Goldman Sachs ETF Trust

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N-CSR 1 d160812dncsr.htm GOLDMAN SACHS ETF TRUST Goldman Sachs ETF Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-23013

Goldman Sachs ETF Trust

(Exact name of registrant as specified in charter)

200 West Street, New York, New York 10282

(Address of principal executive offices) (Zip code)


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

(Name and address of agents for service)

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

Date of fiscal year end: August 31

Date of reporting period: August 31, 2021

ITEM 1.

REPORTS TO STOCKHOLDERS.

The Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

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Annual Report				August 31, 2021

				Access Fixed Income ETFs
				Access High Yield Corporate Bond ETF (GHYB)
				Access Inflation Protected USD Bond ETF (GTIP)
				Access Investment Grade Corporate 1-5 Year Bond ETF (GSIG)
				Access Investment Grade Corporate Bond ETF (GIGB)
				Access Treasury 0-1 Year ETF (GBIL)
				Access U.S. Aggregate Bond ETF (GCOR)
				Access Ultra Short Bond ETF (GSST)

LOGO

Goldman Sachs Access Fixed Income ETFs

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ACCESS HIGH YIELD CORPORATE BOND ETF

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ACCESS INFLATION PROTECTED USD BOND ETF

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ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF

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ACCESS INVESTMENT GRADE CORPORATE BOND ETF

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ACCESS TREASURY 0-1 YEAR ETF

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ACCESS U.S. AGGREGATE BOND ETF

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ACCESS ULTRA SHORT BOND ETF


TABLE OF CONTENTS

Investment Process			1

Portfolio Results and Fund Basics			9

Schedules of Investments			44

Financial Statements			102

Financial Highlights			110

Access High Yield Corporate Bond ETF			110

Access Inflation Protected USD Bond ETF			111

Access Investment Grade Corporate 1-5 Year Bond ETF			112

Access Investment Grade Corporate Bond ETF			113

Access Treasury 0-1 Year ETF			114

Access U.S. Aggregate Bond ETF			115

Access Ultra Short Bond ETF			116

Notes to Financial Statements			117

Report of Independent Registered Public Accounting Firm			131

Other Information			133



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

INVESTMENT PROCESS

Goldman Sachs Access Fixed Income ETFs

Principal Investment Strategies

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

The Goldman Sachs Access High Yield Corporate Bond ETF (the “Fund”) seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index.

The FTSE Goldman Sachs High Yield Corporate Bond Index (the “Index”) is a rules-based index that is designed to measure the performance of high yield corporate bonds denominated in U.S. dollars (“USD”) that meet certain liquidity and fundamental screening criteria. “High yield” bonds are bonds that are rated below investment grade and are commonly referred to as “junk bonds.” As of August 31, 2021, there were 983 constituents in the Index and the Index had a weighted average maturity of 6.1 years. The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). The Index is based on the FTSE US High-Yield Market Index (the “Reference Index”) using concepts developed with Goldman Sachs Asset Management, L.P. (“GSAM”).

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

Step 1 - In the first step, the Index Provider defines a universe of potential index constituents (the “Universe”) by applying specified criteria to the constituent securities of the Reference Index. The Reference Index includes high yield corporate bonds issued by companies domiciled in the United States or Canada that have a minimum of one year to maturity and are rated a maximum of BB+ by Standard & Poor’s Ratings Services (“S&P”) and Ba1 by Moody’s Investors Service, Inc. (“Moody’s”) and a minimum of C by S&P and Ca by Moody’s. Only constituents of the Reference Index that (i) have a minimum of $400 million outstanding, a minimum issuer size of $1 billion and a maximum final maturity of 15 years and (ii) if neither fundamental factor described below is available, are rated at least CCC+ by S&P or Caa1 by Moody’s are included in the Universe. A maturity bucketing process is used to approximate the average effective duration of the Reference Index.

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

GOLDMAN SACHS ACCESS INFLATION PROTECTED USD BOND ETF

The Goldman Sachs Access Inflation Protected USD Bond ETF (the “Fund”) seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index.

The FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index (the “Index”) is designed to track the performance of inflation protected, fixed rate U.S. Treasury Securities denominated in U.S. dollars (“USD”) that meet certain screening criteria. “U.S. Treasury Securities” refer to securities issued or guaranteed by the U.S. Treasury where the payment of principal and interest is backed by the full faith and credit of the U.S. government. U.S. Treasury Securities include U.S. Treasury notes, U.S. Treasury bills and U.S. Treasury floating rate bonds. As of August 31, 2021, there were 39 issues in the Index and the Index had a weighted average maturity of 8.33 years and a weighted average duration of 7.73 years. The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). The Index is based on the U.S. sleeve of the FTSE World Inflation-Linked Securities Index (the “Reference Index”) using concepts developed with Goldman Sachs Asset Management, L.P. (“GSAM”).

INVESTMENT PROCESS

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

Step 1

In the first step, the Index Provider defines a universe of potential index constituents (the “Universe”) by applying specified criteria to the constituents of the Reference Index.

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

Step 2

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

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF

The Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF (the “Fund”) seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index.

The FTSE Goldman Sachs US Investment Grade Corporate Bond 1-5 Years Index (the “Index”) is a rules-based index that is designed to measure the performance of investment grade, corporate bonds denominated in U.S. dollars (“USD”) with remaining maturities between one and five years that meet certain liquidity and fundamental screening criteria.

As of August 31, 2021, there were 1,979 constituents in the Index and the Index had a weighted average maturity of 3.50 years. The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). The Index is based on the FTSE US Broad Investment-Grade (USBIG^®) Corporate Bond Index (the “Reference Index”) using concepts developed with Goldman Sachs Asset Management, L.P. (“GSAM”).

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

Step 1 - In the first step, the Index Provider defines a universe of potential Index constituents (the “Universe”) by applying specified criteria to the constituents of the Reference Index. The Reference Index includes investment grade corporate bonds that have a minimum of one year to maturity and are rated at least BBB- by Standard & Poor’s Ratings Services (“S&P”) or Baa3 by Moody’s Investors Service, Inc. (“Moody’s”). Only corporate bond constituents of the Reference Index that have a minimum of $250 million outstanding, remaining maturities between one and five years, and from issuers with at least two eligible bonds outstanding are included in the Universe. A maturity bucketing process is used to approximate the average effective duration of constituents of the Reference Index with remaining maturities between one and five years.

Step 2 - In the second step, the Index Provider applies a fundamental screen to the Universe. Issuers are first grouped into three broad industry groups: financials, industrials and utilities. Within each industry group, issuers are measured by two fundamental factors, operating margin and leverage, subject to certain exceptions. The Index Provider ranks each issuer based on the two

INVESTMENT PROCESS

fundamental factors, equally weighted. The Index is constructed by including the highest ranking eligible securities in each industry group and screening out lowest ranking eligible securities. An issuer weight cap is applied to each Index constituent.

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

The Goldman Sachs Access Investment Grade Corporate Bond ETF (the “Fund”) seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index.

The FTSE Goldman Sachs Investment Grade Corporate Bond Index (the “Index”) is a rules-based index that is designed to measure the performance of investment grade corporate bonds denominated in U.S. dollars that meet certain liquidity and fundamental screening criteria. As of August 31, 2021, there were 2,629 constituents in the Index and the Index had a weighted average maturity of 12.6 years. The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). The Index is based on the FTSE US Broad Investment Grade (USBIG^®) Corporate Index (the “Reference Index”) using concepts developed with Goldman Sachs Asset Management, L.P. (the “Investment Adviser” or “GSAM”).

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

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

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

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

The Goldman Sachs Access Treasury 0-1 Year ETF (the “Fund”) seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index.

The FTSE US Treasury 0-1 Year Composite Select Index (the “Index”) is designed to measure the performance of U.S. Treasury Securities with a maximum remaining maturity of 12 months. “U.S. Treasury Securities” refer to securities issued or guaranteed by the U.S. Treasury where the payment of principal and interest is backed by the full faith and credit of the U.S. government. U.S. Treasury Securities include U.S. Treasury notes, U.S. Treasury bills and U.S. Treasury floating rate bonds. The Fund expects to invest 100% of its assets in (i) U.S. Treasury Securities with a maximum remaining maturity of 12 months and (ii) cash.

As of August 31, 2021, there were 88 issues in the Index and the Index had a weighted average maturity of 0.28 years. The Index includes publicly-issued U.S. Treasury Securities that have a minimum remaining maturity of 1 month and a maximum remaining maturity of 12 months at the time of rebalance and that have a minimum issue size of $5 billion. In addition, the securities in the Index must be non-convertible and denominated in U.S. dollars. The Index excludes certain special issues, such as targeted investor notes, state and local government series bonds and coupon issues that have been stripped from bonds. 10-year and 30-year U.S. Treasury bonds are not eligible for inclusion in the Index.

INVESTMENT PROCESS

The Index is sponsored by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”), which is not affiliated with the Fund or the Investment Adviser. The Index is market capitalization-weighted and the securities in the Index are updated on the last business day of each month. Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.

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

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

The Goldman Sachs Access U.S. Aggregate Bond ETF (the “Fund”) seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index. To-Be-Announced (“TBA”) transactions representing securities included in the Fund’s underlying index are counted towards the Fund’s 80% investment policy.

The FTSE Goldman Sachs US Broad Bond Market Index (the “Index”) is a rules-based index that is designed to measure the performance of investment grade, U.S. dollar (“USD”)-denominated bonds issued in the United States that meet certain liquidity and fundamental screening criteria. The Index consists of the following fixed income asset class sectors: U.S. Treasury Securities, corporate bonds, mortgage-backed securities, government-sponsored securities, non-U.S. sovereign and provincial securities and asset-backed securities. As of August 31, 2021, there were 7,711 constituents in the Index and the Index had a weighted average maturity of 13.79 years. In addition, as of August 31, 2021, the percentage breakdown of bonds included in the Index was as follows: U.S. Treasury securities (38.9%), corporate bonds (27.0%), mortgage-backed securities (26.7%), asset-backed securities (0.1%), government-sponsored securities (4.0%), non-U.S. sovereign and provincial securities (3.3%). The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). The Index is based on the FTSE US Broad Investment-Grade (USBIG^®) Index (the “Reference Index”), using concepts developed with Goldman Sachs Asset Management, L.P. (“GSAM”).

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

Step 1 - In the first step, the Index Provider defines a universe of potential index constituents (the “Universe”) by applying specified criteria to constituents of the Reference Index as described below. All constituents of the Reference Index must have a minimum of one year to maturity and are rated at least BBB- by Standard & Poor’s Ratings Services (“S&P”) or Baa3 by Moody’s Investors Service, Inc. (“Moody’s”).

U.S. Treasury Securities: “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. U.S. Treasury Securities that are included in the Reference Index must have a minimum of $5 billion outstanding (before taking into account the Federal Reserve System Open Market Account (“SOMA”) holdings). Only fixed-rate U.S. Treasury Securities within the Reference Index are included in the Universe.

Corporate Bonds: Corporate bonds that are included in the Reference Index must have a minimum of $250 million outstanding. Only corporate bonds within the Reference Index from issuers with at least two eligible bonds outstanding are included in the Universe. A maturity bucketing process is used to approximate the average effective duration of the Reference Index.

Mortgage-Backed Securities: Mortgage-backed securities that are included in the Reference Index must have a minimum issuer size of $250 million. Only mortgage-backed securities within the Reference Index that have a minimum of $1 billion outstanding per origination year generic when the coupon has a minimum amount outstanding of $5 billion are included in the Universe.

INVESTMENT PROCESS

Government-Sponsored Securities, Non-U.S. Sovereign and Provincial Securities and Asset-Backed Securities: Government-sponsored securities, non-U.S. sovereign and provincial securities and asset-backed securities that are included in the Reference Index must have a minimum of $1 billion, $500 million and $250 million outstanding, respectively. All government-sponsored securities, non-U.S. sovereign and provincial securities and asset-backed securities within the Reference Index are included in the Universe, except for callable zero coupon bonds, bonds callable less than one year from the issue date, and bonds issued by supranational entities.

Step 2 - In the second step, the Index Provider applies specified fundamental screens to each type of constituents in the Universe as described below.

U.S. Treasury Securities: U.S. Treasury Securities within the Universe are screened to exclude securities that are “on-the-run” bonds, or the newest issues for each security term. The remaining U.S. Treasury Securities are divided into “maturity sectors” according to their weighted average maturities. The weight of each U.S. Treasury Security within its maturity sector is determined through an optimization process with the goal of maximizing projected one-month return net of transaction costs subject to a cap on volatility.

Corporate Bonds: Corporate bond issuers within the Universe are grouped into three broad industry groups: financials, industrials and utilities. Within each industry group, issuers are measured by two fundamental factors, operating margin and leverage, subject to certain exceptions. The Index Provider ranks each issuer based on the two fundamental factors, equally weighted. The Index is constructed by including the highest ranking eligible securities in each industry group and screening out lowest ranking eligible securities. An issuer weight cap is applied to each Index constituent.

Mortgage-Backed Securities: Mortgage-backed securities within the Universe are grouped by issuer agency and are ranked within each issuer agency group based on “seasoning” (i.e., the length of time the security has been publicly traded). “Unseasoned” mortgage-backed securities (i.e., securities with less than six months of loan age) within each issuer agency group are removed from the Index. In addition, the most “negatively convex” mortgage-backed securities within each issuer agency group are removed from the Index (“negative convexity” refers to the tendency for a security’s price to fall when interest rates fall). The weights of the remaining mortgage-backed securities in the Index are determined according to their market capitalizations within the Reference Index, and the weight of each issuer agency group is adjusted to match the weighted average effective duration of such group within the Reference Index.

Government-Sponsored Securities, Non-U.S. Sovereign and Provincial Securities and Asset-Backed Securities: Government-sponsored securities, non-U.S. sovereign and provincial securities and asset-backed securities within the Universe are included in the Index in accordance with their market capitalizations.

ALL ABOVE FUNDS

Each of the FTSE Goldman Sachs High Yield Corporate Bond Index, FTSE Goldman Sachs Investment Grade Corporate Bond 1-5 Years Index, FTSE Goldman Sachs Investment Grade Corporate Bond Index and FTSE Goldman Sachs US Broad Bond Market Index is rebalanced (i) monthly on the last business day of each month, to account for changes in maturities, corporate actions or ratings migration, and (ii) quarterly, to account for updates to the constituent securities on the basis of the fundamental factors (as described above). The FTSE US Treasury 0-1 Year Composite Select Index is rebalanced monthly on the last day of the month. The FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index is rebalanced monthly on the last business day of the month to account for changes in maturities (i.e., removing securities with less than 1 year to maturity), new issues and duration to closely match the weighted average real yield duration of its Universe.

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

INVESTMENT PROCESS

Each of the Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs Investment Grade Corporate 1-5 Year Bond ETF, Goldman Sachs Access Investment Grade Corporate Bond ETF and Goldman Sachs Access U.S. Aggregate Bond ETF may concentrate its investments (i.e. hold more than 25% of its total assets) in a particular industry or group of industries to the extent that its Index is concentrated. The degree to which components of its Index represent certain sectors or industries may change over time. Each of the Goldman Sachs Access Treasury 0-1 Year ETF and Goldman Sachs Access Inflation Protected USD Bond ETF may concentrate its investments (i.e., hold more than 25% of its total assets) in a particular industry or group of industries to the extent that its Index is concentrated. The U.S. government, state and municipal governments and their agencies, authorities and instrumentalities are not deemed to be industries for this purpose.

At the end of each Fund’s Reporting Period, i.e. August 31, 2021, we continued to believe the Funds may provide investors with smoother performance and less volatility, as a smart beta approach should provide liquidity while minimizing exposure to factors historically associated with volatility and underperformance.*

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

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

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

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

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

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

Smart beta refers to quantitative index-based strategies. Liquidity is the ability to buy or sell a given security without causing a substantial change in the price of the security. Volatility refers to the annualized standard deviation of returns.

INVESTMENT PROCESS

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

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

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

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

•

Thoughtfully combine diversified sources of return by employing multiple strategies

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Take a global perspective to uncover relative value opportunities

•

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

•

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

•

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

* * *

INVESTMENT PROCESS

Changes to the Portfolio Management’s Team

Effective April 1, 2021 (the “Effective Date”), Todd Henry serves as a portfolio manager for each Fund. In addition, on the Effective Date, Jason Singer no longer served as a portfolio manager for each Fund. David Westbrook continues to serve as a portfolio manager for each Fund, David Fishman continues to serve as a portfolio manager for the Goldman Sachs Access Treasury 0-1 Year ETF and Goldman Sachs Access Ultra Short Bond ETF, and Matthew Kaiser continued to serve as a portfolio manager for the Goldman Sachs Access Ultra Short Bond ETF until April 30, 2021. Effective April 30, 2021, Matthew Kaiser no longer served as a portfolio manager for the Goldman Sachs Access Ultra Short Bond ETF. David Fishman, Todd Henry and David Westbrook continue to serve as portfolio managers for the Goldman Sachs Access Ultra Short Bond ETF. By design, all investment decisions for the Goldman Sachs Access Ultra Short Bond ETF are performed within a co-lead or team structure, with multiple subject matter experts. This strategic decision made has been a cornerstone of our approach and helps to ensure continuity in the Goldman Sachs Access Ultra Short Bond ETF.

PORTFOLIO RESULTS

Goldman Sachs Access High Yield Corporate Bond ETF

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Fixed Income and Liquidity Solutions Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2021 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 7.05% based on net asset value (“NAV”) and 7.15% based on market price.The Index returned 7.29% during the same period.

The Fund had an NAV of $49.29 per share on August 31, 2020 and ended the Reporting Period with an NAV of $50.40 per share. The Fund’s market price on August 31, 2021 was $50.38 per share.

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

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

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

Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.

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

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

During the Reporting Period, the U.S. Federal Reserve (the “Fed”) kept its monetary policy accommodative, with the targeted federal funds rate in a range of 0.00% to 0.25%, and announced the adoption of flexible average inflation targeting. (The Fed’s new inflation policy framework allows for an inflation rate moderately above 2% following periods when inflation has run persistently below 2%, seeking an average of 2% over time.) The U.S. Treasury yield curve, or spectrum of maturities, remained steep, meaning longer-term maturity yields were higher than shorter-term maturity yields, as the economy began to recover from the depths of the COVID-19 pandemic.

Amid this backdrop, high yield corporate spreads tightened from 479 basis points to 289 basis points during the Reporting Period. (A basis point is 1/100^th of a percentage point.) High yield corporate spreads tightened significantly — by 216 basis points — from the end of August 2020 through the first week of July 2021 to 263 basis points over duration-equivalent U.S. Treasuries, going well below pre-COVID-19 levels. A pick-up in economic activity owing to the swift roll-out of COVID-19 vaccinations and supportive Fed policy contributed to the strong performance of high yield corporate bonds. However, the market saw some weakness during the last few weeks of the Reporting Period caused, in our view, by the increased dominance of

PORTFOLIO RESULTS

the COVID-19 Delta variant as well as by volatility in short-term interest rates, which tempered investor risk sentiment.

Toward the end of the Reporting Period, Fed Chair Powell noted that substantial progress had been achieved on its labor market mandate, which is a sufficient condition for asset purchase tapering. At the end of the Reporting Period, we expected the Fed to announce plans to begin tapering its asset purchases in November 2021 and to conclude the process in 2022, followed by a rate hike in 2023, all contingent on “broad based and inclusive” labor market conditions. We maintained a constructive view on high yield credit at the end of the Reporting Period given the strong economic growth backdrop and what appeared to us to be a balanced technical, or supply/demand, environment and a benign default outlook. Furthermore, we expected corporate fundamentals to strengthen due to economic re-opening and ongoing infrastructure spending, along with an improved commodities backdrop, thereby creating an attractive scenario for the sector, in our view. That said, we were closely monitoring potential growth headwinds posed by the Delta variant of COVID-19 as well as by U.S. interest rate volatility. Overall, we believed the high yield credit sector offered attractive carry relative to other non-government bond fixed income sectors. (Carry in fixed income is the return of holding a bond to maturity by earning yield versus holding cash or bonds in other sectors.)

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

The Fund does not employ derivatives.

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

The Fund had a weighted average duration of 3.72 years, a weighted average maturity of 6.18 years and a weighted average coupon of 5.62% as of August 31, 2021. The Fund’s weighted average yield to maturity was 4.54% on August 31, 2021. The 30-day standardized yield of the Fund at the end of the Reporting Period was 3.72%.

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

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

PORTFOLIO RESULTS

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


BBB		0.23%
BB		56.56%
B		32.01%
CCC		9.00%
CC		0.15%
Not Rated		0.88%
Cash		1.17%

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

Of the approximately 97.94% of the Fund’s assets invested in high yield corporate bonds at the end of the Reporting Period, approximately 86% was in industrials, 7% in financials and 5% in utilities.³

What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?⁴

While the Index was 99.12% allocated to high yield corporate bonds, 0.88% allocated to emerging market corporate bonds and 0.00% in cash, the Fund was 97.94% invested in high yield corporate bonds, 0.66% in emerging market corporate bonds and 1.17% in cash at the end of the Reporting Period.

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

Industry classifications for securities may differ between the above section and the Fund Basics section due to differing classification methodologies. The classification methodology used for the above section is as set forth by GSAM. The Fund’s composition may differ over time. Consequently, the Fund’s overall industry allocations may differ from percentages contained in the above section.

⁴

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

FUND BASICS

Access High Yield Corporate Bond ETF

as of August 31, 2021

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


TOP TEN HOLDINGS AS OF 8/31/21²

Holding	% of Net Assets			Line of Business
Sirius XM Radio, Inc., 4.00%, 07/15/28		0.8	%	Broadcasting
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/26		0.7		Transportation
TransDigm, Inc., 6.25%, 03/15/26		0.6		Aerospace & Defense
EQT Corp., 3.90%, 10/01/27		0.5		Energy
Carnival Corp., 4.00%, 08/01/28		0.5		Consumer Cyclical
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 05/01/32		0.5		Communications
CSC Holdings LLC, 4.63%, 12/01/30		0.4		Communications
Venture Global Calcasieu Pass LLC, 3.88%, 08/15/29		0.4		Energy
Occidental Petroleum Corp., 3.40%, 04/15/26		0.4		Energy
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 5.88%, 08/15/27		0.4		Communications

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

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


INDUSTRY ALLOCATION AS OF 8/31/21³

Sector Name	Fund
Telecommunication Services		19.95	%
Consumer, Cyclical		19.15
Consumer, Non-cyclical		16.5
Energy		14.76
Financials		9.52
Industrials		6.76
Materials		4.25
Information Technology		3.78
Utilities		2.97
Investment Company		0.89

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.

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Performance Summary

August 31, 2021

The following graph shows the value, as of August 31, 2021, of a $10,000 investment made on September 5, 2017 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the FTSE Goldman Sachs High Yield Corporate Bond Index is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

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

Performance of a $10,000 Investment, with distributions reinvested, from September 5, 2017 through August 31, 2021.

LOGO


Average Annual Total Return through August 31, 2021*	1 Year Return	Since Inception
Shares based on NAV (Commenced September 5, 2017)	7.05%	5.42%

Shares based on Market Price (Commenced September 5, 2017)	7.15%	5.42%

FTSE Goldman Sachs High Yield Corporate Bond Index	7.29%	5.59%

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.

PORTFOLIO RESULTS

Goldman Sachs Access Inflation Protected USD Bond ETF

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Fixed Income Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2021 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 5.62% based on net asset value (“NAV”) and 5.58% based on market price.The Index returned 5.75% during the same period.

The Fund had an NAV of $56.96 per share on August 31, 2020 and ended the Reporting Period with an NAV of $58.52 per share. The Fund’s market price on August 31, 2021 was $58.54 per share.

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

The Index is designed to track the performance of inflation protected, fixed rate U.S. Treasury Securities denominated in U.S. dollars (“USD”) that meet certain screening criteria. “U.S. Treasury Securities” refer to securities issued or guaranteed by the U.S. Treasury where the payment of principal and interest is backed by the full faith and credit of the U.S. government. U.S. Treasury Securities include U.S. Treasury notes, U.S. Treasury bills and U.S. Treasury floating rate bonds. The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). The Index is based on the U.S. sleeve of the FTSE World Inflation-Linked Securities Index (the “Reference Index”) using concepts developed with Goldman Sachs Asset Management, L.P. (“GSAM”).

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

The performance of Treasury inflation protected securities (“TIPS”) was strong during the Reporting Period, helped by a combination of increasing measures of realized inflation, low levels of interest rates and interest rate volatility, and rising commodity prices.

Two key drivers of return for the TIPS market are interest rates, given the sector’s longer duration profile, and inflation. During the Reporting Period, the yield on the 10-year U.S. Treasury rose by approximately 61 basis points to 1.31%. (A basis point is 1/100^th of a percentage point.) The move in U.S. Treasuries reflected market expectations of increased growth on the back of economic re-opening following the depths of the COVID-19 pandemic.

Inflation data and the outlook for inflation were more impactful to TIPS returns, offsetting the effect of rising interest rates and driving positive returns during the Reporting Period. Year-over-year Consumer Price Index readings moved notably higher — from an annualized rate of 1.3% to an annualized rate of 5.3% during the Reporting Period. We particularly saw inflation pressures increase within the supply chain, as producer prices, as measured by the U.S. Producer Price Index Final Demand year-over-year reading, increased from -0.3% to 8.3% during the Reporting

PORTFOLIO RESULTS

Period. At the same time, U.S. employment increased during the Reporting Period, with unemployment rates declining from 8.4% to 5.2%, as people returned to work and demand for labor picked up.

U.S. economic growth remained on an improving, though no longer accelerating, path during the Reporting Period. Inflation was elevated due to the COVID-19 pandemic and policy distortions. Medium-term inflation signposts, such as spare capacity in the labor market and inflation expectations, pointed, at the end of the Reporting Period, to anchored inflation outcomes, in our view. Still, reflation appeared to be top of mind year-to-date through August 2021, with rising global government bond yields amid COVID-19 vaccine rollouts and U.S. fiscal stimulus. At the end of the Reporting Period, the outlook for TIPS’ performance appeared to hinge, in our view, on whether current pricing of inflation implied by TIPS’ valuations were high or low relative to future outcomes. Factors such as the path of economic re-opening as well as commodity and asset prices, will likely play a role in inflation outcomes. We expect inflation to remain somewhat anchored going forward. The risks to this view would be further meaningful increases in commodity prices, an accelerated re-opening of the economy and/or a more dovish path for Fed policy relative to expectations seen at the end of the Reporting Period. (Dovish tends to suggest lower interest rates; opposite of hawkish.)

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

The Fund does not employ derivatives.

The Fund had a weighted average duration of 7.83 years, a weighted average maturity of 8.23 years and a weighted average coupon of 0.56% as of August 31, 2021. The Fund’s weighted average yield to maturity was 1.14% on August 31, 2021. The 30-day standardized yield of the Fund at the end of the Reporting Period was 7.73%.

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

While the Index was 100% allocated to U.S. TIPS, the Fund was 99.41% invested in U.S. TIPS and 0.59% in cash at the end of the Reporting Period.

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

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

FUND BASICS

Access Inflation Protected USD Bond ETF

as of August 31, 2021

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


TOP TEN HOLDINGS AS OF 8/31/21²

Holding	% of Net Assets			Line of Business
U.S. Treasury Inflation Indexed Bond, 0.50%, 01/15/28		8.2	%	Government
U.S. Treasury Inflation Indexed Bond, 0.38%, 07/15/27		7.7		Government
U.S. Treasury Inflation Indexed Bond, 0.13%, 10/15/25		7.0		Government
U.S. Treasury Inflation Indexed Bond, 0.13%, 10/15/24		6.8		Government
U.S. Treasury Inflation Indexed Bond, 2.13%, 02/15/40		6.8		Government
U.S. Treasury Inflation Indexed Bond, 0.63%, 01/15/24		6.5		Government
U.S. Treasury Inflation Indexed Bond, 0.13%, 01/15/30		6.4		Government
U.S. Treasury Inflation Indexed Bond, 0.25%, 01/15/25		5.9		Government
U.S. Treasury Inflation Indexed Bond, 0.38%, 07/15/23		5.2		Government
U.S. Treasury Inflation Indexed Bond, 0.63%, 01/15/26		5.1		Government

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

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

GOLDMAN SACHS ACCESS INFLATION PROTECTED USD BOND ETF

Performance Summary

August 31, 2021

The following graph shows the value, as of August 31, 2021, of a $10,000 investment made on October 2, 2018 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

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

Performance of a $10,000 Investment, with distributions reinvested, from October 2, 2018 through August 31, 2021.

LOGO


Average Annual Total Return through August 31, 2021*	1 Year Return	Since Inception
Shares based on NAV (Commenced October 2, 2018)	5.62%	7.82%

Shares based on Market Price (Commenced October 2, 2018)	5.58%	7.83%

FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index	5.75%	7.94%

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

PORTFOLIO RESULTS

Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF

Investment Objective

The Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs US Investment Grade Corporate Bond 1-5 Years Index (the “Index”).

Portfolio Management Discussion and Analysis

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 1.10% based on net asset value (“NAV”) and 1.00% based on market price.The Index returned 1.34% during the same period.

The Fund had an NAV of $50.21 per share on August 31, 2020 and ended the Reporting Period with an NAV of $50.28 per share. The Fund’s market price on August 31, 2021 was $50.30 per share.

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

The Index is a rules-based index that is designed to measure the performance of investment grade, corporate bonds denominated in U.S. dollars (“USD”) with remaining maturities between one and five years that meet certain liquidity and fundamental screening criteria. The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). The Index is based on the FTSE US Broad Investment-Grade (USBIG^®) Corporate Bond Index (the “Reference Index”) using concepts developed with Goldman Sachs Asset Management, L.P. (“GSAM”). The Index is rebalanced (i) monthly on the last business day of each month, to account for changes in maturities, duration, corporate actions or ratings migration, and (ii) quarterly, to account for updates to the constituents on the basis of the fundamental factors.

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

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

The U.S. Federal Reserve (the “Fed”) has kept the targeted federal funds rate low, i.e. a range of 0% to 0.25%, since the onset of the COVID-19 pandemic, but it has continued to monitor its schedule for rate hikes as widespread expectations for inflation rise. As the U.S. Treasury market saw yields fall at the short-term end of the maturity spectrum, lower front-end rates decreased the yield of the Fund during the Reporting Period.

In June 2021, front-end rates moved slightly higher on the back of the Fed raising administered rates, i.e. reverse repurchase agreement and interest on excess reserves, by five basis points. (A basis point is 1/100^th of a percentage point.) In July 2021, rates rallied, or moved lower, again amid concerns about the Delta variant of COVID-19 and its potential impact on global economic growth. Technical factors, such as investor positioning and low summer trading volumes, may have also contributed to the rally, in our view.

PORTFOLIO RESULTS

During the Reporting Period, investment grade corporate spreads tightened by approximately 31 basis points, i.e. from approximately 82 basis points to approximately 51 basis points over U.S. Treasuries.

U.S. economic growth remained on an improving, though no longer accelerating, path during the Reporting Period. Inflation was elevated due to the COVID-19 pandemic and policy distortions. Medium-term inflation signposts, such as spare capacity in the labor market and inflation expectations, pointed, at the end of the Reporting Period, to anchored inflation outcomes, in our view. Further, at the end of the Reporting Period, we believed corporate credit was being supported by the then-current macroeconomic and technical, or supply/demand, backdrop, a scenario that may be increasingly important in the second half of 2021. Corporate credit was also exhibiting at the end of August 2021 attractive carry and roll, in our opinion. (Carry and roll refers to the yield earned through investing in longer-term interest rates combined with the capital gain that can be realized through the fall in yield experienced by holding a shortening asset against a backdrop of a normally upward-sloping yield curve.) We further believed investment grade spreads were likely to remain range-bound in the coming months, leaving income as the predominant driver of credit returns in the second half of 2021. In our view, the next phase may well be for growth to moderate but to remain positive and strong by historical standards.

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

The Fund does not employ derivatives.

The Fund had a weighted average duration of 2.76 years, a weighted average maturity of 3.28 years and a weighted average coupon of 3.07% as of August 31, 2021. The Fund’s weighted average yield to maturity was 0.95% on August 31, 2021. The 30-day standardized yield of the Fund at the end of the Reporting Period was 0.74%.

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


AAA	0.92	%
AA	5.39	%
A	30.78	%
BBB	60.29	%
BB	1.42	%
Cash	1.21	%

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

Of the approximately 97.37% of the Fund’s assets invested in investment grade corporate bonds at the end of the Reporting Period, approximately 40.12% was in financials, 53.28% in industrials and 3.97% in utilities.³

PORTFOLIO RESULTS

What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?⁴

While the Index was 97.72% allocated to investment grade corporate bonds, 1.05% allocated to high yield corporate bonds, 0.13% allocated to quasi-government securities, 1.10% to emerging markets debt and 0.00% in cash, the Fund was 97.37% invested in investment grade corporate bonds, 1.42% in high yield corporate bonds, 0.00% in quasi-government securities, 0.00% in emerging markets debt and 1.21% in cash at the end of the Reporting Period.

⁴

The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs Investment Grade Corporate Bond 1-5 Years Index.

FUND BASICS

Access Investment Grade Corporate 1-5 Year Bond ETF

as of August 31, 2021


TOP TEN HOLDINGS AS OF 8/31/21²

Holding	% of Net Assets			Line of Business
JPMorgan Chase & Co., 1.51%, 06/01/24		1.9	%	Banks
Morgan Stanley, 3.74%, 04/24/24		1.2		Banks
Natwest Group PLC, 6.00%, 12/19/23		1.0		Banks
Citigroup, Inc., 1.68%, 05/15/24		1.0		Banks
Bank of America Corp., Series MTN, 1.20%, 10/24/26		1.0		Banks
Air Lease Corp., 3.50%, 01/15/22		1.0		Financial Company
Credit Suisse Group AG, 4.55%, 04/17/26		0.9		Banks
Cooperatieve Rabobank UA, Series MTN, 3.38%, 05/21/25		0.9		Banks
Wells Fargo & Co., 3.00%, 04/22/26		0.9		Banks
General Motors Financial Co., Inc., 5.20%, 03/20/23		0.9		Consumer Cyclical

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

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


INDUSTRY ALLOCATION AS OF 8/31/21³

Sector Name	Fund
Financials		43.12	%
Consumer, Non-cyclical		13.13
Consumer, Cyclical		8.87
Energy		8.62
Information Technology		7.11
Industrials		6.18
Telecommunication Services		6.07
Utilities		3.94
Materials		1.07
Investment Company		1.00

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF

Performance Summary

August 31, 2021

The following graph shows the value, as of August 31, 2021, of a $10,000 investment made on July 7, 2020 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, FTSE Goldman Sachs US Investment-Grade Corporate Bond 1-5 Years Index is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from July 7, 2020 through August 31, 2021.

LOGO


Average Annual Total Return through August 31, 2021*	1 Year Return	Since Inception
Shares based on NAV (Commenced July 7, 2020)	1.10%	1.57%

Shares based on Market Price (Commenced July 7, 2020)	1.00%	1.61%

FTSE Goldman Sachs US Investment-Grade Corporate Bond 1-5 Years Index	1.34%	1.84%

PORTFOLIO RESULTS

Goldman Sachs Access Investment Grade Corporate Bond ETF

Investment Objective

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

Portfolio Management Discussion and Analysis

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 2.07% based on net asset value (“NAV”) and 1.82% based on market price. The Index returned 2.29% during the same period.

The Fund had an NAV of $55.39 per share on August 31, 2020 and ended the Reporting Period with an NAV of $55.24 per share. The Fund’s market price on August 31, 2021 was $55.19 per share.

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

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

Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.

During the Reporting Period, the U.S. Federal Reserve (the “Fed”) kept its monetary policy accommodative, with the targeted federal funds rate in a range of 0.00% to 0.25%, and announced the adoption of flexible average inflation targeting. The U.S. Treasury yield curve, or spectrum of maturities, remained steep, meaning longer-term maturity yields were higher than shorter-term maturity yields, as the economy began to recover from the depths of the COVID-19 pandemic.

Fixed income markets generally remained focused on central bank reaction functions and the transitory-or-persistent inflation debate. Economic data released toward the end of the Reporting Period, particularly in the U.S., led to a recalibration in economic growth expectations from a V+ to a V shaped path given the moderation in data momentum following an initial burst of economic activity in the first quarter of 2021. The growth reassessment may also reflect, we believe, concerns around the dominance of the COVID-19 Delta variant and the sooner than consensus anticipated withdrawal of monetary policy support. Still, in our view, the macroeconomic environment and policy backdrop seen at the end of the Reporting Period favored exposure to non-U.S. government fixed income sectors.

PORTFOLIO RESULTS

During the Reporting Period, investment grade corporate bond spreads, or yield differentials to duration-equivalent U.S. Treasuries, tightened from 40 basis points to 90 basis points, as measured by the Bloomberg Global Aggregate Corporate Index. (A basis point is 1/100^th of a percentage point.) Spreads initially tightened toward the end of 2020 as a result of positive COVID-19 vaccination rollouts and signs of economic re-opening. However, spreads then widened marginally in the early part of 2021 due to uncertainty around new COVID-19 variants, global vaccination rollouts and discussions about Fed tapering of its asset purchases. Spreads then tightened again into the second calendar quarter and through the end of the Reporting Period.

At the end of the Reporting Period, we expected liquidity, as provided by central banks, to remain abundant in the system. We also, however, anticipated central banks to reduce the level of accommodation, with expected asset purchase tapering possibly occurring toward the end of 2021. While discussion of an eventual withdrawal of policy accommodation may well generate some market volatility, we do not believe tapering is likely to be meaningfully disruptive to credit spreads, as, in our view, central banks are likely to take care to keep the markets informed.

Further, at the end of the Reporting Period, we believed corporate credit was being supported by the then-current macroeconomic and technical, or supply/demand, backdrop, a scenario that may be increasingly important in the second half of 2021. Corporate credit was also exhibiting at the end of August 2021 attractive carry and roll, in our opinion. (Carry and roll refers to the yield earned through investing in longer-term interest rates combined with the capital gain that can be realized through the fall in yield experienced by holding a shortening asset against a backdrop of a normally upward-sloping yield curve.) We further believed investment grade spreads were likely to remain range-bound in the coming months, leaving income as the predominant driver of credit returns in the second half of 2021. In our view, the next phase may well be for economic growth to moderate but to remain positive and strong by historical standards.

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

The Fund does not employ derivatives.

The Fund had a weighted average duration of 8.49 years, a weighted average maturity of 12.47 years and a weighted average coupon of 3.86% as of August 31, 2021. The Fund’s weighted average yield to maturity was 2.03% on August 31, 2021. The 30-day standardized yield of the Fund at the end of the Reporting Period was 1.86%.

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


AAA	1.96	%
AA	8.00	%
A	32.47	%
BBB	55.77	%
BB	0.00	%
Cash	0.53	%

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

Of the approximately 96.28% of the Fund’s assets invested in investment grade corporate bonds at the end of the Reporting Period, approximately 31.11% was in financials, 63.90% in industrials and 1.28% in utilities.³

What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?⁴

While the Index was 96.59% allocated to investment grade corporate bonds, 1.23% allocated to high yield corporate bonds, 1.89% allocated to emerging market corporate bonds, 0.29% allocated to quasi-government securities and 0.00% in cash, the Fund was 96.28% invested in investment grade corporate bonds, 1.00% in high yield corporate bonds, 1.78% in emerging market corporate bonds, 0.40% in quasi-government securities and 0.53% in cash at the end of the Reporting Period.

PORTFOLIO RESULTS

portfolios and to assess the performance of debt portfolio managers. Coupons are fixed percentages paid out on a fixed income security on an annual basis. Weighted average coupon is calculated by weighting the coupon of each debt security by its relative size in the portfolio. Yield to maturity is the annual return that a bond is expected to generate if it is held till its maturity given its coupon rate, payment frequency and current market price. Yield to maturity is essentially the internal rate of return of a bond, i.e. the discount rate at which the present value of a bond’s coupon payments and maturity value is equal to its current market price. The 30-day standardized yield calculation is based on a 30-day period ending on the last day of the Reporting Period. It is computed by dividing the net investment income per share earned during the period by the maximum offering price per share on the last day of the period.

⁴

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

FUND BASICS

Access Investment Grade Corporate Bond ETF

as of August 31, 2021


TOP TEN HOLDINGS AS OF 8/31/21²

Holding	% of Net Assets			Line of Business	Country
AbbVie, Inc., 4.05%, 11/21/39		0.3	%	Consumer Noncyclical	United States
Apple, Inc., 4.65%, 02/23/46		0.3		Technology	United States
Wells Fargo & Co., Series MTN, 2.88%, 10/30/30		0.3		Banks	United States
AbbVie, Inc., 3.60%, 05/14/25		0.3		Consumer Noncyclical	United States
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46		0.3		Food and Beverage	Belgium
Wells Fargo & Co., Series MTN, 5.01%, 04/04/51		0.3		Banks	United States
AT&T, Inc., 3.55%, 09/15/55		0.3		Wireless	United States
Bank of Montreal, 3.80%, 12/15/32		0.3		Banks	Canada
Ares Capital Corp., 4.20%, 06/10/24		0.3		Financial Company	United States
JPMorgan Chase & Co., 3.54%, 05/01/28		0.2		Banks	United States

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

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


INDUSTRY ALLOCATION AS OF 8/31/21³

Sector Name	Fund
Financials		32.93	%
Consumer, Non-cyclical		15.89
Telecommunication Services		14.27
Information Technology		10.97
Energy		10.8
Industrials		6.01
Consumer, Cyclical		4.58
Materials		2.03
Utilities		1.26
Investment Company		0.33

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Performance Summary

August 31, 2021

The following graph shows the value, as of August 31, 2021, of a $10,000 investment made on June 6, 2017 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the FTSE Goldman Sachs Investment Grade Corporate Bond Index is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

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

Performance of a $10,000 Investment, with distributions reinvested, from June 6, 2017 through August 31, 2021.

LOGO


Average Annual Total Return through August 31, 2021*	1 Year Return	Since Inception
Shares based on NAV (Commenced June 6, 2017)	2.07%	5.41%

Shares based on Market Price (Commenced June 6, 2017)	1.82%	5.39%

FTSE Goldman Sachs Investment Grade Corporate Bond Index	2.29%	5.63%

PORTFOLIO RESULTS

Goldman Sachs Access Treasury 0-1 Year ETF

Investment Objective

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

Portfolio Management Discussion and Analysis

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned -0.03% based on net asset value (“NAV”) and -0.05% based on market price.The Index returned 0.10% during the same period.

The Fund had an NAV of $100.44 on August 31, 2020 and ended the Reporting Period with an NAV of $100.09 per share. The Fund’s market price on August 31, 2021 was $100.08 per share.

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

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

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

The Fund’s and the Index’s performance was largely reflective of the performance of front-end, or short-term, U.S. Treasury rates, which were primarily affected, in turn, by U.S. Federal Reserve (“Fed”) policy. The Fed has kept the targeted federal funds rate low, i.e. a range of 0% to 0.25%, since the onset of the COVID-19 pandemic, but it has continued to monitor its schedule for rate hikes as widespread expectations for inflation rise. As the U.S. Treasury market saw yields fall at the short-term end of the maturity spectrum, lower front-end rates decreased the yield of the Fund during the Reporting Period.

PORTFOLIO RESULTS

Toward the end of the Reporting Period, Fed Chair Powell noted that substantial progress had been achieved on its labor market mandate, which is a sufficient condition for asset purchase tapering. At the end of the Reporting Period, we expected the Fed to announce plans to begin tapering its asset purchases in November 2021 and to conclude the process in 2022, followed by a rate hike in 2023, all contingent on “broad based and inclusive” labor market conditions. Another factor that may influence the Fed’s future actions is inflation. U.S. core inflation, as measured by the Personal Consumption Expenditures (“PCE”) Price Index, the Fed’s preferred measure, rose 0.3% month-over-month in July 2021, down from a 0.5% increase in June 2021. Year-over-year, the core PCE inflation rate held steady at 3.6%. Purchasing Managers Index survey data reported at the end of the Reporting Period suggested that price pressures remained strong but not accelerating. A moderation in momentum from the rapid pace observed as countries re-opened was expected. However, at the end of the Reporting Period, we were looking for better clarity on price and labor market data, remaining alert to the potential for prolonged distortions due to the impact of the Delta variant of COVID-19.

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

The Fund does not employ derivatives.

The Fund had a weighted average duration of 0.37 years, a weighted average maturity of 0.37 years and a weighted average coupon of 0.47% as of August 31, 2021. The Fund’s weighted average yield to maturity was 0.06% on August 31, 2021. The 30-day net standardized yield of the Fund at the end of the Reporting Period was -0.06%.

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

The Index was 100% allocated to U.S. Treasury securities as the end of the Reporting Period, and the Fund was 99.96% invested in U.S. Treasury securities at the end of the Reporting Period, with the remainder in cash.

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

FUND BASICS

Access Treasury 0-1 Year ETF

as of August 31, 2021


FUND SNAPSHOT

As of August 31, 2021

Market Price¹	$	100.08
Net Asset Value (NAV)¹	$	100.09

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


TOP TEN HOLDINGS AS OF 8/31/21²

Holding	Maturity Date	% of Net Assets

U.S. Cash Management Bill, 0.05%	11/1/21		15.0	%
U.S. Treasury Bill, 0.05%	10/28/21		9.1
U.S. Treasury Bill, 0.05%	12/30/21		8.5
U.S. Treasury Bill, 0.06%	10/26/21		8.0
U.S. Treasury Note, 2.00%	10/31/21		6.5
U.S. Treasury Bill, 0.05%	1/27/22		5.1
U.S. Treasury Bill, 0.05%	2/24/22		5.0
U.S. Treasury Note, 2.50%	1/15/22		4.7
U.S. Treasury Bill, 0.06%	7/14/22		3.8
U.S. Treasury Note, 2.88%	11/15/21		3.7

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

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

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

Performance Summary

August 31, 2021

The following graph shows the value, as of August 31, 2021, of a $10,000 investment made on September 6, 2016 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the FTSE US Treasury 0-1 Year Composite Select Index is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

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

Performance of a $10,000 Investment, with distributions reinvested, from September 6, 2016 through August 31, 2021.

LOGO


Average Annual Total Return through August 31, 2021*	1 Year Return	Since Inception
Shares based on NAV (Commenced September 6, 2016)	-0.03%	1.14%

Shares based on Market Price (Commenced September 6, 2016)	-0.05%	1.13%

FTSE US Treasury 0-1 Year Composite Select Index	0.10%	1.24%

PORTFOLIO RESULTS

Goldman Sachs U.S. Aggregate Bond ETF

Investment Objective

The Goldman Sachs Access U.S. Aggregate Bond ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs US Broad Bond Market Index (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Fixed Income and Liquidity Solution Team discusses the Fund’s performance and positioning for the period since it commenced operations on September 8, 2020 through August 31, 2021 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned -0.52% based on net asset value (“NAV”) and -0.55% based on market price.The Index returned -0.21% during the same period.

The Fund had an NAV of $50.03 per share on the date of inception and ended the Reporting Period with an NAV of $49.40 per share. The Fund’s market price on August 31, 2021 was $49.38 per share.

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

The Index is a rules-based index that is designed to measure the performance of investment grade, U.S. dollar (“USD”)-denominated bonds issued in the United States that meet certain liquidity and fundamental screening criteria. The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). The Index is based on the FTSE US Broad Investment-Grade (USBIG^®) Index (the “Reference Index”) using concepts developed with Goldman Sachs Asset Management, L.P. (“GSAM”). The Index is normally rebalanced (i) monthly on the last business day of each month, to account for changes in maturities, duration, corporate actions or ratings migration, and (ii) quarterly, to account for updates to the corporate bond constituents of the Index on the basis of the fundamental factors.

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

The U.S. Federal Reserve (the “Fed”) has kept the targeted federal funds rate low, i.e. a range of 0% to 0.25%, since the onset of the COVID-19 pandemic, but it has continued to monitor its schedule for rate hikes as widespread expectations for inflation rise. Yields on 10-year U.S. Treasury bonds ended the Reporting Period at 1.31%, approximately 60 basis points higher than at the start of the Reporting Period. (A basis point is 1/100th of a percentage point.)

The Fund had a duration of six to seven years during the Reporting Period, which made the Fund sensitive to moves in the U.S. Treasury yield curve, particularly moves in the five-year to 10-year segment of the maturity spectrum. During the Reporting Period, duration exposure was the biggest factor in

PORTFOLIO RESULTS

returns, particularly during the first and second quarters of 2021.

During the Reporting Period, investment grade corporate spreads ended August 2021 at approximately 86 basis points, tightening by approximately 42 basis points, and securitized credit spreads ended August 2021 at approximately 34 basis points, tightening by approximately 24 basis points.

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

The Fund does not employ derivatives.

The Fund had a weighted average duration of 6.45 years, a weighted average maturity of 14.68 years and a weighted average coupon of 2.93% as of August 31, 2021. The Fund’s weighted average yield to maturity was 1.46% on August 31, 2021. The 30-day standardized yield of the Fund at the end of the Reporting Period was 0.89%.

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


U.S. Treasuries	41.12	%
Agency Securities	26.71	%
AAA	0.47	%
AA	3.63	%
A	11.25	%
BBB	15.82	%
BB	0.70	%
B	0.02	%
Not Rated	0.19	%
Cash	0.08	%

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



Sector	Fund			Index

U.S. Treasuries		41.12	%		38.94	%
Quasi-Government Securities		0.64	%		3.98	%
Asset-Backed Securities		0.00	%		0.08	%
Commercial Mortgage-Backed Securities		0.00	%		0.00	%
Residential Mortgage-Backed Securities		26.71	%		26.71	%
Investment Grade Corporate Bonds		26.18	%		26.70	%
High Yield Corporate Bonds		0.65	%		0.33	%
Emerging Markets Debt		4.63	%		3.27	%
Cash		0.08	%		0.00	%

¹Duration

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

PORTFOLIO RESULTS

²The

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

³The

Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs US Broad Bond Market Index.

FUND BASICS

Access U.S. Aggregate Bond ETF

as of August 31, 2021


TOP TEN HOLDINGS AS OF 8/31/21²

Holding	% of Net Assets
U.S. Treasury Note, 2.13%, 05/31/26		6.7	%
U.S. Treasury Note, 2.00%, 11/15/26		4.8
Federal National Mortgage Association, 2.00%, 09/15/50		4.4
Federal National Mortgage Association, 2.50%, 09/01/51		4.2
U.S. Treasury Note, 2.00%, 02/15/25		3.7
U.S. Treasury Note, 2.75%, 02/15/28		3.7
U.S. Treasury Note, 2.50%, 01/31/25		3.5
U.S. Treasury Note, 1.50%, 02/15/30		3.2
U.S. Treasury Note, 2.88%, 08/15/28		3.0
Federal National Mortgage Association, 3.00%, 09/15/51		2.9

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

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


INDUSTRY ALLOCATION AS OF 8/31/21³

Sector Name	Fund
U.S. Treasury Notes		33.3	%
Mortgage-Backed Securities		27.2
Investment Company		23.4
Corporate Obligations		23.3
U.S. Treasury Bonds		7.7
Foreign Corporate Debt		4.9
Foreign Debt Obligations		3.1

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Performance Summary

August 31, 2021

The following graph shows the value, as of August 31, 2021, of a $10,000 investment made on September 8, 2020 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of a broad-based securities market index, the FTSE Goldman Sachs US Broad Bond Market Index is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Certain factors may affect Fund performance including, but not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Goldman Sachs Access U.S. Aggregate Bond ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from September 8, 2020 through August 31, 2021.

LOGO


Average Annual Total Return through August 31, 2021*		Since Inception
Shares based on NAV (Commenced September 8, 2020)		-0.52%

Shares based on Market Price (Commenced September 8, 2020)		-0.55%

FTSE Goldman Sachs US Broad Bond Market Index		-0.21%

PORTFOLIO RESULTS

Goldman Sachs Access Ultra Short Bond ETF

Investment Objective

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

Portfolio Management Discussion and Analysis

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 0.59% based on net asset value (“NAV”) and 0.58% based on market price.The Fund’s benchmark, the FTSE Three-Month U.S. Treasury Bill Index (the “Index”), returned 0.06% for the same period.

The Fund had an NAV of $50.77 per share on August 31, 2020 and ended the Reporting Period with an NAV of $50.71 per share. The Fund’s market price on August 31, 2021 was $50.71 per share.

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

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

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

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

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

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

PORTFOLIO RESULTS

an actively managed, broadly diversified portfolio of high quality short-term holdings across multiple spread, or non-U.S. Treasury, sectors, outperformed the Index during the Reporting Period due primarily to differences in credit risk profile and having a longer duration than that of the Index.

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

That said, since the Fund is an ultra-short bond fund, i.e. it maintains an effective duration of less than one year, its NAV has a low sensitivity to interest rate changes. As the fixed income yield curve remained rather flat during the Reporting Period, with little difference in yields between shorter-term and longer-term maturities, this reflected positively on the Fund on a relative value basis.

During the Reporting Period, short-dated, i.e. maturities of one to three years, investment grade credit yields tightened by approximately 12 basis points, and securitized credit yields widened by approximately 33 basis points. (A basis point is 1/100^th of a percentage point.)

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

U.S. economic growth remained on an improving, though no longer accelerating, path during the Reporting Period. Inflation was elevated due to the COVID-19 pandemic and policy distortions. Medium-term inflation signposts, such as spare capacity in the labor market and inflation expectations, pointed, at the end of the Reporting Period, to anchored inflation outcomes, in our view. At the same time, we remained alert at the end of the Reporting Period, to cyclical inflation components, such as rents and the persistence of supply-chain issues. Despite corporate earnings being weak through most of the COVID-19 pandemic, investors continued to look through to a vaccine-led recovery. Still, reflation appeared to be top of mind year-to-date through August 2021, with rising global government bond yields amid COVID-19 vaccine rollouts and U.S. fiscal stimulus. At the end of the Reporting Period, spreads for agency mortgage-backed securities, or yield differentials to duration-equivalent U.S. Treasuries, were tight on an outright basis and relative to investment grade corporate credit.

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

The Fund does not employ derivatives.

The Fund had a weighted average duration of 0.70 years, a weighted average maturity of 9.70 years and a weighted average coupon of 1.35% as of August 31, 2021. The Fund’s weighted average yield to maturity was 0.81% on August 31, 2021. The 30-day standardized yield of the Fund at the end of the Reporting Period was 0.41%.

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


U.S. Treasuries	0.00	%
Agency Securities	27.92	%
AAA	19.64	%
AA	3.45	%
A	20.76	%
BBB	14.97	%
Not Rated	4.29	%
Cash	8.95	%

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

While the Index was 100% allocated to U.S. Treasury securities, the Fund was 0.00% invested in U.S. Treasury securities, 18.20% in asset-backed securities, 27.92% in residential mortgage-backed securities, 39.03% in investment grade corporate bonds and 8.95% in cash at the end of the Reporting Period.

PORTFOLIO RESULTS

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

FUND BASICS

Access Ultra Short Bond ETF

as of August 31, 2021


FUND SNAPSHOT

As of August 31, 2021

Market Price¹	$	50.71
Net Asset Value (NAV)¹	$	50.71


TOP TEN HOLDINGS AS OF 8/31/21²

Holding	% of Net Assets

FHLMC REMIC, 2.18%, 10/01/43		1.8	%
FHLMC REMIC, Class AF, Series 2017-4719, 0.45%, 09/15/47		1.4
FNMA REMIC, Class FD, Series 2014-28, 0.53%, 05/25/44		1.1
FHLMC REMIC, Class FA, Series 2020-5031, 0.35%, 08/15/43		1.0
FNMA REMIC, Class AF, Series 2006-110, 0.41%, 11/25/36		0.9
Nationwide Building Society, 2.00%, 01/27/23		0.9
GNMA, Class FB, Series 2019-56, 0.54%, 05/20/49		0.9
Trysail CLO 2021-1 Ltd., Class A1, Series 2021-1A, 1.46%, 07/20/32		0.9
Hayfin US Ltd., Class A, Series 2018-8A, 1.25%, 04/20/31		0.9
FNMA REMIC, Class KF, Series 2019-6, 0.53%, 03/25/49		0.9

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

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


SECTOR ALLOCATION AS OF 8/31/21³

Sector Name	Fund

Mortgage-Backed Securities		28.76	%
Asset- Backed Securities		23.03
Corporate Obligations		20.62
Foreign Corporate Debt		18.69
Investment Company		7.79
Certificate of Deposits		1.48

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Performance Summary

August 31, 2021

The following graph shows the value, as of August 31, 2021, of a $10,000 investment made on April 15, 2019 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of a broad-based securities market index, the FTSE 3 Month T-Bill Index is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Certain factors may affect Fund performance including, but not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Goldman Sachs Access Ultra Short Bond ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from April 15, 2019 through August 31, 2021.

LOGO


Average Annual Total Return through August 31, 2021*	1 Year Return	Since Inception
Shares based on NAV (Commenced April 15, 2019)	0.59%	1.94%

Shares based on Market Price (Commenced April 15, 2019)	0.58%	1.94%

FTSE 3 Month T-Bill Index	0.06%	0.90%

FUND BASICS

Index Definitions and Industry Terms

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

Access High Yield Corporate Bond ETF

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

Access Inflation Protected USD Bond ETF

Access Investment Grade Corporate 1-5 Year Bond ETF

Access Investment Grade Corporate Bond ETF

FUND BASICS

FTSE or its affiliates. The Index is determined, composed and calculated by FTSE without regard to the Fund. FTSE has no obligation to take the needs of the owners or prospective owners of the Fund into consideration in determining, composing or calculating the Index. FTSE is not responsible for and has not participated in the determination of the prices and amount of the shares to be issued by the Fund or the timing of the issuance or sale of the shares to be issued by the Fund or in the determination or calculation of the equation by which the shares to be issued by the Fund are to be converted into cash. FTSE has no obligation or liability in connection with the administration, marketing or trading of the Fund.

Access Treasury 0-1 Year ETF

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

Access U.S. Aggregate Bond ETF

Access Ultra Short Bond ETF

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

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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments

August 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – 93.2%
Advertising – 1.0%
	Clear Channel Worldwide Holdings, Inc.^(a)
$	500,000		5.125	%		08/15/27	$	515,000
	Lamar Media Corp.
	214,000		3.750			02/15/28		220,420
	421,000		4.000			02/15/30		435,209
	Nielsen Finance LLC / Nielsen Finance Co.^(a)
	380,000		5.625			10/01/28		400,900
	400,000		5.875			10/01/30		429,000
	Outfront Media Capital LLC / Outfront Media Capital Corp.^(a)
	400,000		6.250			06/15/25		424,500

								2,425,029

Aerospace & Defense – 2.1%
	Howmet Aerospace, Inc.
	520,000		5.125			10/01/24		572,585
	250,000		6.875			05/01/25		295,937
	Spirit AeroSystems, Inc.
	200,000		4.600			06/15/28		196,000
	TransDigm, Inc.
	340,000		8.000	^(a)		12/15/25		363,817
	1,401,000		6.250	^(a)		03/15/26		1,476,304
	518,000		6.375			06/15/26		537,749
	70,000		7.500			03/15/27		74,287
	460,000		5.500			11/15/27		472,075
	300,000		4.625	^(a)		01/15/29		297,750
	Wolverine Escrow LLC^(a)
	522,000		9.000			11/15/26		502,425

								4,788,929

Agriculture – 0.7%
	JBS USA LUX SA / JBS USA Finance, Inc.^(a)
	681,000		6.750			02/15/28		751,654
	JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.^(a)
	290,000		6.500			04/15/29		329,875
	470,000		5.500			01/15/30		532,862

								1,614,391

Banks – 0.6%
	CIT Group, Inc.
	232,000		5.000			08/01/23		250,560
	100,000		5.250			03/07/25		112,750
	315,000		6.125			03/09/28		387,843
	Freedom Mortgage Corp.^(a)
	374,000		8.125			11/15/24		380,545
	193,000		8.250			04/15/25		196,619
	160,000		7.625			05/01/26		161,000

								1,489,317

Basic Industry – 1.4%
	Axalta Coating Systems LLC^(a)
	470,000		3.375			02/15/29		462,362
	Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV^(a)
	150,000		4.750			06/15/27		157,688
	CF Industries, Inc.
	180,000		3.450			06/01/23		189,338
	270,000		5.150			03/15/34		335,946


Corporate Obligations – (continued)
Basic Industry – (continued)
	Chemours Co. (The)^(a)
	400,000		5.750			11/15/28		424,000
	Olin Corp.
	200,000		5.625			08/01/29		221,250
	230,000		5.000			02/01/30		247,825
	SCIH Salt Holdings, Inc.^(a)
	400,000		6.625			05/01/29		399,441
	Tronox, Inc.^(a)
	440,000		4.625			03/15/29		447,150
	Valvoline, Inc.^(a)
	350,000		4.250			02/15/30		364,875

								3,249,875

Broadcasting – 3.7%
	Diamond Sports Group LLC / Diamond Sports Finance Co.^(a)
	600,000		5.375			08/15/26		400,500
	800,000		6.625			08/15/27		348,000
	Gray Television, Inc.^(a)
	270,000		7.000			05/15/27		290,925
	524,000		4.750			10/15/30		520,725
	iHeartCommunications, Inc.
	320,000		8.375			05/01/27		340,400
	711,000		4.750	^(a)		01/15/28		737,663
	Nexstar Media, Inc.^(a)
	560,000		5.625			07/15/27		595,000
	Scripps Escrow II, Inc.^(a)
	370,000		5.375			01/15/31		365,375
	Scripps Escrow, Inc.^(a)
	170,000		5.875			07/15/27		175,100
	Sinclair Television Group, Inc.^(a)
	200,000		4.125			12/01/30		196,000
	Sirius XM Radio, Inc.^(a)
	200,000		5.000			08/01/27		209,750
	1,700,000		4.000			07/15/28		1,740,375
	250,000		3.875			09/01/31		248,750
	TEGNA, Inc.
	230,000		4.625			03/15/28		239,200
	470,000		5.000			09/15/29		497,025
	Terrier Media Buyer, Inc.^(a)
	340,000		8.875			12/15/27		362,950
	Univision Communications, Inc.^(a)
	277,000		5.125			02/15/25		282,886
	425,000		6.625			06/01/27		460,062
	500,000		4.500			05/01/29		508,438

								8,519,124

Brokerage – 0.4%
	Jefferies Finance LLC / JFIN Co.-Issuer Corp.^(a)
	470,000		5.000			08/15/28		483,839
	Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.^(a)
	480,000		4.750			06/15/29		493,200

								977,039

Building Materials – 0.5%
	American Builders & Contractors Supply Co., Inc.^(a)
	913,000		4.000			01/15/28		946,096


44		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)
Building Materials – (continued)
	Builders FirstSource, Inc.^(a)
$	200,000		4.250	%		02/01/32	$	206,500

								1,152,596

Capital Goods – 3.2%
	Ball Corp.
	175,000		4.000			11/15/23		185,062
	351,000		5.250			07/01/25		397,508
	121,000		4.875			03/15/26		136,276
	420,000		2.875			08/15/30		423,150
	Covanta Holding Corp.
	175,000		5.875			07/01/25		181,590
	216,000		6.000			01/01/27		224,107
	370,000		5.000			09/01/30		382,788
	Crown Americas LLC / Crown Americas Capital Corp V
	405,000		4.250			09/30/26		437,906
	Crown Americas LLC / Crown Americas Capital Corp. VI
	210,000		4.750			02/01/26		217,372
	Flex Acquisition Co., Inc.^(a)
	130,000		6.875			01/15/25		131,374
	307,000		7.875			07/15/26		320,097
	Graham Packaging Co., Inc.^(a)
	180,000		7.125			08/15/28		192,150
	Herc Holdings, Inc.^(a)
	560,000		5.500			07/15/27		592,200
	LABL, Inc.^(a)
	203,000		6.750			07/15/26		214,419
	309,000		10.500			07/15/27		337,196
	Madison IAQ LLC^(a)
	250,000		5.875			06/30/29		255,937
	Mauser Packaging Solutions Holding Co.^(a)
	474,000		5.500			04/15/24		479,925
	Owens-Brockway Glass Container, Inc.^(a)
	200,000		5.875			08/15/23		213,500
	Sealed Air Corp.^(a)
	280,000		4.875			12/01/22		291,200
	130,000		5.125			12/01/24		141,538
	200,000		5.500			09/15/25		224,000
	170,000		6.875			07/15/33		223,125
	Sensata Technologies BV^(a)
	336,000		4.875			10/15/23		360,360
	299,000		5.000			10/01/25		334,880
	Sensata Technologies, Inc.^(a)
	420,000		3.750			02/15/31		423,675

								7,321,335

Communications – 8.4%
	AMC Networks, Inc.
	88,000		5.000			04/01/24		89,320
	440,000		4.750			08/01/25		451,275
	Cable One, Inc.^(a)
	225,000		4.000			11/15/30		227,250
	CCO Holdings LLC / CCO Holdings Capital Corp.^(a)
	197,000		4.000			03/01/23		197,862
	359,000		5.750			02/15/26		369,321
	509,000		5.500			05/01/26		525,861
	490,000		5.125			05/01/27		512,662


Corporate Obligations – (continued)
Communications – (continued)
	443,000		5.000	^(a)		02/01/28		465,150
	300,000		5.375	^(a)		06/01/29		328,125
	780,000		4.750	^(a)		03/01/30		824,362
	726,000		4.500	^(a)		08/15/30		761,393
	755,000		4.250	^(a)		02/01/31		775,763
	1,030,000		4.500			05/01/32		1,076,994
	CSC Holdings LLC
	636,000		5.250			06/01/24		686,483
	550,000		5.500	^(a)		04/15/27		576,125
	200,000		5.375	^(a)		02/01/28		212,500
	200,000		7.500	^(a)		04/01/28		220,000
	240,000		6.500	^(a)		02/01/29		266,100
	864,000		5.750	^(a)		01/15/30		915,840
	1,024,000		4.625	^(a)		12/01/30		1,008,640
	425,000		3.375	^(a)		02/15/31		406,406
	DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.^(a)
	930,000		5.875			08/15/27		974,175
	DISH DBS Corp.
	402,000		5.000			03/15/23		420,844
	534,000		5.875			11/15/24		574,717
	614,000		7.750			07/01/26		703,030
	110,000		7.375			07/01/28		118,456
	361,000		5.125	^(a)		06/01/29		358,744
	IHS Markit Ltd.^(a)
	490,000		4.750			02/15/25		546,962
	490,000		4.000			03/01/26		543,900
	Lions Gate Capital Holdings LLC^(a)
	200,000		5.500			04/15/29		203,500
	Live Nation Entertainment, Inc.^(a)
	500,000		4.750			10/15/27		510,625
	Meredith Corp.
	210,000		6.875			02/01/26		218,006
	Netflix, Inc.
	374,000		4.375			11/15/26		424,022
	482,000		4.875			04/15/28		564,543
	562,000		5.875			11/15/28		698,285
	194,000		6.375			05/15/29		249,290
	200,000		5.375	^(a)		11/15/29		246,125
	350,000		4.875	^(a)		06/15/30		420,000
	Radiate Holdco LLC / Radiate Finance, Inc.^(a)
	350,000		6.500			09/15/28		360,500
	WMG Acquisition Corp.^(a)
	521,000		3.000			02/15/31		517,093

								19,550,249

Consumer Cyclical – 16.5%
	ADT Security Corp. (The)^(a)
	470,000		4.125			08/01/29		470,587
	320,000		4.875			07/15/32		328,000
	AMC Entertainment Holdings, Inc.^(a)(b) (PIK 12.000%, Cash 10.000%)
	425,000		12.000			06/15/26		384,625
	American Axle & Manufacturing, Inc.
	420,000		6.875			07/01/28		453,075
	230,000		5.000			10/01/29		230,575
	APX Group, Inc.^(a)
	330,000		6.750			02/15/27		354,750
	250,000		5.750			07/15/29		251,250


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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Consumer Cyclical – (continued)
	Bath & Body Works, Inc.
$	500,000		5.250	%		02/01/28	$	562,321
	350,000		6.625	^(a)		10/01/30		407,547
	400,000		6.875			11/01/35		516,004
	Boyd Gaming Corp.
	180,000		4.750			12/01/27		186,044
	410,000		4.750	^(a)		06/15/31		423,837
	Brink’s Co. (The)^(a)
	284,000		5.500			07/15/25		299,620
	Caesars Entertainment, Inc.^(a)
	500,000		6.250			07/01/25		528,447
	Carnival Corp.^(a)
	380,000		11.500			04/01/23		427,090
	490,000		7.625			03/01/26		520,012
	450,000		5.750			03/01/27		460,688
	1,120,000		4.000			08/01/28		1,125,600
	Carvana Co.^(a)
	460,000		5.500			04/15/27		477,250
	Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op^(a)
	300,000		5.500			05/01/25		314,625
	Century Communities, Inc.^(a)
	300,000		3.875			08/15/29		305,250
	Churchill Downs, Inc.^(a)
	320,000		5.500			04/01/27		334,400
	342,000		4.750			01/15/28		358,245
	Clarios Global LP / Clarios US Finance Co.^(a)
	346,000		6.250			05/15/26		366,760
	555,000		8.500			05/15/27		592,768
	Dana Financing Luxembourg Sarl^(a)
	220,000		5.750			04/15/25		227,012
	Dana, Inc.
	300,000		5.625			06/15/28		322,875
	470,000		4.250			09/01/30		488,506
	Diamond Resorts International, Inc.^(a)
	104,000		7.750			09/01/23		105,951
	Ford Motor Co.
	250,000		8.500			04/21/23		277,014
	270,000		9.000			04/22/25		330,542
	175,000		4.346			12/08/26		188,762
	600,000		6.625			10/01/28		720,437
	449,000		7.450			07/16/31		592,888
	Ford Motor Credit Co. LLC
	670,000		3.087			01/09/23		683,431
	500,000		4.375			08/06/23		523,456
	380,000		5.584			03/18/24		411,552
	500,000		5.125			06/16/25		549,460
	200,000		4.134			08/04/25		214,287
	200,000		4.542			08/01/26		218,227
	400,000		4.271			01/09/27		430,514
	400,000		3.815			11/02/27		421,647
	420,000		5.113			05/03/29		477,039
	Gap, Inc. (The)^(a)
	250,000		8.625			05/15/25		272,955
	300,000		8.875			05/15/27		345,793


Corporate Obligations – (continued)
Consumer Cyclical – (continued)
	Goodyear Tire & Rubber Co. (The)
	648,000		4.875			03/15/27		697,410
	400,000		5.250			04/30/31		428,000
	Hanesbrands, Inc.^(a)
	568,000		4.625			05/15/24		605,630
	250,000		5.375			05/15/25		263,750
	Hilton Domestic Operating Co., Inc.^(a)
	200,000		4.000			05/01/31		207,273
	200,000		3.625			02/15/32		200,358
	Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc^(a)
	200,000		5.000			06/01/29		203,500
	IRB Holding Corp.^(a)
	510,000		7.000			06/15/25		545,062
	Iron Mountain, Inc.^(a)
	301,000		4.875			09/15/27		314,921
	382,000		5.250			03/15/28		402,055
	620,000		5.250			07/15/30		663,400
	699,000		4.500			02/15/31		719,970
	Liberty Interactive LLC
	150,000		8.250			02/01/30		169,688
	MGM Resorts International
	268,000		6.000			03/15/23		285,085
	97,000		5.750			06/15/25		106,700
	334,000		4.625			09/01/26		354,040
	229,000		5.500			04/15/27		249,896
	250,000		4.750			10/15/28		265,000
	Michaels Cos., Inc. (The)^(a)
	600,000		7.875			05/01/29		616,500
	Mohegan Gaming & Entertainment^(a)
	530,000		8.000			02/01/26		556,500
	NCL Corp Ltd.^(a)
	500,000		3.625			12/15/24		473,750
	Peninsula Pacific Entertainment LLC / Peninsula Pacific Entertainment Finance In^(a)
	300,000		8.500			11/15/27		321,000
	PetSmart, Inc. / PetSmart Finance Corp.^(a)
	250,000		4.750			02/15/28		261,250
	250,000		7.750			02/15/29		275,625
	Picasso Finance Sub, Inc.^(a)
	246,000		6.125			06/15/25		261,375
	Prime Security Services Borrower LLC / Prime Finance, Inc.^(a)
	739,000		3.375			08/31/27		712,211
	490,000		6.250			01/15/28		508,988
	QVC, Inc.
	250,000		4.375			03/15/23		261,934
	100,000		4.450			02/15/25		106,798
	250,000		4.750			02/15/27		268,783
	Royal Caribbean Cruises Ltd.
	180,000		11.500	^(a)		06/01/25		207,450
	350,000		3.700			03/15/28		330,313
	700,000		5.500	^(a)		04/01/28		707,000
	Scientific Games International, Inc.^(a)
	380,000		5.000			10/15/25		391,162
	310,000		8.250			03/15/26		331,700
	145,000		7.000			05/15/28		156,419
	270,000		7.250			11/15/29		302,400


46		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 Cyclical – (continued)
	Staples, Inc.^(a)
$	357,000		7.500	%		04/15/26	$	361,463
	440,000		10.750			04/15/27		430,100
	Taylor Morrison Communities, Inc.^(a)
	400,000		5.125			08/01/30		437,000
	Tenneco, Inc.
	100,000		5.000			07/15/26		100,250
	470,000		5.125	^(a)		04/15/29		488,800
	Toll Brothers Finance Corp.
	283,000		4.375			04/15/23		295,912
	332,000		4.350			02/15/28		370,875
	Travel + Leisure Co.^(a)
	360,000		6.625			07/31/26		408,494
	VICI Properties LP / VICI Note Co., Inc.^(a)
	285,000		4.250			12/01/26		299,524
	250,000		3.750			02/15/27		260,000
	493,000		4.625			12/01/29		536,123
	400,000		4.125			08/15/30		428,500
	William Carter Co. (The)^(a)
	332,000		5.625			03/15/27		348,185
	Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.^(a)
	400,000		5.250			05/15/27		422,000
	Yum! Brands, Inc.
	675,000		4.750	^(a)		01/15/30		747,563
	200,000		3.625			03/15/31		206,500

								38,355,903

Consumer Noncyclical – 3.2%
	Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC^(a)
	250,000		3.500			03/15/29		253,750
	250,000		4.875			02/15/30		273,437
	Allied Universal Holdco LLC / Allied Universal Finance Corp.^(a)
	740,000		6.625			07/15/26		789,025
	480,000		6.000			06/01/29		481,200
	Allied Universal Holdco LLC/Allied Universal Finance Corp./ Atlas Luxco 4 Sarl^(a)
	200,000		4.625			06/01/28		202,000
	Avantor Funding, Inc.^(a)
	500,000		4.625			07/15/28		528,750
	Change Healthcare Holdings LLC / Change Healthcare Finance, Inc.^(a)
	597,000		5.750			03/01/25		602,297
	Envision Healthcare Corp.^(a)
	270,000		8.750			10/15/26		230,175
	Fresh Market, Inc. (The)^(a)
	250,000		9.750			05/01/23		256,498
	Hologic, Inc.^(a)
	220,000		4.625			02/01/28		234,300
	420,000		3.250			02/15/29		431,550
	Jaguar Holding Co. II / PPD Development LP^(a)
	482,000		5.000			06/15/28		521,163
	MEDNAX, Inc.^(a)
	480,000		6.250			01/15/27		508,200
	Molina Healthcare, Inc.
	220,000		5.375			11/15/22		228,800
	270,000		4.375	^(a)		06/15/28		284,513


Corporate Obligations – (continued)
Consumer Noncyclical – (continued)
	Organon & Co. / Organon Foreign Debt Co.-Issuer BV^(a)
	500,000		4.125			04/30/28		516,250
	RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc.^(a)
	520,000		9.750			12/01/26		555,750
	Vector Group Ltd.^(a)
	520,000		5.750			02/01/29		530,400

								7,428,058

Consumer Products – 0.5%
	Mattel, Inc.^(a)
	418,000		5.875			12/15/27		458,232
	Newell Brands, Inc.
	107,000		4.350			04/01/23		112,641
	471,000		4.700			04/01/26		526,655

								1,097,528

Distribution & Logistics – 0.4%
	IAA, Inc.^(a)
	345,000		5.500			06/15/27		362,250
	WESCO Distribution, Inc.^(a)
	500,000		7.250			06/15/28		556,875

								919,125

Distributors – 0.2%
	KAR Auction Services, Inc.^(a)
	439,000		5.125			06/01/25		451,073

Electric – 3.0%
	Calpine Corp.^(a)
	500,000		4.625			02/01/29		501,489
	476,000		5.000			02/01/31		488,372
	411,000		3.750			03/01/31		404,321
	Clearway Energy Operating LLC^(a)
	450,000		3.750			02/15/31		459,000
	FirstEnergy Corp.
	428,000		2.650			03/01/30		438,498
	FirstEnergy Corp., Series B
	500,000		2.250			09/01/30		497,973
	FirstEnergy Corp., Series C
	450,000		7.375			11/15/31		631,400
	NextEra Energy Operating Partners LP^(a)
	500,000		4.250			07/15/24		529,375
	349,000		4.500			09/15/27		378,229
	NRG Energy, Inc.
	193,000		6.625			01/15/27		199,875
	521,000		5.250	^(a)		06/15/29		567,890
	PG&E Corp.
	350,000		5.000			07/01/28		349,125
	380,000		5.250			07/01/30		375,725
	Talen Energy Supply LLC^(a)
	193,000		10.500			01/15/26		90,710
	330,000		7.250			05/15/27		286,275
	TerraForm Power Operating LLC^(a)
	8,000		4.250			01/31/23		8,240
	685,000		4.750			01/15/30		722,675

								6,929,172


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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Energy – 12.6%
	Antero Midstream Partners LP / Antero Midstream Finance Corp.^(a)
$	711,000		5.750	%		03/01/27	$	735,885
	327,000		5.750			01/15/28		340,897
	Antero Resources Corp.
	168,000		5.000			03/01/25		171,570
	500,000		7.625	^(a)		02/01/29		552,500
	Apache Corp.
	500,000		4.625			11/15/25		542,500
	Archrock Partners LP / Archrock Partners Finance Corp.^(a)
	620,000		6.875			04/01/27		646,350
	Ascent Resources Utica Holdings LLC / ARU Finance Corp.^(a)
	350,000		5.875			06/30/29		336,875
	Buckeye Partners LP
	210,000		3.950			12/01/26		217,596
	160,000		4.125			12/01/27		165,080
	270,000		4.500	^(a)		03/01/28		280,800
	Callon Petroleum Co.^(a)
	300,000		8.000			08/01/28		290,250
	Cheniere Energy Partners LP
	754,000		5.625			10/01/26		778,976
	667,000		4.500			10/01/29		718,276
	Cheniere Energy, Inc.
	787,000		4.625			10/15/28		834,220
	CNX Resources Corp.^(a)
	440,000		6.000			01/15/29		458,700
	Continental Resources, Inc.
	232,000		4.500			04/15/23		242,730
	400,000		3.800			06/01/24		425,750
	550,000		4.375			01/15/28		617,375
	CrownRock LP / CrownRock Finance, Inc.^(a)
	423,000		5.625			10/15/25		436,747
	DCP Midstream Operating LP
	250,000		5.375			07/15/25		275,000
	420,000		5.625			07/15/27		477,750
	DT Midstream, Inc.^(a)
	400,000		4.375			06/15/31		413,750
	Endeavor Energy Resources LP / EER Finance, Inc.^(a)
	481,000		5.500			01/30/26		498,436
	400,000		5.750			01/30/28		423,000
	EnLink Midstream LLC
	515,000		5.375			06/01/29		531,612
	EnLink Midstream Partners LP
	528,000		4.850			07/15/26		546,187
	EQT Corp.
	180,000		6.625			02/01/25		207,225
	1,046,000		3.900			10/01/27		1,130,988
	Hilcorp Energy I LP / Hilcorp Finance Co.^(a)
	590,000		6.250			11/01/28		612,125
	220,000		5.750			02/01/29		224,400
	ITT Holdings LLC^(a)
	380,000		6.500			08/01/29		388,550
	Laredo Petroleum, Inc.
	410,000		10.125			01/15/28		432,550
	Moss Creek Resources Holdings, Inc.^(a)
	159,000		7.500			01/15/26		136,740
	242,000		10.500			05/15/27		222,640


Corporate Obligations – (continued)
Energy – (continued)
	Nabors Industries Ltd.^(a)
	150,000		7.250			01/15/26		140,250
	Nabors Industries, Inc.
	100,000		5.750			02/01/25		86,250
	New Fortress Energy, Inc.^(a)
	570,000		6.500			09/30/26		573,563
	Occidental Petroleum Corp.
	500,000		6.950			07/01/24		563,601
	300,000		2.900			08/15/24		304,376
	964,000		3.400			04/15/26		993,527
	170,000		6.375			09/01/28		202,087
	400,000		3.500			08/15/29		415,770
	267,000		8.875			07/15/30		366,457
	550,000		6.625			09/01/30		686,125
	400,000		6.125			01/01/31		485,544
	150,000		7.500			05/01/31		197,203
	170,000		7.875			09/15/31		226,723
	PBF Holding Co. LLC / PBF Finance Corp.
	150,000		7.250			06/15/25		106,125
	350,000		6.000			02/15/28		231,000
	Range Resources Corp.
	244,000		4.875			05/15/25		253,760
	170,000		9.250			02/01/26		187,000
	430,000		8.250	^(a)		01/15/29		478,375
	SM Energy Co.
	300,000		10.000	^(a)		01/15/25		334,500
	100,000		6.750			09/15/26		101,000
	100,000		6.625			01/15/27		101,000
	Southwestern Energy Co.
	370,000		7.750			10/01/27		401,450
	Sunoco LP / Sunoco Finance Corp.
	320,000		5.500			02/15/26		328,200
	290,000		6.000			04/15/27		303,775
	Targa Resources Partners LP /Targa Resources Partners Finance Corp.
	320,000		5.875			04/15/26		335,000
	250,000		5.375			02/01/27		259,687
	270,000		5.500			03/01/30		299,363
	711,000		4.875			02/01/31		774,990
	Transocean, Inc.^(a)
	563,000		11.500			01/30/27		567,223
	USA Compression Partners LP / USA Compression Finance Corp.
	450,000		6.875			04/01/26		469,125
	Venture Global Calcasieu Pass LLC^(a)
	970,000		3.875			08/15/29		999,706
	Weatherford International Ltd.^(a)
	652,000		11.000			12/01/24		684,600
	Western Midstream Operating LP
	597,000		4.650			07/01/26		644,760
	670,000		5.300			02/01/30		750,400

								29,166,545

Financial Company – 4.1%
	Ally Financial, Inc.
	320,000		5.750			11/20/25		367,059


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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Financial Company – (continued)
	HUB International Ltd.^(a)
$	468,000		7.000	%		05/01/26	$	485,550
	Icahn Enterprises LP / Icahn Enterprises Finance Corp.
	320,000		6.750			02/01/24		326,540
	386,000		6.375			12/15/25		397,752
	873,000		5.250			05/15/27		911,194
	LD Holdings Group LLC^(a)
	410,000		6.125			04/01/28		403,594
	Midcap Financial Issuer Trust^(a)
	300,000		6.500			05/01/28		313,687
	Nationstar Mortgage Holdings, Inc.^(a)
	400,000		6.000			01/15/27		423,000
	470,000		5.500			08/15/28		485,675
	Navient Corp.
	132,000		7.250			09/25/23		145,081
	126,000		5.875			10/25/24		137,323
	159,000		6.750			06/25/25		177,937
	344,000		6.750			06/15/26		388,635
	Navient Corp., MTN
	160,000		6.125			03/25/24		173,711
	217,000		5.625			08/01/33		210,754
	NFP Corp.^(a)
	634,000		6.875			08/15/28		652,228
	OneMain Finance Corp.
	92,000		5.625			03/15/23		97,002
	310,000		6.125			03/15/24		334,413
	164,000		6.875			03/15/25		186,345
	442,000		7.125			03/15/26		518,245
	340,000		6.625			01/15/28		394,400
	427,000		5.375			11/15/29		468,099
	Quicken Loans LLC / Quicken Loans Co.-Issuer, Inc.^(a)
	520,000		3.875			03/01/31		533,468
	Rocket Mortgage LLC^(a)
	412,000		5.250			01/15/28		435,161
	United Wholesale Mortgage LLC^(a)
	550,000		5.500			04/15/29		543,813

								9,510,666

Food and Beverage – 1.9%
	Aramark Services, Inc.^(a)
	680,000		5.000			02/01/28		708,900
	B&G Foods, Inc.
	445,000		5.250			09/15/27		463,913
	Performance Food Group, Inc.^(a)
	300,000		5.500			10/15/27		313,005
	450,000		4.250			08/01/29		452,250
	Pilgrim’s Pride Corp.^(a)
	228,000		5.875			09/30/27		243,960
	Post Holdings, Inc.^(a)
	537,000		5.750			03/01/27		562,507
	459,000		5.500			12/15/29		493,999
	600,000		4.625			04/15/30		615,370
	300,000		4.500			09/15/31		304,125
	US Foods, Inc.^(a)
	200,000		4.750			02/15/29		205,250

								4,363,279


Corporate Obligations – (continued)
Hardware – 1.1%
	Avaya, Inc.^(a)
	280,000		6.125			09/15/28		296,800
	CommScope Technologies LLC^(a)
	478,000		6.000			06/15/25		485,374
	CommScope, Inc.^(a)
	360,000		6.000			03/01/26		378,450
	490,000		8.250			03/01/27		518,787
	NCR Corp.^(a)
	329,000		6.125			09/01/29		359,433
	450,000		5.250			10/01/30		472,500

								2,511,344

Healthcare – 4.4%
	Catalent Pharma Solutions, Inc.^(a)
	500,000		3.125			02/15/29		493,750
	Charles River Laboratories International, Inc.^(a)
	250,000		4.250			05/01/28		262,500
	CHS/Community Health Systems, Inc.^(a)
	567,000		8.000			03/15/26		608,107
	285,000		5.625			03/15/27		302,100
	90,000		8.000			12/15/27		99,675
	600,000		6.875			04/01/28		597,000
	330,000		6.875			04/15/29		343,612
	350,000		6.125			04/01/30		352,188
	210,000		4.750			02/15/31		214,463
	DaVita, Inc.^(a)
	500,000		3.750			02/15/31		495,000
	Encompass Health Corp.
	370,000		4.750			02/01/30		395,438
	IQVIA, Inc.^(a)
	600,000		5.000			05/15/27		628,500
	Legacy LifePoint Health LLC^(a)
	341,000		4.375			02/15/27		341,000
	MPH Acquisition Holdings LLC^(a)
	470,000		5.750			11/01/28		451,200
	Select Medical Corp.^(a)
	340,000		6.250			08/15/26		360,400
	Service Corp. International
	125,000		4.625			12/15/27		132,656
	500,000		3.375			08/15/30		504,375
	Tenet Healthcare Corp.
	528,000		4.625			07/15/24		535,270
	458,000		4.625	^(a)		09/01/24		470,309
	637,000		4.875	^(a)		01/01/26		662,480
	300,000		6.250	^(a)		02/01/27		314,625
	663,000		5.125	^(a)		11/01/27		700,294
	650,000		4.625	^(a)		06/15/28		677,625
	250,000		6.125	^(a)		10/01/28		265,625

								10,208,192

Insurance – 0.5%
	Acrisure LLC / Acrisure Finance, Inc.^(a)
	435,000		7.000			11/15/25		443,069
	Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer^(a)
	624,000		4.250			10/15/27		628,680

								1,071,749


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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Metals – 0.8%
	Novelis Corp.^(a)
$	546,000		4.750	%		01/30/30	$	582,855
	360,000		3.875			08/15/31		364,050
	U.S. Steel Corp.
	646,000		6.875			03/01/29		707,370
	United States Steel Corp.
	220,000		6.250			03/15/26		226,355

								1,880,630

Metals and Mining – 0.1%
	Cleveland-Cliffs, Inc.^(a)
	200,000		9.875			10/17/25		233,500

Mining – 0.9%
	Freeport-McMoRan, Inc.
	255,000		3.875			03/15/23		265,200
	389,000		4.550			11/14/24		423,524
	300,000		4.375			08/01/28		319,125
	530,000		4.625			08/01/30		584,325
	320,000		5.400			11/14/34		398,400

								1,990,574

Natural Gas – 1.8%
	AmeriGas Partners LP / AmeriGas Finance Corp.
	472,000		5.500			05/20/25		521,560
	145,000		5.750			05/20/27		163,487
	Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.^(a)
	470,000		5.625			05/01/27		475,875
	458,000		6.000			02/01/29		470,595
	Ferrellgas LP / Ferrellgas Finance Corp.^(a)
	375,000		5.375			04/01/26		370,312
	Genesis Energy LP / Genesis Energy Finance Corp.
	400,000		8.000			01/15/27		398,000
	NuStar Logistics LP
	370,000		6.375			10/01/30		409,775
	PBF Logistics LP / PBF Logistics Finance Corp.
	71,000		6.875			05/15/23		68,693
	Rockies Express Pipeline LLC^(a)
	200,000		4.950			07/15/29		209,000
	Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.^(a)
	470,000		6.000			03/01/27		487,625
	669,000		5.500			01/15/28		677,363

								4,252,285

Pharmaceuticals – 2.6%
	Bausch Health Americas, Inc.^(a)
	252,000		9.250			04/01/26		272,293
	677,000		8.500			01/31/27		730,156
	Bausch Health Cos., Inc.^(a)
	525,000		6.125			04/15/25		537,454
	417,000		5.500			11/01/25		427,568
	472,000		9.000			12/15/25		502,838
	306,000		5.750			08/15/27		320,980
	491,000		7.000			01/15/28		510,142
	717,000		6.250			02/15/29		714,611


Corporate Obligations – (continued)
Pharmaceuticals – (continued)
	273,000		7.250	^(a)		05/30/29		282,440
	310,000		5.250	^(a)		01/30/30		291,787
	300,000		5.250	^(a)		02/15/31		280,500
	Endo Dac / Endo Finance LLC / Endo Finco, Inc.^(a)
	300,000		9.500			07/31/27		292,500
	266,000		6.000			06/30/28		162,260
	Par Pharmaceutical, Inc.^(a)
	616,000		7.500			04/01/27		625,240

								5,950,769

REITs and Real Estate – 1.4%
	HAT Holdings I LLC / HAT Holdings II LLC^(a)
	720,000		3.375			06/15/26		733,103
	Howard Hughes Corp. (The)^(a)
	300,000		4.375			02/01/31		304,125
	iStar, Inc.
	370,000		4.750			10/01/24		393,446
	Kennedy-Wilson, Inc.
	350,000		5.000			03/01/31		363,781
	Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer^(a)
	300,000		4.875			05/15/29		309,750
	Realogy Group LLC / Realogy Co.-Issuer Corp.^(a)
	340,000		4.875			06/01/23		354,450
	150,000		9.375			04/01/27		166,312
	Service Properties Trust
	320,000		4.950			10/01/29		316,645
	370,000		4.375			02/15/30		356,001

								3,297,613

Rental Equipment – 1.3%
	Avis Budget Car Rental LLC / Avis Budget Finance, Inc.^(a)
	517,000		5.375			03/01/29		545,435
	H&E Equipment Services, Inc.^(a)
	580,000		3.875			12/15/28		580,725
	United Rentals North America, Inc.
	250,000		5.875			09/15/26		257,836
	330,000		5.500			05/15/27		347,506
	400,000		4.875			01/15/28		426,000
	305,000		5.250			01/15/30		335,881
	500,000		3.875			02/15/31		519,144

								3,012,527

Software – 1.5%
	Banff Merger Sub, Inc.^(a)
	536,000		9.750			09/01/26		562,262
	Gartner, Inc.^(a)
	393,000		4.500			07/01/28		418,054
	500,000		3.625			06/15/29		516,875
	MSCI, Inc.^(a)
	530,000		4.000			11/15/29		570,413
	500,000		3.625			09/01/30		528,750
	300,000		3.875			02/15/31		321,750
	SS&C Technologies, Inc.^(a)
	640,000		5.500			09/30/27		681,600

								3,599,704


50		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)
Technology – 3.5%
	Arches Buyer, Inc.^(a)
$	100,000		4.250	%		06/01/28	$	101,625
	330,000		6.125			12/01/28		339,900
	CDK Global, Inc.
	119,000		4.875			06/01/27		125,545
	245,000		5.250	^(a)		05/15/29		266,437
	Dell International LLC / EMC Corp.^(a)
	371,000		7.125			06/15/24		380,275
	Diebold Nixdorf, Inc.^(a)
	235,000		9.375			07/15/25		259,675
	Imola Merger Corp.^(a)
	690,000		4.750			05/15/29		715,013
	Match Group Holdings II LLC^(a)
	396,000		4.125			08/01/30		415,800
	Microchip Technology, Inc.
	576,000		4.250			09/01/25		606,619
	Rackspace Technology Global, Inc.^(a)
	200,000		5.375			12/01/28		198,500
	Seagate HDD Cayman
	610,000		4.750			06/01/23		650,413
	350,000		3.375	^(a)		07/15/31		347,375
	308,000		5.750			12/01/34		364,595
	Square, Inc.^(a)
	200,000		3.500			06/01/31		208,000
	Uber Technologies, Inc.^(a)
	350,000		7.500			05/15/25		374,937
	330,000		8.000			11/01/26		352,275
	776,000		7.500			09/15/27		850,690
	490,000		4.500			08/15/29		484,488
	Verscend Escrow Corp.^(a)
	273,000		9.750			08/15/26		288,362
	Xerox Corp.
	180,000		4.375			03/15/23		188,592
	Xerox Holdings Corp.^(a)
	467,000		5.500			08/15/28		489,766

								8,008,882

Transportation – 2.2%
	American Airlines, Inc.^(a)
	500,000		11.750			07/15/25		622,128
	American Airlines, Inc./Aadvantage Loyalty Ip Ltd.^(a)
	500,000		5.750			04/20/29		545,636
	American Airlines, Inc./AAdvantage Loyalty IP Ltd.^(a)
	1,410,000		5.500			04/20/26		1,503,180
	Fortress Transportation and Infrastructure Investors LLC^(a)
	490,000		6.500			10/01/25		505,619
	United Airlines, Inc.^(a)
	400,000		4.375			04/15/26		416,174
	849,000		4.625			04/15/29		884,855
	XPO Logistics, Inc.^(a)
	704,000		6.250			05/01/25		745,360

								5,222,952

Wireless – 4.0%
	Ligado Networks LLC^(a)(b) (PIK)
	700,472		15.500			11/01/23		676,831


Corporate Obligations – (continued)
Wireless – (continued)
	SBA Communications Corp.
	200,000		4.875	%		09/01/24		203,375
	496,000		3.875			02/15/27		515,145
	350,000		3.125	^(a)		02/01/29		345,625
	Sprint Capital Corp.
	695,000		6.875			11/15/28		907,844
	520,000		8.750			03/15/32		798,850
	Sprint Communications, Inc.
	221,000		6.000			11/15/22		233,431
	Sprint Corp.
	687,000		7.875			09/15/23		779,745
	335,000		7.125			06/15/24		386,088
	452,000		7.625			02/15/25		536,185
	432,000		7.625			03/01/26		534,010
	T-Mobile USA, Inc.
	115,000		5.375			04/15/27		121,541
	765,000		4.750			02/01/28		815,005
	300,000		3.375	^(a)		04/15/29		317,142
	250,000		3.375			04/15/29		264,673
	350,000		2.875			02/15/31		361,192
	600,000		3.500	^(a)		04/15/31		640,147
	350,000		3.500			04/15/31		373,725
	Viasat, Inc.^(a)
	195,000		5.625			04/15/27		202,800
	320,000		6.500			07/15/28		338,800

								9,352,154

Wirelines – 2.7%
	Consolidated Communications, Inc.^(a)
	100,000		6.500			10/01/28		109,875
	Embarq Corp.
	400,000		7.995			06/01/36		421,500
	Frontier Communications Holdings LLC^(a)
	270,000		5.875			10/15/27		288,731
	400,000		5.000			05/01/28		418,500
	470,000		6.750			05/01/29		502,900
	Level 3 Financing, Inc.^(a)
	370,000		4.625			09/15/27		382,950
	490,000		4.250			07/01/28		499,187
	Lumen Technologies, Inc.^(a)
	520,000		5.125			12/15/26		539,500
	500,000		4.500			01/15/29		491,250
	Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC^(a)
	424,000		7.125			12/15/24		435,660
	320,000		7.875			02/15/25		341,200
	Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC^(a)
	250,000		6.500			02/15/29		260,000
	Windstream Escrow LLC / Windstream Escrow Finance Corp.^(a)
	650,000		7.750			08/15/28		673,563
	Zayo Group Holdings, Inc.^(a)
	512,000		4.000			03/01/27		507,520
	440,000		6.125			03/01/28		447,150

								6,319,486

	TOTAL CORPORATE OBLIGATIONS
	(Cost $210,585,055)						$	216,221,594


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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Foreign Corporate Debt – 4.4%
Aerospace & Defense – 0.6%
	Bombardier, Inc.^(a) (Canada)
$	250,000		7.500	%		03/15/25	$	256,875
	420,000		7.125			06/15/26		443,363
	690,000		7.875			04/15/27		723,637

								1,423,875

Basic Industry – 0.5%
	Methanex Corp. (Canada)
	440,000		5.250			12/15/29		481,436
	NOVA Chemicals Corp.^(a) (Canada)
	237,000		5.000			05/01/25		252,384
	470,000		5.250			06/01/27		504,075

								1,237,895

Capital Goods – 0.2%
	GFL Environmental, Inc.^(a) (Canada)
	500,000		3.500			09/01/28		500,625

Communications – 0.3%
	Videotron Ltd.^(a) (Canada)
	550,000		5.125			04/15/27		573,375

Consumer Cyclical – 1.3%
	1011778 BC ULC / New Red Finance, Inc.^(a) (Canada)
	379,000		3.875			01/15/28		384,685
	477,000		4.375			01/15/28		486,540
	350,000		3.500			02/15/29		349,562
	420,000		4.000			10/15/30		418,950
	Brookfield Residential Properties, Inc. / Brookfield Residential US LLC^(a) (Canada)
	400,000		6.250			09/15/27		423,094
	Garda World Security Corp.^(a) (Canada)
	150,000		4.625			02/15/27		150,375
	305,000		9.500			11/01/27		333,243
	Mattamy Group Corp.^(a) (Canada)
	390,000		5.250			12/15/27		406,555
	60,000		4.625			03/01/30		61,800

								3,014,804

Energy – 0.2%
	MEG Energy Corp.^(a) (Canada)
	237,000		6.500			01/15/25		245,887
	250,000		7.125			02/01/27		265,000

								510,887

Food – 0.1%
	NBM US Holdings, Inc.^(a) (Brazil)
	200,000		7.000			05/14/26		213,000

Mining – 0.6%
	First Quantum Minerals Ltd.^(a) (Zambia)
	200,000		7.250			04/01/23		203,779
	361,000		6.500			03/01/24		366,503
	414,000		7.500			04/01/25		429,586
	250,000		6.875			03/01/26		260,969

								1,260,837


Principal Amount		Interest Rate			Maturity Date		Value

Foreign Corporate Debt – (continued)
Natural Gas – 0.3%
	Parkland Corp.^(a) (Canada)
$	570,000		5.875	%		07/15/27	$	608,606

Software – 0.3%
	Open Text Corp.^(a) (Canada)
	390,000		5.875			06/01/26		403,170
	Open Text Holdings, Inc.^(a) (Canada)
	370,000		4.125			02/15/30		389,888

								793,058

	TOTAL FOREIGN CORPORATE DEBT
	(Cost $9,864,126)						$	10,136,962


Shares		Distribution Rate	Value

Investment Company – 0.9%^(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	2,073,969	0.026%	$	2,073,969
	(Cost $2,073,969)

	TOTAL INVESTMENTS – 98.5%
	(Cost $222,523,150)		$	228,432,525

	OTHER ASSETS IN EXCESS OF LIABILITIES –1.5%			3,401,761

	NET ASSETS – 100.0%		$	231,834,286



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


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

GOLDMAN SACHS ACCESS INFLATION PROTECTED USD BOND ETF

Schedule of Investments

August 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

U.S. Treasury Inflation Indexed Bonds – 99.4%
	U.S. Treasury Inflation Indexed Bonds
$	1,159,643		0.125	%		04/15/22	$	1,178,924
	2,258,990		0.125			07/15/22		2,318,846
	3,815,244		0.625			04/15/23		4,004,872
	7,233,768		0.375			07/15/23		7,643,242
	8,828,708		0.625			01/15/24		9,458,629
	984,625		0.500			04/15/24		1,056,288
	9,274,459		0.125			10/15/24		9,964,487
	7,913,843		0.250			01/15/25		8,553,562
	6,118,038		0.375			07/15/25		6,720,026
	9,438,740		0.125			10/15/25		10,297,333
	6,724,629		0.625			01/15/26		7,486,751
	9,998,431		0.375			07/15/27		11,259,436
	10,600,547		0.500			01/15/28		12,024,081
	5,424,889		0.750			07/15/28		6,299,461
	804,875		3.875			04/15/29		1,140,116
	3,187,572		0.250			07/15/29		3,600,093
	8,346,782		0.125			01/15/30		9,312,516
	3,486,380		0.125			07/15/30		3,910,073
	6,524,038		2.125			02/15/40		9,928,568
	4,306,997		0.750			02/15/42		5,370,011
	5,035,666		0.875			02/15/47		6,653,633
	3,048,625		1.000			02/15/48		4,175,711
	308,800		1.000			02/15/49		426,514
	2,231,940		0.250			02/15/50		2,599,117

	TOTAL U.S. TREASURY INFLATION INDEXED BONDS
	(Cost $142,408,096)						$	145,382,290


Shares		Dividend Rate	Value

Investment Company – 0.6%^(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	809,851	0.026%	$	809,851
	(Cost $809,851)

	TOTAL INVESTMENTS – 100.0%
	(Cost $143,217,947)		$	146,192,141

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0%			119,317

	NET ASSETS – 100.0%		$	146,311,458



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

(a)		Represents an affiliated issuer.


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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND

Schedule of Investments

August 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – 77.8%
Aerospace & Defense – 1.6%
	Boeing Co. (The)
$	110,000		2.750	%		02/01/26	$	114,851
	110,000		2.196			02/04/26		111,009
	L3Harris Technologies, Inc.
	55,000		3.850			06/15/23		58,224
	Lockheed Martin Corp.
	50,000		3.550			01/15/26		55,307
	Northrop Grumman Corp.
	65,000		2.930			01/15/25		69,064
	Precision Castparts Corp.
	55,000		3.250			06/15/25		59,651

								468,106

Banks – 20.5%
	American Express Co.
	200,000		3.400			02/27/23		208,594
	55,000		3.700			08/03/23		58,352
	Bank of America Corp.^(a)
	(3M USD LIBOR + 0.780%)
	210,000		3.550			03/05/24		219,621
	Bank of America Corp., Series L
	192,000		3.950			04/21/25		210,072
	Bank of America Corp., MTN
	75,000		4.000			01/22/25		82,065
	(SOFR + 1.150%)
	170,000		1.319	^(a)		06/19/26		170,665
	(SOFR + 1.010%)
	300,000		1.197	^(a)		10/24/26		298,918
	Capital One Financial Corp.
	50,000		3.300			10/30/24		53,795
	100,000		3.200			02/05/25		107,554
	Charles Schwab Corp. (The)
	50,000		3.850			05/21/25		55,205
	Citigroup, Inc.
	(SOFR + 1.667%)
	300,000		1.678	^(a)		05/15/24		306,255
	50,000		4.400			06/10/25		55,577
	(SOFR + 2.842%)
	150,000		3.106	^(a)		04/08/26		160,666
	(SOFR + 0.765%)
	60,000		1.122	^(a)		01/28/27		59,635
	(SOFR + 0.770%)
	65,000		1.462	^(a)		06/09/27		65,270
	Fifth Third Bancorp
	50,000		3.650			01/25/24		53,567
	Huntington Bancshares, Inc.
	170,000		4.000			05/15/25		188,166
	JPMorgan Chase & Co.
	(SOFR + 1.455%)
	550,000		1.514	^(a)		06/01/24		560,286
	50,000		3.875			09/10/24		54,473
	(SOFR + 1.585%)
	150,000		2.005	^(a)		03/13/26		154,478
	(SOFR + 1.850%)
	100,000		2.083	^(a)		04/22/26		103,225
	(SOFR + 0.800%)
	50,000		1.045	^(a)		11/19/26		49,631


Corporate Obligations – (continued)
Banks – (continued)
	(SOFR + 0.885%)
	80,000		1.578	^(a)		04/22/27		80,681
	Morgan Stanley^(a)
	(3M USD LIBOR + 0.847%)
	340,000		3.737			04/24/24		358,031
	(SOFR + 1.990%)
	150,000		2.188			04/28/26		155,738
	(SOFR + 0.879%)
	80,000		1.593			05/04/27		80,939
	Morgan Stanley, GMTN
	70,000		3.125			01/23/23		72,742
	Morgan Stanley^(a), MTN
	(SOFR + 1.152%)
	250,000		2.720			07/22/25		262,435
	PNC Financial Services Group, Inc. (The)
	75,000		3.900			04/29/24		81,205
	70,000		2.200			11/01/24		73,469
	Regions Financial Corp.
	90,000		2.250			05/18/25		94,018
	Santander Holdings USA, Inc.
	210,000		3.400			01/18/23		217,770
	State Street Corp.^(a)
	(SOFR + 2.690%)
	80,000		2.825			03/30/23		81,228
	(SOFR + 2.600%)
	80,000		2.901			03/30/26		85,500
	Synchrony Financial
	25,000		4.250			08/15/24		27,197
	Truist Bank^(a)
	(3M USD LIBOR + 0.735%)
	120,000		3.689			08/02/24		127,541
	Truist Financial Corp., MTN
	150,000		2.850			10/26/24		160,226
	US Bank NA
	250,000		1.950			01/09/23		255,484
	Wells Fargo & Co.
	250,000		3.000			04/22/26		270,185
	(SOFR + 2.000%)
	250,000		2.188	^(a)		04/30/26		259,900
	Wells Fargo & Co., MTN^(a)
	(3M USD LIBOR + 0.750%)
	100,000		2.164			02/11/26		103,847
	(3M USD LIBOR + 1.170%)
	65,000		3.196			06/17/27		70,428

								6,194,634

Basic Industry – 1.2%
	Celanese US Holdings LLC
	45,000		4.625			11/15/22		47,169
	Linde, Inc.
	100,000		3.200			01/30/26		109,278
	LYB International Finance BV
	112,000		4.000			07/15/23		119,255
	Packaging Corp. of America
	80,000		4.500			11/01/23		86,023

								361,725


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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Broadcasting – 0.7%
	Fox Corp.
$	195,000		4.030	%		01/25/24	$	210,170

Brokerage – 0.3%
	BlackRock, Inc.
	50,000		3.500			03/18/24		53,912
	Jefferies Financial Group, Inc.
	30,000		5.500			10/18/23		32,024

								85,936

Building Materials – 0.3%
	Fortune Brands Home & Security, Inc.
	80,000		4.000			09/21/23		85,393

Capital Goods – 2.9%
	Carrier Global Corp.
	35,000		2.242			02/15/25		36,503
	Caterpillar Financial Services Corp.
	50,000		0.900			03/02/26		50,052
	Caterpillar Financial Services Corp., MTN
	120,000		2.150			11/08/24		125,682
	Deere & Co.
	50,000		2.750			04/15/25		53,242
	John Deere Capital Corp., MTN
	110,000		2.800			03/06/23		114,227
	Parker-Hannifin Corp.
	180,000		2.700			06/14/24		189,148
	Republic Services, Inc.
	40,000		2.500			08/15/24		41,993
	140,000		2.900			07/01/26		150,004
	Waste Management, Inc.
	100,000		0.750			11/15/25		99,214

								860,065

Communications – 2.2%
	Charter Communications Operating LLC / Charter Communications Operating Capital
	50,000		4.908			07/23/25		56,591
	Charter Communications Operating LLC / Charter Communications Operating Capital, Series USD
	75,000		4.500			02/01/24		81,478
	Comcast Corp.
	130,000		3.700			04/15/24		140,400
	90,000		3.150			03/01/26		97,816
	TWDC Enterprises 18 Corp., GMTN
	20,000		3.150			09/17/25		21,727
	ViacomCBS, Inc.
	75,000		4.750			05/15/25		84,652
	Walt Disney Co. (The)
	110,000		1.750			08/30/24		113,809
	75,000		3.350			03/24/25		81,475

								677,948

Consumer Cyclical – 8.5%
	Amazon.com, Inc.
	140,000		1.000			05/12/26		140,609
	American Honda Finance Corp., MTN
	50,000		1.200			07/08/25		50,474


Corporate Obligations – (continued)
Consumer Cyclical – (continued)
	Aptiv PLC
	40,000		4.250			01/15/26		45,113
	AutoNation, Inc.
	75,000		3.500			11/15/24		80,412
	Dollar Tree, Inc.
	195,000		3.700			05/15/23		205,015
	DR Horton, Inc.
	55,000		4.750			02/15/23		57,715
	eBay, Inc.
	40,000		3.450			08/01/24		42,927
	General Motors Co.
	50,000		6.125			10/01/25		58,961
	General Motors Financial Co., Inc.
	250,000		5.200			03/20/23		266,957
	50,000		5.100			01/17/24		54,812
	150,000		1.250			01/08/26		149,002
	Global Payments, Inc.
	50,000		4.000			06/01/23		52,868
	100,000		1.200			03/01/26		99,553
	Kohl’s Corp.
	75,000		9.500			05/15/25		95,480
	Lennar Corp.
	75,000		4.750			05/30/25		83,847
	Marriott International, Inc., Series EE
	25,000		5.750			05/01/25		28,764
	NIKE, Inc.
	110,000		2.400			03/27/25		116,503
	O’Reilly Automotive, Inc.
	100,000		3.550			03/15/26		110,556
	PACCAR Financial Corp., MTN
	70,000		1.900			02/07/23		71,635
	Ross Stores, Inc.
	40,000		4.600			04/15/25		44,790
	Target Corp.
	110,000		3.500			07/01/24		119,217
	Toyota Motor Credit Corp., MTN
	150,000		1.800			02/13/25		154,795
	VF Corp.
	190,000		2.400			04/23/25		198,990
	Visa, Inc.
	100,000		3.150			12/14/25		109,378
	Walmart, Inc.
	105,000		2.850			07/08/24		111,822

								2,550,195

Consumer Noncyclical – 6.4%
	AbbVie, Inc.
	170,000		2.300			11/21/22		173,897
	100,000		2.600			11/21/24		105,659
	125,000		3.600			05/14/25		135,970
	Altria Group, Inc.
	70,000		4.000			01/31/24		75,679
	75,000		3.800			02/14/24		80,377
	Amgen, Inc.
	190,000		1.900			02/21/25		196,291


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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND

Schedule of Investments (continued)

August 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Consumer Noncyclical – (continued)
	Becton Dickinson and Co.
$	46,000		3.363	%		06/06/24	$	49,178
	75,000		3.734			12/15/24		81,457
	Bristol-Myers Squibb Co.
	75,000		3.875			08/15/25		83,252
	50,000		0.750			11/13/25		49,817
	Equifax, Inc.
	60,000		2.600			12/01/24		63,107
	Gilead Sciences, Inc.
	80,000		3.700			04/01/24		85,768
	50,000		3.650			03/01/26		55,127
	Johnson & Johnson
	100,000		0.550			09/01/25		99,237
	50,000		2.450			03/01/26		53,302
	Laboratory Corp of America Holdings
	100,000		3.600			02/01/25		107,548
	Philip Morris International, Inc.
	90,000		2.875			05/01/24		95,160
	Thermo Fisher Scientific, Inc.
	60,000		4.133			03/25/25		66,264
	Walgreens Boots Alliance, Inc.
	210,000		3.800			11/18/24		228,063
	Zimmer Biomet Holdings, Inc.
	50,000		3.550			04/01/25		54,083

								1,939,236

Electric – 3.9%
	Dominion Energy, Inc.
	40,000		3.071			08/15/24		42,414
	DTE Energy Co., Series F
	100,000		1.050			06/01/25		99,541
	Duke Energy Carolinas LLC
	110,000		2.500			03/15/23		113,207
	Entergy Corp.
	75,000		0.900			09/15/25		73,968
	Exelon Corp.
	170,000		3.400			04/15/26		185,544
	Georgia Power Co., Series A
	40,000		2.100			07/30/23		41,310
	ITC Holdings Corp.
	60,000		2.700			11/15/22		61,542
	National Rural Utilities Cooperative Finance Corp.
	65,000		2.700			02/15/23		66,959
	NextEra Energy Capital Holdings, Inc.
	75,000		2.750			05/01/25		79,416
	Public Service Co. of Colorado
	65,000		2.250			09/15/22		65,689
	Puget Energy, Inc.
	60,000		3.650			05/15/25		64,682
	Sempra Energy
	80,000		2.900			02/01/23		82,607
	Southern Co. (The)
	165,000		2.950			07/01/23		172,007
	Southwestern Electric Power Co., Series N
	40,000		1.650			03/15/26		40,455

								1,189,341


Corporate Obligations – (continued)
Energy – 6.8%
	BP Capital Markets America, Inc.
	120,000		2.750			05/10/23		124,759
	75,000		3.790			02/06/24		80,490
	Chevron Corp.
	100,000		3.326			11/17/25		109,883
	ConocoPhillips Co.
	50,000		4.950			03/15/26		57,806
	Energy Transfer LP
	125,000		4.750			01/15/26		140,029
	Enterprise Products Operating LLC
	50,000		3.750			02/15/25		54,407
	Exxon Mobil Corp.
	100,000		3.043			03/01/26		108,505
	Halliburton Co.
	100,000		3.500			08/01/23		105,375
	Kinder Morgan Energy Partners LP
	75,000		4.150			02/01/24		80,367
	Kinder Morgan, Inc.
	50,000		4.300			06/01/25		55,477
	Magellan Midstream Partners LP
	100,000		5.000			03/01/26		114,988
	Marathon Petroleum Corp.
	35,000		4.700			05/01/25		39,156
	MPLX LP
	75,000		4.875			12/01/24		83,555
	100,000		1.750			03/01/26		101,250
	Pioneer Natural Resources Co.
	100,000		0.550			05/15/23		99,842
	Plains All American Pipeline LP / PAA Finance Corp.
	50,000		4.650			10/15/25		55,687
	Sabine Pass Liquefaction LLC
	140,000		5.625			04/15/23		149,188
	50,000		5.625			03/01/25		56,931
	Spectra Energy Partners LP
	180,000		4.750			03/15/24		196,458
	Transcontinental Gas Pipe Line Co. LLC
	100,000		7.850			02/01/26		125,979
	Valero Energy Corp.
	50,000		2.850			04/15/25		52,776
	Williams Cos., Inc. (The)
	50,000		4.000			09/15/25		55,068

								2,047,976

Financial Company – 3.0%
	Air Lease Corp.
	285,000		3.500			01/15/22		288,223
	50,000		1.875			08/15/26		50,134
	Ally Financial, Inc.
	230,000		3.050			06/05/23		239,125
	Ares Capital Corp.
	75,000		4.200			06/10/24		80,635
	60,000		3.250			07/15/25		63,413
	BGC Partners, Inc.
	65,000		5.375			07/24/23		70,092
	60,000		3.750			10/01/24		63,797
	Franklin Resources, Inc.
	45,000		2.800			09/15/22		46,194

								901,613


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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Food and Beverage – 1.4%
	Campbell Soup Co.
$	55,000		2.500	%		08/02/22	$	56,120
	Constellation Brands, Inc.
	55,000		4.250			05/01/23		58,307
	General Mills, Inc.
	100,000		4.000			04/17/25		110,422
	PepsiCo, Inc.
	65,000		2.850			02/24/26		70,136
	Sysco Corp.
	75,000		5.650			04/01/25		86,530
	Tyson Foods, Inc.
	50,000		3.950			08/15/24		54,259

								435,774

Hardware – 0.7%
	Micron Technology, Inc.
	195,000		2.497			04/24/23		201,251

Healthcare – 2.7%
	Anthem, Inc.
	100,000		2.950			12/01/22		103,051
	Cigna Corp.
	75,000		4.125			11/15/25		83,878
	CVS Health Corp.
	16,000		3.700			03/09/23		16,763
	100,000		2.625			08/15/24		105,230
	50,000		3.875			07/20/25		55,099
	100,000		3.000			08/15/26		107,912
	HCA, Inc.
	100,000		5.000			03/15/24		110,062
	Quest Diagnostics, Inc.
	100,000		3.450			06/01/26		109,838
	UnitedHealth Group, Inc.
	50,000		1.250			01/15/26		50,626
	80,000		1.150			05/15/26		80,144

								822,603

Insurance – 1.9%
	CNA Financial Corp.
	40,000		3.950			05/15/24		43,154
	Equitable Holdings, Inc.
	26,000		3.900			04/20/23		27,390
	Marsh & McLennan Cos., Inc.
	190,000		4.050			10/15/23		202,837
	MetLife, Inc., Series D
	120,000		4.368			09/15/23		129,604
	Prudential Financial, Inc.^(a)
	(3M USD LIBOR + 3.920%)
	30,000		5.625			06/15/43		31,926
	Voya Financial, Inc.
	40,000		3.125			07/15/24		42,568
	(3M USD LIBOR + 3.580%)
	80,000		5.650	^(a)		05/15/53		85,111

								562,590

Metals – 0.1%
	Nucor Corp.
	20,000		4.000			08/01/23		21,194


Corporate Obligations – (continued)
REITs and Real Estate – 1.2%
	Boston Properties LP
	190,000		3.125			09/01/23		198,684
	GLP Capital LP / GLP Financing II, Inc.
	20,000		5.250			06/01/25		22,421
	80,000		5.375			04/15/26		91,798
	Realty Income Corp.
	50,000		4.650			08/01/23		53,469

								366,372

Software – 1.0%
	Oracle Corp.
	50,000		2.500			04/01/25		52,468
	250,000		1.650			03/25/26		254,129

								306,597

Technology – 5.9%
	Analog Devices, Inc.
	60,000		3.125			12/05/23		63,316
	Apple, Inc.
	250,000		1.125			05/11/25		252,938
	150,000		0.700			02/08/26		149,011
	Broadcom, Inc.
	75,000		3.625			10/15/24		81,062
	50,000		4.700			04/15/25		55,917
	Dell International LLC / EMC Corp.
	70,000		5.450			06/15/23		75,418
	75,000		4.000			07/15/24		81,512
	Fiserv, Inc.
	75,000		3.850			06/01/25		82,329
	Hewlett Packard Enterprise Co.
	75,000		4.650			10/01/24		83,175
	75,000		4.900			10/15/25		85,433
	HP, Inc.
	60,000		2.200			06/17/25		62,204
	Intel Corp.
	100,000		3.400			03/25/25		108,692
	International Business Machines Corp.
	120,000		3.375			08/01/23		126,852
	Microsoft Corp.
	120,000		2.125			11/15/22		122,745
	PayPal Holdings, Inc.
	90,000		2.400			10/01/24		94,782
	QUALCOMM, Inc.
	80,000		2.900			05/20/24		84,844
	80,000		3.450			05/20/25		87,056
	SYNNEX Corp.^(b)
	40,000		1.750			08/09/26		39,790
	Verisk Analytics, Inc.
	55,000		4.125			09/12/22		56,986

								1,794,062

Transportation – 1.1%
	Ryder System, Inc., MTN
	65,000		3.400			03/01/23		67,702
	Southwest Airlines Co.
	50,000		5.250			05/04/25		56,621


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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND

Schedule of Investments (continued)

August 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Transportation – (continued)
	Union Pacific Corp.
$	140,000		3.250	%		08/15/25	$	151,954
	United Airlines Pass Through Trust, Class A, Series 20-1
	46,374		5.875			10/15/27		51,504

								327,781

Wireless – 3.5%
	American Tower Corp.
	220,000		5.000			02/15/24		242,461
	AT&T, Inc.
	50,000		3.400			05/15/25		54,334
	230,000		1.700			03/25/26		233,239
	Crown Castle International Corp.
	195,000		3.200			09/01/24		208,308
	T-Mobile USA, Inc.
	75,000		1.500			02/15/26		75,546
	Verizon Communications, Inc.
	200,000		0.850			11/20/25		197,820
	50,000		1.450			03/20/26		50,533

								1,062,241

	TOTAL CORPORATE OBLIGATIONS
	(Cost $23,399,850)						$	23,472,803



Foreign Corporate Debt – 20.3%
Banks – 13.8%
	Banco Santander SA (Spain)
	200,000		2.746			05/28/25		210,740
	Bank of Montreal^(a) (Canada)
	(5 Year USD Swap + 1.280%)
	35,000		4.338			10/05/28		37,450
	Bank of Montreal, Series E (Canada)
	60,000		3.300			02/05/24		64,018
	Bank of Nova Scotia (The) (Canada)
	210,000		2.000			11/15/22		214,470
	Barclays PLC^(a) (United Kingdom)
	(3M USD LIBOR + 1.356%)
	240,000		4.338			05/16/24		254,816
	Canadian Imperial Bank of Commerce^(a) (Canada)
	(3M USD LIBOR + 0.785%)
	205,000		2.606			07/22/23		209,156
	Cooperatieve Rabobank UA, MTN (Netherlands)
	250,000		3.375			05/21/25		273,449
	Credit Suisse Group AG (Switzerland)
	250,000		4.550			04/17/26		282,861
	Deutsche Bank AG^(a) (Germany)
	(SOFR + 2.581%)
	150,000		3.961			11/26/25		163,022
	Lloyds Banking Group PLC^(a) (United Kingdom)
	(US 1 Year CMT T-Note + 1.100%)
	250,000		1.326			06/15/23		251,807
	Mitsubishi UFJ Financial Group, Inc. (Japan)
	250,000		2.801			07/18/24		264,482
	Mizuho Financial Group, Inc.^(a) (Japan)
	(3M USD LIBOR + 0.830%)
	200,000		2.226			05/25/26		206,874


Foreign Corporate Debt – (continued)
Banks – (continued)
	Natwest Group PLC (United Kingdom)
	105,000		6.125			12/15/22		112,272
	280,000		6.000			12/19/23		312,013
	Royal Bank of Canada, GMTN (Canada)
	120,000		1.950			01/17/23		122,748
	Royal Bank of Canada, MTN (Canada)
	210,000		1.150			06/10/25		210,770
	Santander UK Group Holdings PLC^(a) (United Kingdom)
	(US 1 Year CMT T-Note + 1.250%)
	250,000		1.532			08/21/26		251,489
	Sumitomo Mitsui Financial Group, Inc. (Japan)
	250,000		1.474			07/08/25		253,509
	100,000		2.632			07/14/26		106,658
	Toronto-Dominion Bank (The), GMTN (Canada)
	90,000		3.250			03/11/24		96,196
	Toronto-Dominion Bank (The), MTN (Canada)
	110,000		1.900			12/01/22		112,332
	Westpac Banking Corp. (Australia)
	150,000		1.150			06/03/26		150,828

								4,161,960

Brokerage – 0.1%
	Brookfield Finance, Inc. (Canada)
	25,000		4.000			04/01/24		26,970

Communications – 0.3%
	WPP Finance 2010 (United Kingdom)
	75,000		3.750			09/19/24		81,603

Consumer Cyclical – 0.8%
	Toyota Motor Corp. (Japan)
	125,000		3.419			07/20/23		132,353
	100,000		1.339			03/25/26		101,292

								233,645

Consumer Noncyclical – 1.3%

	AstraZeneca PLC (United Kingdom)
	75,000		0.700			04/08/26		73,682
	BAT Capital Corp. (United Kingdom)
	40,000		3.222			08/15/24		42,401
	Bayer US Finance II LLC^(b) (Germany)
	75,000		3.375			07/15/24		79,652
	GlaxoSmithKline Capital PLC (United Kingdom)
	100,000		3.000			06/01/24		106,410
	Reynolds American, Inc. (United Kingdom)
	90,000		4.450			06/12/25		99,727

								401,872

Energy – 1.8%
	BP Capital Markets PLC (United Kingdom)
	75,000		2.750			05/10/23		77,974
	75,000		3.814			02/10/24		80,879
	Cenovus Energy, Inc. (Canada)
	100,000		3.800			09/15/23		105,000

	Shell International Finance BV (Netherlands)
	100,000		2.375			04/06/25		104,732
	50,000		3.250			05/11/25		54,233


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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND


Principal Amount		Interest Rate			Maturity Date		Value

Foreign Corporate Debt – (continued)
Energy – (continued)

	Suncor Energy, Inc. (Canada)
$	120,000		3.100	%		05/15/25	$	128,027

								550,845

Financial Company – 0.5%
	Aercap Ireland Capital Dac / Aercap Global Aviation Trust (Ireland)
	150,000		1.750			01/30/26		148,573

Food and Beverage – 0.9%
	Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium)
	200,000		3.650			02/01/26		220,945
	Diageo Investment Corp. (United Kingdom)
	60,000		8.000			09/15/22		64,816

								285,761

Metals – 0.1%
	ArcelorMittal SA (Luxembourg)
	25,000		3.600			07/16/24		26,656

Technology – 0.1%
	NXP BV / NXP Funding LLC^(b) (China)
	30,000		4.875			03/01/24		32,855

Transportation – 0.4%
	Canadian Pacific Railway Co. (Canada)
	100,000		2.900			02/01/25		105,922

Wireless – 0.2%
	Vodafone Group PLC (United Kingdom)
	60,000		4.125			05/30/25		66,718

	TOTAL FOREIGN CORPORATE DEBT
	(Cost $6,099,517)						$	6,123,380


Shares		Dividend Rate	Value

Investment Company – 1.0%^(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	302,503	0.026%	$	302,503
	(Cost $302,503)

	TOTAL INVESTMENTS – 99.1%
	(Cost $29,801,870)		$	29,898,686

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.9%			269,000

	NET ASSETS – 100.0%		$	30,167,686



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



(a)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on August 31, 2021.

(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
SOFR		—Secured Overnight Financing Rate


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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments

August 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – 81.3%
Aerospace & Defense – 2.8%
	Boeing Co. (The)
$	600,000		1.167	%		02/04/23	$	601,665
	800,000		4.508			05/01/23		847,957
	1,000,000		1.433			02/04/24		1,002,609
	1,000,000		4.875			05/01/25		1,118,058
	1,000,000		2.196			02/04/26		1,009,168
	100,000		3.200			03/01/29		105,124
	1,000,000		5.150			05/01/30		1,183,658
	500,000		3.625			02/01/31		542,360
	150,000		3.600			05/01/34		158,619
	1,000,000		5.805			05/01/50		1,365,366
	474,000		3.950			08/01/59		494,488
	1,000,000		5.930			05/01/60		1,389,765
	General Dynamics Corp.
	219,000		2.250			11/15/22		223,212
	400,000		3.375			05/15/23		419,868
	300,000		3.500			04/01/27		334,605
	350,000		3.750			05/15/28		399,341
	84,000		4.250			04/01/50		108,999
	Lockheed Martin Corp.
	450,000		2.900			03/01/25		480,964
	310,000		4.070			12/15/42		380,503
	84,000		3.800			03/01/45		99,511
	304,000		4.700			05/15/46		407,239
	407,000		4.090			09/15/52		514,531
	Northrop Grumman Corp.
	700,000		2.930			01/15/25		743,769
	290,000		3.200			02/01/27		316,052
	810,000		3.250			01/15/28		885,535
	300,000		4.400			05/01/30		355,999
	406,000		4.030			10/15/47		489,168
	267,000		5.250			05/01/50		379,939
	Raytheon Technologies Corp.
	1,100,000		3.950			08/16/25		1,219,711
	100,000		3.125			05/04/27		108,966
	300,000		4.125			11/16/28		345,404
	620,000		6.125			07/15/38		885,984
	243,000		4.450			11/16/38		297,330
	500,000		4.500			06/01/42		624,220
	100,000		4.150			05/15/45		119,789
	296,000		3.750			11/01/46		337,108
	304,000		4.350			04/15/47		377,034
	292,000		4.625			11/16/48		378,279
	592,000		3.125			07/01/50		616,927

								21,668,824

Agriculture – 0.0%
	Archer-Daniels-Midland Co.
	92,000		3.250			03/27/30		102,423

Banks – 20.1%
	American Express Co.
	240,000		3.400			02/22/24		256,204
	1,200,000		3.000			10/30/24		1,284,161
	857,000		4.200			11/06/25		973,049
	320,000		3.125			05/20/26		349,498
	305,000		4.050			12/03/42		371,420


Corporate Obligations – (continued)
Banks – (continued)
	American Express Credit Corp., MTN
	790,000		3.300			05/03/27		874,348
	Bank of America Corp.
	100,000		4.100			07/24/23		107,182
	(3M USD LIBOR + 0.790%)
	972,000		3.004	^(a)		12/20/23		1,004,263
	(3M USD LIBOR + 0.780%)
	693,000		3.550	^(a)		03/05/24		724,750
	(3M USD LIBOR + 0.810%)
	824,000		3.366	^(a)		01/23/26		885,831
	(SOFR + 0.960%)
	1,000,000		1.734	^(a)		07/22/27		1,015,672
	(3M USD LIBOR + 1.512%)
	604,000		3.705	^(a)		04/24/28		669,951
	(3M USD LIBOR + 1.040%)
	1,398,000		3.419	^(a)		12/20/28		1,536,209
	(SOFR + 2.150%)
	1,000,000		2.592	^(a)		04/29/31		1,038,014
	(SOFR + 1.320%)
	1,300,000		2.687	^(a)		04/22/32		1,356,493
	(SOFR + 1.220%)
	290,000		2.299	^(a)		07/21/32		292,344
	460,000		6.110			01/29/37		633,791
	(3M USD LIBOR + 1.814%)
	390,000		4.244	^(a)		04/24/38		464,333
	370,000		7.750			05/14/38		587,251
	(SOFR + 1.580%)
	700,000		3.311	^(a)		04/22/42		755,240
	Bank of America Corp., GMTN
	991,000		3.300			01/11/23		1,032,260
	550,000		3.500			04/19/26		605,764
	(3M USD LIBOR + 1.370%)
	540,000		3.593	^(a)		07/21/28		597,082
	Bank of America Corp., Series L
	275,000		3.950			04/21/25		300,884
	408,000		4.183			11/25/27		459,140
	Bank of America Corp., MTN
	550,000		2.503			10/21/22		551,543
	740,000		4.000			04/01/24		804,342
	(SOFR + 1.460%)
	119,000		1.486	^(a)		05/19/24		121,000
	(3M USD LIBOR + 0.940%)
	200,000		3.864	^(a)		07/23/24		212,098
	1,296,000		4.200			08/26/24		1,416,514
	(SOFR + 0.740%)
	710,000		0.810	^(a)		10/24/24		712,944
	670,000		4.000			01/22/25		733,112
	530,000		3.875			08/01/25		588,117
	(3M USD LIBOR + 1.090%)
	800,000		3.093	^(a)		10/01/25		852,528
	(3M USD LIBOR + 0.870%)
	800,000		2.456	^(a)		10/22/25		838,691
	(3M USD LIBOR + 0.640%)
	70,000		2.015	^(a)		02/13/26		72,094
	200,000		4.450			03/03/26		225,410


60		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)
	(SOFR + 1.150%)
$	70,000		1.319	%^(a)		06/19/26	$	70,274
	558,000		4.250			10/22/26		633,839
	(3M USD LIBOR + 1.060%)
	570,000		3.559	^(a)		04/23/27		626,223
	780,000		3.248			10/21/27		852,173
	(3M USD LIBOR + 1.575%)
	482,000		3.824	^(a)		01/20/28		536,468
	(3M USD LIBOR + 1.070%)
	150,000		3.970	^(a)		03/05/29		168,966
	(3M USD LIBOR + 1.310%)
	1,030,000		4.271	^(a)		07/23/29		1,184,855
	(3M USD LIBOR + 1.210%)
	570,000		3.974	^(a)		02/07/30		646,584
	(3M USD LIBOR + 1.180%)
	300,000		3.194	^(a)		07/23/30		325,516
	(3M USD LIBOR + 1.190%)
	317,000		2.884	^(a)		10/22/30		336,146
	(3M USD LIBOR + 0.990%)
	425,000		2.496	^(a)		02/13/31		438,450
	(SOFR + 1.530%)
	750,000		1.898	^(a)		07/23/31		734,624
	(SOFR + 1.370%)
	500,000		1.922	^(a)		10/24/31		490,298
	(3M USD LIBOR + 1.320%)
	360,000		4.078	^(a)		04/23/40		423,203
	(SOFR + 1.930%)
	900,000		2.676	^(a)		06/19/41		888,878
	248,000		5.875			02/07/42		362,465
	364,000		5.000			01/21/44		487,298
	(3M USD LIBOR + 1.990%)
	470,000		4.443	^(a)		01/20/48		595,379
	(3M USD LIBOR + 1.520%)
	718,000		4.330	^(a)		03/15/50		902,228
	(3M USD LIBOR + 3.150%)
	990,000		4.083	^(a)		03/20/51		1,204,021
	Bank of America Corp., Series N^(a) (SOFR + 1.220%)
	500,000		2.651			03/11/32		518,376
	Bank of New York Mellon Corp. (The), MTN
	300,000		0.350			12/07/23		300,185
	(3M USD LIBOR + 1.069%)
	250,000		3.442	^(a)		02/07/28		276,381
	Capital One Bank USA NA
	250,000		3.375			02/15/23		260,546
	Capital One Financial Corp.
	659,000		3.200			01/30/23		684,387
	180,000		2.600			05/11/23		186,393
	1,355,000		3.900			01/29/24		1,458,412
	339,000		3.300			10/30/24		364,732
	305,000		3.200			02/05/25		328,040
	510,000		3.750			07/28/26		563,973
	650,000		3.750			03/09/27		726,795
	100,000		3.650			05/11/27		111,580
	100,000		3.800			01/31/28		112,365


Corporate Obligations – (continued)
Banks – (continued)
	(SOFR + 1.337%)
	300,000		2.359	%^(a)		07/29/32		298,799
	Citibank NA
	1,130,000		3.650			01/23/24		1,211,681
	Citigroup, Inc.
	220,000		2.700			10/27/22		225,833
	660,000		3.500			05/15/23		693,683
	510,000		3.875			10/25/23		548,542
	(3M USD LIBOR + 1.023%)
	644,000		4.044	^(a)		06/01/24		682,986
	440,000		4.000			08/05/24		479,212
	785,000		3.875			03/26/25		858,650
	340,000		3.300			04/27/25		368,794
	270,000		4.400			06/10/25		300,115
	799,000		5.500			09/13/25		928,418
	225,000		3.700			01/12/26		248,787
	390,000		4.600			03/09/26		444,413
	(SOFR + 2.842%)
	990,000		3.106	^(a)		04/08/26		1,060,397
	800,000		3.400			05/01/26		876,555
	880,000		3.200			10/21/26		958,596
	286,000		4.300			11/20/26		324,260
	817,000		4.450			09/29/27		934,662
	240,000		4.125			07/25/28		271,367
	(3M USD LIBOR + 1.338%)
	575,000		3.980	^(a)		03/20/30		653,948
	(SOFR + 1.422%)
	1,160,000		2.976	^(a)		11/05/30		1,235,715
	(SOFR + 1.146%)
	500,000		2.666	^(a)		01/29/31		520,720
	(SOFR + 2.107%)
	1,150,000		2.572	^(a)		06/03/31		1,185,257
	(SOFR + 1.167%)
	500,000		2.561	^(a)		05/01/32		516,093
	240,000		6.625			06/15/32		328,838
	360,000		8.125			07/15/39		623,245
	480,000		6.675			09/13/43		747,645
	150,000		5.300			05/06/44		203,253
	371,000		4.650			07/30/45		483,587
	790,000		4.750			05/18/46		1,018,575
	(3M USD LIBOR + 1.839%)
	180,000		4.281	^(a)		04/24/48		227,804
	296,000		4.650			07/23/48		393,441
	Discover Bank
	815,000		3.350			02/06/23		847,266
	700,000		2.450			09/12/24		732,055
	Fifth Third Bancorp
	900,000		3.650			01/25/24		964,199
	650,000		2.550			05/05/27		690,645
	190,000		8.250			03/01/38		321,038
	Fifth Third Bank NA
	560,000		3.850			03/15/26		622,999
	Huntington Bancshares, Inc.
	1,040,000		2.625			08/06/24		1,095,332
	400,000		2.550			02/04/30		421,573


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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Banks – (continued)
	JPMorgan Chase & Co.
$	648,000		3.250	%		09/23/22	$	669,231
	167,000		2.972			01/15/23		168,711
	140,000		3.200			01/25/23		145,831
	160,000		3.375			05/01/23		167,676
	650,000		2.700			05/18/23		673,850
	150,000		3.875			02/01/24		162,106
	50,000		3.625			05/13/24		54,162
	(3M USD LIBOR + 0.890%)
	450,000		3.797	^(a)		07/23/24		477,497
	515,000		3.875			09/10/24		561,076
	(SOFR + 0.600%)
	200,000		0.653	^(a)		09/16/24		200,486
	(3M USD LIBOR + 1.000%)
	50,000		4.023	^(a)		12/05/24		53,725
	620,000		3.125			01/23/25		664,538
	(3M USD LIBOR + 1.155%)
	340,000		3.220	^(a)		03/01/25		360,952
	600,000		3.900			07/15/25		660,488
	(SOFR + 1.585%)
	170,000		2.005	^(a)		03/13/26		175,075
	990,000		3.300			04/01/26		1,079,872
	(SOFR + 1.850%)
	1,240,000		2.083	^(a)		04/22/26		1,279,993
	950,000		3.200			06/15/26		1,033,855
	460,000		4.125			12/15/26		522,365
	(3M USD LIBOR + 1.245%)
	300,000		3.960	^(a)		01/29/27		333,876
	(SOFR + 0.885%)
	600,000		1.578	^(a)		04/22/27		605,111
	463,000		4.250			10/01/27		531,382
	264,000		3.625			12/01/27		290,002
	(3M USD LIBOR + 1.337%)
	415,000		3.782	^(a)		02/01/28		461,557
	(3M USD LIBOR + 1.380%)
	1,650,000		3.540	^(a)		05/01/28		1,820,449
	(SOFR + 1.890%)
	550,000		2.182	^(a)		06/01/28		568,118
	(3M USD LIBOR + 0.945%)
	200,000		3.509	^(a)		01/23/29		221,168
	(3M USD LIBOR + 1.120%)
	518,000		4.005	^(a)		04/23/29		588,480
	(3M USD LIBOR + 1.330%)
	450,000		4.452	^(a)		12/05/29		526,337
	(3M USD LIBOR + 1.160%)
	1,136,000		3.702	^(a)		05/06/30		1,272,400
	(SOFR + 1.510%)
	715,000		2.739	^(a)		10/15/30		753,769
	(SOFR + 3.790%)
	1,000,000		4.493	^(a)		03/24/31		1,188,584
	(SOFR + 2.040%)
	500,000		2.522	^(a)		04/22/31		518,457
	(SOFR + 2.515%)
	600,000		2.956	^(a)		05/13/31		634,763
	(SOFR + 1.105%)
	250,000		1.764	^(a)		11/19/31		242,315


Corporate Obligations – (continued)
Banks – (continued)
	(SOFR + 1.065%)
	600,000		1.953	%^(a)		02/04/32		589,041
	(SOFR + 1.250%)
	950,000		2.580	^(a)		04/22/32		983,699
	650,000		6.400			05/15/38		963,308
	(3M USD LIBOR + 1.360%)
	985,000		3.882	^(a)		07/24/38		1,148,020
	147,000		5.500			10/15/40		204,138
	(SOFR + 2.460%)
	250,000		3.109	^(a)		04/22/41		263,405
	126,000		5.600			07/15/41		177,140
	450,000		5.400			01/06/42		626,479
	(SOFR + 1.460%)
	100,000		3.157	^(a)		04/22/42		106,171
	10,000		5.625			08/16/43		14,124
	250,000		4.850			02/01/44		332,999
	230,000		4.950			06/01/45		306,996
	(3M USD LIBOR + 1.580%)
	510,000		4.260	^(a)		02/22/48		632,399
	(3M USD LIBOR + 1.460%)
	304,000		4.032	^(a)		07/24/48		364,863
	(3M USD LIBOR + 1.380%)
	1,130,000		3.964	^(a)		11/15/48		1,345,937
	(3M USD LIBOR + 1.220%)
	340,000		3.897	^(a)		01/23/49		401,476
	(SOFR + 2.440%)
	652,000		3.109	^(a)		04/22/51		686,234
	(SOFR + 1.580%)
	650,000		3.328	^(a)		04/22/52		711,909
	KeyCorp, MTN
	500,000		2.250			04/06/27		521,846
	500,000		4.100			04/30/28		579,193
	1,140,000		2.550			10/01/29		1,201,424
	Morgan Stanley
	150,000		4.875			11/01/22		157,766
	(3M USD LIBOR + 0.847%)
	1,210,000		3.737	^(a)		04/24/24		1,274,169
	1,290,000		5.000			11/24/25		1,482,274
	(SOFR + 0.720%)
	500,000		0.985	^(a)		12/10/26		493,699
	360,000		3.625			01/20/27		400,998
	586,000		3.950			04/23/27		658,324
	290,000		7.250			04/01/32		424,464
	(3M USD LIBOR + 1.455%)
	100,000		3.971	^(a)		07/22/38		117,419
	(SOFR + 1.485%)
	290,000		3.217	^(a)		04/22/42		312,011
	758,000		6.375			07/24/42		1,170,598
	660,000		4.300			01/27/45		825,800
	370,000		4.375			01/22/47		468,839
	Morgan Stanley, Series F
	1,055,000		3.875			04/29/24		1,143,282
	Morgan Stanley, GMTN
	290,000		3.125			01/23/23		301,359
	1,200,000		3.750			02/25/23		1,259,881
	125,000		3.700			10/23/24		136,195


62		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)
	Morgan Stanley, GMTN – (continued)
$	655,000		4.000	%		07/23/25	$	725,887
	800,000		3.875			01/27/26		892,091
	804,000		4.350			09/08/26		914,186
	(3M USD LIBOR + 1.628%)
	990,000		4.431	^(a)		01/23/30		1,155,552
	(SOFR + 1.143%)
	1,160,000		2.699	^(a)		01/22/31		1,215,770
	(SOFR + 4.840%)
	685,000		5.597	^(a)		03/24/51		1,042,113
	Morgan Stanley, MTN
	1,144,000		4.100			05/22/23		1,213,737
	(SOFR + 0.466%)
	70,000		0.560	^(a)		11/10/23		70,134
	(SOFR + 1.152%)
	500,000		2.720	^(a)		07/22/25		524,870
	1,015,000		3.125			07/27/26		1,101,026
	(SOFR + 3.120%)
	380,000		3.622	^(a)		04/01/31		426,385
	(SOFR + 1.034%)
	201,000		1.794	^(a)		02/13/32		194,900
	(SOFR + 1.430%)
	500,000		2.802	^(a)		01/25/52		500,828
	PNC Bank NA
	250,000		3.500			06/08/23		263,531
	860,000		3.100			10/25/27		945,956
	760,000		2.700			10/22/29		811,742
	PNC Financial Services Group, Inc. (The)
	100,000		3.900			04/29/24		108,274
	900,000		2.600			07/23/26		963,616
	290,000		3.150			05/19/27		319,167
	100,000		3.450			04/23/29		111,748
	410,000		2.550			01/22/30		431,884
	(SOFR + 0.979%)
	500,000		2.307	^(a)		04/23/32		515,522
	Santander Holdings USA, Inc.
	70,000		3.400			01/18/23		72,590
	1,500,000		3.500			06/07/24		1,601,568
	State Street Corp.
	200,000		3.100			05/15/23		209,317
	200,000		3.700			11/20/23		215,146
	Synchrony Financial
	760,000		4.250			08/15/24		826,782
	448,000		4.500			07/23/25		498,648
	224,000		3.950			12/01/27		249,627
	Truist Bank
	764,000		3.200			04/01/24		815,208
	500,000		1.500			03/10/25		511,594
	300,000		2.250			03/11/30		307,608
	Truist Financial Corp., MTN
	840,000		3.750			12/06/23		900,766
	605,000		2.850			10/26/24		646,244
	500,000		1.950			06/05/30		509,697
	US Bancorp, MTN
	650,000		3.700			01/30/24		698,693
	310,000		3.600			09/11/24		336,963


Corporate Obligations – (continued)
Banks – (continued)
	US Bancorp, MTN – (continued)
	455,000		3.100			04/27/26		495,782
	705,000		3.900			04/26/28		813,495
	800,000		3.000			07/30/29		871,420
	US Bancorp, Series V
	50,000		2.375			07/22/26		53,174
	US Bancorp, Series X
	775,000		3.150			04/27/27		855,500
	US Bank NA
	250,000		2.850			01/23/23		258,614
	Wells Fargo & Co.
	100,000		3.069			01/24/23		101,135
	220,000		4.125			08/15/23		235,510
	350,000		3.000			04/22/26		378,259
	1,300,000		3.000			10/23/26		1,405,398
	(SOFR + 2.530%)
	1,545,000		3.068	^(a)		04/30/41		1,626,021
	500,000		5.375			11/02/43		675,931
	92,000		3.900			05/01/45		110,357
	Wells Fargo & Co., GMTN
	500,000		4.900			11/17/45		648,046
	Wells Fargo & Co., MTN
	1,200,000		3.750			01/24/24		1,286,134
	(SOFR + 1.600%)
	1,300,000		1.654	^(a)		06/02/24		1,328,146
	(SOFR + 1.087%)
	500,000		2.406	^(a)		10/30/25		523,061
	(3M USD LIBOR + 0.750%)
	700,000		2.164	^(a)		02/11/26		726,929
	(3M USD LIBOR + 1.310%)
	200,000		3.584	^(a)		05/22/28		221,899
	900,000		4.150			01/24/29		1,037,188
	(SOFR + 1.432%)
	2,100,000		2.879	^(a)		10/30/30		2,238,353
	(SOFR + 1.262%)
	700,000		2.572	^(a)		02/11/31		726,942
	(SOFR + 4.032%)
	200,000		4.478	^(a)		04/04/31		237,434
	1,189,000		4.400			06/14/46		1,460,549
	100,000		4.750			12/07/46		127,937
	(SOFR + 4.502%)
	1,530,000		5.013	^(a)		04/04/51		2,141,070
	Wells Fargo Bank NA
	600,000		3.550			08/14/23		636,402
	400,000		6.600			01/15/38		590,255

								155,769,005

Basic Industry – 0.9%
	CF Industries, Inc.
	300,000		4.950			06/01/43		371,625
	Dow Chemical Co. (The)
	500,000		7.375			11/01/29		697,508
	200,000		4.375			11/15/42		241,442
	150,000		5.550			11/30/48		213,177
	200,000		3.600			11/15/50		219,725


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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Basic Industry – (continued)
	DuPont de Nemours, Inc.
$	390,000		4.205	%		11/15/23	$	419,860
	670,000		4.493			11/15/25		756,884
	330,000		5.319			11/15/38		435,773
	584,000		5.419			11/15/48		825,190
	LYB International Finance BV
	220,000		4.875			03/15/44		279,093
	LYB International Finance II BV
	200,000		3.500			03/02/27		220,146
	LYB International Finance III LLC
	688,000		4.200			10/15/49		815,533
	LyondellBasell Industries NV
	200,000		5.750			04/15/24		223,275
	200,000		4.625			02/26/55		252,714
	Sherwin-Williams Co. (The)
	500,000		3.450			06/01/27		552,765
	438,000		4.500			06/01/47		550,110
	Weyerhaeuser Co.
	187,000		7.375			03/15/32		269,714

								7,344,534

Broadcasting – 0.6%
	Discovery Communications LLC
	158,000		2.950			03/20/23		163,574
	355,000		3.950			03/20/28		396,572
	320,000		4.125			05/15/29		361,334
	643,000		5.200			09/20/47		809,521
	365,000		4.000			09/15/55		390,168
	Fox Corp.
	990,000		4.030			01/25/24		1,067,015
	690,000		4.709			01/25/29		813,081
	280,000		5.476			01/25/39		363,530

								4,364,795

Brokerage – 0.3%
	Intercontinental Exchange, Inc.
	750,000		1.850			09/15/32		724,426
	700,000		3.000			09/15/60		697,481
	Jefferies Financial Group, Inc.
	709,000		5.500			10/18/23		756,830
	Jefferies Group LLC
	250,000		5.125			01/20/23		265,501

								2,444,238

Building Materials – 0.1%
	Stanley Black & Decker, Inc.
	300,000		2.750			11/15/50		297,251
	(US 5 Year CMT T-Note + 2.657%)
	467,000		4.000	^(a)		03/15/60		500,104

								797,355

Capital Goods – 1.8%
	3M Co.
	100,000		2.000			02/14/25		104,039
	350,000		2.875			10/15/27		382,643
	394,000		3.250			08/26/49		432,632


Corporate Obligations – (continued)
Capital Goods – (continued)
	3M Co., MTN
	310,000		4.000			09/14/48		383,070
	Berry Global, Inc.^(b)
	270,000		0.950			02/15/24		270,709
	100,000		1.570			01/15/26		101,021
	Carrier Global Corp.
	1,080,000		2.722			02/15/30		1,136,269
	450,000		2.700			02/15/31		469,093
	571,000		3.377			04/05/40		612,003
	250,000		3.577			04/05/50		271,738
	Caterpillar Financial Services Corp.
	350,000		0.650			07/07/23		351,953
	Caterpillar Financial Services Corp., MTN
	220,000		1.950			11/18/22		224,569
	Caterpillar, Inc.
	380,000		3.400			05/15/24		407,233
	80,000		5.200			05/27/41		111,247
	880,000		3.803			08/15/42		1,051,511
	900,000		3.250			09/19/49		1,004,263
	Deere & Co.
	320,000		3.900			06/09/42		389,245
	Eaton Corp.
	1,060,000		2.750			11/02/22		1,089,840
	100,000		4.150			11/02/42		121,459
	General Electric Co., MTN
	250,000		6.750			03/15/32		347,578
	Honeywell International, Inc.
	300,000		2.300			08/15/24		315,623
	865,000		2.500			11/01/26		922,811
	100,000		2.700			08/15/29		107,587
	Illinois Tool Works, Inc.
	315,000		2.650			11/15/26		338,601
	John Deere Capital Corp., MTN
	190,000		2.800			03/06/23		197,302
	Otis Worldwide Corp.
	300,000		2.565			02/15/30		313,989
	Republic Services, Inc.
	420,000		3.950			05/15/28		478,566
	Westinghouse Air Brake Technologies Corp.
	800,000		3.450			11/15/26		859,427
	700,000		4.950			09/15/28		816,893

								13,612,914

Communications – 5.2%
	Charter Communications Operating LLC / Charter Communications Operating Capital
	1,110,000		4.908			07/23/25		1,256,324
	525,000		3.750			02/15/28		580,845
	940,000		4.200			03/15/28		1,063,203
	250,000		5.050			03/30/29		296,234
	593,000		6.384			10/23/35		793,197
	130,000		5.375			04/01/38		160,904
	774,000		6.484			10/23/45		1,083,247
	534,000		5.375			05/01/47		661,001
	495,000		5.750			04/01/48		638,970
	625,000		5.125			07/01/49		752,295


64		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)
Communications – (continued)
	Charter Communications Operating LLC / Charter Communications Operating Capital – (continued)
$	190,000		3.700	%		04/01/51	$	191,845
	500,000		3.850			04/01/61		498,496
	Charter Communications Operating LLC / Charter Communications Operating Capital, Series USD
	298,000		4.500			02/01/24		323,739
	Comcast Cable Communications Holdings, Inc.
	500,000		9.455			11/15/22		554,973
	Comcast Corp.
	1,236,000		3.700			04/15/24		1,334,879
	240,000		3.375			02/15/25		259,599
	92,000		3.375			08/15/25		100,143
	184,000		3.150			03/01/26		199,978
	92,000		3.300			02/01/27		101,039
	105,000		3.150			02/15/28		115,309
	92,000		3.550			05/01/28		102,963
	874,000		4.150			10/15/28		1,014,929
	500,000		3.400			04/01/30		555,221
	890,000		4.250			10/15/30		1,050,495
	400,000		1.950			01/15/31		398,076
	595,000		4.250			01/15/33		710,873
	240,000		7.050			03/15/33		352,008
	360,000		4.200			08/15/34		429,033
	430,000		3.200			07/15/36		470,029
	130,000		3.900			03/01/38		151,778
	594,000		4.600			10/15/38		745,801
	531,000		3.250			11/01/39		577,845
	92,000		3.750			04/01/40		105,370
	622,000		4.650			07/15/42		792,081
	318,000		4.750			03/01/44		417,308
	403,000		3.400			07/15/46		439,139
	276,000		4.000			08/15/47		327,233
	480,000		3.969			11/01/47		567,012
	420,000		4.000			03/01/48		498,431
	816,000		4.700			10/15/48		1,075,612
	475,000		3.999			11/01/49		567,409
	300,000		2.800			01/15/51		295,768
	184,000		2.450			08/15/52		169,261
	513,000		4.049			11/01/52		622,767
	521,000		4.950			10/15/58		747,989
	NBCUniversal Media LLC
	265,000		4.450			01/15/43		329,891
	Omnicom Group, Inc. / Omnicom Capital, Inc.
	532,000		3.650			11/01/24		577,007
	350,000		3.600			04/15/26		386,714
	Time Warner Cable LLC
	70,000		6.550			05/01/37		95,430
	438,000		7.300			07/01/38		637,079
	332,000		6.750			06/15/39		465,213
	180,000		5.875			11/15/40		231,191
	511,000		5.500			09/01/41		640,811
	Time Warner Entertainment Co. LP
	1,005,000		8.375			03/15/23		1,124,288
	582,000		8.375			07/15/33		880,387


Corporate Obligations – (continued)
Communications – (continued)
	TWDC Enterprises 18 Corp., GMTN
	190,000		4.125			06/01/44		232,631
	TWDC Enterprises 18 Corp., MTN
	705,000		1.850			07/30/26		731,589
	290,000		2.950			06/15/27		317,639
	ViacomCBS, Inc.
	300,000		7.875			07/30/30		428,828
	860,000		4.950			01/15/31		1,040,482
	740,000		4.200			05/19/32		855,820
	150,000		6.875			04/30/36		215,882
	100,000		5.850			09/01/43		138,738
	200,000		4.950			05/19/50		254,585
	Walt Disney Co. (The)
	377,000		3.000			09/15/22		387,571
	680,000		1.750			08/30/24		703,544
	440,000		2.200			01/13/28		458,305
	800,000		2.000			09/01/29		814,689
	498,000		3.800			03/22/30		575,865
	1,200,000		2.650			01/13/31		1,277,914
	75,000		6.400			12/15/35		110,788
	420,000		4.625			03/23/40		537,065
	270,000		4.700			03/23/50		364,444
	975,000		3.800			05/13/60		1,170,343

								40,135,384

Consumer Cyclical – 6.6%
	Amazon.com, Inc.
	817,000		2.400			02/22/23		841,676
	800,000		0.450			05/12/24		800,140
	230,000		2.800			08/22/24		244,849
	228,000		3.800			12/05/24		250,106
	100,000		0.800			06/03/25		100,270
	18,000		5.200			12/03/25		21,053
	200,000		1.200			06/03/27		200,602
	30,000		3.150			08/22/27		33,170
	450,000		1.500			06/03/30		441,800
	420,000		4.800			12/05/34		544,224
	775,000		3.875			08/22/37		925,825
	400,000		2.875			05/12/41		420,841
	494,000		4.950			12/05/44		680,705
	1,145,000		4.050			08/22/47		1,417,996
	744,000		2.500			06/03/50		714,283
	530,000		4.250			08/22/57		691,300
	300,000		2.700			06/03/60		291,763
	400,000		3.250			05/12/61		435,283
	American Honda Finance Corp., MTN
	50,000		2.050			01/10/23		51,186
	470,000		0.875			07/07/23		473,761
	450,000		2.150			09/10/24		469,119
	Costco Wholesale Corp.
	400,000		3.000			05/18/27		439,871
	200,000		1.375			06/20/27		202,264
	940,000		1.750			04/20/32		937,365
	Dollar Tree, Inc.
	665,000		4.000			05/15/25		729,803
	290,000		4.200			05/15/28		330,456


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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Consumer Cyclical – (continued)
	eBay, Inc.
$	700,000		2.750	%		01/30/23	$	722,199
	50,000		3.450			08/01/24		53,659
	100,000		3.600			06/05/27		111,569
	208,000		2.700			03/11/30		217,496
	General Motors Co.
	600,000		4.875			10/02/23		651,177
	100,000		5.400			10/02/23		109,445
	907,000		5.000			10/01/28		1,060,242
	548,000		6.600			04/01/36		752,901
	314,000		5.400			04/01/48		400,076
	200,000		5.950			04/01/49		273,614
	General Motors Financial Co., Inc.
	200,000		3.700			05/09/23		209,161
	410,000		5.100			01/17/24		449,456
	1,000,000		1.050			03/08/24		1,007,440
	1,450,000		3.950			04/13/24		1,556,867
	850,000		4.000			01/15/25		924,041
	790,000		5.250			03/01/26		910,577
	500,000		2.350			01/08/31		496,873
	Global Payments, Inc.
	661,000		3.200			08/15/29		709,181
	Marriott International, Inc., Series EE
	400,000		5.750			05/01/25		460,229
	Marriott International, Inc., Series FF
	500,000		4.625			06/15/30		575,029
	Marriott International, Inc., Series GG
	300,000		3.500			10/15/32		320,439
	Marriott International, Inc., Series R
	200,000		3.125			06/15/26		213,377
	Mastercard, Inc.
	210,000		2.000			03/03/25		219,325
	243,000		2.950			11/21/26		265,836
	880,000		3.350			03/26/30		995,136
	512,000		3.650			06/01/49		605,454
	300,000		3.850			03/26/50		366,475
	McDonald’s Corp., MTN
	336,000		3.350			04/01/23		350,921
	370,000		3.700			01/30/26		409,854
	690,000		3.500			03/01/27		763,809
	350,000		3.800			04/01/28		396,134
	100,000		2.625			09/01/29		105,729
	282,000		2.125			03/01/30		286,804
	150,000		3.600			07/01/30		169,596
	859,000		4.700			12/09/35		1,069,856
	320,000		4.875			12/09/45		421,111
	296,000		4.450			09/01/48		372,678
	322,000		4.200			04/01/50		395,360
	NIKE, Inc.
	200,000		2.400			03/27/25		211,824
	280,000		2.375			11/01/26		297,732
	250,000		3.250			03/27/40		278,767
	140,000		3.875			11/01/45		171,524
	414,000		3.375			03/27/50		476,206
	Starbucks Corp.
	100,000		3.850			10/01/23		106,321


Corporate Obligations – (continued)
Consumer Cyclical – (continued)
	Starbucks Corp. – (continued)
	100,000		4.000			11/15/28		115,480
	600,000		3.550			08/15/29		674,023
	500,000		4.450			08/15/49		630,213
	Target Corp.
	450,000		3.500			07/01/24		487,707
	265,000		2.350			02/15/30		278,817
	629,000		4.000			07/01/42		791,350
	Toyota Motor Credit Corp., GMTN
	460,000		3.450			09/20/23		489,011
	Toyota Motor Credit Corp., MTN
	450,000		2.150			09/08/22		458,512
	660,000		0.500			08/14/23		662,789
	955,000		2.150			02/13/30		988,899
	1,082,000		3.375			04/01/30		1,220,855
	Visa, Inc.
	500,000		2.800			12/14/22		514,639
	900,000		3.150			12/14/25		984,399
	290,000		2.750			09/15/27		315,315
	709,000		2.050			04/15/30		732,382
	570,000		4.150			12/14/35		706,097
	300,000		2.700			04/15/40		311,922
	889,000		4.300			12/14/45		1,142,742
	40,000		3.650			09/15/47		47,349
	Walmart, Inc.
	138,000		2.350			12/15/22		141,543
	207,000		2.550			04/11/23		213,621
	510,000		3.400			06/26/23		537,848
	200,000		2.650			12/15/24		213,186
	184,000		3.050			07/08/26		201,597
	1,276,000		3.700			06/26/28		1,457,823
	325,000		3.250			07/08/29		365,417
	680,000		5.250			09/01/35		934,767
	395,000		6.500			08/15/37		604,049
	530,000		3.950			06/28/38		641,968
	92,000		3.625			12/15/47		109,531
	672,000		4.050			06/29/48		854,987
	46,000		2.950			09/24/49		49,659

								51,489,708

Consumer Noncyclical – 6.3%
	Abbott Laboratories
	334,000		3.400			11/30/23		354,804
	415,000		2.950			03/15/25		444,256
	124,000		3.750			11/30/26		140,384
	156,000		4.750			11/30/36		202,255
	540,000		4.900			11/30/46		748,164
	AbbVie, Inc.
	1,500,000		2.600			11/21/24		1,584,890
	1,500,000		3.800			03/15/25		1,637,594
	2,000,000		3.600			05/14/25		2,175,516
	500,000		3.200			05/14/26		542,263
	2,000,000		4.050			11/21/39		2,352,462
	300,000		4.850			06/15/44		385,566
	250,000		4.750			03/15/45		316,817
	300,000		4.250			11/21/49		366,121


66		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)
	Altria Group, Inc.
$	250,000		4.000	%		01/31/24	$	270,281
	800,000		2.350			05/06/25		834,317
	800,000		4.800			02/14/29		929,538
	70,000		2.450			02/04/32		68,334
	100,000		5.800			02/14/39		125,355
	500,000		3.400			02/04/41		480,731
	100,000		4.250			08/09/42		106,030
	310,000		5.375			01/31/44		372,860
	614,000		3.875			09/16/46		619,898
	520,000		5.950			02/14/49		676,212
	70,000		3.700			02/04/51		67,970
	150,000		4.000			02/04/61		147,718
	Becton Dickinson and Co.
	182,000		3.363			06/06/24		194,574
	326,000		3.734			12/15/24		354,066
	350,000		3.700			06/06/27		390,099
	200,000		2.823			05/20/30		211,912
	300,000		4.685			12/15/44		382,355
	420,000		4.669			06/06/47		532,538
	Boston Scientific Corp.
	700,000		3.750			03/01/26		775,471
	500,000		2.650			06/01/30		520,394
	210,000		4.550			03/01/39		259,522
	90,000		4.700			03/01/49		116,992
	Eli Lilly & Co.
	690,000		3.950			03/15/49		854,622
	392,000		4.150			03/15/59		511,298
	92,000		2.500			09/15/60		86,775
	Gilead Sciences, Inc.
	1,000,000		0.750			09/29/23		999,968
	1,000,000		3.500			02/01/25		1,081,843
	300,000		4.800			04/01/44		385,506
	300,000		4.150			03/01/47		360,907
	Johnson & Johnson
	148,200		2.625			01/15/25		157,450
	166,000		2.450			03/01/26		176,963
	115,000		2.950			03/03/27		125,960
	300,000		0.950			09/01/27		296,888
	360,000		4.375			12/05/33		451,887
	1,093,000		3.550			03/01/36		1,286,253
	540,000		3.625			03/03/37		635,932
	250,000		5.950			08/15/37		366,936
	245,000		3.400			01/15/38		281,987
	46,000		2.100			09/01/40		44,509
	158,000		3.700			03/01/46		191,346
	795,000		3.750			03/03/47		973,480
	Mylan, Inc.
	480,000		4.550			04/15/28		554,210
	240,000		5.200			04/15/48		299,955
	Pfizer, Inc.
	550,000		3.200			09/15/23		580,938
	100,000		2.950			03/15/24		106,093
	92,000		0.800			05/28/25		92,212
	300,000		3.450			03/15/29		338,353
	1,500,000		2.625			04/01/30		1,612,552


Corporate Obligations – (continued)
Consumer Noncyclical – (continued)
	Pfizer, Inc. – (continued)
	400,000		3.900			03/15/39		480,392
	100,000		7.200			03/15/39		163,722
	260,000		2.550			05/28/40		264,292
	100,000		4.300			06/15/43		126,448
	280,000		4.400			05/15/44		360,220
	300,000		4.125			12/15/46		377,459
	100,000		4.200			09/15/48		127,456
	100,000		4.000			03/15/49		124,445
	730,000		2.700			05/28/50		738,261
	Philip Morris International, Inc.
	100,000		2.500			11/02/22		102,337
	50,000		3.250			11/10/24		54,011
	375,000		3.375			08/11/25		408,071
	525,000		2.750			02/25/26		561,343
	390,000		6.375			05/16/38		557,122
	200,000		4.375			11/15/41		235,487
	110,000		3.875			08/21/42		121,532
	615,000		4.125			03/04/43		702,350
	150,000		4.875			11/15/43		188,436
	145,000		4.250			11/10/44		170,342
	Regeneron Pharmaceuticals, Inc.
	484,000		2.800			09/15/50		464,805
	Royalty Pharma PLC
	200,000		0.750			09/02/23		201,250
	Shire Acquisitions Investments Ireland DAC
	1,050,000		2.875			09/23/23		1,096,961
	800,000		3.200			09/23/26		869,615
	Thermo Fisher Scientific, Inc.
	654,000		2.950			09/19/26		706,812
	336,000		3.200			08/15/27		367,669
	416,000		4.100			08/15/47		513,876
	Utah Acquisition Sub, Inc.
	1,150,000		3.950			06/15/26		1,276,792
	Viatris, Inc.^(b)
	480,000		4.000			06/22/50		524,144
	Walgreens Boots Alliance, Inc.
	474,000		3.800			11/18/24		514,770
	450,000		3.450			06/01/26		491,574
	550,000		4.800			11/18/44		671,694
	Wyeth LLC
	578,000		6.500			02/01/34		846,862
	100,000		5.950			04/01/37		143,964
	Zimmer Biomet Holdings, Inc.
	320,000		3.550			04/01/25		346,132
	150,000		3.550			03/20/30		165,576
	Zoetis, Inc.
	214,000		3.000			09/12/27		232,466
	790,000		4.700			02/01/43		1,029,883

								48,871,653

Electric – 1.3%
	Consolidated Edison Co. of New York, Inc.
	150,000		4.625			12/01/54		192,969
	500,000		3.600			06/15/61		545,317
	Consolidated Edison Co. of New York, Inc., Series 20B
	450,000		3.950			04/01/50		524,440


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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Electric – (continued)
	Duke Energy Carolinas LLC
$	150,000		3.200	%		08/15/49	$	160,194
	Duke Energy Corp.
	500,000		3.750			04/15/24		536,908
	390,000		2.650			09/01/26		415,189
	100,000		2.450			06/01/30		102,296
	552,000		3.750			09/01/46		602,200
	Exelon Corp.
	92,000		4.050			04/15/30		105,370
	392,000		4.700			04/15/50		503,795
	Exelon Generation Co. LLC
	200,000		3.250			06/01/25		215,088
	210,000		6.250			10/01/39		262,972
	120,000		5.600			06/15/42		142,848
	Georgia Power Co., Series A
	436,000		3.250			03/15/51		455,281
	NiSource, Inc.
	100,000		0.950			08/15/25		99,443
	192,000		3.600			05/01/30		213,249
	500,000		1.700			02/15/31		479,873
	100,000		3.950			03/30/48		116,511
	Pacific Gas and Electric Co.
	600,000		2.100			08/01/27		581,016
	650,000		3.300			12/01/27		667,258
	Southern California Edison Co.
	500,000		4.000			04/01/47		537,418
	200,000		3.650			02/01/50		205,957
	Southern California Edison Co., Series C
	200,000		4.125			03/01/48		217,146
	Southern Co. (The)
	240,000		2.950			07/01/23		250,192
	1,050,000		3.250			07/01/26		1,138,363
	430,000		4.400			07/01/46		521,556

								9,792,849

Energy – 8.0%
	Baker Hughes a GE Co. LLC / Baker Hughes Co.-Obligor, Inc.
	700,000		2.773			12/15/22		720,377
	330,000		3.337			12/15/27		360,819
	200,000		4.080			12/15/47		228,507
	BP Capital Markets America, Inc.
	270,000		2.750			05/10/23		280,707
	510,000		3.790			02/06/24		547,335
	150,000		3.224			04/14/24		159,342
	100,000		3.194			04/06/25		107,567
	239,000		3.796			09/21/25		264,088
	500,000		3.410			02/11/26		546,975
	410,000		3.119			05/04/26		445,114
	860,000		3.017			01/16/27		931,972
	720,000		4.234			11/06/28		833,202
	650,000		3.633			04/06/30		732,517
	400,000		1.749			08/10/30		393,416
	925,000		3.000			02/24/50		918,960
	Cheniere Corpus Christi Holdings LLC
	500,000		7.000			06/30/24		568,062
	535,000		5.875			03/31/25		608,897
	1,274,000		5.125			06/30/27		1,483,414


Corporate Obligations – (continued)
Energy – (continued)
	Chevron Corp.
	1,500,000		3.191			06/24/23		1,567,792
	300,000		1.995			05/11/27		310,428
	ConocoPhillips
	300,000		4.300	^(b)		08/15/28		346,829
	600,000		6.500			02/01/39		885,067
	ConocoPhillips Co.
	500,000		4.950			03/15/26		578,064
	100,000		6.950			04/15/29		135,815
	300,000		4.300			11/15/44		366,405
	Devon Energy Corp.
	100,000		5.600			07/15/41		125,250
	205,000		4.750			05/15/42		235,237
	100,000		5.000			06/15/45		118,875
	Diamondback Energy, Inc.
	100,000		3.500			12/01/29		107,438
	Energy Transfer LP
	100,000		4.250			03/15/23		104,316
	100,000		4.500			04/15/24		108,506
	600,000		4.050			03/15/25		649,756
	1,540,000		2.900			05/15/25		1,619,788
	200,000		4.750			01/15/26		224,046
	200,000		5.500			06/01/27		236,149
	100,000		4.000			10/01/27		110,953
	200,000		4.950			06/15/28		231,710
	100,000		5.250			04/15/29		118,008
	100,000		3.750			05/15/30		108,698
	100,000		6.500			02/01/42		131,750
	201,000		5.300			04/15/47		237,807
	828,000		5.400			10/01/47		997,350
	412,000		6.000			06/15/48		525,079
	201,000		6.250			04/15/49		268,180
	400,000		5.000			05/15/50		469,891
	Enterprise Products Operating LLC
	492,000		3.350			03/15/23		510,350
	157,000		3.900			02/15/24		168,211
	207,000		3.750			02/15/25		225,244
	478,000		3.125			07/31/29		518,336
	150,000		5.950			02/01/41		208,854
	207,000		4.850			08/15/42		255,873
	250,000		4.450			02/15/43		294,965
	304,000		4.850			03/15/44		371,605
	710,000		5.100			02/15/45		897,876
	250,000		4.900			05/15/46		303,638
	414,000		4.800			02/01/49		514,407
	368,000		4.200			01/31/50		426,185
	128,000		3.950			01/31/60		142,849
	Enterprise Products Operating LLC^(a), Series E (3M USD LIBOR + 3.033%)
	164,000		5.250			08/16/77		171,790
	EOG Resources, Inc.
	690,000		4.375			04/15/30		813,736
	340,000		4.950			04/15/50		458,312
	Exxon Mobil Corp.
	200,000		2.726			03/01/23		206,311
	800,000		1.571			04/15/23		816,303


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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Energy – (continued)
	Exxon Mobil Corp. – (continued)
$	600,000		2.019	%		08/16/24	$	625,319
	1,000,000		2.992			03/19/25		1,070,871
	1,000,000		3.043			03/01/26		1,085,047
	100,000		3.294			03/19/27		110,609
	700,000		3.482			03/19/30		786,708
	600,000		3.567			03/06/45		667,474
	100,000		4.114			03/01/46		119,736
	1,000,000		3.095			08/16/49		1,021,621
	820,000		4.327			03/19/50		1,028,591
	100,000		3.452			04/15/51		111,009
	Halliburton Co.
	350,000		2.920			03/01/30		363,791
	1,320,000		4.850			11/15/35		1,565,850
	250,000		7.450			09/15/39		367,188
	200,000		5.000			11/15/45		242,250
	Hess Corp.
	290,000		4.300			04/01/27		322,443
	148,000		6.000			01/15/40		187,035
	388,000		5.600			02/15/41		485,485
	Kinder Morgan Energy Partners LP
	600,000		5.500			03/01/44		763,045
	Kinder Morgan, Inc.
	200,000		3.150			01/15/23		207,158
	800,000		5.300			12/01/34		996,864
	500,000		5.050			02/15/46		616,894
	100,000		3.600			02/15/51		103,099
	Kinder Morgan, Inc., GMTN
	300,000		7.750			01/15/32		435,080
	Marathon Petroleum Corp.
	1,400,000		4.700			05/01/25		1,566,250
	100,000		6.500			03/01/41		138,875
	100,000		4.750			09/15/44		119,500
	MPLX LP
	750,000		4.500			07/15/23		796,567
	200,000		4.125			03/01/27		224,625
	100,000		4.800			02/15/29		117,380
	1,440,000		2.650			08/15/30		1,474,200
	350,000		4.500			04/15/38		401,934
	649,000		5.200			03/01/47		800,479
	200,000		5.500			02/15/49		259,764
	ONEOK Partners LP
	200,000		3.375			10/01/22		204,853
	ONEOK, Inc.
	280,000		4.550			07/15/28		320,210
	718,000		3.100			03/15/30		756,365
	100,000		5.200			07/15/48		123,205
	Phillips 66
	1,000,000		0.900			02/15/24		1,000,066
	390,000		4.650			11/15/34		461,644
	200,000		4.875			11/15/44		251,820
	Plains All American Pipeline LP / PAA Finance Corp.
	914,000		4.650			10/15/25		1,017,967
	240,000		4.500			12/15/26		269,399
	414,000		3.550			12/15/29		439,631


Corporate Obligations – (continued)
Energy – (continued)
	Sabine Pass Liquefaction LLC
	100,000		5.625			04/15/23		106,562
	600,000		5.750			05/15/24		669,375
	500,000		5.625			03/01/25		569,313
	486,000		5.000			03/15/27		562,545
	140,000		4.200			03/15/28		157,675
	932,000		4.500			05/15/30		1,080,538
	Schlumberger Investment SA
	500,000		3.650			12/01/23		531,552
	Spectra Energy Partners LP
	400,000		4.750			03/15/24		436,573
	Transcontinental Gas Pipe Line Co. LLC
	200,000		7.850			02/01/26		251,957
	Valero Energy Corp.
	740,000		2.700			04/15/23		762,797
	500,000		1.200			03/15/24		503,809
	290,000		4.350			06/01/28		327,711
	257,000		4.000			04/01/29		284,624
	250,000		6.625			06/15/37		341,569
	Williams Cos., Inc. (The)
	870,000		3.700			01/15/23		901,980
	100,000		4.000			09/15/25		110,137
	100,000		3.750			06/15/27		110,947
	320,000		3.500			11/15/30		352,226
	526,000		6.300			04/15/40		726,477
	750,000		5.100			09/15/45		935,466
	280,000		4.850			03/01/48		346,089

								62,453,126

Financial Company – 0.6%
	Ally Financial, Inc.
	680,000		3.050			06/05/23		706,979
	789,000		1.450			10/02/23		800,933
	270,000		3.875			05/21/24		291,952
	532,000		8.000			11/01/31		781,611
	Ares Capital Corp.
	1,780,000		4.200			06/10/24		1,913,723
	70,000		2.150			07/15/26		70,494

								4,565,692

Food and Beverage – 2.9%
	Coca-Cola Co. (The)
	50,000		3.375			03/25/27		55,823
	50,000		1.450			06/01/27		50,955
	520,000		1.000			03/15/28		507,523
	500,000		3.450			03/25/30		567,670
	500,000		1.650			06/01/30		495,711
	300,000		2.000			03/05/31		305,224
	380,000		2.500			06/01/40		380,790
	300,000		2.875			05/05/41		314,575
	430,000		2.600			06/01/50		427,701
	100,000		3.000			03/05/51		106,574
	220,000		2.750			06/01/60		221,107
	Conagra Brands, Inc.
	600,000		4.600			11/01/25		677,490
	350,000		4.850			11/01/28		418,124
	390,000		5.300			11/01/38		505,242


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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Food and Beverage – (continued)
	General Mills, Inc.
$	200,000		3.700	%		10/17/23	$	213,164
	500,000		4.000			04/17/25		552,109
	470,000		4.200			04/17/28		542,080
	Hormel Foods Corp.
	300,000		0.650			06/03/24		300,687
	Keurig Dr Pepper, Inc.
	266,000		4.057			05/25/23		282,130
	300,000		0.750			03/15/24		300,474
	510,000		4.597			05/25/28		598,716
	100,000		3.200			05/01/30		109,247
	Kraft Heinz Foods Co.
	890,000		3.000			06/01/26		943,887
	804,000		5.000			07/15/35		997,171
	250,000		6.875			01/26/39		371,873
	552,000		4.375			06/01/46		635,315
	490,000		4.875			10/01/49		610,604
	Molson Coors Beverage Co.
	1,270,000		3.000			07/15/26		1,364,622
	690,000		5.000			05/01/42		856,482
	150,000		4.200			07/15/46		169,439
	PepsiCo, Inc.
	50,000		2.750			03/01/23		51,864
	140,000		2.250			03/19/25		147,130
	120,000		2.750			04/30/25		128,322
	216,000		2.850			02/24/26		233,066
	222,000		2.375			10/06/26		237,564
	100,000		3.000			10/15/27		110,259
	96,000		2.625			07/29/29		103,216
	210,000		2.750			03/19/30		227,704
	100,000		1.400			02/25/31		98,145
	545,000		4.450			04/14/46		712,810
	720,000		3.450			10/06/46		820,154
	330,000		4.000			05/02/47		408,228
	300,000		3.375			07/29/49		341,228
	240,000		3.625			03/19/50		285,850
	618,000		3.875			03/19/60		780,389
	Sysco Corp.
	604,000		3.300			07/15/26		656,578
	635,000		3.250			07/15/27		690,764
	365,000		5.950			04/01/30		470,756
	270,000		6.600			04/01/50		433,260
	Tyson Foods, Inc.
	120,000		3.950			08/15/24		130,221
	342,000		4.000			03/01/26		381,503
	500,000		3.550			06/02/27		557,270
	110,000		4.550			06/02/47		137,661
	300,000		5.100			09/28/48		411,643

								22,438,094

Hardware – 0.2%
	Micron Technology, Inc.
	99,000		2.497			04/24/23		102,174
	733,000		4.185			02/15/27		831,955
	400,000		4.663			02/15/30		470,000

								1,404,129


Corporate Obligations – (continued)
Healthcare – 3.4%
	Aetna, Inc.
	312,000		2.750			11/15/22		319,161
	200,000		2.800			06/15/23		207,688
	250,000		3.500			11/15/24		268,934
	410,000		6.625			06/15/36		596,864
	268,000		3.875			08/15/47		305,569
	Anthem, Inc.
	306,000		3.500			08/15/24		328,486
	50,000		3.350			12/01/24		54,017
	552,000		3.650			12/01/27		618,042
	84,000		4.625			05/15/42		105,521
	668,000		4.650			01/15/43		842,427
	614,000		4.650			08/15/44		778,724
	405,000		4.375			12/01/47		504,696
	318,000		4.550			03/01/48		405,403
	300,000		3.125			05/15/50		313,190
	Cigna Corp.
	700,000		3.000			07/15/23		731,542
	78,000		3.750			07/15/23		82,654
	400,000		4.125			11/15/25		447,351
	300,000		4.500			02/25/26		340,524
	150,000		3.400			03/01/27		165,507
	440,000		4.375			10/15/28		514,309
	50,000		2.400			03/15/30		51,448
	130,000		4.800			08/15/38		163,323
	520,000		4.800			07/15/46		665,641
	536,000		3.875			10/15/47		610,478
	1,100,000		4.900			12/15/48		1,449,815
	320,000		3.400			03/15/50		340,238
	CVS Health Corp.
	442,000		2.750			12/01/22		452,793
	294,000		3.700			03/09/23		308,024
	520,000		2.625			08/15/24		547,195
	154,000		4.100			03/25/25		169,947
	400,000		3.875			07/20/25		440,793
	100,000		2.875			06/01/26		107,506
	400,000		3.000			08/15/26		431,647
	530,000		3.625			04/01/27		587,904
	725,000		4.300			03/25/28		837,104
	730,000		3.250			08/15/29		795,436
	1,320,000		4.780			03/25/38		1,637,775
	350,000		4.125			04/01/40		409,422
	350,000		2.700			08/21/40		343,311
	240,000		5.300			12/05/43		321,329
	728,000		5.125			07/20/45		964,371
	950,000		5.050			03/25/48		1,261,296
	HCA, Inc.
	470,000		4.750			05/01/23		501,431
	516,000		5.000			03/15/24		567,922
	520,000		5.250			04/15/25		594,100
	600,000		5.250			06/15/26		694,500
	555,000		4.500			02/15/27		629,578
	404,000		4.125			06/15/29		458,540
	500,000		3.500			09/01/30		538,125
	295,000		5.125			06/15/39		374,281
	345,000		5.500			06/15/47		457,988


70		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)
Healthcare – (continued)
	HCA, Inc. – (continued)
$	350,000		5.250	%		06/15/49	$	458,063

								26,101,933

Insurance – 1.1%
	American International Group, Inc.
	600,000		2.500			06/30/25		630,093
	100,000		3.900			04/01/26		111,142
	200,000		4.200			04/01/28		230,412
	500,000		3.875			01/15/35		572,784
	255,000		6.250			05/01/36		358,912
	100,000		4.500			07/16/44		123,949
	100,000		4.375			06/30/50		125,774
	500,000		4.375			01/15/55		629,194
	American International Group, Inc.^(a), Series A-9 (3M USD LIBOR + 2.868%)
	100,000		5.750			04/01/48		115,463
	Chubb INA Holdings, Inc.
	955,000		4.350			11/03/45		1,235,499
	Marsh & McLennan Cos., Inc.
	175,000		4.375			03/15/29		205,846
	100,000		2.250			11/15/30		102,677
	496,000		4.900			03/15/49		684,865
	MetLife, Inc.
	500,000		3.600			04/10/24		539,078
	300,000		6.400			12/15/36		383,064
	Prudential Financial, Inc. (3M USD LIBOR + 3.920%)
	500,000		5.625	^(a)		06/15/43		532,103
	(3M USD LIBOR + 3.031%)
	100,000		5.375	^(a)		05/15/45		110,594
	(3M USD LIBOR + 2.380%)
	400,000		4.500	^(a)		09/15/47		439,909
	210,000		3.905			12/07/47		250,006
	46,000		3.935			12/07/49		55,082
	Prudential Financial, Inc., MTN
	300,000		5.700			12/14/36		416,546
	480,000		4.350			02/25/50		614,359
	350,000		3.700			03/13/51		408,855

								8,876,206

Metals and Mining – 0.1%
	Newmont Corp.
	310,000		4.875			03/15/42		397,334

REITs and Real Estate – 0.4%
	Alexandria Real Estate Equities, Inc.
	300,000		1.875			02/01/33		287,205
	GLP Capital LP / GLP Financing II, Inc.
	917,000		5.375			04/15/26		1,052,232
	638,000		5.300			01/15/29		748,528
	Simon Property Group LP
	100,000		3.250			11/30/26		109,117
	500,000		3.250			09/13/49		512,749
	100,000		3.800			07/15/50		112,030
	Welltower, Inc.
	300,000		4.250			04/15/28		345,752


Corporate Obligations – (continued)
REITs and Real Estate – (continued)
	Welltower, Inc. – (continued)
	50,000		3.100			01/15/30		53,535

								3,221,148

Revenue – 0.4%
	Ascension Health
	200,000		3.945			11/15/46		250,511
	Ascension Health, Series B
	300,000		2.532			11/15/29		318,895
	CommonSpirit Health
	100,000		2.760			10/01/24		105,429
	220,000		3.347			10/01/29		239,290
	633,000		4.350			11/01/42		760,391
	200,000		4.187			10/01/49		233,024
	Kaiser Foundation Hospitals
	580,000		4.150			05/01/47		729,406
	Kaiser Foundation Hospitals, Series 2019
	430,000		3.266			11/01/49		481,043

								3,117,989

Software – 2.1%
	Oracle Corp.
	800,000		2.500			10/15/22		819,254
	265,000		2.625			02/15/23		273,070
	200,000		3.625			07/15/23		211,772
	220,000		2.400			09/15/23		228,104
	660,000		3.400			07/08/24		706,336
	40,000		2.950			11/15/24		42,603
	900,000		2.500			04/01/25		944,429
	230,000		2.950			05/15/25		244,647
	823,000		2.650			07/15/26		871,129
	80,000		3.250			11/15/27		87,250
	100,000		2.300			03/25/28		103,086
	900,000		2.950			04/01/30		955,613
	444,000		4.300			07/08/34		516,405
	866,000		3.850			07/15/36		960,780
	245,000		3.800			11/15/37		268,344
	796,000		6.500			04/15/38		1,133,748
	400,000		3.600			04/01/40		424,752
	418,000		5.375			07/15/40		541,524
	340,000		3.650			03/25/41		364,120
	754,000		4.125			05/15/45		846,029
	300,000		4.000			07/15/46		330,483
	410,000		4.000			11/15/47		452,280
	850,000		3.600			04/01/50		890,601
	600,000		3.950			03/25/51		663,390
	250,000		4.375			05/15/55		294,641
	1,095,000		3.850			04/01/60		1,179,228
	537,000		4.100			03/25/61		605,746
	salesforce.com, Inc.
	600,000		1.950			07/15/31		609,296
	250,000		2.700			07/15/41		254,896
	350,000		2.900			07/15/51		360,627
	250,000		3.050			07/15/61		260,471

								16,444,654


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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Technology – 8.8%
	Activision Blizzard, Inc.
$	800,000		3.400	%		09/15/26	$	882,068
	Adobe, Inc.
	208,000		3.250			02/01/25		224,229
	180,000		2.150			02/01/27		189,270
	500,000		2.300			02/01/30		522,478
	Alphabet, Inc.
	274,000		1.998			08/15/26		288,017
	832,000		2.050			08/15/50		757,100
	549,000		2.250			08/15/60		499,120
	Apple, Inc.
	1,348,000		2.100			09/12/22		1,372,310
	300,000		2.400			01/13/23		308,656
	1,420,000		2.400			05/03/23		1,470,773
	180,000		3.000			02/09/24		190,403
	489,000		3.450			05/06/24		527,587
	495,000		2.850			05/11/24		524,644
	500,000		2.750			01/13/25		531,870
	721,000		3.250			02/23/26		789,401
	214,000		2.450			08/04/26		228,018
	210,000		3.000			06/20/27		231,358
	1,145,000		2.900			09/12/27		1,249,665
	830,000		3.000			11/13/27		911,459
	500,000		1.200			02/08/28		494,312
	500,000		1.400			08/05/28		499,805
	100,000		1.650			05/11/30		99,734
	600,000		1.650			02/08/31		593,423
	985,000		4.500			02/23/36		1,251,465
	150,000		2.375			02/08/41		147,539
	637,000		3.850			05/04/43		765,196
	310,000		4.450			05/06/44		403,289
	305,000		3.450			02/09/45		344,890
	380,000		4.375			05/13/45		486,928
	1,688,000		4.650			02/23/46		2,246,933
	556,000		3.850			08/04/46		668,252
	296,000		4.250			02/09/47		373,644
	550,000		3.750			11/13/47		649,475
	977,000		2.950			09/11/49		1,015,585
	239,000		2.400			08/20/50		226,261
	Applied Materials, Inc.
	300,000		3.300			04/01/27		331,900
	150,000		1.750			06/01/30		149,381
	200,000		4.350			04/01/47		256,941
	Broadcom Corp. / Broadcom Cayman Finance Ltd.
	100,000		3.625			01/15/24		106,320
	1,019,000		3.875			01/15/27		1,125,322
	210,000		3.500			01/15/28		228,670
	Broadcom, Inc.
	500,000		3.150			11/15/25		535,201
	310,000		4.250			04/15/26		345,390
	431,000		3.459			09/15/26		468,800
	470,000		4.750			04/15/29		546,192
	986,000		5.000			04/15/30		1,168,815
	760,000		4.150			11/15/30		854,785
	600,000		2.450	^(b)		02/15/31		593,920
	590,000		4.300			11/15/32		675,027


Corporate Obligations – (continued)
Technology – (continued)
	Broadcom, Inc. – (continued)
	425,000		3.419	%^(b)		04/15/33		451,689
	290,000		3.469	^(b)		04/15/34		308,078
	600,000		3.500	^(b)		02/15/41		615,038
	170,000		3.750	^(b)		02/15/51		176,848
	Cisco Systems, Inc.
	500,000		2.200			09/20/23		518,435
	Dell International LLC / EMC Corp.
	565,000		5.450			06/15/23		608,730
	648,000		6.020			06/15/26		775,411
	1,426,000		4.900			10/01/26		1,653,416
	460,000		8.100			07/15/36		705,388
	400,000		8.350			07/15/46		659,326
	Fidelity National Information Services, Inc.
	250,000		0.600			03/01/24		249,938
	500,000		1.650			03/01/28		500,422
	Fiserv, Inc.
	100,000		3.800			10/01/23		106,636
	400,000		2.750			07/01/24		422,500
	500,000		3.200			07/01/26		543,770
	500,000		3.500			07/01/29		549,912
	400,000		4.400			07/01/49		490,218
	Hewlett Packard Enterprise Co.
	300,000		2.250			04/01/23		307,761
	300,000		4.450			10/02/23		322,873
	300,000		6.350			10/15/45		415,495
	HP, Inc.
	300,000		3.400			06/17/30		320,694
	368,000		6.000			09/15/41		483,565
	Intel Corp.
	300,000		2.700			12/15/22		309,478
	300,000		2.875			05/11/24		318,166
	503,000		3.700			07/29/25		553,698
	120,000		2.600			05/19/26		128,613
	755,000		3.150			05/11/27		832,719
	821,000		2.450			11/15/29		867,061
	354,000		4.600			03/25/40		450,303
	300,000		4.800			10/01/41		393,043
	290,000		4.100			05/19/46		349,902
	320,000		4.100			05/11/47		387,439
	295,000		3.734			12/08/47		337,679
	670,000		3.250			11/15/49		715,034
	525,000		4.750			03/25/50		703,952
	50,000		3.100			02/15/60		51,070
	100,000		4.950			03/25/60		140,970
	International Business Machines Corp.
	100,000		2.875			11/09/22		103,061
	300,000		3.375			08/01/23		317,129
	145,000		3.625			02/12/24		155,771
	1,260,000		3.300			05/15/26		1,387,932
	300,000		1.700			05/15/27		305,844
	1,150,000		1.950			05/15/30		1,154,640
	540,000		4.150			05/15/39		648,847
	427,000		4.000			06/20/42		506,729
	300,000		2.950			05/15/50		304,889


72		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)
	KLA Corp.
$	300,000		4.650	%		11/01/24	$	332,883
	300,000		4.100			03/15/29		346,144
	Lam Research Corp.
	515,000		4.000			03/15/29		598,226
	280,000		1.900			06/15/30		282,855
	220,000		4.875			03/15/49		304,436
	Microsoft Corp.
	120,000		2.650			11/03/22		123,008
	220,000		2.125			11/15/22		225,032
	870,000		2.000			08/08/23		897,610
	522,000		2.875			02/06/24		551,115
	776,000		2.700			02/12/25		827,237
	256,000		3.125			11/03/25		279,002
	176,000		2.400			08/08/26		188,368
	205,000		3.300			02/06/27		228,691
	360,000		3.500			02/12/35		423,363
	750,000		3.450			08/08/36		875,268
	113,000		4.100			02/06/37		140,703
	600,000		3.700			08/08/46		731,952
	250,000		4.250			02/06/47		330,498
	1,751,000		2.525			06/01/50		1,752,568
	1,200,000		2.921			03/17/52		1,292,785
	1,196,000		2.675			06/01/60		1,211,989
	100,000		3.041			03/17/62		108,898
	QUALCOMM, Inc.
	216,000		2.900			05/20/24		229,080
	330,000		3.450			05/20/25		359,104
	320,000		3.250			05/20/27		353,873
	126,000		2.150			05/20/30		129,230
	200,000		4.650			05/20/35		254,118
	536,000		4.800			05/20/45		721,091
	250,000		4.300			05/20/47		318,773
	Texas Instruments, Inc.
	300,000		2.250			09/04/29		313,816
	552,000		4.150			05/15/48		699,450
	VMware, Inc.
	50,000		3.900			08/21/27		56,017
	Western Digital Corp.
	1,000,000		4.750			02/15/26		1,121,250

								68,570,366

Transportation – 1.4%
	CSX Corp.
	696,000		3.250			06/01/27		762,259
	120,000		3.800			03/01/28		135,406
	46,000		4.100			03/15/44		54,531
	490,000		3.800			11/01/46		563,984
	FedEx Corp.
	540,000		3.100			08/05/29		585,428
	92,000		5.100			01/15/44		120,547
	250,000		4.750			11/15/45		315,627
	234,000		4.550			04/01/46		287,317
	260,000		4.400			01/15/47		315,524
	584,000		4.950			10/17/48		768,349
	160,000		5.250			05/15/50		220,344


Corporate Obligations – (continued)
Transportation – (continued)
	FedEx Corp. Pass Through Trust, Series 2020-1
	47,326		1.875			02/20/34		47,667
	Southwest Airlines Co.
	270,000		4.750			05/04/23		288,330
	170,000		5.250			05/04/25		192,511
	Union Pacific Corp.
	414,000		3.950			09/10/28		475,110
	500,000		2.400			02/05/30		520,546
	400,000		3.250			02/05/50		428,504
	310,000		3.799			10/01/51		360,551
	408,000		3.839			03/20/60		475,364
	950,000		3.799	^(b)		04/06/71		1,091,035
	United Parcel Service, Inc.
	272,000		2.450			10/01/22		278,599
	92,000		3.050			11/15/27		102,086
	792,000		3.400			03/15/29		889,080
	330,000		3.750			11/15/47		394,981
	934,000		5.300			04/01/50		1,389,007

								11,062,687

Wireless – 5.9%
	American Tower Corp.
	250,000		4.000			06/01/25		274,458
	1,050,000		3.375			10/15/26		1,142,741
	200,000		2.750			01/15/27		211,366
	675,000		3.800			08/15/29		753,606
	80,000		2.900			01/15/30		84,194
	601,000		3.100			06/15/50		596,470
	AT&T, Inc.
	230,000		2.625			12/01/22		235,408
	880,000		4.125			02/17/26		986,127
	915,000		3.800			02/15/27		1,021,683
	900,000		4.250			03/01/27		1,025,671
	339,000		2.300			06/01/27		352,726
	75,000		1.650			02/01/28		75,134
	660,000		4.100			02/15/28		753,796
	715,000		4.350			03/01/29		828,978
	997,000		4.300			02/15/30		1,162,069
	595,000		2.750			06/01/31		624,891
	1,000,000		2.250			02/01/32		993,063
	500,000		2.550	^(b)		12/01/33		502,040
	435,000		4.500			05/15/35		515,649
	551,000		5.250			03/01/37		698,323
	140,000		4.850			03/01/39		171,602
	90,000		5.350			09/01/40		116,950
	450,000		4.300			12/15/42		518,471
	330,000		4.350			06/15/45		382,709
	435,000		4.750			05/15/46		533,392
	250,000		5.650			02/15/47		341,721
	545,000		4.500			03/09/48		646,085
	317,000		4.550			03/09/49		381,436
	335,000		5.150			02/15/50		435,211
	470,000		3.650			06/01/51		498,776
	100,000		3.300			02/01/52		100,080
	1,350,000		3.500	^(b)		09/15/53		1,388,042
	2,072,000		3.550	^(b)		09/15/55		2,136,191


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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Wireless – (continued)
	AT&T, Inc. – (continued)
$	300,000		3.800	%^(b)		12/01/57	$	320,451
	1,702,000		3.650	^(b)		09/15/59		1,760,278
	92,000		3.850			06/01/60		98,640
	CC Holdings GS V LLC / Crown Castle GS III Corp.
	450,000		3.849			04/15/23		474,240
	Crown Castle International Corp.
	60,000		3.150			07/15/23		62,877
	510,000		4.450			02/15/26		573,631
	200,000		3.700			06/15/26		220,450
	130,000		3.650			09/01/27		144,103
	300,000		3.300			07/01/30		323,822
	390,000		2.250			01/15/31		388,052
	390,000		2.100			04/01/31		383,015
	100,000		3.250			01/15/51		101,111
	T-Mobile USA, Inc.
	300,000		3.875			04/15/30		336,746
	Verizon Communications, Inc.
	650,000		3.500			11/01/24		703,399
	184,000		3.376			02/15/25		199,033
	540,000		0.850			11/20/25		534,115
	853,000		2.625			08/15/26		907,657
	450,000		4.125			03/16/27		515,034
	1,070,000		2.100			03/22/28		1,101,131
	722,000		4.329			09/21/28		842,307
	860,000		4.016			12/03/29		989,685
	471,000		3.150			03/22/30		512,032
	300,000		1.500			09/18/30		289,332
	1,350,000		2.550			03/21/31		1,391,652
	485,000		4.500			08/10/33		586,407
	750,000		4.400			11/01/34		903,072
	220,000		4.272			01/15/36		262,687
	510,000		5.250			03/16/37		677,132
	1,070,000		2.650			11/20/40		1,043,833
	450,000		3.850			11/01/42		515,075
	60,000		6.550			09/15/43		96,344
	804,000		4.125			08/15/46		949,420
	700,000		4.862			08/21/46		912,651
	815,000		4.522			09/15/48		1,023,784
	330,000		5.012			04/15/49		441,458
	400,000		2.875			11/20/50		386,085
	800,000		3.550			03/22/51		873,802
	394,000		5.012			08/21/54		544,216
	469,000		4.672			03/15/55		614,318
	850,000		2.987			10/30/56		822,988
	500,000		3.000			11/20/60		484,733
	650,000		3.700			03/22/61		718,608

								45,518,465

	TOTAL CORPORATE OBLIGATIONS
	(Cost $610,606,525)						$	630,565,505



Foreign Corporate Debt – 17.5%
Banks – 8.5%
	Banco Bilbao Vizcaya Argentaria SA (Spain)
$	1,000,000		0.875	%		09/18/23	$	1,005,209
	200,000		1.125			09/18/25		199,169
	Banco Santander SA (Spain)
	600,000		2.746			05/28/25		632,220
	600,000		4.250			04/11/27		679,789
	600,000		3.490			05/28/30		653,719
	600,000		2.749			12/03/30		602,851
	Bank of Montreal (Canada)^(a) (5 Year USD Swap + 1.280%)
	100,000		4.338			10/05/28		107,000
	(5 Year USD Swap + 1.432%)
	1,750,000		3.803			12/15/32		1,942,500
	Bank of Montreal, MTN (Canada)
	190,000		2.350			09/11/22		194,161
	210,000		2.550			11/06/22		215,310
	Bank of Montreal, Series E (Canada)
	50,000		3.300			02/05/24		53,349
	Bank of Nova Scotia (The) (Canada)
	500,000		2.000			11/15/22		510,644
	800,000		3.400			02/11/24		854,593
	300,000		4.500			12/16/25		340,311
	Barclays PLC (United Kingdom)
	1,000,000		3.684			01/10/23		1,012,294
	(3M USD LIBOR + 1.356%)
	1,100,000		4.338	^(a)		05/16/24		1,167,906
	890,000		3.650			03/16/25		965,482
	1,035,000		4.375			01/12/26		1,165,367
	(SOFR + 2.714%)
	200,000		2.852	^(a)		05/07/26		211,487
	210,000		5.200			05/12/26		241,792
	350,000		4.836			05/09/28		396,396
	(US 5 Year CMT T-Note + 2.900%)
	200,000		3.564			09/23/35		209,853
	(US 1 Year CMT T-Note + 1.700%)
	500,000		3.811	^(a)		03/10/42		544,420
	330,000		5.250			08/17/45		448,344
	600,000		4.950			01/10/47		793,093
	Canadian Imperial Bank of Commerce (Canada)
	1,160,000		3.500			09/13/23		1,233,739
	450,000		3.100			04/02/24		477,840
	Cooperatieve Rabobank UA (Netherlands)
	370,000		3.950			11/09/22		385,320
	350,000		4.625			12/01/23		380,949
	815,000		3.750			07/21/26		900,337
	468,000		5.250			05/24/41		657,565
	745,000		5.250			08/04/45		1,017,877
	Deutsche Bank AG (Germany)
	530,000		3.300			11/16/22		547,330
	950,000		3.950			02/27/23		995,707
	130,000		3.700			05/30/24		139,033
	(SOFR + 2.581%)
	800,000		3.961	^(a)		11/26/25		869,448
	(SOFR + 1.718%)
	300,000		3.035	^(a)		05/28/32		310,611


74		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)
	HSBC Holdings PLC (United Kingdom)
$	540,000		4.250	%		03/14/24	$	582,360
	(3M USD LIBOR + 0.987%)
	800,000		3.950	^(a)		05/18/24		846,171
	400,000		4.250			08/18/25		443,142
	(SOFR + 1.402%)
	550,000		2.633	^(a)		11/07/25		576,186
	750,000		4.300			03/08/26		844,519
	1,390,000		3.900			05/25/26		1,543,635
	(3M USD LIBOR + 1.348%)
	500,000		4.292	^(a)		09/12/26		555,845
	(3M USD LIBOR + 1.535%)
	700,000		4.583	^(a)		06/19/29		808,667
	1,080,000		4.950			03/31/30		1,305,818
	(3M USD LIBOR + 1.610%)
	500,000		3.973	^(a)		05/22/30		562,085
	(SOFR + 2.387%)
	1,155,000		2.848	^(a)		06/04/31		1,206,614
	(SOFR + 1.947%)
	1,050,000		2.357	^(a)		08/18/31		1,053,177
	250,000		6.500			05/02/36		347,671
	546,000		6.500			09/15/37		769,971
	405,000		6.800			06/01/38		583,788
	130,000		6.100			01/14/42		191,204
	ING Groep NV (Netherlands)
	590,000		4.100			10/02/23		633,564
	200,000		3.950			03/29/27		225,080
	490,000		4.550			10/02/28		577,817
	330,000		4.050			04/09/29		380,970
	Lloyds Banking Group PLC (United Kingdom)
	400,000		4.050			08/16/23		427,005
	(3M USD LIBOR + 0.810%)
	1,000,000		2.907	^(a)		11/07/23		1,027,506
	1,000,000		4.375			03/22/28		1,153,918
	290,000		4.344			01/09/48		348,288
	Mitsubishi UFJ Financial Group, Inc. (Japan)
	690,000		3.407			03/07/24		737,366
	600,000		2.193			02/25/25		624,383
	850,000		3.850			03/01/26		949,216
	830,000		3.677			02/22/27		928,265
	150,000		3.287			07/25/27		166,080
	474,000		3.961			03/02/28		539,041
	100,000		3.741			03/07/29		112,857
	500,000		3.195			07/18/29		545,808
	640,000		2.559			02/25/30		665,561
	200,000		2.048			07/17/30		200,122
	200,000		3.751			07/18/39		230,971
	Mizuho Financial Group, Inc. (Japan)
	640,000		2.601			09/11/22		655,288
	(3M USD LIBOR + 0.830%)
	200,000		2.226	^(a)		05/25/26		206,874
	200,000		2.839			09/13/26		214,072
	1,085,000		4.018			03/05/28		1,244,134
	(SOFR + 1.772%)
	950,000		2.201	^(a)		07/10/31		952,151


Foreign Corporate Debt – (continued)
Banks – (continued)
	National Australia Bank Ltd. (Australia)
	940,000		2.500			07/12/26		1,004,740
	Natwest Group PLC (United Kingdom)
	57,000		6.125			12/15/22		60,948
	(3M USD LIBOR + 1.550%)
	490,000		4.519	^(a)		06/25/24		523,608
	(3M USD LIBOR + 1.762%)
	885,000		4.269	^(a)		03/22/25		957,260
	(3M USD LIBOR + 1.754%)
	345,000		4.892	^(a)		05/18/29		405,538
	(US 5 Year CMT T-Note + 2.100%)
	600,000		3.754	^(a)		11/01/29		638,639
	(3M USD LIBOR + 1.905%)
	500,000		5.076	^(a)		01/27/30		598,697
	(3M USD LIBOR + 1.871%)
	370,000		4.445	^(a)		05/08/30		428,827
	(US 5 Year CMT T-Note + 2.350%)
	420,000		3.032	^(a)		11/28/35		422,026
	Royal Bank of Canada, GMTN (Canada)
	370,000		1.600			04/17/23		376,706
	1,100,000		3.700			10/05/23		1,174,626
	300,000		4.650			01/27/26		343,120
	Santander UK Group Holdings PLC (United Kingdom)
	200,000		3.571			01/10/23		202,334
	(3M USD LIBOR + 1.570%)
	200,000		4.796	^(a)		11/15/24		217,636
	Santander UK PLC (United Kingdom)
	1,100,000		4.000			03/13/24		1,193,933
	Sumitomo Mitsui Financial Group, Inc. (Japan)
	300,000		2.778			10/18/22		308,099
	800,000		3.102			01/17/23		829,943
	400,000		3.784			03/09/26		446,287
	50,000		2.632			07/14/26		53,329
	610,000		3.010			10/19/26		660,639
	100,000		3.446			01/11/27		110,552
	150,000		3.364			07/12/27		165,600
	500,000		3.040			07/16/29		538,682
	1,000,000		2.750			01/15/30		1,054,331
	1,240,000		2.130			07/08/30		1,242,939
	Toronto-Dominion Bank (The), GMTN (Canada)
	500,000		3.500			07/19/23		530,236
	Westpac Banking Corp. (Australia)
	100,000		3.300			02/26/24		106,940
	100,000		2.350			02/19/25		105,295
	500,000		2.850			05/13/26		542,562
	100,000		3.350			03/08/27		111,271
	100,000		3.400			01/25/28		112,158
	(US 5 Year CMT T-Note + 2.000%)
	100,000		4.110	^(a)		07/24/34		110,805
	(US 5 Year CMT T-Note + 1.750%)
	300,000		2.668	^(a)		11/15/35		297,755
	600,000		4.421			07/24/39		720,236
	100,000		2.963			11/16/40		99,621

								65,726,123


The accompanying notes are an integral part of these financial statements.		75

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Foreign Corporate Debt – (continued)
Beverages – 0.1%
	Coca-Cola Femsa SAB de CV (Mexico)
$	700,000		2.750	%		01/22/30	$	733,776

Brokerage – 0.0%
	Brookfield Finance, Inc. (Canada)
	309,000		4.700			09/20/47		384,157

Consumer Noncyclical – 1.1%
	AstraZeneca PLC (United Kingdom)
	300,000		0.300			05/26/23		299,749
	490,000		3.375			11/16/25		537,157
	204,000		0.700			04/08/26		200,414
	370,000		3.125			06/12/27		404,428
	477,000		1.375			08/06/30		458,039
	330,000		6.450			09/15/37		498,201
	80,000		4.375			11/16/45		103,600
	360,000		4.375			08/17/48		468,221
	Novartis Capital Corp. (Switzerland)
	70,000		3.400			05/06/24		75,299
	200,000		1.750			02/14/25		206,553
	489,000		3.000			11/20/25		529,749
	702,000		3.100			05/17/27		770,161
	700,000		2.200			08/14/30		728,768
	220,000		4.400			05/06/44		286,593
	300,000		4.000			11/20/45		372,606
	225,000		2.750			08/14/50		233,745
	Takeda Pharmaceutical Co., Ltd. (Japan)
	200,000		4.400			11/26/23		216,249
	500,000		5.000			11/26/28		605,265
	750,000		2.050			03/31/30		749,372
	750,000		3.175			07/09/50		781,068

								8,525,237

Consumer Products – 0.2%
	Unilever Capital Corp. (United Kingdom)
	100,000		2.900			05/05/27		108,658
	500,000		3.500			03/22/28		563,269
	500,000		2.125			09/06/29		516,903

								1,188,830

Energy – 2.5%
	BP Capital Markets PLC (United Kingdom)
	120,000		2.500			11/06/22		122,991
	160,000		3.994			09/26/23		171,691
	390,000		3.814			02/10/24		420,568
	570,000		3.535			11/04/24		617,374
	200,000		3.506			03/17/25		217,541
	200,000		3.279			09/19/27		220,501
	507,000		3.723			11/28/28		571,002
	Canadian Natural Resources Ltd. (Canada)
	300,000		2.950			01/15/23		309,572
	800,000		3.850			06/01/27		882,541
	Canadian Natural Resources Ltd., GMTN (Canada)
	210,000		4.950			06/01/47		264,584
	Cenovus Energy, Inc. (Canada)
	240,000		5.375			07/15/25		271,200
	100,000		4.400			04/15/29		112,375
	777,000		6.750			11/15/39		1,052,004
	452,000		5.400			06/15/47		558,612


Foreign Corporate Debt – (continued)
Energy – (continued)
	Enbridge, Inc. (Canada)
	320,000		4.000			10/01/23		339,912
	782,000		3.125			11/15/29		840,094
	(3M USD LIBOR + 3.641%)
	300,000		6.250	^(a)		03/01/78		334,500
	Equinor ASA (Norway)
	70,000		2.450			01/17/23		72,034
	500,000		2.875			04/06/25		533,006
	200,000		1.750			01/22/26		205,984
	300,000		3.125			04/06/30		329,251
	100,000		2.375			05/22/30		103,715
	140,000		3.950			05/15/43		164,733
	392,000		3.250			11/18/49		425,243
	250,000		3.700			04/06/50		292,127
	Shell International Finance BV (Netherlands)
	700,000		2.000			11/07/24		729,154
	500,000		3.250			05/11/25		542,335
	500,000		2.875			05/10/26		540,574
	800,000		3.875			11/13/28		920,246
	400,000		2.375			11/07/29		417,508
	500,000		4.125			05/11/35		594,871
	936,000		6.375			12/15/38		1,382,964
	892,000		4.375			05/11/45		1,114,954
	674,000		4.000			05/10/46		803,409
	379,000		3.750			09/12/46		438,409
	92,000		3.125			11/07/49		97,204
	Suncor Energy, Inc. (Canada)
	434,000		4.000			11/15/47		488,887
	100,000		3.750			03/04/51		109,431
	TotalEnergies Capital International SA (France)
	300,000		3.750			04/10/24		324,755
	500,000		2.829			01/10/30		537,713
	500,000		2.986			06/29/41		519,438
	100,000		3.127			05/29/50		103,102
	TotalEnergies Capital SA (France)
	244,000		3.883			10/11/28		280,600

								19,378,709

Financial Company – 0.1%
	AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland)
	500,000		3.150			02/15/24		523,077
	500,000		3.500			01/15/25		528,374

								1,051,451

Food and Beverage – 1.7%
	Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium)
	785,000		3.650			02/01/26		867,210
	950,000		4.700			02/01/36		1,172,321
	1,685,000		4.900			02/01/46		2,152,960
	Anheuser-Busch InBev Finance, Inc. (Belgium)
	200,000		3.650			02/01/26		220,637
	100,000		4.000			01/17/43		113,299
	535,000		4.625			02/01/44		653,390
	300,000		4.900			02/01/46		383,375


76		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)
Food and Beverage – (continued)
	Anheuser-Busch InBev Worldwide, Inc. (Belgium)
$	790,000		4.000	%		04/13/28	$	899,266
	1,100,000		4.750			01/23/29		1,309,806
	317,000		4.900			01/23/31		390,949
	620,000		4.375			04/15/38		742,144
	100,000		4.350			06/01/40		120,111
	290,000		4.950			01/15/42		368,935
	605,000		4.600			04/15/48		748,617
	210,000		4.439			10/06/48		254,927
	836,000		5.550			01/23/49		1,168,860
	150,000		4.500			06/01/50		185,801
	310,000		4.750			04/15/58		395,506
	434,000		5.800			01/23/59		642,730
	Diageo Capital PLC (United Kingdom)
	400,000		2.625			04/29/23		413,153

								13,203,997

Forest Products & Paper – 0.1%
	Suzano Austria GmbH (Brazil)
	434,000		3.125			01/15/32		434,926

Insurance – 0.0%
	Manulife Financial Corp.^(a) (Canada) (5 Year USD Swap + 1.647%)
	300,000		4.061			02/24/32		331,024

Internet – 0.4%
	Alibaba Group Holding Ltd. (China)
	840,000		3.400			12/06/27		913,776
	600,000		2.125			02/09/31		588,881
	400,000		4.000			12/06/37		447,316
	550,000		4.200			12/06/47		637,815
	300,000		3.150			02/09/51		294,632
	200,000		4.400			12/06/57		239,004

								3,121,424

Media – 0.1%
	Grupo Televisa SAB (Mexico)
	200,000		5.000			05/13/45		248,122
	200,000		6.125			01/31/46		285,112
	200,000		5.250			05/24/49		267,452

								800,686

Metals and Mining – 0.3%
	BHP Billiton Finance USA Ltd. (Australia)
	150,000		4.125			02/24/42		182,952
	650,000		5.000			09/30/43		896,710
	Rio Tinto Finance USA Ltd. (Australia)
	80,000		7.125			07/15/28		107,597
	525,000		5.200			11/02/40		718,786
	Rio Tinto Finance USA PLC (Australia)
	80,000		4.125			08/21/42		99,232

								2,005,277

Mining – 0.7%
	Barrick Gold Corp. (Canada)
	405,000		5.250			04/01/42		535,002


Foreign Corporate Debt – (continued)
Mining – (continued)
	Barrick North America Finance LLC (Canada)
	50,000		5.700			05/30/41		69,291
	170,000		5.750			05/01/43		238,582
	Barrick PD Australia Finance Pty Ltd. (Canada)
	100,000		5.950			10/15/39		140,451
	Southern Copper Corp. (Peru)
	741,000		7.500			07/27/35		1,078,128
	331,000		6.750			04/16/40		473,320
	386,000		5.250			11/08/42		496,025
	291,000		5.875			04/23/45		405,926
	Vale Overseas Ltd. (Brazil)
	930,000		6.250			08/10/26		1,119,488
	350,000		6.875			11/21/36		492,406
	552,000		6.875			11/10/39		793,500

								5,842,119

Oil Company-Integrated – 0.3%
	Ecopetrol SA (Colombia)
	250,000		5.875			09/18/23		269,687
	150,000		4.125			01/16/25		156,938
	200,000		5.375			06/26/26		221,125
	300,000		6.875			04/29/30		362,250
	468,000		7.375			09/18/43		573,300
	400,000		5.875			05/28/45		430,500

								2,013,800

Technology – 0.1%
	NXP BV / NXP Funding LLC^(b) (China)
	170,000		4.875			03/01/24		186,180
	NXP BV / NXP Funding LLC / NXP USA, Inc.^(b) (China)
	500,000		3.400			05/01/30		547,897

								734,077

Telecommunications – 0.2%
	America Movil SAB de CV (Mexico)
	266,000		2.875			05/07/30		281,184
	640,000		6.125			03/30/40		921,960
	470,000		4.375			04/22/49		588,875

								1,792,019

Wireless – 0.6%
	Rogers Communications, Inc. (Canada)
	70,000		4.100			10/01/23		74,538
	500,000		4.350			05/01/49		588,278
	Vodafone Group PLC (United Kingdom)
	1,000,000		3.750			01/16/24		1,076,935
	50,000		4.125			05/30/25		55,599
	300,000		5.000			05/30/38		383,583
	700,000		5.250			05/30/48		935,035
	450,000		4.875			06/19/49		578,362
	700,000		4.250			09/17/50		828,904

								4,521,234

Wirelines – 0.5%
	Orange SA (France)
	930,000		9.000			03/01/31		1,473,431
	260,000		5.375			01/13/42		355,713


The accompanying notes are an integral part of these financial statements.		77

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Foreign Corporate Debt – (continued)
Wirelines – (continued)
	Telefonica Emisiones SA (Spain)
$	200,000		4.103	%		03/08/27	$	225,763
	100,000		7.045			06/20/36		144,936
	450,000		4.665			03/06/38		535,593
	600,000		5.213			03/08/47		762,750
	415,000		4.895			03/06/48		513,419

								4,011,605

	TOTAL FOREIGN CORPORATE DEBT
	(Cost $131,772,683)						$	135,800,471


Shares		Dividend Rate					Value

Investment Company – 0.3%^(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	2,549,254		0.026	%			$	2,549,254
	(Cost $2,549,254)

	TOTAL INVESTMENTS – 99.1%
	(Cost $744,928,462)						$	768,915,230

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.9%							7,202,943

	NET ASSETS – 100.0%						$	776,118,173



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

(a)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on August 31, 2021.

(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
SOFR		—Secured Overnight Financing Rate


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

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

Schedule of Investments

August 31, 2021


Principal Amount		Interest Rate^(a)			Maturity Date		Value

U.S. Treasury Bills – 78.7%
	U.S. Cash Management Bill
$	278,729,800		0.054	%		11/01/21	$	278,703,752
	U.S. Treasury Bills
	148,096,200		0.056			10/26/21		148,084,622
	480,000		0.042			10/28/21		479,961
	920,000		0.043			10/28/21		919,926
	4,000,000		0.045			10/28/21		3,999,676
	58,804,300		0.048			10/28/21		58,799,535
	168,074,700		0.051			10/28/21		168,061,082
	4,328,500		0.031			12/30/21		4,327,839
	252,000		0.033			12/30/21		251,962
	200,000		0.043			12/30/21		199,969
	11,440,000		0.045			12/30/21		11,438,252
	2,620,000		0.046			12/30/21		2,619,600
	1,170,000		0.047			12/30/21		1,169,821
	157,644,000		0.049			12/30/21		157,619,918
	3,640,000		0.050			12/30/21		3,639,444
	4,328,000		0.051			12/30/21		4,327,339
	560,000		0.053			12/30/21		559,914
	55,275,500		0.084			12/30/21		55,267,056
	4,180,000		0.046			01/27/22		4,179,377
	1,540,000		0.047			01/27/22		1,539,770
	94,737,400		0.051			01/27/22		94,723,272
	1,760,000		0.052			01/27/22		1,759,738
	168,000		0.033			02/24/22		167,962
	336,000		0.041			02/24/22		335,924
	392,000		0.043			02/24/22		391,912
	3,668,000		0.046			02/24/22		3,667,173
	92,815,600		0.048			02/24/22		92,794,679
	45,192,700		0.049			02/24/22		45,182,514
	784,000		0.050			02/24/22		783,823
	672,000		0.051			02/24/22		671,849
	198,000		0.030			03/24/22		197,951
	1,056,000		0.041			03/24/22		1,055,738
	38,572,300		0.043			03/24/22		38,562,714
	3,366,000		0.045			03/24/22		3,365,164
	297,000		0.046			03/24/22		296,926
	429,000		0.048			03/24/22		428,893
	65,000		0.049			03/24/22		64,984
	924,000		0.050			03/24/22		923,770
	15,435,600		0.057			03/24/22		15,431,764
	260,000		0.058			03/24/22		259,935
	61,645,800		0.024			04/21/22		61,628,320
	300,000		0.038			04/21/22		299,915
	1,600,000		0.046			04/21/22		1,599,546
	1,400,000		0.047			04/21/22		1,399,603
	22,244,100		0.048			04/21/22		22,237,793
	450,000		0.050			04/21/22		449,872
	1,300,000		0.051			04/21/22		1,299,631
	3,800,000		0.052			04/21/22		3,798,923
	200,000		0.056			04/21/22		199,943
	26,505,400		0.039			05/19/22		26,496,570
	90,000		0.046			05/19/22		89,970
	1,140,000		0.055			05/19/22		1,139,620
	150,000		0.057			05/19/22		149,950
	640,000		0.056			06/16/22		639,718
	560,000		0.061			06/16/22		559,753


U.S. Treasury Bills – (continued)
	U.S. Treasury Bills – (continued)
	1,520,000		0.062			06/16/22		1,519,329
	34,460,900		0.067			06/16/22		34,445,698
	69,705,300		0.059			07/14/22		69,668,669
	480,000		0.066			07/14/22		479,748
	27,108,300		0.067			07/14/22		27,094,054
	300,000		0.071			07/14/22		299,842

	TOTAL U.S. TREASURY BILLS
	(Cost $1,462,742,085)						$	1,462,751,967



U.S. Treasury Notes – 21.0%
	U.S. Treasury Notes
$	119,566,500		2.000	%		10/31/21	$	119,940,145
	67,508,700		2.875			11/15/21		67,889,755
	85,839,500		2.500			01/15/22		86,619,097
	16,310,200		2.500			02/15/22		16,491,460
	41,168,900		1.750			05/31/22		41,685,119
	27,456,100		1.750			06/15/22		27,821,824
	29,329,300		1.500			08/15/22		29,729,141

	TOTAL U.S. TREASURY NOTES
	(Cost $390,147,186)						$	390,176,541

	TOTAL INVESTMENTS – 99.7%
	(Cost $1,852,889,271)						$	1,852,928,508

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3%							4,731,793

	NET ASSETS – 100.0%						$	1,857,660,301



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

(a)		Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.


The accompanying notes are an integral part of these financial statements.		79

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Schedule of Investments

August 31, 2021


Principal Amount		Interest Rate			Maturity Date			Value

U.S. Treasury Notes – 33.3%
	U.S. Treasury Notes
$	4,322,000		2.125	%		02/29/24		$	4,519,068
	7,272,000		2.500			01/31/25			7,767,546
	7,778,000		2.000			02/15/25			8,176,776
	13,844,000		2.125			05/31/26			14,741,538
	9,910,000		2.000			11/15/26			10,515,455
	7,302,000		2.750			02/15/28			8,105,287
	5,879,000		2.875			08/15/28			6,593,796
	1,518,000		2.375			05/15/29			1,656,336
	6,906,000		1.500			02/15/30			7,071,420
	4,188,000		0.875			11/15/30			4,048,676

	TOTAL U.S. TREASURY NOTES
	(Cost $73,763,364)							$	73,195,898



Mortgage-Backed Securities – 27.2%
	Federal Home Loan Mortgage Corporation
$	526,224		4.500	%		07/01/48		$	572,801
	Federal National Mortgage Association
	1,000,000		1.750			07/02/24			1,038,994
	1,200,000		1.500			TBA-15yr	^(a)		1,218,937
	2,200,000		2.000			TBA-15yr	^(a)		2,277,000
	1,600,000		2.500			TBA-15yr	^(a)		1,673,750
	1,000,000		3.000			TBA-15yr	^(a)		1,050,312
	400,000		3.500			TBA-15yr	^(a)		426,688
	129,347		4.500			06/01/48			139,813
	64,579		5.000			12/01/48			70,699
	87,398		4.500			08/01/49			94,602
	270,230		5.000			12/01/49			296,717
	60,687		4.500			01/01/50			65,505
	256,352		4.500			03/01/50			277,523
	185,107		5.000			04/01/50			202,472
	9,500,000		2.000			TBA-30yr	^(a)		9,634,336
	210,172		4.500			10/01/50			228,004
	2,400,000		1.500			TBA-30yr	^(a)		2,359,313
	8,900,000		2.500			TBA-30yr	^(a)		9,244,180
	3,300,000		4.000			TBA-30yr	^(a)		3,534,094
	300,000		4.500			TBA-30yr	^(a)		324,398
	200,000		5.000			TBA-30yr	^(a)		219,156
	6,100,000		3.000			TBA-30yr	^(a)		6,381,172
	4,600,000		3.500			TBA-30yr	^(a)		4,866,656
	Government National Mortgage Association
	65,231		5.000			05/20/49			69,721
	526,383		3.000			09/20/49			550,398
	225,304		4.500			03/20/50			239,624
	111,951		5.000			05/20/50			122,163
	404,515		4.000			09/20/50			430,429
	1,000,000		3.000			TBA-30yr	^(a)		1,043,984
	1,000,000		2.500			08/20/51			1,038,350
	1,500,000		2.000			TBA-30yr	^(a)		1,531,289
	1,500,000		2.500			TBA-30yr	^(a)		1,555,430
	2,900,000		3.500			TBA-30yr	^(a)		3,052,250
	1,000,000		4.000			TBA-30yr	^(a)		1,058,594
	600,000		4.500			TBA-30yr	^(a)		637,922
	2,100,000		3.000			TBA-30yr	^(a)		2,196,141

	TOTAL MORTGAGE-BACKED SECURITIES
	(Cost $59,703,144)							$	59,723,417



Corporate Obligations – 23.3%
Aerospace & Defense – 0.8%
	Boeing Co. (The)
$	200,000		3.200			03/01/29		$	210,248
	200,000		5.150			05/01/30			236,731
	150,000		3.900			05/01/49			158,155
	100,000		5.805			05/01/50			136,537
	General Dynamics Corp.
	15,000		3.625			04/01/30			17,099
	Hexcel Corp.
	40,000		4.200			02/15/27			43,584
	Huntington Ingalls Industries, Inc.
	80,000		4.200			05/01/30			91,887
	Lockheed Martin Corp.
	80,000		3.550			01/15/26			88,491
	50,000		4.500			05/15/36			63,175
	15,000		3.800			03/01/45			17,770
	40,000		2.800			06/15/50			40,895
	Northrop Grumman Corp.
	40,000		4.030			10/15/47			48,194
	Northrop Grumman Systems Corp.
	100,000		7.875			03/01/26			128,139
	Raytheon Technologies Corp.
	200,000		3.950			08/16/25			221,766
	30,000		4.450			11/16/38			36,707
	60,000		4.875			10/15/40			77,307
	Textron, Inc.
	80,000		3.000			06/01/30			85,131

									1,701,816

Banks – 3.9%
	American Express Co.
	80,000		3.625			12/05/24			87,177
	Bank of America Corp.
	40,000		4.100			07/24/23			42,873
	(3M USD LIBOR + 0.780%)
	100,000		3.550	^(b)		03/05/24			104,581
	(SOFR + 2.150%)
	180,000		2.592	^(b)		04/29/31			186,843
	100,000		7.750			05/14/38			158,716
	Bank of America Corp., GMTN
	40,000		3.300			01/11/23			41,665
	(3M USD LIBOR + 0.930%)
	100,000		2.816	^(b)		07/21/23			102,053
	Bank of America Corp., Series L
	73,000		4.750			04/21/45			93,013
	Bank of America Corp., MTN
	40,000		4.125			01/22/24			43,400
	(3M USD LIBOR + 1.060%)
	80,000		3.559	^(b)		04/23/27			87,891
	(3M USD LIBOR + 0.990%)
	200,000		2.496	^(b)		02/13/31			206,329
	(3M USD LIBOR + 3.150%)
	300,000		4.083	^(b)		03/20/51			364,855
	Capital One Financial Corp.
	25,000		3.900			01/29/24			26,908
	120,000		4.200			10/29/25			133,901


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

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Banks – (continued)
	Citigroup, Inc.
$	50,000		3.875	%		10/25/23	$	53,778
	(SOFR + 0.686%)
	250,000		0.776	^(b)		10/30/24		250,809
	40,000		4.125			07/25/28		45,228
	(3M USD LIBOR + 1.338%)
	40,000		3.980	^(b)		03/20/30		45,492
	(SOFR + 1.146%)
	150,000		2.666	^(b)		01/29/31		156,216
	(SOFR + 2.107%)
	200,000		2.572	^(b)		06/03/31		206,132
	40,000		6.000			10/31/33		53,561
	80,000		5.875			01/30/42		116,367
	15,000		4.750			05/18/46		19,340
	60,000		4.650			07/23/48		79,751
	Citizens Financial Group, Inc.
	40,000		2.638			09/30/32		40,761
	Fifth Third Bancorp
	25,000		4.300			01/16/24		27,033
	JPMorgan Chase & Co.
	40,000		3.875			02/01/24		43,228
	(3M USD LIBOR + 0.730%)
	80,000		3.559	^(b)		04/23/24		84,031
	(SOFR + 1.455%)
	50,000		1.514	^(b)		06/01/24		50,935
	(SOFR + 1.585%)
	40,000		2.005	^(b)		03/13/26		41,194
	80,000		4.250			10/01/27		91,816
	(3M USD LIBOR + 1.337%)
	400,000		3.782	^(b)		02/01/28		444,874
	(3M USD LIBOR + 1.380%)
	50,000		3.540	^(b)		05/01/28		55,165
	(SOFR + 1.510%)
	90,000		2.739	^(b)		10/15/30		94,880
	(SOFR + 3.790%)
	360,000		4.493	^(b)		03/24/31		427,890
	(3M USD LIBOR + 1.360%)
	152,000		3.882	^(b)		07/24/38		177,156
	15,000		5.400			01/06/42		20,883
	40,000		4.850			02/01/44		53,280
	(3M USD LIBOR + 1.380%)
	40,000		3.964	^(b)		11/15/48		47,644
	(SOFR + 2.440%)
	60,000		3.109	^(b)		04/22/51		63,150
	KeyCorp, MTN
	120,000		4.100			04/30/28		139,006
	80,000		2.550			10/01/29		84,311
	Manufacturers & Traders Trust Co.
	280,000		3.400			08/17/27		309,484
	Morgan Stanley
	80,000		4.300			01/27/45		100,097
	75,000		4.375			01/22/47		95,035
	Morgan Stanley, GMTN
	300,000		3.700			10/23/24		326,868
	120,000		4.350			09/08/26		136,446
	(SOFR + 1.143%)
	200,000		2.699	^(b)		01/22/31		209,615


Corporate Obligations – (continued)
Banks – (continued)
	Northern Trust Corp.
	15,000		3.950			10/30/25		16,929
	56,000		3.650			08/03/28		63,841
	150,000		3.150			05/03/29		166,388
	PNC Financial Services Group, Inc. (The)
	80,000		3.900			04/29/24		86,619
	200,000		3.450			04/23/29		223,495
	Truist Bank
	40,000		3.200			04/01/24		42,681
	Truist Financial Corp., MTN
	100,000		3.050			06/20/22		102,028
	80,000		3.875			03/19/29		91,504
	US Bancorp
	15,000		2.400			07/30/24		15,782
	US Bancorp, MTN
	40,000		2.950			07/15/22		40,908
	80,000		3.900			04/26/28		92,311
	80,000		3.000			07/30/29		87,142
	40,000		1.375			07/22/30		38,769
	US Bancorp, Series X
	150,000		3.150			04/27/27		165,581
	Wells Fargo & Co.
	(SOFR + 2.530%)
	150,000		3.068	^(b)		04/30/41		157,866
	128,000		5.606			01/15/44		178,003
	60,000		3.900			05/01/45		71,972
	Wells Fargo & Co.^(b), MTN
	(SOFR + 1.262%)
	400,000		2.572			02/11/31		415,396
	(SOFR + 4.032%)
	340,000		4.478			04/04/31		403,637
	(SOFR + 4.502%)
	140,000		5.013			04/04/51		195,915

								8,528,428

Basic Industry – 0.5%
	Albemarle Corp.
	80,000		4.150			12/01/24		87,351
	Dow Chemical Co. (The)
	60,000		3.600			11/15/50		65,917
	DuPont de Nemours, Inc.
	54,000		4.205			11/15/23		58,134
	15,000		5.419			11/15/48		21,195
	Ecolab, Inc.
	40,000		2.375			08/10/22		40,751
	15,000		2.750	^(c)		08/18/55		14,925
	Georgia-Pacific LLC
	10,000		8.000			01/15/24		11,733
	Huntsman International LLC
	70,000		4.500			05/01/29		80,379
	International Paper Co.
	15,000		4.400			08/15/47		18,887
	15,000		4.350			08/15/48		18,825
	Linde, Inc.
	100,000		1.100			08/10/30		94,839
	LYB International Finance III LLC
	80,000		3.625			04/01/51		86,950


The accompanying notes are an integral part of these financial statements.		81

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Schedule of Investments (continued)

August 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Basic Industry – (continued)
	Mosaic Co. (The)
$	80,000		4.875	%		11/15/41	$	95,383
	PPG Industries, Inc.
	15,000		3.750			03/15/28		16,987
	Sherwin-Williams Co. (The)
	260,000		2.750			06/01/22		264,256
	Westlake Chemical Corp.
	40,000		3.600			08/15/26		44,186

								1,020,698

Broadcasting – 0.1%
	Discovery Communications LLC
	80,000		4.125			05/15/29		90,333
	40,000		3.625			05/15/30		43,859
	Fox Corp.
	40,000		4.030			01/25/24		43,112
	40,000		4.709			01/25/29		47,135
	40,000		5.576			01/25/49		55,193

								279,632

Brokerage – 0.2%
	Affiliated Managers Group, Inc.
	130,000		3.300			06/15/30		141,224
	BlackRock, Inc.
	15,000		3.500			03/18/24		16,174
	15,000		3.250			04/30/29		16,753
	15,000		2.400			04/30/30		15,763
	15,000		1.900			01/28/31		15,111
	E*TRADE Financial Corp.
	80,000		4.500			06/20/28		93,087
	Jefferies Group LLC
	20,000		6.500			01/20/43		27,969
	Jefferies Group LLC / Jefferies Group Capital Finance, Inc.
	40,000		4.150			01/23/30		45,369

								371,450

Building Materials – 0.0%
	Mohawk Industries, Inc.
	120,000		3.850			02/01/23		124,697

Capital Goods – 0.9%
	3M Co.
	220,000		3.250			08/26/49		241,571
	Caterpillar Financial Services Corp., MTN
	60,000		2.850			06/01/22		61,211
	25,000		1.900			09/06/22		25,429
	Caterpillar, Inc.
	50,000		3.803			08/15/42		59,745
	Cummins, Inc.
	60,000		0.750			09/01/25		59,633
	Deere & Co.
	40,000		2.875			09/07/49		42,278
	25,000		3.750			04/15/50		30,563
	Eaton Corp.
	70,000		2.750			11/02/22		71,971
	Emerson Electric Co.
	60,000		1.950			10/15/30		60,887
	15,000		6.000			08/15/32		20,256


Corporate Obligations – (continued)
Capital Goods – (continued)
	Fortive Corp.
	15,000		4.300			06/15/46		18,114
	Honeywell International, Inc.
	100,000		2.700			08/15/29		107,586
	188,000		1.950			06/01/30		192,141
	Illinois Tool Works, Inc.
	15,000		3.900			09/01/42		17,964
	John Deere Capital Corp., MTN
	80,000		2.450			01/09/30		84,730
	Leggett & Platt, Inc.
	80,000		4.400			03/15/29		92,421
	Lennox International, Inc.
	80,000		1.700			08/01/27		80,436
	Otis Worldwide Corp.
	60,000		2.293			04/05/27		62,849
	Parker-Hannifin Corp., MTN
	15,000		4.200			11/21/34		17,627
	Republic Services, Inc.
	22,000		4.750			05/15/23		23,379
	Rockwell Automation, Inc.
	15,000		4.200			03/01/49		19,140
	Waste Connections, Inc.
	40,000		3.050			04/01/50		41,395
	Waste Management, Inc.
	50,000		2.500			11/15/50		47,607
	Westinghouse Air Brake Technologies Corp.
	70,000		4.400			03/15/24		75,503
	100,000		3.200			06/15/25		106,662
	108,000		3.450			11/15/26		116,023
	75,000		4.950			09/15/28		87,524
	WW Grainger, Inc.
	100,000		1.850			02/15/25		103,307
	Xylem, Inc.
	15,000		3.250			11/01/26		16,442

								1,984,394

Communications – 1.1%
	Charter Communications Operating LLC / Charter Communications Operating Capital
	55,000		4.464			07/23/22		56,595
	40,000		3.750			02/15/28		44,255
	342,000		4.200			03/15/28		386,825
	40,000		2.800			04/01/31		41,005
	40,000		6.484			10/23/45		55,982
	40,000		5.375			05/01/47		49,513
	40,000		5.125			07/01/49		48,147
	40,000		6.834			10/23/55		59,871
	Charter Communications Operating LLC / Charter Communications Operating Capital, Series USD
	40,000		4.500			02/01/24		43,455
	Comcast Corp.
	75,000		3.300			04/01/27		82,610
	50,000		3.150			02/15/28		54,909
	232,000		2.650			02/01/30		244,624
	80,000		4.400			08/15/35		96,993
	60,000		4.000			08/15/47		71,138
	25,000		3.969			11/01/47		29,532


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

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Communications – (continued)
	Comcast Corp. – (continued)
$	75,000		4.000	%		03/01/48	$	89,005
	40,000		3.999			11/01/49		47,782
	80,000		2.800			01/15/51		78,871
	15,000		2.450			08/15/52		13,798
	Omnicom Group, Inc.
	80,000		4.200			06/01/30		92,624
	Time Warner Cable LLC
	15,000		6.750			06/15/39		21,019
	15,000		5.875			11/15/40		19,266
	15,000		5.500			09/01/41		18,810
	Time Warner Entertainment Co. LP
	40,000		8.375			03/15/23		44,748
	15,000		8.375			07/15/33		22,690
	TWDC Enterprises 18 Corp.
	15,000		4.375			08/16/41		18,577
	TWDC Enterprises 18 Corp., GMTN
	15,000		4.125			06/01/44		18,366
	ViacomCBS, Inc.
	80,000		3.875			04/01/24		85,651
	80,000		4.000			01/15/26		88,672
	11,000		6.875			04/30/36		15,831
	15,000		4.900			08/15/44		18,538
	Walt Disney Co. (The)
	60,000		3.000			09/15/22		61,682
	80,000		2.000			09/01/29		81,469
	80,000		3.800			03/22/30		92,508
	90,000		3.500			05/13/40		101,399
	15,000		4.750			09/15/44		19,869
	50,000		3.600			01/13/51		58,067

								2,474,696

Consumer Cyclical – 2.4%
	Amazon.com, Inc.
	40,000		0.400			06/03/23		40,120
	40,000		3.800			12/05/24		43,878
	200,000		3.150			08/22/27		221,134
	100,000		2.100			05/12/31		102,649
	80,000		4.050			08/22/47		99,074
	15,000		2.500			06/03/50		14,401
	50,000		2.700			06/03/60		48,627
	American Honda Finance Corp., MTN
	100,000		2.200			06/27/22		101,577
	Aptiv PLC
	40,000		4.250			01/15/26		45,113
	BorgWarner, Inc.
	100,000		3.375			03/15/25		107,810
	Costco Wholesale Corp.
	40,000		3.000			05/18/27		43,987
	CyrusOne LP / CyrusOne Finance Corp.
	30,000		3.450			11/15/29		31,654
	15,000		2.150			11/01/30		14,300
	Dollar General Corp.
	180,000		3.500			04/03/30		200,862
	DR Horton, Inc.
	80,000		2.500			10/15/24		83,845


Corporate Obligations – (continued)
Consumer Cyclical – (continued)
	DR Horton, Inc. – (continued)
	90,000		2.600			10/15/25		94,938
	100,000		1.400			10/15/27		98,918
	eBay, Inc.
	15,000		4.000			07/15/42		17,110
	General Motors Co.
	100,000		5.400			10/02/23		109,444
	15,000		6.750			04/01/46		21,859
	40,000		5.950			04/01/49		54,723
	General Motors Financial Co., Inc.
	120,000		3.150			06/30/22		122,425
	40,000		5.200			03/20/23		42,713
	90,000		3.700			05/09/23		94,123
	100,000		4.250			05/15/23		105,997
	50,000		1.700			08/18/23		51,052
	25,000		1.050			03/08/24		25,186
	80,000		2.900			02/26/25		84,630
	80,000		3.850			01/05/28		87,934
	Global Payments, Inc.
	120,000		4.800			04/01/26		137,361
	Home Depot, Inc. (The)
	40,000		2.625			06/01/22		40,654
	90,000		3.350			09/15/25		98,459
	40,000		2.950			06/15/29		43,798
	130,000		4.200			04/01/43		160,611
	Lowe’s Cos., Inc.
	40,000		3.650			04/05/29		44,945
	100,000		1.700			10/15/30		97,088
	30,000		3.000			10/15/50		30,254
	Marriott International, Inc., Series EE
	50,000		5.750			05/01/25		57,529
	Mastercard, Inc.
	60,000		2.000			03/03/25		62,664
	15,000		3.300			03/26/27		16,658
	McDonald’s Corp., MTN
	45,000		4.700			12/09/35		56,046
	60,000		4.450			09/01/48		75,543
	MDC Holdings, Inc.
	40,000		6.000			01/15/43		51,550
	NIKE, Inc.
	100,000		2.250			05/01/23		102,913
	20,000		3.375			03/27/50		23,005
	NVR, Inc.
	80,000		3.000			05/15/30		84,903
	O’Reilly Automotive, Inc.
	80,000		4.200			04/01/30		93,044
	Starbucks Corp.
	250,000		3.800			08/15/25		276,157
	Tapestry, Inc.
	100,000		4.250			04/01/25		108,392
	140,000		4.125			07/15/27		153,075
	Target Corp.
	120,000		3.500			07/01/24		130,055
	172,000		4.000			07/01/42		216,395
	15,000		3.900			11/15/47		18,966
	Toyota Motor Credit Corp.
	40,000		3.650			01/08/29		45,812


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

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Schedule of Investments (continued)

August 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Consumer Cyclical – (continued)
	Toyota Motor Credit Corp., MTN
$	76,000		0.350	%		10/14/22	$	76,119
	80,000		3.375			04/01/30		90,266
	Visa, Inc.
	50,000		0.750			08/15/27		49,151
	15,000		2.750			09/15/27		16,309
	40,000		4.300			12/14/45		51,417
	Walmart, Inc.
	15,000		2.550			04/11/23		15,480
	100,000		3.300			04/22/24		106,836
	180,000		3.550			06/26/25		198,087
	110,000		3.050			07/08/26		120,520
	50,000		7.550			02/15/30		73,212
	40,000		4.750			10/02/43		53,212
	Western Union Co. (The)
	40,000		6.200			11/17/36		50,002

								5,336,571

Consumer Noncyclical – 1.7%
	Abbott Laboratories
	60,000		3.875			09/15/25		66,594
	150,000		4.750			11/30/36		194,476
	75,000		6.000			04/01/39		111,262
	40,000		4.750			04/15/43		53,545
	Agilent Technologies, Inc.
	100,000		2.750			09/15/29		105,172
	Altria Group, Inc.
	115,000		3.400			05/06/30		123,356
	40,000		4.500			05/02/43		43,529
	40,000		5.375			01/31/44		48,111
	15,000		4.450			05/06/50		16,389
	Amgen, Inc.
	250,000		2.600			08/19/26		266,139
	160,000		2.450			02/21/30		165,359
	15,000		2.770			09/01/53		14,431
	Becton Dickinson and Co.
	80,000		3.794			05/20/50		91,260
	Bristol-Myers Squibb Co.
	350,000		0.750			11/13/25		348,720
	132,000		2.350			11/13/40		128,365
	150,000		5.000			08/15/45		206,593
	Centene Corp.
	15,000		4.625			12/15/29		16,538
	15,000		3.375			02/15/30		15,731
	75,000		3.000			10/15/30		78,000
	Eli Lilly & Co.
	15,000		3.100			05/15/27		16,421
	250,000		3.375			03/15/29		281,808
	15,000		4.150			03/15/59		19,565
	Equifax, Inc.
	40,000		3.250			06/01/26		42,984
	Johnson & Johnson
	76,000		0.550			09/01/25		75,420
	15,000		0.950			09/01/27		14,844
	90,000		2.900			01/15/28		98,435
	25,000		3.625			03/03/37		29,441
	35,000		3.700			03/01/46		42,387


Corporate Obligations – (continued)
Consumer Noncyclical – (continued)
	Kroger Co. (The)
	15,000		4.450			02/01/47		18,277
	Laboratory Corp. of America Holdings
	15,000		4.700			02/01/45		18,629
	Mylan, Inc.
	40,000		5.400			11/29/43		50,087
	Pfizer, Inc.
	40,000		0.800			05/28/25		40,092
	260,000		4.000			12/15/36		315,469
	10,000		4.100			09/15/38		12,228
	40,000		2.700			05/28/50		40,453
	Philip Morris International, Inc.
	40,000		3.250			11/10/24		43,209
	15,000		4.375			11/15/41		17,661
	15,000		4.875			11/15/43		18,843
	10,000		4.250			11/10/44		11,748
	Thermo Fisher Scientific, Inc.
	180,000		2.950			09/19/26		194,535
	Utah Acquisition Sub, Inc.
	75,000		5.250			06/15/46		93,554
	Viatris, Inc.^(c)
	15,000		4.000			06/22/50		16,380
	Walgreens Boots Alliance, Inc.
	40,000		4.800			11/18/44		48,851
	15,000		4.650			06/01/46		17,915
	Wyeth LLC
	10,000		6.500			02/01/34		14,652

								3,687,458

Consumer Products – 0.1%
	Colgate-Palmolive Co., MTN
	40,000		4.000			08/15/45		51,330
	15,000		3.700			08/01/47		18,582
	Procter & Gamble Co. (The)
	90,000		2.150			08/11/22		91,687
	40,000		0.550			10/29/25		39,710
	40,000		1.000			04/23/26		40,250
	15,000		2.850			08/11/27		16,406
	Whirlpool Corp., MTN
	15,000		5.150			03/01/43		19,448

								277,413

Distributors – 0.0%
	PACCAR Financial Corp., MTN
	76,000		2.650			04/06/23		78,860

Electric – 1.9%
	Alabama Power Co., Series 20-A
	15,000		1.450			09/15/30		14,502
	American Electric Power Co., Inc.
	300,000		2.300			03/01/30		302,073
	40,000		3.250			03/01/50		40,781
	American Electric Power Co., Inc., Series J
	36,000		4.300			12/01/28		41,567
	Berkshire Hathaway Energy Co.
	15,000		5.150			11/15/43		19,891
	40,000		4.500			02/01/45		49,536
	40,000		4.250			10/15/50		49,522


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

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Electric – (continued)
	Cleco Corporate Holdings LLC
$	80,000		3.375	%		09/15/29	$	83,639
	Cleco Power LLC
	15,000		6.000			12/01/40		21,030
	Consolidated Edison Co. of New York, Inc.
	40,000		4.625			12/01/54		51,459
	Consolidated Edison Co. of New York, Inc., Series 08-B
	10,000		6.750			04/01/38		14,835
	Consolidated Edison Co. of New York, Inc., Series 12-A
	40,000		4.200			03/15/42		47,364
	Consolidated Edison Co. of New York, Inc., Series A
	15,000		4.125			05/15/49		17,849
	Consumers Energy Co.
	15,000		4.350			04/15/49		19,458
	Dominion Energy South Carolina, Inc.
	80,000		5.100			06/01/65		119,055
	Dominion Energy, Inc.
	80,000		4.250			06/01/28		91,962
	DTE Electric Co.
	15,000		3.700			03/15/45		17,382
	DTE Electric Co., Series A
	40,000		4.000			04/01/43		48,177
	DTE Energy Co., Series C
	60,000		2.529			10/01/24		62,930
	Duke Energy Carolinas LLC
	50,000		3.950			03/15/48		59,469
	Duke Energy Corp.
	80,000		2.400			08/15/22		81,426
	300,000		3.750			09/01/46		327,282
	Duke Energy Indiana LLC
	50,000		6.350			08/15/38		73,492
	40,000		6.450			04/01/39		59,104
	Duke Energy Progress LLC
	15,000		4.100			05/15/42		17,918
	Eastern Gas Transmission & Storage, Inc.^(c)
	15,000		4.600			12/15/44		18,249
	Edison International
	315,000		5.750			06/15/27		360,471
	Entergy Louisiana LLC
	152,000		3.100			06/15/41		160,328
	15,000		4.200			04/01/50		18,577
	Evergy Kansas Central, Inc.
	40,000		4.250			12/01/45		49,489
	Evergy Metro, Inc., Series 2019
	15,000		4.125			04/01/49		18,519
	Eversource Energy
	60,000		3.450			01/15/50		64,968
	Exelon Generation Co. LLC
	220,000		6.250			10/01/39		275,495
	Florida Power & Light Co.
	15,000		3.125			12/01/25		16,255
	80,000		4.950			06/01/35		105,634
	15,000		4.125			02/01/42		18,488
	Georgia Power Co., Series B
	400,000		2.650			09/15/29		421,331
	15,000		3.700			01/30/50		16,559


Corporate Obligations – (continued)
Electric – (continued)
	Interstate Power and Light Co.
	40,000		3.500			09/30/49		44,495
	Kentucky Utilities Co.
	40,000		3.300			06/01/50		43,104
	MidAmerican Energy Co.
	15,000		3.150			04/15/50		16,021
	National Rural Utilities Cooperative Finance Corp.
	40,000		2.400			03/15/30		41,477
	NSTAR Electric Co.
	15,000		3.200			05/15/27		16,423
	Ohio Power Co., Series D
	15,000		6.600			03/01/33		20,820
	Oncor Electric Delivery Co. LLC
	76,000		3.800			06/01/49		91,135
	15,000		5.350			10/01/52		22,674
	PPL Capital Funding, Inc.
	25,000		5.000			03/15/44		33,363
	PPL Electric Utilities Corp.
	40,000		4.125			06/15/44		48,953
	Public Service Co. of Colorado, Series 36
	60,000		2.700			01/15/51		60,784
	Puget Sound Energy, Inc.
	55,000		4.223			06/15/48		68,587
	Sempra Energy
	15,000		6.000			10/15/39		21,101
	Southern Co. Gas Capital Corp.
	15,000		3.950			10/01/46		17,110
	Union Electric Co.
	42,000		3.500			03/15/29		46,915
	40,000		2.950			03/15/30		43,228
	Virginia Electric and Power Co., Series B
	15,000		3.800			09/15/47		17,438
	Virginia Electric and Power Co., Series C
	80,000		4.000			11/15/46		95,827
	Virginia Electric And Power Co.
	50,000		4.000			01/15/43		59,156
	Xcel Energy, Inc.
	40,000		3.500			12/01/49		43,770

								4,128,447

Energy – 1.8%
	BP Capital Markets America, Inc.
	86,000		4.234			11/06/28		99,521
	40,000		2.772			11/10/50		38,242
	100,000		2.939			06/04/51		97,948
	Cheniere Corpus Christi Holdings LLC
	80,000		5.875			03/31/25		91,050
	40,000		5.125			06/30/27		46,575
	ConocoPhillips^(c)
	300,000		3.750			10/01/27		337,618
	Devon Energy Corp.^(c)
	9,000		4.500			01/15/30		9,878
	Energy Transfer LP
	50,000		3.600			02/01/23		51,655
	100,000		4.250			04/01/24		107,000
	40,000		3.750			05/15/30		43,479
	15,000		5.300			04/15/47		17,747
	55,000		6.250			04/15/49		73,382


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

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Schedule of Investments (continued)

August 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Energy – (continued)
	Energy Transfer LP / Regency Energy Finance Corp.
$	120,000		4.500	%		11/01/23	$	128,025
	Enterprise Products Operating LLC
	160,000		4.850			08/15/42		197,776
	60,000		4.200			01/31/50		69,487
	15,000		3.950			01/31/60		16,740
	Enterprise Products Operating LLC, Series D
	80,000		6.875			03/01/33		113,141
	EOG Resources, Inc.
	60,000		3.900			04/01/35		68,800
	Exxon Mobil Corp.
	200,000		2.275			08/16/26		210,912
	200,000		4.227			03/19/40		242,262
	Halliburton Co.
	50,000		5.000			11/15/45		60,563
	Hess Corp.
	30,000		4.300			04/01/27		33,356
	15,000		6.000			01/15/40		18,956
	Kinder Morgan Energy Partners LP
	50,000		3.450			02/15/23		51,813
	Kinder Morgan, Inc.
	56,000		2.000			02/15/31		54,751
	200,000		5.200			03/01/48		253,908
	Magellan Midstream Partners LP
	15,000		4.200			10/03/47		16,880
	MPLX LP
	100,000		2.650			08/15/30		102,375
	40,000		4.700			04/15/48		46,836
	NOV, Inc.
	15,000		3.950			12/01/42		15,000
	ONEOK Partners LP
	15,000		6.650			10/01/36		20,337
	ONEOK, Inc.
	80,000		2.200			09/15/25		82,422
	40,000		5.200			07/15/48		49,282
	Ovintiv, Inc.
	40,000		7.375			11/01/31		53,702
	Plains All American Pipeline LP / PAA Finance Corp.
	100,000		3.850			10/15/23		105,430
	90,000		3.600			11/01/24		95,973
	40,000		4.500			12/15/26		44,900
	92,000		3.550			12/15/29		97,696
	35,000		6.700			05/15/36		43,332
	40,000		6.650			01/15/37		52,916
	15,000		4.700			06/15/44		16,052
	Sabine Pass Liquefaction LLC
	120,000		5.750			05/15/24		133,875
	110,000		5.625			03/01/25		125,249
	40,000		4.200			03/15/28		45,050
	15,000		4.500			05/15/30		17,390
	Schlumberger Investment SA
	50,000		3.650			12/01/23		53,155
	Transcontinental Gas Pipe Line Co. LLC
	50,000		5.400			08/15/41		65,248
	40,000		3.950			05/15/50		45,311


Corporate Obligations – (continued)
Energy – (continued)
	Valero Energy Corp.
	15,000		4.900			03/15/45		18,329
	Williams Cos., Inc. (The)
	15,000		6.300			04/15/40		20,717

								3,902,042

Financial Company – 0.3%
	Aircastle Ltd.
	80,000		5.000			04/01/23		85,193
	15,000		4.250			06/15/26		16,506
	Ally Financial, Inc.
	205,000		5.125			09/30/24		229,608
	80,000		8.000			11/01/31		117,535
	60,000		8.000			11/01/31		85,383
	Ares Capital Corp.
	80,000		3.250			07/15/25		84,551
	40,000		3.875			01/15/26		43,008

								661,784

Food and Beverage – 1.0%
	Campbell Soup Co.
	40,000		4.800			03/15/48		50,672
	Coca-Cola Co. (The)
	155,000		1.750			09/06/24		161,370
	Conagra Brands, Inc.
	80,000		4.600			11/01/25		90,332
	Constellation Brands, Inc.
	40,000		3.150			08/01/29		43,177
	General Mills, Inc.
	80,000		2.875			04/15/30		85,588
	207,000		4.550			04/17/38		256,947
	15,000		4.150			02/15/43		17,999
	Hershey Co. (The)
	40,000		3.375			08/15/46		45,141
	International Flavors & Fragrances, Inc.
	15,000		4.375			06/01/47		18,160
	J M Smucker Co. (The)
	15,000		4.375			03/15/45		18,271
	Kellogg Co.
	60,000		2.650			12/01/23		62,890
	Keurig Dr Pepper, Inc.
	160,000		4.417			05/25/25		178,828
	Kraft Heinz Foods Co.
	79,000		3.000			06/01/26		83,783
	51,000		4.625			01/30/29		59,171
	80,000		3.750			04/01/30		88,498
	80,000		4.250			03/01/31		92,272
	30,000		5.000			07/15/35		37,208
	40,000		4.875			10/01/49		49,845
	McCormick & Co., Inc.
	160,000		2.700			08/15/22		163,369
	Molson Coors Beverage Co.
	120,000		4.200			07/15/46		135,551
	PepsiCo, Inc.
	40,000		3.500			07/17/25		43,901
	146,000		2.750			03/19/30		158,309
	40,000		3.375			07/29/49		45,497


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

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Food and Beverage – (continued)
	Sysco Corp.
$	80,000		2.400	%		02/15/30	$	82,574
	Tyson Foods, Inc.
	40,000		3.550			06/02/27		44,582

								2,113,935

Healthcare – 1.1%
	Aetna, Inc.
	40,000		4.750			03/15/44		50,043
	Anthem, Inc.
	150,000		2.550			03/15/31		156,448
	15,000		4.650			08/15/44		19,024
	40,000		4.850			08/15/54		53,721
	Cigna Corp.
	98,000		3.750			07/15/23		103,847
	140,000		4.800			07/15/46		179,211
	CVS Health Corp.
	200,000		3.250			08/15/29		217,928
	76,000		1.750			08/21/30		73,955
	70,000		5.050			03/25/48		92,937
	100,000		4.250			04/01/50		121,669
	Evernorth Health, Inc.
	120,000		4.500			02/25/26		136,173
	HCA, Inc.
	150,000		4.750			05/01/23		160,031
	40,000		5.375			02/01/25		45,000
	40,000		5.250			04/15/25		45,700
	40,000		5.875			02/15/26		46,400
	46,000		5.250			06/15/26		53,245
	40,000		4.500			02/15/27		45,375
	75,000		4.125			06/15/29		85,125
	40,000		5.500			06/15/47		53,100
	MPT Operating Partnership LP / MPT Finance Corp.
	40,000		3.500			03/15/31		41,143
	Quest Diagnostics, Inc.
	100,000		2.800			06/30/31		106,104
	UnitedHealth Group, Inc.
	250,000		3.750			07/15/25		277,496
	11,000		5.800			03/15/36		15,632
	60,000		2.750			05/15/40		61,816
	40,000		5.950			02/15/41		58,426
	40,000		3.750			10/15/47		47,053

								2,346,602

Insurance – 0.7%
	Aflac, Inc.
	15,000		3.625			11/15/24		16,415
	Allstate Corp. (The)
	15,000		4.200			12/15/46		18,837
	American International Group, Inc.
	100,000		3.900			04/01/26		111,142
	Arch Capital Group Ltd.
	15,000		3.635			06/30/50		16,699
	AXIS Specialty Finance LLC
	40,000		3.900			07/15/29		44,543


Corporate Obligations – (continued)
Insurance – (continued)
	Berkshire Hathaway Finance Corp.
	15,000		5.750			01/15/40		21,869
	80,000		4.400			05/15/42		101,185
	15,000		4.300			05/15/43		18,827
	40,000		4.200			08/15/48		50,025
	Berkshire Hathaway, Inc.
	120,000		2.750			03/15/23		124,034
	15,000		4.500			02/11/43		19,289
	Chubb INA Holdings, Inc.
	150,000		3.350			05/03/26		165,016
	Cincinnati Financial Corp.
	80,000		6.920			05/15/28		105,663
	CNO Financial Group, Inc.
	200,000		5.250			05/30/29		238,750
	Hartford Financial Services Group, Inc. (The)
	30,000		3.600			08/19/49		33,736
	Marsh & McLennan Cos., Inc.
	80,000		3.500			06/03/24		85,699
	MetLife, Inc.
	15,000		4.125			08/13/42		18,215
	80,000		4.600			05/13/46		106,103
	Progressive Corp. (The)
	15,000		4.200			03/15/48		19,023
	Prudential Financial, Inc.
	40,000		3.935			12/07/49		47,898
	Prudential Financial, Inc., MTN
	15,000		6.625			06/21/40		23,031
	15,000		4.350			02/25/50		19,199
	60,000		3.700			03/13/51		70,089
	Travelers Cos., Inc. (The)
	40,000		3.750			05/15/46		47,460
	Voya Financial, Inc.^(b) (3M USD LIBOR + 2.084%)
	40,000		4.700			01/23/48		42,383

								1,565,130

Metals – 0.1%
	Steel Dynamics, Inc.
	80,000		3.450			04/15/30		88,200
	145,000		3.250			01/15/31		158,050

								246,250

Metals and Mining – 0.1%
	Newmont Corp.
	50,000		5.875			04/01/35		67,805
	Reliance Steel & Aluminum Co.
	80,000		4.500			04/15/23		84,068

								151,873

Other – 0.0%
	Yale University, Series 2020
	80,000		2.402			04/15/50		79,451

REITs and Real Estate – 0.4%
	Duke Realty LP
	80,000		4.000			09/15/28		91,667


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

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Schedule of Investments (continued)

August 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
REITs and Real Estate – (continued)
	Equinix, Inc.
$	25,000		2.950	%		09/15/51	$	24,238
	GLP Capital LP / GLP Financing II, Inc.
	50,000		3.350			09/01/24		52,930
	40,000		5.250			06/01/25		44,843
	40,000		5.750			06/01/28		47,641
	45,000		4.000			01/15/30		48,932
	72,000		4.000			01/15/31		78,194
	Kimco Realty Corp.
	40,000		3.400			11/01/22		41,122
	Omega Healthcare Investors, Inc.
	40,000		3.625			10/01/29		42,722
	Sabra Health Care LP
	85,000		5.125			08/15/26		95,884
	Simon Property Group LP
	100,000		3.750			02/01/24		106,185
	Welltower, Inc.
	200,000		4.250			04/15/28		230,501

								904,859

Revenue – 0.0%
	California Institute of Technology
	15,000		3.650			09/01/19		17,768
	Hackensack Meridian Health, Inc., Series 2020
	15,000		2.675			09/01/41		15,006
	University of Chicago (The), Series 20B
	40,000		2.761			04/01/45		41,950

								74,724

Software – 0.5%
	Oracle Corp.
	300,000		2.950			11/15/24		319,526
	100,000		2.950			04/01/30		106,179
	110,000		2.875			03/25/31		115,662
	160,000		6.125			07/08/39		220,554
	20,000		5.375			07/15/40		25,910
	100,000		3.600			04/01/50		104,777
	50,000		4.375			05/15/55		58,928
	15,000		3.850			04/01/60		16,154
	salesforce.com, Inc.
	80,000		3.700			04/11/28		91,074

								1,058,764

Technology – 2.1%
	Adobe, Inc.
	40,000		2.300			02/01/30		41,798
	Alphabet, Inc.
	15,000		1.998			08/15/26		15,767
	100,000		2.250			08/15/60		90,915
	Apple, Inc.
	15,000		1.700			09/11/22		15,233
	90,000		3.450			05/06/24		97,102
	400,000		1.800			09/11/24		414,506
	50,000		3.200			05/13/25		54,276
	40,000		2.450			08/04/26		42,620
	15,000		3.350			02/09/27		16,675


Corporate Obligations – (continued)
Technology – (continued)
	Apple, Inc. – (continued)
	15,000		3.200			05/11/27		16,604
	40,000		1.650			02/08/31		39,561
	160,000		4.500			02/23/36		203,283
	80,000		3.850			05/04/43		96,100
	80,000		4.450			05/06/44		104,075
	50,000		3.750			11/13/47		59,043
	Applied Materials, Inc.
	256,000		3.300			04/01/27		283,221
	Broadcom Corp. / Broadcom Cayman Finance Ltd.
	160,000		3.625			01/15/24		170,111
	Broadcom, Inc.
	60,000		4.750			04/15/29		69,727
	90,000		3.469	^(c)		04/15/34		95,610
	160,000		3.500	^(c)		02/15/41		164,010
	Corning, Inc.
	45,000		4.375			11/15/57		55,342
	Dell International LLC / EMC Corp.
	100,000		5.450			06/15/23		107,740
	100,000		6.020			06/15/26		119,662
	HP, Inc.
	15,000		6.000			09/15/41		19,711
	Intel Corp.
	120,000		2.875			05/11/24		127,266
	200,000		3.700			07/29/25		220,159
	80,000		3.734			12/08/47		91,574
	International Business Machines Corp.
	15,000		5.875			11/29/32		20,537
	150,000		4.150			05/15/39		180,235
	250,000		4.000			06/20/42		296,680
	Jabil, Inc.
	80,000		3.600			01/15/30		86,448
	KLA Corp.
	60,000		3.300			03/01/50		65,447
	Lam Research Corp.
	40,000		3.125			06/15/60		42,779
	Microsoft Corp.
	40,000		2.000			08/08/23		41,270
	40,000		3.300			02/06/27		44,623
	15,000		3.500			02/12/35		17,640
	220,000		4.250			02/06/47		290,838
	200,000		4.000			02/12/55		256,152
	20,000		2.675			06/01/60		20,267
	PayPal Holdings, Inc.
	160,000		2.400			10/01/24		168,502
	15,000		3.250			06/01/50		16,573
	QUALCOMM, Inc.
	160,000		4.300			05/20/47		204,015
	VMware, Inc.
	80,000		4.700			05/15/30		95,589

								4,679,286

Transportation – 0.5%
	Burlington Northern Santa Fe LLC
	50,000		5.750			05/01/40		70,951
	25,000		5.150			09/01/43		34,316


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

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Transportation – (continued)
$	40,000		3.900	%		08/01/46	$	47,629
	40,000		4.125			06/15/47		49,269
	40,000		4.150			12/15/48		49,908
	CSX Corp.
	15,000		3.250			06/01/27		16,428
	80,000		4.100			03/15/44		94,836
	40,000		4.300			03/01/48		49,407
	Delta Air Lines, Inc.
	50,000		4.375			04/19/28		53,479
	FedEx Corp.
	40,000		3.900			02/01/35		46,093
	40,000		4.400			01/15/47		48,542
	40,000		4.950			10/17/48		52,627
	Southwest Airlines Co.
	40,000		5.250			05/04/25		45,297
	Union Pacific Corp.
	40,000		3.700			03/01/29		45,192
	80,000		3.799			10/01/51		93,046
	60,000		3.839			03/20/60		69,906
	15,000		3.750			02/05/70		17,073
	Union Pacific Railroad Co. Pass-Through Trust, Series 2015-1
	79,399		2.695			05/12/27		84,658
	United Parcel Service, Inc.
	40,000		3.625			10/01/42		46,695
	15,000		4.250			03/15/49		19,287
	15,000		5.300			04/01/50		22,307

								1,056,946

Water – 0.1%
	American Water Capital Corp.
	105,000		3.750			09/01/47		121,062
	40,000		4.200			09/01/48		49,016

								170,078

Wireless – 1.0%
	American Tower Corp.
	40,000		3.950			03/15/29		44,992
	20,000		3.100			06/15/50		19,849
	AT&T, Inc.
	50,000		0.900			03/25/24		50,124
	320,000		2.750			06/01/31		336,076
	400,000		3.500			06/01/41		423,603
	300,000		3.500	^(c)		09/15/53		308,454
	CC Holdings GS V LLC / Crown Castle GS III Corp.
	50,000		3.849			04/15/23		52,693
	Crown Castle International Corp.
	40,000		3.300			07/01/30		43,176
	40,000		4.150			07/01/50		46,422
	Verizon Communications, Inc.
	100,000		2.625			08/15/26		106,408
	75,000		4.329			09/21/28		87,497
	272,000		3.150			03/22/30		295,696
	21,000		4.500			08/10/33		25,391
	100,000		4.272			01/15/36		119,403
	15,000		3.400			03/22/41		16,072
	100,000		3.850			11/01/42		114,461


Corporate Obligations – (continued)
Wireless – (continued)
	Verizon Communications, Inc. – (continued)
	80,000		5.500			03/16/47		113,492
	40,000		4.522			09/15/48		50,247
	40,000		4.000			03/22/50		46,831

								2,300,887

	TOTAL CORPORATE OBLIGATIONS
	(Cost $51,018,274)						$	51,307,171



U.S. Treasury Bonds – 7.7%
	U.S. Treasury Bonds
$	4,180,000		4.375	%		02/15/38	$	5,875,581
	3,453,000		3.875			08/15/40		4,652,678
	2,465,000		2.500			02/15/45		2,748,261
	1,044,000		2.500			05/15/46		1,167,930
	2,477,000		2.000			02/15/50		2,519,665

	TOTAL U.S. TREASURY BONDS
	(Cost $17,500,038)						$	16,964,115



Foreign Corporate Debt – 4.9%
Banks – 1.5%
	Banco Bilbao Vizcaya Argentaria SA (Spain)
$	200,000		0.875	%		09/18/23	$	201,042
	200,000		1.125			09/18/25		199,169
	Bank of Nova Scotia (The) (Canada)
	200,000		3.400			02/11/24		213,648
	Barclays PLC (United Kingdom)
	200,000		4.375			09/11/24		218,586
	200,000		5.200			05/12/26		230,278
	Canadian Imperial Bank of Commerce (Canada)
	90,000		3.500			09/13/23		95,721
	Credit Suisse USA, Inc. (Switzerland)
	90,000		7.125			07/15/32		130,376
	HSBC Holdings PLC (United Kingdom)
	(3M USD LIBOR + 1.211%)
	350,000		3.803	^(b)		03/11/25		375,299
	200,000		6.500			09/15/37		282,041
	Korea Development Bank (The) (South Korea)
	300,000		0.800			07/19/26		297,283
	Mitsubishi UFJ Financial Group, Inc. (Japan)
	200,000		3.850			03/01/26		223,345
	100,000		3.741			03/07/29		112,857
	Natwest Group PLC (United Kingdom)
	100,000		6.000			12/19/23		111,433
	Royal Bank of Canada, GMTN (Canada)
	40,000		1.600			04/17/23		40,725
	Sumitomo Mitsui Financial Group, Inc. (Japan)
	120,000		3.010			10/19/26		129,962
	Toronto-Dominion Bank (The)^(b) (Canada)
	(5 Year USD Swap + 2.205%)
	185,000		3.625			09/15/31		205,812
	Toronto-Dominion Bank (The), GMTN (Canada)
	40,000		3.500			07/19/23		42,419


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

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Schedule of Investments (continued)

August 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Foreign Corporate Debt – (continued)
Banks – (continued)
	Westpac Banking Corp. (Australia)
$	200,000		2.850	%		05/13/26	$	217,025
	40,000		2.150			06/03/31		40,813

								3,367,834

Basic Industry – 0.0%
	Syngenta Finance NV (Switzerland)
	20,000		3.125			03/28/22		20,275

Brokerage – 0.0%
	Brookfield Finance, Inc. (Canada)
	50,000		4.350			04/15/30		58,481
	15,000		3.500			03/30/51		15,919

								74,400

Capital Goods – 0.1%
	CNH Industrial NV (United Kingdom)
	80,000		4.500			08/15/23		85,847

Consumer Noncyclical – 0.4%
	AstraZeneca PLC (United Kingdom)
	80,000		3.375			11/16/25		87,699
	150,000		0.700			04/08/26		147,363
	15,000		4.375			11/16/45		19,425
	BAT Capital Corp. (United Kingdom)
	80,000		5.282			04/02/50		94,083
	Bayer US Finance II LLC^(c) (Germany)
	100,000		3.375			07/15/24		106,203
	15,000		4.200			07/15/34		16,943
	GlaxoSmithKline Capital PLC (United Kingdom)
	100,000		3.000			06/01/24		106,411
	GlaxoSmithKline Capital, Inc. (United Kingdom)
	150,000		6.375			05/15/38		226,314
	20,000		4.200			03/18/43		24,995
	Reynolds American, Inc. (United Kingdom)
	81,000		5.700			08/15/35		99,120

								928,556

Consumer Products – 0.0%
	Koninklijke Philips NV (Netherlands)
	15,000		6.875			03/11/38		22,769

Energy – 0.5%
	Cenovus Energy, Inc. (Canada)
	50,000		5.250			06/15/37		59,726
	Enbridge, Inc. (Canada)
	110,000		3.125			11/15/29		118,172
	15,000		5.500			12/01/46		20,604
	(3M USD LIBOR + 3.641%)
	15,000		6.250	^(b)		03/01/78		16,725
	Equinor ASA (Norway)
	300,000		3.125			04/06/30		329,251
	Shell International Finance BV (Netherlands)
	40,000		2.000			11/07/24		41,666
	15,000		3.250			05/11/25		16,270
	312,000		4.000			05/10/46		371,904
	TotalEnergies Capital International SA (France)
	100,000		3.127			05/29/50		103,102

								1,077,420


Foreign Corporate Debt – (continued)
Food and Beverage – 0.4%
	Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium)
	80,000		4.900			02/01/46		102,218
	Anheuser-Busch InBev Finance, Inc. (Belgium)
	15,000		4.700			02/01/36		18,510
	100,000		4.900			02/01/46		127,792
	Anheuser-Busch InBev Worldwide, Inc. (Belgium)
	300,000		3.500			06/01/30		334,510
	46,000		4.375			04/15/38		55,062
	40,000		4.600			04/15/48		49,496
	40,000		5.550			01/23/49		55,926
	40,000		4.750			04/15/58		51,033

								794,547

Forest Products & Paper – 0.1%
	Suzano Austria GmbH (Brazil)
	200,000		5.000			01/15/30		228,086

Internet – 0.2%
	Baidu, Inc. (China)
	200,000		3.075			04/07/25		211,996
	Tencent Music Entertainment Group (China)
	300,000		2.000			09/03/30		290,481

								502,477

Metals – 0.0%
	ArcelorMittal SA (Luxembourg)
	15,000		4.550			03/11/26		16,950
	15,000		4.250			07/16/29		16,830
	10,000		7.000			10/15/39		14,425
	15,000		6.750			03/01/41		21,323

								69,528

Metals and Mining – 0.1%
	Rio Tinto Finance USA Ltd. (Australia)
	200,000		3.750			06/15/25		220,151

Mining – 0.3%
	Barrick North America Finance LLC (Canada)
	60,000		5.750			05/01/43		84,205
	Southern Copper Corp. (Peru)
	55,000		3.875			04/23/25		59,903
	Vale Overseas Ltd. (Brazil)
	230,000		6.250			08/10/26		276,863
	115,000		3.750			07/08/30		122,454

								543,425

Oil Company-Integrated – 0.7%
	Petroleos Mexicanos (Mexico)
	300,000		3.500			01/30/23		305,462
	225,000		6.875			08/04/26		246,336
	100,000		5.350			02/12/28		99,668
	250,000		5.950			01/28/31		245,593
	130,000		5.625			01/23/46		106,400
	Saudi Arabian Oil Co.^(c) (Saudi Arabia)
	200,000		2.875			04/16/24		209,372
	300,000		2.250			11/24/30		298,125

								1,510,956


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

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF


Principal Amount		Interest Rate			Maturity Date		Value

Foreign Corporate Debt – (continued)
Technology – 0.1%
	NXP BV / NXP Funding LLC^(c) (China)
$	40,000		5.350	%		03/01/26	$	46,635
	NXP BV / NXP Funding LLC / NXP USA, Inc.^(c) (China)
	120,000		3.400			05/01/30		131,495

								178,130

Telecommunications – 0.2%
	America Movil SAB de CV (Mexico)
	280,000		3.625			04/22/29		307,670
	200,000		2.875			05/07/30		211,417

								519,087

Transportation – 0.0%
	Canadian National Railway Co. (Canada)
	40,000		4.450			01/20/49		51,518

Wireless – 0.2%
	Vodafone Group PLC (United Kingdom)
	80,000		2.500			09/26/22		81,737
	250,000		4.125			05/30/25		277,993
	50,000		5.250			05/30/48		66,788

								426,518

Wirelines – 0.1%
	Bell Telephone Co of Canada or Bell Canada/The (Canada)
	80,000		4.300			07/29/49		97,800
	Deutsche Telekom International Finance BV (Germany)
	15,000		8.750			06/15/30		22,579

								120,379

	TOTAL FOREIGN CORPORATE DEBT
	(Cost $10,630,990)						$	10,741,903



Foreign Debt Obligations – 3.1%
Sovereign – 3.1%
	Abu Dhabi Government International Bond^(c) (United Arab Emirates)
$	200,000		0.750	%		09/02/23	$	201,287
	400,000		2.125			09/30/24		417,817
	200,000		2.500			04/16/25		212,405
	200,000		2.700			09/02/70		182,933
	China Government International Bond^(c) (China)
	400,000		0.400			10/21/23		400,199
	600,000		0.550			10/21/25		592,927
	Colombia Government International Bond (Colombia)
	200,000		3.875			04/25/27		212,355
	100,000		6.125			01/18/41		118,034
	Hungary Government International Bond (Hungary)
	16,000		5.375			02/21/23		17,170
	Indonesia Government International Bond (Indonesia)
	200,000		3.850			10/15/30		226,441
	300,000		5.250			01/17/42		379,892
	Landwirtschaftliche Rentenbank (Germany)
	15,000		3.125			11/14/23		15,909
	Malaysia Sovereign Sukuk BHD^(c) (Malaysia)
	300,000		3.043			04/22/25		321,617


Foreign Debt Obligations – (continued)
Sovereign – (continued)
	Mexico Government International Bond (Mexico)
	56,000		4.000			10/02/23		60,189
	250,000		3.250			04/16/30		263,260
	Panama Government International Bond (Panama)
	200,000		6.700			01/26/36		275,750
	Perusahaan Penerbit SBSN Indonesia III^(c) (Indonesia)
	400,000		4.550			03/29/26		455,000
	200,000		2.800			06/23/30		208,750
	Philippine Government International Bond (Philippines)
	200,000		3.750			01/14/29		228,417
	Province of Alberta Canada (Canada)
	15,000		2.200			07/26/22		15,284
	50,000		3.300			03/15/28		56,434
	Province of British Columbia Canada (Canada)
	15,000		2.000			10/23/22		15,302
	Province of Ontario Canada (Canada)
	30,000		1.050			05/21/27		29,837
	30,000		1.600			02/25/31		29,790
	Province of Quebec Canada (Canada)
	90,000		0.600			07/23/25		88,221
	25,000		2.750			04/12/27		27,323
	Qatar Government International Bond^(c) (Qatar)
	280,000		3.400			04/16/25		303,631
	200,000		4.817			03/14/49		260,384
	Republic of Poland Government International Bond (Poland)
	30,000		3.250			04/06/26		33,119
	Romanian Government International Bond^(c) (Romania)
	16,000		3.000			02/14/31		16,683
	Russian Foreign Bond – Eurobond^(c) (Russia)
	200,000		5.250			06/23/47		260,250
	Saudi Government International Bond (Saudi Arabia)
	300,000		2.900	^(c)		10/22/25		321,026
	500,000		4.625			10/04/47		600,417
	Uruguay Government International Bond (Uruguay)
	15,000		4.375			01/23/31		17,756

	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $6,862,436)						$	6,865,809


Shares		Dividend Rate	Value

Investment Company – 23.4%^(d)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	51,438,327	0.026%	$	51,438,327
	(Cost $51,438,327)

	TOTAL INVESTMENTS – 122.9%
	(Cost $270,916,573)		$	270,236,640

	LIABILITIES IN EXCESS OF ASSETS – (22.9)%			(50,406,871	)

	NET ASSETS – 100.0%		$	219,829,769


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

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Schedule of Investments (continued)

August 31, 2021



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

(a)		TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $54,285,602 which represents approximately 24.7% of the Fund’s net assets as of August 31, 2021.

(b)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on August 31, 2021.

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

(d)		Represents an affiliated issuer.



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


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

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Schedule of Investments

August 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Securities – 28.8%
	FHLMC REMIC^(a) (12M USD LIBOR + 1.803%)
$	5,472,617		2.180	%		10/01/43	$	5,778,680
	FHLMC REMIC^(a) (12M USD LIBOR + 1.781%)
	1,182,991		2.146			10/01/44		1,247,287
	FHLMC REMIC Series 2003-2682, Class FB^(a) (1M USD LIBOR + 0.900%)
	229,334		0.996			10/15/33		234,389
	FHLMC REMIC Series 2003-2711, Class FA^(a) (1M USD LIBOR + 1.000%)
	272,977		1.096			11/15/33		280,020
	FHLMC REMIC Series 2005-3033, Class FG^(a) (1M USD LIBOR + 0.350%)
	693,526		0.446			09/15/35		698,435
	FHLMC REMIC Series 2007-3298, Class FC^(a) (1M USD LIBOR + 0.420%)
	239,480		0.516			04/15/37		241,315
	FHLMC REMIC Series 2007-3314, Class FC^(a) (1M USD LIBOR + 0.400%)
	31,941		0.496			12/15/36		32,221
	FHLMC REMIC Series 2007-3316, Class FB^(a) (1M USD LIBOR + 0.300%)
	809,486		0.396			08/15/35		813,878
	FHLMC REMIC Series 2007-3371, Class FA^(a) (1M USD LIBOR + 0.600%)
	147,581		0.696			09/15/37		150,037
	FHLMC REMIC Series 2009-3593, Class CF^(a) (1M USD LIBOR + 0.600%)
	1,751,820		0.696			02/15/36		1,779,933
	FHLMC REMIC Series 2011-3895, Class FM^(a) (1M USD LIBOR + 0.350%)
	174,854		0.446			12/15/40		175,367
	FHLMC REMIC Series 2012-4040, Class FW^(a) (1M USD LIBOR + 0.370%)
	545,642		0.466			05/15/32		547,779
	FHLMC REMIC Series 2012-4057, Class FE^(a) (1M USD LIBOR + 0.450%)
	1,150,148		0.546			06/15/42		1,162,168
	FHLMC REMIC Series 2012-4068, Class UF^(a) (1M USD LIBOR + 0.500%)
	277,920		0.596			06/15/42		280,838
	FHLMC REMIC Series 2012-4098, Class MF^(a) (1M USD LIBOR + 0.300%)
	337,946		0.396			11/15/41		338,267
	FHLMC REMIC Series 2012-4126, Class GF^(a) (1M USD LIBOR + 0.400%)
	2,743,705		0.496			11/15/42		2,759,095
	FHLMC REMIC Series 2013-4203, Class QF^(a) (1M USD LIBOR + 0.250%)
	1,485,417		0.346			05/15/43		1,485,930
	FHLMC REMIC Series 2013-4248, Class FL^(a) (1M USD LIBOR + 0.450%)
	110,289		0.546			05/15/41		111,479
	FHLMC REMIC Series 2013-4263, Class FB^(a) (1M USD LIBOR + 0.400%)
	84,846		0.496			11/15/43		85,581


Mortgage-Backed Securities – (continued)
	FHLMC REMIC Series 2013-4272, Class FD^(a) (1M USD LIBOR + 0.350%)
	96,899		0.446			11/15/43		97,482
	FHLMC REMIC Series 2017-4678, Class AF^(a) (1M USD LIBOR + 0.400%)
	2,761,918		0.500			12/15/42		2,758,674
	FHLMC REMIC Series 2017-4719, Class AF^(a) (1M USD LIBOR + 0.350%)
	4,497,675		0.446			09/15/47		4,535,726
	FHLMC REMIC Series 2018-4787, Class ZS
	1,481,287		5.000			07/01/48		1,625,083
	FHLMC REMIC Series 2018-4818, Class FC^(a) (1M USD LIBOR + 0.300%)
	344,817		0.396			04/15/48		345,191
	FHLMC REMIC Series 2018-4852, Class BF^(a) (1M USD LIBOR + 0.400%)
	2,218,620		0.496			12/15/48		2,236,684
	FHLMC REMIC Series 2019-4897, Class F^(a) (1M USD LIBOR + 0.400%)
	1,654,298		0.496			07/15/49		1,670,264
	FHLMC REMIC Series 2019-4903, Class F^(a) (1M USD LIBOR + 0.450%)
	297,015		0.546			09/15/48		299,689
	FHLMC REMIC Series 2019-4906, Class NF^(a) (1M USD LIBOR + 0.400%)
	2,430,481		0.500			03/15/38		2,445,954
	FHLMC REMIC Series 2019-4942, Class FA^(a) (1M USD LIBOR + 0.500%)
	1,828,724		0.584			01/25/50		1,844,306
	FHLMC REMIC Series 2020-5002, Class FJ^(a) (1M USD LIBOR + 0.400%)
	270,631		0.484			07/25/50		272,423
	FHLMC REMIC Series 2020-5031, Class FA^(a) (SOFR + 0.300%)
	3,357,996		0.350			08/15/43		3,360,336
	FHLMC STRIPS Series 2006-239, Class F22^(a) (1M USD LIBOR + 0.350%)
	230,766		0.446			08/15/36		232,297
	FHLMC STRIPS Series 2006-239, Class F30^(a) (1M USD LIBOR + 0.300%)
	576,914		0.396			08/15/36		580,354
	FNMA REMIC Series 2004-54, Class FL^(a) (1M USD LIBOR + 0.400%)
	155,842		0.484			07/25/34		156,906
	FNMA REMIC Series 2004-54, Class FN^(a) (1M USD LIBOR + 0.450%)
	381,343		0.534			07/25/34		384,947
	FNMA REMIC Series 2005-120, Class FE^(a) (1M USD LIBOR + 0.520%)
	553,359		0.604			01/25/36		561,140
	FNMA REMIC Series 2005-87, Class FE^(a) (1M USD LIBOR + 0.450%)
	604,427		0.534			10/25/35		610,013
	FNMA REMIC Series 2006-110, Class AF^(a) (1M USD LIBOR + 0.330%)
	3,095,976		0.414			11/25/36		3,115,124


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

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Schedule of Investments (continued)

August 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Securities – (continued)
	FNMA REMIC Series 2006-16, Class FC^(a) (1M USD LIBOR + 0.300%)
$	160,457		0.384	%		03/25/36	$	160,979
	FNMA REMIC Series 2006-36, Class FB^(a) (1M USD LIBOR + 0.300%)
	73,234		0.384			05/25/36		73,601
	FNMA REMIC Series 2006-42, Class PF^(a) (1M USD LIBOR + 0.410%)
	136,214		0.494			06/25/36		137,362
	FNMA REMIC Series 2006-44, Class FP^(a) (1M USD LIBOR + 0.400%)
	1,283,077		0.484			06/25/36		1,293,919
	FNMA REMIC Series 2006-61, Class FD^(a) (1M USD LIBOR + 0.360%)
	250,482		0.444			07/25/36		252,244
	FNMA REMIC Series 2006-79, Class DF^(a) (1M USD LIBOR + 0.350%)
	534,104		0.434			08/25/36		537,393
	FNMA REMIC Series 2006-88, Class AF^(a) (1M USD LIBOR + 0.460%)
	455,727		0.544			09/25/36		460,911
	FNMA REMIC Series 2007-35, Class PF^(a) (1M USD LIBOR + 0.250%)
	90,591		0.334			04/25/37		90,876
	FNMA REMIC Series 2007-67, Class FB^(a) (1M USD LIBOR + 0.320%)
	378,366		0.404			07/25/37		380,436
	FNMA REMIC Series 2008-1, Class CF^(a) (1M USD LIBOR + 0.700%)
	66,484		0.784			02/25/38		67,517
	FNMA REMIC Series 2009-110, Class FG^(a) (1M USD LIBOR + 0.750%)
	305,775		0.834			01/25/40		311,083
	FNMA REMIC Series 2010-113, Class FA^(a) (1M USD LIBOR + 0.400%)
	201,738		0.484			10/25/40		203,432
	FNMA REMIC Series 2010-116, Class FE^(a) (1M USD LIBOR + 0.400%)
	243,159		0.484			10/25/40		245,243
	FNMA REMIC Series 2010-141, Class FB^(a) (1M USD LIBOR + 0.470%)
	153,291		0.554			12/25/40		154,929
	FNMA REMIC Series 2010-15, Class FJ^(a) (1M USD LIBOR + 0.930%)
	472,990		1.014			06/25/36		482,804
	FNMA REMIC Series 2010-39, Class FE^(a) (1M USD LIBOR + 0.770%)
	744,136		0.854			06/25/37		758,385
	FNMA REMIC Series 2010-39, Class FG^(a) (1M USD LIBOR + 0.920%)
	331,784		1.004			03/25/36		340,628
	FNMA REMIC Series 2010-46, Class WF^(a) (1M USD LIBOR + 0.750%)
	2,321,173		0.834			05/25/40		2,382,044
	FNMA REMIC Series 2010-49, Class FB^(a) (1M USD LIBOR + 0.750%)
	222,799		0.834			05/25/40		227,475


Mortgage-Backed Securities – (continued)
	FNMA REMIC Series 2010-59, Class FN^(a) (1M USD LIBOR + 0.730%)
	2,822,683		0.814			06/25/40		2,876,195
	FNMA REMIC Series 2011-5, Class PF^(a) (1M USD LIBOR + 0.600%)
	210,990		0.684			11/25/40		211,800
	FNMA REMIC Series 2011-53, Class FT^(a) (1M USD LIBOR + 0.580%)
	217,321		0.664			06/25/41		220,815
	FNMA REMIC Series 2011-87, Class FJ^(a) (1M USD LIBOR + 0.550%)
	235,327		0.634			09/25/41		238,948
	FNMA REMIC Series 2012-101, Class FC^(a) (1M USD LIBOR + 0.500%)
	172,114		0.584			09/25/42		173,880
	FNMA REMIC Series 2012-14, Class BF^(a) (1M USD LIBOR + 0.600%)
	1,129,758		0.684			03/25/42		1,150,062
	FNMA REMIC Series 2012-37, Class BF^(a) (1M USD LIBOR + 0.500%)
	203,070		0.584			12/25/35		205,622
	FNMA REMIC Series 2013-10, Class KF^(a) (1M USD LIBOR + 0.300%)
	135,704		0.384			02/25/43		136,173
	FNMA REMIC Series 2013-130, Class FB^(a) (1M USD LIBOR + 0.450%)
	144,744		0.534			01/25/44		146,258
	FNMA REMIC Series 2013-19, Class DF^(a) (1M USD LIBOR + 0.300%)
	1,070,289		0.384			09/25/41		1,072,196
	FNMA REMIC Series 2013-2, Class QF^(a) (1M USD LIBOR + 0.500%)
	107,342		0.584			02/25/43		108,501
	FNMA REMIC Series 2014-17, Class FE^(a) (1M USD LIBOR + 0.550%)
	1,239,202		0.634			04/25/44		1,257,266
	FNMA REMIC Series 2014-28, Class FD^(a) (1M USD LIBOR + 0.450%)
	3,516,323		0.534			05/25/44		3,551,399
	FNMA REMIC Series 2014-47, Class AF^(a) (1M USD LIBOR + 0.350%)
	508,088		0.450			08/25/44		506,609
	FNMA REMIC Series 2015-27, Class KF^(a) (1M USD LIBOR + 0.300%)
	142,265		0.384			05/25/45		142,799
	FNMA REMIC Series 2015-87, Class BF^(a) (1M USD LIBOR + 0.300%)
	548,395		0.384			12/25/45		550,655
	FNMA REMIC Series 2016-49, Class EF^(a) (1M USD LIBOR + 0.400%)
	1,266,586		0.484			08/25/46		1,276,888
	FNMA REMIC Series 2017-16, Class FA^(a) (1M USD LIBOR + 0.450%)
	1,043,580		0.534			03/25/47		1,052,992
	FNMA REMIC Series 2017-91, Class GF^(a) (1M USD LIBOR + 0.350%)
	2,470,584		0.434			11/25/47		2,483,841


94		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

Mortgage-Backed Securities – (continued)
	FNMA REMIC Series 2018-15, Class JF^(a) (1M USD LIBOR + 0.300%)
$	1,380,349		0.384	%		03/25/48	$	1,385,533
	FNMA REMIC Series 2018-3385, Class MA
	1,634,951		4.500			06/01/48		1,765,813
	FNMA REMIC Series 2019-41, Class FM^(a) (1M USD LIBOR + 0.450%)
	1,992,094		0.534			08/25/49		2,003,828
	FNMA REMIC Series 2019-6, Class KF^(a) (1M USD LIBOR + 0.450%)
	2,956,612		0.534			03/25/49		2,985,844
	FNMA REMIC Series 2020-6347, Class BM^(a) (12M USD LIBOR + 1.737%)
	1,759,505		2.124			02/01/41		1,859,742
	GNMA Series 2004-59, Class FP^(a) (1M USD LIBOR + 0.300%)
	559,442		0.396			08/16/34		561,969
	GNMA Series 2005-4, Class FA^(a) (1M USD LIBOR + 0.370%)
	515,833		0.466			01/16/35		518,737
	GNMA Series 2007-59, Class FA^(a) (1M USD LIBOR + 0.500%)
	156,785		0.588			10/20/37		159,108
	GNMA Series 2013-99, Class PF^(a) (1M USD LIBOR + 0.300%)
	2,220,909		0.388			07/20/43		2,231,553
	GNMA Series 2019-110, Class F^(a) (1M USD LIBOR + 0.450%)
	2,940,945		0.538			09/20/49		2,965,184
	GNMA Series 2019-56, Class FB^(a) (1M USD LIBOR + 0.450%)
	2,984,000		0.538			05/20/49		3,024,277
	GNMA Series 2019-58, Class FA^(a) (1M USD LIBOR + 0.400%)
	1,619,542		0.488			05/20/49		1,630,552
	JP Morgan Chase Commercial Mortgage Securities Trust Series 2016-JP2, Class ASB
	627,013		2.713			08/15/49		651,232
	JPMBB Commercial Mortgage Securities Trust Series 2015-C31, Class ASB
	588,222		3.540			08/15/48		618,932
	Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C7, Class A3
	265,842		2.655			02/15/46		267,329
	Wells Fargo Commercial Mortgage Trust Series 2013-LC12, Class A4^(a)
	700,000		4.218			07/15/46		736,178
	WFRBS Commercial Mortgage Trust Series 2012-C10, Class A3
	537,000		2.875			12/15/45		548,451

	TOTAL MORTGAGE-BACKED SECURITIES
	(Cost $94,876,873)						$	95,173,714



Asset- Backed Securities – 23.0%
	Access to Loans for Learning Student Loan Corp., Series 2010-I, Class A3^(a) (3M USD LIBOR + 0.800%)
$	827,364		0.913	%		04/25/37	$	835,661
	Access to Loans for Learning Student Loan Corp., Series 2012-1, Class A^(a) (1M USD LIBOR + 0.700%)
	24,966		0.784			07/25/36		24,886
	American Express Credit Account Master Trust, Series 2017-2, Class A^(a) (1M USD LIBOR + 0.450%)
	135,000		0.546			09/16/24		135,246


Asset- Backed Securities – (continued)
	American Express Credit Account Master Trust, Series 2019-3, Class A
	1,070,000		2.000			04/15/25		1,090,169
	Anchorage Capital CLO 4-R Ltd., Series 2018-4RA, Class A^(a)(b) (3M USD LIBOR + 1.050%) (Cayman Islands)
	1,000,000		1.182			01/28/31		1,001,029
	Atlas Senior Loan Fund III Ltd., Series 2013-1A, Class AR^(a)(b) (3M USD LIBOR + 0.830%) (Cayman Islands)
	136,421		0.954			11/17/27		136,430
	Atrium XII, Series 2017-12A, Class AR^(a)(b) (3M USD LIBOR + 0.830%) (Cayman Islands)
	238,642		0.968			04/22/27		238,759
	BA Credit Card Trust, Series 2021-A1, Class A1
	500,000		0.440			09/15/26		499,713
	Barings CLO Ltd., Series 2018-3A, Class A1^(a)(b) (3M USD LIBOR + 0.950%) (Cayman Islands)
	500,000		1.084			07/20/29		499,921
	BlueMountain CLO Ltd., Series 2017-2A, Class A1R^(a)(b) (3M USD LIBOR + 1.180%) (Cayman Islands)
	980,386		1.318			10/22/30		980,849
	BlueMountain CLO Ltd., Series 2018-2A, Class A1R^(a)(b) (3M USD LIBOR + 0.930%) (Cayman Islands)
	420,220		1.064			07/18/27		420,348
	Brazos Higher Education Authority, Inc., Series 2010-1, Class A1^(a) (3M USD LIBOR + 0.900%)
	50,951		1.029			05/25/29		50,966
	Brazos Higher Education Authority, Inc., Series 2011-1, Class A2^(a) (3M USD LIBOR + 0.800%)
	837,319		0.929			02/25/30		840,679
	Brazos Higher Education Authority, Inc., Series 2011-2, Class A2^(a) (3M USD LIBOR + 0.850%)
	52,935		0.975			07/25/29		53,062
	BX, Series 2021-MFM1, Class A^(a)(b) (1M USD LIBOR + 0.700%)
	100,000		0.796			01/15/34		100,094
	BXHPP Trust, Series 2021-FILM, Class A^(a)(b) (1M USD LIBOR + 0.650%)
	1,850,000		0.746			08/15/36		1,851,331
	Capital One Multi-Asset Execution Trust, Series 2016-A7, Class A7^(a) (1M USD LIBOR + 0.510%)
	300,000		0.606			09/16/24		300,317
	CARDS II Trust, Series 2021-1A, Class A^(b) (Canada)
	1,125,000		0.602			04/15/27		1,127,738
	Carlyle US CLO Ltd., Series 2021-2A, Class A1R^(a)(b) (3M USD LIBOR + 1.050%) (Cayman Islands)
	2,000,000		1.184			07/20/31		2,000,546
	Chase Issuance Trust, Series 2020-A1, Class A1
	400,000		1.530			01/15/25		407,058
	CIFC Funding Ltd., Series 2017-3A, Class A1^(a)(b) (3M USD LIBOR + 1.220%) (Cayman Islands)
	2,350,000		1.354			07/20/30		2,351,231
	CIFC Funding Ltd., Series 2021-2A, Class AR^(a)(b) (3M USD LIBOR + 0.950%) (Cayman Islands)
	500,000		1.084			04/20/30		500,061
	CIM Retail Portfolio Trust, Series 2021-RETL, Class A^(a)(b) (1M USD LIBOR + 1.400%)
	650,000		1.496			08/15/36		650,812


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

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Schedule of Investments (continued)

August 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Asset- Backed Securities – (continued)
	Citigroup Commercial Mortgage Trust, Series 2014-GC19, Class A4
$	500,000		4.023	%		03/10/47	$	534,871
	Citigroup Commercial Mortgage Trust, Series 2014-GC21, Class A5
	600,000		3.855			05/10/47		644,642
	COMM Mortgage Trust, Series 2013-CR12, Class A4
	800,000		4.046			10/10/46		852,197
	COMM Mortgage Trust, Series 2013-CR7, Class A4
	427,573		3.213			03/10/46		442,330
	COMM Mortgage Trust, Series 2013-CR8, Class A5^(a)
	700,000		3.612			06/10/46		733,876
	COMM Mortgage Trust, Series 2013-CR9, Class A4^(a)
	322,746		4.388			07/10/45		341,046
	COMM Mortgage Trust, Series 2015-CR24, Class ASB
	433,214		3.445			08/10/48		454,999
	COMM Mortgage Trust, Series 2021-LBA, Class A^(a)(b) (1M USD LIBOR + 0.690%)
	900,000		0.786			03/15/38		900,559
	DBJPM Mortgage Trust, Series 2016-C3, Class ASB
	364,991		2.756			08/10/49		380,304
	Discover Card Execution Note Trust, Series 2017-A7, Class A7^(a) (1M USD LIBOR + 0.360%)
	150,000		0.456			04/15/25		150,514
	Dryden XXV Senior Loan Fund, Series 2012-25A, Class ARR^(a)(b) (3M USD LIBOR + 0.900%) (Cayman Islands)
	214,776		1.026			10/15/27		214,805
	Dryden XXVI Senior Loan Fund, Series 2013-26A, Class AR^(a)(b) (3M USD LIBOR + 0.900%) (Cayman Islands)
	245,968		1.026			04/15/29		245,595
	Edsouth Indenture No 10 LLC, Series 2015-2, Class A^(a)(b) (1M USD LIBOR + 1.000%)
	144,983		1.084			12/25/56		146,108
	Edsouth Indenture No 2 LLC, Series 2012-1, Class A1^(a)(b) (1M USD LIBOR + 1.150%)
	203,287		1.234			09/25/40		203,800
	Edsouth Indenture No 3 LLC, Series 2012-2, Class A^(a)(b) (1M USD LIBOR + 0.730%)
	45,518		0.814			04/25/39		45,724
	Educational Funding of the South, Inc., Series 2011-1, Class A2^(a) (3M USD LIBOR + 0.650%)
	1,167,524		0.775			04/25/35		1,170,767
	EFS Volunteer LLC, Series 2010-1, Class A2^(a)(b) (3M USD LIBOR + 0.850%)
	840,724		0.975			10/25/35		840,601
	Extended Stay America Trust, Series 2021-ESH, Class A^(a)(b) (1M USD LIBOR + 1.080%)
	1,450,000		1.176			07/15/38		1,454,531
	Ford Credit Auto Owner Trust, Series 2017-1, Class A^(b)
	1,450,000		2.620			08/15/28		1,466,285
	Ford Credit Auto Owner Trust, Series 2018-2, Class A^(b)
	1,500,000		3.470			01/15/30		1,585,247
	Ford Credit Floorplan Master Owner Trust A, Series 2018-2, Class A
	1,000,000		3.170			03/15/25		1,044,240


Asset- Backed Securities – (continued)
	Gallatin CLO VIII Ltd., Series 2017-1A, Class A^(a)(b) (3M USD LIBOR + 1.300%) (Cayman Islands)
	432,311		1.426			07/15/27		432,482
	GCO Education Loan Funding Trust, Series 2006-1, Class A10L^(a) (3M USD LIBOR + 0.190%)
	372,565		0.319			02/27/28		370,632
	GMF Floorplan Owner Revolving Trust, Series 2020-2, Class A^(b)
	1,000,000		0.690			10/15/25		1,004,300
	Goal Capital Funding Trust, Series 2010-1, Class A^(a)(b) (3M USD LIBOR + 0.700%)
	324,504		0.829			08/25/48		326,015
	Great Wolf Trust, Series 2019-WOLF, Class A^(a)(b) (1M USD LIBOR + 1.034%)
	750,000		1.130			12/15/36		750,001
	HalseyPoint CLO 3 Ltd., Series 2020-3A, Class A1A^(a)(b) (3M USD LIBOR + 1.450%) (Cayman Islands)
	500,000		1.579			11/30/32		502,403
	Hayfin US Ltd., Series 2018-8A, Class A^(a)(b) (3M USD LIBOR + 1.120%) (Cayman Islands)
	3,000,000		1.254			04/20/31		3,000,033
	Higher Education Funding I, Series 2014-1, Class A^(a)(b) (3M USD LIBOR + 1.050%)
	1,343,637		1.179			05/25/34		1,349,796
	Honda Auto Receivables Owner Trust, Series 2019-4, Class A3
	932,162		1.830			01/18/24		941,054
	ICG US CLO Ltd., Series 2018-1A, Class A1R^(a)(b) (3M USD LIBOR + 1.140%) (Cayman Islands)
	885,407		1.274			10/19/28		885,561
	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C10, Class ASB
	660,720		2.702			12/15/47		670,669
	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C13, Class A4^(a)
	821,089		3.994			01/15/46		855,028
	JPMBB Commercial Mortgage Securities Trust, Series 2014-C18, Class ASB
	450,533		3.566			02/15/47		464,175
	KKR Industrial Portfolio Trust, Series 2021-KDIP, Class A^(a)(b) (1M USD LIBOR + 0.550%)
	1,440,000		0.646			12/15/37		1,440,447
	KnowledgeWorks Foundation, Series 2010-1, Class A^(a) (3M USD LIBOR + 0.950%)
	328,893		1.079			02/25/42		329,613
	LCM LP, Series 2021-15A, Class AR2^(a)(b) (3M USD LIBOR + 1.000%) (Cayman Islands)
	2,300,000		1.134			07/20/30		2,300,281
	LCM XX LP, Series 2018-20A, Class AR^(a)(b) (3M USD LIBOR + 1.040%) (Cayman Islands)
	1,148,426		1.174			10/20/27		1,148,870
	Madison Park Funding Ltd., Series 2021-37A, Class AR^(a)(b) (3M USD LIBOR + 1.070%) (Cayman Islands)
	1,500,000		1.210			07/15/33		1,500,285
	Marathon CLO Ltd., Series 2021-1A, Class AANR^(a)(b) (3M USD LIBOR + 1.320%) (Cayman Islands)
	2,200,000		1.446			04/15/32		2,200,000
	Master Credit Card Trust, Series 2021-1A, Class A^(b) (Canada)
	1,400,000		0.530			11/21/25		1,400,383


96		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)
	Mercedes-Benz Auto Lease Trust 2021-B, Series 2021-B, Class A3
$	850,000		0.400	%		11/15/24	$	850,699
	Navient Student Loan Trust, Series 2016-6A, Class A2^(a)(b) (1M USD LIBOR + 0.750%)
	474,215		0.834			03/25/66		474,691
	Nelnet Student Loan Trust, Series 2014-2A, Class A2^(a)(b) (1M USD LIBOR + 0.600%)
	512,622		0.684			03/25/30		513,567
	Nelnet Student Loan Trust, Series 2014-4A, Class A1^(a)(b) (1M USD LIBOR + 0.540%)
	608,511		0.624			11/27/39		611,888
	Nelnet Student Loan Trust, Series 2016-1A, Class A^(a)(b) (1M USD LIBOR + 0.800%)
	551,643		0.884			09/25/65		550,995
	Nissan Auto Lease Trust, Series 2020-A, Class A3
	144,039		1.840			01/17/23		145,019
	Northstar Education Finance, Inc., Series 2012-1, Class A^(a)(b) (1M USD LIBOR + 0.700%)
	128,085		0.784			12/26/31		128,672
	NorthStar Student Loan Trust III, Series 2016-1, Class A^(a)(b) (1M USD LIBOR + 1.250%)
	2,065,563		1.334			05/27/36		2,075,931
	ONE PARK Mortgage Trust, Series 2021-PARK, Class A^(a)(b) (1M USD LIBOR + 0.700%)
	908,000		0.796			03/15/36		908,634
	OZLM Ltd., Series 2017-11A, Class A1R^(a)(b) (3M USD LIBOR + 1.250%) (Cayman Islands)
	247,297		1.379			10/30/30		247,411
	Pennsylvania Higher Education Assistance Agency, Series 2009-1, Class A1^(a) (3M USD LIBOR + 0.900%)
	104,274		1.025			07/25/29		104,338
	Rhode Island Student Loan Authority, Series 2012-1, Class A1^(a) (1M USD LIBOR + 0.900%)
	1,039,142		0.986			07/01/31		1,042,993
	Rhode Island Student Loan Authority, Series 2014-1, Class A1^(a) (1M USD LIBOR + 0.700%)
	182,989		0.786			10/02/28		182,771
	Shackleton 2015-VIII CLO Ltd., Series 2017-8A, Class A2R^(a)(b) (3M USD LIBOR + 0.920%) (Cayman Islands)
	351,588		1.054			10/20/27		351,636
	SLC Student Loan Trust, Series 2005-3, Class A3^(a) (3M USD LIBOR + 0.120%)
	774,488		0.239			06/15/29		772,883
	SLC Student Loan Trust, Series 2005-5, Class A4^(a) (3M USD LIBOR + 0.140%)
	844,906		0.265			10/25/28		840,791
	SLC Student Loan Trust, Series 2007-1, Class A4^(a) (3M USD LIBOR + 0.060%)
	1,811,511		0.185			05/15/29		1,794,145
	SLC Student Loan Trust, Series 2010-1, Class A^(a) (3M USD LIBOR + 0.875%)
	410,162		1.004			11/25/42		412,421
	SLM Student Loan Trust, Series 2003-11, Class A6^(a)(b) (3M USD LIBOR + 0.550%)
	116,007		0.669			12/15/25		115,969


Asset- Backed Securities – (continued)
	SLM Student Loan Trust, Series 2003-14, Class A6^(a) (3M USD LIBOR + 0.300%)
	188,819		0.425			07/25/25		187,957
	SLM Student Loan Trust, Series 2004-1, Class A4^(a) (3M USD LIBOR + 0.260%)
	235,617		0.385			10/27/25		234,560
	SLM Student Loan Trust, Series 2005-7, Class A4^(a) (3M USD LIBOR + 0.150%)
	250,393		0.275			10/25/29		248,585
	SLM Student Loan Trust, Series 2018-10, Class A7B^(a)(b) (3M USD LIBOR + 0.600%)
	157,782		0.725			10/25/29		157,130
	SOUND POINT CLO Ltd., Series 2021-1A, Class AR^(a)(b) (3M USD LIBOR + 1.080%) (Cayman Islands)
	600,000		1.193			01/20/32		600,136
	South Carolina Student Loan Corp., Series 2014-1, Class A1^(a) (1M USD LIBOR + 0.750%)
	301,778		0.836			05/01/30		302,015
	STWD Trust, Series 2021-FLWR, Class A^(a)(b) (1M USD LIBOR + 0.577%)
	1,350,000		0.673			07/15/36		1,348,737
	TCW CLO AMR Ltd., Series 2021-1A, Class ASNR^(a)(b) (3M USD LIBOR + 1.220%) (Cayman Islands)
	1,100,000		1.345			08/16/34		1,100,113
	Tralee CLO II Ltd., Series 2017-1A, Class AR^(a)(b) (3M USD LIBOR + 1.320%) (Cayman Islands)
	610,316		1.454			07/20/29		610,210
	Trimaran Cavu 2021-1 Ltd., Series 2021-1A, Class A^(a)(b) (3M USD LIBOR + 1.210%) (Cayman Islands)
	1,000,000		1.348			04/23/32		1,000,127
	Trysail CLO 2021-1 Ltd., Series 2021-1A, Class A1^(a)(b) (3M USD LIBOR + 1.320%) (Cayman Islands)
	3,000,000		1.461			07/20/32		3,006,813
	UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class AAB
	206,878		2.687			03/10/46		209,991
	Utah State Board of Regents, Series 2016-1, Class A^(a) (1M USD LIBOR + 0.750%)
	167,814		0.834			09/25/56		167,577
	Voya CLO 2019-2 Ltd., Series 2019-2A, Class A^(a)(b) (3M USD LIBOR + 1.270%) (Cayman Islands)
	700,000		1.404			07/20/32		700,085
	Voya CLO Ltd., Series 2015-1A, Class A1R^(a)(b) (3M USD LIBOR + 0.900%) (Cayman Islands)
	271,716		1.034			01/18/29		271,806
	Wellfleet CLO Ltd., Series 2019-1A, Class AR3^(a)(b) (3M USD LIBOR + 1.280%) (Cayman Islands)
	983,893		1.414			07/20/29		983,999
	Wells Fargo Commercial Mortgage Trust 2015-C31, Series 2015-C31, Class ASB
	118,145		3.487			11/15/48		124,587
	Zais CLO Ltd., Series 2021-15A, Class A1R^(a)(b) (3M USD LIBOR + 1.350%) (Cayman Islands)
	1,000,000		1.454			07/28/32		1,000,089

	TOTAL ASSET- BACKED SECURITIES
	(Cost $76,124,213)						$	76,201,946


The accompanying notes are an integral part of these financial statements.		97

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Schedule of Investments (continued)

August 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – 20.6%
Banks – 5.3%
	Bank of America Corp.^(a), GMTN
	(3M USD LIBOR + 0.930%)
$	1,100,000		2.816	%		07/21/23	$	1,123,552
	Bank of America Corp.^(a), MTN
	(3M Bloomberg Short Term Bank Yield + 0.430%)
	2,000,000		0.529			05/28/24		2,001,060
	BBVA USA
	1,000,000		2.875			06/29/22		1,019,539
	Charles Schwab Corp. (The)^(a)
	(SOFR + 0.500%)
	1,000,000		0.550			03/18/24		1,006,100
	Citigroup, Inc.^(a)
	(SOFR + 0.870%)
	740,000		0.920			11/04/22		740,864
	(SOFR + 0.867%)
	935,000		2.312			11/04/22		938,134
	(3M USD LIBOR + 0.722%)
	709,000		3.142			01/24/23		716,715
	Discover Bank
	2,000,000		3.350			02/06/23		2,078,576
	Fifth Third Bancorp
	600,000		2.600			06/15/22		609,987
	Fifth Third Bank NA^(a)
	(3M USD LIBOR + 0.640%)
	500,000		0.766			02/01/22		501,308
	JPMorgan Chase & Co.^(a)
	(3M USD LIBOR + 0.695%)
	2,807,000		3.207			04/01/23		2,854,297
	Morgan Stanley^(a), GMTN
	(SOFR + 0.700%)
	1,200,000		0.750			01/20/23		1,202,331
	MUFG Union Bank NA
	300,000		3.150			04/01/22		304,419
	500,000		2.100			12/09/22		510,783
	Wells Fargo Bank NA^(a)
	(3M USD LIBOR + 0.510%)
	750,000		0.648			10/22/21		750,228
	(3M USD LIBOR + 0.650%)
	1,171,000		2.082			09/09/22		1,171,433

								17,529,326

Brokerage – 0.7%
	Intercontinental Exchange, Inc.
	1,000,000		0.700			06/15/23		1,004,357
	(3M USD LIBOR + 0.650%)
	1,200,000		0.769	^(a)		06/15/23		1,200,133

								2,204,490

Capital Goods – 0.3%
	3M Co.
	683,000		1.750			02/14/23		697,132
	Roper Technologies, Inc.
	450,000		3.125			11/15/22		461,812

								1,158,944


Corporate Obligations – (continued)
Communications – 0.1%
	Moody’s Corp.
	400,000		4.500			09/01/22		412,098

Consumer Cyclical – 1.1%
	7-Eleven, Inc.^(b)
	(3M USD LIBOR + 0.450%)
	650,000		0.578	^(a)		08/10/22		650,148
	591,000		0.625			02/10/23		591,211
	Dollar Tree, Inc.
	750,000		3.700			05/15/23		788,623
	General Motors Financial Co., Inc.
	(3M USD LIBOR + 1.310%)
	900,000		1.457	^(a)		06/30/22		907,320
	300,000		3.700			05/09/23		313,602
	Ralph Lauren Corp.
	400,000		1.700			06/15/22		404,469

								3,655,373

Consumer Noncyclical – 1.3%
	AbbVie, Inc.
	(3M USD LIBOR + 0.460%)
	325,000		0.587	^(a)		11/19/21		325,249
	700,000		3.250			10/01/22		716,825
	1,500,000		3.200			11/06/22		1,542,608
	Biogen, Inc.
	1,079,000		3.625			09/15/22		1,115,436
	Gilead Sciences, Inc.^(a)
	(3M USD LIBOR + 0.520%)
	750,000		0.666			09/29/23		750,191

								4,450,309

Consumer Products – 0.2%
	Clorox Co. (The)
	500,000		3.800			11/15/21		503,530

Electric – 3.6%
	American Electric Power Co., Inc.^(a), Series A
	(3M USD LIBOR + 0.480%)
	625,000		0.606			11/01/23		625,459
	Atmos Energy Corp.
	(3M USD LIBOR + 0.380%)
	747,000		0.503	^(a)		03/09/23		747,000
	423,000		0.625			03/09/23		423,044
	CenterPoint Energy Resources Corp.
	(3M USD LIBOR + 0.500%)
	1,250,000		0.620	^(a)		03/02/23		1,249,033
	900,000		0.700			03/02/23		900,090
	CenterPoint Energy, Inc.^(a)
	(SOFR + 0.650%)
	881,000		0.700			05/13/24		882,065
	DTE Energy Co., Series H
	1,119,000		0.550			11/01/22		1,121,904
	Duke Energy Corp.^(a)
	(SOFR + 0.250%)
	850,000		0.296			06/10/23		849,701
	Entergy Corp.
	580,000		4.000			07/15/22		594,781


98		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

Corporate Obligations – (continued)
Electric – (continued)
	NextEra Energy Capital Holdings, Inc.^(a)
	(3M USD LIBOR + 0.270%)
$	1,245,000		0.401	%		02/22/23	$	1,245,096
	(SOFR + 0.540%)
	500,000		0.590			03/01/23		501,682
	OGE Energy Corp.
	226,000		0.703			05/26/23		225,954
	Oklahoma Gas and Electric Co.
	522,000		0.553			05/26/23		522,113
	PPL Electric Utilities Corp.^(a)
	(SOFR + 0.330%)
	620,000		0.381			06/24/24		620,116
	Southern Co. (The)
	1,500,000		2.950			07/01/23		1,562,443

								12,070,481

Energy – 0.9%
	Baker Hughes a GE Co. LLC / Baker Hughes Co.-Obligor, Inc.
	500,000		2.773			12/15/22		514,926
	Marathon Petroleum Corp.
	400,000		4.500			05/01/23		424,012
	MPLX LP
	500,000		3.500			12/01/22		517,256
	Pioneer Natural Resources Co.
	1,436,000		0.550			05/15/23		1,435,251

								2,891,445

Financial Company – 0.8%
	Air Lease Corp.
	1,852,000		3.500			01/15/22		1,873,316
	350,000		2.625			07/01/22		355,734
	500,000		3.875			07/03/23		528,027

								2,757,077

Healthcare – 1.3%
	AmerisourceBergen Corp.
	1,879,000		0.737			03/15/23		1,881,781
	Cigna Corp.
	2,250,000		3.050			11/30/22		2,320,305

								4,202,086

Insurance – 2.3%
	AIG Global Funding^(a)(b)
	(SOFR + 0.380%)
	752,000		0.428			12/15/23		753,579
	Athene Global Funding^(a)(b)
	(3M USD LIBOR + 0.730%)
	1,500,000		0.865			01/08/24		1,507,439
	Equitable Financial Life Global Funding^(b)
	1,126,000		0.500			04/06/23		1,127,857
	Guardian Life Global Funding^(b)
	575,000		2.500			05/08/22		584,058
	Jackson National Life Global Funding^(a)(b)
	(SOFR + 0.600%)
	1,300,000		0.650			01/06/23		1,305,874
	Markel Corp.
	600,000		4.900			07/01/22		621,391


Corporate Obligations – (continued)
Insurance – (continued)
	Principal Life Global Funding II^(a)(b)
	(SOFR + 0.450%)
	353,000		0.500	%		04/12/24		353,864
	(SOFR + 0.380%)
	563,000		0.430			08/23/24		564,685
	Protective Life Global Funding^(b)
	626,000		0.502			04/12/23		627,039

								7,445,786

REITs and Real Estate – 0.4%
	Public Storage^(a) (SOFR + 0.470%)
	1,385,000		0.520			04/23/24		1,385,797

Technology – 0.7%
	Fidelity National Information Services, Inc.
	800,000		0.375			03/01/23		799,862
	Hewlett Packard Enterprise Co.
	400,000		4.400			10/15/22		414,848
	1,000,000		2.250			04/01/23		1,025,960

								2,240,670

Transportation – 0.8%
	Penske Truck Leasing Co. LP / PTL Finance Corp.^(b)
	1,390,000		4.250			01/17/23		1,459,956
	Ryder System, Inc., MTN
	1,000,000		3.750			06/09/23		1,054,833

								2,514,789

Wireless – 0.8%
	AT&T, Inc.^(a)
	(SOFR + 0.640%)
	1,500,000		0.690			03/25/24		1,502,797
	Verizon Communications, Inc.^(a)
	(SOFR + 0.500%)
	1,300,000		0.550			03/22/24		1,307,347

								2,810,144

	TOTAL CORPORATE OBLIGATIONS
	(Cost $68,173,077)						$	68,232,345



Foreign Corporate Debt – 18.7%
Aerospace & Defense – 0.1%
	BAE Systems PLC^(b) (United Kingdom)
$	410,000		4.750	%		10/11/21	$	411,950

Banks – 12.8%
	Australia & New Zealand Banking Group Ltd. (Australia)
	600,000		2.550			11/23/21		603,233
	Banco Santander SA^(a) (Spain)
	(3M USD LIBOR + 1.090%)
	800,000		1.221			02/23/23		809,353
	Bank of Montreal^(a), MTN (Canada)
	(SOFR + 0.680%)
	1,450,000		0.726			03/10/23		1,460,981
	Bank of Nova Scotia (The)^(a) (Canada)
	(SOFR + 0.550%)
	1,200,000		0.598			09/15/23		1,207,756


The accompanying notes are an integral part of these financial statements.		99

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Schedule of Investments (continued)

August 31, 2021


Principal Amount		Interest Rate			Maturity Date		Value

Foreign Corporate Debt – (continued)
Banks – (continued)
	Banque Federative du Credit Mutuel SA^(b) (France)
$	1,253,000		2.125	%		11/21/22	$	1,281,565
	Barclays PLC (United Kingdom)
	1,000,000		3.684			01/10/23		1,011,702
	(3M USD LIBOR + 1.400%)
	610,000		4.610	^(a)		02/15/23		621,554
	BPCE SA^(a), MTN (France)
	(3M USD LIBOR + 0.880%)
	250,000		1.001			05/31/22		251,529
	Canadian Imperial Bank of Commerce^(a) (Canada)
	(SOFR + 0.800%)
	1,395,000		0.850			03/17/23		1,408,289
	Commonwealth Bank of Australia^(b) (Australia)
	900,000		2.750			03/10/22		911,984
	Cooperatieve Rabobank UA (Netherlands)
	900,000		3.875			02/08/22		914,524
	Deutsche Bank NY (Germany)
	976,000		0.720			11/08/21		977,035
	DNB Bank ASA^(a)(b) (Norway)
	(3M USD LIBOR + 0.620%)
	850,000		0.740			12/02/22		855,680
	Federation des Caisses Desjardins du Quebec^(a)(b) (Canada)
	(SOFR + 0.430%)
	1,500,000		0.481			05/21/24		1,503,928
	HSBC Holdings PLC^(a) (United Kingdom)
	(3M USD LIBOR + 1.055%)
	1,373,000		3.262			03/13/23		1,394,099
	ING Groep NV (Netherlands)
	(3M USD LIBOR + 1.150%)
	200,000		1.296	^(a)		03/29/22		201,219
	750,000		3.150			03/29/22		762,539
	Intesa Sanpaolo SpA^(b) (Italy)
	800,000		3.125			07/14/22		818,286
	500,000		3.375			01/12/23		518,260
	Lloyds Banking Group PLC (United Kingdom)
	750,000		4.050			08/16/23		800,810
	Macquarie Bank Ltd.^(b) (Australia)
	400,000		2.100			10/17/22		408,373
	Mitsubishi UFJ Financial Group, Inc. (Japan)
	(3M USD LIBOR + 1.060%)
	400,000		1.179	^(a)		09/13/21		400,131
	600,000		2.190			09/13/21		600,363
	Mizuho Bank Ltd.^(b) (Japan)
	1,175,000		2.950			10/17/22		1,209,952
	Mizuho Financial Group, Inc.^(a)(Japan)
	(3M USD LIBOR + 1.140%)
	410,000		1.259			09/13/21		410,143
	(3M USD LIBOR + 0.940%)
	600,000		1.061			02/28/22		602,543
	MUFG Bank Ltd.^(b) (Japan)
	800,000		2.850			09/08/21		800,346
	National Australia Bank Ltd.^(a)(b) (Australia)
	(3M USD LIBOR + 0.890%)
	250,000		1.009			01/10/22		250,777


Foreign Corporate Debt – (continued)
Banks – (continued)
	National Bank of Canada^(a), MTN (Canada)
	(SOFR + 0.300%)
	2,000,000		0.350			05/16/23		2,001,319
	Nationwide Building Society^(b) (United Kingdom)
	3,000,000		2.000			01/27/23		3,071,412
	Natwest Group PLC^(a) (United Kingdom)
	(3M USD LIBOR + 1.480%)
	546,000		3.498			05/15/23		557,596
	NatWest Markets PLC^(b) (United Kingdom)
	1,500,000		3.625			09/29/22		1,554,223
	1,000,000		2.375			05/21/23		1,033,919
	Royal Bank of Canada^(a), MTN (Canada)
	(SOFR + 0.450%)
	800,000		0.500			10/26/23		804,293
	Santander UK Group Holdings PLC (United Kingdom)
	750,000		3.571			01/10/23		758,412
	Standard Chartered PLC^(a)(b) (United Kingdom)
	(3M USD LIBOR + 1.150%)
	1,200,000		4.247			01/20/23		1,217,286
	(SOFR + 1.250%)
	1,750,000		1.300			10/14/23		1,766,853
	Sumitomo Mitsui Banking Corp.^(b) (Japan)
	500,000		3.950			01/12/22		506,710
	Sumitomo Mitsui Financial Group, Inc. (Japan)
	530,000		2.784			07/12/22		541,749
	(3M USD LIBOR + 0.740%)
	1,020,000		0.874	^(a)		01/17/23		1,027,725
	Swedbank AB^(b) (Sweden)
	700,000		1.300			06/02/23		710,893
	Toronto-Dominion Bank (The)^(a), MTN (Canada)
	(SOFR + 0.480%)
	1,000,000		0.530			01/27/23		1,004,817
	UBS AG/London^(a)(b) (Switzerland)
	(SOFR + 0.360%)
	1,550,000		0.410			02/09/24		1,558,303
	(SOFR + 0.450%)
	1,144,000		0.500			08/09/24		1,149,465

								42,261,929

Brokerage – 0.3%
	Daiwa Securities Group, Inc.^(b) (Japan)
	894,000		3.129			04/19/22		909,953

Capital Goods – 0.2%
	Siemens Financieringsmaatschappij NV^(a)(b) (Germany) (SOFR + 0.430%)
	620,000		0.480			03/11/24		623,868

Consumer Cyclical – 1.7%
	BMW US Capital LLC^(a)(b) (Germany)
	(SOFR + 0.530%)
	1,040,000		0.580			04/01/24		1,050,414
	Daimler Finance North America LLC^(b) (Germany)
	1,400,000		2.850			01/06/22		1,412,470
	1,000,000		1.750			03/10/23		1,019,187
	Volkswagen Group of America Finance LLC^(b) (Germany)
	1,993,000		0.750			11/23/22		2,000,214

								5,482,285


100		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 Noncyclical – 0.5%
	BAT Capital Corp. (United Kingdom)
$	700,000		2.764	%		08/15/22	$	714,770
	BAT International Finance PLC^(b) (United Kingdom)
	430,000		3.250			06/07/22		438,811
	Bayer US Finance LLC^(b) (Germany)
	665,000		3.000			10/08/21		666,795

								1,820,376

Consumer Products – 0.2%
	Reckitt Benckiser Treasury Services PLC^(b) (United Kingdom)
	500,000		2.375			06/24/22		507,904

Energy – 0.3%
	Enbridge, Inc.^(a) (Canada)
	(3M USD LIBOR + 0.500%)
	550,000		0.625			02/18/22		550,839
	(SOFR + 0.400%)
	401,000		0.450			02/17/23		401,693

								952,532

Food and Beverage – 1.4%
	Coca-Cola Europacific Partners PLC^(b) (United Kingdom)
	1,917,000		0.500			05/05/23		1,915,196
	Danone SA^(b) (France)
	1,216,000		3.000			06/15/22		1,241,580
	Heineken NV^(b) (Netherlands)
	298,000		2.750			04/01/23		308,143
	Suntory Holdings Ltd.^(b) (Japan)
	1,000,000		2.550			06/28/22		1,015,639

								4,480,558

Hardware – 0.3%
	Panasonic Corp.^(b) (Japan)
	1,000,000		2.536			07/19/22		1,016,387

Internet – 0.1%
	Alibaba Group Holding Ltd. (China)
	500,000		3.125			11/28/21		501,112

Metals and Mining – 0.2%
	Glencore Finance Canada Ltd.^(b) (Switzerland)
	400,000		4.950			11/15/21		403,592
	366,000		4.250			10/25/22		381,137

								784,729

Mining – 0.3%
	Anglo American Capital PLC^(b) (South Africa)
	1,040,000		4.125			09/27/22		1,077,950

Wireless – 0.3%
	NTT Finance Corp.^(b) (Japan)
	1,007,000		0.373			03/03/23		1,007,075

	TOTAL FOREIGN CORPORATE DEBT
	(Cost $61,707,546)						$	61,838,608



Certificates of Deposit – 1.5%
	Bank of China Ltd.^(c) (China)
	1,000,000		0.397			11/19/21		999,560
	Bayerische Landesbank^(c) (3M USD LIBOR + 0.470%) (Germany)
	500,000		0.588			02/03/22		500,820
	Credit Suisse AG^(c) (Switzerland)
	2,000,000		0.590			03/17/23		2,002,421
	National Bank Of Kuwait SAKP^(b)(c) (Kuwait)
	1,400,000		0.260			11/29/21		1,400,098

	TOTAL CERTIFICATES OF DEPOSIT
	(Cost $4,899,142)						$	4,902,899


Shares		Dividend Rate			Value

Investment Company – 7.8%^(d)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	25,760,750		0.026	%	$	25,760,750
	(Cost $25,760,750)

	TOTAL INVESTMENTS – 100.4%
	(Cost $331,541,601)				$	332,110,262

	LIABILITIES IN EXCESS OF ASSETS – (0.4)%					(1,236,755	)

	NET ASSETS – 100.0%				$	330,873,507



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

(a)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on August 31, 2021.

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

(c)		Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

(d)		Represents an affiliated issuer.



Investment Abbreviations:
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
SOFR		—Secured Overnight Financing Rate


The accompanying notes are an integral part of these financial statements.		101

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Assets and Liabilities

August 31, 2021


	Access High Yield Corporate Bond ETF		Access Inflation Protected USD Bond ETF		Access Investment Grade Corporate 1-5 Year Bond ETF		Access Investment Grade Corporate Bond ETF
Assets:

Investments in unaffiliated issuers, at value (cost $220,449,181, $142,408,096, $29,499,367 and $742,379,208, respectively)	$	226,358,556	$	145,382,290	$	29,596,183	$	766,365,976

Investments in affiliated issuers, at value (cost $2,073,969, $809,851, $302,503 and $2,549,254, respectively)		2,073,969		809,851		302,503		2,549,254

Cash		390,111		50,030		54,579		6,314,017

Receivables:

Fund shares sold		27,716,250		—		2,514,194		—

Dividends and interest		3,112,818		86,158		224,139		7,641,866

Reimbursement from investment adviser		114		49		12		124

Investments sold		—		—		—		76,722,105

Total assets		259,651,818		146,328,378		32,691,610		859,593,342

Liabilities:

Payables:

Investments purchased		27,732,375		—		2,518,837		6,019,126

Management fees		58,541		14,210		3,295		92,027

Fund shares redeemed		19,597		—		688		77,335,619

Accrued expenses		7,019		2,710		1,104		28,397

Total liabilities		27,817,532		16,920		2,523,924		83,475,169

Net Assets:

Paid-in capital		226,831,889		142,536,538		30,071,514		751,446,921

Total distributable earnings		5,002,397		3,774,920		96,172		24,671,252

NET ASSETS	$	231,834,286	$	146,311,458	$	30,167,686	$	776,118,173
SHARES ISSUED AND OUTSTANDING

Shares outstanding no par value (unlimited shares authorized):		4,600,000		2,500,000		600,000		14,050,000

Net asset value per share:		$50.40		$58.52		$50.28		$55.24


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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Assets and Liabilities (continued)

August 31, 2021


	Access Treasury 0-1 Year ETF			Access U.S. Aggregate Bond ETF			Access Ultra Short Bond ETF
Assets:

Investments in unaffiliated issuers, at value (cost $1,852,889,271, $219,478,246 and $305,780,851, respectively)	$	1,852,928,508		$	218,798,313		$	306,349,512

Investments in affiliated issuers, at value (cost $–, $51,438,327 and $25,760,750, respectively)		—			51,438,327			25,760,750

Cash		3,044,382			3,319,198			253,933

Receivables:

Investments sold		618,981,232			4,158,486			25,062

Dividends and interest		1,990,555			879,854			731,944

Reimbursement from investment adviser		31,766			6,855			14,528

Total assets		2,476,976,443			278,601,033			333,135,729

Liabilities:

Payables:

Investments purchased		618,999,112			58,739,149			2,200,000

Management fees		222,360			25,651			54,400

Accrued expenses		94,670			6,464			7,822

Total liabilities		619,316,142			58,771,264			2,262,222

Net Assets:

Paid-in capital		1,858,467,317			220,591,725			330,376,160

Total distributable earnings (loss)		(807,016	)		(761,956	)		497,347

NET ASSETS	$	1,857,660,301		$	219,829,769		$	330,873,507
SHARES ISSUED AND OUTSTANDING

Shares outstanding no par value (unlimited shares authorized):		18,560,000			4,450,000			6,525,000

Net asset value per share:		$100.09			$49.40			$50.71


The accompanying notes are an integral part of these financial statements.		103

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Operations

For the Fiscal Year Ended August 31, 2021


	Access High Yield Corporate Bond ETF			Access Inflation Protected USD Bond ETF			Access Investment Grade Corporate 1-5 Year Bond ETF			Access Investment Grade Corporate Bond ETF
Investment income:

Interest	$	8,753,913		$	3,446,020		$	267,123		$	17,884,772

Dividends from Affiliated Underlying Funds		355			24			18			590

Total investment income		8,754,268			3,446,044			267,141			17,885,362

Expenses:

Management fees		610,329			76,937			34,830			1,012,153

Shareholder meeting expense		7,019			2,710			1,104			28,397

Trustee fees		5,523			4,306			3,883			11,403

Total expenses		622,871			83,953			39,817			1,051,953

Less — expense reductions		(1,537	)		(121	)		(89	)		(2,694	)

Net expenses		621,334			83,832			39,728			1,049,259

NET INVESTMENT INCOME		8,132,934			3,362,212			227,413			16,836,103

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		448,781			(116,024	)		17,658			(365,367	)

In-kind redemptions		1,769,651			705,164			45,316			17,280,913

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		2,202,441			1,158,564			10,754			(19,284,757	)

Net realized and unrealized gain (loss)		4,420,873			1,747,704			73,728			(2,369,211	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	12,553,807		$	5,109,916		$	301,141		$	14,466,892


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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Operations (continued)

For the Fiscal Year Ended August 31, 2021


	Access Treasury 0-1 Year ETF			Access U.S. Aggregate Bond ETF*			Access Ultra Short Bond ETF
Investment income:

Interest	$	2,476,949		$	1,390,827		$	1,671,263

Dividends from Affiliated Underlying Funds		—			9,999			2,444

Total investment income		2,476,949			1,400,826			1,673,707

Expenses:

Management fees		3,212,835			217,342			468,679

Shareholder meeting expense		94,670			6,464			7,822

Trustee fees		31,232			4,560			5,935

Total expenses		3,338,737			228,366			482,436

Less — expense reductions		(472,958	)		(40,978	)		(105,727	)

Net expenses		2,865,779			187,388			376,709

NET INVESTMENT INCOME (LOSS)		(388,830	)		1,213,438			1,296,998

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		442,218			(24,105	)		188,583

In-kind redemptions		389,130			55,111			—

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		(973,717	)		(679,933	)		(199,281	)

Net realized and unrealized loss		(142,369	)		(648,927	)		(10,698	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(531,199	)	$	564,511		$	1,286,300

For the period September 8, 2020 (commencement of operations) through August 31, 2021.


The accompanying notes are an integral part of these financial statements.		105

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Changes in Net Assets


	Access High Yield Corporate Bond ETF						Access Inflation Protected USD Bond ETF
	For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2020
From operations:

Net investment income	$	8,132,934		$	4,104,515		$	3,362,212		$	111,908

Net realized gain (loss)		2,218,432			(2,460,045	)		589,140			474,881

Net change in unrealized gain		2,202,441			2,696,332			1,158,564			1,423,412

Net increase in net assets resulting from operations		12,553,807			4,340,802			5,109,916			2,010,201

Distributions to shareholders:

From distributable earnings		(8,366,688	)		(3,924,025	)		(2,396,273	)		(181,025	)

From return of capital		—			—			—			(2,030	)

Total distributions to shareholders		(8,366,688	)		(3,924,025	)		(2,396,273	)		(183,055	)

From share transactions:

Proceeds from sales of shares		139,703,025			106,526,874			122,145,094			28,412,564

Cost of shares redeemed		(62,403,184	)		(33,198,256	)		(9,877,024	)		(6,876,076	)

Net increase in net assets resulting from share transactions		77,299,841			73,328,618			112,268,070			21,536,488

TOTAL INCREASE		81,486,960			73,745,395			114,981,713			23,363,634

Net assets:

Beginning of year	$	150,347,326		$	76,601,931		$	31,329,745		$	7,966,111

End of year	$	231,834,286		$	150,347,326		$	146,311,458		$	31,329,745


106		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 1-5 Year Bond ETF						Access Investment Grade Corporate Bond ETF
	For the Fiscal Year Ended August 31, 2021			For the Period July 7, 2020* to August 31, 2020			For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2020
From operations:

Net investment income	$	227,413		$	25,688		$	16,836,103		$	15,735,216

Net realized gain		62,974			4,949			16,915,546			6,650,329

Net change in unrealized gain (loss)		10,754			86,062			(19,284,757	)		11,236,182

Net increase in net assets resulting from operations		301,141			116,699			14,466,892			33,621,727

Distributions to shareholders:

From distributable earnings		(264,880	)		(11,472	)		(17,024,132	)		(15,896,442	)

From share transactions:

Proceeds from sales of shares		5,036,236			27,512,139			567,153,110			353,704,682

Cost of shares redeemed		(2,522,177	)		—			(431,055,691	)		(254,900,515	)

Net increase in net assets resulting from share transactions		2,514,059			27,512,139			136,097,419			98,804,167

TOTAL INCREASE		2,550,320			27,617,366			133,540,179			116,529,452

Net assets:

Beginning of period	$	27,617,366		$	—		$	642,577,994		$	526,048,542

End of period	$	30,167,686		$	27,617,366		$	776,118,173		$	642,577,994

Commencement of operations.


The accompanying notes are an integral part of these financial statements.		107

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Changes in Net Assets (continued)


	Access Treasury 0-1 Year ETF						Access U.S. Aggregate Bond ETF
	For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2020			For the Period September 8, 2020* to August 31, 2021
From operations:

Net investment income (loss)	$	(388,830	)	$	37,953,075		$	1,213,438

Net realized gain		831,348			12,889,230			31,006

Net change in unrealized loss		(973,717	)		(2,300,783	)		(679,933	)

Net increase (decrease) in net assets resulting from operations		(531,199	)		48,541,522			564,511

Distributions to shareholders:

From distributable earnings		(8,240,322	)		(45,661,342	)		(1,271,774	)

From return of capital		(1,363,154	)		—			—

Total distributions to shareholders		(9,603,476	)		(45,661,342	)		(1,271,774	)

From share transactions:

Proceeds from sales of shares		382,587,046			1,673,288,926			235,354,179

Cost of shares redeemed		(1,560,188,346	)		(1,804,799,190	)		(14,817,147	)

Net increase (decrease) in net assets resulting from share transactions		(1,177,601,300	)		(131,510,264	)		220,537,032

TOTAL INCREASE (DECREASE)		(1,187,735,975	)		(128,630,084	)		219,829,769

Net assets:

Beginning of period	$	3,045,396,276		$	3,174,026,360		$	—

End of period	$	1,857,660,301		$	3,045,396,276		$	219,829,769

Commencement of operations.


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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Changes in Net Assets (continued)


	Access Ultra Short Bond ETF
	For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2020
From operations:

Net investment income	$	1,296,998		$	1,115,850

Net realized gain (loss)		188,583			(46,343	)

Net change in unrealized gain (loss)		(199,281	)		697,031

Net increase in net assets resulting from operations		1,286,300			1,766,538

Distributions to shareholders:

From distributable earnings		(1,622,329	)		(1,046,869	)

From share transactions:

Proceeds from sales of shares		209,360,754			146,532,435

Cost of shares redeemed		(27,915,904	)		(12,635,582	)

Net increase in net assets resulting from share transactions		181,444,850			133,896,853

TOTAL INCREASE		181,108,821			134,616,522

Net assets:

Beginning of period	$	149,764,686		$	15,148,164

End of period	$	330,873,507		$	149,764,686


The accompanying notes are an integral part of these financial statements.		109

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


	Access High Yield Corporate Bond ETF
	For the Fiscal Year Ended August 31,									For the Period September 5, 2017* to August 31, 2018
	2021			2020			2019			For the Period September 5, 2017* to August 31, 2018
Per Share Operating Performance:

Net asset value, beginning of period	$	49.29		$	49.42		$	48.86		$	49.92

Net investment income^(a)		2.24			2.49			2.75			2.41

Net realized and unrealized gain (loss)		1.15			(0.15	)		0.61			(1.21	)

Total gain from investment operations		3.39			2.34			3.36			1.20

Distributions to shareholders from net investment income		(2.28	)		(2.47	)		(2.80	)		(2.26	)

Net asset value, end of period	$	50.40		$	49.29		$	49.42		$	48.86

Market price, end of period	$	50.38		$	49.23		$	49.24		$	48.82

Total Return at Net Asset Value^(b)		7.05	%		4.94	%		7.20	%		2.58	%

Net assets, end of period (in 000’s)	$	231,834		$	150,347		$	76,602		$	46,413

Ratio of total expenses to average net assets		0.34	%		0.34	%		0.34	%		0.34	%^(c)

Ratio of net investment income to average net assets		4.49	%		5.15	%		5.67	%		4.93	%^(c)

Portfolio turnover rate^(d)		22	%		22	%		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 and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher.


110		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 Inflation Protected USD Bond ETF
	For the Fiscal Year Ended August 31,						For the Period October 2, 2018* to August 31, 2019
	2021			2020			For the Period October 2, 2018* to August 31, 2019
Per Share Operating Performance:

Net asset value, beginning of period	$	56.96		$	53.11		$	50.00

Net investment income^(a)		2.85			0.33			1.27

Net realized and unrealized gain		0.30			4.18			2.98

Total gain from investment operations		3.15			4.51			4.25

Distributions to shareholders from net investment income		(1.59	)		(0.61	)		(1.14	)

Distributions to shareholders from net realized gains		—			(0.04	)		—

Distributions to shareholders from return of capital		—			(0.01	)		—

Total distributions to shareholders		(1.59	)		(0.66	)		(1.14	)

Net asset value, end of period	$	58.52		$	56.96		$	53.11

Market price, end of period	$	58.54		$	57.00		$	53.08

Total Return at Net Asset Value^(b)		5.62	%		8.57	%		8.61	%

Net assets, end of period (in 000’s)	$	146,311		$	31,330		$	7,966

Ratio of total expenses to average net assets		0.12	%		0.12	%		0.12	%^(c)

Ratio of net investment income to average net assets		4.96	%		0.61	%		2.74	%^(c)

Portfolio turnover rate^(d)		56	%		43	%		36	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


The accompanying notes are an integral part of these financial statements.		111

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Access Investment Grade Corporate 1-5 Year Bond ETF
	For the Fiscal Year Ended August 31, 2021			For the Period July 7, 2020* to August 31, 2020
Per Share Operating Performance:

Net asset value, beginning of period	$	50.21		$	49.89

Net investment income^(a)		0.41			0.06

Net realized and unrealized gain		0.14			0.29

Total gain from investment operations		0.55			0.35

Distributions to shareholders from net investment income		(0.48	)		(0.03	)

Net asset value, end of period	$	50.28		$	50.21

Market price, end of period	$	50.30		$	50.28

Total Return at Net Asset Value^(b)		1.10	%		0.70	%

Net assets, end of period (in 000’s)	$	30,168		$	27,617

Ratio of total expenses to average net assets		0.14	%		0.14	%^(c)

Ratio of net investment income to average net assets		0.82	%		0.73	%^(c)

Portfolio turnover rate^(d)		32	%		3	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


112		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 Fiscal Year Ended August 31,												For the Period June 6, 2017* to August 31, 2017
	2021			2020			2019			2018			For the Period June 6, 2017* to August 31, 2017
Per Share Operating Performance:

Net asset value, beginning of period	$	55.39		$	52.87		$	48.31		$	50.28		$	49.90

Net investment income^(a)		1.26			1.59			1.74			1.55			0.32

Net realized and unrealized gain (loss)		(0.14	)		2.54			4.52			(2.09	)		0.27

Total gain (loss) from investment operations		1.12			4.13			6.26			(0.54	)		0.59

Distributions to shareholders from net investment income		(1.27	)		(1.61	)		(1.70	)		(1.43	)		(0.21	)

Net asset value, end of period	$	55.24		$	55.39		$	52.87		$	48.31		$	50.28

Market price, end of period	$	55.19		$	55.47		$	52.90		$	48.28		$	50.24

Total Return at Net Asset Value^(b)		2.07	%		7.95	%		13.35	%		(1.04	)%		1.19	%

Net assets, end of period (in 000’s)	$	776,118		$	642,578		$	526,049		$	258,462		$	180,997

Ratio of net expenses to average net assets		0.14	%		0.14	%		0.14	%		0.14	%		0.13	%^(c)

Ratio of total expenses to average net assets		0.14	%		0.14	%		0.14	%		0.14	%		0.14	%^(c)

Ratio of net investment income to average net assets		2.30	%		3.00	%		3.54	%		3.18	%		2.65	%^(c)

Portfolio turnover rate^(d)		11	%		9	%		13	%		22	%		0	%^(e)

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)

(e)

Less than 0.5%


The accompanying notes are an integral part of these financial statements.		113

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Access Treasury 0-1 Year ETF
	For the Fiscal Year Ended August 31,												For the Period September 6, 2016* to August 31, 2017
	2021			2020			2019			2018			For the Period September 6, 2016* to August 31, 2017
Per Share Operating Performance:

Net asset value, beginning of period	$	100.44		$	100.38		$	100.16		$	100.10		$	100.00

Net investment income (loss)^(a)		(0.02	)		1.13			2.23			1.48			0.82

Net realized and unrealized gain (loss)		(0.01	)		0.29			0.15			(0.13	)		(0.29	)

Total gain (loss) from investment operations		(0.03	)		1.42			2.38			1.35			0.53

Distributions to shareholders from net investment income		(0.27	)		(1.36	)		(2.16	)		(1.29	)		(0.43	)

Distributions to shareholders from return of capital		(0.05	)		—			—			—			—

Total distributions to shareholders		(0.32	)		(1.36	)		(2.16	)		(1.29	)		(0.43	)

Net asset value, end of period	$	100.09		$	100.44		$	100.38		$	100.16		$	100.10

Market price, end of period	$	100.08		$	100.45		$	100.40		$	100.18		$	100.10

Total Return at Net Asset Value^(b)		(0.03	)%		1.42	%		2.40	%		1.37	%		0.53	%

Net assets, end of period (in 000’s)	$	1,857,660		$	3,045,396		$	3,174,026		$	1,642,627		$	815,829

Ratio of net expenses to average net assets		0.12	%		0.12	%		0.12	%		0.12	%		0.13	%^(c)

Ratio of total expenses to average net assets		0.14	%		0.14	%		0.14	%		0.14	%		0.14	%^(c)

Ratio of net investment income (loss) to average net assets		(0.02	)%		1.13	%		2.22	%		1.48	%		0.83	%^(c)

Portfolio turnover rate^(d)		—	%		—	%		—	%		—	%		—	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


114		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 U.S. Aggregate Bond ETF
	For the Period September 8, 2020* to August 31, 2021
	For the Period September 8, 2020* to August 31, 2021
Per Share Operating Performance:

Net asset value, beginning of period	$	50.03

Net investment income^(a)		0.37

Net realized and unrealized loss		(0.63	)

Total loss from investment operations		(0.26	)

Distributions to shareholders from net investment income		(0.37	)

Net asset value, end of period	$	49.40

Market price, end of period	$	49.38

Total Return at Net Asset Value^(b)		(0.52	)%

Net assets, end of period (in 000’s)	$	219,827

Ratio of net expenses to average net assets		0.11	%^(c)

Ratio of total expenses to average net assets		0.14	%^(c)

Ratio of net investment income to average net assets		0.77	%^(c)

Portfolio turnover rate^(d)		525	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


The accompanying notes are an integral part of these financial statements.		115

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Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Access Ultra Short Bond ETF
	For the Fiscal Year Ended August 31,						For the Period April 15, 2019* to August 31, 2019
	2021			2020			For the Period April 15, 2019* to August 31, 2019
Per Share Operating Performance:

Net asset value, beginning of period	$	50.77		$	50.49		$	50.00

Net investment income^(a)		0.28			0.73			0.52

Net realized and unrealized gain		0.02			0.42			0.34

Total gain from investment operations		0.30			1.15			0.86

Distributions to shareholders from net investment income		(0.36	)		(0.87	)		(0.37	)

Net asset value, end of period	$	50.71		$	50.77		$	50.49

Market price, end of period	$	50.71		$	50.78		$	50.51

Total Return at Net Asset Value^(b)		0.59	%		2.28	%		1.75	%

Net assets, end of period (in 000’s)	$	330,874		$	149,765		$	15,148

Ratio of net expenses to average net assets		0.16	%		0.16	%		0.16	%^(c)

Ratio of total expenses to average net assets		0.20	%		0.20	%		0.20	%^(c)

Ratio of net investment income to average net assets		0.55	%		1.45	%		2.72	%^(c)

Portfolio turnover rate^(d)		51	%		63	%		66	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Notes to Financial Statements

August 31, 2021

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 1-5 Year Bond ETF (“Access Investment Grade Corporate 1-5 Year 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 U.S. Aggregate Bond ETF (“Access U.S. Aggregate Bond ETF”)*				Diversified
Goldman Sachs Access Ultra Short Bond ETF (“Access Ultra Short Bond ETF”)				Diversified

Commencement of operations on September 8, 2020.

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 1-5 Year Bond ETF, Access Investment Grade Corporate Bond ETF, Access Treasury 0-1 Year ETF and Access U.S. Aggregate Bond 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 value (“NAV”). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the “Distributor”) may do business directly with the Funds.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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Notes to Financial Statements (continued)

August 31, 2021

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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 level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

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

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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:

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 a Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of August 31, 2021:



ACCESS HIGH YIELD CORPORATE BOND ETF

Investment Type	Level 1		Level 2		Level 3

Assets

Fixed Income

Corporate Obligations	$	—	$	216,221,594	$	—

Foreign Corporate Debt		—		10,136,962		—

Investment Company		2,073,969		—		—

Total	$	2,073,969	$	226,358,556	$	—

119

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Notes to Financial Statements (continued)

August 31, 2021

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



ACCESS INFLATION PROTECTED USD BOND ETF

Investment Type	Level 1		Level 2		Level 3

Assets

Fixed Income

U.S. Treasury Inflation Indexed Bonds	$	145,382,290	$	—	$	—

Investment Company		809,851		—		—

Total	$	146,192,141	$	—	$	—

ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF

Investment Type	Level 1		Level 2		Level 3

Assets

Fixed Income

Corporate Obligations	$	—	$	23,472,803	$	—

Foreign Corporate Debt		—		6,123,380		—

Investment Company		302,503		—		—

Total	$	302,503	$	29,596,183	$	—

ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Investment Type	Level 1		Level 2		Level 3

Assets

Fixed Income

Corporate Obligations	$	—	$	630,565,505	$	—

Foreign Corporate Debt		—		135,800,471		—

Investment Company		2,549,254		—		—

Total	$	2,549,254	$	766,365,976	$	—

ACCESS TREASURY 0-1 YEAR ETF

Investment Type	Level 1		Level 2		Level 3

Assets

Fixed Income

U.S. Treasury Bills	$	1,462,751,967	$	—	$	—

U.S. Treasury Notes		390,176,541		—		—

Total	$	1,852,928,508	$	—	$	—

120

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



ACCESS U.S. AGGREGATE BOND ETF

Investment Type	Level 1		Level 2		Level 3

Assets

Fixed Income

U.S. Treasury Notes	$	73,195,898	$	—	$	—

Mortgage-Backed Securities		—		59,723,417		—

Corporate Obligations		—		51,307,171		—

U.S. Treasury Bonds		16,964,115		—		—

Foreign Corporate Debt		—		10,741,903		—

Foreign Debt Obligations		—		6,865,809		—

Investment Company		51,438,327		—		—

Total	$	141,598,340	$	128,638,300	$	—

ACCESS ULTRA SHORT BOND ETF

Investment Type	Level 1		Level 2		Level 3

Assets

Fixed Income

Mortgage-Backed Securities	$	—	$	95,173,714	$	—

Asset- Backed Securities		—		76,201,946		—

Corporate Obligations		—		68,232,345		—

Foreign Corporate Debt		—		61,838,608		—

Investment Company		25,760,750		—		—

Certificates of Deposit		—		4,902,899		—

Total	$	25,760,750	$	306,349,512	$	—

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

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

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

121

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Notes to Financial Statements (continued)

August 31, 2021

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the year ended August 31, 2021, contractual and effective net unitary management fees 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 1-5 Year Bond ETF		0.14	%		0.14	%
Access Investment Grade Corporate Bond ETF		0.14	%		0.14	%
Access Treasury 0-1 Year ETF		0.14	%		0.12	%
Access U.S. Aggregate Bond ETF		0.14	%		0.11	%
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 29, 2021 and prior to such dates the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. For the year ended August 31, 2021, GSAM waived $472,958 and $94,923 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 Inflation Protected USD Bond ETF, Access Investment Grade Corporate 1-5 Year Bond ETF, Access Investment Grade Corporate Bond ETF, Access Ultra Short Bond ETF and Access U.S. Aggregate 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 year ended August 31, 2021, the management fee waived by GSAM for each Fund was as follows:


Fund	Management Fee Waived
Access High Yield Corporate Bond ETF	$	1,537
Access Inflation Protected USD Bond ETF		121
Access Investment Grade Corporate 1-5 Year Bond ETF		89
Access Investment Grade Corporate Bond ETF		2,694
Access U.S. Aggregate Bond ETF		40,978
Access Ultra Short Bond ETF		10,804

122

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

B. Other Transactions with Affiliates — The following table provides information about the Funds’ investments in the Goldman Sachs Financial Square Government Fund for the year ended August 31, 2021:


Fund	Beginning value as of August 31, 2020		Purchases at Cost		Proceeds from Sales			Ending value as of August 31, 2021		Shares as of August 31, 2021		Dividend Income
Access High Yield Corporate Bond ETF	$	1,754,115	$	50,342,355	$	(50,022,501	)	$	2,073,969		2,073,969	$	355
Access Inflation Protected USD Bond ETF		—		3,112,623		(2,302,772	)		809,851		809,851		24
Access Investment Grade Corporate 1-5 Year Bond ETF		684,558		2,914,470		(3,296,525	)		302,503		302,503		18
Access Investment Grade Corporate Bond ETF		6,635,197		64,210,058		(68,296,001	)		2,549,254		2,549,254		590
Access U.S. Aggregate Bond ETF*		—		90,037,043		(38,598,716	)		51,438,327		51,438,327		9,999
Access Ultra Short Bond ETF		3,705,115		209,364,354		(187,308,719	)		25,760,750		25,760,750		2,444

Commencement of operations on September 8, 2020.

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 Fiscal Year Ended August 31, 2021						For the Fiscal Year Ended August 31, 2020

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		2,800,000		$	139,660,429			2,200,000		$	106,518,573
Shares Redeemed		(1,250,000	)		(62,218,811	)		(700,000	)		(33,025,220	)

NET INCREASE IN SHARES		1,550,000		$	77,441,618			1,500,000		$	73,493,353

123

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Notes to Financial Statements (continued)

August 31, 2021

5. CREATION AND REDEMPTION OF CREATION UNITS (continued)


	Goldman Sachs Access Inflation Protected USD Bond ETF

	For the Fiscal Year Ended August 31, 2021						For the Fiscal Year Ended August 31, 2020

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		2,125,000		$	122,145,094			525,000		$	28,411,888
Shares Redeemed		(175,000	)		(9,875,297	)		(125,000	)		(6,876,076	)

NET INCREASE IN SHARES		1,950,000		$	112,269,797			400,000		$	21,535,812


	Access Investment Grade Corporate 1-5 Year Bond ETF
	For the Fiscal Year Ended August 31, 2021						For the Period July 7, 2020* through August 31, 2020

	Shares			Dollars			Shares		Dollars

Fund Share Activity
Shares Sold		100,000		$	5,036,236			550,000	$	27,483,763
Shares Redeemed		(50,000	)		(2,519,551	)		—		—

NET INCREASE IN SHARES		50,000		$	2,516,685			550,000	$	27,483,763

Commencement of operations.


	Access Investment Grade Corporate Bond ETF
	For the Fiscal Year Ended August 31, 2021						For the Fiscal Year Ended August 31, 2020

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		10,300,000		$	567,048,496			6,550,000		$	353,363,901
Shares Redeemed		(7,850,000	)		(430,357,739	)		(4,900,000	)		(254,691,742	)

NET INCREASE IN SHARES		2,450,000		$	136,690,757			1,650,000		$	98,672,159


	Access Treasury 0-1 Year ETF
	For the Fiscal Year Ended August 31, 2021						For the Fiscal Year Ended August 31, 2020

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		3,820,000		$	382,587,046			16,650,000		$	1,673,288,926
Shares Redeemed		(15,580,000	)		(1,560,188,346	)		(17,950,000	)		(1,804,798,807	)

NET DECREASE IN SHARES		(11,760,000	)	$	(1,177,601,300	)		(1,300,000	)	$	(131,509,881	)

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5. CREATION AND REDEMPTION OF CREATION UNITS (continued)


	Access U.S. Aggregate Bond ETF
	For the Period September 8, 2020* through August 31, 2021

	Shares			Dollars

Fund Share Activity
Shares Sold		4,750,000		$	235,376,922
Shares Redeemed		(300,000	)		(14,751,161	)

NET INCREASE IN SHARES		4,450,000		$	220,625,761

Commencement of operations.


	Access Ultra Short Bond ETF
	For the Fiscal Year Ended August 31, 2021						For the Fiscal Year Ended August 31, 2020

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		4,125,000		$	209,360,754			2,900,000		$	146,532,435
Shares Redeemed		(550,000	)		(27,915,904	)		(250,000	)		(12,635,581	)

NET INCREASE IN SHARES		3,575,000		$	181,444,850			2,650,000		$	133,896,854

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the year ended August 31, 2021, were as follows (with the exception of the Access Treasury 0-1 Year ETF which only owns short term securities):


Fund	Purchases of U.S. Government and Agency Obligations		Purchases (Excluding U.S. Government and Agency Obligations)		Sales and Maturities of U.S. Government and Agency Obligations		Sales and Maturities (Excluding U.S. Government and Agency Obligations)
Access High Yield Corporate Bond ETF	$	—	$	177,362,263	$	—	$	40,668,467
Access Inflation Protected USD Bond ETF		41,349,492		—		38,256,408		—
Access Investment Grade Corporate 1-5 Year Bond ETF		—		14,430,515		—		8,861,242
Access Investment Grade Corporate Bond ETF		—		648,620,868		—		76,707,991
Access U.S. Aggregate Bond ETF		971,230,843		86,695,257		813,206,626		12,774,625
Access Ultra Short Bond ETF		78,614,681		191,531,790		37,602,146		70,570,221

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Notes to Financial Statements (continued)

August 31, 2021

6. PORTFOLIO SECURITIES TRANSACTIONS (continued)

The purchases and sales from in-kind creation and redemption transactions for the year ended August 31, 2021, were as follows (With the exceptions of Access Treasury 0-1 Year ETF and Access Ultra Short Bond ETF which did not have in-kind creation or redemption transactions):


Fund	Purchases		Sales
Access High Yield Corporate Bond ETF	$	—	$	60,003,334
Access Inflation Protected USD Bond ETF		116,368,989		9,877,649
Access Investment Grade Corporate 1-5 Year Bond ETF		—		2,491,803
Access Investment Grade Corporate Bond ETF		—		427,230,586
Access U.S. Aggregate Bond ETF		—		10,747,658

7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2021 was as follows:


	Access High Yield Corporate Bond ETF		Access Inflation Protected USD Bond ETF		Access Investment Grade Corporate 1-5 Year Bond ETF		Access Investment Grade Corporate Bond ETF		Access Treasury 0-1 Year ETF		Access U.S. Aggregate Bond ETF		Access Ultra Short Bond ETF
Distributions paid from:
Ordinary Income	$	8,366,688	$	2,396,273	$	264,880	$	17,024,132	$	8,240,322	$	1,271,774	$	1,622,329
Total taxable distributions	$	8,366,688	$	2,396,273	$	264,880	$	17,024,132	$	8,240,322	$	1,271,774	$	1,622,329
Return of Capital	$	—	$	—	$	—	$	—	$	1,363,154	$	—	$	—

The tax character of distributions paid during the fiscal year ended August 31, 2020 was as follows:


	Access High Yield Corporate Bond ETF		Access Inflation Protected USD Bond ETF		Access Investment Grade Corporate 1-5 Year Bond ETF		Access Investment Grade Corporate Bond ETF		Access Treasury 0-1 Year ETF		Access Ultra Short Bond ETF
Distributions paid from:
Ordinary Income	$	3,924,025	$	170,530	$	11,472	$	15,896,442	$	45,661,342	$	1,046,869
Long-term Capital Gain		—		10,495		—		—		—		—
Total taxable distributions	$	3,924,025	$	181,025	$	11,472	$	15,896,442	$	45,661,342	$	1,046,869
Return of Capital	$	—	$	2,030	$	—	$	—	$	—	$	—

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7. TAX INFORMATION (continued)

As of August 31, 2021, the components of accumulated earnings (losses) on a tax basis were as follows:


	Access High Yield Corporate Bond ETF			Access Inflation Protected USD Bond ETF		Access Investment Grade Corporate 1-5 Year Bond ETF		Access Investment Grade Corporate Bond ETF			Access Treasury 0-1 Year ETF			Access U.S. Aggregate Bond ETF			Access Ultra Short Bond ETF
Undistributed ordinary income — net	$	795,173		$	965,932	$	29,000	$	1,441,399		$	—		$	167,290		$	293,336
Undistributed long-term capital gains		—			—		—		—			—			—			—
Total undistributed earnings	$	795,173		$	965,932	$	29,000	$	1,441,399		$	—		$	167,290		$	293,336
Capital loss carryforwards:⁽¹⁾
Perpetual Short-Term	$	(1,330,910	)	$	—	$	—	$	(373,495	)	$	—		$	(223,794	)	$	(287,255	)
Timing differences (Qualified Late Year Loss Deferral)		—			—		—		—			(846,253	)		—			—
Unrealized gains (losses) — net		5,538,134			2,808,988		67,172		23,603,348			39,237			(705,452	)		491,266
Total accumulated earnings (losses) net	$	5,002,397		$	3,774,920	$	96,172	$	24,671,252		$	(807,016	)	$	(761,956	)	$	497,347

(1)

The Access High Yield Corporate Bond ETF utilized $264,723 of capital losses in the current fiscal year.

As of August 31, 2021, 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 1-5 Year Bond ETF			Access Investment Grade Corporate Bonds ETF			Access Treasury 0-1 Year ETF			Access U.S. Aggregate Bond ETF			Access Ultra Short Bond ETF
Tax Cost	$	222,894,391		$	143,383,153		$	29,831,514		$	745,311,882		$	1,852,889,271		$	270,942,092		$	331,618,996
Gross unrealized gain		6,529,731			2,984,388			116,087			26,948,987			56,991			1,258,546			798,724
Gross unrealized loss		(991,597	)		(175,400	)		(48,915	)		(3,345,639	)		(17,754	)		(1,963,998	)		(307,458	)
Net unrealized gains (losses) on securities	$	5,538,134		$	2,808,988		$	67,172		$	23,603,348		$	39,237		$	(705,452	)	$	491,266

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, and differences in tax treatment of market discount accretion and premium amortization, and inflation protected securities.

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Notes to Financial Statements (continued)

August 31, 2021

7. TAX INFORMATION (continued)

In order to present certain components of the Funds’ capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds’ accounts. These reclassifications have no impact on the NAV of the Funds’ and result primarily from redemptions utilized as distributions and redemption in-kind transactions.


Fund	Paid-in Capital		Total Distributable Earnings
Access High Yield Corporate Bond ETF	$	1,768,345	$	(1,768,345	)
Access Inflation Protected USD Bond ETF	$	732,462	$	(732,462	)
Access Investment Grade Corporate 1-5 Year Bond ETF	$	45,316	$	(45,316	)
Access Investment Grade Corporate Bond ETF	$	17,251,117	$	(17,251,117	)
Access Treasury 0-1 Year ETF	$	388,854	$	(388,854	)
Access U.S. Aggregate Bond ETF	$	54,693	$	(54,693	)
Access Ultra Short Bond ETF	$	—	$	—

GSAM has reviewed the Funds’ tax positions for all open tax years (the current year, and prior three tax years, as applicable) and has concluded that no provision for income tax is required in the Funds’ 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.

On March 5, 2021, the United Kingdom’s Financial Conduct Authority (“FCA”) and ICE Benchmark Authority formally announced that certain LIBOR benchmarks will cease publication after December 31, 2021 while others will cease publication after June 30, 2023. 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 investments resulting from a substitute reference rate may also adversely affect a 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; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of 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 problems with 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, or economically tied to, emerging markets, these risks may be more pronounced.

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8. OTHER RISKS (continued)

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 Investment Grade Corporate Bond 1-5 Years Index and FTSE Goldman Sachs US Broad Bond Market Index are new and have 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, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with a Fund’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). 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.

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Notes to Financial Statements (continued)

August 31, 2021

8. OTHER RISKS (continued)

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 (except the Access Ultra Short Bond ETF) 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

New Accounting Standards — In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This ASU provides optional exceptions for applying GAAP to contract modifications, hedging relationships and other transactions affected reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. As of the financial reporting period, GSAM is currently evaluating the impact, if any, of applying ASU 2020-04.

Other — Pursuant to an effort to consolidate the membership of the Board of Trustees of the Trust (the “Board”) with the Board of Trustees of each of Goldman Sachs Trust II, Goldman Sachs MLP and Energy Renaissance Fund and Goldman Sachs Real Estate Diversified Income Fund, at a meeting held on July 22, 2021, the Board voted to nominate Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar and Linda A. Lang (the “Nominees”) for election as Trustees of the Trust at a virtual special joint meeting of shareholders to be held on December 3, 2021. Each of the Nominees (except Ms. Lang) currently serves as a Trustee of Goldman Sachs Trust II. Ms. Lang currently serves as a Trustee of the Trust. If elected, the Nominees will serve as Trustees alongside the current Trustees of the Trust. The Funds will bear a portion of the proxy solicitation, shareholder meeting and other related costs and GSAM has agreed to reimburse each Fund if such expenses increase the Fund’s total expense ratio by more than a specified percentage. This annual report is not a proxy statement. Information regarding the election of the Nominees is contained in the proxy materials filed with the SEC. The proxy statement has been mailed to shareholders of record, and shareholders can also access the proxy statement, and any other relevant documents, on the SEC’s website.

11. SUBSEQUENT EVENTS

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

130

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs ETF Trust and Shareholders of Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs Access Inflation Protected USD Bond ETF, Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF, Goldman Sachs Access Investment Grade Corporate Bond ETF, Goldman Sachs Access Treasury 0-1 Year ETF, Goldman Sachs Access U.S. Aggregate Bond ETF, and Goldman Sachs Access Ultra Short Bond ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (seven of the funds constituting Goldman Sachs ETF Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2021, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2021, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.


Fund	Statement of operations	Statements of changes in net assets	Financial highlights
Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs Access Inflation Protected USD Bond ETF, Goldman Sachs Access Investment Grade Corporate Bond ETF, Goldman Sachs Access Treasury 0-1 Year ETF, and Goldman Sachs Access Ultra Short Bond ETF	For the year ended August 31, 2021	For the two years ended August 31, 2021	For each of the periods indicated therein
Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF	For the year ended August 31, 2021	For the year ended August 31, 2021 and for the period July 7, 2020 (commencement of operations) through August 31, 2020
Goldman Sachs Access U.S. Aggregate Bond ETF	For the period September 8, 2020 (commencement of operations) through August 31, 2021

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 26, 2021

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

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Liquidity Risk Management Program (Unaudited)

Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on March 16-17, 2021, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2020 through December 31, 2020 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the efficiency of the arbitrage function during the Reporting Period (including during the stressed market conditions caused by the COVID-19 pandemic). The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

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Fund Expenses — Six Month Period Ended 8/31/2021 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period from March 1, 2021 and held for the entire six months ended August 31, 2021, which represents a period of 184 days of a 365 day year (or less where indicated).

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

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

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


	Access High Yield Corporate Bond ETF							Access Inflation Protected USD Bond ETF							Access Investment Grade Corporate 1-5 Year Bond ETF							Access Investment Grade Corporate Bond ETF							Access Treasury 0-1 Year ETF							Access U.S. Aggregate Bond ETF							Access Ultra Short Bond ETF
	Beginning Account Value 3/1/21		Ending Account Value 8/31/21			Expenses Paid*		Beginning Account Value 3/1/21		Ending Account Value 8/31/21			Expenses Paid*		Beginning Account Value 3/1/21		Ending Account Value 8/31/21			Expenses Paid*		Beginning Account Value 3/1/21		Ending Account Value 8/31/21			Expenses Paid*		Beginning Account Value 3/1/21		Ending Account Value 8/31/21			Expenses Paid*		Beginning Account Value 3/1/21		Ending Account Value 8/31/21			Expenses Paid*		Beginning Account Value 3/1/21		Ending Account Value 8/31/21			Expenses Paid*
Actual based on NAV	$	1,000	$	1,030.74		$	1.78	$	1,000	$	1,060.60		$	0.66	$	1,000	$	1,006.44		$	0.75	$	1,000	$	1,034.01		$	0.76	$	1,000	$	999.60		$	0.65	$	1,000	$	1,017.87		$	0.65	$	1,000	$	1,001.61		$	0.81
Hypothetical 5% return	$	1,000	$	1,023.46	+	$	1.77	$	1,000	$	1,024.56	+	$	0.65	$	1,000	$	1,024.46	+	$	0.75	$	1,000	$	1,024.46	+	$	0.75	$	1,000	$	1,024.55	+	$	0.66	$	1,000	$	1,024.56	+	$	0.65	$	1,000	$	1,024.40	+	$	0.82

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

Expenses for each Fund are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended August 31, 2021. 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 1-5 Year Bond ETF	0.14
Access Investment Grade Corporate Bond ETF	0.14
Access Treasury 0-1 Year ETF	0.12
Access U.S. Aggregate Bond ETF	0.11
Access Ultra Short Bond ETF	0.16

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Trustees and Officers (Unaudited)

Independent Trustees


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

Lawrence W. Stranghoener Age: 67	Chairman of the Board of Trustees	Trustee Since 2015; Chairman Since 2017	Mr. Stranghoener is retired. He is Chairman, Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) (2003-Present); and was formerly Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (2011-2020); Interim Chief Executive Officer (2014); and Executive Vice President and Chief Financial Officer (2004-2014), Mosaic Company (a fertilizer manufacturing company). Chairman of the Board of Trustees — Goldman Sachs ETF Trust; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	39	Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials)

Linda A. Lang Age: 63	Trustee	Since 2016	Ms. Lang is retired. She was formerly Chair of the Board of Directors (2016-2019); and Member of the Board of Directors, WD-40 Company (a global consumer products company) (2004-2019); Chairman and Chief Executive Officer (2005-2014); and Director, President and Chief Operating Officer, Jack in the Box, Inc. (a restaurant company) (2003-2005). Previously, Ms. Lang served as an Advisory Board Member of Goldman Sachs MLP and Energy Renaissance Fund (February 2016-March 2016). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	39	None

Michael Latham Age: 55	Trustee	Since 2015	Mr. Latham is retired. He currently serves as Chief Operating Officer and Director of FinTech Evolution Acquisition Group (a special purpose acquisition company) (2021-Present). Formerly, Mr. Latham held senior management positions with the iShares exchange-traded fund business, including Chairman (2011-2014); Global Head (2010-2011); U.S. Head (2007-2010); and Chief Operating Officer (2003-2007). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	39	FinTech Evolution Acquisition Group (a special purpose acquisition company)

134

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Trustees and Officers (Unaudited) (continued)

Interested Trustee*


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

James A. McNamara Age: 58	President and Trustee	Since 2014	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund	166	None

Mr. McNamara is considered to be an “Interested Trustee” because he holds a position with Goldman Sachs and owns securities issued by The Goldman Sachs Group, Inc. The Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline L. Kraus. Information is provided as of August 31, 2021.

Each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that each Independent Trustee shall retire as of December 31st of the calendar year in which he or she reaches (a) his or her 74th birthday or (b) the 15^th anniversary of the date he or she became a Trustee, whichever is earlier, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote.

The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2021, Goldman Sachs ETF Trust consisted of 36 portfolios (21 of which offered shares to the public); Goldman Sachs Trust consisted of 92 portfolios (90 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 17 portfolios (13 of which offered shares to the public); Goldman Sachs Trust II consisted of 18 portfolios (16 of which offered shares to the public); and Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public.

⁴

This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

Additional information about the Trustees is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-621-2550.

135

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*


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

James A. McNamara 200 West Street New York, NY 10282 Age: 58	Trustee and President	Since 2014	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs ETF Trust. Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Caroline L. Kraus 200 West Street New York, NY 10282 Age: 44	Secretary	Since 2014	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs ETF Trust; Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 53	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010- October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs ETF Trust (previously Assistant Treasurer (2017));Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-621-2550.

Information is provided as of August 31, 2021.

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

Goldman Sachs Access Fixed Income ETFs — Tax Information (Unaudited)

During the fiscal year ended August 31, 2021, 100% of the net investment company taxable income distributions paid by the Access Inflation Protected USD Bond ETF and Access Treasury 0-1 Year ETF were designated as interest-related dividends pursuant to Section 871(k) of the Internal Revenue Code.

Pursuant to Section 871(k) of the Internal Revenue Code, the Access Investment Grade Corporate 1-5 Year Bond ETF and Access Treasury 0-1 Year ETF designate $4,658 and $7,782,899, respectively, as short-term capital gain dividends paid during the fiscal year ended August 31, 2021.

Pursuant to Section 852 of the Internal Revenue Code, the Access Inflation Protected USD Bond ETF designate $13,836, or if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended August 31, 2021.

For the fiscal year ended August 31, 2021, the Access High Yield Corporate Bond ETF, Access Inflation Protected USD Bond ETF, Access Investment Grade Corporate 1-5 Year Bond ETF, Access Investment Grade Corporate Bond ETF, Access Treasury 0-1 Year ETF, Access U.S. Aggregate Bond ETF and Access Ultra Short Bond ETF, designate 100%, 100%, 99.87%, 100%, 7.17%, 98.70% and 91.56% respectively, of the dividends paid from net investment company taxable income as section 163(j) Interest Dividends.

136

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Goldman Sachs Access Treasury 0-1 Year ETF

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

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

I. Remuneration

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

a. Remuneration Program Philosophy

The remuneration philosophy and the objectives of the remuneration program for the firm, including the AIFM, are reflected in GS Group’s Compensation principles as posted on the Goldman Sachs public website www.gs.com. Our compensation policy framework includes the following:

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

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

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

We align total compensation with corporate performance over the period.

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

b. Remuneration Governance

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

The members of the GS Group Compensation Committee at the end of 2020 were M. Michele Burns (Chair), Drew G. Faust, Ellen J. Kullman, Lakshmi N. Mittal, and Adebayo O. Ogunlesi (ex-officio). None of the members of the GS Group Compensation Committee were an employee of the firm. All members of the GS Group Compensation Committee were “independent” within the meaning of the New York Stock Exchange Rules and the firm’s Director Independence Policy.

The GS Group Compensation Committee has for several years recognised the importance of using an independent remuneration consultant that is appropriately qualified and that provides services solely to the GS Group Compensation Committee and not to the firm. The Compensation Committee continued to retain an independent remuneration consultant in 2020.

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

c. Link Between Pay and Performance

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

d. Performance Measurement

Year-end variable remuneration is determined through a discretionary process that relies on certain qualitative and quantitative metrics (amongst other factors) against which we assess performance at year-end. We do not set specific goals, targets or other objectives for purposes of determining year-end variable remuneration nor do we set an initial remuneration pool that is

137

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Goldman Sachs Access Treasury 0-1 Year ETF (continued)

adjusted for any such goals, targets or other objectives. Such metrics are not formulaic nor given any specific weight. In addition, employees are evaluated annually as part of the performance review feedback process.

e. Risk Adjustment

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

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

f. Structure of Remuneration

Fixed Remuneration

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

g. Total Remuneration

Staff remuneration for the financial period ending December 31, 2020:


Total remuneration for the financial year ending December 31, 2020 paid by the AIFM to 15 staff in respect of the management of the assets of the Fund		US$102,749, made up of: •US$48,820fixed remuneration •US$53,929variable remuneration
Which includes:
(a) Remuneration paid by the AIFM to senior management		US$63,200
(b) Remuneration paid by the AIFM to other staff members whose actions have a material impact on the risk profile of the Fund		US$39,549

The remuneration figures above:

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

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

II. Risk Management

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

III. Material Changes

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

In respect of the period ended December 31, 2020, there have been no material changes to the information listed in Article 23 of the Directive.

138

FUNDS PROFILE

Goldman Sachs ETFs

LOGO

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

Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.09 trillion in assets under supervision as of June 30, 2021, 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. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

GOLDMAN SACHS EXCHANGE-TRADED FUNDS

Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF

Goldman Sachs ActiveBeta^® Europe Equity ETF

Goldman Sachs ActiveBeta^® International Equity ETF

Goldman Sachs ActiveBeta^® Japan Equity ETF

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

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

Goldman Sachs 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 Investment Grade Corporate 1-5 Year Bond ETF

Goldman Sachs Access Treasury 0-1 Year ETF

Goldman Sachs Access Ultra Short Bond ETF

Goldman Sachs Access U.S. Aggregate Bond ETF

Goldman Sachs Future Planet Equity ETF

Goldman Sachs Future Tech Leaders Equity ETF

Goldman Sachs Innovate Equity ETF

Goldman Sachs MarketBeta^® International Equity ETF

Goldman Sachs MarketBeta^® Emerging Markets Equity ETF

Goldman Sachs MarketBeta^® U.S. Equity ETF

INDEX DISCLAIMERS

The Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs Access Inflation Protected USD Bond ETF, Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF, Goldman Sachs Access Investment Grade Corporate Bond ETF, Goldman Sachs Access Treasury 0-1 Year ETF and Goldman Sachs Access U.S. Aggregate Bond ETF (the “Funds”) have been developed solely by GSAM. The Funds are 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, FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index, FTSE Goldman Sachs US Investment-Grade Corporate Bond 1-5 Years Index, FTSE Goldman Sachs Investment Grade Corporate Bond Index, FTSE US Treasury 0-1 Year Composite Select Index, FTSE Goldman Sachs US Broad Bond Market Index, and FTSE Goldman Sachs US Treasury Index (each, an “Index” and collectively, the “Indexes”) vest in the relevant LSE Group company which owns each Index. FTSE^® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license.

Each 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 Funds. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Funds or the suitability of any Index for the purpose to which it is being put by GSAM.


TRUSTEES Lawrence W. Stranghoener, Chairman 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 a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-621-2550 and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

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

Fund holdings and allocations shown are as of August 31, 2021 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.

Goldman Sachs Funds

LOGO



Annual Report				August 31, 2021

				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)

LOGO

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

Investment Process			1

Portfolio Management Discussion and Performance Summaries			3

Schedules of Investments			32

Financial Statements			86

Financial Highlights			93

ActiveBeta^® Emerging Markets Equity ETF			93

ActiveBeta^® Europe Equity ETF			94

ActiveBeta^® International Equity ETF			95

ActiveBeta^® Japan Equity ETF			96

ActiveBeta^® U.S. Large Cap Equity ETF			97

ActiveBeta^® U.S. Small Cap Equity ETF			98

Notes to Financial Statements			99

Report of Independent Registered Public Accounting Firm			114

Other Information			116



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

INVESTMENT PROCESS

Goldman Sachs ActiveBeta^® ETFs

Principal Investment Strategies

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

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

Each Index is designed to deliver exposure to equity securities within its applicable universe of issuers. Each Index is constructed using the patented ActiveBeta^® Portfolio Construction Methodology, which was developed to provide exposure to the “factors” (or characteristics) that are commonly tied to a stock’s outperformance relative to market returns. These factors include value (i.e., how attractively a stock is priced relative to its “fundamentals,” such as book value and free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). Given each Fund’s investment objective of attempting to track its Index, each Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.

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

Step 1

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

Step 2

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

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

* * *

INVESTMENT PROCESS

At the end of the Reporting Period, i.e. the 12 months ended August 31, 2021, we continued to believe in the existence and persistence of certain equity common factors. We further believed that in capturing common factors, investment efficiency (risk-adjusted returns) can be improved by enhancing the informational efficiency and diversification of individual common factor portfolios. Additionally, we advocate the pursuit of factor diversification strategies, which combine individual common factor portfolios, as such strategies tend to dominate individual factors. A passive capture of informationally-efficient and diversified common factor strategies potentially delivers attractive after-cost information ratios.

PORTFOLIO RESULTS

Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2021 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 20.49% based on net asset value (“NAV”) and 19.96% based on market price. The Index returned 21.15%, and the MSCI Emerging Markets Index (net, unhedged, USD) (“MSCI Emerging Markets Index”), a market-cap based index against which the performance of the Fund is measured, and the reference index for the Index, returned 21.12% during the same period.

The Fund had an NAV of $33.28 per share on August 31, 2020 and ended the Reporting Period with an NAV of $39.33 per share. The Fund’s market price on August 31, 2021 was $39.16 per share.

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

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

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

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

Index constituents in the health care, consumer staples and financials sectors detracted most from the Index’s results relative to the MSCI Emerging Markets Index during the Reporting Period. Index constituents in the information technology, consumer discretionary and real estate sectors contributed most positively to the Index’s results relative to the MSCI Emerging Markets Index during the Reporting Period.

PORTFOLIO RESULTS

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

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

Relative to the MSCI Emerging Markets Index, an overweight position in Chinese condiments producer Yihai International Holding and underweight positions in Chinese auto manufacturers BYD and NIO detracted most (0.10%, 0.10% and 0.19% of Fund net assets as of August 31, 2021, respectively). Yihai International Holding posted a double-digit negative return within the Index during the Reporting Period; BYD generated a robust double-digit gain within the Index during the Reporting Period; and NIO delivered a triple-digit gain within the Index during the Reporting Period.

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

Relative to the MSCI Emerging Markets Index, underweight positions in Chinese e-commerce retailer Alibaba Group Holdings and Chinese multi-media company Tencent Holdings and an overweight position in Taiwanese freight by ship transportation provider Evergreen Marine Corp. Taiwan contributed most positively (3.04%, 3.61% and 0.35% of Fund net assets as of August 31, 2021, respectively). Alibaba Group Holdings and Tencent Holdings each produced a negative return within the Index during the Reporting Period. Evergreen Marine Corp. Taiwan generated a robust triple-digit gain within the Index during the Reporting Period.

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

The Fund does not employ derivatives as a source of alpha generation, although it did use index futures to equitize excess cash. The use of futures was not material to the performance of the Fund during the Reporting Period.

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



Sector Name	Fund²			GS ActiveBeta^® Emerging Markets Equity Index			MSCI Emerging Markets Index

Consumer Discretionary		13.05	%		13.09	%		15.22	%
Consumer Staples		11.19			11.70			5.76
Energy		3.95			3.84			5.28
Financials		17.52			16.58			19.20
Health Care		4.91			4.79			4.74
Industrials		3.78			4.02			4.98
Information Technology		21.71			22.33			21.31
Materials		9.14			9.11			8.91
Real Estate		1.19			1.11			1.80
Communication Services		10.29			10.78			10.62
Utilities		2.71			2.64			2.18

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 August 31, 2021. Figures above may not sum to 100% due to rounding or due to the presence of cash.

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

PORTFOLIO RESULTS

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



Country Name	Fund²			GS ActiveBeta^® Emerging Markets Equity Index			MSCI Emerging Markets Index

Taiwan		15.69	%		16.12	%		14.82	%
China		32.78			32.55			33.94
South Africa		4.10			3.95			3.23
Thailand		1.56			1.53			1.72
Peru		0.00			0.00			0.17
Argentina		0.25			0.31			0.18
Colombia		0.05			0.00			0.16
Pakistan		0.00			0.00			0.02
Greece		0.29			0.29			0.18
Chile		0.48			0.37			0.45
Philippines		0.22			0.22			0.63
Czech Republic		0.11			0.05			0.12
Kuwait		0.40			0.39			0.57
United Arab Emirates		0.66			0.56			0.77
Turkey		0.31			0.28			0.29
Qatar		0.84			0.87			0.70
Poland		0.87			0.81			0.78
Hungary		0.18			0.06			0.26
Egypt		0.19			0.21			0.08
Saudi Arabia		2.82			2.91			3.16
Mexico		2.14			2.17			1.97
Indonesia		1.15			1.15			1.23
Malaysia		0.54			0.73			1.34
India		11.12			11.42			11.66
Russia		3.77			3.84			3.57
Brazil		4.87			5.12			5.00
Korea		14.07			14.10			13.00

Country classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall country allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying country allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.6% of the Fund’s net assets as of August 31, 2021. Figures above may not sum to 100% due to rounding or due to the presence of cash.

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

FUND BASICS

ActiveBeta^® Emerging Markets Equity ETF

as of August 31, 2021


FUND SNAPSHOT

As of August 31, 2021

Market Price¹	$	39.16
Net Asset Value (NAV)¹	$	39.33

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


TOP 10 HOLDINGS AS OF 8/31/21²

Holding	% of Net Assets			Line of Business	Country

Taiwan Semiconductor Manufacturing Co. Ltd.		6.0	%	Information Technology	Taiwan

Tencent Holdings Ltd.		3.6		Communication Services	China

Samsung Electronics Co. Ltd.		3.6		Information Technology	South Korea

Alibaba Group Holding Ltd.		3.1		Consumer Discretionary	China

Infosys Ltd.		1.0		Information Technology	India

Meituan, Class B		1.0		Consumer Discretionary	China

Vale SA		0.8		Materials	Brazil

Samsung Electronics Co. Ltd., 4.28%		0.8		Information Technology	South Korea

Tata Consultancy Services Ltd.		0.7		Information Technology	India

China Construction Bank Corp., Class H		0.7		Financials	China

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

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

ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Performance Summary

August 31, 2021

The following graph shows the value, as of August 31, 2021, of a $10,000 investment made on September 25, 2015 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and reference index, the Goldman Sachs ActiveBeta^® Emerging Markets Equity Index and the MSCI Emerging Markets Index (net, unhedged), respectively, are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

ActiveBeta^® Emerging Markets Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from September 25, 2015 through August 31, 2021.

LOGO


Average Annual Total Return through August 31, 2021*	One Year	Five Years	Since Inception
Shares based on NAV (Commenced September 25, 2015)	20.49%	9.31%	10.07%

Shares based on Market Price (Commenced September 25, 2015)	19.96%	9.24%	10.00%

Goldman Sachs ActiveBeta^® Emerging Markets Equity Index	21.15%	9.58%	10.38%

MSCI Emerging Markets Index (net, unhedged)	21.12%	10.40%	11.40%

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

PORTFOLIO RESULTS

Goldman Sachs ActiveBeta^® Europe Equity ETF

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2021 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 30.45% based on net asset value (“NAV”) and 30.81% based on market price. The Index returned 30.87%, and the MSCI Europe Index (net, unhedged, USD) (“MSCI Europe Index”), a market-cap based index against which the performance of the Fund is measured, and the reference index for the Index, returned 29.18% during the same period.

The Fund had an NAV of $29.85 per share on August 31, 2020 and ended the Reporting Period with an NAV of $37.99 per share. The Fund’s market price on August 31, 2021 was $38.05 per share.

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

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

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

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

Index constituents in the consumer discretionary, materials and consumer staples sectors contributed most positively to the Index’s results relative to the MSCI Europe Index during the Reporting Period. Index constituents in the information technology, communication services and financials sectors detracted most from the Index’s results relative to the MSCI Europe Index during the Reporting Period.

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

PORTFOLIO RESULTS

Index’s results relative to the MSCI Europe Index during the Reporting Period.

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

Relative to the MSCI Europe Index, overweight positions in Luxembourg-based steel producer ArcelorMittal, Switzerland-based freight transporter Kuehne + Nagel International and Denmark-based integrated transport and logistics company AP Moller-Maersk contributed most positively (0.64%, 0.82% and 0.39% of Fund net assets as of August 31, 2021, respectively). ArcelorMittal generated a triple-digit gain within the Index during the Reporting Period, while Kuehne + Nagel International and AP Moller-Maersk each posted a robust double-digit positive return within the Index during the Reporting Period.

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

Relative to the MSCI Europe Index, overweight positions in France-based digital services provider Atos and France-based drug manufacturer Ipsen and an underweight position in Netherlands-based semiconductor producer ASML Holding detracted most (0.63%, 0.46% and 2.34% of Fund net assets as of August 31, 2021, respectively). Atos and Ipsen each posted a negative return during the Reporting Period, while ASML Holding generated a triple-digit gain within the Index during the Reporting Period.

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

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



Sector Name	Fund²			GS ActiveBeta^® Europe Equity Index			MSCI Europe Index

Consumer Discretionary		13.21	%		13.38	%		11.73	%
Consumer Staples		13.44			13.28			12.38
Energy		2.63			2.27			4.14
Financials		12.72			12.56			15.46
Health Care		15.56			15.70			14.63
Industrials		16.42			16.41			14.99
Information Technology		8.18			8.09			8.97
Materials		8.46			8.27			8.21
Real Estate		0.77			0.87			1.37
Communication Services		4.04			4.77			3.84
Utilities		4.02			4.40			4.27

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 0.9% of the Fund’s net assets as of August 31, 2021. Figures above may not sum to 100% due to rounding or due to the presence of cash.

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.

PORTFOLIO RESULTS

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



Country Name	Fund²			GS ActiveBeta^® Europe Equity Index			MSCI Europe Index

Germany		15.12	%		15.55	%		14.33	%
Switzerland		14.57			14.61			15.35
UK		20.38			20.36			21.91
Sweden		5.86			5.77			5.79
Austria		1.03			1.12			0.31
Denmark		4.53			4.70			4.20
Norway		0.96			1.35			0.95
Portugal		0.50			0.62			0.29
France		18.92			18.63			17.60
Ireland		0.73			0.81			1.14
Belgium		1.14			1.04			1.40
Italy		3.64			4.04			3.77
Finland		1.45			1.54			1.68
Netherlands		7.19			6.85			7.61
Spain		3.41			3.01			3.65

Country classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall country allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying country allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.9% of the Fund’s net assets as of August 31, 2021. Figures above may not sum to 100% due to rounding or due to the presence of cash.

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

FUND BASICS

ActiveBeta^® Europe Equity ETF

as of August 31, 2021


FUND SNAPSHOT

As of August 31, 2021

Market Price¹	$	38.05
Net Asset Value (NAV)¹	$	37.99

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


TOP 10 HOLDINGS AS OF 8/31/21²

Holding	% of Net Assets			Line of Business	Country

Nestle SA		2.8	%	Consumer Staples	Switzerland
Roche Holding AG		2.4		Health Care	Switzerland
ASML Holding NV		2.3		Information Technology	Netherlands

LVMH Moet Hennessy Louis Vuitton SE		1.5		Consumer Discretionary	France
Novo Nordisk A/S, Class B		1.5		Health Care	Denmark
Novartis AG		1.5		Health Care	Switzerland
L’Oreal SA		1.2		Consumer Staples	France

AstraZeneca PLC		1.1		Health Care	United Kingdom
SAP SE		1.1		Information Technology	Germany
Unilever PLC		1.0		Consumer Staples	United Kingdom

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

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

ACTIVEBETA^® EUROPE EQUITY ETF

Performance Summary

August 31, 2021

The following graph shows the value, as of August 31, 2021, of a $10,000 investment made on March 2, 2016 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and reference index, the Goldman Sachs ActiveBeta^® Europe Equity Index and the MSCI Europe Index (net, unhedged, USD), respectively, are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

ActiveBeta^® Europe Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from March 2, 2016 through August 31, 2021.

LOGO


Average Annual Total Return through August 31, 2021*	One Year	Five Years	Since Inception
Shares based on NAV (Commenced March 2, 2016)	30.45%	10.94%	11.11%

Shares based on Market Price (Commenced March 2, 2016)	30.81%	10.91%	11.14%

Goldman Sachs ActiveBeta^® Europe Equity Index	30.87%	11.05%	11.20%

MSCI Europe Index (net, unhedged, USD)	29.18%	10.10%	10.33%

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

PORTFOLIO RESULTS

Goldman Sachs ActiveBeta^® International Equity ETF

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2021 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 27.12% based on net asset value (“NAV”) and 27.47% based on market price. The Index returned 27.26%, and the MSCI World ex USA Index (net, unhedged, USD) (“MSCI World ex USA Index”), a market-cap based index against which the performance of the Fund is measured, and the reference index for the Index, returned 26.57% during the same period.

The Fund had an NAV of $28.72 per share on August 31, 2020 and ended the Reporting Period with an NAV of $35.76 per share. The Fund’s market price on August 31, 2021 was $35.75 per share.

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

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

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

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

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

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

PORTFOLIO RESULTS

Index constituents in Japan, the Netherlands and Spain detracted the most from the Fund’s results relative to the MSCI World ex USA Index during the Reporting Period.

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

Relative to the MSCI World ex USA Index, overweight positions in Luxembourg-based steel producer ArcelorMittal, Denmark-based integrated transport and logistics company AP Moller-Maersk and Canada-based engineering services provider WSP Global contributed most positively (0.43%, 0.31% and 0.54% of Fund net assets as of August 31, 2021, respectively). ArcelorMittal generated a triple-digit gain within the Index during the Reporting Period, and AP Moller-Maersk and WSP Global each posted a robust double-digit gain within the Index during the Reporting Period.

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

Relative to the MSCI World ex USA Index, an underweight position in Netherlands-based semiconductor producer ASML Holding and overweight positions in France-based digital services provider Atos and Australia-based utilities company AGL Energy detracted most (1.19%, 0.45% and 0.08% of Fund net assets as of August 31, 2021, respectively). ASML Holding posted a triple-digit gain within the Index during the Reporting Period. Atos and AGL Energy each generated a double-digit decline within the Index during the Reporting Period.

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

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



Sector Name	Fund²			GS ActiveBeta^® International Equity Index			MSCI World ex USA Index

Consumer Discretionary		12.43	%		12.46	%		11.76	%
Consumer Staples		12.98			13.00			9.61
Energy		2.45			2.27			4.02
Financials		15.68			15.41			18.70
Health Care		12.28			12.33			11.64
Industrials		15.61			15.94			15.27
Information Technology		9.85			10.10			10.18
Materials		7.96			7.50			8.13
Real Estate		1.79			1.89			2.74
Communication Services		4.76			5.17			4.45
Utilities		3.63			3.94			3.50

Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 1.2% of the Fund’s net assets as of August 31, 2021. Figures above may not sum to 100% due to rounding or due to the presence of cash.

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

PORTFOLIO RESULTS

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



Country Name	Fund²			GS ActiveBeta^® International Equity Index			MSCI World ex USA Index

Switzerland		8.25	%		8.45	%		9.00	%
Canada		10.45			10.33			9.99
UK		12.20			12.27			12.84
Denmark		2.90			3.08			2.46
Germany		8.76			8.92			8.40
Austria		0.65			0.66			0.18
Sweden		3.28			3.32			3.39
Hong Kong		2.83			2.82			2.75
Norway		0.56			0.81			0.56
France		11.60			11.50			10.31
Portugal		0.30			0.34			0.17
Italy		2.15			2.49			2.21
Singapore		1.04			1.10			0.92
Ireland		0.44			0.51			0.67
Belgium		0.67			0.52			0.82
Finland		0.76			0.89			0.98
New Zealand		0.23			0.27			0.22
Israel		0.70			0.76			0.55
Australia		5.81			5.68			6.29
Spain		1.91			1.71			2.14
Netherlands		4.00			3.75			4.46
Japan		19.92			19.81			20.69

Country classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall country allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying country allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 1.2% of the Fund’s net assets as of August 31, 2021. Figures above may not sum to 100% due to rounding or due to the presence of cash.

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

FUND BASICS

ActiveBeta^® International Equity ETF

as of August 31, 2021


FUND SNAPSHOT

As of August 31, 2021

Market Price¹	$	35.75
Net Asset Value (NAV)¹	$	35.76

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


TOP 10 HOLDINGS AS OF 8/31/21²

Holding	% of Net Assets			Line of Business	Country

Nestle SA		1.6	%	Consumer Staples	Switzerland
Roche Holding AG		1.3		Health Care	Switzerland
ASML Holding NV		1.2		Information Technology	Netherlands

LVMH Moet Hennessy Louis Vuitton SE		1.0		Consumer Discretionary	France
Novo Nordisk A/S, Class B		0.8		Health Care	Denmark
Novartis AG		0.8		Health Care	Switzerland
L’Oreal SA		0.7		Consumer Staples	France

Royal Bank of Canada		0.6		Financials	Canada
Deutsche Post AG		0.6		Industrials	Germany
AstraZeneca PLC		0.6		Health Care	United Kingdom

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

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

ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Performance Summary

August 31, 2021

The following graph shows the value, as of August 31, 2021, of a $10,000 investment made on November 6, 2015 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and reference index, the Goldman Sachs ActiveBeta^® International Equity Index and the MSCI World ex USA Index (net, Unhedged, USD), respectively, are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

ActiveBeta^® International Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from November 6, 2015 through August 31, 2021.

LOGO


Average Annual Total Return through August 31, 2021*	One Year	Five Years	Since Inception
Shares based on NAV (Commenced November 6, 2015)	27.12%	10.30%	8.95%

Shares based on Market Price (Commenced November 6, 2015)	27.47%	10.19%	8.94%

Goldman Sachs ActiveBeta^® International Equity Index	27.26%	10.39%	9.04%

MSCI World ex USA Index (net, unhedged, USD)	26.57%	9.77%	8.34%

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

PORTFOLIO RESULTS

Goldman Sachs ActiveBeta^® Japan Equity ETF

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2021 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 18.02% based on net asset value (“NAV”) and 17.86% based on market price. The Index returned 17.88%, while the MSCI Japan Index (net, unhedged, USD) (“MSCI Japan Index”), a market-cap based index against which the performance of the Fund is measured, and the reference index for the Index, returned 19.96% during the same period.

The Fund had an NAV of $32.60 per share on August 31, 2020 and ended the Reporting Period with an NAV of $37.91 per share. The Fund’s market price on August 31, 2021 was $37.75 per share.

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

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

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

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

Index constituents in the consumer staples, consumer discretionary and financials sectors detracted most from results relative to the MSCI Japan Index during the Reporting Period. Conversely, Index constituents in the industrials, information technology and communication services sectors contributed most positively to the Index’s results relative to the MSCI Japan Index during the Reporting Period.

PORTFOLIO RESULTS

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

Relative to the MSCI Japan Index, an overweight position in home appliance retailer Yamada Holdings and underweight positions in steel products manufacturer Nippon Steel and sensor and measuring instrument manufacturer Keyence detracted most (0.80%, 0.24% and 2.26% of Fund net assets as of August 31, 2021, respectively). Yamada Holdings posted a double-digit negative return within the Index during the Reporting Period; Nippon Steel generated a triple-digit gain within the Index during the Reporting Period; and Keyence delivered a double-digit positive return within the Index during the Reporting Period.

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

Relative to the MSCI Japan Index, overweight positions in marine transportation services and transportation management solutions provider Nippon Yusen; office automation equipment, electronic devices and photographic instruments manufacturer Ricoh; and chemical products manufacturer Mitsubishi Chemical Holdings contributed most positively (0.72%, 0.67% and 0.76% of Fund net assets as of August 31, 2021, respectively). Nippon Yusen posted a robust triple-digit gain within the Index during the Reporting Period. Ricoh and Mitsubishi Chemical Holdings each generated a double-digit positive return within the Index during the Reporting Period.

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

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



Sector Name	Fund²			GS ActiveBeta^® Japan Equity Index			MSCI Japan Index

Consumer Discretionary		18.19	%		17.92	%		18.83	%
Consumer Staples		8.77			8.80			7.11
Energy		0.78			1.19			0.60
Financials		7.39			7.70			8.85
Health Care		10.08			10.39			10.32
Industrials		20.04			20.29			22.22
Information Technology		16.41			16.06			14.54
Materials		4.93			4.52			5.00
Real Estate		3.13			2.69			3.52
Communication Services		8.53			8.96			8.00
Utilities		1.60	%		1.46			1.00

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 0.5% of the Fund’s net assets as of August 31, 2021. Figures above may not sum to 100% due to rounding or due to the presence of cash.

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

FUND BASICS

ActiveBeta^® Japan Equity ETF

as of August 31, 2021


FUND SNAPSHOT

As of August 31, 2021

Market Price¹	$	37.75
Net Asset Value (NAV)¹	$	37.91

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


TOP 10 HOLDINGS AS OF 8/31/21²

Holding	% of Net Assets			Line of Business

Toyota Motor Corp.		3.5	%	Consumer Discretionary
Sony Group Corp.		2.7		Consumer Discretionary
Keyence Corp.		2.3		Information Technology
Tokyo Electron Ltd.		1.6		Information Technology
Recruit Holdings Co. Ltd.		1.6		Industrials
Honda Motor Co. Ltd.		1.4		Consumer Discretionary
SoftBank Group Corp.		1.3		Communication Services
Hoya Corp.		1.3		Health Care
Nintendo Co. Ltd.		1.3		Communication Services
Fujitsu Ltd.		1.3		Information Technology

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

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

ACTIVEBETA^® JAPAN EQUITY ETF

Performance Summary

August 31, 2021

The following graph shows the value, as of August 31, 2021, of a $10,000 investment made on March 2, 2016 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and reference index, the Goldman Sachs ActiveBeta^® Japan Index and the MSCI Japan Index (Unhedged, USD), respectively, are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

ActiveBeta^® Japan Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from March 2, 2016 through August 31, 2021.

LOGO


Average Annual Total Return through August 31, 2021*	One Year	Five Years	Since Inception
Shares based on NAV (Commenced March 2, 2016)	18.02%	9.13%	9.63%

Shares based on Market Price (Commenced March 2, 2016)	17.86%	8.97%	9.56%

Goldman Sachs ActiveBeta^® Japan Equity Index	17.88%	8.95%	9.44%

MSCI Japan Index (Unhedged, USD)	19.96%	9.10%	10.06%

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

PORTFOLIO RESULTS

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

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2021 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 30.21% based on net asset value (“NAV”) and 30.32% based on market price. The Index returned 30.33%, and the S&P 500 Index (Total Return, USD) (“S&P 500 Index”), a market-cap based index against which the performance of the Fund is measured, returned 31.17% during the same period.

The Fund had an NAV of $70.70 on August 31, 2020 and ended the Reporting Period with an NAV of $90.95 per share. The Fund’s market price on August 31, 2021 was $90.91 per share.

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

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

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

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

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

PORTFOLIO RESULTS

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

Relative to the S&P 500 Index, underweight positions in search engine Google parent company Alphabet and diversified financial services company Wells Fargo & Company and an overweight position in utilities company Vistra detracted most (3.79%, 0.27% and 0.00%¹ of Fund net assets as of August 31, 2021, respectively). Alphabet and Wells Fargo & Company each generated a robust double-digit gain within the Index during the Reporting Period. Vistra posted a double-digit negative return within the Index during the Reporting Period.

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

Relative to the S&P 500 Index, underweight positions in electric vehicle manufacturer Tesla and e-commerce retailing behemoth Amazon.com and an overweight position in clinical stage biotechnology company Moderna contributed most positively (0.72%, 3.28% and 0.23% of Fund net assets as of August 31, 2021, respectively). Tesla posted a positive return within the Index but only modestly outperformed the Index during the Reporting Period, while Amazon.com posted a positive return within the Index that underperformed the Index during the Reporting Period. Moderna generated a robust triple-digit gain within the Index during the Reporting Period.

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

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



Sector Name	Fund³			GS ActiveBeta^® U.S. Large Cap Equity Index			S&P 500 Index

Consumer Discretionary		14.06	%		14.24	%		11.93	%
Consumer Staples		7.64			7.65			5.76
Energy		0.93			0.94			2.41
Financials		9.04			9.06			11.17
Health Care		14.41			14.44			13.39
Industrials		8.10			8.12			8.24
Information Technology		28.97			29.04			27.95
Materials		1.90			1.90			2.56
Real Estate		2.24			2.24			2.63
Communication Services		10.57			10.60			11.47
Utilities		1.77			1.78			2.50

Some weights are 0.00% at August 31, 2021 either because those positions were taken out during the most recent rebalance given the Fund’s index construction methodology or because they were not components of the Index during the Reporting Period.

Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Standard & Poor’s. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.1% of the Fund’s net assets as of August 31, 2021. Figures above may not sum to 100% due to rounding or due to the presence of cash.

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

FUND BASICS

ActiveBeta^® U.S. Large Cap Equity ETF

as of August 31, 2021


FUND SNAPSHOT

As of August 31, 2021

Market Price¹	$	90.91
Net Asset Value (NAV)¹	$	90.95

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


TOP 10 HOLDINGS AS OF 8/31/21²

Holding	% of Net Assets			Line of Business

Apple, Inc.		5.2	%	Information Technology
Microsoft Corp.		5.0		Information Technology
Amazon.com, Inc.		3.3		Consumer Discretionary
Facebook, Inc., Class A		2.1		Communication Services
Alphabet, Inc., Class A		1.9		Communication Services
Alphabet, Inc., Class C		1.9		Communication Services
NVIDIA Corp.		1.1		Information Technology
Johnson & Johnson		1.1		Health Care
Home Depot, Inc. (The)		1.0		Consumer Discretionary
Berkshire Hathaway, Inc., Class B		0.9		Financials

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

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

ACTIVEBETA^® U.S. LARGE CAP EQUITY ETF

Performance Summary

August 31, 2021

The following graph shows the value, as of August 31, 2021, of a $10,000 investment made on September 17, 2015 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and a market-cap based index against which the performance of the Fund is measured, the Goldman Sachs ActiveBeta^® U.S. Large Cap Equity Index and the S&P 500 Index (Total Return, USD), respectively, are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

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

Performance of a $10,000 Investment, with distributions reinvested, from September 17, 2015 through August 31, 2021.

LOGO


Average Annual Total Return through August 31, 2021*	One Year	Five Years	Since Inception
Shares based on NAV (Commenced September 17, 2015)	30.21%	17.67%	16.29%

Shares based on Market Price (Commenced September 17, 2015)	30.32%	17.67%	16.29%

Goldman Sachs ActiveBeta^® U.S. Large Cap Equity Index	30.33%	17.80%	16.42%

S&P 500 Index (Total Return, USD)	31.17%	18.01%	17.01%

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

PORTFOLIO RESULTS

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

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the for the 12-month period ended August 31, 2021 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 50.45% based on net asset value (“NAV”) and 50.17% based on market price. The Index returned 50.93%, and the Russell 2000^® Index (Total Return, USD) (“Russell 2000^® Index”), a market-cap based index against which the performance of the Fund is measured, and the reference index for the Index, returned 47.08% during the same period.

The Fund had an NAV of $43.57 on August 31, 2020 and ended the Reporting Period with an NAV of $64.97 per share. The Fund’s market price on August 31, 2021 was $64.94 per share.

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

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

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

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

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

PORTFOLIO RESULTS

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

Relative to the Russell 2000^® Index, overweight positions in specialty electronic game and personal computer entertainment software retailer GameStop, stem/progenitor cell products developer Vericel and chiropractic clinics franchisor Joint contributed most positively (0.00%¹, 0.24% and 0.23% of Fund net assets as of August 31, 2021, respectively). GameStop posted a quadruple-digit gain within the Index during the Reporting Period. Vericel and Joint each generated a robust triple-digit positive return within the Index during the Reporting Period.

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

Relative to the Russell 2000^® Index, underweight positions in movie theater operator AMC Entertainment Holdings, biotechnology company Intellia Therapeutics and precision cardiovascular medicine company MyoKardia detracted most (0.27%, 0.14% and 0.00%¹ of Fund net assets as of August 31, 2021, respectively). Each of these holdings posted a robust double-digit or triple-digit gain within the Index during the Reporting Period.

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

What was the Fund’s sector positioning relative to the Index and the Russell 2000^® Index at the end of the Reporting Period?²



Sector Name	Fund³			GS ActiveBeta^® U.S. Small Cap Equity Index			Russell 2000^® Index

Consumer Discretionary		13.02	%		13.23	%		11.64	%
Consumer Staples		3.35			3.49			3.21
Energy		2.89			2.94			3.82
Financials		16.47			16.65			15.28
Health Care		16.34			16.56			20.54
Industrials		15.79			15.97			14.68
Information Technology		14.93			15.09			14.04
Materials		3.69			3.73			3.84
Real Estate		6.53			6.60			7.00
Communication Services		2.70			2.78			3.41
Utilities		2.91			2.95			2.52

Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Russell Investments. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 1.2% of the Fund’s net assets as of August 31, 2021. Figures above may not sum to 100% due to rounding or due to the presence of cash.

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

FUND BASICS

ActiveBeta^® U.S. Small Cap Equity ETF

as of August 31, 2021


FUND SNAPSHOT

As of August 31, 2021

Market Price¹	$	64.94
Net Asset Value (NAV)¹	$	64.97

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


TOP 10 HOLDINGS AS OF 8/31/21²

Holding	% of Net Assets			Line of Business

Crocs, Inc.		0.4	%	Consumer Discretionary
Lattice Semiconductor Corp.		0.4		Information Technology
Synaptics, Inc.		0.3		Information Technology
eXp World Holdings, Inc.		0.3		Real Estate
STAAR Surgical Co.		0.3		Health Care
Perficient, Inc.		0.3		Information Technology
AMC Entertainment Holdings, Inc., Class A		0.3		Communication Services
Wingstop, Inc.		0.3		Consumer Discretionary
EMCOR Group, Inc.		0.3		Industrials
Alkermes PLC		0.3		Health Care

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

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

ACTIVEBETA^® U.S. SMALL CAP EQUITY ETF

Performance Summary

August 31, 2021

The following graph shows the value, as of August 31, 2021, of a $10,000 investment made on June 28, 2017 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and reference index, the Goldman Sachs ActiveBeta^® U.S. Small Cap Equity Index and the Russell 2000^® Index, respectively, are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

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

Performance of a $10,000 Investment, with distributions reinvested, from June 28, 2017 through August 31, 2021.

LOGO


Average Annual Total Return through August 31, 2021*	One Year	Since Inception
Shares based on NAV (Commenced June 28, 2017)	50.45%	13.35%

Shares based on Market Price (Commenced June 28, 2017)	50.17%	13.33%

Goldman Sachs ActiveBeta^® U.S. Small Cap Equity Index	50.93%	13.52%

Russell 2000^® Index	47.08%	13.26%

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. 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.

FUND BASICS

Index Definitions and Industry Terms

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

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

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

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

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

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

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

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

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

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

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

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

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

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

FUND BASICS

Index Definitions and Industry Terms (continued)

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.

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments

August 31, 2021


Shares		Description	Value

Common Stocks – 97.2%
Argentina – 0.1%
	354,406	YPF SA ADR (Energy)*	$	1,846,455

Brazil – 3.6%
	782,458	Ambev SA (Consumer Staples)		2,613,517
	211,834	Atacadao SA (Consumer Staples)		751,001
	709,152	B3 SA – Brasil Bolsa Balcao (Financials)		1,948,954
	429,256	Banco Bradesco SA (Financials)		1,671,898
	116,646	Banco Inter SA (Financials)		1,544,556
	675,826	BB Seguridade Participacoes SA (Financials)		2,516,089
	330,443	Cia Siderurgica Nacional SA (Materials)		2,250,050
	289,482	CPFL Energia SA (Utilities)		1,642,050
	182,045	Energisa SA (Utilities)		1,577,744
	132,935	Engie Brasil Energia SA (Utilities)		975,029
	367,649	Equatorial Energia SA (Utilities)		1,827,635
	148,930	Hapvida Participacoes e Investimentos SA (Health Care)^(a)		428,211
	165,847	Klabin SA (Materials)*		852,308
	142,238	Lojas Renner SA (Consumer Discretionary)		1,057,432
	623,855	Magazine Luiza SA (Consumer Discretionary)		2,222,679
	200,829	Natura & Co. Holding SA (Consumer Staples)*		2,024,942
	578,088	Petroleo Brasileiro SA (Energy)		3,152,663
	627,364	Raia Drogasil SA (Consumer Staples)		3,132,194
	158,895	Suzano SA (Materials)*		1,893,251
	236,341	Telefonica Brasil SA (Communication Services)		2,018,770
	603,339	Vale SA (Materials)		11,629,439
	277,465	WEG SA (Industrials)		1,927,251

				49,657,663

Chile – 0.5%
	952,167	Cencosud SA (Consumer Staples)		1,793,875
	277,612	Cia Cervecerias Unidas SA (Consumer Staples)		2,797,793
	63,700	Empresas COPEC SA (Energy)		591,750
	7,078,800	Enel Americas SA (Utilities)		993,288
	9,959,364	Enel Chile SA (Utilities)		507,639

				6,684,345

China – 33.1%
	66,815	360 DigiTech, Inc. ADR (Financials)*		1,523,382
	1,339,626	3SBio, Inc. (Health Care)*^(a)		1,493,382
	384,707	Agile Group Holdings Ltd. (Real Estate)		441,228
	3,182,826	Agricultural Bank of China Ltd., Class A (Financials)		1,460,193
	4,993,591	Agricultural Bank of China Ltd., Class H (Financials)		1,675,799

	87,151	Aier Eye Hospital Group Co. Ltd., Class A (Health Care)		570,020
	21,639	Airtac International Group (Industrials)		659,785
	1,998,311	Alibaba Group Holding Ltd. (Consumer Discretionary)*		42,523,542
	74,000	Anhui Conch Cement Co. Ltd., Class A (Materials)		458,314
	164,465	Anhui Conch Cement Co. Ltd., Class H (Materials)		890,274
	199,871	ANTA Sports Products Ltd. (Consumer Discretionary)		4,111,858
	18,728	Autohome, Inc. ADR (Communication Services)		828,901
	1,112,000	AVIC Industry-Finance Holdings Co. Ltd., Class A (Financials)		682,505
	32,690	Baidu, Inc. ADR (Communication Services)*		5,132,984
	2,134,777	Bank of Beijing Co. Ltd., Class A (Financials)		1,435,978
	3,424,223	Bank of China Ltd., Class A (Financials)		1,608,090
	10,585,963	Bank of China Ltd., Class H (Financials)		3,715,877
	2,264,802	Bank of Communications Co. Ltd., Class A (Financials)		1,551,523
	2,793,468	Bank of Communications Co. Ltd., Class H (Financials)		1,605,534
	1,544,016	Bank of Jiangsu Co. Ltd., Class A (Financials)		1,538,751
	712,817	Bank of Nanjing Co. Ltd., Class A (Financials)		1,036,302
	1,168,601	Bank of Shanghai Co. Ltd., Class A (Financials)		1,305,892
	30,950	Baozun, Inc. ADR (Consumer Discretionary)*		745,276
	1,702,783	BBMG Corp., Class A (Materials)		715,211
	2,036	BeiGene Ltd. ADR (Health Care)*		627,699
	627,571	Beijing Enterprises Holdings Ltd. (Utilities)		2,162,549
	1,426,256	Beijing Enterprises Water Group Ltd. (Utilities)*		588,669
	473,400	Beijing Originwater Technology Co. Ltd., Class A (Industrials)		556,164
	30,600	Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A (Health Care)		1,103,108
	38,022	Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., Class A (Information Technology)		900,459
	767,800	Beijing-Shanghai High Speed Railway Co. Ltd., Class A (Industrials)		565,259
	84,444	BGI Genomics Co. Ltd., Class A (Health Care)		1,227,527


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
China – (continued)
	14,694	Bilibili, Inc. ADR (Communication Services)*	$	1,178,900
	984,800	Bosideng International Holdings Ltd. (Consumer Discretionary)		805,329
	32,397	BYD Co. Ltd., Class A (Consumer Discretionary)		1,390,882
	66,197	BYD Co. Ltd., Class H (Consumer Discretionary)		2,241,932
	195,500	By-health Co. Ltd., Class A (Consumer Staples)		762,062
	148,682	C&S Paper Co. Ltd., Class A (Consumer Staples)		422,402
	14,471	Changchun High & New Technology Industry Group, Inc., Class A (Health Care)		572,470
	470,900	Changjiang Securities Co. Ltd., Class A (Financials)		545,929
	2,926,276	China Bohai Bank Co. Ltd., Class H (Financials)^(a)		1,188,970
	4,408,956	China Cinda Asset Management Co. Ltd., Class H (Financials)		782,318
	3,162,099	China CITIC Bank Corp. Ltd., Class H (Financials)		1,455,549
	1,355,769	China Communications Services Corp. Ltd., Class H (Industrials)		721,696
	250,900	China Conch Venture Holdings Ltd. (Industrials)		1,025,879
	1,364,364	China Construction Bank Corp., Class A (Financials)		1,237,063
	13,095,676	China Construction Bank Corp., Class H (Financials)		9,463,082
	954,715	China Everbright Bank Co. Ltd., Class A (Financials)		495,706
	2,898,833	China Everbright Bank Co. Ltd., Class H (Financials)		1,039,910
	954,924	China Everbright Environment Group Ltd. (Industrials)		660,571
	703,900	China Everbright Ltd. (Financials)		884,248
	605,170	China Feihe Ltd. (Consumer Staples)^(a)		1,095,591
	341,900	China Galaxy Securities Co. Ltd., Class A (Financials)		545,281
	1,237,400	China Galaxy Securities Co. Ltd., Class H (Financials)		695,280
	156,600	China Gas Holdings Ltd. (Utilities)		454,053
	554,167	China Hongqiao Group Ltd. (Materials)		826,546
	1,541,317	China Jinmao Holdings Group Ltd. (Real Estate)		501,396
	727,190	China Life Insurance Co. Ltd., Class H (Financials)		1,217,383
	514,747	China Longyuan Power Group Corp. Ltd., Class H (Utilities)		1,049,700
	1,377,297	China Medical System Holdings Ltd. (Health Care)		2,698,864

	627,300	China Mengniu Dairy Co. Ltd. (Consumer Staples)*		3,770,728
	234,508	China Merchants Bank Co. Ltd., Class A (Financials)		1,779,528
	607,294	China Merchants Bank Co. Ltd., Class H (Financials)		5,016,958
	343,232	China Merchants Port Holdings Co. Ltd. (Industrials)		578,133
	317,357	China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A (Real Estate)		489,906
	2,012,575	China Minsheng Banking Corp. Ltd., Class A (Financials)		1,238,364
	3,416,812	China Minsheng Banking Corp. Ltd., Class H (Financials)		1,427,818
	1,044,430	China National Building Material Co. Ltd., Class H (Materials)		1,428,859
	237,173	China Overseas Land & Investment Ltd. (Real Estate)		545,867
	2,039,769	China Petroleum & Chemical Corp., Class A (Energy)		1,346,779
	3,376,424	China Petroleum & Chemical Corp., Class H (Energy)		1,636,691
	2,287,913	China Power International Development Ltd. (Utilities)		923,714
	674,311	China Railway Group Ltd., Class A (Industrials)		588,402
	1,066,269	China Railway Group Ltd., Class H (Industrials)		511,380
	197,481	China Resources Beer Holdings Co. Ltd. (Consumer Staples)		1,625,076
	549,072	China Resources Cement Holdings Ltd. (Materials)		538,669
	93,775	China Resources Gas Group Ltd. (Utilities)		569,112
	151,287	China Resources Land Ltd. (Real Estate)		563,143
	3,545,036	China Resources Pharmaceutical Group Ltd. (Health Care)^(a)		1,846,052
	437,520	China Resources Power Holdings Co. Ltd. (Utilities)		1,075,608
	199,951	China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A (Health Care)		866,186
	185,300	China Shenhua Energy Co. Ltd., Class A (Energy)		574,396
	858,867	China Shenhua Energy Co. Ltd., Class H (Energy)		1,901,636
	62,626	China Tourism Group Duty Free Corp. Ltd., Class A (Consumer Discretionary)		2,215,885
	13,308,262	China Tower Corp. Ltd., Class H (Communication Services)^(a)		1,745,379
	1,496,900	China United Network Communications Ltd., Class A (Communication Services)		972,103


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31 , 2021


Shares		Description	Value

Common Stocks – (continued)
China – (continued)
	138,524	China Vanke Co. Ltd., Class A (Real Estate)	$	425,105
	167,325	China Vanke Co. Ltd., Class H (Real Estate)		451,802
	390,218	China Yangtze Power Co. Ltd., Class A (Utilities)		1,169,686
	2,311,694	China Zheshang Bank Co. Ltd., Class A (Financials)		1,271,933
	72,025	Chongqing Brewery Co. Ltd., Class A (Consumer Staples)*		1,564,523
	861,748	Chongqing Rural Commercial Bank Co. Ltd., Class A (Financials)		519,560
	1,278,509	Chongqing Rural Commercial Bank Co. Ltd., Class H (Financials)		489,878
	40,993	Chongqing Zhifei Biological Products Co. Ltd., Class A (Health Care)		1,124,575
	1,250,034	CITIC Ltd. (Industrials)		1,555,842
	141,700	CITIC Securities Co. Ltd., Class A (Financials)		563,989
	213,400	CITIC Securities Co. Ltd., Class H (Financials)		540,541
	11,700	Contemporary Amperex Technology Co. Ltd., Class A (Industrials)		897,393
	303,495	COSCO SHIPPING Holdings Co. Ltd., Class A (Industrials)*		975,587
	559,933	COSCO SHIPPING Holdings Co. Ltd., Class H (Industrials)*		1,058,332
	446,407	Country Garden Holdings Co. Ltd. (Real Estate)		493,626
	2,549,309	CSPC Pharmaceutical Group Ltd. (Health Care)		3,235,251
	286,600	Daan Gene Co. Ltd., Class A (Health Care)		831,993
	1,516,661	Dali Foods Group Co. Ltd. (Consumer Staples)^(a)		850,244
	11,645	Daqo New Energy Corp. ADR (Information Technology)*		713,955
	506,700	DHC Software Co. Ltd., Class A (Information Technology)		600,783
	133,519	Dong-E-E-Jiao Co. Ltd., Class A (Health Care)		711,260
	997,500	Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary)		1,092,750
	72,600	Ecovacs Robotics Co. Ltd., Class A (Consumer Discretionary)		1,650,604
	142,929	ENN Energy Holdings Ltd. (Utilities)		2,828,312
	526,053	Far East Horizon Ltd. (Financials)^(b)		597,930
	486,365	Financial Street Holdings Co. Ltd., Class A (Real Estate)		489,229

	644,500	Focus Media Information Technology Co. Ltd., Class A (Communication Services)		718,220
	371,020	Fosun International Ltd. (Industrials)		469,419
	294,800	Foxconn Industrial Internet Co. Ltd., Class A (Information Technology)		524,536
	72,700	Fuyao Glass Industry Group Co. Ltd., Class A (Consumer Discretionary)		539,729
	30,300	Ganfeng Lithium Co. Ltd., Class H (Materials)^(a)		698,150
	421,582	Gaotu Techedu, Inc. ADR (Consumer Discretionary)*^(b)		1,214,156
	13,000	G-bits Network Technology Xiamen Co. Ltd., Class A (Communication Services)		738,675
	239,322	GF Securities Co. Ltd., Class A (Financials)		704,390
	266,750	Giant Network Group Co. Ltd., Class A (Communication Services)		417,985
	133,549	Great Wall Motor Co. Ltd., Class A (Consumer Discretionary)		1,368,608
	454,578	Great Wall Motor Co. Ltd., Class H (Consumer Discretionary)		2,092,473
	819,400	Greenland Holdings Corp. Ltd., Class A (Real Estate)		565,147
	394,310	Guangdong Investment Ltd. (Utilities)		547,558
	49,071	Guangdong Kinlong Hardware Products Co. Ltd., Class A (Industrials)		1,228,448
	264,384	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (Health Care)		1,207,184
	322,200	Guangzhou Haige Communications Group, Inc. Co., Class A (Information Technology)		558,806
	67,700	Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A (Health Care)		1,106,998
	849,704	Guangzhou R&F Properties Co. Ltd., Class H (Real Estate)		725,444
	58,940	Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials)		1,244,299
	52,919	Guangzhou Wondfo Biotech Co. Ltd., Class A (Health Care)		349,485
	292,600	Guosen Securities Co. Ltd., Class A (Financials)		553,273
	211,003	Guotai Junan Securities Co. Ltd., Class A (Financials)		580,814
	447,000	Guoyuan Securities Co. Ltd., Class A (Financials)		545,240


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
China – (continued)
	378,438	Haidilao International Holding Ltd. (Consumer Discretionary)^(a)(b)	$	1,542,490
	186,900	Haier Smart Home Co. Ltd., Class H (Consumer Discretionary)		704,118
	156,907	Haitian International Holdings Ltd. (Industrials)		601,211
	318,833	Haitong Securities Co. Ltd., Class A (Financials)		628,079
	602,400	Haitong Securities Co. Ltd., Class H (Financials)		556,906
	60,870	Hang Zhou Great Star Industrial Co. Ltd., Class A (Consumer Discretionary)*		315,577
	49,924	Hangzhou First Applied Material Co. Ltd., Class A (Information Technology)		1,176,139
	131,494	Hangzhou Oxygen Plant Group Co. Ltd., Class A (Industrials)		725,540
	86,387	Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Discretionary)		477,994
	151,290	Hansoh Pharmaceutical Group Co. Ltd. (Health Care)^(a)		413,369
	241,600	Heilongjiang Agriculture Co. Ltd., Class A (Consumer Staples)		543,338
	101,821	Hello Group, Inc. ADR (Communication Services)		1,337,928
	87,545	Hengan International Group Co. Ltd. (Consumer Staples)		507,664
	1,428,352	Hesteel Co. Ltd., Class A (Materials)		690,710
	57,373	Hithink RoyalFlush Information Network Co. Ltd., Class A (Financials)		1,028,926
	190,412	Hopson Development Holdings Ltd. (Real Estate)		741,832
	1,042,546	Huadian Power International Corp. Ltd., Class A (Utilities)		625,334
	132,300	Huadong Medicine Co. Ltd., Class A (Health Care)		630,537
	222,200	Huatai Securities Co. Ltd., Class A (Financials)		564,110
	386,650	Huatai Securities Co. Ltd., Class H (Financials)^(a)		554,818
	359,600	Huaxi Securities Co. Ltd., Class A (Financials)		540,626
	1,557,573	Huaxia Bank Co. Ltd., Class A (Financials)		1,351,892
	201,300	Huayu Automotive Systems Co. Ltd., Class A (Consumer Discretionary)		723,831
	2,140,058	Industrial & Commercial Bank of China Ltd., Class A (Financials)		1,532,404
	8,211,540	Industrial & Commercial Bank of China Ltd., Class H (Financials)		4,582,291

	584,521	Industrial Bank Co. Ltd., Class A (Financials)		1,676,013
	118,225	Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Consumer Staples)		623,192
	71,895	Intco Medical Technology Co. Ltd., Class A (Health Care)		1,138,486
	57,900	Jafron Biomedical Co. Ltd., Class A (Health Care)		439,545
	118,035	JD.com, Inc. ADR (Consumer Discretionary)*		9,272,830
	228,035	Jiangsu Eastern Shenghong Co. Ltd., Class A (Materials)		1,144,416
	480,627	Jiangsu Expressway Co. Ltd., Class H (Industrials)		498,712
	291,143	Jiangsu Hengrui Medicine Co. Ltd., Class A (Health Care)		2,039,625
	235,758	Jilin Aodong Pharmaceutical Group Co. Ltd., Class A (Health Care)		580,991
	19,209	JiuGui Liquor Co. Ltd., Class A (Consumer Staples)		623,667
	202,200	Jiumaojiu International Holdings Ltd. (Consumer Discretionary)^(a)		678,563
	254,872	Joincare Pharmaceutical Group Industry Co. Ltd., Class A (Health Care)		436,111
	383,002	Jointown Pharmaceutical Group Co. Ltd., Class A (Health Care)		898,143
	156,621	Joyoung Co. Ltd., Class A (Consumer Discretionary)		510,742
	18,146	JOYY, Inc. ADR (Communication Services)		1,148,642
	1,220,214	Kaisa Group Holdings Ltd. (Real Estate)*		406,354
	425,377	Kingboard Holdings Ltd. (Information Technology)		2,092,058
	108,882	Kingdee International Software Group Co. Ltd. (Information Technology)*		396,197
	99,160	Kuaishou Technology (Communication Services)*^(a)(b)		1,077,362
	2,099,038	Kunlun Energy Co. Ltd. (Utilities)		2,223,903
	12,294	Kweichow Moutai Co. Ltd., Class A (Consumer Staples)		2,968,700
	2,583,232	Lenovo Group Ltd. (Information Technology)		2,863,117
	502,204	Li Ning Co. Ltd. (Consumer Discretionary)		6,747,841
	396,077	Longfor Group Holdings Ltd. (Real Estate)^(a)		1,716,239
	69,206	LONGi Green Energy Technology Co. Ltd., Class A (Information Technology)		959,574
	17,959	Luzhou Laojiao Co. Ltd., Class A (Consumer Staples)		473,191


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31 , 2021


Shares		Description	Value

Common Stocks – (continued)
China – (continued)
	425,709	Meituan, Class B (Consumer Discretionary)*^(a)	$	13,629,519
	1,265,519	Metallurgical Corp. of China Ltd., Class A (Industrials)		982,680
	70,002	Midea Group Co. Ltd., Class A (Consumer Discretionary)		716,077
	60,354	NetEase, Inc. ADR (Communication Services)		5,879,687
	191,300	New China Life Insurance Co. Ltd., Class H (Financials)		563,273
	149,953	New Oriental Education & Technology Group, Inc. ADR (Consumer Discretionary)*		338,894
	67,748	NIO, Inc. ADR (Consumer Discretionary)*		2,663,174
	314,908	Nongfu Spring Co. Ltd., Class H (Consumer Staples)^(a)		1,666,180
	413,100	Northeast Securities Co. Ltd., Class A (Financials)		546,788
	225,846	Offcn Education Technology Co. Ltd., Class A (Consumer Discretionary)*		367,892
	820,780	Offshore Oil Engineering Co. Ltd., Class A (Energy)		577,548
	591,820	People’s Insurance Co. Group of China Ltd. (The), Class A (Financials)		471,475
	1,605,184	People’s Insurance Co. Group of China Ltd. (The), Class H (Financials)		495,341
	3,047,511	PetroChina Co. Ltd., Class A (Energy)		2,333,339
	5,136,865	PetroChina Co. Ltd., Class H (Energy)		2,252,272
	21,447	Pharmaron Beijing Co. Ltd., Class A (Health Care)		639,886
	2,055,733	PICC Property & Casualty Co. Ltd., Class H (Financials)		1,858,191
	44,003	Pinduoduo, Inc. ADR (Consumer Discretionary)*		4,401,180
	138,441	Ping An Insurance Group Co. of China Ltd., Class A (Financials)		1,070,708
	915,223	Ping An Insurance Group Co. of China Ltd., Class H (Financials)		7,107,751
	277,363	Poly Developments and Holdings Group Co. Ltd., Class A (Real Estate)		489,641
	1,566,736	Postal Savings Bank of China Co. Ltd., Class A (Financials)		1,248,144
	1,955,670	Postal Savings Bank of China Co. Ltd., Class H (Financials)^(a)		1,410,674
	935,011	Power Construction Corp. of China Ltd., Class A (Industrials)		899,941
	41,100	Proya Cosmetics Co. Ltd., Class A (Consumer Staples)		1,001,319

	898,600	Qingdao Rural Commercial Bank Corp., Class A (Financials)		544,564
	570,454	RiseSun Real Estate Development Co. Ltd., Class A (Real Estate)		419,972
	112,970	Rongsheng Petrochemical Co. Ltd., Class A (Materials)		326,724
	510,557	SAIC Motor Corp. Ltd., Class A (Consumer Discretionary)		1,528,822
	393,160	Sailun Group Co. Ltd., Class A (Consumer Discretionary)		605,705
	14,285	Sangfor Technologies, Inc., Class A (Information Technology)		603,105
	405,900	SDIC Capital Co. Ltd., Class A (Financials)		586,957
	584,637	SDIC Power Holdings Co. Ltd., Class A (Utilities)		820,956
	233,138	Shandong Buchang Pharmaceuticals Co. Ltd., Class A (Health Care)		681,130
	199,400	Shandong Gold Mining Co. Ltd., Class A (Materials)		556,293
	94,898	Shandong Linglong Tyre Co. Ltd., Class A (Consumer Discretionary)		440,073
	42,517	Shanghai Bairun Investment Holding Group Co. Ltd., Class A (Consumer Staples)		472,287
	1,242,474	Shanghai Construction Group Co. Ltd., Class A (Industrials)		533,424
	760,545	Shanghai International Port Group Co. Ltd., Class A (Industrials)		658,935
	204,468	Shanghai Lingang Holdings Corp. Ltd., Class A (Real Estate)		488,353
	164,864	Shanghai Pharmaceuticals Holding Co. Ltd., Class A (Health Care)		490,606
	893,774	Shanghai Pharmaceuticals Holding Co. Ltd., Class H (Health Care)		1,774,367
	1,136,430	Shanghai Pudong Development Bank Co. Ltd., Class A (Financials)		1,594,032
	492,309	Shanghai RAAS Blood Products Co. Ltd., Class A (Health Care)		529,545
	528,656	Shanxi Securities Co. Ltd., Class A (Financials)		536,686
	915,454	Shanxi Taigang Stainless Steel Co. Ltd., Class A (Materials)		1,434,476
	31,273	Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A (Consumer Staples)		1,345,146
	602,600	Shenergy Co. Ltd., Class A (Utilities)		608,017
	775,200	Shenwan Hongyuan Group Co. Ltd., Class A (Financials)		564,699
	358,350	Shenzhen International Holdings Ltd. (Industrials)		467,212


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
China – (continued)
	1,626,986	Shenzhen Investment Ltd. (Real Estate)	$	483,241
	11,800	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care)		599,876
	1,433,445	Shenzhen Overseas Chinese Town Co. Ltd., Class A (Consumer Discretionary)		1,497,430
	49,340	Shenzhou International Group Holdings Ltd. (Consumer Discretionary)		1,075,953
	235,803	Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A (Health Care)		624,958
	460,251	Sichuan Chuantou Energy Co. Ltd., Class A (Utilities)		811,788
	69,542	Sichuan Swellfun Co. Ltd., Class A (Consumer Staples)		1,253,739
	17,640	Silergy Corp. (Information Technology)		2,533,321
	975,211	Sinopec Shanghai Petrochemical Co. Ltd., Class A (Materials)		512,394
	278,362	Sinopharm Group Co. Ltd., Class H (Health Care)		715,112
	894,700	Sinotrans Ltd., Class A (Industrials)		689,191
	242,202	Sinotruk Hong Kong Ltd. (Industrials)		477,095
	26,515	Skshu Paint Co. Ltd., Class A (Materials)		598,766
	201,715	Smoore International Holdings Ltd. (Consumer Staples)^(a)		1,080,243
	684,400	Southwest Securities Co. Ltd., Class A (Financials)		544,168
	2,073,700	Sun Art Retail Group Ltd. (Consumer Staples)		1,255,843
	239,957	Sunac China Holdings Ltd. (Real Estate)		613,981
	56,443	Sungrow Power Supply Co. Ltd., Class A (Industrials)		1,375,907
	1,002,782	Suning.com Co. Ltd., Class A (Consumer Discretionary)*		820,628
	39,500	Sunny Optical Technology Group Co. Ltd. (Information Technology)		1,194,546
	12,051	Suzhou Maxwell Technologies Co. Ltd., Class A (Industrials)		1,451,686
	275,419	Tangshan Jidong Cement Co. Ltd., Class A (Materials)		542,130
	817,312	Tencent Holdings Ltd. (Communication Services)		50,568,707
	39,430	Tencent Music Entertainment Group ADR (Communication Services)*		348,561
	795,400	Tianfeng Securities Co. Ltd., Class A (Financials)*		533,801

	1,234,574	Tingyi Cayman Islands Holding Corp. (Consumer Staples)		2,196,957
	320,021	Tonghua Dongbao Pharmaceutical Co. Ltd., Class A (Health Care)		519,811
	1,341,433	Topsports International Holdings Ltd. (Consumer Discretionary)^(a)		1,773,089
	12,490	Trip.com Group Ltd. ADR (Consumer Discretionary)*		380,820
	736,009	Uni-President China Holdings Ltd. (Consumer Staples)		697,459
	161,720	Vipshop Holdings Ltd. ADR (Consumer Discretionary)*		2,391,839
	39,210	Wanhua Chemical Group Co. Ltd., Class A (Materials)		648,436
	1,996,900	Want Want China Holdings Ltd. (Consumer Staples)		1,358,252
	254,257	Weichai Power Co. Ltd., Class H (Industrials)		641,417
	154,385	Weifu High-Technology Group Co. Ltd., Class A (Consumer Discretionary)		554,178
	264,967	Wens Foodstuffs Group Co. Ltd., Class A (Consumer Staples)		533,055
	235,770	Wharf Holdings Ltd. (The) (Real Estate)		797,283
	431,285	Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A (Communication Services)		1,139,710
	31,702	Wuliangye Yibin Co. Ltd., Class A (Consumer Staples)		991,007
	238,101	Wuxi Biologics Cayman, Inc. (Health Care)*^(a)		3,686,006
	30,400	Wuxi Shangji Automation Co. Ltd., Class A (Industrials)		1,517,079
	451,811	Xiamen C & D, Inc., Class A (Industrials)		544,806
	1,070,388	Xiaomi Corp., Class B (Information Technology)*^(a)		3,440,722
	388,317	Xinyi Solar Holdings Ltd. (Information Technology)		938,669
	307,480	Yadea Group Holdings Ltd. (Consumer Discretionary)^(a)		546,378
	845,800	Yango Group Co. Ltd., Class A (Real Estate)		582,045
	247,257	Yihai International Holding Ltd. (Consumer Staples)*		1,335,261
	100,010	Yixintang Pharmaceutical Group Co. Ltd., Class A (Consumer Staples)		466,259
	647,868	Yonghui Superstores Co. Ltd., Class A (Consumer Staples)		382,575
	496,280	Youngor Group Co. Ltd., Class A (Real Estate)		496,895


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31 , 2021


Shares		Description	Value

Common Stocks – (continued)
China – (continued)
	826,638	Yuexiu Property Co. Ltd. (Real Estate)	$	774,839
	100,260	Yum China Holdings, Inc. (Consumer Discretionary)		6,172,006
	5,768	Zai Lab Ltd. ADR (Health Care)*		833,476
	9,902	Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A (Health Care)		532,624
	670,632	Zhejiang Expressway Co. Ltd., Class H (Industrials)		588,081
	158,270	Zhejiang Satellite Petrochemical Co. Ltd., Class A (Materials)		1,028,068
	374,900	Zhejiang Semir Garment Co. Ltd., Class A (Consumer Discretionary)		549,683
	74,298	Zhejiang Supor Co. Ltd., Class A (Consumer Discretionary)		561,841
	324,980	Zhejiang Weixing New Building Materials Co. Ltd., Class A (Industrials)		995,289
	54,592	Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A (Health Care)		433,470
	882,089	Zhenro Properties Group Ltd. (Real Estate)^(b)		514,916
	232,508	Zhongsheng Group Holdings Ltd. (Consumer Discretionary)		1,943,209
	341,635	Zijin Mining Group Co. Ltd., Class A (Materials)		588,277
	774,742	Zijin Mining Group Co. Ltd., Class H (Materials)		1,103,736
	13,086	ZTO Express Cayman, Inc. ADR (Industrials)		369,156

				459,288,401

Czech Republic – 0.1%
	30,960	CEZ AS (Utilities)		975,720
	14,200	Komercni banka AS (Financials)*		545,796

				1,521,516

Egypt – 0.2%
	877,400	Commercial International Bank Egypt SAE (Financials)*		2,615,434

Greece – 0.3%
	203,469	Hellenic Telecommunications Organization SA (Communication Services)		4,002,685

Hong Kong – 0.2%
	283,065	Kingboard Laminates Holdings Ltd. (Information Technology)		556,860
	2,742,354	Sino Biopharmaceutical Ltd. (Health Care)		2,295,476

				2,852,336

Hungary – 0.2%
	110,530	MOL Hungarian Oil & Gas PLC (Energy)		905,807
	18,700	OTP Bank Nyrt (Financials)*		1,128,504
	18,100	Richter Gedeon Nyrt (Health Care)		542,170

				2,576,481

India – 11.2%
	89,058	Adani Green Energy Ltd. (Utilities)*		1,303,224
	79,076	Asian Paints Ltd. (Materials)		3,467,451
	185,277	Aurobindo Pharma Ltd. (Health Care)		1,845,728
	29,501	Avenue Supermarts Ltd. (Consumer Staples)*^(a)		1,598,063
	55,775	Axis Bank Ltd. (Financials)*		600,857
	10,315	Bajaj Finance Ltd. (Financials)		1,063,113
	167,009	Berger Paints India Ltd. (Materials)		1,877,629
	174,193	Biocon Ltd. (Health Care)*		856,202
	57,135	Britannia Industries Ltd. (Consumer Staples)		3,128,407
	192,114	Cipla Ltd. (Health Care)		2,494,068
	131,398	Colgate-Palmolive India Ltd. (Consumer Staples)		3,047,580
	225,070	Dabur India Ltd. (Consumer Staples)		1,915,981
	50,846	Divi’s Laboratories Ltd. (Health Care)		3,603,148
	44,000	Dr. Reddy’s Laboratories Ltd. (Health Care)		2,835,026
	37,595	Grasim Industries Ltd. (Materials)		772,627
	140,387	Havells India Ltd. (Industrials)		2,439,118
	473,145	HCL Technologies Ltd. (Information Technology)		7,662,217
	47,966	HDFC Asset Management Co. Ltd. (Financials)^(a)		2,019,818
	164,079	HDFC Life Insurance Co. Ltd. (Financials)^(a)		1,613,090
	192,250	Hindalco Industries Ltd. (Materials)		1,233,170
	96,496	Hindustan Unilever Ltd. (Consumer Staples)		3,600,517
	193,165	Housing Development Finance Corp. Ltd. (Financials)		7,404,339
	411,297	ICICI Bank Ltd. (Financials)		4,050,859
	50,762	ICICI Lombard General Insurance Co. Ltd. (Financials)^(a)		1,108,723
	1,577,706	Indian Oil Corp. Ltd. (Energy)		2,395,490
	11,644	Info Edge India Ltd. (Communication Services)		986,026
	602,969	Infosys Ltd. (Information Technology)		14,093,572
	521,637	ITC Ltd. (Consumer Staples)		1,509,734
	60,575	JSW Steel Ltd. (Materials)		570,508


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
India – (continued)
	47,558	Jubilant Foodworks Ltd. (Consumer Discretionary)	$	2,602,393
	56,089	Larsen & Toubro Infotech Ltd. (Information Technology)^(a)		4,081,362
	64,355	Larsen & Toubro Ltd. (Industrials)		1,474,019
	140,392	Lupin Ltd. (Health Care)		1,841,927
	126,200	Mahindra & Mahindra Ltd. (Consumer Discretionary)		1,371,290
	431,762	Marico Ltd. (Consumer Staples)		3,219,845
	65,796	Muthoot Finance Ltd. (Financials)		1,364,451
	12,743	Nestle India Ltd. (Consumer Staples)		3,397,973
	6,171	Page Industries Ltd. (Consumer Discretionary)		2,662,479
	42,007	PI Industries Ltd. (Materials)		1,952,837
	87,225	Pidilite Industries Ltd. (Materials)		2,724,426
	822,228	Power Grid Corp. of India Ltd. (Utilities)		1,974,834
	356,820	REC Ltd. (Financials)		741,425
	272,599	Reliance Industries Ltd. (Energy)		8,431,592
	105,314	SBI Life Insurance Co. Ltd. (Financials)^(a)		1,719,543
	68,885	Siemens Ltd. (Industrials)		2,144,085
	194,231	Tata Consultancy Services Ltd. (Information Technology)		10,073,567
	180,016	Tata Consumer Products Ltd. (Consumer Staples)		2,132,724
	706,208	Tata Motors Ltd. (Consumer Discretionary)*		2,779,078
	156,784	Tata Steel Ltd. (Materials)		3,114,420
	299,738	Tech Mahindra Ltd. (Information Technology)		5,943,440
	38,721	Torrent Pharmaceuticals Ltd. (Health Care)		1,647,277
	23,513	UltraTech Cement Ltd. (Materials)		2,522,541
	191,700	Vedanta Ltd. (Materials)		795,079
	434,606	Wipro Ltd. (Information Technology)		3,815,508

				155,624,400

Indonesia – 1.2%
	6,973,418	Aneka Tambang Tbk (Materials)		1,168,552
	4,515,352	Astra International Tbk PT (Consumer Discretionary)		1,654,178
	897,420	Bank Central Asia Tbk PT (Financials)		2,060,684
	665,486	Gudang Garam Tbk PT (Consumer Staples)		1,543,274
	3,348,942	Indofood CBP Sukses Makmur Tbk PT (Consumer Staples)*		1,978,253
	3,437,028	Indofood Sukses Makmur Tbk PT (Consumer Staples)*		1,488,074
	13,362,392	Kalbe Farma Tbk PT (Health Care)		1,260,117

	5,398,919	Merdeka Copper Gold Tbk PT (Materials)*		1,067,481
	10,665,893	Telkom Indonesia Persero Tbk PT (Communication Services)		2,542,614
	4,595,605	Unilever Indonesia Tbk PT (Consumer Staples)		1,304,975

				16,068,202

Kuwait – 0.4%
	1,004,576	Kuwait Finance House KSCP (Financials)		2,758,576
	933,245	National Bank of Kuwait SAKP (Financials)		2,903,981

				5,662,557

Luxembourg – 0.1%
	47,510	Reinet Investments SCA (Financials)*		923,169

Mexico – 2.1%
	6,742,520	America Movil SAB de CV, Series L (Communication Services)		6,651,844
	603,721	Becle SAB de CV (Consumer Staples)		1,542,178
	3,436,591	Cemex SAB de CV, Series CPO (Materials)*		2,829,599
	386,718	Fomento Economico Mexicano SAB de CV (Consumer Staples)		3,374,604
	209,538	Gruma SAB de CV, Class B (Consumer Staples)		2,398,350
	1,315,174	Grupo Bimbo SAB de CV, Series A (Consumer Staples)		3,335,270
	374,313	Grupo Financiero Banorte SAB de CV, Class O (Financials)		2,476,430
	563,559	Grupo Mexico SAB de CV, Series B (Materials)		2,630,851
	1,312,892	Wal-Mart de Mexico SAB de CV (Consumer Staples)		4,681,717

				29,920,843

Philippines – 0.2%
	42,579	Globe Telecom, Inc. (Communication Services)		2,327,937
	27,105	PLDT, Inc. (Communication Services)		798,168

				3,126,105

Poland – 0.9%
	17,155	CD Projekt SA (Communication Services)^(b)		758,641
	45,423	Dino Polska SA (Consumer Staples)*^(a)		3,850,895
	25,609	KGHM Polska Miedz SA (Materials)		1,192,563


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31 , 2021


Shares		Description	Value

Common Stocks – (continued)
Poland – (continued)
	200	LPP SA (Consumer Discretionary)	$	729,210
	829,890	PGE Polska Grupa Energetyczna SA (Utilities)*		2,187,001
	400,665	Polskie Gornictwo Naftowe i Gazownictwo SA (Energy)		659,264
	51,800	Powszechna Kasa Oszczednosci Bank Polski SA (Financials)*		568,896
	215,672	Powszechny Zaklad Ubezpieczen SA (Financials)*		2,286,952

				12,233,422

Qatar – 0.8%
	2,189,855	Masraf Al Rayan QSC (Financials)		2,736,567
	768,215	Ooredoo QPSC (Communication Services)		1,458,575
	636,855	Qatar International Islamic Bank QSC (Financials)		1,679,156
	381,382	Qatar Islamic Bank (Financials)		1,916,861
	765,932	Qatar National Bank QPSC (Financials)		4,032,660

				11,823,819

Romania – 0.1%
	136,447	NEPI Rockcastle PLC (Real Estate)		989,418

Russia – 3.7%
	1,247,060	Gazprom PJSC (Energy)		5,209,236
	35,428,584	Inter RAO UES PJSC (Utilities)		2,232,032
	61,726	LUKOIL PJSC (Energy)		5,276,774
	11,851	MMC Norilsk Nickel PJSC (Materials)		3,891,924
	818,223	Moscow Exchange MICEX-RTS PJSC (Financials)		2,047,540
	832,922	Novolipetsk Steel PJSC (Materials)		2,807,224
	127,782	PhosAgro PJSC GDR (Materials)		2,517,305
	73,275	Polymetal International PLC (Materials)		1,463,599
	11,135	Polyus PJSC (Materials)		2,007,477
	89,382	Rosneft Oil Co. PJSC (Energy)		651,526
	1,648,308	Sberbank of Russia PJSC (Financials)		7,401,577
	150,923	Severstal PAO (Materials)		3,541,215
	3,336,114	Surgutneftegas PJSC (Energy)		1,540,183
	275,229	Tatneft PJSC (Energy)		1,820,581
	29,249	TCS Group Holding PLC GDR (Financials)		2,595,652
	792,270,900	VTB Bank PJSC (Financials)		573,124
	68,882	X5 Retail Group NV GDR (Consumer Staples)		2,294,186
	41,198	Yandex NV, Class A (Communication Services)*		3,142,849

				51,014,004

Saudi Arabia – 2.8%
	68,996	Abdullah Al Othaim Markets Co. (Consumer Staples)		2,119,161
	86,034	Advanced Petrochemical Co. (Materials)		1,642,369
	186,027	Al Rajhi Bank (Financials)		6,001,351
	37,096	Bupa Arabia for Cooperative Insurance Co. (Financials)		1,651,700
	219,662	Etihad Etisalat Co. (Communication Services)		1,874,099
	300,609	Sahara International Petrochemical Co. (Materials)		2,668,910
	405,252	Saudi Arabian Oil Co. (Energy)^(a)		3,797,853
	84,965	Saudi Basic Industries Corp. (Materials)		2,786,332
	283,977	Saudi Electricity Co. (Utilities)		2,066,967
	214,288	Saudi Industrial Investment Group (Materials)		2,051,068
	557,195	Saudi Kayan Petrochemical Co. (Materials)*		2,766,143
	328,009	Saudi National Bank (The) (Financials)		5,317,127
	95,517	Saudi Telecom Co. (Communication Services)		3,437,970
	122,889	Savola Group (The) (Consumer Staples)		1,315,486

				39,496,536

South Africa – 3.6%
	174,073	Absa Group Ltd. (Financials)*		1,901,987
	83,431	African Rainbow Minerals Ltd. (Materials)		1,494,894
	168,605	Aspen Pharmacare Holdings Ltd. (Health Care)*		2,285,871
	99,003	Bid Corp. Ltd. (Consumer Staples)*		2,189,359
	50,300	Bidvest Group Ltd. (The) (Industrials)		712,859
	5,500	Capitec Bank Holdings Ltd. (Financials)		721,559
	103,082	Clicks Group Ltd. (Consumer Staples)		2,156,135
	633,611	FirstRand Ltd. (Financials)		2,710,970
	221,133	Gold Fields Ltd. (Materials)		2,086,431
	218,568	Impala Platinum Holdings Ltd. (Materials)		3,368,047
	61,008	Kumba Iron Ore Ltd. (Materials)^(b)		2,754,112
	157,592	Mr Price Group Ltd. (Consumer Discretionary)		2,374,175
	310,399	MTN Group Ltd. (Communication Services)*		2,863,439
	381,528	MultiChoice Group (Communication Services)^(b)		3,030,596
	5,441	Naspers Ltd., Class N (Consumer Discretionary)		932,850
	159,989	Nedbank Group Ltd. (Financials)*		2,046,178


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
South Africa – (continued)
	307,480	Rand Merchant Investment Holdings Ltd. (Financials)	$	673,416
	107,833	Remgro Ltd. (Financials)		900,609
	191,127	Sanlam Ltd. (Financials)		851,450
	251,338	Shoprite Holdings Ltd. (Consumer Staples)		3,194,503
	590,014	Sibanye Stillwater Ltd. (Materials)		2,402,477
	161,218	SPAR Group Ltd. (The) (Consumer Staples)		2,314,116
	221,927	Standard Bank Group Ltd. (Financials)		2,281,560
	117,427	Tiger Brands Ltd. (Consumer Staples)		1,509,463
	175,684	Vodacom Group Ltd. (Communication Services)		1,744,695

				49,501,751

South Korea – 13.2%
	17,329	Amorepacific Corp. (Consumer Staples)		3,400,188
	45,043	AMOREPACIFIC Group (Consumer Staples)		2,245,449
	11,403	BGF retail Co. Ltd. (Consumer Staples)		1,755,518
	4,660	Celltrion, Inc. (Health Care)*		1,177,610
	107,759	Cheil Worldwide, Inc. (Communication Services)		2,146,908
	5,843	CJ CheilJedang Corp. (Consumer Staples)		2,285,394
	7,355	CJ Corp. (Industrials)		643,868
	13,885	CJ ENM Co. Ltd. (Consumer Discretionary)		1,833,450
	9,592	CJ Logistics Corp. (Industrials)*		1,414,664
	33,568	Coway Co. Ltd. (Consumer Discretionary)		2,264,020
	19,695	E-MART, Inc. (Consumer Staples)		3,040,584
	21,200	Fila Holdings Corp. (Consumer Discretionary)		820,975
	18,285	GS Engineering & Construction Corp. (Industrials)		705,726
	50,569	GS Holdings Corp. (Energy)		1,853,622
	60,813	Hana Financial Group, Inc. (Financials)		2,362,867
	42,932	Hankook Tire & Technology Co. Ltd. (Consumer Discretionary)		1,725,500
	37,798	Hanwha Solutions Corp. (Materials)*		1,328,448
	19,205	HMM Co. Ltd. (Industrials)*		695,683
	29,932	Hotel Shilla Co. Ltd. (Consumer Discretionary)		2,318,249
	15,015	Hyundai Engineering & Construction Co. Ltd. (Industrials)		718,731
	7,718	Hyundai Mobis Co. Ltd. (Consumer Discretionary)		1,847,208

	9,968	Hyundai Motor Co. (Consumer Discretionary)		1,826,901
	23,190	Hyundai Steel Co. (Materials)		1,020,044
	184,303	Industrial Bank of Korea (Financials)		1,637,260
	37,505	Kakao Corp. (Communication Services)		5,013,821
	43,387	Kangwon Land, Inc. (Consumer Discretionary)*		1,036,543
	58,900	KB Financial Group, Inc. (Financials)		2,687,317
	57,983	Kia Corp. (Consumer Discretionary)		4,255,771
	68,209	Korea Electric Power Corp. (Utilities)^(b)		1,411,890
	6,800	Korea Investment Holdings Co. Ltd. (Financials)		558,920
	6,700	Korea Shipbuilding & Offshore Engineering Co. Ltd. (Industrials)*		684,764
	2,379	Korea Zinc Co. Ltd. (Materials)		1,091,576
	27,600	Korean Air Lines Co. Ltd. (Industrials)*		745,077
	22,689	KT&G Corp. (Consumer Staples)		1,596,811
	7,008	Kumho Petrochemical Co. Ltd. (Materials)^(b)		1,175,606
	4,216	LG Chem Ltd. (Materials)		2,756,245
	35,687	LG Electronics, Inc. (Consumer Discretionary)		4,370,653
	3,316	LG Household & Health Care Ltd. (Consumer Staples)		4,178,426
	200,258	LG Uplus Corp. (Communication Services)		2,426,689
	2,860	Lotte Chemical Corp. (Materials)		616,672
	18,383	Lotte Shopping Co. Ltd. (Consumer Discretionary)^(b)		1,704,405
	440,058	Meritz Securities Co. Ltd. (Financials)		2,034,336
	14,005	NAVER Corp. (Communication Services)		5,302,682
	4,415	NCSoft Corp. (Communication Services)		2,513,174
	49,000	NH Investment & Securities Co. Ltd. (Financials)		559,964
	22,048	Orion Corp. (Consumer Staples)		2,405,513
	26,800	Pearl Abyss Corp. (Communication Services)*		2,179,689
	12,292	POSCO (Materials)		3,572,732
	28,547	S-1 Corp. (Industrials)		2,021,397
	1,218	Samsung Biologics Co. Ltd. (Health Care)*^(a)		1,013,731
	15,905	Samsung C&T Corp. (Industrials)		1,824,456
	15,140	Samsung Electro-Mechanics Co. Ltd. (Information Technology)		2,409,185
	748,815	Samsung Electronics Co. Ltd. (Information Technology)		49,535,651


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31 , 2021


Shares		Description	Value

Common Stocks – (continued)
South Korea – (continued)
	11,663	Samsung Fire & Marine Insurance Co. Ltd. (Financials)	$	2,273,352
	5,008	Samsung SDI Co. Ltd. (Information Technology)		3,425,196
	12,641	Samsung SDS Co. Ltd. (Information Technology)		1,880,696
	50,613	Samsung Securities Co. Ltd. (Financials)		2,158,621
	42,372	Seegene, Inc. (Health Care)		2,404,655
	64,633	Shinhan Financial Group Co. Ltd. (Financials)		2,165,675
	6,891	Shinsegae, Inc. (Consumer Discretionary)		1,598,757
	85,950	SK Hynix, Inc. (Information Technology)		7,894,842
	14,363	SK Telecom Co. Ltd. (Communication Services)		3,691,556
	157,079	Woori Financial Group, Inc. (Financials)		1,524,118
	24,186	Yuhan Corp. (Health Care)		1,303,743

				183,073,774

Taiwan – 15.6%
	241,035	Accton Technology Corp. (Information Technology)		2,439,617
	2,560,800	Acer, Inc. (Information Technology)		2,328,546
	191,592	Advantech Co. Ltd. (Information Technology)		2,668,537
	814,973	ASE Technology Holding Co. Ltd. (Information Technology)*		3,778,809
	1,166,189	Asia Cement Corp. (Materials)		1,889,400
	271,778	Asustek Computer, Inc. (Information Technology)		3,177,371
	221,999	Catcher Technology Co. Ltd. (Information Technology)		1,337,754
	1,557,440	Cathay Financial Holding Co. Ltd. (Financials)		3,349,394
	370,923	Chailease Holding Co. Ltd. (Financials)		3,566,889
	401,200	Cheng Shin Rubber Industry Co. Ltd. (Consumer Discretionary)		539,257
	5,566,034	China Development Financial Holding Corp. (Financials)		2,851,956
	2,469,484	China Steel Corp. (Materials)		3,399,456
	461,580	Chunghwa Telecom Co. Ltd. (Communication Services)		1,865,407
	1,623,469	Compal Electronics, Inc. (Information Technology)		1,341,492
	3,090,784	CTBC Financial Holding Co. Ltd. (Financials)		2,565,105
	403,547	Delta Electronics, Inc. (Information Technology)		3,938,855
	938,682	E.Sun Financial Holding Co. Ltd. (Financials)		900,967

	1,010,701	Evergreen Marine Corp. Taiwan Ltd. (Industrials)		4,959,869
	285,348	Feng TAY Enterprise Co. Ltd. (Consumer Discretionary)		2,224,012
	392,423	Formosa Plastics Corp. (Materials)		1,451,399
	755,246	Foxconn Technology Co. Ltd. (Information Technology)		1,806,802
	1,292,177	Fubon Financial Holding Co. Ltd. (Financials)		3,963,233
	53,122	Globalwafers Co. Ltd. (Information Technology)		1,667,640
	1,819,435	Hon Hai Precision Industry Co. Ltd. (Information Technology)		7,287,325
	935,612	Inventec Corp. (Information Technology)		820,372
	10,735	Largan Precision Co. Ltd. (Information Technology)		1,038,115
	1,270,763	Lite-On Technology Corp. (Information Technology)		2,806,239
	275,389	MediaTek, Inc. (Information Technology)		8,953,235
	1,353,448	Mega Financial Holding Co. Ltd. (Financials)		1,601,858
	433,851	Micro-Star International Co. Ltd. (Information Technology)		2,042,959
	321,000	Nan Ya Plastics Corp. (Materials)		1,037,819
	57,568	Nan Ya Printed Circuit Board Corp. (Information Technology)		875,563
	569,942	Nanya Technology Corp. (Information Technology)		1,365,549
	142,990	Nien Made Enterprise Co. Ltd. (Consumer Discretionary)		2,136,066
	228,813	Novatek Microelectronics Corp. (Information Technology)		3,707,112
	380,111	Pegatron Corp. (Information Technology)		888,780
	1,548,818	Pou Chen Corp. (Consumer Discretionary)		1,841,469
	530,594	Powertech Technology, Inc. (Information Technology)		2,153,890
	393,752	President Chain Store Corp. (Consumer Staples)*		4,056,370
	387,276	Quanta Computer, Inc. (Information Technology)		1,095,583
	225,824	Realtek Semiconductor Corp. (Information Technology)		4,514,280
	2,204,087	SinoPac Financial Holdings Co. Ltd. (Financials)		1,133,319
	696,455	Synnex Technology International Corp. (Information Technology)		1,352,023
	2,748,581	Taishin Financial Holding Co. Ltd. (Financials)*		1,919,102
	962,527	Taiwan Cement Corp. (Materials)		1,682,733
	206,568	Taiwan Mobile Co. Ltd. (Communication Services)		752,823


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Taiwan – (continued)
	3,773,536	Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology)	$	83,603,699
	170,979	Unimicron Technology Corp. (Information Technology)		910,004
	1,628,749	Uni-President Enterprises Corp. (Consumer Staples)*		4,249,140
	2,579,359	United Microelectronics Corp. (Information Technology)		5,872,862
	284,454	Vanguard International Semiconductor Corp. (Information Technology)		1,519,086
	1,539,989	Winbond Electronics Corp. (Information Technology)		1,639,262
	811,716	WPG Holdings Ltd. (Information Technology)		1,417,614
	365,000	Yang Ming Marine Transport Corp. (Industrials)*		1,758,259
	2,739,319	Yuanta Financial Holding Co. Ltd. (Financials)		2,471,105

				216,515,382

Tanzania – 0.1%
	84,902	AngloGold Ashanti Ltd. (Materials)		1,431,624

Thailand – 1.6%
	383,716	Advanced Info Service PCL NVDR (Communication Services)		2,238,070
	1,180,100	Bangkok Dusit Medical Services PCL NVDR (Health Care)		856,723
	2,602,600	Charoen Pokphand Foods PCL NVDR (Consumer Staples)^(b)		2,180,104
	978,477	CP ALL PCL NVDR (Consumer Staples)		1,973,195
	136,100	Delta Electronics Thailand PCL NVDR (Information Technology)^(b)		2,465,909
	103,800	Electricity Generating PCL NVDR (Utilities)		582,884
	646,000	Intouch Holdings PCL NVDR (Communication Services)		1,713,581
	773,300	Krungthai Card PCL NVDR (Financials)		1,589,424
	1,054,200	Muangthai Capital PCL NVDR (Financials)		2,117,721
	1,094,100	PTT PCL NVDR (Energy)		1,298,358
	147,900	Siam Cement PCL (The) NVDR (Materials)		1,973,071
	879,500	Sri Trang Gloves Thailand PCL NVDR (Health Care)		1,009,587
	2,894,000	Thai Union Group PCL NVDR (Consumer Staples)		1,786,725

				21,785,352

Turkey – 0.3%
	334,629	BIM Birlesik Magazalar AS (Consumer Staples)		2,891,706
	533,707	KOC Holding AS (Industrials)		1,478,936

				4,370,642

United Arab Emirates – 0.7%
	947,772	Abu Dhabi National Oil Co. for Distribution PJSC (Consumer Discretionary)		1,166,282
	484,100	Aldar Properties PJSC (Real Estate)		546,946
	812,000	Emaar Properties PJSC (Real Estate)		928,467
	471,433	Emirates NBD Bank PJSC (Financials)		1,777,588
	404,210	Emirates Telecommunications Group Co. PJSC (Communication Services)		2,597,051
	477,700	First Abu Dhabi Bank PJSC (Financials)		2,210,882

				9,227,216

United States – 0.3%
	5,010	Globant SA (Information Technology)*		1,614,623
	542,078	JBS SA (Consumer Staples)		3,300,401

				4,915,024

	TOTAL COMMON STOCKS
	(Cost $992,360,525)		$	1,348,748,556


Shares		Description	Rate			Value

Preferred Stocks – 2.3%
Brazil – 1.1%
	758,229	Banco Bradesco SA (Financials)		4.98	%	$	3,428,622
	174,203	Bradespar SA (Materials)		9.69			2,148,806
	217,800	Cia Energetica de Minas Gerais (Utilities)		6.27			574,753
	649,944	Itau Unibanco Holding SA (Financials)		2.26			3,927,936
	756,218	Itausa SA (Financials)		2.69			1,707,549
	633,190	Petroleo Brasileiro SA (Energy)		8.89			3,362,881

							15,150,547

Colombia – 0.1%
	87,900	Bancolombia SA (Financials)		2.26			733,455

Russia – 0.1%
	3,187,355	Surgutneftegas PJSC (Energy)		17.44			1,682,995


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31 , 2021


Shares		Description	Rate			Value

Preferred Stocks – (continued)
South Korea – 1.0%
	5,603	LG Household & Health Care Ltd. (Consumer Staples)		1.61	%	$	3,319,902
	173,700	Samsung Electronics Co. Ltd. (Information Technology)		4.28			10,606,719

							13,926,621

	TOTAL PREFERRED STOCKS (Cost $20,647,438)					$	31,493,618


Shares	Description	Value

Exchange-Traded Fund – 0.5%
United States – 0.5%
283,864 iShares MSCI Malaysia ETF^(b)
(Cost $8,548,753)		$	7,533,750

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $1,021,556,716)		$	1,387,775,924


Shares		Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 0.6%^(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	8,722,462	0.026%	$	8,722,462
	(Cost $8,722,462)

	TOTAL INVESTMENTS – 100.6%
	(Cost $1,030,279,178)		$	1,396,498,386

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.6)%			(8,208,956	)

	NET ASSETS – 100.0%		$	1,388,289,430



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



*		Non-income producing security.

(a)		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


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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments

August 31, 2021


Shares		Description	Value

Common Stocks – 98.3%
Australia – 1.5%
	2,065	BHP Group PLC (Materials)	$	64,157
	20,312	Glencore PLC (Materials)*		91,523
	2,149	Rio Tinto PLC (Materials)		159,176

				314,856

Austria – 1.1%
	104	Erste Group Bank AG (Financials)		4,157
	690	Mondi PLC (Materials)		19,040
	353	OMV AG (Energy)		19,556
	1,830	Raiffeisen Bank International AG (Financials)		43,939
	206	Verbund AG (Utilities)		22,554
	2,758	voestalpine AG (Materials)		125,018

				234,264

Belgium – 1.1%
	262	Ageas SA/NV (Financials)		13,098
	613	Anheuser-Busch InBev SA/NV (Consumer Staples)		37,621
	76	Elia Group SA/NV (Utilities)		9,546
	999	Etablissements Franz Colruyt NV (Consumer Staples)		55,885
	142	Groupe Bruxelles Lambert SA (Financials)		16,276
	70	Sofina SA (Financials)		30,937
	104	Solvay SA (Materials)		13,621
	401	UCB SA (Health Care)		45,859
	91	Umicore SA (Materials)		5,988

				228,831

Brazil – 0.1%
	389	Yara International ASA (Materials)		19,510

Chile – 0.1%
	1,494	Antofagasta PLC (Materials)		29,937

China – 0.2%
	425	Prosus NV (Consumer Discretionary)*		37,577

Denmark – 4.5%
	277	Ambu A/S, Class B (Health Care)		8,754
	30	AP Moller – Maersk A/S, Class A (Industrials)		81,192
	31	AP Moller – Maersk A/S, Class B (Industrials)		87,934
	225	Carlsberg AS, Class B (Consumer Staples)		39,269
	141	Chr Hansen Holding A/S (Materials)		13,008
	420	Coloplast A/S, Class B (Health Care)		72,735
	1,987	Danske Bank A/S (Financials)		33,386
	284	Demant A/S (Health Care)*		16,094
	251	DSV PANALPINA A/S (Industrials)		63,947
	91	Genmab A/S (Health Care)*		43,074
	176	GN Store Nord AS (Health Care)		13,239
	3,159	Novo Nordisk A/S, Class B (Health Care)		314,754
	347	Novozymes A/S, Class B (Materials)		28,025
	57	Orsted AS (Utilities)^(a)		9,057
	473	Pandora A/S (Consumer Discretionary)		56,611
	36	ROCKWOOL International A/S, Class B (Industrials)		19,046


Common Stocks – (continued)
Denmark – (continued)
	763	Tryg A/S (Financials)		18,888
	608	Vestas Wind Systems A/S (Industrials)		24,543

				943,556

Finland – 1.6%
	419	Elisa OYJ (Communication Services)		26,828
	671	Fortum OYJ (Utilities)		20,372
	944	Kesko OYJ, Class B (Consumer Staples)		38,957
	297	Kone OYJ, Class B (Industrials)		24,626
	180	Neste OYJ (Energy)		10,951
	6,716	Nokia OYJ (Information Technology)*		40,274
	2,340	Nordea Bank Abp (Financials)		27,472
	1,955	Orion OYJ, Class B (Health Care)		79,688
	264	Sampo OYJ, Class A (Financials)		13,631
	972	Stora Enso OYJ, Class R (Materials)		19,018
	493	UPM-Kymmene OYJ (Materials)		20,037
	560	Wartsila OYJ Abp (Industrials)		7,936

				329,790

France – 17.1%
	539	Air Liquide SA (Materials)		96,597
	383	Airbus SE (Industrials)*		52,309
	202	Alstom SA (Industrials)		8,680
	119	Amundi SA (Financials)^(a)		11,259
	150	Arkema SA (Materials)		19,902
	2,547	Atos SE (Information Technology)		132,170
	869	AXA SA (Financials)		24,394
	409	BioMerieux (Health Care)		50,139
	1,473	BNP Paribas SA (Financials)		93,426
	16,465	Bollore SA (Communication Services)		97,375
	656	Bouygues SA (Industrials)		27,436
	972	Bureau Veritas SA (Industrials)		32,253
	414	Capgemini SE (Information Technology)		92,927
	3,847	Carrefour SA (Consumer Staples)		76,519
	1,566	Cie de Saint-Gobain (Industrials)		113,485
	212	Cie Generale des Etablissements Michelin (Consumer Discretionary)		34,298
	2,556	CNP Assurances (Financials)		43,735
	2,404	Credit Agricole SA (Financials)		34,650
	1,140	Danone SA (Consumer Staples)		83,259
	5	Dassault Aviation SA (Industrials)		5,637
	920	Dassault Systemes SE (Information Technology)		52,460
	255	Edenred (Information Technology)		14,449
	708	Eiffage SA (Industrials)		73,563
	415	Electricite de France SA (Utilities)		5,621
	3,578	Engie SA (Utilities)		51,241
	373	EssilorLuxottica SA (Consumer Discretionary)		73,206
	186	Eurazeo SE (Financials)		19,124
	49	Gecina SA REIT (Real Estate)		7,609
	553	Getlink SE (Industrials)		8,888
	98	Hermes International (Consumer Discretionary)		143,969
	965	Ipsen SA (Health Care)		96,462
	98	Kering (Consumer Discretionary)		77,971


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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments (continued)

August 31, 2021


Shares		Description	Value

Common Stocks – (continued)
France – (continued)
	2,421	La Francaise des Jeux SAEM (Consumer Discretionary)^(a)	$	125,203
	514	Legrand SA (Industrials)		58,806
	527	L’Oreal SA (Consumer Staples)		246,537
	436	LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)		322,599
	2,202	Orange SA (Communication Services)		25,006
	34	Orpea SA (Health Care)		4,278
	266	Pernod Ricard SA (Consumer Staples)		55,876
	1,165	Publicis Groupe SA (Communication Services)		76,352
	145	Remy Cointreau SA (Consumer Staples)*		28,550
	773	Renault SA (Consumer Discretionary)*		28,698
	198	Safran SA (Industrials)		24,836
	1,825	Sanofi (Health Care)		188,762
	128	Sartorius Stedim Biotech (Health Care)		77,604
	581	SCOR SE (Financials)		17,825
	206	SEB SA (Consumer Discretionary)		32,391
	1,917	Societe Generale SA (Financials)		60,307
	2,388	Suez SA (Utilities)		55,392
	122	Teleperformance (Industrials)		53,919
	125	Thales SA (Industrials)		12,681
	3,311	TotalEnergies SE (Energy)		145,962
	348	Ubisoft Entertainment SA (Communication Services)*		22,150
	1,128	Veolia Environnement SA (Utilities)		38,681
	599	Vinci SA (Industrials)		64,267
	746	Vivendi SE (Communication Services)^(b)		28,462
	67	Wendel SE (Financials)		9,720
	203	Worldline SA (Information Technology)*^(a)		18,037

				3,577,914

Germany – 13.7%
	440	adidas AG (Consumer Discretionary)		156,053
	434	Allianz SE (Financials)		101,940
	692	Aroundtown SA (Real Estate)		5,298
	721	BASF SE (Materials)		55,764
	1,061	Bayer AG (Health Care)		59,047
	634	Bayerische Motoren Werke AG (Consumer Discretionary)		60,149
	237	Bechtle AG (Information Technology)		17,127
	427	Beiersdorf AG (Consumer Staples)		51,791
	638	Brenntag SE (Industrials)		64,347
	197	Carl Zeiss Meditec AG (Health Care)^(b)		43,510
	57	Continental AG (Consumer Discretionary)*		7,659
	374	Covestro AG (Materials)^(a)		24,238
	1,365	Daimler AG (Consumer Discretionary)		115,080
	3,735	Deutsche Bank AG (Financials)*		46,418
	190	Deutsche Boerse AG (Financials)		32,768
	2,745	Deutsche Post AG (Industrials)		193,059
	3,226	Deutsche Telekom AG (Communication Services)		68,577
	321	Deutsche Wohnen SE (Real Estate)		19,916
	2,722	E.ON SE (Utilities)		35,917
	412	Evonik Industries AG (Materials)		13,910
	769	Fresenius Medical Care AG & Co. KGaA (Health Care)		59,041


Common Stocks – (continued)
Germany – (continued)
	1,173	Fresenius SE & Co. KGaA (Health Care)		60,995
	272	GEA Group AG (Industrials)		12,558
	56	Hannover Rueck SE (Financials)		10,309
	1,052	HeidelbergCement AG (Materials)		91,399
	1,324	HelloFresh SE (Consumer Discretionary)*		142,663
	184	Henkel AG & Co. KGaA (Consumer Staples)		16,551
	1,069	Infineon Technologies AG (Information Technology)		45,510
	199	KION Group AG (Industrials)		21,288
	394	Knorr-Bremse AG (Industrials)		47,277
	110	LEG Immobilien SE (Real Estate)		17,530
	381	Merck KGaA (Health Care)		90,490
	42	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)		12,268
	919	Nemetschek SE (Information Technology)		90,063
	760	Puma SE (Consumer Discretionary)		92,226
	61	Rational AG (Industrials)		69,746
	2,005	RWE AG (Utilities)		78,318
	1,480	SAP SE (Information Technology)		222,681
	223	Scout24 AG (Communication Services)^(a)		18,743
	905	Siemens AG (Industrials)		150,460
	1,078	Siemens Energy AG (Industrials)*		31,279
	589	Siemens Healthineers AG (Health Care)^(a)		40,952
	217	Symrise AG (Materials)		30,893
	2,833	Telefonica Deutschland Holding AG (Communication Services)		7,949
	1,047	Uniper SE (Utilities)		41,564
	198	Volkswagen AG (Consumer Discretionary)		66,192
	346	Vonovia SE (Real Estate)		23,346
	960	Zalando SE (Consumer Discretionary)*^(a)(b)		106,297

				2,871,156

Ireland – 0.7%
	938	CRH PLC (Materials)		49,871
	64	Flutter Entertainment PLC (Consumer Discretionary)*		12,447
	217	Kerry Group PLC, Class A (Consumer Staples)		31,815
	278	Kingspan Group PLC (Industrials)		31,760
	463	Smurfit Kappa Group PLC (Materials)		26,551

				152,444

Italy – 3.4%
	254	Amplifon SpA (Health Care)		13,277
	1,763	Assicurazioni Generali SpA (Financials)		35,941
	718	Atlantia SpA (Industrials)*		13,455
	1,632	Davide Campari-Milano NV (Consumer Staples)		22,559
	299	DiaSorin SpA (Health Care)		68,208
	11,192	Enel SpA (Utilities)		101,954
	763	Eni SpA (Energy)		9,416
	265	Ferrari NV (Consumer Discretionary)		57,465
	1,498	FinecoBank Banca Fineco SpA (Financials)*		27,612


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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Italy – (continued)
	1,131	Infrastrutture Wireless Italiane SpA (Communication Services)^(a)	$	13,444
	10,628	Intesa Sanpaolo SpA (Financials)		30,079
	1,324	Moncler SpA (Consumer Discretionary)		84,710
	208	Nexi SpA (Information Technology)*^(a)		4,332
	2,550	Poste Italiane SpA (Financials)^(a)		34,572
	576	Prysmian SpA (Industrials)		21,670
	613	Recordati Industria Chimica e Farmaceutica SpA (Health Care)		40,204
	3,539	Snam SpA (Utilities)		20,905
	86,393	Telecom Italia SpA (Communication Services)		39,090
	85,862	Telecom Italia SpA-RSP (Communication Services)		41,444
	2,509	Terna – Rete Elettrica Nazionale (Utilities)		19,832

				700,169

Jordan – 0.2%
	1,058	Hikma Pharmaceuticals PLC (Health Care)		36,955

Luxembourg – 0.8%
	3,973	ArcelorMittal (Materials)		133,170
	274	Eurofins Scientific SE (Health Care)		38,839

				172,009

Netherlands – 7.6%
	24	Adyen NV (Information Technology)*^(a)		77,470
	7,208	Aegon NV (Financials)		35,685
	299	Akzo Nobel NV (Materials)		36,848
	27	Argenx SE (Health Care)*		9,109
	86	ASM International NV (Information Technology)		33,359
	587	ASML Holding NV (Information Technology)		488,165
	331	Heineken Holding NV (Consumer Staples)		30,672
	273	Heineken NV (Consumer Staples)^(b)		29,874
	3,061	ING Groep NV (Financials)		42,276
	615	JDE Peet’s NV (Consumer Staples)^(b)		21,126
	4,933	Koninklijke Ahold Delhaize NV (Consumer Staples)		166,368
	276	Koninklijke DSM NV (Materials)		58,726
	4,435	Koninklijke KPN NV (Communication Services)		14,209
	1,990	Koninklijke Philips NV (Health Care)		91,709
	397	Koninklijke Vopak NV (Energy)		17,185
	1,154	NN Group NV (Financials)		59,898
	1,147	Randstad NV (Industrials)		84,353
	5,065	Royal Dutch Shell PLC, Class A (Energy)		99,793
	4,720	Royal Dutch Shell PLC, Class B (Energy)		92,956
	775	Wolters Kluwer NV (Industrials)		89,124

				1,578,905

Norway – 0.9%
	496	DNB Bank ASA (Financials)		10,461
	433	Equinor ASA (Energy)		9,189
	2,076	Gjensidige Forsikring ASA (Financials)		48,482
	519	Mowi ASA (Consumer Staples)		13,885


Common Stocks – (continued)
Norway – (continued)
	7,720	Norsk Hydro ASA (Materials)		53,226
	2,267	Orkla ASA (Consumer Staples)		20,229
	89	Schibsted ASA, Class A (Communication Services)		4,744
	1,106	Telenor ASA (Communication Services)		19,356

				179,572

Poland – 0.2%
	2,347	InPost SA (Industrials)*		45,713

Portugal – 0.5%
	1,542	EDP – Energias de Portugal SA (Utilities)		8,468
	4,130	Jeronimo Martins SGPS SA (Consumer Staples)		87,511

				95,979

Russia – 0.4%
	710	Coca-Cola HBC AG (Consumer Staples)*		25,689
	7,124	Evraz PLC (Materials)		57,885

				83,574

Saudi Arabia – 0.1%
	149	Delivery Hero SE (Consumer Discretionary)*^(a)		21,564

South Africa – 0.2%
	1,166	Anglo American PLC (Materials)		49,248

Spain – 3.4%
	3,183	ACS Actividades de Construccion y Servicios SA (Industrials)		85,894
	341	Amadeus IT Group SA (Information Technology)*		20,819
	9,366	Banco Bilbao Vizcaya Argentaria SA (Financials)*		61,328
	12,655	Banco Santander SA (Financials)*		46,720
	12,440	CaixaBank SA (Financials)		38,650
	542	Cellnex Telecom SA (Communication Services)*^(a)		37,109
	326	EDP Renovaveis SA (Utilities)		8,666
	806	Enagas SA (Utilities)		18,330
	986	Endesa SA (Utilities)		23,697
	539	Ferrovial SA (Industrials)		15,601
	982	Grifols SA (Health Care)		23,984
	8,822	Iberdrola SA (Utilities)		109,294
	2,182	Industria de Diseno Textil SA (Consumer Discretionary)		74,465
	495	Naturgy Energy Group SA (Utilities)		12,738
	987	Red Electrica Corp. SA (Utilities)		19,679
	7,311	Repsol SA (Energy)		83,757
	7,659	Telefonica SA (Communication Services)		37,805

				718,536

Sweden – 5.7%
	413	Alfa Laval AB (Industrials)		16,733
	893	Assa Abloy AB, Class B (Industrials)		28,510
	819	Atlas Copco AB, Class A (Industrials)		56,163


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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments (continued)

August 31, 2021


Shares		Description	Value

Common Stocks – (continued)
Sweden – (continued)
	326	Atlas Copco AB, Class B (Industrials)	$	18,839
	289	Boliden AB (Materials)		10,066
	1,166	Electrolux AB, Series B (Consumer Discretionary)		29,505
	1,252	Epiroc AB, Class A (Industrials)		27,443
	674	Epiroc AB, Class B (Industrials)		12,792
	1,459	EQT AB (Financials)		74,262
	510	Essity AB, Class B (Consumer Staples)		16,341
	236	Evolution AB (Consumer Discretionary)^(a)		37,984
	203	Fastighets AB Balder, Class B (Real Estate)*		14,494
	1,970	H & M Hennes & Mauritz AB, Class B (Consumer Discretionary)*		39,443
	2,740	Hexagon AB, Class B (Information Technology)		47,418
	2,267	Husqvarna AB, Class B (Consumer Discretionary)		30,376
	196	ICA Gruppen AB (Consumer Staples)		9,740
	792	Industrivarden AB, Class A (Financials)		29,118
	704	Industrivarden AB, Class C (Financials)		24,513
	794	Investment AB Latour, Class B (Industrials)		27,601
	3,574	Investor AB, Class B (Financials)		85,392
	1,982	Kinnevik AB, Class B (Financials)*		77,572
	343	L E Lundbergforetagen AB, Class B (Financials)		21,870
	2,655	Nibe Industrier AB, Class B (Industrials)		36,973
	1,465	Sandvik AB (Industrials)		37,309
	2,135	Securitas AB, Class B (Industrials)		35,404
	968	Sinch AB (Information Technology)*^(a)		21,694
	845	Skandinaviska Enskilda Banken AB, Class A (Financials)		11,337
	1,707	Skanska AB, Class B (Industrials)		49,104
	259	SKF AB, Class B (Industrials)		6,596
	1,085	Svenska Cellulosa AB SCA, Class B (Materials)		19,122
	811	Svenska Handelsbanken AB, Class A (Financials)		9,112
	698	Swedbank AB, Class A (Financials)		13,463
	10,360	Swedish Match AB (Consumer Staples)		95,557
	930	Tele2 AB, Class B (Communication Services)		13,925
	4,696	Telefonaktiebolaget LM Ericsson, Class B (Information Technology)		55,611
	3,371	Telia Co. AB (Communication Services)		14,454
	342	Volvo AB, Class A (Industrials)		7,914
	1,340	Volvo AB, Class B (Industrials)		30,269

				1,194,019

Switzerland – 14.7%
	1,953	ABB Ltd. (Industrials)		72,317
	488	Adecco Group AG (Industrials)		27,158
	219	Alcon, Inc. (Health Care)		18,035
	80	Baloise Holding AG (Financials)		12,759
	196	Banque Cantonale Vaudoise (Financials)		16,625
	11	Barry Callebaut AG (Consumer Staples)		28,027


Common Stocks – (continued)
Switzerland – (continued)
	6	Chocoladefabriken Lindt & Spruengli AG (Consumer Staples)		70,542
	623	Cie Financiere Richemont SA (Consumer Discretionary)		68,689
	451	Clariant AG (Materials)*		9,492
	2,322	Credit Suisse Group AG (Financials)		24,623
	32	EMS-Chemie Holding AG (Materials)		34,671
	66	Geberit AG (Industrials)		55,132
	13	Givaudan SA (Materials)		65,209
	707	Holcim Ltd. (Materials)*		40,288
	96	Julius Baer Group Ltd. (Financials)		6,560
	465	Kuehne + Nagel International AG (Industrials)		170,102
	712	Logitech International SA (Information Technology)		72,782
	90	Lonza Group AG (Health Care)		76,142
	4,631	Nestle SA (Consumer Staples)		585,112
	3,318	Novartis AG (Health Care)		307,116
	82	Partners Group Holding AG (Financials)		145,372
	138	Roche Holding AG-BR (Health Care)		61,765
	1,241	Roche Holding AG-Genussschein (Health Care)		498,202
	56	Schindler Holding AG (Industrials)		17,459
	75	Schindler Holding AG Participation Certificates (Industrials)		24,218
	32	SGS SA (Industrials)		100,536
	180	Sika AG (Materials)		64,863
	24	Sonova Holding AG (Health Care)		9,248
	1,164	STMicroelectronics NV (Information Technology)		51,822
	40	Straumann Holding AG (Health Care)		77,288
	107	Swatch Group AG (The) – Bearer (Consumer Discretionary)		30,159
	552	Swatch Group AG (The) – Registered (Consumer Discretionary)		30,340
	29	Swiss Life Holding AG (Financials)		15,120
	183	Swiss Prime Site AG (Real Estate)		19,568
	41	Swisscom AG (Communication Services)		24,053
	5,089	UBS Group AG (Financials)		84,886
	78	Vifor Pharma AG (Health Care)		11,103
	108	Zurich Insurance Group AG (Financials)		47,395

				3,074,778

United Kingdom – 16.5%
	1,264	3i Group PLC (Financials)		23,267
	7,256	Abrdn PLC (Financials)		26,513
	3,328	Admiral Group PLC (Financials)		165,390
	717	Ashtead Group PLC (Industrials)		56,147
	813	Associated British Foods PLC (Consumer Staples)		22,154
	1,928	AstraZeneca PLC (Health Care)		225,911
	9,328	Auto Trader Group PLC (Communication Services)^(a)		80,749
	165	AVEVA Group PLC (Information Technology)		9,392
	14,184	Aviva PLC (Financials)		78,883
	3,129	BAE Systems PLC (Industrials)		24,477


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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
United Kingdom – (continued)
	16,043	Barclays PLC (Financials)	$	40,824
	2,592	Barratt Developments PLC (Consumer Discretionary)		26,362
	172	Berkeley Group Holdings PLC (Consumer Discretionary)		11,426
	11,803	BP PLC (Energy)		48,236
	2,950	British American Tobacco PLC (Consumer Staples)		110,796
	7,316	BT Group PLC (Communication Services)*		17,097
	780	Bunzl PLC (Industrials)		28,297
	3,402	Burberry Group PLC (Consumer Discretionary)		87,062
	2,906	CNH Industrial NV (Industrials)		48,025
	549	Coca-Cola Europacific Partners PLC (Consumer Staples)		31,699
	451	Compass Group PLC (Consumer Discretionary)*		9,314
	395	Croda International PLC (Materials)		49,730
	255	DCC PLC (Industrials)		21,688
	3,087	Diageo PLC (Consumer Staples)		148,442
	3,423	Direct Line Insurance Group PLC (Financials)		14,557
	1,082	Entain PLC (Consumer Discretionary)*		28,784
	1,336	Experian PLC (Industrials)		58,911
	8,100	GlaxoSmithKline PLC (Health Care)		162,978
	597	Halma PLC (Information Technology)		24,673
	3,961	Hargreaves Lansdown PLC (Financials)		82,233
	12,234	HSBC Holdings PLC (Financials)		65,025
	2,379	Imperial Brands PLC (Consumer Staples)		50,470
	197	Intertek Group PLC (Industrials)		14,288
	33,651	J Sainsbury PLC (Consumer Staples)		140,789
	7,541	JD Sports Fashion PLC (Consumer Discretionary)		104,769
	652	Johnson Matthey PLC (Materials)		26,372
	55	Just Eat Takeaway.com NV (Consumer Discretionary)*^(a)		4,981
	15,366	Kingfisher PLC (Consumer Discretionary)		74,080
	7,082	Legal & General Group PLC (Financials)		26,335
	122,709	Lloyds Banking Group PLC (Financials)		73,927
	127	London Stock Exchange Group PLC (Financials)		13,906
	2,541	M&G PLC (Financials)		7,204
	13,650	Melrose Industries PLC (Industrials)		31,511
	3,880	National Grid PLC (Utilities)		50,264
	5,440	Natwest Group PLC (Financials)		15,954
	491	Next PLC (Consumer Discretionary)		53,451
	503	Ocado Group PLC (Consumer Staples)*		13,935
	1,468	Pearson PLC (Communication Services)^(b)		15,508
	195	Persimmon PLC (Consumer Discretionary)		7,890
	2,215	Phoenix Group Holdings PLC (Financials)		19,004
	722	Prudential PLC (Financials)		15,054


Common Stocks – (continued)
United Kingdom – (continued)
	744	Reckitt Benckiser Group PLC (Consumer Staples)		56,716
	2,540	RELX PLC (Industrials)		76,276
	2,870	Rentokil Initial PLC (Industrials)		22,925
	6,868	Sage Group PLC (The) (Information Technology)		70,153
	321	Schroders PLC (Financials)		16,699
	2,923	Segro PLC REIT (Real Estate)		51,653
	653	Severn Trent PLC (Utilities)		24,822
	1,733	Smith & Nephew PLC (Health Care)		33,271
	286	Smiths Group PLC (Industrials)		5,678
	190	Spirax-Sarco Engineering PLC (Industrials)		42,126
	1,118	SSE PLC (Utilities)		25,118
	2,513	St James’s Place PLC (Financials)		55,682
	742	Standard Chartered PLC (Financials)		4,644
	1,674	Taylor Wimpey PLC (Consumer Discretionary)		4,214
	8,783	Tesco PLC (Consumer Staples)		30,842
	3,561	Unilever PLC (Consumer Staples)		198,288
	1,760	United Utilities Group PLC (Utilities)		25,615
	35,828	Vodafone Group PLC (Communication Services)		60,136
	1,195	Wm Morrison Supermarkets PLC (Consumer Staples)		4,769
	2,746	WPP PLC (Communication Services)		37,172

				3,435,533

United States – 2.0%
	1,164	Ferguson PLC (Industrials)		168,285
	616	QIAGEN NV (Health Care)*		34,082
	784	Schneider Electric SE (Industrials)		140,024
	2,764	Stellantis NV (Consumer Discretionary)		55,245
	130	Swiss Re AG (Financials)		11,958
	1,002	Tenaris SA (Energy)		10,096
				419,690

	TOTAL COMMON STOCKS
	(Cost $16,194,403)		$	20,546,079


Shares		Description	Rate			Value

Preferred Stocks – 1.1%
Germany – 1.1%
	485	Bayerische Motoren Werke AG (Consumer Discretionary)		2.77	%	$	40,591
	719	FUCHS PETROLUB SE (Materials)		2.29			36,377
	193	Henkel AG & Co. KGaA (Consumer Staples)		2.25			18,850
	168	Porsche Automobil Holding SE (Consumer Discretionary)		2.55			17,008
	59	Sartorius AG (Health Care)		0.12			38,863


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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments (continued)

August 31, 2021


Shares		Description	Rate			Value

Preferred Stocks – (continued)
Germany – (continued)
	299	Volkswagen AG (Consumer Discretionary)		2.42	%	$	71,050

	TOTAL PREFERRED STOCKS
	(Cost $188,411)					$	222,739

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $16,382,814)					$	20,768,818



Shares		Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 0.9%^(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	184,641	0.026%	$	184,641
	(Cost $184,641)

	TOTAL INVESTMENTS – 100.3%
	(Cost $16,567,455)		$	20,953,459

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)%			(60,239	)

	NET ASSETS – 100.0%		$	20,893,220



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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At August 31, 2021, the Fund had the following futures contracts:


Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
MSCI Europe Index		2		09/17/21	$	64,661	$	1,940


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments

August 31, 2021


Shares		Description	Value

Common Stocks – 99.0%
Australia – 6.4%
	503,651	AGL Energy Ltd. (Utilities)^(a)	$	2,374,202
	38,248	Ampol Ltd. (Energy)		770,400
	150,648	APA Group (Utilities)		1,010,728
	69,040	Aristocrat Leisure Ltd. (Consumer Discretionary)		2,304,411
	27,330	ASX Ltd. (Financials)		1,753,129
	340,132	Aurizon Holdings Ltd. (Industrials)		939,653
	1,147,539	AusNet Services Ltd. (Utilities)		1,622,843
	320,047	Australia & New Zealand Banking Group Ltd. (Financials)		6,514,291
	510,138	BHP Group Ltd. (Materials)		17,004,973
	168,932	BHP Group PLC (Materials)		5,248,523
	369,928	BlueScope Steel Ltd. (Materials)		6,813,118
	194,470	Brambles Ltd. (Industrials)		1,721,175
	27,206	Cochlear Ltd. (Health Care)		4,636,833
	541,972	Coles Group Ltd. (Consumer Staples)		7,161,491
	221,032	Commonwealth Bank of Australia (Financials)		16,173,507
	62,697	Computershare Ltd. (Information Technology)		756,065
	43,440	CSL Ltd. (Health Care)		9,903,509
	188,695	Dexus REIT (Real Estate)		1,467,338
	20,532	Domino’s Pizza Enterprises Ltd. (Consumer Discretionary)		2,352,011
	216,610	Endeavour Group Ltd. (Consumer Staples)*		1,155,659
	318,838	Fortescue Metals Group Ltd. (Materials)		4,893,477
	1,695,103	Glencore PLC (Materials)*		7,637,869
	212,901	Goodman Group REIT (Real Estate)		3,598,997
	181,978	Insurance Australia Group Ltd. (Financials)		696,913
	43,455	Macquarie Group Ltd. (Financials)		5,295,509
	117,365	Magellan Financial Group Ltd. (Financials)		3,717,540
	725,537	Medibank Pvt Ltd. (Financials)		1,882,418
	298,726	National Australia Bank Ltd. (Financials)		6,054,121
	58,199	Newcrest Mining Ltd. (Materials)		1,052,309
	96,051	Northern Star Resources Ltd. (Materials)		685,141
	257,565	Origin Energy Ltd. (Utilities)		837,674
	13,873	Ramsay Health Care Ltd. (Health Care)		698,583
	35,648	REA Group Ltd. (Communication Services)		3,999,187
	136,604	Reece Ltd. (Industrials)		2,084,597
	70,941	Rio Tinto Ltd. (Materials)		5,810,000
	165,176	Rio Tinto PLC (Materials)		12,234,552
	205,844	Santos Ltd. (Energy)		910,168
	33,761	SEEK Ltd. (Communication Services)		802,899
	79,562	Sonic Healthcare Ltd. (Health Care)		2,523,618
	1,606,437	South32 Ltd. (Materials)		3,686,562
	250,071	Stockland REIT (Real Estate)		844,371


Common Stocks – (continued)
Australia – (continued)
	277,442	Suncorp Group Ltd. (Financials)		2,530,550
	760,759	Telstra Corp. Ltd. (Communication Services)		2,135,043
	139,553	Transurban Group (Industrials)		1,449,311
	100,925	Washington H Soul Pattinson & Co. Ltd. (Energy)^(a)		2,642,120
	232,241	Wesfarmers Ltd. (Consumer Discretionary)		10,175,512
	305,396	Westpac Banking Corp. (Financials)		5,762,989
	45,278	Woodside Petroleum Ltd. (Energy)		644,952
	371,265	Woolworths Group Ltd. (Consumer Staples)		11,328,403

				198,299,244

Austria – 0.7%
	68,091	Mondi PLC (Materials)		1,878,891
	50,833	OMV AG (Energy)		2,816,071
	215,572	Raiffeisen Bank International AG (Financials)		5,175,957
	25,326	Verbund AG (Utilities)		2,772,860
	208,570	voestalpine AG (Materials)		9,454,323

				22,098,102

Belgium – 0.7%
	44,655	Ageas SA/NV (Financials)		2,232,394
	65,303	Anheuser-Busch InBev SA/NV (Consumer Staples)		4,007,747
	8,229	Elia Group SA/NV (Utilities)		1,033,561
	79,835	Etablissements Franz Colruyt NV (Consumer Staples)		4,466,089
	13,166	Groupe Bruxelles Lambert SA (Financials)		1,509,108
	5,266	Sofina SA (Financials)		2,327,363
	11,615	Solvay SA (Materials)		1,521,227
	31,916	UCB SA (Health Care)		3,649,976

				20,747,465

Brazil – 0.0%
	21,828	Yara International ASA (Materials)		1,094,741

Canada – 10.3%
	80,303	Algonquin Power & Utilities Corp. (Utilities)		1,244,914
	152,642	Alimentation Couche-Tard, Inc., Class B (Consumer Staples)		6,158,105
	67,521	AltaGas Ltd. (Utilities)		1,350,260
	58,364	Atco Ltd., Class I (Utilities)		1,960,631
	252,328	B2Gold Corp. (Materials)		974,448
	66,081	Bank of Montreal (Financials)		6,566,004
	131,415	Bank of Nova Scotia (The) (Financials)		8,127,315
	139,227	Barrick Gold Corp. (Materials)		2,794,126
	33,080	BCE, Inc. (Communication Services)		1,722,521
	162,530	BlackBerry Ltd. (Information Technology)*		1,849,548
	67,829	Brookfield Asset Management, Inc., Class A (Financials)		3,767,592


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2021


Shares		Description	Value

Common Stocks – (continued)
Canada – (continued)
	53,684	Cameco Corp. (Energy)	$	990,285
	25,935	Canadian Apartment Properties REIT (Real Estate)		1,254,214
	54,744	Canadian Imperial Bank of Commerce (Financials)		6,287,773
	33,170	Canadian National Railway Co. (Industrials)		3,895,405
	120,261	Canadian Natural Resources Ltd. (Energy)		3,973,329
	61,321	Canadian Pacific Railway Ltd. (Industrials)		4,206,796
	27,098	Canadian Tire Corp. Ltd., Class A (Consumer Discretionary)		4,117,292
	45,150	Canadian Utilities Ltd., Class A (Utilities)		1,275,912
	26,168	CCL Industries, Inc., Class B (Materials)		1,491,409
	277,395	Cenovus Energy, Inc. (Energy)		2,298,362
	65,055	CGI, Inc. (Information Technology)*		5,805,090
	10,201	Constellation Software, Inc. (Information Technology)		17,260,852
	133,331	Dollarama, Inc. (Consumer Discretionary)		6,070,140
	34,342	Emera, Inc. (Utilities)		1,618,652
	418,233	Empire Co. Ltd., Class A (Consumer Staples)		13,503,665
	78,457	Enbridge, Inc. (Energy)		3,082,649
	16,554	Fairfax Financial Holdings Ltd. (Financials)		7,316,039
	19,498	FirstService Corp. (Real Estate)		3,615,535
	42,887	Fortis, Inc. (Utilities)		1,961,673
	5,321	Franco-Nevada Corp. (Materials)		775,001
	92,448	George Weston Ltd. (Consumer Staples)		9,949,692
	52,946	GFL Environmental, Inc. (Industrials)		1,862,422
	17,279	Gildan Activewear, Inc. (Consumer Discretionary)		663,183
	86,653	Great-West Lifeco, Inc. (Financials)		2,676,427
	89,677	Hydro One Ltd. (Utilities)^(b)		2,228,353
	105,947	iA Financial Corp., Inc. (Financials)		5,865,589
	40,591	IGM Financial, Inc. (Financials)		1,477,934
	160,010	Imperial Oil Ltd. (Energy)		4,228,017
	21,799	Intact Financial Corp. (Financials)		2,964,209
	197,223	Ivanhoe Mines Ltd., Class A (Materials)*		1,588,834
	284,211	Kinross Gold Corp. (Materials)		1,707,088
	24,768	Kirkland Lake Gold Ltd. (Materials)		986,094
	12,832	Lightspeed Commerce, Inc. (Information Technology)*		1,422,269
	184,674	Loblaw Cos. Ltd. (Consumer Staples)		12,990,679
	72,610	Magna International, Inc. (Consumer Discretionary)		5,724,793
	378,781	Manulife Financial Corp. (Financials)		7,364,895
	56,267	Metro, Inc. (Consumer Staples)		2,861,774
	62,057	National Bank of Canada (Financials)		4,917,808
	55,266	Northland Power, Inc. (Utilities)		1,825,508


Common Stocks – (continued)
Canada – (continued)
	82,107	Nutrien Ltd. (Materials)		4,983,664
	60,001	Onex Corp. (Financials)		4,197,435
	30,844	Open Text Corp. (Information Technology)		1,689,323
	51,094	Parkland Corp. (Energy)		1,523,136
	204,630	Power Corp. of Canada (Financials)		7,050,679
	42,796	Quebecor, Inc., Class B (Communication Services)		1,066,132
	41,713	Ritchie Bros Auctioneers, Inc. (Industrials)		2,609,435
	23,782	Rogers Communications, Inc., Class B (Communication Services)		1,209,755
	185,801	Royal Bank of Canada (Financials)		19,055,759
	105,881	Saputo, Inc. (Consumer Staples)		2,973,701
	10,354	Shopify, Inc., Class A (Information Technology)*		15,785,948
	82,489	Sun Life Financial, Inc. (Financials)^(a)		4,240,482
	82,362	Suncor Energy, Inc. (Energy)		1,535,590
	21,327	TC Energy Corp. (Energy)		1,010,950
	42,543	Teck Resources Ltd., Class B (Materials)		957,819
	63,855	TELUS Corp. (Communication Services)		1,468,971
	27,694	Thomson Reuters Corp. (Industrials)		3,230,839
	17,525	TMX Group Ltd. (Financials)		1,924,955
	30,265	Toromont Industries Ltd. (Industrials)		2,540,665
	215,683	Toronto-Dominion Bank (The) (Financials)		13,984,021
	94,150	West Fraser Timber Co. Ltd. (Materials)		7,258,413
	128,668	WSP Global, Inc. (Industrials)		16,773,220
	279,269	Yamana Gold, Inc. (Materials)		1,230,980

				318,922,977

Chile – 0.1%
	165,977	Antofagasta PLC (Materials)		3,325,881
	101,502	Lundin Mining Corp. (Materials)		819,310

				4,145,191

China – 0.4%
	1,369,024	BOC Hong Kong Holdings Ltd. (Financials)		4,154,238
	1,090,755	Chow Tai Fook Jewellery Group Ltd. (Consumer Discretionary)		2,210,303
	32,707	Futu Holdings Ltd. ADR (Financials)*^(a)		3,113,379
	20,511	Prosus NV (Consumer Discretionary)*		1,813,494
	292,192	SITC International Holdings Co. Ltd. (Industrials)		1,273,610
	203,317	Wilmar International Ltd. (Consumer Staples)		625,777

				13,190,801


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Denmark – 2.9%
	21,346	Ambu A/S, Class B (Health Care)	$	674,617
	3,599	AP Moller – Maersk A/S, Class A (Industrials)		9,740,383
	3,589	AP Moller – Maersk A/S, Class B (Industrials)		10,180,469
	20,154	Carlsberg AS, Class B (Consumer Staples)		3,517,436
	12,268	Chr Hansen Holding A/S (Materials)		1,131,799
	45,437	Coloplast A/S, Class B (Health Care)		7,868,722
	151,643	Danske Bank A/S (Financials)		2,547,904
	46,596	Demant A/S (Health Care)*		2,640,503
	26,622	DSV PANALPINA A/S (Industrials)		6,782,433
	6,747	Genmab A/S (Health Care)*		3,193,656
	17,540	GN Store Nord AS (Health Care)		1,319,429
	261,524	Novo Nordisk A/S, Class B (Health Care)		26,057,543
	33,429	Novozymes A/S, Class B (Materials)		2,699,854
	4,652	Orsted AS (Utilities)^(b)		739,169
	45,675	Pandora A/S (Consumer Discretionary)		5,466,630
	3,986	ROCKWOOL International A/S, Class B (Industrials)		2,108,834
	69,885	Tryg A/S (Financials)		1,729,972
	32,132	Vestas Wind Systems A/S (Industrials)		1,297,042

				89,696,395

Finland – 0.8%
	26,880	Elisa OYJ (Communication Services)		1,721,061
	97,883	Fortum OYJ (Utilities)		2,971,841
	71,093	Kesko OYJ, Class B (Consumer Staples)		2,933,902
	20,367	Kone OYJ, Class B (Industrials)		1,688,725
	852,002	Nokia OYJ (Information Technology)*		5,109,186
	168,051	Nordea Bank Abp (Financials)		1,972,963
	146,913	Orion OYJ, Class B (Health Care)		5,988,309
	17,649	Sampo OYJ, Class A (Financials)		911,268
	46,546	Stora Enso OYJ, Class R (Materials)		910,717
	30,092	UPM-Kymmene OYJ (Materials)		1,223,025

				25,430,997

France – 10.5%
	37,121	Air Liquide SA (Materials)		6,652,671
	24,925	Airbus SE (Industrials)*		3,404,207
	18,725	Alstom SA (Industrials)		804,583
	7,207	Amundi SA (Financials)^(b)		681,876
	17,123	Arkema SA (Materials)		2,271,923
	266,431	Atos SE (Information Technology)		13,825,785
	113,720	AXA SA (Financials)		3,192,244
	36,072	BioMerieux (Health Care)		4,422,055
	121,621	BNP Paribas SA (Financials)		7,713,878
	1,387,827	Bollore SA (Communication Services)		8,207,680


Common Stocks – (continued)
France – (continued)
	70,698	Bouygues SA (Industrials)		2,956,825
	63,204	Bureau Veritas SA (Industrials)		2,097,263
	46,307	Capgemini SE (Information Technology)		10,394,183
	344,535	Carrefour SA (Consumer Staples)		6,852,998
	143,102	Cie de Saint-Gobain (Industrials)		10,370,286
	14,766	Cie Generale des Etablissements Michelin (Consumer Discretionary)		2,388,852
	210,284	CNP Assurances (Financials)		3,598,088
	204,383	Credit Agricole SA (Financials)		2,945,831
	89,166	Danone SA (Consumer Staples)		6,512,186
	106,390	Dassault Systemes SE (Information Technology)		6,066,529
	23,204	Edenred (Information Technology)		1,314,775
	68,469	Eiffage SA (Industrials)		7,114,145
	403,348	Engie SA (Utilities)		5,776,432
	33,965	EssilorLuxottica SA (Consumer Discretionary)		6,666,022
	11,940	Eurazeo SE (Financials)		1,227,637
	49,354	Getlink SE (Industrials)		793,209
	10,363	Hermes International (Consumer Discretionary)		15,223,965
	97,884	Ipsen SA (Health Care)		9,784,529
	8,839	Kering (Consumer Discretionary)		7,032,511
	184,509	La Francaise des Jeux SAEM (Consumer Discretionary)^(b)		9,541,973
	35,892	Legrand SA (Industrials)		4,106,373
	48,999	L’Oreal SA (Consumer Staples)		22,922,325
	39,553	LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)		29,265,489
	175,254	Orange SA (Communication Services)		1,990,171
	15,169	Pernod Ricard SA (Consumer Staples)		3,186,415
	112,007	Publicis Groupe SA (Communication Services)		7,340,776
	14,606	Remy Cointreau SA (Consumer Staples)*		2,875,906
	76,984	Renault SA (Consumer Discretionary)*		2,858,041
	11,543	Safran SA (Industrials)		1,447,891
	148,348	Sanofi (Health Care)		15,343,778
	13,435	Sartorius Stedim Biotech (Health Care)		8,145,356
	72,848	SCOR SE (Financials)		2,234,968
	34,789	SEB SA (Consumer Discretionary)		5,470,078
	138,966	Societe Generale SA (Financials)		4,371,728
	288,772	Suez SA (Utilities)		6,698,306
	12,109	Teleperformance (Industrials)		5,351,697
	16,376	Thales SA (Industrials)		1,661,310
	239,105	TotalEnergies SE (Energy)		10,540,677
	55,857	Ubisoft Entertainment SA (Communication Services)*		3,555,289
	113,992	Veolia Environnement SA (Utilities)		3,909,020
	64,111	Vinci SA (Industrials)		6,878,536
	56,907	Vivendi SE (Communication Services)^(a)		2,171,123
	5,816	Wendel SE (Financials)		843,769


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2021


Shares		Description	Value

Common Stocks – (continued)
France – (continued)
	21,770	Worldline SA (Information Technology)*^(b)	$	1,934,317

				324,938,480

Germany – 7.9%
	37,372	adidas AG (Consumer Discretionary)		13,254,579
	43,565	Allianz SE (Financials)		10,232,801
	43,107	BASF SE (Materials)		3,334,027
	85,381	Bayer AG (Health Care)		4,751,648
	47,727	Bayerische Motoren Werke AG (Consumer Discretionary)		4,527,990
	18,453	Bechtle AG (Information Technology)		1,333,545
	49,682	Beiersdorf AG (Consumer Staples)		6,025,988
	52,919	Brenntag SE (Industrials)		5,337,283
	8,778	Carl Zeiss Meditec AG (Health Care)		1,938,727
	8,740	Continental AG (Consumer Discretionary)*		1,174,296
	31,370	Covestro AG (Materials)^(b)		2,032,985
	110,890	Daimler AG (Consumer Discretionary)		9,348,880
	387,322	Deutsche Bank AG (Financials)*		4,813,549
	24,733	Deutsche Boerse AG (Financials)		4,265,544
	253,550	Deutsche Post AG (Industrials)		17,832,469
	188,653	Deutsche Telekom AG (Communication Services)		4,010,297
	29,305	Deutsche Wohnen SE (Real Estate)		1,818,212
	173,553	E.ON SE (Utilities)		2,290,043
	31,073	Evonik Industries AG (Materials)		1,049,051
	77,175	Fresenius Medical Care AG & Co. KGaA (Health Care)		5,925,221
	137,721	Fresenius SE & Co. KGaA (Health Care)		7,161,326
	20,727	GEA Group AG (Industrials)		956,911
	4,861	Hannover Rueck SE (Financials)		894,867
	70,385	HeidelbergCement AG (Materials)		6,115,125
	109,106	HelloFresh SE (Consumer Discretionary)*		11,756,327
	22,862	Henkel AG & Co. KGaA (Consumer Staples)		2,056,443
	77,389	Infineon Technologies AG (Information Technology)		3,294,675
	21,737	KION Group AG (Industrials)		2,325,257
	31,531	Knorr-Bremse AG (Industrials)		3,783,489
	9,211	LEG Immobilien SE (Real Estate)		1,467,871
	42,290	Merck KGaA (Health Care)		10,044,146
	3,575	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)		1,044,265
	63,068	Nemetschek SE (Information Technology)		6,180,721
	72,477	Puma SE (Consumer Discretionary)		8,795,098
	4,176	Rational AG (Industrials)		4,774,769
	190,301	RWE AG (Utilities)		7,433,361
	116,464	SAP SE (Information Technology)		17,523,183
	19,938	Scout24 AG (Communication Services)^(b)		1,675,749


Common Stocks – (continued)
Germany – (continued)
	60,872	Siemens AG (Industrials)		10,120,244
	139,506	Siemens Energy AG (Industrials)*		4,047,829
	44,090	Siemens Healthineers AG (Health Care)^(b)		3,065,510
	20,608	Symrise AG (Materials)		2,933,800
	282,115	Telefonica Deutschland Holding AG (Communication Services)		791,594
	104,746	Uniper SE (Utilities)		4,158,261
	15,252	Volkswagen AG (Consumer Discretionary)^(a)		5,098,793
	30,527	Vonovia SE (Real Estate)		2,059,794
	89,001	Zalando SE (Consumer Discretionary)*^(b)		9,854,738

				244,711,281

Hong Kong – 2.3%
	1,181,755	AIA Group Ltd. (Financials)		14,123,593
	335,540	CK Asset Holdings Ltd. (Real Estate)		2,187,362
	103,685	CK Infrastructure Holdings Ltd. (Utilities)		629,921
	123,096	CLP Holdings Ltd. (Utilities)		1,230,588
	125,599	Hang Seng Bank Ltd. (Financials)		2,247,987
	135,478	Henderson Land Development Co. Ltd. (Real Estate)		613,168
	1,214,899	HK Electric Investments & HK Electric Investments Ltd. (Utilities)		1,209,065
	1,062,313	HKT Trust & HKT Ltd. (Communication Services)		1,447,860
	824,143	Hong Kong & China Gas Co. Ltd. (Utilities)		1,326,708
	203,618	Hong Kong Exchanges & Clearing Ltd. (Financials)		12,849,584
	341,005	Hongkong Land Holdings Ltd. (Real Estate)		1,432,221
	26,000	Jardine Matheson Holdings Ltd. (Industrials)		1,412,320
	116,277	Link REIT (Real Estate)		1,069,724
	181,622	MTR Corp. Ltd. (Industrials)		1,022,848
	175,294	Power Assets Holdings Ltd. (Utilities)		1,101,032
	124,191	Sun Hung Kai Properties Ltd. (Real Estate)		1,750,125
	1,036,623	Swire Pacific Ltd., Class A (Real Estate)		7,024,248
	335,989	Techtronic Industries Co. Ltd. (Industrials)		7,452,166
	9,587,504	WH Group Ltd. (Consumer Staples)^(a)(b)		8,321,041
	659,599	Xinyi Glass Holdings Ltd. (Industrials)		2,773,295

				71,224,856

Ireland – 0.4%
	80,280	CRH PLC (Materials)		4,268,282
	13,922	Kerry Group PLC, Class A (Consumer Staples)		2,041,130


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Ireland – (continued)
	21,162	Kingspan Group PLC (Industrials)	$	2,417,629
	84,428	Smurfit Kappa Group PLC (Materials)		4,841,628

				13,568,669

Israel – 0.7%
	170,594	Bank Hapoalim BM (Financials)		1,469,118
	177,620	Bank Leumi Le-Israel BM (Financials)		1,469,194
	18,453	Check Point Software Technologies Ltd. (Information Technology)*		2,318,250
	4,901	Elbit Systems Ltd. (Industrials)		713,638
	238,736	ICL Group Ltd. (Materials)		1,690,806
	203,138	Israel Discount Bank Ltd., Class A (Financials)*		1,050,643
	23,082	Mizrahi Tefahot Bank Ltd. (Financials)		768,740
	17,004	Nice Ltd. (Information Technology)*		4,966,787
	384,370	Teva Pharmaceutical Industries Ltd. ADR (Health Care)*		3,620,765
	12,584	Wix.com Ltd. (Information Technology)*		2,794,655

				20,862,596

Italy – 2.0%
	19,239	Amplifon SpA (Health Care)		1,005,628
	133,971	Assicurazioni Generali SpA (Financials)		2,731,181
	72,382	Atlantia SpA (Industrials)*		1,356,412
	125,474	Davide Campari-Milano NV (Consumer Staples)		1,734,435
	24,224	DiaSorin SpA (Health Care)		5,526,024
	608,312	Enel SpA (Utilities)		5,541,435
	66,985	Eni SpA (Energy)		826,623
	25,318	Ferrari NV (Consumer Discretionary)		5,490,172
	166,511	FinecoBank Banca Fineco SpA (Financials)*		3,069,250
	104,954	Infrastrutture Wireless Italiane SpA (Communication Services)^(b)		1,247,601
	671,617	Intesa Sanpaolo SpA (Financials)		1,900,762
	139,390	Moncler SpA (Consumer Discretionary)		8,918,222
	291,517	Poste Italiane SpA (Financials)^(b)		3,952,230
	68,490	Prysmian SpA (Industrials)		2,576,657
	73,186	Recordati Industria Chimica e Farmaceutica SpA (Health Care)		4,799,960
	278,696	Snam SpA (Utilities)		1,646,249
	7,675,363	Telecom Italia SpA (Communication Services)		3,472,843
	6,015,362	Telecom Italia SpA-RSP (Communication Services)		2,903,530
	215,498	Terna – Rete Elettrica Nazionale (Utilities)		1,703,358

				60,402,572


Common Stocks – (continued)
Japan – 19.9%
	26,979	ABC-Mart, Inc. (Consumer Discretionary)		1,446,444
	52,199	Advantest Corp. (Information Technology)		4,523,343
	103,488	Aeon Co. Ltd. (Consumer Staples)^(a)		2,750,166
	30,312	AGC, Inc. (Industrials)		1,467,867
	49,642	Aisin Corp. (Consumer Discretionary)		1,900,097
	39,565	Ajinomoto Co., Inc. (Consumer Staples)		1,168,295
	72,403	Asahi Group Holdings Ltd. (Consumer Staples)		3,370,371
	37,490	Asahi Intecc Co. Ltd. (Health Care)		1,136,371
	439,812	Astellas Pharma, Inc. (Health Care)		7,434,288
	34,550	Azbil Corp. (Information Technology)		1,501,695
	60,103	Bandai Namco Holdings, Inc. (Consumer Discretionary)		4,180,293
	70,114	Bridgestone Corp. (Consumer Discretionary)		3,231,907
	191,483	Brother Industries Ltd. (Information Technology)		3,935,633
	97,923	Canon, Inc. (Information Technology)		2,327,744
	104,534	Capcom Co. Ltd. (Communication Services)		2,921,167
	610,489	Chubu Electric Power Co., Inc. (Utilities)		7,385,216
	92,486	Chugai Pharmaceutical Co. Ltd. (Health Care)		3,626,704
	14,879	Cosmos Pharmaceutical Corp. (Consumer Staples)		2,638,293
	312,316	CyberAgent, Inc. (Communication Services)		5,745,409
	35,925	Dai-ichi Life Holdings, Inc. (Financials)		709,442
	142,201	Daiichi Sankyo Co. Ltd. (Health Care)		3,384,166
	19,648	Daikin Industries Ltd. (Industrials)		4,901,269
	40,565	Daito Trust Construction Co. Ltd. (Real Estate)		4,460,451
	26,231	Daiwa House Industry Co. Ltd. (Real Estate)		801,304
	434	Daiwa House REIT Investment Corp. REIT (Real Estate)		1,285,882
	113,553	Daiwa Securities Group, Inc. (Financials)		643,426
	38,107	Denso Corp. (Consumer Discretionary)		2,674,358
	103,027	Dentsu Group, Inc. (Communication Services)		3,826,235
	2,432	Disco Corp. (Information Technology)		709,499
	49,070	Eisai Co. Ltd. (Health Care)		4,058,347
	453,484	ENEOS Holdings, Inc. (Energy)		1,758,871
	9,226	FANUC Corp. (Industrials)		2,014,671
	7,722	Fast Retailing Co. Ltd. (Consumer Discretionary)		5,097,392
	83,405	FUJIFILM Holdings Corp. (Information Technology)		6,884,367
	63,780	Fujitsu Ltd. (Information Technology)		11,785,309


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2021


Shares		Description	Value

Common Stocks – (continued)
Japan – (continued)
	1,022	GLP J REIT (Real Estate)	$	1,857,759
	79,362	Hakuhodo DY Holdings, Inc. (Communication Services)		1,250,461
	22,433	Hamamatsu Photonics KK (Information Technology)		1,310,940
	22,211	Hankyu Hanshin Holdings, Inc. (Industrials)		666,168
	355,118	Hino Motors Ltd. (Industrials)		3,080,534
	5,370	Hirose Electric Co. Ltd. (Information Technology)		895,978
	133,499	Hitachi Ltd. (Industrials)		7,394,333
	46,312	Hitachi Metals Ltd. (Materials)*		895,804
	279,173	Honda Motor Co. Ltd. (Consumer Discretionary)		8,492,592
	97,570	Hoya Corp. (Health Care)		15,790,958
	26,305	Ibiden Co. Ltd. (Information Technology)		1,422,280
	41,907	Idemitsu Kosan Co. Ltd. (Energy)		1,006,287
	193,634	Iida Group Holdings Co. Ltd. (Consumer Discretionary)		4,928,096
	426,068	Inpex Corp. (Energy)		2,939,737
	90,416	Ito En Ltd. (Consumer Staples)		5,728,157
	267,687	ITOCHU Corp. (Industrials)		8,067,647
	36,515	Itochu Techno-Solutions Corp. (Information Technology)		1,131,746
	59,379	Japan Exchange Group, Inc. (Financials)		1,415,562
	800	Japan Metropolitan Fund Invest REIT (Real Estate)		778,445
	85,576	Japan Post Bank Co. Ltd. (Financials)		750,134
	405,708	Japan Post Holdings Co. Ltd. (Financials)*		3,487,257
	151,106	Japan Post Insurance Co. Ltd. (Financials)		2,744,006
	231	Japan Real Estate Investment Corp. REIT (Real Estate)		1,431,922
	94,083	Japan Tobacco, Inc. (Consumer Staples)		1,826,252
	52,024	JSR Corp. (Materials)		1,806,586
	279,496	Kajima Corp. (Industrials)		3,620,270
	146,820	Kakaku.com, Inc. (Communication Services)		4,583,949
	72,988	Kansai Electric Power Co., Inc. (The) (Utilities)		734,132
	68,276	Kao Corp. (Consumer Staples)		4,130,369
	212,819	KDDI Corp. (Communication Services)		6,528,309
	13,462	Keyence Corp. (Information Technology)		8,103,423
	58,135	Kikkoman Corp. (Consumer Staples)^(a)		4,370,973
	107,265	Kirin Holdings Co. Ltd. (Consumer Staples)		1,946,900
	15,192	Kobayashi Pharmaceutical Co. Ltd. (Consumer Staples)		1,190,635
	36,337	Koei Tecmo Holdings Co. Ltd. (Communication Services)		1,556,213


Common Stocks – (continued)
Japan – (continued)
	32,465	Komatsu Ltd. (Industrials)		786,802
	12,078	Konami Holdings Corp. (Communication Services)		767,381
	41,997	Kose Corp. (Consumer Staples)		5,084,290
	42,790	Kubota Corp. (Industrials)		885,908
	36,552	Kurita Water Industries Ltd. (Industrials)		1,716,806
	21,991	Kyocera Corp. (Information Technology)		1,370,384
	35,887	Kyowa Kirin Co. Ltd. (Health Care)		1,174,347
	13,334	Lasertec Corp. (Information Technology)		2,921,440
	79,303	Lawson, Inc. (Consumer Staples)^(a)		3,825,832
	194,716	Lion Corp. (Consumer Staples)		3,319,708
	72,701	Lixil Corp. (Industrials)		2,120,942
	50,170	M3, Inc. (Health Care)		3,379,830
	480,882	Marubeni Corp. (Industrials)		3,832,699
	255,106	Mazda Motor Corp. (Consumer Discretionary)*		2,217,606
	28,446	McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary)^(a)		1,359,380
	71,598	Medipal Holdings Corp. (Health Care)		1,370,568
	51,010	MEIJI Holdings Co. Ltd. (Consumer Staples)		3,138,791
	124,656	MISUMI Group, Inc. (Industrials)		4,952,880
	511,827	Mitsubishi Chemical Holdings Corp. (Materials)		4,499,568
	206,126	Mitsubishi Corp. (Industrials)		6,212,299
	141,095	Mitsubishi Electric Corp. (Industrials)		1,933,538
	41,695	Mitsubishi Estate Co. Ltd. (Real Estate)		653,169
	41,857	Mitsubishi Gas Chemical Co., Inc. (Materials)		790,581
	129,226	Mitsubishi HC Capital, Inc. (Financials)		692,828
	835,473	Mitsubishi UFJ Financial Group, Inc. (Financials)		4,520,345
	237,919	Mitsui & Co. Ltd. (Industrials)		5,260,379
	33,059	Mitsui Chemicals, Inc. (Materials)		1,143,494
	140,783	Mizuho Financial Group, Inc. (Financials)		1,977,318
	276,177	MonotaRO Co. Ltd. (Industrials)		6,116,317
	33,567	MS&AD Insurance Group Holdings, Inc. (Financials)		1,086,207
	51,528	Murata Manufacturing Co. Ltd. (Information Technology)		4,277,115
	140,726	NEC Corp. (Information Technology)		7,403,935
	40,206	Nexon Co. Ltd. (Communication Services)		735,609
	24,929	NH Foods Ltd. (Consumer Staples)		967,797
	37,777	Nidec Corp. (Industrials)		4,339,575
	50,468	Nihon M&A Center, Inc. (Industrials)		1,511,376
	10,536	Nintendo Co. Ltd. (Communication Services)		5,073,315
	111	Nippon Building Fund, Inc. REIT (Real Estate)		722,419


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Japan – (continued)
	11,277	Nippon Express Co. Ltd. (Industrials)	$	768,840
	476	Nippon Prologis REIT, Inc. REIT (Real Estate)		1,717,950
	366,440	Nippon Telegraph & Telephone Corp. (Communication Services)		9,793,081
	110,775	Nippon Yusen KK (Industrials)		8,943,876
	19,407	Nissan Chemical Corp. (Materials)		1,089,943
	335,313	Nissan Motor Co. Ltd. (Consumer Discretionary)*		1,765,689
	38,224	Nisshin Seifun Group, Inc. (Consumer Staples)		627,672
	15,751	Nissin Foods Holdings Co. Ltd. (Consumer Staples)		1,227,276
	36,972	Nitori Holdings Co. Ltd. (Consumer Discretionary)		6,925,940
	25,190	Nitto Denko Corp. (Materials)		1,916,880
	54,030	Nomura Research Institute Ltd. (Information Technology)		2,033,625
	169,387	NTT Data Corp. (Information Technology)		3,054,393
	104,676	Obayashi Corp. (Industrials)		863,248
	4,725	Obic Co. Ltd. (Information Technology)		901,045
	236,375	Olympus Corp. (Health Care)		4,973,428
	49,367	Omron Corp. (Information Technology)		4,664,386
	62,330	Ono Pharmaceutical Co. Ltd. (Health Care)		1,500,096
	11,369	Oriental Land Co. Ltd. (Consumer Discretionary)		1,724,081
	75,637	ORIX Corp. (Financials)		1,412,428
	428	Orix JREIT, Inc. REIT (Real Estate)		763,980
	52,573	Osaka Gas Co. Ltd. (Utilities)		987,239
	19,650	Otsuka Corp. (Information Technology)		1,019,525
	39,603	Otsuka Holdings Co. Ltd. (Health Care)		1,687,435
	44,040	Pan Pacific International Holdings Corp. (Consumer Discretionary)		840,632
	335,370	Panasonic Corp. (Consumer Discretionary)		4,005,147
	158,900	Persol Holdings Co. Ltd. (Industrials)		3,720,106
	81,568	Pigeon Corp. (Consumer Staples)		2,364,774
	181,024	Pola Orbis Holdings, Inc. (Consumer Staples)^(a)		3,961,239
	237,382	Recruit Holdings Co. Ltd. (Industrials)		14,044,994
	380,612	Renesas Electronics Corp. (Information Technology)*		4,119,312
	282,711	Resona Holdings, Inc. (Financials)		1,095,486
	545,752	Ricoh Co. Ltd. (Information Technology)		5,563,829
	9,598	Rinnai Corp. (Consumer Discretionary)		1,033,537
	134,986	Ryohin Keikaku Co. Ltd. (Consumer Discretionary)		2,897,296
	14,499	Secom Co. Ltd. (Industrials)		1,101,349


Common Stocks – (continued)
Japan – (continued)
	74,424	Seiko Epson Corp. (Information Technology)		1,388,760
	73,220	Sekisui Chemical Co. Ltd. (Consumer Discretionary)		1,255,657
	73,992	Sekisui House Ltd. (Consumer Discretionary)		1,477,011
	102,566	Seven & i Holdings Co. Ltd. (Consumer Staples)		4,495,315
	28,262	SG Holdings Co. Ltd. (Industrials)		769,706
	50,202	Shimadzu Corp. (Information Technology)		2,255,114
	7,926	Shimano, Inc. (Consumer Discretionary)		2,330,328
	25,215	Shin-Etsu Chemical Co. Ltd. (Materials)		4,178,400
	21,169	Shionogi & Co. Ltd. (Health Care)		1,339,586
	130,378	Shiseido Co. Ltd. (Consumer Staples)		8,655,077
	79,211	Shizuoka Bank Ltd. (The) (Financials)		621,517
	2,518	SMC Corp. (Industrials)		1,616,095
	292,824	SoftBank Corp. (Communication Services)		3,927,509
	71,604	SoftBank Group Corp. (Communication Services)		4,028,621
	16,082	Sohgo Security Services Co. Ltd. (Industrials)		729,736
	15,228	Sompo Holdings, Inc. (Financials)		669,222
	118,321	Sony Group Corp. (Consumer Discretionary)		12,234,904
	28,243	Square Enix Holdings Co. Ltd. (Communication Services)		1,647,894
	44,276	Subaru Corp. (Consumer Discretionary)		820,754
	39,956	SUMCO Corp. (Information Technology)		844,873
	855,416	Sumitomo Chemical Co. Ltd. (Materials)		4,344,822
	388,489	Sumitomo Corp. (Industrials)		5,497,052
	221,861	Sumitomo Dainippon Pharma Co. Ltd. (Health Care)		3,982,431
	52,241	Sumitomo Electric Industries Ltd. (Consumer Discretionary)		699,257
	19,776	Sumitomo Metal Mining Co. Ltd. (Materials)		760,366
	151,165	Sumitomo Mitsui Financial Group, Inc. (Financials)		5,230,094
	40,214	Sumitomo Mitsui Trust Holdings, Inc. (Financials)		1,317,040
	64,946	Suntory Beverage & Food Ltd. (Consumer Staples)		2,604,106
	59,332	Sysmex Corp. (Health Care)		6,761,666
	27,168	Taisho Pharmaceutical Holdings Co. Ltd. (Health Care)		1,587,644
	145,697	Takeda Pharmaceutical Co. Ltd. (Health Care)		4,879,112
	12,001	TDK Corp. (Information Technology)		1,263,896
	45,673	Terumo Corp. (Health Care)		1,911,149


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2021


Shares		Description	Value

Common Stocks – (continued)
Japan – (continued)
	24,886	Toho Co. Ltd. (Communication Services)	$	1,078,257
	23,156	Toho Gas Co. Ltd. (Utilities)		1,081,288
	115,530	Tohoku Electric Power Co., Inc. (Utilities)		885,457
	32,886	Tokio Marine Holdings, Inc. (Financials)		1,609,576
	23,949	Tokyo Electron Ltd. (Information Technology)		10,298,114
	118,654	Tokyo Gas Co. Ltd. (Utilities)		2,285,380
	37,580	TOPPAN, Inc. (Industrials)		646,516
	248,754	Toray Industries, Inc. (Materials)		1,679,644
	30,202	Toshiba Corp. (Industrials)		1,312,712
	22,565	TOTO Ltd. (Industrials)		1,230,333
	33,201	Toyo Suisan Kaisha Ltd. (Consumer Staples)		1,376,575
	14,267	Toyota Industries Corp. (Consumer Discretionary)		1,206,448
	133,139	Toyota Motor Corp. (Consumer Discretionary)		11,624,516
	76,941	Toyota Tsusho Corp. (Industrials)		3,407,227
	24,300	Trend Micro, Inc. (Information Technology)		1,333,779
	33,498	Tsuruha Holdings, Inc. (Consumer Staples)		4,223,078
	49,528	Unicharm Corp. (Consumer Staples)		2,210,862
	597	United Urban Investment Corp. REIT (Real Estate)		845,560
	42,909	USS Co. Ltd. (Consumer Discretionary)		711,244
	143,266	Welcia Holdings Co. Ltd. (Consumer Staples)		5,066,343
	16,544	Yakult Honsha Co. Ltd. (Consumer Staples)		954,751
	1,219,381	Yamada Holdings Co. Ltd. (Consumer Discretionary)		5,250,020
	142,854	Yamato Holdings Co. Ltd. (Industrials)		3,640,918
	17,233	Yaskawa Electric Corp. (Industrials)		843,924
	60,520	Yokogawa Electric Corp. (Information Technology)		949,171
	139,560	Z Holdings Corp. (Communication Services)		910,837
	237,131	ZOZO, Inc. (Consumer Discretionary)		9,054,838

				616,645,723

Jordan – 0.1%
	83,976	Hikma Pharmaceuticals PLC (Health Care)		2,933,217

Luxembourg – 0.6%
	392,741	ArcelorMittal (Materials)		13,164,231
	30,195	Eurofins Scientific SE (Health Care)		4,280,092

				17,444,323


Common Stocks – (continued)
Netherlands – 4.2%
	1,823	Adyen NV (Information Technology)*^(b)		5,884,533
	614,623	Aegon NV (Financials)		3,042,879
	18,589	Akzo Nobel NV (Materials)		2,290,888
	6,950	ASM International NV (Information Technology)		2,695,875
	44,180	ASML Holding NV (Information Technology)		36,741,263
	43,616	Heineken Holding NV (Consumer Staples)		4,041,689
	23,343	Heineken NV (Consumer Staples)^(a)		2,554,370
	356,839	ING Groep NV (Financials)		4,928,396
	83,924	JDE Peet’s NV (Consumer Staples)^(a)		2,882,880
	413,015	Koninklijke Ahold Delhaize NV (Consumer Staples)		13,929,112
	22,790	Koninklijke DSM NV (Materials)		4,849,165
	364,712	Koninklijke KPN NV (Communication Services)		1,168,442
	160,727	Koninklijke Philips NV (Health Care)		7,407,063
	32,933	Koninklijke Vopak NV (Energy)		1,425,573
	90,346	NN Group NV (Financials)		4,689,351
	81,595	Randstad NV (Industrials)		6,000,659
	447,231	Royal Dutch Shell PLC, Class A (Energy)		8,811,524
	382,962	Royal Dutch Shell PLC, Class B (Energy)		7,542,108
	85,174	Wolters Kluwer NV (Industrials)		9,794,957

				130,680,727

New Zealand – 0.4%
	206,950	a2 Milk Co. Ltd. (The) (Consumer Staples)*		878,341
	158,043	Fisher & Paykel Healthcare Corp. Ltd. (Health Care)		3,681,997
	249,987	Mercury NZ Ltd. (Utilities)		1,170,090
	444,171	Spark New Zealand Ltd. (Communication Services)		1,524,070
	34,588	Xero Ltd. (Information Technology)*		3,837,803

				11,092,301

Norway – 0.5%
	45,492	DNB Bank ASA (Financials)		959,448
	40,160	Equinor ASA (Energy)		852,253
	207,503	Gjensidige Forsikring ASA (Financials)		4,845,912
	51,154	Mowi ASA (Consumer Staples)		1,368,557
	822,931	Norsk Hydro ASA (Materials)		5,673,789
	115,760	Orkla ASA (Consumer Staples)		1,032,955
	79,964	Telenor ASA (Communication Services)		1,399,428

				16,132,342

Poland – 0.1%
	180,696	InPost SA (Industrials)*		3,519,491


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Portugal – 0.3%
	156,162	EDP – Energias de Portugal SA (Utilities)	$	857,556
	347,676	Jeronimo Martins SGPS SA (Consumer Staples)		7,366,930

				8,224,486

Russia – 0.3%
	85,458	Coca-Cola HBC AG (Consumer Staples)*		3,092,009
	555,024	Evraz PLC (Materials)		4,509,782

				7,601,791

Saudi Arabia – 0.1%
	15,301	Delivery Hero SE (Consumer Discretionary)*^(b)		2,214,408

Singapore – 0.9%
	236,561	CapitaLand Ltd. (Real Estate)		703,475
	323,920	DBS Group Holdings Ltd. (Financials)		7,217,220
	576,125	Mapletree Logistics Trust REIT (Real Estate)		869,477
	739,972	Oversea-Chinese Banking Corp. Ltd. (Financials)		6,287,919
	1,118,510	Singapore Exchange Ltd. (Financials)		8,232,287
	389,686	Singapore Telecommunications Ltd. (Communication Services)		672,122
	209,177	United Overseas Bank Ltd. (Financials)		3,977,955
	69,879	Venture Corp. Ltd. (Information Technology)		995,377

				28,955,832

South Africa – 0.2%
	117,456	Anglo American PLC (Materials)		4,961,003

Spain – 1.9%
	283,224	ACS Actividades de Construccion y Servicios SA (Industrials)		7,642,820
	598,786	Banco Bilbao Vizcaya Argentaria SA (Financials)*		3,920,823
	1,107,655	Banco Santander SA (Financials)*		4,089,302
	1,130,895	CaixaBank SA (Financials)		3,513,626
	54,396	Cellnex Telecom SA (Communication Services)*^(b)		3,724,280
	35,462	EDP Renovaveis SA (Utilities)		942,712
	82,636	Enagas SA (Utilities)		1,879,255
	81,713	Endesa SA (Utilities)		1,963,886
	45,912	Ferrovial SA (Industrials)		1,328,905
	105,341	Grifols SA (Health Care)		2,572,796
	674,217	Iberdrola SA (Utilities)		8,352,751
	203,326	Industria de Diseno Textil SA (Consumer Discretionary)		6,938,864
	57,873	Naturgy Energy Group SA (Utilities)		1,489,292
	82,148	Red Electrica Corp. SA (Utilities)		1,637,850
	643,510	Repsol SA (Energy)		7,372,219


Common Stocks – (continued)
Spain – (continued)
	535,313	Telefonica SA (Communication Services)		2,642,331

				60,011,712

Sweden – 3.2%
	24,395	Alfa Laval AB (Industrials)		988,378
	66,162	Assa Abloy AB, Class B (Industrials)		2,112,307
	82,717	Atlas Copco AB, Class A (Industrials)		5,672,362
	34,105	Atlas Copco AB, Class B (Industrials)		1,970,819
	21,401	Boliden AB (Materials)		745,436
	118,620	Electrolux AB, Series B (Consumer Discretionary)		3,001,665
	104,024	Epiroc AB, Class A (Industrials)		2,280,095
	45,334	Epiroc AB, Class B (Industrials)		860,379
	106,932	EQT AB (Financials)		5,442,749
	43,426	Essity AB, Class B (Consumer Staples)		1,391,458
	24,754	Evolution AB (Consumer Discretionary)^(b)		3,984,183
	10,731	Fastighets AB Balder, Class B (Real Estate)*		766,194
	175,763	H & M Hennes & Mauritz AB, Class B (Consumer Discretionary)*		3,519,065
	190,998	Hexagon AB, Class B (Information Technology)		3,305,401
	226,831	Husqvarna AB, Class B (Consumer Discretionary)		3,039,328
	32,895	ICA Gruppen AB (Consumer Staples)		1,634,726
	56,320	Industrivarden AB, Class A (Financials)		2,070,605
	50,653	Industrivarden AB, Class C (Financials)		1,763,750
	58,683	Investment AB Latour, Class B (Industrials)		2,039,960
	275,342	Investor AB, Class B (Financials)		6,578,642
	126,109	Kinnevik AB, Class B (Financials)*		4,935,662
	19,538	L E Lundbergforetagen AB, Class B (Financials)		1,245,742
	203,200	Nibe Industrier AB, Class B (Industrials)		2,829,720
	92,906	Sandvik AB (Industrials)		2,366,032
	180,843	Securitas AB, Class B (Industrials)		2,998,820
	98,177	Sinch AB (Information Technology)*^(b)		2,200,236
	108,693	Skandinaviska Enskilda Banken AB, Class A (Financials)		1,458,274
	219,406	Skanska AB, Class B (Industrials)		6,311,448
	91,313	Svenska Cellulosa AB SCA, Class B (Materials)		1,609,326
	72,998	Svenska Handelsbanken AB, Class A (Financials)		820,173
	58,715	Swedbank AB, Class A (Financials)		1,132,479
	917,251	Swedish Match AB (Consumer Staples)		8,460,414
	94,421	Tele2 AB, Class B (Communication Services)		1,413,804


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2021


Shares		Description	Value

Common Stocks – (continued)
Sweden – (continued)
	407,784	Telefonaktiebolaget LM Ericsson, Class B (Information Technology)	$	4,829,030
	323,841	Telia Co. AB (Communication Services)		1,388,535
	112,213	Volvo AB, Class B (Industrials)		2,534,799

				99,701,996

Switzerland – 8.4%
	154,772	ABB Ltd. (Industrials)		5,730,982
	47,727	Adecco Group AG (Industrials)		2,656,102
	20,782	Alcon, Inc. (Health Care)		1,711,472
	7,298	Baloise Holding AG (Financials)		1,163,952
	16,611	Banque Cantonale Vaudoise (Financials)		1,408,957
	728	Barry Callebaut AG (Consumer Staples)		1,854,868
	366	Chocoladefabriken Lindt & Spruengli AG (Consumer Staples)		4,303,062
	44,976	Cie Financiere Richemont SA (Consumer Discretionary)		4,958,873
	86,968	Credit Suisse Group AG (Financials)		922,228
	2,874	EMS-Chemie Holding AG (Materials)		3,113,853
	4,704	Geberit AG (Industrials)		3,929,372
	1,152	Givaudan SA (Materials)		5,778,549
	71,545	Holcim Ltd. (Materials)*		4,076,905
	40,192	Kuehne + Nagel International AG (Industrials)		14,702,625
	56,530	Logitech International SA (Information Technology)		5,778,581
	7,495	Lonza Group AG (Health Care)		6,340,948
	392,877	Nestle SA (Consumer Staples)		49,638,758
	276,888	Novartis AG (Health Care)		25,628,878
	8,309	Partners Group Holding AG (Financials)		14,730,436
	10,421	Roche Holding AG-BR (Health Care)^(a)		4,664,167
	103,449	Roche Holding AG-Genussschein (Health Care)		41,529,796
	6,107	Schindler Holding AG (Industrials)		1,904,000
	8,310	Schindler Holding AG Participation Certificates (Industrials)		2,683,367
	2,355	SGS SA (Industrials)		7,398,821
	15,444	Sika AG (Materials)		5,565,269
	4,464	Sonova Holding AG (Health Care)		1,720,203
	133,680	STMicroelectronics NV (Information Technology)		5,951,520
	4,430	Straumann Holding AG (Health Care)		8,559,686
	11,831	Swatch Group AG (The) – Bearer (Consumer Discretionary)		3,334,713
	53,327	Swatch Group AG (The) – Registered (Consumer Discretionary)		2,931,078
	2,492	Swiss Life Holding AG (Financials)		1,299,251
	16,990	Swiss Prime Site AG (Real Estate)		1,816,681
	3,140	Swisscom AG (Communication Services)		1,842,078
	358,228	UBS Group AG (Financials)		5,975,355
	6,531	Vifor Pharma AG (Health Care)		929,690


Common Stocks – (continued)
Switzerland – (continued)
	9,172	Zurich Insurance Group AG (Financials)		4,025,047

				260,560,123

Taiwan – 0.1%
	7,430	Sea Ltd. ADR (Communication Services)*		2,513,718

United Kingdom – 10.2%
	134,214	3i Group PLC (Financials)		2,470,524
	742,491	Abrdn PLC (Financials)		2,713,021
	295,176	Admiral Group PLC (Financials)		14,669,184
	71,281	Ashtead Group PLC (Industrials)		5,581,918
	107,868	Associated British Foods PLC (Consumer Staples)		2,939,377
	149,702	AstraZeneca PLC (Health Care)		17,541,175
	1,012,991	Auto Trader Group PLC (Communication Services)^(b)		8,769,073
	15,510	AVEVA Group PLC (Information Technology)		882,856
	1,119,668	Aviva PLC (Financials)		6,226,952
	246,102	BAE Systems PLC (Industrials)		1,925,159
	1,389,545	Barclays PLC (Financials)		3,535,957
	290,267	Barratt Developments PLC (Consumer Discretionary)		2,952,158
	20,315	Berkeley Group Holdings PLC (Consumer Discretionary)		1,349,558
	1,257,709	BP PLC (Energy)		5,139,974
	291,916	British American Tobacco PLC (Consumer Staples)		10,963,744
	518,739	BT Group PLC (Communication Services)*		1,212,227
	69,796	Bunzl PLC (Industrials)		2,532,056
	315,238	Burberry Group PLC (Consumer Discretionary)		8,067,374
	774,426	CK Hutchison Holdings Ltd. (Industrials)		5,650,855
	291,303	CNH Industrial NV (Industrials)		4,814,158
	62,498	Coca-Cola Europacific Partners PLC (Consumer Staples)		3,608,635
	43,031	Compass Group PLC (Consumer Discretionary)*		888,618
	41,313	Croda International PLC (Materials)		5,201,281
	36,314	DCC PLC (Industrials)		3,088,588
	182,360	Diageo PLC (Consumer Staples)		8,768,997
	224,190	Direct Line Insurance Group PLC (Financials)		953,393
	184,549	Entain PLC (Consumer Discretionary)*		4,909,542
	115,203	Experian PLC (Industrials)		5,079,883
	652,230	GlaxoSmithKline PLC (Health Care)		13,123,376
	53,916	Halma PLC (Information Technology)		2,228,283
	348,552	Hargreaves Lansdown PLC (Financials)		7,236,196
	752,678	HSBC Holdings PLC (Financials)		4,000,543


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
United Kingdom – (continued)
	224,518	Imperial Brands PLC (Consumer Staples)	$	4,763,127
	23,352	Intertek Group PLC (Industrials)		1,693,683
	2,967,140	J Sainsbury PLC (Consumer Staples)		12,413,923
	643,893	JD Sports Fashion PLC (Consumer Discretionary)		8,945,764
	81,161	Johnson Matthey PLC (Materials)		3,282,800
	7,541	Just Eat Takeaway.com NV (Consumer Discretionary)*^(b)		682,944
	1,172,452	Kingfisher PLC (Consumer Discretionary)		5,652,397
	961,540	Legal & General Group PLC (Financials)		3,575,610
	10,361,171	Lloyds Banking Group PLC (Financials)		6,242,125
	11,515	London Stock Exchange Group PLC (Financials)		1,260,829
	1,367,074	Melrose Industries PLC (Industrials)		3,155,921
	221,530	National Grid PLC (Utilities)		2,869,842
	557,197	Natwest Group PLC (Financials)		1,634,141
	62,322	Next PLC (Consumer Discretionary)		6,784,460
	38,393	Ocado Group PLC (Consumer Staples)*		1,063,637
	185,193	Pearson PLC (Communication Services)		1,956,397
	203,632	Phoenix Group Holdings PLC (Financials)		1,747,070
	50,405	Prudential PLC (Financials)		1,050,954
	63,485	Reckitt Benckiser Group PLC (Consumer Staples)		4,839,494
	226,632	RELX PLC (Industrials)		6,805,710
	216,930	Rentokil Initial PLC (Industrials)		1,732,784
	682,390	Sage Group PLC (The) (Information Technology)		6,970,293
	45,470	Schroders PLC (Financials)		2,365,452
	329,350	Segro PLC REIT (Real Estate)		5,819,962
	65,511	Severn Trent PLC (Utilities)		2,490,206
	193,184	Smith & Nephew PLC (Health Care)		3,708,880
	16,245	Spirax-Sarco Engineering PLC (Industrials)		3,601,743
	66,496	SSE PLC (Utilities)		1,493,985
	235,630	St James’s Place PLC (Financials)		5,221,002
	201,666	Standard Chartered PLC (Financials)		1,262,265
	495,940	Taylor Wimpey PLC (Consumer Discretionary)		1,248,361
	761,618	Tesco PLC (Consumer Staples)		2,674,424
	261,736	Unilever PLC (Consumer Staples)		14,574,269
	122,907	United Utilities Group PLC (Utilities)		1,788,770
	3,131,356	Vodafone Group PLC (Communication Services)		5,255,902


Common Stocks – (continued)
United Kingdom – (continued)
	335,950	WPP PLC (Communication Services)		4,547,687

				314,201,448

United States – 1.4%
	57,550	Bausch Health Cos., Inc. (Health Care)*		1,674,149
	17,310	Brookfield Renewable Corp., Class A (Utilities)		757,385
	4,973	CyberArk Software Ltd. (Information Technology)*		835,166
	111,959	Ferguson PLC (Industrials)		16,186,483
	77,782	James Hardie Industries PLC CDI (Materials)		3,015,163
	50,146	QIAGEN NV (Health Care)*		2,774,461
	61,091	Schneider Electric SE (Industrials)		10,910,974
	225,954	Stellantis NV (Consumer Discretionary)		4,516,226
	10,518	Swiss Re AG (Financials)		967,465
	122,919	Tenaris SA (Energy)		1,238,571

				42,876,043

Zambia – 0.1%
	67,359	First Quantum Minerals Ltd. (Materials)		1,400,858

	TOTAL COMMON STOCKS
	(Cost $2,445,659,053)		$	3,061,005,909


Shares		Description	Rate			Value

Preferred Stocks – 0.7%
Germany – 0.7%
	38,393	Bayerische Motoren Werke AG (Consumer Discretionary)		2.77	%	$	3,213,258
	96,690	FUCHS PETROLUB SE (Materials)		2.29			4,891,940
	24,356	Henkel AG & Co. KGaA (Consumer Staples)		2.25			2,378,860
	8,598	Porsche Automobil Holding SE (Consumer Discretionary)		2.55			870,422
	7,385	Sartorius AG (Health Care)		0.12			4,864,431
	22,677	Volkswagen AG (Consumer Discretionary)		2.42			5,388,610

	TOTAL PREFERRED STOCKS
	(Cost $18,003,910)					$	21,607,521

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $2,463,662,963)					$	3,082,613,430


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2021


Shares		Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 1.2%^(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	37,762,053	0.026%	$	37,762,053
	(Cost $37,762,053)

	TOTAL INVESTMENTS – 100.9%
	(Cost $2,501,425,016)		$	3,120,375,483

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.9)%			(27,139,998	)

	NET ASSETS – 100.0%		$	3,093,235,485



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


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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

Schedule of Investments

August 31, 2021


Shares		Description	Value

Common Stocks – 99.8%
Communication Services – 8.5%
	1,935	Capcom Co. Ltd.	$	54,073
	3,614	CyberAgent, Inc.		66,484
	712	Dentsu Group, Inc.		26,442
	2,376	Hakuhodo DY Holdings, Inc.		37,437
	970	Kakaku.com, Inc.		30,285
	6,031	KDDI Corp.		185,003
	792	Koei Tecmo Holdings Co. Ltd.		33,919
	438	Konami Holdings Corp.		27,829
	1,717	Nexon Co. Ltd.		31,414
	411	Nintendo Co. Ltd.		197,906
	6,528	Nippon Telegraph & Telephone Corp.		174,460
	9,263	SoftBank Corp.		124,240
	3,609	SoftBank Group Corp.		203,052
	752	Square Enix Holdings Co. Ltd.		43,877
	418	Toho Co. Ltd.		18,111
	5,952	Z Holdings Corp.		38,846

				1,293,378

Consumer Discretionary – 18.2%
	491	ABC-Mart, Inc.		26,324
	1,408	Aisin Corp.		53,893
	806	Bandai Namco Holdings, Inc.		56,059
	1,780	Bridgestone Corp.		82,049
	849	Casio Computer Co. Ltd.		13,130
	1,184	Denso Corp.		83,093
	190	Fast Retailing Co. Ltd.		125,421
	88	Hikari Tsushin, Inc.		15,436
	6,748	Honda Motor Co. Ltd.		205,278
	4,274	Iida Group Holdings Co. Ltd.		108,776
	536	Isuzu Motors Ltd.		6,791
	223	Koito Manufacturing Co. Ltd.		13,661
	7,835	Mazda Motor Corp.*		68,109
	531	McDonald’s Holdings Co. Japan Ltd.		25,375
	467	Mercari, Inc.*		23,125
	11,620	Nissan Motor Co. Ltd.*		61,188
	334	Nitori Holdings Co. Ltd.		62,568
	307	Oriental Land Co. Ltd.		46,556
	1,732	Pan Pacific International Holdings Corp.		33,060
	11,237	Panasonic Corp.		134,198
	1,155	Rakuten Group, Inc.		12,111
	180	Rinnai Corp.		19,383
	1,535	Ryohin Keikaku Co. Ltd.		32,947
	1,687	Sekisui Chemical Co. Ltd.		28,931
	1,231	Sekisui House Ltd.		24,573
	438	Sharp Corp.		5,793
	236	Shimano, Inc.		69,386
	3,997	Sony Group Corp.		413,307
	332	Stanley Electric Co. Ltd.		8,305
	1,612	Subaru Corp.		29,882
	1,251	Sumitomo Electric Industries Ltd.		16,745
	696	Suzuki Motor Corp.		30,131
	607	Toyota Industries Corp.		51,329
	6,148	Toyota Motor Corp.		536,789
	765	USS Co. Ltd.		12,680
	28,252	Yamada Holdings Co. Ltd.		121,638


Common Stocks – (continued)
Consumer Discretionary – (continued)
	409	Yamaha Corp.		24,162
	995	Yamaha Motor Co. Ltd.		25,360
	1,320	ZOZO, Inc.		50,404

				2,757,946

Consumer Staples – 8.8%
	2,895	Aeon Co. Ltd.^(a)		76,934
	1,882	Ajinomoto Co., Inc.		55,573
	1,424	Asahi Group Holdings Ltd.		66,287
	188	Cosmos Pharmaceutical Corp.		33,336
	636	Ito En Ltd.		40,293
	3,928	Japan Tobacco, Inc.		76,247
	1,614	Kao Corp.		97,639
	642	Kikkoman Corp.^(a)		48,270
	2,896	Kirin Holdings Co. Ltd.		52,563
	387	Kobayashi Pharmaceutical Co. Ltd.		30,330
	424	Kobe Bussan Co. Ltd.		16,518
	311	Kose Corp.		37,651
	855	Lawson, Inc.		41,248
	1,640	Lion Corp.		27,960
	664	MEIJI Holdings Co. Ltd.		40,858
	553	NH Foods Ltd.		21,469
	1,103	Nisshin Seifun Group, Inc.		18,112
	431	Nissin Foods Holdings Co. Ltd.		33,582
	881	Pigeon Corp.		25,541
	1,290	Pola Orbis Holdings, Inc.^(a)		28,228
	2,852	Seven & i Holdings Co. Ltd.		124,999
	1,220	Shiseido Co. Ltd.		80,989
	1,097	Suntory Beverage & Food Ltd.		43,986
	762	Toyo Suisan Kaisha Ltd.		31,594
	367	Tsuruha Holdings, Inc.		46,268
	1,358	Unicharm Corp.		60,619
	1,345	Welcia Holdings Co. Ltd.		47,564
	440	Yakult Honsha Co. Ltd.		25,392

				1,330,050

Energy – 0.8%
	13,032	ENEOS Holdings, Inc.		50,546
	527	Idemitsu Kosan Co. Ltd.		12,654
	7,888	Inpex Corp.		54,425

				117,625

Financials – 7.4%
	5,741	Acom Co. Ltd.		22,209
	1,127	Chiba Bank Ltd. (The)		7,048
	1,916	Concordia Financial Group Ltd.		7,447
	4,719	Dai-ichi Life Holdings, Inc.		93,190
	2,521	Daiwa Securities Group, Inc.		14,285
	2,075	Japan Exchange Group, Inc.		49,467
	1,520	Japan Post Bank Co. Ltd.		13,324
	11,787	Japan Post Holdings Co. Ltd.*		101,315
	4,755	Japan Post Insurance Co. Ltd.		86,348
	1,998	Mitsubishi HC Capital, Inc.		10,712
	32,812	Mitsubishi UFJ Financial Group, Inc.		177,530
	5,893	Mizuho Financial Group, Inc.		82,768
	916	MS&AD Insurance Group Holdings, Inc.		29,641


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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

Schedule of Investments (continued)

August 31, 2021


Shares		Description	Value

Common Stocks – (continued)
Financials – (continued)
	5,006	Nomura Holdings, Inc.	$	24,315
	2,672	ORIX Corp.		49,896
	4,384	Resona Holdings, Inc.		16,988
	1,048	SBI Holdings, Inc.		25,470
	1,674	Shizuoka Bank Ltd. (The)		13,135
	1,023	Sompo Holdings, Inc.		44,958
	3,896	Sumitomo Mitsui Financial Group, Inc.		134,796
	910	Sumitomo Mitsui Trust Holdings, Inc.		29,803
	1,114	T&D Holdings, Inc.		13,537
	1,412	Tokio Marine Holdings, Inc.		69,109
	66	Tokyo Century Corp.		3,779

				1,121,070

Health Care – 10.1%
	1,192	Asahi Intecc Co. Ltd.		36,131
	8,261	Astellas Pharma, Inc.		139,639
	2,257	Chugai Pharmaceutical Co. Ltd.		88,505
	5,199	Daiichi Sankyo Co. Ltd.		123,728
	864	Eisai Co. Ltd.		71,457
	277	Hisamitsu Pharmaceutical Co., Inc.		11,119
	1,227	Hoya Corp.		198,581
	1,283	Kyowa Kirin Co. Ltd.		41,984
	1,380	M3, Inc.		92,967
	910	Medipal Holdings Corp.		17,420
	305	Nippon Shinyaku Co. Ltd.		24,792
	3,756	Olympus Corp.		79,028
	1,873	Ono Pharmaceutical Co. Ltd.		45,078
	1,781	Otsuka Holdings Co. Ltd.		75,886
	551	PeptiDream, Inc.*		19,460
	1,878	Santen Pharmaceutical Co. Ltd.		28,035
	941	Shionogi & Co. Ltd.		59,547
	1,941	Sumitomo Dainippon Pharma Co. Ltd.		34,841
	780	Sysmex Corp.		88,891
	356	Taisho Pharmaceutical Holdings Co. Ltd.		20,804
	4,922	Takeda Pharmaceutical Co. Ltd.		164,828
	1,575	Terumo Corp.		65,905

				1,528,626

Industrials – 20.0%
	962	AGC, Inc.		46,585
	308	ANA Holdings, Inc.*		7,305
	216	Central Japan Railway Co.		31,704
	564	Dai Nippon Printing Co. Ltd.		13,430
	163	Daifuku Co. Ltd.		14,422
	706	Daikin Industries Ltd.		176,114
	553	East Japan Railway Co.		37,405
	353	FANUC Corp.		77,084
	518	Fuji Electric Co. Ltd.		22,467
	647	Hankyu Hanshin Holdings, Inc.		19,405
	77	Harmonic Drive Systems, Inc.		4,268
	7,146	Hino Motors Ltd.		61,989
	147	Hitachi Construction Machinery Co. Ltd.		4,222
	3,266	Hitachi Ltd.		180,899
	172	Hoshizaki Corp.		16,173
	4,462	ITOCHU Corp.		134,477
	385	Japan Airlines Co. Ltd.*		8,204


Common Stocks – (continued)
Industrials – (continued)
	7,197	Kajima Corp.		93,222
	161	Keio Corp.		8,676
	264	Keisei Electric Railway Co. Ltd.		8,134
	361	Kintetsu Group Holdings Co. Ltd.*		12,355
	1,844	Komatsu Ltd.		44,690
	2,276	Kubota Corp.		47,121
	817	Kurita Water Industries Ltd.		38,374
	1,708	Lixil Corp.		49,828
	441	Makita Corp.		25,370
	8,046	Marubeni Corp.		64,128
	1,559	MINEBEA MITSUMI, Inc.		40,202
	1,435	MISUMI Group, Inc.		57,016
	5,954	Mitsubishi Corp.		179,444
	4,799	Mitsubishi Electric Corp.		65,765
	332	Mitsubishi Heavy Industries Ltd.		8,791
	7,506	Mitsui & Co. Ltd.		165,957
	475	Miura Co. Ltd.		21,359
	2,101	MonotaRO Co. Ltd.		46,530
	257	Nabtesco Corp.		10,200
	426	NGK Insulators Ltd.		7,077
	1,181	Nidec Corp.		135,666
	1,440	Nihon M&A Center, Inc.		43,124
	270	Nippon Express Co. Ltd.		18,408
	1,353	Nippon Yusen KK		109,240
	1,517	Obayashi Corp.		12,510
	389	Odakyu Electric Railway Co. Ltd.		9,079
	1,448	Persol Holdings Co. Ltd.		33,900
	4,025	Recruit Holdings Co. Ltd.		238,144
	440	Secom Co. Ltd.		33,423
	1,413	SG Holdings Co. Ltd.		38,483
	1,183	Shimizu Corp.		8,507
	119	SMC Corp.		76,376
	296	Sohgo Security Services Co. Ltd.		13,431
	9,086	Sumitomo Corp.		128,565
	372	Taisei Corp.		11,665
	181	THK Co. Ltd.		4,206
	583	Tobu Railway Co. Ltd.		15,236
	1,275	Tokyu Corp.		17,583
	614	TOPPAN, Inc.		10,563
	749	Toshiba Corp.		32,555
	655	TOTO Ltd.		35,713
	1,167	Toyota Tsusho Corp.		51,679
	317	West Japan Railway Co.		17,359

	2,213	Yamato Holdings Co. Ltd.		56,403
	768	Yaskawa Electric Corp.		37,610

				3,039,820

Information Technology – 16.4%
	1,049	Advantest Corp.		90,902
	847	Azbil Corp.		36,814
	2,039	Brother Industries Ltd.		41,908
	3,677	Canon, Inc.		87,407
	129	Disco Corp.		37,634
	1,615	FUJIFILM Holdings Corp.		133,304
	1,035	Fujitsu Ltd.		191,248
	63	GMO Payment Gateway, Inc.		8,298


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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Information Technology – (continued)
	702	Hamamatsu Photonics KK	$	41,024
	202	Hirose Electric Co. Ltd.		33,703
	535	Ibiden Co. Ltd.		28,927
	920	Itochu Techno-Solutions Corp.		28,515
	569	Keyence Corp.		342,508
	896	Kyocera Corp.		55,835
	352	Lasertec Corp.		77,122
	1,848	Murata Manufacturing Co. Ltd.		153,394
	2,209	NEC Corp.		116,221
	1,761	Nomura Research Institute Ltd.		66,282
	3,561	NTT Data Corp.		64,212
	138	Obic Co. Ltd.		26,316
	840	Omron Corp.		79,367
	296	Oracle Corp. Japan		24,357
	696	Otsuka Corp.		36,111
	5,109	Renesas Electronics Corp.*		55,294
	9,943	Ricoh Co. Ltd.		101,367
	344	Rohm Co. Ltd.		33,254
	158	SCSK Corp.		9,995
	2,016	Seiko Epson Corp.		37,619
	1,092	Shimadzu Corp.		49,054
	1,520	SUMCO Corp.		32,141
	375	TDK Corp.		39,493
	1,053	TIS, Inc.		29,809
	557	Tokyo Electron Ltd.		239,511
	705	Trend Micro, Inc.		38,696
	1,336	Yokogawa Electric Corp.		20,953

				2,488,595

Materials – 4.9%
	2,654	Asahi Kasei Corp.		27,444
	1,356	Hitachi Metals Ltd.*		26,229
	1,196	JFE Holdings, Inc.		19,433
	1,285	JSR Corp.		44,623
	563	Kansai Paint Co. Ltd.		14,611
	13,010	Mitsubishi Chemical Holdings Corp.		114,373
	603	Mitsubishi Gas Chemical Co., Inc.		11,389
	1,059	Mitsui Chemicals, Inc.		36,630
	562	Nippon Paint Holdings Co. Ltd.		7,003
	1,786	Nippon Steel Corp.		36,546
	551	Nissan Chemical Corp.		30,945
	593	Nitto Denko Corp.		45,125
	2,186	Oji Holdings Corp.		11,461
	848	Shin-Etsu Chemical Co. Ltd.		140,523
	25,431	Sumitomo Chemical Co. Ltd.		129,169
	545	Sumitomo Metal Mining Co. Ltd.		20,955
	3,320	Toray Industries, Inc.		22,417
	444	Tosoh Corp.		8,075

				746,951

Real Estate – 3.1%
	432	Daito Trust Construction Co. Ltd.		47,502
	1,728	Daiwa House Industry Co. Ltd.		52,787
	10	Daiwa House REIT Investment Corp. REIT		29,629
	18	GLP J REIT		32,720


Common Stocks – (continued)
Real Estate – (continued)
	498	Hulic Co. Ltd.		5,848
	35	Japan Metropolitan Fund Invest REIT		34,057
	4	Japan Real Estate Investment Corp. REIT		24,795
	2,496	Mitsubishi Estate Co. Ltd.		39,101
	1,420	Mitsui Fudosan Co. Ltd.		32,624
	2	Nippon Building Fund, Inc. REIT		13,016
	5	Nippon Prologis REIT, Inc. REIT		18,046
	1,093	Nomura Real Estate Holdings, Inc.		28,006
	22	Nomura Real Estate Master Fund, Inc. REIT		33,983
	17	Orix JREIT, Inc. REIT		30,345
	513	Sumitomo Realty & Development Co. Ltd.		16,586
	25	United Urban Investment Corp. REIT		35,409

				474,454

Utilities – 1.6%
	11,415	Chubu Electric Power Co., Inc.		138,090
	1,062	Kansai Electric Power Co., Inc. (The)		10,682
	1,131	Osaka Gas Co. Ltd.		21,238
	449	Toho Gas Co. Ltd.		20,966
	1,628	Tohoku Electric Power Co., Inc.		12,478
	1,739	Tokyo Gas Co. Ltd.		33,495

				236,949

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $12,760,901)		$	15,135,464


Shares		Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 0.5%^(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	82,494	0.026%	$	82,494
	(Cost $82,494)

	TOTAL INVESTMENTS – 100.3%
	(Cost $12,843,395)		$	15,217,958

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)%			(55,057	)

	NET ASSETS – 100.0%		$	15,162,901



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.		65

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

Schedule of Investments

August 31, 2021


Shares		Description	Value

Common Stocks – 99.8%
Communication Services – 10.6%
	278,492	Activision Blizzard, Inc.	$	22,939,386
	91,252	Alphabet, Inc., Class A*		264,078,725
	88,619	Alphabet, Inc., Class C*		257,813,940
	1,864,786	AT&T, Inc.		51,132,432
	54,564	Charter Communications, Inc., Class A*		44,560,236
	1,264,550	Comcast Corp., Class A		76,732,894
	189,127	Electronic Arts, Inc.		27,463,132
	768,153	Facebook, Inc., Class A*		291,421,885
	22,512	IAC/InterActiveCorp*		2,972,710
	74,803	Liberty Broadband Corp., Class C*		14,311,310
	2,110,285	Lumen Technologies, Inc.		25,956,505
	203,231	Match Group, Inc.*		27,932,069
	62,951	Netflix, Inc.*		35,831,080
	460,414	Omnicom Group, Inc.		33,711,513
	386,088	Pinterest, Inc., Class A*		21,454,910
	54,972	ROBLOX Corp., Class A*		4,510,453
	61,474	Roku, Inc.*		21,663,438
	284,679	Snap, Inc., Class A*		21,666,919
	85,209	Take-Two Interactive Software, Inc.*		13,737,395
	118,721	T-Mobile US, Inc.*		16,267,151
	251,356	Twitter, Inc.*		16,212,462
	662,760	Verizon Communications, Inc.		36,451,800
	1,570,570	ViacomCBS, Inc., Class B		65,100,126
	68,049	Vimeo, Inc.*		2,594,028
	327,668	Walt Disney Co. (The)*		59,406,208

				1,455,922,707

Consumer Discretionary – 14.2%
	96,177	Advance Auto Parts, Inc.		19,509,504
	130,055	Amazon.com, Inc.*		451,393,593
	33,885	AutoZone, Inc.*		52,492,948
	330,920	Bath & Body Works, Inc.		22,330,482
	378,420	Best Buy Co., Inc.		44,089,714
	4,426	Booking Holdings, Inc.*		10,178,339
	64,395	Burlington Stores, Inc.*		19,285,659
	142,504	Caesars Entertainment, Inc.*		14,482,681
	48,937	CarMax, Inc.*		6,127,402
	6,811	Chipotle Mexican Grill, Inc.*		12,963,581
	149,749	Darden Restaurants, Inc.		22,559,687
	176,658	Dollar General Corp.		39,378,835
	246,915	Dollar Tree, Inc.*		22,355,684
	90,386	Domino’s Pizza, Inc.		46,719,620
	80,298	D.R. Horton, Inc.		7,678,095
	454,285	eBay, Inc.		34,861,831
	118,966	Etsy, Inc.*		25,727,587
	38,048	Expedia Group, Inc.*		5,497,936
	5,384,648	Ford Motor Co.*		70,161,963
	127,972	Garmin Ltd.		22,322,156
	319,627	General Motors Co.*		15,664,919
	202,590	Genuine Parts Co.		24,754,472
	56,985	Hasbro, Inc.		5,602,195
	54,291	Hilton Worldwide Holdings, Inc.*		6,778,774
	407,783	Home Depot, Inc. (The)		133,010,659
	296,317	Lennar Corp., Class A		31,797,777


Common Stocks – (continued)
Consumer Discretionary – (continued)
	371,301	Lowe’s Cos., Inc.		75,704,561
	41,418	Marriott International, Inc., Class A*		5,597,228
	107,363	McDonald’s Corp.		25,494,418
	253,322	MGM Resorts International		10,796,584
	536,621	NIKE, Inc., Class B		88,402,944
	1,515	NVR, Inc.*		7,847,609
	79,233	O’Reilly Automotive, Inc.*		47,070,741
	147,894	Peloton Interactive, Inc., Class A*		14,817,500
	72,711	Pool Corp.		35,941,047
	498,859	PulteGroup, Inc.		26,868,546
	79,425	Ross Stores, Inc.		9,403,920
	242,253	Starbucks Corp.		28,462,305
	934,293	Stellantis NV		18,704,546
	414,813	Target Corp.		102,450,515
	134,616	Tesla, Inc.*		99,039,684
	401,034	TJX Cos., Inc. (The)		29,163,192
	177,611	Tractor Supply Co.		34,500,937
	71,904	Ulta Beauty, Inc.*		27,849,138
	207,019	VF Corp.		15,830,743
	99,702	Victoria’s Secret & Co.*		6,610,243
	89,532	Wayfair, Inc., Class A*		25,136,109
	76,678	Whirlpool Corp.		16,986,477
	266,509	Yum! Brands, Inc.		34,920,674

				1,955,325,754

Consumer Staples – 7.6%
	517,661	Altria Group, Inc.		26,002,112
	280,541	Archer-Daniels-Midland Co.		16,832,460
	256,221	Brown-Forman Corp., Class B		17,991,839
	181,651	Church & Dwight Co., Inc.		15,196,923
	192,905	Clorox Co. (The)		32,417,685
	624,059	Coca-Cola Co. (The)		35,140,762
	433,517	Colgate-Palmolive Co.		33,792,650
	361,515	Conagra Brands, Inc.		11,973,377
	23,166	Constellation Brands, Inc., Class A		4,891,269
	175,241	Costco Wholesale Corp.		79,820,523
	199,226	Estee Lauder Cos., Inc. (The), Class A		67,834,461
	207,268	General Mills, Inc.		11,982,163
	182,198	Hershey Co. (The)		32,376,585
	176,950	Hormel Foods Corp.		8,058,303
	173,934	J M Smucker Co. (The)		21,510,418
	131,653	Kellogg Co.		8,312,570
	381,768	Keurig Dr Pepper, Inc.		13,617,665
	184,029	Kimberly-Clark Corp.		25,361,037
	975,176	Kraft Heinz Co. (The)		35,096,584
	1,536,007	Kroger Co. (The)		70,702,402
	139,251	McCormick & Co., Inc.		12,015,969
	256,429	Mondelez International, Inc., Class A		15,916,548
	260,754	Monster Beverage Corp.*		25,441,768
	436,896	PepsiCo, Inc.		68,326,165
	544,859	Philip Morris International, Inc.		56,120,477
	607,188	Procter & Gamble Co. (The)		86,457,499
	259,049	Sysco Corp.		20,633,253


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

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


Shares		Description	Value

Common Stocks – (continued)
Consumer Staples – (continued)
	555,922	Tyson Foods, Inc., Class A	$	43,650,995
	963,208	Walgreens Boots Alliance, Inc.		48,882,806
	710,234	Walmart, Inc.		105,185,655

				1,051,542,923

Energy – 0.9%
	101,446	Cheniere Energy, Inc.*		8,872,467
	226,404	Chevron Corp.		21,909,115
	47,067	ConocoPhillips		2,613,630
	129,580	EOG Resources, Inc.		8,749,242
	443,288	Exxon Mobil Corp.		24,168,062
	705,522	Halliburton Co.		14,096,329
	1,011,254	Kinder Morgan, Inc.		16,453,103
	73,783	Marathon Petroleum Corp.		4,373,118
	149,255	ONEOK, Inc.		7,838,873
	140,916	Schlumberger NV		3,951,285
	49,203	Valero Energy Corp.		3,262,651
	494,046	Williams Cos., Inc. (The)		12,197,996

				128,485,871

Financials – 9.1%
	168,659	Aflac, Inc.		9,559,592
	173,404	Allstate Corp. (The)		23,458,093
	524,246	Ally Financial, Inc.		27,732,613
	78,045	American Express Co.		12,952,348
	56,126	American International Group, Inc.		3,062,235
	32,048	Ameriprise Financial, Inc.		8,746,220
	80,692	Aon PLC, Class A		23,147,307
	138,922	Arthur J Gallagher & Co.		19,951,978
	1,463,401	Bank of America Corp.		61,096,992
	457,547	Bank of New York Mellon Corp. (The)		25,265,745
	439,654	Berkshire Hathaway, Inc., Class B*		125,639,924
	25,871	BlackRock, Inc.		24,403,856
	349,783	Blackstone, Inc.		43,978,217
	197,901	Capital One Financial Corp.		32,845,629
	338,457	Charles Schwab Corp. (The)		24,656,592
	65,694	Chubb Ltd.		12,082,440
	57,340	Cincinnati Financial Corp.		7,075,756
	572,458	Citigroup, Inc.		41,165,455
	438,279	Citizens Financial Group, Inc.		19,192,237
	39,596	CME Group, Inc.		7,987,305
	51,264	Coinbase Global, Inc., Class A*^(a)		13,277,376
	113,535	Discover Financial Services		14,557,458
	420,971	Fifth Third Bancorp		16,358,933
	67,490	First Republic Bank		13,426,461
	209,128	Hartford Financial Services Group, Inc. (The)		14,057,584
	121,471	Intercontinental Exchange, Inc.		14,519,429
	714,642	JPMorgan Chase & Co.		114,306,988
	323,957	KeyCorp		6,582,806
	230,988	KKR & Co., Inc.		14,850,219
	2,359	Markel Corp.*		2,996,520
	25,097	MarketAxess Holdings, Inc.		11,944,164
	186,307	Marsh & McLennan Cos., Inc.		29,287,460
	327,444	MetLife, Inc.		20,301,528


Common Stocks – (continued)
Financials – (continued)
	134,180	Moody’s Corp.		51,091,719
	466,821	Morgan Stanley		48,750,117
	12,457	MSCI, Inc.		7,904,963
	67,860	Nasdaq, Inc.		13,285,631
	33,621	Northern Trust Corp.		3,984,761
	102,023	PNC Financial Services Group, Inc. (The)		19,496,595
	137,220	Principal Financial Group, Inc.		9,167,668
	232,823	Progressive Corp. (The)		22,430,168
	49,300	Prudential Financial, Inc.		5,219,884
	99,957	Raymond James Financial, Inc.		13,983,984
	217,563	Regions Financial Corp.		4,444,812
	98,665	S&P Global, Inc.		43,789,500
	150,020	State Street Corp.		13,938,358
	20,938	SVB Financial Group*		11,714,811
	638,318	Synchrony Financial		31,756,320
	156,029	T. Rowe Price Group, Inc.		34,930,212
	68,678	Travelers Cos., Inc. (The)		10,968,563
	48,583	Truist Financial Corp.		2,772,146
	169,709	US Bancorp		9,739,600
	800,831	Wells Fargo & Co.		36,597,977
	36,183	Willis Towers Watson PLC		7,986,312

				1,244,421,561

Health Care – 14.4%
	53,989	10X Genomics, Inc., Class A*		9,497,745
	380,557	Abbott Laboratories		48,090,988
	549,846	AbbVie, Inc.		66,410,400
	52,046	ABIOMED, Inc.*		18,942,662
	142,931	Agilent Technologies, Inc.		25,080,103
	44,001	Align Technology, Inc.*		31,196,709
	42,731	AmerisourceBergen Corp.		5,222,155
	210,417	Amgen, Inc.		47,455,346
	102,589	Anthem, Inc.		38,484,212
	147,808	Avantor, Inc.*		5,829,547
	176,661	Baxter International, Inc.		13,465,101
	46,114	Becton Dickinson and Co.		11,606,894
	109,486	Biogen, Inc.*		37,105,900
	19,140	Bio-Rad Laboratories, Inc., Class A*		15,404,255
	197,262	Boston Scientific Corp.*		8,906,379
	820,893	Bristol-Myers Squibb Co.		54,884,906
	58,564	Cardinal Health, Inc.		3,074,024
	25,245	Catalent, Inc.*		3,292,958
	523,549	Centene Corp.*		32,973,116
	308,174	Cerner Corp.		23,529,085
	40,556	Charles River Laboratories International, Inc.*		18,001,186
	208,231	Cigna Corp.		44,072,091
	21,403	Cooper Cos., Inc. (The)		9,646,546
	802,127	CVS Health Corp.		69,295,752
	150,885	Danaher Corp.		48,910,882
	24,549	Dexcom, Inc.*		12,996,732
	393,739	Edwards Lifesciences Corp.*		46,138,336
	293,349	Eli Lilly & Co.		75,769,113
	458,985	Gilead Sciences, Inc.		33,404,928
	54,129	HCA Healthcare, Inc.		13,693,554


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

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

Schedule of Investments (continued)

August 31, 2021


Shares		Description	Value

Common Stocks – (continued)
Health Care – (continued)
	185,934	Hologic, Inc.*	$	14,716,676
	50,477	Humana, Inc.		20,464,385
	88,466	IDEXX Laboratories, Inc.*		59,604,852
	16,425	Illumina, Inc.*		7,508,853
	210,442	Incyte Corp.*		16,096,709
	35,654	Insulet Corp.*		10,618,118
	19,640	Intuitive Surgical, Inc.*		20,691,918
	67,258	IQVIA Holdings, Inc.*		17,468,920
	833,608	Johnson & Johnson		144,322,553
	86,901	Laboratory Corp. of America Holdings*		26,364,025
	78,616	Masimo Corp.*		21,347,389
	42,669	McKesson Corp.		8,710,450
	143,635	Medtronic PLC		19,172,400
	685,304	Merck & Co., Inc.		52,281,842
	35,931	Mettler-Toledo International, Inc.*		55,794,735
	85,453	Moderna, Inc.*		32,189,291
	28,681	Molina Healthcare, Inc.*		7,708,592
	15,514	Novavax, Inc.*		3,700,710
	104,984	PerkinElmer, Inc.		19,401,043
	1,317,699	Pfizer, Inc.		60,706,393
	98,579	Quest Diagnostics, Inc.		15,065,829
	30,596	Regeneron Pharmaceuticals, Inc.*		20,603,346
	113,839	ResMed, Inc.		33,073,645
	122,282	Seagen, Inc.*		20,494,463
	55,456	STERIS PLC		11,923,595
	76,174	Stryker Corp.		21,107,815
	9,339	Teleflex, Inc.		3,693,201
	129,897	Thermo Fisher Scientific, Inc.		72,086,340
	267,625	UnitedHealth Group, Inc.		111,404,259
	42,221	Veeva Systems, Inc., Class A*		14,016,528
	112,924	Vertex Pharmaceuticals, Inc.*		22,617,548
	3,836,797	Viatris, Inc.		56,132,340
	63,449	Waters Corp.*		26,269,155
	55,567	West Pharmaceutical Services, Inc.		25,095,169
	31,054	Zimmer Biomet Holdings, Inc.		4,672,074
	169,384	Zoetis, Inc.		34,649,191

				1,984,155,957

Industrials – 8.0%
	165,211	3M Co.		32,173,190
	122,089	AMETEK, Inc.		16,600,441
	558,692	Carrier Global Corp.		32,180,659
	130,105	Caterpillar, Inc.		27,435,241
	292,495	C.H. Robinson Worldwide, Inc.		26,342,100
	72,926	Cintas Corp.		28,861,923
	107,577	Copart, Inc.*		15,525,513
	50,316	CoStar Group, Inc.*		4,263,778
	266,487	CSX Corp.		8,668,822
	106,118	Cummins, Inc.		25,041,726
	78,457	Deere & Co.		29,659,100
	83,099	Dover Corp.		14,489,142
	148,870	Eaton Corp. PLC		25,063,753
	231,994	Emerson Electric Co.		24,475,367
	27,103	Equifax, Inc.		7,379,063
	128,452	Expeditors International of Washington, Inc.		16,010,257


Common Stocks – (continued)
Industrials – (continued)
	771,400	Fastenal Co.		43,082,690
	126,355	FedEx Corp.		33,571,260
	157,308	Fortive Corp.		11,620,342
	45,488	Generac Holdings, Inc.*		19,877,346
	60,711	General Dynamics Corp.		12,161,020
	211,190	General Electric Co.		22,261,538
	124,031	Honeywell International, Inc.		28,764,029
	47,601	IDEX Corp.		10,662,624
	78,635	IHS Markit Ltd.		9,483,381
	118,943	Illinois Tool Works, Inc.		27,697,067
	147,438	Jacobs Engineering Group, Inc.		19,898,232
	89,094	J.B. Hunt Transport Services, Inc.		15,805,276
	368,030	Johnson Controls International PLC		27,528,644
	48,261	Kansas City Southern		13,545,415
	50,820	L3Harris Technologies, Inc.		11,841,568
	254,860	Leidos Holdings, Inc.		25,004,315
	53,420	Lockheed Martin Corp.		19,220,516
	253,897	Masco Corp.		15,416,626
	45,428	Norfolk Southern Corp.		11,517,815
	60,755	Northrop Grumman Corp.		22,339,613
	55,463	Old Dominion Freight Line, Inc.		16,013,277
	85,569	Otis Worldwide Corp.		7,891,173
	69,786	PACCAR, Inc.		5,713,380
	66,233	Parker-Hannifin Corp.		19,649,344
	158,370	Raytheon Technologies Corp.		13,423,441
	109,669	Republic Services, Inc.		13,613,213
	70,248	Rockwell Automation, Inc.		22,862,212
	26,726	Roper Technologies, Inc.		12,916,141
	168,566	Southwest Airlines Co.*		8,391,215
	38,805	Stanley Black & Decker, Inc.		7,499,842
	131,244	Trane Technologies PLC		26,051,934
	27,292	TransUnion		3,316,797
	94,402	Union Pacific Corp.		20,470,130
	176,036	United Parcel Service, Inc., Class B		34,437,923
	108,429	United Rentals, Inc.*		38,237,487
	48,023	Verisk Analytics, Inc.		9,689,120
	112,044	Waste Management, Inc.		17,379,145
	395,954	Westinghouse Air Brake Technologies Corp.		35,552,710
	83,497	W.W. Grainger, Inc.		36,212,649
	138,231	Xylem, Inc.		18,842,268

				1,103,632,793

Information Technology – 29.1%
	301,549	Accenture PLC, Class A		101,489,331
	166,091	Adobe, Inc.*		110,234,597
	509,524	Advanced Micro Devices, Inc.*		56,414,497
	129,635	Akamai Technologies, Inc.*		14,681,164
	192,872	Amphenol Corp., Class A		14,779,781
	173,337	Analog Devices, Inc.		28,245,264
	16,483	ANSYS, Inc.*		6,022,229
	4,714,961	Apple, Inc.		715,872,529
	366,506	Applied Materials, Inc.		49,525,956
	29,354	Arista Networks, Inc.*		10,847,184
	120,965	Autodesk, Inc.*		37,510,037


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

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


Shares		Description	Value

Common Stocks – (continued)
Information Technology – (continued)
	114,827	Automatic Data Processing, Inc.	$	24,003,436
	113,027	Broadcom, Inc.		56,198,155
	97,160	Broadridge Financial Solutions, Inc.		16,732,895
	288,367	Cadence Design Systems, Inc.*		47,142,237
	156,956	CDW Corp.		31,486,943
	1,185,589	Cisco Systems, Inc.		69,973,463
	211,635	Citrix Systems, Inc.		21,770,892
	69,268	Cloudflare, Inc., Class A*		8,363,418
	317,943	Cognizant Technology Solutions Corp., Class A		24,262,230
	328,223	Corning, Inc.		13,125,638
	77,008	Crowdstrike Holdings, Inc., Class A*		21,639,248
	212,730	Dell Technologies, Inc., Class C*		20,732,666
	100,330	DocuSign, Inc.*		29,721,759
	79,475	Enphase Energy, Inc.*		13,807,192
	60,883	Entegris, Inc.		7,314,484
	29,428	EPAM Systems, Inc.*		18,622,333
	29,393	Fair Isaac Corp.*		13,513,138
	197,733	Fidelity National Information Services, Inc.		25,264,345
	212,646	Fiserv, Inc.*		25,047,572
	31,571	FleetCor Technologies, Inc.*		8,312,013
	126,291	Fortinet, Inc.*		39,799,346
	76,894	Gartner, Inc.*		23,740,254
	83,753	Global Payments, Inc.		13,621,588
	54,234	GoDaddy, Inc., Class A*		3,975,895
	2,778,935	Hewlett Packard Enterprise Co.		42,962,335
	786,643	HP, Inc.		23,394,763
	28,477	HubSpot, Inc.*		19,491,652
	1,604,725	Intel Corp.		86,751,433
	321,650	International Business Machines Corp.		45,140,361
	114,992	Intuit, Inc.		65,098,121
	79,033	Jack Henry & Associates, Inc.		13,939,841
	96,625	Keysight Technologies, Inc.*		17,332,592
	53,819	KLA Corp.		18,296,307
	78,901	Lam Research Corp.		47,720,903
	204,155	Mastercard, Inc., Class A		70,684,586
	89,709	Microchip Technology, Inc.		14,116,608
	315,117	Micron Technology, Inc.*		23,224,123
	2,300,779	Microsoft Corp.		694,559,164
	30,244	MongoDB, Inc.*		11,850,507
	19,779	Monolithic Power Systems, Inc.		9,789,220
	107,818	Motorola Solutions, Inc.		26,331,312
	216,141	NetApp, Inc.		19,221,419
	190,388	Nuance Communications, Inc.*		10,480,859
	663,771	NVIDIA Corp.		148,585,138
	327,115	ON Semiconductor Corp.*		14,510,821
	811,534	Oracle Corp.		72,332,025
	47,731	Palo Alto Networks, Inc.*		22,005,900
	173,917	Paychex, Inc.		19,908,279
	235,469	PayPal Holdings, Inc.*		67,970,482
	141,323	Qorvo, Inc.*		26,572,964
	287,200	QUALCOMM, Inc.		42,129,368


Common Stocks – (continued)
Information Technology – (continued)
	73,722	RingCentral, Inc., Class A*		18,597,112
	231,376	salesforce.com, Inc.*		61,377,112
	252,417	Seagate Technology Holdings PLC		22,109,205
	66,517	ServiceNow, Inc.*		42,813,002
	154,665	Skyworks Solutions, Inc.		28,374,841
	15,726	Snowflake, Inc., Class A*		4,786,208
	51,480	Splunk, Inc.*		7,869,748
	62,532	Square, Inc., Class A*		16,762,953
	347,676	SS&C Technologies Holdings, Inc.		26,305,166
	129,356	Synopsys, Inc.*		42,977,237
	108,419	TE Connectivity Ltd.		16,286,702
	26,754	Teledyne Technologies, Inc.*		12,397,269
	163,400	Teradyne, Inc.		19,843,296
	357,836	Texas Instruments, Inc.		68,314,471
	31,941	Trade Desk, Inc. (The), Class A*		2,556,877
	100,495	Trimble, Inc.*		9,468,639
	8,315	Twilio, Inc., Class A*		2,968,122
	19,902	Tyler Technologies, Inc.*		9,666,401
	124,702	VeriSign, Inc.*		26,968,055
	386,108	Visa, Inc., Class A		88,457,343
	86,130	VMware, Inc., Class A*^(a)		12,822,173
	40,413	Workday, Inc., Class A*		11,039,215
	86,262	Xilinx, Inc.		13,421,505
	24,127	Zebra Technologies Corp., Class A*		14,166,651
	38,715	Zendesk, Inc.*		4,785,174
	63,765	Zoom Video Communications, Inc., Class A*		18,459,967

				4,001,789,236

Materials – 1.9%
	29,911	Air Products and Chemicals, Inc.		8,061,314
	59,370	Albemarle Corp.		14,055,254
	62,378	Avery Dennison Corp.		14,059,377
	85,595	Ball Corp.		8,213,696
	48,084	Celanese Corp.		7,626,122
	220,002	Corteva, Inc.		9,673,488
	158,945	Dow, Inc.		9,997,640
	101,364	DuPont de Nemours, Inc.		7,502,963
	88,088	Eastman Chemical Co.		9,968,038
	34,065	Ecolab, Inc.		7,676,888
	440,154	Freeport-McMoRan, Inc.		16,017,204
	22,215	International Flavors & Fragrances, Inc.		3,365,573
	368,915	International Paper Co.		22,168,102
	37,870	LyondellBasell Industries NV, Class A		3,800,255
	21,484	Martin Marietta Materials, Inc.		8,190,775
	76,155	Newmont Corp.		4,416,228
	184,364	Nucor Corp.		21,673,832
	39,948	Packaging Corp. of America		6,060,112
	61,941	PPG Industries, Inc.		9,882,687
	101,216	Sherwin-Williams Co. (The)		30,736,263
	737,306	Westrock Co.		38,369,404

				261,515,215


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

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

Schedule of Investments (continued)

August 31, 2021


Shares		Description	Value

Common Stocks – (continued)
Real Estate – 2.2%
	58,933	Alexandria Real Estate Equities, Inc. REIT	$	12,162,003
	42,276	American Tower Corp. REIT		12,351,779
	28,945	AvalonBay Communities, Inc. REIT		6,645,193
	53,263	Boston Properties, Inc. REIT		6,018,186
	461,530	CBRE Group, Inc., Class A*		44,445,339
	64,114	Crown Castle International Corp. REIT		12,482,355
	122,490	Digital Realty Trust, Inc. REIT		20,077,336
	109,862	Duke Realty Corp. REIT		5,768,854
	11,187	Equinix, Inc. REIT		9,435,675
	110,976	Equity Residential REIT		9,329,752
	12,521	Essex Property Trust, Inc. REIT		4,141,195
	103,024	Extra Space Storage, Inc. REIT		19,256,216
	117,346	Invitation Homes, Inc. REIT		4,832,308
	152,869	Medical Properties Trust, Inc. REIT		3,130,757
	82,883	Mid-America Apartment Communities, Inc. REIT		15,944,203
	140,374	Prologis, Inc. REIT		18,902,763
	76,803	Public Storage REIT		24,854,219
	81,280	Realty Income Corp. REIT		5,870,042
	26,312	SBA Communications Corp. REIT		9,445,219
	48,650	Simon Property Group, Inc. REIT		6,540,992
	106,393	Sun Communities, Inc. REIT		21,437,125
	163,285	Ventas, Inc. REIT		9,134,163
	260,871	VICI Properties, Inc. REIT		8,063,523
	322,455	Weyerhaeuser Co. REIT		11,608,380
	76,114	W.P. Carey, Inc. REIT		5,946,026

				307,823,603

Utilities – 1.8%
	485,293	AES Corp. (The)		11,583,944
	136,185	Alliant Energy Corp.		8,278,686
	73,912	Ameren Corp.		6,483,561
	101,567	American Electric Power Co., Inc.		9,097,356
	49,815	American Water Works Co., Inc.		9,078,784
	65,469	Atmos Energy Corp.		6,383,882
	129,543	CenterPoint Energy, Inc.		3,250,234
	123,933	CMS Energy Corp.		7,947,823
	136,623	Consolidated Edison, Inc.		10,308,205
	154,294	Dominion Energy, Inc.		12,010,245
	74,551	DTE Energy Co.		8,971,467
	158,340	Duke Energy Corp.		16,571,864
	83,612	Edison International		4,836,118


Common Stocks – (continued)
Utilities – (continued)
	41,781	Entergy Corp.		4,621,396
	117,323	Evergy, Inc.		8,030,759
	103,851	Eversource Energy		9,422,401
	340,138	Exelon Corp.		16,673,565
	172,277	FirstEnergy Corp.		6,696,407
	316,719	NextEra Energy, Inc.		26,601,229
	182,354	PPL Corp.		5,352,090
	188,492	Public Service Enterprise Group, Inc.		12,052,179
	62,732	Sempra Energy		8,303,208
	142,601	Southern Co. (The)		9,373,164
	99,779	WEC Energy Group, Inc.		9,427,120
	188,267	Xcel Energy, Inc.		12,943,356

				244,299,043

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $9,052,894,866)		$	13,738,914,663



Shares		Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 0.1%^(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	9,566,002	0.026%	$	9,566,002
	(Cost $9,566,002)

	TOTAL INVESTMENTS – 99.9%
	(Cost $9,062,460,868)		$	13,748,480,665

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1%			21,366,813

	NET ASSETS – 100.0%		$	13,769,847,478



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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At August 31, 2021, the Fund had the following futures contracts:


Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)

S&P 500 E-Mini Index	37	09/17/21	$	7,864,253	$	498,672


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

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

Schedule of Investments

August 31, 2021


Shares		Description	Value

Common Stocks – 98.9%
Communication Services – 2.7%
	6,949	Advantage Solutions, Inc.*	$	60,526
	23,607	AMC Entertainment Holdings, Inc., Class A*^(a)		1,112,598
	2,945	AMC Networks, Inc., Class A*		139,976
	1,618	Bandwidth, Inc., Class A*		166,492
	2,026	Cardlytics, Inc.*		183,920
	15,797	Cargurus, Inc.*		479,913
	15,733	Cars.com, Inc.*		200,124
	1,976	Chicken Soup For The Soul Entertainment, Inc.*^(a)		47,938
	8,166	Cincinnati Bell, Inc.*		126,491
	5,126	Cinemark Holdings, Inc.*		91,397
	5,522	Cogent Communications Holdings, Inc.		400,787
	23,751	Consolidated Communications Holdings, Inc.*		220,172
	38	Daily Journal Corp.*		12,920
	33,518	Entercom Communications Corp.*		118,989
	5,367	Eventbrite, Inc., Class A*		94,889
	9,837	EverQuote, Inc., Class A*		193,690
	11,112	EW Scripps Co. (The), Class A		206,016
	29,439	Fluent, Inc.*		80,074
	4,772	fuboTV, Inc.*^(a)		139,104
	14,861	Gannett Co., Inc.*		94,367
	7,677	Gogo, Inc.*		103,256
	11,768	Gray Television, Inc.		267,604
	1,451	Hemisphere Media Group, Inc.*		17,876
	10,922	IDT Corp., Class B*		474,889
	5,850	iHeartMedia, Inc., Class A*		145,548
	3,793	IMAX Corp.*		59,588
	7,565	Iridium Communications, Inc.*		336,718
	9,475	John Wiley & Sons, Inc., Class A		550,497
	8,632	Liberty Latin America Ltd., Class A (Chile)*		123,092
	17,032	Liberty Latin America Ltd., Class C (Chile)*		245,090
	3,392	Liberty Media Corp.-Liberty Braves, Class A*		88,192
	3,158	Liberty Media Corp.-Liberty Braves, Class C*		81,634
	4,071	Lions Gate Entertainment Corp., Class A*		52,597
	7,259	Lions Gate Entertainment Corp., Class B*		85,366
	4,562	Magnite, Inc.*		132,389
	3,872	MediaAlpha, Inc., Class A*		85,881
	8,705	Meredith Corp.*		374,402
	14,768	Ooma, Inc.*		280,592
	18,238	ORBCOMM, Inc.*		209,555
	8,588	QuinStreet, Inc.*		153,811
	8,692	Scholastic Corp.		288,922
	4,236	Shenandoah Telecommunications Co.		126,360
	3,958	Sinclair Broadcast Group, Inc., Class A		118,780
	25,618	Stagwell, Inc.*		178,814
	6,261	TechTarget, Inc.*		529,555
	26,100	TEGNA, Inc.		462,492
	8,181	Telephone and Data Systems, Inc.		166,238


Common Stocks – (continued)
Communication Services – (continued)
	4,393	Thryv Holdings, Inc.*		136,139
	66,848	TrueCar, Inc.*		280,762
	3,856	United States Cellular Corp.*		123,199
	4,730	WideOpenWest, Inc.*		100,371
	15,325	Yelp, Inc.*		590,166

				11,140,758

Consumer Discretionary – 13.0%
	14,436	1-800-Flowers.com, Inc., Class A*		458,487
	8,498	2U, Inc.*		314,681
	6,758	Aaron’s Co., Inc. (The)		179,222
	15,891	Abercrombie & Fitch Co., Class A*		568,262
	6,384	Academy Sports & Outdoors, Inc.*		282,620
	7,050	Acushnet Holdings Corp.		352,218
	5,136	Adient PLC*		202,050
	11,519	Adtalem Global Education, Inc.*		426,203
	2,306	America’s Car-Mart, Inc.*		298,235
	13,599	American Axle & Manufacturing Holdings, Inc.*		120,623
	12,813	American Eagle Outfitters, Inc.		391,053
	2,385	American Outdoor Brands, Inc.*		66,375
	10,308	American Public Education, Inc.*		271,100
	10,523	AMMO, Inc.*		77,344
	8,733	Arko Corp.*		90,299
	3,148	Asbury Automotive Group, Inc.*		586,284
	5,212	Aterian, Inc.*^(a)		31,064
	1,943	Bally’s Corp.*		97,616
	8,489	Barnes & Noble Education, Inc.*		69,270
	5,952	Bassett Furniture Industries, Inc.		127,909
	14,346	Beazer Homes USA, Inc.*		268,414
	17,580	Bed Bath & Beyond, Inc.*		484,153
	7,824	Big 5 Sporting Goods Corp.^(a)		217,507
	7,926	Big Lots, Inc.		385,679
	3,171	BJ’s Restaurants, Inc.*		135,592
	8,506	Bloomin’ Brands, Inc.*		227,876
	4,431	Bluegreen Vacations Holding Corp.*		101,426
	3,394	Boot Barn Holdings, Inc.*		303,016
	5,123	Brinker International, Inc.*		272,902
	7,215	Buckle, Inc. (The)		279,437
	11,009	Caleres, Inc.		270,711
	10,273	Callaway Golf Co.*		288,260
	3,922	Camping World Holdings, Inc., Class A		156,645
	15,011	CarParts.com, Inc.*		259,240
	5,626	Carriage Services, Inc.		260,090
	13,968	Casper Sleep, Inc.*		69,561
	786	Cavco Industries, Inc.*		200,823
	5,837	Century Casinos, Inc.*		78,041
	3,071	Century Communities, Inc.		215,277
	3,793	Cheesecake Factory, Inc. (The)*		176,943
	14,985	Chico’s FAS, Inc.*		77,472
	3,164	Children’s Place, Inc. (The)*		274,762
	3,302	Chuy’s Holdings, Inc.*		106,523
	4,860	Citi Trends, Inc.*		418,640
	6,737	Clarus Corp.		182,505
	4,716	Conn’s, Inc.*		116,014
	13,102	Container Store Group, Inc. (The)*		151,983


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

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

Schedule of Investments (continued)

August 31, 2021


Shares		Description	Value

Common Stocks – (continued)
Consumer Discretionary – (continued)
	7,510	Core-Mark Holding Co., Inc.	$	345,460
	5,715	Coursera, Inc.*		219,856
	984	Cracker Barrel Old Country Store, Inc.		141,283
	11,321	Crocs, Inc.*		1,616,865
	17,751	Dana, Inc.		412,888
	2,831	Dave & Buster’s Entertainment, Inc.*		105,936
	18,024	Del Taco Restaurants, Inc.		158,611
	4,897	Designer Brands, Inc., Class A*		71,007
	3,932	Dillard’s, Inc., Class A^(a)		748,889
	1,327	Dine Brands Global, Inc.*		109,769
	5,872	Dorman Products, Inc.*		551,146
	7,331	Duluth Holdings, Inc., Class B*		114,070
	8,523	El Pollo Loco Holdings, Inc.*		154,607
	13,808	Ethan Allen Interiors, Inc.		331,668
	8,973	Everi Holdings, Inc.*		204,136
	11,991	Fiesta Restaurant Group, Inc.*		144,012
	4,663	Fisker, Inc.*^(a)		65,049
	1,865	Flexsteel Industries, Inc.		65,126
	28,845	Fossil Group, Inc.*		386,523
	4,596	Fox Factory Holding Corp.*		706,267
	3,149	Franchise Group, Inc.		109,365
	8,143	Full House Resorts, Inc.*		69,867
	13,829	Funko, Inc., Class A*		275,750
	6,640	Genesco, Inc.*		411,879
	7,778	Gentherm, Inc.*		667,508
	4,950	G-III Apparel Group Ltd.*		153,104
	1,837	Golden Entertainment, Inc.*		87,662
	25,040	Goodyear Tire & Rubber Co. (The)*		396,634
	22,047	GoPro, Inc., Class A*		219,809
	586	Graham Holdings Co., Class B		361,451
	4,688	Green Brick Partners, Inc.*		117,153
	2,813	Group 1 Automotive, Inc.		465,383
	4,705	Groupon, Inc.*		116,543
	6,160	Guess?, Inc.		149,010
	11,265	Haverty Furniture Cos., Inc.		401,372
	2,907	Helen of Troy Ltd.*		695,325
	8,127	Hibbett, Inc.		777,673
	4,737	Hilton Grand Vacations, Inc.*		206,960
	31,941	Houghton Mifflin Harcourt Co.*		430,245
	766	Hovnanian Enterprises, Inc., Class A*		83,272
	3,053	Installed Building Products, Inc.		379,122
	9,595	International Game Technology PLC*		206,197
	4,742	iRobot Corp.*		384,671
	2,594	Jack in the Box, Inc.		274,860
	5,266	JOANN, Inc.^(a)		72,197
	2,790	Johnson Outdoors, Inc., Class A		320,264
	13,267	KB Home		570,879
	5,544	Kirkland’s, Inc.*		106,001
	7,634	Kontoor Brands, Inc.		411,931
	6,548	Lands’ End, Inc.*		221,650
	2,689	Latham Group, Inc.*		59,077
	16,724	Laureate Education, Inc., Class A*		266,413
	10,877	La-Z-Boy, Inc.		380,804
	4,992	Lazydays Holdings, Inc.*		122,653
	4,654	LCI Industries		659,286
	1,361	LGI Homes, Inc.*		218,209


Common Stocks – (continued)
Consumer Discretionary – (continued)
	5,606	Lifetime Brands, Inc.		102,870
	3,792	Liquidity Services, Inc.*		92,525
	3,023	Lovesac Co. (The)*		170,981
	7,364	Lumber Liquidators Holdings, Inc.*		153,613
	5,336	M/I Homes, Inc.*		343,585
	34,871	Macy’s, Inc.*		780,762
	3,900	Malibu Boats, Inc., Class A*		279,240
	3,558	Marine Products Corp.		50,452
	6,029	MarineMax, Inc.*		293,130
	10,459	MasterCraft Boat Holdings, Inc.*		260,848
	5,061	MDC Holdings, Inc.		264,437
	5,084	Meritage Homes Corp.*		567,069
	10,169	Modine Manufacturing Co.*		126,502
	2,699	Monarch Casino & Resort, Inc.*		171,036
	2,221	Monro, Inc.		126,397
	4,034	Movado Group, Inc.		145,789
	4,532	Murphy USA, Inc.		703,729
	1,934	Nathan’s Famous, Inc.		127,702
	5,290	National Vision Holdings, Inc.*		317,294
	15,806	Nautilus, Inc.*		180,188
	6,750	ODP Corp. (The)*		318,398
	7,525	ONE Group Hospitality, Inc. (The)*		83,904
	5,436	Overstock.com, Inc.*		392,207
	4,657	Oxford Industries, Inc.		420,527
	6,789	Papa John’s International, Inc.		865,801
	8,411	Party City Holdco, Inc.*		57,279
	4,305	Patrick Industries, Inc.		351,331
	37,558	Perdoceo Education Corp.*		412,387
	5,792	PetMed Express, Inc.		159,512
	2,196	PLBY Group, Inc.*		54,571
	8,297	Purple Innovation, Inc.*		202,447
	7,893	Quotient Technology, Inc.*		57,303
	2,414	RCI Hospitality Holdings, Inc.		155,969
	3,839	Red Robin Gourmet Burgers, Inc.*		93,979
	4,124	Red Rock Resorts, Inc., Class A*		193,044
	15,490	Rent-A-Center, Inc.		977,109
	3,983	Revolve Group, Inc.*		228,863
	1,474	Rocky Brands, Inc.		73,228
	3,562	Ruth’s Hospitality Group, Inc.*		72,985
	17,583	Sally Beauty Holdings, Inc.*		326,868
	6,120	Scientific Games Corp.*		442,782
	3,430	SeaWorld Entertainment, Inc.*		168,722
	1,668	Shake Shack, Inc., Class A*		144,699
	12,004	Shoe Carnival, Inc.		459,513
	5,376	Shutterstock, Inc.		619,638
	5,819	Signet Jewelers Ltd.		460,865
	4,962	Skyline Champion Corp.*		311,217
	6,724	Sleep Number Corp.*		622,037
	13,826	Smith & Wesson Brands, Inc.		333,621
	2,869	Sonic Automotive, Inc., Class A		144,999
	17,271	Sonos, Inc.*		686,177
	13,156	Sportsman’s Warehouse Holdings, Inc.*		233,387
	2,186	Stamps.com, Inc.*		718,975
	8,597	Standard Motor Products, Inc.		368,725
	12,544	Steven Madden Ltd.		507,656
	8,847	Stitch Fix, Inc., Class A*		370,778


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

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


Shares		Description	Value

Common Stocks – (continued)
Consumer Discretionary – (continued)
	12,746	Stoneridge, Inc.*	$	296,982
	2,957	Strategic Education, Inc.		231,474
	16,243	Stride, Inc.*		556,160
	5,166	Sturm Ruger & Co., Inc.		403,930
	17,313	Taylor Morrison Home Corp.*		486,322
	5,886	Tenneco, Inc., Class A*		91,822
	6,448	Texas Roadhouse, Inc.		612,560
	2,846	TravelCenters of America, Inc.*		119,447
	16,370	Tri Pointe Homes, Inc.*		389,115
	19,294	Tupperware Brands Corp.*		460,548
	4,759	Unifi, Inc.*		110,599
	4,448	Urban Outfitters, Inc.*		146,873
	14,676	Vera Bradley, Inc.*		168,187
	6,684	Vista Outdoor, Inc.*		273,041
	1,771	Visteon Corp.*		187,159
	7,425	Vivint Smart Home, Inc.*		90,585
	5,938	VOXX International Corp.*		62,171
	5,066	Vuzix Corp.*^(a)		67,023
	6,222	Wingstop, Inc.		1,069,748
	1,637	Winmark Corp.		343,164
	3,402	Winnebago Industries, Inc.		236,847
	9,958	Wolverine World Wide, Inc.		357,094
	5,915	Workhorse Group, Inc.*^(a)		58,026
	16,697	WW International, Inc.*		361,490
	3,982	XPEL, Inc.*		302,552
	8,628	Zumiez, Inc.*		346,759

				53,673,084

Consumer Staples – 3.4%
	18,105	22nd Century Group, Inc.*^(a)		64,635
	2,696	Andersons, Inc. (The)		81,904
	7,900	B&G Foods, Inc.^(a)		239,844
	6,639	Beauty Health Co. (The)*		170,689
	6,964	BellRing Brands, Inc., Class A*		235,174
	18,488	BJ’s Wholesale Club Holdings, Inc.*		1,047,530
	1,298	Calavo Growers, Inc.		60,902
	2,800	Cal-Maine Foods, Inc.		101,248
	9,938	Celsius Holdings, Inc.*		812,531
	3,755	Central Garden & Pet Co.*		172,918
	5,295	Central Garden & Pet Co., Class A*		220,643
	2,994	Chefs’ Warehouse, Inc. (The)*		90,509
	1,628	Coca-Cola Consolidated, Inc.		661,228
	6,352	Edgewell Personal Care Co.		268,690
	4,830	elf Beauty, Inc.*		149,488
	3,391	Energizer Holdings, Inc.		133,402
	6,133	Fresh Del Monte Produce, Inc.		201,653
	21,967	Hostess Brands, Inc.*		350,593
	7,084	Ingles Markets, Inc., Class A		480,933
	2,802	Inter Parfums, Inc.		203,257
	1,262	J & J Snack Foods Corp.		206,665
	3,226	John B. Sanfilippo & Son, Inc.		274,178
	2,506	Lancaster Colony Corp.		444,163
	7,403	Landec Corp.*		80,174
	2,633	Medifast, Inc.		600,061
	1,395	MGP Ingredients, Inc.		91,093
	9,675	National Beverage Corp.^(a)		450,371


Common Stocks – (continued)
Consumer Staples – (continued)
	1,691	Nature’s Sunshine Products, Inc.		28,950
	50,609	NewAge, Inc.*		89,072
	7,584	Nu Skin Enterprises, Inc., Class A		383,902
	15,019	Performance Food Group Co.*		754,254
	1,818	PriceSmart, Inc.		153,821
	23,784	Primo Water Corp.		422,404
	13,327	Rite Aid Corp.*		236,421
	2,207	Sanderson Farms, Inc.		433,676
	6,264	Simply Good Foods Co. (The)*		223,124
	12,889	SpartanNash Co.		277,114
	13,968	Sprouts Farmers Market, Inc.*		347,803
	6,757	TreeHouse Foods, Inc.*		253,185
	3,835	Turning Point Brands, Inc.		190,830
	12,281	United Natural Foods, Inc.*		451,941
	4,632	Universal Corp.		234,379
	3,933	USANA Health Sciences, Inc.*		381,619
	5,419	Utz Brands, Inc.		105,237
	25,723	Vector Group Ltd.		386,359
	5,781	Village Super Market, Inc., Class A		129,437
	6,770	Vital Farms, Inc.*		121,725
	2,156	WD-40 Co.		516,642
	4,115	Weis Markets, Inc.		234,349

				14,250,720

Energy – 2.9%
	6,185	Aemetis, Inc.*		68,777
	48,575	Alto Ingredients, Inc.*		247,247
	1,174	Altus Midstream Co., Class A		76,521
	25,413	Antero Resources Corp.*		348,666
	1,499	Arch Resources, Inc.*		113,459
	30,999	Archrock, Inc.		238,072
	14,672	Aspen Aerogels, Inc.*		641,900
	3,367	Bonanza Creek Energy, Inc.		130,909
	3,614	Bristow Group, Inc.*		114,058
	8,419	Cactus, Inc., Class A		315,797
	2,492	California Resources Corp.*		85,301
	1,517	Callon Petroleum Co.*		51,836
	11,885	Centennial Resource Development, Inc., Class A*		60,614
	16,918	ChampionX Corp.*		394,697
	9,328	Chesapeake Energy Corp.		520,596
	21,214	Clean Energy Fuels Corp.*		168,227
	11,678	CNX Resources Corp.*		132,662
	12,701	Comstock Resources, Inc.*		75,063
	7,050	CONSOL Energy, Inc.*		160,952
	2,905	Denbury, Inc.*		204,309
	59,393	DHT Holdings, Inc.		328,443
	7,400	DMC Global, Inc.*		297,258
	12,315	Dorian LPG Ltd.		162,804
	18,304	Energy Fuels, Inc.*^(a)		99,025
	25,537	Equitrans Midstream Corp.		222,938
	10,778	Frontline Ltd. (Norway)^(a)		77,817
	10,318	Gevo, Inc.*^(a)		64,281
	6,205	Golar LNG Ltd. (Cameroon)*		69,806
	3,109	Green Plains, Inc.*		109,126
	23,795	Helix Energy Solutions Group, Inc.*		89,469


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

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

Schedule of Investments (continued)

August 31, 2021


Shares		Description	Value

Common Stocks – (continued)
Energy – (continued)
	3,692	Helmerich & Payne, Inc.	$	99,389
	8,593	International Seaways, Inc.		147,800
	23,245	Kosmos Energy Ltd. (Ghana)*		54,858
	1,086	Laredo Petroleum, Inc.*		58,677
	8,167	Liberty Oilfield Services, Inc., Class A*		83,467
	38,372	Magnolia Oil & Gas Corp., Class A		601,673
	8,427	Matador Resources Co.		242,276
	2,161	Nabors Industries Ltd.*		182,259
	6,580	National Energy Services Reunited Corp.*		74,683
	22,010	Newpark Resources, Inc.*		57,666
	27,948	NexTier Oilfield Solutions, Inc.*		100,613
	32,857	Nordic American Tankers Ltd.^(a)		77,871
	808	Oasis Petroleum, Inc.		69,965
	10,806	Oceaneering International, Inc.*		132,914
	18,690	Oil States International, Inc.*		109,523
	20,643	Ovintiv, Inc.		562,728
	9,428	Patterson-UTI Energy, Inc.		73,161
	9,665	PDC Energy, Inc.		403,514
	34,360	ProPetro Holding Corp.*		265,946
	13,572	Range Resources Corp.*		198,423
	12,163	Renewable Energy Group, Inc.*		588,932
	1,296	REX American Resources Corp.*		109,849
	1,600	Riley Exploration Permian, Inc.		32,320
	41,139	RPC, Inc.*		157,562
	3,744	Scorpio Tankers, Inc. (Monaco)		60,690
	15,104	SFL Corp. Ltd. (Norway)		121,285
	6,604	SM Energy Co.		126,136
	17,206	Solaris Oilfield Infrastructure, Inc., Class A		127,841
	31,098	Southwestern Energy Co.*		141,496
	21,316	Teekay Corp. (Bermuda)*		64,587
	5,657	Teekay Tankers Ltd., Class A (Bermuda)*		64,773
	29,668	Tellurian, Inc.*		94,641
	20,363	TETRA Technologies, Inc.*		65,976
	31,222	Uranium Energy Corp.*^(a)		78,367
	51,676	Ur-Energy, Inc.*		67,179
	9,536	US Silica Holdings, Inc.*		83,726
	61,792	W&T Offshore, Inc.*		201,442
	2,268	Whiting Petroleum Corp.*		106,483
	10,281	World Fuel Services Corp.		332,693

				11,894,014

Financials – 16.5%
	2,657	1st Source Corp.		124,879
	2,503	Allegiance Bancshares, Inc.		93,037
	5,314	Altabancorp		220,637
	2,391	A-Mark Precious Metals, Inc.		115,987
	14,796	American Equity Investment Life Holding Co.		468,885
	3,038	American National Bankshares, Inc.		103,839
	1,367	American National Group, Inc.		263,148
	9,093	Ameris Bancorp		447,739
	5,502	AMERISAFE, Inc.		316,640


Common Stocks – (continued)
Financials – (continued)
	9,265	Apollo Commercial Real Estate Finance, Inc. REIT		144,071
	14,894	Arbor Realty Trust, Inc. REIT		272,262
	10,768	Ares Commercial Real Estate Corp. REIT		169,919
	2,644	Argo Group International Holdings Ltd.		139,868
	14,369	ARMOUR Residential REIT, Inc. REIT		156,047
	5,683	Arrow Financial Corp.		209,419
	12,906	Artisan Partners Asset Management, Inc., Class A		670,596
	12,041	Associated Banc-Corp.		248,285
	6,046	Atlantic Capital Bancshares, Inc.*		146,495
	7,751	Atlantic Union Bankshares Corp.		286,787
	17,113	Axos Financial, Inc.*		829,638
	5,461	B. Riley Financial, Inc.		357,914
	4,681	BancFirst Corp.		264,757
	5,525	Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		94,257
	10,348	Bancorp, Inc. (The)*		255,182
	11,452	BancorpSouth Bank		335,887
	1,741	Bank First Corp.		123,611
	2,756	Bank of Marin Bancorp		99,767
	14,584	Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		485,793
	5,315	BankUnited, Inc.		223,389
	4,087	Banner Corp.		233,776
	862	Bar Harbor Bankshares		23,619
	2,925	Berkshire Hills Bancorp, Inc.		74,968
	21,265	BGC Partners, Inc., Class A		109,515
	10,745	Blackstone Mortgage Trust, Inc., Class A REIT		352,543
	5,176	Blue Ridge Bankshares, Inc.		91,874
	22,117	Brightsphere Investment Group, Inc.		601,361
	8,348	Broadmark Realty Capital, Inc. REIT		87,738
	10,925	Brookline Bancorp, Inc.		163,547
	3,059	BRP Group, Inc., Class A*		115,171
	4,144	Bryn Mawr Bank Corp.		169,075
	18,131	Cadence BanCorp		389,998
	1,171	Cambridge Bancorp		100,402
	6,129	Camden National Corp.		286,040
	14,908	Cannae Holdings, Inc.*		475,863
	6,024	Capital City Bank Group, Inc.		139,697
	11,247	Capitol Federal Financial, Inc.		129,790
	21,871	Capstead Mortgage Corp. REIT		150,691
	11,952	Cathay General Bancorp		475,451
	5,209	Central Pacific Financial Corp.		131,840
	1,586	Century Bancorp, Inc., Class A		181,327
	25,551	Chimera Investment Corp. REIT		391,441
	7,829	CIT Group, Inc.		433,883
	2,058	Citizens & Northern Corp.		51,635
	4,459	City Holding Co.		347,356
	7,518	Civista Bancshares, Inc.		176,823
	5,125	CNB Financial Corp.		125,973
	17,748	CNO Financial Group, Inc.		434,116
	6,303	Cohen & Steers, Inc.		552,836
	7,948	Columbia Banking System, Inc.		288,989
	4,809	Columbia Financial, Inc.*		86,706


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

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


Shares		Description	Value

Common Stocks – (continued)
Financials – (continued)
	5,900	Community Bank System, Inc.	$	436,600
	3,710	Community Trust Bancorp, Inc.		154,559
	4,869	ConnectOne Bancorp, Inc.		139,302
	9,147	Cowen, Inc., Class A		329,658
	3,298	Crawford & Co., Class A		32,881
	6,942	Curo Group Holdings Corp.		113,641
	10,349	Customers Bancorp, Inc.*		428,552
	12,913	CVB Financial Corp.		262,909
	1,281	Diamond Hill Investment Group, Inc.		234,461
	5,166	Dime Community Bancshares, Inc.		170,478
	2,774	Donegal Group, Inc., Class A		41,776
	7,256	Donnelley Financial Solutions, Inc.*		241,988
	14,019	Dynex Capital, Inc. REIT		248,977
	6,346	Eagle Bancorp, Inc.		366,164
	7,444	Eastern Bankshares, Inc.		147,242
	1,626	eHealth, Inc.*		62,845
	10,179	Ellington Financial, Inc. REIT		188,515
	7,765	Employers Holdings, Inc.		319,685
	8,586	Encore Capital Group, Inc.*		422,517
	12,272	Enova International, Inc.*		404,731
	2,295	Enstar Group Ltd.*		529,388
	4,306	Enterprise Financial Services Corp.		193,382
	15,874	Essent Group Ltd.		747,348
	8,477	Farmers National Banc Corp.		132,241
	6,408	FB Financial Corp.		263,946
	6,057	Federal Agricultural Mortgage Corp., Class C		592,980
	17,266	Federated Hermes, Inc.		584,109
	6,103	Financial Institutions, Inc.		193,831
	20,545	First BanCorp. (Puerto Rico)		261,538
	4,284	First Bancorp, Inc. (The)		127,192
	3,014	First Bancshares, Inc. (The)		122,127
	5,773	First BankCorp		241,081
	6,909	First Busey Corp.		163,743
	15,691	First Commonwealth Financial Corp.		212,142
	721	First Community Bankshares, Inc.		22,524
	13,952	First Financial Bancorp		328,012
	17,900	First Financial Bankshares, Inc.		852,398
	2,951	First Financial Corp.		119,309
	7,948	First Foundation, Inc.		190,990
	3,576	First Internet Bancorp		106,279
	4,453	First Interstate BancSystem, Inc., Class A		196,199
	9,641	First Merchants Corp.		396,727
	3,329	First Mid Bancshares, Inc.		136,156
	9,704	First Midwest Bancorp, Inc.		181,756
	6,481	First of Long Island Corp. (The)		137,397
	3,906	FirstCash, Inc.		334,705
	12,716	Flagstar Bancorp, Inc.		628,933
	9,202	Flushing Financial Corp.		211,002
	2,496	Focus Financial Partners, Inc., Class A*		129,493
	4,882	FS Bancorp, Inc.		166,818
	22,380	Fulton Financial Corp.		354,723
	60,316	Genworth Financial, Inc., Class A*		226,185
	7,225	German American Bancorp, Inc.		269,926
	10,486	Glacier Bancorp, Inc.		558,484
	1,209	Goosehead Insurance, Inc., Class A		177,457


Common Stocks – (continued)
Financials – (continued)
	5,363	Granite Point Mortgage Trust, Inc. REIT		73,795
	9,232	Great Ajax Corp. REIT		130,448
	4,581	Great Southern Bancorp, Inc.		249,527
	2,396	Great Western Bancorp, Inc.		74,180
	3,128	Green Dot Corp., Class A*		163,407
	9,971	Greenhill & Co., Inc.		146,973
	5,953	Hamilton Lane, Inc., Class A		512,375
	5,174	Hancock Whitney Corp.		237,797
	6,948	Hanmi Financial Corp.		133,957
	5,958	Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		359,684
	10,657	HarborOne Bancorp, Inc.		150,583
	1,747	HCI Group, Inc.		195,070
	5,888	Heartland Financial USA, Inc.		276,913
	13,007	Heritage Commerce Corp.		146,589
	4,489	Heritage Financial Corp.		114,245
	14,756	Hilltop Holdings, Inc.		493,883
	885	Hingham Institution For Savings (The)		287,183
	2,694	Home Bancorp, Inc.		100,810
	20,634	Home BancShares, Inc.		457,043
	6,613	HomeStreet, Inc.		270,141
	4,241	HomeTrust Bancshares, Inc.		117,985
	16,471	Hope Bancorp, Inc.		227,135
	8,019	Horace Mann Educators Corp.		328,779
	9,250	Horizon Bancorp, Inc.		165,113
	7,272	Houlihan Lokey, Inc.		655,934
	389	Howard Bancorp, Inc.*		7,741
	9,514	Independent Bank Corp.		199,223
	4,031	Independent Bank Corp.		309,178
	4,580	Independent Bank Group, Inc.		322,569
	7,595	International Bancshares Corp.		318,079
	24,412	Investors Bancorp, Inc.		349,336
	855	Investors Title Co.		164,040
	2,347	James River Group Holdings Ltd.		86,346
	8,159	Kearny Financial Corp.		103,538
	3,112	Kinsale Capital Group, Inc.		565,917
	5,768	KKR Real Estate Finance Trust, Inc. REIT		123,031
	8,585	Lakeland Bancorp, Inc.		144,915
	6,545	Lakeland Financial Corp.		434,653
	4,297	LendingClub Corp.*		133,465
	5,802	Live Oak Bancshares, Inc.		355,140
	14,516	Macatawa Bank Corp.		119,176
	22,938	Maiden Holdings Ltd.*		71,796
	11,613	MBIA, Inc.*		129,949
	5,113	Mercantile Bank Corp.		159,526
	6,786	Meridian Bancorp, Inc.		141,013
	8,148	Meta Financial Group, Inc.		400,800
	45,613	MFA Financial, Inc. REIT		218,942
	3,985	Midland States Bancorp, Inc.		100,821
	3,280	MidWestOne Financial Group, Inc.		96,301
	8,650	Moelis & Co., Class A		535,868
	25,330	Mr Cooper Group, Inc.*		984,830
	3,970	National Bank Holdings Corp., Class A		148,875
	576	National Western Life Group, Inc., Class A		127,676


The accompanying notes are an integral part of these financial statements.		75

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

Schedule of Investments (continued)

August 31, 2021


Shares		Description	Value

Common Stocks – (continued)
Financials – (continued)
	32,975	Navient Corp.	$	765,350
	6,230	NBT Bancorp, Inc.		223,408
	3,704	Nelnet, Inc., Class A		299,580
	44,027	New York Mortgage Trust, Inc. REIT		194,599
	286	NI Holdings, Inc.*		5,583
	3,202	Nicolet Bankshares, Inc.*		244,665
	12,345	NMI Holdings, Inc., Class A*		278,627
	3,522	Northrim BanCorp, Inc.		147,818
	12,060	Northwest Bancshares, Inc.		157,021
	6,042	OceanFirst Financial Corp.		128,453
	2,664	Ocwen Financial Corp.*		75,391
	9,456	OFG Bancorp (Puerto Rico)		225,147
	19,419	Old National Bancorp		323,521
	11,446	Old Second Bancorp, Inc.		134,605
	5,371	Open Lending Corp., Class A*		198,566
	3,354	Oppenheimer Holdings, Inc., Class A		156,263
	14,927	Orchid Island Capital, Inc. REIT		74,934
	1,977	Origin Bancorp, Inc.		81,354
	5,756	Pacific Premier Bancorp, Inc.		230,010
	3,045	Park National Corp.		356,996
	4,510	PCSB Financial Corp.		82,217
	5,367	Peapack-Gladstone Financial Corp.		178,775
	12,139	PennyMac Financial Services, Inc.		807,850
	14,354	PennyMac Mortgage Investment Trust REIT		278,611
	5,754	Peoples Bancorp, Inc.		179,755
	2,807	Peoples Financial Services Corp.		129,375
	1,803	Piper Sandler Cos.		257,685
	4,785	PJT Partners, Inc., Class A		377,919
	5,674	PRA Group, Inc.*		238,308
	5,702	Preferred Bank		364,301
	7,227	Premier Financial Bancorp, Inc.		130,158
	5,440	Premier Financial Corp.		165,376
	6,583	Primis Financial Corp.		98,679
	5,156	ProAssurance Corp.		131,478
	6,167	PROG Holdings, Inc.		291,822
	9,340	Provident Financial Services, Inc.		206,134
	11,471	Pzena Investment Management, Inc., Class A		125,149
	3,914	QCR Holdings, Inc.		203,332
	29,216	Radian Group, Inc.		690,374
	7,521	Ready Capital Corp. REIT		115,147
	19,851	Redwood Trust, Inc. REIT		247,542
	4,654	Regional Management Corp.		276,587
	6,154	Renasant Corp.		216,005
	4,216	Republic Bancorp, Inc., Class A		211,348
	4,541	RLI Corp.		496,013
	5,772	S&T Bancorp, Inc.		172,006
	3,477	Safety Insurance Group, Inc.		282,715
	6,292	Sandy Spring Bancorp, Inc.		274,142
	3,265	Sculptor Capital Management, Inc.		92,400
	6,050	Seacoast Banking Corp. of Florida		193,237
	9,004	Selective Insurance Group, Inc.		752,464
	7,823	Selectquote, Inc.*		74,710
	11,617	ServisFirst Bancshares, Inc.		852,920
	4,991	Sierra Bancorp		126,871


Common Stocks – (continued)
Financials – (continued)
	1,305	Silvergate Capital Corp., Class A*		147,439
	10,226	Simmons First National Corp., Class A		297,065
	17,398	SiriusPoint Ltd. (Bermuda)*		170,674
	1,634	SmartFinancial, Inc.		40,817
	4,284	South State Corp.		293,797
	4,278	Southern First Bancshares, Inc.*		218,092
	4,597	Southern Missouri Bancorp, Inc.		207,417
	4,603	Southside Bancshares, Inc.		173,487
	7,042	StepStone Group, Inc., Class A		337,101
	7,235	Stewart Information Services Corp.		455,443
	7,113	Stock Yards Bancorp, Inc.		366,889
	4,411	StoneX Group, Inc.*		307,403
	938	Summit Financial Group, Inc.		22,456
	3,959	Texas Capital Bancshares, Inc.*		269,172
	2,590	Tompkins Financial Corp.		206,138
	9,627	Towne Bank		293,335
	6,373	TPG RE Finance Trust, Inc. REIT		80,300
	6,304	TriCo Bancshares		249,323
	8,337	TriState Capital Holdings, Inc.*		168,491
	4,769	Triumph Bancorp, Inc.*		392,107
	1,958	Trupanion, Inc.*		179,314
	4,017	TrustCo Bank Corp.		128,906
	8,898	Trustmark Corp.		281,355
	36,871	Two Harbors Investment Corp. REIT		243,349
	5,674	UMB Financial Corp.		519,625
	11,207	United Bankshares, Inc.		407,150
	12,571	United Community Banks, Inc.		379,267
	8,946	Universal Insurance Holdings, Inc.		127,391
	4,772	Univest Financial Corp.		129,226
	48,565	Valley National Bancorp		633,288
	7,027	Veritex Holdings, Inc.		252,480
	1,715	Virtus Investment Partners, Inc.		536,281
	8,316	Walker & Dunlop, Inc.		923,492
	10,306	Washington Federal, Inc.		343,190
	4,722	Washington Trust Bancorp, Inc.		251,494
	11,632	Waterstone Financial, Inc.		235,897
	8,081	WesBanco, Inc.		274,754
	9,015	West BanCorp, Inc.		275,769
	3,629	Westamerica BanCorp		205,909
	1,666	World Acceptance Corp.*		316,323
	4,996	WSFS Financial Corp.		226,868

				67,994,644

Health Care – 16.4%
	4,400	1Life Healthcare, Inc.*		107,844
	18,786	ACADIA Pharmaceuticals, Inc.*		328,943
	1,524	Accolade, Inc.*		72,207
	22,226	Accuray, Inc.*		90,460
	4,559	Aclaris Therapeutics, Inc.*		73,901
	7,144	AdaptHealth Corp.*		171,742
	2,521	Addus HomeCare Corp.*		226,688
	12,143	Affimed NV (Germany)*		85,487
	1,998	Agios Pharmaceuticals, Inc.*		89,271
	102,520	Akebia Therapeutics, Inc.*		301,409
	6,851	Aldeyra Therapeutics, Inc.*		65,016
	33,980	Alkermes PLC*		1,062,215


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

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


Shares		Description	Value

Common Stocks – (continued)
Health Care – (continued)
	1,351	Allakos, Inc.*	$	120,455
	26,390	Allscripts Healthcare Solutions, Inc.*		405,350
	22,879	Alphatec Holdings, Inc.*		331,288
	6,157	American Well Corp., Class A*		65,941
	9,268	AMN Healthcare Services, Inc.*		1,052,103
	63,893	Amneal Pharmaceuticals, Inc.*		360,357
	16,613	Amphastar Pharmaceuticals, Inc.*		326,612
	44,371	Ampio Pharmaceuticals, Inc.*		72,768
	5,711	Anavex Life Sciences Corp.*		111,307
	10,883	AngioDynamics, Inc.*		307,989
	6,639	ANI Pharmaceuticals, Inc.*		201,361
	5,991	Anika Therapeutics, Inc.*		258,392
	81,148	Antares Pharma, Inc.*		319,723
	2,591	Apellis Pharmaceuticals, Inc.*		170,617
	2,297	Apollo Medical Holdings, Inc.*		174,365
	3,026	Apyx Medical Corp.*		35,737
	7,701	Arcus Biosciences, Inc.*		224,638
	3,282	Arena Pharmaceuticals, Inc.*		173,683
	9,257	Arrowhead Pharmaceuticals, Inc.*		621,330
	26,507	Asensus Surgical, Inc.*		58,315
	12,695	Atea Pharmaceuticals, Inc.*		377,295
	5,010	AtriCure, Inc.*		368,836
	168	Atrion Corp.		116,602
	2,536	Avanos Medical, Inc.*		83,688
	9,407	Avid Bioservices, Inc.*		228,026
	2,214	Axonics, Inc.*		166,006
	1,943	Beam Therapeutics, Inc.*		215,518
	13,605	BioCryst Pharmaceuticals, Inc.*		216,592
	62,512	BioDelivery Sciences International, Inc.*		241,296
	2,523	Biohaven Pharmaceutical Holding Co. Ltd.*		331,119
	2,817	BioLife Solutions, Inc.*		164,400
	16,965	Bionano Genomics, Inc.*^(a)		98,906
	6,660	Blueprint Medicines Corp.*		621,178
	6,222	Bridgebio Pharma, Inc.*		311,784
	40,914	Brookdale Senior Living, Inc.*		298,672
	7,319	Cara Therapeutics, Inc.*		115,494
	11,198	Cardiovascular Systems, Inc.*		400,776
	2,877	CareDx, Inc.*		210,827
	1,604	Cassava Sciences, Inc.*^(a)		91,187
	2,081	Castle Biosciences, Inc.*		159,675
	81,114	Castlight Health, Inc., Class B*		146,816
	65,953	Catalyst Pharmaceuticals, Inc.*		363,401
	3,024	Celcuity, Inc. *^(a)		66,528
	2,890	Celldex Therapeutics, Inc.*		152,159
	17,287	Cerus Corp.*		111,501
	21,064	ChromaDex Corp.*		179,676
	19,298	Citius Pharmaceuticals, Inc.*^(a)		43,421
	4,342	ClearPoint Neuro, Inc.*		81,934
	20,914	Coherus Biosciences, Inc.*		334,206
	23,907	Collegium Pharmaceutical, Inc.*		490,811
	18,681	Community Health Systems, Inc.*		229,963
	9,575	Computer Programs and Systems, Inc.*		340,583
	3,471	CONMED Corp.		455,881
	45,954	Corcept Therapeutics, Inc.*		977,901
	2,530	CorVel Corp.*		416,969


Common Stocks – (continued)
Health Care – (continued)
	9,621	Covetrus, Inc.*		217,338
	24,383	Cross Country Healthcare, Inc.*		530,330
	3,898	CryoLife, Inc.*		102,284
	2,015	CryoPort, Inc.*		128,094
	10,729	Curis, Inc.*		94,952
	11,949	Cutera, Inc.*		594,343
	4,552	Cytokinetics, Inc.*		150,079
	27,930	CytomX Therapeutics, Inc.*		143,002
	17,705	CytoSorbents Corp.*		169,437
	3,950	DarioHealth Corp.*		53,286
	7,607	Denali Therapeutics, Inc.*		404,692
	2,351	DermTech, Inc.*		87,457
	4,467	Dicerna Pharmaceuticals, Inc.*		91,931
	87,357	Durect Corp.*		121,426
	7,430	Eagle Pharmaceuticals, Inc.*		396,539
	14,204	Emergent BioSolutions, Inc.*		895,988
	3,177	Enanta Pharmaceuticals, Inc.*		181,724
	80,169	Endo International PLC*		183,587
	6,851	Ensign Group, Inc. (The)		559,521
	8,220	Evolent Health, Inc., Class A*		201,883
	4,548	Fate Therapeutics, Inc.*		333,141
	5,423	FibroGen, Inc.*		63,070
	19,647	Flexion Therapeutics, Inc.*		117,489
	38,115	Fluidigm Corp.*		274,809
	2,113	Forte Biosciences, Inc.*		62,164
	7,222	Fulgent Genetics, Inc.*^(a)		658,935
	2,518	Glaukos Corp.*		150,148
	1,934	Haemonetics Corp.*		121,359
	12,935	Halozyme Therapeutics, Inc.*		543,141
	8,290	Hanger, Inc.*		197,965
	6,150	Harmony Biosciences Holdings, Inc.*		208,424
	26,152	Harvard Bioscience, Inc.*		216,016
	3,217	Health Catalyst, Inc.*		175,680
	5,685	HealthEquity, Inc.*		364,806
	6,605	HealthStream, Inc.*		200,726
	1,234	Heska Corp.*		327,380
	14,391	iCAD, Inc.*		173,555
	3,817	Ideaya Biosciences, Inc.*		89,700
	4,723	Inari Medical, Inc.*		386,625
	24,520	Infinity Pharmaceuticals, Inc.*		86,801
	10,401	InfuSystem Holdings, Inc.*		148,214
	11,194	Innovage Holding Corp.*		168,246
	42,976	Innoviva, Inc.*		655,814
	2,912	Inogen, Inc.*		172,361
	8,793	Inotiv, Inc.*		228,882
	5,550	Inovalon Holdings, Inc., Class A*		226,718
	3,006	Inspire Medical Systems, Inc.*		672,021
	4,737	Integer Holdings Corp.*		467,968
	3,655	Intellia Therapeutics, Inc.*		586,737
	22,613	Intersect ENT, Inc.*		615,300
	12,141	Invacare Corp.*		102,713
	5,927	Invitae Corp.*		175,617
	4,548	iRhythm Technologies, Inc.*		217,394
	56,539	Ironwood Pharmaceuticals, Inc.*		740,661
	9,297	Joint Corp. (The)*		949,874
	855	Karuna Therapeutics, Inc.*		101,660


The accompanying notes are an integral part of these financial statements.		77

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

Schedule of Investments (continued)

August 31, 2021


Shares		Description	Value

Common Stocks – (continued)
Health Care – (continued)
	33,149	Karyopharm Therapeutics, Inc.*	$	192,264
	5,803	KemPharm, Inc.*		53,968
	1,835	Kodiak Sciences, Inc.*		172,820
	4,201	Kura Oncology, Inc.*		77,550
	1,715	Kymera Therapeutics, Inc.*		106,570
	9,665	Lantheus Holdings, Inc.*		254,866
	7,535	LeMaitre Vascular, Inc.		426,632
	4,677	LHC Group, Inc.*		873,477
	1,770	Ligand Pharmaceuticals, Inc.*		234,171
	30,464	Lineage Cell Therapeutics, Inc.*		76,769
	4,316	LivaNova PLC*		356,890
	950	Madrigal Pharmaceuticals, Inc.*		78,613
	5,072	Magellan Health, Inc.*		479,913
	21,157	MannKind Corp.*^(a)		101,554
	10,593	MEDNAX, Inc.*		340,141
	5,147	Medpace Holdings, Inc.*		938,555
	43,871	MEI Pharma, Inc.*		122,839
	17,844	Meridian Bioscience, Inc.*		361,163
	5,537	Merit Medical Systems, Inc.*		397,390
	623	Mesa Laboratories, Inc.		166,291
	46,908	MiMedx Group, Inc.*^(a)		692,362
	22,683	Mind Medicine MindMed, Inc. (Canada)*		65,554
	719	Misonix, Inc.*		18,263
	2,792	ModivCare, Inc.*		550,750
	27,538	Myriad Genetics, Inc.*		985,310
	4,055	NanoString Technologies, Inc.*		236,001
	3,704	National HealthCare Corp.		273,540
	5,805	National Research Corp.		313,470
	11,486	Natus Medical, Inc.*		304,609
	9,535	Neogen Corp.*		417,442
	14,640	NeoGenomics, Inc.*		711,797
	4,847	Neuronetics, Inc.*		32,572
	3,873	Nevro Corp.*		472,506
	25,841	NextGen Healthcare, Inc.*		394,334
	8,399	NuVasive, Inc.*		521,914
	11,035	Ocugen, Inc.*		83,756
	5,788	Omnicell, Inc.*		898,703
	5,412	Ontrak, Inc.*^(a)		65,593
	76,435	OPKO Health, Inc.*		295,039
	3,479	OptimizeRx Corp.*		230,240
	12,449	Option Care Health, Inc.*		333,011
	6,057	Oramed Pharmaceuticals, Inc. (Israel)*		119,202
	25,902	Organogenesis Holdings, Inc.*		441,888
	5,736	Ortho Clinical Diagnostics Holdings PLC*		117,244
	11,328	Orthofix Medical, Inc.*		480,307
	2,393	Outset Medical, Inc.*		117,951
	23,365	Owens & Minor, Inc.		871,047
	14,849	Pacific Biosciences of California, Inc.*		464,922
	11,156	Pacira BioSciences, Inc.*		661,439
	14,860	Patterson Cos., Inc.		455,310
	19,315	PAVmed, Inc.*		141,000
	2,492	Pennant Group, Inc. (The)*		76,180
	4,071	Personalis, Inc.*		86,224
	2,292	PetIQ, Inc.*		59,477
	13,885	Phibro Animal Health Corp., Class A		337,267


Common Stocks – (continued)
Health Care – (continued)
	2,751	Phreesia, Inc.*		196,834
	2,058	Portage Biotech, Inc. (Canada)*		41,798
	12,665	Prestige Consumer Healthcare, Inc.*		726,844
	3,276	Progyny, Inc.*		183,030
	2,743	Protagonist Therapeutics, Inc.*		133,036
	1,653	Prothena Corp. PLC (Ireland)*		110,949
	5,292	PTC Therapeutics, Inc.*		230,996
	21,698	Puma Biotechnology, Inc.*		164,254
	1,687	Quanterix Corp.*		86,121
	10,011	R1 RCM, Inc.*		197,417
	31,800	Radius Health, Inc.*		440,748
	13,330	RadNet, Inc.*		418,695
	9,547	Retractable Technologies, Inc.*^(a)		122,965
	2,700	Revance Therapeutics, Inc.*		72,306
	2,462	REVOLUTION Medicines, Inc.*		71,620
	3,265	Rubius Therapeutics, Inc.*		70,916
	18,654	Sangamo Therapeutics, Inc.*		184,861
	8,984	SeaSpine Holdings Corp.*		150,752
	15,601	Select Medical Holdings Corp.		539,327
	16,940	Selecta Biosciences, Inc.*		73,520
	25,277	Senseonics Holdings, Inc.*^(a)		101,361
	19,581	Sesen Bio, Inc.*		18,561
	7,552	Sharps Compliance Corp.*		67,892
	1,721	Shockwave Medical, Inc.*		368,655
	3,109	SI-BONE, Inc.*		75,891
	3,811	Silk Road Medical, Inc.*		225,916
	3,629	Soliton, Inc.*		76,318
	12,094	Sorrento Therapeutics, Inc.*^(a)		108,846
	1,792	SpringWorks Therapeutics, Inc.*		134,579
	8,474	STAAR Surgical Co.*		1,308,979
	24,330	Stereotaxis, Inc.*		171,770
	23,685	Supernus Pharmaceuticals, Inc.*		652,048
	22,594	Surface Oncology, Inc.*		143,020
	6,363	Surgery Partners, Inc.*		313,060
	4,676	Surmodics, Inc.*		280,887
	5,631	Sutro Biopharma, Inc.*		122,305
	7,960	Tactile Systems Technology, Inc.*		354,061
	12,660	Tenet Healthcare Corp.*		953,931
	4,957	TG Therapeutics, Inc.*		134,186
	81,397	TherapeuticsMD, Inc.*		64,711
	29,897	Tivity Health, Inc.*		695,105
	16,379	Translate Bio, Inc.*		612,575
	13,277	Travere Therapeutics, Inc.*		289,837
	9,933	Triple-S Management Corp. (Puerto Rico)*		352,622
	1,890	Turning Point Therapeutics, Inc.*		145,568
	1,725	Twist Bioscience Corp.*		195,287
	1,861	US Physical Therapy, Inc.		218,481
	475	Utah Medical Products, Inc.		42,085
	37,222	Vanda Pharmaceuticals, Inc.*		623,096
	4,994	Vapotherm, Inc.*		138,084
	7,122	Varex Imaging Corp.*		207,749
	19,798	Vaxart, Inc.*^(a)		177,192
	8,576	Veracyte, Inc.*		412,591
	18,519	Vericel Corp.*		1,003,174
	14,228	ViewRay, Inc.*		85,937


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

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


Shares		Description	Value

Common Stocks – (continued)
Health Care – (continued)
	29,477	VistaGen Therapeutics, Inc.*	$	89,610
	4,796	Vocera Communications, Inc.*		232,558
	5,551	Xencor, Inc.*		188,012
	781	XOMA Corp.*		24,305
	11,922	Zynex, Inc.*^(a)		159,874

				67,493,516

Industrials – 15.8%
	8,389	AAON, Inc.		571,375
	3,273	AAR Corp.*		110,791
	8,729	ABM Industries, Inc.		432,260
	19,543	ACCO Brands Corp.		183,118
	3,021	Aerojet Rocketdyne Holdings, Inc.		125,432
	1,708	AeroVironment, Inc.*		174,831
	16,235	AgEagle Aerial Systems, Inc.*		57,472
	4,210	Air Transport Services Group, Inc.*		115,312
	2,199	Alamo Group, Inc.		340,867
	3,005	Albany International Corp., Class A		235,382
	994	Allegiant Travel Co.*		191,285
	7,525	Allied Motion Technologies, Inc.		260,064
	8,354	Altra Industrial Motion Corp.		489,210
	3,331	Ameresco, Inc., Class A*		230,339
	2,344	American Woodmark Corp.*		165,158
	18,277	API Group Corp.*^(b)		423,844
	7,257	Apogee Enterprises, Inc.		311,906
	9,483	Applied Industrial Technologies, Inc.		842,185
	7,669	ArcBest Corp.		511,752
	6,886	Arcosa, Inc.		349,946
	2,336	Argan, Inc.		108,157
	7,873	Array Technologies, Inc.*		150,138
	8,571	ASGN, Inc.*		961,580
	5,044	Astec Industries, Inc.		308,390
	2,011	Astronics Corp.*		26,867
	10,522	Atkore, Inc.*		976,126
	4,573	Atlas Air Worldwide Holdings, Inc.*		334,606
	9,146	Atlas Technical Consultants, Inc.*		92,557
	3,901	Avis Budget Group, Inc.*		354,016
	3,574	AZZ, Inc.		191,388
	15,745	Babcock & Wilcox Enterprises, Inc.*		114,938
	5,121	Barnes Group, Inc.		244,118
	1,822	Barrett Business Services, Inc.		141,205
	8,547	Beacon Roofing Supply, Inc.*		440,000
	2,104	Blink Charging Co.*^(a)		68,233
	6,961	Bloom Energy Corp., Class A*		149,105
	8,964	Blue Bird Corp.*		194,071
	6,094	BlueLinx Holdings, Inc.*		350,771
	13,013	Boise Cascade Co.		752,802
	9,923	Brady Corp., Class A		529,194
	6,494	BrightView Holdings, Inc.*		99,553
	3,565	Brink’s Co. (The)		278,640
	3,271	Byrna Technologies, Inc.*		95,775
	8,823	Caesarstone Ltd.		114,699
	2,804	CAI International, Inc.		156,940
	3,745	Casella Waste Systems, Inc., Class A*		277,093
	10,056	CBIZ, Inc.*		343,010
	4,009	Chart Industries, Inc.*		755,215


Common Stocks – (continued)
Industrials – (continued)
	4,817	Cimpress PLC (Ireland)*		457,519
	5,832	Columbus McKinnon Corp.		268,564
	9,519	Comfort Systems USA, Inc.		723,254
	7,385	Commercial Vehicle Group, Inc.*		77,616
	24,248	CoreCivic, Inc.*		235,691
	20,685	Cornerstone Building Brands, Inc.*		343,785
	13,356	Costamare, Inc. (Monaco)		192,059
	7,994	Covanta Holding Corp.		160,280
	3,223	CRA International, Inc.		299,707
	3,048	CSW Industrials, Inc.		404,744
	11,623	Deluxe Corp.		445,742
	2,355	Douglas Dynamics, Inc.		93,588
	1,811	Ducommun, Inc.*		95,440
	10,926	DXP Enterprises, Inc.*		327,561
	2,833	Dycom Industries, Inc.*		213,410
	1,549	Eagle Bulk Shipping, Inc.*		76,505
	17,899	Echo Global Logistics, Inc.*		588,519
	8,785	EMCOR Group, Inc.		1,067,377
	2,717	Encore Wire Corp.		230,972
	15,911	Energy Recovery, Inc.*		325,062
	5,680	Enerpac Tool Group Corp.		142,909
	5,393	EnerSys		456,194
	5,165	Ennis, Inc.		100,253
	3,116	EnPro Industries, Inc.		266,449
	2,437	ESCO Technologies, Inc.		219,622
	10,149	Evoqua Water Technologies Corp.*		394,999
	2,166	Exponent, Inc.		253,205
	6,140	Federal Signal Corp.		249,468
	4,296	Forrester Research, Inc.*		204,275
	7,316	Forward Air Corp.		645,052
	8,469	Franklin Covey Co.*		368,147
	8,286	Franklin Electric Co., Inc.		704,144
	4,274	Frontier Group Holdings, Inc.*		65,520
	20,922	FuelCell Energy, Inc.*^(a)		130,553
	2,138	GATX Corp.		196,012
	4,323	Genco Shipping & Trading Ltd.		84,255
	4,784	Gibraltar Industries, Inc.*		357,173
	8,652	Global Industrial Co.		333,015
	17,815	GMS, Inc.*		880,239
	2,761	Gorman-Rupp Co. (The)		96,828
	32,490	GrafTech International Ltd.		359,664
	3,370	Granite Construction, Inc.		136,620
	11,769	Great Lakes Dredge & Dock Corp.*		177,830
	4,043	Greenbrier Cos., Inc. (The)		178,296
	6,310	Griffon Corp.		152,702
	8,108	H&E Equipment Services, Inc.		276,077
	8,417	Healthcare Services Group, Inc.		220,189
	5,222	Heartland Express, Inc.		87,625
	2,830	Heidrick & Struggles International, Inc.		122,313
	2,387	Helios Technologies, Inc.		194,827
	2,518	Herc Holdings, Inc.*		330,991
	4,797	Heritage-Crystal Clean, Inc.*		141,703
	17,188	Herman Miller, Inc.		722,412
	9,966	Hillenbrand, Inc.		462,622
	12,053	HNI Corp.		456,688
	8,481	Hub Group, Inc., Class A*		595,366


The accompanying notes are an integral part of these financial statements.		79

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

Schedule of Investments (continued)

August 31, 2021


Shares		Description	Value

Common Stocks – (continued)
Industrials – (continued)
	4,181	Huron Consulting Group, Inc.*	$	206,416
	3,763	HyreCar, Inc.*		42,296
	1,821	Hyster-Yale Materials Handling, Inc.		106,729
	4,544	ICF International, Inc.		425,591
	5,823	IES Holdings, Inc.*		284,745
	6,307	Insperity, Inc.		695,914
	2,884	Insteel Industries, Inc.		106,708
	16,356	Interface, Inc.		235,199
	6,718	JELD-WEN Holding, Inc.*		185,014
	4,253	John Bean Technologies Corp.		620,470
	3,082	Kadant, Inc.		644,508
	1,669	Kaman Corp.		65,224
	8,280	KAR Auction Services, Inc.*		140,015
	20,706	KBR, Inc.		806,292
	11,727	Kelly Services, Inc., Class A		227,973
	7,299	Kennametal, Inc.		271,377
	13,951	Kforce, Inc.		815,017
	22,545	Kimball International, Inc., Class B		281,136
	7,355	Korn Ferry		519,925
	7,216	Kratos Defense & Security Solutions, Inc.*		178,379
	3,165	Lawson Products, Inc.*		166,954
	1,436	Lindsay Corp.		236,581
	5,675	Lydall, Inc.*		351,736
	4,368	Macquarie Infrastructure Corp.		174,065
	3,535	Manitowoc Co., Inc. (The)*		85,724
	3,880	ManTech International Corp., Class A		307,180
	5,433	Marten Transport Ltd.		84,700
	3,432	Masonite International Corp.*		410,742
	11,945	Matrix Service Co.*		134,740
	4,767	Matson, Inc.		377,403
	4,970	Matthews International Corp., Class A		184,039
	6,490	Maxar Technologies, Inc.		206,317
	1,800	McGrath RentCorp		125,604
	8,444	Meritor, Inc.*		200,292
	14,850	Mesa Air Group, Inc.*		118,503
	2,077	Miller Industries, Inc.		77,306
	10,141	Mistras Group, Inc.*		107,596
	3,191	Moog, Inc., Class A		253,493
	19,774	MRC Global, Inc.*		162,147
	7,726	Mueller Industries, Inc.		344,657
	11,955	Mueller Water Products, Inc., Class A		198,692
	3,971	MYR Group, Inc.*		413,024
	817	National Presto Industries, Inc.		68,252
	3,869	Northwest Pipe Co.*		100,284
	46,341	NOW, Inc.*		355,899
	4,882	NV5 Global, Inc.*		515,783
	2,081	Omega Flex, Inc.		316,312
	1,294	PAM Transportation Services, Inc.*		45,251
	2,899	Park-Ohio Holdings Corp.		74,736
	6,414	Parsons Corp.*		227,248
	14,722	PGT Innovations, Inc.*		312,548
	18,495	Pitney Bowes, Inc.		138,158
	3,812	Powell Industries, Inc.		96,444
	2,003	Preformed Line Products Co.		140,450
	7,166	Primoris Services Corp.		184,166
	3,418	Proto Labs, Inc.*		253,479


Common Stocks – (continued)
Industrials – (continued)
	10,663	Quanex Building Products Corp.		251,220
	26,658	Radiant Logistics, Inc.*		182,607
	7,998	Raven Industries, Inc.*		466,683
	1,652	RBC Bearings, Inc.*		382,471
	12,248	Resideo Technologies, Inc.*		394,875
	20,692	Resources Connection, Inc.		326,934
	8,180	REV Group, Inc.		133,007
	11,384	Rexnord Corp.		691,692
	12,430	RR Donnelley & Sons Co.*		61,031
	8,937	Rush Enterprises, Inc., Class A		394,122
	4,459	Rush Enterprises, Inc., Class B		189,017
	21,047	Safe Bulkers, Inc. (Greece)*		85,030
	2,585	Saia, Inc.*		620,736
	9,552	Shyft Group, Inc. (The)		420,383
	7,937	Simpson Manufacturing Co., Inc.		898,072
	4,941	SkyWest, Inc.*		230,498
	5,247	SP Plus Corp.*		169,950
	3,601	Spirit Airlines, Inc.*		88,332
	5,722	SPX Corp.*		357,511
	6,861	SPX FLOW, Inc.		552,516
	1,681	Standex International Corp.		166,822
	23,231	Steelcase, Inc., Class A		327,325
	4,920	Stem, Inc.*		122,951
	5,681	Sterling Construction Co., Inc.*		131,004
	2,021	Sun Country Airlines Holdings, Inc.*		65,460
	17,897	Team, Inc.*		80,179
	5,504	Tennant Co.		407,186
	7,778	Terex Corp.		397,067
	5,796	Tetra Tech, Inc.		833,697
	6,664	Textainer Group Holdings Ltd. (China)*		221,378
	9,618	Titan International, Inc.*		79,926
	8,664	Titan Machinery, Inc.*		248,830
	2,340	TPI Composites, Inc.*		84,965
	4,805	Transcat, Inc.*		325,587
	6,799	TriMas Corp.*		218,316
	4,436	TriNet Group, Inc.*		408,467
	3,018	Trinity Industries, Inc.		87,613
	7,083	Triton International Ltd. (Bermuda)		387,582
	17,841	TrueBlue, Inc.*		487,595
	12,005	Tutor Perini Corp.*		173,112
	10,676	UFP Industries, Inc.		801,554
	2,002	UniFirst Corp.		458,598
	12,515	Upwork, Inc.*		559,546
	2,182	US Ecology, Inc.*		78,225
	4,819	Vectrus, Inc.*		242,444
	8,710	Veritiv Corp.*		781,026
	5,628	Vicor Corp.*		694,326
	11,236	Wabash National Corp.		174,607
	5,393	Watts Water Technologies, Inc., Class A		925,277
	4,999	Welbilt, Inc.*		116,977
	6,514	Werner Enterprises, Inc.		307,200
	5,199	WESCO International, Inc.*		608,387
	5,796	Willdan Group, Inc.*		219,147
	15,620	WillScot Mobile Mini Holdings Corp.*		462,352
	12,564	Yellow Corp.*		76,515

				65,190,711


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

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


Shares		Description	Value

Common Stocks – (continued)
Information Technology – 15.0%
	15,022	3D Systems Corp.*	$	457,270
	17,423	8x8, Inc.*		420,765
	37,116	A10 Networks, Inc.*		515,541
	13,538	ACI Worldwide, Inc.*		436,330
	12,548	ADTRAN, Inc.		259,242
	4,872	Advanced Energy Industries, Inc.		439,357
	7,593	Agilysys, Inc.*		431,510
	7,017	Alarm.com Holdings, Inc.*		591,744
	5,840	Alpha & Omega Semiconductor Ltd.*		169,652
	6,929	Altair Engineering, Inc., Class A*		512,677
	3,763	Ambarella, Inc.*		389,734
	8,462	American Software, Inc., Class A		214,681
	27,609	Amkor Technology, Inc.		758,419
	3,638	Appfolio, Inc., Class A*		429,648
	6,054	Appian Corp.*		648,989
	2,306	Asana, Inc., Class A*		174,218
	19,687	Avaya Holdings Corp.*		397,087
	2,262	Aviat Networks, Inc.*		80,165
	18,250	Avid Technology, Inc.*		471,033
	8,156	Axcelis Technologies, Inc.*		405,435
	7,883	AXT, Inc.*		73,391
	5,623	Badger Meter, Inc.		602,167
	4,235	Belden, Inc.		242,454
	7,778	Benchmark Electronics, Inc.		210,239
	14,422	Benefitfocus, Inc.*		174,074
	5,335	BigCommerce Holdings, Inc.Series 1*		317,646
	4,531	Blackbaud, Inc.*		315,765
	3,349	Blackline, Inc.*		365,376
	1,069	BM Technologies, Inc.*^(c)		10,412
	5,261	Bottomline Technologies DE, Inc.*		222,382
	22,316	Box, Inc., Class A*		575,307
	21,693	Brightcove, Inc.*		246,433
	16,763	Calix, Inc.*		781,156
	6,007	Cambium Networks Corp.*		225,082
	11,789	Casa Systems, Inc.*		82,995
	3,351	Cass Information Systems, Inc.		151,063
	3,564	Cerence, Inc.*		386,480
	3,983	CEVA, Inc.*		192,180
	18,620	ChannelAdvisor Corp.*		477,044
	4,756	Cleanspark, Inc.*^(a)		65,633
	7,741	Clearfield, Inc.*		350,745
	18,838	Cloudera, Inc.*		300,089
	2,653	CMC Materials, Inc.		351,841
	8,021	Cohu, Inc.*		286,189
	8,542	CommVault Systems, Inc.*		691,646
	3,762	Comtech Telecommunications Corp.		96,006
	40,771	Conduent, Inc.*		297,628
	6,994	Cornerstone OnDemand, Inc.*		400,756
	4,765	Corsair Gaming, Inc.*^(a)		137,947
	8,480	CSG Systems International, Inc.		408,821
	4,642	CTS Corp.		162,841
	24,093	Daktronics, Inc.*		146,726
	12,713	Diebold Nixdorf, Inc.*		138,317
	10,391	Digi International, Inc.*		228,394
	14,407	Digital Turbine, Inc.*		842,089
	9,410	Diodes, Inc.*		911,170


Common Stocks – (continued)
Information Technology – (continued)
	6,225	Domo, Inc., Class B*		557,138
	5,868	DSP Group, Inc.*		128,509
	7,271	Ebix, Inc.		209,259
	4,550	EchoStar Corp., Class A*		122,850
	13,381	eGain Corp.*		157,628
	8,076	EMCORE Corp.*		60,409
	4,269	Envestnet, Inc.*		340,965
	2,970	ePlus, Inc.*		321,413
	9,394	EVERTEC, Inc. (Puerto Rico)		434,473
	4,724	ExlService Holdings, Inc.*		581,713
	52,192	Extreme Networks, Inc.*		565,239
	5,141	Fabrinet (Thailand)*		529,626
	3,905	FARO Technologies, Inc.*		269,211
	13,597	FormFactor, Inc.*		528,651
	6,498	GreenBox POS*^(a)		63,356
	15,350	Hackett Group, Inc. (The)		300,860
	17,665	Harmonic, Inc.*		163,225
	2,940	I3 Verticals, Inc., Class A*		84,995
	6,894	Ichor Holdings Ltd.*		305,473
	9,886	Identiv, Inc.*		175,575
	8,362	II-VI, Inc.*		526,639
	8,118	Impinj, Inc.*		473,198
	13,095	Infinera Corp.*		110,915
	17,048	Inseego Corp.*^(a)		143,203
	5,872	Insight Enterprises, Inc.*		604,170
	3,381	Intelligent Systems Corp.*		130,473
	3,143	InterDigital, Inc.		226,642
	18,021	Iteris, Inc.*		102,720
	3,383	Itron, Inc.*		284,206
	6,620	J2 Global, Inc.*		911,574
	9,102	Kimball Electronics, Inc.*		219,995
	10,132	Knowles Corp.*		202,640
	9,653	Kopin Corp.*		56,760
	7,886	Kulicke & Soffa Industries, Inc. (Singapore)		553,518
	10,298	KVH Industries, Inc.*		108,850
	23,973	Lattice Semiconductor Corp.*		1,489,203
	35,360	Limelight Networks, Inc.*		95,472
	8,238	LivePerson, Inc.*		528,056
	3,835	LiveRamp Holdings, Inc.*		187,915
	20,687	Luna Innovations, Inc.*		222,799
	3,915	MACOM Technology Solutions Holdings, Inc.*		237,680
	5,228	Marathon Digital Holdings, Inc.*		212,205
	10,653	Maximus, Inc.		927,770
	7,545	MaxLinear, Inc.*		394,075
	4,114	Meta Materials, Inc.*		19,130
	5,936	Methode Electronics, Inc.		276,440
	790	MicroStrategy, Inc., Class A*^(a)		548,497
	7,936	MicroVision, Inc.*^(a)		116,897
	6,858	Mimecast Ltd.*		478,757
	20,600	Mitek Systems, Inc.*		460,822
	7,870	Model N, Inc.*		266,872
	12,953	Momentive Global, Inc.*		254,008
	19,058	MoneyGram International, Inc.*		171,331
	8,331	Napco Security Technologies, Inc.*		325,992


The accompanying notes are an integral part of these financial statements.		81

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

Schedule of Investments (continued)

August 31, 2021


Shares		Description	Value

Common Stocks – (continued)
Information Technology – (continued)
	33,703	NeoPhotonics Corp.*	$	314,786
	5,406	NETGEAR, Inc.*		193,156
	12,612	NetScout Systems, Inc.*		345,821
	4,602	Novanta, Inc.*		705,118
	10,331	OneSpan, Inc.*		199,078
	8,887	Onto Innovation, Inc.*		658,793
	2,713	OSI Systems, Inc.*		268,424
	1,867	PagerDuty, Inc.*		79,908
	2,945	PAR Technology Corp.*		200,054
	7,525	PC Connection, Inc.		364,285
	9,363	Perficient, Inc.*		1,116,257
	18,871	Photronics, Inc.*		284,386
	3,645	Ping Identity Holding Corp.*		94,588
	5,799	Plantronics, Inc.*		172,694
	4,387	Plexus Corp.*		402,858
	7,654	Power Integrations, Inc.		831,531
	8,807	Progress Software Corp.		410,054
	3,907	PROS Holdings, Inc.*		168,939
	3,408	Q2 Holdings, Inc.*		300,211
	3,953	QAD, Inc., Class A		343,951
	4,847	Qualys, Inc.*		568,941
	31,440	Quantum Corp.*		196,186
	7,808	Rackspace Technology, Inc.*		109,078
	17,028	Rambus, Inc.*		405,266
	5,745	Rapid7, Inc.*		698,132
	7,654	Rekor Systems, Inc.*		83,582
	4,515	Repay Holdings Corp.*		103,890
	31,185	Ribbon Communications, Inc.*		203,638
	4,473	Riot Blockchain, Inc.*		166,932
	1,208	Rogers Corp.*		256,591
	5,534	Sailpoint Technologies Holdings, Inc.*		259,323
	10,293	Sanmina Corp.*		406,368
	6,469	Sapiens International Corp. NV (Israel)		184,625
	6,244	ScanSource, Inc.*		222,162
	6,205	SecureWorks Corp., Class A*		126,954
	8,168	Semtech Corp.*		571,107
	3,697	ShotSpotter, Inc.*		147,252
	4,755	Silicon Laboratories, Inc.*		749,483
	1,394	SiTime Corp.*		296,699
	9,646	SMART Global Holdings, Inc.*		467,445
	22,932	Smith Micro Software, Inc.*		114,431
	2,915	Sprout Social, Inc., Class A*		354,464
	5,654	SPS Commerce, Inc.*		766,287
	4,239	SunPower Corp.*		91,350
	5,846	Super Micro Computer, Inc.*		213,613
	7,497	Synaptics, Inc.*		1,422,781
	7,769	Tenable Holdings, Inc.*		344,711
	5,526	TTEC Holdings, Inc.		582,772
	18,487	TTM Technologies, Inc.*		258,818
	1,338	Tucows, Inc., Class A*		99,159
	8,796	Turtle Beach Corp.*		249,894
	11,338	Ultra Clean Holdings, Inc.*		524,269
	5,207	Unisys Corp.*		126,061
	2,079	Upland Software, Inc.*		81,039
	13,843	Varonis Systems, Inc.*		955,305
	7,400	Veeco Instruments, Inc.*		168,646


Common Stocks – (continued)
Information Technology – (continued)
	9,183	Verint Systems, Inc.*		409,929
	10,533	Verra Mobility Corp.*		163,367
	27,260	Viavi Solutions, Inc.*		444,065
	17,773	Vishay Intertechnology, Inc.		390,473
	5,611	Vishay Precision Group, Inc.*		209,683
	58,324	Vonage Holdings Corp.*		822,368
	5,461	Workiva, Inc.*		766,014
	21,818	Xperi Holding Corp.		466,251
	15,730	Yext, Inc.*		212,670
	17,114	Zix Corp.*		132,462
	14,179	Zuora, Inc., Class A*		240,759

				61,732,160

Materials – 3.7%
	5,499	AdvanSix, Inc.*		200,713
	12,585	Allegheny Technologies, Inc.*		224,768
	10,435	American Vanguard Corp.		159,968
	42,586	Amyris, Inc.*		640,919
	6,234	Arconic Corp.*		215,011
	12,037	Avient Corp.		627,007
	3,077	Balchem Corp.		432,072
	6,306	Cabot Corp.		336,740
	4,837	Carpenter Technology Corp.		161,314
	3,638	Chase Corp.		416,551
	3,422	Clearwater Paper Corp.*		111,181
	15,359	Coeur Mining, Inc.*		108,281
	19,401	Commercial Metals Co.		632,861
	2,110	Compass Minerals International, Inc.		141,222
	10,512	Constellium SE*		212,553
	3,514	Danimer Scientific, Inc.*		68,663
	4,584	Domtar Corp.*		251,341
	6,850	Ferro Corp.*		142,480
	6,384	Forterra, Inc.*		147,087
	12,992	GCP Applied Technologies, Inc.*		309,729
	7,882	Glatfelter Corp.		124,536
	3,369	Greif, Inc., Class A		213,325
	6,173	HB Fuller Co.		417,110
	27,328	Hecla Mining Co.		168,067
	5,121	Ingevity Corp.*		411,677
	5,001	Innospec, Inc.		468,094
	2,747	Intrepid Potash, Inc.*		85,184
	1,936	Kaiser Aluminum Corp.		244,439
	3,553	Koppers Holdings, Inc.*		116,894
	7,188	Kraton Corp.*		302,759
	8,163	Livent Corp.*		203,014
	5,394	Materion Corp.		393,924
	4,404	Minerals Technologies, Inc.		346,331
	5,174	MP Materials Corp.*^(a)		173,691
	22,840	Myers Industries, Inc.		520,752
	1,785	Neenah, Inc.		89,946
	14,805	Novagold Resources, Inc. (Canada)*		107,040
	9,138	O-I Glass, Inc.*		138,258
	6,367	Olympic Steel, Inc.		173,564
	17,105	Orion Engineered Carbons SA (Germany)*		302,245
	830	Quaker Chemical Corp.		215,070


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

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


Shares		Description	Value

Common Stocks – (continued)
Materials – (continued)
	3,542	Ranpak Holdings Corp.*	$	108,739
	11,731	Rayonier Advanced Materials, Inc.*		82,821
	11,162	Ryerson Holding Corp.		258,400
	10,189	Schnitzer Steel Industries, Inc., Class A		482,042
	4,596	Schweitzer-Mauduit International, Inc.		175,889
	5,751	Sensient Technologies Corp.		499,474
	3,793	Stepan Co.		445,905
	10,770	Summit Materials, Inc., Class A*		362,626
	22,886	SunCoke Energy, Inc.		159,058
	8,607	TimkenSteel Corp.*		117,744
	6,618	Tredegar Corp.		87,887
	3,904	Trinseo SA		202,735
	14,306	Tronox Holdings PLC, Class A		302,286
	4,704	UFP Technologies, Inc.*		329,233
	1,405	United States Lime & Minerals, Inc.		205,256
	6,178	Verso Corp., Class A		117,691
	9,758	Warrior Met Coal, Inc.		218,482
	4,903	Worthington Industries, Inc.		284,129
	1,831	Zymergen, Inc.*^(a)		24,023

				15,220,801

Real Estate – 6.6%
	5,308	Acadia Realty Trust REIT		112,636
	5,597	Agree Realty Corp. REIT		417,256
	17,475	Alexander & Baldwin, Inc. REIT		364,878
	386	Alexander’s, Inc. REIT		102,792
	5,879	American Assets Trust, Inc. REIT		234,102
	15,542	American Finance Trust, Inc. REIT		133,972
	54,619	Apartment Investment and Management Co., Class A REIT		392,164
	10,751	Apple Hospitality REIT, Inc. REIT		158,900
	13,801	Brandywine Realty Trust REIT		191,558
	8,616	Broadstone Net Lease, Inc. REIT		236,078
	6,386	BRT Apartments Corp. REIT		124,016
	11,965	CareTrust REIT, Inc. REIT		263,110
	1,858	Centerspace REIT		187,992
	11,761	Chatham Lodging Trust REIT*		141,132
	5,786	Columbia Property Trust, Inc. REIT		96,742
	4,319	Community Healthcare Trust, Inc. REIT		209,515
	26,728	CorePoint Lodging, Inc. REIT*		386,487
	8,110	Corporate Office Properties Trust REIT		228,540
	2,665	CTO Realty Growth, Inc. REIT		149,480
	28,511	Cushman & Wakefield PLC*		517,190
	26,050	DigitalBridge Group, Inc. REIT*		179,745
	53,511	Diversified Healthcare Trust REIT		200,666
	8,395	Easterly Government Properties, Inc. REIT		179,401
	4,216	EastGroup Properties, Inc. REIT		759,976
	11,559	Empire State Realty Trust, Inc., Class A REIT		118,711
	4,861	Equity Commonwealth REIT		128,039
	8,266	Essential Properties Realty Trust, Inc. REIT		267,901
	29,307	eXp World Holdings, Inc.		1,343,726
	8,059	Farmland Partners, Inc. REIT		98,723
	7,969	Forestar Group, Inc.*		165,676


Common Stocks – (continued)
Real Estate – (continued)
	10,993	Four Corners Property Trust, Inc. REIT		314,510
	22,986	Franklin Street Properties Corp. REIT		110,333
	2,693	FRP Holdings, Inc.*		155,386
	43,310	GEO Group, Inc. (The) REIT		335,652
	6,117	Getty Realty Corp. REIT		193,481
	8,185	Gladstone Commercial Corp. REIT		185,227
	4,426	Gladstone Land Corp. REIT		104,232
	6,878	Global Medical REIT, Inc. REIT		106,059
	8,657	Global Net Lease, Inc. REIT		147,169
	15,391	Healthcare Realty Trust, Inc. REIT		462,192
	21,937	Hersha Hospitality Trust REIT*		205,769
	15,923	Independence Realty Trust, Inc. REIT		326,103
	9,458	Industrial Logistics Properties Trust REIT		259,433
	1,991	Innovative Industrial Properties, Inc. REIT		489,607
	13,974	iStar, Inc. REIT		369,612
	12,827	Kennedy-Wilson Holdings, Inc.		282,066
	14,978	Kite Realty Group Trust REIT		303,454
	27,387	Lexington Realty Trust REIT		370,546
	5,142	LTC Properties, Inc. REIT		177,450
	9,921	Macerich Co. (The) REIT		169,451
	17,231	Mack-Cali Realty Corp. REIT*		308,090
	16,125	Marcus & Millichap, Inc.*		632,422
	12,358	Monmouth Real Estate Investment Corp. REIT		234,555
	4,891	National Health Investors, Inc. REIT		292,580
	12,846	National Storage Affiliates Trust REIT		735,433
	27,398	New Senior Investment Group, Inc. REIT		239,185
	23,005	Newmark Group, Inc., Class A		313,328
	5,061	NexPoint Residential Trust, Inc. REIT		327,902
	9,537	Office Properties Income Trust REIT		253,017
	92	One Liberty Properties, Inc. REIT		2,929
	8,691	Outfront Media, Inc. REIT*		215,189
	21,154	Paramount Group, Inc. REIT		187,424
	8,109	Pebblebrook Hotel Trust REIT		178,641
	22,495	Physicians Realty Trust REIT		416,382
	19,675	Piedmont Office Realty Trust, Inc., Class A REIT		350,609
	4,629	Plymouth Industrial REIT, Inc. REIT		109,059
	8,184	Postal Realty Trust, Inc., Class A REIT		159,997
	11,128	PotlatchDeltic Corp. REIT		578,100
	14,200	Preferred Apartment Communities, Inc. REIT		177,216
	2,854	PS Business Parks, Inc. REIT		448,734
	6,390	QTS Realty Trust, Inc., Class A REIT		498,292
	10,650	RE/MAX Holdings, Inc., Class A		356,669
	48,807	Realogy Holdings Corp.*		856,563
	17,041	Redfin Corp.*		827,681
	14,444	Retail Opportunity Investments Corp. REIT		261,148
	12,012	Retail Properties of America, Inc., Class A REIT		158,799
	9,715	Retail Value, Inc. REIT		242,875
	6,824	RLJ Lodging Trust REIT		98,470
	7,966	RMR Group, Inc. (The), Class A		369,144
	17,267	RPT Realty REIT		223,435


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

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

Schedule of Investments (continued)

August 31, 2021


Shares		Description	Value

Common Stocks – (continued)
Real Estate – (continued)
	3,097	Ryman Hospitality Properties, Inc. REIT*	$	257,268
	25,403	Sabra Health Care REIT, Inc. REIT		406,448
	1,239	Safehold, Inc. REIT		111,027
	14,013	Service Properties Trust REIT		160,169
	13,178	SITE Centers Corp. REIT		212,298
	4,224	St Joe Co. (The)		195,444
	15,748	STAG Industrial, Inc. REIT		665,353
	13,414	Sunstone Hotel Investors, Inc. REIT*		155,468
	15,705	Tanger Factory Outlet Centers, Inc. REIT		262,588
	7,298	Terreno Realty Corp. REIT		487,579
	7,870	UMH Properties, Inc. REIT		186,519
	31,297	Uniti Group, Inc. REIT		409,052
	2,156	Universal Health Realty Income Trust REIT		127,700
	8,826	Urban Edge Properties REIT		167,164
	7,478	Washington Real Estate Investment Trust REIT		187,997
	11,293	Whitestone REIT		110,784
	6,973	Xenia Hotels & Resorts, Inc. REIT*		121,470

				27,437,032

Utilities – 2.9%
	8,179	ALLETE, Inc.		551,428
	7,842	American States Water Co.		723,111
	1,208	Artesian Resources Corp., Class A		47,607
	9,716	Avista Corp.		406,615
	8,776	Black Hills Corp.		617,216
	7,657	Brookfield Infrastructure Corp., Class A (Canada)^(a)		486,985
	6,513	Cadiz, Inc.*		87,535
	6,390	California Water Service Group		406,084
	3,270	Chesapeake Utilities Corp.		427,389
	20,927	Clearway Energy, Inc., Class A		622,369
	24,360	Clearway Energy, Inc., Class C		764,660
	5,280	MGE Energy, Inc.		425,251
	2,215	Middlesex Water Co.		242,343
	11,861	New Jersey Resources Corp.		442,890
	3,885	Northwest Natural Holding Co.		199,883
	7,738	NorthWestern Corp.		492,137
	7,508	ONE Gas, Inc.		539,225
	7,279	Ormat Technologies, Inc.		517,755
	6,938	Otter Tail Corp.		380,688
	12,561	PNM Resources, Inc.		621,770
	13,917	Portland General Electric Co.		714,638
	13,076	Pure Cycle Corp.*		195,486
	3,797	SJW Group		263,246
	10,302	South Jersey Industries, Inc.		255,593
	7,546	Southwest Gas Holdings, Inc.		530,559
	6,616	Spire, Inc.		441,287
	4,741	Sunnova Energy International, Inc.*		171,624
	3,690	Unitil Corp.		183,024
	8,144	Via Renewables, Inc.		91,213
	3,514	York Water Co. (The)		181,217

				12,030,828

	TOTAL COMMON STOCKS
	(Cost $334,663,717)		$	408,058,268

Units		Description	Value

Right – 0.0%
Financials – 0.0%
	153	NewStar Financial, Inc. CVR*^(d)
	(Cost $13)		$	0

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $334,663,730)		$	408,058,268


Shares		Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 1.2%^(e)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	5,108,816	0.026%	$	5,108,816
	(Cost $5,108,816)

	TOTAL INVESTMENTS – 100.1%
	(Cost $339,772,546)		$	413,167,084

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)%			(623,943	)

	NET ASSETS – 100.0%		$	412,543,141



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

*		Non-income producing security.

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

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

(c)		Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on sale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered and the registration statement is effective. Disposal of these securities may involve time consuming negotiations and prompt sale at an acceptable price may be difficult. Total market value of restricted securities amounts to $10,412, which represents approximately 0.0% of net assets as of August 31, 2021. See additional details below:


Security	Date(s) of Purchase		Cost
BM Technologies Inc.		12/17/20	$	13,363



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

(e)		Represents an affiliated issuer.



Investment Abbreviations:
CVR		— Contingent Value Right
PLC		— Public Limited Company
REIT		— Real Estate Investment Trust


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

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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At August 31, 2021, the Fund had the following futures contracts:

Description

Number of
Contracts

Expiration
Date

Notional
Amount

Unrealized
Appreciation/
(Depreciation)

E-Mini Russell 2000 Index

09/17/21

$3,356,144

50,656


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Assets and Liabilities

August 31, 2021


	ActiveBeta^® Emerging Markets Equity ETF		ActiveBeta^® Europe Equity ETF		ActiveBeta^® International Equity ETF		ActiveBeta^® Japan Equity ETF
Assets:

Investments at value (cost $1,021,556,716, $16,382,814, $2,463,662,963 and $12,760,901, respectively)^(a)	$	1,387,775,924	$	20,768,818	$	3,082,613,430	$	15,135,464

Investments in securities lending reinvestment vehicle, at value which equals cost		8,722,462		184,641		37,762,053		82,494

Cash		30,632,155		44,858		3,025,950		10,656

Foreign currency, at value (cost $72,487, $—, $122,088 and $224, respectively)		72,791		—		121,761		224

Receivables:

Investments sold		41,872,512		916,101		152,621,042		615,157

Dividends		2,349,911		45,691		7,111,776		21,861

Collateral on futures contracts		627,287		5,049		—		—

Securities lending income		79,816		103		11,928		2

Reimbursement from investment adviser		65,119		—		—		—

Foreign tax reclaims		30,813		79,514		2,808,781		7,360

Other assets		10,941		—		—		—

Total assets		1,472,239,731		22,044,775		3,286,076,721		15,873,218

Liabilities:

Variation margin on futures contracts		—		382		—		—

Payables:

Investments purchased		64,719,712		960,726		154,237,125		623,965

Upon return of securities loaned		8,722,462		184,641		37,762,053		82,494

Foreign capital gains tax		8,266,711		—		—		—

Management fees		460,792		4,424		640,194		3,169

Foreign bank overdraft (cost $—, $365, $— and $—, respectively)		—		367		—		—

Accrued expenses		1,780,624		1,015		201,864		689

Total liabilities		83,950,301		1,151,555		192,841,236		710,317

Net Assets:

Paid-in capital		1,045,273,268		19,545,722		2,579,936,916		13,637,976

Total distributable earnings		343,016,162		1,347,498		513,298,569		1,524,925

NET ASSETS	$	1,388,289,430	$	20,893,220	$	3,093,235,485	$	15,162,901
SHARES ISSUED AND OUTSTANDING

Shares outstanding no par value (unlimited shares authorized):		35,300,000		550,000		86,500,000		400,000

Net asset value per share:		$39.33		$37.99		$35.76		$37.91

(a)

Includes loaned securities having a market value of $7,117,388, $173,873, $34,668,517 and $78,589 for ActiveBeta^® Emerging Markets Equity ETF, ActiveBeta^® Europe Equity ETF, ActiveBeta^® International Equity ETF and ActiveBeta^® Japan Equity ETF, respectively.


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Assets and Liabilities (continued)

August 31, 2021


	ActiveBeta^® U.S. Large Cap Equity ETF	ActiveBeta^® U.S. Small Cap Equity ETF
Assets:

Investments at value (cost $9,052,894,866 and $334,663,730, respectively)^(a)	$13,738,914,663	$	408,058,268

Investments in securities lending reinvestment vehicle, at value which equals cost	9,566,002		5,108,816

Cash	16,264,256		4,055,608

Variation margin on futures contracts	—		6,900

Receivables:

Fund shares sold	22,774,736		—

Dividends	15,449,133		281,714

Collateral on futures contracts	468,050		214,500

Securities lending income	25,290		4,412

Total assets	13,803,462,130		417,730,218

Liabilities:

Variation margin on futures contracts	8,695		—

Payables:

Investments purchased	22,726,093		—

Upon return of securities loaned	9,566,002		5,108,816

Management fees	1,043,180		67,096

Accrued expenses	270,682		11,165

Total liabilities	33,614,652		5,187,077

Net Assets:

Paid-in capital	9,543,811,081		347,683,294

Total distributable earnings	4,226,036,397		64,859,847

NET ASSETS	$13,769,847,478	$	412,543,141
SHARES ISSUED AND OUTSTANDING

Shares outstanding no par value (unlimited shares authorized):	151,402,500		6,350,000

Net asset value per share:	$90.95		$64.97

(a)

Includes loaned securities having a market value of $9,322,545 and $5,033,988 for ActiveBeta^® U.S. Large Cap Equity ETF and ActiveBeta^® U.S. Small Cap Equity ETF, respectively.


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Operations

For the Fiscal Year Ended August 31, 2021


	ActiveBeta^® Emerging Markets Equity ETF			ActiveBeta^® Europe Equity ETF			ActiveBeta^® International Equity ETF			ActiveBeta^® Japan Equity ETF
Investment income:

Dividends — unaffiliated issuers (net of foreign withholding taxes of $4,928,599, $72,326, $6,455,813 and $61,757, respectively)	$	35,403,726		$	448,280		$	53,348,866		$	400,020

Securities lending income — unaffiliated issuer		273,974			3,795			390,985			1,903

Non cash dividend income		—			55,759			4,880,629			—

Total investment income		35,677,700			507,834			58,620,480			401,923

Expenses:

Management fees		6,437,086			42,808			5,697,446			49,169

Custody, accounting and administrative services		1,447,938			—			—			—

Printing and mailing costs		165,119			—			—			—

Professional fees		109,890			—			—			—

Shareholder meeting expense		61,663			747			91,711			689

Trustee fees		18,356			3,874			27,095			3,915

Other		19,596			—			—			—

Total expenses		8,259,648			47,429			5,816,252			53,773

Less — expense reductions		(956,263	)		—			—			—

Net expenses		7,303,385			47,429			5,816,252			53,773

NET INVESTMENT INCOME		28,374,315			460,405			52,804,228			348,150

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		145,421,767			274,054			5,232,219			(59,008	)

In-kind redemptions		154,147,137			—			—			1,951,191

Futures		(183,710	)		8,096			1,424,037			22,121

Foreign currency transactions		120,773			(2,596	)		(382,334	)		(3,404	)

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers (including the effects of the foreign capital gains tax liability of $8,266,711, $—, $— and $—, respectively)		(6,555,931	)		4,206,343			477,625,019			1,175,273

Futures		—			1,940			—			(4,057	)

Foreign currency translations		65,524			(1,388	)		(167,610	)		(469	)

Net realized and unrealized gain		293,015,560			4,486,449			483,731,331			3,081,647

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	321,389,875		$	4,946,854		$	536,535,559		$	3,429,797


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Operations (continued)

For the Fiscal Year Ended August 31, 2021


	ActiveBeta^® U.S. Large Cap Equity ETF			ActiveBeta^® U.S. Small Cap Equity ETF
Investment income:

Dividends — unaffiliated issuers (net of foreign withholding taxes of $— and $16,769, respectively)	$	156,006,991		$	3,253,104

Securities lending income — unaffiliated issuer		111,489			129,578

Total investment income		156,118,480			3,382,682

Expenses:

Management fees		10,565,110			603,778

Shareholder meeting expense		270,682			11,165

Trustee fees		126,475			6,680

Total expenses		10,962,267			621,623

NET INVESTMENT INCOME		145,156,213			2,761,059

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		(47,270,252	)		(938,162	)

In-kind redemptions		792,128,651			31,298,694

Futures		1,330,122			580,785

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		2,324,377,818			65,021,134

Futures		498,672			(77,590	)

Net realized and unrealized gain		3,071,065,011			95,884,861

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,216,221,224		$	98,645,920


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Changes in Net Assets


	ActiveBeta^® Emerging Markets Equity ETF						ActiveBeta^® Europe Equity ETF
	For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2020
From operations:

Net investment income	$	28,374,315		$	43,988,398		$	460,405		$	348,546

Net realized gain (loss)		299,505,967			(40,335,493	)		279,554			(1,962,467	)

Net change in unrealized gain (loss)		(6,490,407	)		146,795,035			4,206,895			2,044,102

Net increase in net assets resulting from operations		321,389,875			150,447,940			4,946,854			430,181

Distributions to shareholders:

From distributable earnings		(31,408,924	)		(44,088,214	)		(469,425	)		(340,708	)

From share transactions:

Proceeds from sales of shares		267,346,093			148,065,074			—			—

Cost of shares redeemed		(879,514,184	)		(243,149,316	)		—			(2,258,165	)

Net decrease in net assets resulting from share transactions		(612,168,091	)		(95,084,242	)		—			(2,258,165	)

TOTAL INCREASE (DECREASE)		(322,187,140	)		11,275,484			4,477,429			(2,168,692	)

Net assets:

Beginning of year	$	1,710,476,570		$	1,699,201,086		$	16,415,791		$	18,584,483

End of year	$	1,388,289,430		$	1,710,476,570		$	20,893,220		$	16,415,791


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Changes in Net Assets (continued)


	ActiveBeta^® International Equity ETF						ActiveBeta^® Japan Equity ETF
	For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2020
From operations:

Net investment income	$	52,804,228		$	33,497,128		$	348,150		$	409,965

Net realized gain (loss)		6,273,922			(71,514,669	)		1,910,900			388,178

Net change in unrealized gain		477,457,409			96,323,217			1,170,747			1,212,417

Net increase in net assets resulting from operations		536,535,559			58,305,676			3,429,797			2,010,560

Distributions to shareholders:

From distributable earnings		(47,566,749	)		(34,855,286	)		(325,392	)		(482,484	)

From share transactions:

Proceeds from sales of shares		860,704,407			319,433,538			—			—

Cost of shares redeemed		—			(144,922,933	)		(7,502,475	)		(6,435,562	)

Net increase (decrease) in net assets resulting from share transactions		860,704,407			174,510,605			(7,502,475	)		(6,435,562	)

TOTAL INCREASE (DECREASE)		1,349,673,217			197,960,995			(4,398,070	)		(4,907,486	)

Net assets:

Beginning of year	$	1,743,562,268		$	1,545,601,273		$	19,560,971		$	24,468,457

End of year	$	3,093,235,485		$	1,743,562,268		$	15,162,901		$	19,560,971


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Changes in Net Assets (continued)


	ActiveBeta^® U.S. Large Cap Equity ETF						ActiveBeta^® U.S. Small Cap Equity ETF
	For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2020
From operations:

Net investment income	$	145,156,213		$	131,490,181		$	2,761,059		$	1,182,340

Net realized gain (loss)		746,188,521			(144,906,256	)		30,941,317			(1,417,613	)

Net change in unrealized gain		2,324,876,490			1,648,452,208			64,943,544			8,670,193

Net increase in net assets resulting from operations		3,216,221,224			1,635,036,133			98,645,920			8,434,920

Distributions to shareholders:

From distributable earnings		(138,466,225	)		(130,496,243	)		(2,434,684	)		(1,215,722	)

From share transactions:

Proceeds from sales of shares		1,810,335,563			2,860,908,951			224,466,695			74,558,334

Cost of shares redeemed		(1,546,137,807	)		(543,604,251	)		(60,618,621	)		(25,692,998	)

Net increase in net assets resulting from share transactions		264,197,756			2,317,304,700			163,848,074			48,865,336

TOTAL INCREASE		3,341,952,755			3,821,844,590			260,059,310			56,084,534

Net assets:

Beginning of year	$	10,427,894,723		$	6,606,050,133		$	152,483,831		$	96,399,297

End of year	$	13,769,847,478		$	10,427,894,723		$	412,543,141		$	152,483,831


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


	ActiveBeta^® Emerging Markets Equity ETF
	For the Fiscal Year Ended August 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance:

Net asset value, beginning of year	$	33.28		$	31.12		$	32.98		$	33.73		$	28.03

Net investment income^(a)		0.67			0.80	^(b)		0.75			0.77			0.63

Net realized and unrealized gain (loss)		6.07			2.17			(1.79	)		(0.84	)		5.58

Total gain (loss) from investment operations		6.74			2.97			(1.04	)		(0.07	)		6.21

Distributions to shareholders from net investment income		(0.69	)		(0.81	)		(0.82	)		(0.68	)		(0.51	)

Net asset value, end of year	$	39.33		$	33.28		$	31.12		$	32.98		$	33.73

Market price, end of year	$	39.16		$	33.28		$	31.14		$	32.87		$	33.74

Total Return at Net Asset Value^(c)		20.49	%		9.55	%		(3.21	)%		(0.28	)%		22.49	%

Net assets, end of year (in 000’s)	$	1,388,289		$	1,710,477		$	1,699,201		$	1,688,540		$	1,490,683

Ratio of net expenses to average net assets		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%

Ratio of total expenses to average net assets		0.51	%		0.52	%		0.51	%		0.51	%		0.53	%

Ratio of net investment income to average net assets		1.76	%		2.55	^%^(b)		2.37	%		2.19	%		2.13	%

Portfolio turnover rate^(d)		46	%		38	%		28	%		28	%		27	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from non-recurring special dividends which amounted to $0.03 per share and 0.09% of average net assets.

(c)

Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the year. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares.

(d)


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	ActiveBeta^® Europe Equity ETF
	For the Fiscal Year Ended August 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance:

Net asset value, beginning of year	$	29.85		$	28.59		$	30.82		$	30.39		$	26.12

Net investment income^(a)		0.84			0.58			0.89			0.95			0.75

Net realized and unrealized gain (loss)		8.15			1.27			(1.84	)		0.37			4.26

Total gain (loss) from investment operations		8.99			1.85			(0.95	)		1.32			5.01

Distributions to shareholders from net investment income		(0.85	)		(0.59	)		(1.28	)		(0.89	)		(0.74	)

Net asset value, end of year	$	37.99		$	29.85		$	28.59		$	30.82		$	30.39

Market price, end of year	$	38.05		$	29.81		$	28.62		$	30.73		$	30.54

Total Return at Net Asset Value^(b)		30.45	%		6.69	%		(3.15	)%		4.40	%		19.46	%

Net assets, end of year (in 000’s)	$	20,893		$	16,416		$	18,584		$	73,963		$	44,062

Ratio of total expenses to average net assets		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%

Ratio of net investment income to average net assets		2.47	%		2.01	%		3.07	%		3.02	%		2.71	%

Portfolio turnover rate^(c)		19	%		18	%		17	%		23	%		17	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	ActiveBeta^® International Equity ETF
	For the Fiscal Year Ended August 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance:

Net asset value, beginning of year	$	28.72		$	27.70		$	29.42		$	28.38		$	24.67

Net investment income^(a)		0.75			0.57			0.86			0.76			0.69

Net realized and unrealized gain (loss)		6.97			1.05			(1.78	)		1.02			3.61

Total gain (loss) from investment operations		7.72			1.62			(0.92	)		1.78			4.30

Distributions to shareholders from net investment income		(0.68	)		(0.60	)		(0.80	)		(0.74	)		(0.59	)

Net asset value, end of year	$	35.76		$	28.72		$	27.70		$	29.42		$	28.38

Market price, end of year	$	35.75		$	28.63		$	27.73		$	29.45		$	28.53

Total Return at Net Asset Value^(b)		27.12	%		5.96	%		(3.09	)%		6.30	%		17.66	%

Net assets, end of year (in 000’s)	$	3,093,235		$	1,743,562		$	1,545,601		$	1,094,462		$	593,129

Ratio of total expenses to average net assets		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%

Ratio of net investment income to average net assets		2.31	%		2.08	%		3.10	%		2.56	%		2.64	%

Portfolio turnover rate^(c)		21	%		20	%		17	%		16	%		23	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	ActiveBeta^® Japan Equity ETF
	For the Fiscal Year Ended August 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance:

Net asset value, beginning of year	$	32.60		$	30.59		$	32.99		$	30.71		$	27.33

Net investment income^(a)		0.60			0.66			0.82			0.54			0.48

Net realized and unrealized gain (loss)		5.25			2.15			(2.29	)		2.36			3.50

Total gain (loss) from investment operations		5.85			2.81			(1.47	)		2.90			3.98

Distributions to shareholders from net investment income		(0.54	)		(0.80	)		(0.93	)		(0.62	)		(0.60	)

Net asset value, end of year	$	37.91		$	32.60		$	30.59		$	32.99		$	30.71

Market price, end of year	$	37.75		$	32.51		$	30.52		$	32.90		$	30.79

Total Return at Net Asset Value^(b)		18.02	%		9.15	%		(4.32	)%		9.42	%		14.74	%

Net assets, end of year (in 000’s)	$	15,163		$	19,561		$	24,468		$	52,778		$	42,992

Ratio of total expenses to average net assets		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%

Ratio of net investment income to average net assets		1.64	%		2.09	%		2.64	%		1.62	%		1.68	%

Portfolio turnover rate^(c)		21	%		18	%		33	%		23	%		22	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	ActiveBeta^® U.S. Large Cap Equity ETF
	For the Fiscal Year Ended August 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance:

Net asset value, beginning of year	$	70.70		$	59.09		$	58.75		$	49.16		$	43.83

Net investment income^(a)		0.96			1.06			1.03			0.96			0.97

Net realized and unrealized gain		20.21			11.62			0.30			9.56			5.17

Total gain from investment operations		21.17			12.68			1.33			10.52			6.14

Distributions to shareholders from net investment income		(0.92	)		(1.07	)		(0.99	)		(0.93	)		(0.81	)

Net asset value, end of year	$	90.95		$	70.70		$	59.09		$	58.75		$	49.16

Market price, end of year	$	90.91		$	70.61		$	59.07		$	58.75		$	49.15

Total Return at Net Asset Value^(b)		30.21	%		21.81	%		2.42	%		21.65	%		14.15	%

Net assets, end of year (in 000’s)	$	13,769,847		$	10,427,895		$	6,606,050		$	3,980,297		$	2,396,490

Ratio of total expenses to average net assets		0.09	%		0.09	%		0.09	%		0.09	%		0.09	%

Ratio of net investment income to average net assets		1.22	%		1.72	%		1.82	%		1.78	%		2.08	%

Portfolio turnover rate^(c)		16	%		17	%		16	%		16	%		20	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


The accompanying notes are an integral part of these financial statements.		97

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	ActiveBeta^® U.S. Small Cap Equity ETF
	For the Fiscal Year Ended August 31,												For the Period June 28, 2017^* to August 31, 2017
	2021			2020			2019			2018
Per Share Operating Performance:

Net asset value, beginning of period	$	43.57		$	42.84		$	49.49		$	39.65		$	40.36

Net investment income^(a)		0.53	^(b)		0.51			0.57			0.56			0.07

Net realized and unrealized gain (loss)		21.35			0.78			(6.66	)		9.79			(0.78	)

Total gain (loss) from investment operations		21.88			1.29			(6.09	)		10.35			(0.71	)

Distributions to shareholders from net investment income		(0.48	)		(0.56	)		(0.56	)		(0.51	)		—

Net asset value, end of period	$	64.97		$	43.57		$	42.84		$	49.49		$	39.65

Market price, end of period	$	64.94		$	43.63		$	42.84		$	49.55		$	38.95

Total Return at Net Asset Value^(c)		50.45	%		3.13	%		(12.28	)%		26.28	%		(1.76	)%

Net assets, end of period (in 000’s)	$	412,543		$	152,484		$	96,399		$	47,014		$	11,896

Ratio of total expenses to average net assets		0.20	%		0.20	%		0.20	%		0.20	%		0.20	^%^(d)

Ratio of net investment income to average net assets		0.90	%^(b)		1.21	%		1.32	%		1.24	%		0.96	^%^(d)

Portfolio turnover rate^(e)		25	%		20	%		20	%		27	%		0	^%^(f)

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from non-recurring special dividends which amounted to $0.09 per share and 0.16% of average net assets.

(c)

(d)

Annualized.

(e)

(f)

Less than 0.5%


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Notes to Financial Statements

August 31, 2021

1. ORGANIZATION


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 generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the “Distributor”) may do business directly with the Funds.

2. SIGNIFICANT ACCOUNTING POLICIES

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. These reclaims if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

GOLDMAN SACHS ACTIVEBETA^® ETFS

Notes to Financial Statements (continued)

August 31, 2021

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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.

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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

100

GOLDMAN SACHS ACTIVEBETA^® ETFS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

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

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 Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs 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.

101

GOLDMAN SACHS ACTIVEBETA^® ETFS

Notes to Financial Statements (continued)

August 31, 2021

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.

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of August 31, 2021:



ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Investment Type	Level 1		Level 2		Level 3

Assets

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

Africa	$	53,548,810	$	—	$	—

Asia		1,150,736,230		44,802,110		—

Europe		22,246,690		—		—

North America		42,369,618		—		—

South America		58,188,464		15,884,002		—

Securities Lending Reinvestment Vehicle		8,722,462		—		—

Total	$	1,335,812,274	$	60,686,112	$	—

ACTIVEBETA^® EUROPE EQUITY ETF

Investment Type	Level 1		Level 2		Level 3

Assets

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

Africa	$	49,248	$	—	$	—

Asia		179,670		—		—

Europe		19,533,168		222,739		—

North America		419,690		—		—

Oceania		314,856		—		—

South America		49,447		—		—

Securities Lending Reinvestment Vehicle		184,641		—		—

Total	$	20,730,720	$	222,739	$	—

(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.

102

GOLDMAN SACHS ACTIVEBETA^® ETFS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



ACTIVEBETA^® EUROPE EQUITY ETF (continued)

Derivative Type	Level 1		Level 2		Level 3

Assets^(b)

Futures Contracts	$	1,940	$	—	$	—

ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Investment Type	Level 1		Level 2		Level 3

Assets

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

Africa	$	6,361,862	$	—	$	—

Asia		766,142,941		—		—

Europe		1,712,070,609		21,607,521		—

North America		358,783,858		3,015,163		—

Oceania		209,391,544		—		—

South America		5,239,932		—		—

Securities Lending Reinvestment Vehicle		37,762,053		—		—

Total	$	3,095,752,799	$	24,622,684	$	—

ACTIVEBETA^® JAPAN EQUITY ETF

Investment Type	Level 1		Level 2		Level 3

Assets

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

Asia	$	15,135,464	$	—	$	—

Securities Lending Reinvestment Vehicle		82,494		—		—

Total	$	15,217,958	$	—	$	—

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	$	13,738,914,663	$	—	$	—

Securities Lending Reinvestment Vehicle		9,566,002		—		—

Total	$	13,748,480,665	$	—	$	—

Derivative Type

Assets^(b)

Futures Contracts	$	498,672	$	—	$	—

(a)

(b)

Amount shown represents unrealized gain at fiscal year end.

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

103

GOLDMAN SACHS ACTIVEBETA^® ETFS

Notes to Financial Statements (continued)

August 31, 2021

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)

Africa	$	124,664	$	—	$	—

Asia		1,608,349		—		—

Europe		1,493,082		—		—

North America		404,463,990		—		—

South America		368,183		—		—

Securities Lending Reinvestment Vehicle		5,108,816		—		—

Total	$	413,167,084	$	—	$	—

Derivative Type

Assets^(b)

Futures Contracts	$	50,656	$	—	$	—

(a)

(b)

Amount shown represents unrealized gain at fiscal year 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 August 31, 2021. 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 (Liabilities)^(a)
Equity	Goldman Sachs ActiveBeta^® Europe Equity ETF		Variation Margin on Futures Contracts	$	1,940
Equity	Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF		Variation Margin on Futures Contracts		498,672
Equity	Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF		Variation Margin on Futures Contracts		50,656

(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 August 31, 2021 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 fiscal year ended August 31, 2021. 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

104

GOLDMAN SACHS ACTIVEBETA^® ETFS

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
Equity	Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF	$	(183,710	)	$	—
Equity	Goldman Sachs ActiveBeta^® Europe Equity ETF		8,096			1,940
Equity	Goldman Sachs ActiveBeta^® International Equity ETF		1,424,037			—
Equity	Goldman Sachs ActiveBeta^® Japan Equity ETF		22,121			(4,057	)
Equity	Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF		1,330,122			498,672
Equity	Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF		580,785			(77,590	)

For the fiscal year ended August 31, 2021, the relevant values for each derivative type was as follows:


Fund				Average Number of Contracts^(a)
Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF				123
Goldman Sachs ActiveBeta^® Europe Equity ETF				3
Goldman Sachs ActiveBeta^® International Equity ETF				65
Goldman Sachs ActiveBeta^® Japan Equity ETF				14
Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF				73
Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF				19
(a) Amount disclosed represents average number of contracts for the months that the Fund held such derivatives during the fiscal year ended August 31, 2021.

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 Goldman Sachs 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.

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Notes to Financial Statements (continued)

August 31, 2021

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended August 31, 2021, unitary management fees with GSAM were at the following rates for each Fund except the ActiveBeta^® Emerging Markets Equity ETF:


Fund				Unitary Management Fee
ActiveBeta^® Europe Equity ETF				0.25%
ActiveBeta^® International Equity ETF				0.25%
ActiveBeta^® Japan Equity ETF				0.25%
ActiveBeta^® U.S. Large Cap Equity ETF				0.09%
ActiveBeta^® U.S. Small Cap Equity ETF				0.20%

For the fiscal year ended August 31, 2021, contractual and effective net management fees with GSAM were at the following rate for the ActiveBeta^® Emerging Markets Equity ETF:


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

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

For the fiscal year ended August 31, 2021, these expense reimbursements amounted to $956,263.

6. CREATION AND REDEMPTION OF CREATION UNITS

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GOLDMAN SACHS ACTIVEBETA^® ETFS

6. CREATION AND REDEMPTION OF CREATION UNITS (continued)

Share activity is as follows:


	ActiveBeta^® Emerging Markets Equity ETF

	For the Fiscal Year Ended August 31, 2021						For the Fiscal Year Ended August 31, 2020

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		6,800,000		$	265,763,520			4,400,000		$	147,064,435
Shares Redeemed		(22,900,000	)		(879,193,841	)		(7,600,000	)		(242,809,605	)

NET DECREASE IN SHARES		(16,100,000	)	$	(613,430,321	)		(3,200,000	)	$	(95,745,170	)
	ActiveBeta^® Europe Equity ETF

	For the Fiscal Year Ended August 31, 2021						For the Fiscal Year Ended August 31, 2020

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		—		$	—			—		$	—
Shares Redeemed		—			—			(100,000	)		(2,258,165	)

NET DECREASE IN SHARES		—		$	—			(100,000	)	$	(2,258,165	)
	ActiveBeta^® International Equity ETF

	For the Fiscal Year Ended August 31, 2021						For the Fiscal Year Ended August 31, 2020

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		25,800,000		$	860,606,084			11,200,000		$	319,392,338
Shares Redeemed		—			—			(6,300,000	)		(144,922,584	)

NET INCREASE IN SHARES		25,800,000		$	860,606,084			4,900,000		$	174,469,754
	ActiveBeta^® Japan Equity ETF

	For the Fiscal Year Ended August 31, 2021						For the Fiscal Year Ended August 31, 2020

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		—		$	—			—		$	—
Shares Redeemed		(200,000	)		(7,502,453	)		(200,000	)		(6,435,562	)

NET DECREASE IN SHARES		(200,000	)	$	(7,502,453	)		(200,000	)	$	(6,435,562	)

107

GOLDMAN SACHS ACTIVEBETA^® ETFS

Notes to Financial Statements (continued)

August 31, 2021

6. CREATION AND REDEMPTION OF CREATION UNITS (continued)


	ActiveBeta^® U.S. Large Cap Equity ETF

	For the Fiscal Year Ended August 31, 2021						For the Fiscal Year Ended August 31, 2020

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		22,700,000		$	1,810,334,871			44,400,000		$	2,860,908,861
Shares Redeemed		(18,800,000	)		(1,546,137,808	)		(8,700,000	)		(543,604,251	)

NET INCREASE IN SHARES		3,900,000		$	264,197,063			35,700,000		$	2,317,304,610
	ActiveBeta^® U.S. Small Cap Equity ETF

	For the Fiscal Year Ended August 31, 2021						For the Fiscal Year Ended August 31, 2020

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		3,800,000		$	224,465,356			1,900,000		$	74,558,334
Shares Redeemed		(950,000	)		(60,618,621	)		(650,000	)		(25,692,998	)

NET INCREASE IN SHARES		2,850,000		$	163,846,735			1,250,000		$	48,865,336

7. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the fiscal year ended August 31, 2021, were as follows:


Fund	Purchases		Sales
ActiveBeta^® Emerging Markets Equity ETF	$	725,320,406	$	1,003,478,248
ActiveBeta^® Europe Equity ETF		3,573,178		3,617,763
ActiveBeta^® International Equity ETF		529,069,737		481,221,685
ActiveBeta^® Japan Equity ETF		4,404,190		4,349,145
ActiveBeta^® U.S. Large Cap Equity ETF		1,856,191,238		1,837,936,809
ActiveBeta^® U.S. Small Cap Equity ETF		92,591,971		75,835,200

The purchases and sales from in-kind creation and redemption transactions for the fiscal year ended August 31, 2021, were as follows:


Fund	Purchases		Sales
ActiveBeta^® Emerging Markets Equity ETF	$	53,011,183	$	401,035,055
ActiveBeta^® Europe Equity ETF		—		—
ActiveBeta^® International Equity ETF		813,760,516		—
ActiveBeta^® Japan Equity ETF		—		7,447,175
ActiveBeta^® U.S. Large Cap Equity ETF		1,772,416,150		1,525,296,560
ActiveBeta^® U.S. Small Cap Equity ETF		206,804,571		60,211,314

108

GOLDMAN SACHS ACTIVEBETA^® ETFS

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.

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of August 31, 2021, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

The following table provides information about the Funds’ investment in the Government Money Market Fund for the fiscal year ended August 31, 2021:


Fund	Beginning value as of August 31, 2020		Purchases at Cost		Proceeds from Sales			Ending value as of August 31, 2021
ActiveBeta^® Emerging Markets Equity ETF	$	4,333,286	$	126,431,034	$	(122,041,858	)	$	8,722,462
ActiveBeta^® Europe Equity ETF		62,772		4,003,034		(3,881,165	)		184,641
ActiveBeta^® International Equity ETF		24,830,933		405,448,164		(392,517,044	)		37,762,053
ActiveBeta^® Japan Equity ETF		999,602		3,037,967		(3,955,075	)		82,494
ActiveBeta^® U.S. Large Cap Equity ETF		9,557,821		144,441,914		(144,433,733	)		9,566,002
ActiveBeta^® U.S. Small Cap Equity ETF		2,901,792		56,127,128		(53,920,104	)		5,108,816

109

GOLDMAN SACHS ACTIVEBETA^® ETFS

Notes to Financial Statements (continued)

August 31, 2021

9. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2021 and August 31, 2020 were as follows:


	Fiscal Year Ended August 31, 2021
	ActiveBeta^® Emerging Markets Equity ETF		ActiveBeta^® Europe Equity ETF		ActiveBeta^® International Equity ETF		ActiveBeta^® Japan Equity ETF		ActiveBeta^® U.S. Large Cap Equity ETF		ActiveBeta^® U.S. Small Cap Equity ETF
Distributions paid from:
Ordinary Income	$	31,408,924	$	469,425	$	47,566,749	$	325,392	$	138,466,225	$	2,434,684
Total taxable distributions	$	31,408,924	$	469,425	$	47,566,749	$	325,392	$	138,466,225	$	2,434,684


	Fiscal Year Ended August 31, 2020
	ActiveBeta^® Emerging Markets Equity ETF		ActiveBeta^® Europe Equity ETF		ActiveBeta^® International Equity ETF		ActiveBeta^® Japan Equity ETF		ActiveBeta^® U.S. Large Cap Equity ETF		ActiveBeta^® U.S. Small Cap Equity ETF
Distributions paid from:
Ordinary Income	$	44,088,214	$	340,708	$	34,855,286	$	482,484	$	130,496,243	$	1,215,722
Total taxable distributions	$	44,088,214	$	340,708	$	34,855,286	$	482,484	$	130,496,243	$	1,215,722

As of August 31, 2021, the components of accumulated earnings (losses) on a tax-basis were as follows:


	ActiveBeta^® Emerging Markets Equity ETF			ActiveBeta^® Europe Equity ETF			ActiveBeta^® International Equity ETF			ActiveBeta^® Japan Equity ETF			ActiveBeta^® U.S. Large Cap Equity ETF			ActiveBeta^® U.S. Small Cap Equity ETF
Undistributed ordinary income — net	$	22,216,622		$	121,997		$	14,748,586		$	21,355		$	27,831,938		$	480,589
Total undistributed earnings	$	22,216,622		$	121,997		$	14,748,586		$	21,355		$	27,831,938		$	480,589
Capital loss carryforwards⁽¹⁾:
Perpetual Short-Term	$	(18,538,046	)	$	(912,925	)	$	(32,881,357	)	$	(352,828	)	$	(205,544,786	)	$	(583,066	)
Perpetual Long-Term		—			(2,111,682	)		(70,851,919	)		(447,827	)		(219,683,202	)		(3,381,690	)
Unrealized gains (losses) — net		339,337,586			4,250,108			602,283,259			2,304,225			4,623,432,447			68,344,014
Total accumulated earnings (losses) net	$	343,016,162		$	1,347,498		$	513,298,569		$	1,524,925		$	4,226,036,397		$	64,859,847

(1)

ActiveBeta^® Emerging Markets Equity ETF, ActiveBeta^® Europe Equity ETF, ActiveBeta^® International Equity ETF and ActiveBeta^® U.S. Small Cap Equity ETF utilized $143,461,683, $286,397, $8,417,558, and $1,782,802, respectively of capital losses in the current fiscal year.

As of August 31, 2021, 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	$	1,048,909,057		$	16,706,828		$	2,517,996,448		$	12,913,683		$	9,125,546,890		$	344,873,726
Gross unrealized gain		423,914,247			5,465,492			684,595,090			3,024,984			4,731,858,421			85,390,108
Gross unrealized loss		(84,576,661	)		(1,215,384	)		(82,311,831	)		(720,759	)		(108,425,974	)		(17,046,094	)
Net unrealized gains (losses)	$	339,337,586		$	4,250,108		$	602,283,259		$	2,304,225		$	4,623,432,447		$	68,344,014

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9. TAX INFORMATION (continued)

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

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


Fund	Paid-in Capital		Total Distributable Earnings
ActiveBeta^® Emerging Markets Equity ETF	$	148,976,398	$	(148,976,398	)
ActiveBeta^® Europe Equity ETF		—		—
ActiveBeta^® International Equity ETF		—		—
ActiveBeta^® Japan Equity ETF		1,871,757		(1,871,757	)
ActiveBeta^® U.S. Large Cap Equity ETF		786,273,095		(786,273,095	)
ActiveBeta^® U.S. Small Cap Equity ETF		30,671,779		(30,671,779	)

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 U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or problems with 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, or economically tied to, emerging markets, these risks may be more pronounced.

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GOLDMAN SACHS ACTIVEBETA^® ETFS

Notes to Financial Statements (continued)

August 31, 2021

10. OTHER RISKS (continued)

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

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

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.

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.

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GOLDMAN SACHS ACTIVEBETA^® ETFS

10. OTHER RISKS (continued)

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.

11. INDEMNIFICATIONS

12. OTHER MATTERS

Pursuant to an effort to consolidate the membership of the Board of Trustees of the Trust (the “Board”) with the Board of Trustees of each of Goldman Sachs Trust II, Goldman Sachs MLP and Energy Renaissance Fund and Goldman Sachs Real Estate Diversified Income Fund, at a meeting held on July 22, 2021, the Board voted to nominate Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar and Linda A. Lang (the “Nominees”) for election as Trustees of the Trust at a virtual special joint meeting of shareholders to be held on December 3, 2021. Each of the Nominees (except Ms. Lang) currently serves as a Trustee of Goldman Sachs Trust II. Ms. Lang currently serves as a Trustee of the Trust. If elected, the Nominees will serve as Trustees alongside the current Trustees of the Trust. The Funds will bear a portion of the proxy solicitation, shareholder meeting and other related costs and GSAM has agreed to reimburse each Fund if such expenses increase the Fund’s total expense ratio by more than a specified percentage. This annual report is not a proxy statement. Information regarding the election of the Nominees is contained in the proxy materials filed with the SEC. The proxy statement has been mailed to shareholders of record, and shareholders can also access the proxy statement, and any other relevant documents, on the SEC’s website.

13. SUBSEQUENT EVENTS

113

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs ETF Trust and Shareholders of Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF, Goldman Sachs ActiveBeta^® Europe Equity ETF, Goldman Sachs ActiveBeta^® International Equity ETF, Goldman Sachs ActiveBeta^® Japan Equity ETF, Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF, and Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF, Goldman Sachs ActiveBeta^®Europe Equity ETF, Goldman Sachs ActiveBeta^® International Equity ETF, Goldman Sachs ActiveBeta^® Japan Equity ETF, Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF, and Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF (six of the funds constituting Goldman Sachs ETF Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2021, the related statements of operations for the year ended August 31, 2021, the statements of changes in net assets for each of the two years in the period ended August 31, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2021 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 26, 2021

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

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GOLDMAN SACHS ACTIVEBETA^® ETFS

Liquidity Risk Management Program (Unaudited)

115

GOLDMAN SACHS ACTIVEBETA^® ETFS

Fund Expenses — Six Month period ended 8/31/2021 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period from March 1, 2021 and held for the six months ended August 31, 2021, which represents a period of 184 days of a 365 day year.


	ActiveBeta^® Emerging Markets Equity ETF							ActiveBeta^® Europe Equity ETF							ActiveBeta^® International Equity ETF
	Beginning Account Value 3/1/21		Ending Account Value 8/31/21			Expenses Paid*		Beginning Account Value 3/1/21		Ending Account Value 8/31/21			Expenses Paid*		Beginning Account Value 3/1/21		Ending Account Value 8/31/21			Expenses Paid*
Actual based on NAV	$	1,000	$	1,008.27		$	2.28	$	1,000	$	1,164.90		$	1.36	$	1,000	$	1,127.54		$	1.34
Hypothetical 5% return		1,000		1,022.94	+		2.29		1,000		1,023.95	+		1.28		1,000		1,023.95	+		1.28

	ActiveBeta^® Japan Equity ETF							ActiveBeta^® U.S. Large Cap Equity ETF							ActiveBeta^® U.S. Small Cap Equity ETF
	Beginning Account Value 3/1/21		Ending Account Value 8/31/21			Expenses Paid*		Beginning Account Value 3/1/21		Ending Account Value 8/31/21			Expenses Paid*		Beginning Account Value 3/1/21		Ending Account Value 8/31/21			Expenses Paid*
Actual based on NAV	$	1,000	$	1,027.61		$	1.28	$	1,000	$	1,197.51		$	0.50	$	1,000	$	1,067.72		$	1.04
Hypothetical 5% return		1,000		1,023.95	+		1.28		1,000		1,024.75	+		0.46		1,000		1,024.20	+		1.02

Hypothetical expenses are based on 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 fiscal year ended August 31, 2021. 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

116

GOLDMAN SACHS ACTIVEBETA^® ETFS

Trustees and Officers (Unaudited)

Independent Trustees


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

Lawrence W. Stranghoener Age: 67	Chairman of the Board of Trustees	Trustee Since 2015; Chairman Since 2017	Mr. Stranghoener is retired. He is Chairman, Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) (2003-Present); and was formerly Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (2011-2020); Interim Chief Executive Officer (2014); and Executive Vice President and Chief Financial Officer (2004-2014), Mosaic Company (a fertilizer manufacturing company). Chairman of the Board of Trustees — Goldman Sachs ETF Trust; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	39	Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials)

Linda A. Lang Age: 63	Trustee	Since 2016	Ms. Lang is retired. She was formerly Chair of the Board of Directors (2016-2019); and Member of the Board of Directors, WD-40 Company (a global consumer products company) (2004-2019); Chairman and Chief Executive Officer (2005-2014); and Director, President and Chief Operating Officer, Jack in the Box, Inc. (a restaurant company) (2003-2005). Previously, Ms. Lang served as an Advisory Board Member of Goldman Sachs MLP and Energy Renaissance Fund (February 2016-March 2016). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	39	None

Michael Latham Age: 55	Trustee	Since 2015	Mr. Latham is retired. He currently serves as Chief Operating Officer and Director of FinTech Evolution Acquisition Group (a special purpose acquisition company) (2021-Present). Formerly, Mr. Latham held senior management positions with the iShares exchange-traded fund business, including Chairman (2011-2014); Global Head (2010-2011); U.S. Head (2007-2010); and Chief Operating Officer (2003-2007). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	39	FinTech Evolution Acquisition Group (a special purpose acquisition company)

117

GOLDMAN SACHS ACTIVEBETA^® ETFS

Trustees and Officers (Unaudited) (continued)

Interested Trustee*


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

James A. McNamara Age: 58	President and Trustee	Since 2014	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund	166	None

Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline L. Kraus. Information is provided as of August 31, 2021.

⁴

118

GOLDMAN SACHS ACTIVEBETA^® ETFS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*


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

James A. McNamara 200 West Street New York, NY 10282 Age: 58	Trustee and President	Since 2014	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Caroline L. Kraus 200 West Street New York, NY 10282 Age: 44	Secretary	Since 2014	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs ETF Trust; Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 53	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010- October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Information is provided as of August 31, 2021.

Goldman Sachs ActiveBeta ETFs — Tax Information (Unaudited)

From distributions paid during the fiscal year ended August 31, 2021, the total amount of income received by the ActiveBeta^® Emerging Markets Equity ETF, ActiveBeta^® Europe Equity ETF, ActiveBeta^® International Equity ETF and ActiveBeta^® Japan Equity ETF from sources within foreign countries and possessions of the United States was $1.0260, $0.5974, $0.5039 and $0.7341 and per share, respectively, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid from foreign sources by the ActiveBeta^® Emerging Markets Equity ETF, ActiveBeta^® Europe Equity ETF, ActiveBeta^® International Equity ETF and ActiveBeta^® Japan Equity ETF was 85.39%, 83.11%, 91.25% and 83.18%, respectively. The total amount of taxes paid by the ActiveBeta^® Emerging Markets Equity ETF, ActiveBeta^® Europe Equity ETF, ActiveBeta^® International Equity ETF and ActiveBeta^® Japan Equity ETF to foreign countries was $0.1207, $0.0606, $0.0560 and $0.0983 per share, respectively.

For the fiscal year ended August 31, 2021, 44.66%, 67.11%, 54.09%, 28.30%, 98.86%, and 89.36% of the dividends paid from net investment company taxable income by the ActiveBeta^® Emerging Markets Equity ETF, ActiveBeta^® Europe Equity ETF, ActiveBeta^® International Equity ETF, ActiveBeta^® Japan Equity ETF, ActiveBeta^® U.S. Large Cap Equity ETF, and Active Beta^® U.S. Small Cap Equity ETF, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

For the fiscal year ended August 31, 2021, 99.23% and 97.84% of the dividends paid from net investment company taxable income by the ActiveBeta^® U.S. Large Cap Equity and Active Beta^® U.S. Small Cap Equity ETF, respectively, qualify for the dividends received deduction available to corporations.

For the year ended August 31, 2021, 1.14% and 9.14% of the dividend paid from net investment company taxable income by the ActiveBeta^® U.S. Large Cap Equity and Active Beta^® U.S. Small Cap Equity ETF, respectively, qualifies as section 199A dividends.

119

FUNDS PROFILE

Goldman Sachs ETFs

LOGO

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

Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.09 trillion in assets under supervision as of June 30, 2021, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

GOLDMAN SACHS EXCHANGE-TRADED FUNDS

Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF

Goldman Sachs ActiveBeta^® Europe Equity ETF

Goldman Sachs ActiveBeta^® International Equity ETF

Goldman Sachs ActiveBeta^® Japan Equity ETF

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

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

Goldman Sachs 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 U.S. Aggregate Bond 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 Investment Grade Corporate 1-5 Year Bond ETF

Goldman Sachs Access Treasury 0-1 Year ETF

Goldman Sachs Access Ultra Short Bond ETF

Goldman Sachs Future Planet Equity ETF

Goldman Sachs Future Tech Leaders Equity ETF

Goldman Sachs Innovate Equity ETF

Goldman Sachs MarketBeta^® International Equity ETF

Goldman Sachs MarketBeta^® Emerging Markets Equity ETF

Goldman Sachs MarketBeta^® U.S. Equity ETF

INDEX DISCLAIMERS

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

The Russell 2000^® Index was used by Goldman Sachs Asset Management or its affiliate as the starting universe for selection of the companies included in the Goldman Sachs ActiveBeta^® U.S. Small Cap Equity Index. Frank Russell Company (“Russell”) does not in any way sponsor, support, promote or endorse the Goldman Sachs ActiveBeta^® U.S. Small Cap Equity Index or the Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF. In no event shall any Russell Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including without limitation lost profits) or any other damages in connection with the Russell 2000^® Index or the Goldman Sachs ActiveBeta^® U.S. Small Cap Equity Index.

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

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


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

THE BANK OF NEW YORK MELLON Transfer Agent

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

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

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

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 their 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.

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

ActiveBeta^® is a registered trademark of GSAM.

Goldman Sachs Funds

LOGO



Annual Report				August 31, 2021

				Goldman Sachs Equity ETFs
				Equal Weight U.S. Large Cap Equity ETF (GSEW)
				Future Planet Equity ETF (GSFP)
				Hedge Industry VIP ETF (GVIP)
				Innovate Equity ETF (GINN)
				JUST U.S. Large Cap Equity ETF (JUST)

LOGO

Goldman Sachs Equity ETFs

∎

EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

∎

FUTURE PLANET EQUITY ETF

∎

HEDGE INDUSTRY VIP ETF

∎

INNOVATE EQUITY ETF

∎

JUST U.S. LARGE CAP EQUITY ETF


TABLE OF CONTENTS

Investment Process			1

Portfolio Results and Fund Basics			8

Schedule of Investments			29

Financial Statements			49

Financial Highlights			56

Equal Weight U.S. Large Cap Equity ETF			56

Future Planet Equity ETF			57

Hedge Industry VIP ETF			58

Innovate Equity ETF			59

JUST U.S. Large Cap Equity ETF			60

Notes to Financial Statements			61

Report of Independent Registered Public Accounting Firm			75

Other Information			76



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

INVESTMENT PROCESS

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

Principal Investment Strategies

The Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (the “Fund”) seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index.

The Solactive US Large Cap Equal Weight Index (GTR) (the “Index”) consists of equity securities of large capitalization U.S. issuers. The Index is an equal-weight version of the Solactive US Large Cap Index, a market capitalization-weighted index that includes equity securities of approximately 500 of the largest U.S. companies. The Index includes the same constituents as the Solactive US Large Cap Index. However, unlike the Solactive US Large Cap Index, in which each security is weighted based on its market value, each security in the Index is given the same weight, approximately 0.2% of the Index, at each rebalance.

As of August 31, 2021, the Index consisted of 498 securities with a market capitalization range of between approximately $6.8 billion and $2,206.9 billion, and an average market capitalization of approximately $65.9 billion. The Index is reconstituted on a semi-annual basis in May and November to reflect changes in the constituents of the Solactive US Large Cap Index. New securities from initial public offerings are also added on a semi-annual basis in February and August, subject to fulfillment of certain eligibility criteria. The Index is rebalanced on a monthly basis to weight all constituents equally.

* * *

At the end of the Reporting Period, i.e. the 12 months ended August 31, 2021, we believed that while mega-cap stocks may drive performance in market cap-weighted equity indices, many top performers may be found among non-mega-cap stocks. We maintain conviction in our methodology for providing meaningful access to opportunities among non-mega-cap stocks and avoiding concentration in mega-cap stocks by equally weighting the largest U.S. equities and rebalancing on a monthly basis. We believe this approach allows investors to participate in a broad range of market cycles and potentially reduce exposure to isolated market incidents.

INVESTMENT PROCESS

Goldman Sachs Future Planet Equity ETF

Principal Investment Strategies

The Goldman Sachs Future Planet Equity ETF (the “Fund”) seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) in equity investments in U.S. and non-U.S. companies that Goldman Sachs Asset Management, L.P. (“GSAM”) believes are associated, at the time the investment is first added to the Fund’s portfolio, with seeking to address environmental problems. Securities or other instruments that provide exposure (directly or indirectly) to such companies are treated as such investments for purposes of this policy. The Fund intends to invest in companies that GSAM believes are aligned with the key themes associated with seeking to address environmental problems, which include, but are not limited to, clean energy, resource efficiency, sustainable consumption, the circular economy and water sustainability (the “Key Themes”).

GSAM considers a company aligned to the Key Themes if it believes the company provides, invests in or helps create products, services or technologies consistent with one or more of the Key Themes as described below.

The Key Themes are:

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

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

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

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

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

The Key Themes and related areas of investment may change over time at GSAM’S sole discretion without prior notice to shareholders. In addition, the Fund is permitted to make investments that are not aligned with the Key Themes.

Alignment with these Key Themes is generally assessed at or around the time of the Fund’s initial purchase by taking into account, among other factors, contribution of the Key Themes to the companies’ revenues, earnings, capital expenditure, intrinsic value, future growth, corporate strategy or other relevant metrics to the industries in which the companies operate. GSAM’s assessment may be based on company disclosure, third-party research or subjective criteria including GSAM’S own research, forecasts and expectations based on, among other things, engagement with the companies. A company in which the Fund invests may not currently or in the future derive any revenue from its efforts to address environmental problems.

In addition, in selecting investments, GSAM will not seek to allocate a specified portion of the Fund’s portfolio to each particular Key Theme, and the allocation of the Fund’s investments across the Key Themes will vary over time based on GSAM’s fundamental view of the companies aligned with each Key Theme. The Fund may not allocate its investments to each Key Theme at all times and an investment may be aligned with multiple Key Themes at the same time.

When creating the investment universe, GSAM generally focuses on “what” each issuer is creating or producing and may not emphasize “how” the issuer is creating or producing services, products or technologies. Accordingly, GSAM may determine that an issuer is aligned with one or more of the Key Themes, even when the issuer’s profile reflects negative, or a mixture of positive and negative, environmental, social and corporate governance characteristics.

* * *

At the end of the Reporting Period, i.e., the period since the Fund’s inception on July 13, 2021 through August 31, 2021, we believed that companies showing meaningful alignment to one or more of the five Key Themes were likely to benefit from secular growth tailwinds in the decades ahead. The Key Themes were underpinned, in our view, by powerful economic drivers, and we expected the investment opportunity to grow over time as companies keep innovating and scaling up innovative technologies. That said, we acknowledged the potential risk of technological failure or redundancy and the risk of changes to the operating environment. In managing the Fund, we intended to continue following our disciplined process of stock-level due diligence, portfolio construction and risk management. We planned to remain highly focused on understanding the fundamental drivers of the companies in which we consider investing and expected to invest in them only if we have conviction that their business models can be successful over the long term. Additionally, we intended to maintain balanced and diversified allocations across Key Themes, market capitalizations, regions and sectors to avoid concentrated risk exposures.

INVESTMENT PROCESS

Goldman Sachs Hedge Industry VIP ETF

Principal Investment Strategies

The Goldman Sachs Hedge Industry VIP ETF (the “Fund”) seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index, in depositary receipts representing securities included in its underlying index and in underlying stocks in respect of depositary receipts included in its underlying index. The Goldman Sachs Hedge Fund VIP Index^TM (the “Index”) is designed to deliver exposure to equity securities whose performance is expected to influence the long portfolios of hedge funds. Such equity securities are defined as those that appear most frequently among the top ten equity holdings of U.S. hedge fund managers that select their investments based upon fundamental analysis. Goldman Sachs Asset Management, L.P. (the “Index Provider”) is the provider of the Index, which is constructed in accordance with a rules-based methodology.

Hedge fund managers report their U.S. equity holdings, which are made public 45 days after the end of each calendar quarter. The Index is reconstituted and rebalanced on a quarterly basis once the information has been fully disseminated. The construction of the Index involves accessing the identifiers and share counts of U.S. equity holdings disclosed by hedge fund managers in their quarterly 13F filings with the Securities and Exchange Commission (“SEC”). The Index is constructed to then apply share prices at the time of data collection to the numbers of shares listed in each 13F disclosure filing to calculate the dollar market value of each reported position. U.S. hedge fund managers that select their investments based upon fundamental analysis are assumed to be U.S. hedge fund managers with no fewer than 10 and no more than 200 distinct U.S. equity positions, as reported in the hedge fund managers’ most recent Form 13F filings. Managers with less than $10 million of disclosed equity assets are excluded.

The equity positions are then ranked within each individual hedge fund manager’s portfolio by descending market value. The approximately 50 stocks that appear most frequently in the top 10 holdings of this universe then become the Index constituents. Constituents are equal dollar-weighted at each rebalance. Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.

The Index does not include hedge funds (i.e., unlisted, privately offered funds) and is not designed to approximate the performance of any hedge fund manager, hedge fund or group of hedge fund managers or hedge funds. The Index should not be considered a hedge fund replication strategy. As of August 31, 2021, the Index consisted of 50 securities with a market capitalization range of between approximately $3.6 billion and $2,206.9 billion. The components of the Index may change over time. The percentage of the portfolio exposed to any asset class will vary from time to time as the weightings of the securities within the Index change, and the Fund may not be invested in each asset class at all times.

THE FUND IS NOT A HEDGE FUND AND DOES NOT INVEST IN HEDGE FUNDS.

* * *

At the end of the Reporting Period, i.e. the 12 months ended August 31, 2021, we continued to believe the most effective way to identify the most important positions of hedge fund managers is to know what equities they are holding. We also maintained conviction in our methodology for extracting these important positions — by obtaining information from quarterly 13F filings of hedge funds and identifying stocks that appear among top holdings the most frequently. Through an efficient implementation, we believe investors are able to access top hedge fund long equity ideas and gain exposure to evolving U.S. market themes.

INVESTMENT PROCESS

Goldman Sachs Innovate Equity ETF

On November 6, 2020, Goldman Sachs Asset Management L.P. (“GSAM”) completed the reorganization of the Goldman Sachs Thematic ETFs into the Goldman Sachs Innovate Equity ETF. As a result of the reorganization, the five themes represented by these Thematic ETFs — the Goldman Sachs Data-Driven World ETF, the Goldman Sachs Finance Reimagined ETF, the Goldman Sachs Human Evolution ETF, the Goldman Sachs Manufacturing Revolution ETF and the Goldman Sachs New Age Consumer ETF — were combined on an equal-weighted basis in the Goldman Sachs Innovate Equity ETF.

Principal Investment Strategies

The Goldman Sachs Innovate Equity ETF (the “Fund”) seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index, in depositary receipts representing securities included in its underlying index and in underlying stocks in respect of depositary receipts included in its underlying index.

The Solactive Innovative Global Equity Index (the “Index”) is designed to deliver exposure to companies that may benefit from technological innovation and the resulting changes in the economy across five key themes (the “Key Themes”) that are potential drivers of changes in the economy. Each Key Theme is divided into multiple sub-themes (the “Sub-Themes”). The Key Themes are:

Data-Driven World Theme — Companies that are positioned to potentially benefit from the unprecedented proliferation of data, capitalizing on data storage, security and analysis as well as artificial intelligence and machine learning.

Finance Reimagined Theme — Companies that are positioned to potentially benefit from the evolving financial landscape, from the digitization of traditional financial services to the development of blockchain technology.

Human Evolution Theme — Companies that are positioned to potentially benefit from advances in medical treatment and technology, from robotic surgery and precision medicine to gene therapy and care for an older population.

Manufacturing Revolution Theme — Companies that are positioned to potentially benefit from the technology-driven transformation of the manufacturing industry, including the emergence of new processes, products and energy sources.

New Age Consumer Theme — Companies that are positioned to potentially benefit from structural shifts in the way we consume goods and services due to changes in demographics, technology and consumer preferences.

The Index is comprised entirely of securities that compose the Solactive Data Driven World Index, the Solactive Finance Reimagined Index, the Solactive Human Evolution Index, the Solactive Manufacturing Revolution Index, and the Solactive New Age Consumer Index (the “Solactive Thematic Indexes”), which are designed to provide exposure to the Data Driven World Theme, the Finance Reimagined Theme, the Human Evolution Theme, the Manufacturing Revolution Theme and the New Age Consumer Theme, respectively. The weight of each index constituent within the Index is equal to the average weight of such index constituent across the Solactive Thematic Indexes, subject to specified minimum and maximum weights.

Solactive AG (the “Index Provider”) determines the components of each Solactive Thematic Index in accordance with a rules-based methodology that involves four steps. The following index methodology applies to each Solactive Thematic Index.

Step 1

In the first step, the Index Provider defines a universe of potential index constituents (the “Universe”). The Universe is comprised of companies that meet all the below criteria:

∎

The company’s primary listing must be on a regulated stock exchange approved by the Index Provider;

∎

The company’s stock must have an average daily trading volume over the most recent 1-month period (“ADTV”) of at least $1,000,000 in U.S. dollars;

∎

The company must have a total market capitalization of at least $500,000,000 in U.S. dollars; and

∎

The company must not be classified as within certain industries by the FactSet Industries and Economic Sectors classification in order to minimize non-theme-relevant exposures in the Index.

INVESTMENT PROCESS

Step 2

In the second step, the Index Provider screens publicly available information, such as financial news, business profiles and company publications, using keywords that describe the Key Theme and its proprietary natural language processing algorithm to identify companies within the Universe that have or are expected to have significant exposure to a Sub-Theme. In addition, additional company and/or third-party information is screened in order to verify a company’s relevance to at least one of the Sub-Themes. Securities of issuers whose relevance to at least one of the Sub-Themes cannot be verified is removed from the Universe.

Step 3

In the third step, each company identified in Step 2 is assigned a thematic relevance score with respect to each Sub-Theme. For each Sub-Theme, the Index Provider identifies 50 companies with the highest thematic relevance scores. The Index Provider then combines the thematic relevance scores for all Sub-Themes of each company identified to calculate such company’s overall score. The top 100 companies with the highest overall scores are included in the Solactive Thematic Index. In addition, certain buffer rules are applied to prevent excessive turnover.

Step 4

In the fourth step, the Index Provider calculates a thematic beta for each index constituent, which is a quantitative measurement of the exposure of the index constituents to the applicable Key Theme. Index constituents are then weighted according to a function of its market capitalization and thematic beta, subject to specified minimum and maximum weights.

Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. Also, unlike many investment companies, the Fund does not attempt to outperform the Index and does not seek temporary defensive positions when markets decline or appear overvalued.

The Index is normally rebalanced quarterly on the third Friday of each January, April, July and October.

* * *

At the end of the Reporting Period, i.e., the period since the Fund’s inception on November 6, 2020 through August 31, 2021, the pace of technological innovation continued to cause significant disruption across industries as new entrants and business models emerged and incumbents faced the threat of being dislodged. In our view, the Fund presented an attractive long-term opportunity given that its underlying secular growth Key Themes and Sub-Themes were still in the early innings of their potential value. Although the Fund’s growth style and its exposure to the emerging markets may lead to short-term volatility, we remained confident overall in the long-term strength of these Key Themes and Sub-Themes at the end of the Reporting Period.

INVESTMENT PROCESS

Goldman Sachs JUST U.S. Large Cap Equity ETF

Principal Investment Strategies

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

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

The Index is designed to deliver exposure to equity securities of large capitalization U.S. issuers that engage in “just business behavior” based on rankings produced by JUST Capital Foundation, Inc. (the “Index Provider”). The Index Provider publishes an annual ranking of issuers in the Russell 1000^® Index (the “Reference Index”) based on its quantitative performance assessment of seven issue areas: how they treat their workers, their customers, the communities they interact with, the environment, and their shareholders, their commitment to making quality and beneficial products, and job creation.

The Index Provider seeks to encourage greater accountability in the business community and drive positive change among large publicly-traded U.S. corporations by (a) defining business behaviors that the American public cares most about (through extensive qualitative and quantitative survey research), (b) developing metrics that correspond to these issues in accordance with a robust, transparent methodology, (c) ranking the largest publicly-traded U.S. companies on the basis of these metrics, and (d) developing tools and products that allow investors to direct capital towards more “just” companies.

The Index is a market capitalization-weighted index that consists of the top-ranked 50% of companies in the Reference Index by industry, based on the most recent rankings by the Index Provider. On the annual Index reconstitution date, Index constituent weights are adjusted such that the Index is industry neutral and matches the Reference Index’s industry weights, based on the Industry Classification Benchmark (“ICB”) industry classification.

As of August 31, 2021, the Index consisted of 446 securities with a market capitalization range of between approximately $1.7 billion and $2,206.9 billion. The Index is reconstituted annually in December and rebalanced in March, June and September on dates corresponding to the rebalance dates for the Reference Index. The components of the Index may change over time. The Index Provider determines whether an issuer is a U.S. issuer by reference to the index methodology of the Reference Index. FTSE Russell, which constructs the Reference Index, will deem an issuer to be a U.S. issuer if it is incorporated in, has a stated headquarters in, and trades in the U.S.; if any of these do not match, the Reference Index methodology provides for consideration of certain additional factors.

The Fund seeks to invest in the Index components in approximately the same weighting that such components have within the Index at the applicable time. However, under various circumstances, it may not be possible or practicable to purchase all of the securities in the Index in the approximate Index weight. In these circumstances, the Fund may purchase a sample of securities in the Index. There may also be instances in which the Investment Adviser may choose to underweight or overweight a security in the Fund’s Index, purchase securities not in the Fund’s Index that the Investment Adviser believes are appropriate to substitute for certain securities in such Index or utilize various combinations of other available investment techniques.

The Index is calculated by Frank Russell Company (“Russell” or the “Calculation Agent”) in accordance with the methodology and constituent list developed and provided by the Index Provider.

The Fund may concentrate its investments (i.e., hold more than 25% of its total assets) in a particular industry or group of industries to the extent that the Index is concentrated. The degree to which components of the Index represent certain sectors or industries may change over time. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of any collateral received).

INVESTMENT PROCESS

For a complete overview of and more in-depth information about the Index Provider’s processes, please view its Full Ranking Methodology and Survey Research Appendices at https://justcapital.com/methodology/full-ranking-methodology/.

* * *

At the end of the Reporting Period, i.e. the 12 months ended August 31, 2021, we believed a focus on just business behavior via a data-driven approach may provide a suitable core U.S. equity allocation for investors seeking to encourage greater accountability in the business community through their investments. The Fund’s data-driven approach collects and analyzes data from a diverse range of sources, utilizing more than 120,000 data points across 85 unique metrics to score the performance of Russell 1000^® Index companies. These companies are scored across a variety of issues, including worker treatment, customer concerns and environment impacts to provide broad market exposure.

PORTFOLIO RESULTS

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

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2021 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 39.56% based on net asset value (“NAV”) and 39.29% based on market price. The Index returned 39.73%, and the S&P 500^® Index (Total Return, USD) (“S&P 500^® Index”), a market-cap based index against which the performance of the Fund is measured, returned 31.17% during the same period.

The Fund had an NAV of $50.86 on August 31, 2020 and ended the Reporting Period with an NAV of $70.00 per share. The Fund’s market price on August 31, 2021 was $69.99 per share.

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

The Index’s performance is compared to that of the S&P 500^® Index below. Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the S&P 500^® Index.

During the Reporting Period, the Index posted a robust double-digit positive absolute return that outperformed the S&P 500^® Index. The Fund also outperformed the S&P 500^® Index during the Reporting Period, as measured by NAV.

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

Index constituents in the information technology, consumer discretionary and health care sectors contributed most positively to the Index’s results relative to the S&P 500^® Index. Partially offsetting these positive contributors were Index constituents in the communication services, utilities and consumer staples sectors, which detracted from the Index’s results relative to the S&P 500^® Index during the Reporting Period.

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

Relative to the S&P 500^® Index, underweight positions in e-commerce retailing behemoth Amazon.com and information technology giant Apple and an overweight position in clinical stage biotechnology company Moderna contributed most positively (0.20%, 0.20% and 0.18% of Fund net assets as of August 31, 2021, respectively). Amazon.com and Apple posted gains within the Index but underperformed the Index during the Reporting Period. Moderna delivered a triple-digit positive return within the Index during the Reporting Period.

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

Relative to the S&P 500^® Index, underweight positions in search engine Google parent company Alphabet, three-dimensional graphics processors and related software developer NVIDIA and banking institution JPMorgan Chase

PORTFOLIO RESULTS

detracted most (0.21%, 0.22% and 0.21% of Fund net assets as of August 31, 2021, respectively). Each of these holdings posted a robust double-digit positive return within the Index during the Reporting Period.

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

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

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



Sector Name	Fund²			Solactive US Large Cap Equal Weight Index			S&P 500^® Index

Information Technology		20.25	%		20.24	%		27.95	%
Health Care		14.61			14.70			13.39
Industrials		13.06			12.98			8.24
Financials		11.94			11.91			11.17
Consumer Discretionary		10.21			10.59			11.93
Consumer Staples		6.07			6.04			5.76
Real Estate		5.62			5.58			2.63
Utilities		5.29			5.20			2.50
Materials		4.73			4.90			2.56
Communication Services		4.59			4.72			11.47
Energy		3.11			3.13			2.41

Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Standard & Poor’s. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 1.27% of the Fund’s net assets as of August 31, 2021. Figures above may not sum to 100% due to rounding due to the presence of cash.

The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive US Large Cap Equal Weight Index.

FUND BASICS

Equal Weight U.S. Large Cap Equity ETF

as of August 31, 2021


FUND SNAPSHOT

As of August 31, 2021

Market Price¹	$	69.99
Net Asset Value (NAV)¹	$	70.00

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


TOP TEN HOLDINGS AS OF 8/31/21²

Holding	% of Net Assets			Line of Business

Invesco S&P 500 Equal Weight ETF		0.9	%	Exchange-Traded Fund
Analog Devices, Inc.		0.4		Information Technology
Ball Corp.		0.2		Materials
DraftKings, Inc., Class A		0.2		Consumer Discretionary
Datadog, Inc., Class A		0.2		Information Technology
Palantir Technologies, Inc., Class A		0.2		Information Technology
HubSpot, Inc.		0.2		Information Technology
Unity Software, Inc.		0.2		Information Technology
Workday, Inc., Class A		0.2		Information Technology
Caesars Entertainment, Inc.		0.2		Consumer Discretionary

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

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

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

Performance Summary

August 31, 2021

The following graph shows the value, as of August 31, 2021, of a $10,000 investment made on September 12, 2017 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and a market cap-based index against which the performance of the Fund is measured, the Solactive US Large Cap Equal Weight Index (GTR) and the S&P^® 500 Index (Total Return, USD), are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Goldman Sachs Equal Weight U.S. Large Cap Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from September 12, 2017 through August 31, 2021.

LOGO


Average Annual Total Return through August 31, 2021*	1 Year	Since Inception
Shares based on NAV (Commenced September 12, 2017)	39.56%	16.56%

Shares based on Market Price (Commenced September 12, 2017)	39.29%	16.55%

Solactive US Large Cap Equal Weight Index (GTR)	39.73%	16.75%

S&P 500^® Index (TR, unhedged, USD)	31.17%	18.30%

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

PORTFOLIO RESULTS

Goldman Sachs Future Planet Equity ETF

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Equity Team discusses the Fund’s performance and positioning for the period since its inception on July 13, 2021 through August 31, 2021 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 5.74% based on net asset value (“NAV”) and 5.92% based on market price. The Fund’s benchmark index, the MSCI All Country World Index (ACWI) (Net, USD, Unhedged) (the “MSCI ACWI Index”), returned 2.25% during the same period.

The Fund had an NAV of $39.89 per share on July 13, 2021 and ended the Reporting Period with an NAV of $42.18 per share. The Fund’s market price on August 31, 2021 was $42.25 per share.

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

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

During the Reporting Period, the Fund generated positive absolute returns and outperformed the MSCI ACWI Index. All five of the Key Themes added to relative returns, with Resource Efficiency and Clean Energy contributing most positively. Within the Key Themes, the smart cities and water treatment sub-themes added most to relative returns, while the grid services and wind sub-themes detracted most from performance.

From a country perspective, the Fund’s investments in the U.S. and Japan contributed most positively to relative performance, while positions in Taiwan and Italy detracted most from results.

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

Relative to the MSCI ACWI Index, the Fund benefited most from overweight positions in Daikin Industries, a Japanese multinational air conditioner manufacturing company; Albemarle, a U.S. fine chemicals manufacturer; and Aalberts N.V., a Netherlands-based maker of piping systems, surface technologies, hydronic flow control, advanced mechatronics and fluid control technologies (3.73%, 1.97% and 1.92% of Fund net assets as of August 31, 2021, respectively). Each of these stocks recorded a double-digit positive return within the MSCI ACWI Index during the Reporting Period.

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

Relative to the MSCI ACWI Index, the Fund’s overweights in Delta Electronics, a Taiwanese electronics manufacturing company; Itron, a U.S. technology company that offers products and services on energy and water resource management; and Contemporary Amperex Technology, a Chinese battery manufacturer (2.92%, 1.68% and 1.72% of Fund net assets as of August 31, 2021, respectively) detracted most from relative performance during the Reporting Period. Delta Electronics generated a single-digit loss within the MSCI ACWI Index during the Reporting Period, while Itron and Contemporary Amperex Technology posted a double-digit negative return within the MSCI ACWI Index during the Reporting Period.

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

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

PORTFOLIO RESULTS

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



Sector Name	Fund			MSCI ACWI Index

Industrials		31.32	%		9.74	%
Materials		25.06			4.86
Information Technology		19.53			22.67
Utilities		11.44			2.71
Health Care		3.27			11.84
Consumer Discretionary		3.23			12.14
Consumer Staples		3.04			6.78
Energy		1.83			3.08
Communication Services		0.00			9.43
Real Estate		0.00			2.65
Financials		0.00			14.10

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



Country Name	Fund			MSCI ACWI Index

U.S.		39.29	%		59.58	%
Japan		11.34			5.84
Denmark		5.95			0.69
China		5.11			4.05
Netherlands		5.04			1.35
U.K.		4.53			3.68
France		3.94			2.91
Italy		3.62			0.62
Germany		2.94			2.37
Taiwan		2.92			1.77
Spain		2.91			0.60
Ireland		2.31			0.19
Norway		2.21			0.16
Switzerland		2.07			2.54
Belgium		1.87			0.25
Finland		1.83			0.28
Sweden		0.67			0.96
Australia		0.18			1.77

FUND BASICS

Goldman Sachs Future Planet Equity ETF

as of August 31, 2021


FUND SNAPSHOT

As of August 31, 2021

Market Price¹	$	42.25
Net Asset Value (NAV)¹	$	42.18

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


TOP 10 HOLDINGS AS OF 8/31/21²

Holding	% of Net Assets			Line of Business	Country

Ecolab, Inc.		4.0	%	Materials	United States
Daikin Industries Ltd.		3.8		Industrials	Japan
Enel SpA		3.7		Utilities	Italy
Ball Corp.		3.4		Materials	United States
Xylem, Inc.		3.3		Industrials	United States
Danaher Corp.		3.3		Health Care	United States
Koninklijke DSM NV		3.2		Materials	Netherlands
Schneider Electric SE		3.0		Industrials	United States
Infineon Technologies AG		3.0		Information Technology	Germany
Delta Electronics, Inc.		3.0		Information Technology	Taiwan

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

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

GOLDMAN SACHS FUTURE PLANET EQUITY ETF

Performance Summary

August 31, 2021


Average Annual Total Return through August 31, 2021*		Since Inception
Shares based on NAV (Commenced July 13, 2021)		5.74%

Shares based on Market Price (Commenced July 13, 2021)		5.92%

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

PORTFOLIO RESULTS

Goldman Sachs Hedge Industry VIP ETF

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2021 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 30.00% based on net asset value (“NAV”) and 29.83% based on market price. The Index returned 30.63%, and the S&P 500^® Index (Total Return, USD) (“S&P 500^® Index”), a market-cap based index against which the performance of the Fund is measured, returned 31.17% during the same period.

The Fund had an NAV of $79.37 on August 31, 2020 and ended the Reporting Period with an NAV of $103.18 per share. The Fund’s market price on August 31, 2021 was $103.21 per share.

What key factors were responsible for the Fund’s performance during the Reporting Period?¹

The Index is designed to deliver exposure to equity securities whose performance is expected to influence the long portfolios of hedge funds. Such equity securities are defined as those that appear most frequently among the top ten equity holdings of U.S. hedge fund managers that select their investments based upon fundamental analysis. Goldman Sachs Asset Management, L.P. (the “Index Provider”) is the provider of the Index, which is constructed in accordance with a rules-based methodology. Hedge fund managers report their U.S. equity holdings, which are made public 45 days after the end of each calendar quarter. The Index is reconstituted and rebalanced on a quarterly basis once the information has been fully disseminated. The construction of the Index involves accessing the identifiers and share counts of U.S. equity holdings disclosed by hedge fund managers in their quarterly 13F filings with the Securities and Exchange Commission (“SEC”). The Index is constructed to then apply share prices at the time of data collection to the numbers of shares listed in each 13F disclosure filing to calculate the dollar market value of each reported position. U.S. hedge fund managers that select their investments based upon fundamental analysis are assumed to be U.S. hedge fund managers with no fewer than 10 and more than 200 distinct U.S. equity positions, as reported in the hedge fund managers’ most recent Form 13F filings. Managers with less than $10 million of disclosed equity assets are excluded. The equity positions are then ranked within each individual hedge fund manager’s portfolio by descending market value. The approximately 50 stocks that appear most frequently in the top 10 holdings of this universe then become the Index constituents. Constituents are equal dollar-weighted at each rebalance.

During the Reporting Period, the Index posted a robust double-digit positive absolute return but underperformed the S&P 500^® Index. The Fund also underperformed the S&P 500^® Index during the Reporting Period, as measured by NAV.

PORTFOLIO RESULTS

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

Index constituents in the information technology, industrials and materials sectors detracted most from the Index’s results relative to the S&P 500^® Index during the Reporting Period. Partially offsetting these detractors were Index constituents in the communication services, health care and consumer staples sectors, which contributed positively to the Index’s results relative to the S&P 500^® Index during the Reporting Period.

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

Relative to the S&P 500^® Index, overweight positions in Chinese e-commerce retailer Alibaba Group Holdings, ride hailing services provider Uber Technologies and cloud-based web platform provider GoDaddy detracted most (1.83%, 1.89% and 2.09% of Fund net assets as of August 31, 2021, respectively). Each of these holdings generated a double-digit negative return within the Index during the Reporting Period.

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

Relative to the S&P 500^® Index, overweight positions in information technology software and services provider Sea, social networking site operator Pinterest and resort and casino chain operator Caesars Entertainment contributed most positively (2.34%, 0.00%¹ and 0.00%¹ of Fund net assets as of August 31, 2021, respectively). Sea posted a triple-digit gain within the Index during the Reporting Period, and Pinterest and Caesars Entertainment each generated a double-digit positive return within the Index during the Reporting Period.

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

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



Sector Name	Fund³			GS Hedge Fund VIP Index^TM			S&P 500^® Index

Information Technology		41.67	%		42.89	%		27.95	%

Communication Services		18.67			18.32			11.47

Consumer Discretionary		17.49			17.17			11.93

Industrials		7.89			7.75			8.24

Health Care		6.26			6.14			13.39

Financials		5.86			5.75			11.17

Utilities		2.01			1.97			2.50

Consumer Staples		0.00			0.00			5.76

Energy		0.00			0.00			2.41

Materials		0.00			0.00			2.56
Real Estate		0.00			0.00			2.63

Some weights are 0.00% at August 31, 2021 either because those positions were eliminated during the most recent rebalance given the Index construction methodology or were not held at all during the Reporting Period as they did not meet the Fund’s investment criteria.

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

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^®.

FUND BASICS

Hedge Industry VIP ETF

as of August 31, 2021


FUND SNAPSHOT

As of August 31, 2021

Market Price¹	$	103.21
Net Asset Value (NAV)¹	$	103.18

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


TOP 10 HOLDINGS AS OF 8/31/21²

Holding	% of Net Assets			Line of Business	Country

Palo Alto Networks, Inc.		2.5	%	Information Technology	United States
Sea Ltd. ADR		2.3		Communication Services	Taiwan
NVIDIA Corp.		2.3		Information Technology	United States
Xilinx, Inc.		2.2		Information Technology	United States
Bath & Body Works, Inc.		2.2		Consumer Discretionary	United States
United Therapeutics Corp.		2.2		Health Care	United States
salesforce.com, Inc.		2.1		Information Technology	United States
Amazon.com, Inc.		2.1		Consumer Discretionary	United States
Fiserv, Inc.		2.1		Information Technology	United States
Alphabet, Inc., Class A		2.1		Communication Services	United States

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

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

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Performance Summary

August 31, 2021

The following graph shows the value, as of August 31, 2021, of a $10,000 investment made on November 1, 2016 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and a market cap- based index against which the performance of the Fund is measured, the Goldman Sachs Hedge Fund VIP Index™ and the S&P 500^® Index (Total Return, USD) are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Goldman Sachs Hedge Industry VIP ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from November 1, 2016 through August 31, 2021.

LOGO


Average Annual Total Return through August 31, 2021*	1 Year Return	Since Inception
Shares based on NAV (Commenced November 1, 2016)	30.00%	22.17%

Shares based on Market Price (Commenced November 1, 2016)	29.83%	22.18%

Goldman Sachs Hedge Fund VIP Index™	30.63%	22.76%

S&P 500^® Index (Total Return, USD)	31.17%	19.30%

PORTFOLIO RESULTS

Goldman Sachs Innovate Equity ETF

Investment Objective

The Goldman Sachs Innovate Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive Innovative Global Equity Index (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Equity Team discusses the Fund’s performance and positioning for the period since inception on November 6, 2020 through August 31, 2021 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 26.80% based on net asset value (“NAV”) and 27.02% based on market price. The Index returned 27.38% during the same period.

The Fund had an NAV of $50.03 per share on November 6, 2020 and ended the Reporting Period with an NAV of $63.23 per share. The Fund’s market price on August 31, 2021 was $63.34 per share.

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

During the Reporting Period, the Fund generated positive absolute returns that closely tracked the Index, as measured by NAV. All five of the Key Themes contributed positively to the Index’s performance.

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

During the Reporting Period, the Index benefited most from positions in Alphabet, a U.S.-based technology conglomerate; NVIDIA, a U.S-based designer and manufacturer of computer graphics processors, chipsets and related multimedia software; and Moderna, a U.S.-based pharmaceutical and biotechnology company (2.09%, 2.16% and 0.48% of Fund net assets as of August 31, 2021, respectively). Alphabet and NVIDIA each posted a robust double-digit positive return within the Index during the Reporting Period, while Moderna recorded a strong triple-digit positive return within the Index during the Reporting Period.

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

Positions in Alibaba Group, a Chinese multinational technology company; Tencent Holdings, a China-based multinational technology conglomerate; and Gaotu Techdue, a China-based holding company principally involved in the provision of technology-driven education services (1.59%, 1.27% and 0.00%¹ of Fund net assets as of August 31, 2021, respectively) contributed the least to Index returns. Each of these holdings posted a double-digit negative return within the Index during the Reporting Period.

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

During the Reporting Period, the Fund did not invest in derivatives or similar instruments. The Fund does not employ

PORTFOLIO RESULTS

derivatives as a source of alpha generation, although it may use them to equitize excess cash.

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



Sector Name	Fund³			Index

Information Technology		33.71	%		33.71	%

Health Care		18.82			18.82

Consumer Discretionary		17.25			17.25

Communication Services		13.25			13.25

Industrials		7.00			7.00

Financials		6.58			6.58

Utilities		1.51			1.51

Consumer Staples		0.74			0.74

Real Estate		0.52			0.52

Energy		0.18			0.18
Materials		0.08			0.08

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



Country Name	Fund³			Index

U.S.		71.57	%		71.57	%

China		7.26			7.26

Japan		4.05			4.05

Germany		2.95			2.95

United Kingdom		2.19			2.19

Hong Kong		1.71			1.71

France		1.59			1.59

Canada		1.55			1.55

Netherlands		1.15			1.15

Switzerland		1.12			1.12

Korea		1.12			1.12

Argentina		0.67			0.67

Taiwan		0.60			0.60

Singapore		0.58			0.58

Australia		0.46			0.46

Israel		0.25			0.25

Finland		0.25			0.25

Belgium		0.20			0.20

Sweden		0.20			0.20

Cyprus		0.08			0.08

United Arab Emirates		0.06			0.06

Turkey		0.04			0.04
Spain		0.00			0.00

The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive Innovative Global Equity Index.

FUND BASICS

Goldman Sachs Innovate Equity ETF

as of August 31, 2021


FUND SNAPSHOT

As of August 31, 2021

Market Price¹	$	63.34
Net Asset Value (NAV)¹	$	63.23

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


TOP 10 HOLDINGS AS OF 8/31/21²

Holding	% of Net Assets			Line of Business	Country
NVIDIA Corp.		2.2	%	Information Technology	United States
Alphabet, Inc., Class A		2.1		Communication Services	United States
Facebook, Inc., Class A		2.1		Communication Services	United States
Microsoft Corp.		2.1		Information Technology	United States
Apple, Inc.		2.0		Information Technology	United States
Amazon.com, Inc.		2.0		Consumer Discretionary	United States
Tesla, Inc.		1.8		Consumer Discretionary	United States
Alibaba Group Holding Ltd. ADR		1.6		Consumer Discretionary	China
Tencent Holdings Ltd.		1.3		Communication Services	China
Intel Corp.		0.9		Information Technology	United States

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

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

GOLDMAN SACHS INNOVATE EQUITY ETF

Performance Summary

August 31, 2021

The following graph shows the value, as of August 31, 2021, of a $10,000 investment made on November 6, 2020 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the Solactive Innovative Global Equity Index (Net Total Return, USD), a market cap- based index against which the performance of the Fund is measured, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Goldman Sachs Innovate Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from November 6, 2020 through August 31, 2021.

LOGO


Average Annual Total Return through August 31, 2021*		Since Inception
Shares based on NAV (Commenced November 6, 2020)		26.80%

Shares based on Market Price (Commenced November 6, 2020)		27.02%

Solactive Innovative Global Equity Index (Net Total Return, USD)		27.38%

PORTFOLIO RESULTS

Goldman Sachs JUST U.S. Large Cap Equity ETF

Investment Objective

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2021 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 30.61% based on net asset value (“NAV”) and 30.76% based on market price.The Index returned 30.90%, and the Russell 1000^® Index (Total Return, USD) (“Russell 1000^® Index”), a market-cap based index against which the performance of the Fund is measured, returned 32.25% during the same period.

The Fund had an NAV of $50.92 on August 31, 2020 and ended the Reporting Period with an NAV of $65.65 per share. The Fund’s market price on August 31, 2021 was $65.68 per share.

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

The Index’s performance is compared to that of the Russell 1000^® Index below. Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the Russell 1000^® Index.

During the Reporting Period, the Index posted robust double-digit positive absolute returns but underperformed the Russell 1000^® Index. The Fund also underperformed the Russell 1000^® Index during the Reporting Period, as measured by NAV.

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

Index constituents in the information technology and industrials sectors detracted most from the Index’s results relative to the Russell 1000^® Index during the Reporting Period. Index constituents in the consumer staples and health care sectors contributed most positively to the Index’s results relative to the Russell 1000^® Index during the Reporting Period.

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

Relative to the Russell 1000^® Index, positions in information technology giant Apple, diversified industrial conglomerate General Electric and financial services company Wells Fargo & Company, each rather neutral in weighting, detracted most (6.46%, 0.37% and 0.62% of Fund net assets as of August 31, 2021, respectively). Apple and Wells Fargo & Company each generated a double-digit gain within the Index during the Reporting Period, while General Electric posted a triple-digit gain during the Reporting Period.

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

Relative to the Russell 1000^® Index, positions in health care equipment and supplies company Abbott Laboratories, household and personal products consumer staples company Procter & Gamble and U.S. bank Bank of America, each

PORTFOLIO RESULTS

rather neutral in weighting, contributed most positively (0.63%, 1.31% and 1.03% of Fund net assets as of August 31, 2021, respectively). Abbott Laboratories and Bank of America each generated a double-digit gain within the Index during the Reporting Period, while Procter & Gamble posted a single-digit gain within the Index during the Reporting Period.

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

What was the Fund’s sector positioning relative to the Index and the Russell 1000^® Index at the end of the Reporting Period?¹



Sector Name	Fund²			JUST US Large Cap Diversified Index			Russell 1000^® Index

Information Technology		29.26	%		29.27	%		28.14	%

Health Care		12.96			12.95			13.27

Communication Services		11.73			11.72			10.83

Financials		11.60			11.60			11.37

Consumer Discretionary		11.11			11.10			11.99

Industrials		7.68			7.68			8.80

Consumer Staples		6.24			6.23			5.41

Energy		2.46			2.46			2.29

Utilities		2.43			2.43			2.40

Real Estate		2.34			2.35			3.16
Materials		2.19			2.19			2.34

Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by GICS. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.10% of the Fund’s net assets as of August 31, 2021. Figures above may not sum to 100% due to rounding due to the presence of cash.

The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the JUST US Large Cap Diversified Index.

FUND BASICS

Goldman Sachs JUST U.S. Large Cap Equity ETF

as of August 31, 2021


FUND SNAPSHOT

As of August 31, 2021

Market Price¹	$	65.68
Net Asset Value (NAV)¹	$	65.65

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


TOP 10 HOLDINGS AS OF 8/31/21²

Holding	% of Net Assets			Line of Business

Apple, Inc.		6.4	%	Information Technology
Microsoft Corp.		6.2		Information Technology
Amazon.com, Inc.		4.4		Consumer Discretionary
Facebook, Inc., Class A		2.5		Communication Services
Alphabet, Inc., Class A		2.4		Communication Services
Alphabet, Inc., Class C		2.2		Communication Services
JPMorgan Chase & Co.		1.6		Financials
NVIDIA Corp.		1.5		Information Technology
Johnson & Johnson		1.3		Health Care
Procter & Gamble Co. (The)		1.3		Consumer Staples

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

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

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Performance Summary

August 31, 2021

The following graph shows the value, as of August 31, 2021, of a $10,000 investment made on June 7, 2018 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and a market-cap based index against which the performance of the Fund is measured, the JUST US Large Cap Diversified Index and the Russell 1000^® Index (Total Return, USD) are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Goldman Sachs JUST U.S. Large Cap Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from June 7, 2018 through August 31, 2021.

LOGO


Average Annual Total Return through August 31, 2021*	1 Year Return	Since Inception
Shares based on NAV (Commenced June 7, 2018)	30.61%	18.41%

Shares based on Market Price (Commenced June 7, 2018)	30.76%	18.42%

JUST US Large Cap Diversified Index	30.90%	18.70%

Russell 1000^® Index	32.25%	18.77%

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

FUND BASICS

Index Definitions and Industry Terms

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

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

Solactive US Large Cap Equal Weight Index (GTR) is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards Goldman Sachs Equal Weight U.S. Large Cap Equity ETF, Solactive AG has no obligation to point out errors in the Index to third parties including but not limited to investors and/or financial intermediaries of Goldman Sachs Equal Weight U.S. Large Cap Equity ETF. Neither publication of an Index by Solactive AG nor the licensing of the Index or Index trade mark for the purpose of use in connection with the Goldman Sachs Equal Weight U.S. Large Cap Equity ETF constitutes a recommendation by Solactive AG to invest capital in said fund nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this fund. It is not possible to invest directly in an index.

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

Goldman Sachs Future Planet Equity ETF

MSCI All Country World Investable Market Index captures large, mid and small cap representation across 23 developed markets and 26 emerging markets countries.

Goldman Sachs Hedge Industry VIP ETF

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

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

Goldman Sachs Innovate Equity ETF

The Solactive Innovative Global Equity Index is comprised of the securities that compose the five Solactive Thematic Indexes, which include companies from the “Data-Driven World”, “Finance Reimagined”, “Human Evolution”, “Manufacturing Revolution”, and “New Age Consumer” themes. The weight of each index constituent within the Solactive Innovate Global Equity Index is equal to the average weight of such index constituent across the Solactive Thematic Indexes, subject to specified minimum and maximum weights.

Goldman Sachs JUST U.S. Large Cap Equity ETF

“JUST” and “JUST Capital” are trademarks of JUST Capital Foundation, Inc. or its affiliates and have been licensed for use in connection with the issuance and distribution of the Goldman Sachs JUST U.S. Large Cap Equity ETF. JUST Capital Foundation, Inc. and its affiliates do not in any way recommend the purchase, sale or holding of any security based on the JUST US Large Cap Diversified Index including the Goldman Sachs JUST U.S. Large Cap Equity ETF, or have any involvement in their operations or distribution. JUST Capital Foundation, Inc., its affiliates, calculation agent, and data providers expressly disclaim all representations, warranties, and liabilities relating to or in connection with the Goldman Sachs JUST U.S. Large Cap Equity ETF (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability, and fitness for a particular purpose). Frank Russell Company (“Russell”) acts solely as calculation agent in respect of the JUST US Large Cap Diversified Index. Russell does not in any way sponsor, support, promote or endorse the JUST US Large Cap Diversified Index or the Goldman Sachs JUST U.S. Large Cap Equity ETF. In no event shall any Russell party have any liability for any direct, indirect, special, incidental, punitive, consequential (including without limitation, lost profits) or any other damages in connection with the JUST US Large Cap Diversified Index.

The Russell 1000^® Index is an index of approximately 1,000 of the largest companies in the U.S. equity market. The Russell 1000^® is a subset of the Russell 3000^® Index. It represents the top companies by market capitalization. The Russell 1000^® typically comprises approximately 90% of the total market capitalization of all listed U.S. stocks. It is considered a bellwether index for large cap investing.

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

Schedule of Investments

August 31, 2021


Shares		Description	Value

Common Stocks – 98.8%
Communication Services – 4.6%
	20,552	Activision Blizzard, Inc.	$	1,692,868
	625	Alphabet, Inc., Class A*		1,808,719
	59,907	AT&T, Inc.		1,642,650
	2,189	Charter Communications, Inc., Class A*		1,787,669
	29,056	Comcast Corp., Class A		1,763,118
	12,061	Electronic Arts, Inc.		1,751,378
	4,691	Facebook, Inc., Class A*		1,779,672
	12,565	IAC/InterActiveCorp*		1,659,208
	9,283	Liberty Broadband Corp., Class C *		1,776,024
	142,835	Lumen Technologies, Inc.		1,756,870
	11,250	Match Group, Inc.*		1,546,200
	3,275	Netflix, Inc.*		1,864,097
	23,144	Omnicom Group, Inc.		1,694,604
	28,162	Pinterest, Inc., Class A*		1,564,962
	20,821	ROBLOX Corp., Class A*		1,708,363
	4,035	Roku, Inc.*		1,421,934
	22,859	Snap, Inc., Class A*		1,739,798
	10,477	Take-Two Interactive Software, Inc.*		1,689,102
	11,756	T-Mobile US, Inc.*		1,610,807
	24,466	Twitter, Inc.*		1,578,057
	30,220	Verizon Communications, Inc.		1,662,100
	43,366	ViacomCBS, Inc., Class B		1,797,521
	9,767	Walt Disney Co. (The)*		1,770,757

				39,066,478

Consumer Discretionary – 10.3%
	7,943	Advance Auto Parts, Inc.		1,611,238
	500	Amazon.com, Inc.*		1,735,395
	1,023	AutoZone, Inc.*		1,584,780
	26,215	Bath & Body Works, Inc.		1,768,988
	14,720	Best Buy Co., Inc.		1,715,027
	788	Booking Holdings, Inc.*		1,812,140
	4,951	Burlington Stores, Inc.*		1,482,775
	19,390	Caesars Entertainment, Inc.*		1,970,606
	12,227	CarMax, Inc.*		1,530,943
	78,090	Carnival Corp.*		1,885,093
	5,081	Carvana Co.*		1,666,873
	892	Chipotle Mexican Grill, Inc.*		1,697,770
	11,330	Darden Restaurants, Inc.		1,706,864
	7,166	Dollar General Corp.		1,597,373
	17,111	Dollar Tree, Inc.*		1,549,230
	3,125	Domino’s Pizza, Inc.		1,615,281
	17,367	D.R. Horton, Inc.		1,660,633
	34,260	DraftKings, Inc., Class A*		2,031,275
	24,459	eBay, Inc.		1,876,984
	8,267	Etsy, Inc.*		1,787,821
	10,855	Expedia Group, Inc.*		1,568,548
	123,232	Ford Motor Co.*		1,605,713
	10,387	Garmin Ltd.		1,811,804
	31,545	General Motors Co.*		1,546,020
	13,332	Genuine Parts Co.		1,629,037
	16,797	Hasbro, Inc.		1,651,313
	13,432	Hilton Worldwide Holdings, Inc.*		1,677,120
	5,088	Home Depot, Inc. (The)		1,659,604
	15,787	Lennar Corp., Class A		1,694,103
	8,764	Lowe’s Cos., Inc.		1,786,892


Common Stocks – (continued)
Consumer Discretionary – (continued)
	12,084	Marriott International, Inc., Class A*		1,633,032
	7,177	McDonald’s Corp.		1,704,250
	44,296	MGM Resorts International		1,887,896
	9,791	NIKE, Inc., Class B		1,612,969
	316	NVR, Inc.*		1,636,861
	2,778	O’Reilly Automotive, Inc.*		1,650,354
	14,148	Peloton Interactive, Inc., Class A*		1,417,488
	3,457	Pool Corp.		1,708,795
	30,888	PulteGroup, Inc.		1,663,628
	13,821	Ross Stores, Inc.		1,636,406
	23,126	Royal Caribbean Cruises Ltd.*		1,913,214
	14,246	Starbucks Corp.		1,673,763
	81,444	Stellantis NV		1,630,509
	6,411	Target Corp.		1,583,389
	2,344	Tesla, Inc.*		1,724,528
	24,508	TJX Cos., Inc. (The)		1,782,222
	9,088	Tractor Supply Co.		1,765,344
	4,827	Ulta Beauty, Inc.*		1,869,545
	20,894	VF Corp.		1,597,764
	6,888	Wayfair, Inc., Class A*		1,933,806
	7,520	Whirlpool Corp.		1,665,906
	12,609	Yum! Brands, Inc.		1,652,157

				88,261,069

Consumer Staples – 6.0%
	35,703	Altria Group, Inc.		1,793,362
	28,461	Archer-Daniels-Midland Co.		1,707,660
	23,923	Brown-Forman Corp., Class B		1,679,873
	20,142	Church & Dwight Co., Inc.		1,685,080
	10,140	Clorox Co. (The)		1,704,027
	29,887	Coca-Cola Co. (The)		1,682,937
	21,531	Colgate-Palmolive Co.		1,678,341
	51,623	Conagra Brands, Inc.		1,709,754
	7,626	Constellation Brands, Inc., Class A		1,610,154
	3,873	Costco Wholesale Corp.		1,764,113
	5,150	Estee Lauder Cos., Inc. (The), Class A		1,753,523
	28,941	General Mills, Inc.		1,673,079
	9,397	Hershey Co. (The)		1,669,847
	36,904	Hormel Foods Corp.		1,680,608
	12,852	J M Smucker Co. (The)		1,589,407
	26,901	Kellogg Co.		1,698,529
	48,945	Keurig Dr Pepper, Inc.		1,745,868
	12,574	Kimberly-Clark Corp.		1,732,823
	44,831	Kraft Heinz Co. (The)		1,613,468
	40,042	Kroger Co. (The)		1,843,133
	20,266	McCormick & Co., Inc.		1,748,753
	26,972	Mondelez International, Inc., Class A		1,674,152
	18,219	Monster Beverage Corp.*		1,777,628
	10,877	PepsiCo, Inc.		1,701,054
	16,893	Philip Morris International, Inc.		1,739,979
	11,763	Procter & Gamble Co. (The)		1,674,934
	23,383	Sysco Corp.		1,862,456
	23,806	Tyson Foods, Inc., Class A		1,869,247
	35,808	Walgreens Boots Alliance, Inc.		1,817,256
	11,741	Walmart, Inc.		1,738,842

				51,619,887


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

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

Schedule of Investments (continued)

August 31, 2021


Shares		Description	Value

Common Stocks – (continued)
Energy – 3.1%
	19,506	Cheniere Energy, Inc.*	$	1,705,995
	16,629	Chevron Corp.		1,609,188
	30,047	ConocoPhillips		1,668,510
	23,346	EOG Resources, Inc.		1,576,322
	29,244	Exxon Mobil Corp.		1,594,383
	85,658	Halliburton Co.		1,711,447
	23,057	Hess Corp.		1,585,169
	96,619	Kinder Morgan, Inc.		1,571,991
	30,393	Marathon Petroleum Corp.		1,801,393
	63,324	Occidental Petroleum Corp.		1,626,793
	31,981	ONEOK, Inc.		1,679,642
	23,082	Phillips 66		1,640,899
	11,107	Pioneer Natural Resources Co.		1,662,385
	59,391	Schlumberger NV		1,665,324
	25,141	Valero Energy Corp.		1,667,100
	66,540	Williams Cos., Inc. (The)		1,642,872

				26,409,413

Financials – 11.8%
	30,371	Aflac, Inc.		1,721,428
	12,911	Allstate Corp. (The)		1,746,600
	32,969	Ally Financial, Inc.		1,744,060
	9,902	American Express Co.		1,643,336
	35,392	American International Group, Inc.		1,930,988
	6,480	Ameriprise Financial, Inc.		1,768,457
	6,424	Aon PLC, Class A		1,842,789
	42,136	Arch Capital Group Ltd.*		1,731,790
	12,199	Arthur J Gallagher & Co.		1,752,020
	43,367	Bank of America Corp.		1,810,572
	32,279	Bank of New York Mellon Corp. (The)		1,782,446
	5,983	Berkshire Hathaway, Inc., Class B*		1,709,762
	1,898	BlackRock, Inc.		1,790,364
	14,502	Blackstone, Inc.		1,823,337
	10,259	Capital One Financial Corp.		1,702,686
	24,561	Charles Schwab Corp. (The)		1,789,269
	9,779	Chubb Ltd.		1,798,554
	14,348	Cincinnati Financial Corp.		1,770,543
	24,279	Citigroup, Inc.		1,745,903
	39,370	Citizens Financial Group, Inc.		1,724,012
	8,028	CME Group, Inc.		1,619,408
	7,119	Coinbase Global, Inc., Class A*		1,843,821
	13,128	Discover Financial Services		1,683,272
	45,512	Fifth Third Bancorp		1,768,596
	8,510	First Republic Bank		1,692,979
	4,399	Goldman Sachs Group, Inc. (The)^(a)		1,819,030
	25,915	Hartford Financial Services Group, Inc. (The)		1,742,006
	116,336	Huntington Bancshares, Inc.		1,806,698
	14,136	Intercontinental Exchange, Inc.		1,689,676
	10,971	JPMorgan Chase & Co.		1,754,811
	83,961	KeyCorp		1,706,088
	25,585	KKR & Co., Inc.		1,644,860
	12,405	M&T Bank Corp.		1,736,824
	1,383	Markel Corp.*		1,756,756
	3,458	MarketAxess Holdings, Inc.		1,645,731
	11,206	Marsh & McLennan Cos., Inc.		1,761,583


Common Stocks – (continued)
Financials – (continued)
	29,121	MetLife, Inc.		1,805,502
	4,401	Moody’s Corp.		1,675,769
	17,262	Morgan Stanley		1,802,671
	2,691	MSCI, Inc.		1,707,655
	8,850	Nasdaq, Inc.		1,732,653
	15,005	Northern Trust Corp.		1,778,393
	9,001	PNC Financial Services Group, Inc. (The)		1,720,091
	26,781	Principal Financial Group, Inc.		1,789,239
	17,567	Progressive Corp. (The)		1,692,405
	16,553	Prudential Financial, Inc.		1,752,632
	12,986	Raymond James Financial, Inc.		1,816,741
	85,846	Regions Financial Corp.		1,753,834
	3,804	S&P Global, Inc.		1,688,291
	19,170	State Street Corp.		1,781,085
	3,034	SVB Financial Group*		1,697,523
	35,184	Synchrony Financial		1,750,404
	7,998	T. Rowe Price Group, Inc.		1,790,512
	11,189	Travelers Cos., Inc. (The)		1,786,995
	30,378	Truist Financial Corp.		1,733,369
	30,216	US Bancorp		1,734,096
	35,879	Wells Fargo & Co.		1,639,670
	8,050	Willis Towers Watson PLC		1,776,796

				101,407,381

Health Care – 14.5%
	9,117	10X Genomics, Inc., Class A*		1,603,863
	13,798	Abbott Laboratories		1,743,653
	14,449	AbbVie, Inc.		1,745,150
	5,094	ABIOMED, Inc.*		1,854,012
	10,913	Agilent Technologies, Inc.		1,914,904
	2,386	Align Technology, Inc.*		1,691,674
	9,256	Alnylam Pharmaceuticals, Inc.*		1,864,436
	13,076	AmerisourceBergen Corp.		1,598,018
	7,274	Amgen, Inc.		1,640,505
	4,238	Anthem, Inc.		1,589,801
	44,495	Avantor, Inc.*		1,754,883
	22,256	Baxter International, Inc.		1,696,352
	6,601	Becton Dickinson and Co.		1,661,472
	4,960	Biogen, Inc.*		1,680,994
	21,781	BioMarin Pharmaceutical, Inc.*		1,834,178
	2,232	Bio-Rad Laboratories, Inc., Class A*		1,796,358
	3,468	Bio-Techne Corp.		1,731,018
	37,697	Boston Scientific Corp.*		1,702,020
	24,309	Bristol-Myers Squibb Co.		1,625,300
	28,103	Cardinal Health, Inc.		1,475,126
	13,687	Catalent, Inc.*		1,785,332
	24,323	Centene Corp.*		1,531,863
	20,814	Cerner Corp.		1,589,149
	4,095	Charles River Laboratories International, Inc.*		1,817,607
	7,234	Cigna Corp.		1,531,076
	4,009	Cooper Cos., Inc. (The)		1,806,896
	20,263	CVS Health Corp.		1,750,521
	5,526	Danaher Corp.		1,791,308
	26,024	DENTSPLY SIRONA, Inc.		1,605,681
	3,254	Dexcom, Inc.*		1,722,733


30		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)
	14,743	Edwards Lifesciences Corp.*	$	1,727,585
	45,946	Elanco Animal Health, Inc.*		1,533,677
	6,321	Eli Lilly & Co.		1,632,651
	15,888	Exact Sciences Corp.*		1,658,389
	24,190	Gilead Sciences, Inc.		1,760,548
	6,696	HCA Healthcare, Inc.		1,693,954
	21,983	Hologic, Inc.*		1,739,954
	15,417	Horizon Therapeutics PLC*		1,666,424
	3,959	Humana, Inc.		1,605,058
	2,414	IDEXX Laboratories, Inc.*		1,626,457
	3,369	Illumina, Inc.*		1,540,172
	21,564	Incyte Corp.*		1,649,430
	6,051	Insulet Corp.*		1,802,048
	1,687	Intuitive Surgical, Inc.*		1,777,356
	6,787	IQVIA Holdings, Inc.*		1,762,788
	9,656	Johnson & Johnson		1,671,743
	5,561	Laboratory Corp. of America Holdings*		1,687,096
	6,081	Masimo Corp.*		1,651,235
	8,042	McKesson Corp.		1,641,694
	13,022	Medtronic PLC		1,738,177
	22,143	Merck & Co., Inc.		1,689,289
	1,122	Mettler-Toledo International, Inc.*		1,742,275
	4,069	Moderna, Inc.*		1,532,752
	6,017	Molina Healthcare, Inc.*		1,617,189
	7,493	Novavax, Inc.*		1,787,380
	9,098	PerkinElmer, Inc.		1,681,310
	37,007	Pfizer, Inc.		1,704,912
	11,378	Quest Diagnostics, Inc.		1,738,900
	2,830	Regeneron Pharmaceuticals, Inc.*		1,905,722
	6,139	ResMed, Inc.		1,783,564
	10,448	Seagen, Inc.*		1,751,085
	7,750	STERIS PLC		1,666,327
	6,342	Stryker Corp.		1,757,368
	4,456	Teleflex, Inc.		1,762,170
	3,128	Thermo Fisher Scientific, Inc.		1,735,884
	3,983	UnitedHealth Group, Inc.		1,658,003
	4,976	Veeva Systems, Inc., Class A*		1,651,932
	8,370	Vertex Pharmaceuticals, Inc.*		1,676,427
	119,376	Viatris, Inc.		1,746,471
	4,277	Waters Corp.*		1,770,764
	3,989	West Pharmaceutical Services, Inc.		1,801,512
	11,335	Zimmer Biomet Holdings, Inc.		1,705,351
	8,184	Zoetis, Inc.		1,674,119

				124,243,025

Industrials – 12.7%
	8,485	3M Co.		1,652,369
	12,201	AMETEK, Inc.		1,658,970
	7,329	Boeing Co. (The)*		1,608,716
	29,337	Carrier Global Corp.		1,689,811
	8,090	Caterpillar, Inc.		1,705,938
	18,561	C.H. Robinson Worldwide, Inc.		1,671,604
	4,339	Cintas Corp.		1,717,246
	11,387	Copart, Inc.*		1,643,372
	19,461	CoStar Group, Inc.*		1,649,125
	52,464	CSX Corp.		1,706,654


Common Stocks – (continued)
Industrials – (continued)
	7,180	Cummins, Inc.		1,694,336
	4,628	Deere & Co.		1,749,523
	43,042	Delta Air Lines, Inc.*		1,740,619
	10,019	Dover Corp.		1,746,913
	10,359	Eaton Corp. PLC		1,744,041
	16,665	Emerson Electric Co.		1,758,158
	6,557	Equifax, Inc.		1,785,209
	13,345	Expeditors International of Washington, Inc.		1,663,321
	30,387	Fastenal Co.		1,697,114
	6,049	FedEx Corp.		1,607,159
	22,725	Fortive Corp.		1,678,696
	16,859	Fortune Brands Home & Security, Inc.		1,641,561
	4,207	Generac Holdings, Inc.*		1,838,375
	8,582	General Dynamics Corp.		1,719,060
	16,423	General Electric Co.		1,731,148
	7,318	Honeywell International, Inc.		1,697,117
	7,412	IDEX Corp.		1,660,288
	14,421	IHS Markit Ltd.		1,739,173
	7,357	Illinois Tool Works, Inc.		1,713,151
	32,965	Ingersoll Rand, Inc.*		1,747,804
	13,024	Jacobs Engineering Group, Inc.		1,757,719
	9,963	J.B. Hunt Transport Services, Inc.		1,767,436
	23,379	Johnson Controls International PLC		1,748,749
	6,374	Kansas City Southern		1,788,991
	7,343	L3Harris Technologies, Inc.		1,710,992
	17,483	Leidos Holdings, Inc.		1,715,257
	4,644	Lockheed Martin Corp.		1,670,911
	32,889	Lyft, Inc., Class A*		1,565,845
	28,108	Masco Corp.		1,706,718
	6,592	Norfolk Southern Corp.		1,671,336
	4,700	Northrop Grumman Corp.		1,728,190
	6,199	Old Dominion Freight Line, Inc.		1,789,775
	18,481	Otis Worldwide Corp.		1,704,318
	20,622	PACCAR, Inc.		1,688,323
	5,478	Parker-Hannifin Corp.		1,625,158
	19,412	Raytheon Technologies Corp.		1,645,361
	14,103	Republic Services, Inc.		1,750,605
	5,396	Rockwell Automation, Inc.		1,756,128
	3,430	Roper Technologies, Inc.		1,657,650
	33,870	Southwest Airlines Co.*		1,686,049
	8,547	Stanley Black & Decker, Inc.		1,651,879
	8,441	Trane Technologies PLC		1,675,539
	2,714	TransDigm Group, Inc.*		1,648,674
	14,119	TransUnion		1,715,882
	40,068	Uber Technologies, Inc.*		1,568,262
	7,692	Union Pacific Corp.		1,667,933
	36,366	United Airlines Holdings, Inc.*		1,691,383
	8,763	United Parcel Service, Inc., Class B		1,714,306
	5,096	United Rentals, Inc.*		1,797,104
	9,024	Verisk Analytics, Inc.		1,820,682
	11,262	Waste Management, Inc.		1,746,849
	19,603	Westinghouse Air Brake Technologies Corp.		1,760,153
	3,832	W.W. Grainger, Inc.		1,661,938
	13,269	Xylem, Inc.		1,808,697

				109,121,363


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

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

Schedule of Investments (continued)

August 31, 2021


Shares		Description	Value

Common Stocks – (continued)
Information Technology – 20.3%
	5,306	Accenture PLC, Class A	$	1,785,787
	2,711	Adobe, Inc.*		1,799,291
	14,206	Advanced Micro Devices, Inc.*		1,572,888
	15,013	Akamai Technologies, Inc.*		1,700,222
	22,894	Amphenol Corp., Class A		1,754,367
	20,476	Analog Devices, Inc.		3,336,564
	4,525	ANSYS, Inc.*		1,653,254
	11,452	Apple, Inc.		1,738,757
	11,709	Applied Materials, Inc.		1,582,237
	4,431	Arista Networks, Inc.*		1,637,387
	5,140	Autodesk, Inc.*		1,593,863
	7,908	Automatic Data Processing, Inc.		1,653,088
	3,449	Broadcom, Inc.		1,714,877
	9,700	Broadridge Financial Solutions, Inc.		1,670,534
	11,225	Cadence Design Systems, Inc.*		1,835,063
	8,980	CDW Corp.		1,801,478
	17,069	Ceridian HCM Holding, Inc.*		1,917,702
	30,172	Cisco Systems, Inc.		1,780,751
	14,034	Cloudflare, Inc., Class A*		1,694,465
	18,708	Cognex Corp.		1,657,903
	22,715	Cognizant Technology Solutions Corp., Class A		1,733,382
	40,420	Corning, Inc.		1,616,396
	7,871	Coupa Software, Inc.*		1,926,900
	6,481	Crowdstrike Holdings, Inc., Class A*		1,821,161
	14,710	Datadog, Inc., Class A*		2,027,038
	17,238	Dell Technologies, Inc., Class C *		1,680,016
	5,701	DocuSign, Inc.*		1,688,864
	8,737	Enphase Energy, Inc.*		1,517,879
	13,407	Entegris, Inc.		1,610,717
	2,946	EPAM Systems, Inc.*		1,864,258
	3,337	Fair Isaac Corp.*		1,534,152
	12,993	Fidelity National Information Services, Inc.		1,660,116
	15,573	Fiserv, Inc.*		1,834,344
	6,754	FleetCor Technologies, Inc.*		1,778,193
	5,590	Fortinet, Inc.*		1,761,633
	5,700	Gartner, Inc.*		1,759,818
	10,150	Global Payments, Inc.		1,650,796
	20,156	GoDaddy, Inc., Class A*		1,477,636
	113,956	Hewlett Packard Enterprise Co.		1,761,760
	57,270	HP, Inc.		1,703,210
	2,895	HubSpot, Inc.*		1,981,541
	31,125	Intel Corp.		1,682,618
	11,735	International Business Machines Corp.		1,646,890
	3,167	Intuit, Inc.		1,792,870
	9,649	Jack Henry & Associates, Inc.		1,701,891
	10,045	Keysight Technologies, Inc.*		1,801,872
	4,771	KLA Corp.		1,621,949
	2,586	Lam Research Corp.		1,564,065
	27,045	Marvell Technology, Inc.		1,654,884
	4,586	Mastercard, Inc., Class A		1,587,811
	11,317	Microchip Technology, Inc.		1,780,843
	20,372	Micron Technology, Inc.*		1,501,416
	5,881	Microsoft Corp.		1,775,356
	4,644	MongoDB, Inc.*		1,819,659


Common Stocks – (continued)
Information Technology – (continued)
	3,628	Monolithic Power Systems, Inc.		1,795,606
	7,541	Motorola Solutions, Inc.		1,841,663
	20,597	NetApp, Inc.		1,831,691
	30,800	Nuance Communications, Inc.*		1,695,540
	8,361	NVIDIA Corp.		1,871,610
	6,877	Okta, Inc.*		1,812,777
	36,620	ON Semiconductor Corp.*		1,624,463
	18,730	Oracle Corp.		1,669,405
	75,285	Palantir Technologies, Inc., Class A*		1,983,007
	4,182	Palo Alto Networks, Inc.*		1,928,069
	14,718	Paychex, Inc.		1,684,770
	3,856	Paycom Software, Inc.*		1,885,198
	6,161	PayPal Holdings, Inc.*		1,778,434
	12,640	PTC, Inc.*		1,664,182
	8,536	Qorvo, Inc.*		1,605,024
	11,338	QUALCOMM, Inc.		1,663,171
	6,539	RingCentral, Inc., Class A*		1,649,528
	6,991	salesforce.com, Inc.*		1,854,503
	18,682	Seagate Technology Holdings PLC		1,636,356
	2,879	ServiceNow, Inc.*		1,853,040
	8,983	Skyworks Solutions, Inc.		1,648,021
	6,181	Snowflake, Inc., Class A*		1,881,187
	11,981	Splunk, Inc.*		1,831,536
	6,345	Square, Inc., Class A*		1,700,904
	21,965	SS&C Technologies Holdings, Inc.		1,661,872
	5,807	Synopsys, Inc.*		1,929,318
	11,279	TE Connectivity Ltd.		1,694,331
	3,709	Teledyne Technologies, Inc.*		1,718,676
	13,125	Teradyne, Inc.		1,593,900
	8,770	Texas Instruments, Inc.		1,674,281
	19,842	Trade Desk, Inc. (The), Class A*		1,588,352
	19,354	Trimble, Inc.*		1,823,534
	4,529	Twilio, Inc., Class A*		1,616,672
	3,437	Tyler Technologies, Inc.*		1,669,351
	27,463	UiPath, Inc., Class A*^(b)		1,735,662
	15,584	Unity Software, Inc.*		1,975,272
	7,916	VeriSign, Inc.*		1,711,914
	7,111	Visa, Inc., Class A		1,629,130
	10,753	VMware, Inc., Class A*^(b)		1,600,799
	25,466	Western Digital Corp.*		1,609,451
	7,219	Workday, Inc., Class A*		1,971,942
	11,983	Xilinx, Inc.		1,864,435
	2,999	Zebra Technologies Corp., Class A*		1,760,923
	13,283	Zendesk, Inc.*		1,641,779
	4,352	Zoom Video Communications, Inc., Class A*		1,259,904
	6,864	Zscaler, Inc.*		1,910,526

				174,234,121

Materials – 4.7%
	5,825	Air Products and Chemicals, Inc.		1,569,896
	8,013	Albemarle Corp.		1,896,998
	7,915	Avery Dennison Corp.		1,783,962
	21,313	Ball Corp.		2,045,195
	10,920	Celanese Corp.		1,731,912
	39,483	Corteva, Inc.		1,736,068


32		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)
	17,187	Crown Holdings, Inc.	$	1,886,961
	27,195	Dow, Inc.		1,710,565
	22,392	DuPont de Nemours, Inc.		1,657,456
	15,183	Eastman Chemical Co.		1,718,108
	7,724	Ecolab, Inc.		1,740,681
	46,307	Freeport-McMoRan, Inc.		1,685,112
	11,249	International Flavors & Fragrances, Inc.		1,704,223
	28,968	International Paper Co.		1,740,687
	16,919	LyondellBasell Industries NV, Class A		1,697,822
	4,578	Martin Marietta Materials, Inc.		1,745,362
	26,933	Newmont Corp.		1,561,845
	15,816	Nucor Corp.		1,859,329
	12,137	Packaging Corp. of America		1,841,183
	10,222	PPG Industries, Inc.		1,630,920
	5,682	Sherwin-Williams Co. (The)		1,725,453
	9,323	Vulcan Materials Co.		1,733,425
	34,282	Westrock Co.		1,784,035

				40,187,198

Real Estate – 5.6%
	8,233	Alexandria Real Estate Equities, Inc. REIT		1,699,044
	5,943	American Tower Corp. REIT		1,736,366
	7,376	AvalonBay Communities, Inc. REIT		1,693,382
	14,507	Boston Properties, Inc. REIT		1,639,146
	17,232	CBRE Group, Inc., Class A*		1,659,442
	8,683	Crown Castle International Corp. REIT		1,690,493
	10,842	Digital Realty Trust, Inc. REIT		1,777,112
	33,274	Duke Realty Corp. REIT		1,747,218
	2,044	Equinix, Inc. REIT		1,724,012
	19,963	Equity Residential REIT		1,678,289
	5,164	Essex Property Trust, Inc. REIT		1,707,941
	9,537	Extra Space Storage, Inc. REIT		1,782,561
	45,069	Healthpeak Properties, Inc. REIT		1,622,484
	41,611	Invitation Homes, Inc. REIT		1,713,541
	82,465	Medical Properties Trust, Inc. REIT		1,688,883
	8,815	Mid-America Apartment Communities, Inc. REIT		1,695,741
	13,027	Prologis, Inc. REIT		1,754,216
	5,454	Public Storage REIT		1,764,969
	23,837	Realty Income Corp. REIT		1,721,508
	4,893	SBA Communications Corp. REIT		1,756,440
	12,799	Simon Property Group, Inc. REIT		1,720,825
	8,581	Sun Communities, Inc. REIT		1,728,986
	30,582	UDR, Inc. REIT		1,652,040
	28,424	Ventas, Inc. REIT		1,590,039
	55,959	VICI Properties, Inc. REIT		1,729,693
	19,445	Welltower, Inc. REIT		1,702,021
	48,719	Weyerhaeuser Co. REIT		1,753,884
	21,108	W.P. Carey, Inc. REIT		1,648,957

				47,779,233

Utilities – 5.2%
	70,957	AES Corp. (The)		1,693,744
	28,401	Alliant Energy Corp.		1,726,497
	19,911	Ameren Corp.		1,746,593


Common Stocks – (continued)
Utilities – (continued)
	19,041	American Electric Power Co., Inc.	$	1,705,502
	9,649	American Water Works Co., Inc.		1,758,530
	17,065	Atmos Energy Corp.		1,664,008
	66,165	CenterPoint Energy, Inc.		1,660,080
	26,801	CMS Energy Corp.		1,718,748
	22,642	Consolidated Edison, Inc.		1,708,339
	22,493	Dominion Energy, Inc.		1,750,855
	14,376	DTE Energy Co.		1,730,008
	15,902	Duke Energy Corp.		1,664,303
	30,712	Edison International		1,776,382
	16,325	Entergy Corp.		1,805,708
	25,546	Evergy, Inc.		1,748,624
	19,312	Eversource Energy		1,752,178
	36,001	Exelon Corp.		1,764,769
	44,358	FirstEnergy Corp.		1,724,196
	21,276	NextEra Energy, Inc.		1,786,971
	194,782	PG&E Corp.*		1,786,151
	59,391	PPL Corp.		1,743,126
	26,787	Public Service Enterprise Group, Inc.		1,712,761
	12,934	Sempra Energy		1,711,944
	26,515	Southern Co. (The)		1,742,831
	17,808	WEC Energy Group, Inc.		1,682,500
	24,671	Xcel Energy, Inc.		1,696,131

				44,961,479

	TOTAL COMMON STOCKS
	(Cost $689,981,718)		$	847,290,647



Exchange-Traded Fund – 0.9%
	49,428	Invesco S&P 500 Equal Weight ETF^(b)
	(Cost $7,679,666)		$	7,725,597

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $697,661,384)		$	855,016,244



Shares	Dividend Rate		Value


Securities Lending Reinvestment Vehicle – 1.3%^(a)
Goldman Sachs Financial Square Government Fund – Institutional Shares
10,902,108		0.026%	$	10,902,108
(Cost $10,902,108)

TOTAL INVESTMENTS – 101.0%
(Cost $708,563,492)			$	865,918,352

LIABILITIES IN EXCESS OF OTHER ASSETS – (1.0)%				(8,414,297	)

NET ASSETS – 100.0%			$	857,504,055


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

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

Schedule of Investments (continued)

August 31, 2021



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


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

GOLDMAN SACHS FUTURE PLANET EQUITY ETF

Schedule of Investments

August 31, 2021


Shares		Description	Value

Common Stocks – 99.8%
Australia – 0.2%
	132,024	Carbon Revolution Ltd. (Consumer Discretionary)*	$	109,998

Belgium – 1.9%
	17,243	Umicore SA (Materials)		1,134,561

China – 5.1%
	13,500	Contemporary Amperex Technology Co. Ltd., Class A (Industrials)		1,035,453
	561,142	Xinyi Solar Holdings Ltd. (Information Technology)		1,356,435
	16,658	XPeng, Inc. ADR (Consumer Discretionary)*		707,965

				3,099,853

Denmark – 6.0%
	11,970	Chr. Hansen Holding A/S (Materials)		1,104,306
	15,752	Novozymes A/S, Class B (Materials)		1,272,192
	7,809	Orsted AS (Utilities)^(a)		1,240,793

				3,617,291

Finland – 1.8%
	18,298	Neste OYJ (Energy)		1,113,258

France – 1.0%
	12,498	Imerys SA (Materials)		578,328

Germany – 3.0%
	41,919	Infineon Technologies AG (Information Technology)		1,784,616

Ireland – 2.3%
	12,312	Kingspan Group PLC (Industrials)		1,406,573

Italy – 3.7%
	241,638	Enel SpA (Utilities)		2,201,211

Japan – 11.5%
	9,120	Daikin Industries Ltd. (Industrials)		2,275,019
	15,918	Horiba Ltd. (Information Technology)		1,140,312
	2,280	Keyence Corp. (Information Technology)		1,372,441
	22,744	Kurita Water Industries Ltd. (Industrials)		1,068,260
	9,120	Nidec Corp. (Industrials)		1,047,646

				6,903,678

Netherlands – 5.2%
	18,672	Aalberts NV (Industrials)		1,165,989
	8,892	Koninklijke DSM NV (Materials)		1,892,007
	12,369	Pryme BV (Industrials)*^(a)		65,359

				3,123,355

Norway – 2.1%
	303,542	Aker Carbon Capture ASA (Industrials)*		785,586
	744,248	Aker Offshore Wind AS (Industrials)*		418,916
	45,164	Circa Group AS (Materials)*		76,265

				1,280,767

Spain – 2.9%
	142,577	Iberdrola SA (Utilities)		1,766,362


Common Stocks – (continued)
Sweden – 0.7%
	15,390	Re:NewCell AB (Materials)*		407,970

Switzerland – 2.1%
	34,001	ABB Ltd. (Industrials)		1,259,008

Taiwan – 2.9%
	182,080	Delta Electronics, Inc. (Information Technology)		1,777,208

United Kingdom – 2.7%
	263,704	DS Smith PLC (Materials)		1,605,570

United States – 44.7%
	5,060	Albemarle Corp. (Materials)		1,197,904
	7,525	Aptiv PLC (Consumer Discretionary)*		1,145,230
	21,048	Ball Corp. (Materials)		2,019,766
	5,871	Beyond Meat, Inc. (Consumer Staples)*^(b)		702,406
	9,973	Cree, Inc. (Information Technology)*		847,506
	6,156	Danaher Corp. (Health Care)		1,995,529
	16,433	Danimer Scientific, Inc. (Materials)*		321,101
	8,550	Darling Ingredients, Inc. (Consumer Staples)*		636,975
	3,948	DocuSign, Inc. (Information Technology)*		1,169,556
	10,676	Ecolab, Inc. (Materials)		2,405,943
	12,142	Itron, Inc. (Information Technology)*		1,020,049
	20,805	NextEra Energy, Inc. (Utilities)		1,747,412
	33,260	Nuvve Holding Corp. (Industrials)*		337,922
	10,147	Schneider Electric SE (Industrials)		1,812,277
	196,483	Smart Wires Technology Ltd. SDR (Industrials)*		814,258
	4,845	SolarEdge Technologies, Inc. (Information Technology)*		1,403,984
	24,126	Tattooed Chef, Inc. (Consumer Staples)*^(b)		510,747
	6,042	Trane Technologies PLC (Industrials)		1,199,337
	8,864	Waste Connections, Inc. (Industrials)		1,145,317
	7,710	Waste Management, Inc. (Industrials)		1,195,898
	23,237	Westrock Co. (Materials)		1,209,254
	14,707	Xylem, Inc. (Industrials)		2,004,711

				26,843,082

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $57,080,199)		$	60,012,689


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

GOLDMAN SACHS FUTURE PLANET EQUITY ETF

Schedule of Investments (continued)

August 31, 2021


Shares	Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 1.8%^(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
1,099,446	0.026%	$	1,099,446
(Cost $1,099,446)

TOTAL INVESTMENTS – 101.6%
(Cost $58,179,645)		$	61,112,135

LIABILITIES IN EXCESS OF OTHER ASSETS – (1.6)%			(1,007,207	)

NET ASSETS – 100.0%		$	60,104,928



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

*		Non-income producing security.

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

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

(c)		Represents an affiliated issuer.



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


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

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Schedule of Investments

August 31, 2021


Shares		Description	Value

Common Stocks – 101.9%
Communication Services – 18.7%
	1,609	Alphabet, Inc., Class A*	$	4,656,366
	5,687	Charter Communications, Inc., Class A*		4,644,345
	12,141	Facebook, Inc., Class A*		4,606,053
	149,843	Frontier Communications Parent, Inc.*		4,412,876
	23,970	Liberty Broadband Corp., Class C *		4,585,940
	15,320	Sea Ltd. ADR (Taiwan)*		5,183,062
	31,623	T-Mobile US, Inc.*		4,332,984
	69,776	Twitter, Inc.*		4,500,552
	24,850	Walt Disney Co. (The)*		4,505,305

				41,427,483

Consumer Discretionary – 17.5%
	24,357	Alibaba Group Holding Ltd. ADR (China)*		4,067,375
	1,349	Amazon.com, Inc.*		4,682,096
	71,826	Bath & Body Works, Inc.		4,846,818
	12,311	Carvana Co.*		4,038,747
	30,875	Expedia Group, Inc.*		4,461,438
	84,048	General Motors Co.*		4,119,192
	11,847	Lithia Motors, Inc.		3,924,911
	2,479	MercadoLibre, Inc. (Argentina)*		4,629,409
	40,458	Peloton Interactive, Inc., Class A*		4,053,487

				38,823,473

Financials – 5.8%
	15,375	Berkshire Hathaway, Inc., Class B*		4,393,714
	90,070	Wells Fargo & Co.		4,116,199
	20,342	Willis Towers Watson PLC		4,489,886

				12,999,799

Health Care – 6.3%
	13,960	Danaher Corp.		4,525,273
	18,068	HCA Healthcare, Inc.		4,570,843
	22,311	United Therapeutics Corp.*		4,794,188

				13,890,304

Industrials – 7.9%
	86,280	Builders FirstSource, Inc.*		4,597,861
	36,988	IHS Markit Ltd.		4,460,753
	15,196	Kansas City Southern		4,265,061
	107,237	Uber Technologies, Inc.*		4,197,256

				17,520,931

Information Technology – 43.7%
	6,987	Adobe, Inc.*		4,637,272
	41,406	Advanced Micro Devices, Inc.*		4,584,472
	28,034	Analog Devices, Inc.		4,568,140
	29,449	Apple, Inc.		4,471,242
	33,456	Fidelity National Information Services, Inc.		4,274,673
	39,615	Fiserv, Inc.*		4,666,251
	63,332	GoDaddy, Inc., Class A*		4,642,869
	12,241	Mastercard, Inc., Class A		4,238,201
	62,743	Micron Technology, Inc.*		4,624,159
	15,106	Microsoft Corp.		4,560,199
	81,270	Nuance Communications, Inc.*		4,473,914

Common Stocks – (continued)
Information Technology – (continued)
	22,307	NVIDIA Corp.		4,993,422
	12,018	Palo Alto Networks, Inc.*		5,540,779
	15,992	PayPal Holdings, Inc.*		4,616,251
	24,953	Proofpoint, Inc.*		4,391,728
	17,859	salesforce.com, Inc.*		4,737,457
	2,989	Shopify, Inc., Class A (Canada)*		4,557,567
	16,896	Square, Inc., Class A*		4,529,311
	12,840	Twilio, Inc., Class A*		4,583,366
	18,909	Visa, Inc., Class A		4,332,052
	31,200	Xilinx, Inc.		4,854,408

				96,877,733

Utilities – 2.0%
	485,316	PG&E Corp.*		4,450,348

	TOTAL INVESTMENTS – 101.9%
	(Cost $194,000,470)		$	225,990,071

	LIABILITIES IN EXCESS OF OTHER ASSETS – (1.9)%			(4,155,601	)

	NET ASSETS – 100.0%		$	221,834,470



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

*		Non-income producing security.



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


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

GOLDMAN SACHS INNOVATE EQUITY ETF

Schedule of Investments

August 31, 2021


Shares		Description	Value

Common Stocks – 99.7%
Communication Services – 13.3%
	16,260	Activision Blizzard, Inc.	$	1,339,336
	3,152	AfreecaTV Co. Ltd. (South Korea)		416,751
	3,568	Alphabet, Inc., Class A*		10,325,614
	27,555	AMC Entertainment Holdings, Inc., Class A*^(a)		1,298,667
	18,326	Baidu, Inc. ADR (China)*		2,877,548
	12,962	Bilibili, Inc. ADR (China)*		1,039,941
	32,577	Comcast Corp., Class A		1,976,772
	8,863	CTS Eventim AG & Co. KGaA (Germany)*		571,452
	10,088	Electronic Arts, Inc.		1,464,878
	66,861	Enthusiast Gaming Holdings, Inc. (Canada)*		298,869
	13,443	Eventbrite, Inc., Class A*		237,672
	26,650	Facebook, Inc., Class A*		10,110,477
	37,056	Gree, Inc. (Japan)		218,909
	41,092	Hello Group, Inc. ADR (China)		539,949
	31,775	HUYA, Inc. ADR (China)*		339,675
	5,954	IAC/InterActiveCorp*		786,226
	60,248	iQIYI, Inc. ADR (China)*		545,847
	11,474	JOYY, Inc. ADR (China)		726,304
	112,787	Kuaishou Technology (China)*^(a)(b)		1,225,418
	10,341	Live Nation Entertainment, Inc.*		896,565
	5,827	Madison Square Garden Entertainment Corp.*		467,267
	2,558	Madison Square Garden Sports Corp.*		462,435
	9,374	Mail.Ru Group Ltd. GDR (Russia)*		188,605
	10,775	Mixi, Inc. (Japan)		248,043
	18,772	NetEase, Inc. ADR (China)		1,828,768
	4,374	Netflix, Inc.*		2,489,637
	70,107	Rightmove PLC (United Kingdom)		676,744
	6,680	Scout24 AG (Germany)^(b)		561,441
	6,302	Sea Ltd. ADR (Taiwan)*		2,132,093
	18,537	Snap, Inc., Class A*		1,410,851
	17,223	Sohu.com Ltd. ADR (China)*		403,018
	4,180	Spotify Technology SA*		979,541
	35,337	TELUS Corp. (Canada)		812,920
	101,342	Tencent Holdings Ltd. (China)		6,270,230
	75,234	Tencent Music Entertainment Group ADR (China)*		665,069
	12,884	TripAdvisor, Inc.*		450,940
	39,010	Turkcell Iletisim Hizmetleri AS ADR (Turkey)		194,660
	14,792	Twitter, Inc.*		954,084
	7,496	Ubisoft Entertainment SA (France)*		477,119
	15,781	Walt Disney Co. (The)*		2,861,095
	18,659	Warner Music Group Corp., Class A		709,042
	12,284	Weibo Corp. ADR (China)*		620,588
	10,710	World Wrestling Entertainment, Inc., Class A		558,098
	29,890	Yalla Group Ltd. ADR (United Arab Emirates)*^(a)		303,682
	7,105	Zillow Group, Inc., Class A*		679,238
	91,728	Zynga, Inc., Class A*		811,793

				65,453,871


Common Stocks – (continued)
Consumer Discretionary – 17.2%
	10,827	2U, Inc.*		400,924
	3,074	adidas AG (Germany)		1,090,243
	6,023	Airbnb, Inc., Class A*		933,505
	46,939	Alibaba Group Holding Ltd. ADR (China)*		7,838,344
	2,896	Amazon.com, Inc.*		10,051,408
	54,904	ANTA Sports Products Ltd. (China)		1,129,516
	10,367	Aptiv PLC*		1,577,754
	12,354	Bandai Namco Holdings, Inc. (Japan)		859,247
	15,067	Baozun, Inc. ADR (China)*		362,813
	475	Booking Holdings, Inc.*		1,092,343
	15,501	BorgWarner, Inc.		661,583
	62,682	Canoo, Inc.*^(a)		451,937
	7,126	Chegg, Inc.*		593,026
	6,375	Chewy, Inc., Class A*		561,765
	4,746	Columbia Sportswear Co.		484,139
	8,442	Continental AG (Germany)*		1,134,257
	18,496	Dana, Inc.		430,217
	7,004	Dick’s Sporting Goods, Inc.^(a)		986,233
	14,068	eBay, Inc.		1,079,578
	4,933	Etsy, Inc.*		1,066,811
	21,026	Everi Holdings, Inc.*		478,341
	4,459	Expedia Group, Inc.*		644,326
	13,255	Farfetch Ltd., Class A (United Kingdom)*		554,854
	128,236	Ford Motor Co.*		1,670,915
	12,108	GameStop Corp., Class A*		2,642,450
	38,940	General Motors Co.*		1,908,449
	8,288	Hyundai Motor Co. (South Korea)		1,518,996
	7,134	iRobot Corp.*		578,710
	54,966	JD Sports Fashion PLC (United Kingdom)		763,656
	19,987	JD.com, Inc. ADR (China)*		1,570,179
	14,857	Jumia Technologies AG ADR (Germany)*		297,289
	8,367	Just Eat Takeaway.com NV (United Kingdom)*^(b)		757,750
	13,021	Kia Corp. (South Korea)		955,701
	491,633	Koolearn Technology Holding Ltd. (China)*^(a)(b)		272,450
	17,698	Las Vegas Sands Corp.*		789,508
	69,526	Li Ning Co. Ltd. (China)		934,183
	2,632	Lululemon Athletica, Inc.*		1,053,247
	40,374	Luminar Technologies, Inc.*^(a)		701,700
	1,762	MercadoLibre, Inc. (Argentina)*		3,290,447
	23,380	MGM Resorts International		996,456
	202,773	New Oriental Education & Technology Group, Inc. ADR (China)*		458,267
	385,749	Nexteer Automotive Group Ltd. (China)		434,487
	11,110	NIKE, Inc., Class B		1,830,261
	43,640	NIO, Inc. ADR (China)*		1,715,488
	11,492	Overstock.com, Inc.*		829,148
	9,323	Peloton Interactive, Inc., Class A*		934,071
	15,389	Pinduoduo, Inc. ADR (China)*		1,539,208
	6,711	Planet Fitness, Inc., Class A*		545,604
	55,027	Qurate Retail, Inc.Series A		606,948


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

GOLDMAN SACHS INNOVATE EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Consumer Discretionary – (continued)
	34,927	Sharp Corp. (Japan)	$	461,942
	8,624	Skechers USA, Inc., Class A*		434,908
	16,852	Sony Group Corp. (Japan)		1,742,570
	12,159	Stride, Inc.*		416,324
	75,247	TAL Education Group ADR (China)*		400,314
	12,350	Tesla, Inc.*		9,086,142
	30,694	TI Fluid Systems PLC (China)^(b)		129,051
	42,373	TomTom NV (Netherlands)*		339,380
	30,920	Toyota Motor Corp. (Japan)		2,699,660
	94,936	TUI AG (Germany)*^(a)		413,133
	34,104	Under Armour, Inc., Class A*		789,167
	18,104	Veoneer, Inc. (Sweden)*		648,123
	33,021	Workhorse Group, Inc.*^(a)		323,936
	36,286	XPeng, Inc. ADR (China)*		1,542,155
	31,149	Yamaha Motor Co. Ltd. (Japan)		793,894
	6,567	Zalando SE (Germany)*^(b)		727,139

				85,006,570

Consumer Staples – 0.7%
	5,227	Beyond Meat, Inc.*^(a)		625,358
	7,106	Church & Dwight Co., Inc.		594,488
	16,541	Walmart, Inc.		2,449,722

				3,669,568

Energy – 0.2%
	1,435,049	China Suntien Green Energy Corp. Ltd., Class H (China)		909,666

Financials – 6.6%
	46,813	3i Group PLC (United Kingdom)		861,703
	3,208	Ameriprise Financial, Inc.		875,495
	14,752	Apollo Global Management, Inc.		881,875
	7,832	Ares Management Corp., Class A		604,474
	4,651	B. Riley Financial, Inc.		304,827
	51,376	BGC Partners, Inc., Class A		264,586
	2,281	BlackRock, Inc.		2,151,644
	14,361	Blackstone, Inc.		1,805,609
	16,839	Charles Schwab Corp. (The)		1,226,721
	20,881	CI Financial Corp. (Canada)		404,681
	5,482	Coinbase Global, Inc., Class A*		1,419,838
	6,909	Cowen, Inc., Class A		249,000
	9,348	Discover Financial Services		1,198,601
	6,385	DWS Group GmbH & Co. KGaA (Germany)^(b)		269,680
	4,761	Eurazeo SE (France)		489,512
	4,415	Evercore, Inc., Class A		616,511
	3,792	flatexDEGIRO AG (Germany)*		393,911
	18,313	Galaxy Digital Holdings Ltd.*		304,335
	5,470	Goldman Sachs Group, Inc. (The)^(c)		2,261,900
	10,655	Green Dot Corp., Class A*		556,617
	22,790	Hargreaves Lansdown PLC (United Kingdom)		473,137
	10,066	Interactive Brokers Group, Inc., Class A		650,666
	14,242	Intercontinental Exchange, Inc.		1,702,346
	26,222	Invesco Ltd.		663,941
	20,204	KKR & Co., Inc.		1,298,915


Common Stocks – (continued)
Financials – (continued)
	11,099	Lazard Ltd., Class A		526,093
	43,067	Monex Group, Inc. (Japan)		230,114
	2,575	Morningstar, Inc.		690,074
	2,301	MSCI, Inc.		1,460,169
	6,059	Oppenheimer Holdings, Inc., Class A		282,289
	39,432	Owl Rock Capital Corp.		575,707
	4,370	PJT Partners, Inc., Class A		345,143
	16,957	Plus500 Ltd. (Israel)		348,773
	4,479	S&P Global, Inc.		1,987,870
	10,781	Sculptor Capital Management, Inc.		305,102
	80,224	TP ICAP Group PLC (United Kingdom)		224,405
	8,451	Tradeweb Markets, Inc., Class A		735,321
	20,778	Up Fintech Holding Ltd. ADR (China)*^(a)		286,321
	362,411	Value Partners Group Ltd. (Hong Kong)		198,043
	11,727	Vinci Partners Investments Ltd., Class A (Brazil)		165,937
	1,032	Virtus Investment Partners, Inc.		322,706
	10,121	WealthNavi, Inc. (Japan)*		350,541
	64,338	WisdomTree Investments, Inc.		405,973
	16,046	XP, Inc., Class A (Brazil)*		780,638
	69,735	Zip Co. Ltd. (Australia)*^(a)		348,097

				32,499,841

Health Care – 18.9%
	4,224	10X Genomics, Inc., Class A*		743,086
	589,550	3SBio, Inc. (China)*^(b)		657,216
	22,576	Abbott Laboratories		2,852,929
	19,116	AbbVie, Inc.		2,308,830
	2,245	ABIOMED, Inc.*		817,090
	22,118	AdaptHealth Corp.*		531,717
	17,665	Adaptive Biotechnologies Corp.*		641,593
	54,323	Agenus, Inc.*		335,173
	7,035	Agilent Technologies, Inc.		1,234,431
	658,627	Alibaba Health Information Technology Ltd. (China) *		1,080,584
	20,958	Allscripts Healthcare Solutions, Inc.*		321,915
	8,377	Amgen, Inc.		1,889,265
	281,778	Asensus Surgical, Inc.*		619,912
	19,867	AstraZeneca PLC (United Kingdom)		2,327,895
	75,396	Bionano Genomics, Inc.*^(a)		439,559
	5,480	BioNTech SE ADR (Germany)*		1,803,961
	2,002	Bio-Techne Corp.		999,278
	12,240	Bluebird Bio, Inc.*		223,992
	24,039	Boston Scientific Corp.*		1,085,361
	32,169	Bristol-Myers Squibb Co.		2,150,819
	24,214	Burning Rock Biotech Ltd. ADR (China)*		451,107
	7,656	Castle Biosciences, Inc.*		587,445
	10,439	Cerner Corp.		797,018
	21,811	Change Healthcare, Inc.*		476,134
	5,351	CompuGroup Medical SE & Co. KgaA (Germany)		499,010
	7,374	CRISPR Therapeutics AG (Switzerland)*		921,381
	2,983	Dexcom, Inc.*		1,579,260
	11,470	Editas Medicine, Inc.*		729,377


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

GOLDMAN SACHS INNOVATE EQUITY ETF

Schedule of Investments (continued)

August 31, 2021


Shares		Description	Value

Common Stocks – (continued)
Health Care – (continued)
	10,324	Edwards Lifesciences Corp.*	$	1,209,766
	10,205	Eli Lilly & Co.		2,635,849
	10,964	Exact Sciences Corp.*		1,144,422
	8,617	Galapagos NV (Belgium)*		511,750
	33,997	Genetron Holdings Ltd. ADR (China)*		451,820
	23,786	Gilead Sciences, Inc.		1,731,145
	6,291	Globus Medical, Inc., Class A*		513,346
	9,246	Guardant Health, Inc.*		1,176,738
	5,096	Hill-Rom Holdings, Inc.		741,876
	8,698	Horizon Therapeutics PLC*		940,167
	17,774	Humanigen, Inc.*		294,693
	3,833	Illumina, Inc.*		1,752,294
	8,666	I-Mab ADR (China)*		614,593
	1,468,396	Imugene Ltd. (Australia)*		445,368
	3,864	Insulet Corp.*		1,150,738
	5,573	Intellia Therapeutics, Inc.*		894,634
	2,029	Intuitive Surgical, Inc.*		2,137,673
	16,286	Invitae Corp.*		482,554
	15,293	Ionis Pharmaceuticals, Inc.*		608,050
	7,751	iRhythm Technologies, Inc.*		370,498
	20,203	Johnson & Johnson		3,497,745
	33,615	Koninklijke Philips NV (Netherlands)		1,549,139
	10,813	Maravai LifeSciences Holdings, Inc., Class A*		639,913
	3,841	Masimo Corp.*		1,042,985
	20,097	Medtronic PLC		2,682,548
	29,371	Merck & Co., Inc.		2,240,714
	231,159	Mesoblast Ltd. (Australia)*		281,289
	6,294	Moderna, Inc.*		2,370,887
	18,026	Myriad Genetics, Inc.*		644,970
	24,934	Nektar Therapeutics*		385,978
	16,621	NextGen Healthcare, Inc.*		253,636
	5,949	NuVasive, Inc.*		369,671
	33,028	Ono Pharmaceutical Co. Ltd. (Japan)		794,885
	4,925	OptimizeRx Corp.*		325,936
	48,899	PAVmed, Inc.*		356,963
	66,750	Pfizer, Inc.		3,075,172
	9,937	PMV Pharmaceuticals, Inc.*		301,588
	11,688	Prelude Therapeutics, Inc.*		417,145
	11,993	Pulmonx Corp.*		481,999
	14,283	QIAGEN NV*		797,277
	2,601	Regeneron Pharmaceuticals, Inc.*		1,751,513
	8,698	Renalytix PLC ADR*		242,848
	13,882	Repare Therapeutics, Inc. (Canada)*		471,988
	31,497	ResMed, Inc. CDI		925,157
	8,512	Roche Holding AG (Switzerland)		3,417,158
	24,739	Sana Biotechnology, Inc.*^(a)		593,489
	43,461	Sangamo Therapeutics, Inc.*		430,699
	19,363	Sanofi (France)		2,002,734
	6,033	Sarepta Therapeutics, Inc.*		471,298
	18,515	SeaSpine Holdings Corp.*		310,682
	5,655	Seegene, Inc. (South Korea)		320,927
	142,946	Senseonics Holdings, Inc.*^(a)		573,213
	83,448	Shanghai Junshi Biosciences Co. Ltd., Class H (China)*^(b)		472,103


Common Stocks – (continued)
Health Care – (continued)
	9,504	SI-BONE, Inc.*		231,993
	44,845	Smith & Nephew PLC (United Kingdom)		860,965
	6,906	Stryker Corp.		1,913,653
	19,388	Takara Bio, Inc. (Japan)		562,086
	7,324	Tandem Diabetes Care, Inc.*		821,533
	16,602	Taysha Gene Therapies, Inc.*		330,048
	6,716	Teladoc Health, Inc.*		969,925
	22,405	Theravance Biopharma, Inc.*		185,962
	2,929	Thermo Fisher Scientific, Inc.		1,625,449
	8,277	Vertex Pharmaceuticals, Inc.*		1,657,800
	58,608	Well Health Technologies Corp. (Canada)*		370,576

				92,937,551

Industrials – 7.0%
	57,386	ABB Ltd. (Switzerland)		2,124,920
	6,911	AeroVironment, Inc.*		707,410
	4,060	Alfen Beheer BV (Netherlands)*^(b)		435,650
	6,368	ASGN, Inc.*		714,426
	10,244	Barnes Group, Inc.		488,331
	15,009	Blink Charging Co.*^(a)		486,742
	8,071	Booz Allen Hamilton Holding Corp.		661,096
	2,050	CACI International, Inc., Class A*		527,957
	7,262	Daihen Corp. (Japan)		316,961
	59,038	Desktop Metal, Inc., Class A*		490,015
	7,681	FANUC Corp. (Japan)		1,677,291
	4,130	FedEx Corp.		1,097,300
	2,518	FTI Consulting, Inc.*		351,790
	24,148	General Electric Co.		2,545,441
	11,217	Hyundai Heavy Industries Holdings Co. Ltd. (South Korea)		631,739
	310,704	Ideanomics, Inc.*^(a)		779,867
	25,453	Kawasaki Heavy Industries Ltd. (Japan)*		542,608
	27,918	Kratos Defense & Security Solutions, Inc.*		690,133
	6,459	Leidos Holdings, Inc.		633,692
	12,817	LIG Nex1 Co. Ltd. (South Korea)		575,933
	18,578	Lyft, Inc., Class A*		884,499
	73,629	Mitsubishi Electric Corp. (Japan)		1,008,997
	9,001	Moog, Inc., Class A		715,039
	13,005	Nabtesco Corp. (Japan)		516,128
	16,437	Nidec Corp. (Japan)		1,888,175
	65,597	Nikola Corp.*^(a)		684,177
	36,469	Nordex SE (Germany)*		683,200
	13,870	Parsons Corp.*		491,414
	30,856	Pitney Bowes, Inc.		230,494
	7,820	Proto Labs, Inc.*		579,931
	29,377	RADA Electronic Industries Ltd. (Israel)*		335,192
	3,558	Rockwell Automation, Inc.		1,157,951
	11,412	Shibaura Machine Co. Ltd. (Japan)		272,990
	46,090	Siemens Energy AG (Germany)*		1,337,322
	15,726	Sunrun, Inc.*		695,875
	11,580	Textron, Inc.		841,519


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

GOLDMAN SACHS INNOVATE EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Industrials – (continued)
	6,665	Thales SA (France)	$	676,150
	30,326	Uber Technologies, Inc.*		1,186,960
	5,600	Verisk Analytics, Inc.		1,129,856
	19,232	Virgin Galactic Holdings, Inc.*		521,380
	474,628	Xinjiang Goldwind Science & Technology Co. Ltd., Class H (China)		906,861
	138,177	Xinte Energy Co. Ltd., Class H (China)		387,312
	19,443	Yaskawa Electric Corp. (Japan)		952,151

				34,562,875

Information Technology – 33.7%
	25,129	3D Systems Corp.*		764,927
	18,616	ACI Worldwide, Inc.*		599,994
	3,628	Adobe, Inc.*		2,407,904
	12,119	Advanced Micro Devices, Inc.*		1,341,816
	554	Adyen NV (Netherlands)*^(b)		1,788,278
	9,018	Affirm Holdings, Inc.*		868,794
	3,803	Ahnlab, Inc. (South Korea)		221,072
	5,517	Akamai Technologies, Inc.*		624,800
	6,011	Alliance Data Systems Corp.		589,739
	7,471	Altair Engineering, Inc., Class A*		552,779
	8,002	Ambarella, Inc.*		828,767
	10,434	Amphenol Corp., Class A		799,557
	26,702	Appen Ltd. (Australia)		209,593
	66,289	Apple, Inc.		10,064,659
	2,460	Arista Networks, Inc.*		909,044
	2,693	Atlassian Corp. PLC, Class A*		988,493
	12,637	Atos SE (France)		655,766
	4,684	Autodesk, Inc.*		1,452,462
	73,239	Avast PLC^(b)		602,554
	26,803	BASE, Inc. (Japan)*		279,106
	7,983	Belden, Inc.		457,027
	20,773	Bentley Systems, Inc., Class B		1,339,651
	10,442	BigCommerce Holdings, Inc.Series 1*		621,717
	23,481	Bit Digital, Inc. (China)*^(a)		301,026
	55,272	Bitfarms Ltd. (Canada)*		324,988
	68,120	BlackBerry Ltd. (Canada)*		777,249
	3,514	Broadcom, Inc.		1,747,196
	7,497	Brooks Automation, Inc.		636,945
	10,795	C3.ai, Inc., Class A*		556,374
	12,360	Canadian Solar, Inc. (Canada)*		456,949
	8,227	CEVA, Inc.*		396,953
	8,125	Ciena Corp.*		464,181
	42,964	Cisco Systems, Inc.		2,535,735
	23,856	Cloudera, Inc.*		380,026
	12,435	Cognex Corp.		1,101,990
	35,648	Converge Technology Solutions Corp. (Canada)*		337,678
	18,375	Corning, Inc.		734,816
	2,660	Coupa Software, Inc.*		651,195
	5,456	Crowdstrike Holdings, Inc., Class A*		1,533,136
	4,394	CyberArk Software Ltd.*		737,928
	26,190	Dassault Systemes SE (France)		1,493,396
	11,534	Digi International, Inc.*		253,517
	8,888	Digital Garage, Inc. (Japan)		406,942
	4,644	Docebo, Inc. (Canada)*		389,557


Common Stocks – (continued)
Information Technology – (continued)
	4,237	DocuSign, Inc.*		1,255,169
	13,741	Edenred (France)		778,587
	5,460	Euronet Worldwide, Inc.*		727,436
	8,267	EVERTEC, Inc. (Puerto Rico)		382,349
	1,376	Fair Isaac Corp.*		632,602
	4,536	FARO Technologies, Inc.*		312,712
	8,004	Fidelity National Information Services, Inc.		1,022,671
	31,488	FireEye, Inc.*		572,767
	6,520	First Solar, Inc.*		612,880
	14,908	Fiserv, Inc.*		1,756,013
	3,636	FleetCor Technologies, Inc.*		957,286
	4,462	Fortinet, Inc.*		1,406,155
	6,440	Global Payments, Inc.		1,047,402
	5,256	Guidewire Software, Inc.*		622,626
	39,698	Hewlett Packard Enterprise Co.		613,731
	43,478	HP, Inc.		1,293,036
	36,481	Infineon Technologies AG (Germany)		1,553,102
	18,071	Infocom Corp. (Japan)		406,458
	39,364	Innoviz Technologies Ltd. (Israel)*		296,805
	41,932	Inseego Corp.*^(a)		352,229
	84,726	Intel Corp.		4,580,288
	6,917	InterDigital, Inc.		498,785
	21,432	International Business Machines Corp.		3,007,767
	2,593	Intuit, Inc.		1,467,923
	3,214	IPG Photonics Corp.*		548,565
	3,834	Jack Henry & Associates, Inc.		676,241
	25,719	Juniper Networks, Inc.		745,337
	16,111	Kainos Group PLC (United Kingdom)		435,030
	2,887	Keyence Corp. (Japan)		1,737,824
	4,595	Keysight Technologies, Inc.*		824,251
	97,181	Learning Technologies Group PLC (United Kingdom)		306,009
	15,857	Marathon Digital Holdings, Inc.*^(a)		643,636
	20,372	Marvell Technology, Inc.		1,246,563
	8,276	Mastercard, Inc., Class A		2,865,399
	21,936	Materialise NV ADR (Belgium)*		483,908
	22,989	Maxeon Solar Technologies Ltd.*^(a)		392,192
	18,000	McAfee Corp., Class A		478,080
	13,984	Medallia, Inc.*		472,240
	33,468	Microsoft Corp.		10,103,320
	737	MicroStrategy, Inc., Class A*^(a)		511,699
	7,151	Mimecast Ltd.*		499,211
	7,680	Nemetschek SE (Germany)		752,647
	9,127	NETGEAR, Inc.*		326,108
	14,335	NetScout Systems, Inc.*		393,066
	530,002	Newborn Town, Inc. (China)*		331,194
	3,076	Nice Ltd. ADR (Israel)*		894,193
	203,393	Nokia OYJ ADR (Finland)*		1,212,222
	4,354	Northern Data AG (Germany)*		378,280
	3,370	Novanta, Inc.*		516,351
	47,567	NVIDIA Corp.		10,647,873
	3,872	NXP Semiconductors NV (China)		832,983
	4,559	Okta, Inc.*		1,201,752
	97,540	OneConnect Financial Technology Co. Ltd. ADR (China)*		458,438


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

GOLDMAN SACHS INNOVATE EQUITY ETF

Schedule of Investments (continued)

August 31, 2021


Shares		Description	Value

Common Stocks – (continued)
Information Technology – (continued)
	12,918	Open Text Corp. (Canada)	$	708,294
	17,494	Oracle Corp.		1,559,240
	3,970	OSI Systems, Inc.*		392,792
	14,957	Pagseguro Digital Ltd., Class A (Brazil)*		889,493
	2,983	Palo Alto Networks, Inc.*		1,375,282
	201,999	PAX Global Technology Ltd. (Hong Kong)		249,338
	10,857	PayPal Holdings, Inc.*		3,133,982
	17,961	Ping Identity Holding Corp.*		466,088
	4,328	Proofpoint, Inc.*		761,728
	5,348	PTC, Inc.*		704,118
	5,555	Q2 Holdings, Inc.*		489,340
	24,049	QIWI PLC ADR (Russia)		229,908
	2,932	Qorvo, Inc.*		551,304
	14,760	QUALCOMM, Inc.		2,165,144
	1,408,591	Razer, Inc.*^(b)		358,607
	20,058	Repay Holdings Corp.*		461,535
	17,093	Riot Blockchain, Inc.*^(a)		637,911
	2,401	Rogers Corp.*		509,996
	10,191	S&T AG (Austria)^(a)		233,742
	30,073	Sabre Corp.*		337,720
	14,445	salesforce.com, Inc.*		3,831,825
	3,244	Samsung SDS Co. Ltd. (South Korea)		482,634
	11,482	SAP SE (Germany)		1,727,583
	37,703	Seiko Epson Corp. (Japan)		703,542
	5,556	Semtech Corp.*		388,475
	2,436	ServiceNow, Inc.*		1,567,907
	5,974	Shift4 Payments, Inc., Class A*		512,032
	1,089	Shopify, Inc., Class A (Canada)*		1,660,485
	11,726	Sierra Wireless, Inc. (Canada)*		191,837
	4,335	Silicon Laboratories, Inc.*		683,283
	6,244	Skyworks Solutions, Inc.		1,145,524
	11,393	Software AG (Germany)		577,225
	23,840	SolarWinds Corp.		406,949
	4,360	Sprout Social, Inc., Class A*		530,176
	11,939	Square, Inc., Class A*		3,200,488
	13,778	SS&C Technologies Holdings, Inc.		1,042,443
	29,129	STMicroelectronics NV (Switzerland)		1,296,842
	15,734	StoneCo Ltd., Class A (Brazil)*		732,260
	26,481	Stratasys Ltd.*		557,690
	22,848	SunPower Corp.*		492,374
	24,863	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)		2,958,946
	14,245	Telos Corp.*		470,085
	38,281	TELUS International CDA, Inc. (Philippines)*		1,280,117
	9,990	Tenable Holdings, Inc.*		443,256
	15,878	Teradyne, Inc.		1,928,224
	35,160	Tuya, Inc. ADR (China)*		366,719
	81,487	Velodyne Lidar, Inc.*^(a)		537,814
	7,616	Verint Systems, Inc.*		339,978
	13,280	Veritone, Inc.*		277,154
	8,355	Viasat, Inc.*		431,452
	13,231	Visa, Inc., Class A		3,031,222
	4,964	VMware, Inc., Class A*^(a)		738,991


Common Stocks – (continued)
Information Technology – (continued)
	2,909	WEX, Inc.*		534,005
	4,604	Xilinx, Inc.		716,336
	13,014	Yokowo Co. Ltd. (Japan)		315,814
	2,489	Zoom Video Communications, Inc., Class A*		720,565
	3,520	Zscaler, Inc.*		979,757

				166,275,238

Materials – 0.1%
	1,671	SK Chemicals Co. Ltd. (South Korea)		389,124

Real Estate – 0.5%
	3,140	CoreSite Realty Corp. REIT		465,882
	6,351	Digital Realty Trust, Inc. REIT		1,040,992
	1,281	Equinix, Inc. REIT		1,080,460

				2,587,334

Utilities – 1.5%
	12,088	Atlantica Sustainable Infrastructure PLC (Spain)		454,630
	22,621	Avangrid, Inc.		1,236,238
	870,435	Beijing Jingneng Clean Energy Co. Ltd., Class H (China)		223,838
	21,349	Brookfield Renewable Corp., Class A^(a)		935,300
	16,285	Brookfield Renewable Partners LP (Canada)		658,797
	13,968	Dominion Energy, Inc.		1,087,269
	1,398,565	Huaneng Power International, Inc., Class H (China)		674,345
	33,504	Innergex Renewable Energy, Inc. (Canada)		533,190
	19,703	NextEra Energy, Inc.		1,654,855

				7,458,462

	TOTAL COMMON STOCKS
	(Cost $410,557,846)		$	491,750,100



Closed-End Fund – 0.1%
	231,091	Greencoat UK Wind PLC/Funds
	(Cost $411,698)		$	413,451

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $410,969,544)		$	492,163,551


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

GOLDMAN SACHS INNOVATE EQUITY ETF


Shares		Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 2.6%^(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	13,009,276	0.026%	$	13,009,276
(Cost $13,009,276)

	TOTAL INVESTMENTS – 102.4%
	(Cost $423,978,820)		$	505,172,827

	LIABILITIES IN EXCESS OF OTHER ASSETS – (2.4)%			(11,988,480	)

	NET ASSETS – 100.0%		$	493,184,347



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

*		Non-income producing security.

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

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

(c)		Represents an affiliated issuer.



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


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

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Schedule of Investments

August 31, 2021


Shares		Description	Value

Common Stocks – 99.7%
Communication Services – 11.7%
	2,145	Alphabet, Inc., Class A*	$	6,207,523
	2,027	Alphabet, Inc., Class C*		5,897,029
	46,387	AT&T, Inc.		1,271,932
	40	Cable One, Inc.		83,984
	1,001	Charter Communications, Inc., Class A*		817,477
	34,764	Comcast Corp., Class A		2,109,480
	1,186	Discovery, Inc., Class A*^(a)		34,204
	2,402	Discovery, Inc., Class C*		66,271
	2,847	Electronic Arts, Inc.		413,413
	17,085	Facebook, Inc., Class A*		6,481,707
	2,987	Interpublic Group of Cos., Inc. (The)		111,206
	3,289	Netflix, Inc.*		1,872,066
	1,257	New York Times Co. (The), Class A		63,830
	1,622	Omnicom Group, Inc.		118,763
	3,827	T-Mobile US, Inc.*		524,376
	5,567	Twitter, Inc.*		359,071
	26,910	Verizon Communications, Inc.		1,480,050
	60	ViacomCBS, Inc., Class A		2,759
	4,442	ViacomCBS, Inc., Class B		184,121
	13,840	Walt Disney Co. (The)*		2,509,192
	509	Zillow Group, Inc., Class A*		48,660
	1,408	Zillow Group, Inc., Class C*		134,844
	9,913	Zynga, Inc., Class A*		87,730

				30,879,688

Consumer Discretionary – 11.1%
	3,311	Amazon.com, Inc.*		11,491,786
	2,681	Aptiv PLC*		408,021
	167	AutoZone, Inc.*		258,708
	1,794	Bath & Body Works, Inc.		121,059
	1,905	Best Buy Co., Inc.		221,951
	313	Booking Holdings, Inc.*		719,797
	664	Brunswick Corp.		64,322
	1,243	CarMax, Inc.*		155,636
	6,484	Carnival Corp.*		156,524
	212	Chipotle Mexican Grill, Inc.*		403,506
	393	Columbia Sportswear Co.		40,090
	989	Darden Restaurants, Inc.		148,993
	479	Dick’s Sporting Goods, Inc.^(a)		67,448
	1,821	Dollar General Corp.		405,919
	5,188	eBay, Inc.		398,127
	964	Etsy, Inc.*		208,475
	1,077	Expedia Group, Inc.*		155,626
	38,862	Ford Motor Co.*		506,372
	1,535	Gap, Inc. (The)		41,030
	1,500	Garmin Ltd.		261,645
	13,657	General Motors Co.*		669,330
	348	Grand Canyon Education, Inc.*		31,021
	1,270	Hasbro, Inc.		124,854
	2,087	Hilton Worldwide Holdings, Inc.*		260,583
	8,197	Home Depot, Inc. (The)		2,673,697
	309	Hyatt Hotels Corp., Class A*		22,739
	1,189	Kohl’s Corp.		68,249
	2,521	Las Vegas Sands Corp.*		112,462
	597	Lear Corp.		95,484
	5,470	Lowe’s Cos., Inc.		1,115,278


Common Stocks – (continued)
Consumer Discretionary – (continued)
	1,132	Lululemon Athletica, Inc.*		452,992
	2,073	Marriott International, Inc., Class A*		280,145
	3,105	MGM Resorts International		132,335
	3,771	Newell Brands, Inc.		95,821
	12,306	NIKE, Inc., Class B		2,027,290
	840	Nordstrom, Inc.*		24,032
	384	Pool Corp.		189,811
	2,599	PulteGroup, Inc.		139,982
	702	PVH Corp.*		73,563
	2,832	Qurate Retail, Inc.Series A		31,237
	470	Ralph Lauren Corp.		54,581
	1,667	Royal Caribbean Cruises Ltd.*		137,911
	1,247	Service Corp. International		78,262
	8,983	Starbucks Corp.		1,055,413
	2,768	Tapestry, Inc.*		111,606
	3,792	Target Corp.		936,548
	9,191	TJX Cos., Inc. (The)		668,369
	873	Tractor Supply Co.		169,580
	645	Travel + Leisure Co.		35,320
	412	Ulta Beauty, Inc.*		159,572
	1,963	Under Armour, Inc., Class C*		39,378
	3,214	VF Corp.		245,775
	599	Victoria’s Secret & Co.*		39,714
	576	Wayfair, Inc., Class A*		161,712
	609	Whirlpool Corp.		134,912
	804	Wynn Resorts Ltd.*		81,759
	2,271	Yum! Brands, Inc.		297,569

				29,263,921

Consumer Staples – 6.2%
	5,525	Archer-Daniels-Midland Co.		331,500
	453	Brown-Forman Corp., Class A		29,989
	1,818	Brown-Forman Corp., Class B		127,660
	1,361	Bunge Ltd.		103,041
	1,936	Campbell Soup Co.		80,789
	2,435	Church & Dwight Co., Inc.		203,712
	1,237	Clorox Co. (The)		207,878
	38,575	Coca-Cola Co. (The)		2,172,158
	8,296	Colgate-Palmolive Co.		646,673
	4,650	Conagra Brands, Inc.		154,008
	3,370	Costco Wholesale Corp.		1,535,001
	6,062	General Mills, Inc.		350,444
	1,452	Hershey Co. (The)		258,020
	2,804	Hormel Foods Corp.		127,694
	664	Ingredion, Inc.		58,339
	1,056	J M Smucker Co. (The)		130,596
	2,501	Kellogg Co.		157,913
	3,349	Kimberly-Clark Corp.		461,526
	6,591	Kraft Heinz Co. (The)		237,210
	5,692	Kroger Co. (The)		262,003
	2,474	McCormick & Co., Inc.		213,481
	13,852	Mondelez International, Inc., Class A		859,794
	13,725	PepsiCo, Inc.		2,146,453
	24,188	Procter & Gamble Co. (The)		3,444,129
	2,852	Tyson Foods, Inc., Class A		223,939
	5,466	Walgreens Boots Alliance, Inc.		277,400


44		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)
Consumer Staples – (continued)
	10,935	Walmart, Inc.	$	1,619,474

				16,420,824

Energy – 2.5%
	3,043	APA Corp.		59,278
	5,947	Baker Hughes Co.		135,473
	1,891	Cheniere Energy, Inc.*		165,387
	15,623	Chevron Corp.		1,511,838
	10,903	ConocoPhillips		605,444
	5,440	Devon Energy Corp.		160,752
	1,020	DT Midstream, Inc.*		47,399
	34,196	Exxon Mobil Corp.		1,864,366
	2,238	Hess Corp.		153,862
	6,322	Marathon Oil Corp.		74,283
	5,262	Marathon Petroleum Corp.		311,879
	6,817	Occidental Petroleum Corp.		175,129
	3,578	ONEOK, Inc.		187,916
	3,533	Phillips 66		251,161
	11,292	Schlumberger NV		316,628
	3,292	Valero Energy Corp.		218,292
	9,809	Williams Cos., Inc. (The)		242,184

				6,481,271

Financials – 11.6%
	355	Affiliated Managers Group, Inc.		60,389
	5,764	Aflac, Inc.		326,704
	2,563	Allstate Corp. (The)		346,723
	3,180	Ally Financial, Inc.		168,222
	5,599	American Express Co.		929,210
	7,371	American International Group, Inc.		402,162
	999	Ameriprise Financial, Inc.		272,637
	1,921	Aon PLC, Class A		551,058
	1,737	Arthur J Gallagher & Co.		249,468
	517	Assurant, Inc.		87,947
	663	Axis Capital Holdings Ltd.		33,926
	64,769	Bank of America Corp.		2,704,106
	341	Bank of Hawaii Corp.		28,579
	6,886	Bank of New York Mellon Corp. (The)		380,245
	1,230	BlackRock, Inc.		1,160,247
	264	BOK Financial Corp.		23,245
	3,849	Capital One Financial Corp.		638,819
	13,474	Charles Schwab Corp. (The)		981,581
	3,845	Chubb Ltd.		707,172
	17,750	Citigroup, Inc.		1,276,403
	1,194	Comerica, Inc.		88,249
	915	Commerce Bancshares, Inc.		64,709
	3,288	Equitable Holdings, Inc.		101,961
	213	Erie Indemnity Co., Class A		37,720
	290	FactSet Research Systems, Inc.		110,264
	6,018	Fifth Third Bancorp		233,859
	915	First American Financial Corp.		64,535
	4,694	First Horizon Corp.		76,935
	1,502	First Republic Bank		298,808
	2,731	FNB Corp.		31,898
	2,837	Goldman Sachs Group, Inc. (The)^(b)		1,173,128
	307	Hanover Insurance Group, Inc. (The)		43,382


Common Stocks – (continued)
Financials – (continued)
	3,061	Hartford Financial Services Group, Inc. (The)		205,760
	12,576	Huntington Bancshares, Inc.		195,305
	4,777	Intercontinental Exchange, Inc.		570,995
	2,862	Invesco Ltd.		72,466
	25,830	JPMorgan Chase & Co.		4,131,509
	8,302	KeyCorp		168,697
	871	Lazard Ltd., Class A		41,285
	1,625	Lincoln National Corp.		111,556
	681	LPL Financial Holdings, Inc.		100,686
	4,362	Marsh & McLennan Cos., Inc.		685,706
	6,364	MetLife, Inc.		394,568
	1,395	Moody’s Corp.		531,174
	11,924	Morgan Stanley		1,245,223
	177	Morningstar, Inc.		47,434
	687	MSCI, Inc.		435,956
	979	Nasdaq, Inc.		191,669
	1,762	Northern Trust Corp.		208,832
	3,646	PNC Financial Services Group, Inc. (The)		696,751
	2,303	Principal Financial Group, Inc.		153,863
	5,015	Progressive Corp. (The)		483,145
	3,384	Prudential Financial, Inc.		358,298
	8,247	Regions Financial Corp.		168,486
	584	Reinsurance Group of America, Inc.		67,639
	2,068	S&P Global, Inc.		917,820
	2,760	SLM Corp.		51,750
	2,985	State Street Corp.		277,336
	465	SVB Financial Group*		260,168
	4,979	Synchrony Financial		247,705
	1,933	T. Rowe Price Group, Inc.		432,741
	2,154	Travelers Cos., Inc. (The)		344,015
	11,536	Truist Financial Corp.		658,244
	1,888	Umpqua Holdings Corp.		36,759
	1,749	Unum Group		46,558
	11,529	US Bancorp		661,649
	1,030	Voya Financial, Inc.		66,929
	35,531	Wells Fargo & Co.		1,623,767

				30,546,735

Health Care – 12.9%
	13,127	Abbott Laboratories		1,658,859
	13,350	AbbVie, Inc.		1,612,413
	2,601	Agilent Technologies, Inc.		456,397
	596	Align Technology, Inc.*		422,564
	4,343	Amgen, Inc.		979,477
	1,848	Anthem, Inc.		693,240
	3,799	Baxter International, Inc.		289,560
	2,186	Becton Dickinson and Co.		550,216
	1,132	Biogen, Inc.*		383,646
	1,379	BioMarin Pharmaceutical, Inc.*		116,126
	293	Bio-Techne Corp.		146,248
	10,719	Boston Scientific Corp.*		483,963
	16,880	Bristol-Myers Squibb Co.		1,128,597
	1,228	Catalent, Inc.*		160,180
	4,368	Centene Corp.*		275,097
	2,153	Cerner Corp.		164,382


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

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Schedule of Investments (continued)

August 31, 2021


Shares		Description	Value

Common Stocks – (continued)
Health Care – (continued)
	2,577	Cigna Corp.	$	545,422
	364	Cooper Cos., Inc. (The)		164,058
	10,031	CVS Health Corp.		866,578
	4,668	Edwards Lifesciences Corp.*		546,996
	6,406	Eli Lilly & Co.		1,654,606
	739	Encompass Health Corp.		57,975
	1,288	Exact Sciences Corp.*		134,441
	9,486	Gilead Sciences, Inc.		690,391
	1,964	HCA Healthcare, Inc.		496,853
	1,065	Henry Schein, Inc.*		80,503
	1,915	Hologic, Inc.*		151,572
	974	Humana, Inc.		394,879
	639	IDEXX Laboratories, Inc.*		430,533
	1,103	Illumina, Inc.*		504,248
	1,396	Incyte Corp.*		106,780
	895	Intuitive Surgical, Inc.*		942,936
	19,911	Johnson & Johnson		3,447,191
	375	Masimo Corp.*		101,828
	1,217	McKesson Corp.		248,438
	10,145	Medtronic PLC		1,354,155
	19,143	Merck & Co., Inc.		1,460,419
	195	Mettler-Toledo International, Inc.*		302,802
	1,915	Organon & Co.		64,899
	42,182	Pfizer, Inc.		1,943,325
	983	Quest Diagnostics, Inc.		150,232
	759	Regeneron Pharmaceuticals, Inc.*		511,111
	1,088	ResMed, Inc.		316,097
	385	Sage Therapeutics, Inc.*		17,791
	1,005	Seagen, Inc.*		168,438
	747	STERIS PLC		160,612
	2,632	Stryker Corp.		729,327
	352	Teleflex, Inc.		139,202
	2,966	Thermo Fisher Scientific, Inc.		1,645,982
	7,107	UnitedHealth Group, Inc.		2,958,431
	1,956	Vertex Pharmaceuticals, Inc.*		391,767
	3,586	Zoetis, Inc.		733,552

				34,135,335

Industrials – 7.6%
	4,952	3M Co.		964,353
	1,192	AECOM*		78,148
	930	Alaska Air Group, Inc.*		53,326
	769	Allegion PLC		110,728
	4,859	American Airlines Group, Inc.*		96,889
	409	Armstrong World Industries, Inc.		42,507
	4,580	Boeing Co. (The)*		1,005,310
	1,159	Booz Allen Hamilton Holding Corp.		94,934
	812	BWX Technologies, Inc.		46,633
	4,689	Caterpillar, Inc.		988,769
	1,251	Cummins, Inc.		295,211
	2,413	Deere & Co.		912,186
	4,865	Delta Air Lines, Inc.*		196,741
	3,406	Eaton Corp. PLC		573,434
	5,106	Emerson Electric Co.		538,683
	2,103	FedEx Corp.		558,746
	1,112	Flowserve Corp.		43,223


Common Stocks – (continued)
Industrials – (continued)
	1,179	Fortune Brands Home & Security, Inc.		114,799
	2,149	General Dynamics Corp.		430,466
	9,353	General Electric Co.		985,900
	1,436	Graco, Inc.		112,611
	789	GXO Logistics, Inc.*		64,532
	5,948	Honeywell International, Inc.		1,379,401
	3,351	Howmet Aerospace, Inc.		106,394
	336	Huntington Ingalls Industries, Inc.		68,601
	2,693	Illinois Tool Works, Inc.		627,092
	1,106	Jacobs Engineering Group, Inc.		149,266
	716	J.B. Hunt Transport Services, Inc.		127,018
	2,410	JetBlue Airways Corp.*		36,463
	6,123	Johnson Controls International PLC		458,000
	292	Lennox International, Inc.		97,873
	2,119	Lockheed Martin Corp.		762,416
	465	ManpowerGroup, Inc.		56,460
	473	Mercury Systems, Inc.*		23,830
	2,722	Nielsen Holdings PLC		58,414
	496	Nordson Corp.		118,346
	1,291	Northrop Grumman Corp.		474,701
	586	Oshkosh Corp.		67,144
	893	Owens Corning		85,326
	1,415	Pentair PLC		109,181
	12,971	Raytheon Technologies Corp.		1,099,422
	1,796	Republic Services, Inc.		222,938
	992	Rockwell Automation, Inc.		322,846
	448	Ryder System, Inc.		35,612
	457	Snap-on, Inc.		102,802
	4,499	Southwest Airlines Co.*		223,960
	1,383	Stanley Black & Decker, Inc.		267,292
	920	Toro Co. (The)		101,145
	2,043	Trane Technologies PLC		405,536
	5,684	Union Pacific Corp.		1,232,519
	2,460	United Airlines Holdings, Inc.*		114,415
	6,191	United Parcel Service, Inc., Class B		1,211,145
	619	United Rentals, Inc.*		218,290
	1,388	Univar Solutions, Inc.*		32,771
	1,355	Verisk Analytics, Inc.		273,385
	3,609	Waste Management, Inc.		559,792
	490	Woodward, Inc.		59,261
	394	W.W. Grainger, Inc.		170,878
	789	XPO Logistics, Inc.*		68,572
	1,533	Xylem, Inc.		208,963

				20,045,599

Information Technology – 29.2%
	5,444	Accenture PLC, Class A		1,832,233
	3,408	Adobe, Inc.*		2,261,890
	8,642	Advanced Micro Devices, Inc.*		956,842
	1,146	Akamai Technologies, Inc.*		129,784
	427	Alliance Data Systems Corp.		41,893
	3,829	Analog Devices, Inc.		623,936
	112,086	Apple, Inc.		17,018,017
	6,538	Applied Materials, Inc.		883,480
	388	Arista Networks, Inc.*		143,378
	628	Arrow Electronics, Inc.*		76,126


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

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Information Technology – (continued)
	1,573	Autodesk, Inc.*	$	487,772
	3,642	Automatic Data Processing, Inc.		761,324
	846	Avnet, Inc.		34,229
	991	Broadridge Financial Solutions, Inc.		170,670
	997	CDW Corp.		200,008
	1,100	Ciena Corp.*		62,843
	30,167	Cisco Systems, Inc.		1,780,456
	880	Citrix Systems, Inc.		90,526
	1,956	Dell Technologies, Inc., Class C*		190,632
	1,358	DocuSign, Inc.*		402,294
	2,170	Dropbox, Inc., Class A*		68,811
	1,808	DXC Technology Co.*		66,390
	487	Elastic NV*		77,701
	427	F5 Networks, Inc.*		86,924
	5,302	Fidelity National Information Services, Inc.		677,437
	853	First Solar, Inc.*		80,182
	5,120	Fiserv, Inc.*		603,085
	956	Fortinet, Inc.*		301,274
	2,511	Global Payments, Inc.		408,389
	1,194	GoDaddy, Inc., Class A*		87,532
	9,274	Hewlett Packard Enterprise Co.		143,376
	8,895	HP, Inc.		264,537
	318	HubSpot, Inc.*		217,661
	28,855	Intel Corp.		1,559,901
	6,382	International Business Machines Corp.		895,650
	1,820	Intuit, Inc.		1,030,320
	1,241	Jabil, Inc.		76,669
	632	Jack Henry & Associates, Inc.		111,472
	2,311	Juniper Networks, Inc.		66,973
	1,586	Keysight Technologies, Inc.*		284,497
	1,095	KLA Corp.		372,256
	1,015	Lam Research Corp.		613,892
	203	Littelfuse, Inc.		57,936
	7,517	Mastercard, Inc., Class A		2,602,611
	8,000	Micron Technology, Inc.*		589,600
	53,803	Microsoft Corp.		16,242,050
	1,183	Motorola Solutions, Inc.		288,912
	937	National Instruments Corp.		39,185
	1,588	NetApp, Inc.		141,221
	388	New Relic, Inc.*		31,028
	3,917	NortonLifeLock, Inc.		104,035
	17,084	NVIDIA Corp.		3,824,253
	12,426	Oracle Corp.		1,107,529
	678	Palo Alto Networks, Inc.*		312,585
	360	Paycom Software, Inc.*		176,004
	320	Paylocity Holding Corp.*		86,144
	10,055	PayPal Holdings, Inc.*		2,902,476
	292	Pegasystems, Inc.		40,188
	1,902	Pure Storage, Inc., Class A*		49,129
	8,053	QUALCOMM, Inc.		1,181,295
	576	RingCentral, Inc., Class A*		145,302
	6,322	salesforce.com, Inc.*		1,677,037
	1,409	ServiceNow, Inc.*		906,889
	1,167	Splunk, Inc.*		178,399
	3,344	Square, Inc., Class A*		896,426


Common Stocks – (continued)
Information Technology – (continued)
	1,084	Synopsys, Inc.*		360,148
	390	Teledyne Technologies, Inc.*		180,718
	777	Teradata Corp.*		42,494
	1,183	Teradyne, Inc.		143,663
	6,594	Texas Instruments, Inc.		1,258,861
	2,139	Trimble, Inc.*		201,537
	1,154	Twilio, Inc., Class A*		411,932
	288	Tyler Technologies, Inc.*		139,882
	701	VeriSign, Inc.*		151,598
	14,537	Visa, Inc., Class A		3,330,427
	576	VMware, Inc., Class A*^(a)		85,749
	3,491	Western Union Co. (The)		75,545
	1,316	Workday, Inc., Class A*		359,479
	1,093	Xerox Holdings Corp.		24,603
	1,755	Xilinx, Inc.		273,060
	456	Zebra Technologies Corp., Class A*		267,750
	837	Zendesk, Inc.*		103,453

				77,234,395

Materials – 2.2%
	1,831	Air Products and Chemicals, Inc.		493,473
	963	Albemarle Corp.		227,981
	558	AptarGroup, Inc.		75,218
	456	Ashland Global Holdings, Inc.		41,546
	705	Avery Dennison Corp.		158,900
	2,748	Ball Corp.		263,698
	1,153	Berry Global Group, Inc.*		77,447
	935	Celanese Corp.		148,291
	1,771	CF Industries Holdings, Inc.		80,439
	6,195	Dow, Inc.		389,665
	1,125	Eastman Chemical Co.		127,305
	2,073	Ecolab, Inc.		467,171
	12,128	Freeport-McMoRan, Inc.		441,338
	2,065	International Flavors & Fragrances, Inc.		312,847
	3,242	International Paper Co.		194,812
	2,181	LyondellBasell Industries NV, Class A		218,863
	530	Martin Marietta Materials, Inc.		202,063
	6,645	Newmont Corp.		385,344
	2,474	Nucor Corp.		290,843
	801	Packaging Corp. of America		121,512
	2,087	Sherwin-Williams Co. (The)		633,759
	856	Sonoco Products Co.		55,897
	1,498	Valvoline, Inc.		45,180
	1,130	Vulcan Materials Co.		210,101
	2,227	Westrock Co.		115,893

				5,779,586

Real Estate – 2.3%
	3,876	American Tower Corp. REIT		1,132,451
	1,194	AvalonBay Communities, Inc. REIT		274,119
	1,337	Boston Properties, Inc. REIT		151,068
	810	Camden Property Trust REIT		121,532
	2,866	CBRE Group, Inc., Class A*		275,996
	3,700	Crown Castle International Corp. REIT		720,353
	2,409	Digital Realty Trust, Inc. REIT		394,859
	1,428	Douglas Emmett, Inc. REIT		47,138


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

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Schedule of Investments (continued)

August 31, 2021


Shares		Description	Value

Common Stocks – (continued)
Real Estate – (continued)
	769	Equinix, Inc. REIT	$	648,613
	1,489	Equity LifeStyle Properties, Inc. REIT		126,669
	3,188	Equity Residential REIT		268,015
	553	Essex Property Trust, Inc. REIT		182,899
	1,125	Extra Space Storage, Inc. REIT		210,274
	1,065	JBG SMITH Properties REIT		32,088
	440	Jones Lang LaSalle, Inc.*		106,669
	3,541	Kimco Realty Corp. REIT		77,158
	6,328	Prologis, Inc. REIT		852,129
	2,535	UDR, Inc. REIT		136,941
	3,216	Ventas, Inc. REIT		179,903
	6,430	Weyerhaeuser Co. REIT		231,480

				6,170,354

Utilities – 2.4%
	2,649	Alliant Energy Corp.		161,033
	2,699	Ameren Corp.		236,756
	5,307	American Electric Power Co., Inc.		475,348
	606	Avangrid, Inc.		33,118
	3,063	CMS Energy Corp.		196,430
	3,643	Consolidated Edison, Inc.		274,865
	8,544	Dominion Energy, Inc.		665,065
	2,047	DTE Energy Co.		246,336
	8,164	Duke Energy Corp.		854,444
	3,955	Edison International		228,757
	3,641	Eversource Energy		330,348
	10,350	Exelon Corp.		507,357
	1,707	MDU Resources Group, Inc.		54,914
	2,578	NRG Energy, Inc.		117,737
	5,345	Public Service Enterprise Group, Inc.		341,759
	3,347	Sempra Energy		443,009
	11,223	Southern Co. (The)		737,688
	5,078	Vistra Corp.		96,939
	5,705	Xcel Energy, Inc.		392,219

				6,394,122

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $184,311,338)		$	263,351,830

Shares		Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 0.1%^(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	185,290	0.026%	$	185,290
	(Cost $185,290)

	TOTAL INVESTMENTS – 99.8%
	(Cost $184,496,628)		$	263,537,120

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2%			702,718

	NET ASSETS – 100.0%		$	264,239,838



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


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

GOLDMAN SACHS EQUITY ETFS

Statements of Assets and Liabilities

August 31, 2021


	Equal Weight U.S. Large Cap Equity ETF		Future Planet Equity ETF		Hedge Industry VIP ETF		Innovate Equity ETF
Assets:

Investments in unaffiliated issuers, at value (cost $696,523,162, $57,080,199, $194,000,470 and $409,853,785, respectively)^(a)	$	853,197,214	$	60,012,689	$	225,990,071	$	489,901,651

Investments in affiliated issuers, at value (cost $1,138,222, $—, $— and $1,115,759, respectively)		1,819,030		—		—		2,261,900

Investments in securities lending reinvestment vehicle, at value which equals cost		10,902,108		1,099,446		—		13,009,276

Cash		1,491,632		103,782		340,394		697,673

Foreign currency, at value (cost $—, $—, $— and $146,990, respectively)		—		—		—		147,256

Receivables:

Fund shares sold		7,005,155		—		—		—

Dividends		1,060,129		29,905		57,244		329,266

Securities lending income		2,997		3,167		—		28,642

Foreign tax reclaims		—		749		—		31,900

Total assets		875,478,265		61,249,738		226,387,709		506,407,564

Liabilities:

Payables:

Upon return of securities loaned		10,902,108		1,099,446		—		13,009,276

Investments purchased		6,989,131		—		4,462,451		56

Management fees		63,199		34,330		83,822		205,214

Foreign bank overdraft (cost $—, $9,354, $— and $—, respectively)		—		9,349		—		—

Accrued expenses		19,772		1,685		6,966		8,671

Total liabilities		17,974,210		1,144,810		4,553,239		13,223,217

Net Assets:

Paid-in capital		708,476,334		57,110,086		199,122,557		414,928,623

Total distributable earnings		149,027,721		2,994,842		22,711,913		78,255,724

NET ASSETS	$	857,504,055	$	60,104,928	$	221,834,470	$	493,184,347
SHARES ISSUED AND OUTSTANDING

Shares outstanding no par value (unlimited shares authorized):		12,250,000		1,425,000		2,150,000		7,800,000

Net asset value per share:		$70.00		$42.18		$103.18		$63.23

(a)

Includes loaned securities having a market value of $10,636,000, $1,076,570 and $12,841,537 for Equal Weight U.S. Large Cap Equity ETF, Future Planet Equity ETF and Innovate Equity ETF, respectively.


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

GOLDMAN SACHS EQUITY ETFS

Statements of Assets and Liabilities (continued)

August 31, 2021


	JUST U.S. Large Cap Equity ETF
Assets:

Investments in unaffiliated issuers, at value (cost $183,633,406, respectively)^(a)	$	262,178,702

Investments in affiliated issuers, at value (cost $677,932, respectively)		1,173,128

Investments in securities lending reinvestment vehicle, at value which equals cost		185,290

Cash		595,559

Receivables:

Dividends		343,717

Securities lending income		232

Total assets		264,476,628

Liabilities:

Payables:

Upon return of securities loaned		185,290

Management fees		43,795

Accrued expenses		7,705

Total liabilities		236,790

Net Assets:

Paid-in capital		192,038,735

Total distributable earnings		72,201,103

NET ASSETS	$	264,239,838
SHARES ISSUED AND OUTSTANDING

Shares outstanding no par value (unlimited shares authorized):		4,025,000

Net asset value per share:		$65.65

(a)

Includes loaned securities having a market value of $181,571.


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

GOLDMAN SACHS EQUITY ETFS

Statements of Operations

For the Fiscal Year Ended August 31, 2021


	Equal Weight U.S. Large Cap Equity ETF		Future Planet Equity ETF*			Hedge Industry VIP ETF			Innovate Equity ETF**
Investment income:

Dividends — unaffiliated issuers (net of foreign withholding taxes of $—, $21,112, $— and $187,078, respectively)	$	8,899,334	$	66,326		$	630,525		$	3,161,138

Dividends — affiliated issuers		23,992		—			—			31,579

Securities lending income — unaffiliated issuer		18,068		3,362			33,806			239,323

Total investment income		8,941,394		69,688			664,331			3,432,040

Expenses:

Management fees		533,924		43,181			791,080			1,696,394

Shareholder meeting expense		19,772		1,685			6,966			8,671

Trustee fees		9,468		—			5,416			5,900

Total expenses		563,164		44,866			803,462			1,710,965

NET INVESTMENT INCOME (LOSS)		8,378,230		24,822			(139,131	)		1,721,075

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		2,070,317		39,026			2,930,308			(3,426,515	)

Investments — affiliated issuers		44,322		—			—			34,951

In-kind redemptions — unaffiliated issuers		69,051,556		—			36,610,618			34,639,097

In-kind redemptions — affiliated issuers		185,257		—			—			73,728

Foreign currency transactions		—		(1,525	)		—			(55,895	)

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers	$	114,479,845		2,932,490			4,820,604			80,047,866

Investments — affiliated issuers		656,958		—			—			1,146,141

Foreign currency translations		—		29			—			(100	)

Net realized and unrealized gain	$	186,488,255		2,970,020			44,361,530			112,459,273

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	194,866,485	$	2,994,842		$	44,222,399		$	114,180,348

For the period July 13, 2021 (commencement of operations) through August 31, 2021.

For the period November 6, 2020 (commencement of operations) through August 31, 2021.


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

GOLDMAN SACHS EQUITY ETFS

Statements of Operations (continued)

For the Fiscal Year Ended August 31, 2021


	JUST U.S. Large Cap Equity ETF
Investment income:

Dividends — unaffiliated issuers (net of foreign withholding taxes of $—)	$	3,031,916

Dividends — affiliated issuers		15,393

Securities lending income — unaffiliated issuer		1,338

Total investment income		3,048,647

Expenses:

Management fees		403,094

Shareholder meeting expense		7,705

Trustee fees		5,729

Total expenses		416,528

NET INVESTMENT INCOME		2,632,119

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		(1,205,858	)

Investments — affiliated issuers		798

In-kind redemptions — unaffiliated issuers		5,353,550

In-kind redemptions — affiliated issuers		12,064

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		49,602,315

Investments — affiliated issuers		523,895

Net realized and unrealized gain		54,286,764

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	56,918,883


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

GOLDMAN SACHS EQUITY ETFS

Statements of Changes in Net Assets


	Equal Weight U.S. Large Cap Equity ETF						Future Planet Equity ETF
	For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2020			For the Period July 13, 2021* to August 31, 2021
From operations:

Net investment income	$	8,378,230		$	4,498,022		$	24,822

Net realized gain (loss)		71,351,452			(8,657,941	)		37,501

Net change in unrealized gain		115,136,803			35,075,172			2,932,519

Net increase in net assets resulting from operations		194,866,485			30,915,253			2,994,842

Distributions to shareholders:

From distributable earnings		(7,590,615	)		(4,152,895	)		—

From share transactions:

Proceeds from sales of shares		557,025,332			156,356,207			57,110,086

Cost of shares redeemed		(207,230,194	)		(31,674,529	)		—

Net increase in net assets resulting from share transactions		349,795,138			124,681,678			57,110,086

TOTAL INCREASE		537,071,008			151,444,036			60,104,928

Net assets:

Beginning of period	$	320,433,047		$	168,989,011		$	—

End of period	$	857,504,055		$	320,433,047		$	60,104,928

Commencement of operations.


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

GOLDMAN SACHS EQUITY ETFS

Statements of Changes in Net Assets (continued)


	Hedge Industry VIP ETF						Innovate Equity ETF
	For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2020			For the Period November 6, 2020* to August 31, 2021
From operations:

Net investment income (loss)	$	(139,131	)	$	228,898		$	1,721,075

Net realized gain		39,540,926			9,179,771			31,265,366

Net change in unrealized gain		4,820,604			22,564,797			81,193,907

Net increase in net assets resulting from operations		44,222,399			31,973,466			114,180,348

Distributions to shareholders:

From distributable earnings		(935	)		(329,128	)		(1,407,971	)

From return of capital		—			(6,291	)		—

Total distributions to shareholders		(935	)		(335,419	)		(1,407,971	)

From share transactions:

Proceeds from sales of shares		171,549,598			60,238,984			471,161,712

Cost of shares redeemed		(109,021,786	)		(56,399,720	)		(90,749,742	)

Net increase in net assets resulting from share transactions		62,527,812			3,839,264			380,411,970

TOTAL INCREASE		106,749,276			35,477,311			493,184,347

Net assets:

Beginning of period	$	115,085,194		$	79,607,883		$	—

End of period	$	221,834,470		$	115,085,194		$	493,184,347

Commencement of operations.


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

GOLDMAN SACHS EQUITY ETFS


	JUST U.S. Large Cap Equity ETF
	For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2020
From operations:

Net investment income	$	2,632,119		$	2,111,991

Net realized gain		4,160,554			5,650,053

Net change in unrealized gain		50,126,210			23,643,251

Net increase in net assets resulting from operations		56,918,883			31,405,295

Distributions to shareholders:

From distributable earnings		(2,492,618	)		(2,180,884	)

From share transactions:

Proceeds from sales of shares		72,087,463			46,857,228

Cost of shares redeemed		(15,027,884	)		(52,602,473	)

Net increase (decrease) in net assets resulting from share transactions		57,059,579			(5,745,245	)

TOTAL INCREASE		111,485,844			23,479,166

Net assets:

Beginning of year	$	152,753,994		$	129,274,828

End of year	$	264,239,838		$	152,753,994


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

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

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


	Equal Weight U.S. Large Cap Equity ETF
	For the Fiscal Year Ended August 31,									For the Period September 12, 2017* to August 31, 2018
	2021			2020			2019			For the Period September 12, 2017* to August 31, 2018
Per Share Operating Performance:

Net asset value, beginning of period	$	50.86		$	46.30		$	46.33		$	40.58

Net investment income^(a)		0.85			0.93			0.81			0.77

Net realized and unrealized gain (loss)		19.09			4.52			(0.10	)		5.52

Total gain from investment operations		19.94			5.45			0.71			6.29

Distributions to shareholders from net investment income		(0.80	)		(0.89	)		(0.74	)		(0.54	)

Net asset value, end of period	$	70.00		$	50.86		$	46.30		$	46.33

Market price, end of period	$	69.99		$	50.95		$	46.32		$	46.35

Total Return at Net Asset Value^(b)		39.56	%		12.08	%		1.62	%		15.60	%

Net assets, end of period (in 000’s)	$	857,504		$	320,433		$	168,989		$	76,438

Ratio of total expenses to average net assets		0.09	%		0.09	%		0.09	%		0.09	%^(c)

Ratio of net investment income to average net assets		1.39	%		1.98	%		1.81	%		1.82	%^(c)

Portfolio turnover rate^(d)		43	%		48	%		39	%		34	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS FUTURE PLANET EQUITY ETF

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout The Period


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

Net asset value, beginning of period	$	39.89

Net investment income^(a)		0.02

Net realized and unrealized gain		2.27

Total gain from investment operations		2.29

Net asset value, end of period	$	42.18

Market price, end of period	$	42.25

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

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

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

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

Portfolio turnover rate^(d)		2	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Hedge Industry VIP ETF
	For the Fiscal Year Ended August 31,												For the Period November 1, 2016* to August 31, 2017
	2021			2020			2019			2018			For the Period November 1, 2016* to August 31, 2017
Per Share Operating Performance:

Net asset value, beginning of period	$	79.37		$	56.86		$	57.98		$	50.46		$	40.00

Net investment income (loss)^(a)		(0.07	)		0.16	^(b)		0.51			0.17			0.32	^(c)

Net realized and unrealized gain (loss)		23.88			22.59			(1.11	)		7.52			10.31

Total gain (loss) from investment operations		23.81			22.75			(0.60	)		7.69			10.63

Distributions to shareholders from net investment income		—	^(d)		(0.24	)		(0.52	)		(0.17	)		(0.17	)

Distributions to shareholders from return of capital		—			—	^(d)		—			—			—

Total distributions to shareholders		—			(0.24	)		(0.52	)		(0.17	)		(0.17	)

Net asset value, end of period	$	103.18		$	79.37		$	56.86		$	57.98		$	50.46

Market price, end of period	$	103.21		$	79.50		$	57.03		$	57.98		$	50.48

Total Return at Net Asset Value^(e)		30.00	%		40.07	%		(0.99	)%		15.27	%		26.61	%

Net assets, end of period (in 000’s)	$	221,834		$	115,085		$	79,608		$	110,155		$	45,410

Ratio of total expenses to average net assets		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%^(f)

Ratio of net investment income (loss) to average net assets		(0.08	)%		0.26	%^(b)		0.91	%		0.31	%		0.84	%^(c)(f)

Portfolio turnover rate^(g)		136	%		124	%		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)

Amount is less than $0.005 per share.

(e)

(f)

Annualized.

(g)


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

GOLDMAN SACHS INNOVATE EQUITY ETF

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout The Period


	Innovate Equity ETF
	For the Period November 6, 2020* to August 31, 2021
Per Share Operating Performance:

Net asset value, beginning of period	$	50.03

Net investment income^(a)		0.24

Net realized and unrealized gain		13.15

Total gain from investment operations		13.39

Distributions to shareholders from net investment income		(0.19	)

Net asset value, end of period	$	63.23

Market price, end of period	$	63.34

Total Return at Net Asset Value^(b)		26.80	%

Net assets, end of period (in 000’s)	$	493,184

Ratio of total expenses to average net assets		0.50	%^(c)

Ratio of net investment income to average net assets		0.50	%^(c)

Portfolio turnover rate^(d)		38	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	JUST U.S. Large Cap Equity ETF
	For the Fiscal Year Ended August 31,									For the Period June 7, 2018* to August 31, 2018
	2021			2020			2019			For the Period June 7, 2018* to August 31, 2018
Per Share Operating Performance:

Net asset value, beginning of period	$	50.92		$	42.04		$	42.13		$	40.08

Net investment income^(a)		0.74			0.74			0.72			0.17

Net realized and unrealized gain		14.70			8.90			0.08			1.88

Total gain from investment operations		15.44			9.64			0.80			2.05

Distributions to shareholders from net investment income		(0.71	)		(0.76	)		(0.89	)		—

Net asset value, end of period	$	65.65		$	50.92		$	42.04		$	42.13

Market price, end of period	$	65.68		$	50.88		$	42.06		$	42.13

Total Return at Net Asset Value^(b)		30.61	%		23.29	%		2.06	%		5.11	%

Net assets, end of period (in 000’s)	$	264,240		$	152,754		$	129,275		$	272,805

Ratio of total expenses to average net assets		0.20	%		0.20	%		0.20	%		0.20	%^(c)

Ratio of net investment income to average net assets		1.29	%		1.69	%		1.79	%		1.84	%^(c)

Portfolio turnover rate^(d)		11	%		14	%		17	%		2	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS EQUITY ETFS

Notes to Financial Statements

August 31, 2021

1. ORGANIZATION


Fund		Diversification Classification
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF		Diversified
Goldman Sachs Future Planet Equity ETF*		Non-Diversified
Goldman Sachs Hedge Industry VIP ETF		Diversified
Goldman Sachs Innovate Equity ETF**		Diversified
Goldman Sachs JUST U.S. Large Cap Equity ETF		Diversified

The Goldman Sachs Future Planet Equity ETF commenced operations on July 13, 2021.

The Goldman Sachs Innovate Equity ETF commenced operations following a reorganization at the close of business on November 6, 2020 of the Goldman Sachs Data-Driven World ETF, the Goldman Sachs Finance Reimagined ETF, the Goldman Sachs Human Evolution ETF, the Goldman Sachs Manufacturing Revolution ETF and the Goldman Sachs New Age Consumer ETF into the Fund. The reorganization was completed via an in-kind transaction amounting to $307,712,384 in net assets.

The investment objective of each Fund (except the Goldman Sachs Future Planet Equity ETF) is to provide investment results that closely correspond, before fees and expenses, to the performance of its respective Index. The investment objective of the Goldman Sachs Future Planet Equity ETF is to seek long-term growth 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 management agreements (each, an “Agreement” and together, the “Agreements”) with the Trust. Each Fund is an exchange traded fund (“ETF”). Shares of the Goldman Sachs Future Planet Equity ETF, Goldman Sachs Hedged Industry VIP ETF, Goldman Sachs Innovate Equity ETF, and Goldman Sachs JUST U.S. Large Cap Equity ETF are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”), and shares of the Goldman Sachs Equal Weight U.S. Large Cap Equity ETF are traded on the Cboe BZX Exchange, Inc. (“Cboe”). Market prices for the Funds’ shares may be different from their net asset value (“NAV”). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the “Distributor”) may do business directly with the Funds.

2. SIGNIFICANT ACCOUNTING POLICIES

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

GOLDMAN SACHS EQUITY ETFS

Notes to Financial Statements (continued)

August 31, 2021

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.

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.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

GOLDMAN SACHS EQUITY ETFS

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).

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:

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 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.

GOLDMAN SACHS EQUITY ETFS

Notes to Financial Statements (continued)

August 31, 2021

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of August 31, 2021:



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	$	855,016,244	$	—	$	—

Securities Lending Reinvestment Vehicle		10,902,108		—		—

Total	$	865,918,352	$	—	$	—

FUTURE PLANET EQUITY ETF

Investment Type	Level 1		Level 2		Level 3

Assets

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

Asia	$	11,780,739	$	—	$	—

Europe		21,278,870		—		—

North America		26,028,824		814,258		—

Oceania		109,998		—		—

Securities Lending Reinvestment Vehicle		1,099,446		—		—

Total	$	60,297,877	$	814,258	$	—

HEDGE INDUSTRY VIP ETF

Investment Type	Level 1		Level 2		Level 3

Assets

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

Asia	$	9,250,437	$	—	$	—

North America		207,718,497		4,391,728		—

South America		4,629,409		—		—

Total	$	221,598,343	$	4,391,728	$	—

INNOVATE EQUITY ETF

Investment Type	Level 1		Level 2		Level 3

Assets

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

Asia	$	79,736,441	$	188,605	$	—

Europe		45,003,410		—		—

North America		357,991,637		1,686,885		—

Oceania		1,284,347		—		—

South America		5,858,775		—		—

Closed-End Fund		413,451		—		—

Securities Lending Reinvestment Vehicle		13,009,276		—		—

Total	$	503,297,337	$	1,875,490	$	—

(a)

GOLDMAN SACHS EQUITY ETFS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



JUST U.S. LARGE CAP EQUITY ETF

Investment Type	Level 1		Level 2		Level 3

Assets

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

North America	$	263,351,830	$	—	$	—

Securities Lending Reinvestment Vehicle		185,290		—		—

Total	$	263,537,120	$	—	$	—

(a)

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.

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

For the fiscal year ended August 31, 2021, contractual and effective net unitary management fee rates with GSAM for each Fund were at the following rates:


Fund				Unitary Management Fee
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF				0.09%
Goldman Sachs Future Planet Equity ETF				0.75%
Goldman Sachs Hedge Industry VIP ETF				0.45%
Goldman Sachs Innovate Equity ETF				0.50%
Goldman Sachs JUST U.S. Large Cap Equity ETF				0.20%

GOLDMAN SACHS EQUITY ETFS

Notes to Financial Statements (continued)

August 31, 2021

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

B. Other Transactions with Affiliates — The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees. The following table provides information about the Funds’ investments in The Goldman Sachs Group, Inc. for the fiscal year ended August 31, 2021:


Fund	Beginning value as of August 31, 2020		Purchases at Cost		Proceeds from Sales			Realized Gain		Change in Unrealized Appreciation		Ending value as of August 31, 2021		Shares as of August 31, 2021		Dividend Income
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF	$	632,434	$	1,364,380	$	(1,064,321	)	$	229,579	$	656,958	$	1,819,030		4,399	$	23,992
Goldman Sachs Innovate Equity ETF		—		1,928,460		(921,380	)		108,679		1,146,141		2,261,900		5,470		31,579
Goldman Sachs JUST U.S. Large Cap Equity ETF		455,221		275,164		(94,014	)		12,862		523,895		1,173,128		2,837		15,393

5. CREATION AND REDEMPTION OF CREATION UNITS

Share activity is as follows:


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

	For the Fiscal Year Ended August 31, 2021						For the Fiscal Year Ended August 31, 2020

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		9,300,000		$	557,024,513			3,400,000		$	156,356,177
Shares Redeemed		(3,350,000	)		(207,230,194	)		(750,000	)		(31,674,529	)
NET INCREASE IN SHARES		5,950,000		$	349,794,319			2,650,000		$	124,681,648

GOLDMAN SACHS EQUITY ETFS

5. CREATION AND REDEMPTION OF CREATION UNITS (continued)


	Goldman Sachs Future Planet Equity ETF

	For the period July 13, 2021* through August 31, 2021

	Shares		Dollars

Fund Share Activity
Shares Sold		1,425,000	$	57,104,470
Shares Redeemed		—		—
NET INCREASE IN SHARES		1,425,000	$	57,104,470


	Goldman Sachs Hedge Industry VIP ETF

	For the Fiscal Year Ended August 31, 2021						For the Fiscal Year Ended August 31, 2020

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		1,850,000		$	171,549,598			900,000		$	60,238,946
Shares Redeemed		(1,150,000	)		(109,021,786	)		(850,000	)		(56,399,720	)
NET INCREASE IN SHARES		700,000		$	62,527,812			50,000		$	3,839,226


	Goldman Sachs Innovate Equity ETF

	For the period November 6, 2020* through August 31, 2021

	Shares			Dollars

Fund Share Activity
Shares Sold		9,350,000		$	471,141,230
Shares Redeemed		(1,550,000	)		(90,747,684	)
NET INCREASE IN SHARES		7,800,000		$	380,393,546


	Goldman Sachs JUST U.S. Large Cap Equity ETF

	For the Fiscal Year Ended August 31, 2021						For the Fiscal Year Ended August 31, 2020

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		1,300,000		$	72,087,463			1,075,000		$	46,857,228
Shares Redeemed		(275,000	)		(15,027,884	)		(1,150,000	)		(52,602,473	)
NET INCREASE (DECREASE) IN SHARES		1,025,000		$	57,059,579			(75,000	)	$	(5,745,245	)
* Commencement of operations

GOLDMAN SACHS EQUITY ETFS

Notes to Financial Statements (continued)

August 31, 2021

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the period ended August 31, 2021, were as follows:


Fund	Purchases		Sales
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF	$	267,128,978	$	252,871,488
Goldman Sachs Future Planet Equity ETF*		4,624,917		792,590
Goldman Sachs Hedge Industry VIP ETF		241,388,545		237,315,469
Goldman Sachs Innovate Equity ETF**		164,665,982		156,210,259
Goldman Sachs JUST U.S. Large Cap Equity ETF		22,684,648		22,076,509

Commenced operations on July 13, 2021.

Commenced operations on November 6, 2020.

The purchases and sales from in-kind creation and redemption transactions for the period ended August 31, 2021, were as follows:


Fund	Purchases		Sales
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF	$	535,706,681	$	200,357,992
Goldman Sachs Future Planet Equity ETF*		53,208,846		—
Goldman Sachs Hedge Industry VIP ETF		171,275,770		108,614,970
Goldman Sachs Innovate Equity ETF**		461,908,842		90,438,676
Goldman Sachs JUST U.S. Large Cap Equity ETF		71,932,418		15,012,173

Commenced operations on July 13, 2021.

Commenced operations on November 6, 2020.

7. SECURITIES LENDING

The Funds invested 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.

GOLDMAN SACHS EQUITY ETFS

7. SECURITIES LENDING (continued)

the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements, and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of August 31, 2021, 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 fiscal year ended August 31, 2021, are reported under Investment Income on the Statements of Operations. The following table provides information about the Funds’ investment in the Government Money Market Fund for the fiscal year ended August 31, 2021:


Fund	Beginning value as of August 31, 2020		Purchases at Cost		Proceeds from Sales			Ending value as of August 31, 2021
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF	$	695,187	$	35,966,010	$	(25,759,089	)	$	10,902,108
Goldman Sachs Future Planet Equity ETF*		—		1,495,043		(395,597	)		1,099,446
Goldman Sachs Hedge Industry VIP ETF		—		7,884,803		(7,884,803	)		—
Goldman Sachs Innovate Equity ETF**		—		67,339,957		(54,330,681	)		13,009,276
Goldman Sachs JUST U.S. Large Cap Equity ETF		76,274		2,226,170		(2,117,154	)		185,290

Commenced operations on July 13, 2021.

Commenced operations on November 6, 2020.

8. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2021 and August 31, 2020 were as follows:


	Fiscal Year Ended August 31, 2021
	Goldman Sachs Equal Weight U.S. Large Cap Equity ETF		Goldman Sachs Future Planet Equity ETF*		Goldman Sachs Hedge Industry VIP ETF		Goldman Sachs Innovate Equity ETF**		Goldman Sachs JUST U.S. Large Cap Equity ETF
Distributions paid from:
Ordinary Income	$	7,590,615	$	—	$	935	$	1,407,971	$	2,492,618
Total taxable distributions	$	7,590,615	$	—	$	935	$	1,407,971	$	2,492,618

Commenced operations on July 13, 2021.

Commenced operations on November 6, 2020.

GOLDMAN SACHS EQUITY ETFS

Notes to Financial Statements (continued)

August 31, 2021

8. TAX INFORMATION (continued)


	Fiscal Year Ended August 31, 2020
	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
Distributions paid from:
Ordinary Income	$	4,152,895	$	329,128	$	2,180,884
Return of Capital		—		6,291		—
Total taxable distributions	$	4,152,895	$	335,419	$	2,180,884

As of August 31, 2021, the components of accumulated earnings (losses) on a tax basis were as follows:


	Goldman Sachs Equal Weight U.S. Large Cap Equity ETF		Goldman Sachs Future Planet Equity ETF*		Goldman Sachs Hedge Industry VIP ETF			Goldman Sachs Innovate Equity ETF^,*			Goldman Sachs JUST U.S. Large Cap Equity ETF
Undistributed ordinary income — net	$	1,789,118	$	67,724	$	—		$	1,316,381		$	493,780
Capital loss carryforwards:⁽¹⁾
Perpetual Short-Term	$	—	$	—	$	(7,410,259	)	$	(221,190	)	$	(4,021,812	)
Perpetual Long-Term		—		—		(893,031	)		(470,331	)		(1,377,563	)
Timing differences (Qualified Late Year Loss Deferral)		—		—		(72,888	)		—			—
Unrealized gains (losses) — net		147,238,603		2,927,118		31,088,091			77,630,864			77,106,698
Total accumulated earnings (losses) net	$	149,027,721	$	2,994,842	$	22,711,913		$	78,255,724		$	72,201,103

Commenced operations on July 13, 2021.

Commenced operations on November 6, 2020.

***

The capital loss carryforwards of the Goldman Sachs Innovate Equity ETF were acquired in a tax-free reorganization on November 6, 2020.

(1)

The Goldman Sachs Hedge Industry VIP ETF utilized $3,394,405 of capital losses in the current fiscal year.

As of August 31, 2021, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Goldman Sachs Equal Weight U.S. Large Cap Equity ETF			Goldman Sachs Future Planet Equity ETF*			Goldman Sachs Hedge Industry VIP ETF			Goldman Sachs Innovate Equity ETF^**			Goldman Sachs JUST U.S. Large Cap Equity ETF
Tax Cost	$	718,679,749		$	58,185,046		$	194,901,980		$	427,541,863		$	186,430,422
Gross unrealized gain		155,744,738			3,682,874			36,236,737			99,170,737			80,757,065
Gross unrealized loss		(8,506,135	)		(755,756	)		(5,148,646	)		(21,539,873	)		(3,650,367	)
Net unrealized gains (losses) on securities	$	147,238,603		$	2,927,118		$	31,088,091		$	77,630,864		$	77,106,698

Commenced operations on July 13, 2021.

Commenced operations on November 6, 2020.

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, partnership investments, passive foreign investment company investments, and real estate investment trust investments.

GOLDMAN SACHS EQUITY ETFS

8. TAX INFORMATION (continued)

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


Fund	Paid-in Capital		Total Distributable Earnings
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF	$	63,856,557	$	(63,856,557	)
Goldman Sachs Future Planet Equity ETF*	$	—	$	—
Goldman Sachs Hedge Industry VIP ETF	$	36,043,534	$	(36,043,534	)
Goldman Sachs Innovate Equity ETF**	$	34,516,653	$	(34,516,653	)
Goldman Sachs JUST U.S. Large Cap Equity ETF	$	4,950,308	$	(4,950,308	)

Commenced operations on July 13, 2021.

Commenced operations on November 6, 2020.

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


9. OTHER RISKS

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

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections, less stringent accounting, corporate governance, financial reporting and disclosure standards, and less economic, political and social stability in the countries in which a Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or problems with 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, or economically tied to, emerging markets, these risks may be more pronounced.

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

Index Risk (each Fund except the Future Planet Equity ETF) — GSAM, JUST Capital Foundation, Inc. and Solactive AG (the “Index Providers”) construct the respective 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

GOLDMAN SACHS EQUITY ETFS

Notes to Financial Statements (continued)

August 31, 2021

9. OTHER RISKS (continued)

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 Providers rely on third party data they believe to be reliable in constructing each respective Index, but they do 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 Providers 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 Providers can guarantee the availability or timeliness of the production of the Index. Furthermore, Solactive AG, the index provider for the Goldman Sachs Equal Weight U.S. Large Cap Equity ETF and Goldman Sachs Innovate Equity ETF, and JUST Capital Foundation, Inc., the index provider for the Goldman Sachs JUST U.S. Large Cap Equity ETF, may delay or change a scheduled rebalancing or reconstitution of an Index or the implementation of certain rules at its sole discretion. In such circumstances, a Fund, in replicating the composition of its Index, may have more or less exposure to a particular sector or individual company than had the Index been constructed in accordance with its stated methodology.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, the Funds 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 Funds. 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 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 (except the Future Planet Equity ETF) 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 (each Fund except the Future Planet Equity 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.

GOLDMAN SACHS EQUITY ETFS

10. INDEMNIFICATIONS


11. OTHER MATTERS

Mergers and Reorganizations — Pursuant to an Agreement and Plan of Reorganization (a “Reorganization Agreement”) between each of the Goldman Sachs Data-Driven World ETF, the Goldman Sachs Finance Reimagined ETF, the Goldman Sachs Human Evolution ETF, the Goldman Sachs Manufacturing Revolution ETF and the Goldman Sachs New Age Consumer ETF (each, an “Acquired Fund”) and the Goldman Sachs Innovate Equity ETF (the “Survivor Fund”), as of the close of business on November 6, 2020, all of the assets and liabilities of each Acquired Fund were transferred to the Survivor Fund in exchange for shares of the Survivor Fund having an aggregate NAV equal to the NAV of such Acquired Fund as of the time of valuation specified in the applicable Reorganization Agreement, which were then distributed to shareholders of record of such Acquired Fund in a tax-free exchange (the “Reorganization”) as follows:


Acquired Fund	Exchanged Shares of Survivor Fund Issued		Value of Exchanged Shares		Acquired Fund’s Shares Outstanding as of November 6, 2020
Goldman Sachs Data-Driven World ETF		1,125,509	$	56,314,330		775,000
Goldman Sachs Finance Reimagined ETF		1,036,579	$	51,864,763		775,000
Goldman Sachs Human Evolution ETF		1,297,941	$	64,941,875		950,000
Goldman Sachs Manufacturing Revolution ETF		1,049,187	$	52,495,591		675,000
Goldman Sachs New Age Consumer ETF		1,640,783	$	82,095,825		900,000

GOLDMAN SACHS EQUITY ETFS

Notes to Financial Statements (continued)

August 31, 2021

11. OTHER MATTERS (continued)

The following chart shows each Acquired Fund’s aggregate net assets (immediately before the Reorganization) and unrealized appreciation:


Acquired Fund	Acquired Fund’s Aggregate Net Assets before Reorganization		Acquired Fund’s Unrealized Appreciation⁽¹⁾
Goldman Sachs Data-Driven World ETF	$	56,314,330	$	4,966,257
Goldman Sachs Finance Reimagined ETF	$	51,864,763	$	2,935,042
Goldman Sachs Human Evolution ETF	$	64,941,875	$	3,087,984
Goldman Sachs Manufacturing Revolution ETF	$	52,495,591	$	4,562,462
Goldman Sachs New Age Consumer ETF	$	82,095,825	$	7,776,145

(1)

The Survivor Fund has elected to carry forward the assets of each Acquired Fund at the Acquired Fund’s historical cost basis for purposes of measuring unrealized appreciation and future realized gain or loss of those acquired assets.

The Survivor Fund’s aggregate net assets (immediately before and after the completion of the Reorganization) were $0 and $307,712,384, respectively.

Assuming the Reorganization had been completed on September 1, 2020, the Survivor Fund’s pro-forma results of operations for the year ended August 31, 2021 would have been as follows:


Net investment income/loss	$	1,841,326
Net realized and unrealized gain/loss on investment	$	151,080,488
Net increase/decrease in net assets from operations	$	152,921,814

Because the combined Survivor Fund has been managed as a single integrated fund since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of each Acquired Fund that have been included in the Survivor Fund’s Statement of Operations since November 6, 2020.


12. SUBSEQUENT EVENTS

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

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs ETF Trust and Shareholders of Goldman Sachs Equal Weight U.S. Large Cap Equity ETF, Goldman Sachs Future Planet Equity ETF, Goldman Sachs Hedge Industry VIP ETF, Goldman Sachs Innovate Equity ETF, and Goldman Sachs JUST U.S. Large Cap Equity ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (five of the funds constituting Goldman Sachs ETF Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2021, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2021, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.


Fund	Statement of operations	Statements of changes in net assets	Financial highlights
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF, Goldman Sachs Hedge Industry VIP ETF, and Goldman Sachs JUST U.S. Large Cap Equity ETF	For the year ended August 31, 2021	For the two years ended August 31, 2021	For each of the periods indicated therein
Goldman Sachs Innovate Equity ETF	For the period November 6, 2020 (commencement of operations) through August 31, 2021
Goldman Sachs Future Planet Equity ETF	For the period July 13, 2021 (commencement of operations) through August 31, 2021

Basis for Opinions

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 26, 2021

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

GOLDMAN SACHS EQUITY ETFS

Fund Expenses — For the Six Months ended 8/31/2021 (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.

Except with respect to the Future Planet Equity fund, which commenced operations on July 13, 2021, the example is based on an investment of $1,000 invested at the beginning of the period from March 1, 2021 and held for the six months ended August 31, 2021, which represents a period of 184 days of a 365 day year (or less where indicated).


	Equal Weight U.S. Large Cap Equity ETF							Future Planet Equity ETF							Hedge Industry VIP ETF							Innovate Equity ETF							JUST U.S. Large Cap Equity ETF
	Beginning Account Value 3/1/21		Ending Account Value 8/31/21			Expenses Paid**		Beginning Account Value 7/13/21		Ending Account Value 8/31/21			Expenses Paid*		Beginning Account Value 3/1/21		Ending Account Value 8/31/21			Expenses Paid**		Beginning Account Value 3/1/21		Ending Account Value 8/31/21			Expenses Paid**		Beginning Account Value 3/1/21		Ending Account Value 8/31/21			Expenses Paid**
Actual based on NAV	$	1,000	$	1,179.93		$	0.49	$	1,000	$	1,041.74		$	1.05	$	1,000	$	1,080.19		$	2.36	$	1,000	$	1,096.18		$	2.64	$	1,000	$	1,190.75		$	1.10
Hypothetical 5% return		1,000		1,024.75	+		0.46		1,000		1,005.82	+		1.03		1,000		1,022.94	+		2.29		1,000		1,022.68	+		2.55		1,000		1,024.20	+		1.02

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

The Fund commenced operations on July 13, 2021. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 50/365, which represents a period of 50 days of a 365 day year (to reflect the Fund’s commencement of operation).


Fund
Equal Weight U.S. Large Cap Equity ETF	0.09	%
Future Planet Equity ETF	0.75
Hedge Industry VIP ETF	0.45
Innovate Equity ETF	0.50
JUST U.S. Large Cap Equity ETF	0.20

GOLDMAN SACHS EQUITY ETFS

Liquidity Risk Management Program (Unaudited)

Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

GOLDMAN SACHS EQUITY ETFS

Statement Regarding Basis for Initial Approval of Management Agreement for the Goldman Sachs Future Planet Equity ETF (Unaudited)

Background

The Goldman Sachs Future Planet Equity ETF (the “Fund”) is a newly-organized investment portfolio of Goldman Sachs ETF Trust (the “Trust”) that commenced investment operations on July 13, 2021. At a meeting held on March 17, 2021 (the “Meeting”) in connection with the Fund’s organization, the Board of Trustees, including all of the Trustees present who are not parties to the Fund’s investment management agreement (the “Management Agreement”) or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”) approved the Management Agreement with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.

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

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

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

As part of their review, the Trustees considered the nature, extent, and quality of the services to be provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that would be provided by the Investment Adviser and its affiliates. The Trustees noted the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the significant resources that the Investment Adviser devotes to risk management and the control environment in which the Fund would operate, the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and its service providers would operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees considered that under the Management Agreement, the Fund pays a single management fee to the Investment Adviser, and the Investment Adviser pays all of the Fund’s ordinary operating expenses, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings and litigation, indemnification and extraordinary expenses. The Trustees also considered information about the Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Fund would operate as an actively-managed ETF that seeks long-term capital appreciation. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who would provide services to the Fund. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing fundamental equity investment strategies. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations in the current environment. The Trustees concluded that the Investment Adviser would be able to commit substantial financial and operational resources to the Fund. They also considered that although the Fund was new (and therefore had no performance data to evaluate), the Investment Adviser has committed substantial financial and operational resources to ETFs and has extensive experience managing other types of registered investment companies. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.

Unitary Fee Structure and Profitability

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

GOLDMAN SACHS EQUITY ETFS

Statement Regarding Basis for Initial Approval of Management Agreement for the Goldman Sachs Future Planet Equity ETF (Unaudited) (continued)

fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s unitary management fee rate and projected expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fee and total expenses to be paid by the Fund. The Trustees concluded that the Investment Adviser’s management of the Fund likely would benefit the Fund and its shareholders.

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

Economies of Scale

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

Other Benefits to the Investment Adviser and Its Affiliates

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

Other Benefits to the Fund and Its Shareholders

The Trustees also noted that the Fund is expected to receive certain potential benefits as a result of its relationship with the Investment Adviser, including: (a) enhanced servicing from vendors 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 management fee to be paid by the Fund was reasonable in light of the services to be provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s reasonably foreseeable asset levels. The Trustees unanimously concluded that the engagement of the Investment Adviser likely would benefit the Fund and its shareholders and that the Management Agreement should be approved for an initial two-year period from its effective date.

GOLDMAN SACHS EQUITY ETFS

Trustees and Officers (Unaudited)

Independent Trustees


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

Lawrence W. Stranghoener Age: 67	Chairman of the Board of Trustees	Trustee Since 2015; Chairman Since 2017	Mr. Stranghoener is retired. He is Chairman, Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) (2003-Present); and was formerly Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (2011-2020); Interim Chief Executive Officer (2014); and Executive Vice President and Chief Financial Officer (2004-2014), Mosaic Company (a fertilizer manufacturing company). Chairman of the Board of Trustees — Goldman Sachs ETF Trust; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	39	Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials)

Linda A. Lang Age: 63	Trustee	Since 2016	Ms. Lang is retired. She was formerly Chair of the Board of Directors (2016–2019); and Member of the Board of Directors, WD-40 Company (a global consumer products company) (2004–2019); Chairman and Chief Executive Officer (2005–2014); and Director, President and Chief Operating Officer, Jack in the Box, Inc. (a restaurant company) (2003–2005). Previously, Ms. Lang served as an Advisory Board Member of Goldman Sachs MLP and Energy Renaissance Fund (February 2016 -March 2016). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	39	None

Michael Latham Age: 55	Trustee	Since 2015	Mr. Latham is retired. He currently serves as Chief Operating Officer and Director of FinTech Evolution Acquisition Group (a special purpose acquisition company) (2021–Present). Formerly, Mr. Latham held senior management positions with the iShares exchange-traded fund business, including Chairman (2011-2014); Global Head (2010-2011); U.S. Head (2007-2010); and Chief Operating Officer (2003-2007). Trustee—Goldman Sachs ETF Trust; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	39	FinTech Evolution Acquisition Group (a special purpose acquisition company)

GOLDMAN SACHS EQUITY ETFS

Trustees and Officers (Unaudited) (continued)

Interested Trustee*


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

James A. McNamara Age: 58	President and Trustee	Since 2014	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee—Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund	166	None

Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline L. Kraus. Information is provided as of August 31, 2021.

⁴

GOLDMAN SACHS EQUITY ETFS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*


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

James A. McNamara 200 West Street New York, NY 10282 Age: 58	Trustee and President	Since 2014	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs ETF Trust. Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Caroline L. Kraus 200 West Street New York, NY 10282 Age: 44	Secretary	Since 2014	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020–Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs ETF Trust; Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 53	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010- October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Information is provided as of August 31, 2021.

Goldman Sachs ETF Trust — Equity ETFs — Tax Information (Unaudited)

For the fiscal year ended August 31, 2021, 89.64%, 100%, 73.58%, and 100% of the dividends paid from net investment company taxable income by the Equal Weight U.S. Large Cap Equity ETF, Hedge Industry VIP ETF, Innovate Equity ETF, and JUST U.S. Large Cap Equity ETF, respectively, qualify for the dividends received deduction available to corporations.

For the fiscal year ended August 31, 2021, 86.93%, 100%, 100%, and 100% of the dividends paid from net investment company taxable income by the Equal Weight U.S. Large Cap Equity ETF, Hedge Industry VIP ETF, Innovate Equity ETF, and JUST U.S. Large Cap Equity ETF, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

For the fiscal year ended August 31, 2021, 0.62% of the dividends paid from net investment company taxable income by the Equal Weight U.S. Large Cap Equity ETF qualify as section 199A dividends.

FUNDS PROFILE

Goldman Sachs ETFs

LOGO

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

GOLDMAN SACHS EXCHANGE-TRADED FUNDS

Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF

Goldman Sachs ActiveBeta^® Europe Equity ETF

Goldman Sachs ActiveBeta^® International Equity ETF

Goldman Sachs ActiveBeta^® Japan Equity ETF

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

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

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

Goldman Sachs Hedge Industry VIP ETF

Goldman Sachs JUST U.S. Large Cap Equity ETF

Goldman Sachs Access U.S. Aggregate Bond 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 Investment Grade Corporate 1-5 Year Bond ETF

Goldman Sachs Access Treasury 0-1 Year ETF

Goldman Sachs Access Ultra Short Bond ETF

Goldman Sachs Future Planet Equity ETF

Goldman Sachs Future Tech Leaders Equity ETF

Goldman Sachs Innovate Equity ETF

Goldman Sachs MarketBeta^® International Equity ETF

Goldman Sachs MarketBeta^® Emerging Markets Equity ETF

Goldman Sachs MarketBeta^® U.S. Equity 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.

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.

The Goldman Sachs Innovate 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 Innovative Global Equity Index (“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 Innovate 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 Innovate 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 Innovate 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.

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 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.

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

ActiveBeta^® is a registered trademark of GSAM.

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

Goldman Sachs Funds

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Annual Report				August 31, 2021

				Goldman Sachs MarketBeta^® ETFs
				MarketBeta^® Emerging Markets Equity ETF (GSEE)
				MarketBeta^® International Equity ETF (GSID)
				MarketBeta^® U.S. Equity ETF (GSUS)

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Goldman Sachs MarketBeta^® ETFs

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MarketBeta^® Emerging Markets Equity ETF

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MarketBeta^® International Equity ETF

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MarketBeta^® U.S. Equity ETF


TABLE OF CONTENTS

Investment Process			1

Portfolio Management Discussion and Performance Summaries			3

Schedules of Investments			16

Financial Statements			55

Financial Highlights

MarketBeta^® Emerging Markets Equity ETF			59

MarketBeta^® International Equity ETF			60

MarketBeta^® U.S. Equity ETF			61

Notes to Financial Statements			62

Report of Independent Registered Public Accounting Firm			74

Other Information			76



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

INVESTMENT PROCESS

Goldman Sachs MarketBeta^® Equity ETFs

Principal Investment Strategies

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

MarketBeta^® Emerging Markets Equity ETF

The Solactive GBS Emerging Markets Large & Mid Cap Index (the “Index”) consists of equity securities of large and mid-capitalization issuers covering approximately the largest 85% of the free-float market capitalization in emerging markets. It is calculated as a net total return index in U.S. dollars and weighted by free-float market capitalization.

As of August 31, 2021, the Index consisted of 1,561 securities with a market capitalization range of between approximately $25.5 million and $1,874.3 billion from issuers in the following emerging market countries: Argentina, Brazil, Chile, China, Colombia, the Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, South Korea, Taiwan, Thailand, Turkey and the United Arab Emirates. The components of the Index may change over time. The percentage of the portfolio exposed to any asset class, country or geographic region will vary from time to time as the weightings of the securities within the Index change, and the Fund may not be invested in each asset class, country or geographic region at all times. Solactive AG (“Solactive” or the “Index Provider”) will generally deem an issuer to be located in an emerging market country if it is organized under the laws of the emerging market country and it is primarily listed in the emerging market country; in the event that these factors point to more than one country, the Index methodology provides for consideration of certain additional factors. The Index is reconstituted on a semi-annual basis in May and November. New securities from initial public offerings are also added on a semi-annual basis in February and August, subject to fulfillment of certain eligibility criteria.

MarketBeta^® International Equity ETF

The Solactive GBS Developed Markets ex North America Large & Mid Cap Index (the “Index”) consists of equity securities of large and mid-capitalization issuers covering approximately the largest 85% of the free-float market capitalization in developed markets excluding North America. It is calculated as a net total return index in U.S. dollars and weighted by free-float market capitalization.

As of August 31, 2021, the Index consisted of 1,018 securities with a market capitalization range of between approximately $580.0 million and $373.5 billion from issuers in the following developed market countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The components of the Index may change over time. The percentage of the portfolio exposed to any asset class, country or geographic region will vary from time to time as the weightings of the securities within the Index change, and the Fund may not be invested in each asset class, country or geographic region at all times. Solactive AG (“Solactive” or the “Index Provider”) will generally deem an issuer to be located in a developed market country if it is organized under the laws of the developed market country and it is primarily listed in the developed market country; in the event that these factors point to more than one country, the Index methodology provides for consideration of certain additional factors. The Index is reconstituted on a semi-annual basis in May and November. New securities from initial public offerings are also added on a semi-annual basis in February and August, subject to fulfillment of certain eligibility criteria.

INVESTMENT PROCESS

MarketBeta^® U.S. Equity ETF

The Solactive GBS United States Large & Mid Cap Index (the “Index”) consists of equity securities of large and mid-capitalization equity issuers covering approximately the largest 85% of the free-float market capitalization in the United States. It is calculated as a total return index in U.S. dollars and weighted by free-float market capitalization.

As of August 31, 2021, the Index consisted of 529 securities with a market capitalization range of between approximately $4.5 billion and $2,509.8 billion. The components of the Index may change over time. The percentage of the portfolio exposed to any asset class will vary from time to time as the weightings of the securities within the Index change, and the Fund may not be invested in each asset class at all times. Solactive AG (“Solactive” or the “Index Provider”) will deem an issuer to be a U.S. issuer if it is organized under the laws of the U.S. and it is primarily listed in the U.S.; in the event that these factors point to more than one country, the Index methodology provides for consideration of certain additional factors. The Index is reconstituted on a semi-annual basis in May and November. New securities from initial public offerings are also added on a semi-annual basis in February and August, subject to fulfillment of certain eligibility criteria.

All Above Funds

Each Fund seeks to invest in the respective Index components in approximately the same weighting that such components have within the respective Index at the applicable time. However, under various circumstances, it may not be possible or practicable to purchase all of the securities in the respective Index in the approximate respective Index weight. In these circumstances, the Fund may purchase a sample of securities in the respective Index. There may also be instances in which the Investment Adviser may choose to underweight or overweight a security in each Fund’s Index, purchase securities not in each Fund’s Index that the Investment Adviser believes are appropriate to substitute for certain securities in such Index or utilize various combinations of other available investment techniques.

Each Index is owned and calculated by Solactive.

Each Fund is classified as “diversified” under the Investment Company Act of 1940, as amended (the “Investment Company Act”). However, each Fund may become “non-diversified” solely as a result of a change in the relative market capitalization or index weighting of one or more constituents of the respective Index. A non-diversified fund may invest a larger percentage of its assets in fewer issuers than diversified funds.

Each Fund may concentrate its investments (i.e., hold more than 25% of its total assets) in a particular industry or group of industries to the extent that the respective Index is concentrated. The degree to which components of the respective Index represent certain sectors or industries may change over time.

* * *

At the end of the Reporting Period, i.e. August 31, 2021, we maintained conviction in our principal investment strategies, as each Fund continues to seek to provide efficient and diversified access to approximately 85% of the broad equity market represented by each respective Index in one portfolio.

PORTFOLIO RESULTS

Goldman Sachs MarketBeta^® Emerging Markets Equity ETF

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2021 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 19.35% based on net asset value (“NAV”) and 18.81% based on market price.The Index returned 19.63% during the same period.

The Fund had an NAV of $48.15 per share on August 31, 2020 and ended the Reporting Period with an NAV of $55.68 per share. The Fund’s market price on August 31, 2021 was $55.72 per share.

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

Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the Index.

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

Index constituents in the information technology, financials and materials sectors contributed most positively to the Index’s results during the Reporting Period. Index constituents in the consumer discretionary, real estate and communication services sectors contributed least to the Index’s results during the Reporting Period.

From a country perspective, Index constituents in Taiwan, South Korea and India contributed most to the Index’s results during the Reporting Period. Conversely, Index constituents in China, Hong Kong and Peru contributed least to the Index’s results during the Reporting Period.

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

Positions in Taiwan-based information technology company Taiwan Semiconductor Manufacturing, South Korea-based information technology company Samsung Electronics and Brazil-based materials company Vale contributed most positively (7.17%, 4.17% and 1.03% of Fund net assets as of August 31, 2021, respectively). Each of these holdings posted a robust double-digit positive return within the Index during the Reporting Period.

Which individual stock positions contributed the least to the Index’s results during the Reporting Period?

Positions in China-based consumer discretionary company Alibaba Group Holding, China-based real estate company KE Holdings and China-based communication services company Tencent Holdings contributed least (4.15%, 0.00%¹ and 4.94% of Fund net assets as of August 31, 2021, respectively). Alibaba Group Holding and KE Holdings each posted a double-digit negative return within the Index during the Reporting Period. Tencent Holdings generated a single-digit negative return within the Index during the Reporting Period.

PORTFOLIO RESULTS

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

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



Sector Name	Fund³			Solactive Index

Information Technology		20.73	%		20.46	%
Financials		19.72			19.86
Consumer Discretionary		15.18			15.14
Communication Services		11.06			10.73
Materials		9.05			8.77
Consumer Staples		5.86			5.85
Energy		5.51			5.32
Industrials		5.29			5.52
Health Care		4.31			4.44
Real Estate		1.21			1.73
Utilities		1.99			2.18

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



Country Name	Fund³			Solactive Index
Cayman Islands		19.99	%		21.39	%
Taiwan		15.77			14.72
Korea		12.71			12.70
China		9.76			11.01
India		13.18			12.42
Brazil		5.40			5.21
South Africa		3.35			3.18
Saudi Arabia		3.53			3.24
Russia		2.99			2.96
Thailand		1.63			1.93
Mexico		2.18			2.02
Indonesia		1.41			1.39
Hong Kong		0.90			0.91
Malaysia		1.13			1.05
Qatar		0.81			0.74
United Arab Emirates		1.11			1.02
Philippines		0.74			0.67
Turkey		0.56			0.59
Kuwait		0.61			0.57
Chile		0.44			0.50
Bermuda		0.19			0.31
Netherlands		0.32			0.29
Greece		0.26			0.26
Hungary		0.29			0.26
Colombia		0.19			0.17
Egypt		0.10			0.10
Luxembourg		0.05			0.05
Czech Republic		0.13			0.12
Jersey		0.09			0.10
Pakistan		0.05			0.05
Argentina		0.04			0.04
Singapore		0.02			0.02
Panama		0.00			0.01
Peru		0.00			0.00
Virgin Islands, British		0.00			0.01
Cyprus		0.00			0.00
Australia		0.00			0.00

Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Solactive. 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. Country classification in this listing is based on the country of incorporation rather than being based on country of domicile or country of highest revenue. Investments in the securities lending vehicle represented 1.57% of the Fund’s net assets as of August 31, 2021. Figures above may not sum to 100% due to rounding due to the presence of cash.

The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive GBS Emerging Markets Large & Mid Cap Index.

FUND BASICS

MarketBeta^® Emerging Markets Equity ETF

as of August 31, 2021


FUND SNAPSHOT

As of August 31, 2021

Market Price¹	$	55.72
Net Asset Value (NAV)¹	$	55.68

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


TOP 10 HOLDINGS AS OF 8/31/21²

Holding	% of Net Assets			Line of Business	Country

Taiwan Semiconductor Manufacturing Co. Ltd.		6.6	%	Information Technology	Taiwan

Tencent Holdings Ltd.		4.5		Communication Services	China

Samsung Electronics Co. Ltd.		3.8		Information Technology	South Korea

Alibaba Group Holding Ltd. ADR		3.8		Consumer Discretionary	China

Meituan, Class B		1.6		Consumer Discretionary	China

iShares MSCI Malaysia ETF		1.0		Exchange-Traded Fund	United States

Reliance Industries Ltd.		1.0		Energy	India

Infosys Ltd.		1.0		Information Technology	India

Vale SA		1.0		Materials	Brazil
Naspers Ltd., Class N		0.9		Consumer Discretionary	South Africa

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

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

MARKETBETA^® EMERGING MARKETS EQUITY ETF

Performance Summary

August 31, 2021

The following graph shows the value, as of August 31, 2021, of a $10,000 investment made on May 12, 2020 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the Solactive GBS Emerging Markets Large & Mid Cap Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

MarketBeta^® Emerging Markets Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from May 12, 2020 through August 31, 2021.

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Average Annual Total Return through August 31, 2021*	One Year	Since Inception
Shares based on NAV (Commenced May 12, 2020)	19.35%	33.01%

Shares based on Market Price (Commenced May 12, 2020)	18.81%	33.03%

Solactive GBS Emerging Markets Large & Mid Cap Index	19.63%	33.68%

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

PORTFOLIO RESULTS

Goldman Sachs MarketBeta^® International Equity ETF

Investment Objective

The Goldman Sachs MarketBeta^® International Small Cap Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive GBS Developed Markets ex North America Large & Mid Cap Index (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2021 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 26.20% based on net asset value (“NAV”) and 26.50% based on market price. The Index returned 26.32% during the same period.

The Fund had an NAV of $46.79 per share on August 31, 2020 and ended the Reporting Period with an NAV of $57.61 per share. The Fund’s market price on August 31, 2021 was $57.80 per share.

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

Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the Index.

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

Index constituents in the financials, industrials and information technology sectors contributed most to the Index’s results during the Reporting Period. Index constituents in the utilities, real estate and energy sectors contributed least to the Index’s results during the Reporting Period.

From a country perspective, Index constituents in Japan, the U.K. and France contributed most to the Fund’s results during the Reporting Period. Index constituents in Faroe Islands, Portugal and the Isle of Man contributed least to the Fund’s results during the Reporting Period.

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

Positions in Netherlands-based information technology company ASML Holding, France-based consumer discretionary company LVMH Moet Hennessy Louis Vuitton and Denmark-based health care company Novo Nordisk contributed most (1.95%, 1.09% and 0.92% of Fund net assets as of August 31, 2021, respectively). ASML Holding generated a triple-digit positive return within the Index during the Reporting Period. LVMH Moet Hennessy Louis Vuitton and Novo Nordisk each posted a robust double-digit positive return within the Index during the Reporting Period.

Which individual stock positions contributed the least to the Index’s results during the Reporting Period?

Positions in U.K. consumer staples firm Reckitt Benckiser Group, Germany-based information technology company SAP and Japan-based health care company Daiichi Sankyo contributed least (0.31%, 0.86% and 0.25% of Fund net assets as of August 31, 2021, respectively). Reckitt Benckiser Group and Daiichi Sankyo each posted a double-digit negative return within the Index during the Reporting Period. SAP generated a single-digit negative return within the Index during the Reporting Period.

PORTFOLIO RESULTS

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

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



Sector Name	Fund²			Solactive Index
Financials		16.87	%		16.83	%
Industrials		16.56			16.59
Health Care		12.48			12.52
Consumer Discretionary		12.10			12.35
Consumer Staples		9.71			9.71
Information Technology		9.80			9.77
Materials		7.98			7.96
Communication Services		4.82			4.84
Utilities		3.40			3.41
Energy		3.05			3.04
Real Estate		2.98			2.99

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



Country Name	Fund²			Solactive Index
Japan		24.28	%		24.25	%
UK		13.48			13.45
France		9.17			9.18
Switzerland		8.67			8.49
Germany		8.37			8.35
Australia		7.00			7.00
Netherlands		5.55			5.94
Sweden		4.02			4.00
Hong Kong		2.46			2.47
Spain		2.41			2.45
Denmark		2.52			2.52
Italy		1.97			1.96
Finland		1.35			1.35
Singapore		1.18			1.18
Ireland		1.12			1.12
Belgium		0.93			0.94
Norway		0.84			0.85
Cayman Islands		0.75			0.77
Israel		0.89			0.88
Jersey		0.87			0.87
New Zealand		0.44			0.45
Bermuda		0.25			0.29
Austria		0.37			0.36
Poland		0.27			0.28
Luxembourg		0.35			0.35
Portugal		0.15			0.14
Isle of Man		0.09			0.09
Faroe Islands		0.02			0.02

Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Solactive. 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. Country classification in this listing is based on the country of incorporation rather than being based on country of domicile or country of highest revenue. Investments in the securities lending vehicle represented 0.32% of the Fund’s net assets as of August 31, 2021. Figures above may not sum to 100% due to rounding due to the presence of cash.

The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive GBS Developed Markets ex North America Large & Mid Cap Index.

FUND BASICS

MarketBeta^® International Equity ETF

as of August 31, 2021


FUND SNAPSHOT

As of August 31, 2021

Market Price¹	$	57.80
Net Asset Value (NAV)¹	$	57.61

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


TOP 10 HOLDINGS AS OF 8/31/21²

Holding	% of Net Assets			Line of Business	Country

ASML Holding NV		1.9	%	Information Technology	Netherlands
Nestle SA		1.9		Consumer Staples	Switzerland
Roche Holding AG		1.6		Health Care	Switzerland

Novartis AG		1.2		Health Care	Switzerland
Toyota Motor Corp.		1.1		Consumer Discretionary	Japan
LVMH Moet Hennessy Louis Vuitton SE		1.1		Consumer Discretionary	France
Novo Nordisk A/S, Class B		0.9		Health Care	Denmark

SAP SE		0.9		Information Technology	Germany
AstraZeneca PLC		0.8		Health Care	United Kingdom
AIA Group Ltd.		0.8		Financials	Hong Kong

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

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

MARKETBETA^® INTERNATIONAL EQUITY ETF

Performance Summary

August 31, 2021

The following graph shows the value, as of August 31, 2021, of a $10,000 investment made on May 12, 2020 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the Solactive GBS Developed Markets ex North America Large & Mid Cap Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

MarketBeta^® International Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from May 12, 2020 through August 31, 2021.

LOGO


Average Annual Total Return through August 31, 2021*	One Year	Since Inception
Shares based on NAV (Commenced May 12, 2020)	26.20%	34.45%

Shares based on Market Price (Commenced May 12, 2020)	26.50%	34.77%

Solactive GBS Developed Markets ex North America Large & Mid Cap Index	26.32%	34.48%

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

PORTFOLIO RESULTS

Goldman Sachs MarketBeta^® U.S. Equity ETF

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2021 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 31.60% based on net asset value (“NAV”) and 31.45% based on market price. The Index returned 31.71% during the same period.

The Fund had an NAV of $48.62 per share on August 31, 2020 and ended the Reporting Period with an NAV of $63.07 per share. The Fund’s market price on August 31, 2021 was $63.09 per share.

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

Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the Index.

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

Index constituents in the information technology, financials and communication services sectors contributed most to the Index’s results during the Reporting Period. Index constituents in the utilities, materials and real estate sectors contributed least to the Index’s results during the Reporting Period.

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

Positions in communication services company Alphabet, software leader Microsoft and information technology giant Apple contributed most (4.23%, 5.69% and 6.42% of Fund net assets as of August 31, 2021, respectively). Each of these holdings posted a double-digit positive return within the Index during the Reporting Period.

Which individual stock positions contributed the least to the Index’s results during the Reporting Period?

Positions in pharmaceuticals company Vertex Pharmaceuticals, payment services provider Fidelity National Information Services and biotechnology medicines company Amgen contributed least (0.00%¹, 0.20% and 0.33% of Fund net assets as of August 31, 2021, respectively). Each of these holdings generated a negative return within the Index during the Reporting Period.

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

PORTFOLIO RESULTS

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



Sector Name	Fund³			Solactive Index
Information Technology		29.37	%		29.37	%
Health Care		12.99			13.09
Consumer Discretionary		12.11			12.13
Communication Services		11.72			11.69
Financials		10.69			10.66
Industrials		7.91			7.89
Consumer Staples		5.64			5.63
Utilities		2.40			2.39
Materials		2.37			2.37
Real Estate		2.55			2.55
Energy		2.24			2.23

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 Solactive. 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 0.12% of the Fund’s net assets as of August 31, 2021. Figures above may not sum to 100% due to rounding due to the presence of cash.

The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive GBS United States Large & Mid Cap Index.

FUND BASICS

MarketBeta^® U.S. Equity ETF

as of August 31, 2021


FUND SNAPSHOT

As of August 31, 2020

Market Price¹	$	63.09
Net Asset Value (NAV)¹	$	63.07

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


TOP 10 HOLDINGS AS OF 8/31/21²

Holding	% of Net Assets			Line of Business	Country

Apple, Inc.		6.4	%	Information Technology	United States
Microsoft Corp.		5.7		Information Technology	United States
Amazon.com, Inc.		3.8		Consumer Discretionary	United States

Facebook, Inc., Class A		2.3		Communication Services	United States
Alphabet, Inc., Class A		2.2		Communication Services	United States
Alphabet, Inc., Class C		2.0		Communication Services	United States
Tesla, Inc.		1.4		Consumer Discretionary	United States

NVIDIA Corp.		1.4		Information Technology	United States
JPMorgan Chase & Co.		1.2		Financials	United States
Johnson & Johnson		1.2		Health Care	United States

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

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

MARKETBETA^® U.S. EQUITY ETF

Performance Summary

August 31, 2021

The following graph shows the value, as of August 31, 2021, of a $10,000 investment made on May 12, 2020 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the Solactive GBS United States Large & Mid Cap Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

MarketBeta^® U.S. Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from May 12, 2020 through August 31, 2021.

LOGO


Average Annual Total Return through August 31, 2021*	One Year	Since Inception
Shares based on NAV (Commenced May 12, 2020)	31.60%	45.60%

Shares based on Market Price (Commenced May 12, 2020)	31.45%	45.64%

Solactive GBS United States Large & Mid Cap Index	31.71%	45.76%

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

FUND BASICS

Index Definitions and Industry Terms

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

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

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

The Solactive GBS Emerging Markets Large & Mid Cap Index, Solactive GBS Developed Markets ex North America Large & Mid Cap Index, and Solactive GBS United States Large & Mid Cap Index (the, “Solactive Indexes”) are calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Solactive Indexes are calculated correctly. Irrespective of its obligations towards the Funds, Solactive AG has no obligation to point out errors in the Solactive Indexes to third parties including but not limited to investors and/or financial intermediaries of the Funds. Neither publication of the Solactive Indexes by Solactive AG nor the licensing of the Solactive Indexes or Index trade mark for the purpose of use in connection with a Fund 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. Solactive AG is registered as a benchmark administrator under the Regulation (EU) 2016/2011 (BMR). Solactive appears on the ESMA register of administrators.

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments

August 31, 2021


Shares		Description	Value

Common Stocks – 89.1%
Argentina – 0.0%
	328	Grupo Financiero Galicia SA ADR (Financials)	$	3,536
	235	Pampa Energia SA ADR (Utilities)*		4,279
	918	YPF SA ADR (Energy)*		4,783

				12,598

Brazil – 4.0%
	527	Adecoagro SA (Consumer Staples)*		4,927
	19,494	Ambev SA (Consumer Staples)		65,113
	1,840	Atacadao SA (Consumer Staples)		6,523
	26,987	B3 SA – Brasil Bolsa Balcao (Financials)		74,168
	6,295	Banco Bradesco SA (Financials)		24,518
	6,571	Banco BTG Pactual SA (Financials)		36,272
	3,849	Banco do Brasil SA (Financials)		22,878
	1,542	Banco Santander Brasil SA (Financials)		12,632
	3,022	BB Seguridade Participacoes SA (Financials)		11,251
	2,439	BRF SA (Consumer Staples)*		11,157
	4,995	CCR SA (Industrials)		11,952
	1,812	Centrais Eletricas Brasileiras SA (Utilities)		13,319
	1,021	Cia Energetica de Minas Gerais (Utilities)		3,329
	2,877	Cia Siderurgica Nacional SA (Materials)		19,590
	3,778	Cosan SA (Energy)		16,272
	894	CPFL Energia SA (Utilities)		5,071
	1,129	Energisa SA (Utilities)		9,785
	4,342	Eneva SA (Utilities)*		13,290
	778	Engie Brasil Energia SA (Utilities)		5,706
	3,689	Equatorial Energia SA (Utilities)		18,339
	5,731	Hapvida Participacoes e Investimentos SA (Health Care)^(a)		16,478
	1,808	Hypera SA (Health Care)		12,562
	2,016	Itau Unibanco Holding SA (Financials)		11,274
	3,585	Klabin SA (Materials)*		18,424
	2,660	Localiza Rent a Car SA (Industrials)		28,816
	3,970	Lojas Renner SA (Consumer Discretionary)		29,514
	12,005	Magazine Luiza SA (Consumer Discretionary)		42,772
	1,319	Multiplan Empreendimentos Imobiliarios SA (Real Estate)		5,436
	3,921	Natura & Co. Holding SA (Consumer Staples)*		39,535
	1,079	Neoenergia SA (Utilities)		3,503
	2,420	Notre Dame Intermedica Participacoes SA (Health Care)		37,787
	892	Pagseguro Digital Ltd., Class A (Information Technology)*		53,047
	3,260	Petrobras Distribuidora SA (Consumer Discretionary)		17,314
	16,331	Petroleo Brasileiro SA (Energy)		89,063
	446	Porto Seguro SA (Financials)		4,980
	5,136	Raia Drogasil SA (Consumer Staples)		25,642
	3,427	Rede D’Or Sao Luiz SA (Health Care)^(a)		46,068
	5,633	Rumo SA (Industrials)*		20,597
	3,530	Sendas Distribuidora SA (Consumer Staples)		11,591


Common Stocks – (continued)
Brazil – (continued)
	920	StoneCo Ltd., Class A (Information Technology)*		42,817
	3,522	Suzano SA (Materials)*		41,965
	1,977	Telefonica Brasil SA (Communication Services)		16,887
	3,620	TIM SA (Communication Services)		8,810
	3,539	Ultrapar Participacoes SA (Energy)		9,982
	17,784	Vale SA (Materials)		342,789
	6,712	WEG SA (Industrials)		46,621
	657	XP, Inc., Class A (Financials)*		31,963

				1,442,329

Chile – 0.3%
	193,627	Banco de Chile (Financials)		18,894
	269	Banco de Credito e Inversiones SA (Financials)		11,636
	276,927	Banco Santander Chile (Financials)		14,612
	5,992	Cencosud SA (Consumer Staples)		11,289
	559	Cia Cervecerias Unidas SA (Consumer Staples)		5,634
	34,455	Colbun SA (Utilities)		5,695
	4,755	Empresas CMPC SA (Materials)		10,547
	1,764	Empresas COPEC SA (Energy)		16,387
	3,401	Falabella SA (Consumer Discretionary)		13,451

				108,145

China – 27.7%
	153	51job, Inc. ADR (Industrials)*		11,750
	2,920	AAC Technologies Holdings, Inc. (Information Technology)		16,276
	716	AECC Aviation Power Co. Ltd., Class A (Industrials)		7,555
	4,387	Agile Group Holdings Ltd. (Real Estate)		5,032
	20,354	Agricultural Bank of China Ltd., Class A (Financials)		9,338
	126,657	Agricultural Bank of China Ltd., Class H (Financials)		42,505
	1,408	Aier Eye Hospital Group Co. Ltd., Class A (Health Care)		9,209
	1,753	Air China Ltd., Class A (Industrials)*		1,967
	8,122	Air China Ltd., Class H (Industrials)*		5,451
	506	Airtac International Group (Industrials)		15,428
	8,260	Alibaba Group Holding Ltd. ADR (Consumer Discretionary)*		1,379,337
	4,025	Aluminum Corp. of China Ltd., Class A (Materials)*		4,866
	16,858	Aluminum Corp. of China Ltd., Class H (Materials)*		12,225
	1,493	Angang Steel Co. Ltd., Class A (Materials)		1,319
	6,320	Angang Steel Co. Ltd., Class H (Materials)		4,835
	262	Angel Yeast Co. Ltd., Class A (Consumer Staples)		1,627
	264	Anhui Gujing Distillery Co. Ltd., Class A (Consumer Staples)		8,675


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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
China – (continued)
	130	Anhui Kouzi Distillery Co. Ltd., Class A (Consumer Staples)	$	997
	5,005	ANTA Sports Products Ltd. (Consumer Discretionary)		102,966
	65	Asymchem Laboratories Tianjin Co. Ltd., Class A (Health Care)		3,526
	341	Avary Holding Shenzhen Co. Ltd., Class A (Information Technology)		1,675
	1,056	AVIC Electromechanical Systems Co. Ltd., Class A (Industrials)		2,291
	2,727	AVIC Industry-Finance Holdings Co. Ltd., Class A (Financials)		1,674
	1,257	Baidu, Inc. ADR (Communication Services)*		197,374
	6,042	Bank of Beijing Co. Ltd., Class A (Financials)		4,064
	1,104	Bank of Chengdu Co. Ltd., Class A (Financials)		2,072
	9,777	Bank of China Ltd., Class A (Financials)		4,591
	370,682	Bank of China Ltd., Class H (Financials)		130,117
	10,544	Bank of Communications Co. Ltd., Class A (Financials)		7,223
	32,525	Bank of Communications Co. Ltd., Class H (Financials)		18,694
	1,639	Bank of Hangzhou Co. Ltd., Class A (Financials)		3,401
	3,870	Bank of Jiangsu Co. Ltd., Class A (Financials)		3,857
	2,840	Bank of Nanjing Co. Ltd., Class A (Financials)		4,129
	1,614	Bank of Ningbo Co. Ltd., Class A (Financials)		8,080
	4,060	Bank of Shanghai Co. Ltd., Class A (Financials)		4,537
	1,499	Bank of Zhengzhou Co. Ltd., Class A (Financials)*		795
	4,495	Baoshan Iron & Steel Co. Ltd., Class A (Materials)		7,099
	325	BeiGene Ltd. ADR (Health Care)*		100,198
	2,147	Beijing Enterprises Holdings Ltd. (Utilities)		7,398
	18,219	Beijing Enterprises Water Group Ltd. (Utilities)*		7,520
	483	Beijing New Building Materials PLC, Class A (Industrials)		2,478
	390	Beijing Tiantan Biological Products Corp. Ltd., Class A (Health Care)		1,875
	65	BGI Genomics Co. Ltd., Class A (Health Care)		945
	1,069	Bilibili, Inc. ADR (Communication Services)*		85,766
	16,043	BOC Hong Kong Holdings Ltd. (Financials)		48,682
	600	BOC International China Co. Ltd., Class A (Financials)		1,386
	11,022	BOE Technology Group Co. Ltd., Class A (Information Technology)		9,942


Common Stocks – (continued)
China – (continued)
	14,036	Brilliance China Automotive Holdings Ltd. (Consumer Discretionary)*		5,418
	487	BYD Co. Ltd., Class A (Consumer Discretionary)		20,908
	3,642	BYD Co. Ltd., Class H (Consumer Discretionary)		123,346
	454	By-health Co. Ltd., Class A (Consumer Staples)		1,770
	1,104	Caitong Securities Co. Ltd., Class A (Financials)		1,776
	341	CanSino Biologics, Inc., Class H (Health Care)*^(a)		13,478
	1,688	Changjiang Securities Co. Ltd., Class A (Financials)		1,957
	519	Chaozhou Three-Circle Group Co. Ltd., Class A (Information Technology)		3,025
	39,215	China Cinda Asset Management Co. Ltd., Class H (Financials)		6,958
	1,428	China CITIC Bank Corp. Ltd., Class A (Financials)		1,016
	42,657	China CITIC Bank Corp. Ltd., Class H (Financials)		19,635
	1,039	China Coal Energy Co. Ltd., Class A (Energy)		1,374
	9,972	China Coal Energy Co. Ltd., Class H (Energy)		7,129
	2,922	China Construction Bank Corp., Class A (Financials)		2,649
	411,210	China Construction Bank Corp., Class H (Financials)		297,145
	2,532	China Eastern Airlines Corp. Ltd., Class A (Industrials)*		1,844
	7,517	China Eastern Airlines Corp. Ltd., Class H (Industrials)*		2,880
	11,173	China Everbright Bank Co. Ltd., Class A (Financials)		5,801
	15,611	China Everbright Environment Group Ltd. (Industrials)		10,799
	1,039	China Galaxy Securities Co. Ltd., Class A (Financials)		1,657
	16,406	China Galaxy Securities Co. Ltd., Class H (Financials)		9,218
	909	China Greatwall Technology Group Co. Ltd., Class A (Information Technology)		2,070
	12,023	China Hongqiao Group Ltd. (Materials)		17,932
	31,929	China Huarong Asset Management Co. Ltd., Class H (Financials)*^(a)(b)		4,187
	300	China International Capital Corp. Ltd., Class A (Financials)		2,512
	6,203	China International Capital Corp. Ltd., Class H (Financials)^(a)		14,420
	454	China International Marine Containers Group Co. Ltd., Class A (Industrials)		1,290
	1,314	China International Marine Containers Group Co. Ltd., Class H (Industrials)		2,879
	1,187	China Jushi Co. Ltd., Class A (Materials)		3,229


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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2021


Shares		Description	Value

Common Stocks – (continued)
China – (continued)
	584	China Life Insurance Co. Ltd., Class A (Financials)	$	2,610
	1,573	China Literature Ltd. (Communication Services)*^(a)		13,207
	14,212	China Longyuan Power Group Corp. Ltd., Class H (Utilities)		28,982
	13,419	China Mengniu Dairy Co. Ltd. (Consumer Staples)*		80,662
	5,441	China Merchants Bank Co. Ltd., Class A (Financials)		41,288
	18,232	China Merchants Bank Co. Ltd., Class H (Financials)		150,618
	5,968	China Merchants Port Holdings Co. Ltd. (Industrials)		10,052
	2,094	China Merchants Securities Co. Ltd., Class A (Financials)		5,894
	2,196	China Merchants Securities Co. Ltd., Class H (Financials)^(a)		3,321
	4,248	China Molybdenum Co. Ltd., Class A (Materials)		5,149
	16,254	China Molybdenum Co. Ltd., Class H (Materials)		12,707
	17,321	China National Building Material Co. Ltd., Class H (Materials)		23,696
	976	China Northern Rare Earth Group High-Tech Co. Ltd., Class A (Materials)		8,778
	21,511	China Overseas Land & Investment Ltd. (Real Estate)		49,509
	1,839	China Pacific Insurance Group Co. Ltd., Class A (Financials)		7,496
	11,422	China Pacific Insurance Group Co. Ltd., Class H (Financials)		32,163
	6,483	China Petroleum & Chemical Corp., Class A (Energy)		4,280
	110,644	China Petroleum & Chemical Corp., Class H (Energy)		53,634
	5,426	China Railway Group Ltd., Class A (Industrials)		4,735
	6,379	China Resources Beer Holdings Co. Ltd. (Consumer Staples)		52,493
	3,991	China Resources Gas Group Ltd. (Utilities)		24,221
	12,904	China Resources Land Ltd. (Real Estate)		48,033
	7,964	China Resources Power Holdings Co. Ltd. (Utilities)		19,579
	1,634	China Shenhua Energy Co. Ltd., Class A (Energy)		5,065
	15,121	China Shenhua Energy Co. Ltd., Class H (Energy)		33,480
	2,207	China Southern Airlines Co. Ltd., Class A (Industrials)*		1,970
	7,341	China Southern Airlines Co. Ltd., Class H (Industrials)*		4,276
	6,414	China Taiping Insurance Holdings Co. Ltd. (Financials)		9,369
	522	China Tourism Group Duty Free Corp. Ltd., Class A (Consumer Discretionary)		18,470


Common Stocks – (continued)
China – (continued)
	2,612	China Vanke Co. Ltd., Class A (Real Estate)		8,016
	8,478	China Vanke Co. Ltd., Class H (Real Estate)		22,892
	4,893	China Yangtze Power Co. Ltd., Class A (Utilities)		14,667
	4,397	China Zheshang Bank Co. Ltd., Class A (Financials)		2,419
	81	Chongqing Brewery Co. Ltd., Class A (Consumer Staples)*		1,759
	3,018	Chongqing Changan Automobile Co. Ltd., Class A (Consumer Discretionary)		9,645
	430	Chongqing Zhifei Biological Products Co. Ltd., Class A (Health Care)		11,796
	16,560	CIFI Holdings Group Co. Ltd. (Real Estate)		11,157
	28,484	CITIC Ltd. (Industrials)		35,452
	200	Citic Pacific Special Steel Group Co. Ltd., Class A (Materials)		790
	2,860	CITIC Securities Co. Ltd., Class A (Financials)		11,383
	8,473	CITIC Securities Co. Ltd., Class H (Financials)		21,462
	626	Contemporary Amperex Technology Co. Ltd., Class A (Industrials)		48,014
	3,341	COSCO SHIPPING Holdings Co. Ltd., Class A (Industrials)*		10,740
	15,017	COSCO SHIPPING Holdings Co. Ltd., Class H (Industrials)*^(c)		28,384
	7,745	Country Garden Services Holdings Co. Ltd. (Real Estate)		59,004
	4,071	CSC Financial Co. Ltd., Class H (Financials)^(a)		4,460
	187	DaShenLin Pharmaceutical Group Co. Ltd., Class A (Consumer Staples)		1,320
	1,493	Datang International Power Generation Co. Ltd., Class A (Utilities)		629
	12,692	Datang International Power Generation Co. Ltd., Class H (Utilities)		2,187
	195	Dong-E-E-Jiao Co. Ltd., Class A (Health Care)		1,039
	844	Dongfang Electric Corp. Ltd., Class A (Industrials)		2,071
	1,643	Dongfang Electric Corp. Ltd., Class H (Industrials)		2,252
	12,784	Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary)		14,005
	844	Dongxing Securities Co. Ltd., Class A (Financials)		1,453
	2,776	East Money Information Co. Ltd., Class A (Financials)		13,316
	100	Ecovacs Robotics Co. Ltd., Class A (Consumer Discretionary)		2,274
	3,369	ENN Energy Holdings Ltd. (Utilities)		66,667
	500	ENN Natural Gas Co. Ltd., Class A (Utilities)		1,586


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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
China – (continued)
	493	Eve Energy Co. Ltd., Class A (Industrials)	$	7,794
	1,168	Everbright Securities Co. Ltd., Class A (Financials)		2,878
	1,234	Everbright Securities Co. Ltd., Class H (Financials)^(a)		984
	1,181	Fangda Carbon New Material Co. Ltd., Class A (Industrials)		2,367
	519	FAW Jiefang Group Co. Ltd., Class A (Consumer Discretionary)		899
	244	Flat Glass Group Co. Ltd., Class A (Information Technology)		2,218
	1,841	Flat Glass Group Co. Ltd., Class H (Information Technology)		10,747
	3,943	Focus Media Information Technology Co. Ltd., Class A (Communication Services)		4,394
	537	Foshan Haitian Flavouring & Food Co. Ltd., Class A (Consumer Staples)		7,905
	1,947	Founder Securities Co. Ltd., Class A (Financials)		2,574
	2,252	Foxconn Industrial Internet Co. Ltd., Class A (Information Technology)		4,007
	100	Fu Jian Anjoy Foods Co. Ltd., Class A (Consumer Staples)		2,422
	325	Fujian Sunner Development Co. Ltd., Class A (Consumer Staples)		891
	484	Fuyao Glass Industry Group Co. Ltd., Class A (Consumer Discretionary)		3,593
	2,568	Fuyao Glass Industry Group Co. Ltd., Class H (Consumer Discretionary)^(a)		15,816
	300	Ganfeng Lithium Co. Ltd., Class A (Materials)		10,229
	1,065	Ganfeng Lithium Co. Ltd., Class H (Materials)^(a)		24,539
	1,363	Gemdale Corp., Class A (Real Estate)		2,205
	1,691	GF Securities Co. Ltd., Class A (Financials)		4,977
	5,913	GF Securities Co. Ltd., Class H (Financials)		10,522
	182	Gigadevice Semiconductor Beijing, Inc., Class A (Information Technology)		4,317
	874	GoerTek, Inc., Class A (Information Technology)		6,304
	100	Gongniu Group Co. Ltd., Class A (Industrials)		2,733
	300	Gotion High-tech Co. Ltd., Class A (Industrials)*		2,499
	584	Great Wall Motor Co. Ltd., Class A (Consumer Discretionary)		5,985
	13,571	Great Wall Motor Co. Ltd., Class H (Consumer Discretionary)		62,469
	454	Guangdong Haid Group Co. Ltd., Class A (Consumer Staples)		4,521
	100	Guangdong Kinlong Hardware Products Co. Ltd., Class A (Industrials)		2,503
	436	Guangzhou Automobile Group Co. Ltd., Class A (Consumer Discretionary)		1,249


Common Stocks – (continued)
China – (continued)
	12,563	Guangzhou Automobile Group Co. Ltd., Class H (Consumer Discretionary)		12,648
	390	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (Health Care)		1,781
	1,063	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H (Health Care)		2,714
	81	Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A (Health Care)		1,324
	195	Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A (Information Technology)		2,630
	200	Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials)		4,222
	526	Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A (Financials)		678
	1,233	Guosen Securities Co. Ltd., Class A (Financials)		2,331
	2,148	Guotai Junan Securities Co. Ltd., Class A (Financials)		5,913
	3,946	Guotai Junan Securities Co. Ltd., Class H (Financials)^(a)		5,520
	1,201	Guoyuan Securities Co. Ltd., Class A (Financials)		1,465
	1,695	Haier Smart Home Co. Ltd., Class A (Consumer Discretionary)		7,109
	2,792	Haitong Securities Co. Ltd., Class A (Financials)		5,500
	13,475	Haitong Securities Co. Ltd., Class H (Financials)		12,457
	253	Han’s Laser Technology Industry Group Co. Ltd., Class A (Industrials)		1,759
	194	Hangzhou First Applied Material Co. Ltd., Class A (Information Technology)		4,570
	260	Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Discretionary)		1,439
	215	Hangzhou Tigermed Consulting Co. Ltd., Class A (Health Care)		4,468
	546	Hangzhou Tigermed Consulting Co. Ltd., Class H (Health Care)^(a)		9,688
	1,399	Hengli Petrochemical Co. Ltd., Class A (Materials)		5,681
	1,097	Hengyi Petrochemical Co. Ltd., Class A (Materials)		1,993
	3,246	Hesteel Co. Ltd., Class A (Materials)		1,570
	130	Hithink RoyalFlush Information Network Co. Ltd., Class A (Financials)		2,331
	3,377	Hua Hong Semiconductor Ltd. (Information Technology)*^(a)		19,887
	2,467	Huadian Power International Corp. Ltd., Class A (Utilities)		1,480
	8,437	Huadian Power International Corp. Ltd., Class H (Utilities)		2,864
	419	Huadong Medicine Co. Ltd., Class A (Health Care)		1,997
	800	Huafon Chemical Co. Ltd., Class A (Materials)		1,722


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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2021


Shares		Description	Value

Common Stocks – (continued)
China – (continued)
	519	Hualan Biological Engineering, Inc., Class A (Health Care)	$	2,367
	1,493	Huaneng Lancang River Hydropower, Inc., Class A (Utilities)		1,340
	2,077	Huaneng Power International, Inc., Class A (Utilities)		1,787
	18,339	Huaneng Power International, Inc., Class H (Utilities)		8,843
	779	Huaxi Securities Co. Ltd., Class A (Financials)		1,171
	3,059	Huaxia Bank Co. Ltd., Class A (Financials)		2,655
	901	Huayu Automotive Systems Co. Ltd., Class A (Consumer Discretionary)		3,240
	651	Huazhu Group Ltd. ADR (Consumer Discretionary)*		31,437
	1,800	Hunan Valin Steel Co. Ltd., Class A (Materials)		2,176
	354	Hundsun Technologies, Inc., Class A (Information Technology)		2,719
	598	Iflytek Co. Ltd., Class A (Information Technology)		4,855
	14,818	Industrial & Commercial Bank of China Ltd., Class A (Financials)		10,611
	346,338	Industrial & Commercial Bank of China Ltd., Class H (Financials)		193,267
	5,580	Industrial Bank Co. Ltd., Class A (Financials)		16,000
	2,077	Industrial Securities Co. Ltd., Class A (Financials)		3,200
	12,246	Inner Mongolia BaoTou Steel Union Co. Ltd., Class A (Materials)*		7,137
	2,467	Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A (Materials)		2,222
	1,634	Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Consumer Staples)		8,613
	3,686	Innovent Biologics, Inc. (Health Care)*^(a)		29,716
	100	Intco Medical Technology Co. Ltd., Class A (Health Care)		1,584
	262	JA Solar Technology Co. Ltd., Class A (Information Technology)		3,159
	215	Jafron Biomedical Co. Ltd., Class A (Health Care)		1,632
	200	Jason Furniture Hangzhou Co. Ltd., Class A (Consumer Discretionary)		2,133
	500	JCET Group Co. Ltd., Class A (Information Technology)		2,646
	7,042	JD Logistics, Inc. (Industrials)*^(a)		30,423
	4,069	JD.com, Inc. ADR (Consumer Discretionary)*		319,661
	500	Jiangsu Eastern Shenghong Co. Ltd., Class A (Materials)		2,509
	192	Jiangsu Hengli Hydraulic Co. Ltd., Class A (Industrials)		2,826
	325	Jiangsu King’s Luck Brewery JSC Ltd., Class A (Consumer Staples)		2,117


Common Stocks – (continued)
China – (continued)
	360	Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A (Consumer Staples)		9,348
	260	Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A (Health Care)		1,319
	584	Jiangxi Copper Co. Ltd., Class A (Materials)		2,401
	4,843	Jiangxi Copper Co. Ltd., Class H (Materials)		9,851
	100	JiuGui Liquor Co. Ltd., Class A (Consumer Staples)		3,247
	12,385	Kingdee International Software Group Co. Ltd. (Information Technology)*		45,066
	568	Kuang-Chi Technologies Co. Ltd., Class A (Consumer Discretionary)*		2,012
	16,445	Kunlun Energy Co. Ltd. (Utilities)		17,423
	314	Kweichow Moutai Co. Ltd., Class A (Consumer Staples)		75,823
	619	LB Group Co. Ltd., Class A (Materials)		3,598
	4,930	Legend Holdings Corp., Class H (Information Technology)^(a)		7,949
	27,272	Lenovo Group Ltd. (Information Technology)		30,227
	1,278	Lens Technology Co. Ltd., Class A (Information Technology)		4,675
	9,834	Li Ning Co. Ltd. (Consumer Discretionary)		132,134
	130	Livzon Pharmaceutical Group, Inc., Class A (Health Care)		794
	7,513	Longfor Group Holdings Ltd. (Real Estate)^(a)		32,555
	1,454	LONGi Green Energy Technology Co. Ltd., Class A (Information Technology)		20,160
	1,880	Luxshare Precision Industry Co. Ltd., Class A (Information Technology)		9,866
	393	Luzhou Laojiao Co. Ltd., Class A (Consumer Staples)		10,355
	454	Mango Excellent Media Co. Ltd., Class A (Communication Services)		3,223
	100	Maxscend Microelectronics Co. Ltd., Class A (Information Technology)		5,874
	17,630	Meituan, Class B (Consumer Discretionary)*^(a)		564,443
	5,518	Metallurgical Corp. of China Ltd., Class A (Industrials)		4,285
	12,853	Metallurgical Corp. of China Ltd., Class H (Industrials)		5,123
	3,173	Microport Scientific Corp. (Health Care)		19,644
	900	Midea Group Co. Ltd., Class A (Consumer Discretionary)		9,206
	1,414	Muyuan Foods Co. Ltd., Class A (Consumer Staples)		9,273
	1,012	NARI Technology Co. Ltd., Class A (Industrials)		5,491
	130	NAURA Technology Group Co. Ltd., Class A (Information Technology)		7,170
	1,692	NetEase, Inc. ADR (Communication Services)		164,835


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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
China – (continued)
	419	New China Life Insurance Co. Ltd., Class A (Financials)	$	2,638
	325	Ninestar Corp., Class A (Information Technology)		1,775
	244	Ningbo Tuopu Group Co. Ltd., Class A (Consumer Discretionary)		1,356
	1,588	Ningbo Zhoushan Port Co. Ltd., Class A (Industrials)		938
	750	Ningxia Baofeng Energy Group Co. Ltd., Class A (Materials)		1,867
	6,004	NIO, Inc. ADR (Consumer Discretionary)*		236,017
	7,761	Nongfu Spring Co. Ltd., Class H (Consumer Staples)^(a)		41,063
	91	Oppein Home Group, Inc., Class A (Consumer Discretionary)		2,179
	1,817	Orient Securities Co. Ltd., Class A (Financials)		4,216
	3,628	Orient Securities Co. Ltd., Class H (Financials)^(a)		3,569
	36,720	People’s Insurance Co. Group of China Ltd. (The), Class H (Financials)		11,331
	4,672	PetroChina Co. Ltd., Class A (Energy)		3,577
	93,157	PetroChina Co. Ltd., Class H (Energy)		40,845
	165	Pharmaron Beijing Co. Ltd., Class A (Health Care)		4,923
	551	Pharmaron Beijing Co. Ltd., Class H (Health Care)^(a)		12,228
	30,889	PICC Property & Casualty Co. Ltd., Class H (Financials)		27,921
	1,754	Pinduoduo, Inc. ADR (Consumer Discretionary)*		175,435
	5,213	Ping An Bank Co. Ltd., Class A (Financials)		14,382
	7,206	Postal Savings Bank of China Co. Ltd., Class A (Financials)		5,741
	57,342	Postal Savings Bank of China Co. Ltd., Class H (Financials)^(a)		41,362
	4,220	Power Construction Corp. of China Ltd., Class A (Industrials)		4,062
	286	Red Star Macalline Group Corp. Ltd., Class A (Real Estate)*		449
	1,972	Rongsheng Petrochemical Co. Ltd., Class A (Materials)		5,703
	1,503	SAIC Motor Corp. Ltd., Class A (Consumer Discretionary)		4,501
	1,233	Sanan Optoelectronics Co. Ltd., Class A (Information Technology)		6,939
	65	Sangfor Technologies, Inc., Class A (Information Technology)		2,744
	2,279	Sany Heavy Industry Co. Ltd., Class A (Industrials)		9,265
	1,381	SDIC Capital Co. Ltd., Class A (Financials)		1,997
	1,806	SDIC Power Holdings Co. Ltd., Class A (Utilities)		2,536
	8,768	Seazen Group Ltd. (Real Estate)*		7,779


Common Stocks – (continued)
China – (continued)
	534	Seazen Holdings Co. Ltd., Class A (Real Estate)		2,782
	1,044	SF Holding Co. Ltd., Class A (Industrials)		9,324
	2,262	Shaanxi Coal Industry Co. Ltd., Class A (Energy)		4,807
	520	Shandong Hualu Hengsheng Chemical Co. Ltd., Class A (Materials)		2,935
	10,554	Shandong Weigao Group Medical Polymer Co. Ltd., Class H (Health Care)		17,370
	240	Shanghai Bairun Investment Holding Group Co. Ltd., Class A (Consumer Staples)		2,666
	846	Shanghai Baosight Software Co. Ltd., Class A (Information Technology)		9,218
	2,767	Shanghai Electric Group Co. Ltd., Class A (Industrials)		2,097
	584	Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A (Health Care)		5,730
	2,149	Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H (Health Care)		13,788
	2,532	Shanghai International Port Group Co. Ltd., Class A (Industrials)		2,194
	200	Shanghai Junshi Biosciences Co. Ltd., Class A (Health Care)*		1,737
	612	Shanghai Lingang Holdings Corp. Ltd., Class A (Real Estate)		1,462
	384	Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A (Real Estate)		680
	260	Shanghai M&G Stationery, Inc., Class A (Industrials)		2,777
	584	Shanghai Pharmaceuticals Holding Co. Ltd., Class A (Health Care)		1,738
	3,423	Shanghai Pharmaceuticals Holding Co. Ltd., Class H (Health Care)		6,796
	7,885	Shanghai Pudong Development Bank Co. Ltd., Class A (Financials)		11,060
	113	Shanghai Putailai New Energy Technology Co. Ltd., Class A (Materials)		2,680
	1,168	Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A (Consumer Discretionary)		1,845
	1,104	Shanxi Meijin Energy Co. Ltd., Class A (Energy)*		2,380
	1,753	Shanxi Taigang Stainless Steel Co. Ltd., Class A (Materials)		2,747
	273	Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A (Consumer Staples)		11,743
	5,767	Shenwan Hongyuan Group Co. Ltd., Class A (Financials)		4,201
	3,457	Shenwan Hongyuan Group Co. Ltd., Class H (Financials)^(a)		840
	900	Shenzhen Energy Group Co. Ltd., Class A (Utilities)		1,092
	736	Shenzhen Inovance Technology Co. Ltd., Class A (Industrials)		8,101
	195	Shenzhen Kangtai Biological Products Co. Ltd., Class A (Health Care)*		3,659


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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2021


Shares		Description	Value

Common Stocks – (continued)
China – (continued)
	260	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care)	$	13,218
	2,203	Shenzhen Overseas Chinese Town Co. Ltd., Class A (Consumer Discretionary)		2,301
	3,512	Shenzhou International Group Holdings Ltd. (Consumer Discretionary)		76,586
	794	Sichuan Chuantou Energy Co. Ltd., Class A (Utilities)		1,400
	390	Sichuan Kelun Pharmaceutical Co. Ltd., Class A (Health Care)		1,100
	909	Sinolink Securities Co. Ltd., Class A (Financials)		1,548
	1,623	Sinopec Oilfield Service Corp., Class A (Energy)*		543
	6,006	Sinopharm Group Co. Ltd., Class H (Health Care)		15,429
	934	Sinotrans Ltd., Class A (Industrials)		719
	9,388	Sinotrans Ltd., Class H (Industrials)		3,826
	1,168	SooChow Securities Co. Ltd., Class A (Financials)		1,713
	260	Spring Airlines Co. Ltd., Class A (Industrials)*		2,143
	400	Sungrow Power Supply Co. Ltd., Class A (Industrials)		9,751
	2,972	Sunny Optical Technology Group Co. Ltd. (Information Technology)		89,878
	406	Sunwoda Electronic Co. Ltd., Class A (Industrials)		2,474
	779	Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A (Industrials)		857
	1,104	TBEA Co. Ltd., Class A (Industrials)		4,197
	3,769	TCL Technology Group Corp., Class A (Consumer Discretionary)		4,165
	26,531	Tencent Holdings Ltd. (Communication Services)		1,641,525
	100	Thunder Software Technology Co. Ltd., Class A (Information Technology)		1,837
	844	Tianjin Zhonghuan Semiconductor Co. Ltd., Class A (Information Technology)		7,064
	584	Tianma Microelectronics Co. Ltd., Class A (Information Technology)		1,281
	8,219	Tingyi Cayman Islands Holding Corp. (Consumer Staples)		14,626
	182	Toly Bread Co. Ltd., Class A (Consumer Staples)		767
	3,318	Tongcheng-Elong Holdings Ltd. (Consumer Discretionary)*		7,722
	600	Tongkun Group Co. Ltd., Class A (Materials)		2,223
	1,209	Tongwei Co. Ltd., Class A (Consumer Staples)		11,430
	65	Topchoice Medical Corp., Class A (Health Care)*		2,368
	10,360	Topsports International Holdings Ltd. (Consumer Discretionary)^(a)		13,694


Common Stocks – (continued)
China – (continued)
	4,175	TravelSky Technology Ltd., Class H (Information Technology)		7,827
	2,715	Trip.com Group Ltd. ADR (Consumer Discretionary)*		82,780
	195	Tsingtao Brewery Co. Ltd., Class A (Consumer Staples)		2,609
	2,411	Tsingtao Brewery Co. Ltd., Class H (Consumer Staples)		19,747
	162	Unigroup Guoxin Microelectronics Co. Ltd., Class A (Information Technology)		5,617
	454	Walvax Biotechnology Co. Ltd., Class A (Health Care)		5,467
	843	Wanhua Chemical Group Co. Ltd., Class A (Materials)		13,941
	20,066	Want Want China Holdings Ltd. (Consumer Staples)		13,649
	287	Weibo Corp. ADR (Communication Services)*		14,499
	1,712	Weichai Power Co. Ltd., Class A (Industrials)		5,325
	8,699	Weichai Power Co. Ltd., Class H (Industrials)		21,945
	1,039	Western Securities Co. Ltd., Class A (Financials)		1,312
	195	Will Semiconductor Co. Ltd., Class A (Information Technology)		7,317
	325	Wingtech Technology Co. Ltd., Class A (Information Technology)		6,012
	463	Wuhan Guide Infrared Co. Ltd., Class A (Information Technology)		1,966
	1,043	Wuliangye Yibin Co. Ltd., Class A (Consumer Staples)		32,604
	687	WuXi AppTec Co. Ltd., Class A (Health Care)		14,140
	1,509	WuXi AppTec Co. Ltd., Class H (Health Care)^(a)		30,074
	15,475	Wuxi Biologics Cayman, Inc. (Health Care)*^(a)		239,566
	395	Wuxi Lead Intelligent Equipment Co. Ltd., Class A (Information Technology)		4,567
	2,402	XCMG Construction Machinery Co. Ltd., Class A (Industrials)		2,427
	1,039	Xinjiang Goldwind Science & Technology Co. Ltd., Class A (Industrials)		2,350
	3,685	Xinjiang Goldwind Science & Technology Co. Ltd., Class H (Industrials)		7,041
	18,719	Xinyi Solar Holdings Ltd. (Information Technology)		45,249
	2,566	XPeng, Inc. ADR (Consumer Discretionary)*		109,055
	649	Yanzhou Coal Mining Co. Ltd., Class A (Energy)		2,568
	6,042	Yanzhou Coal Mining Co. Ltd., Class H (Energy)		10,550
	195	Yealink Network Technology Corp. Ltd., Class A (Information Technology)		2,599


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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
China – (continued)
	218	Yifeng Pharmacy Chain Co. Ltd., Class A (Consumer Staples)	$	1,752
	300	Yihai Kerry Arawana Holdings Co. Ltd., Class A (Consumer Staples)		3,143
	828	Yonyou Network Technology Co. Ltd., Class A (Information Technology)		4,299
	287	Yunnan Baiyao Group Co. Ltd., Class A (Health Care)		3,945
	195	Yunnan Energy New Material Co. Ltd., Class A (Materials)		8,535
	649	Yutong Bus Co. Ltd., Class A (Industrials)		1,237
	416	Zai Lab Ltd. ADR (Health Care)*		60,112
	130	Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A (Health Care)		6,993
	549	Zhejiang Chint Electrics Co. Ltd., Class A (Industrials)		5,356
	909	Zhejiang Dahua Technology Co. Ltd., Class A (Information Technology)		3,243
	6,829	Zhejiang Expressway Co. Ltd., Class H (Industrials)		5,988
	325	Zhejiang Huayou Cobalt Co. Ltd., Class A (Materials)		7,063
	974	Zhejiang Longsheng Group Co. Ltd., Class A (Materials)		2,043
	692	Zhejiang NHU Co. Ltd., Class A (Health Care)		3,086
	1,026	Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A (Industrials)		4,015
	454	Zhejiang Semir Garment Co. Ltd., Class A (Consumer Discretionary)		666
	1,022	Zheshang Securities Co. Ltd., Class A (Financials)*		1,964
	2,434	Zhongsheng Group Holdings Ltd. (Consumer Discretionary)		20,342
	2,450	Zhuzhou CRRC Times Electric Co. Ltd., Class H (Industrials)*		14,759
	5,302	Zijin Mining Group Co. Ltd., Class A (Materials)		9,130
	25,595	Zijin Mining Group Co. Ltd., Class H (Materials)		36,464
	1,868	Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A (Industrials)		2,281
	7,059	Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H (Industrials)		6,726
	3,382	ZTE Corp., Class H (Information Technology)		11,893

				10,021,333

Colombia – 0.1%
	1,015	Bancolombia SA (Financials)		8,380
	16,220	Ecopetrol SA (Energy)		11,392
	11,978	Grupo Energia Bogota SA ESP (Utilities)		8,578
	1,903	Interconexion Electrica SA ESP (Utilities)		11,480

				39,830


Common Stocks – (continued)
Czech Republic – 0.1%
	716	CEZ AS (Utilities)		22,565
	332	Komercni banka AS (Financials)*		12,761
	2,157	Moneta Money Bank AS (Financials)*^(a)		8,747

				44,073

Egypt – 0.1%
	8,762	Commercial International Bank Egypt SAE (Financials)*		26,119
	4,647	Eastern Co. SAE (Consumer Staples)		3,484
	4,876	Fawry for Banking & Payment Technology Services SAE (Information Technology)*		5,059

				34,662

Greece – 0.2%
	11,341	Eurobank Ergasias Services and Holdings SA (Financials)*		10,804
	986	Hellenic Telecommunications Organization SA (Communication Services)		19,397
	498	JUMBO SA (Consumer Discretionary)		7,819
	408	LAMDA Development SA (Real Estate)*		3,995
	309	Motor Oil Hellas Corinth Refineries SA (Energy)*		5,107
	470	Mytilineos SA (Industrials)		8,821
	2,441	National Bank of Greece SA (Financials)*		7,382
	874	OPAP SA (Consumer Discretionary)		13,701
	508	Public Power Corp. SA (Utilities)*		6,015
	248	Terna Energy SA (Utilities)		3,548

				86,589

Hong Kong – 0.0%
	602	Orient Overseas International Ltd. (Industrials)		15,496

Hungary – 0.3%
	2,114	MOL Hungarian Oil & Gas PLC (Energy)		17,324
	975	OTP Bank Nyrt (Financials)*		58,839
	621	Richter Gedeon Nyrt (Health Care)		18,602

				94,765

India – 12.1%
	198	ABB India Ltd. (Industrials)		5,141
	371	ACC Ltd. (Materials)		12,263
	1,234	Adani Enterprises Ltd. (Industrials)		26,834
	1,727	Adani Green Energy Ltd. (Utilities)*		25,272
	3,043	Adani Ports & Special Economic Zone Ltd. (Industrials)		31,190
	120	Alkem Laboratories Ltd. (Health Care)		6,375
	2,707	Ambuja Cements Ltd. (Materials)		15,612
	549	Apollo Hospitals Enterprise Ltd. (Health Care)		37,370
	8,321	Ashok Leyland Ltd. (Industrials)		13,990
	2,702	Asian Paints Ltd. (Materials)		118,482
	685	AU Small Finance Bank Ltd. (Financials)*^(a)		10,609
	1,197	Aurobindo Pharma Ltd. (Health Care)		11,924


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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2021


Shares		Description	Value

Common Stocks – (continued)
India – (continued)
	1,072	Avenue Supermarts Ltd. (Consumer Staples)*^(a)	$	58,070
	10,055	Axis Bank Ltd. (Financials)*		108,321
	311	Bajaj Auto Ltd. (Consumer Discretionary)		15,880
	1,141	Bajaj Finance Ltd. (Financials)		117,597
	171	Bajaj Finserv Ltd. (Financials)		40,166
	127	Bajaj Holdings & Investment Ltd. (Financials)		7,579
	3,300	Bandhan Bank Ltd. (Financials)^(a)		12,882
	4,401	Bank of Baroda (Financials)*		4,663
	1,222	Berger Paints India Ltd. (Materials)		13,739
	5,075	Bharat Electronics Ltd. (Industrials)		12,975
	3,639	Bharat Petroleum Corp. Ltd. (Energy)		23,509
	10,404	Bharti Airtel Ltd. (Communication Services)*		94,631
	1,942	Biocon Ltd. (Health Care)*		9,545
	32	Bosch Ltd. (Consumer Discretionary)		6,075
	531	Britannia Industries Ltd. (Consumer Staples)		29,075
	976	Cadila Healthcare Ltd. (Health Care)		7,408
	2,118	Cipla Ltd. (Health Care)		27,496
	5,982	Coal India Ltd. (Energy)		11,950
	511	Colgate-Palmolive India Ltd. (Consumer Staples)		11,852
	1,045	Container Corp. Of India Ltd. (Industrials)		9,727
	2,525	Dabur India Ltd. (Consumer Staples)		21,495
	554	Divi’s Laboratories Ltd. (Health Care)		39,259
	2,830	DLF Ltd. (Real Estate)		12,426
	517	Dr. Reddy’s Laboratories Ltd. (Health Care)		33,312
	559	Eicher Motors Ltd. (Consumer Discretionary)		20,514
	4,200	Embassy Office Parks REIT (Real Estate)		20,572
	8,108	GAIL India Ltd. (Utilities)		16,231
	214	Gland Pharma Ltd. (Health Care)*^(a)		11,414
	1,665	Godrej Consumer Products Ltd. (Consumer Staples)*		25,070
	433	Godrej Properties Ltd. (Real Estate)*		8,831
	1,583	Grasim Industries Ltd. (Materials)		32,533
	773	Gujarat Gas Ltd. (Utilities)		7,653
	982	Havells India Ltd. (Industrials)		17,062
	4,591	HCL Technologies Ltd. (Information Technology)		74,348
	202	HDFC Asset Management Co. Ltd. (Financials)^(a)		8,506
	4,109	HDFC Life Insurance Co. Ltd. (Financials)^(a)		40,396
	580	Hero MotoCorp Ltd. (Consumer Discretionary)		21,782
	5,365	Hindalco Industries Ltd. (Materials)		34,413
	155	Hindustan Aeronautics Ltd. (Industrials)		2,921
	2,614	Hindustan Petroleum Corp. Ltd. (Energy)		9,545
	3,606	Hindustan Unilever Ltd. (Consumer Staples)		134,549
	10	Honeywell Automation India Ltd. (Information Technology)		5,425


Common Stocks – (continued)
India – (continued)
	6,923	Housing Development Finance Corp. Ltd. (Financials)		265,370
	22,716	ICICI Bank Ltd. (Financials)		223,730
	974	ICICI Lombard General Insurance Co. Ltd. (Financials)^(a)		21,274
	2,969	ICICI Prudential Life Insurance Co. Ltd. (Financials)^(a)		26,804
	7,222	Indian Oil Corp. Ltd. (Energy)		10,965
	1,266	Indraprastha Gas Ltd. (Utilities)		9,465
	3,014	Indus Towers Ltd. (Communication Services)		8,890
	311	Info Edge India Ltd. (Communication Services)		26,336
	14,710	Infosys Ltd. (Information Technology)		343,826
	440	InterGlobe Aviation Ltd. (Industrials)*^(a)		11,476
	13,226	ITC Ltd. (Consumer Staples)		38,279
	4,184	JSW Steel Ltd. (Materials)		39,406
	308	Jubilant Foodworks Ltd. (Consumer Discretionary)		16,854
	616	Kansai Nerolac Paints Ltd. (Materials)		5,227
	4,833	Kotak Mahindra Bank Ltd. (Financials)		116,093
	188	Larsen & Toubro Infotech Ltd. (Information Technology)^(a)		13,680
	3,051	Larsen & Toubro Ltd. (Industrials)		69,882
	940	Lupin Ltd. (Health Care)		12,333
	4,721	Mahindra & Mahindra Ltd. (Consumer Discretionary)		51,298
	2,091	Marico Ltd. (Consumer Staples)		15,594
	584	Maruti Suzuki India Ltd. (Consumer Discretionary)		54,763
	233	Mindtree Ltd. (Information Technology)		11,576
	5,408	Motherson Sumi Systems Ltd. (Consumer Discretionary)*		16,193
	353	Mphasis Ltd. (Information Technology)*		14,013
	12	MRF Ltd. (Consumer Discretionary)		13,107
	477	Muthoot Finance Ltd. (Financials)		9,892
	151	Nestle India Ltd. (Consumer Staples)		40,265
	11,218	NHPC Ltd. (Utilities)		4,141
	2,394	NMDC Ltd. (Materials)		5,051
	16,303	NTPC Ltd. (Utilities)		25,892
	10,371	Oil & Natural Gas Corp. Ltd. (Energy)		17,125
	77	Oracle Financial Services Software Ltd. (Information Technology)		4,957
	25	Page Industries Ltd. (Consumer Discretionary)		10,786
	3,237	Petronet LNG Ltd. (Energy)		10,091
	343	PI Industries Ltd. (Materials)		15,945
	621	Pidilite Industries Ltd. (Materials)		19,397
	417	Piramal Enterprises Ltd. (Financials)		14,888
	4,535	Power Finance Corp. Ltd. (Financials)		8,016
	11,625	Power Grid Corp. of India Ltd. (Utilities)		27,921
	9,039	Punjab National Bank (Financials)*		4,538
	3,833	REC Ltd. (Financials)		7,964
	11,519	Reliance Industries Ltd. (Energy)		356,287
	964	SBI Cards & Payment Services Ltd. (Financials)*		15,060


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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
India – (continued)
	1,870	SBI Life Insurance Co. Ltd. (Financials)^(a)	$	30,533
	44	Shree Cement Ltd. (Materials)		17,048
	804	Shriram Transport Finance Co. Ltd. (Financials)		14,897
	276	Siemens Ltd. (Industrials)		8,591
	113	SRF Ltd. (Materials)		15,694
	7,991	State Bank of India (Financials)		46,633
	4,578	Steel Authority of India Ltd. (Materials)		7,625
	4,672	Sun Pharmaceutical Industries Ltd. (Health Care)		50,814
	3,914	Tata Consultancy Services Ltd. (Information Technology)		202,995
	2,840	Tata Consumer Products Ltd. (Consumer Staples)		33,647
	6,969	Tata Motors Ltd. (Consumer Discretionary)*		27,424
	1,970	Tata Motors Ltd., Class A (Consumer Discretionary)*		3,685
	6,482	Tata Power Co. Ltd. (The) (Utilities)		11,458
	2,866	Tata Steel Ltd. (Materials)		56,931
	2,584	Tech Mahindra Ltd. (Information Technology)		51,238
	1,572	Titan Co. Ltd. (Consumer Discretionary)		41,376
	217	Torrent Pharmaceuticals Ltd. (Health Care)		9,232
	483	UltraTech Cement Ltd. (Materials)		51,818
	313	United Breweries Ltd. (Consumer Staples)		6,324
	1,336	United Spirits Ltd. (Consumer Staples)*		13,087
	2,172	UPL Ltd. (Materials)		22,052
	5,295	Vedanta Ltd. (Materials)		21,961
	1,002	Voltas Ltd. (Industrials)		13,668
	5,633	Wipro Ltd. (Information Technology)		49,453

				4,379,293

Indonesia – 1.3%
	61,965	Adaro Energy Tbk PT (Energy)		5,474
	90,273	Astra International Tbk PT (Consumer Discretionary)		33,071
	7,759	Bank Aladin Syariah Tbk PT (Financials)*		1,823
	49,051	Bank Central Asia Tbk PT (Financials)		112,633
	28,307	Bank Jago Tbk PT (Financials)*		30,118
	79,291	Bank Mandiri Persero Tbk PT (Financials)		33,912
	33,383	Bank Negara Indonesia Persero Tbk PT (Financials)		12,639
	236,288	Bank Rakyat Indonesia Persero Tbk PT (Financials)		65,109
	151,787	Bank Syariah Indonesia Tbk PT (Financials)*		23,626
	7,349	Chandra Asri Petrochemical Tbk PT (Materials)		4,045
	32,645	Charoen Pokphand Indonesia Tbk PT (Consumer Staples)		14,649


Common Stocks – (continued)
Indonesia – (continued)
	80,571	Elang Mahkota Teknologi Tbk PT (Communication Services)*		12,259
	11,449	Indah Kiat Pulp & Paper Tbk PT (Materials)		6,342
	8,076	Indocement Tunggal Prakarsa Tbk PT (Materials)		6,370
	19,623	Indofood Sukses Makmur Tbk PT (Consumer Staples)*		8,496
	89,322	Kalbe Farma Tbk PT (Health Care)		8,423
	48,301	Merdeka Copper Gold Tbk PT (Materials)*		9,550
	107,747	Sarana Menara Nusantara Tbk PT (Communication Services)		10,123
	13,011	Semen Indonesia Persero Tbk PT (Materials)		8,438
	212,471	Telkom Indonesia Persero Tbk PT (Communication Services)		50,650
	6,746	United Tractors Tbk PT (Energy)		9,495

				467,245

Kuwait – 0.6%
	4,933	Agility Public Warehousing Co. KSC (Industrials)		16,383
	4,321	Boubyan Bank KSCP (Financials)*		11,248
	19,146	Kuwait Finance House KSCP (Financials)		52,575
	15,130	Mobile Telecommunications Co. KSCP (Communication Services)		30,733
	29,784	National Bank of Kuwait SAKP (Financials)		92,679

				203,618

Luxembourg – 0.0%
	678	Reinet Investments SCA (Financials)*		13,174

Mexico – 2.0%
	21,979	Alfa SAB de CV, Class A (Industrials)		15,465
	132,554	America Movil SAB de CV, Series L (Communication Services)		130,771
	1,975	Arca Continental SAB de CV (Consumer Staples)		12,750
	2,611	Becle SAB de CV (Consumer Staples)		6,670
	65,200	Cemex SAB de CV, Series CPO (Materials)*		53,684
	2,214	Coca-Cola Femsa SAB de CV (Consumer Staples)		12,846
	940	El Puerto de Liverpool SAB de CV (Consumer Discretionary)		4,177
	13,277	Fibra Uno Administracion SA de CV REIT (Real Estate)		15,139
	9,580	Fomento Economico Mexicano SAB de CV (Consumer Staples)		83,598
	2,625	GMexico Transportes SAB de CV (Industrials)^(a)		4,083
	892	Gruma SAB de CV, Class B (Consumer Staples)		10,210


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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2021


Shares		Description	Value

Common Stocks – (continued)
Mexico – (continued)
	1,586	Grupo Aeroportuario del Pacifico SAB de CV, Class B (Industrials)*	$	18,510
	545	Grupo Aeroportuario del Sureste SAB de CV, Class B (Industrials)*		9,802
	6,068	Grupo Bimbo SAB de CV, Series A (Consumer Staples)		15,388
	1,956	Grupo Carso SAB de CV, Series A1 (Industrials)		6,664
	266	Grupo Elektra SAB DE CV (Financials)		21,242
	12,782	Grupo Financiero Banorte SAB de CV, Class O (Financials)		84,565
	8,978	Grupo Financiero Inbursa SAB de CV, Class O (Financials)*		8,615
	13,732	Grupo Mexico SAB de CV, Series B (Materials)		64,105
	11,249	Grupo Televisa SAB, Series CPO (Communication Services)		29,717
	555	Industrias Penoles SAB de CV (Materials)*		7,882
	7,171	Kimberly-Clark de Mexico SAB de CV, Class A (Consumer Staples)		12,693
	4,597	Orbia Advance Corp. SAB de CV (Materials)		13,154
	22,826	Wal-Mart de Mexico SAB de CV (Consumer Staples)		81,396

				723,126

Pakistan – 0.1%
	1,352	DG Khan Cement Co. Ltd. (Materials)*		869
	1,535	Engro Corp. Ltd. (Materials)		2,713
	1,335	Engro Polymer & Chemicals Ltd. (Materials)		505
	4,801	Hub Power Co. Ltd. (The) (Utilities)		2,309
	801	Lucky Cement Ltd. (Materials)*		3,999
	2,201	Maple Leaf Cement Factory Ltd. (Materials)*		573
	1,329	Pakistan State Oil Co. Ltd. (Energy)		1,731
	538	Searle Co. Ltd. (The) (Health Care)		738
	1,825	TRG Pakistan (Industrials)		1,764
	2,156	United Bank Ltd. (Financials)		1,567

				16,768

Philippines – 0.7%
	10,083	Aboitiz Equity Ventures, Inc. (Industrials)		8,725
	1,124	Ayala Corp. (Industrials)		17,905
	26,380	Ayala Land, Inc. (Real Estate)		17,896
	8,082	Bank of the Philippine Islands (Financials)		13,516
	7,852	BDO Unibank, Inc. (Financials)		17,345
	141	Globe Telecom, Inc. (Communication Services)		7,709
	3,661	International Container Terminal Services, Inc. (Industrials)		13,695
	12,574	JG Summit Holdings, Inc. (Industrials)		16,403
	1,984	Jollibee Foods Corp. (Consumer Discretionary)		8,048
	1,126	Manila Electric Co. (Utilities)		6,383


Common Stocks – (continued)
Philippines – (continued)
	8,054	Metropolitan Bank & Trust Co. (Financials)		7,317
	31,861	Monde Nissin Corp. (Consumer Staples)*^(a)		10,785
	387	PLDT, Inc. (Communication Services)		11,396
	2,136	SM Investments Corp. (Industrials)		43,321
	46,724	SM Prime Holdings, Inc. (Real Estate)		31,932
	3,947	Universal Robina Corp. (Consumer Staples)		11,964

				244,340

Qatar – 0.8%
	8,879	Commercial Bank PSQC (The) (Financials)		14,724
	13,272	Industries Qatar QSC (Industrials)		46,840
	16,453	Masraf Al Rayan QSC (Financials)		20,561
	19,432	Mesaieed Petrochemical Holding Co. (Materials)		10,674
	4,466	Ooredoo QPSC (Communication Services)		8,479
	1,880	Qatar Electricity & Water Co. QSC (Utilities)		8,571
	2,181	Qatar Fuel QSC (Energy)		10,962
	12,154	Qatar Gas Transport Co. Ltd. (Energy)		10,332
	3,321	Qatar International Islamic Bank QSC (Financials)		8,756
	5,184	Qatar Islamic Bank (Financials)		26,055
	19,682	Qatar National Bank QPSC (Financials)		103,627

				269,581

Russia – 3.0%
	13,839	Alrosa PJSC (Materials)		27,548
	801	Gazprom Neft PJSC (Energy)		4,660
	52,100	Gazprom PJSC (Energy)		217,633
	1,695	LUKOIL PJSC (Energy)		144,901
	272	MMC Norilsk Nickel PJSC (Materials)		89,326
	4,966	Mobile TeleSystems PJSC (Communication Services)		22,306
	3,327	Novatek PJSC (Energy)		78,772
	5,553	Novolipetsk Steel PJSC (Materials)		18,715
	1,506	Polymetal International PLC (Materials)		30,081
	134	Polyus PJSC (Materials)		24,158
	5,475	Rosneft Oil Co. PJSC (Energy)		39,909
	47,840	Sberbank of Russia PJSC (Financials)		214,821
	1,055	Severstal PAO (Materials)		24,754
	6,835	Tatneft PJSC (Energy)		45,212
	7,081	United Co RUSAL International PJSC (Materials)*		5,113
	1,386	Yandex NV, Class A (Communication Services)*		105,733

				1,093,642

Saudi Arabia – 3.2%
	475	Advanced Petrochemical Co. (Materials)		9,068
	5,430	Al Rajhi Bank (Financials)		175,175
	4,388	Alinma Bank (Financials)		26,791
	1,101	Almarai Co. JSC (Consumer Staples)		17,026
	2,496	Arab National Bank (Financials)		15,226


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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Saudi Arabia – (continued)
	780	Arabian Centres Co. Ltd. (Real Estate)	$	5,199
	1,619	Bank AlBilad (Financials)*		18,453
	2,644	Banque Saudi Fransi (Financials)		28,550
	109	BinDawood Holding Co. (Consumer Staples)		3,139
	257	Bupa Arabia for Cooperative Insurance Co. (Financials)		11,443
	2,369	Dar Al Arkan Real Estate Development Co. (Real Estate)*		6,442
	380	Dr Sulaiman Al Habib Medical Services Group Co. (Health Care)		18,601
	1,689	Etihad Etisalat Co. (Communication Services)		14,410
	263	Jarir Marketing Co. (Consumer Discretionary)		15,188
	213	Mouwasat Medical Services Co. (Health Care)		11,131
	1,467	National Industrialization Co. (Materials)*		8,167
	538	National Petrochemical Co. (Materials)		6,813
	979	Rabigh Refining & Petrochemical Co. (Energy)*		6,426
	6,581	Riyad Bank (Financials)		47,199
	899	SABIC Agri-Nutrients Co. (Materials)		30,057
	1,609	Sahara International Petrochemical Co. (Materials)		14,285
	1,808	Saudi Arabian Mining Co. (Materials)*		35,093
	15,602	Saudi Arabian Oil Co. (Energy)^(a)		146,215
	3,983	Saudi Basic Industries Corp. (Materials)		130,618
	3,924	Saudi British Bank (The) (Financials)		36,042
	3,503	Saudi Electricity Co. (Utilities)		25,497
	987	Saudi Industrial Investment Group (Materials)		9,447
	3,291	Saudi Kayan Petrochemical Co. (Materials)*		16,338
	9,727	Saudi National Bank (The) (Financials)		157,678
	2,660	Saudi Telecom Co. (Communication Services)		95,742
	1,171	Savola Group (The) (Consumer Staples)		12,535
	1,042	Yanbu National Petrochemical Co. (Materials)		18,836

				1,172,830

Singapore – 0.0%
	931	BOC Aviation Ltd. (Industrials)^(a)		6,979

South Africa – 3.1%
	2,670	Absa Group Ltd. (Financials)*		29,173
	357	African Rainbow Minerals Ltd. (Materials)		6,397
	184	Anglo American Platinum Ltd. (Materials)^(c)		20,969
	1,521	Aspen Pharmacare Holdings Ltd. (Health Care)*		20,621
	1,428	Bid Corp. Ltd. (Consumer Staples)*		31,579
	1,474	Bidvest Group Ltd. (The) (Industrials)		20,890
	272	Capitec Bank Holdings Ltd. (Financials)		35,684
	1,087	Clicks Group Ltd. (Consumer Staples)		22,737
	1,520	Discovery Ltd. (Financials)*		13,531


Common Stocks – (continued)
South Africa – (continued)
	1,330	Exxaro Resources Ltd. (Energy)		16,965
	16,626	FirstRand Ltd. (Financials)		71,136
	3,119	Gold Fields Ltd. (Materials)		29,428
	3,428	Impala Platinum Holdings Ltd. (Materials)		52,824
	214	Kumba Iron Ore Ltd. (Materials)		9,661
	7,424	MTN Group Ltd. (Communication Services)*		68,487
	1,502	MultiChoice Group (Communication Services)		11,931
	1,886	Naspers Ltd., Class N (Consumer Discretionary)^(c)		323,352
	1,786	Nedbank Group Ltd. (Financials)*		22,842
	1,204	Northam Platinum Ltd. (Materials)*		16,646
	21,081	Old Mutual Ltd. (Financials)		22,385
	3,753	Pepkor Holdings Ltd. (Consumer Discretionary)*^(a)		5,973
	2,674	Rand Merchant Investment Holdings Ltd. (Financials)		5,856
	2,106	Remgro Ltd. (Financials)		17,589
	7,411	Sanlam Ltd. (Financials)		33,015
	1,965	Sasol Ltd. (Materials)*		30,429
	1,872	Shoprite Holdings Ltd. (Consumer Staples)		23,793
	12,354	Sibanye Stillwater Ltd. (Materials)		50,304
	5,737	Standard Bank Group Ltd. (Financials)		58,980
	2,278	Vodacom Group Ltd. (Communication Services)		22,623
	4,104	Woolworths Holdings Ltd. (Consumer Discretionary)*		18,059

				1,113,859

South Korea – 11.6%
	114	Amorepacific Corp. (Consumer Staples)		22,368
	132	AMOREPACIFIC Group (Consumer Staples)		6,580
	35	BGF retail Co. Ltd. (Consumer Staples)		5,388
	1,035	BNK Financial Group, Inc. (Financials)		6,927
	370	Celltrion Healthcare Co. Ltd. (Health Care)*		39,475
	73	Celltrion Pharm, Inc. (Health Care)*		10,886
	362	Celltrion, Inc. (Health Care)*		91,480
	248	Cheil Worldwide, Inc. (Communication Services)		4,941
	27	CJ CheilJedang Corp. (Consumer Staples)		10,561
	59	CJ Corp. (Industrials)		5,165
	45	CJ ENM Co. Ltd. (Consumer Discretionary)		5,942
	33	CJ Logistics Corp. (Industrials)*		4,867
	211	Coway Co. Ltd. (Consumer Discretionary)		14,231
	82	CS Wind Corp. (Industrials)		5,651
	733	Daewoo Engineering & Construction Co. Ltd. (Industrials)*		4,647
	212	Daewoo Shipbuilding & Marine Engineering Co. Ltd. (Industrials)*		5,129
	181	DB Insurance Co. Ltd. (Financials)		9,164
	67	DL E&C Co. Ltd. (Industrials)*		8,148
	227	Dongsuh Cos., Inc. (Consumer Staples)		5,658


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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2021


Shares		Description	Value

Common Stocks – (continued)
South Korea – (continued)
	175	Doosan Bobcat, Inc. (Industrials)*	$	6,543
	32	Doosan Co. Ltd. (Industrials)		2,470
	133	Doosan Fuel Cell Co. Ltd. (Industrials)*		6,298
	1,195	Doosan Heavy Industries & Construction Co. Ltd. (Industrials)*		21,541
	185	Doosan Infracore Co. Ltd. (Industrials)*		1,883
	46	Ecopro BM Co. Ltd. (Industrials)		12,711
	64	E-MART, Inc. (Consumer Staples)		9,880
	194	Fila Holdings Corp. (Consumer Discretionary)		7,513
	240	GS Engineering & Construction Corp. (Industrials)		9,263
	303	GS Holdings Corp. (Energy)		11,107
	1,157	Hana Financial Group, Inc. (Financials)		44,955
	295	Hankook Tire & Technology Co. Ltd. (Consumer Discretionary)		11,856
	23	Hanmi Pharm Co. Ltd. (Health Care)		6,130
	94	Hanmi Science Co. Ltd. (Health Care)		5,951
	583	Hanon Systems (Consumer Discretionary)		8,271
	33	Hansol Chemical Co. Ltd. (Materials)		8,268
	43	Hanssem Co. Ltd. (Consumer Discretionary)		4,302
	130	Hanwha Aerospace Co. Ltd. (Industrials)		5,707
	170	Hanwha Corp. (Industrials)		5,102
	1,675	Hanwha Life Insurance Co. Ltd. (Financials)		4,818
	455	Hanwha Solutions Corp. (Materials)*		15,991
	147	HDC Hyundai Development Co.-Engineering & Construction, Class E (Industrials)		3,791
	114	Hite Jinro Co. Ltd. (Consumer Staples)		3,279
	1,164	HMM Co. Ltd. (Industrials)*		42,165
	140	Hotel Shilla Co. Ltd. (Consumer Discretionary)		10,843
	29	Hugel, Inc. (Health Care)*		4,877
	75	HYBE Co. Ltd. (Communication Services)*		18,727
	59	Hyundai Department Store Co. Ltd. (Consumer Discretionary)		4,112
	95	Hyundai Elevator Co. Ltd. (Industrials)		4,113
	268	Hyundai Engineering & Construction Co. Ltd. (Industrials)		12,828
	68	Hyundai Glovis Co. Ltd. (Industrials)		11,378
	167	Hyundai Heavy Industries Holdings Co. Ltd. (Industrials)		9,405
	247	Hyundai Marine & Fire Insurance Co. Ltd. (Financials)		5,454
	88	Hyundai Mipo Dockyard Co. Ltd. (Industrials)*		5,791
	242	Hyundai Mobis Co. Ltd. (Consumer Discretionary)		57,920
	513	Hyundai Motor Co. (Consumer Discretionary)		94,021
	324	Hyundai Steel Co. (Materials)		14,252
	86	Iljin Materials Co. Ltd. (Information Technology)		5,615
	1,010	Industrial Bank of Korea (Financials)		8,972


Common Stocks – (continued)
South Korea – (continued)
	1,026	Kakao Corp. (Communication Services)		137,160
	151	Kakao Games Corp. (Communication Services)*		10,575
	512	Kangwon Land, Inc. (Consumer Discretionary)*		12,232
	1,404	KB Financial Group, Inc. (Financials)		64,058
	18	KCC Corp. (Materials)		5,589
	76	KEPCO Plant Service & Engineering Co. Ltd. (Industrials)		2,465
	956	Kia Corp. (Consumer Discretionary)		70,167
	54	KIWOOM Securities Co. Ltd. (Financials)		5,496
	297	Korea Aerospace Industries Ltd. (Industrials)		8,415
	1,150	Korea Electric Power Corp. (Utilities)		23,804
	132	Korea Gas Corp. (Utilities)*		4,121
	151	Korea Investment Holdings Co. Ltd. (Financials)		12,411
	160	Korea Shipbuilding & Offshore Engineering Co. Ltd. (Industrials)*		16,353
	40	Korea Zinc Co. Ltd. (Materials)		18,353
	778	Korean Air Lines Co. Ltd. (Industrials)*		21,002
	286	KT Corp. (Communication Services)		8,091
	437	KT&G Corp. (Consumer Staples)		30,755
	66	Kumho Petrochemical Co. Ltd. (Materials)		11,072
	43	LEENO Industrial, Inc. (Information Technology)		6,609
	178	LG Chem Ltd. (Materials)		116,369
	402	LG Corp. (Industrials)		33,042
	892	LG Display Co. Ltd. (Information Technology)*		15,771
	404	LG Electronics, Inc. (Consumer Discretionary)		49,479
	36	LG Household & Health Care Ltd. (Consumer Staples)		45,363
	52	LG Innotek Co. Ltd. (Information Technology)		9,642
	958	LG Uplus Corp. (Communication Services)		11,609
	54	Lotte Chemical Corp. (Materials)		11,643
	133	Lotte Corp. (Industrials)		4,072
	45	Lotte Shopping Co. Ltd. (Consumer Discretionary)		4,172
	79	LS Corp. (Industrials)		4,538
	122	Mando Corp. (Consumer Discretionary)*		6,387
	21	Medytox, Inc. (Health Care)		3,307
	181	Meritz Fire & Marine Insurance Co. Ltd. (Financials)		4,145
	1,161	Meritz Securities Co. Ltd. (Financials)		5,367
	1,043	Mirae Asset Securities Co. Ltd. (Financials)		7,934
	534	NAVER Corp. (Communication Services)		202,187
	61	NCSoft Corp. (Communication Services)		34,723
	75	Netmarble Corp. (Communication Services)^(a)		8,344
	525	NH Investment & Securities Co. Ltd. (Financials)		6,000
	13	NongShim Co. Ltd. (Consumer Staples)		3,347
	75	OCI Co. Ltd. (Materials)*		8,215


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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
South Korea – (continued)
	90	Orion Corp. (Consumer Staples)	$	9,819
	926	Pan Ocean Co. Ltd. (Industrials)		6,637
	127	Pearl Abyss Corp. (Communication Services)*		10,329
	290	POSCO (Materials)		84,290
	120	POSCO Chemical Co. Ltd. (Materials)		16,094
	185	Posco International Corp. (Industrials)		3,630
	83	S-1 Corp. (Industrials)		5,877
	58	Samsung Biologics Co. Ltd. (Health Care)*^(a)		48,273
	313	Samsung C&T Corp. (Industrials)		35,904
	111	Samsung Card Co. Ltd. (Financials)		3,265
	206	Samsung Electro-Mechanics Co. Ltd. (Information Technology)		32,780
	20,956	Samsung Electronics Co. Ltd. (Information Technology)		1,386,282
	620	Samsung Engineering Co. Ltd. (Industrials)*		11,951
	125	Samsung Fire & Marine Insurance Co. Ltd. (Financials)		24,365
	1,964	Samsung Heavy Industries Co. Ltd. (Industrials)*		10,672
	283	Samsung Life Insurance Co. Ltd. (Financials)		18,184
	200	Samsung SDI Co. Ltd. (Information Technology)		136,789
	126	Samsung SDS Co. Ltd. (Information Technology)		18,746
	223	Samsung Securities Co. Ltd. (Financials)		9,511
	175	Seegene, Inc. (Health Care)		9,931
	1,963	Shinhan Financial Group Co. Ltd. (Financials)		65,775
	26	Shinsegae, Inc. (Consumer Discretionary)		6,032
	90	SK Bioscience Co. Ltd. (Health Care)*		24,335
	2,063	SK Hynix, Inc. (Information Technology)		189,495
	95	SK IE Technology Co. Ltd. (Materials)*^(a)		17,002
	185	SK Innovation Co. Ltd. (Energy)*		39,810
	13	SK Materials Co. Ltd. (Materials)		4,535
	525	SK Networks Co. Ltd. (Industrials)		2,518
	76	SK Telecom Co. Ltd. (Communication Services)		19,533
	121	SK, Inc. (Industrials)		27,499
	143	S-Oil Corp. (Energy)		11,729
	51	Solus Advanced Materials Co. Ltd. (Information Technology)		2,727
	21	Soulbrain Co. Ltd./New (Materials)		5,131
	432	SSANGYONG C&E Co. Ltd. (Materials)		3,141
	52	Studio Dragon Corp. (Communication Services)*		3,902
	1,841	Woori Financial Group, Inc. (Financials)		17,863
	166	Yuhan Corp. (Health Care)		8,948

				4,192,999

Taiwan – 14.7%
	2,081	Accton Technology Corp. (Information Technology)		21,063
	12,905	Acer, Inc. (Information Technology)		11,735


Common Stocks – (continued)
Taiwan – (continued)
	1,736	Advantech Co. Ltd. (Information Technology)		24,179
	10,588	ASE Technology Holding Co. Ltd. (Information Technology)*		49,094
	9,038	Asia Cement Corp. (Materials)		14,643
	113	ASMedia Technology, Inc. (Information Technology)		8,461
	2,716	Asustek Computer, Inc. (Information Technology)		31,753
	36,312	AU Optronics Corp. (Information Technology)		23,061
	33,162	Cathay Financial Holding Co. Ltd. (Financials)		71,317
	5,712	Chailease Holding Co. Ltd. (Financials)		54,928
	23,616	Chang Hwa Commercial Bank Ltd. (Financials)		14,060
	7,227	Cheng Shin Rubber Industry Co. Ltd. (Consumer Discretionary)		9,714
	2,590	Chicony Electronics Co. Ltd. (Information Technology)		7,336
	11,528	China Airlines Ltd. (Industrials)*		7,175
	63,635	China Development Financial Holding Corp. (Financials)		32,606
	9,868	China Life Insurance Co. Ltd. (Financials)		10,290
	50,516	China Steel Corp. (Materials)		69,540
	1,630	Chroma ATE, Inc. (Information Technology)		10,557
	16,850	Chunghwa Telecom Co. Ltd. (Communication Services)		68,097
	18,532	Compal Electronics, Inc. (Information Technology)		15,313
	80,351	CTBC Financial Holding Co. Ltd. (Financials)		66,685
	8,197	Delta Electronics, Inc. (Information Technology)		80,008
	800	Eclat Textile Co. Ltd. (Consumer Discretionary)		16,079
	52,595	E.Sun Financial Holding Co. Ltd. (Financials)		50,482
	9,230	Eva Airways Corp. (Industrials)		6,395
	11,098	Evergreen Marine Corp. Taiwan Ltd. (Industrials)		54,462
	13,289	Far Eastern New Century Corp. (Industrials)		14,409
	7,148	Far EasTone Telecommunications Co. Ltd. (Communication Services)		15,888
	1,874	Feng TAY Enterprise Co. Ltd. (Consumer Discretionary)		14,606
	45,059	First Financial Holding Co. Ltd. (Financials)		37,233
	14,624	Formosa Chemicals & Fibre Corp. (Materials)		44,378
	5,083	Formosa Petrochemical Corp. (Energy)		17,938
	20,645	Formosa Plastics Corp. (Materials)		76,357
	325	Formosa Sumco Technology Corp. (Information Technology)		2,181


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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2021


Shares		Description	Value

Common Stocks – (continued)
Taiwan – (continued)
	3,350	Formosa Taffeta Co. Ltd. (Consumer Discretionary)	$	3,771
	4,062	Foxconn Technology Co. Ltd. (Information Technology)		9,718
	26,200	Fubon Financial Holding Co. Ltd. (Financials)		80,358
	1,009	General Interface Solution Holding Ltd. (Information Technology)		3,914
	1,316	Giant Manufacturing Co. Ltd. (Consumer Discretionary)		15,908
	906	Globalwafers Co. Ltd. (Information Technology)		28,442
	4,287	Highwealth Construction Corp. (Real Estate)		7,456
	1,116	Hiwin Technologies Corp. (Industrials)		13,128
	52,377	Hon Hai Precision Industry Co. Ltd. (Information Technology)		209,784
	1,281	Hotai Motor Co. Ltd. (Consumer Discretionary)		26,948
	41,647	Hua Nan Financial Holdings Co. Ltd. (Financials)*		31,408
	38,847	Innolux Corp. (Information Technology)		24,180
	11,202	Inventec Corp. (Information Technology)		9,822
	9,104	Lite-On Technology Corp. (Information Technology)		20,104
	7,770	Macronix International Co. Ltd. (Information Technology)*		11,299
	6,418	MediaTek, Inc. (Information Technology)		208,657
	44,276	Mega Financial Holding Co. Ltd. (Financials)		52,402
	894	Merida Industry Co. Ltd. (Consumer Discretionary)		10,290
	2,983	Micro-Star International Co. Ltd. (Information Technology)		14,047
	266	momo.com, Inc. (Consumer Discretionary)		16,461
	20,904	Nan Ya Plastics Corp. (Materials)		67,584
	953	Nan Ya Printed Circuit Board Corp. (Information Technology)		14,494
	4,970	Nanya Technology Corp. (Information Technology)		11,908
	602	Nien Made Enterprise Co. Ltd. (Consumer Discretionary)		8,993
	2,376	Novatek Microelectronics Corp. (Information Technology)		38,495
	7,709	Pegatron Corp. (Information Technology)		18,025
	651	Phison Electronics Corp. (Information Technology)		10,030
	9,982	Pou Chen Corp. (Consumer Discretionary)		11,868
	15,095	Powerchip Semiconductor Manufacturing Corp. (Information Technology)		36,603
	2,926	Powertech Technology, Inc. (Information Technology)		11,878
	2,347	President Chain Store Corp. (Consumer Staples)*		24,178


Common Stocks – (continued)
Taiwan – (continued)
	11,639	Quanta Computer, Inc. (Information Technology)		32,926
	1,946	Realtek Semiconductor Corp. (Information Technology)		38,901
	3,757	Ruentex Development Co. Ltd. (Real Estate)		9,395
	1,656	Ruentex Industries Ltd. (Consumer Discretionary)		6,633
	17,799	Shanghai Commercial & Savings Bank Ltd. (The) (Financials)		28,901
	50,848	Shin Kong Financial Holding Co. Ltd. (Financials)		17,430
	158	Silicon Motion Technology Corp. ADR (Information Technology)		11,796
	2,262	Sino-American Silicon Products, Inc. (Information Technology)		15,753
	44,510	SinoPac Financial Holdings Co. Ltd. (Financials)		22,887
	5,644	Synnex Technology International Corp. (Information Technology)		10,957
	47,433	Taishin Financial Holding Co. Ltd. (Financials)*		33,118
	23,904	Taiwan Business Bank (Financials)*		8,358
	23,425	Taiwan Cement Corp. (Materials)		40,953
	39,546	Taiwan Cooperative Financial Holding Co. Ltd. (Financials)		31,893
	3,227	Taiwan Fertilizer Co. Ltd. (Materials)		6,579
	9,318	Taiwan High Speed Rail Corp. (Industrials)		10,154
	7,320	Taiwan Mobile Co. Ltd. (Communication Services)		26,677
	107,604	Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology)		2,383,995
	8,957	Tatung Co. Ltd. (Industrials)*		9,874
	7,513	Teco Electric and Machinery Co. Ltd. (Industrials)		8,458
	2,062	Tripod Technology Corp. (Information Technology)		8,519
	5,286	Unimicron Technology Corp. (Information Technology)		28,134
	20,542	Uni-President Enterprises Corp. (Consumer Staples)*		53,591
	49,722	United Microelectronics Corp. (Information Technology)		113,210
	4,008	Vanguard International Semiconductor Corp. (Information Technology)		21,404
	276	Voltronic Power Technology Corp. (Industrials)		12,349
	11,924	Walsin Lihwa Corp. (Industrials)		11,552
	1,347	Walsin Technology Corp. (Information Technology)*		8,773
	2,305	Wan Hai Lines Ltd. (Industrials)*		20,627
	1,390	Win Semiconductors Corp. (Information Technology)		16,577
	12,105	Winbond Electronics Corp. (Information Technology)		12,885


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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Taiwan – (continued)
	11,809	Wistron Corp. (Information Technology)	$	11,675
	323	Wiwynn Corp. (Information Technology)		11,305
	6,848	WPG Holdings Ltd. (Information Technology)		11,960
	1,609	Yageo Corp. (Information Technology)		27,839
	7,090	Yang Ming Marine Transport Corp. (Industrials)*		34,154
	50,641	Yuanta Financial Holding Co. Ltd. (Financials)		45,683
	2,195	Yulon Motor Co. Ltd. (Consumer Discretionary)		2,998

				5,313,049

Thailand – 1.5%
	4,574	Advanced Info Service PCL NVDR (Communication Services)		26,678
	35,817	Asset World Corp. PCL NVDR (Consumer Discretionary)*		4,823
	3,875	B Grimm Power PCL NVDR (Utilities)		5,560
	4,512	Bangkok Bank PCL NVDR (Financials)		15,958
	23,301	Bangkok Dusit Medical Services PCL NVDR (Health Care)		16,916
	3,200	Banpu Power PCL NVDR (Utilities)		1,896
	1,996	Bumrungrad Hospital PCL NVDR (Health Care)		8,236
	1,698	Carabao Group PCL NVDR (Consumer Staples)		7,375
	7,284	Central Pattana PCL NVDR (Real Estate)		12,147
	23,105	CP ALL PCL NVDR (Consumer Staples)		46,593
	8,855	Energy Absolute PCL NVDR (Utilities)		17,994
	163	Fabrinet (Information Technology)*		16,792
	2,914	Global Power Synergy PCL NVDR (Utilities)		7,526
	21,167	Gulf Energy Development PCL NVDR (Utilities)		27,417
	8,941	Indorama Ventures PCL NVDR (Materials)		12,136
	8,722	Intouch Holdings PCL NVDR (Communication Services)		23,136
	49,279	IRPC PCL NVDR (Energy)		6,085
	7,451	Kasikornbank PCL NVDR (Financials)		28,433
	2,826	KCE Electronics PCL NVDR (Information Technology)		6,707
	19,459	Krung Thai Bank PCL NVDR (Financials)		6,762
	4,624	Krungthai Card PCL NVDR (Financials)		9,504
	24,330	Land & Houses PCL NVDR (Real Estate)		6,152
	13,392	Minor International PCL NVDR (Consumer Discretionary)*		13,607
	3,048	Muangthai Capital PCL NVDR (Financials)		6,123
	5,851	PTT Exploration & Production PCL NVDR (Energy)		20,240
	9,167	PTT Global Chemical PCL NVDR (Materials)		18,202


Common Stocks – (continued)
Thailand – (continued)
	45,024	PTT PCL NVDR (Energy)		53,430
	5,091	SCG Packaging PCL NVDR (Materials)		11,056
	1,935	Siam Cement PCL (The) NVDR (Materials)		25,814
	8,517	Siam Commercial Bank PCL (The) NVDR (Financials)		28,141
	6,833	Siam Global House PCL NVDR (Consumer Discretionary)		4,600
	3,463	Srisawad Corp. PCL NVDR (Financials)		7,709
	36,276	Thai Beverage PCL (Consumer Staples)		18,339
	4,217	Thai Oil PCL NVDR (Energy)		6,509
	12,623	Thai Union Group PCL NVDR (Consumer Staples)		7,793
	2,261	Tisco Financial Group PCL NVDR (Financials)		6,594
	191,574	TMBThanachart Bank PCL NVDR (Financials)		6,360
	81,318	True Corp. PCL NVDR (Communication Services)		8,376

				557,719

Turkey – 0.5%
	279	AG Anadolu Grubu Holding AS (Industrials)		809
	603	Aksa Akrilik Kimya Sanayii AS (Consumer Discretionary)		1,414
	611	Aksa Enerji Uretim AS (Utilities)*		1,061
	637	Alarko Holding AS (Industrials)		682
	929	Anadolu Efes Biracilik Ve Malt Sanayii AS (Consumer Staples)		2,451
	310	Anadolu Hayat Emeklilik AS (Financials)		351
	1,182	Arcelik AS (Consumer Discretionary)		4,566
	2,802	Aselsan Elektronik Sanayi Ve Ticaret AS (Industrials)		5,355
	390	Aygaz AS (Utilities)		707
	1,529	Bera Holding AS (Industrials)*		1,799
	2,027	BIM Birlesik Magazalar AS (Consumer Staples)		17,516
	141	Biotrend Cevre VE Enerji Yatirimlari AS (Utilities)*		495
	126	Borusan Mannesmann Boru Sanayi ve Ticaret AS (Materials)*		399
	188	Brisa Bridgestone Sabanci Sanayi ve Ticaret AS (Consumer Discretionary)		496
	316	Coca-Cola Icecek AS (Consumer Staples)		3,327
	4,537	Dogan Sirketler Grubu Holding AS (Industrials)		1,402
	87	Eczacibasi Yatirim Holding Ortakligi AS (Industrials)		465
	5	EGE Endustri VE Ticaret AS (Consumer Discretionary)		741
	9,169	Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)		2,029
	1,220	Enerjisa Enerji AS (Utilities)^(a)		1,629
	7,499	Enka Insaat ve Sanayi AS (Industrials)		9,894
	5,571	Eregli Demir ve Celik Fabrikalari TAS (Materials)		12,583


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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2021


Shares		Description	Value

Common Stocks – (continued)
Turkey – (continued)
	158	Fenerbahce Futbol AS (Communication Services)*	$	650
	281	Ford Otomotiv Sanayi AS (Consumer Discretionary)		5,806
	260	Gubre Fabrikalari TAS (Materials)*		1,621
	5,922	Haci Omer Sabanci Holding AS (Financials)		7,486
	1,795	Izmir Demir Celik Sanayi AS (Materials)*		572
	881	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class A (Materials)*		725
	192	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class B (Materials)*		156
	3,579	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D (Materials)*		3,349
	4,874	KOC Holding AS (Industrials)		13,506
	252	Kordsa Teknik Tekstil AS (Consumer Discretionary)*		710
	218	Koza Altin Isletmeleri AS (Materials)*		2,711
	896	Koza Anadolu Metal Madencilik Isletmeleri AS (Materials)*		1,713
	296	Logo Yazilim Sanayi Ve Ticaret AS (Information Technology)		1,410
	303	Migros Ticaret AS (Consumer Staples)*		1,270
	661	MLP Saglik Hizmetleri AS (Health Care)*^(a)		2,016
	315	Nurol Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)*		619
	33	Otokar Otomotiv Ve Savunma Sanayi A.S. (Industrials)		1,321
	1,207	Oyak Cimento Fabrikalari AS (Materials)*		990
	185	Pegasus Hava Tasimaciligi AS (Industrials)*		1,571
	5,915	Petkim Petrokimya Holding AS (Materials)*		4,410
	762	Sasa Polyester Sanayi AS (Materials)*		2,518
	1,384	Sinpas Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)*		701
	1,357	Sok Marketler Ticaret AS (Consumer Staples)		2,016
	892	TAV Havalimanlari Holding AS (Industrials)*		2,523
	584	Tofas Turk Otomobil Fabrikasi AS (Consumer Discretionary)		2,951
	712	Torunlar Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)*		360
	3,344	Turk Hava Yollari AO (Industrials)*		5,100
	64	Turk Traktor ve Ziraat Makineleri AS (Industrials)		1,326
	5,314	Turkcell Iletisim Hizmetleri AS (Communication Services)		10,475
	9,430	Turkiye Garanti Bankasi AS (Financials)		11,206
	7,370	Turkiye Is Bankasi AS, Class C (Financials)		5,097
	585	Turkiye Petrol Rafinerileri AS (Energy)*		7,156
	5,566	Turkiye Sinai Kalkinma Bankasi AS (Financials)		884
	5,930	Turkiye Sise ve Cam Fabrikalari AS (Industrials)		6,347


Common Stocks – (continued)
Turkey – (continued)
	356	Vestel Elektronik Sanayi ve Ticaret AS (Consumer Discretionary)		1,228
	12,081	Yapi ve Kredi Bankasi AS (Financials)		3,836
	3,941	Ziraat Gayrimenkul Yatirim Ortakligi AS (Real Estate)*		754

				187,261

United Arab Emirates – 1.0%
	12,396	Abu Dhabi Commercial Bank PJSC (Financials)		25,344
	12,783	Abu Dhabi National Oil Co. for Distribution PJSC (Consumer Discretionary)		15,730
	17,249	Aldar Properties PJSC (Real Estate)		19,488
	8,104	Dubai Islamic Bank PJSC (Financials)		11,252
	9,527	Emaar Malls PJSC (Real Estate)*		5,343
	15,707	Emaar Properties PJSC (Real Estate)		17,960
	4,090	Emirates Integrated Telecommunications Co. PJSC (Communication Services)		7,382
	11,005	Emirates NBD Bank PJSC (Financials)		41,496
	7,787	Emirates Telecommunications Group Co. PJSC (Communication Services)		50,032
	19,423	First Abu Dhabi Bank PJSC (Financials)		89,893
	2,127	International Holding Co. PJSC (Consumer Staples)*		85,123

				369,043

United States – 0.1%
	4,115	JBS SA (Consumer Staples)		25,054

	TOTAL COMMON STOCKS
	(Cost $21,571,962)		$	32,249,400


Shares	Description	Rate			Value

Preferred Stocks – 1.7%
Brazil – 1.3%
828	Alpargatas SA (Consumer Discretionary)*		0.00	%	$	9,699
21,019	Banco Bradesco SA (Financials)		4.98			95,045
990	Bradespar SA (Materials)		9.69			12,212
833	Braskem SA, Class A (Materials)*		0.00			10,737
1,088	Centrais Eletricas Brasileiras SA, Class B (Utilities)		5.47			8,027
4,908	Cia Energetica de Minas Gerais (Utilities)		6.27			12,952
5,045	Gerdau SA (Materials)		4.83			27,908
21,373	Itau Unibanco Holding SA (Financials)		2.26			129,168
20,051	Itausa SA (Financials)		2.69			45,275
20,244	Petroleo Brasileiro SA (Energy)		8.89			107,516

						458,539


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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF


Shares	Description				Rate				Value

Preferred Stocks – (continued)
Chile – 0.1%
1,882		Embotelladora Andina SA, Class B (Consumer Staples)				6.22	%		$	4,466
627		Sociedad Quimica y Minera de Chile SA, Class B (Materials)				1.19				32,753

										37,219

Colombia – 0.1%
2,004		Bancolombia SA (Financials)				2.26				16,722
17,098		Grupo Aval Acciones y Valores SA (Financials)				5.09				5,089

										21,811

Russia – 0.1%
4,477		Sberbank of Russia PJSC (Financials)				5.98				18,948
34,482		Surgutneftegas PJSC (Energy)				17.44				18,207

										37,155

South Korea – 0.1%
50		Amorepacific Corp. (Consumer Staples)				1.00				3,428
7		CJ CheilJedang Corp. (Consumer Staples)				2.01				1,217
65		Doosan Fuel Cell Co. Ltd. (Industrials)*				0.00				905
3		Hotel Shilla Co. Ltd. (Consumer Discretionary)				0.27				240
159		Hyundai Motor Co. (Consumer Discretionary)				4.13				13,617
11		Hyundai Motor Co. (Consumer Discretionary)				4.19				911
100		Hyundai Motor Co. (Consumer Discretionary)				4.06				8,840
28		Korea Investment Holdings Co. Ltd. (Financials)				4.33				1,722
34		LG Chem Ltd. (Materials)				3.03				10,146
83		LG Electronics, Inc. (Consumer Discretionary)				1.81				5,004
676		Mirae Asset Securities Co. Ltd. (Financials)				4.22				2,769
84		NH Investment & Securities Co. Ltd. (Financials)				6.28				862
14		Samsung Electro-Mechanics Co. Ltd. (Information Technology)				1.43				1,226
13		Samsung Fire & Marine Insurance Co. Ltd. (Financials)				5.07				1,929
1		Samsung Heavy Industries Co. Ltd. (Industrials)*				0.00				222
7		Samsung SDI Co. Ltd. (Information Technology)				0.25				2,587
6		SK Innovation Co. Ltd. (Energy)*				0.00				800
3		SK, Inc. (Industrials)				3.08				634

										57,059

TOTAL PREFERRED STOCKS
(Cost $371,220)									$	611,783

Units	Description		Expiration Month				Value

Warrants – 0.0%
Thailand – 0.0%
1,703	BTS Group Holdings PCL (Industrials)*			09/21			$	—
3,407	BTS Group Holdings PCL (Industrials)*			09/21				—
6,814	BTS Group Holdings PCL (Industrials)*			11/26				—

TOTAL WARRANTS
(Cost $0)							$	—



Right – 0.0%
Indonesia – 0.0%
1,563	Chandra Asri Petrochemical Tbk PT (Materials)*
(Cost $0)				09/21			$	413


Shares		Description	Value

Exchange-Traded Fund – 1.0%
United States – 1.0%
	14,181	iShares MSCI Malaysia ETF^(c)
	(Cost $334,500)		$	376,364

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $22,277,682)		$	33,237,960


Shares		Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 1.6%^(d)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	568,867	0.026%	$	568,867
	(Cost $568,867)

	TOTAL INVESTMENTS – 93.4%
	(Cost $22,846,549)		$	33,806,827

	OTHER ASSETS IN EXCESS OF LIABILITIES – 6.6%			2,384,629

	NET ASSETS – 100.0%		$	36,191,456


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

*		Non-income producing security.

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

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

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

(d)		Represents an affiliated issuer.


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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2021



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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS – At August 31, 2021, the Fund had the following futures contracts:


Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
MSCI Emerging Markets Index	46	09/17/21	$	2,825,169	$	162,991


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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments

August 31, 2021


Shares		Description	Value

Common Stocks – 98.8%
Australia – 8.1%
	4,467	Afterpay Ltd. (Information Technology)*	$	439,397
	51,969	Alumina Ltd. (Materials)		67,607
	67,984	AMP Ltd. (Financials)		54,655
	4,772	Ampol Ltd. (Energy)		96,119
	23,810	APA Group (Utilities)		159,746
	11,996	Aristocrat Leisure Ltd. (Consumer Discretionary)		400,401
	3,851	ASX Ltd. (Financials)		247,029
	36,038	Aurizon Holdings Ltd. (Industrials)		99,559
	38,212	AusNet Services Ltd. (Utilities)		54,039
	53,644	Australia & New Zealand Banking Group Ltd. (Financials)		1,091,879
	59,025	BHP Group Ltd. (Materials)		1,967,543
	41,314	BHP Group PLC (Materials)		1,283,578
	10,126	BlueScope Steel Ltd. (Materials)		186,495
	22,235	Boral Ltd. (Materials)*		99,128
	29,005	Brambles Ltd. (Industrials)		256,711
	1,344	CIMIC Group Ltd. (Industrials)		20,775
	1,318	Cochlear Ltd. (Health Care)		224,632
	25,379	Coles Group Ltd. (Consumer Staples)		335,352
	35,346	Commonwealth Bank of Australia (Financials)		2,586,362
	10,619	Computershare Ltd. (Information Technology)		128,055
	8,744	Crown Resorts Ltd. (Consumer Discretionary)*		59,496
	9,110	CSL Ltd. (Health Care)		2,076,910
	21,664	Dexus REIT (Real Estate)		168,465
	1,189	Domino’s Pizza Enterprises Ltd. (Consumer Discretionary)		136,204
	2,471	EBOS Group Ltd. (Health Care)		62,507
	25,454	Endeavour Group Ltd. (Consumer Staples)*		135,802
	33,562	Evolution Mining Ltd. (Materials)		95,908
	35,229	Fortescue Metals Group Ltd. (Materials)		540,689
	243,438	Glencore PLC (Materials)*		1,096,894
	35,951	Goodman Group REIT (Real Estate)		607,736
	38,210	GPT Group (The) REIT (Real Estate)		135,440
	49,712	Insurance Australia Group Ltd. (Financials)		190,380
	13,877	Lendlease Corp. Ltd. (Real Estate)		121,096
	7,034	Macquarie Group Ltd. (Financials)		857,177
	2,879	Magellan Financial Group Ltd. (Financials)		91,192
	55,449	Medibank Pvt Ltd. (Financials)		143,863
	3,290	Mineral Resources Ltd. (Materials)		132,031
	79,263	Mirvac Group REIT (Real Estate)		180,740
	66,267	National Australia Bank Ltd. (Financials)		1,342,998
	16,409	Newcrest Mining Ltd. (Materials)		296,695
	23,217	Northern Star Resources Ltd. (Materials)		165,609
	35,671	Oil Search Ltd. (Energy)		97,502
	8,089	Orica Ltd. (Materials)		77,859
	35,539	Origin Energy Ltd. (Utilities)		115,583


Common Stocks – (continued)
Australia – (continued)
	6,227	OZ Minerals Ltd. (Materials)		107,267
	37,855	Qantas Airways Ltd. (Industrials)*		140,822
	29,589	QBE Insurance Group Ltd. (Financials)		255,825
	3,734	Ramsay Health Care Ltd. (Health Care)		188,028
	1,154	REA Group Ltd. (Communication Services)		129,462
	5,813	Reece Ltd. (Industrials)		88,707
	7,396	Rio Tinto Ltd. (Materials)		605,725
	21,405	Rio Tinto PLC (Materials)		1,585,464
	42,023	Santos Ltd. (Energy)		185,811
	104,075	Scentre Group REIT (Real Estate)		216,780
	6,547	SEEK Ltd. (Communication Services)		155,700
	3,395	Seven Group Holdings Ltd. (Industrials)		52,726
	9,484	Sonic Healthcare Ltd. (Health Care)		300,822
	90,361	South32 Ltd. (Materials)		207,367
	44,416	Stockland REIT (Real Estate)		149,972
	25,735	Suncorp Group Ltd. (Financials)		234,729
	54,141	Sydney Airport (Industrials)*		315,364
	44,529	Tabcorp Holdings Ltd. (Consumer Discretionary)		155,886
	236,848	Telstra Corp. Ltd. (Communication Services)		664,705
	7,333	TPG Telecom Ltd. (Communication Services)		33,013
	54,936	Transurban Group (Industrials)		570,531
	14,515	Treasury Wine Estates Ltd. (Consumer Staples)		133,983
	74,725	Vicinity Centres REIT (Real Estate)		94,480
	1,899	Washington H Soul Pattinson & Co. Ltd. (Energy)^(a)		49,714
	22,651	Wesfarmers Ltd. (Consumer Discretionary)		992,441
	72,207	Westpac Banking Corp. (Financials)		1,362,585
	2,968	WiseTech Global Ltd. (Information Technology)		104,857
	19,318	Woodside Petroleum Ltd. (Energy)		275,171
	25,382	Woolworths Group Ltd. (Consumer Staples)		774,481

				28,860,256

Austria – 0.4%
	5,262	ams AG (Information Technology)*		107,015
	1,457	ANDRITZ AG (Industrials)		83,691
	1,773	BAWAG Group AG (Financials)*^(b)		106,531
	1,464	CA Immobilien Anlagen AG (Real Estate)		63,683
	5,956	Erste Group Bank AG (Financials)		238,062
	281	Mayr Melnhof Karton AG (Materials)		59,243
	9,754	Mondi PLC (Materials)		269,150
	642	Oesterreichische Post AG (Industrials)		29,443
	2,883	OMV AG (Energy)		159,714
	2,736	Raiffeisen Bank International AG (Financials)		65,692
	2,753	Telekom Austria AG (Communication Services)*		24,438
	1,334	Verbund AG (Utilities)		146,055


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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2021


Shares		Description	Value

Common Stocks – (continued)
Austria – (continued)
	736	Vienna Insurance Group AG Wiener Versicherung Gruppe (Financials)	$	21,329
	2,245	voestalpine AG (Materials)		101,764
	2,263	Wienerberger AG (Materials)		88,796

				1,564,606

Belgium – 0.9%
	445	Ackermans & van Haaren NV (Financials)		81,947
	3,559	Ageas SA/NV (Financials)		177,922
	17,033	Anheuser-Busch InBev SA/NV (Consumer Staples)		1,045,342
	444	D’ieteren Group (Consumer Discretionary)		69,394
	579	Elia Group SA/NV (Utilities)		72,722
	1,088	Etablissements Franz Colruyt NV (Consumer Staples)		60,864
	2,106	Groupe Bruxelles Lambert SA (Financials)		241,393
	5,632	KBC Group NV (Financials)		474,289
	2,870	Proximus SADP (Communication Services)^(a)		56,256
	303	Sofina SA (Financials)		133,914
	1,431	Solvay SA (Materials)		187,419
	862	Telenet Group Holding NV (Communication Services)		32,785
	2,348	UCB SA (Health Care)		268,522
	3,923	Umicore SA (Materials)		258,127
	2,840	Warehouses De Pauw CVA REIT (Real Estate)		130,545

				3,291,441

Brazil – 0.1%
	3,266	Yara International ASA (Materials)		163,800

Chile – 0.1%
	6,985	Antofagasta PLC (Materials)		139,967

China – 0.9%
	34,155	Budweiser Brewing Co. APAC Ltd. (Consumer Staples)^(b)		85,460
	12,855	BYD Electronic International Co. Ltd. (Information Technology)		58,677
	44,720	China Gas Holdings Ltd. (Utilities)		129,663
	35,278	Chow Tai Fook Jewellery Group Ltd. (Consumer Discretionary)		71,487
	169,431	CSPC Pharmaceutical Group Ltd. (Health Care)		215,020
	34,893	ESR Cayman Ltd. (Real Estate)*^(b)		106,330
	46,227	Fosun International Ltd. (Industrials)		58,487
	115,430	Geely Automobile Holdings Ltd. (Consumer Discretionary)		417,055
	5,520	NXP Semiconductors NV (Information Technology)		1,187,518
	8,482	Prosus NV (Consumer Discretionary)*		749,942
	27,256	Wharf Holdings Ltd. (The) (Real Estate)		92,169
	36,833	Wilmar International Ltd. (Consumer Staples)		113,366


Common Stocks – (continued)
China – (continued)
	54,047	Yangzijiang Shipbuilding Holdings Ltd. (Industrials)		65,896

				3,351,070

Colombia – 0.0%
	2,046	Millicom International Cellular SA SDR (Communication Services)*		77,187

Denmark – 2.5%
	3,402	Ambu A/S, Class B (Health Care)		107,517
	61	AP Moller – Maersk A/S, Class A (Industrials)		165,091
	69	AP Moller – Maersk A/S, Class B (Industrials)		195,724
	1,916	Carlsberg AS, Class B (Consumer Staples)		334,396
	2,075	Chr Hansen Holding A/S (Materials)		191,432
	2,490	Coloplast A/S, Class B (Health Care)		431,215
	13,608	Danske Bank A/S (Financials)		228,641
	1,970	Demant A/S (Health Care)*		111,636
	4,430	DSV PANALPINA A/S (Industrials)		1,128,622
	1,300	Genmab A/S (Health Care)*		615,348
	2,590	GN Store Nord AS (Health Care)		194,830
	1,245	H Lundbeck A/S (Health Care)		36,768
	32,880	Novo Nordisk A/S, Class B (Health Care)		3,276,074
	4,093	Novozymes A/S, Class B (Materials)		330,566
	3,591	Orsted AS (Utilities)^(b)		570,584
	9,933	Tryg A/S (Financials)		245,887
	19,433	Vestas Wind Systems A/S (Industrials)		784,433

				8,948,764

Faroe Islands – 0.0%
	1,006	Bakkafrost P/F (Consumer Staples)		88,312

Finland – 1.4%
	2,877	Elisa OYJ (Communication Services)		184,207
	8,445	Fortum OYJ (Utilities)		256,400
	1,822	Huhtamaki OYJ (Materials)		97,237
	5,312	Kesko OYJ, Class B (Consumer Staples)		219,218
	7,289	Kone OYJ, Class B (Industrials)		604,366
	13,916	Metso Outotec OYJ (Industrials)		148,567
	9,291	Neste OYJ (Energy)		565,268
	105,941	Nokia OYJ (Information Technology)*		635,295
	63,518	Nordea Bank Abp (Financials)		745,074
	2,011	Orion OYJ, Class B (Health Care)		81,970
	8,535	Sampo OYJ, Class A (Financials)		440,686
	11,646	Stora Enso OYJ, Class R (Materials)		227,865
	10,595	UPM-Kymmene OYJ (Materials)		430,611
	10,874	Wartsila OYJ Abp (Industrials)		154,099

				4,790,863

France – 9.1%
	5,548	Adevinta ASA (Communication Services)*		111,529
	667	Aeroports de Paris (Industrials)*		78,295
	9,515	Air Liquide SA (Materials)		1,705,239


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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
France – (continued)
	11,693	Airbus SE (Industrials)*	$	1,597,007
	7,419	Alstom SA (Industrials)		318,782
	1,217	Amundi SA (Financials)^(b)		115,144
	45,348	AXA SA (Financials)		1,272,968
	820	BioMerieux (Health Care)		100,524
	22,909	BNP Paribas SA (Financials)		1,453,016
	18,176	Bollore SA (Communication Services)		107,494
	6,026	Bouygues SA (Industrials)		252,027
	3,186	Capgemini SE (Information Technology)		715,137
	12,522	Carrefour SA (Consumer Staples)		249,070
	9,616	Cie de Saint-Gobain (Industrials)		696,850
	3,274	Cie Generale des Etablissements Michelin (Consumer Discretionary)		529,670
	29,732	Credit Agricole SA (Financials)		428,536
	13,215	Danone SA (Consumer Staples)		965,150
	13,535	Dassault Systemes SE (Information Technology)		771,787
	11,238	Electricite de France SA (Utilities)		152,226
	35,136	Engie SA (Utilities)		503,190
	6,007	EssilorLuxottica SA (Consumer Discretionary)		1,178,943
	666	Hermes International (Consumer Discretionary)		978,400
	1,470	Kering (Consumer Discretionary)		1,169,566
	4,235	L’Oreal SA (Consumer Staples)		1,981,184
	5,280	Legrand SA (Industrials)		604,080
	5,238	LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)		3,875,626
	40,085	Orange SA (Communication Services)		455,202
	3,532	Pernod Ricard SA (Consumer Staples)		741,935
	7,619	Safran SA (Industrials)		955,686
	21,851	Sanofi (Health Care)		2,260,070
	477	Sartorius Stedim Biotech (Health Care)		289,195
	16,691	Societe Generale SA (Financials)		525,082
	1,587	Sodexo SA (Consumer Discretionary)*		131,174
	1,157	Teleperformance (Industrials)		511,348
	2,129	Thales SA (Industrials)		215,982
	53,076	TotalEnergies SE (Energy)		2,339,796
	10,979	Vinci SA (Industrials)		1,177,948
	13,658	Vivendi SE (Communication Services)^(a)		521,082
	4,559	Worldline SA (Information Technology)*^(b)		405,078

				32,441,018

Germany – 7.6%
	3,607	adidas AG (Consumer Discretionary)		1,279,280
	8,276	Allianz SE (Financials)		1,943,915
	18,464	BASF SE (Materials)		1,428,062
	19,750	Bayer AG (Health Care)		1,099,133
	6,418	Bayerische Motoren Werke AG (Consumer Discretionary)		608,893
	1,984	Beiersdorf AG (Consumer Staples)		240,642
	1,703	BioNTech SE ADR (Health Care)*		568,313
	2,171	Continental AG (Consumer Discretionary)*		291,693
	3,765	Covestro AG (Materials)^(b)		243,997


Common Stocks – (continued)
Germany – (continued)
	16,838	Daimler AG (Consumer Discretionary)		1,419,573
	37,936	Deutsche Bank AG (Financials)*		471,460
	3,686	Deutsche Boerse AG (Financials)		635,701
	19,786	Deutsche Post AG (Industrials)		1,391,573
	65,185	Deutsche Telekom AG (Communication Services)		1,385,672
	5,583	Deutsche Wohnen SE (Real Estate)		346,394
	42,848	E.ON SE (Utilities)		565,382
	3,561	Evonik Industries AG (Materials)		120,222
	3,993	Fresenius Medical Care AG & Co. KGaA (Health Care)		306,568
	7,860	Fresenius SE & Co. KGaA (Health Care)		408,711
	1,207	Hannover Rueck SE (Financials)		222,198
	490	Hapag-Lloyd AG (Industrials)^(b)		111,635
	2,970	HeidelbergCement AG (Materials)		258,037
	2,036	Henkel AG & Co. KGaA (Consumer Staples)		183,139
	24,154	Infineon Technologies AG (Information Technology)		1,028,306
	1,336	Knorr-Bremse AG (Industrials)		160,310
	2,598	Merck KGaA (Health Care)		617,042
	1,073	MTU Aero Engines AG (Industrials)		246,168
	2,816	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)		822,560
	12,566	RWE AG (Utilities)		490,841
	20,239	SAP SE (Information Technology)		3,045,162
	16,230	Siemens AG (Industrials)		2,698,310
	8,034	Siemens Energy AG (Industrials)*		233,110
	5,571	Siemens Healthineers AG (Health Care)^(b)		387,343
	2,498	Symrise AG (Materials)		355,621
	1,069	Talanx AG (Financials)		48,558
	15,846	Telefonica Deutschland Holding AG (Communication Services)		44,463
	577	Volkswagen AG (Consumer Discretionary)		192,893
	11,564	Vonovia SE (Real Estate)		780,275
	4,497	Zalando SE (Consumer Discretionary)*^(a)(b)		497,935

				27,179,090

Hong Kong – 2.7%
	243,006	AIA Group Ltd. (Financials)		2,904,255
	6,171	ASM Pacific Technology Ltd. (Information Technology)		73,474
	26,282	Bank of East Asia Ltd. (The) (Financials)		44,066
	19,525	Cathay Pacific Airways Ltd. (Industrials)*^(a)		16,394
	39,808	CK Asset Holdings Ltd. (Real Estate)		259,506
	12,261	CK Infrastructure Holdings Ltd. (Utilities)		74,490
	37,974	CLP Holdings Ltd. (Utilities)		379,625
	6,078	Dairy Farm International Holdings Ltd. (Consumer Staples)		21,455


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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2021


Shares		Description	Value

Common Stocks – (continued)
Hong Kong – (continued)
	36,917	Hang Lung Properties Ltd. (Real Estate)	$	88,669
	14,550	Hang Seng Bank Ltd. (Financials)		260,418
	26,522	Henderson Land Development Co. Ltd. (Real Estate)		120,038
	45,724	HK Electric Investments & HK Electric Investments Ltd. (Utilities)		45,504
	68,791	HKT Trust & HKT Ltd. (Communication Services)		93,757
	218,177	Hong Kong & China Gas Co. Ltd. (Utilities)		351,222
	25,473	Hong Kong Exchanges & Clearing Ltd. (Financials)		1,607,507
	23,370	Hongkong Land Holdings Ltd. (Real Estate)		98,154
	4,727	Jardine Matheson Holdings Ltd. (Industrials)		256,771
	41,812	Link REIT (Real Estate)		384,662
	9,196	Melco Resorts & Entertainment Ltd. ADR (Consumer Discretionary)*		126,537
	31,194	MTR Corp. Ltd. (Industrials)		175,676
	28,167	New World Development Co. Ltd. (Real Estate)		132,553
	27,601	Power Assets Holdings Ltd. (Utilities)		173,364
	201,552	Sino Biopharmaceutical Ltd. (Health Care)		168,708
	63,862	Sino Land Co. Ltd. (Real Estate)		94,101
	28,983	Sun Hung Kai Properties Ltd. (Real Estate)		408,434
	9,450	Swire Pacific Ltd., Class A (Real Estate)		64,034
	17,455	Swire Pacific Ltd., Class B (Real Estate)		18,965
	21,248	Swire Properties Ltd. (Real Estate)		57,509
	27,510	Techtronic Industries Co. Ltd. (Industrials)		610,166
	191,190	WH Group Ltd. (Consumer Staples)^(b)		165,935
	29,747	Wharf Real Estate Investment Co. Ltd. (Real Estate)		147,447
	34,548	Xinyi Glass Holdings Ltd. (Industrials)		145,258

				9,568,654

Ireland – 1.0%
	2,547	AerCap Holdings NV (Industrials)*		137,360
	15,829	AIB Group PLC (Financials)*		47,741
	15,722	CRH PLC (Materials)		835,899
	3,483	Flutter Entertainment PLC (Consumer Discretionary)*		677,370
	1,584	ICON PLC (Health Care)*		405,140
	3,137	Kerry Group PLC, Class A (Consumer Staples)		459,921
	3,055	Kingspan Group PLC (Industrials)		349,015
	3,946	Ryanair Holdings PLC ADR (Industrials)*		424,984
	5,174	Smurfit Kappa Group PLC (Materials)		296,709

				3,634,139


Common Stocks – (continued)
Israel – 0.9%
	1,317	Airport City Ltd. (Real Estate)*		24,139
	2,943	Alony Hetz Properties & Investments Ltd. (Real Estate)		43,450
	3,540	Amot Investments Ltd. (Real Estate)		25,149
	769	Ashtrom Group Ltd. (Industrials)		16,802
	738	Azrieli Group Ltd. (Real Estate)		69,060
	21,583	Bank Hapoalim BM (Financials)		185,868
	26,849	Bank Leumi Le-Israel BM (Financials)		222,083
	41,137	Bezeq The Israeli Telecommunication Corp. Ltd. (Communication Services)*		48,921
	233	Big Shopping Centers Ltd. (Real Estate)*		34,262
	1,987	Check Point Software Technologies Ltd. (Information Technology)*		249,627
	420	Elbit Systems Ltd. (Industrials)		61,156
	4,498	Energix-Renewable Energies Ltd. (Utilities)		18,603
	1,046	First International Bank Of Israel Ltd. (The) (Financials)		37,840
	499	Fiverr International Ltd. (Consumer Discretionary)*		89,576
	302	Global-e Online Ltd. (Consumer Discretionary)*		23,846
	2,315	Harel Insurance Investments & Financial Services Ltd. (Financials)		22,762
	13,623	ICL Group Ltd. (Materials)		96,483
	73	Israel Corp. Ltd. (The) (Materials)*		22,182
	22,516	Israel Discount Bank Ltd., Class A (Financials)*		116,454
	946	JFrog Ltd. (Information Technology)*		36,364
	931	Kornit Digital Ltd. (Industrials)*		121,374
	647	Matrix IT Ltd. (Information Technology)		17,683
	961	Maytronics Ltd. (Consumer Discretionary)		22,062
	426	Melisron Ltd. (Real Estate)*^(a)		34,439
	13,423	Mivne Real Estate KD Ltd. (Real Estate)		45,459
	2,895	Mizrahi Tefahot Bank Ltd. (Financials)		96,417
	5,021	Nano Dimension Ltd. ADR (Information Technology)*^(a)		32,134
	622	Nano-X Imaging Ltd. (Health Care)*^(a)		15,339
	1,171	Nice Ltd. (Information Technology)*		342,044
	529	Nova Ltd. (Information Technology)*		53,152
	1,570	OPC Energy Ltd. (Utilities)*^(a)		14,569
	2,927	Phoenix Holdings Ltd. (The) (Financials)		31,282
	1,949	Plus500 Ltd. (Financials)		40,087
	604	Sapiens International Corp. NV (Information Technology)		17,381
	2,855	Shapir Engineering and Industry Ltd. (Industrials)		22,804
	4,447	Shikun & Binui Ltd. (Industrials)*		25,957
	5,357	Shufersal Ltd. (Consumer Staples)		44,244
	1,000	Strauss Group Ltd. (Consumer Staples)		28,938
	21,923	Teva Pharmaceutical Industries Ltd. (Health Care)*		210,214
	2,179	Tower Semiconductor Ltd. (Information Technology)*		64,219
	1,082	Wix.com Ltd. (Information Technology)*		240,291


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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Israel – (continued)
	1,209	ZIM Integrated Shipping Services Ltd. (Industrials)	$	58,395

				3,023,111

Italy – 2.1%
	31,636	A2A SpA (Utilities)		69,461
	2,499	Amplifon SpA (Health Care)		130,623
	23,374	Assicurazioni Generali SpA (Financials)		476,511
	9,311	Atlantia SpA (Industrials)*		174,485
	4,283	Banca Mediolanum SpA (Financials)		44,441
	2,144	Buzzi Unicem SpA (Materials)		56,894
	10,730	Davide Campari-Milano NV (Consumer Staples)		148,321
	234	DiaSorin SpA (Health Care)		53,381
	156,178	Enel SpA (Utilities)		1,422,708
	49,086	Eni SpA (Energy)		605,742
	2,252	Ferrari NV (Consumer Discretionary)		488,343
	12,308	FinecoBank Banca Fineco SpA (Financials)*		226,870
	17,165	Hera SpA (Utilities)		74,221
	7,103	Infrastrutture Wireless Italiane SpA (Communication Services)^(b)		84,434
	344,785	Intesa Sanpaolo SpA (Financials)		975,786
	7,935	Leonardo SpA (Industrials)*		64,613
	14,288	Mediobanca Banca di Credito Finanziario SpA (Financials)*		168,325
	4,266	Moncler SpA (Consumer Discretionary)		272,940
	18,273	Nexi SpA (Information Technology)*^(b)		380,609
	7,891	Pirelli & C SpA (Consumer Discretionary)^(b)		47,264
	9,322	Poste Italiane SpA (Financials)^(b)		126,383
	10,346	PRADA SpA (Consumer Discretionary)		61,193
	5,090	Prysmian SpA (Industrials)		191,490
	1,910	Recordati Industria Chimica e Farmaceutica SpA (Health Care)		125,269
	38,319	Snam SpA (Utilities)		226,349
	200,811	Telecom Italia SpA (Communication Services)		90,860
	121,172	Telecom Italia SpA-RSP (Communication Services)		58,488
	28,345	Terna – Rete Elettrica Nazionale (Utilities)		224,047
	41,933	UniCredit SpA (Financials)		523,114
	8,888	UnipolSai Assicurazioni SpA (Financials)		25,558

				7,618,723

Japan – 24.1%
	624	ABC-Mart, Inc. (Consumer Discretionary)		33,455
	6,325	Acom Co. Ltd. (Financials)		24,469
	3,928	Advantest Corp. (Information Technology)		340,384
	13,526	Aeon Co. Ltd. (Consumer Staples)		359,450
	2,104	AEON Financial Service Co. Ltd. (Financials)		24,801


Common Stocks – (continued)
Japan – (continued)
	1,853	Aeon Mall Co. Ltd. (Real Estate)		28,303
	3,685	AGC, Inc. (Industrials)		178,447
	3,799	Air Water, Inc. (Materials)		61,346
	3,099	Aisin Corp. (Consumer Discretionary)		118,617
	10,921	Ajinomoto Co., Inc. (Consumer Staples)		322,481
	3,543	Alfresa Holdings Corp. (Health Care)		56,147
	4,074	Alps Alpine Co. Ltd. (Information Technology)		42,794
	6,814	Amada Co. Ltd. (Industrials)		69,219
	8,844	ANA Holdings, Inc. (Industrials)*		209,749
	8,550	Asahi Group Holdings Ltd. (Consumer Staples)		398,004
	4,254	Asahi Intecc Co. Ltd. (Health Care)		128,944
	26,581	Asahi Kasei Corp. (Materials)		274,859
	36,961	Astellas Pharma, Inc. (Health Care)		624,764
	2,753	Azbil Corp. (Information Technology)		119,657
	3,872	Bandai Namco Holdings, Inc. (Consumer Discretionary)		269,306
	1,544	Benesse Holdings, Inc. (Consumer Discretionary)		33,421
	11,498	Bridgestone Corp. (Consumer Discretionary)		530,001
	4,970	Brother Industries Ltd. (Information Technology)		102,151
	1,674	Calbee, Inc. (Consumer Staples)		41,538
	20,517	Canon, Inc. (Information Technology)		487,713
	3,301	Capcom Co. Ltd. (Communication Services)		92,245
	4,299	Casio Computer Co. Ltd. (Consumer Discretionary)		66,485
	3,419	Central Japan Railway Co. (Industrials)		501,833
	13,725	Chiba Bank Ltd. (The) (Financials)		85,828
	14,659	Chubu Electric Power Co., Inc. (Utilities)		177,333
	12,668	Chugai Pharmaceutical Co. Ltd. (Health Care)		496,757
	6,294	Chugoku Electric Power Co., Inc. (The) (Utilities)		58,781
	2,414	Coca-Cola Bottlers Japan Holdings, Inc. (Consumer Staples)		33,707
	21,802	Concordia Financial Group Ltd. (Financials)		84,739
	375	Cosmos Pharmaceutical Corp. (Consumer Staples)		66,494
	8,095	CyberAgent, Inc. (Communication Services)		148,917
	4,573	Dai Nippon Printing Co. Ltd. (Industrials)		108,893
	5,678	Daicel Corp. (Materials)		45,792
	2,264	Daifuku Co. Ltd. (Industrials)		200,310
	20,889	Dai-ichi Life Holdings, Inc. (Financials)		412,513
	37,744	Daiichi Sankyo Co. Ltd. (Health Care)		898,249
	5,265	Daikin Industries Ltd. (Industrials)		1,313,374
	1,295	Daito Trust Construction Co. Ltd. (Real Estate)		142,396
	12,032	Daiwa House Industry Co. Ltd. (Real Estate)		367,553
	40	Daiwa House REIT Investment Corp. REIT (Real Estate)		118,514


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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2021


Shares		Description	Value

Common Stocks – (continued)
Japan – (continued)
	28,858	Daiwa Securities Group, Inc. (Financials)	$	163,518
	8,830	Denso Corp. (Consumer Discretionary)		619,691
	4,399	Dentsu Group, Inc. (Communication Services)		163,371
	1,626	DIC Corp. (Materials)		46,844
	568	Disco Corp. (Information Technology)		165,705
	6,468	East Japan Railway Co. (Industrials)		437,500
	1,889	Ebara Corp. (Industrials)		94,226
	5,443	Eisai Co. Ltd. (Health Care)		450,165
	3,336	Electric Power Development Co. Ltd. (Utilities)		49,922
	62,647	ENEOS Holdings, Inc. (Energy)		242,981
	980	Ezaki Glico Co. Ltd. (Consumer Staples)		37,109
	3,827	FANUC Corp. (Industrials)		835,697
	1,096	Fast Retailing Co. Ltd. (Consumer Discretionary)		723,484
	2,213	Food & Life Cos. Ltd. (Consumer Discretionary)		95,280
	2,586	Fuji Electric Co. Ltd. (Industrials)		112,164
	3,371	Fuji Media Holdings, Inc. (Communication Services)		35,103
	7,563	FUJIFILM Holdings Corp. (Information Technology)		624,261
	3,702	Fujitsu Ltd. (Information Technology)		684,058
	3,519	Fukuoka Financial Group, Inc. (Financials)		65,120
	81	GLP J REIT (Real Estate)		147,239
	871	GMO Payment Gateway, Inc. (Information Technology)		114,722
	4,418	Hakuhodo DY Holdings, Inc. (Communication Services)		69,612
	2,832	Hamamatsu Photonics KK (Information Technology)		165,496
	4,633	Hankyu Hanshin Holdings, Inc. (Industrials)		138,956
	719	Harmonic Drive Systems, Inc. (Industrials)		39,857
	5,112	Haseko Corp. (Consumer Discretionary)		70,915
	413	Hikari Tsushin, Inc. (Consumer Discretionary)		72,442
	5,361	Hino Motors Ltd. (Industrials)		46,505
	620	Hirose Electric Co. Ltd. (Information Technology)		103,446
	1,356	Hisamitsu Pharmaceutical Co., Inc. (Health Care)		54,433
	2,067	Hitachi Construction Machinery Co. Ltd. (Industrials)		59,361
	18,932	Hitachi Ltd. (Industrials)		1,048,618
	3,981	Hitachi Metals Ltd. (Materials)*		77,004
	32,707	Honda Motor Co. Ltd. (Consumer Discretionary)		994,964
	1,110	Hoshizaki Corp. (Industrials)		104,372
	7,307	Hoya Corp. (Health Care)		1,182,582
	6,555	Hulic Co. Ltd. (Real Estate)		76,970
	2,261	Ibiden Co. Ltd. (Information Technology)		122,250
	4,142	Idemitsu Kosan Co. Ltd. (Energy)		99,459


Common Stocks – (continued)
Japan – (continued)
	2,620	IHI Corp. (Industrials)*		58,333
	2,965	Iida Group Holdings Co. Ltd. (Consumer Discretionary)		75,461
	20,146	Inpex Corp. (Energy)		139,001
	6,644	Isetan Mitsukoshi Holdings Ltd. (Consumer Discretionary)		44,632
	11,314	Isuzu Motors Ltd. (Consumer Discretionary)		143,356
	1,114	Ito En Ltd. (Consumer Staples)		70,576
	29,509	ITOCHU Corp. (Industrials)		889,353
	1,858	Itochu Techno-Solutions Corp. (Information Technology)		57,587
	813	Izumi Co. Ltd. (Consumer Discretionary)		26,530
	4,912	J Front Retailing Co. Ltd. (Consumer Discretionary)		42,521
	8,528	Japan Airlines Co. Ltd. (Industrials)*		181,723
	10,620	Japan Exchange Group, Inc. (Financials)		253,175
	139	Japan Metropolitan Fund Invest REIT (Real Estate)		135,255
	8,111	Japan Post Bank Co. Ltd. (Financials)		71,099
	22,690	Japan Post Holdings Co. Ltd. (Financials)*		195,032
	3,971	Japan Post Insurance Co. Ltd. (Financials)		72,111
	22,113	Japan Tobacco, Inc. (Consumer Staples)		429,237
	9,723	JFE Holdings, Inc. (Materials)		157,979
	4,494	JGC Holdings Corp. (Industrials)		37,798
	4,069	JSR Corp. (Materials)		141,300
	4,574	JTEKT Corp. (Consumer Discretionary)		41,427
	8,799	Kajima Corp. (Industrials)		113,972
	2,588	Kakaku.com, Inc. (Communication Services)		80,801
	14,796	Kansai Electric Power Co., Inc. (The) (Utilities)		148,822
	4,375	Kansai Paint Co. Ltd. (Materials)		113,537
	9,372	Kao Corp. (Consumer Staples)		566,961
	3,004	Kawasaki Heavy Industries Ltd. (Industrials)*		64,039
	31,076	KDDI Corp. (Communication Services)		953,269
	4,631	Keikyu Corp. (Industrials)		56,570
	2,201	Keio Corp. (Industrials)		118,605
	2,995	Keisei Electric Railway Co. Ltd. (Industrials)		92,282
	2,088	Kewpie Corp. (Consumer Staples)		51,506
	3,763	Keyence Corp. (Information Technology)		2,265,130
	2,989	Kikkoman Corp. (Consumer Staples)		224,733
	3,650	Kintetsu Group Holdings Co. Ltd. (Industrials)*		124,923
	15,113	Kirin Holdings Co. Ltd. (Consumer Staples)		274,307
	991	Kobayashi Pharmaceutical Co. Ltd. (Consumer Staples)		77,667
	2,407	Kobe Bussan Co. Ltd. (Consumer Staples)		93,774
	1,103	Koei Tecmo Holdings Co. Ltd. (Communication Services)		47,238


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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Japan – (continued)
	2,456	Koito Manufacturing Co. Ltd. (Consumer Discretionary)	$	150,454
	18,830	Komatsu Ltd. (Industrials)		456,352
	1,878	Konami Holdings Corp. (Communication Services)		119,319
	645	Kose Corp. (Consumer Staples)		78,086
	23,222	Kubota Corp. (Industrials)		480,780
	6,691	Kuraray Co. Ltd. (Materials)		63,036
	2,193	Kurita Water Industries Ltd. (Industrials)		103,003
	6,560	Kyocera Corp. (Information Technology)		408,791
	4,970	Kyowa Kirin Co. Ltd. (Health Care)		162,636
	9,021	Kyushu Electric Power Co., Inc. (Utilities)		68,975
	2,759	Kyushu Railway Co. (Industrials)		62,558
	1,541	Lasertec Corp. (Information Technology)		337,629
	904	Lawson, Inc. (Consumer Staples)		43,612
	5,032	Lion Corp. (Consumer Staples)		85,790
	5,508	Lixil Corp. (Industrials)		160,688
	8,191	M3, Inc. (Health Care)		551,808
	970	Mabuchi Motor Co. Ltd. (Industrials)		33,993
	4,849	Makita Corp. (Industrials)		278,952
	33,790	Marubeni Corp. (Industrials)		269,311
	3,971	Marui Group Co. Ltd. (Consumer Discretionary)		70,918
	1,643	Matsumotokiyoshi Holdings Co. Ltd. (Consumer Staples)		76,273
	11,590	Mazda Motor Corp. (Consumer Discretionary)*		100,750
	1,637	McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary)		78,229
	20,579	Mebuki Financial Group, Inc. (Financials)		46,081
	3,395	Medipal Holdings Corp. (Health Care)		64,989
	2,592	MEIJI Holdings Co. Ltd. (Consumer Staples)		159,493
	1,896	Mercari, Inc. (Consumer Discretionary)*		93,885
	7,613	MINEBEA MITSUMI, Inc. (Industrials)		196,319
	5,639	MISUMI Group, Inc. (Industrials)		224,051
	27,776	Mitsubishi Chemical Holdings Corp. (Materials)		244,184
	27,236	Mitsubishi Corp. (Industrials)		820,848
	39,336	Mitsubishi Electric Corp. (Industrials)		539,053
	23,898	Mitsubishi Estate Co. Ltd. (Real Estate)		374,372
	3,793	Mitsubishi Gas Chemical Co., Inc. (Materials)		71,641
	13,281	Mitsubishi HC Capital, Inc. (Financials)		71,204
	6,079	Mitsubishi Heavy Industries Ltd. (Industrials)		160,967
	2,364	Mitsubishi Materials Corp. (Materials)		48,545
	12,982	Mitsubishi Motors Corp. (Consumer Discretionary)*		33,205
	231,041	Mitsubishi UFJ Financial Group, Inc. (Financials)		1,250,052


Common Stocks – (continued)
Japan – (continued)
	30,236	Mitsui & Co. Ltd. (Industrials)		668,517
	3,542	Mitsui Chemicals, Inc. (Materials)		122,516
	17,866	Mitsui Fudosan Co. Ltd. (Real Estate)		410,466
	2,278	Mitsui OSK Lines Ltd. (Industrials)^(a)		176,252
	1,939	Miura Co. Ltd. (Industrials)		87,190
	47,175	Mizuho Financial Group, Inc. (Financials)		662,580
	4,889	MonotaRO Co. Ltd. (Industrials)		108,274
	9,355	MS&AD Insurance Group Holdings, Inc. (Financials)		302,722
	12,510	Murata Manufacturing Co. Ltd. (Information Technology)		1,038,401
	2,150	Nabtesco Corp. (Industrials)		85,327
	5,032	NEC Corp. (Information Technology)		264,746
	9,123	Nexon Co. Ltd. (Communication Services)		166,915
	6,066	NGK Insulators Ltd. (Industrials)		100,769
	3,817	NGK Spark Plug Co. Ltd. (Consumer Discretionary)		58,787
	2,036	NH Foods Ltd. (Consumer Staples)		79,042
	2,471	Nichirei Corp. (Consumer Staples)		63,068
	10,112	Nidec Corp. (Industrials)		1,161,601
	5,924	Nihon M&A Center, Inc. (Industrials)		177,407
	6,417	Nikon Corp. (Consumer Discretionary)		67,698
	2,353	Nintendo Co. Ltd. (Communication Services)		1,133,021
	70	Nippon Building Fund, Inc. REIT (Real Estate)		455,580
	1,670	Nippon Express Co. Ltd. (Industrials)		113,857
	19,384	Nippon Paint Holdings Co. Ltd. (Materials)		241,550
	41	Nippon Prologis REIT, Inc. REIT (Real Estate)		147,975
	3,532	Nippon Sanso Holdings Corp. (Materials)		85,840
	1,256	Nippon Shinyaku Co. Ltd. (Health Care)		102,094
	17,387	Nippon Steel Corp. (Materials)		355,780
	45,725	Nippon Telegraph & Telephone Corp. (Communication Services)		1,221,997
	2,790	Nippon Television Holdings, Inc. (Communication Services)		29,688
	3,231	Nippon Yusen KK (Industrials)		260,868
	2,543	Nissan Chemical Corp. (Materials)		142,821
	44,438	Nissan Motor Co. Ltd. (Consumer Discretionary)*		234,001
	4,868	Nisshin Seifun Group, Inc. (Consumer Staples)		79,937
	1,368	Nissin Foods Holdings Co. Ltd. (Consumer Staples)		106,591
	1,632	Nitori Holdings Co. Ltd. (Consumer Discretionary)		305,721
	2,930	Nitto Denko Corp. (Materials)		222,964
	60,375	Nomura Holdings, Inc. (Financials)		293,247
	2,035	Nomura Real Estate Holdings, Inc. (Real Estate)		52,144
	83	Nomura Real Estate Master Fund, Inc. REIT (Real Estate)		128,210


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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2021


Shares		Description	Value

Common Stocks – (continued)
Japan – (continued)
	7,691	Nomura Research Institute Ltd. (Information Technology)	$	289,480
	9,461	NSK Ltd. (Industrials)		66,484
	12,606	NTT Data Corp. (Information Technology)		227,312
	12,542	Obayashi Corp. (Industrials)		103,432
	346	OBIC Business Consultants Co. Ltd. (Information Technology)		16,251
	1,278	Obic Co. Ltd. (Information Technology)		243,711
	6,847	Odakyu Electric Railway Co. Ltd. (Industrials)		159,801
	17,108	Oji Holdings Corp. (Materials)		89,698
	24,087	Olympus Corp. (Health Care)		506,800
	3,834	Omron Corp. (Information Technology)		362,251
	8,028	Ono Pharmaceutical Co. Ltd. (Health Care)		193,210
	1,530	Open House Co. Ltd. (Consumer Discretionary)		74,648
	671	Oracle Corp. Japan (Information Technology)		55,214
	3,992	Oriental Land Co. Ltd. (Consumer Discretionary)		605,377
	24,324	ORIX Corp. (Financials)		454,221
	55	Orix JREIT, Inc. REIT (Real Estate)		98,175
	8,056	Osaka Gas Co. Ltd. (Utilities)		151,279
	2,190	Otsuka Corp. (Information Technology)		113,626
	8,022	Otsuka Holdings Co. Ltd. (Health Care)		341,808
	8,362	Pan Pacific International Holdings Corp. (Consumer Discretionary)		159,613
	43,135	Panasonic Corp. (Consumer Discretionary)		515,139
	2,190	Park24 Co. Ltd. (Industrials)*		42,321
	1,942	PeptiDream, Inc. (Health Care)*		68,587
	3,560	Persol Holdings Co. Ltd. (Industrials)		83,345
	2,315	Pigeon Corp. (Consumer Staples)		67,115
	1,661	Pola Orbis Holdings, Inc. (Consumer Staples)		36,347
	17,519	Rakuten Group, Inc. (Consumer Discretionary)		183,705
	27,596	Recruit Holdings Co. Ltd. (Industrials)		1,632,751
	22,412	Renesas Electronics Corp. (Information Technology)*		242,562
	47,690	Resona Holdings, Inc. (Financials)		184,795
	13,410	Ricoh Co. Ltd. (Information Technology)		136,712
	707	Rinnai Corp. (Consumer Discretionary)		76,132
	1,710	Rohm Co. Ltd. (Information Technology)		165,303
	4,885	Ryohin Keikaku Co. Ltd. (Consumer Discretionary)		104,850
	7,555	Santen Pharmaceutical Co. Ltd. (Health Care)		112,782
	4,815	SBI Holdings, Inc. (Financials)		117,022
	866	SCREEN Holdings Co. Ltd. (Information Technology)		74,413
	960	SCSK Corp. (Information Technology)		60,732
	4,215	Secom Co. Ltd. (Industrials)		320,173
	3,458	Sega Sammy Holdings, Inc. (Consumer Discretionary)		46,774


Common Stocks – (continued)
Japan – (continued)
	4,509	Seibu Holdings, Inc. (Industrials)*		54,423
	5,757	Seiko Epson Corp. (Information Technology)		107,426
	7,923	Sekisui Chemical Co. Ltd. (Consumer Discretionary)		135,872
	11,858	Sekisui House Ltd. (Consumer Discretionary)		236,707
	15,032	Seven & i Holdings Co. Ltd. (Consumer Staples)		658,830
	12,110	Seven Bank Ltd. (Financials)		27,668
	8,565	SG Holdings Co. Ltd. (Industrials)		233,265
	5,734	Sharp Corp. (Consumer Discretionary)		75,837
	5,637	Shimadzu Corp. (Information Technology)		253,219
	473	Shimamura Co. Ltd. (Consumer Discretionary)		41,763
	1,618	Shimano, Inc. (Consumer Discretionary)		475,709
	11,698	Shimizu Corp. (Industrials)		84,120
	8,148	Shin-Etsu Chemical Co. Ltd. (Materials)		1,350,212
	4,344	Shinsei Bank Ltd. (Financials)		53,974
	5,949	Shionogi & Co. Ltd. (Health Care)		376,456
	7,955	Shiseido Co. Ltd. (Consumer Staples)		528,089
	10,289	Shizuoka Bank Ltd. (The) (Financials)		80,731
	2,869	Showa Denko KK (Materials)		63,904
	1,249	SMC Corp. (Industrials)		801,629
	55,664	SoftBank Corp. (Communication Services)		746,595
	22,914	SoftBank Group Corp. (Communication Services)		1,289,199
	1,426	Sohgo Security Services Co. Ltd. (Industrials)		64,706
	21,004	Sojitz Corp. (Industrials)		61,754
	6,469	Sompo Holdings, Inc. (Financials)		284,292
	24,858	Sony Group Corp. (Consumer Discretionary)		2,570,425
	1,792	Square Enix Holdings Co. Ltd. (Communication Services)		104,558
	2,944	Stanley Electric Co. Ltd. (Consumer Discretionary)		73,640
	12,187	Subaru Corp. (Consumer Discretionary)		225,913
	721	Sugi Holdings Co. Ltd. (Consumer Staples)		55,785
	5,271	SUMCO Corp. (Information Technology)		111,456
	32,096	Sumitomo Chemical Co. Ltd. (Materials)		163,022
	23,320	Sumitomo Corp. (Industrials)		329,974
	3,377	Sumitomo Dainippon Pharma Co. Ltd. (Health Care)		60,618
	14,918	Sumitomo Electric Industries Ltd. (Consumer Discretionary)		199,681
	2,312	Sumitomo Heavy Industries Ltd. (Industrials)		60,609
	4,862	Sumitomo Metal Mining Co. Ltd. (Materials)		186,939
	25,876	Sumitomo Mitsui Financial Group, Inc. (Financials)		895,273
	5,887	Sumitomo Mitsui Trust Holdings, Inc. (Financials)		192,804


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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Japan – (continued)
	6,626	Sumitomo Realty & Development Co. Ltd. (Real Estate)	$	214,232
	3,579	Sumitomo Rubber Industries Ltd. (Consumer Discretionary)		42,970
	1,358	Sundrug Co. Ltd. (Consumer Staples)		45,180
	2,514	Suntory Beverage & Food Ltd. (Consumer Staples)		100,803
	1,265	Suzuken Co. Ltd. (Health Care)		37,653
	8,146	Suzuki Motor Corp. (Consumer Discretionary)		352,652
	3,053	Sysmex Corp. (Health Care)		347,930
	9,925	T&D Holdings, Inc. (Financials)		120,607
	2,343	Taiheiyo Cement Corp. (Materials)		53,787
	3,728	Taisei Corp. (Industrials)		116,903
	760	Taisho Pharmaceutical Holdings Co. Ltd. (Health Care)		44,413
	2,466	Taiyo Yuden Co. Ltd. (Information Technology)		140,068
	31,285	Takeda Pharmaceutical Co. Ltd. (Health Care)		1,047,674
	2,068	TBS Holdings, Inc. (Communication Services)		30,288
	2,530	TDK Corp. (Information Technology)		266,449
	3,640	Teijin Ltd. (Materials)		52,450
	14,304	Terumo Corp. (Health Care)		598,539
	2,415	THK Co. Ltd. (Industrials)		56,121
	4,557	TIS, Inc. (Information Technology)		129,003
	3,919	Tobu Railway Co. Ltd. (Industrials)		102,416
	2,134	Toho Co. Ltd. (Communication Services)		92,462
	1,809	Toho Gas Co. Ltd. (Utilities)		84,473
	9,510	Tohoku Electric Power Co., Inc. (Utilities)		72,887
	12,803	Tokio Marine Holdings, Inc. (Financials)		626,631
	724	Tokyo Century Corp. (Financials)		41,452
	30,004	Tokyo Electric Power Co. Holdings, Inc. (Utilities)*		78,929
	2,986	Tokyo Electron Ltd. (Information Technology)		1,283,985
	8,343	Tokyo Gas Co. Ltd. (Utilities)		160,693
	11,961	Tokyu Corp. (Industrials)		164,945
	12,168	Tokyu Fudosan Holdings Corp. (Real Estate)		70,554
	5,535	TOPPAN, Inc. (Industrials)		95,223
	30,093	Toray Industries, Inc. (Materials)		203,195
	8,478	Toshiba Corp. (Industrials)		368,491
	5,647	Tosoh Corp. (Materials)		102,701
	3,118	TOTO Ltd. (Industrials)		170,006
	1,757	Toyo Suisan Kaisha Ltd. (Consumer Staples)		72,848
	1,373	Toyoda Gosei Co. Ltd. (Consumer Discretionary)		29,245
	1,466	Toyota Boshoku Corp. (Consumer Discretionary)		27,636
	3,102	Toyota Industries Corp. (Consumer Discretionary)		262,312
	45,085	Toyota Motor Corp. (Consumer Discretionary)		3,936,422


Common Stocks – (continued)
Japan – (continued)
	4,518	Toyota Tsusho Corp. (Industrials)		200,073
	2,659	Trend Micro, Inc. (Information Technology)		145,947
	758	Tsuruha Holdings, Inc. (Consumer Staples)		95,561
	8,009	Unicharm Corp. (Consumer Staples)		357,511
	57	United Urban Investment Corp. REIT (Real Estate)		80,732
	4,044	USS Co. Ltd. (Consumer Discretionary)		67,032
	1,843	Welcia Holdings Co. Ltd. (Consumer Staples)		65,174
	3,354	West Japan Railway Co. (Industrials)		183,667
	418	Workman Co. Ltd. (Consumer Discretionary)		26,786
	2,574	Yakult Honsha Co. Ltd. (Consumer Staples)		148,545
	13,819	Yamada Holdings Co. Ltd. (Consumer Discretionary)		59,497
	3,334	Yamaha Corp. (Consumer Discretionary)		196,957
	5,898	Yamaha Motor Co. Ltd. (Consumer Discretionary)		150,322
	6,387	Yamato Holdings Co. Ltd. (Industrials)		162,785
	2,559	Yamazaki Baking Co. Ltd. (Consumer Staples)		42,044
	5,003	Yaskawa Electric Corp. (Industrials)		245,004
	5,170	Yokogawa Electric Corp. (Information Technology)		81,084
	2,633	Yokohama Rubber Co. Ltd. (The) (Consumer Discretionary)		44,986
	52,595	Z Holdings Corp. (Communication Services)		343,261
	2,191	ZOZO, Inc. (Consumer Discretionary)		83,663

				86,151,640

Jordan – 0.0%
	2,865	Hikma Pharmaceuticals PLC (Health Care)		100,072

Luxembourg – 0.2%
	14,213	ArcelorMittal (Materials)		476,403
	2,545	Eurofins Scientific SE (Health Care)		360,750

				837,153

Macau – 0.1%
	43,122	Galaxy Entertainment Group Ltd. (Consumer Discretionary)*		276,396
	16,549	MGM China Holdings Ltd. (Consumer Discretionary)*		16,576
	49,143	Sands China Ltd. (Consumer Discretionary)*		157,652
	39,092	SJM Holdings Ltd. (Consumer Discretionary)*		34,029

				484,653

Mexico – 0.0%
	3,721	Fresnillo PLC (Materials)		43,734


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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2021


Shares		Description	Value

Common Stocks – (continued)
Netherlands – 5.1%
	8,906	ABN AMRO Bank NV (Financials)*^(b)	$	124,286
	516	Adyen NV (Information Technology)*^(b)		1,665,616
	3,413	Akzo Nobel NV (Materials)		420,614
	8,306	ASML Holding NV (Information Technology)		6,907,491
	2,098	EXOR NV (Financials)		174,847
	1,741	HAL Trust (Financials)		310,741
	2,042	Heineken Holding NV (Consumer Staples)		189,222
	4,782	Heineken NV (Consumer Staples)		523,283
	78,480	ING Groep NV (Financials)		1,083,907
	1,525	JDE Peet’s NV (Consumer Staples)^(a)		52,385
	21,021	Koninklijke Ahold Delhaize NV (Consumer Staples)		708,942
	3,466	Koninklijke DSM NV (Materials)		737,482
	65,921	Koninklijke KPN NV (Communication Services)		211,194
	18,242	Koninklijke Philips NV (Health Care)		840,678
	5,636	NN Group NV (Financials)		292,533
	2,350	Randstad NV (Industrials)		172,824
	82,433	Royal Dutch Shell PLC, Class A (Energy)		1,624,128
	74,503	Royal Dutch Shell PLC, Class B (Energy)		1,467,273
	5,305	Wolters Kluwer NV (Industrials)		610,072

				18,117,518

New Zealand – 0.4%
	24,355	Auckland International Airport Ltd. (Industrials)*		123,596
	9,015	Chorus Ltd. (Communication Services)		44,607
	15,641	Contact Energy Ltd. (Utilities)		89,723
	11,535	Fisher & Paykel Healthcare Corp. Ltd. (Health Care)		268,736
	15,391	Fletcher Building Ltd. (Industrials)		81,139
	10,365	Genesis Energy Ltd. (Utilities)		24,731
	21,132	Goodman Property Trust REIT (Real Estate)		38,820
	13,930	Infratil Ltd. (Utilities)		73,290
	1,632	Mainfreight Ltd. (Industrials)		107,976
	12,274	Mercury NZ Ltd. (Utilities)		57,450
	23,057	Meridian Energy Ltd. (Utilities)		85,200
	7,705	Ryman Healthcare Ltd. (Health Care)		83,951
	37,332	Spark New Zealand Ltd. (Communication Services)		128,096
	2,570	Xero Ltd. (Information Technology)*		285,161

				1,492,476

Norway – 0.8%
	449	Aker ASA, Class A (Financials)		32,391
	2,178	Aker BP ASA (Energy)		56,793
	1,747	Austevoll Seafood ASA (Consumer Staples)		22,416
	17,736	DNB Bank ASA (Financials)		374,061
	2,074	Entra ASA (Real Estate)^(b)		46,910
	21,305	Equinor ASA (Energy)		452,123
	3,733	Gjensidige Forsikring ASA (Financials)		87,178


Common Stocks – (continued)
Norway – (continued)
	1,754	Kongsberg Gruppen ASA (Industrials)		48,840
	5,691	Leroy Seafood Group ASA (Consumer Staples)		50,181
	9,009	Mowi ASA (Consumer Staples)		241,024
	29,213	NEL ASA (Industrials)*		47,937
	3,318	Nordic Semiconductor ASA (Information Technology)*		107,864
	26,945	Norsk Hydro ASA (Materials)		185,775
	14,974	Orkla ASA (Consumer Staples)		133,617
	1,131	Salmar ASA (Consumer Staples)		75,717
	2,293	Scatec ASA (Utilities)^(b)		47,360
	1,408	Schibsted ASA, Class A (Communication Services)		75,047
	1,854	Schibsted ASA, Class B (Communication Services)		86,169
	3,604	SpareBank 1 SR-Bank ASA (Financials)		48,562
	9,190	Storebrand ASA (Financials)		81,519
	12,894	Telenor ASA (Communication Services)		225,654
	2,340	TGS ASA (Energy)		25,939
	2,340	TOMRA Systems ASA (Industrials)		143,647

				2,696,724

Poland – 0.3%
	7,795	Allegro.eu SA (Consumer Discretionary)*^(b)		144,568
	3,230	Bank Pekao SA (Financials)*		90,435
	4,001	Cyfrowy Polsat SA (Communication Services)		38,204
	969	Dino Polska SA (Consumer Staples)*^(b)		82,150
	4,194	InPost SA (Industrials)*		81,688
	2,756	KGHM Polska Miedz SA (Materials)		128,342
	262	mBank SA (Financials)*		25,387
	16,090	PGE Polska Grupa Energetyczna SA (Utilities)*		42,402
	6,260	Polski Koncern Naftowy ORLEN SA (Energy)		121,479
	32,816	Polskie Gornictwo Naftowe i Gazownictwo SA (Energy)		53,996
	17,814	Powszechna Kasa Oszczednosci Bank Polski SA (Financials)*		195,643
	11,478	Powszechny Zaklad Ubezpieczen SA (Financials)*		121,711
	673	Santander Bank Polska SA (Financials)*		53,084

				1,179,089

Portugal – 0.2%
	55,243	EDP – Energias de Portugal SA (Utilities)		303,364
	10,554	Galp Energia SGPS SA (Energy)		108,065
	4,934	Jeronimo Martins SGPS SA (Consumer Staples)		104,547

				515,976

Russia – 0.0%
	11,621	Evraz PLC (Materials)		94,425


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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Saudi Arabia – 0.1%
	3,157	Delivery Hero SE (Consumer Discretionary)*^(b)	$	456,891

Singapore – 1.1%
	66,546	Ascendas Real Estate Investment Trust REIT (Real Estate)		150,398
	90,341	CapitaLand Integrated Commercial Trust REIT (Real Estate)		138,356
	50,578	CapitaLand Ltd. (Real Estate)		150,407
	11,624	City Developments Ltd. (Real Estate)		59,109
	43,630	ComfortDelGro Corp. Ltd. (Industrials)		52,547
	36,122	DBS Group Holdings Ltd. (Financials)		804,830
	52,892	Frasers Logistics & Commercial Trust REIT (Real Estate)		58,983
	114,679	Genting Singapore Ltd. (Consumer Discretionary)		65,221
	1,918	Jardine Cycle & Carriage Ltd. (Consumer Discretionary)		27,706
	29,024	Keppel Corp. Ltd. (Industrials)		112,203
	26,053	Keppel DC REIT (Real Estate)		48,422
	45,073	Mapletree Commercial Trust REIT (Real Estate)		68,023
	41,391	Mapletree Industrial Trust REIT (Real Estate)		89,853
	59,181	Mapletree Logistics Trust REIT (Real Estate)		89,315
	17,657	Olam International Ltd. (Consumer Staples)		21,003
	80,544	Oversea-Chinese Banking Corp. Ltd. (Financials)		684,423
	13,485	SATS Ltd. (Industrials)*		40,803
	26,188	Singapore Airlines Ltd. (Industrials)*		98,514
	16,411	Singapore Exchange Ltd. (Financials)		120,786
	30,773	Singapore Technologies Engineering Ltd. (Industrials)		86,478
	159,911	Singapore Telecommunications Ltd. (Communication Services)		275,811
	32,516	Suntec Real Estate Investment Trust REIT (Real Estate)		35,777
	31,419	United Overseas Bank Ltd. (Financials)		597,501
	10,752	UOL Group Ltd. (Real Estate)		55,954
	5,452	Venture Corp. Ltd. (Information Technology)		77,660

				4,010,083

South Africa – 0.3%
	23,323	Anglo American PLC (Materials)		985,096
	2,345	Thungela Resources Ltd. (Energy)*		9,795

				994,891

Spain – 2.4%
	4,585	ACS Actividades de Construccion y Servicios SA (Industrials)^(a)		123,727
	1,388	Aena SME SA (Industrials)*^(b)		221,520
	9,037	Amadeus IT Group SA (Information Technology)*		551,735


Common Stocks – (continued)
Spain – (continued)
	132,797	Banco Bilbao Vizcaya Argentaria SA (Financials)*		869,549
	344,941	Banco Santander SA (Financials)*		1,273,472
	87,167	CaixaBank SA (Financials)		270,823
	11,462	Cellnex Telecom SA (Communication Services)*^(b)		784,758
	4,832	EDP Renovaveis SA (Utilities)		128,453
	6,391	Endesa SA (Utilities)		153,601
	9,441	Ferrovial SA (Industrials)		273,266
	5,943	Grifols SA (Health Care)		145,149
	122,483	Iberdrola SA (Utilities)		1,517,419
	22,290	Industria de Diseno Textil SA (Consumer Discretionary)		760,686
	19,360	Mapfre SA (Financials)		41,730
	9,507	Naturgy Energy Group SA (Utilities)		244,651
	8,660	Red Electrica Corp. SA (Utilities)		172,661
	26,392	Repsol SA (Energy)		302,354
	4,498	Siemens Gamesa Renewable Energy SA (Industrials)*		133,326
	101,777	Telefonica SA (Communication Services)		502,376

				8,471,256

Sweden – 4.0%
	3,475	AAK AB (Consumer Staples)		83,027
	5,962	Alfa Laval AB (Industrials)		241,554
	19,549	Assa Abloy AB, Class B (Industrials)		624,127
	12,691	Atlas Copco AB, Class A (Industrials)		870,292
	7,492	Atlas Copco AB, Class B (Industrials)		432,939
	2,167	Avanza Bank Holding AB (Financials)		83,182
	2,114	Axfood AB (Consumer Staples)		55,868
	4,427	Beijer Ref AB (Industrials)		101,570
	5,398	Boliden AB (Materials)		188,022
	4,198	Castellum AB (Real Estate)		122,121
	5,046	Electrolux AB, Series B (Consumer Discretionary)		127,688
	7,262	Elekta AB, Class B (Health Care)^(a)		90,915
	6,090	Embracer Group AB (Communication Services)*		138,033
	12,479	Epiroc AB, Class A (Industrials)		273,526
	7,490	Epiroc AB, Class B (Industrials)		142,150
	6,344	EQT AB (Financials)		322,904
	12,124	Essity AB, Class B (Consumer Staples)		388,478
	3,424	Evolution AB (Consumer Discretionary)^(b)		551,096
	5,240	Fabege AB (Real Estate)		94,899
	1,995	Fastighets AB Balder, Class B (Real Estate)*		142,443
	3,934	Getinge AB, Class B (Health Care)		161,210
	14,352	H & M Hennes & Mauritz AB, Class B (Consumer Discretionary)*		287,351
	39,317	Hexagon AB, Class B (Information Technology)		680,418
	1,817	Holmen AB, Class B (Materials)		92,231
	8,236	Husqvarna AB, Class B (Consumer Discretionary)		110,355


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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2021


Shares		Description	Value

Common Stocks – (continued)
Sweden – (continued)
	1,818	ICA Gruppen AB (Consumer Staples)	$	90,346
	2,500	Industrivarden AB, Class A (Financials)		91,913
	3,155	Industrivarden AB, Class C (Financials)		109,858
	5,098	Indutrade AB (Industrials)		168,189
	2,475	Investment AB Latour, Class B (Industrials)		86,037
	10,374	Investor AB, Class A (Financials)		248,583
	36,588	Investor AB, Class B (Financials)		874,183
	4,844	Kinnevik AB, Class B (Financials)*		189,585
	1,475	L E Lundbergforetagen AB, Class B (Financials)		94,046
	3,948	Lifco AB, Class B (Industrials)		116,722
	3,723	Lundin Energy AB (Energy)		113,604
	32,244	Nibe Industrier AB, Class B (Industrials)		449,023
	1,535	Saab AB, Class B (Industrials)		45,702
	1,282	Sagax AB, Class B (Real Estate)		47,756
	21,471	Sandvik AB (Industrials)		546,801
	6,221	Securitas AB, Class B (Industrials)		103,159
	10,111	Sinch AB (Information Technology)*^(b)		226,597
	29,272	Skandinaviska Enskilda Banken AB, Class A (Financials)		392,726
	7,486	Skanska AB, Class B (Industrials)		215,343
	8,559	SKF AB, Class B (Industrials)		217,972
	4,476	SSAB AB, Class A (Materials)*		24,342
	12,038	SSAB AB, Class B (Materials)*		57,175
	11,433	Svenska Cellulosa AB SCA, Class B (Materials)		201,498
	29,326	Svenska Handelsbanken AB, Class A (Financials)		329,494
	701	Svenska Handelsbanken AB, Class B (Financials)		8,569
	3,951	Sweco AB, Class B (Industrials)		69,199
	21,831	Swedbank AB, Class A (Financials)		421,071
	30,869	Swedish Match AB (Consumer Staples)		284,725
	3,389	Swedish Orphan Biovitrum AB (Health Care)*		73,734
	9,038	Tele2 AB, Class B (Communication Services)		135,330
	58,897	Telefonaktiebolaget LM Ericsson, Class B (Information Technology)		697,466
	43,750	Telia Co. AB (Communication Services)		187,587
	4,886	Trelleborg AB, Class B (Industrials)		118,606
	3,775	Volvo AB, Class A (Industrials)		87,354
	29,620	Volvo AB, Class B (Industrials)		669,091
	2,855	Wallenstam AB, Class B (Real Estate)		48,814

				14,248,599

Switzerland – 8.5%
	33,012	ABB Ltd. (Industrials)		1,222,386
	10,044	Alcon, Inc. (Health Care)		827,159
	9,041	Cie Financiere Richemont SA (Consumer Discretionary)		996,825
	49,302	Credit Suisse Group AG (Financials)		522,810
	695	Geberit AG (Industrials)		580,551
	160	Givaudan SA (Materials)		802,576


Common Stocks – (continued)
Switzerland – (continued)
	9,969	Holcim Ltd. (Materials)*		568,072
	1,114	Kuehne + Nagel International AG (Industrials)		407,512
	1,492	Lonza Group AG (Health Care)		1,262,267
	53,227	Nestle SA (Consumer Staples)		6,725,062
	47,077	Novartis AG (Health Care)		4,357,468
	440	Partners Group Holding AG (Financials)		780,045
	14,119	Roche Holding AG (Health Care)		5,668,099
	534	Roche Holding AG (Health Care)		239,005
	388	Schindler Holding AG (Industrials)		120,968
	808	Schindler Holding AG Participation Certificates (Industrials)		260,910
	107	SGS SA (Industrials)		336,167
	2,692	Sika AG (Materials)		970,066
	13,117	STMicroelectronics NV (Information Technology)		583,436
	566	Swatch Group AG (The) – Bearer (Consumer Discretionary)		159,534
	1,027	Swatch Group AG (The) – Registered (Consumer Discretionary)		56,448
	510	Swisscom AG (Communication Services)		299,191
	69,819	UBS Group AG (Financials)		1,164,603
	3,019	Zurich Insurance Group AG (Financials)		1,324,860

				30,236,020

United Kingdom – 12.1%
	19,558	3i Group PLC (Financials)		360,011
	43,907	Abrdn PLC (Financials)		160,434
	5,247	Admiral Group PLC (Financials)		260,757
	6,968	Allfunds Group PLC (Financials)*		125,536
	8,995	Ashtead Group PLC (Industrials)		704,386
	1,399	ASOS PLC (Consumer Discretionary)*		74,782
	7,261	Associated British Foods PLC (Consumer Staples)		197,860
	25,338	AstraZeneca PLC (Health Care)		2,968,954
	19,262	Auto Trader Group PLC (Communication Services)^(b)		166,744
	2,238	AVEVA Group PLC (Information Technology)		127,391
	78,171	Aviva PLC (Financials)		434,742
	64,857	BAE Systems PLC (Industrials)		507,351
	341,293	Barclays PLC (Financials)		868,484
	20,528	Barratt Developments PLC (Consumer Discretionary)		208,780
	2,346	Berkeley Group Holdings PLC (Consumer Discretionary)		155,849
	374,440	BP PLC (Energy)		1,530,252
	46,117	British American Tobacco PLC (Consumer Staples)		1,732,056
	16,953	British Land Co. PLC (The) REIT (Real Estate)		123,704
	151,006	BT Group PLC (Communication Services)*		352,882
	6,798	Bunzl PLC (Industrials)		246,618
	8,131	Burberry Group PLC (Consumer Discretionary)		208,083


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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
United Kingdom – (continued)
	53,587	CK Hutchison Holdings Ltd. (Industrials)	$	391,015
	8,256	Clarivate PLC (Industrials)*		207,969
	19,836	CNH Industrial NV (Industrials)		327,816
	3,018	Coca-Cola Europacific Partners PLC (Consumer Staples)		174,259
	35,838	Compass Group PLC (Consumer Discretionary)*		740,077
	32,146	ConvaTec Group PLC (Health Care)^(b)		99,719
	2,799	Croda International PLC (Materials)		352,392
	1,924	DCC PLC (Industrials)		163,641
	46,959	Diageo PLC (Consumer Staples)		2,258,079
	27,097	Direct Line Insurance Group PLC (Financials)		115,233
	27,335	DS Smith PLC (Materials)		166,430
	6,849	easyJet PLC (Industrials)*		75,030
	11,667	Entain PLC (Consumer Discretionary)*		310,376
	18,491	Experian PLC (Industrials)		815,362
	5,664	Farfetch Ltd., Class A (Consumer Discretionary)*		237,095
	101,125	GlaxoSmithKline PLC (Health Care)		2,034,714
	7,597	Halma PLC (Information Technology)		313,975
	7,082	Hargreaves Lansdown PLC (Financials)		147,028
	410,527	HSBC Holdings PLC (Financials)		2,181,983
	19,016	Imperial Brands PLC (Consumer Staples)		403,422
	30,300	Informa PLC (Communication Services)*		221,429
	3,538	InterContinental Hotels Group PLC (Consumer Discretionary)*		225,589
	5,833	Intermediate Capital Group PLC (Financials)		176,448
	3,251	Intertek Group PLC (Industrials)		235,790
	73,184	ITV PLC (Communication Services)*		116,633
	38,271	J Sainsbury PLC (Consumer Staples)		160,118
	9,946	JD Sports Fashion PLC (Consumer Discretionary)		138,182
	3,906	Johnson Matthey PLC (Materials)		157,990
	3,890	Just Eat Takeaway.com NV (Consumer Discretionary)*^(b)		352,294
	42,623	Kingfisher PLC (Consumer Discretionary)		205,486
	14,960	Land Securities Group PLC REIT (Real Estate)		145,974
	119,990	Legal & General Group PLC (Financials)		446,198
	3,105	Liberty Global PLC, Class A (Communication Services)*		89,238
	6,881	Liberty Global PLC, Class C (Communication Services)*		199,411
	1,425,502	Lloyds Banking Group PLC (Financials)		858,799
	9,674	London Stock Exchange Group PLC (Financials)		1,059,250


Common Stocks – (continued)
United Kingdom – (continued)
	52,496	M&G PLC (Financials)		148,830
	86,729	Melrose Industries PLC (Industrials)		200,216
	71,447	National Grid PLC (Utilities)		925,570
	105,414	Natwest Group PLC (Financials)		309,157
	2,456	Next PLC (Consumer Discretionary)		267,364
	10,209	Ocado Group PLC (Consumer Staples)*		282,829
	15,190	Pearson PLC (Communication Services)		160,469
	6,363	Persimmon PLC (Consumer Discretionary)		257,458
	14,062	Phoenix Group Holdings PLC (Financials)		120,646
	52,508	Prudential PLC (Financials)		1,094,802
	14,326	Reckitt Benckiser Group PLC (Consumer Staples)		1,092,078
	38,839	RELX PLC (Industrials)		1,166,327
	37,331	Rentokil Initial PLC (Industrials)		298,191
	17,168	Rightmove PLC (Communication Services)		165,723
	166,661	Rolls-Royce Holdings PLC (Industrials)*		263,451
	21,309	Sage Group PLC (The) (Information Technology)		217,661
	979	Schroders PLC (Financials)		35,031
	2,724	Schroders PLC (Financials)		141,709
	24,076	Segro PLC REIT (Real Estate)		425,448
	5,012	Severn Trent PLC (Utilities)		190,516
	17,660	Smith & Nephew PLC (Health Care)		339,049
	7,996	Smiths Group PLC (Industrials)		158,740
	1,477	Spirax-Sarco Engineering PLC (Industrials)		327,471
	20,958	SSE PLC (Utilities)		470,869
	10,818	St James’s Place PLC (Financials)		239,701
	62,648	Standard Chartered PLC (Financials)		392,125
	71,613	Taylor Wimpey PLC (Consumer Discretionary)		180,261
	155,410	Tesco PLC (Consumer Staples)		545,723
	15,649	THG PLC (Consumer Discretionary)*		132,560
	51,514	Unilever PLC (Consumer Staples)		2,868,459
	13,765	United Utilities Group PLC (Utilities)		200,334
	559,917	Vodafone Group PLC (Communication Services)		939,807
	5,234	Weir Group PLC (The) (Industrials)*		126,166
	4,077	Whitbread PLC (Consumer Discretionary)*		180,000
	48,549	Wm Morrison Supermarkets PLC (Consumer Staples)		193,765
	24,084	WPP PLC (Communication Services)		326,020

				43,204,626

United States – 1.3%
	13,032	Avast PLC (Information Technology)^(b)		107,217
	3,155	Carnival PLC (Consumer Discretionary)*		68,179
	799	CyberArk Software Ltd. (Information Technology)*		134,184
	4,470	Ferguson PLC (Industrials)		646,251


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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2021


Shares		Description	Value

Common Stocks – (continued)
United States – (continued)
	8,442	James Hardie Industries PLC CDI (Materials)	$	327,248
	13,048	JS Global Lifestyle Co. Ltd. (Consumer Discretionary)^(b)		32,749
	10,770	Schneider Electric SE (Industrials)		1,923,543
	41,731	Stellantis NV (Consumer Discretionary)		834,093
	5,790	Swiss Re AG (Financials)		532,575
	9,409	Tenaris SA (Energy)		94,808

				4,700,847

	TOTAL COMMON STOCKS
	(Cost $281,297,026)		$	352,777,674


Shares	Description	Rate			Value

Preferred Stocks – 0.6%
Germany – 0.6%
1,150	Bayerische Motoren Werke AG (Consumer Discretionary)		2.77	%	$	96,248
3,508	Henkel AG & Co. KGaA (Consumer Staples)		2.25			342,628
3,078	Porsche Automobil Holding SE (Consumer Discretionary)		2.55			311,602
685	Sartorius AG (Health Care)		0.12			451,203
3,680	Volkswagen AG (Consumer Discretionary)		2.42			874,458

						2,076,139

Spain – 0.0%
5,278	Grifols SA, Class B (Health Care)		4.34			76,385

TOTAL PREFERRED STOCKS
(Cost $1,547,738)					$	2,152,524

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $282,844,764)					$	354,930,198

Shares	Dividend Rate				Value

Securities Lending Reinvestment Vehicle – 0.3%^(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
1,129,562	0.026%				$	1,129,562
(Cost $1,129,562)

TOTAL INVESTMENTS – 99.7%
(Cost $283,974,326)					$	356,059,760

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3%						1,132,250

NET ASSETS – 100.0%					$	357,192,010



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
SDR		—Swedish Depositary Receipt

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At August 31, 2021, the Fund had the following futures contracts:


Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
MSCI EAFE Index	17	09/17/21	$	1,984,295	$	14,480


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

GOLDMAN SACHS MARKETBETA^® U.S. EQUITY ETF

Schedule of Investments

August 31, 2021


Shares		Description	Value

Common Stocks – 99.5%
Communication Services – 11.7%
	8,329	Activision Blizzard, Inc.	$	686,060
	3,217	Alphabet, Inc., Class A*		9,309,837
	3,002	Alphabet, Inc., Class C*		8,733,538
	2,352	Altice USA, Inc., Class A*		64,539
	77,255	AT&T, Inc.		2,118,332
	1,332	Charter Communications, Inc., Class A*		1,087,791
	49,352	Comcast Corp., Class A		2,994,679
	1,755	Discovery, Inc., Class A*^(a)		50,614
	3,412	Discovery, Inc., Class C*		94,137
	2,722	DISH Network Corp., Class A*		118,652
	3,080	Electronic Arts, Inc.		447,247
	25,822	Facebook, Inc., Class A*		9,796,350
	3,505	Fox Corp., Class A		131,227
	1,636	Fox Corp., Class B		56,655
	838	IAC/InterActiveCorp*		110,658
	261	Liberty Broadband Corp., Class A*		48,486
	1,640	Liberty Broadband Corp., Class C*		313,765
	865	Liberty Media Corp.-Liberty SiriusXM, Class A*		42,818
	1,748	Liberty Media Corp.-Liberty SiriusXM, Class C*		86,264
	11,866	Lumen Technologies, Inc.		145,952
	2,749	Match Group, Inc.*		377,823
	4,731	Netflix, Inc.*		2,692,838
	2,309	Omnicom Group, Inc.		169,065
	5,884	Pinterest, Inc., Class A*		326,974
	1,245	Roku, Inc.*		438,738
	714	Sea Ltd. ADR (Taiwan)*		241,560
	9,443	Sirius XM Holdings, Inc.		59,208
	12,202	Snap, Inc., Class A*		928,694
	1,251	Spotify Technology SA*		293,159
	1,240	Take-Two Interactive Software, Inc.*		199,913
	6,347	T-Mobile US, Inc.*		869,666
	8,418	Twitter, Inc.*		542,961
	43,125	Verizon Communications, Inc.		2,371,875
	100	ViacomCBS, Inc., Class A		4,598
	6,181	ViacomCBS, Inc., Class B		256,202
	1,493	Vimeo, Inc.*		56,913
	19,670	Walt Disney Co. (The)*		3,566,171
	472	Zillow Group, Inc., Class A*		45,123
	1,770	Zillow Group, Inc., Class C*		169,513

				50,048,595

Consumer Discretionary – 12.1%
	705	Advance Auto Parts, Inc.		143,009
	1,501	Airbnb, Inc., Class A*		232,640
	4,686	Amazon.com, Inc.*		16,264,122
	2,909	Aptiv PLC*		442,721
	233	AutoZone, Inc.*		360,952
	2,434	Best Buy Co., Inc.		283,585
	443	Booking Holdings, Inc.*		1,018,754
	716	Burlington Stores, Inc.*		214,435
	1,759	CarMax, Inc.*		220,244
	9,174	Carnival Corp.*		221,460
	865	Carvana Co.*		283,772
	876	Chewy, Inc., Class A*		77,193


Common Stocks – (continued)
Consumer Discretionary – (continued)
	300	Chipotle Mexican Grill, Inc.*		570,999
	5,877	Coupang, Inc. (South Korea)*^(a)		176,075
	1,412	Darden Restaurants, Inc.		212,718
	2,553	Dollar General Corp.		569,089
	2,480	Dollar Tree, Inc.*		224,539
	418	Domino’s Pizza, Inc.		216,060
	1,399	DoorDash, Inc., Class A*		267,769
	3,587	D.R. Horton, Inc.		342,989
	3,019	DraftKings, Inc., Class A*		178,997
	7,103	eBay, Inc.		545,084
	1,368	Etsy, Inc.*		295,844
	1,523	Expedia Group, Inc.*		220,074
	42,399	Ford Motor Co.*		552,459
	1,644	Garmin Ltd.		286,763
	14,223	General Motors Co.*		697,069
	1,552	Genuine Parts Co.		189,639
	1,393	Hasbro, Inc.		136,946
	2,964	Hilton Worldwide Holdings, Inc.*		370,085
	11,512	Home Depot, Inc. (The)		3,754,984
	2,927	Lennar Corp., Class A		314,096
	170	Lennar Corp., Class B		14,878
	2,806	LKQ Corp.*		147,848
	7,631	Lowe’s Cos., Inc.		1,555,885
	1,298	Lululemon Athletica, Inc.*		519,421
	2,858	Marriott International, Inc., Class A*		386,230
	8,081	McDonald’s Corp.		1,918,914
	516	MercadoLibre, Inc. (Argentina)*		963,604
	4,424	MGM Resorts International		188,551
	617	Mohawk Industries, Inc.*		122,018
	4,108	Newell Brands, Inc.		104,384
	13,632	NIKE, Inc., Class B		2,245,736
	37	NVR, Inc.*		191,658
	745	O’Reilly Automotive, Inc.*		442,590
	2,839	Peloton Interactive, Inc., Class A*		284,439
	2,755	PulteGroup, Inc.		148,384
	3,797	Ross Stores, Inc.		449,565
	2,339	Royal Caribbean Cruises Ltd.*		193,506
	12,740	Starbucks Corp.		1,496,823
	5,342	Target Corp.		1,319,367
	8,384	Tesla, Inc.*		6,168,277
	12,106	TJX Cos., Inc. (The)		880,348
	1,241	Tractor Supply Co.		241,064
	582	Ulta Beauty, Inc.*		225,414
	431	Vail Resorts, Inc.*		131,390
	3,811	VF Corp.		291,427
	803	Wayfair, Inc., Class A*		225,442
	676	Whirlpool Corp.		149,754
	1,137	Wynn Resorts Ltd.*		115,622
	4,354	Yum China Holdings, Inc. (China)		268,032
	3,222	Yum! Brands, Inc.		422,179

				51,697,915

Consumer Staples – 5.6%
	20,023	Altria Group, Inc.		1,005,755
	6,019	Archer-Daniels-Midland Co.		361,140
	409	Brown-Forman Corp., Class A		27,076


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

GOLDMAN SACHS MARKETBETA^® U.S. EQUITY ETF

Schedule of Investments (continued)

August 31, 2021


Shares		Description	Value

Common Stocks – (continued)
Consumer Staples – (continued)
	3,272	Brown-Forman Corp., Class B	$	229,760
	2,192	Campbell Soup Co.		91,472
	2,651	Church & Dwight Co., Inc.		221,783
	1,343	Clorox Co. (The)		225,691
	41,856	Coca-Cola Co. (The)		2,356,911
	9,137	Colgate-Palmolive Co.		712,229
	5,092	Conagra Brands, Inc.		168,647
	1,694	Constellation Brands, Inc., Class A		357,671
	4,777	Costco Wholesale Corp.		2,175,876
	2,334	Estee Lauder Cos., Inc. (The), Class A		794,704
	6,558	General Mills, Inc.		379,118
	1,580	Hershey Co. (The)		280,766
	3,029	Hormel Foods Corp.		137,941
	1,134	J M Smucker Co. (The)		140,242
	2,766	Kellogg Co.		174,645
	7,862	Keurig Dr Pepper, Inc.		280,438
	3,643	Kimberly-Clark Corp.		502,042
	7,145	Kraft Heinz Co. (The)		257,149
	7,472	Kroger Co. (The)		343,936
	2,671	McCormick & Co., Inc.		230,481
	2,006	Molson Coors Beverage Co., Class B		95,345
	15,074	Mondelez International, Inc., Class A		935,643
	4,021	Monster Beverage Corp.*		392,329
	14,941	PepsiCo, Inc.		2,336,623
	16,844	Philip Morris International, Inc.		1,734,932
	26,291	Procter & Gamble Co. (The)		3,743,575
	5,199	Sysco Corp.		414,100
	3,147	Tyson Foods, Inc., Class A		247,102
	7,739	Walgreens Boots Alliance, Inc.		392,754
	15,751	Walmart, Inc.		2,332,723

				24,080,599

Energy – 2.2%
	7,787	Baker Hughes Co.		177,388
	2,539	Cheniere Energy, Inc.*		222,061
	20,677	Chevron Corp.		2,000,913
	14,597	ConocoPhillips		810,571
	1,050	DT Midstream, Inc.*		48,793
	6,303	EOG Resources, Inc.		425,579
	45,729	Exxon Mobil Corp.		2,493,145
	8,934	Halliburton Co.		178,501
	2,982	Hess Corp.		205,012
	21,465	Kinder Morgan, Inc.		349,236
	7,025	Marathon Petroleum Corp.		416,372
	9,451	Occidental Petroleum Corp.		242,796
	4,794	ONEOK, Inc.		251,781
	4,729	Phillips 66		336,185
	2,361	Pioneer Natural Resources Co.		353,371
	15,117	Schlumberger NV		423,881
	4,475	Valero Energy Corp.		296,737
	13,126	Williams Cos., Inc. (The)		324,081

				9,556,403

Financials – 10.6%
	6,738	Aflac, Inc.		381,910
	146	Alleghany Corp.*		98,797
	3,164	Allstate Corp. (The)		428,026


Common Stocks – (continued)
Financials – (continued)
	3,970	Ally Financial, Inc.		210,013
	6,540	American Express Co.		1,085,378
	9,287	American International Group, Inc.		506,699
	1,251	Ameriprise Financial, Inc.		341,410
	15,093	Annaly Capital Management, Inc. REIT		131,158
	2,339	Aon PLC, Class A		670,966
	2,282	Apollo Global Management, Inc.		136,418
	4,231	Arch Capital Group Ltd.*		173,894
	2,212	Arthur J Gallagher & Co.		317,687
	81,548	Bank of America Corp.		3,404,629
	8,680	Bank of New York Mellon Corp. (The)		479,310
	13,944	Berkshire Hathaway, Inc., Class B*		3,984,777
	1,527	BlackRock, Inc.		1,440,404
	7,341	Blackstone, Inc.		922,984
	4,837	Capital One Financial Corp.		802,797
	1,149	Cboe Global Markets, Inc.		144,946
	16,349	Charles Schwab Corp. (The)		1,191,025
	4,196	Chubb Ltd.		771,728
	1,674	Cincinnati Financial Corp.		206,572
	22,325	Citigroup, Inc.		1,605,391
	4,590	Citizens Financial Group, Inc.		200,996
	3,811	CME Group, Inc.		768,755
	3,251	Discover Financial Services		416,843
	427	Everest Re Group Ltd.		113,112
	2,985	Fidelity National Financial, Inc.		145,758
	7,571	Fifth Third Bancorp		294,209
	1,893	First Republic Bank		376,593
	3,175	Franklin Resources, Inc.		102,997
	1,021	Globe Life, Inc.		98,087
	3,664	Goldman Sachs Group, Inc. (The)^(b)		1,515,100
	3,855	Hartford Financial Services Group, Inc. (The)		259,133
	15,751	Huntington Bancshares, Inc.		244,613
	873	Interactive Brokers Group, Inc., Class A		56,431
	6,033	Intercontinental Exchange, Inc.		721,124
	32,491	JPMorgan Chase & Co.		5,196,935
	10,458	KeyCorp		212,507
	6,047	KKR & Co., Inc.		388,762
	2,403	Loews Corp.		134,256
	1,385	M&T Bank Corp.		193,914
	145	Markel Corp.*		184,186
	5,449	Marsh & McLennan Cos., Inc.		856,583
	7,322	MetLife, Inc.		453,964
	1,753	Moody’s Corp.		667,490
	15,955	Morgan Stanley		1,666,181
	864	MSCI, Inc.		548,277
	1,235	Nasdaq, Inc.		241,788
	2,119	Northern Trust Corp.		251,144
	4,574	PNC Financial Services Group, Inc. (The)		874,091
	2,930	Principal Financial Group, Inc.		195,753
	6,322	Progressive Corp. (The)		609,061
	4,263	Prudential Financial, Inc.		451,366
	1,332	Raymond James Financial, Inc.		186,347
	10,384	Regions Financial Corp.		212,145
	1,456	Rocket Cos., Inc., Class A		25,262
	2,605	S&P Global, Inc.		1,156,151


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

GOLDMAN SACHS MARKETBETA^® U.S. EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Financials – (continued)
	1,392	SEI Investments Co.	$	87,432
	3,549	State Street Corp.		329,738
	605	SVB Financial Group*		338,497
	6,274	Synchrony Financial		312,132
	2,418	T. Rowe Price Group, Inc.		541,318
	2,712	Travelers Cos., Inc. (The)		433,134
	14,490	Truist Financial Corp.		826,799
	14,434	US Bancorp		828,367
	1,460	W R Berkley Corp.		109,953
	44,699	Wells Fargo & Co.		2,042,744
	1,384	Willis Towers Watson PLC		305,476

				45,612,423

Health Care – 12.9%
	847	10X Genomics, Inc., Class A*		149,004
	19,104	Abbott Laboratories		2,414,173
	18,839	AbbVie, Inc.		2,275,374
	479	ABIOMED, Inc.*		174,337
	3,274	Agilent Technologies, Inc.		574,489
	799	Align Technology, Inc.*		566,491
	1,626	AmerisourceBergen Corp.		198,713
	6,212	Amgen, Inc.		1,400,992
	2,644	Anthem, Inc.		991,844
	5,437	Baxter International, Inc.		414,408
	3,140	Becton Dickinson and Co.		790,338
	1,614	Biogen, Inc.*		547,001
	1,964	BioMarin Pharmaceutical, Inc.*		165,388
	15,350	Boston Scientific Corp.*		693,053
	23,836	Bristol-Myers Squibb Co.		1,593,675
	3,131	Cardinal Health, Inc.		164,346
	6,168	Centene Corp.*		388,461
	3,259	Cerner Corp.		248,825
	3,704	Cigna Corp.		783,952
	530	Cooper Cos., Inc. (The)		238,876
	14,214	CVS Health Corp.		1,227,947
	6,855	Danaher Corp.		2,222,117
	720	DaVita, Inc.*		94,154
	2,353	DENTSPLY SIRONA, Inc.		145,180
	1,039	Dexcom, Inc.*		550,067
	6,678	Edwards Lifesciences Corp.*		782,528
	4,807	Elanco Animal Health, Inc.*		160,458
	9,189	Eli Lilly & Co.		2,373,427
	1,845	Exact Sciences Corp.*		192,581
	13,580	Gilead Sciences, Inc.		988,352
	2,874	HCA Healthcare, Inc.		727,065
	1,503	Henry Schein, Inc.*		113,612
	2,744	Hologic, Inc.*		217,188
	1,378	Humana, Inc.		558,669
	915	IDEXX Laboratories, Inc.*		616,490
	1,577	Illumina, Inc.*		720,941
	2,010	Incyte Corp.*		153,745
	1,271	Intuitive Surgical, Inc.*		1,339,075
	2,029	IQVIA Holdings, Inc.*		526,992
	641	Jazz Pharmaceuticals PLC*		84,426
	28,508	Johnson & Johnson		4,935,590
	1,053	Laboratory Corp. of America Holdings*		319,459


Common Stocks – (continued)
Health Care – (continued)
	1,674	McKesson Corp.		341,730
	14,540	Medtronic PLC		1,940,799
	27,219	Merck & Co., Inc.		2,076,538
	249	Mettler-Toledo International, Inc.*		386,655
	3,707	Moderna, Inc.*		1,396,390
	2,746	Organon & Co.		93,062
	60,619	Pfizer, Inc.		2,792,717
	1,406	Quest Diagnostics, Inc.		214,879
	1,102	Regeneron Pharmaceuticals, Inc.*		742,087
	1,563	ResMed, Inc.		454,098
	3,408	Royalty Pharma PLC, Class A		131,719
	1,435	Seagen, Inc.*		240,506
	3,558	Stryker Corp.		985,922
	1,502	Teladoc Health, Inc.*		216,919
	504	Teleflex, Inc.		199,312
	4,250	Thermo Fisher Scientific, Inc.		2,358,538
	10,169	UnitedHealth Group, Inc.		4,233,050
	813	Universal Health Services, Inc., Class B		126,633
	1,485	Veeva Systems, Inc., Class A*		492,990
	13,057	Viatris, Inc.		191,024
	665	Waters Corp.*		275,323
	794	West Pharmaceutical Services, Inc.		358,586
	2,256	Zimmer Biomet Holdings, Inc.		339,415
	5,136	Zoetis, Inc.		1,050,620

				55,463,315

Industrials – 7.9%
	6,270	3M Co.		1,221,020
	1,445	A O Smith Corp.		105,080
	2,489	AMETEK, Inc.		338,429
	6,328	Boeing Co. (The)*		1,388,996
	9,407	Carrier Global Corp.		541,843
	5,923	Caterpillar, Inc.		1,248,983
	1,408	C.H. Robinson Worldwide, Inc.		126,804
	961	Cintas Corp.		380,335
	2,282	Copart, Inc.*		329,338
	4,232	CoStar Group, Inc.*		358,620
	24,554	CSX Corp.		798,742
	1,577	Cummins, Inc.		372,140
	3,052	Deere & Co.		1,153,748
	6,903	Delta Air Lines, Inc.*		279,157
	1,550	Dover Corp.		270,258
	4,307	Eaton Corp. PLC		725,127
	6,447	Emerson Electric Co.		680,159
	1,312	Equifax, Inc.		357,205
	1,819	Expeditors International of Washington, Inc.		226,720
	6,201	Fastenal Co.		346,326
	2,655	FedEx Corp.		705,407
	3,563	Fortive Corp.		263,199
	1,492	Fortune Brands Home & Security, Inc.		145,276
	671	Generac Holdings, Inc.*		293,214
	2,673	General Dynamics Corp.		535,429
	11,719	General Electric Co.		1,235,300
	7,514	Honeywell International, Inc.		1,742,572
	3,796	IHS Markit Ltd.		457,798


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

GOLDMAN SACHS MARKETBETA^® U.S. EQUITY ETF

Schedule of Investments (continued)

August 31, 2021


Shares		Description	Value

Common Stocks – (continued)
Industrials – (continued)
	3,092	Illinois Tool Works, Inc.	$	720,003
	4,200	Ingersoll Rand, Inc.*		222,684
	910	J.B. Hunt Transport Services, Inc.		161,434
	7,741	Johnson Controls International PLC		579,027
	982	Kansas City Southern		275,618
	2,211	L3Harris Technologies, Inc.		515,185
	1,517	Leidos Holdings, Inc.		148,833
	2,560	Lockheed Martin Corp.		921,088
	2,851	Lyft, Inc., Class A*		135,736
	2,734	Masco Corp.		166,008
	2,707	Norfolk Southern Corp.		686,333
	1,565	Northrop Grumman Corp.		575,451
	1,127	Old Dominion Freight Line, Inc.		325,387
	4,648	Otis Worldwide Corp.		428,639
	3,691	PACCAR, Inc.		302,182
	1,390	Parker-Hannifin Corp.		412,371
	16,394	Raytheon Technologies Corp.		1,389,555
	2,272	Republic Services, Inc.		282,023
	1,255	Rockwell Automation, Inc.		408,440
	2,578	Rollins, Inc.		100,336
	1,134	Roper Technologies, Inc.		548,040
	577	Snap-on, Inc.		129,796
	6,380	Southwest Airlines Co.*		317,596
	1,744	Stanley Black & Decker, Inc.		337,063
	2,433	Textron, Inc.		176,806
	2,578	Trane Technologies PLC		511,733
	577	TransDigm Group, Inc.*		350,510
	2,048	TransUnion		248,893
	13,860	Uber Technologies, Inc.*		542,480
	7,184	Union Pacific Corp.		1,557,779
	3,496	United Airlines Holdings, Inc.*		162,599
	7,833	United Parcel Service, Inc., Class B		1,532,370
	780	United Rentals, Inc.*		275,067
	1,739	Verisk Analytics, Inc.		350,861
	4,566	Waste Management, Inc.		708,232
	1,922	Westinghouse Air Brake Technologies Corp.		172,576
	471	W.W. Grainger, Inc.		204,273
	1,940	Xylem, Inc.		264,441

				33,774,673

Information Technology – 29.2%
	6,862	Accenture PLC, Class A		2,309,475
	5,146	Adobe, Inc.*		3,415,400
	13,095	Advanced Micro Devices, Inc.*		1,449,878
	1,732	Akamai Technologies, Inc.*		196,149
	1,383	Amdocs Ltd.		106,533
	6,438	Amphenol Corp., Class A		493,344
	5,802	Analog Devices, Inc.		945,436
	933	ANSYS, Inc.*		340,881
	180,613	Apple, Inc.		27,422,472
	9,842	Applied Materials, Inc.		1,329,949
	328	AppLovin Corp., Class A*^(a)		23,091
	605	Arista Networks, Inc.*		223,566
	1,307	Atlassian Corp. PLC, Class A*		479,747
	2,380	Autodesk, Inc.*		738,014


Common Stocks – (continued)
Information Technology – (continued)
	4,603	Automatic Data Processing, Inc.		962,211
	4,273	Broadcom, Inc.		2,124,578
	1,248	Broadridge Financial Solutions, Inc.		214,931
	2,972	Cadence Design Systems, Inc.*		485,863
	1,502	CDW Corp.		301,316
	42,072	Cisco Systems, Inc.		2,483,089
	2,431	Cloudflare, Inc., Class A*		293,519
	5,698	Cognizant Technology Solutions Corp., Class A		434,814
	8,331	Corning, Inc.		333,157
	2,108	Crowdstrike Holdings, Inc., Class A*		592,348
	2,381	Datadog, Inc., Class A*		328,102
	2,916	Dell Technologies, Inc., Class C*		284,193
	2,046	DocuSign, Inc.*		606,107
	3,245	Dropbox, Inc., Class A*		102,899
	1,335	Enphase Energy, Inc.*		231,930
	590	EPAM Systems, Inc.*		373,358
	643	F5 Networks, Inc.*		130,896
	6,699	Fidelity National Information Services, Inc.		855,931
	6,499	Fiserv, Inc.*		765,517
	882	FleetCor Technologies, Inc.*		232,213
	1,505	Fortinet, Inc.*		474,286
	906	Gartner, Inc.*		279,718
	3,175	Global Payments, Inc.		516,382
	14,111	Hewlett Packard Enterprise Co.		218,156
	12,981	HP, Inc.		386,055
	479	HubSpot, Inc.*		327,861
	43,725	Intel Corp.		2,363,774
	9,667	International Business Machines Corp.		1,356,667
	2,877	Intuit, Inc.		1,628,698
	1,982	Keysight Technologies, Inc.*		355,531
	1,652	KLA Corp.		561,614
	1,540	Lam Research Corp.		931,423
	8,843	Marvell Technology, Inc.		541,103
	9,411	Mastercard, Inc., Class A		3,258,371
	2,903	Microchip Technology, Inc.		456,816
	12,174	Micron Technology, Inc.*		897,224
	80,420	Microsoft Corp.		24,277,190
	1,829	Motorola Solutions, Inc.		446,678
	2,409	NetApp, Inc.		214,232
	6,030	NortonLifeLock, Inc.		160,157
	25,871	NVIDIA Corp.		5,791,223
	1,541	Okta, Inc.*		406,208
	17,840	Oracle Corp.		1,590,079
	17,094	Palantir Technologies, Inc., Class A*		450,256
	1,029	Palo Alto Networks, Inc.*		474,410
	3,480	Paychex, Inc.		398,356
	548	Paycom Software, Inc.*		267,917
	12,715	PayPal Holdings, Inc.*		3,670,312
	1,199	Qorvo, Inc.*		225,448
	12,206	QUALCOMM, Inc.		1,790,498
	859	RingCentral, Inc., Class A*		216,691
	10,093	salesforce.com, Inc.*		2,677,370
	2,280	Seagate Technology Holdings PLC		199,705
	2,132	ServiceNow, Inc.*		1,372,240


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

GOLDMAN SACHS MARKETBETA^® U.S. EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Information Technology – (continued)
	1,782	Skyworks Solutions, Inc.	$	326,926
	2,814	Snowflake, Inc., Class A*		856,441
	1,763	Splunk, Inc.*		269,510
	4,218	Square, Inc., Class A*		1,130,719
	2,392	SS&C Technologies Holdings, Inc.		180,979
	1,643	Synopsys, Inc.*		545,870
	3,569	TE Connectivity Ltd.		536,135
	1,795	Teradyne, Inc.		217,985
	9,990	Texas Instruments, Inc.		1,907,191
	4,628	Trade Desk, Inc. (The), Class A*		370,471
	2,703	Trimble, Inc.*		254,677
	1,730	Twilio, Inc., Class A*		617,541
	2,466	UiPath, Inc., Class A*^(a)		155,851
	1,630	Unity Software, Inc.*		206,603
	1,065	VeriSign, Inc.*		230,317
	18,207	Visa, Inc., Class A		4,171,224
	856	VMware, Inc., Class A*^(a)		127,433
	3,231	Western Digital Corp.*		204,199
	4,396	Western Union Co. (The)		95,129
	2,021	Workday, Inc., Class A*		552,056
	2,659	Xilinx, Inc.		413,714
	576	Zebra Technologies Corp., Class A*		338,210
	2,163	Zoom Video Communications, Inc., Class A*		626,189
	906	Zscaler, Inc.*		252,176

				125,381,102

Materials – 2.4%
	2,390	Air Products and Chemicals, Inc.		644,129
	1,259	Albemarle Corp.		298,056
	16,667	Amcor PLC		214,171
	3,531	Ball Corp.		338,835
	1,209	Celanese Corp.		191,747
	7,938	Corteva, Inc.		349,034
	8,060	Dow, Inc.		506,974
	5,748	DuPont de Nemours, Inc.		425,467
	1,471	Eastman Chemical Co.		166,458
	2,747	Ecolab, Inc.		619,064
	1,385	FMC Corp.		129,678
	15,786	Freeport-McMoRan, Inc.		574,453
	2,693	International Flavors & Fragrances, Inc.		407,989
	4,228	International Paper Co.		254,060
	5,596	Linde PLC (United Kingdom)		1,760,446
	2,848	LyondellBasell Industries NV, Class A		285,797
	671	Martin Marietta Materials, Inc.		255,819
	8,666	Newmont Corp.		502,541
	3,220	Nucor Corp.		378,543
	1,013	Packaging Corp. of America		153,672
	2,564	PPG Industries, Inc.		409,086
	2,597	Sherwin-Williams Co. (The)		788,631
	920	Southern Copper Corp. (Peru)		57,583
	1,435	Vulcan Materials Co.		266,810
	2,836	Westrock Co.		147,585

				10,126,628


Common Stocks – (continued)
Real Estate – 2.5%
	1,667	Alexandria Real Estate Equities, Inc. REIT		344,019
	4,908	American Tower Corp. REIT		1,433,970
	1,507	AvalonBay Communities, Inc. REIT		345,977
	1,540	Boston Properties, Inc. REIT		174,005
	3,485	CBRE Group, Inc., Class A*		335,605
	4,659	Crown Castle International Corp. REIT		907,061
	3,045	Digital Realty Trust, Inc. REIT		499,106
	4,055	Duke Realty Corp. REIT		212,928
	966	Equinix, Inc. REIT		814,773
	3,919	Equity Residential REIT		329,470
	701	Essex Property Trust, Inc. REIT		231,849
	1,417	Extra Space Storage, Inc. REIT		264,851
	5,822	Healthpeak Properties, Inc. REIT		209,592
	7,556	Host Hotels & Resorts, Inc. REIT*		125,127
	6,128	Invitation Homes, Inc. REIT		252,351
	3,096	Iron Mountain, Inc. REIT		147,834
	1,232	Mid-America Apartment Communities, Inc. REIT		237,000
	7,982	Prologis, Inc. REIT		1,074,856
	1,610	Public Storage REIT		521,012
	4,198	Realty Income Corp. REIT		303,180
	1,173	SBA Communications Corp. REIT		421,072
	3,540	Simon Property Group, Inc. REIT		475,953
	3,190	UDR, Inc. REIT		172,324
	4,043	Ventas, Inc. REIT		226,165
	4,514	Welltower, Inc. REIT		395,110
	8,095	Weyerhaeuser Co. REIT		291,420
	1,990	W.P. Carey, Inc. REIT		155,459

				10,902,069

Utilities – 2.4%
	2,706	Alliant Energy Corp.		164,498
	2,748	Ameren Corp.		241,055
	5,409	American Electric Power Co., Inc.		484,484
	1,960	American Water Works Co., Inc.		357,210
	1,405	Atmos Energy Corp.		137,001
	769	Avangrid, Inc.		42,026
	6,261	CenterPoint Energy, Inc.		157,088
	3,119	CMS Energy Corp.		200,021
	3,817	Consolidated Edison, Inc.		287,993
	8,711	Dominion Energy, Inc.		678,064
	2,084	DTE Energy Co.		250,789
	8,323	Duke Energy Corp.		871,085
	4,108	Edison International		237,607
	2,166	Entergy Corp.		239,581
	2,427	Evergy, Inc.		166,128
	3,709	Eversource Energy		336,518
	10,456	Exelon Corp.		512,553
	5,880	FirstEnergy Corp.		228,556
	21,200	NextEra Energy, Inc.		1,780,588
	4,227	NiSource, Inc.		104,196
	16,280	PG&E Corp.*		149,288
	1,217	Pinnacle West Capital Corp.		93,587
	8,096	PPL Corp.		237,618
	5,463	Public Service Enterprise Group, Inc.		349,304


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

GOLDMAN SACHS MARKETBETA^® U.S. EQUITY ETF

Schedule of Investments (continued)

August 31, 2021


Shares		Description	Value

Common Stocks – (continued)
Utilities – (continued)
	3,411	Sempra Energy	$	451,480
	11,454	Southern Co. (The)		752,871
	3,410	WEC Energy Group, Inc.		322,177
	5,814	Xcel Energy, Inc.		399,712

				10,233,078

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $314,316,091)		$	426,876,800


Shares		Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 0.1%^(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	530,905	0.026%	$	530,905
	(Cost $530,905)

	TOTAL INVESTMENTS – 99.6%
	(Cost $314,846,996)		$	427,407,705

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.4%			1,453,316

	NET ASSETS – 100.0%		$	428,861,021



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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At August 31, 2021, the Fund had the following futures contracts:


Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
S&P500 E-MINI Future Index	6	09/17/21	$	1,319,599	$	36,551


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

GOLDMAN SACHS MARKETBETA^® ETFS

Statements of Assets and Liabilities

August 31, 2021



	MarketBeta^® Emerging Markets Equity ETF		MarketBeta^® International Equity ETF		MarketBeta^® U.S. Equity ETF
Assets:

Investments in unaffiliated issuers, at value (cost $22,277,682, $282,844,764 and $313,434,404, respectively)^(a)	$	33,237,960	$	354,930,198	$	425,361,700

Investments in affiliated issuers, at value (cost $–, $– and $881,687, respectively)		—		—		1,515,100

Investments in securities lending reinvestment vehicle, at value which equals cost		568,867		1,129,562		530,905

Cash		2,918,546		1,097,506		1,428,529

Foreign currency, at value (cost $3,470, $17,425 and $–, respectively)		3,478		17,429		—

Variation margin on futures contracts		43,700		—		—

Receivables:

Collateral on futures contracts		184,639		113,303		75,900

Dividends		40,236		880,722		512,657

Reimbursement from investment adviser		2,695		15,071		7,139

Securities lending income		418		1,780		1,968

Foreign tax reclaims		—		217,155		—

Total assets		37,000,539		358,402,726		429,433,898

Liabilities:

Variation margin on futures contracts		—		1,870		1,410

Payables:

Upon return of securities loaned		568,867		1,129,562		530,905

Foreign capital gains tax		225,240		—		—

Management fees		13,474		75,357		32,125

Investments purchased		17		44		—

Accrued expenses		1,485		3,883		8,437

Total liabilities		809,083		1,210,716		572,877

Net Assets:

Paid-in capital		23,973,485		284,093,673		315,849,943

Total distributable earnings		12,217,971		73,098,337		113,011,078

NET ASSETS	$	36,191,456	$	357,192,010	$	428,861,021
SHARES ISSUED AND OUTSTANDING

Shares outstanding no par value (unlimited shares authorized):		650,000		6,200,000		6,800,000

Net asset value per share:	$	55.68	$	57.61	$	63.07

(a)

Includes loaned securities having a market value of $568,407, $1,066,157 and $515,723 for MarketBeta^® Emerging Markets Equity ETF, MarketBeta^® International Equity ETF and MarketBeta^® U.S. Equity ETF, respectively.


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

GOLDMAN SACHS MARKETBETA^® ETFS

Statements of Operations

For the Fiscal Year Ended August 31, 2021



	MarketBeta^® Emerging Markets Equity ETF			MarketBeta^® International Equity ETF			MarketBeta^® U.S. Equity ETF
Investment income:

Dividends — unaffiliated issuers (net of foreign withholding taxes of $110,804, $911,732 and $–, respectively)	$	738,865		$	7,582,075		$	4,681,959

Dividends — affiliated issuers		—			—			19,792

Non cash dividend income		45,161			646,634			—

Securities lending income — unaffiliated issuer		5,045			56,719			6,115

Total investment income		789,071			8,285,428			4,707,866

Expenses:

Management fees		174,185			787,233			288,579

Trustee fees		4,081			6,995			6,993

Shareholder meeting expense		1,485			3,883			8,437

Total expenses		179,751			798,111			304,009

Less — expense reductions		(35,653	)		(158,846	)		(65,683	)

Net expenses		144,098			639,265			238,326

NET INVESTMENT INCOME		644,973			7,646,163			4,469,540

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		1,261,749			(46,911	)		(474,593	)

Investments — affiliated issuers		—			—			740

In-kind redemptions — unaffiliated issuers		991,058			1,104,489			961,429

In-kind redemptions — affiliated issuers		—			—			18,687

Futures		(52,510	)		33,708			11,764

Foreign currency transactions		(16,103	)		(14,580	)		—

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers (including the effects of the foreign capital gains tax liability of $225,929, $– and $–, respectively)		4,167,974			63,965,666			87,201,895

Investments — affiliated issuers		—			—			633,413

Futures		185,135			14,480			36,551

Foreign currency translations		1,174			(14,404	)		—

Net realized and unrealized gain		6,538,477			65,042,448			88,389,886

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	7,183,450		$	72,688,611		$	92,859,426


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

GOLDMAN SACHS MARKETBETA^® ETFS

Statements of Changes in Net Assets


	MarketBeta^® Emerging Markets Equity ETF						MarketBeta^® International Equity ETF
	For the Fiscal Year Ended August 31, 2021			For the Period May 12, 2020* to August 31, 2020			For the Fiscal Year Ended August 31, 2021			For the Period May 12, 2020* to August 31, 2020
From operations:

Net investment income	$	644,973		$	429,114		$	7,646,163		$	1,124,606

Net realized gain		2,184,194			675,905			1,076,706			2,955,456

Net change in unrealized gain		4,354,283			6,544,095			63,965,742			8,131,134

Net increase in net assets resulting from operations		7,183,450			7,649,114			72,688,611			12,211,196

Distributions to shareholders:

From distributable earnings		(1,171,922	)		—			(7,742,172	)		—

From share transactions:

Proceeds from sales of shares		—			39,611,628			16,893,577			295,853,235

Cost of shares redeemed		(8,337,333	)		(8,743,481	)		(5,371,302	)		(27,341,135	)

Net increase (decrease) in net assets resulting from share transactions		(8,337,333	)		30,868,147			11,522,275			268,512,100

TOTAL INCREASE (DECREASE)		(2,325,805	)		38,517,261			76,468,714			280,723,296

Net assets:

Beginning of period	$	38,517,261		$	—		$	280,723,296		$	—

End of period	$	36,191,456		$	38,517,261		$	357,192,010		$	280,723,296

Commencement of operations.


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

GOLDMAN SACHS MARKETBETA^® ETFS

Statements of Changes in Net Assets (continued)


	MarketBeta^® U.S. Equity ETF
	For the Fiscal Year Ended August 31, 2021			For the Period May 12, 2020* to August 31, 2020
From operations:

Net investment income	$	4,469,540		$	828,149

Net realized gain (loss)		518,027			(27,673	)

Net change in unrealized gain		87,871,859			24,725,401

Net increase in net assets resulting from operations		92,859,426			25,525,877

Distributions to shareholders:

From distributable earnings		(4,409,032	)		—

From share transactions:

Proceeds from sales of shares		85,652,201			232,137,239

Cost of shares redeemed		(2,904,650	)		(40	)

Net increase in net assets resulting from share transactions		82,747,551			232,137,199

TOTAL INCREASE		171,197,945			257,663,076

Net assets:

Beginning of period	$	257,663,076		$	—

End of period	$	428,861,021		$	257,663,076

Commencement of operations.


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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


	MarketBeta^® Emerging Markets Equity ETF
	For the Fiscal Year Ended August 31, 2021			For the Period May 12, 2020* to August 31, 2020
Per Share Operating Performance:

Net asset value, beginning of period	$	48.15		$	39.60

Net investment income^(a)		0.89			0.49

Net realized and unrealized gain		8.14			8.06

Total gain from investment operations		9.03			8.55

Distributions to shareholders from net investment income		(1.50	)		—

Net asset value, end of period	$	55.68		$	48.15

Market price, end of period	$	55.72		$	48.36

Total Return at Net Asset Value^(b)		19.35	%		21.54	%

Net assets, end of period (in 000’s)	$	36,191		$	38,517

Ratio of net expenses to average net assets		0.36	%		0.36	%^(c)

Ratio of total expenses to average net assets		0.45	%		0.45	%^(c)

Ratio of net investment income to average net assets		1.63	%		3.60	%^(c)

Portfolio turnover rate^(d)		21	%		23	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	MarketBeta^® International Equity ETF
	For the Fiscal Year Ended August 31, 2021			For the Period May 12, 2020* to August 31, 2020
Per Share Operating Performance:

Net asset value, beginning of period	$	46.79		$	40.14

Net investment income^(a)		1.28			0.30

Net realized and unrealized gain		10.84			6.35

Total gain from investment operations		12.12			6.65

Distributions to shareholders from net investment income		(1.30	)		—

Net asset value, end of period	$	57.61		$	46.79

Market price, end of period	$	57.80		$	46.82

Total Return at Net Asset Value^(b)		26.20	%		16.57	%

Net assets, end of period (in 000’s)	$	357,192		$	280,723

Ratio of net expenses to average net assets		0.20	%		0.20	%^(c)

Ratio of total expenses to average net assets		0.25	%		0.25	%^(c)

Ratio of net investment income to average net assets		2.41	%		2.15	%^(c)

Portfolio turnover rate^(d)		5	%		1	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS MARKETBETA^® U.S. EQUITY ETF

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	MarketBeta^® U.S. Equity ETF
	For the Fiscal Year Ended August 31, 2021			For the Period May 12, 2020* to August 31, 2020
Per Share Operating Performance:

Net asset value, beginning of period	$	48.62		$	39.20

Net investment income^(a)		0.74			0.22

Net realized and unrealized gain		14.46			9.20

Total gain from investment operations		15.20			9.42

Distributions to shareholders from net investment income		(0.75	)		—

Net asset value, end of period	$	63.07		$	48.62

Market price, end of period	$	63.09		$	48.69

Total Return at Net Asset Value^(b)		31.60	%		24.03	%

Net assets, end of period (in 000’s)	$	428,861		$	257,663

Ratio of net expenses to average net assets		0.07	%		0.07	%^(c)

Ratio of total expenses to average net assets		0.09	%		0.09	%^(c)

Ratio of net investment income to average net assets		1.36	%		1.62	%^(c)

Portfolio turnover rate^(d)		4	%		1	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS MARKETBETA^® ETFS

Notes to Financial Statements

August 31, 2021

1. ORGANIZATION


Fund		Diversification Classification
Goldman Sachs MarketBeta^® Emerging Markets Equity ETF (“MarketBeta^® Emerging Markets Equity ETF”)		Diversified
Goldman Sachs MarketBeta^® International Equity ETF (“MarketBeta^® International Equity ETF”)		Diversified
Goldman Sachs MarketBeta^® U.S. Equity ETF (“MarketBeta^® U.S. 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 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 Cboe BZX Exchange, Inc. Market prices for the Funds’ shares may be different from their net asset value (“NAV”). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the “Distributor”) may do business directly with the Funds.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

GOLDMAN SACHS MARKETBETA^® ETFS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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


3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

GOLDMAN SACHS MARKETBETA^® ETFS

Notes to Financial Statements (continued)

August 31, 2021

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:

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.

i. 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.

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 Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. Underlying funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs 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.

GOLDMAN SACHS MARKETBETA^® ETFS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of August 31, 2021:


MARKETBETA^® EMERGING MARKETS EQUITY ETF

Investment Type	Level 1		Level 2		Level 3

Assets

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

Africa	$	1,148,520	$	—	$	—

Asia		27,988,406		613,232		4,187

Europe		238,601		—		—

North America		1,124,543		—		—

South America		1,640,744		479,727		—

Securities Lending Reinvestment Vehicle		568,867		—		—

Total	$	32,709,681	$	1,092,959	$	4,187

Derivative Type

Assets^(b)

Futures Contracts	$	162,991	$	—	$	—

MARKETBETA^® INTERNATIONAL EQUITY ETF

Investment Type	Level 1		Level 2		Level 3

Assets

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

Africa	$	994,891	$	—	$	—

Asia		107,240,600		—		—

Europe		209,016,015		2,200,425		—

North America		4,417,333		327,248		—

Oceania		30,352,732		—		—

South America		303,767		77,187		—

Securities Lending Reinvestment Vehicle		1,129,562		—		—

Total	$	353,454,900	$	2,604,860	$	—

Derivative Type

Assets^(b)

Futures Contracts	$	14,480	$	—	$	—

(a)

(b)

Amount shown represents unrealized gain at fiscal year end.

GOLDMAN SACHS MARKETBETA^® ETFS

Notes to Financial Statements (continued)

August 31, 2021

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



MARKETBETA^® U.S. EQUITY ETF

Investment Type	Level 1		Level 2		Level 3

Assets

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

Asia	$	685,667	$	—	$	—

Europe		1,760,446		—		—

North America		423,409,500		—		—

South America		1,021,187		—		—

Securities Lending Reinvestment Vehicle		530,905		—		—

Total	$	427,407,705	$	—	$	—

Derivative Type

Assets^(b)

Futures Contracts	$	36,551	$	—	$	—

(a)

(b)

Amount shown represents unrealized gain at fiscal year end.

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

4. INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of August 31, 2021. 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 table 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

(Liabilities)^(a)

Equity

MarketBeta^® Emerging Markets Equity ETF

Variation Margin on Futures Contracts

162,991

Equity

MarketBeta^® International Equity ETF

Variation Margin on Futures Contracts

14,480

Equity

MarketBeta^® U.S. Equity ETF

Variation Margin on Futures Contracts

36,551

(a)

The following table sets forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended August 31, 2021. 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 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
Equity	MarketBeta^® Emerging Markets Equity ETF	$	(52,510	)	$	185,135
Equity	MarketBeta^® International Equity ETF		33,708			14,480
Equity	MarketBeta^® U.S. Equity ETF		11,764			36,551

GOLDMAN SACHS MARKETBETA^® ETFS

4. INVESTMENTS IN DERIVATIVES (continued)

For the fiscal year ended August 31, 2021, the relevant values for each derivative type was as follows:


Fund				Number of Contracts^(a)
MarketBeta^® Emerging Markets Equity ETF				19
MarketBeta^® International Equity ETF				11
MarketBeta^® U.S. Equity ETF				5

(a)

Amount disclosed represents average number of contracts for the months that the Fund held such derivatives during the fiscal year ended August 31, 2021.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

For the fiscal year ended August 31, 2021, contractual and effective net unitary management fees with GSAM were at the following rates for each Fund:


Fund	Contractual Unitary Management Fee			Effective Net Unitary Management Fee*
MarketBeta^® Emerging Markets Equity ETF		0.45	%		0.36	%
MarketBeta^® International Equity ETF		0.25	%		0.20	%
MarketBeta^® U.S. Equity ETF		0.09	%		0.07	%

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 0.36%, 0.20% and 0.07% as an annual percentage rate of average daily net assets of the MarketBeta^® Emerging Markets Equity ETF, MarketBeta^® International Equity ETF and MarketBeta^® U.S. Equity ETF, respectively. These arrangements will remain in effect through at least December 29, 2021 and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. For the fiscal year ended August 31, 2021, GSAM waived $35,653, $158,846 and $65,683 of the Funds’ management fees for the MarketBeta^® Emerging Markets Equity ETF, MarketBeta^® International Equity ETF and MarketBeta^® U.S. Equity ETF, respectively.

GOLDMAN SACHS MARKETBETA^® ETFS

Notes to Financial Statements (continued)

August 31, 2021

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

B. Other Transactions with Affiliates — The following table provides information about the MarketBeta^® U.S. Equity ETF’s investment in shares of The Goldman Sachs Group, Inc. of which the MarketBeta^® U.S. Equity ETF is an affiliate as of and for the fiscal year ended August 31, 2021:

Beginning

value as of
August 31,
2020

Purchases
at Cost

Proceeds
from
Sales

Realized
Gain

Change in
Unrealized
Appreciation

Ending

value as of
August 31,
2021

Shares as of
August 31,
2021

Dividend
Income

$599,654

291,846

(57,562

)

19,427

661,735

1,515,100

3,664

19,792

6. CREATION AND REDEMPTION OF 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.


	MarketBeta^® Emerging Markets Equity ETF

	For the Fiscal year Ended August 31, 2021						For the period May 12, 2020* through August 31, 2020

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		—		$	—			1,000,001		$	39,597,471
Shares Redeemed		(150,000	)		(8,323,242	)		(200,001	)		(8,743,481	)

NET INCREASE (DECREASE) IN SHARES		(150,000	)	$	(8,323,242	)		800,000		$	30,853,990

	MarketBeta^® International Equity ETF

	For the Fiscal Year Ended August 31, 2021						For the period May 12, 2020* through August 31, 2020

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		300,000		$	16,893,287			6,600,001		$	295,827,537
Shares Redeemed		(100,000	)		(5,367,710	)		(600,001	)		(27,341,135	)

NET INCREASE IN SHARES		200,000		$	11,525,577			6,000,000		$	268,486,402

Commencement of operations

GOLDMAN SACHS MARKETBETA^® ETFS

6. CREATION AND REDEMPTION OF CREATION UNITS (continued)


	MarketBeta^® U.S. Equity ETF
	For the Fiscal Year Ended August 31, 2021						For the period May 12, 2020* through August 31, 2020

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		1,550,000		$	85,652,200			5,300,001		$	232,137,239
Shares Redeemed		(50,000	)		(2,904,650	)		(1	)		(40	)

NET INCREASE IN SHARES		1,500,000		$	82,747,550			5,300,000		$	232,137,199

Commencement of operations

7. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the fiscal year ended August 31, 2021, were as follows:


Fund	Purchases		Sales
MarketBeta^® Emerging Markets Equity ETF	$	8,175,888	$	13,851,724
MarketBeta^® International Equity ETF		16,661,854		17,636,660
MarketBeta^® U.S. Equity ETF		12,181,471		13,554,950

The purchases and sales from in-kind creation and redemption transactions for the fiscal year ended August 31, 2021, were as follows:


Fund	Purchases		Sales
MarketBeta^® Emerging Markets Equity ETF	$	—	$	4,104,137
MarketBeta^® International Equity ETF		16,302,783		5,347,141
MarketBeta^® U.S. Equity ETF		85,651,147		2,634,159

8. SECURITIES LENDING

GOLDMAN SACHS MARKETBETA^® ETFS

Notes to Financial Statements (continued)

August 31, 2021

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 August 31, 2021, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Each of the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the fiscal year ended August 31, 2021, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds’ investment in the Government Money Market Fund for the fiscal year ended August 31, 2021:


Fund	Beginning value as of August 31, 2020		Purchases at Cost		Proceeds from Sales			Ending value as of August 31, 2021
MarketBeta^® Emerging Markets Equity ETF	$	212,078	$	4,651,443	$	(4,294,654	)	$	568,867
MarketBeta^® International Equity ETF		292,150		37,659,133		(36,821,721	)		1,129,562
MarketBeta^® U.S. Equity ETF		278,029		5,415,409		(5,162,533	)		530,905

9. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2021 were as follows:


	MarketBeta^® Emerging Markets Equity ETF		MarketBeta^® International Equity ETF		MarketBeta^® U.S. Equity ETF
Distributions paid from:
Ordinary Income	$	1,171,922	$	7,742,172	$	4,402,171
Long-term capital gain		—		—		6,861
Total taxable distributions	$	1,171,922	$	7,742,172	$	4,409,032

There were no distributions from the Funds for the period ended August 31, 2020.

GOLDMAN SACHS MARKETBETA^® ETFS

9. TAX INFORMATION (continued)

As of August 31, 2021, the components of accumulated earnings (losses) on a tax-basis were as follows:


	MarketBeta^® Emerging Markets Equity ETF		MarketBeta^® International Equity ETF			MarketBeta^® U.S. Equity ETF
Undistributed ordinary income — net	$	1,841,562	$	2,548,696		$	929,778
Total undistributed earnings	$	1,841,562	$	2,548,696		$	929,778
Capital loss carryforwards⁽¹⁾:
Perpetual Short-Term	$	—	$	—		$	—
Perpetual Long-Term		—		(44,653	)		(84,374	)
Timing differences		—		—			—
Unrealized gains (losses) — net		10,376,409		70,594,294			112,165,674
Total accumulated earnings (losses) net	$	12,217,971	$	73,098,337		$	113,011,078

(1)

The MarketBeta^® International Equity ETF utilized $1,907 of capital losses in the current fiscal year.

As of August 31, 2021, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	MarketBeta^® Emerging Markets Equity ETF			MarketBeta^® International Equity ETF			MarketBeta^® U.S. Equity ETF
Tax Cost	$	23,368,518		$	285,476,908		$	315,278,582
Gross unrealized gain		10,842,643			75,713,914			114,937,279
Gross unrealized loss		(466,234	)		(5,119,620	)		(2,771,605	)
Net unrealized gains (losses)	$	10,376,409		$	70,594,294		$	112,165,674

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

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


Fund	Paid-in Capital		Total Distributable Earnings
MarketBeta^® Emerging Markets Equity ETF	$	1,115,237	$	(1,115,237	)
MarketBeta^® International Equity ETF	$	1,086,422	$	(1,086,422	)
MarketBeta^® U.S. Equity ETF	$	965,193	$	(965,193	)

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

GOLDMAN SACHS MARKETBETA^® ETFS

Notes to Financial Statements (continued)

August 31, 2021

10. OTHER RISKS

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

Index Risk — Solactive AG (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.

GOLDMAN SACHS MARKETBETA^® ETFS

10. OTHER RISKS (continued)

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.

11. INDEMNIFICATIONS

12. OTHER MATTERS

13. SUBSEQUENT EVENTS

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

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs ETF Trust and Shareholders of Goldman Sachs MarketBeta^® Emerging Markets Equity ETF, Goldman Sachs MarketBeta^® International Equity ETF, and Goldman Sachs MarketBeta^® U.S. Equity ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs MarketBeta^® Emerging Markets Equity ETF, Goldman Sachs MarketBeta^® International Equity ETF, and Goldman Sachs MarketBeta^® U.S. Equity ETF (three of the funds constituting Goldman Sachs ETF Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2021, the related statements of operations for the year ended August 31, 2021, and the statements of changes in net assets and the financial highlights for the year ended August 31, 2021, and for the period May 12, 2020 (commencement of operations) through August 31, 2020, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2021, the results of each of their operations for the year ended August 31, 2021, and the changes in each of their net assets and each of the financial highlights for the year ended August 31, 2021, and for the period May 12, 2020 (commencement of operations) through August 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 26, 2021

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

GOLDMAN SACHS MARKETBETA^® ETFS

Liquidity Risk Management Program (Unaudited)

GOLDMAN SACHS MARKETBETA^® ETFS



Fund Expenses — For the Six Month Period Ended 8/31/21 (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.


	MarketBeta^® Emerging Markets Equity ETF*							MarketBeta^® International Equity ETF*							MarketBeta^® U.S. Equity ETF*
	Beginning Account Value 5/12/20		Ending Account Value 8/31/21			Expenses Paid*		Beginning Account Value 5/12/20		Ending Account Value 8/31/21			Expenses Paid*		Beginning Account Value 5/12/20		Ending Account Value 8/31/21			Expenses Paid*
Actual based on NAV	$	1,000	$	983.09		$	1.80	$	1,000	$	1,101.73		$	1.06	$	1,000	$	1,193.72		$	0.39
Hypothetical 5% return		1,000		1,023.39	+		1.84		1,000		1,024.20	+		1.02		1,000		1,024.85	+		0.36

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.


Fund
MarketBeta^® Emerging Markets Equity ETF	0.36	%
MarketBeta^® International Equity ETF	0.20
MarketBeta^® U.S. Equity ETF	0.07

GOLDMAN SACHS MARKETBETA^® ETFS

Trustees and Officers (Unaudited) Independent Trustees


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

Lawrence W. Stranghoener Age: 67	Chairman of the Board of Trustees	Trustee Since 2015; Chairman Since 2017	Mr. Stranghoener is retired. He is Chairman, Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) (2003-Present); and was formerly Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (2011-2020); Interim Chief Executive Officer (2014); and Executive Vice President and Chief Financial Officer (2004-2014), Mosaic Company (a fertilizer manufacturing company). Chairman of the Board of Trustees — Goldman Sachs ETF Trust; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	39	Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials)

Linda A. Lang Age: 63	Trustee	Since 2016	Ms. Lang is retired. She was formerly Chair of the Board of Directors (2016-2019); and Member of the Board of Directors, WD-40 Company (a global consumer products company) (2004-2019); Chairman and Chief Executive Officer (2005-2014); and Director, President and Chief Operating Officer, Jack in the Box, Inc. (a restaurant company) (2003-2005). Previously, Ms. Lang served as an Advisory Board Member of Goldman Sachs MLP and Energy Renaissance Fund (February 2016-March 2016). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	39	None

Michael Latham Age: 55	Trustee	Since 2015	Mr. Latham is retired. He currently serves as Chief Operating Officer and Director of FinTech Evolution Acquisition Group (a special purpose acquisition company) (2021-Present). Formerly, Mr. Latham held senior management positions with the iShares exchange-traded fund business, including Chairman (2011-2014); Global Head (2010-2011); U.S. Head (2007-2010); and Chief Operating Officer (2003-2007). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	39	FinTech Evolution Acquisition Group (a special purpose acquisition company)

GOLDMAN SACHS MARKETBETA^® ETFS

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


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

James A. McNamara Age: 58	President and Trustee	Since 2014	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund	166	None

Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline L. Kraus. Information is provided as of August 31, 2021.

⁴

GOLDMAN SACHS MARKETBETA^® ETFS

Trustees and Officers (Unaudited) (continued) Officers of the Trust*


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

James A. McNamara 200 West Street New York, NY 10282 Age: 58	Trustee and President	Since 2014	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs ETF Trust. Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Caroline L. Kraus 200 West Street New York, NY 10282 Age: 44	Secretary	Since 2014	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020–Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs ETF Trust; Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 53	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010- October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs ETF Trust (previously Assistant Treasurer (2017));Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Information is provided as of August 31, 2021.

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

From distributions paid during the fiscal year ended August 31, 2021, the total amount of income received by the MarketBeta^® Emerging Markets Equity ETF and the MarketBeta^® International Equity ETF, from sources within foreign countries and possessions of the United States was $0.6155 and $0.1997 per share, respectively, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid from foreign sources by the MarketBeta^® Emerging Markets Equity ETF and the MarketBeta^® International Equity ETF was 68.44% and 78.93% respectively. The total amount of taxes paid by the MarketBeta^® Emerging Markets Equity ETF and the MarketBeta^® International Equity ETF to foreign countries was $0.0933 and $0.0150 per share, respectively.

For the year ended August 31, 2021, 4.85% of the dividends paid from net investment company taxable income by the MarketBeta^® U.S. Equity ETF qualify as section 199A dividends.

For the fiscal year ended August 31, 2021, 25.51%, 33.20%, and 91.73% of the dividends paid from net investment company taxable income by the MarketBeta^® Emerging Markets Equity ETF, MarketBeta^® International Equity ETF, and the MarketBeta^® U.S. Equity ETF respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

For the fiscal year ended August 31, 2021, 96.23% of the dividends paid from net investment company taxable income by the MarketBeta^® U.S. Equity ETF qualify for the dividends received deduction available to corporations.

During the fiscal year ended August 31, 2021, the MarketBeta^® Emerging Markets Equity ETF and the MarketBeta^® U.S. Equity ETF designate $260,289 and $33,806, respectively as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

Pursuant to Section 852 of the Internal Revenue Code, the MarketBeta^® U.S. Equity ETF designates $6,861, or, if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended August 31, 2021.

FUNDS PROFILE

Goldman Sachs ETFs

LOGO

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

Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.09 trillion in assets under supervision as of June 30, 2021, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

GOLDMAN SACHS EXCHANGE-TRADED FUNDS

Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF

Goldman Sachs ActiveBeta^® Europe Equity ETF

Goldman Sachs ActiveBeta^® International Equity ETF

Goldman Sachs ActiveBeta^® Japan Equity ETF

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

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

Goldman Sachs 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 U.S. Aggregate Bond 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 Investment Grade Corporate 1-5 Year Bond ETF

Goldman Sachs Access Treasury 0-1 Year ETF

Goldman Sachs Access Ultra Short Bond ETF

Goldman Sachs Future Planet Equity ETF

Goldman Sachs Future Tech Leaders Equity ETF

Goldman Sachs Innovate Equity ETF

Goldman Sachs MarketBeta^® International Equity ETF

Goldman Sachs MarketBeta^® Emerging Markets Equity ETF

Goldman Sachs MarketBeta^® U.S. Equity ETF

INDEX DISCLAIMERS

The Goldman Sachs MarketBeta^® International Equity ETF, Goldman Sachs MarketBeta^® Emerging Markets Equity ETF, Goldman Sachs MarketBeta^® International Small Cap Equity ETF, and Goldman Sachs MarketBeta^® U.S. Equity ETF are 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 GBS Developed Markets ex North America Large & Mid Cap Index, the Solactive GBS Emerging Markets Large & Mid Cap Index, Solactive GBS Developed Markets ex North America Small Cap Index, Solactive GBS United States Large & Mid Cap Index (“Solactive Indexes”) and/ or Solactive Index trade mark or the Solactive Index Price at any time or in any other respect. The Solactive Indexes are calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Solactive Indexes are calculated correctly. Irrespective of its obligations towards the Funds, Solactive AG has no obligation to point out errors in the Solactive Indexes to third parties including but not limited to investors and/or financial intermediaries of the Funds. 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 a Fund 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. Solactive AG is registered as a benchmark administrator under the Regulation (EU) 2016/2011 (BMR). Solactive appears on the ESMA register of administrators.


TRUSTEES Lawrence W. Stranghoener, Chairman 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

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.

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.

MarketBeta^® and ActiveBeta^® are registered trademarks of GSAM.

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) Not applicable.

(d) 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.

(e) Not applicable.

(f) A copy of the Code of Ethics is available as provided in Item 13(a)(1) of this report.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

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

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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


	2021			2020			Description of Services Rendered



Audit Fees:

• PricewaterhouseCoopers LLP (“PwC”)		$	606,900		$	611,900	Financial Statement audits.

Audit-Related Fees:

• PwC		$	59,558		$	36,324	Other attest services.

Tax Fees:

• PwC		$	0		$	2,325	Tax compliance services provided in connection with the preparation and review of registrant’s tax returns and certain other tax-related services.

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


	2021			2020			Description of Services Rendered



Audit-Related Fees:

• PwC		$	1,906,448		$	1,441,351	Internal control review performanced in accordance with Statement on Standards for Attestation Engagements No. 16 and Semi-annual Updates related to withholding tax accrual for non-US Jurisdictions. These fees are borne by the Funds’ Adviser.

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

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

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

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

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

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

Item 4(f) – Not applicable.

Item 4(g) Aggregate Non-Audit Fees Disclosure

The aggregate non-audit fees billed to GS ETF by PwC for the twelve months ended August 31, 2021 and August 31, 2020 were approximately $59,558 and $38,649 respectively. The aggregate non-audit fees billed to GS ETF’s adviser and service affiliates by PwC for non-audit services for the twelve months ended December 31, 2020 and December 31, 2019 were approximately $14.5 million and $14.7 million respectively. With regard to the aggregate non-audit fees billed to GS ETF’s adviser and service affiliates, the 2020 and 2019 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GS ETF’s operations or financial reporting.

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

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

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

ITEM 6.

SCHEDULE OF INVESTMENTS.

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

ITEM 7.

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

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9.

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

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

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

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

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

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the 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:		November 4, 2021

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


By:		/s/ James A. McNamara


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

Date:		November 4, 2021

By:		/s/ Joseph F. DiMaria


		Joseph F. DiMaria
		Principal Financial Officer
		Goldman Sachs ETF Trust

Date:		November 4, 2021