstitution of such reference index or the implementation of certain rules at its sole discretion. In such circumstances, the scheduled rebalancing or reconstitution of the Index may likewise be delayed or changed. It is not possible to invest directly in an unmanaged index.

⁴  The MSCI World ex USA Index captures large and mid cap representation across 22 of 23 Developed Markets countries. It is not possible to invest directly in an unmanaged index.

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

5

FUND BASICS

TOP TEN HOLDINGS AS OF 2/29/205
Holding	% of Net Assets			Line of Business	Country
Nestle SA		1.8	%	Consumer Staples	Switzerland
Roche Holding AG		1.4		Health Care	Switzerland
Novartis AG		1.0		Health Care	Switzerland
LVMH Moet Hennessy Louis Vuitton SE		0.7		Consumer Discretionary	France
Novo Nordisk A/S, Class B		0.7		Health Care	Denmark
adidas AG		0.6		Consumer Discretionary	Germany
Royal Bank of Canada		0.6		Financials	Canada
SAP SE		0.6		Information Technology	Germany
Sanofi		0.6		Health Care	France
L’Oreal SA		0.6		Consumer Staples	France

FUND VS BENCHMARK⁶

⁵  The top 10 holdings may not be representative of the Fund’s future investments.

⁶  Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the 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 1.5% of the Fund’s net assets as of February 29, 2020. Figures above may not sum to 100% due to rounding.

⁷  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.

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

FUND BASICS

ActiveBeta^® Japan Equity ETF

as of February 29, 2020

FUND SNAPSHOT
As of February 29, 2020
Market Price1	$	29.61
Net Asset Value (NAV)1	$	29.95

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.

PERFORMANCE REVIEW
September 1, 2019–February 29, 2020	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			GS ActiveBeta® Japan Equity Index3			MSCI Japan Index4
Shares		-0.12	%		-1.03	%		-0.12	%		0.37	%

² 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. Total returns for periods less than one full year are not annualized.

³ The Goldman Sachs ActiveBeta^® Japan Equity Index (the “Index”) is designed to deliver exposure to equity securities of Japan issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The index provider for the reference index on which the Index is based may delay or change a scheduled rebalancing or reconstitution of such reference index or the implementation of certain rules at its sole discretion. In such circumstances, the scheduled rebalancing or reconstitution of the Index may likewise be delayed or changed. It is not possible to invest directly in an unmanaged index.

⁴ The MSCI Japan Index is designed to measure the performance of the large and mid cap segments of the Japanese market. It is not possible to invest directly in an unmanaged index.

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

7

FUND BASICS

TOP TEN HOLDINGS AS OF 2/29/205
Holding	% of Net Assets			Line of Business	Country
Toyota Motor Corp.		3.8	%	Consumer Discretionary	Japan
Sony Corp.		2.1		Consumer Discretionary	Japan
SoftBank Group Corp.		1.7		Communication Services	Japan
Honda Motor Co. Ltd.		1.5		Consumer Discretionary	Japan
KDDI Corp.		1.4		Communication Services	Japan
Keyence Corp.		1.4		Information Technology	Japan
Nippon Telegraph & Telephone Corp.		1.3		Communication Services	Japan
Sumitomo Mitsui Financial Group, Inc.		1.3		Financials	Japan
Mitsubishi UFJ Financial Group, Inc.		1.3		Financials	Japan
NTT DOCOMO, Inc.		1.3		Communication Services	Japan

FUND VS BENCHMARK⁶

⁵  The top 10 holdings may not be representative of the Fund’s future investments.

⁶  Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.6% of the Fund’s net assets as of February 29, 2020. Figures above may not sum to 100% due to rounding.

⁷  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.

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.

8

FUND BASICS

ActiveBeta^® U.S. Large Cap Equity ETF

as of February 29, 2020

FUND SNAPSHOT
As of February 29, 2020
Market Price1	$	59.99
Net Asset Value (NAV)1	$	59.78

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.

PERFORMANCE REVIEW
September 1, 2019–February 29, 2020	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			GS ActiveBeta® U.S. Large Cap Equity Index3			S&P 500 Index4
Shares		2.01	%		2.41	%		2.09	%		1.92	%

²  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. Total returns for periods less than one full year are not annualized.

³  The Goldman Sachs ActiveBeta^® U.S. Large Cap Equity Index (the “Index”) is designed to deliver exposure to equity securities of large capitalization U.S. issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low dgree of fluctuation in a company’s share price over time). The index provider for the reference index on which the Index is based may delay or change a scheduled rebalancing or reconstitution of such reference index or the implementation of certain rules at its sole discretion. In such circumstances, the scheduled rebalancing or reconstitution of the Index may likewise be delayed or changed. It is not possible to invest directly in an unmanaged index.

⁴  The S&P 500 Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

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

9

FUND BASICS

TOP TEN HOLDINGS AS OF 2/29/205
Holding	% of Net Assets			Line of Business	Country
Microsoft Corp.		4.2	%	Information Technology	United States
Apple, Inc.		3.9		Information Technology	United States
Amazon.com, Inc.		2.5		Consumer Discretionary	United States
Facebook, Inc., Class A		1.5		Communication Services	United States
Alphabet, Inc., Class C		1.3		Communication Services	United States
Alphabet, Inc., Class A		1.3		Communication Services	United States
Johnson & Johnson		1.2		Health Care	United States
JPMorgan Chase & Co.		1.2		Financials	United States
Home Depot, Inc. (The)		1.0		Consumer Discretionary	United States
Intel Corp.		1.0		Information Technology	United States

FUND VS BENCHMARK⁶

⁵  The top 10 holdings may not be representative of the Fund’s future investments.

⁶  Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Figures above may not sum to 100% due to rounding.

⁷  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.

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.

10

FUND BASICS

ActiveBeta^® U.S. Small Cap Equity ETF

as of February 29, 2020

FUND SNAPSHOT
As of February 29, 2020
Market Price1	$	41.65
Net Asset Value (NAV)1	$	41.89

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.

PERFORMANCE REVIEW
September 1, 2019–February 29, 2020	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			GS ActiveBeta® U.S. Small Cap Equity Index3			Russell 2000® Index4
Shares		-1.56	%		-2.12	%		-1.49	%		-0.52	%

²  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 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

³  The Goldman Sachs ActiveBeta^® U.S. Small Cap Equity Index (the “Index”) is designed to deliver exposure to equity securities of small capitalization U.S. issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The index provider for the reference index on which the Index is based may delay or change a scheduled rebalancing or reconstitution of such reference index or the implementation of certain rules at its sole discretion. In such circumstances, the scheduled rebalancing or reconstitution of the Index may likewise be delayed or changed. It is not possible to invest directly in an unmanaged index.

⁴  The Russell 2000^® Index is an unmanaged index of common stock prices that measures the performance of the 2000 smallest companies in the Russell 3000^® Index. The Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.

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

11

FUND BASICS

TOP TEN HOLDINGS AS OF 2/29/205
Holding	% of Net Assets			Line of Business	Country
Amedisys, Inc.		0.4	%	Health Care	United States
Trex Co., Inc.		0.4		Industrials	United States
Cirrus Logic, Inc.		0.4		Information Technology	United States
Deckers Outdoor Corp.		0.3		Consumer Discretionary	United States
SiteOne Landscape Supply, Inc.		0.3		Industrials	United States
Haemonetics Corp.		0.3		Health Care	United States
Essent Group Ltd.		0.3		Financials	United States
Radian Group, Inc.		0.3		Financials	United States
Redfin Corp.		0.3		Real Estate	United States
Generac Holdings, Inc.		0.3		Industrials	United States

FUND VS BENCHMARK⁶

⁵  The top 10 holdings may not be representative of the Fund’s future investments.

⁶  Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the 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 1.5% of the Fund’s net assets as of February 29, 2020. Figures above may not sum to 100% due to rounding.

⁷  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.

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 ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 95.6%
Argentina – 0.3%
	20,216	Globant SA (Information Technology)*	$	2,284,610
	96,480	Telecom Argentina SA ADR (Communication Services)		1,119,168
	203,482	YPF SA ADR (Energy)		1,625,821
				5,029,599
Brazil – 6.1%
	1,647,234	Ambev SA (Consumer Staples)		5,308,653
	374,912	B3 SA – Brasil Bolsa Balcao (Financials)		3,988,735
	562,658	Banco Bradesco SA (Financials)		3,403,397
	114,045	Banco BTG Pactual SA (Financials)		1,707,774
	403,132	Banco do Brasil SA (Financials)		4,187,108
	640,892	BB Seguridade Participacoes SA (Financials)		4,524,378
	252,539	Cia de Saneamento Basico do Estado de Sao Paulo (Utilities)		3,288,523
	533,589	Embraer SA (Industrials)*		2,005,845
	246,115	Energisa SA (Utilities)		2,945,754
	297,129	Engie Brasil Energia SA (Utilities)		3,130,239
	583,201	Equatorial Energia SA (Utilities)		3,187,689
	204,600	Hapvida Participacoes e Investimentos SA (Health Care)(a)		2,503,279
	255,921	Hypera SA (Health Care)		1,945,650
	676,540	IRB Brasil Resseguros SA (Financials)		4,985,971
	518,975	Klabin SA (Materials)		2,214,327
	241,173	Localiza Rent a Car SA (Industrials)		2,648,191
	605,818	Lojas Renner SA (Consumer Discretionary)		7,157,049
	355,104	Magazine Luiza SA (Consumer Discretionary)		3,976,340
	588,010	Natura & Co. Holding SA (Consumer Staples)		5,931,385
	192,701	Notre Dame Intermedica Participacoes SA (Health Care)		2,700,671
	393,200	Petrobras Distribuidora SA (Consumer Discretionary)		2,274,671
	917,005	Petroleo Brasileiro SA (Energy)		5,518,311
	288,110	Porto Seguro SA (Financials)		3,894,129
	217,237	Raia Drogasil SA (Consumer Staples)		5,773,213
	370,351	Sul America SA (Financials)		4,437,661
	927,202	Vale SA (Materials)		9,106,274
	570,293	WEG SA (Industrials)		5,454,355
				108,199,572
Chile – 0.5%
	45,647,562	Banco Santander Chile (Financials)		2,030,499
	1,510,300	Cencosud SA (Consumer Staples)		1,767,445
	281,582	Cia Cervecerias Unidas SA (Consumer Staples)		2,108,956
	14,732,127	Enel Americas SA (Utilities)		2,460,353
				8,367,253
Common Stocks – (continued)
China – 30.9%
	33,174	58.com, Inc. ADR (Communication Services)*		1,830,210
	5,048,409	Agricultural Bank of China Ltd., Class A (Financials)		2,462,744
	10,440,384	Agricultural Bank of China Ltd., Class H (Financials)		4,179,878
	445,951	Alibaba Group Holding Ltd. ADR (Consumer Discretionary)*		92,757,808
	672,315	ANTA Sports Products Ltd. (Consumer Discretionary)		5,404,884
	29,786	Autohome, Inc. ADR (Communication Services)*		2,313,479
	3,493,300	BAIC Motor Corp. Ltd., Class H (Consumer Discretionary)(a)		1,712,347
	60,345	Baidu, Inc. ADR (Communication Services)*		7,240,193
	3,386,038	Bank of Beijing Co. Ltd., Class A (Financials)		2,475,273
	5,431,255	Bank of China Ltd., Class A (Financials)		2,758,284
	18,768,492	Bank of China Ltd., Class H (Financials)		7,417,757
	3,221,608	Bank of Communications Co. Ltd., Class A (Financials)		2,396,550
	5,817,894	Bank of Communications Co. Ltd., Class H (Financials)		3,732,745
	2,617,794	Bank of Jiangsu Co. Ltd., Class A (Financials)		2,389,277
	1,483,290	Bank of Shanghai Co. Ltd., Class A (Financials)		1,827,004
	59,140	Baozun, Inc. ADR (Consumer Discretionary)*(b)		1,875,921
	544,438	Beijing Enterprises Holdings Ltd. (Utilities)		2,298,460
	6,359,510	China Agri-Industries Holdings Ltd. (Consumer Staples)		3,451,887
	9,045,125	China Cinda Asset Management Co. Ltd., Class H (Financials)		1,891,885
	5,015,547	China CITIC Bank Corp Ltd., Class H (Financials)		2,606,549
	656,500	China Conch Venture Holdings Ltd. (Industrials)		3,192,761
	1,943,075	China Construction Bank Corp., Class A (Financials)		1,806,813
	25,541,492	China Construction Bank Corp., Class H (Financials)		20,648,065
	3,468,170	China Everbright Bank Co. Ltd., Class A (Financials)		1,875,437
	6,948,233	China Everbright Bank Co. Ltd., Class H (Financials)		2,781,772
	160,641	China International Travel Service Corp. Ltd., Class A (Consumer Discretionary)		1,804,000
	2,782,009	China Jinmao Holdings Group Ltd. (Real Estate)		2,031,250

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	1,658,419	China Lesso Group Holdings Ltd. (Industrials)	$	2,489,847
	1,153,420	China Life Insurance Co. Ltd., Class H (Financials)		2,702,594
	2,184,509	China Medical System Holdings Ltd. (Health Care)		2,691,024
	1,743,696	China Mengniu Dairy Co. Ltd. (Consumer Staples)*		6,253,816
	371,949	China Merchants Bank Co. Ltd., Class A (Financials)		1,819,784
	1,481,531	China Merchants Bank Co. Ltd., Class H (Financials)		6,986,515
	3,192,137	China Minsheng Banking Corp. Ltd., Class A (Financials)		2,612,089
	5,419,565	China Minsheng Banking Corp. Ltd., Class H (Financials)		3,657,992
	1,711,520	China Mobile Ltd. (Communication Services)		13,462,787
	1,656,600	China National Building Material Co. Ltd., Class H (Materials)		1,915,292
	769,205	China Overseas Land & Investment Ltd. (Real Estate)		2,581,109
	2,762,336	China Petroleum & Chemical Corp., Class A (Energy)		1,817,794
	7,424,925	China Petroleum & Chemical Corp., Class H (Energy)		3,830,105
	577,814	China Resources Beer Holdings Co. Ltd. (Consumer Staples)		2,676,627
	523,495	China Resources Land Ltd. (Real Estate)		2,414,927
	2,764,482	China Resources Pharmaceutical Group Ltd. (Health Care)(a)		2,405,116
	1,362,241	China Shenhua Energy Co. Ltd., Class H (Energy)		2,363,323
	13,225,289	China Telecom Corp. Ltd., Class H (Communication Services)		4,972,392
	3,672,984	China Unicom Hong Kong Ltd. (Communication Services)		2,898,589
	3,101,089	China United Network Communications Ltd., Class A (Communication Services)		2,431,113
	1,109,204	China Yangtze Power Co. Ltd., Class A (Utilities)		2,702,318
	4,150,347	Chongqing Rural Commercial Bank Co. Ltd., Class H (Financials)		1,874,647
	2,271,819	CITIC Ltd. (Industrials)		2,521,636
	4,705,097	CNOOC Ltd. (Energy)		6,448,109
	2,237,900	Country Garden Holdings Co. Ltd. (Real Estate)		2,963,554
	534,824	Country Garden Services Holdings Co. Ltd. (Industrials)		2,086,301
	2,106,020	CSPC Pharmaceutical Group Ltd. (Health Care)		4,799,522
	2,921,803	Dali Foods Group Co. Ltd. (Consumer Staples)(a)		1,930,860
	2,184,855	Daqin Railway Co. Ltd., Class A (Industrials)		2,212,923
Common Stocks – (continued)
China – (continued)
	268,141	ENN Energy Holdings Ltd. (Utilities)		2,971,106
	7,368,332	GD Power Development Co. Ltd., Class A (Utilities)		2,213,599
	1,649,809	Geely Automobile Holdings Ltd. (Consumer Discretionary)		2,934,198
	1,546,955	Guangdong Investment Ltd. (Utilities)		2,906,105
	452,600	Haidilao International Holding Ltd. (Consumer Discretionary)(a)		1,849,765
	2,470,520	Huaxia Bank Co. Ltd., Class A (Financials)		2,456,312
	3,394,408	Industrial & Commercial Bank of China Ltd., Class A (Financials)		2,573,655
	16,588,156	Industrial & Commercial Bank of China Ltd., Class H (Financials)		11,345,349
	1,211,119	Industrial Bank Co. Ltd., Class A (Financials)		2,995,658
	181,515	JD.com, Inc. ADR (Consumer Discretionary)*		6,990,143
	320,652	Jiangsu Hengrui Medicine Co. Ltd., Class A (Health Care)		3,857,347
	651,400	Kingboard Holdings Ltd. (Information Technology)		1,721,898
	2,854,621	Kunlun Energy Co. Ltd. (Utilities)		1,992,691
	24,634	Kweichow Moutai Co. Ltd., Class A (Consumer Staples)		3,724,949
	4,097,360	Lenovo Group Ltd. (Information Technology)		2,528,959
	1,651,404	Li Ning Co. Ltd. (Consumer Discretionary)		4,344,099
	1,073,633	Longfor Group Holdings Ltd. (Real Estate)(a)		4,966,537
	379,001	Luxshare Precision Industry Co. Ltd., Class A (Information Technology)		2,591,664
	2,994,200	Luye Pharma Group Ltd. (Health Care)(a)		1,825,017
	150,350	Meituan Dianping, Class B (Consumer Discretionary)*		1,908,061
	91,405	Momo, Inc. ADR (Communication Services)		2,570,309
	67,327	Muyuan Foodstuff Co. Ltd., Class A (Consumer Staples)		1,122,085
	26,291	NetEase, Inc. ADR (Communication Services)		8,379,205
	51,144	New Oriental Education & Technology Group, Inc. ADR (Consumer Discretionary)*		6,540,806
	5,092,300	People’s Insurance Co. Group of China Ltd. (The), Class H (Financials)		1,803,498
	2,500,539	PetroChina Co. Ltd., Class A (Energy)		1,813,644
	8,147,726	PetroChina Co. Ltd., Class H (Energy)		3,157,446

14 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)
	3,260,682	PICC Property & Casualty Co. Ltd., Class H (Financials)	$	3,376,560
	59,486	Pinduoduo, Inc. ADR (Consumer Discretionary)*		2,128,409
	219,575	Ping An Insurance Group Co of China Ltd., Class A (Financials)		2,441,328
	1,926,480	Ping An Insurance Group Co. of China Ltd., Class H (Financials)		21,420,303
	3,046,776	Postal Savings Bank of China Co. Ltd., Class H (Financials)(a)		1,923,526
	933,000	Semiconductor Manufacturing International Corp. (Information Technology)*		1,807,803
	1,802,499	Shanghai Pudong Development Bank Co. Ltd., Class A (Financials)		2,797,790
	298,195	Shenzhou International Group Holdings Ltd. (Consumer Discretionary)		3,663,799
	58,557	SINA Corp. (Communication Services)*		1,917,742
	603,609	Sunac China Holdings Ltd. (Real Estate)		3,291,828
	115,480	Sunny Optical Technology Group Co. Ltd. (Information Technology)		1,795,982
	90,993	TAL Education Group ADR (Consumer Discretionary)*		4,949,109
	1,564,596	Tencent Holdings Ltd. (Communication Services)		77,496,494
	1,958,151	Tingyi Cayman Islands Holding Corp. (Consumer Staples)		3,562,993
	1,420,600	Topsports International Holdings Ltd. (Consumer Discretionary)(a)		1,642,439
	68,422	Trip.com Group Ltd. ADR (Consumer Discretionary)*		2,077,292
	332,245	Vipshop Holdings Ltd. ADR (Consumer Discretionary)*		4,262,703
	3,167,454	Want Want China Holdings Ltd. (Consumer Staples)		2,446,805
	1,195,074	Weichai Power Co. Ltd., Class H (Industrials)		2,352,408
	339,315	Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A (Communication Services)		1,643,616
	102,593	Wuliangye Yibin Co. Ltd., Class A (Consumer Staples)		1,770,009
	125,900	Wuxi Biologics Cayman, Inc. (Health Care)*(a)		1,841,718
	597,657	Yihai International Holding Ltd. (Consumer Staples)*		3,999,437
	207,101	Yum China Holdings, Inc. (Consumer Discretionary)		9,068,953
				545,449,089
Colombia – 0.4%
	2,595,015	Ecopetrol SA (Energy)		2,271,606
Common Stocks – (continued)
Colombia – (continued)
	209,631	Grupo de Inversiones Suramericana SA (Financials)		1,802,548
	438,247	Interconexion Electrica SA ESP (Utilities)		2,298,070
				6,372,224
Egypt – 0.5%
	1,110,496	Commercial International Bank Egypt SAE GDR (Financials)		5,441,430
	337,644	Commercial International Bank Egypt SAE (Financials)		1,783,201
	1,396,655	ElSewedy Electric Co. (Industrials)		844,292
				8,068,923
Greece – 0.3%
	322,763	Hellenic Telecommunications Organization SA (Communication Services)		4,545,191
Hong Kong – 0.7%
	1,451,533	Haier Electronics Group Co. Ltd. (Consumer Discretionary)		4,153,597
	2,899,848	Sino Biopharmaceutical Ltd. (Health Care)		4,197,366
	3,289,166	Sun Art Retail Group Ltd. (Consumer Staples)		4,203,758
				12,554,721
Hungary – 0.3%
	234,872	MOL Hungarian Oil & Gas PLC (Energy)		1,806,337
	79,380	OTP Bank Nyrt (Financials)		3,432,069
				5,238,406
India – 9.0%
	125,400	Asian Paints Ltd. (Materials)		3,124,162
	125,011	Avenue Supermarts Ltd. (Consumer Staples)*(a)		4,025,625
	335,694	Axis Bank Ltd. (Financials)		3,243,557
	99,793	Bajaj Finance Ltd. (Financials)		6,175,364
	21,200	Bajaj Finserv Ltd. (Financials)		2,658,758
	329,100	Berger Paints India Ltd. (Materials)		2,583,595
	302,500	Bharti Airtel Ltd. (Communication Services)*		2,194,322
	60,517	Britannia Industries Ltd. (Consumer Staples)		2,490,700
	357,049	Dabur India Ltd. (Consumer Staples)		2,454,457
	98,146	Divi’s Laboratories Ltd. (Health Care)		2,865,399
	93,612	Dr. Reddy’s Laboratories Ltd. (Health Care)		3,796,885
	847,859	HCL Technologies Ltd. (Information Technology)		6,277,805
	66,146	HDFC Asset Management Co. Ltd. (Financials)(a)		2,879,288
	373,611	HDFC Life Insurance Co. Ltd. (Financials)(a)		2,816,805

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
India – (continued)
	85,818	Hero MotoCorp Ltd. (Consumer Discretionary)	$	2,439,839
	900,441	Hindalco Industries Ltd. (Materials)		1,945,180
	322,718	Hindustan Unilever Ltd. (Consumer Staples)		9,725,028
	418,601	Housing Development Finance Corp. Ltd. (Financials)		12,620,239
	652,309	ICICI Bank Ltd. (Financials)		4,494,553
	139,859	ICICI Lombard General Insurance Co. Ltd. (Financials)(a)		2,396,600
	411,900	ICICI Prudential Life Insurance Co. Ltd. (Financials)(a)		2,690,542
	1,310,700	Infosys Ltd. (Information Technology)		13,289,073
	994,043	ITC Ltd. (Consumer Staples)		2,721,075
	117,896	Larsen & Toubro Ltd. (Industrials)		1,940,034
	684,802	Marico Ltd. (Consumer Staples)		2,834,858
	23,407	Nestle India Ltd. (Consumer Staples)		5,117,754
	138,396	Pidilite Industries Ltd. (Materials)		2,901,680
	978,025	Power Grid Corp. of India Ltd. (Utilities)		2,459,716
	1,105,032	REC Ltd. (Financials)		1,803,759
	587,110	Reliance Industries Ltd. (Energy)		10,809,072
	228,497	SBI Life Insurance Co. Ltd. (Financials)(a)		2,819,188
	113,017	Siemens Ltd. (Industrials)		2,041,721
	351,484	Tata Consultancy Services Ltd. (Information Technology)		9,741,514
	334,057	Tech Mahindra Ltd. (Information Technology)		3,445,762
	203,545	Titan Co. Ltd. (Consumer Discretionary)		3,538,258
	37,327	UltraTech Cement Ltd. (Materials)		2,182,492
	257,310	UPL Ltd. (Materials)		1,852,967
	1,602,124	Wipro Ltd. (Information Technology)		4,916,207
				158,313,833
Indonesia – 1.5%
	4,966,318	Astra International Tbk PT (Consumer Discretionary)		1,912,452
	3,208,304	Bank Central Asia Tbk PT (Financials)		7,032,665
	4,557,048	Bank Mandiri Persero Tbk PT (Financials)		2,310,683
	12,414,848	Bank Rakyat Indonesia Persero Tbk PT (Financials)		3,625,594
	24,063,860	Barito Pacific Tbk PT (Materials)*		1,652,058
	3,421,163	Indofood CBP Sukses Makmur Tbk PT (Consumer Staples)		2,450,075
	16,917,499	Telekomunikasi Indonesia Persero Tbk PT (Communication Services)		4,115,147
	7,289,258	Unilever Indonesia Tbk PT (Consumer Staples)		3,467,447
				26,566,121
Common Stocks – (continued)
Luxembourg – 0.1%
	134,300	Reinet Investments SCA (Financials)		2,752,076
Mexico – 2.9%
	3,238,381	Alfa SAB de CV, Class A (Industrials)		2,056,245
	869,004	Alsea SAB de CV (Consumer Discretionary)*(b)		1,752,362
	10,694,408	America Movil SAB de CV, Series L (Communication Services)		8,384,169
	482,078	Arca Continental SAB de CV (Consumer Staples)		2,629,738
	5,176,155	Cemex SAB de CV, Series CPO (Materials)		1,657,708
	422,998	Coca-Cola Femsa SAB de CV (Consumer Staples)		2,328,610
	1,637,808	Fibra Uno Administracion SA de CV REIT (Real Estate)		2,448,046
	613,362	Fomento Economico Mexicano SAB de CV (Consumer Staples)		4,932,860
	332,261	Gruma SAB de CV, Class B (Consumer Staples)		3,173,150
	265,106	Grupo Aeroportuario del Pacifico SAB de CV, Class B (Industrials)		2,861,240
	2,086,081	Grupo Bimbo SAB de CV, Series A (Consumer Staples)		3,128,621
	593,709	Grupo Financiero Banorte SAB de CV, Class O (Financials)		3,198,198
	1,786,686	Grupo Financiero Inbursa SAB de CV, Class O (Financials)		1,906,135
	893,666	Grupo Mexico SAB de CV, Series B (Materials)		2,095,521
	1,296,192	Kimberly-Clark de Mexico SAB de CV, Class A (Consumer Staples)*		2,440,284
	2,082,444	Wal-Mart de Mexico SAB de CV (Consumer Staples)		5,806,628
				50,799,515
Peru – 0.2%
	18,071	Credicorp Ltd. (Financials)		3,275,730
Philippines – 0.3%
	70,539	Globe Telecom, Inc. (Communication Services)		2,461,773
	961,890	International Container Terminal Services, Inc. (Industrials)		2,000,203
	517,828	Jollibee Foods Corp. (Consumer Discretionary)		1,726,940
				6,188,916
Poland – 0.8%
	27,179	CD Projekt SA (Communication Services)		1,919,840
	78,582	Dino Polska SA (Consumer Staples)*(a)		2,826,218
	1,697	LPP SA (Consumer Discretionary)		2,969,868

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Poland – (continued)
	123,446	Polski Koncern Naftowy ORLEN SA (Energy)	$	1,836,019
	255,863	Powszechna Kasa Oszczednosci Bank Polski SA (Financials)		2,030,576
	227,194	Powszechny Zaklad Ubezpieczen SA (Financials)		2,002,433
				13,584,954
Qatar – 1.2%
	1,742,557	Commercial Bank PSQC (The) (Financials)		2,165,485
	2,247,109	Masraf Al Rayan QSC (Financials)*		2,511,702
	1,220,089	Ooredoo QPSC (Communication Services)		2,119,009
	395,792	Qatar Fuel QSC (Energy)		2,097,847
	1,011,569	Qatar International Islamic Bank QSC (Financials)		2,361,369
	713,013	Qatar Islamic Bank (Financials)		3,054,721
	1,464,578	Qatar National Bank QPSC (Financials)		7,577,796
				21,887,929
Russia – 4.6%
	1,707,078	Alrosa PJSC (Materials)		1,813,516
	3,086,292	Gazprom PJSC (Energy)		9,307,099
	56,194,394	Inter RAO UES PJSC (Utilities)		4,351,721
	179,595	LUKOIL PJSC (Energy)		15,232,168
	16,450	MMC Norilsk Nickel PJSC (Materials)		4,957,031
	266,800	Mobile TeleSystems PJSC ADR (Communication Services)		2,587,960
	20,375	Novatek PJSC GDR (Energy)		2,919,738
	209,626	Polymetal International PLC (Materials)		3,197,732
	23,897	Polyus PJSC (Materials)		3,009,884
	351,555	Rosneft Oil Co. PJSC (Energy)		2,110,376
	3,562,044	Sberbank of Russia PJSC (Financials)		12,369,622
	101,124	Severstal PJSC GDR (Materials)		1,222,589
	138,112	Severstal PJSC (Materials)		1,674,197
	5,291,535	Surgutneftegas PJSC (Energy)		3,026,490
	50,487	Tatneft PJSC ADR (Energy)		3,008,016
	348,998	Tatneft PJSC (Energy)		3,487,903
	4,402,497,529	VTB Bank PJSC (Financials)		2,838,694
	109,263	X5 Retail Group NV GDR (Consumer Staples)		3,366,504
				80,481,240
Saudi Arabia – 2.3%
	295,474	Al Rajhi Bank (Financials)		4,875,341
	399,800	Arab National Bank (Financials)		2,696,239
	835,163	Dar Al Arkan Real Estate Development Co. (Real Estate)*		2,085,960
	348,855	Etihad Etisalat Co. (Communication Services)*		2,133,209
Common Stocks – (continued)
Saudi Arabia – (continued)
	301,445	National Commercial Bank (Financials)		3,559,646
	371,034	Riyad Bank (Financials)		2,167,950
	585,600	Sahara International Petrochemical Co. (Materials)		2,435,122
	297,189	Samba Financial Group (Financials)		2,127,022
	499,600	Saudi Arabian Oil Co. (Energy)*(a)		4,441,333
	94,300	Saudi Basic Industries Corp. (Materials)		1,978,251
	670,543	Saudi Electricity Co. (Utilities)		3,002,832
	340,369	Saudi Industrial Investment Group (Materials)		1,912,563
	1,083,900	Saudi Kayan Petrochemical Co. (Materials)*		2,559,870
	99,474	Saudi Telecom Co. (Communication Services)		2,190,205
	248,100	Savola Group (The) (Consumer Staples)*		2,212,167
				40,377,710
South Africa – 3.5%
	26,916	Anglo American Platinum Ltd. (Materials)(b)		1,791,959
	134,741	AngloGold Ashanti Ltd. (Materials)		2,379,113
	267,362	Aspen Pharmacare Holdings Ltd. (Health Care)*		1,699,533
	157,043	Bid Corp. Ltd. (Consumer Staples)		2,776,491
	204,783	Bidvest Group Ltd. (The) (Industrials)(b)		2,343,129
	34,804	Capitec Bank Holdings Ltd. (Financials)		2,876,067
	163,435	Clicks Group Ltd. (Consumer Staples)		2,446,616
	1,065,259	FirstRand Ltd. (Financials)(b)		3,732,453
	236,700	Gold Fields Ltd. (Materials)		1,387,565
	239,876	Impala Platinum Holdings Ltd. (Materials)*		1,900,680
	480,261	Investec Ltd. (Financials)		2,407,792
	247,652	Mr Price Group Ltd. (Consumer Discretionary)		2,376,634
	487,900	MultiChoice Group (Communication Services)*		2,804,305
	77,753	Naspers Ltd., Class N (Consumer Discretionary)		11,767,805
	200,019	Nedbank Group Ltd. (Financials)		2,245,517
	257,310	Northam Platinum Ltd. (Materials)*		1,818,990
	3,617,295	Old Mutual Ltd. (Financials)		3,600,854
	894,264	Pick n Pay Stores Ltd. (Consumer Staples)		3,140,142
	936,615	Sibanye Gold Ltd. (Materials)*		2,639,300
	352,039	Standard Bank Group Ltd. (Financials)(b)		3,323,128
	278,500	Vodacom Group Ltd. (Communication Services)		1,941,525
				61,399,598

The accompanying notes are an integral part of these financial statements. 17

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
South Korea – 11.2%
	18,487	Amorepacific Corp. (Consumer Staples)*	$	2,450,726
	420,290	BNK Financial Group, Inc. (Financials)		2,135,191
	170,849	Cheil Worldwide, Inc. (Communication Services)		2,722,049
	53,264	Coway Co. Ltd. (Consumer Discretionary)		3,021,729
	57,658	DB Insurance Co. Ltd. (Financials)		2,055,654
	80,221	GS Holdings Corp. (Energy)		2,724,674
	77,681	GS Retail Co. Ltd. (Consumer Staples)		2,261,032
	96,474	Hana Financial Group, Inc. (Financials)		2,494,264
	47,441	Hotel Shilla Co. Ltd. (Consumer Discretionary)		3,136,692
	37,464	Hyundai Department Store Co. Ltd. (Consumer Discretionary)		2,187,071
	17,359	Hyundai Mobis Co. Ltd. (Consumer Discretionary)		3,001,556
	48,433	Hyundai Motor Co. (Consumer Discretionary)		4,586,081
	20,925	Kakao Corp. (Communication Services)		2,963,442
	123,752	KB Financial Group, Inc. (Financials)		3,963,732
	148,119	Kia Motors Corp. (Consumer Discretionary)		4,421,008
	45,950	KMW Co. Ltd. (Information Technology)*		1,840,648
	108,245	Korea Electric Power Corp. (Utilities)		1,898,410
	76,405	Korea Gas Corp. (Utilities)		1,767,790
	47,175	Korea Investment Holdings Co. Ltd. (Financials)*		2,439,349
	6,819	Korea Zinc Co. Ltd. (Materials)		2,327,275
	36,041	KT&G Corp. (Consumer Staples)		2,513,522
	43,434	LG Corp. (Industrials)		2,413,993
	70,353	LG Electronics, Inc. (Consumer Discretionary)		3,498,823
	6,616	LG Household & Health Care Ltd. (Consumer Staples)		6,651,409
	317,558	LG Uplus Corp. (Communication Services)		3,451,433
	697,949	Meritz Securities Co. Ltd. (Financials)		1,997,013
	20,845	NAVER Corp (Communication Services)		2,986,439
	9,580	NCSoft Corp. (Communication Services)		5,119,325
	24,291	Orion Corp. (Consumer Staples)		1,886,078
	6,039	Ottogi Corp. (Consumer Staples)		2,471,291
	13,299	Pearl Abyss Corp. (Communication Services)*		1,940,373
	19,531	POSCO (Materials)		3,143,936
	45,268	S-1 Corp. (Industrials)		3,063,837
	4,900	Samsung Biologics Co Ltd. (Health Care)*(a)		1,870,029
	25,323	Samsung C&T Corp. (Industrials)		2,199,734
Common Stocks – (continued)
South Korea – (continued)
	24,037	Samsung Electro-Mechanics Co. Ltd. (Information Technology)		2,493,752
	1,419,717	Samsung Electronics Co. Ltd. (Information Technology)		63,358,305
	47,115	Samsung Life Insurance Co. Ltd. (Financials)		2,269,434
	11,425	Samsung SDI Co. Ltd. (Information Technology)		2,775,113
	13,052	Samsung SDS Co. Ltd. (Information Technology)		1,789,344
	80,365	Samsung Securities Co. Ltd. (Financials)		2,190,269
	126,005	Shinhan Financial Group Co. Ltd. (Financials)		3,351,141
	164,475	SK Hynix, Inc. (Information Technology)		11,903,954
	25,808	SK Telecom Co. Ltd. (Communication Services)		4,515,603
	302,222	Woori Financial Group, Inc. (Financials)		2,391,398
				196,643,921
Taiwan – 14.7%
	337,599	Accton Technology Corp. (Information Technology)		1,822,931
	448,796	Advantech Co. Ltd. (Information Technology)		4,365,013
	1,469,479	ASE Technology Holding Co. Ltd. (Information Technology)		3,460,224
	1,852,285	Asia Cement Corp. (Materials)		2,713,018
	2,473,697	Cathay Financial Holding Co. Ltd. (Financials)		3,271,902
	1,106,974	Chailease Holding Co. Ltd. (Financials)		4,204,231
	3,931,873	Chang Hwa Commercial Bank Ltd. (Financials)		3,012,581
	947,778	Chicony Electronics Co. Ltd. (Information Technology)		2,613,632
	8,840,576	China Development Financial Holding Corp. (Financials)		2,674,406
	4,424,585	China Steel Corp. (Materials)		3,360,870
	1,222,833	Chunghwa Telecom Co. Ltd. (Communication Services)		4,361,564
	4,637,559	Compal Electronics, Inc. (Information Technology)		2,825,772
	6,121,159	CTBC Financial Holding Co. Ltd. (Financials)		4,588,924
	747,736	Delta Electronics, Inc. (Information Technology)		3,457,225
	4,252,470	E.Sun Financial Holding Co. Ltd. (Financials)		4,079,798
	905,989	Far EasTone Telecommunications Co. Ltd. (Communication Services)		1,977,770
	942,520	Feng TAY Enterprise Co. Ltd. (Consumer Discretionary)		5,322,773
	4,280,605	First Financial Holding Co. Ltd. (Financials)		3,350,463

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Taiwan – (continued)
	935,048	Formosa Chemicals & Fibre Corp. (Materials)	$	2,538,382
	895,636	Formosa Plastics Corp. (Materials)		2,691,685
	1,199,552	Foxconn Technology Co. Ltd. (Information Technology)		2,357,151
	2,052,383	Fubon Financial Holding Co. Ltd. (Financials)		3,012,877
	191,052	Globalwafers Co. Ltd. (Information Technology)		2,583,788
	2,889,771	Hon Hai Precision Industry Co. Ltd. (Information Technology)		7,663,555
	98,146	Hotai Motor Co. Ltd. (Consumer Discretionary)		2,032,317
	3,714,439	Hua Nan Financial Holdings Co. Ltd. (Financials)		2,643,576
	4,081,226	Inventec Corp. (Information Technology)		3,093,318
	23,361	Largan Precision Co. Ltd. (Information Technology)		3,417,799
	2,018,348	Lite-On Technology Corp. (Information Technology)		2,922,920
	399,950	MediaTek, Inc. (Information Technology)		4,755,098
	3,041,648	Mega Financial Holding Co. Ltd. (Financials)		3,249,635
	1,123,782	Nan Ya Plastics Corp. (Materials)		2,527,438
	314,665	Nien Made Enterprise Co. Ltd. (Consumer Discretionary)		2,535,652
	278,000	Novatek Microelectronics Corp. (Information Technology)		1,794,911
	1,228,100	Pegatron Corp. (Information Technology)		2,543,036
	2,460,000	Pou Chen Corp. (Consumer Discretionary)		2,770,389
	1,041,201	Powertech Technology, Inc. (Information Technology)		3,507,406
	625,398	President Chain Store Corp. (Consumer Staples)		6,123,962
	1,094,038	Quanta Computer, Inc. (Information Technology)		2,240,141
	278,066	Realtek Semiconductor Corp. (Information Technology)		2,066,244
	1,481,912	Shanghai Commercial & Savings Bank Ltd. (The) (Financials)		2,461,737
	5,596,946	SinoPac Financial Holdings Co Ltd. (Financials)		2,402,956
	1,577,098	Standard Foods Corp. (Consumer Staples)		3,536,550
	2,442,675	Synnex Technology International Corp. (Information Technology)		3,033,226
	6,202,444	Taishin Financial Holding Co. Ltd. (Financials)		2,908,724
	9,275,799	Taiwan Business Bank (Financials)		3,676,071
	2,140,248	Taiwan Cement Corp. (Materials)		2,986,360
	4,205,149	Taiwan Cooperative Financial Holding Co. Ltd. (Financials)		2,909,489
Common Stocks – (continued)
Taiwan – (continued)
	2,799,051	Taiwan High Speed Rail Corp. (Industrials)		3,189,196
	852,456	Taiwan Mobile Co. Ltd. (Communication Services)		2,956,055
	7,060,264	Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology)		73,681,647
	3,177,063	Uni-President Enterprises Corp. (Consumer Staples)		7,680,477
	5,380,109	United Microelectronics Corp. (Information Technology)		2,718,528
	4,152,606	Wistron Corp. (Information Technology)		3,709,704
	2,177,017	WPG Holdings Ltd. (Information Technology)		2,789,619
	216,106	Yageo Corp. (Information Technology)		2,926,186
	4,183,566	Yuanta Financial Holding Co. Ltd. (Financials)		2,652,767
	718,560	Zhen Ding Technology Holding Ltd. (Information Technology)		2,740,920
				259,494,589
Thailand – 2.1%
	608,516	Advanced Info Service PCL NVDR (Communication Services)		3,856,860
	6,232,000	BTS Group Holdings PCL NVDR (Industrials)		2,152,711
	2,594,200	Charoen Pokphand Foods PCL NVDR (Consumer Staples)		2,199,171
	2,089,877	CP ALL PCL NVDR (Consumer Staples)		4,354,600
	310,102	Electricity Generating PCL NVDR (Utilities)		2,682,866
	351,300	Gulf Energy Development PCL NVDR (Utilities)		1,842,502
	7,357,200	Home Product Center PCL NVDR (Consumer Discretionary)		2,984,382
	1,248,600	Intouch Holdings PCL NVDR (Communication Services)		2,136,726
	1,285,100	Muangthai Capital PCL NVDR (Financials)		2,341,729
	1,468,700	Osotspa PCL NVDR (Consumer Staples)		1,943,217
	593,900	PTT Exploration & Production PCL NVDR (Energy)		1,995,037
	3,139,270	PTT PCL NVDR (Energy)		3,879,941
	1,389,200	Ratch Group PCL NVDR (Utilities)		2,597,458
	4,375,500	Thai Union Group PCL NVDR (Consumer Staples)		2,121,539
				37,088,739
Turkey – 0.4%
	530,734	BIM Birlesik Magazalar AS (Consumer Staples)		4,079,923
	1,862,116	Haci Omer Sabanci Holding AS (Financials)		2,535,762
				6,615,685

The accompanying notes are an integral part of these financial statements. 19

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
United Arab Emirates – 0.6%
	979,259	Abu Dhabi Commercial Bank PJSC (Financials)	$	1,900,982
	1,536,487	Dubai Islamic Bank PJSC (Financials)		2,258,986
	642,077	Emirates Telecommunications Group Co. PJSC (Communication Services)		2,762,073
	758,715	First Abu Dhabi Bank PJSC (Financials)		2,958,098
				9,880,139
United States – 0.2%
	859,784	JBS SA (Consumer Staples)		4,325,933
	TOTAL COMMON STOCKS
	(Cost $1,455,661,791)		$	1,683,501,606

Shares		Description	Rate			Value
Preferred Stocks – 3.8%
Brazil – 1.9%
	1,323,087	Banco Bradesco SA (Financials)		6.77	%	$	8,953,232
	1,776,845	Itau Unibanco Holding SA (Financials)		6.31			12,602,715
	1,096,863	Itausa – Investimentos Itau SA (Financials)		4.14			2,919,846
	1,004,341	Petroleo Brasileiro SA (Energy)		3.55			5,640,952
	248,314	Telefonica Brasil SA (Communication Services)		4.61			2,937,950
							33,054,695
Colombia – 0.2%
	245,379	Bancolombia SA, Class Preference (Financials)		2.67			2,911,016
Russia – 0.3%
	5,055,549	Surgutneftegas PJSC (Energy)		22.85			2,465,332
	1,173	Transneft PJSC (Energy)		7.06			2,650,596
							5,115,928
South Korea – 1.4%
	35,833	Amorepacific Corp. (Consumer Staples)*		1.31			2,165,617
	44,300	Hyundai Motor Co. (Consumer Discretionary)		6.37			2,418,353
	37,532	Hyundai Motor Co. (Consumer Discretionary)		5.67			2,314,654
	8,885	LG Household & Health Care Ltd. (Consumer Staples)		1.40			5,362,458
	343,241	Samsung Electronics Co. Ltd. (Information Technology)		3.04			12,873,304
							25,134,386
	TOTAL PREFERRED STOCKS
	(Cost $61,858,109)					$	66,216,025
Exchange-Traded Fund – 0.5%
United States – 0.5%
	378,506	iShares MSCI Malaysia ETF
(Cost $11,274,138)						$       9,640,548
Units		Description	Expiration Month			Value
Warrant – 0.0%
Thailand – 0.0%
	608,220	BTS Group Holdings PCL (Industrials)*
	(Cost $0)			02/21		$	16,576
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $1,528,794,038)						$1,759,374,755

Shares	Dividend Rate		Value
Securities Lending Reinvestment Vehicle – 0.7%(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
12,026,571		1.507%	$	12,026,571
(Cost $12,026,571)
TOTAL INVESTMENTS – 100.6%
(Cost $1,540,820,609)			$	1,771,401,326
LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.6)%				(9,447,412	)
NET ASSETS – 100.0%			$	1,761,953,914

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

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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 98.8%
Australia – 0.7%
	2,705	BHP Group PLC (Materials)	$	49,007
	1,692	Rio Tinto PLC (Materials)		77,976
				126,983
Austria – 0.7%
	768	ANDRITZ AG (Industrials)		26,928
	141	Erste Group Bank AG (Financials)*		4,806
	1,128	OMV AG (Energy)		46,898
	713	Raiffeisen Bank International AG (Financials)		14,626
	442	Verbund AG (Utilities)		20,819
	839	voestalpine AG (Materials)		18,229
				132,306
Belgium – 1.2%
	717	Ageas (Financials)		32,984
	1,013	Anheuser-Busch InBev SA/NV (Consumer Staples)		56,449
	128	Galapagos NV (Health Care)*		26,335
	182	Groupe Bruxelles Lambert SA (Financials)		16,369
	151	KBC Group NV (Financials)		9,955
	583	Proximus SADP (Communication Services)		14,319
	123	Solvay SA (Materials)		11,090
	123	Telenet Group Holding NV (Communication Services)		4,664
	479	UCB SA (Health Care)		43,966
				216,131
China – 0.1%
	363	Prosus NV (Consumer Discretionary)*		25,387
Denmark – 3.9%
	66	AP Moller – Maersk A/S, Class A (Industrials)		62,040
	63	AP Moller – Maersk A/S, Class B (Industrials)		62,693
	531	Carlsberg A/S, Class B (Consumer Staples)		69,279
	75	Chr Hansen Holding A/S (Materials)		5,302
	501	Coloplast A/S, Class B (Health Care)		66,632
	2,166	Danske Bank A/S (Financials)		33,319
	227	Demant A/S (Health Care)*		6,890
	245	DSV PANALPINA A/S (Industrials)		24,553
	96	Genmab A/S (Health Care)*		21,477
	156	H Lundbeck A/S (Health Care)		5,343
	3,758	Novo Nordisk A/S, Class B (Health Care)		218,636
	263	Novozymes A/S, Class B (Materials)		13,264
	511	Orsted A/S (Utilities)(a)		52,233
	564	Pandora A/S (Consumer Discretionary)		25,177
	1,058	Tryg A/S (Financials)		29,113
	190	Vestas Wind Systems A/S (Industrials)		18,137
				714,088
Finland – 1.3%
	499	Elisa OYJ (Communication Services)		28,470
	800	Fortum OYJ (Utilities)		16,943
	603	Kone OYJ, Class B (Industrials)		33,781
Common Stocks – (continued)
Finland – (continued)
	479	Neste OYJ (Energy)		18,763
	2,390	Nokia OYJ (Information Technology)		9,044
	1,647	Nordea Bank Abp (Financials)		12,856
	2,103	Orion OYJ, Class B (Health Care)		83,046
	502	Sampo OYJ, Class A (Financials)		20,336
	279	UPM-Kymmene OYJ (Materials)		8,498
				231,737
France – 18.2%
	285	Accor SA (Consumer Discretionary)		10,228
	63	Aeroports de Paris (Industrials)		9,259
	585	Air Liquide SA (Materials)		78,975
	552	Airbus SE (Industrials)		65,546
	541	Alstom SA (Industrials)		26,439
	114	Amundi SA (Financials)(a)		8,096
	179	Arkema SA (Materials)		16,725
	1,297	Atos SE (Information Technology)		95,882
	2,389	AXA SA (Financials)		54,990
	363	BioMerieux (Health Care)		33,235
	2,137	BNP Paribas SA (Financials)		102,780
	13,350	Bollore SA (Communication Services)		45,518
	435	Bouygues SA (Industrials)		16,953
	628	Bureau Veritas SA (Industrials)		15,211
	527	Capgemini SE (Information Technology)		57,437
	2,858	Carrefour SA (Consumer Staples)		49,115
	208	Casino Guichard Perrachon SA (Consumer Staples)(b)		8,040
	663	Cie de Saint-Gobain (Industrials)		23,013
	177	Cie Generale des Etablissements Michelin (Consumer Discretionary)		18,712
	3,048	CNP Assurances (Financials)		47,375
	179	Covivio REIT (Real Estate)		18,876
	3,852	Credit Agricole SA (Financials)		45,740
	1,356	Danone SA (Consumer Staples)		94,911
	5	Dassault Aviation SA (Industrials)		5,157
	320	Dassault Systemes (Information Technology)		49,914
	589	Edenred (Information Technology)		30,518
	715	Eiffage SA (Industrials)		75,727
	1,292	Electricite de France SA (Utilities)		17,868
	2,488	Engie SA (Utilities)		41,076
	444	EssilorLuxottica SA (Consumer Discretionary)		60,037
	205	Eurazeo SE (Financials)		13,646
	370	Faurecia SE (Consumer Discretionary)		16,615
	143	Gecina SA REIT (Real Estate)		25,243
	1,521	Getlink SE (Industrials)		24,359
	187	Hermes International (Consumer Discretionary)		129,408
	209	ICADE REIT (Real Estate)		20,719
	198	Ingenico Group SA (Information Technology)		27,828
	1,151	Ipsen SA (Health Care)		74,089
	117	Kering (Consumer Discretionary)		65,005
	389	Klepierre SA REIT (Real Estate)(b)		11,546
	613	Legrand SA (Industrials)		46,475

The accompanying notes are an integral part of these financial statements. 21

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
France – (continued)
	627	L’Oreal SA (Consumer Staples)	$	165,983
	519	LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)		211,420
	10,079	Natixis SA (Financials)		40,598
	1,776	Orange SA (Communication Services)		23,781
	352	Pernod Ricard SA (Consumer Staples)		56,606
	3,199	Peugeot SA (Consumer Discretionary)		61,512
	657	Publicis Groupe SA (Communication Services)		25,244
	110	Remy Cointreau SA (Consumer Staples)		11,026
	505	Safran SA (Industrials)		68,840
	2,172	Sanofi (Health Care)		200,243
	224	Sartorius Stedim Biotech (Health Care)		42,247
	933	Schneider Electric SE (Industrials)		92,749
	342	SCOR SE (Financials)		12,209
	224	SEB SA (Consumer Discretionary)		29,330
	1,827	Societe Generale SA (Financials)		51,356
	149	Sodexo SA (Consumer Discretionary)(b)		14,197
	3,672	Suez (Utilities)		57,598
	152	Teleperformance (Industrials)		36,699
	149	Thales SA (Industrials)		14,861
	4,198	TOTAL SA (Energy)		176,981
	478	Ubisoft Entertainment SA (Communication Services)*		35,378
	84	Unibail-Rodamco-Westfield REIT (Real Estate)		10,057
	664	Valeo SA (Consumer Discretionary)		16,615
	1,345	Veolia Environnement SA (Utilities)		38,309
	817	Vinci SA (Industrials)		81,649
	1,079	Vivendi SA (Communication Services)		27,284
	64	Wendel SA (Financials)		7,782
	355	Worldline SA (Information Technology)*(a)		26,848
				3,315,688
Germany – 11.9%
	689	adidas AG (Consumer Discretionary)		189,624
	718	Allianz SE (Financials)		153,636
	2,167	Aroundtown SA (Real Estate)		18,633
	892	BASF SE (Materials)		52,009
	1,741	Bayer AG (Health Care)		124,708
	268	Bayerische Motoren Werke AG (Consumer Discretionary)		17,348
	606	Beiersdorf AG (Consumer Staples)		63,171
	761	Brenntag AG (Industrials)		33,780
	234	Carl Zeiss Meditec AG (Health Care)		24,354
	1,690	Commerzbank AG (Financials)		9,674
	87	Continental AG (Consumer Discretionary)		9,711
	273	Covestro AG (Materials)(a)		10,343
	370	Daimler AG (Consumer Discretionary)		15,257
	177	Delivery Hero SE (Consumer Discretionary)*(a)		13,221
	380	Deutsche Boerse AG (Financials)		59,293
	1,143	Deutsche Lufthansa AG (Industrials)		14,677
	3,266	Deutsche Post AG (Industrials)		97,294
Common Stocks – (continued)
Germany – (continued)
	5,294	Deutsche Telekom AG (Communication Services)		85,809
	292	Deutsche Wohnen SE (Real Estate)		11,694
	2,784	E.ON SE (Utilities)		31,896
	313	Evonik Industries AG (Materials)		7,705
	128	Fraport AG Frankfurt Airport Services Worldwide (Industrials)		8,006
	146	Fresenius Medical Care AG & Co KGaA (Health Care)		11,117
	293	Fresenius SE & Co KGaA (Health Care)		13,651
	244	Hannover Rueck SE (Financials)		43,152
	925	HeidelbergCement AG (Materials)		54,705
	184	Henkel AG & Co KGaA (Consumer Staples)		15,533
	184	HOCHTIEF AG (Industrials)		17,978
	1,015	Infineon Technologies AG (Information Technology)		20,954
	213	KION Group AG (Industrials)		11,277
	469	Knorr-Bremse AG (Industrials)		47,391
	454	Merck KGaA (Health Care)		54,383
	4,937	METRO AG (Consumer Staples)		56,861
	134	MTU Aero Engines AG (Industrials)		32,485
	220	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)		55,751
	1,192	Puma SE (Consumer Discretionary)		90,607
	1,925	RWE AG (Utilities)		65,888
	1,749	SAP SE (Information Technology)		214,328
	1,063	Siemens AG (Industrials)		108,825
	281	Siemens Healthineers AG (Health Care)(a)		11,314
	291	Symrise AG (Materials)		28,174
	1,631	Telefonica Deutschland Holding AG (Communication Services)		4,230
	1,130	Uniper SE (Utilities)		33,191
	39	Volkswagen AG (Consumer Discretionary)		6,524
	762	Vonovia SE (Real Estate)		40,662
	89	Wirecard AG (Information Technology)(b)		11,238
	1,632	Zalando SE (Consumer Discretionary)*(a)		70,864
				2,172,926
Ireland – 0.6%
	1,007	Bank of Ireland Group PLC (Financials)		3,712
	1,119	CRH PLC (Materials)		37,452
	78	Flutter Entertainment PLC (Consumer Discretionary)		8,223
	282	Kerry Group PLC, Class A (Consumer Staples)		35,623
	82	Kingspan Group PLC (Industrials)		5,139
	552	Smurfit Kappa Group PLC (Materials)		18,324
				108,473
Italy – 4.2%
	3,617	Assicurazioni Generali SpA (Financials)		64,602
	856	Atlantia SpA (Industrials)		18,227
	1,946	Davide Campari-Milano SpA (Consumer Staples)		16,117

22 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)
	13,317	Enel SpA (Utilities)	$	110,822
	4,284	Eni SpA (Energy)		52,507
	315	Ferrari NV (Consumer Discretionary)		48,978
	1,786	FinecoBank Banca Fineco SpA (Financials)		18,626
	13,900	Intesa Sanpaolo SpA (Financials)		33,568
	1,675	Mediobanca Banca di Credito Finanziario SpA (Financials)		15,069
	2,297	Moncler SpA (Consumer Discretionary)		88,865
	4,456	Poste Italiane SpA (Financials)(a)		47,057
	687	Prysmian SpA (Industrials)		16,134
	1,034	Recordati SpA (Health Care)		43,933
	6,583	Snam SpA (Utilities)		32,330
	85,613	Telecom Italia SpA (Communication Services)*		47,030
	88,870	Telecom Italia SpA-RSP (Communication Services)		49,181
	4,624	Terna Rete Elettrica Nazionale SpA (Utilities)		30,425
	2,787	UniCredit SpA (Financials)		35,322
				768,793
Luxembourg – 0.5%
	5,868	ArcelorMittal (Materials)		82,737
Netherlands – 7.1%
	482	ABN AMRO Bank NV (Financials)(a)		6,586
	7	Adyen NV (Information Technology)*(a)		6,130
	16,352	Aegon NV (Financials)		55,161
	357	Akzo Nobel NV (Materials)		28,293
	3,008	Altice Europe NV (Communication Services)*		16,002
	590	ASML Holding NV (Information Technology)		160,790
	801	EXOR NV (Financials)		56,381
	635	Heineken Holding NV (Consumer Staples)		55,662
	507	Heineken NV (Consumer Staples)		50,245
	4,425	ING Groep NV (Financials)		41,845
	5,525	Koninklijke Ahold Delhaize NV (Consumer Staples)		128,540
	276	Koninklijke DSM NV (Materials)		30,848
	5,288	Koninklijke KPN NV (Communication Services)		12,785
	2,320	Koninklijke Philips NV (Health Care)		98,674
	302	Koninklijke Vopak NV (Energy)		14,314
	787	NN Group NV (Financials)		26,661
	675	NXP Semiconductors NV (Information Technology)		76,741
	1,331	Randstad NV (Industrials)		68,292
	7,475	Royal Dutch Shell PLC, Class A (Energy)		158,627
	5,969	Royal Dutch Shell PLC, Class B (Energy)		126,836
	924	Wolters Kluwer NV (Industrials)		67,313
				1,286,726
Norway – 1.0%
	591	DNB ASA (Financials)		9,728
	516	Equinor ASA (Energy)		7,695
Common Stocks – (continued)
Norway – (continued)
	2,137	Gjensidige Forsikring ASA (Financials)		42,642
	813	Mowi ASA (Consumer Staples)		16,991
	2,703	Orkla ASA (Consumer Staples)		22,607
	2,156	Schibsted ASA, Class B (Communication Services)		51,397
	1,318	Telenor ASA (Communication Services)		20,921
	119	Yara International ASA (Materials)		4,284
				176,265
Portugal – 0.8%
	14,512	EDP – Energias de Portugal SA (Utilities)		67,270
	707	Galp Energia SGPS SA (Energy)		9,606
	3,916	Jeronimo Martins SGPS SA (Consumer Staples)(b)		68,416
				145,292
Russia – 0.2%
	8,608	Evraz PLC (Materials)		35,877
South Africa – 0.2%
	1,736	Anglo American PLC (Materials)		39,731
Spain – 4.6%
	1,390	ACS Actividades de Construccion y Servicios SA (Industrials)		40,996
	201	Aena SME SA (Industrials)(a)		32,014
	959	Amadeus IT Group SA (Information Technology)		66,892
	8,192	Banco Bilbao Vizcaya Argentaria SA (Financials)		39,004
	32,319	Banco de Sabadell SA (Financials)		28,088
	23,848	Banco Santander SA (Financials)		87,154
	1,464	Bankinter SA (Financials)		8,587
	553	Cellnex Telecom SA (Communication Services)*(a)		26,648
	884	Enagas SA (Utilities)		22,722
	1,176	Endesa SA (Utilities)		30,008
	1,237	Ferrovial SA (Industrials)		35,165
	493	Grifols SA (Health Care)		15,705
	10,496	Iberdrola SA (Utilities)		118,983
	3,522	Industria de Diseno Textil SA (Consumer Discretionary)		108,828
	5,000	Mapfre SA (Financials)		11,122
	1,094	Naturgy Energy Group SA (Utilities)		25,272
	963	Red Electrica Corp. SA (Utilities)		18,348
	7,557	Repsol SA (Energy)		84,089
	237	Siemens Gamesa Renewable Energy SA (Industrials)		3,781
	4,930	Telefonica SA (Communication Services)		29,026
				832,432
Sweden – 4.2%
	249	Alfa Laval AB (Industrials)		5,550
	1,505	Assa Abloy AB, Class B (Industrials)		33,359
	977	Atlas Copco AB, Class A (Industrials)		34,172
	701	Atlas Copco AB, Class B (Industrials)		21,388
	535	Electrolux AB, Series B (Consumer Discretionary)		10,730

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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Sweden – (continued)
	725	Epiroc AB, Class A (Industrials)	$	8,267
	640	Epiroc AB, Class B (Industrials)		7,080
	998	Essity AB, Class B (Consumer Staples)		29,605
	5,516	Hennes & Mauritz AB, Class B (Consumer Discretionary)		98,633
	439	Hexagon AB, Class B (Information Technology)		23,211
	907	Husqvarna AB, Class B (Consumer Discretionary)		6,008
	444	ICA Gruppen AB (Consumer Staples)		16,477
	918	Industrivarden AB, Class C (Financials)		20,481
	860	Investor AB, Class B (Financials)		42,339
	1,099	Kinnevik AB, Class B (Financials)		22,048
	622	L E Lundbergforetagen AB, Class B (Financials)		25,470
	1,747	Sandvik AB (Industrials)		28,543
	1,140	Securitas AB, Class B (Industrials)		15,333
	1,840	Skandinaviska Enskilda Banken AB, Class A (Financials)		17,354
	3,011	Skanska AB, Class B (Industrials)		64,878
	480	SKF AB, Class B (Industrials)		8,318
	1,253	Svenska Handelsbanken AB, Class A (Financials)		12,469
	1,639	Swedish Match AB (Consumer Staples)		94,603
	1,442	Tele2 AB, Class B (Communication Services)		20,741
	6,152	Telefonaktiebolaget LM Ericsson, Class B (Information Technology)		48,657
	4,867	Telia Co. AB (Communication Services)		19,041
	1,309	Volvo AB, Class B (Industrials)		20,090
				754,845
Switzerland – 15.8%
	1,419	ABB Ltd. (Industrials)		30,507
	582	Adecco Group AG (Industrials)		30,893
	618	Alcon, Inc. (Health Care)*		37,644
	149	Baloise Holding AG (Financials)		23,844
	16	Barry Callebaut AG (Consumer Staples)		32,779
	7	Chocoladefabriken Lindt & Spruengli AG (Consumer Staples)		54,455
	592	Cie Financiere Richemont SA (Consumer Discretionary)		39,999
	270	Clariant AG (Materials)*		5,657
	1,336	Coca-Cola HBC AG (Consumer Staples)*		42,218
	2,414	Credit Suisse Group AG (Financials)*		26,959
	766	Dufry AG (Consumer Discretionary)*		55,570
	24	EMS-Chemie Holding AG (Materials)		13,972
	66	Geberit AG (Industrials)		32,661
	17	Givaudan SA (Materials)		52,794
	33,400	Glencore PLC (Materials)*		82,448
	115	Julius Baer Group Ltd. (Financials)*		4,777
	647	Kuehne + Nagel International AG (Industrials)		93,947
	942	LafargeHolcim Ltd. (Materials)*		43,511
	107	Lonza Group AG (Health Care)*		42,272
	5,651	Nestle SA (Consumer Staples)		577,097
Common Stocks – (continued)
Switzerland – (continued)
	3,948	Novartis AG (Health Care)		331,396
	240	Pargesa Holding SA (Financials)		17,493
	119	Partners Group Holding AG (Financials)		102,163
	1,476	Roche Holding AG (Health Care)		472,253
	66	Schindler Holding AG (Industrials)		14,128
	89	Schindler Holding AG Participation Certificates (Industrials)		19,723
	38	SGS SA (Industrials)		94,141
	169	Sika AG (Materials)		29,926
	193	Sonova Holding AG (Health Care)		45,820
	2,266	STMicroelectronics NV (Information Technology)		60,759
	72	Straumann Holding AG (Health Care)		67,020
	78	Swatch Group AG (The) – Bearer (Consumer Discretionary)		17,881
	295	Swatch Group AG (The) – Registered (Consumer Discretionary)		12,587
	86	Swiss Life Holding AG (Financials)		38,969
	337	Swiss Prime Site AG (Real Estate)*		40,386
	467	Swiss Re AG (Financials)		44,213
	60	Swisscom AG (Communication Services)		31,836
	50	Temenos AG (Information Technology)*		7,090
	2,990	UBS Group AG (Financials)*		32,743
	208	Zurich Insurance Group AG (Financials)		79,702
				2,884,233
United Kingdom – 20.9%
	3,235	3i Group PLC (Financials)		41,651
	4,031	Admiral Group PLC (Financials)		108,743
	249	Ashtead Group PLC (Industrials)		7,598
	969	Associated British Foods PLC (Consumer Staples)		27,910
	2,124	AstraZeneca PLC (Health Care)		184,320
	16,997	Auto Trader Group PLC (Communication Services)(a)		112,807
	351	AVEVA Group PLC (Information Technology)		19,673
	17,843	Aviva PLC (Financials)		79,950
	6,042	BAE Systems PLC (Industrials)		46,953
	10,968	Barclays PLC (Financials)(b)		20,838
	1,747	Barratt Developments PLC (Consumer Discretionary)		16,896
	665	Berkeley Group Holdings PLC (Consumer Discretionary)		40,381
	30,606	BP PLC (Energy)		154,867
	3,213	British American Tobacco PLC (Consumer Staples)		125,684
	2,282	British Land Co. PLC (The) REIT (Real Estate)		14,603
	8,723	BT Group PLC (Communication Services)		15,779
	930	Bunzl PLC (Industrials)		22,214
	4,056	Burberry Group PLC (Consumer Discretionary)		85,430
	19,358	Centrica PLC (Utilities)		17,832
	509	CNH Industrial NV (Industrials)		4,669

24 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)
	871	Coca-Cola European Partners PLC (Consumer Staples)	$	44,386
	3,676	Compass Group PLC (Consumer Discretionary)		80,314
	471	Croda International PLC (Materials)		27,397
	274	DCC PLC (Industrials)		19,361
	4,088	Diageo PLC (Consumer Staples)		144,403
	4,082	Direct Line Insurance Group PLC (Financials)		16,007
	1,803	Experian PLC (Industrials)		59,670
	2,360	Fiat Chrysler Automobiles NV (Consumer Discretionary)		29,143
	9,637	GlaxoSmithKline PLC (Health Care)		192,297
	884	GVC Holdings PLC (Consumer Discretionary)		8,916
	1,342	Halma PLC (Information Technology)		33,066
	4,030	Hargreaves Lansdown PLC (Financials)		79,092
	27,154	HSBC Holdings PLC (Financials)(b)		181,709
	1,047	Imperial Brands PLC (Consumer Staples)		20,793
	1,954	Informa PLC (Communication Services)		17,032
	504	InterContinental Hotels Group PLC (Consumer Discretionary)		27,695
	235	Intertek Group PLC (Industrials)		15,819
	9,527	J Sainsbury PLC (Consumer Staples)		23,820
	8,454	JD Sports Fashion PLC (Consumer Discretionary)		79,583
	169	Johnson Matthey PLC (Materials)		5,420
	6,453	Kingfisher PLC (Consumer Discretionary)		15,607
	1,359	Land Securities Group PLC REIT (Real Estate)		14,487
	12,511	Legal & General Group PLC (Financials)		41,549
	29,764	Lloyds Banking Group PLC (Financials)		19,085
	649	London Stock Exchange Group PLC (Financials)		62,803
	20,432	M&G PLC (Financials)*		51,882
	33,540	Marks & Spencer Group PLC (Consumer Discretionary)		67,860
	1,639	Meggitt PLC (Industrials)		11,347
	2,384	Micro Focus International PLC (Information Technology)		22,555
	823	Mondi PLC (Materials)		16,420
	4,626	National Grid PLC (Utilities)		58,072
	891	Next PLC (Consumer Discretionary)		69,218
	1,418	Ocado Group PLC (Consumer Discretionary)*		19,271
	3,501	Pearson PLC (Communication Services)		24,935
	146	Persimmon PLC (Consumer Discretionary)		5,294
	2,869	Prudential PLC (Financials)		46,430
	587	Reckitt Benckiser Group PLC (Consumer Staples)		42,895
	3,028	RELX PLC (Industrials)		72,229
	3,867	Rentokil Initial PLC (Industrials)		23,906
	1,180	Rolls-Royce Holdings PLC (Industrials)*		9,345
	2,724	Royal Bank of Scotland Group PLC (Financials)		6,216
Common Stocks – (continued)
United Kingdom – (continued)
	2,322	RSA Insurance Group PLC (Financials)		15,387
	8,189	Sage Group PLC (The) (Information Technology)		71,315
	383	Schroders PLC (Financials)		13,962
	4,341	Segro PLC REIT (Real Estate)		45,534
	659	Severn Trent PLC (Utilities)		20,749
	3,935	Smith & Nephew PLC (Health Care)		87,405
	1,140	Smiths Group PLC (Industrials)		22,322
	161	Spirax-Sarco Engineering PLC (Industrials)		17,264
	1,833	SSE PLC (Utilities)		35,798
	907	St James’s Place PLC (Financials)		11,765
	1,752	Standard Chartered PLC (Financials)		12,590
	6,730	Standard Life Aberdeen PLC (Financials)		23,760
	2,345	Taylor Wimpey PLC (Consumer Discretionary)		6,056
	20,867	Tesco PLC (Consumer Staples)		60,903
	2,664	Unilever NV (Consumer Staples)		139,334
	2,215	Unilever PLC (Consumer Staples)		117,978
	1,688	United Utilities Group PLC (Utilities)		20,358
	42,718	Vodafone Group PLC (Communication Services)		73,312
	83	Whitbread PLC (Consumer Discretionary)		4,128
	12,415	Wm Morrison Supermarkets PLC (Consumer Staples)(b)		27,156
	2,585	WPP PLC (Communication Services)		24,856
				3,808,059
United States – 0.7%
	1,385	Ferguson PLC (Industrials)		119,235
	408	QIAGEN NV (Health Care)*		14,879
				134,114
	TOTAL COMMON STOCKS
	(Cost $19,920,543)		$	17,992,823

Shares		Description	Rate		Value
Preferred Stocks – 0.6%
Germany – 0.6%
	125	Bayerische Motoren Werke AG (Consumer Discretionary)		7.51%	$	6,388
	857	FUCHS PETROLUB SE (Materials)		2.66		32,496
	230	Henkel AG & Co KGaA (Consumer Staples)		2.17		21,141
	102	Porsche Automobil Holding SE (Consumer Discretionary)		3.85		6,306
	85	Sartorius AG (Health Care)		0.28		19,327
	129	Volkswagen AG (Consumer Discretionary)		3.19		21,054
	TOTAL PREFERRED STOCKS
	(Cost $134,499)				$	106,712
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $20,055,042)				$	18,099,535

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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 1.8%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	328,842	1.507%	$	328,842
	(Cost $328,842)
	TOTAL INVESTMENTS – 101.2%
	(Cost $20,383,884)		$	18,428,377
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.2)%			(220,981	)
	NET ASSETS – 100.0%		$	18,207,396

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

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 99.3%
Australia – 6.1%
	33,257	AGL Energy Ltd. (Utilities)	$	410,408
	74,106	APA Group (Utilities)		513,155
	49,167	Aristocrat Leisure Ltd. (Consumer Discretionary)		1,049,601
	25,413	ASX Ltd. (Financials)		1,214,786
	242,222	Aurizon Holdings Ltd. (Industrials)		754,314
	544,491	AusNet Services (Utilities)		595,048
	207,519	Australia & New Zealand Banking Group Ltd. (Financials)		3,322,201
	240,373	Bendigo & Adelaide Bank Ltd. (Financials)(a)		1,424,271
	162,086	BHP Group Ltd. (Materials)		3,511,366
	120,303	BHP Group PLC (Materials)		2,179,558
	554,401	BlueScope Steel Ltd. (Materials)		4,225,059
	138,488	Brambles Ltd. (Industrials)		1,067,910
	95,084	CIMIC Group Ltd. (Industrials)		1,461,521
	93,992	Coca-Cola Amatil Ltd. (Consumer Staples)		696,309
	38,647	Cochlear Ltd. (Health Care)		5,172,655
	356,907	Coles Group Ltd. (Consumer Staples)		3,269,945
	157,406	Commonwealth Bank of Australia (Financials)		8,299,648
	40,094	Computershare Ltd. (Information Technology)		396,031
	40,410	CSL Ltd. (Health Care)		8,062,256
	134,377	Dexus REIT (Real Estate)		1,053,537
	114,595	Flight Centre Travel Group Ltd. (Consumer Discretionary)(a)		2,410,132
	105,221	Fortescue Metals Group Ltd. (Materials)		683,840
	151,615	Goodman Group REIT (Real Estate)		1,464,351
	295,920	GPT Group (The) REIT (Real Estate)		1,102,792
	214,373	Harvey Norman Holdings Ltd. (Consumer Discretionary)(a)		512,785
	129,595	Insurance Australia Group Ltd. (Financials)		533,090
	30,946	Macquarie Group Ltd. (Financials)		2,690,186
	67,998	Magellan Financial Group Ltd. (Financials)		2,444,613
	516,683	Medibank Pvt Ltd. (Financials)		942,762
	330,785	Mirvac Group REIT (Real Estate)		648,352
	159,344	National Australia Bank Ltd. (Financials)		2,578,699
	41,446	Newcrest Mining Ltd. (Materials)		702,797
	92,509	Oil Search Ltd. (Energy)		327,452
	47,179	Orica Ltd. (Materials)		602,289
	379,100	Origin Energy Ltd. (Energy)		1,706,084
	120,638	QBE Insurance Group Ltd. (Financials)		1,057,048
	9,880	Ramsay Health Care Ltd. (Health Care)		433,232
	30,133	REA Group Ltd. (Communication Services)(a)		1,910,185
Common Stocks – (continued)
Australia – (continued)
	20,098	Rio Tinto Ltd. (Materials)		1,130,861
	75,884	Rio Tinto PLC (Materials)		3,497,115
	197,054	Santos Ltd. (Energy)		867,755
	254,122	Scentre Group REIT (Real Estate)		566,904
	48,909	Sonic Healthcare Ltd. (Health Care)		908,181
	1,144,002	South32 Ltd. (Materials)		1,637,461
	279,225	Stockland REIT (Real Estate)		847,943
	144,639	Suncorp Group Ltd. (Financials)		1,057,523
	106,876	Sydney Airport (Industrials)		535,417
	541,766	Telstra Corp. Ltd. (Communication Services)		1,198,111
	182,267	Transurban Group (Industrials)		1,745,122
	349,916	Vicinity Centres REIT (Real Estate)		487,314
	155,276	Wesfarmers Ltd. (Consumer Discretionary)		4,069,642
	238,373	Westpac Banking Corp. (Financials)		3,633,254
	49,725	Woodside Petroleum Ltd. (Energy)		895,120
	264,392	Woolworths Group Ltd. (Consumer Staples)		6,614,109
	164,414	Worley Ltd. (Energy)		1,327,194
				102,449,294
Austria – 0.5%
	34,676	ANDRITZ AG (Industrials)		1,215,828
	12,201	Erste Group Bank AG (Financials)*		415,870
	73,983	OMV AG (Energy)		3,075,941
	68,396	Raiffeisen Bank International AG (Financials)		1,403,044
	18,035	Verbund AG (Utilities)		849,476
	43,211	voestalpine AG (Materials)		938,860
				7,899,019
Belgium – 0.7%
	31,801	Ageas (Financials)		1,462,944
	50,671	Anheuser-Busch InBev SA/NV (Consumer Staples)		2,823,608
	6,418	Galapagos NV (Health Care)*		1,320,437
	8,983	Groupe Bruxelles Lambert SA (Financials)		807,940
	13,822	KBC Group NV (Financials)		911,270
	17,757	Proximus SADP (Communication Services)		436,136
	8,272	Solvay SA (Materials)		745,810
	16,507	Telenet Group Holding NV (Communication Services)		625,920
	22,729	UCB SA (Health Care)		2,086,214
				11,220,279
Canada – 9.9%
	17,043	Agnico Eagle Mines Ltd. (Materials)		808,633

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Canada – (continued)
	43,893	Air Canada (Industrials)*	$	1,119,928
	87,418	Algonquin Power & Utilities Corp. (Utilities)(a)		1,328,511
	98,250	Alimentation Couche-Tard, Inc., Class B (Consumer Staples)		2,983,328
	15,206	Atco Ltd., Class I (Utilities)		567,301
	47,059	Bank of Montreal (Financials)		3,197,565
	93,585	Bank of Nova Scotia (The) (Financials)		4,895,548
	65,118	Barrick Gold Corp. (Materials)		1,241,867
	23,558	BCE, Inc. (Communication Services)		1,034,562
	49,652	Brookfield Asset Management, Inc., Class A (Financials)		2,969,096
	42,747	CAE, Inc. (Industrials)		1,143,550
	18,469	Canadian Apartment Properties REIT (Real Estate)		772,276
	38,985	Canadian Imperial Bank of Commerce (Financials)		2,966,967
	31,148	Canadian National Railway Co. (Industrials)		2,640,393
	59,763	Canadian Natural Resources Ltd. (Energy)		1,538,207
	7,604	Canadian Pacific Railway Ltd. (Industrials)		1,884,473
	4,047	Canadian Tire Corp. Ltd., Class A (Consumer Discretionary)		397,932
	32,153	Canadian Utilities Ltd., Class A (Utilities)		951,404
	433,882	Cenovus Energy, Inc. (Energy)		3,190,238
	46,328	CGI, Inc. (Information Technology)*		3,254,884
	227,607	CI Financial Corp. (Financials)		3,779,461
	8,236	Constellation Software, Inc. (Information Technology)		8,389,879
	94,951	Dollarama, Inc. (Consumer Discretionary)		2,791,199
	31,070	Emera, Inc. (Utilities)		1,309,136
	297,840	Empire Co. Ltd., Class A (Consumer Staples)		6,654,167
	95,749	Enbridge, Inc. (Energy)		3,563,616
	6,619	Fairfax Financial Holdings Ltd. (Financials)		2,851,098
	48,697	First Capital Real Estate Investment Trust REIT (Real Estate)		726,274
	42,148	Fortis, Inc. (Utilities)		1,705,576
	12,840	Franco-Nevada Corp. (Materials)		1,378,362
	60,734	George Weston Ltd. (Consumer Staples)		4,571,960
	61,709	Great-West Lifeco, Inc. (Financials)		1,451,300
	41,264	H&R Real Estate Investment Trust REIT (Real Estate)		596,666
	55,492	Hydro One Ltd. (Utilities)(b)		1,113,685
Common Stocks – (continued)
Canada – (continued)
	75,587	iA Financial Corp., Inc. (Financials)		3,597,611
	28,906	IGM Financial, Inc. (Financials)		770,697
	112,449	Imperial Oil Ltd. (Energy)		2,462,008
	15,524	Intact Financial Corp. (Financials)		1,682,562
	124,574	Kinross Gold Corp. (Materials)*		626,420
	99,386	Kirkland Lake Gold Ltd. (Materials)		3,205,140
	65,458	Loblaw Cos. Ltd. (Consumer Staples)		3,242,788
	91,866	Magna International, Inc. (Consumer Discretionary)		4,180,798
	216,721	Manulife Financial Corp. (Financials)(a)		3,642,288
	40,070	Metro, Inc. (Consumer Staples)		1,560,591
	44,193	National Bank of Canada (Financials)		2,296,976
	12,690	Nutrien Ltd. (Materials)		512,856
	116,788	Onex Corp. (Financials)		6,556,519
	17,993	Open Text Corp. (Information Technology)		753,311
	38,714	Pembina Pipeline Corp. (Energy)		1,394,437
	116,366	Power Corp. of Canada (Financials)		2,572,041
	30,477	Quebecor, Inc., Class B (Communication Services)		712,004
	6,521	Restaurant Brands International, Inc. (Consumer Discretionary)		384,308
	42,737	RioCan Real Estate Investment Trust REIT (Real Estate)		798,165
	16,936	Rogers Communications, Inc., Class B (Communication Services)		776,052
	132,316	Royal Bank of Canada (Financials)		9,839,299
	75,402	Saputo, Inc. (Consumer Staples)		2,098,572
	25,648	Shaw Communications, Inc., Class B (Communication Services)		443,851
	8,519	Shopify, Inc., Class A (Information Technology)*		3,955,162
	34,155	SmartCentres Real Estate Investment Trust REIT (Real Estate)		732,284
	24,377	Stars Group, Inc. (The) (Consumer Discretionary)*		558,600
	58,744	Sun Life Financial, Inc. (Financials)		2,537,762
	91,359	Suncor Energy, Inc. (Energy)		2,517,502
	53,083	TC Energy Corp. (Energy)		2,766,556
	203,479	Teck Resources Ltd., Class B (Materials)		2,046,386
	22,737	TELUS Corp. (Communication Services)		820,487
	17,404	Thomson Reuters Corp. (Industrials)		1,292,772
	153,596	Toronto-Dominion Bank (The) (Financials)		7,899,779

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Canada – (continued)
	31,927	Wheaton Precious Metals Corp. (Materials)	$	907,851
	93,603	WSP Global, Inc. (Industrials)		6,169,075
				166,082,552
China – 0.2%
	420,230	BOC Hong Kong Holdings Ltd. (Financials)		1,442,459
	20,844	Prosus NV (Consumer Discretionary)*		1,457,794
	586,818	Yangzijiang Shipbuilding Holdings Ltd. (Industrials)		397,322
				3,297,575
Denmark – 2.4%
	3,560	AP Moller – Maersk A/S, Class A (Industrials)		3,346,420
	3,423	AP Moller – Maersk A/S, Class B (Industrials)		3,406,321
	34,670	Carlsberg A/S, Class B (Consumer Staples)		4,523,359
	33,819	Coloplast A/S, Class B (Health Care)		4,497,833
	65,745	Danske Bank A/S (Financials)		1,011,328
	38,973	Demant A/S (Health Care)*		1,182,970
	21,649	DSV PANALPINA A/S (Industrials)		2,169,626
	4,805	Genmab A/S (Health Care)*		1,074,974
	186,242	Novo Nordisk A/S, Class B (Health Care)		10,835,361
	15,008	Novozymes A/S, Class B (Materials)		756,891
	28,158	Orsted A/S (Utilities)(b)		2,878,236
	32,527	Pandora A/S (Consumer Discretionary)		1,452,041
	54,961	Tryg A/S (Financials)		1,512,343
	11,225	Vestas Wind Systems A/S (Industrials)		1,071,491
				39,719,194
Finland – 0.7%
	19,142	Elisa OYJ (Communication Services)		1,092,118
	32,387	Fortum OYJ (Utilities)		685,895
	27,261	Kone OYJ, Class B (Industrials)(a)		1,527,187
	38,177	Neste OYJ (Energy)		1,495,420
	150,896	Nokia OYJ (Information Technology)		571,014
	96,357	Nordea Bank Abp (Financials)		752,163
	90,433	Orion OYJ, Class B (Health Care)		3,571,133
	23,980	Sampo OYJ, Class A (Financials)		971,450
	21,430	UPM-Kymmene OYJ (Materials)		652,758
				11,319,138
France – 10.8%
	18,717	Accor SA (Consumer Discretionary)		671,685
Common Stocks – (continued)
France – (continued)
	3,531	Aeroports de Paris (Industrials)		518,960
	25,808	Air Liquide SA (Materials)		3,484,066
	30,511	Airbus SE (Industrials)		3,622,950
	17,487	Alstom SA (Industrials)		854,590
	18,044	Arkema SA (Materials)		1,685,925
	78,848	Atos SE (Information Technology)		5,828,891
	128,138	AXA SA (Financials)		2,949,482
	22,825	BioMerieux (Health Care)		2,089,761
	108,255	BNP Paribas SA (Financials)		5,206,591
	849,787	Bollore SA (Communication Services)		2,897,423
	36,222	Bouygues SA (Industrials)		1,411,680
	36,870	Bureau Veritas SA (Industrials)		893,021
	34,755	Capgemini SE (Information Technology)		3,787,884
	117,864	Carrefour SA (Consumer Staples)		2,025,522
	15,475	Casino Guichard Perrachon SA (Consumer Staples)(a)		598,177
	50,710	Cie de Saint-Gobain (Industrials)		1,760,195
	10,516	Cie Generale des Etablissements Michelin (Consumer Discretionary)		1,111,697
	149,751	CNP Assurances (Financials)		2,327,589
	8,653	Covivio REIT (Real Estate)		912,469
	261,990	Credit Agricole SA (Financials)		3,110,932
	76,679	Danone SA (Consumer Staples)		5,367,009
	342	Dassault Aviation SA (Industrials)		352,754
	19,674	Dassault Systemes (Information Technology)		3,068,748
	24,477	Edenred (Information Technology)		1,268,248
	34,294	Eiffage SA (Industrials)		3,632,164
	75,324	Electricite de France SA (Utilities)		1,041,692
	126,232	Engie SA (Utilities)		2,084,052
	24,188	EssilorLuxottica SA (Consumer Discretionary)		3,270,681
	10,813	Eurazeo SE (Financials)		719,779
	17,490	Faurecia SE (Consumer Discretionary)		785,382
	5,843	Gecina SA REIT (Real Estate)		1,031,411
	65,809	Getlink SE (Industrials)		1,053,957
	11,098	Hermes International (Consumer Discretionary)		7,680,074
	9,994	ICADE REIT (Real Estate)		990,756
	16,396	Ingenico Group SA (Information Technology)		2,304,403
	62,845	Ipsen SA (Health Care)		4,045,279
	6,295	Kering (Consumer Discretionary)		3,497,476
	22,009	Klepierre SA REIT (Real Estate)(a)		653,230
	25,560	Legrand SA (Industrials)		1,937,831
	34,894	L’Oreal SA (Consumer Staples)		9,237,362
	28,167	LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)		11,474,111
	555,144	Natixis SA (Financials)		2,236,128
	90,383	Orange SA (Communication Services)		1,210,237

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
France – (continued)
	17,203	Pernod Ricard SA (Consumer Staples)	$	2,766,467
	207,714	Peugeot SA (Consumer Discretionary)		3,994,000
	29,867	Publicis Groupe SA (Communication Services)		1,147,603
	6,856	Remy Cointreau SA (Consumer Staples)		687,201
	29,362	Safran SA (Industrials)		4,002,557
	102,328	Sanofi (Health Care)		9,433,913
	9,567	Sartorius Stedim Biotech (Health Care)		1,804,373
	42,095	Schneider Electric SE (Industrials)		4,184,651
	22,068	SCOR SE (Financials)		787,819
	22,522	SEB SA (Consumer Discretionary)		2,948,923
	91,450	Societe Generale SA (Financials)		2,570,598
	6,874	Sodexo SA (Consumer Discretionary)(a)		654,951
	205,646	Suez (Utilities)		3,225,735
	8,624	Teleperformance (Industrials)		2,082,172
	7,275	Thales SA (Industrials)		725,603
	189,108	TOTAL SA (Energy)		7,972,509
	44,671	Ubisoft Entertainment SA (Communication Services)*		3,306,259
	4,264	Unibail – Rodamco-Westfield REIT (Real Estate)		510,533
	40,237	Valeo SA (Consumer Discretionary)		1,006,838
	55,154	Veolia Environnement SA (Utilities)		1,570,940
	47,478	Vinci SA (Industrials)		4,744,806
	53,561	Vivendi SA (Communication Services)		1,354,360
	4,142	Wendel SA (Financials)		503,660
	24,299	Worldline SA (Information Technology)*(b)		1,837,691
				180,516,416
Germany – 6.8%
	36,167	adidas AG (Consumer Discretionary)		9,953,757
	41,103	Allianz SE (Financials)		8,795,137
	118,922	Aroundtown SA (Real Estate)		1,022,570
	41,262	BASF SE (Materials)		2,405,810
	82,123	Bayer AG (Health Care)		5,882,462
	8,415	Bayerische Motoren Werke AG (Consumer Discretionary)		544,717
	39,722	Beiersdorf AG (Consumer Staples)		4,140,735
	37,686	Brenntag AG (Industrials)		1,672,819
	5,051	Carl Zeiss Meditec AG (Health Care)		525,699
	94,859	Commerzbank AG (Financials)		542,975
	6,224	Continental AG (Consumer Discretionary)		694,751
	29,803	Covestro AG (Materials)(b)		1,129,102
Common Stocks – (continued)
Germany – (continued)
	22,211	Daimler AG (Consumer Discretionary)		915,888
	28,675	Deutsche Boerse AG (Financials)		4,474,297
	132,265	Deutsche Lufthansa AG (Industrials)		1,698,399
	180,563	Deutsche Post AG (Industrials)		5,378,964
	245,281	Deutsche Telekom AG (Communication Services)		3,975,692
	20,885	Deutsche Wohnen SE (Real Estate)		836,433
	134,220	E.ON SE (Utilities)		1,537,736
	22,129	Evonik Industries AG (Materials)		544,733
	8,418	Fraport AG Frankfurt Airport Services Worldwide (Industrials)		526,510
	14,483	Fresenius Medical Care AG & Co KGaA (Health Care)		1,102,801
	39,557	Fresenius SE & Co KGaA (Health Care)		1,842,990
	11,172	Hannover Rueck SE (Financials)		1,975,773
	46,796	HeidelbergCement AG (Materials)		2,767,540
	16,281	Henkel AG & Co KGaA (Consumer Staples)		1,374,375
	11,000	HOCHTIEF AG (Industrials)		1,074,778
	42,608	Infineon Technologies AG (Information Technology)		879,611
	16,130	KION Group AG (Industrials)		854,007
	21,020	Knorr-Bremse AG (Industrials)		2,123,995
	30,117	Merck KGaA (Health Care)		3,607,593
	227,748	METRO AG (Consumer Staples)		2,623,029
	7,112	MTU Aero Engines AG (Industrials)		1,724,147
	10,196	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)		2,583,792
	53,693	Puma SE (Consumer Discretionary)		4,081,351
	104,534	RWE AG (Utilities)		3,577,957
	77,583	SAP SE (Information Technology)		9,507,257
	46,611	Siemens AG (Industrials)		4,771,825
	9,758	Siemens Healthineers AG (Health Care)(b)		392,893
	13,382	Symrise AG (Materials)		1,295,610
	200,907	Telefonica Deutschland Holding AG (Communication Services)		521,040
	82,106	Uniper SE (Utilities)		2,411,662
	2,110	Volkswagen AG (Consumer Discretionary)		352,990
	43,615	Vonovia SE (Real Estate)		2,327,414
	63,381	Zalando SE (Consumer Discretionary)*(b)		2,752,112
				113,725,728
Hong Kong – 2.5%
	719,434	AIA Group Ltd. (Financials)		7,099,207
	75,532	ASM Pacific Technology Ltd. (Information Technology)		895,077

30 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)
	379,750	Bank of East Asia Ltd. (The) (Financials)	$	806,957
	82,140	CK Asset Holdings Ltd. (Real Estate)		513,306
	63,742	CK Infrastructure Holdings Ltd. (Utilities)		434,323
	87,661	CLP Holdings Ltd. (Utilities)		920,136
	358,256	Dairy Farm International Holdings Ltd. (Consumer Staples)		1,719,629
	195,112	Hang Lung Properties Ltd. (Real Estate)		426,124
	89,444	Hang Seng Bank Ltd. (Financials)		1,865,078
	96,479	Henderson Land Development Co. Ltd. (Real Estate)		442,590
	865,173	HK Electric Investments & HK Electric Investments Ltd. (Utilities)		870,385
	756,517	HKT Trust & HKT Ltd. (Communication Services)		1,131,904
	532,342	Hong Kong & China Gas Co. Ltd. (Utilities)		1,024,648
	141,308	Hong Kong Exchanges & Clearing Ltd. (Financials)		4,638,311
	80,521	Hongkong Land Holdings Ltd. (Real Estate)		395,358
	15,160	Jardine Matheson Holdings Ltd. (Industrials)		824,704
	29,669	Jardine Strategic Holdings Ltd. (Industrials)		851,797
	82,806	Link REIT (Real Estate)		767,170
	164,669	MTR Corp. Ltd. (Industrials)		926,561
	1,957,484	PCCW Ltd. (Communication Services)		1,178,050
	124,831	Power Assets Holdings Ltd. (Utilities)		889,013
	44,880	Sun Hung Kai Properties Ltd. (Real Estate)		638,095
	301,969	Swire Pacific Ltd., Class A (Real Estate)		2,720,145
	239,269	Techtronic Industries Co. Ltd. (Industrials)		1,935,816
	789,508	Vitasoy International Holdings Ltd. (Consumer Staples)(a)		2,831,593
	1,847,505	WH Group Ltd. (Consumer Staples)(b)		1,877,601
	493,601	Wheelock & Co. Ltd. (Real Estate)		3,759,147
				42,382,725
Ireland – 0.4%
	92,993	Bank of Ireland Group PLC (Financials)		342,809
	57,170	CRH PLC (Materials)		1,913,467
	15,875	Kerry Group PLC, Class A (Consumer Staples)		2,005,357
	70,414	Smurfit Kappa Group PLC (Materials)		2,337,403
				6,599,036
Common Stocks – (continued)
Israel – 0.8%
	6,215	Azrieli Group Ltd. (Real Estate)		452,142
	121,469	Bank Hapoalim BM (Financials)		948,748
	126,468	Bank Leumi Le-Israel BM (Financials)		820,807
	13,141	Check Point Software Technologies Ltd. (Information Technology)*		1,364,036
	201,832	Israel Discount Bank Ltd., Class A (Financials)		844,580
	52,406	Mizrahi Tefahot Bank Ltd. (Financials)		1,350,902
	19,426	Nice Ltd. (Information Technology)*		3,104,688
	302,871	Teva Pharmaceutical Industries Ltd. ADR (Health Care)*		3,492,103
	8,962	Wix.com Ltd. (Information Technology)*		1,201,177
				13,579,183
Italy – 2.4%
	196,256	Assicurazioni Generali SpA (Financials)		3,505,287
	51,546	Atlantia SpA (Industrials)		1,097,592
	89,354	Davide Campari-Milano SpA (Consumer Staples)		740,058
	573,605	Enel SpA (Utilities)		4,773,457
	241,005	Eni SpA (Energy)		2,953,878
	24,121	Ferrari NV (Consumer Discretionary)		3,750,467
	107,156	FinecoBank Banca Fineco SpA (Financials)		1,117,496
	1,103,991	Intesa Sanpaolo SpA (Financials)		2,666,074
	97,579	Mediobanca Banca di Credito Finanziario SpA (Financials)		877,850
	99,265	Moncler SpA (Consumer Discretionary)		3,840,304
	207,601	Poste Italiane SpA (Financials)(b)		2,192,369
	48,774	Prysmian SpA (Industrials)		1,145,450
	52,119	Recordati SpA (Health Care)		2,214,434
	352,300	Snam SpA (Utilities)		1,730,205
	4,163,184	Telecom Italia SpA (Communication Services)*		2,286,981
	4,283,793	Telecom Italia SpA-RSP (Communication Services)		2,370,647
	232,450	Terna Rete Elettrica Nazionale SpA (Utilities)		1,529,454
	170,942	Uni Credit SpA (Financials)		2,166,504
				40,958,507
Japan – 20.8%
	19,209	ABC-Mart, Inc. (Consumer Discretionary)		1,096,996
	37,173	Advantest Corp. (Information Technology)		1,693,833
	58,793	Aeon Co. Ltd. (Consumer Staples)		1,098,025
	28,176	Ajinomoto Co., Inc. (Consumer Staples)		473,322

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	86,248	Alps Alpine Co. Ltd. (Information Technology)	$	1,326,523
	27,350	ANA Holdings, Inc. (Industrials)		737,219
	18,538	Aozora Bank Ltd. (Financials)		464,374
	51,561	Asahi Group Holdings Ltd. (Consumer Staples)		1,983,759
	20,177	Asahi Intecc Co. Ltd. (Health Care)		483,732
	313,207	Astellas Pharma, Inc. (Health Care)		4,933,377
	74,704	Bandai Namco Holdings, Inc. (Consumer Discretionary)		3,719,098
	31,774	Benesse Holdings, Inc. (Consumer Discretionary)		819,499
	49,931	Bridgestone Corp. (Consumer Discretionary)		1,669,227
	125,642	Brother Industries Ltd. (Information Technology)		2,239,926
	93,414	Calbee, Inc. (Consumer Staples)		2,392,833
	93,210	Canon, Inc. (Information Technology)		2,362,115
	36,594	Casio Computer Co. Ltd. (Consumer Discretionary)		630,001
	10,081	Central Japan Railway Co. (Industrials)		1,661,708
	43,891	Chubu Electric Power Co., Inc. (Utilities)		572,721
	17,939	Chugai Pharmaceutical Co. Ltd. (Health Care)		1,948,319
	67,764	Chugoku Electric Power Co., Inc. (The) (Utilities)		902,138
	57,331	Coca-Cola Bottlers Japan Holdings, Inc. (Consumer Staples)(a)		1,320,795
	28,098	Credit Saison Co. Ltd. (Financials)		408,452
	43,440	CyberAgent, Inc. (Communication Services)		1,649,161
	21,981	Dai Nippon Printing Co. Ltd. (Industrials)		528,816
	54,713	Dai-ichi Life Holdings, Inc. (Financials)		749,948
	51,001	Daiichi Sankyo Co. Ltd. (Health Care)		3,115,900
	17,427	Daikin Industries Ltd. (Industrials)		2,379,016
	11,304	Daito Trust Construction Co. Ltd. (Real Estate)		1,150,154
	38,828	Daiwa House Industry Co. Ltd. (Real Estate)		1,072,526
	652	Daiwa House REIT Investment Corp. REIT (Real Estate)		1,627,204
	17,328	Denso Corp. (Consumer Discretionary)		677,923
	12,018	Dentsu Group, Inc. (Communication Services)		313,305
	1,732	Disco Corp. (Information Technology)		351,330
	10,986	East Japan Railway Co. (Industrials)		847,286
	23,278	Eisai Co. Ltd. (Health Care)		1,722,354
Common Stocks – (continued)
Japan – (continued)
	22,859	Electric Power Development Co. Ltd. (Utilities)		490,812
	26,285	FamilyMart UNY Holdings Co. Ltd. (Consumer Staples)(a)		581,431
	2,142	FANUC Corp. (Industrials)		356,851
	8,027	Fast Retailing Co. Ltd. (Consumer Discretionary)		3,976,850
	59,396	FUJIFILM Holdings Corp. (Information Technology)		2,905,787
	45,420	Fujitsu Ltd. (Information Technology)		4,720,328
	21,541	Fukuoka Financial Group, Inc. (Financials)		328,312
	56,517	Hakuhodo DY Holdings, Inc. (Communication Services)		659,666
	12,839	Hamamatsu Photonics KK (Information Technology)		498,134
	47,267	Hankyu Hanshin Holdings, Inc. (Industrials)		1,555,628
	2,873	Hikari Tsushin, Inc. (Consumer Discretionary)		545,754
	32,592	Hitachi Chemical Co. Ltd. (Materials)		1,376,318
	14,749	Hitachi High-Tech Corp. (Information Technology)		1,089,784
	97,841	Hitachi Ltd. (Information Technology)		3,299,010
	197,525	Honda Motor Co. Ltd. (Consumer Discretionary)		5,126,512
	4,127	Hoshizaki Corp. (Industrials)		349,704
	80,934	Hoya Corp. (Health Care)		7,209,890
	44,807	Hulic Co. Ltd. (Real Estate)		501,802
	56,485	Idemitsu Kosan Co. Ltd. (Energy)		1,391,898
	28,715	Iida Group Holdings Co. Ltd. (Consumer Discretionary)		388,404
	74,725	Inpex Corp. (Energy)		646,280
	208,061	ITOCHU Corp. (Industrials)		4,747,992
	15,521	Itochu Techno-Solutions Corp. (Information Technology)		430,815
	131,410	J Front Retailing Co. Ltd. (Consumer Discretionary)		1,397,370
	28,651	Japan Airlines Co. Ltd. (Industrials)		711,328
	30,940	Japan Exchange Group, Inc. (Financials)		520,615
	60,941	Japan Post Bank Co. Ltd. (Financials)		544,636
	211,858	Japan Post Holdings Co. Ltd. (Financials)		1,847,632
	69,698	Japan Post Insurance Co. Ltd. (Financials)		1,070,686
	309	Japan Prime Realty Investment Corp. REIT (Real Estate)		1,360,729
	230	Japan Real Estate Investment Corp. REIT (Real Estate)		1,569,369

32 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)
	636	Japan Retail Fund Investment Corp. REIT (Real Estate)	$	1,209,323
	52,703	Japan Tobacco, Inc. (Consumer Staples)		1,047,562
	36,944	JGC Holdings Corp. (Industrials)		453,815
	555,495	JXTG Holdings, Inc. (Energy)		2,235,061
	159,554	Kakaku.com, Inc. (Communication Services)		3,416,954
	48,576	Kamigumi Co. Ltd. (Industrials)		933,556
	63,350	Kao Corp. (Consumer Staples)		4,620,941
	151,557	KDDI Corp. (Communication Services)		4,296,679
	30,132	Keihan Holdings Co. Ltd. (Industrials)		1,223,549
	23,033	Keikyu Corp. (Industrials)		349,771
	10,808	Keio Corp. (Industrials)		520,034
	16,292	Keisei Electric Railway Co. Ltd. (Industrials)		521,845
	8,785	Keyence Corp. (Information Technology)		2,802,502
	41,400	Kikkoman Corp. (Consumer Staples)		1,922,904
	25,646	Kintetsu Group Holdings Co. Ltd. (Industrials)		1,109,151
	90,967	Kirin Holdings Co. Ltd. (Consumer Staples)		1,749,933
	10,819	Kobayashi Pharmaceutical Co. Ltd. (Consumer Staples)		787,365
	295,198	Konica Minolta, Inc. (Information Technology)		1,603,727
	29,908	Kose Corp. (Consumer Staples)		3,587,906
	15,661	Kyocera Corp. (Information Technology)		986,716
	68,860	Kyushu Electric Power Co., Inc. (Utilities)		499,221
	21,737	Kyushu Railway Co. (Industrials)		653,934
	42,995	Lawson, Inc. (Consumer Staples)		2,283,979
	50,595	LINE Corp. (Communication Services)*		2,490,701
	149,918	Lion Corp. (Consumer Staples)		2,482,302
	40,275	LIXIL Group Corp. (Industrials)		604,881
	35,728	M3, Inc. (Health Care)		922,804
	373,164	Marubeni Corp. (Industrials)		2,479,803
	20,257	McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary)		850,732
	171,501	Mebuki Financial Group, Inc. (Financials)		335,481
	32,498	Medipal Holdings Corp. (Health Care)		594,132
	36,326	MEIJI Holdings Co. Ltd. (Consumer Staples)		2,168,817
	88,773	MISUMI Group, Inc. (Industrials)		1,873,973
	364,493	Mitsubishi Chemical Holdings Corp. (Materials)		2,454,283
	146,790	Mitsubishi Corp. (Industrials)		3,660,734
	100,480	Mitsubishi Electric Corp. (Industrials)		1,277,134
Common Stocks – (continued)
Japan – (continued)
	51,509	Mitsubishi Estate Co. Ltd. (Real Estate)		880,569
	25,875	Mitsubishi Heavy Industries Ltd. (Industrials)		820,161
	48,264	Mitsubishi Materials Corp. (Materials)		1,103,407
	511,246	Mitsubishi UFJ Financial Group, Inc. (Financials)		2,521,038
	335,021	Mitsubishi UFJ Lease & Finance Co. Ltd. (Financials)		1,916,358
	76,774	Mitsui & Co. Ltd. (Industrials)		1,269,424
	23,542	Mitsui Chemicals, Inc. (Materials)		510,497
	16,890	Mitsui Fudosan Co. Ltd. (Real Estate)		387,938
	1,002,581	Mizuho Financial Group, Inc. (Financials)		1,371,909
	98,339	MonotaRO Co. Ltd. (Industrials)		2,188,046
	23,904	MS&AD Insurance Group Holdings, Inc. (Financials)		771,869
	22,095	Murata Manufacturing Co. Ltd. (Information Technology)		1,171,886
	28,760	Nagoya Railroad Co. Ltd. (Industrials)		751,629
	82,392	NEC Corp. (Information Technology)		3,085,929
	13,437	NH Foods Ltd. (Consumer Staples)		507,010
	3,877	Nidec Corp. (Industrials)		459,353
	2,941	Nintendo Co. Ltd. (Communication Services)		988,922
	224	Nippon Building Fund, Inc. REIT (Real Estate)		1,680,026
	20,729	Nippon Paint Holdings Co. Ltd. (Materials)		946,464
	481	Nippon Prologis REIT, Inc. REIT (Real Estate)		1,305,231
	244,673	Nippon Telegraph & Telephone Corp. (Communication Services)		5,737,731
	18,109	Nissan Chemical Corp. (Materials)		766,399
	81,711	Nissan Motor Co. Ltd. (Consumer Discretionary)		351,191
	6,236	Nissin Foods Holdings Co. Ltd. (Consumer Staples)		491,411
	28,675	Nitori Holdings Co. Ltd. (Consumer Discretionary)		3,978,319
	186,769	Nomura Real Estate Holdings, Inc. (Real Estate)		4,030,948
	1,061	Nomura Real Estate Master Fund, Inc. REIT (Real Estate)		1,684,970
	38,476	Nomura Research Institute Ltd. (Information Technology)		840,041
	120,627	NTT Data Corp. (Information Technology)		1,443,744
	203,571	NTT DOCOMO, Inc. (Communication Services)		5,525,000
	12,170	Obic Co. Ltd. (Information Technology)		1,499,460

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	29,078	Odakyu Electric Railway Co. Ltd. (Industrials)	$	561,800
	206,336	Olympus Corp. (Health Care)		3,753,129
	42,290	Omron Corp. (Information Technology)		2,289,655
	22,147	Ono Pharmaceutical Co. Ltd. (Health Care)		453,760
	7,634	Oracle Corp. Japan (Information Technology)		597,330
	21,186	Oriental Land Co. Ltd. (Consumer Discretionary)		2,408,995
	105,692	ORIX Corp. (Financials)		1,706,906
	857	Orix JREIT, Inc. REIT (Real Estate)		1,628,749
	37,439	Osaka Gas Co. Ltd. (Utilities)		605,674
	13,993	Otsuka Corp. (Information Technology)		598,690
	24,168	Otsuka Holdings Co. Ltd. (Health Care)		914,156
	143,346	Panasonic Corp. (Consumer Discretionary)		1,369,472
	19,361	Park24 Co. Ltd. (Industrials)		377,474
	113,159	Persol Holdings Co. Ltd. (Industrials)		1,499,135
	39,907	Pigeon Corp. (Consumer Staples)		1,354,096
	128,915	Pola Orbis Holdings, Inc. (Consumer Staples)		2,466,792
	232,655	Recruit Holdings Co. Ltd. (Industrials)		8,105,664
	271,048	Renesas Electronics Corp. (Information Technology)*		1,635,862
	201,329	Resona Holdings, Inc. (Financials)		763,768
	73,560	Ricoh Co. Ltd. (Information Technology)		685,373
	131,853	Ryohin Keikaku Co. Ltd. (Consumer Discretionary)		1,806,691
	14,333	Sankyo Co. Ltd. (Consumer Discretionary)		471,056
	13,524	Secom Co. Ltd. (Industrials)		1,075,124
	24,062	Seiko Epson Corp. (Information Technology)		340,859
	66,336	Sekisui Chemical Co. Ltd. (Consumer Discretionary)		989,520
	177,264	Sekisui House Ltd. (Consumer Discretionary)		3,479,051
	73,065	Seven & i Holdings Co. Ltd. (Consumer Staples)		2,503,576
	35,751	Shimadzu Corp. (Information Technology)		871,030
	12,077	Shimamura Co. Ltd. (Consumer Discretionary)(a)		807,261
	3,994	Shimano, Inc. (Consumer Discretionary)		559,860
	14,147	Shin-Etsu Chemical Co. Ltd. (Materials)		1,592,874
	43,784	Shinsei Bank Ltd. (Financials)		583,300
	30,013	Shionogi & Co. Ltd. (Health Care)		1,626,348
Common Stocks – (continued)
Japan – (continued)
	95,541	Shiseido Co. Ltd. (Consumer Staples)		5,684,718
	19,896	Showa Denko KK (Materials)		430,144
	67,127	Softbank Corp. (Communication Services)		879,033
	25,021	SoftBank Group Corp. (Communication Services)		1,162,845
	10,845	Sompo Holdings, Inc. (Financials)		403,778
	88,519	Sony Corp. (Consumer Discretionary)		5,425,292
	18,276	Sony Financial Holdings, Inc. (Financials)		365,639
	11,481	Square Enix Holdings Co. Ltd. (Communication Services)		463,008
	28,455	SUMCO Corp. (Information Technology)		432,899
	138,615	Sumitomo Corp. (Industrials)		1,984,804
	97,739	Sumitomo Dainippon Pharma Co. Ltd. (Health Care)		1,414,459
	37,203	Sumitomo Electric Industries Ltd. (Consumer Discretionary)		445,098
	107,651	Sumitomo Mitsui Financial Group, Inc. (Financials)		3,477,088
	28,638	Sumitomo Mitsui Trust Holdings, Inc. (Financials)		982,345
	29,702	Sumitomo Realty & Development Co. Ltd. (Real Estate)		928,523
	196,123	Sumitomo Rubber Industries Ltd. (Consumer Discretionary)		2,041,868
	58,351	Sundrug Co. Ltd. (Consumer Staples)		1,825,751
	46,250	Suntory Beverage & Food Ltd. (Consumer Staples)		1,762,272
	10,552	Suzuken Co. Ltd. (Health Care)		349,728
	19,159	Suzuki Motor Corp. (Consumer Discretionary)		770,339
	42,252	Sysmex Corp. (Health Care)		2,710,254
	15,106	Taiheiyo Cement Corp. (Materials)		372,941
	8,980	Taisho Pharmaceutical Holdings Co. Ltd. (Health Care)		556,957
	36,645	Taiyo Nippon Sanso Corp. (Materials)		656,019
	24,978	Takeda Pharmaceutical Co. Ltd. (Health Care)		871,388
	3,558	TDK Corp. (Information Technology)		344,700
	46,517	Teijin Ltd. (Materials)		765,472
	40,263	Terumo Corp. (Health Care)		1,298,241
	29,142	Tobu Railway Co. Ltd. (Industrials)		869,951
	17,740	Toho Co. Ltd. (Communication Services)		546,846
	16,490	Toho Gas Co. Ltd. (Utilities)		563,349
	59,898	Tohoku Electric Power Co., Inc. (Utilities)		526,429
	42,596	Tokio Marine Holdings, Inc. (Financials)		2,290,821
	17,055	Tokyo Electron Ltd. (Information Technology)		3,529,902

34 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)
	39,551	Tokyo Gas Co. Ltd. (Utilities)	$	800,443
	40,552	Tokyu Corp. (Industrials)		622,576
	40,285	Toppan Printing Co. Ltd. (Industrials)		702,509
	21,508	Toshiba Corp. (Industrials)		583,237
	16,070	TOTO Ltd. (Industrials)		610,083
	19,010	Toyo Suisan Kaisha Ltd. (Consumer Staples)		753,421
	28,470	Toyoda Gosei Co. Ltd. (Consumer Discretionary)		608,648
	115,509	Toyota Motor Corp. (Consumer Discretionary)		7,632,065
	54,793	Toyota Tsusho Corp. (Industrials)		1,658,547
	11,982	Trend Micro, Inc. (Information Technology)		596,517
	16,377	Tsuruha Holdings, Inc. (Consumer Staples)		1,902,413
	35,270	Unicharm Corp. (Consumer Staples)		1,143,786
	890	United Urban Investment Corp. REIT (Real Estate)		1,424,132
	30,557	USS Co. Ltd. (Consumer Discretionary)		483,292
	51,012	Welcia Holdings Co. Ltd. (Consumer Staples)		3,074,009
	17,432	West Japan Railway Co. (Industrials)		1,231,141
	11,781	Yakult Honsha Co. Ltd. (Consumer Staples)		539,000
	452,542	Yamada Denki Co. Ltd. (Consumer Discretionary)		2,177,438
	9,692	Yamaha Corp. (Consumer Discretionary)		476,221
	65,256	Yamato Holdings Co. Ltd. (Industrials)		1,029,673
	182,025	Yamazaki Baking Co. Ltd. (Consumer Staples)		3,096,610
	43,099	Yokogawa Electric Corp. (Information Technology)		694,043
	143,317	Yokohama Rubber Co. Ltd. (The) (Consumer Discretionary)		2,334,473
	168,870	ZOZO, Inc. (Consumer Discretionary)		2,370,270
				349,482,805
Luxembourg – 0.3%
	288,163	ArcelorMittal (Materials)		4,063,012
	93,427	Tenaris SA (Energy)		838,240
				4,901,252
Macau – 0.1%
	89,716	Sands China Ltd. (Consumer Discretionary)		417,321
	665,116	SJM Holdings Ltd. (Consumer Discretionary)		752,764
Common Stocks – (continued)
Macau – (continued)
	488,323	Wynn Macau Ltd. (Consumer Discretionary)		983,783
				2,153,868
Netherlands – 3.8%
	45,378	ABN AMRO Bank NV (Financials)(b)		620,077
	706,337	Aegon NV (Financials)		2,382,714
	13,238	Akzo Nobel NV (Materials)		1,049,153
	130,603	Altice Europe NV (Communication Services)*		694,781
	23,263	ASML Holding NV (Information Technology)		6,339,757
	41,709	EXOR NV (Financials)		2,935,840
	47,376	Heineken Holding NV (Consumer Staples)		4,152,804
	24,705	Heineken NV (Consumer Staples)		2,448,318
	254,119	ING Groep NV (Financials)		2,403,090
	269,529	Koninklijke Ahold Delhaize NV (Consumer Staples)		6,270,636
	16,230	Koninklijke DSM NV (Materials)		1,813,983
	259,726	Koninklijke KPN NV (Communication Services)		627,936
	112,184	Koninklijke Philips NV (Health Care)		4,771,407
	16,727	Koninklijke Vopak NV (Energy)		792,828
	70,666	NN Group NV (Financials)		2,393,895
	32,810	NXP Semiconductors NV (Information Technology)		3,730,169
	51,649	Randstad NV (Industrials)		2,650,037
	330,281	Royal Dutch Shell PLC, Class A (Energy)		7,008,918
	272,722	Royal Dutch Shell PLC, Class B (Energy)		5,795,117
	60,656	Wolters Kluwer NV (Industrials)		4,418,740
				63,300,200
New Zealand – 0.4%
	147,379	a2 Milk Co. Ltd. (Consumer Staples)*		1,490,013
	109,288	Auckland International Airport Ltd. (Industrials)		533,475
	140,713	Fisher & Paykel Healthcare Corp. Ltd. (Health Care)		2,250,007
	178,026	Mercury NZ Ltd. (Utilities)		528,363
	317,305	Meridian Energy Ltd. (Utilities)		909,255
	316,317	Spark New Zealand Ltd. (Communication Services)		889,747
				6,600,860
Norway – 0.5%
	32,397	DNB ASA (Financials)		533,235
	28,600	Equinor ASA (Energy)		426,503
	137,030	Gjensidige Forsikring ASA (Financials)		2,734,292
	63,446	Mowi ASA (Consumer Staples)(a)		1,325,950

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Norway – (continued)
	82,437	Orkla ASA (Consumer Staples)	$	689,484
	96,651	Schibsted ASA, Class B (Communication Services)		2,304,081
	56,946	Telenor ASA (Communication Services)		903,929
				8,917,474
Portugal – 0.5%
	863,940	EDP – Energias de Portugal SA (Utilities)		4,004,757
	34,149	Galp Energia SGPS SA (Energy)		464,011
	179,704	Jeronimo Martins SGPS SA (Consumer Staples)(a)		3,139,580
				7,608,348
Russia – 0.1%
	307,976	Evraz PLC (Materials)		1,283,592
Singapore – 1.6%
	496,271	Ascendas Real Estate Investment Trust REIT (Real Estate)		1,088,048
	485,431	CapitaLand Commercial Trust REIT (Real Estate)		646,917
	497,361	CapitaLand Mall Trust REIT (Real Estate)		808,920
	230,676	DBS Group Holdings Ltd. (Financials)		3,984,809
	150,605	Jardine Cycle & Carriage Ltd. (Consumer Discretionary)		2,897,287
	534,597	Mapletree Commercial Trust REIT (Real Estate)		804,366
	526,964	Oversea-Chinese Banking Corp. Ltd. (Financials)		4,002,163
	796,536	Singapore Exchange Ltd. (Financials)		4,845,304
	125,007	Singapore Technologies Engineering Ltd. (Industrials)		373,489
	277,518	Singapore Telecommunications Ltd. (Communication Services)		596,514
	296,629	Suntec Real Estate Investment Trust REIT (Real Estate)		361,302
	148,962	United Overseas Bank Ltd. (Financials)		2,612,732
	1,295,168	Wilmar International Ltd. (Consumer Staples)		3,684,042
				26,705,893
South Africa – 0.2%
	116,330	Anglo American PLC (Materials)		2,662,407
Spain – 2.6%
	92,739	ACS Actividades de Construccion y Servicios SA (Industrials)		2,735,186
	10,853	Aena SME SA (Industrials)(b)		1,728,614
	77,236	Amadeus IT Group SA (Information Technology)		5,387,331
Common Stocks – (continued)
Spain – (continued)
	431,302	Banco Bilbao Vizcaya Argentaria SA (Financials)		2,053,528
	1,047,325	Banco de Sabadell SA (Financials)		910,223
	1,153,091	Banco Santander SA (Financials)		4,214,019
	60,344	Bankinter SA (Financials)		353,961
	19,081	Cellnex Telecom SA (Communication Services)*(b)		919,494
	44,748	Enagas SA (Utilities)		1,150,190
	58,190	Endesa SA (Utilities)		1,484,833
	58,445	Ferrovial SA (Industrials)		1,661,467
	17,106	Grifols SA (Health Care)		544,912
	527,938	Iberdrola SA (Utilities)		5,984,705
	176,098	Industria de Diseno Textil SA (Consumer Discretionary)		5,441,321
	260,986	Mapfre SA (Financials)		580,527
	56,948	Naturgy Energy Group SA (Utilities)		1,315,521
	41,189	Red Electrica Corp. SA (Utilities)		784,758
	456,677	Repsol SA (Energy)		5,081,580
	21,846	Siemens Gamesa Renewable Energy SA (Industrials)		348,553
	208,329	Telefonica SA (Communication Services)		1,226,577
				43,907,300
Sweden – 2.2%
	65,928	Assa Abloy AB, Class B (Industrials)		1,461,349
	74,066	Atlas Copco AB, Class A (Industrials)		2,590,564
	35,729	Atlas Copco AB, Class B (Industrials)		1,090,101
	38,134	Electrolux AB, Series B (Consumer Discretionary)		764,835
	74,080	Epiroc AB, Class A (Industrials)		844,710
	32,284	Epiroc AB, Class B (Industrials)		357,135
	47,888	Essity AB, Class B (Consumer Staples)		1,420,572
	249,841	Hennes & Mauritz AB, Class B (Consumer Discretionary)		4,467,456
	12,627	Hexagon AB, Class B (Information Technology)		667,616
	57,533	Husqvarna AB, Class B (Consumer Discretionary)		381,097
	23,427	ICA Gruppen AB (Consumer Staples)		869,412
	30,422	Industrivarden AB, Class C (Financials)		678,722
	39,600	Investor AB, Class B (Financials)		1,949,550
	24,489	Kinnevik AB, Class B (Financials)		491,291
	24,336	L E Lundbergforetagen AB, Class B (Financials)		996,523
	97,893	Sandvik AB (Industrials)		1,599,391
	142,082	Securitas AB, Class B (Industrials)		1,911,016
	107,812	Skandinaviska Enskilda Banken AB, Class A (Financials)		1,016,836

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Sweden – (continued)
	156,248	Skanska AB, Class B (Industrials)	$	3,366,671
	45,964	SKF AB, Class B (Industrials)		796,480
	78,622	Svenska Handelsbanken AB, Class A (Financials)		782,400
	65,321	Swedish Match AB (Consumer Staples)		3,770,320
	67,241	Tele2 AB, Class B (Communication Services)		967,165
	290,401	Telefonaktiebolaget LM Ericsson, Class B (Information Technology)		2,296,825
	230,619	Telia Co. AB (Communication Services)		902,247
	55,104	Volvo AB, Class B (Industrials)		845,734
				37,286,018
Switzerland – 9.1%
	49,929	ABB Ltd. (Industrials)		1,073,426
	33,988	Adecco Group AG (Industrials)		1,804,126
	39,437	Alcon, Inc. (Health Care)*		2,402,196
	8,303	Baloise Holding AG (Financials)		1,328,720
	930	Barry Callebaut AG (Consumer Staples)		1,905,253
	342	Chocoladefabriken Lindt & Spruengli AG (Consumer Staples)		2,660,530
	26,227	Cie Financiere Richemont SA (Consumer Discretionary)		1,772,040
	20,393	Clariant AG (Materials)*		427,264
	105,126	Coca-Cola HBC AG (Consumer Staples)*		3,322,026
	115,229	Credit Suisse Group AG (Financials)*		1,286,870
	38,139	Dufry AG (Consumer Discretionary)*		2,766,796
	1,435	EMS-Chemie Holding AG (Materials)		835,397
	3,046	Geberit AG (Industrials)		1,507,344
	821	Givaudan SA (Materials)		2,549,642
	1,550,595	Glencore PLC (Materials)*		3,827,661
	35,671	Kuehne + Nagel International AG (Industrials)		5,179,564
	35,167	LafargeHolcim Ltd. (Materials)*		1,624,378
	4,453	Lonza Group AG (Health Care)*		1,759,210
	297,135	Nestle SA (Consumer Staples)		30,344,330
	197,183	Novartis AG (Health Care)		16,551,597
	12,587	Pargesa Holding SA (Financials)		917,416
	7,782	Partners Group Holding AG (Financials)		6,680,967
	73,241	Roche Holding AG (Health Care)		23,433,791
	4,349	Schindler Holding AG (Industrials)		930,950
	5,918	Schindler Holding AG Participation Certificates (Industrials)		1,311,443
	1,677	SGS SA (Industrials)		4,154,601
	7,398	Sika AG (Materials)		1,310,003
Common Stocks – (continued)
Switzerland – (continued)
	14,178	Sonova Holding AG (Health Care)		3,365,984
	173,977	STMicroelectronics NV (Information Technology)		4,664,872
	4,946	Straumann Holding AG (Health Care)		4,603,901
	7,599	Swatch Group AG (The) – Bearer (Consumer Discretionary)		1,742,051
	29,796	Swatch Group AG (The) – Registered (Consumer Discretionary)		1,271,321
	5,174	Swiss Life Holding AG (Financials)		2,344,456
	15,008	Swiss Prime Site AG (Real Estate)*		1,798,572
	19,969	Swiss Re AG (Financials)		1,890,551
	2,236	Swisscom AG (Communication Services)		1,186,435
	7,244	Temenos AG (Information Technology)*		1,027,159
	177,686	UBS Group AG (Financials)*		1,945,836
	9,140	Zurich Insurance Group AG (Financials)		3,502,274
				153,010,953
United Kingdom – 12.1%
	256,424	3i Group PLC (Financials)		3,301,508
	210,207	Admiral Group PLC (Financials)		5,670,668
	17,578	Ashtead Group PLC (Industrials)		536,388
	64,988	Associated British Foods PLC (Consumer Staples)		1,871,858
	98,164	AstraZeneca PLC (Health Care)		8,518,653
	858,687	Auto Trader Group PLC (Communication Services)(b)		5,698,981
	16,002	AVEVA Group PLC (Information Technology)		896,879
	797,359	Aviva PLC (Financials)		3,572,783
	251,322	BAE Systems PLC (Industrials)		1,953,048
	520,422	Barclays PLC (Financials)(a)		988,727
	100,109	Barratt Developments PLC (Consumer Discretionary)		968,226
	42,412	Berkeley Group Holdings PLC (Consumer Discretionary)		2,575,379
	1,340,373	BP PLC (Energy)		6,782,323
	163,833	British American Tobacco PLC (Consumer Staples)		6,408,710
	104,769	British Land Co. PLC (The) REIT (Real Estate)		670,446
	369,414	BT Group PLC (Communication Services)		668,238
	43,861	Bunzl PLC (Industrials)		1,047,643
	224,494	Burberry Group PLC (Consumer Discretionary)		4,728,447
	742,422	Centrica PLC (Utilities)		683,911
	353,099	CK Hutchison Holdings Ltd. (Industrials)		3,074,248

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
	44,507	Coca-Cola European Partners PLC (Consumer Staples)	$	2,268,077
	167,855	Compass Group PLC (Consumer Discretionary)		3,667,334
	29,421	Croda International PLC (Materials)		1,711,369
	10,843	DCC PLC (Industrials)		766,169
	160,362	Diageo PLC (Consumer Staples)		5,664,587
	159,651	Direct Line Insurance Group PLC (Financials)		626,042
	104,800	Experian PLC (Industrials)		3,468,341
	109,765	Fiat Chrysler Automobiles NV (Consumer Discretionary)		1,355,463
	456,874	GlaxoSmithKline PLC (Health Care)		9,116,460
	60,985	Halma PLC (Information Technology)		1,502,617
	248,218	Hargreaves Lansdown PLC (Financials)		4,871,458
	1,111,906	HSBC Holdings PLC (Financials)(a)		7,440,629
	56,766	Imperial Brands PLC (Consumer Staples)		1,127,343
	102,703	Informa PLC (Communication Services)		895,190
	37,692	InterContinental Hotels Group PLC (Consumer Discretionary)		2,071,156
	16,630	Intertek Group PLC (Industrials)		1,119,428
	749,149	J Sainsbury PLC (Consumer Staples)		1,873,109
	352,461	JD Sports Fashion PLC (Consumer Discretionary)		3,317,964
	10,701	Johnson Matthey PLC (Materials)		343,213
	635,233	Kingfisher PLC (Consumer Discretionary)		1,536,355
	67,805	Land Securities Group PLC REIT (Real Estate)		722,825
	1,001,468	Legal & General Group PLC (Financials)		3,325,857
	1,707,945	Lloyds Banking Group PLC (Financials)		1,095,143
	37,954	London Stock Exchange Group PLC (Financials)		3,672,744
	886,309	M&G PLC (Financials)*		2,250,581
	1,409,835	Marks & Spencer Group PLC (Consumer Discretionary)		2,852,441
	167,956	Meggitt PLC (Industrials)		1,162,754
	134,167	Micro Focus International PLC (Information Technology)		1,269,349
	59,384	Mondi PLC (Materials)		1,184,796
	235,843	National Grid PLC (Utilities)		2,960,611
	53,733	Next PLC (Consumer Discretionary)		4,174,271
	137,478	Ocado Group PLC (Consumer Discretionary)*		1,868,392
	131,883	Pearson PLC (Communication Services)		939,301
Common Stocks – (continued)
United Kingdom – (continued)
	13,364	Persimmon PLC (Consumer Discretionary)		484,613
	199,683	Prudential PLC (Financials)		3,231,550
	30,609	Reckitt Benckiser Group PLC (Consumer Staples)		2,236,734
	161,393	RELX PLC (Industrials)		3,849,803
	191,112	Rentokil Initial PLC (Industrials)		1,181,480
	87,345	Rolls-Royce Holdings PLC (Industrials)*		691,708
	136,376	RSA Insurance Group PLC (Financials)		903,714
	485,956	Sage Group PLC (The) (Information Technology)		4,232,014
	38,827	Schroders PLC (Financials)		1,415,406
	274,920	Segro PLC REIT (Real Estate)		2,883,689
	41,318	Severn Trent PLC (Utilities)		1,300,916
	220,725	Smith & Nephew PLC (Health Care)		4,902,801
	67,233	Smiths Group PLC (Industrials)		1,316,491
	5,743	Spirax-Sarco Engineering PLC (Industrials)		615,818
	86,764	SSE PLC (Utilities)		1,694,495
	44,046	St James’s Place PLC (Financials)		571,320
	83,152	Standard Chartered PLC (Financials)		597,538
	548,094	Standard Life Aberdeen PLC (Financials)		1,935,024
	189,182	Taylor Wimpey PLC (Consumer Discretionary)		488,601
	1,183,028	Tesco PLC (Consumer Staples)		3,452,824
	145,812	Unilever NV (Consumer Staples)		7,626,358
	136,919	Unilever PLC (Consumer Staples)		7,292,777
	87,527	United Utilities Group PLC (Utilities)		1,055,600
	2,229,962	Vodafone Group PLC (Communication Services)		3,827,019
	817,144	Wm Morrison Supermarkets PLC (Consumer Staples)(a)		1,787,402
	116,804	WPP PLC (Communication Services)		1,123,131
				203,537,259
United States – 0.8%
	52,823	Bausch Health Cos., Inc. (Health Care)*		1,170,303
	6,264	CyberArk Software Ltd. (Information Technology)*		655,841
	79,730	Ferguson PLC (Industrials)		6,863,961
	48,691	James Hardie Industries PLC CDI (Materials)		886,239
	256,661	Ovintiv, Inc. (Energy)		2,965,554
	19,918	QIAGEN NV (Health Care)*		726,380
				13,268,278
	TOTAL COMMON STOCKS
	(Cost $1,660,245,362)		$	1,664,375,153

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Shares		Description	Rate			Value
Preferred Stocks – 0.4%
Germany – 0.4%
	68,856	FUCHS PETROLUB SE (Materials)		2.66	%	$	2,610,915
	17,345	Henkel AG & Co KGaA (Consumer Staples)		2.17			1,594,322
	6,788	Porsche Automobil Holding SE (Consumer Discretionary)		3.85			419,639
	5,259	Sartorius AG (Health Care)		0.28			1,195,787
	4,752	Volkswagen AG (Consumer Discretionary)		3.19			775,563
	TOTAL PREFERRED STOCKS
	(Cost $7,438,005)					$	6,596,226
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $1,667,683,367)					$	1,670,971,379

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 1.5%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	26,919,831	1.507%	$	26,919,831
	(Cost $26,919,831)
	TOTAL INVESTMENTS – 101.2%
	(Cost $1,694,603,198)		$	1,697,891,210
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.2)%			(21,446,010	)
	NET ASSETS – 100.0%		$	1,676,445,200

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. 39

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

Schedule of Investments

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 99.7%
Communication Services – 9.3%
	1,033	CyberAgent, Inc.	$	39,217
	960	Dentsu Group, Inc.		25,027
	3,592	Hakuhodo DY Holdings, Inc.		41,926
	2,957	Kakaku.com, Inc.		63,326
	8,820	KDDI Corp.		250,049
	540	Konami Holdings Corp.		19,499
	734	LINE Corp.*		36,134
	3,246	Nexon Co. Ltd.		51,670
	480	Nintendo Co. Ltd.		161,402
	10,126	Nippon Telegraph & Telephone Corp.		237,461
	8,253	NTT DOCOMO, Inc.		223,990
	7,413	Softbank Corp.		97,074
	6,527	SoftBank Group Corp.		303,341
	1,091	Square Enix Holdings Co. Ltd.		43,998
	1,396	Toho Co. Ltd.		43,032
	8,982	Z Holdings Corp.		32,725
				1,669,871
Consumer Discretionary – 18.1%
	748	ABC-Mart, Inc.		42,717
	232	Aisin Seiki Co. Ltd.		7,528
	1,594	Bandai Namco Holdings, Inc.		79,356
	1,406	Benesse Holdings, Inc.		36,263
	2,746	Bridgestone Corp.		91,801
	2,884	Casio Computer Co. Ltd.		49,651
	1,392	Denso Corp.		54,459
	279	Fast Retailing Co. Ltd.		138,226
	246	Hikari Tsushin, Inc.		46,730
	10,496	Honda Motor Co. Ltd.		272,410
	1,495	Iida Group Holdings Co. Ltd.		20,222
	1,544	Isetan Mitsukoshi Holdings Ltd.		10,120
	1,277	Isuzu Motors Ltd.		12,028
	4,186	J Front Retailing Co. Ltd.		44,513
	232	Koito Manufacturing Co. Ltd.		9,163
	1,543	Marui Group Co. Ltd.		30,126
	2,582	Mazda Motor Corp.		17,953
	770	McDonald’s Holdings Co. Japan Ltd.		32,338
	1,515	Mitsubishi Motors Corp.		5,042
	420	NGK Spark Plug Co. Ltd.		6,911
	1,470	Nikon Corp.		15,114
	3,681	Nissan Motor Co. Ltd.		15,821
	533	Nitori Holdings Co. Ltd.		73,947
	842	Oriental Land Co. Ltd.		95,741
	2,139	Pan Pacific International Holdings Corp.		35,457
	10,434	Panasonic Corp.		99,682
	1,671	Rakuten, Inc.		13,989
	256	Rinnai Corp.		17,491
	2,228	Ryohin Keikaku Co. Ltd.		30,529
	572	Sankyo Co. Ltd.		18,799
	1,441	Sega Sammy Holdings, Inc.		19,010
	3,343	Sekisui Chemical Co. Ltd.		49,867
	6,209	Sekisui House Ltd.		121,860
	568	Shimamura Co. Ltd.(a)		37,967
	240	Shimano, Inc.		33,642
	6,198	Sony Corp.		379,873
Common Stocks – (continued)
Consumer Discretionary – (continued)
	482	Stanley Electric Co. Ltd.		11,779
	1,708	Subaru Corp.		41,479
	2,018	Sumitomo Electric Industries Ltd.		24,143
	8,762	Sumitomo Rubber Industries Ltd.		91,223
	1,529	Suzuki Motor Corp.		61,478
	727	Toyoda Gosei Co. Ltd.		15,542
	426	Toyota Industries Corp.		22,551
	10,357	Toyota Motor Corp.		684,321
	1,111	USS Co. Ltd.		17,572
	20,398	Yamada Denki Co. Ltd.		98,146
	708	Yamaha Corp.		34,788
	1,235	Yamaha Motor Co. Ltd.		19,785
	2,279	Yokohama Rubber Co. Ltd. (The)		37,122
	1,658	ZOZO, Inc.		23,272
				3,249,547
Consumer Staples – 9.6%
	4,012	Aeon Co. Ltd.		74,929
	2,633	Ajinomoto Co., Inc.		44,231
	2,439	Asahi Group Holdings Ltd.		93,838
	1,209	Calbee, Inc.		30,969
	1,591	Coca-Cola Bottlers Japan Holdings, Inc.(a)		36,654
	1,654	FamilyMart UNY Holdings Co. Ltd.(a)		36,587
	4,490	Japan Tobacco, Inc.		89,246
	2,342	Kao Corp.		170,833
	932	Kikkoman Corp.		43,289
	5,089	Kirin Holdings Co. Ltd.		97,897
	479	Kobayashi Pharmaceutical Co. Ltd.		34,860
	323	Kose Corp.		38,749
	787	Lawson, Inc.		41,807
	2,373	Lion Corp.		39,291
	836	MEIJI Holdings Co. Ltd.		49,913
	850	NH Foods Ltd.		32,072
	1,459	Nisshin Seifun Group, Inc.		24,699
	423	Nissin Foods Holdings Co. Ltd.		33,333
	942	Pigeon Corp.		31,963
	1,502	Pola Orbis Holdings, Inc.		28,741
	3,819	Seven & i Holdings Co. Ltd.		130,858
	2,026	Shiseido Co. Ltd.		120,548
	1,325	Sundrug Co. Ltd.		41,458
	1,645	Suntory Beverage & Food Ltd.		62,680
	1,073	Toyo Suisan Kaisha Ltd.		42,526
	502	Tsuruha Holdings, Inc.		58,314
	2,065	Unicharm Corp.		66,967
	1,027	Welcia Holdings Co. Ltd.		61,887
	591	Yakult Honsha Co. Ltd.		27,039
	2,579	Yamazaki Baking Co. Ltd.		43,874
				1,730,052
Energy – 1.7%
	4,317	Idemitsu Kosan Co. Ltd.		106,379
	5,304	Inpex Corp.		45,873
	35,916	JXTG Holdings, Inc.		144,510
				296,762

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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Financials – 10.2%
	6,599	Acom Co. Ltd.	$	27,163
	440	AEON Financial Service Co. Ltd.		6,396
	613	Aozora Bank Ltd.		15,356
	138	Bank of Kyoto Ltd. (The)		4,702
	1,635	Chiba Bank Ltd. (The)		8,079
	2,780	Concordia Financial Group Ltd.		9,588
	1,348	Credit Saison Co. Ltd.		19,595
	5,946	Dai-ichi Life Holdings, Inc.		81,502
	3,658	Daiwa Securities Group, Inc.		15,573
	3,051	Fukuoka Financial Group, Inc.		46,501
	3,353	Japan Exchange Group, Inc.		56,420
	1,886	Japan Post Bank Co. Ltd.		16,855
	12,728	Japan Post Holdings Co. Ltd.		111,002
	5,576	Japan Post Insurance Co. Ltd.		85,657
	24,667	Mebuki Financial Group, Inc.		48,252
	45,574	Mitsubishi UFJ Financial Group, Inc.		224,733
	8,554	Mitsubishi UFJ Lease & Finance Co. Ltd.		48,930
	59,287	Mizuho Financial Group, Inc.		81,127
	2,682	MS&AD Insurance Group Holdings, Inc.		86,603
	9,163	Nomura Holdings, Inc.		40,733
	7,655	ORIX Corp.		123,627
	7,581	Resona Holdings, Inc.		28,759
	1,006	SBI Holdings, Inc.		20,285
	5,968	Seven Bank Ltd.		15,713
	1,998	Shinsei Bank Ltd.		26,618
	1,986	Shizuoka Bank Ltd. (The)		12,557
	1,801	Sompo Holdings, Inc.		67,054
	2,008	Sony Financial Holdings, Inc.		40,173
	7,167	Sumitomo Mitsui Financial Group, Inc.		231,491
	1,267	Sumitomo Mitsui Trust Holdings, Inc.		43,461
	978	T&D Holdings, Inc.		9,656
	3,131	Tokio Marine Holdings, Inc.		168,386
	406	Tokyo Century Corp.		16,863
				1,839,410
Health Care – 10.2%
	652	Alfresa Holdings Corp.		11,461
	2,126	Asahi Intecc Co. Ltd.		50,970
	12,254	Astellas Pharma, Inc.		193,015
	1,283	Chugai Pharmaceutical Co. Ltd.		139,344
	2,879	Daiichi Sankyo Co. Ltd.		175,892
	1,315	Eisai Co. Ltd.		97,298
	317	Hisamitsu Pharmaceutical Co., Inc.		14,209
	2,175	Hoya Corp.		193,757
	1,862	Kyowa Kirin Co. Ltd.		44,364
	2,477	M3, Inc.		63,977
	892	Medipal Holdings Corp.		16,308
	394	Nippon Shinyaku Co. Ltd.		29,185
	6,819	Olympus Corp.		124,034
	1,824	Ono Pharmaceutical Co. Ltd.		37,371
	2,120	Otsuka Holdings Co. Ltd.		80,189
	435	PeptiDream, Inc.*		17,341
	2,241	Santen Pharmaceutical Co. Ltd.		35,984
	1,827	Shionogi & Co. Ltd.		99,002
	2,816	Sumitomo Dainippon Pharma Co. Ltd.		40,753
	349	Suzuken Co. Ltd.		11,567
Common Stocks – (continued)
Health Care – (continued)
	802	Sysmex Corp.		51,444
	362	Taisho Pharmaceutical Holdings Co. Ltd.		22,452
	5,902	Takeda Pharmaceutical Co. Ltd.		205,898
	2,636	Terumo Corp.		84,995
				1,840,810
Industrials – 17.4%
	353	AGC, Inc.		10,145
	816	Amada Holdings Co. Ltd.		7,626
	640	ANA Holdings, Inc.(a)		17,251
	665	Central Japan Railway Co.		109,616
	1,073	Dai Nippon Printing Co. Ltd.		25,814
	340	Daifuku Co. Ltd.		20,236
	1,024	Daikin Industries Ltd.		139,790
	1,103	East Japan Railway Co.		85,068
	512	FANUC Corp.		85,298
	231	Fuji Electric Co. Ltd.		6,345
	1,303	Hankyu Hanshin Holdings, Inc.		42,884
	1,088	Hino Motors Ltd.		8,997
	324	Hitachi Construction Machinery Co. Ltd.		7,999
	329	Hoshizaki Corp.		27,878
	9,460	ITOCHU Corp.		215,879
	970	Japan Airlines Co. Ltd.		24,082
	259	Japan Airport Terminal Co. Ltd.		10,133
	2,575	JGC Holdings Corp.		31,631
	559	JTEKT Corp.		5,457
	909	Kajima Corp.		9,801
	2,210	Kamigumi Co. Ltd.		42,473
	328	Kawasaki Heavy Industries Ltd.		5,960
	658	Keihan Holdings Co. Ltd.		26,719
	1,264	Keikyu Corp.		19,195
	315	Keio Corp.		15,156
	913	Keisei Electric Railway Co. Ltd.		29,244
	1,162	Kintetsu Group Holdings Co. Ltd.		50,255
	2,577	Komatsu Ltd.		52,142
	2,658	Kubota Corp.		37,530
	500	Kurita Water Industries Ltd.		12,956
	679	Kyushu Railway Co.		20,427
	4,891	LIXIL Group Corp.		73,457
	509	Makita Corp.		17,625
	22,870	Marubeni Corp.		151,979
	807	MINEBEA MITSUMI, Inc.		14,245
	1,970	MISUMI Group, Inc.		41,586
	7,732	Mitsubishi Corp.		192,825
	6,962	Mitsubishi Electric Corp.		88,489
	729	Mitsubishi Heavy Industries Ltd.		23,107
	5,675	Mitsui & Co. Ltd.		93,834
	619	Mitsui OSK Lines Ltd.		12,860
	1,682	MonotaRO Co. Ltd.		37,425
	276	Nabtesco Corp.		7,451
	1,414	Nagoya Railroad Co. Ltd.		36,954
	757	NGK Insulators Ltd.		11,910
	613	Nidec Corp.		72,629
	392	Nippon Express Co. Ltd.		18,789
	627	Nippon Yusen KK		8,975
	731	NSK Ltd.		5,605

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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Industrials – (continued)
	1,448	Obayashi Corp.	$	14,619
	976	Odakyu Electric Railway Co. Ltd.		18,857
	1,018	Park24 Co. Ltd.		19,848
	2,100	Persol Holdings Co. Ltd.		27,821
	5,850	Recruit Holdings Co. Ltd.		203,813
	728	Secom Co. Ltd.		57,874
	804	Seibu Holdings, Inc.		11,374
	672	SG Holdings Co. Ltd.		13,257
	1,717	Shimizu Corp.		15,632
	153	SMC Corp.		61,092
	467	Sohgo Security Services Co. Ltd.		21,864
	9,128	Sumitomo Corp.		130,702
	323	Sumitomo Heavy Industries Ltd.		7,043
	322	Taisei Corp.		11,030
	987	Tobu Railway Co. Ltd.		29,464
	1,849	Tokyu Corp.		28,387
	1,333	Toppan Printing Co. Ltd.		23,245
	1,786	Toshiba Corp.		48,431
	951	TOTO Ltd.		36,104
	3,776	Toyota Tsusho Corp.		114,297
	754	West Japan Railway Co.		53,251
	2,065	Yamato Holdings Co. Ltd.		32,584
	1,114	Yaskawa Electric Corp.		34,959
				3,129,280
Information Technology – 13.1%
	1,947	Advantest Corp.		88,717
	2,523	Alps Alpine Co. Ltd.		38,804
	2,543	Brother Industries Ltd.		45,336
	4,005	Canon, Inc.		101,494
	179	Disco Corp.		36,309
	2,381	FUJIFILM Holdings Corp.		116,484
	1,532	Fujitsu Ltd.		159,215
	200	GMO Payment Gateway, Inc.		12,275
	1,019	Hamamatsu Photonics KK		39,536
	189	Hirose Electric Co. Ltd.		20,080
	643	Hitachi High-Tech Corp.		47,510
	5,747	Hitachi Ltd.		193,778
	1,284	Itochu Techno-Solutions Corp.		35,640
	765	Keyence Corp.		244,042
	6,114	Konica Minolta, Inc.		33,216
	1,407	Kyocera Corp.		88,648
	2,071	Murata Manufacturing Co. Ltd.		109,843
	3,395	NEC Corp.		127,157
	2,700	Nomura Research Institute Ltd.		58,949
	6,350	NTT Data Corp.		76,001
	404	Obic Co. Ltd.		49,777
	1,236	Omron Corp.		66,919
	459	Oracle Corp. Japan		35,915
	973	Otsuka Corp.		41,630
	7,412	Renesas Electronics Corp.*		44,734
	6,257	Ricoh Co. Ltd.		58,298
	122	Rohm Co. Ltd.		8,030
	2,343	Seiko Epson Corp.		33,191
	1,644	Shimadzu Corp.		40,054
	1,370	SUMCO Corp.		20,842
Common Stocks – (continued)
Information Technology – (continued)
	372	TDK Corp.		36,039
	808	Tokyo Electron Ltd.		167,233
	802	Trend Micro, Inc.		39,927
	2,055	Yokogawa Electric Corp.		33,093
				2,348,716
Materials – 3.9%
	282	Air Water, Inc.		3,736
	3,374	Asahi Kasei Corp.		28,174
	501	Daicel Corp.		4,324
	978	Hitachi Chemical Co. Ltd.		41,300
	1,924	Hitachi Metals Ltd.		27,523
	477	JFE Holdings, Inc.		4,431
	502	JSR Corp.		8,843
	934	Kansai Paint Co. Ltd.		20,409
	636	Kuraray Co. Ltd.		6,627
	347	Maruichi Steel Tube Ltd.		8,428
	13,596	Mitsubishi Chemical Holdings Corp.		91,548
	3,583	Mitsubishi Materials Corp.		81,914
	2,015	Mitsui Chemicals, Inc.		43,694
	759	Nippon Paint Holdings Co. Ltd.		34,655
	1,118	Nippon Steel Corp.		12,604
	707	Nissan Chemical Corp.		29,921
	443	Nitto Denko Corp.		22,260
	806	Oji Holdings Corp.		3,848
	1,176	Shin-Etsu Chemical Co. Ltd.		132,411
	161	Showa Denko KK		3,481
	3,434	Sumitomo Chemical Co. Ltd.		12,512
	164	Sumitomo Metal Mining Co. Ltd.		4,083
	209	Taiheiyo Cement Corp.		5,160
	1,383	Taiyo Nippon Sanso Corp.		24,758
	1,459	Teijin Ltd.		24,009
	2,362	Toray Industries, Inc.		13,680
	644	Tosoh Corp.		8,842
				703,175
Real Estate – 5.0%
	905	Aeon Mall Co. Ltd.		12,845
	489	Daito Trust Construction Co. Ltd.		49,755
	2,583	Daiwa House Industry Co. Ltd.		71,349
	19	Daiwa House REIT Investment Corp. REIT		47,418
	3,188	Hulic Co. Ltd.		35,703
	11	Japan Prime Realty Investment Corp. REIT		48,440
	8	Japan Real Estate Investment Corp. REIT		54,587
	21	Japan Retail Fund Investment Corp. REIT		39,930
	4,178	Mitsubishi Estate Co. Ltd.		71,425
	2,158	Mitsui Fudosan Co. Ltd.		49,566
	8	Nippon Building Fund, Inc. REIT		60,001
	18	Nippon Prologis REIT, Inc. REIT		48,844
	3,908	Nomura Real Estate Holdings, Inc.		84,345
	32	Nomura Real Estate Master Fund, Inc. REIT		50,819
	25	Orix JREIT, Inc. REIT		47,513
	1,776	Sumitomo Realty & Development Co. Ltd.		55,520

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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Real Estate – (continued)
	3,694	Tokyu Fudosan Holdings Corp.	$	23,322
	26	United Urban Investment Corp. REIT		41,604
				892,986
Utilities – 1.2%
	1,284	Chubu Electric Power Co., Inc.		16,755
	1,390	Chugoku Electric Power Co., Inc. (The)		18,505
	748	Electric Power Development Co. Ltd.		16,060
	987	Kansai Electric Power Co., Inc. (The)		10,656
	1,767	Kyushu Electric Power Co., Inc.		12,810
	3,129	Osaka Gas Co. Ltd.		50,620
	651	Toho Gas Co. Ltd.		22,240
	1,552	Tohoku Electric Power Co., Inc.		13,640
	1,789	Tokyo Electric Power Co. Holdings, Inc.*		6,800
	2,561	Tokyo Gas Co. Ltd.		51,830
				219,916
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $18,531,462)		$	17,920,525
Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.6%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	99,343	1.507%	$	99,343
	(Cost $99,343)
	TOTAL INVESTMENTS – 100.3%
	(Cost $18,630,805)		$	18,019,868
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.3)%			(50,679	)
	NET ASSETS – 100.0%		$	17,969,189

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Represents an affiliated issuer.

Investment Abbreviations:
REIT	—Real Estate Investment Trust

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

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

Schedule of Investments

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 99.7%
Communication Services – 8.8%
	177,741	Activision Blizzard, Inc.	$	10,332,084
	70,450	Alphabet, Inc., Class A*		94,350,163
	72,199	Alphabet, Inc., Class C*		96,698,287
	182,680	Altice USA, Inc., Class A*		4,724,105
	1,541,982	AT&T, Inc.		54,308,606
	1,537,038	CenturyLink, Inc.		18,552,049
	40,900	Charter Communications, Inc., Class A*		20,170,653
	1,045,639	Comcast Corp., Class A		42,275,185
	156,391	Electronic Arts, Inc.*		15,853,356
	589,658	Facebook, Inc., Class A*		113,491,475
	682,732	Fox Corp., Class A		20,987,182
	68,230	IAC/InterActiveCorp*		13,914,826
	91,736	Liberty Broadband Corp., Class C*		11,548,645
	44,595	Netflix, Inc.*		16,456,893
	106,714	Omnicom Group, Inc.		7,393,146
	73,474	Roku, Inc.*		8,351,790
	153,701	Snap, Inc., Class A*		2,177,943
	19,705	Take-Two Interactive Software, Inc.*		2,117,893
	166,803	T-Mobile US, Inc.*		15,038,958
	912,140	Verizon Communications, Inc.		49,401,502
	89,704	ViacomCBS, Inc., Class B		2,207,615
	345,345	Walt Disney Co. (The)		40,629,839
				660,982,195
Consumer Discretionary – 12.0%
	67,141	Advance Auto Parts, Inc.		8,928,410
	98,243	Amazon.com, Inc.*		185,065,251
	36,535	Aramark		1,269,226
	28,007	AutoZone, Inc.*		28,917,508
	312,913	Best Buy Co., Inc.		23,671,868
	13,196	Booking Holdings, Inc.*		22,375,929
	80,041	Burlington Stores, Inc.*		17,309,667
	56,870	Carnival Corp.		1,902,870
	8,355	Chipotle Mexican Grill, Inc.*		6,463,261
	70,219	Darden Restaurants, Inc.		6,846,353
	146,055	Dollar General Corp.		21,952,067
	128,638	Dollar Tree, Inc.*		10,680,813
	78,665	Domino’s Pizza, Inc.		26,703,621
	54,049	D.R. Horton, Inc.		2,879,190
	292,873	eBay, Inc.		10,145,121
	50,378	Expedia Group, Inc.		4,968,278
	2,148,677	Ford Motor Co.		14,954,792
	67,597	Garmin Ltd.		5,974,899
	54,777	General Motors Co.		1,670,699
	118,914	Genuine Parts Co.		10,374,057
	112,440	Hasbro, Inc.		8,685,990
	114,732	Hilton Worldwide Holdings, Inc.		11,151,950
	337,213	Home Depot, Inc. (The)		73,458,480
	53,875	Las Vegas Sands Corp.		3,141,451
	81,569	Lennar Corp., Class A		4,921,874
	992,964	LKQ Corp.*		29,371,875
	307,050	Lowe’s Cos., Inc.		32,722,319
	32,476	Marriott International, Inc., Class A		4,027,024
	173,136	McDonald’s Corp.		33,617,817
Common Stocks – (continued)
Consumer Discretionary – (continued)
	64,454	MGM Resorts International		1,582,990
	462,285	NIKE, Inc., Class B		41,319,033
	432,526	Norwegian Cruise Line Holdings Ltd.*		16,115,919
	1,780	NVR, Inc.*		6,527,580
	65,507	O’Reilly Automotive, Inc.*		24,153,741
	134,525	PulteGroup, Inc.		5,407,905
	246,696	Ross Stores, Inc.		26,835,591
	238,239	Starbucks Corp.		18,685,085
	347,261	Target Corp.		35,767,883
	4,282	Tesla, Inc.*		2,860,333
	99,770	Tiffany & Co.		13,328,274
	489,283	TJX Cos., Inc. (The)		29,259,123
	134,143	Tractor Supply Co.		11,872,997
	59,473	Ulta Beauty, Inc.*		15,289,914
	203,712	VF Corp.		14,667,264
	220,372	Yum! Brands, Inc.		19,668,201
				897,494,493
Consumer Staples – 8.9%
	180,918	Altria Group, Inc.		7,303,660
	184,992	Archer-Daniels-Midland Co.		6,964,949
	275,099	Brown-Forman Corp., Class B		16,893,830
	176,272	Church & Dwight Co., Inc.		12,254,429
	159,529	Clorox Co. (The)		25,432,113
	698,694	Coca-Cola Co. (The)		37,373,142
	358,459	Colgate-Palmolive Co.		24,221,075
	151,294	Conagra Brands, Inc.		4,038,037
	19,178	Constellation Brands, Inc., Class A		3,305,904
	160,834	Costco Wholesale Corp.		45,216,871
	164,750	Estee Lauder Cos., Inc. (The), Class A		30,248,100
	171,382	General Mills, Inc.		8,397,718
	150,646	Hershey Co. (The)		21,691,517
	146,314	Hormel Foods Corp.		6,086,662
	107,504	JM Smucker Co. (The)		11,071,837
	108,865	Kellogg Co.		6,583,067
	152,185	Kimberly-Clark Corp.		19,965,150
	89,679	Kraft Heinz Co. (The)		2,221,349
	688,748	Kroger Co. (The)		19,374,481
	148,713	Lamb Weston Holdings, Inc.		12,921,673
	67,128	McCormick & Co., Inc.		9,813,442
	620,948	Molson Coors Beverage Co., Class B		30,805,230
	329,094	Mondelez International, Inc., Class A		17,376,163
	176,511	Monster Beverage Corp.*		11,016,051
	394,179	PepsiCo, Inc.		52,043,453
	344,625	Philip Morris International, Inc.		28,214,449
	502,072	Procter & Gamble Co. (The)		56,849,613
	371,595	Sysco Corp.		24,766,807
	307,328	Tyson Foods, Inc., Class A		20,846,058
	599,864	Walgreens Boots Alliance, Inc.		27,449,777
	636,800	Walmart, Inc.		68,570,624
				669,317,231
Energy – 1.8%
	33,308	Cheniere Energy, Inc.*		1,708,367
	295,444	Chevron Corp.		27,576,743

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

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

Shares		Description	Value
Common Stocks – (continued)
Energy – (continued)
	216,851	ConocoPhillips	$	10,499,926
	69,367	EOG Resources, Inc.		4,388,156
	617,778	Exxon Mobil Corp.		31,778,500
	359,015	Kinder Morgan, Inc.		6,882,318
	533,358	Marathon Petroleum Corp.		25,291,836
	86,164	ONEOK, Inc.		5,748,862
	116,005	Phillips 66		8,684,134
	77,786	Valero Energy Corp.		5,153,323
	146,370	Williams Cos., Inc. (The)		2,788,349
				130,500,514
Financials – 10.9%
	211,815	Aflac, Inc.		9,076,273
	6,692	Alleghany Corp.*		4,498,697
	74,835	Allstate Corp. (The)		7,876,384
	723,862	Ally Financial, Inc.		18,147,220
	158,022	American Express Co.		17,371,358
	84,591	American International Group, Inc.		3,566,357
	26,525	Ameriprise Financial, Inc.		3,747,982
	817,201	Annaly Capital Management, Inc. REIT		7,240,401
	91,926	Aon PLC		19,120,608
	283,430	Arch Capital Group Ltd.*		11,459,075
	114,880	Arthur J Gallagher & Co.		11,199,651
	1,969,004	Bank of America Corp.		56,116,614
	121,190	Bank of New York Mellon Corp. (The)		4,835,481
	174,518	Berkshire Hathaway, Inc., Class B*		36,010,044
	12,252	BlackRock, Inc.		5,672,799
	131,279	Blackstone Group, Inc. (The), Class A		7,068,061
	228,411	Capital One Financial Corp.		20,159,555
	59,560	Cboe Global Markets, Inc.		6,789,840
	131,215	Charles Schwab Corp. (The)		5,347,011
	82,329	Chubb Ltd.		11,940,175
	102,033	Cincinnati Financial Corp.		9,513,557
	410,912	Citigroup, Inc.		26,076,476
	263,767	Citizens Financial Group, Inc.		8,358,776
	76,943	CME Group, Inc.		15,297,807
	26,841	Comerica, Inc.		1,412,910
	112,030	Discover Financial Services		7,346,927
	28,586	Everest Re Group Ltd.		7,085,898
	47,342	FactSet Research Systems, Inc.		12,592,499
	184,979	Fidelity National Financial, Inc.		7,169,786
	348,093	Fifth Third Bancorp		8,493,469
	29,686	First Republic Bank		2,985,521
	172,922	Hartford Financial Services Group, Inc. (The)		8,637,454
	235,153	Huntington Bancshares, Inc.		2,885,327
	119,954	Intercontinental Exchange, Inc.		10,702,296
	760,852	JPMorgan Chase & Co.		88,342,526
	267,879	KeyCorp		4,379,822
	158,924	Lincoln National Corp.		7,213,560
	109,926	Loews Corp.		5,015,923
	24,770	M&T Bank Corp.		3,477,213
	5,543	Markel Corp.*		6,549,609
Common Stocks – (continued)
Financials – (continued)
	20,734	MarketAxess Holdings, Inc.		6,724,658
	154,086	Marsh & McLennan Cos., Inc.		16,111,232
	316,300	MetLife, Inc.		13,512,336
	110,932	Moody’s Corp.		26,627,008
	385,996	Morgan Stanley		17,381,400
	32,689	MSCI, Inc.		9,657,638
	70,977	Nasdaq, Inc.		7,278,691
	37,753	Northern Trust Corp.		3,313,203
	55,143	PNC Financial Services Group, Inc. (The)		6,970,075
	113,445	Principal Financial Group, Inc.		5,035,824
	183,268	Progressive Corp. (The)		13,407,887
	138,974	Prudential Financial, Inc.		10,485,588
	25,006	Raymond James Financial, Inc.		2,091,252
	172,137	Regions Financial Corp.		2,327,292
	57,567	Reinsurance Group of America, Inc.		7,024,901
	149,150	S&P Global, Inc.		39,660,476
	72,173	State Street Corp.		4,915,703
	406,537	Synchrony Financial		11,830,227
	140,365	T. Rowe Price Group, Inc.		16,564,474
	72,779	TD Ameritrade Holding Corp.		3,073,457
	57,121	Travelers Cos., Inc. (The)		6,843,667
	170,806	Truist Financial Corp.		7,880,989
	188,408	US Bancorp		8,749,668
	963,955	Wells Fargo & Co.		39,377,562
	46,691	Willis Towers Watson PLC		8,836,272
	167,688	WR Berkley Corp.		11,258,572
				817,720,994
Health Care – 13.7%
	314,699	Abbott Laboratories		24,241,264
	316,697	AbbVie, Inc.		27,144,100
	102,461	Agilent Technologies, Inc.		7,896,669
	21,140	Alexion Pharmaceuticals, Inc.*		1,987,794
	68,327	Align Technology, Inc.*		14,919,200
	138,611	Allergan PLC		26,428,959
	23,047	AmerisourceBergen Corp.		1,943,323
	173,994	Amgen, Inc.		34,751,822
	57,246	Anthem, Inc.		14,717,374
	195,027	Baxter International, Inc.		16,278,904
	38,117	Becton Dickinson and Co.		9,064,985
	69,818	Biogen, Inc.*		21,531,173
	264,367	Boston Scientific Corp.*		9,884,682
	455,023	Bristol-Myers Squibb Co.		26,873,658
	42,568	Centene Corp.*		2,256,955
	194,258	Cerner Corp.		13,456,252
	127,225	Cigna Corp.		23,274,541
	18,978	Cooper Cos., Inc. (The)		6,159,689
	525,794	CVS Health Corp.		31,116,489
	124,776	Danaher Corp.		18,040,114
	48,446	DENTSPLY SIRONA, Inc.		2,385,481
	49,306	DexCom, Inc.*		13,608,456
	122,765	Edwards Lifesciences Corp.*		25,147,183
	262,554	Eli Lilly & Co.		33,115,936
	33,597	Exact Sciences Corp.*		2,719,677
	379,557	Gilead Sciences, Inc.		26,326,074

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

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

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Health Care – (continued)
	15,054	HCA Healthcare, Inc.	$	1,912,009
	152,770	Henry Schein, Inc.*		9,309,804
	50,934	Hologic, Inc.*		2,400,010
	42,210	Humana, Inc.		13,493,693
	98,650	IDEXX Laboratories, Inc.*		25,107,412
	29,581	Illumina, Inc.*		7,858,784
	111,706	Incyte Corp.*		8,423,749
	17,392	Intuitive Surgical, Inc.*		9,286,632
	55,602	IQVIA Holdings, Inc.*		7,755,923
	689,281	Johnson & Johnson		92,694,509
	43,085	Laboratory Corp. of America Holdings*		7,569,604
	144,659	McKesson Corp.		20,232,008
	225,855	Medtronic PLC		22,736,823
	557,396	Merck & Co., Inc.		42,674,238
	31,203	Mettler-Toledo International, Inc.*		21,895,145
	1,812,535	Mylan NV*		31,157,477
	1,287,563	Pfizer, Inc.		43,030,355
	57,203	Quest Diagnostics, Inc.		6,066,950
	6,120	Regeneron Pharmaceuticals, Inc.*		2,720,768
	94,157	ResMed, Inc.		14,967,197
	65,520	STERIS PLC		10,392,782
	103,642	Stryker Corp.		19,753,129
	7,717	Teleflex, Inc.		2,585,349
	107,417	Thermo Fisher Scientific, Inc.		31,236,864
	218,503	UnitedHealth Group, Inc.		55,709,525
	54,345	Universal Health Services, Inc., Class B		6,724,650
	54,441	Varian Medical Systems, Inc.*		6,694,610
	48,536	Veeva Systems, Inc., Class A*		6,890,656
	59,699	Vertex Pharmaceuticals, Inc.*		13,374,367
	38,107	Waters Corp.*		7,426,673
	31,073	West Pharmaceutical Services, Inc.		4,678,351
	31,952	Zimmer Biomet Holdings, Inc.		4,350,265
	213,304	Zoetis, Inc.		28,418,492
				1,024,799,557
Industrials – 8.3%
	136,641	3M Co.		20,392,303
	100,934	AMETEK, Inc.		8,680,324
	199,308	Arconic, Inc.		5,849,690
	26,870	Boeing Co. (The)		7,392,206
	60,462	Caterpillar, Inc.		7,511,799
	241,888	C.H. Robinson Worldwide, Inc.		16,666,083
	73,188	Cintas Corp.		19,522,167
	107,185	Copart, Inc.*		9,054,989
	15,919	CoStar Group, Inc.*		10,627,365
	73,439	CSX Corp.		5,173,778
	87,744	Cummins, Inc.		13,274,790
	10,472	Deere & Co.		1,638,659
	285,337	Delta Air Lines, Inc.		13,162,596
	59,431	Dover Corp.		6,105,941
	123,089	Eaton Corp. PLC		11,166,634
	191,859	Emerson Electric Co.		12,300,080
	58,589	Equifax, Inc.		8,321,982
	67,023	Expeditors International of Washington, Inc.		4,719,760
Common Stocks – (continued)
Industrials – (continued)
	637,878	Fastenal Co.		21,828,185
	15,181	FedEx Corp.		2,143,102
	130,079	Fortive Corp.		8,996,264
	41,383	General Dynamics Corp.		6,608,451
	334,381	General Electric Co.		3,638,065
	133,583	Honeywell International, Inc.		21,663,155
	9,467	Huntington Ingalls Industries, Inc.		1,945,752
	39,379	IDEX Corp.		5,828,092
	145,235	IHS Markit Ltd.		10,346,541
	103,202	Illinois Tool Works, Inc.		17,315,232
	121,349	Ingersoll-Rand PLC		15,658,875
	78,219	Jacobs Engineering Group, Inc.		7,222,742
	27,981	J.B. Hunt Transport Services, Inc.		2,698,488
	184,134	Johnson Controls International PLC		6,733,780
	20,756	Kansas City Southern		3,127,514
	42,036	L3Harris Technologies, Inc.		8,311,778
	48,425	Lennox International, Inc.		11,047,195
	44,195	Lockheed Martin Corp.		16,346,405
	209,953	Masco Corp.		8,675,258
	25,444	Norfolk Southern Corp.		4,639,713
	50,233	Northrop Grumman Corp.		16,518,620
	41,938	PACCAR, Inc.		2,805,652
	59,867	Parker-Hannifin Corp.		11,061,626
	53,509	Raytheon Co.		10,089,657
	130,797	Republic Services, Inc.		11,805,737
	61,740	Rockwell Automation, Inc.		11,329,290
	35,780	Roper Technologies, Inc.		12,583,826
	254,001	Southwest Airlines Co.		11,732,306
	27,141	Stanley Black & Decker, Inc.		3,900,162
	22,132	Teledyne Technologies, Inc.*		7,465,566
	504,624	Textron, Inc.		20,487,734
	17,003	TransDigm Group, Inc.		9,484,443
	22,567	TransUnion		2,006,658
	57,385	Union Pacific Corp.		9,170,697
	295,876	United Airlines Holdings, Inc.*		18,223,003
	41,351	United Parcel Service, Inc., Class B		3,741,852
	143,215	United Rentals, Inc.*		18,973,123
	141,479	United Technologies Corp.		18,475,743
	83,904	Verisk Analytics, Inc.		13,014,349
	138,434	Waste Management, Inc.		15,339,872
	28,085	Westinghouse Air Brake Technologies Corp.		1,929,439
	69,069	W.W. Grainger, Inc.		19,169,410
	69,773	Xylem, Inc.		5,396,244
				621,040,742
Information Technology – 24.4%
	249,375	Accenture PLC, Class A		45,034,631
	137,348	Adobe, Inc.*		47,401,542
	606,131	Advanced Micro Devices, Inc.*		27,566,838
	107,205	Akamai Technologies, Inc.*		9,274,305
	87,560	Amphenol Corp., Class A		8,027,501
	41,225	Analog Devices, Inc.		4,495,586
	44,557	ANSYS, Inc.*		10,791,260
	1,078,484	Apple, Inc.		294,814,386
	303,057	Applied Materials, Inc.		17,613,673

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

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

Shares		Description	Value
Common Stocks – (continued)
Information Technology – (continued)
	24,292	Arista Networks, Inc.*	$	4,691,271
	96,541	Autodesk, Inc.*		18,427,746
	90,278	Automatic Data Processing, Inc.		13,969,618
	49,602	Broadcom, Inc.		13,522,497
	104,431	Broadridge Financial Solutions, Inc.		10,898,419
	371,161	Cadence Design Systems, Inc.*		24,548,589
	129,795	CDW Corp.		14,825,185
	980,344	Cisco Systems, Inc.		39,145,136
	167,613	Citrix Systems, Inc.		17,329,508
	199,039	Cognizant Technology Solutions Corp., Class A		12,127,446
	80,945	Corning, Inc.		1,931,348
	163,484	Fidelity National Information Services, Inc.		22,841,984
	151,390	Fiserv, Inc.*		16,556,010
	22,261	FleetCor Technologies, Inc.*		5,916,751
	98,381	Fortinet, Inc.*		10,040,765
	49,875	Gartner, Inc.*		6,453,326
	155,813	Global Payments, Inc.		28,664,918
	44,852	GoDaddy, Inc., Class A*		3,138,743
	114,731	Hewlett Packard Enterprise Co.		1,467,409
	650,482	HP, Inc.		13,523,521
	1,292,474	Intel Corp.		71,758,156
	250,499	International Business Machines Corp.		32,602,445
	124,545	Intuit, Inc.		33,110,288
	65,345	Jack Henry & Associates, Inc.		9,915,450
	151,465	Juniper Networks, Inc.		3,214,087
	79,904	Keysight Technologies, Inc.*		7,571,703
	44,517	KLA Corp.		6,842,708
	86,281	Lam Research Corp.		25,317,434
	270,035	Leidos Holdings, Inc.		27,719,093
	191,042	Mastercard, Inc., Class A		55,449,940
	80,405	Maxim Integrated Products, Inc.		4,472,126
	41,222	Microchip Technology, Inc.		3,739,248
	377,410	Micron Technology, Inc.*		19,836,670
	1,947,547	Microsoft Corp.		315,522,089
	89,178	Motorola Solutions, Inc.		14,775,011
	178,700	NetApp, Inc.		8,348,864
	471,698	NortonLifeLock, Inc.		8,976,413
	135,375	NVIDIA Corp.		36,560,726
	47,626	Okta, Inc.*		6,098,986
	671,048	Oracle Corp.		33,190,034
	33,361	Palo Alto Networks, Inc.*		6,159,108
	175,401	Paychex, Inc.		13,590,069
	162,067	PayPal Holdings, Inc.*		17,501,615
	116,878	Qorvo, Inc.*		11,755,589
	148,805	QUALCOMM, Inc.		11,651,431
	80,474	RingCentral, Inc., Class A*		18,971,746
	176,165	salesforce.com, Inc.*		30,018,516
	208,696	Seagate Technology PLC		10,006,973
	69,544	ServiceNow, Inc.*		22,677,603
	133,526	Skyworks Solutions, Inc.		13,376,635
	38,605	Splunk, Inc.*		5,687,675
	64,202	Square, Inc., Class A*		5,349,953
	170,717	SS&C Technologies Holdings, Inc.		9,474,794
Common Stocks – (continued)
Information Technology – (continued)
	144,505	Synopsys, Inc.*		19,931,575
	89,663	TE Connectivity Ltd.		7,430,373
	62,198	Teradyne, Inc.		3,654,754
	295,879	Texas Instruments, Inc.		33,771,629
	43,198	Trimble, Inc.*		1,705,457
	103,102	VeriSign, Inc.*		19,563,605
	344,558	Visa, Inc., Class A		62,626,862
	49,269	VMware, Inc., Class A*		5,937,900
	30,212	Western Digital Corp.		1,678,579
	544,500	Western Union Co. (The)		12,191,355
	29,546	Workday, Inc., Class A*		5,118,845
	53,303	Xilinx, Inc.		4,450,267
	8,102	Zebra Technologies Corp., Class A*		1,709,279
				1,826,053,570
Materials – 1.4%
	60,562	Air Products & Chemicals, Inc.		13,300,021
	13,670	Avery Dennison Corp.		1,565,078
	141,352	Ball Corp.		9,959,662
	72,833	Eastman Chemical Co.		4,479,958
	70,126	Ecolab, Inc.		12,654,237
	102,153	International Paper Co.		3,775,575
	18,213	Martin Marietta Materials, Inc.		4,144,004
	198,774	Newmont Corp.		8,871,284
	145,304	Nucor Corp.		6,008,320
	24,777	Packaging Corp. of America		2,245,292
	51,223	PPG Industries, Inc.		5,350,242
	26,655	Sherwin-Williams Co. (The)		13,773,971
	35,102	Vulcan Materials Co.		4,221,366
	451,579	Westrock Co.		15,015,002
				105,364,012
Real Estate – 4.4%
	48,735	Alexandria Real Estate Equities, Inc. REIT		7,401,872
	90,682	American Tower Corp. REIT		20,566,678
	49,242	AvalonBay Communities, Inc. REIT		9,877,453
	32,305	Boston Properties, Inc. REIT		4,165,407
	109,200	Camden Property Trust REIT		11,573,016
	301,825	CBRE Group, Inc., Class A*		16,944,455
	107,377	Crown Castle International Corp. REIT		15,386,050
	101,281	Digital Realty Trust, Inc. REIT		12,164,861
	183,244	Duke Realty Corp. REIT		5,949,933
	20,216	Equinix, Inc. REIT		11,579,725
	153,432	Equity LifeStyle Properties, Inc. REIT		10,484,009
	152,167	Equity Residential REIT		11,427,742
	35,866	Essex Property Trust, Inc. REIT		10,162,990
	91,040	Extra Space Storage, Inc. REIT		9,136,774
	41,968	Federal Realty Investment Trust REIT		4,882,557
	256,078	Healthpeak Properties, Inc. REIT		8,102,308
	1,024,699	Host Hotels & Resorts, Inc. REIT		14,837,641
	371,574	Invitation Homes, Inc. REIT		10,660,458
	59,391	Iron Mountain, Inc. REIT		1,806,080

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

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

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Real Estate – (continued)
	81,551	Mid-America Apartment Communities, Inc. REIT	$	10,541,282
	85,412	Omega Healthcare Investors, Inc. REIT		3,382,315
	132,465	Prologis, Inc. REIT		11,164,150
	40,957	Public Storage REIT		8,564,928
	149,296	Realty Income Corp. REIT		10,807,537
	61,658	Regency Centers Corp. REIT		3,541,636
	44,158	SBA Communications Corp. REIT		11,705,844
	49,358	Simon Property Group, Inc. REIT		6,074,983
	87,966	Sun Communities, Inc. REIT		13,448,242
	174,849	UDR, Inc. REIT		7,864,708
	135,022	Ventas, Inc. REIT		7,260,133
	718,912	VEREIT, Inc. REIT		6,225,778
	215,704	VICI Properties, Inc. REIT		5,405,542
	63,233	Vornado Realty Trust REIT		3,388,024
	130,043	Welltower, Inc. REIT		9,729,817
	101,263	Weyerhaeuser Co. REIT		2,630,813
	131,696	W.P. Carey, Inc. REIT		10,194,587
				329,040,328
Utilities – 5.1%
	371,405	AES Corp.		6,213,606
	180,364	Alliant Energy Corp.		9,400,572
	155,595	Ameren Corp.		12,292,005
	163,305	American Electric Power Co., Inc.		14,576,604
	101,514	American Water Works Co., Inc.		12,553,221
	78,311	Atmos Energy Corp.		8,085,611
	290,458	CenterPoint Energy, Inc.		6,686,343
	184,989	CMS Energy Corp.		11,177,035
	137,510	Consolidated Edison, Inc.		10,838,538
	175,543	Dominion Energy, Inc.		13,723,952
	95,007	DTE Energy Co.		10,609,432
	158,450	Duke Energy Corp.		14,529,865
	69,163	Edison International		4,647,062
	113,855	Entergy Corp.		13,310,788
	195,431	Essential Utilities, Inc.		8,405,487
Common Stocks – (continued)
Utilities – (continued)
	172,630	Evergy, Inc.		11,281,371
	166,474	Eversource Energy		14,393,342
	302,860	Exelon Corp.		13,056,295
	271,058	FirstEnergy Corp.		12,070,213
	129,305	NextEra Energy, Inc.		32,683,132
	215,111	NiSource, Inc.		5,812,299
	291,978	NRG Energy, Inc.		9,696,589
	69,309	Pinnacle West Capital Corp.		6,202,462
	247,444	PPL Corp.		7,425,794
	192,165	Public Service Enterprise Group, Inc.		9,859,986
	86,301	Sempra Energy		12,063,154
	290,309	Southern Co. (The)		17,523,051
	291,728	UGI Corp.		10,513,877
	1,932,963	Vistra Energy Corp.		37,170,879
	149,363	WEC Energy Group, Inc.		13,790,686
	215,807	Xcel Energy, Inc.		13,449,092
				384,042,343
	TOTAL INVESTMENTS – 99.7%
	(Cost $6,782,614,573)		$	7,466,355,979
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.3%			21,097,902
	NET ASSETS – 100.0%		$	7,487,453,881

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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 29, 2020, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
S&P 500 E-Mini Index	115	03/20/20	$	19,344,719	$	(2,375,894	)

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

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

Schedule of Investments

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 99.0%
Communication Services – 2.3%
	128	ATN International, Inc.	$	6,899
	959	Boston Omaha Corp., Class A*		18,662
	3,127	Cargurus, Inc.*		79,707
	2,990	Cars.com, Inc.*		27,149
	6,271	Central European Media Enterprises Ltd., Class A (Czech Republic)*		27,781
	1,675	Cogent Communications Holdings, Inc.		122,292
	7,207	Consolidated Communications Holdings, Inc.		44,828
	68	Daily Journal Corp.*(a)		17,000
	8,940	DHI Group, Inc.*		20,383
	819	Emerald Holding, Inc.		5,618
	5,944	Entercom Communications Corp., Class A		20,626
	6,352	Eros International PLC (India)*(a)		14,673
	1,973	EverQuote, Inc., Class A*		80,143
	2,614	EW Scripps Co. (The), Class A		31,107
	2,727	Fluent, Inc.*		6,354
	14,685	Frontier Communications Corp.*		7,945
	23	Gaia, Inc.*		194
	11,239	Gannett Co., Inc.		47,204
	9,909	Glu Mobile, Inc.*		70,552
	3,570	Gray Television, Inc.*		67,544
	1,714	Hemisphere Media Group, Inc.*		21,648
	3,865	IDT Corp., Class B*		29,760
	937	IMAX Corp.*		14,598
	3,169	Intelsat S.A.*(a)		12,232
	1,632	Iridium Communications, Inc.*		44,178
	12,434	Lee Enterprises, Inc.*		18,651
	1,928	Liberty Latin America Ltd., Class A (Chile)*		29,209
	3,252	Liberty Latin America Ltd., Class C (Chile)*		49,398
	1,030	Liberty Media Corp.- Liberty Braves, Class A*		26,801
	1,485	Liberty Media Corp.- Liberty Braves, Class C*		38,580
	2,712	Liberty TripAdvisor Holdings, Inc., Class A*		11,811
	3,411	Marchex, Inc., Class B*		8,834
	1,036	Marcus Corp. (The)		27,682
	8,946	Meet Group, Inc. (The)*		45,625
	963	Meredith Corp.		25,375
	3,990	MSG Networks, Inc., Class A*		50,434
	4,720	National CineMedia, Inc.		36,297
	2,236	Ooma, Inc.*		28,688
	5,862	ORBCOMM, Inc.*		19,403
	2,605	QuinStreet, Inc.*		33,552
	1,603	Reading International, Inc., Class A*		13,353
	133	Saga Communications, Inc., Class A		3,828
	2,635	Scholastic Corp.		84,557
	1,286	Shenandoah Telecommunications Co.		57,137
	2,497	Spok Holdings, Inc.		24,870
	3,153	TechTarget, Inc.*		72,929
	7,252	TEGNA, Inc.		103,849
	8,809	TrueCar, Inc.*		23,168
	17,691	Vonage Holdings Corp.*		158,511
	3,972	Yelp, Inc.*		124,204
				1,955,823
Common Stocks – (continued)
Consumer Discretionary – 11.1%
	4,379	1-800-Flowers.com, Inc., Class A*		78,997
	4,314	Aaron’s, Inc.		169,670
	4,308	Abercrombie & Fitch Co., Class A		56,564
	1,871	Acushnet Holdings Corp.		47,617
	1,911	Adient PLC*		45,730
	3,468	Adtalem Global Education, Inc.*		107,057
	1,016	America’s Car-Mart, Inc.*		104,414
	4,124	American Axle & Manufacturing Holdings, Inc.*		26,105
	7,181	American Eagle Outfitters, Inc.		92,491
	3,124	American Public Education, Inc.*		69,540
	826	Asbury Automotive Group, Inc.*		73,217
	606	Ascena Retail Group, Inc.*		2,303
	6,091	Barnes & Noble Education, Inc.*		20,161
	1,663	Bassett Furniture Industries, Inc.		16,414
	7,095	BBX Capital Corp.		24,691
	3,358	Beazer Homes USA, Inc.*		41,169
	4,785	Bed Bath & Beyond, Inc.		51,726
	2,173	Big Lots, Inc.		34,355
	196	Biglari Holdings, Inc., Class B*		20,670
	758	BJ’s Restaurants, Inc.		24,976
	2,949	Bloomin’ Brands, Inc.		53,053
	1,515	Boot Barn Holdings, Inc.*		46,465
	3,276	Boyd Gaming Corp.		87,502
	987	Brinker International, Inc.		33,903
	2,187	Buckle, Inc. (The)		49,492
	2,547	Caleres, Inc.		29,367
	3,116	Callaway Golf Co.		52,910
	1,707	Carriage Services, Inc.		36,103
	1,910	Cato Corp. (The), Class A		30,885
	238	Cavco Industries, Inc.*		48,009
	3,729	Century Casinos, Inc.*		26,028
	1,900	Cheesecake Factory, Inc. (The)		67,697
	3,229	Chegg, Inc.*		126,609
	9,992	Chico’s FAS, Inc.		40,068
	960	Children’s Place, Inc. (The)(a)		55,296
	1,025	Churchill Downs, Inc.		128,781
	1,474	Citi Trends, Inc.		29,141
	2,034	Clarus Corp.		23,513
	1,858	Collectors Universe, Inc.		42,743
	382	Container Store Group, Inc. (The)*		1,444
	1,894	Cooper Tire & Rubber Co.		48,278
	1,939	Core-Mark Holding Co., Inc.		44,616
	580	Cracker Barrel Old Country Store, Inc.		83,131
	4,647	Crocs, Inc.*		121,612
	4,436	Dana, Inc.		63,790
	924	Dave & Buster’s Entertainment, Inc.		30,501
	1,654	Deckers Outdoor Corp.*		287,465
	3,185	Del Taco Restaurants, Inc.*		20,384
	700	Delta Apparel, Inc.*		13,832
	5,812	Denny’s Corp.*		101,187
	2,511	Designer Brands, Inc., Class A		33,924
	575	Dillard’s, Inc., Class A(a)		32,367
	402	Dine Brands Global, Inc.		32,904
	1,779	Dorman Products, Inc.*		107,879
	256	Drive Shack, Inc.*		732

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

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

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Consumer Discretionary – (continued)
	2,270	Duluth Holdings, Inc., Class B*(a)	$	15,572
	2,585	El Pollo Loco Holdings, Inc.*		33,346
	1,628	Eldorado Resorts, Inc.*		81,693
	2,963	Ethan Allen Interiors, Inc.		39,112
	3,614	Everi Holdings, Inc.*		37,586
	7,652	Express, Inc.*		28,312
	2,748	Fiesta Restaurant Group, Inc.*		26,546
	7,679	Fossil Group, Inc.*		35,247
	2,361	Fox Factory Holding Corp.*		149,687
	5,620	GameStop Corp., Class A(a)		20,232
	1,656	Genesco, Inc.*		56,983
	2,159	Gentherm, Inc.*		88,044
	1,501	G-III Apparel Group Ltd.*		33,562
	1,750	Golden Entertainment, Inc.*		28,490
	6,686	GoPro, Inc., Class A*(a)		25,373
	706	Group 1 Automotive, Inc.		60,172
	20,545	Groupon, Inc.*		27,530
	1,868	Guess?, Inc.		30,262
	2,531	Haverty Furniture Cos., Inc.		42,571
	795	Helen of Troy Ltd.*		130,857
	2,466	Hibbett Sports, Inc.*		48,136
	5,758	Houghton Mifflin Harcourt Co.*		31,496
	2,338	Hudson Ltd., Class A*		21,767
	925	Installed Building Products, Inc.*		61,096
	1,304	iRobot Corp.*(a)		62,579
	2,951	J Alexander’s Holdings, Inc.*		24,228
	1,267	Jack in the Box, Inc.		87,246
	26,612	JC Penney Co., Inc.*(a)		18,362
	846	Johnson Outdoors, Inc., Class A		52,799
	5,718	K12, Inc.*		113,674
	4,023	KB Home		131,110
	905	Kontoor Brands, Inc.		30,535
	1,494	Lands’ End, Inc.*		15,747
	5,073	Laureate Education, Inc., Class A*		94,865
	3,299	La-Z-Boy, Inc.		94,516
	1,410	LCI Industries		136,136
	2,377	Leaf Group Ltd.*		6,252
	2,089	Lifetime Brands, Inc.		13,286
	2,168	Lindblad Expeditions Holdings, Inc.*		25,799
	2,949	Liquidity Services, Inc.*		11,560
	805	Lithia Motors, Inc., Class A		95,924
	2,326	Lumber Liquidators Holdings, Inc.*		22,795
	1,618	M/I Homes, Inc.*		60,238
	1,183	Malibu Boats, Inc., Class A*		51,981
	1,456	Marine Products Corp.		18,316
	1,188	Marriott Vacations Worldwide Corp.		114,975
	3,171	MasterCraft Boat Holdings, Inc.*		51,275
	1,421	MDC Holdings, Inc.		55,902
	1,372	Meritage Homes Corp.*		87,067
	3,628	Michaels Cos., Inc. (The)*		15,564
	3,083	Modine Manufacturing Co.*		22,999
	818	Monarch Casino & Resort, Inc.*		38,675
	674	Monro, Inc.		37,825
	1,293	Murphy USA, Inc.*		126,068
	654	Nathan’s Famous, Inc.		38,913
	871	National Vision Holdings, Inc.*		30,328
Common Stocks – (continued)
Consumer Discretionary – (continued)
	20,469	Office Depot, Inc.		48,102
	1,411	Oxford Industries, Inc.		85,210
	1,792	Papa John’s International, Inc.		103,237
	4,977	Penn National Gaming, Inc.*		147,170
	9,501	Perdoceo Education Corp.*		141,850
	1,417	PetMed Express, Inc.		37,409
	1,694	PlayAGS, Inc.*		16,415
	4,895	Potbelly Corp.*		24,475
	2,392	Quotient Technology, Inc.*		21,408
	1,448	RCI Hospitality Holdings, Inc.		29,177
	1,133	Red Robin Gourmet Burgers, Inc.*		31,158
	882	Red Rock Resorts, Inc., Class A		18,178
	3,487	Regis Corp.*		44,494
	5,671	Rent-A-Center, Inc.		120,736
	1,006	RH*		182,488
	4,456	RTW RetailWinds, Inc.*		1,248
	2,755	Rubicon Project, Inc. (The)*		31,269
	2,581	Ruth’s Hospitality Group, Inc.		49,375
	5,332	Sally Beauty Holdings, Inc.*		66,330
	1,003	Scientific Games Corp.*		18,295
	2,040	SeaWorld Entertainment, Inc.*		55,508
	387	Shake Shack, Inc., Class A*		23,003
	2,147	Shoe Carnival, Inc.		64,217
	1,407	Shutterstock, Inc.*		54,226
	1,766	Signet Jewelers Ltd.		41,183
	1,505	Skyline Champion Corp.*		38,347
	2,253	Sleep Number Corp.*		99,245
	4,671	Sonos, Inc.*		53,903
	663	Stamps.com, Inc.*		93,556
	1,777	Standard Motor Products, Inc.		78,188
	3,805	Steven Madden Ltd.		124,424
	1,737	Stitch Fix, Inc., Class A*(a)		41,740
	4,540	Stoneridge, Inc.*		100,334
	691	Strategic Education, Inc.		101,840
	1,405	Sturm Ruger & Co., Inc.		67,496
	5,857	Taylor Morrison Home Corp.*		131,900
	1,956	Texas Roadhouse, Inc.		109,966
	3,017	Tilly’s, Inc., Class A		19,611
	1,204	TopBuild Corp.*		121,604
	4,963	TRI Pointe Group, Inc.*		76,083
	3,488	Tupperware Brands Corp.(a)		9,941
	4,630	Vera Bradley, Inc.*		38,244
	430	Visteon Corp.*		27,967
	811	Weyco Group, Inc.		17,793
	1,859	Wingstop, Inc.		156,993
	497	Winmark Corp.		99,400
	1,033	Winnebago Industries, Inc.		53,602
	3,021	Wolverine World Wide, Inc.		79,422
	5,065	WW International, Inc.*		151,950
	589	YETI Holdings, Inc.*		17,817
	4,362	ZAGG, Inc.*		29,313
	2,992	Zumiez, Inc.*		79,378
				9,556,907
Consumer Staples – 3.0%
	305	Alico, Inc.		9,934
	3,004	BJ’s Wholesale Club Holdings, Inc.*		57,857

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

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

Shares		Description	Value
Common Stocks – (continued)
Consumer Staples – (continued)
	597	Boston Beer Co., Inc. (The), Class A*	$	221,362
	393	Calavo Growers, Inc.(a)		28,473
	1,367	Cal-Maine Foods, Inc.		47,695
	5,247	Celsius Holdings, Inc.*(a)		31,010
	1,139	Central Garden & Pet Co.*		30,502
	1,607	Central Garden & Pet Co., Class A*		40,673
	1,550	Chefs’ Warehouse, Inc. (The)*		47,461
	455	Coca-Cola Consolidated, Inc.		89,353
	6,352	Darling Ingredients, Inc.*		163,246
	1,633	Edgewell Personal Care Co.*		49,578
	1,794	Farmer Brothers Co.*		22,156
	1,861	Fresh Del Monte Produce, Inc.		51,029
	2,962	Freshpet, Inc.*		196,855
	6,665	Hostess Brands, Inc.*		84,712
	1,900	Ingles Markets, Inc., Class A		67,963
	849	Inter Parfums, Inc.		50,991
	588	J&J Snack Foods Corp.		94,562
	636	John B Sanfilippo & Son, Inc.		44,641
	701	Lancaster Colony Corp.		101,259
	2,248	Landec Corp.*		23,064
	3,187	Lifevantage Corp.*		37,957
	797	Medifast, Inc.(a)		66,239
	419	MGP Ingredients, Inc.		12,050
	1,213	National Beverage Corp.*(a)		51,298
	1,653	Nature’s Sunshine Products, Inc.*		13,555
	136	Oil-Dri Corp. of America		4,138
	4,554	Performance Food Group Co.*		193,090
	2,879	Rite Aid Corp.*		39,212
	681	Sanderson Farms, Inc.		84,144
	1,899	Simply Good Foods Co. (The)*		41,892
	1,824	SpartanNash Co.		22,672
	644	Tootsie Roll Industries, Inc.		20,660
	1,164	Turning Point Brands, Inc.		30,439
	3,034	United Natural Foods, Inc.*(a)		19,630
	1,177	Universal Corp.		58,085
	1,193	USANA Health Sciences, Inc.*		78,857
	4,004	Vector Group Ltd.		46,526
	1,827	Village Super Market, Inc., Class A		37,545
	654	WD-40 Co.		112,808
	1,042	Weis Markets, Inc.		38,815
				2,563,988
Energy – 1.4%
	8,351	Abraxas Petroleum Corp.*		1,587
	1,032	Arch Coal, Inc., Class A		51,961
	2,553	Cactus, Inc., Class A		69,722
	1,843	CONSOL Energy, Inc.*		10,487
	1,328	CVR Energy, Inc.		37,742
	3,035	Delek US Holdings, Inc.		64,888
	18,211	Denbury Resources, Inc.*		13,702
	3,300	DHT Holdings, Inc.		18,315
	1,824	DMC Global, Inc.		65,773
	3,736	Dorian LPG Ltd.*		41,544
	2,701	Era Group, Inc.*		26,470
	5,831	Evolution Petroleum Corp.		27,464
	1,350	Exterran Corp.*		6,885
Common Stocks – (continued)
Energy – (continued)
	958	Falcon Minerals Corp.		3,827
	4,372	FTS International, Inc.*		4,044
	3,125	Hallador Energy Co.		4,031
	4,135	Helix Energy Solutions Group, Inc.*		27,746
	4,841	Liberty Oilfield Services, Inc., Class A		32,386
	1,595	Magnolia Oil & Gas Corp., Class A*		11,978
	3,621	Matrix Service Co.*		43,742
	11,018	Nabors Industries Ltd.		19,392
	5,013	Newpark Resources, Inc.*		17,596
	15,160	NexTier Oilfield Solutions, Inc.*		70,646
	4,551	Nordic American Tankers Ltd.		14,654
	27,388	Northern Oil and Gas, Inc.*(a)		39,713
	1,829	Oceaneering International, Inc.*		19,278
	1,844	Oil States International, Inc.*		14,586
	3,901	Overseas Shipholding Group, Inc., Class A*		6,710
	2,285	Par Pacific Holdings, Inc.*		37,908
	1,377	Penn Virginia Corp.*		21,894
	4,783	ProPetro Holding Corp.*		41,899
	477	Renewable Energy Group, Inc.*		12,617
	870	REX American Resources Corp.*		60,909
	2,932	RigNet, Inc.*		10,321
	7,711	RPC, Inc.		26,526
	1,407	Scorpio Tankers, Inc. (Monaco)		27,830
	550	SEACOR Holdings, Inc.*		20,515
	2,552	Select Energy Services, Inc., Class A*		16,588
	1,587	SFL Corp. Ltd. (Norway)		19,266
	3,048	Solaris Oilfield Infrastructure, Inc., Class A		32,309
	2,661	Teekay Tankers Ltd., Class A (Bermuda)*		44,039
	15,611	W&T Offshore, Inc.*		40,589
	1,791	World Fuel Services Corp.		50,649
				1,230,728
Financials – 19.6%
	810	1st Constitution Bancorp		14,839
	805	1st Source Corp.		33,850
	324	ACNB Corp.		9,876
	3,486	AG Mortgage Investment Trust, Inc. REIT		52,185
	759	Allegiance Bancshares, Inc.		25,176
	1,417	Ambac Financial Group, Inc.*		27,235
	976	Amerant Bancorp, Inc.*		18,017
	2,839	American Equity Investment Life Holding Co.		71,770
	921	American National Bankshares, Inc.		28,450
	1,061	Ameris Bancorp		36,265
	1,356	AMERISAFE, Inc.		88,371
	359	Ames National Corp.		9,287
	6,631	Anworth Mortgage Asset Corp. REIT		21,683
	5,623	Apollo Commercial Real Estate Finance, Inc. REIT		91,093
	3,266	Ares Commercial Real Estate Corp. REIT		49,839
	3,087	Ares Management Corp., Class A		106,779
	1,242	Argo Group International Holdings Ltd.		69,875
	1,595	ARMOUR Residential REIT, Inc. REIT		28,838
	1,674	Arrow Financial Corp.		53,016

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

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

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Financials – (continued)
	3,914	Artisan Partners Asset Management, Inc., Class A	$	111,862
	420	Associated Capital Group, Inc., Class A		17,283
	1,834	Atlantic Capital Bancshares, Inc.*		33,250
	2,941	Atlantic Union Bankshares Corp.		87,465
	5,191	Axos Financial, Inc.*		129,308
	2,464	B. Riley Financial, Inc.		58,298
	4,060	Banc of California, Inc.		62,240
	1,419	BancFirst Corp.		72,795
	1,009	Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		18,041
	3,476	BancorpSouth Bank		85,058
	528	Bank First Corp.		31,258
	2,623	Bank of Commerce Holdings		27,423
	837	Bank of Marin Bancorp		31,915
	4,424	Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		122,456
	1,974	BankFinancial Corp.		22,385
	980	Bankwell Financial Group, Inc.		27,901
	1,300	Banner Corp.		59,332
	811	Bar Harbor Bankshares		16,561
	2,224	BCB Bancorp, Inc.		25,220
	2,348	Berkshire Hills Bancorp, Inc.		57,315
	3,982	Blackstone Mortgage Trust, Inc., Class A REIT		143,591
	1,239	Blucora, Inc.*		21,559
	4,244	Boston Private Financial Holdings, Inc.		41,400
	1,224	Bridge Bancorp, Inc.		33,684
	5,371	Brightsphere Investment Group, Inc.		50,219
	3,314	Brookline Bancorp, Inc.		45,965
	1,257	Bryn Mawr Bank Corp.		41,783
	478	C&F Financial Corp.		21,749
	4,235	Cadence BanCorp		59,798
	354	Cambridge Bancorp		24,238
	1,859	Camden National Corp.		76,238
	1,528	Cannae Holdings, Inc.*		56,979
	1,827	Capital City Bank Group, Inc.		48,690
	3,410	Capitol Federal Financial, Inc.		41,619
	1,284	Capstar Financial Holdings, Inc.		17,257
	5,757	Capstead Mortgage Corp. REIT		40,875
	1,164	Carolina Financial Corp.		37,714
	3,624	Cathay General Bancorp		111,547
	3,916	CenterState Bank Corp.		79,221
	1,579	Central Pacific Financial Corp.		37,770
	1,305	Central Valley Community Bancorp		22,446
	481	Century Bancorp, Inc., Class A		34,776
	559	Chemung Financial Corp.		20,068
	2,140	Cherry Hill Mortgage Investment Corp. REIT		30,516
	1,042	Citizens & Northern Corp.		23,643
	1,352	City Holding Co.		94,532
	2,280	Civista Bancshares, Inc.		43,639
	1,091	CNB Financial Corp.		27,351
	4,803	CNO Financial Group, Inc.		76,944
	1,208	Codorus Valley Bancorp, Inc.		24,885
	2,207	Cohen & Steers, Inc.		138,269
Common Stocks – (continued)
Financials – (continued)
	1,066	Colony Bankcorp, Inc.		15,851
	2,289	Colony Credit Real Estate, Inc. REIT		29,139
	2,411	Columbia Banking System, Inc.		80,045
	1,790	Community Bank System, Inc.		108,850
	4,930	Community Bankers Trust Corp.		40,278
	560	Community Financial Corp. (The)		17,774
	1,123	Community Trust Bancorp, Inc.		43,438
	1,480	ConnectOne Bancorp, Inc.		31,095
	1,672	Cowen, Inc., Class A		25,030
	2,096	Crawford & Co., Class A		15,594
	3,139	Customers Bancorp, Inc.*		63,690
	3,917	CVB Financial Corp.		72,621
	387	Diamond Hill Investment Group, Inc.		49,045
	1,940	Dime Community Bancshares, Inc.		32,553
	1,645	Donegal Group, Inc., Class A		23,474
	3,593	Donnelley Financial Solutions, Inc.*		31,259
	1,694	Dynex Capital, Inc. REIT		28,967
	1,925	Eagle Bancorp, Inc.		72,033
	381	eHealth, Inc.*		44,710
	1,751	Ellington Financial, Inc. REIT		28,944
	2,647	Employers Holdings, Inc.		102,015
	2,333	Encore Capital Group, Inc.*		86,694
	2,723	Enova International, Inc.*		52,336
	407	Enstar Group Ltd. (Bermuda)*		72,605
	141	Enterprise Bancorp, Inc.		3,873
	1,611	Enterprise Financial Services Corp.		61,653
	819	Equity Bancshares, Inc., Class A*		21,441
	532	Esquire Financial Holdings, Inc.*		12,188
	1,511	ESSA Bancorp, Inc.		24,992
	5,690	Essent Group Ltd.		248,312
	869	Evans Bancorp, Inc.		34,126
	3,354	EZCORP, Inc., Class A*		16,099
	973	Farmers & Merchants Bancorp, Inc.		25,882
	1,902	Farmers National Banc Corp.		28,587
	1,313	FB Financial Corp.		42,764
	591	FBL Financial Group, Inc., Class A		28,226
	1,837	Federal Agricultural Mortgage Corp., Class C		137,885
	5,237	Federated Hermes, Inc.		151,087
	7,006	FGL Holdings		80,149
	1,852	Financial Institutions, Inc.		49,837
	10,200	First BanCorp. (Puerto Rico)		80,988
	1,299	First Bancorp, Inc.		33,124
	1,751	First Bancorp/Southern Pines NC		56,207
	915	First Bancshares, Inc. (The)		27,304
	1,148	First Bank/Hamilton NJ		11,193
	2,097	First Busey Corp.		46,281
	1,380	First Business Financial Services, Inc.		33,120
	4,758	First Commonwealth Financial Corp.		56,144
	886	First Community Bankshares, Inc.		23,178
	2,773	First Defiance Financial Corp.		66,316
	4,782	First Financial Bancorp		98,509
	6,118	First Financial Bankshares, Inc.		175,831
	894	First Financial Corp.		35,715
	1,482	First Financial Northwest, Inc.		20,674
	2,411	First Foundation, Inc.		34,899

52 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)
	1,102	First Guaranty Bancshares, Inc.	$	18,822
	1,082	First Internet Bancorp		26,282
	1,350	First Interstate BancSystem, Inc., Class A		45,981
	2,922	First Merchants Corp.		102,212
	1,009	First Mid Bancshares, Inc.		28,424
	2,944	First Midwest Bancorp, Inc.		53,434
	1,960	First Northwest Bancorp		31,203
	1,966	First of Long Island Corp. (The)		40,716
	1,357	FirstCash, Inc.		104,380
	2,730	Flagstar Bancorp, Inc.		87,032
	3,270	Flushing Financial Corp.		59,367
	1,078	Franklin Financial Network, Inc.		36,102
	740	FS Bancorp, Inc.		35,365
	6,789	Fulton Financial Corp.		98,101
	16,765	Genworth Financial, Inc., Class A*		65,383
	2,191	German American Bancorp, Inc.		65,401
	3,181	Glacier Bancorp, Inc.		118,619
	630	Global Indemnity Ltd. (Cayman Islands)		20,009
	1,689	Granite Point Mortgage Trust, Inc. REIT		27,733
	2,799	Great Ajax Corp. REIT		39,550
	1,389	Great Southern Bancorp, Inc.		71,270
	2,053	Great Western Bancorp, Inc.		55,164
	1,652	Green Dot Corp., Class A*		56,432
	1,637	Greenhill & Co., Inc.		23,933
	3	Hallmark Financial Services, Inc.*		43
	1,806	Hamilton Lane, Inc., Class A		112,225
	3,647	Hancock Whitney Corp.		122,174
	2,106	Hanmi Financial Corp.		32,854
	3,233	HarborOne Bancorp, Inc.*		32,314
	2,266	Health Insurance Innovations, Inc., Class A*		66,643
	1,787	Heartland Financial USA, Inc.		76,573
	3,944	Heritage Commerce Corp.		40,465
	1,363	Heritage Financial Corp.		31,608
	272	Heritage Insurance Holdings, Inc.		3,036
	3,680	Hilltop Holdings, Inc.		76,654
	268	Hingham Institution for Savings		49,033
	817	Home Bancorp, Inc.		27,018
	6,259	Home BancShares, Inc.		104,901
	2,327	HomeStreet, Inc.		63,038
	1,286	HomeTrust Bancshares, Inc.		30,555
	4,996	Hope Bancorp, Inc.		61,001
	1,758	Horace Mann Educators Corp.		68,439
	2,039	Horizon Bancorp, Inc.		30,626
	2,205	Houlihan Lokey, Inc.		112,940
	1,019	Howard Bancorp, Inc.*		16,049
	2,222	IBERIABANK Corp.		133,742
	1,223	Independent Bank Corp.		82,589
	2,316	Independent Bank Corp.		45,324
	1,175	Independent Bank Group, Inc.		54,391
	2,304	International Bancshares Corp.		78,566
	1,175	INTL. FCStone, Inc.*		53,521
	5,867	Invesco Mortgage Capital, Inc. REIT		94,341
	1,364	Investar Holding Corp.		29,135
	7,405	Investors Bancorp, Inc.		78,049
	260	Investors Title Co.		42,630
Common Stocks – (continued)
Financials – (continued)
	1,547	James River Group Holdings Ltd.		62,514
	2,474	Kearny Financial Corp.		26,991
	1,482	Kinsale Capital Group, Inc.		180,019
	1,750	KKR Real Estate Finance Trust, Inc. REIT		34,370
	4,746	Ladder Capital Corp. REIT		72,377
	2,604	Lakeland Bancorp, Inc.		37,511
	1,938	Lakeland Financial Corp.		79,206
	256	LCNB Corp.		4,052
	2,318	Live Oak Bancshares, Inc.		35,628
	4,403	Macatawa Bank Corp.		42,445
	1,481	Malvern Bancorp, Inc.*		28,317
	489	Marlin Business Services Corp.		9,614
	1,185	Mercantile Bank Corp.		33,998
	2,060	Meridian Bancorp, Inc.		34,011
	1,573	Meta Financial Group, Inc.		51,673
	1,206	Midland States Bancorp, Inc.		28,727
	996	MidWestOne Financial Group, Inc.		28,615
	885	MMA Capital Holdings, Inc.*		26,718
	2,392	Moelis & Co., Class A		76,448
	11,634	Mr Cooper Group, Inc.*		149,264
	365	MutualFirst Financial, Inc.		12,228
	884	National Bank Holdings Corp., Class A		27,042
	48	National Bankshares, Inc.		1,678
	4,415	National General Holdings Corp.		85,960
	176	National Western Life Group, Inc., Class A		42,052
	1,890	NBT Bancorp, Inc.		63,674
	1,122	Nelnet, Inc., Class A		59,578
	11,661	New York Mortgage Trust, Inc. REIT		66,468
	645	NI Holdings, Inc.*		9,107
	970	Nicolet Bankshares, Inc.*		64,457
	3,746	NMI Holdings, Inc., Class A*		87,432
	1,685	Northeast Bank		29,993
	1,069	Northrim BanCorp, Inc.		37,362
	2,916	Northwest Bancshares, Inc.		40,503
	1,025	Norwood Financial Corp.		31,652
	1,533	OceanFirst Financial Corp.		31,335
	3,586	OFG Bancorp (Puerto Rico)		60,030
	940	Ohio Valley Banc Corp.		26,132
	5,892	Old National Bancorp		92,858
	2,512	Old Second Bancorp, Inc.		26,728
	1,336	On Deck Capital, Inc.*		4,663
	1,019	Oppenheimer Holdings, Inc., Class A		24,181
	1,468	Opus Bank		34,748
	3,637	Orchid Island Capital, Inc. REIT		20,840
	2,061	Pacific Mercantile Bancorp*		13,458
	1,457	Pacific Premier Bancorp, Inc.		37,634
	923	Park National Corp.		80,596
	1,611	Parke Bancorp, Inc.		29,804
	1,484	PCSB Financial Corp.		27,246
	1,627	Peapack Gladstone Financial Corp.		44,661
	1,042	Penns Woods Bancorp, Inc.		31,427
	3,683	PennyMac Financial Services, Inc.		129,863
	4,358	PennyMac Mortgage Investment Trust REIT		90,211
	1,066	Peoples Bancorp of North Carolina, Inc.		27,108

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

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

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Financials – (continued)
	1,744	Peoples Bancorp, Inc.	$	49,791
	851	Peoples Financial Services Corp.		37,376
	1,613	People’s Utah Bancorp		38,664
	547	Piper Sandler Cos.		38,334
	864	PJT Partners, Inc., Class A		38,837
	1,722	PRA Group, Inc.*		66,848
	1,730	Preferred Bank		88,455
	2,191	Premier Financial Bancorp, Inc.		36,480
	1,089	ProAssurance Corp.		29,566
	1,194	Protective Insurance Corp., Class B		17,026
	2,834	Provident Financial Services, Inc.		56,623
	1,864	Prudential Bancorp, Inc.		30,626
	3,884	Pzena Investment Management, Inc., Class A		25,363
	1,187	QCR Holdings, Inc.		45,177
	11,451	Radian Group, Inc.		243,219
	2,408	Ready Capital Corp. REIT		34,916
	4,829	Redwood Trust, Inc. REIT		82,479
	1,410	Regional Management Corp.*		36,167
	967	Reliant Bancorp, Inc.		19,195
	1,867	Renasant Corp.		52,892
	1,279	Republic Bancorp, Inc., Class A		45,711
	4,552	Riverview Bancorp, Inc.		29,360
	1,674	RLI Corp.		134,556
	2,246	S&T Bancorp, Inc.		73,826
	1,054	Safety Insurance Group, Inc.		82,992
	1,908	Sandy Spring Bancorp, Inc.		58,690
	225	SB One Bancorp		4,932
	1,835	Seacoast Banking Corp. of Florida*		45,692
	2,888	Selective Insurance Group, Inc.		161,093
	3,524	ServisFirst Bancshares, Inc.		121,754
	1,981	Shore Bancshares, Inc.		30,824
	1,513	Sierra Bancorp		36,040
	3,102	Simmons First National Corp., Class A		66,321
	1,003	SmartFinancial, Inc.		19,047
	1,158	South State Corp.		78,883
	1,297	Southern First Bancshares, Inc.*		49,442
	1,394	Southern Missouri Bancorp, Inc.		45,751
	1,997	Southern National Bancorp of Virginia, Inc.		28,337
	1,396	Southside Bancshares, Inc.		44,979
	761	State Auto Financial Corp.		19,010
	1,440	Stewart Information Services Corp.		52,099
	2,534	Stifel Financial Corp.		137,951
	2,157	Stock Yards Bancorp, Inc.		75,366
	785	Summit Financial Group, Inc.		17,207
	1,342	Territorial Bancorp, Inc.		34,114
	400	Third Point Reinsurance Ltd. (Bermuda)*		3,568
	1,430	Timberland Bancorp, Inc.		33,248
	785	Tompkins Financial Corp.		62,392
	2,921	Towne Bank/Portsmouth VA		67,358
	2,235	TPG RE Finance Trust, Inc. REIT		42,957
	1,912	TriCo Bancshares		64,664
	2,529	TriState Capital Holdings, Inc.*		50,251
	1,448	Triumph Bancorp, Inc.*		49,044
	6,095	TrustCo Bank Corp.		41,812
Common Stocks – (continued)
Financials – (continued)
	2,699	Trustmark Corp.		72,603
	1,588	UMB Financial Corp.		92,342
	3,179	United Bankshares, Inc.		91,810
	3,813	United Community Banks, Inc.		94,448
	702	United Fire Group, Inc.		26,915
	1,443	United Security Bancshares		12,496
	1,773	Unity Bancorp, Inc.		30,371
	4,580	Universal Insurance Holdings, Inc.		94,760
	1,449	Univest Financial Corp.		33,907
	15,780	Valley National Bancorp		146,754
	2,133	Veritex Holdings, Inc.		51,341
	438	Virtus Investment Partners, Inc.		48,355
	5,629	Waddell & Reed Financial, Inc., Class A		77,455
	3,380	Walker & Dunlop, Inc.		219,193
	3,769	Washington Federal, Inc.		113,032
	1,432	Washington Trust Bancorp, Inc.		61,461
	2,637	Waterstone Financial, Inc.		43,853
	2,943	WesBanco, Inc.		90,085
	2,282	West Bancorporation, Inc.		46,667
	1,101	Westamerica Bancorporation		63,660
	5,653	Western Asset Mortgage Capital Corp. REIT		56,643
	3,292	Western New England Bancorp, Inc.		29,101
	622	World Acceptance Corp.*		48,578
	1,517	WSFS Financial Corp.		52,276
				16,809,409
Health Care – 14.7%
	3,077	ACADIA Pharmaceuticals, Inc.*		131,511
	452	Acceleron Pharma, Inc.*		38,840
	1,398	Accuray, Inc.*		4,145
	2,547	Acorda Therapeutics, Inc.*		3,668
	764	Addus HomeCare Corp.*		58,270
	13,984	Affimed NV (Germany)*		33,002
	947	Alector, Inc.*		26,024
	8,007	Allscripts Healthcare Solutions, Inc.*		60,373
	6,940	Alphatec Holdings, Inc.*		40,599
	7,783	AMAG Pharmaceuticals, Inc.*		60,318
	2,079	Amedisys, Inc.*		361,767
	3,263	American Renal Associates Holdings, Inc.*		26,267
	2,811	AMN Healthcare Services, Inc.*		206,890
	13,582	Amneal Pharmaceuticals, Inc.*		52,291
	2,589	Amphastar Pharmaceuticals, Inc.*		39,845
	3,922	AngioDynamics, Inc.*		45,064
	1,565	ANI Pharmaceuticals, Inc.*		75,136
	1,428	Anika Therapeutics, Inc.*		59,633
	6,011	Antares Pharma, Inc.*		18,634
	788	Apellis Pharmaceuticals, Inc.*		27,281
	2,914	Apyx Medical Corp.*		17,630
	4,981	Arena Pharmaceuticals, Inc.*		222,153
	2,807	Arrowhead Pharmaceuticals, Inc.*		99,256
	4,587	Assertio Therapeutics, Inc.*		4,954
	2,412	AtriCure, Inc.*		92,669
	72	Atrion Corp.		44,374
	773	Axsome Therapeutics, Inc.*		60,294

54 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)
	457	Baudax Bio, Inc.*(a)	$	3,190
	18,962	BioDelivery Sciences International, Inc.*		92,155
	456	Biohaven Pharmaceutical Holding Co. Ltd.*		20,137
	631	BioSpecifics Technologies Corp.*		34,825
	1,312	BioTelemetry, Inc.*		56,049
	681	Blueprint Medicines Corp.*		36,863
	5,293	Brookdale Senior Living, Inc.*		34,775
	3,399	Cardiovascular Systems, Inc.*		127,870
	16,850	Catalyst Pharmaceuticals, Inc.*		70,938
	1,642	Catasys, Inc.*(a)		24,827
	583	Cellular Biomedicine Group, Inc.*		9,305
	497	CEL-SCI Corp.*(a)		5,452
	831	ChemoCentryx, Inc.*		37,187
	249	Chiasma, Inc.*		1,108
	1,372	Codexis, Inc.*		15,984
	7,461	Collegium Pharmaceutical, Inc.*		177,199
	2,475	Computer Programs & Systems, Inc.		66,280
	14,071	Conformis, Inc.*		10,964
	1,052	CONMED Corp.		99,561
	13,938	Corcept Therapeutics, Inc.*		175,898
	1,622	CorMedix, Inc.*(a)		8,434
	918	CorVel Corp.*		63,287
	7,489	Cross Country Healthcare, Inc.*		70,996
	1,183	CryoLife, Inc.*		30,320
	3,042	Cutera, Inc.*		75,381
	2,884	Dicerna Pharmaceuticals, Inc.*		56,930
	2,114	Eagle Pharmaceuticals, Inc.*		97,033
	667	Eidos Therapeutics, Inc.*		33,737
	2,798	Emergent BioSolutions, Inc.*		164,187
	804	Enanta Pharmaceuticals, Inc.*		40,908
	19,777	Endo International PLC*		109,169
	2,078	Ensign Group, Inc. (The)		92,471
	9,464	Enzo Biochem, Inc.*		20,158
	567	Esperion Therapeutics, Inc.*		28,628
	993	Fate Therapeutics, Inc.*		28,996
	1,034	FibroGen, Inc.*		43,221
	575	Five Star Senior Living, Inc.*		2,725
	439	Fluidigm Corp.*		1,457
	2,298	Glaukos Corp.*		101,066
	1,072	Global Blood Therapeutics, Inc.*		68,565
	3,275	Globus Medical, Inc., Class A*		148,128
	2,322	Haemonetics Corp.*		251,542
	2,184	Halozyme Therapeutics, Inc.*		42,741
	1,510	Hanger, Inc.*		34,836
	1,725	HealthEquity, Inc.*		122,458
	375	Heska Corp.*		35,801
	2,372	HMS Holdings Corp.*		54,485
	439	Homology Medicines, Inc.*		7,024
	3,248	Immunomedics, Inc.*		51,968
	12,740	Innoviva, Inc.*		171,608
	882	Inogen, Inc.*		40,378
	1,278	Inovalon Holdings, Inc., Class A*		24,895
	307	Inspire Medical Systems, Inc.*		26,362
	1,436	Integer Holdings Corp.*		129,484
	5,992	Intersect ENT, Inc.*		142,969
Common Stocks – (continued)
Health Care – (continued)
	1,472	Invitae Corp.*(a)		29,999
	1,513	Iovance Biotherapeutics, Inc.*		49,793
	1,445	iRhythm Technologies, Inc.*		125,672
	3,550	Ironwood Pharmaceuticals, Inc.*		42,742
	3,033	Joint Corp. (The)*		44,979
	100	KalVista Pharmaceuticals, Inc.*		1,345
	415	Kindred Biosciences, Inc.*		4,511
	440	Krystal Biotech, Inc.*		23,518
	6,833	Lannett Co., Inc.*		59,447
	4,872	Lantheus Holdings, Inc.*		75,760
	2,287	LeMaitre Vascular, Inc.		65,179
	1,418	LHC Group, Inc.*		172,230
	669	Ligand Pharmaceuticals, Inc.*		62,618
	1,766	LivaNova PLC*		123,126
	7,007	Luminex Corp.		173,493
	1,384	Magellan Health, Inc.*		83,054
	19,512	Mallinckrodt PLC*(a)		83,511
	1,562	Medpace Holdings, Inc.*		140,486
	4,171	Meridian Bioscience, Inc.*		33,326
	1,680	Merit Medical Systems, Inc.*		60,497
	188	Mesa Laboratories, Inc.		44,987
	428	Mirati Therapeutics, Inc.*		38,302
	1,708	Misonix, Inc.*		23,656
	940	MyoKardia, Inc.*		59,587
	7,945	Myriad Genetics, Inc.*		139,991
	5,777	NanoString Technologies, Inc.*		206,008
	3,751	Natera, Inc.*		142,182
	825	National HealthCare Corp.		61,223
	1,761	National Research Corp.		96,837
	2,593	Natus Medical, Inc.*		69,700
	1,447	Neogen Corp.*		87,905
	5,884	NeoGenomics, Inc.*		166,694
	1,264	Nevro Corp.*		164,510
	6,948	NextGen Healthcare, Inc.*		90,880
	3,002	Novocure Ltd.*		218,396
	2,383	NuVasive, Inc.*		156,825
	1,529	Omnicell, Inc.*		124,568
	17,189	OPKO Health, Inc.*		25,783
	2,787	OptimizeRx Corp.*		23,271
	2,041	Option Care Health, Inc.*		30,105
	4,074	OraSure Technologies, Inc.*		24,566
	2,302	Orthofix Medical, Inc.*		81,353
	49	OrthoPediatrics Corp.*		2,275
	11,839	Owens & Minor, Inc.		80,860
	3,029	Pacira BioSciences, Inc.*		131,398
	19,856	Palatin Technologies, Inc.*		10,140
	4,176	Patterson Cos., Inc.		99,347
	17,180	PDL BioPharma, Inc.*		58,412
	1,040	Pennant Group, Inc. (The)*		28,257
	4,034	Phibro Animal Health Corp., Class A		101,858
	6,678	Pieris Pharmaceuticals, Inc.*		20,769
	3,842	Prestige Consumer Healthcare, Inc.*		143,537
	846	Providence Service Corp. (The)*		52,266
	717	PTC Therapeutics, Inc.*		39,320
	7,142	Puma Biotechnology, Inc.*		76,812
	1,204	Quidel Corp.*		92,997

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

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

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Health Care – (continued)
	3,037	R1 RCM, Inc.*	$	37,294
	4,558	Radius Health, Inc.*		95,991
	5,544	RadNet, Inc.*		113,264
	361	Reata Pharmaceuticals, Inc., Class A*		70,305
	2,210	Recro Pharma, Inc.*		31,691
	1,262	Repligen Corp.*		108,027
	2,725	SeaSpine Holdings Corp.*		38,504
	5,768	Select Medical Holdings Corp.*		138,086
	962	Silk Road Medical, Inc.*		38,336
	2,511	Simulations Plus, Inc.		81,758
	3,428	STAAR Surgical Co.*		107,571
	5,559	Supernus Pharmaceuticals, Inc.*		100,006
	5,579	Surgery Partners, Inc.*		91,607
	992	Surmodics, Inc.*		34,631
	3,284	Syneos Health, Inc.*		208,041
	2,136	Tactile Systems Technology, Inc.*		107,676
	2,308	Tandem Diabetes Care, Inc.*		172,315
	1,229	Teladoc Health, Inc.*		153,576
	3,840	Tenet Healthcare Corp.*		100,915
	3,453	Tivity Health, Inc.*(a)		43,750
	2,489	Triple-S Management Corp., Class B (Puerto Rico)*		37,310
	596	Ultragenyx Pharmaceutical, Inc.*		33,424
	565	US Physical Therapy, Inc.		58,884
	258	Utah Medical Products, Inc.		22,549
	12,091	Vanda Pharmaceuticals, Inc.*		133,364
	1,632	Varex Imaging Corp.*		37,895
	5,016	Veracyte, Inc.*		123,845
	8,641	Vericel Corp.*		133,417
	1,454	Vocera Communications, Inc.*		35,463
	3,085	Voyager Therapeutics, Inc.*		33,626
	2,115	Wright Medical Group NV*		63,979
	2,470	XBiotech, Inc.*		30,282
	1,684	Xencor, Inc.*		54,713
	672	Zogenix, Inc.*		16,854
	3,614	Zynex, Inc.*		47,054
				12,640,669
Industrials – 16.3%
	3,047	AAON, Inc.		167,615
	1,463	AAR Corp.		50,547
	2,647	ABM Industries, Inc.		87,139
	2,391	Acacia Research Corp.*		5,499
	4,696	ACCO Brands Corp.		37,615
	1,835	Advanced Disposal Services, Inc.*		60,665
	2,470	Advanced Drainage Systems, Inc.		103,394
	1,789	Aegion Corp.*		32,220
	2,659	Aerojet Rocketdyne Holdings, Inc.*		131,036
	519	AeroVironment, Inc.*		26,671
	963	Aircastle Ltd.		30,672
	758	Alamo Group, Inc.		83,964
	913	Albany International Corp., Class A		58,496
	385	Allegiant Travel Co.		52,183
	1,524	Allied Motion Technologies, Inc.		58,735
	2,155	Altra Industrial Motion Corp.		64,909
	2,886	American Superconductor Corp.*		19,769
Common Stocks – (continued)
Industrials – (continued)
	587	American Woodmark Corp.*		49,173
	2,200	Apogee Enterprises, Inc.		66,418
	2,877	Applied Industrial Technologies, Inc.		169,714
	2,327	ArcBest Corp.		46,098
	2,088	Arcosa, Inc.		89,700
	45	Argan, Inc.		1,878
	2,600	ASGN, Inc.*		131,846
	1,190	Astec Industries, Inc.		44,684
	898	Astronics Corp.*		18,202
	3,192	Atkore International Group, Inc.*		117,817
	693	Atlas Air Worldwide Holdings, Inc.*		18,517
	780	Avis Budget Group, Inc.*		25,252
	2,874	Axon Enterprise, Inc.*		222,361
	1,082	AZZ, Inc.		39,915
	1,824	Barnes Group, Inc.		97,949
	755	Barrett Business Services, Inc.		45,224
	3,106	Beacon Roofing Supply, Inc.*		92,248
	2,087	BG Staffing, Inc.		32,182
	4,484	Bloom Energy Corp., Class A*(a)		40,670
	2,717	Blue Bird Corp.*		48,580
	1,859	BlueLinx Holdings, Inc.*(a)		21,843
	7,278	BMC Stock Holdings, Inc.*		178,529
	3,009	Brady Corp., Class A		142,446
	1,333	BrightView Holdings, Inc.*		18,662
	1,442	Brink’s Co. (The)		112,894
	9,499	Builders FirstSource, Inc.*		215,722
	2,675	Caesarstone Ltd.		28,917
	1,818	Casella Waste Systems, Inc., Class A*		88,082
	3,907	CBIZ, Inc.*		101,738
	1,216	Chart Industries, Inc.*		69,215
	1,461	Cimpress PLC (Ireland)*		170,075
	594	CIRCOR International, Inc.*		21,372
	1,769	Columbus McKinnon Corp.		54,998
	2,886	Comfort Systems USA, Inc.		121,847
	3,809	Commercial Vehicle Group, Inc.*		16,607
	10,679	Cornerstone Building Brands, Inc.*		78,491
	2,527	Costamare, Inc. (Monaco)		16,501
	2,425	Covanta Holding Corp.		32,398
	1,668	Covenant Transportation Group, Inc., Class A*		20,183
	978	CRA International, Inc.		45,487
	1,463	CSW Industrials, Inc.		96,324
	925	Cubic Corp.		50,357
	3,152	Deluxe Corp.		104,962
	715	Douglas Dynamics, Inc.		31,124
	1,003	Ducommun, Inc.*		44,784
	2,830	DXP Enterprises, Inc.*		80,344
	1,252	Eastern Co. (The)		31,888
	5,679	Echo Global Logistics, Inc.*		104,778
	2,665	EMCOR Group, Inc.		204,992
	1,026	Encore Wire Corp.		50,243
	1,723	Enerpac Tool Group Corp.		36,821
	1,636	EnerSys		100,745
	134	Ennis, Inc.		2,693
	946	EnPro Industries, Inc.		51,037
	1,260	ESCO Technologies, Inc.		114,559

56 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)
	677	EVI Industries, Inc.*	$	14,941
	1,347	Evoqua Water Technologies Corp.*		28,247
	1,235	Exponent, Inc.		90,958
	1,863	Federal Signal Corp.		54,027
	1,303	Forrester Research, Inc.*		46,986
	2,367	Forward Air Corp.		139,677
	2,829	Foundation Building Materials, Inc.*		44,132
	2,229	Franklin Covey Co.*		70,102
	2,513	Franklin Electric Co., Inc.		129,897
	1,665	FTI Consulting, Inc.*		187,462
	753	GATX Corp.		53,862
	740	Gencor Industries, Inc.*		7,437
	2,270	Generac Holdings, Inc.*		233,787
	1,070	General Finance Corp.*		8,335
	1,450	Gibraltar Industries, Inc.*		73,471
	4,568	GMS, Inc.*		104,379
	836	Gorman-Rupp Co. (The)		26,744
	3,877	Great Lakes Dredge & Dock Corp.*		37,607
	2,043	H&E Equipment Services, Inc.		48,542
	1,851	Hawaiian Holdings, Inc.		38,649
	2,553	Healthcare Services Group, Inc.		70,310
	1,108	Heartland Express, Inc.		19,844
	858	Heidrick & Struggles International, Inc.		19,133
	1,455	Heritage-Crystal Clean, Inc.*		38,310
	4,189	Herman Miller, Inc.		143,431
	3,505	Hillenbrand, Inc.		82,017
	3,367	HNI Corp.		110,539
	2,573	Hub Group, Inc., Class A*		118,950
	1,027	Hurco Cos, Inc.		28,941
	1,268	Huron Consulting Group, Inc.*		75,243
	550	Hyster-Yale Materials Handling, Inc.		26,477
	1,378	ICF International, Inc.		104,700
	1,915	IES Holdings, Inc.*		44,639
	5,086	InnerWorkings, Inc.*		15,970
	1,913	Insperity, Inc.		128,688
	3,737	Interface, Inc.		54,523
	2,037	JELD-WEN Holding, Inc.*		38,296
	1,290	John Bean Technologies Corp.		124,949
	934	Kadant, Inc.		84,826
	1,258	Kaman Corp.		69,769
	3,041	Kelly Services, Inc., Class A		50,511
	2,797	Kennametal, Inc.		77,757
	4,347	Kforce, Inc.		132,410
	6,839	Kimball International, Inc., Class B		110,655
	3,195	Knoll, Inc.		56,360
	2,229	Korn Ferry		77,970
	2,187	Kratos Defense & Security Solutions, Inc.*		35,561
	969	Lawson Products, Inc.*		38,760
	1,910	LB Foster Co., Class A*		30,102
	281	Lindsay Corp.		27,827
	1,159	Luxfer Holdings PLC (United Kingdom)		17,976
	1,386	Lydall, Inc.*		16,507
	1,099	Marten Transport Ltd.		21,474
	1,042	Masonite International Corp.*		76,587
	2,199	MasTec, Inc.*		107,927
	659	Matson, Inc.		21,885
Common Stocks – (continued)
Industrials – (continued)
	1,170	Matthews International Corp., Class A		34,585
	2,111	Maxar Technologies, Inc.		32,108
	547	McGrath RentCorp		37,989
	943	Mercury Systems, Inc.*		69,273
	3,437	Meritor, Inc.*		77,986
	1,506	Mistras Group, Inc.*		11,822
	978	Mobile Mini, Inc.		38,132
	967	Moog, Inc., Class A		74,575
	2,992	MRC Global, Inc.*		26,030
	1,449	MSA Safety, Inc.		176,300
	2,344	Mueller Industries, Inc.		65,585
	2,754	Mueller Water Products, Inc., Class A		30,156
	821	MYR Group, Inc.*		20,944
	229	National Presto Industries, Inc.		17,995
	1,441	Navistar International Corp.*		52,323
	1,174	Northwest Pipe Co.*		37,040
	7,895	NOW, Inc.*		69,713
	1,709	NV5 Global, Inc.*		91,483
	669	Omega Flex, Inc.		52,383
	442	PAM Transportation Services, Inc.*		17,508
	679	Park-Ohio Holdings Corp.		16,649
	2,386	Parsons Corp.*		93,269
	1,306	Patrick Industries, Inc.		68,996
	4,466	PGT Innovations, Inc.*		67,749
	2,206	PICO Holdings, Inc.*		20,935
	5,945	Pitney Bowes, Inc.		20,332
	8,683	Plug Power, Inc.*(a)		37,684
	1,157	Powell Industries, Inc.		38,679
	700	Preformed Line Products Co.		34,160
	1,058	Primoris Services Corp.		20,081
	1,327	Proto Labs, Inc.*		116,298
	4,903	Quad/Graphics, Inc.		23,534
	2,147	Quanex Building Products Corp.		36,070
	8,598	Radiant Logistics, Inc.*		37,831
	2,427	Raven Industries, Inc.		69,679
	622	RBC Bearings, Inc.*		106,480
	5,424	Resources Connection, Inc.		67,963
	3,451	Rexnord Corp.		100,631
	1,808	Rush Enterprises, Inc., Class A		75,791
	1,020	Rush Enterprises, Inc., Class B		42,748
	666	Safe Bulkers, Inc. (Greece)*		879
	784	Saia, Inc.*		68,451
	2,408	Simpson Manufacturing Co., Inc.		191,267
	2,706	SiteOne Landscape Supply, Inc.*		268,570
	1,498	SkyWest, Inc.		68,009
	1,592	SP Plus Corp.*		58,124
	1,070	Spirit Airlines, Inc.*		30,441
	1,736	SPX Corp.*		72,790
	1,803	SPX FLOW, Inc.*		66,314
	512	Standex International Corp.		32,476
	6,472	Steelcase, Inc., Class A		104,976
	1,724	Sterling Construction Co., Inc.*		23,550
	2,638	Systemax, Inc.		55,029
	1,777	Team, Inc.*		22,621
	1,522	Tennant Co.		108,884
	653	Terex Corp.		14,373

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

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

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Industrials – (continued)
	2,110	Tetra Tech, Inc.	$	170,636
	2,233	Titan Machinery, Inc.*		22,576
	1,585	Transcat, Inc.*		45,791
	3,402	Trex Co., Inc.*		325,401
	2,063	TriMas Corp.*		52,297
	1,505	TriNet Group, Inc.*		79,554
	1,877	Triton International Ltd. (Bermuda)		64,512
	973	Triumph Group, Inc.		18,487
	4,858	TrueBlue, Inc.*		72,287
	2,519	Tutor Perini Corp.*		36,526
	1,959	Twin Disc, Inc.*		15,790
	607	UniFirst Corp.		112,787
	3,238	Universal Forest Products, Inc.		151,733
	1,461	Vectrus, Inc.*		76,103
	2,642	Veritiv Corp.*		31,810
	990	Viad Corp.		49,698
	2,506	Vicor Corp.*		108,359
	3,409	Wabash National Corp.		37,431
	1,637	Watts Water Technologies, Inc., Class A		153,731
	2,550	Welbilt, Inc.*		33,711
	866	Werner Enterprises, Inc.		29,098
	1,758	Willdan Group, Inc.*		54,059
	346	Willis Lease Finance Corp.*		19,618
	1,116	WillScot Corp.*		19,575
				13,968,094
Information Technology – 14.9%
	4,555	3D Systems Corp.*		41,724
	5,286	8x8, Inc.*		97,791
	9,984	A10 Networks, Inc.*		66,993
	700	Acacia Communications, Inc.*		47,957
	3,462	ACI Worldwide, Inc.*		96,486
	4,240	Adesto Technologies Corp.*		51,982
	3,022	ADTRAN, Inc.		24,312
	1,477	Advanced Energy Industries, Inc.*		87,845
	2,304	Agilysys, Inc.*		74,028
	2,075	Airgain, Inc.*		16,372
	1,847	Alarm.com Holdings, Inc.*		89,118
	1,716	Altair Engineering, Inc., Class A*(a)		59,717
	1,142	Ambarella, Inc.*		67,892
	2,567	American Software, Inc., Class A		42,227
	8,374	Amkor Technology, Inc.*		87,383
	1,721	Anixter International, Inc.*		167,815
	1,558	Appfolio, Inc., Class A*		191,587
	1,974	Appian Corp.*(a)		87,152
	1,416	AstroNova, Inc.		15,378
	5,974	Avaya Holdings Corp.*		77,423
	6,311	Avid Technology, Inc.*		46,638
	1,965	AVX Corp.		42,719
	1,712	Axcelis Technologies, Inc.*		41,071
	1,705	Badger Meter, Inc.		102,658
	1,122	Bel Fuse, Inc., Class B		12,836
	1,285	Belden, Inc.		51,310
	2,920	Benchmark Electronics, Inc.		79,366
	1,900	Benefitfocus, Inc.*		23,712
	1,374	Blackbaud, Inc.		93,157
Common Stocks – (continued)
Information Technology – (continued)
	1,018	Blackline, Inc.*		63,696
	1,267	Bottomline Technologies DE, Inc.*		56,103
	6,281	Box, Inc., Class A*		105,207
	6,581	Brightcove, Inc.*		51,200
	1,633	Brooks Automation, Inc.		56,355
	804	Cabot Microelectronics Corp.		111,981
	502	CalAmp Corp.*		4,829
	7,864	Calix, Inc.*		70,776
	2,329	Cardtronics PLC, Class A*		84,473
	1,921	Casa Systems, Inc.*		6,301
	629	Cass Information Systems, Inc.		29,532
	4,401	ChannelAdvisor Corp.*		41,898
	4,353	Cirrus Logic, Inc.*		298,790
	2,485	Clearfield, Inc.*		26,639
	5,714	Cloudera, Inc.*		50,855
	2,430	Cohu, Inc.		49,742
	2,396	CommVault Systems, Inc.*		99,913
	1,487	Comtech Telecommunications Corp.		41,666
	8,682	Conduent, Inc.*		28,390
	2,121	Cornerstone OnDemand, Inc.*		87,025
	2,305	CSG Systems International, Inc.		101,996
	1,409	CTS Corp.		36,733
	5,415	Daktronics, Inc.		26,642
	2,349	Diebold Nixdorf, Inc.*		16,490
	3,152	Digi International, Inc.*		41,732
	64	Digimarc Corp.*		1,280
	7,807	Digital Turbine, Inc.*		47,857
	2,853	Diodes, Inc.*		125,561
	1,485	Domo, Inc., Class B*		31,319
	1,277	DSP Group, Inc.*		17,380
	1,561	Ebix, Inc.		41,273
	4,060	eGain Corp.*		32,805
	4,590	Enphase Energy, Inc.*		224,772
	967	Envestnet, Inc.*		72,989
	903	ePlus, Inc.*		68,411
	974	Everbridge, Inc.*		102,913
	3,235	EVERTEC, Inc. (Puerto Rico)		96,015
	1,433	ExlService Holdings, Inc.*		106,973
	15,832	Extreme Networks, Inc.*		79,635
	1,560	Fabrinet (Thailand)*		85,987
	1,185	FARO Technologies, Inc.*		67,829
	12,966	Fitbit, Inc., Class A*		82,853
	3,001	Five9, Inc.*		219,163
	2,211	ForeScout Technologies, Inc.*		71,946
	3,858	FormFactor, Inc.*		86,303
	2,938	GTT Communications, Inc.*(a)		44,481
	4,656	Hackett Group, Inc. (The)		71,702
	5,360	Harmonic, Inc.*		32,910
	2,094	Ichor Holdings Ltd.*		60,558
	1,975	II-VI, Inc.*		58,638
	2,463	Impinj, Inc.*		75,737
	7,252	Information Services Group, Inc.*		22,989
	834	Inphi Corp.*		62,266
	4,023	Inseego Corp.*(a)		27,920
	1,779	Insight Enterprises, Inc.*		98,005
	2,842	Instructure, Inc.*		138,576

58 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)
	1,026	Intelligent Systems Corp.*(a)	$	37,623
	481	InterDigital, Inc.		25,440
	26	International Money Express, Inc.*		245
	5,465	Iteris, Inc.*		26,396
	1,317	Itron, Inc.*		99,881
	1,900	j2 Global, Inc.		165,927
	6,281	KBR, Inc.		163,055
	3,579	KEMET Corp.		93,340
	2,759	Kimball Electronics, Inc.*		37,384
	3,074	Knowles Corp.*		51,090
	3,583	KVH Industries, Inc.*		37,335
	7,691	Lattice Semiconductor Corp.*		138,053
	10,725	Limelight Networks, Inc.*		54,108
	4,151	LivePerson, Inc.*		109,835
	1,194	LiveRamp Holdings, Inc.*		42,315
	1,831	Lumentum Holdings, Inc.*		142,488
	1,797	ManTech International Corp., Class A		134,595
	3,231	MAXIMUS, Inc.		203,618
	2,289	MaxLinear, Inc.*		35,388
	1,801	Methode Electronics, Inc.		55,219
	610	MicroStrategy, Inc., Class A*		82,448
	4,718	Mitek Systems, Inc.*		41,094
	11,725	MobileIron, Inc.*		47,486
	2,388	Model N, Inc.*		69,252
	976	MTS Systems Corp.		39,177
	2,686	Napco Security Technologies, Inc.*		54,633
	7,969	NeoPhotonics Corp.*		52,675
	1,319	NETGEAR, Inc.*		24,890
	3,825	NetScout Systems, Inc.*		98,302
	4,406	NIC, Inc.		80,586
	1,396	Novanta, Inc.*		124,537
	358	NVE Corp.		22,651
	2,220	OneSpan, Inc.*		36,652
	4,218	Onto Innovation, Inc.*		128,944
	823	OSI Systems, Inc.*		66,885
	1,412	PAR Technology Corp.*(a)		37,404
	2,613	PC Connection, Inc.		106,271
	3,669	Perficient, Inc.*		150,319
	5,616	Perspecta, Inc.		140,232
	3,026	Photronics, Inc.*		37,674
	1,548	Plantronics, Inc.		21,254
	1,329	Plexus Corp.*		88,179
	1,094	Power Integrations, Inc.		95,233
	4,812	PRGX Global, Inc.*		17,371
	2,429	Progress Software Corp.		90,577
	1,185	PROS Holdings, Inc.*		54,261
	1,352	Q2 Holdings, Inc.*		101,900
	1,200	QAD, Inc., Class A		58,860
	1,048	Qualys, Inc.*		84,029
	7,680	Rambus, Inc.*		107,366
	1,741	Rapid7, Inc.*		80,608
	9,459	Ribbon Communications, Inc.*		30,553
	367	Rogers Corp.*		42,572
	4,529	Rosetta Stone, Inc.*		78,216
	1,679	SailPoint Technologies Holding, Inc.*		42,512
	3,122	Sanmina Corp.*		82,077
Common Stocks – (continued)
Information Technology – (continued)
	1,483	ScanSource, Inc.*		42,162
	2,675	Science Applications International Corp.		214,348
	1,947	SecureWorks Corp., Class A*		27,044
	2,018	Semtech Corp.*		79,691
	837	SharpSpring, Inc.*		9,542
	802	ShotSpotter, Inc.*		28,551
	1,444	Silicon Laboratories, Inc.*		128,054
	3,039	SMART Global Holdings, Inc.*		81,567
	1,611	SPS Commerce, Inc.*		84,739
	1,505	Stratasys Ltd.*(a)		24,080
	1,082	SVMK, Inc.*		19,725
	3,958	Sykes Enterprises, Inc.*		125,389
	2,726	Synaptics, Inc.*		180,052
	1,314	Tech Data Corp.*		187,100
	3,035	Telaria, Inc.*		37,088
	4,082	Telenav, Inc.*		24,349
	983	Tenable Holdings, Inc.*		24,103
	1,282	TESSCO Technologies, Inc.		7,679
	6,731	TiVo Corp.		50,954
	1,677	TTEC Holdings, Inc.		62,770
	5,608	TTM Technologies, Inc.*		72,848
	657	Tucows, Inc., Class A*		33,566
	3,441	Ultra Clean Holdings, Inc.*		71,951
	5,961	Unisys Corp.*		92,574
	970	Upland Software, Inc.*		37,743
	2,463	Varonis Systems, Inc.*		197,582
	2,787	Verint Systems, Inc.*		152,951
	2,463	Verra Mobility Corp.*		37,302
	7,650	Viavi Solutions, Inc.*		100,903
	1,349	Virtusa Corp.*		59,504
	5,392	Vishay Intertechnology, Inc.		100,830
	1,701	Vishay Precision Group, Inc.*		46,726
	2,174	Workiva, Inc.*		92,917
	3,556	Xperi Corp.		61,128
	4,771	Yext, Inc.*		72,328
	3,404	Zix Corp.*		26,824
	1,801	Zuora, Inc., Class A*		23,845
				12,822,183
Materials – 3.2%
	1,383	AdvanSix, Inc.*		20,095
	11,046	AK Steel Holding Corp.*		25,516
	3,818	Allegheny Technologies, Inc.*		65,250
	3,166	American Vanguard Corp.		48,282
	933	Balchem Corp.		88,131
	3,727	Boise Cascade Co.		132,234
	1,467	Carpenter Technology Corp.		53,912
	1,104	Chase Corp.		98,024
	7,731	Cleveland-Cliffs, Inc.(a)		44,917
	1,390	Commercial Metals Co.		25,381
	492	Compass Minerals International, Inc.		26,839
	3,025	Ferro Corp.*		35,151
	2,479	FutureFuel Corp.		25,211
	3,092	GCP Applied Technologies, Inc.*		60,201
	822	Greif, Inc., Class A		29,049
	1,873	HB Fuller Co.		73,478

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

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

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Materials – (continued)
	1,554	Ingevity Corp.*	$	69,992
	1,519	Innospec, Inc.		131,454
	587	Kaiser Aluminum Corp.		55,501
	522	Koppers Holdings, Inc.*		11,411
	1,448	Kraton Corp.*		14,654
	1,690	Kronos Worldwide, Inc.		16,883
	4,716	Louisiana-Pacific Corp.		134,170
	8,681	Marrone Bio Innovations, Inc.*		9,810
	1,637	Materion Corp.		74,222
	1,336	Minerals Technologies, Inc.		59,946
	5,822	Myers Industries, Inc.		79,005
	542	Neenah, Inc.		31,311
	4,491	Novagold Resources, Inc. (Canada)*		35,838
	2,111	Olympic Steel, Inc.		25,438
	5,667	OMNOVA Solutions, Inc.*		57,293
	3,699	Orion Engineered Carbons SA (Luxembourg)		52,563
	2,389	PH Glatfelter Co.		34,067
	4,339	PolyOne Corp.		107,434
	640	Quaker Chemical Corp.		100,845
	6,132	Rayonier Advanced Materials, Inc.		15,023
	3,655	Ryerson Holding Corp.*		30,446
	3,092	Schnitzer Steel Industries, Inc., Class A		50,956
	1,394	Schweitzer-Mauduit International, Inc.		47,006
	1,460	Sensient Technologies Corp.		71,803
	1,151	Stepan Co.		101,092
	3,267	Summit Materials, Inc., Class A*		63,837
	4,469	SunCoke Energy, Inc.		20,602
	579	Synalloy Corp.*		6,630
	549	Trecora Resources*		3,102
	1,721	Trinseo SA		37,655
	4,340	Tronox Holdings PLC, Class A		31,856
	1,486	UFP Technologies, Inc.*		73,304
	454	United States Lime & Minerals, Inc.		36,570
	1,019	US Concrete, Inc.*		27,350
	1,054	Valhi, Inc.		1,465
	2,809	Verso Corp., Class A*		45,815
	6,346	Warrior Met Coal, Inc.		112,451
	1,488	Worthington Industries, Inc.		47,318
				2,777,789
Real Estate – 8.1%
	1,611	Acadia Realty Trust REIT		36,795
	1,219	Agree Realty Corp. REIT		87,549
	5,299	Alexander & Baldwin, Inc. REIT		99,621
	117	Alexander’s, Inc. REIT		36,387
	1,337	Altisource Portfolio Solutions SA*		21,245
	1,449	American Assets Trust, Inc. REIT		60,061
	2,222	American Finance Trust, Inc. REIT		23,109
	1,653	Armada Hoffler Properties, Inc. REIT		27,704
	14,556	Ashford Hospitality Trust, Inc. REIT		31,441
	5,985	Braemar Hotels & Resorts, Inc. REIT		44,050
	1,939	BRT Apartments Corp. REIT		30,248
	3,631	CareTrust, Inc. REIT		75,779
	39,367	CBL & Associates Properties, Inc. REIT		20,896
	10,623	Cedar Realty Trust, Inc. REIT		27,513
Common Stocks – (continued)
Real Estate – (continued)
	3,535	Chatham Lodging Trust REIT		49,278
	1,870	City Office REIT, Inc. REIT		21,692
	131	Clipper Realty, Inc. REIT		1,476
	1,310	Community Healthcare Trust, Inc. REIT		62,395
	808	Consolidated-Tomoka Land Co.		46,468
	6,339	CoreCivic, Inc. REIT		93,881
	1,427	CorEnergy Infrastructure Trust, Inc. REIT		49,802
	4,225	CorePoint Lodging, Inc. REIT		33,631
	2,515	Cushman & Wakefield PLC*		45,748
	11,205	DiamondRock Hospitality Co. REIT		102,190
	8,485	Diversified Healthcare Trust REIT		53,371
	2,206	Easterly Government Properties, Inc. REIT		52,437
	1,279	EastGroup Properties, Inc. REIT		160,809
	1,634	Essential Properties Realty Trust, Inc. REIT		37,435
	3,708	eXp World Holdings, Inc.*(a)		35,448
	4,680	First Industrial Realty Trust, Inc. REIT		180,180
	2,418	Forestar Group, Inc.*		43,258
	3,333	Four Corners Property Trust, Inc. REIT		95,624
	5,499	Franklin Street Properties Corp. REIT		39,208
	3,170	Front Yard Residential Corp. REIT		40,196
	816	FRP Holdings, Inc.*		36,908
	6,583	GEO Group, Inc. (The) REIT		96,375
	1,856	Getty Realty Corp. REIT		52,599
	2,483	Gladstone Commercial Corp. REIT		46,854
	38	Global Medical, Inc. REIT		531
	2,135	Global Net Lease, Inc. REIT		39,391
	1,623	Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		55,101
	3,699	Healthcare Realty Trust, Inc. REIT		126,876
	4,690	Hersha Hospitality Trust REIT		54,076
	4,831	Independence Realty Trust, Inc. REIT		64,059
	2,870	Industrial Logistics Properties Trust REIT		59,294
	604	Innovative Industrial Properties, Inc. REIT(a)		55,532
	340	Investors Real Estate Trust REIT		23,953
	4,238	iStar, Inc. REIT		64,121
	1,427	Jernigan Capital, Inc. REIT(a)		25,572
	3,891	Kennedy-Wilson Holdings, Inc.		78,637
	4,543	Kite Realty Group Trust REIT		73,369
	7,558	Lexington Realty Trust REIT		78,376
	1,561	LTC Properties, Inc. REIT		69,980
	5,226	Mack-Cali Realty Corp. REIT		99,189
	5,331	Marcus & Millichap, Inc.*		170,379
	817	Maui Land & Pineapple Co., Inc.*		8,995
	3,749	Monmouth Real Estate Investment Corp. REIT		53,236
	1,485	National Health Investors, Inc. REIT		121,369
	3,899	National Storage Affiliates Trust REIT		131,552
	8,313	New Senior Investment Group, Inc. REIT		50,460
	7,251	Newmark Group, Inc., Class A		69,247
	1,533	NexPoint Residential Trust, Inc. REIT		68,218
	1,721	Office Properties Income Trust REIT		50,133
	967	One Liberty Properties, Inc. REIT		23,305
	6,721	Pebblebrook Hotel Trust REIT		135,831
	9,598	Pennsylvania Real Estate Investment Trust REIT		22,651

60 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)
	5,923	Physicians Realty Trust REIT	$	111,708
	5,969	Piedmont Office Realty Trust, Inc., Class A REIT		128,871
	3,374	PotlatchDeltic Corp. REIT		123,961
	4,308	Preferred Apartment Communities, Inc., Class A REIT		41,098
	867	PS Business Parks, Inc. REIT		128,793
	1,680	QTS Realty Trust, Inc., Class A REIT		94,366
	412	Rafael Holdings, Inc., Class B*		7,729
	3,230	RE/MAX Holdings, Inc., Class A		94,154
	14,807	Realogy Holdings Corp.(a)		137,261
	8,845	Redfin Corp.*		239,346
	4,382	Retail Opportunity Investments Corp. REIT		65,730
	1,805	Retail Value, Inc. REIT		50,161
	3,397	Rexford Industrial Realty, Inc. REIT		158,878
	8,193	RLJ Lodging Trust REIT		108,229
	2,417	RMR Group, Inc. (The), Class A		90,057
	5,239	RPT Realty REIT		67,897
	2,020	Ryman Hospitality Properties, Inc. REIT		140,410
	7,705	Sabra Health Care REIT, Inc. REIT		150,633
	592	Saul Centers, Inc. REIT		25,462
	1,098	Seritage Growth Properties, Class A REIT		37,749
	1,282	St Joe Co. (The)*		25,217
	3,624	STAG Industrial, Inc. REIT		101,399
	7,769	Summit Hotel Properties, Inc. REIT		72,019
	12,785	Sunstone Hotel Investors, Inc. REIT		139,996
	4,762	Tanger Factory Outlet Centers, Inc. REIT(a)		57,049
	2,215	Terreno Realty Corp. REIT		121,537
	2,388	UMH Properties, Inc. REIT		34,650
	6,591	Uniti Group, Inc. REIT		64,328
	654	Universal Health Realty Income Trust REIT		70,449
	2,676	Urban Edge Properties REIT		43,351
	1,227	Urstadt Biddle Properties, Inc., Class A REIT		25,288
	10,297	Washington Prime Group, Inc. REIT(a)		28,317
	2,266	Washington Real Estate Investment Trust REIT		60,842
	1,738	Whitestone REIT		21,360
	6,270	Xenia Hotels & Resorts, Inc. REIT		93,799
				6,935,188
Utilities – 4.4%
	2,481	ALLETE, Inc.		171,164
	2,379	American States Water Co.		182,208
	2,505	AquaVenture Holdings Ltd.*		67,735
	584	Artesian Resources Corp., Class A		20,049
	24,819	Atlantic Power Corp.*		56,339
	2,948	Avista Corp.		138,998
	2,662	Black Hills Corp.		192,196
	1,939	California Water Service Group		92,994
	1,122	Chesapeake Utilities Corp.		95,931
	6,348	Clearway Energy, Inc., Class A		128,801
	7,391	Clearway Energy, Inc., Class C		155,507
	3,350	Consolidated Water Co. Ltd. (Cayman Islands)		54,136
Common Stocks – (continued)
Utilities – (continued)
	1,853	El Paso Electric Co.		125,763
	3,340	Genie Energy Ltd., Class B		23,113
	1,603	MGE Energy, Inc.		114,358
	551	Middlesex Water Co.		32,768
	3,598	New Jersey Resources Corp.		127,045
	1,179	Northwest Natural Holding Co.		77,543
	2,348	NorthWestern Corp.		165,158
	2,276	ONE Gas, Inc.		186,951
	2,210	Ormat Technologies, Inc.		153,993
	2,103	Otter Tail Corp.		102,227
	4,189	Pattern Energy Group, Inc., Class A		113,313
	4,096	PNM Resources, Inc.		192,840
	4,222	Portland General Electric Co.		229,719
	3,488	Pure Cycle Corp.*		43,147
	1,197	RGC Resources, Inc.		32,858
	1,152	SJW Group		70,479
	3,125	South Jersey Industries, Inc.		84,531
	2,290	Southwest Gas Holdings, Inc.		148,117
	2,648	Spark Energy, Inc., Class A		22,667
	2,007	Spire, Inc.		150,625
	7,000	TerraForm Power, Inc., Class A		131,530
	1,120	Unitil Corp.		63,101
	891	York Water Co. (The)		37,680
				3,785,584
	TOTAL COMMON STOCKS
	(Cost $88,868,083)		$	85,046,362
Units		Description	Value
Rights – 0.0%
Financials – 0.0%
	153	NewStar Financial, Inc. CVR*(b)	$	37
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 $1,058)		$	517
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $88,869,141)		$	85,046,879
Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 1.5%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,303,300	1.507%	$	1,303,300
	(Cost $1,303,300)
	TOTAL INVESTMENTS – 100.5%
	(Cost $90,172,441)		$	86,350,179
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.5)%			(468,032	)
	NET ASSETS – 100.0%		$	85,882,147

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

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

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 29, 2020, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
E-mini Russell 2000 Index	9	03/20/20	$	764,612	$	(100,907	)

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Assets and Liabilities

February 29, 2020 (Unaudited)

	ActiveBeta® Emerging Markets Equity ETF		ActiveBeta® Europe Equity ETF			ActiveBeta® International Equity ETF			ActiveBeta® Japan Equity ETF
Assets:
Investments at value (cost $1,528,794,038, $20,055,042, $1,667,683,367 and $18,531,462, respectively)(a)	$	1,759,374,755	$	18,099,535		$	1,670,971,379		$	17,920,525
Investments in securities lending reinvestment vehicle, at value which equals cost		12,026,571		328,842			26,919,831			99,343
Cash		7,584,125		—			1,549,264			—
Foreign currency, at value (cost $285,097, $–, $– and $13,534, respectively)		282,507		—			—			13,797
Receivables:
Investments sold		92,528,655		490,079			49,632,091			512,478
Dividends		5,528,565		30,853			3,218,426			41,356
Reimbursement from investment adviser		86,166		—			—			—
Foreign tax reclaims		24,579		74,015			864,057			—
Securities lending income		5,736		145			19,958			77
Due from broker		—		—			81,684			—
Fund shares sold		—		—			2,538			—
Total assets		1,877,441,659		19,023,469			1,753,259,228			18,587,576
Liabilities:
Payables:
Investments purchased		101,204,423		455,983			48,729,730			499,282
Upon return of securities loaned		12,026,571		328,842			26,919,831			99,343
Foreign capital gains tax		1,031,347		—			—			—
Management fees		602,015		4,004			362,283			3,869
Trustees fees		7,442		—			—			—
Foreign bank overdraft (cost $–, $(644), $(801,883) and $–, respectively)		—		629			802,184			—
Due to custodian		—		26,615			—			15,893
Accrued expenses		615,947		—			—			—
Total liabilities		115,487,745		816,073			76,814,028			618,387
Net Assets:
Paid-in capital		1,660,596,169		22,475,143			1,726,906,681			18,553,557
Total distributable earnings (loss)		101,357,745		(4,267,747	)		(50,461,481	)		(584,368	)
NET ASSETS	$	1,761,953,914	$	18,207,396		$	1,676,445,200		$	17,969,189
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		57,000,000		650,000			62,200,000			600,000
Net asset value per share:	$	30.91	$	28.01		$	26.95		$	29.95

(a) Includes loaned securities having a market value of $10,522,531, $306,797, $21,894,828 and $96,409, respectively.

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Assets and Liabilities (continued)

February 29, 2020 (Unaudited)

	ActiveBeta® U.S. Large Cap Equity ETF		ActiveBeta® U.S. Small Cap Equity ETF
Assets:
Investments at value (cost $6,782,614,573 and $88,869,141, respectively)(a)	$	7,466,355,979	$	85,046,879
Investments in securities lending reinvestment vehicle, at value which equals cost		—		1,303,300
Cash		8,101,359		742,068
Receivables:
Fund shares sold		29,889,439		—
Dividends		12,704,683		70,130
Due from broker		834,900		31,680
Securities lending income		4		11,432
Total assets		7,517,886,364		87,205,489
Liabilities:
Variation margin on futures contracts		33,350		4,815
Payables:
Investments purchased		29,810,153		—
Management fees		588,980		15,227
Upon return of securities loaned		—		1,303,300
Total liabilities		30,432,483		1,323,342
Net Assets:
Paid-in capital		6,851,774,681		89,909,206
Total distributable earnings (loss)		635,679,200		(4,027,059	)
NET ASSETS	$	7,487,453,881	$	85,882,147
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		125,252,500		2,050,000
Net asset value per share:	$	59.78	$	41.89

(a) Includes loaned securities having a market value of $– and $1,255,769, respectively.

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Operations

For the Six Months Ended February 29, 2020 (Unaudited)

	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 $1,875,239, $9,742, $1,225,516 and $28,796, respectively)	$	15,839,865		$	136,200		$	14,513,309		$	259,458
Non-cash dividend income		7,407,400			—			—			—
Interest		372			—			—			—
Securities lending income — unaffiliated issuer		122,956			910			189,262			1,014
Total investment income		23,370,593			137,110			14,702,571			260,472
Expenses:
Management fees		3,636,411			22,064			2,098,730			23,872
Custody, accounting and administrative services		794,155			—			—			—
Printing and mailing costs		72,355			—			—			—
Professional fees		28,235			—			—			—
Trustee fees		17,973			2,530			16,925			2,560
Registration fees		5,917			—			—			—
Other		48,282			37			1,282			21
Total expenses		4,603,328			24,631			2,116,937			26,453
Less — expense reductions		(512,230	)		—			—			—
Net expenses		4,091,098			24,631			2,116,937			26,453
NET INVESTMENT INCOME		19,279,495			112,479			12,585,634			234,019
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments (including the effects of the foreign capital gains tax liability of $59,048, $–, $– and $– , respectively)		(11,701,213	)		(281,886	)		(13,157,572	)		(133,603	)
In-kind redemptions		—			—			1,976,468			836,874
Futures		—			—			(709,021	)		5,175
Foreign currency transactions		(142,499	)		59			(20,746	)		(2,563	)
Net change in unrealized gain (loss) on:
Investments (including the effects of the foreign capital gains tax liability of $1,031,347, $–, $– and $–, respectively)		11,832,529			(97,526	)		(41,810,456	)		(601,695	)
Foreign currency translations		(234,226	)		(928	)		(57,109	)		321
Net realized and unrealized gain (loss)		(245,409	)		(380,281	)		(53,778,436	)		104,509
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	19,034,086		$	(267,802	)	$	(41,192,802	)	$	338,528

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Operations (continued)

For the Six Months Ended February 29, 2020 (Unaudited)

	ActiveBeta® U.S. Large Cap Equity ETF			ActiveBeta® U.S. Small Cap Equity ETF
Investment income:
Dividends (net of foreign withholding taxes of $– and $433, respectively)	$	70,996,231		$	677,764
Securities lending income — unaffiliated issuer		339			46,410
Total investment income		70,996,570			724,174
Expenses:
Management fees		3,225,097			94,372
Trustee fees		64,037			3,227
Total expenses		3,289,134			97,599
NET INVESTMENT INCOME		67,707,436			626,575
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments		(59,964,668	)		(1,061,298	)
In-kind redemptions		89,859,437			3,427,670
Futures		45,826			66,589
Net change in unrealized gain (loss) on:
Investments		(29,448,365	)		(3,653,719	)
Futures		(2,375,894	)		(100,907	)
Net realized and unrealized loss		(1,883,664	)		(1,321,665	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	65,823,772		$	(695,090	)

66 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 Six Months Ended February 29, 2020 (Unaudited)			For the Fiscal Year Ended August 31, 2019			For the Six Months Ended February 29, 2020 (Unaudited)			For the Fiscal Year Ended August 31, 2019
From operations:
Net investment income	$	19,279,495		$	39,862,455		$	112,479		$	973,864
Net realized gain (loss)		(11,843,712	)		(61,811,796	)		(281,827	)		6,372,235
Net change in unrealized gain (loss)		11,598,303			(35,128,337	)		(98,454	)		(7,884,289	)
Net increase (decrease) in net assets resulting from operations		19,034,086			(57,077,678	)		(267,802	)		(538,190	)
Distributions to shareholders:
From distributable earnings		(36,812,050	)		(42,811,808	)		(109,285	)		(1,153,378	)
From share transactions:
Proceeds from sales of shares		101,549,056			173,910,887			—			9,731,944
Cost of shares redeemed		(21,018,264	)		(63,360,446	)		—			(63,419,366	)
Net increase (decrease) in net assets resulting from share transactions		80,530,792			110,550,441			—			(53,687,422	)
TOTAL INCREASE (DECREASE)		62,752,828			10,660,955			(377,087	)		(55,378,990	)
Net assets:
Beginning of period	$	1,699,201,086		$	1,688,540,131		$	18,584,483		$	73,963,473
End of period	$	1,761,953,914		$	1,699,201,086		$	18,207,396		$	18,584,483

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Changes in Net Assets (continued)

	ActiveBeta® International Equity ETF						ActiveBeta® Japan Equity ETF
	For the Six Months Ended February 29, 2020 (Unaudited)			For the Fiscal Year Ended August 31, 2019			For the Six Months Ended February 29, 2020 (Unaudited)			For the Fiscal Year Ended August 31, 2019
From operations:
Net investment income	$	12,585,634		$	39,751,220		$	234,019		$	745,876
Net realized gain (loss)		(11,910,871	)		(23,424,442	)		705,883			8,913,734
Net change in unrealized loss		(41,867,565	)		(41,264,287	)		(601,374	)		(9,018,645	)
Net increase (decrease) in net assets resulting from operations		(41,192,802	)		(24,937,509	)		338,528			640,965
Distributions to shareholders:
From distributable earnings		(18,406,343	)		(37,687,035	)		(402,234	)		(794,800	)
From share transactions:
Proceeds from sales of shares		196,493,565			533,347,481			—			12,425,460
Cost of shares redeemed		(6,050,493	)		(19,583,653	)		(6,435,562	)		(40,580,807	)
Net increase (decrease) in net assets resulting from share transactions		190,443,072			513,763,828			(6,435,562	)		(28,155,347	)
TOTAL INCREASE (DECREASE)		130,843,927			451,139,284			(6,499,268	)		(28,309,182	)
Net assets:
Beginning of period	$	1,545,601,273		$	1,094,461,989		$	24,468,457		$	52,777,639
End of period	$	1,676,445,200		$	1,545,601,273		$	17,969,189		$	24,468,457

68 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 Six Months Ended February 29, 2020 (Unaudited)			For the Fiscal Year Ended August 31, 2019			For the Six Months Ended February 29, 2020 (Unaudited)			For the Fiscal Year Ended August 31, 2019
From operations:
Net investment income	$	67,707,436		$	83,436,579		$	626,575		$	985,967
Net realized gain (loss)		29,940,595			88,486,288			2,432,961			(925,616	)
Net change in unrealized loss		(31,824,259	)		(22,078,144	)		(3,754,626	)		(4,008,744	)
Net increase (decrease) in net assets resulting from operations		65,823,772			149,844,723			(695,090	)		(3,948,393	)
Distributions to shareholders:
From distributable earnings		(59,729,908	)		(76,178,483	)		(667,298	)		(900,932	)
From share transactions:
Proceeds from sales of shares		1,124,672,935			3,028,113,603			4,557,069			58,670,921
Cost of shares redeemed		(249,363,051	)		(476,026,399	)		(13,711,831	)		(4,436,399	)
Net increase (decrease) in net assets resulting from share transactions		875,309,884			2,552,087,204			(9,154,762	)		54,234,522
TOTAL INCREASE (DECREASE)		881,403,748			2,625,753,444			(10,517,150	)		49,385,197
Net assets:
Beginning of period	$	6,606,050,133		$	3,980,296,689		$	96,399,297		$	47,014,100
End of period	$	7,487,453,881		$	6,606,050,133		$	85,882,147		$	96,399,297

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	ActiveBeta® Emerging Markets Equity ETF
	For the Six Months Ended February 29, 2020 (Unaudited)			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	$	31.12		$	32.98		$	33.73		$	28.03		$	25.00
Net investment income(a)		0.35	(b)		0.75			0.77			0.63			0.60
Net realized and unrealized gain (loss)		0.11			(1.79	)		(0.84	)		5.58			2.70
Total gain (loss) from investment operations		0.46			(1.04	)		(0.07	)		6.21			3.30
Distributions to shareholders from net investment income		(0.67	)		(0.82	)		(0.68	)		(0.51	)		(0.27	)
Net asset value, end of period	$	30.91		$	31.12		$	32.98		$	33.73		$	28.03
Market price, end of period	$	31.01		$	31.14		$	32.87		$	33.74		$	28.01
Total Return at Net Asset Value(c)		1.32	%		(3.21	)%		(0.28	)%		22.49	%		13.29	%
Net assets, end of period (in 000’s)	$	1,761,954		$	1,699,201		$	1,688,540		$	1,490,683		$	863,388
Ratio of net expenses to average net assets		0.45	%(d)		0.45	%		0.45	%		0.45	%		0.45	%(d)
Ratio of total expenses to average net assets		0.51	%(d)		0.51	%		0.51	%		0.53	%		0.58	%(d)
Ratio of net investment income to average net assets		2.12	%(b)(d)		2.37	%		2.19	%		2.13	%		2.52	%(d)
Portfolio turnover rate(e)		16	%		28	%		28	%		27	%		44	%

 * Commencement of operations.

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from non-recurring special dividends which amounted to $0.02 per share and 0.07% 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.

70 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 Six Months Ended February 29, 2020 (Unaudited)			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	$	28.59		$	30.82		$	30.39		$	26.12		$	25.03
Net investment income(a)		0.17			0.89			0.95			0.75			0.60
Net realized and unrealized gain (loss)		(0.58	)		(1.84	)		0.37			4.26			0.97
Total gain (loss) from investment operations		(0.41	)		(0.95	)		1.32			5.01			1.57
Distributions to shareholders from net investment income		(0.17	)		(1.28	)		(0.89	)		(0.74	)		(0.48	)
Net asset value, end of period	$	28.01		$	28.59		$	30.82		$	30.39		$	26.12
Market price, end of period	$	28.18		$	28.62		$	30.73		$	30.54		$	26.20
Total Return at Net Asset Value(b)		(1.51	)%		(3.15	)%		4.40	%		19.46	%		6.23	%
Net assets, end of period (in 000’s)	$	18,207		$	18,584		$	73,963		$	44,062		$	33,959
Ratio of net expenses to average net assets		0.25	%(c)		0.25	%		0.25	%		0.25	%		0.25	%(c)
Ratio of total expenses to average net assets		0.25	%(c)		0.25	%		0.25	%		0.25	%		0.71	%(c)
Ratio of net investment income to average net assets		1.14	%(c)		3.07	%		3.02	%		2.71	%		4.61	%(c)
Portfolio turnover rate(d)		6	%		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. 71

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	ActiveBeta® International Equity ETF
	For the Six Months Ended February 29, 2020 (Unaudited)			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	$	27.70		$	29.42		$	28.38		$	24.67		$	24.78
Net investment income(a)		0.22			0.86			0.76			0.69			0.59
Net realized and unrealized gain (loss)		(0.65	)		(1.78	)		1.02			3.61			(0.37	)
Total gain (loss) from investment operations		(0.43	)		(0.92	)		1.78			4.30			0.22
Distributions to shareholders from net investment income		(0.32	)		(0.80	)		(0.74	)		(0.59	)		(0.33	)
Net asset value, end of period	$	26.95		$	27.70		$	29.42		$	28.38		$	24.67
Market price, end of period	$	26.94		$	27.73		$	29.45		$	28.53		$	24.78
Total Return at Net Asset Value(b)		(1.66	)%		(3.09	)%		6.30	%		17.66	%		0.90	%
Net assets, end of period (in 000’s)	$	1,676,445		$	1,545,601		$	1,094,462		$	593,129		$	283,757
Ratio of net expenses to average net assets		0.25	%(c)		0.25	%		0.25	%		0.25	%		0.27	%(c)
Ratio of total expenses to average net assets		0.25	%(c)		0.25	%		0.25	%		0.25	%		0.62	%(c)
Ratio of net investment income to average net assets		1.49	%(c)		3.10	%		2.56	%		2.64	%		3.02	%(c)
Portfolio turnover rate(d)		7	%		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.

72 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 Six Months Ended February 29, 2020 (Unaudited)			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	$	30.59		$	32.99		$	30.71		$	27.33		$	25.69
Net investment income(a)		0.36			0.82			0.54			0.48			0.24
Net realized and unrealized gain (loss)		(0.33	)		(2.29	)		2.36			3.50			1.60
Total gain (loss) from investment operations		0.03			(1.47	)		2.90			3.98			1.84
Distributions to shareholders from net investment income		(0.67	)		(0.93	)		(0.62	)		(0.60	)		(0.20	)
Net asset value, end of period	$	29.95		$	30.59		$	32.99		$	30.71		$	27.33
Market price, end of period	$	29.61		$	30.52		$	32.90		$	30.79		$	27.44
Total Return at Net Asset Value(b)		(0.12	)%		(4.32	)%		9.42	%		14.74	%		7.17	%
Net assets, end of period (in 000’s)	$	17,969		$	24,468		$	52,778		$	42,992		$	32,797
Ratio of net expenses to average net assets		0.25	%(c)		0.25	%		0.25	%		0.25	%		0.25	%(c)
Ratio of total expenses to average net assets		0.25	%(c)		0.25	%		0.25	%		0.25	%		0.73	%(c)
Ratio of net investment income to average net assets		2.21	%(c)		2.64	%		1.62	%		1.68	%		1.81	%(c)
Portfolio turnover rate(d)		8	%		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. 73

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 Six Months Ended February 29, 2020 (Unaudited)			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	$	59.09		$	58.75		$	49.16		$	43.83		$	40.70
Net investment income(a)		0.58			1.03			0.96			0.97			0.85
Net realized and unrealized gain		0.63			0.30			9.56			5.17			2.78
Total gain from investment operations		1.21			1.33			10.52			6.14			3.63
Distributions to shareholders from net investment income		(0.52	)		(0.99	)		(0.93	)		(0.81	)		(0.50	)
Net asset value, end of period	$	59.78		$	59.09		$	58.75		$	49.16		$	43.83
Market price, end of period	$	59.99		$	59.07		$	58.75		$	49.15		$	43.82
Total Return at Net Asset Value(b)		2.01	%		2.42	%		21.65	%		14.15	%		8.97	%
Net assets, end of period (in 000’s)	$	7,487,454		$	6,606,050		$	3,980,297		$	2,396,490		$	1,157,206
Ratio of net expenses to average net assets		0.09	%(c)		0.09	%		0.09	%		0.09	%		0.09	%(c)
Ratio of total expenses to average net assets		0.09	%(c)		0.09	%		0.09	%		0.09	%		0.19	%(c)
Ratio of net investment income to average net assets		1.85	%(c)		1.82	%		1.78	%		2.08	%		2.11	%(c)
Portfolio turnover rate(d)		6	%		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.

74 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 Six Months Ended February 29, 2020 (Unaudited)			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	$	42.84		$	49.49		$	39.65		$	40.36
Net investment income(a)		0.29			0.57			0.56			0.07
Net realized and unrealized gain (loss)		(0.93	)		(6.66	)		9.79			(0.78	)
Total gain (loss) from investment operations		(0.64	)		(6.09	)		10.35			(0.71	)
Distributions to shareholders from net investment income		(0.31	)		(0.56	)		(0.51	)		—
Net asset value, end of period	$	41.89		$	42.84		$	49.49		$	39.65
Market price, end of period	$	41.65		$	42.84		$	49.55		$	38.95
Total Return at Net Asset Value(b)		(1.56	)%		(12.28	)%		26.28	%		(1.76	)%
Net assets, end of period (in 000’s)	$	85,882		$	96,399		$	47,014		$	11,896
Ratio of total expenses to average net assets		0.20	%(c)		0.20	%		0.20	%		0.20	%(c)
Ratio of net investment income to average net assets		1.28	%(c)		1.32	%		1.24	%		0.96	%(c)
Portfolio turnover rate(d)		8	%		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. 75

GOLDMAN SACHS ACTIVEBETA^® ETFS

Notes to Financial Statements

February 29, 2020 (Unaudited)

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”). Market prices for the Funds’ shares may be different from their net asset value (“NAV”). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed principally in-kind for a basket of securities and a cash amount, with respect to the ActiveBeta^® Europe Equity ETF, ActiveBeta^® International Equity ETF, ActiveBeta^® Japan Equity ETF, ActiveBeta^® U.S. Large Cap Equity ETF and the ActiveBeta^® U.S. Small Cap Equity ETF. The ActiveBeta^® Emerging Markets Equity ETF issues and redeems Creation Units partially for cash and partially in-kind. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the “Distributor”) may do business directly with the Funds.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

B.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to

76

GOLDMAN SACHS ACTIVEBETA^® ETFS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract.

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

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

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

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

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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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Notes to Financial Statements (continued)

February 29, 2020 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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. Certain equity securities containing unique attributes may be classified as Level 2.

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

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and 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.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the last bid price for long positions and the last ask price for short positions on the exchange where they are principally traded. Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under 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 and derivatives classified in the fair value hierarchy as of February 29, 2020:

ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	61,387,791	$	8,080,730	$	—
Asia		1,361,678,069		70,131,453		—
Europe		35,761,175		—		—
North America		55,125,448		—		—
South America		131,244,378		35,965,711		—
Securities Lending Reinvestment Vehicle		12,026,571				—
Total	$	1,657,223,432	$	114,177,894	$	—
ACTIVEBETA® EUROPE EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	39,731	$	—	$	—
Asia		61,264		—		—
Europe		17,624,145		113,298		—
North America		134,114		—		—
Oceania		126,983		—		—
Securities Lending Reinvestment Vehicle		328,842		—		—
Total	$	18,315,079	$	113,298	$	—

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Notes to Financial Statements (continued)

February 29, 2020 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

ACTIVEBETA® INTERNATIONAL EQUITY ETF
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	2,662,407		$	—	$	—
Asia		438,885,641			—		—
Europe		933,806,044			7,216,303		—
North America		178,464,591			886,239		—
Oceania		109,050,154			—		—
Securities Lending Reinvestment Vehicle		26,919,831			—		—
Total	$	1,689,788,668		$	8,102,542	$	—
ACTIVEBETA® JAPAN EQUITY ETF
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	17,920,525		$	—	$	—
Securities Lending Reinvestment Vehicle		99,343			—		—
Total	$	18,019,868		$	—	$	—
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	$	7,466,355,979		$	—	$	—
Total	$	7,466,355,979		$	—	$	—
Derivative Type
Liabilities(b)
Futures Contracts	$	(2,375,894	)	$	—	$	—

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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	$	100,660		$	—	$	—
Europe		365,873			—		—
North America		84,501,222			—		517
South America		78,607			—		—
Securities Lending Reinvestment Vehicle		1,303,300			—		—
Total	$	86,349,662		$	—	$	517
Derivative Type
Liabilities(b)
Futures Contracts	$	(100,907	)	$	—	$	—

(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.

(b) Amount shown represents unrealized loss at period end.

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

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of February 29, 2020. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

Risk	Fund	Statement of Assets and Liabilities		Assets(a)
Equity	Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF		Variation Margin on Futures Contracts	$	(2,375,894	)
Equity	Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF		Variation Margin on Futures Contracts		(100,907	)

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of February 29, 2020 is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended February 29, 2020. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and

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Notes to Financial Statements (continued)

February 29, 2020 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

Risk	Fund	Net Realized Gain (Loss) from Futures Contracts			Net Change in Unrealized Gain (Loss) on Futures Contracts			Average Number of Contracts(a)
Equity	Goldman Sachs ActiveBeta® International Equity ETF	$	(709,021	)	$	—			1
Equity	Goldman Sachs ActiveBeta® Japan Equity ETF		5,175			—			1
Equity	Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF		45,826			(2,375,894	)		28
Equity	Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF		66,589			(100,907	)		5

(a) Average number of contracts is based on the month end balances for the six months ended February 29, 2020.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For each Fund except the 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 six months ended February 29, 2020, 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 six months ended February 29, 2020, 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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GOLDMAN SACHS ACTIVEBETA^® ETFS

5. 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 six months ended February 29, 2020, these expense reimbursements amounted to $512,230.

6. CREATION AND REDEMPTION OF CREATION UNITS

The Trust issues and redeems shares of the Funds only in Creation Units on a continuous basis through the Distributor, without an initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional Information), of an order in proper form. Shares of the Funds may only be purchased or redeemed by certain financial institutions (each an “Authorized Participant”). An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units.

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

Authorized Participants transacting in Creation Units for cash may also pay a variable charge to compensate the relevant fund for certain transaction costs (e.g. taxes on currency or other financial transactions, and brokerage costs) and market impact 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 Six Months Ended February 29, 2020 (Unaudited)						For the Fiscal Year Ended August 31, 2019
Shares Sold		3,000,000		$	101,457,164			5,400,000		$	173,435,103
Shares Redeemed		(600,000	)		(20,678,554	)		(2,000,000	)		(63,269,200	)
NET INCREASE IN SHARES		2,400,000		$	80,778,610			3,400,000		$	110,165,903
	ActiveBeta® Europe Equity ETF
	For the Six Months Ended February 29, 2020 (Unaudited)						For the Fiscal Year Ended August 31, 2019
Shares Sold		—		$	—			350,000		$	9,731,604
Shares Redeemed		—			—			(2,100,000	)		(63,419,366	)
NET (DECREASE) IN SHARES		—		$	—			(1,750,000	)	$	(53,687,762	)

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Notes to Financial Statements (continued)

February 29, 2020 (Unaudited)

6. CREATION AND REDEMPTION OF CREATION UNITS (continued)

	ActiveBeta® International Equity ETF
	For the Six Months Ended February 29, 2020 (Unaudited)						For the Fiscal Year Ended August 31, 2019
Shares Sold		6,600,000		$	196,476,902			19,300,000		$	533,307,092
Shares Redeemed		(200,000	)		(6,050,493	)		(700,000	)		(19,583,028	)
NET INCREASE IN SHARES		6,400,000		$	190,426,409			18,600,000		$	513,724,064
	ActiveBeta® Japan Equity ETF
	For the Six Months Ended February 29, 2020 (Unaudited)						For the Fiscal Year Ended August 31, 2019
Shares Sold		—		$	—			400,000		$	12,425,460
Shares Redeemed		(200,000	)		(6,435,562	)		(1,200,000	)		(40,580,807	)
NET (DECREASE) IN SHARES		(200,000	)	$	(6,435,562	)		(800,000	)	$	(28,155,347	)
	ActiveBeta® U.S. Large Cap Equity ETF
	For the Six Months Ended February 29, 2020 (Unaudited)						For the Fiscal Year Ended August 31, 2019
Shares Sold		17,450,000		$	1,124,672,849			52,500,000		$	3,028,113,210
Shares Redeemed		(4,000,000	)		(249,363,051	)		(8,450,000	)		(476,026,399	)
NET INCREASE IN SHARES		13,450,000		$	875,309,798			44,050,000		$	2,552,086,811
	ActiveBeta® U.S. Small Cap Equity ETF
	For the Six Months Ended February 29, 2020 (Unaudited)						For the Fiscal Year Ended August 31, 2019
Shares Sold		100,000		$	4,557,069			1,400,000		$	58,670,905
Shares Redeemed		(300,000	)		(13,711,830	)		(100,000	)		(4,436,399	)
NET INCREASE (DECREASE) IN SHARES		(200,000	)	$	(9,154,761	)		1,300,000		$	54,234,506

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7. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the six months ended February 29, 2020, were as follows:

Fund	Purchases		Sales
ActiveBeta® Emerging Markets Equity  ETF	$	325,031,462	$	282,549,575
ActiveBeta® Europe Equity ETF		1,252,656		1,219,250
ActiveBeta® International Equity ETF		125,106,711		120,212,775
ActiveBeta® Japan Equity ETF		1,719,031		1,929,381
ActiveBeta® U.S. Large Cap Equity ETF		440,430,349		411,561,817
ActiveBeta® U.S. Small Cap Equity ETF		7,219,876		7,177,125

The purchases and sales from in-kind creation and redemption transactions for the six months ended February 29, 2020, were as follows:

Fund	Purchases		Sales
ActiveBeta® Emerging Markets Equity  ETF	$	19,625,219	$	—
ActiveBeta® Europe Equity ETF		—		—
ActiveBeta® International Equity ETF		184,496,783		6,045,736
ActiveBeta® Japan Equity ETF		—		6,370,895
ActiveBeta® U.S. Large Cap Equity ETF		1,100,075,643		249,669,021
ActiveBeta® U.S. Small Cap Equity ETF		4,531,161		13,615,532

8. SECURITIES LENDING

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

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.

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Notes to Financial Statements (continued)

February 29, 2020 (Unaudited)

8. SECURITIES LENDING (continued)

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ 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 February 29, 2020, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Both the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended February 29, 2020, 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 six months ended February 29, 2020:

Fund	Beginning value as of August 31, 2019		Purchases at Cost		Proceeds from Sales			Ending value as of February 29, 2020
ActiveBeta® Emerging Markets Equity ETF	$	16,175,855	$	65,439,917	$	(69,589,201	)	$	12,026,571
ActiveBeta® Europe Equity ETF		41,424		1,291,074		(1,003,656	)		328,842
ActiveBeta® International Equity ETF		17,792,823		133,741,307		(124,614,299	)		26,919,831
ActiveBeta® Japan Equity ETF		670,849		1,853,016		(2,424,522	)		99,343
ActiveBeta® U.S. Large Cap Equity ETF		—		8,390,334		(8,390,334	)		—
ActiveBeta® U.S. Small Cap Equity ETF		1,802,678		7,180,204		(7,679,582	)		1,303,300

9. TAX INFORMATION

As of the Funds’ most recent fiscal year end, August 31, 2019, the Funds’ capital loss carryforward and certain timing differences 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
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	)

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9. TAX INFORMATION (continued)

As of February 29, 2020, 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	$	1,548,569,926		$	20,440,217		$	1,706,069,258		$	18,957,148		$	6,819,565,622		$	91,373,842
Gross unrealized gain		352,769,600			1,208,861			146,363,030			1,301,308			960,391,650			8,432,309
Gross unrealized loss		(129,938,200	)		(3,220,701	)		(154,541,078	)		(2,238,588	)		(313,601,293	)		(13,455,972	)
Net unrealized gains (losses)	$	222,831,400		$	(2,011,840	)	$	(8,178,048	)	$	(937,280	)	$	646,790,357		$	(5,023,663	)

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.

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

10. OTHER RISKS

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

Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

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

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Notes to Financial Statements (continued)

February 29, 2020 (Unaudited)

10. OTHER RISKS (continued)

Index Risk — GSAM (the “Index Provider”) constructs each Fund’s Index in accordance with a rules-based methodology. A Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Funds are not “actively” managed, unless a specific security is removed from an Index, a Fund generally would not sell a security because the security’s issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on a Fund’s ability to adjust its exposure to the required levels in order to track the Index. A Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, a Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. The Index Provider relies on third party data it believes to be reliable in constructing each Index, but it does not guarantee the accuracy or availability of such third party data. 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.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments.

Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

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

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

11. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in

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11. INDEMNIFICATIONS (continued)

the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

12. 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.

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Fund Expenses — Six Months ended 2/29/2020 (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 September 1, 2019 and held for the six months ended February 29, 2020, which represents a period of 182 days of a 366 day year (or less where indicated).

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

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

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

	ActiveBeta® Emerging Markets Equity ETF							ActiveBeta® Europe Equity ETF							ActiveBeta® International Equity ETF
	Beginning Account Value 9/1/19		Ending Account Value 2/29/20			Expenses Paid*		Beginning Account Value 9/1/19		Ending Account Value 2/29/20			Expenses Paid*		Beginning Account Value 9/1/19		Ending Account Value 2/29/20			Expenses Paid*
Actual based on NAV	$	1,000	$	1,013.20		$	2.25	$	1,000	$	984.90		$	1.23	$	1,000	$	983.40		$	1.23
Hypothetical 5% return		1,000		1,022.63	+		2.26		1,000		1,023.62	+		1.26		1,000		1,023.62	+		1.26
	ActiveBeta® Japan Equity ETF							ActiveBeta® U.S. Large Cap Equity ETF							ActiveBeta® U.S. Small Cap Equity ETF
	Beginning Account Value 9/1/19		Ending Account Value 2/29/20			Expenses Paid*		Beginning Account Value 9/1/19		Ending Account Value 2/29/20			Expenses Paid*		Beginning Account Value 9/1/19		Ending Account Value 2/29/20			Expenses Paid*
Actual based on NAV	$	1,000	$	998.80		$	1.24	$	1,000	$	1,020.10		$	0.45	$	1,000	$	984.40		$	0.99
Hypothetical 5% return		1,000		1,023.62	+		1.26		1,000		1,024.42	+		0.45		1,000		1,023.87	+		1.01

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

* Expenses for each Fund are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended February 29, 2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratio for the period is as follows:

Fund
ActiveBeta® Emerging Markets Equity ETF	0.45	%
ActiveBeta® Europe Equity ETF	0.25
ActiveBeta® International Equity ETF	0.25
ActiveBeta® Japan Equity ETF	0.25
ActiveBeta® U.S. Large Cap Equity ETF	0.09
ActiveBeta® U.S. Small Cap Equity ETF	0.20

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Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF (Unaudited)

Background

The Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF (the “Fund”) is an investment portfolio of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.

The Management Agreement was approved for continuation until September 30, 2020 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on September 17-18, 2019 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

(f) the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations;

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

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

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

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

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

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

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

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Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF (Unaudited) (continued)

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

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

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees 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 their service providers operate, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information about the Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Fund is a passively-managed ETF that seeks to track a proprietary index created by the Investment Adviser. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Fund. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies and its expertise in developing “smart beta” products. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future. 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.

Investment Performance

The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using ranking and rating compiled by the Outside Data Provider as of March 31, 2019, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of June 30, 2019. The information on the Fund’s investment performance was provided for the one- and three-year periods ending on the applicable dates. As part of this review, they reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Fund’s performance to that of its proprietary index, a comparable market capitalization-weighted reference index, and a separate account composite with a comparable investment strategy. The Trustees observed that the Fund’s investment performance was consistent with the investment objective of tracking its proprietary index.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Fund’s risk profile, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

Costs of Services Provided and Profitability

The Trustees considered the contractual terms of the Management Agreement and the fee rate payable by the Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Fund, which included both advisory and administrative services that were directed to the needs and operations of the Fund as an ETF. The Trustees noted that no license fees would be payable to the Investment Adviser by the Fund for use of the index created by the Investment Adviser. The Trustees reviewed the Fund’s total operating expense ratio (both gross and net of expense limitations). The Trustees also considered information previously provided regarding fees and expenses to similar information for comparable

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Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF (Unaudited) (continued)

ETFs advised by other, unaffiliated investment management firms. The comparisons of the Fund’s fee rate and expense ratio were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s management fee and net expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fee and total expenses paid by the Fund.

In addition, the Trustees considered the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed a specified level and acknowledged the permanent expense limitation agreement in place. The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had previously received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC (“Goldman Sachs”) organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations.

Economies of Scale

The Trustees noted that the Fund does not have management fee breakpoints. The Trustees considered information previously provided regarding the Fund’s fee structure, the amount of assets in the Fund, the Fund’s recent creation and redemption activity, and the costs of the services provided by the Investment Adviser and its affiliates. The Trustees recognized that if the assets of the Fund increase over time, the Fund and its shareholders could realize economies of scale as certain Fund expenses, such as certain fixed fees, become a smaller percentage of overall assets.

Other Benefits to the Investment Adviser and Its Affiliates

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

Other Benefits to the Fund and Its Shareholders

The Trustees also noted that the Fund receives other potential benefits as a result of its relationship with the Investment Adviser, including: (a) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (b) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Fund because of the reputation of the Goldman Sachs organization; and (c) the Fund’s access to certain affiliated distribution channels.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fee paid by the Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and/or reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until September 30, 2020.

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Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta^® ETFs except Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF (Unaudited)

Background

The Goldman Sachs ActiveBeta^® Europe Equity ETF, Goldman Sachs ActiveBeta^® International Equity ETF, Goldman Sachs ActiveBeta^® Japan Equity ETF, Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF and Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF (each, a “Fund” and together, the “Funds”) are investment portfolios of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The Management Agreement was approved for continuation until September 30, 2020 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on September 17-18, 2019 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

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

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

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

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

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

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

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

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GOLDMAN SACHS ACTIVEBETA® ETFS

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

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

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

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees 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 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 Funds pay a single fee to the Investment Adviser, and the Investment Adviser pays all of the Funds’ ordinary operating expenses, excluding payments under each Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. The Trustees also considered information about each Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Funds are passively-managed ETFs that seek to track proprietary indices created by the Investment Adviser. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Funds. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies and its expertise in developing “smart beta” products. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. 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.

Investment Performance

The Trustees also considered the investment performance of each Fund. In this regard, they compared the investment performance of each Fund to its peers using ranking and rating compiled by the Outside Data Provider as of March 31, 2019, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of June 30, 2019. The information on each Fund’s investment performance was provided for the one- and three-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. As part of this review, they reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing each Fund’s performance to that of its proprietary index, a comparable market capitalization-weighted reference index, and a separate account composite with a comparable investment strategy, as applicable. The Trustees observed that each Fund’s investment performance was consistent with the investment objective of tracking its proprietary index.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

95

GOLDMAN SACHS ACTIVEBETA® ETFS

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

Unitary Fee Structure and Profitability

The Trustees considered the contractual 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 fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as ETFs. The Trustees noted that no license fees would be payable to the Investment Adviser by the Funds for use of the index created by the Investment Adviser. The Trustees also considered information previously provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Funds’ fee rates and expense ratios were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing each Fund’s management fee rate and net 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 paid by the Funds.

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

Economies of Scale

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

Other Benefits to the Investment Adviser and Its Affiliates

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

Other Benefits to the Funds and Their Shareholders

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

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary fee paid by each Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and/or reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until September 30, 2020.

96

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 $1.69 trillion in assets under supervision as of December 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 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, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary
THE BANK OF NEW YORK MELLON Transfer Agent
ALPS DISTRIBUTORS, INC. Distributor	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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

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

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

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

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

Fund holdings and allocations shown are as of February 29, 2020 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.

© 2020 Goldman Sachs. All rights reserved. 200056-OTU-04/2020 GST 1139 ACTBETASAR-20

Goldman Sachs Funds

Semi-Annual Report	February 29, 2020
	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
Recent Market Events related to COVID-19	i
Fund Basics	1
Schedule of Investments	3
Financial Statements	8
Financial Highlights	11
Notes to Financial Statements	12
Other Information	19

NOT FDIC-INSURED May Lose Value No Bank Guarantee

Recent Market Events related to COVID-19

While this semi-annual report covers the six month period ended February 29, 2020, we want to describe some more recent events through the end of April.

An outbreak of a novel strain of coronavirus (COVID-19) has emerged globally. The outbreak of COVID-19 has prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, curfews and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, and disruption in manufacturing and supply chains. While governments have already taken unprecedented action to limit disruption to the financial system, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of and subsequent intervening measures intended to limit the spread of COVID-19. The Fund could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions, events or actions. The full extent of the impact of COVID-19 on the Fund’s performance cannot be determined at this time and will depend on future developments, including the duration and the continued spread of the outbreak. Goldman Sachs Asset Management’s long-term commitment to you, our Fund shareholders, remains unchanged. We encourage you to maintain perspective and stay current with timely commentary and investment insights by visiting gsam.com.

i

FUND BASICS

Equal Weight U.S. Large Cap Equity ETF

As of February 29, 2020

FUND SNAPSHOT
As of February 29, 2020
Market Price1	$	45.79
Net Asset Value (NAV)1	$	46.11

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.

PERFORMANCE REVIEW
September 1, 2019– February 29, 2020	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			Solactive US Large Cap Equal Weight Index3			S&P 500 Index (Total Return, USD)4
Shares		0.43	%		0.30	%		0.53	%		1.92	%

²  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. Total returns for periods less than one full year are not annualized.

³  The Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards Goldman Sachs Equal Weight U.S. Large Cap Equity ETF, Solactive AG has no obligation to point out errors in the Index to third parties including but not limited to investors and/or financial intermediaries of Goldman Sachs Equal Weight U.S. Large Cap Equity ETF. Neither publication of an Index by Solactive AG nor the licensing of the Index or Index trade mark for the purpose of use in connection with the Goldman Sachs Equal Weight U.S. Large Cap Equity ETF constitutes a recommendation by Solactive AG to invest capital in said fund nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this fund. The index provider may delay or change a scheduled rebalancing or reconstitution of the Index or the implementation of certain rules at its sole discretion.

⁴  The S&P 500^® Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

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

1

FUND BASICS

TOP TEN HOLDINGS AS OF 2/29/205
Holding	% of Net Assets			Line of Business	Country
Regeneron Pharmaceuticals, Inc.		0.3	%	Health Care	United States
Domino’s Pizza, Inc.		0.3		Consumer Discretionary	United States
DexCom, Inc.		0.3		Health Care	United States
RingCentral, Inc., Class A		0.3		Information Technology	United States
T-Mobile US, Inc.		0.3		Communication Services	United States
NVIDIA Corp.		0.3		Information Technology	United States
Biogen, Inc.		0.3		Health Care	United States
NortonLifeLock, Inc.		0.3		Information Technology	United States
E*TRADE Financial Corp.		0.2		Financials	United States
BioMarin Pharmaceutical, Inc.		0.2		Health Care	United States

⁵  The top 10 holdings may not be representative of the Fund’s future investments.

FUND VS. BENCHMARK ⁶

As of February 29, 2020

⁶  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 0.2% of the Fund’s net assets as of February 29, 2020. Figures above may not sum to 100% due to rounding.

⁷ 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.

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.

2

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

Schedule of Investments

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 99.8%
Communication Services – 4.7%
	8,200	Activision Blizzard, Inc.	$	476,666
	337	Alphabet, Inc., Class A*		451,327
	336	Alphabet, Inc., Class C*		450,015
	17,305	Altice USA, Inc., Class A*		447,507
	12,904	AT&T, Inc.		454,479
	34,783	CenturyLink, Inc.		419,831
	914	Charter Communications, Inc., Class A*		450,757
	10,966	Comcast Corp., Class A		443,355
	4,536	Electronic Arts, Inc.*		459,814
	2,314	Facebook, Inc., Class A*		445,376
	12,767	Fox Corp., Class A		392,458
	1,912	IAC/InterActiveCorp*		389,933
	3,563	Liberty Broadband Corp., Class C*		448,546
	1,316	Netflix, Inc.*		485,643
	6,328	Omnicom Group, Inc.		438,404
	3,706	Roku, Inc.*		421,261
	25,583	Snap, Inc., Class A*		362,511
	3,825	Take-Two Interactive Software, Inc.*		411,111
	5,957	T-Mobile US, Inc.*		537,083
	14,299	Twitter, Inc.*		474,727
	8,331	Verizon Communications, Inc.		451,207
	14,465	ViacomCBS, Inc., Class B		355,984
	3,355	Walt Disney Co. (The)		394,716
				10,062,711
Consumer Discretionary – 10.1%
	3,691	Advance Auto Parts, Inc.		490,829
	238	Amazon.com, Inc.*		448,332
	11,256	Aramark		391,033
	462	AutoZone, Inc.*		477,020
	5,601	Best Buy Co., Inc.		423,716
	261	Booking Holdings, Inc.*		442,567
	2,134	Burlington Stores, Inc.*		461,499
	5,019	CarMax, Inc.*		438,209
	11,147	Carnival Corp.		372,979
	549	Chipotle Mexican Grill, Inc.*		424,695
	4,202	Darden Restaurants, Inc.		409,695
	3,112	Dollar General Corp.		467,734
	5,498	Dollar Tree, Inc.*		456,499
	1,776	Domino’s Pizza, Inc.		602,881
	8,421	D.R. Horton, Inc.		448,587
	12,981	eBay, Inc.		449,662
	4,388	Expedia Group, Inc.		432,745
	52,895	Ford Motor Co.		368,149
	4,913	Garmin Ltd.		434,260
	14,128	General Motors Co.		430,904
	5,091	Genuine Parts Co.		444,139
	4,672	Hasbro, Inc.		360,912
	4,377	Hilton Worldwide Holdings, Inc.		425,444
	2,066	Home Depot, Inc. (The)		450,057
	7,158	Las Vegas Sands Corp.		417,383
	7,401	Lennar Corp., Class A		446,576
	14,599	LKQ Corp.*		431,838
	4,069	Lowe’s Cos., Inc.		433,633
	3,293	Marriott International, Inc., Class A		408,332
	2,262	McDonald’s Corp.		439,213
Common Stocks – (continued)
Consumer Discretionary – (continued)
	15,057	MGM Resorts International		369,800
	4,791	NIKE, Inc., Class B		428,220
	8,868	Norwegian Cruise Line Holdings Ltd.*		330,422
	127	NVR, Inc.*		465,732
	1,192	O’Reilly Automotive, Inc.*		439,514
	11,015	PulteGroup, Inc.		442,803
	4,174	Ross Stores, Inc.		454,048
	4,114	Royal Caribbean Cruises Ltd.		330,807
	5,494	Starbucks Corp.		430,894
	4,287	Target Corp.		441,561
	548	Tesla, Inc.*		366,058
	3,622	Tiffany & Co.		483,863
	7,923	TJX Cos., Inc. (The)		473,795
	5,329	Tractor Supply Co.		471,670
	1,775	Ulta Beauty, Inc.*		456,335
	2,037	Vail Resorts, Inc.		433,087
	5,784	VF Corp.		416,448
	3,234	Whirlpool Corp.		413,499
	3,658	Wynn Resorts Ltd.		394,991
	4,551	Yum! Brands, Inc.		406,177
				21,579,246
Consumer Staples – 6.4%
	10,437	Altria Group, Inc.		421,342
	10,702	Archer-Daniels-Midland Co.		402,930
	6,956	Brown-Forman Corp., Class B		427,168
	6,497	Church & Dwight Co., Inc.		451,671
	2,968	Clorox Co. (The)		473,159
	8,253	Coca-Cola Co. (The)		441,453
	6,439	Colgate-Palmolive Co.		435,083
	15,213	Conagra Brands, Inc.		406,035
	2,517	Constellation Brands, Inc., Class A		433,880
	1,592	Costco Wholesale Corp.		447,575
	2,423	Estee Lauder Cos., Inc. (The), Class A		444,863
	9,239	General Mills, Inc.		452,711
	3,185	Hershey Co. (The)		458,608
	10,212	Hormel Foods Corp.		424,819
	4,643	JM Smucker Co. (The)		478,183
	7,070	Kellogg Co.		427,523
	3,386	Kimberly-Clark Corp.		444,209
	16,657	Kraft Heinz Co. (The)		412,594
	17,729	Kroger Co. (The)		498,717
	5,263	Lamb Weston Holdings, Inc.		457,302
	3,021	McCormick & Co., Inc.		441,640
	8,533	Molson Coors Beverage Co., Class B		423,322
	8,455	Mondelez International, Inc., Class A		446,424
	7,050	Monster Beverage Corp.*		439,990
	3,389	PepsiCo, Inc.		447,450
	5,807	Philip Morris International, Inc.		475,419
	3,865	Procter & Gamble Co. (The)		437,634
	6,470	Sysco Corp.		431,226
	5,788	Tyson Foods, Inc., Class A		392,600
	9,278	Walgreens Boots Alliance, Inc.		424,561
	4,212	Walmart, Inc.		453,548
				13,653,639

The accompanying notes are an integral part of these financial statements. 3

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

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Energy – 4.4%
	17,256	Apache Corp.	$	430,019
	22,786	Baker Hughes Co.		366,627
	8,199	Cheniere Energy, Inc.*		420,527
	4,545	Chevron Corp.		424,230
	6,375	Concho Resources, Inc.		433,627
	8,595	ConocoPhillips		416,170
	6,631	Diamondback Energy, Inc.		411,122
	6,596	EOG Resources, Inc.		417,263
	8,097	Exxon Mobil Corp.		416,510
	22,408	Halliburton Co.		380,040
	8,421	Hess Corp.		473,092
	23,123	Kinder Morgan, Inc.		443,268
	41,256	Marathon Oil Corp.		341,600
	9,095	Marathon Petroleum Corp.		431,285
	24,414	Noble Energy, Inc.		386,473
	11,990	Occidental Petroleum Corp.		392,552
	6,483	ONEOK, Inc.		432,546
	5,473	Phillips 66		409,709
	3,572	Pioneer Natural Resources Co.		438,570
	14,252	Schlumberger Ltd.		386,087
	12,921	Targa Resources Corp.		418,640
	5,976	Valero Energy Corp.		395,910
	22,605	Williams Cos., Inc. (The)		430,625
				9,496,492
Financials – 13.8%
	9,307	Aflac, Inc.		398,805
	594	Alleghany Corp.*		399,316
	4,049	Allstate Corp. (The)		426,157
	15,089	Ally Financial, Inc.		378,281
	3,684	American Express Co.		404,982
	9,587	American International Group, Inc.		404,188
	2,802	Ameriprise Financial, Inc.		395,923
	49,396	Annaly Capital Management, Inc. REIT		437,649
	2,142	Aon PLC		445,536
	10,821	Arch Capital Group Ltd.*		437,493
	4,638	Arthur J Gallagher & Co.		452,159
	14,442	Bank of America Corp.		411,597
	10,568	Bank of New York Mellon Corp. (The)		421,663
	2,157	Berkshire Hathaway, Inc., Class B*		445,075
	908	BlackRock, Inc.		420,413
	7,676	Blackstone Group, Inc. (The), Class A		413,276
	4,774	Capital One Financial Corp.		421,353
	3,966	Cboe Global Markets, Inc.		452,124
	10,314	Charles Schwab Corp. (The)		420,295
	3,147	Chubb Ltd.		456,409
	4,579	Cincinnati Financial Corp.		426,946
	6,347	Citigroup, Inc.		402,781
	12,681	Citizens Financial Group, Inc.		401,861
	2,252	CME Group, Inc.		447,743
	7,720	Comerica, Inc.		406,381
	6,406	Discover Financial Services		420,105
	11,170	E*TRADE Financial Corp.		511,363
	1,750	Everest Re Group Ltd.		433,790
	1,646	FactSet Research Systems, Inc.		437,820
	10,004	Fidelity National Financial, Inc.		387,755
Common Stocks – (continued)
Financials – (continued)
	16,471	Fifth Third Bancorp		401,892
	4,246	First Republic Bank		427,020
	2,008	Goldman Sachs Group, Inc. (The)(a)		403,146
	8,412	Hartford Financial Services Group, Inc. (The)		420,179
	35,008	Huntington Bancshares, Inc.		429,548
	5,244	Intercontinental Exchange, Inc.		467,870
	3,590	JPMorgan Chase & Co.		416,835
	25,094	KeyCorp		410,287
	14,894	KKR & Co., Inc., Class A		425,968
	8,721	Lincoln National Corp.		395,846
	9,209	Loews Corp.		420,207
	2,848	M&T Bank Corp.		399,802
	406	Markel Corp.*		479,730
	1,368	MarketAxess Holdings, Inc.		443,683
	4,233	Marsh & McLennan Cos., Inc.		442,602
	9,673	MetLife, Inc.		413,231
	1,820	Moody’s Corp.		436,855
	8,989	Morgan Stanley		404,775
	1,612	MSCI, Inc.		476,249
	4,092	Nasdaq, Inc.		419,635
	4,835	Northern Trust Corp.		424,320
	3,224	PNC Financial Services Group, Inc. (The)		407,514
	8,897	Principal Financial Group, Inc.		394,938
	6,002	Progressive Corp. (The)		439,106
	5,192	Prudential Financial, Inc.		391,736
	5,157	Raymond James Financial, Inc.		431,280
	29,863	Regions Financial Corp.		403,748
	3,257	Reinsurance Group of America, Inc.		397,452
	1,631	S&P Global, Inc.		433,699
	6,246	State Street Corp.		425,415
	1,905	SVB Financial Group*		396,545
	14,872	Synchrony Financial		432,775
	3,549	T. Rowe Price Group, Inc.		418,817
	9,899	TD Ameritrade Holding Corp.		418,035
	3,662	Travelers Cos., Inc. (The)		438,744
	9,134	Truist Financial Corp.		421,443
	8,955	US Bancorp		415,870
	10,273	Wells Fargo & Co.		419,652
	2,222	Willis Towers Watson PLC		420,514
	6,489	WR Berkley Corp.		435,671
				29,621,873
Health Care – 13.6%
	5,503	Abbott Laboratories		423,896
	5,756	AbbVie, Inc.		493,347
	5,815	Agilent Technologies, Inc.		448,162
	4,718	Alexion Pharmaceuticals, Inc.*		443,633
	1,892	Align Technology, Inc.*		413,118
	2,553	Allergan PLC		486,780
	4,049	Alnylam Pharmaceuticals, Inc.*		476,405
	5,512	AmerisourceBergen Corp.		464,772
	2,190	Amgen, Inc.		437,409
	1,776	Anthem, Inc.		456,592
	5,343	Baxter International, Inc.		445,980
	1,706	Becton Dickinson and Co.		405,721

4 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)
	1,713	Biogen, Inc.*	$	528,272
	5,642	BioMarin Pharmaceutical, Inc.*		509,868
	11,324	Boston Scientific Corp.*		423,404
	7,552	Bristol-Myers Squibb Co.		446,021
	9,412	Cardinal Health, Inc.		490,553
	7,835	Centene Corp.*		415,412
	6,542	Cerner Corp.		453,164
	2,468	Cigna Corp.		451,496
	1,387	Cooper Cos., Inc. (The)		450,179
	7,154	CVS Health Corp.		423,374
	2,983	Danaher Corp.		431,282
	8,583	DENTSPLY SIRONA, Inc.		422,627
	1,992	DexCom, Inc.*		549,792
	2,145	Edwards Lifesciences Corp.*		439,382
	15,337	Elanco Animal Health, Inc.*		420,234
	3,384	Eli Lilly & Co.		426,824
	4,989	Exact Sciences Corp.*		403,860
	7,203	Gilead Sciences, Inc.		499,600
	3,363	HCA Healthcare, Inc.		427,135
	6,962	Henry Schein, Inc.*		424,264
	8,978	Hologic, Inc.*		423,043
	1,416	Humana, Inc.		452,667
	1,740	IDEXX Laboratories, Inc.*		442,847
	1,641	Illumina, Inc.*		435,964
	6,573	Incyte Corp.*		495,670
	846	Intuitive Surgical, Inc.*		451,730
	3,092	IQVIA Holdings, Inc.*		431,303
	3,202	Johnson & Johnson		430,605
	2,661	Laboratory Corp. of America Holdings*		467,511
	3,253	McKesson Corp.		454,965
	4,048	Medtronic PLC		407,512
	5,495	Merck & Co., Inc.		420,697
	633	Mettler-Toledo International, Inc.*		444,176
	21,814	Mylan NV*		374,983
	5,152	PerkinElmer, Inc.		445,339
	12,884	Pfizer, Inc.		430,583
	4,364	Quest Diagnostics, Inc.		462,846
	1,365	Regeneron Pharmaceuticals, Inc.*		606,838
	2,910	ResMed, Inc.		462,574
	4,355	Seattle Genetics, Inc.*		495,860
	3,190	STERIS PLC		505,998
	2,244	Stryker Corp.		427,684
	1,268	Teleflex, Inc.		424,805
	1,490	Thermo Fisher Scientific, Inc.		433,292
	1,730	UnitedHealth Group, Inc.		441,081
	3,507	Universal Health Services, Inc., Class B		433,956
	3,433	Varian Medical Systems, Inc.*		422,156
	3,148	Veeva Systems, Inc., Class A*		446,922
	2,027	Vertex Pharmaceuticals, Inc.*		454,109
	2,217	Waters Corp.*		432,071
	3,055	West Pharmaceutical Services, Inc.		459,961
	3,097	Zimmer Biomet Holdings, Inc.		421,657
	3,495	Zoetis, Inc.		465,639
				29,239,602
Common Stocks – (continued)
Industrials – 12.7%
	3,088	3M Co.		460,853
	17,080	American Airlines Group, Inc.		325,374
	4,900	AMETEK, Inc.		421,400
	15,930	Arconic, Inc.		467,546
	1,526	Boeing Co. (The)		419,818
	3,637	Caterpillar, Inc.		451,861
	6,722	C.H. Robinson Worldwide, Inc.		463,146
	1,698	Cintas Corp.		452,925
	4,731	Copart, Inc.*		399,675
	709	CoStar Group, Inc.*		473,321
	6,243	CSX Corp.		439,819
	3,015	Cummins, Inc.		456,139
	2,954	Deere & Co.		462,242
	8,382	Delta Air Lines, Inc.		386,662
	4,170	Dover Corp.		428,426
	4,812	Eaton Corp. PLC		436,545
	6,629	Emerson Electric Co.		424,985
	3,127	Equifax, Inc.		444,159
	6,627	Expeditors International of Washington, Inc.		466,673
	13,148	Fastenal Co.		449,925
	3,291	FedEx Corp.		464,590
	6,348	Fortive Corp.		439,028
	2,705	General Dynamics Corp.		431,961
	38,598	General Electric Co.		419,946
	2,772	Honeywell International, Inc.		449,535
	1,833	Huntington Ingalls Industries, Inc.		376,736
	2,872	IDEX Corp.		425,056
	6,011	IHS Markit Ltd.		428,224
	2,668	Illinois Tool Works, Inc.		447,637
	3,506	Ingersoll-Rand PLC		452,414
	5,087	Jacobs Engineering Group, Inc.		469,734
	4,286	J.B. Hunt Transport Services, Inc.		413,342
	12,374	Johnson Controls International PLC		452,517
	2,815	Kansas City Southern		424,164
	2,170	L3Harris Technologies, Inc.		429,074
	2,032	Lennox International, Inc.		463,560
	1,127	Lockheed Martin Corp.		416,843
	9,891	Masco Corp.		408,696
	2,293	Norfolk Southern Corp.		418,129
	1,341	Northrop Grumman Corp.		440,974
	2,377	Old Dominion Freight Line, Inc.		460,663
	6,375	PACCAR, Inc.		426,488
	2,355	Parker-Hannifin Corp.		435,133
	2,165	Raytheon Co.		408,232
	5,045	Republic Services, Inc.		455,362
	2,400	Rockwell Automation, Inc.		440,400
	1,258	Roper Technologies, Inc.		442,439
	8,721	Southwest Airlines Co.		402,823
	2,928	Stanley Black & Decker, Inc.		420,754
	1,285	Teledyne Technologies, Inc.*		433,456
	9,541	Textron, Inc.		387,365
	757	TransDigm Group, Inc.		422,262
	5,098	TransUnion		453,314
	2,649	Union Pacific Corp.		423,337
	6,155	United Airlines Holdings, Inc.*		379,086

The accompanying notes are an integral part of these financial statements. 5

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

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Industrials – (continued)
	4,698	United Parcel Service, Inc., Class B	$	425,122
	3,291	United Rentals, Inc.*		435,992
	3,173	United Technologies Corp.		414,362
	2,888	Verisk Analytics, Inc.		447,958
	3,951	Waste Management, Inc.		437,810
	6,140	Westinghouse Air Brake Technologies Corp.		421,818
	1,576	W.W. Grainger, Inc.		437,403
	5,612	Xylem, Inc.		434,032
				27,249,265
Information Technology – 15.8%
	2,286	Accenture PLC, Class A		412,829
	1,324	Adobe, Inc.*		456,939
	9,820	Advanced Micro Devices, Inc.*		446,614
	5,100	Akamai Technologies, Inc.*		441,201
	4,676	Amphenol Corp., Class A		428,696
	4,317	Analog Devices, Inc.		470,769
	1,679	ANSYS, Inc.*		406,637
	1,522	Apple, Inc.		416,054
	7,706	Applied Materials, Inc.		447,873
	2,100	Arista Networks, Inc.*		405,552
	2,382	Autodesk, Inc.*		454,676
	2,761	Automatic Data Processing, Inc.		427,237
	1,559	Broadcom, Inc.		425,015
	4,137	Broadridge Financial Solutions, Inc.		431,737
	6,524	Cadence Design Systems, Inc.*		431,497
	3,566	CDW Corp.		407,309
	10,197	Cisco Systems, Inc.		407,166
	3,931	Citrix Systems, Inc.		406,426
	7,655	Cognizant Technology Solutions Corp., Class A		466,419
	17,605	Corning, Inc.		420,055
	9,515	Dell Technologies, Inc., Class C*		384,977
	3,293	Fidelity National Information Services, Inc.		460,098
	3,919	Fiserv, Inc.*		428,582
	1,499	FleetCor Technologies, Inc.*		398,419
	4,043	Fortinet, Inc.*		412,629
	3,153	Gartner, Inc.*		407,967
	2,393	Global Payments, Inc.		440,240
	7,078	GoDaddy, Inc., Class A*		495,318
	33,673	Hewlett Packard Enterprise Co.		430,678
	22,532	HP, Inc.		468,440
	7,418	Intel Corp.		411,847
	3,256	International Business Machines Corp.		423,768
	1,669	Intuit, Inc.		443,704
	3,158	Jack Henry & Associates, Inc.		479,195
	20,805	Juniper Networks, Inc.		441,482
	5,129	Keysight Technologies, Inc.*		486,024
	2,715	KLA Corp.		417,323
	1,492	Lam Research Corp.		437,798
	4,612	Leidos Holdings, Inc.		473,422
	19,615	Marvell Technology Group Ltd.		417,800
	1,476	Mastercard, Inc., Class A		428,409
	7,783	Maxim Integrated Products, Inc.		432,890
Common Stocks – (continued)
Information Technology – (continued)
	4,773	Microchip Technology, Inc.		432,959
	8,749	Micron Technology, Inc.*		459,847
	2,696	Microsoft Corp.		436,779
	2,722	Motorola Solutions, Inc.		450,981
	8,689	NetApp, Inc.		405,950
	27,700	NortonLifeLock, Inc.		527,131
	1,965	NVIDIA Corp.		530,688
	3,604	Okta, Inc.*		461,528
	8,986	Oracle Corp.		444,448
	2,022	Palo Alto Networks, Inc.*		373,302
	5,500	Paychex, Inc.		426,140
	4,043	PayPal Holdings, Inc.*		436,604
	4,500	Qorvo, Inc.*		452,610
	5,461	QUALCOMM, Inc.		427,596
	2,322	RingCentral, Inc., Class A*		547,411
	2,579	salesforce.com, Inc.*		439,462
	8,235	Seagate Technology PLC		394,868
	1,380	ServiceNow, Inc.*		450,004
	4,116	Skyworks Solutions, Inc.		412,341
	2,893	Splunk, Inc.*		426,226
	6,003	Square, Inc., Class A*		500,230
	7,438	SS&C Technologies Holdings, Inc.		412,809
	3,117	Synopsys, Inc.*		429,928
	5,094	TE Connectivity Ltd.		422,140
	6,890	Teradyne, Inc.		404,856
	3,839	Texas Instruments, Inc.		438,183
	10,959	Trimble, Inc.*		432,661
	3,682	Twilio, Inc., Class A*		414,740
	2,263	VeriSign, Inc.*		429,404
	2,386	Visa, Inc., Class A		433,679
	3,161	VMware, Inc., Class A*		380,964
	7,095	Western Digital Corp.		394,198
	17,682	Western Union Co. (The)		395,900
	2,494	Workday, Inc., Class A*		432,085
	5,661	Xilinx, Inc.		472,637
	1,959	Zebra Technologies Corp., Class A*		413,290
				33,976,290
Materials – 4.6%
	1,965	Air Products & Chemicals, Inc.		431,534
	3,548	Avery Dennison Corp.		406,211
	6,474	Ball Corp.		456,158
	4,525	Celanese Corp.		424,173
	11,823	CF Industries Holdings, Inc.		435,796
	15,689	Corteva, Inc.		426,741
	10,106	Dow, Inc.		408,383
	9,214	DuPont de Nemours, Inc.		395,281
	6,643	Eastman Chemical Co.		408,611
	2,387	Ecolab, Inc.		430,734
	4,906	FMC Corp.		456,749
	40,330	Freeport-McMoRan, Inc.		401,687
	3,468	International Flavors & Fragrances, Inc.(b)		415,397
	11,628	International Paper Co.		429,771
	5,942	LyondellBasell Industries NV, Class A		424,615
	1,782	Martin Marietta Materials, Inc.		405,458
	10,978	Newmont Corp.		489,948

6 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)
	9,942	Nucor Corp.	$	411,102
	4,881	Packaging Corp. of America		442,316
	3,964	PPG Industries, Inc.		414,040
	827	Sherwin-Williams Co. (The)		427,352
	3,359	Vulcan Materials Co.		403,953
	12,232	Westrock Co.		406,714
				9,752,724
Real Estate – 7.5%
	2,894	Alexandria Real Estate Equities, Inc. REIT		439,541
	2,045	American Tower Corp. REIT		463,806
	2,220	AvalonBay Communities, Inc. REIT		445,310
	3,359	Boston Properties, Inc. REIT		433,110
	4,326	Camden Property Trust REIT		458,470
	7,655	CBRE Group, Inc., Class A*		429,752
	3,228	Crown Castle International Corp. REIT		462,540
	3,885	Digital Realty Trust, Inc. REIT		466,627
	13,237	Duke Realty Corp. REIT		429,805
	800	Equinix, Inc. REIT		458,240
	6,612	Equity LifeStyle Properties, Inc. REIT		451,798
	5,805	Equity Residential REIT		435,956
	1,559	Essex Property Trust, Inc. REIT		441,758
	4,405	Extra Space Storage, Inc. REIT		442,086
	3,815	Federal Realty Investment Trust REIT		443,837
	13,321	Healthpeak Properties, Inc. REIT		421,476
	28,834	Host Hotels & Resorts, Inc. REIT		417,516
	15,304	Invitation Homes, Inc. REIT		439,072
	15,057	Iron Mountain, Inc. REIT		457,883
	3,484	Mid-America Apartment Communities, Inc. REIT		450,342
	11,410	Omega Healthcare Investors, Inc. REIT		451,836
	5,198	Prologis, Inc. REIT		438,087
	2,175	Public Storage REIT		454,836
	6,200	Realty Income Corp. REIT		448,818
	7,750	Regency Centers Corp. REIT		445,160
	1,911	SBA Communications Corp. REIT		506,587
	3,537	Simon Property Group, Inc. REIT		435,334
	3,026	Sun Communities, Inc. REIT		462,615
	10,016	UDR, Inc. REIT		450,520
	8,332	Ventas, Inc. REIT		448,012
	49,649	VEREIT, Inc. REIT		429,960
	17,964	VICI Properties, Inc. REIT		450,178
	7,342	Vornado Realty Trust REIT		393,384
	5,715	Welltower, Inc. REIT		427,596
	17,230	Weyerhaeuser Co. REIT		447,635
	5,745	W.P. Carey, Inc. REIT		444,721
				16,024,204
Utilities – 6.2%
	23,559	AES Corp.		394,142
	8,278	Alliant Energy Corp.		431,449
	5,901	Ameren Corp.		466,179
	4,721	American Electric Power Co., Inc.		421,396
	3,602	American Water Works Co., Inc.		445,423
	4,143	Atmos Energy Corp.		427,765
	18,310	CenterPoint Energy, Inc.		421,496
Common Stocks – (continued)
Utilities – (continued)
	7,206	CMS Energy Corp.		435,386
	5,246	Consolidated Edison, Inc.		413,490
	5,743	Dominion Energy, Inc.		448,988
	3,648	DTE Energy Co.		407,372
	5,026	Duke Energy Corp.		460,884
	6,434	Edison International		432,300
	3,719	Entergy Corp.		434,788
	9,164	Essential Utilities, Inc.		394,144
	6,840	Evergy, Inc.		446,994
	5,360	Eversource Energy		463,426
	10,098	Exelon Corp.		435,325
	9,430	FirstEnergy Corp.		419,918
	1,836	NextEra Energy, Inc.		464,067
	16,471	NiSource, Inc.		445,046
	13,032	NRG Energy, Inc.		432,793
	4,973	Pinnacle West Capital Corp.		445,034
	13,466	PPL Corp.		404,115
	8,219	Public Service Enterprise Group, Inc.		421,717
	3,055	Sempra Energy		427,028
	6,982	Southern Co. (The)		421,434
	11,789	UGI Corp.		424,876
	22,031	Vistra Energy Corp.		423,656
	4,872	WEC Energy Group, Inc.		449,832
	7,006	Xcel Energy, Inc.		436,614
				13,397,077
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $211,787,693)		$	214,053,123

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.2%(a)
Goldman Sachs Financial Square Government Fund – Institutional Shares
410,677	1.507%	$	410,677
(Cost $410,677)
TOTAL INVESTMENTS – 100.0%
(Cost $212,198,370)		$	214,463,800
LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.0)%			(52,793	)
NET ASSETS – 100.0%		$	214,411,007

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)	Represents an affiliated issuer.
(b)	All or a portion of security is on loan.

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

The accompanying notes are an integral part of these financial statements. 7

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

Statement of Assets and Liabilities

February 29, 2020 (Unaudited)

Assets:
Investments in unaffiliated issuers, at value (cost $211,376,288)(a)	$	213,649,977
Investments in affiliated issuers, at value (cost $411,405)		403,146
Investments in securities lending reinvestment vehicle, at value which equals cost		410,677
Cash		9,662
Receivables:
Dividends		364,925
Securities lending income		224
Total assets		214,838,611
Liabilities:
Payables:
Upon return of securities loaned		410,677
Management fees		16,927
Total liabilities		427,604
Net Assets:
Paid-in capital		213,797,199
Total distributable earnings		613,808
NET ASSETS	$	214,411,007
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		4,650,000
Net asset value per share:		$46.11

(a) Includes loaned securities having a market value of $394,316.

8 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 Six Months Ended February 29, 2020 (Unaudited)

Investment income:
Dividends — unaffiliated issuers	$	2,156,063
Dividends — affiliated issuers		4,728
Securities lending income — unaffiliated issuer		760
Total investment income		2,161,551
Expenses:
Management fees		86,410
Trustee fees		3,998
Total expenses		90,408
NET INVESTMENT INCOME		2,071,143
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(1,752,035	)
Investments — affiliated issuers		(2,074	)
In-kind redemptions — unaffiliated issuers		1,480,341
In-kind redemptions — affiliated issuers		977
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(4,866,700	)
Investments — affiliated issuers		(10,755	)
Net realized and unrealized loss		(5,150,246	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,079,103	)

The accompanying notes are an integral part of these financial statements. 9

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

Statements of Changes in Net Assets

	For the Six Months Ended February 29, 2020 (Unaudited)			For the Fiscal Year Ended August 31, 2019
From operations:
Net investment income	$	2,071,143		$	1,967,256
Net realized gain (loss)		(272,791	)		3,599,212
Net change in unrealized gain (loss)		(4,877,455	)		2,986,124
Net increase (decrease) in net assets resulting from operations		(3,079,103	)		8,552,592
Distributions to shareholders:
From distributable earnings		(1,656,057	)		(1,705,332	)
From share transactions:
Proceeds from sales of shares		55,197,258			133,769,866
Cost of shares redeemed		(5,040,102	)		(48,065,915	)
Net increase in net assets resulting from share transactions		50,157,156			85,703,951
TOTAL INCREASE		45,421,996			92,551,211
Net assets:
Beginning of period	$	168,989,011		$	76,437,800
End of period	$	214,411,007		$	168,989,011

10 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

	For the Six Months Ended February 29, 2020 (Unaudited)			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	$	46.30		$	46.33		$	40.58
Net investment income(a)		0.51	(b)		0.81			0.77
Net realized and unrealized gain (loss)		(0.29	)		(0.10	)		5.52
Total gain from investment operations		0.22			0.71			6.29
Distributions to shareholders from net investment income		(0.41	)		(0.74	)		(0.54	)
Net asset value, end of period	$	46.11		$	46.30		$	46.33
Market price, end of period	$	45.79		$	46.32		$	46.35
Total Return at Net Asset Value(c)		0.43	%		1.62	%		15.60	%
Net assets, end of period (in 000’s)	$	214,411		$	168,989		$	76,438
Ratio of total expenses to average net assets		0.09	%(d)		0.09	%		0.09	%(d)
Ratio of net investment income to average net assets		2.06	%(b)(d)		1.81	%		1.82	%(d)
Portfolio turnover rate(e)		20	%		39	%		34	%

 * Commencement of operations.

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from non-recurring special dividends which amounted to $0.07 per share and 0.15% 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 EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

Notes to Financial Statements

February 29, 2020 (Unaudited)

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”). Market prices for the Fund’s shares may be different from its net asset value (“NAV”). The Fund issues and redeems shares at its NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed principally in-kind for a basket of securities and a cash amount. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the “Distributor”) may do business directly with the Fund.

2. SIGNIFICANT ACCOUNTING POLICIES

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. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. 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.

12

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. Certain equity securities containing unique attributes may be classified as Level 2.

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

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the 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

13

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

Notes to Financial Statements (continued)

February 29, 2020 (Unaudited)

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 February 29, 2020:

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	$	214,053,123	$	—	$	—
Securities Lending Reinvestment Vehicle		410,677		—		—
Total	$	214,463,800	$	—	$	—

(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 six months ended February 29, 2020, 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 six months ended February 29, 2020:

Beginning value as of August 31, 2019		Purchases at Cost		Proceeds from Sales			Realized Loss			Change in Unrealized Depreciation			Ending value as of February 29, 2020		Shares as of February 29, 2020		Dividend Income
$	332,985	$	142,102	$	(60,089	)	$	(1,097	)	$	(10,755	)	$	403,146		2,008	$	4,728

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

14

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

5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

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.

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 Six Months Ended February 29, 2020 (Unaudited)						For the Fiscal Year Ended August 31, 2019
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		1,100,000		$	55,197,252			3,100,000		$	133,769,847
Shares Redeemed		(100,000	)		(5,040,102	)		(1,100,000	)		(48,065,915	)
NET INCREASE (DECREASE) IN SHARES		1,000,000		$	50,157,150			2,000,000		$	85,703,932

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the six months ended February 29, 2020, were $39,558,719 and $38,850,675, respectively.

The purchases and sales from in-kind creation and redemption transactions for the six months ended February 29, 2020, were $55,092,303 and $4,947,872, 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.

15

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

Notes to Financial Statements (continued)

February 29, 2020 (Unaudited)

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 February 29, 2020 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 six months ended February 29, 2020, 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 six months ended February 29, 2020:

Beginning value as of August 31, 2019		Purchases at Cost		Proceeds from Sales			Ending value as of February 29, 2020
$	320,144	$	3,684,698	$	(3,594,165	)	$	410,677

8. TAX INFORMATION

As of the Fund’s most recent fiscal year end, August 31, 2019, the Fund’s capital loss carryforwards and certain timing differences on a tax-basis were as follows:

	Equal Weight U.S. Large Cap Equity ETF
Capital loss carryforwards:
Perpetual Short-Term	$	(32,643	)
Perpetual Long-Term		—
Timing differences (Post-October Capital Loss Deferral)	$	(378,266	)

16

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

8. TAX INFORMATION (continued)

As of February 29, 2020, 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	$	214,059,488
Gross unrealized gain		14,506,621
Gross unrealized loss		(14,102,309	)
Net unrealized gains	$	404,312

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.

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 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 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). The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments.

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.

17

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

Notes to Financial Statements (continued)

February 29, 2020 (Unaudited)

9. OTHER RISKS (continued)

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 the 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.

18

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

Fund Expenses — Six Months Ended 2/29/2020 (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 September 1, 2019 and held for the six months ended February 29, 2020, which represents a period of 182 days of a 366 day year (or less where indicated).

Actual Expenses — The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the 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 9/1/19		Ending Account Value 2/29/20			Expenses Paid*
Actual based on NAV	$	1,000	$	1,004.30		$	0.45
Hypothetical 5% return	$	1,000	$	1,024.42	+	$	0.45

+ 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 February 29, 2020. 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	%

19

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

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (Unaudited)

Background

The Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (the “Fund”) is an investment portfolio of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.

The Management Agreement was approved for continuation until September 30, 2020 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on September 17-18, 2019 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

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

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

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

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

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

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

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

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Fund and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual

20

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

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (Unaudited) (continued)

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

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

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

Investment Performance

The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using ranking compiled by the Outside Data Provider as of March 31, 2019, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of June 30, 2019. The information on the Fund’s investment performance was provided for the one-year period ending on the applicable dates. As part of this review, they reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Fund’s performance to that of its index and a separate account composite with a comparable investment strategy. The Trustees observed that the Fund’s investment performance was consistent with the investment objective of tracking its index.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Fund’s risk profile, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

Unitary Fee Structure and Profitability

The Trustees considered the contractual 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 fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Fund, which included both advisory and administrative services that were directed to the needs and operations of the Fund as an ETF. The Trustees noted that a license fee would be payable by the Investment Adviser to Solactive AG for the use of its index. The Trustees also considered information previously provided regarding fees and expenses of

21

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

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (Unaudited) (continued)

comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Fund’s fee rate and expense ratio were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s management fee rate and net expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fee and total expenses paid by the Fund.

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

Economies of Scale

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

Other Benefits to the Investment Adviser and Its Affiliates

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

Other Benefits to the Fund and Its Shareholders

The Trustees also noted that the Fund receives other potential benefits as a result of its relationship with the Investment Adviser, including: (a) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (b) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Fund because of the reputation of the Goldman Sachs organization; and (c) the Fund’s access to certain affiliated distribution channels.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary fee paid by the Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and/or reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until September 30, 2020.

22

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 $1.69 trillion in assets under supervision as of December 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 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 February 29, 2020 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.

©2020 Goldman Sachs. All rights reserved. Info to come 200057-OTU-04/2020 GST 1138 EQWUSLCESAR-20

Goldman Sachs Funds

Semi-Annual Report	February 29, 2020
	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
Recent Market Events related to COVID-19	i
Fund Basics	1
Schedule of Investments	3
Financial Statements	4
Financial Highlights	7
Notes to Financial Statements	8
Other Information	15

NOT FDIC-INSURED May Lose Value No Bank Guarantee

Recent Market Events related to COVID-19

While this semi-annual report covers the six month period ended February 29, 2020, we want to describe some more recent events through the end of April.

An outbreak of a novel strain of coronavirus (COVID-19) has emerged globally. The outbreak of COVID-19 has prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, curfews and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, and disruption in manufacturing and supply chains. While governments have already taken unprecedented action to limit disruption to the financial system, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of and subsequent intervening measures intended to limit the spread of COVID-19. The Fund could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions, events or actions. The full extent of the impact of COVID-19 on the Fund’s performance cannot be determined at this time and will depend on future developments, including the duration and the continued spread of the outbreak. Goldman Sachs Asset Management’s long-term commitment to you, our Fund shareholders, remains unchanged. We encourage you to maintain perspective and stay current with timely commentary and investment insights by visiting gsam.com.

i

FUND BASICS

Hedge Industry VIP ETF

as of February 29, 2020

FUND SNAPSHOT
As of February 29, 2020
Market Price1	$	60.77
Net Asset Value (NAV)1	$	60.95

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.

PERFORMANCE REVIEW
September 1, 2019– February 29, 2020	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			Goldman Sachs Hedge Fund VIP IndexTM3			S&P 500® Index4
Shares		7.43	%		6.79	%		7.67	%		1.92	%

²  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. Total returns for periods less than one full year are not annualized.

³  The Index is owned and maintained by the Index Provider. The Index is calculated by Solactive AG. The Index consists of the US-listed stocks whose performance is expected to influence the long portfolios of hedge funds. Those stocks are defined as the positions that appear most frequently among the top 10 long equity holdings within the portfolios of fundamentally-driven hedge fund managers. It is not possible to invest directly in an unmanaged index.

⁴  The S&P 500^® Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices.

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

TOP TEN HOLDINGS AS OF 2/29/205
Holding	% of Net Assets			Line of Business	Country
Zayo Group Holdings, Inc.		2.3	%	Communication Services	United States
Tiffany & Co.		2.3		Consumer Discretionary	United States
WABCO Holdings, Inc.		2.3		Industrials	United States
RingCentral, Inc., Class A		2.2		Information Technology	United States
Netflix, Inc.		2.2		Communication Services	United States
PG&E Corp.		2.2		Utilities	United States
Alibaba Group Holding Ltd. ADR		2.2		Consumer Discretionary	China
Carvana Co.		2.1		Consumer Discretionary	United States
Sea Ltd. ADR		2.1		Communication Services	Taiwan
Charter Communications, Inc., Class A		2.1		Communication Services	United States

⁵  The top 10 holdings may not be representative of the Fund’s future investments.

1

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of February 29, 2020

⁶ 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 0.5% of the Fund’s net assets as of February 29, 2020. Figures above may not sum to 100% due to rounding.

⁷ 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.

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.

2

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Schedule of Investments

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 100.1%
Communication Services – 18.7%
	1,319	Alphabet, Inc., Class A*	$	1,766,471
	3,744	Charter Communications, Inc., Class A*		1,846,428
	43,451	Comcast Corp., Class A		1,756,724
	9,350	Facebook, Inc., Class A*		1,799,595
	5,265	Netflix, Inc.*		1,942,943
	15,892	Nexstar Media Group, Inc., Class A		1,827,262
	41,300	Sea Ltd. ADR (Taiwan)*		1,860,978
	14,352	Walt Disney Co. (The)		1,688,513
	57,366	Zayo Group Holdings, Inc.*		2,007,236
				16,496,150
Consumer Discretionary – 18.1%
	9,118	Alibaba Group Holding Ltd. ADR (China)*		1,896,544
	938	Amazon.com, Inc.*		1,766,958
	1,006	Booking Holdings, Inc.*		1,705,834
	22,598	Carvana Co.*		1,873,600
	29,054	Eldorado Resorts, Inc.*(a)		1,457,930
	8,173	Home Depot, Inc. (The)		1,780,406
	47,716	JD.com, Inc. ADR (China)*		1,837,543
	2,503	Tesla, Inc.*		1,671,979
	14,915	Tiffany & Co.		1,992,495
				15,983,289
Financials – 9.6%
	57,465	Bank of America Corp.		1,637,752
	8,830	Berkshire Hathaway, Inc., Class B*		1,821,982
	25,418	Citigroup, Inc.		1,613,026
	14,569	JPMorgan Chase & Co.		1,691,607
	59,710	KKR & Co., Inc., Class A		1,707,706
				8,472,073
Health Care – 5.7%
	30,170	Bristol-Myers Squibb Co.		1,781,840
	30,839	Centene Corp.*		1,635,084
	9,089	Cigna Corp.		1,662,742
				5,079,666
Industrials – 9.7%
	5,882	Boeing Co. (The)		1,618,197
	34,001	Delta Air Lines, Inc.		1,568,466
	3,096	TransDigm Group, Inc.		1,726,980
	50,496	Uber Technologies, Inc.*		1,710,300
	14,724	WABCO Holdings, Inc.*		1,989,212
				8,613,155
Information Technology – 36.1%
	5,275	Adobe, Inc.*		1,820,508
	6,163	Apple, Inc.		1,684,718
	12,720	Fidelity National Information Services, Inc.		1,777,238
	16,372	Fiserv, Inc.*		1,790,442
	9,704	Global Payments, Inc.		1,785,245
	25,547	GoDaddy, Inc., Class A*		1,787,779
	21,709	InterXion Holding NV (Netherlands)*		1,842,877
	5,874	Mastercard, Inc., Class A		1,704,929
Common Stocks – (continued)
Information Technology – (continued)
	34,234	Micron Technology, Inc.*		1,799,339
	10,805	Microsoft Corp.		1,750,518
	14,609	NXP Semiconductors NV (Netherlands)		1,660,897
	16,283	PayPal Holdings, Inc.*		1,758,401
	8,262	RingCentral, Inc., Class A*		1,947,767
	10,543	salesforce.com, Inc.*		1,796,527
	5,623	ServiceNow, Inc.*		1,833,604
	30,224	SS&C Technologies Holdings, Inc.		1,677,432
	15,678	Twilio, Inc., Class A*		1,765,970
	9,523	Visa, Inc., Class A		1,730,900
				31,915,091
Utilities – 2.2%
	123,621	PG&E Corp.*		1,916,125
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $80,599,438)		$	88,475,549

Shares	Dividend Rate			Value
Securities Lending Reinvestment Vehicle – 0.5%(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
441,252		1.507	%	$	441,252
(Cost $441,252)
TOTAL INVESTMENTS – 100.6%
(Cost $81,040,690)				$	88,916,801
LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.6)%					(541,449	)
NET ASSETS – 100.0%				$	88,375,352

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

The accompanying notes are an integral part of these financial statements. 3

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Statement of Assets and Liabilities

February 29, 2020 (Unaudited)

Assets:
Investments at value (cost $80,599,438)(a)	$	88,475,549
Investments in securities lending reinvestment vehicle, at value which equals cost		441,252
Receivables:
Dividends		33,159
Securities lending income		209
Total assets		88,950,169
Liabilities:
Payables:
Upon return of securities loaned		441,252
Due to custodian		98,701
Management fees		34,864
Total liabilities		574,817
Net Assets:
Paid-in capital		88,686,348
Total distributable earnings (loss)		(310,996	)
NET ASSETS	$	88,375,352
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		1,450,000
Net asset value per share:		$60.95

(a) Includes loaned securities having a market value of $434,157.

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

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Statement of Operations

For the Six Months Ended February 29, 2020 (Unaudited)

Investment income:
Dividends — unaffiliated issuer (net of foreign withholding taxes of $792)	$	341,966
Securities lending income — unaffiliated issuer		2,129
Total investment income		344,095
Expenses:
Management fees		193,901
Trustee fees		3,100
Total expenses		197,001
NET INVESTMENT INCOME		147,094
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments		(2,059,184	)
In-kind redemptions		4,243,579
Net change in unrealized gain (loss) on:
Investments		3,271,911
Net realized and unrealized gain		5,456,306
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	5,603,400

The accompanying notes are an integral part of these financial statements. 5

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Statements of Changes in Net Assets

	For the Six Months Ended February 29, 2020 (Unaudited)			For the Fiscal Year Ended August 31, 2019
From operations:
Net investment income	$	147,094		$	822,518
Net realized gain (loss)		2,184,395			(1,362,981	)
Net change in unrealized gain (loss)		3,271,911			(6,015,036	)
Net increase (decrease) in net assets resulting from operations		5,603,400			(6,555,499	)
Distributions to shareholders:
From distributable earnings		(179,277	)		(814,931	)
From share transactions:
Proceeds from sales of shares		30,979,192			43,224,579
Cost of shares redeemed		(27,635,846	)		(66,400,806	)
Net increase (decrease) in net assets resulting from share transactions		3,343,346			(23,176,227	)
TOTAL INCREASE (DECREASE)		8,767,469			(30,546,657	)
Net assets:
Beginning of period	$	79,607,883		$	110,154,540
End of period	$	88,375,352		$	79,607,883

6 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

	For the Six Months Ended February 29, 2020 (Unaudited)			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	$	56.86		$	57.98		$	50.46		$	40.00
Net investment income(a)		0.10	(b)		0.51			0.17			0.32	(c)
Net realized and unrealized gain (loss)		4.11			(1.11	)		7.52			10.31
Total gain (loss) from investment operations		4.21			(0.60	)		7.69			10.63
Distributions to shareholders from net investment income		(0.12	)		(0.52	)		(0.17	)		(0.17	)
Net asset value, end of period	$	60.95		$	56.86		$	57.98		$	50.46
Market price, end of period	$	60.77		$	57.03		$	57.98		$	50.48
Total Return at Net Asset Value(d)		7.43	%		(0.99	)%		15.27	%		26.61	%
Net assets, end of period (in 000’s)	$	88,375		$	79,608		$	110,155		$	45,410
Ratio of total expenses to average net assets		0.45	%(e)		0.45	%		0.45	%		0.45	%(e)
Ratio of net investment income to average net assets		0.34	%(b)(e)		0.91	%		0.31	%		0.84	%(c)(e)
Portfolio turnover rate(f)		54	%		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 $0.07 per share and 0.11% of average net assets.

(c) Reflects income recognized from non-recurring special dividends which amounted to $0.11 per share and 0.24% of average net assets.

(d) 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.

(e) Annualized.

(f) 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. 7

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Notes to Financial Statements

February 29, 2020 (Unaudited)

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”). Market prices for the Fund’s shares may be different from their 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. Non-cash dividends, if any, are recorded at fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The 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.

8

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. Certain equity securities containing unique attributes may be classified as Level 2.

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

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying 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.

9

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Notes to Financial Statements (continued)

February 29, 2020 (Unaudited)

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 February 29, 2020:

HEDGE INDUSTRY VIP ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	5,595,065	$	—	$	—
Europe		3,503,774		—		—
North America		79,376,710		—		—
Securities Lending Reinvestment Vehicle		441,252		—		—
Total	$	88,916,801	$	—	$	—

(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 six months ended February 29, 2020, 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.

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

10

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

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 Six Months Ended February 29, 2020 (unaudited)						For the Fiscal Year Ended August 31, 2019
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		500,000		$	30,979,154.00			750,000		$	43,224,538
Shares Redeemed		(450,000	)		(27,635,846	)		(1,250,000	)		(66,400,806	)
NET INCREASE (DECREASE) IN SHARES		50,000		$	3,343,308			(500,000	)	$	(23,176,268	)

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 29, 2020, were $46,452,075 and $47,061,271, respectively.

The purchases and sales from in-kind creation and redemption transactions for the six months ended February 29, 2020, were $30,712,854 and $26,459,285 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.

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

11

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Notes to Financial Statements (continued)

February 29, 2020 (Unaudited)

7. SECURITIES LENDING (continued)

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 February 29, 2020, 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 six months ended February 29, 2020, 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 six months ended February 29, 2020:

Beginning value as of August 31, 2019		Purchases at Cost		Proceeds from Sales			Ending value as of February 29, 2020
$	261,175	$	24,985,725	$	(24,805,648	)	$	441,252

8. TAX INFORMATION

As of the Fund’s most recent fiscal year end, August 31, 2019, the Fund’s capital loss carryforwards on a tax-basis were as follows:

	Goldman Sachs Hedge Industry VIP ETF
Capital loss carryforwards:
Perpetual Short-Term	$	(2,364,672	)

As of February 29, 2020, 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	$	81,725,437
Gross unrealized gain		10,506,752
Gross unrealized loss		(3,315,388	)
Net unrealized gains (losses) on securities	$	7,191,364

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

GSAM has reviewed the Fund’s tax positions for all open tax years (the current year and prior two 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.

12

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

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 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). The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments. 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 the Index or the need to meet new or existing regulatory requirements. Unlike the Fund, the returns of the 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.

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Notes to Financial Statements (continued)

February 29, 2020 (Unaudited)

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.

14

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Fund Expenses — Six Months Ended 2/29/2020  (Unaudited)

As a shareholder you incur ongoing costs, which may include management fees; distribution and service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Shares of the Fund and to compare these costs with the ongoing costs of investing in other exchange-traded funds.

The example is based on an investment of $1,000 invested at the beginning of the period from September 1, 2019 and held for the six months ended February 29, 2020, which represents a period of 182 days of a 366 day year (or less where indicated).

Actual Expenses — The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the 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 9/1/19		Ending Account Value 2/29/20			Expenses Paid*
Actual based on NAV	$	1,000	$	1,074.30		$	2.32
Hypothetical 5% return	$	1,000	$	1,022.63	+	$	2.26

+ 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 February 29, 2020. 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	%

15

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Hedge Industry VIP ETF (Unaudited)

Background

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

The Management Agreement was approved for continuation until September 30, 2020 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on September 17-18, 2019 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

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

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

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

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

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

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

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

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Fund and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual

16

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Hedge Industry VIP ETF (Unaudited) (continued)

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

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

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

Investment Performance

The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using ranking compiled by the Outside Data Provider as of March 31, 2019, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of June 30, 2019. The information on the Fund’s investment performance was provided for the one-year period ending on the applicable dates. As part of this review, they reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Fund’s performance to that of its proprietary index, a comparable market capitalization-weighted reference index, and a separate account composite with a comparable investment strategy. The Trustees observed that the Fund’s investment performance was consistent with the investment objective of tracking its proprietary index.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Fund’s risk profile, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

Unitary Fee Structure and Profitability

The Trustees considered the contractual 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 fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Fund, which included both advisory and administrative services that were directed to the needs and operations of the Fund as an ETF. The Trustees noted that no license fee would be payable to the Investment Adviser by the Fund

17

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Hedge Industry VIP ETF (Unaudited) (continued)

for use of the index created by the Investment Adviser. The Trustees also considered information previously provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Fund’s fee rate and expense ratio were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s management fee rate and net expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fee and total expenses paid by the Fund.

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

Economies of Scale

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

Other Benefits to the Investment Adviser and Its Affiliates

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

Other Benefits to the Fund and Its Shareholders

The Trustees also noted that the Fund receives other potential benefits as a result of its relationship with the Investment Adviser, including: (a) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (b) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Fund because of the reputation of the Goldman Sachs organization; and (c) the Fund’s access to certain affiliated distribution channels.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary fee paid by the Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and/or reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until September 30, 2020.

18

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 $1.69 trillion in assets under supervision as of December 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, 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, are available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC’’) web site at http://www.sec.gov.

The 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 February 29, 2020 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.

© 2020 Goldman Sachs. All rights reserved. 200063-OTU-04/2020 GST 1140 HEDVIPETFSAR-20

Goldman Sachs Funds

Semi-Annual Report	February 29, 2020
	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
Recent Market Events related to COVID-19	i
Fund Basics	1
Schedule of Investments	3
Financial Statements	8
Financial Highlights	11
Notes to Financial Statements	12
Other Information	19

NOT FDIC-INSURED May Lose Value No Bank Guarantee

Recent Market Events related to COVID-19

While this semi-annual report covers the six month period ended February 29, 2020, we want to describe some more recent events through the end of April.

An outbreak of a novel strain of coronavirus (COVID-19) has emerged globally. The outbreak of COVID-19 has prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, curfews and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, and disruption in manufacturing and supply chains. While governments have already taken unprecedented action to limit disruption to the financial system, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of and subsequent intervening measures intended to limit the spread of COVID-19. The Fund could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions, events or actions. The full extent of the impact of COVID-19 on the Fund’s performance cannot be determined at this time and will depend on future developments, including the duration and the continued spread of the outbreak. Goldman Sachs Asset Management’s long-term commitment to you, our Fund shareholders, remains unchanged. We encourage you to maintain perspective and stay current with timely commentary and investment insights by visiting gsam.com.

i

FUND BASICS

Goldman Sachs JUST U.S. Large Cap Equity ETF

as of February 29, 2020

FUND SNAPSHOT
As of February 29, 2020
Market Price1	$	42.34
Net Asset Value (NAV)1	$	42.51

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.

PERFORMANCE REVIEW
September 1, 2019– February 29, 2020	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			JUST US Large Cap Diversified Index3			Russell 1000® Index4
Shares		1.97	%		1.51	%		2.07	%		1.97	%

²  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. Total returns for periods less than one full year are not annualized.

³  “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 index provider may delay or change a scheduled rebalancing or reconstitution of the Index or the implementation of certain rules at its sole discretion.

⁴  The Russell 1000^® Index is an index of approximately 1,000 of the largest companies in the U.S. equity market. The Russell 1000^® is a subset of the Russell 3000^® Index. It represents the top companies by market capitalization. The Russell 1000^® typically comprises approximately 90% of the total market capitalization of all listed U.S. stocks. It is considered a bellwether index for large cap investing. It is not possible to invest directly in an unmanaged index.

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

1

FUND BASICS

TOP TEN HOLDINGS AS OF 2/29/205
Holding	% of Net Assets			Line of Business	County
Microsoft Corp.		5.1	%	Information Technology	United States
Apple, Inc.		5.1		Information Technology	United States
Amazon.com, Inc.		3.8		Consumer Discretionary	United States
Facebook, Inc., Class A		1.9		Communication Services	United States
JPMorgan Chase & Co.		1.9		Financials	United States
Alphabet, Inc., Class C		1.7		Communication Services	United States
Alphabet, Inc., Class A		1.7		Communication Services	United States
Johnson & Johnson		1.7		Health Care	United States
Visa, Inc., Class A		1.6		Information Technology	United States
Procter & Gamble Co. (The)		1.5		Consumer Staples	United States

⁵  The top 10 holdings may not be representative of the Fund’s future investments.

FUND VS BENCHMARK SECTOR ALLOCATION⁶

As of February 29, 2020

⁶  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). Investments in the securities lending vehicle represented 0.1% of the Fund’s net assets as of February 29, 2020. Figures above may not sum to 100% due to rounding.

⁷  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.

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.

2

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Schedule of Investments

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 99.7%
Communication Services – 10.8%
	4,329	Activision Blizzard, Inc.	$	251,645
	1,339	Alphabet, Inc., Class A*		1,793,256
	1,342	Alphabet, Inc., Class C*		1,797,381
	30,029	AT&T, Inc.		1,057,621
	23,232	Comcast Corp., Class A		939,270
	801	Discovery, Inc., Class A*		20,586
	1,745	Discovery, Inc., Class C*		43,799
	1,647	Electronic Arts, Inc.*		166,956
	10,627	Facebook, Inc., Class A*		2,045,379
	1,973	Interpublic Group of Cos., Inc. (The)		42,143
	235	John Wiley & Sons, Inc., Class A		8,740
	138	Liberty Media Corp.-Liberty Formula One, Class A*		5,174
	1,035	Liberty Media Corp.-Liberty Formula One, Class C*		40,427
	2,188	Netflix, Inc.*		807,438
	747	New York Times Co. (The), Class A		27,983
	1,133	Omnicom Group, Inc.		78,494
	1,270	T-Mobile US, Inc.*		114,503
	548	TripAdvisor, Inc.		12,851
	3,340	Twitter, Inc.*		110,888
	52	United States Cellular Corp.*		1,633
	17,125	Verizon Communications, Inc.		927,490
	9,104	Walt Disney Co. (The)		1,071,085
	312	Zillow Group, Inc., Class A*		17,369
	684	Zillow Group, Inc., Class C*		38,174
	4,876	Zynga, Inc., Class A*		32,718
				11,453,003
Consumer Discretionary – 10.0%
	351	Advance Auto Parts, Inc.		46,676
	2,146	Amazon.com, Inc.*		4,042,527
	1,462	Aptiv PLC		114,197
	1,143	Best Buy Co., Inc.		86,468
	221	Booking Holdings, Inc.*		374,741
	1,171	BorgWarner, Inc.		37,004
	2,970	Caesars Entertainment Corp.*		37,749
	846	CarMax, Inc.*		73,864
	245	Carvana Co.*		20,313
	678	Darden Restaurants, Inc.		66,105
	3,954	eBay, Inc.		136,967
	615	Etsy, Inc.*		35,553
	741	Expedia Group, Inc.		73,077
	22,648	Ford Motor Co.		157,630
	1,130	Gap, Inc. (The)		16,193
	7,104	General Motors Co.		216,672
	1,440	Gentex Corp.		38,448
	28	Graham Holdings Co., Class B		14,081
	249	Grand Canyon Education, Inc.*		20,089
	718	Hasbro, Inc.		55,465
	448	Hilton Grand Vacations, Inc.*		11,944
	1,445	Hilton Worldwide Holdings, Inc.		140,454
	5,680	Home Depot, Inc. (The)		1,237,331
	179	Hyatt Hotels Corp., Class A(a)		13,711
	841	Kohl’s Corp.		32,925
	1,189	L Brands, Inc.		25,754
Common Stocks – (continued)
Consumer Discretionary – (continued)
	1,758	Las Vegas Sands Corp.		102,509
	348	Lear Corp.		38,698
	3,993	Lowe’s Cos., Inc.		425,534
	1,431	Marriott International, Inc., Class A		177,444
	2,591	MGM Resorts International		63,635
	347	Mohawk Industries, Inc.*		42,039
	6,733	NIKE, Inc., Class B		601,796
	547	Nordstrom, Inc.		18,981
	1,103	Norwegian Cruise Line Holdings Ltd.*		41,098
	167	Penske Automotive Group, Inc.		7,685
	222	Pool Corp.		46,833
	1,442	PulteGroup, Inc.		57,968
	438	PVH Corp.		32,460
	275	Ralph Lauren Corp.		29,015
	897	Royal Caribbean Cruises Ltd.		72,128
	928	Service Corp. International		44,349
	6,119	Starbucks Corp.		479,913
	1,571	Tapestry, Inc.		36,840
	2,579	Target Corp.		265,637
	637	Tiffany & Co.		85,097
	6,342	TJX Cos., Inc. (The)		379,252
	752	Toll Brothers, Inc.		27,847
	626	Tractor Supply Co.		55,407
	1,063	Under Armour, Inc., Class A*		15,084
	1,107	Under Armour, Inc., Class C*		13,815
	347	Urban Outfitters, Inc.*		8,158
	1,742	VF Corp.		125,424
	350	Wayfair, Inc., Class A*		22,123
	349	Whirlpool Corp.		44,623
	454	Wyndham Destinations, Inc.		18,115
	1,568	Yum! Brands, Inc.		139,944
				10,645,389
Consumer Staples – 7.2%
	3,146	Archer-Daniels-Midland Co.		118,447
	249	Brown-Forman Corp., Class A		14,614
	1,709	Brown-Forman Corp., Class B		104,950
	784	Bunge Ltd.		36,809
	948	Campbell Soup Co.		42,774
	1,407	Church & Dwight Co., Inc.		97,815
	715	Clorox Co. (The)		113,985
	21,746	Coca-Cola Co. (The)		1,163,193
	4,802	Colgate-Palmolive Co.		324,471
	2,743	Conagra Brands, Inc.		73,211
	2,268	Costco Wholesale Corp.		637,625
	3,430	General Mills, Inc.		168,070
	826	Hershey Co. (The)		118,936
	1,570	Hormel Foods Corp.		65,312
	372	Ingredion, Inc.		30,988
	624	JM Smucker Co. (The)		64,266
	1,399	Kellogg Co.		84,597
	1,938	Kimberly-Clark Corp.		254,246
	697	McCormick & Co., Inc.		101,894
	8,135	Mondelez International, Inc., Class A		429,528
	7,976	PepsiCo, Inc.		1,053,071
	14,043	Procter & Gamble Co. (The)		1,590,089

The accompanying notes are an integral part of these financial statements. 3

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Consumer Staples – (continued)
	2,462	Sysco Corp.	$	164,092
	1,248	US Foods Holding Corp.*		41,983
	7,304	Walmart, Inc.		786,495
				7,681,461
Energy – 3.4%
	1,840	Apache Corp.		45,853
	3,156	Baker Hughes Co.		50,780
	9,422	Chevron Corp.		879,449
	489	Cimarex Energy Co.		16,161
	950	Concho Resources, Inc.		64,619
	5,407	ConocoPhillips		261,807
	1,845	Devon Energy Corp.		29,963
	2,841	EOG Resources, Inc.		179,722
	1,183	EQT Corp.		6,944
	1,003	Equitrans Midstream Corp.		7,081
	20,974	Exxon Mobil Corp.		1,078,903
	4,287	Halliburton Co.		72,708
	1,770	Kosmos Energy Ltd. (Ghana)		5,398
	4,014	Marathon Oil Corp.		33,236
	4,401	Occidental Petroleum Corp.		144,089
	2,025	ONEOK, Inc.		135,108
	1,327	Parsley Energy, Inc., Class A		17,782
	2,215	Phillips 66		165,815
	803	Pioneer Natural Resources Co.		98,592
	984	Range Resources Corp.(a)		2,726
	6,821	Schlumberger Ltd.		184,781
	5,848	Williams Cos., Inc. (The)		111,404
				3,592,921
Financials – 12.3%
	265	Affiliated Managers Group, Inc.		19,933
	1,773	Allstate Corp. (The)		186,608
	2,127	Ally Financial, Inc.		53,324
	3,734	American Express Co.		410,479
	4,851	American International Group, Inc.		204,518
	708	Ameriprise Financial, Inc.		100,040
	1,308	Aon PLC		272,064
	880	Associated Banc-Corp.		14,898
	348	Assurant, Inc.		41,965
	45,643	Bank of America Corp.		1,300,825
	226	Bank of Hawaii Corp.		16,819
	4,590	Bank of New York Mellon Corp. (The)		183,141
	650	BlackRock, Inc.		300,956
	174	BOK Financial Corp.(a)		12,598
	2,637	Capital One Financial Corp.		232,742
	6,468	Charles Schwab Corp. (The)		263,571
	12,145	Citigroup, Inc.		770,722
	2,429	Citizens Financial Group, Inc.		76,975
	147	CNA Financial Corp.		6,112
	809	Comerica, Inc.		42,586
	1,741	Discover Financial Services		114,175
	617	Eaton Vance Corp.		25,457
	2,266	Equitable Holdings, Inc.		48,492
	148	Erie Indemnity Co., Class A		21,152
	193	FactSet Research Systems, Inc.		51,336
Common Stocks – (continued)
Financials – (continued)
	3,945	Fifth Third Bancorp		96,258
	610	First American Financial Corp.		34,831
	1,714	First Horizon National Corp.		22,848
	926	First Republic Bank		93,128
	1,778	Goldman Sachs Group, Inc. (The)(b)		356,969
	224	Hanover Insurance Group, Inc. (The)		26,553
	2,017	Hartford Financial Services Group, Inc. (The)		100,749
	5,778	Huntington Bancshares, Inc.		70,896
	3,017	Intercontinental Exchange, Inc.		269,177
	2,121	Invesco Ltd.		30,542
	17,505	JPMorgan Chase & Co.		2,032,506
	5,488	KeyCorp		89,729
	1,130	Lincoln National Corp.		51,291
	452	LPL Financial Holdings, Inc.		35,925
	2,817	Marsh & McLennan Cos., Inc.		294,546
	4,361	MetLife, Inc.		186,302
	913	Moody’s Corp.		219,147
	6,464	Morgan Stanley		291,074
	101	Morningstar, Inc.		14,837
	447	MSCI, Inc.		132,062
	642	Nasdaq, Inc.		65,837
	1,082	Northern Trust Corp.		94,956
	423	Pinnacle Financial Partners, Inc.		22,267
	2,443	PNC Financial Services Group, Inc. (The)		308,795
	238	Primerica, Inc.		26,499
	1,539	Principal Financial Group, Inc.		68,316
	3,251	Progressive Corp. (The)		237,843
	2,285	Prudential Financial, Inc.		172,403
	5,385	Regions Financial Corp.		72,805
	343	Reinsurance Group of America, Inc.		41,856
	249	RenaissanceRe Holdings Ltd. (Bermuda)		42,430
	1,348	S&P Global, Inc.		358,447
	289	SVB Financial Group*		60,158
	3,646	Synchrony Financial		106,099
	1,261	T. Rowe Price Group, Inc.		148,811
	1,511	TD Ameritrade Holding Corp.		63,810
	275	Texas Capital Bancshares, Inc.*		12,947
	263	TFS Financial Corp.		5,376
	1,440	Travelers Cos., Inc. (The)		172,526
	7,495	Truist Financial Corp.		345,819
	1,235	Umpqua Holdings Corp.		19,007
	1,148	Unum Group		26,760
	8,000	US Bancorp		371,520
	744	Voya Financial, Inc.		39,164
	21,299	Wells Fargo & Co.		870,064
	747	Willis Towers Watson PLC		141,370
				13,116,743
Health Care – 13.9%
	8,503	Abbott Laboratories		654,986
	1,783	Agilent Technologies, Inc.		137,416
	290	Agios Pharmaceuticals, Inc.*		13,769
	382	Align Technology, Inc.*		83,410
	1,634	Allergan PLC		311,555
	517	Alnylam Pharmaceuticals, Inc.*		60,830

4 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)
Health Care – (continued)
	2,969	Amgen, Inc.	$	592,998
	1,248	Anthem, Inc.		320,848
	2,444	Baxter International, Inc.		204,001
	1,332	Becton Dickinson and Co.		316,776
	887	Biogen, Inc.*		273,542
	881	BioMarin Pharmaceutical, Inc.*		79,616
	6,864	Boston Scientific Corp.*		256,645
	11,643	Bristol-Myers Squibb Co.		687,636
	1,452	Cardinal Health, Inc.		75,678
	246	Charles River Laboratories International, Inc.*		38,270
	1,816	Cigna Corp.		332,219
	6,684	CVS Health Corp.		395,559
	3,588	Danaher Corp.		518,753
	1,047	Edwards Lifesciences Corp.*		214,467
	1,842	Elanco Animal Health, Inc.*		50,471
	4,168	Eli Lilly & Co.		525,710
	647	Exact Sciences Corp.*		52,375
	6,335	Gilead Sciences, Inc.		439,396
	1,330	HCA Healthcare, Inc.		168,923
	722	Henry Schein, Inc.*		43,999
	1,337	Hologic, Inc.*		62,999
	648	Humana, Inc.		207,153
	427	IDEXX Laboratories, Inc.*		108,676
	736	Illumina, Inc.*		195,533
	875	Incyte Corp.*		65,984
	563	Intuitive Surgical, Inc.*		300,619
	13,143	Johnson & Johnson		1,767,471
	948	McKesson Corp.		132,587
	6,669	Medtronic PLC		671,368
	12,581	Merck & Co., Inc.		963,201
	149	Mettler-Toledo International, Inc.*		104,553
	314	PRA Health Sciences, Inc.*		29,579
	655	Quest Diagnostics, Inc.		69,469
	405	Regeneron Pharmaceuticals, Inc.*		180,051
	704	ResMed, Inc.		111,908
	250	Sage Therapeutics, Inc.*		11,750
	1,702	Stryker Corp.		324,384
	1,945	Thermo Fisher Scientific, Inc.		565,606
	4,650	UnitedHealth Group, Inc.		1,185,564
	443	Varian Medical Systems, Inc.*		54,476
	1,263	Vertex Pharmaceuticals, Inc.*		282,950
	359	Waters Corp.*		69,966
	1,022	Zimmer Biomet Holdings, Inc.		139,145
	2,349	Zoetis, Inc.		312,957
				14,767,797
Industrials – 8.9%
	3,214	3M Co.		479,657
	908	AECOM*		40,805
	2,237	Arconic, Inc.		65,656
	3,058	Boeing Co. (The)		841,286
	547	BWX Technologies, Inc.		29,997
	3,172	Caterpillar, Inc.		394,089
	875	Cummins, Inc.		132,379
	1,847	Deere & Co.		289,019
Common Stocks – (continued)
Industrials – (continued)
	2,960	Delta Air Lines, Inc.		136,545
	2,421	Eaton Corp. PLC		219,633
	3,569	Emerson Electric Co.		228,809
	1,001	Expeditors International of Washington, Inc.		70,490
	1,409	FedEx Corp.		198,909
	804	Fluor Corp.		7,493
	802	Fortune Brands Home & Security, Inc.		49,523
	50,242	General Electric Co.		546,633
	955	Graco, Inc.		47,101
	493	Hexcel Corp.		31,863
	240	Huntington Ingalls Industries, Inc.		49,327
	1,868	Illinois Tool Works, Inc.		313,413
	1,402	Ingersoll-Rand PLC		180,914
	759	Jacobs Engineering Group, Inc.		70,086
	4,534	Johnson Controls International PLC		165,808
	570	Kansas City Southern		85,888
	657	KAR Auction Services, Inc.		12,647
	214	Lennox International, Inc.		48,820
	1,446	Lockheed Martin Corp.		534,832
	432	Macquarie Infrastructure Corp.		16,956
	348	ManpowerGroup, Inc.		26,427
	247	MSC Industrial Direct Co., Inc., Class A		15,270
	1,838	Nielsen Holdings PLC		33,470
	345	Nordson Corp.		50,128
	1,537	Norfolk Southern Corp.		280,272
	920	Northrop Grumman Corp.		302,533
	372	Old Dominion Freight Line, Inc.		72,094
	393	Oshkosh Corp.		28,355
	637	Owens Corning		35,984
	1,626	Raytheon Co.		306,599
	1,250	Republic Services, Inc.		112,825
	668	Rockwell Automation, Inc.		122,578
	331	Snap-on, Inc.		47,912
	2,447	Southwest Airlines Co.		113,027
	875	Stanley Black & Decker, Inc.		125,737
	384	Timken Co. (The)		17,219
	614	Toro Co. (The)		43,858
	4,069	Union Pacific Corp.		650,267
	1,200	United Airlines Holdings, Inc.*		73,908
	4,049	United Parcel Service, Inc., Class B		366,394
	447	United Rentals, Inc.*		59,219
	4,711	United Technologies Corp.		615,209
	938	Univar Solutions, Inc.*		15,937
	946	Verisk Analytics, Inc.		146,734
	2,480	Waste Management, Inc.		274,809
	327	Woodward, Inc.		33,746
	242	W.W. Grainger, Inc.		67,165
	544	XPO Logistics, Inc.*		40,240
	1,041	Xylem, Inc.		80,511
				9,447,005
Information Technology – 24.6%
	287	2U, Inc.*		6,747
	3,674	Accenture PLC, Class A		663,488
	2,140	Adobe, Inc.*		738,557

The accompanying notes are an integral part of these financial statements. 5

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Information Technology – (continued)
	4,546	Advanced Micro Devices, Inc.*	$	206,752
	710	Akamai Technologies, Inc.*		61,422
	246	Alliance Data Systems Corp.		21,126
	1,618	Analog Devices, Inc.		176,443
	19,791	Apple, Inc.		5,410,068
	4,085	Applied Materials, Inc.		237,420
	975	Autodesk, Inc.*		186,108
	2,532	Automatic Data Processing, Inc.		391,802
	571	Avnet, Inc.		17,518
	778	Booz Allen Hamilton Holding Corp.		55,471
	661	Broadridge Financial Solutions, Inc.		68,982
	1,249	Cadence Design Systems, Inc.*		82,609
	635	CDW Corp.		72,530
	686	Ciena Corp.*		26,377
	19,043	Cisco Systems, Inc.		760,387
	541	Citrix Systems, Inc.		55,934
	148	Coherent, Inc.*		19,049
	667	Dell Technologies, Inc., Class C*		26,987
	687	DocuSign, Inc.*		59,295
	334	Dolby Laboratories, Inc., Class A		21,944
	946	Dropbox, Inc., Class A*		18,504
	202	Elastic NV*		14,920
	254	F5 Networks, Inc.*		30,467
	385	Gartner, Inc.*		49,815
	5,875	Hewlett Packard Enterprise Co.		75,141
	6,615	HP, Inc.		137,526
	174	HubSpot, Inc.*		31,224
	19,138	Intel Corp.		1,062,542
	3,939	International Business Machines Corp.		512,661
	1,107	Intuit, Inc.		294,296
	847	Jabil, Inc.		27,146
	450	Jack Henry & Associates, Inc.		68,283
	1,454	Juniper Networks, Inc.		30,854
	1,094	Keysight Technologies, Inc.*		103,667
	640	Lam Research Corp.		187,795
	147	Littelfuse, Inc.		23,473
	4,907	Mastercard, Inc., Class A		1,424,257
	1,191	Maxim Integrated Products, Inc.		66,243
	4,791	Micron Technology, Inc.*		251,815
	33,630	Microsoft Corp.		5,448,396
	182	MongoDB, Inc.*		27,755
	746	Motorola Solutions, Inc.		123,597
	744	National Instruments Corp.		29,968
	1,054	NetApp, Inc.		49,243
	2,564	NortonLifeLock, Inc.		48,793
	746	Nutanix, Inc., Class A*		17,785
	2,545	NVIDIA Corp.		687,328
	456	Okta, Inc.*		58,395
	1,818	ON Semiconductor Corp.*		33,924
	9,171	Oracle Corp.		453,598
	183	PagerDuty, Inc.*		3,770
	1,861	Paychex, Inc.		144,190
	201	Paylocity Holding Corp.*		26,034
	6,802	PayPal Holdings, Inc.*		734,548
	161	Pegasystems, Inc.		14,570
	352	Pluralsight, Inc., Class A*		6,276
Common Stocks – (continued)
Information Technology – (continued)
	451	PTC, Inc.*		34,073
	1,042	Pure Storage, Inc., Class A*		15,901
	5,049	QUALCOMM, Inc.		395,337
	1,434	Sabre Corp.		19,524
	3,709	salesforce.com, Inc.*		632,014
	835	ServiceNow, Inc.*		272,285
	682	Splunk, Inc.*		100,479
	646	Synopsys, Inc.*		89,103
	482	Teradata Corp.*		9,611
	748	Teradyne, Inc.		43,952
	4,170	Texas Instruments, Inc.		475,964
	205	Trade Desk, Inc. (The), Class A*		58,886
	1,439	Trimble, Inc.*		56,812
	548	Twilio, Inc., Class A*		61,727
	252	Universal Display Corp.		40,015
	449	VeriSign, Inc.*		85,198
	9,480	Visa, Inc., Class A		1,723,085
	349	VMware, Inc., Class A*		42,061
	2,346	Western Union Co. (The)		52,527
	730	Workday, Inc., Class A*		126,472
	1,045	Xerox Holdings Corp.		33,649
	315	Zebra Technologies Corp., Class A*		66,456
	490	Zendesk, Inc.*		38,862
				26,159,808
Materials – 2.5%
	1,242	Air Products & Chemicals, Inc.		272,756
	579	Albemarle Corp.		47,391
	1,018	Alcoa Corp.*		14,120
	345	Ashland Global Holdings, Inc.		24,681
	448	Avery Dennison Corp.		51,292
	1,147	Axalta Coating Systems Ltd.*		28,583
	1,906	Ball Corp.		134,297
	657	Celanese Corp.		61,587
	1,225	CF Industries Holdings, Inc.		45,153
	747	Crown Holdings, Inc.*		52,663
	322	Domtar Corp.		9,264
	4,166	Dow, Inc.		168,348
	753	Eastman Chemical Co.		46,317
	1,358	Ecolab, Inc.		245,051
	8,092	Freeport-McMoRan, Inc.		80,596
	1,682	Graphic Packaging Holding Co.		22,741
	591	International Flavors & Fragrances, Inc.(a)		70,790
	2,197	International Paper Co.		81,201
	3,012	Linde PLC (United Kingdom)		575,322
	1,482	LyondellBasell Industries NV, Class A		105,904
	354	Martin Marietta Materials, Inc.		80,546
	4,584	Newmont Corp.		204,584
	896	O-I Glass, Inc.		9,677
	908	Sealed Air Corp.		27,521
	571	Sonoco Products Co.		27,528
	769	Vulcan Materials Co.		92,480
	1,476	Westrock Co.		49,077
				2,629,470

6 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)
Real Estate – 2.7%
	2,380	American Tower Corp. REIT	$	539,784
	830	Apartment Investment & Management Co., Class A REIT		39,707
	768	AvalonBay Communities, Inc. REIT		154,053
	851	Boston Properties, Inc. REIT		109,728
	526	Camden Property Trust REIT		55,745
	1,868	CBRE Group, Inc., Class A*		104,869
	2,261	Crown Castle International Corp. REIT		323,979
	1,143	Digital Realty Trust, Inc. REIT		137,286
	456	Equinix, Inc. REIT		261,197
	2,046	Equity Residential REIT		153,654
	700	Extra Space Storage, Inc. REIT		70,252
	227	Howard Hughes Corp. (The)*		24,489
	1,578	Iron Mountain, Inc. REIT		47,987
	675	JBG SMITH Properties REIT		24,759
	288	Jones Lang LaSalle, Inc.		42,558
	2,902	Kimco Realty Corp. REIT		50,350
	1,337	Park Hotels & Resorts, Inc. REIT		24,414
	4,086	Prologis, Inc. REIT		344,368
	618	SBA Communications Corp. REIT		163,826
	2,070	Ventas, Inc. REIT		111,304
	4,139	Weyerhaeuser Co. REIT		107,531
				2,891,840
Utilities – 3.4%
	1,448	Alliant Energy Corp.		75,470
	2,939	American Electric Power Co., Inc.		262,335
	348	Avangrid, Inc.		17,292
	3,011	CenterPoint Energy, Inc.		69,313
	1,686	CMS Energy Corp.		101,868
	1,966	Consolidated Edison, Inc.		154,960
	4,895	Dominion Energy, Inc.		382,691
	1,105	DTE Energy Co.		123,396
	4,386	Duke Energy Corp.		402,196
	2,090	Edison International		140,427
	1,941	Eversource Energy		167,819
	5,842	Exelon Corp.		251,849
	3,236	FirstEnergy Corp.		144,099
	300	IDACORP, Inc.		28,992
	1,158	MDU Resources Group, Inc.		32,111
	2,922	NextEra Energy, Inc.		738,565
	1,191	OGE Energy Corp.		45,377
	661	Pinnacle West Capital Corp.		59,153
	3,022	Public Service Enterprise Group, Inc.		155,059
	1,677	Sempra Energy		234,411
				3,587,383
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $103,882,580)		$	105,972,820

Shares	Dividend Rate			Value
Securities Lending Reinvestment Vehicle – 0.1%(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
96,269		1.507	%	$	96,269
(Cost $96,269)
TOTAL INVESTMENTS – 99.8%
(Cost $103,978,849)				$	106,069,089
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.2%					196,568
NET ASSETS – 100.0%				$	106,265,657

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. 7

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Statement of Assets and Liabilities

February 29, 2020 (Unaudited)

Assets:
Investments in unaffiliated issuers, at value (cost $103,466,678)(a)	$	105,615,851
Investments in affiliated issuers, at value (cost $415,902)		356,969
Investments in securities lending reinvestment vehicle, at value which equals cost		96,269
Cash		110,821
Receivables:
Dividends		213,106
Securities lending income		48
Total assets		106,393,064
Liabilities:
Payables:
Upon return of securities loaned		96,269
Management fees		19,321
Fund shares redeemed		11,817
Total liabilities		127,407
Net Assets:
Paid-in capital		100,061,149
Total distributable earnings		6,204,508
NET ASSETS	$	106,265,657
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		2,500,000
Net asset value per share:		$42.51

(a) Includes loaned securities having a market value of $92,489.

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

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Statement of Operations

For the Six Months Ended February 29, 2020 (Unaudited)

Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $40)	$	1,288,705
Dividends — affiliated issuers		5,265
Securities lending income — unaffiliated issuer		233
Total investment income		1,294,203
Expenses:
Management fees		130,823
Trustee fees		3,575
Total expenses		134,398
NET INVESTMENT INCOME		1,159,805
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(1,161,399	)
Investments — affiliated issuers		(1,311	)
In-kind redemptions — unaffiliated issuers		8,793,300
In-kind redemptions — affiliated issuers		14,430
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(3,182,749	)
Investments — affiliated issuers		1,958
Net realized and unrealized gain		4,464,229
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	5,624,034

The accompanying notes are an integral part of these financial statements. 9

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Statements of Changes in Net Assets

	For the Six Months Ended February 29, 2020 (Unaudited)			For the Fiscal Year Ended August 31, 2019
From operations:
Net investment income	$	1,159,805		$	3,151,564
Net realized gain (loss)		7,645,020			(2,234,063	)
Net change in unrealized loss		(3,180,791	)		(6,457,542	)
Net increase (decrease) in net assets resulting from operations		5,624,034			(5,540,041	)
Distributions to shareholders:
From distributable earnings		(1,181,572	)		(3,779,599	)
From share transactions:
Proceeds from sales of shares		20,349,056			45,068,001
Cost of shares redeemed		(47,800,689	)		(179,278,963	)
Net decrease in net assets resulting from share transactions		(27,451,633	)		(134,210,962	)
TOTAL DECREASE		(23,009,171	)		(143,530,602	)
Net assets:
Beginning of period	$	129,274,828		$	272,805,430
End of period	$	106,265,657		$	129,274,828

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

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	For the Six Months Ended February 29, 2020 (Unaudited)			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	$	42.04		$	42.13		$	40.08
Net investment income(a)		0.39			0.72			0.17
Net realized and unrealized gain		0.45			0.08			1.88
Total gain from investment operations		0.84			0.80			2.05
Distributions to shareholders from net investment income		(0.37	)		(0.89	)		—
Net asset value, end of period	$	42.51		$	42.04		$	42.13
Market price, end of period	$	42.34		$	42.06		$	42.13
Total Return at Net Asset Value(b)		1.97	%		2.06	%		5.11	%
Net assets, end of period (in 000’s)	$	106,266		$	129,275		$	272,805
Ratio of total expenses to average net assets		0.20	%(c)		0.20	%		0.20	%(c)
Ratio of net investment income to average net assets		1.73	%(c)		1.79	%		1.84	%(c)
Portfolio turnover rate(d)		10	%		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.

The accompanying notes are an integral part of these financial statements. 11

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Notes to Financial Statements

February 29, 2020 (Unaudited)

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”). Market prices for the Fund’s shares may be different from its net asset value (“NAV”). The Fund issues and redeems shares at its NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed principally in-kind for a basket of securities and a cash amount. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the “Distributor”) may do business directly with the Fund.

2. SIGNIFICANT ACCOUNTING POLICIES

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. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. 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.

12

GOLDMAN SACHS JUST 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. Certain equity securities containing unique attributes may be classified as Level 2.

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

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying 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 February 29, 2020 the Fund did not hold Level 3 securities.

13

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Notes to Financial Statements (continued)

February 29, 2020 (Unaudited)

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 February 29, 2020:

JUST U.S. LARGE CAP EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	5,398	$	—	$	—
Europe		575,322		—		—
North America		105,392,100		—		—
Securities Lending Reinvestment Vehicle		96,269		—		—
Total	$	106,069,089	$	—	$	—

(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 six months ended February 29, 2020, 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 six months ended February 29, 2020:

Beginning value as of August 31, 2019	Purchases at Cost	Proceeds from Sales			Realized Gain		Change in Unrealized Appreciation	Ending value as of February 29, 2020		Shares as of February 29, 2020	Dividend Income
$468,789	$75,472	$	(202,369	)	$	13,119	$1,958	$	356,969	1,778	$	5,265

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

14

GOLDMAN SACHS JUST 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:

	JUST U.S. Large Cap Equity ETF
	For the Six Months Ended February 29, 2020 (Unaudited)						For the Fiscal Year Ended August 31, 2019
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		450,000		$	20,349,055			1,125,000		$	45,067,999
Shares Redeemed		(1,025,000	)		(47,800,689	)		(4,525,000	)		(179,278,963	)
NET (DECREASE) IN SHARES		(575,000	)	$	(27,451,634	)		(3,400,000	)	$	(134,210,964	)

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the six months ended February 29, 2020, were $13,613,398 and $13,653,157, respectively.

The purchases and sales from in-kind creation and redemption transactions for the six months ended February 29, 2020 were $20,302,381 and $47,696,891, 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.

15

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Notes to Financial Statements (continued)

February 29, 2020 (Unaudited)

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 February 29, 2020 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 six months ended February 29, 2020, 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 six months ended February 29, 2020:

Beginning value as of August 31, 2019		Purchases at Cost		Proceeds from Sales			Ending value as of February 29, 2020
$	44,769	$	1,833,994	$	(1,782,494	)	$	96,269

8. TAX INFORMATION

As of the Fund’s most recent fiscal year end, August 31, 2019, the Fund’s capital loss carryforwards on a tax-basis were as follows:

	JUST U.S. Large Cap Equity ETF
Capital loss carryforwards:
Perpetual Short-Term	$	(24,957	)

16

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

8. TAX INFORMATION (continued)

As of February 29, 2020, 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	$	104,201,820
Gross unrealized gain		9,818,491
Gross unrealized loss		(7,951,222	)
Net unrealized gains	$	1,867,269

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

GSAM has reviewed the Fund’s tax positions for all open tax years (the current and prior year) 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 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.

Errors in index data, index computation or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. In addition, neither the Fund, the Investment Adviser, the Calculation Agent nor the Index Provider can guarantee the availability or timeliness of the production of the Index.

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). The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments.

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

17

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Notes to Financial Statements (continued)

February 29, 2020 (Unaudited)

9. OTHER RISKS (continued)

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 the Index or the need to meet new or existing regulatory requirements. Unlike the Fund, the returns of the 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

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Fund Expenses — Six Months ended 2/29/2020  (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 September 1, 2019 and held for the six months ended February 29, 2020, which represents a period of 182 days of a 366 day year (or less where indicated).

Actual Expenses — The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the 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 9/1/19		Ending Account Value 2/29/20			Expenses Paid*
Actual based on NAV	$	1,000	$	1,019.70		$	1.00
Hypothetical 5% return	$	1,000	$	1,023.87	+	$	1.01

+ 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 February 29, 2020. 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	%

19

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs JUST U.S. Large Cap Equity ETF (Unaudited)

Background

The Goldman Sachs JUST U.S. Large Cap Equity ETF (the “Fund”) is an investment portfolio of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.

The Management Agreement was approved for continuation until September 30, 2020 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on September 17-18, 2019 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

(b) information on the general investment outlooks in the markets in which the Fund invests;

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

(d) fee and expense information for the Fund, including the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by a third-party fund data provider engaged as part of the contract review process (the “Outside Data Provider”);

(e) with respect to the expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

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

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

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

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

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

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

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

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Fund and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the

20

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs JUST U.S. Large Cap Equity ETF (Unaudited) (continued)

Investment Adviser and its affiliates, their services, and the Fund. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

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

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

Investment Performance

The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund against its peer group identified by the Outside Data Provider using updated performance information prepared by the Investment Adviser as of June 30, 2019. The information on the Fund’s investment performance was provided for the one-year period ending on June 30, 2019. As part of this review, they reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Fund’s performance to that of its index and a separate account composite with a comparable investment strategy. The Trustees observed that the Fund’s investment performance was consistent with the investment objective of tracking its index.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Fund’s risk profile, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

Unitary Fee Structure and Profitability

The Trustees considered the contractual 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 fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Fund, which included both advisory and administrative services that were directed to the needs and operations of the Fund as an ETF. The Trustees noted that license fees would be payable by the Investment Adviser to Frank Russell Company for the use of its index and to JUST Capital Foundation, Inc. for the use of certain trademarks and trade names. The Trustees also considered information previously provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Fund’s fee rate and expense ratio were prepared by the

21

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs JUST U.S. Large Cap Equity ETF (Unaudited) (continued)

Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s management fee rate and net 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 paid by the Fund.

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

Economies of Scale

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

Other Benefits to the Investment Adviser and Its Affiliates

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

Other Benefits to the Fund and Its Shareholders

The Trustees also noted that the Fund receives other potential benefits as a result of its relationship with the Investment Adviser, including: (a) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (b) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Fund because of the reputation of the Goldman Sachs organization; and (c) the Fund’s access to certain affiliated distribution channels.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary fee paid by the Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and/or reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until September 30, 2020.

22

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 $1.69 trillion in assets under supervision as of December 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, 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, are available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC’’) web site at http://www.sec.gov.

The 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 February 29, 2020 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.

©2020 Goldman Sachs. All rights reserved. 200065-OTU-04/2020 GST 1135 JUSTUSLCEETFSAR-20

Goldman Sachs Funds

Semi-Annual Report	February 29, 2020
	Goldman Sachs Motifs ETFs
	Motif Data-Driven World ETF (GDAT)
	Motif Finance Reimagined ETF (GFIN)
	Motif Human Evolution ETF (GDNA)
	Motif Manufacturing Revolution ETF (GMAN)
	Motif New Age Consumer ETF (GBUY)

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

∎ MOTIF DATA-DRIVEN WORLD ETF

∎ MOTIF FINANCE REIMAGINED ETF

∎ MOTIF HUMAN EVOLUTION ETF

∎ MOTIF MANUFACTURING REVOLUTION ETF

∎ MOTIF NEW AGE CONSUMER ETF

TABLE OF CONTENTS
Recent Market Events related to COVID-19 and Upcoming Fund and Index Changes	i
Fund Basics	1
Schedules of Investments	11
Financial Statements	21
Financial Highlights	28
Motif Data-Driven World ETF	28
Motif Finance Reimagined ETF	29
Motif Human Evolution ETF	30
Motif Manufacturing Revolution ETF	31
Motif New Age Consumer ETF	32
Notes to Financial Statements	33
Other Information	44

NOT FDIC-INSURED May Lose Value No Bank Guarantee

Recent Market Events related to COVID-19

While this semi-annual report covers the six month period ended February 29, 2020, we want to describe some more recent events through the end of April.

An outbreak of a novel strain of coronavirus (COVID-19) has emerged globally. The outbreak of COVID-19 has prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, curfews and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, and disruption in manufacturing and supply chains. While governments have already taken unprecedented action to limit disruption to the financial system, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of and subsequent intervening measures intended to limit the spread of COVID-19. A Fund could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions, events or actions. The full extent of the impact of COVID-19 on the Funds’ performance cannot be determined at this time and will depend on future developments, including the duration and the continued spread of the outbreak. Goldman Sachs Asset Management’s long-term commitment to you, our Fund shareholders, remains unchanged. We encourage you to maintain perspective and stay current with timely commentary and investment insights by visiting gsam.com.

Upcoming Fund and Index Changes

At a meeting held on April 21, 2020, the Board of Trustees of the Goldman Sachs ETF Trust approved certain changes to the Funds’ names and underlying indexes.

Effective on or about May 15, 2020 (the “Effective Date”), Goldman Sachs Asset Management, L.P. (“GSAM”) will replace Motif Capital Management, Inc. as the index provider for each of the Motif Data-Driven World Index, Motif Finance Reimagined Index, Motif Human Evolution Index, Motif Manufacturing Revolution Index and Motif New Age Consumer Index (the “Indexes”). In connection with this change, “Goldman Sachs” will replace “Motif” in the name of each Index.

On the Effective Date, the Funds’ names will change as set forth in the following table:

Current Names	New Names
Goldman Sachs Motif Data-Driven World ETF	Goldman Sachs Data-Driven World ETF
Goldman Sachs Motif Finance Reimagined ETF	Goldman Sachs Finance Reimagined ETF
Goldman Sachs Motif Human Evolution ETF	Goldman Sachs Human Evolution ETF
Goldman Sachs Motif Manufacturing Revolution ETF	Goldman Sachs Manufacturing Revolution ETF
Goldman Sachs Motif New Age Consumer ETF	Goldman Sachs New Age Consumer ETF

i

FUND BASICS

Motif Data-Driven World ETF

as of February 29, 2020

FUND SNAPSHOT
As of February 29, 2020
Market Price1	$	54.79
Net Asset Value (NAV)1	$	54.88

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.

PERFORMANCE REVIEW
September 1, 2019–February 29, 2020	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			Motif Data-Driven World Index3
Shares		7.25	%		6.94	%		7.20	%

²  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. Total returns for periods less than one full year are not annualized.

³  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 index provider may delay or change a scheduled rebalancing or reconstitution of the Index or the implementation of certain rules at its sole discretion.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

1

FUND BASICS

TOP TEN HOLDINGS AS OF 2/29/204
Holding	% of Net Assets			Line of Business	Country
NVIDIA Corp.		3.4	%	Information Technology	United States
Microsoft Corp.		3.3		Information Technology	United States
Alphabet, Inc., Class A		3.3		Communication Services	United States
Intel Corp.		3.1		Information Technology	United States
Amazon.com, Inc.		3.0		Consumer Discretionary	United States
Facebook, Inc., Class A		2.8		Communication Services	United States
Apple, Inc.		2.5		Information Technology	United States
Alibaba Group Holding Ltd. ADR		2.1		Consumer Discretionary	China
Samsung Electronics Co. Ltd.		2.0		Information Technology	South Korea
SAP SE		2.0		Information Technology	Germany

⁴  The top 10 holdings may not be representative of the Fund’s future investments.

REGIONAL ALLOCATION AS OF 2/29/205
	Fund6		Index
North America		74.5		74.5
Emerging Markets		13.9		13.9
Developed Europe		7.9		7.9
Developed Asia Pacific		3.6		3.6

⁵  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.

⁶  The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index.

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.

2

FUND BASICS

Motif Finance Reimagined ETF

as of February 29, 2020

FUND SNAPSHOT
As of February 29, 2020
Market Price1	$	57.25
Net Asset Value (NAV)1	$	57.40

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.

PERFORMANCE REVIEW
September 1, 2019–February 29, 2020	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			The Motif Finance Reimagined Index3
Shares		3.84	%		3.45	%		3.56	%

²  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. Total returns for periods less than one full year are not annualized.

³  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 index provider may delay or change a scheduled rebalancing or reconstitution of the Index or the implementation of certain rules at its sole discretion.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

3

FUND BASICS

TOP TEN HOLDINGS AS OF 2/29/204
Holding	% of Net Assets			Line of Business	Country
Mastercard, Inc., Class A		5.0	%	Information Technology	United States
Visa, Inc., Class A		4.0		Information Technology	United States
Square, Inc., Class A		3.1		Information Technology	United States
PayPal Holdings, Inc.		2.6		Information Technology	United States
Fidelity National Information Services, Inc.		2.4		Information Technology	United States
American Express Co.		2.2		Financials	United States
Fiserv, Inc.		2.0		Information Technology	United States
Intuit, Inc.		2.0		Information Technology	United States
Global Payments, Inc.		1.9		Information Technology	United States
Worldline SA		1.8		Information Technology	France

⁴  The top 10 holdings may not be representative of the Fund’s future investments.

REGIONAL ALLOCATION AS OF 2/29/205
	Fund6		Index
North America		77.6		77.6
Developed Europe		13.7		13.7
Emerging Markets		5.0		5.0
Developed Asia Pacific		3.6		3.6

⁵  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.

⁶  The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index.

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

FUND BASICS

Motif Human Evolution ETF

as of February 29, 2020

FUND SNAPSHOT
As of February 29, 2020
Market Price1	$	52.48
Net Asset Value (NAV)1	$	52.64

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.

PERFORMANCE REVIEW
September 1, 2019–February 29, 2020	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			Motif Human Evolution Index3
Shares		5.02	%		4.48	%		5.16	%

²  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. Total returns for periods less than one full year are not annualized.

³  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 index provider may delay or change a scheduled rebalancing or reconstitution of the Index or the implementation of certain rules at its sole discretion.

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

5

FUND BASICS

TOP TEN HOLDINGS AS OF 2/29/204
Holding	% of Net Assets			Line of Business	Country
Intuitive Surgical, Inc.		4.4	%	Health Care	United States
Medtronic PLC		4.0		Health Care	United States
Abbott Laboratories		3.4		Health Care	United States
Johnson & Johnson		3.1		Health Care	United States
Boston Scientific Corp.		3.1		Health Care	United States
Roche Holding AG		2.9		Health Care	Switzerland
Fresenius Medical Care AG & Co. KGaA		2.8		Health Care	Germany
AstraZeneca PLC		2.5		Health Care	United Kingdom
Sanofi		2.2		Health Care	France
BeiGene Ltd. ADR		2.0		Health Care	China

⁴  The top 10 holdings may not be representative of the Fund’s future investments.

REGIONAL ALLOCATION AS OF 2/29/205
	Fund6		Index
North America		76.0		76.0
Developed Europe		18.1		18.1
Emerging Markets		4.2		4.2
Developed Asia Pacific		1.8		1.8

⁵  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.

⁶  The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index.

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

FUND BASICS

Motif Manufacturing Revolution ETF

as of February 29, 2020

FUND SNAPSHOT
As of February 29, 2020
Market Price1	$	53.28
Net Asset Value (NAV)1	$	53.37

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.

PERFORMANCE REVIEW
September 1, 2019–February 29, 2020	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			Motif Manufacturing Revolution Index3
Shares		11.33	%		10.89	%		11.35	%

²  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. Total returns for periods less than one full year are not annualized.

³  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 index provider may delay or change a scheduled rebalancing or reconstitution of the Index or the implementation of certain rules at its sole discretion.

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

7

FUND BASICS

TOP TEN HOLDINGS AS OF 2/29/204
Holding	% of Net Assets			Line of Business	Country
Tesla, Inc.		3.3	%	Consumer Discretionary	United States
ABB Ltd.		2.9		Industrials	Switzerland
Rockwell Automation, Inc.		2.4		Industrials	United States
NVIDIA Corp.		2.2		Information Technology	United States
Amazon.com, Inc.		2.0		Consumer Discretionary	United States
Dassault Systemes		2.0		Information Technology	France
Schneider Electric SE		1.9		Industrials	France
Emerson Electric Co.		1.9		Industrials	United States
Toyota Motor Corp.		1.8		Consumer Discretionary	Japan
Honeywell International, Inc.		1.8		Industrials	United States

⁴ The top 10 holdings may not be representative of the Fund’s future investments.

REGIONAL ALLOCATION AS OF 2/29/205
	Fund6		Index
North America		58.6		58.6
Developed Europe		21.3		21.3
Emerging Markets		10.2		10.2
Developed Asia Pacific		9.8		9.8

⁵  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.

⁶  The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index.

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.

8

FUND BASICS

Motif New Age Consumer ETF

as of February 29, 2020

FUND SNAPSHOT
As of February 29, 2020
Market Price1	$	54.57
Net Asset Value (NAV)1	$	54.67

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.

PERFORMANCE REVIEW
September 1, 2019– February 29, 2020	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			Motif New Age Consumer Index3
Shares		3.94	%		3.55	%		3.92	%

²  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. Total returns for periods less than one full year are not annualized.

³  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. The index provider may delay or change a scheduled rebalancing or reconstitution of the Index or the implementation of certain rules at its sole discretion.

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

9

FUND BASICS

TOP TEN HOLDINGS AS OF 2/29/204
Holding	% of Net Assets			Line of Business	Country
Alibaba Group Holding Ltd. ADR		3.4	%	Consumer Discretionary	China
Facebook, Inc., Class A		3.3		Communication Services	United States
Tencent Holdings Ltd.		3.2		Communication Services	China
Amazon.com, Inc.		2.9		Consumer Discretionary	United States
Netflix, Inc.		2.5		Communication Services	United States
NIKE, Inc., Class B		2.0		Consumer Discretionary	United States
JD.com, Inc. ADR		1.9		Consumer Discretionary	China
Meituan Dianping, Class B		1.7		Consumer Discretionary	China
adidas AG		1.6		Consumer Discretionary	Germany
NetEase, Inc. ADR		1.5		Communication Services	China

⁴ The top 10 holdings may not be representative of the Fund’s future investments.

REGIONAL ALLOCATION AS OF 2/29/205
	Fund6		Index
North America		51.4		51.4
Emerging Markets		26.9		26.9
Developed Europe		12.4		12.4
Developed Asia Pacific		9.1		9.1

⁵  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.

⁶  The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index.

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.

10

GOLDMAN SACHS MOTIF DATA-DRIVEN WORLD ETF

Schedule of Investments

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 99.8%
Communication Services – 11.2%
	402	Alphabet, Inc., Class A*	$	538,378
	2,245	Baidu, Inc. ADR (China)*		269,355
	2,067	Criteo SA ADR (France)*		26,189
	2,388	Facebook, Inc., Class A*		459,618
	1,024	Heroz, Inc. (Japan)*		38,496
	6,508	Nippon Telegraph & Telephone Corp. (Japan)		152,617
	100,187	PCCW Ltd. (Hong Kong)		60,294
	384	SK Telecom Co. Ltd. (South Korea)		67,188
	3,545	SoftBank Group Corp. (Japan)		164,753
	15,722	Sogou, Inc. ADR (China)*(a)		66,819
				1,843,707
Consumer Discretionary – 7.1%
	1,629	Alibaba Group Holding Ltd. ADR (China)*		338,832
	264	Amazon.com, Inc.*		497,310
	2,841	eBay, Inc.		98,412
	4,782	JD.com, Inc. ADR (China)*		184,155
	1,407	Shutterstock, Inc.*		54,226
				1,172,935
Financials – 3.7%
	7,865	Bank of America Corp.		224,152
	1,300	Capital One Financial Corp.		114,738
	24,410	Ping An Insurance Group Co. of China Ltd., Class H (China)		271,412
				610,302
Industrials – 1.4%
	1,143	Allegion PLC		131,434
	739	Equifax, Inc.		104,967
				236,401
Information Technology – 73.0%
	4,109	21Vianet Group, Inc. ADR (China)*		61,553
	1,209	Accenture PLC, Class A		218,333
	901	Adobe, Inc.*		310,953
	5,431	Advanced Micro Devices, Inc.*		247,002
	1,394	Akamai Technologies, Inc.*		120,595
	812	Alarm.com Holdings, Inc.*		39,179
	713	Alteryx, Inc., Class A*		99,549
	2,242	Ambarella, Inc.*		133,287
	1,111	Amdocs Ltd.		70,826
	1,530	Apple, Inc.		418,241
	2,428	Avaya Holdings Corp.*		31,467
	17,531	BlackBerry Ltd. (Canada)*(a)		90,635
	2,929	Blue Prism Group PLC (United Kingdom)*(a)		54,098
	1,097	Booz Allen Hamilton Holding Corp.		78,216
	773	Broadcom, Inc.		210,735
	1,311	Cadence Design Systems, Inc.*		86,709
	6,550	Canaan, Inc. ADR (China)*		33,339
	1,223	CEVA, Inc.*		34,745
	1,470	Check Point Software Technologies Ltd. (Israel)*		152,586
	85,267	Chinasoft International Ltd. (China)*		52,300
Common Stocks – (continued)
Information Technology – (continued)
	1,883	Ciena Corp.*		72,401
	5,705	Cisco Systems, Inc.		227,801
	6,735	Cloudera, Inc.*		59,941
	2,034	Cognex Corp.		90,594
	3,196	CommScope Holding Co., Inc.*		35,188
	1,036	CommVault Systems, Inc.*		43,201
	6,256	Conduent, Inc.*		20,457
	953	CyberArk Software Ltd.*		99,779
	3,309	Dell Technologies, Inc., Class C*		133,882
	1,979	Dialog Semiconductor PLC (United Kingdom)*		66,541
	812	ExlService Holdings, Inc.*		60,616
	5,146	Extreme Networks, Inc.*		25,884
	224	Fair Isaac Corp.*		84,231
	9,182	FireEye, Inc.*		121,524
	1,417	FLIR Systems, Inc.		60,180
	2,477	Fortinet, Inc.*		252,803
	1,647	GDS Holdings Ltd. ADR (China)*		95,477
	5,787	Hewlett Packard Enterprise Co.		74,016
	11,416	Himax Technologies, Inc. ADR (Taiwan)*(a)		48,632
	5,434	Infineon Technologies AG (Germany)		112,181
	16,630	Infosys Ltd. ADR (India)		167,464
	9,167	Intel Corp.		508,952
	2,417	International Business Machines Corp.		314,573
	577	Intuit, Inc.		153,395
	1,300	Itron, Inc.*		98,592
	3,914	Juniper Networks, Inc.		83,055
	4,097	Lattice Semiconductor Corp.*		73,541
	2,087	Logitech International SA (Switzerland)		79,927
	1,585	MACOM Technology Solutions Holdings, Inc.*		40,053
	3,780	Marvell Technology Group Ltd.		80,514
	2,190	MaxLinear, Inc.*		33,857
	2,286	Medallia, Inc.*		56,716
	3,843	Micron Technology, Inc.*		201,988
	3,343	Microsoft Corp.		541,599
	982	MongoDB, Inc.*		149,755
	2,707	NEC Corp. (Japan)		101,389
	1,587	NetScout Systems, Inc.*		40,786
	940	Nice Ltd. ADR (Israel)*		154,000
	29,168	Nokia OYJ ADR (Finland)		112,880
	11,124	NortonLifeLock, Inc.		211,690
	7,085	Nuance Communications, Inc.*		153,178
	2,069	NVIDIA Corp.		558,775
	1,743	NXP Semiconductors NV (Netherlands)		198,162
	4,133	Opera Ltd. ADR (Norway)*(a)		33,395
	5,807	Oracle Corp.		287,214
	1,265	Palo Alto Networks, Inc.*		233,544
	881	PKSHA Technology, Inc. (Japan)*		19,578
	689	Proofpoint, Inc.*		73,482
	910	Qorvo, Inc.*		91,528
	2,873	QUALCOMM, Inc.		224,956
	904	Qualys, Inc.*		72,483
	1,575	Radware Ltd. (Israel)*		35,784
	764	Rapid7, Inc.*		35,373

The accompanying notes are an integral part of these financial statements. 11

GOLDMAN SACHS MOTIF DATA-DRIVEN WORLD ETF

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Information Technology – (continued)
	7,523	Samsung Electronics Co. Ltd. (South Korea)	$	335,732
	2,626	SAP SE (Germany)		321,798
	3,164	SecureWorks Corp., Class A*		43,948
	38,670	Semiconductor Manufacturing International Corp. (China)*		74,928
	1,135	Silicon Laboratories, Inc.*		100,652
	1,489	Silicon Motion Technology Corp. ADR (Taiwan)		55,421
	1,431	Software AG (Germany)		46,370
	1,452	Splunk, Inc.*		213,923
	6,140	STMicroelectronics NV (Switzerland)		164,633
	773	Synaptics, Inc.*		51,057
	14,911	Telefonaktiebolaget LM Ericsson ADR (Sweden)(a)		119,884
	2,183	Teradata Corp.*		43,529
	2,326	Trend Micro, Inc. (Japan)		115,799
	1,076	Verint Systems, Inc.*		59,051
	868	VMware, Inc., Class A*		104,611
	3,663	VTech Holdings Ltd. (Hong Kong)		32,033
	2,578	Western Digital Corp.		143,234
	18,280	Wipro Ltd. ADR (India)		63,066
	2,396	Xerox Holdings Corp.		77,151
	2,596	Xperi Corp.		44,625
	512	Zebra Technologies Corp., Class A*		108,017
	2,826	Zscaler, Inc.*		146,924
				12,018,241
Real Estate – 3.4%
	1,399	CyrusOne, Inc. REIT		84,752
	1,143	Digital Realty Trust, Inc. REIT		137,286
	343	Equinix, Inc. REIT		196,470
	3,065	Iron Mountain, Inc. REIT		93,207
	808	QTS Realty Trust, Inc., Class A REIT		45,385
				557,100
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $16,354,754)		$	16,438,686
Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 1.5%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	251,268	1.507%	$	251,268
	(Cost $251,268)
	TOTAL INVESTMENTS – 101.3%
	(Cost $16,606,022)		$	16,689,954
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.3)%			(225,548	)
	NET ASSETS – 100.0%		$	16,464,406

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Represents an affiliated issuer.

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

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

GOLDMAN SACHS MOTIF FINANCE REIMAGINED ETF

Schedule of Investments

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 99.8%
Communication Services – 3.9%
	1,347	Internet Initiative Japan, Inc. (Japan)	$	36,952
	789	JOYY, Inc. ADR (China)*		42,582
	218	NetEase, Inc. ADR (China)		69,479
	17,550	Rightmove PLC (United Kingdom)		138,759
	760	Scout24 AG (Germany)(a)		49,421
	2,913	Zillow Group, Inc., Class C*		162,575
				499,768
Consumer Discretionary – 0.6%
	3,892	Everi Holdings, Inc.*		40,477
	10,222	Moneysupermarket.com Group PLC (United Kingdom)		40,540
				81,017
Financials – 35.9%
	9,158	360 Finance, Inc. ADR (China)*		76,561
	440	Affiliated Managers Group, Inc.		33,097
	2,541	American Express Co.		279,332
	4,508	Apollo Global Management, Inc.		187,803
	3,541	Ares Management Corp., Class A		122,483
	2,471	Axos Financial, Inc.*		61,553
	29,505	Banco Santander SA ADR (Spain)		107,988
	1,457	Bank of New York Mellon Corp. (The)		58,134
	347	BlackRock, Inc.		160,664
	4,046	Blackstone Group, Inc. (The), Class A		217,837
	2,080	Blucora, Inc.*		36,192
	3,844	Brookfield Asset Management, Inc., Class A (Canada)		230,486
	1,287	Canadian Imperial Bank of Commerce (Canada)		97,948
	4,285	Carlyle Group, Inc. (The)		121,951
	1,636	Curo Group Holdings Corp.		15,100
	3,569	Draper Esprit PLC (United Kingdom)*		23,979
	2,248	Enova International, Inc.*		43,207
	1,130	Eurazeo SE (France)		75,220
	385	FactSet Research Systems, Inc.		102,406
	8,623	FinVolution Group ADR (China)		17,074
	595	Flatex AG (Germany)*		17,973
	1,708	Green Dot Corp., Class A*		58,345
	913	Hamilton Lane, Inc., Class A		56,734
	2,566	Hong Kong Exchanges & Clearing Ltd. (Hong Kong)		84,227
	102	Hypoport AG (Germany)*		33,837
	14,629	ING Groep NV (Netherlands)		138,340
	2,316	Intercontinental Exchange, Inc.		206,633
	5,278	Intermediate Capital Group PLC (United Kingdom)		107,326
	5,629	KKR & Co., Inc., Class A		160,989
	4,571	LendingClub Corp.*		50,327
	264	LendingTree, Inc.*(b)		72,816
	7,025	LexinFintech Holdings Ltd. ADR (China)*(b)		81,771
	1,607	London Stock Exchange Group PLC (United Kingdom)		155,507
	23,671	Man Group PLC (United Kingdom)		44,324
	7,666	Monex Group, Inc. (Japan)		14,783
Common Stocks – (continued)
Financials – (continued)
	320	Morningstar, Inc.		47,008
	660	MSCI, Inc.		194,990
	1,043	Nasdaq, Inc.		106,960
	1,379	Northern Trust Corp.		121,021
	10,645	Qudian, Inc. ADR (China)*		27,890
	452	S&P Global, Inc.		120,191
	4,047	SBI Holdings, Inc. (Japan)		81,604
	1,347	Sculptor Capital Management, Inc.		30,550
	2,425	SEI Investments Co.		132,672
	13,443	Standard Chartered PLC (United Kingdom)		96,603
	1,860	Tradeweb Markets, Inc., Class A		89,689
	38,013	Value Partners Group Ltd. (Hong Kong)		21,121
	10,848	WisdomTree Investments, Inc.		44,043
	38,767	ZhongAn Online P&C Insurance Co. Ltd., Class H (China)*(a)		163,166
				4,630,455
Health Care – 0.3%
	625	HealthEquity, Inc.*		44,369
Industrials – 3.4%
	257	CoStar Group, Inc.*		171,571
	1,744	PayPoint PLC (United Kingdom)		18,489
	1,215	Thomson Reuters Corp. (Canada)		90,493
	1,065	Verisk Analytics, Inc.		165,192
				445,745
Information Technology – 54.3%
	655	Accenture PLC, Class A		118,286
	2,837	ACI Worldwide, Inc.*		79,067
	974	Appfolio, Inc., Class A*		119,773
	1,441	Avalara, Inc.*		122,125
	2,328	Black Knight, Inc.*		155,301
	1,040	Bottomline Technologies DE, Inc.*		46,051
	1,326	Broadridge Financial Solutions, Inc.		138,381
	10,478	Canaan, Inc. ADR (China)*		53,333
	217	Cass Information Systems, Inc.		10,188
	1,522	Ceridian HCM Holding, Inc.*		107,651
	1,923	CoreLogic, Inc.		87,247
	1,334	Digital Garage, Inc. (Japan)		41,740
	1,358	Ebix, Inc.		35,906
	1,270	Envestnet, Inc.*		95,860
	9,538	Equiniti Group PLC (United Kingdom)(a)		24,463
	617	Euronet Worldwide, Inc.*		76,533
	931	EVERTEC, Inc. (Puerto Rico)		27,632
	2,308	Evo Payments, Inc., Class A*		58,346
	658	ExlService Holdings, Inc.*		49,120
	2,235	Fidelity National Information Services, Inc.		312,274
	2,394	Fiserv, Inc.*		261,808
	650	FleetCor Technologies, Inc.*		172,763
	1,333	Global Payments, Inc.		245,232
	619	Globant SA (Argentina)*		69,953
	2,481	GMO internet, Inc. (Japan)		41,241
	7,110	GreenSky, Inc., Class A*		56,738
	1,485	Guidewire Software, Inc.*		162,771
	2,092	I3 Verticals, Inc., Class A*		60,626

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

GOLDMAN SACHS MOTIF FINANCE REIMAGINED ETF

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Information Technology – (continued)
	1,049	International Business Machines Corp.	$	136,527
	949	Intuit, Inc.		252,292
	980	Jack Henry & Associates, Inc.		148,705
	2,216	Mastercard, Inc., Class A		643,194
	687	Money Forward, Inc. (Japan)*		29,298
	354	Nice Ltd. ADR (Israel)*		57,996
	5,499	Nomura Research Institute Ltd. (Japan)		120,059
	2,668	Opera Ltd. ADR (Norway)*		21,557
	850	Optim Corp. (Japan)*		29,984
	2,689	Pagseguro Digital Ltd., Class A (Brazil)*		84,354
	1,398	Paychex, Inc.		108,317
	3,064	PayPal Holdings, Inc.*		330,881
	1,307	Q2 Holdings, Inc.*		98,509
	2,946	QIWI PLC ADR (Russia)		51,378
	1,620	RealPage, Inc.*		103,842
	13,108	Sage Group PLC (The) (United Kingdom)		114,153
	1,169	Sapiens International Corp. NV (Israel)		27,027
	4,848	Square, Inc., Class A*		403,984
	2,168	SS&C Technologies Holdings, Inc.		120,324
	3,559	StoneCo Ltd., Class A (Brazil)*		141,969
	1,147	TIS, Inc. (Japan)		67,949
	2,858	Visa, Inc., Class A		519,470
	463	WEX, Inc.*		86,692
	1,324	Wirecard AG (Germany)(b)		167,177
	458	Workday, Inc., Class A*		79,348
	3,110	Worldline SA (France)*(a)		235,204
				7,010,599
Materials – 0.3%
	11,868	IAMGOLD Corp. (Canada)*		33,705
Real Estate – 1.1%
	463	Corestate Capital Holding SA (Germany)*		20,496
	832	PATRIZIA AG (Germany)		19,119
	3,991	Redfin Corp.*		107,996
				147,611
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $12,140,861)		$	12,893,269
Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 2.6%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	329,486	1.507%	$	329,486
	(Cost $329,486)
	TOTAL INVESTMENTS – 102.4%
	(Cost $12,470,347)		$	13,222,755
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (2.4)%			(307,436	)
	NET ASSETS – 100.0%		$	12,915,319

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

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

GOLDMAN SACHS MOTIF HUMAN EVOLUTION ETF

Schedule of Investments

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 100.0%
Health Care – 100.0%
	44,816	3SBio, Inc. (China)*(a)	$	46,466
	5,726	Abbott Laboratories		441,074
	5,017	Abcam PLC (United Kingdom)		74,079
	487	ABIOMED, Inc.*		73,177
	781	Acceleron Pharma, Inc.*		67,111
	2,200	Adaptive Biotechnologies Corp.*		61,820
	4,440	Adverum Biotechnologies, Inc.*		54,656
	1,056	Agios Pharmaceuticals, Inc.*		50,139
	7,963	Akebia Therapeutics, Inc.*		70,632
	1,116	Align Technology, Inc.*		243,679
	2,243	Allogene Therapeutics, Inc.*(b)		60,561
	17,071	Allscripts Healthcare Solutions, Inc.*		128,715
	3,777	AstraZeneca PLC (United Kingdom)		327,767
	1,529	Atara Biotherapeutics, Inc.*		18,577
	3,262	Athenex, Inc.*		39,862
	2,242	Baxter International, Inc.		187,140
	1,626	BeiGene Ltd. ADR (China)*		257,477
	4,262	BioNTech SE ADR (Germany)*(b)		149,596
	533	BioTelemetry, Inc.*		22,770
	1,068	Bluebird Bio, Inc.*		77,248
	717	Blueprint Medicines Corp.*		38,811
	11,010	Boston Scientific Corp.*		411,664
	1,872	Cara Therapeutics, Inc.*		28,136
	1,073	Cardiovascular Systems, Inc.*		40,366
	1,059	Cellectis SA ADR (France)*		16,542
	2,332	Cerner Corp.		161,538
	447	Charles River Laboratories International, Inc.*		69,540
	6,983	Compugen Ltd. (Israel)*(b)		63,336
	632	CONMED Corp.		59,813
	1,868	Constellation Pharmaceuticals, Inc.*		66,015
	2,301	CRISPR Therapeutics AG (Switzerland)*		122,988
	1,711	DaVita, Inc.*		132,808
	736	DexCom, Inc.*		203,136
	2,057	Editas Medicine, Inc.*		45,624
	1,001	Edwards Lifesciences Corp.*		205,045
	1,616	EMIS Group PLC (United Kingdom)		23,448
	4,649	Exelixis, Inc.*		86,425
	4,021	Fate Therapeutics, Inc.*		117,413
	1,868	FibroGen, Inc.*		78,082
	2,103	Forty Seven, Inc.*		121,974
	4,886	Fresenius Medical Care AG & Co. KGaA (Germany)		372,042
	2,109	Fresenius SE & Co KGaA (Germany)		98,260
	988	G1 Therapeutics, Inc.*		17,725
	25,338	Genscript Biotech Corp. (China)*		52,737
	3,283	Gilead Sciences, Inc.		227,709
	1,954	Globus Medical, Inc., Class A*		88,379
	1,199	Gossamer Bio, Inc.*		15,743
	3,173	Halozyme Therapeutics, Inc.*		62,096
	862	HCA Healthcare, Inc.		109,483
	1,592	Health Catalyst, Inc.*		48,365
	1,708	Henry Schein, Inc.*		104,086
	3,491	Homology Medicines, Inc.*		55,856
	1,929	Hutchison China MediTech Ltd. ADR (Hong Kong)*		44,984
Common Stocks – (continued)
Health Care – (continued)
	757	Illumina, Inc.*		201,112
	4,211	Innate Pharma SA (France)*		29,396
	740	Inspire Medical Systems, Inc.*		63,544
	420	Insulet Corp.*		79,787
	891	Integer Holdings Corp.*		80,342
	4,633	Intellia Therapeutics, Inc.*(b)		61,851
	1,093	Intuitive Surgical, Inc.*		583,618
	6,076	Iovance Biotherapeutics, Inc.*		199,961
	478	iRhythm Technologies, Inc.*		41,572
	3,063	Johnson & Johnson		411,912
	3,259	Karyopharm Therapeutics, Inc.*		53,252
	932	Krystal Biotech, Inc.*		49,815
	451	Laboratory Corp. of America Holdings*		79,236
	539	LivaNova PLC*		37,579
	5,226	Medtronic PLC		526,101
	1,524	MeiraGTx Holdings PLC*		24,689
	1,791	Merck KGaA (Germany)		214,537
	1,470	Merit Medical Systems, Inc.*		52,935
	21,016	Mesoblast Ltd. (Australia)*		30,352
	19,841	Microport Scientific Corp. (China)		27,802
	1,380	Mirati Therapeutics, Inc.*		123,496
	3,708	Moderna, Inc.*		96,148
	3,648	Molecular Templates, Inc.*		58,696
	611	MorphoSys AG (Germany)*		64,464
	3,612	Myriad Genetics, Inc.*		63,643
	2,486	Natera, Inc.*		94,232
	4,246	Nektar Therapeutics*		88,359
	2,590	NeoGenomics, Inc.*		73,375
	791	NextCure, Inc.*		33,032
	2,859	NextGen Healthcare, Inc.*		37,396
	2,150	Nichi-iko Pharmaceutical Co. Ltd. (Japan)		23,161
	2,690	Novartis AG (Switzerland)		225,799
	829	Novocure Ltd.*		60,310
	17,829	OPKO Health, Inc.*		26,744
	8,952	Precigen, Inc.*(b)		33,928
	2,862	QIAGEN NV.*		102,746
	1,707	Quanterix Corp.*		38,937
	837	Quest Diagnostics, Inc.		88,772
	483	Reata Pharmaceuticals, Inc., Class A*		94,064
	343	Regeneron Pharmaceuticals, Inc.*		152,488
	1,996	REGENXBIO, Inc.*		79,840
	1,869	Replimune Group, Inc.*		25,923
	741	ResMed, Inc.		117,789
	2,733	Rhythm Pharmaceuticals, Inc.*		52,146
	1,204	Roche Holding AG (Switzerland)		385,225
	1,883	Rocket Pharmaceuticals, Inc.*		36,700
	1,640	Rubius Therapeutics, Inc.*(b)		13,727
	10,949	Sangamo Therapeutics, Inc.*		93,395
	3,104	Sanofi (France)		286,167
	1,170	Seattle Genetics, Inc.*		133,216
	2,487	Shockwave Medical, Inc.*		99,828
	9,496	Smith & Nephew PLC (United Kingdom)		210,928
	1,339	Stoke Therapeutics, Inc.*		33,140
	1,113	Stryker Corp.		212,127
	972	Surmodics, Inc.*		33,933
	2,387	Takara Bio, Inc. (Japan)		41,338

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

GOLDMAN SACHS MOTIF HUMAN EVOLUTION ETF

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Health Care – (continued)
	4,062	Takeda Pharmaceutical Co. Ltd. (Japan)	$	141,708
	596	Teleflex, Inc.		199,672
	5,897	TG Therapeutics, Inc.*		74,007
	2,800	Theravance Biopharma, Inc.*		68,180
	660	Thermo Fisher Scientific, Inc.		191,928
	1,290	Tricida, Inc.*		40,996
	748	uniQure NV (Netherlands)*		38,492
	1,547	Vocera Communications, Inc.*		37,731
	1,436	Voyager Therapeutics, Inc.*		15,652
	11,786	WuXi AppTec Co. Ltd., Class H (China)(a)		173,772
	16,127	ZIOPHARM Oncology, Inc.*(b)		49,832
				13,159,290
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $13,247,931)		$	13,159,290
Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 1.8%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	240,473	1.507%	$	240,473
(Cost $240,473)
	TOTAL INVESTMENTS – 101.8%
	(Cost $13,488,404)		$	13,399,763
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.8)%			(239,971	)
	NET ASSETS – 100.0%		$	13,159,792

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

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

GOLDMAN SACHS MOTIF MANUFACTURING REVOLUTION ETF

Schedule of Investments

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 99.7%
Communication Services – 0.4%
	1,032	Iridium Communications, Inc.*	$	27,936
Consumer Discretionary – 22.6%
	72	Amazon.com, Inc.*		135,630
	1,204	Aptiv PLC		94,045
	13,100	BYD Co. Ltd., Class H (China)(a)		80,183
	384	Ferrari NV (Italy)		60,576
	7,894	Fiat Chrysler Automobiles NV (United Kingdom)(a)		98,201
	6,943	Ford Motor Co.		48,323
	536	Garmin Ltd.		47,377
	2,164	General Motors Co.		66,002
	519	Gentherm, Inc.*		21,165
	3,564	GoPro, Inc., Class A*(a)		13,525
	788	Hella GmbH & Co. KGaA (Germany)		32,321
	2,330	JD.com, Inc. ADR (China)*		89,728
	1,710	Magna International, Inc. (Canada)		78,352
	14,669	NIO, Inc. ADR (China)*(a)		60,583
	1,733	Niu Technologies ADR (China)*(a)		14,765
	3,116	Ocado Group PLC (United Kingdom)*		42,348
	4,114	Panasonic Corp. (Japan)		39,304
	3,145	Tata Motors Ltd. ADR (India)*		28,808
	333	Tesla, Inc.*		222,441
	8,070	Tianneng Power International Ltd. (China)		5,975
	1,859	Toyota Motor Corp. (Japan)		122,830
	1,897	Valeo SA (France)		47,468
	1,773	Veoneer, Inc. (Sweden)*(a)		21,826
	440	Visteon Corp.*		28,618
	21,031	Yadea Group Holdings Ltd. (China)(b)		5,694
				1,506,088
Energy – 2.0%
	1,936	Eni SpA ADR (Italy)		48,400
	1,160	Oceaneering International, Inc.*		12,227
	1,667	TOTAL SA (France)		70,278
				130,905
Health Care – 2.4%
	445	Align Technology, Inc.*		97,166
	502	Hogy Medical Co. Ltd. (Japan)		14,357
	574	Omnicell, Inc.*		46,764
				158,287
Industrials – 34.5%
	9,075	ABB Ltd. (Switzerland)		195,104
	400	AeroVironment, Inc.*		20,556
	814	Altra Industrial Motion Corp.		24,518
	38,383	AviChina Industry & Technology Co. Ltd., Class H (China)		16,697
	4,112	Ballard Power Systems, Inc. (Canada)*(a)		36,597
	239	Boeing Co. (The)		65,751
	5,020	CNH Industrial NV (United Kingdom)		46,686
	327	Curtiss-Wright Corp.		39,220
	1,374	Daifuku Co. Ltd. (Japan)		81,779
	1,773	DMG Mori Co. Ltd. (Japan)		22,404
	80	Elbit Systems Ltd. (Israel)		11,801
	1,949	Emerson Electric Co.		124,950
Common Stocks – (continued)
Industrials – (continued)
	367	FANUC Corp. (Japan)		61,141
	6,743	General Electric Co.		73,364
	1,086	GS Yuasa Corp. (Japan)		19,200
	396	HEICO Corp.		42,709
	749	Honeywell International, Inc.		121,465
	950	KION Group AG (Germany)		50,298
	478	L3Harris Technologies, Inc.		94,515
	215	Lockheed Martin Corp.		79,522
	699	Matthews International Corp., Class A		20,662
	309	Mercury Systems, Inc.*		22,699
	167	MTU Aero Engines AG (Germany)		40,485
	672	Nachi-Fujikoshi Corp. (Japan)		22,179
	488	Nidec Corp. (Japan)		57,819
	230	Northrop Grumman Corp.		75,633
	243	NV5 Global, Inc.*		13,008
	1,518	Okamura Corp. (Japan)		12,722
	504	Proto Labs, Inc.*		44,171
	769	Rexnord Corp.		22,424
	855	Rockwell Automation, Inc.		156,892
	740	Safran SA (France)		100,875
	1,303	Schneider Electric SE (France)		129,531
	1,104	Sensata Technologies Holding PLC*		45,043
	649	Siemens AG (Germany)		66,442
	9,715	Techtronic Industries Co. Ltd. (Hong Kong)		78,600
	583	Thales SA (France)		58,148
	375	TPI Composites, Inc.*		8,902
	646	United Technologies Corp.		84,361
	196	Varta AG (Germany)*(a)		14,576
				2,303,449
Information Technology – 32.2%
	6,925	3D Systems Corp.*		63,433
	773	Ambarella, Inc.*		45,955
	586	Analog Devices, Inc.		63,903
	441	ANSYS, Inc.*		106,806
	507	Autodesk, Inc.*		96,776
	334	Belden, Inc.		13,337
	712	Brooks Automation, Inc.		24,571
	601	Cognex Corp.		26,769
	165	Coherent, Inc.*		21,237
	861	Dassault Systemes (France)		134,299
	834	Enphase Energy, Inc.*		40,841
	546	FARO Technologies, Inc.*		31,253
	817	First Solar, Inc.*		37,394
	2,764	Flex Ltd.*		30,708
	880	FLIR Systems, Inc.		37,374
	1,543	Hollysys Automation Technologies Ltd. (China)		23,361
	2,256	Infineon Technologies AG (Germany)		46,573
	2,040	Intel Corp.		113,261
	353	IPG Photonics Corp.*		45,057
	1,634	JinkoSolar Holding Co. Ltd. ADR (China)*		37,321
	377	Keyence Corp. (Japan)		120,267
	547	NVIDIA Corp.		147,728
	770	Omron Corp. (Japan)		41,689
	1,591	ON Semiconductor Corp.*		29,688

The accompanying notes are an integral part of these financial statements. 17

GOLDMAN SACHS MOTIF MANUFACTURING REVOLUTION ETF

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Information Technology – (continued)
	574	PTC, Inc.*	$	43,366
	675	Renishaw PLC (United Kingdom)		30,124
	474	Rorze Corp. (Japan)		14,545
	289	Silicon Laboratories, Inc.*		25,629
	707	SolarEdge Technologies, Inc.*		88,177
	826	Spectris PLC (United Kingdom)		28,655
	2,478	STMicroelectronics NV (Switzerland)		66,443
	2,590	Stratasys Ltd.*		41,440
	5,733	Sunny Optical Technology Group Co. Ltd. (China)		89,161
	1,398	SunPower Corp.*(a)		11,981
	1,175	Teradyne, Inc.		69,043
	924	Texas Instruments, Inc.		105,465
	2,792	Topcon Corp. (Japan)		27,877
	1,657	Trimble, Inc.*		65,418
	463	ViaSat, Inc.*		26,623
	1,196	Xerox Holdings Corp.		38,511
				2,152,059
Materials – 5.3%
	870	Albemarle Corp.		71,210
	319	Arkema SA (France)		29,805
	901	FMC Corp.		83,883
	21,664	Ganfeng Lithium Co. Ltd., Class H (China)(b)		84,092
	4,311	Livent Corp.*		38,497
	6,951	Nippon Light Metal Holdings Co. Ltd. (Japan)		12,244
	1,241	Sociedad Quimica y Minera de Chile SA ADR (Chile)		33,979
				353,710
Utilities – 0.3%
	19,163	HK Electric Investments & HK Electric Investments Ltd. (Hong Kong)		19,279
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $6,430,694)		$	6,651,713
Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 5.3%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	351,544	1.507%	$	351,544
	(Cost $351,544)
	TOTAL INVESTMENTS – 105.0%
	(Cost $6,782,238)		$	7,003,257
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (5.0)%			(331,677	)
	NET ASSETS – 100.0%		$	6,671,580

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

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

GOLDMAN SACHS MOTIF NEW AGE CONSUMER ETF

Schedule of Investments

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 99.8%
Communication Services – 37.2%
	1,983	Activision Blizzard, Inc.	$	115,272
	2,382	Bilibili, Inc. ADR (China)*		61,170
	913	Cargurus, Inc.*		23,272
	8,680	China Literature Ltd. (China)*(a)		39,262
	1,912	Dip Corp. (Japan)		46,318
	889	Electronic Arts, Inc.*		90,118
	1,009	Eventbrite, Inc., Class A*		14,741
	1,410	Facebook, Inc., Class A*		271,383
	2,010	GungHo Online Entertainment, Inc. (Japan)		31,809
	2,399	HUYA, Inc. ADR (China)*		47,524
	35,199	IGG, Inc. (Singapore)		25,610
	3,198	iQIYI, Inc. ADR (China)*		71,731
	715	JOYY, Inc. ADR (China)*		38,588
	2,791	Kakaku.com, Inc. (Japan)		59,771
	2,184	Koei Tecmo Holdings Co. Ltd. (Japan)		54,284
	1,115	Live Nation Entertainment, Inc.*		67,758
	991	Mail.Ru Group Ltd. GDR (Russia)*		19,097
	1,249	Match Group, Inc.*(b)		81,185
	1,717	Momo, Inc. ADR (China)		48,282
	395	NetEase, Inc. ADR (China)		125,890
	554	Netflix, Inc.*		204,443
	4,799	Nexon Co. Ltd. (Japan)		76,391
	315	Nintendo Co. Ltd. (Japan)		105,920
	3,853	Pinterest, Inc., Class A*		75,133
	795	Roku, Inc.*		90,368
	1,931	Sea Ltd. ADR (Taiwan)*		87,011
	13,446	Sirius XM Holdings, Inc.		85,248
	5,121	Snap, Inc., Class A*		72,564
	756	Spotify Technology SA*		103,663
	1,099	Square Enix Holdings Co. Ltd. (Japan)		44,321
	685	Take-Two Interactive Software, Inc.*		73,624
	5,254	Tencent Holdings Ltd. (China)		260,237
	5,651	Tencent Music Entertainment Group ADR (China)*		68,547
	647	TripAdvisor, Inc.		15,172
	2,855	Twitter, Inc.*		94,786
	1,110	Ubisoft Entertainment SA (France)*		82,155
	1,630	Weibo Corp. ADR (China)*		68,688
	1,517	Yelp, Inc.*		47,437
	9,978	Zynga, Inc., Class A*		66,952
				3,055,725
Consumer Discretionary – 54.1%
	1,272	Acushnet Holdings Corp.		32,372
	487	adidas AG (Germany)		134,031
	1,353	Alibaba Group Holding Ltd. ADR (China)*		281,424
	125	Amazon.com, Inc.*		235,469
	9,843	ANTA Sports Products Ltd. (China)		79,130
	1,072	Arco Platform Ltd., Class A (Brazil)*		54,790
	3,985	Asics Corp. (Japan)		42,819
	1,398	ASOS PLC (United Kingdom)*		53,516
	911	Baozun, Inc. ADR (China)*(b)		28,897
	15,548	boohoo Group PLC (United Kingdom)*		57,791
	67	Booking Holdings, Inc.*		113,609
	937	Brunswick Corp.		49,848
	1,678	Callaway Golf Co.		28,492
Common Stocks – (continued)
Consumer Discretionary – (continued)
	949	Carvana Co.*		78,682
	1,294	Chegg, Inc.*		50,738
	2,989	Chewy, Inc., Class A*		88,474
	29,509	China Education Group Holdings Ltd. (China)		41,955
	60,694	China Maple Leaf Educational Systems Ltd. (China)		21,184
	63,428	China Yuhua Education Corp. Ltd. (China)(a)(b)		49,079
	685	Columbia Sportswear Co.		55,691
	1,394	Delivery Hero SE (Germany)*(a)		104,124
	1,393	Descente Ltd. (Japan)		19,049
	1,164	Dick’s Sporting Goods, Inc.		42,381
	3,013	eBay, Inc.		104,370
	888	Etsy, Inc.*		51,335
	708	Expedia Group, Inc.		69,823
	2,677	Farfetch Ltd., Class A (United Kingdom)*		29,902
	605	Flutter Entertainment PLC (Ireland)		63,877
	1,156	Foot Locker, Inc.		41,905
	4,584	Frasers Group PLC (United Kingdom)*		22,472
	768	Goldwin, Inc. (Japan)		46,850
	11,168	Groupon, Inc.*		14,965
	856	GrubHub, Inc.*		41,182
	2,052	GSX Techedu, Inc. ADR (China)*(b)		83,209
	4,608	GVC Holdings PLC (United Kingdom)		46,474
	2,617	HelloFresh SE (Germany)*		63,098
	6,758	JD Sports Fashion PLC (United Kingdom)		63,618
	4,033	JD.com, Inc. ADR (China)*		155,311
	22,278	Li Ning Co. Ltd. (China)		58,603
	438	Lululemon Athletica, Inc.*		95,226
	1,771	MakeMyTrip Ltd. (India)*		40,751
	11,207	Meituan Dianping, Class B (China)*		142,226
	127	MercadoLibre, Inc. (Argentina)*		78,236
	1,999	Mercari, Inc. (Japan)*		45,275
	896	New Oriental Education & Technology Group, Inc. ADR (China)*		114,589
	1,842	NIKE, Inc., Class B		164,638
	3,721	Ocado Group PLC (United Kingdom)*		50,570
	2,509	Peloton Interactive, Inc., Class A*		66,965
	2,803	Pinduoduo, Inc. ADR (China)*		100,291
	808	Planet Fitness, Inc., Class A*		54,532
	808	Puma SE (Germany)		61,418
	6,828	Rakuten, Inc. (Japan)		57,161
	1,279	Stitch Fix, Inc., Class A*(b)		30,734
	2,008	TAL Education Group ADR (China)*		109,215
	803	Thor Industries, Inc.		60,554
	2,429	Trip.com Group Ltd. ADR (China)*		73,744
	3,667	Under Armour, Inc., Class A*		52,035
	5,514	Vipshop Holdings Ltd. ADR (China)*		70,745
	775	Wayfair, Inc., Class A*		48,988
	1,309	WW International, Inc.*		39,270
	1,380	YETI Holdings, Inc.*		41,745
	1,907	Zalando SE (Germany)*(a)		82,805
	3,760	ZOZO, Inc. (Japan)		52,776
				4,435,028

The accompanying notes are an integral part of these financial statements. 19

GOLDMAN SACHS MOTIF NEW AGE CONSUMER ETF

Schedule of Investments (continued)

February 29, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Consumer Staples – 3.9%
	695	Beyond Meat, Inc.*(b)	$	62,307
	335	Calavo Growers, Inc.		24,271
	803	Cal-Maine Foods, Inc.		28,017
	1,459	Fresh Del Monte Produce, Inc.		40,006
	984	Herbalife Nutrition Ltd.*		31,842
	1,025	Maruha Nichiro Corp. (Japan)		21,533
	3,865	Nippon Suisan Kaisha Ltd. (Japan)		18,310
	2,635	Pilgrim’s Pride Corp.*		55,756
	298	Sanderson Farms, Inc.		36,821
				318,863
Health Care – 1.7%
	1,560	Dechra Pharmaceuticals PLC (United Kingdom)		52,724
	342	IDEXX Laboratories, Inc.*		87,042
				139,766
Industrials – 0.5%
	943	en-japan, Inc. (Japan)		26,017
	1,906	Upwork, Inc.*		16,516
				42,533
Information Technology – 2.4%
	828	2U, Inc.*		19,466
	846	GoDaddy, Inc., Class A*		59,203
	1,078	LivePerson, Inc.*		28,524
	1,752	Sabre Corp.		23,854
	480	Wix.com Ltd. (Israel)*		64,334
				195,381
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $8,179,858)		$	8,187,296
Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 4.2%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	345,340	1.507%	$	345,340
	(Cost $345,340)
	TOTAL INVESTMENTS – 104.0%
	(Cost $8,525,198)		$	8,532,636
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (4.0)%			(331,975	)
	NET ASSETS – 100.0%		$	8,200,661

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
GDR	—Global Depositary Receipt
PLC	—Public Limited Company

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

GOLDMAN SACHS MOTIFS ETFS

Statements of Assets and Liabilities

February 29, 2020 (Unaudited)

	Motif Data-Driven World ETF		Motif Finance Reimagined ETF		Motif Human Evolution ETF		Motif Manufacturing Revolution ETF
Assets:
Investments at value (cost $16,354,754, $12,140,861, $13,247,931 and $6,430,694, respectively)(a)	$	16,354,754	$	12,893,269	$	13,159,290	$	6,651,713
Investments in securities lending reinvestment vehicle, at value which equals cost		251,268		329,486		240,473		351,544
Cash		14,950		19,656		—		12,378
Receivables:
Dividends		16,374		7,456		11,092		6,825
Foreign tax reclaims		490		—		973		2,414
Securities lending income		184		356		349		1,168
Total assets		16,721,952		13,250,223		13,412,177		7,026,042
Liabilities:
Payables:
Upon return of securities loaned		251,268		329,486		240,473		351,544
Management fees		6,278		5,418		4,733		2,918
Due to custodian		—		—		7,179		—
Total liabilities		257,546		334,904		252,385		354,462
Net Assets:
Paid-in capital		16,124,084		12,121,524		13,103,224		6,184,790
Total distributable earnings		340,322		793,795		56,568		486,790
NET ASSETS	$	16,464,406	$	12,915,319	$	13,159,792	$	6,671,580
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		300,000		225,000		250,000		125,000
Net asset value per share:		$54.88		$57.40		$52.64		$53.37

(a) Includes loaned securities having a market value of $240,865, $312,051, $236,631 and $341,638, respectively.

The accompanying notes are an integral part of these financial statements. 21

GOLDMAN SACHS MOTIFS ETFS

Statements of Assets and Liabilities (continued)

February 29, 2020 (Unaudited)

	Motif New Age Consumer ETF
Assets:
Investments at value (cost $8,179,858)(a)	$	8,187,296
Investments in securities lending reinvestment vehicle, at value which equals cost		345,340
Cash		12,538
Receivables:
Dividends		2,897
Securities lending income		596
Foreign tax reclaims		273
Total assets		8,548,940
Liabilities:
Payables:
Upon return of securities loaned		345,340
Management fees		2,939
Total liabilities		348,279
Net Assets:
Paid-in capital		8,134,159
Total distributable earnings		66,502
NET ASSETS	$	8,200,661
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		150,000
Net asset value per share:		$54.67

(a) Includes loaned securities having a market value of $320,583.

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

GOLDMAN SACHS MOTIFS ETFS

Statements of Operations

For the Six Months Ended February 29, 2020 (Unaudited)

	Motif Data-Driven World ETF			Motif Finance Reimagined ETF			Motif Human Evolution ETF			Motif Manufacturing Revolution ETF
Investment income:
Dividends – unaffiliated issuers (net of foreign withholding taxes of $2,670, $1,646, $254 and $2,410, respectively)	$	171,995		$	58,019		$	29,513		$	34,559
Securities lending income – unaffiliated issuers		1,031			11,529			2,414			9,802
Total investment income		173,026			69,548			31,927			44,361
Expenses:
Management fees		27,966			26,938			22,005			14,482
Trustee fees		2,453			2,458			2,440			2,416
Total expenses		30,419			29,396			24,445			16,898
NET INVESTMENT INCOME		142,607			40,152			7,482			27,463
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments		154,158			68,365			147,678			270,575
Foreign currency transactions		177			(60	)		(212	)		(165	)
Net change in unrealized gain (loss) on:
Investments		57,111			180,277			(1,565	)		384,176
Foreign currency translations		(107	)		(31	)		29			3
Net realized and unrealized gain		211,339			248,551			145,930			654,589
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	353,946		$	288,703		$	153,412		$	682,052

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

GOLDMAN SACHS MOTIFS ETFS

Statements of Operations (continued)

For the Six Months Ended February 29, 2020 (Unaudited)

	Motif New Age Consumer ETF
Investment income:
Dividends – unaffiliated issuers (net of foreign withholding taxes of $352)	$	12,835
Securities lending income – unaffiliated issuers		8,641
Total investment income		21,476
Expenses:
Management fees		12,154
Trustee fees		2,407
Total expenses		14,561
NET INVESTMENT INCOME		6,915
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments		72,005
Foreign currency transactions		(131	)
Net change in unrealized gain (loss) on:
Investments		(186,757	)
Foreign currency translations		27
Net realized and unrealized loss		(114,856	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(107,941	)

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

GOLDMAN SACHS MOTIFS ETFS

Statements of Changes in Net Assets

	Motif Data-Driven World ETF						Motif Finance Reimagined ETF
	For the Six Months Ended February 29, 2020 (Unaudited)			For the Period March 1, 2019* to August 31, 2019			For the Six Months Ended February 29, 2020 (Unaudited)			For the Period March 1, 2019* to August 31, 2019
From operations:
Net investment income	$	142,607		$	29,851		$	40,152		$	26,946
Net realized gain (loss)		154,335			(14,756	)		68,305			(13,040	)
Net change in unrealized gain		57,004			26,827			180,246			572,137
Net increase in net assets resulting from operations		353,946			41,922			288,703			586,043
Distributions to shareholders:
From distributable earnings		(37,912	)		(17,634	)		(63,418	)		(17,533	)
From share transactions:
Proceeds from sales of shares		5,880,827			10,243,257			1,572,794			10,548,730
Net increase in net assets resulting from share transactions		5,880,827			10,243,257			1,572,794			10,548,730
TOTAL INCREASE		6,196,861			10,267,545			1,798,079			11,117,240
Net assets:
Beginning of period	$	10,267,545		$	—		$	11,117,240		$	—
End of period	$	16,464,406		$	10,267,545		$	12,915,319		$	11,117,240

* Commencement of operations.

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

GOLDMAN SACHS MOTIFS ETFS

Statements of Changes in Net Assets (continued)

	Motif Human Evolution ETF						Motif Manufacturing Revolution ETF
	For the Six Months Ended February 29, 2020 (Unaudited)			For the Period March 1, 2019* to August 31, 2019			For the Six Months Ended February 29, 2020 (Unaudited)			For the Period March 1, 2019* to August 31, 2019
From operations:
Net investment income	$	7,482		$	14,837		$	27,463		$	39,390
Net realized gain (loss)		147,466			(6,103	)		270,410			(12,337	)
Net change in unrealized gain (loss)		(1,536	)		(87,125	)		384,179			(163,179	)
Net increase (decrease) in net assets resulting from operations		153,412			(78,391	)		682,052			(136,126	)
Distributions to shareholders:
From distributable earnings		(5,003	)		(13,450	)		(24,365	)		(34,771	)
From share transactions:
Proceeds from sales of shares		4,234,982			8,868,242			—			6,184,790
Net increase in net assets resulting from share transactions		4,234,982			8,868,242			—			6,184,790
TOTAL INCREASE		4,383,391			8,776,401			657,687			6,013,893
Net assets:
Beginning of period	$	8,776,401		$	—		$	6,013,893		$	—
End of period	$	13,159,792		$	8,776,401		$	6,671,580		$	6,013,893

* Commencement of operations.

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

GOLDMAN SACHS MOTIFS ETFS

Statements of Changes in Net Assets (continued)

	Motif New Age Consumer ETF
	For the Six Months Ended February 29, 2020 (Unaudited)			For the Period March 1, 2019* to August 31, 2019
From operations:
Net investment income	$	6,915		$	4,414
Net realized gain (loss)		71,874			(4,863	)
Net change in unrealized gain (loss)		(186,730	)		194,187
Net increase (decrease) in net assets resulting from operations		(107,941	)		193,738
Distributions to shareholders:
From distributable earnings		(14,513	)		(4,782	)
From share transactions:
Proceeds from sales of shares		3,049,345			5,084,814
Net increase in net assets resulting from share transactions		3,049,345			5,084,814
TOTAL INCREASE		2,926,891			5,273,770
Net assets:
Beginning of period	$	5,273,770		$	—
End of period	$	8,200,661		$	5,273,770

* Commencement of operations.

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

GOLDMAN SACHS MOTIFS ETFS

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Motif Data-Driven World ETF
	For the Six Months Ended February 29, 2020 (Unaudited)			For the Period March 1, 2019* to August 31, 2019
Per Share Operating Performance:
Net asset value, beginning of period	$	51.34		$	50.10
Net investment income(a)		0.66	(b)		0.17
Net realized and unrealized gain		3.06			1.16
Total gain from investment operations		3.72			1.33
Distributions to shareholders from net investment income		(0.18	)		(0.09	)
Net asset value, end of period	$	54.88		$	51.34
Market price, end of period	$	54.79		$	51.40
Total Return at Net Asset Value(c)		7.25	%		2.65	%
Net assets, end of period (in 000’s)	$	16,464		$	10,268
Ratio of total expenses to average net assets		0.50	%(d)		0.50	%(d)
Ratio of net investment income to average net assets		2.34	%(b)(d)		0.65	%(d)
Portfolio turnover rate(e)		12	%		17	%

 * Commencement of operations.

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from non-recurring special dividends which amounted to $0.51 per share and 0.90% 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.

28 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 Each Period

	Motif Finance Reimagined ETF
	For the Six Months Ended February 29, 2020 (Unaudited)			For the Period March 1, 2019* to August 31, 2019
Per Share Operating Performance:
Net asset value, beginning of period	$	55.59		$	50.74
Net investment income(a)		0.20			0.20
Net realized and unrealized gain		1.93			4.77
Total gain from investment operations		2.13			4.97
Distributions to shareholders from net investment income		(0.32	)		(0.12	)
Net asset value, end of period	$	57.40		$	55.59
Market price, end of period	$	57.25		$	55.64
Total Return at Net Asset Value(b)		3.84	%		9.77	%
Net assets, end of period (in 000’s)	$	12,915		$	11,117
Ratio of total expenses to average net assets		0.50	%(c)		0.50	%(c)
Ratio of net investment income to average net assets		0.68	%(c)		0.73	%(c)
Portfolio turnover rate(d)		6	%		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.

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

GOLDMAN SACHS MOTIFS ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Motif Human Evolution ETF
	For the Six Months Ended February 29, 2020 (Unaudited)			For the Period March 1, 2019* to August 31, 2019
Per Share Operating Performance:
Net asset value, beginning of period	$	50.15		$	50.63
Net investment income(a)		0.04			0.12
Net realized and unrealized gain (loss)		2.48			(0.47	)
Total gain (loss) from investment operations		2.52			(0.35	)
Distributions to shareholders from net investment income		(0.03	)		(0.13	)
Net asset value, end of period	$	52.64		$	50.15
Market price, end of period	$	52.48		$	50.26
Total Return at Net Asset Value(b)		5.02	%		(0.69	)%
Net assets, end of period (in 000’s)	$	13,160		$	8,776
Ratio of total expenses to average net assets		0.50	%(c)		0.50	%(c)
Ratio of net investment income to average net assets		0.15	%(c)		0.49	%(c)
Portfolio turnover rate(d)		14	%		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.

30 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 Each Period

	Motif Manufacturing Revolution ETF
	For the Six Months Ended February 29, 2020 (Unaudited)			For the Period March 1, 2019* to August 31, 2019
Per Share Operating Performance:
Net asset value, beginning of period	$	48.11		$	49.70
Net investment income(a)		0.22			0.38
Net realized and unrealized gain (loss)		5.23			(1.62	)
Total gain (loss) from investment operations		5.45			(1.24	)
Distributions to shareholders from net investment income		(0.19	)		(0.35	)
Net asset value, end of period	$	53.37		$	48.11
Market price, end of period	$	53.28		$	48.22
Total Return at Net Asset Value(b)		11.33	%		(2.52	)%
Net assets, end of period (in 000’s)	$	6,672		$	6,014
Ratio of total expenses to average net assets		0.50	%(c)		0.50	%(c)
Ratio of net investment income to average net assets		0.81	%(c)		1.55	%(c)
Portfolio turnover rate(d)		13	%		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.

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

GOLDMAN SACHS MOTIFS ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Motif New Age Consumer ETF
	For the Six Months Ended February 29, 2020 (Unaudited)			For the Period March 1, 2019* to August 31, 2019
Per Share Operating Performance:
Net asset value, beginning of period	$	52.74		$	50.83
Net investment income(a)		0.07	(b)		0.04
Net realized and unrealized gain		2.01			1.92
Total gain from investment operations		2.08			1.96
Distributions to shareholders from net investment income		(0.15	)		(0.05	)
Net asset value, end of period	$	54.67		$	52.74
Market price, end of period	$	54.57		$	52.83
Total Return at Net Asset Value(c)		3.94	%		3.83	%
Net assets, end of period (in 000’s)	$	8,201		$	5,274
Ratio of total expenses to average net assets		0.50	%(d)		0.50	%(d)
Ratio of net investment income to average net assets		0.24	%(b)(d)		0.17	%(d)
Portfolio turnover rate(e)		8	%		7	%

* Commencement of operations.

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from non-recurring special dividends which amounted to $0.02 per share and 0.04% 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.

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

GOLDMAN SACHS MOTIFS ETFS

Notes to Financial Statements

February 29, 2020 (Unaudited)

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

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

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

33

GOLDMAN SACHS MOTIFS ETFS

Notes to Financial Statements (continued)

February 29, 2020 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

34

GOLDMAN SACHS MOTIFS ETFS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ 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. Certain equity securities containing unique attributes may be classified as Level 2.

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

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying 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. 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 February 29, 2020:

MOTIF DATA-DRIVEN WORLD ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	3,213,002	$	—	$	—
Europe		1,336,058		—		—
North America		11,889,626		—		—
Securities Lending Reinvestment Vehicle		251,268		—		—
Total	$	16,689,954	$	—	$	—

35

GOLDMAN SACHS MOTIFS ETFS

Notes to Financial Statements (continued)

February 29, 2020 (Unaudited)

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	$	1,237,215	$	—	$	—
Europe		1,650,475		—		—
North America		9,709,303		—		—
South America		296,276		—		—
Securities Lending Reinvestment Vehicle		329,486		—		—
Total	$	13,222,755	$	—	$	—
MOTIF HUMAN EVOLUTION ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	872,781	$	—	$	—
Europe		2,639,730		—		—
North America		9,616,427		—		—
Australia		30,352		—		—
Securities Lending Reinvestment Vehicle		240,473		—		—
Total	$	13,399,763	$	—	$	—
MOTIF MANUFACTURING REVOLUTION ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	1,316,405	$	—	$	—
Europe		1,459,462		—		—
North America		3,841,867		—		—
South America		33,979		—		—
Securities Lending Reinvestment Vehicle		351,544		—		—
Total	$	7,003,257	$	—	$	—
MOTIF NEW AGE CONSUMER ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	3,205,831	$	19,097	$	—
Europe		968,575		—		—
North America		3,860,767		—		—
South America		133,026		—		—
Securities Lending Reinvestment Vehicle		345,340		—		—
Total	$	8,513,539	$	19,097	$	—

(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.

36

GOLDMAN SACHS MOTIFS ETFS

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 six months ended February 29, 2020, 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.

Share activity is as follows:

	Motif Data-Driven World ETF
	For the Six Months Ended February 29, 2020 (Unaudited)				For the Period March 1, 2019* through August 31, 2019
Fund Share Activity
Shares Sold		100,000	$	5,880,959		200,000	$	10,242,706
Shares Redeemed		—		—		—		—
NET INCREASE IN SHARES		100,000	$	5,880,959		200,000	$	10,242,706

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Notes to Financial Statements (continued)

February 29, 2020 (Unaudited)

5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

	Motif Finance Reimagined ETF
	For the Six Months Ended February 29, 2020 (Unaudited)				For the Period March 1, 2019* through August 31, 2019
Fund Share Activity
Shares Sold		25,000	$	1,572,794		200,000	$	10,548,731
Shares Redeemed		—		—		—		—
NET INCREASE IN SHARES		25,000	$	1,572,794		200,000	$	10,548,731
	Motif Human Evolution ETF
	For the Six Months Ended February 29, 2020 (Unaudited)				For the Period March 1, 2019* through August 31, 2019
Fund Share Activity
Shares Sold		75,000	$	4,234,982		175,000	$	8,869,648
Shares Redeemed		—		—		—		—
NET INCREASE IN SHARES		75,000	$	4,234,982		175,000	$	8,869,648
	Motif Manufacturing Revolution ETF
	For the Six Months Ended February 29, 2020 (Unaudited)				For the Period March 1, 2019* through August 31, 2019
Fund Share Activity
Shares Sold		—	$	—		125,000	$	6,183,762
Shares Redeemed		—		—		—		—
NET INCREASE IN SHARES		—	$	—		125,000	$	6,183,762
	Motif New Age Consumer ETF
	For the Six Months Ended February 29, 2020 (Unaudited)				For the Period March 1, 2019* through August 31, 2019
Fund Share Activity
Shares Sold		50,000	$	3,048,840		100,000	$	5,083,282
Shares Redeemed		—		—		—		—
NET INCREASE IN SHARES		50,000	$	3,048,840		100,000	$	5,083,282

* Commencement of operations.

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6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the period ended February 29, 2020, were as follows:

Fund	Purchases		Sales
Motif Data-Driven World ETF	$	1,736,335	$	1,463,227
Motif Finance Reimagined ETF		748,192		737,857
Motif Human Evolution ETF		1,473,907		1,393,535
Motif Manufacturing Revolution ETF		862,650		851,517
Motif New Age Consumer ETF		592,439		446,496

The purchases and sales from in-kind creation and redemption transactions for the period ended February 29, 2020, were as follows:

Fund	Purchases		Sales
Motif Data-Driven World ETF	$	5,695,693	$	—
Motif Finance Reimagined ETF		1,575,607		—
Motif Human Evolution ETF		4,214,409		—
Motif Manufacturing Revolution ETF		—		—
Motif New Age Consumer ETF		2,915,757		—

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

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Notes to Financial Statements (continued)

February 29, 2020 (Unaudited)

7. SECURITIES LENDING (continued)

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 February 29, 2020, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Both the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended February 29, 2020, 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 six months ended February 29, 2020:

Fund	Beginning value as of August 31, 2019		Purchases at Cost		Proceeds from Sales			Ending value as of February 29, 2020
Motif Data-Driven World ETF	$	95,421	$	1,951,633		$(1,795,786)			251,268
Motif Finance Reimagined ETF		334,439		3,503,776		(3,508,729)			329,486
Motif Human Evolution ETF		387,038		1,824,897		(1,971,462)			240,473
Motif Manufacturing Revolution ETF		295,431		1,836,521		(1,780,408)			351,544
Motif New Age Consumer ETF		300,049		2,330,386		(2,285,095	)		345,340

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, August 31, 2019, the Funds’ capital loss carryforwards 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
Capital loss carryforwards (Perpetual Short-Term)	$	(13,719	)	$	(8,366	)	$	(3,268	)	$	(10,345	)	$	(11,966	)

As of February 29, 2020, 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	$	16,607,351		$	12,494,492		$	13,491,790		$	6,785,679		$	8,525,198
Gross unrealized gain		1,159,304			1,316,354			743,755			691,383			633,589
Gross unrealized loss		(1,076,701	)		(588,091	)		(835,782	)		(473,805	)		(626,151	)
Net unrealized gains (losses)	$	82,603		$	728,263		$	(92,027	)	$	217,578		$	7,438

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8. TAX INFORMATION (continued)

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), confiscation 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 — 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 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. To the extent a Fund engages in cash redemptions, then liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the

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Notes to Financial Statements (continued)

February 29, 2020 (Unaudited)

9. OTHER RISKS (continued)

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). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments.

Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

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

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 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.

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11. SUBSEQUENT EVENTS

At a meeting held on April 21, 2020, the Board of Trustees of the Goldman Sachs ETF Trust approved certain changes to the Funds’ names.

Effective on or about May 15, 2020, the Funds’ names will change as set forth in the following table:

Current Names	New Names
Goldman Sachs Motif Data-Driven World ETF	Goldman Sachs Data-Driven World ETF
Goldman Sachs Motif Finance Reimagined ETF	Goldman Sachs Finance Reimagined ETF
Goldman Sachs Motif Human Evolution ETF	Goldman Sachs Human Evolution ETF
Goldman Sachs Motif Manufacturing Revolution ETF	Goldman Sachs Manufacturing Revolution ETF
Goldman Sachs Motif New Age Consumer ETF	Goldman Sachs New Age Consumer ETF

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

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Fund Expenses — Six Months ended 2/29/2020 (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 a Fund.

The example is based on an investment of $1,000 invested at the beginning of the period from September 1, 2019 and held for the six months ended February 29, 2020, which represents a period of 182 days of a 366 day year (or less where indicated).

Actual Expenses — The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the 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.

	Motif Data-Driven World ETF							Motif Finance Reimagined ETF							Motif Human Evolution ETF
	Beginning Account Value 9/1/19		Ending Account Value 2/29/20			Expenses Paid*		Beginning Account Value 9/1/19		Ending Account Value 2/29/20			Expenses Paid*		Beginning Account Value 9/1/19		Ending Account Value 2/29/20			Expenses Paid*
Actual based on NAV	$	1,000	$	1,072.50		$	2.58	$	1,000	$	1,038.40		$	2.53	$	1,000	$	1,050.20		$	2.55
Hypothetical 5% return		1,000		1,022.38	+		2.51		1,000		1,022.38	+		2.51		1,000		1,022.38	+		2.51

	Motif Manufacturing Revolution ETF							Motif New Age Consumer ETF
	Beginning Account Value 9/1/19		Ending Account Value 2/29/20			Expenses Paid*		Beginning Account Value 9/1/19		Ending Account Value 2/29/20			Expenses Paid*
Actual based on NAV	$	1,000	$	1,113.30		$	2.63	$	1,000	$	1,039.40		$	2.54
Hypothetical 5% return		1,000		1,022.38	+		2.51		1,000		1,022.38	+		2.51

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

* Expenses for each Fund are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended February 29, 2020. 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

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GOLDMAN SACHS MOTIFS ETFS

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Motif ETFs (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 investment portfolios of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The Management Agreement was approved for continuation until September 30, 2020 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on September 17-18, 2019 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

(b) information on the general investment outlooks in the markets in which the Fund invests;

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

(d) fee and expense information for the Fund, including the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by a third-party fund data provider engaged as part of the contract review process (the “Outside Data Provider”);

(e) with respect to the expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

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

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

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

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

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

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

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the

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GOLDMAN SACHS MOTIFS ETFS

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Motif ETFs (Unaudited) (continued)

Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

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

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

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund against its peer group identified by the Outside Data Provider using updated performance information prepared by the Investment Adviser as of June 30, 2019. The Trustees observed that each Fund’s investment performance was consistent with the investment objective of tracking its index.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

Unitary Fee Structure and Profitability

The Trustees considered the contractual 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 fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as ETFs. The Trustees noted that a license fee would be payable by the Investment Adviser to Motif Capital Management, Inc. for the use of its indices. The Trustees also considered information previously provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Funds’ fee rates and expense ratios were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing each Fund’s management fee rate and net 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 paid by the Funds.

46

GOLDMAN SACHS MOTIFS ETFS

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Motif ETFs (Unaudited) (continued)

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 do not have management fee breakpoints. The Trustees considered information previously provided regarding each Fund’s fee structure, the amounts of assets in each Fund, each Fund’s recent creation and redemption activity, and the costs of the services provided by the Investment Adviser and its affiliates.

Other Benefits to the Investment Adviser and Its Affiliates

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

Other Benefits to the Funds and Their Shareholders

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

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary fee paid by each Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and/or reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until September 30, 2020.

47

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 $1.69 trillion in assets under supervision as of December 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 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 February 29, 2020 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.

© 2020 Goldman Sachs. All rights reserved. 200067-OTU-04/2020 GST 1137 MOTIFSAR-20

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.

The information required by this Item is only required in an annual report on this Form N-CSR.

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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. 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 filed herewith.
(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:	May 5, 2020

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:	May 5, 2020
By:	/s/ Joseph F. DiMaria
	Joseph F. DiMaria
	Principal Financial Officer
	Goldman Sachs ETF Trust
Date:	May 5, 2020