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)

Copies to:

Robert Griffith, Esq.	Stephen H. Bier, Esq.
Goldman Sachs & Co. LLC	Dechert LLP
200 West Street	1095 Avenue of the Americas
New York, New York 10282	New York, NY 10036

(Name and address of agents for service)

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

Date of fiscal year end: August 31

Date of reporting period: February 29, 2024

ITEM 1. REPORTS TO STOCKHOLDERS.

  The Semi-Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds Semi-Annual Report February 29, 2024 Goldman Sachs Access Fixed Income ETFs Access Emerging Markets USD Bond ETF (GEMD) 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) Goldman Sachs Access Fixed Income ETFs ACCESS EMERGING MARKETS USD BOND ETF 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

 

 

 

 

Goldman Sachs Access Fixed Income ETFs

∎   ACCESS EMERGING MARKETS USD BOND ETF

∎   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

TABLE OF CONTENTS

Market Review	1
Fund Basics	3
Schedules of Investments	19
Financial Statements	94
Financial Highlights
Access Emerging Markets USD Bond ETF	102
Access High Yield Corporate Bond ETF	103
Access Inflation Protected USD Bond ETF	104
Access Investment Grade Corporate 1-5 Year Bond ETF	105
Access Investment Grade Corporate Bonds ETF	106
Access Treasury 0-1 Year ETF	107
Access U.S. Aggregate Bond ETF	108
Access Ultra Short Bond ETF	109
Notes to Financial Statements	110
Other Information	124

Effective January 24, 2023, open-end mutual funds and exchange traded funds will be required to provide shareholders with streamlined annual and semi-annual shareholder reports (“Tailored Shareholder Reports”). Funds will be required to prepare a separate Tailored Shareholder Report for each share class of a fund that highlights key information to investors. Other information, including financial statements, will no longer appear in a fund’s shareholder report, but will be available online, delivered free of charge upon request, and filed with the Securities and Exchange Commission on a semi-annual basis on Form N-CSR. The new requirements have a compliance date of July 24, 2024.

NOT FDIC-INSURED  May Lose Value  No Bank Guarantee 

  

   

MARKET REVIEW

 

 

Goldman Sachs Access Fixed Income ETFs

February 29, 2024

The following are highlights both of key factors affecting the fixed income market and of any key changes made to the Goldman Sachs Access Fixed Income ETFs (the “Funds”) during the six months ended February 29, 2024 (the “Reporting Period”). A streamlined annual shareholder report covering the 12 months ended August 31, 2024 will be provided to Fund shareholders, per new Securities and Exchange Commission requirements with a compliance date of July 24, 2024.

Market and Economic Review

• Global fixed income markets broadly recorded positive returns for the Reporting Period, with performance influenced most by central bank monetary policy, interest rate volatility and macroeconomic data.

• In September 2023, when the Reporting Period began, global fixed income markets weakened. Bond yields, which move inversely with bond prices, rose as investors anticipated the U.S. Federal Reserve (“Fed”) and other developed markets’ central banks would keep interest rates higher for longer.

• In the fourth calendar quarter of 2023, interest rates were volatile, as developed markets’ central banks generally remained on hold and investors speculated about when the Fed might begin easing its monetary policy.

• During October 2023, tight U.S. financial conditions, led by higher long-term interest rates, suggested to some observers that additional Fed policy tightening might be unnecessary. Global bond yields hit multi-year highs, with the 10-year U.S. Treasury yield briefly breaching 5% for the first time since 2007.

• November then saw the greatest easing of U.S. financial conditions in any month during the previous 40 years. Global bond yields plunged, with the 10-year U.S. Treasury yield falling approximately 67 basis points. (A basis point is 1/100th of a percentage point.).

• Factors behind easing financial conditions included ongoing disinflation, soft-landing optimism and expectations of a dovish Fed pivot. (A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing. Dovish suggests lower interest rates; opposite of hawkish.)

• In December, the Fed signaled it might have reached the peak of its current monetary policy tightening cycle, while its median dot plot projection showed 75 basis points of rate cuts in 2024. (The dot plot shows interest rate projections of the members of the Federal Open Market Committee.) U.S. financial conditions eased further, and the 10-year U.S. Treasury yield fell below 4% for the first time since August 2023.

• Global bond yields continued to fluctuate during January 2024. They were, by turns, pushed up by hawkish Fed commentary and soft-landing optimism and pushed down by progress on disinflation and expectations about potential central bank rate cuts.

• Developed markets’ central banks maintained their policy stance during the month.

• The central banks indicated interest rate cuts were unlikely in the first calendar quarter but generally removed their hiking biases from policy statements and signaled they expected policy rates to be lower at the end of 2024.

• In February, ongoing strength in the U.S. economy and improving investor sentiment in Europe boosted the performance of risk assets overall. Global bond yields were volatile, as markets pulled back expectations for the timing of central bank rate cuts, which sent government bond yields lower.

• For the Reporting Period overall, intermediate and long-term U.S. Treasury yields rose, while short-term U.S. Treasury yields fell.

• The U.S. Treasury yield curve was inverted between two-year and 10-year maturities throughout the Reporting Period. (When the yield curve is inverted, two-year yields are higher than 10-year yields. Historically, an inverted U.S. Treasury yield curve often precedes an economic recession.) The best performing sectors within the S&P 500 Index during the Reporting Period were materials, industrials, energy and financials, while the weakest performing sectors were utilities, consumer discretionary, real estate and communication services.

• Most non-government bond sectors outperformed U.S. Treasuries during the Reporting Period, led by U.S. high yield corporate bonds and emerging markets debt, with each sector delivering positive absolute returns overall. To a more modest degree, investment grade corporate bonds, securitized bonds, including mortgage-backed securities, and Treasury inflation protected

  

  1

MARKET REVIEW

 

 

 

 

 

 

securities also posted positive absolute returns and outperformed U.S. Treasuries during the Reporting Period. As the Reporting Period began in September 2022, international equity markets declined, weighed down by heightened inflationary pressures, aggressive global interest rate hikes, recession concerns and the rampant spread of COVID-19.

Fund Changes and Highlights

No material changes were made to the Funds during the Reporting Period.

  

2  

FUND BASICS

 

Access Emerging Markets USD Bond ETF

as of February 29, 2024

FUND SNAPSHOT

As of February 29, 2024
Market Price1	$40.66
Net Asset Value (“NAV”)1	$40.61

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

 PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV)2	Fund Total Return (based on Market Price)2	FTSE Goldman Sachs Emerging Markets USD Bond Index3
Shares	5.69%	5.67%	5.75%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. Total returns for periods less than one full year are not annualized.

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

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

  

  3

FUND BASICS

 

 

 

 

 

 

TOP TEN HOLDINGS AS OF 2/29/24⁴

Holding	% of Net Assets	Country
Brazilian Government International Bond, 6.00%, 10/20/33	1.4%	Brazil
Philippine Government International Bond, 10.63%, 3/16/25	1.2	Philippines
Hungary Government International Bond, 7.63%, 3/29/41	1.1	Hungary
Mexico Government International Bond, 4.88%, 5/19/33	1.0	Mexico
Bahrain Government International Bond, 7.00%, 1/26/26	1.0	Bahrain
Philippine Government International Bond, 2.95%, 5/05/45	1.0	Philippines
Brazilian Government International Bond, 5.63%, 1/07/41	0.9	Brazil
Qatar Government International Bond, 3.75%, 4/16/30	0.9	Qatar
Chile Government International Bond, 3.50%, 1/31/34	0.9	Chile
China Government International Bond, 1.20%, 10/21/30	0.9	China

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

SECTOR ALLOCATION AS OF 2/29/24⁵

Sector Name	Fund
Government	85.0%
Energy	7.1
Financial	2.2
Basic Materials	1.7
Industrial	0.9

⁵  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities.

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

  

4  

FUND BASICS

 

Access High Yield Corporate Bond ETF

as of February 29, 2024

FUND SNAPSHOT

As of February 29, 2024
Market Price1	$43.87
Net Asset Value (“NAV”)1	$43.96

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

 PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV)2	Fund Total Return (based on Market Price)2	FTSE Goldman Sachs High Yield Corporate Bond Index3	Bloomberg High Yield Very Liquid Index4
Shares	5.42%	5.31%	5.73%	6.15%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. Total returns for periods less than one full year are not annualized.

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

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

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

  

  5

FUND BASICS

 

 

 

TOP TEN HOLDINGS AS OF 2/29/24⁵

Holding	% of Net Assets	Line of Business
Medline Borrower LP, 3.88%, 04/01/29	0.7%	Consumer Noncyclical
Univision Communications, Inc., 8.00%, 08/15/28	0.6	Broadcasting
Carnival Corp., 6.00%, 05/01/29	0.6	Consumer Cyclical
Carnival Corp., 7.63%, 03/01/26	0.6	Consumer Cyclical
Go Daddy Operating Co LLC / GD Finance Co., Inc., 5.25%, 12/01/27	0.6	Technology
American Airlines, Inc. /AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29	0.5	Transportation
Mauser Packaging Solutions Holding Co., 7.88%, 08/15/26	0.5	Capital Goods
TransDigm, Inc., 4.63%, 01/15/29	0.5	Aerospace & Defense
Cloud Software Group, Inc., 6.50%, 03/31/29	0.5	Software
Transocean, Inc., 8.75%, 02/15/30	0.5	Energy

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

SECTOR ALLOCATION AS OF 2/29/24⁶

Sector Name	Fund
Consumer, Cyclical	20.5%
Consumer, Non-cyclical	17.2
Telecommunication Services	14.8
Energy	14.7
Financial	11.2
Industrial	9.4
Information Technology	4.2
Materials	4.2
Utilities	2.4
Investment Company	1.4

⁶  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities.

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

  

6  

FUND BASICS

 

Access Inflation Protected USD Bond ETF

as of February 29, 2024

FUND SNAPSHOT

As of February 29, 2024
Market Price1	$48.62
Net Asset Value (“NAV”)1	$48.62

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

 PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV)2	Fund Total Return (based on Market Price)2	FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index3
Shares	1.86%	1.78%	1.89%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. Total returns for periods less than one full year are not annualized.

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

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

  

  7

FUND BASICS

 

 

 

TOP TEN HOLDINGS AS OF 2/29/24⁴

Holding	% of Net Assets5	Line of Business
U.S. Treasury Inflation Indexed Bonds, 0.50%, 01/15/28	8.2%	Government
U.S. Treasury Inflation Indexed Bonds, 0.13%, 01/15/30	7.4	Government
U.S. Treasury Inflation Indexed Bonds, 0.38%, 07/15/27	7.2	Government
U.S. Treasury Inflation Indexed Bonds, 0.13%, 10/15/26	6.2	Government
U.S. Treasury Inflation Indexed Bonds, 0.13%, 07/15/30	6.2	Government
U.S. Treasury Inflation Indexed Bonds, 0.75%, 02/15/42	6.2	Government
U.S. Treasury Inflation Indexed Bonds, 0.63%, 07/15/32	5.8	Government
U.S. Treasury Inflation Indexed Bonds, 0.13%, 07/15/26	5.8	Government
U.S. Treasury Inflation Indexed Bonds, 0.13%, 07/15/31	4.4	Government
U.S. Treasury Inflation Indexed Bonds, 0.13%, 04/15/26	4.4	Government

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

⁵  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

SECTOR ALLOCATION AS OF 2/29/24⁶

Sector Name	Fund
Government	99.4%
Investment Company	0.5

⁶  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities.

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

  

8  

FUND BASICS

 

Access Investment Grade Corporate 1-5 Year Bond ETF

as of February 29, 2024

FUND SNAPSHOT

As of February 29, 2024
Market Price1	$46.54
Net Asset Value (“NAV”)1	$46.56

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

 PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV)2	Fund Total Return (based on Market Price)2	FTSE Goldman Sachs US Investment- Grade Corporate Bond 1-5 Years Index3
Shares	3.35%	3.26%	3.49%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. Total returns for periods less than one full year are not annualized.

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

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

  

  9

FUND BASICS

 

 

 

TOP TEN HOLDINGS AS OF 2/29/24⁴

Holding	% of Net Assets	Line of Business
HSBC Holdings PLC, 6.16%, 03/09/29	2.2%	Banks
Barclays PLC, 4.97%, 05/16/29	2.1	Banks
Morgan Stanley, 5.16%, 04/20/29	1.1	Banks
Mitsubishi UFJ Financial Group, Inc., 3.78%, 03/02/25	1.1	Banks
Bank of America Corp., 5.08%, 01/20/27	0.9	Banks
Westpac Banking Corp., 5.46%, 11/18/27	0.8	Banks
Bank of New York Mellon Corp. (The), 3.40%, 01/29/28	0.7	Banks
T-Mobile USA, Inc., 2.05%, 02/15/28	0.7	Wireless
Capital One Financial Corp., 6.31%, 06/08/29	0.7	Bank
Bank of America Corp., 4.27%, 07/23/29	0.6	Banks

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

SECTOR ALLOCATION AS OF 2/29/24⁵

Sector Name	Fund
Financials	42.6%
Consumer, Non-cyclical	9.6
Consumer, Cyclical	9.3
Industrials	9.0
Utilities	7.1
Information Technology	6.8
Telecommunication Services	6.6
Energy	6.5
Materials	0.4

⁵  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities.

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

  

10  

FUND BASICS

 

Access Investment Grade Corporate Bond ETF

as of February 29, 2024

FUND SNAPSHOT

As of February 29, 2024
Market Price1	$45.34
Net Asset Value (“NAV”)1	$45.39

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

 PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV)2	Fund Total Return (based on Market Price)2	FTSE Goldman Sachs Investment Grade Corporate Bond Index3	Bloomberg US Corporate Investment Grade Index4
Shares	3.81%	3.69%	3.90%	3.84%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. Total returns for periods less than one full year are not annualized.

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

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

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

  

  11

FUND BASICS

 

 

 

TOP TEN HOLDINGS AS OF 2/29/24⁵

Holding	% of Net Assets	Line of Business	Country
Morgan Stanley, 2.19%, 4/28/26	0.4%	Banks	United States
Cigna Group (The), 4.13%, 11/15/25	0.3	Healthcare	United States
Oracle Corp., 6.25%, 11/09/32	0.3	Software	United States
Starbucks Corp., 3.80%, 8/15/25	0.3	Consumer Cyclical	United States
Morgan Stanley, 5.30%, 4/20/37	0.3	Banks	United States
Morgan Stanley, 2.94%, 1/21/33	0.3	Banks	United States
Oracle Corp., 6.90%, 11/09/52	0.2	Software	United States
Wells Fargo & Co., 5.57%, 7/25/29	0.2	Banks	United States
HCA, Inc., 5.25%, 4/15/25	0.2	Healthcare	United States
JPMorgan Chase & Co., 3.51%, 1/23/29	0.2	Banks	United States

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

SECTOR ALLOCATION AS OF 2/29/24⁶

Sector Name	Fund
Financial	36.5%
Consumer, Non-cyclical	18.3
Telecommunication Services	11.5
Information Technology	9.2
Energy	7.6
Consumer, Cyclical	6.8
Industrial	5.1
Utilities	3.3
Materials	1.3
Investment Company	0.4

⁶  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities.

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

  

12  

FUND BASICS

 

Access Treasury 0-1 Year ETF

as of February 29, 2024 

FUND SNAPSHOT

As of February 29, 2024
Market Price1	$100.14
Net Asset Value (“NAV”)1	$100.09

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

 PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV)2	Fund Total Return (based on Market Price)2	FTSE US Treasury 0-1 Year Composite Select Index3
Shares	2.66%	2.65%	2.75%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

³  The Index is designed to measure the performance of U.S. Treasury Securities with a maximum remaining maturity of 12 months. “U.S. Treasury Securities” refer to securities issued or guaranteed by the U.S. Treasury where the payment of principal and interest is backed by the full faith and credit of the U.S. government. U.S. Treasury Securities include U.S. Treasury notes, U.S. Treasury bills and U.S. Treasury floating rate bonds. The Index is sponsored by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). FTSE is not affiliated with the Fund or GSAM. The Index is determined, composed and calculated by FTSE without regard to the Fund. It is not possible to invest directly in an unmanaged index. The Index Provider may delay or change a scheduled rebalancing or reconstitution of the Index or the implementation of certain rules at its sole discretion.

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

  

  13

FUND BASICS

 

 

 

TOP TEN HOLDINGS AS OF 2/29/24⁴

Holding	Maturity Date	% of Net Assets5
U.S. Treasury Bills, 5.40%	04/16/24	6.2%
U.S. Treasury Bills, 5.40%	05/30/24	5.5
U.S. Treasury Bills, 5.41%	04/23/24	4.7
U.S. Treasury Bills, 5.31%	05/23/24	4.6
U.S. Treasury Bills, 5.26%	06/20/24	4.6
U.S. Treasury Bills, 5.35%	05/28/24	4.3
U.S. Treasury Bills, 5.33%	08/22/24	3.8
U.S. Treasury Notes, 4.83%	12/31/24	3.8
U.S. Treasury Bills, 5.21%	07/25/24	3.8
U.S. Treasury Bills, 5.07%	02/20/25	3.7

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

⁵  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

SECTOR ALLOCATION AS OF 2/29/24⁶

Sector Name	Fund
Government	99.9%

⁶  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities.

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

  

14  

FUND BASICS

 

Access U.S. Aggregate Bond ETF

as of February 29, 2024

FUND SNAPSHOT

As of February 29, 2024
Market Price1	$40.98
Net Asset Value (“NAV”)1	$40.98

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

 PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV)2	Fund Total Return (based on Market Price)2	FTSE Goldman Sachs US Broad Bond Market Index3
Shares	2.28%	2.00%	2.46%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. Total returns for periods less than one full year are not annualized.

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

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

  

  15

FUND BASICS

 

 

 

TOP TEN HOLDINGS AS OF 2/29/24⁴

Holding	% of Net Assets	Line of Business
U.S. Treasury Notes, 0.25%, 10/31/25	10.6%	U.S. Treasury Notes
U.S. Treasury Notes, 1.63%, 05/15/26	6.8	U.S. Treasury Notes
U.S. Treasury Notes, 1.63%, 09/30/26	4.6	U.S. Treasury Notes
U.S. Treasury Notes, 2.00%, 02/15/25	3.9	U.S. Treasury Notes
U.S. Treasury Bonds, 2.50%, 02/15/45	2.5	U.S. Treasury Bonds
U.S. Treasury Bonds, 2.75%, 08/15/42	2.2	U.S. Treasury Obligations
Federal Home Loan Mortgage Corporation, 2.50%, 08/01/51	2.1	Mortgage-Backed Securities
U.S. Treasury Bonds, 2.25%, 02/15/52	2.0	U.S. Treasury Bonds
Federal Home Loan Mortgage Corporation, 2.00%, 03/01/51	1.7	Mortgage-Backed Securities
U.S. Treasury Notes, 1.50%, 01/31/27	1.6	U.S. Treasury Notes

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

SECTOR ALLOCATION AS OF 2/29/24⁵

Sector Name	Fund
U.S. Treasury Notes	30.6%
Mortgage-Backed Securities	27.3
Corporate Obligations	21.3
U.S. Treasury Bonds	9.8
Foreign Corporate Debt	5.9
U.S. Treasury Obligations	4.4
Sovereign Debt Obligations	2.6
U.S. Government Agency Obligations	0.2

⁵  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities.

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

  

16  

FUND BASICS

 

Access Ultra Short Bond ETF

as of February 29, 2024

FUND SNAPSHOT

As of February 29, 2024
Market Price1	$50.28
Net Asset Value (“NAV”)1	$50.28

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

 PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV)2	Fund Total Return (based on Market Price)2	FTSE Three- Month U.S. Treasury Bill Index3
Shares	3.29%	3.27%	2.78%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. Total returns for periods less than one full year are not annualized.

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

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

  

  17

FUND BASICS

 

 

 

TOP TEN HOLDINGS AS OF 2/29/24⁴

Holding	% of Net Assets	Line of Business
FNMA REMIC, 5.65%, 05/01/44	2.7%	ARM
U.S. Treasury Floating Rate Notes, 5.48%, 10/31/24	1.8	Government
FNMA REMIC, 5.24%, 02/01/45	1.7	ARM
FNMA REMIC, 5.70%, 02/01/41	1.5	ARM
FNMA REMIC, 5.96%, 12/01/40	1.3	ARM
U.S. Treasury Notes, 4.58%, 01/31/26	1.3	Government
FNMA REMIC, 5.94%, 07/25/35	1.2	CMO
FHLMC REMIC, 5.74%, 01/01/46	1.0	ARM
Nissan Auto Lease Trust, 4.91%, 01/15/26	1.0	AUTO
American Express Credit Account Master Trust, 3.39%, 05/15/27	1.0	Credit Card

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

SECTOR ALLOCATION AS OF 2/29/24⁵

Sector Name	Fund
Asset-Backed Securities	27.1%
Foreign Corporate Debt	20.8
Mortgage-Backed Securities	19.9
Corporate Obligations	16.2
Commercial Paper	6.0
U.S. Treasury Notes	5.0
Certificate of Deposit	4.2
U.S. Government Agency Obligations	0.06

⁵  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities.

⁶  Less than 0.05%

  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.

  

18  

GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

 

Principal Amount			Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – 82.4%
Bahamas – 0.3%
Bahamas Government International Bond (B+/B1)
	$	200,000		8.950	%	10/15/32	$	188,035
Bahrain – 3.0%
Bahrain Government International Bond (B+/NR)
		200,000		6.000		09/19/44		161,000
		200,000		6.250		01/25/51		162,500
		200,000		5.625		09/30/31		186,340
		200,000		7.500		09/20/47		188,048
		550,000		7.000		01/26/26		554,408
		225,000		5.625		05/18/34		200,530
		225,000		7.375		05/14/30		232,330
								1,685,156
Brazil – 3.5%
Brazilian Government International Bond (BB/Ba2)
		779,000		6.000		10/20/33		775,413
		585,000		5.625		01/07/41		526,315
		300,000		4.625		01/13/28		294,018
		200,000		7.125		01/20/37		213,500
		200,000		4.250		01/07/25		197,411
								2,006,657
Chile – 2.8%
Chile Government International Bond (A/A2)
		600,000		3.500		01/31/34		522,155
		400,000		3.240		02/06/28		374,341
		200,000		4.000		01/31/52		157,322
		200,000		5.330		01/05/54		191,709
		210,000		3.125		01/21/26		202,477
		225,000		3.250		09/21/71		141,589
								1,589,593
China – 2.9%
China Government International Bond (NR/NR)
		200,000		2.750		12/03/39		157,787
		200,000		1.750		10/26/31		168,256
		200,000		3.500		10/19/28		193,792
		632,000		1.200		10/21/30		521,619
		400,000		1.250		10/26/26		366,996
		250,000		4.000		10/19/48		226,964
								1,635,414
Colombia – 4.8%
Colombia Government International Bond (BB+/Baa2)
		460,000		3.000		01/30/30		377,551
		500,000		3.125		04/15/31		395,930
		550,000		5.000		06/15/45		394,076
		400,000		5.200		05/15/49		290,408
		300,000		3.875		04/25/27		281,935
		300,000		6.125		01/18/41		256,479
		250,000		3.250		04/22/32		192,668
		200,000		7.375		09/18/37		197,131
		275,000		5.625		02/26/44		215,531
		200,000		4.125		05/15/51		122,703
								2,724,412
Costa Rica – 1.9%
Costa Rica Government International Bond (BB-/B1)
		450,000		6.125		02/19/31		459,000
		400,000		7.158		03/12/45		416,500

Principal Amount			Interest Rate			Maturity Date	Value
Sovereign Debt Obligations (Continued)
Costa Rica – (continued)
Costa Rica Government International Bond (BB-/B1) (continued)
	$	200,000		6.550	%	04/03/34	$	207,000
								1,082,500
Dominican Republic – 5.0%
Dominican Republic International Bond (BB/Ba3)
		425,000		6.000		07/19/28		426,062
		450,000		5.950		01/25/27		450,563
		200,000		5.500		02/22/29		194,500
		150,000		6.875		01/29/26		152,250
		175,000		7.450		04/30/44		185,062
		200,000		6.400		06/05/49		187,750
		150,000		6.500		02/15/48		142,875
		300,000		5.875		01/30/60		255,000
		225,000		6.850		01/27/45		222,750
		225,000		4.500		01/30/30		205,313
		450,000		4.875		09/23/32		402,750
								2,824,875
Ecuador – 1.5%
Ecuador Government International Bond(a) (B-/Ba3)
		850,000		3.500		07/31/35		404,813
		450,000		6.000		07/31/30		273,375
		450,000		2.500		07/31/40		195,750
								873,938
Egypt – 4.7%
Egypt Government International Bond (B-/Caa1)
		200,000		7.500		02/16/61		141,500
		200,000		7.300		09/30/33		163,285
		200,000		7.500		01/31/27		190,750
		200,000		8.875		05/29/50		159,750
		200,000		5.875		06/11/25		196,736
		200,000		7.903		02/21/48		150,250
		200,000		8.700		03/01/49		157,750
		200,000		3.875		02/16/26		184,085
		200,000		6.588		02/21/28		179,953
		300,000		5.800		09/30/27		266,872
		350,000		7.625		05/29/32		297,915
		450,000		8.500		01/31/47		349,875
		334,000		6.875		04/30/40		242,150
								2,680,871
Guatemala – 1.5%
Guatemala Government Bond (BB/NR)
		225,000		3.700		10/07/33		185,625
		200,000		6.125		06/01/50		184,000
		300,000		5.375		04/24/32		288,750
		200,000		6.600		06/13/36		203,000
								861,375
Hungary – 2.9%
Hungary Government International Bond (BBB-/Baa2)
		550,000		7.625		03/29/41		631,102
		200,000		6.125		05/22/28		204,416
		200,000		6.750		09/25/52		212,395
		403,000		5.250		06/16/29		395,400
		200,000		5.500		06/16/34		194,366
								1,637,679

  

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

GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Principal Amount			Interest Rate			Maturity Date	Value
Sovereign Debt Obligations (Continued)
Indonesia – 4.2%
Indonesia Government International Bond (BBB/Baa2)
	$	423,000		3.550	%	03/31/32	$	379,874
		400,000		4.650		09/20/32		387,361
		325,000		7.750		01/17/38		399,522
		275,000		3.050		03/12/51		194,344
		200,000		3.850		07/18/27		192,998
		200,000		4.300		03/31/52		170,488
		125,000		8.500		10/12/35		158,804
		225,000		4.200		10/15/50		188,855
		350,000		2.850		02/14/30		310,680
								2,382,926
Ivory Coast – 0.7%
Ivory Coast Government International Bond (BB-/Ba3)
		426,000		6.125		06/15/33		374,347
Jordan – 1.3%
Jordan Government International Bond (B+/B1)
		350,000		5.850		07/07/30		316,656
		200,000		7.500		01/13/29		197,593
Jordan Government International Bond, Series RegS (B+/B1)
		200,000		6.125		01/29/26		196,095
								710,344
Kazakhstan – 1.1%
Kazakhstan Government International Bond (BBB-/Baa2)
		200,000		5.125		07/21/25		201,651
		225,000		6.500		07/21/45		248,848
		200,000		4.875		10/14/44		187,362
								637,861
Kenya – 0.9%
Republic of Kenya Government International Bond (B/B3)
		350,000		7.000		05/22/27		334,744
		200,000		8.250		02/28/48		163,250
								497,994
Kuwait – 0.7%
Kuwait International Government Bond (A+/NR)
		400,000		3.500		03/20/27		387,266
Mexico – 3.2%
Mexico Government International Bond (BBB/Baa2)
		600,000		4.875		05/19/33		565,026
		200,000		6.338		05/04/53		195,592
		200,000		3.750		01/11/28		189,553
		325,000		4.500		04/22/29		312,822
		150,000		5.550		01/21/45		138,296
		50,000		6.050		01/11/40		49,064
Mexico Government International Bond, MTN (BBB/Baa2)
		175,000		7.500		04/08/33		196,904
		150,000		4.750		03/08/44		123,999
		50,000		8.300		08/15/31		59,421
								1,830,677
Morocco – 1.3%
Morocco Government International Bond (BB+/Ba1)
		200,000		6.500		09/08/33		205,840
		350,000		4.000		12/15/50		236,688
		300,000		5.950		03/08/28		303,051
								745,579

Principal Amount			Interest Rate			Maturity Date	Value
Sovereign Debt Obligations (Continued)
Nigeria – 2.6%
Nigeria Government International Bond (B-/Caa1)
	$	200,000		7.375	%	09/28/33	$	167,810
		200,000		8.250		09/28/51		162,105
		200,000		8.747		01/21/31		188,458
		200,000		6.500		11/28/27		182,500
		200,000		7.625		11/28/47		154,500
		200,000		7.696		02/23/38		160,936
		275,000		7.875		02/16/32		241,989
		249,000		6.125		09/28/28		218,503
								1,476,801
Panama – 4.6%
Panama Government International Bond (BBB/Baa3)
		275,000		4.500		04/01/56		176,687
		200,000		3.875		03/17/28		182,250
		250,000		4.500		04/16/50		165,313
		150,000		6.700		01/26/36		142,875
		200,000		6.853		03/28/54		178,500
		400,000		2.252		09/29/32		283,000
		260,000		8.875		09/30/27		281,775
		232,000		9.375		04/01/29		258,390
		410,000		3.160		01/23/30		338,762
		245,000		3.870		07/23/60		139,650
		200,000		4.300		04/29/53		127,250
		200,000		4.500		01/19/63		126,000
		225,000		3.750		03/16/25		219,938
								2,620,390
Philippines – 4.6%
Philippine Government International Bond (BBB+/Baa2)
		650,000		10.625		03/16/25		686,972
		770,000		2.950		05/05/45		537,665
		283,000		3.200		07/06/46		203,291
		200,000		6.375		10/23/34		219,744
		200,000		3.700		03/01/41		163,879
		200,000		3.700		02/02/42		162,420
		400,000		3.000		02/01/28		371,508
		450,000		2.650		12/10/45		297,055
								2,642,534
Poland – 2.1%
Republic of Poland Government International Bond (A-/A2)
		300,000		4.875		10/04/33		293,979
		300,000		5.500		04/04/53		300,513
		400,000		5.500		11/16/27		409,600
		200,000		3.250		04/06/26		194,724
								1,198,816
Qatar – 3.7%
Qatar Government International Bond (AA/Aa2)
		400,000		4.400		04/16/50		348,793
		350,000		4.817		03/14/49		323,719
		550,000		3.750		04/16/30		526,014
		200,000		3.400		04/16/25		196,120
		220,000		5.103		04/23/48		211,884
		300,000		4.000		03/14/29		291,955
		200,000		4.625		06/02/46		182,324
								2,080,809
Romania – 2.8%
Romanian Government International Bond (BBB-/Baa3)
		280,000		5.125		06/15/48		232,228

  

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

GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF

 

 

 

 

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations (Continued)
Romania – (continued)
Romanian Government International Bond (BBB-/Baa3)
(continued)
	$250,000		3.625	%	03/27/32	$	211,112
	460,000		5.250		11/25/27		452,410
	300,000		7.125		01/17/33		316,005
	180,000		6.125		01/22/44		171,607
	170,000		3.000		02/14/31		141,345
	50,000		7.625		01/17/53		54,399
							1,579,106
Saudi Arabia – 3.5%
Saudi Government International Bond (NR/A1)
	200,000		5.500		10/25/32		205,239
	225,000		4.375		04/16/29		218,272
	225,000		4.500		04/17/30		218,143
	400,000		3.250		10/22/30		359,460
	400,000		2.500		02/03/27		372,460
	200,000		4.625		10/04/47		169,442
	200,000		4.500		04/22/60		161,808
	350,000		4.500		10/26/46		293,939
							1,998,763
Serbia – 0.6%
Serbia International Bond (BB+/Ba2)
	200,000		2.125		12/01/30		158,250
	200,000		6.500		09/26/33		203,002
							361,252
Trinidad and Tobago – 0.3%
Trinidad & Tobago Government International Bond (BBB-/Ba2)
200,000			4.500		08/04/26		194,250
Turkey – 4.3%
Turkiye Government International Bond (NR/B3)
	330,000		4.250		03/13/25		324,131
	350,000		7.375		02/05/25		355,124
	362,000		6.875		03/17/36		338,675
	525,000		4.875		10/09/26		506,221
	525,000		5.750		05/11/47		395,063
	200,000		9.375		03/14/29		217,907
	200,000		6.000		01/14/41		163,547
	100,000		11.875		01/15/30		123,875
							2,424,543
United Arab Emirates – 1.6%
UAE Government International Bond (NR/Aa2)
	375,000		3.250		10/19/61		253,733
	350,000		2.000		10/19/31		290,845
	477,000		2.875		10/19/41		346,667
							891,245
Uruguay – 3.2%
Uruguay Government International Bond(b) (BBB+/Baa2)
	240,000		4.975		04/20/55		224,700
	200,000		5.750		10/28/34		211,000
	200,000		7.625		03/21/36		241,750
	408,000		4.375		01/23/31		398,820
	150,000		4.375		10/27/27		148,875
	200,000		4.125		11/20/45		175,000
	350,000		5.100		06/18/50		336,656
	60,000		7.875		01/15/33		71,850
							1,808,651

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations (Continued)
Uzbekistan – 0.3%
Republic of Uzbekistan International Bond (BB-/NR)
	$200,000		3.900	%	10/19/31	$	165,033
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $48,308,526)							46,799,692
Corporate Obligations – 14.5%
Brazil – 1.7%
Petrobras Global Finance BV (BB/Ba1)
	200,000		7.375		01/17/27		209,500
	216,000		6.850		06/05/15		203,040
	301,000		6.500		07/03/33		303,677
	200,000		5.999		01/27/28		203,000
	71,000		6.900		03/19/49		69,908
							989,125
Chile – 2.0%
Corp. Nacional del Cobre de Chile (BBB+/Baa1)
	200,000		3.000		09/30/29		175,500
	200,000		3.150		01/14/30		174,750
	200,000		3.625		08/01/27		188,788
	400,000		4.500		08/01/47		308,324
	200,000		3.700		01/30/50		133,474
Empresa de Transporte de Pasajeros Metro SA (NR/A3)
	200,000		4.700		05/07/50		162,224
							1,143,060
China – 1.6%
China Development Bank, EMTN (A+/A1)
	200,000		3.000		06/01/26		192,393
China Development Bank Financial Leasing Co. Ltd.(c)
(BBB+/NR) (US 5 Year CMT T-Note + 2.750%)
	200,000		2.875		09/28/30		190,593
Export-Import Bank of China (The) (A+/A1)
	350,000		3.625		07/31/24		347,225
Export-Import Bank of China (The), EMTN (A+/A1)
	200,000		4.000		11/28/47		173,825
							904,036
Hungary – 0.4%
Magyar Export-Import Bank Zrt (BBB-/NR)
	200,000		6.125		12/04/27		201,119
India – 2.8%
Export-Import Bank of India (NR/Baa3)
	200,000		3.875		02/01/28		190,505
	250,000		3.250		01/15/30		224,539
	200,000		3.375		08/05/26		191,258
Indian Railway Finance Corp. Ltd. (BBB-/Baa3)
	200,000		3.570		01/21/32		176,409
	350,000		2.800		02/10/31		296,959
Power Finance Corp. Ltd. (NR/Baa3)
	200,000		3.950		04/23/30		183,000
REC Ltd. (NR/Baa3)
	303,000		5.625		04/11/28		304,875
							1,567,545

  

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

GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate		Maturity Date	Value
Corporate Obligations (Continued)
Indonesia – 1.1%
Pertamina Persero PT (NR/Baa2)
	$457,000		3.100%	08/27/30	$	402,731
	200,000		6.450	05/30/44		208,000
						610,731
Mexico – 2.6%
Petroleos Mexicanos (BBB/B3)
	250,000		5.950	01/28/31		194,110
	200,000		4.500	01/23/26		186,163
	180,000		6.500	03/13/27		167,848
	175,000		5.350	02/12/28		151,634
	100,000		6.840	01/23/30		85,513
	100,000		6.875	10/16/25		98,574
	199,000		5.625	01/23/46		115,196
	428,000		6.750	09/21/47		271,316
	75,000		7.690	01/23/50		51,674
	100,000		6.950	01/28/60		63,395
	50,000		6.500	01/23/29		43,812
	25,000		6.625	06/15/35		18,470
	25,000		6.500	06/02/41		16,594
						1,464,299
Poland – 0.3%
Bank Gospodarstwa Krajowego (NR/A2)
	200,000		5.375	05/22/33		199,444
Qatar – 0.8%
QatarEnergy (AA/Aa2)
	300,000		3.300	07/12/51		207,656
	309,000		2.250	07/12/31		256,872
						464,528
Saudi Arabia – 1.2%
Gaci First Investment Co. (NR/A1)
	200,000		4.875	02/14/35		189,788
Saudi Arabian Oil Co. (NR/A1)
	200,000		4.250	04/16/39		172,459
	375,000		3.500	04/16/29		348,212
						710,459
TOTAL CORPORATE OBLIGATIONS (Cost $8,549,942)						8,254,346
Shares		Dividend Rate			Value
Investment Company – 1.6%(d)
Goldman Sachs Financial Square Government
Fund - Institutional Shares
	933,170		5.219%			933,170
(Cost $933,170)
TOTAL INVESTMENTS – 98.5% (Cost $57,791,638)					$	55,987,208
OTHER ASSETS IN EXCESS OF LIABILITIES – 1.5%						860,077
NET ASSETS – 100.0%					$	56,847,285

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

(a)	Step coupon.
(b)	Pay-in-kind securities.
(c)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on February 29, 2024.
(d)	Represents an affiliated issuer.

Investment Abbreviations:
CMT	—Constant Maturity Treasury Index
MTN	—Medium Term Note

  

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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

 

Schedule of Investments

February 29, 2024

 

 

	Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 90.6%
Advertising – 0.9%
Clear Channel Outdoor Holdings, Inc.
	$	516,000		5.125	%	08/15/27(a)	$	485,040
		100,000		7.750		04/15/28(a)		87,000
		236,000		7.500		06/01/29(a)		196,470
Lamar Media Corp.
		179,000		3.750		02/15/28		167,589
		234,000		4.000		02/15/30		211,770
								1,147,869
Aerospace & Defense – 1.3%
Spirit AeroSystems, Inc.
		100,000		4.600		06/15/28		88,250
TransDigm, Inc.
		46,000		7.500		03/15/27		46,086
		523,000		5.500		11/15/27		506,656
		698,000		4.625		01/15/29		643,032
		350,000		6.875		12/15/30(a)		355,250
		100,000		7.125		12/01/31(a)		102,688
								1,741,962
Banks – 0.4%
Freedom Mortgage Corp.
		297,000		7.625		05/01/26(a)		294,401
		200,000		6.625		01/15/27(a)		191,250
		100,000		12.000		10/01/28(a)		108,625
								594,276
Basic Industry – 1.8%
Axalta Coating Systems LLC
		280,000		3.375		02/15/29(a)		249,900
Chemours Co. (The)
		213,000		5.750		11/15/28(a)		186,375
Olin Corp.
		269,000		5.625		08/01/29		264,292
		210,000		5.000		02/01/30		196,875
Olympus Water U.S. Holding Corp.
		280,000		4.250		10/01/28(a)		251,650
		200,000		6.250		10/01/29(a)		179,500
SCIH Salt Holdings, Inc.
		303,000		6.625		05/01/29(a)		276,109
Tronox, Inc.
		417,000		4.625		03/15/29(a)		369,045
Valvoline, Inc.
		200,000		4.250		02/15/30(a)		199,250
		236,000		3.625		06/15/31(a)		200,600
WR Grace Holdings LLC
		188,000		4.875		06/15/27(a)		179,540
								2,553,136
Broadcasting – 2.8%
CMG Media Corp.
		302,000		8.875		12/15/27(a)		193,280
iHeartCommunications, Inc.
		450,000		6.375		05/01/26		387,000
		200,000		8.375		05/01/27		120,500
		250,000		5.250		08/15/27(a)		186,875
Sirius XM Radio, Inc.
		350,000		3.125		09/01/26(a)		326,813
		476,000		5.000		08/01/27(a)		454,580
		326,000		4.000		07/15/28(a)		295,437

	Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Broadcasting – (continued)
Sirius XM Radio, Inc. – (continued)
	$	539,000		3.875	%	09/01/31(a)	$	445,686
TEGNA, Inc.
		126,000		4.625		03/15/28		114,030
		343,000		5.000		09/15/29		302,697
Univision Communications, Inc.
		200,000		6.625		06/01/27(a)		194,500
		850,000		8.000		08/15/28(a)		854,781
								3,876,179
Brokerage – 0.4%
Coinbase Global, Inc.
		138,000		3.375		10/01/28(a)		116,437
Jefferies Finance LLC / JFIN Co.-Issuer Corp.
		200,000		5.000		08/15/28(a)		181,107
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
		284,000		4.750		06/15/29(a)		255,245
								552,789
Building Materials – 1.6%
American Builders & Contractors Supply Co., Inc.
		171,000		4.000		01/15/28(a)		159,885
		50,000		3.875		11/15/29(a)		44,750
Builders FirstSource, Inc.
		88,000		5.000		03/01/30(a)		83,270
		292,000		4.250		02/01/32(a)		257,325
Smyrna Ready Mix Concrete LLC
		500,000		8.875		11/15/31(a)		530,000
SRS Distribution, Inc.
		100,000		4.625		07/01/28(a)		93,313
Standard Industries, Inc.
		300,000		5.000		02/15/27(a)		289,125
		329,000		4.375		07/15/30(a)		294,000
		171,000		3.375		01/15/31(a)		142,133
Summit Materials LLC / Summit Materials Finance Corp.
		100,000		7.250		01/15/31(a)		104,000
								1,997,801
Capital Goods – 4.1%
ASP Unifrax Holdings, Inc.
		320,000		5.250		09/30/28(a)		204,800
Ball Corp.
		100,000		6.875		03/15/28		102,375
		50,000		6.000		06/15/29		50,313
		482,000		2.875		08/15/30		409,097
Clean Harbors, Inc.
		600,000		4.875		07/15/27(a)		580,500
Clydesdale Acquisition Holdings, Inc.
		151,000		6.625		04/15/29(a)		150,245
		210,000		8.750		04/15/30(a)		200,550
Covanta Holding Corp.
		321,000		4.875		12/01/29(a)		281,899
Crown Americas LLC / Crown Americas Capital Corp. V
		198,000		4.250		09/30/26		191,070
Crown Americas LLC / Crown Americas Capital Corp. VI
		148,000		4.750		02/01/26		144,855
Emerald Debt Merger Sub LLC
		400,000		6.625		12/15/30(a)		402,000

  

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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

 

Schedule of Investments (continued)

February 29, 2024

 

 

	Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Capital Goods – (continued)
EquipmentShare.com, Inc.
	$	100,000		9.000	%	05/15/28(a)	$	103,000
Herc Holdings, Inc.
		214,000		5.500		07/15/27(a)		210,255
LABL, Inc.
		233,000		6.750		07/15/26(a)		227,175
		152,000		10.500		07/15/27(a)		147,440
		100,000		8.250		11/01/29(a)		84,500
Mauser Packaging Solutions Holding Co.
		645,000		7.875		08/15/26(a)		653,869
		200,000		9.250		04/15/27(a)		195,500
Owens-Brockway Glass Container, Inc.
		100,000		7.250		05/15/31(a)		101,750
Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc.
		190,000		4.375		10/15/28(a)		177,175
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC
		100,000		4.000		10/15/27(a)		93,625
Sensata Technologies BV
		400,000		4.000		04/15/29(a)		363,500
Sensata Technologies, Inc.
		406,000		3.750		02/15/31(a)		348,145
								5,423,638
Communications – 6.8%
AMC Networks, Inc.
		250,000		4.750		08/01/25		239,375
		175,000		4.250		02/15/29		113,750
Cable One, Inc.
		350,000		4.000		11/15/30(a)		265,125
CCO Holdings LLC / CCO Holdings Capital Corp.
		560,000		5.125		05/01/27(a)		531,300
		375,000		5.000		02/01/28(a)		346,856
		279,000		5.375		06/01/29(a)		252,844
		100,000		6.375		09/01/29(a)		94,000
		478,000		4.750		03/01/30(a)		408,690
		430,000		4.500		08/15/30(a)		358,512
		350,000		4.250		02/01/31(a)		282,625
		440,000		7.375		03/01/31(a)		426,250
		350,000		4.750		02/01/32(a)		283,938
		532,000		4.500		05/01/32		422,275
		200,000		4.500		06/01/33(a)		155,000
		388,000		4.250		01/15/34(a)		291,970
CSC Holdings LLC
		400,000		5.500		04/15/27(a)		360,000
		250,000		5.375		02/01/28(a)		218,125
		250,000		7.500		04/01/28(a)		178,125
		300,000		11.750		01/31/29(a)		314,062
		400,000		6.500		02/01/29(a)		349,500
		240,000		5.750		01/15/30(a)		141,000
		250,000		4.125		12/01/30(a)		187,500
		400,000		4.625		12/01/30(a)		222,500
		250,000		3.375		02/15/31(a)		176,875
		250,000		4.500		11/15/31(a)		186,875
Directv Financing LLC
		350,000		8.875		02/01/30(a)		352,188
Directv Financing LLC / Directv Financing Co.-Obligor, Inc.
		543,000		5.875		08/15/27(a)		513,814

	Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Communications – (continued)
Live Nation Entertainment, Inc.
	$	425,000		4.750	%	10/15/27(a)	$	408,000
McGraw-Hill Education, Inc.
		100,000		5.750		08/01/28(a)		94,000
News Corp.
		250,000		3.875		05/15/29(a)		226,875
Radiate Holdco LLC / Radiate Finance, Inc.
		150,000		4.500		09/15/26(a)		118,500
WMG Acquisition Corp.
		232,000		3.875		07/15/30(a)		205,900
		293,000		3.000		02/15/31(a)		247,585
								8,973,934
Consumer Cyclical – 18.5%
Adient Global Holdings Ltd.
500,000				8.250		04/15/31(a)		526,372
ADT Security Corp. (The)
		86,000		4.125		08/01/29(a)		78,368
		146,000		4.875		07/15/32(a)		132,495
Allison Transmission, Inc.
		279,000		3.750		01/30/31(a)		240,638
AMC Entertainment Holdings, Inc.
		200,000		10.000		06/15/26(a)(b)		159,000
		100,000		7.500		02/15/29(a)		69,500
American Axle & Manufacturing, Inc.
		246,000		6.875		07/01/28		238,005
		126,000		5.000		10/01/29		109,305
Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp.
250,000				7.000		04/15/30(a)		227,813
Asbury Automotive Group, Inc.
		292,000		4.625		11/15/29(a)		266,815
		150,000		5.000		02/15/32(a)		133,500
Bath & Body Works, Inc.
		500,000		7.500		06/15/29		516,250
		194,000		6.875		11/01/35		194,727
		100,000		6.750		07/01/36		98,375
Boyd Gaming Corp.
		108,000		4.750		12/01/27		103,950
		146,000		4.750		06/15/31(a)		133,043
Brink’s Co. (The)
		200,000		5.500		07/15/25(a)		199,500
Caesars Entertainment, Inc.
		305,000		8.125		07/01/27(a)		312,154
		358,000		4.625		10/15/29(a)		326,675
		100,000		7.000		02/15/30(a)		102,625
Carnival Corp.
		841,000		7.625		03/01/26(a)		851,512
		50,000		5.750		03/01/27(a)		49,563
		871,000		6.000		05/01/29(a)		854,669
Carnival Holdings Bermuda Ltd.
		273,000		10.375		05/01/28(a)		298,253
Carvana Co.
		340,000		13.000		06/01/30(a)(b)		318,750
		340,000		14.000		06/01/31(a)(b)		331,500
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management
Corp. / Millennium Op
		219,000		5.500		05/01/25(a)		218,726
Century Communities, Inc.
		150,000		6.750		06/01/27		150,375

  

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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

 

 

 

 

 

 

	Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Consumer Cyclical – (continued)
Century Communities, Inc. – (continued)
	$	200,000		3.875	%	08/15/29(a)	$	177,000
Cinemark USA, Inc.
		100,000		5.250		07/15/28(a)		93,750
Clarios Global LP / Clarios U.S. Finance Co.
		289,000		8.500		05/15/27(a)		290,445
		100,000		6.750		05/15/28(a)		101,375
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.
		147,000		4.625		01/15/29(a)		133,586
		344,000		6.750		01/15/30(a)		304,440
Gap, Inc. (The)
		100,000		3.625		10/01/29(a)		85,000
		207,000		3.875		10/01/31(a)		167,670
Goodyear Tire & Rubber Co. (The)
		50,000		9.500		05/31/25		50,500
		50,000		5.000		05/31/26		48,750
		150,000		4.875		03/15/27		144,187
		170,000		5.000		07/15/29		156,825
		180,000		5.250		04/30/31		163,350
		103,000		5.250		07/15/31		93,215
Guitar Center, Inc.
		250,000		8.500		01/15/26(a)		219,375
Hilton Domestic Operating Co., Inc.
		50,000		5.375		05/01/25(a)		50,000
		220,000		5.750		05/01/28(a)		219,175
		145,000		3.750		05/01/29(a)		132,675
		45,000		4.875		01/15/30		42,694
		283,000		4.000		05/01/31(a)		252,664
		259,000		3.625		02/15/32(a)		221,584
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand
Vacations Borrower Esc
		419,000		5.000		06/01/29(a)		390,194
		300,000		6.625		01/15/32(a)		301,500
Iron Mountain Information Management Services, Inc.
		100,000		5.000		07/15/32(a)		89,375
Iron Mountain, Inc.
		200,000		4.875		09/15/27(a)		192,500
		239,000		5.250		03/15/28(a)		231,531
		319,000		5.250		07/15/30(a)		299,461
		400,000		4.500		02/15/31(a)		356,250
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC
		150,000		4.750		06/01/27(a)		147,000
LCM Investments Holdings II LLC
		290,000		4.875		05/01/29(a)		261,000
Liberty Interactive LLC
		200,000		8.250		02/01/30		132,000
Life Time, Inc.
		60,000		8.000		04/15/26(a)		60,675
Light & Wonder International, Inc.
		145,000		7.000		05/15/28(a)		146,450
		146,000		7.250		11/15/29(a)		149,650
		250,000		7.500		09/01/31(a)		260,937
Lithia Motors, Inc.
		200,000		4.625		12/15/27(a)		191,000
		100,000		4.375		01/15/31(a)		88,875

	Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Consumer Cyclical – (continued)
Macy’s Retail Holdings LLC
	$	190,000		5.875	%	04/01/29(a)	$	183,350
		101,000		6.125		03/15/32(a)		94,309
MGM Resorts International
		79,000		5.750		06/15/25		79,000
		161,000		4.625		09/01/26		156,572
		180,000		5.500		04/15/27		177,300
		160,000		4.750		10/15/28		151,000
Mohegan Tribal Gaming Authority
		354,000		8.000		02/01/26(a)		334,530
		200,000		13.250		12/15/27(a)		216,000
NCL Corp. Ltd.
		327,000		5.875		03/15/26(a)		320,460
		500,000		5.875		02/15/27(a)		495,625
		114,000		7.750		02/15/29(a)		117,135
NCL Finance Ltd.
		50,000		6.125		03/15/28(a)		48,875
NMG Holding Co., Inc. / Neiman Marcus Group LLC
		240,000		7.125		04/01/26(a)		236,400
Nordstrom, Inc.
		100,000		4.250		08/01/31		84,500
PetSmart, Inc. / PetSmart Finance Corp.
		250,000		4.750		02/15/28(a)		235,000
		250,000		7.750		02/15/29(a)		248,125
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.
		100,000		5.625		09/01/29(a)		72,500
		100,000		5.875		09/01/31(a)		71,000
Prime Security Services Borrower LLC / Prime Finance, Inc.
		100,000		5.750		04/15/26(a)		99,500
		338,000		3.375		08/31/27(a)		309,270
		358,000		6.250		01/15/28(a)		354,420
QVC, Inc.
		50,000		4.450		02/15/25		48,812
		450,000		4.750		02/15/27		408,375
		50,000		4.375		09/01/28		41,375
RHP Hotel Properties LP / RHP Finance Corp.
		299,000		4.500		02/15/29(a)		277,696
Royal Caribbean Cruises Ltd.
		420,000		4.250		07/01/26(a)		404,775
		100,000		5.375		07/15/27(a)		98,125
		140,000		3.700		03/15/28		129,325
		351,000		5.500		04/01/28(a)		345,735
		200,000		8.250		01/15/29(a)		212,750
Sabre GLBL, Inc.
		300,000		8.625		06/01/27(a)		265,500
Six Flags Entertainment Corp.
		250,000		5.500		04/15/27(a)		245,937
		400,000		7.250		05/15/31(a)		402,750
Staples, Inc.
		333,000		7.500		04/15/26(a)		321,761
Station Casinos LLC
		100,000		4.500		02/15/28(a)		93,750
Taylor Morrison Communities, Inc.
		243,000		5.125		08/01/30(a)		230,243
Tenneco, Inc.
		300,000		8.000		11/17/28(a)		274,500

  

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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

 

Schedule of Investments (continued)

February 29, 2024

 

 

	Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Consumer Cyclical – (continued)
TKC Holdings, Inc.
	$	100,000		6.875	%	05/15/28(a)	$	94,000
Travel + Leisure Co.
		355,000		6.625		07/31/26(a)		359,437
		350,000		4.500		12/01/29(a)		322,000
Wand NewCo 3, Inc.
		540,000		7.625		01/30/32(a)		556,200
Williams Scotsman, Inc.
		254,000		6.125		06/15/25(a)		254,318
		290,000		7.375		10/01/31(a)		301,600
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.
		200,000		5.250		05/15/27(a)		195,750
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.
		200,000		5.125		10/01/29(a)		189,750
Yum! Brands, Inc.
		161,000		4.750		01/15/30(a)		153,151
		164,000		3.625		03/15/31		144,730
		354,000		5.375		04/01/32		340,725
								24,487,057
Consumer Noncyclical – 2.9%
Allied Universal Holdco LLC / Allied Universal Finance Corp.
		26,000		6.625		07/15/26(a)		25,935
		207,000		9.750		07/15/27(a)		206,353
		200,000		6.000		06/01/29(a)		166,250
Allied Universal Holdco LLC /Allied Universal Finance Corp. /
Atlas Luxco 4 Sarl
		200,000		4.625		06/01/28(a)		178,000
Avantor Funding, Inc.
		550,000		4.625		07/15/28(a)		521,813
Hologic, Inc.
		104,000		4.625		02/01/28(a)		99,970
		375,000		3.250		02/15/29(a)		336,094
LifePoint Health, Inc.
		200,000		5.375		01/15/29(a)		159,500
Medline Borrower LP
		986,000		3.875		04/01/29(a)		887,400
		321,000		5.250		10/01/29(a)		298,530
Molina Healthcare, Inc.
		450,000		4.375		06/15/28(a)		420,750
RegionalCare Hospital Partners Holdings Inc / LifePoint Health, Inc.
		393,000		9.750		12/01/26(a)		392,509
Vector Group Ltd.
		154,000		10.500		11/01/26(a)		154,962
		150,000		5.750		02/01/29(a)		137,625
								3,985,691
Consumer Products – 0.7%
Coty, Inc.
		200,000		5.000		04/15/26(a)		197,000
Energizer Holdings, Inc.
		100,000		4.750		06/15/28(a)		91,760
		100,000		4.375		03/31/29(a)		89,375
Newell Brands, Inc.
		320,000		6.625		09/15/29		306,240
Scotts Miracle-Gro Co. (The)
		100,000		4.375		02/01/32		83,875

	Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Consumer Products – (continued)
Tempur Sealy International, Inc.
		$300,000		4.000	%	04/15/29(a)	$	268,500
								1,036,750
Distribution & Logistics – 0.1%
WESCO Distribution, Inc.
$ 171,000				7.250		06/15/28(a)		174,847
Electric – 2.8%
Artera Services LLC
		100,000		8.500		02/15/31(a)		102,313
Calpine Corp.
		191,000		5.250		06/01/26(a)		188,612
		100,000		5.125		03/15/28(a)		94,875
		150,000		4.625		02/01/29(a)		138,188
		68,000		5.000		02/01/31(a)		61,030
		277,000		3.750		03/01/31(a)		237,527
Clearway Energy Operating LLC
		473,000		3.750		02/15/31(a)		401,459
FirstEnergy Corp.
		487,000		2.650		03/01/30		417,363
FirstEnergy Corp., Series B
		126,000		4.150		07/15/27		120,124
NextEra Energy Operating Partners LP
		100,000		3.875		10/15/26(a)		94,000
PG&E Corp.
		487,000		5.250		07/01/30		459,506
Pike Corp.
		100,000		8.625		01/31/31(a)		105,750
TerraForm Power Operating LLC
		300,000		5.000		01/31/28(a)		285,000
		200,000		4.750		01/15/30(a)		182,000
Vistra Operations Co. LLC
		187,000		5.625		02/15/27(a)		183,260
		385,000		5.000		07/31/27(a)		368,637
		284,000		4.375		05/01/29(a)		258,795
		100,000		7.750		10/15/31(a)		103,375
								3,801,814
Energy – 11.7%
Antero Midstream Partners LP / Antero Midstream Finance Corp.
		167,000		5.750		03/01/27(a)		163,660
		71,000		5.750		01/15/28(a)		69,757
		250,000		6.625		02/01/32(a)		249,063
Antero Resources Corp.
		126,000		7.625		02/01/29(a)		130,095
		150,000		5.375		03/01/30(a)		143,437
Archrock Partners LP / Archrock Partners Finance Corp.
		297,000		6.875		04/01/27(a)		297,000
		50,000		6.250		04/01/28(a)		49,125
Ascent Resources Utica Holdings LLC / ARU Finance Corp.
		152,000		5.875		06/30/29(a)		142,310
Buckeye Partners LP
		68,000		3.950		12/01/26		64,430
		134,000		4.125		12/01/27		124,770
		146,000		4.500		03/01/28(a)		136,510
Callon Petroleum Co.
		332,000		8.000		08/01/28(a)		347,355
Chesapeake Energy Corp.
		400,000		5.875		02/01/29(a)		395,000

  

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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

 

 

 

 

 

 

	Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Energy – (continued)
CITGO Petroleum Corp.
	$	300,000		7.000	%	06/15/25(a)	$	300,375
		170,000		6.375		06/15/26(a)		171,700
		100,000		8.375		01/15/29(a)		105,125
CNX Resources Corp.
		270,000		6.000		01/15/29(a)		260,212
CQP Holdco LP / BIP-V Chinook Holdco LLC
		500,000		5.500		06/15/31(a)		468,125
CrownRock LP / CrownRock Finance, Inc.
		364,000		5.625		10/15/25(a)		362,180
DT Midstream, Inc.
		250,000		4.125		06/15/29(a)		229,375
		297,000		4.375		06/15/31(a)		267,671
Endeavor Energy Resources LP / EER Finance, Inc.
		243,000		5.750		01/30/28(a)		245,430
EnLink Midstream LLC
		100,000		5.625		01/15/28(a)		98,503
		343,000		5.375		06/01/29		332,113
EnLink Midstream Partners LP
		312,000		4.850		07/15/26		305,484
EQM Midstream Partners LP
		293,000		6.000		07/01/25(a)		294,099
		50,000		7.500		06/01/27(a)		51,250
		170,000		6.500		07/01/27(a)		172,337
		167,000		5.500		07/15/28		164,495
		199,000		4.500		01/15/29(a)		187,060
		239,000		4.750		01/15/31(a)		223,166
Hess Midstream Operations LP
		77,000		5.125		06/15/28(a)		74,112
		233,000		4.250		02/15/30(a)		211,739
		100,000		5.500		10/15/30(a)		95,875
Hilcorp Energy I LP / Hilcorp Finance Co.
		75,000		6.250		11/01/28(a)		74,813
		269,000		5.750		02/01/29(a)		260,930
		150,000		6.000		02/01/31(a)		145,312
		100,000		8.375		11/01/33(a)		107,375
ITT Holdings LLC
		260,000		6.500		08/01/29(a)		232,050
Kinetik Holdings LP
		500,000		5.875		06/15/30(a)		489,375
Matador Resources Co.
		450,000		6.875		04/15/28(a)		459,563
Moss Creek Resources Holdings, Inc.
		130,000		7.500		01/15/26(a)		129,431
		265,000		10.500		05/15/27(a)		272,619
Nabors Industries Ltd.
		189,000		7.250		01/15/26(a)		186,165
Nabors Industries, Inc.
		200,000		9.125		01/31/30(a)		205,375
Northern Oil & Gas, Inc.
		150,000		8.750		06/15/31(a)		157,125
PBF Holding Co. LLC / PBF Finance Corp.
		323,000		6.000		02/15/28		315,732
Permian Resources Operating LLC
		500,000		8.000		04/15/27(a)		517,500
		200,000		5.875		07/01/29(a)		196,000
Range Resources Corp.
		185,000		4.875		05/15/25		183,381

	Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Energy – (continued)
Range Resources Corp. – (continued)
	$	250,000		4.750	%	02/15/30(a)	$	232,500
SM Energy Co.
		90,000		6.750		09/15/26		89,888
		199,000		6.625		01/15/27		198,751
Southwestern Energy Co.
		293,000		5.375		03/15/30		279,815
		341,000		4.750		02/01/32		310,310
Sunoco LP / Sunoco Finance Corp.
		130,000		6.000		04/15/27		130,163
		200,000		4.500		05/15/29		184,500
		90,000		4.500		04/30/30		81,787
Transocean Titan Financing Ltd.
		93,000		8.375		02/01/28(a)		95,906
Transocean, Inc.
		187,000		11.500		01/30/27(a)		195,415
		594,000		8.750		02/15/30(a)		614,048
USA Compression Partners LP / USA Compression Finance Corp.
		316,000		6.875		04/01/26		316,000
Valaris Ltd.
		300,000		8.375		04/30/30(a)		309,056
Venture Global Calcasieu Pass LLC
		520,000		3.875		08/15/29(a)		468,650
		247,000		3.875		11/01/33(a)		207,789
Venture Global LNG, Inc.
		510,000		8.125		06/01/28(a)		518,925
		550,000		9.500		02/01/29(a)		587,812
Vital Energy, Inc.
		200,000		9.750		10/15/30		214,250
								15,901,249
Financial Company – 4.9%
AG TTMT Escrow Issuer LLC
		100,000		8.625		09/30/27(a)		103,250
Coinbase Global, Inc.
		250,000		3.625		10/01/31(a)		195,938
HUB International Ltd.
		170,000		5.625		12/01/29(a)		158,525
		440,000		7.250		06/15/30(a)		448,800
		300,000		7.375		01/31/32(a)		302,250
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
		564,000		6.375		12/15/25		560,458
		310,000		5.250		05/15/27		286,363
LD Holdings Group LLC
		226,000		6.125		04/01/28(a)		185,038
Midcap Financial Issuer Trust
		200,000		6.500		05/01/28(a)		184,000
Nationstar Mortgage Holdings, Inc.
		130,000		6.000		01/15/27(a)		128,050
		353,000		5.500		08/15/28(a)		335,350
		200,000		5.125		12/15/30(a)		179,246
Navient Corp.
		164,000		6.750		06/25/25		166,050
		271,000		6.750		06/15/26		272,442
		200,000		5.500		03/15/29		181,500
Navient Corp., MTN
		297,000		5.625		08/01/33		243,169
NFP Corp.
		342,000		6.875		08/15/28(a)		348,413

  

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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

 

Schedule of Investments (continued)

February 29, 2024

 

 

	Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Financial Company – (continued)
OneMain Finance Corp.
	$	250,000		7.125	%	03/15/26	$	255,313
		120,000		3.500		01/15/27		110,700
		375,000		3.875		09/15/28		329,531
		100,000		9.000		01/15/29		105,249
		100,000		7.875		03/15/30		101,875
		235,000		4.000		09/15/30		199,162
PennyMac Financial Services, Inc.
		302,000		5.375		10/15/25(a)		298,225
		150,000		5.750		09/15/31(a)		137,812
Rocket Mortgage LLC
		244,000		5.250		01/15/28(a)		234,126
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc.
		371,000		3.875		03/01/31(a)		318,982
		270,000		4.000		10/15/33(a)		226,199
United Wholesale Mortgage LLC
		200,000		5.750		06/15/27(a)		195,000
								6,791,016
Food and Beverage – 2.5%
Aramark Services, Inc.
		395,000		5.000		02/01/28(a)		380,188
B&G Foods, Inc.
		250,000		5.250		09/15/27		232,370
Fiesta Purchaser, Inc.
		350,000		7.875		03/01/31(a)		362,688
Lamb Weston Holdings, Inc.
		320,000		4.125		01/31/30(a)		290,800
		240,000		4.375		01/31/32(a)		215,100
Performance Food Group, Inc.
		488,000		5.500		10/15/27(a)		479,460
Post Holdings, Inc.
		179,000		5.750		03/01/27(a)		181,014
		180,000		5.625		01/15/28(a)		177,300
		273,000		5.500		12/15/29(a)		262,080
		370,000		4.500		09/15/31(a)		331,150
U.S. Foods, Inc.
		50,000		6.875		09/15/28(a)		51,062
		300,000		4.750		02/15/29(a)		281,250
								3,244,462
Hardware – 0.3%
NCR Voyix Corp.
		254,000		5.000		10/01/28(a)		237,172
		190,000		5.250		10/01/30(a)		172,425
								409,597
Healthcare – 5.9%
Charles River Laboratories International, Inc.
		450,000		4.000		03/15/31(a)		399,656
CHS/Community Health Systems, Inc.
		350,000		5.625		03/15/27(a)		322,000
		226,000		6.000		01/15/29(a)		194,077
		238,000		6.875		04/15/29(a)		154,700
		476,000		5.250		05/15/30(a)		380,800
		399,000		4.750		02/15/31(a)		305,235
DaVita, Inc.
		526,000		4.625		06/01/30(a)		462,880
		313,000		3.750		02/15/31(a)		257,442

	Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Healthcare – (continued)
Encompass Health Corp.
	$	400,000		4.750	%	02/01/30	$	372,000
IQVIA, Inc.
		280,000		5.000		05/15/27(a)		273,000
		250,000		6.500		05/15/30(a)		254,375
Legacy LifePoint Health LLC
		323,000		4.375		02/15/27(a)		299,582
MPH Acquisition Holdings LLC
		250,000		5.500		09/01/28(a)		219,375
		250,000		5.750		11/01/28(a)		200,625
Owens & Minor, Inc.
		400,000		6.625		04/01/30(a)		388,000
RP Escrow Issuer LLC
		100,000		5.250		12/15/25(a)		89,750
Select Medical Corp.
		100,000		6.250		08/15/26(a)		100,000
Service Corp. International
		115,000		4.625		12/15/27		110,688
		468,000		5.125		06/01/29		459,225
Star Parent, Inc.
		100,000		9.000		10/01/30(a)		105,875
Tenet Healthcare Corp.
		397,000		4.875		01/01/26		396,802
		290,000		6.250		02/01/27		289,638
		305,000		5.125		11/01/27		299,281
		193,000		4.625		06/15/28		184,074
		451,000		6.125		10/01/28		447,617
		420,000		4.250		06/01/29		386,400
		50,000		6.125		06/15/30		49,625
		450,000		6.750		05/15/31(a)		455,062
								7,857,784
Insurance – 1.3%
Acrisure LLC / Acrisure Finance, Inc.
		157,000		10.125		08/01/26(a)		163,476
		475,000		8.250		02/01/29(a)		470,844
Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer
		403,000		4.250		10/15/27(a)		375,294
		244,000		6.750		10/15/27(a)		237,290
		30,000		5.875		11/01/29(a)		27,525
		350,000		7.000		01/15/31(a)		349,125
AssuredPartners, Inc.
		150,000		5.625		01/15/29(a)		138,375
								1,761,929
Metals – 0.4%
Kaiser Aluminum Corp.
		150,000		4.500		06/01/31(a)		128,250
Novelis Corp.
		451,000		4.750		01/30/30(a)		414,356
		60,000		3.875		08/15/31(a)		50,925
								593,531
Metals and Mining – 0.3%
Cleveland-Cliffs, Inc.
		386,000		6.750		03/15/26(a)		388,413
Natural Gas – 2.3%
Ferrellgas LP / Ferrellgas Finance Corp.
		359,000		5.375		04/01/26(a)		357,205

  

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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

 

 

 

 

 

 

	Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Natural Gas – (continued)
Genesis Energy LP / Genesis Energy Finance Corp.
	$	570,000		8.000	%	01/15/27	$	576,412
NGL Energy Operating LLC / NGL Energy Finance Corp.
		350,000		8.375		02/15/32(a)		357,000
NuStar Logistics LP
		193,000		6.000		06/01/26		191,311
		100,000		5.625		04/28/27		98,875
Rockies Express Pipeline LLC
		251,000		4.950		07/15/29(a)		235,940
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
		153,000		6.000		03/01/27(a)		150,896
		111,000		5.500		01/15/28(a)		105,450
		100,000		7.375		02/15/29(a)		99,750
		300,000		6.000		09/01/31(a)		276,375
Venture Global LNG, Inc.
		550,000		8.375		06/01/31(a)		557,219
								3,006,433
Other – 0.2%
Brand Industrial Services, Inc.
		250,000		10.375		08/01/30(a)		265,625
Pharmaceuticals – 1.4%
Bausch Health Americas, Inc.
		450,000		9.250		04/01/26(a)		426,375
Bausch Health Cos., Inc.
		550,000		5.500		11/01/25(a)		512,875
		150,000		9.000		12/15/25(a)		142,875
		200,000		6.125		02/01/27(a)		129,000
		500,000		4.875		06/01/28(a)		287,500
		250,000		11.000		09/30/28(a)		167,500
		50,000		5.000		02/15/29(a)		22,250
		100,000		6.250		02/15/29(a)		46,000
		110,000		5.250		01/30/30(a)		48,675
		300,000		5.250		02/15/31(a)		132,750
								1,915,800
REITs and Real Estate – 1.7%
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR
Nimbus LLC / GGSI Sellco LL
		250,000		5.750		05/15/26(a)		241,719
Diversified Healthcare Trust
		100,000		9.750		06/15/25		99,743
		100,000		–		01/15/26(a)(c)		85,152
		100,000		4.750		02/15/28		79,829
		150,000		4.375		03/01/31		114,375
Howard Hughes Corp. (The)
		329,000		4.375		02/01/31(a)		281,706
Hudson Pacific Properties LP
		250,000		3.950		11/01/27		216,471
Kennedy-Wilson, Inc.
		50,000		4.750		03/01/29		40,750
		241,000		5.000		03/01/31		188,583
Realogy Group LLC / Realogy Co.-Issuer Corp.
		100,000		5.750		01/15/29(a)		74,750
Service Properties Trust
		239,000		7.500		09/15/25		241,682
		60,000		4.950		10/01/29		49,500
		263,000		4.375		02/15/30		204,552
		150,000		8.625		11/15/31(a)		158,708

	Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
REITs and Real Estate – (continued)
Starwood Property Trust, Inc.
		$60,000		4.750	%	03/15/25	$	59,325
								2,136,845
Rental Equipment – 1.5%
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
		500,000		5.750		07/15/27(a)		476,250
		200,000		8.000		02/15/31(a)		194,000
H&E Equipment Services, Inc.
		440,000		3.875		12/15/28(a)		397,650
Hertz Corp. (The)
		75,000		4.625		12/01/26(a)		66,375
		125,000		5.000		12/01/29(a)		95,625
United Rentals North America, Inc.
		228,000		5.500		05/15/27		226,496
		280,000		4.875		01/15/28		271,600
		281,000		3.875		02/15/31		250,090
								1,978,086
Software – 1.8%
Clarivate Science Holdings Corp.
		250,000		3.875		07/01/28(a)		228,750
		100,000		4.875		07/01/29(a)		91,000
Cloud Software Group, Inc.
		663,000		6.500		03/31/29(a)		618,248
		650,000		9.000		09/30/29(a)		606,943
Fair Isaac Corp.
		450,000		4.000		06/15/28(a)		419,063
ROBLOX Corp.
		100,000		3.875		05/01/30(a)		87,500
SS&C Technologies, Inc.
		412,000		5.500		09/30/27(a)		401,505
								2,453,009
Technology – 3.9%
Arches Buyer, Inc.
		152,000		4.250		06/01/28(a)		130,340
		234,000		6.125		12/01/28(a)		199,485
Block, Inc.
		250,000		3.500		06/01/31		214,063
Entegris, Inc.
		300,000		4.375		04/15/28(a)		281,250
Go Daddy Operating Co LLC / GD Finance Co., Inc.
		750,000		5.250		12/01/27(a)		731,250
Imola Merger Corp.
		328,000		4.750		05/15/29(a)		305,040
Match Group Holdings II LLC
		250,000		5.000		12/15/27(a)		239,062
		400,000		4.625		06/01/28(a)		377,000
		100,000		3.625		10/01/31(a)		84,500
McAfee Corp.
		377,000		7.375		02/15/30(a)		334,116
NCR Atleos Corp.
		200,000		9.500		04/01/29(a)		212,500
Newfold Digital Holdings Group, Inc.
		70,000		11.750		10/15/28(a)		76,300
		100,000		6.000		02/15/29(a)		78,750
Presidio Holdings, Inc.
		225,000		8.250		02/01/28(a)		222,750

  

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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

 

Schedule of Investments (continued)

February 29, 2024

 

 

	Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Technology – (continued)
Seagate HDD Cayman
	$	150,000		8.250	%	12/15/29(a)	$	161,063
		385,000		9.625		12/01/32		437,937
Uber Technologies, Inc.
		617,000		4.500		08/15/29(a)		581,523
Vericast Corp.
		200,000		11.000		09/15/26(a)		210,375
Verscend Escrow Corp.
		209,000		9.750		08/15/26(a)		209,634
Xerox Holdings Corp.
		295,000		5.500		08/15/28(a)		268,081
								5,355,019
Transportation – 2.1%
American Airlines, Inc.
		100,000		7.250		02/15/28(a)		100,948
American Airlines, Inc. /AAdvantage Loyalty IP Ltd.
		436,500		5.500		04/20/26(a)		434,318
		698,000		5.750		04/20/29(a)		683,098
Fortress Transportation and Infrastructure Investors LLC
		95,000		6.500		10/01/25(a)		94,762
		550,000		5.500		05/01/28(a)		528,688
United Airlines, Inc.
		188,000		4.375		04/15/26(a)		180,748
		513,000		4.625		04/15/29(a)		472,895
XPO, Inc.
		100,000		7.125		06/01/31(a)		102,375
		100,000		7.125		02/01/32(a)		102,125
								2,699,957
Wireless – 0.4%
Hughes Satellite Systems Corp.
		100,000		5.250		08/01/26		86,125
		100,000		6.625		08/01/26		66,000
SBA Communications Corp.
		300,000		3.875		02/15/27		282,954
		100,000		3.125		02/01/29		88,875
								523,954
Wirelines – 2.9%
Cablevision Lightpath LLC
		200,000		5.625		09/15/28(a)		167,500
Consolidated Communications, Inc.
		202,000		6.500		10/01/28(a)		174,730
Embarq Corp.
		200,000		7.995		06/01/36		115,000
Frontier Communications Holdings LLC
		75,000		5.875		10/15/27(a)		72,516
		500,000		5.000		05/01/28(a)		463,125
		200,000		6.750		05/01/29(a)		179,500
		273,000		5.875		11/01/29		234,780
		150,000		6.000		01/15/30(a)		128,625
		260,000		8.750		05/15/30(a)		266,500
		100,000		8.625		03/15/31(a)		101,625
Level 3 Financing, Inc.
		175,000		4.625		09/15/27(a)		108,500
		150,000		4.250		07/01/28(a)		72,000
		100,000		3.625		01/15/29(a)		42,000
		125,000		3.750		07/15/29(a)		52,500
		390,000		3.875		11/15/29(a)		221,325

	Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Wirelines – (continued)
Lumen Technologies, Inc.
	$	200,000		4.000	%	02/15/27(a)	$	122,000
		200,000		4.500		01/15/29(a)		65,000
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC
		300,000		10.500		02/15/28(a)		312,000
		491,000		4.750		04/15/28(a)		429,625
		150,000		6.500		02/15/29(a)		115,875
Windstream Escrow LLC / Windstream Escrow Finance Corp.
		202,000		7.750		08/15/28(a)		189,628
Zayo Group Holdings, Inc.
		420,000		4.000		03/01/27(a)		351,750
								3,986,104
TOTAL CORPORATE OBLIGATIONS (Cost $123,165,016)								121,616,556
Foreign Corporate Debt – 6.5%
Aerospace & Defense – 0.9%
Bombardier, Inc. (Canada)
		547,000		7.125		06/15/26(a)		551,103
		291,000		7.875		04/15/27(a)		291,727
		200,000		6.000		02/15/28(a)		194,000
		100,000		8.750		11/15/30(a)		104,688
								1,141,518
Basic Industry – 0.8%
Methanex Corp. (Canada)
		188,000		5.125		10/15/27		180,715
		102,000		5.250		12/15/29		97,129
NOVA Chemicals Corp. (Canada)
		190,000		5.000		05/01/25(a)		185,725
		273,000		5.250		06/01/27(a)		253,208
		200,000		8.500		11/15/28(a)		211,750
		100,000		9.000		02/15/30(a)		101,000
								1,029,527
Capital Goods – 0.8%
ARD Finance SA (Luxembourg)
200,000				6.500		06/30/27(a)(b)		86,500
GFL Environmental, Inc. (Canada)
		271,000		4.250		06/01/25(a)		266,935
		250,000		3.750		08/01/25(a)		243,437
		342,000		4.750		06/15/29(a)		321,053
		100,000		6.750		01/15/31(a)		102,750
								1,020,675
Consumer Cyclical – 1.4%
1011778 BC ULC / New Red Finance, Inc. (Canada)
		301,000		3.875		01/15/28(a)		280,683
		154,000		4.375		01/15/28(a)		145,145
		112,000		3.500		02/15/29(a)		101,360
		457,000		4.000		10/15/30(a)		402,731
Brookfield Residential Properties, Inc. / Brookfield
Residential U.S. LLC (Canada)
		100,000		6.250		09/15/27(a)		97,250
		80,000		4.875		02/15/30(a)		71,200
Garda World Security Corp. (Canada)
		167,000		4.625		02/15/27(a)		159,485
		135,000		9.500		11/01/27(a)		135,169

  

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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

 

 

 

 

 

 

	Principal Amount		Interest Rate			Maturity Date	Value
Foreign Corporate Debt – (continued)
Consumer Cyclical – (continued)
Mattamy Group Corp. (Canada)
	$	186,000		5.250	%	12/15/27(a)	$	178,778
		117,000		4.625		03/01/30(a)		105,154
Odeon Finco PLC (United Kingdom)
		260,000		12.750		11/01/27(a)		265,525
								1,942,480
Consumer Products – 0.3%
Kronos Acquisition Holdings Inc / KIK Custom Products, Inc.
		400,000		5.000		12/31/26(a)		387,000
Energy – 0.1%
MEG Energy Corp.
		65,000		7.125		02/01/27(a)		66,138
Mining – 0.9%
First Quantum Minerals Ltd. (Zambia)
		207,000		7.500		04/01/25(a)		207,000
		410,000		6.875		03/01/26(a)		409,488
		200,000		6.875		10/15/27(a)		190,750
Hudbay Minerals, Inc. (Canada)
		405,000		4.500		04/01/26(a)		390,825
								1,198,063
Natural Gas – 0.2%
Parkland Corp.
		347,000		4.625		05/01/30(a)		316,638
Software – 0.5%
Open Text Corp. (Canada)
		250,000		3.875		02/15/28(a)		230,312
		200,000		3.875		12/01/29(a)		177,250
Open Text Holdings, Inc. (Canada)
		250,000		4.125		12/01/31(a)		214,688
								622,250
Transportation – 0.3%
Air Canada (Canada)
		100,000		3.875		08/15/26(a)		95,125
VistaJet Malta Finance PLC / Vista Management Holding, Inc.
(Switzerland)
		100,000		7.875		05/01/27(a)		85,375
		100,000		9.500		06/01/28(a)		84,709
		200,000		6.375		02/01/30(a)		146,500
								411,709
Wireless – 0.3%
Intelsat Jackson Holdings SA
		485,000		6.500		03/15/30(a)		450,444
TOTAL FOREIGN CORPORATE DEBT (Cost $8,763,923)								8,586,442

	Shares	Dividend Rate	Value
Investment Company – 1.4%(d)
Goldman Sachs Financial Square Government Fund - Institutional Shares
	1,877,196	5.219%		$  1,877,196
(Cost $1,877,196)
TOTAL INVESTMENTS – 98.5% (Cost $133,806,135)				$ 132,080,194
OTHER ASSETS IN EXCESS OF LIABILITIES   – 1.5%				2,006,134
NET ASSETS – 100.0%				$ 134,086,328

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) Issued with a zero coupon. Income is recognized through the accretion of discount.

(d) Represents an affiliated issuer.

Investment Abbreviations:
GO	—General Obligation
LP	—Limited Partnership
MTN	—Medium Term Note
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

  

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

GOLDMAN SACHS ACCESS INFLATION PROTECTED USD BOND ETF

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Inflation Indexed Bonds – 99.4%
U.S. Treasury Inflation Indexed Bonds
	$3,509,667		0.250	%	01/15/25	$	3,449,988
	3,919,305		0.375		07/15/25		3,835,133
	1,104,175		0.125		10/15/25		1,072,084
	3,906,445		0.625		01/15/26		3,801,123
	5,366,446		0.125		04/15/26		5,143,615
	7,139,446		0.125		07/15/26		6,845,526
	7,702,938		0.125		10/15/26		7,353,627
	4,199,427		0.375		01/15/27		4,008,502
	8,875,670		0.375		07/15/27		8,447,896
	10,265,670		0.500		01/15/28		9,717,150
	3,267,655		0.750		07/15/28		3,120,411
	1,690,533		3.875		04/15/29		1,849,933
	5,150,521		0.250		07/15/29		4,739,555
	9,675,109		0.125		01/15/30		8,726,510
	8,137,913		0.125		07/15/30		7,308,497
	5,835,755		0.125		07/15/31		5,151,039
	5,364,700		0.125		01/15/32		4,673,362
	7,603,512		0.625		07/15/32		6,879,408
	4,234,893		2.125		02/15/40		4,293,960
	9,065,519		0.750		02/15/42		7,249,318
	3,911,338		0.875		02/15/47		3,020,905
	2,481,620		1.000		02/15/48		1,956,797
	1,968,701		1.000		02/15/49		1,546,003
	2,629,636		0.250		02/15/50		1,659,521
	2,341,580		0.125		02/15/52		1,381,238
TOTAL U.S. TREASURY INFLATION INDEXED BONDS
(Cost $129,596,574)							117,231,101
Shares		Dividend Rate				Value
Investment Company – 0.5%(a)
Goldman Sachs Financial Square Government Fund - Institutional Shares
561,558			5.219%				561,558
(Cost $561,558)
TOTAL INVESTMENTS – 99.9% (Cost $130,158,132)						$	117,792,659
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1%							99,941
NET ASSETS – 100.0%						$	117,892,600

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.

  

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1 - 5 YEAR BOND

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 82.4%
Aerospace & Defense – 0.1%
Boeing Co. (The)
$	10,000		4.875	%	05/01/25	$	9,909
Aerospace/Defense – 2.1%
Boeing Co. (The)
	20,000		2.196		02/04/26		18,748
	40,000		5.040		05/01/27		39,630
General Dynamics Corp.
	16,000		1.150		06/01/26		14,725
Huntington Ingalls Industries, Inc.
	20,000		3.483		12/01/27		18,775
Lockheed Martin Corp.
	50,000		3.550		01/15/26		48,703
RTX Corp.
	40,000		5.750		01/15/29		41,179
Textron, Inc.
	13,000		3.650		03/15/27		12,407
							194,167
Banks – 21.4%
American Express Co.
	50,000		4.900		02/13/26		49,871
	51,000		3.125		05/20/26		49,004
	20,000		5.850		11/05/27		20,503
Bank of America Corp.
(SOFR + 1.290%)
	80,000		5.080		01/20/27(a)		79,602
(SOFR + 0.960%)
	32,000		1.734		07/22/27(a)		29,364
(SOFR + 1.580%)
	32,000		4.376		04/27/28(a)		31,166
(SOFR + 1.630%)
	30,000		5.202		04/25/29(a)		29,902
Bank of America Corp., GMTN
(3M U.S. T-Bill MMY + 1.632%)
	40,000		3.593		07/21/28(a)		37,790
Bank of America Corp., MTN
(SOFR + 1.010%)
	21,000		1.197		10/24/26(a)		19,577
(3M U.S. T-Bill MMY + 1.322%)
	25,000		3.559		04/23/27(a)		23,954
(SOFR + 2.040%)
	50,000		4.948		07/22/28(a)		49,479
(3M U.S. T-Bill MMY + 1.572%)
	60,000		4.271		07/23/29(a)		57,829
Bank of America Corp., Series N
(SOFR + 0.910%)
	17,000		1.658		03/11/27(a)		15,690
Bank of New York Mellon Corp. (The), MTN
	20,000		1.600		04/24/25		19,206
	68,000		3.400		01/29/28		64,325
(3M U.S. T-Bill MMY + 1.331%)
	34,000		3.442		02/07/28(a)		32,477
Capital One Financial Corp.
(SOFR + 2.080%)
	20,000		5.468		02/01/29(a)		19,929

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
(SOFR + 2.640%)
$	60,000		6.312	%	06/08/29(a)		$     61,627
Citizens Financial Group, Inc.
	50,000		2.850		07/27/26		46,696
Fifth Third Bancorp
	20,000		2.550		05/05/27		18,445
JPMorgan Chase & Co.
	27,000		3.200		06/15/26		25,974
	30,000		2.950		10/01/26		28,483
(SOFR + 0.800%)
	17,000		1.045		11/19/26(a)		15,808
(SOFR + 0.885%)
	25,000		1.578		04/22/27(a)		23,158
(SOFR + 1.170%)
	25,000		2.947		02/24/28(a)		23,447
(SOFR + 1.560%)
	47,000		4.323		04/26/28(a)		45,900
(SOFR + 1.990%)
	40,000		4.851		07/25/28(a)		39,667
(SOFR + 1.015%)
	30,000		2.069		06/01/29(a)		26,517
(3M U.S. T-Bill MMY + 1.522%)
	20,000		4.203		07/23/29(a)		19,214
(SOFR + 1.450%)
	40,000		5.299		07/24/29(a)		40,221
(SOFR + 1.570%)
	50,000		6.087		10/23/29(a)		51,793
Morgan Stanley
(SOFR + 1.990%)
	34,000		2.188		04/28/26(a)		32,746
(SOFR + 1.770%)
	50,000		6.138		10/16/26(a)		50,629
(SOFR + 1.295%)
	20,000		5.050		01/28/27(a)		19,949
	20,000		3.591		07/22/28(a)		18,971
(SOFR + 2.240%)
	40,000		6.296		10/18/28(a)		41,423
Morgan Stanley, GMTN
	20,000		3.875		01/27/26		19,484
Morgan Stanley, MTN
(SOFR + 0.940%)
	28,000		2.630		02/18/26(a)		27,217
(SOFR + 1.590%)
	100,000		5.164		04/20/29(a)		99,507
PNC Financial Services Group, Inc. (The)
(SOFR + 1.620%)
	20,000		5.354		12/02/28(a)		20,030
(SOFR + 1.841%)
	50,000		5.582		06/12/29(a)		50,412
Santander Holdings USA, Inc.
	45,000		3.450		06/02/25		43,672
(SOFR + 1.249%)
	20,000		2.490		01/06/28(a)		18,117
(SOFR + 2.356%)
	20,000		6.499		03/09/29(a)		20,312
Synchrony Financial
	20,000		3.950		12/01/27		18,536

  

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1 - 5 YEAR BOND

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Truist Financial Corp., MTN
	(SOFR + 2.446%)
$	30,000		7.161	%	10/30/29(a)	$	31,894
	(SOFR + 1.620%)
	30,000		5.435		01/24/30(a)		29,615
U.S. Bancorp, MTN
	40,000		3.950		11/17/25		39,143
	(SOFR + 0.730%)
	10,000		2.215		01/27/28(a)		9,177
	(SOFR + 1.660%)
	8,000		4.548		07/22/28(a)		7,821
U.S. Bancorp, Series X
	21,000		3.150		04/27/27		19,759
US Bancorp
	(SOFR + 2.020%)
	30,000		5.775		06/12/29(a)		30,387
Wells Fargo & Co.
	6,000		3.000		04/22/26		5,712
	23,000		3.000		10/23/26		21,751
	(SOFR + 1.790%)
	50,000		6.303		10/23/29(a)		51,968
	(SOFR + 1.500%)
	50,000		5.198		01/23/30(a)		49,655
Wells Fargo & Co., MTN
	(3M U.S. T-Bill MMY + 1.432%)
	11,000		3.196		06/17/27(a)		10,489
	(SOFR + 1.510%)
	16,000		3.526		03/24/28(a)		15,187
	(3M U.S. T-Bill MMY + 1.572%)
	15,000		3.584		05/22/28(a)		14,218
	(SOFR + 2.100%)
	15,000		2.393		06/02/28(a)		13,692
	(SOFR + 1.980%)
	16,000		4.808		07/25/28(a)		15,729
	(SOFR + 1.740%)
	50,000		5.574		07/25/29(a)		50,474
							1,994,294
Basic Industry – 0.3%
Linde, Inc.
	24,000		3.200		01/30/26		23,271
Broadcasting – 0.2%
Discovery Communications LLC
	20,000		3.950		03/20/28		18,752
Building Materials – 0.6%
Stanley Black & Decker, Inc.
	40,000		3.400		03/01/26		38,506
Vulcan Materials Co.
	20,000		4.500		04/01/25		19,746
							58,252
Capital Goods – 3.5%
Berry Global, Inc.
	20,000		1.650		01/15/27		18,025
Caterpillar Financial Services Corp.
	17,000		0.900		03/02/26		15,712

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Capital Goods – (continued)
Caterpillar Financial Services Corp., MTN
$	30,000		4.350	%	05/15/26	$	29,637
John Deere Capital Corp., MTN
	50,000		3.400		09/11/25		48,813
	20,000		4.750		01/20/28		19,966
	20,000		1.500		03/06/28		17,641
Otis Worldwide Corp.
	30,000		2.293		04/05/27		27,683
Republic Services, Inc.
	9,000		2.900		07/01/26		8,584
Roper Technologies, Inc.
	16,000		1.000		09/15/25		14,960
	16,000		3.850		12/15/25		15,610
Trane Technologies Financing Ltd.
	40,000		3.500		03/21/26		38,661
Waste Management, Inc.
	20,000		7.000		07/15/28		21,613
Westinghouse Air Brake Technologies Corp.
	16,000		3.200		06/15/25		15,521
	20,000		4.700		09/15/28		19,550
Xylem, Inc.
	20,000		1.950		01/30/28		17,850
							329,826
Communications – 1.5%
Charter Communications Operating LLC / Charter
Communications Operating Capital
	17,000		4.908		07/23/25		16,771
Comcast Corp.
	40,000		5.350		11/15/27		40,636
	40,000		3.550		05/01/28		37,970
TWDC Enterprises 18 Corp., MTN
	8,000		1.850		07/30/26		7,430
Walt Disney Co. (The)
	40,000		3.700		03/23/27		38,777
							141,584
Consumer Cyclical – 10.7%
Amazon.com, Inc.
	20,000		0.800		06/03/25		18,997
	33,000		1.000		05/12/26		30,410
	15,000		4.550		12/01/27		14,947
American Honda Finance Corp.
	20,000		5.650		11/15/28		20,611
American Honda Finance Corp., GMTN
	20,000		3.500		02/15/28		19,016
American Honda Finance Corp., MTN
	13,000		1.200		07/08/25		12,326
Booking Holdings, Inc.
	43,000		3.600		06/01/26		41,691
Dollar Tree, Inc.
	30,000		4.200		05/15/28		28,924
DR Horton, Inc.
	10,000		1.300		10/15/26		9,050
Ford Motor Co.
	50,000		4.346		12/08/26		48,552
General Motors Co.
	34,000		6.800		10/01/27		35,601

  

34  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)
Consumer Cyclical – (continued)
General Motors Financial Co., Inc.
$	40,000		4.350	%	04/09/25	$	39,504
	21,000		1.250		01/08/26		19,478
	20,000		2.700		08/20/27		18,379
	30,000		3.850		01/05/28		28,520
Global Payments, Inc.
	40,000		1.200		03/01/26		36,855
	10,000		4.450		06/01/28		9,648
Home Depot, Inc. (The)
	40,000		4.000		09/15/25		39,371
	21,000		2.800		09/14/27		19,673
Las Vegas Sands Corp.
	10,000		3.500		08/18/26		9,420
Lennar Corp.
	20,000		4.750		11/29/27		19,674
Lowe’s Cos., Inc.
	50,000		4.800		04/01/26		49,687
	20,000		1.700		09/15/28		17,367
Marriott International, Inc., Series EE
	8,000		5.750		05/01/25		8,027
McDonald’s Corp., MTN
	40,000		3.500		03/01/27		38,488
Ross Stores, Inc.
	40,000		0.875		04/15/26		36,559
Starbucks Corp.
	16,000		2.000		03/12/27		14,652
	20,000		3.500		03/01/28		18,949
Toll Brothers Finance Corp.
	16,000		4.875		11/15/25		15,860
Toyota Motor Credit Corp.
	50,000		5.400		11/20/26		50,614
Toyota Motor Credit Corp., MTN
	16,000		0.800		01/09/26		14,831
	40,000		3.050		03/22/27		38,044
Visa, Inc.
	40,000		0.750		08/15/27		35,149
	50,000		2.750		09/15/27		46,848
Walmart, Inc.
	20,000		3.550		06/26/25		19,652
	50,000		3.900		09/09/25		49,249
	24,000		1.050		09/17/26		21,933
							996,556
Consumer Noncyclical – 2.5%
Abbott Laboratories
	20,000		1.150		01/30/28		17,591
Bristol-Myers Squibb Co.
	50,000		4.900		02/22/29		49,968
Centene Corp.
	20,000		4.250		12/15/27		19,150
Eli Lilly & Co.
	24,000		3.100		05/15/27		22,865
Gilead Sciences, Inc.
	20,000		1.200		10/01/27		17,610
Johnson & Johnson
	30,000		2.900		01/15/28		28,372
Merck & Co., Inc.
	16,000		0.750		02/24/26		14,797

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Consumer Noncyclical – (continued)
Merck Sharp & Dohme Corp.
$	20,000		6.400	%	03/01/28	$	21,118
Philip Morris International, Inc.
	30,000		4.875		02/15/28		29,844
Utah Acquisition Sub, Inc.
	13,000		3.950		06/15/26		12,566
							233,881
Consumer Products – 0.8%
Kenvue, Inc.
	20,000		5.050		03/22/28		20,116
Procter & Gamble Co. (The)
	50,000		4.100		01/26/26		49,406
	8,000		1.900		02/01/27		7,431
							76,953
Electric – 6.9%
Black Hills Corp.
	20,000		5.950		03/15/28		20,536
Dominion Energy, Inc., Series A
	20,000		3.300		03/15/25		19,562
	17,000		1.450		04/15/26		15,716
DTE Electric Co.
	20,000		3.375		03/01/25		19,631
DTE Energy Co.
	20,000		4.875		06/01/28		19,734
DTE Energy Co., Series F
	24,000		1.050		06/01/25		22,721
Duke Energy Corp.
	20,000		0.900		09/15/25		18,710
	16,000		2.650		09/01/26		15,082
	40,000		4.300		03/15/28		38,898
Edison International
	14,000		4.125		03/15/28		13,369
Exelon Corp.
	11,000		3.400		04/15/26		10,604
	30,000		5.150		03/15/28		29,920
National Rural Utilities Cooperative Finance Corp., MTN
	40,000		3.450		06/15/25		39,105
NextEra Energy Capital Holdings, Inc.
	40,000		4.900		02/28/28		39,767
NSTAR Electric Co.
	50,000		2.700		06/01/26		47,416
Pacific Gas and Electric Co.
	7,000		3.450		07/01/25		6,783
	28,000		3.300		03/15/27		26,260
	20,000		5.450		06/15/27		19,919
Public Service Co. of Colorado
	30,000		2.900		05/15/25		29,095
Public Service Electric and Gas Co., MTN
	30,000		3.650		09/01/28		28,580
San Diego Gas & Electric Co.
	40,000		6.000		06/01/26		40,708
Southern California Edison Co.
	15,000		5.850		11/01/27		15,352
Southern Co. (The)
	16,000		3.250		07/01/26		15,303
Southern Co. Gas Capital Corp.
	16,000		3.875		11/15/25		15,579

  

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1 - 5 YEAR BOND

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Electric – (continued)
Southern Power Co.
$	50,000		0.900	%	01/15/26	$	46,073
Southwestern Electric Power Co., Series M
	30,000		4.100		09/15/28		28,751
							643,174
Electrical – 0.2%
Hubbell, Inc.
	22,000		3.500		02/15/28		20,747
Energy – 5.7%
Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc.
	15,000		3.337		12/15/27		14,137
Boardwalk Pipelines LP
	40,000		4.450		07/15/27		38,878
Chevron Corp.
	35,000		1.995		05/11/27		32,192
DCP Midstream Operating LP
	40,000		5.375		07/15/25		40,020
Energy Transfer LP
	40,000		4.750		01/15/26		39,558
	40,000		5.550		02/15/28		40,328
Exxon Mobil Corp.
	24,000		3.043		03/01/26		23,185
	13,000		2.275		08/16/26		12,254
Hercules Capital, Inc.
	20,000		3.375		01/20/27		18,139
Kinder Morgan, Inc.
	16,000		4.300		06/01/25		15,779
Magellan Midstream Partners LP
	24,000		5.000		03/01/26		23,973
Marathon Petroleum Corp.
	11,000		4.700		05/01/25		10,902
MPLX LP
	12,000		1.750		03/01/26		11,197
Occidental Petroleum Corp.
	50,000		5.875		09/01/25		50,130
Plains All American Pipeline LP / PAA Finance Corp.
	16,000		4.650		10/15/25		15,795
Sabine Pass Liquefaction LLC
	31,000		5.000		03/15/27		30,845
Targa Resources Partners LP / Targa Resources Partners Finance Corp.
	40,000		6.500		07/15/27		40,475
Western Midstream Operating LP
	16,000		3.950		06/01/25		15,630
Williams Cos., Inc. (The)
	54,000		4.000		09/15/25		53,055
							526,472
Financial Company – 3.1%
Air Lease Corp.
	37,000		3.625		04/01/27		35,234
	20,000		3.625		12/01/27		18,778
Air Lease Corp., GMTN
	40,000		3.750		06/01/26		38,601
Ally Financial, Inc.
	30,000		4.625		03/30/25		29,686
	15,000		7.100		11/15/27		15,650

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Financial Company – (continued)
Ares Capital Corp.
$	17,000		2.875	%	06/15/27	$	15,439
Bain Capital Specialty Finance, Inc.
	20,000		2.950		03/10/26		18,712
	20,000		2.550		10/13/26		18,233
BGC Group, Inc.
	40,000		4.375		12/15/25		38,428
FS KKR Capital Corp.
	16,000		3.250		07/15/27		14,560
GATX Corp.
	50,000		3.850		03/30/27		47,919
							291,240
Food and Beverage – 1.2%
Campbell Soup Co.
	20,000		4.150		03/15/28		19,342
Coca-Cola Co. (The)
	50,000		1.500		03/05/28		44,449
McCormick & Co., Inc.
	16,000		0.900		02/15/26		14,720
PepsiCo, Inc.
	26,000		2.250		03/19/25		25,236
	11,000		2.850		02/24/26		10,582
							114,329
Hardware – 0.5%
CDW LLC / CDW Finance Corp.
	50,000		4.125		05/01/25		48,938
Healthcare – 3.0%
Cigna Group (The)
	50,000		1.250		03/15/26		46,280
CVS Health Corp.
	13,000		3.000		08/15/26		12,356
	50,000		4.300		03/25/28		48,618
Evernorth Health, Inc.
	40,000		4.500		02/25/26		39,484
HCA, Inc.
	16,000		4.500		02/15/27		15,660
Illumina, Inc.
	50,000		5.800		12/12/25		49,944
Quest Diagnostics, Inc.
	16,000		3.450		06/01/26		15,426
UnitedHealth Group, Inc.
	16,000		3.375		04/15/27		15,369
	40,000		5.250		02/15/28		40,686
							283,823
Insurance – 2.2%
Berkshire Hathaway Finance Corp.
	40,000		2.300		03/15/27		37,447
Horace Mann Educators Corp.
	30,000		7.250		09/15/28		32,094
Lincoln National Corp.
	30,000		3.800		03/01/28		28,566
Loews Corp.
	50,000		3.750		04/01/26		48,738
Prudential Financial, Inc.
	(3M USD LIBOR + 2.665%)
	20,000		5.700		09/15/48(a)		19,650

  

36  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)
Insurance – (continued)
Radian Group, Inc.
$	20,000		6.625	%	03/15/25	$	19,975
	20,000		4.875		03/15/27		19,425
							205,895
Media Non Cable – 0.2%
Netflix, Inc.
	16,000		4.375		11/15/26		15,820
Mining – 0.1%
Freeport-McMoRan, Inc.
	10,000		4.125		03/01/28		9,513
Pharmaceuticals – 0.2%
Viatris, Inc.
	16,000		2.300		06/22/27		14,477
REITs and Real Estate – 2.2%
Brixmor Operating Partnership LP
	20,000		3.900		03/15/27		19,069
EPR Properties
	8,000		4.500		06/01/27		7,570
Equinix, Inc.
	23,000		1.800		07/15/27		20,711
ERP Operating LP
	16,000		3.375		06/01/25		15,580
GLP Capital LP / GLP Financing II, Inc.
	9,000		5.375		04/15/26		8,930
Realty Income Corp.
	35,000		5.050		01/13/26		34,818
Simon Property Group LP
	16,000		3.500		09/01/25		15,610
	16,000		3.300		01/15/26		15,446
VICI Properties LP
	50,000		4.375		05/15/25		49,091
Welltower OP LLC
	16,000		4.000		06/01/25		15,714
							202,539
REVENUE – 0.3%
CommonSpirit Health
	16,000		1.547		10/01/25		14,992
SSM Health Care Corp.
	10,000		4.894		06/01/28		10,015
							25,007
Software – 0.9%
Oracle Corp.
	35,000		1.650		03/25/26		32,526
	50,000		3.250		11/15/27		46,864
							79,390
Technology – 6.9%
Alphabet, Inc.
	16,000		1.998		08/15/26		15,055
Apple, Inc.
	25,000		2.450		08/04/26		23,703
	17,000		2.050		09/11/26		15,923
	32,000		3.350		02/09/27		30,843
	50,000		4.000		05/10/28		49,012
Arrow Electronics, Inc.
	50,000		4.000		04/01/25		49,141

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Technology – (continued)
Autodesk, Inc.
$	22,000		3.500	%	06/15/27	$	21,038
Broadcom Corp. / Broadcom Cayman Finance Ltd.
	17,000		3.875		01/15/27		16,470
Cisco Systems, Inc.
	35,000		4.800		02/26/27		35,020
Dell International LLC / EMC Corp.
	35,000		5.250		02/01/28		35,237
Fiserv, Inc.
	12,000		3.850		06/01/25		11,762
	24,000		3.200		07/01/26		22,952
Hewlett Packard Enterprise Co.
	15,000		4.900		10/15/25		14,895
Intel Corp.
	40,000		4.875		02/10/28		40,015
International Business Machines Corp.
	46,000		6.220		08/01/27		48,033
Intuit, Inc.
	16,000		1.350		07/15/27		14,286
Jabil, Inc.
	40,000		4.250		05/15/27		38,538
Keysight Technologies, Inc.
	8,000		4.600		04/06/27		7,863
Microsoft Corp.
	40,000		3.400		09/15/26(b)		38,682
	31,000		3.300		02/06/27		29,984
Motorola Solutions, Inc.
	13,000		7.500		05/15/25		13,270
QUALCOMM, Inc.
	7,000		3.450		05/20/25		6,867
TD SYNNEX Corp.
	10,000		2.375		08/09/28		8,678
VeriSign, Inc.
	28,000		5.250		04/01/25		27,895
VMware LLC
	20,000		4.500		05/15/25		19,733
Vontier Corp.
	10,000		2.400		04/01/28		8,729
							643,624
Transportation – 1.4%
CSX Corp.
	17,000		3.250		06/01/27		16,142
Ryder System, Inc., MTN
	5,000		1.750		09/01/26		4,588
	8,000		2.900		12/01/26		7,527
	20,000		5.650		03/01/28		20,366
Union Pacific Corp.
	17,000		3.250		08/15/25		16,568
Union Pacific Railroad Co. Pass-Through Trust, Series 14-1
	34,520		3.227		05/14/26		33,294
United Airlines, Inc. Pass-Through Trust, Series 20-1
	12,578		5.875		10/15/27		12,720
United Airlines, Inc. Pass-Through Trust, Series A
	14,793		4.300		08/15/25		14,498
							125,703

  

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1 - 5 YEAR BOND

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Water – 0.2%
American Water Capital Corp.
$	20,000		3.750	%	09/01/28	$	19,048
Wireless – 3.5%
American Tower Corp.
	13,000		3.375		10/15/26		12,415
	40,000		5.500		03/15/28		40,236
AT&T, Inc.
	30,000		5.539		02/20/26		29,926
	21,000		1.700		03/25/26		19,585
	10,000		1.650		02/01/28		8,814
Crown Castle, Inc.
	35,000		5.000		01/11/28		34,559
Sprint LLC
	30,000		7.625		03/01/26		31,069
T-Mobile USA, Inc.
	16,000		3.750		04/15/27		15,399
	70,000		2.050		02/15/28		62,531
Verizon Communications, Inc.
	25,000		2.100		03/22/28		22,335
	50,000		4.329		09/21/28		48,559
							325,428
TOTAL CORPORATE OBLIGATIONS (Cost $7,737,704)							7,672,612
Foreign Corporate Debt – 15.5%
Banks – 10.8%
Bank of Montreal (Canada)
	30,000		5.203		02/01/28		30,134
	25,000		5.717		09/25/28		25,631
Bank of Nova Scotia (The) (Canada)
	17,000		1.050		03/02/26		15,685
	17,000		2.700		08/03/26		16,050
	50,000		2.951		03/11/27		47,080
Barclays PLC (United Kingdom)
(3M USD LIBOR + 1.902%)
	200,000		4.972		05/16/29(a)		194,924
Canadian Imperial Bank of Commerce (Canada)
	40,000		5.001		04/28/28		39,904
HSBC Holdings PLC (United Kingdom)
(SOFR + 1.970%)
	200,000		6.161		03/09/29(a)		203,390
Mitsubishi UFJ Financial Group, Inc. (Japan)
	100,000		3.777		03/02/25		98,395
	20,000		3.287		07/25/27		18,938
Royal Bank of Canada (Canada)
	31,000		3.625		05/04/27		29,740
Royal Bank of Canada, GMTN (Canada)
	40,000		1.150		07/14/26		36,515
	20,000		4.240		08/03/27		19,493
Royal Bank of Canada, MTN (Canada)
	23,000		1.150		06/10/25		21,856
Sumitomo Mitsui Financial Group, Inc. (Japan)
	20,000		3.446		01/11/27		19,167
	30,000		3.352		10/18/27		28,331
	50,000		3.544		01/17/28		47,437
	20,000		3.944		07/19/28		19,188

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Corporate Debt – (continued)
Banks – (continued)
Westpac Banking Corp. (Australia)
$	23,000		1.150	%	06/03/26	$	21,163
	70,000		5.457		11/18/27		71,316
							1,004,337
Brokerage – 0.5%
Brookfield Finance, Inc.
	50,000		3.900		01/25/28		47,911
Consumer Cyclical – 0.8%
Magna International, Inc. (Canada)
	50,000		4.150		10/01/25		49,106
Toyota Motor Corp. (Japan)
	28,000		1.339		03/25/26		26,015
							75,121
Consumer Noncyclical – 0.5%
AstraZeneca PLC
	50,000		3.375		11/16/25		48,647
Energy – 1.0%
Canadian Natural Resources Ltd. (Canada)
	50,000		2.050		07/15/25		47,758
Enbridge, Inc. (Canada)
(3M U.S. T-Bill MMY +  3.903%)
	16,000		6.250		03/01/78(a)		15,360
TransCanada PipeLines Ltd. (Canada)
	30,000		6.203		03/09/26		30,028
							93,146
Financial Company – 0.3%
ORIX Corp.
	30,000		5.000		09/13/27		30,017
Food and Beverage – 0.6%
Anheuser-Busch InBev Worldwide, Inc.
	50,000		4.750		01/23/29		49,695
Insurance – 0.6%
Manulife Financial Corp.
	60,000		2.484		05/19/27		55,332
Technology – 0.4%
NXP BV / NXP Funding LLC / NXP USA, Inc.
	40,000		3.875		06/18/26		38,731
TOTAL FOREIGN CORPORATE DEBT
(Cost $1,440,336)							1,442,937
TOTAL INVESTMENTS – 97.9%
(Cost $9,178,040)						$	9,115,549
OTHER ASSETS IN EXCESS OF LIABILITIES – 2.1%							195,831
NET ASSETS – 100.0%						$	9,311,380

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

(a) Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on February 29, 2024.

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

  

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1 - 5 YEAR BOND

 

 

 

 

 

 

Investment Abbreviations:
GMTN	—Global Medium Term Note
LIBOR	—London Interbank Offered Rate
LP	—Limited Partnership
MMY	—Money Market Yield
MTN	—Medium Term Note
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust
SOFR	—Secured Overnight Financing Rate
T-Bill	—Treasury Bill

  

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 80.6%
Aerospace & Defense – 2.3%
Boeing Co. (The)
$	300,000		2.196	%	02/04/26	$	281,218
	290,000		2.700		02/01/27		269,985
	600,000		3.250		02/01/28		556,313
	400,000		3.200		03/01/29		362,910
	290,000		2.950		02/01/30		254,429
	1,500,000		5.150		05/01/30		1,479,990
	500,000		3.625		02/01/31		449,348
	500,000		3.600		05/01/34		422,277
	300,000		3.250		02/01/35		242,772
	800,000		5.705		05/01/40		781,278
	275,000		3.900		05/01/49		204,344
	300,000		3.750		02/01/50		215,730
	1,000,000		5.805		05/01/50		968,481
	500,000		5.930		05/01/60		485,344
General Dynamics Corp.
	50,000		3.250		04/01/25		48,947
	600,000		3.500		04/01/27		577,670
	250,000		4.250		04/01/40		223,937
	384,000		4.250		04/01/50		332,731
L3Harris Technologies, Inc.
	200,000		4.400		06/15/28		194,613
	500,000		5.400		07/31/33		500,567
Lockheed Martin Corp.
	250,000		5.100		11/15/27		252,643
	620,000		5.250		01/15/33		632,907
	1,000,000		4.750		02/15/34		978,318
	193,000		4.070		12/15/42		166,006
	260,000		3.800		03/01/45		210,657
	100,000		4.700		05/15/46		92,208
	168,000		4.090		09/15/52		140,085
	220,000		4.150		06/15/53		183,562
	100,000		5.700		11/15/54		105,966
	148,000		5.900		11/15/63		161,757
Northrop Grumman Corp.
	290,000		3.200		02/01/27		275,823
	738,000		3.250		01/15/28		691,678
	400,000		4.400		05/01/30		385,662
	862,000		4.030		10/15/47		695,154
	228,000		5.250		05/01/50		220,783
RTX Corp.
	330,000		5.750		11/08/26		334,683
	1,000,000		6.000		03/15/31		1,043,659
	1,000,000		6.100		03/15/34		1,056,033
	960,000		4.150		05/15/45		789,113
	300,000		4.625		11/16/48		263,096
							17,532,677
Agriculture – 0.1%
Archer-Daniels-Midland Co.
	462,000		3.250		03/27/30		417,504
	500,000		2.900		03/01/32		426,840
							844,344
Banks – 19.4%
American Express Co.
	649,000		4.200		11/06/25		640,891
	660,000		4.900		02/13/26		658,292
	470,000		3.125		05/20/26		451,608

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
American Express Co. – (continued)
$	250,000		1.650	%	11/04/26	$	228,752
	200,000		3.300		05/03/27		190,031
	200,000		5.850		11/05/27		205,027
	600,000		4.050		05/03/29		581,381
	200,000		4.050		12/03/42		172,786
	(SOFR + 1.330%)
	850,000		6.338		10/30/26(a)		863,531
	(SOFRINDX + 1.280%)
	1,000,000		5.282		07/27/29(a)		1,007,748
	(SOFR + 2.255%)
	192,000		4.989		05/26/33(a)		187,045
Bank of America Corp.
	(SOFR + 0.960%)
	1,739,000		1.734		07/22/27(a)		1,595,758
	(SOFR + 1.340%)
	660,000		5.933		09/15/27(a)		669,954
	(TSFR3M + 1.774%)
	485,000		3.705		04/24/28(a)		463,050
	(SOFR + 1.990%)
	720,000		6.204		11/10/28(a)		745,823
	(3M U.S. T-Bill MMY + 1.302%)
	1,148,000		3.419		12/20/28(a)		1,074,972
	(SOFR + 2.150%)
	519,000		2.592		04/29/31(a)		444,262
	(SOFR + 1.320%)
	970,000		2.687		04/22/32(a)		807,612
	(SOFR + 1.220%)
	882,000		2.299		07/21/32(a)		716,870
	(SOFR + 1.210%)
	700,000		2.572		10/20/32(a)		576,686
	(SOFR + 1.910%)
	930,000		5.288		04/25/34(a)		917,396
	(US 5 Year CMT T-Note + 1.200%)
	234,000		2.482		09/21/36(a)		185,702
	860,000		6.110		01/29/37		904,348
	370,000		7.750		05/14/38		447,656
	(US 5 Year CMT T-Note + 2.000%)
	100,000		3.846		03/08/37(a)		87,767
	(3M U.S. T-Bill MMY+ 2.076%)
	418,000		4.244		04/24/38(a)		370,264
	(SOFR + 1.580%)
	519,000		3.311		04/22/42(a)		397,873
	(TSFR3M + 1.452%)
	210,000		3.946		01/23/49(a)		170,109
Bank of America Corp., GMTN
	320,000		3.500		04/19/26		310,753
	(3M U.S. T-Bill MMY + 1.632%)
	588,000		3.593		07/21/28(a)		555,519
Bank of America Corp., MTN
	215,000		3.875		08/01/25		211,160
	253,000		4.450		03/03/26		248,923
	423,000		4.250		10/22/26		414,085

  

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

 

 

 

 

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Bank of America Corp., MTN – (continued)
$	660,000		3.248	%	10/21/27	$	620,589
	248,000		5.875		02/07/42		264,038
	334,000		5.000		01/21/44		320,459
	(TSFR3M + 0.902%)
	700,000		2.015		02/13/26(a)		676,936
	(SOFR + 1.150%)
	1,718,000		1.319		06/19/26(a)		1,627,305
	(SOFR + 1.750%)
	300,000		4.827		07/22/26(a)		297,357
	(SOFR + 1.010%)
	1,000,000		1.197		10/24/26(a)		932,232
	(3M U.S. T-Bill MMY + 1.322%)
	760,000		3.559		04/23/27(a)		728,208
	(TSFR3M + 1.837%)
	628,000		3.824		01/20/28(a)		602,722
	(SOFR + 1.050%)
	490,000		2.551		02/04/28(a)		453,961
	(SOFR + 2.040%)
	900,000		4.948		07/22/28(a)		890,623
	(TSFR3M + 1.332%)
	150,000		3.970		03/05/29(a)		142,784
	(SOFR + 1.060%)
	680,000		2.087		06/14/29(a)		598,329
	(3M U.S. T-Bill MMY + 1.572%)
	1,445,000		4.271		07/23/29(a)		1,392,710
	(3M U.S. T-Bill MMY + 1.472%)
	504,000		3.974		02/07/30(a)		475,423
	(TSFR3M + 1.442%)
	200,000		3.194		07/23/30(a)		179,659
	(TSFR3M + 1.452%)
	281,000		2.884		10/22/30(a)		247,749
	(3M U.S. T-Bill MMY + 1.252%)
	525,000		2.496		02/13/31(a)		448,081
	(SOFR + 1.530%)
	830,000		1.898		07/23/31(a)		674,332
	(SOFR + 1.370%)
	500,000		1.922		10/24/31(a)		401,880
	(SOFR + 1.330%)
	622,000		2.972		02/04/33(a)		524,069
	(TSFR3M + 1.582%)
	208,000		4.078		04/23/40(a)		177,198
	(SOFR + 1.930%)
	704,000		2.676		06/19/41(a)		490,710
	(TSFR3M + 2.252%)
	354,000		4.443		01/20/48(a)		305,992
	(TSFR3M + 1.782%)
	477,000		4.330		03/15/50(a)		407,095
	(3M U.S. T-Bill MMY + 3.412%)
	826,000		4.083		03/20/51(a)		665,295
Bank of America Corp., Series L
	210,000		3.950		04/21/25		206,514
	823,000		4.183		11/25/27		794,042

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Bank of America Corp., Series N
	(SOFR + 1.220%)
$	500,000		2.651	%	03/11/32(a)	$	419,290
Bank of America NA
	250,000		5.526		08/18/26		252,174
	500,000		6.000		10/15/36		523,090
Bank of New York Mellon Corp. (The), MTN
	50,000		2.800		05/04/26		47,733
	1,000,000		2.050		01/26/27		921,148
	290,000		3.250		05/16/27		275,843
	636,000		3.400		01/29/28		601,629
	372,000		3.850		04/28/28		359,209
	144,000		3.300		08/23/29		132,360
	(3M U.S. T-Bill MMY + 1.331%)
	1,087,000		3.442		02/07/28(a)		1,038,311
	(SOFR + 1.845%)
	810,000		6.474		10/25/34(a)		879,301
Capital One Financial Corp.
	50,000		4.200		10/29/25		48,890
	450,000		3.750		03/09/27		430,490
	300,000		3.650		05/11/27		286,185
	690,000		3.800		01/31/28		653,759
	(SOFR + 1.290%)
	550,000		2.636		03/03/26(a)		532,779
	(SOFR + 2.160%)
	150,000		4.985		07/24/26(a)		148,734
	(SOFR + 0.855%)
	200,000		1.878		11/02/27(a)		181,197
	(SOFR + 2.057%)
	250,000		4.927		05/10/28(a)		244,637
	(SOFR + 2.080%)
	200,000		5.468		02/01/29(a)		199,291
	(SOFR + 2.640%)
	1,000,000		6.312		06/08/29(a)		1,027,119
	(SOFR + 1.337%)
	180,000		2.359		07/29/32(a)		136,349
	(SOFR + 2.600%)
	1,000,000		5.817		02/01/34(a)		991,935
	(SOFR + 2.860%)
	500,000		6.377		06/08/34(a)		514,816
Citigroup, Inc.
	500,000		3.875		03/26/25		490,675
	200,000		3.700		01/12/26		194,868
	530,000		4.450		09/29/27		513,925
	567,000		4.125		07/25/28		540,529
	484,000		6.625		06/15/32		514,522
	500,000		5.875		01/30/42		524,817
	486,000		6.675		09/13/43		536,158
	396,000		5.300		05/06/44		376,260
	100,000		4.650		07/30/45		89,881
	500,000		4.750		05/18/46		439,199
	500,000		4.650		07/23/48		447,392
	(SOFR + 0.694%)
	1,018,000		2.014		01/25/26(a)		984,638
	(SOFR + 2.842%)
	640,000		3.106		04/08/26(a)		622,151

  

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
	(SOFR + 0.765%)
$	1,697,000		1.122	%	01/28/27(a)	$	1,562,920
	(SOFR + 0.770%)
	435,000		1.462		06/09/27(a)		397,492
	(TSFR3M + 1.825%)
	100,000		3.887		01/10/28(a)		95,718
	(SOFR + 1.887%)
	270,000		4.658		05/24/28(a)		265,769
	(TSFR3M + 1.652%)
	1,180,000		3.668		07/24/28(a)		1,122,432
	(TSFR3M + 1.413%)
	1,190,000		3.520		10/27/28(a)		1,119,387
	(TSFR3M + 1.600%)
	200,000		3.980		03/20/30(a)		188,102
	(SOFR + 1.422%)
	800,000		2.976		11/05/30(a)		706,178
	(SOFR + 2.107%)
	1,000,000		2.572		06/03/31(a)		843,219
	(SOFR + 1.167%)
	800,000		2.561		05/01/32(a)		659,848
	(SOFR + 1.939%)
	1,400,000		3.785		03/17/33(a)		1,236,163
	(SOFR + 2.086%)
	500,000		4.910		05/24/33(a)		479,880
	(SOFR + 2.338%)
	1,000,000		6.270		11/17/33(a)		1,051,078
	(TSFR3M + 1.430%)
	300,000		3.878		01/24/39(a)		252,953
	(SOFR + 1.379%)
	600,000		2.904		11/03/42(a)		428,388
	(TSFR3M + 2.101%)
	300,000		4.281		04/24/48(a)		254,293
Citigroup, Inc., Series VAR
	(SOFR + 1.280%)
	1,234,000		3.070		02/24/28(a)		1,159,280
Citizens Bank NA
	(SOFR + 2.000%)
	655,000		4.575		08/09/28(a)		621,840
Citizens Financial Group, Inc.
	100,000		3.250		04/30/30		86,589
Fifth Third Bancorp
	456,000		2.550		05/05/27		420,555
	190,000		8.250		03/01/38		224,856
	(SOFRINDX + 2.192%)
	300,000		6.361		10/27/28(a)		304,951
	(SOFRINDX + 2.127%)
	1,100,000		4.772		07/28/30(a)		1,046,151
Fifth Third Bank NA
	560,000		3.850		03/15/26		539,836
JPMorgan Chase & Co.
	138,000		3.900		07/15/25		135,624
	730,000		3.300		04/01/26		704,215
	690,000		3.200		06/15/26		663,785
	290,000		4.125		12/15/26		283,221
	251,000		4.250		10/01/27		246,385
	184,000		3.625		12/01/27		175,050
	513,000		6.400		05/15/38		574,343
	147,000		5.500		10/15/40		150,550

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
JPMorgan Chase & Co. – (continued)
$	226,000		5.600	%	07/15/41	$	233,398
	328,000		5.400		01/06/42		330,687
	60,000		5.625		08/16/43		61,307
	381,000		4.850		02/01/44		358,467
	554,000		4.950		06/01/45		516,312
	(SOFR + 0.915%)
	250,000		2.595		02/24/26(a)		243,314
	(3M U.S. T-Bill MMY + 1.585%)
	370,000		2.005		03/13/26(a)		356,866
	(SOFR + 1.850%)
	840,000		2.083		04/22/26(a)		806,693
	(SOFR + 0.800%)
	800,000		1.045		11/19/26(a)		743,894
	(TSFR3M + 1.507%)
	500,000		3.960		01/29/27(a)		487,160
	(SOFR + 0.885%)
	600,000		1.578		04/22/27(a)		555,795
	(3M U.S. T-Bill MMY + 1.599%)
	653,000		3.782		02/01/28(a)		628,336
	(SOFR + 1.170%)
	655,000		2.947		02/24/28(a)		614,317
	(SOFR + 1.560%)
	950,000		4.323		04/26/28(a)		927,767
	(3M U.S. T-Bill MMY + 1.642%)
	1,064,000		3.540		05/01/28(a)		1,011,819
	622,000		3.964		11/15/48(a)		501,550
	(SOFR + 1.890%)
	1,002,000		2.182		06/01/28(a)		914,586
	(SOFR + 1.990%)
	535,000		4.851		07/25/28(a)		530,545
	(TSFR3M + 1.207%)
	1,922,000		3.509		01/23/29(a)		1,813,738
	(TSFR3M + 1.382%)
	518,000		4.005		04/23/29(a)		493,939
	(SOFR + 1.015%)
	450,000		2.069		06/01/29(a)		397,748
	(SOFR + 1.570%)
	1,000,000		6.087		10/23/29(a)		1,035,858
	(3M U.S. T-Bill MMY + 1.592%)
	450,000		4.452		12/05/29(a)		433,667
	(TSFR3M + 1.422%)
	114,000		3.702		05/06/30(a)		106,327
	(SOFR + 1.750%)
	230,000		4.565		06/14/30(a)		223,088
	(3M U.S. T-Bill MMY + 1.510%)
	692,000		2.739		10/15/30(a)		608,002
	(3M U.S. T-Bill MMY + 3.790%)
	400,000		4.493		03/24/31(a)		382,983
	(SOFR + 2.040%)
	1,130,000		2.522		04/22/31(a)		961,799

  

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

 

 

 

 

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
	(TSFR3M + 2.515%)
$	358,000		2.956	%	05/13/31(a)	$	311,464
	(3M U.S. T-Bill MMY + 1.105%)
	80,000		1.764		11/19/31(a)		64,222
	(SOFR + 1.065%)
	1,052,000		1.953		02/04/32(a)		849,494
	(TSFR3M + 1.250%)
	1,104,000		2.580		04/22/32(a)		926,345
	(SOFR + 1.180%)
	1,067,000		2.545		11/08/32(a)		879,981
	(SOFR + 1.260%)
	600,000		2.963		01/25/33(a)		508,618
	(SOFR + 1.800%)
	500,000		4.586		04/26/33(a)		474,544
	(SOFR + 1.845%)
	1,000,000		5.350		06/01/34(a)		995,448
	(SOFR + 1.810%)
	680,000		6.254		10/23/34(a)		723,988
	(3M U.S. T-Bill MMY + 1.622%)
	485,000		3.882		07/24/38(a)		413,263
	(TSFR3M + 2.460%)
	110,000		3.109		04/22/41(a)		83,379
	(TSFR3M + 1.510%)
	360,000		2.525		11/19/41(a)		247,244
	(SOFR + 1.460%)
	100,000		3.157		04/22/42(a)		75,247
	(TSFR3M + 1.842%)
	271,000		4.260		02/22/48(a)		230,246
	(TSFR3M + 1.722%)
	268,000		4.032		07/24/48(a)		219,161
	(TSFR3M + 1.482%)
	290,000		3.897		01/23/49(a)		233,144
	(SOFR + 2.440%)
	368,000		3.109		04/22/51(a)		253,854
	(SOFR + 1.580%)
	760,000		3.328		04/22/52(a)		541,373
JPMorgan Chase Bank NA
	250,000		5.110		12/08/26		249,992
M&T Bank Corp.
	(SOFR + 1.850%)
	260,000		5.053		01/27/34(a)		238,927
Manufacturers & Traders Trust Co.
	840,000		2.900		02/06/25		817,013
	600,000		4.650		01/27/26		583,770
Morgan Stanley
	(SOFR + 1.990%)
	3,000,000		2.188		04/28/26(a)		2,889,324
	(SOFR + 1.669%)
	200,000		4.679		07/17/26(a)		197,940
	(SOFR + 1.770%)
	500,000		6.138		10/16/26(a)		506,294
	250,000		3.950		04/23/27		240,670
	600,000		3.591		07/22/28(a)		569,125
	600,000		6.375		07/24/42		670,270
	510,000		4.300		01/27/45		442,002
	815,000		4.375		01/22/47		704,596

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
	(SOFR + 1.610%)
$	450,000		4.210	%	04/20/28(a)	$	433,738
	(SOFR + 1.290%)
	2,280,000		2.943		01/21/33(a)		1,919,053
	(SOFR + 1.360%)
	755,000		2.484		09/16/36(a)		593,621
	(SOFR + 2.620%)
	2,015,000		5.297		04/20/37(a)		1,924,830
	(US 5 Year CMT T-Note + 2.430%)
	100,000		5.948		01/19/38(a)		99,563
	(3M USD LIBOR + 1.455%)
	645,000		3.971		07/22/38(a)		552,187
	(TSFR3M + 1.693%)
	1,340,000		4.457		04/22/39(a)		1,209,190
	(SOFR + 1.485%)
	300,000		3.217		04/22/42(a)		227,639
Morgan Stanley, GMTN
	200,000		4.000		07/23/25		196,554
	1,000,000		3.875		01/27/26		974,212
	(TSFR3M + 1.402%)
	460,000		3.772		01/24/29(a)		432,878
	(SOFR + 1.143%)
	650,000		2.699		01/22/31(a)		559,856
	(SOFR + 4.840%)
	100,000		5.597		03/24/51(a)		104,096
Morgan Stanley, MTN
	(SOFR + 0.940%)
	500,000		2.630		02/18/26(a)		486,019
	(SOFR + 1.034%)
	2,280,000		1.794		02/13/32(a)		1,809,155
	(SOFR + 1.430%)
	1,890,000		2.802		01/25/52(a)		1,218,963
Morgan Stanley Bank NA
	880,000		5.479		07/16/25		883,491
	250,000		4.754		04/21/26		247,949
	250,000		5.882		10/30/26		254,341
Northern Trust Corp.
	1,000,000		3.950		10/30/25		980,117
PNC Bank NA
	250,000		3.250		06/01/25		243,363
	250,000		2.700		10/22/29		216,073
PNC Financial Services Group, Inc. (The)
	1,000,000		2.600		07/23/26		940,637
	(SOFR + 1.841%)
	1,300,000		5.582		06/12/29(a)		1,310,705
	(SOFRINDX + 2.140%)
	250,000		6.037		10/28/33(a)		256,471
	(SOFR + 2.284%)
	500,000		6.875		10/20/34(a)		544,956
Santander Holdings USA, Inc.
	380,000		3.450		06/02/25		368,783
	670,000		3.244		10/05/26		628,273
	(SOFR + 1.249%)
	444,000		2.490		01/06/28(a)		402,207
Synchrony Bank
	400,000		5.400		08/22/25		395,845

  

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Synchrony Financial
$	392,000		4.500	%	07/23/25	$	382,335
	724,000		3.950		12/01/27		670,996
Truist Financial Corp., MTN
	(SOFR + 2.050%)
	570,000		6.047		06/08/27(a)		576,407
	(SOFR + 1.620%)
	1,000,000		5.435		01/24/30(a)		987,181
U.S. Bancorp
	250,000		1.450		05/12/25		239,468
	(US 5 Year CMT T-Note + 0.950%)
	300,000		2.491		11/03/36(a)		231,275
U.S. Bancorp, MTN
	286,000		3.100		04/27/26		273,324
	755,000		3.900		04/26/28		722,549
	387,000		3.000		07/30/29		343,610
	300,000		1.375		07/22/30		236,833
	(SOFR + 0.730%)
	300,000		2.215		01/27/28(a)		275,305
	(SOFR + 1.660%)
	200,000		4.548		07/22/28(a)		195,512
	(SOFR + 1.020%)
	950,000		2.677		01/27/33(a)		779,319
U.S. Bancorp, Series V
	100,000		2.375		07/22/26		93,822
U.S. Bancorp, Series X
	535,000		3.150		04/27/27		503,371
US Bank NA
	550,000		2.050		01/21/25		534,356
	800,000		2.800		01/27/25		782,217
Wells Fargo & Co.
	815,000		3.000		04/22/26		775,858
	1,234,000		3.000		10/23/26		1,166,980
	550,000		5.375		11/02/43		526,653
	1,007,000		3.900		05/01/45		806,058
	(SOFR + 2.000%)
	600,000		2.188		04/30/26(a)		575,096
	(SOFR + 2.060%)
	1,345,000		6.491		10/23/34(a)		1,435,124
	(SOFR + 2.530%)
	1,119,000		3.068		04/30/41(a)		831,104
Wells Fargo & Co., GMTN
	450,000		4.300		07/22/27		437,013
	404,000		4.900		11/17/45		358,008
Wells Fargo & Co., MTN
	660,000		3.000		02/19/25		644,385
	272,000		3.550		09/29/25		264,901
	250,000		4.100		06/03/26		243,398
	293,000		4.400		06/14/46		241,639
	400,000		4.750		12/07/46		348,360
	(TSFR3M + 1.012%)
	530,000		2.164		02/11/26(a)		513,204
	(SOFR + 1.320%)
	150,000		3.908		04/25/26(a)		147,315
	(SOFR + 1.560%)
	555,000		4.540		08/15/26(a)		547,854

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
	(3M U.S. T-Bill MMY + 1.432%)
$	320,000		3.196	%	06/17/27(a)	$	305,128
	(SOFR + 1.510%)
	50,000		3.526		03/24/28(a)		47,458
	(3M U.S. T-Bill MMY + 1.572%)
	168,000		3.584		05/22/28(a)		159,238
	(SOFR + 2.100%)
	955,000		2.393		06/02/28(a)		871,740
	900,000		4.897		07/25/33(a)		858,978
	(SOFR + 1.980%)
	500,000		4.808		07/25/28(a)		491,533
	(SOFR + 1.740%)
	1,825,000		5.574		07/25/29(a)		1,842,317
	(TSFR3M + 1.432%)
	976,000		2.879		10/30/30(a)		858,578
	(3M U.S. T-Bill MMY + 1.262%)
	900,000		2.572		02/11/31(a)		770,307
	(3M U.S. T-Bill MMY + 4.032%)
	200,000		4.478		04/04/31(a)		190,239
	(SOFR + 1.500%)
	750,000		3.350		03/02/33(a)		643,204
	(SOFR + 1.990%)
	1,215,000		5.557		07/25/34(a)		1,214,688
	(TSFR3M + 4.502%)
	1,192,000		5.013		04/04/51(a)		1,112,095
	(SOFR + 2.130%)
	830,000		4.611		04/25/53(a)		729,792
Wells Fargo Bank NA
	1,310,000		5.550		08/01/25		1,316,720
	400,000		6.600		01/15/38		431,033
							150,541,804
Basic Industry – 0.9%
Air Products and Chemicals, Inc.
	270,000		2.700		05/15/40		195,698
Celanese U.S. Holdings LLC
	300,000		6.350		11/15/28		308,937
	500,000		6.700		11/15/33		525,868
CF Industries, Inc.
	360,000		5.150		03/15/34		349,423
	187,000		4.950		06/01/43		167,131
	115,000		5.375		03/15/44		107,990
Dow Chemical Co. (The)
	568,000		7.375		11/01/29		629,808
	200,000		4.375		11/15/42		168,473
	390,000		5.550		11/30/48		379,313
	200,000		3.600		11/15/50		145,987
DuPont de Nemours, Inc.
	500,000		4.493		11/15/25		494,510
	400,000		5.319		11/15/38		397,096
LYB International Finance BV
	693,000		4.875		03/15/44		612,892
LYB International Finance III LLC
	240,000		4.200		10/15/49		186,807
	263,000		4.200		05/01/50		203,306

  

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

 

 

 

 

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Basic Industry – (continued)
LYB International Finance III LLC – (continued)
$	200,000		3.625	%	04/01/51	$	141,965
LyondellBasell Industries NV
	200,000		4.625		02/26/55		165,737
Sherwin-Williams Co. (The)
	288,000		3.450		06/01/27		274,186
	1,000,000		2.950		08/15/29		898,119
	300,000		4.500		06/01/47		259,152
							6,612,398
Broadcasting – 0.2%
Discovery Communications LLC
	310,000		5.200		09/20/47		251,939
	780,000		5.300		05/15/49		639,693
	500,000		4.000		09/15/55		331,054
							1,222,686
Brokerage – 0.6%
BlackRock, Inc.
	580,000		3.250		04/30/29		543,101
	300,000		2.400		04/30/30		261,774
	200,000		1.900		01/28/31		165,411
	150,000		2.100		02/25/32		122,335
CME Group, Inc.
	350,000		2.650		03/15/32		300,531
	100,000		5.300		09/15/43		101,439
Intercontinental Exchange, Inc.
	330,000		2.100		06/15/30		277,108
	290,000		1.850		09/15/32		224,073
	360,000		4.600		03/15/33		344,415
	510,000		3.000		06/15/50		343,152
	392,000		4.950		06/15/52		368,755
	416,000		3.000		09/15/60		260,965
	450,000		5.200		06/15/62		433,166
Jefferies Financial Group, Inc.
	200,000		5.875		07/21/28		204,006
	125,000		4.150		01/23/30		116,420
	244,000		2.625		10/15/31		200,051
Nasdaq, Inc.
	100,000		5.950		08/15/53		103,212
							4,369,914
Capital Goods – 1.8%
Carrier Global Corp.
	40,000		2.493		02/15/27		37,166
	505,000		2.722		02/15/30		443,056
	107,000		2.700		02/15/31		91,326
	378,000		3.377		04/05/40		292,841
	350,000		3.577		04/05/50		257,892
Caterpillar, Inc.
	40,000		2.600		04/09/30		35,583
	80,000		5.200		05/27/41		80,628
	388,000		3.803		08/15/42		324,623
	246,000		3.250		09/19/49		181,073
Cummins, Inc.
	1,000,000		5.150		02/20/34		997,790
Deere & Co.
	266,000		3.900		06/09/42		227,905
	190,000		3.750		04/15/50		155,830

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Capital Goods – (continued)
Eaton Corp.
$	581,000		4.150	%	03/15/33	$	546,634
General Electric Co., MTN
	135,000		6.750		03/15/32		149,761
Honeywell International, Inc.
	1,000,000		1.350		06/01/25		956,740
	263,000		2.500		11/01/26		248,003
	80,000		2.700		08/15/29		72,082
	290,000		1.750		09/01/31		232,986
	300,000		5.000		02/15/33		300,690
Illinois Tool Works, Inc.
	121,000		2.650		11/15/26		114,835
	290,000		3.900		09/01/42		246,563
John Deere Capital Corp., MTN
	1,100,000		3.400		06/06/25		1,077,393
	100,000		4.700		06/10/30		99,173
John Deere Capital Corp., Series I
	540,000		5.150		09/08/33		550,333
Otis Worldwide Corp.
	624,000		2.565		02/15/30		545,392
Parker-Hannifin Corp.
	660,000		3.250		06/14/29		606,259
	200,000		4.500		09/15/29		195,904
Republic Services, Inc.
	390,000		3.950		05/15/28		374,790
	1,000,000		4.875		04/01/29		998,304
	500,000		5.000		04/01/34		492,893
Waste Management, Inc.
	1,000,000		4.875		02/15/29		1,001,857
	1,000,000		4.625		02/15/30		984,377
	336,000		1.500		03/15/31		266,920
Westinghouse Air Brake Technologies Corp.
	316,000		3.450		11/15/26		300,842
	306,000		4.700		09/15/28		299,114
							13,787,558
Communications – 4.1%
Charter Communications Operating LLC / Charter
Communications Operating Capital
	798,000		4.908		07/23/25		787,268
	261,000		3.750		02/15/28		240,786
	414,000		4.200		03/15/28		389,141
	214,000		2.250		01/15/29		181,034
	128,000		5.050		03/30/29		122,623
	343,000		2.800		04/01/31		276,879
	200,000		2.300		02/01/32		152,194
	425,000		6.384		10/23/35		410,826
	308,000		5.375		04/01/38		263,964
	300,000		3.500		06/01/41		199,301
	572,000		6.484		10/23/45		523,599
	421,000		5.375		05/01/47		332,082
	432,000		5.750		04/01/48		359,552
	430,000		5.125		07/01/49		325,474
	450,000		4.800		03/01/50		326,084
	694,000		3.700		04/01/51		421,132
	350,000		3.900		06/01/52		220,519
	100,000		5.250		04/01/53		77,555
	354,000		3.850		04/01/61		205,447
	254,000		4.400		12/01/61		163,000

  

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Communications – (continued)
Charter Communications Operating LLC / Charter
Communications Operating Capital – (continued)
$	282,000		3.950	%	06/30/62	$	167,088
	600,000		5.500		04/01/63		463,183
Comcast Corp.
	1,000,000		3.375		08/15/25		976,883
	400,000		3.150		02/15/28		375,129
	400,000		3.550		05/01/28		379,698
	400,000		4.150		10/15/28		388,306
	700,000		4.550		01/15/29		689,098
	150,000		2.650		02/01/30		132,096
	400,000		3.400		04/01/30		365,982
	300,000		4.250		10/15/30		286,811
	500,000		5.500		11/15/32		514,241
	600,000		4.250		01/15/33		562,899
	500,000		4.650		02/15/33		486,522
	300,000		7.050		03/15/33		337,131
	250,000		4.800		05/15/33		244,631
	150,000		4.200		08/15/34		138,185
	320,000		5.650		06/15/35		328,760
	400,000		4.400		08/15/35		371,099
	540,000		3.900		03/01/38		462,684
	400,000		3.969		11/01/47		316,548
	100,000		4.000		03/01/48		79,821
	400,000		4.700		10/15/48		361,233
	400,000		3.999		11/01/49		317,684
	400,000		3.450		02/01/50		287,140
	400,000		2.800		01/15/51		251,620
	800,000		2.887		11/01/51		509,790
	400,000		2.450		08/15/52		230,391
	210,000		5.350		05/15/53		204,289
	750,000		2.937		11/01/56		464,945
	336,000		4.950		10/15/58		309,181
	472,000		2.650		08/15/62		263,806
	400,000		2.987		11/01/63		240,262
Meta Platforms, Inc.
	50,000		4.800		05/15/30		50,038
Netflix, Inc.
	400,000		5.875		02/15/25		402,500
	325,000		4.375		11/15/26		321,344
	600,000		4.875		04/15/28		601,500
	690,000		5.875		11/15/28		716,565
	227,000		6.375		05/15/29		241,471
Omnicom Group Inc / Omnicom Capital, Inc.
	770,000		3.600		04/15/26		746,273
Omnicom Group, Inc.
	113,000		2.600		08/01/31		94,807
Paramount Global
	800,000		4.375		03/15/43		536,063
	1,000,000		5.850		09/01/43		810,279
Time Warner Cable Enterprises LLC
	216,000		8.375		07/15/33		239,883
Time Warner Cable LLC
	170,000		6.550		05/01/37		159,707
	304,000		7.300		07/01/38		303,132
	322,000		6.750		06/15/39		303,680
	180,000		5.875		11/15/40		155,105
	431,000		5.500		09/01/41		354,975

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Communications – (continued)
TWDC Enterprises 18 Corp., GMTN
$	290,000		4.125	%	06/01/44	$	247,958
TWDC Enterprises 18 Corp., MTN
	245,000		1.850		07/30/26		227,528
	102,000		2.950		06/15/27		96,484
Walt Disney Co. (The)
	140,000		3.350		03/24/25		137,221
	557,000		2.200		01/13/28		508,298
	110,000		2.000		09/01/29		94,865
	422,000		3.800		03/22/30		398,301
	960,000		2.650		01/13/31		834,985
	75,000		6.400		12/15/35		83,147
	400,000		6.650		11/15/37		451,875
	250,000		4.625		03/23/40		234,347
	940,000		2.750		09/01/49		608,110
	270,000		4.700		03/23/50		246,889
	200,000		3.600		01/13/51		151,841
	383,000		3.800		05/13/60		291,618
Warnermedia Holdings, Inc.
	1,200,000		3.755		03/15/27		1,137,948
	500,000		4.054		03/15/29		463,576
	1,300,000		5.050		03/15/42		1,090,237
	700,000		5.141		03/15/52		567,766
	440,000		5.391		03/15/62		353,276
							31,749,188
Consumer Cyclical – 7.7%
Amazon.com, Inc.
	391,000		0.800		06/03/25		371,386
	103,000		5.200		12/03/25		103,263
	200,000		1.200		06/03/27		178,958
	780,000		3.150		08/22/27		741,266
	473,000		1.500		06/03/30		391,542
	600,000		3.600		04/13/32		554,042
	420,000		4.800		12/05/34		419,661
	715,000		3.875		08/22/37		637,771
	400,000		2.875		05/12/41		301,270
	256,000		4.950		12/05/44		252,623
	659,000		4.050		08/22/47		565,815
	400,000		2.500		06/03/50		252,456
	1,278,000		3.100		05/12/51		902,853
	482,000		4.250		08/22/57		416,025
	400,000		2.700		06/03/60		247,330
	500,000		3.250		05/12/61		347,512
	420,000		4.100		04/13/62		349,309
American Honda Finance Corp.
	1,000,000		5.000		05/23/25		997,192
American Honda Finance Corp., MTN
	40,000		1.200		07/08/25		37,927
Booking Holdings, Inc.
	100,000		3.600		06/01/26		96,955
	136,000		4.625		04/13/30		133,571
Costco Wholesale Corp.
	232,000		3.000		05/18/27		220,881
	555,000		1.375		06/20/27		499,323
	100,000		1.600		04/20/30		83,326
	876,000		1.750		04/20/32		700,534
Dollar Tree, Inc.
	214,000		4.200		05/15/28		206,323

  

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

 

 

 

 

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Consumer Cyclical – (continued)
eBay, Inc.
$	250,000		1.900	%	03/11/25	$	241,169
	490,000		4.000		07/15/42		388,572
Expedia Group, Inc.
	300,000		3.250		02/15/30		267,670
Ford Motor Co.
	1,000,000		3.250		02/12/32		822,415
	550,000		5.291		12/08/46		475,836
Ford Motor Credit Co. LLC
	500,000		4.134		08/04/25		487,318
	500,000		4.542		08/01/26		485,294
	1,455,000		5.800		03/05/27		1,448,025
	500,000		2.900		02/16/28		449,684
	1,500,000		6.798		11/07/28		1,557,953
	300,000		2.900		02/10/29		262,346
	500,000		5.113		05/03/29		480,015
	500,000		7.350		03/06/30		528,149
	1,000,000		7.122		11/07/33		1,069,101
General Motors Co.
	500,000		6.125		10/01/25		504,380
	605,000		5.000		10/01/28		602,016
	452,000		5.600		10/15/32		449,832
	900,000		6.600		04/01/36		946,395
	273,000		5.150		04/01/38		254,348
	368,000		6.750		04/01/46		390,197
	200,000		5.400		04/01/48		178,730
	190,000		5.950		04/01/49		182,269
General Motors Financial Co., Inc.
	300,000		5.250		03/01/26		298,869
	400,000		2.350		02/26/27		367,336
	100,000		5.000		04/09/27		99,003
	600,000		2.700		08/20/27		551,379
	300,000		6.000		01/09/28		306,190
	500,000		5.850		04/06/30		508,216
	1,040,000		2.350		01/08/31		850,202
	250,000		2.700		06/10/31		206,648
Global Payments, Inc.
	1,000,000		2.900		05/15/30		861,701
	510,000		2.900		11/15/31		426,087
Home Depot, Inc. (The)
	220,000		3.350		09/15/25		214,562
	205,000		4.000		09/15/25		201,776
	318,000		3.000		04/01/26		306,484
	244,000		3.900		12/06/28		235,934
	390,000		2.950		06/15/29		355,952
	400,000		1.375		03/15/31		316,928
	400,000		1.875		09/15/31		324,141
	680,000		5.875		12/16/36		726,058
	460,000		3.300		04/15/40		360,838
	500,000		4.200		04/01/43		431,647
	150,000		4.875		02/15/44		141,069
	130,000		4.400		03/15/45		114,071
	300,000		4.250		04/01/46		257,002
	300,000		4.500		12/06/48		265,284
	300,000		3.125		12/15/49		210,019
	300,000		3.350		04/15/50		217,458
	406,000		2.375		03/15/51		238,997
	1,000,000		4.950		09/15/52		951,389

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Consumer Cyclical – (continued)
Home Depot, Inc. (The) – (continued)
$	300,000		3.500	%	09/15/56	$	221,293
Las Vegas Sands Corp.
	190,000		3.500		08/18/26		178,976
	320,000		3.900		08/08/29		290,586
Lowe’s Cos., Inc.
	500,000		4.800		04/01/26		496,873
	190,000		3.100		05/03/27		179,728
	200,000		1.300		04/15/28		173,420
	390,000		1.700		09/15/28		338,664
	280,000		1.700		10/15/30		227,266
	250,000		3.750		04/01/32		226,621
	1,690,000		5.150		07/01/33		1,680,195
	1,000,000		3.000		10/15/50		645,262
	850,000		4.250		04/01/52		683,929
	700,000		5.625		04/15/53		694,451
Marriott International, Inc., Series FF
	236,000		4.625		06/15/30		228,221
Marriott International, Inc., Series GG
	300,000		3.500		10/15/32		262,077
Marriott International, Inc., Series R
	170,000		3.125		06/15/26		162,214
Mastercard, Inc.
	90,000		2.000		03/03/25		87,127
	143,000		2.950		11/21/26		136,522
	144,000		3.300		03/26/27		138,744
	1,000,000		4.875		03/09/28		1,014,964
	132,000		2.950		06/01/29		121,308
	368,000		3.350		03/26/30		340,325
	250,000		2.000		11/18/31		205,939
	162,000		3.650		06/01/49		129,609
	400,000		3.850		03/26/50		330,754
McDonald’s Corp.
	1,000,000		5.450		08/14/53		999,541
McDonald’s Corp., MTN
	230,000		3.700		01/30/26		224,713
	304,000		3.500		03/01/27		292,511
	350,000		3.800		04/01/28		336,176
	100,000		2.625		09/01/29		89,398
	282,000		2.125		03/01/30		241,362
	150,000		3.600		07/01/30		139,219
	321,000		4.700		12/09/35		308,474
	360,000		6.300		10/15/37		392,648
	100,000		6.300		03/01/38		109,115
	150,000		4.875		12/09/45		138,145
	300,000		4.450		03/01/47		258,031
	296,000		4.450		09/01/48		255,815
	372,000		4.200		04/01/50		306,773
NIKE, Inc.
	80,000		2.400		03/27/25		77,738
	115,000		2.375		11/01/26		108,088
	190,000		2.750		03/27/27		179,196
	204,000		2.850		03/27/30		183,520
	250,000		3.250		03/27/40		198,625
	390,000		3.875		11/01/45		324,129
	340,000		3.375		03/27/50		258,367
Starbucks Corp.
	2,012,000		3.800		08/15/25		1,970,980

  

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Consumer Cyclical – (continued)
Starbucks Corp. – (continued)
$	100,000		4.000	%	11/15/28	$	96,474
	300,000		3.000		02/14/32		259,699
	250,000		4.500		11/15/48		216,462
	102,000		4.450		08/15/49		87,439
	710,000		3.500		11/15/50		521,652
Target Corp.
	184,000		2.250		04/15/25		178,268
	250,000		4.800		01/15/53		231,577
Toyota Motor Credit Corp., MTN
	20,000		1.800		02/13/25		19,353
	125,000		3.000		04/01/25		122,142
	600,000		0.800		10/16/25		561,088
	1,428,000		1.900		01/13/27		1,316,661
	200,000		3.050		03/22/27		190,222
	100,000		4.450		06/29/29		98,359
	475,000		2.150		02/13/30		408,142
	427,000		3.375		04/01/30		393,020
Visa, Inc.
	123,000		3.150		12/14/25		119,259
	100,000		1.900		04/15/27		92,241
	267,000		2.750		09/15/27		250,168
	174,000		2.050		04/15/30		149,315
	288,000		1.100		02/15/31		227,271
	920,000		4.150		12/14/35		862,302
	100,000		2.700		04/15/40		74,099
	729,000		4.300		12/14/45		653,798
	100,000		3.650		09/15/47		80,000
	200,000		2.000		08/15/50		116,448
Walmart, Inc.
	190,000		3.550		06/26/25		186,690
	100,000		3.050		07/08/26		96,273
	166,000		3.700		06/26/28		160,776
	252,000		1.500		09/22/28		221,207
	220,000		1.800		09/22/31		180,586
	455,000		5.250		09/01/35		472,652
	330,000		6.500		08/15/37		378,780
	165,000		4.050		06/29/48		142,568
	400,000		2.650		09/22/51		260,786
	940,000		4.500		09/09/52		854,940
							59,694,417
Consumer Noncyclical – 7.4%
Abbott Laboratories
	263,000		2.950		03/15/25		257,162
	568,000		3.750		11/30/26		553,813
	538,000		4.750		11/30/36		527,368
	540,000		4.900		11/30/46		524,021
AbbVie, Inc.
	1,452,000		3.800		03/15/25		1,428,937
	291,000		3.200		05/14/26		280,378
	250,000		4.250		11/14/28		244,654
	625,000		3.200		11/21/29		573,475
	425,000		4.550		03/15/35		409,046
	290,000		4.500		05/14/35		277,525
	806,000		4.050		11/21/39		713,914
	300,000		4.850		06/15/44		286,177
	379,000		4.750		03/15/45		352,536
	500,000		4.700		05/14/45		463,682

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Consumer Noncyclical – (continued)
AbbVie, Inc. – (continued)
$	304,000		4.450	%	05/14/46	$	270,138
	320,000		4.875		11/14/48		303,395
	950,000		4.250		11/21/49		822,166
Altria Group, Inc.
	800,000		2.350		05/06/25		772,624
	780,000		4.800		02/14/29		766,993
	370,000		2.450		02/04/32		296,652
	100,000		5.800		02/14/39		99,673
	270,000		3.400		02/04/41		194,276
	220,000		4.250		08/09/42		175,401
	310,000		5.375		01/31/44		301,431
	148,000		3.875		09/16/46		108,083
	690,000		5.950		02/14/49		685,673
	670,000		3.700		02/04/51		463,061
	150,000		4.000		02/04/61		106,893
Amgen, Inc.
	300,000		3.125		05/01/25		292,249
	500,000		2.200		02/21/27		461,832
	800,000		3.200		11/02/27		752,314
	800,000		5.150		03/02/28		801,652
	600,000		1.650		08/15/28		522,576
	150,000		3.000		02/22/29		137,892
	100,000		2.450		02/21/30		86,842
	500,000		2.000		01/15/32		400,144
	460,000		4.200		03/01/33		426,603
	300,000		3.150		02/21/40		225,388
	610,000		4.563		06/15/48		526,560
	712,000		3.375		02/21/50		512,617
	900,000		4.663		06/15/51		789,768
	1,000,000		4.875		03/01/53		905,155
	334,000		2.770		09/01/53		204,595
	1,220,000		4.400		02/22/62		982,669
	360,000		5.750		03/02/63		363,049
Baxter International, Inc.
	300,000		1.915		02/01/27		273,250
	100,000		3.132		12/01/51		65,283
Becton Dickinson & Co.
	200,000		3.700		06/06/27		192,005
	200,000		4.693		02/13/28		197,075
	820,000		4.669		06/06/47		730,236
Bristol-Myers Squibb Co.
	1,922,000		0.750		11/13/25		1,790,781
	1,000,000		4.950		02/20/26		999,696
	750,000		3.200		06/15/26		721,861
	400,000		3.900		02/20/28		387,700
	1,000,000		5.900		11/15/33		1,061,980
	430,000		4.550		02/20/48		382,277
	714,000		4.250		10/26/49		604,366
	600,000		2.550		11/13/50		366,101
	750,000		3.700		03/15/52		571,028
	140,000		3.900		03/15/62		105,351
Centene Corp.
	1,183,000		4.250		12/15/27		1,132,723
	400,000		2.450		07/15/28		353,500
	844,000		4.625		12/15/29		802,433
	471,000		3.000		10/15/30		403,882
	708,000		2.500		03/01/31		582,335

  

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

 

 

 

 

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Consumer Noncyclical – (continued)
Centene Corp. – (continued)
$	567,000		2.625	%	08/01/31	$	466,358
Elevance Health, Inc.
	304,000		6.100		10/15/52		328,973
Eli Lilly & Co.
	540,000		4.700		02/09/34		535,358
	190,000		3.950		03/15/49		160,266
	300,000		2.250		05/15/50		183,454
	292,000		2.500		09/15/60		169,880
Equifax, Inc.
	180,000		2.350		09/15/31		146,995
Gilead Sciences, Inc.
	500,000		2.950		03/01/27		472,668
	1,000,000		5.250		10/15/33		1,012,569
	476,000		4.000		09/01/36		424,039
	200,000		5.650		12/01/41		203,712
	500,000		4.800		04/01/44		464,166
	300,000		4.750		03/01/46		275,018
	528,000		4.150		03/01/47		439,990
	500,000		2.800		10/01/50		325,377
Johnson & Johnson
	1,490,000		0.550		09/01/25		1,397,621
	230,000		2.450		03/01/26		220,151
	300,000		1.300		09/01/30		245,669
	600,000		3.700		03/01/46		495,144
	1,000,000		3.750		03/03/47		827,003
Kenvue, Inc.
	150,000		5.200		03/22/63		146,046
Kroger Co. (The)
	500,000		3.950		01/15/50		392,216
Medtronic Global Holdings SCA
	1,000,000		4.500		03/30/33		964,814
Medtronic, Inc.
	580,000		4.375		03/15/35		548,521
	385,000		4.625		03/15/45		358,985
Merck & Co., Inc.
	750,000		0.750		02/24/26		693,598
	1,000,000		4.500		05/17/33		975,261
	500,000		2.750		12/10/51		320,702
	100,000		5.000		05/17/53		97,501
	100,000		2.900		12/10/61		62,179
	600,000		5.150		05/17/63		590,448
Mylan, Inc.
	195,000		4.550		04/15/28		187,929
	254,000		5.200		04/15/48		209,848
Philip Morris International, Inc.
	1,000,000		3.375		08/11/25		974,318
	740,000		5.000		11/17/25		737,574
	200,000		0.875		05/01/26		182,640
	1,000,000		4.750		02/12/27		990,310
	400,000		5.125		11/17/27		400,676
	800,000		5.625		09/07/33		807,861
	250,000		4.250		11/10/44		206,411
Regeneron Pharmaceuticals, Inc.
	346,000		2.800		09/15/50		216,985
Shire Acquisitions Investments Ireland DAC
	1,500,000		3.200		09/23/26		1,428,594

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Consumer Noncyclical – (continued)
Stryker Corp.
$	640,000		4.625	%	03/15/46	$	587,356
Thermo Fisher Scientific, Inc.
	1,000,000		5.086		08/10/33		1,008,354
	470,000		2.800		10/15/41		340,673
Utah Acquisition Sub, Inc.
	455,000		3.950		06/15/26		439,797
	200,000		5.250		06/15/46		163,685
Viatris, Inc.
	1,000,000		2.700		06/22/30		841,802
	423,000		4.000		06/22/50		289,456
Walgreens Boots Alliance, Inc.
	450,000		3.450		06/01/26		428,049
	106,000		4.800		11/18/44		88,335
	50,000		4.100		04/15/50		36,545
Zoetis, Inc.
	158,000		3.000		09/12/27		147,995
	410,000		4.700		02/01/43		376,330
							57,411,120
Consumer Products – 0.4%
Haleon US Capital LLC
	300,000		3.625		03/24/32		270,235
	400,000		4.000		03/24/52		320,909
Kenvue, Inc.
	300,000		5.050		03/22/28		301,743
	500,000		5.100		03/22/43		487,990
Procter & Gamble Co. (The)
	180,000		0.550		10/29/25		167,815
	200,000		2.450		11/03/26		189,094
	214,000		1.900		02/01/27		198,761
	350,000		2.850		08/11/27		330,679
	512,000		3.000		03/25/30		468,771
	350,000		1.200		10/29/30		281,744
	300,000		1.950		04/23/31		252,701
	110,000		2.300		02/01/32		93,687
							3,364,129
Electric – 3.2%
Berkshire Hathaway Energy Co.
	100,000		5.150		11/15/43		95,743
	200,000		4.450		01/15/49		169,163
	500,000		4.250		10/15/50		399,417
Consolidated Edison Co. of New York, Inc.
	600,000		5.900		11/15/53		631,579
	250,000		4.625		12/01/54		214,889
	134,000		3.600		06/15/61		96,692
Consolidated Edison Co. of New York, Inc., Series 20B
	400,000		3.950		04/01/50		321,794
Constellation Energy Generation LLC
	100,000		5.600		03/01/28		101,506
	100,000		6.500		10/01/53		110,277
Dominion Energy, Inc.
	500,000		5.375		11/15/32		497,337
Duke Energy Carolinas LLC
	1,000,000		4.950		01/15/33		988,083
	345,000		3.200		08/15/49		239,975
Duke Energy Corp.
	390,000		2.650		09/01/26		367,622

  

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Electric – (continued)
Duke Energy Corp. – (continued)
$	480,000		2.450	%	06/01/30	$	415,950
	504,000		3.750		09/01/46		374,658
	350,000		3.500		06/15/51		244,683
	316,000		5.000		08/15/52		282,715
	100,000		6.100		09/15/53		104,044
Duke Energy Florida LLC
	300,000		6.400		06/15/38		324,282
Emerson Electric Co.
	270,000		2.200		12/21/31		224,140
Entergy Louisiana LLC
	1,230,000		4.000		03/15/33		1,120,799
	242,000		4.200		09/01/48		197,926
Eversource Energy
	200,000		5.450		03/01/28		201,656
	50,000		5.125		05/15/33		48,358
Exelon Corp.
	1,500,000		5.150		03/15/28		1,495,982
	230,000		4.700		04/15/50		199,798
Georgia Power Co.
	1,000,000		4.950		05/17/33		981,438
	100,000		5.125		05/15/52		95,259
Georgia Power Co., Series A
	756,000		3.250		03/15/51		524,092
NextEra Energy Capital Holdings, Inc.
	200,000		4.450		06/20/25		197,604
	550,000		3.550		05/01/27		524,267
	400,000		4.625		07/15/27		393,978
	260,000		4.900		02/28/28		258,486
	200,000		5.250		03/15/34		196,256
NiSource, Inc.
	250,000		3.950		03/30/48		193,959
Pacific Gas and Electric Co.
	1,000,000		6.100		01/15/29		1,025,111
	100,000		4.550		07/01/30		94,247
	300,000		2.500		02/01/31		246,218
	875,000		3.250		06/01/31		751,114
	300,000		3.300		08/01/40		217,074
	100,000		3.950		12/01/47		72,789
	600,000		4.950		07/01/50		513,136
	100,000		3.500		08/01/50		67,322
	1,100,000		6.750		01/15/53		1,185,243
	495,000		6.700		04/01/53		533,889
PacifiCorp
	500,000		5.450		02/15/34		494,798
	260,000		2.900		06/15/52		159,383
	500,000		5.350		12/01/53		465,654
	940,000		5.500		05/15/54		885,219
Sempra
	538,000		3.250		06/15/27		506,037
	250,000		3.400		02/01/28		234,796
	450,000		6.000		10/15/39		454,751
	240,000		4.000		02/01/48		188,404
	(US 5 Year CMT T-Note + 2.868%)
	205,000		4.125		04/01/52(a)		189,113
Southern California Edison Co.
	250,000		4.650		10/01/43		219,400

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Electric – (continued)
Southern California Edison Co. – (continued)
$	487,000		4.000	%	04/01/47	$	380,842
	318,000		3.650		02/01/50		233,658
Southern California Edison Co., Series 20A
	220,000		2.950		02/01/51		142,178
Southern California Edison Co., Series C
	200,000		4.125		03/01/48		161,351
Southern Co. (The)
	1,056,000		3.250		07/01/26		1,009,993
	430,000		4.400		07/01/46		363,618
Southern Co. (The), Series B
	(US 5 Year CMT T-Note + 3.733%)
	300,000		4.000		01/15/51(a)		289,157
Virginia Electric and Power Co.
	100,000		5.000		04/01/33		98,093
	444,000		2.450		12/15/50		258,349
Virginia Electric and Power Co., Series A
	600,000		3.500		03/15/27		573,520
Xcel Energy, Inc.
	100,000		5.450		08/15/33		99,244
							24,948,108
Electrical – 0.0%
Emerson Electric Co.
	180,000		2.800		12/21/51		116,158
Energy – 6.3%
Baker Hughes Holdings LLC
	50,000		5.125		09/15/40		48,640
Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc.
	394,000		3.337		12/15/27		371,333
	300,000		4.080		12/15/47		242,080
BP Capital Markets America, Inc.
	129,000		3.119		05/04/26		124,024
	1,772,000		3.017		01/16/27		1,686,259
	595,000		3.937		09/21/28		571,651
	250,000		4.234		11/06/28		243,176
	197,000		1.749		08/10/30		162,680
	700,000		2.721		01/12/32		594,094
	190,000		3.000		02/24/50		127,616
	548,000		2.772		11/10/50		348,670
	578,000		2.939		06/04/51		378,095
	200,000		3.001		03/17/52		132,312
Cheniere Corpus Christi Holdings LLC
	217,000		5.875		03/31/25		217,206
	1,136,000		5.125		06/30/27		1,130,320
Cheniere Energy Partners LP
	400,000		4.500		10/01/29		376,200
	600,000		4.000		03/01/31		537,570
	500,000		3.250		01/31/32		418,750
Cheniere Energy, Inc.
	448,000		4.625		10/15/28		430,842
ConocoPhillips Co.
	370,000		5.550		03/15/54		377,323
Diamondback Energy, Inc.
	1,000,000		3.500		12/01/29		918,374
Energy Transfer LP
	208,000		4.050		03/15/25		204,834
	668,000		2.900		05/15/25		647,299

  

50  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)
Energy Transfer LP – (continued)
$	200,000		4.750	%	01/15/26	$	197,791
	200,000		5.500		06/01/27		201,062
	100,000		4.000		10/01/27		95,757
	230,000		4.950		06/15/28		226,911
	551,000		5.250		04/15/29		549,924
	540,000		3.750		05/15/30		493,178
	310,000		6.400		12/01/30		325,855
	400,000		6.500		02/01/42		418,932
	201,000		5.300		04/15/47		180,033
	283,000		5.400		10/01/47		256,926
	277,000		6.000		06/15/48		271,946
	431,000		6.250		04/15/49		440,162
	480,000		5.000		05/15/50		416,503
	400,000		5.950		05/15/54		391,472
Enterprise Products Operating LLC
	367,000		3.750		02/15/25		361,345
	326,000		3.125		07/31/29		298,383
	150,000		2.800		01/31/30		133,201
	300,000		5.350		01/31/33		304,447
	150,000		5.950		02/01/41		156,901
	207,000		4.850		08/15/42		191,405
	220,000		4.450		02/15/43		194,022
	268,000		4.850		03/15/44		246,554
	176,000		5.100		02/15/45		166,651
	220,000		4.900		05/15/46		202,730
	414,000		4.800		02/01/49		376,180
	368,000		4.200		01/31/50		304,847
	753,000		3.950		01/31/60		573,239
Enterprise Products Operating LLC, Series E
	(TSFR3M + 3.295%)
	149,000		5.250		08/16/77(a)		141,777
EOG Resources, Inc.
	233,000		4.150		01/15/26		229,090
	186,000		4.375		04/15/30		180,469
	236,000		4.950		04/15/50		221,549
Exxon Mobil Corp.
	326,000		2.992		03/19/25		318,782
	262,000		3.043		03/01/26		253,099
	130,000		2.275		08/16/26		122,542
	100,000		3.294		03/19/27		96,335
	476,000		3.482		03/19/30		444,071
	300,000		2.610		10/15/30		263,306
	560,000		4.227		03/19/40		503,187
	430,000		3.567		03/06/45		339,543
	600,000		4.114		03/01/46		511,244
	408,000		3.095		08/16/49		286,269
	628,000		4.327		03/19/50		547,001
	460,000		3.452		04/15/51		342,965
Halliburton Co.
	112,000		2.920		03/01/30		99,518
	493,000		4.850		11/15/35		476,572
	540,000		6.700		09/15/38		607,369
	300,000		7.450		09/15/39		360,854
	200,000		5.000		11/15/45		185,715
Hess Corp.
	248,000		4.300		04/01/27		241,925
	148,000		6.000		01/15/40		154,630

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Energy – (continued)
Hess Corp. – (continued)
$	323,000		5.600	%	02/15/41	$	326,243
Kinder Morgan Energy Partners LP
	188,000		5.500		03/01/44		174,775
Kinder Morgan, Inc.
	340,000		4.300		06/01/25		335,300
	420,000		2.000		02/15/31		341,328
	396,000		5.550		06/01/45		374,402
	142,000		5.050		02/15/46		123,963
	500,000		5.200		03/01/48		445,478
	200,000		3.600		02/15/51		138,019
	100,000		5.450		08/01/52		92,571
Kinder Morgan, Inc., GMTN
	1,000,000		7.750		01/15/32		1,130,591
Marathon Petroleum Corp.
	420,000		4.700		05/01/25		416,265
	200,000		4.750		09/15/44		175,681
MPLX LP
	1,000,000		1.750		03/01/26		933,048
	136,000		4.125		03/01/27		132,042
	100,000		4.800		02/15/29		98,247
	314,000		2.650		08/15/30		267,547
	350,000		4.500		04/15/38		305,757
	310,000		5.200		03/01/47		279,901
	180,000		5.500		02/15/49		169,412
	600,000		4.950		03/14/52		516,999
Occidental Petroleum Corp.
	350,000		6.625		09/01/30		369,075
	165,000		6.125		01/01/31		169,702
	230,000		7.500		05/01/31		254,361
	854,000		6.450		09/15/36		902,037
	350,000		6.600		03/15/46		372,091
ONEOK, Inc.
	500,000		5.550		11/01/26		503,788
	200,000		4.550		07/15/28		195,389
	378,000		3.100		03/15/30		335,318
	680,000		6.100		11/15/32		705,011
	200,000		5.200		07/15/48		181,447
	1,000,000		6.625		09/01/53		1,083,858
Phillips 66
	100,000		3.900		03/15/28		96,261
	390,000		4.650		11/15/34		368,595
	250,000		5.875		05/01/42		259,181
	450,000		4.875		11/15/44		413,578
Pioneer Natural Resources Co.
	270,000		1.125		01/15/26		251,231
Plains All American Pipeline LP / PAA Finance Corp.
	766,000		4.650		10/15/25		756,191
	240,000		4.500		12/15/26		235,661
	339,000		3.550		12/15/29		307,541
Sabine Pass Liquefaction LLC
	1,176,000		5.875		06/30/26		1,185,555
	430,000		5.000		03/15/27		427,850
	498,000		4.200		03/15/28		480,296
Targa Resources Corp.
	200,000		4.950		04/15/52		171,595

  

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Energy – (continued)
Targa Resources Partners LP / Targa Resources Partners Finance Corp.
$	500,000		5.500	%	03/01/30	$	496,875
	1,000,000		4.875		02/01/31		952,500
	1,100,000		4.000		01/15/32		981,750
Transcontinental Gas Pipe Line Co. LLC
	644,000		7.850		02/01/26		671,851
Valero Energy Corp.
	560,000		6.625		06/15/37		601,290
	100,000		3.650		12/01/51		70,657
Western Midstream Operating LP
	1,000,000		4.050		02/01/30		926,875
	270,000		5.250		02/01/50		239,625
Williams Cos., Inc. (The)
	280,000		4.000		09/15/25		275,100
	318,000		3.750		06/15/27		306,063
	384,000		3.500		11/15/30		347,427
	250,000		2.600		03/15/31		210,769
	642,000		6.300		04/15/40		667,973
	200,000		5.100		09/15/45		183,527
	240,000		4.850		03/01/48		211,544
							49,140,524
Financial Company – 0.9%
Air Lease Corp.
	80,000		1.875		08/15/26		73,489
	100,000		2.200		01/15/27		91,650
	362,000		3.125		12/01/30		312,400
Air Lease Corp., MTN
	1,000,000		2.875		01/15/26		953,186
	300,000		2.875		01/15/32		249,319
Ally Financial, Inc.
	400,000		5.750		11/20/25		397,954
	139,000		7.100		11/15/27		145,020
	469,000		8.000		11/01/31		515,663
	(SOFR + 2.820%)
	100,000		6.848		01/03/30(a)		101,930
Ares Capital Corp.
	250,000		3.250		07/15/25		239,871
	429,000		2.150		07/15/26		390,463
	300,000		2.875		06/15/28		263,159
Blackstone Private Credit Fund
	1,000,000		7.050		09/29/25		1,012,641
	349,000		2.625		12/15/26		315,345
	630,000		3.250		03/15/27		576,677
GE Capital International Funding Co Unlimited Co.
	1,772,000		4.418		11/15/35		1,658,422
							7,297,189
Food and Beverage – 2.0%
Coca-Cola Co. (The)
	700,000		3.375		03/25/27		675,257
	250,000		1.450		06/01/27		226,357
	250,000		1.500		03/05/28		222,245
	240,000		1.000		03/15/28		209,478
	102,000		2.125		09/06/29		89,794
	656,000		3.450		03/25/30		613,419
	193,000		1.650		06/01/30		161,713
	255,000		2.000		03/05/31		212,645

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Food and Beverage – (continued)
Coca-Cola Co. (The) – (continued)
$	240,000		1.375	%	03/15/31	$	192,026
	210,000		2.500		06/01/40		150,205
	110,000		2.875		05/05/41		82,494
	430,000		2.600		06/01/50		278,309
	200,000		3.000		03/05/51		140,924
	250,000		2.500		03/15/51		156,910
	220,000		2.750		06/01/60		140,813
Conagra Brands, Inc.
	200,000		5.300		11/01/38		189,324
Constellation Brands, Inc.
	298,000		3.150		08/01/29		270,944
J M Smucker Co. (The)
	500,000		6.500		11/15/53		543,414
Keurig Dr Pepper, Inc.
	299,000		3.200		05/01/30		269,724
	100,000		3.800		05/01/50		76,407
	412,000		4.500		04/15/52		349,444
Kraft Heinz Foods Co.
	665,000		3.000		06/01/26		635,102
	250,000		6.875		01/26/39		282,050
	507,000		5.000		06/04/42		469,887
	552,000		4.375		06/01/46		459,667
	410,000		4.875		10/01/49		365,811
Molson Coors Beverage Co.
	820,000		3.000		07/15/26		781,446
	190,000		5.000		05/01/42		177,368
	370,000		4.200		07/15/46		302,483
Mondelez International, Inc.
	435,000		2.750		04/13/30		384,442
	490,000		2.625		09/04/50		307,213
PepsiCo, Inc.
	256,000		2.250		03/19/25		248,481
	467,000		2.750		04/30/25		454,569
	1,000,000		5.250		11/10/25		1,004,054
	160,000		2.850		02/24/26		153,922
	166,000		2.375		10/06/26		156,448
	218,000		3.000		10/15/27		205,768
	96,000		2.625		07/29/29		86,522
	210,000		2.750		03/19/30		187,417
	210,000		1.625		05/01/30		174,658
	100,000		1.400		02/25/31		79,980
	400,000		1.950		10/21/31		327,685
	262,000		2.625		10/21/41		187,999
	300,000		4.450		04/14/46		271,286
	252,000		3.450		10/06/46		195,517
	180,000		2.875		10/15/49		124,598
	130,000		3.625		03/19/50		102,527
Sysco Corp.
	200,000		3.750		10/01/25		195,019
	550,000		3.300		07/15/26		528,677
	547,000		3.250		07/15/27		520,309
	329,000		5.950		04/01/30		342,876
	270,000		6.600		04/01/50		305,856
							15,271,483
Healthcare – 4.4%
Aetna, Inc.
	140,000		6.625		06/15/36		152,349

  

52  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)
Aetna, Inc. – (continued)
$	314,000		3.875	%	08/15/47	$	235,857
Cigna Group (The)
	2,382,000		4.125		11/15/25		2,345,130
	1,210,000		4.375		10/15/28		1,179,991
	300,000		4.800		08/15/38		279,652
	130,000		4.800		07/15/46		117,112
	674,000		4.900		12/15/48		600,774
	290,000		3.400		03/15/50		204,911
	472,000		3.400		03/15/51		333,588
	790,000		5.600		02/15/54		784,763
CVS Health Corp.
	1,094,000		4.100		03/25/25		1,080,944
	556,000		3.875		07/20/25		545,369
	90,000		2.875		06/01/26		85,651
	358,000		3.000		08/15/26		340,279
	478,000		3.625		04/01/27		458,341
	350,000		1.300		08/21/27		308,386
	815,000		4.300		03/25/28		792,474
	513,000		3.250		08/15/29		467,742
	140,000		5.125		02/21/30		139,401
	210,000		1.750		08/21/30		170,782
	400,000		5.250		02/21/33		396,968
	1,016,000		4.780		03/25/38		929,709
	246,000		4.125		04/01/40		203,091
	160,000		2.700		08/21/40		109,767
	176,000		5.300		12/05/43		164,937
	520,000		5.125		07/20/45		474,596
	968,000		5.050		03/25/48		863,861
	50,000		4.250		04/01/50		40,275
	1,078,000		5.875		06/01/53		1,081,236
Danaher Corp.
	340,000		2.800		12/10/51		221,002
Elevance Health, Inc.
	200,000		1.500		03/15/26		185,972
	552,000		3.650		12/01/27		528,300
	1,000,000		4.101		03/01/28		967,218
	150,000		2.875		09/15/29		134,645
	300,000		2.550		03/15/31		253,633
	84,000		4.625		05/15/42		74,901
	309,000		4.650		01/15/43		280,216
	174,000		4.650		08/15/44		156,207
	340,000		4.375		12/01/47		289,922
	118,000		4.550		03/01/48		103,395
	300,000		3.125		05/15/50		206,247
GE HealthCare Technologies, Inc.
	500,000		5.905		11/22/32		520,877
HCA, Inc.
	1,820,000		5.250		04/15/25		1,815,450
	330,000		5.875		02/15/26		331,650
	628,000		5.250		06/15/26		624,860
	188,000		5.375		09/01/26		187,530
	555,000		4.500		02/15/27		543,206
	180,000		5.200		06/01/28		179,877
	100,000		5.625		09/01/28		100,750
	50,000		5.875		02/01/29		50,938
	404,000		4.125		06/15/29		380,380
	500,000		3.500		09/01/30		447,136

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Healthcare – (continued)
HCA, Inc. – (continued)
$	100,000		5.125	%	06/15/39	$	93,500
	315,000		5.500		06/15/47		293,934
	410,000		5.250		06/15/49		369,200
	220,000		3.500		07/15/51		149,816
	415,000		4.625		03/15/52		341,778
Humana, Inc.
	300,000		3.700		03/23/29		280,576
	864,000		5.875		03/01/33		891,440
UnitedHealth Group, Inc.
	188,000		3.750		07/15/25		184,568
	100,000		3.100		03/15/26		96,610
	100,000		3.450		01/15/27		96,408
	400,000		2.950		10/15/27		375,706
	590,000		2.300		05/15/31		495,904
	678,000		4.200		05/15/32		642,315
	500,000		5.350		02/15/33		512,216
	748,000		4.625		07/15/35		722,027
	390,000		5.800		03/15/36		413,871
	828,000		4.250		03/15/43		723,119
	1,000,000		4.750		07/15/45		929,477
	573,000		4.450		12/15/48		505,642
	300,000		3.700		08/15/49		232,150
	700,000		3.250		05/15/51		491,721
	311,000		4.750		05/15/52		284,152
	500,000		3.875		08/15/59		384,994
	846,000		6.050		02/15/63		925,341
							33,908,713
Insurance – 1.6%
American International Group, Inc.
	204,000		4.800		07/10/45		188,600
	301,000		4.750		04/01/48		273,355
	200,000		4.375		06/30/50		170,199
American International Group, Inc., Series A-9
	(3M USD LIBOR + 2.868%)
	262,000		5.750		04/01/48(a)		259,455
Aon Corp.
	190,000		2.800		05/15/30		164,953
Aon Corp. / Aon Global Holdings PLC
	352,000		3.900		02/28/52		264,570
Berkshire Hathaway Finance Corp.
	112,000		1.450		10/15/30		91,291
	530,000		2.875		03/15/32		463,415
	100,000		4.250		01/15/49		87,880
	430,000		2.850		10/15/50		284,749
	50,000		2.500		01/15/51		30,946
	850,000		3.850		03/15/52		677,871
Berkshire Hathaway, Inc.
	100,000		4.500		02/11/43		94,418
Chubb INA Holdings, Inc.
	472,000		4.350		11/03/45		418,442
Corebridge Financial, Inc.
	240,000		3.500		04/04/25		234,594
	410,000		3.650		04/05/27		390,029
	320,000		3.900		04/05/32		282,374
	1,000,000		5.750		01/15/34		1,000,249
Equitable Holdings, Inc.
	600,000		4.350		04/20/28		578,313

  

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Insurance – (continued)
Equitable Holdings, Inc. – (continued)
$	426,000		5.000	%	04/20/48	$	388,860
Everest Reinsurance Holdings, Inc.
	424,000		3.500		10/15/50		302,871
Marsh & McLennan Cos., Inc.
	175,000		4.375		03/15/29		171,098
	100,000		2.250		11/15/30		84,611
	206,000		4.900		03/15/49		192,100
MetLife, Inc.
	150,000		4.550		03/23/30		147,090
	400,000		5.700		06/15/35		413,385
	468,000		6.400		12/15/36		473,020
	256,000		4.125		08/13/42		217,748
	250,000		4.875		11/13/43		230,571
	350,000		4.600		05/13/46		312,655
	270,000		5.000		07/15/52		252,616
Prudential Financial, Inc.
	(3M USD LIBOR + 3.031%)
	1,007,000		5.375		05/15/45(a)		992,389
	(3M USD LIBOR + 2.380%)
	195,000		4.500		09/15/47(a)		184,522
	210,000		3.905		12/07/47		165,398
	246,000		3.935		12/07/49		195,490
	(US 5 Year CMT T-Note + 3.035%)
	192,000		3.700		10/01/50(a)		168,158
Prudential Financial, Inc., MTN
	300,000		5.700		12/14/36		309,676
	250,000		4.600		05/15/44		222,985
	235,000		4.350		02/25/50		198,433
	260,000		3.700		03/13/51		198,372
Travelers Cos., Inc. (The)
	440,000		3.050		06/08/51		302,436
							12,080,187
Metals and Mining – 0.0%
Newmont Corp.
	270,000		2.250		10/01/30		225,732
Pharmaceuticals – 0.1%
Viatris, Inc.
	560,000		3.850		06/22/40		416,220
REITs and Real Estate – 0.9%
Boston Properties LP
	200,000		3.650		02/01/26		192,247
	1,000,000		2.450		10/01/33		742,886
Digital Realty Trust LP
	300,000		5.550		01/15/28		303,795
	830,000		3.600		07/01/29		765,047
Equinix, Inc.
	270,000		3.200		11/18/29		243,394
	204,000		2.150		07/15/30		169,092
	200,000		2.500		05/15/31		167,253
GLP Capital LP / GLP Financing II, Inc.
	580,000		5.375		04/15/26		575,517
	236,000		5.300		01/15/29		229,589
	130,000		3.250		01/15/32		108,230
Prologis LP
	140,000		1.250		10/15/30		111,364

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
REITs and Real Estate – (continued)
Prologis LP – (continued)
$	1,000,000		5.125	%	01/15/34	$	990,409
Realty Income Corp.
	200,000		3.250		01/15/31		177,375
Simon Property Group LP
	160,000		3.300		01/15/26		154,461
	68,000		3.250		11/30/26		64,947
	332,000		2.450		09/13/29		289,992
	174,000		2.650		07/15/30		151,019
	284,000		3.250		09/13/49		199,408
	220,000		3.800		07/15/50		167,608
VICI Properties LP
	300,000		4.750		02/15/28		290,765
	400,000		4.950		02/15/30		381,675
	400,000		5.125		05/15/32		376,116
Welltower OP LLC
	290,000		4.250		04/15/28		280,458
	276,000		3.100		01/15/30		246,746
							7,379,393
Revenue – 0.2%
Ascension Health
	200,000		3.945		11/15/46		167,671
Ascension Health, Series B
	352,000		2.532		11/15/29		312,943
CommonSpirit Health
	220,000		3.347		10/01/29		199,907
	217,000		4.350		11/01/42		186,479
	200,000		4.187		10/01/49		160,736
Kaiser Foundation Hospitals
	295,000		4.150		05/01/47		252,127
Kaiser Foundation Hospitals, Series 2019
	286,000		3.266		11/01/49		208,905
Kaiser Foundation Hospitals, Series 2021
	125,000		2.810		06/01/41		91,072
	300,000		3.002		06/01/51		206,055
							1,785,895
Software – 1.7%
Oracle Corp.
	1,440,000		6.150		11/09/29		1,505,989
	300,000		2.950		04/01/30		264,881
	1,940,000		6.250		11/09/32		2,050,201
	600,000		3.900		05/15/35		516,368
	645,000		3.800		11/15/37		533,477
	1,265,000		3.600		04/01/40		982,606
	400,000		3.650		03/25/41		308,693
	1,179,000		4.125		05/15/45		935,783
	490,000		4.000		11/15/47		374,742
	1,650,000		6.900		11/09/52		1,865,869
	1,000,000		4.375		05/15/55		785,275
	1,215,000		3.850		04/01/60		843,982
	500,000		4.100		03/25/61		366,553
Salesforce, Inc.
	800,000		3.700		04/11/28		771,363
	500,000		1.950		07/15/31		410,318
	700,000		2.900		07/15/51		466,209
Workday, Inc.
	100,000		3.500		04/01/27		95,413

  

54  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)
Software – (continued)
Workday, Inc. – (continued)
$	180,000		3.800	%	04/01/32	$	162,448
							13,240,170
Technology – 8.2%
Adobe, Inc.
	192,000		3.250		02/01/25		188,547
	82,000		2.150		02/01/27		76,542
	450,000		2.300		02/01/30		392,997
Alphabet, Inc.
	182,000		1.998		08/15/26		171,251
	50,000		0.800		08/15/27		44,174
	114,000		1.100		08/15/30		92,470
	1,240,000		1.900		08/15/40		822,024
	823,000		2.050		08/15/50		489,148
	747,000		2.250		08/15/60		430,473
Analog Devices, Inc.
	75,000		3.500		12/05/26		72,437
	204,000		1.700		10/01/28		178,202
Apple, Inc.
	112,000		2.500		02/09/25		109,176
	91,000		1.125		05/11/25		86,921
	50,000		0.550		08/20/25		46,970
	479,000		0.700		02/08/26		442,295
	517,000		3.250		02/23/26		501,671
	424,000		2.450		08/04/26		401,998
	750,000		2.050		09/11/26		702,501
	120,000		3.000		06/20/27		113,779
	692,000		2.900		09/12/27		652,540
	218,000		3.000		11/13/27		206,367
	488,000		1.200		02/08/28		428,516
	110,000		1.400		08/05/28		96,059
	320,000		3.250		08/08/29		299,783
	336,000		1.650		05/11/30		280,708
	118,000		1.250		08/20/30		95,686
	790,000		1.650		02/08/31		651,352
	300,000		1.700		08/05/31		244,088
	625,000		4.500		02/23/36		615,654
	102,000		2.375		02/08/41		71,954
	695,000		3.850		05/04/43		593,005
	310,000		4.450		05/06/44		290,766
	505,000		3.450		02/09/45		399,768
	350,000		4.375		05/13/45		320,144
	422,000		4.650		02/23/46		398,105
	306,000		3.850		08/04/46		257,217
	208,000		4.250		02/09/47		186,564
	270,000		3.750		09/12/47		220,416
	446,000		3.750		11/13/47		364,421
	793,000		2.950		09/11/49		555,376
	594,000		2.650		05/11/50		386,664
	239,000		2.400		08/20/50		148,428
	940,000		2.650		02/08/51		603,865
	570,000		3.950		08/08/52		476,955
	325,000		2.800		02/08/61		205,636
	960,000		2.850		08/05/61		607,531
Applied Materials, Inc.
	130,000		3.300		04/01/27		124,624
	650,000		1.750		06/01/30		542,106
	236,000		4.350		04/01/47		209,751

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Technology – (continued)
Automatic Data Processing, Inc.
$	350,000		3.375	%	09/15/25	$	342,180
	450,000		1.700		05/15/28		401,872
Broadcom Corp. / Broadcom Cayman Finance Ltd.
	659,000		3.875		01/15/27		638,449
	598,000		3.500		01/15/28		563,589
Broadcom, Inc.
	380,000		3.459		09/15/26		365,366
	500,000		1.950		02/15/28(b)		442,482
	605,000		4.750		04/15/29		594,677
	274,000		4.150		11/15/30		256,934
	570,000		2.450		02/15/31(b)		475,836
	470,000		4.300		11/15/32		436,173
	805,000		3.419		04/15/33(b)		687,410
	290,000		3.469		04/15/34(b)		245,853
	600,000		3.137		11/15/35(b)		477,040
	650,000		3.187		11/15/36(b)		511,721
	600,000		3.500		02/15/41(b)		456,593
	360,000		3.750		02/15/51(b)		269,137
Cisco Systems, Inc.
	600,000		5.900		02/15/39		643,462
Dell International LLC / EMC Corp.
	1,425,000		4.900		10/01/26		1,414,668
	100,000		5.250		02/01/28		100,677
	200,000		5.300		10/01/29		200,682
	50,000		5.750		02/01/33		51,544
	250,000		8.100		07/15/36		300,447
	500,000		3.375		12/15/41		367,500
Fidelity National Information Services, Inc.
	570,000		1.150		03/01/26		527,420
Fiserv, Inc.
	150,000		3.850		06/01/25		147,024
	440,000		3.200		07/01/26		420,781
	1,000,000		5.450		03/02/28		1,008,296
	300,000		4.200		10/01/28		287,946
	500,000		3.500		07/01/29		459,234
	400,000		4.400		07/01/49		334,511
Hewlett Packard Enterprise Co.
	300,000		4.900		10/15/25		297,893
	300,000		6.350		10/15/45		309,763
HP, Inc.
	1,000,000		5.500		01/15/33		1,000,063
IBM International Capital Pte Ltd.
	910,000		5.300		02/05/54		874,716
Intel Corp.
	600,000		3.400		03/25/25		588,603
	1,000,000		3.700		07/29/25		979,698
	1,200,000		4.875		02/10/26		1,196,374
	290,000		3.150		05/11/27		275,026
	1,600,000		4.000		08/05/29		1,536,986
	700,000		5.125		02/10/30		705,968
	250,000		3.900		03/25/30		235,360
	500,000		4.900		07/29/45		473,655
	500,000		4.100		05/19/46		416,318
	250,000		3.734		12/08/47		191,498
	260,000		4.900		08/05/52		239,402
	1,000,000		5.700		02/10/53		1,019,112
	500,000		3.100		02/15/60		317,794

  

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Technology – (continued)
Intel Corp. – (continued)
$	500,000		3.200	%	08/12/61	$	323,096
International Business Machines Corp.
	260,000		4.000		07/27/25		256,046
	250,000		3.450		02/19/26		242,559
	655,000		1.700		05/15/27		591,396
	1,086,000		1.950		05/15/30		909,007
	540,000		4.150		05/15/39		471,646
	180,000		4.000		06/20/42		149,964
	300,000		4.250		05/15/49		251,835
	300,000		2.950		05/15/50		198,300
	500,000		4.900		07/27/52		463,436
Intuit, Inc.
	500,000		5.200		09/15/33		507,018
KLA Corp.
	130,000		4.100		03/15/29		126,076
	100,000		3.300		03/01/50		72,076
	100,000		4.950		07/15/52		94,818
	412,000		5.250		07/15/62		398,667
Lam Research Corp.
	238,000		4.000		03/15/29		229,557
	228,000		1.900		06/15/30		191,226
	220,000		4.875		03/15/49		206,992
	352,000		2.875		06/15/50		238,325
Leidos, Inc.
	300,000		4.375		05/15/30		283,875
	627,000		2.300		02/15/31		512,980
	300,000		5.750		03/15/33		303,854
Meta Platforms, Inc.
	1,000,000		4.600		05/15/28		996,061
	100,000		3.850		08/15/32		92,730
	750,000		4.950		05/15/33		750,309
	800,000		4.450		08/15/52		700,774
Microsoft Corp.
	1,348,000		2.700		02/12/25		1,318,688
	133,000		3.125		11/03/25		129,331
	240,000		2.400		08/08/26		227,190
	87,000		3.300		02/06/27		84,149
	960,000		3.500		02/12/35		872,531
	470,000		3.450		08/08/36		414,619
	81,000		4.100		02/06/37		76,368
	264,000		4.450		11/03/45		250,901
	300,000		3.700		08/08/46		250,951
	270,000		4.250		02/06/47		248,298
	1,047,000		2.525		06/01/50		674,431
	620,000		2.500		09/15/50(b)		395,402
	1,040,000		2.921		03/17/52		720,155
	632,000		2.675		06/01/60		399,562
	400,000		3.041		03/17/62		273,775
Motorola Solutions, Inc.
	624,000		4.600		05/23/29		604,984
	430,000		2.750		05/24/31		357,740
NVIDIA Corp.
	475,000		1.550		06/15/28		420,286
	400,000		2.000		06/15/31		334,182
	150,000		3.500		04/01/40		125,847
	660,000		3.500		04/01/50		519,058

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Technology – (continued)
PayPal Holdings, Inc.
$	250,000		1.650	%	06/01/25	$	239,260
	1,060,000		4.400		06/01/32		1,015,107
	50,000		3.250		06/01/50		35,131
QUALCOMM, Inc.
	235,000		3.450		05/20/25		230,521
	304,000		3.250		05/20/27		290,954
	200,000		1.300		05/20/28		174,511
	126,000		2.150		05/20/30		108,155
	1,000,000		1.650		05/20/32		781,123
	320,000		4.650		05/20/35		314,458
	396,000		4.800		05/20/45		373,077
	250,000		4.300		05/20/47		218,040
	470,000		4.500		05/20/52		419,016
Texas Instruments, Inc.
	1,000,000		4.150		05/15/48		852,286
VMware LLC
	300,000		1.400		08/15/26		272,645
	100,000		3.900		08/21/27		95,371
							63,666,084
Transportation – 0.9%
Burlington Northern Santa Fe LLC
	100,000		4.450		03/15/43		88,885
	200,000		4.900		04/01/44		188,687
	200,000		4.150		04/01/45		168,997
	100,000		3.900		08/01/46		80,626
	280,000		4.150		12/15/48		234,225
	600,000		3.300		09/15/51		430,673
	1,112,000		4.450		01/15/53		982,558
CSX Corp.
	270,000		4.100		03/15/44		227,560
	200,000		3.800		11/01/46		157,932
	300,000		4.500		11/15/52		264,175
FedEx Corp.
	180,000		2.400		05/15/31		150,376
	344,000		5.100		01/15/44		319,957
	430,000		4.750		11/15/45		379,045
	974,000		4.550		04/01/46		829,235
FedEx Corp. 2020-1 Class AA Pass Through Trust, Series 2020-1,
Class AA
	40,642		1.875		02/20/34		33,386
Union Pacific Corp.
	180,000		2.400		02/05/30		157,119
	1,588,000		2.800		02/14/32		1,366,278
	278,000		3.799		10/01/51		220,798
	95,000		2.950		03/10/52		63,726
	408,000		3.839		03/20/60		311,331
	446,000		3.799		04/06/71		327,824
							6,983,393
Water – 0.0%
American Water Capital Corp.
	355,000		4.450		06/01/32		340,109
Wireless – 5.3%
American Tower Corp.
	250,000		4.000		06/01/25		245,180
	556,000		3.375		10/15/26		530,998
	200,000		2.750		01/15/27		186,488

  

56  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)
Wireless – (continued)
American Tower Corp. – (continued)
$	361,000		3.800	%	08/15/29	$	334,442
	80,000		2.900		01/15/30		70,162
	300,000		1.875		10/15/30		241,566
	590,000		5.900		11/15/33		606,082
	251,000		3.100		06/15/50		163,825
AT&T, Inc.
	1,000,000		5.539		02/20/26		997,525
	551,000		3.800		02/15/27		532,743
	346,000		4.250		03/01/27		338,329
	339,000		2.300		06/01/27		310,323
	75,000		1.650		02/01/28		66,106
	300,000		4.100		02/15/28		289,117
	912,000		4.350		03/01/29		881,175
	1,729,000		4.300		02/15/30		1,655,188
	389,000		2.750		06/01/31		331,059
	428,000		2.250		02/01/32		343,442
	630,000		2.550		12/01/33		497,477
	690,000		5.400		02/15/34		690,485
	685,000		4.500		05/15/35		633,115
	140,000		4.850		03/01/39		129,873
	330,000		4.350		06/15/45		277,013
	435,000		4.750		05/15/46		382,604
	293,000		4.500		03/09/48		246,015
	225,000		4.550		03/09/49		190,612
	538,000		3.650		06/01/51		386,706
	130,000		3.300		02/01/52		89,092
	1,560,000		3.500		09/15/53		1,082,309
	1,358,000		3.550		09/15/55		930,476
	530,000		3.800		12/01/57		375,820
	1,119,000		3.650		09/15/59		762,867
	192,000		3.850		06/01/60		136,771
Crown Castle, Inc.
	420,000		3.700		06/15/26		404,362
	500,000		5.000		01/11/28		493,703
Sprint Capital Corp.
	640,000		6.875		11/15/28		684,400
	1,064,000		8.750		03/15/32		1,288,105
Sprint LLC
	940,000		7.625		02/15/25		949,718
T-Mobile USA, Inc.
	390,000		1.500		02/15/26		362,960
	500,000		2.250		02/15/26		471,760
	800,000		3.750		04/15/27		769,959
	655,000		4.950		03/15/28		652,060
	50,000		4.800		07/15/28		49,465
	300,000		2.625		02/15/29		266,800
	700,000		3.375		04/15/29		644,353
	900,000		3.875		04/15/30		837,622
	1,060,000		2.550		02/15/31		896,844
	300,000		2.875		02/15/31		259,237
	408,000		2.250		11/15/31		331,808
	408,000		2.700		03/15/32		340,894
	500,000		5.050		07/15/33		491,773
	500,000		5.750		01/15/34		517,465
	640,000		4.375		04/15/40		563,256
	500,000		3.000		02/15/41		362,537
	600,000		4.500		04/15/50		510,755

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Wireless – (continued)
T-Mobile USA, Inc. – (continued)
$	400,000		3.300	%	02/15/51	$	277,175
	100,000		5.650		01/15/53		100,404
	500,000		5.750		01/15/54		508,437
	300,000		3.600		11/15/60		209,224
	100,000		5.800		09/15/62		102,252
Verizon Communications, Inc.
	154,000		3.376		02/15/25		151,136
	1,825,000		0.850		11/20/25		1,695,054
	930,000		1.450		03/20/26		863,240
	559,000		4.125		03/16/27		544,781
	250,000		3.000		03/22/27		236,062
	710,000		2.100		03/22/28		634,320
	922,000		4.329		09/21/28		895,418
	771,000		4.016		12/03/29		733,103
	384,000		3.150		03/22/30		344,634
	236,000		1.500		09/18/30		190,313
	85,000		1.680		10/30/30		68,683
	670,000		2.550		03/21/31		567,310
	650,000		2.355		03/15/32		527,308
	985,000		5.050		05/09/33		978,822
	220,000		4.272		01/15/36		199,554
	445,000		5.250		03/16/37		446,334
	1,460,000		2.650		11/20/40		1,008,704
	610,000		3.400		03/22/41		471,108
	60,000		6.550		09/15/43		66,384
	650,000		4.862		08/21/46		600,099
	401,000		4.522		09/15/48		351,890
	400,000		2.875		11/20/50		257,970
	800,000		3.550		03/22/51		585,652
	150,000		2.987		10/30/56		94,638
	446,000		3.000		11/20/60		271,217
	555,000		3.700		03/22/61		389,988
							41,456,035
TOTAL CORPORATE OBLIGATIONS (Cost $673,109,975)							625,385,628
Foreign Corporate Debt – 17.9%
Banks – 10.9%
Australia & New Zealand Banking Group Ltd. (Australia)
	590,000		5.088		12/08/25		590,416
Australia & New Zealand Banking Group Ltd., MTN (Australia)
	400,000		3.700		11/16/25		391,331
	250,000		4.750		01/18/27		248,769
Banco Bilbao Vizcaya Argentaria SA (Spain)
	200,000		1.125		09/18/25		187,061
Banco Santander SA (Spain)
	1,432,000		2.746		05/28/25		1,382,123
	800,000		5.179		11/19/25		790,992
	600,000		1.849		03/25/26		557,706
	800,000		4.250		04/11/27		772,608
	310,000		4.379		04/12/28		298,042
	600,000		6.607		11/07/28		631,559
	325,000		3.490		05/28/30		291,936
	(US 1 Year CMT T-Note + 0.900%)
	600,000		1.722		09/14/27(a)		542,786

  

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Corporate Debt – (continued)
Banks – (continued)
	(US 1 Year CMT T-Note + 1.600%)
$	336,000		3.225	%	11/22/32(a)	$	277,306
Bank of Montreal (Canada)
	750,000		5.203		02/01/28		753,343
	(5 Year USD Swap + 1.432%)
	810,000		3.803		12/15/32(a)		749,516
Bank of Montreal, MTN (Canada)
	750,000		1.850		05/01/25		720,405
Bank of Nova Scotia (The) (Canada)
	190,000		2.200		02/03/25		184,454
	448,000		1.300		06/11/25		425,712
	566,000		4.500		12/16/25		555,552
	1,000,000		1.050		03/02/26		922,633
	220,000		2.700		08/03/26		207,705
	80,000		1.950		02/02/27		73,504
	750,000		4.850		02/01/30		741,957
	530,000		2.450		02/02/32		435,651
Barclays PLC (United Kingdom)
	1,140,000		3.650		03/16/25		1,116,505
	1,035,000		4.375		01/12/26		1,012,855
	210,000		5.200		05/12/26		207,711
	850,000		4.836		05/09/28		819,383
	330,000		5.250		08/17/45		316,037
	436,000		4.950		01/10/47		398,121
	(SOFR + 2.714%)
	200,000		2.852		05/07/26(a)		193,522
	(US 1 Year CMT T-Note + 3.300%)
	1,000,000		7.385		11/02/28(a)		1,058,307
	(US 1 Year CMT T-Note + 1.200%)
	424,000		2.667		03/10/32(a)		346,643
	(US 1 Year CMT T-Note + 3.000%)
	595,000		5.746		08/09/33(a)		588,657
	(SOFR + 2.980%)
	1,000,000		6.224		05/09/34(a)		1,015,995
	(SOFR + 3.570%)
	500,000		7.119		06/27/34(a)		519,375
	(US 5 Year CMT T-Note + 2.900%)
	960,000		3.564		09/23/35(a)		810,032
	(US 1 Year CMT T-Note + 1.700%)
	500,000		3.811		03/10/42(a)		375,285
	(US 1 Year CMT T-Note + 1.300%)
	1,000,000		3.330		11/24/42(a)		725,509
Canadian Imperial Bank of Commerce (Canada)
	1,000,000		3.945		08/04/25		981,031
	1,000,000		3.600		04/07/32		900,025
Cooperatieve Rabobank UA (Netherlands)
	1,105,000		3.750		07/21/26		1,059,398
	145,000		5.250		05/24/41		146,832
	250,000		5.750		12/01/43		252,832
	485,000		5.250		08/04/45		473,729

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Corporate Debt – (continued)
Banks – (continued)
Credit Suisse AG (Switzerland)
$	930,000		5.000	%	07/09/27	$	924,719
Deutsche Bank AG (Germany)
	(SOFR + 1.870%)
	1,000,000		2.129		11/24/26(a)		937,558
	(SOFR + 1.219%)
	1,574,000		2.311		11/16/27(a)		1,435,190
	(SOFR + 3.180%)
	800,000		6.720		01/18/29(a)		819,050
	(SOFR + 3.043%)
	260,000		3.547		09/18/31(a)		224,055
	(SOFR + 1.718%)
	370,000		3.035		05/28/32(a)		304,693
	(SOFR + 2.257%)
	200,000		3.742		01/07/33(a)		161,660
HSBC Holdings PLC (United Kingdom)
	(SOFR + 1.430%)
	200,000		2.999		03/10/26(a)		194,710
	260,000		4.375		11/23/26		252,992
	334,000		6.100		01/14/42		365,919
	(SOFR + 1.290%)
	580,000		1.589		05/24/27(a)		532,216
	(SOFR + 1.100%)
	340,000		2.251		11/22/27(a)		312,635
	(TSFR3M + 1.808%)
	1,455,000		4.041		03/13/28(a)		1,396,730
	(SOFR + 2.610%)
	710,000		5.210		08/11/28(a)		703,773
	(SOFR + 1.732%)
	200,000		2.013		09/22/28(a)		176,613
	(SOFR + 3.350%)
	290,000		7.390		11/03/28(a)		307,611
	(SOFR + 1.970%)
	1,155,000		6.161		03/09/29(a)		1,174,580
	(TSFR3M + 1.796%)
	1,100,000		4.583		06/19/29(a)		1,060,850
	(TSFR3M + 1.872%)
	771,000		3.973		05/22/30(a)		715,888
	(SOFR + 2.870%)
	502,000		5.402		08/11/33(a)		493,749
	(SOFR + 4.250%)
	1,036,000		8.113		11/03/33(a)		1,161,316
	(SOFR + 2.390%)
	1,420,000		6.254		03/09/34(a)		1,477,267
	(SOFR + 2.980%)
	1,000,000		6.547		06/20/34(a)		1,019,850
	(SOFR + 3.020%)
	300,000		7.399		11/13/34(a)		322,336
	(SOFR + 2.650%)
	400,000		6.332		03/09/44(a)		422,562
HSBC Holdings PLC, Series ** (United Kingdom)
	694,000		6.500		09/15/37		714,755
ING Groep NV (Netherlands)
	(SOFR + 1.640%)
	260,000		3.869		03/28/26(a)		255,690
	200,000		3.950		03/29/27		192,732
	490,000		4.550		10/02/28		476,430
	330,000		4.050		04/09/29		312,214

  

58  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)
	(SOFR + 1.005%)
$	800,000		1.726	%	04/01/27(a)	$	740,426
	(SOFR + 1.830%)
	500,000		4.017		03/28/28(a)		479,837
	(SOFR + 1.316%)
	690,000		2.727		04/01/32(a)		579,836
	(SOFR + 2.090%)
	940,000		6.114		09/11/34(a)		972,907
Lloyds Banking Group PLC (United Kingdom)
	740,000		4.450		05/08/25		730,868
	400,000		4.582		12/10/25		392,527
	1,500,000		3.750		01/11/27		1,437,253
	940,000		4.375		03/22/28		907,084
	200,000		5.300		12/01/45		187,244
	490,000		4.344		01/09/48		386,303
	(3M USD LIBOR + 1.205%)
	1,420,000		3.574		11/07/28(a)		1,330,502
Mitsubishi UFJ Financial Group, Inc. (Japan)
	290,000		2.193		02/25/25		281,021
	190,000		3.961		03/02/28		182,944
	194,000		3.741		03/07/29		183,233
	440,000		3.751		07/18/39		376,941
	(US 1 Year CMT T-Note + 1.080%)
	260,000		5.719		02/20/26(a)		260,432
	(US 1 Year CMT T-Note + 0.830%)
	1,300,000		2.341		01/19/28(a)		1,196,406
	(US 1 Year CMT T-Note + 1.950%)
	800,000		5.017		07/20/28(a)		794,701
	(US 1 Year CMT T-Note + 1.900%)
	300,000		5.354		09/13/28(a)		301,439
	(US 1 Year CMT T-Note + 1.380%)
	1,800,000		5.422		02/22/29(a)		1,812,573
	(US 1 Year CMT T-Note + 0.950%)
	200,000		2.309		07/20/32(a)		162,990
	(US 1 Year CMT T-Note + 1.100%)
	300,000		2.852		01/19/33(a)		252,346
	(US 1 Year CMT T-Note + 2.125%)
	200,000		5.133		07/20/33(a)		197,181
	(US 1 Year CMT T-Note + 1.630%)
	1,000,000		5.441		02/22/34(a)		1,010,234
Mizuho Financial Group, Inc. (Japan)
	490,000		2.839		09/13/26		460,985
	300,000		2.564		09/13/31		243,189
	(US 1 Year CMT T-Note + 0.670%)
	500,000		1.234		05/22/27(a)		457,088
	(US 1 Year CMT T-Note + 1.500%)
	300,000		5.667		05/27/29(a)		303,529

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Corporate Debt – (continued)
Banks – (continued)
	(TSFR3M + 1.532%)
$	800,000		4.254	%	09/11/29(a)	$	767,687
	300,000		1.979		09/08/31(a)		242,419
	(TSFR3M + 1.392%)
	430,000		3.153		07/16/30(a)		385,761
	(US 1 Year CMT T-Note + 1.300%)
	1,000,000		5.579		05/26/35(a)		1,004,612
National Australia Bank Ltd. (Australia)
	500,000		4.787		01/10/29		497,258
NatWest Group PLC (United Kingdom)
	846,000		4.800		04/05/26		835,556
	(US 1 Year CMT T-Note + 0.900%)
	870,000		1.642		06/14/27(a)		795,918
	(US 1 Year CMT T-Note + 2.550%)
	355,000		3.073		05/22/28(a)		328,426
	(3M USD LIBOR + 1.754%)
	345,000		4.892		05/18/29(a)		336,052
	(3M USD LIBOR + 1.905%)
	470,000		5.076		01/27/30(a)		460,491
	(3M USD LIBOR + 1.871%)
	370,000		4.445		05/08/30(a)		350,475
	(US 5 Year CMT T-Note + 2.350%)
	420,000		3.032		11/28/35(a)		347,482
Royal Bank of Canada (Canada)
	230,000		1.200		04/27/26		212,268
	800,000		3.625		05/04/27		767,482
Royal Bank of Canada, GMTN (Canada)
	920,000		0.875		01/20/26		852,507
	263,000		4.650		01/27/26		260,673
	250,000		5.200		07/20/26		250,983
	264,000		1.400		11/02/26		240,160
	500,000		4.240		08/03/27		487,324
	1,000,000		4.900		01/12/28		997,198
	1,000,000		4.950		02/01/29		994,376
	250,000		2.300		11/03/31		205,093
	300,000		5.000		02/01/33		295,378
	300,000		5.000		05/02/33		295,163
Royal Bank of Canada, MTN (Canada)
	230,000		1.150		06/10/25		218,565
Santander UK Group Holdings PLC (United Kingdom)
	(SOFR + 0.989%)
	520,000		1.673		06/14/27(a)		472,374
	(3M USD LIBOR + 1.400%)
	1,260,000		3.823		11/03/28(a)		1,174,879
Sumitomo Mitsui Financial Group, Inc. (Japan)
	380,000		1.402		09/17/26		346,251
	240,000		3.446		01/11/27		230,006
Toronto-Dominion Bank (The) (Canada)
	500,000		4.456		06/08/32		478,055
Toronto-Dominion Bank (The), MTN (Canada)
	740,000		4.693		09/15/27		731,383
UBS AG (Switzerland)
	500,000		4.500		06/26/48		461,424

  

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Corporate Debt – (continued)
Banks – (continued)
UBS Group AG (Switzerland)
$	440,000		4.550	%	04/17/26	$	432,476
	1,000,000		4.875		05/15/45		927,264
	(SOFR + 3.730%)
	1,000,000		4.194		04/01/31(a)(b)		922,599
Westpac Banking Corp. (Australia)
	40,000		2.350		02/19/25		38,908
	200,000		2.850		05/13/26		190,574
	190,000		1.150		06/03/26		174,827
	290,000		3.350		03/08/27		277,438
	130,000		5.457		11/18/27		132,444
	40,000		3.400		01/25/28		37,915
	211,000		2.650		01/16/30		186,881
	400,000		2.150		06/03/31		331,149
	186,000		4.421		07/24/39		161,638
	100,000		2.963		11/16/40		68,473
	550,000		3.133		11/18/41		382,868
	(US 5 Year CMT T-Note + 1.350%)
	1,026,000		2.894		02/04/30(a)		995,662
	(US 5 Year CMT T-Note + 2.000%)
	340,000		4.110		07/24/34(a)		311,221
	(US 5 Year CMT T-Note + 1.750%)
	300,000		2.668		11/15/35(a)		245,056
	(US 5 Year CMT T-Note + 1.530%)
	450,000		3.020		11/18/36(a)		366,574
Westpac Banking Corp., GMTN (Australia)
	(5 Year USD Swap + 2.236%)
	286,000		4.322		11/23/31(a)		274,051
							84,304,910
Beverages – 0.0%
Coca-Cola Femsa SAB de CV (Mexico)
	280,000		2.750		01/22/30		247,281
Brokerage – 0.4%
Brookfield Finance, Inc. (Canada)
	686,000		3.900		01/25/28		657,339
	120,000		4.850		03/29/29		118,448
	279,000		4.350		04/15/30		263,159
	237,000		4.700		09/20/47		201,988
Nomura Holdings, Inc. (Japan)
	300,000		2.172		07/14/28		261,514
	300,000		2.679		07/16/30		254,476
	550,000		2.608		07/14/31		453,305
	780,000		2.999		01/22/32		653,898
							2,864,127
Consumer Cyclical – 0.0%
Honda Motor Co. Ltd. (Japan)
	243,000		2.967		03/10/32		213,955
Toyota Motor Corp. (Japan)
	80,000		1.339		03/25/26		74,330
							288,285
Consumer Noncyclical – 1.6%
Astrazeneca Finance LLC (United Kingdom)
	100,000		1.200		05/28/26		92,110

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Corporate Debt – (continued)
Consumer Noncyclical – (continued)
Astrazeneca Finance LLC (United Kingdom) – (continued)
$	400,000		4.875	%	03/03/28	$	399,427
	1,000,000		4.850		02/26/29		1,001,676
AstraZeneca PLC (United Kingdom)
	1,000,000		3.375		11/16/25		972,941
	1,000,000		4.000		01/17/29		964,219
	500,000		6.450		09/15/37		563,735
	200,000		4.375		08/17/48		177,933
	100,000		3.000		05/28/51		69,637
BAT Capital Corp. (United Kingdom)
	634,000		3.215		09/06/26		603,839
	352,000		4.700		04/02/27		346,350
	792,000		3.557		08/15/27		747,896
	330,000		2.259		03/25/28		292,445
	410,000		2.726		03/25/31		338,408
	524,000		4.390		08/15/37		428,533
	353,000		4.540		08/15/47		265,641
	204,000		4.758		09/06/49		157,443
	318,000		3.984		09/25/50		217,624
	150,000		7.081		08/02/53		156,037
BAT International Finance PLC (United Kingdom)
	259,000		1.668		03/25/26		240,190
	1,126,000		4.448		03/16/28		1,085,954
GlaxoSmithKline Capital, Inc. (United Kingdom)
	900,000		3.875		05/15/28		870,740
	511,000		6.375		05/15/38		574,401
Novartis Capital Corp. (Switzerland)
	1,000,000		2.000		02/14/27		927,071
	200,000		4.400		05/06/44		182,431
	120,000		4.000		11/20/45		102,214
	200,000		2.750		08/14/50		133,431
Reynolds American, Inc. (United Kingdom)
	180,000		5.700		08/15/35		172,447
	324,000		5.850		08/15/45		294,859
Takeda Pharmaceutical Co. Ltd. (Japan)
	250,000		3.175		07/09/50		172,274
							12,551,906
Consumer Products – 0.2%
Unilever Capital Corp. (United Kingdom)
	100,000		2.900		05/05/27		94,647
	500,000		3.500		03/22/28		478,072
	500,000		2.125		09/06/29		434,963
	132,000		5.900		11/15/32		140,770
							1,148,452
Electric – 0.0%
Emera U.S. Finance LP (Canada)
	200,000		4.750		06/15/46		162,728
Energy – 1.1%
BP Capital Markets PLC (United Kingdom)
	191,000		3.279		09/19/27		180,783
	144,000		3.723		11/28/28		136,815
	(US 5 Year CMT T-Note + 4.398%)
	400,000		4.875		12/22/71(a)		377,500
	(US 5 Year CMT T-Note + 4.036%)
	385,000		4.375		09/22/72(a)		380,669

  

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
Foreign Corporate Debt – (continued)
Energy – (continued)
Canadian Natural Resources Ltd. (Canada)
$	409,000		3.850	%	06/01/27	$	392,386
	300,000		6.250		03/15/38		308,092
Canadian Natural Resources Ltd., GMTN (Canada)
	214,000		4.950		06/01/47		187,242
Enbridge, Inc. (Canada)
	484,000		3.125		11/15/29		437,248
	400,000		2.500		08/01/33		315,637
	(3M U.S. T-Bill MMY + 3.903%)
	570,000		6.250		03/01/78(a)		547,200
Shell International Finance BV (Netherlands)
	279,000		3.250		05/11/25		273,098
	239,000		2.875		05/10/26		229,032
	130,000		2.500		09/12/26		122,864
	714,000		3.875		11/13/28		690,364
	654,000		2.375		11/07/29		577,837
	400,000		2.750		04/06/30		356,679
	328,000		4.125		05/11/35		303,601
	352,000		4.375		05/11/45		310,097
	306,000		4.000		05/10/46		250,764
	230,000		3.750		09/12/46		182,433
	282,000		3.125		11/07/49		197,540
	300,000		3.000		11/26/51		201,217
TotalEnergies Capital International SA (France)
	174,000		2.829		01/10/30		156,853
	231,000		2.986		06/29/41		172,247
	370,000		3.461		07/12/49		275,856
	500,000		3.127		05/29/50		348,181
	220,000		3.386		06/29/60		153,618
TotalEnergies Capital SA (France)
	96,000		3.883		10/11/28		92,649
							8,158,502
Financial Company – 0.4%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland)
	450,000		6.500		07/15/25		454,306
	952,000		2.450		10/29/26		879,378
	300,000		3.000		10/29/28		270,244
	200,000		5.100		01/19/29		197,093
	632,000		3.300		01/30/32		534,502
	300,000		3.400		10/29/33		249,403
	480,000		3.850		10/29/41		374,529
							2,959,455
Food and Beverage – 1.4%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium)
	44,000		3.650		02/01/26		42,918
	1,480,000		4.700		02/01/36		1,418,135
	1,866,000		4.900		02/01/46		1,748,090
Anheuser-Busch InBev Finance, Inc. (Belgium)
	866,000		4.625		02/01/44		788,097
	600,000		4.900		02/01/46		556,128
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
	536,000		4.000		04/13/28		520,173
	628,000		4.750		01/23/29		624,162
	281,000		4.900		01/23/31		282,846

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Corporate Debt – (continued)
Food and Beverage – (continued)
Anheuser-Busch InBev Worldwide, Inc. (Belgium) – (continued)
$	293,000		4.375	%	04/15/38	$	268,408
	340,000		5.450		01/23/39		346,441
	100,000		4.350		06/01/40		89,795
	244,000		4.950		01/15/42		233,759
	58,000		4.600		04/15/48		52,171
	756,000		4.439		10/06/48		663,556
	632,000		5.550		01/23/49		649,300
	214,000		4.750		04/15/58		193,805
	832,000		5.800		01/23/59		884,418
Diageo Capital PLC (United Kingdom)
	200,000		1.375		09/29/25		188,582
	700,000		2.375		10/24/29		614,302
	420,000		5.625		10/05/33		437,432
							10,602,518
Forest Products & Paper – 0.1%
Suzano Austria GmbH (Brazil)
	300,000		6.000		01/15/29		299,504
Suzano Austria GmbH, Series DM3N (Brazil)
	968,000		3.125		01/15/32		794,639
							1,094,143
Insurance – 0.2%
AXA SA (France)
	560,000		8.600		12/15/30		663,135
Manulife Financial Corp. (Canada)
	(5 Year USD Swap + 1.647%)
	100,000		4.061		02/24/32(a)		95,578
	530,000		3.703		03/16/32		482,511
	186,000		5.375		03/04/46		182,440
							1,423,664
Internet – 0.0%
Alibaba Group Holding Ltd. (China)
	400,000		4.400		12/06/57		325,779
Lodging – 0.2%
Sands China Ltd. (Macau)
	290,000		5.125		08/08/25		284,925
	500,000		4.050		01/08/26		481,250
	740,000		5.400		08/08/28		720,575
							1,486,750
Metals – 0.0%
ArcelorMittal SA (Luxembourg)
	270,000		6.550		11/29/27		281,737
Mining – 0.2%
Southern Copper Corp. (Mexico)
	941,000		7.500		07/27/35		1,079,575
	206,000		6.750		04/16/40		225,106
	166,000		5.250		11/08/42		156,493
	206,000		5.875		04/23/45		205,898
							1,667,072

  

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Corporate Debt – (continued)
Oil Company-Integrated – 0.1%
Ecopetrol SA (Colombia)
$	1,000,000		4.625	%	11/02/31	$	824,278
Pharmaceuticals – 0.0%
Astrazeneca Finance LLC (United Kingdom)
	300,000		2.250		05/28/31		252,858
Technology – 0.3%
NXP BV / NXP Funding LLC / NXP USA, Inc. (China)
	1,000,000		4.300		06/18/29		954,569
	226,000		3.400		05/01/30		202,354
	263,000		2.500		05/11/31		217,549
	533,000		2.650		02/15/32		439,424
	285,000		5.000		01/15/33		276,351
							2,090,247
Telecommunications – 0.2%
America Movil SAB de CV (Mexico)
	200,000		4.700		07/21/32		192,450
	1,000,000		6.375		03/01/35		1,088,250
	100,000		6.125		03/30/40		104,908
	440,000		4.375		07/16/42		380,676
							1,766,284
Wireless – 0.2%
Vodafone Group PLC (United Kingdom)
	300,000		4.125		05/30/25		295,622
	419,000		6.150		02/27/37		440,193
	50,000		4.375		02/19/43		42,333
	390,000		4.875		06/19/49		340,524
	330,000		4.250		09/17/50		260,237
							1,378,909
Wirelines – 0.4%
Deutsche Telekom International Finance BV (Germany)
	590,000		8.750		06/15/30		696,452
Orange SA (France)
	740,000		9.000		03/01/31		897,883
	100,000		5.375		01/13/42		98,865
Telefonica Emisiones SA (Spain)
	500,000		7.045		06/20/36		552,262
	500,000		4.665		03/06/38		446,758
	500,000		4.895		03/06/48		432,203
							3,124,423
TOTAL FOREIGN CORPORATE DEBT (Cost $145,327,736)							139,004,308

Shares		Dividend Rate	Value
Investment Company – 0.4%(c)
Goldman Sachs Financial Square Government Fund - Institutional Shares
	3,009,189	5.219%	$	3,009,189
(Cost $3,009,189)
TOTAL INVESTMENTS – 98.9% (Cost $821,446,900)			$	767,399,125
OTHER ASSETS IN EXCESS OF LIABILITIES – 1.1%				8,845,889
NET ASSETS – 100.0%			$	776,245,014

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on February 29, 2024.
(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
MMY	—Money Market Yield
MTN	—Medium Term Note
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust
SOFR	—Secured Overnight Financing Rate
SOFRINDX	—Secured Overnight Financing Rate Index
T-Bill	—Treasury Bill
TSFR	—Term Secured Overnight Financing Rate

  

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

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate(a)			Maturity Date	Value
U.S. Treasury Bills - 80.9%
U.S. Treasury Bills
$	10,000,000		5.397	%	04/02/24	$	9,953,154
	3,656,000		5.404		04/02/24		3,638,873
	4,447,000		5.348		04/04/24		4,424,887
	350,000		5.350		04/04/24		348,260
	125,000		5.353		04/04/24		124,378
	300,000		5.356		04/04/24		298,508
	1,950,000		5.359		04/04/24		1,940,304
	383,000		5.372		04/04/24		381,096
	4,732,000		5.378		04/04/24		4,708,470
	850,000		5.382		04/04/24		845,773
	475,000		5.387		04/04/24		472,638
	16,109,900		5.389		04/04/24		16,029,793
	125,000		5.391		04/04/24		124,378
	5,624,700		5.393		04/04/24		5,596,731
	106,864,900		5.394		04/04/24		106,333,509
	14,507,400		5.406		04/09/24		14,424,708
	7,523,500		5.421		04/09/24		7,480,616
	1,882,400		5.558		04/11/24		1,871,131
	266,000		5.381		04/16/24		264,209
	476,000		5.387		04/16/24		472,794
	390,000		5.391		04/16/24		387,373
	39,689,600		5.394		04/16/24		39,422,303
	36,160,700		5.399		04/16/24		35,917,169
	358,471,000		5.401		04/16/24		356,056,807
	110,000		5.386		04/18/24		109,227
	122,258,200		5.523		04/18/24		121,399,233
	136,000		5.329		04/23/24		134,945
	272,000		5.340		04/23/24		269,890
	408,000		5.344		04/23/24		404,835
	2,618,000		5.346		04/23/24		2,597,690
	170,000		5.347		04/23/24		168,681
	442,000		5.348		04/23/24		438,571
	272,000		5.352		04/23/24		269,890
	3,128,000		5.353		04/23/24		3,103,734
	238,000		5.357		04/23/24		236,154
	3,298,000		5.362		04/23/24		3,272,415
	102,000		5.363		04/23/24		101,209
	1,156,000		5.367		04/23/24		1,147,032
	6,370,000		5.372		04/23/24		6,320,583
	68,000		5.374		04/23/24		67,472
	748,000		5.375		04/23/24		742,197
	173,384,300		5.383		04/23/24		172,039,231
	175,000		5.395		04/23/24		173,642
	272,433,500		5.413		04/23/24		270,320,034
	152,000		5.336		04/25/24		150,777
	1,326,000		5.343		04/25/24		1,315,331
	168,000		5.346		04/25/24		166,648
	96,000		5.348		04/25/24		95,228
	96,000		5.351		04/25/24		95,228
	1,164,000		5.352		04/25/24		1,154,634
	149,098,700		5.358		04/25/24		147,899,018
	144,000		5.360		04/25/24		142,841
	897,000		5.362		04/25/24		889,783
	266,000		5.364		04/25/24		263,860
	60,000		5.365		04/25/24		59,517
	936,000		5.370		04/25/24		928,469
	195,000		5.371		04/25/24		193,431
	7,098,000		5.383		04/25/24		7,040,888
	55,500,800		5.549		04/25/24		55,054,228

Principal Amount		Interest Rate(a)			Maturity Date	Value
U.S. Treasury Bills – (continued)
U.S. Treasury Bills – (continued)
$	4,013,800		5.367	%	04/30/24	$	3,978,574
	133,000		5.368		05/02/24		131,794
	966,100		5.369		05/02/24		957,339
	238,000		5.374		05/02/24		235,842
	35,000		5.378		05/02/24		34,683
	35,106,700		5.525		05/02/24		34,788,346
	143,500		5.369		05/07/24		142,099
	3,678,700		5.382		05/09/24		3,641,788
	3,396,000		5.383		05/09/24		3,361,925
	32,000		5.340		05/14/24		31,656
	76,000		5.349		05/14/24		75,184
	312,000		5.365		05/14/24		308,649
	308,000		5.366		05/14/24		304,692
	23,180,700		5.368		05/14/24		22,931,714
	307,900		5.388		05/16/24		304,507
	676,000		5.299		05/23/24		667,848
	416,000		5.301		05/23/24		410,983
	5,044,000		5.307		05/23/24		4,983,170
	264,940,700		5.311		05/23/24		261,745,571
	624,000		5.319		05/23/24		616,475
	416,000		5.327		05/23/24		410,983
	728,000		5.331		05/23/24		719,220
	4,004,000		5.338		05/23/24		3,955,713
	260,000		5.339		05/23/24		256,864
	208,000		5.347		05/23/24		205,492
	4,056,000		5.349		05/23/24		4,007,085
	364,000		5.356		05/23/24		359,610
	988,000		5.364		05/23/24		976,085
	1,768,000		5.370		05/23/24		1,746,678
	9,646,000		5.385		05/23/24		9,529,671
	265,000		5.399		05/23/24		261,804
	184,000		5.342		05/28/24		181,654
	250,502,200		5.348		05/28/24		247,308,217
	322,000		5.360		05/28/24		317,894
	893,000		5.368		05/28/24		881,614
	1,598,000		5.369		05/28/24		1,577,625
	8,554,000		5.370		05/28/24		8,444,934
	235,000		5.378		05/28/24		232,004
	319,719,700		5.401		05/30/24		315,559,677
	166,524,000		5.359		06/04/24		164,234,552
	570,000		5.367		06/04/24		562,163
	150,000		5.378		06/04/24		147,938
	1,020,000		5.379		06/04/24		1,005,977
	5,920,800		5.378		06/06/24		5,837,819
	5,044,000		5.224		06/20/24		4,963,349
	208,000		5.227		06/20/24		204,674
	364,000		5.234		06/20/24		358,180
	676,000		5.238		06/20/24		665,191
	416,000		5.241		06/20/24		409,348
	416,000		5.243		06/20/24		409,348
	624,000		5.245		06/20/24		614,023
	728,000		5.247		06/20/24		716,360
	156,000		5.248		06/20/24		153,506
	104,000		5.249		06/20/24		102,337
	265,191,600		5.256		06/20/24		260,951,300
	4,004,000		5.266		06/20/24		3,939,978
	4,316,000		5.271		06/20/24		4,246,989
	9,646,000		5.299		06/20/24		9,491,765
	159,000		5.322		06/20/24		156,458

  

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

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate(a)			Maturity Date	Value
U.S. Treasury Bills – (continued)
U.S. Treasury Bills – (continued)
$	848,000		5.323	%	06/20/24	$	834,441
	2,067,000		5.362		06/20/24		2,033,950
	175,069,800		5.401		06/25/24		172,130,364
	218,965,900		5.205		07/25/24		214,404,707
	893,000		5.301		07/25/24		874,398
	1,598,000		5.324		07/25/24		1,564,713
	200,000		5.327		07/25/24		195,834
	13,515,600		5.253		08/01/24		13,222,024
	95,000		5.306		08/01/24		92,936
	170,000		5.326		08/01/24		166,307
	23,533,600		5.257		08/08/24		22,999,564
	11,339,700		5.263		08/08/24		11,082,374
	170,000		5.323		08/08/24		166,142
	456,000		5.324		08/08/24		445,652
	44,570,400		5.327		08/08/24		43,558,986
	6,903,100		5.328		08/08/24		6,746,451
	816,000		5.331		08/08/24		797,483
	86,778,500		5.334		08/08/24		84,809,278
	6,903,100		5.338		08/08/24		6,746,451
	8,627,400		5.339		08/08/24		8,431,623
	224,291,000		5.328		08/22/24		218,761,219
	200,000		5.330		08/22/24		195,069
	76,806,500		5.340		08/22/24		74,912,875
	50,000,000		5.346		08/22/24		48,767,275
	2,548,000		5.062		09/05/24		2,480,900
	476,000		5.110		09/05/24		463,465
	266,000		5.146		09/05/24		258,995
	70,000		5.150		09/05/24		68,157
	73,262,600		5.474		09/05/24		71,333,267
	2,532,800		5.485		10/03/24		2,457,861
	40,000		4.877		10/31/24		38,670
	57,000		4.900		10/31/24		55,105
	125,000		4.903		10/31/24		120,844
	76,000		4.914		10/31/24		73,473
	152,000		4.928		10/31/24		146,946
	152,000		4.929		10/31/24		146,946
	228,000		4.946		10/31/24		220,419
	95,000		4.947		10/31/24		91,841
	247,000		4.951		10/31/24		238,787
	80,000		4.965		10/31/24		77,340
	266,000		4.969		10/31/24		257,156
	1,463,000		4.973		10/31/24		1,414,356
	1,482,000		4.976		10/31/24		1,432,724
	399,000		4.981		10/31/24		385,733
	3,640,000		5.020		10/31/24		3,518,972
	133,000		5.035		10/31/24		128,578
	665,000		5.071		10/31/24		642,889
	120,000		5.113		10/31/24		116,010
	380,000		5.121		10/31/24		367,365
	798,000		5.163		10/31/24		771,467
	98,347,100		5.166		10/31/24		95,077,101
	680,000		5.169		10/31/24		657,390
	100,000		5.183		10/31/24		96,675
	67,489,300		5.198		10/31/24		65,245,309
	152,000		5.360		10/31/24		146,946
	60,000		5.363		10/31/24		58,005
	2,328,000		4.772		11/29/24		2,241,885
	192,000		4.798		11/29/24		184,898
	312,000		4.870		11/29/24		300,459

Principal Amount		Interest Rate(a)			Maturity Date	Value
U.S. Treasury Bills – (continued)
U.S. Treasury Bills – (continued)
$	96,000		4.889	%	11/29/24	$	92,449
	288,000		4.893		11/29/24		277,347
	192,000		4.904		11/29/24		184,898
	336,000		4.924		11/29/24		323,571
	120,000		4.928		11/29/24		115,561
	1,872,000		4.939		11/29/24		1,802,753
	1,848,000		4.958		11/29/24		1,779,640
	168,000		4.990		11/29/24		161,785
	4,550,000		5.017		11/29/24		4,381,690
	456,000		5.093		11/29/24		439,132
	816,000		5.150		11/29/24		785,815
	23,283,100		5.162		11/29/24		22,421,831
	125,000		5.171		11/29/24		120,376
	28,900,000		5.177		11/29/24		27,830,955
	28,939,900		5.193		11/29/24		27,869,379
	2,315,200		5.195		11/29/24		2,229,558
	30,647,200		5.196		11/29/24		29,513,524
	8,859,300		5.207		11/29/24		8,531,584
	16,878,400		5.211		11/29/24		16,254,048
	12,501,000		5.212		11/29/24		12,038,573
	116,000		4.785		01/23/25		110,957
	159,493,400		4.807		01/23/25		152,559,143
	5,460,000		4.923		01/23/25		5,222,617
	570,000		4.987		01/23/25		545,218
	1,020,000		5.030		01/23/25		975,654
	150,000		5.055		01/23/25		143,478
	102,170,800		5.094		01/23/25		97,728,744
	222,783,100		5.069		02/20/25		212,357,630
							4,618,096,286
TOTAL U.S. TREASURY BILLS (Cost $4,618,439,137)							4,618,096,286
U.S. Treasury Notes - 19.0%
U.S. Treasury Notes
	150,000		5.258		05/15/24		148,459
	504,000		5.272		05/15/24		498,822
	72,000		5.275		05/15/24		71,260
	4,368,000		5.278		05/15/24		4,323,126
	1,872,000		5.285		05/15/24		1,852,768
	192,000		5.295		05/15/24		190,028
	432,000		5.306		05/15/24		427,562
	72,000		5.307		05/15/24		71,260
	48,000		5.308		05/15/24		47,507
	1,848,000		5.313		05/15/24		1,829,015
	2,328,000		5.317		05/15/24		2,304,083
	120,000		5.327		05/15/24		118,767
	96,000		5.331		05/15/24		95,014
	840,000		5.332		05/15/24		831,370
	336,000		5.334		05/15/24		332,548
	168,000		5.336		05/15/24		166,274
	192,000		5.350		05/15/24		190,028
	1,008,000		5.355		05/15/24		997,644
	312,000		5.363		05/15/24		308,795
	288,000		5.369		05/15/24		285,041
	528,000		5.387		05/15/24		522,576
	192,000		5.392		05/15/24		190,028
	1,872,000		5.405		05/15/24		1,852,768
	816,000		5.419		05/15/24		807,617
	456,000		5.450		05/15/24		451,315

  

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

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

 

 

 

 

 

 

Principal Amount		Interest Rate(a)			Maturity Date	Value
U.S. Treasury Notes – (continued)
U.S. Treasury Notes – (continued)
$	312,000		5.452	%	05/15/24	$	308,795
	120,000		5.466		05/15/24		118,767
	240,000		5.484		05/15/24		237,534
	96,000		5.496		05/15/24		95,014
	112,684,800		5.503		05/15/24		111,527,139
	72,000		5.511		05/15/24		71,260
	240,000		5.514		05/15/24		237,534
	96,000		5.518		05/15/24		95,014
	72,000		5.525		05/15/24		71,260
	480,000		5.530		05/15/24		475,069
	432,000		5.537		05/15/24		427,562
	7,561,100		5.515		06/15/24		7,450,342
	168,000		5.134		07/15/24		164,965
	441,000		5.141		07/15/24		433,033
	198,000		5.147		07/15/24		194,423
	2,037,000		5.159		07/15/24		2,000,199
	147,000		5.162		07/15/24		144,344
	168,000		5.165		07/15/24		164,965
	273,000		5.166		07/15/24		268,068
	1,638,000		5.171		07/15/24		1,608,407
	294,000		5.172		07/15/24		288,688
	168,000		5.179		07/15/24		164,965
	105,000		5.184		07/15/24		103,103
	294,000		5.191		07/15/24		288,688
	1,617,000		5.211		07/15/24		1,587,787
	735,000		5.228		07/15/24		721,721
	84,000		5.237		07/15/24		82,482
	882,000		5.240		07/15/24		866,065
	43,395,400		5.260		07/15/24		42,611,401
	78,000		5.266		07/15/24		76,591
	3,822,000		5.272		07/15/24		3,752,950
	19,283,700		5.305		07/15/24		18,935,313
	147,000		5.316		07/15/24		144,344
	105,000		5.327		07/15/24		103,103
	399,000		5.332		07/15/24		391,792
	714,000		5.347		07/15/24		701,101
	80,000		5.364		07/15/24		78,555
	780,000		5.377		07/15/24		765,908
	220,000		5.385		07/15/24		216,025
	100,000		5.402		07/15/24		98,193
	130,000		5.411		07/15/24		127,651
	414,000		5.432		07/15/24		406,521
	40,000		5.465		07/15/24		39,277
	28,683,400		5.481		07/15/24		28,165,194
	24,000		5.490		07/15/24		23,566
	10,000,000		5.501		07/15/24		9,819,336
	2,522,000		5.094		08/15/24		2,466,585
	2,028,000		5.106		08/15/24		1,983,439
	338,000		5.113		08/15/24		330,573
	49,907,000		5.119		08/15/24		48,810,410
	364,000		5.121		08/15/24		356,002
	208,000		5.123		08/15/24		203,430
	312,000		5.126		08/15/24		305,145
	105,000		5.130		08/15/24		102,693
	2,002,000		5.132		08/15/24		1,958,011
	130,000		5.144		08/15/24		127,144
	34,000		5.147		08/15/24		33,253
	51,000		5.153		08/15/24		49,879
	357,000		5.164		08/15/24		349,156

Principal Amount		Interest Rate(a)			Maturity Date	Value
U.S. Treasury Notes – (continued)
U.S. Treasury Notes – (continued)
$	68,000		5.166	%	08/15/24	$	66,506
	136,000		5.167		08/15/24		133,012
	51,000		5.168		08/15/24		49,879
	182,000		5.216		08/15/24		178,001
	595,000		5.226		08/15/24		581,926
	47,981,700		5.236		08/15/24		46,927,414
	4,732,000		5.237		08/15/24		4,628,025
	494,000		5.252		08/15/24		483,146
	48,000		5.259		08/15/24		46,945
	714,000		5.278		08/15/24		698,312
	130,000		5.287		08/15/24		127,144
	884,000		5.309		08/15/24		864,576
	64,000		5.351		08/15/24		62,594
	624,000		5.360		08/15/24		610,289
	176,000		5.367		08/15/24		172,133
	80,000		5.405		08/15/24		78,242
	104,000		5.435		08/15/24		101,715
	80,000		5.450		08/15/24		78,242
	368,000		5.459		08/15/24		359,914
	144,000		5.464		08/15/24		140,836
	32,000		5.465		08/15/24		31,297
	32,000		5.483		08/15/24		31,297
	24,000		5.506		08/15/24		23,473
	29,575,700		5.514		08/15/24		28,925,843
	160,000		5.525		08/15/24		156,484
	1,746,000		5.102		08/31/24		1,716,741
	115,000		5.103		08/31/24		113,073
	144,000		5.106		08/31/24		141,587
	36,000		5.109		08/31/24		35,397
	234,000		5.116		08/31/24		230,079
	54,000		5.121		08/31/24		53,095
	198,000		5.148		08/31/24		194,682
	216,000		5.153		08/31/24		212,380
	378,000		5.157		08/31/24		371,666
	72,000		5.166		08/31/24		70,793
	1,386,000		5.167		08/31/24		1,362,774
	252,000		5.172		08/31/24		247,777
	1,404,000		5.176		08/31/24		1,380,472
	144,000		5.182		08/31/24		141,587
	90,000		5.187		08/31/24		88,492
	72,000		5.199		08/31/24		70,793
	407,400		5.221		08/31/24		400,573
	630,000		5.240		08/31/24		619,443
	78,000		5.259		08/31/24		76,693
	26,211,500		5.269		08/31/24		25,772,253
	126,000		5.273		08/31/24		123,889
	26,208,800		5.298		08/31/24		25,769,598
	756,000		5.301		08/31/24		743,331
	36,051,000		5.398		08/31/24		35,446,864
	1,221,200		5.534		08/31/24		1,208,940
	2,619,000		4.957		09/30/24		2,563,295
	338,000		4.963		09/30/24		330,811
	312,000		4.979		09/30/24		305,364
	216,000		4.983		09/30/24		211,406
	81,000		4.987		09/30/24		79,277
	170,000		4.990		09/30/24		166,384
	81,000		4.991		09/30/24		79,277
	135,000		4.993		09/30/24		132,129
	2,322,000		5.017		09/30/24		2,272,612

  

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

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate(a)			Maturity Date	Value
U.S. Treasury Notes – (continued)
U.S. Treasury Notes – (continued)
$	54,000		5.023	%	09/30/24	$	52,851
	2,079,000		5.024		09/30/24		2,034,781
	378,000		5.026		09/30/24		369,960
	216,000		5.041		09/30/24		211,406
	108,000		5.045		09/30/24		105,703
	567,000		5.070		09/30/24		554,940
	108,000		5.082		09/30/24		105,703
	5,278,000		5.107		09/30/24		5,165,739
	13,000,000		5.116		09/30/24		12,723,496
	189,000		5.152		09/30/24		184,980
	49,141,100		5.176		09/30/24		48,095,892
	54,000		5.177		09/30/24		52,851
	945,000		5.181		09/30/24		924,900
	49,148,200		5.202		09/30/24		48,102,841
	551,000		5.208		09/30/24		539,281
	1,134,000		5.216		09/30/24		1,109,880
	33,717,200		5.230		09/30/24		33,000,051
	986,000		5.251		09/30/24		965,028
	145,000		5.272		09/30/24		141,916
	1,455,000		4.859		11/15/24		1,425,701
	56,000		4.892		11/15/24		54,304
	21,000		4.894		11/15/24		20,364
	120,000		4.899		11/15/24		117,584
	84,000		4.918		11/15/24		81,455
	171,000		4.925		11/15/24		166,277
	75,000		4.932		11/15/24		73,490
	30,000		4.933		11/15/24		29,396
	120,000		4.934		11/15/24		117,584
	95,000		4.937		11/15/24		93,087
	180,000		4.938		11/15/24		176,375
	40,000		4.939		11/15/24		38,788
	210,000		4.941		11/15/24		205,771
	251,000		4.942		11/15/24		245,377
	1,184,000		4.945		11/15/24		1,160,016
	98,000		4.949		11/15/24		95,031
	1,155,000		4.950		11/15/24		1,131,742
	60,000		4.951		11/15/24		58,792
	546,000		4.953		11/15/24		529,460
	560,000		4.959		11/15/24		543,036
	45,000		4.961		11/15/24		44,094
	56,000		4.970		11/15/24		54,304
	28,000		4.984		11/15/24		27,152
	120,000		4.990		11/15/24		117,584
	60,000		5.004		11/15/24		58,792
	147,000		5.006		11/15/24		142,547
	315,000		5.007		11/15/24		308,657
	105,000		5.028		11/15/24		102,886
	2,730,000		5.050		11/15/24		2,675,027
	525,000		5.117		11/15/24		514,428
	245,000		5.119		11/15/24		237,578
	42,000		5.129		11/15/24		40,728
	74,553,900		5.135		11/15/24		73,052,629
	133,000		5.144		11/15/24		128,971
	285,000		5.150		11/15/24		279,261
	238,000		5.166		11/15/24		230,790
	510,000		5.171		11/15/24		499,730
	294,000		5.174		11/15/24		285,094
	35,000		5.193		11/15/24		33,940
	29,481,900		5.199		11/15/24		28,588,806

Principal Amount		Interest Rate(a)			Maturity Date	Value
U.S. Treasury Notes – (continued)
U.S. Treasury Notes – (continued)
$	75,000		5.204	%	11/15/24	$	73,490
	4,743,100		5.225		11/15/24		4,599,417
	582,000		4.850		11/30/24		569,007
	18,000		4.872		11/30/24		17,598
	35,000		4.883		11/30/24		34,219
	12,000		4.901		11/30/24		11,732
	48,000		4.905		11/30/24		46,928
	30,000		4.921		11/30/24		29,330
	18,000		4.927		11/30/24		17,598
	60,000		4.941		11/30/24		58,661
	714,800		4.947		11/30/24		695,898
	48,000		4.949		11/30/24		46,928
	84,000		4.953		11/30/24		82,125
	1,299,600		4.961		11/30/24		1,264,699
	486,000		4.963		11/30/24		475,150
	48,000		4.965		11/30/24		46,928
	468,000		4.970		11/30/24		457,552
	126,000		5.003		11/30/24		123,187
	210,000		5.120		11/30/24		205,312
	28,114,900		5.130		11/30/24		27,487,257
	114,000		5.156		11/30/24		111,455
	252,000		5.160		11/30/24		246,374
	204,000		5.178		11/30/24		199,446
	30,000		5.197		11/30/24		29,330
	1,067,000		4.793		12/15/24		1,033,031
	88,000		4.813		12/15/24		85,198
	40,000		4.833		12/15/24		38,727
	22,689,700		4.844		12/15/24		21,967,352
	30,000		4.856		12/15/24		29,045
	20,000		4.865		12/15/24		19,363
	29,526,000		4.877		12/15/24		28,586,012
	30,000		4.878		12/15/24		29,045
	130,000		4.880		12/15/24		125,861
	120,000		4.888		12/15/24		116,180
	80,000		4.894		12/15/24		77,453
	88,000		4.897		12/15/24		85,198
	154,000		4.904		12/15/24		149,097
	55,000		4.916		12/15/24		53,249
	858,000		4.922		12/15/24		830,685
	847,000		4.938		12/15/24		820,035
	140,000		4.995		12/15/24		135,543
	2,002,000		5.018		12/15/24		1,938,264
	190,000		5.093		12/15/24		183,951
	340,000		5.133		12/15/24		329,176
	50,000		5.154		12/15/24		48,408
	156,000		4.824		12/31/24		154,909
	219,819,000		4.829		12/31/24		218,281,984
	5,938,000		4.923		12/31/24		5,896,480
							1,087,106,875
TOTAL U.S. TREASURY NOTES (Cost $1,087,718,823)							1,087,106,875
TOTAL INVESTMENTS - 99.9% (Cost $5,706,157,960)						$	5,705,203,161
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%							4,971,267
NET ASSETS - 100.0%						$	5,710,174,428

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

  

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

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

 

 

 

 

 

 

(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. 67

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Notes – 30.6%
U.S. Treasury Notes
$	5,005,000		2.500	%(a)	01/31/25	$	4,890,348
	17,047,000		2.000	(a)	02/15/25		16,555,424
	49,120,000		0.250	(a)	10/31/25		45,617,155
	31,203,000		1.625	(a)	05/15/26		29,290,834
	21,071,000		1.625	(a)	09/30/26		19,625,413
	7,500,000		1.500	(a)	01/31/27		6,904,724
	3,993,000		2.875	(a)	04/30/29		3,736,480
	3,831,000		2.750	(a)	05/31/29		3,558,554
	2,000,000		1.125	(a)	02/15/31		1,630,892
TOTAL U.S. TREASURY NOTES (Cost $133,087,280)							131,809,824
Mortgage-Backed Securities – 27.3%
Federal Home Loan Mortgage Corporation
	1,581,642		2.000		04/01/36		1,405,505
	2,221,723		2.000		09/01/36		1,969,631
	260,743		4.500		07/01/48		249,405
	224,113		2.500		11/01/50		186,975
	9,236,464		2.000		03/01/51		7,298,575
	2,771,175		2.000		05/01/51		2,184,674
	2,624,510		2.500		05/01/51		2,178,724
	10,944,687		2.500		08/01/51		9,153,627
	2,594,370		3.000		05/01/52		2,224,437
	976,394		3.500		05/01/52		869,135
	195,171		4.500		05/01/52		184,977
	3,625,957		3.000		08/01/52		3,148,775
	1,289,347		4.000		08/01/52		1,188,368
Federal National Mortgage Association
	442,000		1.750		07/02/24		436,801
	100,000		0.375		08/25/25		93,737
	3,826,182		2.000		08/01/36		3,384,852
	4,000,000		1.500		TBA-15yr(b)		3,450,000
	3,000,000		2.500		TBA-15yr(b)		2,719,922
	2,000,000		3.000		TBA-15yr(b)		1,853,281
	2,456,851		3.500		07/01/45		2,233,403
	63,482		4.500		06/01/48		60,722
	329,386		4.500		07/01/48		315,068
	24,191		5.000		12/01/48		24,107
	43,637		4.500		01/01/49		41,725
	35,841		4.500		08/01/49		34,672
	551,151		4.500		08/01/49		529,612
	193,241		5.000		12/01/49		190,315
	25,858		4.500		01/01/50		24,918
	107,667		4.500		03/01/50		103,089
	107,441		5.000		04/01/50		107,791
	1,491,978		2.500		06/01/50		1,245,558
	48,715		4.500		10/01/50		46,929
	80,172		4.500		10/01/50		76,511
	1,929,411		2.500		11/01/50		1,607,844
	1,912,297		2.500		01/01/51		1,583,255
	95,411		2.500		02/01/51		79,888
	520,243		2.500		03/01/51		435,550
	916,096		2.000		04/01/51		722,182
	4,009,684		2.000		05/01/51		3,161,020
	645,848		2.500		09/01/51		536,355
	2,563,275		2.500		10/01/51		2,146,084
	1,176,461		2.500		11/01/51		984,306

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Securities – (continued)
Federal National Mortgage Association – (continued)
$	1,511,732		2.500	%	11/01/51	$	1,265,615
	2,439,223		4.500		10/01/52		2,311,731
	787,531		5.000		10/01/52		764,889
	946,211		5.000		11/01/52		918,423
	1,279,271		3.500		12/01/52		1,143,852
	1,291,976		4.000		12/01/52		1,191,718
	2,000,000		1.500		TBA-30yr(b)		1,494,688
	1,000,000		2.000		TBA-30yr(b)		786,250
	4,000,000		3.000		TBA-30yr(b)		3,422,500
	5,000,000		3.500		TBA-30yr(b)		4,448,437
	6,000,000		4.000		TBA-30yr(b)		5,522,344
	5,000,000		5.500		TBA-30yr(b)		4,946,484
	2,000,000		6.000		TBA-30yr(b)		2,008,906
Government National Mortgage Association
	50,135		5.000		12/20/48		49,814
	27,140		5.000		05/20/49		26,912
	274,315		3.000		09/20/49		243,590
	100,118		4.500		03/20/50		95,708
	54,798		5.000		05/20/50		54,741
	209,112		4.000		09/20/50		198,012
	3,116,508		2.000		11/20/50		2,543,631
	730,826		3.000		07/20/51		642,619
	3,342,492		2.000		09/20/51		2,725,271
	5,615,836		2.500		09/20/51		4,760,721
	2,246,854		4.500		10/20/52		2,147,863
	1,730,552		4.000		05/20/53		1,612,507
	5,000,000		3.000		TBA-30yr(b)		4,385,937
	6,000,000		3.500		TBA-30yr(b)		5,428,594
	1,000,000		5.000		TBA-30yr(b)		977,109
	1,000,000		5.500		TBA-30yr(b)		993,594
TOTAL MORTGAGE-BACKED SECURITIES (Cost $118,800,149)							117,584,765
Corporate Obligations – 21.3%
Aerospace & Defense – 0.5%
Boeing Co. (The)
	195,000		4.875		05/01/25		193,234
	326,000		3.625		02/01/31		292,975
	300,000		5.805		05/01/50		290,544
General Dynamics Corp.
	215,000		3.625		04/01/30		200,749
Hexcel Corp.
	40,000		4.200		02/15/27		38,260
Lockheed Martin Corp.
	335,000		5.250		01/15/33		341,974
	200,000		5.700		11/15/54		211,931
RTX Corp.
	400,000		6.100		03/15/34		422,414
	200,000		6.400		03/15/54		222,637
Textron, Inc.
	80,000		3.000		06/01/30		70,072
							2,284,790
Banks – 3.7%
American Express Co.
	400,000		3.950		08/01/25		393,100

  

68  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)
Bank of America Corp.
	(SOFR + 0.960%)
$	126,000		1.734	%	07/22/27(c)	$	115,621
	(3M U.S. T-Bill MMY + 1.302%)
	200,000		3.419		12/20/28(c)		187,277
	(SOFR + 1.630%)
	500,000		5.202		04/25/29(c)		498,372
	(SOFR + 2.150%)
	180,000		2.592		04/29/31(c)		154,079
	(SOFR + 1.650%)
	500,000		5.468		01/23/35(c)		500,014
	(US 5 Year CMT T-Note + 1.200%)
	84,000		2.482		09/21/36(c)		66,662
	(3M U.S. T-Bill MMY+ 2.076%)
	204,000		4.244		04/24/38(c)		180,703
	100,000		7.750		05/14/38		120,988
Bank of America Corp., MTN
	100,000		3.875		08/01/25		98,214
	75,000		3.248		10/21/27		70,522
	(SOFR + 1.010%)
	42,000		1.197		10/24/26(c)		39,154
	(3M U.S. T-Bill MMY + 1.322%)
	80,000		3.559		04/23/27(c)		76,653
	(SOFR + 2.040%)
	262,000		4.948		07/22/28(c)		259,270
	(3M U.S. T-Bill MMY + 1.472%)
	300,000		3.974		02/07/30(c)		282,990
	(3M U.S. T-Bill MMY + 1.252%)
	200,000		2.496		02/13/31(c)		170,698
	(SOFR + 1.530%)
	40,000		1.898		07/23/31(c)		32,498
	(SOFR + 1.930%)
	176,000		2.676		06/19/41(c)		122,678
	(3M U.S. T-Bill MMY + 3.412%)
	154,000		4.083		03/20/51(c)		124,038
	(SOFR + 1.880%)
	60,000		2.831		10/24/51(c)		38,627
Bank of America Corp., Series L
	67,000		4.183		11/25/27		64,643
	73,000		4.750		04/21/45		66,642
Bank of America Corp., Series N
	(SOFR + 1.650%)
	42,000		3.483		03/13/52(c)		31,059
Bank of New York Mellon Corp. (The), MTN
	300,000		2.800		05/04/26		286,399
	250,000		3.400		01/29/28		236,490
	180,000		1.800		07/28/31		145,553
Capital One Financial Corp.
	(SOFR + 1.290%)
	108,000		2.636		03/03/26(c)		104,618

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
	(SOFR + 2.600%)
$	349,000		5.817	%	02/01/34(c)	$	346,185
Citizens Bank NA
	250,000		2.250		04/28/25		239,825
	400,000		3.750		02/18/26		385,309
Citizens Financial Group, Inc.
	255,000		2.850		07/27/26		238,148
Fifth Third Bancorp
	108,000		2.550		05/05/27		99,605
	300,000		3.950		03/14/28		284,392
	40,000		8.250		03/01/38		47,338
JPMorgan Chase & Co.
	(3M U.S. T-Bill MMY + 1.585%)
	141,000		2.005		03/13/26(c)		135,995
	40,000		7.625		10/15/26		42,522
	255,000		8.000		04/29/27		277,894
	80,000		4.250		10/01/27		78,529
	15,000		5.400		01/06/42		15,123
	40,000		4.850		02/01/44		37,634
	(SOFR + 0.800%)
	42,000		1.045		11/19/26(c)		39,054
	(3M U.S. T-Bill MMY + 1.599%)
	400,000		3.782		02/01/28(c)		384,892
	(3M U.S. T-Bill MMY + 1.642%)
	50,000		3.540		05/01/28(c)		47,548
	40,000		3.964		11/15/48(c)		32,254
	(SOFR + 1.990%)
	894,000		4.851		07/25/28(c)		886,556
	(3M U.S. T-Bill MMY + 1.592%)
	40,000		4.452		12/05/29(c)		38,548
	(3M U.S. T-Bill MMY + 1.510%)
	190,000		2.739		10/15/30(c)		166,937
	(3M U.S. T-Bill MMY + 3.790%)
	342,000		4.493		03/24/31(c)		327,450
	(3M U.S. T-Bill MMY + 1.105%)
	25,000		1.764		11/19/31(c)		20,070
	(SOFR + 1.180%)
	300,000		2.545		11/08/32(c)		247,417
	(3M U.S. T-Bill MMY + 1.622%)
	152,000		3.882		07/24/38(c)		129,517
	(SOFR + 2.440%)
	660,000		3.109		04/22/51(c)		455,282
Morgan Stanley
	(SOFR + 0.879%)
	50,000		1.593		05/04/27(c)		46,181
	(SOFR + 1.360%)
	116,000		2.484		09/16/36(c)		91,205
	244,000		4.375		01/22/47		210,946
Morgan Stanley, GMTN
	1,000,000		3.875		01/27/26		974,212

  

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

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Morgan Stanley, MTN
	(SOFR + 1.870%)
$	940,000		5.250	%	04/21/34(c)	$	924,433
PNC Financial Services Group, Inc. (The)
	(SOFR + 1.730%)
	299,000		6.615		10/20/27(c)		307,627
	(SOFR + 2.284%)
	200,000		6.875		10/20/34(c)		217,982
Synchrony Financial
	150,000		3.950		12/01/27		139,019
	100,000		2.875		10/28/31		78,265
Truist Financial Corp., MTN
	(SOFR + 1.620%)
	400,000		5.435		01/24/30(c)		394,873
	(SOFR + 1.922%)
	200,000		5.711		01/24/35(c)		199,107
U.S. Bancorp, MTN
	80,000		3.900		04/26/28		76,562
	80,000		3.000		07/30/29		71,031
	40,000		1.375		07/22/30		31,578
U.S. Bancorp, Series V
	300,000		2.375		07/22/26		281,467
U.S. Bancorp, Series X
	150,000		3.150		04/27/27		141,132
Wells Fargo & Co.
	286,000		3.000		04/22/26		272,264
	400,000		3.000		10/23/26		378,276
	128,000		5.606		01/15/44		124,990
	60,000		3.900		05/01/45		48,027
	(SOFR + 2.000%)
	255,000		2.188		04/30/26(c)		244,416
Wells Fargo & Co., MTN
	(3M U.S. T-Bill MMY + 1.572%)
	50,000		3.584		05/22/28(c)		47,392
	25,000		4.150		01/24/29		24,003
	290,000		4.750		12/07/46		252,561
	(3M U.S. T-Bill MMY + 1.262%)
	400,000		2.572		02/11/31(c)		342,359
	(3M U.S. T-Bill MMY + 4.032%)
	340,000		4.478		04/04/31(c)		323,406
Wells Fargo Bank NA
	300,000		6.600		01/15/38		323,275
							16,038,175
Basic Industry – 0.3%
Celanese U.S. Holdings LLC
	126,000		6.700		11/15/33		132,519
CF Industries, Inc.
	100,000		5.150		03/15/34		97,062
	100,000		5.375		03/15/44		93,904
Dow Chemical Co. (The)
	60,000		3.600		11/15/50		43,796
Linde, Inc.
	61,000		1.100		08/10/30		48,881
LYB International Finance III LLC
	40,000		2.250		10/01/30		33,326

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Basic Industry – (continued)
LYB International Finance III LLC – (continued)
$	323,000		3.625	%	04/01/51	$	229,274
Sherwin-Williams Co. (The)
	200,000		3.450		06/01/27		190,407
Westlake Corp.
	425,000		3.125		08/15/51		266,997
							1,136,166
Brokerage – 0.3%
Affiliated Managers Group, Inc.
	130,000		3.300		06/15/30		114,119
Cboe Global Markets, Inc.
	110,000		3.650		01/12/27		106,606
CME Group, Inc.
	125,000		3.000		03/15/25		122,210
Intercontinental Exchange, Inc.
	100,000		3.100		09/15/27		93,867
	185,000		2.100		06/15/30		155,348
	308,000		4.600		03/15/33		294,666
	78,000		3.000		06/15/50		52,482
Jefferies Financial Group, Inc.
	40,000		4.850		01/15/27		39,749
	40,000		4.150		01/23/30		37,255
	84,000		6.250		01/15/36		86,418
	20,000		6.500		01/20/43		20,810
							1,123,530
Capital Goods – 0.6%
Carrier Global Corp.
	100,000		3.577		04/05/50		73,684
Caterpillar Financial Services Corp., MTN
	110,000		3.400		05/13/25		107,720
Caterpillar, Inc.
	50,000		3.803		08/15/42		41,833
	114,000		3.250		04/09/50		84,495
CNH Industrial Capital LLC
	50,000		1.450		07/15/26		45,788
Cummins, Inc.
	53,000		2.600		09/01/50		33,279
Deere & Co.
	25,000		3.900		06/09/42		21,420
	40,000		2.875		09/07/49		27,879
	25,000		3.750		04/15/50		20,504
Flowserve Corp.
	140,000		3.500		10/01/30		123,283
Honeywell International, Inc.
	100,000		2.700		08/15/29		90,102
	188,000		1.950		06/01/30		159,033
Illinois Tool Works, Inc.
	115,000		3.900		09/01/42		97,775
John Deere Capital Corp., MTN
	126,000		4.800		01/09/26		125,738
	300,000		4.750		01/20/28		299,490
	35,000		2.800		07/18/29		31,845
	80,000		2.450		01/09/30		70,388
Otis Worldwide Corp.
	60,000		2.293		04/05/27		55,367
Republic Services, Inc.
	150,000		2.375		03/15/33		120,364

  

70  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)
Capital Goods – (continued)
Trane Technologies Financing Ltd.
$	50,000		3.800	%	03/21/29	$	47,305
Waste Management, Inc.
	50,000		0.750		11/15/25		46,460
	100,000		3.150		11/15/27		94,006
	50,000		2.500		11/15/50		31,004
Westinghouse Air Brake Technologies Corp.
	75,000		3.450		11/15/26		71,402
	117,000		4.700		09/15/28		114,367
WW Grainger, Inc.
	60,000		4.600		06/15/45		54,628
	100,000		3.750		05/15/46		80,424
Xylem, Inc.
	15,000		3.250		11/01/26		14,328
	500,000		1.950		01/30/28		446,251
							2,630,162
Communications – 0.9%
Charter Communications Operating LLC / Charter Communications Operating Capital
	74,000		4.908		07/23/25		73,005
	82,000		3.750		02/15/28		75,649
	82,000		4.200		03/15/28		77,076
	90,000		5.050		03/30/29		86,219
	40,000		2.800		04/01/31		32,289
	72,000		6.384		10/23/35		69,599
	66,000		5.375		04/01/38		56,564
	85,000		6.484		10/23/45		77,808
	60,000		5.750		04/01/48		49,938
	40,000		5.125		07/01/49		30,277
	40,000		6.834		10/23/55		38,222
	85,000		3.850		04/01/61		49,331
	60,000		4.400		12/01/61		38,504
Comcast Corp.
	500,000		3.950		10/15/25		491,606
	400,000		4.550		01/15/29		393,770
	442,000		4.250		01/15/33		414,669
	126,000		2.887		11/01/51		80,292
	110,000		5.350		05/15/53		107,009
	300,000		2.937		11/01/56		185,978
Meta Platforms, Inc.
	200,000		5.600		05/15/53		207,739
Time Warner Cable Enterprises LLC
	94,000		8.375		07/15/33		104,393
Time Warner Cable LLC
	57,000		6.750		06/15/39		53,757
	15,000		5.875		11/15/40		12,925
	57,000		5.500		09/01/41		46,946
TWDC Enterprises 18 Corp.
	15,000		4.375		08/16/41		13,259
TWDC Enterprises 18 Corp., GMTN
	15,000		4.125		06/01/44		12,825
TWDC Enterprises 18 Corp., MTN
	250,000		2.950		06/15/27		236,481
Walt Disney Co. (The)
	100,000		3.700		10/15/25		97,753
	226,000		2.200		01/13/28		206,239
	80,000		2.000		09/01/29		68,993
	80,000		3.800		03/22/30		75,507

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Communications – (continued)
Walt Disney Co. (The) – (continued)
$	90,000		3.500	%	05/13/40	$	72,359
	15,000		4.750		09/15/44		13,787
	50,000		3.600		01/13/51		37,960
							3,688,728
Consumer Cyclical – 2.0%
Amazon.com, Inc.
	152,000		3.300		04/13/27		145,879
	250,000		3.150		08/22/27		237,585
	42,000		2.100		05/12/31		35,304
	80,000		4.050		08/22/47		68,688
	15,000		2.500		06/03/50		9,467
	200,000		3.950		04/13/52		165,937
	75,000		4.250		08/22/57		64,734
	50,000		2.700		06/03/60		30,916
American Honda Finance Corp., GMTN
	160,000		5.125		07/07/28		161,311
Best Buy Co., Inc.
	190,000		4.450		10/01/28		185,787
Booking Holdings, Inc.
	84,000		4.625		04/13/30		82,500
Costco Wholesale Corp.
	40,000		3.000		05/18/27		38,083
	116,000		1.750		04/20/32		92,765
DR Horton, Inc.
	90,000		2.600		10/15/25		86,063
	100,000		1.400		10/15/27		88,140
eBay, Inc.
	84,000		6.300		11/22/32		89,137
Expedia Group, Inc.
	250,000		3.250		02/15/30		223,058
Ford Motor Credit Co. LLC
	310,000		6.798		11/07/28		321,977
	250,000		7.122		11/07/33		267,275
General Motors Co.
	110,000		5.600		10/15/32		109,472
	108,000		5.950		04/01/49		103,606
General Motors Financial Co., Inc.
	500,000		6.050		10/10/25		503,596
Home Depot, Inc. (The)
	250,000		2.800		09/14/27		234,202
	300,000		4.500		09/15/32		293,247
	63,000		3.125		12/15/49		44,104
	300,000		3.625		04/15/52		227,268
Las Vegas Sands Corp.
	125,000		3.900		08/08/29		113,510
Lennar Corp.
	152,000		4.750		11/29/27		149,520
Lowe’s Cos., Inc.
	92,000		2.625		04/01/31		78,371
	340,000		5.150		07/01/33		338,028
	200,000		5.625		04/15/53		198,415
	100,000		4.450		04/01/62		79,836
Marriott International, Inc., Series EE
	84,000		5.750		05/01/25		84,279
Marriott International, Inc., Series FF
	200,000		4.625		06/15/30		193,407

  

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

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Consumer Cyclical – (continued)
Mastercard, Inc.
$	60,000		2.000	%	03/03/25	$	58,085
	15,000		3.300		03/26/27		14,453
	100,000		3.950		02/26/48		85,077
	50,000		3.850		03/26/50		41,344
McDonald’s Corp., MTN
	160,000		3.500		03/01/27		153,953
	84,000		3.500		07/01/27		80,504
	45,000		4.700		12/09/35		43,244
	60,000		4.450		09/01/48		51,854
	170,000		5.150		09/09/52		162,050
MDC Holdings, Inc.
	121,000		2.500		01/15/31		102,245
	40,000		6.000		01/15/43		39,540
NIKE, Inc.
	20,000		3.375		03/27/50		15,198
O’Reilly Automotive, Inc.
	80,000		4.200		04/01/30		75,743
PulteGroup, Inc.
	88,000		6.375		05/15/33		92,782
Starbucks Corp.
	250,000		3.800		08/15/25		244,903
	30,000		3.750		12/01/47		23,012
Tapestry, Inc.
	33,000		4.125		07/15/27		31,391
Target Corp.
	550,000		2.250		04/15/25		532,865
Toyota Motor Credit Corp.
	76,000		3.950		06/30/25		74,901
	40,000		3.650		01/08/29		37,914
	126,000		5.550		11/20/30		130,341
Toyota Motor Credit Corp., MTN
	126,000		0.800		01/09/26		116,791
	100,000		1.150		08/13/27		88,697
	80,000		3.375		04/01/30		73,634
Visa, Inc.
	40,000		1.900		04/15/27		36,897
	77,000		0.750		08/15/27		67,663
	115,000		2.750		09/15/27		107,750
	40,000		4.300		12/14/45		35,874
Walmart, Inc.
	100,000		7.550		02/15/30		115,577
	384,000		1.800		09/22/31		315,204
	200,000		2.650		09/22/51		130,393
Western Union Co. (The)
	50,000		1.350		03/15/26		46,061
							8,371,407
Consumer Noncyclical – 1.5%
Abbott Laboratories
	60,000		3.875		09/15/25		59,066
	150,000		4.750		11/30/36		147,036
	100,000		6.000		04/01/39		109,939
	40,000		4.750		04/15/43		38,689
AbbVie, Inc.
	194,000		2.950		11/21/26		184,076
	100,000		4.625		10/01/42		91,805
	200,000		4.400		11/06/42		179,605
	84,000		4.700		05/14/45		77,899

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Consumer Noncyclical – (continued)
AbbVie, Inc. – (continued)
$	150,000		4.250	%	11/21/49	$	129,816
Agilent Technologies, Inc.
	100,000		2.750		09/15/29		89,345
Altria Group, Inc.
	115,000		3.400		05/06/30		103,578
	40,000		4.500		05/02/43		33,252
	40,000		5.375		01/31/44		38,894
	75,000		3.875		09/16/46		54,772
	92,000		5.950		02/14/49		91,423
	55,000		4.450		05/06/50		43,462
Bristol-Myers Squibb Co.
	300,000		0.750		11/13/25		279,518
	126,000		3.200		06/15/26		121,273
	50,000		3.250		02/27/27		48,008
	152,000		3.550		03/15/42		121,108
	500,000		5.500		02/22/44		508,830
Centene Corp.
	400,000		4.250		12/15/27		383,000
Elevance Health, Inc.
	300,000		5.500		10/15/32		305,630
Eli Lilly & Co.
	15,000		3.100		05/15/27		14,290
	102,000		3.375		03/15/29		96,108
	400,000		4.700		02/09/34		396,561
	44,000		3.950		03/15/49		37,114
Equifax, Inc.
	40,000		3.250		06/01/26		38,210
	42,000		2.350		09/15/31		34,299
Gilead Sciences, Inc.
	479,000		2.800		10/01/50		311,711
Johnson & Johnson
	384,000		2.100		09/01/40		262,766
Kroger Co. (The)
	25,000		3.875		10/15/46		19,062
Medtronic, Inc.
	50,000		4.375		03/15/35		47,286
Merck & Co., Inc.
	450,000		4.050		05/17/28		439,785
	200,000		5.000		05/17/53		195,002
Mylan, Inc.
	92,000		5.400		11/29/43		80,557
	77,000		5.200		04/15/48		63,615
Philip Morris International, Inc.
	350,000		4.875		02/13/26		348,640
	250,000		5.375		02/15/33		249,598
Thermo Fisher Scientific, Inc.
	300,000		5.086		08/10/33		302,506
Utah Acquisition Sub, Inc.
	75,000		5.250		06/15/46		61,382
Viatris, Inc.
	92,000		2.700		06/22/30		77,446
	15,000		4.000		06/22/50		10,264
Walgreens Boots Alliance, Inc.
	136,000		3.450		06/01/26		129,366
	40,000		4.800		11/18/44		33,334
	15,000		4.650		06/01/46		12,655
							6,501,581

  

72  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)
Consumer Products – 0.2%
Clorox Co. (The)
$	115,000		4.600	%	05/01/32	$	111,614
Colgate-Palmolive Co., MTN
	40,000		4.000		08/15/45		34,992
	15,000		3.700		08/01/47		12,443
Haleon US Capital LLC
	250,000		4.000		03/24/52		200,568
Kimberly-Clark Corp.
	125,000		6.625		08/01/37		144,632
Procter & Gamble Co. (The)
	40,000		0.550		10/29/25		37,292
	40,000		1.000		04/23/26		37,009
	126,000		2.450		11/03/26		119,129
	15,000		2.850		08/11/27		14,172
							711,851
Electric – 2.5%
AEP Transmission Co. LLC
	200,000		5.400		03/15/53		198,876
Alabama Power Co., Series 20-A
	15,000		1.450		09/15/30		12,041
Alabama Power Co., Series A
	100,000		4.300		07/15/48		85,263
Ameren Illinois Co.
	126,000		4.950		06/01/33		124,282
	150,000		5.900		12/01/52		159,897
American Electric Power Co., Inc.
	226,000		5.625		03/01/33		228,508
Atmos Energy Corp.
	100,000		2.850		02/15/52		64,340
	100,000		5.750		10/15/52		105,449
Berkshire Hathaway Energy Co.
	110,000		4.050		04/15/25		108,480
	300,000		4.600		05/01/53		257,615
Black Hills Corp.
	20,000		2.500		06/15/30		16,583
CenterPoint Energy Resources Corp.
	400,000		5.250		03/01/28		403,614
Cleco Corporate Holdings LLC
	80,000		3.375		09/15/29		69,445
Cleco Power LLC
	15,000		6.000		12/01/40		15,041
Commonwealth Edison Co.
	300,000		3.650		06/15/46		229,044
Commonwealth Edison Co., Series 123
	40,000		3.750		08/15/47		30,811
Consolidated Edison Co. of New York, Inc.
	170,000		3.850		06/15/46		133,573
	40,000		4.625		12/01/54		34,382
	100,000		4.500		05/15/58		84,443
Consolidated Edison Co. of New York, Inc., Series 08-B
	10,000		6.750		04/01/38		11,188
Consolidated Edison Co. of New York, Inc., Series 12-A
	40,000		4.200		03/15/42		33,711
Consolidated Edison Co. of New York, Inc., Series A
	15,000		4.125		05/15/49		12,114
Constellation Energy Generation LLC
	150,000		6.125		01/15/34		156,820

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Electric – (continued)
Consumers Energy Co.
$	250,000		4.625	%	05/15/33	$	241,433
Dominion Energy, Inc.
	80,000		4.250		06/01/28		77,353
Dominion Energy, Inc., Series C
	300,000		3.375		04/01/30		270,427
DTE Electric Co.
	150,000		3.950		06/15/42		120,496
	15,000		3.700		03/15/45		11,850
DTE Electric Co., Series A
	40,000		4.000		04/01/43		33,205
Duke Energy Carolinas LLC
	118,000		3.700		12/01/47		89,354
	50,000		3.950		03/15/48		39,688
Duke Energy Corp.
	126,000		2.550		06/15/31		106,651
	300,000		3.750		09/01/46		223,011
Duke Energy Florida LLC
	25,000		3.400		10/01/46		18,210
Duke Energy Indiana LLC
	50,000		6.350		08/15/38		53,580
	40,000		6.450		04/01/39		43,471
	150,000		2.750		04/01/50		93,553
Duke Energy Progress LLC
	100,000		3.450		03/15/29		93,557
	200,000		6.300		04/01/38		214,930
	15,000		4.100		05/15/42		12,467
Edison International
	266,000		5.750		06/15/27		269,034
	184,000		4.125		03/15/28		175,703
Entergy Corp.
	50,000		2.800		06/15/30		43,244
Entergy Louisiana LLC
	230,000		4.200		04/01/50		186,660
Exelon Corp.
	300,000		5.300		03/15/33		296,928
	100,000		4.450		04/15/46		84,118
Georgia Power Co., Series B
	168,000		2.650		09/15/29		148,997
	15,000		3.700		01/30/50		11,393
Interstate Power and Light Co.
	200,000		2.300		06/01/30		169,208
	40,000		3.500		09/30/49		28,538
National Rural Utilities Cooperative Finance Corp.
	40,000		2.400		03/15/30		34,637
	100,000		2.750		04/15/32		83,921
	300,000		4.023		11/01/32		276,806
NextEra Energy Capital Holdings, Inc.
	400,000		4.900		02/28/28		397,670
	300,000		5.250		03/15/34		294,384
	200,000		5.250		02/28/53		187,862
NiSource, Inc.
	184,000		5.250		03/30/28		185,194
Northern States Power Co.
	200,000		4.500		06/01/52		175,638
NSTAR Electric Co.
	15,000		3.200		05/15/27		14,276
	100,000		3.950		04/01/30		93,748

  

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

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Electric – (continued)
Oncor Electric Delivery Co. LLC
$	250,000		3.100	%	09/15/49	$	172,779
Pacific Gas and Electric Co.
	100,000		3.450		07/01/25		96,903
	200,000		2.100		08/01/27		179,254
	210,000		4.300		03/15/45		164,290
	150,000		4.000		12/01/46		110,685
	50,000		5.250		03/01/52		44,661
PacifiCorp
	250,000		5.500		05/15/54		235,431
PECO Energy Co.
	100,000		4.800		10/15/43		89,613
Public Service Electric and Gas Co., MTN
	42,000		1.900		08/15/31		33,896
	300,000		3.800		03/01/46		238,819
	100,000		3.000		03/01/51		67,662
Public Service Enterprise Group, Inc.
	40,000		2.450		11/15/31		32,648
Puget Sound Energy, Inc.
	205,000		4.223		06/15/48		166,950
Sempra
	110,000		3.800		02/01/38		90,385
	100,000		4.000		02/01/48		78,502
Southern California Edison Co.
	40,000		2.850		08/01/29		35,869
	200,000		5.700		03/01/53		199,461
Southern Co. (The)
	110,000		5.113		08/01/27		109,930
	250,000		4.400		07/01/46		211,406
Southern Co. (The), Series 21-A
(US 5 Year CMT T-Note + 2.915%)
	100,000		3.750		09/15/51(c)		93,798
Southern Co. Gas Capital Corp.
	15,000		3.950		10/01/46		11,596
	100,000		4.400		05/30/47		82,083
Tucson Electric Power Co.
	126,000		4.850		12/01/48		112,209
Virginia Electric and Power Co., Series A
	100,000		3.500		03/15/27		95,587
Virginia Electric and Power Co., Series B
	100,000		6.000		01/15/36		104,414
Virginia Electric and Power Co., Series C
	150,000		4.000		11/15/46		119,750
Xcel Energy, Inc.
	400,000		1.750		03/15/27		359,117
							10,814,413
Electrical – 0.0%
Emerson Electric Co.
	45,000		1.950		10/15/30		37,725
	15,000		6.000		08/15/32		15,857
Fortive Corp.
	15,000		4.300		06/15/46		12,249
							65,831
Energy – 1.4%
Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc.
	69,000		4.080		12/15/47		55,678

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Energy – (continued)
Boardwalk Pipelines LP
$	100,000		4.800	%	05/03/29	$	97,226
BP Capital Markets America, Inc.
	300,000		4.234		11/06/28		291,811
Cheniere Corpus Christi Holdings LLC
	80,000		5.875		03/31/25		80,076
	40,000		5.125		06/30/27		39,800
	126,000		2.742		12/31/39		98,220
Chevron Corp.
	300,000		3.326		11/17/25		291,793
Chevron USA, Inc.
	200,000		2.343		08/12/50		120,747
ConocoPhillips Co.
	192,000		3.758		03/15/42		156,229
Energy Transfer LP
	140,000		3.750		05/15/30		127,861
	300,000		6.550		12/01/33		318,574
	75,000		6.125		12/15/45		74,772
	192,000		5.300		04/15/47		171,972
	55,000		6.250		04/15/49		56,169
Enterprise Products Operating LLC
	100,000		2.800		01/31/30		88,801
	160,000		4.850		08/15/42		147,946
	100,000		4.800		02/01/49		90,865
	60,000		4.200		01/31/50		49,703
	15,000		3.950		01/31/60		11,419
Enterprise Products Operating LLC, Series D
	80,000		6.875		03/01/33		89,428
EOG Resources, Inc.
	60,000		3.900		04/01/35		54,014
Exxon Mobil Corp.
	75,000		2.709		03/06/25		73,224
	200,000		2.275		08/16/26		188,526
	200,000		4.227		03/19/40		179,710
Halliburton Co.
	50,000		5.000		11/15/45		46,429
Hess Corp.
	62,000		4.300		04/01/27		60,481
	55,000		6.000		01/15/40		57,464
	75,000		5.600		02/15/41		75,753
	42,000		5.800		04/01/47		42,574
Kinder Morgan Energy Partners LP
	126,000		7.300		08/15/33		140,239
Kinder Morgan, Inc.
	40,000		4.300		06/01/25		39,447
	56,000		2.000		02/15/31		45,510
	84,000		5.200		03/01/48		74,840
MPLX LP
	200,000		1.750		03/01/26		186,610
	110,000		2.650		08/15/30		93,727
	125,000		4.700		04/15/48		105,160
	85,000		5.500		02/15/49		80,000
NOV, Inc.
	15,000		3.950		12/01/42		11,284
Occidental Petroleum Corp.
	50,000		5.550		03/15/26		50,282
	234,000		–		10/10/36(d)		124,109

  

74 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)
Energy – (continued)
ONEOK Partners LP
$	15,000		6.650	%	10/01/36	$	15,911
ONEOK, Inc.
	80,000		2.200		09/15/25		76,124
	100,000		3.400		09/01/29		91,375
	25,000		6.350		01/15/31		26,259
	126,000		4.200		10/03/47		96,971
	140,000		5.200		07/15/48		127,013
Phillips 66 Co.
	76,000		3.550		10/01/26		72,927
Plains All American Pipeline LP / PAA Finance Corp.
	50,000		4.650		10/15/25		49,360
	40,000		4.500		12/15/26		39,277
	92,000		3.550		12/15/29		83,463
	35,000		6.700		05/15/36		36,639
	40,000		6.650		01/15/37		42,056
	15,000		4.700		06/15/44		12,442
Sabine Pass Liquefaction LLC
	52,000		5.625		03/01/25		51,903
	120,000		4.200		03/15/28		115,734
	15,000		4.500		05/15/30		14,344
Spectra Energy Partners LP
	67,000		3.375		10/15/26		64,116
Targa Resources Corp.
	126,000		6.150		03/01/29		129,466
Transcontinental Gas Pipe Line Co. LLC
	50,000		5.400		08/15/41		49,086
	40,000		3.950		05/15/50		31,269
Valero Energy Corp.
	84,000		3.400		09/15/26		80,337
	15,000		4.900		03/15/45		13,539
	60,000		3.650		12/01/51		42,394
Williams Cos., Inc. (The)
	200,000		3.750		06/15/27		192,492
	15,000		6.300		04/15/40		15,607
	140,000		4.900		01/15/45		124,008
XTO Energy, Inc.
	50,000		6.750		08/01/37		56,769
							5,939,354
Financial Company – 0.2%
Air Lease Corp.
	300,000		2.200		01/15/27		274,949
Ally Financial, Inc.
	(SOFR + 3.260%)
	100,000		6.992		06/13/29(c)		102,954
Blackstone Private Credit Fund
	150,000		3.250		03/15/27		137,304
GATX Corp.
	50,000		4.000		06/30/30		46,473
GE Capital Funding LLC
	300,000		4.550		05/15/32		287,418
GE Capital International Funding Co Unlimited Co.
	200,000		4.418		11/15/35		187,181
							1,036,279
Food and Beverage – 0.4%
Coca-Cola Co. (The)
	50,000		2.250		01/05/32		42,174

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Food and Beverage – (continued)
Coca-Cola Co. (The) – (continued)
$	187,000		3.000	%	03/05/51	$	131,764
Conagra Brands, Inc.
	100,000		1.375		11/01/27		87,143
Constellation Brands, Inc.
	40,000		3.150		08/01/29		36,368
	117,000		4.750		05/09/32		113,076
Hershey Co. (The)
	40,000		3.375		08/15/46		30,220
	42,000		3.125		11/15/49		30,216
J M Smucker Co. (The)
	40,000		2.125		03/15/32		31,879
	15,000		4.375		03/15/45		12,428
	100,000		3.550		03/15/50		70,011
Kellanova
	100,000		4.500		04/01/46		85,463
Keurig Dr Pepper, Inc.
	100,000		4.420		12/15/46		84,754
	100,000		4.500		04/15/52		84,817
Kraft Heinz Foods Co.
	43,000		3.000		06/01/26		41,067
	40,000		3.875		05/15/27		38,571
	80,000		3.750		04/01/30		74,909
	22,000		5.000		07/15/35		21,573
	111,000		5.200		07/15/45		103,975
	52,000		4.375		06/01/46		43,302
	40,000		4.875		10/01/49		35,689
McCormick & Co., Inc.
	60,000		2.500		04/15/30		51,388
Molson Coors Beverage Co.
	120,000		4.200		07/15/46		98,103
PepsiCo, Inc.
	126,000		3.500		07/17/25		123,428
	146,000		2.750		03/19/30		130,299
	44,000		4.600		07/17/45		39,767
	84,000		4.650		02/15/53		78,676
Sysco Corp.
	80,000		2.400		02/15/30		68,971
							1,790,031
Healthcare – 1.0%
Aetna, Inc.
	40,000		4.750		03/15/44		34,704
Bio-Rad Laboratories, Inc.
	100,000		3.700		03/15/32		88,830
Cigna Group (The)
	400,000		4.375		10/15/28		390,080
	200,000		4.900		12/15/48		178,271
CVS Health Corp.
	200,000		3.250		08/15/29		182,356
	250,000		3.750		04/01/30		230,907
	76,000		1.750		08/21/30		61,807
	280,000		4.780		03/25/38		256,219
	316,000		5.050		03/25/48		282,004
	85,000		4.250		04/01/50		68,468
Elevance Health, Inc.
	92,000		2.550		03/15/31		77,781
	15,000		4.650		08/15/44		13,466
	40,000		4.850		08/15/54		34,214

  

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

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Healthcare – (continued)
Evernorth Health, Inc.
$	120,000		4.500	%	02/25/26	$	118,451
HCA, Inc.
	70,000		5.875		02/15/26		70,350
	46,000		5.250		06/15/26		45,770
	90,000		5.375		09/01/26		89,775
	40,000		4.500		02/15/27		39,150
	25,000		5.625		09/01/28		25,187
	205,000		5.875		02/01/29		208,844
	75,000		4.125		06/15/29		70,615
	50,000		3.500		09/01/30		44,714
	40,000		5.500		06/15/47		37,325
	200,000		5.900		06/01/53		195,869
Humana, Inc.
	100,000		2.150		02/03/32		79,370
McKesson Corp.
	200,000		3.950		02/16/28		194,822
Quest Diagnostics, Inc.
	100,000		2.800		06/30/31		85,752
UnitedHealth Group, Inc.
	400,000		4.250		01/15/29		389,985
	190,000		4.625		07/15/35		183,402
	74,000		4.750		07/15/45		68,781
	160,000		3.750		10/15/47		125,139
	25,000		2.900		05/15/50		16,801
	300,000		5.200		04/15/63		288,103
							4,277,312
Insurance – 0.9%
Allstate Corp. (The)
	120,000		3.850		08/10/49		93,773
American International Group, Inc.
	100,000		4.750		04/01/48		90,815
American International Group, Inc., Series A-9
	(3M USD LIBOR + 2.868%)
	140,000		5.750		04/01/48(c)		138,640
Aon Global Ltd.
	100,000		4.600		06/14/44		86,169
Arch Capital Group Ltd.
	90,000		3.635		06/30/50		66,142
Arch Capital Group US, Inc.
	40,000		5.144		11/01/43		37,311
Assurant, Inc.
	100,000		2.650		01/15/32		79,856
AXIS Specialty Finance LLC
	40,000		3.900		07/15/29		37,510
Berkshire Hathaway Finance Corp.
	200,000		4.200		08/15/48		175,478
	92,000		4.250		01/15/49		80,849
Berkshire Hathaway, Inc.
	118,000		3.125		03/15/26		114,093
Brighthouse Financial, Inc.
	40,000		5.625		05/15/30		39,892
	75,000		4.700		06/22/47		58,023
Chubb INA Holdings, Inc.
	150,000		3.350		05/03/26		144,896
	42,000		1.375		09/15/30		34,141
	116,000		3.050		12/15/61		77,327

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Insurance – (continued)
CNO Financial Group, Inc.
$	200,000		5.250	%	05/30/29	$	194,000
Fidelity National Financial, Inc.
	230,000		3.400		06/15/30		202,770
Hartford Financial Services Group, Inc. (The)
	30,000		3.600		08/19/49		22,758
Jackson Financial, Inc.
	100,000		3.125		11/23/31		82,565
Marsh & McLennan Cos., Inc.
	100,000		2.375		12/15/31		83,380
	100,000		4.350		01/30/47		85,192
MetLife, Inc.
	126,000		5.375		07/15/33		126,552
	15,000		4.125		08/13/42		12,759
	80,000		4.600		05/13/46		71,464
Old Republic International Corp.
	150,000		3.875		08/26/26		144,781
PartnerRe Finance B LLC
	92,000		3.700		07/02/29		86,363
	(US 5 Year CMT T-Note + 3.815%)
	255,000		4.500		10/01/50(c)		227,882
Progressive Corp. (The)
	100,000		4.125		04/15/47		84,196
Prudential Financial, Inc.
	40,000		3.935		12/07/49		31,787
Prudential Financial, Inc., MTN
	15,000		6.625		06/21/40		16,636
	50,000		4.600		05/15/44		44,597
	62,000		4.418		03/27/48		53,189
	15,000		4.350		02/25/50		12,666
	60,000		3.700		03/13/51		45,778
Reinsurance Group of America, Inc.
	430,000		3.900		05/15/29		406,419
Travelers Cos., Inc. (The)
	92,000		3.750		05/15/46		73,579
Voya Financial, Inc.
	(3M USD LIBOR + 2.084%)
	40,000		4.700		01/23/48(c)		33,943
W R Berkley Corp.
	40,000		4.750		08/01/44		34,728
Willis North America, Inc.
	200,000		5.050		09/15/48		179,743
							3,712,642
Media Non Cable – 0.3%
FactSet Research Systems, Inc.
	50,000		2.900		03/01/27		46,788
Omnicom Group, Inc.
	163,000		2.450		04/30/30		139,375
	80,000		4.200		06/01/30		75,552
Paramount Global
	300,000		4.200		05/19/32		243,728
	180,000		4.950		05/19/50		128,333
Warnermedia Holdings, Inc.
	300,000		4.279		03/15/32		264,702
	200,000		5.050		03/15/42		167,729

  

76  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)
Media Non Cable – (continued)
Warnermedia Holdings, Inc. – (continued)
$	200,000		5.141	%	03/15/52	$	162,219
							1,228,426
Metals – 0.1%
Nucor Corp.
	152,000		3.950		05/23/25		149,672
	150,000		3.950		05/01/28		144,946
Steel Dynamics, Inc.
	80,000		3.450		04/15/30		72,700
	145,000		3.250		01/15/31		128,869
							496,187
Mining – 0.0%
Freeport-McMoRan, Inc.
	200,000		4.125		03/01/28		190,250
Publishing – 0.0%
S&P Global, Inc.
	126,000		2.900		03/01/32		108,628
REITs and Real Estate – 0.8%
CBRE Services, Inc.
	71,000		2.500		04/01/31		58,607
COPT Defense Properties LP
	430,000		2.750		04/15/31		346,497
Digital Realty Trust LP
	490,000		3.700		08/15/27		468,082
Equinix, Inc.
	82,000		3.900		04/15/32		74,357
	95,000		3.000		07/15/50		61,677
GLP Capital LP / GLP Financing II, Inc.
	90,000		5.250		06/01/25		89,163
	40,000		5.750		06/01/28		39,798
	50,000		5.300		01/15/29		48,642
	85,000		4.000		01/15/30		76,652
	51,000		4.000		01/15/31		45,009
Invitation Homes Operating Partnership LP
	300,000		2.000		08/15/31		235,282
Kimco Realty OP LLC
	268,000		3.200		04/01/32		227,849
Mid-America Apartments LP
	100,000		2.875		09/15/51		64,029
Prologis LP
	80,000		4.000		09/15/28		76,975
	84,000		2.250		04/15/30		72,144
	40,000		1.250		10/15/30		31,818
	62,000		2.125		10/15/50		33,969
Realty Income Corp.
	200,000		5.625		10/13/32		203,188
Sabra Health Care LP
	85,000		5.125		08/15/26		83,198
	100,000		3.200		12/01/31		81,062
Simon Property Group LP
	140,000		2.450		09/13/29		122,286
	70,000		2.200		02/01/31		57,644
	84,000		2.650		02/01/32		70,031
	10,000		6.750		02/01/40		11,131
	190,000		5.850		03/08/53		192,158
UDR, Inc., MTN
	100,000		1.900		03/15/33		75,143

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
REITs and Real Estate – (continued)
Welltower OP LLC
$	200,000		4.000	%	06/01/25	$	196,432
	200,000		4.250		04/15/28		193,419
							3,336,242
Revenue – 0.1%
California Institute of Technology
	15,000		3.650		09/01/19		10,370
Hackensack Meridian Health, Inc., Series 2020
	15,000		2.675		09/01/41		10,612
NYU Langone Hospitals
	300,000		4.784		07/01/44		276,121
Stanford Health Care
	100,000		3.027		08/15/51		68,751
University of Chicago (The), Series 20B
	40,000		2.761		04/01/45		30,997
Yale University, Series 2020
	190,000		1.482		04/15/30		158,702
	80,000		2.402		04/15/50		51,090
							606,643
Software – 0.3%
Oracle Corp.
	701,000		2.300		03/25/28		629,081
	210,000		4.900		02/06/33		202,971
	300,000		3.600		04/01/40		233,029
	326,000		4.000		07/15/46		251,703
Salesforce, Inc.
	20,000		2.900		07/15/51		13,320
							1,330,104
Technology – 1.8%
Adobe, Inc.
	40,000		2.300		02/01/30		34,933
Alphabet, Inc.
	150,000		2.250		08/15/60		86,440
Apple, Inc.
	50,000		3.200		05/13/25		48,949
	84,000		4.421		05/08/26		83,709
	114,000		2.450		08/04/26		108,084
	15,000		3.350		02/09/27		14,458
	15,000		3.200		05/11/27		14,351
	60,000		2.900		09/12/27		56,579
	40,000		1.650		02/08/31		32,980
	45,000		4.500		02/23/36		44,327
	80,000		3.850		05/04/43		68,260
	80,000		4.450		05/06/44		75,036
	100,000		3.450		02/09/45		79,162
	126,000		4.650		02/23/46		118,866
	50,000		4.250		02/09/47		44,847
	50,000		3.750		11/13/47		40,854
	300,000		2.650		02/08/51		192,723
	44,000		2.550		08/20/60		26,929
Applied Materials, Inc.
	125,000		3.900		10/01/25		122,873
	82,000		3.300		04/01/27		78,609
Broadcom Corp. / Broadcom Cayman Finance Ltd.
	152,000		3.875		01/15/27		147,260
Broadcom, Inc.
	300,000		4.110		09/15/28		287,578

  

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

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Technology – (continued)
Broadcom, Inc. – (continued)
$	90,000		3.469	%	04/15/34(e)	$	76,299
	60,000		3.187		11/15/36(e)		47,236
	160,000		3.500		02/15/41(e)		121,758
Cisco Systems, Inc.
	300,000		4.850		02/26/29		300,297
	200,000		5.050		02/26/34		200,934
Corning, Inc.
	67,000		5.350		11/15/48		64,344
	45,000		4.375		11/15/57		36,884
Dell International LLC / EMC Corp.
	152,000		6.020		06/15/26		153,866
	137,000		4.900		10/01/26		136,007
	150,000		5.250		02/01/28		151,016
	66,000		5.750		02/01/33		68,038
Fiserv, Inc.
	500,000		3.200		07/01/26		478,160
	175,000		4.400		07/01/49		146,348
Hewlett Packard Enterprise Co.
	100,000		6.350		10/15/45		103,254
Intel Corp.
	500,000		4.875		02/10/28		500,190
	377,000		5.700		02/10/53		384,205
International Business Machines Corp.
	402,000		4.500		02/06/26		398,126
	15,000		5.875		11/29/32		15,822
	150,000		4.150		05/15/39		131,013
	250,000		4.000		06/20/42		208,284
Jabil, Inc.
	80,000		3.600		01/15/30		71,940
KLA Corp.
	60,000		3.300		03/01/50		43,246
Kyndryl Holdings, Inc.
	227,000		2.700		10/15/28		198,743
	42,000		3.150		10/15/31		34,658
	70,000		4.100		10/15/41		52,258
Lam Research Corp.
	40,000		3.125		06/15/60		26,204
Leidos, Inc.
	100,000		4.375		05/15/30		94,625
Meta Platforms, Inc.
	300,000		4.950		05/15/33		300,123
Microsoft Corp.
	65,000		3.300		02/06/27		62,870
	15,000		3.500		02/12/35		13,633
	143,000		4.200		11/03/35		137,387
	104,000		4.250		02/06/47		95,641
	300,000		2.525		06/01/50		193,247
	84,000		4.000		02/12/55		72,083
	20,000		2.675		06/01/60		12,644
Motorola Solutions, Inc.
	158,000		2.750		05/24/31		131,449
NVIDIA Corp.
	76,000		3.500		04/01/50		59,770
QUALCOMM, Inc.
	76,000		4.300		05/20/47		66,284
Texas Instruments, Inc.
	400,000		4.900		03/14/33		400,665

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Technology – (continued)
VeriSign, Inc.
$	118,000		2.700	%	06/15/31	$	98,235
							7,695,593
Transportation – 0.5%
Burlington Northern Santa Fe LLC
	302,000		5.200		04/15/54		296,896
CSX Corp.
	250,000		4.100		11/15/32		233,795
	100,000		4.500		11/15/52		88,058
FedEx Corp.
	40,000		3.900		02/01/35		35,314
	126,000		4.750		11/15/45		111,069
	40,000		4.400		01/15/47		33,276
	40,000		4.950		10/17/48		36,373
Norfolk Southern Corp.
	200,000		5.350		08/01/54		195,968
Union Pacific Corp.
	40,000		3.700		03/01/29		38,182
	300,000		4.500		01/20/33		290,548
	70,000		4.050		03/01/46		57,619
	10,000		4.500		09/10/48		8,835
	80,000		3.799		10/01/51		63,539
	60,000		3.839		03/20/60		45,784
	15,000		3.750		02/05/70		10,982
Union Pacific Railroad Co. Pass-Through Trust, Series 2015-1
	181,330		2.695		05/12/27		168,809
United Parcel Service, Inc.
	400,000		4.875		03/03/33		398,215
							2,113,262
Water – 0.0%
Essential Utilities, Inc.
	100,000		3.351		04/15/50		69,021
Wireless – 1.0%
American Tower Corp.
	84,000		3.375		10/15/26		80,223
	160,000		3.600		01/15/28		151,036
	40,000		3.950		03/15/29		37,568
	42,000		3.700		10/15/49		30,867
	20,000		3.100		06/15/50		13,054
AT&T, Inc.
	50,000		1.650		02/01/28		44,071
	88,000		2.750		06/01/31		74,892
	395,000		2.250		02/01/32		316,961
	250,000		4.500		05/15/35		231,064
	400,000		3.500		06/01/41		306,395
	140,000		3.650		06/01/51		100,630
	100,000		3.300		02/01/52		68,532
	255,000		3.500		09/15/53		176,916
	265,000		3.550		09/15/55		181,573
Crown Castle, Inc.
	400,000		5.800		03/01/34		405,138
T-Mobile USA, Inc.
	110,000		3.750		04/15/27		105,869
	50,000		4.750		02/01/28		49,187
	300,000		4.950		03/15/28		298,654
	340,000		4.500		04/15/50		289,428
	100,000		5.650		01/15/53		100,404

  

78  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)
Wireless – (continued)
Verizon Communications, Inc.
$	500,000		0.850	%	11/20/25	$	464,398
	145,000		3.000		03/22/27		136,916
	152,000		2.355		03/15/32		123,309
	290,000		3.400		03/22/41		223,969
	474,000		3.550		03/22/51		346,999
	111,000		2.987		10/30/56		70,032
	40,000		3.700		03/22/61		28,107
							4,456,192
TOTAL CORPORATE OBLIGATIONS (Cost $98,498,659)							91,752,800
U.S. Treasury Bonds – 9.8%
U.S. Treasury Bonds
	3,923,000		4.500	(a)	02/15/36		4,061,368
	6,151,000		4.375	(a)	02/15/38		6,226,357
	6,088,000		3.875	(a)	08/15/40		5,695,457
	15,084,000		2.500	(a)	02/15/45		10,939,463
	9,328,000		2.500	(a)	05/15/46		6,680,597
	13,294,000		2.250	(a)	02/15/52		8,704,090
TOTAL U.S. TREASURY BONDS (Cost $48,598,054)							42,307,332
Foreign Corporate Debt – 5.9%
Banks – 2.9%
Banco Bilbao Vizcaya Argentaria SA (Spain)
	200,000		1.125		09/18/25		187,061
Banco Santander SA (Spain)
	200,000		1.849		03/25/26		185,902
	200,000		3.800		02/23/28		188,174
Bank of Montreal (Canada)
	400,000		5.300		06/05/26		400,919
Bank of Nova Scotia (The) (Canada)
	268,000		5.250		06/12/28		269,469
Barclays PLC (United Kingdom)
	200,000		5.200		05/12/26		197,820
	(US 1 Year CMT T-Note + 3.050%)
	300,000		7.325		11/02/26(c)		308,019
	(US 1 Year CMT T-Note + 3.000%)
	300,000		5.746		08/09/33(c)		296,802
Canadian Imperial Bank of Commerce (Canada)
	300,000		5.926		10/02/26		305,197
Cooperatieve Rabobank UA (Netherlands)
	300,000		5.500		10/05/26		304,051
Credit Suisse AG (Switzerland)
	400,000		7.500		02/15/28		430,074
Deutsche Bank AG (Germany)
	(SOFR + 1.318%)
	449,000		2.552		01/07/28(c)		409,249
Export-Import Bank of China (The) (China)
	284,000		3.625		07/31/24(e)		281,570
Export-Import Bank of Korea (South Korea)
	340,000		2.625		05/26/26		322,818
	270,000		1.250		09/21/30		216,538
	300,000		2.500		06/29/41		213,346

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Corporate Debt – (continued)
Banks – (continued)
HSBC Holdings PLC (United Kingdom)
	(SOFR + 3.030%)
$	455,000		7.336	%	11/03/26(c)	$	468,523
	370,000		4.950		03/31/30		362,901
	(SOFR + 1.187%)
	300,000		2.804		05/24/32(c)		247,826
	(SOFR + 2.390%)
	400,000		6.254		03/09/34(c)		416,132
	(SOFR + 2.650%)
	200,000		6.332		03/09/44(c)		211,281
ING Groep NV (Netherlands)
	354,000		4.550		10/02/28		344,196
Japan Bank for International Cooperation (Japan)
	400,000		0.625		07/15/25		376,329
Korea Development Bank (The) (South Korea)
	270,000		0.800		07/19/26		244,595
	340,000		4.375		02/15/33		325,850
Kreditanstalt fuer Wiederaufbau (Germany)
	500,000		0.375		07/18/25		470,524
Landwirtschaftliche Rentenbank (Germany)
	70,000		0.875		03/30/26		64,826
Lloyds Banking Group PLC (United Kingdom)
	(US 1 Year CMT T-Note + 1.480%)
	280,000		5.985		08/07/27(c)		281,958
	300,000		4.375		03/22/28		289,495
Mitsubishi UFJ Financial Group, Inc. (Japan)
	(US 1 Year CMT T-Note + 1.950%)
	458,000		5.017		07/20/28(c)		454,966
	(US 1 Year CMT T-Note + 1.970%)
	400,000		5.406		04/19/34(c)		403,840
Mizuho Financial Group, Inc. (Japan)
	(US 1 Year CMT T-Note + 0.750%)
	200,000		1.554		07/09/27(c)		183,222
	400,000		3.170		09/11/27		374,330
NatWest Group PLC (United Kingdom)
	(US 5 Year CMT T-Note + 2.350%)
	300,000		3.032		11/28/35(c)		248,201
Royal Bank of Canada (Canada)
	111,000		3.875		05/04/32		102,047
Royal Bank of Canada, GMTN (Canada)
	126,000		5.200		07/20/26		126,495
	172,000		2.300		11/03/31		141,104
Santander UK Group Holdings PLC (United Kingdom)
	(SOFR + 1.475%)
	282,000		2.896		03/15/32(c)		238,266
Sumitomo Mitsui Financial Group, Inc. (Japan)
	400,000		5.520		01/13/28		406,927
	400,000		5.766		01/13/33		414,464
Svensk Exportkredit AB, GMTN (Sweden)
	200,000		0.375		07/30/24		195,991
	200,000		0.625		05/14/25		189,573
Westpac Banking Corp. (Australia)
	84,000		2.850		05/13/26		80,041

  

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

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Corporate Debt – (continued)
Banks – (continued)
Westpac Banking Corp. (Australia) – (continued)
$	75,000		3.350	%	03/08/27	$	71,751
	40,000		2.150		06/03/31		33,115
	100,000		2.963		11/16/40		68,473
	340,000		3.133		11/18/41		236,682
	(US 5 Year CMT T-Note + 2.000%)
	10,000		4.110		07/24/34(c)		9,153
	(US 5 Year CMT T-Note + 1.530%)
	42,000		3.020		11/18/36(c)		34,214
							12,634,300
Brokerage – 0.1%
Brookfield Finance, Inc. (Canada)
	300,000		4.350		04/15/30		282,966
	15,000		3.500		03/30/51		10,626
Nomura Holdings, Inc. (Japan)
	300,000		5.709		01/09/26		300,930
							594,522
Capital Goods – 0.0%
Johnson Controls International PLC (United States)
	100,000		4.500		02/15/47		85,502
Communications – 0.0%
RELX Capital, Inc. (United Kingdom)
	100,000		3.000		05/22/30		89,497
Consumer Cyclical – 0.0%
Honda Motor Co. Ltd. (Japan)
	110,000		2.534		03/10/27		102,661
Consumer Noncyclical – 0.1%
Ahold Finance USA LLC (Netherlands)
	128,000		6.875		05/01/29		139,206
GlaxoSmithKline Capital, Inc. (United Kingdom)
	84,000		6.375		05/15/38		94,422
Novartis Capital Corp. (Switzerland)
	126,000		2.000		02/14/27		116,811
Takeda Pharmaceutical Co. Ltd. (Japan)
	250,000		2.050		03/31/30		210,386
							560,825
Electric – 0.0%
Emera U.S. Finance LP (Canada)
	50,000		4.750		06/15/46		40,682
Energy – 0.3%
Canadian Natural Resources Ltd. (Canada)
	85,000		6.250		03/15/38		87,293
Canadian Natural Resources Ltd., GMTN (Canada)
100,000			4.950		06/01/47		87,496
Cenovus Energy, Inc. (Canada)
	100,000		2.650		01/15/32		81,908
	19,000		5.250		06/15/37		17,733
Enbridge, Inc. (Canada)
	110,000		3.125		11/15/29		99,375
	84,000		6.200		11/15/30		88,111
	15,000		5.500		12/01/46		14,483
	100,000		3.400		08/01/51		70,400

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Corporate Debt – (continued)
Energy – (continued)
	(3M U.S. T-Bill MMY + 3.903%)
$	15,000		6.250	%	03/01/78(c)	$	14,400
TotalEnergies Capital International SA (France)
	185,000		3.455		02/19/29		174,019
	200,000		2.829		01/10/30		180,291
	100,000		3.127		05/29/50		69,636
TransCanada PipeLines Ltd. (Canada)
	250,000		4.250		05/15/28		241,041
Transcanada Trust, Series 16-A (Canada)
	(3M USD LIBOR + 4.640%)
	200,000		5.875		08/15/76(c)		193,000
							1,419,186
Financial Company – 0.1%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland)
	455,000		3.300		01/30/32		384,808
Food and Beverage – 0.2%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium)
	180,000		4.900		02/01/46		168,626
Anheuser-Busch InBev Finance, Inc. (Belgium)
	55,000		4.700		02/01/36		52,701
	100,000		4.900		02/01/46		92,688
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
	300,000		3.500		06/01/30		277,433
	46,000		4.375		04/15/38		42,139
	8,000		4.600		04/15/48		7,196
	108,000		5.550		01/23/49		110,956
	90,000		4.750		04/15/58		81,507
							833,246
Forest Products & Paper – 0.1%
Suzano Austria GmbH (Brazil)
	200,000		6.000		01/15/29		199,669
Insurance – 0.1%
Fairfax Financial Holdings Ltd. (Canada)
	400,000		3.375		03/03/31		345,625
Internet – 0.1%
JD.com, Inc. (China)
	200,000		3.875		04/29/26		193,892
Lodging – 0.1%
Sands China Ltd. (Macau)
	319,000		3.250		08/08/31		265,966
Media – 0.0%
Grupo Televisa SAB (Mexico)
	100,000		6.625		03/18/25		100,709
Mining – 0.1%
Southern Copper Corp. (Mexico)
	55,000		3.875		04/23/25		53,792
	85,000		5.875		04/23/45		84,958
Teck Resources Ltd. (Canada)
	40,000		6.250		07/15/41		40,129
							178,879
Multi-National – 1.0%
Asian Development Bank, GMTN (Supranational)
	400,000		0.625		10/08/24		389,075

  

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
Foreign Corporate Debt – (continued)
Multi-National – (continued)
Asian Development Bank, GMTN (Supranational) – (continued)
$	400,000		1.000	%	04/14/26	$	370,917
	400,000		2.625		01/12/27		379,819
	400,000		2.750		01/19/28		376,139
European Investment Bank (Supranational)
	400,000		0.375		03/26/26		367,225
	400,000		3.875		03/15/28		392,561
Inter-American Development Bank, GMTN (Supranational)
	300,000		1.750		03/14/25		290,083
	400,000		2.000		06/02/26		377,808
International Bank for Reconstruction & Development, Series GDIF (Supranational)
	400,000		2.500		07/29/25		387,207
International Finance Corp., GMTN (Supranational)
	370,000		3.625		09/15/25		363,472
	400,000		0.750		10/08/26		363,526
							4,057,832
Oil Company-Integrated – 0.3%
Petroleos Mexicanos (Mexico)
	210,000		6.875		08/04/26		202,082
	100,000		5.350		02/12/28		86,648
	235,000		5.950		01/28/31		182,463
	229,000		10.000		02/07/33		222,158
	70,000		6.375		01/23/45		43,322
	140,000		6.950		01/28/60		88,753
QatarEnergy (Qatar)
	284,000		3.300		07/12/51(e)		197,313
Saudi Arabian Oil Co. (Saudi Arabia)
	300,000		2.250		11/24/30(e)		251,256
							1,273,995
Pharmaceuticals – 0.1%
Astrazeneca Finance LLC (United Kingdom)
	118,000		2.250		05/28/31		99,457
	400,000		5.000		02/26/34		402,205
							501,662
Technology – 0.1%
NXP BV / NXP Funding LLC (China)
	40,000		5.350		03/01/26		39,964
NXP BV / NXP Funding LLC / NXP USA, Inc. (China)
	102,000		3.400		05/01/30		91,328
	157,000		2.500		05/11/31		129,867
	83,000		5.000		01/15/33		80,481
							341,640
Telecommunications – 0.1%
America Movil SAB de CV (Mexico)
	280,000		3.625		04/22/29		260,425
	200,000		2.875		05/07/30		175,560
							435,985
Transportation – 0.0%
Canadian Pacific Railway Co. (Canada)
	192,000		2.450		12/02/31		173,814
Wirelines – 0.1%
Deutsche Telekom International Finance BV (Germany)
	15,000		8.750		06/15/30		17,706
Orange SA (France)
	82,000		9.000		03/01/31		99,495

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Corporate Debt – (continued)
Wirelines – (continued)
Telefonica Emisiones SA (Spain)
$	260,000		4.895	%	03/06/48	$	224,746
Telefonica Europe BV (Spain)
	50,000		8.250		09/15/30		56,861
							398,808
TOTAL FOREIGN CORPORATE DEBT (Cost $25,960,545)							25,213,705
Sovereign Debt Obligations – 2.6%
Sovereign – 2.6%
Abu Dhabi Government International Bond
	282,000		2.125		09/30/24(e)		276,026
	200,000		2.500		04/16/25(e)		193,718
	200,000		1.625		06/02/28(e)		176,368
	200,000		2.700		09/02/70(e)		115,955
Chile Government International Bond
	370,000		2.750		01/31/27		346,195
	200,000		2.450		01/31/31		170,158
	200,000		3.860		06/21/47		157,401
	200,000		3.500		01/25/50		145,723
China Government International Bond
	200,000		0.750		10/26/24(e)		194,209
Colombia Government International Bond
	200,000		3.875		04/25/27		187,957
	200,000		4.500		03/15/29		182,568
	100,000		6.125		01/18/41		85,493
	220,000		5.000		06/15/45		157,630
Finance Department Government of Sharjah
	300,000		4.000		07/28/50(e)		191,155
Hungary Government International Bond
	300,000		6.125		05/22/28(e)		306,623
Indonesia Government International Bond
	200,000		3.850		10/15/30		186,222
	200,000		4.650		09/20/32		193,681
	300,000		4.850		01/11/33		295,358
	200,000		3.700		10/30/49		154,793
	200,000		5.650		01/11/53		207,222
Israel Government International Bond
	200,000		4.500		01/17/33		186,108
Malaysia Sovereign Sukuk Bhd
	300,000		3.043		04/22/25(e)		293,446
Mexico Government International Bond
	370,000		4.150		03/28/27		362,165
	250,000		3.250		04/16/30		222,021
	282,000		4.750		04/27/32		265,522
	250,000		3.500		02/12/34		206,528
	200,000		4.350		01/15/47		154,383
	262,000		3.771		05/24/61		168,162
Panama Government International Bond
	192,000		6.700		01/26/36		182,880
	244,000		4.500		04/01/56		156,770
	200,000		4.500		01/19/63		126,000
Perusahaan Penerbit SBSN Indonesia III
	370,000		4.550		03/29/26(e)		367,225
	200,000		2.800		06/23/30(e)		176,599
	200,000		2.550		06/09/31(e)		170,134

  

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

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Sovereign – (continued)
Peruvian Government International Bond
$	119,000		2.783	%	01/23/31	$	101,456
	150,000		1.862		12/01/32		113,585
	100,000		8.750		11/21/33		122,836
	85,000		3.300		03/11/41		63,070
Philippine Government International Bond
	200,000		3.750		01/14/29		189,298
	370,000		2.457		05/05/30		319,238
	220,000		5.609		04/13/33		227,965
	229,000		6.375		10/23/34		251,607
	200,000		2.650		12/10/45		132,024
Province of Alberta Canada
	50,000		3.300		03/15/28		47,615
Province of Ontario Canada
	30,000		1.050		05/21/27		26,865
	30,000		1.600		02/25/31		24,756
Province of Quebec Canada
	90,000		0.600		07/23/25		84,643
	25,000		2.750		04/12/27		23,661
Qatar Government International Bond
	280,000		3.400		04/16/25(e)		274,549
	270,000		3.750		04/16/30(e)		258,102
	200,000		4.817		03/14/49(e)		185,274
Republic of Poland Government International Bond
	30,000		3.250		04/06/26		29,209
	100,000		5.750		11/16/32		104,303
Romanian Government International Bond
	16,000		3.000		02/14/31(e)		13,320
	132,000		5.125		06/15/48(e)		110,045
Saudi Government International Bond
	300,000		2.900		10/22/25(e)		288,596
	300,000		4.750		01/18/28(e)		297,606
	326,000		4.875		07/18/33(e)		319,762
	300,000		5.000		01/18/53(e)		265,369
Uruguay Government International Bond
	15,000		4.375		01/23/31		14,662
	214,000		5.100		06/18/50		205,841
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $11,812,040)							11,057,655
U.S. Government Agency Obligations – 0.2%
Federal Home Loan Banks
	200,000		0.375		09/04/25		187,353
	250,000		1.250		12/21/26		228,879
Federal Home Loan Mortgage Corp., MTN
	700,000		–		11/15/38(d)		346,262
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $790,093)							762,494
U.S. Treasury Obligations – 4.4%
U.S. Treasury Bonds
	11,893,000		2.750	(a)	08/15/42		9,260,011
	6,192,000		2.375	(a)	11/15/49		4,214,693

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – (continued)
U.S. Treasury Bonds – (continued)
$	8,449,000		2.000	%(a)	02/15/50	$	5,262,363
TOTAL U.S. TREASURY OBLIGATIONS (Cost $21,998,103)							18,737,067
Shares		Dividend Rate				Value
Investment Company – 5.8%(f)
Goldman Sachs Financial Square Government Fund - Institutional Shares
	24,871,043		5.219%				24,871,043
(Cost $24,871,043)
TOTAL INVESTMENTS – 107.9% (Cost $484,415,966)						$	464,096,685
LIABILITIES IN EXCESS OF OTHER ASSETS – (7.9)%							(33,798,476	)
NET ASSETS – 100.0%						$	430,298,209

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.
(b)	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 $42,438,046 which represents approximately 9.9% of the Fund’s net assets as of February 29, 2024.
(c)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on February 29, 2024.
(d)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(e)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(f)	Represents an affiliated issuer.

Investment Abbreviations:
CMT	—Constant Maturity Treasury Index
FNMA	—Federal National Mortgage Association
GMTN	—Global Medium Term Note
GNMA	—Insured by Government National Mortgage Association
LIBOR	—London Interbank Offered Rate
LP	—Limited Partnership
MMY	—Money Market Yield
MTN	—Medium Term Note
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust
SOFR	—Secured Overnight Financing Rate
T-Bill	—Treasury Bill

  

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

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

 

 

 

 

 

 

 

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At February 29, 2024, the Fund had the following forward sales contracts:

Description	Interest Rate		Maturity Date (a)		Settlement Date		Principal Amount		Value
FNMA		2.000%		TBA-15yr		03/01/54		$(1,000,000)	$	(882,109	)
FNMA		2.500		TBA-30yr		03/01/54		(11,000,000)		(9,038,047	)
FNMA		4.500		TBA-30yr		03/01/54		(1,000,000)		(946,563	)
FNMA		5.000		TBA-30yr		03/01/54		(2,000,000)		(1,940,000	)
GNMA		2.500		TBA-30yr		03/01/54		(1,000,000)		(846,797	)
Total (Proceed Receivable $13,799,649)									$	(13,653,516	)

(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.

  

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

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – 27.1%
Ally Auto Receivables Trust, Series 2022-1, Class A3
$	2,665,362		3.310	%	11/15/26	$	2,627,514
American Express Credit Account Master Trust, Series 2022-2, Class A
	6,000,000		3.390		05/15/27		5,869,276
American Express Credit Account Master Trust, Series 2023-1, Class A
	2,100,000		4.870		05/15/28		2,095,402
Anchorage Capital CLO Ltd., Series 2014-4RA, Class A
	(3M U.S. T-Bill MMY + 1.312%)
	665,847		6.631		01/28/31(a)(b)		666,968
BA Credit Card Trust, Series 2021-A1, Class A1
	500,000		0.440		09/15/26		496,855
BA Credit Card Trust, Series 2022-A1, Class A1
	3,075,000		3.530		11/15/27		3,009,302
BA Credit Card Trust, Series 2022-A2, Class A2
	2,100,000		5.000		04/15/28		2,096,774
Bank of America Auto Trust, Series 2023-2A, Class A2
	1,325,000		5.850		08/17/26(a)		1,329,027
Barclays Dryrock Issuance Trust, Series 2021-1, Class A
	2,400,000		0.630		07/15/27		2,336,962
Barclays Dryrock Issuance Trust, Series 2023-2, Class A
	(SOFR + 0.900%)
	2,050,000		6.225		08/15/28(b)		2,053,040
Barings CLO Ltd., Series 2018-3A, Class A1
	(3M U.S. T-Bill MMY + 1.212%)
	110,360		6.529		07/20/29(a)(b)		110,428
BBCMS Mortgage Trust, Series 2018-C2, Class ASB
	509,531		4.236		12/15/51		493,265
BlueMountain CLO Ltd., Series 2013-2A, Class A1R
	(3M U.S. T-Bill MMY + 1.442%)
	572,224		6.759		10/22/30(a)(b)		572,469
BSPDF Issuer Ltd., Series 2021-FL1, Class A
	(1M U.S. T-Bill MMY + 1.314%)
	1,130,276		6.632		10/15/36(a)(b)		1,109,168
BX, Series 2021-MFM1, Class A
	(1M U.S. T-Bill MMY + 0.814%)
	76,626		6.132		01/15/34(a)(b)		76,051
BX Trust, Series 2021-ARIA, Class A
	(1M U.S. T-Bill MMY + 1.014%)
	1,300,000		6.332		10/15/36(a)(b)		1,281,129
BXHPP Trust, Series 2021-FILM, Class A
	(1M U.S. T-Bill MMY + 0.764%)
	1,850,000		6.082		08/15/36(a)(b)		1,771,080
Capital One Multi-Asset Execution Trust, Series 2022-A2, Class A
	4,800,000		3.490		05/15/27		4,701,163
CARDS II Trust, Series 2021-1A, Class A
	3,125,000		0.602		04/15/27(a)		3,106,388
Carlyle US CLO Ltd., Series 2017-2A, Class A1R
	(3M U.S. T-Bill MMY + 1.312%)
	1,685,850		6.629		07/20/31(a)(b)		1,687,499

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A3
$	245,000		3.865	%	01/10/48	$	236,469
CIFC Falcon 2020 Ltd., Series 2019-FAL, Class A
	(3M U.S. T-Bill MMY + 1.262%)
	3,800,000		6.579		01/20/33(a)(b)		3,801,877
CIFC Funding Ltd., Series 2017-2A, Class AR
	(3M U.S. T-Bill MMY + 1.212%)
	413,749		6.529		04/20/30(a)(b)		414,100
CIFC Funding Ltd., Series 2017-3A, Class A1
	(3M U.S. T-Bill MMY + 1.482%)
	1,789,416		6.799		07/20/30(a)(b)		1,791,923
Citibank Credit Card Issuance Trust, Series 2023-A1, Class A1
	1,300,000		5.230		12/08/27		1,303,119
Citigroup Commercial Mortgage Trust, Series 2014-GC21, Class A5
	219,897		3.855		05/10/47		219,007
Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class AAB
	52,891		2.984		04/10/48		52,480
Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class A4
	3,000,000		3.778		09/10/58		2,841,593
Citigroup Commercial Mortgage Trust, Series 2016-GC37, Class A3
	2,738,532		3.050		04/10/49		2,629,485
COMM Mortgage Trust, Series 2013-CR12, Class A4
	86,010		4.046		10/10/46		82,832
COMM Mortgage Trust, Series 2014-CR19, Class A5
	3,350,000		3.796		08/10/47		3,326,329
COMM Mortgage Trust, Series 2015-CR24, Class ASB
	127,568		3.445		08/10/48		126,010
COMM Mortgage Trust, Series 2015-CR25, Class A3
	1,967,088		3.505		08/10/48		1,910,358
COMM Mortgage Trust, Series 2015-CR26, Class ASB
	297,549		3.373		10/10/48		293,135
COMM Mortgage Trust, Series 2016-DC2, Class A4
	467,107		3.497		02/10/49		455,407
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class A
	(1M U.S. T-Bill MMY + 1.027%)
	1,296,774		6.345		05/15/36(a)(b)		1,295,970
CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4
	1,300,000		3.718		08/15/48		1,259,532
DBJPM Mortgage Trust, Series 2016-C3, Class ASB
	169,873		2.756		08/10/49		164,254
Discover Card Execution Note Trust, Series 2017-A5, Class A5
	(1M U.S. T-Bill MMY + 0.714%)
	2,000,000		6.032		12/15/26(b)		2,002,952
Discover Card Execution Note Trust, Series 2023-A1, Class A
	2,925,000		4.310		03/15/28		2,886,143
Dryden XXVI Senior Loan Fund, Series 2013-26A, Class AR
	(3M U.S. T-Bill MMY + 1.162%)
	170,599		6.476		04/15/29(a)(b)		170,509

  

84  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)
Edsouth Indenture No 3 LLC, Series 2012-2, Class A
	(SOFR + 0.844%)
$	13,891		6.166	%	04/25/39(a)(b)	$	13,883
Educational Funding of the South, Inc., Series 2011-1, Class A2
	(SOFR + 0.912%)
	28,656		6.273		04/25/35(b)		28,615
EFS Volunteer LLC, Series 2010-1, Class A2
	(SOFR + 1.112%)
	51,047		6.473		10/25/35(a)(b)		51,059
Extended Stay America Trust, Series 2021-ESH, Class A
	(1M U.S. T-Bill MMY + 1.194%)
	1,327,233		6.512		07/15/38(a)(b)		1,325,987
Flatiron CLO 19 Ltd., Series 2019-1A, Class AR
	(3M U.S. T-Bill MMY + 1.342%)
	1,000,000		6.667		11/16/34(a)(b)		1,001,345
Ford Credit Auto Owner Trust, Series 2022-A, Class A3
	1,939,170		1.290		06/15/26		1,889,731
Ford Credit Auto Owner Trust, Series 2023-C, Class A2A
	2,425,000		5.680		09/15/26		2,427,892
GM Financial Automobile Leasing Trust, Series 2023-2, Class A3
	5,235,000		5.050		07/20/26		5,213,698
GM Financial Consumer Automobile Receivables Trust, Series 2022-1, Class A3
	3,323,952		1.260		11/16/26		3,228,527
GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A1
	1,500,000		5.340		06/15/28(a)		1,504,797
Goal Capital Funding Trust, Series 2010-1, Class A
	(3M USD LIBOR + 0.700%)
	86,463		6.320		08/25/48(a)(b)		85,860
GoldentTree Loan Management U.S. CLO 1 Ltd., Series 2021-9A, Class A
	(3M U.S. T-Bill MMY + 1.332%)
	3,000,000		6.649		01/20/33(a)(b)		3,000,111
Great Wolf Trust, Series 2019-WOLF, Class A
	(1M U.S. T-Bill MMY + 1.348%)
	3,250,000		6.666		12/15/36(a)(b)		3,248,045
HalseyPoint CLO Ltd., Series 2020-3A, Class A1A
	(3M U.S. T-Bill MMY + 1.712%)
	500,000		7.029		11/30/32(a)(b)		500,372
Hayfin US XII Ltd., Series 2018-8A, Class A
	(3M U.S. T-Bill MMY + 1.382%)
	2,625,863		6.699		04/20/31(a)(b)		2,626,188
Honda Auto Receivables 2021-3 Owner Trust, Series 2021-3, Class A3
	485,155		0.410		11/18/25		474,471
Honda Auto Receivables 2021-4 Owner Trust, Series 2021-4, Class A3
	1,482,169		0.880		01/21/26		1,442,963
Honda Auto Receivables 2023-2 Owner Trust, Series 2023-2, Class A2
	1,732,590		5.410		04/15/26		1,731,308

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Honda Auto Receivables 2023-4 Owner Trust, Series 2023-4, Class A2
$	2,900,000		5.870	%	06/22/26	$	2,910,729
Hyundai Auto Lease Securitization Trust, Series 2022-A, Class A4
	3,800,000		1.320		12/15/25(a)		3,768,694
Hyundai Auto Lease Securitization Trust, Series 2023-B, Class A2A
	1,402,458		5.470		09/15/25(a)		1,401,407
Hyundai Auto Receivables Trust, Series 2020-C, Class A4
	4,000,000		0.490		11/16/26		3,920,073
Hyundai Auto Receivables Trust, Series 2021-C, Class A3
	1,131,423		0.740		05/15/26		1,104,326
Hyundai Auto Receivables Trust, Series 2022-C, Class A3
	3,625,000		5.390		06/15/27		3,627,630
Hyundai Auto Receivables Trust, Series 2023-C, Class A2A
	3,050,000		5.800		01/15/27		3,060,871
LCM XV LP, Series 2021-15A, Class AR2
	(3M U.S. T-Bill MMY + 1.262%)
	1,165,608		6.579		07/20/30(a)(b)		1,167,402
Madison Park Funding Ltd., Series 2019-37A, Class AR
	(3M U.S. T-Bill MMY + 1.332%)
	1,500,000		6.646		07/15/33(a)(b)		1,502,433
Marathon CLO Ltd., Series 2019-1A, Class AANR
	(3M U.S. T-Bill MMY + 1.582%)
	2,200,000		6.896		04/15/32(a)(b)		2,203,502
Master Credit Card Trust, Series 2021-1A, Class A
	1,400,000		0.530		11/21/25(a)		1,383,589
Mercedes-Benz Auto Receivables Trust, Series 2022-1, Class A2
	286,520		5.260		10/15/25		286,375
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class A3
	4,381,080		3.058		05/15/49		4,200,899
Morgan Stanley Capital I Trust, Series 2016-BNK2, Class ASB
	325,220		2.860		11/15/49		313,776
Nelnet Student Loan Trust, Series 2016-1A, Class A
	(SOFR + 0.914%)
	282,292		6.236		09/25/65(a)(b)		280,516
Nissan Auto Lease Trust, Series 2023-A, Class A3
	6,000,000		4.910		01/15/26		5,974,150
Nissan Auto Lease Trust, Series 2023-B, Class A2A
	1,608,042		5.740		08/15/25		1,608,443
Northstar Education Finance, Inc., Series 2012-1, Class A
	(SOFR + 0.814%)
	21,018		6.136		12/26/31(a)(b)		20,722
ONE PARK Mortgage Trust, Series 2021-PARK, Class A
	(1M U.S. T-Bill MMY + 0.814%)
	908,000		6.132		03/15/36(a)(b)		883,736
OZLM Ltd., Series 2015-11A, Class A1R
	(3M U.S. T-Bill MMY + 1.512%)
	102,936		6.829		10/30/30(a)(b)		102,922
Regata Funding Ltd., Series 2019-1A, Class AR
	(3M U.S. T-Bill MMY + 1.362%)
	2,000,000		6.676		10/15/32(a)(b)		2,002,180

  

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

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Rhode Island Student Loan Authority, Series 2012-1, Class A1
	(SOFR + 1.014%)
$	445,339		6.334	%	07/01/31(b)	$	445,161
Rhode Island Student Loan Authority, Series 2014-1, Class A1
	(SOFR + 0.814%)
	45,991		6.134		10/02/28(b)		45,285
SLC Student Loan Trust, Series 2007-1, Class A4
	(SOFR + 0.322%)
	548,119		5.681		05/15/29(b)		546,416
SLC Student Loan Trust, Series 2010-1, Class A
	(SOFR + 1.137%)
	94,361		6.495		11/25/42(b)		94,498
SLM Student Loan Trust, Series 2004-10, Class A7B
	(SOFR + 0.862%)
	32,802		6.223		10/25/29(a)(b)		32,801
SOUND POINT CLO XXII Ltd., Series 2019-1A, Class AR
	(3M U.S. T-Bill MMY + 1.342%)
	600,000		6.659		01/20/32(a)(b)		600,207
Stratus CLO Ltd., Series 2021-2A, Class A
	(3M U.S. T-Bill MMY + 1.162%)
	2,871,945		6.479		12/28/29(a)(b)		2,873,792
STWD Trust, Series 2021-FLWR, Class A
	(1M U.S. T-Bill MMY + 0.691%)
	1,350,000		6.009		07/15/36(a)(b)		1,333,964
TCW CLO AMR Ltd., Series 2019-1A, Class ASNR
	(3M U.S. T-Bill MMY + 1.482%)
	1,100,000		6.807		08/16/34(a)(b)		1,101,758
TCW CLO Ltd., Series 2019-2A, Class A1R
	(3M U.S. T-Bill MMY + 1.280%)
	3,500,000		6.598		10/20/32(a)(b)		3,501,050
TCW CLO Ltd., Series 2022-1A, Class A1
	(3M U.S. T-Bill MMY + 1.340%)
	3,500,000		6.658		04/22/33(a)(b)		3,501,148
Toyota Auto Receivables Owner Trust, Series 2021-D, Class A3
	1,400,156		0.710		04/15/26		1,363,931
Toyota Auto Receivables Owner Trust, Series 2022-D, Class A3
	1,825,000		5.300		09/15/27		1,827,985
Toyota Auto Receivables Owner Trust, Series 2023-B, Class A3
	2,595,000		4.710		02/15/28		2,576,411
Tralee CLO II Ltd., Series 2013-1A, Class AR
	(3M U.S. T-Bill MMY + 1.582%)
	54,992		6.899		07/20/29(a)(b)		55,014
Trimaran Cavu Ltd., Series 2021-1A, Class A
	(3M U.S. T-Bill MMY + 1.472%)
	1,000,000		6.787		04/23/32(a)(b)		1,000,531
Trysail CLO Ltd., Series 2021-1A, Class A1
	(3M U.S. T-Bill MMY + 1.582%)
	3,000,000		6.899		07/20/32(a)(b)		3,002,301
UBS Commercial Mortgage Trust, Series 2017-C2, Class ASB
	682,435		3.264		08/15/50		660,567

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Voya CLO Ltd., Series 2015-1A, Class A1R
	(3M U.S. T-Bill MMY + 1.162%)
$	35,279		6.460	%	01/18/29(a)(b)	$	35,305
Voya CLO Ltd., Series 2019-2A, Class A
	(3M U.S. T-Bill MMY + 1.532%)
	700,000		6.849		07/20/32(a)(b)		701,197
Wells Fargo Commercial Mortgage Trust, Series 2015-C31, Class ASB
	46,374		3.487		11/15/48		45,316
Wells Fargo Commercial Mortgage Trust, Series 2016-C32, Class A3
	1,422,360		3.294		01/15/59		1,370,162
World Omni Automobile Lease Securitization Trust, Series 2023- A, Class A2A
	1,034,876		5.470		11/17/25		1,033,949
Zais CLO Ltd., Series 2020-15A, Class A1R
	(3M U.S. T-Bill MMY + 1.612%)
	1,000,000		6.931		07/28/32(a)(b)		1,000,216
TOTAL ASSET-BACKED SECURITIES (Cost $164,732,435)							165,021,436
Foreign Corporate Debt – 20.8%
Banks – 17.8%
Banco Santander SA (Spain)
	(US 1 Year CMT T-Note + 0.450%)
	1,000,000		5.742		06/30/24(b)		999,483
	800,000		3.496		03/24/25		783,911
Bank of Montreal (Canada)
	1,760,000		5.920		09/25/25		1,778,142
	(SOFRINDX + 1.160%)
	3,133,000		6.514		12/11/26(b)		3,162,860
Bank of Nova Scotia (The) (Canada)
	1,620,000		5.250		12/06/24		1,616,832
	2,866,000		5.450		06/12/25		2,868,000
Banque Federative du Credit Mutuel SA (France)
	2,089,000		4.524		07/13/25(a)		2,065,258
	(SOFR + 1.130%)
	3,096,000		6.475		01/23/27(a)(b)		3,119,080
BPCE SA (France)
	(SOFR + 0.960%)
	4,041,000		6.313		09/25/25(a)(b)		4,064,435
	3,133,000		5.100		01/26/26(a)		3,121,957
Canadian Imperial Bank of Commerce (Canada)
	(SOFR + 1.220%)
	1,851,000		6.571		10/02/26(b)		1,869,038
Cooperatieve Rabobank UA (Netherlands)
	(SOFRINDX + 0.900%)
	1,156,000		6.246		10/05/26(b)		1,161,895
Cooperatieve Rabobank UA, MTN (Netherlands)
	952,000		5.500		07/18/25		956,318
Credit Suisse AG (Switzerland)
	(SOFRINDX + 1.260%)
	3,000,000		6.604		02/21/25(b)		3,008,957
Credit Suisse AG, MTN (Switzerland)
	1,923,000		3.625		09/09/24		1,901,885

  

86  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)
Banks – (continued)
Deutsche Bank AG (Germany)
$	638,000		4.162	%	05/13/25	$	627,915
DNB Bank ASA (Norway)
	(SOFRINDX + 0.810%)
	5,455,000		2.968		03/28/25(a)(b)		5,443,832
	(US 1 Year CMT T-Note + 0.330%)
	1,353,000		0.856		09/30/25(a)(b)		1,314,402
Federation des Caisses Desjardins du Quebec (Canada)
	1,817,000		4.400		08/23/25(a)		1,790,896
HSBC Holdings PLC (United Kingdom)
	(SOFR + 0.708%)
	1,033,000		0.976		05/24/25(b)		1,021,106
	(3M U.S. T-Bill MMY + 1.402%)
	5,336,000		2.633		11/07/25(b)		5,216,765
ING Groep NV (Netherlands)
	2,143,000		4.625		01/06/26(a)		2,116,138
	(SOFRINDX + 1.640%)
	2,716,000		6.993		03/28/26(b)		2,738,122
Intesa Sanpaolo SpA (Italy)
	3,147,000		7.000		11/21/25(a)		3,202,039
Intesa Sanpaolo SpA, Series XR (Italy)
	2,171,000		3.250		09/23/24(a)		2,140,597
Lloyds Banking Group PLC (United Kingdom)
	1,000,000		4.450		05/08/25		986,979
	(US 1 Year CMT T-Note + 3.500%)
	1,913,000		3.870		07/09/25(b)		1,898,895
Macquarie Bank Ltd. (Australia)
	(SOFR + 1.240%)
	1,851,000		6.594		06/15/26(a)(b)		1,864,122
Macquarie Group Ltd. (Australia)
	1,032,000		6.207		11/22/24(a)		1,034,931
Mitsubishi UFJ Financial Group, Inc. (Japan)
	1,000,000		2.193		02/25/25		968,873
	736,000		1.412		07/17/25		697,326
	(US 1 Year CMT T-Note + 0.450%)
	1,961,000		0.962		10/11/25(b)		1,902,583
	(SOFR + 0.940%)
	1,283,000		6.284		02/20/26(b)		1,286,363
NatWest Markets PLC (United Kingdom)
	858,000		3.479		03/22/25(a)		839,750
Nordea Bank Abp (Finland)
	2,236,000		4.750		09/22/25(a)		2,218,203
Royal Bank of Canada, GMTN (Canada)
	(SOFRINDX + 0.440%)
	2,000,000		5.785		01/21/25(b)		2,001,211
	(SOFRINDX + 1.080%)
	1,218,000		6.425		07/20/26(b)		1,231,703
Santander UK Group Holdings PLC (United Kingdom)
	(SOFR + 0.787%)
	1,522,000		1.089		03/15/25(b)		1,519,145
Skandinaviska Enskilda Banken AB (Sweden)
	1,708,000		0.850		09/02/25(a)		1,600,177
	(SOFR + 0.890%)
	2,627,000		6.236		03/05/27(a)(b)(c)		2,630,439

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Corporate Debt – (continued)
Banks – (continued)
Societe Generale SA (France)
	(US 1 Year CMT T-Note + 1.050%)
$	1,660,000		2.226	%	01/21/26(a)(b)	$	1,603,392
Standard Chartered PLC (United Kingdom)
	(3M USD LIBOR + 1.209%)
	1,848,000		2.819		01/30/26(a)(b)		1,793,213
Sumitomo Mitsui Financial Group, Inc. (Japan)
	5,939,000		1.474		07/08/25		5,645,406
Sumitomo Mitsui Trust Bank Ltd. (Japan)
	733,000		1.050		09/12/25(a)		686,094
Svenska Handelsbanken AB (Sweden)
	2,268,000		3.650		06/10/25(a)		2,223,171
	(SOFR + 1.250%)
	2,647,000		6.604		06/15/26(a)(b)		2,677,082
Swedbank AB (Sweden)
	(SOFRINDX + 1.380%)
	3,688,000		6.734		06/15/26(a)(b)		3,732,775
Toronto-Dominion Bank (The), MTN (Canada)
	(SOFR + 0.410%)
	4,000,000		5.755		01/10/25(b)		4,000,109
	(SOFR + 1.080%)
	2,506,000		6.426		07/17/26(b)		2,530,446
UBS AG/London (Switzerland)
	(SOFR + 0.930%)
	1,462,000		6.284		09/11/25(b)		1,469,723
UBS Group AG (Switzerland)
	1,300,000		4.125		09/24/25(a)		1,271,632
							108,403,606
Consumer Cyclical – 1.4%
Mercedes-Benz Finance North America LLC (Germany)
	873,000		4.900		01/09/26(a)		869,691
	(SOFR + 0.670%)
	1,519,000		6.015		01/09/26(a)(b)		1,519,210
Volkswagen Group of America Finance LLC (Germany)
	4,450,000		5.800		09/12/25(a)		4,467,242
	(SOFR + 0.930%)
	1,467,000		6.284		09/12/25(a)(b)		1,468,487
							8,324,630
Distributors – 0.4%
Daimler Truck Finance North America LLC (Germany)
	2,421,000		5.600		08/08/25(a)		2,425,284
Financial Company – 0.7%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland)
	4,584,000		1.650		10/29/24		4,462,389
Financials Company – 0.3%
LeasePlan Corp. NV (Netherlands)
	1,666,000		2.875		10/24/24(a)		1,630,575
Insurance – 0.2%
Great-West Lifeco U.S. Finance 2020 LP (Canada)
	1,674,000		0.904		08/12/25(a)		1,569,154
TOTAL FOREIGN CORPORATE DEBT (Cost $126,233,943)							126,815,638

  

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

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Securities – 19.9%
FHLMC REMIC
	(RFUCCT1Y + 1.801%)
$	3,056,242		5.783	%	10/01/43(b)	$	3,121,624
	(RFUCCT1Y + 1.785%)
	571,122		5.799		10/01/44(b)		580,762
	(RFUCCT1Y + 1.619%)
	6,006,012		5.735		01/01/46(b)		6,116,018
FHLMC REMIC, Series 2003-2682, Class FB
	(SOFR + 1.014%)
	139,601		6.339		10/15/33(b)		139,733
FHLMC REMIC, Series 2003-2711, Class FA
	(SOFR + 1.114%)
	136,379		6.439		11/15/33(b)		136,965
FHLMC REMIC, Series 2005-3033, Class FG
	(SOFR + 0.464%)
	415,175		5.789		09/15/35(b)		407,841
FHLMC REMIC, Series 2007-3298, Class FC
	(SOFR + 0.534%)
	88,398		5.859		04/15/37(b)		86,411
FHLMC REMIC, Series 2007-3314, Class FC
	(SOFR + 0.514%)
	19,778		5.839		12/15/36(b)		19,421
FHLMC REMIC, Series 2007-3316, Class FB
	(SOFR + 0.414%)
	488,692		5.739		08/15/35(b)		479,753
FHLMC REMIC, Series 2007-3371, Class FA
	(SOFR + 0.714%)
	100,269		6.039		09/15/37(b)		99,032
FHLMC REMIC, Series 2009-3593, Class CF
	(SOFR + 0.714%)
	1,080,060		6.039		02/15/36(b)		1,072,510
FHLMC REMIC, Series 2011-3895, Class FM
	(SOFR + 0.464%)
	21,161		5.789		12/15/40(b)		21,142
FHLMC REMIC, Series 2012-4040, Class FW
	(SOFR + 0.484%)
	304,514		5.809		05/15/32(b)		301,546
FHLMC REMIC, Series 2012-4057, Class FE
	(SOFR + 0.564%)
	669,876		5.889		06/15/42(b)		657,911
FHLMC REMIC, Series 2012-4068, Class UF
	(SOFR + 0.614%)
	170,104		5.939		06/15/42(b)		166,442
FHLMC REMIC, Series 2012-4098, Class MF
	(SOFR + 0.414%)
	135,257		5.739		11/15/41(b)		134,068
FHLMC REMIC, Series 2012-4107, Class MF
	(SOFR + 0.514%)
	1,422,381		5.839		09/15/42(b)		1,389,247
FHLMC REMIC, Series 2012-4126, Class GF
	(SOFR + 0.514%)
	1,957,933		5.839		11/15/42(b)		1,909,937
FHLMC REMIC, Series 2013-4203, Class QF
	(SOFR + 0.364%)
	946,574		5.689		05/15/43(b)		925,903
FHLMC REMIC, Series 2013-4215, Class NF
	(SOFR + 0.464%)
	665,098		5.789		06/15/43(b)		644,468

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Securities – (continued)
FHLMC REMIC, Series 2013-4240, Class FA
	(SOFR + 0.614%)
$	2,291,983		5.939	%	08/15/43(b)	$	2,248,314
FHLMC REMIC, Series 2013-4248, Class FL
	(SOFR + 0.564%)
	68,696		5.889		05/15/41(b)		67,644
FHLMC REMIC, Series 2013-4263, Class FB
	(SOFR + 0.514%)
	49,712		5.839		11/15/43(b)		48,696
FHLMC REMIC, Series 2013-4272, Class FD
	(SOFR + 0.464%)
	52,944		5.789		11/15/43(b)		51,946
FHLMC REMIC, Series 2017-4678, Class AF
	(SOFR + 0.514%)
	1,556,213		5.653		12/15/42(b)		1,532,858
FHLMC REMIC, Series 2017-4719, Class AF
	(SOFR + 0.464%)
	2,797,528		5.789		09/15/47(b)		2,710,500
FHLMC REMIC, Series 2018-4787, Class ZS
	675,814		5.000		07/01/48		666,756
FHLMC REMIC, Series 2018-4818, Class FC
	(SOFR + 0.414%)
	189,850		5.739		04/15/48(b)		181,826
FHLMC REMIC, Series 2018-4852, Class BF
	(SOFR + 0.514%)
	1,221,076		5.839		12/15/48(b)		1,181,646
FHLMC REMIC, Series 2019-4897, Class F
	(SOFR + 0.514%)
	1,016,893		5.839		07/15/49(b)		992,166
FHLMC REMIC, Series 2019-4903, Class F
	(SOFR + 0.564%)
	157,294		5.889		09/15/48(b)		151,733
FHLMC REMIC, Series 2019-4906, Class NF
	(SOFR + 0.514%)
	1,308,192		5.637		03/15/38(b)		1,271,306
FHLMC REMIC, Series 2019-4942, Class FA
	(SOFR + 0.614%)
	1,011,518		5.936		01/25/50(b)		989,997
FHLMC REMIC, Series 2020-5002, Class FJ
	(SOFR + 0.514%)
	170,444		5.836		07/25/50(b)		165,910
FHLMC REMIC, Series 2020-5031, Class FA
	(SOFR + 0.300%)
	2,252,125		5.625		08/15/43(b)		2,162,659
FHLMC STRIPS, Series 2006-239, Class F22
	(SOFR + 0.464%)
	146,541		5.789		08/15/36(b)		143,833
FHLMC STRIPS, Series 2006-239, Class F30
	(SOFR + 0.414%)
	366,352		5.739		08/15/36(b)		359,764
FNMA REMIC, Series 2002-53, Class FY
	(SOFR + 0.614%)
	159,185		5.936		08/25/32(b)		158,237
FNMA REMIC, Series 2004-54, Class FL
	(SOFR + 0.514%)
	76,512		5.836		07/25/34(b)		76,157
FNMA REMIC, Series 2004-54, Class FN
	(SOFR + 0.564%)
	219,998		5.886		07/25/34(b)		218,381

  

88  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 2005-103, Class FC
	(SOFR + 0.614%)
$	7,252,944		5.936	%	07/25/35(b)	$	7,172,522
FNMA REMIC, Series 2005-120, Class FE
	(SOFR + 0.634%)
	319,983		5.956		01/25/36(b)		316,172
FNMA REMIC, Series 2005-87, Class FE
	(SOFR + 0.564%)
	351,760		5.886		10/25/35(b)		347,136
FNMA REMIC, Series 2006-110, Class AF
	(SOFR + 0.444%)
	2,011,549		5.766		11/25/36(b)		1,974,985
FNMA REMIC, Series 2006-16, Class FC
	(SOFR + 0.414%)
	78,766		5.736		03/25/36(b)		77,707
FNMA REMIC, Series 2006-36, Class FB
	(SOFR + 0.414%)
	41,142		5.736		05/25/36(b)		40,297
FNMA REMIC, Series 2006-42, Class PF
	(SOFR + 0.524%)
	72,932		5.846		06/25/36(b)		72,008
FNMA REMIC, Series 2006-44, Class FP
	(SOFR + 0.514%)
	789,888		5.836		06/25/36(b)		778,735
FNMA REMIC, Series 2006-61, Class FD
	(SOFR + 0.474%)
	146,427		5.796		07/25/36(b)		143,789
FNMA REMIC, Series 2006-79, Class DF
	(SOFR + 0.464%)
	334,756		5.786		08/25/36(b)		330,126
FNMA REMIC, Series 2006-88, Class AF
	(SOFR + 0.574%)
	308,567		5.896		09/25/36(b)		303,745
FNMA REMIC, Series 2007-35, Class PF
	(SOFR + 0.364%)
	54,087		5.686		04/25/37(b)		52,862
FNMA REMIC, Series 2007-67, Class FB
	(SOFR + 0.434%)
	124,865		5.756		07/25/37(b)		121,940
FNMA REMIC, Series 2008-1, Class CF
	(SOFR + 0.814%)
	41,295		6.136		02/25/38(b)		40,859
FNMA REMIC, Series 2009-110, Class FG
	(SOFR + 0.864%)
	164,666		6.186		01/25/40(b)		164,226
FNMA REMIC, Series 2010-113, Class FA
	(SOFR + 0.514%)
	118,632		5.836		10/25/40(b)		117,076
FNMA REMIC, Series 2010-116, Class FE
	(SOFR + 0.514%)
	149,283		5.836		10/25/40(b)		147,139
FNMA REMIC, Series 2010-141, Class FB
	(SOFR + 0.584%)
	90,420		5.906		12/25/40(b)		88,760
FNMA REMIC, Series 2010-15, Class FJ
	(SOFR + 1.044%)
	288,369		6.366		06/25/36(b)		289,256

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Securities – (continued)
FNMA REMIC, Series 2010-39, Class FE
	(SOFR + 0.884%)
$	458,285		6.206	%	06/25/37(b)	$	457,193
FNMA REMIC, Series 2010-39, Class FG
	(SOFR + 1.034%)
	195,125		6.356		03/25/36(b)		195,595
FNMA REMIC, Series 2010-46, Class WF
	(SOFR + 0.864%)
	1,463,079		6.186		05/25/40(b)		1,446,145
FNMA REMIC, Series 2010-49, Class FB
	(SOFR + 0.864%)
	136,112		6.186		05/25/40(b)		135,152
FNMA REMIC, Series 2010-59, Class FN
	(SOFR + 0.844%)
	1,557,634		6.166		06/25/40(b)		1,542,373
FNMA REMIC, Series 2011-53, Class FT
	(SOFR + 0.694%)
	130,957		6.016		06/25/41(b)		129,193
FNMA REMIC, Series 2011-87, Class FJ
	(SOFR + 0.664%)
	125,557		5.986		09/25/41(b)		123,171
FNMA REMIC, Series 2012-101, Class FC
	(SOFR + 0.614%)
	108,579		5.936		09/25/42(b)		105,818
FNMA REMIC, Series 2012-14, Class BF
	(SOFR + 0.714%)
	658,699		6.036		03/25/42(b)		648,748
FNMA REMIC, Series 2012-37, Class BF
	(SOFR + 0.614%)
	137,361		5.936		12/25/35(b)		135,694
FNMA REMIC, Series 2013-10, Class KF
	(SOFR + 0.414%)
	88,211		5.736		02/25/43(b)		86,274
FNMA REMIC, Series 2013-130, Class FB
	(SOFR + 0.564%)
	85,215		5.886		01/25/44(b)		83,317
FNMA REMIC, Series 2013-19, Class DF
	(SOFR + 0.414%)
	466,169		5.736		09/25/41(b)		462,285
FNMA REMIC, Series 2013-2, Class QF
	(SOFR + 0.614%)
	57,000		5.936		02/25/43(b)		56,083
FNMA REMIC, Series 2014-17, Class FE
	(SOFR + 0.664%)
	723,819		5.986		04/25/44(b)		708,227
FNMA REMIC, Series 2014-28, Class FD
	(SOFR + 0.564%)
	1,605,983		5.886		05/25/44(b)		1,578,685
FNMA REMIC, Series 2014-47, Class AF
	(SOFR + 0.464%)
	293,323		5.658		08/25/44(b)		289,538
FNMA REMIC, Series 2015-27, Class KF
	(SOFR + 0.414%)
	74,188		5.736		05/25/45(b)		72,959
FNMA REMIC, Series 2015-87, Class BF
	(SOFR + 0.414%)
	333,105		5.736		12/25/45(b)		325,118

  

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

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Securities – (continued)
FNMA REMIC, Series 2016-49, Class EF
	(SOFR + 0.514%)
$	766,852		5.836	%	08/25/46(b)	$	754,385
FNMA REMIC, Series 2016-9335, Class AL
	(RFUCCT1Y + 1.797%)
	7,969,569		5.956		12/01/40(b)		8,176,513
FNMA REMIC, Series 2017-16, Class FA
	(SOFR + 0.564%)
	656,631		5.886		03/25/47(b)		635,684
FNMA REMIC, Series 2017-91, Class GF
	(SOFR + 0.464%)
	1,559,879		5.786		11/25/47(b)		1,502,185
FNMA REMIC, Series 2018-15, Class JF
	(SOFR + 0.414%)
	865,433		5.736		03/25/48(b)		830,659
FNMA REMIC, Series 2018-3385, Class MA
	790,446		4.500		06/01/48		760,510
FNMA REMIC, Series 2018-4, Class FM
	(SOFR + 0.414%)
	2,098,860		5.736		02/25/48(b)		2,014,036
FNMA REMIC, Series 2019-41, Class FM
	(SOFR + 0.564%)
	1,016,335		5.886		08/25/49(b)		981,273
FNMA REMIC, Series 2019-6, Class KF
	(SOFR + 0.564%)
	1,676,908		5.886		03/25/49(b)		1,631,969
FNMA REMIC, Series 2020-6347, Class BM
	(RFUCCT1Y + 1.736%)
	8,739,184		5.702		02/01/41(b)		8,948,515
FNMA REMIC, Series 2023-7262, Class BM
	(RFUCCT1Y + 1.796%)
	10,122,061		5.239		02/01/45(b)		10,357,089
FNMA REMIC, Series 2023-7266, Class BM
	(RFUCCT1Y + 1.800%)
	15,874,964		5.645		05/01/44(b)		16,191,335
GNMA, Series 2004-59, Class FP
	(1M U.S. T-Bill MMY + 0.414%)
	344,531		5.736		08/16/34(b)		340,473
GNMA, Series 2005-4, Class FA
	(1M U.S. T-Bill MMY + 0.484%)
	293,662		5.806		01/16/35(b)		290,317
GNMA, Series 2007-26, Class FL
	(1M U.S. T-Bill MMY + 0.314%)
	2,144,526		5.634		05/20/37(b)		2,096,359
GNMA, Series 2007-59, Class FA
	(1M U.S. T-Bill MMY + 0.614%)
	103,796		5.934		10/20/37(b)		102,752
GNMA, Series 2013-99, Class PF
	(1M U.S. T-Bill MMY + 0.414%)
	1,471,177		5.734		07/20/43(b)		1,419,255
GNMA, Series 2018-164, Class AF
	(1M U.S. T-Bill MMY + 0.514%)
	2,341,480		5.834		12/20/48(b)		2,279,144

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Securities – (continued)
GNMA, Series 2019-110, Class F
	(1M U.S. T-Bill MMY + 0.564%)
$	1,559,661		5.884	%	09/20/49(b)	$	1,513,677
GNMA, Series 2019-56, Class FB
	(1M U.S. T-Bill MMY + 0.564%)
	1,803,224		5.884		05/20/49(b)		1,765,445
GNMA, Series 2019-58, Class FA
	(1M U.S. T-Bill MMY + 0.514%)
	760,633		5.834		05/20/49(b)		739,939
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class ASB
	271,603		2.713		08/15/49		264,154
JPMBB Commercial Mortgage Securities Trust, Series 2015-C31, Class ASB
	211,995		3.540		08/15/48		207,013
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C23, Class A4
	550,000		3.719		07/15/50		534,279
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C24, Class A3
	2,053,239		3.479		05/15/48		1,997,350
TOTAL MORTGAGE-BACKED SECURITIES (Cost $123,408,537)							121,286,281
Corporate Obligations – 16.2%
Banks – 7.7%
American Express Co.
	(SOFR + 0.760%)
	2,800,000		6.104		02/13/26(b)		2,803,567
	(SOFRINDX + 1.350%)
	1,866,000		6.695		10/30/26(b)		1,881,686
Bank of America Corp.
	(SOFR + 1.100%)
	737,000		6.445		04/25/25(b)		737,780
Bank of America Corp., MTN
	(3M U.S. T-Bill MMY + 1.232%)
	682,000		3.458		03/15/25(b)		681,460
	(3M U.S. T-Bill MMY + 1.352%)
	2,592,000		3.093		10/01/25(b)		2,551,905
Bank of America NA
	(SOFR + 1.020%)
	1,695,000		6.364		08/18/26(b)		1,709,561
Charles Schwab Corp. (The)
	(SOFRINDX + 0.520%)
	1,259,000		5.864		05/13/26(b)		1,254,130
Citibank NA
	(SOFR + 0.805%)
	1,229,000		6.157		09/29/25(b)		1,234,875
	(SOFRINDX + 1.060%)
	2,366,000		6.405		12/04/26(b)		2,389,279
Citigroup, Inc.
	(SOFR + 1.528%)
	1,050,000		6.881		03/17/26(b)		1,058,254

  

90  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)
Banks – (continued)
HSBC USA, Inc.
	(SOFRINDX + 0.960%)
$	3,602,000		6.305	%	03/04/27(b)(c)	$	3,613,613
Huntington National Bank (The)
	(SOFRINDX + 1.190%)
	1,600,000		6.534		05/16/25(b)		1,596,774
JPMorgan Chase & Co.
	(3M U.S. T-Bill MMY + 0.540%)
	1,043,000		0.824		06/01/25(b)		1,029,234
	(SOFR + 0.605%)
	2,886,000		1.561		12/10/25(b)		2,797,625
JPMorgan Chase Bank NA
	(SOFR + 1.000%)
	2,161,000		6.354		12/08/26(b)		2,194,696
Morgan Stanley
	(SOFR + 1.160%)
	1,430,000		3.620		04/17/25(b)		1,425,161
	(SOFR + 0.525%)
	1,127,000		0.790		05/30/25(b)		1,110,737
	(SOFR + 0.745%)
	2,089,000		0.864		10/21/25(b)		2,023,646
Morgan Stanley, MTN
	(SOFR + 0.560%)
	3,248,000		1.164		10/21/25(b)		3,151,594
Morgan Stanley Bank NA
	(SOFR + 0.780%)
	3,740,000		6.125		07/16/25(b)		3,753,289
	(SOFR + 1.165%)
	1,529,000		6.510		10/30/26(b)		1,549,901
PNC Bank NA
	1,504,000		3.250		06/01/25		1,463,840
State Street Corp.
	(SOFR + 0.940%)
	1,278,000		2.354		11/01/25(b)		1,249,738
	(SOFRINDX + 0.845%)
	1,383,000		6.189		08/03/26(b)		1,384,691
Wells Fargo Bank NA, Series BNKT
	(SOFR + 1.060%)
	2,339,000		6.403		08/07/26(b)		2,361,170
							47,008,206
Consumer Cyclical – 2.5%
American Honda Finance Corp., GMTN
	(SOFRINDX + 0.790%)
	1,450,000		6.141		10/03/25(b)		1,455,235
	1,055,000		4.950		01/09/26		1,051,793
American Honda Finance Corp., MTN
	(SOFR + 0.600%)
	4,307,000		5.943		08/14/25(b)		4,315,010
General Motors Co.
	1,164,000		6.125		10/01/25		1,173,609
General Motors Financial Co., Inc.
	(SOFRINDX + 1.300%)
	3,000,000		6.645		04/07/25(b)		3,020,264
	1,278,000		4.300		07/13/25		1,256,883

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Consumer Cyclical – (continued)
Toyota Motor Credit Corp., MTN
	(SOFR + 0.650%)
$	3,122,000		5.996	%	01/05/26(b)	$	3,128,900
							15,401,694
Consumer Noncyclical – 0.7%
Baxter International, Inc.
	(SOFRINDX + 0.440%)
	906,000		5.784		11/29/24(b)		905,989
GE HealthCare Technologies, Inc.
	3,067,000		5.550		11/15/24		3,061,976
							3,967,965
Distributors – 1.5%
Hyundai Capital America
	1,264,000		5.800		06/26/25(a)		1,268,555
	3,275,000		6.250		11/03/25(a)		3,311,981
	(SOFR + 1.500%)
	4,524,000		6.845		01/08/27(a)(b)		4,546,838
							9,127,374
Electric – 1.9%
Avangrid, Inc.
	3,066,000		3.150		12/01/24		3,007,202
National Rural Utilities Cooperative Finance Corp., GMTN
	(SOFR + 0.800%)
	4,304,000		6.145		02/05/27(b)		4,320,585
NextEra Energy Capital Holdings, Inc.
	1,583,000		2.940		03/21/24		1,580,814
	2,991,000		4.255		09/01/24		2,967,899
							11,876,500
Insurance – 1.9%
Equitable Financial Life Global Funding
	1,757,000		5.500		12/02/25(a)		1,754,121
Guardian Life Global Funding
	1,883,000		0.875		12/10/25(a)		1,743,302
Nuveen Finance LLC
	855,000		4.125		11/01/24(a)		845,249
Pacific Life Global Funding II
	(SOFRINDX + 1.050%)
	3,915,000		6.396		07/28/26(a)(b)		3,931,236
Principal Life Global Funding II
	(SOFR + 0.900%)
	2,340,000		6.243		08/28/25(a)(b)		2,339,478
Protective Life Global Funding
	1,005,000		1.170		07/15/25(a)		949,646
							11,563,032
TOTAL CORPORATE OBLIGATIONS (Cost $98,499,566)							98,944,771
U.S. Treasury Notes – 5.0%
U.S. Treasury Floating Rate Notes
	(3 Mo. U.S. T-Bill MMY + 0.140%)
	10,803,600		5.476	(d)	10/31/24(b)		10,806,158
U.S. Treasury Notes
	4,092,700		4.982	(d)	07/31/25		4,087,584
	3,677,200		4.883	(d)	10/31/25		3,691,360

  

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

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Notes – (continued)
U.S. Treasury Notes – (continued)
$	7,735,700		4.579	%(d)	01/31/26	$	7,677,669
United States Treasury Floating Rate Note
	(3 Mo. U.S. T-Bill MMY + 0.169%)
	1,215,400		5.495	(d)	04/30/25(b)		1,215,661
	(3 Mo. U.S. T-Bill MMY + 0.125%)
	2,972,900		5.456	(d)	07/31/25(b)		2,971,482
TOTAL U.S. TREASURY NOTES (Cost $30,412,334)							30,449,914
Certificate of Deposits – 4.2%
Bank of America NA
	1,997,000		5.170		02/07/25		1,993,565
Credit Agricole Corporate and Investment Bank
	(SOFR + 0.590%)
	2,987,000		5.900		08/28/25(b)		2,986,973
Kookmin Bank
	(SOFR + 0.470%)
	4,969,000		5.767		05/20/24(b)		4,972,444
	(SOFR + 0.650%)
	3,412,000		5.960		01/29/25(b)		3,414,934
Lloyds Bank Corporate Markets PLC
	3,237,000		6.050		10/07/24		3,247,229
Natixis NY
	2,000,000		–		07/25/24(e)		2,003,000
Standard Chartered Bank
	2,388,000		–		09/05/24(e)		2,394,065
Sumitomo Mitsui Banking Corp.
	(SOFR + 0.700%)
	3,295,000		6.000		08/14/24(b)		3,302,886
Toronto-Dominion Bank
	1,282,000		5.820		05/23/24		1,282,577
TOTAL CERTIFICATE OF DEPOSITS (Cost $25,569,087)							25,597,673
U.S. Government Agency Obligations – 0.0%(f)
Federal Farm Credit Banks Funding Corp.
	(SOFR + 0.115%)
	58,000		5.425		12/03/24(b)		58,013
	(SOFR + 0.200%)
	25,000		5.510		12/05/24(b)		25,039
	(Prime Rate - 3.010%)
	29,000		5.490		08/07/25(b)		29,042
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $112,012)							112,094
Short-Term Investment – 6.0%
Commercial Paper – 6.0%
Albion Capital Corp SA / Albion Capital LLC
$	1,957,000		5.694	%			1,933,007
Antalis SA
	424,000		5.485				419,921
Banco Santander SA
	1,500,000		5.750				1,504,165
Bank of Montreal
	1,211,000		5.930				1,213,628

Principal Amount		Interest Rate			Maturity Date	Value
Short-Term Investment - (continued)
Commercial Paper – (continued)
Bayer Corp.
$	1,500,000		6.231	%		$	1,469,070
Collateralized Commercial Paper FLEX Co. LLC
	4,171,000		5.680				4,173,002
Deutsche Bank AG
	2,882,000		5.790				2,888,802
Equitable Short Term Funding LLC
	1,500,000		5.944				1,471,170
Glencore Funding LLC
	1,752,000		5.801				1,711,231
HSBC Bank USA NA, Series CD
	(SOFR + 0.610%)
	1,000,000		5.920	(b)			1,000,590
HSBC USA Inc.
	1,696,000		6.412				1,630,857
HSBC USA, Inc.
	1,526,000		5.970				1,498,349
JP Morgan Securities LLC
	994,000		5.970				994,834
	1,696,000		5.920				1,697,899
Macquarie Bank Ltd.
	1,569,000		5.910				1,572,797
National Bank of Canada
	3,308,000		5.787				3,187,688
Societe Generale SA
	4,038,000		5.610				3,873,048
Versailles Commercial Paper LLC
	1,966,000		5.540				1,966,413
Wells Fargo Bank NA
	(SOFR + 1.070%)
	2,122,000		6.425	(b)			2,146,148
TOTAL SHORT-TERM INVESTMENT (Cost $36,283,061)							36,352,619

Shares		Dividend Rate	Value
Investment Company – 1.2%(g)
Goldman Sachs Financial Square Government Fund - Institutional Shares
	7,467,883	5.219%		7,467,883
(Cost $7,467,883)
TOTAL INVESTMENTS – 100.4% (Cost $612,718,858)			$	612,048,309
LIABILITIES IN EXCESS OF OTHER  ASSETS – (0.4)%				(2,378,327)
NET ASSETS – 100.0%			$	609,669,982

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) Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on February 29, 2024.

(c) When-issued security.

  

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

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

 

 

 

 

 

 

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

(e) Zero coupon bond until next reset date.

(f) Less than 0.05%

(g) Represents an affiliated issuer.

Investment Abbreviations:
BA	—Banker Acceptance Rate
CLO	—Collateralized Loan Obligation
CMT	—Constant Maturity Treasury Index
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GMTN	—Global Medium Term Note
GNMA	—Insured by Government National Mortgage   Association
LIBOR	—London Interbank Offered Rate
LP	—Limited Partnership
MMY	—Money Market Yield
MTN	—Medium Term Note
PLC	—Public Limited Company
Prime	—Federal Reserve Bank Prime Loan Rate US
SOFR	—Secured Overnight Financing Rate
SOFRINDX	—Secured Overnight Financing Rate Index
T-Bill	—Treasury Bill

 

  

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

 

Statements of Assets and Liabilities

February 29, 2024 (Unaudited)

 

 

		Access Emerging Markets USD Bond ETF			Access High Yield Corporate Bond ETF			Access Inflation Protected USD Bond ETF			Access Investment Grade Corporate 1-5 Year Bond ETF
	Assets:
	Investments in unaffiliated issuers, at value (cost $56,858,468, $131,928,939, $129,596,574 and $9,178,040, respectively)	$	55,054,038		$	130,202,998		$	117,231,101		$	9,115,549
	Investments in affiliated issuers, at value (cost $933,170, $1,877,196, $561,558 and $–, respectively)		933,170			1,877,196			561,558			—
	Cash		46,835			21,772			40,335			37,676
	Foreign Currency, at value (cost $118, $–, $– and $–, respectively)		123			—			—			—
	Receivables:
	Interest and Dividends		811,984			1,972,264			76,701			104,802
	Investments sold		17,936			28,229			5,034,290			769,762
	Fund shares sold		—			8,793,378			—			—
	Total assets		56,864,086			142,895,837			122,943,985			10,027,789
	Liabilities:
	Payables:
	Management fees		16,801			30,879			10,824			1,020
	Investments purchased		—			8,670,446			5,040,561			715,389
	Accrued expenses		—			108,184			—			—
	Total liabilities		16,801			8,809,509			5,051,385			716,409
	Net Assets:
	Paid-in capital		63,541,258			140,209,615			139,824,557			9,637,670
	Total distributable earnings (loss)		(6,693,973	)		(6,123,287	)		(21,931,957	)		(326,290	)
	NET ASSETS	$	56,847,285		$	134,086,328		$	117,892,600		$	9,311,380
	SHARES ISSUED AND OUTSTANDING
	Shares outstanding no par value (unlimited shares authorized):		1,400,000			3,050,000			2,425,000			200,000
	Net asset value per share:	$	40.61		$	43.96		$	48.62		$	46.56

  

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

 

Statements of Assets and Liabilities (continued)

February 29, 2024 (Unaudited)

 

 

		Access Investment Grade Corporate Bond ETF			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 $818,437,711, $5,706,157,960, $459,544,923 and $605,250,975, respectively)	$	764,389,936		$	5,705,203,161	$	439,225,642		$	604,580,426
	Investments in affiliated issuers, at value (cost $3,009,189, $–, $24,871,043 and $7,467,883, respectively)		3,009,189			—		24,871,043			7,467,883
	Cash		39,978			1,754,980		4,773,537			104,942
	Receivables:
	Fund shares sold		61,162,729			—		—			2,513,152
	Interest and Dividends		8,851,560			3,761,420		2,293,086			3,503,922
	Investments sold		1,990			4,001,228		80,080,430			4,730,876
	Total assets		837,455,382			5,714,720,789		551,243,738			622,901,201
	Liabilities:
	Forward sale contracts, at value (proceeds received $–, $–, $13,799,649 and $–, respectively)		—			—		13,653,516			—
	Payables:
	Investments purchased		60,541,568			—		107,242,452			13,154,531
	Management fees		668,800			542,733		49,561			76,688
	Fund shares redeemed		—			4,003,628		—			—
	Total liabilities		61,210,368			4,546,361		120,945,529			13,231,219
	Net Assets:
	Paid-in capital		852,702,972			5,696,451,722		491,156,758			610,455,390
	Total distributable earnings (loss)		(76,457,958	)		13,722,706		(60,858,549	)		(785,408	)
	NET ASSETS	$	776,245,014		$	5,710,174,428	$	430,298,209		$	609,669,982
	SHARES ISSUED AND OUTSTANDING
	Shares outstanding no par value (unlimited shares authorized):		17,100,000			57,050,000		10,500,000			12,125,000
	Net asset value per share:	$	45.39		$	100.09	$	40.98		$	50.28

  

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

 

Statements of Operations

For the Six Months Ended February 29, 2024 (Unaudited)

 

 

		Access Emerging Markets USD Bond ETF			Access High Yield Corporate Bond ETF			Access Inflation Protected USD Bond ETF			Access Investment Grade Corporate 1-5 Year Bond ETF
	Investment income:
	Interest	$	1,663,869		$	3,370,423		$	616,097		$	235,193
	Dividends from Affiliated Underlying Funds		7,417			24,750			10,294			320
	Total Investment Income		1,671,286			3,395,173			626,391			235,513
	Expenses:
	Management fees		109,276			158,434			53,118			—
	Trustee fees		8,576			8,656			8,681			7,180
	Total expenses		117,852			167,090			61,799			7,180
	Less — expense reductions		(15,937	)		(770	)		(319	)		(10	)
	Net expenses		101,915			166,320			61,480			7,170
	NET INVESTMENT INCOME		1,569,371			3,228,853			564,911			228,343
	Realized and Unrealized gain (loss):
	Net realized gain (loss) from:
	Investments — unaffiliated issuers		(93,337	)		(401,367	)		(2,282,030	)		(16,051	)
	In-kind redemptions		—			(982,494	)		(1,797,980	)		(25,014	)
	Net change in unrealized gain (loss) on:
	Investments — unaffiliated issuers		1,594,088			3,266,168			5,242,430			204,216
	Net realized and unrealized gain		1,500,751			1,882,307			1,162,420			163,151
	NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,070,122		$	5,111,160		$	1,727,331		$	391,494

  

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

 

Statements of Operations (continued)

For the Six Months Ended February 29, 2024 (Unaudited)

 

 

		Access Investment Grade Corporate Bond ETF			Access Treasury 0-1 Year ETF			Access U.S. Aggregate Bond ETF			Access Ultra Short Bond ETF
	Investment income:
	Interest	$	13,326,962		$	152,793,448		$	10,077,289		$	16,333,387
	Dividends from Affiliated Underlying Funds		50,886			—			814,697			216,263
	Total Investment Income		13,377,848			152,793,448			10,891,986			16,549,650
	Expenses:
	Management fees		419,839			4,000,610			349,931			602,064
	Trustee fees		9,588			19,182			9,353			9,518
	Total expenses		429,427			4,019,792			359,284			611,582
	Less — expense reductions		(1,548	)		(574,256	)		(24,991	)		(128,472	)
	Net expenses		427,879			3,445,536			334,293			483,110
	NET INVESTMENT INCOME		12,949,969			149,347,912			10,557,693			16,066,540
	Realized and Unrealized gain (loss):
	Net realized gain (loss) from:
	Investments — unaffiliated issuers		(857,255	)		1,320,587			(7,213,569	)		425,603
	In-kind redemptions		(14,971,529	)		557,647			(1,283,722	)		—
	Securities sold short		—			64			406,582			—
	Net change in unrealized gain (loss) on:
	Investments — unaffiliated issuers		23,268,315			254,532			10,718,268			3,561,048
	Securities sold short		—			—			49,199			—
	Net realized and unrealized gain		7,439,531			2,132,830			2,676,758			3,986,651
	NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	20,389,500		$	151,480,742		$	13,234,451		$	20,053,191

  

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

 

Statements of Changes in Net Assets

February 29, 2024

 

 

		Access Emerging Markets USD Bond ETF						Access High Yield Corporate Bond ETF
		For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023			For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023
	From operations:
	Net investment income	$	1,569,371		$	2,744,146		$	3,228,853		$	7,107,452
	Net realized loss		(93,337	)		(990,119	)		(1,383,861	)		(10,052,206	)
	Net change in unrealized gain		1,594,088			802,195			3,266,168			11,327,064
	Net increase in net assets resulting from operations		3,070,122			2,556,222			5,111,160			8,382,310
	Distributions to shareholders:
	From distributable earnings		(1,568,318	)		(2,675,655	)		(3,168,771	)		(7,421,417	)
	From share transactions:
	Proceeds from sales of shares		3,884,849			29,017,966			48,190,469			63,776,945
	Cost of shares redeemed		–			(9,900,147	)		(17,293,906	)		(97,999,816	)
	Net increase (decrease) in net assets resulting from share transactions		3,884,849			19,117,819			30,896,563			(34,222,871	)
	TOTAL INCREASE (DECREASE)		5,386,653			18,998,386			32,838,952			(33,261,978	)
	Net Assets:
	Beginning of period	$	51,460,632		$	32,462,246		$	101,247,376		$	134,509,354
	End of period	$	56,847,285		$	51,460,632		$	134,086,328		$	101,247,376

  

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

 

Statements of Changes in Net Assets (continued)

February 29, 2024

 

 

	Access Inflation Protected USD Bond ETF						Access Investment Grade Corporate 1-5 Year Bond ETF
	For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023			For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023
From operations:
Net investment income	$	564,911		$	2,454,169			$    228,343		$	224,127
Net realized loss		(4,080,010	)		(9,913,356	)		(41,065	)		(825,095	)
Net change in unrealized gain		5,242,430			1,518,317			204,216			683,678
Net increase (decrease) in net assets resulting from operations		1,727,331			(5,940,870	)		391,494			82,710
Distributions to shareholders:
From distributable earnings		(1,276,874	)		(4,179,323	)		(227,161	)		(224,601	)
From share transactions:
Proceeds from sales of shares		26,747,662			21,918,076			4,596,787			4,638,826
Cost of shares redeemed		(20,448,193	)		(66,027,253	)		(4,651,720	)		(11,557,399	)
Net increase (decrease) in net assets resulting from share transactions		6,299,469			(44,109,177	)		(54,933	)		(6,918,573	)
TOTAL INCREASE (DECREASE)		6,749,926			(54,229,370	)		109,400			(7,060,464	)
Net Assets:
Beginning of period	$	111,142,674		$	165,372,044			$  9,201,980		$	16,262,444
End of period	$	117,892,600		$	111,142,674			$  9,311,380		$	9,201,980

  

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

 

Statements of Changes in Net Assets (continued)

February 29, 2024

 

 

		Access Investment Grade Corporate Bond ETF						Access Treasury 0-1 Year ETF
		For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023			For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023
	From operations:
	Net investment income	$	12,949,969		$	20,798,832		$	149,347,912		$	203,790,525
	Net realized gain (loss)		(15,828,784	)		(35,037,592	)		1,878,298			(9,201,919	)
	Net change in unrealized gain		23,268,315			13,508,820			254,532			3,865,995
	Net increase (decrease) in net assets resulting from operations		20,389,500			(729,940	)		151,480,742			198,454,601
	Distributions to shareholders:
	From distributable earnings		(12,755,686	)		(20,409,959	)		(150,660,216	)		(182,430,853	)
	From share transactions:
	Proceeds from sales of shares		239,332,279			313,013,296			1,147,991,692			5,065,135,094
	Cost of shares redeemed		(153,561,599	)		(243,562,494	)		(1,451,854,019	)		(2,155,004,089	)
	Net increase (decrease) in net assets resulting from share transactions		85,770,680			69,450,802			(303,862,327	)		2,910,131,005
	TOTAL INCREASE (DECREASE)		93,404,494			48,310,903			(303,041,801	)		2,926,154,753
	Net Assets:
	Beginning of period	$	682,840,520		$	634,529,617		$	6,013,216,229		$	3,087,061,476
	End of period	$	776,245,014		$	682,840,520		$	5,710,174,428		$	6,013,216,229

  

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

 

Statements of Changes in Net Assets (continued)

February 29, 2024

 

 

		Access U.S. Aggregate Bond ETF						Access Ultra Short Bond ETF
		For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023			For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023
	From operations:
	Net investment income	$	10,557,693		$	15,359,244		$	16,066,540		$	23,139,754
	Net realized gain (loss)		(8,090,709	)		(23,235,282	)		425,603			(1,318,987	)
	Net change in unrealized gain		10,767,467			392,404			3,561,048			1,300,628
	Net increase (decrease) in net assets resulting from operations		13,234,451			(7,483,634	)		20,053,191			23,121,395
	Distributions to shareholders:
	From distributable earnings		(10,624,255	)		(14,281,841	)		(16,072,534	)		(22,160,976	)
	From share transactions:
	Proceeds from sales of shares		66,336,599			89,594,586			152,283,648			261,247,087
	Cost of shares redeemed		(131,281,320	)		(8,300,985	)		(118,903,316	)		(193,095,071	)
	Net increase (decrease) in net assets resulting from share transactions		(64,944,721	)		81,293,601			33,380,332			68,152,016
	TOTAL INCREASE (DECREASE)		(62,334,525	)		59,528,126			37,360,989			69,112,435
	Net Assets:
	Beginning of period	$	492,632,734		$	433,104,608		$	572,308,993		$	503,196,558
	End of period	$	430,298,209		$	492,632,734		$	609,669,982		$	572,308,993

  

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

 

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

 

 

	Access Emerging Markets USD Bond ETF
	For the Six Months Ended February 29, 2024 (Unaudited)				For the Fiscal Year Ended August 31, 2023				For the Period February 15, 2022* to August 31, 2022
Per Share Operating Performance:
Net asset value, beginning of period		$	39.59			$	40.58			$	49.68
Net investment income(a)			1.17				2.40				1.33
Net realized and unrealized gain (loss)			1.03				(1.02	)			(9.29	)
Total from investment operations			2.20				1.38				(7.96	)
Distributions to shareholders from net investment income			(1.18	)			(2.37	)			(1.14	)
Net asset value, end of period		$	40.61			$	39.59			$	40.58
Market price, end of period		$	40.66			$	39.64			$	40.13
Total Return at Net Asset Value(b)			5.69	%			3.54	%			(16.11	)%
Net assets, end of period (in 000’s)		$	56,847			$	51,461			$	32,462
Ratio of net expenses to average net assets			0.39	%(c)			0.22	%			0.00	%(c)
Ratio of total expenses to average net assets			0.45	%(c)			0.45	%			0.45	%(c)
Ratio of net investment income to average net assets			5.99	%(c)			6.02	%			5.67	%(c)
Portfolio turnover rate(d)			7	%			8	%			34	%

* Commencement of operations.

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

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

^(c)  Annualized.

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

  

102  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 High Yield Corporate Bond ETF
	For the Six Months Ended				For the Fiscal Year Ended August 31,
	February 29, 2024 (Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value, beginning of period		$	43.08			$	42.70			$	50.40			$	49.29			$	49.42			$	48.86
Net investment income(a)			1.40				2.55				2.21				2.24				2.49				2.75
Net realized and unrealized gain (loss)			0.88				0.39				(7.63	)			1.15				(0.15	)			0.61
Total from investment operations			2.28				2.94				(5.42	)			3.39				2.34				3.36
Distributions to shareholders from net investment income			(1.40	)			(2.56	)			(2.28	)			(2.28	)			(2.47	)			(2.80	)
Net asset value, end of period		$	43.96			$	43.08			$	42.70			$	50.40			$	49.29			$	49.42
Market price, end of period		$	43.87			$	43.04			$	42.28			$	50.38			$	49.23			$	49.24
Total Return at Net Asset Value(b)			5.42	%			7.13	%			(11.07	)%			7.05	%			4.94	%			7.20	%
Net assets, end of period (in 000’s)		$	134,086			$	101,247			$	134,509			$	231,834			$	150,347			$	76,602
Ratio of net expenses to average net assets			0.34	%(c)			0.34	%			0.34	%			0.34	%			0.34	%			0.34	%
Ratio of net investment income to average net assets			6.57	%(c)			5.99	%			4.69	%			4.49	%			5.15	%			5.67	%
Portfolio turnover rate(d)			9	%			14	%			15	%			22	%			22	%			23	%

^(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.

  

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

	Access Inflation Protected USD Bond ETF
	For the Six Months Ended February 29, 2024 (Unaudited)				For the Fiscal Year Ended August 31,																For the Period October 2, 2018* to August 31, 2019
					2023				2022				2021				2020
Per Share Operating Performance:
Net asset value, beginning of period		$	48.32			$	51.68			$	58.52			$	56.96			$	53.11			$	50.00
Net investment income(a)			0.26				0.93				3.70				2.85				0.33				1.27
Net realized and unrealized gain (loss)			0.62				(2.78	)			(7.14	)			0.30				4.18				2.98
Total from investment operations			0.88				(1.85	)			(3.44	)			3.15				4.51				4.25
Distributions to shareholders from net investment income			(0.58	)			(1.51	)			(3.40	)			(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			(0.58	)			(1.51	)			(3.40	)			(1.59	)			(0.66	)			(1.14	)
Net asset value, end of period		$	48.62			$	48.32			$	51.68			$	58.52			$	56.96			$	53.11
Market price, end of period		$	48.62			$	48.36			$	51.64			$	58.54			$	57.00			$	53.08
Total Return at Net Asset Value(b)			1.86	%			(3.64	)%			(6.08	)%			5.62	%			8.57	%			8.61	%
Net assets, end of period (in 000’s)		$	117,893			$	111,143			$	165,372			$	146,311			$	31,330			$	7,966
Ratio of net expenses to average net assets			0.12	%(c)			0.12	%			0.12	%			0.12	%			0.12	%			0.12	%(c)
Ratio of net investment income to average net assets			1.10	%(c)			1.90	%			6.63	%			4.96	%			0.61	%			2.74	%(c)
Portfolio turnover rate(d)			24	%			30	%			18	%			56	%			43	%			36	%

* Commencement of operations.

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

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

^(c)  Annualized.

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

  

104  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 1-5 Year Bond ETF
	For the Six Months Ended				For the Fiscal Year Ended August 31,												For the Period July 7, 2020*
	February 29, 2024 (Unaudited)				2023				2022				2021				to August 31, 2020
Per Share Operating Performance:
Net asset value, beginning of period		$	46.01			$	46.46			$	50.28			$	50.21			$	49.89
Net investment income(a)			1.02				1.43				0.62				0.41				0.06
Net realized and unrealized gain (loss)			0.50				(0.47	)			(3.77	)			0.14				0.29
Total from investment operations			1.52				0.96				(3.15	)			0.55				0.35
Distributions to shareholders from net investment income			(0.97	)			(1.41	)			(0.67	)			(0.48	)			(0.03	)
Net asset value, end of period		$	46.56			$	46.01			$	46.46			$	50.28			$	50.21
Market price, end of period		$	46.54			$	46.03			$	46.38			$	50.30			$	50.28
Total Return at Net Asset Value(b)			3.35	%			2.11	%			(6.30	)%			1.10	%			0.70	%
Net assets, end of period (in 000’s)		$	9,311			$	9,202			$	16,262			$	30,168			$	27,617
Ratio of net expenses to average net assets			0.14	%(c)			0.14	%			0.14	%			0.14	%			0.14	%(c)
Ratio of net investment income to average net assets			4.44	%(c)			3.12	%			1.27	%			0.82	%			0.73	%(c)
Portfolio turnover rate(d)			45	%			37	%			45	%			32	%			3	%

* 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.

  

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

	Access Investment Grade Corporate Bond ETF
	For the Six Months Ended				For the Fiscal Year Ended August 31,
	February 29, 2024 (Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value, beginning of period		$	44.63			$	45.81			$	55.24			$	55.39			$	52.87			$	48.31
Net investment income(a)			0.94				1.59				1.27				1.26				1.59				1.74
Net realized and unrealized gain (loss)			0.74				(1.23	)			(9.43	)			(0.14	)			2.54				4.52
Total from investment operations			1.68				0.36				(8.16	)			1.12				4.13				6.26
Distributions to shareholders from net investment income			(0.92	)			(1.54	)			(1.27	)			(1.27	)			(1.61	)			(1.70	)
Net asset value, end of period		$	45.39			$	44.63			$	45.81			$	55.24			$	55.39			$	52.87
Market price, end of period		$	45.34			$	44.63			$	45.61			$	55.19			$	55.47			$	52.90
Total Return at Net Asset Value(b)			3.81	%			0.84	%			(14.96	)%			2.07	%			7.95	%			13.35	%
Net assets, end of period (in 000’s)		$	776,245			$	682,841			$	634,530			$	776,118			$	642,578			$	526,049
Ratio of net expenses to average net assets			0.14	%(c)			0.14	%			0.14	%			0.14	%			0.14	%			0.14	%
Ratio of net investment income to average net assets			4.21	%(c)			3.55	%			2.50	%			2.30	%			3.00	%			3.54	%
Portfolio turnover rate(d)			2	%			5	%			12	%			11	%			9	%			13	%

^(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.

  

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

	Access Treasury 0-1 Year ETF
	For the Six Months Ended February 29, 2024 (Unaudited)				For the Fiscal Year Ended August 31,
					2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value, beginning of period		$	100.07			$	99.84			$	100.09			$	100.44			$	100.38			$	100.16
Net investment income (loss)(a)			2.58				4.17				0.52				(0.02	)			1.13				2.23
Net realized and unrealized gain (loss)			0.04				(0.26	)			(0.51	)			(0.01	)			0.29				0.15
Total from investment operations			2.62				3.91				0.01				(0.03	)			1.42				2.38
Distributions to shareholders from net investment income			(2.60	)			(3.68	)			(0.26	)			(0.27	)			(1.36	)			(2.16	)
Distributions to shareholders from return of capital			–				–				–				(0.05	)			–				–
Total distributions			(2.60	)			(3.68	)			(0.26	)			(0.32	)			(1.36	)			(2.16	)
Net asset value, end of period		$	100.09			$	100.07			$	99.84			$	100.09			$	100.44			$	100.38
Market price, end of period		$	100.14			$	100.12			$	99.88			$	100.08			$	100.45			$	100.40
Total Return at Net Asset Value(b)			2.66	%			3.99	%			0.01	%			(0.03	)%			1.42	%			2.40	%
Net assets, end of period (in 000’s)		$	5,710,174			$	6,013,216			$	3,087,061			$	1,857,660			$	3,045,396			$	3,174,026
Ratio of net expenses to average net assets			0.12	%(c)			0.12	%			0.12	%			0.12	%			0.12	%			0.12	%
Ratio of total expenses to average net assets			0.14	%(c)			0.14	%			0.14	%			0.14	%			0.14	%			0.14	%
Ratio of net investment income to average net assets			5.20	%(c)			4.18	%			0.52	%			(0.02	)%			1.13	%			2.22	%
Portfolio turnover rate(d)			–	%			–	%			–	%			–	%			–	%			–	%

^(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.

  

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

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 Six Months Ended				For the Fiscal Year Ended August 31,								For the Period September 8, 2020*
	February 29, 2024 (Unaudited)				2023				2022				to August 31, 2021
Per Share Operating Performance:
Net asset value, beginning of period		$	40.88			$	42.88			$	49.40			$	50.03
Net investment income(a)			0.83				1.42				0.67				0.37
Net realized and unrealized gain (loss)			0.09				(2.10	)			(6.62	)			(0.63	)
Total from investment operations			0.92				(0.68	)			(5.95	)			(0.26	)
Distributions to shareholders from net investment income			(0.82	)			(1.32	)			(0.57	)			(0.37	)
Net asset value, end of period		$	40.98			$	40.88			$	42.88			$	49.40
Market price, end of period		$	40.98			$	40.99			$	42.93			$	49.38
Total Return at Net Asset Value(b)			2.28	%			1.58	%			(12.12	)%			(0.52	)%
Net assets, end of period (in 000’s)		$	430,298			$	492,633			$	433,105			$	219,827
Ratio of net expenses to average net assets			0.13	%(c)			0.12	%			0.10	%			0.11	%(c)
Ratio of total expenses to average net assets			0.14	%(c)			0.14	%			0.14	%			0.14	%(c)
Ratio of net investment income to average net assets			4.10	%(c)			3.43	%			1.48	%			0.77	%(c)
Portfolio turnover rate(d)			238	%			481	%			522	%			525	%

* 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.

  

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

	Access Ultra Short Bond ETF
	For the Six Months Ended				For the Fiscal Year Ended August 31,																For the Period April 15, 2019*
	February 29, 2024 (Unaudited)				2023				2022				2021				2020				to August 31, 2019
Per Share Operating Performance:
Net asset value, beginning of period		$	49.98			$	49.95			$	50.71			$	50.77			$	50.49			$	50.00
Net investment income(a)			1.31				2.12				0.49				0.28				0.73				0.52
Net realized and unrealized gain (loss)			0.31				(0.05	)			(0.79	)			0.02				0.42				0.34
Total from investment operations			1.62				2.07				(0.30	)			0.30				1.15				0.86
Distributions to shareholders from net investment income			(1.32	)			(2.04	)			(0.46	)			(0.36	)			(0.87	)			(0.37	)
Net asset value, end of period		$	50.28			$	49.98			$	49.95			$	50.71			$	50.77			$	50.49
Market price, end of period		$	50.28			$	49.99			$	49.95			$	50.71			$	50.78			$	50.51
Total Return at Net Asset Value(b)			3.29	%			4.25	%			(0.58	)%			0.59	%			2.28	%			1.75	%
Net assets, end of period (in 000’s)		$	609,670			$	572,309			$	503,197			$	330,874			$	149,765			$	15,148
Ratio of net expenses to average net assets			0.16	%(c)			0.16	%			0.15	%			0.16	%			0.16	%			0.16	%(c)
Ratio of total expenses to average net assets			0.20	%(c)			0.20	%			0.20	%			0.20	%			0.20	%			0.20	%(c)
Ratio of net investment income to average net assets			5.25	%(c)			4.25	%			0.98	%			0.55	%			1.45	%			2.72	%(c)
Portfolio turnover rate(d)			42	%			76	%			37	%			51	%			63	%			66	%

* Commencement of operations.

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

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

^(c)  Annualized.

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

  

The accompanying notes are an integral part of these financial statements. 109

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

 

Notes to Financial Statements

February 29, 2024 (Unaudited)

 

 

1. ORGANIZATION

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

Fund	Diversified/   Non-diversified
Access Emerging Markets USD Bond ETF	Diversified
Access High Yield Corporate Bond ETF	Diversified
Access Inflation Protected USD Bond ETF	Diversified
Access Investment Grade Corporate 1-5 Year Bond ETF	Diversified
Access Investment Grade Corporate Bond ETF	Diversified
Access Treasury 0-1 Year ETF	Diversified
Access U.S. Aggregate Bond ETF	Diversified
Access Ultra Short Bond ETF	Diversified

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 Emerging Markets USD Bond ETF, 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.

  

110

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

 

 

 

 

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

For treasury inflation protected securities (“TIPS”), adjustments to principal due to inflation/deflation are reflected as increases/ decreases to interest income with a corresponding adjustment to cost.

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).

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. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the “Valuation Designee”) GSAM has day-to-day responsibility for implementing

  

  111

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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. 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.

i. Commercial Paper — Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.

ii. Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers.

Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.

Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or “IO” and/or high coupon rate with relatively low principal amount, or “IOette”), and the other that receives substantially all principal payments (principal-only, or “PO”) from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.

iii. Treasury Inflation Protected Securities — TIPS are treasury securities in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.

iv. When-Issued Securities and Forward Commitments — When-issued securities, including TBA (“To Be Announced”) securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. 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 Statement(s) of Assets and Liabilities as receivables/payables for collateral on other investments. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Money Market Fund”) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally

  

112

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

 

 

 

 

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund’s accounting policies and investment holdings, please see the Underlying Money Market 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 the Valuation Procedures. 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 February 29, 2024:

Access Emerging Markets USD Bond ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	8,254,346	$	—
Sovereign Debt Obligations		—		46,799,692		—
Investment Company		933,170		—		—
Total	$	933,170	$	55,054,038	$	—
Access High Yield Corporate Bond ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	121,616,556	$	—
Foreign Corporate Debt		—		8,586,442		—
Investment Company		1,877,196		—		—
Total	$	1,877,196	$	130,202,998	$	—
Access Inflation Protected USD Bond ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
U.S. Treasury Inflation Indexed Bond	$	117,231,101	$	—	$	—
Investment Company		561,558		—		—
Total	$	117,792,659	$	—	$	—
Access Investment Grade Corporate 1-5 Year Bond ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	7,672,612	$	—
Foreign Corporate Debt		—		1,442,937		—
Total	$	—	$	9,115,549	$	—

  

  113

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Access Investment Grade Corporate Bond ETF
Investment Type	Level 1		Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	625,385,628		$	—
Foreign Corporate Debt		—		139,004,308			—
Investment Company		3,009,189		—			—
Total	$	3,009,189	$	764,389,936		$	—
Access Treasury 0-1 Year ETF
Investment Type	Level 1		Level 2			Level 3
Assets
Fixed Income
U.S. Treasury Bills	$	4,618,096,286	$	—		$	—
U.S. Treasury Notes		1,087,106,875		—			—
Total	$	5,705,203,161	$	—		$	—
Access U.S. Aggregate Bond ETF
Investment Type	Level 1		Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	91,752,800		$	—
Foreign Corporate Debt		—		25,213,705			—
Mortgage-Backed Securities		—		117,584,765			—
Sovereign Debt Obligations		207,540		10,850,115			—
U.S. Government Agency Obligations		—		762,494			—
U.S. Treasury Bonds		42,307,332		—			—
U.S. Treasury Notes		131,809,824		—			—
U.S. Treasury Obligations		18,737,067		—			—
Investment Company		24,871,043		—			—
Total	$	217,932,806	$	246,163,879		$	—
Liabilities
Fixed Income
Forward Sales Contracts	$	—	$	(13,653,516	)	$	—
Access Ultra Short Bond ETF
Investment Type	Level 1		Level 2			Level 3
Assets
Fixed Income
Asset-Backed Securities	$	—	$	165,021,436		$	—
Certificate of Deposit		—		25,597,673			—
Corporate Obligations		—		98,944,771			—
Foreign Corporate Debt		—		126,815,638			—
Mortgage-Backed Securities		—		121,286,281			—
U.S. Government Agency Obligations		—		112,094			—
U.S. Treasury Notes		30,449,914		—			—
Short-Term Investment		—		36,352,619			—

  

114

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

 

 

 

 

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Investment Company	$	7,467,883	$	—	$	—
Total	$	37,917,797	$	574,130,512	$	—
Access Investment Grade Corporate Bond ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	625,385,628	$	—
Foreign Corporate Debt		—		139,004,308		—
Investment Company		3,009,189		—		—
Total	$	3,009,189	$	764,389,936	$	—

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

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

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

For the six months ended February 29, 2024, 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 Emerging Markets USD Bond ETF	0.45%		0.39%
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		0.12
Access Ultra Short Bond ETF	0.20		0.16

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

GSAM has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.39%, 0.12% and 0.16% as an annual percentage rate of average daily net assets of the Access Emerging Markets USD Bond ETF, 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, 2024 for Access Treasury 0-1 Year ETF and Access Ultra Short Bond ETF and through at least February 17, 2025 for Access Emerging Markets USD Bond ETF and prior to such dates the Investment Adviser may not terminate the arrangements

  

  115

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

without the approval of the Board of Trustees. For the six months ended February 29, 2024, GSAM waived $15,714, $574,256 and $122,316 of the Funds’ management fees for the Access Emerging Markets USD Bond ETF, Access Treasury 0-1 Year ETF and the Access Ultra Short Bond ETF, respectively.

The Access Emerging Markets USD Bond ETF, 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 U.S. Aggregate Bond ETF and Access Ultra Short Bond ETF invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest. For the six months ended February 29, 2024, the management fee waived by GSAM for each Fund was as follows:

Fund	Management Fee Waived
Access Emerging Markets USD Bond ETF	$   224
Access High Yield Corporate Bond ETF	770
Access Inflation Protected USD Bond ETF	319
Access Investment Grade Corporate 1-5 Year Bond ETF	10
Access Investment Grade Corporate Bond ETF	1,548
Access U.S. Aggregate Bond ETF	24,991
Access Ultra Short Bond ETF	6,156

B. Other Transactions with Affiliates — The following table provides information about the Funds’ investments in the Goldman Sachs Financial Square Government Fund for the six months ended February 29, 2024:

Access Emerging Markets USD Bond ETF
Underlying Fund		Beginning value as of August 31, 2023		Purchases at Cost		Proceeds from Sales		Ending value as of February 29, 2024	Shares as of February 29, 2024		Dividend Income
Goldman Sachs Financial Square Government Fund - Institutional Shares
	$	255,051	$	2,203,523	$	1,525,404	$	933,170	933,170	$	7,417
Access High Yield Corporate Bond ETF
Underlying Fund		Beginning value as of August 31, 2023		Purchases at Cost		Proceeds from Sales		Ending value as of February 29, 2024	Shares as of February 29, 2024		Dividend Income
Goldman Sachs Financial Square Government Fund - Institutional Shares
		1,043,475		8,980,827		8,147,106		1,877,196	1,877,196		24,750
Access Inflation Protected USD Bond ETF
Underlying Fund		Beginning value as of August 31, 2023		Purchases at Cost		Proceeds from Sales		Ending value as of February 29, 2024	Shares as of February 29, 2024		Dividend Income
Goldman Sachs Financial Square Government Fund - Institutional Shares
		536,220		1,916,681		1,891,343		561,558	561,558		10,294

  

116

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

 

 

 

 

 

 

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Access Investment Grade Corporate Bond ETF
Underlying Fund		Beginning value as of August 31, 2023		Purchases at Cost		Proceeds from Sales		Ending value as of February 29, 2024	Shares as of February 29, 2024		Dividend Income
Goldman Sachs Financial Square Government Fund - Institutional Shares
	$	1,389,970	$	18,212,298	$	16,593,079	$	3,009,189	3,009,189	$	50,886
Access U.S. Aggregate Bond ETF
Underlying Fund		Beginning value as of August 31, 2023		Purchases at Cost		Proceeds from Sales		Ending value as of February 29, 2024	Shares as of February 29, 2024		Dividend Income
Goldman Sachs Financial Square Government Fund - Institutional Shares
		45,185,528		47,165,814		67,480,299		24,871,043	24,871,043		814,697
Access Ultra Short Bond ETF
Underlying Fund		Beginning value as of August 31, 2023		Purchases at Cost		Proceeds from Sales		Ending value as of February 29, 2024	Shares as of February 29, 2024		Dividend Income
Goldman Sachs Financial Square Government Fund - Institutional Shares
		1,456,006		194,876,715		188,864,838		7,467,883	7,467,883		216,263

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 Emerging Markets USD Bond ETF
	For the Six Months Ended February 29, 2024 (Unaudited)				For the Fiscal Year Ended August 31, 2023
	Shares		Dollars		Shares			Dollars
Fund Share Activity
Shares sold		100,000	$	3,884,849		750,000		$	28,984,486
Shares redeemed		—		—		(250,000	)		(9,894,477)
NET INCREASE IN SHARES		100,000	$	3,884,849		500,000		$	19,090,009

  

  117

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

	Access High Yield Corporate Bond ETF
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares sold		1,100,000		$	48,190,469			1,500,000		$	63,759,385
Shares redeemed		(400,000	)		(17,293,906	)		(2,300,000	)		(97,932,564)
NET INCREASE (DECREASE) IN SHARES		700,000		$	30,896,563			(800,000	)	$	(34,173,179)
	Access Inflation Protected USD Bond ETF
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares sold		550,000		$	26,747,662			450,000		$	21,918,076
Shares redeemed		(425,000	)		(20,448,193	)		(1,350,000	)		(66,027,253)
NET INCREASE (DECREASE) IN SHARES		125,000		$	6,299,469			(900,000	)	$	(44,109,177)
	Access Investment Grade Corporate 1-5 Year Bond ETF
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares sold		100,000		$	4,596,787			100,000		$	4,636,503
Shares redeemed		(100,000	)		(4,651,720	)		(250,000	)		(11,557,166)
NET DECREASE IN SHARES		—		$	(54,933	)		(150,000	)	$	(6,920,663)
	Access Investment Grade Corporate Bond ETF
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares sold		5,300,000		$	239,332,279			6,950,000		$	312,852,286
Shares redeemed		(3,500,000	)		(153,561,599	)		(5,500,000	)		(243,404,700)
NET INCREASE IN SHARES		1,800,000		$	85,770,680			1,450,000		$	69,447,586

  

118

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

 

 

 

 

 

 

5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

	Access Treasury 0-1 Year ETF
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares sold		11,490,000		$	1,147,991,692			50,760,000		$	5,065,129,680
Shares redeemed		(14,530,000	)		(1,451,854,018	)		(21,590,000	)		(2,155,003,879)
NET INCREASE (DECREASE) IN SHARES		(3,040,000	)	$	(303,862,326	)		29,170,000		$	2,910,125,801
	Access U.S. Aggregate Bond ETF
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares sold		1,650,000		$	66,336,599			2,150,000		$	89,552,204
Shares redeemed		(3,200,000	)		(131,281,320	)		(200,000	)		(8,270,935)
NET INCREASE (DECREASE) IN SHARES		(1,550,000	)	$	(64,944,721	)		1,950,000		$	81,281,269
	Access Ultra Short Bond ETF
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares sold		3,050,000		$	152,283,648			5,250,000		$	261,247,087
Shares redeemed		(2,375,000	)		(118,903,316	)		(3,875,000	)		(193,095,071)
NET INCREASE IN SHARES		675,000		$	33,380,332			1,375,000		$	68,152,016

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the six months ended February 29, 2024, were as follows (with the exception of the Access Treasury 0-1 Year ETF which only owns short term securities):

Fund	Purchase of U.S. Government and Agency Obligations		Purchases (Excluding U.S. Governement and Agency Obligations)		Sales and Maturities of U.S. Government and Agency Obligations		Sales and Maturities (Excluding  U.S. Government and  Agency Obligations)
Access Emerging Markets USD Bond ETF	$	—	$	4,489,582	$	—	$	3,458,501
Access High Yield Corporate Bond ETF		—		41,860,083		—		8,535,525
Access Inflation Protected USD Bond ETF		25,313,281		—		25,590,702		—
Access Investment Grade Corporate 1-5 Year Bond ETF		—		6,472,471		—		4,348,307
Access Investment Grade Corporate Bond ETF		—		169,020,756		—		13,548,196
Access U.S. Aggregate Bond ETF		83,759,858		1,061,713,223		58,248,074		1,072,303,485
Access Ultra Short Bond ETF		18,590,642		239,263,082		19,970,398		195,170,701

  

  119

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

6. PORTFOLIO SECURITIES TRANSACTIONS (continued)

The purchases and sales from in-kind creation and redemption transactions for the six months ended February 29, 2024, were as follows (with the exception of the Access Treasury 0-1 Year ETF which only owns short term securities):

Fund		Purchases		Sales
Access Emerging Markets USD Bond ETF	$	1,985,958	$	—
Access High Yield Corporate Bond ETF		10,796,142		14,665,208
Access Inflation Protected USD Bond ETF		25,193,964		20,406,144
Access Investment Grade Corporate 1-5 Year Bond ETF		—		2,258,505
Access Investment Grade Corporate Bond ETF		79,853,476		152,189,813
Access U.S. Aggregate Bond ETF		—		96,304,461

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, August 31, 2023, the Funds’ capital loss carryforwards and certain timing differences on a tax basis were as follows:

	Access Emerging Markets USD Bond ETF		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
Capital loss carryforwards:
Perpetual Short-Term	$	(4,719,239)	$	(1,711,525)	$	(926,084)	$	(43,914)	$	(2,764,880)
Perpetual Long-Term		—		(158,574)		(1,048,175)		(108,292)		(2,529,605)
Total capital loss carryforwards		(4,719,239)		(1,870,099)		(1,974,259)		(152,206)		(5,294,485)
Timing differences — (Post October Capital Loss Deferral)		(338,513)		(1,489,472)		(3,009,073)		(100,634)		(2,846,078)
					Access Treasury 0-1 Year ETF		Access U.S. Aggregate Bond ETF		Access Ultra Short  Bond ETF
Capital loss carryforwards:
Perpetual Short-Term					$	(5,045,995)	$	(16,536,773)	$	(1,050,052)
Perpetual Long-Term						—		(4,356,844)		(326,419)
Total capital loss carryforwards						(5,045,995)		(20,893,617)		(1,376,471)
Timing differences — (Post October Capital Loss Deferral)						(5,815,184)		(13,375,400)		(1,853,131)

As of February 29, 2024, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Access Emerging Markets USD Bond ETF			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
Tax Cost	$	57,792,060		$	134,035,842		$	130,303,818		$	9,180,463		$	822,212,985
Gross unrealized gain		1,124,813			1,803,412			114,646			54,321			3,052,495
Gross unrealized loss		(2,929,665	)		(3,759,060	)		(12,625,805	)		(119,235	)		(57,866,355)
Net unrealized gain (loss)	$	(1,804,852	)	$	(1,955,648	)	$	(12,511,159	)	$	(64,914	)	$	(54,813,860)

  

120

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

 

 

 

 

 

 

7. TAX INFORMATION (continued)

	Access Treasury 0-1 Year ETF			Access U.S. Aggregate Bond ETF			Access Ultra Short  Bond ETF
Tax Cost	$	5,706,211,108		$	484,678,377		$	612,734,926
Gross unrealized gain		314,870			1,856,350			2,173,645
Gross unrealized loss		(1,322,817	)		(22,438,042	)		(2,860,262)
Net unrealized gain (loss)	$	(1,007,947	)	$	(20,581,692	)	$	(686,617)

The difference between GAAP-basis and tax-basis unrealized gains (losses) is due to wash sales, and differences in tax treatment of market discount accretion and premium amortization, and inflation protected securities.

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:

Calculation Methodology Risk — The Index relies on various sources of information to assess the criteria of issuers included in the Index, (or a reference index if applicable) including fundamental information that may be based on assumptions and estimates. Neither the Fund, the Investment Adviser nor the Index Provider can offer assurances that the Index’s calculation methodology or sources of information will provide a correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.

Index Risk (each Fund except Goldman Sachs 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 FTSE Goldman Sachs Emerging Markets USD Bond Index is new and has 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 a 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.

Industry Concentration Risk — In following its methodology, an Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or group of industries. To the extent that an Index concentrates in the securities of issuers in a particular industry or group of industries, a Fund (except Access Ultra Short Bond ETF) also will concentrate its investments to approximately the same extent. By concentrating its investments in an industry or group of industries, the applicable Fund may face more risks than if it were diversified broadly over numerous industries or groups of industries. If an Index is not concentrated in a particular industry or group of industries, the applicable Fund will not concentrate in a particular industry or group of industries.

Concentrating Fund investments in a limited number of issuers conducting business in the same industry or group of industries will subject the Access Ultra Short Bond ETF to a greater risk of loss as a result of adverse economic, business, political, environmental or other developments than if its investments were diversified across different industries.

  

  121

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

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. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of the Fund’s investments, which would make it harder for the Fund to sell its investments at an advantageous time.

Large Shareholder Transaction Risk — Certain shareholders, including other funds advised by the Investment Adviser, may from time to time own a substantial amount of the Fund’s Shares. In addition, a third party investor, the Investment Adviser or an affiliate of the Investment Adviser, an authorized participant, a lead market maker, or another entity (i.e., a seed investor) may invest in the Fund and hold its investment solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or scale. Any such investment may be held for a limited period of time. There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund, including on the Fund’s liquidity. In addition, transactions by large shareholders may account for a large percentage of the trading volume on NYSE Arca and Cboe BZX and may, therefore, have a material upward or downward effect on the market price of the Shares.

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, declining prices of the securities sold, 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, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Market Trading Risk — Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may pay more for, or receive less than, the underlying value of the Shares, respectively. 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

  

122

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

 

 

 

 

 

 

8. OTHER RISKS (continued)

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.

Sampling Risk — A Fund’s use of a representative sampling approach will result in its holding a smaller number of securities than are in the Index. As a result, an adverse development respecting a security held by a Fund could result in a greater decline in NAV than would be the case if a Fund held all of the securities in the Index. Conversely, a positive development relating to a security in the Index that is not held by a Fund could cause a Fund to underperform the Index. To the extent the assets in a Fund are smaller, these risks will be greater.

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

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 ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund, Goldman Sachs Trust, Goldman Sachs Trust II and Goldman Sachs Variable Insurance Trust, in July 2023, the Board voted to nominate Gregory G. Weaver, Dwight L. Bush, Kathryn A. Cassidy, John G. Chou, Joaquin Delgado, Eileen H. Dowling and Paul C. Wirth (the “Nominees”) for election as Trustees of the Trust. At a virtual special joint meeting of shareholders held on November 16, 2023, each of the Nominees was elected to serve as Trustees alongside the then current Trustees of the Trust, effective January 1, 2024.

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.

  

  123

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

 

 

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting of Shareholders (the “Meeting”) of the Goldman Sachs ETF Trust (the “Trust”) was held on November 16, 2023 to consider and elect nominees to the Trust’s Board of Trustees. At the Meeting, Gregory G. Weaver, Dwight L. Bush, Kathryn A. Cassidy, John G. Chou, Joaquin Delgado, Eileen H. Dowling and Paul C. Wirth were elected to the Trust’s Board of Trustees. In electing the nominees, the Trust’s shareholders voted as follows:

Proposal  Election of Trustees	For		Withheld
Gregory G. Weaver	312,642,103		27,755,773
Dwight L. Bush	339,557,290		840,586
Kathryn A. Cassidy	339,692,259		705,617
John G. Chou	339,628,535		769,341
Joaquin Delgado	339,626,867		771,009
Eileen H. Dowling	339,570,827		827,049
Paul C. Wirth	339,591,397		806,479

  

124  

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

 

 

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs

Access Emerging Markets USD Bond ETF, 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

Background

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

The Management Agreement was most recently approved for continuation until September 30, 2024 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on September 19-20, 2023 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

(b) information on the investment performance of the Fund, including comparisons to (i) the performance of similar exchange- traded funds (“ETFs”), as provided by a third-party fund data provider engaged as part of the contract review process (the “Outside Data Provider”), (ii) its underlying index (except for the Goldman Sachs Access Ultra Short Bond ETF), and with respect to the Goldman Sachs Access Ultra Short Bond ETF, a benchmark performance index; and (iii) information on general investment outlooks in the markets in which the Fund invests;

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

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

(e) with respect to the extensive investment performance and expense comparison data (except for the Goldman Sachs Access Emerging Markets USD Bond ETF, which commenced operations in 2022) provided by the Outside Data Provider, its processes in producing that data for the Fund;

(f) the undertaking of the Investment Adviser to implement a fee waiver (for the Goldman Sachs Access Emerging Markets USD Bond ETF, Goldman Sachs Access Treasury 0-1 Year ETF and Goldman Sachs Access Ultra Short Bond ETF);

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

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

  

  125

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

 

 

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs

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

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

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

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

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

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

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

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including developments associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees considered that under the Management Agreement, each Fund pays a single fee to the Investment Adviser, and the Investment Adviser pays each Fund’s ordinary operating expenses, excluding payments under each Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. The Trustees also considered information about each Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Funds are passively-managed ETFs that seek to track indices developed and maintained by a third-party service provider, except for the Goldman Sachs Access Ultra Short Bond ETF, which is an actively managed ETF that seeks to provide current income with preservation of capital. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Funds. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing investment strategies similar to those of the Funds. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and/or ratings compiled by the Outside Data Provider as of March 31, 2023, and updated information prepared by the Investment Adviser regarding the Funds’ category rankings using the peer group identified by the Outside Data Provider as of June 30, 2023. The information on each Fund’s investment performance was provided for the one-, three-and five-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. As part of this review, they reviewed the investment performance of each Fund in light of its investment objective and

  

126  

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

 

 

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs

policies and market conditions. The Trustees also received information comparing each Fund’s (except for the Goldman Sachs Access Ultra Short Bond ETF) performance to that of its respective index. They observed that the Goldman Sachs Access Ultra Short Bond ETF had placed in the third quartile of the Fund’s peer group for the one-year period and the top half for the three-year period ended March 31, 2023. The Trustees noted that the investment performance of each passively-managed Fund was consistent with the investment objective of tracking its respective index. With respect to the Goldman Sachs Access Ultra Short Bond ETF, they considered the investment performance trend of the Fund over time and reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions. The Trustees noted that the Goldman Sachs Access Ultra Short Bond ETF’s investment performance was consistent with its investment objective of seeking to provide current income with preservation of capital.

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

Unitary Fee Structure and Profitability

The Trustees considered the unitary management fee rate payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and non-advisory services that were directed to the needs and operations of the Funds as ETFs.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The Trustees also considered information previously provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Funds’ fee rates and expense ratios were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing each Fund’s management fee rate and net expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons provided by the Outside Data Provider and the Investment Adviser were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement management fee waivers for the Goldman Sachs Access Emerging Markets USD Bond ETF, Goldman Sachs Access Treasury 0-1 Year ETF, and Goldman Sachs Access Ultra Short Bond ETF. The Trustees noted that license fees would be payable by the Investment Adviser to FTSE Fixed Income LLC for the use of its indices (except for the Goldman Sachs Access Ultra Short Bond ETF).

The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had previously received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency, and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC (“Goldman Sachs”) organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations. Profitability data for the Funds was provided for 2022 and 2021 (2022 only for the Goldman Sachs Access Emerging Markets USD Bond ETF). The Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

The Trustees noted that the Funds, similar to many other ETFs, do not have management fee breakpoints. They considered information previously provided regarding each Fund’s fee structure, the amount of assets in each Fund, each Fund’s recent creation and redemption activity, and information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates. The Trustees further noted the Investment Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration in determining each Fund’s unitary management fee rate.

  

  127

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

 

 

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (b) fees earned by the Investment Adviser for managing the funds in which certain Funds’ securities lending cash collateral is invested; (c) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (d) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (e) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (f) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (g) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers because of the volume of business generated by the Investment Adviser and its affiliates; (d) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (e) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (f) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (g) the Funds’ access to certain affiliated distribution channels. They considered the competitive nature of the ETF marketplace, noting that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary fee paid by each Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement with respect to each Fund should be approved and continued until September 30, 2024.

  

128  

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

 

 

Liquidity Risk Management Program

February 29, 2024

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 February 13-14, 2024, 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, 2023 through December 31, 2023 (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; (3) the efficiency of the arbitrage function during the Reporting Period; and (4) the impact of local holidays in non-U.S. jurisdictions. 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.

  

  129

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Fund Expenses — Six Month ended February 29, 2024 (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.

This example is based on an investment of $1,000 invested at the beginning of the period from September 1, 2023 and held for the entire six months ended February 29, 2024, which represents a period of 182 days of a 366 day year (or less where indicated).

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

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

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

	Access Emerging Markets USD Bond ETF			Access High Yield Corporate Bond ETF			Access Inflation Protected USD Bond ETF			Access Investment Grade  Corporate 1-5 Year Bond ETF
	Beginning  Account Value  9/1/23	Ending  Account Value  2/29/24	Expenses Paid for the 6 months  ended 2/29/24*	Beginning  Account Value  9/1/23	Ending Account Value 2/29/24	Expenses Paid for the 6 months  ended 2/29/24*	Beginning  Account Value  9/1/23	Ending  Account Value  2/29/24	Expenses  Paid for the 6 months  ended 2/29/24*	Beginning  Account Value  9/1/23	Ending  Account Value  2/29/24	Expenses Paid for the 6 months  ended 2/29/24*
Actual based on NAV	$1,000.00	$1,056.91	$1.99	$1,000.00	$1,054.21	$1.73	$1,000.00	$1,018.58	$0.60	$1,000.00	$1,033.50	$0.71
Hypothetical 5% return	1,000.00	1,022.93+	1.96	1,000.00	1,023.18+	1.70	1,000.00	1,024.27+	0.60	1,000.00	1,024.17+	0.70
	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  9/1/23	Ending Account Value  2/29/24	Expenses Paid for the 6 months  ended 2/29/24*	Beginning  Account Value  9/1/23	Ending  Account Value  2/29/24	Expenses Paid for the 6 months  ended 2/29/24*	Beginning Account Value 9/1/23	Ending Account Value 2/29/24	Expenses Paid for the 6 months  ended 2/29/24*	Beginning Account Value 9/1/23	Ending Account Value 2/29/24	Expenses Paid for the 6 months  ended 2/29/24*
Actual based on NAV	$1,000.00	$1,038.12	$0.71	$1,000.00	$1,026.55	$0.60	$1,000.00	$1,022.79	$0.66	$1,000.00	$1,032.94	$0.80
Hypothetical 5% return	1,000.00	1,024.17+	0.70	1,000.00	1,024.27+	0.60	1,000.00	1,024.22+	0.66	1,000.00	1,024.08+	0.79

+ 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 are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 29, 2024. 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 half year; and then dividing that result by the number of days in the fiscal year.

The annualized net expense ratios for the period were as follows:

Fund
Access Emerging Markets USD Bond ETF	0.39	%
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	0.13
Access Ultra Short Bond ETF	0.16

130

(This page intentionally left blank)

FUNDS PROFILE

 

Goldman Sachs ETFs

 

 

THE GOLDMAN

SACHS ADVANTAGE

Our goal is to deliver:

Strong, Consistent Investment Results
∎	Global Resources and Global Research
∎	Team Approach
∎	Disciplined Processes

Innovative, Value-Added Investment Products
∎	Thoughtful Solutions
∎	Risk Management

Outstanding Client Service
∎	Dedicated Service Teams
∎	Excellence and Integrity

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 $2.54 trillion in assets under supervision as of December 31, 2023, 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 Access Emerging Markets USD Bond ETF

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 Bonds ETF

Goldman Sachs Access Treasury 0-1 Year ETF

Goldman Sachs Access U.S. Aggregate Bond ETF

Goldman Sachs Access Ultra Short Bond ETF

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 ActiveBeta^® World Low Vol Plus Equity ETF

Goldman Sachs Bloomberg Clean Energy Equity ETF

Goldman Sachs Community Municipal Bond ETF

Goldman Sachs Defensive Equity ETF

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

Goldman Sachs Future Consumer Equity ETF

Goldman Sachs Future Health Care Equity ETF

Goldman Sachs Future Planet Equity ETF

Goldman Sachs Future Real Estate and Infrastructure Equity ETF

Goldman Sachs Future Tech Leaders Equity ETF

Goldman Sachs Hedge Industry VIP ETF

Goldman Sachs Innovate Equity ETF

Goldman Sachs JUST U.S. Large Cap Equity ETF

Goldman Sachs MarketBeta^® Emerging Markets Equity ETF

Goldman Sachs MarketBeta^® International Equity ETF

Goldman Sachs MarketBeta^® Total International Equity ETF

Goldman Sachs MarketBeta^® U.S. 1000 Equity ETF

Goldman Sachs MarketBeta^® U.S. Equity ETF

Goldman Sachs MarketBeta^® Russell 1000 Growth Equity ETF

Goldman Sachs MarketBeta^® Russell 1000 Value Equity ETF

Goldman Sachs Nasdaq-100 Core Premium Income ETF

Goldman Sachs North American Pipelines & Power Equity ETF

Goldman Sachs Small Cap Core Equity ETF

Goldman Sachs S&P 500 Core Premium Income ETF

INDEX DISCLAIMERS

The Goldman Sachs Access Emerging Markets USD Bond ETF, 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 Access Emerging Markets USD Bond Index, 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.

The “S&P 500 Index” is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and has been licensed for use by Goldman Sachs Asset Management, L.P. Standard & Poor’s^® and S&P^® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones^® is a registered trademark of Dow Jones Trademark

  

132  

FUNDS PROFILE

 

 

 

 

Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Goldman Sachs Asset Management, L.P. The Goldman Sachs S&P 500 Core Premium Income ETF is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.

Nasdaq^®, Nasdaq-100^®, Nasdaq-100 Index^®, and NDX^® are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by Goldman Sachs Asset Management L.P. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT(S).

  

  133

TRUSTEES Gregory G. Weaver, Chair Cheryl K. Beebe Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar THE BANK OF NEW YORK MELLON Transfer Agent ALPS DISTRIBUTORS, INC. Distributor TRUSTEES (continued) Michael Latham James A. McNamara Lawrence W. Stranghoener Paul C. Wirth OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser Visit our website at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282 The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed. A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30, are available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC’’) website 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 website at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550. Fund holdings and allocations shown are as of February 29, 2024 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only. This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. This material has been prepared by Goldman Sachs Asset Management and is not financial research nor a product of Goldman Sachs Global Investment Research (GIR). It was not prepared in compliance with applicable provisions of law designed to promote the independence of financial analysis and is not subject to a prohibition on trading following the distribution of financial research. The views and opinions expressed may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. Investors are urged to consult with their financial advisors before buying or selling any securities. This information may not be current and Goldman Sachs Asset Management has no obligation to provide any updates or changes. ETF Fund shares are not individually redeemable and are issued and redeemed by the Fund at their net asset value (“NAV”) only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Ordinary brokerage commissions apply. ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management. This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or Summary Prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the Summary Prospectus, if available, and/or the Prospectus carefully before investing or sending money. The Summary Prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management. © 2024 Goldman Sachs. All rights reserved. 365210-OTU-2013658 GST 2498 ACFIETFSAR-24

Goldman Sachs Funds Semi-Annual Report February 29, 2024 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) ActiveBeta® World Low Vol Plus Equity ETF (GLOV) ActiveBeta® is a registered trademark of GSAM.

 

 

 

 

Goldman Sachs ActiveBeta^® Equity 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)
∎	ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF (GLOV)

TABLE OF CONTENTS

Market and Economic Review	1
Fund Basics	6
Schedules of Investments	28
Financial Statements	94
Financial Highlights	102
ActiveBeta® Emerging Markets Equity ETF (GEM)	102
ActiveBeta® Europe Equity ETF (GSEU)	103
ActiveBeta® International Equity ETF (GSIE)	104
ActiveBeta® Japan Equity ETF (GSJY)	105
ActiveBeta® U.S. Large Cap Equity ETF (GSLC)	106
ActiveBeta® U.S. Small Cap Equity ETF (GSSC)	107
ActiveBeta® World Low Vol Plus Equity ETF (GLOV)	108
Notes to Financial Statements	109
Other Information	137

Effective January 24, 2023, open-end mutual funds and exchange traded funds will be required to provide shareholders with streamlined annual and semi-annual shareholder reports (“Tailored Shareholder Reports”). Funds will be required to prepare a separate Tailored Shareholder Report for each share class of a fund that highlights key information to investors. Other information, including financial statements, will no longer appear in a fund’s shareholder report, but will be available online, delivered free of charge upon request, and filed with the Securities and Exchange Commission on a semi-annual basis on Form N-CSR. The new requirements have a compliance date of July 24, 2024.

NOT  FDIC-INSURED  May Lose Value  No Bank Guarantee 

  

   

MARKET REVIEW

 

 

Goldman Sachs ActiveBeta^® Equity ETFs

February 29, 2024

The following are highlights both of key factors affecting U.S., international and emerging markets equity markets and of any key changes made to the Goldman Sachs ActiveBeta^® Equity ETFs (the “Funds”) during the six months ended February 29, 2024 (the “Reporting Period”). A streamlined annual shareholder report covering the 12 months ended August 31, 2024 will be provided to the Funds’ shareholders, per new Securities and Exchange Commission requirements with a compliance date of July 24, 2024.

Market and Economic Review

U.S. Equities

• Overall, U.S. equities rose during the Reporting Period. The Standard & Poor’s 500^® Index (the “S&P 500 Index”) ended the Reporting Period with a return of 13.93%. The Russell 3000^® Index generated a return of 13.76%.

• Despite ongoing geopolitical tensions and persistent volatility, the market posted solid returns during the Reporting Period amid a backdrop of shifting consensus expectations around the Federal Reserve’s (“Fed”) policy path forward and generally broadening market leadership.

• The Reporting Period began in September 2023 with a sharp pullback.

• Although economic activity remained resilient, the S&P 500 Index declined mostly due to a pickup in soft landing concerns, surging energy prices and disinflationary pressures on corporate earnings. (A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing.)

• Concerns about a looming threat of a federal government shutdown, consumer impacts from student loan repayments resuming, and a strike against automakers by the United Auto Workers union that began in September further weighed on investor sentiment.

• The Fed acted in line with consensus forecasts, keeping interest rates unchanged at 5.25%-5.50% in September. However, the Fed’s “higher for longer” narrative appeared to gain further recognition from investors.

• During the fourth quarter of 2023, the S&P 500 Index enjoyed a double-digit gain, finishing the calendar year with the best fourth quarter since 2003.

• The quarter saw a broadening of market leadership following the mega-cap dominance for most of 2023.

• U.S. equity markets began the quarter with negative momentum, as investors digested a more resilient than consensus expected U.S. economy and a “higher for longer” Fed interest rate regime.

• The market then shifted direction in November.

• November saw the most significant easing in financial conditions of any month in more than four decades.

• Market sentiment took a positive turn on the back of an overall shift in tonality from Fed officials signaling potential easing of monetary policy in 2024, a gradual cooldown in economic activity while the labor market remained resilient, and a rally across U.S. Treasuries marking one of the best monthly performances on record—all underpinning soft landing and disinflation traction themes.

• The Fed held interest rates unchanged throughout the quarter, as growth of the U.S. economy slowed, the unemployment rate remained low despite abating job gains, and inflationary pressures continued to trend downwards.

• Near the end of the quarter, there was a major shift in the Fed’s policy path expectations, with the Summary of Economic Projections median dot plot signaling 75 basis points of rate cuts in 2024. (A basis point is 1/100th of a percentage point. The Fed’s dot plot shows the interest rate projections of the members of the Federal Open Market Committee.)

• U.S. economic data provided further evidence of disinflation momentum, with November’s annualized core Consumer Price Index dropping to its lowest level since September 2021 and core Personal Consumption Expenditure Index increasing 1.9% on a six-month annualized basis, measuring below the Fed’s inflation target of 2% for the first time in more than three years.

  

  1

MARKET REVIEW

 

 

 

 

 

 

 

• Market seasonality proved to be another tailwind to equities during the quarter, as November and December historically represent the strongest two-month period for U.S. stocks.

• The S&P 500 Index rose in January 2024, albeit modestly.

• Following an especially strong end to 2023, U.S. equity markets began the new calendar year with a more cautionary tone, driven by concerns regarding overvalued conditions and the Fed’s ability to match interest rate cut expectations from investors.

• Yields across the U.S. Treasury curve, or spectrum of maturities, steepened, a headwind to equity valuations as traders repriced expectations regarding the path of monetary policy.

• The trend of broadened market leadership witnessed in the last months of 2023 reversed course in January, with mega-cap stocks outperforming again.

• Despite this defensive start, U.S. equities finished the month mostly higher, with the S&P 500 Index recording new record highs as economic releases and robust labor market data continued to underpin the prevailing soft landing narrative.

• In February 2024, the S&P 500 Index notched a new all-time high, rallying for the fourth consecutive month as market leadership broadened from the “Magnificent Seven,” the group of high-performing and influential companies that drove U.S. equity performance for much of 2023.”

• U.S. Treasury yields were notably higher on the back of resilient macroeconomic data and hawkish sentiment following the Fed’s January meeting, wherein Fed Chair Powell communicated it was not likely the Fed would cut interest rates in March 2024. (Hawkish suggests higher interest rates; opposite of dovish.)

• The major headline of the month was the shift in market expectations for the timing of the first interest rate cut, which moved from March to June 2024 even as the broader disinflation theme remained intact.

• Economic data remained robust, which helped ease concerns of a hard landing.

• Concerns of a temporary U.S. government shutdown were subdued at the end of the month, as policymakers reached a timely temporary funding bill to keep government operations open through March 2024.

• Corporate earnings were better than consensus feared, underpinned by both sales and earnings exceeding market forecasts on improved profit margins across most sectors.

• During the Reporting Period overall, all capitalization segments within the U.S. equity market posted gains, with large-cap stocks, as measured by the Russell 1000^® Index, performing best, followed by mid-cap stocks and then small-cap stocks, as measured by the Russell Midcap^® Index and Russell 2000^® Index, respectively. From a style perspective, growth-oriented stocks materially outperformed value-oriented stocks across the capitalization spectrum. (All as measured by the FTSE Russell indices.)

• The best performing sectors within the S&P 500 Index during the Reporting Period were information technology, communication services and financials, while the weakest performing sectors were energy, utilities and consumer staples.

International Equities

• Representing the developed international equity markets, the MSCI EAFE Index (net) returned 9.23% for the Reporting Period, lagging the U.S. equity market.

• As the Reporting Period began in September 2023, international equity markets, like their U.S. counterpart, declined, marked by persistent inflation, contractionary economic concerns, particularly in Europe, and further interest rate hikes. Recession fears were renewed by a steep rise in oil prices. Further, a selloff in global bond markets put increased pressure on risk assets.

• In Europe, concerns persisted around the contractionary effect of elevated interest rates on the economy as the European Central Bank (“ECB”) raised interest rates for the second time in the third calendar quarter. However, inflation in Europe fell to a two-year low, and the ECB suggested its September hike may be the last.

  

2  

MARKET REVIEW

 

 

 

 

 

 

 

• The U.K. equity market fared better than continental Europe, largely supported by its energy sector, which benefited from increased oil prices. The market also benefited from sterling, its currency, depreciation relative to the U.S. dollar. Additionally, U.K. markets showed signs of improving consumer confidence. The Bank of England (“BoE”) ended its run of 14 consecutive interest rate hikes in September.

• The Japanese equity market fell in September, as concerns arose surrounding political tensions with China, which could impact tourism.

• International equities rallied strongly in the fourth quarter of 2023, fueled by consensus expectations of interest rate cuts in 2024 amid falling inflation numbers and a fizzling out of the “higher for longer” narrative.

• In Europe, equities were weak in October but then recovered to close out the year. Headline inflation in December ticked up from November; however, core inflation fell.

• U.K. equities posted positive returns overall but lagged other geographies due to sterling appreciation and a large exposure to the underperforming energy sector. Although U.K. economic growth entered negative territory during the quarter, markets were buoyed by expectations of an ending rate hike cycle. As a result, domestic small-cap and mid-cap stocks performed especially well.

• The Japanese equity market similarly posted positive, albeit modest, returns for the quarter. Yen appreciation was a headwind for Japanese equities. However, expectations of rate cuts and dovish U.S. Fed moves were positive news for Japanese equities. The December 2023 Bank of Japan Tankan survey signaled toward improving business sentiment. However, the Bank of Japan’s December meeting, though not featuring any policy or rate changes, slightly dampened consensus expectations of an imminent end to its negative policy rates.

• The MSCI EAFE Index posted positive, though quite modest, returns in January 2024. While developed markets advanced on positive macroeconomic indicators, central banks tempered investor expectations of interest rate cuts in the first quarter of 2024.

• European equities gained. The ECB kept its rates steady at its January meeting, recognizing a medium-term trend in declining inflation despite the uptick in the prior month. The ECB seemed to have little aversion towards maintaining elevated rates for as long as necessary, reiterating its commitment to a data-driven approach over the next few months.

• U.K. equities posted a negative return overall in January. Signs of economic growth as well as a higher than anticipated December 2023 inflation reading pushed out consensus expectations of rate cuts from the BoE.

• Despite beginning the calendar year with an earthquake and an accident at Tokyo Haneda airport, Japan was the best performing major region in January amidst foreign inflows, as investors rotated out of an underperforming Chinese equity market. Japanese equity markets were propelled by investor optimism around structural developments, such as corporate governance reforms requesting management plans around cost of capital and stock prices, as well as by the launch of the Nippon Individual Savings Account, which was widely expected to increase retail investor participation. The market was also boosted by yen depreciation, as the Bank of Japan elected not to change its negative rate policy at its January meeting.

• The MSCI EAFE Index performed better in February 2024, as corporate earnings reports and positive economic data supported a solid monthly return.

• European equities gained. Despite inflation in the region declining, the ECB reiterated its cautionary guidance regarding rate cuts. After reaching its highest level since July 2023 in January 2024, Europe’s Purchasing Managers’ Index (“PMI”) rose further in February, underscoring signs of improving economic activity in the region.

• The U.K. equity market underperformed other international equity markets in February but still eked out a modestly positive return. Similar to the ECB, the BoE tempered interest rate cut expectations despite inflation coming in slightly below expectations. The U.K. equity market was further challenged by underwhelming corporate earnings and poor economic data that signaled the U.K. had entered a technical recession in the fourth quarter of 2023.

• The Japanese equity market reached an all-time high in February, surpassing its previous high set 34 years earlier. Despite disappointing fourth quarter 2023 economic growth data, markets were enthused by the return of inflation in Japan, corporate governance reforms and stronger than consensus expected corporate earnings results, led mainly by large-cap stocks.

  

  3

MARKET REVIEW

 

 

 

 

 

 

 

• For the Reporting Period overall, eight of the eleven sectors in the MSCI EAFE Index posted positive total returns. The best performing sectors within the MSCI EAFE Index during the Reporting Period were information technology, industrials and financials, each posting a double-digit positive total return. The weakest performing sectors were consumer staples, utilities and energy.

• The best performing countries within the MSCI EAFE Index were the Netherlands, Sweden and Israel. The weakest performing countries during the Reporting Period were Portugal, Hong Kong and Finland.

Emerging Markets Equities

• Representing the emerging markets equity markets, the MSCI Emerging Markets Index (net) returned 4.93% during the Reporting Period, underperforming both the U.S. equity market and the developed international equity markets overall.

• As the Reporting Period began in September 2023, emerging markets equities as a whole posted negative returns, as heightened expectations amid strong U.S. economic data that U.S. interest rates would remain higher for longer put pressure on emerging markets equities.

• China remained top of mind for many investors with property market and local government debt issues reducing confidence in its equity market, which posted negative returns.

• Elsewhere in Asia, India’s equity market rose, as the country’s long-term structural drivers remained strong and its near-term cyclical backdrop improved, with economic momentum advancing, corporate earnings growth broadening and corporate capital expenditures picking up.

• In Latin America, the Brazilian equity market rose modestly, reporting economic growth that beat consensus expectations though high inflation kept investors alert to potential changes in economic policy.

• In the EMEA (Europe, Middle East and Africa) region, Turkey’s equity market was the top performer, as domestic retail investor flows followed a signaled return to economic orthodoxy from the Turkish government. However, the equity markets of Poland, Greece and Saudi Arabia fell.

• Emerging markets equities rallied in the fourth quarter of 2023 overall.

• In October 2023, emerging markets equities as a whole fell as did most equity markets globally, as expectations for higher for longer interest rates, particularly in the U.S., and the outbreak of war in the Middle East reduced risk appetite, especially within emerging markets regions.

• November 2023 was a strong month for emerging markets equities, as the view that developed markets interest rates had reached their peak supported equity market performance. All individual country constituents within the MSCI Emerging Markets Index posted positive returns, although China continued to struggle as consumer confidence remained weak amid ongoing property market troubles.

• The MSCI Emerging Markets Index rose solidly in December 2023, as emerging markets proved beneficiaries of the widening view that U.S. interest rates were likely to fall more quickly than previously anticipated. A series of lower than consensus expected inflation reports in Europe and the U.S. were key drivers of such rate expectations. Adding to positive sentiment for emerging markets equities were high consensus earnings growth forecasts for emerging markets for 2024 and 2025.

• The MSCI Emerging Markets Index fell in January 2024, suffering as strong U.S. economic data and hawkish messaging from the U.S. Fed altered interest rate cut altered consensus interest rate expectations. Despite China’s positive reported economic growth, its equity market was weakest, as the country continued to deal with issues of weak consumer confidence and property market concerns, with Evergrande, one of its largest real estate companies, going into liquidation during the month. Additionally, disappointment in the level of government support affected sentiment. Countries with strong trade links to China, including South Korea and Thailand, also suffered, as consensus expected export demand fell. On the other hand, India maintained its strong momentum from 2023, buoyed by corporate fundamentals and its government announcing a budget that reiterated a commitment to fiscal consolidation and introducing measures to encourage private capital expenditure. In Latin America, the rate differential between the U.S. and regional central banks was a drag, driving the equity markets of Chile, Peru and Brazil to negative monthly returns.

  

4  

MARKET REVIEW

 

 

 

 

 

 

 

• The MSCI Emerging Markets Index rose in February 2024, supported largely by a rebound in China’s equity market, which had recently hit five-year lows. China’s equity market was boosted by government intervention, including stock purchases by state-owned investment firms, and by data indicating better tourist activity during the lunar new year.

• During the Reporting Period overall, the best performing sectors within the MSCI Emerging Markets Index were utilities, energy and information technology. The weakest performing sectors were communication services, real estate and materials.

• The best performing countries within the MSCI Emerging Markets Index during the Reporting Period were Egypt, Poland, Colombia, Peru and India. The weakest performing countries were Hong Kong, Thailand, China, Czech Republic and Chile.

Fund Changes and Highlights

No material changes were made to the Funds during the Reporting Period.

  

  5

FUND BASICS

 

Index Definitions and Industry Terms

S&P 500 Index is a U.S. stock market index based on the market capitalizations of 500 large companies having common stock listed on the New York Stock Exchange or NASDAQ. The S&P 500^® Index components and their weightings are determined by S&P Dow Jones Indices.

Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe. The Russell 1000^® Index is a subset of the Russell 3000^® Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000^® Index represents approximately 92% of the U.S. market. The Russell 1000^® Index is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growing equities are reflected.

Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000^® Index is a subset of the Russell 3000^® Index representing approximately 10% of the total market capitalization of that index. The Russell 2000^® Index includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000^® 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.

Russell 3000^® Index is a market capitalization weighted equity index maintained by the FTSE Russell that provides exposure to the entire U.S. stock market. The index tracks the performance of the 3,000 largest U.S.-traded stocks which represent about 98% of all U.S incorporated equity securities. It is not possible to invest directly in an index.

Russell MidCap^® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap^® Index is a subset of the Russell 1000^® Index. The Russell Midcap^® Index includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap^® Index represents approximately 31% of the total market capitalization of the Russell 1000^® Index companies. The Russell Midcap^® Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The Russell Midcap^® Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set.

MSCI EAFE^® Index is a market capitalization-weighted composite of securities in 21 developed markets. The MSCI EAFE^® Index approximates the minimum possible dividend reinvestment. The dividend is reinvested after deduction for withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. MSCI^® Inc. uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI EAFE^® Index is unmanaged and the figures for the MSCI EAFE^® Index do not include any deduction for fees or expenses.

MSCI Emerging Markets Index captures large and mid cap representation across 27 Emerging Markets countries. It is not possible to invest directly in an unmanaged index.

  

6  

FUND BASICS

 

 

ActiveBeta^® Emerging Markets Equity ETF

as of February 29, 2024

FUND SNAPSHOT

As of February 29, 2024
Market Price1	$30.70
Net Asset Value (NAV)1	$30.97

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

PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV)2	Fund Total Return (based on Market Price)2	GS ActiveBeta® Emerging Markets  Equity Index3	MSCI Emerging Market Index4
Shares	5.95%	5.49%	6.93%	4.93%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

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

⁴  The MSCI Emerging Markets Index captures large and mid cap representation across 27 Emerging Markets countries. It is not possible to invest directly in an unmanaged index.

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

  

  7

FUND BASICS

 

 

 

 

 

 

 

TOP TEN HOLDINGS AS OF 2/29/24 ⁵

Holding	% of Net Assets	Line of Business	Country
Taiwan Semiconductor Manufacturing Co. Ltd.	6.8%	Information Technology	Taiwan
Samsung Electronics Co. Ltd.	3.4	Information Technology	South Korea
Tencent Holdings Ltd.	2.8	Communication Services	China
Alibaba Group Holding Ltd.	1.7	Consumer Discretionary	China
Reliance Industries Ltd.	1.0	Energy	India
Infosys Ltd.	0.9	Information Technology	India
MediaTek, Inc.	0.8	Information Technology	Taiwan
Tata Consultancy Services Ltd.	0.7	Information Technology	India
China Construction Bank Corp., Class H	0.7	Financials	China
PDD Holdings, Inc. ADR	0.7	Consumer Discretionary	China

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

FUND VS BENCHMARK ⁶

⁶  Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 1.3% of the Fund’s net assets as of February 29, 2024. Figures above may not sum to 100% due to rounding.

⁷  The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta^® Emerging Markets Equity Index.

  

8  

FUND BASICS

 

 

 

 

 

 

 

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

  

  9

FUND BASICS

 

ActiveBeta^® Europe Equity ETF

as of February 29, 2024

FUND SNAPSHOT

As of February 29, 2024
Market Price1	$35.17
Net Asset Value (NAV)1	$35.18

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

PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV)2	Fund Total Return (based on Market Price)2	ActiveBeta® Europe  Equity Index3	MSCI Europe Index4
Shares	7.09%	7.24%	7.15%	8.17%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

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

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

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

  

10  

FUND BASICS

 

 

 

 

 

 

 

TOP TEN HOLDINGS AS OF 2/29/24 ⁵

Holding	% of Net Assets	Line of Business	Country
Novo Nordisk A/S, Class B	3.5%	Health Care	Denmark
ASML Holding NV	3.0	Information Technology	Netherlands
Nestle SA	2.1	Consumer Staples	United States
LVMH Moet Hennessy Louis Vuitton SE	2.1	Consumer Discretionary	France
Novartis AG	1.8	Health Care	Switzerland
Roche Holding AG	1.6	Health Care	United States
AstraZeneca PLC	1.5	Health Care	United Kingdom
SAP SE	1.5	Information Technology	Germany
Shell PLC	1.5	Energy	Netherlands
TotalEnergies SE	1.2	Energy	France

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

FUND VS BENCHMARK ⁶

⁶  Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.5% of the Fund’s net assets as of February 29, 2024. Figures above may not sum to 100% due to rounding.

⁷  The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta^® Europe Equity Index.

  

  11

FUND BASICS

 

 

 

 

 

 

 

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

  

12  

FUND BASICS

 

 

ActiveBeta^® International Equity ETF

as of February 29, 2024

FUND SNAPSHOT

As of February 29, 2024
Market Price1	$33.38
Net Asset Value (NAV)1	$33.34

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

PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV)2	Fund Total Return (based on Market Price)2	GS ActiveBeta® Intl Equity Index3	MSCI World ex USA Index4
Shares	7.84%	7.94%	7.85%	9.07%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

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

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

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

  

  13

FUND BASICS

 

 

 

 

 

 

 

TOP TEN HOLDINGS AS OF 2/29/24 ⁵

Holding	% of Net Assets	Line of Business	Country
Novo Nordisk A/S, Class B	2.0%	Health Care	Denmark
ASML Holding NV	1.5	Information Technology	Netherlands
LVMH Moet Hennessy Louis Vuitton SE	1.2	Consumer Discretionary	France
Nestle SA	1.2	Consumer Staples	United States
Novartis AG	1.0	Health Care	Switzerland
Roche Holding AG	0.9	Health Care	United States
AstraZeneca PLC	0.8	Health Care	United Kingdom
SAP SE	0.8	Information Technology	Germany
Shell PLC	0.8	Energy	Netherlands
Constellation Software, Inc.	0.7	Information Technology	Canada

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

FUND VS BENCHMARK ⁶

⁶  Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.2% of the Fund’s net assets as of February 29, 2024. Figures above may not sum to 100% due to rounding.

⁷  The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta^® International Equity Index.

  

14  

FUND BASICS

 

 

 

 

 

 

 

  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.

  

  15

FUND BASICS

 

ActiveBeta^® Japan Equity ETF

as of February 29, 2024

FUND SNAPSHOT

As of February 29, 2024
Market Price1	$37.90
Net Asset Value (NAV)1	$37.93

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

PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV)2	Fund Total Return (based on Market Price)2	GS ActiveBeta® Japan Equity Index3	MSCI Japan Index4
Shares	12.39%	12.28%	12.40%	14.13%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

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

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

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

  

16  

FUND BASICS

 

 

 

 

 

 

 

TOP TEN HOLDINGS AS OF 2/29/24 ⁵

Holding	% of Net Assets	Line of Business
Toyota Motor Corp.	5.2%	Automobiles
Mitsubishi UFJ Financial Group, Inc.	2.7	Banks
Tokyo Electron Ltd.	2.6	Semiconductors & Semiconductor Equipment
Sony Group Corp.	2.0	Household Durables
Mitsubishi Corp.	2.0	Trading Companies & Distributors
Hitachi Ltd.	1.8	Industrial Conglomerates
Keyence Corp.	1.8	Electronic Equipment, Instruments & Components
Sumitomo Mitsui Financial Group, Inc.	1.7	Banks
Mitsui & Co. Ltd.	1.4	Trading Companies & Distributors
Shin-Etsu Chemical Co. Ltd.	1.4	Chemicals

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

FUND VS BENCHMARK ⁶

⁶  Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.2% of the Fund’s net assets as of February 29, 2024. Figures above may not sum to 100% due to rounding.

⁷  The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta^® Japan Equity Index.

  

  17

FUND BASICS

 

 

 

 

 

 

 

  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.

  

18  

FUND BASICS

 

ActiveBeta^® U.S. Large Cap Equity ETF

as of February 29, 2024

FUND SNAPSHOT

As of February 29, 2024
Market Price1	$100.75
Net Asset Value (NAV)1	$100.79

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

PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV)2	Fund Total Return (based on Market Price)2	GS ActiveBeta® U.S. Large Cap Equity Index3	S&P 500 Index4
Shares	14.68%	14.61%	14.72%	13.93%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

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

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

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

  

  19

FUND BASICS

 

 

 

 

 

 

 

TOP TEN HOLDINGS AS OF 2/29/24 ⁵

Holding	% of Net Assets	Line of Business
Microsoft Corp.	6.2%	Software
Apple, Inc.	5.5	Technology Hardware, Storage & Peripherals
NVIDIA Corp.	3.7	Semiconductors & Semiconductor Equipment
Amazon.com, Inc.	3.1	Broadline Retail
Meta Platforms, Inc., Class A	2.5	Interactive Media & Services
Alphabet, Inc., Class A	1.7	Interactive Media & Services
Alphabet, Inc., Class C	1.6	Interactive Media & Services
Eli Lilly & Co.	1.4	Pharmaceuticals
Broadcom, Inc.	1.0	Semiconductors & Semiconductor Equipment
Berkshire Hathaway, Inc., Class B	1.0	Financial Services

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

FUND VS BENCHMARK ⁶

⁶  Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by 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 February 29, 2024. Figures above may not sum to 100% due to rounding.

⁷  The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta^® U.S. Large Cap Equity Index.

  

20  

FUND BASICS

 

 

 

 

 

 

 

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

  

  21

FUND BASICS

 

 

ActiveBeta^® U.S. Small Cap Equity ETF

as of February 29, 2024

FUND SNAPSHOT

As of February 29, 2024
Market Price1	$63.48
Net Asset Value (NAV)1	$63.63

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

PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV)2	Fund Total Return (based on Market Price)2	ActiveBeta® U.S. Small Cap Equity ETF Index3	Russell 2000® Index4
Shares	8.83%	8.62%	8.90%	8.97%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

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

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

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

  

22  

FUND BASICS

 

 

 

TOP TEN HOLDINGS AS OF 2/29/24 ⁵

Holding	% of Net Assets	Line of Business
Super Micro Computer, Inc.	1.3%	Technology Hardware, Storage & Peripherals
Comfort Systems USA, Inc.	0.5	Construction & Engineering
Applied Industrial Technologies, Inc.	0.4	Trading Companies & Distributors
Simpson Manufacturing Co., Inc.	0.4	Building Products
Atkore, Inc.	0.4	Electrical Equipment
Alpha Metallurgical Resources, Inc.	0.4	Metals & Mining
Boise Cascade Co.	0.4	Trading Companies & Distributors
Abercrombie & Fitch Co., Class A	0.4	Specialty Retail
UFP Industries, Inc.	0.4	Building Products
GMS, Inc.	0.4	Trading Companies & Distributors

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

FUND VS BENCHMARK ⁶

⁶  Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by 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 0.6% of the Fund’s net assets as of February 29, 2024. Figures above may not sum to 100% due to rounding.

⁷  The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta^® U.S. Small Cap Equity Index.

  

  23

FUND BASICS

 

 

 

 

 

 

 

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

  

24  

FUND BASICS

 

 

ActiveBeta^® World Low Vol Plus Equity ETF

as of February 29, 2024

FUND SNAPSHOT

As of February 29, 2024
Market Price1	$45.79
Net Asset Value (NAV)1	$45.76

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

PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV)2	Fund Total Return (based on Market Price)2	GS ActiveBeta® World Low Vol Plus Equity Index3
Shares	11.90%	11.87%	11.75%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

³  The Goldman Sachs ActiveBeta^® World Low Vol Plus Equity Index (the “Index”) is designed to deliver exposure is designed to deliver exposure to large and mid-capitalization equity securities of developed market issuers, including the United States. The Index seeks to capture common sources of active equity returns, including low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time), 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), and quality (i.e., profitability). The Index seeks to provide exposure to these factors with an emphasis on the low volatility factor. The index is reconstituted and rebalanced quarterly. It is not possible to invest directly in an unmanaged index.

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

  

  25

FUND BASICS

 

 

 

 

 

 

 

TOP TEN HOLDINGS AS OF 2/29/24 ⁵

Holding	% of Net Assets	Line of Business	Country
Microsoft Corp.	2.9%	Information Technology	United States
Apple, Inc.	2.9	Information Technology	United States
O’Reilly Automotive, Inc.	1.2	Consumer Discretionary	United States
Amazon.com, Inc.	1.2	Consumer Discretionary	United States
Berkshire Hathaway, Inc., Class B	1.2	Financials	United States
Walmart, Inc.	1.1	Consumer Staples	United States
NVIDIA Corp.	1.0	Information Technology	United States
Meta Platforms, Inc., Class A	1.0	Communication Services	United States
International Business Machines Corp.	0.9	Information Technology	United States
Home Depot, Inc. (The)	0.8	Consumer Discretionary	United States

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

FUND VS BENCHMARK ⁵

⁵  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 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 February 29, 2024. Figures above may not sum to 100% due to rounding.

⁶  The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta^® World Low Vol Plus Equity Index.

  

26  

FUND BASICS

 

 

 

 

 

 

 

  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.

  

  27

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – 96.8%
Brazil – 4.0%
667,886	Ambev SA (Consumer Staples)	$	1,691,004
499,804	B3 SA – Brasil Bolsa Balcao (Financials)		1,290,589
403,110	Banco Bradesco SA (Financials)		997,908
92,046	Banco do Brasil SA (Financials)		1,071,877
64,908	Banco Santander Brasil SA (Financials)		373,616
543,960	BB Seguridade Participacoes SA (Financials)		3,650,011
190,031	CCR SA (Industrials)		527,030
121,391	Centrais Eletricas Brasileiras SA (Utilities)		1,062,765
94,045	CPFL Energia SA (Utilities)		669,850
48,079	Energisa SA (Utilities)		491,952
76,943	Engie Brasil Energia SA (Utilities)		650,709
279,333	Equatorial Energia SA (Utilities)		1,921,569
48,138	Hypera SA (Health Care)		318,553
84,762	Klabin SA (Materials)		385,030
257,373	Lojas Renner SA (Consumer Discretionary)		818,430
1,328,900	Magazine Luiza SA (Consumer Discretionary)*		569,683
306,273	Natura & Co. Holding SA (Consumer Staples)*		1,005,366
489,805	Petroleo Brasileiro SA (Energy)		4,063,430
76,179	PRIO SA (Energy)		670,159
552,715	Raia Drogasil SA (Consumer Staples)		2,963,446
85,225	Suzano SA (Materials)		966,546
201,741	Telefonica Brasil SA (Communication Services)		2,212,039
273,596	TIM SA (Communication Services)		1,000,521
442,527	Vale SA (Materials)		5,966,386
133,795	Vibra Energia SA (Consumer Discretionary)		696,354
236,849	WEG SA (Industrials)		1,748,964
			37,783,787
Chile – 0.4%
918,721	Cencosud SA (Consumer Staples)		1,648,352
231,540	Empresas CMPC SA (Materials)		410,636
82,031	Empresas Copec SA (Energy)		525,940
2,982,330	Enel Americas SA (Utilities)		303,780
321,705	Falabella SA (Consumer Discretionary)*		815,062
			3,703,770
China – 27.3%
193,995	360 Security Technology, Inc., Class A (Information Technology)*		236,125

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
358,131	37 Interactive Entertainment Network Technology Group Co. Ltd., Class A (Communication Services)	$	968,237
2,716,985	Agricultural Bank of China Ltd., Class A (Financials)		1,579,982
4,262,766	Agricultural Bank of China Ltd., Class H (Financials)		1,753,284
125,685	Aier Eye Hospital Group Co. Ltd., Class A (Health Care)		255,548
19,798	Airtac International Group (Industrials)		757,860
82,404	Akeso, Inc. (Health Care)*(a)		495,763
1,694,540	Alibaba Group Holding Ltd. (Consumer Discretionary)		15,779,170
614,409	Alibaba Health Information Technology Ltd. (Consumer Staples)*		269,973
449,336	Aluminum Corp. of China Ltd., Class A (Materials)		377,292
1,254,817	Aluminum Corp. of China Ltd., Class H (Materials)		628,306
63,185	Anhui Conch Cement Co. Ltd., Class A (Materials)		209,937
60,318	Anker Innovations Technology Co. Ltd., Class A (Information Technology)		683,943
170,659	ANTA Sports Products Ltd. (Consumer Discretionary)		1,673,063
16,002	Autohome, Inc. ADR (Communication Services)		415,892
162,417	Baidu, Inc., Class A (Communication Services)*		2,065,273
1,822,276	Bank of Beijing Co. Ltd., Class A (Financials)		1,310,071
372,194	Bank of Changsha Co. Ltd., Class A (Financials)		402,400
2,923,030	Bank of China Ltd., Class A (Financials)		1,813,392
8,968,969	Bank of China Ltd., Class H (Financials)		3,528,564
1,933,364	Bank of Communications Co. Ltd., Class A (Financials)		1,682,411
2,384,594	Bank of Communications Co. Ltd., Class H (Financials)		1,565,606
193,627	Bank of Hangzhou Co. Ltd., Class A (Financials)		297,753
1,317,967	Bank of Jiangsu Co. Ltd., Class A (Financials)		1,402,978
608,526	Bank of Nanjing Co. Ltd., Class A (Financials)		738,989
997,546	Bank of Shanghai Co. Ltd., Class A (Financials)		904,060
343,233	Bank of Suzhou Co. Ltd., Class A (Financials)		337,743
456,232	Baoshan Iron & Steel Co. Ltd., Class A (Materials)		422,340
37,509	BeiGene Ltd. (Health Care)*		507,863

  

28  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)
245,583	Beijing Enterprises Holdings Ltd. (Utilities)	$	925,391
6,317	Beijing Kingsoft Office Software, Inc., Class A (Information Technology)		237,548
64,761	Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A (Health Care)		661,070
187,161	Beijing Yanjing Brewery Co. Ltd., Class A (Consumer Staples)		227,547
471,212	Beijing-Shanghai High Speed Railway Co. Ltd., Class A (Industrials)		330,262
62,206	Bloomage Biotechnology Corp. Ltd., Class A (Health Care)		551,935
1,042,510	BOE Technology Group Co. Ltd., Class A (Information Technology)		577,303
2,031,813	Bosideng International Holdings Ltd. (Consumer Discretionary)		1,025,146
12,493	BYD Co. Ltd., Class A (Consumer Discretionary)		331,517
56,472	BYD Co. Ltd., Class H (Consumer Discretionary)		1,394,344
114,796	BYD Electronic International Co. Ltd. (Information Technology)		434,034
166,904	By-health Co. Ltd., Class A (Consumer Staples)		391,475
136,061	C&D International Investment Group Ltd. (Real Estate)		221,415
363,177	Caitong Securities Co. Ltd., Class A (Financials)		402,228
440,955	CECEP Solar Energy Co. Ltd., Class A (Utilities)		332,923
996,903	CGN Power Co. Ltd., Class A (Utilities)		534,061
3,593,548	CGN Power Co. Ltd., Class H (Utilities)(a)		1,092,459
12,284	Changchun High & New Technology Industry Group, Inc., Class A (Health Care)		219,076
402,335	Changjiang Securities Co. Ltd., Class A (Financials)		307,115
3,763,641	China Cinda Asset Management Co. Ltd., Class H (Financials)		360,557
2,699,302	China CITIC Bank Corp. Ltd., Class H (Financials)		1,437,780
1,157,315	China Communications Services Corp. Ltd., Class H (Industrials)		492,267
1,164,718	China Construction Bank Corp., Class A (Financials)		1,131,540
11,095,407	China Construction Bank Corp., Class H (Financials)		6,916,205
1,200,550	China Energy Engineering Corp. Ltd., Class A (Industrials)		363,235

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
1,256,618	China Everbright Bank Co. Ltd., Class A (Financials)	$	561,578
2,475,872	China Everbright Bank Co. Ltd., Class H (Financials)		774,817
1,540,342	China Feihe Ltd. (Consumer Staples)(a)		767,338
291,842	China Galaxy Securities Co. Ltd., Class A (Financials)		492,125
1,057,280	China Galaxy Securities Co. Ltd., Class H (Financials)		556,406
301,977	China Great Wall Securities Co. Ltd., Class A (Financials)		331,933
1,175,666	China Medical System Holdings Ltd. (Health Care)		1,931,211
535,493	China Mengniu Dairy Co. Ltd. (Consumer Staples)*		1,346,120
200,210	China Merchants Bank Co. Ltd., Class A (Financials)		890,285
387,865	China Merchants Bank Co. Ltd., Class H (Financials)		1,513,549
293,160	China Merchants Port Holdings Co. Ltd. (Industrials)		363,604
173,512	China Merchants Securities Co. Ltd., Class A (Financials)		339,547
270,970	China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A (Real Estate)		354,261
1,718,670	China Minsheng Banking Corp. Ltd., Class A (Financials)		963,662
2,916,758	China Minsheng Banking Corp. Ltd., Class H (Financials)		1,028,287
66,558	China National Medicines Corp. Ltd., Class A (Health Care)		290,979
388,960	China National Nuclear Power Co. Ltd., Class A (Utilities)		468,571
285,841	China Oilfield Services Ltd., Class H (Energy)		251,929
53,644	China Pacific Insurance Group Co. Ltd., Class A (Financials)		190,744
170,531	China Pacific Insurance Group Co. Ltd., Class H (Financials)		325,431
1,430,853	China Petroleum & Chemical Corp., Class A (Energy)		1,241,155
3,509,175	China Petroleum & Chemical Corp., Class H (Energy)		1,940,876
575,661	China Railway Group Ltd., Class A (Industrials)		507,331
910,170	China Railway Group Ltd., Class H (Industrials)		444,110
85,134	China Resources Beer Holdings Co. Ltd. (Consumer Staples)		369,188
75,279	China Resources Land Ltd. (Real Estate)		231,737
743,451	China Resources Pharmaceutical Group Ltd. (Health Care)(a)		503,307

  

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
100,510	China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A (Health Care)	$	766,946
158,191	China Shenhua Energy Co. Ltd., Class A (Energy)		847,462
546,457	China Shenhua Energy Co. Ltd., Class H (Energy)		2,111,476
430,004	China State Construction Engineering Corp. Ltd., Class A (Industrials)		319,284
294,356	China Taiping Insurance Holdings Co. Ltd. (Financials)		256,802
568,205	China Three Gorges Renewables Group Co. Ltd., Class A (Utilities)		364,333
11,360,320	China Tower Corp. Ltd., Class H (Communication Services)(a)		1,378,539
1,329,095	China United Network Communications Ltd., Class A (Communication Services)		885,418
242,111	China Yangtze Power Co. Ltd., Class A (Utilities)		841,731
2,565,381	China Zheshang Bank Co. Ltd., Class A (Financials)		989,800
61,459	Chongqing Brewery Co. Ltd., Class A (Consumer Staples)		558,699
1,258,195	Chongqing Rural Commercial Bank Co. Ltd., Class A (Financials)		782,306
61,562	Chongqing Taiji Industry Group Co. Ltd., Class A (Health Care)*		324,161
69,971	Chongqing Zhifei Biological Products Co. Ltd., Class A (Health Care)		519,447
219,961	Chow Tai Fook Jewellery Group Ltd. (Consumer Discretionary)		329,290
691,449	CITIC Ltd. (Industrials)		698,621
139,148	CITIC Securities Co. Ltd., Class A (Financials)		411,346
1,089,594	COSCO SHIPPING Development Co. Ltd., Class A (Industrials)		372,007
391,190	COSCO SHIPPING Holdings Co. Ltd., Class A (Industrials)		570,070
478,003	COSCO SHIPPING Holdings Co. Ltd., Class H (Industrials)		515,321
471,852	CRRC Corp. Ltd., Class A (Industrials)		417,809
385,301	CRRC Corp. Ltd., Class H (Industrials)		198,832
81,888	CSPC Innovation Pharmaceutical Co. Ltd., Class A (Health Care)		389,026
2,176,156	CSPC Pharmaceutical Group Ltd. (Health Care)		1,701,164
408,555	Daqin Railway Co. Ltd., Class A (Industrials)		423,000

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
92,026	DaShenLin Pharmaceutical Group Co. Ltd., Class A (Consumer Staples)	$	303,848
62,497	Dong-E-E-Jiao Co. Ltd., Class A (Health Care)		503,862
851,519	Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary)		364,371
320,262	Dongxing Securities Co. Ltd., Class A (Financials)		377,367
135,732	East Buy Holding Ltd. (Consumer Discretionary)*(a)		419,568
79,230	Ecovacs Robotics Co. Ltd., Class A (Consumer Discretionary)		410,486
33,980	ENN Energy Holdings Ltd. (Utilities)		279,304
175,148	ENN Natural Gas Co. Ltd., Class A (Utilities)		455,296
407,278	Fangda Carbon New Material Co. Ltd., Class A (Industrials)*		278,669
449,102	Far East Horizon Ltd. (Financials)		360,828
428,021	First Capital Securities Co. Ltd., Class A (Financials)		340,385
251,613	Foxconn Industrial Internet Co. Ltd., Class A (Information Technology)		652,670
62,091	Fuyao Glass Industry Group Co. Ltd., Class A (Consumer Discretionary)		373,050
572,727	Geely Automobile Holdings Ltd. (Consumer Discretionary)		626,219
423,174	GEM Co. Ltd., Class A (Materials)		314,800
119,407	GF Securities Co. Ltd., Class A (Financials)		234,994
281,774	Goldwind Science & Technology Co. Ltd., Class A (Industrials)		298,776
74,890	Gree Electric Appliances, Inc. of Zhuhai, Class A (Consumer Discretionary)		405,878
51,568	Guangdong Haid Group Co. Ltd., Class A (Consumer Staples)		308,610
259,436	Guangzhou Automobile Group Co. Ltd., Class A (Consumer Discretionary)		320,818
158,661	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (Health Care)		651,357
51,112	Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A (Health Care)		427,751
249,815	Guosen Securities Co. Ltd., Class A (Financials)		298,866

  

30  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)
180,160	Guotai Junan Securities Co. Ltd., Class A (Financials)	$	377,310
381,654	Guoyuan Securities Co. Ltd., Class A (Financials)		369,723
637,829	Haidilao International Holding Ltd. (Consumer Discretionary)(a)		1,168,310
216,479	Haier Smart Home Co. Ltd., Class A (Consumer Discretionary)		723,775
430,218	Haier Smart Home Co. Ltd., Class H (Consumer Discretionary)		1,313,383
272,120	Haitong Securities Co. Ltd., Class A (Financials)		345,190
514,672	Haitong Securities Co. Ltd., Class H (Financials)		255,732
219,684	Hangzhou Binjiang Real Estate Group Co. Ltd., Class A (Real Estate)		230,500
73,673	Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Discretionary)		255,623
206,229	Heilongjiang Agriculture Co. Ltd., Class A (Consumer Staples)		355,772
101,863	Henan Shuanghui Investment & Development Co. Ltd., Class A (Consumer Staples)		413,093
74,853	Hengan International Group Co. Ltd. (Consumer Staples)		231,382
422,902	Hengyi Petrochemical Co. Ltd., Class A (Materials)*		406,160
1,219,242	Hesteel Co. Ltd., Class A (Materials)		368,890
108,670	Hisense Visual Technology Co. Ltd., Class A (Consumer Discretionary)		390,625
49,025	Hithink RoyalFlush Information Network Co. Ltd., Class A (Financials)		932,633
112,923	Huadong Medicine Co. Ltd., Class A (Health Care)		527,844
376,817	Huafon Chemical Co. Ltd., Class A (Materials)		356,669
261,393	Huaibei Mining Holdings Co. Ltd., Class A (Materials)		687,471
189,642	Huatai Securities Co. Ltd., Class A (Financials)		382,692
330,395	Huatai Securities Co. Ltd., Class H (Financials)(a)		390,795
1,329,585	Huaxia Bank Co. Ltd., Class A (Financials)		1,169,920
171,864	Huayu Automotive Systems Co. Ltd., Class A (Consumer Discretionary)		416,705
144,846	Hubei Jumpcan Pharmaceutical Co. Ltd., Class A (Health Care)		743,805

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
1,826,766	Industrial & Commercial Bank of China Ltd., Class A (Financials)	$	1,351,329
6,166,599	Industrial & Commercial Bank of China Ltd., Class H (Financials)		3,182,232
415,666	Industrial Bank Co. Ltd., Class A (Financials)		960,527
1,477,395	Inner Mongolia BaoTou Steel Union Co. Ltd., Class A (Materials)*		315,768
190,150	Inner Mongolia Dian Tou Energy Corp. Ltd., Class A (Energy)		437,818
100,956	Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Consumer Staples)		397,225
127,662	iQIYI, Inc. ADR (Communication Services)*		471,073
191,600	JCET Group Co. Ltd., Class A (Information Technology)		695,639
52,967	JD Health International, Inc. (Consumer Staples)*(a)		201,617
205,946	JD.com, Inc., Class A (Consumer Discretionary)		2,342,567
410,613	Jiangsu Expressway Co. Ltd., Class H (Industrials)		422,215
248,484	Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A (Health Care)		1,470,505
58,340	Jiangsu Pacific Quartz Co. Ltd., Class A (Information Technology)		647,183
184,105	Jiangxi Copper Co. Ltd., Class A (Materials)		500,554
317,893	Jiangxi Copper Co. Ltd., Class H (Materials)		473,461
24,797	JiuGui Liquor Co. Ltd., Class A (Consumer Staples)		210,449
217,579	Joincare Pharmaceutical Group Industry Co. Ltd., Class A (Health Care)		364,783
631,211	Jointown Pharmaceutical Group Co. Ltd., Class A (Health Care)		713,099
294,073	Kingboard Holdings Ltd. (Information Technology)		577,719
335,016	Kingnet Network Co. Ltd., Class A (Communication Services)		581,201
97,185	Kingsoft Corp. Ltd. (Communication Services)		271,241
255,503	Kuaishou Technology (Communication Services)*(a)		1,452,315
9,448	Kweichow Moutai Co. Ltd., Class A (Consumer Staples)		2,222,596
1,841,639	Lenovo Group Ltd. (Information Technology)		2,039,522

  

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
72,001	Li Auto, Inc., Class A (Consumer Discretionary)*	$	1,630,617
257,180	Li Ning Co. Ltd. (Consumer Discretionary)		641,242
1,502,219	Liaoning Port Co. Ltd., Class A (Industrials)		308,564
150,647	Longfor Group Holdings Ltd. (Real Estate)(a)		190,118
181,664	LONGi Green Energy Technology Co. Ltd., Class A (Information Technology)		535,518
15,365	Luzhou Laojiao Co. Ltd., Class A (Consumer Staples)		374,782
428,903	Meituan, Class B (Consumer Discretionary)*(a)		4,371,865
651,478	Metallurgical Corp. of China Ltd., Class A (Industrials)		301,089
41,917	Muyuan Foods Co. Ltd., Class A (Consumer Staples)		223,918
196,521	NetEase, Inc. (Communication Services)		4,423,028
75,069	New China Life Insurance Co. Ltd., Class A (Financials)		341,732
163,259	New China Life Insurance Co. Ltd., Class H (Financials)		314,473
456,541	New Hope Liuhe Co. Ltd., Class A (Consumer Staples)*		561,390
253,175	New Oriental Education & Technology Group, Inc. (Consumer Discretionary)*		2,401,165
315,014	Nongfu Spring Co. Ltd., Class H (Consumer Staples)(a)		1,786,560
700,640	Offshore Oil Engineering Co. Ltd., Class A (Energy)		601,917
272,394	OFILM Group Co. Ltd., Class A (Information Technology)*		308,488
338,281	Oriental Pearl Group Co. Ltd., Class A (Communication Services)		347,424
55,508	PDD Holdings, Inc. ADR (Consumer Discretionary)*		6,912,966
505,677	People’s Insurance Co. Group of China Ltd. (The), Class A (Financials)		368,454
2,287,684	People’s Insurance Co. Group of China Ltd. (The), Class H (Financials)		762,678
2,115,523	PetroChina Co. Ltd., Class A (Energy)		2,595,500
4,352,190	PetroChina Co. Ltd., Class H (Energy)		3,430,029
1,535,339	PICC Property & Casualty Co. Ltd., Class H (Financials)		2,102,344
198,100	Ping An Bank Co. Ltd., Class A (Financials)		291,160
118,187	Ping An Insurance Group Co. of China Ltd., Class A (Financials)		703,684

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
397,995	Ping An Insurance Group Co. of China Ltd., Class H (Financials)	$	1,784,389
1,337,413	Postal Savings Bank of China Co. Ltd., Class A (Financials)		900,240
1,289,200	Postal Savings Bank of China Co. Ltd., Class H (Financials)(a)		680,104
56,997	Qifu Technology, Inc. ADR (Financials)		880,604
259,490	Qinghai Salt Lake Industry Co. Ltd., Class A (Materials)*		581,626
194,617	SAIC Motor Corp. Ltd., Class A (Consumer Discretionary)		404,076
32,046	Sangfor Technologies, Inc., Class A (Information Technology)*		281,977
447,560	SDIC Capital Co. Ltd., Class A (Financials)		428,599
203,305	SDIC Power Holdings Co. Ltd., Class A (Utilities)		406,596
169,817	Seazen Holdings Co. Ltd., Class A (Real Estate)*		245,348
27,146	SG Micro Corp., Class A (Information Technology)		266,515
125,743	Shaanxi Coal Industry Co. Ltd., Class A (Energy)		450,251
170,185	Shandong Gold Mining Co. Ltd., Class A (Materials)		512,309
988,126	Shanghai Construction Group Co. Ltd., Class A (Industrials)		335,992
599,823	Shanghai Electric Group Co. Ltd., Class A (Industrials)*		352,972
649,281	Shanghai International Port Group Co. Ltd., Class A (Industrials)		489,309
174,524	Shanghai Lingang Holdings Corp. Ltd., Class A (Real Estate)		258,931
194,560	Shanghai Pharmaceuticals Holding Co. Ltd., Class A (Health Care)		489,556
970,007	Shanghai Pudong Development Bank Co. Ltd., Class A (Financials)		962,569
420,684	Shanghai RAAS Blood Products Co. Ltd., Class A (Health Care)		420,377
463,490	Shanghai Rural Commercial Bank Co. Ltd., Class A (Financials)		414,907
309,712	Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A (Consumer Discretionary)		284,126
781,822	Shanxi Taigang Stainless Steel Co. Ltd., Class A (Materials)		411,243
26,669	Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A (Consumer Staples)		862,632
661,731	Shenwan Hongyuan Group Co. Ltd., Class A (Financials)		420,628

  

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)
385,102	Shenzhen Energy Group Co. Ltd., Class A (Utilities)	$	352,218
14,472	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care)		580,828
663,705	Shenzhen Overseas Chinese Town Co. Ltd., Class A (Real Estate)*		282,790
56,203	Shenzhen SC New Energy Technology Corp., Class A (Information Technology)		505,068
85,265	Shenzhen SED Industry Co. Ltd., Class A (Industrials)		233,953
201,284	Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A (Health Care)		599,501
441,580	Sichuan Changhong Electric Co. Ltd., Class A (Consumer Discretionary)		315,009
165,667	Sichuan Chuantou Energy Co. Ltd., Class A (Utilities)		360,063
196,024	Sichuan Kelun Pharmaceutical Co. Ltd., Class A (Health Care)		746,797
328,093	Sichuan Road and Bridge Group Co. Ltd., Class A (Industrials)		371,568
73,665	Sichuan Swellfun Co. Ltd., Class A (Consumer Staples)		513,439
20,749	Silergy Corp. (Information Technology)		273,726
209,262	Sinoma International Engineering Co., Class A (Industrials)		326,153
237,612	Sinopharm Group Co. Ltd., Class H (Health Care)		666,205
356,094	SooChow Securities Co. Ltd., Class A (Financials)		360,777
33,743	Sunny Optical Technology Group Co. Ltd. (Information Technology)		218,954
69,634	TAL Education Group ADR (Consumer Discretionary)*		1,025,709
639,688	TCL Technology Group Corp., Class A (Information Technology)*		402,177
734,965	Tencent Holdings Ltd. (Communication Services)		26,023,439
128,533	Tencent Music Entertainment Group ADR (Communication Services)*		1,345,740
117,705	Tianqi Lithium Corp., Class A (Materials)		876,100
1,053,799	Tingyi Cayman Islands Holding Corp. (Consumer Staples)		1,175,105
215,850	Tongwei Co. Ltd., Class A (Information Technology)		793,869
1,918,502	Topsports International Holdings Ltd. (Consumer Discretionary)(a)		1,303,703

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
17,971	Trip.com Group Ltd. (Consumer Discretionary)*	$	819,034
172,297	Vipshop Holdings Ltd. ADR (Consumer Discretionary)*		3,316,717
28,207	Wanhua Chemical Group Co. Ltd., Class A (Materials)		311,421
1,705,152	Want Want China Holdings Ltd. (Consumer Staples)		940,918
364,942	Western Securities Co. Ltd., Class A (Financials)		403,676
1,699,499	Wintime Energy Group Co. Ltd., Class A (Utilities)*		325,500
838,575	Wuchan Zhongda Group Co. Ltd., Class A (Consumer Discretionary)		535,366
27,075	Wuliangye Yibin Co. Ltd., Class A (Consumer Staples)		534,529
118,533	Wuxi Biologics Cayman, Inc. (Health Care)*(a)		288,278
385,649	Xiamen C & D, Inc., Class A (Industrials)		557,178
942,664	Xiaomi Corp., Class B (Information Technology)*(a)		1,591,817
262,446	Yadea Group Holdings Ltd. (Consumer Discretionary)(a)		411,664
352,580	Yankuang Energy Group Co. Ltd., Class H (Energy)		814,256
75,123	Yihai Kerry Arawana Holdings Co. Ltd., Class A (Consumer Staples)		337,182
65,034	YongXing Special Materials Technology Co. Ltd., Class A (Materials)		498,140
424,044	Youngor Fashion Co. Ltd., Class A (Real Estate)		432,563
129,197	YTO Express Group Co. Ltd., Class A (Industrials)		228,620
667,555	Yuexiu Property Co. Ltd. (Real Estate)		445,958
58,059	Yum China Holdings, Inc. (Consumer Discretionary)		2,490,151
46,944	Yunnan Baiyao Group Co. Ltd., Class A (Health Care)		324,655
58,892	Yunnan Botanee Bio- Technology Group Co. Ltd., Class A (Consumer Staples)		535,854
159,335	Yunnan Yuntianhua Co. Ltd., Class A (Materials)		403,355
214,277	Yutong Bus Co. Ltd., Class A (Industrials)		555,227
135,629	Zangge Mining Co. Ltd., Class A (Materials)		551,344
8,374	Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A (Health Care)		259,172
324,784	Zhejiang China Commodities City Group Co. Ltd., Class A (Consumer Discretionary)		370,525

  

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
798,281	Zhejiang Expressway Co. Ltd., Class H (Industrials)	$	609,764
274,703	Zhejiang Longsheng Group Co. Ltd., Class A (Materials)		326,353
153,670	Zhejiang NHU Co. Ltd., Class A (Health Care)		383,895
63,427	Zhejiang Supor Co. Ltd., Class A (Consumer Discretionary)		486,624
257,051	Zhejiang Weixing New Building Materials Co. Ltd., Class A (Industrials)		561,889
249,288	Zheshang Securities Co. Ltd., Class A (Financials)		354,285
26,107	Zhongji Innolight Co. Ltd., Class A (Information Technology)		562,196
306,727	Zhongjin Gold Corp. Ltd., Class A (Materials)		443,579
150,026	Zhongsheng Group Holdings Ltd. (Consumer Discretionary)		275,186
341,967	Zhongtai Securities Co. Ltd., Class A (Financials)		329,853
175,711	Zijin Mining Group Co. Ltd., Class H (Materials)		284,143
434,008	Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A (Industrials)		481,880
127,814	ZTE Corp., Class H (Information Technology)		288,319
13,032	ZTO Express Cayman, Inc. ADR (Industrials)		250,084
			257,970,257
Czech Republic – 0.2%
13,473	CEZ AS (Utilities)		461,479
18,771	Komercni banka AS (Financials)		654,987
152,339	Moneta Money Bank AS (Financials)(a)		670,971
			1,787,437
Egypt – 0.3%
1,421,159	Commercial International Bank - Egypt (CIB) (Financials)		1,992,538
1,779,689	Eastern Co. SAE (Consumer Staples)		1,234,636
			3,227,174
Greece – 0.8%
565,762	Eurobank Ergasias Services and Holdings SA (Financials)*		1,170,296
173,701	Hellenic Telecommunications Organization SA (Communication Services)		2,624,070
18,708	JUMBO SA (Consumer Discretionary)		547,421
14,182	Motor Oil Hellas Corinth Refineries SA (Energy)		405,162
24,205	Mytilineos SA (Industrials)		942,964

Shares	Description	Value
Common Stocks – (continued)
Greece – (continued)
75,677	National Bank of Greece SA (Financials)*	$	593,239
86,525	OPAP SA (Consumer Discretionary)		1,579,590
			7,862,742
Hong Kong – 0.2%
48,285	Orient Overseas International Ltd. (Industrials)		750,599
2,340,967	Sino Biopharmaceutical Ltd. (Health Care)		935,932
			1,686,531
Hungary – 0.2%
128,210	MOL Hungarian Oil & Gas PLC (Energy)		1,019,685
15,975	OTP Bank Nyrt (Financials)		765,616
15,462	Richter Gedeon Nyrt (Health Care)		411,470
			2,196,771
India – 17.2%
7,630	ABB India Ltd. (Industrials)		501,047
210,893	Adani Power Ltd. (Utilities)*		1,398,768
6,420	Apollo Hospitals Enterprise Ltd. (Health Care)		472,432
51,491	Asian Paints Ltd. (Materials)		1,752,400
121,194	Aurobindo Pharma Ltd. (Health Care)		1,502,716
20,209	Avenue Supermarts Ltd. (Consumer Staples)*(a)		955,145
159,870	Axis Bank Ltd. (Financials)		2,072,890
5,075	Bajaj Auto Ltd. (Consumer Discretionary)		484,102
16,300	Bajaj Finance Ltd. (Financials)		1,276,881
19,570	Bajaj Finserv Ltd. (Financials)		376,171
313,774	Bank of Baroda (Financials)		1,004,523
77,376	Berger Paints India Ltd. (Materials)		566,162
294,712	Bharat Electronics Ltd. (Industrials)		728,994
118,525	Bharat Petroleum Corp. Ltd. (Energy)		863,176
159,277	Bharti Airtel Ltd. (Communication Services)		2,157,886
48,727	Britannia Industries Ltd. (Consumer Staples)		2,917,876
146,732	CG Power & Industrial Solutions Ltd. (Industrials)		784,393
37,061	Cholamandalam Investment and Finance Co. Ltd. (Financials)		486,839
162,748	Cipla Ltd. (Health Care)		2,905,631
191,426	Coal India Ltd. (Energy)		1,008,195
94,603	Colgate-Palmolive India Ltd. (Consumer Staples)		2,882,886
192,152	Dabur India Ltd. (Consumer Staples)		1,247,121
12,035	Divi’s Laboratories Ltd. (Health Care)		506,387

  

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
India – (continued)
48,256	DLF Ltd. (Real Estate)	$	524,485
30,534	Dr. Reddy’s Laboratories Ltd. (Health Care)		2,365,737
11,610	Eicher Motors Ltd. (Consumer Discretionary)		531,015
362,498	GAIL India Ltd. (Utilities)		796,771
25,300	Godrej Consumer Products Ltd. (Consumer Staples)		383,758
42,620	Grasim Industries Ltd. (Materials)		1,126,407
83,714	Havells India Ltd. (Industrials)		1,546,083
267,922	HCL Technologies Ltd. (Information Technology)		5,376,293
14,800	HDFC Asset Management Co. Ltd. (Financials)(a)		669,886
161,462	HDFC Bank Ltd. (Financials)		2,732,827
101,187	HDFC Life Insurance Co. Ltd. (Financials)(a)		710,245
260,602	Hindalco Industries Ltd. (Materials)		1,583,578
24,849	Hindustan Aeronautics Ltd. (Industrials)		924,253
127,533	Hindustan Petroleum Corp. Ltd. (Energy)		783,505
82,341	Hindustan Unilever Ltd. (Consumer Staples)		2,395,564
470,534	ICICI Bank Ltd. (Financials)		5,971,036
43,327	ICICI Lombard General Insurance Co. Ltd. (Financials)(a)		894,457
141,928	Indian Hotels Co. Ltd. (Consumer Discretionary)		1,004,256
865,757	Indian Oil Corp. Ltd. (Energy)		1,728,564
410,770	Infosys Ltd. (Information Technology)		8,292,559
445,230	ITC Ltd. (Consumer Staples)		2,181,683
144,552	Jindal Steel & Power Ltd. (Materials)		1,353,275
261,025	Jio Financial Services Ltd. (Financials)*		975,897
95,825	JSW Steel Ltd. (Materials)		924,663
158,406	Jubilant Foodworks Ltd. (Consumer Discretionary)		886,250
32,508	Kotak Mahindra Bank Ltd. (Financials)		662,363
68,003	Larsen & Toubro Ltd. (Industrials)		2,852,081
41,045	LTIMindtree Ltd. (Information Technology)(a)		2,624,014
51,233	Lupin Ltd. (Health Care)		1,001,628
87,503	Mahindra & Mahindra Ltd. (Consumer Discretionary)		2,039,296
317,881	Marico Ltd. (Consumer Staples)		2,003,523
8,239	Maruti Suzuki India Ltd. (Consumer Discretionary)		1,121,671
42,532	Mphasis Ltd. (Information Technology)		1,342,573
382	MRF Ltd. (Consumer Discretionary)		673,006

Shares	Description	Value
Common Stocks – (continued)
India – (continued)
56,139	Muthoot Finance Ltd. (Financials)	$	882,713
94,700	Nestle India Ltd. (Consumer Staples)		2,965,162
334,800	NMDC Ltd. (Materials)		912,141
611,199	NTPC Ltd. (Utilities)		2,473,802
552,254	Oil & Natural Gas Corp. Ltd. (Energy)		1,762,337
4,202	Page Industries Ltd. (Consumer Discretionary)		1,738,727
13,641	Persistent Systems Ltd. (Information Technology)		1,419,825
8,665	PI Industries Ltd. (Materials)		383,808
47,725	Pidilite Industries Ltd. (Materials)		1,574,789
10,248	Polycab India Ltd. (Industrials)		587,056
330,330	Power Finance Corp. Ltd. (Financials)		1,596,348
841,729	Power Grid Corp. of India Ltd. (Utilities)		2,871,368
247,853	REC Ltd. (Financials)		1,321,374
259,125	Reliance Industries Ltd. (Energy)		9,130,413
42,800	SBI Cards & Payment Services Ltd. (Financials)		371,471
45,462	SBI Life Insurance Co. Ltd. (Financials)(a)		851,245
20,385	Shriram Finance Ltd. (Financials)		599,531
29,446	Siemens Ltd. (Industrials)		1,661,739
14,126	SRF Ltd. (Materials)		407,112
204,685	State Bank of India (Financials)		1,846,741
76,663	Sun Pharmaceutical Industries Ltd. (Health Care)		1,458,947
7,374	Supreme Industries Ltd. (Materials)		369,126
747,774	Suzlon Energy Ltd. (Industrials)*		408,084
27,100	Tata Communications Ltd. (Communication Services)		628,571
142,199	Tata Consultancy Services Ltd. (Information Technology)		7,022,979
74,364	Tata Consumer Products Ltd. (Consumer Staples)		1,067,304
16,512	Tata Elxsi Ltd. (Information Technology)		1,555,498
335,987	Tata Motors Ltd. (Consumer Discretionary)		3,850,329
169,850	Tata Motors Ltd., Class A (Consumer Discretionary)		1,295,134
151,102	Tata Power Co. Ltd. (The) (Utilities)		677,457
1,374,132	Tata Steel Ltd. (Materials)		2,334,241
201,601	Tech Mahindra Ltd. (Information Technology)		3,097,215
23,082	Titan Co. Ltd. (Consumer Discretionary)		1,008,951

  

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
India – (continued)
66,155	Torrent Pharmaceuticals Ltd. (Health Care)	$	2,127,157
11,487	Trent Ltd. (Consumer Discretionary)		537,774
20,292	Tube Investments of India Ltd. (Consumer Discretionary)		853,773
26,977	TVS Motor Co. Ltd. (Consumer Discretionary)*		695,994
16,366	UltraTech Cement Ltd. (Materials)		1,952,561
27,200	United Spirits Ltd. (Consumer Staples)		382,448
90,020	UPL Ltd. (Materials)		509,941
108,843	Varun Beverages Ltd. (Consumer Staples)		1,848,918
355,560	Vedanta Ltd. (Materials)		1,149,447
266,444	Wipro Ltd. (Information Technology)		1,666,475
268,088	Zomato Ltd. (Consumer Discretionary)*		534,939
			162,226,788
Indonesia – 1.9%
1,784,047	Adaro Energy Indonesia Tbk PT (Energy)		274,731
4,872,030	Aneka Tambang Tbk (Materials)		452,635
3,108,771	Astra International Tbk PT (Industrials)		1,033,619
3,830,256	Bank Central Asia Tbk PT (Financials)		2,406,858
2,889,561	Bank Mandiri Persero Tbk PT (Financials)		1,287,110
2,714,736	Bank Negara Indonesia Persero Tbk PT (Financials)		1,036,489
4,046,814	Bank Rakyat Indonesia Persero Tbk PT (Financials)		1,577,266
906,467	Indah Kiat Pulp & Paper Tbk PT (Materials)		503,272
2,114,185	Indofood CBP Sukses Makmur Tbk PT (Consumer Staples)		1,553,855
3,466,071	Indofood Sukses Makmur Tbk PT (Consumer Staples)		1,461,198
11,406,541	Kalbe Farma Tbk PT (Health Care)		1,081,498
6,579,435	Sumber Alfaria Trijaya Tbk PT (Consumer Staples)		1,151,349
10,136,410	Telkom Indonesia Persero Tbk PT (Communication Services)		2,580,060
6,076,989	Unilever Indonesia Tbk PT (Consumer Staples)		1,055,691
			17,455,631
Kuwait – 0.6%
312,135	Agility Public Warehousing Co. KSC (Industrials)*		609,761
201,735	Boubyan Bank KSCP (Financials)		421,634
590,729	Kuwait Finance House KSCP (Financials)		1,555,308

Shares	Description	Value
Common Stocks – (continued)
Kuwait – (continued)
871,804	National Bank of Kuwait SAKP (Financials)	$	2,777,078
			5,363,781
Luxembourg – 0.1%
40,574	Reinet Investments SCA (Financials)		1,023,754
Mexico – 2.6%
807,226	Alfa SAB de CV, Class A (Industrials)		601,169
2,810,955	America Movil SAB de CV, Series B (Communication Services)		2,628,708
51,098	Arca Continental SAB de CV (Consumer Staples)		549,738
107,500	Banco del Bajio SA (Financials)(a)		399,539
2,536,919	Cemex SAB de CV, Series CPO (Materials)*		1,936,897
103,936	Coca-Cola Femsa SAB de CV (Consumer Staples)		1,013,142
327,661	Fomento Economico Mexicano SAB de CV (Consumer Staples)		4,086,139
130,813	Gruma SAB de CV, Class B (Consumer Staples)		2,326,527
461,124	Grupo Bimbo SAB de CV, Series A (Consumer Staples)		1,926,472
75,231	Grupo Carso SAB de CV, Series A1 (Industrials)		650,020
317,108	Grupo Financiero Banorte SAB de CV, Class O (Financials)		3,274,296
246,110	Grupo Mexico SAB de CV, Series B (Materials)		1,193,164
241,373	Kimberly-Clark de Mexico SAB de CV, Class A (Consumer Staples)		535,740
216,057	Orbia Advance Corp. SAB de CV (Materials)		399,034
40,958	Promotora y Operadora de Infraestructura SAB de CV (Industrials)		425,119
4,800	Southern Copper Corp. (Materials)		388,128
744,807	Wal-Mart de Mexico SAB de CV (Consumer Staples)		2,978,530
			25,312,362
Philippines – 0.1%
442,034	Bank of the Philippine Islands (Financials)		983,696
38,170	Manila Electric Co. (Utilities)		264,810
			1,248,506
Poland – 1.2%
32,139	Bank Pekao SA (Financials)		1,394,229
14,680	CD Projekt SA (Communication Services)(b)		403,820

  

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)
Poland – (continued)
22,364	Dino Polska SA (Consumer Staples)*(a)	$	2,606,021
503	LPP SA (Consumer Discretionary)		2,262,800
25,787	ORLEN SA (Energy)		400,782
101,966	Powszechna Kasa Oszczednosci Bank Polski SA (Financials)		1,420,605
184,201	Powszechny Zaklad Ubezpieczen SA (Financials)		2,268,390
3,156	Santander Bank Polska SA (Financials)		434,871
			11,191,518
Qatar – 0.9%
512,875	Commercial Bank PSQC (The) (Financials)		712,193
91,940	Industries Qatar QSC (Industrials)		325,742
655,702	Ooredoo QPSC (Communication Services)		2,047,606
366,678	Qatar International Islamic Bank QSC (Financials)		1,149,079
325,626	Qatar Islamic Bank (Financials)		1,802,077
688,093	Qatar National Bank QPSC (Financials)		2,878,236
			8,914,933
Romania – 0.1%
116,547	NEPI Rockcastle NV (Real Estate)*		831,405
Russia – 0.0%
1,256,908	Gazprom PJSC (Energy)*(c)		—
35,708,229	Inter RAO UES PJSC (Utilities)(c)		—
62,206	LUKOIL PJSC (Energy)(c)		—
11,906	MMC Norilsk Nickel PJSC (Materials)(c)		—
824,628	Moscow Exchange MICEX-RTS PJSC (Financials)(c)		—
839,494	Novolipetsk Steel PJSC (Materials)*(c)		—
820	PhosAgro PJSC (Materials)(c)		—
127,440	PhosAgro PJSC, GDR (Materials)*(c)		—
70,023	Polymetal International PLC (Materials)*(c)		—
11,287	Polyus PJSC (Materials)*(c)		—
90,086	Rosneft Oil Co. PJSC (Energy)(c)		—
1,661,273	Sberbank of Russia PJSC (Financials)(c)		—
152,107	Severstal PAO (Materials)*(c)		—
3,362,523	Surgutneftegas PJSC (Energy)(c)		—
277,377	Tatneft PJSC (Energy)(c)		—
1,366	TCS Group Holding PLC, GDR (Financials)*(c)		—
799,132,583	VTB Bank PJSC (Financials)*(c)		—

Shares	Description	Value
Common Stocks – (continued)
Russia – (continued)
40,500	Yandex NV, Class A (Communication Services)*(c)	$	—
			—
Saudi Arabia – 4.0%
11,627	ACWA Power Co. (Utilities)		818,475
31,010	Advanced Petrochemical Co. (Materials)		316,277
198,395	Al Rajhi Bank (Financials)		4,708,198
72,176	Alinma Bank (Financials)		845,835
28,985	Almarai Co. JSC (Consumer Staples)		454,448
53,756	Arab National Bank (Financials)		399,196
7,232	Arabian Internet & Co.mmunications Services Co. (Information Technology)		707,329
40,409	Bank AlBilad (Financials)		532,279
56,422	Bank Al-Jazira (Financials)*		292,769
44,097	Banque Saudi Fransi (Financials)		447,990
30,238	Bupa Arabia for Cooperative Insurance Co. (Financials)		1,851,224
129,372	Dar Al Arkan Real Estate Development Co. (Real Estate)*		481,570
11,023	Dr Sulaiman Al Habib Medical Services Group Co. (Health Care)		968,183
4,731	Elm Co. (Information Technology)		1,333,405
186,031	Etihad Etisalat Co. (Communication Services)		2,743,118
88,173	Jarir Marketing Co. (Consumer Discretionary)		366,300
171,864	Mobile Telecommunications Co Saudi Arabia (Communication Services)		682,818
31,300	Nahdi Medical Co. (Consumer Staples)		1,185,132
76,724	Riyad Bank (Financials)		636,247
29,136	SABIC Agri-Nutrients Co. (Materials)		972,676
101,488	Sahara International Petrochemical Co. (Materials)		829,429
64,028	Saudi Arabian Mining Co. (Materials)*		849,370
458,535	Saudi Arabian Oil Co. (Energy)(a)		3,875,839
104,848	Saudi Awwal Bank (Financials)		1,153,236
89,537	Saudi Basic Industries Corp. (Materials)		1,881,320
137,859	Saudi Electricity Co. (Utilities)		735,189
84,855	Saudi Investment Bank (The) (Financials)		366,092
290,381	Saudi Kayan Petrochemical Co. (Materials)*		747,187
277,467	Saudi National Bank (The) (Financials)		3,133,277
203,873	Saudi Telecom Co. (Communication Services)		2,307,658

  

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
Saudi Arabia – (continued)
104,882	Savola Group (The) (Consumer Staples)	$	1,482,214
			38,104,280
South Africa – 2.8%
125,422	Absa Group Ltd. (Financials)		1,069,344
112,157	Aspen Pharmacare Holdings Ltd. (Health Care)		1,145,848
84,549	Bid Corp. Ltd. (Consumer Staples)		1,977,566
42,953	Bidvest Group Ltd. (The) (Industrials)		523,172
7,152	Capitec Bank Holdings Ltd. (Financials)		752,256
87,993	Clicks Group Ltd. (Consumer Staples)		1,376,468
28,631	Discovery Ltd. (Financials)		202,826
540,853	FirstRand Ltd. (Financials)		1,826,361
124,575	Gold Fields Ltd. (Materials)		1,635,133
186,566	Impala Platinum Holdings Ltd. (Materials)		629,999
52,087	Kumba Iron Ore Ltd. (Materials)		1,457,907
264,958	MTN Group Ltd. (Communication Services)		1,153,267
8,910	Naspers Ltd., Class N (Consumer Discretionary)		1,465,422
95,624	Nedbank Group Ltd. (Financials)		1,092,582
1,179,356	Old Mutual Ltd. (Financials)		734,033
280,654	OUTsurance Group Ltd. (Financials)		609,184
296,438	Pepkor Holdings Ltd. (Consumer Discretionary)(a)		288,499
92,085	Remgro Ltd. (Financials)		698,231
256,115	Sanlam Ltd. (Financials)		981,938
212,916	Shoprite Holdings Ltd. (Consumer Staples)		2,865,924
189,537	Standard Bank Group Ltd. (Financials)		1,993,998
150,904	Vodacom Group Ltd. (Communication Services)		739,584
294,407	Woolworths Holdings Ltd. (Consumer Discretionary)		984,797
			26,204,339
South Korea – 11.7%
14,719	Amorepacific Corp. (Consumer Staples)		1,322,013
4,274	Celltrion, Inc. (Health Care)		576,778
5,661	CJ CheilJedang Corp. (Consumer Staples)		1,273,257
2,506	CosmoAM&T Co. Ltd. (Information Technology)*		333,293
45,388	Coway Co. Ltd. (Consumer Discretionary)		1,847,424
8,928	DB Insurance Co. Ltd. (Financials)*		662,426

Shares	Description	Value
Common Stocks – (continued)
South Korea – (continued)
15,042	Doosan Bobcat, Inc. (Industrials)	$	530,356
28,784	Doosan Enerbility Co. Ltd. (Industrials)*		351,045
3,395	Ecopro BM Co. Ltd. (Industrials)*		679,459
925	Ecopro Co. Ltd. (Industrials)*		429,296
43,175	GS Holdings Corp. (Industrials)		1,557,944
44,102	Hana Financial Group, Inc. (Financials)		1,874,567
36,624	Hankook Tire & Technology Co. Ltd. (Consumer Discretionary)		1,490,704
6,148	Hanmi Pharm Co. Ltd. (Health Care)		1,542,079
4,563	Hanwha Aerospace Co. Ltd. (Industrials)		642,507
11,079	HD Hyundai Co. Ltd. (Energy)		588,229
8,300	HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (Industrials)		697,484
69,099	HMM Co. Ltd. (Industrials)*		948,062
1,765	HYBE Co. Ltd. (Communication Services)		263,902
2,700	Hyundai Glovis Co. Ltd. (Industrials)*		386,265
6,531	Hyundai Mobis Co. Ltd. (Consumer Discretionary)		1,189,372
11,240	Hyundai Motor Co. (Consumer Discretionary)		2,114,464
19,863	Hyundai Steel Co. (Materials)*		536,253
157,340	Industrial Bank of Korea (Financials)*		1,654,220
14,546	Kakao Corp. (Communication Services)		582,233
61,041	Kangwon Land, Inc. (Consumer Discretionary)*		796,705
43,505	KB Financial Group, Inc. (Financials)		2,074,623
36,266	Kia Corp. (Consumer Discretionary)*		3,390,746
15,215	Korea Aerospace Industries Ltd. (Industrials)*		586,159
43,517	Korea Electric Power Corp. (Utilities)		810,470
5,744	Korea Investment Holdings Co. Ltd. (Financials)*		306,266
652	Korea Zinc Co. Ltd. (Materials)		219,112
34,398	Korean Air Lines Co. Ltd. (Industrials)		594,138
2,300	Krafton, Inc. (Communication Services)*		392,085
24,288	KT Corp. (Communication Services)		713,173
19,345	KT&G Corp. (Consumer Staples)		1,351,070
5,333	Kumho Petrochemical Co. Ltd. (Materials)*		592,333
1,065	LG Chem Ltd. (Materials)		362,305

  

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
South Korea – (continued)
5,498	LG Corp. (Industrials)	$	386,875
30,213	LG Electronics, Inc. (Consumer Discretionary)		2,153,209
6,746	LG H&H Co. Ltd. (Consumer Staples)		1,616,081
2,480	LG Innotek Co. Ltd. (Information Technology)		376,209
294,337	LG Uplus Corp. (Communication Services)		2,281,134
13,300	Meritz Financial Group, Inc. (Financials)		830,002
69,964	Mirae Asset Securities Co. Ltd. (Financials)*		473,923
8,051	NAVER Corp. (Communication Services)		1,178,991
9,129	NCSoft Corp. (Communication Services)		1,329,999
8,100	Netmarble Corp. (Communication Services)*(a)		375,315
85,771	NH Investment & Securities Co. Ltd. (Financials)*		756,197
21,698	Orion Corp. (Consumer Staples)		1,513,776
13,022	Posco DX Co. Ltd. (Information Technology)*(b)		529,055
1,585	POSCO Future M Co. Ltd. (Industrials)*		377,324
7,223	POSCO Holdings, Inc. (Materials)		2,340,586
1,101	Samsung Biologics Co. Ltd. (Health Care)*(a)		639,962
13,621	Samsung C&T Corp. (Industrials)		1,602,892
7,034	Samsung Electro-Mechanics Co. Ltd. (Information Technology)		739,531
578,332	Samsung Electronics Co. Ltd. (Information Technology)		31,878,619
24,089	Samsung Engineering Co. Ltd. (Industrials)*		445,021
9,857	Samsung Fire & Marine Insurance Co. Ltd. (Financials)*		2,205,907
119,893	Samsung Heavy Industries Co. Ltd. (Industrials)*		711,291
10,089	Samsung Life Insurance Co. Ltd. (Financials)		734,173
1,621	Samsung SDI Co. Ltd. (Information Technology)		458,934
10,781	Samsung SDS Co. Ltd. (Information Technology)		1,295,404
43,199	Samsung Securities Co. Ltd. (Financials)		1,347,941
53,613	Shinhan Financial Group Co. Ltd. (Financials)		1,753,414
18,074	SK Biopharmaceuticals Co. Ltd. (Health Care)*		1,315,238
53,130	SK Hynix, Inc. (Information Technology)		6,232,281

Shares	Description	Value
Common Stocks – (continued)
South Korea – (continued)
17,049	SK Square Co. Ltd. (Industrials)*	$	894,957
60,332	SK Telecom Co. Ltd. (Communication Services)		2,387,726
2,214	SK, Inc. (Industrials)		318,898
8,100	S-Oil Corp. (Energy)		464,734
110,227	Woori Financial Group, Inc. (Financials)		1,233,390
23,852	Yuhan Corp. (Health Care)		1,207,288
			110,649,094
Taiwan – 16.5%
152,083	Accton Technology Corp. (Information Technology)		2,497,068
556,762	Acer, Inc. (Information Technology)		795,261
179,804	Advantech Co. Ltd. (Information Technology)		2,218,433
632,395	ASE Technology Holding Co. Ltd. (Information Technology)		2,780,901
434,107	Asia Cement Corp. (Materials)		555,517
82,907	Asustek Computer, Inc. (Information Technology)		1,193,397
189,509	Catcher Technology Co. Ltd. (Information Technology)		1,181,078
797,467	Cathay Financial Holding Co. Ltd. (Financials)*		1,136,554
231,899	Chailease Holding Co. Ltd. (Financials)		1,280,197
770,300	Chang Hwa Commercial Bank Ltd. (Financials)		433,773
342,975	Cheng Shin Rubber Industry Co. Ltd. (Consumer Discretionary)		509,425
2,905,011	China Development Financial Holding Corp. (Financials)*		1,153,384
701,578	China Steel Corp. (Materials)		546,001
393,969	Chunghwa Telecom Co. Ltd. (Communication Services)		1,501,867
1,385,835	Compal Electronics, Inc. (Information Technology)		1,600,246
1,897,347	CTBC Financial Holding Co. Ltd. (Financials)		1,764,723
247,603	Delta Electronics, Inc. (Information Technology)		2,306,872
57,435	E Ink Holdings, Inc. (Information Technology)		446,986
916,645	E.Sun Financial Holding Co. Ltd. (Financials)		732,226
20,573	eMemory Technology, Inc. (Information Technology)		1,763,800
140,444	Evergreen Marine Corp. Taiwan Ltd. (Industrials)		735,332
806,763	Far Eastern New Century Corp. (Industrials)		832,043
272,813	Feng TAY Enterprise Co. Ltd. (Consumer Discretionary)		1,428,385
1,013,932	First Financial Holding Co. Ltd. (Financials)		869,282

  

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
Taiwan – (continued)
335,011	Formosa Plastics Corp. (Materials)	$	759,907
1,029,462	Fubon Financial Holding Co. Ltd. (Financials)		2,214,632
35,376	Gigabyte Technology Co. Ltd. (Information Technology)		386,109
25,232	Global Unichip Corp. (Information Technology)		1,269,203
30,003	Globalwafers Co. Ltd. (Information Technology)		529,641
1,146,457	Hon Hai Precision Industry Co. Ltd. (Information Technology)		3,735,746
851,555	Hua Nan Financial Holdings Co. Ltd. (Financials)		592,677
798,735	Inventec Corp. (Information Technology)		1,389,786
9,167	Largan Precision Co. Ltd. (Information Technology)		751,120
467,084	Lite-On Technology Corp. (Information Technology)		1,618,048
198,101	MediaTek, Inc. (Information Technology)		7,144,534
751,101	Mega Financial Holding Co. Ltd. (Financials)		919,585
370,288	Micro-Star International Co. Ltd. (Information Technology)		2,237,460
422,328	Nan Ya Plastics Corp. (Materials)		797,639
49,174	Nan Ya Printed Circuit Board Corp. (Information Technology)		329,025
486,585	Nanya Technology Corp. (Information Technology)		1,035,991
122,062	Nien Made Enterprise Co. Ltd. (Consumer Discretionary)		1,426,847
204,253	Novatek Microelectronics Corp. (Information Technology)		3,883,518
510,323	Pegatron Corp. (Information Technology)		1,380,364
768,929	Pou Chen Corp. (Consumer Discretionary)		741,939
333,624	President Chain Store Corp. (Consumer Staples)		2,844,451
251,803	Quanta Computer, Inc. (Information Technology)		1,848,125
158,032	Realtek Semiconductor Corp. (Information Technology)		2,844,721
319,800	Shanghai Commercial & Savings Bank Ltd. (The) (Financials)		455,275
1,597,869	SinoPac Financial Holdings Co. Ltd. (Financials)		1,016,061
386,890	Synnex Technology International Corp. (Information Technology)		952,247
2,081,072	Taishin Financial Holding Co. Ltd. (Financials)		1,145,562
984,875	Taiwan Business Bank (Financials)		436,206

Shares	Description	Value
Common Stocks – (continued)
Taiwan – (continued)
371,609	Taiwan Cement Corp. (Materials)	$	377,375
662,919	Taiwan Cooperative Financial Holding Co. Ltd. (Financials)		544,227
176,644	Taiwan Mobile Co. Ltd. (Communication Services)		553,244
2,936,048	Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology)		64,090,641
93,486	Unimicron Technology Corp. (Information Technology)		530,876
1,459,480	Uni-President Enterprises Corp. (Consumer Staples)		3,541,407
1,704,202	United Microelectronics Corp. (Information Technology)		2,633,710
181,806	Vanguard International Semiconductor Corp. (Information Technology)		415,267
29,558	Voltronic Power Technology Corp. (Industrials)		1,500,833
611,152	Winbond Electronics Corp. (Information Technology)		540,398
458,934	Wistron Corp. (Information Technology)		1,676,929
375,409	WPG Holdings Ltd. (Information Technology)		1,102,136
189,941	Yang Ming Marine Transport Corp. (Industrials)		299,548
2,444,684	Yuanta Financial Holding Co. Ltd. (Financials)		2,122,988
157,265	Zhen Ding Technology Holding Ltd. (Information Technology)		500,012
			155,378,761
Thailand – 1.3%
274,816	Advanced Info Service PCL, NVDR (Communication Services)		1,540,165
303,900	Airports of Thailand PCL, NVDR (Industrials)		538,064
1,598,100	Bangkok Dusit Medical Services PCL, NVDR (Health Care)		1,269,925
177,100	Bumrungrad Hospital PCL, NVDR (Health Care)		1,106,103
198,100	Central Pattana PCL, NVDR (Real Estate)		357,646
699,300	Charoen Pokphand Foods PCL, NVDR (Consumer Staples)		368,514
835,477	CP ALL PCL, NVDR (Consumer Staples)		1,339,465
510,200	Delta Electronics Thailand PCL, NVDR (Information Technology)*		1,013,572
277,900	Gulf Energy Development PCL, NVDR (Utilities)		333,186
780,700	Indorama Ventures PCL, NVDR (Materials)		507,188

  

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Thailand – (continued)
267,400	Intouch Holdings PCL, NVDR (Communication Services)	$	505,126
1,146,900	Krung Thai Bank PCL, NVDR (Financials)		514,850
290,000	Krungthai Card PCL, NVDR (Financials)		345,671
181,900	PTT Exploration & Production PCL, NVDR (Energy)		765,841
342,100	PTT Global Chemical PCL, NVDR (Materials)		362,465
705,200	PTT PCL, NVDR (Energy)		673,445
77,100	Siam Cement PCL (The), NVDR (Materials)		578,277
236,800	Thai Oil PCL, NVDR (Energy)		369,742
			12,489,245
Turkey – 0.8%
288,000	Akbank TAS (Financials)		383,572
224,459	BIM Birlesik Magazalar AS (Consumer Staples)		2,791,381
332,880	KOC Holding AS (Industrials)		1,793,429
47,191	Tofas Turk Otomobil Fabrikasi AS (Consumer Discretionary)		404,346
108,896	Turk Hava Yollari AO (Industrials)*		982,758
172,223	Turkiye Petrol Rafinerileri AS (Energy)		892,566
506,000	Yapi ve Kredi Bankasi AS (Financials)		374,398
			7,622,450
United Arab Emirates – 1.5%
418,490	Abu Dhabi Commercial Bank PJSC (Financials)		976,465
427,911	Abu Dhabi Islamic Bank PJSC (Financials)		1,309,515
1,155,552	Abu Dhabi National Oil Co. for Distribution PJSC (Consumer Discretionary)		1,101,155
603,976	Aldar Properties PJSC (Real Estate)		909,360
796,457	Americana Restaurants International PLC (Consumer Discretionary)		743,785
1,057,679	Dubai Islamic Bank PJSC (Financials)		1,854,516
940,198	Emaar Properties PJSC (Real Estate)		2,078,578
484,640	Emirates NBD Bank PJSC (Financials)		2,414,689
170,119	Emirates Telecommunications Group Co. PJSC (Communication Services)		838,344
412,531	First Abu Dhabi Bank PJSC (Financials)		1,532,011
			13,758,418

Shares	Description	Value
Common Stocks – (continued)
United Kingdom – 0.0%
55,106	Pepco Group NV (Consumer Discretionary)*	$	276,642
United States – 0.1%
49,223	JBS SA (Consumer Staples)		228,449
10,038	Parade Technologies Ltd. (Information Technology)		322,326
			550,775
TOTAL COMMON STOCKS (Cost $791,106,210)			914,821,151

Shares		Description	Rate			Value
	Preferred Stocks – 2.5%
	Brazil – 1.5%
	539,825	Banco Bradesco SA (Financials)		8.10	%	1,493,885
	38,827	Centrais Eletricas Brasileiras SA, Class B (Utilities)		3.12		374,388
	242,142	Cia Energetica de Minas Gerais (Utilities)		10.78		583,345
	187,100	Companhia Paranaense de Energia (Utilities)		3.27		384,845
	152,342	Gerdau SA (Materials)		7.44		659,204
	589,064	Itau Unibanco Holding SA (Financials)		7.02		4,023,796
	793,727	Itausa SA (Financials)		8.36		1,645,394
	629,112	Petroleo Brasileiro SA (Energy)		7.91		5,082,378
						14,247,235
	Chile – 0.1%
	20,889	Sociedad Quimica y Minera de Chile SA, Class B (Industrials)		8.66		1,036,873
	Colombia – 0.1%
	75,095	Bancolombia SA (Financials)		11.02		613,520
	Russia – 0.0%
	3,212,489	Surgutneftegas PJSC (Energy)(c)		1.29		—
	South Korea – 0.8%
	8,986	Hyundai Motor Co. (Consumer Discretionary)		21.25		1,084,447
	8,734	Hyundai Motor Co. (Consumer Discretionary)		21.27		1,046,165

  

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Shares		Description	Rate			Value
	Preferred Stocks – (continued)
	South Korea – (continued)
	104,962	Samsung Electronics Co. Ltd. (Information Technology)		2.30	%	$	5,013,205
							7,143,817
	TOTAL PREFERRED STOCKS (Cost $16,918,700)						23,041,445

Shares	Description	Value
Exchange-Traded Fund – 0.6%
United States – 0.6%
257,264	iShares MSCI Malaysia ETF(b)
(Cost $7,732,868)			5,590,347
Shares	Dividend Rate	Value
Investment Company – 1.3%(d)
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares
12,595,998	5.195%		12,595,998
(Cost $12,595,998)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $828,353,776)			956,048,941

Sector Name	% of   Market   Value
Information Technology		22%
Financials		21.3
Consumer Discretionary		11.3
Consumer Staples		9.9
Communication Services		8.2
Materials		6.2
Industrials		5.3
Energy		5.2
Health Care		4.7
Utilities		2.7
Investment Company		1.3
Real Estate		0.8
Exchange-Traded Fund		0.6
Securities Lending Reinvestment Vehicle		0.1
TOTAL INVESTMENTS		100.0%

	Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.1%(d)
Goldman Sachs Financial Square Government Fund - Institutional Shares
	906,385	5.219%	$	906,385
(Cost $906,385)
TOTAL INVESTMENTS – 101.3% (Cost $829,260,161)			$	956,955,326
LIABILITIES IN EXCESS OF OTHER ASSETS – (1.3)%				(12,265,166	)
NET ASSETS – 100.0%			$	944,690,160

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) Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

(d) Represents an affiliated issuer.

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

  

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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – 99.1%
Australia – 0.7%
5,717	Glencore PLC (Materials)	$	27,130
727	Rio Tinto PLC (Materials)		46,707
			73,837
Austria – 0.6%
338	Erste Group Bank AG (Financials)		13,497
227	Mondi PLC (Materials)		4,044
63	OMV AG (Energy)		2,778
1,735	voestalpine AG (Materials)		47,389
			67,708
Belgium – 1.2%
534	Ageas SA/NV (Financials)		22,652
605	Anheuser-Busch InBev SA/NV (Consumer Staples)		36,480
17	D’ieteren Group (Consumer Discretionary)		3,275
28	Elia Group SA/NV (Utilities)		3,112
102	Groupe Bruxelles Lambert NV (Financials)		7,654
140	KBC Group NV (Financials)		9,832
1	Lotus Bakeries NV (Consumer Staples)		9,415
152	Syensqo SA (Materials)*		13,588
219	UCB SA (Health Care)		25,239
			131,247
Brazil – 0.1%
172	Yara International ASA (Materials)		5,355
China – 0.1%
323	Prosus NV (Consumer Discretionary)*		9,434
Denmark – 5.2%
7	AP Moller – Maersk A/S, Class A (Industrials)(a)		9,502
7	AP Moller – Maersk A/S, Class B (Industrials)		9,904
135	Carlsberg AS, Class B (Consumer Staples)		18,834
68	Coloplast A/S, Class B (Health Care)		9,039
725	Danske Bank A/S (Financials)		21,313
157	Demant A/S (Health Care)*		7,866
55	DSV A/S (Industrials)		8,831
48	Genmab A/S (Health Care)*		13,449
3,083	Novo Nordisk A/S, Class B (Health Care)		366,873
244	Novozymes A/S, Class B (Materials)		13,772
260	Pandora A/S (Consumer Discretionary)		42,010
28	ROCKWOOL A/S, Class B (Industrials)		8,963
581	Tryg A/S (Financials)		12,357

Shares	Description	Value
Common Stocks – (continued)
Denmark – (continued)
115	Vestas Wind Systems A/S (Industrials)*	$	3,204
			545,917
Finland – 1.2%
235	Elisa OYJ (Communication Services)		10,594
289	Fortum OYJ (Utilities)		3,612
126	Kone OYJ, Class B (Industrials)		6,166
427	Metso Corp. (Industrials)		4,562
4,858	Nokia OYJ (Information Technology)		17,135
1,579	Nordea Bank Abp (Financials)		19,206
842	Orion OYJ, Class B (Health Care)		33,167
290	Sampo OYJ, Class A (Financials)		12,983
232	UPM-Kymmene OYJ (Materials)		7,765
463	Wartsila OYJ Abp (Industrials)		7,162
			122,352
France – 17.4%
237	Accor SA (Consumer Discretionary)		10,282
257	Adevinta ASA (Communication Services)*		2,750
32	Aeroports de Paris SA (Industrials)		4,353
325	Air Liquide SA (Materials)		66,084
281	Airbus SE (Industrials)		46,507
64	Amundi SA (Financials)(b)		4,214
112	Arkema SA (Materials)		11,606
1,860	AXA SA (Financials)		66,181
167	BioMerieux (Health Care)		18,271
792	BNP Paribas SA (Financials)		47,464
1,462	Bollore SE (Communication Services)		10,031
390	Bouygues SA (Industrials)		15,434
545	Bureau Veritas SA (Industrials)		15,847
175	Capgemini SE (Information Technology)		42,553
2,484	Carrefour SA (Consumer Staples)		41,746
798	Cie de Saint-Gobain SA (Industrials)		61,485
475	Cie Generale des Etablissements Michelin SCA (Consumer Discretionary)		17,574
54	Covivio SA REIT (Real Estate)		2,426
2,490	Credit Agricole SA (Financials)		33,736
633	Danone SA (Consumer Staples)		40,429
100	Dassault Aviation SA (Industrials)		19,793
480	Dassault Systemes (Information Technology)		22,432
280	Edenred SE (Financials)		13,874
553	Eiffage SA (Industrials)		60,232
1,952	Engie SA (Utilities)		31,339

  

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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
France – (continued)
205	EssilorLuxottica SA (Health Care)	$	43,516
545	Eurazeo SE (Financials)		46,061
43	Gecina SA REIT (Real Estate)		4,155
510	Getlink SE (Industrials)		8,714
35	Hermes International SCA (Consumer Discretionary)		87,605
449	Ipsen SA (Health Care)		49,463
51	Kering (Consumer Discretionary)		23,458
116	Klepierre SA REIT (Real Estate)		2,947
1,354	La Francaise des Jeux SAEM (Consumer Discretionary)(b)		56,734
250	Legrand SA (Industrials)		25,295
254	L’Oreal SA (Consumer Staples)		121,408
241	LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)		219,801
1,914	Orange SA (Communication Services)		21,968
67	Pernod Ricard SA (Consumer Staples)		11,206
245	Publicis Groupe SA (Communication Services)		25,924
804	Rexel SA (Industrials)		20,620
208	Safran SA (Industrials)		43,599
475	SEB SA (Consumer Discretionary)		56,234
704	Societe Generale SA (Financials)		17,088
119	Sodexo SA (Consumer Discretionary)		9,491
138	Thales SA (Industrials)		20,467
2,019	TotalEnergies SE (Energy)		128,885
504	Veolia Environnement SA (Utilities)		15,626
410	Vinci SA (Industrials)		52,532
740	Vivendi SE (Communication Services)		8,272
911	Worldline SA (Financials)*(b)		10,475
			1,838,187
Germany – 13.1%
236	adidas AG (Consumer Discretionary)		47,788
258	Allianz SE (Financials)		70,874
396	BASF SE (Materials)		20,173
799	Bayer AG (Health Care)		24,288
400	Bayerische Motoren Werke AG (Consumer Discretionary)		47,277
247	Bechtle AG (Information Technology)		12,739
170	Beiersdorf AG (Consumer Staples)		24,385
217	Brenntag SE (Industrials)		19,815
51	Carl Zeiss Meditec AG (Health Care)		6,278
1,923	Commerzbank AG (Financials)		22,256

Shares	Description	Value
Common Stocks – (continued)
Germany – (continued)
186	Covestro AG (Materials)*(b)	$	10,124
332	Daimler Truck Holding AG (Industrials)		13,573
3,581	Deutsche Bank AG (Financials)		47,905
121	Deutsche Boerse AG (Financials)		25,350
5,800	Deutsche Lufthansa AG (Industrials)*		45,115
1,466	Deutsche Post AG (Industrials)		68,074
2,207	Deutsche Telekom AG (Communication Services)		52,507
4,063	E.ON SE (Utilities)		51,926
224	Evonik Industries AG (Materials)		4,135
994	Fresenius Medical Care AG (Health Care)		38,057
491	Fresenius SE & Co. KGaA (Health Care)		13,751
202	GEA Group AG (Industrials)		8,147
80	Hannover Rueck SE (Financials)		20,544
374	Heidelberg Materials AG (Materials)		36,304
122	Henkel AG & Co. KGaA (Consumer Staples)		8,238
583	Infineon Technologies AG (Information Technology)		20,879
221	Knorr-Bremse AG (Industrials)		15,469
684	Mercedes-Benz Group AG (Consumer Discretionary)		54,508
121	Merck KGaA (Health Care)		20,662
23	MTU Aero Engines AG (Industrials)		5,533
101	Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen (Financials)		47,041
533	Nemetschek SE (Information Technology)		50,861
582	Puma SE (Consumer Discretionary)		26,748
44	Rational AG (Industrials)		36,187
43	Rheinmetall AG (Industrials)		19,730
315	RWE AG (Utilities)		10,567
825	SAP SE (Information Technology)		154,343
133	Scout24 SE (Communication Services)(b)		9,672
501	Siemens AG (Industrials)		99,182
1,186	Siemens Energy AG (Industrials)*		18,231
124	Siemens Healthineers AG (Health Care)*(b)		7,447
76	Symrise AG (Materials)		7,777
248	Talanx AG (Financials)		17,713
74	Vonovia SE (Real Estate)		2,066

  

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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Germany – (continued)
1,020	Zalando SE (Consumer Discretionary)*(b)	$	21,546
			1,385,785
Hong Kong – 0.1%
809	Prudential PLC (Financials)		7,958
Ireland – 0.4%
118	AerCap Holdings NV (Industrials)*		9,107
320	Bank of Ireland Group PLC (Financials)		2,789
117	Kerry Group PLC, Class A (Consumer Staples)		10,273
152	Kingspan Group PLC (Industrials)		13,732
252	Smurfit Kappa Group PLC (Materials)		10,753
			46,654
Italy – 4.8%
1,918	Assicurazioni Generali SpA (Financials)		45,496
1,497	Banco BPM SpA (Financials)		8,706
489	Coca-Cola HBC AG (Consumer Staples)*		15,247
789	Davide Campari-Milano NV (Consumer Staples)		8,002
63	DiaSorin SpA (Health Care)		6,366
5,489	Enel SpA (Utilities)		34,945
3,062	Eni SpA (Energy)		47,211
146	Ferrari NV (Consumer Discretionary)		61,602
959	FinecoBank Banca Fineco SpA (Financials)		13,263
549	Infrastrutture Wireless Italiane SpA (Communication Services)(b)		6,081
7,705	Intesa Sanpaolo SpA (Financials)		24,497
1,940	Leonardo SpA (Industrials)		41,473
862	Mediobanca Banca di Credito Finanziario SpA (Financials)		11,749
615	Moncler SpA (Consumer Discretionary)		44,364
2,247	Poste Italiane SpA (Financials)(b)		26,358
467	Prysmian SpA (Industrials)		23,272
335	Recordati Industria Chimica e Farmaceutica SpA (Health Care)		18,764
1,646	Snam SpA (Utilities)		7,697
1,363	Terna - Rete Elettrica Nazionale (Utilities)		10,685
1,659	UniCredit SpA (Financials)		55,492
			511,270
Jordan – 0.2%
630	Hikma Pharmaceuticals PLC (Health Care)		15,675

Shares	Description	Value
Common Stocks – (continued)
Luxembourg – 0.6%
2,115	ArcelorMittal (Materials)	$	55,205
149	Eurofins Scientific SE (Health Care)		8,907
			64,112
Netherlands – 8.7%
912	ABN AMRO Bank NV (Financials)(b)		14,656
7	Adyen NV (Financials)*(b)		11,060
1,319	Aegon Ltd. (Financials)		7,916
163	Akzo Nobel NV (Materials)		11,878
23	Argenx SE (Health Care)*		8,542
43	ASM International NV (Information Technology)		26,230
338	ASML Holding NV (Information Technology)		318,400
129	ASR Nederland NV (Financials)		5,951
104	BE Semiconductor Industries NV (Information Technology)		18,812
80	Euronext NV (Financials)(b)		7,380
387	EXOR NV (Financials)		41,795
262	Heineken Holding NV (Consumer Staples)		20,244
176	Heineken NV (Consumer Staples)		16,269
52	IMCD NV (Industrials)		7,929
1,734	ING Groep NV (Financials)		23,812
440	JDE Peet’s NV (Consumer Staples)		10,066
2,336	Koninklijke Ahold Delhaize NV (Consumer Staples)		69,568
4,595	Koninklijke KPN NV (Communication Services)		16,822
524	Koninklijke Philips NV (Health Care)		10,492
109	NN Group NV (Financials)		4,867
568	Randstad NV (Industrials)		31,311
4,924	Shell PLC (Energy)		153,037
510	Universal Music Group NV (Communication Services)		15,381
419	Wolters Kluwer NV (Industrials)		66,131
			918,549
Norway – 1.1%
269	Aker BP ASA (Energy)		6,540
706	DNB Bank ASA (Financials)		14,141
1,221	Equinor ASA (Energy)		30,141
787	Gjensidige Forsikring ASA (Financials)		12,444
204	Kongsberg Gruppen ASA (Industrials)		13,020
291	Mowi ASA (Consumer Staples)		5,626
1,808	Orkla ASA (Consumer Staples)		12,974
135	Salmar ASA (Consumer Staples)		8,577
931	Telenor ASA (Communication Services)		10,207
			113,670

  

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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
Portugal – 0.5%
1,293	EDP – Energias de Portugal SA (Utilities)	$	5,148
365	Galp Energia SGPS SA (Energy)		5,755
1,613	Jeronimo Martins SGPS SA (Consumer Staples)		38,610
			49,513
Singapore – 0.3%
635	STMicroelectronics NV (Information Technology)		28,672
Spain – 4.1%
33	Acciona SA (Utilities)		3,694
1,101	ACS Actividades de Construccion y Servicios SA (Industrials)		45,203
31	Aena SME SA (Industrials)(b)		5,876
275	Amadeus IT Group SA (Consumer Discretionary)		16,183
5,454	Banco Bilbao Vizcaya Argentaria SA (Financials)		54,216
15,368	Banco Santander SA (Financials)		63,953
3,123	CaixaBank SA (Financials)		14,093
77	Cellnex Telecom SA (Communication Services)*(b)		2,772
375	Enagas SA (Utilities)		5,416
315	Endesa SA (Utilities)		5,672
325	Grifols SA (Health Care)*		2,667
4,509	Iberdrola SA (Utilities)		51,819
1,876	Industria de Diseno Textil SA (Consumer Discretionary)		83,255
487	Redeia Corp. SA (Utilities)		7,747
2,510	Repsol SA (Energy)		39,996
8,210	Telefonica SA (Communication Services)		33,699
			436,261
Sweden – 3.9%
259	Alfa Laval AB (Industrials)		9,754
485	Assa Abloy AB, Class B (Industrials)		13,846
1,827	Atlas Copco AB, Class A (Industrials)		31,738
1,130	Atlas Copco AB, Class B (Industrials)		16,910
204	Epiroc AB, Class A (Industrials)		3,702
152	Epiroc AB, Class B (Industrials)		2,509
434	Essity AB, Class B (Consumer Staples)		10,138
68	Evolution AB (Consumer Discretionary)(b)		8,815
115	Getinge AB, Class B (Health Care)		2,281
3,060	H & M Hennes & Mauritz AB, Class B (Consumer Discretionary)		41,538

Shares	Description	Value
Common Stocks – (continued)
Sweden – (continued)
1,349	Hexagon AB, Class B (Information Technology)	$	15,820
152	Holmen AB, Class B (Materials)		6,108
641	Husqvarna AB, Class B (Industrials)		4,947
254	Industrivarden AB, Class A (Financials)		8,672
260	Industrivarden AB, Class C (Financials)		8,852
1,227	Investor AB, Class B (Financials)		30,878
117	L E Lundbergforetagen AB, Class B (Financials)		6,366
296	Lifco AB, Class B (Industrials)		7,890
115	Saab AB, Class B (Industrials)		9,073
193	Sandvik AB (Industrials)		4,344
1,277	Skandinaviska Enskilda Banken AB, Class A (Financials)		18,981
110	SKF AB, Class B (Industrials)		2,400
357	Svenska Cellulosa AB SCA, Class B (Materials)		5,060
1,283	Svenska Handelsbanken AB, Class A (Financials)		15,350
848	Swedbank AB, Class A (Financials)		18,636
490	Swedish Orphan Biovitrum AB (Health Care)*		12,057
688	Tele2 AB, Class B (Communication Services)		5,779
3,835	Telefonaktiebolaget LM Ericsson, Class B (Information Technology)		20,840
2,668	Telia Co. AB (Communication Services)		6,361
428	Volvo AB, Class A (Industrials)		11,946
880	Volvo AB, Class B (Industrials)		24,246
7,160	Volvo Car AB, Class B (Consumer Discretionary)*		26,128
			411,965
Switzerland – 9.1%
923	ABB Ltd. (Industrials)		42,683
95	Adecco Group AG (Industrials)		3,822
146	Alcon, Inc. (Health Care)		12,465
86	Avolta AG (Consumer Discretionary)*		3,378
74	Baloise Holding AG (Financials)		11,984
136	Banque Cantonale Vaudoise (Financials)		16,356
6	Barry Callebaut AG (Consumer Staples)		8,463
82	BKW AG (Utilities)		11,547
2	Chocoladefabriken Lindt & Spruengli AG (Consumer Staples)		24,576
342	Cie Financiere Richemont SA (Consumer Discretionary)		54,608
269	Clariant AG (Materials)*		3,342

  

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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Switzerland – (continued)
63	DSM-Firmenich AG (Materials)	$	6,749
25	EMS-Chemie Holding AG (Materials)		17,503
53	Geberit AG (Industrials)		30,889
5	Givaudan SA (Materials)		21,049
80	Helvetia Holding AG (Financials)		11,348
165	Kuehne + Nagel International AG (Industrials)		55,765
441	Logitech International SA (Information Technology)		39,054
7	Lonza Group AG (Health Care)		3,673
1,837	Novartis AG (Health Care)		186,694
32	Partners Group Holding AG (Financials)		46,117
622	Sandoz Group AG (Health Care)*		19,397
30	Schindler Holding AG (Industrials)		7,659
36	Schindler Holding AG Participation Certificates (Industrials)		9,522
438	SGS SA (Industrials)		42,181
136	SIG Group AG (Materials)*		2,703
24	Sika AG (Materials)		6,964
37	Sonova Holding AG (Health Care)		11,442
156	Straumann Holding AG (Health Care)		24,732
58	Swatch Group AG (The) – Bearer (Consumer Discretionary)		13,740
267	Swatch Group AG (The) – Registered (Consumer Discretionary)		12,265
32	Swiss Life Holding AG (Financials)		23,316
121	Swiss Prime Site AG (Real Estate)		11,612
23	Swisscom AG (Communication Services)		13,201
31	Temenos AG (Information Technology)		2,334
2,785	UBS Group AG (Financials)		79,734
31	VAT Group AG (Industrials)(b)		15,589
98	Zurich Insurance Group AG (Financials)		52,308
			960,764
United Kingdom – 16.7%
1,348	3i Group PLC (Financials)		42,083
811	Admiral Group PLC (Financials)		27,350
65	Ashtead Group PLC (Industrials)		4,670
773	Associated British Foods PLC (Consumer Staples)		22,226
1,276	AstraZeneca PLC (Health Care)		161,133

Shares	Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
5,947	Auto Trader Group PLC (Communication Services)(b)	$	55,698
1,403	Aviva PLC (Financials)		7,921
2,763	BAE Systems PLC (Industrials)		43,409
14,785	Barclays PLC (Financials)		30,758
2,621	Barratt Developments PLC (Consumer Discretionary)		15,466
245	Berkeley Group Holdings PLC (Consumer Discretionary)		14,389
14,095	BP PLC (Energy)		82,140
1,711	British American Tobacco PLC (Consumer Staples)		50,754
2,307	BT Group PLC (Communication Services)		3,048
468	Bunzl PLC (Industrials)		18,666
2,796	Burberry Group PLC (Consumer Discretionary)		45,448
28,385	Centrica PLC (Utilities)		45,187
299	Coca-Cola Europacific Partners PLC (Consumer Staples)		20,520
1,335	Compass Group PLC (Consumer Discretionary)		36,645
346	DCC PLC (Industrials)		24,580
1,562	Diageo PLC (Consumer Staples)		58,525
22	Flutter Entertainment PLC (Consumer Discretionary)*		4,760
229	Halma PLC (Information Technology)		6,668
3,740	Hargreaves Lansdown PLC (Financials)		34,460
13,989	HSBC Holdings PLC (Financials)		108,738
1,298	Imperial Brands PLC (Consumer Staples)		27,986
1,420	Informa PLC (Communication Services)		14,553
176	InterContinental Hotels Group PLC (Consumer Discretionary)		18,656
139	Intertek Group PLC (Industrials)		8,127
6,597	J Sainsbury PLC (Consumer Staples)		20,829
26,348	JD Sports Fashion PLC (Consumer Discretionary)		39,295
4,156	Kingfisher PLC (Consumer Discretionary)		12,328
345	Land Securities Group PLC REIT (Real Estate)		2,704
9,901	Legal & General Group PLC (Financials)		30,321
17,035	Lloyds Banking Group PLC (Financials)		10,035
266	London Stock Exchange Group PLC (Financials)		29,866
1,378	M&G PLC (Financials)		3,917
1,303	Melrose Industries PLC (Industrials)		10,466

  

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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
2,258	National Grid PLC (Utilities)	$	29,634
3,693	NatWest Group PLC (Financials)		11,169
440	Next PLC (Consumer Discretionary)		46,274
525	Pearson PLC (Consumer Discretionary)		6,379
1,145	Phoenix Group Holdings PLC (Financials)		7,203
418	Reckitt Benckiser Group PLC (Consumer Staples)		26,427
1,528	RELX PLC (Industrials)		66,896
429	Rentokil Initial PLC (Industrials)		2,378
5,181	Rolls-Royce Holdings PLC (Industrials)*		24,190
3,676	Sage Group PLC (The) (Information Technology)		57,869
865	Schroders PLC (Financials)		4,303
275	Severn Trent PLC (Utilities)		8,697
945	Smith & Nephew PLC (Health Care)		12,438
604	Smiths Group PLC (Industrials)		12,286
45	Spirax-Sarco Engineering PLC (Industrials)		5,877
755	SSE PLC (Utilities)		15,524
1,736	St James’s Place PLC (Financials)		11,046
1,724	Standard Chartered PLC (Financials)		14,559
4,962	Taylor Wimpey PLC (Consumer Discretionary)		8,652
13,533	Tesco PLC (Consumer Staples)		47,727
1,512	Unilever PLC (Consumer Staples)		73,951
695	United Utilities Group PLC (Utilities)		9,011
43,200	Vodafone Group PLC (Communication Services)		37,771
293	Whitbread PLC (Consumer Discretionary)		12,242
1,573	Wise PLC, Class A (Financials)*		18,262
563	WPP PLC (Communication Services)		5,036
			1,770,126
United States – 9.0%
385	CRH PLC (Materials)		32,016
433	Experian PLC (Industrials)		18,540
445	Ferrovial SE (Industrials)		16,686
3,897	GSK PLC (Health Care)		82,057
3,803	Haleon PLC (Consumer Staples)		15,945
556	Holcim AG (Materials)*		45,526
2,156	Nestle SA (Consumer Staples)		224,672
335	QIAGEN NV (Health Care)*		14,368
656	Roche Holding AG (Health Care)		172,800

Shares	Description	Value
Common Stocks – (continued)
United States – (continued)
75	Roche Holding AG (Health
	Care)	$	20,902
1,011	Sanofi SA (Health Care)		96,156
434	Schneider Electric SE
	(Industrials)		98,533
2,478	Stellantis NV (Consumer
	Discretionary)		64,720
227	Swiss Re AG (Financials)		27,481
459	Tenaris SA (Energy)		8,156
			938,558
TOTAL COMMON STOCKS (Cost $9,201,919)			10,453,569

Shares	Description	Rate	Value
Preferred Stocks – 0.5%
Germany – 0.5%
253	Bayerische Motoren Werke AG (Consumer Discretionary)	8.33%		27,734
29	Dr. Ing hc F Porsche AG (Consumer Discretionary)(b)	1.16		2,709
203	Henkel AG & Co. KGaA (Consumer Staples)	2.66		15,281
86	Porsche Automobil Holding SE (Consumer Discretionary)	5.18		4,596
49	Volkswagen AG (Consumer Discretionary)	7.00		6,646
TOTAL PREFERRED STOCKS (Cost $60,696)				56,966

  

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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

 

 

 

 

 

 

Shares		Dividend Rate	Value
Investment Company – 0.5%(c)
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares
48,442	5.195%			$  48,442
(Cost $48,442)
TOTAL INVESTMENTS BEFORE SECURITIES
LENDING REINVESTMENT VEHICLE (Cost $9,311,057)				10,558,977
Securities Lending Reinvestment Vehicle – 0.2%(c)
Goldman Sachs Financial Square Government Fund - Institutional Shares
22,539	5.219%			22,539
(Cost $22,539)

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle –0.2%(c) –(continued)
TOTAL INVESTMENTS – 100.3% (Cost $9,333,596)		$	10,581,516
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)%			(26,755	)
NET ASSETS – 100.0%		$	10,554,761

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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 29, 2024, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
MSCI EUROPE MAR24	1	03/15/24	$	34,770	$	1,537

  

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – 99.4%
Australia – 5.9%
76,241	Ampol Ltd. (Energy)	$	1,955,987
437,445	ANZ Group Holdings Ltd. (Financials)		8,103,766
217,375	APA Group (Utilities)		1,111,119
88,849	Aristocrat Leisure Ltd. (Consumer Discretionary)		2,697,734
33,546	ASX Ltd. (Financials)		1,436,646
540,462	Aurizon Holdings Ltd. (Industrials)		1,340,823
635,208	BHP Group Ltd. (Materials)		18,170,143
722,154	BlueScope Steel Ltd. (Materials)		10,740,070
336,897	Brambles Ltd. (Industrials)		3,305,914
78,604	CAR Group Ltd. (Communication Services)		1,881,487
39,799	Cochlear Ltd. (Health Care)		9,074,700
665,155	Coles Group Ltd. (Consumer Staples)		7,319,657
233,600	Commonwealth Bank of Australia (Financials)		17,706,972
45,947	Computershare Ltd. (Industrials)		775,485
154,356	Dexus REIT (Real Estate)		739,746
265,843	Endeavour Group Ltd. (Consumer Staples)		952,070
247,921	Fortescue Ltd. (Materials)		4,185,979
1,092,011	Glencore PLC (Materials)		5,182,098
90,039	Goodman Group REIT (Real Estate)		1,753,004
254,462	GPT Group (The) REIT (Real Estate)		720,764
552,383	IDP Education Ltd. (Consumer Discretionary)(a)		6,866,373
422,855	Insurance Australia Group Ltd. (Financials)		1,707,121
1,972,964	Lottery Corp. Ltd. (The) (Consumer Discretionary)		6,526,255
37,826	Macquarie Group Ltd. (Financials)		4,798,250
1,042,609	Medibank Pvt Ltd. (Financials)		2,437,233
442,574	National Australia Bank Ltd. (Financials)		9,752,084
208,064	Northern Star Resources Ltd. (Materials)		1,747,704
132,655	Orica Ltd. (Materials)		1,477,933
176,319	Origin Energy Ltd. (Utilities)		1,032,143
1,556,098	Pilbara Minerals Ltd. (Materials)(a)		4,255,665
208,444	QBE Insurance Group Ltd. (Financials)		2,346,743
28,533	REA Group Ltd. (Communication Services)		3,606,422
103,064	Reece Ltd. (Industrials)		1,803,250
48,485	Rio Tinto Ltd. (Materials)		3,907,860
95,755	Rio Tinto PLC (Materials)		6,151,958
486,661	Santos Ltd. (Energy)		2,243,577
63,866	Seven Group Holdings Ltd. (Industrials)		1,601,491

Shares	Description	Value
Common Stocks – (continued)
Australia – (continued)
97,649	Sonic Healthcare Ltd. (Health Care)	$	1,897,987
306,914	Stockland REIT (Real Estate)		897,313
386,270	Suncorp Group Ltd. (Financials)		3,848,253
1,046,859	Telstra Group Ltd. (Communication Services)		2,603,950
250,756	Transurban Group (Industrials)		2,210,809
724,823	Vicinity Ltd. REIT (Real Estate)		915,619
114,251	Washington H Soul Pattinson & Co. Ltd. (Financials)		2,569,588
272,946	Wesfarmers Ltd. (Consumer Discretionary)		11,843,850
469,084	Westpac Banking Corp. (Financials)		8,048,453
28,515	WiseTech Global Ltd. (Information Technology)		1,754,262
133,492	Woodside Energy Group Ltd. (Energy)		2,638,993
425,823	Woolworths Group Ltd. (Consumer Staples)		9,044,702
			209,690,005
Austria – 0.3%
48,140	Erste Group Bank AG (Financials)		1,922,295
47,220	Mondi PLC (Materials)		841,311
16,289	OMV AG (Energy)		718,130
298,920	voestalpine AG (Materials)		8,164,544
			11,646,280
Belgium – 0.7%
110,940	Ageas SA/NV (Financials)		4,706,107
102,356	Anheuser-Busch InBev SA/NV (Consumer Staples)		6,171,803
8,348	Elia Group SA/NV (Utilities)		927,770
22,869	Groupe Bruxelles Lambert NV (Financials)		1,716,005
27,283	KBC Group NV (Financials)		1,916,128
132	Lotus Bakeries NV (Consumer Staples)		1,242,742
34,119	Syensqo SA (Materials)*		3,050,117
46,294	UCB SA (Health Care)		5,335,338
			25,066,010
Brazil – 0.1%
28,631	Wheaton Precious Metals Corp. (Materials)		1,180,618
26,784	Yara International ASA (Materials)		833,901
			2,014,519
Canada – 11.2%
21,201	Agnico Eagle Mines Ltd. (Materials)		1,017,417
127,597	Air Canada (Industrials)*		1,704,617
188,180	Alimentation Couche-Tard, Inc. (Consumer Staples)		11,677,746
46,363	AltaGas Ltd. (Utilities)		994,360
387,668	ARC Resources Ltd. (Energy)		6,610,949
86,999	Bank of Montreal (Financials)		7,879,203

  

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Canada – (continued)
161,284	Bank of Nova Scotia (The) (Financials)	$	7,825,488
31,402	BCE, Inc. (Communication Services)		1,165,927
75,376	Brookfield Asset Management Ltd., Class A (Financials)(a)		3,073,725
35,308	Brookfield Corp. (Financials)		1,457,771
73,553	Cameco Corp. (Energy)		2,982,575
31,830	Canadian Apartment Properties REIT (Real Estate)		1,117,283
134,375	Canadian Imperial Bank of Commerce (Financials)		6,362,342
33,400	Canadian National Railway Co. (Industrials)		4,333,246
152,836	Canadian Natural Resources Ltd. (Energy)		10,652,940
56,427	Canadian Pacific Kansas City Ltd. (Industrials)		4,793,809
33,974	Canadian Tire Corp. Ltd., Class A (Consumer Discretionary)		3,459,144
55,418	Canadian Utilities Ltd., Class A (Utilities)		1,248,626
32,119	CCL Industries, Inc., Class B (Materials)		1,638,215
640,609	Cenovus Energy, Inc. (Energy)		11,169,980
81,222	CGI, Inc. (Information Technology)*		9,330,934
8,961	Constellation Software, Inc. (Information Technology)		24,962,696
21,171	Descartes Systems Group, Inc. (The) (Information Technology)*		1,836,063
153,428	Dollarama, Inc. (Consumer Discretionary)		11,875,159
46,689	Element Fleet Management Corp. (Industrials)		779,670
40,839	Emera, Inc. (Utilities)		1,433,211
491,972	Empire Co. Ltd. (Consumer Staples)		12,473,858
178,721	Enbridge, Inc. (Energy)		6,146,890
11,788	Fairfax Financial Holdings Ltd. (Financials)		12,589,655
23,934	FirstService Corp. (Real Estate)		3,941,033
46,824	Fortis, Inc. (Utilities)		1,806,540
8,707	Franco-Nevada Corp. (Materials)		912,137
96,683	George Weston Ltd. (Consumer Staples)		12,671,044
26,589	GFL Environmental, Inc. (Industrials)		959,192
132,299	Great-West Lifeco, Inc. (Financials)(a)		4,077,191
67,776	Hydro One Ltd. (Utilities)(b)		2,021,262
78,880	iA Financial Corp., Inc. (Financials)		4,894,416
59,753	IGM Financial, Inc. (Financials)		1,570,534
116,419	Imperial Oil Ltd. (Energy)(a)		7,288,901

Shares	Description	Value
Common Stocks – (continued)
Canada – (continued)
23,206	Intact Financial Corp. (Financials)	$	3,861,194
48,763	Keyera Corp. (Energy)		1,200,425
203,570	Kinross Gold Corp. (Materials)		996,575
166,977	Loblaw Cos. Ltd. (Consumer Staples)		17,806,284
457,519	Manulife Financial Corp. (Financials)(a)		10,864,959
154,338	MEG Energy Corp. (Energy)*		3,305,577
69,057	Metro, Inc. (Consumer Staples)		3,741,150
76,159	National Bank of Canada (Financials)		5,947,965
93,724	Nutrien Ltd. (Materials)		4,895,055
20,613	Onex Corp. (Financials)		1,536,002
37,855	Open Text Corp. (Information Technology)		1,456,595
155,717	Parkland Corp. (Energy)		4,983,725
64,612	Pembina Pipeline Corp. (Energy)		2,249,880
240,753	Power Corp. of Canada (Financials)		6,959,800
65,901	Quebecor, Inc., Class B (Communication Services)		1,542,152
23,910	RB Global, Inc. (Industrials)		1,804,951
49,044	Restaurant Brands International, Inc. (Consumer Discretionary)		3,810,415
38,547	Rogers Communications, Inc., Class B (Communication Services)		1,706,885
224,587	Royal Bank of Canada (Financials)		21,823,693
129,942	Saputo, Inc. (Consumer Staples)		2,645,113
93,830	Shopify, Inc., Class A (Information Technology)*		7,173,099
62,426	Stantec, Inc. (Industrials)		5,215,552
101,238	Sun Life Financial, Inc. (Financials)(a)		5,380,053
294,912	Suncor Energy, Inc. (Energy)(a)		10,138,789
47,669	TC Energy Corp. (Energy)		1,886,587
81,623	TELUS Corp. (Communication Services)		1,424,423
15,344	TFI International, Inc. (Industrials)		2,268,425
30,380	Thomson Reuters Corp. (Industrials)		4,798,622
130,929	TMX Group Ltd. (Financials)		3,436,482
31,039	Toromont Industries Ltd. (Industrials)		2,852,517
265,899	Toronto-Dominion Bank (The) (Financials)		15,975,308
42,021	Tourmaline Oil Corp. (Energy)		1,902,849
15,230	West Fraser Timber Co. Ltd. (Materials)		1,226,395
89,933	WSP Global, Inc. (Industrials)		14,283,457
			393,836,702
China – 0.7%
1,685,997	BOC Hong Kong Holdings Ltd. (Financials)		4,447,149

  

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
40,375	Prosus NV (Consumer Discretionary)*	$	1,179,242
3,804,909	SITC International Holdings Co. Ltd. (Industrials)		6,259,864
527,577	Wharf Holdings Ltd. (The) (Real Estate)		1,950,919
3,657,026	Wilmar International Ltd. (Consumer Staples)		9,029,694
			22,866,868
Denmark – 3.0%
991	AP Moller – Maersk A/S, Class A (Industrials)(a)		1,345,158
1,003	AP Moller – Maersk A/S, Class B (Industrials)(a)		1,419,107
26,775	Carlsberg AS, Class B (Consumer Staples)		3,735,432
16,280	Coloplast A/S, Class B (Health Care)		2,163,954
122,660	Danske Bank A/S (Financials)		3,605,919
57,184	Demant A/S (Health Care)*		2,864,886
10,229	DSV A/S (Industrials)		1,642,390
8,652	Genmab A/S (Health Care)*		2,424,163
593,846	Novo Nordisk A/S, Class B (Health Care)		70,667,010
46,172	Novozymes A/S, Class B (Materials)		2,606,111
56,054	Pandora A/S (Consumer Discretionary)		9,057,112
4,898	ROCKWOOL A/S, Class B (Industrials)		1,567,889
118,650	Tryg A/S (Financials)		2,523,442
			105,622,573
Finland – 0.6%
32,985	Elisa OYJ (Communication Services)		1,487,042
71,055	Fortum OYJ (Utilities)		888,105
25,001	Kone OYJ, Class B (Industrials)		1,223,420
812,462	Nokia OYJ (Information Technology)		2,865,772
240,732	Nordea Bank Abp (Financials)		2,928,112
180,305	Orion OYJ, Class B (Health Care)		7,102,263
65,756	Sampo OYJ, Class A (Financials)		2,943,802
45,059	UPM-Kymmene OYJ (Materials)		1,508,166
79,715	Wartsila OYJ Abp (Industrials)		1,233,138
			22,179,820
France – 10.3%
54,492	Accor SA (Consumer Discretionary)		2,364,049
8,377	Aeroports de Paris SA (Industrials)		1,139,492
50,122	Air Liquide SA (Materials)		10,191,610
48,776	Airbus SE (Industrials)		8,072,627
10,603	Amundi SA (Financials)(b)		698,195

Shares	Description	Value
Common Stocks – (continued)
France – (continued)
31,463	Arkema SA (Materials)	$	3,260,407
355,344	AXA SA (Financials)		12,643,532
44,271	BioMerieux (Health Care)		4,843,486
153,988	BNP Paribas SA (Financials)		9,228,422
290,182	Bollore SE (Communication Services)		1,990,890
102,214	Bouygues SA (Industrials)		4,045,041
77,572	Bureau Veritas SA (Industrials)		2,255,590
43,155	Capgemini SE (Information Technology)		10,493,535
484,453	Carrefour SA (Consumer Staples)		8,141,618
176,420	Cie de Saint-Gobain SA (Industrials)		13,593,003
72,494	Cie Generale des Etablissements Michelin SCA (Consumer Discretionary)		2,682,185
400,659	Credit Agricole SA (Financials)		5,428,337
101,021	Danone SA (Consumer Staples)		6,452,061
16,857	Dassault Aviation SA (Industrials)		3,336,427
110,901	Dassault Systemes (Information Technology)		5,182,699
53,350	Edenred SE (Financials)		2,643,581
110,955	Eiffage SA (Industrials)		12,085,045
379,889	Engie SA (Utilities)		6,099,035
41,692	EssilorLuxottica SA (Health Care)		8,850,153
103,415	Eurazeo SE (Financials)		8,740,216
8,496	Gecina SA REIT (Real Estate)		821,020
105,945	Getlink SE (Industrials)		1,810,299
7,681	Hermes International SCA (Consumer Discretionary)		19,225,649
120,674	Ipsen SA (Health Care)		13,293,799
10,844	Kering (Consumer Discretionary)		4,987,893
41,740	Klepierre SA REIT (Real Estate)		1,060,567
234,583	La Francaise des Jeux SAEM (Consumer Discretionary)(b)		9,829,230
37,610	Legrand SA (Industrials)		3,805,420
51,390	L’Oreal SA (Consumer Staples)		24,563,691
48,082	LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)		43,852,531
302,220	Orange SA (Communication Services)		3,468,666
13,071	Pernod Ricard SA (Consumer Staples)		2,186,077
55,314	Publicis Groupe SA (Communication Services)		5,852,922
146,571	Rexel SA (Industrials)		3,759,101
38,935	Safran SA (Industrials)		8,161,264
95,470	SEB SA (Consumer Discretionary)		11,302,431
116,182	Societe Generale SA (Financials)		2,820,043

  

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
France – (continued)
20,485	Sodexo SA (Consumer Discretionary)	$	1,633,771
24,293	Thales SA (Industrials)		3,602,863
383,448	TotalEnergies SE (Energy)		24,477,806
93,108	Veolia Environnement SA (Utilities)		2,886,684
86,151	Vinci SA (Industrials)		11,038,235
147,631	Vivendi SE (Communication Services)		1,650,310
145,696	Worldline SA (Financials)*(b)		1,675,190
			362,226,698
Germany – 7.4%
47,530	adidas AG (Consumer Discretionary)		9,624,444
46,606	Allianz SE (Financials)		12,802,848
52,902	BASF SE (Materials)		2,694,946
157,592	Bayer AG (Health Care)		4,790,419
71,556	Bayerische Motoren Werke AG (Consumer Discretionary)		8,457,380
65,561	Bechtle AG (Information Technology)		3,381,327
40,437	Beiersdorf AG (Consumer Staples)		5,800,244
44,881	Brenntag SE (Industrials)		4,098,167
10,770	Carl Zeiss Meditec AG (Health Care)		1,325,729
438,935	Commerzbank AG (Financials)		5,080,057
18,496	Covestro AG (Materials)*(b)		1,006,777
31,642	Daimler Truck Holding AG (Industrials)		1,293,640
546,459	Deutsche Bank AG (Financials)		7,310,279
27,827	Deutsche Boerse AG (Financials)		5,829,876
970,881	Deutsche Lufthansa AG (Industrials)*		7,551,995
312,582	Deutsche Post AG (Industrials)		14,514,768
420,231	Deutsche Telekom AG (Communication Services)		9,997,747
774,498	E.ON SE (Utilities)		9,898,236
49,873	Evonik Industries AG (Materials)		920,730
157,195	Fresenius Medical Care AG (Health Care)		6,018,443
160,394	Fresenius SE & Co. KGaA (Health Care)		4,492,003
47,283	GEA Group AG (Industrials)		1,907,006
16,393	Hannover Rueck SE (Financials)		4,209,629
97,087	Heidelberg Materials AG (Materials)		9,424,127
28,064	Henkel AG & Co. KGaA (Consumer Staples)		1,895,055
66,830	Infineon Technologies AG (Information Technology)		2,393,434
38,701	Knorr-Bremse AG (Industrials)		2,708,818
136,093	Mercedes-Benz Group AG (Consumer Discretionary)		10,845,190
25,095	Merck KGaA (Health Care)		4,285,306

Shares	Description	Value
Common Stocks – (continued)
Germany – (continued)
3,379	MTU Aero Engines AG (Industrials)	$	812,859
18,689	Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen (Financials)		8,704,542
95,163	Nemetschek SE (Information Technology)		9,080,836
88,953	Puma SE (Consumer Discretionary)		4,088,184
8,273	Rational AG (Industrials)		6,803,999
11,323	Rheinmetall AG (Industrials)		5,195,352
55,103	RWE AG (Utilities)		1,848,522
147,637	SAP SE (Information Technology)		27,620,248
23,127	Scout24 SE (Communication Services)(b)		1,681,807
81,180	Siemens AG (Industrials)		16,071,090
252,297	Siemens Energy AG (Industrials)*		3,878,296
25,766	Siemens Healthineers AG (Health Care)(b)		1,547,489
15,310	Symrise AG (Materials)		1,566,644
52,799	Talanx AG (Financials)		3,771,006
205,432	Zalando SE (Consumer Discretionary)*(b)		4,339,458
			261,568,952
Hong Kong – 1.1%
591,241	AIA Group Ltd. (Financials)		4,803,153
241,189	CK Asset Holdings Ltd. (Real Estate)		1,113,706
134,701	CK Infrastructure Holdings Ltd. (Utilities)		792,328
193,186	CLP Holdings Ltd. (Utilities)		1,610,130
22,067	Futu Holdings Ltd. ADR (Financials)*		1,181,026
79,673	Hang Seng Bank Ltd. (Financials)		909,816
1,303,757	HKT Trust & HKT Ltd. (Communication Services)		1,590,394
1,011,446	Hong Kong & China Gas Co. Ltd. (Utilities)		782,925
173,667	Hong Kong Exchanges & Clearing Ltd. (Financials)		5,386,055
471,068	Hongkong Land Holdings Ltd. (Real Estate)		1,592,210
75,235	Jardine Matheson Holdings Ltd. (Industrials)		3,153,099
222,905	MTR Corp. Ltd. (Industrials)		740,283
270,001	Power Assets Holdings Ltd. (Utilities)		1,624,393
126,615	Sun Hung Kai Properties Ltd. (Real Estate)		1,276,857
175,647	Swire Pacific Ltd., Class A (Real Estate)		1,456,097
412,355	Techtronic Industries Co. Ltd. (Industrials)		4,463,914

  

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
Hong Kong – (continued)
13,946,596	WH Group Ltd. (Consumer Staples)(b)	$	8,408,432
			40,884,818
Ireland – 0.3%
17,509	AerCap Holdings NV (Industrials)*		1,351,345
17,083	Kerry Group PLC, Class A (Consumer Staples)		1,499,984
25,977	Kingspan Group PLC (Industrials)		2,346,708
84,719	Smurfit Kappa Group PLC (Materials)		3,614,891
			8,812,928
Israel – 0.9%
209,371	Bank Hapoalim BM (Financials)		2,003,668
200,258	Bank Leumi Le-Israel BM (Financials)		1,677,601
29,301	Check Point Software Technologies Ltd. (Information Technology)*		4,700,466
4,659	Elbit Systems Ltd. (Industrials)		1,035,739
219,037	ICL Group Ltd. (Materials)		1,158,475
301,282	Israel Discount Bank Ltd., Class A (Financials)		1,570,688
27,438	Mizrahi Tefahot Bank Ltd. (Financials)		1,085,505
814,545	Teva Pharmaceutical Industries Ltd. ADR (Health Care)*		10,711,267
50,250	Wix.com Ltd. (Information Technology)*		7,044,045
			30,987,454
Italy – 2.9%
437,439	Assicurazioni Generali SpA (Financials)		10,376,375
333,698	Banco BPM SpA (Financials)		1,940,613
115,298	Coca-Cola HBC AG (Consumer Staples)*		3,595,112
116,191	Davide Campari-Milano NV (Consumer Staples)		1,178,399
8,713	DiaSorin SpA (Health Care)		880,459
818,153	Enel SpA (Utilities)		5,208,600
564,003	Eni SpA (Energy)		8,696,068
31,212	Ferrari NV (Consumer Discretionary)		13,169,292
284,768	FinecoBank Banca Fineco SpA (Financials)		3,938,308
94,561	Infrastrutture Wireless Italiane SpA (Communication Services)(b)		1,047,340
1,468,877	Intesa Sanpaolo SpA (Financials)		4,670,085
489,500	Leonardo SpA (Industrials)		10,464,472
175,437	Mediobanca Banca di Credito Finanziario SpA (Financials)		2,391,151

Shares	Description	Value
Common Stocks – (continued)
Italy – (continued)
119,916	Moncler SpA (Consumer Discretionary)	$	8,650,278
395,428	Poste Italiane SpA (Financials)(b)		4,638,572
101,112	Prysmian SpA (Industrials)		5,038,717
89,818	Recordati Industria Chimica e Farmaceutica SpA (Health Care)		5,030,895
342,040	Snam SpA (Utilities)		1,599,369
199,814	Terna - Rete Elettrica Nazionale (Utilities)		1,566,361
275,508	UniCredit SpA (Financials)		9,215,541
			103,296,007
Japan – 20.7%
257,407	Advantest Corp. (Information Technology)		11,884,027
111,161	Aeon Co. Ltd. (Consumer Staples)(a)		2,655,179
32,665	AGC, Inc. (Industrials)		1,168,275
101,879	Aisin Corp. (Consumer Discretionary)		3,843,861
79,742	Ajinomoto Co., Inc. (Consumer Staples)		2,931,918
58,908	ANA Holdings, Inc. (Industrials)*(a)		1,284,664
116,408	Asahi Group Holdings Ltd. (Consumer Staples)		3,992,265
46,017	Asahi Intecc Co. Ltd. (Health Care)		956,497
148,897	Asahi Kasei Corp. (Materials)		1,036,121
559,607	Astellas Pharma, Inc. (Health Care)		6,174,858
42,399	Azbil Corp. (Information Technology)		1,243,897
197,726	Bandai Namco Holdings, Inc. (Consumer Discretionary)		3,821,884
86,055	Bridgestone Corp. (Consumer Discretionary)		3,706,224
235,004	Brother Industries Ltd. (Information Technology)		3,940,286
146,824	Canon, Inc. (Information Technology)		4,293,771
167,618	Capcom Co. Ltd. (Communication Services)		6,751,980
54,035	Central Japan Railway Co. (Industrials)		1,360,713
144,103	Chubu Electric Power Co., Inc. (Utilities)		1,797,075
113,508	Chugai Pharmaceutical Co. Ltd. (Health Care)		4,550,331
259,807	Concordia Financial Group Ltd. (Financials)		1,315,786
23,096	Dai Nippon Printing Co. Ltd. (Industrials)		673,884
92,444	Dai-ichi Life Holdings, Inc. (Financials)		2,104,959
194,582	Daiichi Sankyo Co. Ltd. (Health Care)		6,466,566

  

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Japan – (continued)
17,789	Daikin Industries Ltd. (Industrials)	$	2,516,751
28,491	Daito Trust Construction Co. Ltd. (Real Estate)		3,381,724
93,388	Daiwa House Industry Co. Ltd. (Real Estate)		2,701,744
257,531	Daiwa Securities Group, Inc. (Financials)		1,896,166
128,522	Denso Corp. (Consumer Discretionary)		2,364,867
98,747	Dentsu Group, Inc. (Communication Services)		2,736,704
15,238	Disco Corp. (Information Technology)		4,913,382
41,305	East Japan Railway Co. (Industrials)		2,446,508
112,204	Eisai Co. Ltd. (Health Care)		4,688,473
1,107,663	ENEOS Holdings, Inc. (Energy)		4,783,073
32,025	FANUC Corp. (Industrials)		935,480
27,336	Fast Retailing Co. Ltd. (Consumer Discretionary)		7,901,085
56,753	FUJIFILM Holdings Corp. (Information Technology)		3,611,003
44,765	Fujitsu Ltd. (Information Technology)		6,994,251
1,253	GLP J REIT (Real Estate)		995,401
26,561	Hamamatsu Photonics KK (Information Technology)		953,335
77,884	Hankyu Hanshin Holdings, Inc. (Industrials)		2,246,444
9,470	Hikari Tsushin, Inc. (Industrials)		1,712,787
9,937	Hirose Electric Co. Ltd. (Information Technology)		1,056,640
119,007	Hitachi Ltd. (Industrials)		10,070,312
701,766	Honda Motor Co. Ltd. (Consumer Discretionary)		8,355,362
29,465	Hoshizaki Corp. (Industrials)		1,005,200
97,625	Hoya Corp. (Health Care)		12,709,448
201,901	Hulic Co. Ltd. (Real Estate)		2,014,019
20,148	Ibiden Co. Ltd. (Information Technology)		928,986
510,585	Idemitsu Kosan Co. Ltd. (Energy)		3,234,012
86,550	Iida Group Holdings Co. Ltd. (Consumer Discretionary)		1,116,933
435,523	Inpex Corp. (Energy)		5,851,786
181,795	Isuzu Motors Ltd. (Consumer Discretionary)		2,589,610
245,244	ITOCHU Corp. (Industrials)		10,676,888
306,859	Japan Airlines Co. Ltd. (Industrials)		5,732,463
123,081	Japan Exchange Group, Inc. (Financials)		3,218,675
1,791	Japan Metropolitan Fund Invest REIT (Real Estate)		1,056,627
270,209	Japan Post Bank Co. Ltd. (Financials)		2,884,071

Shares	Description	Value
Common Stocks – (continued)
Japan – (continued)
890,329	Japan Post Holdings Co. Ltd. (Financials)	$	8,604,670
277,811	Japan Post Insurance Co. Ltd. (Financials)		5,126,705
280	Japan Real Estate Investment Corp. REIT (Real Estate)		1,010,222
198,064	Japan Tobacco, Inc. (Consumer Staples)		5,150,432
152,468	JFE Holdings, Inc. (Materials)		2,500,895
122,209	Kajima Corp. (Industrials)		2,267,893
304,775	Kansai Electric Power Co., Inc. (The) (Utilities)		3,910,740
83,796	Kao Corp. (Consumer Staples)		3,189,029
38,503	Kawasaki Kisen Kaisha Ltd. (Industrials)		1,840,128
207,668	KDDI Corp. (Communication Services)		6,318,702
976	KDX Realty Investment Corp. REIT (Real Estate)		977,500
51,671	Keisei Electric Railway Co. Ltd. (Industrials)		2,414,904
15,331	Keyence Corp. (Information Technology)		7,174,338
45,811	Kikkoman Corp. (Consumer Staples)		2,999,890
63,132	Kintetsu Group Holdings Co. Ltd. (Industrials)		1,942,848
131,647	Kirin Holdings Co. Ltd. (Consumer Staples)		1,833,488
80,612	Komatsu Ltd. (Industrials)		2,340,748
10,736	Konami Group Corp. (Communication Services)		723,050
153,668	Kyocera Corp. (Information Technology)		2,263,387
44,046	Kyowa Kirin Co. Ltd. (Health Care)		874,475
5,063	Lasertec Corp. (Information Technology)		1,351,419
61,575	M3, Inc. (Health Care)		883,081
487,717	Marubeni Corp. (Industrials)		8,055,298
248,071	MatsukiyoCocokara & Co. (Consumer Staples)		4,112,141
657,073	Mazda Motor Corp. (Consumer Discretionary)		7,717,875
63,335	McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary)		2,949,455
63,203	MEIJI Holdings Co. Ltd. (Consumer Staples)		1,426,047
205,294	MISUMI Group, Inc. (Industrials)		3,135,579
391,213	Mitsubishi Chemical Group Corp. (Materials)		2,243,979
673,940	Mitsubishi Corp. (Industrials)		14,431,601
223,325	Mitsubishi Electric Corp. (Industrials)		3,553,474
103,479	Mitsubishi Estate Co. Ltd. (Real Estate)		1,590,522

  

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
Japan – (continued)
482,217	Mitsubishi HC Capital, Inc. (Financials)	$	3,328,190
27,870	Mitsubishi Heavy Industries Ltd. (Industrials)		2,201,929
1,200,694	Mitsubishi UFJ Financial Group, Inc. (Financials)		12,370,349
301,393	Mitsui & Co. Ltd. (Industrials)		13,195,886
58,797	Mitsui Fudosan Co. Ltd. (Real Estate)		1,595,341
83,387	Mitsui OSK Lines Ltd. (Industrials)		2,859,238
411,216	Mizuho Financial Group, Inc. (Financials)		7,695,704
708,354	MonotaRO Co. Ltd. (Industrials)		6,779,696
93,585	MS&AD Insurance Group Holdings, Inc. (Financials)		4,633,292
165,582	Murata Manufacturing Co. Ltd. (Information Technology)		3,344,387
141,628	NEC Corp. (Information Technology)		9,547,849
116,261	Nintendo Co. Ltd. (Communication Services)		6,524,971
355	Nippon Building Fund, Inc. REIT (Real Estate)		1,368,578
54,783	NIPPON EXPRESS HOLDINGS, Inc. (Industrials)		2,898,554
618	Nippon Prologis REIT, Inc. REIT (Real Estate)		1,034,748
50,349	Nippon Sanso Holdings Corp. (Materials)		1,459,304
116,803	Nippon Steel Corp. (Materials)(a)		2,899,199
11,627,811	Nippon Telegraph & Telephone Corp. (Communication Services)		14,162,824
193,863	Nippon Yusen KK (Industrials)		6,181,026
23,824	Nissan Chemical Corp. (Materials)		995,333
69,087	Nissin Foods Holdings Co. Ltd. (Consumer Staples)		2,020,404
35,375	Nitori Holdings Co. Ltd. (Consumer Discretionary)		5,195,046
20,670	Nitto Denko Corp. (Materials)		1,898,928
196,069	Nomura Holdings, Inc. (Financials)		1,114,555
67,165	Nomura Real Estate Holdings, Inc. (Real Estate)		1,670,711
1,404	Nomura Real Estate Master Fund, Inc. REIT (Real Estate)		1,396,777
66,312	Nomura Research Institute Ltd. (Information Technology)		1,862,602
72,110	NTT Data Group Corp. (Information Technology)		1,172,926
393,387	Obayashi Corp. (Industrials)		3,809,811
5,807	Obic Co. Ltd. (Information Technology)		908,859
290,105	Olympus Corp. (Health Care)		4,132,450

Shares	Description	Value
Common Stocks – (continued)
Japan – (continued)
30,298	Omron Corp. (Information Technology)	$	1,123,903
188,755	Ono Pharmaceutical Co. Ltd. (Health Care)		3,137,719
48,403	Oracle Corp. Japan (Information Technology)		3,709,377
107,097	Oriental Land Co. Ltd. (Consumer Discretionary)		3,837,517
123,358	ORIX Corp. (Financials)		2,585,515
76,794	Osaka Gas Co. Ltd. (Utilities)		1,536,188
24,117	Otsuka Corp. (Information Technology)		1,060,265
163,123	Otsuka Holdings Co. Ltd. (Health Care)		6,628,677
72,118	Pan Pacific International Holdings Corp. (Consumer Discretionary)		1,698,510
339,712	Panasonic Holdings Corp. (Consumer Discretionary)		3,224,166
328,524	Recruit Holdings Co. Ltd. (Industrials)		13,266,513
323,641	Renesas Electronics Corp. (Information Technology)		5,307,522
491,877	Resona Holdings, Inc. (Financials)		2,681,711
751,377	Ricoh Co. Ltd. (Information Technology)		6,250,179
55,726	SBI Holdings, Inc. (Financials)		1,498,611
8,715	SCREEN Holdings Co. Ltd. (Information Technology)		1,090,903
76,394	SCSK Corp. (Information Technology)		1,408,749
27,839	Secom Co. Ltd. (Industrials)		2,031,148
178,773	Seiko Epson Corp. (Information Technology)(a)		2,891,758
89,859	Sekisui Chemical Co. Ltd. (Consumer Discretionary)		1,266,203
108,151	Sekisui House Ltd. (Consumer Discretionary)		2,413,472
491,259	Seven & i Holdings Co. Ltd. (Consumer Staples)		7,319,487
61,614	Shimadzu Corp. (Information Technology)		1,680,831
214,779	Shimizu Corp. (Industrials)		1,246,743
134,395	Shin-Etsu Chemical Co. Ltd. (Materials)		5,735,156
32,968	Shionogi & Co. Ltd. (Health Care)		1,648,510
293,631	Shiseido Co. Ltd. (Consumer Staples)		7,939,632
239,692	Shizuoka Financial Group, Inc. (Financials)		2,346,153
386,693	SoftBank Corp. (Communication Services)		5,096,225
43,324	SoftBank Group Corp. (Communication Services)		2,544,384
39,860	Sompo Holdings, Inc. (Financials)		2,338,815

  

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)
75,426	Sony Group Corp. (Consumer Discretionary)	$	6,523,616
48,000	Square Enix Holdings Co. Ltd. (Communication Services)		2,034,556
347,595	Subaru Corp. (Consumer Discretionary)		7,905,481
76,149	SUMCO Corp. (Information Technology)		1,192,579
286,720	Sumitomo Corp. (Industrials)		6,718,294
288,996	Sumitomo Electric Industries Ltd. (Consumer Discretionary)		4,287,537
185,524	Sumitomo Mitsui Financial Group, Inc. (Financials)		10,342,836
136,654	Sumitomo Mitsui Trust Holdings, Inc. (Financials)		2,774,714
79,713	Suntory Beverage & Food Ltd. (Consumer Staples)		2,621,416
19,337	Suzuki Motor Corp. (Consumer Discretionary)		849,732
65,604	Sysmex Corp. (Health Care)		3,690,691
83,738	T&D Holdings, Inc. (Financials)		1,456,337
110,001	Taisei Corp. (Industrials)		3,459,442
426,580	Takeda Pharmaceutical Co. Ltd. (Health Care)		12,503,551
28,702	TDK Corp. (Information Technology)		1,493,110
56,051	Terumo Corp. (Health Care)		2,185,566
54,608	TIS, Inc. (Information Technology)		1,231,389
88,054	Tobu Railway Co. Ltd. (Industrials)		2,251,504
30,542	Toho Co. Ltd. (Communication Services)		992,151
232,963	Tokio Marine Holdings, Inc. (Financials)		6,811,292
65,486	Tokyo Electron Ltd. (Information Technology)		16,131,949
226,958	Tokyo Gas Co. Ltd. (Utilities)		4,972,241
133,543	Tokyu Corp. (Industrials)		1,662,707
111,960	TOPPAN Holdings, Inc. (Industrials)		2,665,287
220,066	Toray Industries, Inc. (Materials)		1,015,271
27,690	TOTO Ltd. (Industrials)		749,093
17,422	Toyota Industries Corp. (Industrials)		1,733,237
824,736	Toyota Motor Corp. (Consumer Discretionary)		19,953,024
97,330	Toyota Tsusho Corp. (Industrials)		6,290,976
68,466	Trend Micro, Inc. (Information Technology)		3,396,997
60,790	Unicharm Corp. (Consumer Staples)		2,021,053
99,300	USS Co. Ltd. (Consumer Discretionary)		1,728,644
43,422	West Japan Railway Co. (Industrials)		1,807,727

Shares	Description	Value
Common Stocks – (continued)
Japan – (continued)
80,939	Yakult Honsha Co. Ltd. (Consumer Staples)	$	1,745,648
116,772	Yamaha Motor Co. Ltd. (Consumer Discretionary)		1,045,073
65,761	Yamato Holdings Co. Ltd. (Industrials)		999,574
107,777	Yokogawa Electric Corp. (Information Technology)		2,278,389
221,537	Zensho Holdings Co. Ltd. (Consumer Discretionary)		9,699,552
428,474	ZOZO, Inc. (Consumer Discretionary)		9,716,314
			730,892,305
Jordan – 0.1%
140,844	Hikma Pharmaceuticals PLC (Health Care)		3,504,422
Luxembourg – 0.4%
460,398	ArcelorMittal (Materials)		12,017,063
37,056	Eurofins Scientific SE (Health Care)		2,215,133
			14,232,196
Macau – 0.0%
356,138	Sands China Ltd. (Consumer Discretionary)*		1,014,444
Netherlands – 4.7%
130,693	ABN AMRO Bank NV (Financials)(b)		2,100,228
444	Adyen NV (Financials)*(b)		701,493
185,831	Aegon Ltd. (Financials)		1,115,285
22,820	Akzo Nobel NV (Materials)		1,662,939
8,528	ASM International NV (Information Technology)		5,202,150
54,424	ASML Holding NV (Information Technology)		51,268,055
25,512	ASR Nederland NV (Financials)		1,176,921
16,590	BE Semiconductor Industries NV (Information Technology)		3,000,823
14,855	Euronext NV (Financials)(b)		1,370,423
75,534	EXOR NV (Financials)		8,157,567
57,775	Heineken Holding NV (Consumer Staples)		4,464,016
34,934	Heineken NV (Consumer Staples)		3,229,204
7,370	IMCD NV (Industrials)		1,123,741
400,823	ING Groep NV (Financials)		5,504,297
103,004	JDE Peet’s NV (Consumer Staples)		2,356,387
509,176	Koninklijke Ahold Delhaize NV (Consumer Staples)		15,163,657
744,754	Koninklijke KPN NV (Communication Services)		2,726,481
96,863	Koninklijke Philips NV (Health Care)		1,939,386
110,671	Randstad NV (Industrials)		6,100,710
884,735	Shell PLC (Energy)		27,497,426

  

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
Netherlands – (continued)
69,837	Universal Music Group NV (Communication Services)	$	2,106,251
99,954	Wolters Kluwer NV (Industrials)		15,775,903
			163,743,343
New Zealand – 0.2%
193,966	Fisher & Paykel Healthcare Corp. Ltd. (Health Care)		2,895,257
363,460	Spark New Zealand Ltd. (Communication Services)		1,122,691
49,928	Xero Ltd. (Information Technology)*		4,138,928
			8,156,876
Norway – 0.7%
54,798	Aker BP ASA (Energy)		1,332,306
154,869	DNB Bank ASA (Financials)		3,101,982
269,606	Equinor ASA (Energy)		6,655,415
226,068	Gjensidige Forsikring ASA (Financials)		3,574,687
42,060	Kongsberg Gruppen ASA (Industrials)		2,684,491
37,834	Mowi ASA (Consumer Staples)		731,390
351,076	Orkla ASA (Consumer Staples)		2,519,314
29,176	Salmar ASA (Consumer Staples)		1,853,633
193,942	Telenor ASA (Communication Services)		2,126,194
			24,579,412
Portugal – 0.3%
250,310	EDP – Energias de Portugal SA (Utilities)		996,542
81,056	Galp Energia SGPS SA (Energy)		1,278,004
384,289	Jeronimo Martins SGPS SA (Consumer Staples)		9,198,790
			11,473,336
Singapore – 1.4%
585,015	CapitaLand Integrated Commercial Trust REIT (Real Estate)		852,766
397,544	DBS Group Holdings Ltd. (Financials)		9,854,337
2,281,172	Genting Singapore Ltd. (Consumer Discretionary)		1,543,854
58,870	Jardine Cycle & Carriage Ltd. (Industrials)		1,114,266
398,454	Keppel Ltd. (Industrials)		2,145,476
908,159	Oversea-Chinese Banking Corp. Ltd. (Financials)		8,766,848
339,768	Sembcorp Industries Ltd. (Utilities)		1,288,723
400,157	Singapore Airlines Ltd. (Industrials)		1,925,491
1,372,733	Singapore Exchange Ltd. (Financials)		9,647,722

Shares	Description	Value
Common Stocks – (continued)
Singapore – (continued)
668,952	Singapore Telecommunications Ltd. (Communication Services)	$	1,169,149
134,300	STMicroelectronics NV (Information Technology)		6,064,011
256,720	United Overseas Bank Ltd. (Financials)		5,336,400
			49,709,043
Spain – 2.4%
9,401	Acciona SA (Utilities)		1,052,427
229,477	ACS Actividades de Construccion y Servicios SA (Industrials)		9,421,588
4,354	Aena SME SA (Industrials)(b)		825,251
47,197	Amadeus IT Group SA (Consumer Discretionary)		2,777,418
1,022,328	Banco Bilbao Vizcaya Argentaria SA (Financials)		10,162,588
2,649,107	Banco Santander SA (Financials)		11,024,018
553,655	CaixaBank SA (Financials)		2,498,405
78,221	Enagas SA (Utilities)		1,129,613
75,548	Endesa SA (Utilities)		1,360,391
765,626	Iberdrola SA (Utilities)		8,798,908
402,990	Industria de Diseno Textil SA (Consumer Discretionary)		17,884,288
101,052	Redeia Corp. SA (Utilities)		1,607,496
638,642	Repsol SA (Energy)		10,176,546
1,041,160	Telefonica SA (Communication Services)		4,273,542
			82,992,479
Sweden – 2.2%
51,709	Alfa Laval AB (Industrials)		1,947,436
81,200	Assa Abloy AB, Class B (Industrials)		2,318,105
382,808	Atlas Copco AB, Class A (Industrials)		6,649,922
271,988	Atlas Copco AB, Class B (Industrials)		4,070,311
74,883	Epiroc AB, Class A (Industrials)		1,358,720
55,641	Epiroc AB, Class B (Industrials)		918,437
118,131	Essity AB, Class B (Consumer Staples)		2,759,352
11,885	Evolution AB (Consumer Discretionary)(b)		1,540,721
581,154	H & M Hennes & Mauritz AB, Class B (Consumer Discretionary)(a)		7,888,793
88,770	Hexagon AB, Class B (Information Technology)		1,041,053
31,198	Holmen AB, Class B (Materials)		1,253,655
132,024	Husqvarna AB, Class B (Industrials)(a)		1,018,941
51,592	Industrivarden AB, Class A (Financials)		1,761,541
62,167	Industrivarden AB, Class C (Financials)		2,116,602

  

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Sweden – (continued)
204,397	Investor AB, Class B (Financials)	$	5,143,777
23,982	L E Lundbergforetagen AB, Class B (Financials)		1,304,850
37,084	Lifco AB, Class B (Industrials)		988,434
17,949	Saab AB, Class B (Industrials)		1,416,152
59,544	Sandvik AB (Industrials)		1,340,214
193,771	Skandinaviska Enskilda Banken AB, Class A (Financials)(a)		2,880,128
35,836	SKF AB, Class B (Industrials)		782,006
84,728	Svenska Cellulosa AB SCA, Class B (Materials)		1,200,814
261,219	Svenska Handelsbanken AB, Class A (Financials)		3,125,303
167,386	Swedbank AB, Class A (Financials)		3,678,546
102,694	Swedish Orphan Biovitrum AB (Health Care)*		2,526,796
118,430	Tele2 AB, Class B (Communication Services)		994,828
710,682	Telefonaktiebolaget LM Ericsson, Class B (Information Technology)		3,861,980
627,237	Telia Co. AB (Communication Services)		1,495,435
84,699	Volvo AB, Class A (Industrials)		2,363,971
182,002	Volvo AB, Class B (Industrials)		5,014,643
1,058,475	Volvo Car AB, Class B (Consumer Discretionary)*		3,862,596
			78,624,062
Switzerland – 5.3%
159,918	ABB Ltd. (Industrials)		7,395,220
27,798	Adecco Group AG (Industrials)		1,118,486
27,726	Alcon, Inc. (Health Care)		2,367,203
17,867	Baloise Holding AG (Financials)		2,893,458
29,906	Banque Cantonale Vaudoise (Financials)		3,596,667
1,035	Barry Callebaut AG (Consumer Staples)		1,459,849
14,807	BKW AG (Utilities)		2,085,138
384	Chocoladefabriken Lindt & Spruengli AG (Consumer Staples)		4,718,505
57,735	Cie Financiere Richemont SA (Consumer Discretionary)		9,218,717
65,246	Clariant AG (Materials)*		810,620
14,303	DSM-Firmenich AG (Materials)		1,532,322
4,031	EMS-Chemie Holding AG (Materials)		2,822,226
8,050	Geberit AG (Industrials)		4,691,681
1,026	Givaudan SA (Materials)		4,319,325
20,791	Helvetia Holding AG (Financials)		2,949,061
34,986	Kuehne + Nagel International AG (Industrials)		11,824,239
69,381	Logitech International SA (Information Technology)		6,144,263

Shares	Description	Value
Common Stocks – (continued)
Switzerland – (continued)
341,354	Novartis AG (Health Care)	$	34,691,692
7,431	Partners Group Holding AG (Financials)		10,709,147
161,965	Sandoz Group AG (Health Care)*		5,050,887
7,493	Schindler Holding AG (Industrials)		1,912,925
6,480	Schindler Holding AG Participation Certificates (Industrials)		1,713,920
72,259	SGS SA (Industrials)		6,958,791
48,931	SIG Group AG (Materials)*		972,452
5,233	Sika AG (Materials)		1,518,405
7,512	Sonova Holding AG (Health Care)		2,323,000
39,623	Straumann Holding AG (Health Care)		6,281,723
14,523	Swatch Group AG (The) – Bearer (Consumer Discretionary)		3,440,461
65,446	Swatch Group AG (The) – Registered (Consumer Discretionary)		3,006,406
6,455	Swiss Life Holding AG (Financials)		4,703,342
24,210	Swiss Prime Site AG (Real Estate)		2,323,258
4,413	Swisscom AG (Communication Services)		2,532,883
509,654	UBS Group AG (Financials)		14,591,309
5,585	VAT Group AG (Industrials)(b)		2,808,515
16,578	Zurich Insurance Group AG (Financials)		8,848,629
			184,334,725
United Kingdom – 10.1%
314,561	3i Group PLC (Financials)		9,820,276
257,608	Admiral Group PLC (Financials)		8,687,467
14,232	Ashtead Group PLC (Industrials)		1,022,558
172,560	Associated British Foods PLC (Consumer Staples)		4,961,503
220,930	AstraZeneca PLC (Health Care)		27,899,052
1,248,841	Auto Trader Group PLC (Communication Services)(b)		11,696,266
279,021	Aviva PLC (Financials)		1,575,206
534,001	BAE Systems PLC (Industrials)		8,389,524
2,278,269	Barclays PLC (Financials)		4,739,570
895,613	Barratt Developments PLC (Consumer Discretionary)		5,285,009
61,821	Berkeley Group Holdings PLC (Consumer Discretionary)		3,630,851
2,737,183	BP PLC (Energy)		15,951,287
358,261	British American Tobacco PLC (Consumer Staples)		10,627,132
85,655	Bunzl PLC (Industrials)		3,416,256
563,924	Burberry Group PLC (Consumer Discretionary)		9,166,370

  

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
5,026,452	Centrica PLC (Utilities)	$	8,001,814
934,344	CK Hutchison Holdings Ltd. (Industrials)		4,744,044
76,707	Coca-Cola Europacific Partners PLC (Consumer Staples)		5,264,401
304,368	Compass Group PLC (Consumer Discretionary)		8,354,730
73,163	DCC PLC (Industrials)		5,197,473
205,797	Diageo PLC (Consumer Staples)		7,710,770
45,543	Halma PLC (Information Technology)		1,326,174
690,978	Hargreaves Lansdown PLC (Financials)		6,366,604
2,577,159	HSBC Holdings PLC (Financials)		20,032,575
275,551	Imperial Brands PLC (Consumer Staples)		5,941,180
302,100	Informa PLC (Communication Services)		3,096,112
40,375	InterContinental Hotels Group PLC (Consumer Discretionary)		4,279,867
28,657	Intertek Group PLC (Industrials)		1,675,461
2,124,623	J Sainsbury PLC (Consumer Staples)		6,708,109
4,903,705	JD Sports Fashion PLC (Consumer Discretionary)		7,313,274
1,438,929	Kingfisher PLC (Consumer Discretionary)		4,268,309
98,340	Land Securities Group PLC REIT (Real Estate)		770,753
1,983,162	Legal & General Group PLC (Financials)		6,073,327
4,854,558	Lloyds Banking Group PLC (Financials)		2,859,760
55,069	London Stock Exchange Group PLC (Financials)		6,182,985
247,800	M&G PLC (Financials)		704,333
301,652	Melrose Industries PLC (Industrials)		2,423,001
246,678	National Grid PLC (Utilities)		3,237,369
822,710	NatWest Group PLC (Financials)		2,488,284
86,779	Next PLC (Consumer Discretionary)		9,126,376
102,927	Pearson PLC (Consumer Discretionary)		1,250,678
251,150	Phoenix Group Holdings PLC (Financials)		1,579,884
77,916	Reckitt Benckiser Group PLC (Consumer Staples)		4,926,025
326,465	RELX PLC (Industrials)		14,292,622
969,627	Rolls-Royce Holdings PLC (Industrials)*		4,527,124
841,267	Sage Group PLC (The) (Information Technology)		13,243,490
57,886	Severn Trent PLC (Utilities)		1,830,574

Shares	Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
237,088	Smith & Nephew PLC (Health Care)	$	3,120,508
123,131	Smiths Group PLC (Industrials)		2,504,535
9,428	Spirax-Sarco Engineering PLC (Industrials)		1,231,355
159,673	SSE PLC (Utilities)		3,283,161
463,601	St James’s Place PLC (Financials)		2,949,756
333,628	Standard Chartered PLC (Financials)		2,817,426
1,136,322	Taylor Wimpey PLC (Consumer Discretionary)		1,981,444
2,526,990	Tesco PLC (Consumer Staples)		8,911,893
194,252	Unilever PLC (Consumer Staples)		9,500,735
150,841	United Utilities Group PLC (Utilities)		1,955,766
7,658,578	Vodafone Group PLC (Communication Services)		6,696,156
69,339	Whitbread PLC (Consumer Discretionary)		2,897,076
352,415	Wise PLC, Class A (Financials)*		4,091,439
82,956	WPP PLC (Communication Services)		742,102
			355,349,161
United States – 5.5%
44,224	BRP, Inc. (Consumer Discretionary)		2,920,770
81,618	CRH PLC (Materials)		6,787,179
29,669	CSL Ltd. (Health Care)		5,529,863
4,324	CyberArk Software Ltd. (Information Technology)*		1,140,498
81,482	Experian PLC (Industrials)		3,488,944
89,891	Ferrovial SE (Industrials)		3,370,599
775,195	GSK PLC (Health Care)		16,322,795
801,354	Haleon PLC (Consumer Staples)		3,359,821
100,365	Holcim AG (Materials)*		8,217,951
95,462	James Hardie Industries PLC CDI (Materials)*		3,776,226
20,476	Monday.com Ltd. (Information Technology)*		4,566,353
394,477	Nestle SA (Consumer Staples)		41,107,500
59,698	QIAGEN NV (Health Care)*		2,560,509
14,434	Roche Holding AG (Health Care)		4,022,604
122,261	Roche Holding AG (Health Care)		32,205,371
182,888	Sanofi SA (Health Care)		17,394,513
69,715	Schneider Electric SE (Industrials)		15,827,755
439,019	Stellantis NV (Consumer Discretionary)		11,466,166
43,370	Swiss Re AG (Financials)		5,250,403

  

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 States – (continued)
150,856	Tenaris SA (Energy)	$	2,680,547
			191,996,367
TOTAL COMMON STOCKS (Cost $2,897,481,214)			3,501,301,805

Shares	Description	Rate		Value
Preferred Stocks – 0.3%
Germany – 0.3%
50,211	Bayerische Motoren Werke AG (Consumer Discretionary)		8.33%		5,504,222
37,719	Henkel AG & Co. KGaA (Consumer Staples)		2.66		2,839,275
16,467	Porsche Automobil Holding SE (Consumer Discretionary)		5.18		879,940
9,274	Volkswagen AG (Consumer Discretionary)		7.00		1,257,895
TOTAL PREFERRED STOCKS (Cost $10,438,791)					10,481,332
Units	Description	Expiration Month		Value
Warrant – 0.0%
Canada – 0.0%
8,722	Constellation Software, Inc. (Information Technology)*(c)
(Cost $0)			08/28		—

Shares	Dividend Rate	Value
Investment Company – 0.2%(d)
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares
8,698,821	5.195%	$	8,698,821
(Cost $8,698,821)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $2,916,618,826)			3,520,481,958
Securities Lending Reinvestment Vehicle – 1.7%(d)
Goldman Sachs Financial Square Government Fund - Institutional Shares
59,012,449	5.219%		59,012,449
(Cost $59,012,449)
TOTAL INVESTMENTS – 101.6% (Cost $2,975,631,275)		$	3,579,494,407
LIABILITIES IN EXCESS OF OTHER ASSETS – (1.6)%			(55,670,163	)
NET ASSETS – 100.0%		$	3,523,824,244

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(d)	Represents an affiliated issuer.

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

  

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 29, 2024, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
E-Mini MSCI EAFE Index Future	77	03/15/24	$	8,808,415	$	461,846

	Sector Name	% of    Market    Value
	Financials		19.3%
	Industrials		16.4
	Consumer Discretionary		13.1
	Health Care		11.5
	Consumer Staples		10.5
	Information Technology		9.4
	Energy		5.3
	Materials		5.2
	Communication Services		3.7
	Utilities		2.6
	Real Estate		1.2
	Investment Company		0.2
	Securities Lending Reinvestment Vehicle		1.6
	TOTAL INVESTMENTS		100.0%

 

  

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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – 99.7%
Communication Services – 5.5%
1,710	Capcom Co. Ltd. (Japan)	$	68,882
1,565	Dentsu Group, Inc. (Japan)		43,373
5,670	KDDI Corp. (Japan)		172,521
506	Konami Group Corp. (Japan)		34,078
3,756	LY Corp. (Japan)		10,362
1,035	Nexon Co. Ltd. (Japan)		16,776
4,527	Nintendo Co. Ltd. (Japan)		254,071
166,579	Nippon Telegraph & Telephone Corp. (Japan)		202,895
15,366	SoftBank Corp. (Japan)		202,509
2,992	SoftBank Group Corp. (Japan)		175,718
1,027	Square Enix Holdings Co. Ltd. (Japan)		43,531
603	Toho Co. Ltd. (Japan)		19,588
			1,244,304
Consumer Discretionary – 18.8%
3,936	Aisin Corp. (Japan)		148,504
3,378	Bandai Namco Holdings, Inc. (Japan)		65,294
3,141	Bridgestone Corp. (Japan)		135,277
6,108	Denso Corp. (Japan)		112,390
850	Fast Retailing Co. Ltd. (Japan)		245,681
22,336	Honda Motor Co. Ltd. (Japan)		265,937
1,551	Iida Group Holdings Co. Ltd. (Japan)		20,016
3,120	Isuzu Motors Ltd. (Japan)		44,443
3,473	Koito Manufacturing Co. Ltd. (Japan)		43,961
18,293	Mazda Motor Corp. (Japan)		214,867
1,475	McDonald’s Holdings Co. Japan Ltd. (Japan)		68,689
4,589	Nissan Motor Co. Ltd. (Japan)		18,053
615	Nitori Holdings Co. Ltd. (Japan)		90,317
4,168	Oriental Land Co. Ltd. (Japan)		149,349
2,730	Pan Pacific International Holdings Corp. (Japan)		64,296
17,665	Panasonic Holdings Corp. (Japan)		167,656
2,564	Rakuten Group, Inc. (Japan)*		14,047
2,959	Sekisui Chemical Co. Ltd. (Japan)		41,695
3,414	Sekisui House Ltd. (Japan)		76,186
1,436	Sharp Corp. (Japan)*		7,824
291	Shimano, Inc. (Japan)		40,558
5,298	Sony Group Corp. (Japan)		458,226
7,422	Subaru Corp. (Japan)		168,801
10,552	Sumitomo Electric Industries Ltd. (Japan)		156,549
1,311	Suzuki Motor Corp. (Japan)		57,610
48,669	Toyota Motor Corp. (Japan)		1,177,460
1,489	USS Co. Ltd. (Japan)		25,921
610	Yamaha Corp. (Japan)		13,331
4,767	Yamaha Motor Co. Ltd. (Japan)		42,663
1,990	Zensho Holdings Co. Ltd. (Japan)		87,128
2,828	ZOZO, Inc. (Japan)		64,129
			4,286,858

Shares	Description	Value
Common Stocks – (continued)
Consumer Staples – 6.2%
4,786	Aeon Co. Ltd. (Japan)	$	114,318
2,952	Ajinomoto Co., Inc. (Japan)		108,538
3,043	Asahi Group Holdings Ltd. (Japan)		104,361
7,394	Japan Tobacco, Inc. (Japan)		192,273
2,272	Kao Corp. (Japan)		86,466
874	Kikkoman Corp. (Japan)		57,233
5,614	Kirin Holdings Co. Ltd. (Japan)		78,188
550	Kobe Bussan Co. Ltd. (Japan)		14,809
5,018	MatsukiyoCocokara & Co. (Japan)		83,181
1,519	MEIJI Holdings Co. Ltd. (Japan)		34,273
2,486	Nissin Foods Holdings Co. Ltd. (Japan)		72,701
15,441	Seven & i Holdings Co. Ltd. (Japan)		230,062
2,065	Shiseido Co. Ltd. (Japan)		55,836
1,764	Suntory Beverage & Food Ltd. (Japan)		58,010
1,878	Unicharm Corp. (Japan)		62,437
2,742	Yakult Honsha Co. Ltd. (Japan)		59,138
			1,411,824
Energy – 1.9%
47,066	ENEOS Holdings, Inc. (Japan)		203,239
23,185	Idemitsu Kosan Co. Ltd. (Japan)		146,852
6,608	Inpex Corp. (Japan)		88,787
			438,878
Financials – 13.2%
2,148	Chiba Bank Ltd. (The) (Japan)		17,480
6,536	Concordia Financial Group Ltd. (Japan)		33,101
3,323	Dai-ichi Life Holdings, Inc. (Japan)		75,665
9,236	Daiwa Securities Group, Inc. (Japan)		68,003
5,326	Japan Exchange Group, Inc. (Japan)		139,280
7,589	Japan Post Bank Co. Ltd. (Japan)		81,001
12,144	Japan Post Holdings Co. Ltd. (Japan)		117,367
9,594	Japan Post Insurance Co. Ltd. (Japan)		177,047
15,389	Mitsubishi HC Capital, Inc. (Japan)		106,213
60,118	Mitsubishi UFJ Financial Group, Inc. (Japan)		619,376
16,344	Mizuho Financial Group, Inc. (Japan)		305,870
2,988	MS&AD Insurance Group Holdings, Inc. (Japan)		147,933
8,415	Nomura Holdings, Inc. (Japan)		47,835
4,857	ORIX Corp. (Japan)		101,800
8,085	Resona Holdings, Inc. (Japan)		44,079
1,054	SBI Holdings, Inc. (Japan)		28,345
3,320	Shizuoka Financial Group, Inc. (Japan)		32,497
2,056	Sompo Holdings, Inc. (Japan)		120,637

  

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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
Financials – (continued)
6,749	Sumitomo Mitsui Financial Group, Inc. (Japan)	$	376,252
3,146	Sumitomo Mitsui Trust Holdings, Inc. (Japan)		63,879
2,731	T&D Holdings, Inc. (Japan)		47,496
8,769	Tokio Marine Holdings, Inc. (Japan)		256,385
			3,007,541
Health Care – 8.4%
1,909	Asahi Intecc Co. Ltd. (Japan)		39,680
13,002	Astellas Pharma, Inc. (Japan)		143,468
3,962	Chugai Pharmaceutical Co. Ltd. (Japan)		158,829
8,747	Daiichi Sankyo Co. Ltd. (Japan)		290,690
1,788	Eisai Co. Ltd. (Japan)		74,712
1,859	Hoya Corp. (Japan)		242,017
2,692	Kyowa Kirin Co. Ltd. (Japan)		53,446
1,791	M3, Inc. (Japan)		25,686
6,701	Olympus Corp. (Japan)		95,454
4,534	Ono Pharmaceutical Co. Ltd. (Japan)		75,370
4,376	Otsuka Holdings Co. Ltd. (Japan)		177,823
1,601	Shionogi & Co. Ltd. (Japan)		80,055
1,023	Sysmex Corp. (Japan)		57,551
9,804	Takeda Pharmaceutical Co. Ltd. (Japan)		287,366
2,539	Terumo Corp. (Japan)		99,002
			1,901,149
Industrials – 19.8%
707	AGC, Inc. (Japan)		25,286
1,245	ANA Holdings, Inc. (Japan)*		27,151
1,929	Central Japan Railway Co. (Japan)		48,576
836	Dai Nippon Printing Co. Ltd. (Japan)		24,392
396	Daifuku Co. Ltd. (Japan)		9,382
947	Daikin Industries Ltd. (Japan)		133,980
924	East Japan Railway Co. (Japan)		54,729
2,687	FANUC Corp. (Japan)		78,490
428	Fuji Electric Co. Ltd. (Japan)		26,023
1,038	Hankyu Hanshin Holdings, Inc. (Japan)		29,939
111	Hikari Tsushin, Inc. (Japan)		20,076
825	Hitachi Construction Machinery Co. Ltd. (Japan)		23,834
4,932	Hitachi Ltd. (Japan)		417,343
823	Hoshizaki Corp. (Japan)		28,077
6,878	ITOCHU Corp. (Japan)		299,439
3,046	Japan Airlines Co. Ltd. (Japan)		56,903
3,563	Kajima Corp. (Japan)		66,120
1,387	Kawasaki Kisen Kaisha Ltd. (Japan)		66,287
1,206	Keisei Electric Railway Co. Ltd. (Japan)		56,364
781	Kintetsu Group Holdings Co. Ltd. (Japan)		24,035
3,575	Komatsu Ltd. (Japan)		103,808

Shares	Description	Value
Common Stocks – (continued)
Industrials – (continued)
1,797	Kubota Corp. (Japan)	$	26,342
965	Makita Corp. (Japan)		25,190
9,563	Marubeni Corp. (Japan)		157,946
604	MINEBEA MITSUMI, Inc. (Japan)		12,490
2,800	MISUMI Group, Inc. (Japan)		42,766
20,942	Mitsubishi Corp. (Japan)		448,447
9,501	Mitsubishi Electric Corp. (Japan)		151,177
1,222	Mitsubishi Heavy Industries Ltd. (Japan)		96,547
7,433	Mitsui & Co. Ltd. (Japan)		325,439
1,413	Mitsui OSK Lines Ltd. (Japan)		48,450
3,978	MonotaRO Co. Ltd. (Japan)		38,074
828	NIDEC Corp. (Japan)		31,428
2,852	NIPPON EXPRESS HOLDINGS, Inc. (Japan)		150,899
3,468	Nippon Yusen KK (Japan)		110,572
8,423	Obayashi Corp. (Japan)		81,574
1,201	Odakyu Electric Railway Co. Ltd. (Japan)		16,891
6,235	Recruit Holdings Co. Ltd. (Japan)		251,783
917	Secom Co. Ltd. (Japan)		66,905
1,262	SG Holdings Co. Ltd. (Japan)		15,835
6,827	Shimizu Corp. (Japan)		39,629
175	SMC Corp. (Japan)		105,407
6,605	Sumitomo Corp. (Japan)		154,765
1,743	Taisei Corp. (Japan)		54,816
1,120	Tobu Railway Co. Ltd. (Japan)		28,638
2,080	Tokyu Corp. (Japan)		25,897
1,776	TOPPAN Holdings, Inc. (Japan)		42,279
1,070	TOTO Ltd. (Japan)		28,947
578	Toyota Industries Corp. (Japan)		57,503
2,785	Toyota Tsusho Corp. (Japan)		180,010
624	West Japan Railway Co. (Japan)		25,978
1,139	Yamato Holdings Co. Ltd. (Japan)		17,313
871	Yaskawa Electric Corp. (Japan)		35,609
			4,515,780
Information Technology – 16.8%
4,773	Advantest Corp. (Japan)		220,361
1,304	Azbil Corp. (Japan)		38,257
7,444	Brother Industries Ltd. (Japan)		124,813
6,829	Canon, Inc. (Japan)		199,710
594	Disco Corp. (Japan)		191,531
1,752	FUJIFILM Holdings Corp. (Japan)		111,474
1,089	Fujitsu Ltd. (Japan)		170,149
1,203	Hamamatsu Photonics KK (Japan)		43,178
207	Hirose Electric Co. Ltd. (Japan)		22,011
257	Ibiden Co. Ltd. (Japan)		11,850
870	Keyence Corp. (Japan)		407,128
5,668	Kyocera Corp. (Japan)		83,484
348	Lasertec Corp. (Japan)		92,888
7,586	Murata Manufacturing Co. Ltd. (Japan)		153,220
2,406	NEC Corp. (Japan)		162,200

  

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)
2,393	Nomura Research Institute Ltd. (Japan)	$	67,216
2,514	NTT Data Group Corp. (Japan)		40,892
227	Obic Co. Ltd. (Japan)		35,528
812	Omron Corp. (Japan)		30,121
801	Oracle Corp. Japan (Japan)		61,385
1,784	Otsuka Corp. (Japan)		78,431
8,183	Renesas Electronics Corp. (Japan)		134,196
18,252	Ricoh Co. Ltd. (Japan)		151,826
692	Rohm Co. Ltd. (Japan)		11,755
587	SCREEN Holdings Co. Ltd. (Japan)		73,478
4,247	SCSK Corp. (Japan)		78,317
4,606	Seiko Epson Corp. (Japan)		74,505
1,730	Shimadzu Corp. (Japan)		47,194
1,515	SUMCO Corp. (Japan)		23,727
1,952	TDK Corp. (Japan)		101,545
2,397	TIS, Inc. (Japan)		54,051
2,373	Tokyo Electron Ltd. (Japan)		584,570
1,459	Trend Micro, Inc. (Japan)		72,390
3,396	Yokogawa Electric Corp. (Japan)		71,791
			3,825,172
Materials – 4.6%
4,306	Asahi Kasei Corp. (Japan)		29,964
9,161	JFE Holdings, Inc. (Japan)		150,266
298	JSR Corp. (Japan)		8,008
20,674	Mitsubishi Chemical Group Corp. (Japan)		118,585
533	Mitsui Chemicals, Inc. (Japan)		14,772
2,104	Nippon Paint Holdings Co. Ltd. (Japan)		15,611
1,568	Nippon Sanso Holdings Corp. (Japan)		45,446
6,136	Nippon Steel Corp. (Japan)(a)		152,303
963	Nissan Chemical Corp. (Japan)		40,233
775	Nitto Denko Corp. (Japan)		71,198
7,304	Shin-Etsu Chemical Co. Ltd. (Japan)		311,690
392	Sumitomo Metal Mining Co. Ltd. (Japan)		10,225
16,421	Toray Industries, Inc. (Japan)		75,758
			1,044,059
Real Estate – 2.3%
560	Daito Trust Construction Co. Ltd. (Japan)		66,469
3,223	Daiwa House Industry Co. Ltd. (Japan)		93,242
28	GLP J REIT (Japan)		22,244
6,239	Hulic Co. Ltd. (Japan)		62,236
39	Japan Metropolitan Fund Invest REIT (Japan)		23,009
7	Japan Real Estate Investment Corp. REIT (Japan)		25,256
19	KDX Realty Investment Corp. REIT (Japan)		19,029

Shares	Description	Value
Common Stocks – (continued)
Real Estate – (continued)
1,797	Mitsubishi Estate Co. Ltd. (Japan)	$	27,621
2,424	Mitsui Fudosan Co. Ltd. (Japan)		65,770
6	Nippon Building Fund, Inc. REIT (Japan)		23,131
10	Nippon Prologis REIT, Inc. REIT (Japan)		16,743
1,318	Nomura Real Estate Holdings, Inc. (Japan)		32,785
24	Nomura Real Estate Master Fund, Inc. REIT (Japan)		23,876
498	Sumitomo Realty & Development Co. Ltd. (Japan)		14,767
			516,178
Utilities – 2.2%
3,493	Chubu Electric Power Co., Inc. (Japan)		43,561
13,428	Kansai Electric Power Co., Inc. (The) (Japan)		172,302
4,257	Osaka Gas Co. Ltd. (Japan)		85,157
2,880	Tokyo Electric Power Co. Holdings, Inc. (Japan)*		15,586
8,103	Tokyo Gas Co. Ltd. (Japan)		177,522
			494,128
TOTAL COMMON STOCKS (Cost $19,114,941)			22,685,871
Shares	Dividend Rate	Value
Investment Company – 0.2%(b)
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares
48,147	5.195%		48,147
(Cost $48,147)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $19,163,088)			22,734,018
Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.7%(b)
Goldman Sachs Financial Square Government Fund - Institutional Shares
152,374	5.219%		152,374
(Cost $152,374)
TOTAL INVESTMENTS – 100.6% (Cost $19,315,462)		$	22,886,392
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.6)%			(126,265	)
NET ASSETS – 100.0%		$	22,760,127

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.

  

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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

(a) All or a portion of security is on loan.

(b) Represents an affiliated issuer.

Investment Abbreviations:
REIT	—Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 29, 2024, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
E-Mini Topix Index Future	3	03/07/24	$	53,738	$	6,702

  

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

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

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – 99.8%
Communication Services – 8.1%
1,475,663	Alphabet, Inc., Class A*	$	204,320,299
1,393,025	Alphabet, Inc., Class C*		194,717,035
1,663,816	AT&T, Inc.		28,168,405
30,945	Charter Communications, Inc., Class A*		9,095,664
1,317,195	Comcast Corp., Class A		56,441,806
161,469	Electronic Arts, Inc.		22,521,696
239,406	Interpublic Group of Cos., Inc. (The)		7,517,349
621,141	Meta Platforms, Inc., Class A		304,439,838
53,860	Netflix, Inc.*		32,473,271
121,429	Omnicom Group, Inc.		10,733,109
348,804	Pinterest, Inc., Class A*		12,801,107
45,424	Take-Two Interactive Software, Inc.*		6,674,148
128,857	T-Mobile US, Inc.		21,042,348
481,987	Verizon Communications, Inc.		19,289,120
153,973	Walt Disney Co. (The)		17,180,307
4,596,824	Warner Bros Discovery, Inc.*		40,406,083
			987,821,585
Consumer Discretionary – 12.2%
18,173	Airbnb, Inc., Class A*		2,861,702
2,110,667	Amazon.com, Inc.*		373,081,499
14,387	AutoZone, Inc.*		43,247,610
305,992	Best Buy Co., Inc.		24,748,633
12,443	Booking Holdings, Inc.*		43,162,652
558,499	Carnival Corp.*		8,857,794
5,115	Chipotle Mexican Grill, Inc.*		13,753,059
209,930	D.R. Horton, Inc.		31,371,939
70,669	Darden Restaurants, Inc.		12,063,905
33,954	Deckers Outdoor Corp.*		30,408,863
30,795	Domino’s Pizza, Inc.		13,806,938
74,563	DoorDash, Inc., Class A*		9,288,313
189,486	DraftKings, Inc., Class A*		8,208,534
367,337	eBay, Inc.		17,367,693
173,004	Expedia Group, Inc.*		23,670,407
863,056	Ford Motor Co.		10,736,417
103,472	Garmin Ltd.		14,211,879
171,873	Genuine Parts Co.		25,653,764
52,077	Hilton Worldwide Holdings, Inc.		10,640,373
298,779	Home Depot, Inc. (The)		113,718,275
97,299	Las Vegas Sands Corp.		5,304,742
342,138	Lennar Corp., Class A		54,232,294
767,700	LKQ Corp.		40,143,033
224,727	Lowe’s Cos., Inc.		54,085,047
52,202	Marriott International, Inc., Class A		13,043,714
145,396	McDonald’s Corp.		42,496,343
576,003	MGM Resorts International*		24,929,410
324,223	NIKE, Inc., Class B		33,696,496
1,592	NVR, Inc.*		12,139,907
47,168	O’Reilly Automotive, Inc.*		51,291,427
48,315	Pool Corp.		19,235,168
468,979	PulteGroup, Inc.		50,827,944
85,094	Ross Stores, Inc.		12,675,602
120,771	Royal Caribbean Cruises Ltd.*		14,897,103
180,746	Starbucks Corp.		17,152,795
388,667	Tesla, Inc.*		78,464,094

Shares	Description	Value
Common Stocks – (continued)
Consumer Discretionary – (continued)
398,736	TJX Cos., Inc. (The)	$	39,530,687
143,626	Tractor Supply Co.		36,526,964
60,440	Ulta Beauty, Inc.*		33,154,966
215,500	Yum! Brands, Inc.		29,829,510
			1,494,517,495
Consumer Staples – 7.8%
484,377	Altria Group, Inc.		19,815,863
234,793	Archer-Daniels-Midland Co.		12,469,856
207,195	Brown-Forman Corp., Class B		12,479,355
88,836	Bunge Global SA		8,383,453
146,885	Church & Dwight Co., Inc.		14,706,126
136,477	Clorox Co. (The)		20,923,289
633,158	Coca-Cola Co. (The)		38,002,143
376,838	Colgate-Palmolive Co.		32,604,024
713,103	Conagra Brands, Inc.		20,023,932
49,315	Constellation Brands, Inc., Class A		12,255,764
141,703	Costco Wholesale Corp.		105,411,445
111,769	Dollar General Corp.		16,241,153
141,313	Dollar Tree, Inc.*		20,727,791
117,795	Estee Lauder Cos., Inc. (The), Class A		17,501,981
220,437	General Mills, Inc.		14,147,647
134,945	Hershey Co. (The)		25,358,864
146,891	J M Smucker Co. (The)		17,651,892
162,300	Kellanova		8,950,845
720,072	Kenvue, Inc.		13,681,368
488,236	Keurig Dr Pepper, Inc.		14,603,139
148,812	Kimberly-Clark Corp.		18,031,550
509,176	Kraft Heinz Co. (The)		17,963,729
1,156,788	Kroger Co. (The)		57,388,253
99,460	Lamb Weston Holdings, Inc.		10,165,807
90,099	McCormick & Co., Inc.		6,204,217
312,485	Mondelez International, Inc., Class A		22,833,279
421,688	Monster Beverage Corp.*		24,921,761
359,445	PepsiCo, Inc.		59,430,636
432,392	Philip Morris International, Inc.		38,897,984
490,991	Procter & Gamble Co. (The)		78,038,110
282,907	Sysco Corp.		22,906,980
174,891	Target Corp.		26,744,332
305,360	Tyson Foods, Inc., Class A		16,562,726
329,636	Walgreens Boots Alliance, Inc.		7,008,061
1,654,943	Walmart, Inc.		96,996,209
			950,033,564
Energy – 2.8%
224,962	APA Corp.		6,701,618
59,631	Cheniere Energy, Inc.		9,254,731
185,253	Chevron Corp.		28,160,309
172,944	ConocoPhillips		19,463,118
182,302	Devon Energy Corp.		8,032,226
17,681	Diamondback Energy, Inc.		3,227,136
114,930	EOG Resources, Inc.		13,154,888
315,857	EQT Corp.		11,734,088
831,642	Exxon Mobil Corp.		86,923,222
488,441	Kinder Morgan, Inc.		8,493,989
314,276	Marathon Oil Corp.		7,621,193

  

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)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
Energy – (continued)
261,589	Marathon Petroleum Corp.	$	44,268,706
54,173	Occidental Petroleum Corp.		3,283,426
120,682	ONEOK, Inc.		9,065,632
195,767	Phillips 66		27,898,755
35,481	Pioneer Natural Resources Co.		8,344,776
40,531	Targa Resources Corp.		3,981,765
260,538	Valero Energy Corp.		36,855,706
281,944	Williams Cos., Inc. (The)		10,133,067
			346,598,351
Financials – 10.6%
217,200	Aflac, Inc.		17,536,728
37,756	Allstate Corp. (The)		6,022,837
103,586	American Express Co.		22,728,840
460,769	American International Group, Inc.		33,585,452
53,126	Ameriprise Financial, Inc.		21,641,407
36,465	Aon PLC, Class A		11,522,575
178,536	Apollo Global Management, Inc.		19,960,325
242,339	Arch Capital Group Ltd.*		21,226,473
53,823	Ares Management Corp., Class A		7,138,544
99,294	Arthur J Gallagher & Co.		24,220,785
1,183,306	Bank of America Corp.		40,847,723
498,214	Bank of New York Mellon Corp. (The)		27,944,823
284,017	Berkshire Hathaway, Inc., Class B*		116,276,560
10,187	BlackRock, Inc.		8,265,121
29,587	Blackstone, Inc.		3,781,810
102,684	Brown & Brown, Inc.		8,647,020
349,726	Capital One Financial Corp.		48,125,795
81,034	Cboe Global Markets, Inc.		15,558,528
173,920	Charles Schwab Corp. (The)		11,614,378
69,849	Chubb Ltd.		17,578,898
28,543	Cincinnati Financial Corp.		3,253,902
635,298	Citigroup, Inc.		35,252,686
253,318	Citizens Financial Group, Inc.		7,951,652
75,811	CME Group, Inc.		16,704,954
192,422	Discover Financial Services		23,225,335
27,556	Everest Group Ltd.		10,164,857
26,862	FactSet Research Systems, Inc.		12,425,824
7,812	First Citizens BancShares, Inc., Class A		12,294,604
113,306	Fiserv, Inc.*		16,913,187
25,519	FleetCor Technologies, Inc.*		7,126,691
169,101	Hartford Financial Services Group, Inc. (The)		16,206,640
108,983	Intercontinental Exchange, Inc.		15,085,427
56,923	Jack Henry & Associates, Inc.		9,891,510
577,865	JPMorgan Chase & Co.		107,517,562
265,450	KeyCorp		3,787,972
70,155	KKR & Co., Inc.		6,893,430
119,959	Loews Corp.		9,012,520
38,945	LPL Financial Holdings, Inc.		10,432,976
27,042	M&T Bank Corp.		3,778,849
6,938	Markel Group, Inc.*		10,354,826
157,766	Marsh & McLennan Cos., Inc.		31,911,329
181,212	Mastercard, Inc., Class A		86,032,209
61,318	MetLife, Inc.		4,276,317

Shares	Description	Value
Common Stocks – (continued)
Financials – (continued)
80,845	Moody’s Corp.	$	30,674,210
133,325	Morgan Stanley		11,471,283
113,462	Nasdaq, Inc.		6,376,564
30,893	Northern Trust Corp.		2,537,242
41,467	PNC Financial Services Group, Inc. (The)		6,103,942
334,079	Principal Financial Group, Inc.		27,013,628
119,194	Progressive Corp. (The)		22,594,415
64,439	Prudential Financial, Inc.		7,023,207
30,494	Raymond James Financial, Inc.		3,669,038
31,030	S&P Global, Inc.		13,292,631
300,778	State Street Corp.		22,176,362
1,106,839	Synchrony Financial		45,712,451
53,655	Travelers Cos., Inc. (The)		11,855,609
312,223	Visa, Inc., Class A		88,246,709
126,925	W R Berkley Corp.		10,610,930
588,664	Wells Fargo & Co.		32,723,832
27,829	Willis Towers Watson PLC		7,586,464
			1,294,388,398
Health Care – 12.8%
307,729	Abbott Laboratories		36,508,969
444,622	AbbVie, Inc.		78,275,703
115,569	Agilent Technologies, Inc.		15,874,558
35,592	Align Technology, Inc.*		10,763,733
153,270	Amgen, Inc.		41,969,924
352,111	Avantor, Inc.*		8,676,015
37,282	Becton Dickinson & Co.		8,781,775
60,957	Biogen, Inc.*		13,227,059
365,647	Boston Scientific Corp.*		24,209,488
663,776	Bristol-Myers Squibb Co.		33,686,632
188,845	Cardinal Health, Inc.		21,146,863
90,593	Cencora, Inc.		21,343,711
507,410	Centene Corp.*		39,796,166
135,245	Cigna Group (The)		45,461,254
53,260	Cooper Cos., Inc. (The)		4,985,136
648,608	CVS Health Corp.		48,236,977
122,010	Danaher Corp.		30,885,611
67,178	Dexcom, Inc.*		7,730,173
291,951	Edwards Lifesciences Corp.*		24,777,881
61,911	Elevance Health, Inc.		31,032,889
229,767	Eli Lilly & Co.		173,170,793
57,696	GE HealthCare Technologies, Inc.		5,266,491
371,149	Gilead Sciences, Inc.		26,759,843
48,639	HCA Healthcare, Inc.		15,160,776
135,723	Hologic, Inc.*		10,016,357
56,144	Humana, Inc.		19,668,366
63,457	IDEXX Laboratories, Inc.*		36,502,370
276,504	Incyte Corp.*		16,136,773
29,212	Insulet Corp.*		4,790,768
47,695	Intuitive Surgical, Inc.*		18,391,192
54,379	IQVIA Holdings, Inc.*		13,440,314
588,759	Johnson & Johnson		95,013,927
54,715	Laboratory Corp. of America Holdings		11,809,139
53,408	McKesson Corp.		27,847,465
116,131	Medtronic PLC		9,680,680
625,999	Merck & Co., Inc.		79,595,773

  

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)
Health Care – (continued)
23,120	Mettler-Toledo International, Inc.*	$	28,835,726
23,212	Molina Healthcare, Inc.*		9,143,439
854,536	Pfizer, Inc.		22,696,476
76,725	Quest Diagnostics, Inc.		9,582,185
40,972	Regeneron Pharmaceuticals, Inc.*		39,582,640
377,119	Royalty Pharma PLC, Class A		11,441,791
18,818	STERIS PLC		4,382,900
61,590	Stryker Corp.		21,499,221
59,853	Thermo Fisher Scientific, Inc.		34,126,984
216,392	UnitedHealth Group, Inc.		106,811,091
17,097	Veeva Systems, Inc., Class A*		3,855,545
94,796	Vertex Pharmaceuticals, Inc.*		39,884,469
5,383,659	Viatris, Inc.		66,595,862
51,306	Waters Corp.*		17,311,671
24,200	West Pharmaceutical Services, Inc.		8,672,312
73,775	Zimmer Biomet Holdings, Inc.		9,174,659
136,968	Zoetis, Inc.		27,164,863
			1,571,383,378
Industrials – 9.9%
133,604	3M Co.		12,307,600
98,714	AMETEK, Inc.		17,786,289
41,080	Automatic Data Processing, Inc.		10,316,420
37,449	Axon Enterprise, Inc.*		11,510,699
60,862	Boeing Co. (The)*		12,398,807
115,079	Booz Allen Hamilton Holding Corp.		16,998,319
58,066	Broadridge Financial Solutions, Inc.		11,821,076
377,757	Builders FirstSource, Inc.*		73,730,611
33,546	Carlisle Cos., Inc.		11,741,100
301,182	Carrier Global Corp.		16,739,696
60,730	Caterpillar, Inc.		20,281,391
58,966	Cintas Corp.		37,066,617
275,955	Copart, Inc.*		14,667,008
215,479	CSX Corp.		8,175,273
35,521	Cummins, Inc.		9,541,296
36,821	Deere & Co.		13,441,506
376,931	Delta Air Lines, Inc.		15,932,873
67,182	Dover Corp.		11,110,559
79,552	Eaton Corp. PLC		22,990,528
122,401	Emerson Electric Co.		13,078,547
103,855	Expeditors International of Washington, Inc.		12,421,058
623,765	Fastenal Co.		45,541,083
114,485	FedEx Corp.		28,503,330
127,201	Fortive Corp.		10,828,621
79,530	General Dynamics Corp.		21,731,573
241,461	General Electric Co.		37,882,816
52,345	Graco, Inc.		4,777,005
100,254	Honeywell International, Inc.		19,923,477
238,761	Howmet Aerospace, Inc.		15,889,545
45,586	Hubbell, Inc.		17,353,223
34,533	IDEX Corp.		8,146,335
96,171	Illinois Tool Works, Inc.		25,211,228
119,750	Ingersoll Rand, Inc.		10,936,767

Shares	Description	Value
Common Stocks – (continued)
Industrials – (continued)
16,619	J.B. Hunt Transport Services, Inc.	$	3,428,666
52,403	Jacobs Solutions, Inc.		7,684,900
117,720	Johnson Controls International PLC		6,977,264
69,600	L3Harris Technologies, Inc.		14,731,536
181,846	Leidos Holdings, Inc.		23,250,830
33,361	Lennox International, Inc.		15,720,037
42,595	Lockheed Martin Corp.		18,240,883
205,307	Masco Corp.		15,759,365
28,160	Norfolk Southern Corp.		7,135,181
29,917	Northrop Grumman Corp.		13,792,335
31,848	Old Dominion Freight Line, Inc.		14,092,103
95,873	Otis Worldwide Corp.		9,136,697
172,019	PACCAR, Inc.		19,075,187
53,559	Parker-Hannifin Corp.		28,678,167
96,788	Paychex, Inc.		11,868,145
55,775	Quanta Services, Inc.		13,470,220
126,022	Republic Services, Inc.		23,137,639
232,101	RTX Corp.		20,812,497
31,193	Snap-on, Inc.		8,598,662
408,768	SS&C Technologies Holdings, Inc.		26,063,048
397,263	Stanley Black & Decker, Inc.		35,471,613
345,543	Textron, Inc.		30,777,515
61,555	Trane Technologies PLC		17,356,663
14,616	TransDigm Group, Inc.		17,213,848
227,043	Uber Technologies, Inc.*		18,049,918
40,379	Union Pacific Corp.		10,243,749
59,298	United Parcel Service, Inc., Class B		8,791,521
11,946	United Rentals, Inc.		8,281,803
84,737	Veralto Corp.		7,322,972
55,694	Verisk Analytics, Inc.		13,472,379
169,779	Vertiv Holdings Co., Class A		11,480,456
50,420	W.W. Grainger, Inc.		49,081,853
98,265	Waste Management, Inc.		20,208,197
18,401	Watsco, Inc.		7,252,202
196,500	Westinghouse Air Brake Technologies Corp.		27,763,485
68,511	Xylem, Inc.		8,704,323
			1,213,908,135
Information Technology – 29.8%
243,847	Accenture PLC, Class A		91,388,979
134,305	Adobe, Inc.*		75,248,405
304,221	Advanced Micro Devices, Inc.*		58,571,669
127,514	Akamai Technologies, Inc.*		14,143,853
155,965	Amphenol Corp., Class A		17,037,617
108,120	Analog Devices, Inc.		20,739,578
13,537	ANSYS, Inc.*		4,523,659
3,742,061	Apple, Inc.		676,377,526
296,357	Applied Materials, Inc.		59,751,498
94,977	Arista Networks, Inc.*		26,359,917
79,551	Atlassian Corp., Class A*		16,500,468
97,814	Autodesk, Inc.*		25,252,640
93,346	Broadcom, Inc.		121,395,540
184,873	Cadence Design Systems, Inc.*		56,271,644
43,999	CDW Corp.		10,832,994
1,020,641	Cisco Systems, Inc.		49,368,405

  

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)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
Information Technology – (continued)
297,002	Cognizant Technology Solutions Corp., Class A	$	23,469,098
184,357	Corning, Inc.		5,943,670
37,677	Crowdstrike Holdings, Inc., Class A*		12,213,000
46,111	Datadog, Inc., Class A*		6,061,752
121,432	Dell Technologies, Inc., Class C		11,494,753
53,599	Enphase Energy, Inc.*		6,807,609
37,715	EPAM Systems, Inc.*		11,480,446
24,648	Fair Isaac Corp.*		31,300,742
510,635	Fortinet, Inc.*		35,289,985
65,941	Gartner, Inc.*		30,699,492
564,595	Gen Digital, Inc.		12,133,147
149,425	GoDaddy, Inc., Class A*		17,056,864
2,472,396	Hewlett Packard Enterprise Co.		37,654,591
379,120	HP, Inc.		10,740,470
28,517	HubSpot, Inc.*		17,646,605
562,837	Intel Corp.		24,230,133
286,801	International Business Machines Corp.		53,066,789
66,181	Intuit, Inc.		43,870,723
64,312	Jabil, Inc.		9,266,716
78,134	Keysight Technologies, Inc.*		12,056,076
43,524	KLA Corp.		29,696,425
63,798	Lam Research Corp.		59,858,473
176,870	Lattice Semiconductor Corp.*		13,550,011
88,158	Manhattan Associates, Inc.*		22,333,066
145,099	Microchip Technology, Inc.		12,208,630
129,774	Micron Technology, Inc.		11,758,822
1,835,114	Microsoft Corp.		759,076,555
10,858	MongoDB, Inc.*		4,859,824
16,006	Monolithic Power Systems, Inc.		11,524,960
87,192	Motorola Solutions, Inc.		28,807,365
174,762	NetApp, Inc.		15,574,789
564,310	NVIDIA Corp.		446,436,927
55,361	Okta, Inc.*		5,940,235
264,504	ON Semiconductor Corp.*		20,874,656
278,010	Oracle Corp.		31,048,157
216,818	Palantir Technologies, Inc., Class A*		5,437,795
105,769	Palo Alto Networks, Inc.*		32,846,563
60,026	PTC, Inc.*		10,985,358
266,416	QUALCOMM, Inc.		42,037,781
41,589	Roper Technologies, Inc.		22,654,776
203,642	Salesforce, Inc.*		62,888,722
46,643	Seagate Technology Holdings PLC		4,340,131
50,586	ServiceNow, Inc.*		39,019,005
186,508	Skyworks Solutions, Inc.		19,568,419
11,754	Snowflake, Inc., Class A*		2,213,043
55,582	Splunk, Inc.*		8,683,020
26,926	Super Micro Computer, Inc.*		23,321,147
71,374	Synopsys, Inc.*		40,949,405
21,637	Teledyne Technologies, Inc.*		9,244,841
132,129	Teradyne, Inc.		13,687,243
216,559	Texas Instruments, Inc.		36,236,817
82,346	Trimble, Inc.*		5,038,752
8,374	Tyler Technologies, Inc.*		3,660,610

Shares	Description	Value
Common Stocks – (continued)
Information Technology – (continued)
100,830	VeriSign, Inc.*	$	19,691,091
66,484	Western Digital Corp.*		3,953,803
36,666	Workday, Inc., Class A*		10,804,004
19,770	Zebra Technologies Corp., Class A*		5,525,320
255,491	Zoom Video Communications, Inc., Class A*		18,070,878
9,872	Zscaler, Inc.*		2,388,728
			3,653,043,200
Materials – 1.9%
37,347	Air Products and Chemicals, Inc.		8,740,692
22,263	Avery Dennison Corp.		4,820,607
77,730	CF Industries Holdings, Inc.		6,274,366
137,519	Dow, Inc.		7,684,562
40,471	DuPont de Nemours, Inc.		2,800,188
59,857	Ecolab, Inc.		13,458,248
320,482	International Paper Co.		11,332,244
69,656	Linde PLC		31,263,006
33,107	LyondellBasell Industries NV, Class A		3,319,970
11,397	Martin Marietta Materials, Inc.		6,584,161
714,777	Mosaic Co. (The)		22,272,451
95,725	Nucor Corp.		18,407,918
35,013	Packaging Corp. of America		6,344,005
40,469	PPG Industries, Inc.		5,730,410
43,260	Reliance, Inc.		13,895,977
64,392	RPM International, Inc.		7,427,617
77,491	Sherwin-Williams Co. (The)		25,729,337
145,149	Steel Dynamics, Inc.		19,423,839
39,892	Vulcan Materials Co.		10,605,288
			226,114,886
Real Estate – 1.6%
49,381	Alexandria Real Estate Equities, Inc. REIT		6,159,292
30,776	American Tower Corp. REIT		6,120,115
30,863	AvalonBay Communities, Inc. REIT		5,463,677
90,248	Camden Property Trust REIT		8,526,631
146,559	CBRE Group, Inc., Class A*		13,467,306
29,173	Crown Castle, Inc. REIT		3,207,280
10,510	Equinix, Inc. REIT		9,341,498
34,684	Equity LifeStyle Properties, Inc. REIT		2,334,927
117,206	Equity Residential REIT		7,056,973
29,643	Essex Property Trust, Inc. REIT		6,859,390
187,954	Gaming and Leisure Properties, Inc. REIT		8,548,148
1,094,423	Host Hotels & Resorts, Inc. REIT		22,698,333
150,598	Invitation Homes, Inc. REIT		5,130,874
87,278	Iron Mountain, Inc. REIT		6,863,542
116,570	Kimco Realty Corp. REIT		2,303,423
44,267	Mid-America Apartment Communities, Inc. REIT		5,563,477
44,412	Prologis, Inc. REIT		5,918,787
21,767	Public Storage REIT		6,178,998
145,791	Realty Income Corp. REIT		7,597,169

  

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

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

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Real Estate – (continued)
30,706	Simon Property Group, Inc. REIT	$	4,548,787
86,025	Sun Communities, Inc. REIT		11,506,704
118,244	UDR, Inc. REIT		4,197,662
133,796	Ventas, Inc. REIT		5,658,233
383,901	VICI Properties, Inc. REIT		11,490,157
98,307	W.P. Carey, Inc. REIT		5,537,633
87,635	Welltower, Inc. REIT		8,076,442
175,152	Weyerhaeuser Co. REIT		6,021,726
			196,377,184
Utilities – 2.3%
171,720	Alliant Energy Corp.		8,199,630
120,240	Ameren Corp.		8,559,886
142,930	American Electric Power Co., Inc.		12,176,207
40,814	American Water Works Co., Inc.		4,838,091
85,935	Atmos Energy Corp.		9,702,921
367,261	CenterPoint Energy, Inc.		10,099,677
116,056	CMS Energy Corp.		6,658,133
164,988	Consolidated Edison, Inc.		14,388,603
122,265	Constellation Energy Corp.		20,595,539
149,810	Dominion Energy, Inc.		7,165,412
82,357	DTE Energy Co.		8,923,381
138,161	Duke Energy Corp.		12,687,325
185,651	Edison International		12,627,981
75,675	Entergy Corp.		7,686,310
176,000	Evergy, Inc.		8,719,040
85,119	Eversource Energy		4,996,485
409,807	Exelon Corp.		14,687,483
256,724	FirstEnergy Corp.		9,398,666
256,113	NextEra Energy, Inc.		14,134,876
135,155	NiSource, Inc.		3,522,139
763,684	PG&E Corp.		12,745,886

Shares	Description	Value
Common Stocks – (continued)
Utilities – (continued)
217,798	PPL Corp.	$	5,743,333
152,410	Public Service Enterprise Group, Inc.		9,510,384
195,851	Sempra		13,827,081
231,836	Southern Co. (The)		15,590,971
172,977	WEC Energy Group, Inc.		13,576,965
152,230	Xcel Energy, Inc.		8,020,999
			278,783,404
TOTAL COMMON STOCKS (Cost $8,161,888,538)			12,212,969,580
Shares	Dividend Rate	Value
Investment Company – 0.1%(a)
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares
13,171,145	5.195%		13,171,145
(Cost $13,171,145)
TOTAL INVESTMENTS – 99.9%
(Cost $8,175,059,683)		$	12,226,140,725
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1%			14,823,354
NET ASSETS – 100.0%		$	12,240,964,079

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.

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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 29, 2024, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
S&P 500 E-Mini Index	24	03/15/24	$	6,124,500	$	532,826

  

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

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

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – 99.2%
Communication Services – 2.0%
9,087	AMC Networks, Inc., Class A*	$	117,586
17,648	AST SpaceMobile, Inc.*		55,944
3,176	Atlanta Braves Holdings, Inc., Class A*(a)		133,233
4,331	Atlanta Braves Holdings, Inc., Class C*		169,429
11,291	Cardlytics, Inc.*		93,602
22,285	Cargurus, Inc.*		493,390
26,694	Cars.com, Inc.*		489,568
10,231	Cinemark Holdings, Inc.*		178,122
6,277	Cogent Communications Holdings, Inc.		507,872
30,530	DHI Group, Inc.*		86,400
13,254	EchoStar Corp., Class A*		173,760
17,821	EverQuote, Inc., Class A*		285,492
18,048	EW Scripps Co. (The), Class A*		72,734
29,640	fuboTV, Inc.*		61,355
88,080	Gannett Co., Inc.*		187,610
14,776	Gogo, Inc.*		120,572
18,713	Gray Television, Inc.		109,284
13,723	IDT Corp., Class B*		510,633
34,604	iHeartMedia, Inc., Class A*		95,853
7,936	IMAX Corp.*		135,944
8,469	Integral Ad Science Holding Corp.*		87,739
12,758	John Wiley & Sons, Inc., Class A		425,479
7,256	Liberty Latin America Ltd., Class A (Puerto Rico)*		46,656
34,769	Liberty Latin America Ltd., Class C (Puerto Rico)*		226,694
8,693	Lions Gate Entertainment Corp., Class A*(a)		84,409
9,216	Lions Gate Entertainment Corp., Class B*		83,681
27,070	Loop Media, Inc.*		13,535
4,282	Madison Square Garden Entertainment Corp.*		164,814
15,079	Magnite, Inc.*		181,250
8,852	Marcus Corp. (The)		129,859
20,250	Ooma, Inc.*		206,550
24,438	Playstudios, Inc.*(a)		57,918
2,410	QuinStreet, Inc.*		35,258
12,266	Scholastic Corp.		483,771
7,580	Shutterstock, Inc.		369,601
4,059	Sphere Entertainment Co.*		175,755
10,553	Spok Holdings, Inc.		189,637
25,618	Stagwell, Inc.*		136,800
40,107	TEGNA, Inc.		561,899
5,028	Telephone and Data Systems, Inc.		76,928
11,573	Thryv Holdings, Inc.*		242,339
118,595	Tingo Group, Inc.*(b)		—
84,826	TrueCar, Inc.*		295,195
21,616	Yelp, Inc.*		830,919
6,378	Ziff Davis, Inc.*		438,551
7,670	ZipRecruiter, Inc., Class A*		97,562
			9,721,182

Shares	Description	Value
Common Stocks – (continued)
Consumer Discretionary – 11.8%
19,792	1-800-Flowers.com, Inc., Class A*	$	206,233
26,696	2U, Inc.*		12,029
19,030	Aaron’s Co., Inc. (The)		147,483
15,184	Abercrombie & Fitch Co., Class A*		1,939,908
12,905	Academy Sports & Outdoors, Inc.		964,262
9,949	Acushnet Holdings Corp.		640,915
13,396	Adient PLC*		454,660
12,027	Adtalem Global Education, Inc.*		595,337
35,416	American Axle & Manufacturing Holdings, Inc.*		245,079
27,633	American Eagle Outfitters, Inc.		656,284
4,439	Asbury Automotive Group, Inc.*		926,996
7,229	Atmus Filtration Technologies, Inc.*(a)		172,556
9,490	Beazer Homes USA, Inc.*		297,322
7,456	Beyond, Inc.*		250,000
4,348	BJ’s Restaurants, Inc.*		152,267
13,939	Bloomin’ Brands, Inc.		378,862
4,788	Boot Barn Holdings, Inc.*		442,890
7,236	Brinker International, Inc.*		335,316
10,176	Buckle, Inc. (The)		416,605
6,546	Build-A-Bear Workshop, Inc.		156,711
15,533	Caleres, Inc.		599,729
5,376	Camping World Holdings, Inc., Class A		143,485
31,422	CarParts.com, Inc.*		80,126
5,792	Carriage Services, Inc.		143,757
33,125	Carrols Restaurant Group, Inc.		313,694
5,685	Carvana Co.*		431,662
1,469	Cavco Industries, Inc.*		547,305
3,998	Century Communities, Inc.		344,987
5,196	Cheesecake Factory, Inc. (The)		183,834
19,255	Chegg, Inc.*		172,140
4,528	Chuy’s Holdings, Inc.*		153,182
6,933	Cooper-Standard Holdings, Inc.*		97,478
16,203	Coursera, Inc.*		260,382
1,791	Cracker Barrel Old Country Store, Inc.		118,439
24,535	Dana, Inc.		306,688
5,128	Dave & Buster’s Entertainment, Inc.*		316,603
16,905	Denny’s Corp.*		156,033
11,868	Designer Brands, Inc., Class A		125,326
28,077	Destination XL Group, Inc.*		112,027
1,993	Dillard’s, Inc., Class A		826,557
5,764	Dorman Products, Inc.*		543,084
3,175	Dream Finders Homes, Inc., Class A*		124,238
2,377	Duolingo, Inc.*		568,103
11,685	El Pollo Loco Holdings, Inc.*		105,866
19,475	Ethan Allen Interiors, Inc.		651,049
12,305	Everi Holdings, Inc.*		145,937
49,437	Figs, Inc., Class A*(a)		258,556
5,595	Foot Locker, Inc.		192,636
26,732	Fossil Group, Inc.*		28,336

  

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)
6,683	Fox Factory Holding Corp.*	$	338,093
20,679	Frontdoor, Inc.*		648,493
9,364	Genesco, Inc.*		298,899
6,996	Gentherm, Inc.*		397,793
11,027	G-III Apparel Group Ltd.*		366,868
5,068	Golden Entertainment, Inc.		187,820
45,501	Goodyear Tire & Rubber Co. (The)*		540,552
37,801	GoPro, Inc., Class A*		88,454
832	Graham Holdings Co., Class B		584,339
6,759	Green Brick Partners, Inc.*		395,402
3,964	Group 1 Automotive, Inc.		1,072,857
8,445	Guess?, Inc.		214,334
14,079	Haverty Furniture Cos., Inc.		482,910
3,325	Helen of Troy Ltd.*		415,625
6,216	Hibbett, Inc.		509,401
10,835	Hilton Grand Vacations, Inc.*		486,275
2,162	Hovnanian Enterprises, Inc., Class A*		338,699
20,127	Inspired Entertainment, Inc.*		199,257
4,304	Installed Building Products, Inc.		1,028,355
15,870	International Game Technology PLC		431,188
3,164	iRobot Corp.*(a)		36,101
3,665	Jack in the Box, Inc.		267,545
6,750	JAKKS Pacific, Inc.*		236,992
3,825	Johnson Outdoors, Inc., Class A		175,797
10,284	KB Home		683,166
10,764	Kontoor Brands, Inc.		636,260
9,714	Krispy Kreme, Inc.		125,699
23,593	Laureate Education, Inc.		316,382
15,345	La-Z-Boy, Inc.		582,957
6,989	LCI Industries		880,474
17,351	Leslie’s, Inc.*		137,073
1,431	LGI Homes, Inc.*		163,263
7,297	Life Time Group Holdings, Inc.*		100,261
10,637	Light & Wonder, Inc.*		1,069,125
22,146	Lincoln Educational Services Corp.*		222,789
8,716	Lovesac Co. (The)*		200,817
6,488	M/I Homes, Inc.*		823,911
5,500	Malibu Boats, Inc., Class A*		240,020
5,417	MarineMax, Inc.*		179,844
14,759	MasterCraft Boat Holdings, Inc.*		323,665
8,751	MDC Holdings, Inc.		548,688
6,158	Meritage Homes Corp.		970,870
14,340	Modine Manufacturing Co.*		1,286,441
3,699	Monarch Casino & Resort, Inc.		260,225
4,005	Monro, Inc.		134,448
8,715	Movado Group, Inc.		250,208
2,177	Nathan’s Famous, Inc.		152,934
9,387	National Vision Holdings, Inc.*		219,656
35,216	Nerdy, Inc.*		102,126
9,520	ODP Corp. (The)*		537,690
11,799	OneSpaWorld Holdings Ltd. (Bahamas)*		153,859
6,573	Oxford Industries, Inc.		666,436
7,889	Papa John’s International, Inc.		567,140

Shares	Description	Value
Common Stocks – (continued)
Consumer Discretionary – (continued)
8,263	Patrick Industries, Inc.	$	991,064
61,627	Perdoceo Education Corp.		1,097,577
16,874	PlayAGS, Inc.*		156,591
22,043	Potbelly Corp.*		305,957
968	Purple Innovation, Inc.		1,800
3,312	RCI Hospitality Holdings, Inc.		186,664
8,262	Red Rock Resorts, Inc., Class A		479,113
8,210	Revolve Group, Inc.*(a)		180,045
40,871	Rush Street Interactive, Inc.*		239,095
22,718	Sabre Corp.*		60,203
24,806	Sally Beauty Holdings, Inc.*		313,300
2,384	Shake Shack, Inc., Class A*		253,467
14,665	Shoe Carnival, Inc.		480,572
8,942	Signet Jewelers Ltd.		909,938
4,924	Six Flags Entertainment Corp.*		124,774
7,704	Skyline Champion Corp.*		645,518
9,216	Sleep Number Corp.*		152,248
22,687	Smith & Wesson Brands, Inc.		311,493
5,008	Sonic Automotive, Inc., Class A		262,920
24,370	Sonos, Inc.*		462,055
10,481	Standard Motor Products, Inc.		332,877
17,697	Steven Madden Ltd.		757,786
32,920	Stitch Fix, Inc., Class A*		106,332
14,592	Stoneridge, Inc.*		256,381
4,169	Strategic Education, Inc.		461,884
18,937	Stride, Inc.*		1,131,486
6,373	Sturm Ruger & Co., Inc.		276,078
8,933	Sweetgreen, Inc., Class A*		113,806
20,867	Target Hospitality Corp.*(a)		201,993
21,857	Taylor Morrison Home Corp.*		1,237,325
7,906	Topgolf Callaway Brands Corp.*		112,581
23,092	Tri Pointe Homes, Inc.*		816,995
23,240	Udemy, Inc.*		262,612
5,599	United Parks & Resorts, Inc.*		287,509
21,850	Upbound Group, Inc.		737,656
8,044	Urban Outfitters, Inc.*		334,228
22,093	Vera Bradley, Inc.*		172,325
13,648	Vista Outdoor, Inc.*		425,818
2,773	Visteon Corp.*		313,682
1,652	Winmark Corp.		627,017
9,910	Winnebago Industries, Inc.		710,844
13,660	Wolverine World Wide, Inc.		138,922
6,916	Worthington Enterprises, Inc.		429,622
42,228	WW International, Inc.*		131,751
10,425	XPEL, Inc.*		548,147
11,831	Zumiez, Inc.*		208,462
			58,469,943
Consumer Staples – 3.7%
5,510	Andersons, Inc. (The)		304,593
10,828	B&G Foods, Inc.		125,063
31,553	Beauty Health Co. (The)*		105,072
18,709	BellRing Brands, Inc.*		1,065,478
13,075	Cal-Maine Foods, Inc.		751,682
5,152	Central Garden & Pet Co.*		226,018
12,201	Central Garden & Pet Co., Class A*		459,856
3,923	Chefs’ Warehouse, Inc. (The)*		149,113
1,761	Coca-Cola Consolidated, Inc.		1,480,649

  

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)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
Consumer Staples – (continued)
8,716	Dole PLC	$	102,936
11,622	Edgewell Personal Care Co.		443,844
6,812	elf Beauty, Inc.*		1,420,506
10,429	Energizer Holdings, Inc.		297,748
10,275	Fresh Del Monte Produce, Inc.		245,881
19,383	Hain Celestial Group, Inc. (The)*		193,830
21,327	Herbalife Ltd.*		188,317
8,030	Ingles Markets, Inc., Class A		618,390
3,948	Inter Parfums, Inc.		579,251
2,346	J & J Snack Foods Corp.		340,358
4,561	John B. Sanfilippo & Son, Inc.		466,910
3,535	Lancaster Colony Corp.		731,462
3,110	Medifast, Inc.		124,680
1,395	MGP Ingredients, Inc.		118,826
11,872	National Beverage Corp.*		624,942
10,402	Nu Skin Enterprises, Inc., Class A		130,025
2,491	PriceSmart, Inc.		209,593
36,559	Primo Water Corp.		592,621
11,752	Simply Good Foods Co. (The)*		416,961
6,143	Sovos Brands, Inc.*		139,999
18,184	SpartanNash Co.		383,137
24,203	Sprouts Farmers Market, Inc.*		1,511,235
10,957	TreeHouse Foods, Inc.*		392,151
7,324	Turning Point Brands, Inc.		185,297
16,836	United Natural Foods, Inc.*		262,810
6,765	Universal Corp.		324,788
5,547	USANA Health Sciences, Inc.*		267,698
7,432	Utz Brands, Inc.		131,472
39,933	Vector Group Ltd.		445,652
7,787	Village Super Market, Inc., Class A		212,975
4,873	Vita Coco Co., Inc. (The)*		127,185
17,300	Vital Farms, Inc.*		310,881
3,039	WD-40 Co.		815,637
5,694	Weis Markets, Inc.		369,768
			18,395,290
Energy – 6.6%
32,793	Amplify Energy Corp.*		198,070
27,739	Archrock, Inc.		506,792
24,657	Ardmore Shipping Corp. (Ireland)		400,183
20,882	Berry Corp.		147,218
20,764	Borr Drilling Ltd. (Mexico)*(a)		124,999
6,786	Bristow Group, Inc.*		182,883
6,763	Cactus, Inc., Class A		310,422
18,366	California Resources Corp.		958,154
10,180	Callon Petroleum Co.*		317,209
3,103	Centrus Energy Corp., Class A*		126,571
25,470	ChampionX Corp.		791,098
6,955	Chord Energy Corp.		1,129,840
9,245	Civitas Resources, Inc.		634,947
25,027	CNX Resources Corp.*		524,316
12,682	CONSOL Energy, Inc.		1,088,369
11,813	CVR Energy, Inc.		391,955
9,608	Delek US Holdings, Inc.		245,100
33,886	DHT Holdings, Inc.		366,647
16,875	Diamond Offshore Drilling, Inc.*		187,144

Shares	Description	Value
Common Stocks – (continued)
Energy – (continued)
10,600	Dorian LPG Ltd.	$	383,190
5,269	Dril-Quip, Inc.*		119,079
3,984	Empire Petroleum Corp.*		23,625
19,302	Energy Fuels, Inc.*(a)		122,182
43,040	Equitrans Midstream Corp.		460,098
29,487	Evolution Petroleum Corp.		172,794
7,868	Expro Group Holdings NV*		140,759
3,480	FLEX LNG Ltd. (Norway)(a)		87,835
6,633	Golar LNG Ltd. (Cameroon)		134,584
4,261	Green Plains, Inc.*		90,759
5,806	Gulfport Energy Corp.*		824,394
43,898	Helix Energy Solutions Group, Inc.*		395,082
11,572	Helmerich & Payne, Inc.		444,249
10,469	International Seaways, Inc.		554,124
2,698	Kinetik Holdings, Inc.		95,293
11,843	KLX Energy Services Holdings, Inc.*		96,165
48,037	Kosmos Energy Ltd. (Ghana)*		294,947
51,438	Liberty Energy, Inc.		1,099,744
56,984	Magnolia Oil & Gas Corp., Class A		1,292,397
22,851	Matador Resources Co.		1,443,041
22,514	Murphy Oil Corp.		893,130
2,109	Nabors Industries Ltd.*		165,282
3,727	NACCO Industries, Inc., Class A		123,848
11,863	Noble Corp. PLC		495,992
23,554	Nordic American Tankers Ltd.		95,865
16,864	Northern Oil & Gas, Inc.		602,551
20,124	Oceaneering International, Inc.*		397,650
25,629	Oil States International, Inc.*		138,140
23,183	Overseas Shipholding Group, Inc., Class A		140,953
9,202	Par Pacific Holdings, Inc.*		332,376
51,774	Patterson-UTI Energy, Inc.		599,025
23,085	PBF Energy, Inc., Class A		1,078,070
21,661	Peabody Energy Corp.		536,543
62,059	Permian Resources Corp.		965,638
22,439	ProFrac Holding Corp., Class A*		183,551
39,915	ProPetro Holding Corp.*		295,371
7,003	REX American Resources Corp.*		307,992
21,555	Ring Energy, Inc.*		30,824
71,337	RPC, Inc.		527,180
12,552	SandRidge Energy, Inc.		163,678
9,783	Scorpio Tankers, Inc. (Monaco)		656,733
4,623	Seadrill Ltd. (Norway)*		195,091
20,706	SFL Corp. Ltd. (Norway)		276,632
7,906	SilverBow Resources, Inc.*		224,451
10,173	Sitio Royalties Corp., Class A		232,148
37,780	SM Energy Co.		1,653,631
387	Solaris Oilfield Infrastructure, Inc., Class A		3,278
22,741	Talos Energy, Inc.*		299,954
39,557	Teekay Corp. (Bermuda)*		299,446
10,677	Teekay Tankers Ltd., Class A (Canada)		585,313
77,880	TETRA Technologies, Inc.*		303,732
3,883	Tidewater, Inc.*		271,926

  

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)
Energy – (continued)
25,720	Uranium Energy Corp.*	$	166,666
19,108	US Silica Holdings, Inc.*		219,742
46,774	VAALCO Energy, Inc.		208,612
6,907	Valaris Ltd.*		435,486
30,420	Vertex Energy, Inc.*		41,067
5,259	Vital Energy, Inc.*		264,685
85,409	W&T Offshore, Inc.		257,935
9,496	Weatherford International PLC*		974,385
14,498	World Kinect Corp.		353,171
			32,904,001
Financials – 17.0%
3,638	1st Source Corp.		181,100
1,267	ACNB Corp.		44,649
5,489	Amalgamated Financial Corp.		126,686
12,788	A-Mark Precious Metals, Inc.		328,524
25,926	Ambac Financial Group, Inc.*		424,149
4,786	Amerant Bancorp, Inc.		101,415
24,530	American Equity Investment Life Holding Co.*		1,362,396
4,166	American National Bankshares, Inc.		187,970
13,978	Ameris Bancorp		647,601
6,680	AMERISAFE, Inc.		352,437
4,466	Ames National Corp.		84,720
28,851	Apollo Commercial Real Estate Finance, Inc. REIT		323,420
33,358	Arbor Realty Trust, Inc. REIT		446,997
861	Ares Commercial Real Estate Corp. REIT		6,492
8,515	Arrow Financial Corp.		204,190
18,203	Artisan Partners Asset Management, Inc., Class A		784,003
4,686	AssetMark Financial Holdings, Inc.*		165,650
23,242	Associated Banc-Corp.		484,363
12,303	Atlantic Union Bankshares Corp.		409,198
2,168	Atlanticus Holdings Corp.*		71,869
12,862	AvidXchange Holdings, Inc.*		170,936
19,002	Axos Financial, Inc.*		990,384
8,183	Banc of California, Inc.		119,717
6,601	BancFirst Corp.		579,172
11,130	Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		311,306
14,602	Bancorp, Inc. (The)*		651,833
2,391	Bank First Corp.		206,821
5,910	Bank of Hawaii Corp.		356,255
20,569	Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		614,807
15,500	BankUnited, Inc.		415,710
5,182	Bankwell Financial Group, Inc.		131,986
5,765	Banner Corp.		252,738
672	BayCom Corp.		13,453
11,760	BCB Bancorp, Inc.		123,362
6,238	Berkshire Hills Bancorp, Inc.		134,055
29,160	BGC Group, Inc., Class A		202,662
20,500	Blackstone Mortgage Trust, Inc., Class A REIT		417,585

Shares	Description	Value
Common Stocks – (continued)
Financials – (continued)
2,483	Blue Ridge Bankshares, Inc.	$	6,083
7,813	Bread Financial Holdings, Inc.		299,082
13,249	Brightsphere Investment Group, Inc.		300,222
22,740	Brookline Bancorp, Inc.		222,170
5,376	Byline Bancorp, Inc.		112,036
31,468	Cadence Bank		871,034
583	Cambridge Bancorp		36,881
8,642	Camden National Corp.		274,643
5,836	Cannae Holdings, Inc.*		127,342
8,265	Capital City Bank Group, Inc.		234,313
4,588	Cass Information Systems, Inc.		221,692
16,858	Cathay General Bancorp		658,305
11,175	Central Pacific Financial Corp.		208,526
5,410	Central Valley Community Bancorp		101,113
3,276	Chemung Financial Corp.		139,558
21,701	Chimera Investment Corp. REIT		94,616
3,673	ChoiceOne Financial Services, Inc.(a)		97,739
6,284	City Holding Co.		631,416
10,303	Civista Bancshares, Inc.		154,751
15,319	Claros Mortgage Trust, Inc.		148,288
7,025	CNB Financial Corp.		140,430
33,615	CNO Financial Group, Inc.		897,184
4,240	Codorus Valley Bancorp, Inc.		97,605
8,895	Cohen & Steers, Inc.		654,227
1,084	Colony Bankcorp, Inc.		12,293
6,589	Columbia Financial, Inc.*		110,234
5,684	Community Bank System, Inc.		257,485
5,085	Community Trust Bancorp, Inc.		202,180
294	Compass Diversified Holdings		6,762
6,688	ConnectOne Bancorp, Inc.		132,356
8,371	Consumer Portfolio Services, Inc.*		73,916
16,065	Customers Bancorp, Inc.*		872,490
18,213	CVB Financial Corp.		309,985
1,805	Diamond Hill Investment Group, Inc.		261,147
10,823	Dime Community Bancshares, Inc.		202,823
11,861	Donnelley Financial Solutions, Inc.*		765,746
8,546	Dynex Capital, Inc. REIT		105,458
8,950	Eagle Bancorp, Inc.		213,189
8,868	Eastern Bankshares, Inc.		114,575
11,156	Ellington Financial, Inc. REIT		126,397
8,370	Employers Holdings, Inc.		382,593
11,724	Enact Holdings, Inc.		324,989
5,436	Encore Capital Group, Inc.*		260,928
17,309	Enova International, Inc.*		1,094,794
1,781	Enstar Group Ltd.*		548,441
7,022	Enterprise Financial Services Corp.		280,318
3,670	Esquire Financial Holdings, Inc.		186,363
23,708	Essent Group Ltd.		1,270,038
3,535	Evans Bancorp, Inc.		104,990
15,735	EVERTEC, Inc. (Puerto Rico)		568,506

  

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)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
Financials – (continued)
2,232	Farmers & Merchants Bancorp, Inc.	$	45,086
11,625	Farmers National Banc Corp.		156,705
9,045	FB Financial Corp.		322,364
5,942	Federal Agricultural Mortgage Corp., Class C		1,062,846
2,153	Fidelity D&D Bancorp, Inc.		107,521
9,989	Financial Institutions, Inc.		183,398
8,142	First Bancorp		277,805
5,875	First Bancorp, Inc. (The)		138,767
47,347	First BanCorp. (Puerto Rico)		803,952
4,134	First Bancshares, Inc. (The)		102,647
9,477	First Busey Corp.		218,540
7,558	First Business Financial Services, Inc.		266,646
22,136	First Commonwealth Financial Corp.		288,432
4,785	First Community Corp/SC		78,618
19,681	First Financial Bancorp		427,078
23,712	First Financial Bankshares, Inc.		733,649
4,044	First Financial Corp.		150,558
10,575	First Interstate BancSystem, Inc., Class A		278,334
13,598	First Merchants Corp.		451,454
4,564	First Mid Bancshares, Inc.		138,289
8,888	First of Long Island Corp. (The)		99,012
1,205	First Western Financial, Inc.*		17,051
5,507	FirstCash Holdings, Inc.		630,551
12,621	Flushing Financial Corp.		162,054
5,441	Flywire Corp.*		154,470
12,581	Franklin BSP Realty Trust, Inc. REIT		162,421
3,044	FS Bancorp, Inc.		101,578
31,571	Fulton Financial Corp.		486,193
2,286	FVCBankcorp, Inc.*		27,683
110,236	Genworth Financial, Inc., Class A*		677,951
10,190	German American Bancorp, Inc.		320,577
12,470	Glacier Bancorp, Inc.		466,627
4,990	Goosehead Insurance, Inc., Class A*		377,494
6,460	Great Southern Bancorp, Inc.		336,824
6,228	Greene County Bancorp, Inc.		177,872
8,400	Hamilton Lane, Inc., Class A		964,740
14,185	Hancock Whitney Corp.		618,466
11,519	Hanmi Financial Corp.		174,052
14,614	HarborOne Bancorp, Inc.		148,771
8,312	Heartland Financial USA, Inc.		282,608
17,837	Heritage Commerce Corp.		147,869
6,156	Heritage Financial Corp.		112,963
13,488	Hilltop Holdings, Inc.		416,509
623	Hingham Institution For Savings (The)(a)		104,652
3,692	Home Bancorp, Inc.		135,681
29,106	Home BancShares, Inc.		682,827
5,818	HomeTrust Bancshares, Inc.		152,723
27,171	Hope Bancorp, Inc.		298,066
8,235	Horace Mann Educators Corp.		298,025

Shares	Description	Value
Common Stocks – (continued)
Financials – (continued)
12,683	Horizon Bancorp, Inc.	$	152,703
1,970	I3 Verticals, Inc., Class A*		41,981
13,416	Independent Bank Corp.		328,021
7,244	Independent Bank Corp.		377,920
5,333	Independent Bank Group, Inc.		233,212
11,652	International Bancshares Corp.		604,622
14,250	International Money Express, Inc.*		280,725
1,143	Investors Title Co.		177,645
19,392	Jackson Financial, Inc., Class A		1,067,530
9,052	KKR Real Estate Finance Trust, Inc. REIT		88,257
18,869	Ladder Capital Corp. REIT		203,974
11,775	Lakeland Bancorp, Inc.		137,532
9,011	Lakeland Financial Corp.		574,001
29,683	LendingClub Corp.*		240,729
9,596	Live Oak Bancshares, Inc.		381,153
19,904	Macatawa Bank Corp.		195,059
5,761	MainStreet Bancshares, Inc.		103,784
26,160	Marqeta, Inc., Class A*		170,825
33,081	MBIA, Inc.*		216,019
7,206	Mercantile Bank Corp.		265,469
3,523	Metropolitan Bank Holding Corp.*		138,137
10,097	MFA Financial, Inc. REIT		113,288
2,995	Middlefield Banc Corp.		73,497
5,460	Midland States Bancorp, Inc.		132,951
4,499	MidWestOne Financial Group, Inc.		103,117
8,659	Moelis & Co., Class A		467,932
14,935	Mr Cooper Group, Inc.*		1,064,567
5,443	National Bank Holdings Corp., Class A		184,191
5,357	National Bankshares, Inc.		167,513
818	National Western Life Group, Inc., Class A		397,204
46,526	Navient Corp.		756,513
8,786	NBT Bancorp, Inc.		302,151
4,525	Nelnet, Inc., Class A		388,562
505	New York Mortgage Trust, Inc. REIT		3,641
3,620	NewtekOne, Inc.(a)		41,775
7,204	Nexpoint Real Estate Finance, Inc. REIT		101,144
2,806	Nicolet Bankshares, Inc.		221,478
21,716	NMI Holdings, Inc., Class A*		653,217
6,357	Northeast Bank		339,400
5,949	Northeast Community Bancorp, Inc.		92,745
16,531	Northwest Bancshares, Inc.		189,445
4,228	Norwood Financial Corp.		116,735
6,291	Oak Valley Bancorp		156,835
8,287	OceanFirst Financial Corp.		125,962
16,937	OFG Bancorp (Puerto Rico)		613,458
42,920	Old National Bancorp		705,176
15,702	Old Second Bancorp, Inc.		210,878
18,313	Open Lending Corp.*		132,952
3,170	Origin Bancorp, Inc.		94,593

  

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

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

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Financials – (continued)
11,949	Oscar Health, Inc., Class A*	$	194,291
12,494	Pacific Premier Bancorp, Inc.		285,613
17,485	Pagseguro Digital Ltd., Class A (Brazil)*		243,391
3,535	Palomar Holdings, Inc.*		269,155
3,738	Park National Corp.		480,370
9,294	Parke Bancorp, Inc.		160,322
11,494	Pathward Financial, Inc.		584,355
9,209	Patria Investments Ltd., Class A (Cayman Islands)		137,214
21,025	Payoneer Global, Inc.*		102,181
10,197	PCB Bancorp		164,682
7,357	Peapack-Gladstone Financial Corp.		178,260
7,636	PennyMac Financial Services, Inc.		648,525
14,794	PennyMac Mortgage Investment Trust REIT		209,039
14,023	Peoples Bancorp, Inc.		393,626
3,848	Peoples Financial Services Corp.		155,267
2,504	Piper Sandler Cos.		471,428
6,747	PJT Partners, Inc., Class A		711,134
2,741	Plumas Bancorp		95,496
4,881	PRA Group, Inc.*		124,758
8,043	Preferred Bank		577,890
7,461	Premier Financial Corp.		144,594
6,018	Primis Financial Corp.		74,322
9,330	ProAssurance Corp.		115,039
15,233	PROG Holdings, Inc.*		470,243
15,577	Provident Financial Services, Inc.		234,901
6,448	QCR Holdings, Inc.		367,536
45,880	Radian Group, Inc.		1,336,943
36,583	Ready Capital Corp. REIT		323,028
6,385	Regional Management Corp.		149,409
10,970	Remitly Global, Inc.*		226,201
10,083	Renasant Corp.		318,724
5,948	Republic Bancorp, Inc., Class A		292,998
7,919	S&T Bancorp, Inc.		246,994
3,756	Safety Insurance Group, Inc.		308,593
11,193	Sandy Spring Bancorp, Inc.		246,022
8,293	Seacoast Banking Corp. of Florida		200,193
12,170	Selective Insurance Group, Inc.		1,271,522
12,196	ServisFirst Bancshares, Inc.		770,665
696	Shore Bancshares, Inc.		7,907
6,843	Sierra Bancorp		127,348
16,318	Simmons First National Corp., Class A		313,306
23,868	SiriusPoint Ltd. (Bermuda)*		292,860
4,209	Skyward Specialty Insurance Group, Inc.*		154,007
5,867	Southern First Bancshares, Inc.*		193,318
6,482	Southern Missouri Bancorp, Inc.		277,948
6,306	Southside Bancshares, Inc.		180,730
9,836	SouthState Corp.		826,617
7,959	Stellar Bancorp, Inc.		188,628
3,869	StepStone Group, Inc., Class A		134,370

Shares	Description	Value
Common Stocks – (continued)
Financials – (continued)
9,092	Stewart Information Services Corp.	$	572,614
7,039	Stock Yards Bancorp, Inc.		322,457
36,008	StoneCo Ltd., Class A (Brazil)*		619,698
9,337	StoneX Group, Inc.*		646,681
8,196	Texas Capital Bancshares, Inc.*		480,695
3,507	Timberland Bancorp, Inc.		91,883
3,549	Tompkins Financial Corp.		170,920
13,577	Towne Bank		368,072
8,896	TriCo Bancshares		297,215
3,781	Triumph Financial, Inc.*		283,575
5,505	TrustCo Bank Corp.		150,231
12,550	Trustmark Corp.		337,093
7,344	Two Harbors Investment Corp. REIT		93,048
8,542	UMB Financial Corp.		697,113
17,483	United Bankshares, Inc.		606,485
15,220	United Community Banks, Inc.		395,872
6,472	Unity Bancorp, Inc.		177,203
8,062	Universal Insurance Holdings, Inc.		162,772
6,548	Univest Financial Corp.		131,091
4,323	Upstart Holdings, Inc.*(a)		111,317
68,516	Valley National Bancorp		561,146
9,644	Veritex Holdings, Inc.		189,312
4,228	Victory Capital Holdings, Inc., Class A		162,482
4,413	Virginia National Bankshares Corp.		134,243
2,421	Virtus Investment Partners, Inc.		562,447
14,535	WaFd, Inc.		395,933
4,699	Walker & Dunlop, Inc.		448,191
6,473	Washington Trust Bancorp, Inc.		166,615
15,950	Waterstone Financial, Inc.		201,768
11,397	WesBanco, Inc.		330,285
12,359	West BanCorp, Inc.		215,047
7,903	Westamerica BanCorp		361,246
48,215	WisdomTree, Inc.		388,613
803	World Acceptance Corp.*		96,167
12,294	WSFS Financial Corp.		521,143
			84,280,716
Health Care – 11.4%
3,406	4D Molecular Therapeutics, Inc.*		95,436
39,019	ACADIA Pharmaceuticals, Inc.*		906,802
18,947	AdaptHealth Corp.*		193,828
3,557	Addus HomeCare Corp.*		328,240
34,604	ADMA Biologics, Inc.*		185,477
16,630	Alignment Healthcare, Inc.*		99,780
50,461	Alkermes PLC*		1,498,187
17,564	Alphatec Holdings, Inc.*		235,885
26,680	Amicus Therapeutics, Inc.*		342,038
13,075	AMN Healthcare Services, Inc.*		735,730
116,385	Amneal Pharmaceuticals, Inc.*		642,445
11,228	Amphastar Pharmaceuticals, Inc.*		522,888
19,466	Amylyx Pharmaceuticals, Inc.*		366,934
14,926	AngioDynamics, Inc.*		81,944
5,479	ANI Pharmaceuticals, Inc.*		370,764

  

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)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
Health Care – (continued)
12,276	Anika Therapeutics, Inc.*	$	298,061
4,780	Arcellx, Inc.*		314,620
12,742	Arcturus Therapeutics Holdings, Inc.*		493,880
23,933	Ardelyx, Inc.*		223,056
5,837	Arrowhead Pharmaceuticals, Inc.*		187,368
82,421	Assertio Holdings, Inc.*		72,852
4,355	Astrana Health, Inc.*		196,149
3,387	Astria Therapeutics, Inc.*		48,163
6,876	AtriCure, Inc.*		240,454
141	Atrion Corp.		51,887
14,909	Aurinia Pharmaceuticals, Inc. (Canada)*		85,279
12,462	Avanos Medical, Inc.*		231,419
12,956	Avita Medical, Inc.*		234,892
3,948	Axonics, Inc.*		268,227
4,756	Axsome Therapeutics, Inc.*		387,043
25,738	BioCryst Pharmaceuticals, Inc.*		144,905
4,125	Biohaven Ltd.*		198,577
3,489	Blueprint Medicines Corp.*		326,291
5,949	Bridgebio Pharma, Inc.*		203,158
6,804	Cabaletta Bio, Inc.*		155,676
41,567	CareDx, Inc.*		442,273
72,423	Catalyst Pharmaceuticals, Inc.*		1,160,941
2,250	Cerevel Therapeutics Holdings, Inc.*		92,250
63,662	Cerus Corp.*		138,783
8,296	Codexis, Inc.*		38,576
32,133	Collegium Pharmaceutical, Inc.*		1,179,602
13,110	Computer Programs and Systems, Inc.*		116,155
2,438	CONMED Corp.		195,820
48,398	Corcept Therapeutics, Inc.*		1,137,353
140	CorMedix, Inc.*		496
3,143	CorVel Corp.*		766,892
2,803	Crinetics Pharmaceuticals, Inc.*		114,755
27,695	Cross Country Healthcare, Inc.*		505,988
8,825	CryoPort, Inc.*		155,938
5,970	CVRx, Inc.*		117,191
10,923	Cymabay Therapeutics, Inc.*		351,611
3,673	Cytokinetics, Inc.*		265,338
1,601	Disc Medicine, Inc.*		109,941
62,900	Dynavax Technologies Corp.*		796,943
6,377	Eagle Pharmaceuticals, Inc.*		37,369
16,967	Embecta Corp.		242,289
10,759	Emergent BioSolutions, Inc.*		34,752
401	Enhabit, Inc.*		3,609
1,687	Enliven Therapeutics, Inc.*		26,941
9,184	Ensign Group, Inc. (The)		1,147,265
17,786	Entrada Therapeutics, Inc.*		235,309
8,644	Evolent Health, Inc., Class A*		293,118
31,583	Evolus, Inc.*		468,376
10,186	Fulgent Genetics, Inc.*		229,796
3,478	Glaukos Corp.*		308,116
5,657	Haemonetics Corp.*		412,848
17,906	Halozyme Therapeutics, Inc.*		712,838

Shares	Description	Value
Common Stocks – (continued)
Health Care – (continued)
18,969	Harmony Biosciences Holdings, Inc.*	$	608,905
36,572	Harvard Bioscience, Inc.*		158,357
8,750	HealthEquity, Inc.*		722,837
9,056	HealthStream, Inc.		247,048
10,508	Hims & Hers Health, Inc.*		137,024
3,709	Ideaya Biosciences, Inc.*		165,792
4,443	Immunovant, Inc.*		157,149
8,119	Inari Medical, Inc.*		374,448
16,793	InfuSystem Holdings, Inc.*		155,335
14,161	Inmode Ltd.*		311,542
46,167	Innoviva, Inc.*		705,432
8,695	Insmed, Inc.*		241,025
6,680	Integer Holdings Corp.*		736,737
3,797	Intellia Therapeutics, Inc.*		121,960
17,307	Intra-Cellular Therapies, Inc.*		1,203,183
2,587	iRadimed Corp.		108,576
6,418	iRhythm Technologies, Inc.*		761,496
72,888	Ironwood Pharmaceuticals, Inc.*		687,334
7,144	iTeos Therapeutics, Inc.*		76,512
10,329	Joint Corp. (The)*		101,844
90,435	Karyopharm Therapeutics, Inc.*		104,905
18,725	Kiniksa Pharmaceuticals Ltd., Class A*		395,846
1,245	Krystal Biotech, Inc.*		198,540
11,610	Lantheus Holdings, Inc.*		759,062
7,411	LeMaitre Vascular, Inc.		518,770
5,772	Ligand Pharmaceuticals, Inc.*		458,008
6,639	LivaNova PLC*		363,884
569	Madrigal Pharmaceuticals, Inc.*		134,398
7,813	Merit Medical Systems, Inc.*		595,351
1,985	Mesa Laboratories, Inc.		216,742
88,910	MiMedx Group, Inc.*		725,506
3,240	Mirum Pharmaceuticals, Inc.*		93,020
4,165	Morphic Holding, Inc.*		153,897
130,170	Multiplan Corp.*		145,790
36,952	Myriad Genetics, Inc.*		773,405
5,221	National HealthCare Corp.		515,104
8,023	National Research Corp.		323,487
17,325	Neogen Corp.*		297,817
11,590	NeoGenomics, Inc.*		180,804
6,002	Nevro Corp.*		87,389
2,065	Nuvalent, Inc., Class A*		173,708
58,294	Ocular Therapeutix, Inc.*		586,438
8,085	Olema Pharmaceuticals, Inc.*		100,254
9,356	Omega Therapeutics, Inc.*(a)		38,453
23,964	Omeros Corp.*(a)		107,838
1,368	OmniAb, Inc. 12.5 Earnout*(b)		—
1,368	OmniAb, Inc. 15.00 Earnout*(b)		—
5,749	Omnicell, Inc.*		150,854
86,554	OPKO Health, Inc.*(a)		86,554
22,633	Option Care Health, Inc.*		730,367
40,078	OraSure Technologies, Inc.*		288,361
64,341	Organogenesis Holdings, Inc.*		229,697
16,245	Orthofix Medical, Inc.*		212,160
22,384	Ovid therapeutics, Inc.*		76,106
19,883	Owens & Minor, Inc.*		483,753

  

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)
14,810	Pacific Biosciences of California, Inc.*(a)	$	81,899
15,759	Pacira BioSciences, Inc.*		468,357
20,962	Patterson Cos., Inc.		567,861
20,656	Pediatrix Medical Group, Inc.*		189,002
15,553	PetIQ, Inc.*		283,220
807	Phathom Pharmaceuticals, Inc.*		8,635
18,751	Phibro Animal Health Corp., Class A		242,450
9,548	Phreesia, Inc.*		236,313
24,853	Poseida Therapeutics, Inc.*		98,418
16,488	Prestige Consumer Healthcare, Inc.*		1,147,235
4,365	Privia Health Group, Inc.*		97,427
5,645	Progyny, Inc.*		206,155
5,620	Protagonist Therapeutics, Inc.*		170,736
52,508	Protalix BioTherapeutics, Inc.*		85,588
16,633	PTC Therapeutics, Inc.*		468,884
1,200	Pulmonx Corp.*(a)		11,064
3,950	Quanterix Corp.*		94,642
9,467	RadNet, Inc.*		358,421
5,145	REVOLUTION Medicines, Inc.*		151,675
4,848	Rhythm Pharmaceuticals, Inc.*		210,500
3,484	RxSight, Inc.*		190,122
3,550	Sanara Medtech, Inc.*		135,042
22,048	Sangamo Therapeutics, Inc.*		25,576
29,072	Savara, Inc.*(a)		146,814
5,118	Scholar Rock Holding Corp.*		79,329
3,273	Schrodinger, Inc.*		83,331
25	scPharmaceuticals, Inc.*		150
14,622	Select Medical Holdings Corp.		398,157
4,677	Semler Scientific, Inc.*		220,614
10,361	SI-BONE, Inc.*		179,763
43,075	SIGA Technologies, Inc.		224,421
11,525	Silk Road Medical, Inc.*		207,335
4,918	SpringWorks Therapeutics, Inc.*		242,261
9,155	STAAR Surgical Co.*		286,002
33,408	Supernus Pharmaceuticals, Inc.*		992,218
6,282	Surgery Partners, Inc.*		194,930
6,414	Surmodics, Inc.*		204,607
21,865	Tactile Systems Technology, Inc.*		333,441
6,870	Taro Pharmaceutical Industries Ltd.*		289,021
5,194	Tarsus Pharmaceuticals, Inc.*		198,515
10,454	Tela Bio, Inc.*		70,669
24,918	TG Therapeutics, Inc.*		429,088
12,667	Theravance Biopharma, Inc.*		119,956
1,499	TransMedics Group, Inc.*		122,318
1,617	UFP Technologies, Inc.*		336,837
18,818	UroGen Pharma Ltd.*(a)		344,934
2,553	US Physical Therapy, Inc.		271,307
51,038	Vanda Pharmaceuticals, Inc.*		228,140
14,292	Varex Imaging Corp.*		245,822
5,059	Vaxcyte, Inc.*		373,455
6,933	Vera Therapeutics, Inc.*		326,406
7,871	Veracyte, Inc.*		185,362
23,376	Vericel Corp.*		1,067,816

Shares	Description	Value
Common Stocks – (continued)
Health Care – (continued)
9,886	Verrica Pharmaceuticals, Inc.*(a)	$	52,099
31,915	Viemed Healthcare, Inc.*		270,001
7,819	Vigil Neuroscience, Inc.*		27,210
6,743	Viking Therapeutics, Inc.*		519,548
1,771	Vir Biotechnology, Inc.*		19,906
26,129	Voyager Therapeutics, Inc.*		217,393
6,655	Xencor, Inc.*		152,732
4,063	Xeris Biopharma Holdings, Inc.*		12,494
8,483	Y-mAbs Therapeutics, Inc.*		141,666
11,054	Zimvie, Inc.*		187,365
18,423	Zynex, Inc.*(a)		249,816
			56,679,082
Industrials – 20.1%
11,731	AAON, Inc.		985,169
7,161	AAR Corp.*		478,212
12,314	ABM Industries, Inc.		508,691
26,804	ACCO Brands Corp.		149,566
14,456	ACV Auctions, Inc., Class A*		256,594
2,710	AeroVironment, Inc.*		343,601
1,114	AerSale Corp.*		9,848
3,099	Alamo Group, Inc.		626,897
3,663	Albany International Corp., Class A		343,846
42,314	Alight, Inc., Class A*		381,249
10,622	Allient, Inc.		301,877
4,027	Alta Equipment Group, Inc.		46,230
4,132	American Woodmark Corp.*		414,192
27,479	API Group Corp.*		963,139
11,172	Apogee Enterprises, Inc.		639,150
11,555	Applied Industrial Technologies, Inc.		2,194,179
5,652	ArcBest Corp.		807,445
20,061	Archer Aviation, Inc., Class A*(a)		96,895
8,441	Arcosa, Inc.		700,603
3,200	Argan, Inc.		149,952
10,830	Array Technologies, Inc.*		147,721
12,094	ASGN, Inc.*		1,201,176
6,915	Astec Industries, Inc.		280,749
3,139	Asure Software, Inc.*(a)		29,255
12,650	Atkore, Inc.		2,142,910
4,896	AZZ, Inc.		356,429
3,533	Babcock & Wilcox Enterprises, Inc.*		4,522
7,021	Barnes Group, Inc.		245,314
2,565	Barrett Business Services, Inc.		312,904
12,788	Beacon Roofing Supply, Inc.*		1,098,361
5,916	Blue Bird Corp.*		200,197
8,418	BlueLinx Holdings, Inc.*		1,067,823
14,497	Boise Cascade Co.		1,970,287
9,669	Bowman Consulting Group Ltd.*		314,919
5,633	Brink’s Co. (The)		466,581
5,287	Casella Waste Systems, Inc., Class A*		476,359
8,876	CBIZ, Inc.*		670,404
6,775	CECO Environmental Corp.*		153,454
3,888	Chart Industries, Inc.*		555,440
9,282	Cimpress PLC (Ireland)*		909,729
8,227	Columbus McKinnon Corp.		343,642

  

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)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
Industrials – (continued)
8,471	Comfort Systems USA, Inc.	$	2,589,839
13,706	Commercial Vehicle Group, Inc.*		89,637
85,434	Conduent, Inc.*		293,893
3,870	Construction Partners, Inc., Class A*		186,070
34,213	CoreCivic, Inc.*		521,064
14,224	Costamare, Inc. (Monaco)		161,727
3,837	Covenant Logistics Group, Inc.		186,785
3,850	CRA International, Inc.		510,279
11,964	CSG Systems International, Inc.		652,756
4,298	CSW Industrials, Inc.		990,216
16,397	Deluxe Corp.		318,266
8,470	Distribution Solutions Group, Inc.*		266,043
65,371	DNOW, Inc.*		925,000
3,233	Douglas Dynamics, Inc.		81,148
2,481	Ducommun, Inc.*		118,393
13,871	DXP Enterprises, Inc.*		492,698
3,992	Dycom Industries, Inc.*		504,948
3,925	Eagle Bulk Shipping, Inc.		240,485
7,036	Encore Wire Corp.		1,695,676
22,448	Energy Recovery, Inc.*		350,862
14,841	Enerpac Tool Group Corp.		500,290
6,852	EnerSys		629,562
7,081	Ennis, Inc.		143,886
11,216	Enovix Corp.*(a)		109,356
4,259	Enpro, Inc.		663,637
3,438	ESCO Technologies, Inc.		350,298
4,080	EVI Industries, Inc.		87,842
31,216	ExlService Holdings, Inc.*		971,442
4,451	Exponent, Inc.		360,041
8,669	Federal Signal Corp.		710,078
10,011	First Advantage Corp.		156,772
5,214	Fluence Energy, Inc.*(a)		79,722
19,151	Fluor Corp.*		704,757
7,386	Forrester Research, Inc.*		148,976
10,319	Forward Air Corp.		383,144
11,499	Franklin Covey Co.*		439,032
11,694	Franklin Electric Co., Inc.		1,215,708
10,585	FTAI Aviation Ltd.		595,830
3,485	GATX Corp.		442,037
12,117	Genco Shipping & Trading Ltd.		247,187
7,491	Gencor Industries, Inc.*		122,777
49,448	GEO Group, Inc. (The)*		606,727
5,733	Gibraltar Industries, Inc.*		444,021
12,202	Global Industrial Co.		535,058
20,896	GMS, Inc.*		1,866,222
3,789	Gorman-Rupp Co. (The)		141,443
63,080	GrafTech International Ltd.		111,021
4,618	Granite Construction, Inc.		237,966
3,326	Greenbrier Cos., Inc. (The)		172,121
12,941	Griffon Corp.		923,987
6,983	H&E Equipment Services, Inc.		394,470
7,161	Heartland Express, Inc.		91,518
5,158	Heidrick & Struggles International, Inc.		175,372
3,275	Helios Technologies, Inc.		144,591
3,553	Herc Holdings, Inc.		563,790

Shares	Description	Value
Common Stocks – (continued)
Industrials – (continued)
10,114	Hillenbrand, Inc.	$	480,921
16,887	Hillman Solutions Corp.*		164,479
2,918	HireQuest, Inc.(a)		39,101
21,139	HNI Corp.		947,239
18,777	Hub Group, Inc., Class A*		798,586
38,173	Hudson Technologies, Inc.*		559,234
5,898	Huron Consulting Group, Inc.*		578,771
77	Hyster-Yale Materials Handling, Inc.		4,534
5,155	ICF International, Inc.		798,252
7,881	IES Holdings, Inc.*		866,280
22,427	Innodata, Inc.*(a)		165,960
8,898	Insperity, Inc.		905,727
6,678	Insteel Industries, Inc.		243,146
23,072	Interface, Inc.		362,692
23,283	Janus International Group, Inc.*		334,111
20,782	JELD-WEN Holding, Inc.*		378,232
33,770	Joby Aviation, Inc.*(a)		189,787
5,026	John Bean Technologies Corp.		510,038
3,859	Kadant, Inc.		1,301,641
5,125	Kaman Corp.		234,776
16,545	Kelly Services, Inc., Class A		405,849
10,300	Kennametal, Inc.		259,972
14,051	Kforce, Inc.		978,512
10,376	Korn Ferry		660,536
9,889	Kratos Defense & Security Solutions, Inc.*		180,375
34,472	Legalzoom.com, Inc.*		427,453
18,976	Leonardo DRS, Inc.*		430,945
3,706	Limbach Holdings, Inc.*		182,483
1,967	Lindsay Corp.		234,683
24,662	LSI Industries, Inc.		355,873
11,266	Manitowoc Co., Inc. (The)*		157,048
7,452	Marten Transport Ltd.		140,470
4,842	Masonite International Corp.*		630,622
12,051	Masterbrand, Inc.*		208,603
9,703	Matson, Inc.		1,077,518
6,814	Matthews International Corp., Class A		197,197
11,468	Maximus, Inc.		959,413
4,294	Mayville Engineering Co., Inc.*		52,559
2,541	McGrath RentCorp		316,304
2,697	Miller Industries, Inc.		121,392
14,793	MillerKnoll, Inc.		451,926
17,923	Mistras Group, Inc.*		155,034
5,707	Moog, Inc., Class A		855,765
32,308	MRC Global, Inc.*		372,511
34,666	Mueller Industries, Inc.		1,781,139
21,069	Mueller Water Products, Inc., Class A		327,623
4,727	MYR Group, Inc.*		767,948
1,319	National Presto Industries, Inc.		101,998
4,452	NEXTracker, Inc., Class A*		250,380
5,309	Northwest Pipe Co.*		158,367
3,836	NV5 Global, Inc.*		390,160
2,853	Omega Flex, Inc.		198,711
12,084	OPENLANE, Inc.*		184,523

  

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)
Industrials – (continued)
3,444	PAM Transportation Services, Inc.*	$	63,783
8,517	Pangaea Logistics Solutions Ltd.		71,372
9,878	Parsons Corp.*		796,266
20,768	PGT Innovations, Inc.*		867,479
4,809	Powell Industries, Inc.		890,819
2,317	Preformed Line Products Co.		318,541
12,269	Primoris Services Corp.		484,748
6,396	Proto Labs, Inc.*		233,006
15,041	Quanex Building Products Corp.		520,118
34,531	Radiant Logistics, Inc.*		200,280
26,663	Resideo Technologies, Inc.*		595,385
29,201	Resources Connection, Inc.		403,850
15,722	REV Group, Inc.		324,502
26,321	Rocket Lab USA, Inc.*(a)		120,682
20,488	Rush Enterprises, Inc., Class A		997,766
9,001	Rush Enterprises, Inc., Class B		453,920
34,409	RXO, Inc.*		740,482
44,173	Safe Bulkers, Inc. (Greece)		204,963
7,503	Shoals Technologies Group, Inc., Class A*		96,263
18,960	Shyft Group, Inc. (The)		195,478
10,481	Simpson Manufacturing Co., Inc.		2,187,175
6,244	SkyWest, Inc.*		400,990
7,404	SP Plus Corp.*		380,640
6,200	Spirit Airlines, Inc.		39,990
6,529	SPX Technologies, Inc.*		765,134
2,372	Standex International Corp.		410,356
32,777	Steelcase, Inc., Class A		450,356
8,014	Sterling Infrastructure, Inc.*		854,613
7,761	Tennant Co.		878,468
13,101	Terex Corp.		751,342
10,589	Textainer Group Holdings Ltd. (China)		528,391
7,033	Thermon Group Holdings, Inc.*		191,931
14,630	Titan International, Inc.*		186,679
14,346	Titan Machinery, Inc.*		361,950
6,012	Transcat, Inc.*		632,222
6,260	TriNet Group, Inc.*		801,343
5,901	Trinity Industries, Inc.		149,767
7,982	Triumph Group, Inc.*		110,950
28,320	TrueBlue, Inc.*		332,760
4,826	TTEC Holdings, Inc.		84,214
16,465	Tutor Perini Corp.*		186,548
16,307	UFP Industries, Inc.		1,869,271
2,827	UniFirst Corp.		476,971
22,558	Upwork, Inc.*		295,510
6,797	V2X, Inc.*		261,685
20,884	Verra Mobility Corp.*		451,512
7,021	Vicor Corp.*		261,462
16,101	Wabash National Corp.		439,235
7,612	Watts Water Technologies, Inc., Class A		1,552,467
7,851	Werner Enterprises, Inc.		315,139
7,951	Willdan Group, Inc.*		166,017
11,497	Zurn Elkay Water Solutions Corp.		365,030
			99,549,197

Shares	Description	Value
Common Stocks – (continued)
Information Technology – 13.8%
107,228	8x8, Inc.*	$	303,455
44,981	A10 Networks, Inc.		598,697
19,100	ACI Worldwide, Inc.*		628,581
5,359	ACM Research, Inc., Class A*		165,700
33,537	Adeia, Inc.		380,310
6,871	Advanced Energy Industries, Inc.		695,345
6,455	Aehr Test Systems*		105,023
8,575	Agilysys, Inc.*		667,135
9,895	Alarm.com Holdings, Inc.*		748,953
4,076	Alkami Technology, Inc.*		101,696
9,924	Alpha & Omega Semiconductor Ltd.*		217,336
9,777	Altair Engineering, Inc., Class A*		831,827
4,063	Ambarella, Inc.*		226,919
11,604	American Software, Inc., Class A		130,197
30,496	Amkor Technology, Inc.		945,986
5,135	Appfolio, Inc., Class A*		1,243,132
9,807	Appian Corp., Class A*		341,774
18,639	Applied Digital Corp.*(a)		77,352
33,792	Arlo Technologies, Inc.*		351,775
14,709	Asana, Inc., Class A*		289,767
43,942	Aurora Innovation, Inc.*		111,613
8,706	Axcelis Technologies, Inc.*		980,905
7,200	Badger Meter, Inc.		1,142,568
5,647	Bel Fuse, Inc., Class B		293,475
7,364	Belden, Inc.		627,266
10,977	Benchmark Electronics, Inc.		337,104
15,340	BigCommerce Holdings, Inc., Series 1*		118,885
42,997	Bit Digital, Inc. (China)*(a)		111,792
7,824	Blackbaud, Inc.*		541,264
2,299	BlackLine, Inc.*		130,422
31,480	Box, Inc., Class A*		811,869
4,414	Braze, Inc., Class A*		251,157
36,372	Brightcove, Inc.*		80,564
4,618	C3.ai, Inc., Class A*(a)		170,727
13,865	Calix, Inc.*		483,473
1,979	Cambium Networks Corp.*		8,411
5,715	Cerence, Inc.*		85,153
5,473	CEVA, Inc.*		123,909
10,508	Cleanspark, Inc.*		175,694
6,225	Clearfield, Inc.*(a)		187,808
2,836	Climb Global Solutions, Inc.		192,763
13,180	Cohu, Inc.*		423,473
12,914	CommVault Systems, Inc.*		1,235,999
7,115	Consensus Cloud Solutions, Inc.*		113,271
5,313	CoreCard Corp.*		67,794
6,538	Corsair Gaming, Inc.*		84,667
9,911	Couchbase, Inc.*		278,301
3,081	CPI Card Group, Inc.*		58,231
7,850	Credo Technology Group Holding Ltd.*		169,089
6,552	CTS Corp.		291,957
19,218	Daktronics, Inc.*		166,812
11,385	Digi International, Inc.*		336,541
27,059	Digital Turbine, Inc.*		85,777
2,945	DigitalOcean Holdings, Inc.*		111,674

  

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)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
Information Technology – (continued)
13,269	Diodes, Inc.*	$	902,027
25,868	Domo, Inc., Class B*		297,741
18,351	eGain Corp.*		112,492
6,023	Envestnet, Inc.*		310,365
8,403	ePlus, Inc.*		692,323
5,193	Everbridge, Inc.*		146,806
50,970	Extreme Networks, Inc.*		644,261
5,100	Fabrinet (Thailand)*		1,099,407
8,019	Fastly, Inc., Class A*		114,030
16,097	FormFactor, Inc.*		692,654
14,254	Freshworks, Inc., Class A*		291,352
15,310	Grid Dynamics Holdings, Inc.*		206,532
21,650	Hackett Group, Inc. (The)		535,188
29,307	Harmonic, Inc.*		384,801
7,679	Ichor Holdings Ltd.*		328,661
3,527	Immersion Corp.		23,807
6,426	Impinj, Inc.*		701,848
46,197	Infinera Corp.*		231,909
32,673	Information Services Group, Inc.		141,474
8,281	Insight Enterprises, Inc.*		1,556,828
3,160	Intapp, Inc.*		123,967
4,926	InterDigital, Inc.		527,181
10,034	inTEST Corp.*		117,197
9,205	IonQ, Inc.*(a)		95,364
4,773	Itron, Inc.*		442,362
9,644	Kimball Electronics, Inc.*		217,086
22,891	Knowles Corp.*		374,039
13,152	Kulicke & Soffa Industries, Inc. (Singapore)		626,298
11,681	LiveRamp Holdings, Inc.*		408,601
22,318	Luna Innovations, Inc.*		151,316
6,271	MACOM Technology Solutions Holdings, Inc.*		553,917
8,942	Marathon Digital Holdings, Inc.*		231,598
28,061	MaxLinear, Inc.*		545,506
9,411	Methode Electronics, Inc.		200,454
618	MicroStrategy, Inc., Class A*		632,115
19,900	Mitek Systems, Inc.*		231,039
7,610	Model N, Inc.*		186,902
9,526	N-able, Inc.*		128,315
19,698	Napco Security Technologies, Inc.		887,001
15,103	Navitas Semiconductor Corp.*		92,732
9,328	NETGEAR, Inc.*		139,827
17,794	NetScout Systems, Inc.*		385,240
5,785	Novanta, Inc.*		1,000,458
3,042	NVE Corp.		254,281
14,168	OneSpan, Inc.*		136,154
9,125	Onto Innovation, Inc.*		1,680,460
3,822	OSI Systems, Inc.*		501,370
6,429	PagerDuty, Inc.*		155,325
2,361	PAR Technology Corp.*		103,459
10,622	PC Connection, Inc.		705,088
10,267	PDF Solutions, Inc.*		348,975
8,557	Perficient, Inc.*		555,093
26,618	Photronics, Inc.*		766,332
5,628	Plexus Corp.*		531,283
10,801	Power Integrations, Inc.		771,839

Shares	Description	Value
Common Stocks – (continued)
Information Technology – (continued)
4,653	PowerSchool Holdings, Inc., Class A*	$	97,201
12,428	Progress Software Corp.		663,158
6,746	PROS Holdings, Inc.*		241,169
4,056	Q2 Holdings, Inc.*		187,509
6,837	Qualys, Inc.*		1,175,007
54,400	Rackspace Technology, Inc.*		114,784
24,031	Rambus, Inc.*		1,423,596
8,104	Rapid7, Inc.*		474,732
1,983	Red Violet, Inc.*		35,416
42,764	Ribbon Communications, Inc.*		127,864
3,813	Richardson Electronics Ltd.		33,516
13,064	Riot Platforms, Inc.*		184,464
1,430	Rogers Corp.*		160,260
10,876	Sanmina Corp.*		687,363
8,871	Sapiens International Corp. NV (Israel)		272,961
8,806	ScanSource, Inc.*		380,683
20,378	SEMrush Holdings, Inc., Class A*		254,317
4,418	Silicon Laboratories, Inc.*		607,652
812	SiTime Corp.*		75,110
17,471	SMART Global Holdings, Inc.*		371,608
18,189	SolarWinds Corp.*		217,177
5,067	SoundThinking, Inc.*		88,115
20,907	Sprinklr, Inc., Class A*		272,418
7,246	Sprout Social, Inc., Class A*		447,948
7,975	SPS Commerce, Inc.*		1,476,651
11,675	Squarespace, Inc., Class A*		388,544
7,610	Super Micro Computer, Inc.*		6,591,173
8,805	Synaptics, Inc.*		881,381
15,078	Tenable Holdings, Inc.*		726,156
65,124	Terawulf, Inc.*(a)		122,108
31,239	Thoughtworks Holding, Inc.*		97,466
30,225	TTM Technologies, Inc.*		448,841
4,874	Turtle Beach Corp.*		52,054
11,827	Ultra Clean Holdings, Inc.*		510,926
30,529	Unisys Corp.*		158,446
14,637	Varonis Systems, Inc.*		743,560
10,450	Veeco Instruments, Inc.*		378,395
12,958	Verint Systems, Inc.*		409,602
37,677	Viavi Solutions, Inc.*		359,815
27,471	Vishay Intertechnology, Inc.		597,494
7,688	Vishay Precision Group, Inc.*		265,620
10,861	Weave Communications, Inc.*		136,088
7,701	Workiva, Inc.*		663,210
24,181	Xerox Holdings Corp.		450,976
12,186	Xperi, Inc.*		133,559
44,850	Yext, Inc.*		265,512
34,520	Zeta Global Holdings Corp., Class A*		362,460
23,203	Zuora, Inc., Class A*		187,480
			68,665,593
Materials – 4.6%
8,822	AdvanSix, Inc.		246,840
5,672	Alpha Metallurgical Resources, Inc.		2,139,762
18,517	American Vanguard Corp.		198,502

  

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)
30,963	Arcadium Lithium PLC (Jersey)*	$	169,987
6,394	Arch Resources, Inc.		1,056,864
10,488	ATI, Inc.*		515,800
15,503	Avient Corp.		627,561
3,485	Balchem Corp.		547,807
9,488	Cabot Corp.		806,006
6,746	Carpenter Technology Corp.		436,129
5,837	Clearwater Paper Corp.*		229,336
27,364	Commercial Metals Co.		1,477,656
18,112	Constellium SE*		351,192
7,241	Core Molding Technologies, Inc.*		133,017
21,162	Ecovyst, Inc.*		204,213
5,498	Greif, Inc., Class A		354,401
5,035	Hawkins, Inc.		353,709
515	Haynes International, Inc.		30,606
8,712	HB Fuller Co.		692,865
37,470	Hecla Mining Co.		132,644
7,080	Ingevity Corp.*		323,414
7,513	Innospec, Inc.		933,641
1,585	Kaiser Aluminum Corp.		114,944
3,595	Knife River Corp.*		266,354
4,873	Koppers Holdings, Inc.		275,909
12,336	LSB Industries, Inc.*		90,793
4,193	Materion Corp.		563,204
9,312	Mativ Holdings, Inc.		161,749
20,256	Metallus, Inc.*		440,568
6,216	Minerals Technologies, Inc.		449,790
32,230	Myers Industries, Inc.		619,783
22,417	O-I Glass, Inc.*		379,296
8,980	Olympic Steel, Inc.		610,820
24,127	Orion SA (Germany)		543,823
12,829	Pactiv Evergreen, Inc.		189,228
1,417	Quaker Chemical Corp.		284,108
12,097	Radius Recycling, Inc., Class A		239,037
16,531	Ramaco Resources, Inc., Class A		290,615
2,328	Ramaco Resources, Inc., Class B		27,936
36,297	Rayonier Advanced Materials, Inc.*		123,047
20,035	Ryerson Holding Corp.		632,705
8,113	Sensient Technologies Corp.		542,597
1,744	Stepan Co.		155,565
15,448	Summit Materials, Inc., Class A*		659,784
38,427	SunCoke Energy, Inc.		411,553
4,335	Sylvamo Corp.		261,877
9,326	TriMas Corp.		219,161
2,643	Trinseo PLC		11,893
16,960	Tronox Holdings PLC		249,312
1,921	United States Lime & Minerals, Inc.		489,817
21,399	Warrior Met Coal, Inc.		1,219,101
6,776	Worthington Steel, Inc.*		214,528
			22,700,849
Real Estate – 5.4%
18,334	Acadia Realty Trust REIT		300,494
27,339	Alexander & Baldwin, Inc. REIT		444,532
531	Alexander’s, Inc. REIT		117,378

Shares	Description	Value
Common Stocks – (continued)
Real Estate – (continued)
5,559	Alpine, Inc.ome Property Trust, Inc. REIT	$	86,776
10,445	American Assets Trust, Inc. REIT		225,299
33,686	Anywhere Real Estate, Inc.*		211,211
44,605	Apartment Investment and Management Co., Class A REIT*		329,185
42,503	Apple Hospitality REIT, Inc. REIT		683,873
10,643	Armada Hoffler Properties, Inc. REIT		108,346
15,323	Braemar Hotels & Resorts, Inc. REIT		34,937
27,125	Brandywine Realty Trust REIT		116,638
24,764	Broadstone Net Lease, Inc. REIT		369,231
8,757	BRT Apartments Corp. REIT		135,558
18,938	CareTrust REIT, Inc. REIT		427,241
8,066	CBL & Associates Properties, Inc. REIT		186,002
2,552	Centerspace REIT		141,866
16,126	Chatham Lodging Trust REIT		164,485
22,539	City Office REIT, Inc. REIT		103,229
5,923	Community Healthcare Trust, Inc. REIT		160,750
150,023	Compass, Inc., Class A*		592,591
19,519	COPT Defense Properties REIT		472,945
10,960	CTO Realty Growth, Inc. REIT		186,868
37,384	Cushman & Wakefield PLC*		373,466
42,628	DiamondRock Hospitality Co. REIT		400,703
9,245	DigitalBridge Group, Inc.		169,831
70,379	Douglas Elliman, Inc.		129,497
24,201	Douglas Emmett, Inc. REIT		319,937
13,884	Easterly Government Properties, Inc. REIT		163,831
10,254	Elme Communities REIT		132,072
39,928	Empire State Realty Trust, Inc., Class A REIT		398,082
12,883	Equity Commonwealth REIT*		242,587
19,197	Essential Properties Realty Trust, Inc. REIT		458,616
48,659	eXp World Holdings, Inc.(a)		637,433
11,055	Farmland Partners, Inc. REIT		130,449
11,239	Forestar Group, Inc.*		378,979
15,511	Four Corners Property Trust, Inc. REIT		375,056
3,691	FRP Holdings, Inc.*		222,198
8,387	Getty Realty Corp. REIT		221,081
11,225	Gladstone Commercial Corp. REIT		138,966
3,783	Gladstone Land Corp. REIT		49,217
9,426	Global Medical REIT, Inc. REIT		84,363
46,328	Global Net Lease, Inc. REIT		334,025
24,782	Hudson Pacific Properties, Inc. REIT		157,118
25,667	Independence Realty Trust, Inc. REIT		375,765

  

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)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
Real Estate – (continued)
3,842	Innovative Industrial Properties, Inc. REIT	$	376,478
8,756	InvenTrust Properties Corp. REIT		221,089
15,648	JBG SMITH Properties REIT		259,444
8,172	Kennedy-Wilson Holdings, Inc.		71,750
37,101	Kite Realty Group Trust REIT		794,332
7,048	LTC Properties, Inc. REIT		221,730
37,861	LXP Industrial Trust REIT		327,876
32,081	Macerich Co. (The) REIT		526,449
19,201	Marcus & Millichap, Inc.		704,485
6,897	National Health Investors, Inc. REIT		396,371
21,562	Newmark Group, Inc., Class A		232,654
5,892	NexPoint Residential Trust, Inc. REIT		172,105
17,395	Office Properties Income Trust REIT		46,445
37,616	Opendoor Technologies, Inc.*		115,857
17,036	Orion Office REIT, Inc. REIT		59,796
27,152	Outfront Media, Inc. REIT		390,174
41,726	Paramount Group, Inc. REIT		184,846
21,543	Pebblebrook Hotel Trust REIT		341,241
14,891	Phillips Edison & Co., Inc. REIT		531,907
26,985	Piedmont Office Realty Trust, Inc., Class A REIT		169,196
6,351	Plymouth Industrial REIT, Inc. REIT		136,991
11,225	Postal Realty Trust, Inc., Class A REIT		160,742
21,101	PotlatchDeltic Corp. REIT		953,976
14,606	RE/MAX Holdings, Inc., Class A		124,589
16,438	Redfin Corp.*		116,792
20,372	Retail Opportunity Investments Corp. REIT		263,410
27,151	RLJ Lodging Trust REIT		322,282
11,234	RMR Group, Inc. (The), Class A		274,896
9,409	Ryman Hospitality Properties, Inc. REIT		1,114,778
35,840	Sabra Health Care REIT, Inc. REIT		497,459
2,482	Saul Centers, Inc. REIT		89,824
42,869	Service Properties Trust REIT		291,509
29,331	SITE Centers Corp. REIT		398,315
5,033	SL Green Realty Corp. REIT		244,000
5,957	St Joe Co. (The)		320,904
35,417	Summit Hotel Properties, Inc. REIT		227,377
36,315	Sunstone Hotel Investors, Inc. REIT		406,365
22,155	Tanger, Inc. REIT		638,286
10,298	Terreno Realty Corp. REIT		662,161
10,786	UMH Properties, Inc. REIT		166,104
62,648	Uniti Group, Inc. REIT		367,117
2,956	Universal Health Realty Income Trust REIT		114,634
15,128	Urban Edge Properties REIT		257,327
20,030	Veris Residential, Inc. REIT		292,438

Shares	Description	Value
Common Stocks – (continued)
Real Estate – (continued)
21,331	Whitestone REIT	$	262,798
23,920	Xenia Hotels & Resorts, Inc. REIT		366,933
			26,708,939
Utilities – 2.8%
12,298	ALLETE, Inc.		696,559
9,403	American States Water Co.		671,468
13,709	Avista Corp.		455,139
13,236	Black Hills Corp.		688,669
26,266	Brookfield Infrastructure Corp., Class A (Canada)(a)		871,243
9,025	California Water Service Group		414,157
4,613	Chesapeake Utilities Corp.		470,664
14,318	Consolidated Water Co. Ltd. (Cayman Islands)		423,240
19,013	Genie Energy Ltd., Class B		346,797
7,452	MGE Energy, Inc.		470,892
3,029	Middlesex Water Co.		154,146
53,465	Montauk Renewables, Inc.*		303,681
16,735	New Jersey Resources Corp.		696,343
5,332	Northwest Natural Holding Co.		195,898
10,915	Northwestern Energy Group, Inc.		523,047
13,513	ONE Gas, Inc.		805,375
10,278	Ormat Technologies, Inc.		669,612
13,297	Otter Tail Corp.		1,202,847
17,718	PNM Resources, Inc.		646,884
19,631	Portland General Electric Co.		788,577
17,901	Pure Cycle Corp.*		178,473
3,819	RGC Resources, Inc.		71,644
5,353	SJW Group		294,736
11,373	Southwest Gas Holdings, Inc.		775,070
9,333	Spire, Inc.		553,634
5,056	Unitil Corp.		257,654
4,822	York Water Co. (The)		170,699
			13,797,148
TOTAL COMMON STOCKS (Cost $444,247,613)			491,871,940

Units	Description	Expiration Month		Value
Rights – 0.0%
Health Care* – 0.0%
4,104	Chinook Therapeutics, Inc.*(b)		12/25		1,601
45,824	Radius Health, Inc.*(b)		12/25		3,666
					5,267
Materials – 0.0%
15,501	Resolute Forest Products*(b)		09/23		22,011
TOTAL RIGHTS (Cost $0)					27,278

  

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

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

 

 

 

 

 

 

 

Shares	Dividend Rate	Value
Investment Company – 0.6%(c)
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares
3,112,940	5.195%	$	3,112,940
(Cost $3,112,940)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $447,360,553)			495,012,158

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.8%(c)
Goldman Sachs Financial Square Government Fund - Institutional Shares
4,158,292	5.219%	$	4,158,292
(Cost $4,158,292)
TOTAL INVESTMENTS – 100.6%
(Cost $451,518,845)		$	499,170,450
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.6)%			(2,893,545)
NET ASSETS – 100.0%		$	496,276,905

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

* Non-income producing security.

(a) All or a portion of security is on loan.

(b) Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

(c) Represents an affiliated issuer.

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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 29, 2024, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
Russell 2000 E-Mini Index	38	03/15/24	$	3,908,870	$	109,636

  

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

GOLDMAN SACHS ACTIVEBETA^® WORLD LOW VOL PLUS EQUITY ETF

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – 99.4%
Australia – 2.5%
54,542	ANZ Group Holdings Ltd. (Financials)	$	1,010,403
117,370	Brambles Ltd. (Industrials)		1,151,732
295,256	Coles Group Ltd. (Consumer Staples)		3,249,126
39,122	EBOS Group Ltd. (Health Care)		880,706
176,523	Insurance Australia Group Ltd. (Financials)		712,647
195,383	Lottery Corp. Ltd. (The) (Consumer Discretionary)		646,296
684,242	Medibank Pvt Ltd. (Financials)		1,599,504
64,778	National Australia Bank Ltd. (Financials)		1,427,378
33,175	Sonic Healthcare Ltd. (Health Care)		644,817
820,013	Telstra Group Ltd. (Communication Services)		2,039,695
109,478	Wesfarmers Ltd. (Consumer Discretionary)		4,750,540
30,866	Westpac Banking Corp. (Financials)		529,593
119,847	Woolworths Group Ltd. (Consumer Staples)		2,545,613
			21,188,050
Austria – 0.1%
9,821	Vienna Insurance Group AG Wiener Versicherung Gruppe (Financials)		285,357
27,498	Wienerberger AG (Materials)		961,150
			1,246,507
Belgium – 0.2%
6,088	Ackermans & van Haaren NV (Industrials)		1,023,137
19,947	Warehouses De Pauw CVA REIT (Real Estate)		532,734
			1,555,871
Canada – 3.5%
36,861	Bank of Nova Scotia (The) (Financials)		1,788,493
6,319	Brookfield Asset Management Ltd., Class A (Financials)(a)		257,680
34,317	Canadian Imperial Bank of Commerce (Financials)		1,624,830
35,488	CGI, Inc. (Information Technology)*		4,076,927
9,398	George Weston Ltd. (Consumer Staples)		1,231,680
74,232	Great-West Lifeco, Inc. (Financials)(a)		2,287,682
15,231	Hydro One Ltd. (Utilities)(b)		454,229
2,472	Intact Financial Corp. (Financials)		411,310
33,150	Loblaw Cos. Ltd. (Consumer Staples)		3,535,088
27,096	Manulife Financial Corp. (Financials)		643,464

Shares	Description	Value
Common Stocks – (continued)
Canada – (continued)
15,411	Metro, Inc. (Consumer Staples)	$	834,888
25,658	National Bank of Canada (Financials)		2,003,872
96,333	Power Corp. of Canada (Financials)		2,784,839
22,234	Royal Bank of Canada (Financials)		2,160,535
34,560	Sun Life Financial, Inc. (Financials)(a)		1,836,609
10,434	Thomson Reuters Corp. (Industrials)		1,648,085
21,072	Toronto-Dominion Bank (The) (Financials)		1,266,013
			28,846,224
Denmark – 0.0%
6,466	Tryg A/S (Financials)		137,519
Finland – 0.4%
3,145	Elisa OYJ (Communication Services)		141,784
29,190	Orion OYJ, Class B (Health Care)		1,149,802
24,493	Sampo OYJ, Class A (Financials)		1,096,516
29,489	UPM-Kymmene OYJ (Materials)		987,024
			3,375,126
France – 2.5%
9,449	Air Liquide SA (Materials)		1,921,322
82,613	AXA SA (Financials)		2,939,462
42,048	Bouygues SA (Industrials)		1,664,018
7,002	Capgemini SE (Information Technology)		1,702,601
84,977	Cie Generale des Etablissements Michelin SCA (Consumer Discretionary)		3,144,040
12,328	Danone SA (Consumer Staples)		787,371
4,537	Dassault Systemes (Information Technology)		212,026
3,755	Legrand SA (Industrials)		379,935
5,650	L’Oreal SA (Consumer Staples)		2,700,620
377,989	Orange SA (Communication Services)		4,338,288
6,479	Thales SA (Industrials)		960,892
			20,750,575
Germany – 1.9%
5,363	Allianz SE (Financials)		1,473,237
13,091	Beiersdorf AG (Consumer Staples)		1,877,760
7,390	Deutsche Boerse AG (Financials)		1,548,237
133,500	Deutsche Telekom AG (Communication Services)		3,176,109
159,813	E.ON SE (Utilities)		2,042,441
3,547	Hannover Rueck SE (Financials)		910,849

  

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

GOLDMAN SACHS ACTIVEBETA^® WORLD LOW VOL PLUS EQUITY ETF

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Germany – (continued)
4,208	Henkel AG & Co. KGaA (Consumer Staples)	$	284,150
3,776	Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen (Financials)		1,758,700
11,399	SAP SE (Information Technology)		2,132,550
14,083	Talanx AG (Financials)		1,005,835
			16,209,868
Hong Kong – 0.1%
10,637	CK Asset Holdings Ltd. (Real Estate)		49,117
62,073	CLP Holdings Ltd. (Utilities)		517,354
55,368	Power Assets Holdings Ltd. (Utilities)		333,108
			899,579
Ireland – 0.1%
5,238	Kerry Group PLC, Class A (Consumer Staples)		459,926
Israel – 0.6%
17,350	Check Point Software Technologies Ltd. (Information Technology)*		2,783,287
14,286	First International Bank Of Israel Ltd. (The) (Financials)		616,383
153,002	Mivne Real Estate KD Ltd. (Real Estate)		410,564
41,241	Mizrahi Tefahot Bank Ltd. (Financials)		1,631,581
			5,441,815
Italy – 0.7%
193,231	Assicurazioni Generali SpA (Financials)		4,583,581
110,359	Enel SpA (Utilities)		702,577
29,585	Terna - Rete Elettrica Nazionale (Utilities)		231,920
116,524	UnipolSai Assicurazioni SpA (Financials)		335,669
			5,853,747
Japan – 7.9%
6,893	Aeon Co. Ltd. (Consumer Staples)(a)		164,645
115,131	ANA Holdings, Inc. (Industrials)*(a)		2,510,774
77,195	Astellas Pharma, Inc. (Health Care)		851,791
73,731	Bridgestone Corp. (Consumer Discretionary)		3,175,453
169,234	Canon, Inc. (Information Technology)		4,949,136
32,261	Central Japan Railway Co. (Industrials)		812,399
71,098	Chubu Electric Power Co., Inc. (Utilities)		886,647

Shares	Description	Value
Common Stocks – (continued)
Japan – (continued)
43,051	Daiwa House Industry Co. Ltd. (Real Estate)	$	1,245,479
174,576	Daiwa Securities Group, Inc. (Financials)		1,285,380
15,030	FUJIFILM Holdings Corp. (Information Technology)		956,309
3,139	Fujitsu Ltd. (Information Technology)		490,449
21,666	Hankyu Hanshin Holdings, Inc. (Industrials)		624,922
22,281	Haseko Corp. (Consumer Discretionary)		276,075
61,082	Hulic Co. Ltd. (Real Estate)		609,310
104,936	Japan Post Bank Co. Ltd. (Financials)		1,120,032
298,803	Japan Post Holdings Co. Ltd. (Financials)		2,887,810
126,892	Japan Tobacco, Inc. (Consumer Staples)		3,299,684
45,429	KDDI Corp. (Communication Services)		1,382,265
27,839	Kirin Holdings Co. Ltd. (Consumer Staples)		387,722
199,857	Kyocera Corp. (Information Technology)		2,943,708
46,710	Kyushu Electric Power Co., Inc. (Utilities)*		381,838
16,426	Kyushu Railway Co. (Industrials)		377,863
22,195	McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary)		1,033,602
25,484	MEIJI Holdings Co. Ltd. (Consumer Staples)		574,995
226,661	Mitsubishi HC Capital, Inc. (Financials)		1,564,380
51,303	MS&AD Insurance Group Holdings, Inc. (Financials)		2,539,956
15,236	NH Foods Ltd. (Consumer Staples)		534,029
3,969,391	Nippon Telegraph & Telephone Corp. (Communication Services)		4,834,770
57,049	Nisshin Seifun Group, Inc. (Consumer Staples)		790,918
121,048	Obayashi Corp. (Industrials)		1,172,306
120,861	Oji Holdings Corp. (Materials)		473,447
68,967	Ono Pharmaceutical Co. Ltd. (Health Care)		1,146,455
31,384	Osaka Gas Co. Ltd. (Utilities)		627,806
69,877	Otsuka Holdings Co. Ltd. (Health Care)		2,839,526
16,941	SCSK Corp. (Information Technology)		312,402
10,423	Secom Co. Ltd. (Industrials)		760,467
53,962	Sekisui Chemical Co. Ltd. (Consumer Discretionary)		760,379
83,032	Sekisui House Ltd. (Consumer Discretionary)		1,852,922

  

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

GOLDMAN SACHS ACTIVEBETA^® WORLD LOW VOL PLUS EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
Japan – (continued)
7,924	Shionogi & Co. Ltd. (Health Care)	$	396,226
304,569	SoftBank Corp. (Communication Services)		4,013,913
150,272	Takeda Pharmaceutical Co. Ltd. (Health Care)		4,404,645
25,322	Tobu Railway Co. Ltd. (Industrials)		647,473
35,902	Trend Micro, Inc. (Information Technology)		1,781,307
22,722	USS Co. Ltd. (Consumer Discretionary)		395,551
145,165	Yamada Holdings Co. Ltd. (Consumer Discretionary)		417,833
			65,494,999
Netherlands – 1.4%
5,089	HAL Trust (Financials)		628,907
1,822	Heineken Holding NV (Consumer Staples)		140,778
166,148	Koninklijke Ahold Delhaize NV (Consumer Staples)		4,948,017
294,641	Koninklijke KPN NV (Communication Services)		1,078,655
32,396	Wolters Kluwer NV (Industrials)		5,113,113
			11,909,470
New Zealand – 0.1%
19,892	Mainfreight Ltd. (Industrials)		821,197
Norway – 0.6%
66,296	DNB Bank ASA (Financials)		1,327,890
50,462	Gjensidige Forsikring ASA (Financials)		797,928
47,401	SpareBank 1 SR-Bank ASA (Financials)		574,219
93,565	Storebrand ASA (Financials)		836,495
99,398	Telenor ASA (Communication Services)		1,089,704
			4,626,236
Portugal – 0.0%
22,251	EDP – Energias de Portugal SA (Utilities)		88,586
Singapore – 1.0%
8,473	DBS Group Holdings Ltd. (Financials)		210,029
254,610	Oversea-Chinese Banking Corp. Ltd. (Financials)		2,457,860
281,620	Singapore Airlines Ltd. (Industrials)		1,355,110
222,793	Singapore Exchange Ltd. (Financials)		1,565,814
64,261	United Overseas Bank Ltd. (Financials)		1,335,784
97,906	UOL Group Ltd. (Real Estate)		428,876

Shares	Description	Value
Common Stocks – (continued)
Singapore – (continued)
76,500	Venture Corp. Ltd. (Information Technology)	$	796,519
			8,149,992
Spain – 0.6%
30,459	ACS Actividades de Construccion y Servicios SA (Industrials)		1,250,549
65,985	Iberdrola SA (Utilities)		758,328
34,799	Naturgy Energy Group SA (Utilities)		823,952
16,731	Redeia Corp. SA (Utilities)		266,150
432,563	Telefonica SA (Communication Services)		1,775,496
			4,874,475
Sweden – 0.7%
29,313	Axfood AB (Consumer Staples)		819,833
9,882	Essity AB, Class B (Consumer Staples)		230,828
6,587	Industrivarden AB, Class C (Financials)		224,268
112,539	Investor AB, Class A (Financials)		2,792,960
20,803	Investor AB, Class B (Financials)		523,520
26,197	Skandinaviska Enskilda Banken AB, Class A (Financials)		389,381
269,112	Telia Co. AB (Communication Services)		641,607
			5,622,397
Switzerland – 1.3%
35,823	Novartis AG (Health Care)		3,640,679
29,685	SGS SA (Industrials)		2,858,768
3,695	Swisscom AG (Communication Services)		2,120,780
5,308	Zurich Insurance Group AG (Financials)		2,833,184
			11,453,411
United Kingdom – 3.0%
275,697	BAE Systems PLC (Industrials)		4,331,390
48,293	British American Tobacco PLC (Consumer Staples)		1,432,520
28,497	Bunzl PLC (Industrials)		1,136,572
582,569	CK Hutchison Holdings Ltd. (Industrials)		2,957,940
10,425	Coca-Cola Europacific Partners PLC (Consumer Staples)		715,468
38,624	Compass Group PLC (Consumer Discretionary)		1,060,207
6,423	London Stock Exchange Group PLC (Financials)		721,155
40,085	National Grid PLC (Utilities)		526,070
113,001	RELX PLC (Industrials)		4,947,178
276,877	Sage Group PLC (The) (Information Technology)		4,358,685

  

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

GOLDMAN SACHS ACTIVEBETA^® WORLD LOW VOL PLUS EQUITY ETF

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
869,711	Tesco PLC (Consumer Staples)	$	3,067,195
			25,254,380
United States – 70.2%
12,758	3M Co. (Industrials)		1,175,267
4,482	Abbott Laboratories (Health Care)		531,744
27,611	AbbVie, Inc. (Health Care)		4,860,917
17,954	Accenture PLC, Class A (Information Technology)		6,728,800
8,836	Adobe, Inc. (Information Technology)*		4,950,634
44,178	Aflac, Inc. (Financials)		3,566,932
3,431	Agilent Technologies, Inc. (Health Care)		471,282
1,579	Air Products and Chemicals, Inc. (Materials)		369,549
22,969	Akamai Technologies, Inc. (Information Technology)*		2,547,721
41,015	Alphabet, Inc., Class A (Communication Services)*		5,678,937
36,895	Alphabet, Inc., Class C (Communication Services)*		5,157,183
12,903	Altria Group, Inc. (Consumer Staples)		527,862
55,492	Amazon.com, Inc. (Consumer Discretionary)*		9,808,766
31,362	Amdocs Ltd. (Information Technology)		2,860,214
10,606	AMETEK, Inc. (Industrials)		1,910,989
6,390	Amgen, Inc. (Health Care)		1,749,774
41,158	Amphenol Corp., Class A (Information Technology)		4,496,100
5,731	Analog Devices, Inc. (Information Technology)		1,099,320
133,538	Apple, Inc. (Information Technology)		24,136,994
21,650	Arch Capital Group Ltd. (Financials)*		1,896,324
11,123	Arthur J Gallagher & Co. (Financials)		2,713,233
203,801	AT&T, Inc. (Communication Services)		3,450,351
2,595	Automatic Data Processing, Inc. (Industrials)		651,682
2,272	AutoZone, Inc. (Consumer Discretionary)*		6,829,677
73,494	Bank of America Corp. (Financials)		2,537,013
5,239	Becton Dickinson & Co. (Health Care)		1,234,046
23,454	Berkshire Hathaway, Inc., Class B (Financials)*		9,602,068
23,379	Boston Scientific Corp. (Health Care)*		1,547,924
62,825	Bristol-Myers Squibb Co. (Health Care)		3,188,369
3,138	Broadcom, Inc. (Information Technology)		4,080,938

Shares	Description	Value
Common Stocks – (continued)
United States – (continued)
9,036	Broadridge Financial Solutions, Inc. (Industrials)	$	1,839,549
31,277	C.H. Robinson Worldwide, Inc. (Industrials)		2,317,000
38,730	Cardinal Health, Inc. (Health Care)		4,336,985
9,415	Cboe Global Markets, Inc. (Financials)		1,807,680
17,152	CDW Corp. (Information Technology)		4,222,994
20,986	Cencora, Inc. (Health Care)		4,944,302
15,157	Chevron Corp. (Energy)		2,304,016
2,431	Chubb Ltd. (Financials)		611,810
21,777	Church & Dwight Co., Inc. (Consumer Staples)		2,180,313
10,698	Cigna Group (The) (Health Care)		3,596,026
5,426	Cintas Corp. (Industrials)		3,410,838
120,562	Cisco Systems, Inc. (Information Technology)		5,831,584
56,113	Citigroup, Inc. (Financials)		3,113,710
5,720	CME Group, Inc. (Financials)		1,260,402
55,549	Coca-Cola Co. (The) (Consumer Staples)		3,334,051
63,587	Cognizant Technology Solutions Corp., Class A (Information Technology)		5,024,645
76,842	Colgate-Palmolive Co. (Consumer Staples)		6,648,370
69,071	Comcast Corp., Class A (Communication Services)		2,959,692
55,958	Conagra Brands, Inc. (Consumer Staples)		1,571,301
7,722	Consolidated Edison, Inc. (Utilities)		673,436
1,472	Constellation Brands, Inc., Class A (Consumer Staples)		365,821
15,014	Copart, Inc. (Industrials)*		797,994
25,526	Corning, Inc. (Information Technology)		822,958
6,669	Costco Wholesale Corp. (Consumer Staples)		4,961,002
12,675	CSX Corp. (Industrials)		480,890
784	Cummins, Inc. (Industrials)		210,590
63,633	CVS Health Corp. (Health Care)		4,732,386
3,955	Darden Restaurants, Inc. (Consumer Discretionary)		675,158
59,733	Dell Technologies, Inc., Class C (Information Technology)		5,654,326
3,085	Dover Corp. (Industrials)		510,197
20,653	Dow, Inc. (Materials)		1,154,090
1,699	Duke Energy Corp. (Utilities)		156,019
6,824	Eaton Corp. PLC (Industrials)		1,972,136
1,192	Ecolab, Inc. (Materials)		268,009
9,863	Electronic Arts, Inc. (Communication Services)		1,375,691

  

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

GOLDMAN SACHS ACTIVEBETA^® WORLD LOW VOL PLUS EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
United States – (continued)
6,109	Elevance Health, Inc. (Health Care)	$	3,062,136
7,412	Eli Lilly & Co. (Health Care)		5,586,276
3,882	Everest Group Ltd. (Financials)		1,431,992
13,687	Expeditors International of Washington, Inc. (Industrials)		1,636,965
28,310	Exxon Mobil Corp. (Energy)		2,958,961
81,213	Fastenal Co. (Industrials)		5,929,361
8,934	Ferguson PLC (Industrials)		1,889,094
7,604	Fidelity National Financial, Inc. (Financials)		384,610
6,388	Fiserv, Inc. (Financials)*		953,537
9,184	FleetCor Technologies, Inc. (Financials)*		2,564,816
17,601	Fortive Corp. (Industrials)		1,498,373
42,946	Fox Corp., Class A (Communication Services)		1,279,361
30,473	Fox Corp., Class B (Communication Services)		834,351
8,165	Gartner, Inc. (Information Technology)*		3,801,297
4,477	GE HealthCare Technologies, Inc. (Health Care)		408,661
36,069	Gen Digital, Inc. (Information Technology)		775,123
11,331	General Dynamics Corp. (Industrials)		3,096,196
14,844	General Electric Co. (Industrials)		2,328,875
10,111	General Mills, Inc. (Consumer Staples)		648,924
30,660	Genuine Parts Co. (Consumer Discretionary)		4,576,312
63,582	Gilead Sciences, Inc. (Health Care)		4,584,262
130,660	GSK PLC (Health Care)		2,751,226
143,264	Haleon PLC (Consumer Staples)		600,660
17,764	Hartford Financial Services Group, Inc. (The) (Financials)		1,702,502
1,338	HCA Healthcare, Inc. (Health Care)		417,055
35,255	Henry Schein, Inc. (Health Care)*		2,695,950
17,613	Hershey Co. (The) (Consumer Staples)		3,309,835
274,023	Hewlett Packard Enterprise Co. (Information Technology)		4,173,370
12,628	Hologic, Inc. (Health Care)*		931,946
18,088	Home Depot, Inc. (The) (Consumer Discretionary)		6,884,474
656	Honeywell International, Inc. (Industrials)		130,367
65,771	HP, Inc. (Information Technology)		1,863,292
18,183	Illinois Tool Works, Inc. (Industrials)		4,766,673
27,830	Incyte Corp. (Health Care)*		1,624,159

Shares	Description	Value
Common Stocks – (continued)
United States – (continued)
31,400	Intel Corp. (Information Technology)	$	1,351,770
10,851	Intercontinental Exchange, Inc. (Financials)		1,501,995
41,026	International Business Machines Corp. (Information Technology)		7,591,041
46,253	International Paper Co. (Materials)		1,635,506
1,760	Intuit, Inc. (Information Technology)		1,166,686
3,613	IQVIA Holdings, Inc. (Health Care)*		892,989
8,797	J M Smucker Co. (The) (Consumer Staples)		1,057,135
17,084	Johnson Controls International PLC (Industrials)		1,012,569
41,021	Johnson & Johnson (Health Care)		6,619,969
23,375	JPMorgan Chase & Co. (Financials)		4,349,153
20,487	Keurig Dr Pepper, Inc. (Consumer Staples)		612,766
27,965	Keysight Technologies, Inc. (Information Technology)*		4,315,000
11,756	Kimberly-Clark Corp. (Consumer Staples)		1,424,475
30,003	Kinder Morgan, Inc. (Energy)		521,752
17,031	Kraft Heinz Co. (The) (Consumer Staples)		600,854
68,040	Kroger Co. (The) (Consumer Staples)		3,375,464
3,592	L3Harris Technologies, Inc. (Industrials)		760,283
9,801	Laboratory Corp. of America Holdings (Health Care)		2,115,350
5,902	Leidos Holdings, Inc. (Industrials)		754,630
3,738	Linde PLC (Materials)		1,677,689
53,293	LKQ Corp. (Consumer Discretionary)		2,786,691
1,483	Lockheed Martin Corp. (Industrials)		635,080
38,916	Loews Corp. (Financials)		2,923,759
25,828	Lowe’s Cos., Inc. (Consumer Discretionary)		6,216,025
19,848	LyondellBasell Industries NV, Class A (Materials)		1,990,357
948	Markel Group, Inc. (Financials)*		1,414,871
667	Marriott International, Inc., Class A (Consumer Discretionary)		166,663
28,764	Marsh & McLennan Cos., Inc. (Financials)		5,818,094
57,745	Masco Corp. (Industrials)		4,432,506
13,316	Mastercard, Inc., Class A (Financials)		6,321,904

  

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

GOLDMAN SACHS ACTIVEBETA^® WORLD LOW VOL PLUS EQUITY ETF

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
United States – (continued)
19,419	McDonald’s Corp. (Consumer Discretionary)	$	5,675,785
9,415	McKesson Corp. (Health Care)		4,909,075
43,931	Merck & Co., Inc. (Health Care)		5,585,827
16,355	Meta Platforms, Inc., Class A (Communication Services)		8,016,076
1,381	MetLife, Inc. (Financials)		96,311
58,688	Microsoft Corp. (Information Technology)		24,275,704
47,093	Mondelez International, Inc., Class A (Consumer Staples)		3,441,086
4,503	Monster Beverage Corp. (Consumer Staples)*		266,127
11,292	Moody’s Corp. (Financials)		4,284,411
20,270	Motorola Solutions, Inc. (Information Technology)		6,697,005
10,104	Nasdaq, Inc. (Financials)		567,845
6,380	Nestle SA (Consumer Staples)		664,844
31,861	NetApp, Inc. (Information Technology)		2,839,452
4,933	NiSource, Inc. (Utilities)		128,554
897	Northrop Grumman Corp. (Industrials)		413,535
10,447	NVIDIA Corp. (Information Technology)		8,264,831
17,936	Oracle Corp. (Information Technology)		2,003,092
9,045	O’Reilly Automotive, Inc. (Consumer Discretionary)*		9,835,714
14,765	Otis Worldwide Corp. (Industrials)		1,407,105
28,016	PACCAR, Inc. (Industrials)		3,106,694
6,376	Packaging Corp. of America (Materials)		1,155,267
11,442	Paychex, Inc. (Industrials)		1,403,018
37,240	PepsiCo, Inc. (Consumer Staples)		6,157,262
7,581	PG&E Corp. (Utilities)		126,527
16,158	Philip Morris International, Inc. (Consumer Staples)		1,453,574
29,976	Procter & Gamble Co. (The) (Consumer Staples)		4,764,385
9,539	Progressive Corp. (The) (Financials)		1,808,213
11,660	QUALCOMM, Inc. (Information Technology)		1,839,831
10,276	Quest Diagnostics, Inc. (Health Care)		1,283,370
11,396	Realty Income Corp. REIT (Real Estate)		593,846
3,154	Regeneron Pharmaceuticals, Inc. (Health Care)*		3,047,048
23,338	Republic Services, Inc. (Industrials)		4,284,857
7,839	Roche Holding AG (Health Care)		2,064,909
6,317	Roche Holding AG (Health Care)		1,760,481

Shares	Description	Value
Common Stocks – (continued)
United States – (continued)
20,311	Rollins, Inc. (Industrials)	$	895,106
5,903	Roper Technologies, Inc. (Information Technology)		3,215,541
3,405	Ross Stores, Inc. (Consumer Discretionary)		507,209
22,286	Royalty Pharma PLC, Class A (Health Care)		676,157
7,459	RTX Corp. (Industrials)		668,849
5,503	Salesforce, Inc. (Information Technology)*		1,699,436
26,506	Sanofi SA (Health Care)		2,520,991
1,090	ServiceNow, Inc. (Information Technology)*		840,761
6,057	Sherwin-Williams Co. (The) (Materials)		2,011,106
3,120	Snap-on, Inc. (Industrials)		860,059
14,447	Southern Co. (The) (Utilities)		971,561
34,897	SS&C Technologies Holdings, Inc. (Industrials)		2,225,033
11,828	Starbucks Corp. (Consumer Discretionary)		1,122,477
5,037	Stryker Corp. (Health Care)		1,758,266
14,537	Swiss Re AG (Financials)		1,759,859
3,737	Synopsys, Inc. (Information Technology)*		2,144,029
25,058	Sysco Corp. (Consumer Staples)		2,028,946
9,203	TE Connectivity Ltd. (Information Technology)		1,321,183
8,534	Texas Instruments, Inc. (Information Technology)		1,427,994
16,029	Textron, Inc. (Industrials)		1,427,703
322	Thermo Fisher Scientific, Inc. (Health Care)		183,598
48,858	TJX Cos., Inc. (The) (Consumer Discretionary)		4,843,782
2,642	T-Mobile US, Inc. (Communication Services)		431,439
9,242	Tractor Supply Co. (Consumer Discretionary)		2,350,425
472	TransDigm Group, Inc. (Industrials)		555,893
3,317	Travelers Cos., Inc. (The) (Financials)		732,924
12,564	UnitedHealth Group, Inc. (Health Care)		6,201,591
19,757	VeriSign, Inc. (Information Technology)*		3,858,345
4,318	Verisk Analytics, Inc. (Industrials)		1,044,524
118,093	Verizon Communications, Inc. (Communication Services)		4,726,082
5,416	Vertex Pharmaceuticals, Inc. (Health Care)*		2,278,728
21,403	Visa, Inc., Class A (Financials)		6,049,344
21,202	W R Berkley Corp. (Financials)		1,772,487
5,592	W.P. Carey, Inc. REIT (Real Estate)		314,997
6,697	W.W. Grainger, Inc. (Industrials)		6,519,262

  

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

GOLDMAN SACHS ACTIVEBETA^® WORLD LOW VOL PLUS EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
United States – (continued)
149,596	Walmart, Inc. (Consumer Staples)	$	8,767,822
2,285	Waste Connections, Inc. (Industrials)		380,432
23,055	Waste Management, Inc. (Industrials)		4,741,261
10,897	Welltower, Inc. REIT (Real Estate)		1,004,268
43,850	Yum! Brands, Inc. (Consumer Discretionary)		6,069,717
1,923	Zebra Technologies Corp., Class A (Information Technology)*		537,440
9,108	Zoetis, Inc. (Health Care)		1,806,390
			584,085,277
TOTAL COMMON STOCKS (Cost $725,645,205)			828,345,227

Shares	Description	Rate			Value
Preferred Stock – 0.1%
Germany – 0.1%
9,303	Henkel AG & Co. KGaA (Consumer Staples)
(Cost $737,718)			2.66	%		700,278
Shares	Dividend Rate				Value
Investment Company – 0.1%(c)
Goldman Sachs Financial Square Treasury Obligations Fund - Institutional Shares
1,142,885	5.260%					1,142,885
(Cost $1,142,885)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $727,525,808)						830,188,390

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.9%(c)
Goldman Sachs Financial Square Government Fund - Institutional Shares
7,167,244	5.260%	$	7,167,244
(Cost $7,167,244)
TOTAL INVESTMENTS – 100.5% (Cost $734,693,052)		$	837,355,634
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.5)%			(4,510,189)
NET ASSETS – 100.0%		$	832,845,445

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:
CVA	—Dutch Certification
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

Sector Name	% of    Market    Value
Information Technology		22.2%
Financials		16.8
Health Care		13.5
Industrials		13.4
Consumer Staples		11.3
Consumer Discretionary		10.3
Communication Services		7.2
Materials		1.7
Utilities		1.3
Energy		0.7
Real Estate		0.6
Investment Company		0.1
Securities Lending Reinvestment Vehicle		0.9
TOTAL INVESTMENTS		100.0%

  

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

GOLDMAN SACHS ACTIVEBETA^® WORLD LOW VOL PLUS EQUITY ETF

 

 

 

 

 

 

 

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 29, 2024, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
E-Mini MSCI EAFE Index Future		4		03/15/24	$	457,580	$	24,418
S&P 500 E-Mini Index		5		03/15/24		1,275,938		111,006
Total Futures Contracts							$	135,424

  

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

GOLDMAN SACHS ACTIVEBETA ^® ETFS

 

Statements of Assets and Liabilities

February 29, 2024 (Unaudited)

 

		ActiveBeta® Emerging Markets Equity ETF		ActiveBeta® Europe Equity ETF			ActiveBeta® International Equity ETF		ActiveBeta® Japan Equity ETF
	Assets:
	Investments in unaffiliated issuers, at value (cost $815,757,778, $9,262,615, $2,907,920,005 and $19,114,941, respectively)(a)	$	943,452,943	$	10,510,535		$	3,511,783,137	$	22,685,871
	Investments in affiliated issuers, at value (cost $12,595,998, $48,442, $8,698,821 and $48,147, respectively)		12,595,998		48,442			8,698,821		48,147
	Investments in affiliated securities lending reinvestment vehicle,at value which equals cost		906,385		22,539			59,012,449		152,374
	Cash		28,380		—			—		—
	Foreign Currency, at value (cost $9,737,467, $–, $345,401 and $–, respectively)		9,246,684		—			346,518		—
	Receivables:
	Investments sold		17,743,203		248,633			107,201,651		927,258
	Dividends		2,240,027		10,241			5,074,259		26,883
	Foreign tax reclaims		116,881		27,330			4,435,181		1,795
	Reimbursement from investment adviser		48,577		—			—		—
	Securities lending income		5,293		6			28,394		7
	Due from broker		—		—			297,400		—
	Collateral on certain derivative contracts		—		2,348			—		2,540
	Variation margin on futures contracts		—		2,413			139,975		317
	Other assets		282,172		—			—		—
	Total assets		986,666,543		10,872,487			3,697,017,785		23,845,192
	Liabilities:
	Payables:
	Investments purchased		32,832,080		292,849			113,458,863		928,920
	Foreign capital gains taxes		7,288,122		—			—		—
	Payable upon return of securities loaned		906,385		22,539			59,012,449		152,374
	Management fees		295,406		2,047			684,356		3,382
	Due to custodian		—		120			37,873		273
	Foreign bank overdraft (cost $–, $165, $– and $115, respectively)		—		171			—		116
	Accrued expenses		654,390		—			—		—
	Total liabilities		41,976,383		317,726			173,193,541		1,085,065
	Commitments and contingencies
	Net Assets:
	Paid-in capital		917,506,524		12,850,891			3,243,389,047		21,057,848
	Total distributable earnings (loss)		27,183,636		(2,296,130	)		280,435,197		1,702,279
	NET ASSETS	$	944,690,160	$	10,554,761		$	3,523,824,244	$	22,760,127
	SHARES ISSUED AND OUTSTANDING
	Shares outstanding no par value (unlimited shares authorized):		30,500,000		300,000			105,700,000		600,000
	Net asset value per share:	$	30.97	$	35.18		$	33.34	$	37.93

(a) Includes loaned securities having a market value of $782,142, $20,361, $55,967,358 and $146,197 for ActiveBeta^® Emerging Markets Equity ETF, ActiveBeta^® Europe Equity ETF, ActiveBeta^® International Equity ETF and ActiveBeta^® Japan Equity ETF, respectively.

  

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

GOLDMAN SACHS ACTIVEBETA ^® ETFS

 

Statements of Assets and Liabilities (continued)

February 29, 2024 (Unaudited)

 

	ActiveBeta® U.S. Large Cap Equity ETF		ActiveBeta® U.S. Small Cap Equity ETF		ActiveBeta® World Low Vol Plus Equity ETF
Assets:
Investments in unaffiliated issuers, at value (cost $8,161,888,538, $444,247,613 and $726,382,923, respectively)(a)	$	12,212,969,580	$	491,899,218	$	829,045,505
Investments in affiliated issuers, at value (cost $13,171,145, $3,112,940 and $1,142,885,respectively)		13,171,145		3,112,940		1,142,885
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		—		4,158,292		7,167,244
Cash		676,719		—		24,156
Foreign Currency, at value (cost $–, $– and $748,283, respectively)		—		—		750,667
Receivables:
Dividends		15,356,259		466,677		1,503,265
Collateral on certain derivative contracts		311,520		271,700		—
Due from broker		—		—		80,349
Investments sold		—		3,762,866		—
Securities lending income		—		5,224		2,071
Foreign tax reclaims		—		612		477,998
Fund shares sold		—		—		4,576,072
Variation margin on futures contracts		27,301		24,700		6,634
Total assets		12,242,512,524		503,702,229		844,776,846
Liabilities:
Payables:
Management fees		871,726		79,601		162,282
Investments purchased		676,719		—		48,163
Payable upon return of securities loaned		—		4,158,292		7,167,244
Fund shares redeemed		—		3,152,436		4,553,712
Due to custodian		—		34,995		—
Total liabilities		1,548,445		7,425,324		11,931,401
Commitments and contingencies
Net Assets:
Paid-in capital		8,746,431,314		472,927,302		756,465,940
Total distributable earnings (loss)		3,494,532,765		23,349,603		76,379,505
NET ASSETS	$	12,240,964,079	$	496,276,905	$	832,845,445
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		121,452,500		7,800,000		18,200,000
Net asset value per share:	$	100.79	$	63.63	$	45.76

(a) Includes loaned securities having a market value of $–, $4,048,921 and $6,808,871 for ActiveBeta^® U.S. Large Cap Equity ETF, ActiveBeta^® U.S. Small Cap Equity ETF and ActiveBeta^® World Low Vol Plus Equity ETF, respectively.

  

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

GOLDMAN SACHS ACTIVEBETA ^® ETFS

 

Statements of Operations

For the Six Months Ended February 29, 2024 (Unaudited)

 

	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 $1,066,794, $1,367, $1,108,752 and $23,074, respectively)	$	8,247,836		$	81,509		$	31,163,252		$	142,414
Dividends — affiliated issuers		97,186			913			130,384			—
Securities lending income, net of rebates received or paid to borrowers –unaffiliated issuer		36,208			759			243,265			530
Total Investment Income		8,381,230			83,181			31,536,901			142,944
Expenses:
Management fees		1,866,834			5,469			4,062,059			9,241
Custody, accounting and administrative services		298,441			—			—			—
Printing and mailing costs		88,192			—			—			—
Professional fees		66,482			—			—			—
Trustee fees		19,052			8,505			14,221			8,509
Registration fees		9,390			—			—			—
Other		9,427			—			—			—
Total expenses		2,357,818			13,974			4,076,280			17,750
Less — expense reductions		(257,900	)		(32	)		(4,433	)		(27	)
Net expenses		2,099,918			13,942			4,071,847			17,723
NET INVESTMENT INCOME		6,281,312			69,239			27,465,054			125,221
Realized and Unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(16,992,189	)		(83,373	)		(34,397,573	)		(127,894	)
Foreign currency transactions		(101,404	)		(18	)		(77,585	)		1,024
Futures contracts		99,469			2,146			786,834			230
In-kind redemptions		2,354,736			369,650			—			—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $2,860,219, $–, $– and $–, respectively)		61,665,380			403,170			262,184,796			1,843,462
Futures contracts		—			2,248			554,558			5,760
Foreign currency translations		(556,521	)		134			(101,849	)		(2,587	)
Net realized and unrealized gain		46,469,471			693,957			228,949,181			1,719,995
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	52,750,783		$	763,196		$	256,414,235		$	1,845,216

  

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

GOLDMAN SACHS ACTIVEBETA ^® ETFS

 

Statements of Operations (continued)

For the Six Months Ended February 29, 2024 (Unaudited)

 

	ActiveBeta® U.S. Large Cap Equity ETF			ActiveBeta® U.S. Small Cap Equity ETF			ActiveBeta® World Low Vol Plus Equity ETF
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $–, $4,780 and $275,944, respectively)	$	82,248,928		$	3,774,201		$	7,322,034
Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer		3,472,811			23,469			632,620
Dividends — affiliated issuers		500,216			—			—
Total Investment Income		86,221,955			3,797,670			7,954,654
Expenses:
Management fees		5,022,430			465,077			926,880
Trustee fees		28,708			9,335			9,766
Total expenses		5,051,138			474,412			936,646
Less — expense reductions		(17,062	)		(2,489	)		(1,684	)
Net expenses		5,034,076			471,923			934,962
NET INVESTMENT INCOME		81,187,879			3,325,747			7,019,692
Realized and Unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(72,501,261	)		(5,278,475	)		(6,359,402	)
In-kind redemptions		418,674,072			9,915,623			8,745,392
Futures contracts		948,284			1,076,614			162,761
Foreign currency transactions		—			—			(11,962	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		1,127,850,092			32,012,935			78,130,808
Futures contracts		472,945			113,350			113,321
Foreign currency translations		—			—			(6,287	)
Net realized and unrealized gain		1,475,444,132			37,840,047			80,774,631
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,556,632,011		$	41,165,794		$	87,794,323

  

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

GOLDMAN SACHS ACTIVEBETA ^® ETFS

 

Statements of Changes in Net Assets

 

	ActiveBeta® Emerging Markets Equity ETF						ActiveBeta® Europe Equity ETF
	For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023			For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023
From operations:
Net investment income	$	6,281,312		$	29,949,389		$	69,239		$	418,036
Net realized gain (loss)		(14,639,388	)		(33,527,367	)		288,405			(417,799	)
Net change in unrealized gain		61,108,859			30,610,672			405,552			2,130,680
Net increase in net assets resulting from operations		52,750,783			27,032,694			763,196			2,130,917
Distributions to shareholders:
From distributable earnings		(12,364,152	)		(25,009,312	)		(95,271	)		(359,836	)
From share transactions:
Proceeds from sales of shares		–			62,411,100			–			–
Cost of shares redeemed		(65,404,084	)		(119,934,568	)		(1,700,198	)		(2,547,509	)
Net decrease in net assets resulting from share transactions		(65,404,084	)		(57,523,468	)		(1,700,198	)		(2,547,509	)
TOTAL DECREASE		(25,017,453	)		(55,500,086	)		(1,032,273	)		(776,428	)
Net Assets:
Beginning of period	$	969,707,613		$	1,025,207,699		$	11,587,034		$	12,363,462
End of period	$	944,690,160		$	969,707,613		$	10,554,761		$	11,587,034

  

98  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 Six Months Ended February 29, 2024 (Unaudited)		For the Fiscal Year Ended August 31, 2023			For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023
From operations:
Net investment income	$	27,465,054	$	91,862,520		$	125,221		$	275,723
Net realized loss		(33,688,324)		(56,523,195	)		(126,640	)		(189,702	)
Net change in unrealized gain		262,637,505		408,781,803			1,846,635			1,786,105
Net increase in net assets resulting from operations		256,414,235		444,121,128			1,845,216			1,872,126
Distributions to shareholders:
From distributable earnings		(30,136,104)		(90,840,491	)		(176,236	)		(259,624	)
From share transactions:
Proceeds from sales of shares		46,484,328		222,011,550			7,419,872			–
Cost of shares redeemed		–		(44,267,175	)		–			–
Net increase in net assets resulting from share transactions		46,484,328		177,744,375			7,419,872			–
TOTAL INCREASE		272,762,459		531,025,012			9,088,852			1,612,502
Net Assets:
Beginning of period	$	3,251,061,785	$	2,720,036,773		$	13,671,275		$	12,058,773
End of period	$	3,523,824,244	$	3,251,061,785		$	22,760,127		$	13,671,275

  

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

GOLDMAN SACHS ACTIVEBETA ^® ETFS

 

Statements of Changes in Net Assets (continued)

 

	ActiveBeta® U.S. Large Cap Equity ETF						ActiveBeta® U.S. Small Cap Equity ETF
	For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023			For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023
From operations:
Net investment income	$	81,187,879		$	167,259,552		$	3,325,747		$	6,802,784
Net realized gain		347,121,095			463,281,433			5,713,762			7,994,471
Net change in unrealized gain		1,128,323,037			860,961,368			32,126,285			13,562,819
Net increase in net assets resulting from operations		1,556,632,011			1,491,502,353			41,165,794			28,360,074
Distributions to shareholders:
From distributable earnings		(85,094,604)			(170,189,662	)		(3,515,617	)		(6,492,896	)
From share transactions:
Proceeds from sales of shares		425,524,968			551,981,819			6,120,776			40,329,686
Cost of shares redeemed		(1,066,571,335)			(2,079,315,418	)		(30,332,886	)		(62,627,817	)
Net decrease in net assets resulting from share transactions		(641,046,367	)		(1,527,333,599	)		(24,212,110	)		(22,298,131	)
TOTAL INCREASE (DECREASE)		830,491,040			(206,020,908	)		13,438,067			(430,953	)
Net Assets:
Beginning of period	$	11,410,473,039		$	11,616,493,947		$	482,838,838		$	483,269,791
End of period	$	12,240,964,079		$	11,410,473,039		$	496,276,905		$	482,838,838

  

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

GOLDMAN SACHS ACTIVEBETA ^® ETFS

 

Statements of Changes in Net Assets (continued)

 

	ActiveBeta® World Low Vol  Plus Equity ETF
	For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023
From operations:
Net investment income	$	7,019,692		$	14,003,105
Net realized gain (loss)		2,536,789			(24,561,263	)
Net change in unrealized gain		78,237,842			78,892,266
Net increase in net assets resulting from operations		87,794,323			68,334,108
Distributions to shareholders:
From distributable earnings		(7,455,043	)		(13,421,605	)
From share transactions:
Proceeds from sales of shares		65,700,492			109,729,323
Cost of shares redeemed		(35,947,938	)		–
Net increase in net assets resulting from share transactions		29,752,554			109,729,323
TOTAL INCREASE		110,091,834			164,641,826
Net Assets:
Beginning of period	$	722,753,611		$	558,111,785
End of period	$	832,845,445		$	722,753,611

  

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

GOLDMAN SACHS ACTIVEBETA ^® ETFS

 

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

 

 

	ActiveBeta® Emerging Markets Equity ETF
	For the Six Months				For the Fiscal
	Ended				Year Ended August 31,
	February 29, 2024
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value, beginning of period		$	29.61			$	29.42			$	39.33			$	33.28			$	31.12			$	32.98
Net investment income(a)			0.20				0.91				1.13				0.67				0.80	(b)			0.75
Net realized and unrealized gain (loss)			1.54				0.06				(9.55	)			6.07				2.17				(1.79	)
Total from investment operations			1.74				0.97				(8.42	)			6.74				2.97				(1.04	)
Distributions to shareholders from net investment income			(0.38	)			(0.78	)			(1.49	)			(0.69	)			(0.81	)			(0.82	)
Net asset value, end of period		$	30.97			$	29.61			$	29.42			$	39.33			$	33.28			$	31.12
Market price, end of period		$	30.70			$	29.48			$	29.03			$	39.16			$	33.28			$	31.14
Total Return at Net Asset Value(c)			5.95	%			3.50	%			(21.97	)%			20.49	%			9.55	%			(3.21	)%
Net assets, end of period (in 000’s)		$	944,690			$	969,708			$	1,025,208			$	1,388,289			$	1,710,477			$	1,699,201
Ratio of net expenses to average net assets			0.45	%(d)			0.45	%			0.45	%			0.45	%			0.45	%			0.45	%
Ratio of total expenses to average net assets			0.50	%(d)			0.52	%			0.51	%			0.51	%			0.52	%			0.51	%
Ratio of net investment income to average net assets			1.34	%(d)			3.15	%			3.29	%			1.76	%			2.55	%(b)			2.37	%
Portfolio turnover rate(e)			6	%			21	%			18	%			46	%			38	%			28	%

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

^(d)  Annualized.

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

  

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

GOLDMAN SACHS ACTIVEBETA ^® ETFS

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

	ActiveBeta® Europe Equity ETF
	For the Six Months				For the Fiscal
	Ended				Year Ended August 31,
	February 29, 2024
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value, beginning of period		$	33.11			$	27.47			$	37.99			$	29.85			$	28.59			$	30.82
Net investment income(a)			0.20				1.16				1.01				0.84				0.58				0.89
Net realized and unrealized gain (loss)			2.14				5.50				(10.29	)			8.15				1.27				(1.84	)
Total from investment operations			2.34				6.66				(9.28	)			8.99				1.85				(0.95	)
Distributions to shareholders from net investment income			(0.27	)			(1.02	)			(1.24	)			(0.85	)			(0.59	)			(1.28	)
Net asset value, end of period		$	35.18			$	33.11			$	27.47			$	37.99			$	29.85			$	28.59
Market price, end of period		$	35.17			$	33.05			$	27.26			$	38.05			$	29.81			$	28.62
Total Return at Net Asset Value(b)			7.09	%			24.40	%			(24.81	)%			30.45	%			6.69	%			(3.15	)%
Net assets, end of period (in 000’s)		$	10,555			$	11,587			$	12,363			$	20,893			$	16,416			$	18,584
Ratio of net expenses to average net assets			0.25	%(c)			0.25	%			0.25	%			0.25	%			0.25	%			0.25	%
Ratio of net investment income to average net assets			1.24	%(c)			3.74	%			2.98	%			2.47	%			2.01	%			3.07	%
Portfolio turnover rate(d)			6	%			14	%			19	%			19	%			18	%			17	%

^(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.

  

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

GOLDMAN SACHS ACTIVEBETA ^® ETFS

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

	ActiveBeta® International Equity ETF
	For the Six Months				For the Fiscal
	Ended				Year Ended August 31,
	February 29, 2024
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value, beginning of period		$	31.20			$	27.64			$	35.76			$	28.72			$	27.70			$	29.42
Net investment income(a)			0.26				0.92				0.96				0.75				0.57				0.86
Net realized and unrealized gain (loss)			2.17				3.55				(8.07	)			6.97				1.05				(1.78	)
Total from investment operations			2.43				4.47				(7.11	)			7.72				1.62				(0.92	)
Distributions to shareholders from net investment income			(0.29	)			(0.91	)			(1.01	)			(0.68	)			(0.60	)			(0.80	)
Net asset value, end of period		$	33.34			$	31.20			$	27.64			$	35.76			$	28.72			$	27.70
Market price, end of period		$	33.38			$	31.21			$	27.52			$	35.75			$	28.63			$	27.73
Total Return at Net Asset Value(b)			7.84	%			16.40	%			(20.18	)%			27.12	%			5.96	%			(3.09	)%
Net assets, end of period (in 000’s)		$	3,523,824			$	3,251,062			$	2,720,037			$	3,093,235			$	1,743,562			$	1,545,601
Ratio of net expenses to average net assets			0.25	%(c)			0.25	%			0.25	%			0.25	%			0.25	%			0.25	%
Ratio of net investment income to average net assets			1.69	%(c)			3.08	%			2.97	%			2.31	%			2.08	%			3.10	%
Portfolio turnover rate(d)			7	%			14	%			18	%			21	%			20	%			17	%

^{(a) C}alculated based on the average shares outstanding methodology.

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

^(c)  Annualized.

^(d)  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.

  

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

GOLDMAN SACHS ACTIVEBETA ^® ETFS

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

	ActiveBeta® Japan Equity ETF
	For the Six Months				For the Fiscal
	Ended				Year Ended August 31,
	February 29, 2024
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value, beginning of period		$	34.18			$	30.15			$	37.91			$	32.60			$	30.59			$	32.99
Net investment income(a)			0.31				0.69				0.70				0.60				0.66				0.82
Net realized and unrealized gain (loss)			3.88				3.99				(7.75	)			5.25				2.15				(2.29	)
Total from investment operations			4.19				4.68				(7.05	)			5.85				2.81				(1.47	)
Distributions to shareholders from net investment income			(0.44	)			(0.65	)			(0.71	)			(0.54	)			(0.80	)			(0.93	)
Net asset value, end of period		$	37.93			$	34.18			$	30.15			$	37.91			$	32.60			$	30.59
Market price, end of period		$	37.90			$	34.18			$	29.78			$	37.75			$	32.51			$	30.52
Total Return at Net Asset Value(b)			12.39	%			15.69	%			(18.76	)%			18.02	%			9.15	%			(4.32	)%
Net assets, end of period (in 000’s)		$	22,760			$	13,671			$	12,059			$	15,163			$	19,561			$	24,468
Ratio of net expenses to average net assets			0.25	%(c)			0.25	%			0.25	%			0.25	%			0.25	%			0.25	%
Ratio of net investment income to average net assets			1.76	%(c)			2.19	%			2.03	%			1.64	%			2.09	%			2.64	%
Portfolio turnover rate(d)			12	%			17	%			21	%			21	%			18	%			33	%

^(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.

  

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

GOLDMAN SACHS ACTIVEBETA ^® ETFS

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

	ActiveBeta® U.S. Large Cap Equity ETF
	For the Six Months				For the Fiscal
	Ended				Year Ended August 31,
	February 29, 2024
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value, beginning of period		$	88.55			$	78.36			$	90.95			$	70.70			$	59.09			$	58.75
Net investment income(a)			0.67				1.23				1.17				0.96				1.06				1.03
Net realized and unrealized gain (loss)			12.25				10.21				(12.61	)			20.21				11.62				0.30
Total from investment operations			12.92				11.44				(11.44	)			21.17				12.68				1.33
Distributions to shareholders from net investment income			(0.68	)			(1.25	)			(1.15	)			(0.92	)			(1.07	)			(0.99	)
Net asset value, end of period		$	100.79			$	88.55			$	78.36			$	90.95			$	70.70			$	59.09
Market price, end of period		$	100.75			$	88.57			$	78.33			$	90.91			$	70.61			$	59.07
Total Return at Net Asset Value(b)			14.68	%			14.83	%			(12.70	)%			30.21	%			21.81	%			2.42	%
Net assets, end of period (in 000’s)		$	12,240,964			$	11,410,473			$	11,616,494			$	13,769,847			$	10,427,895			$	6,606,050
Ratio of net expenses to average net assets			0.09	%(c)			0.09	%			0.09	%			0.09	%			0.09	%			0.09	%
Ratio of net investment income to average net assets			1.48	%(c)			1.53	%			1.36	%			1.22	%			1.72	%			1.82	%
Portfolio turnover rate(d)			5	%			11	%			12	%			16	%			17	%			16	%

^(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.

  

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

GOLDMAN SACHS ACTIVEBETA ^® ETFS

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

	ActiveBeta® U.S. Small Cap Equity ETF
	For the Six Months				For the Fiscal
	Ended				Year Ended August 31,
	February 29, 2024
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value, beginning of period		$	58.88			$	55.87			$	64.97			$	43.57			$	42.84			$	49.49
Net investment income(a)			0.47				0.84	(b)			0.74	(c)			0.53	(d)			0.51				0.57
Net realized and unrealized gain (loss)			4.71				2.97				(9.07	)			21.35				0.78				(6.66	)
Total from investment operations			5.18				3.81				(8.33	)			21.88				1.29				(6.09	)
Distributions to shareholders from net investment income			(0.43	)			(0.80	)			(0.77	)			(0.48	)			(0.56	)			(0.56	)
Net asset value, end of period		$	63.63			$	58.88			$	55.87			$	64.97			$	43.57			$	42.84
Market price, end of period		$	63.48			$	58.85			$	55.92			$	64.94			$	43.63			$	42.84
Total Return at Net Asset Value(e)			8.83	%			6.95	%			(12.95	)%			50.45	%			3.13	%			(12.28	)%
Net assets, end of period (in 000’s)		$	496,277			$	482,839			$	483,270			$	412,543			$	152,484			$	96,399
Ratio of net expenses to average net assets			0.20	%(f)			0.20	%			0.20	%			0.20	%			0.20	%			0.20	%
Ratio of net investment income to average net assets			1.60	%(f)			1.49	%(b)			1.22	%(c)			0.90	%(d)			1.21	%			1.32	%
Portfolio turnover rate(g)			7	%			17	%			20	%			25	%			20	%			20	%

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

^(b)  Reflects income recognized from non-recurring special dividends which amounted to $0.23 per share and 0.41% of average net assets.

^(c)  Reflects income recognized from non-recurring special dividends which amounted to $0.21 per share and 0.34% of average net assets.

^(d)  Reflects income recognized from non-recurring special dividends which amounted to $0.09 per share and 0.16% of average net assets.

^(e) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption 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 redemption of Fund shares. Total returns for periods less than one full year are not annualized.

^(f)  Annualized.

^(g)  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.

  

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

GOLDMAN SACHS ACTIVEBETA ^® ETFS

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

	ActiveBeta® World Low Vol Plus Equity ETF
	For the Six Months Ended February 29, 2024 (Unaudited)				For the Fiscal Year Ended August 31, 2023				For the Period March 15, 2022* to August 31, 2022
Per Share Operating Performance:
Net asset value, beginning of period		$	41.30			$	37.97			$	40.57
Net investment income(a)			0.40				0.87				0.47
Net realized and unrealized gain (loss)			4.22				3.30				(2.76	)
Total from investment operations			4.62				4.17				(2.29	)
Distributions to shareholders from net investment income			(0.16	)			(0.84	)			(0.31	)
Net asset value, end of period		$	45.76			$	41.30			$	37.97
Market price, end of period		$	45.79			$	41.34			$	37.98
Total Return at Net Asset Value(b)			11.90	%			11.15	%			(5.65	)%
Net assets, end of period (in 000’s)		$	832,845			$	722,754			$	558,112
Ratio of net expenses to average net assets			0.25	%(c)			0.25	%			0.25	%(c)
Ratio of net investment income to average net assets			1.88	%(c)			2.22	%			2.54	%(c)
Portfolio turnover rate(d)			12	%			31	%			13	%

^*  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 redemption 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 redemption 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.

  

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

 

Notes to Financial Statements

February 29, 2024

 

 

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	Diversified/ Non-diversified
ActiveBeta® Emerging Markets Equity ETF	Diversified
ActiveBeta® Europe Equity ETF	Diversified
ActiveBeta® International Equity ETF	Diversified
ActiveBeta® Japan Equity ETF	Diversified
ActiveBeta® U.S. Large Cap Equity ETF	Diversified
ActiveBeta® U.S. Small Cap Equity ETF	Diversified
ActiveBeta® World Low Vol Plus 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”), except for ActiveBeta^® World Low Vol Plus Equity ETF, which is listed and 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

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

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

B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant

  

109

GOLDMAN SACHS ACTIVEBETA^® ETFS

 

Notes to Financial Statements (continued)

February 29, 2024

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

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

D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. For each Fund, income distributions, if any, are declared and paid quarterly, with the exception of ActiveBeta^® Europe Equity ETF and ActiveBeta^® Japan Equity ETF, which are paid semiannually. Capital gains distributions, if any, are declared and paid at least annually. Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions. The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

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

Foreign governments and their agencies may enact policies that delay or place limits on repatriation of local currency to U.S. dollars. Market quoted rates for immediate currency settlement may have access or transaction volume restrictions that are insufficient to convert a significant portion of assets and liabilities denominated in local currency to U.S. dollars. When these events occur, the rates utilized to translate a foreign currency to U.S. dollars may be determined by GSAM under Valuation Procedures as discussed in Note 3.

Monetary policies enacted by government agencies in Egypt that limit their local currency’s repatriation to safeguard U.S. dollar reserves, significantly impacted the Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF’s ability to convert assets and liabilities amounts denominated in local currency to U.S. dollars using quoted immediate currency settlement rates. As of February 29, 2024, the Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF’s assets and liabilities denominated in Egyptian Pound were valued using the 12-month non-deliverable forward rate.

Effective March 6, 2024, the government of Egypt allowed its currency to float and as a result of the devaluation the Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF reverted to using the immediate current settlement rates for the purposes of translating Egyptian Pound-denominated assets and liabilities to U.S. dollars.

  

110

GOLDMAN SACHS ACTIVEBETA^® ETFS

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

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).

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. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities 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 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 ETFs and other investment companies. 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.

  

111

GOLDMAN SACHS ACTIVEBETA^® ETFS

 

Notes to Financial Statements (continued)

February 29, 2024

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 either due to broker/receivable for collateral on certain derivative 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.

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

B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under the Valuation Procedures. 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 and derivatives classified in the fair value hierarchy as of February 29, 2024:

ActiveBeta^® Emerging Markets Equity ETF

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	26,204,339	$	3,227,174	$	—
Asia		780,379,430		19,633,062		—
Europe		25,170,269		—		—
North America		25,863,137		—		—
South America		42,524,430		14,860,755		—
Exchange-Traded Fund		5,590,347		—		—
Investment Company		12,595,998		—		—
Securities Lending Reinvestment Vehicle		906,385		—		—
Total	$	919,234,335	$	37,720,991	$	—

^(a)  Amount shown represents unrealized gain (loss) at period end.

  

112

GOLDMAN SACHS ACTIVEBETA^® ETFS

 

 

 

 

 

 

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

ActiveBeta® Europe Equity ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	61,739	$	—	$	—
Europe		9,362,133		68,913		—
North America		938,558		—		—
Oceania		73,837		—		—
South America		5,355		—		—
Investment Company		48,442		—		—
Securities Lending Reinvestment Vehicle		22,539		—		—
Total	$	10,512,603	$	68,913	$	—
Derivative Type
Assets
Futures Contracts(b)	$	1,537	$	—	$	—
ActiveBeta® International Equity ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	879,859,354	$	—	$	—
Europe		1,813,647,754		12,581,560		—
North America		582,056,843		3,776,226		—
Oceania		217,846,881		—		—
South America		2,014,519		—		—
Investment Company		8,698,821		—		—
Securities Lending Reinvestment Vehicle		59,012,449		—		—
Total	$	3,563,136,621	$	16,357,786	$	—
Derivative Type
Assets
Futures Contracts(b)	$	461,846	$	—	$	—
ActiveBeta® Japan Equity ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	22,685,871	$	—	$	—
Investment Company		48,147		—		—
Securities Lending Reinvestment Vehicle		152,374		—		—
Total	$	22,886,392	$	—	$	—
Derivative Type
Assets
Futures Contracts(b)	$	6,702	$	—	$	—

  

  113

GOLDMAN SACHS ACTIVEBETA^® ETFS

 

Notes to Financial Statements (continued)

February 29, 2024

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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	$	12,212,969,580	$	—	$	—
Investment Company		13,171,145		—		—
Total	$	12,226,140,725	$	—	$	—
Derivative Type
Assets
Futures Contracts(b)	$	532,826	$	—	$	—
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	$	429,531	$	—	$	—
Asia		2,638,849		—		—
Europe		3,606,703		—		—
North America		484,333,768		—		27,278
South America		863,089		—		—
Investment Company		3,112,940		—		—
Securities Lending Reinvestment Vehicle		4,158,292		—		—
Total	$	499,143,172	$	—	$	27,278
Derivative Type
Assets
Futures Contracts(b)	$	109,636	$	—	$	—
ActiveBeta® World Low Vol Plus Equity ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	79,986,385	$	—	$	—
Europe		113,418,094		700,278		—
North America		612,931,501		—		—
Oceania		22,009,247		—		—
Investment Company		1,142,885		—		—
Securities Lending Reinvestment Vehicle		7,167,244		—		—
Total	$	836,655,356	$	700,278	$	—
Derivative Type
Assets
Futures Contracts(b)	$	135,424	$	—	$	—

^(a)  Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table.

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

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

  

114

GOLDMAN SACHS ACTIVEBETA^® ETFS

 

 

 

 

 

 

 

 

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of February 29, 2024. 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.

ActiveBeta® Europe Equity ETF
Risk	Statement of Assets and Liabilities	Assets1		Statement of Assets and Liabilities	Liabilities1
Equity	Variation margin on futures contracts	$	1,537	Variation margin on futures contracts	$	—
ActiveBeta® International Equity ETF
Risk	Statement of Assets and Liabilities	Assets1		Statement of Assets and Liabilities	Liabilities1
Equity	Variation margin on futures contracts	$	461,846	Variation margin on futures contracts	$	—
ActiveBeta® Japan Equity ETF
Risk	Statement of Assets and Liabilities	Assets1		Statement of Assets and Liabilities	Liabilities1
Equity	Variation margin on futures contracts	$	6,702	Variation margin on futures contracts	$	—
ActiveBeta® U.S. Large Cap Equity ETF
Risk	Statement of Assets and Liabilities	Assets1		Statement of Assets and Liabilities	Liabilities1
Equity	Variation margin on futures contracts	$	532,826	Variation margin on futures contracts	$	—
ActiveBeta® U.S. Small Cap Equity ETF
Risk	Statement of Assets and Liabilities	Assets1		Statement of Assets and Liabilities	Liabilities1
Equity	Variation margin on futures contracts	$	109,636	Variation margin on futures contracts	$	—
ActiveBeta® World Low Vol Plus Equity ETF
Risk	Statement of Assets and Liabilities	Assets1		Statement of Assets and Liabilities	Liabilities1
Equity	Variation margin on futures contracts	$	135,424	Variation margin on futures contracts	$	—

¹  Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedule of Investments. Only the variation margin as of February 29, 2024 is reported within the Statement of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended February 29, 2024. 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:

  

  115

GOLDMAN SACHS ACTIVEBETA^® ETFS

 

Notes to Financial Statements (continued)

February 29, 2024

 

 

4. INVESTMENTS IN DERIVATIVES (continued)

ActiveBeta® Emerging Markets Equity ETF
Risk	Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on Update condition	$	99,469	$	—
ActiveBeta® Europe Equity ETF
Risk	Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		2,146		2,248
ActiveBeta® International Equity ETF
Risk	Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		786,834		554,558
ActiveBeta® Japan Equity ETF
Risk	Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		230		5,760
ActiveBeta® U.S. Large Cap Equity ETF
Risk	Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		948,284		472,945
ActiveBeta® U.S. Small Cap Equity ETF
Risk	Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		1,076,614		113,350
ActiveBeta® World Low Vol Plus Equity ETF
Risk	Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		162,761		113,321

  

116

GOLDMAN SACHS ACTIVEBETA^® ETFS

 

 

 

 

 

 

 

 

4. INVESTMENTS IN DERIVATIVES ( continued)

For the six months ended February 29, 2024, the relevant values for each derivative type was as follows:

Fund	Average  Number of  Contracts(a)
ActiveBeta® Emerging Markets Equity ETF		55
ActiveBeta® Europe Equity ETF		2
ActiveBeta® International Equity ETF		98
ActiveBeta® Japan Equity ETF		6
ActiveBeta® U.S. Large Cap Equity ETF		106
ActiveBeta® U.S. Small Cap Equity ETF		50
ActiveBeta® World Low Vol Plus Equity ETF		17

(a) Amounts disclosed represent average number of contracts, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the six months ended February 29, 2024.

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.

For the six months ended February 29, 2024, 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%
ActiveBeta® World Low Vol Plus Equity ETF	0.25%

  

  117

GOLDMAN SACHS ACTIVEBETA^® ETFS

 

Notes to Financial Statements (continued)

February 29, 2024

 

 

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended February 29, 2024, 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
Goldman Sachs ActiveBeta® Emerging Markets Equity ETF	0.40%

B. Management Waiver— 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, ActiveBeta^® U.S. Small Cap Equity ETF and ActiveBeta^® World Low Vol Plus Equity ETF invest in Institutional Shares of the Goldman Sachs Financial Square Treasury Obligations 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, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Treasury Obligations Fund. For the six months ended February 29, 2024, the management fee waived by GSAM for each Fund was as follows:

Fund	Management Fee Waived
ActiveBeta® Emerging Markets Equity ETF	$   3,405
ActiveBeta® Europe Equity ETF	32
ActiveBeta® International Equity ETF	4,433
ActiveBeta® Japan Equity ETF	27
ActiveBeta® U.S. Large Cap Equity ETF	17,062
ActiveBeta® U.S. Small Cap Equity ETF	2,489
ActiveBeta® World Low Vol Plus Equity ETF	1,684

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

For the six months ended February 29, 2024, these expense reimbursements amounted to $254,494.

D. 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. and Goldman Sachs Financial Square Treasury Obligations Fund for the six months ended February 29, 2024:

  

118

GOLDMAN SACHS ACTIVEBETA^® ETFS

 

 

 

 

 

 

 

 

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

ActiveBeta® Emerging Markets Equity ETF

Underlying Fund

Beginning value as of August 31, 2023

Purchases at Cost

Proceeds from Sales

Ending value as of February 29, 2024

Shares as of February 29, 2024

Dividend Income

Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares

$    –

$

39,878,316

$

(27,282,317

)

$

12,595,998

12,595,998

$

97,186

ActiveBeta® Europe Equity ETF

Underlying Fund

Beginning value as of August 31, 2023

Purchases at Cost

Proceeds from Sales

Ending value as of February 29, 2024

Shares as of February 29, 2024

Dividend Income

Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares

–

248,044

(199,602

)

48,442

48,442

913

ActiveBeta® International Equity ETF

Underlying Fund

Beginning value as of August 31, 2023

Purchases at Cost

Proceeds from Sales

Ending value as of February 29, 2024

Shares as of February 29, 2024

Dividend Income

Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares

–

29,949,182

(21,250,361

)

21,250,361

21,250,361

130,384

ActiveBeta® U.S. Large Cap Equity ETF

Underlying Fund

Beginning value as of August 31, 2023

Purchases at Cost

Proceeds from Sales

Ending value as of February 29, 2024

Shares as of February 29, 2024

Dividend Income

Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares

–

121,669,213

(108,498,068

)

13,171,145

13,171,145

500,216

ActiveBeta® U.S. Small Cap Equity ETF

Underlying Fund

Beginning value as of August 31, 2023

Purchases at Cost

Proceeds from Sales

Ending value as of February 29, 2024

Shares as of February 29, 2024

Dividend Income

Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares

–

15,250,539

(12,137,599

)

3,112,940

3,112,940

–

ActiveBeta® World Low Vol Plus Equity ETF

Underlying Fund

Beginning value as of August 31, 2023

Purchases at Cost

Proceeds from Sales

Ending value as of February 29, 2024

Shares as of February 29, 2024

Dividend Income

Goldman Sachs Financial Square Treasury Obligations Fund - Institutional Shares

–

11,097,634

(9,954,749

)

1,142,885

1,142,885

–

6. CREATION AND REDEMPTION OF CREATION UNITS

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

  

  119

GOLDMAN SACHS ACTIVEBETA^® ETFS

 

Notes to Financial Statements (continued)

February 29, 2024

 

 

6. CREATION AND REDEMPTION OF CREATION UNITS (continued)

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:

	Goldman Sachs ActiveBeta® Emerging Markets Equity ETF
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares sold		—		$	—			2,100,000		$	61,682,388
Shares redeemed		(2,250,000	)		(65,404,084	)		(4,200,000	)		(119,934,568	)
NET DECREASE IN SHARES		(2,250,000	)	$	(65,404,084	)		(2,100,000	)	$	(58,252,180	)
	Goldman Sachs ActiveBeta® Europe Equity ETF
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares sold		—		$	—			—		$	—
Shares redeemed		(50,000	)		(1,700,198	)		(100,000	)		(2,546,984	)
NET DECREASE IN SHARES		(50,000	)	$	(1,700,198	)		(100,000	)	$	(2,546,984	)
	Goldman Sachs ActiveBeta® International Equity ETF
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares sold		1,500,000		$	46,484,328			7,300,000		$	221,995,548
Shares redeemed		—			—			(1,500,000	)		(44,265,384	)
NET INCREASE IN SHARES		1,500,000		$	46,484,328			5,800,000		$	177,730,164
	Goldman Sachs ActiveBeta® Japan Equity ETF
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares sold		200,000		$	7,419,872			—		$	—
Shares redeemed		—			—			—			—
NET INCREASE IN SHARES		200,000		$	7,419,872			—		$	–

  

120

GOLDMAN SACHS ACTIVEBETA^® ETFS

 

 

 

 

 

 

 

 

6. CREATION AND REDEMPTION OF CREATION UNITS (continued)

	Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares sold		4,750,000		$	425,524,968			6,700,000		$	551,981,819
Shares redeemed		(12,150,000	)		(1,066,571,335	)		(26,100,000	)		(2,079,315,418	)
NET DECREASE IN SHARES		(7,400,000	)	$	(641,046,367	)		(19,400,000	)	$	(1,527,333,599	)
	Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares sold		100,000		$	6,120,776			700,000		$	40,329,686
Shares redeemed		(500,000	)		(30,332,886	)		(1,150,000	)		(62,627,817	)
NET DECREASE IN SHARES		(400,000	)	$	(24,212,110	)		(450,000	)	$	(22,298,131	)
	Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares sold		1,500,000		$	65,700,492			2,800,000		$	109,727,326
Shares redeemed		(800,000	)		(35,947,938	)		—			—
NET INCREASE IN SHARES		700,000		$	29,752,554			2,800,000		$	109,727,326

7. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the six months ended February 29, 2024, were as follows:

Fund		Purchases		Sales
ActiveBeta® Emerging Markets Equity ETF	$	52,586,311	$	117,635,491
ActiveBeta® Europe Equity ETF		681,433		680,763
ActiveBeta® International Equity ETF		245,048,800		244,545,655
ActiveBeta® Japan Equity ETF		9,135,581		1,803,065
ActiveBeta® U.S. Large Cap Equity ETF		608,334,951		603,333,979
ActiveBeta® U.S. Small Cap Equity ETF		33,458,148		32,078,472
ActiveBeta® World Low Vol Plus Equity ETF		91,889,768		92,016,390

  

  121

GOLDMAN SACHS ACTIVEBETA^® ETFS

 

Notes to Financial Statements (continued)

February 29, 2024

 

 

7. PORTFOLIO SECURITIES TRANSACTIONS (continued)

The purchases and sales from in-kind creation and redemption transactions for the six months ended February 29, 2024, were as follows:

Fund		Purchases		Sales
Goldman Sachs ActiveBeta® Emerging Markets Equity ETF	$	—	$	12,351,692
Goldman Sachs ActiveBeta® Europe Equity ETF		—		1,693,596
Goldman Sachs ActiveBeta® International Equity ETF		45,581,913		—
Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF		423,584,235		1,065,899,449
Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF		6,118,006		30,221,140
Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF		65,247,517		35,936,866

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 February 29, 2024, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

  

122

GOLDMAN SACHS ACTIVEBETA^® ETFS

 

 

 

 

 

 

 

 

8. SECURITIES LENDING ( continued)

Both the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended February 29, 2024 are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended February 29, 2024.

Fund	Beginning value as of August 31, 2023		Purchases at Cost		Proceeds from Sales			Ending value as of February 29, 2024
ActiveBeta® Emerging Markets Equity ETF	$	5,450,496	$	22,554,153	$	(27,098,264	)	$	906,385
ActiveBeta® Europe Equity ETF		132,123		881,405		(990,989	)		22,539
ActiveBeta® International Equity ETF		37,159,558		305,582,144		(283,729,253	)		59,012,449
ActiveBeta® Japan Equity ETF		96,777		1,906,223		(1,850,626	)		152,374
ActiveBeta® U.S. Large Cap Equity ETF		39,027,450		29,499,199		(68,526,649	)		—
ActiveBeta® U.S. Small Cap Equity ETF		2,764,662		13,889,411		(12,495,781	)		4,158,292
ActiveBeta® World Low Vol Plus Equity ETF		2,067,149		41,568,064		(36,467,969	)		7,167,244

9. TAX INFORMATION

As of the Fund’s most recent fiscal year ended August 31, 2023, the Fund’s capital loss carryforward and certain timing differences on a tax-basis were as follow:

	ActiveBeta® Emerging Markets Equity ETF		ActiveBeta® Europe Equity ETF		ActiveBeta® International Equity ETF		ActiveBeta® Japan Equity ETF		ActiveBeta® U.S. Large Cap Equity ETF
Capital loss carryforwards:
Perpetual Short-Term	$	(31,389,025)	$	(1,208,253)	$	(96,667,452)	$	(559,539)	$	(276,490,779)
Perpetual Long-Term		—		(2,369,425)		(118,383,474)		(905,890)		248,471,968
Total capital loss carryforwards		(31,389,025)		(3,577,678)		(215,050,926)		(1,465,429)		(28,018,811)
Timing differences
(Post-October Capital
Loss Deferral/Qualified
Late Year Loss Deferral)		(31,927,009)		(194,024)		(65,186,861)		(185,059)		(301,619,129)
							ActiveBeta® U.S. Small Cap Equity ETF		ActiveBeta® World Low Vol Plus Equity ETF
Capital loss carryforwards:
Perpetual Short-Term							$	(12,028,913)	$	(5,514,785)
Perpetual Long-Term								(4,515,494)		—
Total capital loss carryforwards								(16,544,407)		(5,514,785)
Timing differences
(Post-October Capital
Loss Deferral/Qualified
Late Year Loss Deferral)								(9,760,708)		(23,615,451)

  

  123

GOLDMAN SACHS ACTIVEBETA^® ETFS

 

Notes to Financial Statements (continued)

February 29, 2024

 

 

9. TAX INFORMATION continued)

As of February 29, 2024, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	ActiveBeta® Emerging Markets Equity ETF			ActiveBeta® Europe Equity ETF			ActiveBeta® International Equity ETF			ActiveBeta® Japan Equity ETF			ActiveBeta® U.S. Large Cap Equity ETF
Tax Cost	$	844,456,850		$	9,429,796		$	2,994,388,535		$	19,397,034		$	8,276,811,448
Gross unrealized gain		280,166,799			2,235,348			764,061,430			4,267,187			4,298,095,222
Gross unrealized loss		(167,668,323	)		(1,083,628	)		(178,955,558	)		(777,829	)		(348,765,945	)
Net unrealized gain (loss)	$	112,498,476		$	1,151,720		$	585,105,872		$	3,489,358		$	3,949,329,277
										ActiveBeta® U.S. Small Cap Equity ETF			ActiveBeta® World Low Vol Plus Equity ETF
Tax Cost										$	455,831,351		$	736,405,927
Gross unrealized gain											108,675,801			122,010,470
Gross unrealized loss											(65,336,702	)		(21,060,763	)
Net unrealized gain (loss)										$	43,339,099		$	100,949,707

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 contracts, differences in the tax treatment of partnership investments, and differences in the tax treatment of passive foreign investment company investments.

GSAM has reviewed the Funds’ tax positions for all open tax years (the current 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:

Calculation Methodology Risk— The Index relies on various sources of information to assess the criteria of issuers included in the Index (or a reference index if applicable), including fundamental information that may be based on assumptions and estimates. Neither the Fund, the Investment Adviser nor the Index Provider can offer assurances that the Index’s calculation methodology or sources of information will provide a correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.

Geographic Risk— If a Fund focuses its investments in securities of issuers located in a particular country or geographic region, the Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

Index Risk — GSAM (the “Index Provider”) constructs each Fund’s index (an “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 its 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

  

124

GOLDMAN SACHS ACTIVEBETA^® ETFS

 

 

 

 

 

10. OTHER RISKS ( continued )

of a market decline or a decline in the value of one or more issuers. When an Index is rebalanced and a Fund in turn rebalances its portfolio to attempt to increase the correlation between the Fund’s portfolio and its 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. 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.

Industry Concentration Risk— In following its methodology, an Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or group of industries. To the extent that an Index concentrates in the securities of issuers in a particular industry or group of industries, the Fund also may concentrate its investments to approximately the same extent. By concentrating its investments in an industry or group of industries, the Fund may face more risks than if it were diversified broadly over numerous industries or groups of industries. If an Index is not concentrated in a particular industry or group of industries, the Fund will not concentrate in a particular industry or group of industries.

Investment Style Risk— Different investment styles (e.g., “growth”, “value” or “quantitative”) tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.

Large Shareholder Transactions Risk — Certain shareholders, including other funds advised by the Investment Adviser, may from time to time own a substantial amount of the Fund’s Shares. In addition, a third party investor, the Investment Adviser or an affiliate of the Investment Adviser, an authorized participant, a lead market maker, or another entity (i.e., a seed investor) may invest in the Fund and hold its investment solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or scale. Any such investment may be held for a limited period of time. There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund, including on the Fund’s liquidity. In addition, transactions by large shareholders may account for a large percentage of the trading volume on Cboe or NYSE Arca and may, therefore, have a material upward or downward effect on the market price of the Shares.

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, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Market Trading Risk — Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may pay more for, or receive less than, the underlying value of the Shares, respectively. 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.

  

125

GOLDMAN SACHS ACTIVEBETA^® ETFS

 

Notes to Financial Statements (continued)

February 29, 2024

 

 

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

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.

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 ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund, Goldman Sachs Trust, Goldman Sachs Trust II and Goldman Sachs Variable Insurance Trust, in July 2023, the Board voted to nominate Gregory G. Weaver, Dwight L. Bush, Kathryn A. Cassidy, John G. Chou, Joaquin Delgado, Eileen H. Dowling and Paul C. Wirth (the “Nominees”) for election as Trustees of the Trust. At a virtual special joint meeting of shareholders to be held on November 16, 2023, each of the Nominees was elected to serve as Trustees alongside the then current Trustees of the Trust, effective January 1, 2024.

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.

  

126

GOLDMAN SACHS ACTIVEBETA^® ETFS

 

 

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting of Shareholders (the “Meeting”) of the Goldman Sachs ETF Trust (the “Trust”) was held on November 16, 2023 to consider and elect nominees to the Trust’s Board of Trustees. At the Meeting, Gregory G. Weaver, Dwight L. Bush, Kathryn A. Cassidy, John G. Chou, Joaquin Delgado, Eileen H. Dowling, and Paul C. Wirth were elected to the Trust’s Board of Trustees. In electing the nominees, the Trust’s shareholders voted as follows:

Proposal
Election of Trustees	For		Withheld
Gregory G Weaver		312,642,103		27,755,773
Dwight L. Bush		339,557,290		840,586
Kathryn A. Cassidy		339,692,259		705,617
John G. Chou		339,628,535		769,341
Joaquin Delgado		339,626,867		771,009
Eileen H. Dowling		339,570,827		827,049
Paul C. Wirth		339,591,397		806,479

  

  127

GOLDMAN SACHS ACTIVEBETA^® ETFS

 

 

Statement Regarding Basis for Approval of Management Agreement for 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 ETF, Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF and Goldman Sachs ActiveBeta^® World Low Vol Plus Equity ETF (Unaudited)

Background

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

The Management Agreement was most recently approved for continuation until September 30, 2024 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on September 19-20, 2023 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

(b) information on the investment performance of the Fund, including comparisons to (i) the performance of similar exchange-traded funds (“ETFs”), as provided by a third-party fund data provider engaged as part of the contract review process (the “Outside Data Provider”), (ii) its underlying index and (except for the Goldman Sachs ActiveBeta^® World Low Vol Plus Equity ETF) a composite of accounts with comparable investment strategies managed by the Investment Adviser; and (iii) information on general investment outlooks in the markets in which the Fund invests;

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

(d) fee and expense information for the Fund, including:

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

(ii) the with respect to the Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF, comparative information on the advisory fees charged and services provided to other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) managed by the Investment Adviser having investment objectives and policies similar to those of the Fund;

(e) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider (except for the Goldman Sachs ActiveBeta^® World Low Vol Plus Equity ETF, which commenced operations in 2022), its processes in producing that data for the Fund;

  

128  

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs (continued)

 

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

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

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

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

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

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

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

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

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

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including developments associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees considered that under the Management Agreement, each Fund pays a single fee to the Investment Adviser, and the Investment Adviser pays each Fund’s ordinary operating expenses, excluding payments under each Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. The Trustees also considered information about each Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Funds are passively-managed ETFs that seek to track proprietary indices created by the Investment Adviser. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Funds. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing investment strategies similar to those of the Funds. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

  

  129

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs (continued)

 

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and/or ratings compiled by the Outside Data Provider as of March 31, 2023, and updated information prepared by the Investment Adviser regarding the Funds’ category rankings using the peer group identified by the Outside Data Provider as of June 30, 2023. The information on each Fund’s investment performance was provided for the one-, three-, and five-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. As part of this review, they reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing each Fund’s performance to that of its respective proprietary index and (except for the Goldman Sachs ActiveBeta^® World Low Vol Plus Equity ETF), to a comparable market capitalization-weighted reference index and a composite of accounts with comparable investment strategies managed by the Investment Adviser. The Trustees observed that each Fund’s investment performance was consistent with the investment objective of tracking its respective proprietary index.

In addition, the Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

Unitary Fee Structure and Profitability

The Trustees considered the unitary management fee rate payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and non-advisory services that were directed to the needs and operations of the Funds as ETFs.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The Trustees also considered information previously provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Funds’ fee rates and expense ratios were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing each Fund’s management fee rate and net expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons provided by the Outside Data Provider and the Investment Adviser were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds. With respect to the Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF, the Trustees also considered comparative fee information for services provided by the Investment Adviser to accounts having investment objectives and policies similar to those of the Fund, and information that indicated that services provided to the Fund differed in various significant respects from the services provided to such account which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive. They noted that shareholders are able to sell their Fund shares on the secondary market if they believe that Fund fees and expenses are too high or if they are dissatisfied with the performance of a Fund. The Trustees also considered that no license fees would be payable to the Investment Adviser by the Funds for use of the indices created by the Investment Adviser.

The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had previously received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency, and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC (“Goldman Sachs”) organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations. Profitability data for the Funds (except for Goldman Sachs ActiveBeta^® World Low Vol Plus Equity ETF) was provided for 2022 and 2021. The Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

The Trustees noted that the Funds, similar to many other ETFs, do not have management fee breakpoints. They considered information previously provided regarding each Fund’s fee structure, the amount of assets in each Fund, each Fund’s recent creation and redemption activity, information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its realized profits, and information comparing the contractual management fee rate charged by other advisers to other funds in the peer group. The Trustees further noted the Investment Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration in determining each Fund’s unitary management fee rate.

  

130  

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs (continued)

 

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (b) fees earned by the Investment Adviser for managing the funds in which the Funds’ securities lending cash collateral is invested; (c) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (d) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (e) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (f) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (g) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) the Funds’ access to certain affiliated distribution channels. They considered the competitive nature of the ETF marketplace, noting that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary fee paid by each Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until September 30, 2024.

  

  131

GOLDMAN SACHS ACTIVEBETA^® ETFS

 

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs

ActiveBeta^® Emerging Markets Equity ETF (Unaudited)

Background

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

The Management Agreement was most recently approved for continuation until September 30, 2024 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on September 19-20, 2023 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

(b) information on the investment performance of the Fund, including comparisons to (i) the performance of similar exchange-traded funds (“ETFs”), as provided by a third-party fund data provider engaged as part of the contract review process (the “Outside Data Provider”), (ii) its underlying index and a composite of accounts with comparable investment strategies managed by the Investment Adviser; and (iii) information on general investment outlooks in the markets in which the Fund invests;

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

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

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

(f) the undertaking of the Investment Adviser and its affiliates to implement an expense limitation;

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

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

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

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

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

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

  

132  

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs (continued)

 

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

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

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

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and its service providers operate, including developments associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information about the Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Fund is a passively-managed ETF that seeks to track a proprietary index created by the Investment Adviser. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Fund. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing investment strategies similar to those of the Fund. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of March 31, 2023, and updated information prepared by the Investment Adviser regarding the Funds’ category rankings using the peer group identified by the Outside Data Provider as of June 30, 2023. The information on the Fund’s investment performance was provided for the one-, three-, and five-year periods ending on the applicable dates. As part of this review, they reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Fund’s performance to that of its proprietary index, a comparable market capitalization-weighted reference index, and a composite of accounts with comparable investment strategies managed by the Investment Adviser. The Trustees observed that the Fund’s investment performance was consistent with the investment objective of tracking its proprietary index.

In addition, the Trustees also considered the Investment Adviser’s periodic reports with respect to the Fund’s risk profile, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

Costs of Services Provided and Profitability

The Trustees considered the contractual terms of the Management Agreement and the fee rate payable by the Fund. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Fund, which included both advisory and non-advisory services that were directed to the needs and operations of the Fund as an ETF.

  

  133

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs (continued)

 

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Fund. The analyses provided a comparison of the Fund’s management fee to those of a relevant peer group and category universe; an expense analysis which compared the Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing the Fund’s net expenses to the peer and category medians. The Trustees also considered information previously provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Fund’s fee rate and expense ratio were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s management fee rate and net expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons provided by the Outside Data Provider and the Investment Adviser were useful in evaluating the reasonableness of the management fees and total expenses paid by the Fund.

They also noted that shareholders are able to sell their Fund shares on the secondary market if they believe that Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund. In addition, the Trustees considered the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed a specified level pursuant to the permanent expense limitation agreement in place and reviewed the Fund’s total operating expense ratio (both gross and net of expense limitations). They considered that no license fees would be payable to the Investment Adviser by the Fund for use of the index created by the Investment Adviser.

The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had previously received, among other things, profitability analyses and summaries, revenue and expense schedules with respect to the Fund for various functions (i.e., investment management, transfer agency, and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC (“Goldman Sachs”) organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations. Profitability data for the Fund was provided for 2022 and 2021. The Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

The Trustees noted that the Fund, similar to many other ETFs, does not have management fee breakpoints. They considered information previously provided regarding the Fund’s fee structure, the amount of assets in the Fund, the Fund’s recent creation and redemption activity, information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its realized profits, information comparing the contractual management fee rate charged by other advisers to other funds in the peer group, and the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed a specified level. The Trustees recognized that if the assets of the Fund increase over time, the Fund and its shareholders could realize economies of scale as certain Fund expenses, such as certain fixed fees, become a smaller percentage of overall assets. They further noted the Investment Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration in determining the Fund’s management fee rate.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund as stated above, including: (a) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (b) fees earned by the Investment Adviser for managing the funds in which the Fund’s securities lending cash collateral is invested; (c) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (d) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (e) 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; (f) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (h) 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. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

  

134  

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs (continued)

 

Other Benefits to the Fund and Its Shareholders

The Trustees also noted that the Fund receives certain other potential benefits as a result of its relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Fund with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Fund as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) 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; (g) the Fund’s access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) the Fund’s access to certain affiliated distribution channels. They considered the competitive nature of the ETF marketplace, noting that many of the Fund’s shareholders invested in the Fund in part because of the Fund’s relationship with the Investment Adviser and have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fee paid by the Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until September 30, 2024.

  

  135

GOLDMAN SACHS ACTIVEBETA^® ETFS

 

 

Liquidity Risk Management Program

February 29, 2024

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 February 13-14, 2024, 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, 2023 through December 31, 2023 (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; (3) the efficiency of the arbitrage function during the Reporting Period; (4) the impact of local holidays in non-U.S. jurisdictions. 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.

  

136  

GOLDMAN SACHS ACTIVEBETA^® ETFS

Fund Expenses — Six Month Period Ended February 29, 2024 (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 and held for the entire six-month period from September 1, 2023 through February 29, 2024, which represents a period of 182 days in a 366 day year (or less where indicated).

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

umber in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

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

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

	ActiveBeta® Emerging  Markets Equity ETF							ActiveBeta® Europe Equity ETF							ActiveBeta® International Equity ETF							ActiveBeta® Japan Equity ETF
	Beginning Account Value 9/1/23		Ending Account Value 2/29/24			Expenses Paid for the 6 months ended 2/29/24*		Beginning Account Value 9/1/23		Ending Account Value 2/29/24			Expenses Paid for the 6 months ended 2/29/24*		Beginning Account Value 9/1/23		Ending Account Value 2/29/24			Expenses Paid for the 6 months ended 2/29/24*		Beginning Account Value 9/1/23		Ending Account Value 2/29/24			Expenses Paid for the 6 months ended 2/29/24*
Actual based on NAV		$1,000.00		$1,059.52			$2.30		$1,000.00		$1,070.87			$1.29		$1,000.00		$1,078.45			$1.29		$1,000.00		$1,123.87			$1.32
Hypothetical 5% return		1,000.00		1,022.63	+		2.26		1,000.00		1,023.62	+		1.26		1,000.00		1,023.62	+		1.26		1,000.00		1,023.62	+		1.26

* Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 29, 2024. 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 half year; and then dividing that result by the number of days in the fiscal year.

+ 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.

	ActiveBeta® U.S. Large  Cap Equity ETF							ActiveBeta® U.S. Small  Cap Equity ETF							ActiveBeta® World Low  Vol Plus Equity ETF
	Beginning Account Value 9/1/23		Ending Account Value 2/29/24			Expenses Paid for the 6 months ended 2/29/24*		Beginning Account Value 9/1/23		Ending Account Value 2/29/24			Expenses Paid for the 6 months ended 2/29/24*		Beginning Account Value 9/1/23		Ending Account Value 2/29/24			Expenses Paid for the 6 months ended 2/29/24*
Actual based on NAV		$1,000.00		$1,146.80			$0.48		$1,000.00		$1,088.30			$1.04		$1,000.00		$1,119.05			$1.32
Hypothetical 5% return		1,000.00		1,024.42	+		0.45		1,000.00		1,023.87	+		1.01		1,000.00		1,023.62	+		1.26

* Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 29, 2024. 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 half year; and then dividing that result by the number of days in the fiscal year.

+ 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 annualized net expense ratios for the period were as follows:

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

137

(This page intentionally left blank)

(This page intentionally left blank)

FUNDS PROFILE

 

Goldman Sachs ETFs

 

THE GOLDMAN

SACHS ADVANTAGE

Our goal is to deliver:

	Strong, Consistent Investment Results
∎	Global Resources and Global Research
∎	Team Approach
∎	Disciplined Processes

	Innovative, Value-Added Investment Products
∎	Thoughtful Solutions
∎	Risk Management

	Outstanding Client Service
∎	Dedicated Service Teams
∎	Excellence and Integrity

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 Divisionof Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.54 trillion in assets under supervision as of December 31, 2023, 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 Access Emerging Markets USD Bond ETF

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 Bonds ETF

Goldman Sachs Access Treasury 0-1 Year ETF

Goldman Sachs Access U.S. Aggregate Bond ETF

Goldman Sachs Access Ultra Short Bond ETF

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 ActiveBeta(^®) World Low Vol Plus Equity ETF

Goldman Sachs Bloomberg Clean Energy Equity ETF

Goldman Sachs Community Municipal Bond ETF

Goldman Sachs Defensive Equity ETF

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

Goldman Sachs Future Consumer Equity ETF

Goldman Sachs Future Health Care Equity ETF

Goldman Sachs Future Planet Equity ETF

Goldman Sachs Future Real Estate and Infrastructure Equity ETF

Goldman Sachs Future Tech Leaders Equity ETF

Goldman Sachs Hedge Industry VIP ETF

Goldman Sachs Innovate Equity ETF

Goldman Sachs JUST U.S. Large Cap Equity ETF

Goldman Sachs MarketBeta(^®) Emerging Markets Equity ETF

Goldman Sachs MarketBeta(^®) International Equity ETF

Goldman Sachs MarketBeta(^®) Total International Equity ETF

Goldman Sachs MarketBeta(^®) U.S. 1000 Equity ETF

Goldman Sachs MarketBeta(^®) U.S. Equity ETF

Goldman Sachs MarketBeta(^®) Russell 1000 Growth Equity ETF

Goldman Sachs MarketBeta(^®) Russell 1000 Value Equity ETF

Goldman Sachs Nasdaq-100 Core Premium Income ETF

Goldman Sachs North American Pipelines & Power Equity ETF

Goldman Sachs Small Cap Core Equity ETF

Goldman Sachs S&P 500 Core Premium Income 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.

  

140  

FUNDS PROFILE

 

 

 

 

Russell 3000^® Index is a market capitalization weighted equity index maintained by the FTSE Russell that provides exposure to the entire U.S. stock market. The index tracks the performance of the 3,000 largest U.S.-traded stocks which represent about 98% of all U.S incorporated equity securities. It is not possible to invest directly in an index.

The “S&P 500 Index” is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and has been licensed for use by Goldman Sachs Asset Management, L.P. Standard & Poor’s^® and S&P^® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Goldman Sachs Asset Management, L.P. The Goldman Sachs S&P 500 Core Premium Income ETF is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.

Nasdaq^®, Nasdaq-100^®, Nasdaq-100 Index^®, and NDX^® are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by Goldman Sachs Asset Management L.P. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT(S).

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

GOLDMAN SACHS HEREBY EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN OR IN THE CALCULATION THEREOF. GOLDMAN SACHS MAKES NO WARRANTY, EXPRESS OR IMPLIED, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE MARKS, THE ACTIVEBETA^® INDICES OR ANY DATA INCLUDED THEREIN AS TO THE RESULTS TO BE OBTAINED BY A FUND, THE SHAREHOLDERS, OR ANY OTHER PERSON OR ENTITY FROM USE OF THE ACTIVEBETA^® INDICES OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, GOLDMAN SACHS HEREBY EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

  

  141

TRUSTEES TRUSTEES (continued) Gregory G. Weaver, Chair Michael Latham Cheryl K. Beebe James A. McNamara Dwight L. Bush Lawrence W. Stranghoener Kathryn A. Cassidy Paul C. Wirth John G. Chou Joaquin Delgado OFFICERS Eileen H. Dowling James A. McNamara, President Lawrence Hughes Joseph F. DiMaria, Principal Financial Officer, John F. Killian Principal Accounting Officer and Treasurer Steven D. Krichmar Robert Griffith, Secretary THE BANK OF NEW YORK MELLON GOLDMAN SACHS ASSET MANAGEMENT, L.P. Transfer Agent Investment Adviser ALPS DISTRIBUTORS, INC. Distributor Visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282 The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed. A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30, are available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC’’) website 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 website at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550. Fund holdings and allocations shown are as of February 29, 2024 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only. Neither MSCI nor any other party involved in or related to compiling, computing, or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability, or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent. The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and S&P Global Market Intelligence (“S&P”) and is licensed for use by Goldman Sachs. Neither MSCI, S&P, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. ETF Fund shares are not individually redeemable and are issued and redeemed by the Fund at their net asset value (“NAV”) only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Ordinary brokerage commissions apply. ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management. This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or Summary Prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the Summary Prospectus, if available, and/or the Prospectus carefully before investing or sending money. The Summary Prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550. ActiveBeta® is a registered trademark of Goldman Sachs Asset Management. © 2024 Goldman Sachs. All rights reserved. 365209-OTU-2013878 GST 2508 ACTBETASAR-24

Semi-Annual Report Goldman Sachs Funds February 29, 2024

 

 

 

 

Goldman Sachs Community Municipal Bond ETF

∎   GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF

TABLE OF CONTENTS

Market and Economic Review	1
Fund Basics	2
Schedule of Investments	5
Financial Statements	14
Financial Highlights	17
Goldman Sachs Community Municipal Bond ETF	17
Notes to Financial Statements	18
Other Information	25

Effective January 24, 2023, open-end mutual funds and exchange traded funds will be required to provide shareholders with streamlined annual and semi-annual shareholder reports (“Tailored Shareholder Reports”). Funds will be required to prepare a separate Tailored Shareholder Report for each share class of a fund that highlights key information to investors. Other information, including financial statements, will no longer appear in a fund’s shareholder report, but will be available online, delivered free of charge upon request, and filed with the Securities and Exchange Commission on a semi-annual basis on Form N-CSR. The new requirements have a compliance date of July 24, 2024.

NOT FDIC-INSURED  May Lose Value  No Bank Guarantee 

  

   

MARKET REVIEW

 

 

Goldman Sachs Community Municipal Bond ETF

February 29, 2024

The following are highlights both of key factors affecting the municipal bond market and of any key changes made to the Goldman Sachs Community Municipal Bond ETF (the “Fund”) during the six months ended February 29, 2024 (the “Reporting Period”). A streamlined annual shareholder report covering the 12 months ended August 31, 2024 will be provided to Fund shareholders, per new SEC requirements with a compliance date of July 24, 2024.

Market and Economic Review

• The broad municipal bond market produced positive returns during the Reporting Period, propelled by especially strong gains in the final two months of 2023.

• As the Reporting Period began in September 2023, municipal bond yields rose, following the trend in the U.S. Treasury market, as investors anticipated the Federal Reserve would keep interest rates higher for longer. Municipal bond prices, which move inversely with yields, fell.

• This pattern continued at the start of the fourth calendar quarter, with municipal bond yields hitting 15-year highs during October. Weak market technicals (i.e., supply and demand dynamics) put further pressure on municipal bond market performance.

• However, in November and December, municipal bond yields fell sharply, following the trajectory of the U.S. Treasury market, as investors positioned themselves to lock in higher yields ahead of the new year. Municipal bond prices also benefited from an increase in demand prior to the seasonal slowdown in activity that historically occurs in the municipal bond market at the end of a calendar year.

• In January 2024, the broad municipal bond market weakened, as elevated new issue supply and expensive valuations weighed on performance.

• Municipal bond yields held firm throughout February, rising only modestly compared to U.S. Treasury yields, which increased substantially during the month. Municipal bond market performance was especially noteworthy given the challenging backdrop of heightened new issue supply and negligible investment flows into municipal bond mutual funds.

Fund Changes and Highlights

No material changes were made to the Fund during the Reporting Period.

  

1

FUND BASICS

 

 

Community Municipal Bond ETF

as of February 29, 2024

FUND SNAPSHOT
As of February 29, 2024
Market Price1	$	50.15
Net Asset Value (NAV)1	$	50.01

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

PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV)2	Fund Total Return (based on Market Price)2	Bloomberg Goldman Sachs Community Municipal Index3
Shares	2.58%	2.76%	3.23%

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

3 “Bloomberg^®” and the Bloomberg Goldman Sachs Community Municipal Index (the “Index”) are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”), and have been licensed for use for certain purposes by GSAM. The Fund is not sponsored, endorsed, sold or promoted by Bloomberg. Bloomberg does not make any representation or warranty, express or implied, to the owners of or counterparties to the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly. The only relationship of Bloomberg to GSAM is the licensing of certain trademarks, trade names and service marks and of the Index, which is determined, composed and calculated by BISL without regard to GSAM or the Fund. Bloomberg has no obligation to take the needs of GSAM or the owners of the Fund into consideration in determining, composing or calculating the Index. Bloomberg is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Fund to be issued. Bloomberg shall not have any obligation or liability, including, without limitation, to Fund customers, in connection with the administration, marketing or trading of the Fund.

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

  

2

FUND BASICS

 

 

 

 

 

 TOP TEN HOLDINGS AS OF 2/29/24⁴

Holding	% of Net Assets		State
Commonwealth of Pennsylvania GO Bonds: First Series of 2016 and First Refunding Series of 2016	0.6%		Pennsylvania
Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2019 Series F, Series F	0.6		Massachusetts
Southern California Public Power Authority and Transmission System Renewal Project RB 2023-1	0.6		California
Fairfax County Public Improvement Bonds Series 2022A, Series A	0.6		Virginia
State of Hawaii GO Bonds of 2015 Series ET, Series ET	0.6		Hawaii
State of California GO Various Purpose Refunding Bonds	0.6		California
State of Illinois GO Bonds, Series May 2023B, Series B	0.6		Illinois
Fairfax County Virginia Public Improvement Bonds Series 2023A, Series A	0.6		Virginia
Dormitory Authority of The State of New York New York State Personal Income Tax RB General Purpose Series 2020A Bidding Group 2 Bonds Tax Exempt, Series A	0.5		New York
Public Finance Authority Lease Development RB for Ku Campus Development Corp. Central District Development Project Series 2016	0.5		Wisconsin

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

 SECTOR ALLOCATION AS OF 2/29/24⁵

Sector Name	Fund
Government	98.8%

⁵  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities.

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

  

3

FUND BASICS

 

 

Index Definitions and Industry Terms

“Bloomberg^®” and the Bloomberg Goldman Sachs Community Municipal Index (the “Index”) are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”), and have been licensed for use for certain purposes by GSAM. The Goldman Sachs Community Municipal Bond ETF is not sponsored, endorsed, sold or promoted by Bloomberg. Bloomberg does not make any representation or warranty, express or implied, to the owners of or counterparties to the Goldman Sachs Community Municipal Bond ETF or any member of the public regarding the advisability of investing in securities generally or in the Goldman Sachs Community Municipal Bond ETF particularly. The only relationship of Bloomberg to GSAM is the licensing of certain trademarks, trade names and service marks and of the Index, which is determined, composed and calculated by BISL without regard to GSAM or the Goldman Sachs Community Municipal Bond ETF. Bloomberg has no obligation to take the needs of GSAM or the owners of the Goldman Sachs Community Municipal Bond ETF into consideration in determining, composing or calculating the Index. Bloomberg is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Goldman Sachs Community Municipal Bond ETF to be issued. Bloomberg shall not have any obligation or liability, including, without limitation, to Goldman Sachs Community Municipal Bond ETF customers, in connection with the administration, marketing or trading of the Goldman Sachs Community Municipal Bond ETF.

  

4

GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds - 98.8%
Alabama - 1.6%
Alabama Public School and College Authority Tax Exempt Capital improvement and RB, Series 2020-A (Aa1/AA)
$	30,000		5.000	%	11/01/2026	$	31,766
	30,000		5.000		11/01/2034		34,259
	30,000		5.000		11/01/2035		34,122
	25,000		4.000		11/01/2036		26,308
Alabama Public School and College Authority Tax Exempt Capital improvement and RB, Series 2020-A (Aa1/AA)
	30,000		5.000		11/01/2031		34,388
							160,843
Arizona - 0.5%
Arizona Board of Regents, University of Arizona System Revenue Refunding Bonds Series 2016 (Aa2/AA-)
	30,000		3.000		06/01/2034		29,032
City of Mesa Utility Systems Revenue Refunding Bonds Series 2019C (Aa2/AA-)
	20,000		5.000		07/01/2034		22,224
							51,256
Arkansas - 0.3%
City of Fort Smith Water and Sewer Refunding and Construction RB Series 2018 (NR/A)
	30,000		5.000		10/01/2030		32,443
California - 15.0%
Anaheim Lease RB Anaheim Public Improvement Project 1997 (AGM) (A1/AA)
	50,000		0.000	(a)	09/01/2032		37,978
California Educational Facilities Authority Stanford University RB Series U-2 (Aaa/AAA)
	40,000		5.000		10/01/2032		48,773
California Health Facilities Financing Authority, Refunding RB (Cedars-Sinai Medical Center) Series 2015 (Aa3/NR)
	30,000		3.500		11/15/2034		30,112
California Infrastructure and Economic Development Bank Lease RB
	30,000		5.000		08/01/2035		33,361
City of Los Angeles Department of Water and Power Water System RB 2017 Series A (Aa2/AA+)
	30,000		5.000		07/01/2033		32,059
County of Santa Clara GO Bonds (Election of 2008) 2013 Series B3 (NR/AAA)
	50,000		3.250		08/01/2035		48,799
Department of Water and Power of the City of Los Angeles RB Series 2018 D (Aa2/AA-)
	35,000		5.000		07/01/2031		38,716
	30,000		5.000		07/01/2034		33,098
Infrastructure and Economic Development Bank, California Clean Water and Drinking Water State Revolving Fund RB Breen Bond Series 2023 (Aaa/AAA)
	30,000		5.000		10/01/2028		33,630
Los Angeles County Metropolitan Transportation Authority Measure R Senior Sales Tax RB 2021-A (Aa1/AAA)
	30,000		5.000		06/01/2029		34,156
Los Angeles County Public Works Financing Authority Lease RB 2021 Series F Green Bonds (Aa2/AA+)
	30,000		5.000		12/01/2034		35,377

Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
California – (continued)
Los Angeles Unified School District 2019 GO Refunding Bond Series A (Aa3/NR)
$	40,000		3.000	%	01/01/2034	$	39,743
Metropolitan Water District of Southern California Subordinate Water Revenue Refunding Bonds, 2020 Series A (NR/AA+)
	30,000		4.000		07/01/2029		32,361
Palomar Community College District 2015 GO Refunding Bonds (Aa2/AA)
	40,000		5.000	(b)	05/01/2030		40,973
San Bernadino Community College District, San Bernardino and Riverside Counties Election of 2002 GO Bonds Series D (Aa1/AA)
	50,000		0.000	(a)	08/01/2032		38,508
San Diego Unified School District 2015 GO Refunding Bonds Dedicated Unlimited Ad Valorem Property Tax Bonds Series R-4 (Aa2/AA-)
	40,000		5.000		07/01/2025		41,156
San Diego Unified School District GO Refunding Bonds Series 2012 R-1 (Aa2/AA-)
	50,000		0.000	(a)	07/01/2031		39,636
San Francisco Bay Area Rapid Transit District GO Bonds Election of 2016 2017 Series A-1 Green Bonds (Aaa/A+)
	30,000		5.000		08/01/2031		32,216
	25,000		4.000		08/01/2036		25,621
San Francisco Bay Area Rapid Transit District Sales Tax Revenue Bonds 2015 Refunding Series A (NR/AA+)
	30,000		5.000		07/01/2027		30,794
San Jose Evergreen California Community College District GO Bonds Election of 2004 B (AGM) (Aa1/AA+)
	50,000		0.000	(a)	09/01/2031		39,399
Santa Clara Unified School District Election of 2014 GO Bonds Series 2019 (Aaa/AAA)
	30,000		3.000		07/01/2033		29,561
Southern California Public Power Authority and Transmission System Renewal Project RB 2023-1 (Aa2/NR)
	50,000		5.000		07/01/2034		61,519
State of California Department of Water Resources and Water System Central Valley Project RB Series AX (Aa1/AAA)
	35,000		5.000		12/01/2030		38,325
State of California GO Various Purpose Bonds (Aa2/AA-)
	30,000		5.000		03/01/2030		34,365
	70,000		5.000		11/01/2031		80,390
	30,000		5.000		03/01/2032		34,245
	30,000		5.000		11/01/2032		33,233
	30,000		5.000		03/01/2034		34,211
State of California GO Various Purpose Refunding Bonds (Aa2/AA-)
	30,000		5.000		11/01/2030		32,656
	50,000		5.000		11/01/2032		59,882
	40,000		4.000		11/01/2034		41,461
State of California Tax Exempt Various Purpose GO Refunding Bonds (Aa2/AA-)
	50,000		5.000		09/01/2028		51,456
	20,000		5.000		10/01/2028		22,162
State of California Tax Exempt Various Purpose GO Refunding Bonds Bid Group B (Aa2/AA-)
	30,000		3.375		09/01/2033		30,071

  

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

GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
California – (continued)
State of California Various Purpose GO Bonds (Green Bonds) (Aa2/AA-)
$	40,000		3.750	%	10/01/2037	$	39,610
State Public Works Board of the State of California Lease Revenue Refunding Bonds 2015 Series G (Aa3/A+)
	20,000		5.000		05/01/2025		20,470
The Regents of the University of California General Revenue Bonds 2017 Series AY (Aa2/AA)
	30,000		5.000		05/15/2032		32,224
The Regents of the University of California Limited Project RB 2022 Series S Forward Delivery (Aa3/AA-)
	25,000		5.000		05/15/2031		29,583
WM S Hart High School District GO Bonds Election 2001 2005 B (AGM) (Aa2/AA)
	30,000		0.000	(a)	09/01/2029		25,223
							1,497,113
Colorado - 1.1%
Colorado Health Facilities Authority Hospital RB Series 2015 (NR/A)
	30,000		5.000		01/15/2035		30,917
Colorado Health Facilities Authority RB Series 2019A (NR/A+)
	30,000		5.000		11/01/2034		32,656
State of Colorado Higher Education Capital Construction Lease Purchase Financing program Certificates of Participation Series 2014 A (Aa2/AA-)
	40,000		5.000		11/01/2025		41,354
							104,927
Connecticut - 2.0%
Connecticut State Health & Educational Facilities Authority RB Quinnipiac University Issue Series L (A3/A-)
	25,000		5.000		07/01/2032		25,552
State of Connecticut GO Bonds (Aa3/AA-)
	30,000		5.000		11/15/2030		30,939
	30,000		5.000		11/15/2032		30,914
State of Connecticut GO Bonds 2015 Series A (Aa3/AA-)
	20,000		4.000		03/15/2032		20,064
State of Connecticut GO Refunding Bonds Series 2016 B (Aa3/AA-)
	30,000		5.000		05/15/2027		31,350
State of Connecticut Tax Exempt GO Bonds 2018 Series E (Aa3/AA-)
	30,000		5.000		09/15/2034		32,749
State of Connecticut Tax Exempt GO Bonds Series 2018 E (Aa3/AA-)
	30,000		5.000		09/15/2025		30,874
							202,442
Delaware - 0.3%
The State of Delaware GO Refunding Bonds Series 2017A (Aaa/AAA)
	27,000		5.000		01/01/2028		29,469
District of Columbia - 1.9%
District of Columbia Hospital RB Refunding Children’s Hospital Obligated Group Issue Series 2015 (A1/NR)
	30,000		5.000		07/15/2031		30,896

Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
District of Columbia – (continued)
District of Columbia Washington D.C. GO Bonds Series 2015B (Aaa/AA+)
$	20,000		5.000	%	06/01/2026	$	20,486
District of Columbia Washington D.C. GO Bonds Series 2017D (Aaa/AA+)
	40,000		4.000		06/01/2033		41,328
District of Columbia Washington D.C. GO Bonds Series 2021D (Aaa/AA+)
	30,000		5.000		02/01/2029		33,461
District of Columbia Washington D.C. Income Tax Secured RB Series 2019A Tax Exempt (Aa1/AAA)
	30,000		5.000		03/01/2028		32,803
	30,000		5.000		03/01/2030		33,777
							192,751
Florida - 4.8%
City of Cape Coral Fl Water and Sewer Refunding RB Series 2017 (A1/A+)
	20,000		5.000		10/01/2032		21,221
City of Jacksonville Transportation RB Refunding Series 2015 (Aa3/AA-)
	30,000		3.000		10/01/2031		29,655
City of Jacksonville Transportation Refunding RB Series 2015 (Aa3/AA-)
	30,000		5.000		10/01/2027		30,789
City of Lakeland Energy System Refunding RB Series 2016 (Aa3/AA)
	40,000		2.500		10/01/2027		38,751
Florida Housing Finance Corporation Homeowner Mortgage RB 2021 Series 1 Non-AMT (Social Bonds) (GNMA/FNMA/FHLMC) (Aaa/NR)
	30,000		1.800		07/01/2036		22,980
Florida State Board of Education Public Education Capital Outlay Refunding Bonds 2019 Series C (Aaa/AAA)
	30,000		5.000		06/01/2031		33,675
Greater Orlando Aviation Authority Priority Subordinated Airport Facilities RB Series 2017A AMT of The City of Orlando Florida (A1/A+)
	20,000		5.000	(b)	10/01/2029		21,249
JEA Water and Sewer System RB 2017 Series A (Aa2/AA+)
	35,000		5.000		10/01/2025		36,129
Miami-Dade County Water and Sewer System Revenue Refunding Bonds Series 2017B (Aa3/AA-)
	30,000		5.000		10/01/2032		30,706
Orlando Utilities Commission Utility System RB Series 2018A (Aa2/AA)
	30,000		5.000		10/01/2032		32,392
Orlando Utilities Commission Utility System Revenue Refunding Bonds Series 2013A (Aa2/AA)
	30,000		5.000		10/01/2024		30,311
Reedy Creek Improvement District Florida Ad Valorem Tax Bonds Series 2017A (Aa3/AA-)
	20,000		5.000		06/01/2030		21,247
Seminole County Water and Sewer Refunding RB Series 2015 A (Aa2/AA+)
	30,000		4.000		10/01/2030		30,319

  

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

GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF

 

 

 

 

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Florida – (continued)
State of Florida Full Faith and Credit State Board of Education Public Education Capital Outlay Refunding Bonds 2022 Series B Forward Delivery (Aaa/AAA)
$	30,000		5.000	%	06/01/2028	$	32,997
Tampa Bay Wtr Fla Util Sys Rev Ref & Impt Rev Bonds 2001 A (NATL) (Aa1/AA+)
	30,000		6.000		10/01/2029		35,391
The School Board of Miami-Dade County Florida Certificates of Participation Series 2015D (A1/A+)
	35,000		4.000		02/01/2032		35,708
							483,520
Georgia - 1.2%
City of Atlanta Airport Passenger Facility Charge and Subordinate Lien General RB Series 2023E (Aa3/NR)
	40,000		5.000		07/01/2034		45,358
Forsyth County School District Georgia GO Bonds Series 2020 (Aaa/AAA)
	30,000		5.000		02/01/2030		34,234
State of Georgia GO Bonds 2015A Tranche 1 (Aaa/AAA)
	35,000		4.000		02/01/2033		35,225
							114,817
Hawaii - 4.2%
City and County of Honolulu GO Bonds Series 2017D Tax-Exempt Refunding Bonds (Aa2/NR)
	30,000		5.000		09/01/2032		32,049
City and County of Honolulu GO Bonds Series 2018A Tax Exempt (Aa2/NR)
	30,000		5.000		09/01/2029		32,978
City and County of Honolulu GO Bonds Series 2022A Tax Exempt Forward Refunding (Aa2/NR)
	30,000		5.000		11/01/2027		32,483
City and County of Honolulu GO Bonds Series C (Aa2/NR)
	30,000		4.000		10/01/2033		30,247
City and County of Honolulu GO Tax Exempt Refunding Bonds Series 2017D (Aa2/NR)
	30,000		5.000		09/01/2033		32,038
City and County of Honolulu Transit Improvements GO Series E (Aa2/NR)
	30,000		5.000		03/01/2029		33,449
City and County of Honolulu Wastewater System RB Junior Series 2015A Refunding Second Bond Resolution (Aa3/NR)
	40,000		5.000		07/01/2026		40,978
State of Hawaii GO Bonds of 2015 Series ET (Aa2/AA+)
	60,000		3.250	(b)	10/01/2032		60,238
State of Hawaii GO Bonds Of 2018 Series FT (Aa2/AA+)
	30,000		5.000		01/01/2034		32,399
State of Hawaii GO Bonds Series 2017 FK (Aa2/AA+)
	30,000		5.000		05/01/2033		31,841
State of Hawaii GO Refunding Bonds of 2017 Series FN (Aa2/AA+)
	30,000		5.000		10/01/2029		32,259
State of Hawaii GO Refunding Bonds Series 2017 FN (Aa2/AA+)
	30,000		5.000		10/01/2026		31,656
							422,615

Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Illinois - 3.7%
Illinois Community College District No. 512 GO Bonds Series 2020 (Aaa/NR)
$	40,000		4.000	%	12/15/2029	$	41,868
Illinois Finance Authority RB for The University of Chicago, Series 2021A (Forward Delivery) (Aa2/AA-)
	20,000		5.000		10/01/2032		23,581
Illinois Finance Authority RB Rush University Medical Center Obligated Group Series 2015A (A1/A+)
	30,000		5.000		11/15/2029		30,536
	30,000		5.000		11/15/2034		30,411
Illinois St GO Bonds October 2020 B (A3/A-)
	40,000		4.000		10/01/2032		41,407
	20,000		4.000		10/01/2034		20,448
Regional Transportation Authority Go Bonds 2004A (AGM) (Aa3/AA)
	30,000		5.750		06/01/2029		33,874
Sales Tax Securitization Corp. Sales Tax Securitization Bonds Series 2023A Social Bonds (NR/AA-)
	20,000		3.000		01/01/2027		19,687
State of Illinois GO Bonds Series December 2017B (A3/A-)
	35,000		5.000		12/01/2025		35,964
State of Illinois GO Bonds Series November 2019A (A3/A-)
	30,000		5.000		11/01/2026		31,326
State of Illinois GO Bonds, Series May 2023B (A3/A-)
	50,000		5.000		05/01/2034		56,511
							365,613
Indiana - 0.4%
Indiana Revenues Special Program Carmel Jr Waterworks Project Series 2008 B (AGM) (A1/AA)
	30,000		0.000	(a)	06/01/2031		23,203
The Trustees of Indiana University Indiana University Consolidated RB Series 2015A (Aaa/AAA)
	20,000		5.000		06/01/2026		20,476
							43,679
Iowa -1.0%
Board of Regents State of Iowa Hospital Revenue Refunding Bonds Series S.U.I. 2022C University of Iowa Hospitals and Clinics (Aa2/AA)
	30,000		5.000		09/01/2028		32,955
Iowa Finance Authority State Revolving Fund RB Series 2017 Green Bonds (Aaa/AAA)
	30,000		5.000		08/01/2027		32,381
	30,000		5.000		08/01/2030		32,346
							97,682
Kentucky - 0.8%
Kentucky Municipal Power Agency Power System Revenue Refunding Bonds for Prairie State Project Series 2015A (NATL) (Baa1/NR)
	30,000		5.000		09/01/2025		30,676
Kentucky Municipal Power Agency Power System Revenue Refunding Bonds Prairie State Project Series 2015A (NATL) (Baa1/NR)
	45,000		5.000		09/01/2024		45,323
							75,999

  

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

GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Louisiana - 0.9%
City of New Orleans GO Refunding Bonds Series 2022 (A2/A+)
$	30,000		5.000	%	12/01/2025	$	30,986
City of Shreveport La Water & Sewer RB Junior Lien Series 2018C (BAM) (Baa2/AA)
	20,000		5.000		12/01/2026		20,962
Louisiana Public Facilities Authority RB for Ochsner Clinic Foundation Project Series 2002B (Aaa/NR)
	40,000		5.500	(b)	05/15/2027		41,323
							93,271
Maryland - 2.1%
Montgomery County GO Consolidated Public Improvement Bonds Series 2020 A (Aaa/AAA)
	30,000		4.000		08/01/2031		32,316
State of Maryland GO Bonds State and Local Facilities Loan of 2019 First Series Tax Exempt Bonds Bidding Group 1 (Aaa/AAA)
	30,000		5.000		03/15/2027		32,108
State of Maryland GO Bonds State and Local Facilities Loan of 2020 Second Series A Tax Exempt Bonds Bidding Group 2 (Aaa/AAA)
	30,000		5.000		08/01/2032		34,434
State of Maryland GO Bonds State and Local Facilities Loan of 2020 Second Series A Tax Exempt Bonds Second Series A Bidding Group 1 Bonds (Aaa/AAA)
	30,000		5.000		08/01/2028		33,147
	35,000		5.000		08/01/2030		40,301
Washington Suburban Sanitary District Maryland Consolidated Public Improvement Refunding Bonds of 2020 Montgomery and Prince George’s Counties Maryland (CNTY GTD) (Aaa/AAA)
	30,000		5.000		06/01/2030		34,436
							206,742
Massachusetts - 2.4%
Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2019 Series F (Aa1/AA+)
	55,000		5.000		05/01/2029		61,728
Commonwealth of Massachusetts GO Refunding Bonds 2018 Series C (Aa1/AA+)
	20,000		5.000		09/01/2032		23,803
Massachusetts Bay Transportation Authority RB Series 2005 A (Aa2/AA+)
	30,000		5.000		07/01/2025		30,811
Massachusetts Development Finance Agency RB, Northeastern University Issue, Series 2022 (A1/NR)
	40,000		5.000		10/01/2035		47,392
School Building Authority Senior Dedicated Sales Tax Refunding Bonds Series 2015 C (Aa2/AA+)
	30,000		5.000		08/15/2025		30,948
The Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2018, Series B (Aa1/AA+)
	40,000		5.000		01/01/2027		42,577
							237,259
Michigan - 0.7%
Michigan State Housing Development Authority Rental Housing RB 2019 Series A-1 Non-AMT (NR/AA+)
	35,000		2.875		10/01/2034		31,576

Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Michigan – (continued)
State of Michigan Michigan GO Environmental Program and Refunding Bonds Series 2017A Tax Exempt (Aa1/AA)
$	35,000		5.000	%	05/01/2026	$	36,555
							68,131
Minnesota - 0.4%
State of Minnesota GO State Various Purpose Bonds Series 2018A (Aaa/AAA)
	40,000		5.000		08/01/2031		44,140
Mississippi - 0.5%
Mississippi Development Bank Special Obligation Bonds Series 2015A Jackson Public School District GO Refunding Bond Project Series 2015B Jackson Public School District Limited Tax Refunding Note Project (NR/A+)
	20,000		5.000		04/01/2026		20,694
State of Mississippi Tax Exempt GO Bonds Series 2015A (Aa2/AA)
	30,000		4.000	(b)	10/01/2033		30,476
							51,170
Missouri - 0.6%
Joint Municipal Electric Utility Commission Power Project Revenue Refunding Bonds for Plum Point Project Series 2014A (A3/A-)
	30,000		5.000		01/01/2026		30,400
Missouri Joint Municipal Electric Utility Commission Power Project RB Refunding Bonds for Prairie State Project Series 2015A (A2/NR)
	30,000		5.000		12/01/2030		30,498
							60,898
Montana - 0.5%
City of Forsyth Rosebud County Montana Pollution Control Revenue Refunding Bonds Puget Sound Energy Project Series 2013A Non-AMT (NR/A-)
	50,000		3.900	(c)	03/01/2031		48,834
Nebraska - 0.5%
The University of Nebraska Facilities Corp. Facilities Bonds Series 2018 (Aa1/AA)
	20,000		5.000		07/15/2026		20,998
The University of Nebraska Facilities Corporation Facilities Bonds Series 2018 (Aa1/AA)
	30,000		5.000		07/15/2025		30,806
							51,804
Nevada - 2.0%
Clark County Nevada GO Limited Tax Detention Center Bonds Additionally Secured by Pledged Revenues Series 2019 (Aa1/AA+)
	30,000		5.000		06/01/2031		33,390
Clark County Nevada GO Limited Tax Detention Center Bonds Additionally Secured By Pledged Revenues Series 2019 (Aa1/AA+)
	40,000		5.000		06/01/2025		40,927
Clark County School District GO Limited Tax Building and Refunding Bonds Series 2017C (A1/AA-)
	30,000		5.000		06/15/2029		32,140

  

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

GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF

 

 

 

 

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Nevada – (continued)
Clark County School District GO Limited Tax Building And Refunding Bonds Series 2017C (A1/AA-)
$	30,000		5.000	%	06/15/2026	$	31,401
	30,000		5.000		06/15/2027		32,040
Clark County School District Nevada GO Limited Tax School Bonds Additionally Secured By Pledged Revenues Series 2015D (A1/AA-)
	25,000		4.000		06/15/2032		25,298
							195,196
New Jersey - 2.6%
Higher Education Student Assistance Authority Senior Student Loan Revenue Refunding Bonds Series 2018B (Aaa/AA)
	30,000		5.000		12/01/2027		31,376
New Jersey Economic Development Authority School Facilities Construction Bonds Series 2015 WW (A2/A-)
	30,000		4.625	(b)	06/15/2032		30,615
New Jersey Health Care Facilities Financing Authority RB Valley Health System Obligated Group Series 2019 (NR/A)
	30,000		5.000		07/01/2032		32,747
New Jersey State Transportation Authority System Bonds Series 2006C (AMBAC) (A2/A-)
	25,000		0.000	(a)	12/15/2028		21,556
New Jersey State Transportation Authority System Bonds Series 2006C (AGM) (A1/AA)
	20,000		0.000	(a)	12/15/2029		16,747
New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (A2/A-)
	20,000		0.000	(a)	12/15/2031		15,534
	30,000		0.000	(a)	12/15/2034		20,784
New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (A2/A-)
	40,000		0.000	(a)	12/15/2027		35,566
New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (A2/A-)
	40,000		0.000	(a)	12/15/2033		28,838
New Jersey Transportation Trust Fund Authority Tax Exempt RB for Transportation System Bonds Series 2019 A (A2/A-)
	30,000		5.000		12/15/2025		30,986
							264,749
New Mexico - 0.7%
Albuquerque Bernalillo County Water Utility Authority Senior Lien Joint Water And Sewer System Refunding And Improvement RB (Aa2/AA+)
	30,000		5.000		07/01/2025		30,760
New Mexico Hospital Equipment Loan Council Hospital System RB Presbyterian Healthcare Services Series 2015A (Aa3/AA)
	40,000		5.000	(b)	08/01/2031		41,014
							71,774
New York - 16.3%
Dormitory Authority of The State of New York New York Personal Income Tax RB General Purpose Series 2020A Bidding Group 2 Bonds Tax Exempt (Aa1/NR)
	30,000		5.000		03/15/2032		34,402

	Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
New York – (continued)
Dormitory Authority of The State of New York New York State Personal Income Tax RB General Purpose Series 2020A Bidding Group 2 Bonds Tax Exempt (Aa1/NR)
$		30,000		5.000	%	03/15/2031	$	34,440
		50,000		4.000		03/15/2034		53,319
Dormitory Authority Of The State Of New York New York State Personal Income Tax RB General Purpose Series 2020A Bidding Group 2 Bonds Tax Exempt (Aa1/NR)
		30,000		5.000		03/15/2033		34,366
Dormitory Authority of The State of New York New York University RB Series 2015A (Aa2/AA-)
		40,000		2.800		07/01/2027		40,020
Dormitory Authority of The State of New York School Districts RB Financing Program RB Series 2017B (AGM ST INTERCEPT) (Aa3/AA)
		30,000		5.000		10/01/2028		32,256
		30,000		5.000		10/01/2032		32,144
Dormitory Authority of The State of New York State Sales Tax RB Series 2018A (Aa1/AA+)
		30,000		5.000		03/15/2028		32,819
Hudson Yards Infrastructure Corp. Hudson Yards RB Fiscal 2022 Series A Green Bonds (Aa2/AA)
		20,000		5.000		02/15/2032		23,653
Hudson Yards Infrastructure Corporation Revenue Bonds Fiscal Green Bonds Series 2022 A (Aa2/AA)
		30,000		4.000		02/15/2038		31,254
Long Island Power Authority Electric System RB Series C (AGC) (A2/AA)
		30,000		5.250		09/01/2029		33,699
Metropolitan Transportation Authority Dedicated Tax Fund Refunding Green Bonds Subseries 2017B-2 (NR/AA)
		25,000		3.125		11/15/2033		24,286
Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A3/A-)
		30,000		5.000		11/15/2029		33,229
		30,000		5.000		11/15/2033		33,460
Metropolitan Transportation Authority Revenue Refunding Bonds Series 2015C (A3/A-)
		30,000		5.250		11/15/2029		30,933
Metropolitan Transportation Authority Revenue Refunding for Climate Bond Certified Series 2017B (A3/A-)
		30,000		5.000		11/15/2027		32,189
Metropolitan Transportation Authority Revenue Refunding for Climate Bond Certified Series 2017C-1 (A3/A-)
		30,000		5.000		11/15/2025		30,977
Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2017C-1 (A3/A-)
		30,000		5.000		11/15/2027		32,189
		35,000		5.000		11/15/2034		37,442
		30,000		3.250		11/15/2036		27,253
Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds, Series 2017C-2, Capital Appreciation Bonds, Climate Bond Certified (A3/A-)
		30,000		0.000	(a)	11/15/2033		21,403
New York City GO Bonds Fiscal 2019 Series A (Aa2/AA)
		30,000		5.000		08/01/2025		30,802

  

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

GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
New York – (continued)
New York City Housing Development Corp. Multi-Family Housing RB 2017 Series G-1 Sustainable Neighborhood Bonds (Aa2/AA+)
$	30,000		3.450	%	11/01/2037	$	28,392
New York City Municipal Water Finance Authority Water & Sewer System Second General Resolution RB Fiscal Series 2015 FF (Aa1/AA+)
	30,000		5.000		06/15/2032		30,714
New York City Transitional Finance Authority Building Aid RB Fiscal 2015 Series S-1 (ST AID WITHHLDG) (Aa2/AA)
	30,000		5.000		07/15/2029		30,455
New York City Transitional Finance Authority Building Aid RB Fiscal 2023 Series S-1 Subseries S-1A Tax Exempt Bonds (ST AID WITHHLDG) (Aa2/AA)
	40,000		5.000		07/15/2030		46,046
New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2001 Series C (Aa1/AAA)
	30,000		5.000		02/01/2030		34,074
New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2010 Subseries G-5 (Aa1/AAA)
	30,000		5.000		05/01/2030		34,235
New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2019 Series A Subseries A-1 (Aa1/AAA)
	30,000		5.000		08/01/2034		32,627
New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2021 Series D Subseries D-1 Tax Exempt Bonds (Aa1/AAA)
	30,000		5.000		11/01/2034		34,416
New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2022 Series A Subseries A-1 Tax Exempt Bonds (Aa1/AAA)
	30,000		5.000		11/01/2027		32,505
	30,000		5.000		11/01/2028		33,249
	25,000		5.000		11/01/2034		29,162
New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2022 Series C Subseries C-1 Tax Exempt (Aa1/AAA)
	20,000		5.000		02/01/2035		23,383
New York City Transitional Finance Authority Future Tax Secured Tax Exempt Subordinate Bonds Fiscal 2016 Series C (Aa1/AAA)
	20,000		5.000		11/01/2027		20,618
New York Convention Center Development Corp. RB for New York City Hotel Unit Fee Revenue Series 2015 (A2/NR)
	30,000		3.500		11/15/2034		30,014
New York Convention Center Development Corp. RB for New York City Hotel Unit Fee Revenue Series 2015 (A2/NR)
	30,000		5.000		11/15/2032		30,622
New York State Dormitory Authority RB for Memorial Sloan- Kettering Cancer Center (NATL) (WR/NR)
	50,000		0.000	(a)	07/01/2027		45,035
New York State Environmental Facilities Corp. State Clean Water and Drinking Water Revolving Funds RB New York City Municipal Water Finance Authority Projects - Second Resolution Bonds Series 2017 E Subordinated Srf Bonds (Aaa/AAA)
	20,000		5.000		06/15/2030		21,531

Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
New York – (continued)
Sales Tax Asset Receivable Corp. Sales Tax Asset RB Fiscal 2015 Series A (WR/AA+)
$	25,000		5.000	%(b)	10/15/2026	$	25,291
	20,000		5.000	(b)	10/15/2028		20,233
State of New York Mortgage Agency Homeowner Mortgage RB Series 225 (NON-AMT) (Aa1/NR)
	60,000		2.000		10/01/2035		48,124
The City of New York GO Bonds Fiscal 2013 Series E (Aa2/AA)
	35,000		3.000		08/01/2033		34,269
The City of New York GO Bonds Fiscal 2014 Series I Subseries I-1 (Aa2/AA)
	25,000		5.000		03/01/2025		25,032
The City of New York GO Bonds Fiscal 2018 Series 1 (Aa2/AA)
	30,000		5.000		08/01/2025		30,802
	30,000		5.000		08/01/2026		31,415
	30,000		5.000		08/01/2031		32,049
The City of New York GO Bonds Fiscal 2019 Series A (Aa2/AA)
	30,000		5.000		08/01/2026		31,415
The City of New York GO Bonds Fiscal 2021 Series C (Aa2/AA)
	30,000		5.000		08/01/2030		34,143
	30,000		5.000		08/01/2034		34,091
Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels Payroll Mobility Tax Senior Lien Refunding Green Bonds Series 2023A Climate Bond Certified (NR/AA+)
	30,000		5.000		11/15/2029		33,998
							1,634,475
North Carolina - 0.8%
County of Wake Limited Obligation Bonds Series 2021 (Aa1/AA+)
	30,000		4.000		03/01/2034		32,339
North Carolina Medical Care Commission Health Care Facilities RB Vidant Health Series 2015 (A2/A)
	50,000		4.000		06/01/2034		50,334
							82,673
North Dakota - 0.7%
North Dakota Public Finance Authority Revolving Fund Program Bonds Series 2022A (Aaa/AAA)
	30,000		5.000		10/01/2031		34,826
State of North Dakota Housing Finance Agency Housing Finance Program Bonds Home Mortgage Finance Program 2021 Series B Non-AMT Social Bonds (Aa1/NR)
	40,000		2.300		07/01/2036		32,699
							67,525
Ohio - 3.9%
American Municipal Power Inc. Prairie State Energy Campus Project RB Refunding Series 2019C (A1/A)
	30,000		5.000		02/15/2033		33,429
City of Columbus Ohio Various Purpose Limited Tax Bonds Series 2015A (Aaa/AAA)
	40,000		5.000		07/01/2025		41,076
City of Columbus Sewerage System RB Refunding Series 2015 (Aa1/AA)
	30,000		5.000		06/01/2030		31,301
County of Ohio Hospital Facilities RB for Mercy Health Series 2017A (A2/A+)
	40,000		5.000		08/01/2028		43,234

  

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

GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF

 

 

 

 

 

 

	Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Ohio – (continued)
Hamilton County Ohio Sewer System Refunding RB 2014 Series A The Metropolitan Sewer District Of Greater Cincinnati (Aa2/AA+)
$		40,000		5.000	%	12/01/2027	$	40,491
Ohio Housing Finance Agency Residential Mortgage RB Mortgage-Backed Securities Program 2022 Series A Non- AMT Social Bonds (GNMA/FNMA/FHLMC) (Aaa/NR)
		30,000		2.300		03/01/2033		26,281
Ohio Water Development Authority State of Ohio Water Pollution Control Loan Fund RB Series 2020B (Aaa/AAA)
		45,000		4.000		12/01/2037		47,021
Ohio Water Development Authority State Of Ohio Water Pollution Control Loan Fund RB Series 2020B (Aaa/AAA)
		30,000		5.250		12/01/2035		34,708
State of Ohio Higher Education GO Bonds Series 2015C (Aaa/AAA)
		30,000		5.000	(b)	11/01/2027		30,692
State of Ohio Infrastructure Improvement GO Refunding Bonds Series 2015C (Aaa/AAA)
		30,000		5.000		09/01/2026		31,667
State of Ohio Ohio Higher Education GO Refunding Bonds Series 2017C (Aaa/AAA)
		30,000		5.000		08/01/2027		32,361
								392,261
Oklahoma - 0.7%
Board of Regents of The Oklahoma A&M University General Revenue Refunding Bonds Series 2017A (NR/AA-)
		35,000		4.000		07/01/2034		35,454
Grand River Dam Authority RB Series 2014A (A1/AA-)
		30,000		3.375		06/01/2034		30,006
								65,460
Oregon - 1.9%
City of Portland Oregon Second Lien Sewer System RB 2020 Series A (Aa2/AA)
		20,000		5.000		03/01/2027		21,350
Hillsboro School District No. 1J Washington Yamhill And Multnomah Counties Oregon GO Bonds Series 2017 (SCH BD GTY) (Aa1/NR)
		30,000		5.000		06/15/2025		30,720
Medford Hospital Facilities Authority RB Refunding for Asante Health System Obligated Group Series 2020 A (NR/A+)
		20,000		5.000		08/15/2026		20,818
		40,000		5.000		08/15/2033		44,155
State of Oregon Housing and Community Services Department Mortgage RB Single-Family Mortgage Program 2017 Series D Non-AMT (Aa2/NR)
		45,000		3.150		07/01/2032		43,048
West Linn-Wilsonville School District No. 3JT GO Bonds for Clackamas and Washington Counties Series 2020A (SCH BD GTY) (Aa1/NR)
		50,000		0.000	(a)	06/15/2035		32,750
								192,841
Pennsylvania - 2.6%
Commonwealth Financing Authority Tax Exempt RB Series 2015 A (A1/A)
		30,000		5.000		06/01/2033		30,520

	Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Pennsylvania – (continued)
Commonwealth of Pennsylvania GO Bonds: First Series of 2016 and First Refunding Series of 2016 (Aa3/A+)
$		60,000		5.000	%	09/15/2026	$	63,305
Department of Water and Power of the City of Los Angeles RB Series 2018 D (A2/A+)
		30,000		3.250		07/01/2032		29,698
Philadelphia Authority For Industrial Development City Agreement Revenue Refunding Bonds Cultural And Commercial Corridors Program Series A (A1/A)
		45,000		5.000		12/01/2031		46,170
Port Authority of Allegheny County Pennsylvania Special Revenue Transportation Bonds Refunding Series of 2020 (Aa3/AA-)
		30,000		5.000		03/01/2029		33,093
Sports and Exhibition Authority of Pittsburgh and Allegheny County Allegheny County Hotel Room Excise Tax RB Refunding Series A Of 2022 (AGM) (A2/AA)
		30,000		5.000		02/01/2031		34,248
Sports and Exhibition Authority of Pittsburgh and Allegheny County Hotel Room Excise Tax RB Refunding Series A Of 2022 (AGM) (A2/AA)
		20,000		5.000		02/01/2032		23,185
								260,219
South Carolina - 0.5%
Scago Educational Facilities Corp. For Pickens School District Installment Purchase Refunding RB School District Of Pickens County Project Series 2015 (A1/A)
		50,000		5.000		12/01/2027		51,069
Tennessee - 2.0%
Metropolitan Government Nashville & Davidson County Health & Ed. Fac. Board (WR/A)
		30,000		5.000		07/01/2031		33,370
State of Tennessee GO Bonds Series 2015 A (Aaa/AAA)
		30,000		5.000	(b)	08/01/2032		30,844
Tennessee State School Bond Authority Higher Educational Facilities Second Program Bonds 2017 Refunding Series B (ST INTERCEPT) (Aa1/AA+)
		30,000		5.000		11/01/2027		32,483
Tennessee State School Bond Authority Higher Educational Facilities Second Program Bonds 2017 Series A (ST HGR ED INTERCEPT PROG) (Aa1/AA+)
		30,000		5.000		11/01/2033		32,100
The Metropolitan Government Of Nashville And Davidson County GO Improvement Bonds Series 2015C (Aa2/AA+)
		30,000		5.000		07/01/2027		30,710
The Metropolitan Government of Nashville and Davidson County GO Improvement Bonds Series 2021C (Aa2/AA+)
		40,000		3.000		01/01/2034		38,425
								197,932
Texas - 7.6%
Austin Public Improvement Refunding Bonds 2020 (NR/AAA)
		30,000		5.000		09/01/2029		33,791
Board of Regents of The Texas A&M University System Revenue Financing System Bonds Series 2017E (Aaa/AAA)
		30,000		5.000		05/15/2028		32,054

  

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

GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

	Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Texas – (continued)
Board of Regents of The University of Houston System Consolidated Revenue and Refunding Bonds Series 2022A (Aa2/AA)
$		20,000		5.000	%	02/15/2031	$	23,051
Board of Regents of the University of Texas System Current Refunding Revenue Bonds, Series A (Aaa/AAA)
		30,000		5.000		08/15/2032		33,481
City of Austin Travis, Williamson and Hays Counties Electric Utility System RB Refunding Bonds Series 2015A (Aa3/AA-)
		30,000		5.000		11/15/2025		30,998
City of Dallas Texas GO Refunding Bonds Series 2019B (NR/AA-)
		35,000		5.000		02/15/2026		36,368
City of Houston Texas Combined Utility System First Lien Revenue Refunding Bonds Series 2017B (Aa2/NR)
		40,000		5.000		11/15/2025		41,290
City of Houston Texas Combined Utility System First Lien Revenue Refunding Bonds Series 2018D (Aa2/NR)
		30,000		5.000		11/15/2032		32,858
Collin County Community College District Texas Limited Tax Bonds Series 2018 (Aaa/AAA)
		35,000		4.000		08/15/2031		36,236
Dallas Area Rapid Transit Senior Lien Sales Tax Revenue Refunding Bonds Series 2014A (Aa2/AA+)
		25,000		5.000	(b)	12/01/2027		25,337
Harris County Cultural Education Facilities Finance Corporation Hospital RB for Memorial Hermann Health System Series 2019A (Aa3/A+)
		30,000		5.000		12/01/2027		32,200
Harris County Flood Control District Improvement Refunding Bonds Series 2015A (Aaa/AAA)
		30,000		5.000		10/01/2027		30,855
Harris County Permanent Improvement Refunding Bonds Series 2022A (Aaa/NR)
		30,000		5.000		10/01/2026		31,679
Harris County Texas Tax and Subordinate Lien Revenue Refunding Bonds Series 2022A (Aaa/NR)
		20,000		5.000		08/15/2032		23,585
Harris County Texas Tax And Subordinate Lien Revenue Refunding Bonds Series 2022A (Aaa/NR)
		30,000		5.000		08/15/2027		32,328
Hurst-Euless-Bedford Independent School District Unlimited Tax Refunding Bonds Series 2017A (NR/AA+)
		20,000		5.000		08/15/2027		21,491
		20,000		5.000		08/15/2028		21,435
North Texas Municipal Water District Water System RB Refunding Bonds Series 2021A (Aa1/AAA)
		30,000		4.000		09/01/2030		32,283
North Texas Municipal Water District Water System Revenue Refunding and Improvement Bonds Series 2015 (Aa1/AAA)
		20,000		5.000		09/01/2028		20,518
Texas Water Development Board State Revolving Fund RB New Series 2022 (NR/AAA)
		25,000		5.000		08/01/2032		29,609
Texas Water Development Board State Water Implementation Revenue Fund For Texas RB Series 2015A (NR/AAA)
		30,000		5.000		10/15/2029		30,928
		30,000		5.000		10/15/2030		30,918
		30,000		4.000		10/15/2032		30,272

	Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Texas – (continued)
Trinity River Authority of Texas Regional Wastewater System Revenue Improvement and Refunding Bonds Series 2018 (NR/AAA)
$		30,000		5.000	%	08/01/2033	$	32,850
Trinity River Authority Regional Wastewater System Revenue Improvement and Refunding Bonds Series 2017B (NR/AAA)
		30,000		5.000		08/01/2030		32,164
								758,579
Utah - 1.7%
Central Valley Water Reclamation Facility Sewer RB Series 2021C Green Bonds (NR/AA)
		35,000		4.000		03/01/2036		36,881
State Board of Regents of The State of Utah University of Utah General Revenue Series 2017A (ST APPROP) (Aa1/AA+)
		30,000		5.000		08/01/2031		32,141
Utah Board of Higher Education University of Utah General RB Series 2022B Green Bonds (Aa1/AA+)
		30,000		5.000		08/01/2030		34,448
Utah Transit Authority Sales Tax Revenue Refunding Bonds Series 2006 C (AGM) (Aa2/AA+)
		30,000		5.250		06/15/2032		35,048
Utah Transit Authority Subordinate Sales Tax RB Refunding Series 2015A Series 2015A (Aa3/AA)
		30,000		5.000	(b)	06/15/2029		30,755
								169,273
Virginia - 3.5%
Fairfax County Economic Development Authority Virginia Fairfax County Facilities Revenue And Refunding Bonds Series 2014 A County Facilities Projects (Aa1/AA+)
		40,000		5.000	(b)	10/01/2030		40,410
Fairfax County Public Improvement Bonds Series 2022A (ST AID WITHHLDG) (Aaa/AAA)
		60,000		4.000		10/01/2025		61,046
Fairfax County Virginia Public Improvement Bonds Series 2023A (ST AID WITHHLDG) (Aaa/AAA)
		30,000		4.000		10/01/2031		32,995
		50,000		4.000		10/01/2034		54,862
Upper Occoquan Sewage Authority Regional Sewerage System RB Refunding Series 2014 (Aa1/AAA)
		30,000		4.000	(b)	07/01/2031		30,381
Virginia College Building Authority Educational Facilities Revenue Refunding Bonds 21St Century College And Equipment Programs Series 2017E (Aa1/AA+)
		30,000		5.000		02/01/2029		32,721
Virginia College Building Authority Virginia Educational Facilities Revenue Refunding Bonds Public Higher Education Financing Program Series 2016A (ST INTERCEPT) (Aa1/AA+)
		35,000		3.000		09/01/2026		34,909
Virginia Educational Facilities RB Refunding for Public Higher Education Financing Program Series 2016A (ST INTERCEPT) (Aa1/AA+)
		30,000		5.000		09/01/2028		31,463
Virginia Port Authority Port Facilities RB Refunding Series 2015A (WR/NR)
		30,000		5.000	(b)	07/01/2033		30,650
								349,437

  

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

GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF

 

 

 

 

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – (continued)
Washington - 2.6%
Northshore School District No. 417 King and Snohomish Counties Unlimited Tax GO Bonds Series 2014 (SCH BD GTY) (Aaa/AA+)
$	30,000		4.000	%	12/01/2033	$	30,047
State of Washington Various Purpose GO Bonds Series 2016A-1 (Aaa/AA+)
	30,000		5.000		08/01/2030		30,806
State of Washington Various Purpose GO Bonds Series 2019A (Aaa/AA+)
	30,000		5.000		08/01/2032		32,883
	25,000		5.000		08/01/2034		27,319
State of Washington Various Purpose GO Bonds Series 2023B (Aaa/AA+)
	20,000		5.000		02/01/2027		21,305
State of Washington Various Purpose GO Refunding Bonds Series R-2018D (Aaa/AA+)
	30,000		5.000		08/01/2031		32,091
The Central Puget Sound Regional Transit Authority Sales Tax and Motor Vehicle Excise Tax Improvement and Refunding Bonds Series 2021S-1 Green Bonds (Aa1/AAA)
	30,000		5.000		11/01/2030		34,604
University of Washington General Revenue and Refunding Bonds 2015C (Aaa/AA+)
	50,000		4.000		12/01/2028		50,739
							259,794
Wisconsin - 1.3%
Public Finance Authority Lease Development RB for Ku Campus Development Corp. Central District Development Project Series 2016 (Aa2/NR)
	50,000		5.000		03/01/2030		51,584
State of Wisconsin GO Refunding Bonds Series 2016 (NR/NR)
	30,000		5.000	(b)	11/01/2030		31,378
Wisconsin Health And Educational Facilities Authority Revenue Refunding Bonds Series 2015 Prohealth Care Inc. Obligated Group (A1/A+)
	45,000		3.150		08/15/2027		44,279
							127,241
TOTAL MUNICIPAL BONDS (Cost $9,798,200)							9,877,916
TOTAL INVESTMENTS - 98.8% (Cost $9,798,200)						$	9,877,916
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.2%							123,869
NET ASSETS - 100.0%						$	10,001,785

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

(a)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(b)	Pre-refunded security. Maturity date disclosed is pre-refunding date.
(c)	Variable Rate Demand Instruments – rate shown is that which is in effect on February 29, 2024. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

Security ratings disclosed, if any, are issued by either Standard & Poor’s, Moody’s Investor Service or Fitch and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information.

Investment Abbreviations:
AGC	–	Insured by Assured Guaranty Corp.
AGM	–	Insured by Assured Guaranty Municipal Corp.
AGM ST INTERCEPT	–	Assured Guaranty Municipal Corp. State-Aid Intercept
AMBAC	–	Insured by American Municipal Bond Assurance Corp.
AMT	–	Alternative Minimum Tax (subject to)
BAM	–	Build America Mutual Assurance Co.
FHLMC	–	Insured by Federal Home Loan Mortgage Corp.
FNMA	–	Insured by Federal National Mortgage Association
GNMA	–	Insured by Government National Mortgage Association
GO	–	General Obligation
MTA	–	Metropolitan Transportation Authority
NATL	–	National Public Finance Guarantee Corp.
NR	–	Not Rated
RB	–	Revenue Bond
SCH BD GTY	–	School Bond Guaranty
ST AID WITHHLDG	–	State Aid Withholding
ST APPROP	–	State Appropriation

  

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

GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF

 

Statement of Assets and Liabilities

February 29, 2024 (Unaudited)

 

		Community Municipal Bond ETF
	Assets:
	Investments, at value (cost $9,798,200)	$	9,877,916
	Cash		12,192
	Receivables:
	Interest		112,865
	Total assets		10,002,973
	Liabilities:
	Payables:
	Management fees		1,188
	Total liabilities		1,188
	Net Assets:
	Paid-in Capital		9,925,123
	Total distributable earnings (loss)		76,662
	NET ASSETS	$	10,001,785
	SHARES ISSUED AND OUTSTANDING
	Shares outstanding no par value (unlimited shares authorized):		200,000
	Net asset value per share:	$	50.01

  

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

GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF

 

Statement of Operations

For the Six Months Ended February 29, 2024 (Unaudited)

 

		Community Municipal Bond ETF
	Investment income:
	Interest	$	274,719
	Dividends — affiliated issuers		1,068
	Total Investment Income		275,787
	Expenses:
	Management fees		13,662
	Trustee fees		8,520
	Total expenses		22,182
	Less — expense reductions		(7,612	)
	Net expenses		14,570
	NET INVESTMENT INCOME		261,217
	Realized and Unrealized gain (loss):
	Net realized gain (loss) from:
	Investments — unaffiliated issuers		(27,955	)
	Net change in unrealized gain (loss) on:
	Investments — unaffiliated issuers		258,990
	Net realized and unrealized gain		231,035
	NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	492,252

  

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

GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF

 

Statements of Changes in Net Assets

 

 

		Community Municipal Bond ETF
		For the Six Months Ended February 29, 2024 (Unaudited)			For the Period March 7, 2023* to August 31, 2023
	From operations:
	Net investment income	$	261,217		$	265,892
	Net realized loss		(27,955	)		(4,812	)
	Net change in unrealized gain (loss)		258,990			(179,274	)
	Net increase in net assets resulting from operations		492,252			81,806
	Distributions to shareholders:
	From distributable earnings		(282,300	)		(215,096	)
	From share transactions:
	Proceeds from sales of shares		–			19,964,233
	Cost of shares redeemed		(10,039,110	)		–
	Net increase (decrease) in net assets resulting from share transactions		(10,039,110	)		19,964,233
	TOTAL INCREASE (DECREASE)		(9,829,158	)		19,830,943
	Net Assets:
	Beginning of period	$	19,830,943		$	–
	End of period	$	10,001,785		$	19,830,943

* Commencement of operations.

  

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

GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF

 

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

 

		Community Municipal Bond ETF
		For the Six Months Ended February 29, 2024 (Unaudited)			For the Period March 7, 2023* to August 31, 2023
	Per share operating performance:
	Net asset value, beginning of period	$	49.58		$	49.91
	Net investment income(a)		0.72			0.66
	Net realized and unrealized gain (loss)		0.55			(0.45	)
	Total gain from investment operations		1.27			0.21
	Distributions to shareholders from net investment income		(0.84	)		(0.54	)
	Net asset value, end of period	$	50.01		$	49.58
	Market price, end of period	$	50.15		$	49.63
	Total Return at Net Asset Value(b)		2.58	%		0.42	%
	Net assets, end of period (in 000’s)	$	10,002		$	19,831
	Ratio of total expenses to average net assets		0.25	%(c)		0.25	%(c)
	Ratio of net expenses to average net assets		0.16	%(c)		0.25	%(c)
	Ratio of net investment income to average net assets		2.94	%(c)		2.72	%(c)
	Portfolio turnover rate(d)		16	%		10	%

* Commencement of operations.

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

^(b)  Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption 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 redemption 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.

  

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

GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF

 

Notes to Financial Statements

February 29, 2024 (Unaudited)

 

 

1. ORGANIZATION

Goldman Sachs Community Municipal Bond ETF (the “Fund”) is a diversified series of the Goldman Sachs ETF Trust (the “Trust”) which is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”), consisting of multiple series. The Trust was organized as a Delaware statutory trust on December 16, 2009. The Fund commenced operations on March 7, 2023.

The investment objective of the Fund is to provide investment results that closely correspond, before fees and expenses, to the performance of the Bloomberg Goldman Sachs Community Municipal Index (the “Index”).

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser (the “Investment Adviser”) to the Fund pursuant to a management agreement (the “Agreement”) with the Trust. The Fund is an exchange-traded fund (“ETF”). Shares of the Fund are listed and traded on the NYSE Arca, Inc. Market prices for the Fund’s shares may be different from their net asset value (“NAV”). The Fund issues and redeems shares at its 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 Fund.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

C. Expenses — Expenses incurred directly by the Fund are charged to the Fund, and certain expenses incurred by the Trust that may not solely relate to the Fund are allocated to the Fund and other applicable funds of the Trust on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.

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

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

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

  

18

GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF

 

 

 

 

 

 

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Fund, including investments for which market quotations are not readily available. With respect to the Fund’s investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund’s investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

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. 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 Money Market 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 Money Market Fund’s accounting policies and investment holdings, please see the Underlying Money Market Fund’s shareholder report.

B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Fund’s investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

  

  19

GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

C. Fair Value Hierarchy — The following is a summary of the Fund’s investments classified in the fair value hierarchy as of February 29, 2024:

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Community Municipal Bond ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Municipal Bond	$	—	$	9,877,916	$	—

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

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

The Fund operates under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of the Fund, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. As the Fund directly pays fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees.

For the six months ended February 29, 2024, contractual and effective net unitary management fees with GSAM were at the following rates:

Fund	Contractual Unitary Management Fee		Effective Net Unitary Management Fee
Community Municipal Bond ETF	0.25%		0.16%

On September 25, 2023, GSAM agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.15% as an annual percentage rate of average daily net assets of the Fund through at least December 29, 2024, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. Prior to September 25, 2023 there was no waiver agreement. For the six months ended February 29, 2024, GSAM waived $7,579 of the management fees for the Fund.

The Fund invests in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Money Market Fund. GSAM has agreed to waive a portion of its management fee payable by the Fund in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Money Market Fund in which the Fund invests. For the six months ended February 29, 2024, the management fee waived by GSAM was $33.

B. Other Transactions with Affiliates — For the six months ended February 29, 2024, Goldman Sachs did not earn any brokerage commission from portfolio transactions on behalf of the Fund.

The following table provides information about the Fund’s investments in the Goldman Sachs Financial Square Government Fund - Institutional Shares for the six months ended February 29, 2024:

Fund		Beginning value as of August 31, 2023		Purchases at Cost		Proceeds from Sales			Ending value as of February 29, 2024	Shares as of February 29, 2024		Dividend Income
Community Municipal Bond ETF	$	114,880	$	393,063	$	(507,943	)	$	–	–	$	1,068

  

20

GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF

 

 

 

 

 

 

 

 

5. CREATION AND REDEMPTION OF CREATION UNITS

The Trust issues and redeems shares of the Fund only in Creation Units on a continuous basis through the Distributor, without an initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional Information), of an order in proper form. Shares of the Fund may only be purchased or redeemed by certain financial institutions (each an “Authorized Participant”). An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Fund. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.

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

Share activity is as follows:

	Community Municipal Bond ETF
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Period March 7, 2023* to August 31, 2023
	Shares			Dollars			Shares		Dollars
Fund Share Activity
Shares sold		—		$	—			400,000	$	19,964,233
Shares redeemed		(200,000	)		(10,039,110	)		—		—
NET INCREASE (DECREASE) IN SHARES		(200,000	)	$	(10,039,110	)		400,000	$	19,964,233

* Commencement of operations

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 29, 2024, were as follows:

Fund		Purchases		Sales
Community Municipal Bond ETF	$	2,605,807	$	12,259,857

7. TAX INFORMATION

As of the Fund’s most recent fiscal year end, August 31, 2023, the Fund’s capital loss carryforwards on a tax-basis were as follows:

	Community Municipal Bond ETF
Capital loss carryforwards:
Perpetual Short-Term	$   (4,824)

As of February 29, 2024, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

  

  21

GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

7. TAX INFORMATION (continued)

	Community Municipal Bond ETF
Tax Cost	$   9,795,425
Gross unrealized gain	94,520
Gross unrealized loss	(12,029)
Net unrealized gain (loss)	$     82,491

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable to differences in the tax treatment of market discount accretion and premium amortization.

GSAM has reviewed the Fund’s tax positions for all open tax years (the current year) and has concluded that no provision for income tax is required in the Fund’s financial statements. Such open tax year remains subject to examination and adjustment by tax authorities.

8. OTHER RISKS

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

Calculation Methodology Risk —The Index relies on various sources of information to assess the criteria of issuers included in the Index (or a reference index if applicable) including fundamental information that may be based on assumptions and estimates. Neither the Fund, the Investment Adviser, nor the Index Provider can offer assurances that the Index’s calculation methodology or sources of information will provide a correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.

ESG Standards Risk — The application of the Index Provider’s methodology when constructing the Index generally will affect the Fund’s exposure to certain issuers, sectors, and regions and may affect the Fund’s performance depending on whether such investments are in or out of favor. For example, the Fund generally will not invest in issuers that the Index Provider’s methodology screens as a result of certain social or environmental factors (e.g., funds tied to alcohol, tobacco, gambling, transportation, or correctional facilities). Application of the Index’s ESG criteria may also affect the Fund’s performance relative to similar funds that do not seek to track indexes that utilize such criteria. The Fund and GSAM rely on the Index Provider to determine whether the Index’s ESG criteria are met and do not perform a separate ESG analysis of Index constituents. When assessing whether an issuer meets the Index’s ESG criteria, the Index Provider generally will rely on third-party data that it believes to be reliable, but it does not guarantee the accuracy of such third-party data. ESG information from the Index Provider and other third-party data providers may be incomplete, inaccurate or unavailable and may vary significantly from one third-party data provider to another, which may adversely impact the Fund’s investments. Certain investments may be dependent on U.S. government policies, including tax incentives and subsidies, which may change without notice. The Index’s ESG criteria may be changed without shareholder approval.

Index Risk — Bloomberg Professional Services (the “Index Provider”) constructs the Fund’s Index in accordance with a rules-based methodology. The Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Fund is not “actively” managed, unless a specific security is removed from an Index, the Fund generally would not sell a security because the security’s issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. The Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, the Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. When the index is rebalanced and the 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 the Index, but it does not guarantee the accuracy or availability of any 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 Fund and its shareholders. In addition, neither the Fund, the Investment Adviser, the Calculation Agent nor the Index Provider can guarantee the availability or timeliness of the production of the Index.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the 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-

  

22

GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF

 

 

 

 

 

 

 

 

8. OTHER RISKS (continued)

term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of the Fund’s investments, which would make it harder for the Fund to sell its investments at an advantageous time.

Large Shareholder Transaction Risk — Certain shareholders, including other funds advised by the Investment Adviser, may from time to time own a substantial amount of the Fund’s Shares. In addition, a third party investor, the Investment Adviser or an affiliate of the Investment Adviser, an authorized participant, a lead market maker, or another entity (i.e., a seed investor) may invest in the Fund and hold its investment solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or scale. Any such investment may be held for a limited period of time. There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund, including on the Fund’s liquidity. In addition, transactions by large shareholders may account for a large percentage of the trading volume on (insert exchange for the fund/funds here) and may, therefore, have a material upward or downward effect on the market price of the Shares.

Liquidity Risk — The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. To the extent a Fund engages in cash redemptions, then liquidity risk may also refer to the risk that the 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, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If the 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. 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, military conflicts, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Market Trading Risk — The Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may pay more for, or receive less than, the underlying value of the Shares, respectively. 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.

Municipal Securities Risk — Municipal securities are subject to credit/default risk, interest rate risk and certain additional risks. The Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the debt securities of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds). The Fund may also invest in municipal securities indirectly (including by investing in tender option bonds). While interest earned on municipal securities is generally not subject to federal tax, any interest earned on taxable municipal securities is fully taxable at the federal level and may be subject to tax at the state level.

  

  23

GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

8. OTHER RISKS (continued)

Seed Investor Risk — GSAM and/or its affiliates may make payments to one or more investors that contribute seed capital to the Fund. Such payments may continue for a specified period of time and/or until a specified dollar amount is reached. Those payments will be made from the assets of GSAM and/or such affiliates (and not the Fund). There is a risk that such seed investors may redeem their investments in the Fund, particularly after payments from GSAM and/or its affiliates have ceased. As with redemptions by other large shareholders, such redemptions could have a significant negative impact on the Fund, including on the Fund’s liquidity and the market price of the Fund’s Shares.

State/Territory Specific Risk — The Fund’s investments in municipal obligations of issuers located in a particular state or U.S. territory may be adversely affected by political, economic and regulatory developments within that state or U.S. territory. Such developments may affect the financial condition of a state’s or territory’s political subdivisions, agencies, instrumentalities and public authorities and heighten the risks associated with investing in bonds issued by such parties, which could, in turn, adversely affect the Fund’s income, NAV, liquidity, and/or ability to preserve or realize capital appreciation.

Tax Risk — Any proposed or actual changes in income tax rates or the tax-exempt status of interest income from municipal securities can significantly affect the demand for and supply, liquidity and marketability of municipal securities. Such changes may affect the Fund’s net asset value and ability to acquire and dispose of municipal securities at desirable yield and price levels.

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

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

10. 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 ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund, Goldman Sachs Trust, Goldman Sachs Trust II, and Goldman Sachs Variable Insurance Trust, in July 2023, the Board voted to nominate Gregory G. Weaver, Dwight L. Bush, Kathryn A. Cassidy, John G. Chou, Joaquin Delgado, Eileen H. Dowling, and Paul C. Wirth (the “Nominees”) for election as Trustees of the Trust. At a virtual special joint meeting of shareholders held on November 16, 2023, each of the Nominees was elected to serve as Trustees alongside the then current Trustees of the Trust, effective January 1, 2024.

11. SUBSEQUENT EVENTS

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

  

24

GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF

 

 

 

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting of Shareholders (the “Meeting”) of the Goldman Sachs ETF Trust (the “Trust”) was held on November 16, 2023 to consider and elect nominees to the Trust’s Board of Trustees. At the Meeting, Gregory G. Weaver, Dwight L. Bush, Kathryn A. Cassidy, John G. Chou, Joaquin Delgado, Eileen H. Dowling, and Paul C. Wirth were elected to the Trust’s Board of Trustees. In electing the nominees, the Trust’s shareholders voted as follows:

Proposal  Election of Trustees	For			Withheld
Gregory G. Weaver	312,642,103			27,755,773
Dwight L. Bush	339,557,290			840,856
Kathryn A. Cassidy	339,692,259			705,617
John G. Chou	339,628,535			769,341
Joaquin Delgado	339,626,867			771,009
Eileen H. Dowling	339,570,827			827,049
Paul C. Wirth	339,591,397			806,479

  

  25

GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF

 

 

 

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

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

The Management Agreement was most recently approved for continuation until September 30, 2024 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on September 19-20, 2023 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

(f) the undertaking of the Investment Adviser to implement a fee waiver;

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

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

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

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

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

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

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Fund and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Fund. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent

  

26  

GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF

 

 

 

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

Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

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

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and its service providers operate, including developments associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees considered that under the Management Agreement, the Fund pays a single fee to the Investment Adviser, and the Investment Adviser pays the Fund’s ordinary operating expenses, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. The Trustees also considered information about the Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Fund is a passively-managed exchange traded fund (“ETF”) that seeks to track an index developed and maintained by a third-party service provider. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Fund. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing investment strategies similar to those of the Fund. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.

Investment Performance

The Trustees noted that the Fund had launched on March 9, 2023 and did not yet have a meaningful performance history. In addition, the Trustees considered the Investment Adviser’s periodic reports with respect to the Fund’s risk profile, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

Unitary Fee Structure

The Trustees considered the unitary 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 fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Fund, which included both advisory and non-advisory services that were directed to the needs and operations of the Fund as an ETF.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Fund. The analyses provided a comparison of the Fund’s management fee to those of a relevant peer group and category universe; an expense analysis which compared the Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing the Fund’s net expenses to the peer and category medians. The Trustees also considered information previously provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Fund’s fee rate and expense ratio were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s management fee rate and net expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fee and total expenses paid by the Fund. They also noted that shareholders are able to sell their Fund shares on the secondary market if they believe that Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund. In addition, the Trustees considered the Investment Adviser’s undertaking to implement a management fee waiver for the Fund. The Trustees noted that license fees would be payable by the Investment Adviser to Bloomberg Professional Services for the use of its index.

Economies of Scale

The Trustees noted that the Fund, similar to many other ETFs, does not have management fee breakpoints. They considered information previously provided regarding the Fund’s fee structure, the amount of assets in the Fund, the Fund’s recent creation and redemption activity, and information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates. The Trustees further noted the Investment Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration in determining the Fund’s unitary management fee rate.

  

  27

GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF

 

 

 

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

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits be derived by the Investment Adviser and its affiliates from their relationships with the Fund as stated above, including: (a) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (b) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (c) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (d) 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; (e) the investment of cash in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (f) 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. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Fund and Its Shareholders

The Trustees also noted that the Fund receives certain other potential benefits as a result of its relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Fund with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers because of the volume of business generated by the Investment Adviser and its affiliates; (d) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (e) 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; (f) the Fund’s access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (g) the Fund’s access to certain affiliated distribution channels. They considered the competitive nature of the ETF marketplace, noting that many of the Fund’s shareholders invested in the Fund in part because of the Fund’s relationship with the Investment Adviser and have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary fee paid by the Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement with respect to the Fund should be approved and continued until September 30, 2024.

  

28  

GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF

 

 

 

Liquidity Risk Management Program

February 29, 2024

The 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 the 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, the 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 the Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of the 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 February 13-14, 2024, 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, 2023 through December 31, 2023 (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; (3) the efficiency of the arbitrage function during the Reporting Period; and (4) the impact of local holidays in non-U.S. jurisdictions. 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.

  

  29

GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF

Fund Expenses — Six Months ended February 29, 2024 (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 and held for the entire period from September 1, 2023 through February 29, 2024, which represents a period of 182 days of a 366 day year.

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.

	Community Municipal Bond ETF
	Beginning  Account Value  9/1/23	Ending  Account Value  2/29/24	Expenses  Paid for the 6 months  ended 2/29/24*
Actual based on NAV	$1,000.00	$1,025.81	$0.81
Hypothetical 5% return	1,000.00	1,024.07+	0.81

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

* Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 29, 2024. 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 half year; and then dividing that result by the number of days in the fiscal year.

The annualized net expense ratios for the period were as follows:

Fund
Community Municipal Bond ETF	0.16	%

30

(This page intentionally left blank)

FUNDS PROFILE

 

Goldman Sachs ETFs

 

 

THE GOLDMAN

SACHS ADVANTAGE

Our goal is to deliver:

	Strong, Consistent   Investment Results
∎	Global Resources and Global Research
∎	Team Approach
∎	Disciplined Processes

	Innovative,   Value-Added   Investment Products
∎	Thoughtful Solutions
∎	Risk Management

	Outstanding   Client Service
∎	Dedicated Service Teams
∎	Excellence and Integrity

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 $2.54 trillion in assets under supervision as of December 31, 2023, 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 Access Emerging Markets USD Bond ETF

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 Bonds ETF

Goldman Sachs Access Treasury 0-1 Year ETF

Goldman Sachs Access U.S. Aggregate Bond ETF

Goldman Sachs Access Ultra Short Bond ETF

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 ActiveBeta^® World Low Vol Plus Equity ETF

Goldman Sachs Bloomberg Clean Energy Equity ETF

Goldman Sachs Community Municipal Bond ETF

Goldman Sachs Defensive Equity ETF

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

Goldman Sachs Future Consumer Equity ETF

Goldman Sachs Future Health Care Equity ETF

Goldman Sachs Future Planet Equity ETF

Goldman Sachs Future Real Estate and Infrastructure Equity ETF

Goldman Sachs Future Tech Leaders Equity ETF

Goldman Sachs Hedge Industry VIP ETF

Goldman Sachs Innovate Equity ETF

Goldman Sachs JUST U.S. Large Cap Equity ETF

Goldman Sachs MarketBeta^® Emerging Markets Equity ETF

Goldman Sachs MarketBeta^® International Equity ETF

Goldman Sachs MarketBeta^® Total International Equity ETF

Goldman Sachs MarketBeta^® U.S. 1000 Equity ETF

Goldman Sachs MarketBeta^® U.S. Equity ETF

Goldman Sachs MarketBeta^® Russell 1000 Growth Equity ETF

Goldman Sachs MarketBeta^® Russell 1000 Value Equity ETF

Goldman Sachs Nasdaq-100 Core Premium Income ETF

Goldman Sachs North American Pipelines & Power Equity ETF

Goldman Sachs Small Cap Core Equity ETF

Goldman Sachs S&P 500 Core Premium Income ETF

INDEX DISCLAIMERS

Bloomberg^®” and the Bloomberg Goldman Sachs Community Municipal Index (the “Index”) are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index collectively, “Bloomberg”), and have been licensed for use for certain purposes by GSAM. The Goldman Sachs Community Municipal Bond ETF is not sponsored, endorsed, sold or promoted by Bloomberg. Bloomberg does not make any representation or warranty, express or implied, to the owners of or counterparties to the Goldman Sachs Community Municipal Bond ETF or any member of the public regarding the advisability of investing in securities generally or in the Goldman Sachs Community Municipal Bond ETF particularly. The only relationship of Bloomberg to GSAM is the licensing of certain trademarks, trade names and service marks and of the Index, which is determined, composed and calculated by BISL without regard to GSAM or the Goldman Sachs Community Municipal Bond ETF. Bloomberg has no obligation to take the needs of GSAM or the owners of the Goldman Sachs Community Municipal Bond ETF into consideration in determining, composing or calculating the Index. Bloomberg is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Goldman Sachs Community Municipal Bond ETF to be issued. Bloomberg shall not have any obligation or liability, including, without limitation, to Goldman Sachs Community Municipal Bond ETF customers, in connection with the administration, marketing or trading of the Goldman Sachs Community Municipal Bond ETF.

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

  

32  

FUNDS PROFILE

 

 

 

 

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 “S&P 500 Index” is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and has been licensed for use by Goldman Sachs Asset Management, L.P. Standard & Poor’s^® and S&P^® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Goldman Sachs Asset Management, L.P. The Goldman Sachs S&P 500 Core Premium Income ETF is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.

Nasdaq^®, Nasdaq-100^®, Nasdaq-100 Index^®, and NDX^® are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by Goldman Sachs Asset Management L.P. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT(S).

  

  33

TRUSTEES Gregory G. Weaver, Chair Cheryl K. Beebe Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar THE BANK OF NEW YORK MELLON Transfer Agent ALPS DISTRIBUTORS, INC. Distributor TRUSTEES (continued) Michael Latham James A. McNamara Lawrence W. Stranghoener Paul C. Wirth OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary 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 This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. This material has been prepared by Goldman Sachs Asset Management and is not financial research nor a product of Goldman Sachs Global Investment Research (GIR). It was not prepared in compliance with applicable provisions of law designed to promote the independence of financial analysis and is not subject to a prohibition on trading following the distribution of financial research. The views and opinions expressed may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. Investors are urged to consult with their financial advisors before buying or selling any securities. This information may not be current and Goldman Sachs Asset Management has no obligation to provide any updates or changes. 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 Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed. A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30, are available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC’’) website 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 the Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s website at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550. Fund holdings and allocations shown are as of February 29, 2024 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. ETF Fund shares are not individually redeemable and are issued and redeemed by the Fund at their net asset value (“NAV”) only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. 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 (retail --1-800-526-7384) (institutional --1-800-621-2550). MarketBeta® and ActiveBeta® are registered trademarks of Goldman Sachs Asset Management. ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management. © 2024 Goldman Sachs. All rights reserved. 365129-OTU-4/2024 COMMMUNETFSAR-24

Goldman Sachs Funds Semi-Annual Report February 29, 2024 Goldman Sachs Equity ETFs Bloomberg Clean Energy Equity ETF (GCLN) Equal Weight U.S. Large Cap Equity ETF (GSEW) Hedge Industry VIP ETF (GVIP) Innovate Equity ETF (GINN) JUST U.S. Large Cap Equity ETF (JUST) North American Pipelines & Power Equity ETF (GPOW) Defensive Equity ETF (GDEF) Small Cap Core Equity ETF (GSC)

 

 

Goldman Sachs Equity ETFs

∎   BLOOMBERG CLEAN ENERGY EQUITY ETF (GCLN)

∎   EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF (GSEW)

∎   HEDGE INDUSTRY VIP ETF (GVIP)

∎   INNOVATE EQUITY ETF (GINN)

∎   JUST U.S. LARGE CAP EQUITY ETF (JUST)

∎   NORTH AMERICAN PIPELINES & POWER EQUITY ETF (GPOW)

∎   DEFENSIVE EQUITY ETF (GDEF)

∎   SMALL CAP CORE EQUITY ETF (GSC)

TABLE OF CONTENTS

Market Review	1
Fund Basics	4
Schedule of Investments	22
Financial Statements	52
Financial Highlights	61
Bloomberg Clean Energy Equity ETF (GCLN)	61
Equal Weight U.S. Large Cap Equity ETF (GSEW)	62
Hedge Industry VIP ETF (GVIP)	63
Innovate Equity ETF (GINN)	64
JUST U.S. Large Cap Equity ETF (JUST)	65
North American Pipelines & Power Equity ETF (GPOW)	66
Defensive Equity ETF (GDEF)	67
Small Cap Core Equity ETF (GSC)	68
Notes to Financial Statements	69
Other Information	96

Effective January 24, 2023, open-end mutual funds and exchange traded funds will be required to provide shareholders with streamlined annual and semi-annual shareholder reports (“Tailored Shareholder Reports”). Funds will be required to prepare a separate Tailored Shareholder Report for each share class of a fund that highlights key information to investors. Other information, including financial statements, will no longer appear in a fund’s shareholder report, but will be available online, delivered free of charge upon request, and filed with the Securities and Exchange Commission on a semi-annual basis on Form N-CSR. The new requirements have a compliance date of July 24, 2024.

NOT  FDIC-INSURED  May Lose Value  No Bank Guarantee 

  

   

MARKET REVIEW

 

 

Goldman Sachs Equity ETFs

February 29, 2024

The following are highlights both of key factors affecting the U.S. equity market and of any key changes made to the Goldman Sachs Equity ETFs (the “Funds”) during the six months ended February 29, 2024 (the “Reporting Period”). Attribution highlights are provided for those Funds that materially outperformed or underperformed their respective benchmark during the Reporting Period. A streamlined annual shareholder report covering the 12 months ended August 31, 2024 will be provided to the Funds’ shareholders, per new Securities and Exchange Commission requirements with a compliance date of July 24, 2024.

Market and Economic Review

• Overall, U.S. equities rose during the Reporting Period. The Standard & Poor’s 500^® Index (the “S&P 500 Index”) ended the Reporting Period with a return of 13.93%. The Russell 3000^® Index generated a return of 13.76%.

• Despite ongoing geopolitical tensions and persistent volatility, the market posted solid returns during the Reporting Period amid a backdrop of shifting expectations around the Federal Reserve’s (“Fed”) policy path forward and generally broadening market leadership.

• The Reporting Period began in September 2023 with a sharp pullback.

• Although economic activity remained resilient, the S&P 500 Index declined mostly due to a pickup in soft landing concerns, surging energy prices and disinflationary pressures on corporate earnings. (A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing.)

• Concerns about a looming threat of a federal government shutdown, consumer impacts from student loan repayments resuming, and a strike against automakers by the United Auto Workers union that began in September further weighed on investor sentiment.

• The Fed acted in line with consensus forecasts, keeping interest rates unchanged at 5.25-5.50% in September. However, the Fed’s “higher for longer” narrative appeared to gain further recognition from investors.

• During the fourth quarter of 2023, the S&P 500 Index enjoyed a double-digit gain, finishing the calendar year with the best fourth quarter since 2003.

• The quarter saw a broadening of market leadership following the mega-cap dominance for most of 2023.

• U.S. equity markets began the quarter with negative momentum, as investors digested a more resilient than consensus expected U.S. economy and a “higher for longer” Fed interest rate regime.

• The market then shifted direction in November.

• November saw the most significant easing in financial conditions of any month in more than four decades.

• Market sentiment took a positive turn on the back of an overall shift in tonality from Fed officials signaling potential easing of monetary policy in 2024, a gradual cooldown in economic activity while the labor market remained resilient, and a rally across U.S. Treasuries marking one of the best monthly performances on record—all underpinning soft landing and disinflation traction themes.

• The Fed held interest rates unchanged throughout the quarter, as growth of the U.S. economy slowed, the unemployment rate remained low despite abating job gains, and inflationary pressures continued to trend downwards.

• Near the end of the quarter, there was a major shift in the Fed’s policy path expectations, with the Summary of Economic Projections median dot plot signaling 75 basis points of rate cuts in 2024. (A basis point is 1/100th of a percentage point. The Fed’s dot plot shows the interest rate projections of the members of the Federal Open Market Committee.)

• U.S. economic data provided further evidence of disinflation momentum, with November’s annualized core Consumer Price Index dropping to its lowest level since September 2021 and core Personal Consumption Expenditure Index increasing 1.9% on a six-month annualized basis, measuring below the Fed’s inflation target of 2% for the first time in more than three years.

  

  1

MARKET REVIEW

 

 

 

 

 

 

 

• Market seasonality proved to be another tailwind to equities during the quarter, as November and December historically represent the strongest two-month period for U.S. stocks.

• The S&P 500 Index rose in January 2024, albeit modestly.

• Following an especially strong end to 2023, U.S. equity markets began the new calendar year with a more cautionary tone, driven by concerns regarding overvalued conditions and the Fed’s ability to match interest rate cut expectations from investors.

• Yields across the U.S. Treasury curve, or spectrum of maturities, steepened, a headwind to equity valuations as traders repriced expectations regarding the path of monetary policy.

• The trend of broadened market leadership witnessed in the last months of 2023 reversed course in January, with mega-cap stocks outperforming again.

• Despite this defensive start, U.S. equities finished the month mostly higher, with the S&P 500 Index recording new record highs as economic releases and robust labor market data continued to underpin the prevailing soft landing narrative.

• In February 2024, the S&P 500 Index notched a new all-time high, rallying for the fourth consecutive month as market leadership broadened from the “Magnificent Seven.”

• U.S. Treasury yields were notably higher on the back of resilient macroeconomic data and hawkish sentiment following the Fed’s January meeting, wherein Fed Chair Jerome Powell communicated it was not likely the Fed would cut interest rates in March 2024. (Hawkish suggests higher interest rates; opposite of dovish.)

• The major headline of the month was the shift in market expectations for the timing of the first interest rate cut, which moved from March to June 2024 even as the broader disinflation theme remained intact.

• Economic data remained robust, which helped ease concerns of a hard landing.

• Concerns of a temporary U.S. government shutdown were subdued at the end of the month, as policymakers reached a timely temporary funding bill to keep government operations open through March 2024.

• Corporate earnings were better than consensus feared, underpinned by both sales and earnings exceeding market forecasts on improved profit margins across most sectors.

• During the Reporting Period overall, all capitalization segments within the U.S. equity market posted gains, with large-cap stocks, as measured by the Russell 1000^® Index, performing best, followed by mid-cap stocks and then small-cap stocks, as measured by the Russell Midcap^® Index and Russell 2000^® Index, respectively. From a style perspective, growth-oriented stocks materially outperformed value-oriented stocks across the capitalization spectrum. (All as measured by the FTSE Russell indices.)

• The best performing sectors within the S&P 500 Index during the Reporting Period were information technology, communication services and financials, while the weakest performing sectors were energy, utilities and consumer staples.

Fund Changes and Highlights

Goldman Sachs Defensive Equity ETF

• The Fund recorded positive absolute returns but significantly underperformed its benchmark, the S&P 500 Index, during the Reporting Period.

• The relative underperformance was driven both by the Fund’s options-based overlay strategy and by equity exposures.

• Within the options-based overlay strategy, the Fund’s short call option positions from the put option spread collar detracted from relative performance, as the S&P 500 Index appreciated through the strike price of the call options and reduced the Fund’s upside participation. The impact was most pronounced during the final two months of the Reporting Period.

• A call option is an option that gives the holder the right to buy a certain quantity of an underlying security at an agreed-upon price at any time up to an agreed-upon date.

  

2  

MARKET REVIEW

 

 

 

 

 

 

 

• The put option spread collar refers to the strategy whereby the Fund simultaneously purchases a near-the-money put while selling an out-of-the-money call and put on an underlying asset or index, such as the S&P 500 Index.

• A put option is an option contract that gives the holder the right, but not the obligation, to sell a specified amount of an underlying asset at a specified price within a specified time.

• “Near-the-money” is a term used to describe an options contract with a strike price that is close to the market price of the underlying asset. For a put option, “out-of-the-money” is a term used to describe a put option with a strike price that is lower than the market price of the underlying asset.

• Within equity exposures, the Fund’s positions in large-cap stocks detracted from relative performance.

• Among sectors, the Fund was hurt by stock selection in information technology.

• However, stock selection and underweighted allocations compared to the S&P 500 Index in the energy and consumer discretionary sectors contributed positively.

• Effective December 29, 2023, Sergio Calvo de Leon became a portfolio manager for the Fund, joining Raj Garigipati, Oliver Bunn and Patrick Harnett. Mr. Garigipati, Mr. Bunn and Mr. Harnett have managed the Fund since January 2023. (Effective April 1, 2024, after the end of the Reporting Period, Patrick Harnett no longer served as a portfolio manager of the Fund. Raj Garigipati, Oliver Bunn and Sergio Calvo de Leon continued to serve as portfolio managers for the Fund.)

Goldman Sachs Small Cap Core Equity ETF

• The Fund, which seeks long-term growth of capital, launched on October 3, 2023.

• The new Fund is an actively managed ETF; it is not an index fund and does not seek to replicate the performance of a specified index. The Fund’s benchmark index is the Russell 2000^® Index (Total Return, USD).

• The Fund invests, 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 portfolio of equity investments in small-cap issuers.

• Small-cap issuers are companies with relatively small market capitalizations. As of December 31, 2023, small-cap issuers generally have public stock market capitalizations between $100 million and $16 billion; however, this capitalization range will change over time and with market conditions.

• The Fund may also invest in securities outside of the then-existing small-cap issuer capitalization range at the time of investment.

  

  3

FUND BASICS

 

 

Bloomberg Clean Energy Equity ETF

as of February 29, 2024

FUND SNAPSHOT

As of February 29, 2024
Market Price1	$31.92
Net Asset Value (NAV)1	$31.95

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

PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV)2	Fund Total Return (based on Market Price)2	Bloomberg GS Global Clean Energy Index (Total Return, USD, Unhedged)3
Shares	-8.05%	-8.63%	-7.73%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees and operating expenses incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

³  “Bloomberg^®” and the Bloomberg Goldman Sachs Global Clean Energy Index (the “Index”) are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”) and have been licensed for use for certain purposes by Goldman Sachs. “Goldman Sachs^®” is a trademark of Goldman Sachs and has been licensed by Bloomberg for use in the name of the Index. Bloomberg is not affiliated with Goldman Sachs, and Bloomberg does not approve, endorse, review, or recommend Goldman Sachs Bloomberg Clean Energy Equity ETF (“Fund”). Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Fund.

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

  

4  

FUND BASICS

 

 

 

 

 

 

 

TOP TEN HOLDINGS AS OF 2/29/24⁴

Holding	% of Net Assets	Line of Business	Country
NextEra Energy, Inc.	4.9%	Utilities	United States
Iberdrola SA	4.8	Utilities	Spain
Tesla, Inc.	4.4	Consumer Discretionary	United States
Enel SpA	3.5	Utilities	Italy
Schneider Electric SE	3.2	Industrials	United States
Duke Energy Corp.	2.6	Utilities	United States
Exelon Corp.	2.5	Utilities	United States
National Grid PLC	2.5	Utilities	United Kingdom
Sempra	2.4	Utilities	United States
American Electric Power Co., Inc.	2.3	Utilities	United States

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

FUND VS BENCHMARK SECTOR ALLOCATION⁵

As of February 29, 2024

⁵  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). Investments in the securities lending vehicle represented 0.2% of the Fund’s net assets as of February 29, 2024. Figures above may not sum to 100% due to rounding.

⁶  The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Bloomberg Goldman Sachs Global Clean Energy Index.

  

  5

FUND BASICS

 

 

 

 

 

 

 

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

  

6  

FUND BASICS

 

 

Equal Weight U.S. Large Cap Equity ETF

as of February 29, 2024

FUND SNAPSHOT

As of February 29, 2024
Market Price1	$69.99
Net Asset Value (NAV)1	$70.01

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

PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV)2	Fund Total Return (based on Market Price)2	Solactive US Large Cap Equal Weight Index3	S&P 500 (TR, unhedged, USD)4
Shares	12.40%	12.37%	12.41%	13.93%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees and operating expenses incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

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

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

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

  

  7

FUND BASICS

 

 

 

 

 

 

 

TOP TEN HOLDINGS AS OF 2/29/24⁵

Holding	% of Net Assets	Line of Business
Okta, Inc.	0.3%	IT Services
Constellation Energy Corp.	0.3	Electric Utilities
Super Micro Computer, Inc.	0.3	Technology Hardware, Storage & Peripherals
Trade Desk, Inc. (The), Class A	0.2	Media
Lattice Semiconductor Corp.	0.2	Semiconductors & Semiconductor Equipment
Albemarle Corp.	0.2	Chemicals
Diamondback Energy, Inc.	0.2	Oil, Gas & Consumable Fuels
Ovintiv, Inc.	0.2	Oil, Gas & Consumable Fuels
Cloudflare, Inc., Class A	0.2	IT Services
Trimble, Inc.	0.2	Electronic Equipment, Instruments & Components

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

FUND VS BENCHMARK SECTOR ALLOCATION⁶

As of February 29, 2024

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

⁷  The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive US Large Cap Equal Weight Index.

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

  

8  

FUND BASICS

 

 

Hedge Industry VIP ETF

as of February 29, 2024

FUND SNAPSHOT

As of February 29, 2024
Market Price1	$105.58
Net Asset Value (NAV)1	$105.41

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

PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV) 2	Fund Total Return (based on Market Price) 2	Goldman Sachs Hedge Fund VIP Index TR 3	S&P 500® (TR, unhedged, USD) 4
Shares	19.55%	19.68%	19.29%	13.93%

²  The returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

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

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

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

  

  9

FUND BASICS

 

 

 

 

 

 

 

TOP TEN HOLDINGS AS OF 2/29/24⁵

Holding	% of Net Assets	Line of Business
CRH PLC	2.2%	Construction Materials
Advanced Micro Devices, Inc.	2.1	Semiconductors & Semiconductor Equipment
Tempur Sealy International, Inc.	2.1	Household Durables
General Electric Co.	2.1	Industrial Conglomerates
NVIDIA Corp.	2.1	Semiconductors & Semiconductor Equipment
Salesforce, Inc.	2.1	Software
Tenet Healthcare Corp.	2.1	Health Care Providers & Services
First Citizens BancShares, Inc., Class A	2.1	Banks
Builders FirstSource, Inc.	2.1	Building Products
Pioneer Natural Resources Co.	2.1	Oil, Gas & Consumable Fuels

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

FUND VS BENCHMARK SECTOR ALLOCATION⁶

As of February 29, 2024

⁶  Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Standard & Poor’s. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value.

⁷  The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs Hedge Fund VIP Index TR.

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

  

10  

FUND BASICS

 

 

Innovate Equity ETF

as of February 29, 2024

FUND SNAPSHOT

As of February 29, 2024
Market Price1	$54.77
Net Asset Value (NAV)1	$54.83

¹  The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. (“NYSE Arca”). 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.www.GSAMFUNDS.com/ETFs.

PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV)2	Fund Total Return (based on Market Price)2	Solactive Innovative Global Equity Index (Net total Return, Unhedged, USD)3
Shares	12.07%	11.94%	12.23%

²  The Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees and operating expenses incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

³  The Solactive Innovative Global Equity Index itself 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.

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

  

  11

FUND BASICS

 

 

 

 

 

 

 

TOP TEN HOLDINGS AS OF 2/29/24⁴

Holding	% of Net Assets	Line of Business
NVIDIA Corp.	2.3%	Semiconductors & Semiconductor Equipment
Amazon.com, Inc.	2.0	Broadline Retail
Microsoft Corp.	1.9	Software
Apple, Inc.	1.9	Technology Hardware, Storage & Peripherals
Alphabet, Inc., Class A	1.9	Interactive Media & Services
Meta Platforms, Inc., Class A	1.7	Interactive Media & Services
Eli Lilly & Co.	1.0	Pharmaceuticals
Tesla, Inc.	1.0	Automobiles
Alibaba Group Holding Ltd. ADR	0.9	Broadline Retail
Advanced Micro Devices, Inc.	0.9	Semiconductors & Semiconductor Equipment

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

FUND VS BENCHMARK SECTOR ALLOCATION⁵

As of February 29, 2024

⁵  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). Investments in the securities lending vehicle represented 1.9% of the Fund’s net assets as of February 29, 2024. Figures above may not sum to 100% due to rounding.

⁶  The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive Innovative Global Equity Index.

  

12  

FUND BASICS

 

 

 

 

 

 

 

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

  

  13

FUND BASICS

 

 

JUST U.S. Large Cap Equity ETF

as of February 29, 2024

FUND SNAPSHOT

As of February 29, 2024
Market Price1	$72.69
Net Asset Value (NAV)1	$72.60

¹  The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. (“NYSE Arca”). 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/ETEs.

PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV)2	Fund Total Return (based on Market Price)2	JUST US Large Cap Diversified Index3	Russell 1000 Index4
Shares	13.89%	13.95%	14.00%	14.03%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees and operating expenses incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

³  “JUST” and “JUST Capital” are trademarks of JUST Capital Foundation, Inc. or its affiliates and have been licensed for use in connection with the issuance and distribution of the Goldman Sachs JUST U.S. Large Cap Equity ETF. JUST Capital Foundation, Inc. and its affiliates do not in any way recommend the purchase, sale or holding of any security based on the JUST US Large Cap Diversified Index including the Goldman Sachs JUST U.S. Large Cap Equity ETF, or have any involvement in their operations or distribution. JUST Capital Foundation, Inc., its affiliates, calculation agent, and data providers expressly disclaim all representations, warranties, and liabilities relating to or in connection with the Goldman Sachs JUST U.S. Large Cap Equity ETF (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability, and fitness for a particular purpose). Frank Russell Company (“Russell”) acts solely as calculation agent in respect of the JUST US Large Cap Diversified Index. Russell does not in any way sponsor, support, promote or endorse the JUST US Large Cap Diversified Index or the Goldman Sachs JUST U.S. Large Cap Equity ETF. In no event shall any Russell party have any liability for any direct, indirect, special, incidental, punitive, consequential (including without limitation, lost profits) or any other damages in connection with the JUST US Large Cap Diversified Index. The index provider may delay or change a scheduled rebalancing or reconstitution of the Index or the implementation of certain rules at its sole discretion.

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

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

  

14  

FUND BASICS

 

 

 

 

 

 

 

TOP TEN HOLDINGS AS OF 2/29/24⁵

Holding	% of Net Assets	Line of Business
Microsoft Corp.	7.8%	Software
Apple, Inc.	6.7	Technology Hardware, Storage & Peripherals
Amazon.com, Inc.	4.9	Broadline Retail
NVIDIA Corp.	4.7	Semiconductors & Semiconductor Equipment
Alphabet, Inc., Class A	2.1	Interactive Media & Services
JPMorgan Chase & Co.	1.8	Banks
Alphabet, Inc., Class C	1.8	Interactive Media & Services
Eli Lilly & Co.	1.7	Pharmaceuticals
Broadcom, Inc.	1.4	Semiconductors & Semiconductor Equipment
Visa, Inc., Class A	1.3	Financial Services

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

FUND VS BENCHMARK SECTOR ALLOCATION⁶

As of February 29, 2024

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

⁷  The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the JUST US Large Cap Diversified Index.

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

  

  15

FUND BASICS

 

 

 

North American Pipelines & Power Equity ETF

as of February 29, 2024

FUND SNAPSHOT

As of February 29, 2024
Market Price1	$42.53
Net Asset Value (NAV)1	$42.51

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

PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV)2	Fund Total Return (based on Market Price)2	Solactive Energy Infrastructure Enhanced Index (Net Total Return, Unhedged, USD)3
Shares	6.28%	6.24%	5.97%

²  The Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees and operating expenses incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

³  The Solactive Energy Infrastructure Enhanced Index (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 North American Pipelines & Power 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 North American Pipelines & Power 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 North American Pipelines & Power Equity ETF constitutes a recommendation by Solactive AG to invest capital in said fund nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this fund.

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

  

16  

FUND BASICS

 

 

 

 

 

 

 

TOP TEN HOLDINGS AS OF 2/29/24⁴

Holding	% of Net Assets	Line of Business
Targa Resources Corp.	6.9%	Oil, Gas & Consumable Fuels
ONEOK, Inc.	6.6	Oil, Gas & Consumable Fuels
Williams Cos., Inc. (The)	6.2	Oil, Gas & Consumable Fuels
Kinder Morgan, Inc.	6.1	Oil, Gas & Consumable Fuels
Pembina Pipeline Corp.	6.1	Oil, Gas & Consumable Fuels
TC Energy Corp.	6.1	Oil, Gas & Consumable Fuels
Enbridge, Inc.	5.8	Oil, Gas & Consumable Fuels
Cheniere Energy, Inc.	5.8	Oil, Gas & Consumable Fuels
UGI Corp.	4.9	Gas Utilities
Enterprise Products Partners LP	3.0	Oil, Gas & Consumable Fuels

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

FUND VS BENCHMARK SECTOR ALLOCATION⁵

As of February 29, 2024

⁵  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.

⁶  The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive Energy Infrastructure Enhanced Index.

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

  

  17

FUND BASICS

 

 

Defensive Equity ETF

as of February 29, 2024

FUND SNAPSHOT

As of February 29, 2024
Market Price1	$46.64
Net Asset Value (NAV)1	$46.62

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

PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV)2	Fund Total Return (based on Market Price)2	S&P 500® (TR, unhedged, USD)3
Shares	5.27%	5.29%	13.93%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees and operating expenses incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

³  The S&P 500^® Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

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

  

18  

FUND BASICS

 

 

 

 

 

 

 

TOP TEN HOLDINGS AS OF 2/29/24⁴

Holding	% of Net Assets	Line of Business
Microsoft Corp.	6.1%	Software
Apple, Inc.	5.4	Technology Hardware, Storage & Peripherals
NVIDIA Corp.	3.7	Semiconductors & Semiconductor Equipment
Alphabet, Inc., Class A	3.2	Interactive Media & Services
Amazon.com, Inc.	3.1	Broadline Retail
Eli Lilly & Co.	1.4	Pharmaceuticals
Berkshire Hathaway, Inc., Class B	1.2	Financial Services
Visa, Inc., Class A	1.1	Financial Services
UnitedHealth Group, Inc.	1.1	Health Care Providers & Services
Johnson & Johnson	1.0	Pharmaceuticals

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

FUND VS BENCHMARK SECTOR ALLOCATION⁵

As of February 29, 2024

⁵  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). Figures above may not sum to 100% due to rounding.

  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.

  

  19

FUND BASICS

 

 

Small Cap Core Equity ETF

as of February 29, 2024

FUND SNAPSHOT

As of February 29, 2024
Market Price1	$47.56
Net Asset Value (NAV)1	$47.51

¹  The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. (“NYSE Arca”). 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/ETEs.

PERFORMANCE REVIEW

October 3, 2023*-February 29, 2024	Fund Total Return (based on NAV)2	Fund Total Return (based on Market Price)2	Russell 2000 (Total Return, Unhedged, USD)3
Shares	20.84%	20.97%	19.66%

 *Commenced operations on October 3, 2023

²  The Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees and operating expenses incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

³  The Russell 2000^® Index is an unmanaged index of common stock prices that measures the performance of the 2000 smallest companies in the Russell 3000^® Index. The Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.

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

  

20  

FUND BASICS

 

 

 

 

 

 

 

TOP TEN HOLDINGS AS OF 2/29/24⁴

Holding	% of Net Assets	Line of Business
Federal Signal Corp.	2.2%	Machinery
SPX Technologies, Inc.	2.2	Machinery
Meritage Homes Corp.	2.0	Household Durables
Onto Innovation, Inc.	1.9	Semiconductors & Semiconductor Equipment
Wingstop, Inc.	1.8	Hotels, Restaurants & Leisure
Core & Main, Inc., Class A	1.7	Trading Companies & Distributors
Moog, Inc., Class A	1.7	Aerospace & Defense
Texas Roadhouse, Inc.	1.7	Hotels, Restaurants & Leisure
Watts Water Technologies, Inc., Class A	1.6	Machinery
Saia, Inc.	1.6	Road & Rail

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

FUND VS BENCHMARK SECTOR ALLOCATION⁵

As of February 29, 2024

⁵  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.

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

  

  21

GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

 

	Shares	Description	Value
	Common Stocks – 98.8%
	Austria – 0.2%
	258	Verbund AG (Utilities)	$	18,706
	Belgium – 0.4%
	225	Elia Group SA/NV (Utilities)		25,006
	1,193	Umicore SA (Materials)		24,903
				49,909
	Brazil – 1.2%
	4,874	Centrais Eletricas Brasileiras SA (Utilities)		42,671
	3,469	Companhia Paranaense de Energia (Utilities)		6,409
	1,460	Cosan SA (Energy)		4,995
	1,492	CPFL Energia SA (Utilities)		10,627
	3,254	Energisa SA (Utilities)		33,295
	1,382	Engie Brasil Energia SA (Utilities)		11,688
	1,280	Sao Martinho SA (Consumer Staples)		7,291
	2,748	Transmissora Alianca de Energia Eletrica SA (Utilities)		19,579
				136,555
	Canada – 2.9%
	4,081	Algonquin Power & Utilities Corp. (Utilities)		23,860
	107	Atco Ltd., Class I (Utilities)(a)		2,932
	812	Boralex, Inc., Class A (Utilities)		17,858
	126	Capital Power Corp. (Utilities)		3,563
	3,817	Fortis, Inc. (Utilities)		147,266
	2,473	Hydro One Ltd. (Utilities)(b)		73,751
	2,017	Northland Power, Inc. (Utilities)		34,203
	214	SNC-Lavalin Group, Inc.
		(Industrials)		7,237
	1,617	TransAlta Corp. (Utilities)		11,099
				321,769
	China – 10.2%
	1,100	Beijing Easpring Material Technology Co. Ltd., Class A (Industrials)		5,319
	4,000	BYD Co. Ltd., Class A (Consumer Discretionary)		106,145
	8,800	CECEP Solar Energy Co. Ltd., Class A (Utilities)		6,644
	14,800	CECEP Wind-Power Corp., Class A (Utilities)		6,162
	4,300	China Baoan Group Co. Ltd., Class A (Industrials)		7,102
	26,647	China Longyuan Power Group Corp. Ltd., Class H (Utilities)		18,857
	42,300	China National Nuclear Power Co. Ltd., Class A (Utilities)		50,958
	64,100	China Three Gorges Renewables Group Co. Ltd., Class A (Utilities)		41,101
	3,700	Chongqing Three Gorges Water Conservancy & Electric Power Co. Ltd., Class A (Utilities)		3,790

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
9,780	Contemporary Amperex Technology Co. Ltd., Class A (Industrials)	$	221,939
1,400	Dajin Heavy Industry Co. Ltd., Class A (Industrials)		4,214
267	Daqo New Energy Corp. ADR (Information Technology)*		5,682
4,600	Dongfang Electric Corp. Ltd., Class A (Industrials)		10,438
4,600	Eve Energy Co. Ltd., Class A (Industrials)		24,458
2,900	Flat Glass Group Co. Ltd., Class A (Information Technology)		8,766
600	Ganfeng Lithium Group Co. Ltd., Class A (Materials)		3,335
13,400	GCL System Integration Technology Co. Ltd., Class A (Information Technology)*		4,910
160,751	GCL Technology Holdings Ltd. (Information Technology)		22,381
11,600	GEM Co. Ltd., Class A (Materials)		8,629
850	Ginlong Technologies Co. Ltd., Class A (Industrials)		7,683
7,900	Goldwind Science & Technology Co. Ltd., Class A (Industrials)		8,377
436	GoodWe Technologies Co. Ltd., Class A (Industrials)		6,564
3,900	Gotion High-tech Co. Ltd., Class A (Industrials)*		10,712
6,600	Guangdong Construction Engineering Group Co. Ltd., Class A (Industrials)		3,920
1,000	Guangzhou Great Power Energy & Technology Co. Ltd., Class A (Industrials)		3,160
4,300	Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials)		12,318
4,132	Hangzhou First Applied Material Co. Ltd., Class A (Information Technology)		15,954
3,700	Hengdian Group DMEGC Magnetics Co. Ltd., Class A (Information Technology)		7,369
200	Hoymiles Power Electronics, Inc., Class A (Industrials)		6,456
1,304	Hoyuan Green Energy Co. Ltd., Class A (Information Technology)		5,033
7,404	JA Solar Technology Co. Ltd., Class A (Information Technology)		19,267
8,000	Jinko Power Technology Co. Ltd., Class A (Utilities)		3,697
157	JinkoSolar Holding Co. Ltd. ADR (Information Technology)		4,245

  

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

GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF

 

 

 

 

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	China – (continued)
	800	Kehua Data Co. Ltd., Class A (Industrials)	$	2,787
	16,860	LONGi Green Energy Technology Co. Ltd., Class A (Information Technology)		49,701
	5,100	Ming Yang Smart Energy Group Ltd., Class A (Industrials)		7,220
	1,085	Ningbo Ronbay New Energy Technology Co. Ltd., Class A (Industrials)		4,676
	3,800	Ningbo Shanshan Co. Ltd., Class A (Materials)		6,033
	314	NXP Semiconductors NV (Information Technology)		78,415
	392	Pylon Technologies Co. Ltd., Class A (Industrials)		4,614
	759	Qingdao Gaoce Technology Co. Ltd., Class A (Information Technology)		3,283
	2,500	Risen Energy Co. Ltd., Class A (Information Technology)		5,614
	4,100	Shanghai Aiko Solar Energy Co. Ltd., Class A (Information Technology)		8,609
	4,300	Shanghai Electric Group Co. Ltd., Class A (Industrials)*		2,530
	4,535	Shanghai Putailai New Energy Technology Co. Ltd., Class A (Materials)		11,808
	1,200	Shenzhen Capchem Technology Co. Ltd., Class A (Materials)		6,775
	600	Shenzhen Dynanonic Co. Ltd., Class A (Materials)		3,567
	1,300	Shenzhen Kstar Science And Technology Co. Ltd., Class A (Industrials)		4,195
	600	Shenzhen SC New Energy Technology Corp., Class A (Information Technology)		5,392
	2,896	Shenzhen Senior Technology Material Co. Ltd., Class A (Materials)		4,928
	3,300	Sungrow Power Supply Co. Ltd., Class A (Industrials)		39,942
	3,100	Sunwoda Electronic Co. Ltd., Class A (Industrials)		6,118
	668	Suzhou Maxwell Technologies Co. Ltd., Class A (Information Technology)		11,269
	8,400	TBEA Co. Ltd., Class A (Industrials)		17,359
	8,975	TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A (Information Technology)		16,841
	4,100	Titan Wind Energy Suzhou Co. Ltd., Class A (Industrials)*		5,685

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
10,000	Tongwei Co. Ltd., Class A (Information Technology)	$	36,779
4,791	Trina Solar Co. Ltd., Class A (Information Technology)		16,657
568	Wuhan DR Laser Technology Corp. Ltd., Class A (Information Technology)		3,736
563	Wuxi Autowell Technology Co. Ltd., Class A (Information Technology)		6,822
3,100	Xiamen Tungsten Co. Ltd., Class A (Materials)		7,219
2,200	Xiangtan Electric Manufacturing Co. Ltd., Class A (Industrials)*		3,838
3,855	Xinjiang Daqo New Energy Co. Ltd., Class A (Information Technology)		15,628
33,454	Xinyi Solar Holdings Ltd. (Information Technology)		20,340
4,800	Zhejiang Chint Electrics Co. Ltd., Class A (Industrials)		13,710
3,800	Zhejiang Huayou Cobalt Co. Ltd., Class A (Materials)		14,609
2,900	Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A (Information Technology)		14,892
			1,137,176
Czech Republic – 0.4%
1,288	CEZ AS (Utilities)		44,117
Denmark – 2.7%
1,419	Orsted AS (Utilities)(b)		79,661
7,793	Vestas Wind Systems A/S (Industrials)*		217,149
			296,810
Finland – 1.1%
3,387	Fortum OYJ (Utilities)		42,334
2,817	Neste OYJ (Energy)		77,338
			119,672
France – 2.5%
10,248	Engie SA (Utilities)		164,530
39	Nexans SA (Industrials)		4,009
813	SPIE SA (Industrials)		27,080
696	Vinci SA (Industrials)		89,176
			284,795
Germany – 4.7%
17,582	E.ON SE (Utilities)		224,701
1,498	Infineon Technologies AG (Information Technology)		53,649
981	Nordex SE (Industrials)*		11,173
4,990	RWE AG (Utilities)		167,398
3,091	Siemens Energy AG (Industrials)*		47,515
85	SMA Solar Technology AG (Information Technology)*		5,064

  

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

GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	Germany – (continued)
	102	Wacker Chemie AG (Materials)	$	11,154
				520,654
	Greece – 0.1%
	424	Terna Energy SA (Utilities)		7,612
	India – 1.6%
	3,562	Adani Green Energy Ltd. (Utilities)*		81,409
	19,771	NHPC Ltd. (Utilities)		21,019
	4,950	Power Grid Corp. of India Ltd. (Utilities)		16,886
	5,692	SJVN Ltd. (Utilities)		8,317
	79,138	Suzlon Energy Ltd. (Industrials)*		43,188
	1,697	Tata Power Co. Ltd. (The) (Utilities)		7,608
				178,427
	Italy – 4.3%
	9,155	A2A SpA (Utilities)		16,644
	61,677	Enel SpA (Utilities)		392,654
	442	ERG SpA (Utilities)		12,053
	8,314	Terna - Rete Elettrica Nazionale (Utilities)		65,174
				486,525
	Japan – 3.6%
	5,791	Chubu Electric Power Co., Inc. (Utilities)		72,218
	2,096	Denso Corp. (Consumer Discretionary)		38,567
	1,071	Hitachi Ltd. (Industrials)		90,628
	4,301	Kansai Electric Power Co., Inc. (The) (Utilities)		55,189
	3,514	Kyushu Electric Power Co., Inc. (Utilities)*		28,726
	602	NIDEC Corp. (Industrials)		22,850
	2,597	Panasonic Holdings Corp. (Consumer Discretionary)		24,648
	1,458	Renesas Electronics Corp. (Information Technology)		23,910
	411	Rohm Co. Ltd. (Information Technology)		6,982
	2,788	SUMCO Corp. (Information Technology)		43,663
				407,381
	Norway – 0.0%
	5,907	NEL ASA (Industrials)*(a)		2,744
	Portugal – 0.9%
	24,188	EDP – Energias de Portugal SA (Utilities)		96,298
	Singapore – 0.3%
	785	STMicroelectronics NV (Information Technology)		35,445

Shares	Description	Value
Common Stocks – (continued)
South Korea – 3.1%
133	CS Wind Corp. (Industrials)	$	5,164
294	Doosan Fuel Cell Co. Ltd. (Industrials)*		4,383
158	Ecopro Co. Ltd. (Industrials)*		73,328
524	Hanwha Solutions Corp. (Materials)		10,920
1,584	Korea Electric Power Corp. (Utilities)		29,501
195	L&F Co. Ltd. (Industrials)*		24,851
245	LG Chem Ltd. (Materials)		83,347
117	OCI Holdings Co. Ltd. (Materials)		8,259
372	Samsung SDI Co. Ltd. (Information Technology)		105,320
			345,073
Spain – 6.0%
142	Acciona SA (Utilities)		15,897
1,879	Endesa SA (Utilities)		33,835
46,911	Iberdrola SA (Utilities)		539,122
806	Naturgy Energy Group SA (Utilities)		19,084
3,221	Redeia Corp. SA (Utilities)		51,238
616	Solaria Energia y Medio Ambiente SA (Utilities)*		7,346
			666,522
Switzerland – 1.0%
1,942	ABB Ltd. (Industrials)		89,806
117	BKW AG (Utilities)		16,476
29,152	Meyer Burger Technology AG (Information Technology)*(a)		2,195
			108,477
Taiwan – 0.4%
2,219	Delta Electronics, Inc. (Information Technology)		20,674
3,879	Sino-American Silicon Products, Inc. (Information Technology)		22,764
			43,438
Thailand – 0.1%
15,851	Energy Absolute PCL, NVDR (Utilities)		15,579
United Kingdom – 4.2%
3,055	Drax Group PLC (Utilities)		17,997
21,162	National Grid PLC (Utilities)		277,727
8,675	SSE PLC (Utilities)		178,373
			474,097
United States – 46.9%
3,879	AES Corp. (The) (Utilities)		58,961
308	Alliant Energy Corp. (Utilities)		14,707
1,545	Ameren Corp. (Utilities)		109,988
260	Ameresco, Inc., Class A (Industrials)*		5,450
3,044	American Electric Power Co., Inc. (Utilities)		259,318

  

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

GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF

 

 

 

 

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	United States – (continued)
	1,139	Array Technologies, Inc. (Industrials)*	$	15,536
	421	Avangrid, Inc. (Utilities)		13,106
	602	Avista Corp. (Utilities)		19,986
	1,446	Bloom Energy Corp., Class A (Industrials)*(a)		12,681
	1,076	Brookfield Renewable Corp., Class A (Utilities)		25,560
	766	CenterPoint Energy, Inc. (Utilities)		21,065
	647	Clearway Energy, Inc., Class C (Utilities)		14,105
	2,038	Consolidated Edison, Inc. (Utilities)		177,734
	4,942	Dominion Energy, Inc. (Utilities)		236,376
	220	DTE Energy Co. (Utilities)		23,837
	3,130	Duke Energy Corp. (Utilities)		287,428
	3,044	Edison International (Utilities)		207,053
	57	EMCOR Group, Inc. (Industrials)		17,871
	1,026	Enovix Corp. (Industrials)*		10,003
	1,049	Enphase Energy, Inc. (Information Technology)*		133,233
	1,246	Entergy Corp. (Utilities)		126,556
	2,048	Eversource Energy (Utilities)		120,218
	7,894	Exelon Corp. (Utilities)		282,921
	805	First Solar, Inc. (Information Technology)*		123,881
	324	Fluence Energy, Inc. (Industrials)*		4,954
	363	Generac Holdings, Inc. (Industrials)*		40,841
	946	General Electric Co. (Industrials)		148,418
	459	Green Plains, Inc. (Energy)*		9,777
	843	Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT (Financials)		21,218
	359	Itron, Inc. (Information Technology)*		33,272
	366	MasTec, Inc. (Industrials)*		27,618
	9,844	NextEra Energy, Inc. (Utilities)		543,290
	352	Northwestern Energy Group, Inc. (Utilities)		16,868
	277	NRG Energy, Inc. (Utilities)		15,324
	525	ON Semiconductor Corp. (Information Technology)*		41,433
	407	Ormat Technologies, Inc. (Utilities)		26,516
	44	Otter Tail Corp. (Utilities)		3,980
	12,204	PG&E Corp. (Utilities)		203,685
	4,711	Plug Power, Inc. (Industrials)*(a)		16,630
	3,959	Public Service Enterprise Group, Inc. (Utilities)		247,042
	175	Quanta Services, Inc. (Industrials)		42,264

	Shares	Description	Value
	Common Stocks – (continued)
	United States – (continued)
	2,437	QuantumScape Corp. (Consumer Discretionary)*	$	15,280
	1,575	Schneider Electric SE (Industrials)		357,580
	3,722	Sempra (Utilities)		262,773
	447	SolarEdge Technologies, Inc. (Information Technology)*		30,025
	1,319	Southern Co. (The) (Utilities)		88,703
	820	Sunnova Energy International, Inc. (Utilities)*		5,970
	1,674	Sunrun, Inc. (Industrials)*		20,155
	2,415	Tesla, Inc. (Consumer Discretionary)*		487,540
	735	Texas Instruments, Inc. (Information Technology)		122,988
	78	Timken Co. (The) (Industrials)		6,551
	25	Valmont Industries, Inc. (Industrials)		5,298
	385	WEC Energy Group, Inc. (Utilities)		30,219
	737	Wolfspeed, Inc. (Information Technology)*		19,177
	672	Xcel Energy, Inc. (Utilities)		35,408
				5,248,371
	TOTAL COMMON STOCKS (Cost $11,739,094)			11,046,152

	Shares	Description	Rate			Value
	Preferred Stocks – 0.6%
	Brazil – 0.6%
	1,932	Centrais Eletricas Brasileiras SA, Class B (Utilities)		3.12	%		18,629
	9,174	Cia Energetica de Minas Gerais (Utilities)		10.78			22,101
	8,266	Companhia Paranaense de Energia (Utilities)		3.27			17,002
	1,516	CTEEP-Cia de Transmissao de Energia Eletrica Paulista (Utilities)		8.54			7,872
	TOTAL PREFERRED STOCKS (Cost $61,873)						65,604

  

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

GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

	Shares	Dividend Rate	Value
	Investment Company – 0.4%(c)
	Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares
	41,286	5.195%	$	41,286
	(Cost $41,286)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $11,842,253)			11,153,042
	Securities Lending Reinvestment Vehicle – 0.2%(c)
	Goldman Sachs Financial Square Government Fund - Institutional Shares
	26,070	5.219%		26,070
	(Cost $26,070)
	TOTAL INVESTMENTS – 100.0% (Cost $11,868,323)		$	11,179,112
	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0%			1,729
	NET ASSETS – 100.0%		$	11,180,841

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

Sector Name	% of  Market  Value
Utilities		62.3	%
Industrials		17.1
Information Technology		10.9
Consumer Discretionary		6.0
Materials		2.0
Energy		0.8
Investment Company		0.4
Financials		0.2
Consumer Staples		0.1
Securities Lending Reinvestment Vehicle		0.2
TOTAL INVESTMENTS		100.0	%

  

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

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

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

 

	Shares	Description	Value
	Common Stocks – 99.8%
	Communication Services – 3.6%
	8,186	Alphabet, Inc., Class A*	$	1,133,434
	68,342	AT&T, Inc.		1,157,030
	4,162	Charter Communications, Inc., Class A*		1,223,337
	27,148	Comcast Corp., Class A		1,163,292
	8,699	Electronic Arts, Inc.		1,213,336
	36,403	Interpublic Group of Cos., Inc. (The)		1,143,054
	13,485	Live Nation Entertainment, Inc.*		1,307,775
	2,535	Meta Platforms, Inc., Class A		1,242,480
	2,099	Netflix, Inc.*		1,265,529
	13,597	Omnicom Group, Inc.		1,201,839
	29,089	Pinterest, Inc., Class A*		1,067,566
	26,711	ROBLOX Corp., Class A*		1,065,769
	7,036	Take-Two Interactive Software, Inc.*		1,033,799
	7,327	T-Mobile US, Inc.		1,196,499
	17,004	Trade Desk, Inc. (The), Class A*		1,452,652
	29,240	Verizon Communications, Inc.		1,170,185
	12,043	Walt Disney Co. (The)		1,343,758
	122,062	Warner Bros Discovery, Inc.*		1,072,925
				21,454,259
	Consumer Discretionary – 8.5%
	8,065	Airbnb, Inc., Class A*		1,269,996
	6,983	Amazon.com, Inc.*		1,234,315
	417	AutoZone, Inc.*		1,253,510
	15,873	Best Buy Co., Inc.		1,283,808
	318	Booking Holdings, Inc.*		1,103,088
	75,700	Carnival Corp.*		1,200,602
	440	Chipotle Mexican Grill, Inc.*		1,183,059
	8,177	D.R. Horton, Inc.		1,221,971
	7,076	Darden Restaurants, Inc.		1,207,944
	1,411	Deckers Outdoor Corp.*		1,263,677
	2,794	Domino’s Pizza, Inc.		1,252,690
	10,173	DoorDash, Inc., Class A*		1,267,251
	28,278	DraftKings, Inc., Class A*		1,225,003
	27,885	eBay, Inc.		1,318,403
	7,668	Expedia Group, Inc.*		1,049,136
	94,301	Ford Motor Co.		1,173,104
	9,741	Garmin Ltd.		1,337,926
	30,606	General Motors Co.		1,254,234
	8,350	Genuine Parts Co.		1,246,321
	6,021	Hilton Worldwide Holdings, Inc.		1,230,211
	3,270	Home Depot, Inc. (The)		1,244,595
	22,258	Las Vegas Sands Corp.		1,213,506
	7,750	Lennar Corp., Class A		1,228,452
	24,957	LKQ Corp.		1,305,002
	5,360	Lowe’s Cos., Inc.		1,289,991
	4,767	Marriott International, Inc., Class A		1,191,130
	4,125	McDonald’s Corp.		1,205,655
	26,592	MGM Resorts International*		1,150,902
	11,436	NIKE, Inc., Class B		1,188,543
	160	NVR, Inc.*		1,220,091
	1,110	O’Reilly Automotive, Inc.*		1,207,036
	3,138	Pool Corp.		1,249,301
	11,454	PulteGroup, Inc.		1,241,385

Shares	Description	Value
Common Stocks – (continued)
Consumer Discretionary – (continued)
78,041	Rivian Automotive, Inc., Class A*	$	883,424
8,256	Ross Stores, Inc.		1,229,814
9,893	Royal Caribbean Cruises Ltd.*		1,220,302
12,504	Starbucks Corp.		1,186,630
6,340	Tesla, Inc.*		1,279,919
12,099	TJX Cos., Inc. (The)		1,199,495
5,014	Tractor Supply Co.		1,275,160
2,299	Ulta Beauty, Inc.*		1,261,139
9,098	Yum! Brands, Inc.		1,259,345
			51,307,066
Consumer Staples – 6.9%
29,436	Altria Group, Inc.		1,204,227
22,279	Archer-Daniels-Midland Co.		1,183,238
20,805	Brown-Forman Corp., Class B		1,253,085
13,329	Bunge Global SA		1,257,858
11,674	Church & Dwight Co., Inc.		1,168,801
7,570	Clorox Co. (The)		1,160,557
19,737	Coca-Cola Co. (The)		1,184,615
14,101	Colgate-Palmolive Co.		1,220,018
41,821	Conagra Brands, Inc.		1,174,334
4,830	Constellation Brands, Inc., Class A		1,200,352
1,644	Costco Wholesale Corp.		1,222,955
8,752	Dollar General Corp.		1,271,753
8,447	Dollar Tree, Inc.*		1,239,006
8,322	Estee Lauder Cos., Inc. (The), Class A		1,236,483
18,452	General Mills, Inc.		1,184,249
6,085	Hershey Co. (The)		1,143,493
8,932	J M Smucker Co. (The)		1,073,358
21,840	Kellanova		1,204,476
57,383	Kenvue, Inc.		1,090,277
37,748	Keurig Dr Pepper, Inc.		1,129,043
9,691	Kimberly-Clark Corp.		1,174,258
32,246	Kraft Heinz Co. (The)		1,137,639
26,349	Kroger Co. (The)		1,307,174
11,798	Lamb Weston Holdings, Inc.		1,205,874
17,899	McCormick & Co., Inc.		1,232,525
15,762	Mondelez International, Inc., Class A		1,151,729
20,927	Monster Beverage Corp.*		1,236,786
6,894	PepsiCo, Inc.		1,139,854
12,966	Philip Morris International, Inc.		1,166,421
7,425	Procter & Gamble Co. (The)		1,180,129
14,859	Sysco Corp.		1,203,133
8,051	Target Corp.		1,231,159
21,844	Tyson Foods, Inc., Class A		1,184,818
51,391	Walgreens Boots Alliance, Inc.		1,092,573
20,916	Walmart, Inc.		1,225,887
			41,672,137
Energy – 5.3%
38,860	APA Corp.		1,157,639
40,562	Baker Hughes Co.		1,200,230
7,429	Cheniere Energy, Inc.		1,152,981
7,760	Chevron Corp.		1,179,598
10,600	ConocoPhillips		1,192,924

  

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

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

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	Energy – (continued)
	48,709	Coterra Energy, Inc.	$	1,255,718
	28,891	Devon Energy Corp.		1,272,937
	7,832	Diamondback Energy, Inc.		1,429,497
	10,545	EOG Resources, Inc.		1,206,981
	34,699	EQT Corp.		1,289,068
	11,662	Exxon Mobil Corp.		1,218,912
	34,407	Halliburton Co.		1,206,654
	8,160	Hess Corp.		1,189,320
	71,329	Kinder Morgan, Inc.		1,240,411
	52,623	Marathon Oil Corp.		1,276,108
	7,008	Marathon Petroleum Corp.		1,185,964
	20,596	Occidental Petroleum Corp.		1,248,324
	17,420	ONEOK, Inc.		1,308,590
	28,689	Ovintiv, Inc.		1,417,523
	8,148	Phillips 66		1,161,171
	5,224	Pioneer Natural Resources Co.		1,228,633
	25,068	Schlumberger NV		1,211,536
	13,759	Targa Resources Corp.		1,351,684
	807	Texas Pacific Land Corp.		1,271,364
	8,542	Valero Energy Corp.		1,208,351
	34,568	Williams Cos., Inc. (The)		1,242,374
				32,304,492
	Financials – 14.6%
	15,115	Aflac, Inc.		1,220,385
	7,462	Allstate Corp. (The)		1,190,338
	5,706	American Express Co.		1,252,010
	17,093	American International Group, Inc.		1,245,909
	3,037	Ameriprise Financial, Inc.		1,237,152
	3,923	Aon PLC, Class A		1,239,629
	11,287	Apollo Global Management, Inc.		1,261,887
	14,032	Arch Capital Group Ltd.*		1,229,063
	9,198	Ares Management Corp., Class A		1,219,931
	5,043	Arthur J Gallagher & Co.		1,230,139
	35,843	Bank of America Corp.		1,237,300
	21,503	Bank of New York Mellon Corp. (The)		1,206,103
	2,976	Berkshire Hathaway, Inc., Class B*		1,218,374
	1,494	BlackRock, Inc.		1,212,142
	9,457	Blackstone, Inc.		1,208,794
	17,614	Block, Inc.*		1,399,785
	15,019	Brown & Brown, Inc.		1,264,750
	8,921	Capital One Financial Corp.		1,227,619
	6,482	Cboe Global Markets, Inc.		1,244,544
	19,045	Charles Schwab Corp. (The)		1,271,825
	4,815	Chubb Ltd.		1,211,791
	11,173	Cincinnati Financial Corp.		1,273,722
	21,829	Citigroup, Inc.		1,211,291
	37,953	Citizens Financial Group, Inc.		1,191,345
	5,794	CME Group, Inc.		1,276,708
	11,253	Discover Financial Services		1,358,237
	3,077	Everest Group Ltd.		1,135,044
	2,468	FactSet Research Systems, Inc.		1,141,647
	19,308	Fidelity National Information Services, Inc.		1,335,920
	35,864	Fifth Third Bancorp		1,231,570

Shares	Description	Value
Common Stocks – (continued)
Financials – (continued)
813	First Citizens BancShares, Inc., Class A	$	1,279,508
8,287	Fiserv, Inc.*		1,237,001
4,071	FleetCor Technologies, Inc.*		1,136,908
8,645	Global Payments, Inc.		1,121,257
3,082	Goldman Sachs Group, Inc. (The)(a)		1,199,052
13,180	Hartford Financial Services Group, Inc. (The)		1,263,171
96,214	Huntington Bancshares, Inc.		1,254,631
9,291	Intercontinental Exchange, Inc.		1,286,060
7,014	Jack Henry & Associates, Inc.		1,218,823
6,777	JPMorgan Chase & Co.		1,260,929
85,651	KeyCorp		1,222,240
12,495	KKR & Co., Inc.		1,227,759
16,314	Loews Corp.		1,225,671
4,873	LPL Financial Holdings, Inc.		1,305,428
9,123	M&T Bank Corp.		1,274,848
823	Markel Group, Inc.*		1,228,311
6,045	Marsh & McLennan Cos., Inc.		1,222,722
2,573	Mastercard, Inc., Class A		1,221,557
17,696	MetLife, Inc.		1,234,119
2,937	Moody’s Corp.		1,114,357
13,766	Morgan Stanley		1,184,427
2,025	MSCI, Inc.		1,135,964
21,139	Nasdaq, Inc.		1,188,012
15,181	Northern Trust Corp.		1,246,816
18,617	PayPal Holdings, Inc.*		1,123,350
8,006	PNC Financial Services Group, Inc. (The)		1,178,483
15,144	Principal Financial Group, Inc.		1,224,544
6,516	Progressive Corp. (The)		1,235,173
10,908	Prudential Financial, Inc.		1,188,863
10,670	Raymond James Financial, Inc.		1,283,814
66,563	Regions Financial Corp.		1,240,069
2,593	S&P Global, Inc.		1,110,789
16,304	State Street Corp.		1,202,094
30,925	Synchrony Financial		1,277,202
10,867	T. Rowe Price Group, Inc.		1,231,774
5,537	Travelers Cos., Inc. (The)		1,223,455
33,073	Truist Financial Corp.		1,156,894
29,783	US Bancorp		1,249,695
4,255	Visa, Inc., Class A		1,202,633
14,739	W R Berkley Corp.		1,232,180
24,569	Wells Fargo & Co.		1,365,791
4,371	Willis Towers Watson PLC		1,191,578
			88,392,906
Health Care – 12.1%
10,479	Abbott Laboratories		1,243,229
6,781	AbbVie, Inc.		1,193,795
8,827	Agilent Technologies, Inc.		1,212,477
4,098	Align Technology, Inc.*		1,239,317
6,999	Alnylam Pharmaceuticals, Inc.*		1,057,479
3,937	Amgen, Inc.		1,078,069
50,151	Avantor, Inc.*		1,235,721
30,170	Baxter International, Inc.		1,234,556
4,929	Becton Dickinson & Co.		1,161,026
4,894	Biogen, Inc.*		1,061,949

  

28  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)
	13,171	BioMarin Pharmaceutical, Inc.*	$	1,136,394
	17,666	Bio-Techne Corp.		1,299,688
	18,234	Boston Scientific Corp.*		1,207,273
	24,402	Bristol-Myers Squibb Co.		1,238,402
	11,199	Cardinal Health, Inc.		1,254,064
	4,962	Cencora, Inc.		1,169,047
	15,834	Centene Corp.*		1,241,861
	3,579	Cigna Group (The)		1,203,045
	12,612	Cooper Cos., Inc. (The)		1,180,483
	15,723	CVS Health Corp.		1,169,320
	4,772	Danaher Corp.		1,207,984
	9,343	Dexcom, Inc.*		1,075,099
	13,501	Edwards Lifesciences Corp.*		1,145,830
	2,377	Elevance Health, Inc.		1,191,471
	1,636	Eli Lilly & Co.		1,233,020
	18,906	Exact Sciences Corp.*		1,087,662
	14,518	GE HealthCare Technologies, Inc.		1,325,203
	15,794	Gilead Sciences, Inc.		1,138,747
	3,863	HCA Healthcare, Inc.		1,204,097
	16,005	Hologic, Inc.*		1,181,169
	3,198	Humana, Inc.		1,120,323
	2,079	IDEXX Laboratories, Inc.*		1,195,903
	8,236	Illumina, Inc.*		1,151,640
	20,364	Incyte Corp.*		1,188,443
	5,894	Insulet Corp.*		966,616
	3,048	Intuitive Surgical, Inc.*		1,175,309
	5,514	IQVIA Holdings, Inc.*		1,362,840
	7,508	Johnson & Johnson		1,211,641
	5,298	Laboratory Corp. of America Holdings		1,143,467
	2,284	McKesson Corp.		1,190,900
	13,522	Medtronic PLC		1,127,194
	9,298	Merck & Co., Inc.		1,182,241
	978	Mettler-Toledo International, Inc.*		1,219,781
	11,957	Moderna, Inc.*		1,102,914
	3,261	Molina Healthcare, Inc.*		1,284,541
	43,318	Pfizer, Inc.		1,150,526
	9,271	Quest Diagnostics, Inc.		1,157,855
	1,246	Regeneron Pharmaceuticals, Inc.*		1,203,748
	6,248	ResMed, Inc.		1,085,403
	11,433	Revvity, Inc.		1,252,942
	39,987	Royalty Pharma PLC, Class A		1,213,206
	5,231	STERIS PLC		1,218,352
	3,459	Stryker Corp.		1,207,433
	2,133	Thermo Fisher Scientific, Inc.		1,216,194
	2,295	UnitedHealth Group, Inc.		1,132,812
	5,565	Veeva Systems, Inc., Class A*		1,254,963
	2,809	Vertex Pharmaceuticals, Inc.*		1,181,859
	100,879	Viatris, Inc.		1,247,873
	3,617	Waters Corp.*		1,220,448
	2,884	West Pharmaceutical Services, Inc.		1,033,510
	9,280	Zimmer Biomet Holdings, Inc.		1,154,061
	6,010	Zoetis, Inc.		1,191,963
				73,354,378

Shares	Description	Value
Common Stocks – (continued)
Industrials – 15.3%
12,637	3M Co.	$	1,164,120
7,086	AMETEK, Inc.		1,276,755
4,721	Automatic Data Processing, Inc.		1,185,585
4,397	Axon Enterprise, Inc.*		1,351,506
5,590	Boeing Co. (The)*		1,138,795
8,208	Booz Allen Hamilton Holding Corp.		1,212,404
5,980	Broadridge Financial Solutions, Inc.		1,217,408
6,554	Builders FirstSource, Inc.*		1,279,210
3,485	Carlisle Cos., Inc.		1,219,750
22,140	Carrier Global Corp.		1,230,541
3,649	Caterpillar, Inc.		1,218,620
1,899	Cintas Corp.		1,193,730
23,259	Copart, Inc.*		1,236,216
31,968	CSX Corp.		1,212,866
4,752	Cummins, Inc.		1,276,435
3,070	Deere & Co.		1,120,704
29,739	Delta Air Lines, Inc.		1,257,068
7,360	Dover Corp.		1,217,197
4,342	Eaton Corp. PLC		1,254,838
11,352	Emerson Electric Co.		1,212,961
4,858	Equifax, Inc.		1,329,100
9,348	Expeditors International of Washington, Inc.		1,118,021
16,925	Fastenal Co.		1,235,694
4,928	FedEx Corp.		1,226,924
14,300	Fortive Corp.		1,217,359
4,410	General Dynamics Corp.		1,205,032
8,573	General Electric Co.		1,345,018
13,539	Graco, Inc.		1,235,569
6,113	Honeywell International, Inc.		1,214,836
20,004	Howmet Aerospace, Inc.		1,331,266
3,325	Hubbell, Inc.		1,265,728
5,271	IDEX Corp.		1,243,429
4,645	Illinois Tool Works, Inc.		1,217,687
14,030	Ingersoll Rand, Inc.		1,281,360
5,526	J.B. Hunt Transport Services, Inc.		1,140,069
8,288	Jacobs Solutions, Inc.		1,215,435
22,118	Johnson Controls International PLC		1,310,934
5,687	L3Harris Technologies, Inc.		1,203,710
10,513	Leidos Holdings, Inc.		1,344,192
2,704	Lennox International, Inc.		1,274,152
2,762	Lockheed Martin Corp.		1,182,799
16,943	Masco Corp.		1,300,545
4,721	Norfolk Southern Corp.		1,196,207
2,621	Northrop Grumman Corp.		1,208,333
2,699	Old Dominion Freight Line, Inc.		1,194,254
12,938	Otis Worldwide Corp.		1,232,991
11,338	PACCAR, Inc.		1,257,271
2,312	Parker-Hannifin Corp.		1,237,960
9,733	Paychex, Inc.		1,193,460
5,965	Paycom Software, Inc.		1,087,956
5,654	Quanta Services, Inc.		1,365,498
6,797	Republic Services, Inc.		1,247,929
4,472	Rockwell Automation, Inc.		1,274,878
12,840	RTX Corp.		1,151,363

  

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)

February 29, 2024 (Unaudited)

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	Industrials – (continued)
	4,032	Snap-on, Inc.	$	1,111,461
	38,357	Southwest Airlines Co.		1,314,494
	19,571	SS&C Technologies Holdings, Inc.		1,247,847
	13,312	Stanley Black & Decker, Inc.		1,188,628
	13,554	Textron, Inc.		1,207,255
	4,304	Trane Technologies PLC		1,213,599
	1,036	TransDigm Group, Inc.		1,220,139
	17,163	TransUnion		1,332,364
	16,609	Uber Technologies, Inc.*		1,320,416
	4,743	Union Pacific Corp.		1,203,252
	28,863	United Airlines Holdings, Inc.*		1,312,978
	8,054	United Parcel Service, Inc., Class B		1,194,086
	1,813	United Rentals, Inc.		1,256,899
	14,565	Veralto Corp.		1,258,707
	4,731	Verisk Analytics, Inc.		1,144,429
	19,741	Vertiv Holdings Co., Class A		1,334,886
	1,251	W.W. Grainger, Inc.		1,217,798
	6,238	Waste Management, Inc.		1,282,845
	2,942	Watsco, Inc.		1,159,501
	8,712	Westinghouse Air Brake Technologies Corp.		1,230,918
	9,613	Xylem, Inc.		1,221,332
				92,537,502
	Information Technology – 16.3%
	3,218	Accenture PLC, Class A		1,206,042
	1,921	Adobe, Inc.*		1,076,298
	7,000	Advanced Micro Devices, Inc.*		1,347,710
	9,457	Akamai Technologies, Inc.*		1,048,970
	11,400	Amphenol Corp., Class A		1,245,336
	6,261	Analog Devices, Inc.		1,200,985
	3,480	ANSYS, Inc.*		1,162,912
	6,283	Apple, Inc.		1,135,652
	6,953	Applied Materials, Inc.		1,401,864
	4,447	Arista Networks, Inc.*		1,234,220
	5,674	Atlassian Corp., Class A*		1,176,901
	4,591	Autodesk, Inc.*		1,185,258
	956	Broadcom, Inc.		1,243,268
	3,945	Cadence Design Systems, Inc.*		1,200,779
	4,949	CDW Corp.		1,218,493
	23,900	Cisco Systems, Inc.		1,156,043
	14,382	Cloudflare, Inc., Class A*		1,417,202
	15,105	Cognizant Technology Solutions Corp., Class A		1,193,597
	37,508	Corning, Inc.		1,209,258
	3,746	Crowdstrike Holdings, Inc., Class A*		1,214,266
	9,058	Datadog, Inc., Class A*		1,190,765
	14,244	Dell Technologies, Inc., Class C		1,348,337
	10,152	Enphase Energy, Inc.*		1,289,406
	9,966	Entegris, Inc.		1,339,032
	4,134	EPAM Systems, Inc.*		1,258,390
	929	Fair Isaac Corp.*		1,179,746
	8,187	First Solar, Inc.*		1,259,897
	17,385	Fortinet, Inc.*		1,201,477
	2,630	Gartner, Inc.*		1,224,423
	56,753	Gen Digital, Inc.		1,219,622

Shares	Description	Value
Common Stocks – (continued)
Information Technology – (continued)
10,678	GoDaddy, Inc., Class A*	$	1,218,894
78,506	Hewlett Packard Enterprise Co.		1,195,646
42,480	HP, Inc.		1,203,458
1,952	HubSpot, Inc.*		1,207,917
27,814	Intel Corp.		1,197,393
6,450	International Business Machines Corp.		1,193,444
1,842	Intuit, Inc.		1,221,043
9,069	Jabil, Inc.		1,306,752
7,507	Keysight Technologies, Inc.*		1,158,330
1,952	KLA Corp.		1,331,850
1,400	Lam Research Corp.		1,313,550
18,698	Lattice Semiconductor Corp.*		1,432,454
4,817	Manhattan Associates, Inc.*		1,220,291
17,564	Marvell Technology, Inc.		1,258,636
14,319	Microchip Technology, Inc.		1,204,801
14,105	Micron Technology, Inc.		1,278,054
2,882	Microsoft Corp.		1,192,110
2,610	MongoDB, Inc.*		1,168,184
1,836	Monolithic Power Systems, Inc.		1,321,993
3,629	Motorola Solutions, Inc.		1,198,985
13,669	NetApp, Inc.		1,218,181
1,732	NVIDIA Corp.		1,370,220
14,308	Okta, Inc.*		1,535,248
15,485	ON Semiconductor Corp.*		1,222,076
10,161	Oracle Corp.		1,134,780
50,949	Palantir Technologies, Inc., Class A*		1,277,801
3,278	Palo Alto Networks, Inc.*		1,017,983
6,576	PTC, Inc.*		1,203,474
8,229	QUALCOMM, Inc.		1,298,454
2,168	Roper Technologies, Inc.		1,180,975
4,119	Salesforce, Inc.*		1,272,030
13,750	Seagate Technology Holdings PLC		1,279,438
1,505	ServiceNow, Inc.*		1,160,867
11,505	Skyworks Solutions, Inc.		1,207,105
5,447	Snowflake, Inc., Class A*		1,025,561
7,771	Splunk, Inc.*		1,213,986
1,735	Super Micro Computer, Inc.*		1,502,718
2,140	Synopsys, Inc.*		1,227,782
2,742	Teledyne Technologies, Inc.*		1,171,574
12,205	Teradyne, Inc.		1,264,316
7,485	Texas Instruments, Inc.		1,252,465
23,097	Trimble, Inc.*		1,413,305
17,163	Twilio, Inc., Class A*		1,022,743
2,718	Tyler Technologies, Inc.*		1,188,147
5,882	VeriSign, Inc.*		1,148,696
20,512	Western Digital Corp.*		1,219,849
4,043	Workday, Inc., Class A*		1,191,310
4,885	Zebra Technologies Corp., Class A*		1,365,260
18,616	Zoom Video Communications, Inc., Class A*		1,316,710
4,874	Zscaler, Inc.*		1,179,362
			98,692,350
Materials – 5.6%
5,545	Air Products and Chemicals, Inc.		1,297,752

  

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)
	Materials – (continued)
	10,371	Albemarle Corp.	$	1,429,642
	5,872	Avery Dennison Corp.		1,271,464
	20,316	Ball Corp.		1,300,630
	8,014	Celanese Corp.		1,217,888
	15,672	CF Industries Holdings, Inc.		1,265,044
	22,225	Corteva, Inc.		1,189,482
	15,960	CRH PLC		1,345,588
	21,968	Dow, Inc.		1,227,572
	17,855	DuPont de Nemours, Inc.		1,235,388
	5,848	Ecolab, Inc.		1,314,864
	30,379	Freeport-McMoRan, Inc.		1,148,630
	14,454	International Flavors & Fragrances, Inc.		1,091,277
	35,510	International Paper Co.		1,255,634
	2,833	Linde PLC		1,271,507
	12,552	LyondellBasell Industries NV, Class A		1,258,715
	2,260	Martin Marietta Materials, Inc.		1,305,625
	39,390	Mosaic Co. (The)		1,227,392
	35,414	Newmont Corp.		1,106,688
	6,348	Nucor Corp.		1,220,720
	7,207	Packaging Corp. of America		1,305,836
	8,494	PPG Industries, Inc.		1,202,750
	4,003	Reliance, Inc.		1,285,844
	11,201	RPM International, Inc.		1,292,035
	3,813	Sherwin-Williams Co. (The)		1,266,030
	9,520	Steel Dynamics, Inc.		1,273,966
	5,042	Vulcan Materials Co.		1,340,416
				33,948,379
	Real Estate – 6.2%
	10,122	Alexandria Real Estate Equities, Inc. REIT		1,262,517
	6,196	American Tower Corp. REIT		1,232,137
	6,894	AvalonBay Communities, Inc. REIT		1,220,445
	12,527	Camden Property Trust REIT		1,183,551
	14,142	CBRE Group, Inc., Class A*		1,299,508
	13,939	CoStar Group, Inc.*		1,213,111
	11,103	Crown Castle, Inc. REIT		1,220,664
	8,189	Digital Realty Trust, Inc. REIT		1,202,227
	1,410	Equinix, Inc. REIT		1,253,236
	17,812	Equity LifeStyle Properties, Inc. REIT		1,199,104
	20,202	Equity Residential REIT		1,216,362
	5,167	Essex Property Trust, Inc. REIT		1,195,644
	8,243	Extra Space Storage, Inc. REIT		1,162,016
	26,186	Gaming and Leisure Properties, Inc. REIT		1,190,939
	61,362	Host Hotels & Resorts, Inc. REIT		1,272,648
	36,459	Invitation Homes, Inc. REIT		1,242,158
	17,243	Iron Mountain, Inc. REIT		1,355,989
	58,545	Kimco Realty Corp. REIT		1,156,849
	9,538	Mid-America Apartment Communities, Inc. REIT		1,198,736
	9,091	Prologis, Inc. REIT		1,211,558
	4,219	Public Storage REIT		1,197,647
	22,217	Realty Income Corp. REIT		1,157,728

Shares	Description	Value
Common Stocks – (continued)
Real Estate – (continued)
5,474	SBA Communications Corp. REIT	$	1,145,325
8,270	Simon Property Group, Inc. REIT		1,225,118
9,539	Sun Communities, Inc. REIT		1,275,937
33,934	UDR, Inc. REIT		1,204,657
26,305	Ventas, Inc. REIT		1,112,438
39,840	VICI Properties, Inc. REIT		1,192,411
19,535	W.P. Carey, Inc. REIT		1,100,407
13,660	Welltower, Inc. REIT		1,258,906
36,226	Weyerhaeuser Co. REIT		1,245,450
			37,605,423
Utilities – 5.4%
24,862	Alliant Energy Corp.		1,187,160
17,404	Ameren Corp.		1,238,991
15,348	American Electric Power Co., Inc.		1,307,496
9,647	American Water Works Co., Inc.		1,143,555
10,541	Atmos Energy Corp.		1,190,184
43,099	CenterPoint Energy, Inc.		1,185,223
21,038	CMS Energy Corp.		1,206,950
13,277	Consolidated Edison, Inc.		1,157,887
8,945	Constellation Energy Corp.		1,506,785
26,621	Dominion Energy, Inc.		1,273,282
11,265	DTE Energy Co.		1,220,563
12,479	Duke Energy Corp.		1,145,947
18,142	Edison International		1,234,019
12,009	Entergy Corp.		1,219,754
23,954	Evergy, Inc.		1,186,681
22,165	Eversource Energy		1,301,085
34,872	Exelon Corp.		1,249,812
33,165	FirstEnergy Corp.		1,214,171
21,166	NextEra Energy, Inc.		1,168,152
47,160	NiSource, Inc.		1,228,990
72,594	PG&E Corp.		1,211,594
45,989	PPL Corp.		1,212,730
20,138	Public Service Enterprise Group, Inc.		1,256,611
16,978	Sempra		1,198,647
17,635	Southern Co. (The)		1,185,954
15,222	WEC Energy Group, Inc.		1,194,775
20,335	Xcel Energy, Inc.		1,071,451
			32,898,449
TOTAL COMMON STOCKS (Cost $519,703,913)			604,167,341

  

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)

February 29, 2024 (Unaudited)

 

 

	Shares	Dividend Rate	Value
	Investment Company – 0.1%(a)
	Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares
	567,018	5.195%	$	567,018
	(Cost $567,018)
	TOTAL INVESTMENTS – 99.9% (Cost $520,270,931)		$	604,734,359
	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1%			864,013
	NET ASSETS – 100.0%		$	605,598,372

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.

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

  

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

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

 

	Shares	Description	Value
	Common Stocks – 99.9%
	Communication Services – 5.9%
	23,059	Alphabet, Inc., Class A*	$	3,192,749
	32,274	GCI Liberty, Inc., Class A*(a)		—
	7,110	Meta Platforms, Inc., Class A		3,484,824
	5,809	Netflix, Inc.*		3,502,362
				10,179,935
	Consumer Discretionary – 11.8%
	45,854	Alibaba Group Holding Ltd. ADR (China)		3,394,572
	19,682	Amazon.com, Inc.*		3,478,990
	78,755	Caesars Entertainment, Inc.*		3,423,480
	71,086	Capri Holdings Ltd.*		3,279,197
	1,927	MercadoLibre, Inc. (Brazil)*		3,074,143
	66,322	Tempur Sealy International, Inc.		3,612,559
				20,262,941
	Consumer Staples – 1.9%
	158,661	Albertsons Cos., Inc., Class A		3,217,645
	Energy – 8.0%
	21,629	Cheniere Energy, Inc.		3,356,821
	238,498	Energy Transfer LP		3,491,611
	23,577	Hess Corp.		3,436,348
	14,933	Pioneer Natural Resources Co.		3,512,092
				13,796,872
	Financials – 20.0%
	29,894	Apollo Global Management, Inc.		3,342,149
	8,441	Berkshire Hathaway, Inc., Class B*		3,455,745
	62,342	Citigroup, Inc.		3,459,358
	2,254	First Citizens BancShares, Inc., Class A		3,547,368
	23,211	Fiserv, Inc.*		3,464,706
	35,072	KKR & Co., Inc.		3,446,175
	7,234	Mastercard, Inc., Class A		3,434,414
	17,905	Progressive Corp. (The)		3,394,072
	7,989	S&P Global, Inc.		3,422,328
	12,124	Visa, Inc., Class A		3,426,727
				34,393,042
	Health Care – 10.0%
	51,027	Boston Scientific Corp.*		3,378,498
	13,570	Danaher Corp.		3,435,110
	4,444	Eli Lilly & Co.		3,349,354
	10,488	Karuna Therapeutics, Inc.*		3,292,917
	38,267	Tenet Healthcare Corp.*		3,558,831
				17,014,710
	Industrials – 18.1%
	43,670	AerCap Holdings NV (Ireland)*		3,370,451
	96,286	API Group Corp.*		3,374,824
	18,022	Builders FirstSource, Inc.*		3,517,534
	22,971	General Electric Co.		3,603,920
	2,934	TransDigm Group, Inc.		3,455,489
	42,517	Uber Technologies, Inc.*		3,380,102
	13,455	Union Pacific Corp.		3,413,399
	51,796	Vertiv Holdings Co., Class A		3,502,446

Shares	Description	Value
Common Stocks – (continued)
Industrials – (continued)
67,156	WillScot Mobile Mini Holdings Corp.*	$	3,206,699
			30,824,864
Information Technology – 22.0%
18,832	Advanced Micro Devices, Inc.*		3,625,725
70,372	Alteryx, Inc., Class A*		3,380,671
18,274	Apple, Inc.		3,303,025
2,666	Broadcom, Inc.		3,467,106
8,218	Microsoft Corp.		3,399,294
4,554	NVIDIA Corp.		3,602,760
11,638	Salesforce, Inc.*		3,594,047
4,249	ServiceNow, Inc.*		3,277,424
21,781	Splunk, Inc.*		3,402,628
26,032	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)		3,349,537
11,134	Workday, Inc., Class A*		3,280,744
			37,682,961
Materials – 2.2%
45,019	CRH PLC		3,795,552
TOTAL COMMON STOCKS (Cost $143,119,968)			171,168,522
Shares	Dividend Rate	Value
Investment Company – 0.1%(b)
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares
118,097	5.195%		118,097
(Cost $118,097)
TOTAL INVESTMENTS – 100.0% (Cost $143,238,065)		$	171,286,619
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0%			9,378
NET ASSETS – 100.0%		$	171,295,997

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)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(b)	Represents an affiliated issuer.

Investment Abbreviations:
ADR	—American Depositary Receipt
LP	—Limited Partnership
PLC	—Public Limited Company

  

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

GOLDMAN SACHS INNOVATE EQUITY ETF

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

 

	Shares	Description	Value
	Common Stocks – 99.8%
	Communication Services – 11.4%
	3,192	AfreecaTV Co. Ltd. (South Korea)	$	307,790
	47,376	Alphabet, Inc., Class A*		6,559,681
	16,666	Baidu, Inc. ADR (China)*		1,688,766
	43,033	Bilibili, Inc. ADR (China)*(a)		416,559
	21,705	Bumble, Inc., Class A*		248,522
	37,678	Comcast Corp., Class A		1,614,502
	5,468	CTS Eventim AG & Co. KGaA (Germany)		430,180
	7,105	Electronic Arts, Inc.		991,005
	21,380	Endeavor Group Holdings, Inc., Class A		514,189
	36,937	Gree, Inc. (Japan)		122,654
	46,022	Hello Group, Inc. ADR (China)		303,285
	5,192	IDT Corp., Class B*		193,194
	7,002	Infocom Corp. (Japan)		107,226
	105,540	iQIYI, Inc. ADR (China)*		389,443
	6,034	Iridium Communications, Inc.		174,684
	11,045	JOYY, Inc. ADR (China)		347,918
	147,753	Kuaishou Technology (China)*(b)		839,849
	5,732	Liberty Media Corp.-Liberty Formula One, Class A*		375,733
	23,907	Liberty Media Corp.-Liberty SiriusXM, Class A*		696,650
	8,036	Live Nation Entertainment, Inc.*		779,331
	7,062	Madison Square Garden Entertainment Corp.*		271,816
	1,646	Madison Square Garden Sports Corp.*		309,761
	13,171	Match Group, Inc.*		474,683
	12,137	Meta Platforms, Inc., Class A		5,948,708
	12,960	MIXI, Inc. (Japan)		213,792
	12,747	NetEase, Inc. ADR (China)		1,375,656
	2,109	Netflix, Inc.*		1,271,558
	12,055	Pinterest, Inc., Class A*		442,419
	31,066	Playtika Holding Corp.*		230,199
	73,135	Rightmove PLC (United Kingdom)		524,174
	5,543	Scout24 SE (Germany)(b)		403,090
	39,124	Sea Ltd. ADR (Singapore)*		1,898,297
	36,434	Snap, Inc., Class A*		401,503
	6,491	Sphere Entertainment Co.*		281,060
	3,861	Spotify Technology SA*		989,999
	3,332	Take-Two Interactive Software, Inc.*		489,571
	33,945	TELUS Corp. (Canada)		592,383
	55,965	Tencent Holdings Ltd. (China)		1,981,593
	65,831	Tencent Music Entertainment Group ADR (China)*		689,251
	6,958	TKO Group Holdings, Inc.		582,593
	15,385	Ubisoft Entertainment SA (France)*		352,956
	29,706	Vivid Seats, Inc., Class A*		178,830
	17,383	Walt Disney Co. (The)		1,939,595
	58,897	Warner Bros Discovery, Inc.*		517,705
	35,936	Weibo Corp. ADR (China)		327,736
	32,185	Yalla Group Ltd. ADR (United Arab Emirates)*		164,787

Shares	Description	Value
Common Stocks – (continued)
Communication Services – (continued)
4,779	Ziff Davis, Inc.*	$	328,604
			40,283,480
Consumer Discretionary – 15.2%
6,323	Academy Sports & Outdoors, Inc.		472,455
3,210	adidas AG (Germany)		649,999
5,939	Airbnb, Inc., Class A*		935,214
44,794	Alibaba Group Holding Ltd. ADR (China)		3,316,100
39,260	Amazon.com, Inc.*		6,939,598
66,766	ANTA Sports Products Ltd. (China)		654,544
11,690	Aptiv PLC*		929,238
21,705	Atour Lifestyle Holdings Ltd. ADR (China)		420,643
30,388	Bandai Namco Holdings, Inc. (Japan)		587,375
13,237	Caesars Entertainment, Inc.*		575,412
7,660	Carvana Co.*		581,624
26,926	Chegg, Inc.*		240,718
17,847	Chewy, Inc., Class A*		314,821
3,678	Columbia Sportswear Co.		304,134
8,384	Continental AG (Germany)		672,109
14,121	Coursera, Inc.*		226,924
3,691	Dick’s Sporting Goods, Inc.		656,592
2,305	Duolingo, Inc.*		550,895
80,845	East Buy Holding Ltd. (China)*(a)(b)		249,904
15,715	eBay, Inc.		743,005
6,405	Etsy, Inc.*		459,174
24,391	Everi Holdings, Inc.*		289,277
10,517	Foot Locker, Inc.		362,100
101,119	Ford Motor Co.		1,257,920
31,290	GameStop Corp., Class A*(a)		446,508
30,402	General Motors Co.		1,245,874
539	Graham Holdings Co., Class B		378,556
83,125	Honda Motor Co. Ltd. (Japan)		989,702
6,161	Hyundai Motor Co. (South Korea)		1,159,005
340,838	JD Sports Fashion PLC (United Kingdom)		508,318
33,044	JD.com, Inc. ADR (China)		747,455
16,898	Just Eat Takeaway.com NV (United Kingdom)*(b)		278,316
10,973	Kia Corp. (South Korea)*		1,025,938
11,099	Las Vegas Sands Corp.		605,117
25,404	Li Auto, Inc. ADR (China)*		1,165,536
174,502	Li Ning Co. Ltd. (China)		435,096
182,021	Lucid Group, Inc.*(a)		600,669
1,935	Lululemon Athletica, Inc.*		903,819
1,374	MercadoLibre, Inc. (Brazil)*		2,191,942
8,839	MGM Resorts International*		382,552
8,076	New Oriental Education & Technology Group, Inc. ADR (China)*		755,348
505,346	Nexteer Automotive Group Ltd. (China)		233,670
12,653	NIKE, Inc., Class B		1,315,026

  

34  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)
	117,761	NIO, Inc. ADR (China)*(a)	$	677,126
	136,022	Nissan Motor Co. Ltd. (Japan)		535,109
	9,739	PDD Holdings, Inc. ADR (China)*		1,212,895
	28,102	Pearson PLC (United Kingdom)		341,471
	69,788	Peloton Interactive, Inc., Class A*		315,442
	11,195	Penn Entertainment, Inc.*		204,869
	4,354	Planet Fitness, Inc., Class A*		270,166
	19,740	Playtech PLC (United Kingdom)*		110,718
	130,203	Polestar Automotive Holding UK PLC, Class A, ADR (Hong Kong)*(a)		270,822
	26,661	Prosus NV (China)*		778,694
	237,285	Rakuten Group, Inc. (Japan)*		1,300,018
	49,176	Rivian Automotive, Inc., Class A*		556,672
	47,519	Sabre Corp.*		125,925
	46,457	Sharp Corp. (Japan)*(a)		253,128
	5,865	Stride, Inc.*		350,434
	34,016	TAL Education Group ADR (China)*		501,056
	16,510	Tesla, Inc.*		3,333,039
	95,007	Toyota Motor Corp. (Japan)		2,298,526
	17,587	Udemy, Inc.*		198,733
	1,070	Vitesco Technologies Group AG (Germany)*		86,264
	5,935	Wayfair, Inc., Class A*		353,726
	73,074	XPeng, Inc. ADR (China)*(a)		689,088
	56,773	Yamaha Motor Co. Ltd. (Japan)		508,101
	17,466	Zalando SE (Germany)*(b)		368,944
				53,399,188
	Consumer Staples – 0.8%
	1,343,415	Alibaba Health Information Technology Ltd. (China)*		590,301
	36,698	Walmart, Inc.		2,150,870
				2,741,171
	Energy – 0.9%
	571,946	China Suntien Green Energy Corp. Ltd., Class H (China)		217,709
	25,537	Enbridge, Inc. (Canada)		878,314
	5,923	HD Hyundai Co. Ltd. (South Korea)		314,476
	22,071	Oceaneering International, Inc.*		436,123
	22,767	TotalEnergies SE (France)		1,453,355
				3,299,977
	Financials – 14.3%
	26,806	3i Group PLC (United Kingdom)		836,856
	597	Adyen NV (Netherlands)*(b)		943,224
	12,174	Affirm Holdings, Inc.*		456,768
	26,212	Allfunds Group PLC (United Kingdom)		186,077
	2,341	Ameriprise Financial, Inc.		953,630
	11,530	Apollo Global Management, Inc.		1,289,054
	27,058	AvidXchange Holdings, Inc.*		359,601

Shares	Description	Value
Common Stocks – (continued)
Financials – (continued)
53,746	BGC Group, Inc., Class A	$	373,535
2,011	BlackRock, Inc.		1,631,605
10,539	Blackstone, Inc.		1,347,095
25,385	Block, Inc.*		2,017,346
20,582	Brookfield Corp. (Canada)		849,419
15,157	Carlyle Group, Inc. (The)		694,948
16,188	Charles Schwab Corp. (The)		1,081,035
24,298	CI Financial Corp. (Canada)		303,109
7,574	Coinbase Global, Inc., Class A*		1,541,763
26,112	Corebridge Financial, Inc.		648,361
6,926	Discover Financial Services		835,968
26,347	Dlocal Ltd. (Uruguay)*		438,941
10,663	DWS Group GmbH & Co. KGaA (Germany)(b)		437,327
4,137	Eurazeo SE (France)		349,642
4,608	Euronet Worldwide, Inc.*		504,299
2,894	Evercore, Inc., Class A		541,410
10,210	Fidelity National Information Services, Inc.		706,430
2,357	FleetCor Technologies, Inc.*		658,239
6,591	Global Payments, Inc.		854,853
4,698	GMO Payment Gateway, Inc. (Japan)		316,559
4,410	Goldman Sachs Group, Inc. (The)(c)		1,715,710
3,112	Hamilton Lane, Inc., Class A		357,413
30,652	Hargreaves Lansdown PLC (United Kingdom)		282,425
7,398	Interactive Brokers Group, Inc., Class A		804,311
23,834	Invesco Ltd.		367,282
3,314	Jack Henry & Associates, Inc.		575,874
2,627	Kaspi.KZ JSC ADR (Kazakhstan)		271,106
14,951	KKR & Co., Inc.		1,469,085
9,507	Lazard, Inc.		366,400
6,363	London Stock Exchange Group PLC (United Kingdom)		714,419
51,881	Marqeta, Inc., Class A*		338,783
5,241	Mastercard, Inc., Class A		2,488,217
51,352	Mirae Asset Securities Co. Ltd. (South Korea)*		347,849
12,999	Morgan Stanley		1,118,434
1,922	Morningstar, Inc.		573,890
1,385	MSCI, Inc.		776,943
8,362	Northern Trust Corp.		686,771
113,352	NU Holdings Ltd., Class A (Brazil)*		1,255,940
14,316	Nuvei Corp. (Canada)(b)		379,234
27,173	Pagseguro Digital Ltd., Class A (Brazil)*		378,248
52,914	Payoneer Global, Inc.*		257,162
21,527	PayPal Holdings, Inc.*		1,298,939
29,034	Paysafe Ltd.*		418,090
2,406	PJT Partners, Inc., Class A		253,592
13,458	Plus500 Ltd. (Israel)		289,403
31,769	Repay Holdings Corp.*		276,073

  

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

GOLDMAN SACHS INNOVATE EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	Financials – (continued)
	36,643	Robinhood Markets, Inc., Class A*	$	597,647
	2,167	S&P Global, Inc.		928,299
	13,531	SBI Holdings, Inc. (Japan)		363,882
	5,535	Shift4 Payments, Inc., Class A*		455,088
	76,977	SoFi Technologies, Inc.*(a)		691,253
	7,627	State Street Corp.		562,339
	5,077	Stifel Financial Corp.		385,141
	26,222	StoneCo Ltd., Class A (Brazil)*		451,281
	3,452	StoneX Group, Inc.*		239,086
	20,776	Toast, Inc., Class A*		477,848
	43,068	TP ICAP Group PLC (United Kingdom)		97,517
	7,523	TPG, Inc.		333,645
	4,958	Tradeweb Markets, Inc., Class A		524,656
	46,868	UBS Group AG (Switzerland)		1,341,823
	6,686	Upstart Holdings, Inc.*(a)		172,165
	12,051	Virtu Financial, Inc., Class A		217,521
	936	Virtus Investment Partners, Inc.		217,452
	8,631	Visa, Inc., Class A		2,439,466
	19,153	WealthNavi, Inc. (Japan)*		284,985
	49,301	WisdomTree, Inc.		397,366
				50,397,147
	Health Care – 21.5%
	11,231	10X Genomics, Inc., Class A*		523,814
	490,053	3SBio, Inc. (China)(b)		323,622
	19,749	Abbott Laboratories		2,343,021
	14,207	AbbVie, Inc.		2,501,142
	43,104	AdaptHealth Corp.*		440,954
	77,319	Adaptive Biotechnologies Corp.*		317,781
	6,675	Agilent Technologies, Inc.		916,878
	55,545	Allogene Therapeutics, Inc.*		272,726
	14,033	ALX Oncology Holdings, Inc.*		205,864
	5,364	Amgen, Inc.		1,468,824
	13,829	AstraZeneca PLC (United Kingdom)		1,746,327
	19,932	Baxter International, Inc.		815,617
	12,577	Beam Therapeutics, Inc.*		496,666
	5,911	BioNTech SE ADR (Germany)*		525,843
	12,141	Bio-Techne Corp.		893,213
	16,175	Boston Scientific Corp.*		1,070,947
	31,323	Bristol-Myers Squibb Co.		1,589,642
	26,940	Chugai Pharmaceutical Co. Ltd. (Japan)		1,079,976
	3,911	CompuGroup Medical SE & Co. KgaA (Germany)		124,260
	10,083	CRISPR Therapeutics AG (Switzerland)*		849,190
	64,242	CureVac NV (Germany)*		219,708
	4,599	Danaher Corp.		1,164,191
	9,991	Dexcom, Inc.*		1,149,664
	38,230	Editas Medicine, Inc.*		384,594
	12,126	Edwards Lifesciences Corp.*		1,029,134
	4,766	Eli Lilly & Co.		3,592,039
	12,539	Exact Sciences Corp.*		721,369
	22,672	Exelixis, Inc.*		496,517
	39,893	Exscientia PLC ADR (United Kingdom)*(a)		265,288

Shares	Description	Value
Common Stocks – (continued)
Health Care – (continued)
12,158	Fulgent Genetics, Inc.*	$	274,284
21,775	Fusion Pharmaceuticals, Inc. (Canada)*		260,429
6,176	Galapagos NV (Belgium)*		219,816
14,909	GE HealthCare Technologies, Inc.		1,360,894
11,419	Gilead Sciences, Inc.		823,310
9,027	Globus Medical, Inc., Class A*		487,368
22,861	Guardant Health, Inc.*		434,359
148,464	HUTCHMED China Ltd. (China)*		458,925
86,185	Hygeia Healthcare Holdings Co. Ltd. (China)(b)		324,207
11,944	Ideaya Biosciences, Inc.*		533,897
6,569	Illumina, Inc.*		918,543
21,865	Immatics NV (Germany)*		273,531
4,738	Immunocore Holdings PLC ADR (United Kingdom)*		318,488
3,979	Insulet Corp.*		652,556
19,337	Intellia Therapeutics, Inc.*		621,104
4,514	Intuitive Surgical, Inc.*		1,740,598
3,172	iRhythm Technologies, Inc.*		376,358
10,643	i-SENS, Inc. (South Korea)		183,431
16,641	Johnson & Johnson		2,685,525
71,620	Keymed Biosciences, Inc. (China)*(b)		313,328
37,960	Koninklijke Philips NV (Netherlands)		760,033
4,169	Laboratory Corp. of America Holdings		899,795
36,504	M3, Inc. (Japan)		523,524
68,665	MannKind Corp.*		282,213
46,827	Maravai LifeSciences Holdings, Inc., Class A*		361,973
4,854	Masimo Corp.*		623,933
21,402	Medtronic PLC		1,784,071
16,902	Merck & Co., Inc.		2,149,089
8,424	Mezzion Pharma Co. Ltd. (South Korea)*		255,896
10,887	Moderna, Inc.*		1,004,217
20,872	Myriad Genetics, Inc.*		436,851
6,510	Natera, Inc.*		563,050
24,056	Novo Nordisk A/S ADR (Denmark)		2,881,187
33,311	Ono Pharmaceutical Co. Ltd. (Japan)		553,737
17,938	ORIC Pharmaceuticals, Inc.*		228,530
35,334	Pacific Biosciences of California, Inc.*		195,397
18,188	Pediatrix Medical Group, Inc.*		166,420
63,804	Pfizer, Inc.		1,694,634
10,231	PHC Holdings Corp. (Japan)		83,259
8,477	PROCEPT BioRobotics Corp.*		409,778
13,176	QIAGEN NV*		563,801
1,504	Regeneron Pharmaceuticals, Inc.*		1,452,999
13,794	REGENXBIO, Inc.*		240,567
31,390	ResMed, Inc. CDI		544,920

  

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

GOLDMAN SACHS INNOVATE EQUITY ETF

 

 

 

 

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	Health Care – (continued)
	4,668	Revvity, Inc.	$	511,566
	8,493	Roche Holding AG		2,237,183
	16,571	Rocket Pharmaceuticals, Inc.*		485,530
	62,316	Sana Biotechnology, Inc.*		625,653
	15,357	Sanofi SA		1,460,607
	5,571	Sarepta Therapeutics, Inc.*		712,531
	159	Scilex Holding Co. (Singapore)*		361
	23,159	Scilex Holding Co. (Singapore)*(d)		49,364
	144,424	Shanghai MicroPort MedBot Group Co. Ltd. (China)*(a)		267,862
	24,885	Siemens Healthineers AG (Germany)(b)		1,494,577
	35,630	Smith & Nephew PLC (United Kingdom)		468,955
	4,693	Stryker Corp.		1,638,186
	14,327	Takara Bio, Inc. (Japan)		97,256
	16,399	Tandem Diabetes Care, Inc.*		436,705
	18,777	Teladoc Health, Inc.*		283,157
	2,961	Thermo Fisher Scientific, Inc.		1,688,303
	7,595	Tyra Biosciences, Inc.*(a)		151,824
	1,624	UFP Technologies, Inc.*		338,295
	17,241	Veracyte, Inc.*		406,026
	17,557	Verona Pharma PLC ADR (United Kingdom)*		302,332
	4,238	Vertex Pharmaceuticals, Inc.*		1,783,096
	19,469	Verve Therapeutics, Inc.*		331,946
	127,332	Well Health Technologies Corp. (Canada)*		383,963
				75,604,914
	Industrials – 7.7%
	57,230	3D Systems Corp.*		236,932
	35,223	ABB Ltd. (Switzerland)		1,628,846
	4,469	AeroVironment, Inc.*		566,624
	4,205	Alfen NV (Netherlands)*(a)(b)		226,475
	2,891	ASGN, Inc.*		287,134
	3,214	Booz Allen Hamilton Holding Corp.		474,740
	1,200	CACI International, Inc., Class A*		449,820
	10,835	Cadeler A/S ADR (Hong Kong)*		186,362
	120,368	ChargePoint Holdings, Inc.*(a)		249,162
	9,025	CS Wind Corp. (South Korea)		350,400
	6,862	Daihen Corp. (Japan)		361,279
	59,215	Doosan Enerbility Co. Ltd. (South Korea)*		722,178
	11,018	ExlService Holdings, Inc.*		342,880
	37,243	FANUC Corp. (Japan)		1,087,903
	12,477	General Electric Co.		1,957,517
	339,001	Goldwind Science & Technology Co. Ltd. (China)		129,039
	315,376	Grab Holdings Ltd., Class A (Singapore)*		968,204
	4,957	Kaman Corp.		227,080
	16,345	Kawasaki Heavy Industries Ltd. (Japan)		451,352
	13,361	Korea Aerospace Industries Ltd. (South Korea)*		514,734

Shares	Description	Value
Common Stocks – (continued)
Industrials – (continued)
4,448	Leidos Holdings, Inc.	$	568,721
2,911	LG Energy Solution Ltd. (South Korea)*		877,716
5,563	LIG Nex1 Co. Ltd. (South Korea)		598,244
9,783	Liquidity Services, Inc.*		175,409
2,066	Lockheed Martin Corp.		884,744
27,145	Lyft, Inc., Class A*		431,063
12,125	MEITEC Group Holdings, Inc. (Japan)		245,141
47,212	Mitsubishi Electric Corp. (Japan)		751,222
3,984	Moog, Inc., Class A		597,401
13,144	Nabtesco Corp. (Japan)		218,145
25,035	NIDEC Corp. (Japan)		950,249
376,245	Nikola Corp.*		280,001
43,824	Nordex SE (Germany)*		499,139
4,657	Parsons Corp.*		375,401
7,851	Proto Labs, Inc.*		286,012
3,489	Rainbow Robotics (South Korea)*		422,893
6,668	RB Global, Inc. (Canada)		506,168
7,393	Shibaura Machine Co. Ltd. (Japan)		181,281
52,776	Siemens Energy AG (Germany)*		811,270
9,964	SS&C Technologies Holdings, Inc.		635,305
26,042	Stratasys Ltd.*		321,619
56,733	SunPower Corp.*(a)		176,440
19,713	Sunrun, Inc.*		237,344
7,374	Symbotic, Inc.*		290,536
15,496	TELUS International CDA, Inc. (Philippines)*		159,454
7,152	Textron, Inc.		637,029
3,830	Thales SA (France)		568,022
7,944	TTEC Holdings, Inc.		138,623
17,731	Uber Technologies, Inc.*		1,409,614
3,123	Verisk Analytics, Inc.		755,454
10,178	Xometry, Inc., Class A*		199,082
16,621	Yaskawa Electric Corp. (Japan)(a)		679,521
			27,286,924
Information Technology – 26.3%
15,234	ACI Worldwide, Inc.*		501,351
2,424	Adobe, Inc.*		1,358,119
16,348	Advanced Micro Devices, Inc.*		3,147,480
2,996	Ahnlab, Inc. (South Korea)		160,870
4,434	Akamai Technologies, Inc.*		491,819
5,229	Alarm.com Holdings, Inc.*		395,783
12,740	Alkami Technology, Inc.*		317,863
4,702	Altair Engineering, Inc., Class A*		400,046
5,121	Alteryx, Inc., Class A*		246,013
12,600	Ambarella, Inc.*		703,710
5,923	Amphenol Corp., Class A		647,028
36,294	Apple, Inc.		6,560,140
3,203	Arista Networks, Inc.*		888,961
143,867	Aurora Innovation, Inc.*		365,422
3,609	Autodesk, Inc.*		931,735
4,594	Belden, Inc.		391,317

  

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

GOLDMAN SACHS INNOVATE EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	Information Technology – (continued)
	30,725	BigCommerce Holdings, Inc., Series 1*	$	238,119
	116,249	BlackBerry Ltd. (Canada)*		323,172
	1,803	Broadcom, Inc.		2,344,783
	14,762	C3.ai, Inc., Class A*(a)		545,751
	12,085	Canadian Solar, Inc. (Canada)*		254,873
	2,531	Check Point Software Technologies Ltd. (Israel)*		406,023
	5,760	Ciena Corp.*		328,205
	75,744	Cipher Mining, Inc.*		224,202
	31,340	Cisco Systems, Inc.		1,515,916
	37,645	Cleanspark, Inc.*		629,424
	6,391	Cloudflare, Inc., Class A*		629,769
	14,025	Cognex Corp.		553,286
	7,568	Coherent Corp.*		450,145
	25,855	Converge Technology Solutions Corp. (Canada)		96,836
	15,433	Corning, Inc.		497,560
	3,343	Crowdstrike Holdings, Inc., Class A*		1,083,633
	2,111	CyberArk Software Ltd.*		556,797
	80,425	Darktrace PLC (United Kingdom)*		363,087
	22,331	Dassault Systemes (France)		1,043,587
	9,047	Digi International, Inc.*		267,429
	13,444	Digital Garage, Inc. (Japan)		312,139
	6,525	DocuSign, Inc.*		347,587
	23,469	Extreme Networks, Inc.*		296,648
	2,241	F5, Inc.*		419,560
	557	Fair Isaac Corp.*		707,340
	3,797	First Solar, Inc.*		584,320
	15,153	Fortinet, Inc.*		1,047,224
	24,813	Gen Digital, Inc.		533,231
	1,529	Globant SA*		341,227
	45,837	Hewlett Packard Enterprise Co.		698,097
	22,946	HP, Inc.		650,060
	752	HubSpot, Inc.*		465,345
	29,066	Hut 8 Corp. (Canada)*(a)		247,297
	46,782	indie Semiconductor, Inc., Class A (China)*		289,581
	27,059	Infineon Technologies AG (Germany)		969,085
	41,985	Infinera Corp.*		210,765
	13,795	Instructure Holdings, Inc.*		316,181
	65,500	Intel Corp.		2,819,775
	3,400	InterDigital, Inc.		363,868
	6,226	International Business Machines Corp.		1,151,997
	14,290	Juniper Networks, Inc.		529,159
	10,558	Kainos Group PLC (United Kingdom)		147,310
	2,885	Keyence Corp. (Japan)		1,350,073
	4,749	Keysight Technologies, Inc.*		732,771
	8,003	Kontron AG (Austria)		184,641
	25,019	Marathon Digital Holdings, Inc.*		647,992
	12,981	Marvell Technology, Inc.		930,218
	11,184	MaxLinear, Inc.*		217,417
	16,403	Microsoft Corp.		6,784,937

Shares	Description	Value
Common Stocks – (continued)
Information Technology – (continued)
818	MicroStrategy, Inc., Class A*	$	836,683
93,562	Nano Dimension Ltd. ADR (Israel)*(a)		266,652
9,754	nCino, Inc.*		291,059
21,811	NCR Voyix Corp.*		318,659
5,130	Nemetschek SE (Germany)		489,525
11,240	NetScout Systems, Inc.*		243,346
2,210	Nice Ltd. ADR (Israel)*		541,781
188,302	Nokia OYJ ADR (Finland)		664,706
6,050	Northern Data AG (Germany)*(a)		202,630
2,966	Novanta, Inc.*		512,940
10,197	NVIDIA Corp.		8,067,051
3,000	NXP Semiconductors NV (China)		749,190
6,837	Okta, Inc.*		733,610
9,222	Open Text Corp. (Canada)		354,955
8,907	Oracle Corp.		994,734
2,249	OSI Systems, Inc.*		295,024
3,305	Palo Alto Networks, Inc.*		1,026,368
3,179	PTC, Inc.*		581,789
9,659	Q2 Holdings, Inc.*		446,536
3,076	Qorvo, Inc.*		352,356
10,251	QUALCOMM, Inc.		1,617,505
5,260	Rapid7, Inc.*		308,131
30,193	Ribbon Communications, Inc.*		90,277
8,490	RingCentral, Inc., Class A*		283,736
34,757	Riot Platforms, Inc.*		490,769
4,895	Salesforce, Inc.*		1,511,674
25,629	Seiko Epson Corp. (Japan)		414,564
14,124	Semtech Corp.*		299,429
18,225	SentinelOne, Inc., Class A*		513,398
1,257	ServiceNow, Inc.*		969,574
12,010	Shopify, Inc., Class A (Canada)*		917,204
1,818	Silicon Laboratories, Inc.*		250,048
3,627	Skyworks Solutions, Inc.		380,545
5,001	Snowflake, Inc., Class A*		941,588
92,017	Spirent Communications PLC (United Kingdom)		121,635
4,249	Splunk, Inc.*		663,779
5,165	Sprout Social, Inc., Class A*		319,300
14,608	STMicroelectronics NV (Singapore)		659,591
892	Super Micro Computer, Inc.*		772,579
2,409	Synaptics, Inc.*		241,141
17,461	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)		2,246,707
3,869	TD SYNNEX Corp.		401,989
7,813	Tenable Holdings, Inc.*		376,274
14,719	Teradyne, Inc.		1,524,741
29,255	TomTom NV (Netherlands)*		235,063
27,617	UiPath, Inc., Class A*		655,904
3,074	Zebra Technologies Corp., Class A*		859,121
29,284	Zeta Global Holdings Corp., Class A*		307,482
3,102	Zscaler, Inc.*		750,591
			91,250,032

  

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

GOLDMAN SACHS INNOVATE EQUITY ETF

 

 

 

 

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	Real Estate – 0.7%
	4,195	American Tower Corp. REIT	$	834,218
	5,304	Digital Realty Trust, Inc. REIT		778,680
	1,090	Equinix, Inc. REIT		968,814
				2,581,712
	Utilities – 1.0%
	13,579	Atlantica Sustainable Infrastructure PLC (Spain)		243,879
	21,559	Avangrid, Inc.		671,132
	12,585	Boralex, Inc., Class A (Canada)		276,780
	18,100	Brookfield Renewable Corp., Class A(a)		429,332
	13,470	Brookfield Renewable Partners LP (Canada)		302,302
	1,143,553	Concord New Energy Group Ltd. (Hong Kong)		94,945
	41,172	Innergex Renewable Energy, Inc. (Canada)		256,500
	16,054	NextEra Energy, Inc.		886,020
	40,812	ReNew Energy Global PLC, Class A (India)*		265,278
				3,426,168
	TOTAL COMMON STOCKS (Cost $302,454,001)			350,270,713
	Exchange-Traded Funds – 0.2%
	209,493	Greencoat UK Wind PLC/Funds		361,193
	181,242	Renewables Infrastructure Group Ltd. (The)		234,306
	TOTAL EXCHANGE-TRADED FUNDS (Cost $636,841)			595,499

	Units	Description	Expiration Month	Value
	Right – 0.0%
	Health Care – 0.0%
	9,282	AstraZeneca PLC*(e)
	(Cost $0)		12/28		28,403
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $303,090,842)				350,894,615

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 1.9%(c)
Goldman Sachs Financial Square Government Fund - Institutional Shares
6,720,917	5.219%	$	6,720,917
(Cost $6,720,917)
TOTAL INVESTMENTS – 101.9% (Cost $309,811,759)		$	357,615,532
LIABILITIES IN EXCESS OF OTHER ASSETS – (1.9)%			(6,681,804	)
NET ASSETS – 100.0%		$	350,933,728

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.
(d)	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 $49,364, which represents approximately 0.0% of net assets as of February 29, 2024. See additional details below:

	Date(s) of
Security	Purchase		Cost
Scilex Holding Co.		01/09/23	$116,953

(e) Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

Investment Abbreviations:
ADR	—American 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. 39

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

 

	Shares	Description	Value
	Common Stocks – 99.9%
	Communication Services – 6.4%
	50,250	Alphabet, Inc., Class A*	$	6,957,615
	42,443	Alphabet, Inc., Class C*		5,932,683
	61,489	AT&T, Inc.		1,041,009
	865	Charter Communications, Inc., Class A*		254,249
	34,288	Comcast Corp., Class A		1,469,241
	2,787	Electronic Arts, Inc.		388,731
	2,538	Fox Corp., Class A		75,607
	1,431	Fox Corp., Class B		39,181
	4,124	Interpublic Group of Cos., Inc. (The)		129,494
	2,493	Match Group, Inc.*		89,848
	3,918	News Corp., Class A		105,316
	1,251	News Corp., Class B		35,015
	2,119	Omnicom Group, Inc.		187,298
	6,178	Paramount Global, Class B		68,205
	1,768	Take-Two Interactive Software, Inc.*		259,772
	4,495	T-Mobile US, Inc.		734,033
	36,144	Verizon Communications, Inc.		1,446,483
	18,840	Walt Disney Co. (The)		2,102,167
	23,676	Warner Bros Discovery, Inc.*		208,112
				21,524,059
	Consumer Discretionary – 10.6%
	4,175	Airbnb, Inc., Class A*		657,437
	92,821	Amazon.com, Inc.*		16,407,040
	2,906	Aptiv PLC*		230,998
	2,516	Aramark		76,310
	2,460	Bath & Body Works, Inc.		112,422
	2,095	Best Buy Co., Inc.		169,444
	368	Booking Holdings, Inc.*		1,276,529
	2,495	BorgWarner, Inc.		77,669
	1,700	CarMax, Inc.*		134,300
	283	Chipotle Mexican Grill, Inc.*		760,922
	321	Choice Hotels International, Inc.		35,933
	271	Deckers Outdoor Corp.*		242,705
	637	Dick’s Sporting Goods, Inc.		113,316
	5,724	eBay, Inc.		270,631
	1,315	Etsy, Inc.*		94,272
	1,415	Expedia Group, Inc.*		193,600
	40,416	Ford Motor Co.		502,775
	2,070	Gap, Inc. (The)		39,206
	1,637	Garmin Ltd.		224,842
	14,138	General Motors Co.		579,375
	328	Grand Canyon Education, Inc.*		44,214
	1,619	H&R Block, Inc.		79,250
	1,399	Harley-Davidson, Inc.		50,742
	1,397	Hasbro, Inc.		70,255
	2,565	Hilton Worldwide Holdings, Inc.		524,081
	10,304	Home Depot, Inc. (The)		3,921,805
	506	Hyatt Hotels Corp., Class A		77,717
	1,180	Kohl’s Corp.		32,887
	3,960	Las Vegas Sands Corp.		215,899
	623	Lear Corp.		85,569
	5,950	Lowe’s Cos., Inc.		1,431,987
	1,146	Lululemon Athletica, Inc.*		535,285
	2,865	Macy’s, Inc.		49,966

Shares	Description	Value
Common Stocks – (continued)
Consumer Discretionary – (continued)
2,515	Marriott International, Inc., Class A	$	628,423
3,136	MGM Resorts International*		135,726
12,251	NIKE, Inc., Class B		1,273,246
4,540	Norwegian Cruise Line Holdings Ltd.*		88,031
3,386	Peloton Interactive, Inc., Class A*		15,305
1,598	Penn Entertainment, Inc.*		29,243
210	Penske Automotive Group, Inc.		32,235
577	Polaris, Inc.		53,494
661	PVH Corp.		90,339
3,143	QuantumScape Corp.*		19,707
2,514	Royal Caribbean Cruises Ltd.*		310,102
1,573	Service Corp. International		115,128
11,623	Starbucks Corp.		1,103,023
2,524	Tapestry, Inc.		119,966
11,865	TJX Cos., Inc. (The)		1,176,296
311	TopBuild Corp.*		125,140
1,173	Tractor Supply Co.		298,317
756	Travel + Leisure Co.		33,786
3,754	VF Corp.		61,340
826	Victoria’s Secret & Co.*		23,591
894	Wayfair, Inc., Class A*		53,282
573	Whirlpool Corp.		61,534
696	Williams-Sonoma, Inc.		163,929
873	Wyndham Hotels & Resorts, Inc.		66,828
934	YETI Holdings, Inc.*		38,331
			35,435,725
Consumer Staples – 6.1%
5,292	Archer-Daniels-Midland Co.		281,058
1,434	Bunge Global SA		135,327
1,993	Campbell Soup Co.		84,982
1,226	Clorox Co. (The)		187,958
38,611	Coca-Cola Co. (The)		2,317,432
8,135	Colgate-Palmolive Co.		703,840
4,564	Costco Wholesale Corp.		3,395,114
2,470	Estee Lauder Cos., Inc. (The), Class A		366,993
5,761	General Mills, Inc.		369,741
1,485	Hershey Co. (The)		279,061
3,013	Hormel Foods Corp.		106,419
697	Ingredion, Inc.		81,988
2,714	Kellanova		149,677
9,445	Keurig Dr Pepper, Inc.		282,500
3,339	Kimberly-Clark Corp.		404,587
2,616	McCormick & Co., Inc.		180,138
1,815	Molson Coors Beverage Co., Class B		113,292
13,481	Mondelez International, Inc., Class A		985,057
13,658	PepsiCo, Inc.		2,258,214
23,339	Procter & Gamble Co. (The)		3,709,501
5,029	Sysco Corp.		407,198
4,738	Target Corp.		724,535
2,910	Tyson Foods, Inc., Class A		157,838
2,252	US Foods Holding Corp.*		114,379
7,471	Walgreens Boots Alliance, Inc.		158,833

  

40  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)
	44,115	Walmart, Inc.	$	2,585,580
				20,541,242
	Energy – 3.7%
	3,025	APA Corp.		90,115
	9,390	Baker Hughes Co.		277,850
	2,221	Cheniere Energy, Inc.		344,699
	15,956	Chevron Corp.		2,425,472
	11,110	ConocoPhillips		1,250,319
	5,940	Devon Energy Corp.		261,716
	37,540	Exxon Mobil Corp.		3,923,681
	8,327	Halliburton Co.		292,028
	2,576	Hess Corp.		375,452
	1,340	HF Sinclair Corp.		74,370
	18,179	Kinder Morgan, Inc.		316,133
	3,518	Marathon Petroleum Corp.		595,351
	6,369	Occidental Petroleum Corp.		386,025
	5,392	ONEOK, Inc.		405,047
	2,158	Pioneer Natural Resources Co.		507,540
	2,289	Range Resources Corp.		72,378
	3,147	Valero Energy Corp.		445,175
	11,289	Williams Cos., Inc. (The)		405,727
				12,449,078
	Financials – 13.7%
	2,207	Affirm Holdings, Inc.*		82,807
	6,562	Aflac, Inc.		529,816
	2,946	Allstate Corp. (The)		469,946
	3,023	Ally Financial, Inc.		111,821
	5,692	American Express Co.		1,248,939
	7,919	American International Group, Inc.		577,216
	1,141	Ameriprise Financial, Inc.		464,798
	2,205	Aon PLC, Class A		696,758
	4,001	Arch Capital Group Ltd.*		350,448
	592	Assurant, Inc.		107,418
	623	Assured Guaranty Ltd.		57,067
	865	Axis Capital Holdings Ltd.		54,123
	77,439	Bank of America Corp.		2,673,194
	8,565	Bank of New York Mellon Corp. (The)		480,411
	1,654	BlackRock, Inc.		1,341,956
	5,063	Blue Owl Capital, Inc.		90,931
	721	Brighthouse Financial, Inc.*		33,563
	3,718	Capital One Financial Corp.		511,634
	1,178	Cboe Global Markets, Inc.		226,176
	16,492	Charles Schwab Corp. (The)		1,101,336
	21,280	Citigroup, Inc.		1,180,827
	3,996	CME Group, Inc.		880,519
	2,313	Columbia Banking System, Inc.		41,865
	1,482	Comerica, Inc.		73,181
	2,774	Discover Financial Services		334,822
	3,845	Equitable Holdings, Inc.		131,653
	7,625	Fifth Third Bancorp		261,843
	6,178	First Horizon Corp.		87,110
	5,866	Fiserv, Inc.*		875,618
	3,548	Goldman Sachs Group, Inc. (The)(a)		1,380,350

Shares	Description	Value
Common Stocks – (continued)
Financials – (continued)
394	Hanover Insurance Group, Inc. (The)	$	51,799
3,405	Hartford Financial Services Group, Inc. (The)		326,335
16,375	Huntington Bancshares, Inc.		213,530
6,351	Intercontinental Exchange, Inc.		879,105
4,037	Invesco Ltd.		62,210
32,439	JPMorgan Chase & Co.		6,035,600
10,430	KeyCorp		148,836
1,222	Lazard, Inc.		47,096
1,901	Lincoln National Corp.		52,354
868	LPL Financial Holdings, Inc.		232,529
1,839	M&T Bank Corp.		256,982
413	MarketAxess Holdings, Inc.		88,138
5,554	Marsh & McLennan Cos., Inc.		1,123,408
8,209	Mastercard, Inc., Class A		3,897,305
7,046	MetLife, Inc.		491,388
3,188	MGIC Investment Corp.		63,409
1,782	Moody’s Corp.		676,126
13,378	Morgan Stanley		1,151,043
855	MSCI, Inc.		479,629
3,846	Nasdaq, Inc.		216,145
10,772	PayPal Holdings, Inc.*		649,982
833	Pinnacle Financial Partners, Inc.		68,906
4,478	PNC Financial Services Group, Inc. (The)		659,162
2,719	Principal Financial Group, Inc.		219,858
6,559	Progressive Corp. (The)		1,243,324
4,122	Prudential Financial, Inc.		449,257
10,463	Regions Financial Corp.		194,926
750	Reinsurance Group of America, Inc.		132,638
1,400	Rocket Cos., Inc., Class A*		17,584
3,569	S&P Global, Inc.		1,528,888
2,500	SLM Corp.		52,075
10,372	SoFi Technologies, Inc.*		93,141
3,426	State Street Corp.		252,599
4,198	Synchrony Financial		173,377
1,603	Synovus Financial Corp.		60,818
1,298	Tradeweb Markets, Inc., Class A		137,354
2,585	Travelers Cos., Inc. (The)		571,182
14,902	Truist Financial Corp.		521,272
2,205	Unum Group		109,037
17,223	US Bancorp		722,677
15,771	Visa, Inc., Class A		4,457,515
1,089	Voya Financial, Inc.		74,444
3,766	Western Union Co. (The)		50,502
1,150	Willis Towers Watson PLC		313,501
			45,705,132
Health Care – 12.5%
14,972	Abbott Laboratories		1,776,278
15,273	AbbVie, Inc.		2,688,812
2,538	Agilent Technologies, Inc.		348,620
1,055	Alnylam Pharmaceuticals, Inc.*		159,400
4,632	Amgen, Inc.		1,268,380
5,866	Avantor, Inc.*		144,538
4,326	Baxter International, Inc.		177,020
2,520	Becton Dickinson & Co.		593,586

  

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

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	Health Care – (continued)
	1,230	Biogen, Inc.*	$	266,898
	12,724	Boston Scientific Corp.*		842,456
	17,712	Bristol-Myers Squibb Co.		898,884
	2,145	Cardinal Health, Inc.		240,197
	1,602	Cencora, Inc.		377,431
	4,651	Centene Corp.*		364,778
	2,513	Cigna Group (The)		844,720
	12,694	CVS Health Corp.		944,053
	5,657	Danaher Corp.		1,432,013
	456	DaVita, Inc.*		57,898
	1,806	DENTSPLY SIRONA, Inc.		59,020
	3,322	Dexcom, Inc.*		382,262
	5,163	Edwards Lifesciences Corp.*		438,184
	2,028	Elevance Health, Inc.		1,016,535
	7,363	Eli Lilly & Co.		5,549,346
	1,423	Envista Holdings Corp.*		29,385
	2,733	Exelixis, Inc.*		59,853
	10,741	Gilead Sciences, Inc.		774,426
	1,756	HCA Healthcare, Inc.		547,345
	1,132	Henry Schein, Inc.*		86,564
	2,093	Hologic, Inc.*		154,463
	1,065	Humana, Inc.		373,091
	716	IDEXX Laboratories, Inc.*		411,865
	1,358	Illumina, Inc.*		189,889
	1,578	Incyte Corp.*		92,092
	249	Inspire Medical Systems, Inc.*		44,581
	2,993	Intuitive Surgical, Inc.*		1,154,101
	1,580	IQVIA Holdings, Inc.*		390,513
	762	Laboratory Corp. of America Holdings		164,462
	1,343	McKesson Corp.		700,254
	11,405	Medtronic PLC		950,721
	21,978	Merck & Co., Inc.		2,794,503
	2,863	Moderna, Inc.*		264,083
	2,220	Organon & Co.		38,650
	48,886	Pfizer, Inc.		1,298,412
	1,031	Premier, Inc., Class A		21,507
	973	Quest Diagnostics, Inc.		121,518
	900	Regeneron Pharmaceuticals, Inc.*		869,481
	469	Repligen Corp.*		90,981
	1,239	ResMed, Inc.		215,239
	3,061	Stryker Corp.		1,068,503
	408	Teleflex, Inc.		90,898
	3,338	Thermo Fisher Scientific, Inc.		1,903,261
	579	Ultragenyx Pharmaceutical, Inc.*		29,946
	8,087	UnitedHealth Group, Inc.		3,991,743
	2,207	Vertex Pharmaceuticals, Inc.*		928,573
	590	Waters Corp.*		199,078
	1,799	Zimmer Biomet Holdings, Inc.		223,724
	4,027	Zoetis, Inc.		798,675
				41,943,689
	Industrials – 9.0%
	5,394	3M Co.		496,895
	324	Acuity Brands, Inc.		81,402
	1,328	AECOM		117,966
	613	AGCO Corp.		67,246
	1,346	Alaska Air Group, Inc.*		50,327

Shares	Description	Value
Common Stocks – (continued)
Industrials – (continued)
6,934	American Airlines Group, Inc.*	$	108,725
2,255	AMETEK, Inc.		406,306
451	Armstrong World Industries, Inc.		54,395
4,058	Automatic Data Processing, Inc.		1,019,086
216	Avis Budget Group, Inc.		23,337
1,336	AZEK Co., Inc. (The)*		64,275
5,471	Boeing Co. (The)*		1,114,552
1,317	Booz Allen Hamilton Holding Corp.		194,534
1,322	Broadridge Financial Solutions, Inc.		269,133
1,163	C.H. Robinson Worldwide, Inc.		86,155
475	Carlisle Cos., Inc.		166,250
8,170	Carrier Global Corp.		454,089
5,006	Caterpillar, Inc.		1,671,804
9,541	CNH Industrial NV		114,015
8,835	Copart, Inc.*		469,580
19,358	CSX Corp.		734,442
1,426	Cummins, Inc.		383,038
1,289	Dayforce, Inc.*		89,921
2,600	Deere & Co.		949,130
6,876	Delta Air Lines, Inc.		290,648
3,907	Eaton Corp. PLC		1,129,123
5,598	Emerson Electric Co.		598,146
2,274	FedEx Corp.		566,158
3,569	Fortive Corp.		303,829
1,262	Fortune Brands Innovations, Inc.		102,651
343	FTI Consulting, Inc.*		70,960
10,636	General Electric Co.		1,668,682
6,532	Honeywell International, Inc.		1,298,104
766	IDEX Corp.		180,699
4,094	Ingersoll Rand, Inc.		373,905
809	ITT, Inc.		102,047
1,284	Jacobs Solutions, Inc.		188,299
6,716	Johnson Controls International PLC		398,057
1,177	KBR, Inc.		70,655
1,855	L3Harris Technologies, Inc.		392,629
1,185	Leidos Holdings, Inc.		151,514
331	Lennox International, Inc.		155,970
2,174	Lockheed Martin Corp.		930,994
2,204	Masco Corp.		169,179
2,023	MDU Resources Group, Inc.		43,859
511	Mercury Systems, Inc.*		15,264
561	Nordson Corp.		149,030
1,405	Northrop Grumman Corp.		647,733
1,655	nVent Electric PLC		111,415
652	Oshkosh Corp.		72,281
4,054	Otis Worldwide Corp.		386,346
915	Owens Corning		137,049
1,609	Pentair PLC		125,164
1,410	Quanta Services, Inc.		340,529
1,127	Rockwell Automation, Inc.		321,285
14,109	RTX Corp.		1,265,154
543	Schneider National, Inc., Class B		12,788
1,478	Sensata Technologies Holding PLC		50,873
471	SiteOne Landscape Supply, Inc.*		79,354

  

42  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)
	Industrials – (continued)
	6,347	Southwest Airlines Co.	$	217,512
	1,045	Spirit AeroSystems Holdings, Inc., Class A*		29,887
	1,544	Stanley Black & Decker, Inc.		137,864
	1,995	Textron, Inc.		177,695
	613	Timken Co. (The)		51,486
	2,233	Trane Technologies PLC		629,639
	1,947	TransUnion		151,146
	20,274	Uber Technologies, Inc.*		1,611,783
	5,980	Union Pacific Corp.		1,517,066
	3,494	United Airlines Holdings, Inc.*		158,942
	7,105	United Parcel Service, Inc., Class B		1,053,387
	664	United Rentals, Inc.		460,331
	1,434	Verisk Analytics, Inc.		346,885
	4,422	Waste Management, Inc.		909,384
	1,747	Westinghouse Air Brake Technologies Corp.		246,834
	2,388	Xylem, Inc.		303,395
				30,090,212
	Information Technology – 30.7%
	6,200	Accenture PLC, Class A		2,323,636
	3,874	Adobe, Inc.*		2,170,525
	13,554	Advanced Micro Devices, Inc.*		2,609,552
	1,340	Akamai Technologies, Inc.*		148,633
	4,211	Analog Devices, Inc.		807,754
	759	ANSYS, Inc.*		253,635
	124,697	Apple, Inc.		22,538,983
	7,077	Applied Materials, Inc.		1,426,865
	1,816	Autodesk, Inc.*		468,837
	3,646	Broadcom, Inc.		4,741,587
	2,285	Cadence Design Systems, Inc.*		695,508
	1,273	Ciena Corp.*		72,536
	472	Cirrus Logic, Inc.*		43,339
	34,828	Cisco Systems, Inc.		1,684,630
	2,513	Cloudflare, Inc., Class A*		247,631
	4,293	Cognizant Technology Solutions Corp., Class A		339,233
	6,636	Corning, Inc.		213,945
	1,759	DocuSign, Inc.*		93,702
	1,231	DoubleVerify Holdings, Inc.*		38,026
	2,252	Dropbox, Inc., Class A*		53,935
	667	Elastic NV*		89,251
	529	F5, Inc.*		99,039
	1,036	First Solar, Inc.*		159,430
	5,723	Fortinet, Inc.*		395,517
	662	Gartner, Inc.*		308,201
	4,838	Gen Digital, Inc.		103,969
	784	Gitlab, Inc., Class A*		56,542
	1,342	GoDaddy, Inc., Class A*		153,189
	730	Guidewire Software, Inc.*		87,118
	11,242	Hewlett Packard Enterprise Co.		171,216
	7,509	HP, Inc.		212,730
	35,682	Intel Corp.		1,536,110
	7,683	International Business Machines Corp.		1,421,585
	2,310	Intuit, Inc.		1,531,276
	2,732	Juniper Networks, Inc.		101,166

Shares	Description	Value
Common Stocks – (continued)
Information Technology – (continued)
1,788	Keysight Technologies, Inc.*	$	275,888
1,113	Lam Research Corp.		1,044,272
573	Lumentum Holdings, Inc.*		27,773
7,452	Marvell Technology, Inc.		534,010
9,241	Micron Technology, Inc.		837,327
62,932	Microsoft Corp.		26,031,192
574	MongoDB, Inc.*		256,911
388	Monolithic Power Systems, Inc.		279,375
1,830	NetApp, Inc.		163,090
2,174	Nutanix, Inc., Class A*		137,310
20,093	NVIDIA Corp.		15,895,974
1,316	Okta, Inc.*		141,207
3,751	ON Semiconductor Corp.*		296,029
2,590	Palo Alto Networks, Inc.*		804,324
359	Pegasystems, Inc.		23,349
9,434	QUALCOMM, Inc.		1,488,591
8,004	Salesforce, Inc.*		2,471,795
1,722	ServiceNow, Inc.*		1,328,247
1,102	Smartsheet, Inc., Class A*		46,515
1,335	Splunk, Inc.*		208,554
1,284	Synopsys, Inc.*		736,669
867	Teradata Corp.*		32,617
1,354	Teradyne, Inc.		140,261
7,676	Texas Instruments, Inc.		1,284,425
366	Tyler Technologies, Inc.*		159,993
1,525	Vontier Corp.		65,575
2,775	Western Digital Corp.*		165,029
1,729	Workday, Inc., Class A*		509,467
525	Zebra Technologies Corp., Class A*		146,727
2,185	Zoom Video Communications, Inc., Class A*		154,545
760	Zscaler, Inc.*		183,897
			103,269,769
Materials – 2.5%
2,188	Air Products and Chemicals, Inc.		512,080
1,158	Albemarle Corp.		159,630
1,753	Alcoa Corp.		47,699
655	AptarGroup, Inc.		92,001
3,108	Ball Corp.		198,974
1,168	Berry Global Group, Inc.		67,989
973	Celanese Corp.		147,867
1,933	CF Industries Holdings, Inc.		156,032
4,989	Cleveland-Cliffs, Inc.*		103,771
6,999	Dow, Inc.		391,104
4,502	DuPont de Nemours, Inc.		311,493
1,171	Eastman Chemical Co.		102,744
2,464	Ecolab, Inc.		554,006
1,233	FMC Corp.		69,529
14,116	Freeport-McMoRan, Inc.		533,726
2,984	Graphic Packaging Holding Co.		77,435
2,526	International Flavors &
	Fragrances, Inc.		190,713
4,925	Linde PLC		2,210,438
629	Louisiana-Pacific Corp.		46,527
2,555	LyondellBasell Industries NV, Class A		256,215
619	Martin Marietta Materials, Inc.		357,602

  

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

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	Materials – (continued)
	3,267	Mosaic Co. (The)	$	101,800
	11,438	Newmont Corp.		357,438
	2,301	PPG Industries, Inc.		325,822
	2,334	Sherwin-Williams Co. (The)		774,958
	958	Sonoco Products Co.		54,299
	2,016	SSR Mining, Inc. (Canada)		8,669
	2,565	Westrock Co.		116,169
				8,326,730
	Real Estate – 2.6%
	6,219	American Tower Corp. REIT		1,236,710
	2,240	Apartment Income REIT Corp. REIT		67,917
	1,892	AvalonBay Communities, Inc. REIT		334,941
	2,093	Boston Properties, Inc. REIT		135,459
	4,056	CBRE Group, Inc., Class A*		372,706
	5,397	CoStar Group, Inc.*		469,701
	5,777	Crown Castle, Inc. REIT		635,123
	4,033	Digital Realty Trust, Inc. REIT		592,085
	1,247	Equinix, Inc. REIT		1,108,358
	4,980	Equity Residential REIT		299,846
	853	Essex Property Trust, Inc. REIT		197,384
	3,866	Iron Mountain, Inc. REIT		304,022
	631	Jones Lang LaSalle, Inc.*		120,041
	8,077	Kimco Realty Corp. REIT		159,601
	12,188	Prologis, Inc. REIT		1,624,295
	1,434	SBA Communications Corp. REIT		300,036
	4,380	UDR, Inc. REIT		155,490
	5,334	Ventas, Inc. REIT		225,575
	9,778	Weyerhaeuser Co. REIT		336,168
	729	Zillow Group, Inc., Class A*		39,410
	2,061	Zillow Group, Inc., Class C*		115,725
				8,830,593
	Utilities – 2.1%
	7,257	AES Corp. (The)		110,306
	2,845	Ameren Corp.		202,536
	5,599	American Electric Power Co., Inc.		476,979
	2,117	American Water Works Co., Inc.		250,949
	842	Avangrid, Inc.		26,212
	6,858	CenterPoint Energy, Inc.		188,595
	3,497	Constellation Energy Corp.		589,070
	9,087	Dominion Energy, Inc.		434,631
	8,381	Duke Energy Corp.		769,627
	4,108	Edison International		279,426
	2,299	Entergy Corp.		233,509
	3,830	Eversource Energy		224,821
	10,806	Exelon Corp.		387,287
	22,014	NextEra Energy, Inc.		1,214,953
	2,472	NRG Energy, Inc.		136,751
	1,231	Pinnacle West Capital Corp.		84,114
	8,021	PPL Corp.		211,514
	5,405	Public Service Enterprise Group, Inc.		337,272
	6,849	Sempra		483,539
	3,946	Vistra Corp.		215,215

Shares	Description	Value
Common Stocks – (continued)
Utilities – (continued)
5,988	Xcel Energy, Inc.	$	315,508
			7,172,814
TOTAL COMMON STOCKS (Cost $247,498,882)			335,289,043
Shares	Dividend Rate	Value
Investment Company – 0.0%(a)
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares
81,862	5.195%		81,862
(Cost $81,862)
TOTAL INVESTMENTS – 99.9% (Cost $247,580,744)		$	335,370,905
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1%			415,539
NET ASSETS – 100.0%		$	335,786,444

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.

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

  

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

GOLDMAN SACHS NORTH AMERICAN PIPELINES & POWER EQUITY ETF

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

 

	Shares	Description	Value
	Common Stocks – 99.6%
	Energy – 78.9%
	6,573	Antero Midstream Corp.	$	88,078
	387	Cheniere Energy Partners LP		18,816
	2,362	Cheniere Energy, Inc.		366,582
	8,353	Clean Energy Fuels Corp.*		24,641
	318	CrossAmerica Partners LP		6,815
	347	Delek Logistics Partners LP		15,164
	1,303	DT Midstream, Inc.		75,092
	10,821	Enbridge, Inc. (Canada)		372,175
	12,796	Energy Transfer LP		187,333
	6,818	EnLink Midstream LLC*		84,066
	6,878	Enterprise Products Partners LP		188,801
	5,333	Equitrans Midstream Corp.		57,010
	526	Excelerate Energy, Inc., Class A		8,258
	2,846	Gibson Energy, Inc. (Canada)		47,106
	552	Global Partners LP		25,740
	2,661	Hess Midstream LP, Class A		90,714
	6,877	Keyera Corp. (Canada)		169,295
	22,532	Kinder Morgan, Inc.		391,831
	376	Kinetik Holdings, Inc.		13,280
	4,899	MPLX LP		188,318
	4,051	New Fortress Energy, Inc.		142,393
	3,133	NextDecade Corp.*		14,380
	1,720	NGL Energy Partners LP*		10,165
	948	NuStar Energy LP		22,392
	5,596	ONEOK, Inc.		420,372
	11,188	Pembina Pipeline Corp. (Canada)		389,582
	4,564	Plains All American Pipeline LP		74,941
	7,186	Plains GP Holdings LP, Class A*		123,599
	3,890	Secure Energy Services, Inc. (Canada)		32,666
	599	Sunoco LP		36,767
	4,445	Targa Resources Corp.		436,677
	9,777	TC Energy Corp. (Canada)		386,942
	2,453	Western Midstream Partners LP		82,053
	10,981	Williams Cos., Inc. (The)		394,657
	1,988	World Kinect Corp.		48,428
				5,035,129
	Utilities – 20.7%
	4,216	AES Corp. (The)		64,083
	3,374	AltaGas Ltd. (Canada)		72,363
	850	Atlantica Sustainable Infrastructure PLC (Spain)		15,266
	2,293	Boralex, Inc., Class A (Canada)		50,430
	5,560	Brookfield Renewable Corp., Class A		131,883
	4,635	Brookfield Renewable Partners LP (Canada)		104,021
	2,123	Clearway Energy, Inc., Class C		46,282
	2,344	Innergex Renewable Energy, Inc. (Canada)		14,603
	2,346	New Jersey Resources Corp.		97,617
	6,217	NextEra Energy Partners LP		170,781
	4,338	Northland Power, Inc. (Canada)		73,561
	1,227	Ormat Technologies, Inc.		79,939
	1,369	Star Group LP		14,963
	350	Suburban Propane Partners LP		7,280
	9,334	Superior Plus Corp. (Canada)		65,720

Shares	Description	Value
Common Stocks – (continued)
Utilities – (continued)
12,696	UGI Corp.	$	310,798
			1,319,590
TOTAL COMMON STOCKS (Cost $6,240,923)			6,354,719
Shares	Dividend Rate	Value
Investment Company – 0.2%(a)
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares
10,966	5.195%		10,966
(Cost $10,966)
TOTAL INVESTMENTS – 99.8% (Cost $6,251,889)		$	6,365,685
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2%			10,632
NET ASSETS – 100.0%		$	6,376,317

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.

Investment Abbreviations:
LP	—Limited Partnership
PLC	—Public Limited Company

  

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

GOLDMAN SACHS DEFENSIVE EQUITY ETF

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

 

	Shares	Description	Value
	Common Stocks – 89.0%
	Communication Services – 6.2%
	1,623	Alphabet, Inc., Class A*	$	224,721
	749	Comcast Corp., Class A		32,095
	428	Fox Corp., Class A		12,750
	75	Netflix, Inc.*		45,219
	359	Pinterest, Inc., Class A*		13,175
	73	Spotify Technology SA*		18,718
	102	Take-Two Interactive Software, Inc.*		14,987
	155	T-Mobile US, Inc.		25,312
	177	Trade Desk, Inc. (The), Class A*		15,121
	822	Verizon Communications, Inc.		32,896
	271	Warner Music Group Corp., Class A		9,466
				444,460
	Consumer Discretionary – 10.2%
	98	Airbnb, Inc., Class A*		15,432
	1,255	Amazon.com, Inc.*		221,834
	6	AutoZone, Inc.*		18,036
	9	Booking Holdings, Inc.*		31,219
	54	Burlington Stores, Inc.*		11,075
	12	Chipotle Mexican Grill, Inc.*		32,265
	55	Choice Hotels International, Inc.		6,157
	66	Darden Restaurants, Inc.		11,267
	20	Deckers Outdoor Corp.*		17,912
	79	Hilton Worldwide Holdings, Inc.		16,141
	181	Home Depot, Inc. (The)		68,890
	114	Lowe’s Cos., Inc.		27,436
	157	McDonald’s Corp.		45,888
	17	MercadoLibre, Inc. (Brazil)*		27,120
	298	NIKE, Inc., Class B		30,971
	21	O’Reilly Automotive, Inc.*		22,836
	44	Ralph Lauren Corp.		8,181
	138	Ross Stores, Inc.		20,557
	379	Starbucks Corp.		35,967
	357	TJX Cos., Inc. (The)		35,393
	210	Yum China Holdings, Inc. (China)		9,007
	85	Yum! Brands, Inc.		11,766
				725,350
	Consumer Staples – 7.8%
	203	Campbell Soup Co.		8,656
	27	Casey’s General Stores, Inc.		8,221
	104	Clorox Co. (The)		15,944
	721	Coca-Cola Co. (The)		43,275
	263	Colgate-Palmolive Co.		22,755
	58	Constellation Brands, Inc., Class A		14,414
	86	Costco Wholesale Corp.		63,975
	86	Dollar Tree, Inc.*		12,615
	185	General Mills, Inc.		11,873
	74	Hershey Co. (The)		13,906
	275	Hormel Foods Corp.		9,713
	843	Kenvue, Inc.		16,017
	579	Keurig Dr Pepper, Inc.		17,318
	159	Kimberly-Clark Corp.		19,266
	430	Kraft Heinz Co. (The)		15,170
	219	Kroger Co. (The)		10,865

Shares	Description	Value
Common Stocks – (continued)
Consumer Staples – (continued)
220	McCormick & Co., Inc.	$	15,149
360	Mondelez International, Inc., Class A		26,305
298	Monster Beverage Corp.*		17,612
283	PepsiCo, Inc.		46,791
422	Procter & Gamble Co. (The)		67,073
167	Sysco Corp.		13,522
111	Target Corp.		16,974
869	Walmart, Inc.		50,932
			558,341
Energy – 2.2%
486	Antero Midstream Corp.		6,512
125	Cheniere Energy, Inc.		19,400
153	EOG Resources, Inc.		17,512
670	Exxon Mobil Corp.		70,028
962	Kinder Morgan, Inc.		16,729
119	Phillips 66		16,959
110	Targa Resources Corp.		10,807
			157,947
Financials – 9.8%
213	Aflac, Inc.		17,198
82	Aon PLC, Class A		25,911
56	Assurant, Inc.		10,161
207	Berkshire Hathaway, Inc., Class B*		84,746
157	Blackstone, Inc.		20,068
117	Brown & Brown, Inc.		9,853
76	Cboe Global Markets, Inc.		14,592
85	Chubb Ltd.		21,392
88	Cincinnati Financial Corp.		10,032
79	CME Group, Inc.		17,408
117	CNA Financial Corp.		5,142
22	Erie Indemnity Co., Class A		8,951
37	FactSet Research Systems, Inc.		17,115
170	Fiserv, Inc.*		25,376
43	FleetCor Technologies, Inc.*		12,009
76	Global Payments, Inc.		9,857
149	Intercontinental Exchange, Inc.		20,625
81	Jack Henry & Associates, Inc.		14,075
142	Marsh & McLennan Cos., Inc.		28,722
148	Mastercard, Inc., Class A		70,264
47	Moody’s Corp.		17,833
28	Morningstar, Inc.		8,360
39	MSCI, Inc.		21,878
151	Nasdaq, Inc.		8,486
254	PayPal Holdings, Inc.*		15,326
109	Principal Financial Group, Inc.		8,814
154	Progressive Corp. (The)		29,192
75	Raymond James Financial, Inc.		9,024
58	S&P Global, Inc.		24,846
184	SEI Investments Co.		12,374
107	T. Rowe Price Group, Inc.		12,128
284	Visa, Inc., Class A		80,270
			692,028
Health Care – 11.0%
384	Abbott Laboratories		45,558

  

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

GOLDMAN SACHS DEFENSIVE EQUITY ETF

 

 

 

 

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	Health Care – (continued)
	275	AbbVie, Inc.	$	48,414
	91	Agilent Technologies, Inc.		12,500
	97	Amgen, Inc.		26,562
	80	Becton Dickinson & Co.		18,844
	376	Boston Scientific Corp.*		24,895
	130	Cardinal Health, Inc.		14,557
	52	Cencora, Inc.		12,251
	121	Danaher Corp.		30,630
	225	DENTSPLY SIRONA, Inc.		7,353
	133	Dexcom, Inc.*		15,304
	127	Eli Lilly & Co.		95,717
	148	Hologic, Inc.*		10,922
	31	IDEXX Laboratories, Inc.*		17,832
	445	Johnson & Johnson		71,814
	33	McKesson Corp.		17,207
	399	Merck & Co., Inc.		50,733
	10	Mettler-Toledo International, Inc.*		12,472
	114	Moderna, Inc.*		10,515
	116	Quest Diagnostics, Inc.		14,487
	58	ResMed, Inc.		10,076
	100	Revvity, Inc.		10,959
	38	STERIS PLC		8,851
	79	Stryker Corp.		27,577
	78	Thermo Fisher Scientific, Inc.		44,474
	162	UnitedHealth Group, Inc.		79,963
	81	Veeva Systems, Inc., Class A*		18,266
	32	West Pharmaceutical Services, Inc.		11,468
	90	Zimmer Biomet Holdings, Inc.		11,192
				781,393
	Industrials – 11.0%
	150	3M Co.		13,818
	103	Automatic Data Processing, Inc.		25,866
	48	Axon Enterprise, Inc.*		14,754
	114	Boeing Co. (The)*		23,224
	70	Booz Allen Hamilton Holding Corp.		10,340
	109	Broadridge Financial Solutions, Inc.		22,190
	106	BWX Technologies, Inc.		10,688
	139	C.H. Robinson Worldwide, Inc.		10,297
	354	Carrier Global Corp.		19,675
	42	Cintas Corp.		26,402
	83	Eaton Corp. PLC		23,987
	223	Emerson Electric Co.		23,828
	112	Expeditors International of Washington, Inc.		13,395
	339	Fastenal Co.		24,750
	59	FedEx Corp.		14,689
	55	Ferguson PLC		11,630
	157	Fortive Corp.		13,365
	91	General Dynamics Corp.		24,866
	183	Honeywell International, Inc.		36,368
	32	Hubbell, Inc.		12,181
	34	Huntington Ingalls Industries, Inc.		9,915
	116	Illinois Tool Works, Inc.		30,409

Shares	Description	Value
Common Stocks – (continued)
Industrials – (continued)
160	Ingersoll Rand, Inc.	$	14,613
44	Nordson Corp.		11,689
49	Northrop Grumman Corp.		22,590
37	Old Dominion Freight Line, Inc.		16,372
258	Otis Worldwide Corp.		24,587
206	Paychex, Inc.		25,260
81	Republic Services, Inc.		14,872
60	Rockwell Automation, Inc.		17,105
330	Rollins, Inc.		14,543
279	RTX Corp.		25,018
91	Toro Co. (The)		8,400
71	Trane Technologies PLC		20,020
116	Union Pacific Corp.		29,428
171	United Parcel Service, Inc., Class B		25,352
95	Verisk Analytics, Inc.		22,980
19	W.W. Grainger, Inc.		18,496
150	Waste Management, Inc.		30,847
49	Woodward, Inc.		6,933
93	Xylem, Inc.		11,816
			777,558
Information Technology – 24.1%
138	Accenture PLC, Class A		51,720
86	Adobe, Inc.*		48,184
247	Amphenol Corp., Class A		26,982
2,112	Apple, Inc.		381,744
58	Arista Networks, Inc.*		16,097
85	Atlassian Corp., Class A*		17,631
69	Autodesk, Inc.*		17,814
159	Bentley Systems, Inc., Class B		8,168
74	Cadence Design Systems, Inc.*		22,524
305	Dynatrace, Inc.*		15,113
33	Gartner, Inc.*		15,363
24	HubSpot, Inc.*		14,851
199	International Business Machines Corp.		36,821
46	Intuit, Inc.		30,493
59	Manhattan Associates, Inc.*		14,946
210	Micron Technology, Inc.		19,028
1,040	Microsoft Corp.		430,186
88	Motorola Solutions, Inc.		29,074
159	NetApp, Inc.		14,170
332	NVIDIA Corp.		262,652
73	Palo Alto Networks, Inc.*		22,670
50	PTC, Inc.*		9,151
67	Qualys, Inc.*		11,515
52	Roper Technologies, Inc.		28,326
154	Salesforce, Inc.*		47,558
38	ServiceNow, Inc.*		29,311
35	Synopsys, Inc.*		20,081
98	TE Connectivity Ltd.		14,069
43	Teledyne Technologies, Inc.*		18,373
35	Tyler Technologies, Inc.*		15,300
91	VeriSign, Inc.*		17,771
54	Workday, Inc., Class A*		15,912
			1,723,598

  

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

GOLDMAN SACHS DEFENSIVE EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	Materials – 2.3%
	78	Air Products and Chemicals, Inc.	$	18,255
	197	Ball Corp.		12,612
	113	Ecolab, Inc.		25,407
	90	Linde PLC		40,394
	466	Newmont Corp.		14,562
	73	PPG Industries, Inc.		10,337
	90	Sherwin-Williams Co. (The)		29,883
	169	Southern Copper Corp. (Mexico)		13,665
				165,115
	Real Estate – 1.5%
	131	American Tower Corp. REIT		26,051
	25	Equinix, Inc. REIT		22,221
	192	Equity Residential REIT		11,560
	211	Iron Mountain, Inc. REIT		16,593
	57	Public Storage REIT		16,181
	63	SBA Communications Corp. REIT		13,181
				105,787
	Utilities – 2.9%
	207	Ameren Corp.		14,736
	163	American Electric Power Co., Inc.		13,886
	97	American Water Works Co., Inc.		11,499
	307	Dominion Energy, Inc.		14,684
	267	Duke Energy Corp.		24,519
	423	Exelon Corp.		15,160
	386	NextEra Energy, Inc.		21,303

	Shares	Description	Value
	Common Stocks – (continued)
	Utilities – (continued)
	288	Public Service Enterprise Group, Inc.	$	17,971
	315	Sempra		22,239
	422	Southern Co. (The)		28,380
	163	Vistra Corp.		8,890
	135	WEC Energy Group, Inc.		10,596
				203,863
	TOTAL COMMON STOCKS (Cost $5,567,147)			6,335,440
	Shares	Dividend Rate	Value
	Investment Company – 7.6%(a)
	Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares
	537,910	5.195%		537,910
	(Cost $537,910)
	TOTAL INVESTMENTS – 96.6% (Cost $6,105,057)		$	6,873,350
	OTHER ASSETS IN EXCESS OF LIABILITIES – 3.4%			240,160
	NET ASSETS – 100.0%		$	7,113,510

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.

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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 29, 2024, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/  (Depreciation)
Long position contracts:
S&P 500 E-Mini Index		3		06/21/24	$	774,787	$	3,407

PURCHASED & WRITTEN OPTIONS CONTRACTS — At February 29, 2024, the Fund had the following purchased and written option contracts:

EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS

Description	Exercise Rate		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by the Fund		Unrealized Appreciation/  (Depreciation)
Purchased Option Contracts:
Puts
S&P 500 Index	$	5,050.00		03/28/2024		27	$	6,817,500	$	35,437	$	44,581	$	(9,144)

  

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

GOLDMAN SACHS DEFENSIVE EQUITY ETF

 

 

 

 

 

 

ADDITIONAL INVESTMENT INFORMATION (CONTINUED)

Description	Exercise Rate		Expiration Date		Number of Contracts			Notional Amount		Market Value			Premiums Paid (Received) by the Fund		Unrealized Appreciation/  (Depreciation)
Written Option Contracts:
Calls
S&P 500 Index	$	5,310.00		03/28/2024		(27	)		$ (7,168,500)	$	(19,237	)		$ (14,143)		$ (5,094)
Puts
S&P 500 Index		4,850.00		03/28/2024		(27	)		(6,547,500)		(10,868	)		(13,469)		2,601
Total written option contracts						(54	)		$(13,716,000)	$	(30,105	)		$ (27,612)		$ (2,493)

  

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

GOLDMAN SACHS SMALL CAP CORE EQUITY ETF

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

 

	Shares	Description	Value
	Common Stocks – 99.7%
	Communication Services – 0.8%
	1,060	Nexstar Media Group, Inc.	$	176,140
	Consumer Discretionary – 16.6%
	3,011	Academy Sports & Outdoors, Inc.		224,982
	4,776	Adient PLC*		162,098
	2,306	Boot Barn Holdings, Inc.*		213,305
	4,377	Boyd Gaming Corp.		289,451
	3,786	Cava Group, Inc.*		221,140
	1,759	Century Communities, Inc.		151,784
	2,660	Crocs, Inc.*		325,185
	874	Installed Building Products, Inc.		208,825
	2,838	Meritage Homes Corp.		447,439
	1,660	Ollie’s Bargain Outlet Holdings, Inc.*		133,082
	4,088	Savers Value Village, Inc.*		82,741
	2,369	Shake Shack, Inc., Class A*		251,872
	2,486	Texas Roadhouse, Inc.		371,334
	5,004	United Parks & Resorts, Inc.*		256,955
	1,140	Wingstop, Inc.		400,197
				3,740,390
	Consumer Staples – 1.7%
	4,757	Simply Good Foods Co. (The)*		168,779
	11,638	Utz Brands, Inc.		205,876
				374,655
	Energy – 6.5%
	1,682	Chord Energy Corp.		273,241
	4,814	Matador Resources Co.		304,004
	3,487	Noble Corp. PLC		145,791
	9,115	Patterson-UTI Energy, Inc.		105,461
	20,400	Permian Resources Corp.		317,424
	7,588	SM Energy Co.		332,127
				1,478,048
	Financials – 14.5%
	5,023	Ameris Bancorp		232,716
	3,996	Banner Corp.		175,185
	3,541	First Financial Bankshares, Inc.		109,558
	5,162	First Merchants Corp.		171,378
	1,060	FirstCash Holdings, Inc.		121,370
	4,679	Glacier Bancorp, Inc.		175,088
	1,526	Hamilton Lane, Inc., Class A		175,261
	4,581	Hancock Whitney Corp.		199,732
	3,442	Mr Cooper Group, Inc.*		245,346
	9,347	NMI Holdings, Inc., Class A*		281,158
	6,492	Pacific Premier Bancorp, Inc.		148,407
	15,836	Perella Weinberg Partners		216,320
	1,824	Pinnacle Financial Partners, Inc.		150,881
	1,411	Piper Sandler Cos.		265,649
	1,641	PJT Partners, Inc., Class A		172,961
	1,140	RLI Corp.		166,953
	7,408	Skyward Specialty Insurance Group, Inc.*		271,059
				3,279,022
	Health Care – 12.7%
	3,503	Acadia Healthcare Co., Inc.*		292,325
	5,688	Alkermes PLC*		168,877

Shares	Description	Value
Common Stocks – (continued)
Health Care – (continued)
2,678	Amylyx Pharmaceuticals, Inc.*	$	50,480
2,642	Biohaven Ltd.*		127,186
2,506	Catalent, Inc.*		143,694
1,721	CONMED Corp.		138,231
7,941	Dynavax Technologies Corp.*		100,613
3,769	Evolent Health, Inc., Class A*		127,807
5,255	Fortrea Holdings, Inc.*		197,273
6,883	Halozyme Therapeutics, Inc.*		274,012
1,159	iRhythm Technologies, Inc.*		137,515
741	Medpace Holdings, Inc.*		294,562
2,719	Merit Medical Systems, Inc.*		207,188
11,224	NeoGenomics, Inc.*		175,094
976	Shockwave Medical, Inc.*		254,609
5,381	Surgery Partners, Inc.*		166,973
			2,856,439
Industrials – 21.7%
3,872	Arcosa, Inc.		321,376
2,466	ASGN, Inc.*		244,923
1,273	Chart Industries, Inc.*		181,861
8,151	Core & Main, Inc., Class A*		389,047
2,287	Crane Co.		278,008
6,181	Federal Signal Corp.		506,285
5,199	Fluor Corp.*		191,323
1,660	Herc Holdings, Inc.		263,409
1,601	ICF International, Inc.		247,915
7,484	Kratos Defense & Security Solutions, Inc.*		136,508
2,565	Moog, Inc., Class A		384,622
1,761	MYR Group, Inc.*		286,092
627	Saia, Inc.*		360,776
4,187	SPX Technologies, Inc.*		490,674
1,463	Standex International Corp.		253,099
1,783	Watts Water Technologies, Inc., Class A		363,643
			4,899,561
Information Technology – 16.3%
5,221	Alkami Technology, Inc.*		130,264
7,609	Allegro MicroSystems, Inc. (Japan)*		239,607
2,495	Axcelis Technologies, Inc.*		281,112
1,738	Badger Meter, Inc.		275,803
7,062	Clearwater Analytics Holdings, Inc., Class A*		121,608
4,928	Cohu, Inc.*		158,337
1,140	CyberArk Software Ltd.*		300,686
7,167	Fastly, Inc., Class A*		101,915
6,788	Instructure Holdings, Inc.*		155,581
3,811	MACOM Technology Solutions Holdings, Inc.*		336,626
2,359	Onto Innovation, Inc.*		434,433
8,354	PagerDuty, Inc.*		201,833
4,535	Smartsheet, Inc., Class A*		191,422
1,526	SPS Commerce, Inc.*		282,554
6,407	Tenable Holdings, Inc.*		308,561
5,082	Vertex, Inc., Class A*		170,653
			3,690,995

  

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

GOLDMAN SACHS SMALL CAP CORE EQUITY ETF

 

 

 

 

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	Materials – 5.1%
	2,406	Ashland, Inc.	$	225,298
	4,738	ATI, Inc.*		233,015
	6,296	Avient Corp.		254,862
	12,926	Constellium SE*		250,635
	6,904	Graphic Packaging Holding Co.		179,159
				1,142,969
	Real Estate – 3.1%
	18,133	RLJ Lodging Trust REIT		215,239
	15,079	SITE Centers Corp. REIT		204,773
	4,358	Terreno Realty Corp. REIT		280,219
				700,231
	Utilities – 0.7%
	2,698	ONE Gas, Inc.		160,801
	TOTAL COMMON STOCKS (Cost $20,194,096)			22,499,251
	Shares	Dividend Rate	Value
	Investment Company – 1.3%(a)
	Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares
	285,240	5.195%		285,240
	(Cost $285,240)
	TOTAL INVESTMENTS – 101.0% (Cost $20,479,336)		$	22,784,491
	LIABILITIES IN EXCESS OF OTHER ASSETS – (1.0)%			(218,377)
	NET ASSETS – 100.0%		$	22,566,114

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.

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

  

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

GOLDMAN SACHS EQUITY ETFS

 

Statements of Assets and Liabilities

February 29, 2024 (Unaudited)

 

		Bloomberg Clean  Energy Equity ETF			Equal Weight U.S. Large Cap Equity ETF		Hedge Industry VIP ETF			Innovate Equity ETF
	Assets:
	Investments in unaffiliated issuers, at value (cost $11,800,967, $518,684,037, $143,119,968 and $301,922,194, respectively)(a)	$	11,111,756		$	602,968,289	$	171,168,522		$	349,178,905
	Investments in affiliated issuers, at value (cost $41,286, $1,586,894, $118,097 and $1,168,648, respectively)		41,286			1,766,070		118,097			1,715,710
	Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		26,070			—		—			6,720,917
	Cash		418			55,203		15,011			—
	Foreign Currency, at value (cost $19, $–, $– and $111,387, respectively)		19			—		—			112,021
	Receivables:
	Dividends		28,452			907,064		72,659			408,273
	Foreign tax reclaims		5,480			—		634			82,067
	Investments sold		2,964			—		—			163,250
	Securities lending income		237			—		—			23,640
	Total assets		11,216,682			605,696,626		171,374,923			358,404,783
	Liabilities:
	Payables:
	Payable upon return of securities loaned		26,070			—		—			6,720,917
	Foreign capital gains taxes		5,422			—		—			—
	Management fees		3,931			43,233		63,916			142,839
	Investments purchased		418			55,021		15,010			13
	Due to custodian		—			—		—			607,286
	Total liabilities		35,841			98,254		78,926			7,471,055
	Net Assets:
	Paid-in capital		12,897,747			591,286,532		190,002,323			377,138,948
	Total distributable earnings (loss)		(1,716,906	)		14,311,840		(18,706,326	)		(26,205,220	)
	NET ASSETS	$	11,180,841		$	605,598,372	$	171,295,997		$	350,933,728
	SHARES ISSUED AND OUTSTANDING
	Shares outstanding no par value (unlimited shares authorized):		350,000			8,650,000		1,625,000			6,400,000
	Net asset value per share:	$	31.95		$	70.01	$	105.41		$	54.83

(a) Includes loaned securities having a market value of $24,639, $–, $– and $6,676,002 for Bloomberg Clean Energy Equity ETF, Equal Weight U.S. Large Cap Equity ETF, Hedge Industry VIP ETF and Innovate Equity ETF, respectively.

  

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

GOLDMAN SACHS EQUITY ETFS

 

Statements of Assets and Liabilities (continued)

February 29, 2024 (Unaudited)

 

		JUST U.S. Large Cap Equity ETF		North American  Pipelines & Power  Equity ETF		Defensive Equity ETF		Small Cap Core Equity ETF
	Assets:
	Investments in unaffiliated issuers, at value (cost $246,468,108, $6,240,923, $5,567,147 and $20,194,096, respectively)	$	333,908,693	$	6,354,719	$	6,335,440	$	22,499,251
	Investments in affiliated issuers, at value (cost $1,112,636, $10,966, $537,910 and $285,240, respectively)		1,462,212		10,966		537,910		285,240
	Purchased Options, at value (premiums paid $–, $–, $44,581 and $–, respectively)		—		—		35,437		—
	Cash		5,280		—		75,768		—
	Receivables:
	Dividends		468,404		10,155		9,827		10,229
	Securities lending income		3		—		—		—
	Investments sold		—		—		1,283,841		—
	Collateral on certain derivative contracts		—		—		219,724		—
	Foreign tax reclaims		—		3,319		—		—
	Total assets		335,844,592		6,379,159		8,497,947		22,794,720
	Liabilities:
	Written options, at value (premiums received $–, $–, $27,612 and $–, respectively)		—		—		30,105		—
	Variation margin on futures contracts		—		—		14,475		—
	Payables:
	Management fees		52,868		2,718		2,994		12,624
	Investments purchased		5,280		2		1,336,863		215,982
	Due to custodian		—		122		—		—
	Total liabilities		58,148		2,842		1,384,437		228,606
	Net Assets:
	Paid-in capital		256,376,051		5,754,842		6,996,749		20,151,352
	Total distributable earnings (loss)		79,410,393		621,475		116,761		2,414,762
	NET ASSETS	$	335,786,444	$	6,376,317	$	7,113,510	$	22,566,114
	SHARES ISSUED AND OUTSTANDING
	Shares outstanding no par value (unlimited shares authorized):		4,625,000		150,000		152,572		475,000
	Net asset value per share:	$	72.60	$	42.51	$	46.62	$	47.51

  

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

GOLDMAN SACHS EQUITY ETFS

 

Statements of Operations

For the Six Months Ended February 29, 2024 (Unaudited)

 

		Bloomberg Clean Energy Equity ETF			Equal Weight U.S. Large Cap Equity ETF			Hedge Industry VIP ETF			Innovate Equity ETF
	Investment income:
	Dividends — unaffiliated issuers (net of foreign withholding taxes of $6,416, $31, $3,875 and $56,028, respectively)	$	110,007		$	4,554,443		$	708,462		$	1,620,467
	Dividends — affiliated issuers		777			29,277			6,840			38,748
	Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer		620			214,926			684,526			313,866
	Total Investment Income		111,404			4,798,646			1,399,828			1,973,081
	Expenses:
	Management fees		14,327			215,518			329,799			827,551
	Trustee fees		8,500			9,304			8,743			9,081
	Total expenses		22,827			224,822			338,542			836,632
	Less — expense reductions		(26	)		(461	)		(233	)		(437	)
	Net expenses		22,801			224,361			338,309			836,195
	NET INVESTMENT INCOME		88,603			4,574,285			1,061,519			1,136,886
	Realized and Unrealized gain (loss):
	Net realized gain (loss) from:
	Investments — unaffiliated issuers		(852,309	)		(8,673,230	)		70,439			(9,120,344	)
	Investments — affiliated issuers		—			(4,136	)		—			(9,866	)
	In-kind redemptions — affiliated issuers		—			10,238			—			103,123
	In-kind redemptions — unaffiliated issuers		—			12,059,718			19,829,738			15,211,298
	Foreign currency transactions		(3,335	)		—			—			(10,381	)
	Net change in unrealized gain (loss) on:
	Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $5,484, $–, $– and $–, respectively)		157,999			54,353,828			7,287,544			32,136,580
	Investment transactions in affiliated securities		—			167,349			—			214,172
	Foreign currency translations		(225	)		—			—			(1,009	)
	Net realized and unrealized gain (loss)		(697,870	)		57,913,767			27,187,721			38,523,573
	NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(609,267	)	$	62,488,052		$	28,249,240		$	39,660,459

  

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

GOLDMAN SACHS EQUITY ETFS

 

Statements of Operations (continued)

For the Six Months Ended February 29, 2024 (Unaudited)

 

		JUST U.S. Large Cap Equity ETF			North American Pipelines & Power Equity ETF			Defensive Equity ETF			Small Cap Core Equity ETF*
	Investment income:
	Dividends — unaffiliated issuers (net of foreign withholding taxes of $32, $11,878, $– and $–, respectively)	$	2,349,684		$	136,552		$	50,653		$	46,269
	Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer		65,514			—			—			—
	Dividends — affiliated issuers		25,329			304			6,632			2,260
	Total Investment Income		2,440,527			136,856			57,285			48,529
	Expenses:
	Management fees		284,763			22,415			9,987			42,619
	Trustee fees		8,977			—			8,497			—
	Total expenses		293,740			22,415			18,484			42,619
	Less — expense reductions		(210	)		(10	)		(226	)		(2,742	)
	Net expenses		293,530			22,405			18,258			39,877
	NET INVESTMENT INCOME		2,146,997			114,451			39,027			8,652
	Realized and Unrealized gain (loss):
	Net realized gain (loss) from:
	Investments — unaffiliated issuers		(2,654,560	)		8,028			355,179			21,313
	Investments — affiliated issuers		(659	)		—			—			—
	In-kind redemptions — affiliated issuers		12,052			—			—			—
	In-kind redemptions — unaffiliated issuers		8,394,331			517,202			—			93,260
	Futures contracts		—			—			81,274			—
	Purchased Options		—			—			(78,795	)		—
	Written options		—			—			(374,875	)		—
	Foreign currency transactions		—			(619	)		—			—
	Net change in unrealized gain (loss) on:
	Investments — unaffiliated issuers		32,791,267			46,525			361,666			2,305,155
	Investment transactions in affiliated securities		196,392			—			—			—
	Futures contracts		—			—			(8,550	)		—
	Purchased Options		—			—			(7,660	)		—
	Written options		—			—			(11,125	)		—
	Foreign currency translations		—			19			—			—
	Net realized and unrealized gain		38,738,823			571,155			317,114			2,419,728
	NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	40,885,820		$	685,606		$	356,141		$	2,428,380

*  For the period October 3, 2023 (commencement of operations) through February 29, 2024.

  

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

GOLDMAN SACHS EQUITY ETFS

 

Statements of Changes in Net Assets

 

		Bloomberg Clean Energy Equity ETF						Equal Weight U.S. Large Cap Equity ETF
		For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023			For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023
	From operations:
	Net investment income	$	88,603		$	135,628		$	4,574,285		$	8,897,951
	Net realized gain (loss)		(855,644	)		(171,937	)		3,392,590			(10,010,104	)
	Net change in unrealized gain (loss)		157,774			(835,719	)		54,521,177			42,567,681
	Net increase (decrease) in net assets resulting from operations		(609,267	)		(872,028	)		62,488,052			41,455,528
	Distributions to shareholders:
	From distributable earnings		(100,090	)		(123,162	)		(5,179,967	)		(9,019,245	)
	From share transactions:
	Proceeds from sales of shares		3,130,454			1,839,938			124,662,802			49,832,589
	Cost of shares redeemed		–			–			(38,906,605	)		(233,144,465	)
	Net increase (decrease) in net assets resulting from share transactions		3,130,454			1,839,938			85,756,197			(183,311,876	)
	TOTAL INCREASE (DECREASE)		2,421,097			844,748			143,064,282			(150,875,593	)
	Net Assets:
	Beginning of period	$	8,759,744		$	7,914,996		$	462,534,090		$	613,409,683
	End of period	$	11,180,841		$	8,759,744		$	605,598,372		$	462,534,090

  

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

GOLDMAN SACHS EQUITY ETFS

 

Statements of Changes in Net Assets (continued)

 

		Hedge Industry VIP ETF						Innovate Equity ETF
		For the  Six Months Ended  February 29, 2024 (Unaudited)			For the Fiscal Year Ended  August 31, 2023			For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended  August 31, 2023
	From operations:
	Net investment income	$	1,061,519		$	301,855		$	1,136,886		$	3,125,527
	Net realized gain (loss)		19,900,177			(3,910,875	)		6,173,830			(30,757,664	)
	Net change in unrealized gain		7,287,544			23,892,864			32,349,743			67,510,637
	Net increase in net assets resulting from operations		28,249,240			20,283,844			39,660,459			39,878,500
	Distributions to shareholders:
	From distributable earnings		(1,204,174	)		(20,653	)		(3,615,832	)		(558,596	)
	From share transactions:
	Proceeds from sales of shares		68,291,392			62,131,240			18,889,614			33,362,172
	Cost of shares redeemed		(66,203,984	)		(85,315,250	)		(40,076,074	)		(64,136,814	)
	Net increase (decrease) in net assets resulting from share transactions		2,087,408			(23,184,010	)		(21,186,460	)		(30,774,642	)
	TOTAL INCREASE (DECREASE)		29,132,474			(2,920,819	)		14,858,167			8,545,262
	Net Assets:
	Beginning of period	$	142,163,523		$	145,084,342		$	336,075,561		$	327,530,299
	End of period	$	171,295,997		$	142,163,523		$	350,933,728		$	336,075,561

  

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

GOLDMAN SACHS EQUITY ETFS

 

Statements of Changes in Net Assets (continued)

 

		JUST U.S. Large Cap Equity ETF						North American Pipelines & Power Equity ETF
		For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023			For the Six Months Ended February 29, 2024 (Unaudited)			For the Period July 11, 2023* to August 31, 2023
	From operations:
	Net investment income	$	2,146,997		$	4,104,956		$	114,451		$	26,198
	Net realized gain (loss)		5,751,164			8,236,712			524,611			(3,319	)
	Net change in unrealized gain		32,987,659			25,647,603			46,544			67,238
	Net increase in net assets resulting from operations		40,885,820			37,989,271			685,606			90,117
	Distributions to shareholders:
	From distributable earnings		(2,142,488	)		(4,101,726	)		(154,248	)		–
	From share transactions:
	Proceeds from sales of shares		44,525,357			15,631,778			4,023,642			8,096,206
	Cost of shares redeemed		(25,228,798	)		(41,200,389	)		(6,365,006	)		–
	Net increase (decrease) in net assets resulting from share transactions		19,296,559			(25,568,611	)		(2,341,364	)		8,096,206
	TOTAL INCREASE (DECREASE)		58,039,891			8,318,934			(1,810,006	)		8,186,323
	Net Assets:
	Beginning of period	$	277,746,553		$	269,427,619		$	8,186,323		$	–
	End of period	$	335,786,444		$	277,746,553		$	6,376,317		$	8,186,323

*  Commencement of operations.

  

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

GOLDMAN SACHS EQUITY ETFS

 

Statements of Changes in Net Assets (continued)

 

		Defensive Equity ETF(a)
		For the Six Months Ended February 29, 2024 (Unaudited)			For the Period January 1, 2023 to August 31, 2023 (b)			For the Fiscal Year Ended December 31, 2022
	From operations:
	Net investment income	$	39,027		$	44,246		$	44,263
	Net realized loss		(17,217	)		(252,621	)		(345,459	)
	Net change in unrealized gain (loss)		334,331			659,254			(579,556	)
	Net increase (decrease) in net assets resulting from operations		356,141			450,879			(880,752	)
	Distributions to shareholders:
	From distributable earnings:
	Class A Shares		–			–			(1,254	)
	Class C Shares		–			–			–
	Institutional Shares/Fund		(35,391	)		(33,649	)		(45,517	)
	Investor Shares		–			–			–
	Class R6 Shares		–			–			–
	Class R Shares		–			–			–
	Total distributions to shareholders		(35,391	)		(33,649	)		(46,771	)
	From share transactions:
	Proceeds from sales of shares		–			2,623,015			438,545
	Reinvestment of distributions		–			–			46,771
	Cost of shares redeemed		–			(1,816,084	)		(920,363	)
	Net increase (decrease) in net assets resulting from share transactions		–			806,931			(435,047	)
	TOTAL INCREASE (DECREASE)		320,750			1,224,161			(1,362,570	)
	Net assets:
	Beginning of period		6,792,760			5,568,599			6,931,169
	End of period	$	7,113,510		$	6,792,760		$	5,568,599

^(a)  The Fund changed its fiscal year end from December 31 to August 31 on February 1, 2023.

^(b)  Goldman Sachs Defensive Equity ETF acquired all of the assets and liabilities of the Goldman Sachs Defensive Equity Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on January 23, 2023. Performance and financial history of the Predecessor Fund’s Institutional Class Shares have been adopted by Goldman Sachs Defensive Equity ETF and will be used going forward. As a result, the information prior to January 23, 2023, reflects that of the Predecessor Fund’s Institutional Class Shares. The Predecessor Fund ceased operations as of the date of the reorganization.

  

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

GOLDMAN SACHS EQUITY ETFS

 

Statements of Changes in Net Assets (continued)

 

		Small Cap Core Equity ETF
		For the Period October 3, 2023* to February 29, 2024 (Unaudited)
	From operations:
	Net investment income	$	8,652
	Net realized gain		114,573
	Net change in unrealized gain		2,305,155
	Net increase in net assets resulting from operations		2,428,380
	Distributions to shareholders:
	From distributable earnings		(13,618	)
	From share transactions:
	Proceeds from sales of shares		21,196,913
	Cost of shares redeemed		(1,045,561	)
	Net increase in net assets resulting from share transactions		20,151,352
	TOTAL INCREASE		22,566,114
	Net Assets:
	Beginning of period	$	–
	End of period	$	22,566,114

* Commencement of operations.

  

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

GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF

 

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Bloomberg Clean Energy Equity ETF
		For the Six Months  Ended  February 29, 2024  (Unaudited)			For the Fiscal Year Ended August 31, 2023			For the Period February 8, 2022* to August 31, 2022
	Per Share Operating Performance:
	Net asset value, beginning of period	$	35.04		$	39.57		$	39.60
	Net investment income(a)		0.28			0.58			0.32
	Net realized and unrealized loss		(3.08	)		(4.56	)		(0.15	)
	Total from investment operations		(2.80	)		(3.98	)		0.17
	Distributions to shareholders from net investment income		(0.29	)		(0.55	)		(0.20	)
	Net asset value, end of period	$	31.95		$	35.04		$	39.57
	Market price, end of period	$	31.92		$	35.22		$	39.52
	Total Return at Net Asset Value(b)		(8.05	)%		(10.11	)%		0.45	%
	Net assets, end of period (in 000’s)	$	11,181		$	8,760		$	7,915
	Ratio of net expenses to average net assets		0.45	%(c)		0.45	%		0.45	%(c)
	Ratio of net investment income to average net assets		1.75	%(c)		1.56	%		1.43	%(c)
	Portfolio turnover rate(d)		38	%		23	%		19	%

* 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 redemption 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 redemption 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.

  

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

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

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Equal Weight U.S. Large Cap Equity ETF
		For the Six Months  Ended			For the Fiscal Year Ended August 31,
		February 29, 2024  (Unaudited)			2023			2022			2021			2020			2019
	Per Share Operating Performance:
	Net asset value, beginning of period	$	62.93		$	58.98		$	70.00		$	50.86		$	46.30		$	46.33
	Net investment income(a)		0.58			1.03			0.94			0.85			0.93			0.81
	Net realized and unrealized gain (loss)		7.17			3.94			(10.98	)		19.09			4.52			(0.10	)
	Total from investment operations		7.75			4.97			(10.04	)		19.94			5.45			0.71
	Distributions to shareholders from net investment income		(0.67	)		(1.02	)		(0.98	)		(0.80	)		(0.89	)		(0.74	)
	Net asset value, end of period	$	70.01		$	62.93		$	58.98		$	70.00		$	50.86		$	46.30
	Market price, end of period	$	69.99		$	62.93		$	58.99		$	69.99		$	50.95		$	46.32
	Total Return at Net Asset Value(b)		12.40	%		8.58	%		(14.48	)%		39.56	%		12.08	%		1.62	%
	Net assets, end of period (in 000’s)	$	605,598		$	462,534		$	613,410		$	857,504		$	320,433		$	168,989
	Ratio of net expenses to average net assets		0.09	%(c)		0.09	%		0.09	%		0.09	%		0.09	%		0.09	%
	Ratio of net investment income to average net assets		1.83	%(c)		1.72	%		1.43	%		1.39	%		1.98	%		1.81	%
	Portfolio turnover rate(d)		19	%		44	%		47	%		43	%		48	%		39	%

^(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.

  

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

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Hedge Industry VIP ETF
		For the Six Months  Ended			For the Fiscal Year Ended August 31,
		February 29, 2024  (Unaudited)			2023			2022			2021			2020			2019
	Per Share Operating Performance:
	Net asset value, beginning of period	$	88.85		$	75.37		$	103.18		$	79.37		$	56.86		$	57.98
	Net investment income (loss)(a)		0.66			0.17			(0.04	)(b)		(0.07	)		0.16	(c)		0.51
	Net realized and unrealized gain (loss)		16.64			13.32			(27.77	)		23.88			22.59			(1.11	)
	Total from investment operations		17.30			13.49			(27.81	)		23.81			22.75			(0.60	)
	Distributions to shareholders from net investment income		(0.74	)		(0.01	)		–			–	(d)		(0.24	)		(0.52	)
	Distributions to shareholders from return of capital		–			–			–			–			–	(d)		–
	Total distributions		(0.74	)		(0.01	)		–			–	(d)		(0.24	)		(0.52	)
	Net asset value, end of period	$	105.41		$	88.85		$	75.37		$	103.18		$	79.37		$	56.86
	Market price, end of period	$	105.58		$	88.90		$	75.47		$	103.21		$	79.50		$	57.03
	Total Return at Net Asset Value(e)		19.55	%		17.90	%		(26.95	)%		30.00	%		40.07	%		(0.99	)%
	Net assets, end of period (in 000’s)	$	171,296		$	142,164		$	145,084		$	221,834		$	115,085		$	79,608
	Ratio of net expenses to average net assets		0.45	%(f)		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
	Ratio of net investment income to average net assets		1.41	%(f)		0.23	%		(0.05	)%		(0.08	)%		0.26	%		0.91	%
	Portfolio turnover rate(g)		75	%		120	%		117	%		136	%		124	%		103	%

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

^(b)  Reflects income recognized from non-recurring special dividends which amounted to $0.05 per share and 0.05% of average net assets.

^(c)  Reflects income recognized from non-recurring special dividends which amounted to $0.07 per share and 0.11% of average net assets.

^(d)  Amount is less than $0.005 per share.

^(e)  Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption 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 redemption of Fund shares. Total returns for periods less than one full year are not annualized.

^(f)  Annualized.

^(g)  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.

  

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

GOLDMAN SACHS INNOVATE EQUITY ETF

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Innovate Equity ETF
		For the Six Months				For the Fiscal								For the Period
		Ended				Year Ended August 31,								November 6, 2020*
		February 29, 2024												to
		(Unaudited)				2023				2022				August 31, 2021
	Per Share Operating Performance:
	Net asset value, beginning of period		$	49.42			$	43.67			$	63.23			$	50.03
	Net investment income(a)			0.17				0.43				0.33				0.24
	Net realized and unrealized gain (loss)			5.77				5.39				(19.43	)			13.15
	Total from investment operations			5.94				5.82				(19.10	)			13.39
	Distributions to shareholders from net investment income			(0.53	)			(0.07	)			(0.46	)			(0.19	)
	Net asset value, end of period		$	54.83			$	49.42			$	43.67			$	63.23
	Market price, end of period		$	54.77			$	49.42			$	43.62			$	63.34
	Total Return at Net Asset Value(b)			12.07	%			13.38	%			(30.35	)%			26.80	%
	Net assets, end of period (in 000’s)		$	350,934			$	336,076			$	327,530			$	493,184
	Ratio of net expenses to average net assets			0.50	%(c)			0.50	%			0.50	%			0.50	%(c)
	Ratio of net investment income to average net assets			0.68	%(c)			0.97	%			0.62	%			0.50	%(c)
	Portfolio turnover rate(d)			17	%			45	%			38	%			38	%

^*  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.

  

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

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 Six Months  Ended			For the Fiscal Year Ended August 31,
		February 29, 2024  (Unaudited)			2023			2022			2021			2020			2019
	Per Share Operating Performance:
	Net asset value, beginning of period	$	64.22		$	56.72		$	65.65		$	50.92		$	42.04		$	42.13
	Net investment income(a)		0.48			0.89			0.82			0.74			0.74			0.72
	Net realized and unrealized gain (loss)		8.38			7.49			(8.97	)		14.70			8.90			0.08
	Total from investment operations		8.86			8.38			(8.15	)		15.44			9.64			0.80
	Distributions to shareholders from net investment income		(0.48	)		(0.88	)		(0.78	)		(0.71	)		(0.76	)		(0.89	)
	Net asset value, end of period	$	72.60		$	64.22		$	56.72		$	65.65		$	50.92		$	42.04
	Market price, end of period	$	72.69		$	64.27		$	56.84		$	65.68		$	50.88		$	42.06
	Total Return at Net Asset Value(b)		13.89	%		15.00	%		(12.53	)%		30.61	%		23.29	%		2.06	%
	Net assets, end of period (in 000’s)	$	335,786		$	277,747		$	269,428		$	264,240		$	152,754		$	129,275
	Ratio of net expenses to average net assets		0.20	%(c)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
	Ratio of net investment income to average net assets		1.46	%(c)		1.52	%		1.31	%		1.29	%		1.69	%		1.79	%
	Portfolio turnover rate(d)		9	%		9	%		12	%		11	%		14	%		17	%

^(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 redemption 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 redemption 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.

  

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

GOLDMAN SACHS NORTH AMERICAN PIPELINES & POWER EQUITY ETF

 

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

 

 

		North American Pipelines & Power  Equity ETF
		For the Six Months  Ended February 29, 2024  (Unaudited)			For the Period July 11, 2023* to August 31, 2023
	Per Share Operating Performance:
	Net asset value, beginning of period	$	40.93		$	40.46
	Net investment income(a)		0.57			0.13
	Net realized and unrealized gain		1.98			0.34
	Total from investment operations		2.55			0.47
	Distributions to shareholders from net investment income		(0.97	)		–
	Net asset value, end of period	$	42.51		$	40.93
	Market price, end of period	$	42.53		$	40.96
	Total Return at Net Asset Value(b)		6.28	%		1.16	%
	Net assets, end of period (in 000’s)	$	6,376		$	8,186
	Ratio of net expenses to average net assets		0.55	%(c)		0.55	%(c)
	Ratio of net investment income to average net assets		2.81	%(c)		2.25	%(c)
	Portfolio turnover rate(d)		46	%		–	%

^*  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 redemption 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 redemption 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.

  

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

GOLDMAN SACHS DEFENSIVE EQUITY ETF

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Defensive Equity ETF(a),(b)
					For the Fiscal Year Ended December 31,
		For the Six Months  Ended  February 29, 2024  (Unaudited)			For the Period January 1, 2023 to August 31, 2023(d)			2022			2021			For the Period September 30, 2020 to December 31, 2020(c)
	Per Share Operating Performance:
	Net asset value, beginning of period	$	44.52		$	41.72		$	48.24		$	45.86		$	45.00
	Net investment income(e)		0.26			0.24			0.35			0.27			0.09
	Net realized and unrealized gain (loss)		2.07			2.78			(6.49	)		6.26			0.86
	Total from investment operations		2.33			3.02			(6.14	)		6.53			0.95
	Distributions to shareholders from net investment income		(0.23	)		(0.22	)		(0.38	)		(0.23	)		(0.09	)
	Distributions to shareholders from net realized gains		–			–			–			(3.92	)		–	(f)
	Total distributions		(0.23	)		(0.22	)		(0.38	)		(4.15	)		(0.09	)
	Net asset value, end of period	$	46.62		$	44.52		$	41.72		$	48.24		$	45.86
	Market price, end of period	$	46.64		$	44.53		$	–		$	–		$	–
	Total Return at Net Asset Value(g)		5.27	%		7.25	%		(12.57	)%		14.24	%		2.11	%
	Net assets, end of period (in 000’s)	$	7,114		$	6,793		$	5,031		$	6,283		$	5,201
	Ratio of net expenses to average net assets		0.54	%(h)		0.56	%		0.57	%		0.57	%		0.57	%(h)
	Ratio of total expenses to average net assets		0.55	%(h)		2.26	%		6.01	%		9.46	%		10.45	%(h)
	Ratio of net investment income to average net assets		1.16	%(h)		1.01	%		0.82	%		0.52	%		0.84	%(h)
	Portfolio turnover rate(i)		108	%		160	%		178	%		305	%		26	%

^(a)  Goldman Sachs Defensive Equity ETF acquired all of the assets and liabilities of the Goldman Sachs Defensive Equity Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on January 23, 2023. Performance and financial history of the Predecessor Fund’s Institutional Class Shares have been adopted by Goldman Sachs Defensive Equity ETF and will be used going forward. As a result, the information prior to January 23, 2023, reflects that of the Predecessor Fund’s Institutional Class Shares. The Predecessor Fund ceased operations as of the date of the reorganization.

^(b)  On January 18, 2023, the Fund effected a 4.5 -for-1 reverse share split. All per share data has been adjusted to reflect the reverse share split.

^(c)  Commencement of operations of Goldman Sachs Defensive Equity Fund, the predecessor fund.

^(d)  The Fund changed its fiscal year end from December 31 to August 31 on February 1, 2023.

^(e)  Calculated based on the average shares outstanding methodology.

^(f)  Amount is less than $0.005 per share.

^(g)  Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption 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 redemption of Fund shares. Total returns for periods less than one full year are not annualized.

^(h)  Annualized.

⁽ⁱ⁾  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.

  

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

GOLDMAN SACHS SMALL CAP CORE EQUITY ETF

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout The Period

 

 

		Small Cap Core Equity  ETF
		For the Period October 3, 2023* to February 29, 2024 (Unaudited)
	Per Share Operating Performance:
	Net asset value, beginning of period	$	39.36
	Net investment income(a)		0.03
	Net realized and unrealized gain		8.17
	Total from investment operations		8.20
	Distributions to shareholders from net investment income		(0.05	)
	Net asset value, end of period	$	47.51
	Market price, end of period	$	47.56
	Total Return at Net Asset Value(b)		20.84	%
	Net assets, end of period (in 000’s)	$	22,566
	Ratio of net expenses to average net assets		0.75	%(c)
	Ratio of total expenses to average net assets		0.80	%(c)
	Ratio of net investment income to average net assets		0.16	%(c)
	Portfolio turnover rate(d)		16	%

^*  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 redemption 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 redemption 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.

  

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

GOLDMAN SACHS EQUITY ETFS

Notes to Financial Statements

February 29, 2024 (Unaudited)

 

1. ORGANIZATION

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

Fund	Diversified/ Non-diversified
Bloomberg Clean Energy Equity ETF	Diversified
Equal Weight U.S. Large Cap Equity ETF	Diversified
Hedge Industry VIP ETF	Diversified
Innovate Equity ETF	Diversified
JUST U.S. Large Cap Equity ETF	Diversified
North American Pipelines & Power Equity ETF(a)	Non-diversified
Defensive Equity ETF	Diversified
Small Cap Core Equity ETF(b)	Non-diversified

(a) Commenced operations on July 11, 2023.

(b) Commenced operations on October 3, 2023.

The investment objective of each Fund (except Defensive Equity ETF and Small Cap Core Equity ETF) is to provide investment results that closely correspond, before fees and expenses, to the performance of its respective Index. The Defensive Equity ETF seeks long-term growth of capital with lower volatility than equity markets. The Small Cap Core Equity ETF seeks 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 Hedge Industry VIP ETF, Innovate Equity ETF, JUST U.S. Large Cap Equity ETF, Defensive Equity ETF and Small Cap Core Equity ETF are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”), and shares of the Bloomberg Clean Energy Equity ETF, Equal Weight U.S. Large Cap Equity ETF and North American Pipelines & Power Equity ETF are listed and 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

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.

69

GOLDMAN SACHS EQUITY ETFS

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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. Distributions from master limited partnerships (“MLPs”) are generally recorded based on the characterization reported on the MLP’s tax return. A Fund records its pro-rata share of the income/loss and capital gains/losses, allocated from the underlying partnerships and adjusts the cost basis of the underlying partnerships accordingly. For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

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

D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. For each Fund, income distributions, if any, are declared and paid quarterly with respect to Equal Weight U.S. Large Cap Equity ETF, JUST U.S. Large Cap Equity ETF, North American Pipelines & Power Equity ETF, Defensive Equity ETF and Small Cap Core Equity ETF, semi-annually with respect to Bloomberg Clean Energy Equity ETF, and annually for Hedge Industry VIP ETF and Innovate Equity ETF. Capital gains distributions, if any, are declared and paid annually.

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

E. Return of Capital Estimates — Distributions received from the North American Pipelines & Power Equity ETF’s investments in MLPs generally are comprised of income and return of capital. The Fund records investment income and return of capital based on estimates made at the time such distributions are received. Such estimates are based on historical information available from each MLP and other industry sources. These estimates may subsequently be revised based on information received from MLPs after their tax reporting periods are concluded.

F. 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.

  

70

GOLDMAN SACHS EQUITY ETFS

 

 

 

 

 

 

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).

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. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the “Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities 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 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 exchange-traded funds (“ETFs”) and other investment companies. 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.

  

  71

GOLDMAN SACHS EQUITY ETFS

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 either due to broker/receivable for collateral on certain derivative 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.

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.

ii. Options — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts. Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

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 the Valuation Procedures. 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 and derivatives classified in the fair value hierarchy as of February 29, 2024:

Bloomberg Clean Energy Equity ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	2,146,940	$	15,579	$	—
Europe		3,176,938		—		—
North America		5,570,140		—		—
South America		136,555		65,604		—
Investment Company		41,286		—		—
Securities Lending Reinvestment Vehicle		26,070		—		—
Total	$	11,097,929	$	81,183	$	—

  

72

GOLDMAN SACHS EQUITY ETFS

 

 

 

 

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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	$	604,167,341	$	—	$	—
Investment Company		567,018		—		—
Total	$	604,734,359	$	—	$	—
Hedge Industry VIP ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	6,744,109	$	—	$	—
Europe		3,370,451		—		—
North America		157,979,819		—		—
South America		3,074,143		—		—
Investment Company		118,097		—		—
Total	$	171,286,619	$	—	$	—
Innovate Equity ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	57,013,846	$	49,364	$	—
Europe		30,217,639		—		28,403
North America		257,728,592		544,920		—
South America		4,716,352		—		—
Exchange-Traded Fund		595,499		—		—
Securities Lending Reinvestment Vehicle		6,720,917		—		—
Total	$	356,992,845	$	594,284	$	28,403
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	$	335,289,043	$	—	$	—
Investment Company		81,862		—		—
Total	$	335,370,905	$	—	$	—

73

  

  73

GOLDMAN SACHS EQUITY ETFS

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

North American Pipelines & Power Equity ETF
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	15,266		$	—	$	—
North America		6,339,453			—		—
Investment Company		10,966			—		—
Total	$	6,365,685		$	—	$	—
Defensive Equity ETF
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	9,007		$	—	$	—
North America		6,299,313			—		—
South America		27,120			—		—
Investment Company		537,910			—		—
Total	$	6,873,350		$	—	$	—
Derivative Type
Assets
Futures Contracts(b)	$	3,407		$	—	$	—
Purchased Options Contracts		35,437			—		—
Total	$	38,844		$	—	$	—
Liabilities
Written Options Contracts	$	(30,105	)	$	—	$	—
Small Cap Core Equity ETF
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	239,607		$	—	$	—
North America		22,259,644			—		—
Investment Company		285,240			—		—
Total	$	22,784,491		$	—	$	—

^(a)  Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table.

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

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

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of February 29, 2024. These instruments were used as part of the Fund’s investment strategies

  

74

GOLDMAN SACHS EQUITY ETFS

 

 

 

 

 

 

4. INVESTMENTS IN DERIVATIVES (continued)

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 Fund’s net exposure.

Defensive Equity ETF
Risk	Statement of Assets and Liabilities	Assets1		Statement of Assets and Liabilities	Liabilities1
Equity	Written options at value	$	38,844	Written options at value	$	(30,105	)

1 Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedule of Investments. Only the variation margin as of February 29, 2024 is reported within the Statement of Assets and Liabilities.

The following tables set forth, by certain risk types, the Fund’s gains (losses) related to these derivatives and their indicative volumes for the six months ended February 29, 2024. 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:

Defensive Equity ETF
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) from futures contracts, purchased options and written options/Net change in unrealized gain (loss) on futures contracts, purchased options and written options	$	(372,396	)	$	(27,335	)

For the six months ended February 29, 2024 the relevant values for each derivative type were as follows:

	Average number of Contracts(a)
Fund	Futures Contracts		Purchased Options	Written Options
Defensive Equity ETF		3	28	57

(a) Amounts disclosed represent average number of contracts, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the six months ended February 29, 2024.

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

For the six months ended February 29, 2024, contractual and effective net unitary management fees with GSAM were at the following rates:

  

  75

GOLDMAN SACHS EQUITY ETFS

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Fund	Unitary Management Fee
Bloomberg Clean Energy Equity ETF	0.45%
Equal Weight U.S. Large Cap Equity ETF	0.09%
Hedge Industry VIP ETF	0.45%
Innovate Equity ETF	0.50%
JUST U.S. Large Cap Equity ETF	0.20%
North American Pipelines & Power Equity ETF	0.55%
Defensive Equity ETF	0.55%
Small Cap Core Equity ETF	0.80%*

* The net effective management fee for the period October 3, 2023 (commencement of operations) through February 29, 2024 was 0.75%.

The Investment Adviser has agreed to waive a portion of its management fee for Small Cap Core Equity ETF in order to achieve a net management fee rate of 0.75% as an annual percentage for the Fund’s average daily net assets. This arrangement will remain in effect through at least December 29, 2024, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. During the period ended February 29, 2024, the Small Cap Core Equity ETF waived $2,664 in management fees.

The Bloomberg Clean Energy Equity ETF, Equal Weight U.S. Large Cap Equity ETF, Hedge Industry VIP ETF, Innovate Equity ETF, JUST U.S. Large Cap Equity ETF, North American Pipelines & Power Equity ETF, Defensive Equity ETF and Small Cap Core Equity ETF invest in Institutional Shares of the Goldman Sachs Financial Square Treasury Obligations Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest. For the six months ended February 29, 2024, the management fee waived by GSAM for each Fund was as follows:

Fund	Management  Fee Waived
Bloomberg Clean Energy Equity ETF	$	26
Equal Weight U.S. Large Cap Equity ETF		461
Hedge Industry VIP ETF		233
Innovate Equity ETF		437
JUST U.S. Large Cap Equity ETF		210
North American Pipelines & Power Equity ETF		10
Defensive Equity ETF		226
Small Cap Core Equity ETF		78

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. and Goldman Sachs Financial Square Treasury Obligations Fund for the six months ended February 29, 2024:

  

76

GOLDMAN SACHS EQUITY ETFS

 

 

 

 

 

 

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Bloomberg Clean Energy Equity ETF
	Beginning value as of August 31, 2023		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Ending value as of February 29, 2024		Shares as of February 29, 2024		Dividend Income		Capital Gain Distribution
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares
	$	–	$	418,442	$	(377,156	)	$	–	$	–	$	41,286		41,286	$	777	$	–
Equal Weight U.S. Large Cap Equity ETF
	Beginning value as of August 31, 2023		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Ending value as of February 29, 2024		Shares as of February 29, 2024		Dividend Income		Capital Gain Distribution
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares
	$	–	$	8,004,233	$	(7,437,215	)	$	–	$	–	$	567,018		567,018	$	12,931	$	–
Goldman Sachs Group, Inc. (The)
		888,422		312,898		(175,719	)		6,102		167,349		1,199,052		3,082		16,346		–
Total	$	888,422	$	8,317,131	$	(7,612,934	)	$	6,102	$	167,349	$	1,766,070			$	29,277	$	–
Hedge Industry VIP ETF
	Beginning value as of August 31, 2023		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Ending value as of February 29, 2024		Shares as of February 29, 2024		Dividend Income		Capital Gain Distribution
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares
	$	–	$	8,780,829	$	(8,662,732	)	$	–	$	–	$	118,097		118,097	$	6,840	$	–
Innovate Equity ETF
	Beginning value as of August 31, 2023		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Ending value as of February 29, 2024		Shares as of February 29, 2024		Dividend Income		Capital Gain Distribution
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares
	$	–	$	5,355,914	$	(5,355,914	)	$	–	$	–	$	–		–	$	13,011	$	–
Goldman Sachs Group, Inc. (The)
		1,692,950		114,167		(398,836	)		93,257		214,172		1,715,710		4,410		25,737		–
Total	$	1,692,950	$	5,470,081	$	(5,754,750	)	$	93,257	$	214,172	$	1,715,710			$	38,748	$	–
JUST U.S. Large Cap Equity ETF
	Beginning value as of August 31, 2023		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Ending value as of February 29, 2024		Shares as of February 29, 2024		Dividend Income		Capital Gain Distribution
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares
	$	–	$	1,987,701	$	(1,905,839	)	$	–	$	–	$	81,862		81,862	$	6,272	$	–

  

  77

GOLDMAN SACHS EQUITY ETFS

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued )

JUST U.S. Large Cap Equity ETF
	Beginning value as of August 31, 2023		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Ending value as of February 29, 2024		Shares as of February 29, 2024		Dividend Income		Capital Gain Distribution
Goldman Sachs Group, Inc. (The)
	$	1,047,034	$	179,353	$	(53,822	)	$	11,393	$	196,392	$	1,380,350		3,548	$	19,057	$	–
Total	$	1,047,034	$	2,167,054	$	(1,959,661	)	$	11,393	$	196,392	$	1,462,212			$	25,329	$	–
North American Pipelines & Power Equity ETF
	Beginning value as of August 31, 2023		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Ending value as of February 29, 2024		Shares as of February 29, 2024		Dividend Income		Capital Gain Distribution
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares
	$	–	$	277,929	$	(266,963	)	$	–	$	–	$	10,966		10,966	$	304	$	–
Defensive Equity ETF
	Beginning value as of August 31, 2023		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Ending value as of February 29, 2024		Shares as of February 29, 2024		Dividend Income		Capital Gain Distribution
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares
	$	–	$	1,837,108	$	(1,299,198	)	$	–	$	–	$	537,910		537,910	$	6,632	$	–
Small Cap Core Equity ETF
	Beginning value as of October 3, 2023		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Ending value as of February 29, 2024		Shares as of February 29, 2024		Dividend Income		Capital Gain Distribution
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares
	$	–	$	563,343	$	(278,103	)	$	–	$	–	$	285,240		285,240	$	2,260	$	–

6. CREATION AND REDEMPTION OF CREATION UNITS

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

  

78

GOLDMAN SACHS EQUITY ETFS

 

 

 

 

 

 

6.  CREATION AND REDEMPTION OF CREATION UNITS (continued)

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:

	Bloomberg Clean Energy Equity ETF
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares sold		100,000		$	3,130,454			50,000		$	1,839,938
NET INCREASE IN SHARES		100,000		$	3,130,454			50,000		$	1,839,938
	Equal Weight U.S. Large Cap Equity ETF
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares sold		1,900,000		$	124,662,802			850,000		$	49,832,589
Shares redeemed		(600,000	)		(38,906,605	)		(3,900,000	)		(233,144,465	)
NET INCREASE (DECREASE) IN SHARES		1,300,000		$	85,756,197			(3,050,000	)	$	(183,311,876	)
	Hedge Industry VIP ETF
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares sold		700,000		$	68,291,392			775,000		$	62,131,240
Shares redeemed		(675,000	)		(66,203,984	)		(1,100,000	)		(85,315,250	)
NET INCREASE (DECREASE) IN SHARES		25,000		$	2,087,408			(325,000	)	$	(23,184,010	)
	Innovate Equity ETF
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares sold		350,000		$	18,889,614			750,000		$	33,353,298
Shares redeemed		(750,000	)		(40,076,074	)		(1,450,000	)		(64,136,240	)
NET DECREASE IN SHARES		(400,000	)	$	(21,186,460	)		(700,000	)	$	(30,782,942	)

  

  79

GOLDMAN SACHS EQUITY ETFS

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

6.  CREATION AND REDEMPTION OF CREATION UNITS (continued)

	JUST U.S. Large Cap Equity ETF
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares sold		675,000		$	44,525,357			275,000		$	15,631,778
Shares redeemed		(375,000	)		(25,228,798	)		(700,000	)		(41,200,389	)
NET INCREASE (DECREASE) IN SHARES		300,000		$	19,296,559			(425,000	)	$	(25,568,611	)
	North American Pipelines & Power Equity ETF
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Period July 11, 2023(a) to August 31, 2023
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares sold		100,000		$	4,023,642			200,000		$	8,096,206
Shares redeemed		(150,000	)		(6,365,006	)		—			—
NET INCREASE (DECREASE) IN SHARES		(50,000	)	$	(2,341,364	)		200,000		$	8,096,206

(a) Commencement of operations.

	Defensive Equity ETF(a)
	For the Six Months Ended February 29, 2024 (Unaudited)				For the Period January 1, 2023 to August 31, 2023 †						For the Fiscal Year Ended December 31, 2022
	Shares		Dollars		Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		—	$	—		—		$	—			5,398		$	51,806
Reinvestment of distributions		—		—		—			—			134			1,254
Shares redeemed		—		—		(25,524	)*		(240,345	)*		(9,452	)		(94,513	)
		—		—		(25,524	)		(240,345	)		(3,920	)		(41,453	)
Class C Shares
Shares sold		—		—		—			—			24,307			241,850
Reinvestment of distributions		—		—		—			—			—			—
Shares redeemed		—		—		(32,815	)*		(306,081	)*		(940	)		(8,516	)
		—		—		(32,815	)		(306,081	)		23,367			233,334
Fund Share Activity (formerly Institutional Shares)**
Shares sold		—		—		60,477			2,623,015			3,112			144,889
Reinvestment of distributions		—		—		—			—			1,080			45,517
Shares redeemed		—		—		(28,520	)		(1,269,658	)		(13,844	)		(617,012	)
		—		—		31,957			1,353,357			(9,652	)		(426,606	)

  

80

GOLDMAN SACHS EQUITY ETFS

 

 

 

 

 

 

6. CREATION AND REDEMPTION OF CREATION UNITS (continued)

	Defensive Equity ETF(a)
	For the Six Months Ended February 29, 2024 (Unaudited)				For the Period January 1, 2023 to August 31, 2023 †				For the Fiscal Year Ended December 31, 2022
	Shares		Dollars		Shares		Dollars		Shares		Dollars
Investor Shares
Shares sold		—	$	—		—	$	—		—	$	—
Reinvestment of distributions		—		—		—		—		—		—
Shares redeemed		—		—		—		—		(5,438)		(50,140)
		—		—		—		—		(5,438)		(50,140)
Class R6 Shares
Shares sold		—		—		—		—		—		—
Reinvestment of distributions		—		—		—		—		—		—
Shares redeemed		—		—		—		—		(5,446)		(50,268)
		—		—		—		—		(5,446)		(50,268)
Class R Shares
Shares sold		—		—		—		—		—		—
Reinvestment of distributions		—		—		—		—		—		—
Shares redeemed		—		—		—		—		(5,414)		(49,649)
		—		—		—		—		(5,414)		(49,649)
Class P Shares
Shares sold		—		—		—		—		—		—
Reinvestment of distributions		—		—		—		—		—		—
Shares redeemed		—		—		—		—		(5,446)		(50,265)
		—		—		—		—		(5,446)		(50,265)
NET INCREASE IN SHARES		—	$	—		(26,382)	$	806,931		(11,949)	$	(435,047)

† The Fund changed its fiscal year end from December 31 to August 31 on February 1, 2023.

* Class A Shares and Class C Shares were converted to Institutional Shares on January 13, 2023.

** On January 18, 2023, the Goldman Sachs Defensive Equity Fund Institutional Shares effected a 4.5-for-1 reverse share split. Shares outstanding have been adjusted to reflect the reverse share split.

(a) Goldman Sachs Defensive Equity ETF acquired all of the assets and liabilities of the Goldman Sachs Defensive Equity Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on January 23, 2023. Performance and financial history of the Predecessor Fund’s Institutional Class Shares have been adopted by Goldman Sachs Defensive Equity ETF and will be used going forward. As a result, the information prior to January 23, 2023, reflects that of the Predecessor Fund’s Institutional Class Shares. The Predecessor Fund ceased operations as of the date of the reorganization.

	Small Cap Core Equity ETF
	For the Period October 3, 2023(a) to February 29, 2024 (Unaudited)
	Shares		Dollars
Fund Share Activity
Shares sold		500,000	$	21,196,913
Shares redeemed		(25,000)		(1,045,561)
NET INCREASE IN SHARES		475,000	$	20,151,352

(a) Commenced operations on October 3, 2023.

  

  81

GOLDMAN SACHS EQUITY ETFS

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

7. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the six months ended February 29, 2024, were as follows:

Fund	Purchases		Sales
Bloomberg Clean Energy Equity ETF	$	4,345,611	$	3,838,584
Equal Weight U.S. Large Cap Equity ETF		93,737,039		94,143,651
Hedge Industry VIP ETF		181,467,213		112,907,034
Innovate Equity ETF		55,659,911		58,082,131
JUST U.S. Large Cap Equity ETF		27,037,236		26,914,588
North American Pipelines & Power Equity ETF(a)		3,782,323		3,758,196
Defensive Equity ETF		6,534,528		7,040,267
Small Cap Core Equity ETF(b)		2,166,726		2,075,870

(a)  Commenced operations on July 11, 2023.

(b)  Commenced operations on October 3, 2023.

The purchases and sales from in-kind creation and redemption transactions for the six months ended February 29, 2024, were as follows:

Fund	Purchases		Sales
Bloomberg Clean Energy Equity ETF	$	2,579,906	$	—
Equal Weight U.S. Large Cap Equity ETF		124,310,908		38,659,194
Hedge Industry VIP ETF		—		66,421,472
Innovate Equity ETF		18,299,672		38,881,121
JUST U.S. Large Cap Equity ETF		44,360,352		25,015,429
North American Pipelines & Power Equity ETF(a)		4,015,523		6,329,704
Small Cap Core Equity ETF(b)		21,020,585		1,031,917

(a)  Commenced operations on July 11, 2023.

(b)  Commenced operations on October 3, 2023.

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

  

82

GOLDMAN SACHS EQUITY ETFS

 

 

 

 

 

 

8. SECURITIES LENDING (continued)

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 February 29, 2024, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Both the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended February 29, 2024, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended February 29, 2024:

Fund	Beginning value as of August 31, 2023		Purchases at Cost		Proceeds from Sales			Ending value as of February 29, 2024
Bloomberg Clean Energy Equity ETF	$	119,761	$	1,019,524	$	(1,113,215	)	$	26,070
Equal Weight U.S. Large Cap Equity ETF		542,850		2,699,678		(3,242,528	)		—
Hedge Industry VIP ETF		—		3,168,125		(3,168,125	)		—
Innovate Equity ETF		8,259,180		26,921,924		(28,460,187	)		6,720,917
JUST U.S. Large Cap Equity ETF		30,687		601,394		(632,081	)		—

9. TAX INFORMATION

As of the Funds’ most recent fiscal year ended August 31, 2023, the Funds’ capital loss carryforward and certain timing differences on a tax-basis were as follows:

  

  83

GOLDMAN SACHS EQUITY ETFS

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

9. TAX INFORMATION (continued )

	Bloomberg Clean Energy Equity ETF		Equal Weight U.S. Large Cap Equity ETF		Hedge Industry VIP ETF		Innovate Equity ETF		JUST U.S. Large  Cap Equity ETF
Capital loss carryforwards:
Perpetual Short-Term	$	(4,035)	$	(19,879,124)	$	(43,746,330)	$	(19,152,011)	$	(4,416,220)
Perpetual Long-Term		—		(5,158,552)		(4,687,451)		(19,652,908)		(1,495,913)
Total capital loss carryforwards		(4,035)		(25,037,676)		(48,433,781)		(38,804,919)		(5,912,133)
Timing differences — (Qualified Late Year
Ordinary Loss Deferral/Post October
Capital Loss Deferral)		(129,221)		(38,647,844)		(15,225,001)		(36,330,003)		(4,487,849)
					North American Pipelines & Power Equity ETF		Defensive Equity ETF		Small Cap Core Equity ETF(a)
Capital loss carryforwards:
Perpetual Short-Term					$	—	$	(96,743)	$	—
Perpetual Long-Term						—		(381,935)		—
Total capital loss carryforwards						—		(478,678)		—

(a) Commenced operations on October 3, 2023.

As of February 29, 2024, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Bloomberg Clean Energy Equity ETF			Equal Weight U.S. Large Cap Equity ETF			Hedge Industry VIP ETF			Innovate Equity ETF			JUST U.S. Large Cap  Equity ETF
Tax Cost	$	11,942,638		$	530,659,836		$	146,281,012		$	315,133,550		$	252,011,346
Gross unrealized gain		699,947			103,634,759			30,863,800			83,821,508			98,089,598
Gross unrealized loss		(1,463,473	)		(29,560,236	)		(5,858,193	)		(41,339,526	)		(14,730,039)
Net unrealized gain (loss)	$	(763,526	)	$	74,074,523		$	25,005,607		$	42,481,982		$	83,359,559
							North American Pipelines & Power Equity ETF			Defensive Equity ETF			Small Cap Core Equity ETF(a)
Tax Cost							$	6,251,136		$	6,311,222		$	20,479,336
Gross unrealized gain								340,245			803,897			2,606,819
Gross unrealized loss								(225,696	)		(241,769	)		(301,664)
Net unrealized gain (loss)							$	114,549		$	562,128		$	2,305,155

(a) Commenced operations on October 3, 2023.

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, net mark to market gains (losses) on regulated options, and differences in the tax treatment of partnership investments and passive foreign investment company investments.

  

84

GOLDMAN SACHS EQUITY ETFS

 

 

 

 

 

 

9. TAX INFORMATION (continued )

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.

10. OTHER RISKS

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

Calculation Methodology Risk — The Index relies on various sources of information to assess the criteria of issuers included in the Index, (or a reference index if applicable) including fundamental information that may be based on assumptions and estimates. Neither the Fund, the Investment Adviser nor the Index Provider can offer assurances that the Index’s calculation methodology or sources of information will provide a correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.

Index Risk (each Fund except Defensive Equity ETF and Small Cap Core Equity ETF) — Bloomberg Professional Services, 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 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 Providers may utilize third party data in constructing each Index, but 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. The Index Providers 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.

Industry Concentration Risk (each Fund except Defensive Equity ETF and Small Cap Core Equity ETF) — In following its methodology, an Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or group of industries. To the extent that an Index concentrates in the securities of issuers in a particular industry or group of industries, the Fund also will concentrate its investments to approximately the same extent. By concentrating its investments in an industry or group of industries, the applicable Fund may face more risks than if it were diversified broadly over numerous industries or groups of industries. If an Index is not concentrated in a particular industry or group of industries, the applicable Fund will not concentrate in a particular industry or group of industries.

Large Shareholder Transactions Risk — Certain shareholders, including other funds advised by the Investment Adviser, may from time to time own a substantial amount of the Fund’s Shares. In addition, a third party investor, the Investment Adviser or an affiliate of the Investment Adviser, an authorized participant, a lead market maker, or another entity (i.e., a seed investor) may invest in the Fund and hold its investment solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or scale. Any such investment may be held for a limited period of time. There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to

  

  85

GOLDMAN SACHS EQUITY ETFS

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

10. OTHER RISKS (continued )

meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund, including on the Fund’s liquidity. In addition, transactions by large shareholders may account for a large percentage of the trading volume on Cboe or NYSE Arca and may, therefore, have a material upward or downward effect on the market price of the Shares.

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, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Market Trading Risk — Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may pay more for, or receive less than, the underlying value of the Shares, respectively. 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 Defensive Equity ETF and Small Cap Core Equity ETF) trading individually or in the aggregate at any point in time.

Master Limited Partnership Risk — Investments in securities of MLPs involve risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, cash flow risks, dilution risks, limited liquidity and risks related to the general partner’s right to require unit-holders to sell their common units at an undesirable time or price.

Non Diversification Risk— The North American Pipelines & Power Equity ETF and Small Cap Core Equity ETF are non-diversified, meaning that they are permitted to invest a larger percentage of their assets in one or more issuers or in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

Tracking Error Risk (each Fund except Defensive Equity ETF and Small Cap Core 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.

11. INDEMNIFICATIONS

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

  

86

GOLDMAN SACHS EQUITY ETFS

 

 

 

 

 

 

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 ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund, Goldman Sachs Trust, Goldman Sachs Trust II and Goldman Sachs Variable Insurance Trust, in July 2023, the Board voted to nominate Gregory G. Weaver, Dwight L. Bush, Kathryn A. Cassidy, John G. Chou, Joaquin Delgado, Eileen H. Dowling and Paul C. Wirth (the “Nominees”) for election as Trustees of the Trust. At a virtual special joint meeting of shareholders held on November 16, 2023, each of the Nominees was elected to serve as Trustees alongside the then current Trustees of the Trust, effective January 1, 2024.

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.

  

  87

GOLDMAN SACHS EQUITY ETFS

 

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting of Shareholders (the “Meeting”) of the Goldman Sachs ETF Trust (the “Trust”) was held on November 16, 2023 to consider and elect nominees to the Trust’s Board of Trustees. At the Meeting, Gregory G. Weaver, Dwight L. Bush, Kathryn A. Cassidy, John G. Chou, Joaquin Delgado, Eileen H. Dowling and Paul C. Wirth were elected to the Trust’s Board of Trustees. In electing the nominees, the Trust’s shareholders voted as follows:

Proposal  Election of Trustees	For	Withheld
Gregory G. Weaver	312,642,103	27,755,773
Dwight L. Bush	339,557,290	840,586
Kathryn A. Cassidy	339,692,259	705,617
John G. Chou	339,628,535	769,341
Joaquin Delgado	339,626,867	771,009
Eileen H. Dowling	339,570,827	827,049
Paul C. Wirth	339,591,397	806,479

  

88  

GOLDMAN SACHS EQUITY ETFS

 

 

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Bloomberg Clean Energy Equity ETF, Goldman Sachs Equal Weight U.S. Large Cap Equity ETF, Goldman Sachs Hedge Industry VIP ETF, Goldman Sachs Innovate Equity ETF, Goldman Sachs JUST U.S. Large Cap Equity ETF and Goldman Sachs Defensive Equity ETF (each, a “Fund” and together, the “Funds”) are investment portfolios of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The Management Agreement was most recently approved for continuation until September 30, 2024 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on September 19-20, 2023 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

(b) information on the investment performance of the Fund, including comparisons to (i) the performance of similar exchange-traded funds (“ETFs”), as provided by a third-party fund data provider engaged as part of the contract review process (the “Outside Data Provider”); (ii) its underlying index (except for the Goldman Sachs Defensive Equity ETF); (iii) with respect to the Goldman Sachs Defensive Equity ETF, a benchmark performance index and a composite of accounts with comparable investment strategies managed by the Investment Adviser; and (iv) information on general investment outlooks in the markets in which the Fund invests;

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

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

(e) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider (except with respect to the Goldman Sachs Bloomberg Clean Energy Equity ETF), its processes in producing that data for the Fund;

(f) information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund (except for the Goldman Sachs Defensive Equity ETF, which was reorganized into an ETF from a mutual fund in 2023) to the Investment Adviser and its affiliates;

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

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

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

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

  

  89

GOLDMAN SACHS EQUITY ETFS

 

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

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

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

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

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

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including developments associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees considered that under the Management Agreement, each Fund pays a single fee to the Investment Adviser, and the Investment Adviser pays each Fund’s ordinary operating expenses, excluding payments under each Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification, and extraordinary expenses. The Trustees also considered information about each Fund’s structure, investment objective, strategies, and other characteristics. In particular, they noted that the Funds are passively-managed ETFs that seek to track indices developed and maintained by third-party service providers, except for the Goldman Sachs Hedge Industry VIP ETF, which seeks to track a proprietary index created by the Investment Adviser, and the Goldman Sachs Defensive Equity ETF, which is an actively managed ETF that seeks long-term growth of capital with lower volatility than equity markets. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Funds. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing investment strategies similar to those of the Funds. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and/or ratings compiled by the Outside Data Provider as of March 31, 2023, and updated information prepared by the Investment Adviser regarding the Funds’ category rankings using the peer group identified by the Outside Data Provider as of June 30, 2023. The information on each Fund’s investment performance was provided for the one-, three-, and five-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. As part of this review, they reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing each Fund’s (except for the Goldman Sachs Defensive Equity ETF) performance to that of its respective index, and with respect to the Goldman Sachs Defensive Equity ETF, to a comparable market capitalization-weighted reference index and a composite of accounts with comparable investment strategies managed the Investment Adviser. The Trustees observed that each Fund’s (except for the Goldman Sachs Defensive Equity ETF)

  

90  

GOLDMAN SACHS EQUITY ETFS

 

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

investment performance was consistent with the investment objective of tracking its index. With respect to the Goldman Sachs Defensive Equity ETF, they considered the investment performance trend of the Fund over time and reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions. The Trustees also recalled that the Goldman Sachs Defensive Equity ETF’s predecessor fund had commenced operations on September 20, 2020 and had been reorganized into the Fund on January 20, 2023. They observed that the Goldman Sachs Defensive Equity ETF had underperformed the Fund’s benchmark index for the one-year period ended June 30, 2023. The Trustees noted that the Goldman Sachs Defensive Equity ETF’s investment performance was consistent with its investment objective of seeking long-term growth of capital with lower volatility than equity markets.

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

Unitary Fee Structure and Profitability

The Trustees considered the unitary management fee rate payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and non-advisory services that were directed to the needs and operations of the Funds as ETFs.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The Trustees also considered information previously provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Funds’ fee rates and expense ratios were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing each Fund’s management fee rate and net expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons provided by the Outside Data Provider and the Investment Adviser were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds. They also noted that shareholders are able to sell their Fund shares on the secondary market if they believe that Fund fees and expenses are too high or if they are dissatisfied with the performance of a Fund.

The Trustees noted that license fees would be payable by the Investment Adviser to Bloomberg Professional Services for the use of the underlying index of the Goldman Sachs Bloomberg Clean Energy Equity ETF, to Solactive AG for the use of the underlying indices of the Goldman Sachs Equal Weight U.S. Large Cap Equity ETF and Goldman Sachs Innovate Equity ETF, to Frank Russell Company for the use of the underlying index of the Goldman Sachs JUST U.S. Large Cap Equity ETF, and to JUST Capital Foundation, Inc. for the use of certain trademarks and trade names with respect to the Goldman Sachs JUST U.S. Large Cap Equity ETF. They noted that no license fee would be payable to the Investment Adviser by the Goldman Sachs Hedge Industry VIP ETF for use of the index created by the Investment Adviser.

The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had previously received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency, and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC (“Goldman Sachs”) organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations. Profitability data for the Funds was provided for 2022 (except for the Goldman Sachs Defensive Equity ETF) and 2021 (except for the Goldman Sachs Bloomberg Clean Energy Equity ETF and Goldman Sachs Defensive Equity ETF). The Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

The Trustees noted that the Funds, similar to many other ETFs, do not have management fee breakpoints. They considered information previously provided regarding each Fund’s fee structure, the amount of assets in each Fund, each Fund’s recent creation and redemption activity, information provided by the Investment Adviser relating to the costs of the services provided by

  

  91

GOLDMAN SACHS EQUITY ETFS

 

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

the Investment Adviser and its realized profits, and information comparing the contractual management fee rate charged by other advisers to other funds in the peer group. The Trustees further noted the Investment Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration in determining each Fund’s unitary management fee rate.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (b) fees earned by the Investment Adviser for managing the funds in which certain Funds’ securities lending cash collateral is invested; (c) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (d) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (e) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (f) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (g) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) the Funds’ access to certain affiliated distribution channels. They considered the competitive nature of the ETF marketplace, noting that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary fee paid by each Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until September 30, 2024.

  

92  

GOLDMAN SACHS EQUITY ETFS

 

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

Background

The Goldman Sachs Small Cap Core Equity ETF (the “Fund”) is a newly-organized investment portfolio of Goldman Sachs ETF Trust (the “Trust”) that commenced investment operations on October 3, 2023. At a meeting held on September 19-20, 2023 (the “Meeting”) in connection with the Fund’s organization, the Board of Trustees, including all of the Trustees 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 transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and its service providers would operate, including developments associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, 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 growth of capital. 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 investment strategies similar to those of the Fund. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. 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 unitary 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 non-advisory services directed to the needs and operations of the Fund as an ETF. In addition, the Trustees considered the Investment Adviser’s undertaking to implement a fee waiver for the Fund. The Trustees also reviewed information provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms, as well as the Fund’s peer group and category medians. The comparisons of the Fund’s unitary management fee rate and projected expense ratio were prepared by the Investment Adviser and a third-party provider of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s unitary

  

  93

GOLDMAN SACHS EQUITY ETFS

 

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

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. They also noted that shareholders would be able to sell their Fund shares on the secondary market if they believe that Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

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. They further noted that the Investment Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration in determining the Fund’s unitary management fee rate.

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) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (b) fees earned by the Investment Adviser for managing the funds in which the Fund’s securities lending cash collateral is invested; (c) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (d) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (e) 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; (f) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (g) 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 other potential benefits as a result of its relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Fund with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Fund as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) 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; (g) the Fund’s access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) 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.

  

94  

GOLDMAN SACHS EQUITY ETFS

 

Liquidity Risk Management Program

February 29, 2024

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 February 13-14, 2024, 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, 2023 through December 31, 2023 (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; (3) the efficiency of the arbitrage function during the Reporting Period; and (4) the impact of local holidays in non-U.S. jurisdictions. 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.

  

  95

GOLDMAN SACHS EQUITY ETFS

Fund Expenses — Six Month ended February 29, 2024 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period from September 1, 2023 and held for the six months ended February 29, 2024, which represents a period of 182 days of a 366 day year (or less where indicated).

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

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

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

	Bloomberg Clean Energy Equity ETF			Equal Weight U.S. Large Cap Equity ETF			Hedge Industry VIP ETF			Innovate Equity ETF
	Beginning  Account Value 9/1/23	Ending  Account Value  2/29/24	Expenses Paid for the 6 months ended 2/29/24*	Beginning  Account Value 9/1/23	Ending  Account Value  2/29/24	Expenses Paid for the 6 months  ended 2/29/24*	Beginning   Account Value  9/1/23	Ending Account Value 2/29/24	Expenses Paid for the 6 months ended 2/29/24*	Beginning  Account Value 9/1/23	Ending  Account Value 2/29/24	Expenses Paid for the 6 months ended  2/29/24*
Actual based on NAV	$1,000.00	$919.52	$2.15	$1,000.00	$1,124.00	$0.48	$1,000.00	$1,195.54	$2.46	$1,000.00	$1,120.71	$2.64
Hypothetical 5% return	1,000.00	1,022.63+	2.26	1,000.00	1,024.42+	0.45	1,000.00	1,022.63+	2.26	1,000.00	1,022.38+	2.51
	JUST U.S. Large Cap Equity ETF			North American Pipelines & Power Equity ETF			Defensive Equity ETF			Small Cap Core Equity ETF**
	Beginning  Account Value 9/1/23	Ending  Account Value  2/29/24	Expenses Paid for the  6 months ended  2/29/24*	Beginning  Account Value 9/1/23	Ending  Account Value  2/29/24	Expenses Paid for the  6 months ended  2/29/24*	Beginning  Account Value 9/1/23	Ending  Account Value  2/29/24	Expenses Paid for the  6 months ended  2/29/24*	Beginning  Account Value 9/1/23	Ending  Account Value  2/29/24	Expenses Paid for the  6 months ended  2/29/24*
Actual based on NAV	$1,000.00	$1,138.86	$1.06	$1,000.00	$1,062.79	$2.82	$1,000.00	$1,052.71	$2.76	$1,000.00	$1,208.39	$3.39
Hypothetical 5% return	1,000.00	1,023.87+	1.01	1,000.00	1,022.13+	2.77	1,000.00	1,022.18+	2.72	1,000.00	1,017.42+	3.10

+ 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 are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 29, 2024. 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 half year; and then dividing that result by the number of days in the fiscal year.

** Fund commenced operations on October 3, 2023. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 150/366, which represents a period of 150 days of a 366 day year (to reflect the Fund’s commencement of operation).

The annualized net expense ratios for the period were as follows:

Fund
Bloomberg Clean Energy Equity ETF	0.45	%
Equal Weight U.S. Large Cap Equity ETF	0.09
Hedge Industry VIP ETF	0.45
Innovate Equity ETF	0.50
JUST U.S. Large Cap Equity ETF	0.20
North American Pipelines & Power Equity ETF	0.55
Defensive Equity ETF	0.54
Small Cap Core Equity ETF	0.75

96

(This page intentionally left blank)

(This page intentionally left blank)

(This page intentionally left blank)

FUNDS PROFILE

Goldman Sachs ETFs

February 29, 2024

 

THE GOLDMAN SACHS

ADVANTAGE

Our goal is to deliver:

	Strong, Consistent Investment Results
∎	Global Resources and Global Research
∎	Team Approach
∎	Disciplined Processes

	Innovative, Value-Added Investment Products
∎	Thoughtful Solutions
∎	Risk Management

	Outstanding Client Service
∎	Dedicated Service Teams
∎	Excellence and Integrity

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 Divisionof Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.54 trillion in assets under supervision as of December 31, 2023, 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 Access Emerging Markets USD Bond ETF

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 Bonds ETF

Goldman Sachs Access Treasury 0-1 Year ETF

Goldman Sachs Access U.S. Aggregate Bond ETF

Goldman Sachs Access Ultra Short Bond ETF

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 ActiveBeta^® World Low Vol Plus Equity ETF

Goldman Sachs Bloomberg Clean Energy Equity ETF

Goldman Sachs Community Municipal Bond ETF

Goldman Sachs Defensive Equity ETF

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

Goldman Sachs Future Consumer Equity ETF

Goldman Sachs Future Health Care Equity ETF

Goldman Sachs Future Planet Equity ETF

Goldman Sachs Future Real Estate and Infrastructure Equity ETF

Goldman Sachs Future Tech Leaders Equity ETF

Goldman Sachs Hedge Industry VIP ETF

Goldman Sachs Innovate Equity ETF

Goldman Sachs JUST U.S. Large Cap Equity ETF

Goldman Sachs MarketBeta^® Emerging Markets Equity ETF

Goldman Sachs MarketBeta^® International Equity ETF

Goldman Sachs MarketBeta^® Total International Equity ETF

Goldman Sachs MarketBeta^® U.S. 1000 Equity ETF

Goldman Sachs MarketBeta^® U.S. Equity ETF

Goldman Sachs MarketBeta^® Russell 1000 Growth Equity ETF

Goldman Sachs MarketBeta^® Russell 1000 Value Equity ETF

Goldman Sachs Nasdaq-100 Core Premium Income ETF

Goldman Sachs North American Pipelines & Power Equity ETF

Goldman Sachs Small Cap Core Equity ETF

Goldman Sachs S&P 500 Core Premium Income ETF

INDEX DISCLAIMERS

“Bloomberg^®” and the Bloomberg Goldman Sachs Global Clean Energy Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”), and have been licensed for use for certain purposes by GSAM. The Fund is not sponsored, endorsed, sold or promoted by Bloomberg. Bloomberg does not make any representation or warranty, express or implied, to the owners of or counterparties to the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly. The only relationship of Bloomberg to GSAM. is the licensing of certain trademarks, trade names and service marks and of the Index, which is determined, composed and calculated by BISL without regard to GSAM or the Fund. Bloomberg has no obligation to take the needs of GSAM or the owners of the Fund into consideration in determining, composing or calculating the Index. Bloomberg is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Fund to be issued. Bloomberg shall not have any obligation or liability, including, without limitation, to Fund customers, in connection with the administration, marketing or trading of the Fund.

BLOOMBERG DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA RELATED THERETO AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS THEREIN. BLOOMBERG DOES NOT MAKE ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY GSAM, OWNERS OF THE FUND OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR ANY DATA RELATED THERETO. BLOOMBERG DOES NOT MAKE ANY EXPRESS OR IMPLIED WARRANTIES AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDEX OR ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, TO THE MAXIMUM EXTENT ALLOWED BY LAW, BLOOMBERG, ITS LICENSORS, AND ITS AND THEIR RESPECTIVE EMPLOYEES, CONTRACTORS, AGENTS, SUPPLIERS, AND VENDORS SHALL HAVE NO LIABILITY OR RESPONSIBILITY WHATSOEVER FOR ANY INJURY OR DAMAGES — WHETHER DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, PUNITIVE OR OTHERWISE — ARISING IN CONNECTION WITH THE FUND OR THE INDEX OR ANY DATA OR VALUES RELATING THERETO — WHETHER ARISING FROM THEIR NEGLIGENCE OR OTHERWISE, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF.

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.

  

100  

FUNDS PROFILE

 

 

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 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.

The Goldman Sachs North American Pipelines & Power 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 Energy Infrastructure Enhanced 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 North American Pipelines & Power 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 North American Pipelines & Power 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 North American Pipelines & Power Equity ETF constitutes a recommendation by Solactive AG to invest capital in said fund nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this fund.

The “S&P 500 Index” is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and has been licensed for use by Goldman Sachs Asset Management, L.P. Standard & Poor’s^® and S&P^® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Goldman Sachs Asset Management, L.P. The Goldman Sachs S&P 500 Core Premium Income ETF is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.

Nasdaq^®, Nasdaq-100^®, Nasdaq-100 Index^®, and NDX^® are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by Goldman Sachs Asset Management L.P. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT(S).

  

  101

TRUSTEES TRUSTEES (continued) Gregory G. Weaver, Chair Michael Latham Cheryl K. Beebe James A. McNamara Dwight L. Bush Lawrence W. Stranghoener Kathryn A. Cassidy Paul C. Wirth John G. Chou Joaquin Delgado OFFICERS Eileen H. Dowling James A. McNamara, President Lawrence Hughes Joseph F. DiMaria, Principal Financial Officer, John F. Killian Principal Accounting Officer and Treasurer Steven D. Krichmar Robert Griffith, Secretary THE BANK OF NEW YORK MELLON GOLDMAN SACHS ASSET MANAGEMENT, L.P. Transfer Agent Investment Adviser ALPS DISTRIBUTORS, INC. Distributor Visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Goldman Sachs Asset Management, L.P. 200 West Street, New York, New York 10282 The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed. A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30, are available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC’’) web site at http://www.sec.gov. The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on the Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550. Fund holdings and allocations shown are as of February 29, 2024 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only. ETF Fund shares are not individually redeemable and are issued and redeemed by the Fund at their net asset value (“NAV”) only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Ordinary brokerage commissions apply. ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management. This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or Summary Prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the Summary Prospectus, if available, and/or the Prospectus carefully before investing or sending money. The Summary Prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550. © 2024 Goldman Sachs. All rights reserved. 365398-OTU-04/2024 GST 2497 EQTYETFSAR-24

Goldman Sach Semi-Annual Report February 29, 2024 Goldman Sach Future Thematic ETFs Future consumer Equity ETF (GBUY) Future Health Care Equity ETF (GDOC) Future Planet Equity ETF (GSFP) Future Real Estate and Infrastructure Equity ETF (GREI) Future Tech Leader Equity ETF (GTEK).

 

 

 

 

Goldman Sachs Future Thematic Equity ETFs

∎   GOLDMAN SACHS FUTURE CONSUMER EQUITY ETF

∎   GOLDMAN SACHS FUTURE HEALTH CARE EQUITY ETF

∎   GOLDMAN SACHS FUTURE PLANET EQUITY ETF

∎   GOLDMAN SACHS FUTURE REAL ESTATE AND INFRASTRUCTURE EQUITY ETF

∎   GOLDMAN SACHS FUTURE TECH LEADERS EQUITY ETF

TABLE OF CONTENTS

Market and Economic Review	1
Fund Basics	7
Schedules of Investments	22
Financial Statements	30
Financial Highlights
Goldman Sachs Future Consumer Equity ETF	37
Goldman Sachs Future Health Care Equity ETF	38
Goldman Sachs Future Planet Equity ETF	39
Goldman Sachs Future Real Estate and Infrastructure Equity ETF	40
Goldman Sachs Future Tech Leaders Equity ETF	41
Notes to Financial Statements	42
Other Information	61

Effective January 24, 2023, open-end mutual funds and exchange traded funds will be required to provide shareholders with streamlined annual and semi-annual shareholder reports (“Tailored Shareholder Reports”). Funds will be required to prepare a separate Tailored Shareholder Report for each share class of a fund that highlights key information to investors. Other information, including financial statements, will no longer appear in a fund’s shareholder report, but will be available online, delivered free of charge upon request, and filed with the Securities and Exchange Commission on a semi-annual basis on Form N-CSR. The new requirements have a compliance date of July 24, 2024.

NOT FDIC-INSURED  May Lose Value  No Bank Guarantee  

  

   

MARKET REVIEW

 

 

 

 

 

 

 

Goldman Sachs Future Thematic Equity ETFs

The following are highlights both of key factors affecting the U.S., international and emerging markets equity markets and of any key changes made to the Goldman Sachs Future Thematic Equity ETFs (the “Funds”) during the six months ended February 29, 2024 (the “Reporting Period”). Attribution highlights are provided for those Funds that materially outperformed or underperformed their respective benchmark during the Reporting Period. A streamlined annual shareholder report covering the 12 months ended August 31, 2024 will be provided to Fund shareholders, per new Securities and Exchange Commission requirements with a compliance date of July 24, 2024.

Market and Economic Review

U.S. Equities

• Overall U.S. equities rose during the Reporting Period. The Standard & Poor’s 500^® Index (the “S&P 500 Index”) ended the Reporting Period with a return of 13.93%. The Russell 3000^® Index generated a return of 13.76%.

• Despite ongoing geopolitical tensions and persistent volatility, the market posted solid returns during the Reporting Period amid a backdrop of shifting expectations around the Federal Reserve’s (“Fed”) policy path forward and generally broadening market leadership.

• The Reporting Period began in September 2023 with a sharp pullback.

• Although economic activity remained resilient, the S&P 500 Index declined mostly due to a pickup in soft landing concerns, surging energy prices and disinflationary pressures on corporate earnings. (A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing.)

• Concerns about a looming threat of a federal government shutdown, consumer impacts from student loan repayments resuming, and a strike against automakers by the United Auto Workers union that began in September further weighed on investor sentiment.

• The Fed acted in line with consensus forecasts, keeping interest rates unchanged at 5.25%-5.50% in September. However, the Fed’s “higher for longer” narrative appeared to gain further recognition from investors.

• During the fourth quarter of 2023, the S&P 500 Index enjoyed a double-digit gain, finishing the calendar year with the best fourth quarter since 2003.

• The quarter saw a broadening of market leadership following the mega-cap dominance for most of 2023.

• U.S. equity markets began the quarter with negative momentum, as investors digested a more resilient than consensus expected U.S. economy and a “higher for longer” Fed interest rate regime.

• The market then shifted direction in November.

• November saw the most significant easing in financial conditions of any month in more than four decades.

• Market sentiment took a positive turn on the back of an overall shift in tonality from Fed officials signaling potential easing of monetary policy in 2024, a gradual cooldown in economic activity while the labor market remained resilient, and a rally across U.S. Treasuries marking one of the best monthly performances on record—all underpinning soft landing and disinflation traction themes.

• The Fed held interest rates unchanged throughout the quarter, as growth of the U.S. economy slowed, the unemployment rate remained low despite abating job gains, and inflationary pressures continued to trend downwards.

• Near the end of the quarter, there was a major shift in the Fed’s policy path expectations, with the Summary of Economic Projections median dot plot signaling 75 basis points of rate cuts in 2024. (A basis point is 1/100th of a percentage point. The Fed’s dot plot shows the interest rate projections of the members of the Federal Open Market Committee.)

  

  1

MARKET REVIEW

 

 

 

 

 

 

 

• U.S. economic data provided further evidence of disinflation momentum, with November’s annualized core Consumer Price Index dropping to its lowest level since September 2021 and core Personal Consumption Expenditure Index increasing 1.9% on a six-month annualized basis, measuring below the Fed’s inflation target of 2% for the first time in more than three years.

• Market seasonality proved to be another tailwind to equities during the quarter, as November and December historically represent the strongest two-month period for U.S. stocks.

• The S&P 500 Index rose in January 2024, albeit modestly.

• Following an especially strong end to 2023, U.S. equity markets began the new calendar year with a more cautionary tone, driven by concerns regarding overvalued conditions and the Fed’s ability to match interest rate cut expectations from investors.

• Yields across the U.S. Treasury curve, or spectrum of maturities, steepened, a headwind to equity valuations as traders repriced expectations regarding the path of monetary policy.

• The trend of broadened market leadership witnessed in the last months of 2023 reversed course in January, with mega-cap stocks outperforming again.

• Despite this defensive start, U.S. equities finished the month mostly higher, with the S&P 500 Index recording new record highs as economic releases and robust labor market data continued to underpin the prevailing soft landing narrative.

• In February 2024, the S&P 500 Index notched a new all-time high, rallying for the fourth consecutive month as market leadership broadened from the “Magnificent Seven.”

• U.S. Treasury yields were notably higher on the back of resilient macroeconomic data and hawkish sentiment following the Fed’s January meeting, wherein Fed Chair Powell communicated it was not likely the Fed would cut interest rates in March 2024. (Hawkish suggests higher interest rates; opposite of dovish.)

• The major headline of the month was the shift in market expectations for the timing of the first interest rate cut, which moved from March to June 2024 even as the broader disinflation theme remained intact.

• Economic data remained robust, which helped ease concerns of a hard landing.

• Concerns of a temporary U.S. government shutdown were subdued at the end of the month, as policymakers reached a timely temporary funding bill to keep government operations open through March 2024.

• Corporate earnings were better than consensus feared, underpinned by both sales and earnings exceeding market forecasts on improved profit margins across most sectors.

• During the Reporting Period overall, all capitalization segments within the U.S. equity market posted gains, with large-cap stocks, as measured by the Russell 1000^® Index, performing best, followed by mid-cap stocks and then small-cap stocks, as measured by the Russell Midcap^® Index and Russell 2000^® Index, respectively. From a style perspective, growth-oriented stocks materially outperformed value-oriented stocks across the capitalization spectrum. (All as measured by the FTSE Russell indices.)

• The best performing sectors within the S&P 500 Index during the Reporting Period were information technology, communication services and financials, while the weakest performing sectors were energy, utilities and consumer staples.

International Equities

• Representing the developed international equity markets, the MSCI EAFE Index (net) returned 9.23% for the Reporting Period, lagging the U.S. equity market.

• As the Reporting Period began in September 2023, international equity markets, like their U.S. counterpart, declined, marked by persistent inflation, contractionary economic concerns, particularly in Europe, and further interest rate hikes. Recession fears were renewed by a steep rise in oil prices. Further, a selloff in global bond markets put increased pressure on risk assets.

• In Europe, concerns persisted around the contractionary effect of elevated interest rates on the economy as the European Central Bank (“ECB”) raised interest rates for the second time in the third calendar quarter. However, inflation in Europe fell to a two-year low, and the ECB suggested its September hike may be the last.

  

2  

MARKET REVIEW

 

 

 

 

 

 

 

• The U.K. equity market fared better than continental Europe, largely supported by its energy sector, which benefited from increased oil prices. The market also benefited from sterling, its currency, depreciation relative to the U.S. dollar. Additionally, U.K. markets showed signs of improving consumer confidence. The Bank of England (“BoE”) ended its run of 14 consecutive interest rate hikes in September.

• The Japanese equity market fell in September, as concerns arose surrounding political tensions with China, which could impact tourism.

• International equities rallied strongly in the fourth quarter of 2023, fueled by expectations of interest rate cuts in 2024 amid falling inflation numbers and a fizzling out of the “higher for longer” narrative.

• In Europe, equities were weak in October but then recovered to close out the year. Headline inflation in December ticked up from November; however, core inflation fell.

• U.K. equities posted positive returns overall but lagged other geographies due to sterling appreciation and a large exposure to the underperforming energy sector. Although U.K. economic growth entered negative territory during the quarter, markets were buoyed by expectations of an ending rate hike cycle. As a result, domestic small-cap and mid-cap stocks performed especially well.

• The Japanese equity market similarly posted positive, albeit modest, returns for the quarter. Yen appreciation was a headwind for Japanese equities. However, expectations of rate cuts and dovish U.S. Fed moves were positive news for Japanese equities. The December 2023 Bank of Japan Tankan survey signaled toward improving business sentiment. However, the Bank of Japan’s December meeting, though not featuring any policy or rate changes, slightly dampened consensus expectations of an imminent end to its negative policy rates.

• The MSCI EAFE Index posted positive, though quite modest, returns in January 2024. While developed markets advanced on positive macroeconomic indicators, central banks tempered investor expectations of interest rate cuts in the first quarter of 2024.

• European equities gained. The ECB kept its rates steady at its January meeting, recognizing a medium-term trend in declining inflation despite the uptick in the prior month. The ECB seemed to have little aversion towards maintaining elevated rates for as long as necessary, reiterating its commitment to a data-driven approach over the next few months.

• U.K. equities posted a negative return overall in January. Signs of economic growth as well as a higher than anticipated December 2023 inflation reading pushed out expectations of rate cuts from the BoE.

• Despite beginning the calendar year with an earthquake and an accident at Tokyo Haneda airport, Japan was the best performing major region in January amidst foreign inflows, as investors rotated out of an underperforming Chinese equity market. Japanese equity markets were propelled by investor optimism around structural developments, such as corporate governance reforms requesting management plans around cost of capital and stock prices, as well as by the launch of the Nippon Individual Savings Account, which was widely expected to increase retail investor participation. The market was also boosted by yen depreciation, as the Bank of Japan elected not to change its negative rate policy at its January meeting.

• The MSCI EAFE Index performed better in February 2024, as corporate earnings reports and positive economic data supported a solid monthly return.

• European equities gained. Despite inflation in the region declining, the ECB reiterated its cautionary guidance regarding rate cuts. After reaching its highest level since July 2023 in January 2024, Europe’s Purchasing Managers’ Index rose further in February, underscoring signs of improving economic activity in the region.

• The U.K. equity market underperformed other international equity markets in February but still eked out a modestly positive return. Similar to the ECB, the BoE tempered interest rate cut expectations despite inflation coming in slightly below expectations. The U.K. equity market was further challenged by underwhelming corporate earnings and poor economic data that signaled the U.K. had entered a technical recession in the fourth quarter of 2023.

• The Japanese equity market reached an all-time high in February, surpassing its previous high set 34 years earlier. Despite disappointing fourth quarter 2023 economic growth data, markets were enthused by the return of inflation in Japan, corporate governance reforms and stronger-than-consensus-expected corporate earnings results, led mainly by large-cap stocks.

  

  3

MARKET REVIEW

 

 

 

 

 

 

 

• For the Reporting Period overall, eight of the eleven sectors in the MSCI EAFE Index posted positive total returns. The best performing sectors within the MSCI EAFE Index during the Reporting Period were information technology, industrials and financials, each posting a double-digit positive total return. The weakest performing sectors were consumer staples, utilities and energy.

• The best performing countries within the MSCI EAFE Index were the Netherlands, Sweden and Israel. The weakest performing countries during the Reporting Period were Portugal, Hong Kong and Finland.

Emerging Markets Equities

• Representing the emerging markets equity markets, the MSCI Emerging Markets Index (net) returned 4.93% during the Reporting Period, underperforming both the U.S. equity market and the developed international equity markets overall.

• As the Reporting Period began in September 2023, emerging markets equities as a whole posted negative returns, as heightened expectations amid strong U.S. economic data that U.S. interest rates would remain higher for longer put pressure on emerging markets equities.

• China remained top of mind for many investors with property market and local government debt issues reducing confidence in its equity market, which posted negative returns. Elsewhere in Asia, India’s equity market rose, as the country’s long-term structural drivers remained strong and its near-term cyclical backdrop improved, with economic momentum advancing, corporate earnings growth broadening and corporate capital expenditures picking up.

• In Latin America, the Brazilian equity market rose modestly, reporting economic growth that beat consensus expectations though high inflation kept investors alert to potential changes in economic policy.

• In the EMEA (Europe, Middle East and Africa) region, Turkey’s equity market was the top performer, as domestic retail investor flows followed a signaled return to economic orthodoxy from the Turkish government. However, the equity markets of Poland, Greece and Saudi Arabia fell.

• Emerging markets equities rallied in the fourth quarter of 2023 overall.

• In October 2023, emerging markets equities as a whole fell as did most equity markets globally, as expectations for higher for longer interest rates, particularly in the U.S., and the outbreak of war in the Middle East reduced risk appetite, especially within emerging markets regions.

• November 2023 was a strong month for emerging markets equities, as the view that developed markets interest rates had reached their peak supported equity market performance. All individual country constituents within the MSCI Emerging Markets Index posted positive returns, although China continued to struggle as consumer confidence remained weak amid ongoing property market troubles.

• The MSCI Emerging Markets Index rose solidly in December 2023, as emerging markets proved beneficiaries of the widening view that U.S. interest rates were likely to fall more quickly than previously anticipated. A series of lower-than-consensus-expected inflation reports in Europe and the U.S. were key drivers of such rate expectations. Adding to positive sentiment for emerging markets equities were high consensus earnings growth forecasts for emerging markets for 2024 and 2025.

• The MSCI Emerging Markets Index fell in January 2024, suffering as strong U.S. economic data and hawkish messaging from the U.S. Fed altered interest rate cut expectations. Despite China’s positive reported economic growth, its equity market was weakest, as the country continued to deal with issues of weak consumer confidence and property market concerns, with Evergrande, one of its largest real estate companies, going into liquidation during the month. Additionally, disappointment in the level of government support affected sentiment. Countries with strong trade links to China, including South Korea and Thailand, also suffered, as consensus-expected export demand fell. On the other hand, India maintained its strong momentum from 2023, buoyed by corporate fundamentals and its government announcing a budget that reiterated a commitment to fiscal consolidation and introducing measures to encourage private capital expenditure. In Latin America, the rate differential between the U.S. and regional central banks was a drag, driving the equity markets of Chile, Peru and Brazil to negative monthly returns.

  

4  

MARKET REVIEW

 

 

 

 

 

 

 

• The MSCI Emerging Markets Index rose in February 2024, supported largely by a rebound in China’s equity market, which had recently hit five-year lows. China’s equity market was boosted by government intervention, including stock purchases by state-owned investment firms, and by data indicating better tourist activity during the lunar new year.

• During the Reporting Period overall, the best performing sectors within the MSCI Emerging Markets Index were utilities, energy and information technology. The weakest performing sectors were communication services, real estate and materials.

• The best performing countries within the MSCI Emerging Markets Index during the Reporting Period were Egypt, Poland, Colombia, Peru and India. The weakest performing countries were Hong Kong, Thailand, China, Czech Republic and Chile.

Fund Changes and Highlights

Goldman Sachs Future Consumer Equity ETF

• Effective January 22, 2024, Nathan Lin no longer served as a portfolio manager for the Fund. As of the same date, Sumit Mangal became a portfolio manager for the Fund, joining Alexis Deladerrière, Raj Garigipati and Jennifer Sullivan. Mr. Deladerrière and Mr. Garigipati have managed the Fund since 2021. Ms. Sullivan has managed the Fund since February 2023.

Goldman Sachs Future Health Care Equity ETF

• The Fund produced positive absolute returns but materially underperformed its benchmark, the MSCI All Country World Index Health Care Index, during the Reporting Period.

• From an industry perspective, the Fund was hurt most by stock selection in biotechnology. Stock selection and an underweight relative to the benchmark in health care providers and services also detracted from relative performance. On the positive side, the Fund benefited from stock selection in the pharmaceuticals industry.

• In terms of countries, stock selection in the U.S. hampered relative returns. Stock selection in Japan was advantageous.

• Among individual stocks, the Fund’s overweighted positions in U.S. biotechnology firm Biogen and U.S. molecular diagnostics company Exact Sciences and an out-of-benchmark position in U.S. biopharmaceutical company Sarepta Therapeutics detracted from relative performance. Overweight positions in U.S. medical device maker Boston Scientific, U.S. pharmaceutical company Eli Lilly and Company and Japanese pharmaceutical company Chugai Pharmaceutical added to returns.

• The Fund’s Key Themes bolstered performance overall, with Tech-Enabled Procedures and Precision Medicine contributing most positively. Genomics had a negative impact on the Fund’s results.

Goldman Sachs Future Planet Equity ETF

• The Fund generated positive absolute returns but significantly underperformed its benchmark, the MSCI All Country World Index Growth Index, during the Reporting Period.

• In terms of sectors, stock selection in industrials and information technology detracted most from the Fund’s relative returns. Stock selection and an overweight position versus the benchmark in utilities also hurt performance. On the positive side, stock selection in the materials sector added modestly to results.

• From a country perspective, the Fund was hampered by its exposure to the U.S., while stock selection in Japan added slightly to relative performance.

• Among individual stocks, the Fund was hurt by its avoidance of U.S.-based SolarEdge Technologies, a provider of solar power optimization and photovoltaic monitoring solutions. Overweight positions in Chinese battery manufacturer Contemporary Amperex Technology and U.S.-based electric power and energy infrastructure company NextEra Energy further detracted from relative returns. An out-of-benchmark position in Horiba, a Japanese manufacturer of precision instruments for measurement and analysis, contributed positively to relative performance as did overweighted positions in WestRock Company, a U.S. packaging solutions provider, and Waste Management, a U.S.-based waste management collections and environmental solutions provider.

  

  5

MARKET REVIEW

 

 

 

 

 

 

 

• The Fund’s Key Themes added to performance overall, led by Circular Economy, Water Sustainability and Sustainable Consumption. Clean Energy detracted from the Fund’s results.

Goldman Sachs Future Real Estate and Infrastructure Equity ETF

• The Fund recorded positive absolute returns but notably underperformed its benchmark, which is comprised 50% of FTSE Global Core Infrastructure 50/50 Index and 50% of FTSE EPRA Nareit Developed Index, during the Reporting Period.

• In terms of sectors, the Fund was hampered by stock selection in utilities and, to a lesser extent, energy. The Fund benefited from stock selection in the real estate sector.

• Regarding regions, exposure to North America and Japan detracted most from the Fund’s relative returns. Exposure to Europe added modestly to relative performance.

• Among individual stocks, the Fund was hurt by overweight positions versus the benchmark in U.S.-based electric power and energy infrastructure company NextEra Energy and Japan-based real estate investment trust Nippon Prologis REIT. The Fund’s out-of-benchmark exposure to U.S. utility and power generator AES also detracted from relative performance. On the positive side, the Fund was helped by out-of-benchmark positions in Spanish infrastructure construction company Ferrovial and Australian property developer Goodman Group as well as by an overweight position in U.S. freight transportation company Norfolk Southern.

• From a Key Themes perspective, Environmental Responsibility detracted from the Fund’s relative performance. New Age Consumer, Future of Health Care, and Technological Innovation contributed positively.

Goldman Sachs Future Tech Leaders Equity ETF

• The Fund delivered positive absolute returns and materially outperformed its benchmark, the MSCI All Country World Index (Net, USD, Unhedged), during the Reporting Period.

• On a sector level, the Fund benefited from stock selection in information technology, especially in the semiconductors and semiconductor equipment industry. An underweight compared to the benchmark in communication services also bolstered relative results. Conversely, the Fund’s exposure to the consumer discretionary and real estate sectors detracted from performance.

• From a country perspective, the Fund’s exposure to the U.S. contributed positively to relative performance, offset slightly by its exposure to China, which dampened results.

• Among individual stocks, the Fund’s out-of-benchmark position in British semiconductor company ARM Holdings as well as its overweight positions in U.S. cybersecurity company Zscaler and Romanian software company UiPath added to relative performance. On the other hand, the Fund was hurt by overweight positions in Kingdee International Software Group, a Chinese software company, and in Sangfor Technologies, a U.S.-based provider of information technology infrastructure solutions. In addition, the Fund’s avoidance of China-based information security provider Venustech Group detracted from relative returns.

  

6  

FUND BASICS

 

 

 

Goldman Sachs Future Consumer Equity ETF

as of February 29, 2024

FUND SNAPSHOT

As of February 29, 2024
Market Price1	$30.76
Net Asset Value (NAV)1	$30.76

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

PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV)2	Fund Total Return (based on Market Price)2	MSCI ACWI Growth Index3
Shares	13.73%	13.60%	14.32%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

³  The MSCI ACWI Growth Index captures large and mid cap securities exhibiting overall growth style characteristics across 23 Developed Markets (DM) countries and 27 Emerging Markets (EM) countries. The growth investment style characteristics for index construction are defined using five variables: long-term forward EPS growth rate, short-term forward EPS growth rate current internal growth rate and long-term historical EPS growth trend and long-term historical sales per share growth trend. The returns set forth in the tables above represent past performance. Past performance does not guarantee future results.

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

  

  7

FUND BASICS

 

 

 

 

 

 

 

TOP TEN HOLDINGS AS OF 2/29/24⁴

Holding	% of Net Assets	Line of Business	Country
Amazon.com, Inc.	8.4%	Broadline Retail	United States
Meta Platforms, Inc., Class A	7.5	Interactive Media & Services	United States
Alphabet, Inc., Class C	6.4	Interactive Media & Services Semiconductors &	United States
NVIDIA Corp.	5.3	Semiconductor Equipment Semiconductors &	United States
Taiwan Semiconductor Manufacturing Co. Ltd.	4.8	Semiconductor Equipment	Taiwan
Mastercard, Inc., Class A	4.3	IT Services Textiles, Apparel & Luxury	United States
LVMH Moet Hennessy Louis Vuitton SE	3.1	Goods	France
Experian PLC	2.8	Professional Services	United States
Walt Disney Co. (The)	2.6	Entertainment Textiles, Apparel & Luxury	United States
NIKE, Inc., Class B	2.6	Goods	United States

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

FUND VS BENCHMARK⁵

February 29, 2024

⁵  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). Investments in the securities lending vehicle represented 0.9% of the Fund’s net assets as of February 29, 2024. Figures above may not sum to 100% due to rounding.

  

8  

FUND BASICS

 

 

 

 

 

 

 

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

  

  9

FUND BASICS

 

 

 

Goldman Sachs Future Health Care Equity ETF

as of February 29, 2024 

FUND SNAPSHOT

As of February 29, 2024
Market Price1	$33.78
Net Asset Value (NAV)1	$33.72

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

PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV)2	Fund Total Return (based on Market Price)2	MSCI ACWI Health Care Index3
Shares	4.58%	4.76%	7.40%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

³  The MSCI ACWI Health Care Index includes large and mid cap securities across 23 Developed Markets (DM) and 24 Emerging Markets (EM) countries*. All securities in the index are classified in the Health Care as per the Global Industry Classification Standard (GICS^®).

^*  DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US. EM countries include: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

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

  

10  

FUND BASICS

 

 

 

 

 

 

 

TOP TEN HOLDINGS AS OF 2/29/24⁴

Holding	% of Net Assets	Line of Business	Country
Eli Lilly & Co.	10.2%	Health Care	United States
Boston Scientific Corp.	5.9	Health Care	United States
AstraZeneca PLC	5.2	Health Care	United Kingdom
Novo Nordisk A/S, Class B	5.0	Health Care	Denmark
Intuitive Surgical, Inc.	4.6	Health Care	United States
Danaher Corp.	3.7	Health Care	United States
Amgen, Inc.	3.5	Health Care	United States
Zimmer Biomet Holdings, Inc.	3.4	Health Care	United States
Cooper Cos., Inc. (The)	3.4	Health Care	United States
BioMarin Pharmaceutical, Inc.	3.2	Health Care	United States

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

FUND VS BENCHMARK⁵

February 29, 2024

⁵  Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Figures above may not sum to 100% due to rounding.

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

  

  11

FUND BASICS

 

 

Goldman Sachs Future Planet Equity ETF

as of February 29, 2024

FUND SNAPSHOT

As of February 29, 2024
Market Price1	$29.69
Net Asset Value (NAV)1	$29.69

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

PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV)2	Fund Total Return (based on Market Price)2	MSCI All Country World Index3
Shares	1.85%	2.00%	11.66%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

³  The MSCI ACWI captures large- and mid-cap representation across 23 Developed Markets (DM) and 25 Emerging Markets (EM) countries. With 2,919 constituents, the index covers approximately 85% of the global investable equity opportunity set as of February 29, 2024. It is not possible to invest directly into an index.

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

 

12  

FUND BASICS

 

 

 

 

 

 

 

TOP TEN HOLDINGS AS OF 2/29/24⁴

Holding	% of Net Assets	Line of Business	Country
Novozymes A/S, Class B	4.9%	Materials	Denmark
Waste Management, Inc.	4.7	Industrials	United States
DSM-Firmenich AG	4.2	Materials	Switzerland
Schneider Electric SE	4.2	Industrials	United States
Westrock Co.	4.0	Materials	United States
NextEra Energy, Inc.	3.8	Utilities	United States
Iberdrola SA	3.8	Utilities	Spain
Enel SpA	3.6	Utilities	Italy
DS Smith PLC	3.5	Materials	United Kingdom
Ball Corp.	3.4	Materials	United States

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

FUND VS BENCHMARK⁵

February 29, 2024

⁵  Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.6% of the Fund’s net assets as of February 29, 2024. Figures above may not sum to 100% due to rounding.

  

  13

FUND BASICS

 

 

 

 

 

 

 

  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.

  

14  

FUND BASICS

 

 

Goldman Sachs Future Real Estate and Infrastructure Equity ETF

as of February 29, 2024

FUND SNAPSHOT

As of February 29, 2024
Market Price1	$32.61
Net Asset Value (NAV)1	$32.72

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

PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV)2	Fund Total Return (based on Market Price)2	Future Real Estate and Infrastructure Composite Index3
Shares	2.51%	2.56%	4.06%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

³  Future Real Estate and Infrastructure Composite Index consist of the FTSE Global Core Infrastructure 50/50 Index and the FTSE EPRA Nareit Developed Index. The FTSE Global Core Infrastructure 50/50 Index gives participants an industry-defined interpretation of infrastructure and adjusts the exposure to certain infrastructure sub-sectors. The constituent weights for these indexes are adjusted as part of the semi-annual review according to three broad industry sectors – 50% Utilities, 30% Transportation including capping of 7.5% for railroads/railways and a 20% mix of other sectors including pipelines, satellites and telecommunication towers. Company weights within each group are adjusted in proportion to their investable market capitalisation. The FTSE EPRA Nareit Developed Index is designed to track the performance of listed real estate companies and REITs worldwide. By making the index constituents free-float adjusted, liquidity, size and revenue screened, the series is suitable for use as the basis for investment products, such as derivatives and Exchange Traded Funds (ETFs). It is not possible to invest directly in an unmanaged index.

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

 

  15

FUND BASICS

 

 

 

 

 

 

 

TOP TEN HOLDINGS AS OF 2/29/24⁴

Holding	% of Net Assets	Line of Business	Country
		Equity Real Estate Investment
Prologis, Inc. REIT	6.5%	Trusts (REITs)	United States
Transurban Group	4.2	Transportation Infrastructure	Australia
		Equity Real Estate Investment
Equinix, Inc. REIT	4.0	Trusts (REITs)	United States
NextEra Energy, Inc.	3.5	Electric Utilities	United States
National Grid PLC	3.4	Multi-Utilities	United Kingdom
		Equity Real Estate Investment
American Tower Corp. REIT	3.3	Trusts (REITs)	United States
		Equity Real Estate Investment
Welltower, Inc. REIT	2.8	Trusts (REITs)	United States
		Equity Real Estate Investment
Extra Space Storage, Inc. REIT	2.7	Trusts (REITs)	United States
		Equity Real Estate Investment
Digital Realty Trust, Inc. REIT	2.6	Trusts (REITs)	United States
		Equity Real Estate Investment
AvalonBay Communities, Inc. REIT	2.6	Trusts (REITs)	United States

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

FUND VS BENCHMARK⁵

February 29, 2024

⁵  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

  

16  

FUND BASICS

 

 

 

 

 

 

 

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.

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

  

  17

FUND BASICS

 

 

 

Goldman Sachs Future Tech Leaders Equity ETF

as of February 29, 2024

FUND SNAPSHOT

As of February 29, 2024
Market Price1	$29.23
Net Asset Value (NAV)1	$29.18

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

PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV)2	Fund Total Return (based on Market Price)2	MSCI All Country World Index3	MSCI ACWI Select Information Technology + Communication Services (excluding >$100B Market Cap) Index4
Shares	16.60%	16.94%	11.66%	14.67%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

³  The MSCI ACWI captures large- and mid-cap representation across 23 Developed Markets (DM) and 25 Emerging Markets (EM) countries. With 2,919 constituents, the index covers approximately 85% of the global investable equity opportunity set as of February 29, 2024. It is not possible to invest directly into an index.

⁴  The MSCI ACWI Select Information Technology + Communication Services (excluding >$100B Market Cap) Index is comprised of those companies classified within the Information Technology sector and Communication Services sector within the MSCI ACWI Index and excludes companies with a market capitalization over $100 billion.

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

  

18  

FUND BASICS

 

 

 

 

 

 

 

TOP TEN HOLDINGS AS OF 2/29/24⁵

Holding	% of Net Assets	Line of Business	Country
		Semiconductors &
KLA Corp.	3.2%	Semiconductor Equipment	United States
		Semiconductors &
Marvell Technology, Inc.	3.1	Semiconductor Equipment	United States
Datadog, Inc., Class A	2.9	Software	United States
Workday, Inc., Class A	2.8	Software	United States
Motorola Solutions, Inc.	2.8	Communications Equipment	United States
HubSpot, Inc.	2.7	Software	United States
		Semiconductors &
Tokyo Electron Ltd.	2.7	Semiconductor Equipment	Japan
Cadence Design Systems, Inc.	2.5	Software	United States
Zscaler, Inc.	2.3	Software	United States
Arista Networks, Inc.	2.3	Communications Equipment	United States

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

FUND VS BENCHMARK⁶

February 29, 2024

⁶  Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by 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). Figures above may not sum to 100% due to rounding.

  

  19

FUND BASICS

 

 

 

 

 

 

 

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

  

20  

PORTFOLIO RESULTS

 

 

Index Definition

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

MSCI ACWI Growth Index captures large- and mid-cap securities exhibiting overall growth style characteristics across 23 developed markets and 24 emerging markets countries.

MSCI ACWI Health Care Index includes large- and mid-cap securities across 23 developed markets and 24 emerging markets countries.

MSCI ACWI Index captures large-, mid- and small-cap representation across 23 developed markets and 24 emerging markets countries.

MSCI ACWI Select Information Technology + Communication Services (excluding >$100B Market Cap) Index is comprised of those companies classified within the Information Technology sector and Communication Services sector within the MSCI ACWI Index and excludes companies with a market capitalization over $100 billion.

Future Real Estate and Infrastructure Composite Index

50% FTSE Global Core Infrastructure 50/50 Index gives participants an industry-defined interpretation of infrastructure and adjusts the exposure to certain infrastructure sub-sectors.

50% FTSE EPRA Nareit Developed Index is designed to represent general trends in eligible real estate equities worldwide.

 

  21

GOLDMAN SACHS FUTURE CONSUMER EQUITY ETF

 

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

Shares	Description	Value
Common Stocks – 97.9%
Communication Services – 30.0%
39,528	Alphabet, Inc., Class C*	$	5,525,224
40,097	Bumble, Inc., Class A*		459,111
23,054	CTS Eventim AG & Co. KGaA
	(Germany)		1,813,712
12,506	Electronic Arts, Inc.		1,744,337
21,887	Live Nation Entertainment, Inc.*		2,122,601
13,249	Meta Platforms, Inc., Class A		6,493,732
53,885	NetEase, Inc. (China)		1,212,770
9,795	Sea Ltd. ADR (Singapore)*		475,253
47,971	Tencent Holdings Ltd. (China)		1,698,544
12,092	T-Mobile US, Inc.		1,974,624
20,318	Walt Disney Co. (The)		2,267,083
			25,786,991
Consumer Discretionary – 28.2%
41,007	Amazon.com, Inc.*		7,248,397
11,625	Basic-Fit NV (Netherlands)*(a)(b)		313,242
8,770	Cava Group, Inc.*		512,256
367	Chipotle Mexican Grill, Inc.*		986,778
21,733	Foot Locker, Inc.		748,267
2,913	LVMH Moet Hennessy Louis
	Vuitton SE (France)		2,656,762
97,829	Meituan, Class B (China)*(b)		997,184
1,302	MercadoLibre, Inc. (Brazil)*		2,077,081
27,811	Moncler SpA (Italy)		2,006,178
21,484	NIKE, Inc., Class B		2,232,832
323,043	Samsonite International SA*(b)		1,128,554
120,051	Shenzhou International Group
	Holdings Ltd. (China)		989,844
8,126	TJX Cos., Inc. (The)		805,612
2,898	Ulta Beauty, Inc.*		1,589,727
			24,292,714
Consumer Staples – 4.4%
423,526	Budweiser Brewing Co. APAC
	Ltd. (China)(a)(b)		685,968
148,335	Davide Campari-Milano NV
	(Italy)		1,504,401
2,547	elf Beauty, Inc.*		531,126
6,235	Oddity Tech Ltd., Class A
	(Israel)*		262,992
56,479	Proya Cosmetics Co. Ltd., Class A (China)		831,596
			3,816,083
Financials – 6.1%
405,625	Jio Financial Services Ltd.
	(India)*		1,516,515
7,774	Mastercard, Inc., Class A		3,690,784
			5,207,299
Health Care – 1.0%
6,010	Illumina, Inc. *		840,378
Industrials – 2.8%
55,329	Experian PLC		2,369,110
Information Technology – 16.1%
9,070	Advanced Micro Devices, Inc.*		1,746,247
9,611	Apple, Inc.		1,737,188
5,784	NVIDIA Corp.		4,575,838

Shares	Description	Value
Common Stocks – (continued)
Information Technology – (continued)
21,590	Shopify, Inc., Class A (Canada)*	$	1,648,829
190,323	Taiwan Semiconductor
	Manufacturing Co. Ltd. (Taiwan)		4,154,538
			13,862,640
Materials – 4.6%
31,084	Ball Corp.		1,989,998
18,662	DSM-Firmenich AG
	(Switzerland)		1,999,314
			3,989,312
Real Estate – 1.7%
7,551	American Tower Corp. REIT		1,501,592
Utilities – 3.0%
66,847	EDP Renovaveis SA (Spain)		911,104
30,569	NextEra Energy, Inc.		1,687,103
			2,598,207
TOTAL COMMON STOCKS (Cost $80,851,195)			84,264,326

Shares	Dividend Rate	Value
Investment Company – 2.1%(c)
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares
1,834,522	5.195%		1,834,522
(Cost $1,834,522)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $82,685,717)			86,098,848
Securities Lending Reinvestment Vehicle – 0.9%(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
796,867	5.219%		796,867
(Cost $796,867)
TOTAL INVESTMENTS – 100.9% (Cost $83,482,584)		$	86,895,715
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.9)%			(779,856	)
NET ASSETS – 100.0%		$	86,115,859

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

  

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

GOLDMAN SACHS FUTURE HEALTH CARE EQUITY ETF

 

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

Shares	Description	Value
Common Stocks – 99.4%
Canada – 0.6%
2,984	Xenon Pharmaceuticals, Inc. (Health Care)*	$	140,845
Denmark – 5.7%
6,690	Genmab A/S ADR (Health Care)*		185,781
10,570	Novo Nordisk A/S, Class B (Health Care)		1,257,818
			1,443,599
France – 0.9%
786	Sartorius Stedim Biotech (Health Care)		216,300
Italy – 0.5%
4,186	Stevanato Group SpA (Health Care)		138,766
Japan – 6.0%
18,029	Chugai Pharmaceutical Co. Ltd. (Health Care)		722,750
4,091	Hoya Corp. (Health Care)		532,593
13,115	Kyowa Kirin Co. Ltd. (Health Care)		260,381
			1,515,724
Netherlands – 1.0%
658	Argenx SE ADR (Health Care)*		250,046
Switzerland – 1.6%
751	Lonza Group AG (Health Care)		394,029
United Kingdom – 5.2%
10,476	AstraZeneca PLC (Health Care)		1,322,910
United States – 77.9%
2,784	Agilent Technologies, Inc. (Health Care)		382,410
2,686	Alexandria Real Estate Equities, Inc. REIT (Real Estate)		335,025
1,131	Align Technology, Inc. (Health Care)*		342,037
1,151	Alnylam Pharmaceuticals, Inc. (Health Care)*		173,905
3,232	Amgen, Inc. (Health Care)		885,019
4,223	Amylyx Pharmaceuticals, Inc. (Health Care)*		79,603
3,516	Biogen, Inc. (Health Care)*		762,937
9,349	BioMarin Pharmaceutical, Inc. (Health Care)*		806,632
22,692	Boston Scientific Corp. (Health Care)*		1,502,437
13,897	Bristol-Myers Squibb Co. (Health Care)		705,273
4,379	CG oncology, Inc. (Health Care)*		195,785
9,200	Cooper Cos., Inc. (The) (Health Care)		861,120
3,907	CSL Ltd. (Health Care)		728,207
3,654	Danaher Corp. (Health Care)		924,974

Shares	Description	Value
Common Stocks – (continued)
United States – (continued)
3,443	Dexcom, Inc. (Health Care)*	$	396,186
4,155	Dyne Therapeutics, Inc. (Health Care)*		111,769
3,323	Edwards Lifesciences Corp. (Health Care)*		282,023
3,427	Eli Lilly & Co. (Health Care)		2,582,861
5,500	Exact Sciences Corp. (Health Care)*		316,415
427	Humana, Inc. (Health Care)		149,587
903	IDEXX Laboratories, Inc. (Health Care)*		519,433
994	Illumina, Inc. (Health Care)*		138,991
4,136	Insulet Corp. (Health Care)*		678,304
2,770	Intra-Cellular Therapies, Inc. (Health Care)*		192,570
2,986	Intuitive Surgical, Inc. (Health Care)*		1,151,402
828	iRhythm Technologies, Inc. (Health Care)*		98,242
451	Mettler-Toledo International, Inc. (Health Care)*		562,496
2,644	MoonLake Immunotherapeutics (Health Care)*		127,547
4,888	Neurocrine Biosciences, Inc. (Health Care)*		637,395
1,562	Novanta, Inc. (Information Technology)*		270,132
1,299	Shockwave Medical, Inc. (Health Care)*		338,870
3,495	Ultragenyx Pharmaceutical, Inc. (Health Care)*		180,761
1,618	Vaxcyte, Inc. (Health Care)*		119,441
1,613	Veeva Systems, Inc., Class A (Health Care)*		363,748
900	West Pharmaceutical Services, Inc. (Health Care)		322,524
6,945	Zimmer Biomet Holdings, Inc. (Health Care)		863,680
3,061	Zoetis, Inc. (Health Care)		607,088
			19,696,829
TOTAL COMMON STOCKS (Cost $24,891,629)			25,119,048

  

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

GOLDMAN SACHS FUTURE HEALTH CARE EQUITY ETF

 

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

Shares	Dividend Rate	Value
Investment Company – 0.9%(a)
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares
234,879	5.195%	$	234,879
(Cost $234,879)
TOTAL INVESTMENTS – 100.3% (Cost $25,126,508)		$	25,353,927
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)%			(64,366	)
NET ASSETS – 100.0%		$	25,289,561

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.

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

Sector Name	% of Market Value
Health Care		96.7	%
Real Estate		1.3
Information Technology		1.1
Investment Company		0.9
TOTAL INVESTMENTS		100.0	%

  

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

GOLDMAN SACHS FUTURE PLANET EQUITY ETF

 

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

Shares	Description	Value
Common Stocks – 98.0%
Belgium – 0.9%
20,087	Umicore SA (Materials)	$	419,310
China – 3.4%
49,057	Contemporary Amperex Technology Co. Ltd., Class A (Industrials)		1,113,259
661,039	Xinyi Solar Holdings Ltd. (Information Technology)		401,919
			1,515,178
Denmark – 6.9%
38,656	Novozymes A/S, Class B (Materials)		2,181,881
15,849	Orsted AS (Utilities)(a)		889,742
			3,071,623
France – 3.3%
22,024	Dassault Systemes (Information Technology)		1,029,240
14,489	Imerys SA (Materials)		458,462
			1,487,702
Germany – 3.4%
41,938	Infineon Technologies AG (Information Technology)		1,501,958
Ireland – 2.5%
3,606	Carbon Revolution PLC (Consumer Discretionary)*(b)(c)		35,952
11,748	Kingspan Group PLC (Industrials)		1,061,290
			1,097,242
Italy – 3.6%
254,099	Enel SpA (Utilities)		1,617,668
Japan – 8.1%
9,765	Horiba Ltd. (Information Technology)		952,882
2,271	Keyence Corp. (Information Technology)		1,062,743
27,794	Kurita Water Industries Ltd. (Industrials)		1,130,739
12,372	NIDEC Corp. (Industrials)		469,602
			3,615,966
Netherlands – 2.1%
20,599	Aalberts NV (Industrials)		925,085
Norway – 0.6%
363,534	Aker Carbon Capture ASA (Industrials)*		277,814
Spain – 3.7%
145,511	Iberdrola SA (Utilities)		1,672,276
Sweden – –%
18,262	Re:NewCell AB (Materials)*(b)(d)		—
Switzerland – 9.0%
25,668	ABB Ltd. (Industrials)		1,186,986

Shares	Description	Value
Common Stocks – (continued)
Switzerland – (continued)
17,418	DSM-Firmenich AG (Materials)	$	1,866,041
3,305	Sika AG (Materials)		958,977
			4,012,004
Taiwan – 1.9%
90,142	Delta Electronics, Inc. (Information Technology)		839,837
United Kingdom – 3.5%
384,514	DS Smith PLC (Materials)		1,566,667
United States – 45.1%
3,214	Albemarle Corp. (Materials)		443,050
8,661	Aptiv PLC (Consumer Discretionary)*		688,463
23,512	Ball Corp. (Materials)		1,505,238
53,072	Bloom Energy Corp., Class A (Industrials)*(b)		465,441
20,885	Darling Ingredients, Inc. (Consumer Staples)*		883,644
20,703	DocuSign, Inc. (Information Technology)*		1,102,849
2,224	Ecolab, Inc. (Materials)		500,044
25,503	Energy Recovery, Inc. (Industrials)*		398,612
13,958	Itron, Inc. (Information Technology)*		1,293,628
30,686	NextEra Energy, Inc. (Utilities)		1,693,560
134,927	Oatly Group AB ADR (Consumer Staples)*(b)		149,769
8,158	Schneider Electric SE (Industrials)		1,852,153
40,852	Shoals Technologies Group, Inc., Class A (Industrials)*		524,131
9,586	SolarEdge Technologies, Inc. (Information Technology)*		643,892
4,479	Trane Technologies PLC (Industrials)		1,262,944
5,648	Veralto Corp. (Industrials)		488,100
6,666	Waste Connections, Inc. (Industrials)		1,109,489
10,194	Waste Management, Inc. (Industrials)		2,096,396
38,798	Westrock Co. (Materials)		1,757,161
8,357	Wolfspeed, Inc. (Information Technology)*		217,449
7,854	Xylem, Inc. (Industrials)		997,851
			20,073,864
TOTAL COMMON STOCKS (Cost $59,473,716)			43,694,194

  

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

GOLDMAN SACHS FUTURE PLANET EQUITY ETF

 

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

Shares	Dividend Rate	Value
Investment Company – 1.6%(e)
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares
691,620	5.195%	$	691,620
(Cost $691,620)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $60,165,336)			44,385,814
Securities Lending Reinvestment Vehicle – 0.6%(e)
Goldman Sachs Financial Square Government Fund - Institutional Shares
245,945	5.219%		245,945
(Cost $245,945)
TOTAL INVESTMENTS – 100.2% (Cost $60,411,281)		$	44,631,759
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.2)%			(98,538	)
NET ASSETS – 100.0%		$	44,533,221

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) 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 $35,952, which represents approximately 0.1% of net assets as of February 29, 2024. See additional details below:

Security	Date(s) of Purchase	Cost
Carbon Revolution PLC	11/07/23	$	105,718

(d) Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

(e) Represents an affiliated issuer.

Investment Abbreviations:
ADR	—American Depositary Receipt
PLC	—Public Limited Company

Sector Name	% of Market Value
Industrials	34.4%
Materials	26.1
Information Technology	20.3
Utilities	13.2

Consumer Staples	2.3	%
Consumer Discretionary	1.6
Investment Company	1.5
Securities Lending Reinvestment Vehicle	0.6
TOTAL INVESTMENTS	100.0	%

  

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

GOLDMAN SACHS FUTURE REAL ESTATE AND INFRASTRUCTURE EQUITY ETF

 

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

Shares	Description	Value
Common Stocks – 98.3%
Communication Services – 2.0%
10,335	Cellnex Telecom SA (Spain)*(a)	$	372,092
Energy – 2.0%
2,491	Cheniere Energy, Inc.		386,603
Health Care – 1.7%
35,596	Chartwell Retirement Residences (Canada)		319,126
Industrials – 12.0%
103,481	Enav SpA (Italy)(a)		363,046
9,745	Ferrovial SE		365,403
1,613	Norfolk Southern Corp.		408,702
89,785	Transurban Group (Australia)		791,596
2,534	Vinci SA (France)		324,673
			2,253,420
Materials – 1.4%
584	Linde PLC		262,111
Real Estate – 55.5%
3,729	Alexandria Real Estate Equities, Inc. REIT		465,118
8,881	American Homes 4 Rent, Class A REIT		328,686
3,140	American Tower Corp. REIT		624,420
13,158	Americold Realty Trust, Inc. REIT		332,897
2,759	AvalonBay Communities, Inc. REIT		488,426
24,189	Big Yellow Group PLC REIT (United Kingdom)		306,897
14,128	CTP NV (Netherlands)(a)		229,023
3,354	Digital Realty Trust, Inc. REIT		492,401
852	Equinix, Inc. REIT		757,275
6,900	Equity LifeStyle Properties, Inc. REIT		464,508
3,584	Extra Space Storage, Inc. REIT		505,236
12,122	Goodman Group REIT (Australia)		236,008
53	Hoshino Resorts REIT, Inc. REIT (Japan)		194,762
11,594	Invitation Homes, Inc. REIT		395,008
145	Nippon Prologis REIT, Inc. REIT (Japan)		242,781
9,199	Prologis, Inc. REIT		1,225,951
2,208	SBA Communications Corp. REIT		461,980
34,985	Segro PLC REIT (United Kingdom)		374,126
4,640	Terreno Realty Corp. REIT		298,352
30,056	UNITE Group PLC (The) REIT (United Kingdom)		364,986
8,272	Ventas, Inc. REIT		349,823
16,172	VICI Properties, Inc. REIT		484,028
10,388	Vonovia SE (Germany)		290,027
5,738	Welltower, Inc. REIT		528,814
			10,441,533
Utilities – 23.7%
16,726	AES Corp. (The)		254,235

Shares	Description	Value
Common Stocks – (continued)
Utilities – (continued)
3,381	Ameren Corp.	$	240,693
2,872	American Water Works Co., Inc.		340,447
6,140	CMS Energy Corp.		352,252
17,158	Engie SA (France)		275,468
6,434	Eversource Energy		377,676
49,127	National Grid PLC (United Kingdom)		644,736
12,071	NextEra Energy, Inc.		666,199
9,384	Severn Trent PLC (United Kingdom)		296,757
8,786	Veolia Environnement SA (France)		272,398
4,554	WEC Energy Group, Inc.		357,443
7,179	Xcel Energy, Inc.		378,262
			4,456,566
TOTAL COMMON STOCKS (Cost $20,349,458)			18,491,451

	Shares		Dividend Rate	Value
Investment Company – 1.7%(b)
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares
		318,130	5.195%		318,130
(Cost $318,130)
TOTAL INVESTMENTS – 100.0% (Cost $20,667,588)				$	18,809,581
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0%					2,920
NET ASSETS – 100.0%				$	18,812,501

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) Represents an affiliated issuer.

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

  

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

GOLDMAN SACHS FUTURE TECH LEADERS EQUITY ETF

 

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

Shares	Description	Value
Common Stocks – 97.9%
Communication Services – 9.7%
110,183	Baidu, Inc., Class A (China)*	$	1,401,073
68,480	Cellnex Telecom SA (Spain)*(a)		2,465,495
20,355	Electronic Arts, Inc.		2,839,115
48,516	Match Group, Inc.*		1,748,516
14,617	NAVER Corp. (South Korea)		2,140,519
56,807	NetEase, Inc. (China)		1,278,535
194,910	Snap, Inc., Class A*		2,147,908
38,411	Trade Desk, Inc. (The), Class A*		3,281,452
			17,302,613
Consumer Discretionary – 6.3%
12,167	DoorDash, Inc., Class A*		1,515,643
2,431	MercadoLibre, Inc. (Brazil)*		3,878,174
59,491	Mobileye Global, Inc., Class A (Israel)*		1,515,236
47,820	Trip.com Group Ltd. (China)*		2,179,411
1,090,011	Zomato Ltd. (India)*		2,174,994
			11,263,458
Financials – 2.8%
49,083	Fidelity National Information Services, Inc.		3,396,053
9,511	Jack Henry & Associates, Inc.		1,652,726
			5,048,779
Health Care – 1.0%
14,113	Hoya Corp. (Japan)		1,837,321
Industrials – 1.9%
140,880	Daifuku Co. Ltd. (Japan)		3,337,746
Information Technology – 75.1%
12,130	Analog Devices, Inc.		2,326,777
55,637	AppLovin Corp., Class A*		3,322,642
14,792	Arista Networks, Inc.*		4,105,372
5,583	ASM International NV (Netherlands)		3,405,676
5,473	Atlassian Corp., Class A*		1,135,210
14,385	Cadence Design Systems, Inc.*		4,378,506
7,612	CDW Corp.		1,874,150
234,726	Chroma ATE, Inc. (Taiwan)		1,730,213
8,368	Crowdstrike Holdings, Inc., Class A*		2,712,487
39,643	Datadog, Inc., Class A*		5,211,469
290,474	Delta Electronics, Inc. (Taiwan)		2,706,294
74,146	Dynatrace, Inc.*		3,673,934
11,882	Enphase Energy, Inc.*		1,509,133
27,344	Entegris, Inc.		3,673,940
30,482	Hamamatsu Photonics KK (Japan)		1,094,069
7,852	HubSpot, Inc.*		4,858,896
63,355	Infineon Technologies AG (Germany)		2,268,981
127,504	Jentech Precision Industrial Co. Ltd. (Taiwan)		3,706,992
13,850	Keysight Technologies, Inc.*		2,137,055
1,672,468	Kingdee International Software Group Co. Ltd. (China)*		1,807,311
8,399	KLA Corp.		5,730,638
69,587	Klaviyo, Inc., Class A*		1,844,055

Shares	Description	Value
Common Stocks – (continued)
Information Technology – (continued)
78,198	Marvell Technology, Inc.	$	5,603,669
61,026	MediaTek, Inc. (Taiwan)		2,200,909
44,225	Micron Technology, Inc.		4,007,227
20,810	MKS Instruments, Inc.		2,554,636
10,305	Monday.com Ltd.*		2,298,118
4,187	MongoDB, Inc.*		1,874,017
15,100	Motorola Solutions, Inc.		4,988,889
115,131	Murata Manufacturing Co. Ltd. (Japan)		2,325,389
12,602	Palo Alto Networks, Inc.*		3,913,551
14,113	Persistent Systems Ltd. (India)		1,468,954
24,567	Procore Technologies, Inc.*		1,916,963
56,115	Samsara, Inc., Class A*		1,938,773
104,561	Sangfor Technologies, Inc., Class A (China)*		920,047
26,195	Shopify, Inc., Class A (Canada)*		2,000,512
149,402	Silergy Corp. (China)		1,970,946
15,435	Snowflake, Inc., Class A*		2,906,102
19,578	Tokyo Electron Ltd. (Japan)		4,822,883
41,805	Tokyo Seimitsu Co. Ltd. (Japan)		2,855,991
75,497	UiPath, Inc., Class A*		1,793,054
317,913	Unimicron Technology Corp. (Taiwan)		1,805,324
2,507,243	United Microelectronics Corp. (Taiwan)		3,874,747
572,596	Venustech Group, Inc., Class A (China)		1,751,503
17,132	Workday, Inc., Class A*		5,048,115
17,048	Zscaler, Inc.*		4,125,105
			134,179,224
Real Estate – 1.1%
9,816	SBA Communications Corp. REIT		2,053,802
TOTAL COMMON STOCKS (Cost $160,387,939)			175,022,943

Shares	Dividend Rate	Value
Investment Company – 2.2%(b)
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares
3,922,479	5.195%		3,922,479
(Cost $3,922,479)
TOTAL INVESTMENTS – 100.1% (Cost $164,310,418)		$	178,945,422
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)%			(227,933	)
NET ASSETS – 100.0%		$	178,717,489

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

  

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

GOLDMAN SACHS FUTURE TECH LEADERS EQUITY ETF

 

 

 

* Non-income producing security.

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

(b) Represents an affiliated issuer.

Investment Abbreviations:

REIT   —Real Estate Investment Trust

  

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

GOLDMAN SACHS FUTURE ETFS

 

 

Statements of Assets and Liabilities

February 29, 2024 (Unaudited)

 

		Future Consumer Equity ETF			Future Health Care Equity ETF			Future Planet Equity ETF			Future Real Estate and Infrastructure Equity ETF
	Assets:
	Investments in unaffiliated issuers, at value (cost $80,851,195, $24,891,629, $59,473,716 and $20,349,458, respectively)(a)	$	84,264,326		$	25,119,048		$	43,694,194		$	18,491,451
	Investments in affiliated issuers, at value (cost $1,834,522, $234,879, $691,620 and $318,130, respectively)		1,834,522			234,879			691,620			318,130
	Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		796,867			—			245,945			—
	Cash		—			—			11,712			3,162
	Foreign Currency, at value (cost $30,778, $916, $– and $106, respectively)		30,743			920			—			109
	Receivables:
	Dividends		49,074			40,876			53,231			21,610
	Foreign tax reclaims		20,302			6,953			129,890			9,263
	Securities lending income		2,583			16			5,041			—
	Investments sold		—			133,552			—			47,158
	Total assets		86,998,417			25,536,244			44,831,633			18,890,883
	Liabilities:
	Payables:
	Payable upon return of securities loaned		796,867			—			245,945			—
	Management fees		49,451			15,110			25,703			11,132
	Foreign capital gains taxes		36,240			—			—			—
	Investments purchased		—			210,505			11,712			67,250
	Due to custodian		—			21,068			—			—
	Foreign bank overdraft (cost $–, $–, $15,223 and $–, respectively)		—			—			15,052			—
	Total liabilities		882,558			246,683			298,412			78,382
	Net Assets:
	Paid-in capital		92,631,250			45,297,297			96,777,901			22,950,634
	Total distributable earnings (loss)		(6,515,391	)		(20,007,736	)		(52,244,680	)		(4,138,133	)
	NET ASSETS	$	86,115,859		$	25,289,561		$	44,533,221		$	18,812,501
	SHARES ISSUED AND OUTSTANDING
	Shares outstanding no par value (unlimited shares authorized):		2,800,000			750,000			1,500,000			575,000
	Net asset value per share:	$	30.76		$	33.72		$	29.69		$	32.72

(a) Includes loaned securities having a market value of $754,325, $–, $217,495 and $– for Future Consumer Equity ETF, Future Health Care Equity ETF, Future Planet Equity ETF and Future Real Estate and Infrastructure Equity ETF, respectively.

  

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

GOLDMAN SACHS FUTURE ETFS

 

 

Statements of Assets and Liabilities (continued)

February 29, 2024 (Unaudited)

 

		Future Tech Leaders Equity ETF
	Assets:
	Investments in unaffiliated issuers, at value (cost $160,387,939)	$	175,022,943
	Investments in affiliated issuers, at value (cost $3,922,479)		3,922,479
	Cash		17,693
	Receivables:
	Dividends		46,262
	Foreign tax reclaims		13,456
	Securities lending income		992
	Total assets		179,023,825
	Liabilities:
	Payables:
	Foreign capital gains taxes		185,064
	Management fees		103,366
	Investments purchased		17,693
	Foreign bank overdraft (cost $214)		213
	Total liabilities		306,336
	Net Assets:
	Paid-in capital		280,793,525
	Total distributable earnings (loss)		(102,076,036	)
	NET ASSETS	$	178,717,489
	SHARES ISSUED AND OUTSTANDING
	Shares outstanding no par value (unlimited shares authorized):		6,125,000
	Net asset value per share:	$	29.18

  

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

GOLDMAN SACHS FUTURE ETFS

 

 

Statements of Operations

For the Six Months Ended February 29, 2024 (Unaudited)

 

		Future Consumer Equity ETF			Future Health Care Equity ETF			Future Planet Equity ETF			Future Real Estate and Infrastructure Equity ETF
	Investment Income:
	Dividends — unaffiliated issuers (net of foreign withholding taxes of $14,823, $439, $27,890 and $15,891, respectively)	$	332,141		$	200,268		$	608,867		$	281,608
	Dividends — affiliated issuers		23,932			6,808			18,244			5,042
	Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer		11,694			155			22,242			47
	Total Investment Income		367,767			207,231			649,353			286,697
	Expenses:
	Management fees		403,459			200,753			278,755			72,879
	Trustee fees		8,758			8,684			8,734			8,526
	Total expenses		412,217			209,437			287,489			81,405
	Less — expense reductions		(800	)		(233	)		(611	)		(171	)
	Net expenses		411,417			209,204			286,878			81,234
	NET INVESTMENT INCOME (LOSS)		(43,650	)		(1,973	)		362,475			205,463
	Realized and unrealized gain (loss):
	Net realized gain (loss) from:
	Investments — unaffiliated issuers		(7,476,088	)		(4,855,920	)		(7,570,962	)		(677,426	)
	In-kind redemptions		6,194,407			(4,645,052	)		(20,483,368	)		330,888
	Foreign currency transactions		(33,268	)		(12,666	)		(4,240	)		(2,704	)
	Net change in unrealized gain (loss) on:
	Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $(36,240), $–, $– and $–, respectively)		9,673,185			209,819			18,361,975			746,181
	Foreign currency translations		10,971			(152	)		391			(2	)
	Net realized and unrealized gain (loss)		8,369,207			(9,303,971	)		(9,696,204	)		396,937
	NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	8,325,557		$	(9,305,944	)	$	(9,333,729	)	$	602,400

  

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

GOLDMAN SACHS FUTURE ETFS

 

 

Statements of Operations (continued)

For the Six Months Ended February 29, 2024 (Unaudited)

 

		Future Tech Leaders Equity ETF
	Investment Income:
	Dividends — unaffiliated issuers (net of foreign withholding taxes of $25,732)	$	430,132
	Dividends — affiliated issuers		45,635
	Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer		9,485
	Total Investment Income		485,252
	Expenses:
	Management fees		730,118
	Trustee fees		8,942
	Total expenses		739,060
	Less — expense reductions		(1,526	)
	Net expenses		737,534
	NET INVESTMENT LOSS		(252,282	)
	Realized and unrealized gain (loss):
	Net realized gain (loss) from:
	Investments — unaffiliated issuers		(27,430,244	)
	In-kind redemptions		8,700,663
	Foreign currency transactions		12,259
	Net change in unrealized gain (loss) on:
	Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $(185,064))		39,460,478
	Foreign currency translations		1,980
	Net realized and unrealized gain		20,745,136
	NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	20,492,854

  

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

GOLDMAN SACHS FUTURE ETFS

 

 

Statements of Changes in Net Assets

 

		Future Consumer Equity ETF						Future Health Care Equity ETF
		For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023			For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023
	From operations:
	Net investment income (loss)	$	(43,650	)	$	367,972		$	(1,973	)	$	(146,245	)
	Net realized loss		(1,314,949	)		(3,972,894	)		(9,513,638	)		(6,358,196	)
	Net change in unrealized gain		9,684,156			12,112,843			209,667			14,699,877
	Net increase (decrease) in net assets resulting from operations		8,325,557			8,507,921			(9,305,944	)		8,195,436
	Distributions to shareholders:
	From distributable earnings		(364,636	)		–			(134,205	)		(102	)
	From share transactions:
	Proceeds from sales of shares		16,801,937			61,459,027			–			12,109,470
	Cost of shares redeemed		(94,855,529	)		(2,758,951	)		(77,110,935	)		(10,245,168	)
	Net increase (decrease) in net assets resulting from share transactions		(78,053,592	)		58,700,076			(77,110,935	)		1,864,302
	TOTAL INCREASE (DECREASE)		(70,092,671	)		67,207,997			(86,551,084	)		10,059,636
	Net assets:
	Beginning of period	$	156,208,530		$	89,000,533		$	111,840,645		$	101,781,009
	End of period	$	86,115,859		$	156,208,530		$	25,289,561		$	111,840,645

  

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

GOLDMAN SACHS FUTURE ETFS

 

 

Statements of Changes in Net Assets (continued)

 

 

		Future Planet Equity ETF						Future Real Estate and Infrastructure Equity ETF
		For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023			For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023
	From operations:
	Net investment income	$	362,475		$	1,581,163		$	205,463		$	418,553
	Net realized loss		(28,058,570	)		(5,941,855	)		(349,242	)		(1,359,406	)
	Net change in unrealized gain		18,362,366			5,739,047			746,179			39,559
	Net increase (decrease) in net assets resulting from operations		(9,333,729	)		1,378,355			602,400			(901,294	)
	Distributions to shareholders:
	From distributable earnings		(1,539,345	)		617,909			(301,595	)		(445,287	)
	From share transactions:
	Proceeds from sales of shares		–			7,651,164			–			1,628,238
	Cost of shares redeemed		(87,063,598	)		(39,765,858	)		(4,918,349	)		(826,941	)
	Net increase (decrease) in net assets resulting from share transactions		(87,063,598	)		(32,114,694	)		(4,918,349	)		801,297
	TOTAL DECREASE		(97,936,672	)		(31,354,248	)		(4,617,544	)		(545,284	)
	Net assets:
	Beginning of period	$	142,469,893		$	173,824,141		$	23,430,045		$	23,975,329
	End of period	$	44,533,221		$	142,469,893		$	18,812,501		$	23,430,045

  

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

GOLDMAN SACHS FUTURE ETFS

 

 

Statements of Changes in Net Assets (continued)

 

 

		Future Tech Leaders Equity ETF
		For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023
	From operations:
	Net investment income (loss)	$	(252,282	)	$	465,750
	Net realized loss		(18,717,322	)		(62,314,321	)
	Net change in unrealized gain		39,462,458			74,033,974
	Net increase in net assets resulting from operations		20,492,854			12,185,403
	Distributions to shareholders:
	From distributable earnings		(431,486	)		(48,204	)
	From share transactions:
	Proceeds from sales of shares		12,930,354			16,960,331
	Cost of shares redeemed		(110,169,607	)		(15,609,588	)
	Net increase (decrease) in net assets resulting from share transactions		(97,239,253	)		1,350,743
	TOTAL INCREASE (DECREASE)		(77,177,885	)		13,487,942
	Net assets:
	Beginning of period	$	255,895,374		$	242,407,432
	End of period	$	178,717,489		$	255,895,374

  

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

GOLDMAN SACHS FUTURE CONSUMER EQUITY ETF

 

 

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Future Consumer Equity ETF
		For the Six Months Ended February 29, 2024 (Unaudited)				For the Fiscal Year Ended August 31, 2023				For the Period November 9, 2021* to August 31, 2022
	Per Share Operating Performance:
	Net asset value, beginning of period		$	27.17			$	25.43			$	40.03
	Net investment income (loss)(a)			(0.01	)			0.08				0.10
	Net realized and unrealized gain (loss)			3.73				1.66				(14.62	)
	Total from investment operations			3.72				1.74				(14.52	)
	Distributions to shareholders from net investment income			(0.13	)			–				(0.06	)
	Distributions to shareholders from return of capital			–				–				(0.02	)
	Total distributions			(0.13	)			–				(0.08	)
	Net asset value, end of period		$	30.76			$	27.17			$	25.43
	Market price, end of period		$	30.76			$	27.20			$	25.30
	Total Return at Net Asset Value(b)			13.73	%			6.84	%			(36.28	)%
	Net assets, end of period (in 000’s)		$	86,116			$	156,209			$	89,001
	Ratio of net expenses to average net assets			0.75	%(c)			0.75	%			0.75	%(c)
	Ratio of net investment income to average net assets			(0.08	)%(c)			0.32	%			0.46	%(c)
	Portfolio turnover rate(d)			14	%			16	%			24	%

* Commencement of operations.

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

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

^(c)  Annualized.

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

  

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

GOLDMAN SACHS FUTURE HEALTH CARE EQUITY ETF

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Future Health Care Equity ETF
		For the Six Months Ended February 29, 2024 (Unaudited)				For the Fiscal Year Ended August 31, 2023				For the Period November 9, 2021* to August 31, 2022
	Per Share Operating Performance:
	Net asset value, beginning of period		$	32.42			$	29.94			$	39.68
	Net investment loss(a)			–	(b)			(0.04	)			(0.08	)
	Net realized and unrealized gain (loss)			1.48				2.52				(9.66	)
	Total from investment operations			1.48				2.48				(9.74	)
	Distributions to shareholders from net investment income			(0.18	)			–	(b)			–
	Net asset value, end of period		$	33.72			$	32.42			$	29.94
	Market price, end of period		$	33.78			$	32.42			$	30.00
	Total Return at Net Asset Value(c)			4.58	%			8.28	%			(24.55	)%
	Net assets, end of period (in 000’s)		$	25,290			$	111,841			$	101,781
	Ratio of net expenses to average net assets			0.75	%(d)			0.75	%			0.75	%(d)
	Ratio of net investment income to average net assets			(0.01	)%(d)			(0.14	)%			(0.33	)%(d)
	Portfolio turnover rate(e)			21	%			28	%			24	%

* Commencement of operations.

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

^(b)  Amount is less than $0.005 per share.

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

^(d)  Annualized.

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

  

38  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 Each Period

 

 

		Future Planet Equity ETF
		For the Six Months Ended February 29, 2024 (Unaudited)				For the Fiscal Year Ended August 31,								For the Period July 13, 2021* to August 31, 2021
						2023				2022
	Per Share Operating Performance:
	Net asset value, beginning of period		$	30.15			$	30.23			$	42.18			$	39.89
	Net investment income(a)			0.13				0.30				0.27				0.02
	Net realized and unrealized gain (loss)			0.44				(0.27	)			(12.05	)			2.27
	Total from investment operations			0.57				0.03				(11.78	)			2.29
	Distributions to shareholders from net investment income			(1.03	)			(0.11	)			(0.17	)			–
	Net asset value, end of period		$	29.69			$	30.15			$	30.23			$	42.18
	Market price, end of period		$	29.69			$	30.11			$	30.15			$	42.25
	Total Return at Net Asset Value(b)			1.85	%			0.13	%			(27.97	)%			5.74	%
	Net assets, end of period (in 000’s)		$	44,533			$	142,470			$	173,824			$	60,104
	Ratio of net expenses to average net assets			0.75	%(c)			0.75	%			0.75	%			0.75	%(c)
	Ratio of net investment income to average net assets			0.95	%(c)			0.97	%			0.81	%			0.42	%(c)
	Portfolio turnover rate(d)			18	%			20	%			15	%			2	%

* Commencement of operations.

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

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

^(c)  Annualized.

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

  

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

GOLDMAN SACHS FUTURE REAL ESTATE AND INFRASTRUCTURE EQUITY ETF

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Future Real Estate and Infrastructure Equity ETF
		For the Six Months Ended February 29, 2024 (Unaudited)				For the Fiscal Year Ended August 31, 2023				For the Period November 9, 2021* to August 31, 2022
	Per Share Operating Performance:
	Net asset value, beginning of period		$	32.32			$	34.25			$	40.05
	Net investment income(a)			0.30				0.59				0.56
	Net realized and unrealized gain (loss)			0.53				(1.90	)			(5.95	)
	Total from investment operations			0.83				(1.31	)			(5.39	)
	Distributions to shareholders from net investment income			(0.43	)			(0.62	)			(0.41	)
	Net asset value, end of period		$	32.72			$	32.32			$	34.25
	Market price, end of period		$	32.61			$	32.19			$	34.25
	Total Return at Net Asset Value(b)			2.51	%			(3.77	)%			(13.52	)%
	Net assets, end of period (in 000’s)		$	18,813			$	23,430			$	23,975
	Ratio of net expenses to average net assets			0.75	%(c)			0.75	%			0.75	%(c)
	Ratio of net investment income to average net assets			1.89	%(c)			1.79	%			1.85	%(c)
	Portfolio turnover rate(d)			10	%			30	%			40	%

* 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.

  

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

GOLDMAN SACHS FUTURE TECH LEADERS EQUITY ETF

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Future Tech Leaders Equity ETF
		For the Six Months Ended February 29, 2024 (Unaudited)				For the Fiscal Year Ended August 31, 2023				For the Period September 14, 2021* to August 31, 2022
	Per Share Operating Performance:
	Net asset value, beginning of period		$	25.09			$	24.12			$	40.22
	Net investment income (loss)(a)			(0.03	)			0.05				0.01
	Net realized and unrealized gain (loss)			4.19				(0.92	)			(16.11	)
	Total from investment operations			4.16				0.97				(16.10	)
	Distributions to shareholders from net investment income			(0.07	)			–	(b)			–	(b)
	Net asset value, end of period		$	29.18			$	25.09			$	24.12
	Market price, end of period		$	29.23			$	25.06			$	24.08
	Total Return at Net Asset Value(c)			16.60	%			4.05	%			(40.03	)%
	Net assets, end of period (in 000’s)		$	178,717			$	255,895			$	242,407
	Ratio of net expenses to average net assets			0.75	%(d)			0.75	%			0.75	%(d)
	Ratio of net investment income to average net assets			(0.27	)%(d)			0.19	%			0.03	%(d)
	Portfolio turnover rate(e)			23	%			44	%			55	%

* Commencement of operations.

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

^(b)  Amount is less than $0.005 per share.

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

^(d)  Annualized.

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

  

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

GOLDMAN SACHS FUTURE ETFS

 

 

Notes to Financial Statements

February 29, 2024 (Unaudited)

 

 

 

1. ORGANIZATION

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

Fund	Diversified/  Non-diversified
Future Consumer Equity ETF	Non-Diversified
Future Health Care Equity ETF	Non-Diversified
Future Planet Equity ETF	Non-Diversified
Future Real Estate and Infrastructure Equity ETF	Non-Diversified
Future Tech Leaders Equity ETF	Non-Diversified

The investment objective of each Fund (except the Goldman Sachs Future Planet Equity ETF) is to seek long-term growth of capital. The investment objective of the Goldman Sachs Future Planet Equity ETF is to seek long-term capital appreciation.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust. Each Fund is an exchange-traded fund (“ETF”). Shares of the Funds are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Market prices for the Funds’ shares may be different from their net asset value (“NAV”). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed 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.

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.

  

42

GOLDMAN SACHS FUTURE ETFS

 

 

 

 

 

 

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

  

  43

GOLDMAN SACHS FUTURE ETFS

 

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

 

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. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the “Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

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

Money Market Funds — Investments in the Goldman Sachs Financial Square Treasury Obligations Fund (“Underlying Money Market 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 Money Market Fund’s accounting policies and investment holdings, please see the Underlying Money Market 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 the Valuation Procedures. 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 February 29, 2024:

Future Consumer Equity ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	12,825,204	$	—	$	—
Europe		11,204,713		—		—
North America		58,157,328		—		—
South America		2,077,081		—		—
Investment Company		1,834,522		—		—
Securities Lending Reinvestment Vehicle		796,867		—		—
Total	$	86,895,715	$	—	$	—

  

44

GOLDMAN SACHS FUTURE ETFS

 

 

 

 

 

 

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Future Health Care Equity ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	1,515,724	$	—	$	—
Europe		3,765,650		—		—
North America		19,837,674		—		—
Investment Company		234,879		—		—
Total	$	25,353,927	$	—	$	—
Future Planet Equity ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	5,970,981	$	—	$	—
Europe		17,649,349		—		—
North America		20,073,864		—		—
Investment Company		691,620		—		—
Securities Lending Reinvestment Vehicle		245,945		—		—
Total	$	44,631,759	$	—	$	—
Future Real Estate and Infrastructure Equity ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	437,543	$	—	$	—
Europe		4,114,229		—		—
North America		12,912,075		—		—
Oceania		1,027,604		—		—
Investment Company		318,130		—		—
Total	$	18,809,581	$	—	$	—
Future Tech Leaders Equity ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	50,906,407	$	—	$	—
Europe		8,140,152		—		—
North America		112,098,210		—		—
South America		3,878,174		—		—
Investment Company		3,922,479		—		—
Total	$	178,945,422	$	—	$	—

(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.

  

  45

GOLDMAN SACHS FUTURE ETFS

 

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 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 six months ended February 29, 2024, contractual and effective net unitary management fees with GSAM for each Fund were at the following rates:

Fund	Unitary Management Fee
Future Consumer Equity ETF	0.75%
Future Health Care Equity ETF	0.75%
Future Planet Equity ETF	0.75%
Future Real Estate and Infrastructure Equity ETF	0.75%
Future Tech Leaders Equity ETF	0.75%

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Treasury Obligations Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest. For the six months ended February 29, 2024, GSAM waived $800, $233, $611, $171 and $1,526 of the Funds’ management fees for the Future Consumer Equity ETF, Future Health Care ETF, Future Planet Equity ETF, Future Real Estate and Infrastructure Equity ETF and the Future Tech Leaders Equity ETF, respectively.

B. Other Transactions with Affiliates — For the six months ended February 29, 2024, Goldman Sachs did not earn any brokerage commissions from portfolio transactions on behalf of the Future Consumer Equity ETF, Future Health Care ETF, Future Planet Equity ETF, Future Real Estate and Infrastructure Equity ETF and the Future Tech Leaders Equity ETF, respectively.

The following table provides information about the Funds’ investment in the Goldman Sachs Financial Square Treasury Obligations Fund as of and for the six months ended February 29, 2024:

Future Consumer Equity ETF

Underlying Fund	Beginning value as of August 31, 2023		Purchases at Cost		Proceeds from Sales		Ending value as of February 29, 2024		Shares as of February 29, 2024		Dividend Income
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares
	$	–	$	8,443,295	$	6,608,773	$	1,834,522		1,834,522	$	23,932

  

46

GOLDMAN SACHS FUTURE ETFS

 

 

 

 

 

 

 

 

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Future Health Care Equity ETF

Underlying Fund

Beginning value as of August 31, 2023

Purchases at Cost

Proceeds from Sales

Ending value as of February 29, 2024

Shares as of February 29, 2024

Dividend Income

Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares

$

–

$

2,416,236

$

2,181,357

$

234,879

234,879

$

6,808

Future Planet Equity ETF

Underlying Fund

Beginning value as of August 31, 2023

Purchases at Cost

Proceeds from Sales

Ending value as of February 29, 2024

Shares as of February 29, 2024

Dividend Income

Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares

–

8,009,473

7,317,853

691,620

691,620

18,244

Future Real Estate and Infrastructure Equity ETF

Underlying Fund

Beginning value as of August 31, 2023

Purchases at Cost

Proceeds from Sales

Ending value as of February 29, 2024

Shares as of February 29, 2024

Dividend Income

Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares

–

1,072,235

754,105

318,130

318,130

5,042

Future Tech Leaders Equity ETF

Underlying Fund

Beginning value as of August 31, 2023

Purchases at Cost

Proceeds from Sales

Ending value as of February 29, 2024

Shares as of February 29, 2024

Dividend Income

Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares

–

20,616,182

16,693,703

3,922,479

3,922,479

9,485

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:

  

  47

GOLDMAN SACHS FUTURE ETFS

 

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

 

5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

	Future Consumer Equity ETF
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares sold		650,000		$	16,801,937			2,350,000		$	61,441,718
Shares redeemed		(3,600,000	)		(94,855,529	)		(100,000	)		(2,754,101)
NET INCREASE (DECREASE) IN SHARES		(2,950,000	)	$	(78,053,592	)		2,250,000		$	58,687,617
	Future Health Care Equity ETF
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares sold		—		$	—			375,000		$	12,109,471
Shares redeemed		(2,700,000	)		(77,110,935	)		(325,000	)		(10,245,168)
NET INCREASE (DECREASE) IN SHARES		(2,700,000	)	$	(77,110,935	)		50,000		$	1,864,303
	Future Planet Equity ETF
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares sold		—		$	—			250,000		$	7,613,215
Shares redeemed		(3,225,000	)		(87,063,598	)		(1,275,000	)		(39,760,858)
NET DECREASE IN SHARES		(3,225,000	)	$	(87,063,598	)		(1,025,000	)	$	(32,147,643)
	Future Real Estate and Infrastructure Equity ETF
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares sold		—		$	—			50,000		$	1,628,238
Shares redeemed		(150,000	)		(4,918,349	)		(25,000	)		(826,941)
NET INCREASE (DECREASE) IN SHARES		(150,000	)	$	(4,918,349	)		25,000		$	801,297

  

48

GOLDMAN SACHS FUTURE ETFS

 

 

 

 

 

 

 

 

5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

	Future Tech Leaders Equity ETF
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares sold		525,000		$	12,930,354			800,000		$	16,946,509
Shares redeemed		(4,600,000	)		(110,169,607	)		(650,000	)		(15,575,293)
NET INCREASE (DECREASE) IN SHARES		(4,075,000	)	$	(97,239,253	)		150,000		$	1,371,216

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 29, 2024, were as follows:

Fund	Purchases		Sales
Future Consumer Equity ETF	$	15,975,837	$	33,078,460
Future Health Care Equity ETF		12,845,247		11,990,229
Future Planet Equity ETF		13,973,844		17,666,373
Future Real Estate and Infrastructure Equity ETF		2,156,227		2,335,993
Future Tech Leaders Equity ETF		46,346,969		69,614,036

The purchases and sales from in-kind creation and redemption transactions for the six months ended February 29, 2024, were as follows:

Fund	Purchases		Sales
Future Consumer Equity ETF	$	13,487,667	$	75,809,802
Future Health Care Equity ETF		—		76,392,775
Future Planet Equity ETF		—		80,569,778
Future Real Estate and Infrastructure Equity ETF		—		4,836,779
Future Tech Leaders Equity ETF		10,100,820		85,078,224

7. SECURITIES LENDING

The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid

  

  49

GOLDMAN SACHS FUTURE ETFS

 

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

 

7. SECURITIES LENDING (continued)

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 February 29, 2024, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable. The Future Health Care ETF, Future Real Estate and Infrastructure Equity ETF and Future Tech Leaders Equity ETF did not have securities on loan as of February 29, 2024.

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 six months ended February 29, 2024, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended February 29, 2024:

Fund	Beginning value as of August 31, 2023	Purchases at Cost		Proceeds from Sales			Ending value as of February 29, 2024
Future Consumer Equity ETF	$  747,637	$	8,106,206	$	(8,056,976	)	$	796,867
Future Health Care Equity ETF	—		2,810,885		(2,810,885	)		—
Future Planet Equity ETF	1,110,381		9,655,636		(10,520,072	)		245,945
Future Real Estate and Infrastructure Equity ETF	—		1,173,851		(1,173,851	)		—
Future Tech Leaders Equity ETF	—		10,324,350		(10,324,350	)		—

  

50

GOLDMAN SACHS FUTURE ETFS

 

 

 

 

 

 

 

 

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, August 31, 2023, the Funds’ capital loss carryforwards and certain timing differences on a tax basis were as follows:

	Future Consumer Equity ETF			Future Health Care Equity ETF			Future Planet Equity ETF			Future Real Estate and Infrastructure Equity ETF			Future Tech Leaders Equity ETF
Capital loss carryforwards:
Perpetual Short-Term	$	(4,207,635	)	$	(3,732,076	)	$	(1,689,183	)	$	(619,615	)	$	(35,991,302	)
Perpetual Long-Term		—			—			(434,932	)		—			(6,921,885	)
Total capital loss carryforwards		(4,207,635	)		(3,732,076	)		(2,124,115	)		(619,615	)		(42,913,187	)
Timing differences — Late Year Ordinary Loss Deferral/Post October Capital Loss Deferral		(2,589,572	)		(5,683,882	)		(4,661,043	)		(962,910	)		(41,838,379	)

As of February 29, 2024, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Future Consumer Equity ETF			Future Health Care Equity ETF			Future Planet Equity ETF			Future Real Estate and Infrastructure Equity ETF			Future Tech Leaders Equity ETF
Tax Cost	$	85,215,205		$	26,429,233		$	62,167,593		$	20,960,515		$	177,115,028
Gross unrealized gain		11,867,514			1,852,469			964,445			663,165			18,601,072
Gross unrealized loss		(10,187,004	)		(2,927,775	)		(18,500,279	)		(2,814,099	)		(16,770,678	)
Net unrealized gain (loss)	$	1,680,510		$	(1,075,306	)	$	(17,535,834	)	$	(2,150,934	)	$	1,830,394

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

GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior 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 sanctions, 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 from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund’s liquidity and performance. Foreign risk also

  

  51

GOLDMAN SACHS FUTURE ETFS

 

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

 

9. OTHER RISKS (continued)

involves the risk of negative foreign currency exchange 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 — The 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.

Geographic Risk — If a Fund focuses its investments in securities of issuers located in a particular country or geographic region, the Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

Investment Style Risk — Different investment styles (e.g., growth, value or quantitative) tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.

Issuer Concentration Risk — The Funds may invest in a relatively small number of issuers. As a result, they may be subject to greater risks than a fund that invests in a greater number of issuers. A change in the value of any single investment held by the Funds may affect the overall value of the Funds more than it would affect a mutual fund that holds more investments. In particular, the Funds may be more susceptible to adverse developments affecting any single issuer in the Funds and may be susceptible to greater losses because of these developments.

Large Shareholder Transactions Risk — Certain shareholders, including other funds advised by the Investment Adviser, may from time to time own a substantial amount of the Fund’s Shares. In addition, a third party investor, the Investment Adviser or an affiliate of the Investment Adviser, an authorized participant, a lead market maker, or another entity (i.e., a seed investor) may invest in the Fund and hold its investment solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or scale. Any such investment may be held for a limited period of time. There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund, including on the Fund’s liquidity. In addition, transactions by large shareholders may account for a large percentage of the trading volume on NYSE Arca and may, therefore, have a material upward or downward effect on the market price of the Shares.

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, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Market Trading Risk — Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV,

  

52

GOLDMAN SACHS FUTURE ETFS

 

 

 

 

 

 

 

 

9. OTHER RISKS (continued)

the shareholder may pay more for, or receive less than, the underlying value of the Shares, respectively. 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.

Mid-Cap and Small-Cap Risk — Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

Non-Diversification Risk — The Funds are non-diversified, meaning that they are permitted to invest a larger percentage of their assets in one or more issuers or in fewer issuers than diversified mutual funds. Thus, a Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

Seed Investor Risk — GSAM and/or its affiliates may make payments to one or more investors that contribute seed capital to the Fund. Such payments may continue for a specified period of time and/or until a specified dollar amount is reached. Those payments will be made from the assets of GSAM and/or such affiliates (and not the Fund). There is a risk that such seed investors may redeem their investments in the Fund, particularly after payments from GSAM and/or its affiliates have ceased. As with redemptions by other large shareholders, such redemptions could have a significant negative impact on the Fund, including on the Fund’s liquidity and the market price of the Fund’s Shares.

Thematic Investing Risk — The Fund’s thematic investment strategy limits the universe of investment opportunities available to the Fund and will affect the Fund’s exposure to certain companies, sectors, regions, and countries, which may result in the Fund forgoing opportunities to buy or sell certain securities when it might otherwise be advantageous to do so. Adhering to the Fund’s thematic investment strategy may also affect the Fund’s performance relative to similar funds that do not seek to invest in companies exposed to certain themes. There is no guarantee that the Investment Adviser’s views, security selection criteria or investment judgment will reflect the beliefs or values of any particular investor. In addition, the Investment Adviser is not required to monitor on an ongoing basis whether a current holding continues to be aligned with one or more themes or otherwise associated with certain themes. The Fund is not required to sell, and may instead add to, positions in holdings that no longer continue to be aligned with one or more of the Key Themes or associated with these themes.

10. INDEMNIFICATIONS

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

11. 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 ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund, Goldman Sachs Trust, Goldman Sachs Trust II and Goldman Sachs Variable Insurance Trust, in July 2023, the Board voted to nominate Gregory G. Weaver, Dwight L. Bush, Kathryn A. Cassidy, John G. Chou, Joaquin Delgado, Eileen H. Dowling and Paul C. Wirth (the “Nominees”) for election as Trustees of the Trust. At a virtual special joint meeting of shareholders held on November 16, 2023, each of the Nominees was elected to serve as Trustees alongside the then current Trustees of the Trust, effective January 1, 2024.

  

  53

GOLDMAN SACHS FUTURE ETFS

 

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

 

12. SUBSEQUENT EVENTS

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

  

54

GOLDMAN SACHS FUTURE ETFS

 

 

 

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting of Shareholders (the “Meeting”) of the Goldman Sachs ETF Trust (the “Trust”) was held on November 16, 2023 to consider and elect nominees to the Trust’s Board of Trustees. At the Meeting, Gregory G. Weaver, Dwight L. Bush, Kathryn A. Cassidy, John G. Chou, Joaquin Delgado, Eileen H. Dowling and Paul C. Wirth were elected to the Trust’s Board of Trustees. In electing the nominees, the Trust’s shareholders voted as follows:

Proposal  Election of Trustees	For	Withheld
Gregory G. Weaver	312,642,103	27,755,773
Dwight L. Bush	339,557,290	840,586
Kathryn A. Cassidy	339,692,259	705,617
John G. Chou	339,628,535	769,341
Joaquin Delgado	339,626,867	771,009
Eileen H. Dowling	339,570,827	827,049
Paul C. Wirth	339,591,397	806,479

  

  55

GOLDMAN SACHS FUTURE ETFS

 

 

 

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Future Consumer Equity ETF, Goldman Sachs Future Health Care Equity ETF, Goldman Sachs Future Planet Equity ETF, Goldman Sachs Future Real Estate and Infrastructure Equity ETF and Goldman Sachs Future Tech Leaders Equity ETF (each, a “Fund” and together, the “Funds”) are investment portfolios of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The Management Agreement was most recently approved for continuation until September 30, 2024 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on September 19-20, 2023 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

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

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

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

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

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

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

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

  

56  

GOLDMAN SACHS FUTURE ETFS

 

 

 

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

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

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

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including developments associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees considered that under the Management Agreement, each Fund pays a single fee to the Investment Adviser, and the Investment Adviser pays each Fund’s ordinary operating expenses, excluding payments under each Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. The Trustees also considered information about each Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Funds are actively-managed ETFs that seek long-term growth of capital, except for the Goldman Sachs Future Planet Equity ETF, which seeks long-term capital appreciation. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Funds. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing investment strategies similar to those of the Funds. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings compiled by the Outside Data Provider as of March 31, 2023, and updated information prepared by the Investment Adviser regarding the Funds’ category rankings using the peer group identified by the Outside Data Provider as of June 30, 2023. The information on each Fund’s investment performance was provided for the one-year period ending on the applicable dates. The Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. As part of this review, they reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management. The Trustees observed that the Goldman Sachs Future Consumer Equity ETF had placed in the fourth quartile of the Fund’s peer group and underperformed the Fund’s benchmark index for the one-year period ended June 30, 2023. They noted that the Goldman Sachs Future Health Care Equity ETF, Goldman Sachs Future Planet Equity ETF, Goldman Sachs Future Real Estate and Infrastructure Equity ETF and Goldman Sachs Future Tech Leaders Equity ETF had each placed in the top half of its respective peer group and underperformed its respective benchmark for the one-year period ended March 31, 2023. The Trustees observed that each Fund’s investment performance was consistent with its respective investment objective.

  

  57

GOLDMAN SACHS FUTURE ETFS

 

 

 

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

Unitary Fee Structure and Profitability

The Trustees considered the unitary management fee rate payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and non-advisory services that were directed to the needs and operations of the Funds as ETFs.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The Trustees also considered information previously provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Funds’ fee rates and expense ratios were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing each Fund’s management fee rate and net expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons provided by the Outside Data Provider and the Investment Adviser were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds. They also noted that shareholders are able to sell their Fund shares on the secondary market if they believe that Fund fees and expenses are too high or if they are dissatisfied with the performance of a Fund.

The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had previously received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC (“Goldman Sachs”) organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations. Profitability data for the Funds was provided for 2022 and 2021. The Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

The Trustees noted that the Funds, similar to many other ETFs, do not have management fee breakpoints. They considered information previously provided regarding each Fund’s fee structure, the amount of assets in each Fund, each Fund’s recent creation and redemption activity, information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its realized profits, and information comparing the contractual management fee rate charged by other advisers to other funds in the peer group. The Trustees further noted the Investment Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration in determining each Fund’s unitary management fee rate.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (b) fees earned by the Investment Adviser for managing the funds in which certain Funds’ securities lending cash collateral is invested; (c) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (d) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (e) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (f) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (g) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (h) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

  

58  

GOLDMAN SACHS FUTURE ETFS

 

 

 

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

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) the Funds’ access to certain affiliated distribution channels. They considered the competitive nature of the ETF marketplace, noting that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary fee paid by each Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until September 30, 2024.

  

  59

GOLDMAN SACHS FUTURE ETFS

 

 

Liquidity Risk Management Program

February 29, 2024

 

 

 

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 February 13-14, 2024, 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, 2023 through December 31, 2023 (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; (3) the efficiency of the arbitrage function during the Reporting Period; and (4) the impact of local holidays in non-U.S. jurisdictions. 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.

  

60

GOLDMAN SACHS FUTURE ETFS

Fund Expenses — Six Months Ended February 29, 2024 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period from September 1, 2023 and held for the six months ended February 29, 2024, which represents a period of 182 days of a 366 day year (or less where indicated).

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

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

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

	Future Consumer Equity ETF							Future Health Care Equity ETF							Future Planet Equity ETF							Future Real Estate and Infrastructure Equity ETF
	Beginning  Account Value  9/1/23		Ending  Account Value  2/29/24			Expenses  Paid for the 6 months  ended 2/29/24*		Beginning  Account Value  9/1/23		Ending  Account Value  2/29/24			Expenses  Paid for the 6 months  ended 2/29/24*		Beginning  Account Value  9/1/23		Ending  Account Value  2/29/24			Expenses  Paid for the 6 months  ended 2/29/24*		Beginning  Account Value  9/1/23		Ending  Account Value  2/29/24			Expenses  Paid for the 6 months  ended 2/29/24*
Actual based on NAV		$1,000.00		$1,137.27			$3.99		$1,000.00		$1,045.83			$3.81		$1,000.00		$1,018.54			$3.76		$1,000.00		$1,025.12			$3.78
Hypothetical 5% return		1,000.00		1,021.13	+		3.77		1,000.00		1,021.13	+		3.77		1,000.00		1,021.13	+		3.77		1,000.00		1,021.13	+		3.77

	Future Tech Leaders Equity ETF
	Beginning  Account Value  9/1/23		Ending  Account Value  2/29/24			Expenses  Paid for the 6 months  ended 2/29/24*
Actual based on NAV		$1,000.00		$1,166.00			$4.04
Hypothetical 5% return		1,000.00		1,021.13	+		3.77

+ 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 are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 29, 2024. 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 half year; and then dividing that result by the number of days in the fiscal year.

The annualized net expense ratios for the period were as follows:

Fund
Future Consumer Equity ETF	0.75	%
Future Health Care Equity ETF	0.75
Future Planet Equity ETF	0.75
Future Real Estate and Infrastructure Equity ETF	0.75
Future Tech Leaders Equity ETF	0.75

61

(This page intentionally left blank)

(This page intentionally left blank)

FUNDS PROFILE

 

Goldman Sachs ETFs

 

THE GOLDMAN

SACHS ADVANTAGE

Our goal is to deliver:

Strong, Consistent  Investment Results
∎	Global Resources and Global Research
∎	Team Approach
∎	Disciplined Processes

Innovative,  Value-Added  Investment Products
∎	Thoughtful Solutions
∎	Risk Management

Outstanding  Client Service
∎	Dedicated Service Teams
∎	Excellence and Integrity

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 $2.54 trillion in assets under supervision as of December 31, 2023, 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 Access Emerging Markets USD Bond ETF

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 Bonds ETF

Goldman Sachs Access Treasury 0-1 Year ETF

Goldman Sachs Access U.S. Aggregate Bond ETF

Goldman Sachs Access Ultra Short Bond ETF

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 ActiveBeta^® World Low Vol Plus Equity ETF

Goldman Sachs Bloomberg Clean Energy Equity ETF

Goldman Sachs Community Municipal Bond ETF

Goldman Sachs Defensive Equity ETF

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

Goldman Sachs Future Consumer Equity ETF

Goldman Sachs Future Health Care Equity ETF

Goldman Sachs Future Planet Equity ETF

Goldman Sachs Future Real Estate and Infrastructure Equity ETF

Goldman Sachs Future Tech Leaders Equity ETF

Goldman Sachs Hedge Industry VIP ETF

Goldman Sachs Innovate Equity ETF

Goldman Sachs JUST U.S. Large Cap Equity ETF

Goldman Sachs MarketBeta^® Emerging Markets Equity ETF

Goldman Sachs MarketBeta^® International Equity ETF

Goldman Sachs MarketBeta^® Total International Equity ETF

Goldman Sachs MarketBeta^® U.S. 1000 Equity ETF

Goldman Sachs MarketBeta^® U.S. Equity ETF

Goldman Sachs MarketBeta^® Russell 1000 Growth Equity ETF

Goldman Sachs MarketBeta^® Russell 1000 Value Equity ETF

Goldman Sachs Nasdaq-100 Core Premium Income ETF

Goldman Sachs North American Pipelines & Power Equity ETF

Goldman Sachs Small Cap Core Equity ETF

Goldman Sachs S&P 500 Core Premium Income ETF

INDEX DISCLAIMERS

The “S&P 500 Index” is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and has been licensed for use by Goldman Sachs Asset Management, L.P. Standard & Poor’s^® and S&P^® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Goldman Sachs Asset Management, L.P. The Goldman Sachs S&P 500 Core Premium Income ETF is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.

Nasdaq^®, Nasdaq-100^®, Nasdaq-100 Index^®, and NDX^® are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by Goldman Sachs Asset Management L.P. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT(S).

  

64  

FUNDS PROFILE

 

 

 

  

  65

TRUSTEES TRUSTEES (continued) Gregory G. Weaver, Chair Michael Latham Cheryl K. Beebe James A. McNamara Dwight L. Bush Lawrence W. Stranghoener Kathryn A. Cassidy Paul C. Wirth John G. Chou Joaquin Delgado OFFICERS Eileen H. Dowling James A. McNamara, President Lawrence Hughes Joseph F. DiMaria, Principal Financial Officer, John F. Killian Principal Accounting Officer and Treasurer Steven D. Krichmar Robert Griffith, Secretary THE BANK OF NEW YORK MELLON GOLDMAN SACHS ASSET MANAGEMENT, L.P. Transfer Agent Investment Adviser ALPS DISTRIBUTORS, INC. Distributor Visit our website at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282 The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management's predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed. A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30, are available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission ("SEC'') web site at http://www.sec.gov. The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on the Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC's web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550. Fund holdings and allocations shown are as of February 29, 2024 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only. ETF Fund shares are not individually redeemable and are issued and redeemed by the Fund at their net asset value ("NAV") only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Ordinary brokerage commissions apply. ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management. This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or Summary Prospectus, if applicable. Investors should consider a Fund's objective, risks, and charges and expenses, and read the Summary Prospectus, if available, and/or the Prospectus carefully before investing or sending money. The Summary Prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550. (C) 2024 Goldman Sachs. All rights reserved. 366450-OTU-04/2024 GST 2504 FTRETFSAR-24

Goldman Sachs Funds Goldman Sachs MarketBeta® ETFs MarketBeta® Emerging Markets Equity ETF (GSEE) MarketBeta® International Equity ETF (GSID) MarketBeta® Russell 1000 Growth Equity ETF (GGUS) MarketBeta® Russell 1000 Value Equity ETF (GVUS) MarketBeta® U.S. Equity ETF (GSUS) Goldman Sachs MarketBeta® ETFs MARKETBETA® EMERGING MARKETS EQUITY ETF MARKETBETA® INTERNATIONAL EQUITY ETF MARKETBETA® RUSSELL 1000 GROWTH EQUITY ETF MARKETBETA® RUSSELL 1000 VALUE EQUITY ETF MARKETBETA® U.S. EQUITY ETF

 

 

 

 

Goldman Sachs MarketBeta^® ETFs

∎	MARKETBETA® EMERGING MARKETS EQUITY ETF
∎	MARKETBETA® INTERNATIONAL EQUITY ETF
∎	MARKETBETA® RUSSELL 1000 GROWTH EQUITY ETF
∎	MARKETBETA® RUSSELL 1000 VALUE EQUITY ETF
∎	MARKETBETA® U.S. EQUITY ETF

TABLE OF CONTENTS

Market and Economic Review	1
Fund Basics	8
Schedules of Investments	20
Financial Statements	93
Financial Highlights
MarketBeta® Emerging Markets Equity ETF	99
MarketBeta® International Equity ETF	100
MarketBeta®  Russell 1000 Growth Equity ETF	101
MarketBeta®  Russell 1000 Value Equity ETF	102
MarketBeta® U.S. Equity ETF	103
Notes to Financial Statements	104
Other Information	128

Effective January 24, 2023, open-end mutual funds and exchange traded funds will be required to provide shareholders with streamlined annual and semi-annual shareholder reports (“Tailored Shareholder Reports”). Funds will be required to prepare a separate Tailored Shareholder Report for each share class of a fund that highlights key information to investors. Other information, including financial statements, will no longer appear in a fund’s shareholder report, but will be available online, delivered free of charge upon request, and filed with the Securities and Exchange Commission on a semi-annual basis on Form N-CSR. The new requirements have a compliance date of July 24, 2024.

NOT  FDIC-INSURED  May Lose Value  No Bank Guarantee 

  

   

MARKET AND ECONOMIC REVIEW

 

 

Goldman Sachs MarketBeta ETFs

February 29, 2024

The following are highlights both of key factors affecting the U.S., international and emerging markets equity markets and of any key changes made to the Goldman Sachs MarketBeta Equity ETFs (the “Funds”) during the six months ended February 29, 2024 (the “Reporting Period”). A streamlined annual shareholder report covering the 12 months ended August 31, 2024 will be provided to the Funds’ shareholders, per new SEC requirements with a compliance date of July 24, 2024.

Market and Economic Review

U.S. Equities

• Overall, U.S. equities rose during the Reporting Period. The Standard & Poor’s 500^® Index (the “S&P 500 Index”) ended the Reporting Period with a return of 13.93%. The Russell 3000^® Index generated a return of 13.76%.

• Despite ongoing geopolitical tensions and persistent volatility, the market posted solid returns during the Reporting Period amid a backdrop of shifting expectations around the Federal Reserve’s (“Fed”) policy path forward and generally broadening market leadership.

• The Reporting Period began in September 2023 with a sharp pullback.

• Although economic activity remained resilient, the S&P 500 Index declined mostly due to a pickup in soft landing concerns, surging energy prices and disinflationary pressures on corporate earnings. (A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing.)

• Concerns about a looming threat of a federal government shutdown, consumer impacts from student loan repayments resuming, and a strike against automakers by the United Auto Workers union that began in September further weighed on investor sentiment.

• The Fed acted in line with consensus forecasts, keeping interest rates unchanged at 5.25%-5.50% in September. However, the Fed’s “higher for longer” narrative appeared to gain further recognition from investors.

• During the fourth quarter of 2023, the S&P 500 Index enjoyed a double-digit gain, finishing the calendar year with the best fourth quarter since 2003.

• The quarter saw a broadening of market leadership following the mega-cap dominance for most of 2023.

• U.S. equity markets began the quarter with negative momentum, as investors digested a more resilient than consensus expected U.S. economy and a “higher for longer” Fed interest rate regime.

• The market then shifted direction in November.

• November saw the most significant easing in financial conditions of any month in more than four decades.

• Market sentiment took a positive turn on the back of an overall shift in tonality from Fed officials signaling potential easing of monetary policy in 2024, a gradual cooldown in economic activity while the labor market remained resilient, and a rally across U.S. Treasuries marking one of the best monthly performances on record—all underpinning soft landing and disinflation traction themes.

• The Fed held interest rates unchanged throughout the quarter, as growth of the U.S. economy slowed, the unemployment rate remained low despite abating job gains, and inflationary pressures continued to trend downwards.

• Near the end of the quarter, there was a major shift in the Fed’s policy path expectations, with the Summary of Economic Projections median dot plot signaling 75 basis points of rate cuts in 2024. (A basis point is 1/100th of a percentage point. The Fed’s dot plot shows the interest rate projections of the members of the Federal Open Market Committee.)

• U.S. economic data provided further evidence of disinflation momentum, with November’s annualized core Consumer Price Index dropping to its lowest level since September 2021 and core Personal Consumption Expenditure Index increasing 1.9% on a six-month annualized basis, measuring below the Fed’s inflation target of 2% for the first time in more than three years.

  

  1

MARKET AND ECONOMIC REVIEW

 

 

 

 

 

 

 

• Market seasonality proved to be another tailwind to equities during the quarter, as November and December historically represent the strongest two-month period for U.S. stocks.

• The S&P 500 Index rose in January 2024, albeit modestly.

• Following an especially strong end to 2023, U.S. equity markets began the new calendar year with a more cautionary tone, driven by concerns regarding overvalued conditions and the Fed’s ability to match interest rate cut expectations from investors.

• Yields across the U.S. Treasury curve, or spectrum of maturities, steepened, a headwind to equity valuations as traders repriced expectations regarding the path of monetary policy.

• The trend of broadened market leadership witnessed in the last months of 2023 reversed course in January, with mega-cap stocks outperforming again.

• Despite this defensive start, U.S. equities finished the month mostly higher, with the S&P 500 Index recording new record highs as economic releases and robust labor market data continued to underpin the prevailing soft landing narrative.

• In February 2024, the S&P 500 Index notched a new all-time high, rallying for the fourth consecutive month as market leadership broadened from the “Magnificent Seven.” The Magnificent Seven stocks are a group of high-performing and influential companies in the U.S. stock market: Alphabet, Amazon, Apple, Meta Platforms, Microsoft, NVIDIA, and Tesla.

• U.S. Treasury yields were notably higher on the back of resilient macroeconomic data and hawkish sentiment following the Fed’s January meeting, wherein Fed Chair Powell communicated it was not likely the Fed would cut interest rates in March 2024. (Hawkish suggests higher interest rates; opposite of dovish.)

• The major headline of the month was the shift in market expectations for the timing of the first interest rate cut, which moved from March to June 2024 even as the broader disinflation theme remained intact.

• Economic data remained robust, which helped ease concerns of a hard landing.

• Concerns of a temporary U.S. government shutdown were subdued at the end of the month, as policymakers reached a timely temporary funding bill to keep government operations open through March 2024.

• Corporate earnings were better than consensus feared, underpinned by both sales and earnings exceeding market forecasts on improved profit margins across most sectors.

• During the Reporting Period overall, all capitalization segments within the U.S. equity market posted gains, with large-cap stocks, as measured by the Russell 1000^® Index, performing best, followed by mid-cap stocks and then small-cap stocks, as measured by the Russell Midcap^® Index and Russell 2000^® Index, respectively. From a style perspective, growth-oriented stocks materially outperformed value-oriented stocks across the capitalization spectrum. (All as measured by the FTSE Russell indices.)

• The best performing sectors within the S&P 500 Index during the Reporting Period were information technology, communication services and financials, while the weakest performing sectors were energy, utilities and consumer staples.

International Equities

• Representing the developed international equity markets, the MSCI EAFE Index (net) returned 9.23% for the Reporting Period, lagging the U.S. equity market.

• As the Reporting Period began in September 2023, international equity markets, like their U.S. counterpart, declined, marked by persistent inflation, contractionary economic concerns, particularly in Europe, and further interest rate hikes. Recession fears were renewed by a steep rise in oil prices. Further, a selloff in global bond markets put increased pressure on risk assets.

• In Europe, concerns persisted around the contractionary effect of elevated interest rates on the economy as the European Central Bank (“ECB”) raised interest rates for the second time in the third calendar quarter. However, inflation in Europe fell to a two-year low, and the ECB suggested its September hike may be the last.

Source: MSCI

  

2  

MARKET AND ECONOMIC REVIEW

 

 

 

 

 

 

 

• The U.K. equity market fared better than continental Europe, largely supported by its energy sector, which benefited from increased oil prices. The market also benefited from sterling, its currency, depreciation relative to the U.S. dollar. Additionally, U.K. markets showed signs of improving consumer confidence. The Bank of England (“BoE”) ended its run of 14 consecutive interest rate hikes in September.

• The Japanese equity market fell in September, as concerns arose surrounding political tensions with China, which could impact tourism.

• International equities rallied strongly in the fourth quarter of 2023, fueled by expectations of interest rate cuts in 2024 amid falling inflation numbers and a fizzling out of the “higher for longer” narrative.

• In Europe, equities were weak in October but then recovered to close out the year. Headline inflation in December ticked up from November; however, core inflation fell.

• U.K. equities posted positive returns overall but lagged other geographies due to sterling appreciation and a large exposure to the underperforming energy sector. Although U.K. economic growth entered negative territory during the quarter, markets were buoyed by expectations of an ending rate hike cycle. As a result, domestic small-cap and mid-ap stocks performed especially well.

• The Japanese equity market similarly posted positive, albeit modest, returns for the quarter. Yen appreciation was a headwind for Japanese equities. However, expectations of rate cuts and dovish U.S. Fed moves were positive news for Japanese equities. The December 2023 Bank of Japan Tankan survey signaled toward improving business sentiment. However, the Bank of Japan’s December meeting, though not featuring any policy or rate changes, slightly dampened consensus expectations of an imminent end to its negative policy rates.

• The MSCI EAFE Index posted positive, though quite modest, returns in January 2024. While developed markets advanced on positive macroeconomic indicators, central banks tempered investor expectations of interest rate cuts in the first quarter of 2024.

• European equities gained. The ECB kept its rates steady at its January meeting, recognizing a medium-term trend in declining inflation despite the uptick in the prior month. The ECB seemed to have little aversion towards maintaining elevated rates for as long as necessary, reiterating its commitment to a data-driven approach over the next few months.

• U.K. equities posted a negative return overall in January. Signs of economic growth as well as a higher than anticipated December 2023 inflation reading pushed out expectations of rate cuts from the BoE.

• Despite beginning the calendar year with an earthquake and an accident at Tokyo Haneda airport, Japan was the best performing major region in January amidst foreign inflows, as investors rotated out of an underperforming Chinese equity market. Japanese equity markets were propelled by investor optimism around structural developments, such as corporate governance reforms requesting management plans around cost of capital and stock prices, as well as by the launch of the Nippon Individual Savings Account, which was widely expected to increase retail investor participation. The market was also boosted by yen depreciation, as the Bank of Japan elected not to change its negative rate policy at its January meeting.

• The MSCI EAFE Index performed better in February 2024, as corporate earnings reports and positive economic data supported a solid monthly return.

• European equities gained. Despite inflation in the region declining, the ECB reiterated its cautionary guidance regarding rate cuts. After reaching its highest level since July 2023 in January 2024, Europe’s Purchasing Managers’ Index (“PMI”) rose further in February, underscoring signs of improving economic activity in the region.

• The U.K. equity market underperformed other international equity markets in February but still eked out a modestly positive return. Similar to the ECB, the BoE tempered interest rate cut expectations despite inflation coming in slightly below expectations. The U.K. equity market was further challenged by underwhelming corporate earnings and poor economic data that signaled the U.K. had entered a technical recession in the fourth quarter of 2023.

Source: MSCI

  

  3

MARKET AND ECONOMIC REVIEW

 

 

 

 

 

 

 

• The Japanese equity market reached an all-time high in February, surpassing its previous high set 34 years earlier. Despite disappointing fourth quarter 2023 economic growth data, markets were enthused by the return of inflation in Japan, corporate governance reforms and stronger than consensus expected corporate earnings results, led mainly by large-cap stocks.

• For the Reporting Period overall, eight of the eleven sectors in the MSCI EAFE Index posted positive total returns. The best performing sectors within the MSCI EAFE Index during the Reporting Period were information technology, industrials and financials, each posting a double-digit positive total return. The weakest performing sectors were consumer staples, utilities and energy.

• The best performing countries within the MSCI EAFE Index were the Netherlands, Sweden and Israel. The weakest performing countries during the Reporting Period were Portugal, Hong Kong and Finland.

Emerging Markets Equities

• Representing the emerging markets equity markets, the MSCI Emerging Markets Index (net) returned 4.93% during the Reporting Period, underperforming both the U.S. equity market and the developed international equity markets overall.

• As the Reporting Period began in September 2023, emerging markets equities as a whole posted negative returns, as heightened expectations amid strong U.S. economic data that U.S. interest rates would remain higher for longer put pressure on emerging markets equities.

• China remained top of mind for many investors with property market and local government debt issues reducing confidence in its equity market, which posted negative returns.

• Elsewhere in Asia, India’s equity market rose, as the country’s long-term structural drivers remained strong and its near-term cyclical backdrop improved, with economic momentum advancing, corporate earnings growth broadening and corporate capital expenditures picking up.

• In Latin America, the Brazilian equity market rose modestly, reporting economic growth that beat consensus expectations though high inflation kept investors alert to potential changes in economic policy.

• In the EMEA (Europe, Middle East and Africa) region, Turkey’s equity market was the top performer, as domestic retail investor flows followed a signaled return to economic orthodoxy from the Turkish government. However, the equity markets of Poland, Greece and Saudi Arabia fell.

• Emerging markets equities rallied in the fourth quarter of 2023 overall.

• In October 2023, emerging markets equities as a whole fell as did most equity markets globally, as expectations for higher for longer interest rates, particularly in the U.S., and the outbreak of war in the Middle East reduced risk appetite, especially within emerging markets regions.

• November 2023 was a strong month for emerging markets equities, as the view that developed markets interest rates had reached their peak supported equity market performance. All individual country constituents within the MSCI Emerging Markets Index posted positive returns, although China continued to struggle as consumer confidence remained weak amid ongoing property market troubles.

• The MSCI Emerging Markets Index rose solidly in December 2023, as emerging markets proved beneficiaries of the widening view that U.S. interest rates were likely to fall more quickly than previously anticipated. A series of lower than consensus expected inflation reports in Europe and the U.S. were key drivers of such rate expectations. Adding to positive sentiment for emerging markets equities were high consensus earnings growth forecasts for emerging markets for 2024 and 2025.

• The MSCI Emerging Markets Index fell in January 2024, suffering as strong U.S. economic data and hawkish messaging from the U.S. Fed altered interest rate cut expectations. Despite China’s positive reported economic growth, its equity market was weakest, as the country continued to deal with issues of weak consumer confidence and property market concerns, with Evergrande, one of its largest real estate companies, going into liquidation during the month. Additionally, disappointment in the level of government

Source: MSCI

  

4  

MARKET AND ECONOMIC REVIEW

 

 

 

 

 

 

 

• support affected sentiment. Countries with strong trade links to China, including South Korea and Thailand, also suffered, as consensus expected export demand fell. On the other hand, India maintained its strong momentum from 2023, buoyed by corporate fundamentals and its government announcing a budget that reiterated a commitment to fiscal consolidation and introducing measures to encourage private capital expenditure. In Latin America, the rate differential between the U.S. and regional central banks was a drag, driving the equity markets of Chile, Peru and Brazil to negative monthly returns.

• The MSCI Emerging Markets Index rose in February 2024, supported largely by a rebound in China’s equity market, which had recently hit five-year lows. China’s equity market was boosted by government intervention, including stock purchases by state-owned investment firms, and by data indicating better tourist activity during the lunar new year.

• During the Reporting Period overall, the best performing sectors within the MSCI Emerging Markets Index were utilities, energy and information technology. The weakest performing sectors were communication services, real estate and materials.

• The best performing countries within the MSCI Emerging Markets Index during the Reporting Period were Egypt, Poland, Colombia, Peru and India. The weakest performing countries were Hong Kong, Thailand, China, Czech Republic and Chile.

Fund Changes and Highlights

 No material changes were made to the Funds during the Reporting Period.

Goldman Sachs MarketBeta Russell 1000 Growth Equity ETF

• The Fund, which seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Russell 1000 Growth 40 Act Daily Capped Index (the “Index”), launched on November 28, 2023.

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

• The Index is designed to measure the performance of the large- and mid-capitalization growth segment of U.S. equity issuers, with a capping methodology.

• The Index is a subset of the Russell 1000 Index and measures the performance of equity securities of Russell 1000 Index issuers with higher price-to-book ratios, higher forecasted medium-term growth and higher sales-per-share historical growth relative to all issuers whose securities are included in the Russell 1000 Index.

• It is calculated as a total return index in U.S. dollars and weighted by free-float market capitalization (subject to the capping).

• As of December 1, 2023, the Index consisted of 442 securities with a market capitalization range of approximately $984.39 million and $3 trillion, and an average market capitalization of approximately $73.06 billion. The components of the Index may change over time.

• The Index applies a capping methodology aimed to ensure that the Fund remains classified as “diversified” under the Investment Company Act of 1940, as amended.

• The Index normally rebalances quarterly, at which time (i) all companies that have a weight greater than 4.5% in aggregate are no more than 22.5% of the Index and (ii) no individual company in the Index has a weight greater than 22.5% of the Index.

• The Index is monitored daily to ensure that companies that have a weight greater than 4.8% in aggregate are no more than 24% of the 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 seeks to invest in the Index components in approximately the same weighting that such components have within the Index at the applicable time.

Source: MSCI

  

  5

MARKET AND ECONOMIC REVIEW

 

 

 

 

 

 

 

• 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 owned and calculated by FTSE Russell (“Russell” or 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.

Goldman Sachs MarketBeta Russell 1000 Value Equity ETF

• The Fund, which seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Russell 1000 Value 40 Act Daily Capped Index (the “Index”), launched on November 28, 2023.

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

• The Index is designed to measure the performance of the large- and mid-capitalization value segment of U.S. equity issuers, with a capping methodology.

• The Index is a subset of the Russell 1000 Index and measures the performance of equity securities of Russell 1000 Index issuers with lower price-to-book ratios, lower sales-per-share historical growth and lower forecasted growth relative to all issuers whose securities are included in the Russell 1000 Index.

• It is calculated as a total return index in U.S. dollars and weighted by free-float market capitalization (subject to the capping).

• As of December 1, 2023, the Index consisted of 847 securities with a market capitalization range of approximately $289.2 million and $781.49 billion, and an average market capitalization of approximately $31.06 billion. The components of the Index may change over time.

• The Index applies a capping methodology aimed to ensure that the Fund remains classified as “diversified” under the Investment Company Act of 1940, as amended.

• The Index normally rebalances quarterly, at which time (i) all companies that have a weight greater than 4.5% in aggregate are no more than 22.5% of the Index and (ii) no individual company in the Index has a weight greater than 22.5% of the Index.

• The Index is monitored daily to ensure that companies that have a weight greater than 4.8% in aggregate are no more than 24% of the 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 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 owned and calculated by FTSE Russell (“Russell” or the “Index Provider”).

  

6  

MARKET AND ECONOMIC REVIEW

 

 

 

 

 

 

 

• 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.

  

  7

FUND BASICS

 

 

MarketBeta^® Emerging Markets Equity ETF

as of February 29, 2024

FUND SNAPSHOT

As of February 29, 2024
Market Price1	$42.26
Net Asset Value (NAV)1	$42.27

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

PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV) 2	Fund Total Return (based on Market Price) 2	Solactive GBS Emerging Markets Large & Mid Cap Index3
Shares	4.89%	4.82%	5.70%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees and operating expenses incurred by the Fund. Market Price returns are based upon the last trade as of 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

³  The Goldman Sachs MarketBeta^® Emerging Markets 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 GBS Emerging Markets Large & Mid Cap Index (“Solactive Index”) 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.

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

  

8  

FUND BASICS

 

 

 

 

 

 

 

TOP TEN HOLDINGS AS OF 2/29/24⁴

Holding	% of Net Assets	Line of Business	Country
Taiwan Semiconductor Manufacturing Co. Ltd.	7.1%	Information Technology	Taiwan
Samsung Electronics Co. Ltd.	3.6	Information Technology	South Korea
Tencent Holdings Ltd.	3.0	Communication Services	China
Alibaba Group Holding Ltd.	2.0	Consumer Discretionary	China
Reliance Industries Ltd.	1.6	Energy	India
PDD Holdings, Inc. ADR	1.1	Consumer Discretionary	China
Infosys Ltd.	1.0	Information Technology	India
ICICI Bank Ltd.	0.9	Financials	India
SK Hynix, Inc.	0.9	Information Technology	South Korea
China Construction Bank Corp., Class H	0.8	Financials	China

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

FUND VS BENCHMARK⁵

As of February 29, 2024

⁵  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. Investments in the securities lending vehicle represented 0.4% of the Fund’s net assets as of February 29, 2024. Figures above may not sum to 100% due to rounding.

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

  

  9

FUND BASICS

 

 

MarketBeta^® International Equity ETF

as of February 29, 2024

FUND SNAPSHOT

As of February 29, 2024
Market Price1	$55.22
Net Asset Value (NAV)1	$55.18

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

PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV)2	Fund Total Return (based on Market Price)2	Solactive GBS Developed Markets ex North America Large & Mid Cap Index3
Shares	9.17%	9.31%	9.25%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

³  The Goldman Sachs MarketBeta^® International 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 GBS Developed Markets ex North America Large & Mid Cap Index (“Solactive Index”) 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.

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

  

10  

FUND BASICS

 

 

 

 

 

 

 

TOP TEN HOLDINGS AS OF 2/29/24⁴

Holding	% of Net Assets	Line of Business	Country
Novo Nordisk A/S, Class B	2.3%	Health Care	Denmark
ASML Holding NV	2.2	Information Technology	Netherlands
Nestle SA	1.7	Consumer Staples	United States
Toyota Motor Corp.	1.7	Consumer Discretionary	Japan
LVMH Moet Hennessy Louis Vuitton SE	1.4	Consumer Discretionary	France
Shell PLC	1.2	Energy	Netherlands
Novartis AG	1.2	Health Care	Switzerland
SAP SE	1.2	Information Technology	Germany
AstraZeneca PLC	1.1	Health Care	United Kingdom
Roche Holding AG	1.1	Health Care	United States

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

FUND VS BENCHMARK⁵

As of February 29, 2024

⁵  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. Investments in the securities lending vehicle represented 0.6% of the Fund’s net assets as of February 29, 2024. Figures above may not sum to 100% due to rounding.

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

  

  11

FUND BASICS

 

 

MarketBeta^® Russell 1000 Growth Equity ETF

as of February 29, 2024

FUND SNAPSHOT

As of February 29, 2024
Market Price1	$45.77
Net Asset Value (NAV)1	$45.72

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

PERFORMANCE REVIEW

November 28, 2023-February 29, 2024	Fund Total Return (based on NAV)2	Fund Total Return (based on Market Price)2	Russell 1000 Growth 40 Act Daily Capped Index (Total Return, Unhedged, USD)3
Shares	13.88%	14.00%	13.90%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

³  The Goldman Sachs MarketBeta^® Russell 1000 Growth Equity ETF has been developed solely by GSAM. The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). Russell is a trading name of certain of the LSE Group companies. All rights in the Russell 1000 Growth 40 Act Daily Capped Index (the “Russell Index”) vest in the relevant LSE Group company which owns each Russell Index. “Russell^®” is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license. The Russell Index is calculated by or on behalf of FTSE Russell 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 Russell Index or (b) investment in or operation of the Goldman Sachs MarketBeta^® Russell 1000 Growth Equity ETF. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Goldman Sachs MarketBeta^® Russell 1000 Growth Equity ETF or the suitability of the Russell Index for the purpose to which it is being put by GSAM.

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

  

12  

FUND BASICS

 

 

 

 

 

 

 

TOP TEN HOLDINGS AS OF 2/29/24⁴

Holding	% of Net Assets	Line of Business
Microsoft Corp.	8.7%	Software
Apple, Inc.	7.7	Technology Hardware, Storage & Peripherals
NVIDIA Corp.	6.1	Semiconductors & Semiconductor Equipment
Amazon.com, Inc.	4.6	Broadline Retail
Meta Platforms, Inc., Class A	4.2	Interactive Media & Services
Eli Lilly & Co.	2.9	Pharmaceuticals
Broadcom, Inc.	2.6	Semiconductors & Semiconductor Equipment
Tesla, Inc.	2.6	Automobiles
Alphabet, Inc., Class A	2.3	Interactive Media & Services
Visa, Inc., Class A	2.1	Financial Services

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

FUND VS BENCHMARK⁵

As of February 29, 2024

⁵  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 FTSE Russell. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.0% of the Fund’s net assets as of February 29, 2024. Figures above may not sum to 100% due to rounding.

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

  

  13

FUND BASICS

 

 

MarketBeta^® Russell 1000 Value Equity ETF

as of February 29, 2024

FUND SNAPSHOT

As of February 29, 2024
Market Price1	$44.18
Net Asset Value (NAV)1	$44.14

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

PERFORMANCE REVIEW

November 28, 2023-February 29, 2024	Fund Total Return (based on NAV) 2	Fund Total Return (based on Market Price) 2	Russell 1000 Value 40 Act Daily Capped Index (Total return, Unhedged, USD) 3
Shares	10.74%	10.85%	10.83%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

³  The Goldman Sachs MarketBeta^® Russell 1000 Value Equity ETF has been developed solely by GSAM. The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). Russell is a trading name of certain of the LSE Group companies. All rights in the Russell 1000 Value 40 Act Daily Capped Index (the “Russell Index”) vest in the relevant LSE Group company which owns each Russell Index. “Russell^®” is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license. The Russell Index is calculated by or on behalf of FTSE Russell 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 Russell Index or (b) investment in or operation of the Goldman Sachs MarketBeta^® Russell Value Equity ETF. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Goldman Sachs MarketBeta^® Russell 1000 Value Equity ETF or the suitability of the Russell Index for the purpose to which it is being put by GSAM.

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

  

14  

FUND BASICS

 

 

 

 

 

 

 

TOP TEN HOLDINGS AS OF 2/29/24⁴

Holding	% of Net Assets	Line of Business
Berkshire Hathaway, Inc., Class B	3.6%	Financial Services
JPMorgan Chase & Co.	2.6	Banks
Exxon Mobil Corp.	2.0	Oil, Gas & Consumable Fuels
Johnson & Johnson	1.9	Pharmaceuticals
Procter & Gamble Co. (The)	1.4	Household Products
Merck & Co., Inc.	1.3	Pharmaceuticals
Chevron Corp.	1.2	Oil, Gas & Consumable Fuels
Walmart, Inc.	1.2	Consumer Staples Distribution & Retail
Bank of America Corp.	1.1	Banks
Wells Fargo & Co.	1.0	Banks

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

FUND VS BENCHMARK⁵

As of February 29, 2024

⁵  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 FTSE Russell. 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 February 29, 2024. Figures above may not sum to 100% due to rounding.

  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.

  

  15

FUND BASICS

 

 

MarketBeta^® U.S. Equity ETF

as of February 29, 2024

FUND SNAPSHOT

As of February 29, 2024
Market Price1	$69.94
Net Asset Value (NAV)1	$69.95

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

PERFORMANCE REVIEW

September 1, 2023-February 29, 2024	Fund Total Return (based on NAV) 2	Fund Total Return (based on Market Price) 2	Solactive GBS United States Large & Mid Cap Index3
Shares	14.29%	14.18%	14.32%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

³  The Goldman Sachs MarketBeta^® U.S. 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 GBS United States Large & Mid Cap Index (“Solactive Index”) 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

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

  

16  

FUND BASICS

 

 

 

 

 

 

 

TOP TEN HOLDINGS AS OF 2/29/24⁴

Holding	% of Net Assets	Line of Business
Microsoft Corp.	7.1%	Software
Apple, Inc.	6.2	Technology Hardware, Storage & Peripherals
NVIDIA Corp.	4.4	Semiconductors & Semiconductor Equipment
Amazon.com, Inc.	3.7	Broadline Retail
Meta Platforms, Inc., Class A	2.5	Interactive Media & Services
Alphabet, Inc., Class A	1.9	Interactive Media & Services
Alphabet, Inc., Class C	1.6	Interactive Media & Services
Eli Lilly & Co.	1.5	Pharmaceuticals
Broadcom, Inc.	1.4	Semiconductors & Semiconductor Equipment
Tesla, Inc.	1.3	Automobiles

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

FUND VS BENCHMARK⁵

As of February 29, 2024

⁵  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. Investments in the securities lending vehicle represented 0.0% of the Fund’s net assets as of February 29, 2024. Figures above may not sum to 100% due to rounding.

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

  

  17

FUND BASICS

 

 

Index Definitions and Industry Terms

February 29, 2024

The Solactive GBS Emerging Markets Large & Mid Cap Index is designed to measure the performance 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.

The Solactive GBS Developed Markets ex North America Large & Mid Cap Index is designed to measure the performance 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.

The Solactive GBS United States Large & Mid Cap Index is designed to measure the performance 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.

The Russell 1000 Growth 40 Act Daily Capped Index is designed to measure the performance of the large- and mid-capitalization growth segment of U.S. equity issuers, with a capping methodology (discussed below). The Index is a subset of the Russell 1000 Index and measures the performance of equity securities of Russell 1000 Index issuers with higher price-to-book ratios, higher forecasted medium-term growth and higher sales-per-share historical growth relative to all issuers whose securities are included in the Russell 1000 Index. It is calculated as a total return index in U.S. dollars and weighted by free-float market capitalization (subject to the capping described below). As of December 1, 2023, the Index consisted of 442 securities with a market capitalization range of approximately $984.4 million and $3 trillion, and an average market capitalization of approximately $73.1 billion.

The Russell 1000 Value 40 Act Daily Capped Index is designed to measure the performance of the large- and mid-capitalization value segment of U.S. equity issuers, with a capping methodology (discussed below). The Index is a subset of the Russell 1000 Index and measures the performance of equity securities of Russell 1000 Index issuers with lower price-to-book ratios, lower sales-per-share historical growth and lower forecasted growth relative to all issuers whose securities are included in the Russell 1000 Index. It is calculated as a total return index in U.S. dollars and weighted by free-float market capitalization (subject to the capping described below). As of December 1, 2023, the Index consisted of 847 securities with a market capitalization range of approximately $289.2 million and $781.5 billion, and an average market capitalization of approximately $31.1 billion.

Definitions of Non-Benchmark Related Indices

Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe. The Russell 1000^® Index is a subset of the Russell 3000^® Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000^® Index represents approximately 92% of the U.S. market. The Russell 1000^® Index is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growing equities are reflected.

Russell Midcap^® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap^® Index is a subset of the Russell 1000^® Index. The Russell Midcap^® Index includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap^® Index represents approximately 31% of the total market capitalization of the Russell 1000^® Index companies. The Russell Midcap^® Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The Russell Midcap^® Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set.

Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000^® Index is a subset of the Russell 3000^® Index representing approximately 10% of the total market capitalization of that index. The Russell 2000^® Index includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000^® 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.

Russell 3000^® Index is a market capitalization weighted equity index maintained by the FTSE Russell that provides exposure to the entire U.S. stock market. The index tracks the performance of the 3,000 largest U.S.-traded stocks which represent about 98% of all U.S incorporated equity securities. It is not possible to invest directly in an index.

  

18  

FUND BASICS

 

 

 

 

 

 

 

MSCI EAFE^® Index is a market capitalization-weighted composite of securities in 21 developed markets. The MSCI EAFE^® Index approximates the minimum possible dividend reinvestment. The dividend is reinvested after deduction for withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. MSCI^® Inc. uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI EAFE^® Index is unmanaged and the figures for the MSCI EAFE^® Index do not include any deduction for fees or expenses.

S&P 500^® Index is a U.S. stock market index based on the market capitalizations of 500 large companies having common stock listed on the New York Stock Exchange or NASDAQ. The S&P 500^® Index components and their weightings are determined by S&P Dow Jones Indices.

The MSCI^® Emerging Markets Index (Net, USD, Unhedged) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of March 31, 2024 the MSCI^® Emerging Markets Index consists of the following 24 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. For this Index, the dividend is reinvested after deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. MSCI Barra uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI Emerging Markets Index does not reflect any deductions of expenses associated with mutual funds such as management fees and other expenses. It is not possible to invest directly in an index.

It is not possible to invest directly in an unmanaged index.

  

  19

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – 97.3%
Australia – 0.0%
3,310	Yancoal Australia Ltd. (Energy)(a)	$	13,149
Brazil – 4.5%
65,011	Ambev SA (Consumer Staples)		164,600
8,387	Atacadao SA (Consumer Staples)		20,408
80,843	B3 SA – Brasil Bolsa Balcao (Financials)		208,752
21,868	Banco Bradesco SA (Financials)		54,135
22,025	Banco BTG Pactual SA (Financials)		161,309
12,669	Banco do Brasil SA (Financials)		147,531
5,596	Banco Santander Brasil SA (Financials)		32,211
10,118	BB Seguridade Participacoes SA (Financials)		67,892
8,086	Caixa Seguridade Participacoes SA (Financials)		23,386
14,961	CCR SA (Industrials)		41,493
17,396	Centrais Eletricas Brasileiras SA (Utilities)		152,300
5,132	Cia de Saneamento Basico do Estado de Sao Paulo (Utilities)		81,762
4,376	Cia Energetica de Minas Gerais (Utilities)		13,228
9,407	Cia Siderurgica Nacional SA (Materials)		31,845
11,034	Companhia Paranaense de Energia (Utilities)		20,386
17,504	Cosan SA (Energy)		59,889
2,945	CPFL Energia SA (Utilities)		20,976
6,619	CSN Mineracao SA (Materials)		8,086
4,483	Energisa SA (Utilities)		45,871
9,002	Eneva SA (Utilities)*		23,245
2,743	Engie Brasil Energia SA (Utilities)		23,198
14,699	Equatorial Energia SA (Utilities)		101,116
71,419	Hapvida Participacoes e Investimentos SA (Health
	Care)*(a)		52,752
5,947	Hypera SA (Health Care)		39,354
7,022	Itau Unibanco Holding SA (Financials)		41,423
12,767	Klabin SA (Materials)		57,994
12,572	Localiza Rent a Car SA (Industrials)		134,104
14,294	Lojas Renner SA (Consumer Discretionary)		45,454
45,068	Magazine Luiza SA (Consumer Discretionary)*		19,320
4,270	Multiplan Empreendimentos Imobiliarios SA (Real Estate)		22,696
12,724	Natura & Co. Holding SA (Consumer Staples)*		41,768
3,057	Neoenergia SA (Utilities)		13,290

Shares	Description	Value
Common Stocks – (continued)
Brazil – (continued)
33,924	NU Holdings Ltd., Class A (Financials)*	$	375,878
3,151	Pagseguro Digital Ltd., Class A (Financials)*		43,862
54,587	Petroleo Brasileiro SA (Energy)		452,855
2,952	Porto Seguro SA (Financials)		16,968
10,626	PRIO SA (Energy)		93,479
18,868	Raia Drogasil SA (Consumer Staples)		101,163
14,544	Rede D’Or Sao Luiz SA (Health Care)(a)		74,115
18,318	Rumo SA (Industrials)		83,762
19,938	Sendas Distribuidora SA (Consumer Staples)		56,981
3,607	StoneCo Ltd., Class A (Financials)*		62,076
10,380	Suzano SA (Materials)		117,721
6,100	Telefonica Brasil SA (Communication Services)		66,885
11,796	TIM SA (Communication Services)		43,137
7,829	TOTVS SA (Information Technology)		48,358
10,987	Ultrapar Participacoes SA (Energy)		64,923
57,310	Vale SA (Materials)		772,684
16,936	Vibra Energia SA (Consumer Discretionary)		88,146
21,876	WEG SA (Industrials)		161,539
5,802	XP, Inc., Class A (Financials)		137,159
			4,833,465
Chile – 0.4%
645,675	Banco de Chile (Financials)		74,782
1,319	Banco de Credito e Inversiones SA (Financials)		36,555
912,575	Banco Santander Chile (Financials)		44,335
19,641	Cencosud SA (Consumer Staples)		35,240
1,980	Cia Cervecerias Unidas SA (Consumer Staples)		11,468
226,468	Cia Sud Americana de Vapores SA (Industrials)		15,796
17,654	Empresas CMPC SA (Materials)		31,309
6,202	Empresas Copec SA (Energy)		39,764
288,881	Enel Americas SA (Utilities)		29,426
387,868	Enel Chile SA (Utilities)		23,276
17,698	Falabella SA (Consumer Discretionary)*		44,839
6,600,268	Latam Airlines Group SA (Industrials)*		82,929
			469,719
China – 23.7%
6,365	360 Security Technology, Inc., Class A (Information Technology)*		7,747

  

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)
1,268	37 Interactive Entertainment Network Technology Group Co. Ltd., Class A (Communication Services)	$	3,428
700	Accelink Technologies Co. Ltd., Class A (Information Technology)		2,916
578	Advanced Micro-Fabrication Equipment Inc China, Class A (Information Technology)		11,775
724	AECC Aero-Engine Control Co. Ltd., Class A (Industrials)		1,778
2,062	AECC Aviation Power Co. Ltd., Class A (Industrials)		9,847
81,844	Agricultural Bank of China Ltd., Class A (Financials)		47,594
417,272	Agricultural Bank of China Ltd., Class H (Financials)		171,625
8,502	Aier Eye Hospital Group Co. Ltd., Class A (Health Care)		17,287
450	AIMA Technology Group Co. Ltd., Class A (Consumer Discretionary)		2,060
6,084	Air China Ltd., Class A (Industrials)*		6,316
26,611	Air China Ltd., Class H (Industrials)*		14,276
2,545	Airtac International Group (Industrials)		97,422
1,300	Aisino Corp., Class A (Information Technology)		1,849
5,776	Akeso, Inc. (Health Care)*(a)		34,750
232,067	Alibaba Group Holding Ltd. (Consumer Discretionary)		2,160,955
12,764	Aluminum Corp. of China Ltd., Class A (Materials)		10,717
55,647	Aluminum Corp. of China Ltd., Class H (Materials)		27,863
578	Amlogic Shanghai Co. Ltd., Class A (Information Technology)		4,488
5,654	Angang Steel Co. Ltd., Class A (Materials)		1,985
21,822	Angang Steel Co. Ltd., Class H (Materials)		3,930
731	Angel Yeast Co. Ltd., Class A (Consumer Staples)		3,417
3,673	Anhui Conch Cement Co. Ltd., Class A (Materials)		12,204
17,450	Anhui Conch Cement Co. Ltd., Class H (Materials)		38,160
995	Anhui Gujing Distillery Co. Ltd., Class A (Consumer Staples)		30,260
1,800	Anhui Jianghuai Automobile Group Corp. Ltd., Class A (Consumer Discretionary)*		3,867

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
305	Anhui Kouzi Distillery Co. Ltd., Class A (Consumer Staples)	$	1,804
562	Anhui Yingjia Distillery Co. Ltd., Class A (Consumer Staples)		4,988
181	Anjoy Foods Group Co. Ltd., Class A (Consumer Staples)		2,193
300	Anker Innovations Technology Co. Ltd., Class A (Information Technology)		3,402
18,877	ANTA Sports Products Ltd. (Consumer Discretionary)		185,062
843	Apeloa Pharmaceutical Co. Ltd., Class A (Health Care)		1,636
700	Asia - Potash International Investment Guangzhou Co. Ltd., Class A (Materials)*		2,192
174	Asymchem Laboratories Tianjin Co. Ltd., Class A (Health Care)		2,454
353	Asymchem Laboratories Tianjin Co. Ltd., Class H (Health Care)(a)		3,095
300	Autobio Diagnostics Co. Ltd., Class A (Health Care)		2,763
1,065	Autohome, Inc. ADR (Communication Services)		27,679
1,439	Avary Holding Shenzhen Co. Ltd., Class A (Information Technology)		4,210
8,230	AVIC Industry-Finance Holdings Co. Ltd., Class A (Financials)		3,792
35,300	AviChina Industry & Technology Co. Ltd., Class H (Industrials)		14,474
300	AVICOPTER PLC, Class A (Industrials)		1,516
4,400	BAIC BluePark New Energy Technology Co. Ltd., Class A (Consumer Discretionary)*		3,633
4,088	Baidu, Inc. ADR (Communication Services)*		414,237
20,523	Bank of Beijing Co. Ltd., Class A (Financials)		14,754
3,400	Bank of Changsha Co. Ltd., Class A (Financials)		3,676
3,395	Bank of Chengdu Co. Ltd., Class A (Financials)		6,234
38,211	Bank of China Ltd., Class A (Financials)		23,705
1,233,453	Bank of China Ltd., Class H (Financials)		485,264
36,203	Bank of Communications Co. Ltd., Class A (Financials)		31,504
107,276	Bank of Communications Co. Ltd., Class H (Financials)		70,432
2,900	Bank of Guiyang Co. Ltd., Class A (Financials)		2,218

  

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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
5,510	Bank of Hangzhou Co. Ltd., Class A (Financials)	$	8,473
13,562	Bank of Jiangsu Co. Ltd., Class A (Financials)		14,437
9,184	Bank of Nanjing Co. Ltd., Class A (Financials)		11,153
5,952	Bank of Ningbo Co. Ltd., Class A (Financials)		18,405
13,454	Bank of Shanghai Co. Ltd., Class A (Financials)		12,193
2,900	Bank of Suzhou Co. Ltd., Class A (Financials)		2,854
6,736	Bank of Zhengzhou Co. Ltd., Class A (Financials)*		1,954
18,647	Baoshan Iron & Steel Co. Ltd., Class A (Materials)		17,262
7,827	BBMG Corp., Class A (Materials)		2,118
857	BeiGene Ltd. ADR (Health Care)*		141,962
6,100	Beijing Capital Eco- Environment Protection Group Co. Ltd., Class A (Utilities)		2,379
300	Beijing Compass Technology Development Co. Ltd., Class A (Financials)*		2,061
3,954	Beijing Dabeinong Technology Group Co. Ltd., Class A (Consumer Staples)		2,887
181	Beijing Easpring Material Technology Co. Ltd., Class A (Industrials)		875
700	Beijing E-Hualu Information Technology Co. Ltd., Class A (Information Technology)*		2,514
2,349	Beijing Enlight Media Co. Ltd., Class A (Communication Services)		2,960
7,380	Beijing Enterprises Holdings Ltd. (Utilities)		27,809
60,179	Beijing Enterprises Water Group Ltd. (Utilities)		14,144
378	Beijing Kingsoft Office Software, Inc., Class A (Information Technology)		14,215
1,011	Beijing New Building Materials PLC, Class A (Industrials)		3,941
2,200	Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A (Materials)		5,273
2,730	Beijing Originwater Technology Co. Ltd., Class A (Industrials)		1,929
1,443	Beijing Shiji Information Technology Co. Ltd., Class A (Information Technology)*		1,612
2,068	Beijing Shougang Co. Ltd., Class A (Materials)*		950

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
1,300	Beijing Tiantan Biological Products Corp. Ltd., Class A (Health Care)	$	5,106
1,124	Beijing Tongrentang Co. Ltd., Class A (Health Care)		6,942
571	Beijing United Information Technology Co. Ltd., Class A (Industrials)		1,668
590	Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A (Health Care)		6,023
2,200	Beijing Yanjing Brewery Co. Ltd., Class A (Consumer Staples)		2,675
36,200	Beijing-Shanghai High Speed Railway Co. Ltd., Class A (Industrials)		25,372
6,900	Beiqi Foton Motor Co. Ltd., Class A (Consumer Discretionary)*		2,729
181	Bethel Automotive Safety Systems Co. Ltd., Class A (Consumer Discretionary)		1,585
181	Betta Pharmaceuticals Co. Ltd., Class A (Health Care)		1,088
434	BGI Genomics Co. Ltd., Class A (Health Care)		2,664
3,709	Bilibili, Inc., Class Z (Communication Services)*		36,314
578	Bloomage Biotechnology Corp. Ltd., Class A (Health Care)		5,128
2,200	Bluefocus Intelligent Communications Group Co. Ltd., Class A (Communication Services)*		2,253
3,253	BOC Aviation Ltd. (Industrials)(a)		23,975
52,909	BOC Hong Kong Holdings Ltd. (Financials)		139,558
2,068	BOC International China Co. Ltd., Class A (Financials)		3,134
35,037	BOE Technology Group Co. Ltd., Class A (Information Technology)		19,402
1,000	BTG Hotels Group Co. Ltd., Class A (Consumer Discretionary)*		2,121
1,295	BYD Co. Ltd., Class A (Consumer Discretionary)		34,364
14,707	BYD Co. Ltd., Class H (Consumer Discretionary)		363,129
849	By-health Co. Ltd., Class A (Consumer Staples)		1,991
8,189	C&D International Investment Group Ltd. (Real Estate)		13,326
2,200	Caida Securities Co. Ltd., Class A (Financials)		2,369

  

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)
3,957	Caitong Securities Co. Ltd., Class A (Financials)	$	4,382
2,597	CALB Group Co. Ltd. (Consumer Discretionary)*(a)		4,843
710	Canmax Technologies Co. Ltd., Class A (Materials)		2,255
712	Cathay Biotech, Inc., Class A (Materials)		4,772
3,400	CECEP Solar Energy Co. Ltd., Class A (Utilities)		2,567
5,097	CECEP Wind-Power Corp., Class A (Utilities)		2,122
562	CETC Cyberspace Security Technology Co. Ltd., Class A (Information Technology)		1,586
13,586	CGN Power Co. Ltd., Class A (Utilities)		7,278
153,626	CGN Power Co. Ltd., Class H (Utilities)(a)		46,703
181	Changchun High & New Technology Industry Group, Inc., Class A (Health Care)		3,228
5,088	Changjiang Securities Co. Ltd., Class A (Financials)		3,884
181	Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A (Consumer Discretionary)		3,528
1,421	Chaozhou Three-Circle Group Co. Ltd., Class A (Information Technology)		5,001
843	Chengxin Lithium Group Co. Ltd., Class A (Materials)		2,563
1,300	Chifeng Jilong Gold Mining Co. Ltd., Class A (Materials)*		2,331
700	China Automotive Engineering Research Institute Co. Ltd., Class A (Consumer Discretionary)		1,905
2,349	China Baoan Group Co. Ltd., Class A (Industrials)		3,880
132,516	China Cinda Asset Management Co. Ltd., Class H (Financials)		12,695
5,401	China CITIC Bank Corp. Ltd., Class A (Financials)		4,820
155,351	China CITIC Bank Corp. Ltd., Class H (Financials)		82,748
3,005	China Coal Energy Co. Ltd., Class A (Energy)		5,188
32,708	China Coal Energy Co. Ltd., Class H (Energy)		35,303
35,258	China Communications Services Corp. Ltd., Class H (Industrials)		14,997
8,788	China Construction Bank Corp., Class A (Financials)		8,538
1,375,384	China Construction Bank Corp., Class H (Financials)		857,331

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
3,668	China CSSC Holdings Ltd., Class A (Industrials)	$	18,072
7,291	China Eastern Airlines Corp. Ltd., Class A (Industrials)*		3,855
30,778	China Eastern Airlines Corp. Ltd., Class H (Industrials)*		7,784
28,957	China Energy Engineering Corp. Ltd., Class A (Industrials)		8,761
91,667	China Energy Engineering Corp. Ltd., Class H (Industrials)		8,430
39,151	China Everbright Bank Co. Ltd., Class A (Financials)		17,496
114,004	China Everbright Bank Co. Ltd., Class H (Financials)		35,677
54,833	China Everbright Environment Group Ltd. (Industrials)		20,382
49,856	China Feihe Ltd. (Consumer Staples)(a)		24,836
1,300	China Film Co. Ltd., Class A (Communication Services)*		2,189
5,800	China First Heavy Industries Co. Ltd., Class A (Industrials)*		2,270
3,005	China Galaxy Securities Co. Ltd., Class A (Financials)		5,067
52,339	China Galaxy Securities Co. Ltd., Class H (Financials)		27,544
2,068	China Great Wall Securities Co. Ltd., Class A (Financials)		2,273
2,737	China Greatwall Technology Group Co. Ltd., Class A (Information Technology)		3,943
35,704	China Hongqiao Group Ltd. (Materials)		27,774
1,305	China International Capital Corp. Ltd., Class A (Financials)		6,321
22,275	China International Capital Corp. Ltd., Class H (Financials)(a)		27,969
2,374	China International Marine Containers Group Co. Ltd., Class A (Industrials)		2,949
104,019	China Jinmao Holdings Group Ltd. (Real Estate)		8,503
3,662	China Jushi Co. Ltd., Class A (Materials)		5,093
15,160	China Lesso Group Holdings Ltd. (Industrials)		7,223
1,674	China Life Insurance Co. Ltd., Class A (Financials)		7,047
109,769	China Life Insurance Co. Ltd., Class H (Financials)		135,304
5,397	China Literature Ltd. (Communication Services)*(a)		16,648
49,285	China Longyuan Power Group
	Corp. Ltd., Class H (Utilities)		34,876
18,561	China Medical System Holdings Ltd. (Health Care)		30,489

  

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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
17,998	China Merchants Bank Co. Ltd., Class A (Financials)	$	80,033
55,806	China Merchants Bank Co. Ltd., Class H (Financials)		217,769
7,446	China Merchants Energy Shipping Co. Ltd., Class A (Energy)		7,441
3,168	China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A (Industrials)		4,639
18,828	China Merchants Port Holdings Co. Ltd. (Industrials)		23,352
6,879	China Merchants Securities Co. Ltd., Class A (Financials)		13,462
6,873	China Merchants Securities Co. Ltd., Class H (Financials)(a)		5,469
5,941	China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A (Real Estate)		7,767
33,132	China Minsheng Banking Corp. Ltd., Class A (Financials)		18,577
103,619	China Minsheng Banking Corp. Ltd., Class H (Financials)		36,530
64,648	China National Building Material Co. Ltd., Class H (Materials)		24,360
5,659	China National Chemical Engineering Co. Ltd., Class A (Industrials)		5,482
700	China National Medicines Corp. Ltd., Class A (Health Care)		3,060
17,459	China National Nuclear Power Co. Ltd., Class A (Utilities)		21,032
460	China National Software & Service Co. Ltd., Class A (Information Technology)		2,057
3,172	China Northern Rare Earth Group High-Tech Co. Ltd., Class A (Materials)		8,298
843	China Oilfield Services Ltd., Class A (Energy)		1,708
28,285	China Oilfield Services Ltd., Class H (Energy)		24,929
55,646	China Overseas Land & Investment Ltd. (Real Estate)		82,735
19,129	China Overseas Property Holdings Ltd. (Real Estate)		16,175
6,072	China Pacific Insurance Group Co. Ltd., Class A (Financials)		21,590
37,893	China Pacific Insurance Group Co. Ltd., Class H (Financials)		72,313
28,438	China Petroleum & Chemical Corp., Class A (Energy)		24,668
354,197	China Petroleum & Chemical Corp., Class H (Energy)		195,901
4,400	China Petroleum Engineering Corp., Class A (Energy)		1,966

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
72,545	China Power International Development Ltd. (Utilities)	$	29,375
4,113	China Railway Construction Heavy Industry Corp. Ltd., Class A (Industrials)		2,340
19,086	China Railway Group Ltd., Class A (Industrials)		16,821
62,464	China Railway Group Ltd., Class H (Industrials)		30,479
5,826	China Railway Signal & Communication Corp. Ltd., Class A (Information Technology)		3,946
25,329	China Railway Signal & Communication Corp. Ltd., Class H (Information Technology)(a)		9,188
843	China Rare Earth Resources And Technology Co. Ltd., Class A (Materials)		3,263
22,998	China Resources Beer Holdings Co. Ltd. (Consumer Staples)		99,732
34,333	China Resources Building Materials Technology Holdings Ltd. (Materials)		5,964
13,169	China Resources Gas Group Ltd. (Utilities)		39,866
42,531	China Resources Land Ltd. (Real Estate)		130,926
851	China Resources Microelectronics Ltd., Class A (Information Technology)		5,061
9,001	China Resources Mixc Lifestyle Services Ltd. (Real Estate)(a)		27,249
24,373	China Resources Pharmaceutical Group Ltd. (Health Care)(a)		16,500
26,299	China Resources Power Holdings Co. Ltd. (Utilities)		56,772
843	China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A (Health Care)		6,433
94,874	China Ruyi Holdings Ltd. (Communication Services)*		18,663
6,068	China Shenhua Energy Co. Ltd., Class A (Energy)		32,508
49,805	China Shenhua Energy Co. Ltd., Class H (Energy)		192,443
1,300	China South Publishing & Media Group Co. Ltd., Class A (Communication Services)		2,237
10,189	China Southern Airlines Co. Ltd., Class A (Industrials)*		8,372
25,846	China Southern Airlines Co. Ltd., Class H (Industrials)*		9,607

  

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)
China – (continued)
2,200	China Southern Power Grid Energy Efficiency & Clean Energy Co. Ltd., Class A (Industrials)	$	1,560
1,000	China Southern Power Grid Energy Storage Co. Ltd., Class A (Utilities)		1,416
39,273	China State Construction Engineering Corp. Ltd., Class A (Industrials)		29,161
27,572	China State Construction International Holdings Ltd. (Industrials)		30,746
1,305	China Suntien Green Energy Corp. Ltd., Class A (Energy)		1,500
27,014	China Suntien Green Energy Corp. Ltd., Class H (Energy)		10,283
21,878	China Taiping Insurance Holdings Co. Ltd. (Financials)		19,087
26,711	China Three Gorges Renewables Group Co. Ltd., Class A (Utilities)		17,127
1,304	China Tourism Group Duty Free Corp. Ltd., Class A (Consumer Discretionary)		15,763
1,326	China Tourism Group Duty Free Corp. Ltd., Class H (Consumer Discretionary)(a)(b)		13,025
650,605	China Tower Corp. Ltd., Class H (Communication Services)(a)		78,949
29,541	China United Network Communications Ltd., Class A (Communication Services)		19,680
9,061	China Vanke Co. Ltd., Class A (Real Estate)		12,626
33,070	China Vanke Co. Ltd., Class H (Real Estate)		25,598
4,400	China XD Electric Co. Ltd., Class A (Industrials)		3,279
20,527	China Yangtze Power Co. Ltd., Class A (Utilities)		71,365
562	China Zhenhua Group Science & Technology Co. Ltd., Class A (Information Technology)		4,474
17,076	China Zheshang Bank Co. Ltd., Class A (Financials)		6,588
37,495	China Zheshang Bank Co. Ltd., Class H (Financials)		10,345
447	Chongqing Brewery Co. Ltd., Class A (Consumer Staples)		4,063
13,297	Chongqing Changan Automobile Co. Ltd., Class A (Consumer Discretionary)		27,497
8,770	Chongqing Rural Commercial Bank Co. Ltd., Class A (Financials)		5,453

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
36,420	Chongqing Rural Commercial Bank Co. Ltd., Class H (Financials)	$	14,700
300	Chongqing Taiji Industry Group Co. Ltd., Class A (Health Care)*		1,580
1,922	Chongqing Zhifei Biological Products Co. Ltd., Class A (Health Care)		14,268
95,383	CITIC Ltd. (Industrials)		96,372
1,305	Citic Pacific Special Steel Group Co. Ltd., Class A (Materials)		2,639
10,487	CITIC Securities Co. Ltd., Class A (Financials)		31,001
26,162	CITIC Securities Co. Ltd., Class H (Financials)		48,522
15,998	CMOC Group Ltd., Class A (Materials)		13,655
56,108	CMOC Group Ltd., Class H (Materials)		34,688
562	CNGR Advanced Material Co. Ltd., Class A (Materials)		3,698
5,400	CNOOC Energy Technology & Services Ltd., Class A (Energy)		2,488
3,392	CNPC Capital Co. Ltd., Class A (Financials)		2,919
3,609	Contemporary Amperex Technology Co. Ltd., Class A (Industrials)		81,900
9,051	COSCO SHIPPING Development Co. Ltd., Class A (Industrials)		3,090
3,392	COSCO SHIPPING Energy Transportation Co. Ltd., Class A (Energy)		6,487
20,242	COSCO SHIPPING Energy Transportation Co. Ltd., Class H (Energy)		19,159
11,833	COSCO SHIPPING Holdings Co. Ltd., Class A (Industrials)		17,244
46,496	COSCO SHIPPING Holdings Co. Ltd., Class H (Industrials)		50,126
203,775	Country Garden Holdings Co. Ltd. (Real Estate)*(b)		16,658
33,517	Country Garden Services Holdings Co. Ltd. (Real Estate)		25,645
22,300	CRRC Corp. Ltd., Class A (Industrials)		19,746
67,555	CRRC Corp. Ltd., Class H (Industrials)		34,861
2,592	CSC Financial Co. Ltd., Class A (Financials)		8,382
14,194	CSC Financial Co. Ltd., Class H (Financials)(a)		11,458
700	CSPC Innovation Pharmaceutical Co. Ltd., Class A (Health Care)		3,325

  

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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
1,000	CSSC Science & Technology Co. Ltd., Class A (Industrials)	$	2,429
13,868	Daqin Railway Co. Ltd., Class A (Industrials)		14,358
718	DaShenLin Pharmaceutical Group Co. Ltd., Class A (Consumer Staples)		2,371
5,654	Datang International Power Generation Co. Ltd., Class A (Utilities)		2,017
43,804	Datang International Power Generation Co. Ltd., Class H (Utilities)		7,106
2,730	DHC Software Co. Ltd., Class A (Information Technology)		2,186
726	Do-Fluoride New Materials Co. Ltd., Class A (Materials)		1,332
458	Dong-E-E-Jiao Co. Ltd., Class A (Health Care)		3,692
2,203	Dongfang Electric Corp. Ltd., Class A (Industrials)		4,999
5,296	Dongfang Electric Corp. Ltd., Class H (Industrials)		5,858
41,458	Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary)		17,740
2,765	Dongxing Securities Co. Ltd., Class A (Financials)		3,258
6,721	East Buy Holding Ltd. (Consumer Discretionary)*(a)		20,776
13,881	East Money Information Co. Ltd., Class A (Financials)		27,048
181	Eastroc Beverage Group Co. Ltd., Class A (Consumer Staples)		4,496
5,100	Easyhome New Retail Group Co. Ltd., Class A (Consumer Discretionary)		2,145
562	Ecovacs Robotics Co. Ltd., Class A (Consumer Discretionary)		2,912
300	Empyrean Technology Co. Ltd., Class A (Information Technology)		3,789
11,440	ENN Energy Holdings Ltd. (Utilities)		94,033
1,930	ENN Natural Gas Co. Ltd., Class A (Utilities)		5,017
440	Eoptolink Technology, Inc. Ltd., Class A (Information Technology)		3,667
1,800	Eve Energy Co. Ltd., Class A (Industrials)		9,571
3,547	Everbright Securities Co. Ltd., Class A (Financials)		8,315
8,870	Everdisplay Optronics Shanghai Co. Ltd., Class A (Information Technology)*		2,942

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
4,120	Fangda Carbon New Material Co. Ltd., Class A (Industrials)*	$	2,819
19,845	Far East Horizon Ltd. (Financials)		15,944
945	Farasis Energy Gan Zhou Co. Ltd., Class A (Industrials)*		1,772
2,083	FAW Jiefang Group Co. Ltd., Class A (Industrials)*		2,532
1,000	Fiberhome Telecommunication Technologies Co. Ltd., Class A (Information Technology)		2,504
3,954	First Capital Securities Co. Ltd., Class A (Financials)		3,144
979	Flat Glass Group Co. Ltd., Class A (Information Technology)		2,959
6,661	Flat Glass Group Co. Ltd., Class H (Information Technology)(b)		12,320
13,340	Focus Media Information Technology Co. Ltd., Class A (Communication Services)		11,664
3,692	Foshan Haitian Flavouring & Food Co. Ltd., Class A (Consumer Staples)		20,834
7,300	Founder Securities Co. Ltd., Class A (Financials)		7,720
9,194	Foxconn Industrial Internet Co. Ltd., Class A (Information Technology)		23,849
1,800	Fujian Funeng Co. Ltd., Class A (Utilities)		2,296
300	Fujian Kuncai Material Technology Co. Ltd., Class A (Materials)*		2,018
864	Fujian Sunner Development Co. Ltd., Class A (Consumer Staples)		1,953
11,700	Full Truck Alliance Co. Ltd. ADR (Industrials)*		77,220
1,674	Fuyao Glass Industry Group Co. Ltd., Class A (Consumer Discretionary)		10,058
8,952	Fuyao Glass Industry Group Co. Ltd., Class H (Consumer Discretionary)(a)		44,881
1,433	GalaxyCore, Inc., Class A (Information Technology)		3,928
300	Gan & Lee Pharmaceuticals Co. Ltd., Class A (Health Care)*		1,787
1,122	Ganfeng Lithium Group Co. Ltd., Class A (Materials)		6,237
6,053	Ganfeng Lithium Group Co. Ltd., Class H (Materials)(a)		20,102
17,078	GD Power Development Co. Ltd., Class A (Utilities)		11,093
1,673	GDS Holdings Ltd. ADR (Information Technology)*(b)		11,427
4,235	GEM Co. Ltd., Class A (Materials)		3,150

  

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)
China – (continued)
3,824	Gemdale Corp., Class A (Real Estate)	$	2,287
17,141	Genscript Biotech Corp. (Health Care)*		34,638
5,652	GF Securities Co. Ltd., Class A (Financials)		11,123
15,205	GF Securities Co. Ltd., Class H (Financials)		16,392
5,902	Giant Biogene Holding Co. Ltd. (Consumer Staples)*(a)(b)		26,989
1,800	Giant Network Group Co. Ltd., Class A (Communication Services)		2,828
448	GigaDevice Semiconductor, Inc., Class A (Information Technology)		4,556
322	Ginlong Technologies Co. Ltd., Class A (Industrials)		2,911
1,000	Glodon Co. Ltd., Class A (Information Technology)		1,900
2,890	GoerTek, Inc., Class A (Information Technology)		6,674
12,100	Goldwind Science & Technology Co. Ltd. (Industrials)		4,606
2,761	Goldwind Science & Technology Co. Ltd., Class A (Industrials)		2,928
148	Goneo Group Co. Ltd., Class A (Industrials)		2,095
1,124	Gotion High-tech Co. Ltd., Class A (Industrials)*		3,087
1,955	Great Wall Motor Co. Ltd., Class A (Consumer Discretionary)		6,349
34,750	Great Wall Motor Co. Ltd., Class H (Consumer Discretionary)		39,327
5,097	Gree Electric Appliances, Inc. of Zhuhai, Class A (Consumer Discretionary)		27,624
8,900	Greenland Holdings Corp. Ltd., Class A (Real Estate)*		2,717
15,572	Greentown China Holdings Ltd. (Real Estate)		12,511
2,200	GRG Banking Equipment Co. Ltd., Class A (Information Technology)		3,520
1,800	Guangdong Electric Power Development Co. Ltd., Class A (Utilities)*		1,217
1,268	Guangdong Haid Group Co. Ltd., Class A (Consumer Staples)		7,588
43,797	Guangdong Investment Ltd. (Utilities)		26,070

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
181	Guangdong Kinlong Hardware Products Co. Ltd., Class A (Industrials)	$	940
6,222	Guanghui Energy Co. Ltd., Class A (Energy)		6,468
2,097	Guangzhou Automobile Group Co. Ltd., Class A (Consumer Discretionary)		2,593
44,107	Guangzhou Automobile Group Co. Ltd., Class H (Consumer Discretionary)		19,099
1,800	Guangzhou Baiyun International Airport Co. Ltd., Class A (Industrials)*		2,531
1,116	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (Health Care)		4,582
3,414	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H (Health Care)		8,896
181	Guangzhou Great Power Energy & Technology Co. Ltd., Class A (Industrials)		572
1,800	Guangzhou Haige Communications Group, Inc. Co., Class A (Information Technology)		2,888
447	Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A (Health Care)		3,741
458	Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A (Information Technology)		2,494
1,786	Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials)		5,116
2,385	Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A (Financials)		2,039
1,800	Guolian Securities Co. Ltd., Class A (Financials)*		2,741
6,160	Guolian Securities Co. Ltd., Class H (Financials)*		2,534
4,262	Guosen Securities Co. Ltd., Class A (Financials)		5,099
6,742	Guotai Junan Securities Co. Ltd., Class A (Financials)		14,120
12,924	Guotai Junan Securities Co. Ltd., Class H (Financials)(a)		14,874
4,236	Guoyuan Securities Co. Ltd., Class A (Financials)		4,104
2,800	H World Group Ltd. ADR (Consumer Discretionary)		102,368
25,331	Haidilao International Holding Ltd. (Consumer Discretionary)(a)		46,399
5,655	Haier Smart Home Co. Ltd., Class A (Consumer Discretionary)		18,907

  

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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
34,238	Haier Smart Home Co. Ltd., Class H (Consumer Discretionary)	$	104,523
38,200	Hainan Airlines Holding Co. Ltd., Class A (Industrials)*		7,581
10,200	Hainan Airport Infrastructure Co. Ltd., Class A (Real Estate)*		5,309
300	Hainan Drinda New Energy Technology Co. Ltd., Class A (Information Technology)		2,851
700	Haisco Pharmaceutical Group Co. Ltd., Class A (Health Care)*		2,429
9,465	Haitian International Holdings Ltd. (Industrials)		23,987
8,626	Haitong Securities Co. Ltd., Class A (Financials)		10,942
39,476	Haitong Securities Co. Ltd., Class H (Financials)		19,615
705	Han’s Laser Technology Industry Group Co. Ltd., Class A (Industrials)		1,942
1,000	Hang Zhou Great Star Industrial Co. Ltd., Class A (Consumer Discretionary)		3,021
700	Hangcha Group Co. Ltd., Class A (Industrials)		2,893
700	Hangjin Technology Co. Ltd., Class A (Materials)		2,838
2,730	Hangzhou Binjiang Real Estate Group Co. Ltd., Class A (Real Estate)		2,864
562	Hangzhou Chang Chuan Technology Co. Ltd., Class A (Information Technology)		2,261
1,666	Hangzhou First Applied Material Co. Ltd., Class A (Information Technology)		6,433
562	Hangzhou Lion Microelectronics Co. Ltd., Class A (Information Technology)		1,847
843	Hangzhou Oxygen Plant Group Co. Ltd., Class A (Materials)		3,276
711	Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Discretionary)		2,467
843	Hangzhou Silan Microelectronics Co. Ltd., Class A (Information Technology)		2,445
574	Hangzhou Tigermed Consulting Co. Ltd., Class A (Health Care)		3,589
1,930	Hangzhou Tigermed Consulting Co. Ltd., Class H (Health Care)(a)		6,718
16,740	Hansoh Pharmaceutical Group Co. Ltd. (Health Care)(a)		29,508

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
562	Haohua Chemical Science & Technology Co. Ltd., Class A (Materials)	$	2,652
700	Hebei Hengshui Laobaigan Liquor Co. Ltd., Class A (Consumer Staples)		1,833
300	Hebei Sinopack Electronic Technology Co. Ltd., Class A (Information Technology)*		2,908
1,000	Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A (Consumer Staples)		3,481
700	Hefei Meiya Optoelectronic Technology, Inc., Class A (Industrials)		1,874
1,300	Heilongjiang Agriculture Co. Ltd., Class A (Consumer Staples)		2,243
2,068	Henan Shenhuo Coal & Power Co. Ltd., Class A (Materials)		5,304
2,730	Henan Shuanghui Investment & Development Co. Ltd., Class A (Consumer Staples)		11,071
8,602	Hengan International Group Co. Ltd. (Consumer Staples)		26,590
1,305	Hengdian Group DMEGC Magnetics Co. Ltd., Class A (Information Technology)		2,599
5,659	Hengli Petrochemical Co. Ltd., Class A (Materials)*		9,998
2,068	Hengtong Optic-electric Co. Ltd., Class A (Information Technology)		3,513
3,952	Hengyi Petrochemical Co. Ltd., Class A (Materials)*		3,796
9,199	Hesteel Co. Ltd., Class A (Materials)		2,783
200	Hisense Home Appliances Group Co. Ltd., Class A (Consumer Discretionary)		827
4,936	Hisense Home Appliances Group Co. Ltd., Class H (Consumer Discretionary)		15,636
1,000	Hisense Visual Technology Co. Ltd., Class A (Consumer Discretionary)		3,595
424	Hithink RoyalFlush Information Network Co. Ltd., Class A (Financials)		8,066
2,900	HLA Group Corp. Ltd., Class A (Consumer Discretionary)		3,473
446	Hongfa Technology Co. Ltd., Class A (Industrials)		1,541
1,800	Hongta Securities Co. Ltd., Class A (Financials)		1,936
691	Horizon Construction Development Ltd. (Industrials)*		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)
China – (continued)
562	Hoshine Silicon Industry Co. Ltd., Class A (Materials)	$	4,134
459	Hoyuan Green Energy Co. Ltd., Class A (Information Technology)		1,772
11,852	Hua Hong Semiconductor Ltd. (Information Technology)*(a)		25,433
4,100	Huaan Securities Co. Ltd., Class A (Financials)		2,743
6,095	Huadian Power International Corp. Ltd., Class A (Utilities)		5,236
27,464	Huadian Power International Corp. Ltd., Class H (Utilities)		13,296
1,421	Huadong Medicine Co. Ltd., Class A (Health Care)		6,642
4,373	Huafon Chemical Co. Ltd., Class A (Materials)		4,139
700	Huagong Tech Co. Ltd., Class A (Information Technology)		3,083
2,068	Huaibei Mining Holdings Co. Ltd., Class A (Materials)		5,439
1,302	Hualan Biological Engineering, Inc., Class A (Health Care)		3,565
300	Huali Industrial Group Co. Ltd., Class A (Consumer Discretionary)		2,412
4,511	Huaneng Lancang River Hydropower, Inc., Class A (Utilities)		5,810
6,765	Huaneng Power International, Inc., Class A (Utilities)*		8,281
59,876	Huaneng Power International, Inc., Class H (Utilities)*		33,652
7,165	Huatai Securities Co. Ltd., Class A (Financials)		14,459
19,890	Huatai Securities Co. Ltd., Class H (Financials)(a)		23,526
2,613	Huaxi Securities Co. Ltd., Class A (Financials)		2,854
11,848	Huaxia Bank Co. Ltd., Class A (Financials)		10,425
300	Huaxia Eye Hospital Group Co. Ltd., Class A (Health Care)		1,232
1,124	Huaxin Cement Co. Ltd., Class A (Materials)		2,117
2,731	Huayu Automotive Systems Co. Ltd., Class A (Consumer Discretionary)		6,622
3,673	Hubei Energy Group Co. Ltd., Class A (Utilities)		2,325
300	Hubei Feilihua Quartz Glass Co. Ltd., Class A (Materials)		1,249
700	Hubei Jumpcan Pharmaceutical Co. Ltd., Class A (Health Care)		3,595
843	Hubei Xingfa Chemicals Group Co. Ltd., Class A (Materials)		2,157

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
562	Huizhou Desay Sv Automotive Co. Ltd., Class A (Consumer Discretionary)	$	8,003
1,124	Humanwell Healthcare Group Co. Ltd., Class A (Health Care)		3,432
1,527	Hunan Changyuan Lico Co. Ltd., Class A (Industrials)		1,293
6,884	Hunan Valin Steel Co. Ltd., Class A (Materials)		5,436
1,654	Hundsun Technologies, Inc., Class A (Information Technology)		5,606
5,191	Hygeia Healthcare Holdings Co. Ltd. (Health Care)(a)		19,527
1,124	IEIT Systems Co. Ltd., Class A (Information Technology)		5,833
2,066	Iflytek Co. Ltd., Class A (Information Technology)		14,162
700	IKD Co. Ltd., Class A (Consumer Discretionary)		2,002
181	Imeik Technology Development Co. Ltd., Class A (Health Care)		8,214
55,958	Industrial & Commercial Bank of China Ltd., Class A (Financials)		41,394
1,019,451	Industrial & Commercial Bank of China Ltd., Class H (Financials)		526,081
18,411	Industrial Bank Co. Ltd., Class A (Financials)		42,544
6,203	Industrial Securities Co. Ltd., Class A (Financials)		5,002
181	Ingenic Semiconductor Co. Ltd., Class A (Information Technology)		1,647
42,621	Inner Mongolia BaoTou Steel Union Co. Ltd., Class A (Materials)*		9,110
1,800	Inner Mongolia Dian Tou Energy Corp. Ltd., Class A (Energy)		4,144
1,011	Inner Mongolia ERDOS Resources Co. Ltd., Class A (Materials)		1,475
7,700	Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A (Materials)		4,157
5,800	Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A (Utilities)		3,558
5,787	Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Consumer Staples)		22,770
2,558	Inner Mongolia Yitai Coal Co. Ltd., Class H (Energy)*(c)		5,718

  

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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
3,392	Inner Mongolia Yuan Xing Energy Co. Ltd., Class A (Materials)	$	2,848
18,265	Innovent Biologics, Inc. (Health Care)*(a)		98,805
6,923	iQIYI, Inc. ADR (Communication Services)*		25,546
450	Isoftstone Information Technology Group Co. Ltd., Class A (Information Technology)*		2,840
2,900	JA Solar Technology Co. Ltd., Class A (Information Technology)		7,547
574	Jafron Biomedical Co. Ltd., Class A (Health Care)		1,599
711	Jason Furniture Hangzhou Co. Ltd., Class A (Consumer Discretionary)		3,705
1,305	JCET Group Co. Ltd., Class A (Information Technology)		4,738
14,799	JD Health International, Inc. (Consumer Staples)*(a)		56,332
26,911	JD Logistics, Inc. (Industrials)*(a)		26,709
35,626	JD.com, Inc., Class A (Consumer Discretionary)		405,234
5,673	Jiangsu Eastern Shenghong Co. Ltd., Class A (Materials)		8,267
843	Jiangsu Expressway Co. Ltd., Class A (Industrials)		1,410
19,080	Jiangsu Expressway Co. Ltd., Class H (Industrials)		19,619
1,118	Jiangsu Hengli Hydraulic Co. Ltd., Class A (Industrials)		8,815
5,541	Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A (Health Care)		32,791
864	Jiangsu King’s Luck Brewery JSC Ltd., Class A (Consumer Staples)		6,439
700	Jiangsu Nhwa Pharmaceutical Co. Ltd., Class A (Health Care)		2,448
300	Jiangsu Pacific Quartz Co. Ltd., Class A (Information Technology)		3,328
1,800	Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A (Communication Services)		2,601
300	Jiangsu Xinquan Automotive Trim Co. Ltd., Class A (Consumer Discretionary)		1,855
1,273	Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A (Consumer Staples)		17,844
305	Jiangsu Yangnong Chemical Co. Ltd., Class A (Materials)		2,316

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
300	Jiangsu Yoke Technology Co. Ltd., Class A (Materials)	$	2,101
711	Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A (Health Care)		3,534
2,730	Jiangsu Zhongtian Technology Co. Ltd., Class A (Industrials)		4,960
1,655	Jiangxi Copper Co. Ltd., Class A (Materials)		4,500
16,682	Jiangxi Copper Co. Ltd., Class H (Materials)		24,846
1,305	Jiangxi Special Electric Motor Co. Ltd., Class A (Industrials)*		1,891
2,200	Jinduicheng Molybdenum Co. Ltd., Class A (Materials)		3,084
5,676	Jinko Solar Co. Ltd., Class A (Information Technology)		6,956
181	JiuGui Liquor Co. Ltd., Class A (Consumer Staples)		1,536
2,600	Jizhong Energy Resources Co. Ltd., Class A (Energy)		2,934
1,000	JL Mag Rare-Earth Co. Ltd., Class A (Industrials)		2,418
1,300	Joincare Pharmaceutical Group Industry Co. Ltd., Class A (Health Care)		2,180
459	Joinn Laboratories China Co. Ltd., Class A (Health Care)		1,159
1,370	Joinn Laboratories China Co. Ltd., Class H (Health Care)(a)		1,729
3,813	Jointown Pharmaceutical Group Co. Ltd., Class A (Health Care)		4,308
562	Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A (Consumer Staples)*		1,974
562	Juewei Food Co. Ltd., Class A (Consumer Staples)		1,753
1,786	Juneyao Airlines Co. Ltd., Class A (Industrials)*		3,304
4,075	Kanzhun Ltd. ADR (Communication Services)		63,774
13,125	KE Holdings, Inc. ADR (Real Estate)		178,369
300	Keboda Technology Co. Ltd., Class A (Consumer Discretionary)		2,706
1,786	Keda Industrial Group Co. Ltd., Class A (Industrials)		2,979
40,897	Kingdee International Software Group Co. Ltd. (Information Technology)*		44,194
2,200	Kingfa Sci & Tech Co. Ltd., Class A (Materials)		2,192
1,800	Kingnet Network Co. Ltd., Class A (Communication Services)		3,123
14,189	Kingsoft Corp. Ltd. (Communication Services)		39,601

  

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)
China – (continued)
29,965	Kuaishou Technology (Communication Services)*(a)	$	170,325
1,942	Kuang-Chi Technologies Co. Ltd., Class A (Industrials)*		3,997
54,175	Kunlun Energy Co. Ltd. (Utilities)		46,295
1,000	Kunlun Tech Co. Ltd., Class A (Communication Services)*		5,603
1,136	Kweichow Moutai Co. Ltd., Class A (Consumer Staples)		267,238
1,300	Lao Feng Xiang Co. Ltd., Class A (Consumer Discretionary)		12,431
2,083	LB Group Co. Ltd., Class A (Materials)		5,429
103,725	Lenovo Group Ltd. (Information Technology)		114,870
4,398	Lens Technology Co. Ltd., Class A (Information Technology)		7,386
1,786	Lepu Medical Technology Beijing Co. Ltd., Class A (Health Care)		3,740
562	Levima Advanced Materials Corp., Class A (Materials)		1,334
14,658	Li Auto, Inc., Class A (Consumer Discretionary)*		331,962
34,797	Li Ning Co. Ltd. (Consumer Discretionary)		86,761
13,059	Liaoning Port Co. Ltd., Class A (Industrials)		2,682
6,222	Lingyi iTech Guangdong Co., Class A (Information Technology)		4,741
305	Livzon Pharmaceutical Group, Inc., Class A (Health Care)		1,629
2,139	Livzon Pharmaceutical Group, Inc., Class H (Health Care)		7,486
29,809	Longfor Group Holdings Ltd. (Real Estate)(a)		37,619
6,764	LONGi Green Energy Technology Co. Ltd., Class A (Information Technology)		19,939
700	Longshine Technology Group Co. Ltd., Class A (Information Technology)		1,243
2,584	Lufax Holding Ltd. ADR (Financials)		8,062
1,786	Luxi Chemical Group Co. Ltd., Class A (Materials)		2,464
6,387	Luxshare Precision Industry Co. Ltd., Class A (Information Technology)		24,448
1,119	Luzhou Laojiao Co. Ltd., Class A (Consumer Staples)		27,295
1,406	Mango Excellent Media Co. Ltd., Class A (Communication Services)		4,835

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
430	Maxscend Microelectronics Co. Ltd., Class A (Information Technology)	$	6,415
2,600	Meihua Holdings Group Co. Ltd., Class A (Consumer Staples)		3,897
3,673	Meinian Onehealth Healthcare Holdings Co. Ltd., Class A (Health Care)*		2,845
66,587	Meituan, Class B (Consumer Discretionary)*(a)		678,730
17,474	Metallurgical Corp. of China Ltd., Class A (Industrials)		8,076
44,860	Metallurgical Corp. of China Ltd., Class H (Industrials)		9,054
11,545	Microport Scientific Corp. (Health Care)*		11,326
1,786	Ming Yang Smart Energy Group Ltd., Class A (Industrials)		2,528
6,975	MINISO Group Holding Ltd. (Consumer Discretionary)		32,475
3,700	Minmetals Capital Co. Ltd., Class A (Financials)		2,675
10,482	Minth Group Ltd. (Consumer Discretionary)		17,834
851	Montage Technology Co. Ltd., Class A (Information Technology)		6,165
4,528	Muyuan Foods Co. Ltd., Class A (Consumer Staples)		24,188
5,400	Nanjing Iron & Steel Co. Ltd., Class A (Materials)		3,185
1,116	Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A (Health Care)		2,224
2,900	Nanjing Securities Co. Ltd., Class A (Financials)		3,357
7,300	NARI Technology Co. Ltd., Class A (Industrials)		23,485
2,158	National Silicon Industry Group Co. Ltd., Class A (Information Technology)*		4,615
305	NAURA Technology Group Co. Ltd., Class A (Information Technology)		12,024
2,068	NavInfo Co. Ltd., Class A (Information Technology)*		2,110
26,152	NetEase, Inc. (Communication Services)		588,594
1,302	New China Life Insurance Co. Ltd., Class A (Financials)		5,927
13,780	New China Life Insurance Co. Ltd., Class H (Financials)		26,543
4,235	New Hope Liuhe Co. Ltd., Class A (Consumer Staples)*		5,208
2,234	New Oriental Education & Technology Group, Inc. ADR (Consumer Discretionary)*		208,946

  

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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
1,145	Ninestar Corp., Class A (Information Technology)	$	3,723
445	Ningbo Deye Technology Co. Ltd., Class A (Industrials)		5,169
1,000	Ningbo Joyson Electronic Corp., Class A (Consumer Discretionary)		2,314
562	Ningbo Orient Wires & Cables Co. Ltd., Class A (Industrials)		3,025
578	Ningbo Ronbay New Energy Technology Co. Ltd., Class A (Industrials)		2,491
1,000	Ningbo Sanxing Medical Electric Co. Ltd., Class A (Industrials)		3,753
1,786	Ningbo Shanshan Co. Ltd., Class A (Materials)		2,836
979	Ningbo Tuopu Group Co. Ltd., Class A (Consumer Discretionary)		7,978
5,088	Ningbo Zhoushan Port Co. Ltd., Class A (Industrials)		2,500
5,676	Ningxia Baofeng Energy Group Co. Ltd., Class A (Materials)		12,029
19,687	NIO, Inc. ADR (Consumer Discretionary)*(b)		113,200
26,600	Nongfu Spring Co. Ltd., Class H (Consumer Staples)(a)		150,858
1,000	North Industries Group Red Arrow Co. Ltd., Class A (Industrials)		1,788
5,386	Offcn Education Technology Co. Ltd., Class A (Consumer Discretionary)*		2,609
3,700	Offshore Oil Engineering Co. Ltd., Class A (Energy)		3,179
2,730	OFILM Group Co. Ltd., Class A (Information Technology)*		3,092
1,779	Onewo, Inc., Class H (Real Estate)		4,363
174	Oppein Home Group, Inc., Class A (Consumer Discretionary)		1,678
5,673	Orient Securities Co. Ltd., Class A (Financials)		6,936
13,632	Orient Securities Co. Ltd., Class H (Financials)(a)		5,798
2,900	Oriental Pearl Group Co. Ltd., Class A (Communication Services)		2,978
562	Ovctek China, Inc., Class A (Health Care)		1,606
5,800	Pacific Securities Co. Ltd. (The), Class A (Financials)*		2,761
8,489	Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A (Materials)*		3,758

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
9,421	PDD Holdings, Inc. ADR (Consumer Discretionary)*	$	1,173,291
700	People.cn Co. Ltd., Class A (Communication Services)		2,578
7,165	People’s Insurance Co. Group of China Ltd. (The), Class A (Financials)		5,221
131,288	People’s Insurance Co. Group of China Ltd. (The), Class H (Financials)		43,769
1,786	Perfect World Co. Ltd., Class A (Communication Services)		2,905
22,018	PetroChina Co. Ltd., Class A (Energy)		27,014
311,214	PetroChina Co. Ltd., Class H (Energy)		245,273
1,000	Pharmaron Beijing Co. Ltd., Class A (Health Care)		3,241
4,225	Pharmaron Beijing Co. Ltd., Class H (Health Care)(a)		5,677
101,782	PICC Property & Casualty Co. Ltd., Class H (Financials)		139,370
18,132	Ping An Bank Co. Ltd., Class A (Financials)		26,650
9,195	Ping An Insurance Group Co. of China Ltd., Class A (Financials)		54,747
91,260	Ping An Insurance Group Co. of China Ltd., Class H (Financials)		409,159
2,068	Pingdingshan Tianan Coal Mining Co. Ltd., Class A (Energy)		3,984
11,038	Poly Developments and Holdings Group Co. Ltd., Class A (Real Estate)		14,967
2,285	Poly Property Services Co. Ltd., Class H (Real Estate)		8,216
10,375	Pop Mart International Group Ltd. (Consumer Discretionary)(a)		25,948
22,972	Postal Savings Bank of China Co. Ltd., Class A (Financials)		15,463
168,074	Postal Savings Bank of China Co. Ltd., Class H (Financials)(a)		88,666
14,265	Power Construction Corp. of China Ltd., Class A (Industrials)		10,117
712	Qi An Xin Technology Group, Inc., Class A (Information Technology)*		3,458
700	Qingdao Sentury Tire Co. Ltd., Class A (Consumer Discretionary)*		3,049
5,097	Qinghai Salt Lake Industry Co. Ltd., Class A (Materials)*		11,425
1,000	Range Intelligent Computing Technology Group Co. Ltd., Class A (Industrials)		3,599
578	Raytron Technology Co. Ltd., Class A (Information Technology)		3,113

  

32  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)
732	Red Star Macalline Group Corp. Ltd., Class A (Real Estate)	$	363
2,183	Remegen Co. Ltd., Class H (Health Care)*(a)		6,274
1,000	Risen Energy Co. Ltd., Class A (Information Technology)		2,246
181	Rockchip Electronics Co. Ltd., Class A (Information Technology)		1,352
7,829	Rongsheng Petrochemical Co. Ltd., Class A (Materials)		11,148
6,886	SAIC Motor Corp. Ltd., Class A (Consumer Discretionary)		14,297
2,600	Sailun Group Co. Ltd., Class A (Consumer Discretionary)		5,196
4,100	Sanan Optoelectronics Co. Ltd., Class A (Information Technology)		7,079
153	Sangfor Technologies, Inc., Class A (Information Technology)*		1,346
16,072	Sany Heavy Equipment International Holdings Co. Ltd. (Industrials)		12,482
7,710	Sany Heavy Industry Co. Ltd., Class A (Industrials)		14,917
2,234	Satellite Chemical Co. Ltd., Class A (Materials)*		5,144
5,400	SDIC Capital Co. Ltd., Class A (Financials)		5,171
6,100	SDIC Power Holdings Co. Ltd., Class A (Utilities)		12,200
4,400	Sealand Securities Co. Ltd., Class A (Financials)		2,174
1,814	Seazen Holdings Co. Ltd., Class A (Real Estate)*		2,621
267,319	SenseTime Group, Inc., Class B (Information Technology)*(a)		30,731
1,000	Seres Group Co. Ltd., Class A (Consumer Discretionary)*		12,759
3,971	SF Holding Co. Ltd., Class A (Industrials)		21,136
453	SG Micro Corp., Class A (Information Technology)		4,447
7,839	Shaanxi Coal Industry Co. Ltd., Class A (Energy)		28,069
1,800	Shaanxi Energy Investment Co. Ltd., Class A (Utilities)		2,223
3,152	Shan Xi Hua Yang Group New Energy Co. Ltd., Class A (Energy)		4,427
3,392	Shandong Gold Mining Co. Ltd., Class A (Materials)		10,211
11,799	Shandong Gold Mining Co. Ltd., Class H (Materials)(a)		18,749
700	Shandong Himile Mechanical Science & Technology Co. Ltd., Class A (Industrials)		3,195

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
1,800	Shandong Hi-speed Co. Ltd., Class A (Industrials)	$	2,046
50,210	Shandong Hi-Speed Holdings Group Ltd. (Financials)*(b)		33,094
1,803	Shandong Hualu Hengsheng Chemical Co. Ltd., Class A (Materials)		6,881
1,124	Shandong Linglong Tyre Co. Ltd., Class A (Consumer Discretionary)		3,457
11,600	Shandong Nanshan Aluminum Co. Ltd., Class A (Materials)		4,991
700	Shandong Sinocera Functional Material Co. Ltd., Class A (Materials)		1,979
2,200	Shandong Sun Paper Industry JSC Ltd., Class A (Materials)		4,345
37,800	Shandong Weigao Group Medical Polymer Co. Ltd., Class H (Health Care)		24,576
1,420	Shanghai Aiko Solar Energy Co. Ltd., Class A (Information Technology)		2,982
859	Shanghai Bairun Investment Holding Group Co. Ltd., Class A (Consumer Staples)		2,397
4,381	Shanghai Baosight Software Co. Ltd., Class A (Information Technology)		28,456
7,700	Shanghai Construction Group Co. Ltd., Class A (Industrials)		2,618
10,630	Shanghai Electric Group Co. Ltd., Class A (Industrials)*		6,255
40,496	Shanghai Electric Group Co. Ltd., Class H (Industrials)*		8,121
2,200	Shanghai Electric Power Co. Ltd., Class A (Utilities)		2,550
1,674	Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A (Health Care)		5,711
7,382	Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H (Health Care)		13,352
578	Shanghai Fudan Microelectronics Group Co. Ltd., Class A (Information Technology)		2,979
4,223	Shanghai Fudan Microelectronics Group Co. Ltd., Class H (Information Technology)(b)		7,476
2,068	Shanghai International Airport Co. Ltd., Class A (Industrials)*		10,097
7,010	Shanghai International Port Group Co. Ltd., Class A (Industrials)		5,283

  

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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
843	Shanghai Jinjiang International Hotels Co. Ltd., Class A (Consumer Discretionary)	$	3,400
578	Shanghai Junshi Biosciences Co. Ltd., Class A (Health Care)*		2,519
2,444	Shanghai Junshi Biosciences Co. Ltd., Class H (Health Care)*(a)		3,902
2,077	Shanghai Lingang Holdings Corp. Ltd., Class A (Real Estate)		3,082
6,525	Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A (Real Estate)		8,295
711	Shanghai M&G Stationery, Inc., Class A (Industrials)		3,515
3,660	Shanghai MicroPort MedBot Group Co. Ltd. (Health Care)*(b)		6,788
300	Shanghai Moons’ Electric Co. Ltd., Class A (Industrials)		2,407
1,955	Shanghai Pharmaceuticals Holding Co. Ltd., Class A (Health Care)		4,919
10,375	Shanghai Pharmaceuticals Holding Co. Ltd., Class H (Health Care)		16,698
27,361	Shanghai Pudong Development Bank Co. Ltd., Class A (Financials)		27,151
1,800	Shanghai Putailai New Energy Technology Co. Ltd., Class A (Materials)		4,687
4,384	Shanghai RAAS Blood Products Co. Ltd., Class A (Health Care)		4,381
8,770	Shanghai Rural Commercial Bank Co. Ltd., Class A (Financials)		7,851
4,109	Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A (Consumer Discretionary)		3,770
1,000	Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A (Real Estate)		2,762
1,800	Shanghai Zhonggu Logistics Co. Ltd., Class A (Industrials)		1,991
1,800	Shanxi Coal International Energy Group Co. Ltd., Class A (Industrials)		4,594
3,673	Shanxi Coking Coal Energy Group Co. Ltd., Class A (Energy)		5,939
2,730	Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A (Energy)		9,791
3,957	Shanxi Meijin Energy Co. Ltd., Class A (Materials)*		3,767

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
2,900	Shanxi Securities Co. Ltd., Class A (Financials)	$	2,181
5,240	Shanxi Taigang Stainless Steel Co. Ltd., Class A (Materials)		2,756
1,002	Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A (Consumer Staples)		32,411
300	Shede Spirits Co. Ltd., Class A (Consumer Staples)		3,385
4,100	Shenergy Co. Ltd., Class A (Utilities)		4,308
2,068	Shengyi Technology Co. Ltd., Class A (Information Technology)		4,922
562	Shennan Circuits Co. Ltd., Class A (Information Technology)		5,476
19,500	Shenwan Hongyuan Group Co. Ltd., Class A (Financials)		12,395
446	Shenzhen Capchem Technology Co. Ltd., Class A (Materials)		2,518
29	Shenzhen Dynanonic Co. Ltd., Class A (Materials)		172
3,392	Shenzhen Energy Group Co. Ltd., Class A (Utilities)		3,102
1,300	Shenzhen Fastprint Circuit Tech Co. Ltd., Class A (Information Technology)		2,355
300	Shenzhen Goodix Technology Co. Ltd., Class A (Information Technology)*		2,636
562	Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A (Health Care)		695
2,097	Shenzhen Inovance Technology Co. Ltd., Class A (Industrials)		18,397
1,300	Shenzhen Kaifa Technology Co. Ltd., Class A (Information Technology)		2,576
453	Shenzhen Kangtai Biological Products Co. Ltd., Class A (Health Care)		1,526
181	Shenzhen Kedali Industry Co. Ltd., Class A (Consumer Discretionary)		1,832
300	Shenzhen Kstar Science And Technology Co. Ltd., Class A (Industrials)		968
300	Shenzhen Longsys Electronics Co. Ltd., Class A (Information Technology)*		3,461
992	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care)		39,814
3,700	Shenzhen MTC Co. Ltd., Class A (Consumer Discretionary)		2,799
700	Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A (Health Care)		7,868

  

34  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)
8,492	Shenzhen Overseas Chinese Town Co. Ltd., Class A (Real Estate)*	$	3,618
1,000	Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A (Health Care)		4,053
181	Shenzhen SC New Energy Technology Corp., Class A (Information Technology)		1,627
1,000	Shenzhen SED Industry Co. Ltd., Class A (Industrials)		2,744
700	Shenzhen Sunlord Electronics Co. Ltd., Class A (Information Technology)		2,665
578	Shenzhen Transsion Holdings Co. Ltd., Class A (Information Technology)		12,731
700	Shenzhen YUTO Packaging Technology Co. Ltd., Class A (Materials)		2,622
11,809	Shenzhou International Group Holdings Ltd. (Consumer Discretionary)		97,368
1,305	Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A (Health Care)		3,887
1,300	Shuangliang Eco-Energy Systems Co. Ltd., Class A (Industrials)		1,472
3,700	Sichuan Changhong Electric Co. Ltd., Class A (Consumer Discretionary)		2,639
2,625	Sichuan Chuantou Energy Co. Ltd., Class A (Utilities)		5,705
7,700	Sichuan Hebang Biotechnology Co. Ltd., Class A (Materials)		2,629
716	Sichuan Kelun Pharmaceutical Co. Ltd., Class A (Health Care)		2,728
5,675	Sichuan Road and Bridge Group Co. Ltd., Class A (Industrials)		6,427
181	Sichuan Swellfun Co. Ltd., Class A (Consumer Staples)		1,262
843	Sichuan Yahua Industrial Group Co. Ltd., Class A (Materials)		1,337
700	Sieyuan Electric Co. Ltd., Class A (Industrials)		5,563
2,900	Sinolink Securities Co. Ltd., Class A (Financials)		3,663
2,200	Sinoma International Engineering Co., Class A (Industrials)		3,429
1,124	Sinoma Science & Technology Co. Ltd., Class A (Materials)		2,441
6,100	Sinomach Heavy Equipment Group Co. Ltd., Class A (Industrials)*		2,481
313	Sinomine Resource Group Co. Ltd., Class A (Materials)		1,630

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
5,959	Sinopec Oilfield Service Corp., Class A (Energy)*	$	1,530
5,378	Sinopec Shanghai Petrochemical Co. Ltd., Class A (Materials)*		2,068
50,764	Sinopec Shanghai Petrochemical Co. Ltd., Class H (Materials)*		7,133
19,790	Sinopharm Group Co. Ltd., Class H (Health Care)		55,486
3,419	Sinotrans Ltd., Class A (Industrials)		2,842
29,762	Sinotrans Ltd., Class H (Industrials)		12,697
10,332	Sinotruk Hong Kong Ltd. (Industrials)		27,319
313	Skshu Paint Co. Ltd., Class A (Materials)*		1,681
26,605	Smoore International Holdings Ltd. (Consumer Staples)(a)		18,589
2,349	Songcheng Performance Development Co. Ltd., Class A (Consumer Discretionary)		3,521
300	Sonoscape Medical Corp., Class A (Health Care)		1,630
4,109	SooChow Securities Co. Ltd., Class A (Financials)		4,163
5,800	Southwest Securities Co. Ltd., Class A (Financials)		3,477
700	Spring Airlines Co. Ltd., Class A (Industrials)*		5,574
181	StarPower Semiconductor Ltd., Class A (Information Technology)		3,807
3,400	State Grid Yingda Co. Ltd., Class A (Industrials)		2,279
1,143	Sungrow Power Supply Co. Ltd., Class A (Industrials)		13,835
9,964	Sunny Optical Technology Group Co. Ltd. (Information Technology)		64,655
450	Sunresin New Materials Co. Ltd., Class A (Materials)		3,141
1,129	Sunwoda Electronic Co. Ltd., Class A (Industrials)		2,228
810	SUPCON Technology Co. Ltd., Class A (Information Technology)		5,169
1,124	Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A (Information Technology)		2,335
29	Suzhou Maxwell Technologies Co. Ltd., Class A (Information Technology)		489
100	Suzhou TFC Optical Communication Co. Ltd., Class A (Information Technology)		1,888

  

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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
6,609	TAL Education Group ADR (Consumer Discretionary)*	$	97,351
1,000	Talkweb Information System Co. Ltd., Class A (Communication Services)*		2,065
1,268	Tangshan Jidong Cement Co. Ltd., Class A (Materials)		1,035
5,100	TangShan Port Group Co. Ltd., Class A (Industrials)		3,086
1,000	Tasly Pharmaceutical Group Co. Ltd., Class A (Health Care)		2,341
4,263	TBEA Co. Ltd., Class A (Industrials)		8,810
14,128	TCL Technology Group Corp., Class A (Information Technology)*		8,882
3,556	TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A (Information Technology)		6,673
89,703	Tencent Holdings Ltd. (Communication Services)		3,176,179
9,307	Tencent Music Entertainment Group ADR (Communication Services)*		97,444
181	Thunder Software Technology Co. Ltd., Class A (Information Technology)		1,524
3,400	Tian Di Science & Technology Co. Ltd., Class A (Industrials)		3,232
7,300	Tianfeng Securities Co. Ltd., Class A (Financials)*		3,161
1,955	Tianma Microelectronics Co. Ltd., Class A (Information Technology)*		2,485
1,124	Tianqi Lithium Corp., Class A (Materials)		8,366
2,090	Tianqi Lithium Corp., Class H (Materials)		10,612
4,235	Tianshan Aluminum Group Co. Ltd., Class A (Materials)		3,333
2,600	Tianshui Huatian Technology Co. Ltd., Class A (Information Technology)		2,952
28,791	Tingyi Cayman Islands Holding Corp. (Consumer Staples)		32,105
1,300	Titan Wind Energy Suzhou Co. Ltd., Class A (Industrials)*		1,802
847	Toly Bread Co. Ltd., Class A (Consumer Staples)		824
18,310	Tongcheng Travel Holdings Ltd. (Consumer Discretionary)*		46,215
1,000	TongFu Microelectronics Co. Ltd., Class A (Information Technology)		3,081
1,300	Tonghua Dongbao Pharmaceutical Co. Ltd., Class A (Health Care)		1,875

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
2,068	Tongkun Group Co. Ltd., Class A (Materials)*	$	3,903
10,476	Tongling Nonferrous Metals Group Co. Ltd., Class A (Materials)		4,769
3,961	Tongwei Co. Ltd., Class A (Information Technology)		14,568
153	Topchoice Medical Corp., Class A (Health Care)*		1,396
41,717	Topsports International Holdings Ltd. (Consumer Discretionary)(a)		28,348
14,402	TravelSky Technology Ltd., Class H (Consumer Discretionary)		17,256
1,794	Trina Solar Co. Ltd., Class A (Information Technology)		6,237
8,291	Trip.com Group Ltd. ADR (Consumer Discretionary)*		368,701
2,900	Tsinghua Tongfang Co. Ltd., Class A (Information Technology)*		2,717
458	Tsingtao Brewery Co. Ltd., Class A (Consumer Staples)		5,100
9,255	Tsingtao Brewery Co. Ltd., Class H (Consumer Staples)		59,404
583	Unigroup Guoxin Microelectronics Co. Ltd., Class A (Information Technology)*		5,793
18,623	Uni-President China Holdings Ltd. (Consumer Staples)		11,180
2,349	Unisplendour Corp. Ltd., Class A (Information Technology)*		7,205
843	Universal Scientific Industrial Shanghai Co. Ltd., Class A (Information Technology)		1,688
700	Venustech Group, Inc., Class A (Information Technology)		2,141
712	Verisilicon Microelectronics Shanghai Co. Ltd., Class A (Information Technology)*		4,012
4,952	Vipshop Holdings Ltd. ADR (Consumer Discretionary)*		95,326
1,268	Walvax Biotechnology Co. Ltd., Class A (Health Care)		3,238
1,800	Wanda Film Holding Co. Ltd., Class A (Communication Services)*		2,985
1,000	Wangfujing Group Co. Ltd., Class A (Consumer Discretionary)		2,098
2,365	Wanhua Chemical Group Co. Ltd., Class A (Materials)		26,111
63,180	Want Want China Holdings Ltd. (Consumer Staples)		34,863
1,068	Weibo Corp. ADR (Communication Services)		9,740

  

36  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)
6,512	Weichai Power Co. Ltd., Class A (Industrials)	$	15,256
28,645	Weichai Power Co. Ltd., Class H (Industrials)		56,347
859	Weihai Guangwei Composites Co. Ltd., Class A (Materials)		3,259
5,822	Wens Foodstuffs Group Co. Ltd., Class A (Consumer Staples)		15,498
2,068	Western Mining Co. Ltd., Class A (Materials)		4,779
3,986	Western Securities Co. Ltd., Class A (Financials)		4,409
802	Western Superconducting Technologies Co. Ltd., Class A (Materials)		4,455
842	Will Semiconductor Co. Ltd. Shanghai, Class A (Information Technology)		11,218
864	Wingtech Technology Co. Ltd., Class A (Information Technology)*		4,575
440	Winner Medical Co. Ltd., Class A (Health Care)		2,178
1,800	Winning Health Technology Group Co. Ltd., Class A (Health Care)		1,771
19,800	Wintime Energy Group Co. Ltd., Class A (Utilities)*		3,792
4,400	Wuchan Zhongda Group Co. Ltd., Class A (Consumer Discretionary)		2,809
3,677	Wuhan Guide Infrared Co. Ltd., Class A (Information Technology)		3,220
300	Wuhan Jingce Electronic Group Co. Ltd., Class A (Information Technology)		2,673
3,027	Wuliangye Yibin Co. Ltd., Class A (Consumer Staples)		59,761
1,786	WUS Printed Circuit Kunshan Co. Ltd., Class A (Information Technology)		6,544
1,938	WuXi AppTec Co. Ltd., Class A (Health Care)		14,654
5,240	WuXi AppTec Co. Ltd., Class H (Health Care)(a)		32,596
53,769	Wuxi Biologics Cayman, Inc. (Health Care)*(a)		130,769
1,305	Wuxi Lead Intelligent Equipment Co. Ltd., Class A (Industrials)		4,111
9,053	XCMG Construction Machinery Co. Ltd., Class A (Industrials)		7,451
2,349	Xiamen C & D, Inc., Class A (Industrials)		3,394

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
181	Xiamen Faratronic Co. Ltd., Class A (Information Technology)	$	2,619
1,124	Xiamen Tungsten Co. Ltd., Class A (Materials)		2,618
1,800	Xiangcai Co. Ltd., Class A (Real Estate)		1,859
1,000	Xiangtan Electric Manufacturing Co. Ltd., Class A (Industrials)*		1,745
233,946	Xiaomi Corp., Class B (Information Technology)*(a)		395,050
7,300	Xinhu Zhongbao Co. Ltd., Class A (Real Estate)		2,280
1,344	Xinjiang Daqo New Energy Co. Ltd., Class A (Information Technology)		5,449
3,400	Xinjiang Tianshan Cement Co. Ltd., Class A (Materials)		3,247
68,115	Xinyi Solar Holdings Ltd. (Information Technology)		41,415
16,480	XPeng, Inc., Class A (Consumer Discretionary)*(b)		75,571
17,450	Yadea Group Holdings Ltd. (Consumer Discretionary)(a)		27,372
562	Yangzhou Yangjie Electronic Technology Co. Ltd., Class A (Information Technology)		3,100
2,889	Yankuang Energy Group Co. Ltd., Class A (Energy)		10,377
32,504	Yankuang Energy Group Co. Ltd., Class H (Energy)		75,065
562	Yantai Jereh Oilfield Services Group Co. Ltd., Class A (Energy)		2,356
734	Yealink Network Technology Corp. Ltd., Class A (Information Technology)		2,989
847	Yifeng Pharmacy Chain Co. Ltd., Class A (Consumer Staples)		4,629
1,424	Yihai Kerry Arawana Holdings Co. Ltd., Class A (Consumer Staples)		6,391
2,349	Yintai Gold Co. Ltd., Class A (Materials)		4,884
8,100	Yonghui Superstores Co. Ltd., Class A (Consumer Staples)*		2,968
305	YongXing Special Materials Technology Co. Ltd., Class A (Materials)		2,336
2,752	Yonyou Network Technology Co. Ltd., Class A (Information Technology)		4,839
4,100	Youngor Fashion Co. Ltd., Class A (Real Estate)		4,182
4,472	YSB, Inc. (Health Care)*		5,141

  

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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
2,349	YTO Express Group Co. Ltd., Class A (Industrials)	$	4,157
24,422	Yuexiu Property Co. Ltd. (Real Estate)		16,315
2,730	Yunda Holding Co. Ltd., Class A (Industrials)		2,732
2,730	Yunnan Aluminium Co. Ltd., Class A (Materials)		4,395
1,163	Yunnan Baiyao Group Co. Ltd., Class A (Health Care)		8,043
181	Yunnan Botanee Bio-Technology Group Co. Ltd., Class A (Consumer Staples)		1,647
4,400	Yunnan Chihong Zinc&Germanium Co. Ltd., Class A (Materials)		3,145
839	Yunnan Energy New Material Co. Ltd., Class A (Materials)		5,344
1,305	Yunnan Tin Co. Ltd., Class A (Materials)		2,492
1,305	Yunnan Yuntianhua Co. Ltd., Class A (Materials)		3,304
1,800	Yutong Bus Co. Ltd., Class A (Industrials)		4,664
1,321	Zai Lab Ltd. ADR (Health Care)*		27,715
1,124	Zangge Mining Co. Ltd., Class A (Materials)		4,569
305	Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A (Health Care)		9,440
21,622	Zhaojin Mining Industry Co. Ltd., Class H (Materials)		22,509
3,954	Zhefu Holding Group Co. Ltd., Class A (Industrials)		1,866
4,665	Zhejiang Century Huatong Group Co. Ltd., Class A (Communication Services)*		3,166
4,400	Zhejiang China Commodities City Group Co. Ltd., Class A (Consumer Discretionary)		5,020
1,926	Zhejiang Chint Electrics Co. Ltd., Class A (Industrials)		5,501
2,356	Zhejiang Dahua Technology Co. Ltd., Class A (Information Technology)		6,052
181	Zhejiang Dingli Machinery Co. Ltd., Class A (Industrials)		1,483
19,683	Zhejiang Expressway Co. Ltd., Class H (Industrials)		15,035
1,300	Zhejiang Hailiang Co. Ltd., Class A (Materials)		1,689
1,124	Zhejiang Huahai Pharmaceutical Co. Ltd., Class A (Health Care)		2,173
1,142	Zhejiang Huayou Cobalt Co. Ltd., Class A (Materials)		4,390

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
1,124	Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A (Information Technology)	$	5,772
2,900	Zhejiang Jinke Tom Culture Industry Co. Ltd., Class A (Communication Services)*		1,831
562	Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A (Health Care)		1,595
2,349	Zhejiang Juhua Co. Ltd., Class A (Materials)		6,654
9,771	Zhejiang Leapmotor Technology Co. Ltd. (Consumer Discretionary)*(a)		34,197
2,600	Zhejiang Longsheng Group Co. Ltd., Class A (Materials)		3,089
2,370	Zhejiang NHU Co. Ltd., Class A (Health Care)		5,921
3,011	Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A (Industrials)		10,414
700	Zhejiang Shuanghuan Driveline Co. Ltd., Class A (Consumer Discretionary)		2,335
181	Zhejiang Supor Co. Ltd., Class A (Consumer Discretionary)		1,389
1,116	Zhejiang Weiming Environment Protection Co. Ltd., Class A (Industrials)		2,772
1,305	Zhejiang Weixing New Building Materials Co. Ltd., Class A (Industrials)		2,853
10,600	Zhejiang Zheneng Electric Power Co. Ltd., Class A (Utilities)*		7,915
1,000	Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A (Industrials)		2,053
3,567	Zhengzhou Coal Mining Machinery Group Co. Ltd., Class H (Industrials)		4,620
3,691	Zheshang Securities Co. Ltd., Class A (Financials)		5,246
10,374	ZhongAn Online P&C Insurance Co. Ltd., Class H (Financials)*(a)		16,431
712	Zhongfu Shenying Carbon Fiber Co. Ltd., Class A (Materials)		2,651
562	Zhongji Innolight Co. Ltd., Class A (Information Technology)		12,102
4,100	Zhongjin Gold Corp. Ltd., Class A (Materials)		5,929
10,990	Zhongsheng Group Holdings Ltd. (Consumer Discretionary)		20,158
5,378	Zhongtai Securities Co. Ltd., Class A (Financials)		5,187

  

38  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)
859	Zhuhai CosMX Battery Co. Ltd., Class A (Industrials)	$	1,757
1,800	Zhuhai Huafa Properties Co. Ltd., Class A (Real Estate)		1,804
578	Zhuzhou CRRC Times Electric Co. Ltd., Class A (Industrials)		3,117
7,629	Zhuzhou CRRC Times Electric Co. Ltd., Class H (Industrials)		22,413
2,349	Zhuzhou Kibing Group Co. Ltd., Class A (Industrials)		2,116
17,867	Zijin Mining Group Co. Ltd., Class A (Materials)		32,509
84,337	Zijin Mining Group Co. Ltd., Class H (Materials)		136,382
7,433	ZJLD Group, Inc. (Consumer Staples)*(a)		8,735
7,039	Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A (Industrials)		7,815
20,493	Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H (Industrials)		13,245
3,673	ZTE Corp., Class A (Information Technology)		15,222
11,800	ZTE Corp., Class H (Information Technology)		26,618
5,737	ZTO Express Cayman, Inc. ADR (Industrials)		110,093
			25,610,999
Colombia – 0.1%
3,556	Bancolombia SA (Financials)		29,831
70,958	Ecopetrol SA (Energy)		41,383
6,669	Interconexion Electrica SA ESP (Utilities)		28,397
			99,611
Czech Republic – 0.1%
2,388	CEZ AS (Utilities)		81,794
1,113	Komercni banka AS (Financials)		38,837
			120,631
Egypt – 0.1%
4,298	Abou Kir Fertilizers & Chemical Industries (Materials)(c)		5,523
33,675	Commercial International Bank - Egypt (CIB) (Financials)(c)		47,214
14,617	EFG Holding S.A.E. (Financials)*(c)		5,273
7,281	ElSewedy Electric Co. (Industrials)(c)		4,888
2,782	Ezz Steel Co. SAE (Materials)*(c)		4,189
4,613	Misr Fertilizers Production Co. SAE (Materials)(c)		5,579
7,475	Telecom Egypt Co. (Communication Services)(c)		5,534
			78,200

Shares	Description	Value
Common Stocks – (continued)
Greece – 0.5%
29,709	Alpha Services and Holdings SA (Financials)*	$	55,844
36,224	Eurobank Ergasias Services and Holdings SA (Financials)*		74,930
2,644	Hellenic Telecommunications Organization SA (Communication Services)		39,942
1,574	JUMBO SA (Consumer Discretionary)		46,057
870	Motor Oil Hellas Corinth Refineries SA (Energy)		24,855
1,577	Mytilineos SA (Industrials)		61,436
8,038	National Bank of Greece SA (Financials)*		63,011
2,894	OPAP SA (Consumer Discretionary)		52,833
10,016	Piraeus Financial Holdings SA (Financials)*		44,114
3,099	Public Power Corp. SA (Utilities)*		40,444
1,064	Star Bulk Carriers Corp. (Industrials)		25,398
818	Terna Energy SA (Utilities)		14,685
			543,549
Hong Kong – 0.1%
81,964	J&T Global Express Ltd. (Industrials)*(b)		125,634
1,979	Orient Overseas International Ltd. (Industrials)		30,764
			156,398
Hungary – 0.3%
6,616	MOL Hungarian Oil & Gas PLC (Energy)		52,619
3,357	OTP Bank Nyrt (Financials)		160,887
2,086	Richter Gedeon Nyrt (Health Care)		55,512
			269,018
India – 19.5%
768	ABB India Ltd. (Industrials)		50,433
1,022	ACC Ltd. (Materials)		32,408
4,432	Adani Energy Solutions Ltd. (Utilities)*		56,918
4,583	Adani Enterprises Ltd. (Industrials)		181,593
4,682	Adani Green Energy Ltd. (Utilities)*		107,007
10,880	Adani Ports & Special Economic Zone Ltd. (Industrials)		173,272
14,247	Adani Power Ltd. (Utilities)*		94,495
4,165	Adani Total Gas Ltd. (Utilities)		51,520
2,490	Adani Wilmar Ltd. (Consumer Staples)*		11,461
6,916	Aditya Birla Capital Ltd. (Financials)*		15,318

  

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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
India – (continued)
463	Alkem Laboratories Ltd. (Health Care)	$	28,631
8,947	Ambuja Cements Ltd. (Materials)		65,379
2,444	APL Apollo Tubes Ltd. (Materials)		45,615
1,524	Apollo Hospitals Enterprise Ltd. (Health Care)		112,147
21,519	Ashok Leyland Ltd. (Industrials)		44,094
6,003	Asian Paints Ltd. (Materials)		204,301
1,782	Astral Ltd. (Industrials)		44,468
6,864	AU Small Finance Bank Ltd. (Financials)(a)		47,173
4,224	Aurobindo Pharma Ltd. (Health Care)		52,374
2,143	Avenue Supermarts Ltd. (Consumer Staples)*(a)		101,285
33,622	Axis Bank Ltd. (Financials)		435,946
1,018	Bajaj Auto Ltd. (Consumer Discretionary)		97,107
3,918	Bajaj Finance Ltd. (Financials)		306,921
5,644	Bajaj Finserv Ltd. (Financials)		108,488
409	Bajaj Holdings & Investment Ltd. (Financials)		45,132
1,218	Balkrishna Industries Ltd. (Consumer Discretionary)		32,742
11,394	Bandhan Bank Ltd. (Financials)(a)		26,879
15,259	Bank of Baroda (Financials)		48,851
11,243	Bank of India (Financials)		17,824
3,663	Berger Paints India Ltd. (Materials)		26,802
52,695	Bharat Electronics Ltd. (Industrials)		130,345
3,867	Bharat Forge Ltd. (Consumer Discretionary)		53,680
18,919	Bharat Heavy Electricals Ltd. (Industrials)		51,920
14,403	Bharat Petroleum Corp. Ltd. (Energy)		104,892
35,502	Bharti Airtel Ltd. (Communication Services)		480,981
6,713	Biocon Ltd. (Health Care)		22,386
127	Bosch Ltd. (Consumer Discretionary)		43,792
1,782	Britannia Industries Ltd. (Consumer Staples)		106,710
5,698	Canara Bank (Financials)		38,789
9,355	CG Power & Industrial Solutions Ltd. (Industrials)		50,010
5,956	Cholamandalam Investment and Finance Co. Ltd. (Financials)		78,239
8,041	Cipla Ltd. (Health Care)		143,560
31,288	Coal India Ltd. (Energy)		164,786
1,987	Colgate-Palmolive India Ltd. (Consumer Staples)		60,551

Shares	Description	Value
Common Stocks – (continued)
India – (continued)
4,022	Container Corp. Of India Ltd. (Industrials)	$	47,411
2,035	Cummins India Ltd. (Industrials)		67,214
8,856	Dabur India Ltd. (Consumer Staples)		57,478
1,217	Dalmia Bharat Ltd. (Materials)		29,720
1,117	Deepak Nitrite Ltd. (Materials)		29,810
4,575	Delhivery Ltd. (Industrials)*		26,104
1,886	Divi’s Laboratories Ltd. (Health Care)		79,356
9,312	DLF Ltd. (Real Estate)		101,210
1,829	Dr. Reddy’s Laboratories Ltd. (Health Care)		141,709
2,085	Eicher Motors Ltd. (Consumer Discretionary)		95,363
9,111	Embassy Office Parks REIT (Real Estate)		41,074
15,359	FSN E-Commerce Ventures Ltd. (Consumer Discretionary)*		29,063
40,440	GAIL India Ltd. (Utilities)		88,887
3,666	General Insurance Corp. of India (Financials)(a)		16,805
918	Gland Pharma Ltd. (Health Care)*(a)		19,552
5,545	Godrej Consumer Products Ltd. (Consumer Staples)		84,108
1,729	Godrej Properties Ltd. (Real Estate)*		50,005
4,675	Grasim Industries Ltd. (Materials)		123,556
558	Gujarat Fluorochemicals Ltd. (Materials)		24,912
2,695	Gujarat Gas Ltd. (Utilities)		18,375
3,302	Havells India Ltd. (Industrials)		60,983
15,617	HCL Technologies Ltd. (Information Technology)		313,381
1,173	HDFC Asset Management Co. Ltd. (Financials)(a)		53,093
40,732	HDFC Bank Ltd. (Financials)		689,410
14,607	HDFC Life Insurance Co. Ltd. (Financials)(a)		102,528
1,978	Hero MotoCorp Ltd. (Consumer Discretionary)		105,596
21,869	Hindalco Industries Ltd. (Materials)		132,889
2,492	Hindustan Aeronautics Ltd. (Industrials)		92,689
9,715	Hindustan Petroleum Corp. Ltd. (Energy)		59,685
13,183	Hindustan Unilever Ltd. (Consumer Staples)		383,536
32	Honeywell Automation India Ltd. (Information Technology)		14,639
75,618	ICICI Bank Ltd. (Financials)		959,586
3,557	ICICI Lombard General Insurance Co. Ltd. (Financials)(a)		73,432

  

40  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)
5,751	ICICI Prudential Life Insurance Co. Ltd. (Financials)(a)	$	36,944
53,513	IDFC First Bank Ltd. (Financials)*		52,309
3,564	Indian Bank (Financials)		22,573
12,763	Indian Hotels Co. Ltd. (Consumer Discretionary)		90,309
56,210	Indian Oil Corp. Ltd. (Energy)		112,228
4,522	Indian Railway Catering & Tourism Corp. Ltd. (Industrials)		50,578
26,298	Indian Railway Finance Corp. Ltd. (Financials)(a)		46,544
5,241	Indraprastha Gas Ltd. (Utilities)		26,927
12,515	Indus Towers Ltd. (Communication Services)*		38,156
8,450	IndusInd Bank Ltd. (Financials)		150,307
1,024	Info Edge India Ltd. (Communication Services)		65,056
52,421	Infosys Ltd. (Information Technology)		1,058,267
1,582	InterGlobe Aviation Ltd. (Industrials)*(a)		60,202
44,000	ITC Ltd. (Consumer Staples)		215,605
4,478	Jindal Stainless Ltd. (Materials)		34,594
5,700	Jindal Steel & Power Ltd. (Materials)		53,363
50,004	Jio Financial Services Ltd. (Financials)*		186,951
5,549	JSW Energy Ltd. (Utilities)		34,017
13,988	JSW Steel Ltd. (Materials)		134,977
5,851	Jubilant Foodworks Ltd. (Consumer Discretionary)		32,735
16,122	Kotak Mahindra Bank Ltd. (Financials)		328,492
362	L&T Technology Services Ltd. (Industrials)(a)		23,150
9,837	Larsen & Toubro Ltd. (Industrials)		412,569
3,462	Life Insurance Corp. of India (Financials)		42,705
306	Linde India Ltd. (Materials)		19,868
1,369	LTIMindtree Ltd. (Information Technology)(a)		87,520
3,609	Lupin Ltd. (Health Care)		70,558
3,458	Macrotech Developers Ltd. (Real Estate)(a)		48,596
8,497	Mahindra & Mahindra Financial Services Ltd. (Financials)		29,042
13,072	Mahindra & Mahindra Ltd. (Consumer Discretionary)		304,649
507	Mankind Pharma Ltd. (Health Care)*		13,058
7,831	Marico Ltd. (Consumer Staples)		49,357
1,936	Maruti Suzuki India Ltd. (Consumer Discretionary)		263,570
3,309	Max Financial Services Ltd. (Financials)*		38,699

Shares	Description	Value
Common Stocks – (continued)
India – (continued)
10,932	Max Healthcare Institute Ltd. (Health Care)	$	104,598
456	Mazagon Dock Shipbuilders Ltd. (Industrials)		11,466
1,271	Mphasis Ltd. (Information Technology)		40,121
33	MRF Ltd. (Consumer Discretionary)		58,139
1,675	Muthoot Finance Ltd. (Financials)		26,337
5,142	Nestle India Ltd. (Consumer Staples)		161,002
41,351	NHPC Ltd. (Utilities)		43,961
17,239	NMDC Ltd. (Materials)		46,967
69,788	NTPC Ltd. (Utilities)		282,464
1,835	Oberoi Realty Ltd. (Real Estate)		29,749
57,122	Oil & Natural Gas Corp. Ltd. (Energy)		182,286
3,005	One 97 Communications Ltd. (Financials)*		14,616
355	Oracle Financial Services Software Ltd. (Information Technology)		32,851
75	Page Industries Ltd. (Consumer Discretionary)		31,034
1,073	Patanjali Foods Ltd. (Consumer Staples)		19,899
3,556	PB Fintech Ltd. (Financials)*		50,066
758	Persistent Systems Ltd. (Information Technology)		78,897
8,763	Petronet LNG Ltd. (Energy)		28,900
1,218	PI Industries Ltd. (Materials)		53,950
2,288	Pidilite Industries Ltd. (Materials)		75,497
661	Polycab India Ltd. (Industrials)		37,865
21,773	Power Finance Corp. Ltd. (Financials)		105,220
66,742	Power Grid Corp. of India Ltd. (Utilities)		227,675
150	Procter & Gamble Hygiene & Health Care Ltd. (Consumer Staples)		28,480
31,845	Punjab National Bank (Financials)		46,798
8,344	Rail Vikas Nigam Ltd. (Industrials)		24,579
18,714	REC Ltd. (Financials)		99,770
50,019	Reliance Industries Ltd. (Energy)		1,762,447
30,730	Samvardhana Motherson International Ltd. (Consumer Discretionary)		44,177
4,379	SBI Cards & Payment Services Ltd. (Financials)		38,006
6,669	SBI Life Insurance Co. Ltd. (Financials)(a)		124,872
615	Schaeffler India Ltd. (Industrials)		21,456

  

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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
India – (continued)
152	Shree Cement Ltd. (Materials)	$	46,754
3,566	Shriram Finance Ltd. (Financials)		104,877
1,326	Siemens Ltd. (Industrials)		74,831
362	Solar Industries India Ltd. (Materials)		29,383
4,122	Sona Blw Precision Forgings Ltd. (Consumer Discretionary)(a)		34,270
2,233	SRF Ltd. (Materials)		64,355
26,345	State Bank of India (Financials)		237,694
21,673	Steel Authority of India Ltd. (Materials)		31,680
15,916	Sun Pharmaceutical Industries Ltd. (Health Care)		302,892
865	Supreme Industries Ltd. (Materials)		43,300
145,737	Suzlon Energy Ltd. (Industrials)*		79,533
1,685	Tata Communications Ltd. (Communication Services)		39,083
14,798	Tata Consultancy Services Ltd. (Information Technology)		730,849
8,857	Tata Consumer Products Ltd. (Consumer Staples)		127,119
513	Tata Elxsi Ltd. (Information Technology)		48,327
25,441	Tata Motors Ltd. (Consumer Discretionary)		291,548
6,969	Tata Motors Ltd., Class A (Consumer Discretionary)		53,140
25,438	Tata Power Co. Ltd. (The) (Utilities)		114,050
119,079	Tata Steel Ltd. (Materials)		202,280
711	Tata Technologies Ltd. (Information Technology)*		9,290
9,159	Tech Mahindra Ltd. (Information Technology)		140,711
556	Thermax Ltd. (Industrials)		24,390
5,492	Titan Co. Ltd. (Consumer Discretionary)		240,064
1,420	Torrent Pharmaceuticals Ltd. (Health Care)		45,659
2,690	Trent Ltd. (Consumer Discretionary)		125,935
1,527	Tube Investments of India Ltd. (Consumer Discretionary)		64,248
3,465	TVS Motor Co. Ltd. (Consumer Discretionary)*		89,395
1,683	UltraTech Cement Ltd. (Materials)		200,792
21,873	Union Bank of India Ltd. (Financials)		38,593
1,117	United Breweries Ltd. (Consumer Staples)		22,864
4,472	United Spirits Ltd. (Consumer Staples)		62,879
7,786	UPL Ltd. (Materials)		44,106

Shares	Description	Value
Common Stocks – (continued)
India – (continued)
6,968	Varun Beverages Ltd. (Consumer Staples)	$	118,366
562	Vedant Fashions Ltd. (Consumer Discretionary)		6,975
19,656	Vedanta Ltd. (Materials)		63,544
119,486	Vodafone Idea Ltd. (Communication Services)*		19,670
3,459	Voltas Ltd. (Industrials)		46,268
20,703	Wipro Ltd. (Information Technology)		129,487
617	WNS Holdings Ltd. ADR (Industrials)*		35,601
190,254	Yes Bank Ltd. (Financials)*		56,101
56,772	Zomato Ltd. (Consumer Discretionary)*		113,282
3,809	Zydus Lifesciences Ltd. (Health Care)		43,269
			20,976,458
Indonesia – 2.0%
165,022	Adaro Energy Indonesia Tbk PT (Energy)		25,412
100,320	Adaro Minerals Indonesia Tbk PT (Materials)*		9,895
182,667	Amman Mineral Internasional PT (Materials)*		98,802
130,266	Aneka Tambang Tbk (Materials)		12,102
302,724	Astra International Tbk PT (Industrials)		100,651
763,847	Bank Central Asia Tbk PT (Financials)		479,987
536,046	Bank Mandiri Persero Tbk PT (Financials)		238,773
224,277	Bank Negara Indonesia Persero Tbk PT (Financials)		85,629
1,036,602	Bank Rakyat Indonesia Persero Tbk PT (Financials)		404,021
402,522	Barito Pacific Tbk PT (Materials)		24,974
103,006	Chandra Asri Pacific Tbk PT (Materials)		30,020
113,080	Charoen Pokphand Indonesia Tbk PT (Consumer Staples)		34,827
189,058	Dayamitra Telekomunikasi PT (Communication Services)		7,639
230,276	Elang Mahkota Teknologi Tbk PT (Communication Services)		6,887
11,307,051	GoTo Gojek Tokopedia Tbk PT (Consumer Discretionary)*		51,085
7,127	Gudang Garam Tbk PT (Consumer Staples)		9,218
39,673	Indah Kiat Pulp & Paper Tbk PT (Materials)		22,026
24,420	Indocement Tunggal Prakarsa Tbk PT (Materials)		14,102
35,456	Indofood CBP Sukses Makmur Tbk PT (Consumer Staples)		26,059
68,465	Indofood Sukses Makmur Tbk PT (Consumer Staples)		28,863

  

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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Indonesia – (continued)
20,400	Indosat Tbk PT (Communication Services)	$	14,831
284,651	Kalbe Farma Tbk PT (Health Care)		26,989
51,021	Mayora Indah Tbk PT (Consumer Staples)		7,987
155,906	Merdeka Battery Materials Tbk PT (Materials)*		6,052
185,780	Merdeka Copper Gold Tbk PT (Materials)*		26,717
23,808	Pantai Indah Kapuk Dua Tbk PT (Materials)*		7,954
300,430	Sarana Menara Nusantara Tbk PT (Communication Services)		17,588
50,048	Semen Indonesia Persero Tbk PT (Materials)		19,427
283,490	Sumber Alfaria Trijaya Tbk PT (Consumer Staples)		49,608
700,052	Telkom Indonesia Persero Tbk PT (Communication Services)		178,187
72,950	Tower Bersama Infrastructure Tbk PT (Communication Services)		8,634
117,963	Trimegah Bangun Persada Tbk PT (Materials)		6,756
88,768	Unilever Indonesia Tbk PT (Consumer Staples)		15,421
21,167	United Tractors Tbk PT (Energy)		31,686
31,588	Vale Indonesia Tbk PT (Materials)		8,141
			2,136,950
Kuwait – 0.9%
22,791	Agility Public Warehousing Co. KSC (Industrials)*		44,523
19,433	Boubyan Bank KSCP (Financials)		40,616
31,389	Gulf Bank KSCP (Financials)		30,098
152,347	Kuwait Finance House KSCP (Financials)		401,109
9,772	Mabanee Co KPSC (Real Estate)		25,982
31,442	Mobile Telecommunications Co. KSCP (Communication Services)		51,407
110,081	National Bank of Kuwait SAKP (Financials)		350,656
			944,391
Luxembourg – 0.0%
2,033	Reinet Investments SCA (Financials)		51,296
Mexico – 2.8%
71,068	Alfa SAB de CV, Class A (Industrials)		52,927

Shares	Description	Value
Common Stocks – (continued)
Mexico – (continued)
475,006	America Movil SAB de CV, Series B (Communication Services)	$	444,209
6,975	Arca Continental SAB de CV (Consumer Staples)		75,041
26,449	Becle SAB de CV (Consumer Staples)		61,742
222,960	Cemex SAB de CV, Series CPO (Materials)*		170,226
7,831	Coca-Cola Femsa SAB de CV (Consumer Staples)		76,335
3,206	El Puerto de Liverpool SAB de CV (Consumer Discretionary)		23,423
43,040	Fibra Uno Administracion SA de CV REIT (Real Estate)		77,675
31,891	Fomento Economico Mexicano SAB de CV (Consumer Staples)		397,701
2,650	Gruma SAB de CV, Class B (Consumer Staples)		47,131
5,749	Grupo Aeroportuario del Pacifico SAB de CV, Class B (Industrials)		84,777
2,742	Grupo Aeroportuario del Sureste SAB de CV, Class B (Industrials)		80,347
20,088	Grupo Bimbo SAB de CV, Series A (Consumer Staples)		83,923
7,426	Grupo Carso SAB de CV, Series A1 (Industrials)		64,163
6,664	Grupo Comercial Chedraui SA de CV (Consumer Staples)		51,105
769	Grupo Elektra SAB DE CV (Financials)		53,563
42,528	Grupo Financiero Banorte SAB de CV, Class O (Financials)		439,123
29,355	Grupo Financiero Inbursa SAB de CV, Class O (Financials)*		88,943
46,395	Grupo Mexico SAB de CV, Series B (Materials)		224,927
2,802	Industrias Penoles SAB de CV (Materials)*		35,066
24,315	Kimberly-Clark de Mexico SAB de CV, Class A (Consumer Staples)		53,968
13,687	Orbia Advance Corp. SAB de CV (Materials)		25,278
73,498	Wal-Mart de Mexico SAB de CV (Consumer Staples)		293,923
			3,005,516
Philippines – 0.7%
147,152	ACEN Corp. (Utilities)		10,889
3,585	Ayala Corp. (Industrials)		43,238
86,936	Ayala Land, Inc. (Real Estate)		54,127
30,018	Bank of the Philippine Islands (Financials)		66,802
31,040	BDO Unibank, Inc. (Financials)		84,481

  

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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
Philippines – (continued)
12,213	International Container Terminal Services, Inc. (Industrials)	$	62,787
45,912	JG Summit Holdings, Inc. (Industrials)		33,486
7,077	Jollibee Foods Corp. (Consumer Discretionary)		34,469
4,537	Manila Electric Co. (Utilities)		31,476
28,005	Metropolitan Bank & Trust Co. (Financials)		30,887
1,294	PLDT, Inc. (Communication Services)		30,224
7,144	SM Investments Corp. (Industrials)		119,458
168,187	SM Prime Holdings, Inc. (Real Estate)		94,543
13,747	Universal Robina Corp. (Consumer Staples)		28,612
			725,479
Qatar – 0.9%
50,509	Commercial Bank PSQC (The) (Financials)		70,138
26,503	Dukhan Bank (Financials)		30,281
29,804	Industries Qatar QSC (Industrials)		105,595
103,520	Masraf Al Rayan QSC (Financials)		71,932
67,348	Mesaieed Petrochemical Holding Co. (Materials)		34,960
10,479	Ooredoo QPSC (Communication Services)		32,723
7,279	Qatar Electricity & Water Co. QSC (Utilities)		34,606
8,795	Qatar Fuel QSC (Energy)		36,137
52,956	Qatar Gas Transport Co. Ltd. (Energy)		58,177
16,640	Qatar International Islamic Bank QSC (Financials)		52,146
24,616	Qatar Islamic Bank (Financials)		136,230
65,472	Qatar National Bank QPSC (Financials)		273,864
			936,789
Russia – 0.0%
12,708	Alrosa PJSC (Materials)(c)		—
801	Gazprom Neft PJSC (Energy)(c)		—
49,291	Gazprom PJSC (Energy)*(c)		—
1,413	LUKOIL PJSC (Energy)(c)		—
263	MMC Norilsk Nickel PJSC (Materials)(c)		—
4,560	Mobile TeleSystems PJSC (Communication Services)(c)		—
3,099	Novatek PJSC (Energy)(c)		—
5,287	Novolipetsk Steel PJSC (Materials)*(c)		—
780	PIK Group PJSC (Consumer Discretionary)*(c)		—

Shares	Description	Value
Common Stocks – (continued)
Russia – (continued)
1,389	Polymetal International PLC (Materials)*(c)	$	—
128	Polyus PJSC (Materials)*(c)		—
5,078	Rosneft Oil Co. PJSC (Energy)(c)		—
44,370	Sberbank of Russia PJSC (Financials)(c)		—
969	Severstal PAO (Materials)*(c)		—
146,300	Surgutneftegas PJSC (Energy)(c)		—
6,047	Tatneft PJSC (Energy)(c)		—
6,503	United Co RUSAL International PJSC (Materials)*(c)		—
1,289	Yandex NV, Class A (Communication Services)*(c)		—
			—
Saudi Arabia – 4.2%
1,978	ACWA Power Co. (Utilities)		139,240
5,442	Ades Holding Co. (Energy)*		29,022
1,986	Advanced Petrochemical Co. (Materials)		20,256
28,626	Al Rajhi Bank (Financials)		679,336
14,448	Alinma Bank (Financials)		169,317
3,669	Almarai Co. JSC (Consumer Staples)		57,525
9,972	Arab National Bank (Financials)		74,053
361	Arabian Internet & Communications Services Co. (Information Technology)		35,308
7,374	Bank AlBilad (Financials)		97,132
8,701	Banque Saudi Fransi (Financials)		88,395
1,117	Bupa Arabia for Cooperative Insurance Co. (Financials)		68,385
1,072	Co. for Cooperative Insurance (The) (Financials)		46,307
1,227	Dr Sulaiman Al Habib Medical Services Group Co. (Health Care)		107,771
404	Elm Co. (Information Technology)		113,865
5,692	Etihad Etisalat Co. (Communication Services)		83,931
9,102	Jarir Marketing Co. (Consumer Discretionary)		37,813
1,380	Mouwasat Medical Services Co. (Health Care)		45,408
566	Nahdi Medical Co. (Consumer Staples)		21,431
6,557	Rabigh Refining & Petrochemical Co. (Energy)*		14,459
21,674	Riyad Bank (Financials)		179,735
3,454	SABIC Agri-Nutrients Co. (Materials)		115,308
5,293	Sahara International Petrochemical Co. (Materials)		43,258
17,859	Saudi Arabian Mining Co. (Materials)*		236,910

  

44  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)
63,973	Saudi Arabian Oil Co. (Energy)(a)	$	540,742
760	Saudi Aramco Base Oil Co. (Materials)		34,045
14,758	Saudi Awwal Bank (Financials)		162,325
13,276	Saudi Basic Industries Corp. (Materials)		278,951
11,542	Saudi Electricity Co. (Utilities)		61,552
5,446	Saudi Industrial Investment Group (Materials)		30,059
11,395	Saudi Kayan Petrochemical Co. (Materials)*		29,321
43,346	Saudi National Bank (The) (Financials)		489,482
711	Saudi Tadawul Group Holding Co. (Financials)		45,879
26,553	Saudi Telecom Co. (Communication Services)		300,556
4,066	Savola Group (The) (Consumer Staples)		57,462
4,175	Yanbu National Petrochemical Co. (Materials)		41,691
			4,576,230
South Africa – 2.4%
11,498	Absa Group Ltd. (Financials)		98,032
1,582	African Rainbow Minerals Ltd. (Materials)		13,923
819	Anglo American Platinum Ltd. (Materials)		31,460
5,393	Aspen Pharmacare Holdings Ltd. (Health Care)		55,097
4,932	Bid Corp. Ltd. (Consumer Staples)		115,357
4,990	Bidvest Group Ltd. (The) (Industrials)		60,779
1,427	Capitec Bank Holdings Ltd. (Financials)		150,094
3,665	Clicks Group Ltd. (Consumer Staples)		57,331
7,983	Discovery Ltd. (Financials)		56,553
3,612	Exxaro Resources Ltd. (Energy)		33,462
73,810	FirstRand Ltd. (Financials)		249,243
12,972	Gold Fields Ltd. (Materials)		170,266
13,080	Impala Platinum Holdings Ltd. (Materials)		44,169
3,159	Investec Ltd. (Financials)		19,863
861	Kumba Iron Ore Ltd. (Materials)		24,099
24,817	MTN Group Ltd. (Communication Services)		108,020
4,780	MultiChoice Group (Communication Services)*		26,016
2,635	Naspers Ltd., Class N (Consumer Discretionary)		433,377
6,414	Nedbank Group Ltd. (Financials)		73,285
4,986	Northam Platinum Holdings Ltd. (Materials)		28,507

Shares	Description	Value
Common Stocks – (continued)
South Africa – (continued)
74,011	Old Mutual Ltd. (Financials)	$	46,065
12,666	OUTsurance Group Ltd. (Financials)		27,493
24,010	Pepkor Holdings Ltd. (Consumer Discretionary)(a)		23,367
7,585	Remgro Ltd. (Financials)		57,513
24,263	Sanlam Ltd. (Financials)		93,024
8,702	Sasol Ltd. (Materials)		65,651
7,118	Shoprite Holdings Ltd. (Consumer Staples)		95,811
42,475	Sibanye Stillwater Ltd. (Materials)(b)		43,994
19,935	Standard Bank Group Ltd. (Financials)		209,723
8,896	Vodacom Group Ltd. (Communication Services)		43,599
13,588	Woolworths Holdings Ltd. (Consumer Discretionary)		45,452
			2,600,625
South Korea – 12.1%
557	Alteogen, Inc. (Health Care)*		67,178
452	Amorepacific Corp. (Consumer Staples)		40,597
401	AMOREPACIFIC Group (Consumer Staples)		8,025
105	BGF retail Co. Ltd. (Consumer Staples)		10,416
4,319	BNK Financial Group, Inc. (Financials)		24,326
307	Celltrion Pharm, Inc. (Health Care)*		25,568
2,231	Celltrion, Inc. (Health Care)		301,074
1,022	Cheil Worldwide, Inc. (Communication Services)		14,199
55	Chunbo Co. Ltd. (Materials)*		3,730
106	CJ CheilJedang Corp. (Consumer Staples)		23,841
203	CJ Corp. (Industrials)*		14,772
151	CJ ENM Co. Ltd. (Communication Services)*		9,004
105	CJ Logistics Corp. (Industrials)*		9,809
310	CosmoAM&T Co. Ltd. (Information Technology)*		41,229
813	Coway Co. Ltd. (Consumer Discretionary)		33,091
355	CS Wind Corp. (Industrials)		13,783
2,900	Daewoo Engineering & Construction Co. Ltd. (Industrials)*		8,668
554	DB HiTek Co. Ltd. (Information Technology)		19,304
660	DB Insurance Co. Ltd. (Financials)*		48,970
402	DL E&C Co. Ltd. (Industrials)		11,170
463	Dongsuh Cos., Inc. (Consumer Staples)		6,081

  

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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
South Korea – (continued)
718	Doosan Bobcat, Inc. (Industrials)	$	25,315
100	Doosan Co. Ltd. (Industrials)*		6,834
6,406	Doosan Enerbility Co. Ltd. (Industrials)*		78,127
617	Doosan Fuel Cell Co. Ltd. (Industrials)*		9,198
301	Doosan Robotics, Inc. (Industrials)*		16,705
665	Ecopro BM Co. Ltd. (Industrials)*		133,090
283	Ecopro Co. Ltd. (Industrials)*		131,341
356	Ecopro Materials Co. Ltd. (Industrials)*		51,625
257	E-MART, Inc. (Consumer Staples)*		14,282
250	F&F Co. Ltd. (Consumer Discretionary)		13,593
612	Fila Holdings Corp. (Consumer Discretionary)		17,649
57	Green Cross Corp. (Health Care)		5,047
869	GS Engineering & Construction Corp. (Industrials)*		10,409
663	GS Holdings Corp. (Industrials)		23,924
615	GS Retail Co. Ltd. (Consumer Staples)		10,299
4,268	Hana Financial Group, Inc. (Financials)		181,412
355	Hanjin Kal Corp. (Industrials)		16,849
1,017	Hankook Tire & Technology Co. Ltd. (Consumer Discretionary)		41,395
101	Hanmi Pharm Co. Ltd. (Health Care)		25,333
302	Hanmi Science Co. Ltd. (Health Care)		9,344
614	Hanmi Semiconductor Co. Ltd. (Information Technology)*		39,101
2,393	Hanon Systems (Consumer Discretionary)		11,088
149	Hansol Chemical Co. Ltd. (Materials)*		19,056
103	Hanssem Co. Ltd. (Consumer Discretionary)		3,744
506	Hanwha Aerospace Co. Ltd. (Industrials)		71,249
508	Hanwha Corp. (Industrials)		11,216
4,123	Hanwha Life Insurance Co. Ltd. (Financials)*		9,753
2,077	Hanwha Ocean Co. Ltd. (Industrials)*		36,811
1,528	Hanwha Solutions Corp. (Materials)		31,843
816	Hanwha Systems Co. Ltd. (Industrials)		10,215
612	HD Hyundai Co. Ltd. (Energy)		32,494
301	HD Hyundai Heavy Industries Co. Ltd. (Industrials)		26,651

Shares	Description	Value
Common Stocks – (continued)
South Korea – (continued)
1,836	HD Hyundai Infracore Co. Ltd. (Industrials)*	$	11,099
665	HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (Industrials)		55,883
404	Hite Jinro Co. Ltd. (Consumer Staples)		6,059
463	HL Mando Co. Ltd. (Consumer Discretionary)		11,526
1,729	HLB, Inc. (Health Care)*		105,823
4,236	HMM Co. Ltd. (Industrials)*		58,119
413	Hotel Shilla Co. Ltd. (Consumer Discretionary)		18,640
99	Hugel, Inc. (Health Care)*		13,672
259	HYBE Co. Ltd. (Communication Services)		38,726
46	Hyosung Advanced Materials Corp. (Materials)		11,521
47	Hyosung TNC Corp. (Materials)		10,236
101	Hyundai Autoever Corp. (Information Technology)*		11,324
201	Hyundai Department Store Co. Ltd. (Consumer Discretionary)		7,910
306	Hyundai Elevator Co. Ltd. (Industrials)*		9,169
1,073	Hyundai Engineering & Construction Co. Ltd. (Industrials)*		27,961
261	Hyundai Glovis Co. Ltd. (Industrials)*		37,339
869	Hyundai Marine & Fire Insurance Co. Ltd. (Financials)*		20,557
352	Hyundai Mipo Dockyard Co. Ltd. (Industrials)		16,627
917	Hyundai Mobis Co. Ltd. (Consumer Discretionary)		166,996
1,987	Hyundai Motor Co. (Consumer Discretionary)		373,794
1,022	Hyundai Rotem Co. Ltd. (Industrials)		25,673
1,227	Hyundai Steel Co. (Materials)*		33,126
3,760	Industrial Bank of Korea (Financials)*		39,531
407	JYP Entertainment Corp. (Communication Services)*		22,526
4,432	Kakao Corp. (Communication Services)		177,400
557	Kakao Games Corp. (Communication Services)*		9,809
3,253	KakaoBank Corp. (Financials)		69,501
312	Kakaopay Corp. (Financials)*		10,321
1,785	Kangwon Land, Inc. (Consumer Discretionary)*		23,298
5,497	KB Financial Group, Inc. (Financials)		262,135
53	KCC Corp. (Materials)		10,567

  

46  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)
201	KEPCO Engineering & Construction Co., Inc. (Industrials)*	$	10,702
256	KEPCO Plant Service & Engineering Co. Ltd. (Industrials)*		7,152
3,658	Kia Corp. (Consumer Discretionary)*		342,010
201	KIWOOM Securities Co. Ltd. (Financials)*		18,974
1,064	Korea Aerospace Industries Ltd. (Industrials)*		40,991
3,912	Korea Electric Power Corp. (Utilities)		72,858
413	Korea Gas Corp. (Utilities)*		8,994
608	Korea Investment Holdings Co. Ltd. (Financials)*		32,418
148	Korea Zinc Co. Ltd. (Materials)		49,737
2,804	Korean Air Lines Co. Ltd. (Industrials)		48,432
419	Krafton, Inc. (Communication Services)*		71,428
961	KT Corp. (Communication Services)		28,218
1,440	KT&G Corp. (Consumer Staples)		100,571
453	Kum Yang Co. Ltd. (Materials)*		32,829
250	Kumho Petrochemical Co. Ltd. (Materials)*		27,767
361	L&F Co. Ltd. (Industrials)*		46,006
150	LEENO Industrial, Inc. (Information Technology)		23,430
687	LG Chem Ltd. (Materials)		233,712
1,320	LG Corp. (Industrials)		92,884
3,313	LG Display Co. Ltd. (Information Technology)		28,313
1,580	LG Electronics, Inc. (Consumer Discretionary)		112,603
607	LG Energy Solution Ltd. (Industrials)*		183,021
149	LG H&H Co. Ltd. (Consumer Staples)		35,695
205	LG Innotek Co. Ltd. (Information Technology)		31,098
3,359	LG Uplus Corp. (Communication Services)		26,032
259	Lotte Chemical Corp. (Materials)		23,807
460	Lotte Corp. (Industrials)		10,433
303	Lotte Energy Materials Corp. (Information Technology)		7,919
153	Lotte Shopping Co. Ltd. (Consumer Discretionary)		8,916
258	LS Corp. (Industrials)		17,031
1,422	Meritz Financial Group, Inc. (Financials)		88,742
3,860	Mirae Asset Securities Co. Ltd. (Financials)*		26,147

Shares	Description	Value
Common Stocks – (continued)
South Korea – (continued)
1,989	NAVER Corp. (Communication Services)	$	291,270
204	NCSoft Corp. (Communication Services)		29,721
310	Netmarble Corp. (Communication Services)*(a)		14,364
1,988	NH Investment & Securities Co. Ltd. (Financials)*		17,527
50	NongShim Co. Ltd. (Consumer Staples)		13,067
198	OCI Holdings Co. Ltd. (Materials)		13,977
350	Orion Corp. (Consumer Staples)		24,418
3,203	Pan Ocean Co. Ltd. (Industrials)		11,702
455	Pearl Abyss Corp. (Communication Services)*		10,370
760	Posco DX Co. Ltd. (Information Technology)*		30,877
410	POSCO Future M Co. Ltd. (Industrials)*		97,604
1,041	POSCO Holdings, Inc. (Materials)		337,332
764	Posco International Corp. (Industrials)*		32,187
257	S-1 Corp. (Industrials)		11,213
256	Samsung Biologics Co. Ltd. (Health Care)*(a)		148,801
1,219	Samsung C&T Corp. (Industrials)		143,449
358	Samsung Card Co. Ltd. (Financials)*		10,095
817	Samsung Electro-Mechanics Co. Ltd. (Information Technology)		85,897
70,972	Samsung Electronics Co. Ltd. (Information Technology)		3,912,094
2,336	Samsung Engineering Co. Ltd. (Industrials)*		43,155
458	Samsung Fire & Marine Insurance Co. Ltd. (Financials)*		102,496
9,712	Samsung Heavy Industries Co. Ltd. (Industrials)*		57,618
1,165	Samsung Life Insurance Co. Ltd. (Financials)		84,777
761	Samsung SDI Co. Ltd. (Information Technology)		215,453
557	Samsung SDS Co. Ltd. (Information Technology)		66,927
919	Samsung Securities Co. Ltd. (Financials)		28,676
557	SD Biosensor, Inc. (Health Care)*		5,250
6,659	Shinhan Financial Group Co. Ltd. (Financials)		217,783
103	Shinsegae, Inc. (Consumer Discretionary)		13,521
410	SK Biopharmaceuticals Co. Ltd. (Health Care)*		29,836

  

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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
South Korea – (continued)
356	SK Bioscience Co. Ltd. (Health Care)*	$	16,415
151	SK Chemicals Co. Ltd. (Materials)		7,700
7,854	SK Hynix, Inc. (Information Technology)		921,294
407	SK IE Technology Co. Ltd. (Industrials)*(a)		22,404
820	SK Innovation Co. Ltd. (Energy)*		72,110
1,481	SK Networks Co. Ltd. (Industrials)*		7,285
1,520	SK Square Co. Ltd. (Industrials)*		79,790
1,578	SK Telecom Co. Ltd. (Communication Services)		62,452
513	SK, Inc. (Industrials)		73,891
256	SKC Co. Ltd. (Materials)*		15,918
612	S-Oil Corp. (Energy)		35,113
55	Soulbrain Co. Ltd. (Materials)		11,235
1,317	SSANGYONG C&E Co. Ltd. (Materials)		6,903
198	Studio Dragon Corp. (Communication Services)*		6,721
257	Wemade Co. Ltd. (Communication Services)*		8,984
463	WONIK IPS Co. Ltd. (Information Technology)*		11,405
9,405	Woori Financial Group, Inc. (Financials)		105,238
849	Yuhan Corp. (Health Care)		42,973
			13,054,853
Taiwan – 17.0%
7,577	Accton Technology Corp. (Information Technology)		124,408
44,863	Acer, Inc. (Information Technology)		64,081
6,458	Advantech Co. Ltd. (Information Technology)		79,679
1,064	Alchip Technologies Ltd. (Information Technology)		139,356
54,372	ASE Technology Holding Co. Ltd. (Information Technology)		239,096
38,511	Asia Cement Corp. (Materials)		49,282
4,377	Asia Vital Components Co. Ltd. (Information Technology)		73,667
405	ASMedia Technology, Inc. (Information Technology)		30,174
456	ASPEED Technology, Inc. (Information Technology)		39,455
10,527	Asustek Computer, Inc. (Information Technology)		151,530
87,701	AUO Corp. (Information Technology)*		48,554
9,917	Catcher Technology Co. Ltd. (Information Technology)		61,806
163,504	Cathay Financial Holding Co. Ltd. (Financials)*		233,027

Shares	Description	Value
Common Stocks – (continued)
Taiwan – (continued)
22,284	Chailease Holding Co. Ltd. (Financials)	$	123,019
88,202	Chang Hwa Commercial Bank Ltd. (Financials)		49,668
32,449	Cheng Shin Rubber Industry Co. Ltd. (Consumer Discretionary)		48,197
8,847	Chicony Electronics Co. Ltd. (Information Technology)		52,478
42,879	China Airlines Ltd. (Industrials)		27,130
241,418	China Development Financial Holding Corp. (Financials)*		95,851
179,570	China Steel Corp. (Materials)		139,750
6,107	Chroma ATE, Inc. (Information Technology)		45,016
56,059	Chunghwa Telecom Co. Ltd. (Communication Services)		213,705
59,725	Compal Electronics, Inc. (Information Technology)		68,965
268,180	CTBC Financial Holding Co. Ltd. (Financials)		249,434
28,335	Delta Electronics, Inc. (Information Technology)		263,992
13,526	E Ink Holdings, Inc. (Information Technology)		105,266
221,784	E.Sun Financial Holding Co. Ltd. (Financials)		177,163
3,363	Eclat Textile Co. Ltd. (Consumer Discretionary)		57,452
4,321	Elite Material Co. Ltd. (Information Technology)		67,666
913	eMemory Technology, Inc. (Information Technology)		78,275
39,885	Eva Airways Corp. (Industrials)		39,684
14,847	Evergreen Marine Corp. Taiwan Ltd. (Industrials)		77,735
44,105	Far Eastern New Century Corp. (Industrials)		45,487
24,013	Far EasTone Telecommunications Co. Ltd. (Communication Services)		59,787
9,408	Feng TAY Enterprise Co. Ltd. (Consumer Discretionary)		49,258
159,630	First Financial Holding Co. Ltd. (Financials)		136,857
65,421	Formosa Chemicals & Fibre Corp. (Materials)		118,385
20,801	Formosa Petrochemical Corp. (Energy)		48,894
79,867	Formosa Plastics Corp. (Materials)		181,163
1,475	Formosa Sumco Technology Corp. (Information Technology)		7,303
14,188	Foxconn Technology Co. Ltd. (Information Technology)		22,308
124,221	Fubon Financial Holding Co. Ltd. (Financials)		267,231

  

48  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)
4,827	Giant Manufacturing Co. Ltd. (Consumer Discretionary)	$	31,152
7,939	Gigabyte Technology Co. Ltd. (Information Technology)		86,650
1,323	Global Unichip Corp. (Information Technology)		66,549
3,102	Globalwafers Co. Ltd. (Information Technology)		54,759
4,777	Gold Circuit Electronics Ltd. (Information Technology)		38,839
26,451	Highwealth Construction Corp. (Real Estate)		33,221
4,176	Hiwin Technologies Corp. (Industrials)		31,707
174,281	Hon Hai Precision Industry Co. Ltd. (Information Technology)		567,897
4,785	Hotai Motor Co. Ltd. (Consumer Discretionary)		101,575
148,796	Hua Nan Financial Holdings Co. Ltd. (Financials)		103,561
129,306	Innolux Corp. (Information Technology)*		61,975
47,047	Inventec Corp. (Information Technology)		81,861
1,425	Largan Precision Co. Ltd. (Information Technology)		116,761
32,812	Lite-On Technology Corp. (Information Technology)		113,666
1,322	Lotes Co. Ltd. (Information Technology)		42,868
27,265	Macronix International Co. Ltd. (Information Technology)		24,540
21,960	MediaTek, Inc. (Information Technology)		791,990
159,021	Mega Financial Holding Co. Ltd. (Financials)		194,692
3,308	Merida Industry Co. Ltd. (Consumer Discretionary)		21,820
10,789	Micro-Star International Co. Ltd. (Information Technology)		65,192
1,165	momo.com, Inc. (Consumer Discretionary)		16,382
82,708	Nan Ya Plastics Corp. (Materials)		156,208
3,203	Nan Ya Printed Circuit Board Corp. (Information Technology)		21,431
17,446	Nanya Technology Corp. (Information Technology)		37,144
2,843	Nien Made Enterprise Co. Ltd. (Consumer Discretionary)		33,233
8,493	Novatek Microelectronics Corp. (Information Technology)		161,480
4,683	Oneness Biotech Co. Ltd. (Health Care)		26,149
29,046	Pegatron Corp. (Information Technology)		78,566
3,764	PharmaEssentia Corp. (Health Care)*		39,117

Shares	Description	Value
Common Stocks – (continued)
Taiwan – (continued)
2,487	Phison Electronics Corp. (Information Technology)	$	49,410
3,971	Polaris Group (Health Care)*		8,869
35,206	Pou Chen Corp. (Consumer Discretionary)		33,970
44,363	Powerchip Semiconductor Manufacturing Corp. (Information Technology)		38,736
9,973	Powertech Technology, Inc. (Information Technology)		49,219
8,343	President Chain Store Corp. (Consumer Staples)		71,132
34,844	Quanta Computer, Inc. (Information Technology)		255,740
6,710	Realtek Semiconductor Corp. (Information Technology)		120,786
24,925	Ruentex Development Co. Ltd. (Real Estate)*		28,663
10,227	Ruentex Industries Ltd. (Consumer Discretionary)*		19,154
68,120	Shanghai Commercial & Savings Bank Ltd. (The) (Financials)		96,977
200,786	Shin Kong Financial Holding Co. Ltd. (Financials)*		52,659
7,885	Sino-American Silicon Products, Inc. (Information Technology)		46,273
159,008	SinoPac Financial Holdings Co. Ltd. (Financials)		101,111
18,927	Synnex Technology International Corp. (Information Technology)		46,585
27,926	TA Chen Stainless Pipe (Materials)		31,716
192,080	Taishin Financial Holding Co. Ltd. (Financials)		105,734
92,575	Taiwan Business Bank (Financials)		41,002
104,764	Taiwan Cement Corp. (Materials)		106,390
156,881	Taiwan Cooperative Financial Holding Co. Ltd. (Financials)		128,792
9,915	Taiwan Fertilizer Co. Ltd. (Materials)		20,890
31,586	Taiwan High Speed Rail Corp. (Industrials)		30,178
25,846	Taiwan Mobile Co. Ltd. (Communication Services)		80,949
349,479	Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology)		7,628,735
30,933	Tatung Co. Ltd. (Industrials)*		50,789
26,093	Teco Electric and Machinery Co. Ltd. (Industrials)		40,614
7,122	Tripod Technology Corp. (Information Technology)		46,865

  

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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
Taiwan – (continued)
19,538	Unimicron Technology Corp. (Information Technology)	$	110,950
69,798	Uni-President Enterprises Corp. (Consumer Staples)		169,364
170,207	United Microelectronics Corp. (Information Technology)		263,041
13,983	Vanguard International Semiconductor Corp. (Information Technology)		31,939
1,473	VisEra Technologies Co. Ltd. (Information Technology)		14,306
1,066	Voltronic Power Technology Corp. (Industrials)		54,127
41,249	Walsin Lihwa Corp. (Industrials)		48,283
5,742	Walsin Technology Corp. (Information Technology)		20,345
21,016	Wan Hai Lines Ltd. (Industrials)		33,509
5,241	Win Semiconductors Corp. (Information Technology)		25,202
42,532	Winbond Electronics Corp. (Information Technology)		37,608
39,778	Wistron Corp. (Information Technology)		145,347
1,380	Wiwynn Corp. (Information Technology)		101,723
23,343	WPG Holdings Ltd. (Information Technology)		68,531
7,319	WT Microelectronics Co. Ltd. (Information Technology)		39,710
5,844	Yageo Corp. (Information Technology)		103,164
26,967	Yang Ming Marine Transport Corp. (Industrials)		42,528
163,037	Yuanta Financial Holding Co. Ltd. (Financials)		141,583
5,344	Yulon Finance Corp. (Financials)		27,980
8,596	Yulon Motor Co. Ltd. (Consumer Discretionary)		19,226
9,559	Zhen Ding Technology Holding Ltd. (Information Technology)		30,392
			18,313,015
Thailand – 1.7%
15,488	Advanced Info Service PCL, NVDR (Communication Services)		86,800
62,593	Airports of Thailand PCL, NVDR (Industrials)		110,823
126,837	Asset World Corp. PCL, NVDR (Consumer Discretionary)		13,651
15,278	B Grimm Power PCL, NVDR (Utilities)		10,969
15,283	Bangkok Bank PCL, NVDR (Financials)		60,936
101,564	Bangkok Dusit Medical Services PCL, NVDR (Health Care)		80,707

Shares	Description	Value
Common Stocks – (continued)
Thailand – (continued)
116,460	Bangkok Expressway & Metro PCL, NVDR (Industrials)	$	26,140
4,803	Bangkok Life Assurance PCL, NVDR (Financials)		2,397
61,540	Banpu PCL, NVDR (Energy)		9,609
15,269	Berli Jucker PCL, NVDR (Consumer Staples)		10,303
121,815	BTS Group Holdings PCL, NVDR (Industrials)		17,492
7,300	Bumrungrad Hospital PCL, NVDR (Health Care)		45,593
5,216	Carabao Group PCL, NVDR (Consumer Staples)		10,108
25,211	Central Pattana PCL, NVDR (Real Estate)		45,515
9,885	Central Plaza Hotel PCL, NVDR (Consumer Discretionary)*		11,852
45,860	Central Retail Corp. PCL, NVDR (Consumer Discretionary)		44,434
56,577	Charoen Pokphand Foods PCL, NVDR (Consumer Staples)		29,815
10,851	Com7 PCL, NVDR (Consumer Discretionary)		6,263
81,017	CP ALL PCL, NVDR (Consumer Staples)		129,889
20,631	CP Axtra PCL, NVDR (Consumer Staples)		19,127
5,285	Delta Electronics Thailand PCL, NVDR (Information Technology)*		10,499
4,652	Electricity Generating PCL, NVDR (Utilities)		15,241
25,018	Energy Absolute PCL, NVDR (Utilities)		24,589
10,151	Global Power Synergy PCL, NVDR (Utilities)		14,435
71,225	Gulf Energy Development PCL, NVDR (Utilities)		85,395
71,150	Home Product Center PCL, NVDR (Consumer Discretionary)		22,219
25,563	Indorama Ventures PCL, NVDR (Materials)		16,607
14,853	Intouch Holdings PCL, NVDR (Communication Services)		28,058
159,475	IRPC PCL, NVDR (Energy)		8,671
10,050	JMT Network Services PCL, NVDR (Financials)		6,277
20,794	Kasikornbank PCL, NVDR (Financials)		71,314
10,122	KCE Electronics PCL, NVDR (Information Technology)		10,654
70,775	Krung Thai Bank PCL, NVDR (Financials)		31,771
14,918	Krungthai Card PCL, NVDR (Financials)		17,782

  

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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Thailand – (continued)
76,905	Land & Houses PCL, NVDR (Real Estate)	$	16,297
46,303	Minor International PCL, NVDR (Consumer Discretionary)		40,990
10,320	Muangthai Capital PCL, NVDR (Financials)		13,164
20,218	Ngern Tid Lor PCL, NVDR (Financials)		12,684
25,317	Osotspa PCL, NVDR (Consumer Staples)		14,330
20,427	PTT Exploration & Production PCL, NVDR (Energy)		86,002
30,286	PTT Global Chemical PCL, NVDR (Materials)		32,089
41,319	PTT Oil & Retail Business PCL, NVDR (Consumer Discretionary)		20,852
142,762	PTT PCL, NVDR (Energy)		136,333
10,370	Ratch Group PCL, NVDR (Utilities)		8,385
15,481	SCB X PCL, NVDR (Financials)		48,560
15,842	SCG Packaging PCL, NVDR (Materials)		12,368
5,312	Siam Cement PCL (The), NVDR (Materials)		39,842
26,328	Siam Global House PCL, NVDR (Consumer Discretionary)		12,479
10,805	Srisawad Corp. PCL, NVDR (Financials)		11,448
127,622	Thai Beverage PCL (Consumer Staples)		47,932
36,056	Thai Life Insurance PCL, NVDR (Financials)		9,048
15,677	Thai Oil PCL, NVDR (Energy)		24,478
40,671	Thai Union Group PCL, NVDR (Consumer Staples)		16,330
5,689	Tisco Financial Group PCL, NVDR (Financials)		15,942
600,350	TMBThanachart Bank PCL, NVDR (Financials)		30,800
9,801	TOA Paint Thailand PCL, NVDR (Materials)		5,465
152,263	True Corp. PCL, NVDR (Communication Services)*		29,930
121,679	WHA Corp. PCL, NVDR (Real Estate)		15,606
			1,837,289
Turkey – 1.1%
1,329	AG Anadolu Grubu Holding AS (Industrials)		10,876
9,872	Ahlatci Dogal Gaz Dagitim Enerji VE Yatirim AS (Utilities)*		4,237
40,132	Akbank TAS (Financials)		53,450

Shares	Description	Value
Common Stocks – (continued)
Turkey – (continued)
565	Akcansa Cimento AS (Materials)	$	2,841
4,583	Akfen Yenilenebilir Enerji AS (Utilities)*		4,005
1,983	Aksa Akrilik Kimya Sanayii AS (Consumer Discretionary)		6,758
2,954	Aksa Enerji Uretim AS (Utilities)		3,563
2,035	Alarko Holding AS (Industrials)		8,643
1,067	Alfa Solar Enerji Sanayi VE Ticaret AS (Information Technology)		3,619
2,547	Anadolu Anonim Turk Sigorta Sirketi (Financials)*		5,588
3,051	Anadolu Efes Biracilik Ve Malt Sanayii AS (Consumer Staples)		15,216
144	Anadolu Isuzu Otomotiv Sanayi Ve Ticaret AS, Class C (Industrials)		336
1,470	Arcelik AS (Consumer Discretionary)		7,957
18,370	Aselsan Elektronik Sanayi Ve Ticaret AS (Industrials)		35,305
3,201	Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS (Industrials)		12,437
2,187	Aydem Yenilenebilir Enerji AS (Utilities)*		2,032
1,121	Aygaz AS (Utilities)		5,512
1,221	Baskent Dogalgaz Dagitim Gayrimenkul Yatirim Ortakligi AS (Utilities)		879
6,353	Bera Holding AS (Industrials)		4,115
6,059	BIM Birlesik Magazalar AS (Consumer Staples)		75,350
406	Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret AS (Materials)*		9,272
53	Borusan Yatirim ve Pazarlama AS (Financials)		7,338
758	Brisa Bridgestone Sabanci Sanayi ve Ticaret AS (Consumer Discretionary)		3,108
3,108	Can2 Termik AS (Utilities)*		1,799
48	Celebi Hava Servisi AS (Industrials)		2,094
5,802	Cimsa Cimento Sanayi VE Ticaret AS (Materials)		6,505
1,072	Coca-Cola Icecek AS (Consumer Staples)		22,216
452	CW Enerji Muhendislik Ticaret VE Sanayi AS (Industrials)*		4,477
607	Deva Holding AS (Health Care)		1,512
14,652	Dogan Sirketler Grubu Holding AS (Consumer Discretionary)		6,359
707	Dogu Aras Enerji Yatirimlari AS (Utilities)		1,534

  

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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
Turkey – (continued)
1,119	Dogus Otomotiv Servis ve Ticaret AS (Consumer Discretionary)	$	9,579
261	Eczacibasi Yatirim Holding Ortakligi AS (Industrials)		2,234
4	EGE Endustri VE Ticaret AS (Consumer Discretionary)		2,225
2,286	EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS (Consumer Staples)		3,932
30,065	Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)		10,689
3,669	Enerjisa Enerji AS (Utilities)(a)		7,333
563	Enerya Enerji AS (Utilities)*		2,669
7,880	Enka Insaat ve Sanayi AS (Industrials)		9,541
24,568	Eregli Demir ve Celik Fabrikalari TAS (Materials)*		35,821
914	Europower Enerji VE Otomasyon Teknolojileri Sanayi Ticaret AS (Industrials)*		5,097
916	Ford Otomotiv Sanayi AS (Consumer Discretionary)		29,839
1,368	GEN Ilac VE Saglik Urunleri Sanayi VE Ticaret AS (Health Care)		3,151
1,978	Girisim Elektrik Taahhut Ticaret Ve Sanayi AS (Industrials)*		4,910
1,166	Gubre Fabrikalari TAS (Materials)*		7,492
15,204	Haci Omer Sabanci Holding AS (Financials)		38,716
14,951	Hektas Ticaret TAS (Materials)*		9,147
558	Investco Holding AS (Financials)*		6,756
7,224	Is Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)*		4,005
8,645	Is Yatirim Menkul Degerler AS (Financials)		10,295
2,035	Izdemir Enerji Elektrik Uretim AS (Utilities)*		2,073
8,648	Izmir Demir Celik Sanayi AS (Materials)*		1,848
351	Jantsa Jant Sanayi Ve Ticaret AS (Industrials)		2,164
1,624	Kaleseramik Canakkale Kalebodur Seramik Sanayi AS (Industrials)*		4,109
3,465	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class A (Materials)		2,497
615	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class B (Materials)		417

Shares	Description	Value
Common Stocks – (continued)
Turkey – (continued)
11,647	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D (Materials)	$	10,021
1,573	Kayseri Seker Fabrikasi AS (Consumer Staples)		1,799
3,504	Kiler Holding AS (Industrials)*		6,959
968	Kimteks Poliuretan Sanayi VE Ticaret AS (Materials)		2,077
9,871	KOC Holding AS (Industrials)		53,181
2,334	Kocaer Celik Sanayi Ve Ticaret AS (Materials)		4,407
1,065	Kontrolmatik Enerji Ve Muhendislik AS (Industrials)		9,790
3	Konya Cimento Sanayii AS (Materials)*		952
1,012	Kordsa Teknik Tekstil AS (Consumer Discretionary)		3,114
15,007	Koza Altin Isletmeleri AS (Materials)		11,008
2,898	Koza Anadolu Metal Madencilik Isletmeleri AS (Materials)*		4,739
1,170	Logo Yazilim Sanayi Ve Ticaret AS (Information Technology)		4,025
4,015	Margun Enerji Uretim Sanayi VE Ticaret AS (Utilities)		2,019
2,134	Mavi Giyim Sanayi Ve Ticaret AS, Class B (Consumer Discretionary)(a)		9,700
3,557	MIA Teknoloji AS (Information Technology)*		8,921
1,374	Migros Ticaret AS (Consumer Staples)		21,708
1,173	MLP Saglik Hizmetleri AS (Health Care)*(a)		6,425
401	Nuh Cimento Sanayi AS (Materials)		4,226
17,345	ODAS Elektrik Uretim ve Sanayi Ticaret AS (Utilities)*		5,606
503	Otokar Otomotiv Ve Savunma Sanayi A.S. (Industrials)*		8,153
3,872	Oyak Cimento Fabrikalari AS (Materials)*		8,800
659	Pegasus Hava Tasimaciligi AS (Industrials)*		18,101
2,392	Penta Teknoloji Urunleri Dagitim Ticaret AS (Information Technology)*		1,589
15,927	Petkim Petrokimya Holding AS (Materials)*		12,346
1	Politeknik Metal Sanayi ve Ticaret AS (Materials)		784
9,773	Qua Granite Hayal (Industrials)*		1,352
6,201	Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS (Industrials)		6,745
19,796	Sasa Polyester Sanayi AS (Materials)*		25,084

  

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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Turkey – (continued)
198	SDT Uzay VE Savunma Teknolojileri AS (Industrials)	$	2,448
1,833	Selcuk Ecza Deposu Ticaret ve Sanayi A.S. (Health Care)		3,532
2,346	Smart Gunes Enerjisi Teknolojileri ArGE Uretim Sanayi ve Ticaret AS (Information Technology)*		4,888
4,066	Sok Marketler Ticaret AS (Consumer Staples)		8,726
2,702	TAV Havalimanlari Holding AS (Industrials)*		15,103
2,851	Tekfen Holding AS (Industrials)		4,290
1,928	Tofas Turk Otomobil Fabrikasi AS (Consumer Discretionary)		16,520
2,803	Torunlar Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)		3,360
10,271	Turk Hava Yollari AO (Industrials)*		92,693
7,835	Turk Telekomunikasyon AS (Communication Services)*		8,056
403	Turk Traktor ve Ziraat Makineleri AS (Industrials)		11,230
18,563	Turkcell Iletisim Hizmetleri AS (Communication Services)		39,808
9,667	Turkiye Halk Bankasi AS (Financials)*		4,484
120,307	Turkiye Is Bankasi AS, Class C (Financials)		42,774
13,220	Turkiye Petrol Rafinerileri AS (Energy)		68,514
3,208	Turkiye Sigorta AS (Financials)		5,158
15,977	Turkiye Sinai Kalkinma Bankasi AS (Financials)*		4,237
22,084	Turkiye Sise ve Cam Fabrikalari AS (Industrials)		36,182
2,189	Ulker Biskuvi Sanayi AS (Consumer Staples)*		7,446
412	Verusa Holding AS (Financials)		3,524
3,973	Vestel Beyaz Esya Sanayi ve Ticaret AS (Consumer Discretionary)		2,779
1,420	Vestel Elektronik Sanayi ve Ticaret AS (Consumer Discretionary)*		3,777
48,326	Yapi ve Kredi Bankasi AS (Financials)		35,757
2,546	Yayla Agro Gida Sanayi VE Nakliyat AS (Consumer Staples)		1,243
503	YEO Teknoloji Enerji VE Endustri AS (Industrials)*		3,912
13,119	Ziraat Gayrimenkul Yatirim Ortakligi AS (Real Estate)		2,921
21,414	Zorlu Enerji Elektrik Uretim AS (Utilities)*		3,869
			1,236,334

Shares	Description				Value
Common Stocks – (continued)
United Arab Emirates – 2.1%
43,843	Abu Dhabi Commercial Bank PJSC (Financials)				$	102,299
21,776	Abu Dhabi Islamic Bank PJSC (Financials)					66,640
45,118	Abu Dhabi National Energy Co. PJSC (Utilities)					37,466
43,242	Abu Dhabi National Oil Co. for Distribution PJSC (Consumer Discretionary)					41,206
27,673	ADNOC Drilling Co. PJSC (Energy)					27,727
113,226	Adnoc Gas PLC (Energy)					97,106
53,872	Aldar Properties PJSC (Real Estate)					81,111
20,799	Alpha Dhabi Holding PJSC (Industrials)*					91,285
44,352	Borouge PLC (Materials)					28,740
134,953	Dubai Electricity & Water Authority PJSC (Utilities)					88,550
42,728	Dubai Islamic Bank PJSC (Financials)					74,919
91,614	Emaar Properties PJSC (Real Estate)					202,539
36,265	Emirates NBD Bank PJSC (Financials)					180,688
51,322	Emirates Telecommunications Group Co. PJSC (Communication Services)					252,914
65,166	First Abu Dhabi Bank PJSC (Financials)					242,006
5,228	International Holding Co. PJSC (Industrials)*					569,359
55,138	Multiply Group PJSC (Industrials)*					34,078
						2,218,633
United States – 0.1%
10,224	JBS SA (Consumer Staples)					47,450
1,120	Parade Technologies Ltd. (Information Technology)					35,964
						83,414
TOTAL COMMON STOCKS (Cost $97,446,467)						104,892,011
Shares	Description	Rate			Value
Preferred Stocks – 2.3%
Brazil – 1.5%
76,601	Banco Bradesco SA (Financials)		8.10	%		211,982
3,007	Braskem SA (Materials)*		0.00			12,733
3,809	Centrais Eletricas Brasileiras SA, Class B (Utilities)		3.12			36,728
21,625	Cia Energetica de Minas Gerais (Utilities)		10.78			52,097

  

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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Rate			Value
Preferred Stocks – (continued)
Brazil – (continued)
15,256	Companhia Paranaense de Energia (Utilities)		3.27	%	$	31,380
17,198	Gerdau SA (Materials)		7.44			74,418
71,422	Itau Unibanco Holding SA (Financials)		7.02			487,871
79,757	Itausa SA (Financials)		8.36			165,335
66,698	Petroleo Brasileiro SA (Energy)		7.91			538,830
18,264	Raizen SA (Energy)		7.53			13,013
						1,624,387
Chile – 0.1%
2,080	Sociedad Quimica y Minera de Chile SA, Class B (Industrials)		8.66			103,246
Colombia – 0.0%
6,812	Bancolombia SA (Financials)		11.02			55,654
Russia – 0.0%
4,252	Sberbank of Russia PJSC (Financials)(c)		8.53			—
31,665	Surgutneftegas PJSC (Energy)(c)		1.29			—
640	Tatneft PJSC (Energy)(c)		12.72			—
						—
South Korea – 0.7%
512	Hyundai Motor Co. (Consumer Discretionary)		21.25			61,789
309	Hyundai Motor Co. (Consumer Discretionary)		21.27			37,012
107	LG Chem Ltd. (Materials)		1.18			24,106
301	LG Electronics, Inc. (Consumer Discretionary)		1.94			9,923
12,110	Samsung Electronics Co. Ltd. (Information Technology)		2.30			578,399
50	Samsung Fire & Marine Insurance Co. Ltd. (Financials)*		0.00			8,543

Shares	Description	Rate			Value
Preferred Stocks – (continued)
South Korea – (continued)
5	Samsung SDI Co. Ltd. (Information Technology)		0.46	%	$	862
						720,634
TOTAL PREFERRED STOCKS (Cost $2,260,248)						2,503,921
Shares	Description				Value
Exchange-Traded Fund – 0.3%
United States – 0.3%
12,873	iShares MSCI Malaysia ETF
(Cost $302,162)						279,730
Shares	Dividend Rate				Value
Investment Company – 0.4%(d)
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares
472,468	5.195%					472,468
(Cost $472,468)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $100,481,345)						108,148,130
Securities Lending Reinvestment Vehicle – 0.4%(d)
Goldman Sachs Financial Square Government Fund - Institutional Shares
444,040	5.219%					444,040
(Cost $444,040)
TOTAL INVESTMENTS – 100.7% (Cost $100,925,385)					$	108,592,170
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.7)%						(800,719)
NET ASSETS – 100.0%					$	107,791,451

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)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(d)	Represents an affiliated issuer.

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

  

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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

 

 

 

 

 

 

Sector Name	% of   Market   Value
Financials		22.3%
Information Technology		22.0
Consumer Discretionary		11.8
Industrials		8.3
Communication Services		7.9
Materials		7.3
Energy		5.8
Consumer Staples		5.5
Health Care		3.4
Utilities		3.1
Real Estate		1.5
Investment Company		0.4
Exchange-Traded Fund		0.3
Securities Lending Reinvestment Vehicle		0.4
TOTAL INVESTMENTS		100.0%

 

  

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

 

	Shares	Description	Value
	Common Stocks – 99.0%
	Australia – 7.5%
	25,832	AGL Energy Ltd. (Utilities)	$	142,974
	10,258	Ampol Ltd. (Energy)		263,172
	129,216	ANZ Group Holdings Ltd. (Financials)		2,393,755
	55,219	APA Group (Utilities)		282,254
	25,449	Aristocrat Leisure Ltd. (Consumer Discretionary)		772,711
	8,254	ASX Ltd. (Financials)		353,487
	50,969	Atlas Arteria Ltd. (Industrials)		179,218
	79,049	Aurizon Holdings Ltd. (Industrials)		196,111
	219,729	BHP Group Ltd. (Materials)		6,285,354
	19,551	BlueScope Steel Ltd. (Materials)		290,768
	59,749	Brambles Ltd. (Industrials)		586,307
	14,505	CAR Group Ltd. (Communication Services)		347,196
	20,015	Charter Hall Group REIT (Real Estate)		163,170
	2,819	Cochlear Ltd. (Health Care)		642,769
	55,769	Coles Group Ltd. (Consumer Staples)		613,707
	72,460	Commonwealth Bank of Australia (Financials)		5,492,497
	22,658	Computershare Ltd. (Industrials)		382,417
	45,679	Dexus REIT (Real Estate)		218,915
	2,522	Domino’s Pizza Enterprises Ltd. (Consumer Discretionary)		73,981
	6,542	EBOS Group Ltd. (Health Care)		147,272
	58,090	Endeavour Group Ltd. (Consumer Staples)		208,039
	76,821	Evolution Mining Ltd. (Materials)		147,565
	67,899	Fortescue Ltd. (Materials)		1,146,429
	400,432	Glencore PLC (Materials)		1,900,235
	79,099	Goodman Group REIT (Real Estate)		1,540,009
	82,380	GPT Group (The) REIT (Real Estate)		233,342
	11,979	IDP Education Ltd. (Consumer Discretionary)(a)		148,904
	28,449	IGO Ltd. (Materials)		147,085
	104,939	Insurance Australia Group Ltd. (Financials)		423,653
	29,618	Lendlease Corp. Ltd. (Real Estate)		123,815
	95,800	Lottery Corp. Ltd. (The) (Consumer Discretionary)		316,891
	39,839	Lynas Rare Earths Ltd. (Materials)*		151,496
	15,602	Macquarie Group Ltd. (Financials)		1,979,123
	118,502	Medibank Pvt Ltd. (Financials)		277,014
	7,224	Mineral Resources Ltd. (Materials)		313,704
	169,365	Mirvac Group REIT (Real Estate)		240,415

Shares	Description	Value
Common Stocks – (continued)
Australia – (continued)
134,475	National Australia Bank Ltd. (Financials)	$	2,963,146
48,394	Northern Star Resources Ltd. (Materials)		406,502
19,531	Orica Ltd. (Materials)		217,598
73,543	Origin Energy Ltd. (Utilities)		430,509
118,122	Pilbara Minerals Ltd. (Materials)(a)		323,044
2,101	Pro Medicus Ltd. (Health Care)		142,033
73,884	Qantas Airways Ltd. (Industrials)*		246,802
64,162	QBE Insurance Group Ltd. (Financials)		722,361
7,799	Ramsay Health Care Ltd. (Health Care)		278,851
2,164	REA Group Ltd. (Communication Services)		273,518
12,684	Reece Ltd. (Industrials)		221,924
15,948	Rio Tinto Ltd. (Materials)		1,285,399
45,985	Rio Tinto PLC (Materials)		2,954,392
139,658	Santos Ltd. (Energy)		643,843
223,249	Scentre Group REIT (Real Estate)		452,096
14,742	SEEK Ltd. (Communication Services)		251,789
6,638	Seven Group Holdings Ltd. (Industrials)(a)		166,453
19,363	Sonic Healthcare Ltd. (Health Care)		376,355
194,549	South32 Ltd. (Materials)		373,708
102,689	Stockland REIT (Real Estate)		300,228
54,374	Suncorp Group Ltd. (Financials)		541,706
496,536	Telstra Group Ltd. (Communication Services)		1,235,081
16,857	TPG Telecom Ltd. (Communication Services)		51,480
132,440	Transurban Group (Industrials)		1,167,667
35,064	Treasury Wine Estates Ltd. (Consumer Staples)		281,974
165,243	Vicinity Ltd. REIT (Real Estate)		208,740
9,956	Washington H Soul Pattinson & Co. Ltd. (Financials)		223,918
48,396	Wesfarmers Ltd. (Consumer Discretionary)		2,100,031
150,311	Westpac Banking Corp. (Financials)		2,579,007
33,767	Whitehaven Coal Ltd. (Energy)		152,153
7,358	WiseTech Global Ltd. (Information Technology)		452,669
81,628	Woodside Energy Group Ltd. (Energy)		1,613,697
52,012	Woolworths Group Ltd. (Consumer Staples)		1,104,762
16,015	Worley Ltd. (Industrials)		174,463
			54,043,653
Austria – 0.3%
3,064	ANDRITZ AG (Industrials)		192,643

  

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

 

 

 

 

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	Austria – (continued)
	3,363	BAWAG Group AG (Financials)*(b)	$	190,152
	1,465	CA Immobilien Anlagen AG (Real Estate)		47,085
	14,079	Erste Group Bank AG (Financials)		562,193
	1,530	EVN AG (Utilities)		39,736
	18,998	Mondi PLC (Materials)		338,484
	6,091	OMV AG (Energy)		268,533
	6,407	Raiffeisen Bank International AG (Financials)		133,397
	5,876	Telekom Austria AG (Communication Services)*		46,673
	1,396	Verbund AG (Utilities)		101,216
	1,521	Vienna Insurance Group AG Wiener Versicherung Gruppe (Financials)		44,194
	4,814	voestalpine AG (Materials)		131,487
	4,600	Wienerberger AG (Materials)		160,786
				2,256,579
	Belgium – 0.9%
	949	Ackermans & van Haaren NV (Industrials)		159,487
	6,527	Ageas SA/NV (Financials)		276,877
	36,759	Anheuser-Busch InBev SA/NV (Consumer Staples)		2,216,473
	4,921	Azelis Group NV (Industrials)		100,860
	2,175	Colruyt Group NV (Consumer Staples)		104,456
	899	D’ieteren Group (Consumer Discretionary)		173,168
	1,203	Elia Group SA/NV (Utilities)		133,698
	3,927	Groupe Bruxelles Lambert NV (Financials)		294,668
	10,746	KBC Group NV (Financials)		754,708
	7,122	Liberty Global Ltd., Class A (Communication Services)*		124,635
	9,477	Liberty Global Ltd., Class C (Communication Services)*		175,799
	6,095	Proximus SADP (Communication Services)		50,998
	644	Sofina SA (Financials)		146,768
	3,007	Solvay SA (Materials)		76,470
	3,007	Syensqo SA (Materials)*		268,815
	5,176	UCB SA (Health Care)		596,529
	8,694	Umicore SA (Materials)		181,485
	7,003	Warehouses De Pauw CVA REIT (Real Estate)		187,032
				6,022,926
	Brazil – 0.0%
	6,619	Yara International ASA (Materials)		206,078
	Chile – 0.0%
	14,098	Antofagasta PLC (Materials)		324,120

Shares	Description	Value
Common Stocks – (continued)
China – 1.0%
216,735	Alibaba Health Information Technology Ltd. (Consumer Staples)*	$	95,234
72,856	Budweiser Brewing Co. APAC Ltd. (Consumer Staples)(b)		118,002
32,355	BYD Electronic International Co. Ltd. (Information Technology)		122,332
116,079	China Gas Holdings Ltd. (Utilities)		106,311
128,001	China Mengniu Dairy Co. Ltd. (Consumer Staples)*		321,768
75,173	Chow Tai Fook Jewellery Group Ltd. (Consumer Discretionary)		112,537
359,268	CSPC Pharmaceutical Group Ltd. (Health Care)		280,850
119,135	ESR Group Ltd. (Real Estate)(b)		159,175
89,783	Fosun International Ltd. (Industrials)		51,837
247,823	Geely Automobile Holdings Ltd. (Consumer Discretionary)		270,969
11,173	NXP Semiconductors NV (Information Technology)		2,790,233
64,225	Prosus NV (Consumer Discretionary)*		1,875,835
41,154	Wharf Holdings Ltd. (The) (Real Estate)		152,183
89,809	Wilmar International Ltd. (Consumer Staples)		221,751
67,968	Xinyi Glass Holdings Ltd. (Industrials)		69,454
114,172	Yangzijiang Shipbuilding Holdings Ltd. (Industrials)		148,595
			6,897,066
Denmark – 3.4%
114	AP Moller – Maersk A/S, Class A (Industrials)		154,741
142	AP Moller – Maersk A/S, Class B (Industrials)		200,911
3,920	Carlsberg AS, Class B (Consumer Staples)		546,887
5,626	Coloplast A/S, Class B (Health Care)		747,814
28,836	Danske Bank A/S (Financials)		847,711
3,641	Demant A/S (Health Care)*		182,412
7,621	DSV A/S (Industrials)		1,223,644
2,786	Genmab A/S (Health Care)*		780,596
137,567	Novo Nordisk A/S, Class B (Health Care)		16,370,319
15,590	Novozymes A/S, Class B (Materials)		879,955
8,121	Orsted AS (Utilities)(b)		455,902
3,814	Pandora A/S (Consumer Discretionary)		616,260
13,721	Tryg A/S (Financials)		291,817

  

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	Denmark – (continued)
	43,311	Vestas Wind Systems A/S (Industrials)*	$	1,206,845
				24,505,814
	Faroe Islands – 0.0%
	2,135	Bakkafrost P/F (Consumer Staples)		133,548
	Finland – 1.0%
	6,046	Elisa OYJ (Communication Services)		272,568
	18,549	Fortum OYJ (Utilities)		231,841
	4,489	Huhtamaki OYJ (Materials)		176,386
	11,600	Kesko OYJ, Class B (Consumer Staples)		221,748
	14,265	Kone OYJ, Class B (Industrials)		698,055
	29,972	Metso Corp. (Industrials)		320,191
	18,478	Neste OYJ (Energy)		507,298
	227,373	Nokia OYJ (Information Technology)		802,006
	137,120	Nordea Bank Abp (Financials)		1,667,841
	4,575	Orion OYJ, Class B (Health Care)		180,210
	19,027	Sampo OYJ, Class A (Financials)		851,811
	24,543	Stora Enso OYJ, Class R (Materials)		310,212
	22,716	UPM-Kymmene OYJ (Materials)		760,325
	20,884	Wartsila OYJ Abp (Industrials)		323,062
				7,323,554
	France – 8.9%
	9,183	Adevinta ASA (Communication Services)*		98,248
	1,178	Aeroports de Paris SA (Industrials)		160,239
	21,934	Air Liquide SA (Materials)		4,459,973
	25,197	Airbus SE (Industrials)		4,170,206
	76,583	AXA SA (Financials)		2,724,908
	1,809	BioMerieux (Health Care)		197,914
	43,451	BNP Paribas SA (Financials)		2,603,996
	34,197	Bollore SE (Communication Services)		234,620
	8,372	Bouygues SA (Industrials)		331,315
	6,809	Capgemini SE (Information Technology)		1,655,671
	24,067	Carrefour SA (Consumer Staples)		404,465
	20,018	Cie de Saint-Gobain SA (Industrials)		1,542,369
	28,894	Cie Generale des Etablissements Michelin SCA (Consumer Discretionary)		1,069,041
	47,706	Credit Agricole SA (Financials)		646,346
	27,140	Danone SA (Consumer Staples)		1,733,391
	29,223	Dassault Systemes (Information Technology)		1,365,669
	75,333	Engie SA (Utilities)		1,209,455

Shares	Description	Value
Common Stocks – (continued)
France – (continued)
12,347	EssilorLuxottica SA (Health Care)	$	2,620,955
1,397	Hermes International SCA (Consumer Discretionary)		3,496,710
3,073	Kering (Consumer Discretionary)		1,413,482
11,033	Legrand SA (Industrials)		1,116,331
9,713	L’Oreal SA (Consumer Staples)		4,642,676
11,264	LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)		10,273,177
80,593	Orange SA (Communication Services)		924,989
8,350	Pernod Ricard SA (Consumer Staples)		1,396,507
15,257	Safran SA (Industrials)		3,198,058
1,048	Sartorius Stedim Biotech (Health Care)		288,400
32,156	Societe Generale SA (Financials)		780,511
3,494	Sodexo SA (Consumer Discretionary)		278,662
4,185	Thales SA (Industrials)		620,672
97,218	TotalEnergies SE (Energy)		6,206,013
20,875	Vinci SA (Industrials)		2,674,643
			64,539,612
Germany – 7.3%
7,138	adidas AG (Consumer Discretionary)		1,445,388
16,983	Allianz SE (Financials)		4,665,296
38,479	BASF SE (Materials)		1,960,206
42,288	Bayer AG (Health Care)		1,285,454
13,085	Bayerische Motoren Werke AG (Consumer Discretionary)		1,546,548
4,211	Beiersdorf AG (Consumer Staples)		604,022
4,008	BioNTech SE ADR (Health Care)*		361,727
1,573	Carl Zeiss Meditec AG (Health Care)		193,628
4,654	Continental AG (Consumer Discretionary)		373,091
23,191	Daimler Truck Holding AG (Industrials)		948,132
83,876	Deutsche Bank AG (Financials)		1,122,055
7,910	Deutsche Boerse AG (Financials)		1,657,179
40,688	Deutsche Post AG (Industrials)		1,889,350
138,973	Deutsche Telekom AG (Communication Services)		3,306,317
95,264	E.ON SE (Utilities)		1,217,493
8,645	Evonik Industries AG (Materials)		159,600
8,572	Fresenius Medical Care AG (Health Care)		328,192
17,716	Fresenius SE & Co. KGaA (Health Care)		496,155

  

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

 

 

 

 

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	Germany – (continued)
	2,588	Hannover Rueck SE (Financials)	$	664,584
	272	Hapag-Lloyd AG (Industrials)(a)(b)		39,060
	5,661	Heidelberg Materials AG (Materials)		549,507
	4,146	Henkel AG & Co. KGaA (Consumer Staples)		279,964
	56,068	Infineon Technologies AG (Information Technology)		2,008,006
	2,847	Knorr-Bremse AG (Industrials)		199,271
	33,838	Mercedes-Benz Group AG (Consumer Discretionary)		2,696,535
	5,566	Merck KGaA (Health Care)		950,469
	2,314	MTU Aero Engines AG (Industrials)		556,660
	5,867	Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen (Financials)		2,732,599
	4,330	Puma SE (Consumer Discretionary)		199,002
	32,019	RWE AG (Utilities)		1,074,131
	44,373	SAP SE (Information Technology)		8,301,396
	32,086	Siemens AG (Industrials)		6,352,020
	21,557	Siemens Energy AG (Industrials)*		331,373
	11,599	Siemens Healthineers AG (Health Care)*(b)		696,628
	5,718	Symrise AG (Materials)		585,112
	2,609	Talanx AG (Financials)		186,340
	1,228	Volkswagen AG (Consumer Discretionary)		193,020
	29,959	Vonovia SE (Real Estate)		836,440
				52,991,950
	Guatemala – 0.0%
	5,556	Millicom International Cellular SA SDR, SDR (Communication Services)*		103,711
	Hong Kong – 1.8%
	498,366	AIA Group Ltd. (Financials)		4,048,651
	25,945	Cathay Pacific Airways Ltd. (Industrials)*		28,103
	81,670	CK Asset Holdings Ltd. (Real Estate)		377,117
	26,135	CK Infrastructure Holdings Ltd. (Utilities)		153,729
	81,636	CLP Holdings Ltd. (Utilities)		680,404
	13,059	DFI Retail Group Holdings Ltd. (Consumer Staples)		27,554
	3,063	Futu Holdings Ltd. ADR (Financials)*		163,932
	74,891	Hang Lung Properties Ltd. (Real Estate)		80,929
	31,028	Hang Seng Bank Ltd. (Financials)		354,320

Shares	Description	Value
Common Stocks – (continued)
Hong Kong – (continued)
56,658	Henderson Land Development Co. Ltd. (Real Estate)	$	163,559
97,385	HK Electric Investments & HK Electric Investments Ltd. (Utilities)		59,709
155,416	HKT Trust & HKT Ltd. (Communication Services)		189,585
393,955	Hong Kong & China Gas Co. Ltd. (Utilities)		304,947
51,358	Hong Kong Exchanges & Clearing Ltd. (Financials)		1,592,801
44,465	Hongkong Land Holdings Ltd. (Real Estate)		150,292
8,498	Jardine Matheson Holdings Ltd. (Industrials)		356,151
109,733	Link REIT (Real Estate)		545,946
67,384	MTR Corp. Ltd. (Industrials)		223,787
58,945	New World Development Co. Ltd. (Real Estate)(a)		74,314
10,474	Polestar Automotive Holding UK PLC, Class A, ADR (Consumer Discretionary)*		21,786
58,700	Power Assets Holdings Ltd. (Utilities)		353,154
118,462	Prudential PLC (Financials)		1,165,223
422,043	Sino Biopharmaceutical Ltd. (Health Care)		168,735
144,985	Sino Land Co. Ltd. (Real Estate)		156,489
62,677	Sun Hung Kai Properties Ltd. (Real Estate)		632,070
17,633	Swire Pacific Ltd., Class A (Real Estate)		146,176
32,893	Swire Pacific Ltd., Class B (Real Estate)		42,856
45,289	Swire Properties Ltd. (Real Estate)		93,484
58,712	Techtronic Industries Co. Ltd. (Industrials)		635,582
326,825	WH Group Ltd. (Consumer Staples)(b)		197,043
66,625	Wharf Real Estate Investment Co. Ltd. (Real Estate)		222,543
			13,410,971
Ireland – 0.5%
9,018	AerCap Holdings NV (Industrials)*		696,009
67,240	AIB Group PLC (Financials)		311,865
45,432	Bank of Ireland Group PLC (Financials)		395,969
6,755	Kerry Group PLC, Class A (Consumer Staples)		593,127
6,596	Kingspan Group PLC (Industrials)		595,869
11,140	Smurfit Kappa Group PLC (Materials)		475,335
			3,068,174

  

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	Israel – 0.8%
	2,484	Airport City Ltd. (Real Estate)*	$	41,875
	9,295	Amot Investments Ltd. (Real Estate)		47,495
	1,656	Ashtrom Group Ltd. (Industrials)		27,124
	1,573	Azrieli Group Ltd. (Real Estate)		113,980
	53,497	Bank Hapoalim BM (Financials)		511,963
	63,072	Bank Leumi Le-Israel BM (Financials)		528,367
	86,160	Bezeq The Israeli Telecommunication Corp. Ltd. (Communication Services)		116,348
	526	Big Shopping Centers Ltd. (Real Estate)*		58,173
	1,066	Camtek Ltd. (Information Technology)*		85,660
	3,942	Check Point Software Technologies Ltd. (Information Technology)*		632,376
	400	Delek Group Ltd. (Energy)		53,925
	1,065	Elbit Systems Ltd. (Industrials)		236,760
	11,172	Energix-Renewable Energies Ltd. (Utilities)		41,884
	4,991	Enlight Renewable Energy Ltd. (Utilities)*		86,248
	285	Fattal Holdings 1998 Ltd. (Consumer Discretionary)*		38,941
	2,230	First International Bank Of Israel Ltd. (The) (Financials)		96,215
	2,927	Global-e Online Ltd. (Consumer Discretionary)*		99,138
	4,742	Harel Insurance Investments & Financial Services Ltd. (Financials)*		47,133
	30,013	ICL Group Ltd. (Materials)		158,737
	160	Israel Corp. Ltd. (Materials)*		41,971
	53,255	Israel Discount Bank Ltd., Class A (Financials)		277,637
	1,079	Melisron Ltd. (Real Estate)		83,351
	25,210	Mivne Real Estate KD Ltd. (Real Estate)		67,648
	6,478	Mizrahi Tefahot Bank Ltd. (Financials)		256,283
	2,725	Nice Ltd. (Information Technology)*		668,890
	1,237	Nova Ltd. (Information Technology)*		210,577
	4,383	OPC Energy Ltd. (Utilities)*		30,716
	7,044	Phoenix Holdings Ltd. (The) (Financials)		75,990
	3,381	Plus500 Ltd. (Financials)		72,706
	6,110	Shapir Engineering and Industry Ltd. (Industrials)		37,123
	2,160	Strauss Group Ltd. (Consumer Staples)*		42,824
	47,978	Teva Pharmaceutical Industries Ltd. (Health Care)*		631,226

Shares	Description	Value
Common Stocks – (continued)
Israel – (continued)
4,732	Tower Semiconductor Ltd. (Information Technology)*	$	155,675
2,361	Wix.com Ltd. (Information Technology)*		330,965
			6,005,924
Italy – 2.5%
66,939	A2A SpA (Utilities)		121,696
5,640	Amplifon SpA (Health Care)		188,532
44,202	Assicurazioni Generali SpA (Financials)		1,048,504
8,739	Banca Mediolanum SpA (Financials)		94,134
59,244	Banco BPM SpA (Financials)		344,532
21,090	Davide Campari-Milano NV (Consumer Staples)		213,893
967	DiaSorin SpA (Health Care)		97,717
330,584	Enel SpA (Utilities)		2,104,594
91,314	Eni SpA (Energy)		1,407,923
5,620	Ferrari NV (Consumer Discretionary)		2,371,249
26,257	FinecoBank Banca Fineco SpA (Financials)		363,131
30,090	Hera SpA (Utilities)		104,068
13,399	Infrastrutture Wireless Italiane SpA (Communication Services)(b)		148,405
3,103	Interpump Group SpA (Industrials)		147,278
667,852	Intesa Sanpaolo SpA (Financials)		2,123,340
17,240	Leonardo SpA (Industrials)		368,555
26,040	Mediobanca Banca di Credito Finanziario SpA (Financials)		354,917
8,354	Moncler SpA (Consumer Discretionary)		602,625
20,912	Nexi SpA (Financials)*(b)		153,295
10,850	Pirelli & C SpA (Consumer Discretionary)(b)		63,990
19,616	Poste Italiane SpA (Financials)(b)		230,106
22,057	PRADA SpA (Consumer Discretionary)		155,803
11,002	Prysmian SpA (Industrials)		548,263
4,201	Recordati Industria Chimica e Farmaceutica SpA (Health Care)		235,307
7,279	Ryanair Holdings PLC ADR (Industrials)		1,006,322
88,152	Snam SpA (Utilities)		412,196
1,473	Stevanato Group SpA (Health Care)		48,830
463,691	Telecom Italia SpA (Communication Services)*		139,546
259,501	Telecom Italia SpA-RSP (Communication Services)*		80,904
60,400	Terna - Rete Elettrica Nazionale (Utilities)		473,482
72,521	UniCredit SpA (Financials)		2,425,774

  

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

 

 

 

 

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	Italy – (continued)
	18,009	UnipolSai Assicurazioni SpA (Financials)	$	51,878
				18,230,789
	Japan – 25.7%
	3,942	ABC-Mart, Inc. (Consumer Discretionary)		67,570
	16,337	Acom Co. Ltd. (Financials)		40,638
	31,568	Advantest Corp. (Information Technology)		1,457,439
	33,696	Aeon Co. Ltd. (Consumer Staples)(a)		804,859
	3,894	Aeon Mall Co. Ltd. (Real Estate)(a)		45,504
	8,762	AGC, Inc. (Industrials)		313,376
	8,704	Air Water, Inc. (Materials)		125,643
	6,271	Aisin Corp. (Consumer Discretionary)		236,603
	22,524	Ajinomoto Co., Inc. (Consumer Staples)		828,152
	8,076	Alfresa Holdings Corp. (Health Care)		120,679
	14,528	Amada Co. Ltd. (Industrials)		161,374
	19,224	ANA Holdings, Inc. (Industrials)*(a)		419,237
	20,490	Asahi Group Holdings Ltd. (Consumer Staples)		702,714
	9,185	Asahi Intecc Co. Ltd. (Health Care)		190,917
	58,438	Asahi Kasei Corp. (Materials)		406,649
	7,267	Asics Corp. (Consumer Discretionary)		309,189
	76,880	Astellas Pharma, Inc. (Health Care)		848,315
	5,625	Azbil Corp. (Information Technology)		165,026
	24,948	Bandai Namco Holdings, Inc. (Consumer Discretionary)		482,225
	5,563	BayCurrent Consulting, Inc. (Industrials)		124,663
	23,602	Bridgestone Corp. (Consumer Discretionary)		1,016,493
	10,823	Brother Industries Ltd. (Information Technology)		181,468
	3,345	Calbee, Inc. (Consumer Staples)		71,651
	43,070	Canon, Inc. (Information Technology)		1,259,554
	7,200	Capcom Co. Ltd. (Communication Services)		290,030
	40,091	Central Japan Railway Co. (Industrials)		1,009,574
	31,459	Chiba Bank Ltd. (The) (Financials)		256,010
	31,164	Chubu Electric Power Co., Inc. (Utilities)		388,639
	27,531	Chugai Pharmaceutical Co. Ltd. (Health Care)		1,103,668

Shares	Description	Value
Common Stocks – (continued)
Japan – (continued)
6,039	Coca-Cola Bottlers Japan Holdings, Inc. (Consumer Staples)	$	79,991
48,265	Concordia Financial Group Ltd. (Financials)		244,437
817	Cosmos Pharmaceutical Corp. (Consumer Staples)		79,860
17,784	CyberAgent, Inc. (Communication Services)		124,822
10,224	Dai Nippon Printing Co. Ltd. (Industrials)		298,311
14,724	Daifuku Co. Ltd. (Industrials)		348,843
41,541	Dai-ichi Life Holdings, Inc. (Financials)		945,892
82,483	Daiichi Sankyo Co. Ltd. (Health Care)		2,741,167
11,711	Daikin Industries Ltd. (Industrials)		1,656,848
2,583	Daito Trust Construction Co. Ltd. (Real Estate)		306,588
26,675	Daiwa House Industry Co. Ltd. (Real Estate)		771,716
98	Daiwa House REIT Investment Corp. REIT (Real Estate)		160,027
61,576	Daiwa Securities Group, Inc. (Financials)		453,376
76,670	Denso Corp. (Consumer Discretionary)		1,410,765
8,565	Dentsu Group, Inc. (Communication Services)		237,373
3,833	Disco Corp. (Information Technology)		1,235,923
15,687	East Japan Railway Co. (Industrials)		929,146
3,973	Ebara Corp. (Industrials)		334,866
12,169	Eisai Co. Ltd. (Health Care)		508,485
7,233	Electric Power Development Co. Ltd. (Utilities)		118,979
119,736	ENEOS Holdings, Inc. (Energy)		517,040
40,485	FANUC Corp. (Industrials)		1,182,605
7,188	Fast Retailing Co. Ltd.
	(Consumer Discretionary)		2,077,590
5,861	Fuji Electric Co. Ltd. (Industrials)		356,351
13,162	FUJIFILM Holdings Corp. (Information Technology)		837,454
8,185	Fujitsu Ltd. (Information Technology)		1,278,855
7,874	Fukuoka Financial Group, Inc. (Financials)		204,334
210	GLP J REIT (Real Estate)		166,827
1,890	GMO Payment Gateway, Inc. (Financials)		127,351
9,413	Hakuhodo DY Holdings, Inc. (Communication Services)		87,514
6,013	Hamamatsu Photonics KK (Information Technology)		215,820

  

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	Japan – (continued)
	10,166	Hankyu Hanshin Holdings, Inc. (Industrials)	$	293,223
	10,962	Haseko Corp. (Consumer Discretionary)		135,826
	823	Hikari Tsushin, Inc. (Industrials)		148,852
	1,264	Hirose Electric Co. Ltd. (Information Technology)		134,406
	3,085	Hisamitsu Pharmaceutical Co., Inc. (Health Care)		79,851
	4,447	Hitachi Construction Machinery Co. Ltd. (Industrials)		128,475
	39,443	Hitachi Ltd. (Industrials)		3,337,647
	219,027	Honda Motor Co. Ltd. (Consumer Discretionary)		2,607,778
	4,660	Hoshizaki Corp. (Industrials)		158,976
	14,904	Hoya Corp. (Health Care)		1,940,298
	21,843	Hulic Co. Ltd. (Real Estate)		217,890
	5,361	Ibiden Co. Ltd. (Information Technology)		247,186
	50,985	Idemitsu Kosan Co. Ltd. (Energy)		322,936
	6,305	IHI Corp. (Industrials)(a)		138,847
	6,884	Iida Group Holdings Co. Ltd. (Consumer Discretionary)		88,838
	40,163	Inpex Corp. (Energy)		539,639
	14,590	Isetan Mitsukoshi Holdings Ltd. (Consumer Discretionary)		206,075
	25,984	Isuzu Motors Ltd. (Consumer Discretionary)		370,134
	2,389	Ito En Ltd. (Consumer Staples)		66,640
	53,486	ITOCHU Corp. (Industrials)		2,328,555
	10,730	J Front Retailing Co. Ltd. (Consumer Discretionary)(a)		106,497
	18,488	Japan Airlines Co. Ltd. (Industrials)		345,376
	22,749	Japan Exchange Group, Inc. (Financials)		594,906
	298	Japan Metropolitan Fund Invest REIT (Real Estate)		175,809
	16,588	Japan Post Bank Co. Ltd. (Financials)		177,052
	90,931	Japan Post Holdings Co. Ltd. (Financials)		878,811
	7,857	Japan Post Insurance Co. Ltd. (Financials)		144,993
	47,713	Japan Tobacco, Inc. (Consumer Staples)		1,240,723
	22,812	JFE Holdings, Inc. (Materials)		374,180
	9,687	JGC Holdings Corp. (Industrials)		88,184
	8,666	JSR Corp. (Materials)		232,877
	9,641	JTEKT Corp. (Consumer Discretionary)		89,795
	19,046	Kajima Corp. (Industrials)		353,446
	31,561	Kansai Electric Power Co., Inc. (The) (Utilities)		404,977
	8,400	Kansai Paint Co. Ltd. (Materials)		121,788

Shares	Description	Value
Common Stocks – (continued)
Japan – (continued)
19,450	Kao Corp. (Consumer Staples)	$	740,210
6,732	Kawasaki Heavy Industries Ltd. (Industrials)		185,898
5,438	Kawasaki Kisen Kaisha Ltd. (Industrials)		259,892
66,312	KDDI Corp. (Communication Services)		2,017,671
4,613	Keihan Holdings Co. Ltd. (Industrials)		106,764
11,192	Keikyu Corp. (Industrials)		99,492
4,728	Keio Corp. (Industrials)		132,771
6,798	Keisei Electric Railway Co. Ltd. (Industrials)		317,712
4,436	Kewpie Corp. (Consumer Staples)		82,706
7,919	Keyence Corp. (Information Technology)		3,705,798
6,621	Kikkoman Corp. (Consumer Staples)		433,570
8,134	Kintetsu Group Holdings Co. Ltd. (Industrials)		250,319
35,106	Kirin Holdings Co. Ltd. (Consumer Staples)		488,932
2,183	Kobayashi Pharmaceutical Co. Ltd. (Consumer Staples)		87,221
6,087	Kobe Bussan Co. Ltd. (Consumer Staples)		163,898
4,864	Koei Tecmo Holdings Co. Ltd. (Communication Services)		60,853
10,314	Koito Manufacturing Co. Ltd. (Consumer Discretionary)		130,553
38,589	Komatsu Ltd. (Industrials)		1,120,517
4,122	Konami Group Corp. (Communication Services)		277,609
1,441	Kose Corp. (Consumer Staples)		80,498
45,764	Kubota Corp. (Industrials)		670,851
13,964	Kuraray Co. Ltd. (Materials)		141,161
4,839	Kurita Water Industries Ltd. (Industrials)		196,864
57,306	Kyocera Corp. (Information Technology)		844,064
10,707	Kyowa Kirin Co. Ltd. (Health Care)		212,573
19,878	Kyushu Electric Power Co., Inc. (Utilities)*		162,496
6,045	Kyushu Railway Co. (Industrials)		139,059
3,376	Lasertec Corp. (Information Technology)		901,124
1,925	Lawson, Inc. (Consumer Staples)		131,896
10,971	Lion Corp. (Consumer Staples)		96,831
11,982	Lixil Corp. (Industrials)		153,708
112,525	LY Corp. (Communication Services)		310,427
17,603	M3, Inc. (Health Care)		252,454
10,492	Makita Corp. (Industrials)		273,884
72,186	Marubeni Corp. (Industrials)		1,192,248

  

62  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)
	7,654	Marui Group Co. Ltd. (Financials)	$	124,703
	15,293	MatsukiyoCocokara & Co. (Consumer Staples)		253,504
	24,771	Mazda Motor Corp. (Consumer Discretionary)		290,956
	3,671	McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary)		170,955
	45,536	Mebuki Financial Group, Inc. (Financials)		142,325
	7,903	Medipal Holdings Corp. (Health Care)		119,625
	11,399	MEIJI Holdings Co. Ltd. (Consumer Staples)		257,195
	4,696	Mercari, Inc. (Consumer Discretionary)*		64,053
	16,672	MINEBEA MITSUMI, Inc. (Industrials)		344,757
	12,253	MISUMI Group, Inc. (Industrials)		187,147
	61,318	Mitsubishi Chemical Group Corp. (Materials)		351,717
	158,541	Mitsubishi Corp. (Industrials)		3,394,962
	84,347	Mitsubishi Electric Corp. (Industrials)		1,342,102
	48,788	Mitsubishi Estate Co. Ltd. (Real Estate)		749,895
	7,800	Mitsubishi Gas Chemical Co., Inc. (Materials)		127,160
	35,836	Mitsubishi HC Capital, Inc. (Financials)		247,335
	13,923	Mitsubishi Heavy Industries Ltd. (Industrials)		1,100,017
	27,914	Mitsubishi Motors Corp. (Consumer Discretionary)		86,127
	495,679	Mitsubishi UFJ Financial Group, Inc. (Financials)		5,106,815
	64,351	Mitsui & Co. Ltd. (Industrials)		2,817,479
	7,653	Mitsui Chemicals, Inc. (Materials)		212,098
	39,124	Mitsui Fudosan Co. Ltd. (Real Estate)		1,061,552
	15,553	Mitsui OSK Lines Ltd. (Industrials)		533,293
	4,340	Miura Co. Ltd. (Industrials)		92,501
	108,618	Mizuho Financial Group, Inc. (Financials)		2,032,732
	10,615	MonotaRO Co. Ltd. (Industrials)		101,597
	18,300	MS&AD Insurance Group Holdings, Inc. (Financials)		906,013
	79,614	Murata Manufacturing Co. Ltd. (Information Technology)		1,608,025
	8,465	Nagoya Railroad Co. Ltd. (Industrials)		120,949
	10,935	NEC Corp. (Information Technology)		737,183

Shares	Description	Value
Common Stocks – (continued)
Japan – (continued)
19,184	Nexon Co. Ltd. (Communication Services)	$	310,953
12,437	NGK Insulators Ltd. (Industrials)		162,370
4,175	NH Foods Ltd. (Consumer Staples)		146,336
5,461	Nichirei Corp. (Consumer Staples)		137,081
20,636	NIDEC Corp. (Industrials)		783,277
14,004	Nikon Corp. (Consumer Discretionary)		138,524
49,543	Nintendo Co. Ltd. (Communication Services)		2,780,525
72	Nippon Building Fund, Inc. REIT (Real Estate)		277,571
3,556	NIPPON EXPRESS HOLDINGS, Inc. (Industrials)		188,147
38,275	Nippon Paint Holdings Co. Ltd. (Materials)		283,987
100	Nippon Prologis REIT, Inc. REIT (Real Estate)		167,435
8,036	Nippon Sanso Holdings Corp. (Materials)		232,913
2,620	Nippon Shinyaku Co. Ltd. (Health Care)		83,500
36,749	Nippon Steel Corp. (Materials)(a)		912,157
2,307,393	Nippon Telegraph & Telephone Corp. (Communication Services)		2,810,435
6,966	Nippon Television Holdings, Inc. (Communication Services)		98,670
20,278	Nippon Yusen KK (Industrials)		646,533
5,620	Nissan Chemical Corp. (Materials)		234,796
94,649	Nissan Motor Co. Ltd. (Consumer Discretionary)		372,348
10,998	Nisshin Seifun Group, Inc. (Consumer Staples)		152,474
7,851	Nissin Foods Holdings Co. Ltd. (Consumer Staples)		229,597
8,269	Niterra Co. Ltd. (Consumer Discretionary)		250,882
3,523	Nitori Holdings Co. Ltd. (Consumer Discretionary)		517,375
6,371	Nitto Denko Corp. (Materials)		585,296
129,753	Nomura Holdings, Inc. (Financials)		737,582
4,443	Nomura Real Estate Holdings, Inc. (Real Estate)		110,518
181	Nomura Real Estate Master Fund, Inc. REIT (Real Estate)		180,069
16,714	Nomura Research Institute Ltd. (Information Technology)		469,471
20,893	NSK Ltd. (Industrials)		114,453
26,718	NTT Data Group Corp. (Information Technology)		434,589
29,752	Obayashi Corp. (Industrials)		288,137

  

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	Japan – (continued)
	1,239	OBIC Business Consultants Co. Ltd. (Information Technology)	$	59,189
	2,801	Obic Co. Ltd. (Information Technology)		438,387
	13,667	Odakyu Electric Railway Co. Ltd. (Industrials)		192,216
	39,963	Oji Holdings Corp. (Materials)		156,546
	53,973	Olympus Corp. (Health Care)		768,828
	8,064	Omron Corp. (Information Technology)		299,134
	18,930	Ono Pharmaceutical Co. Ltd. (Health Care)		314,678
	3,224	Open House Group Co. Ltd. (Consumer Discretionary)		101,715
	1,433	Oracle Corp. Japan (Information Technology)		109,818
	47,407	Oriental Land Co. Ltd. (Consumer Discretionary)		1,698,695
	49,476	ORIX Corp. (Financials)		1,036,989
	120	Orix JREIT, Inc. REIT (Real Estate)		126,759
	17,673	Osaka Gas Co. Ltd. (Utilities)		353,531
	4,727	Otsuka Corp. (Information Technology)		207,815
	19,059	Otsuka Holdings Co. Ltd. (Health Care)		774,483
	16,445	Pan Pacific International Holdings Corp. (Consumer Discretionary)		387,310
	95,619	Panasonic Holdings Corp. (Consumer Discretionary)		907,508
	79,233	Persol Holdings Co. Ltd. (Industrials)		114,506
	3,554	Pola Orbis Holdings, Inc. (Consumer Staples)		35,523
	3,742	Rakus Co. Ltd. (Information Technology)		58,941
	61,111	Rakuten Group, Inc. (Consumer Discretionary)*		334,810
	61,965	Recruit Holdings Co. Ltd. (Industrials)		2,502,281
	56,106	Renesas Electronics Corp. (Information Technology)		920,105
	102,156	Resona Holdings, Inc. (Financials)		556,954
	7,611	Resonac Holdings Corp. (Materials)		183,829
	24,358	Ricoh Co. Ltd. (Information Technology)		202,617
	4,689	Rinnai Corp. (Consumer Discretionary)		109,307
	15,117	Rohm Co. Ltd. (Information Technology)		256,798
	8,474	Rohto Pharmaceutical Co. Ltd. (Consumer Staples)		172,175
	11,081	Ryohin Keikaku Co. Ltd. (Consumer Discretionary)		175,022

Shares	Description	Value
Common Stocks – (continued)
Japan – (continued)
15,685	Santen Pharmaceutical Co. Ltd. (Health Care)	$	155,781
10,394	SBI Holdings, Inc. (Financials)		279,521
4,014	SCREEN Holdings Co. Ltd. (Information Technology)		502,454
6,167	SCSK Corp. (Information Technology)		113,723
8,946	Secom Co. Ltd. (Industrials)		652,705
6,660	Sega Sammy Holdings, Inc. (Consumer Discretionary)		83,523
9,603	Seibu Holdings, Inc. (Industrials)		138,845
11,841	Seiko Epson Corp. (Information Technology)		191,535
16,229	Sekisui Chemical Co. Ltd. (Consumer Discretionary)		228,683
25,707	Sekisui House Ltd. (Consumer Discretionary)		573,671
98,552	Seven & i Holdings Co. Ltd. (Consumer Staples)		1,468,370
26,076	Seven Bank Ltd. (Financials)(a)		52,128
19,480	SG Holdings Co. Ltd. (Industrials)		244,427
11,926	Sharp Corp. (Consumer Discretionary)*(a)		64,981
11,788	Shimadzu Corp. (Information Technology)		321,577
2,034	Shimamura Co. Ltd. (Consumer Discretionary)		108,325
3,379	Shimano, Inc. (Consumer Discretionary)		470,942
23,341	Shimizu Corp. (Industrials)		135,489
84,368	Shin-Etsu Chemical Co. Ltd. (Materials)		3,600,310
2,731	Shinko Electric Industries Co.
	Ltd. (Information Technology)		98,861
12,631	Shionogi & Co. Ltd. (Health Care)		631,592
16,853	Shiseido Co. Ltd. (Consumer Staples)		455,696
23,609	Shizuoka Financial Group, Inc. (Financials)		231,090
2,429	SMC Corp. (Industrials)		1,463,048
120,339	SoftBank Corp. (Communication Services)		1,585,947
41,982	SoftBank Group Corp. (Communication Services)		2,465,569
15,243	Sohgo Security Services Co. Ltd. (Industrials)		84,561
9,621	Sojitz Corp. (Industrials)		244,205
13,184	Sompo Holdings, Inc. (Financials)		773,581
53,406	Sony Group Corp. (Consumer Discretionary)		4,619,100
3,792	Square Enix Holdings Co. Ltd. (Communication Services)		160,730
6,421	Stanley Electric Co. Ltd. (Consumer Discretionary)		109,912

  

64  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)
	26,407	Subaru Corp. (Consumer Discretionary)	$	600,584
	4,400	Sugi Holdings Co. Ltd. (Consumer Staples)		69,071
	14,655	SUMCO Corp. (Information Technology)		229,514
	61,614	Sumitomo Chemical Co. Ltd. (Materials)		125,064
	50,667	Sumitomo Corp. (Industrials)		1,187,206
	31,396	Sumitomo Electric Industries Ltd. (Consumer Discretionary)		465,790
	4,935	Sumitomo Heavy Industries Ltd. (Industrials)		146,959
	11,036	Sumitomo Metal Mining Co. Ltd. (Materials)		287,864
	56,266	Sumitomo Mitsui Financial Group, Inc. (Financials)		3,136,791
	28,638	Sumitomo Mitsui Trust Holdings, Inc. (Financials)		581,485
	18,302	Sumitomo Realty & Development Co. Ltd. (Real Estate)		542,689
	7,537	Sumitomo Rubber Industries Ltd. (Consumer Discretionary)		87,823
	2,918	Sundrug Co. Ltd. (Consumer Staples)		91,106
	5,388	Suntory Beverage & Food Ltd. (Consumer Staples)		177,188
	17,088	Suzuki Motor Corp. (Consumer Discretionary)		750,904
	6,831	Sysmex Corp. (Health Care)		384,292
	23,243	T&D Holdings, Inc. (Financials)		404,233
	7,182	Taisei Corp. (Industrials)		225,868
	2,095	Taisho Pharmaceutical Holdings Co. Ltd. (Health Care)		120,098
	5,278	Taiyo Yuden Co. Ltd. (Information Technology)(a)		115,314
	65,739	Takeda Pharmaceutical Co. Ltd. (Health Care)		1,926,886
	5,791	TBS Holdings, Inc. (Communication Services)		152,175
	16,330	TDK Corp. (Information Technology)		849,505
	30,918	Terumo Corp. (Health Care)		1,205,569
	5,276	THK Co. Ltd. (Industrials)		116,116
	10,145	TIS, Inc. (Information Technology)		228,766
	8,989	Tobu Railway Co. Ltd. (Industrials)		229,845
	401	Toei Animation Co. Ltd. (Communication Services)(a)		49,566
	4,640	Toho Co. Ltd. (Communication Services)		150,729
	19,861	Tohoku Electric Power Co., Inc. (Utilities)		134,689
	81,869	Tokio Marine Holdings, Inc. (Financials)		2,393,658

	Shares	Description	Value
	Common Stocks – (continued)
	Japan – (continued)
	7,090	Tokyo Century Corp. (Financials)	$	74,041
	64,153	Tokyo Electric Power Co. Holdings, Inc. (Utilities)*		347,190
	19,460	Tokyo Electron Ltd. (Information Technology)		4,793,814
	17,779	Tokyo Gas Co. Ltd. (Utilities)		389,506
	23,709	Tokyu Corp. (Industrials)		295,194
	25,579	Tokyu Fudosan Holdings Corp. (Real Estate)		167,929
	11,193	TOPPAN Holdings, Inc. (Industrials)		266,457
	65,096	Toray Industries, Inc. (Materials)		300,319
	12,902	Tosoh Corp. (Materials)		175,768
	6,571	TOTO Ltd. (Industrials)		177,764
	3,929	Toyo Suisan Kaisha Ltd. (Consumer Staples)		228,542
	3,130	Toyota Boshoku Corp. (Consumer Discretionary)		49,573
	7,153	Toyota Industries Corp. (Industrials)		711,620
	493,585	Toyota Motor Corp. (Consumer Discretionary)		11,941,413
	10,031	Toyota Tsusho Corp. (Industrials)		648,359
	5,698	Trend Micro, Inc. (Information Technology)		282,711
	1,622	Tsuruha Holdings, Inc. (Consumer Staples)		122,460
	17,778	Unicharm Corp. (Consumer Staples)		591,056
	133	United Urban Investment Corp. REIT (Real Estate)		125,740
	8,525	USS Co. Ltd. (Consumer Discretionary)		148,406
	3,954	Welcia Holdings Co. Ltd. (Consumer Staples)(a)		74,658
	10,223	West Japan Railway Co. (Industrials)		425,600
	901	Workman Co. Ltd. (Consumer Discretionary)		24,381
	11,431	Yakult Honsha Co. Ltd. (Consumer Staples)		246,537
	27,935	Yamada Holdings Co. Ltd. (Consumer Discretionary)		80,406
	6,969	Yamaha Corp. (Consumer Discretionary)		152,306
	39,492	Yamaha Motor Co. Ltd. (Consumer Discretionary)		353,441
	13,267	Yamato Holdings Co. Ltd. (Industrials)		201,660
	5,704	Yamazaki Baking Co. Ltd. (Consumer Staples)		134,340
	11,259	Yaskawa Electric Corp. (Industrials)(a)		460,305
	10,307	Yokogawa Electric Corp. (Information Technology)		217,888

  

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	Japan – (continued)
	5,653	Yokohama Rubber Co. Ltd. (The) (Consumer Discretionary)	$	150,286
	3,680	Zensho Holdings Co. Ltd. (Consumer Discretionary)		161,121
	5,040	ZOZO, Inc. (Consumer Discretionary)		114,290
				185,903,577
	Jordan – 0.0%
	6,789	Hikma Pharmaceuticals PLC (Health Care)		168,921
	Luxembourg – 0.1%
	19,732	ArcelorMittal (Materials)		515,034
	5,583	Eurofins Scientific SE (Health Care)		333,741
				848,775
	Macau – 0.1%
	80,033	Galaxy Entertainment Group Ltd. (Consumer Discretionary)		437,029
	104,390	Sands China Ltd. (Consumer Discretionary)*		297,350
				734,379
	Mexico – 0.0%
	7,935	Fresnillo PLC (Materials)		45,710
	Netherlands – 5.5%
	1,294	Adyen NV (Financials)*(b)		2,044,442
	7,343	Akzo Nobel NV (Materials)		535,099
	2,544	Argenx SE ADR (Health Care)*		966,746
	1,979	ASM International NV (Information Technology)		1,207,206
	17,108	ASML Holding NV (Information Technology)		16,115,939
	4,285	EXOR NV (Financials)		462,774
	3,893	HAL Trust (Financials)		481,103
	4,775	Heineken Holding NV (Consumer Staples)		368,943
	12,375	Heineken NV (Consumer Staples)		1,143,911
	144,549	ING Groep NV (Financials)		1,985,017
	3,979	JDE Peet’s NV (Consumer Staples)		91,026
	41,321	Koninklijke Ahold Delhaize NV (Consumer Staples)		1,230,572
	142,473	Koninklijke KPN NV (Communication Services)		521,582
	33,960	Koninklijke Philips NV (Health Care)		679,945
	3,791	Pluxee NV (Industrials)*		108,448
	284,067	Shell PLC (Energy)		8,828,758
	33,095	Universal Music Group NV (Communication Services)		998,130
	10,684	Wolters Kluwer NV (Industrials)		1,686,273
				39,455,914

	Shares	Description	Value
	Common Stocks – (continued)
	New Zealand – 0.3%
	29,084	a2 Milk Co. Ltd. (The) (Consumer Staples)*	$	109,860
	51,939	Auckland International Airport Ltd. (Industrials)		256,315
	33,381	Contact Energy Ltd. (Utilities)		164,123
	23,616	Fisher & Paykel Healthcare Corp. Ltd. (Health Care)		352,507
	34,725	Infratil Ltd. (Industrials)		218,120
	3,563	Mainfreight Ltd. (Industrials)		147,090
	28,069	Mercury NZ Ltd. (Utilities)		114,235
	54,447	Meridian Energy Ltd. (Utilities)		198,368
	25,816	Ryman Healthcare Ltd. (Health Care)*		72,980
	78,634	Spark New Zealand Ltd. (Communication Services)		242,892
	5,470	Xero Ltd. (Information Technology)*		453,452
				2,329,942
	Norway – 0.7%
	949	Aker ASA, Class A (Industrials)		51,303
	13,207	Aker BP ASA (Energy)		321,102
	31,726	AutoStore Holdings Ltd. (Industrials)*(b)		50,915
	38,248	DNB Bank ASA (Financials)		766,097
	37,690	Equinor ASA (Energy)		930,404
	6,153	Frontline PLC (Energy)		139,033
	7,798	Gjensidige Forsikring ASA (Financials)		123,305
	3,602	Kongsberg Gruppen ASA (Industrials)		229,899
	11,556	Leroy Seafood Group ASA (Consumer Staples)		51,133
	19,061	Mowi ASA (Consumer Staples)		368,479
	7,094	Nordic Semiconductor ASA (Information Technology)*		60,638
	56,250	Norsk Hydro ASA (Materials)		289,443
	34,222	Orkla ASA (Consumer Staples)		245,576
	2,794	Salmar ASA (Consumer Staples)		177,511
	2,954	Schibsted ASA, Class A (Communication Services)		88,236
	4,107	Schibsted ASA, Class B (Communication Services)		114,384
	3,105	Seadrill Ltd. (Energy)*		127,431
	7,322	SpareBank 1 SR-Bank ASA (Financials)		88,699
	18,704	Storebrand ASA (Financials)		167,219
	27,707	Telenor ASA (Communication Services)		303,753
	10,043	TOMRA Systems ASA (Industrials)		133,885
	16,782	Var Energi ASA (Energy)		51,315
	4,366	Wallenius Wilhelmsen ASA (Industrials)		41,933
				4,921,693

  

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

 

 

 

 

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	Poland – 0.4%
	20,351	Allegro.eu SA (Consumer Discretionary)*(b)	$	164,552
	7,593	Bank Pekao SA (Financials)		329,394
	546	Budimex SA (Industrials)		99,947
	2,979	CD Projekt SA (Communication Services)(a)		81,947
	10,452	Cyfrowy Polsat SA (Communication Services)*		30,717
	2,063	Dino Polska SA (Consumer Staples)*(b)		240,396
	7,466	InPost SA (Industrials)*		116,585
	5,873	KGHM Polska Miedz SA (Materials)		158,758
	560	mBank SA (Financials)*		97,595
	25,044	ORLEN SA (Energy)		389,234
	37,818	PGE Polska Grupa Energetyczna SA (Utilities)*		75,600
	36,918	Powszechna Kasa Oszczednosci Bank Polski SA (Financials)		514,347
	24,459	Powszechny Zaklad Ubezpieczen SA (Financials)		301,207
	1,434	Santander Bank Polska SA (Financials)		197,593
				2,797,872
	Portugal – 0.2%
	315,308	Banco Comercial Portugues SA, Class R (Financials)*		91,103
	120,737	EDP – Energias de Portugal SA (Utilities)		480,682
	18,134	Galp Energia SGPS SA (Energy)		285,918
	11,836	Jeronimo Martins SGPS SA (Consumer Staples)		283,320
	9,185	Navigator Co. SA (The) (Materials)		37,353
				1,178,376
	Russia – %
	12,172	Evraz PLC (Materials)*(c)		—
	Singapore – 1.5%
	152,822	CapitaLand Ascendas REIT REIT (Real Estate)		311,418
	195,593	CapitaLand Integrated Commercial Trust REIT (Real Estate)		285,112
	103,331	CapitaLand Investment Ltd. (Real Estate)		213,640
	18,994	City Developments Ltd. (Real Estate)		80,095
	78,687	DBS Group Holdings Ltd. (Financials)		1,950,497
	120,221	Frasers Logistics & Commercial Trust REIT (Real Estate)		92,093
	244,092	Genting Singapore Ltd. (Consumer Discretionary)		165,197
	79,763	Grab Holdings Ltd., Class A (Industrials)*		244,872

	Shares	Description	Value
	Common Stocks – (continued)
	Singapore – (continued)
	9,808	Hafnia Ltd. (Energy)	$	72,270
	4,078	Jardine Cycle & Carriage Ltd. (Industrials)		77,187
	57,913	Keppel DC REIT (Real Estate)		73,220
	59,703	Keppel Ltd. (Industrials)		321,471
	88,453	Mapletree Industrial Trust REIT (Real Estate)		150,645
	141,739	Mapletree Logistics Trust REIT (Real Estate)		156,012
	98,807	Mapletree Pan Asia Commercial Trust REIT (Real Estate)		99,204
	38,523	Olam Group Ltd. (Consumer Staples)(a)		28,077
	138,228	Oversea-Chinese Banking Corp. Ltd. (Financials)		1,334,374
	37,406	SATS Ltd. (Industrials)*		72,887
	15,665	Sea Ltd. ADR (Communication Services)*		760,066
	2,778,727	Seatrium Ltd. (Industrials)*		185,992
	38,593	Sembcorp Industries Ltd. (Utilities)		146,381
	57,004	Singapore Airlines Ltd. (Industrials)		274,294
	35,213	Singapore Exchange Ltd. (Financials)		247,481
	65,357	Singapore Technologies Engineering Ltd. (Industrials)		193,456
	307,504	Singapore Telecommunications Ltd. (Communication Services)		537,434
	28,012	STMicroelectronics NV (Information Technology)		1,264,818
	57,570	United Overseas Bank Ltd. (Financials)		1,196,699
	22,607	UOL Group Ltd. (Real Estate)		99,030
	11,636	Venture Corp. Ltd. (Information Technology)		121,154
				10,755,076
	South Africa – 0.2%
	49,705	Anglo American PLC (Materials)		1,069,493
	South Korea – 0.0%
	8,604	Delivery Hero SE (Consumer Discretionary)*(b)		198,926
	Spain – 2.3%
	8,780	ACS Actividades de Construccion y Servicios SA (Industrials)		360,479
	3,162	Aena SME SA (Industrials)(b)		599,321
	19,334	Amadeus IT Group SA (Consumer Discretionary)		1,137,754
	252,907	Banco Bilbao Vizcaya Argentaria SA (Financials)		2,514,056
	684,559	Banco Santander SA (Financials)		2,848,730
	162,524	CaixaBank SA (Financials)		733,400

  

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	Spain – (continued)
	24,513	Cellnex Telecom SA (Communication Services)*(b)	$	882,545
	2,457	Corp ACCIONA Energias Renovables SA (Utilities)		50,784
	12,691	EDP Renovaveis SA (Utilities)		172,974
	13,605	Endesa SA (Utilities)		244,985
	12,692	Grifols SA (Health Care)*		104,164
	248,834	Iberdrola SA (Utilities)		2,859,709
	47,734	Industria de Diseno Textil SA (Consumer Discretionary)		2,118,387
	5,375	Naturgy Energy Group SA (Utilities)		127,266
	17,378	Redeia Corp. SA (Utilities)		276,442
	54,962	Repsol SA (Energy)		875,801
	222,374	Telefonica SA (Communication Services)		912,756
				16,819,553
	Sweden – 3.5%
	7,557	AAK AB (Consumer Staples)		166,806
	10,283	AddTech AB, Class B (Industrials)		227,574
	12,139	Alfa Laval AB (Industrials)		457,172
	41,793	Assa Abloy AB, Class B (Industrials)		1,193,111
	108,974	Atlas Copco AB, Class A (Industrials)		1,893,034
	64,745	Atlas Copco AB, Class B (Industrials)		968,911
	5,100	Avanza Bank Holding AB (Financials)(a)		112,178
	4,666	Axfood AB (Consumer Staples)		130,500
	16,075	Beijer Ref AB (Industrials)		226,193
	11,572	Boliden AB (Materials)		293,397
	17,496	Castellum AB (Real Estate)*		209,835
	8,997	Electrolux AB, Class B (Consumer Discretionary)*		77,037
	14,912	Elekta AB, Class B (Health Care)(a)		107,998
	34,981	Embracer Group AB (Communication Services)*(a)		62,068
	26,741	Epiroc AB, Class A (Industrials)		485,204
	16,220	Epiroc AB, Class B (Industrials)		267,735
	22,518	EQT AB (Financials)		659,385
	25,945	Essity AB, Class B (Consumer Staples)		606,034
	7,694	Evolution AB (Consumer Discretionary)(b)		997,418
	9,554	Fabege AB (Real Estate)		78,150
	28,295	Fastighets AB Balder, Class B (Real Estate)*		175,828
	9,365	Getinge AB, Class B (Health Care)		185,717
	26,366	H & M Hennes & Mauritz AB, Class B (Consumer Discretionary)		357,902
	83,032	Hexagon AB, Class B (Information Technology)		973,760
	3,902	Holmen AB, Class B (Materials)		156,797

	Shares	Description	Value
	Common Stocks – (continued)
	Sweden – (continued)
	16,519	Husqvarna AB, Class B (Industrials)	$	127,491
	6,683	Industrivarden AB, Class A (Financials)		228,182
	5,560	Industrivarden AB, Class C (Financials)		189,301
	11,497	Indutrade AB (Industrials)		304,440
	5,791	Investment AB Latour, Class B (Industrials)		146,965
	20,642	Investor AB, Class A (Financials)		512,287
	78,079	Investor AB, Class B (Financials)		1,964,906
	10,233	Kinnevik AB, Class B (Financials)*		108,437
	1,938	L E Lundbergforetagen AB, Class B (Financials)		105,446
	9,692	Lifco AB, Class B (Industrials)		258,330
	63,492	Nibe Industrier AB, Class B (Industrials)		354,538
	3,309	Saab AB, Class B (Industrials)		261,076
	8,748	Sagax AB, Class B (Real Estate)		207,045
	45,046	Sandvik AB (Industrials)		1,013,894
	21,619	Securitas AB, Class B (Industrials)		232,644
	68,255	Skandinaviska Enskilda Banken AB, Class A (Financials)		1,014,513
	14,256	Skanska AB, Class B (Industrials)		263,147
	16,052	SKF AB, Class B (Industrials)		350,284
	9,483	SSAB AB, Class A (Materials)		74,233
	27,294	SSAB AB, Class B (Materials)		213,869
	25,710	Svenska Cellulosa AB SCA, Class B (Materials)		364,377
	63,038	Svenska Handelsbanken AB, Class A (Financials)		754,206
	1,521	Svenska Handelsbanken AB, Class B (Financials)		22,637
	7,787	Sweco AB, Class B (Industrials)		83,082
	42,891	Swedbank AB, Class A (Financials)		942,591
	10,007	Swedish Orphan Biovitrum AB (Health Care)*		246,223
	23,781	Tele2 AB, Class B (Communication Services)		199,764
	125,271	Telefonaktiebolaget LM Ericsson, Class B (Information Technology)		680,746
	97,041	Telia Co. AB (Communication Services)		231,361
	4,548	Thule Group AB (Consumer Discretionary)(b)		123,727
	9,011	Trelleborg AB, Class B (Industrials)		327,524
	8,181	Volvo AB, Class A (Industrials)		228,334
	64,252	Volvo AB, Class B (Industrials)		1,770,315

  

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

 

 

 

 

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	Sweden – (continued)
	20,440	Volvo Car AB, Class B (Consumer Discretionary)*	$	74,590
				25,050,249
	Switzerland – 5.1%
	69,590	ABB Ltd. (Industrials)		3,218,108
	21,154	Alcon, Inc. (Health Care)		1,806,096
	22,864	Cie Financiere Richemont SA (Consumer Discretionary)		3,650,762
	11,315	DSM-Firmenich AG (Materials)		1,212,209
	1,422	Geberit AG (Industrials)		828,766
	396	Givaudan SA (Materials)		1,667,108
	2,205	Kuehne + Nagel International AG (Industrials)		745,225
	3,188	Lonza Group AG (Health Care)		1,672,655
	86,664	Novartis AG (Health Care)		8,807,633
	927	Partners Group Holding AG (Financials)		1,335,941
	855	Schindler Holding AG (Industrials)		218,277
	1,747	Schindler Holding AG Participation Certificates (Industrials)		462,071
	6,387	SGS SA (Industrials)		615,090
	6,592	Sika AG (Materials)		1,912,732
	4,585	Straumann Holding AG (Health Care)		726,893
	1,209	Swatch Group AG (The) – Bearer (Consumer Discretionary)		286,409
	2,268	Swatch Group AG (The) – Registered (Consumer Discretionary)		104,185
	1,090	Swisscom AG (Communication Services)		625,616
	129,187	UBS Group AG (Financials)		3,698,602
	6,244	Zurich Insurance Group AG (Financials)		3,332,781
				36,927,159
	United Kingdom – 10.6%
	40,591	3i Group PLC (Financials)		1,267,210
	10,195	Admiral Group PLC (Financials)		343,812
	12,789	Allfunds Group PLC (Financials)		90,788
	18,825	Ashtead Group PLC (Industrials)		1,352,561
	14,891	Associated British Foods PLC (Consumer Staples)		428,151
	64,946	AstraZeneca PLC (Health Care)		8,201,384
	39,238	Auto Trader Group PLC (Communication Services)(b)		367,491
	117,783	Aviva PLC (Financials)		664,941
	40,116	B&M European Value Retail SA (Consumer Discretionary)		266,816
	131,244	BAE Systems PLC (Industrials)		2,061,934
	654,420	Barclays PLC (Financials)		1,361,415

	Shares	Description	Value
	Common Stocks – (continued)
	United Kingdom – (continued)
	41,876	Barratt Developments PLC (Consumer Discretionary)	$	247,110
	4,507	Berkeley Group Holdings PLC (Consumer Discretionary)		264,704
	671,979	BP PLC (Energy)		3,916,044
	88,255	British American Tobacco PLC (Consumer Staples)		2,617,917
	271,305	BT Group PLC (Communication Services)		358,459
	14,464	Bunzl PLC (Industrials)		576,881
	15,934	Burberry Group PLC (Consumer Discretionary)		259,001
	240,576	Centrica PLC (Utilities)		382,983
	114,318	CK Hutchison Holdings Ltd. (Industrials)		580,439
	8,735	Coca-Cola Europacific Partners PLC (Consumer Staples)		599,483
	74,606	Compass Group PLC (Consumer Discretionary)		2,047,893
	71,008	ConvaTec Group PLC (Health Care)(b)		221,141
	6,001	Croda International PLC (Materials)		361,786
	4,256	DCC PLC (Industrials)		302,345
	96,677	Diageo PLC (Consumer Staples)		3,622,279
	57,432	DS Smith PLC (Materials)		234,001
	27,478	Entain PLC (Consumer Discretionary)		317,343
	16,234	Halma PLC (Information Technology)		472,721
	15,219	Hargreaves Lansdown PLC (Financials)		140,226
	835,270	HSBC Holdings PLC (Financials)		6,492,657
	35,800	Imperial Brands PLC (Consumer Staples)		771,887
	60,262	Informa PLC (Communication Services)		617,603
	6,898	InterContinental Hotels Group PLC (Consumer Discretionary)		731,208
	12,437	Intermediate Capital Group PLC (Financials)		302,923
	79,669	International Consolidated Airlines Group SA ADR (Industrials)*		293,979
	6,927	Intertek Group PLC (Industrials)		404,994
	75,605	J Sainsbury PLC (Consumer Staples)		238,709
	107,511	JD Sports Fashion PLC (Consumer Discretionary)		160,339
	81,636	Kingfisher PLC (Consumer Discretionary)		242,158
	29,534	Land Securities Group PLC REIT (Real Estate)		231,477
	255,548	Legal & General Group PLC (Financials)		782,602

  

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	United Kingdom – (continued)
	2,767,996	Lloyds Banking Group PLC (Financials)	$	1,630,592
	18,176	London Stock Exchange Group PLC (Financials)		2,040,748
	95,953	M&G PLC (Financials)		272,732
	57,582	Melrose Industries PLC (Industrials)		462,524
	158,454	National Grid PLC (Utilities)		2,079,529
	235,822	NatWest Group PLC (Financials)		713,243
	5,141	Next PLC (Consumer Discretionary)		540,669
	25,370	Ocado Group PLC (Consumer Staples)*		164,117
	30,785	Pearson PLC (Consumer Discretionary)		374,072
	13,739	Persimmon PLC (Consumer Discretionary)		236,965
	32,205	Phoenix Group Holdings PLC (Financials)		202,589
	30,792	Reckitt Benckiser Group PLC (Consumer Staples)		1,946,739
	81,279	RELX PLC (Industrials)		3,558,391
	107,894	Rentokil Initial PLC (Industrials)		598,195
	35,013	Rightmove PLC (Communication Services)		250,946
	362,322	Rolls-Royce Holdings PLC (Industrials)*		1,691,657
	43,924	Sage Group PLC (The) (Information Technology)		691,465
	37,874	Schroders PLC (Financials)		188,425
	50,055	Segro PLC REIT (Real Estate)		535,283
	11,358	Severn Trent PLC (Utilities)		359,183
	37,592	Smith & Nephew PLC (Health Care)		494,779
	15,061	Smiths Group PLC (Industrials)		306,347
	3,161	Spirax-Sarco Engineering PLC (Industrials)		412,846
	46,926	SSE PLC (Utilities)		964,882
	23,565	St James’s Place PLC (Financials)		149,937
	94,961	Standard Chartered PLC (Financials)		801,928
	151,905	Taylor Wimpey PLC (Consumer Discretionary)		264,882
	307,138	Tesco PLC (Consumer Staples)		1,083,178
	108,060	Unilever PLC (Consumer Staples)		5,285,142
	29,352	United Utilities Group PLC (Utilities)		380,571
	1,048,663	Vodafone Group PLC (Communication Services)		916,882
	11,172	Weir Group PLC (The) (Industrials)		259,040
	8,358	Whitbread PLC (Consumer Discretionary)		349,208

	Shares	Description	Value
	Common Stocks – (continued)
	United Kingdom – (continued)
	25,216	Wise PLC, Class A (Financials)*	$	292,751
	46,196	WPP PLC (Communication Services)		413,257
				76,113,489
	United States – 6.9%
	20,797	CSL Ltd. (Health Care)		3,876,254
	1,733	CyberArk Software Ltd. (Information Technology)*		457,096
	39,554	Experian PLC (Industrials)		1,693,646
	20,275	Ferrovial SE (Industrials)		760,242
	176,194	GSK PLC (Health Care)		3,710,007
	218,857	Haleon PLC (Consumer Staples)		917,597
	22,062	Holcim AG (Materials)*		1,806,451
	3,504	ICON PLC (Health Care)*		1,123,453
	3,092	Inmode Ltd. (Health Care)*		68,024
	18,940	James Hardie Industries PLC CDI (Materials)*		749,217
	1,132	Monday.com Ltd. (Information Technology)*		252,447
	115,585	Nestle SA (Consumer Staples)		12,044,835
	1,233	Roche Holding AG (Health Care)		343,624
	30,451	Roche Holding AG (Health Care)		8,021,247
	47,933	Sanofi SA (Health Care)		4,558,917
	23,339	Schneider Electric SE (Industrials)		5,298,773
	93,797	Stellantis NV (Consumer Discretionary)		2,449,762
	12,431	Swiss Re AG (Financials)		1,504,906
	19,835	Tenaris SA (Energy)		352,446
				49,988,944
	TOTAL COMMON STOCKS (Cost $643,278,832)			715,372,517

	Shares	Description	Rate	Value
	Preferred Stocks – 0.4%
	Germany – 0.4%
	2,527	Bayerische Motoren Werke AG (Consumer Discretionary)	8.33%		277,014
	4,907	Dr. Ing hc F Porsche AG (Consumer Discretionary)(b)	1.16		458,475
	7,094	Henkel AG & Co. KGaA (Consumer Staples)	2.66		533,997

  

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

 

 

 

 

 

 

	Shares	Description	Rate			Value
	Preferred Stocks – (continued)
	Germany – (continued)
	6,597	Porsche Automobil Holding SE (Consumer Discretionary)		5.18	%	$	352,521
	1,058	Sartorius AG (Health Care)		0.41			400,491
	7,881	Volkswagen AG (Consumer Discretionary)		7.00			1,068,953
							3,091,451
	Spain – 0.0%
	11,254	Grifols SA, Class B (Health Care)*		0.00			62,537
	TOTAL PREFERRED STOCKS (Cost $3,435,269)						3,153,988

	Shares	Dividend Rate	Value
	Investment Company – 0.3%(d)
	Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares
	2,040,168	5.195%		2,040,168
	(Cost $2,040,168)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $648,754,269)			720,566,673
	Securities Lending Reinvestment Vehicle – 0.6%(d)
	Goldman Sachs Financial Square Government Fund - Institutional Shares
	4,091,567	5.219%		4,091,567
	(Cost $4,091,567)
	TOTAL INVESTMENTS – 100.3% (Cost $652,845,836)		$	724,658,240
	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)%			(1,808,034	)
	NET ASSETS – 100.0%		$	722,850,206

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(d)	Represents an affiliated issuer.

Investment Abbreviations:
ADR	—American Depositary Receipt
CVA	—Dutch Certification
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust
SDR	—Swedish Depositary Receipt

Sector Name	% of  Market  Value
Financials		18.5	%
Industrials		17.0
Health Care		12.6
Consumer Discretionary		12.3
Information Technology		9.5
Consumer Staples		8.7
Materials		6.8
Communication Services		4.4
Energy		4.0
Utilities		3.0
Real Estate		2.3
Investment Company		0.3
Securities Lending Reinvestment Vehicle		0.6
TOTAL INVESTMENTS		100.0	%

  

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 29, 2024, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/  (Depreciation)
Long position contracts:
MSCI EAFE E-Mini Index		25		03/15/24	$	2,859,875	$	126,170

  

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

GOLDMAN SACHS MARKETBETA^® RUSSELL 1000 GROWTH EQUITY ETF

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

 

	Shares	Description	Value
	Common Stocks – 99.9%
	Communication Services – 10.5%
	75,171	Alphabet, Inc., Class A*	$	10,408,176
	63,492	Alphabet, Inc., Class C*		8,874,912
	2,065	Charter Communications, Inc., Class A*		606,966
	2,145	Iridium Communications, Inc.		62,098
	390	Liberty Broadband Corp., Class C*		23,470
	585	Live Nation Entertainment, Inc.*		56,733
	4,680	Match Group, Inc.*		168,667
	37,817	Meta Platforms, Inc., Class A		18,535,246
	8,839	Netflix, Inc.*		5,329,210
	195	Nexstar Media Group, Inc.		32,403
	11,982	Pinterest, Inc., Class A*		439,739
	389	Playtika Holding Corp.*		2,883
	9,504	ROBLOX Corp., Class A*		379,210
	195	Roku, Inc.*		12,320
	2,872	Spotify Technology SA*		736,410
	1,170	TKO Group Holdings, Inc.		97,964
	9,018	Trade Desk, Inc. (The), Class A*		770,408
	3,120	ZoomInfo Technologies, Inc.*		52,291
				46,589,106
	Consumer Discretionary – 15.3%
	8,303	Airbnb, Inc., Class A*		1,307,473
	114,648	Amazon.com, Inc.*		20,265,180
	297	AutoZone, Inc.*		892,788
	585	Best Buy Co., Inc.		47,315
	733	Booking Holdings, Inc.*		2,542,652
	195	Bright Horizons Family Solutions, Inc.*		22,398
	195	Brunswick Corp.		17,043
	1,324	Burlington Stores, Inc.*		271,552
	1,560	Caesars Entertainment, Inc.*		67,813
	195	CarMax, Inc.*		15,405
	195	Cava Group, Inc.*		11,390
	563	Chipotle Mexican Grill, Inc.*		1,513,778
	585	Choice Hotels International, Inc.		65,485
	1,365	Churchill Downs, Inc.		166,353
	22,423	Coupang, Inc. (South Korea)*		415,274
	1,170	Crocs, Inc.*		143,033
	1,168	Darden Restaurants, Inc.		199,389
	538	Deckers Outdoor Corp.*		481,827
	193	Dick’s Sporting Goods, Inc.		34,333
	666	Domino’s Pizza, Inc.		298,601
	4,902	DoorDash, Inc., Class A*		610,642
	8,555	DraftKings, Inc., Class A*		370,603
	585	eBay, Inc.		27,659
	1,365	Etsy, Inc.*		97,857
	1,950	Expedia Group, Inc.*		266,799
	1,123	Five Below, Inc.*		225,364
	2,130	Floor & Decor Holdings, Inc., Class A*		257,986
	195	Grand Canyon Education, Inc.*		26,286
	1,755	H&R Block, Inc.		85,907
	2,336	Hilton Worldwide Holdings, Inc.		477,292
	20,483	Home Depot, Inc. (The)		7,796,035
	7,032	Las Vegas Sands Corp.		383,385
	8,674	Lowe’s Cos., Inc.		2,087,572
	2,280	Lululemon Athletica, Inc.*		1,064,965

	Shares	Description	Value
	Common Stocks – (continued)
	Consumer Discretionary – (continued)
	4,992	Marriott International, Inc., Class A	$	1,247,351
	6,172	McDonald’s Corp.		1,803,952
	390	Murphy USA, Inc.		162,634
	12,984	NIKE, Inc., Class B		1,349,427
	1,950	Norwegian Cruise Line Holdings Ltd.*		37,811
	5	NVR, Inc.*		38,128
	390	Ollie’s Bargain Outlet Holdings, Inc.*		31,266
	1,024	O’Reilly Automotive, Inc.*		1,113,518
	6,041	Peloton Interactive, Inc., Class A*		27,305
	780	Planet Fitness, Inc., Class A*		48,399
	780	Pool Corp.		310,534
	1	RH*		274
	6,415	Ross Stores, Inc.		955,578
	1,365	Royal Caribbean Cruises Ltd.*		168,373
	975	Service Corp. International		71,360
	195	Skechers USA, Inc., Class A*		12,053
	23,109	Starbucks Corp.		2,193,044
	195	Tapestry, Inc.		9,268
	585	Tempur Sealy International, Inc.		31,865
	56,509	Tesla, Inc.*		11,408,037
	1,368	Texas Roadhouse, Inc.		204,338
	23,587	TJX Cos., Inc. (The)		2,338,415
	1	TopBuild Corp.*		402
	2,245	Tractor Supply Co.		570,948
	585	Travel + Leisure Co.		26,144
	975	Ulta Beauty, Inc.*		534,846
	780	Valvoline, Inc.*		33,259
	585	Victoria’s Secret & Co.*		16,708
	585	Wayfair, Inc., Class A*		34,866
	3,315	Wendy’s Co. (The)		60,035
	195	Williams-Sonoma, Inc.		45,928
	585	Wingstop, Inc.		205,364
	195	Wyndham Hotels & Resorts, Inc.		14,927
	195	Wynn Resorts Ltd.		20,514
	1,560	YETI Holdings, Inc.*		64,022
	5,040	Yum! Brands, Inc.		697,637
				68,445,964
	Consumer Staples – 4.8%
	585	Albertsons Cos., Inc., Class A		11,864
	780	BJ’s Wholesale Club Holdings, Inc.*		56,971
	195	Boston Beer Co., Inc. (The), Class A*		60,087
	780	Brown-Forman Corp., Class A		46,753
	2,730	Brown-Forman Corp., Class B		164,428
	113	Casey’s General Stores, Inc.		34,407
	2,730	Celsius Holdings, Inc.*		222,822
	4,480	Church & Dwight Co., Inc.		448,538
	2,531	Clorox Co. (The)		388,028
	39,564	Coca-Cola Co. (The)		2,374,631
	390	Constellation Brands, Inc., Class A		96,923
	9,077	Costco Wholesale Corp.		6,752,289
	4,485	Dollar General Corp.		651,715

  

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

GOLDMAN SACHS MARKETBETA^® RUSSELL 1000 GROWTH EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	Consumer Staples – (continued)
	1,365	Estee Lauder Cos., Inc. (The), Class A	$	202,812
	195	Freshpet, Inc.*		22,041
	2,279	Hershey Co. (The)		428,270
	11,115	Kenvue, Inc.		211,185
	6,488	Kimberly-Clark Corp.		786,151
	2,804	Lamb Weston Holdings, Inc.		286,597
	15,231	Monster Beverage Corp.*		900,152
	19,496	PepsiCo, Inc.		3,223,469
	1,365	Performance Food Group Co.*		104,791
	9,069	Procter & Gamble Co. (The)		1,441,427
	10,395	Sysco Corp.		841,683
	9,417	Target Corp.		1,440,048
				21,198,082
	Energy – 0.5%
	2,145	Antero Midstream Corp.		28,743
	5,070	APA Corp.		151,035
	4,904	Cheniere Energy, Inc.		761,101
	3,315	Halliburton Co.		116,257
	3,172	Hess Corp.		462,319
	1,170	New Fortress Energy, Inc.		41,126
	585	ONEOK, Inc.		43,945
	2,145	Ovintiv, Inc.		105,985
	4,522	Targa Resources Corp.		444,241
	117	Texas Pacific Land Corp.		184,324
				2,339,076
	Financials – 7.5%
	3,897	American Express Co.		855,080
	2,102	Ameriprise Financial, Inc.		856,271
	10,681	Apollo Global Management, Inc.		1,194,136
	975	Arch Capital Group Ltd.*		85,400
	3,341	Ares Management Corp., Class A		443,117
	195	Arthur J Gallagher & Co.		47,566
	14,594	Blackstone, Inc.		1,865,405
	4,127	Block, Inc.*		327,973
	1,170	Blue Owl Capital, Inc.		21,013
	195	Brighthouse Financial, Inc.*		9,077
	1,755	Brown & Brown, Inc.		147,789
	6,630	Equitable Holdings, Inc.		227,011
	390	Euronet Worldwide, Inc.*		42,682
	121	Everest Group Ltd.		44,634
	780	FactSet Research Systems, Inc.		360,812
	23	First Citizens BancShares, Inc., Class A		36,198
	3,353	Fiserv, Inc.*		500,502
	1,363	FleetCor Technologies, Inc.*		380,645
	390	Jack Henry & Associates, Inc.		67,770
	444	Kinsale Capital Group, Inc.		229,184
	3,340	KKR & Co., Inc.		328,188
	390	Lincoln National Corp.		10,741
	1,560	LPL Financial Holdings, Inc.		417,908
	778	MarketAxess Holdings, Inc.		166,033
	8,122	Marsh & McLennan Cos., Inc.		1,642,837
	17,003	Mastercard, Inc., Class A		8,072,344
	2,962	Moody’s Corp.		1,123,842
	583	Morningstar, Inc.		174,078
	779	MSCI, Inc.		436,996

	Shares	Description	Value
	Common Stocks – (continued)
	Financials – (continued)
	32,772	NU Holdings Ltd., Class A (Brazil)*	$	363,114
	20,376	PayPal Holdings, Inc.*		1,229,488
	468	Primerica, Inc.		114,782
	8,965	Progressive Corp. (The)		1,699,405
	195	RenaissanceRe Holdings Ltd. (Bermuda)		43,840
	195	RLI Corp.		28,558
	780	Rocket Cos., Inc., Class A*		9,797
	1,755	Ryan Specialty Holdings, Inc.*		91,927
	583	S&P Global, Inc.		249,745
	975	Shift4 Payments, Inc., Class A*		80,164
	1,755	SLM Corp.		36,557
	6,630	Toast, Inc., Class A*		152,490
	390	TPG, Inc.		17,296
	780	Tradeweb Markets, Inc., Class A		82,540
	584	UWM Holdings Corp.		3,726
	32,672	Visa, Inc., Class A		9,234,414
	975	Western Union Co. (The)		13,075
	390	WEX, Inc.*		85,695
	195	Willis Towers Watson PLC		53,159
	585	XP, Inc., Class A (Brazil)		13,829
				33,718,833
	Health Care – 12.5%
	1,755	10X Genomics, Inc., Class A*		81,853
	2,145	Abbott Laboratories		254,483
	36,138	AbbVie, Inc.		6,362,095
	4,863	Agilent Technologies, Inc.		667,982
	4,875	agilon health, Inc.*		29,884
	1,558	Align Technology, Inc.*		471,170
	1,950	Alnylam Pharmaceuticals, Inc.*		294,626
	7,438	Amgen, Inc.		2,036,748
	1,950	Apellis Pharmaceuticals, Inc.*		120,842
	390	BioMarin Pharmaceutical, Inc.*		33,649
	2,730	Bio-Techne Corp.		200,846
	1,950	Bruker Corp.		168,753
	2,535	Cardinal Health, Inc.		283,869
	3,309	Cencora, Inc.		779,600
	780	Certara, Inc.*		13,166
	195	Chemed Corp.		122,095
	390	Cigna Group (The)		131,095
	975	DaVita, Inc.*		123,796
	7,920	Dexcom, Inc.*		911,354
	975	Doximity, Inc., Class A*		27,524
	12,326	Edwards Lifesciences Corp.*		1,046,108
	643	Elevance Health, Inc.		322,304
	17,333	Eli Lilly & Co.		13,063,535
	195	Encompass Health Corp.		14,508
	1,170	Exact Sciences Corp.*		67,310
	4,485	Exelixis, Inc.*		98,222
	585	GE HealthCare Technologies, Inc.		53,399
	585	Globus Medical, Inc., Class A*		31,584
	780	HCA Healthcare, Inc.		243,126
	1,113	Humana, Inc.		389,906
	196	ICON PLC*		62,842
	1,688	IDEXX Laboratories, Inc.*		970,988
	975	Illumina, Inc.*		136,334

  

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

GOLDMAN SACHS MARKETBETA^® RUSSELL 1000 GROWTH EQUITY ETF

 

 

 

 

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	Health Care – (continued)
	2,535	Incyte Corp.*	$	147,943
	585	Inspire Medical Systems, Inc.*		104,738
	1,365	Insulet Corp.*		223,860
	7,155	Intuitive Surgical, Inc.*		2,758,968
	2,340	Ionis Pharmaceuticals, Inc.*		105,791
	3,455	IQVIA Holdings, Inc.*		853,938
	585	Jazz Pharmaceuticals PLC*		69,556
	648	Karuna Therapeutics, Inc.*		203,453
	1,176	Maravai LifeSciences Holdings, Inc., Class A*		9,090
	780	Masimo Corp.*		100,261
	1,054	McKesson Corp.		549,566
	473	Medpace Holdings, Inc.*		188,027
	9,571	Merck & Co., Inc.		1,216,953
	444	Mettler-Toledo International, Inc.*		553,766
	641	Molina Healthcare, Inc.*		252,496
	1,950	Natera, Inc.*		168,656
	1,976	Neurocrine Biosciences, Inc.*		257,670
	1,950	Novocure Ltd.*		29,854
	778	Penumbra, Inc.*		182,768
	132	Regeneron Pharmaceuticals, Inc.*		127,524
	505	Repligen Corp.*		97,965
	2,970	ResMed, Inc.		515,948
	6,240	Roivant Sciences Ltd.*		71,386
	1,755	Sarepta Therapeutics, Inc.*		224,465
	778	Shockwave Medical, Inc.*		202,957
	1,365	Sotera Health Co.*		20,489
	1,852	Stryker Corp.		646,478
	195	Tandem Diabetes Care, Inc.*		5,193
	4,867	Thermo Fisher Scientific, Inc.		2,775,066
	1,365	Ultragenyx Pharmaceutical, Inc.*		70,598
	16,009	UnitedHealth Group, Inc.		7,902,042
	2,963	Veeva Systems, Inc., Class A*		668,186
	4,829	Vertex Pharmaceuticals, Inc.*		2,031,753
	1,170	Waters Corp.*		394,781
	1,516	West Pharmaceutical Services, Inc.		543,274
	9,482	Zoetis, Inc.		1,880,565
				55,771,620
	Industrials – 6.8%
	195	A O Smith Corp.		16,165
	1,365	Advanced Drainage Systems, Inc.		222,823
	1,560	Allegion PLC		199,477
	195	Allison Transmission Holdings, Inc.		14,689
	4,485	American Airlines Group, Inc.*		70,325
	195	Armstrong World Industries, Inc.		23,519
	7,265	Automatic Data Processing, Inc.		1,824,459
	195	Avis Budget Group, Inc.		21,068
	1,437	Axon Enterprise, Inc.*		441,691
	1,558	Boeing Co. (The)*		317,396
	2,535	Booz Allen Hamilton Holding Corp.		374,445
	1,948	Broadridge Financial Solutions, Inc.		396,574

	Shares	Description	Value
	Common Stocks – (continued)
	Industrials – (continued)
	390	BWX Technologies, Inc.	$	39,324
	1,755	C.H. Robinson Worldwide, Inc.		130,010
	7,835	Caterpillar, Inc.		2,616,577
	5,819	ChargePoint Holdings, Inc.*(a)		12,045
	1,578	Cintas Corp.		991,947
	17,562	Copart, Inc.*		933,420
	4,095	CSX Corp.		155,364
	195	Dayforce, Inc.*		13,603
	5,075	Deere & Co.		1,852,629
	585	Delta Air Lines, Inc.		24,728
	975	Donaldson Co., Inc.		69,829
	390	EMCOR Group, Inc.		122,273
	1,727	Equifax, Inc.		472,490
	390	Expeditors International of Washington, Inc.		46,644
	8,755	Fastenal Co.		639,203
	195	Ferguson PLC		41,233
	195	FTI Consulting, Inc.*		40,342
	780	Genpact Ltd.		26,520
	1,365	Graco, Inc.		124,570
	780	HEICO Corp.		150,852
	1,498	HEICO Corp., Class A		233,074
	1,753	Honeywell International, Inc.		348,374
	503	Hubbell, Inc.		191,477
	195	IDEX Corp.		46,001
	4,999	Illinois Tool Works, Inc.		1,310,488
	390	J.B. Hunt Transport Services, Inc.		80,461
	975	KBR, Inc.		58,529
	585	Landstar System, Inc.		111,267
	1,064	Lincoln Electric Holdings, Inc.		273,022
	4,535	Lockheed Martin Corp.		1,942,068
	6,240	Lyft, Inc., Class A*		99,091
	195	MSA Safety, Inc.		35,909
	195	Northrop Grumman Corp.		89,899
	1,883	Old Dominion Freight Line, Inc.		833,190
	390	Otis Worldwide Corp.		37,167
	6,597	Paychex, Inc.		808,924
	975	Paycom Software, Inc.		177,830
	390	Paycor HCM, Inc.*		8,237
	780	Paylocity Holding Corp.*		131,516
	780	Quanta Services, Inc.		188,378
	2,846	RB Global, Inc. (Canada)		216,040
	2,351	Rockwell Automation, Inc.		670,223
	4,875	Rollins, Inc.		214,841
	57	Saia, Inc.*		32,798
	197	SiteOne Landscape Supply, Inc.*		33,191
	195	Spirit AeroSystems Holdings, Inc., Class A*		5,577
	195	Tetra Tech, Inc.		34,577
	1,950	Toro Co. (The)		180,004
	1,363	Trane Technologies PLC		384,325
	195	TransDigm Group, Inc.		229,659
	2,219	Trex Co., Inc.*		203,615
	40,305	Uber Technologies, Inc.*		3,204,247
	780	U-Haul Holding Co.		49,585
	5,340	Union Pacific Corp.		1,354,705
	4,108	United Parcel Service, Inc., Class B		609,052

  

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

GOLDMAN SACHS MARKETBETA^® RUSSELL 1000 GROWTH EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	Industrials – (continued)
	264	United Rentals, Inc.	$	183,023
	2,921	Verisk Analytics, Inc.		706,590
	390	Vertiv Holdings Co., Class A		26,372
	907	W.W. Grainger, Inc.		882,928
	7,483	Waste Management, Inc.		1,538,879
	195	Watsco, Inc.		76,853
	975	WillScot Mobile Mini Holdings Corp.*		46,556
	585	Xylem, Inc.		74,324
				30,389,100
	Information Technology – 40.2%
	12,938	Accenture PLC, Class A		4,848,904
	9,383	Adobe, Inc.*		5,257,107
	18,680	Advanced Micro Devices, Inc.*		3,596,460
	1,365	Allegro MicroSystems, Inc. (Japan)*		42,984
	1,170	Alteryx, Inc., Class A*		56,207
	6,006	Amphenol Corp., Class A		656,095
	1,469	ANSYS, Inc.*		490,896
	190,186	Apple, Inc.		34,376,120
	14,458	Applied Materials, Inc.		2,915,022
	975	AppLovin Corp., Class A*		58,227
	5,131	Arista Networks, Inc.*		1,424,058
	3,171	Atlassian Corp., Class A*		657,729
	4,403	Autodesk, Inc.*		1,136,723
	3,315	Bentley Systems, Inc., Class B		170,292
	8,827	Broadcom, Inc.		11,479,425
	5,532	Cadence Design Systems, Inc.*		1,683,830
	2,533	CDW Corp.		623,650
	5,952	Cloudflare, Inc., Class A*		586,510
	3,510	Confluent, Inc., Class A*		118,884
	4,366	Crowdstrike Holdings, Inc., Class A*		1,415,239
	5,592	Datadog, Inc., Class A*		735,124
	4,137	DocuSign, Inc.*		220,378
	2,535	DoubleVerify Holdings, Inc.*		78,306
	4,290	Dropbox, Inc., Class A*		102,746
	4,918	Dynatrace, Inc.*		243,687
	1,559	Elastic NV*		208,610
	2,724	Enphase Energy, Inc.*		345,975
	195	Entegris, Inc.		26,200
	1,168	EPAM Systems, Inc.*		355,539
	500	Fair Isaac Corp.*		634,955
	1,365	Five9, Inc.*		83,265
	13,446	Fortinet, Inc.*		929,253
	1,571	Gartner, Inc.*		731,395
	1,560	Gen Digital, Inc.		33,524
	1,560	Gitlab, Inc., Class A*		112,507
	780	Globant SA*		174,073
	1,755	GoDaddy, Inc., Class A*		200,333
	1,170	HashiCorp, Inc., Class A*		30,502
	3,315	HP, Inc.		93,914
	936	HubSpot, Inc.*		579,206
	5,597	Intuit, Inc.		3,710,195
	1,560	Jabil, Inc.		224,780
	973	Keysight Technologies, Inc.*		150,134
	2,806	KLA Corp.		1,914,534
	2,552	Lam Research Corp.		2,394,414

	Shares	Description	Value
	Common Stocks – (continued)
	Information Technology – (continued)
	2,535	Lattice Semiconductor Corp.*	$	194,206
	1,257	Manhattan Associates, Inc.*		318,436
	7,848	Microchip Technology, Inc.		660,331
	93,274	Microsoft Corp.		38,581,857
	1,369	MongoDB, Inc.*		612,737
	942	Monolithic Power Systems, Inc.		678,278
	3,112	Motorola Solutions, Inc.		1,028,174
	195	nCino, Inc.*		5,819
	1,560	NetApp, Inc.		139,027
	975	Nutanix, Inc., Class A*		61,581
	34,157	NVIDIA Corp.		27,022,286
	195	Okta, Inc.*		20,923
	12,989	Oracle Corp.		1,450,612
	38,987	Palantir Technologies, Inc., Class A*		977,794
	6,175	Palo Alto Networks, Inc.*		1,917,646
	780	Pegasystems, Inc.		50,731
	1,560	Procore Technologies, Inc.*		121,727
	1,170	PTC, Inc.*		214,122
	4,095	Pure Storage, Inc., Class A*		215,602
	19,922	QUALCOMM, Inc.		3,143,492
	1,560	RingCentral, Inc., Class A*		52,135
	14,616	Salesforce, Inc.*		4,513,713
	585	SentinelOne, Inc., Class A*		16,479
	4,167	ServiceNow, Inc.*		3,214,174
	2,340	Smartsheet, Inc., Class A*		98,771
	6,436	Snowflake, Inc., Class A*		1,211,770
	3,180	Splunk, Inc.*		496,780
	3,111	Synopsys, Inc.*		1,784,874
	1,950	Teradata Corp.*		73,359
	2,631	Teradyne, Inc.		272,545
	7,586	Texas Instruments, Inc.		1,269,365
	585	Twilio, Inc., Class A*		34,860
	641	Tyler Technologies, Inc.*		280,207
	5,460	UiPath, Inc., Class A*		129,675
	2,145	Unity Software, Inc.*		62,891
	390	Universal Display Corp.		68,024
	2	VeriSign, Inc.*		391
	975	Vontier Corp.		41,925
	4,109	Workday, Inc., Class A*		1,210,758
	195	Zebra Technologies Corp., Class A*		54,499
	1,754	Zscaler, Inc.*		424,415
				178,634,902
	Materials – 0.8%
	2,679	Ardagh Metal Packaging SA		8,787
	585	Avery Dennison Corp.		126,670
	390	Axalta Coating Systems Ltd.*		12,765
	390	Eagle Materials, Inc.		98,884
	3,955	Ecolab, Inc.		889,242
	390	FMC Corp.		21,992
	2,882	Ginkgo Bioworks Holdings, Inc.*(a)		4,381
	3,120	Graphic Packaging Holding Co.		80,964
	935	Linde PLC		419,647
	1,170	PPG Industries, Inc.		165,672
	390	RPM International, Inc.		44,986
	780	Scotts Miracle-Gro Co. (The)		51,246

  

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

GOLDMAN SACHS MARKETBETA^® RUSSELL 1000 GROWTH EQUITY ETF

 

 

 

 

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	Materials – (continued)
	1,560	Sealed Air Corp.	$	54,397
	4,058	Sherwin-Williams Co. (The)		1,347,378
	1,560	Southern Copper Corp. (Mexico)		126,142
	585	Vulcan Materials Co.		155,522
				3,608,675
	Real Estate – 1.0%
	9,535	American Tower Corp. REIT		1,896,130
	3,556	CoStar Group, Inc.*		309,479
	780	Crown Castle, Inc. REIT		85,753
	960	Equinix, Inc. REIT		853,267
	1,170	Equity LifeStyle Properties, Inc. REIT		78,765
	2,730	Iron Mountain, Inc. REIT		214,687
	1,364	Lamar Advertising Co., Class A REIT		150,790
	1,867	Public Storage REIT		529,985
	195	SBA Communications Corp. REIT		40,800
	1,365	Simon Property Group, Inc. REIT		202,211
	585	Sun Communities, Inc. REIT		78,250
	390	UDR, Inc. REIT		13,845
				4,453,962
	Utilities – 0.0%
	7,605	AES Corp. (The)		115,596
	1,950	Vistra Corp.		106,353
				221,949
	TOTAL COMMON STOCKS (Cost $412,004,673)			445,371,269
	Shares	Dividend Rate	Value
	Investment Company – 0.0%(b)
	Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares
	76,423	5.195%		76,423
	(Cost $76,423)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $412,081,096)			445,447,692

	Shares	Dividend Rate	Value
	Securities Lending Reinvestment Vehicle – 0.0%(b)
	Goldman Sachs Financial Square Government Fund - Institutional Shares
	6,529	5.219%	$	6,529
	(Cost $6,529)
	TOTAL INVESTMENTS – 99.9% (Cost $412,087,625)		$	445,454,221
	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1%			271,003
	NET ASSETS – 100.0%		$	445,725,224

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

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

  

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

GOLDMAN SACHS MARKETBETA^® RUSSELL 1000 VALUE EQUITY ETF

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

 

	Shares	Description	Value
	Common Stocks – 99.6%
	Communication Services – 4.6%
	969	AMC Entertainment Holdings, Inc., Class A*	$	4,186
	121,815	AT&T, Inc.		2,062,328
	1	Cable One, Inc.		456
	67,798	Comcast Corp., Class A		2,905,144
	4,522	Electronic Arts, Inc.		630,729
	4,522	Fox Corp., Class A		134,711
	2,261	Fox Corp., Class B		61,906
	4,199	Frontier Communications Parent, Inc.*		99,432
	1,292	IAC, Inc.*		73,386
	6,460	Interpublic Group of Cos., Inc. (The)		202,844
	323	Liberty Broadband Corp., Class A*		19,428
	1,615	Liberty Broadband Corp., Class C*		97,191
	323	Liberty Media Corp.-Liberty Formula One, Class A*		21,172
	3,230	Liberty Media Corp.-Liberty Formula One, Class C*		235,015
	323	Liberty Media Corp.-Liberty Live, Class A*		12,464
	646	Liberty Media Corp.-Liberty Live, Class C*		25,724
	2,584	Liberty Media Corp.-Liberty SiriusXM*		74,884
	1,292	Liberty Media Corp.-Liberty SiriusXM, Class A*		37,649
	1,938	Live Nation Entertainment, Inc.*		187,947
	323	Madison Square Garden Sports Corp.*		60,785
	323	Match Group, Inc.*		11,641
	2,584	New York Times Co. (The), Class A		114,420
	6,460	News Corp., Class A		173,645
	1,938	News Corp., Class B		54,244
	323	Nexstar Media Group, Inc.		53,673
	3,230	Omnicom Group, Inc.		285,500
	9,690	Paramount Global, Class B		106,978
	1,938	Roku, Inc.*		122,443
	10,952	Sirius XM Holdings, Inc.		48,408
	2,907	Take-Two Interactive Software, Inc.*		427,126
	9,042	T-Mobile US, Inc.		1,476,559
	1,938	TripAdvisor, Inc.*		51,977
	71,558	Verizon Communications, Inc.		2,863,751
	30,956	Walt Disney Co. (The)		3,454,070
	37,400	Warner Bros Discovery, Inc.*		328,746
	2,584	ZoomInfo Technologies, Inc.*		43,308
				16,563,870
	Consumer Discretionary – 5.0%
	3,553	ADT, Inc.		25,795
	969	Advance Auto Parts, Inc.		65,446
	4,522	Aptiv PLC*		359,454
	3,876	Aramark		117,559
	644	AutoNation, Inc.*		96,471
	1	AutoZone, Inc.*		3,006

	Shares	Description	Value
	Common Stocks – (continued)
	Consumer Discretionary – (continued)
	3,876	Bath & Body Works, Inc.	$	177,133
	2,907	Best Buy Co., Inc.		235,118
	3,876	BorgWarner, Inc.		120,660
	1,292	Boyd Gaming Corp.		85,440
	969	Bright Horizons Family Solutions, Inc.*		111,299
	969	Brunswick Corp.		84,691
	1,938	Caesars Entertainment, Inc.*		84,245
	1,938	Capri Holdings Ltd.*		89,400
	2,584	CarMax, Inc.*		204,136
	16,754	Carnival Corp.*		265,718
	646	Carter’s, Inc.		52,294
	646	Columbia Sportswear Co.		53,418
	5,168	D.R. Horton, Inc.		772,306
	969	Darden Restaurants, Inc.		165,418
	969	Dick’s Sporting Goods, Inc.		172,375
	969	DoorDash, Inc., Class A*		120,708
	8,398	eBay, Inc.		397,057
	969	Etsy, Inc.*		69,468
	646	Expedia Group, Inc.*		88,386
	66,789	Ford Motor Co.		830,855
	4,522	GameStop Corp., Class A*		64,529
	3,230	Gap, Inc. (The)		61,176
	2,584	Garmin Ltd.		354,912
	23,214	General Motors Co.		951,310
	3,876	Gentex Corp.		141,590
	2,261	Genuine Parts Co.		337,477
	323	Grand Canyon Education, Inc.*		43,540
	969	H&R Block, Inc.		47,433
	2,261	Harley-Davidson, Inc.		82,006
	2,261	Hasbro, Inc.		113,706
	2,261	Hilton Worldwide Holdings, Inc.		461,968
	646	Hyatt Hotels Corp., Class A		99,219
	1,938	Kohl’s Corp.		54,012
	323	Las Vegas Sands Corp.		17,610
	969	Lear Corp.		133,092
	2,261	Leggett & Platt, Inc.		46,170
	4,199	Lennar Corp., Class A		665,583
	323	Lennar Corp., Class B		47,601
	644	Lithia Motors, Inc.		192,595
	4,522	LKQ Corp.		236,455
	2,584	Lowe’s Cos., Inc.		621,891
	12,681	Lucid Group, Inc.*		41,847
	4,522	Macy’s, Inc.		78,864
	646	Marriott Vacations Worldwide Corp.		60,201
	5,814	Mattel, Inc.*		114,536
	7,427	McDonald’s Corp.		2,170,764
	4,845	MGM Resorts International*		209,692
	1,292	Mister Car Wash, Inc.*		10,711
	969	Mohawk Industries, Inc.*		114,943
	6,460	Newell Brands, Inc.		48,450
	9,367	NIKE, Inc., Class B		973,512
	1,938	Nordstrom, Inc.		40,640
	5,491	Norwegian Cruise Line Holdings Ltd.*		106,470
	54	NVR, Inc.*		411,781

  

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

GOLDMAN SACHS MARKETBETA^® RUSSELL 1000 VALUE EQUITY ETF

 

 

 

 

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	Consumer Discretionary – (continued)
	646	Ollie’s Bargain Outlet Holdings, Inc.*	$	51,790
	2	O’Reilly Automotive, Inc.*		2,175
	2,584	Penn Entertainment, Inc.*		47,287
	323	Penske Automotive Group, Inc.		49,581
	1,376	Petco Health & Wellness Co., Inc.*		3,578
	646	Phinia, Inc.		22,106
	646	Planet Fitness, Inc., Class A*		40,084
	969	Polaris, Inc.		89,836
	3,553	PulteGroup, Inc.		385,074
	969	PVH Corp.		132,433
	4,845	QuantumScape Corp.*		30,378
	646	Ralph Lauren Corp.		120,104
	322	RH*		88,357
	11,305	Rivian Automotive, Inc., Class A*		127,973
	323	Ross Stores, Inc.		48,114
	2,907	Royal Caribbean Cruises Ltd.*		358,578
	1,615	Service Corp. International		118,202
	1,938	Skechers USA, Inc., Class A*		119,788
	3,876	Tapestry, Inc.		184,226
	2,261	Tempur Sealy International, Inc.		123,157
	969	Thor Industries, Inc.		124,206
	1,938	Toll Brothers, Inc.		222,172
	644	TopBuild Corp.*		259,133
	646	Travel + Leisure Co.		28,870
	3,230	Under Armour, Inc., Class A*		28,941
	3,553	Under Armour, Inc., Class C*		30,342
	646	Vail Resorts, Inc.		148,780
	1,938	Valvoline, Inc.*		82,636
	5,814	VF Corp.		95,001
	646	Victoria’s Secret & Co.*		18,450
	969	Wayfair, Inc., Class A*		57,752
	969	Whirlpool Corp.		104,061
	969	Williams-Sonoma, Inc.		228,229
	1,292	Wyndham Hotels & Resorts, Inc.		98,903
	1,615	Wynn Resorts Ltd.		169,898
	646	Yum! Brands, Inc.		89,419
				17,933,756
	Consumer Staples – 7.8%
	6,460	Albertsons Cos., Inc., Class A		131,009
	30,310	Altria Group, Inc.		1,239,982
	9,044	Archer-Daniels-Midland Co.		480,327
	1,615	BJ’s Wholesale Club Holdings, Inc.*		117,960
	323	Brown-Forman Corp., Class A		19,361
	646	Brown-Forman Corp., Class B		38,908
	2,584	Bunge Global SA		243,852
	3,230	Campbell Soup Co.		137,727
	645	Casey’s General Stores, Inc.		196,396
	323	Church & Dwight Co., Inc.		32,339
	33,217	Coca-Cola Co. (The)		1,993,684
	13,847	Colgate-Palmolive Co.		1,198,042
	8,075	Conagra Brands, Inc.		226,746
	2,582	Constellation Brands, Inc., Class A		641,679
	6,137	Coty, Inc., Class A*		77,081

	Shares	Description	Value
	Common Stocks – (continued)
	Consumer Staples – (continued)
	2,584	Darling Ingredients, Inc.*	$	109,329
	3,553	Dollar Tree, Inc.*		521,154
	2,584	Estee Lauder Cos., Inc. (The), Class A		383,931
	3,230	Flowers Foods, Inc.		72,417
	646	Freshpet, Inc.*		73,017
	10,013	General Mills, Inc.		642,634
	1,615	Grocery Outlet Holding Corp.*		41,651
	646	Hershey Co. (The)		121,396
	4,845	Hormel Foods Corp.		171,125
	969	Ingredion, Inc.		113,983
	1,615	J M Smucker Co. (The)		194,075
	4,522	Kellanova		249,388
	19,338	Kenvue, Inc.		367,422
	16,108	Keurig Dr Pepper, Inc.		481,790
	323	Kimberly-Clark Corp.		39,138
	13,524	Kraft Heinz Co. (The)		477,127
	10,982	Kroger Co. (The)		544,817
	4,199	McCormick & Co., Inc.		289,143
	2,907	Molson Coors Beverage Co., Class B		181,455
	22,891	Mondelez International, Inc., Class A		1,672,645
	2,488	Olaplex Holdings, Inc.*		4,628
	7,106	PepsiCo, Inc.		1,174,906
	1,292	Performance Food Group Co.*		99,187
	26,434	Philip Morris International, Inc.		2,378,003
	646	Pilgrim’s Pride Corp.*		20,569
	969	Post Holdings, Inc.*		100,931
	32,248	Procter & Gamble Co. (The)		5,125,497
	969	Reynolds Consumer Products, Inc.		28,586
	646	Spectrum Brands Holdings, Inc.		51,951
	4,845	Tyson Foods, Inc., Class A		262,793
	3,876	US Foods Holding Corp.*		196,862
	12,232	Walgreens Boots Alliance, Inc.		260,052
	72,633	Walmart, Inc.		4,257,020
	969	WK Kellogg Co.		14,186
				27,497,901
	Energy – 7.6%
	3,876	Antero Midstream Corp.		51,938
	4,845	Antero Resources Corp.*		124,517
	646	APA Corp.		19,244
	17,077	Baker Hughes Co.		505,308
	2,261	Chesapeake Energy Corp.		187,166
	29,013	Chevron Corp.		4,410,266
	20,307	ConocoPhillips		2,285,350
	12,555	Coterra Energy, Inc.		323,668
	10,982	Devon Energy Corp.		483,867
	2,908	Diamondback Energy, Inc.		530,768
	1,615	DT Midstream, Inc.		93,073
	10,013	EOG Resources, Inc.		1,146,088
	6,137	EQT Corp.		227,990
	68,769	Exxon Mobil Corp.		7,187,736
	12,232	Halliburton Co.		428,976
	1,938	Hess Corp.		282,464
	2,261	HF Sinclair Corp.		125,486
	33,201	Kinder Morgan, Inc.		577,365

  

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

GOLDMAN SACHS MARKETBETA^® RUSSELL 1000 VALUE EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	Energy – (continued)
	10,659	Marathon Oil Corp.	$	258,481
	6,460	Marathon Petroleum Corp.		1,093,226
	6,783	NOV, Inc.		114,633
	11,951	Occidental Petroleum Corp.		724,350
	9,366	ONEOK, Inc.		703,574
	2,584	Ovintiv, Inc.		127,675
	7,430	Phillips 66		1,058,849
	3,876	Pioneer Natural Resources Co.		911,596
	3,876	Range Resources Corp.		122,559
	24,173	Schlumberger NV		1,168,281
	18,961	Southwestern Energy Co.*		132,158
	7,429	TechnipFMC PLC (United Kingdom)		161,135
	5,814	Valero Energy Corp.		822,448
	20,630	Williams Cos., Inc. (The)		741,442
				27,131,677
	Financials – 22.4%
	646	Affiliated Managers Group, Inc.		100,976
	3,553	Affirm Holdings, Inc.*		133,309
	10,013	Aflac, Inc.		808,450
	10,013	AGNC Investment Corp. REIT		95,724
	4,522	Allstate Corp. (The)		721,349
	4,522	Ally Financial, Inc.		167,269
	6,781	American Express Co.		1,487,887
	1,292	American Financial Group, Inc.		164,950
	12,232	American International Group, Inc.		891,590
	8,398	Annaly Capital Management, Inc. REIT		160,318
	3,551	Aon PLC, Class A		1,122,080
	5,168	Arch Capital Group Ltd.*		452,665
	3,551	Arthur J Gallagher & Co.		866,195
	969	Assurant, Inc.		175,825
	969	Assured Guaranty Ltd.		88,760
	1,292	Axis Capital Holdings Ltd.		80,840
	117,292	Bank of America Corp.		4,048,920
	13,201	Bank of New York Mellon Corp. (The)		740,444
	1,938	Bank OZK		84,884
	30,956	Berkshire Hathaway, Inc., Class B*		12,673,386
	2,583	BlackRock, Inc.		2,095,691
	5,814	Block, Inc.*		462,039
	6,460	Blue Owl Capital, Inc.		116,022
	323	BOK Financial Corp.		27,458
	969	Brighthouse Financial, Inc.*		45,107
	2,584	Brown & Brown, Inc.		217,599
	6,460	Capital One Financial Corp.		888,961
	3,553	Carlyle Group, Inc. (The)		162,905
	1,936	Cboe Global Markets, Inc.		371,712
	25,142	Charles Schwab Corp. (The)		1,678,983
	6,784	Chubb Ltd.		1,707,329
	2,584	Cincinnati Financial Corp.		294,576
	32,569	Citigroup, Inc.		1,807,254
	8,075	Citizens Financial Group, Inc.		253,474
	6,137	CME Group, Inc.		1,352,288
	323	CNA Financial Corp.		14,196
	2,907	Coinbase Global, Inc., Class A*		591,749

	Shares	Description	Value
	Common Stocks – (continued)
	Financials – (continued)
	3,553	Columbia Banking System, Inc.	$	64,309
	2,261	Comerica, Inc.		111,648
	1,939	Commerce Bancshares, Inc.		100,906
	3,230	Corebridge Financial, Inc.		80,201
	1	Credit Acceptance Corp.*		554
	969	Cullen/Frost Bankers, Inc.		105,146
	4,199	Discover Financial Services		506,819
	2,261	East West Bancorp, Inc.		164,736
	323	Euronet Worldwide, Inc.*		35,349
	646	Evercore, Inc., Class A		120,854
	646	Everest Group Ltd.		238,296
	4,522	Fidelity National Financial, Inc.		228,723
	10,013	Fidelity National Information Services, Inc.		692,799
	11,628	Fifth Third Bancorp		399,305
	1,615	First American Financial Corp.		94,332
	136	First Citizens BancShares, Inc., Class A		214,038
	2,261	First Hawaiian, Inc.		47,391
	9,367	First Horizon Corp.		132,075
	7,429	Fiserv, Inc.*		1,108,927
	6,137	FNB Corp.		81,868
	4,845	Franklin Resources, Inc.		132,995
	4,520	Global Payments, Inc.		586,244
	1,615	Globe Life, Inc.		204,992
	5,490	Goldman Sachs Group, Inc. (The)(a)		2,135,885
	646	Hanover Insurance Group, Inc. (The)		84,930
	5,168	Hartford Financial Services Group, Inc. (The)		495,301
	646	Houlihan Lokey, Inc.		83,114
	24,496	Huntington Bancshares, Inc.		319,428
	1,615	Interactive Brokers Group, Inc., Class A		175,583
	9,690	Intercontinental Exchange, Inc.		1,341,290
	6,137	Invesco Ltd.		94,571
	967	Jack Henry & Associates, Inc.		168,036
	2,261	Janus Henderson Group PLC		70,453
	3,230	Jefferies Financial Group, Inc.		135,079
	49,026	JPMorgan Chase & Co.		9,121,778
	969	Kemper Corp.		55,553
	15,785	KeyCorp		225,252
	8,398	KKR & Co., Inc.		825,187
	1,938	Lazard, Inc.		74,690
	2,584	Lincoln National Corp.		71,163
	3,230	Loews Corp.		242,670
	2,907	M&T Bank Corp.		406,224
	322	Markel Group, Inc.*		480,579
	1,615	Marsh & McLennan Cos., Inc.		326,666
	10,982	MetLife, Inc.		765,885
	4,845	MGIC Investment Corp.		96,367
	322	Moody’s Corp.		122,173
	20,307	Morgan Stanley		1,747,214
	646	MSCI, Inc.		362,387
	5,814	Nasdaq, Inc.		326,747
	969	NCR Atleos Corp.*		21,085

  

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

GOLDMAN SACHS MARKETBETA^® RUSSELL 1000 VALUE EQUITY ETF

 

 

 

 

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	Financials – (continued)
	11,909	New York Community Bancorp, Inc.	$	57,044
	3,553	Northern Trust Corp.		291,808
	12,232	NU Holdings Ltd., Class A (Brazil)*		135,531
	4,522	Old Republic International Corp.		130,957
	1,938	OneMain Holdings, Inc.		91,532
	1,938	PayPal Holdings, Inc.*		116,939
	1,292	Pinnacle Financial Partners, Inc.		106,874
	6,783	PNC Financial Services Group, Inc. (The)		998,458
	1,292	Popular, Inc. (Puerto Rico)		108,115
	323	Primerica, Inc.		79,219
	4,199	Principal Financial Group, Inc.		339,531
	2,584	Progressive Corp. (The)		489,823
	1,615	Prosperity Bancshares, Inc.		100,792
	6,137	Prudential Financial, Inc.		668,872
	3,230	Raymond James Financial, Inc.		388,634
	15,785	Regions Financial Corp.		294,075
	969	Reinsurance Group of America, Inc.		171,368
	646	RenaissanceRe Holdings Ltd. (Bermuda)		145,234
	8,075	Rithm Capital Corp. REIT		87,533
	646	RLI Corp.		94,607
	11,305	Robinhood Markets, Inc., Class A*		184,385
	1,292	Rocket Cos., Inc., Class A*		16,228
	5,166	S&P Global, Inc.		2,213,011
	1,615	SEI Investments Co.		108,609
	2,261	SLM Corp.		47,097
	15,446	SoFi Technologies, Inc.*		138,705
	4,845	Starwood Property Trust, Inc. REIT		98,790
	5,491	State Street Corp.		404,851
	1,615	Stifel Financial Corp.		122,514
	7,106	Synchrony Financial		293,478
	2,584	Synovus Financial Corp.		98,037
	3,876	T. Rowe Price Group, Inc.		439,345
	969	TFS Financial Corp.		12,355
	646	TPG, Inc.		28,650
	1,292	Tradeweb Markets, Inc., Class A		136,719
	3,876	Travelers Cos., Inc. (The)		856,441
	22,568	Truist Financial Corp.		789,429
	3,230	Unum Group		159,723
	25,788	US Bancorp		1,082,064
	969	UWM Holdings Corp.		6,182
	1,615	Virtu Financial, Inc., Class A		29,151
	1,615	Voya Financial, Inc.		110,401
	3,553	W R Berkley Corp.		297,031
	2,907	Webster Financial Corp.		138,489
	62,309	Wells Fargo & Co.		3,463,757
	1,938	Western Alliance Bancorp		111,881
	5,491	Western Union Co. (The)		73,634
	323	WEX, Inc.*		70,973
	1	White Mountains Insurance Group Ltd.		1,765
	1,615	Willis Towers Watson PLC		440,265

	Shares	Description	Value
	Common Stocks – (continued)
	Financials – (continued)
	969	Wintrust Financial Corp.	$	93,363
	5,168	XP, Inc., Class A (Brazil)		122,171
	2,584	Zions Bancorp NA		101,887
				80,169,288
	Health Care – 14.7%
	27,397	Abbott Laboratories		3,250,380
	1,615	Acadia Healthcare Co., Inc.*		134,772
	969	Agilent Technologies, Inc.		133,102
	646	agilon health, Inc.*		3,960
	323	Alnylam Pharmaceuticals, Inc.*		48,802
	646	Amedisys, Inc.*		60,091
	2,907	Amgen, Inc.		796,024
	11,305	Avantor, Inc.*		278,555
	969	Azenta, Inc.*		63,130
	8,721	Baxter International, Inc.		356,863
	4,845	Becton Dickinson & Co.		1,141,240
	2,582	Biogen, Inc.*		560,268
	2,907	BioMarin Pharmaceutical, Inc.*		250,816
	323	Bio-Rad Laboratories, Inc., Class A*		105,259
	24,818	Boston Scientific Corp.*		1,643,200
	34,493	Bristol-Myers Squibb Co.		1,750,520
	1,939	Cardinal Health, Inc.		217,129
	2,907	Catalent, Inc.*		166,687
	9,044	Centene Corp.*		709,321
	1,292	Certara, Inc.*		21,809
	969	Charles River Laboratories International, Inc.*		246,310
	1	Chemed Corp.		626
	4,522	Cigna Group (The)		1,520,025
	3,868	Cooper Cos., Inc. (The)		362,045
	21,599	CVS Health Corp.		1,606,318
	11,303	Danaher Corp.		2,861,241
	3,553	DENTSPLY SIRONA, Inc.		116,112
	1,292	Doximity, Inc., Class A*		36,473
	8,398	Elanco Animal Health, Inc.*		133,444
	3,552	Elevance Health, Inc.		1,780,440
	1,615	Encompass Health Corp.		120,156
	969	Enovis Corp.*		57,956
	2,907	Envista Holdings Corp.*		60,030
	1,938	Exact Sciences Corp.*		111,493
	1,292	Exelixis, Inc.*		28,295
	1,615	Fortrea Holdings, Inc.*		60,627
	6,137	GE HealthCare Technologies, Inc.		560,185
	21,276	Gilead Sciences, Inc.		1,534,000
	1,292	Globus Medical, Inc., Class A*		69,755
	2,585	HCA Healthcare, Inc.		805,744
	2,261	Henry Schein, Inc.*		172,899
	4,199	Hologic, Inc.*		309,886
	1,291	Humana, Inc.		452,263
	1,291	ICON PLC*		413,920
	323	ICU Medical, Inc.*		35,281
	1,938	Illumina, Inc.*		270,991
	969	Incyte Corp.*		56,551
	1,292	Integra LifeSciences Holdings Corp.*		47,688
	323	Ionis Pharmaceuticals, Inc.*		14,603

  

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

GOLDMAN SACHS MARKETBETA^® RUSSELL 1000 VALUE EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	Health Care – (continued)
	323	IQVIA Holdings, Inc.*	$	79,833
	646	Jazz Pharmaceuticals PLC*		76,809
	40,951	Johnson & Johnson		6,608,672
	1,613	Laboratory Corp. of America Holdings		348,134
	646	Maravai LifeSciences Holdings, Inc., Class A*		4,994
	1,613	McKesson Corp.		841,034
	22,568	Medtronic PLC		1,881,268
	35,139	Merck & Co., Inc.		4,467,924
	5,491	Moderna, Inc.*		506,490
	644	Molina Healthcare, Inc.*		253,678
	4,199	Organon & Co.		73,105
	2,261	Perrigo Co. PLC		59,374
	96,292	Pfizer, Inc.		2,557,515
	1,938	Premier, Inc., Class A		40,427
	3,735	QIAGEN NV*		159,821
	1,938	Quest Diagnostics, Inc.		242,037
	969	QuidelOrtho Corp.*		44,186
	2,584	R1 RCM, Inc.*		36,305
	1,615	Regeneron Pharmaceuticals, Inc.*		1,560,235
	644	Repligen Corp.*		124,930
	2,261	Revvity, Inc.		247,783
	323	Roivant Sciences Ltd.*		3,695
	6,137	Royalty Pharma PLC, Class A		186,197
	646	Sotera Health Co.*		9,696
	1,615	STERIS PLC		376,150
	4,522	Stryker Corp.		1,578,495
	969	Tandem Diabetes Care, Inc.*		25,804
	2,907	Teladoc Health, Inc.*		43,838
	967	Teleflex, Inc.		215,438
	1,615	Tenet Healthcare Corp.*		150,195
	2,583	Thermo Fisher Scientific, Inc.		1,472,775
	646	United Therapeutics Corp.*		145,763
	2,583	UnitedHealth Group, Inc.		1,274,969
	969	Universal Health Services, Inc., Class B		161,881
	324	Vertex Pharmaceuticals, Inc.*		136,320
	20,307	Viatris, Inc.		251,198
	3,553	Zimmer Biomet Holdings, Inc.		441,851
				52,226,104
	Industrials – 14.3%
	9,367	3M Co.		862,888
	1,938	A O Smith Corp.		160,660
	646	Acuity Brands, Inc.		162,301
	2,261	AECOM		200,845
	969	AGCO Corp.		106,299
	1,615	Air Lease Corp.		64,761
	2,261	Alaska Air Group, Inc.*		84,539
	1,292	Allison Transmission Holdings, Inc.		97,326
	6,783	American Airlines Group, Inc.*		106,357
	3,876	AMETEK, Inc.		698,378
	646	Armstrong World Industries, Inc.		77,914
	969	Automatic Data Processing, Inc.		243,345
	323	Avis Budget Group, Inc.		34,897
	2,261	AZEK Co., Inc. (The)*		108,777

	Shares	Description	Value
	Common Stocks – (continued)
	Industrials – (continued)
	8,075	Boeing Co. (The)*	$	1,645,039
	323	Broadridge Financial Solutions, Inc.		65,756
	2,259	Builders FirstSource, Inc.*		440,912
	1,292	BWX Technologies, Inc.		130,272
	323	C.H. Robinson Worldwide, Inc.		23,928
	323	CACI International, Inc., Class A*		121,077
	967	Carlisle Cos., Inc.		338,450
	14,170	Carrier Global Corp.		787,569
	2,260	Caterpillar, Inc.		754,750
	2	Cintas Corp.		1,257
	8,075	Clarivate PLC*		57,978
	969	Clean Harbors, Inc.*		176,455
	16,431	CNH Industrial NV		196,350
	646	Concentrix Corp.		46,803
	2,261	Core & Main, Inc., Class A*		107,918
	969	Crane Co.		117,792
	29,664	CSX Corp.		1,125,452
	2,918	Cummins, Inc.		783,804
	646	Curtiss-Wright Corp.		152,630
	2,261	Dayforce, Inc.*		157,727
	323	Deere & Co.		117,911
	10,336	Delta Air Lines, Inc.		436,903
	1,292	Donaldson Co., Inc.		92,533
	2,261	Dover Corp.		373,924
	969	Driven Brands Holdings, Inc.*		13,362
	4,522	Dun & Bradstreet Holdings, Inc.		47,662
	6,783	Eaton Corp. PLC		1,960,287
	644	EMCOR Group, Inc.		201,907
	9,690	Emerson Electric Co.		1,035,376
	646	Equifax, Inc.		176,739
	969	Esab Corp.		96,047
	2,261	Expeditors International of Washington, Inc.		270,416
	2,584	Fastenal Co.		188,658
	3,876	FedEx Corp.		965,008
	3,230	Ferguson PLC		682,983
	2,261	Flowserve Corp.		95,686
	6,137	Fortive Corp.		522,443
	2,261	Fortune Brands Innovations, Inc.		183,910
	644	FTI Consulting, Inc.*		133,231
	1,938	Gates Industrial Corp. PLC*		28,527
	969	Generac Holdings, Inc.*		109,022
	4,198	General Dynamics Corp.		1,147,103
	18,369	General Electric Co.		2,881,912
	2,261	Genpact Ltd.		76,874
	1,615	Graco, Inc.		147,385
	1,938	GXO Logistics, Inc.*		100,311
	2,261	Hayward Holdings, Inc.*		33,440
	2,261	Hertz Global Holdings, Inc.*		17,749
	1,292	Hexcel Corp.		96,202
	10,011	Honeywell International, Inc.		1,989,486
	6,460	Howmet Aerospace, Inc.		429,913
	644	Hubbell, Inc.		245,151
	646	Huntington Ingalls Industries, Inc.		188,387
	1,292	IDEX Corp.		304,783

  

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

GOLDMAN SACHS MARKETBETA^® RUSSELL 1000 VALUE EQUITY ETF

 

 

 

 

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	Industrials – (continued)
	969	Illinois Tool Works, Inc.	$	254,023
	6,783	Ingersoll Rand, Inc.		619,491
	1,292	ITT, Inc.		162,973
	1,290	J.B. Hunt Transport Services, Inc.		266,140
	2,259	Jacobs Solutions, Inc.		331,282
	11,628	Johnson Controls International PLC		689,192
	1,615	KBR, Inc.		96,948
	969	Kirby Corp.*		85,001
	2,584	Knight-Swift Transportation Holdings, Inc.		145,583
	3,230	L3Harris Technologies, Inc.		683,662
	2	Landstar System, Inc.		380
	2,261	Leidos Holdings, Inc.		289,091
	645	Lennox International, Inc.		303,930
	969	ManpowerGroup, Inc.		69,923
	3,876	Masco Corp.		297,522
	969	MasTec, Inc.*		73,121
	3,553	MDU Resources Group, Inc.		77,029
	969	Mercury Systems, Inc.*		28,944
	969	Middleby Corp. (The)*		147,443
	644	MSA Safety, Inc.		118,593
	646	MSC Industrial Direct Co., Inc., Class A		65,207
	969	Nordson Corp.		257,415
	3,876	Norfolk Southern Corp.		982,101
	2,261	Northrop Grumman Corp.		1,042,366
	2,907	nVent Electric PLC		195,699
	1	Old Dominion Freight Line, Inc.		442
	969	Oshkosh Corp.		107,423
	6,460	Otis Worldwide Corp.		615,638
	1,615	Owens Corning		241,895
	8,721	PACCAR, Inc.		967,072
	2,260	Parker-Hannifin Corp.		1,210,117
	646	Paycor HCM, Inc.*		13,644
	2,907	Pentair PLC		226,136
	9,002	Plug Power, Inc.*		31,777
	1,936	Quanta Services, Inc.		467,563
	646	RB Global, Inc. (Canada)		49,038
	644	RBC Bearings, Inc.*		175,703
	969	Regal Rexnord Corp.		166,174
	3,553	Republic Services, Inc.		652,331
	1,938	Robert Half, Inc.		155,815
	24,504	RTX Corp.		2,197,274
	646	Ryder System, Inc.		73,709
	324	Saia, Inc.*		186,430
	969	Schneider National, Inc., Class B		22,820
	969	Science Applications International Corp.		135,621
	2,584	Sensata Technologies Holding PLC		88,941
	644	SiteOne Landscape Supply, Inc.*		108,501
	968	Snap-on, Inc.		266,839
	10,013	Southwest Airlines Co.		343,145
	1,615	Spirit AeroSystems Holdings, Inc., Class A*		46,189
	3,553	SS&C Technologies Holdings, Inc.		226,539

	Shares	Description	Value
	Common Stocks – (continued)
	Industrials – (continued)
	2,584	Stanley Black & Decker, Inc.	$	230,725
	1,615	Stericycle, Inc.*		87,840
	3,553	Sunrun, Inc.*		42,778
	646	Tetra Tech, Inc.		114,549
	3,230	Textron, Inc.		287,696
	969	Timken Co. (The)		81,386
	2,905	Trane Technologies PLC		819,123
	647	TransDigm Group, Inc.		761,998
	3,230	TransUnion		250,745
	969	U-Haul Holding Co.		61,599
	5,814	Union Pacific Corp.		1,474,954
	5,491	United Airlines Holdings, Inc.*		249,786
	9,042	United Parcel Service, Inc., Class B		1,340,567
	968	United Rentals, Inc.		671,085
	323	Valmont Industries, Inc.		68,453
	3,876	Veralto Corp.		334,964
	5,491	Vertiv Holdings Co., Class A		371,301
	1,938	Vestis Corp.		36,357
	646	Waste Management, Inc.		132,850
	324	Watsco, Inc.		127,695
	646	WESCO International, Inc.		96,571
	2,907	Westinghouse Air Brake Technologies Corp.		410,730
	2,584	WillScot Mobile Mini Holdings Corp.*		123,386
	969	Woodward, Inc.		137,104
	1,938	XPO, Inc.*		233,180
	3,553	Xylem, Inc.		451,409
				50,691,103
	Information Technology – 9.3%
	11,628	Advanced Micro Devices, Inc.*		2,238,739
	2,584	Akamai Technologies, Inc.*		286,617
	1,938	Amdocs Ltd.		176,746
	4,845	Amphenol Corp., Class A		529,268
	8,399	Analog Devices, Inc.		1,611,096
	322	ANSYS, Inc.*		107,603
	2,261	Applied Materials, Inc.		455,863
	2,584	AppLovin Corp., Class A*		154,316
	969	Arrow Electronics, Inc.*		113,857
	644	Aspen Technology, Inc.*		124,865
	1,615	Avnet, Inc.		75,243
	323	Bentley Systems, Inc., Class B		16,592
	1,615	BILL Holdings, Inc.*		102,278
	3,553	CCC Intelligent Solutions Holdings, Inc.*		41,606
	2	CDW Corp.		492
	2,584	Ciena Corp.*		147,236
	969	Cirrus Logic, Inc.*		88,974
	68,768	Cisco Systems, Inc.		3,326,308
	2,907	Cognex Corp.		114,681
	8,721	Cognizant Technology Solutions Corp., Class A		689,133
	1,938	Coherent Corp.*		115,272
	12,878	Corning, Inc.		415,187
	969	Crane NXT Co.		56,609
	969	Dolby Laboratories, Inc., Class A		78,489
	646	Dropbox, Inc., Class A*		15,472

  

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

GOLDMAN SACHS MARKETBETA^® RUSSELL 1000 VALUE EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	Information Technology – (continued)
	3,553	DXC Technology Co.*	$	77,669
	2,261	Entegris, Inc.		303,788
	969	F5, Inc.*		181,416
	1,936	First Solar, Inc.*		297,931
	8,075	Gen Digital, Inc.		173,532
	1,292	GLOBALFOUNDRIES, Inc.*		70,634
	969	GoDaddy, Inc., Class A*		110,611
	1,292	Guidewire Software, Inc.*		154,187
	646	HashiCorp, Inc., Class A*		16,841
	21,922	Hewlett Packard Enterprise Co.		333,872
	11,628	HP, Inc.		329,421
	646	Informatica, Inc., Class A*		21,047
	71,674	Intel Corp.		3,085,566
	15,462	International Business Machines
		Corp.		2,860,934
	646	IPG Photonics Corp.*		55,782
	646	Jabil, Inc.		93,082
	5,491	Juniper Networks, Inc.		203,332
	2,261	Keysight Technologies, Inc.*		348,872
	3,876	Kyndryl Holdings, Inc.*		85,156
	1	Lam Research Corp.		938
	323	Littelfuse, Inc.		76,952
	1,292	Lumentum Holdings, Inc.*		62,623
	14,493	Marvell Technology, Inc.		1,038,568
	2,584	Microchip Technology, Inc.		217,418
	18,369	Micron Technology, Inc.		1,664,415
	969	MKS Instruments, Inc.		118,954
	322	Motorola Solutions, Inc.		106,386
	969	nCino, Inc.*		28,915
	2,261	NCR Voyix Corp.*		33,033
	2,261	NetApp, Inc.		201,500
	2,907	Nutanix, Inc., Class A*		183,606
	2,261	Okta, Inc.*		242,605
	7,429	ON Semiconductor Corp.*		586,297
	15,139	Oracle Corp.		1,690,724
	969	PTC, Inc.*		177,337
	969	Pure Storage, Inc., Class A*		51,018
	1,615	Qorvo, Inc.*		184,998
	2,582	QUALCOMM, Inc.		407,414
	1,936	Roper Technologies, Inc.		1,054,597
	3,876	Salesforce, Inc.*		1,196,986
	3,230	SentinelOne, Inc., Class A*		90,989
	2,584	Skyworks Solutions, Inc.		271,113
	646	TD SYNNEX Corp.		67,119
	967	Teledyne Technologies, Inc.*		413,170
	323	Teradyne, Inc.		33,460
	9,044	Texas Instruments, Inc.		1,513,333
	4,199	Trimble, Inc.*		256,937
	2,261	Twilio, Inc., Class A*		134,733
	2	Tyler Technologies, Inc.*		874
	1,615	UiPath, Inc., Class A*		38,356
	2,907	Unity Software, Inc.*		85,233
	323	Universal Display Corp.		56,338
	1,613	VeriSign, Inc.*		315,003
	1,938	Viasat, Inc.*		37,927
	1,615	Vontier Corp.		69,445
	5,491	Western Digital Corp.*		326,550
	2,261	Wolfspeed, Inc.*		58,831

	Shares	Description	Value
	Common Stocks – (continued)
	Information Technology – (continued)
	646	Zebra Technologies Corp., Class A*	$	180,544
	4,199	Zoom Video Communications, Inc., Class A*		296,995
				33,458,449
	Materials – 4.6%
	3,875	Air Products and Chemicals, Inc.		906,905
	1,938	Albemarle Corp.		267,153
	2,907	Alcoa Corp.		79,099
	25,461	Amcor PLC		230,677
	969	AptarGroup, Inc.		136,106
	323	Ardagh Metal Packaging SA		1,059
	646	Ashland, Inc.		60,491
	969	Avery Dennison Corp.		209,818
	3,230	Axalta Coating Systems Ltd.*		105,718
	5,168	Ball Corp.		330,855
	1,938	Berry Global Group, Inc.		112,811
	1,615	Celanese Corp.		245,431
	3,230	CF Industries Holdings, Inc.		260,726
	2,584	Chemours Co. (The)		50,827
	8,721	Cleveland-Cliffs, Inc.*		181,397
	11,951	Corteva, Inc.		639,617
	1,938	Crown Holdings, Inc.		148,490
	11,951	Dow, Inc.		667,822
	7,752	DuPont de Nemours, Inc.		536,361
	2	Eagle Materials, Inc.		507
	1,938	Eastman Chemical Co.		170,040
	969	Ecolab, Inc.		217,870
	3,876	Element Solutions, Inc.		91,086
	1,938	FMC Corp.		109,284
	24,173	Freeport-McMoRan, Inc.		913,981
	23,782	Ginkgo Bioworks Holdings, Inc.*		36,149
	2,261	Graphic Packaging Holding Co.		58,673
	2,907	Huntsman Corp.		74,419
	4,199	International Flavors & Fragrances, Inc.		317,024
	5,814	International Paper Co.		205,583
	7,429	Linde PLC		3,334,284
	969	Louisiana-Pacific Corp.		71,677
	4,522	LyondellBasell Industries NV, Class A		453,466
	970	Martin Marietta Materials, Inc.		560,379
	5,491	Mosaic Co. (The)		171,100
	1,615	MP Materials Corp.*		24,564
	1	NewMarket Corp.		642
	19,661	Newmont Corp.		614,406
	4,199	Nucor Corp.		807,468
	2,261	Olin Corp.		121,642
	1,615	Packaging Corp. of America		292,622
	2,907	PPG Industries, Inc.		411,631
	969	Reliance, Inc.		311,262
	969	Royal Gold, Inc.		99,448
	1,615	RPM International, Inc.		186,290
	969	Sealed Air Corp.		33,789
	646	Sherwin-Williams Co. (The)		214,491
	1,292	Silgan Holdings, Inc.		56,732
	1,615	Sonoco Products Co.		91,538
	3,553	SSR Mining, Inc. (Canada)		15,278

  

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

GOLDMAN SACHS MARKETBETA^® RUSSELL 1000 VALUE EQUITY ETF

 

 

 

 

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	Materials – (continued)
	2,584	Steel Dynamics, Inc.	$	345,791
	3,876	United States Steel Corp.		183,490
	1,936	Vulcan Materials Co.		514,686
	646	Westlake Corp.		89,607
	4,199	Westrock Co.		190,173
				16,562,435
	Real Estate – 4.8%
	1,615	Agree Realty Corp. REIT		88,744
	2,907	Alexandria Real Estate Equities, Inc. REIT		362,590
	5,491	American Homes 4 Rent, Class A REIT		203,222
	4,522	Americold Realty Trust, Inc. REIT		114,407
	2,584	Apartment Income REIT Corp. REIT		78,347
	2,582	AvalonBay Communities, Inc. REIT		457,091
	2,584	Boston Properties, Inc. REIT		167,236
	5,168	Brixmor Property Group, Inc. REIT		116,848
	1,615	Camden Property Trust REIT		152,585
	5,168	CBRE Group, Inc., Class A*		474,888
	3,876	CoStar Group, Inc.*		337,328
	2,584	Cousins Properties, Inc. REIT		58,941
	6,460	Crown Castle, Inc. REIT		710,212
	3,876	CubeSmart REIT		169,032
	5,168	Digital Realty Trust, Inc. REIT		758,714
	967	EastGroup Properties, Inc. REIT		169,892
	1,292	EPR Properties REIT		53,075
	967	Equinix, Inc. REIT		859,489
	1,938	Equity LifeStyle Properties, Inc. REIT		130,466
	6,460	Equity Residential REIT		388,957
	969	Essex Property Trust, Inc. REIT		224,227
	3,553	Extra Space Storage, Inc. REIT		500,866
	1,292	Federal Realty Investment Trust REIT		130,298
	2,261	First Industrial Realty Trust, Inc. REIT		119,833
	4,199	Gaming and Leisure Properties, Inc. REIT		190,971
	6,460	Healthcare Realty Trust, Inc. REIT		89,019
	9,367	Healthpeak Properties, Inc. REIT		156,897
	1,615	Highwoods Properties, Inc. REIT		39,487
	11,951	Host Hotels & Resorts, Inc. REIT		247,864
	646	Howard Hughes Holdings, Inc.*		49,354
	10,336	Invitation Homes, Inc. REIT		352,148
	2,584	Iron Mountain, Inc. REIT		203,206
	967	Jones Lang LaSalle, Inc.*		183,962
	1,938	Kilroy Realty Corp. REIT		73,431
	10,336	Kimco Realty Corp. REIT		204,239
	323	Lamar Advertising Co., Class A REIT		35,708
	9,971	Medical Properties Trust, Inc. REIT		41,978

	Shares	Description	Value
	Common Stocks – (continued)
	Real Estate – (continued)
	1,938	Mid-America Apartment Communities, Inc. REIT	$	243,568
	1,292	National Storage Affiliates Trust REIT		46,267
	323	NET Lease Office Properties REIT		7,878
	3,230	NNN REIT, Inc. REIT		131,429
	3,876	Omega Healthcare Investors, Inc. REIT		120,621
	3,553	Park Hotels & Resorts, Inc. REIT		58,980
	15,784	Prologis, Inc. REIT		2,103,534
	1,290	Public Storage REIT		366,192
	2,584	Rayonier, Inc. REIT		88,967
	13,951	Realty Income Corp. REIT		726,987
	2,907	Regency Centers Corp. REIT		180,089
	3,553	Rexford Industrial Realty, Inc. REIT		180,777
	1,615	SBA Communications Corp. REIT		337,906
	4,199	Simon Property Group, Inc. REIT		622,040
	2,907	STAG Industrial, Inc. REIT		107,966
	1,615	Sun Communities, Inc. REIT		216,022
	5,168	UDR, Inc. REIT		183,464
	6,783	Ventas, Inc. REIT		286,853
	17,077	VICI Properties, Inc. REIT		511,115
	2,907	Vornado Realty Trust REIT		76,454
	3,553	W.P. Carey, Inc. REIT		200,140
	9,045	Welltower, Inc. REIT		833,587
	12,274	Weyerhaeuser Co. REIT		421,980
	969	Zillow Group, Inc., Class A*		52,384
	2,584	Zillow Group, Inc., Class C*		145,092
				16,945,844
	Utilities – 4.5%
	4,522	AES Corp. (The)		68,734
	4,199	Alliant Energy Corp.		200,502
	4,522	Ameren Corp.		321,921
	8,721	American Electric Power Co., Inc.		742,942
	3,230	American Water Works Co., Inc.		382,884
	2,584	Atmos Energy Corp.		291,760
	1,292	Avangrid, Inc.		40,220
	2,261	Brookfield Renewable Corp., Class A		53,631
	10,659	CenterPoint Energy, Inc.		293,123
	646	Clearway Energy, Inc., Class A		13,088
	1,292	Clearway Energy, Inc., Class C		28,166
	4,845	CMS Energy Corp.		277,958
	5,814	Consolidated Edison, Inc.		507,039
	5,491	Constellation Energy Corp.		924,959
	14,170	Dominion Energy, Inc.		677,751
	3,553	DTE Energy Co.		384,968
	12,878	Duke Energy Corp.		1,182,587
	6,460	Edison International		439,409
	3,553	Entergy Corp.		360,878
	4,199	Essential Utilities, Inc.		146,041
	3,876	Evergy, Inc.		192,017
	5,814	Eversource Energy		341,282

  

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

GOLDMAN SACHS MARKETBETA^® RUSSELL 1000 VALUE EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	Utilities – (continued)
	16,754	Exelon Corp.	$	600,463
	9,367	FirstEnergy Corp.		342,926
	1,938	Hawaiian Electric Industries, Inc.		23,605
	969	IDACORP, Inc.		85,379
	1,615	National Fuel Gas Co.		78,715
	34,170	NextEra Energy, Inc.		1,885,842
	7,106	NiSource, Inc.		185,182
	3,876	NRG Energy, Inc.		214,420
	3,230	OGE Energy Corp.		106,299
	33,847	PG&E Corp.		564,906
	1,938	Pinnacle West Capital Corp.		132,424
	12,555	PPL Corp.		331,075
	8,398	Public Service Enterprise Group, Inc.		524,035
	10,659	Sempra		752,525
	18,369	Southern Co. (The)		1,235,315
	3,553	UGI Corp.		86,978
	4,522	Vistra Corp.		246,630
	5,491	WEC Energy Group, Inc.		430,989
	9,367	Xcel Energy, Inc.		493,547
				16,193,115
	TOTAL COMMON STOCKS (Cost $342,727,853)			355,373,542
	Shares	Dividend Rate	Value
	Investment Company – 0.1%(a)
	Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares
	180,000	5.195%		180,000
	(Cost $180,000)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $342,907,853)			355,553,542
	Securities Lending Reinvestment Vehicle – 0.1%(a)
	Goldman Sachs Financial Square Government Fund - Institutional Shares
	238,896	5.219%		238,896
	(Cost $238,896)
	TOTAL INVESTMENTS – 99.8% (Cost $343,146,749)		$	355,792,438
	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2%			600,635
	NET ASSETS – 100.0%		$	356,393,073

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.

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

  

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

GOLDMAN SACHS MARKETBETA^® U.S. EQUITY ETF

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

 

	Shares	Description	Value
	Common Stocks – 99.7%
	Communication Services – 9.1%
	248,061	Alphabet, Inc., Class A*	$	34,346,526
	206,977	Alphabet, Inc., Class C*		28,931,245
	298,399	AT&T, Inc.		5,051,895
	4,146	Charter Communications, Inc., Class A*		1,218,634
	166,244	Comcast Corp., Class A		7,123,555
	11,291	Electronic Arts, Inc.		1,574,869
	10,373	Fox Corp., Class A		309,011
	5,502	Fox Corp., Class B		150,645
	619	Liberty Broadband Corp., Class A*		37,233
	4,723	Liberty Broadband Corp., Class C*		284,230
	6,122	Live Nation Entertainment, Inc.*		593,712
	11,644	Match Group, Inc.*		419,650
	91,941	Meta Platforms, Inc., Class A		45,063,042
	18,087	Netflix, Inc.*		10,905,014
	8,179	Omnicom Group, Inc.		722,942
	24,185	Pinterest, Inc., Class A*		887,589
	19,410	ROBLOX Corp., Class A*		774,459
	26,616	Sirius XM Holdings, Inc.(a)		117,643
	42,363	Snap, Inc., Class A*		466,840
	5,619	Spotify Technology SA*		1,440,768
	7,028	Take-Two Interactive Software, Inc.*		1,032,624
	19,007	T-Mobile US, Inc.		3,103,843
	18,412	Trade Desk, Inc. (The), Class A*		1,572,937
	175,570	Verizon Communications, Inc.		7,026,311
	76,302	Walt Disney Co. (The)		8,513,777
	92,582	Warner Bros Discovery, Inc.*		813,796
	5,149	Warner Music Group Corp., Class A		179,855
				162,662,645
	Consumer Discretionary – 10.6%
	17,479	Airbnb, Inc., Class A*		2,752,418
	376,141	Amazon.com, Inc.*		66,486,683
	11,749	Aptiv PLC*		933,928
	716	AutoZone, Inc.*		2,152,310
	8,128	Best Buy Co., Inc.		657,393
	1,456	Booking Holdings, Inc.*		5,050,616
	6,590	CarMax, Inc.*		520,610
	41,294	Carnival Corp.*		654,923
	1,125	Chipotle Mexican Grill, Inc.*		3,024,866
	45,188	Coupang, Inc. (South Korea)*		836,882
	12,791	D.R. Horton, Inc.		1,911,487
	5,051	Darden Restaurants, Inc.		862,256
	1,479	Domino’s Pizza, Inc.		663,110
	12,831	DoorDash, Inc., Class A*		1,598,358
	22,303	eBay, Inc.		1,054,486
	5,545	Expedia Group, Inc.*		758,667
	163,841	Ford Motor Co.		2,038,182
	6,270	Garmin Ltd.		861,184
	57,772	General Motors Co.		2,367,496
	5,692	Genuine Parts Co.		849,588
	10,518	Hilton Worldwide Holdings, Inc.		2,149,038
	41,930	Home Depot, Inc. (The)		15,958,977
	15,285	Las Vegas Sands Corp.		833,338
	10,283	Lennar Corp., Class A		1,629,959

	Shares	Description	Value
	Common Stocks – (continued)
	Consumer Discretionary – (continued)
	452	Lennar Corp., Class B	$	66,611
	10,611	LKQ Corp.		554,849
	24,442	Lowe’s Cos., Inc.		5,882,456
	34,919	Lucid Group, Inc.*(a)		115,233
	4,611	Lululemon Athletica, Inc.*		2,153,752
	10,856	Marriott International, Inc., Class A		2,712,589
	30,401	McDonald’s Corp.		8,885,604
	1,892	MercadoLibre, Inc. (Brazil)*		3,018,308
	11,613	MGM Resorts International*		502,611
	3,528	Mobileye Global, Inc., Class A (Israel)*		89,858
	50,871	NIKE, Inc., Class B		5,287,023
	124	NVR, Inc.*		945,571
	2,518	O’Reilly Automotive, Inc.*		2,738,123
	9,115	PulteGroup, Inc.		987,884
	27,588	Rivian Automotive, Inc., Class A*		312,296
	13,898	Ross Stores, Inc.		2,070,246
	9,176	Royal Caribbean Cruises Ltd.*		1,131,860
	46,969	Starbucks Corp.		4,457,358
	114,730	Tesla, Inc.*		23,161,692
	47,823	TJX Cos., Inc. (The)		4,741,172
	4,581	Tractor Supply Co.		1,165,040
	2,048	Ulta Beauty, Inc.*		1,123,451
	16,846	Yum China Holdings, Inc. (China)		722,525
	11,671	Yum! Brands, Inc.		1,615,500
				191,048,367
	Consumer Staples – 5.9%
	74,459	Altria Group, Inc.		3,046,118
	22,311	Archer-Daniels-Midland Co.		1,184,937
	2,042	Brown-Forman Corp., Class A		122,397
	12,734	Brown-Forman Corp., Class B		766,969
	8,058	Campbell Soup Co.		343,593
	10,170	Church & Dwight Co., Inc.		1,018,220
	5,113	Clorox Co. (The)		783,874
	162,429	Coca-Cola Co. (The)		9,748,989
	34,655	Colgate-Palmolive Co.		2,998,351
	19,794	Conagra Brands, Inc.		555,816
	6,580	Constellation Brands, Inc., Class A		1,635,262
	18,462	Costco Wholesale Corp.		13,733,697
	9,115	Dollar General Corp.		1,324,501
	8,663	Dollar Tree, Inc.*		1,270,689
	8,904	Estee Lauder Cos., Inc. (The), Class A		1,322,956
	24,404	General Mills, Inc.		1,566,249
	6,113	Hershey Co. (The)		1,148,755
	11,956	Hormel Foods Corp.		422,286
	4,112	J M Smucker Co. (The)		494,139
	10,668	Kellanova		588,340
	72,336	Kenvue, Inc.		1,374,384
	37,692	Keurig Dr Pepper, Inc.		1,127,368
	14,012	Kimberly-Clark Corp.		1,697,834
	32,722	Kraft Heinz Co. (The)		1,154,432
	29,486	Kroger Co. (The)		1,462,800
	10,358	McCormick & Co., Inc.		713,252

  

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

GOLDMAN SACHS MARKETBETA^® U.S. EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	Consumer Staples – (continued)
	7,212	Molson Coors Beverage Co., Class B	$	450,173
	56,729	Mondelez International, Inc., Class A		4,145,188
	21,033	Monster Beverage Corp.*		1,243,050
	57,462	PepsiCo, Inc.		9,500,767
	64,705	Philip Morris International, Inc.		5,820,862
	98,330	Procter & Gamble Co. (The)		15,628,570
	21,045	Sysco Corp.		1,704,014
	19,276	Target Corp.		2,947,686
	11,717	Tyson Foods, Inc., Class A		635,530
	29,630	Walgreens Boots Alliance, Inc.		629,934
	177,876	Walmart, Inc.		10,425,312
				104,737,294
	Energy – 3.6%
	41,989	Baker Hughes Co.		1,242,455
	10,068	Cheniere Energy, Inc.		1,562,554
	71,837	Chevron Corp.		10,919,942
	50,518	ConocoPhillips		5,685,296
	31,130	Coterra Energy, Inc.		802,531
	26,598	Devon Energy Corp.		1,171,908
	7,115	Diamondback Energy, Inc.		1,298,630
	24,394	EOG Resources, Inc.		2,792,137
	167,343	Exxon Mobil Corp.		17,490,690
	37,420	Halliburton Co.		1,312,319
	11,599	Hess Corp.		1,690,554
	81,589	Kinder Morgan, Inc.		1,418,833
	15,854	Marathon Petroleum Corp.		2,682,973
	29,148	Occidental Petroleum Corp.		1,766,660
	24,225	ONEOK, Inc.		1,819,782
	18,541	Phillips 66		2,642,278
	9,717	Pioneer Natural Resources Co.		2,285,341
	59,409	Schlumberger NV		2,871,237
	14,163	Valero Energy Corp.		2,003,498
	50,598	Williams Cos., Inc. (The)		1,818,492
				65,278,110
	Financials – 12.9%
	22,415	Aflac, Inc.		1,809,787
	10,895	Allstate Corp. (The)		1,737,970
	24,665	American Express Co.		5,411,994
	29,685	American International Group, Inc.		2,163,740
	4,248	Ameriprise Financial, Inc.		1,730,465
	8,376	Aon PLC, Class A		2,646,732
	16,905	Apollo Global Management, Inc.		1,889,979
	14,806	Arch Capital Group Ltd.*		1,296,858
	7,073	Ares Management Corp., Class A		938,092
	8,824	Arthur J Gallagher & Co.		2,152,438
	289,310	Bank of America Corp.		9,986,981
	31,424	Bank of New York Mellon Corp. (The)		1,762,572
	53,910	Berkshire Hathaway, Inc., Class B*		22,070,754
	6,180	BlackRock, Inc.		5,014,081
	29,298	Blackstone, Inc.		3,744,870
	22,857	Block, Inc.*		1,816,446
	15,714	Capital One Financial Corp.		2,162,404

	Shares	Description	Value
	Common Stocks – (continued)
	Financials – (continued)
	4,423	Cboe Global Markets, Inc.	$	849,216
	57,682	Charles Schwab Corp. (The)		3,852,004
	17,258	Chubb Ltd.		4,343,321
	6,435	Cincinnati Financial Corp.		733,590
	78,941	Citigroup, Inc.		4,380,436
	20,029	Citizens Financial Group, Inc.		628,710
	14,954	CME Group, Inc.		3,295,114
	6,518	Coinbase Global, Inc., Class A*		1,326,804
	10,373	Discover Financial Services		1,252,021
	1,411	Everest Group Ltd.		520,490
	10,757	Fidelity National Financial, Inc.		544,089
	24,703	Fidelity National Information Services, Inc.		1,709,201
	28,131	Fifth Third Bancorp		966,019
	25,288	Fiserv, Inc.*		3,774,740
	3,005	FleetCor Technologies, Inc.*		839,206
	11,790	Franklin Resources, Inc.		323,636
	10,823	Global Payments, Inc.		1,403,743
	3,939	Globe Life, Inc.		499,977
	13,821	Goldman Sachs Group, Inc. (The)(b)		5,377,060
	12,733	Hartford Financial Services Group, Inc. (The)		1,220,331
	59,733	Huntington Bancshares, Inc.		778,918
	4,217	Interactive Brokers Group, Inc., Class A		458,472
	23,663	Intercontinental Exchange, Inc.		3,275,433
	121,035	JPMorgan Chase & Co.		22,519,772
	38,553	KeyCorp		550,151
	27,947	KKR & Co., Inc.		2,746,072
	7,663	Loews Corp.		575,721
	6,922	M&T Bank Corp.		967,280
	544	Markel Group, Inc.*		811,909
	20,595	Marsh & McLennan Cos., Inc.		4,165,751
	34,977	Mastercard, Inc., Class A		16,605,681
	26,305	MetLife, Inc.		1,834,511
	6,607	Moody’s Corp.		2,506,828
	53,825	Morgan Stanley		4,631,103
	3,214	MSCI, Inc.		1,802,958
	14,238	Nasdaq, Inc.		800,176
	8,654	Northern Trust Corp.		710,753
	45,762	PayPal Holdings, Inc.*		2,761,279
	16,580	PNC Financial Services Group, Inc. (The)		2,440,576
	10,146	Principal Financial Group, Inc.		820,406
	24,408	Progressive Corp. (The)		4,626,781
	15,259	Prudential Financial, Inc.		1,663,078
	7,841	Raymond James Financial, Inc.		943,429
	38,818	Regions Financial Corp.		723,179
	4,274	Rocket Cos., Inc., Class A*		53,681
	13,370	S&P Global, Inc.		5,727,441
	13,269	State Street Corp.		978,323
	17,363	Synchrony Financial		717,092
	9,181	T. Rowe Price Group, Inc.		1,040,666
	9,627	Travelers Cos., Inc. (The)		2,127,182
	55,450	Truist Financial Corp.		1,939,641
	61,796	US Bancorp		2,592,960
	66,040	Visa, Inc., Class A		18,665,546

  

88  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)
	8,311	W R Berkley Corp.	$	694,800
	151,793	Wells Fargo & Co.		8,438,173
	4,448	Willis Towers Watson PLC		1,212,569
				230,084,162
	Health Care – 12.4%
	72,248	Abbott Laboratories		8,571,503
	73,646	AbbVie, Inc.		12,965,378
	12,274	Agilent Technologies, Inc.		1,685,957
	3,003	Align Technology, Inc.*		908,167
	5,130	Alnylam Pharmaceuticals, Inc.*		775,092
	22,201	Amgen, Inc.		6,079,300
	27,082	Avantor, Inc.*		667,300
	20,978	Baxter International, Inc.		858,420
	12,140	Becton Dickinson & Co.		2,859,577
	6,035	Biogen, Inc.*		1,309,535
	7,662	BioMarin Pharmaceutical, Inc.*		661,077
	60,907	Boston Scientific Corp.*		4,032,652
	85,002	Bristol-Myers Squibb Co.		4,313,851
	10,426	Cardinal Health, Inc.		1,167,503
	7,055	Cencora, Inc.		1,662,158
	22,893	Centene Corp.*		1,795,498
	12,277	Cigna Group (The)		4,126,791
	8,180	Cooper Cos., Inc. (The)		765,648
	53,432	CVS Health Corp.		3,973,738
	27,539	Danaher Corp.		6,971,222
	16,176	Dexcom, Inc.*		1,861,372
	25,085	Edwards Lifesciences Corp.*		2,128,964
	9,846	Elevance Health, Inc.		4,935,307
	35,307	Eli Lilly & Co.		26,610,180
	15,128	GE HealthCare Technologies, Inc.		1,380,884
	52,036	Gilead Sciences, Inc.		3,751,796
	8,198	HCA Healthcare, Inc.		2,555,317
	5,459	Henry Schein, Inc.*		417,450
	10,201	Hologic, Inc.*		752,834
	5,192	Humana, Inc.		1,818,861
	3,459	IDEXX Laboratories, Inc.*		1,989,721
	6,597	Illumina, Inc.*		922,458
	7,716	Incyte Corp.*		450,306
	14,509	Intuitive Surgical, Inc.*		5,594,670
	7,587	IQVIA Holdings, Inc.*		1,875,203
	100,507	Johnson & Johnson		16,219,820
	3,637	Laboratory Corp. of America Holdings		784,974
	5,651	McKesson Corp.		2,946,488
	55,507	Medtronic PLC		4,627,064
	105,912	Merck & Co., Inc.		13,466,711
	925	Mettler-Toledo International, Inc.*		1,153,678
	13,781	Moderna, Inc.*		1,271,159
	235,697	Pfizer, Inc.		6,260,112
	4,604	Quest Diagnostics, Inc.		574,994
	4,282	Regeneron Pharmaceuticals, Inc.*		4,136,797
	6,073	ResMed, Inc.		1,055,002
	15,417	Royalty Pharma PLC, Class A		467,752
	4,107	STERIS PLC		956,561
	13,225	Stryker Corp.		4,616,451

	Shares	Description	Value
	Common Stocks – (continued)
	Health Care – (continued)
	16,053	Thermo Fisher Scientific, Inc.	$	9,153,100
	38,760	UnitedHealth Group, Inc.		19,131,936
	6,051	Veeva Systems, Inc., Class A*		1,364,561
	10,746	Vertex Pharmaceuticals, Inc.*		4,521,272
	49,641	Viatris, Inc.		614,059
	2,471	Waters Corp.*		833,765
	3,066	West Pharmaceutical Services, Inc.		1,098,732
	8,716	Zimmer Biomet Holdings, Inc.		1,083,922
	19,313	Zoetis, Inc.		3,830,347
				223,364,947
	Industrials – 8.3%
	22,980	3M Co.		2,116,918
	5,117	A O Smith Corp.		424,199
	9,608	AMETEK, Inc.		1,731,170
	17,277	Automatic Data Processing, Inc.		4,338,773
	23,236	Boeing Co. (The)*		4,733,638
	4,884	Broadridge Financial Solutions, Inc.		994,285
	4,699	C.H. Robinson Worldwide, Inc.		348,102
	34,664	Carrier Global Corp.		1,926,625
	21,464	Caterpillar, Inc.		7,168,118
	3,606	Cintas Corp.		2,266,768
	35,294	Copart, Inc.*		1,875,876
	83,538	CSX Corp.		3,169,432
	5,987	Cummins, Inc.		1,608,168
	10,711	Deere & Co.		3,910,051
	26,586	Delta Air Lines, Inc.		1,123,790
	5,725	Dover Corp.		946,801
	16,527	Eaton Corp. PLC		4,776,303
	23,751	Emerson Electric Co.		2,537,794
	5,095	Equifax, Inc.		1,393,941
	6,142	Expeditors International of Washington, Inc.		734,583
	23,637	Fastenal Co.		1,725,737
	9,642	FedEx Corp.		2,400,569
	8,097	Ferguson PLC		1,712,111
	14,730	Fortive Corp.		1,253,965
	9,388	General Dynamics Corp.		2,565,271
	45,143	General Electric Co.		7,082,485
	27,762	Honeywell International, Inc.		5,517,142
	12,682	Illinois Tool Works, Inc.		3,324,586
	16,839	Ingersoll Rand, Inc.		1,537,906
	3,453	J.B. Hunt Transport Services, Inc.		712,388
	28,288	Johnson Controls International PLC		1,676,630
	7,850	L3Harris Technologies, Inc.		1,661,531
	5,650	Leidos Holdings, Inc.		722,409
	10,366	Lockheed Martin Corp.		4,439,136
	9,290	Masco Corp.		713,100
	9,530	Norfolk Southern Corp.		2,414,711
	6,301	Northrop Grumman Corp.		2,904,887
	4,001	Old Dominion Freight Line, Inc.		1,770,363
	17,302	Otis Worldwide Corp.		1,648,881
	21,458	PACCAR, Inc.		2,379,478
	5,295	Parker-Hannifin Corp.		2,835,208
	13,349	Paychex, Inc.		1,636,854
	2,097	Paycom Software, Inc.		382,472

  

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

GOLDMAN SACHS MARKETBETA^® U.S. EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	Industrials – (continued)
	5,993	Quanta Services, Inc.	$	1,447,370
	8,634	Republic Services, Inc.		1,585,202
	4,761	Rockwell Automation, Inc.		1,357,266
	12,989	Rollins, Inc.		572,425
	60,954	RTX Corp.		5,465,745
	2,123	Snap-on, Inc.		585,226
	24,609	Southwest Airlines Co.		843,350
	9,141	SS&C Technologies Holdings, Inc.		582,830
	6,235	Stanley Black & Decker, Inc.		556,723
	8,140	Textron, Inc.		725,030
	9,539	Trane Technologies PLC		2,689,712
	2,139	TransDigm Group, Inc.		2,519,186
	8,075	TransUnion		626,862
	81,346	Uber Technologies, Inc.*		6,467,007
	25,419	Union Pacific Corp.		6,448,546
	13,472	United Airlines Holdings, Inc.*		612,841
	30,259	United Parcel Service, Inc., Class B		4,486,199
	2,895	United Rentals, Inc.		2,007,017
	6,046	Verisk Analytics, Inc.		1,462,527
	1,666	W.W. Grainger, Inc.		1,621,784
	16,919	Waste Management, Inc.		3,479,392
	7,354	Westinghouse Air Brake Technologies Corp.		1,039,047
	9,868	Xylem, Inc.		1,253,729
				149,578,171
	Information Technology – 30.4%
	26,527	Accenture PLC, Class A		9,941,789
	18,986	Adobe, Inc.*		10,637,476
	66,735	Advanced Micro Devices, Inc.*		12,848,490
	6,209	Akamai Technologies, Inc.*		688,702
	4,983	Amdocs Ltd.		454,450
	24,576	Amphenol Corp., Class A		2,684,682
	21,044	Analog Devices, Inc.		4,036,660
	3,596	ANSYS, Inc.*		1,201,675
	619,020	Apple, Inc.		111,887,865
	34,958	Applied Materials, Inc.		7,048,232
	9,846	Arista Networks, Inc.*		2,732,659
	3,993	ARM Holdings PLC ADR*		563,173
	6,295	Atlassian Corp., Class A*		1,305,709
	8,882	Autodesk, Inc.*		2,293,066
	19,177	Broadcom, Inc.		24,939,497
	11,273	Cadence Design Systems, Inc.*		3,431,276
	5,626	CDW Corp.		1,385,178
	170,146	Cisco Systems, Inc.		8,229,962
	11,699	Cloudflare, Inc., Class A*		1,152,819
	21,093	Cognizant Technology Solutions Corp., Class A		1,666,769
	31,918	Corning, Inc.		1,029,036
	9,117	Crowdstrike Holdings, Inc., Class A*		2,955,276
	11,922	Datadog, Inc., Class A*		1,567,266
	10,273	Dell Technologies, Inc., Class C		972,442
	5,542	Enphase Energy, Inc.*		703,889
	2,378	EPAM Systems, Inc.*		723,863
	1,021	Fair Isaac Corp.*		1,296,578
	28,102	Fortinet, Inc.*		1,942,129

	Shares	Description	Value
	Common Stocks – (continued)
	Information Technology – (continued)
	3,174	Gartner, Inc.*	$	1,477,687
	25,652	Gen Digital, Inc.		551,262
	3,114	GLOBALFOUNDRIES, Inc.*		170,242
	53,692	Hewlett Packard Enterprise Co.		817,729
	40,919	HP, Inc.		1,159,235
	1,985	HubSpot, Inc.*		1,228,338
	174,126	Intel Corp.		7,496,124
	37,901	International Business Machines Corp.		7,012,822
	11,355	Intuit, Inc.		7,527,116
	7,452	Keysight Technologies, Inc.*		1,149,844
	5,702	KLA Corp.		3,890,475
	5,598	Lam Research Corp.		5,252,324
	35,780	Marvell Technology, Inc.		2,563,995
	22,354	Microchip Technology, Inc.		1,880,866
	45,553	Micron Technology, Inc.		4,127,557
	306,428	Microsoft Corp.		126,750,878
	2,875	MongoDB, Inc.*		1,286,793
	7,005	Motorola Solutions, Inc.		2,314,382
	8,812	NetApp, Inc.		785,325
	99,127	NVIDIA Corp.		78,421,352
	6,187	Okta, Inc.*		663,865
	17,899	ON Semiconductor Corp.*		1,412,589
	64,922	Oracle Corp.		7,250,489
	76,118	Palantir Technologies, Inc., Class A*		1,909,039
	13,037	Palo Alto Networks, Inc.*		4,048,640
	46,484	QUALCOMM, Inc.		7,334,710
	4,466	Roper Technologies, Inc.		2,432,764
	39,297	Salesforce, Inc.*		12,135,700
	8,068	Seagate Technology Holdings PLC		750,727
	8,525	ServiceNow, Inc.*		6,575,674
	6,615	Skyworks Solutions, Inc.		694,046
	11,400	Snowflake, Inc., Class A*		2,146,392
	6,327	Splunk, Inc.*		988,404
	6,289	Synopsys, Inc.*		3,608,188
	13,165	TE Connectivity Ltd.		1,889,967
	6,487	Teradyne, Inc.		671,988
	37,763	Texas Instruments, Inc.		6,318,883
	10,231	Trimble, Inc.*		626,035
	7,220	Twilio, Inc., Class A*		430,240
	10,298	Unity Software, Inc.*		301,937
	3,706	VeriSign, Inc.*		723,745
	13,275	Western Digital Corp.*		789,464
	8,561	Workday, Inc., Class A*		2,522,584
	2,095	Zebra Technologies Corp., Class A*		585,511
	10,629	Zoom Video Communications, Inc., Class A*		751,789
	3,597	Zscaler, Inc.*		870,366
				544,618,690
	Materials – 2.2%
	9,141	Air Products and Chemicals, Inc.		2,139,360
	4,922	Albemarle Corp.		678,498
	60,301	Amcor PLC		546,327
	12,849	Ball Corp.		822,593
	4,541	Celanese Corp.		690,096

  

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

GOLDMAN SACHS MARKETBETA^® U.S. EQUITY ETF

 

 

 

 

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	Materials – (continued)
	29,634	Corteva, Inc.	$	1,586,012
	28,816	CRH PLC		2,429,477
	29,542	Dow, Inc.		1,650,807
	17,411	DuPont de Nemours, Inc.		1,204,667
	10,571	Ecolab, Inc.		2,376,783
	59,558	Freeport-McMoRan, Inc.		2,251,888
	10,650	International Flavors & Fragrances, Inc.		804,075
	14,375	International Paper Co.		508,300
	20,409	Linde PLC		9,159,967
	10,666	LyondellBasell Industries NV, Class A		1,069,586
	2,566	Martin Marietta Materials, Inc.		1,482,404
	13,815	Mosaic Co. (The)		430,475
	48,123	Newmont Corp.		1,503,844
	10,429	Nucor Corp.		2,005,497
	3,642	Packaging Corp. of America		659,894
	9,746	PPG Industries, Inc.		1,380,033
	9,862	Sherwin-Williams Co. (The)		3,274,480
	3,559	Southern Copper Corp. (Mexico)		287,781
	5,554	Vulcan Materials Co.		1,476,531
				40,419,375
	Real Estate – 2.2%
	6,504	Alexandria Real Estate Equities, Inc. REIT		811,244
	19,444	American Tower Corp. REIT		3,866,634
	5,952	AvalonBay Communities, Inc. REIT		1,053,683
	12,813	CBRE Group, Inc., Class A*		1,177,387
	16,921	CoStar Group, Inc.*		1,472,635
	17,927	Crown Castle, Inc. REIT		1,970,894
	12,659	Digital Realty Trust, Inc. REIT		1,858,468
	3,927	Equinix, Inc. REIT		3,490,396
	14,278	Equity Residential REIT		859,678
	2,623	Essex Property Trust, Inc. REIT		606,962
	8,720	Extra Space Storage, Inc. REIT		1,229,258
	22,619	Healthpeak Properties, Inc. REIT		378,868
	29,264	Host Hotels & Resorts, Inc. REIT		606,935
	23,692	Invitation Homes, Inc. REIT		807,187
	11,923	Iron Mountain, Inc. REIT		937,625
	4,740	Mid-America Apartment Communities, Inc. REIT		595,723
	574	NET Lease Office Properties REIT		14,000
	38,468	Prologis, Inc. REIT		5,126,630
	6,594	Public Storage REIT		1,871,839
	29,600	Realty Income Corp. REIT		1,542,456
	4,491	SBA Communications Corp. REIT		939,652
	13,486	Simon Property Group, Inc. REIT		1,997,816
	12,716	UDR, Inc. REIT		451,418
	16,517	Ventas, Inc. REIT		698,504
	42,287	VICI Properties, Inc. REIT		1,265,650
	8,682	W.P. Carey, Inc. REIT		489,057
	23,119	Welltower, Inc. REIT		2,130,647

	Shares	Description	Value
	Common Stocks – (continued)
	Real Estate – (continued)
	30,329	Weyerhaeuser Co. REIT	$	1,042,711
				39,293,957
	Utilities – 2.1%
	10,357	Alliant Energy Corp.		494,547
	10,803	Ameren Corp.		769,065
	21,425	American Electric Power Co., Inc.		1,825,196
	8,122	American Water Works Co., Inc.		962,782
	6,166	Atmos Energy Corp.		696,203
	2,992	Avangrid, Inc.		93,141
	26,142	CenterPoint Energy, Inc.		718,905
	12,136	CMS Energy Corp.		696,242
	14,393	Consolidated Edison, Inc.		1,255,213
	13,502	Constellation Energy Corp.		2,274,412
	34,741	Dominion Energy, Inc.		1,661,662
	8,577	DTE Energy Co.		929,318
	32,171	Duke Energy Corp.		2,954,263
	15,883	Edison International		1,080,362
	8,735	Entergy Corp.		887,214
	9,342	Evergy, Inc.		462,803
	14,414	Eversource Energy		846,102
	41,463	Exelon Corp.		1,486,034
	22,675	FirstEnergy Corp.		830,132
	84,450	NextEra Energy, Inc.		4,660,795
	17,036	NiSource, Inc.		443,958
	102,385	PG&E Corp.		1,708,806
	30,661	PPL Corp.		808,530
	20,655	Public Service Enterprise Group, Inc.		1,288,872
	26,247	Sempra		1,853,038
	45,451	Southern Co. (The)		3,056,580
	13,177	WEC Energy Group, Inc.		1,034,263
	22,903	Xcel Energy, Inc.		1,206,759
				36,985,197
	TOTAL COMMON STOCKS (Cost $1,477,889,757)			1,788,070,915
	Shares	Dividend Rate	Value
	Investment Company – 0.2%(b)
	Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares
	3,503,891	5.195%		3,503,891
	(Cost $3,503,891)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $1,481,393,648)			1,791,574,806

  

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

GOLDMAN SACHS MARKETBETA^® U.S. EQUITY ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

	Shares	Dividend Rate	Value
	Securities Lending Reinvestment Vehicle – 0.0%(b)
	Goldman Sachs Financial Square Government Fund - Institutional Shares
	235,407	5.219%	$	235,407
	(Cost $235,407)
	TOTAL INVESTMENTS – 99.9% (Cost $1,481,629,055)		$	1,791,810,213
	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1%			2,314,465
	NET ASSETS – 100.0%		$	1,794,124,678

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 February 29, 2024, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
S&P 500 E-Mini Index		12		03/15/24	$	3,062,250	$	225,289

  

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

GOLDMAN SACHS MARKETBETA^® ETFS

 

Statements of Assets and Liabilities

February 29, 2024 (Unaudited)

 

		MarketBeta® Emerging Markets Equity ETF		MarketBeta® International Equity ETF		MarketBeta® Russell 1000 Growth Equity ETF		MarketBeta® Russell 1000 Value Equity  ETF
	Assets:
	Investments in unaffiliated issuers, at value (cost $100,008,877, $646,714,101, $412,004,673 and $340,627,809, respectively)(a)	$	107,675,662	$	718,526,505	$	445,371,269	$	353,237,657
	Investments in affiliated issuers, at value (cost $472,468, $2,040,168, $76,423 and $2,280,044, respectively)		472,468		2,040,168		76,423		2,315,885
	Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		444,040		4,091,567		6,529		238,896
	Cash		—		2,171		9,339		17,493
	Foreign Currency, at value (cost $40,765, $163,410, $– and $–, respectively)		39,066		160,707		—		—
	Receivables:
	Dividends		187,639		1,124,302		317,799		876,379
	Securities lending income		1,045		1,687		—		—
	Investments sold		—		583,124		—		46,343,254
	Collateral on futures contracts		—		96,559		—		—
	Foreign tax reclaims		—		421,599		—		—
	Fund shares sold		—		11,016,128		—		—
	Variation margin on futures contracts		—		5,918		—		—
	Total assets		108,819,920		738,070,435		445,781,359		403,029,564
	Liabilities:
	Payables:
	Foreign capital gains taxes		548,743		—		—		—
	Payable upon return of securities loaned		444,040		4,091,567		6,529		238,896
	Management fees		30,285		111,799		39,916		38,218
	Investments purchased		4,629		11,016,863		9,690		17,244
	Due to custodian		772		—		—		—
	Fund shares redeemed		—		—		—		46,342,133
	Total liabilities		1,028,469		15,220,229		56,135		46,636,491
	Net Assets:
	Paid-in capital		102,979,856		638,997,349		408,722,805		338,350,658
	Total distributable earnings (loss)		4,811,595		83,852,857		37,002,419		18,042,415
	NET ASSETS	$	107,791,451	$	722,850,206	$	445,725,224	$	356,393,073
	SHARES ISSUED AND OUTSTANDING
	Shares outstanding no par value (unlimited shares authorized):		2,550,000		13,100,000		9,750,000		8,075,000
	Net asset value per share:	$	42.27	$	55.18	$	45.72	$	44.14

(a) Includes loaned securities having a market value of $426,601, $3,926,011, $6,337 and $232,705 for MarketBeta^® Emerging Markets Equity ETF, MarketBeta^® International Equity ETF, MarketBeta^® Russell 1000 Growth Equity ETF and MarketBeta^® Russell 1000 Value Equity ETF, respectively.

  

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

GOLDMAN SACHS MARKETBETA^® ETFS

 

Statements of Assets and Liabilities (continued)

February 29, 2024 (Unaudited)

 

		MarketBeta® U.S. Equity ETF
	Assets:
	Investments in unaffiliated issuers, at value (cost $1,473,410,724)(a)	$	1,782,693,855
	Investments in affiliated issuers, at value (cost $7,982,924)		8,880,951
	Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		235,407
	Cash		43,227
	Receivables:
	Investments sold		10,472,016
	Dividends		2,493,849
	Collateral on futures contracts		155,760
	Securities lending income		5,363
	Variation margin on futures contracts		13,650
	Total assets		1,804,994,078
	Liabilities:
	Payables:
	Fund shares redeemed		10,491,956
	Payable upon return of securities loaned		235,407
	Management fees		97,870
	Investments purchased		44,167
	Total liabilities		10,869,400
	Net Assets:
	Paid-in capital		1,444,091,023
	Total distributable earnings (loss)		350,033,655
	NET ASSETS	$	1,794,124,678
	SHARES ISSUED AND OUTSTANDING
	Shares outstanding no par value (unlimited shares authorized):		25,650,000
	Net asset value per share:	$	69.95

(a) Includes loaned securities having a market value of $227,206 for MarketBeta^® U.S. Equity ETF.

  

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

GOLDMAN SACHS MARKETBETA^® ETFS

 

Statements of Operations

For the Six Months Ended February 29, 2024 (Unaudited)

 

		MarketBeta® Emerging Markets Equity ETF			MarketBeta® International Equity ETF			MarketBeta® Russell 1000 Growth Equity ETF*			MarketBeta® Russell 1000 Value Equity ETF*
	Investment income:
	Dividends — unaffiliated issuers (net of foreign withholding taxes of $61,098, $481,806, $4 and $3, respectively)	$	463,815		$	5,317,336		$	711,735		$	1,691,247
	Dividends — affiliated issuers		6,534			35,338			1,551			19,464
	Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer		3,144			19,398			—			—
	Total Investment Income		473,493			5,372,072			713,286			1,710,711
	Expenses:
	Management fees		132,786			789,236			93,662			91,334
	Trustee fees		8,532			9,329			—			—
	Total expenses		141,318			798,565			93,662			91,334
	Less — expense reductions		(28,627	)		(160,905	)		(52	)		(74	)
	Net expenses		112,691			637,660			93,610			91,260
	NET INVESTMENT INCOME		360,802			4,734,412			619,676			1,619,451
	Realized and Unrealized gain (loss):
	Net realized gain (loss) from:
	Investments — unaffiliated issuers		(303,932	)		(3,146,355	)		1,243,709			14,171
	Investments — affiliated issuers		—			—			—			43
	In-kind redemptions — affiliated issuers		—			—			—			12,890
	In-kind redemptions — unaffiliated issuers		(118	)		21,937,549			1,780,795			3,760,911
	Futures contracts		(2,087	)		(18,947	)		—			—
	Foreign currency transactions		39,017			929			—			—
	Net change in unrealized gain (loss) on:
	Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $403,213, $–, $– and $–, respectively)		3,728,975			48,432,617			33,366,596			12,609,848
	Investment transactions in affiliated securities		—			—			—			35,841
	Futures contracts		342			151,156			—			—
	Foreign currency translations		(3,690	)		(31,853	)		—			—
	Net realized and unrealized gain		3,458,507			67,325,096			36,391,100			16,433,704
	NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,819,309		$	72,059,508		$	37,010,776		$	18,053,155

*  For the period November 28, 2023 (commencement of operations) through February 29, 2024.

  

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

GOLDMAN SACHS MARKETBETA^® ETFS

 

Statements of Operations (continued)

For the Six Months Ended February 29, 2024 (Unaudited)

 

		MarketBeta® U.S. Equity ETF
	Investment income:
	Dividends — unaffiliated issuers (net of foreign withholding taxes of $ 59)	$	11,607,711
	Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer		314,277
	Dividends — affiliated issuers		137,755
	Total Investment Income		12,059,743
	Expenses:
	Management fees		659,667
	Trustee fees		10,370
	Total expenses		670,037
	Less — expense reductions		(150,963	)
	Net expenses		519,074
	NET INVESTMENT INCOME		11,540,669
	Realized and Unrealized gain (loss):
	Net realized gain (loss) from:
	Investments — unaffiliated issuers		(2,658,389	)
	Investments — affiliated issuers		(3,402	)
	In-kind redemptions — affiliated issuers		151,066
	In-kind redemptions — unaffiliated issuers		48,527,747
	Futures contracts		(12,901	)
	Net change in unrealized gain (loss) on:
	Investments — unaffiliated issuers		188,166,478
	Investment transactions in affiliated securities		747,765
	Futures contracts		221,297
	Net realized and unrealized gain		235,139,661
	NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	246,680,330

  

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

GOLDMAN SACHS MARKETBETA^® ETFS

 

Statements of Changes in Net Assets

February 29, 2024

 

	MarketBeta® Emerging Markets  Equity ETF						MarketBeta® International  Equity ETF
	For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023			For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023
From operations:
Net investment income	$	360,802		$	698,232		$	4,734,412		$	11,193,368
Net realized gain (loss)		(267,120	)		(1,150,761	)		18,773,176			5,704,950
Net change in unrealized gain		3,725,627			751,467			48,551,920			40,065,594
Net increase in net assets resulting from operations		3,819,309			298,938			72,059,508			56,963,912
Distributions to shareholders:
From distributable earnings		(563,857	)		(708,842	)		(4,147,759	)		(10,832,595	)
From share transactions:
Proceeds from sales of shares		78,012,312			–			297,680,752			108,284,224
Cost of shares redeemed		–			(6,047,689	)		(80,221,062	)		(73,987,067	)
Net increase (decrease) in net assets resulting from share transactions		78,012,312			(6,047,689	)		217,459,690			34,297,157
TOTAL INCREASE (DECREASE)		81,267,764			(6,457,593	)		285,371,439			80,428,474
Net Assets:
Beginning of period	$	26,523,687		$	32,981,280		$	437,478,767		$	357,050,293
End of period	$	107,791,451		$	26,523,687		$	722,850,206		$	437,478,767

  

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

GOLDMAN SACHS MARKETBETA^® ETFS

 

Statements of Changes in Net Assets (continued)

February 29, 2024

 

		MarketBeta® Russell 1000  Growth Equity ETF			MarketBeta® Russell 1000  Value Equity ETF			MarketBeta® U.S. Equity ETF
		For the Period November 28, 2023* to February 29, 2024 (Unaudited)			For the Period November 28, 2023* to February 29, 2024 (Unaudited)			For the Six Months Ended February 29, 2024 (Unaudited)			For the Fiscal Year Ended August 31, 2023
	From operations:
	Net investment income	$	619,676		$	1,619,451		$	11,540,669		$	13,132,081
	Net realized gain		3,024,504			3,788,015			46,004,121			33,617,047
	Net change in unrealized gain		33,366,596			12,645,689			189,135,540			98,152,387
	Net increase in net assets resulting from operations		37,010,776			18,053,155			246,680,330			144,901,515
	Distributions to shareholders:
	From distributable earnings		(8,357	)		(10,740	)		(10,078,921	)		(12,492,359	)
	From share transactions:
	Proceeds from sales of shares		441,245,638			421,199,138			655,372,957			351,057,391
	Cost of shares redeemed		(32,522,833	)		(82,848,480	)		(114,786,568	)		(151,765,428	)
	Net increase in net assets resulting from share transactions		408,722,805			338,350,658			540,586,389			199,291,963
	TOTAL INCREASE		445,725,224			356,393,073			777,187,798			331,701,119
	Net Assets:
	Beginning of period	$	–		$	–		$	1,016,936,880		$	685,235,761
	End of period	$	445,725,224		$	356,393,073		$	1,794,124,678		$	1,016,936,880

* Commencement of operations.

  

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

GOLDMAN SACHS MARKETBETA ETFS

 

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

 

 

	MarketBeta® Emerging Markets Equity ETF
	For the Six Months  Ended February 29, 2024 (Unaudited)				For the Fiscal Year Ended August 31,												For the Period May 12, 2020* to  August 31, 2020
					2023				2022				2021
Per Share Operating Performance:
Net asset value, beginning of period		$	40.81			$	41.23			$	55.68			$	48.15			$	39.60
Net investment income(a)			0.23				0.96				1.35	(b)			0.89				0.49
Net realized and unrealized gain (loss)			1.72				(0.34	)			(11.93	)			8.14				8.06
Total from investment operations			1.95				0.62				(10.58	)			9.03				8.55
Distributions to shareholders from net investment income			(0.49	)			(1.04	)			(3.87	)			(1.50	)			–
Net asset value, end of period		$	42.27			$	40.81			$	41.23			$	55.68			$	48.15
Market price, end of period		$	42.26			$	40.81			$	41.16			$	55.72			$	48.36
Total Return at Net Asset Value(c)			4.89	%			1.61	%			(20.01	)%			19.35	%			21.54	%
Net assets, end of period (in 000’s)		$	107,791			$	26,524			$	32,981			$	36,191			$	38,517
Ratio of net expenses to average net assets			0.36	%(d)			0.36	%			0.36	%			0.36	%			0.36	%(d)
Ratio of total expenses to average net assets			0.45	%(d)			0.45	%			0.45	%			0.45	%			0.45	%(d)
Ratio of net investment income to average net assets			1.14	%(d)			2.40	%			2.87	%(b)			1.63	%			3.60	%(d)
Portfolio turnover rate(e)			2	%			13	%			18	%			21	%			23	%

^*  Commencement of operations.

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

^(b)  Reflects income recognized from non-recurring special dividends which amounted to $0.32 per share and 0.67% of average net assets.

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

^(d)  Annualized.

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

  

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

GOLDMAN SACHS MARKETBETA ETFS

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

	MarketBeta® International Equity ETF
	For the Six Months Ended February 29, 2024 (Unaudited)				For the Fiscal Year Ended August 31,												For the Period May 12, 2020* to August 31, 2020
					2023				2022				2021
Per Share Operating Performance:
Net asset value, beginning of period		$	50.87			$	44.63			$	57.61			$	46.79			$	40.14
Net investment income(a)			0.38				1.45				1.63				1.28				0.30
Net realized and unrealized gain (loss)			4.26				6.17				(12.83	)			10.84				6.35
Total from investment operations			4.64				7.62				(11.20	)			12.12				6.65
Distributions to shareholders from net investment income			(0.33	)			(1.38	)			(1.78	)			(1.30	)			–
Net asset value, end of period		$	55.18			$	50.87			$	44.63			$	57.61			$	46.79
Market price, end of period		$	55.22			$	50.84			$	44.33			$	57.80			$	46.82
Total Return at Net Asset Value(b)			9.17	%			17.22	%			(19.80	)%			26.20	%			16.57	%
Net assets, end of period (in 000’s)		$	722,850			$	437,479			$	357,050			$	357,192			$	280,723
Ratio of net expenses to average net assets			0.20	%(c)			0.20	%			0.20	%			0.20	%			0.20	%(c)
Ratio of total expenses to average net assets			0.25	%(c)			0.25	%			0.25	%			0.25	%			0.25	%(c)
Ratio of net investment income to average net assets			1.48	%(c)			2.96	%			3.15	%			2.41	%			2.15	%(c)
Portfolio turnover rate(d)			2	%			4	%			7	%			5	%			1	%

^*  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 redemption 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 redemption 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.

  

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

GOLDMAN SACHS MARKETBETA ETFS

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout the Period

 

 

	MarketBeta® Russell 1000 Growth Equity ETF
	For the Period November 28, 2023* to February 29, 2024 (Unaudited)
Per Share Operating Performance:
Net asset value, beginning of period		$	40.15
Net investment income(a)			0.09	(b)
Net realized and unrealized gain			5.48
Total from investment operations			5.57
Distributions to shareholders from net investment income			–	(c)
Net asset value, end of period		$	45.72
Market price, end of period		$	45.77
Total Return at Net Asset Value(d)			13.88	%
Net assets, end of period (in 000’s)		$	445,725
Ratio of net expenses to average net assets			0.12	%(e)
Ratio of net investment income to average net assets			0.79	%(b)(e)
Portfolio turnover rate(f)			10	%

^*  Commencement of operations.

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

^(b)  Reflects income recognized from non-recurring special dividends which amounted to $0.01 per share and 0.11% of average net assets. (c) Amount is less than $0.005 per share.

^(d)  Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption 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 redemption of Fund shares. Total returns for periods less than one full year are not annualized.

^(e)  Annualized.

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

  

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

GOLDMAN SACHS MARKETBETA ETFS

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout the Period

 

 

	MarketBeta® Russell 1000 Value Equity ETF
	For the Period November 28, 2023* to February 29, 2024 (Unaudited)
Per Share Operating Performance:
Net asset value, beginning of period		$	39.86
Net investment income(a)			0.23
Net realized and unrealized gain			4.05
Total from investment operations			4.28
Distributions to shareholders from net investment income			–	(b)
Net asset value, end of period		$	44.14
Market price, end of period		$	44.18
Total Return at Net Asset Value(c)			10.74	%
Net assets, end of period (in 000’s)		$	356,393
Ratio of net expenses to average net assets			0.12	%(d)
Ratio of net investment income to average net assets			2.13	%(d)
Portfolio turnover rate(e)			0	%

* Commencement of operations.

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

^(b)  Amount is less than $0.005 per share.

^(c)  Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, 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 redemption of Fund shares. Total returns for periods less than one full year are not annualized.

^(d)  Annualized.

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

  

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

GOLDMAN SACHS MARKETBETA ETFS

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

	MarketBeta® U.S. Equity ETF
	For the Six Months  Ended February 29, 2024 (Unaudited)				For the Fiscal Year Ended August 31,												For the Period  May 12, 2020*  to August 31, 2020
					2023				2022				2021
Per Share Operating Performance:
Net asset value, beginning of period		$	61.63			$	53.96			$	63.07			$	48.62			$	39.20
Net investment income(a)			0.49				0.89				0.82				0.74				0.22
Net realized and unrealized gain (loss)			8.27				7.67				(9.20	)			14.46				9.20
Total from investment operations			8.76				8.56				(8.38	)			15.20				9.42
Distributions to shareholders from net   investment income			(0.44	)			(0.89	)			(0.73	)			(0.75	)			–
Net asset value, end of period		$	69.95			$	61.63			$	53.96			$	63.07			$	48.62
Market price, end of period		$	69.94			$	61.68			$	53.97			$	63.09			$	48.69
Total Return at Net Asset Value(b)			14.29	%			16.12	%			(13.41	)%			31.60	%			24.03	%
Net assets, end of period (in 000’s)		$	1,794,125			$	1,016,937			$	685,236			$	428,861			$	257,663
Ratio of net expenses to average net assets			0.07	%(c)			0.07	%			0.07	%			0.07	%			0.07	%(c)
Ratio of total expenses to average net assets			0.09	%(c)			0.09	%			0.09	%			0.09	%			0.09	%(c)
Ratio of net investment income to average      net assets			1.55	%(c)			1.59	%			1.40	%			1.36	%			1.62	%(c)
Portfolio turnover rate(d)			1	%			3	%			3	%			4	%			1	%

^*  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 dividends and distributions, 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 redemption 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.

  

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

GOLDMAN SACHS MARKETBETA^® ETFS

 

Notes to Financial Statements

February 29, 2024 (Unaudited)

 

 

1.  ORGANIZATION

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

Fund	Diversified/   Non-Diversified
MarketBeta® Emerging Markets Equity ETF	Diversified
MarketBeta® International Equity ETF	Diversified
MarketBeta® Russell 1000 Growth Equity ETF(a)	Diversified
MarketBeta® Russell 1000 Value Equity ETF(a)	Diversified
MarketBeta® U.S. Equity ETF	Diversified

(a) Commenced operations on November 28, 2023.

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 Goldman Sachs MarketBeta Emerging Markets Equity ETF, Goldman Sachs MarketBeta International Equity ETF and Goldman Sachs MarketBeta U.S. Equity ETF are listed and traded on the Cboe BZX Exchange, Inc., and shares of the Goldman Sachs MarketBeta Russell 1000 Growth Equity ETF and Goldman Sachs MarketBeta Russell 1000 Value Equity ETF are listed and traded on NYSE Arca, Inc. Market prices for the Funds’ shares may be different from their net asset value (“NAV”). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed 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.

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

  

104

GOLDMAN SACHS MARKETBETA^® ETFS

 

 

 

 

 

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

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

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

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

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

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

Foreign governments and their agencies may enact policies that delay or place limits on repatriation of local currency to U.S. dollars. Market quoted rates for immediate currency settlement may have access or transaction volume restrictions that are insufficient to convert a significant portion of assets and liabilities denominated in local currency to U.S. dollars. When these events occur, the rates utilized to translate a foreign currency to U.S. dollars may be determined by GSAM under Valuation Procedures as discussed in Note 3.

Monetary policies enacted by government agencies in Egypt that limit their local currency’s repatriation to safeguard U.S. dollar reserves, significantly impacted the Goldman Sachs MarketBeta^® Total International Equity ETF’s ability to convert assets and liabilities amounts denominated in local currency to U.S. dollars using quoted immediate currency settlement rates. As of February 29, 2024, the Goldman Sachs MarketBeta^® Total International Equity ETF’s assets and liabilities denominated in Egyptian Pound were valued using the 12-month non-deliverable forward rate.

Effective March 6, 2024, the government of Egypt allowed its currency to float and as a result of the devaluation the Goldman Sachs MarketBeta^® Total International Equity ETF reverted to using the immediate current settlement rates for the purposes of translating Egyptian Pound-denominated assets and liabilities to U.S. dollars.

  

  105

GOLDMAN SACHS MARKETBETA^® ETFS

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

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).

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. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”) GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

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

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 either due to broker or receivable for collateral on certain derivative 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 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

  

106

GOLDMAN SACHS MARKETBETA^® ETFS

 

 

 

 

 

 

 

3.  INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 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.

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 the Valuation Procedures. 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 February 29, 2024:

MarketBeta® Emerging Markets Equity ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(b)
Africa	$	2,600,625	$	—	$	78,200
Asia		90,937,791		2,500,943		5,718
Europe		984,494		—		—
North America		3,088,930		—		—
Oceania		13,149		—		—
South America		5,506,041		1,680,041		—
Exchange-Traded Fund		279,730		—		—
Investment Company		472,468		—		—
Securities Lending Reinvestment Vehicle		444,040		—		—
Total	$	104,327,268	$	4,180,984	$	83,918

  

  107

GOLDMAN SACHS MARKETBETA^® ETFS

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

MarketBeta® International Equity ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(b)
Africa	$	1,069,493	$	—	$	—
Asia		224,074,840		—		—
Europe		383,707,038		2,632,976		—
North America		49,285,437		852,928		—
Oceania		56,373,595		—		—
South America		530,198		—		—
Investment Company		2,040,168		—		—
Securities Lending Reinvestment Vehicle		4,091,567		—		—
Total	$	721,172,336	$	3,485,904	$	—
Derivative Type
Assets
Futures Contracts(c)	$	126,170	$	—	$	—
MarketBeta® Russell 1000 Growth Equity ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	458,258	$	—	$	—
North America		444,536,068		—		—
South America		376,943		—		—
Investment Company		76,423		—		—
Securities Lending Reinvestment Vehicle		6,529		—		—
Total	$	445,454,221	$	—	$	—
MarketBeta® Russell 1000 Value Equity ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	161,135	$	—	$	—
North America		354,954,705		—		—
South America		257,702		—		—
Investment Company		180,000		—		—
Securities Lending Reinvestment Vehicle		238,896		—		—
Total	$	355,792,438	$	—	$	—

  

108

GOLDMAN SACHS MARKETBETA^® ETFS

 

 

 

 

 

 

 

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	$	1,649,265	$	—	$	—
North America		1,783,403,342		—		—
South America		3,018,308		—		—
Investment Company		3,503,891		—		—
Securities Lending Reinvestment Vehicle		235,407		—		—
Total	$	1,791,810,213	$	—	$	—
Derivative Type
Assets
Futures Contracts(b)	$	225,289	$	—	$	—

^(a)  Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table.

^(b)  Amount shown represents unrealized gain (loss) at period 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 February 29, 2024. 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.

MarketBeta® International Equity ETF
Risk	Statement of Assets and Liabilities	Assets1		Statement of Assets and Liabilities	Liabilities1
Equity	Variation margin on futures contracts	$	126,170	Variation margin on futures contracts	$	—
MarketBeta® U.S. Equity ETF
Risk	Statement of Assets and Liabilities	Assets1		Statement of Assets and Liabilities	Liabilities1
Equity	Variation margin on futures contracts	$	225,289	Variation margin on futures contracts	$	—

¹  Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedule of Investments. Only the variation margin as of February 29, 2024 is reported within the Statement of Assets and Liabilities.

The following table sets forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended February 29, 2024. 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:

  

  109

GOLDMAN SACHS MARKETBETA^® ETFS 

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

4. INVESTMENTS IN DERIVATIVES (continued)

MarketBeta® Emerging Markets Equity ETF
Risk	Statement of Operations		Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	(2,087	)	$	342
MarketBeta® International Equity ETF
Risk	Statement of Operations		Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		(18,947	)		151,156
MarketBeta® U.S. Equity ETF
Risk	Statement of Operations		Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		(12,901	)		221,297

For the six months ended February 29, 2024., the relevant values for each derivative type were as follows:

	Average number of Contracts(a)
Fund	Futures Contracts
MarketBeta® Emerging Markets Equity ETF	1
MarketBeta® International Equity ETF	28
MarketBeta® U.S. Equity ETF	12

(a) Amounts disclosed represent average number of contracts, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the six months ended February 29, 2024.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

The Funds operate under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of each Fund, excluding payments under a Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, and, litigation, indemnification and extraordinary expenses. As the Funds directly pay fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Funds to the independent Trustees.

For the six months ended February 29, 2024, contractual and effective net unitary management fees with GSAM for each Fund were at the following rates:

  

110

GOLDMAN SACHS MARKETBETA^® ETFS

 

 

 

 

 

 

 

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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® Russell 1000 Growth Equity ETF	0.12		0.12
MarketBeta® Russell 1000 Value Equity ETF	0.12		0.12
MarketBeta® U.S. Equity ETF	0.09		0.07

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, 2024 and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. For the six months ended February 29, 2024, GSAM waived $28,425, $159,713 and $148,897 of the Funds’ management fees for the MarketBeta^® Emerging Markets Equity ETF, MarketBeta^® International Equity ETF and MarketBeta^® U.S. Equity ETF, respectively.

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Treasury Obligations Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest. For the six months ended February 29, 2024, the management fee waived by GSAM was $202, $1,192, $52, $74 and $2,066 for the MarketBeta^® Emerging Markets Equity ETF, MarketBeta^® International Equity ETF, MarketBeta^® Russell 1000 Growth Equity ETF, MarketBeta^® Russell 1000 Value Equity ETF and MarketBeta^® U.S. Equity ETF, respectively.

B. Other Transactions with Affiliates — The following table provides information about the Fund’s investment in shares of Goldman Sachs Financial Square Treasury Obligations Fund and The Goldman Sachs Group, Inc. as of and for the six months ended February 29, 2024:

MarketBeta® Emerging Markets Equity ETF
		Beginning value as of August 31, 2023		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Ending value as of February 29, 2024	Shares as of February 29, 2024		Dividend Income		Capital Gain Distribution
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares
	$	–	$	7,617,319	$	(7,144,851	)	$	–	$	–	$	472,468	472,468	$	6,534	$	–
MarketBeta® International Equity ETF
		Beginning value as of August 31, 2023		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Ending value as of February 29, 2024	Shares as of February 29, 2024		Dividend Income		Capital Gain Distribution
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares
		–		15,322,308		(13,282,140	)		–		–		2,040,168	2,040,168		35,338		–

  

  111

GOLDMAN SACHS MARKETBETA^® ETFS

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

MarketBeta® Russell 1000 Growth Equity ETF
		Beginning value as of November 28, 2023		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Ending value as of February 29, 2024	Shares as of February 29, 2024		Dividend Income		Capital Gain Distribution
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares
		$      –	$	503,735	$	(427,312	)	$	–	$	–	$	76,423	76,423	$	1,551	$	–
MarketBeta® Russell 1000 Value Equity ETF
		Beginning value as of November 28, 2023		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Ending value as of February 29, 2024	Shares as of February 29, 2024		Dividend Income		Capital Gain Distribution
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares
		–		768,184		(588,184	)		–		–		180,000	180,000		2,216		–
Goldman Sachs Group, Inc. (The)
		–		2,585,467		(498,356	)		12,933		35,841		2,135,885	5,490		17,248		–
Total	$	–	$	3,353,651	$	(1,086,540	)	$	12,933	$	35,841	$	2,315,885		$	19,464	$	–
MarketBeta® U.S. Equity ETF
		Beginning value as of August 31, 2023		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Ending value as of February 29, 2024	Shares as of February 29, 2024		Dividend Income		Capital Gain Distribution
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares
		–		14,889,333		(11,385,442	)		–		–		3,503,891	3,503,891		60,477		–
Goldman Sachs Group, Inc. (The)
		2,921,535		1,922,144		(362,032	)		147,648		747,765		5,377,060	13,821		77,278		–
Total	$	2,921,535	$	16,811,477	$	(11,747,474	)	$	147,648	$	747,765	$	8,880,951		$	137,755	$	–

6. CREATION AND REDEMPTION OF CREATION UNITS

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

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

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

  

112

GOLDMAN SACHS MARKETBETA^® ETFS

 

 

 

 

 

 

 

6. CREATION AND REDEMPTION OF CREATION UNITS (continued)

	MarketBeta® Emerging Markets Equity ETF
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares sold		1,900,000		$	78,012,311			—		$	—
Shares redeemed		—			—			(150,000	)		(6,047,689)
NET INCREASE (DECREASE) IN SHARES		1,900,000		$	78,012,311			(150,000	)	$	(6,047,689)
	MarketBeta® International Equity ETF
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares sold		6,000,000		$	297,680,751			2,200,000		$	108,284,224
Shares redeemed		(1,500,000	)		(80,221,062	)		(1,600,000	)		(73,987,067)
NET INCREASE IN SHARES		4,500,000		$	217,459,689			600,000		$	34,297,157
							MarketBeta® Russell 1000 Growth Equity ETF
							For the Period November 28, 2023(a) to February 29, 2024 (Unaudited)
							Shares			Dollars
Fund Share Activity
Shares sold								10,500,000		$	441,245,638
Shares redeemed								(750,000	)		(32,522,833)
NET INCREASE IN SHARES								9,750,000		$	408,722,805
							MarketBeta® Russell 1000 Value Equity ETF
							For the Period November 28, 2023(a) to February 29, 2024 (Unaudited)
							Shares			Dollars
Fund Share Activity
Shares sold								9,975,000		$	421,199,138
Shares redeemed								(1,900,000	)		(82,848,480)
NET INCREASE IN SHARES								8,075,000		$	338,350,658

  

  113

GOLDMAN SACHS MARKETBETA^® ETFS

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

6. CREATION AND REDEMPTION OF CREATION UNITS (continued)

	MarketBeta® U.S. Equity ETF
	For the Six Months Ended February 29, 2024 (Unaudited)						For the Fiscal Year Ended August 31, 2023
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares sold		10,850,000		$	655,372,957			6,600,000		$	351,057,391
Shares redeemed		(1,700,000	)		(114,786,568	)		(2,800,000	)		(151,765,428	)
NET INCREASE IN SHARES		9,150,000		$	540,586,389			3,800,000		$	199,291,963

^(a) Commenced operations on November 28, 2023.

7.  PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 29, 2024, were as follows:

Fund	Purchases		Sales
MarketBeta® Emerging Markets Equity ETF	$    65,598,653	$	1,535,959
MarketBeta® International Equity ETF	16,267,402		11,535,404
MarketBeta® Russell 1000 Growth Equity ETF(a)	31,557,985		31,300,316
MarketBeta® Russell 1000 Value Equity ETF(a)	2,232,622		118,012
MarketBeta® U.S. Equity ETF	15,579,354		16,899,962
(a)  Commenced operations on November 28, 2023. The purchases and sales from in-kind creation and redemption transactions for the six months ended February 29, 2024, were as follows:
Fund	Purchases		Sales
MarketBeta® Emerging Markets Equity ETF	$    13,340,538	$	—
MarketBeta® International Equity ETF	290,810,933		78,938,340
MarketBeta® Russell 1000 Growth Equity ETF(a)	441,245,591		32,523,005
MarketBeta® Russell 1000 Value Equity ETF(a)	419,678,688		82,844,251
MarketBeta® U.S. Equity ETF	654,895,475		114,582,495

^(a)  Commenced operations on November 28, 2023.

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

  

114

GOLDMAN SACHS MARKETBETA^® ETFS

 

 

 

 

 

 

 

8. SECURITIES LENDING (continued)

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 February 29, 2024, 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 six months ended February 29, 2024, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended February 29, 2024:

Fund		Beginning value as of August 31, 2023		Purchases at Cost		Proceeds from Sales			Ending value as of February 29, 2024
MarketBeta® Emerging Markets Equity ETF	$	104,477	$	1,807,945	$	(1,468,382	)	$	444,040
MarketBeta® International Equity ETF		1,807,609		28,841,835		(26,557,876	)		4,091,567
MarketBeta® Russell 1000 Growth Equity ETF*		—		19,766		(13,238	)		6,529
MarketBeta® Russell 1000 Value Equity ETF*		—		365,043		(126,147	)		238,896
MarketBeta® U.S. Equity ETF		605,811		4,901,429		(5,271,833	)		235,407

* Commenced operations on November 28, 2023

  

  115

GOLDMAN SACHS MARKETBETA^® ETFS

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

9. TAX INFORMATION

As of the Funds’ most recent fiscal year end, August 31, 2023, the Funds’ capital loss carryforwards and certain timing differences, on a tax-basis were as follows:

	MarketBeta® Emerging Markets Equity ETF			MarketBeta® International Equity ETF			MarketBeta® Russell 1000 Growth Equity ETF(a)		MarketBeta® Russell 1000 Value Equity ETF(a)		MarketBeta® U.S. Equity ETF
Capital loss carryforwards:
Perpetual Short-Term	$	(174,736	)	$	(1,532,205	)	$	—	$	—		$  (541,006	)
Perpetual Long-Term		—			(906,218	)		—		—		(62,686	)
Total capital loss carryforwards		(174,736	)		(2,438,423	)		—		—		(603,692	)
Timing differences — (Late Year Ordinary Loss Deferral and Post-October Capital Loss Deferral)		(1,577,217	)		(3,249,661	)		—		—		(6,112,011	)

^(a)  Commenced operations on November 28, 2023.

As of February 29, 2024, the Fund’s 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® Russell 1000 Growth Equity ETF(a)			MarketBeta® Russell 1000 Value Equity ETF(a)			MarketBeta® U.S. Equity ETF
Tax Cost	$	101,278,570		$	655,524,040		$	412,087,625		$	343,146,749		$	1,485,311,269
Gross unrealized gain		13,383,051			107,270,754			41,990,367			21,023,653			347,286,622
Gross unrealized loss		(6,069,451	)		(38,136,554	)		(8,623,771	)		(8,377,964	)		(40,787,678)
Net unrealized gain (loss)	$	7,313,600		$	69,134,200		$	33,366,596		$	12,645,689		$	306,498,944

^(a)  Commenced operations on November 28, 2023.

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.

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.

10. OTHER RISKS

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

Calculation Methodology Risk — The Index relies on various sources of information to assess the criteria of issuers included in the Index (or a reference index, if applicable), including fundamental information that may be based on assumptions and estimates. Neither the Fund, the Investment Advisernor the Index Provider can offer assurances that the Index’s calculation methodology or sources of information will provide a correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.

Depositary Receipts Risk — Foreign securities may trade in the form of depositary receipts, which include American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) (collectively “Depositary Receipts”). To the extent the Fund acquires

  

116

GOLDMAN SACHS MARKETBETA^® ETFS

 

 

 

 

 

 

 

10. OTHER RISKS (continued)

Depositary Receipts through banks which do not have a contractual relationship with the foreign issuer of the security underlying the Depositary Receipts to issue and service such unsponsored Depositary Receipts, there may be an increased possibility that the Fund would not become aware of and be able to respond to corporate actions such as stock splits or rights offerings involving the foreign issuer in a timely manner. In addition, the lack of information may result in inefficiencies in the valuation of such

instruments. Investment in Depositary Receipts does not eliminate all the risks inherent in investing in securities of non-U.S. issuers. The market value of Depositary Receipts is dependent upon the market value of the underlying securities and fluctuations in the relative value of the currencies in which the Depositary Receipts and the underlying securities are quoted. The issuers of Depositary Receipts may discontinue issuing new Depositary Receipts and withdraw existing Depositary Receipts at any time, which may result in costs and delays in the distribution of the underlying assets to the Fund and may negatively impact the Fund’s performance.

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 sanctions, 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 from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange 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.

Geographic Risk — If the Fund focuses its investments in securities of issuers located in a particular country or geographic region, the Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

Index Risk — Solactive AG and FTSE Russell (the “Index Providers”) constructs 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 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 the 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 Providers may utilize third party data in constructing each respective Index, but it does not guarantee the accuracy or availability of any 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 Goldman Sachs MarketBeta^® Emerging Markets Equity ETF, Goldman

  

  117

GOLDMAN SACHS MARKETBETA^® ETFS

 

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

 

 

10. OTHER RISKS (continued)

Sachs MarketBeta^® International Equity ETF, Goldman Sachs MarketBeta^® U.S. Equity ETF, and Goldman Sachs MarketBeta^® International Small Cap Equity ETF, and FTSE Russell, the index provider for Goldman Sachs MarketBeta^® Russell 1000 Growth ETF and Goldman Sachs MarketBeta^® Russell 1000 Value 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.

Industry Concentration Risk — Concentrating Fund investments in a limited number of issuers conducting business in the same industry or group of industries will subject a Fund to a greater risk of loss as a result of adverse economic, business, political, environmental or other developments than if its investments were diversified across different industries.

Large Shareholder Transaction Risk — Certain shareholders, including other funds advised by the Investment Adviser, may from time to time own a substantial amount of the Fund’s Shares. In addition, a third party investor, the Investment Adviser or an affiliate of the Investment Adviser, an authorized participant, a lead market maker, or another entity (i.e., a seed investor) may invest in the Fund and hold its investment solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or scale. Any such investment may be held for a limited period of time. There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund, including on the Fund’s liquidity. In addition, transactions by large shareholders may account for a large percentage of the trading volume on (insert exchange for the fund/funds here) and may, therefore, have a material upward or downward effect on the market price of the Shares.

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, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Market Trading Risk — Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may pay more for, or receive less than, the underlying value of the Shares, respectively. 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.

Mid-Cap Risk — Investments in mid-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

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.

  

118

GOLDMAN SACHS MARKETBETA^® ETFS

 

 

 

 

 

 

 

11. INDEMNIFICATIONS

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

12. 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 ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund, Goldman Sachs Trust, Goldman Sachs Trust II and Goldman Sachs Variable Insurance Trust, in July 2023, the Board voted to nominate Gregory G. Weaver, Dwight L. Bush, Kathryn A. Cassidy, John G. Chou, Joaquin Delgado, Eileen H. Dowling and Paul C. Wirth (the “Nominees”) for election as Trustees of the Trust. At a virtual special joint meeting of shareholders held on November 16, 2023, each of the Nominees was elected to serve as Trustees alongside the then current Trustees of the Trust, effective January 1, 2024.

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.

  

  119

GOLDMAN SACHS MARKETBETA^® ETFS

 

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting of Shareholders (the “Meeting”) of the Goldman Sachs ETF Trust (the “Trust”) was held on November 16, 2023 to consider and elect nominees to the Trust’s Board of Trustees. At the Meeting, Gregory G. Weaver, Dwight L. Bush, Kathryn A. Cassidy, John G. Chou, Joaquin Delgado, Eileen H. Dowling and Paul C. Wirth were elected to the Trust’s Board of Trustees. In electing the nominees, the Trust’s shareholders voted as follows:

Proposal  Election of Trustees	For		Withheld
Gregory G. Weaver	312,642,103		27,755,773
Dwight L. Bush	339,557,290		840,586
Kathryn A. Cassidy	339,692,259		705,617
John G. Chou	339,628,535		769,341
Joaquin Delgado	339,626,867		771,009
Eileen H. Dowling	339,570,827		827,049
Paul C. Wirth	339,591,397		806,479

  

120  

GOLDMAN SACHS MARKETBETA^® ETFS

 

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs

MarketBeta Emerging Markets Equity ETF, Goldman Sachs MarketBeta International Equity ETF

Goldman Sachs MarketBeta Emerging Markets Equity ETF, Goldman Sachs MarketBeta International Equity ETF and Goldman Sachs MarketBeta U.S. Equity ETF (Unaudited)

Background

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

The Management Agreement was most recently approved for continuation until September 30, 2024 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on September 19-20, 2023 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

(f) the undertaking of the Investment Adviser to implement a fee waiver;

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

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

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

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

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

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

  

  121

GOLDMAN SACHS MARKETBETA^® ETFS

 

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs

MarketBeta Emerging Markets Equity ETF, Goldman Sachs MarketBeta International Equity ETF

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

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

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

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including developments associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees considered that under the Management Agreement, each Fund pays a single fee to the Investment Adviser, and the Investment Adviser pays each Fund’s ordinary operating expenses, excluding payments under each Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. The Trustees also considered information about each Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Funds are passively-managed ETFs that seek to track indices developed and maintained by a third-party service provider. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Funds. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing investment strategies similar to those of the Funds. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings compiled by the Outside Data Provider as of March 31, 2023, and updated information prepared by the Investment Adviser regarding the Funds’ category rankings using the peer group identified by the Outside Data Provider as of June 30, 2023. The information on each Fund’s investment performance was provided for the one-year period ending on the applicable dates. As part of this review, they reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing each Fund’s performance to that of its respective index. The Trustees observed that each Fund’s investment performance was consistent with the investment objective of tracking its respective index.

In addition, the Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

  

122  

GOLDMAN SACHS MARKETBETA^® ETFS

 

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs

MarketBeta Emerging Markets Equity ETF, Goldman Sachs MarketBeta International Equity ETF

Unitary Fee Structure and Profitability

The Trustees considered the unitary management fee rate payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and non-advisory services that were directed to the needs and operations of the Funds as ETFs.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The Trustees also considered information previously provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Funds’ fee rates and expense ratios were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing each Fund’s management fee rate and net expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons provided by the Outside Data Provider and the Investment Adviser were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

They also noted that shareholders are able to sell their Fund shares on the secondary market if they believe that Fund fees and expenses are too high or if they are dissatisfied with the performance of a Fund. In addition, the Trustees considered the Investment Adviser’s undertakings to implement a management fee waiver for each Fund. The Trustees noted that license fees would be payable by the Investment Adviser to Solactive AG for the use of its indices.

The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had previously received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency, and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC (“Goldman Sachs”) organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations. Profitability data for each Fund was provided for 2022 and 2021. The Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

The Trustees noted that the Funds, similar to many other ETFs, do not have management fee breakpoints. They considered information previously provided regarding each Fund’s fee structure, the amount of assets in each Fund, each Fund’s recent creation and redemption activity, information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its realized profits, and information comparing the contractual management fee rate charged by other advisers to other funds in the peer group. The Trustees further noted the Investment Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration in determining each Fund’s unitary management fee rate.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (b) fees earned by the Investment Adviser for managing the funds in which the Funds’ securities lending cash collateral is invested; (c) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (d) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (e) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (f) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (g) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

  

  123

GOLDMAN SACHS MARKETBETA^® ETFS

 

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs

MarketBeta Emerging Markets Equity ETF, Goldman Sachs MarketBeta International Equity ETF

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) the Funds’ access to certain affiliated distribution channels. They considered the competitive nature of the ETF marketplace, noting that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary fee paid by each Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until September 30, 2024.

  

124  

GOLDMAN SACHS MARKETBETA^® ETFS

 

Statement Regarding Basis for Initial Approval of Management Agreement for Goldman Sachs

Goldman Sachs MarketBeta Russell 1000 Growth Equity ETF and Goldman Sachs MarketBeta Russell 1000 Value Equity ETF (Unaudited)

Background

The Goldman Sachs MarketBeta Russell 1000 Growth Equity ETF and Goldman Sachs MarketBeta Russell 1000 Value ETF (each, a “Fund”) are newly-organized investment portfolios of Goldman Sachs ETF Trust (the “Trust”) that commenced investment operations on November 11, 2023. At a meeting held on September 19-20, 2023 (the “Meeting”) in connection with the Funds’ organization, the Board of Trustees, including all of the Trustees who are not parties to the Funds’ investment management agreement (the “Management Agreement”) or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”) approved the Management Agreement with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds. At the Meeting, the Trustees reviewed the Management Agreement with respect to each Fund, including information regarding the terms of the Management Agreement; the nature, extent and quality of the Investment Adviser’s anticipated services; the fees and expenses to be paid by each Fund; a comparison of each Fund’s proposed management fee and anticipated expenses with those paid by other similar exchange-traded funds (“ETFs”); potential benefits to be derived by the Investment Adviser and its affiliates from their relationships with each Fund; and potential benefits to be derived by each Fund from its relationship with the Investment Adviser. Various information was also provided at prior meetings at which the Funds were discussed.

In connection with the Meeting, the Trustees received written materials and oral presentations on the topics covered, 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 Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that would be provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers would operate, including developments associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees considered that under the Management Agreement, each Fund pays a single management fee to the Investment Adviser, and the Investment Adviser pays all of 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 each Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that each Fund would operate as a passively-managed ETF that seeks to track an index developed and maintained by a third-party service provider. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who would provide services to the Funds. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing investment strategies similar to those of the Funds. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser would be able to commit substantial financial and operational resources to the Funds. They also considered that although the Funds were new (and therefore had no performance data to evaluate), the Investment Adviser has committed substantial financial and operational resources to ETFs and has extensive experience managing other types of registered investment companies. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

Unitary Fee Structure and Profitability

The Trustees considered the unitary management fee rate payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single management fee to the Investment Adviser, and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services to be rendered by the Investment Adviser to each Fund, which would include both advisory and non-advisory 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, as well as each Fund’s peer group and

  

  125

GOLDMAN SACHS MARKETBETA^® ETFS

 

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

category medians. The comparisons of each Fund’s unitary management fee rate and projected expense ratio were prepared by the Investment Adviser and a third-party provider of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing each Fund’s unitary management fee rate and projected expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fee and total expenses to be paid by the Funds. The Trustees concluded that the Investment Adviser’s management of the Funds likely would benefit the Funds and their shareholders. They also noted that shareholders would be able to sell their Fund shares on the secondary market if they believe that Fund fees and expenses are too high or if they are dissatisfied with the performance of a Fund.

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

Economies of Scale

The Trustees noted that the Funds, similar to many other ETFs, would not have management fee breakpoints. The Trustees considered each 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. They further noted that the Investment Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration in determining each Fund’s unitary management fee rate.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits expected to be derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (b) fees earned by the Investment Adviser for managing the funds in which the Funds’ securities lending cash collateral is invested; (c) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (d) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (e) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (f) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (g) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs & Co. LLC (“Goldman Sachs”).

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds are expected to receive certain other potential benefits as a result of its relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) the Funds’ access to certain affiliated distribution channels.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary management fee to be paid by each Fund was reasonable in light of the services to be provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s reasonably foreseeable asset levels. The Trustees unanimously concluded that the engagement of the Investment Adviser likely would benefit each Fund and its shareholders and that the Management Agreement should be approved with respect to each Fund for an initial two-year period from its effective date.

  

126  

GOLDMAN SACHS MARKETBETA ETFS

 

Liquidity Risk Management Program

February 29, 2024

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 February 13-14, 2024, 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, 2023 through December 31, 2023 (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; (3) the efficiency of the arbitrage function during the Reporting Period; and (4) the impact of local holidays in non-U.S. jurisdictions. 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.

  

  127

GOLDMAN SACHS MARKETBETA^® ETFS

Fund Expenses — Six Months ended February 29, 2024 (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 Goldman Sachs MarketBeta Russell 1000 Growth Equity ETF and Goldman Sachs MarketBeta Russell 1000, which commenced operations on November 28, 2023, the example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from September 1, 2023 through February 29, 2024, which represents a period of 182 days of a 366 day year (or less where indicated).

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

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

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

	MarketBeta® Emerging Markets Equity ETF			MarketBeta® International Equity ETF			MarketBeta® Russell 1000 Growth Equity ETF**			MarketBeta® Russell 1000 Value Equity ETF**
	Beginning Account Value  9/1/23	Ending Account Value  2/29/24	Expenses Paid for the 6 months  ended 2/29/24*	Beginning Account Value  9/1/23	Ending Account Value  2/29/24	Expenses Paid for the 6 months  ended 2/29/24*	Beginning Account Value  11/28/23	Ending Account Value  2/29/24	Expenses Paid for the 6 months  ended 2/29/24*	Beginning Account Value  11/28/23	Ending Account Value  2/29/24	Expenses Paid for the 6 months  ended 2/29/24*
Actual based on NAV	$1,000.00	$1,048.91	$1.83	$1,000.00	$1,091.70	$1.04	$1,000.00	$1,138.80	$0.33	$1,000.00	$1,107.40	$0.32
Hypothetical 5% return	1,000.00	1,023.07+	1.81	1,000.00	1,023.87+	1.01	1,000.00	1,024.27+	0.60	1,000.00	1,024.27+	0.60
										MarketBeta® U.S. Equity ETF
										Beginning Account Value 9/1/23	Ending Account Value 2/29/24	Expenses Paid for the 6 months ended 2/29/24*
Actual based on NAV										$1,000.00	$1,142.92	$0.37
Hypothetical 5% return										1,000.00	1,024.52+	0.35

+ 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 are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 29, 2024. 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 half year; and then dividing that result by the number of days in the fiscal year.

** Fund commenced operations on November 28, 2023. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 94/366, which represents a period of 94 days of a 366 day year (to reflect the Fund’s commencement of operation).

The annualized net expense ratios for the period were as follows:

Fund
MarketBeta® Emerging Markets Equity ETF	0.36%
MarketBeta® International Equity ETF	0.20
MarketBeta® Russell 1000 Growth Equity ETF	0.12
MarketBeta® Russell 1000 Value Equity ETF	0.12
MarketBeta® U.S. Equity ETF	0.07

128

(This page intentionally left blank)

(This page intentionally left blank)

(This page intentionally left blank)

FUNDS PROFILE

 

 Goldman Sachs ETFs

 

 

THE GOLDMAN

SACHS ADVANTAGE

Our goal is to deliver:

 Strong, Consistent

 Investment Results

∎ Global Resources and
Global Research

∎ Team Approach

∎ Disciplined
Processes

Innovative,

Value-Added

Investment Products

∎ Thoughtful
Solutions

∎ Risk Management

Outstanding

Client Service

∎ Dedicated Service
Teams

∎ Excellence and
Integrity

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 $2.54 trillion in assets under supervision as of December 31, 2023, 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 Access Emerging Markets USD Bond ETF

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 Bonds ETF

Goldman Sachs Access Treasury 0-1 Year ETF

Goldman Sachs Access U.S. Aggregate Bond ETF

Goldman Sachs Access Ultra Short Bond ETF

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 ActiveBeta^® World Low Vol Plus Equity ETF

Goldman Sachs Bloomberg Clean Energy Equity ETF

Goldman Sachs Community Municipal Bond ETF

Goldman Sachs Defensive Equity ETF

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

Goldman Sachs Future Consumer Equity ETF

Goldman Sachs Future Health Care Equity ETF

Goldman Sachs Future Planet Equity ETF

Goldman Sachs Future Real Estate and Infrastructure Equity ETF

Goldman Sachs Future Tech Leaders Equity ETF

Goldman Sachs Hedge Industry VIP ETF

Goldman Sachs Innovate Equity ETF

Goldman Sachs JUST U.S. Large Cap Equity ETF

Goldman Sachs MarketBeta^® Emerging Markets Equity ETF

Goldman Sachs MarketBeta^® International Equity ETF

Goldman Sachs MarketBeta^® Total International Equity ETF

Goldman Sachs MarketBeta^® U.S. 1000 Equity ETF

Goldman Sachs MarketBeta^® U.S. Equity ETF

Goldman Sachs MarketBeta^® Russell 1000 Growth Equity ETF

Goldman Sachs MarketBeta^® Russell 1000 Value Equity ETF

Goldman Sachs Nasdaq-100 Core Premium Income ETF

Goldman Sachs North American Pipelines & Power Equity ETF

Goldman Sachs Small Cap Core Equity ETF

Goldman Sachs S&P 500 Core Premium Income ETF

INDEX DISCLAIMERS

The Goldman Sachs MarketBeta® International Equity ETF, Goldman Sachs MarketBeta® Emerging Markets 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 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.

The Goldman Sachs MarketBeta® Russell 1000 Growth ETF and Goldman Sachs MarketBeta® Russell 1000 Value ETF 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”). Russell is a trading name of certain of the LSE Group companies. All rights in the Russell 1000 Growth 40 Act Daily Capped Index and Russell 1000 Value 40 Act Daily Capped Index (each, a “Russell Index” and collectively, the “Russell Indexes”) vest in the relevant LSE Group company which owns each Russell Index. “Russell®” is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license. The Russell Indexes are calculated by or on behalf of FTSE Russell 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 Russell Indexes or (b) investment in or operation of the Goldman Sachs MarketBeta® Russell 1000 Growth ETF and Goldman Sachs MarketBeta® Russell 1000 Value ETF. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Goldman Sachs MarketBeta® Russell 1000 Growth ETF and Goldman Sachs MarketBeta® Russell 1000 Value ETF or the suitability of each Russell Index for the purpose to which it is being put by GSAM.

The “S&P 500 Index” is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and has been licensed for use by Goldman Sachs Asset Management, L.P. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI

  

132  

FUNDS PROFILE

 

 

 

and sublicensed for certain purposes by Goldman Sachs Asset Management, L.P. The Goldman Sachs S&P 500 Core Premium Income ETF is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.

Nasdaq^®, Nasdaq-100^®, Nasdaq-100 Index^®, and NDX^® are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by Goldman Sachs Asset Management L.P. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT(S).

  

  133

TRUSTEES Gregory G. Weaver, Chair Cheryl K. Beebe Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar THE BANK OF NEW YORK MELLON Transfer Agent ALPS DISTRIBUTORS, INC. Distributor TRUSTEES (continued) Michael Latham James A. McNamara Lawrence W. Stranghoener Paul C. Wirth OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser Visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282 The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed. A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30, are available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC’’) website 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 website at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550. Fund holdings and allocations shown are as of February 29, 2024 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only. Neither MSCI nor any other party involved in or related to compiling, computing, or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability, or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent. 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 return s. Ordinary brokerage commissions apply. ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management. This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or Summary Prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the Summary Prospectus, if available, and/or the Prospectus carefully before investing or sending money. The Summary Prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550. © 2024 Goldman Sachs. All rights reserved. 367263-OTU-04/2024 GST 2507 MCEQWGETFSAR-24

Goldman Sachs Funds Semi-Annual Report February 29, 2024 Goldman Sachs Core Premium Income ETFs Nasdaq-100 Core Premium Income ETF (GPIQ) S&P 500 Core Premium Income ETF (GPIX)

 

 

 

 

Goldman Sachs Core Premium Income ETFs

∎   GOLDMAN SACHS NASDAQ-100 CORE PREMIUM INCOME ETF

∎   GOLDMAN SACHS S&P 500 CORE PREMIUM INCOME ETF

TABLE OF CONTENTS

Market and Economic Review	1
Fund Basics	4
Schedules of Investments	9
Financial Statements	17
Financial Highlights
Nasdaq-100 Core Premium Income ETF	20
S&P 500 Core Premium Income ETF	21
Notes to Financial Statements	22
Other Information	36

Effective January 24, 2023, open-end mutual funds and exchange traded funds will be required to provide shareholders with streamlined annual and semi-annual shareholder reports (“Tailored Shareholder Reports”). Funds will be required to prepare a separate Tailored Shareholder Report for each share class of a fund that highlights key information to investors. Other information, including financial statements, will no longer appear in a fund’s shareholder report, but will be available online, delivered free of charge upon request, and filed with the Securities and Exchange Commission on a semi-annual basis on Form N-CSR. The new requirements have a compliance date of July 24, 2024.

NOT  FDIC-INSURED  May Lose Value  No Bank Guarantee 

  

   

MARKET REVIEW

 

 

Goldman Sachs Core Premium Income ETFs

The following are highlights both of key factors affecting the U.S. equity markets and of any key changes made to the Goldman Sachs Core Premium Income ETFs (the “Funds”) during the period from their inception on October 24, 2023 through February 29, 2024 (the “Reporting Period”). Attribution highlights are provided for those Funds that materially outperformed or underperformed their respective benchmarks during the Reporting Period. A streamlined annual shareholder report covering the period since the Funds’ inception through August 31, 2024 will be provided to Fund shareholders, per new SEC requirements with a compliance date of July 24, 2024.

Market and Economic Review

• Despite ongoing geopolitical tensions and persistent volatility, the U.S. equity market recorded strongly positive returns during the Reporting Period amid a backdrop of shifting expectations around the Federal Reserve’s (“Fed”) policy path forward and generally broadening market leadership.

• U.S. equities began the Reporting Period in late October 2023 with negative momentum, as investors digested a more resilient than consensus expected U.S. economy and a “higher for longer” Fed narrative.

• Market sentiment turned positive in November 2023 on the back of an overall shift in tonality from Fed officials signaling potential easing of monetary policy in 2024, a gradual cooldown in economic activity while the labor market remained resilient, and a rally across U.S. Treasuries marking one of the best monthly performances on record—all underpinning soft landing and disinflation traction themes. (A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing.)

• In December, the Fed signaled it might have reached the peak of its current monetary policy tightening cycle, with its median dot plot projection showing 75 basis points of rate cuts in 2024. (A basis point is 1/100th of a percentage point. The Fed’s dot plot shows the interest rate projections of the members of the Federal Open Market Committee.)

• Market seasonality also proved to be a tailwind to U.S. equities during November and December, which historically represent the strongest two-month period for U.S. stocks.

• U.S. equities advanced in January 2024, albeit modestly.

• Following an especially strong end to 2023, U.S. equity markets began the new calendar year with a more cautionary tone, driven by concerns regarding overvalued conditions and the Fed’s ability to match interest rate cut expectations from investors.

• Yields across the U.S. Treasury curve, or spectrum of maturities, steepened, a headwind to equity valuations as traders repriced expectations regarding the path of monetary policy.

• The trend of broadened market leadership witnessed in the latter part of 2023 reversed course during January, highlighted by the outperformance of mega-cap stocks.

• Nevertheless, U.S. equities finished the month mostly higher, as economic releases and robust labor market data continued to underpin the prevailing soft landing narrative.

• In February 2024, U.S. equities reached new highs, as market leadership broadened once again.

• U.S. Treasury yields were notably higher on the back of resilient macroeconomic data and hawkish sentiment following the Fed’s January meeting, wherein Fed Chair Powell communicated it was not likely the Fed would cut interest rates in March 2024. (Hawkish suggests higher interest rates; opposite of dovish.)

• The major headline of the month was the shift in market expectations for the timing of the first interest rate cut, which moved from March to June 2024 even as the broader disinflation theme remained intact.

• Economic data remained robust, which helped ease concerns of a hard landing.

• Concerns of a temporary U.S. government shutdown were subdued at the end of the month, as policymakers reached a timely temporary funding bill to keep government operations open through March 2024.

  

  1

MARKET REVIEW

 

 

 

 

 

 

 

• Corporate earnings were better than consensus feared, underpinned by both sales and earnings exceeding market forecasts on improved profit margins across most sectors.

Fund Changes and Highlights

Goldman Sachs Nasdaq-100 Core Premium Income ETF

• The Fund, which seeks current income while maintaining prospects for capital appreciation, launched on October 24, 2023.

• The new Fund is an actively managed ETF; it is not an index fund and does not seek to replicate the performance of a specified index.

• The Fund pursues its investment objective by investing primarily in a portfolio of stocks comprised significantly of those included in the Fund’s benchmark index—the Nasdaq-100 Index —and selling call options with exposure to the Nasdaq-100 Index. (A call option is an option that gives the holder the right to buy a certain quantity of an underlying security at an agreed-upon price at any time up to an agreed-upon date.)

• The Fund is managed in a way that seeks, under normal circumstances, to provide monthly distributions at a relatively stable rate with performance that captures the majority of the returns (and risk) associated with the Nasdaq-100 Index.

• To generate income, the Fund employs an actively managed options strategy (“option overlay strategy”) whereby the Fund sells (writes) call options on a varying percentage of the market value of the equity investments in the Fund’s portfolio.

• During periods in which the equity markets are generally unchanged or falling, or in a modestly rising market where the income from premiums exceeds the aggregate appreciation of the Nasdaq-100 Index over its exercise price, a portfolio receiving premiums from its call option writing strategy may outperform the same portfolio without such an options strategy.

• However, in rising markets where the aggregate appreciation of the Nasdaq-100 Index over its exercise price exceeds the income from premiums, a portfolio with a call writing strategy could underperform the same portfolio without the options.

• During the Reporting Period, the Fund generated a positive absolute return but materially underperformed the Nasdaq-100 Index, largely because of the option overlay strategy, which limited its participation in Nasdaq-100 Index gains.

• On an absolute basis, the Fund delivered on its stated objective of providing current income while maintaining prospects of capital appreciation.

• The Fund made distributions each month of the Reporting Period at an approximate rate of 10.5% (annualized).

Goldman Sachs S&P 500 Core Premium Income ETF

• The Fund, which seeks current income while maintaining prospects for capital appreciation, launched on October 24, 2023.

• The new Fund is an actively managed ETF; it is not an index fund and does not seek to replicate the performance of a specified index.

• The Fund pursues its objective by investing primarily in a portfolio of stocks comprised significantly of those included in the Fund’s benchmark index—the S&P 500^® Index—and selling call options with exposure to the S&P 500^® Index. (A call option is an option that gives the holder the right to buy a certain quantity of an underlying security at an agreed-upon price at any time up to an agreed-upon date.)

• The Fund is managed in a way that seeks, under normal circumstances, to provide monthly distributions at a relatively stable rate with performance that captures the majority of the returns (and risk) associated with the S&P 500^® Index.

• To generate income, the Fund employs an actively managed options strategy (“option overlay strategy”) whereby the Fund sells (writes) call options on a varying percentage of the market value of the equity investments in the Fund’s portfolio.

• During periods in which the equity markets are generally unchanged or falling, or in a modestly rising market where the income from premiums exceeds the aggregate appreciation of the S&P 500^® Index over its exercise price, a portfolio receiving premiums from its call option writing strategy may outperform the same portfolio without such an options strategy.

  

2  

MARKET REVIEW

 

 

 

 

 

 

 

• However, in rising markets where the aggregate appreciation of the S&P 500^® Index over its exercise price exceeds the income from premiums, a portfolio with a call writing strategy could underperform the same portfolio without the options.

• During the Reporting Period, the Fund generated a positive absolute return but notably underperformed the S&P 500^® Index, largely because of the option overlay strategy, which limited its participation in S&P 500^® Index gains.

• On an absolute basis, the Fund delivered on its stated objective of providing current income while maintaining prospects of capital appreciation.

• The Fund made distributions each month of the Reporting Period at an approximate rate of 8.5% (annualized).

  

  3

FUND BASICS

 

 

Goldman Sachs Nasdaq-100 Core Premium Income ETF

as of February 29, 2024

FUND SNAPSHOT

As of February 29, 2024
Market Price1	$46.25
Net Asset Value (NAV)1	$46.21

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

PERFORMANCE REVIEW

October 24, 2023-February 29, 2024	Fund Total Return (based on NAV)2	Fund Total Return (based on Market Price)2	Nasdaq-100 (Total Return, Unhedged, USD)3
Shares	17.50%	17.55%	22.79%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

³  Nasdaq^®, Nasdaq-100^®, Nasdaq-100 Index^®, and NDX^® are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by Goldman Sachs Asset Management L.P. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT(S).

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

  

4  

FUND BASICS

 

 

 

 

 

 

 

TOP TEN HOLDINGS AS OF 2/29/24⁴

Holding	% of Net Assets	Line of Business
Microsoft Corp.	8.8%	Software
Apple, Inc.	8.1	Technology Hardware, Storage & Peripherals
NVIDIA Corp.	5.6	Semiconductors & Semiconductor Equipment
Amazon.com, Inc.	5.2	Broadline Retail
Meta Platforms, Inc., Class A	5.0	Interactive Media & Services
Broadcom, Inc.	4.5	Semiconductors & Semiconductor Equipment
Tesla, Inc.	2.8	Automobiles
Costco Wholesale Corp.	2.4	Consumer Staples Distribution & Retail
Alphabet, Inc., Class A	2.3	Interactive Media & Services
Advanced Micro Devices, Inc.	2.3	Semiconductors & Semiconductor Equipment

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

FUND VS BENCHMARK⁵

   February 29, 2024

⁵  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 Morgan Stanley Capital Index (“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). Figures above may not sum to 100% due to rounding.

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

  

  5

FUND BASICS

 

 

S&P 500 Core Premium Income ETF

as of February 29, 2024

FUND SNAPSHOT

As of February 29, 2024
Market Price1	$46.12
Net Asset Value (NAV)1	$46.12

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

PERFORMANCE REVIEW

October 24, 2023-February 29, 2024	Fund Total Return (based on NAV)2	Fund Total Return (based on Market Price)2	S&P 500 (TR, Unhedged, USD)3
Shares	16.84%	16.89%	20.68%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

³  The S&P 500^® Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index. The returns set forth in the tables above represent past performance. Past performance does not guarantee future results.

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

  

6  

FUND BASICS

 

 

 

 

 

 

 

TOP TEN HOLDINGS AS OF 2/29/24⁴

Holding	% of Net Assets	Line of Business
Microsoft Corp.	7.2%	Software
Apple, Inc.	6.2	Technology Hardware, Storage & Peripherals
NVIDIA Corp.	4.6	Semiconductors & Semiconductor Equipment
Amazon.com, Inc.	3.8	Broadline Retail
Meta Platforms, Inc., Class A	2.5	Interactive Media & Services
Alphabet, Inc., Class A	1.9	Interactive Media & Services
Berkshire Hathaway, Inc., Class B	1.8	Financial Services
Alphabet, Inc., Class C	1.6	Interactive Media & Services
Eli Lilly & Co.	1.4	Pharmaceuticals
Broadcom, Inc.	1.3	Semiconductors & Semiconductor Equipment

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

FUND VS BENCHMARK⁵

   February 29, 2024

⁵  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 Morgan Stanley Capital Index (“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). Figures above may not sum to 100% due to rounding.

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

  

  7

PORTFOLIO RESULTS

 

 

Index Definitions

Nasdaq-100 Index is the US stock market index consisting of 101 equity securities issued by 100 of the largest non-financial companies listed on the Nasdaq stock market.

S&P 500 Index is a stock market index that tracks the stocks of 500 large-cap U.S. companies.

  

8  

GOLDMAN SACHS NASDAQ-100 CORE PREMIUM INCOME ETF

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – 99.6%
Communication Services – 15.5%
6,492	Alphabet, Inc., Class A*	$	898,883
6,294	Alphabet, Inc., Class C*		879,775
416	Charter Communications, Inc., Class A*		122,275
11,386	Comcast Corp., Class A		487,890
754	Electronic Arts, Inc.		105,168
3,873	Meta Platforms, Inc., Class A		1,898,273
1,242	Netflix, Inc.*		748,827
10,825	Sirius XM Holdings, Inc.		47,846
484	Take-Two Interactive Software, Inc.*		71,114
3,292	T-Mobile US, Inc.		537,584
1,252	Trade Desk, Inc. (The), Class A*		106,958
6,870	Warner Bros Discovery, Inc.*		60,387
			5,964,980
Consumer Discretionary – 13.6%
1,230	Airbnb, Inc., Class A*		193,688
11,362	Amazon.com, Inc.*		2,008,347
101	Booking Holdings, Inc.*		350,352
1,054	DoorDash, Inc., Class A*		131,297
338	Lululemon Athletica, Inc.*		157,877
832	Marriott International, Inc., Class A		207,892
141	MercadoLibre, Inc. (Brazil)*		224,937
167	O’Reilly Automotive, Inc.*		181,599
1,898	PDD Holdings, Inc. ADR (China)*		236,377
943	Ross Stores, Inc.		140,469
3,227	Starbucks Corp.		306,242
5,291	Tesla, Inc.*		1,068,147
			5,207,224
Consumer Staples – 6.5%
1,275	Coca-Cola Europacific Partners
	PLC (United Kingdom)		87,503
1,253	Costco Wholesale Corp.		932,094
606	Dollar Tree, Inc.*		88,888
3,948	Keurig Dr Pepper, Inc.		118,085
3,461	Kraft Heinz Co. (The)		122,104
3,872	Mondelez International, Inc., Class A		282,927
2,945	Monster Beverage Corp.*		174,049
3,902	PepsiCo, Inc.		645,157
2,425	Walgreens Boots Alliance, Inc.		51,556
			2,502,363
Energy – 0.5%
2,830	Baker Hughes Co.		83,740
502	Diamondback Energy, Inc.		91,625
			175,365
Financials – 0.5%
3,061	PayPal Holdings, Inc.*		184,701
Health Care – 6.2%
1,527	Amgen, Inc.		418,139
1,644	AstraZeneca PLC ADR (United Kingdom)		105,479
410	Biogen, Inc.*		88,966

Shares	Description	Value
Common Stocks – (continued)
Health Care – (continued)
1,084	Dexcom, Inc.*	$	124,736
1,272	GE HealthCare Technologies, Inc.		116,108
3,544	Gilead Sciences, Inc.		255,522
240	IDEXX Laboratories, Inc.*		138,055
440	Illumina, Inc.*		61,525
997	Intuitive Surgical, Inc.*		384,443
1,074	Moderna, Inc.*		99,066
299	Regeneron Pharmaceuticals, Inc.*		288,861
736	Vertex Pharmaceuticals, Inc.*		309,665
			2,390,565
Industrials – 4.8%
1,165	Automatic Data Processing, Inc.		292,566
278	Cintas Corp.		174,754
2,712	Copart, Inc.*		144,143
5,615	CSX Corp.		213,033
1,584	Fastenal Co.		115,648
1,859	Honeywell International, Inc.		369,439
306	Old Dominion Freight Line, Inc.		135,399
1,478	PACCAR, Inc.		163,895
1,033	Paychex, Inc.		126,667
410	Verisk Analytics, Inc.		99,179
			1,834,723
Information Technology – 50.5%
1,288	Adobe, Inc.*		721,641
4,578	Advanced Micro Devices, Inc.*		881,402
1,408	Analog Devices, Inc.		270,083
246	ANSYS, Inc.*		82,206
17,096	Apple, Inc.		3,090,102
2,374	Applied Materials, Inc.		478,646
248	ASML Holding NV (Netherlands)		236,017
443	Atlassian Corp., Class A*		91,887
595	Autodesk, Inc.*		153,611
1,325	Broadcom, Inc.		1,723,149
778	Cadence Design Systems, Inc.*		236,808
375	CDW Corp.		92,329
11,528	Cisco Systems, Inc.		557,609
1,410	Cognizant Technology Solutions Corp., Class A		111,418
639	Crowdstrike Holdings, Inc., Class A*		207,132
844	Datadog, Inc., Class A*		110,952
2,162	Fortinet, Inc.*		149,416
1,552	GLOBALFOUNDRIES, Inc.*		84,848
11,958	Intel Corp.		514,792
796	Intuit, Inc.		527,660
386	KLA Corp.		263,368
368	Lam Research Corp.		345,276
2,423	Marvell Technology, Inc.		173,632
1,516	Microchip Technology, Inc.		127,556
3,137	Micron Technology, Inc.		284,244
8,167	Microsoft Corp.		3,378,198
204	MongoDB, Inc.*		91,306
2,720	NVIDIA Corp.		2,151,846

  

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

GOLDMAN SACHS NASDAQ-100 CORE PREMIUM INCOME ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
Information Technology – (continued)
732	NXP Semiconductors NV (China)	$	182,802
1,222	ON Semiconductor Corp.*		96,440
891	Palo Alto Networks, Inc.*		276,700
3,155	QUALCOMM, Inc.		497,827
303	Roper Technologies, Inc.		165,053
481	Splunk, Inc.*		75,142
426	Synopsys, Inc.*		244,409
2,574	Texas Instruments, Inc.		430,707
586	Workday, Inc., Class A*		172,671
416	Zscaler, Inc.*		100,660
			19,379,545
Real Estate – 0.3%
1,153	CoStar Group, Inc.*		100,346
Utilities – 1.2%
1,484	American Electric Power Co., Inc.		126,422
903	Constellation Energy Corp.		152,110
2,806	Exelon Corp.		100,567
1,560	Xcel Energy, Inc.		82,197
			461,296
TOTAL COMMON STOCKS (Cost $35,626,491)			38,201,108
Exchange-Traded Fund – 0.1%
265	Invesco Nasdaq 100 ETF
(Cost $44,017)			47,883

Shares	Dividend Rate	Value
Investment Company – 0.4%(a)
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares
139,376	5.195%	$	139,376
(Cost $139,376)
TOTAL INVESTMENTS – 100.1% (Cost $35,809,884)		$	38,388,367
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)%			(32,385)
NET ASSETS – 100.0%		$	38,355,982

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.

Investment Abbreviations:
ADR	—American Depositary Receipt
PLC	—Public Limited Company

ADDITIONAL INVESTMENT INFORMATION

WRITTEN OPTIONS CONTRACTS — At February 29, 2024, the Fund had the following written option contracts:

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS

Description	Exercise Rate		Expiration Date		Number of Contracts		Notional Amount		Market Value			Premiums Paid (Received) by the Fund			Unrealized Appreciation/  (Depreciation)
Written Option Contracts:
Calls
Invesco QQQ Trust Series 1	$	439.00		03/28/2024		360	$	(15,804)	$	(300,588	)	$	(289,350	)	$	(11,238)

  

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

GOLDMAN SACHS S&P 500 CORE PREMIUM INCOME ETF

 

Schedule of Investments

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – 99.7%
Communication Services – 8.9%
7,058	Alphabet, Inc., Class A*	$	977,250
5,937	Alphabet, Inc., Class C*		829,874
8,468	AT&T, Inc.		143,363
117	Charter Communications, Inc., Class A*		34,390
4,789	Comcast Corp., Class A		205,209
306	Electronic Arts, Inc.		42,681
215	Fox Corp., Class A		6,405
260	Fox Corp., Class B		7,119
450	Interpublic Group of Cos., Inc. (The)		14,130
199	Live Nation Entertainment, Inc.*		19,299
315	Match Group, Inc.*		11,352
2,652	Meta Platforms, Inc., Class A		1,299,825
532	Netflix, Inc.*		320,753
317	News Corp., Class A		8,521
199	News Corp., Class B		5,570
230	Omnicom Group, Inc.		20,330
592	Paramount Global, Class B		6,536
202	Take-Two Interactive Software, Inc.*		29,680
587	T-Mobile US, Inc.		95,857
5,003	Verizon Communications, Inc.		200,220
2,189	Walt Disney Co. (The)		244,249
2,660	Warner Bros Discovery, Inc.*		23,381
			4,545,994
Consumer Discretionary – 10.5%
522	Airbnb, Inc., Class A*		82,199
10,858	Amazon.com, Inc.*		1,919,260
363	Aptiv PLC*		28,855
19	AutoZone, Inc.*		57,114
255	Bath & Body Works, Inc.		11,653
227	Best Buy Co., Inc.		18,360
39	Booking Holdings, Inc.*		135,284
332	BorgWarner, Inc.		10,335
303	Caesars Entertainment, Inc.*		13,171
202	CarMax, Inc.*		15,958
1,187	Carnival Corp.*		18,826
27	Chipotle Mexican Grill, Inc.*		72,597
349	D.R. Horton, Inc.		52,155
133	Darden Restaurants, Inc.		22,704
44	Domino’s Pizza, Inc.		19,727
596	eBay, Inc.		28,179
118	Etsy, Inc.*		8,459
166	Expedia Group, Inc.*		22,712
4,992	Ford Motor Co.		62,100
201	Garmin Ltd.		27,607
1,123	General Motors Co.		46,021
198	Genuine Parts Co.		29,553
198	Hasbro, Inc.		9,957
312	Hilton Worldwide Holdings, Inc.		63,748
1,201	Home Depot, Inc. (The)		457,113
439	Las Vegas Sands Corp.		23,934
306	Lennar Corp., Class A		48,504
313	LKQ Corp.		16,367
677	Lowe’s Cos., Inc.		162,934
128	Lululemon Athletica, Inc.*		59,788

Shares	Description	Value
Common Stocks – (continued)
Consumer Discretionary – (continued)
305	Marriott International, Inc., Class A	$	76,210
872	McDonald’s Corp.		254,868
318	MGM Resorts International*		13,763
94	Mohawk Industries, Inc.*		11,150
1,446	NIKE, Inc., Class B		150,283
520	Norwegian Cruise Line Holdings Ltd.*		10,083
3	NVR, Inc.*		22,877
73	O’Reilly Automotive, Inc.*		79,382
46	Pool Corp.		18,314
245	PulteGroup, Inc.		26,553
33	Ralph Lauren Corp.		6,135
411	Ross Stores, Inc.		61,223
303	Royal Caribbean Cruises Ltd.*		37,375
1,345	Starbucks Corp.		127,641
256	Tapestry, Inc.		12,168
3,308	Tesla, Inc.*		667,819
1,347	TJX Cos., Inc. (The)		133,542
123	Tractor Supply Co.		31,281
67	Ulta Beauty, Inc.*		36,754
414	VF Corp.		6,765
94	Whirlpool Corp.		10,095
127	Wynn Resorts Ltd.		13,360
332	Yum! Brands, Inc.		45,955
			5,398,770
Consumer Staples – 6.1%
2,097	Altria Group, Inc.		85,788
642	Archer-Daniels-Midland Co.		34,097
218	Brown-Forman Corp., Class B		13,130
200	Bunge Global SA		18,874
229	Campbell Soup Co.		9,764
274	Church & Dwight Co., Inc.		27,433
136	Clorox Co. (The)		20,850
4,647	Coca-Cola Co. (The)		278,913
981	Colgate-Palmolive Co.		84,876
562	Conagra Brands, Inc.		15,781
203	Constellation Brands, Inc., Class A		50,449
537	Costco Wholesale Corp.		399,469
248	Dollar General Corp.		36,037
239	Dollar Tree, Inc.*		35,057
301	Estee Lauder Cos., Inc. (The), Class A		44,723
681	General Mills, Inc.		43,707
200	Hershey Co. (The)		37,584
340	Hormel Foods Corp.		12,009
135	J M Smucker Co. (The)		16,223
309	Kellanova		17,041
2,055	Kenvue, Inc.		39,045
1,200	Keurig Dr Pepper, Inc.		35,892
411	Kimberly-Clark Corp.		49,801
984	Kraft Heinz Co. (The)		34,715
781	Kroger Co. (The)		38,745
170	Lamb Weston Holdings, Inc.		17,376
308	McCormick & Co., Inc.		21,209
220	Molson Coors Beverage Co., Class B		13,732

  

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

GOLDMAN SACHS S&P 500 CORE PREMIUM INCOME ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
Consumer Staples – (continued)
1,626	Mondelez International, Inc., Class A	$	118,812
878	Monster Beverage Corp.*		51,890
1,648	PepsiCo, Inc.		272,480
1,851	Philip Morris International, Inc.		166,516
2,819	Procter & Gamble Co. (The)		448,052
586	Sysco Corp.		47,448
549	Target Corp.		83,953
336	Tyson Foods, Inc., Class A		18,225
860	Walgreens Boots Alliance, Inc.		18,284
5,070	Walmart, Inc.		297,153
			3,055,133
Energy – 3.7%
379	APA Corp.		11,290
1,194	Baker Hughes Co.		35,330
2,099	Chevron Corp.		319,069
1,416	ConocoPhillips		159,357
889	Coterra Energy, Inc.		22,918
764	Devon Energy Corp.		33,662
215	Diamondback Energy, Inc.		39,242
682	EOG Resources, Inc.		78,062
473	EQT Corp.		17,572
4,776	Exxon Mobil Corp.		499,187
1,040	Halliburton Co.		36,473
329	Hess Corp.		47,952
2,324	Kinder Morgan, Inc.		40,414
700	Marathon Oil Corp.		16,975
447	Marathon Petroleum Corp.		75,646
780	Occidental Petroleum Corp.		47,276
682	ONEOK, Inc.		51,232
531	Phillips 66		75,673
272	Pioneer Natural Resources Co.		63,972
1,682	Schlumberger NV		81,291
270	Targa Resources Corp.		26,525
417	Valero Energy Corp.		58,989
1,440	Williams Cos., Inc. (The)		51,753
			1,889,860
Financials – 12.8%
635	Aflac, Inc.		51,270
317	Allstate Corp. (The)		50,568
676	American Express Co.		148,328
843	American International Group, Inc.		61,446
125	Ameriprise Financial, Inc.		50,920
233	Aon PLC, Class A		73,626
442	Arch Capital Group Ltd.*		38,715
245	Arthur J Gallagher & Co.		59,763
80	Assurant, Inc.		14,516
8,231	Bank of America Corp.		284,134
1,055	Bank of New York Mellon Corp. (The)		59,175
2,186	Berkshire Hathaway, Inc., Class B*		894,948
178	BlackRock, Inc.		144,418
850	Blackstone, Inc.		108,647
274	Brown & Brown, Inc.		23,073
448	Capital One Financial Corp.		61,649

Shares	Description	Value
Common Stocks – (continued)
Financials – (continued)
125	Cboe Global Markets, Inc.	$	24,000
1,760	Charles Schwab Corp. (The)		117,533
479	Chubb Ltd.		120,550
202	Cincinnati Financial Corp.		23,028
2,279	Citigroup, Inc.		126,462
552	Citizens Financial Group, Inc.		17,327
447	CME Group, Inc.		98,496
170	Comerica, Inc.		8,395
307	Discover Financial Services		37,055
49	Everest Group Ltd.		18,075
50	FactSet Research Systems, Inc.		23,129
516	Fidelity National Information Services, Inc.		35,702
797	Fifth Third Bancorp		27,369
725	Fiserv, Inc.*		108,221
100	FleetCor Technologies, Inc.*		27,927
515	Franklin Resources, Inc.		14,137
316	Global Payments, Inc.		40,985
88	Globe Life, Inc.		11,170
349	Hartford Financial Services Group, Inc. (The)		33,448
1,727	Huntington Bancshares, Inc.		22,520
748	Intercontinental Exchange, Inc.		103,538
808	Invesco Ltd.		12,451
99	Jack Henry & Associates, Inc.		17,203
3,460	JPMorgan Chase & Co.		643,768
1,114	KeyCorp		15,897
218	Loews Corp.		16,378
205	M&T Bank Corp.		28,647
45	MarketAxess Holdings, Inc.		9,603
574	Marsh & McLennan Cos., Inc.		116,103
991	Mastercard, Inc., Class A		470,487
743	MetLife, Inc.		51,817
213	Moody’s Corp.		80,816
1,583	Morgan Stanley		136,201
103	MSCI, Inc.		57,780
467	Nasdaq, Inc.		26,245
293	Northern Trust Corp.		24,064
1,287	PayPal Holdings, Inc.*		77,658
463	PNC Financial Services Group, Inc. (The)		68,154
248	Principal Financial Group, Inc.		20,053
684	Progressive Corp. (The)		129,659
432	Prudential Financial, Inc.		47,084
233	Raymond James Financial, Inc.		28,035
1,098	Regions Financial Corp.		20,456
414	S&P Global, Inc.		177,349
435	State Street Corp.		32,073
504	Synchrony Financial		20,815
309	T. Rowe Price Group, Inc.		35,025
271	Travelers Cos., Inc. (The)		59,880
1,599	Truist Financial Corp.		55,933
1,850	US Bancorp		77,626
1,909	Visa, Inc., Class A		539,560
235	W R Berkley Corp.		19,646
4,352	Wells Fargo & Co.		241,928
119	Willis Towers Watson PLC		32,441

  

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

GOLDMAN SACHS S&P 500 CORE PREMIUM INCOME ETF

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Financials – (continued)
201	Zions Bancorp NA	$	7,925
			6,563,023
Health Care – 12.5%
2,077	Abbott Laboratories		246,415
2,107	AbbVie, Inc.		370,937
342	Agilent Technologies, Inc.		46,977
99	Align Technology, Inc.*		29,940
647	Amgen, Inc.		177,168
615	Baxter International, Inc.		25,166
340	Becton Dickinson & Co.		80,087
199	Biogen, Inc.*		43,181
17	Bio-Rad Laboratories, Inc., Class A*		5,540
202	Bio-Techne Corp.		14,861
1,740	Boston Scientific Corp.*		115,205
2,412	Bristol-Myers Squibb Co.		122,409
276	Cardinal Health, Inc.		30,906
209	Catalent, Inc.*		11,984
205	Cencora, Inc.		48,298
637	Centene Corp.*		49,960
68	Charles River Laboratories International, Inc.*		17,285
342	Cigna Group (The)		114,960
268	Cooper Cos., Inc. (The)		25,085
1,525	CVS Health Corp.		113,414
782	Danaher Corp.		197,955
80	DaVita, Inc.*		10,158
242	DENTSPLY SIRONA, Inc.		7,909
453	Dexcom, Inc.*		52,127
702	Edwards Lifesciences Corp.*		59,579
295	Elevance Health, Inc.		147,869
966	Eli Lilly & Co.		728,055
457	GE HealthCare Technologies, Inc.		41,715
1,464	Gilead Sciences, Inc.		105,554
230	HCA Healthcare, Inc.		71,691
141	Henry Schein, Inc.*		10,782
307	Hologic, Inc.*		22,657
135	Humana, Inc.		47,293
102	IDEXX Laboratories, Inc.*		58,673
202	Illumina, Inc.*		28,246
221	Incyte Corp.*		12,898
99	Insulet Corp.*		16,236
425	Intuitive Surgical, Inc.*		163,880
218	IQVIA Holdings, Inc.*		53,881
2,876	Johnson & Johnson		464,129
102	Laboratory Corp. of America Holdings		22,015
157	McKesson Corp.		81,861
1,567	Medtronic PLC		130,625
3,015	Merck & Co., Inc.		383,357
18	Mettler-Toledo International, Inc.*		22,450
409	Moderna, Inc.*		37,726
86	Molina Healthcare, Inc.*		33,876
6,736	Pfizer, Inc.		178,908
126	Quest Diagnostics, Inc.		15,736

Shares	Description	Value
Common Stocks – (continued)
Health Care – (continued)
122	Regeneron Pharmaceuticals, Inc.*	$	117,863
199	ResMed, Inc.		34,570
135	Revvity, Inc.		14,795
115	STERIS PLC		26,785
416	Stryker Corp.		145,213
51	Teleflex, Inc.		11,362
458	Thermo Fisher Scientific, Inc.		261,142
1,105	UnitedHealth Group, Inc.		545,428
96	Universal Health Services, Inc., Class B		16,038
313	Vertex Pharmaceuticals, Inc.*		131,692
1,425	Viatris, Inc.		17,627
73	Waters Corp.*		24,632
99	West Pharmaceutical Services, Inc.		35,478
239	Zimmer Biomet Holdings, Inc.		29,722
547	Zoetis, Inc.		108,487
			6,418,453
Industrials – 8.8%
657	3M Co.		60,523
135	A O Smith Corp.		11,192
104	Allegion PLC		13,298
774	American Airlines Group, Inc.*		12,136
301	AMETEK, Inc.		54,234
479	Automatic Data Processing, Inc.		120,291
99	Axon Enterprise, Inc.*		30,430
675	Boeing Co. (The)*		137,511
131	Broadridge Financial Solutions, Inc.		26,669
135	Builders FirstSource, Inc.*		26,349
144	C.H. Robinson Worldwide, Inc.		10,668
994	Carrier Global Corp.		55,247
626	Caterpillar, Inc.		209,059
105	Cintas Corp.		66,004
1,023	Copart, Inc.*		54,372
2,335	CSX Corp.		88,590
169	Cummins, Inc.		45,395
202	Dayforce, Inc.*		14,092
322	Deere & Co.		117,546
761	Delta Air Lines, Inc.		32,167
197	Dover Corp.		32,580
464	Eaton Corp. PLC		134,096
672	Emerson Electric Co.		71,803
135	Equifax, Inc.		36,935
171	Expeditors International of Washington, Inc.		20,452
675	Fastenal Co.		49,282
301	FedEx Corp.		74,940
424	Fortive Corp.		36,095
82	Generac Holdings, Inc.*		9,226
270	General Dynamics Corp.		73,777
1,309	General Electric Co.		205,369
779	Honeywell International, Inc.		154,811
457	Howmet Aerospace, Inc.		30,413
70	Hubbell, Inc.		26,647
46	Huntington Ingalls Industries, Inc.		13,415

  

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

GOLDMAN SACHS S&P 500 CORE PREMIUM INCOME ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
Industrials – (continued)
100	IDEX Corp.	$	23,590
327	Illinois Tool Works, Inc.		85,723
468	Ingersoll Rand, Inc.		42,742
102	J.B. Hunt Transport Services, Inc.		21,044
137	Jacobs Solutions, Inc.		20,091
796	Johnson Controls International PLC		47,179
223	L3Harris Technologies, Inc.		47,200
167	Leidos Holdings, Inc.		21,353
263	Lockheed Martin Corp.		112,627
270	Masco Corp.		20,725
84	Nordson Corp.		22,315
270	Norfolk Southern Corp.		68,413
188	Northrop Grumman Corp.		86,672
107	Old Dominion Freight Line, Inc.		47,345
501	Otis Worldwide Corp.		47,745
628	PACCAR, Inc.		69,639
143	Parker-Hannifin Corp.		76,569
366	Paychex, Inc.		44,879
79	Paycom Software, Inc.		14,409
204	Pentair PLC		15,869
199	Quanta Services, Inc.		48,060
236	Republic Services, Inc.		43,330
135	Robert Half, Inc.		10,854
128	Rockwell Automation, Inc.		36,490
332	Rollins, Inc.		14,631
1,719	RTX Corp.		154,143
69	Snap-on, Inc.		19,021
722	Southwest Airlines Co.		24,743
201	Stanley Black & Decker, Inc.		17,947
229	Textron, Inc.		20,397
271	Trane Technologies PLC		76,414
71	TransDigm Group, Inc.		83,620
2,431	Uber Technologies, Inc.*		193,264
738	Union Pacific Corp.		187,223
408	United Airlines Holdings, Inc.*		18,560
865	United Parcel Service, Inc., Class B		128,245
78	United Rentals, Inc.		54,075
248	Veralto Corp.		21,432
199	Verisk Analytics, Inc.		48,138
49	W.W. Grainger, Inc.		47,700
437	Waste Management, Inc.		89,869
215	Westinghouse Air Brake Technologies Corp.		30,377
304	Xylem, Inc.		38,623
			4,498,899
Information Technology – 29.7%
757	Accenture PLC, Class A		283,708
547	Adobe, Inc.*		306,473
1,915	Advanced Micro Devices, Inc.*		368,695
201	Akamai Technologies, Inc.*		22,295
724	Amphenol Corp., Class A		79,090
579	Analog Devices, Inc.		111,064
105	ANSYS, Inc.*		35,088
17,441	Apple, Inc.		3,152,461
992	Applied Materials, Inc.		200,007
309	Arista Networks, Inc.*		85,760

Shares	Description	Value
Common Stocks – (continued)
Information Technology – (continued)
243	Autodesk, Inc.*	$	62,735
529	Broadcom, Inc.		687,959
325	Cadence Design Systems, Inc.*		98,923
173	CDW Corp.		42,594
4,808	Cisco Systems, Inc.		232,563
581	Cognizant Technology Solutions Corp., Class A		45,911
931	Corning, Inc.		30,015
167	Enphase Energy, Inc.*		21,211
86	EPAM Systems, Inc.*		26,178
82	F5, Inc.*		15,352
20	Fair Isaac Corp.*		25,398
122	First Solar, Inc.*		18,775
761	Fortinet, Inc.*		52,593
101	Gartner, Inc.*		47,022
667	Gen Digital, Inc.		14,334
1,530	Hewlett Packard Enterprise Co.		23,302
1,019	HP, Inc.		28,868
5,013	Intel Corp.		215,810
1,095	International Business Machines Corp.		202,608
334	Intuit, Inc.		221,405
139	Jabil, Inc.		20,028
407	Juniper Networks, Inc.		15,071
214	Keysight Technologies, Inc.*		33,020
160	KLA Corp.		109,168
156	Lam Research Corp.		146,367
648	Microchip Technology, Inc.		54,523
1,304	Micron Technology, Inc.		118,155
8,871	Microsoft Corp.		3,669,400
64	Monolithic Power Systems, Inc.		46,083
204	Motorola Solutions, Inc.		67,400
239	NetApp, Inc.		21,300
2,947	NVIDIA Corp.		2,331,431
313	NXP Semiconductors NV (China)		78,165
517	ON Semiconductor Corp.*		40,802
1,893	Oracle Corp.		211,410
357	Palo Alto Networks, Inc.*		110,866
131	PTC, Inc.*		23,974
114	Qorvo, Inc.*		13,059
1,329	QUALCOMM, Inc.		209,703
122	Roper Technologies, Inc.		66,457
1,149	Salesforce, Inc.*		354,834
228	Seagate Technology Holdings PLC		21,215
238	ServiceNow, Inc.*		183,579
203	Skyworks Solutions, Inc.		21,299
180	Synopsys, Inc.*		103,271
357	TE Connectivity Ltd.		51,251
68	Teledyne Technologies, Inc.*		29,054
201	Teradyne, Inc.		20,822
1,085	Texas Instruments, Inc.		181,553
309	Trimble, Inc.*		18,908
35	Tyler Technologies, Inc.*		15,300
107	VeriSign, Inc.*		20,896
397	Western Digital Corp.*		23,610

  

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

GOLDMAN SACHS S&P 500 CORE PREMIUM INCOME ETF

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Information Technology – (continued)
68	Zebra Technologies Corp., Class A*	$	19,005
			15,209,176
Materials – 2.3%
250	Air Products and Chemicals, Inc.		58,510
144	Albemarle Corp.		19,850
1,681	Amcor PLC		15,230
102	Avery Dennison Corp.		22,086
361	Ball Corp.		23,111
116	Celanese Corp.		17,628
225	CF Industries Holdings, Inc.		18,162
845	Corteva, Inc.		45,224
842	Dow, Inc.		47,051
518	DuPont de Nemours, Inc.		35,840
131	Eastman Chemical Co.		11,494
308	Ecolab, Inc.		69,251
150	FMC Corp.		8,458
1,715	Freeport-McMoRan, Inc.		64,844
308	International Flavors & Fragrances, Inc.		23,254
413	International Paper Co.		14,604
573	Linde PLC		257,174
310	LyondellBasell Industries NV, Class A		31,087
74	Martin Marietta Materials, Inc.		42,751
409	Mosaic Co. (The)		12,744
1,353	Newmont Corp.		42,281
305	Nucor Corp.		58,651
108	Packaging Corp. of America		19,569
303	PPG Industries, Inc.		42,905
288	Sherwin-Williams Co. (The)		95,625
202	Steel Dynamics, Inc.		27,032
143	Vulcan Materials Co.		38,017
309	Westrock Co.		13,995
			1,176,428
Real Estate – 2.3%
202	Alexandria Real Estate Equities, Inc. REIT		25,195
552	American Tower Corp. REIT		109,771
198	AvalonBay Communities, Inc. REIT		35,052
198	Boston Properties, Inc. REIT		12,815
122	Camden Property Trust REIT		11,527
352	CBRE Group, Inc., Class A*		32,345
471	CoStar Group, Inc.*		40,991
526	Crown Castle, Inc. REIT		57,828
350	Digital Realty Trust, Inc. REIT		51,383
111	Equinix, Inc. REIT		98,659
412	Equity Residential REIT		24,807
97	Essex Property Trust, Inc. REIT		22,446
241	Extra Space Storage, Inc. REIT		33,974
100	Federal Realty Investment Trust REIT		10,085
629	Healthpeak Properties, Inc. REIT		10,536
817	Host Hotels & Resorts, Inc. REIT		16,945
676	Invitation Homes, Inc. REIT		23,031

Shares	Description	Value
Common Stocks – (continued)
Real Estate – (continued)
342	Iron Mountain, Inc. REIT	$	26,895
813	Kimco Realty Corp. REIT		16,065
130	Mid-America Apartment Communities, Inc. REIT		16,338
1,098	Prologis, Inc. REIT		146,330
202	Public Storage REIT		57,342
1,015	Realty Income Corp. REIT		52,892
203	Regency Centers Corp. REIT		12,576
123	SBA Communications Corp. REIT		25,735
408	Simon Property Group, Inc. REIT		60,441
350	UDR, Inc. REIT		12,425
466	Ventas, Inc. REIT		19,707
1,252	VICI Properties, Inc. REIT		37,472
658	Welltower, Inc. REIT		60,641
866	Weyerhaeuser Co. REIT		29,773
			1,192,022
Utilities – 2.1%
822	AES Corp. (The)		12,494
276	Alliant Energy Corp.		13,179
318	Ameren Corp.		22,638
630	American Electric Power Co., Inc.		53,670
228	American Water Works Co., Inc.		27,027
171	Atmos Energy Corp.		19,308
751	CenterPoint Energy, Inc.		20,653
341	CMS Energy Corp.		19,563
419	Consolidated Edison, Inc.		36,541
364	Constellation Energy Corp.		61,316
992	Dominion Energy, Inc.		47,447
237	DTE Energy Co.		25,679
943	Duke Energy Corp.		86,596
450	Edison International		30,609
241	Entergy Corp.		24,478
285	Evergy, Inc.		14,119
414	Eversource Energy		24,302
1,186	Exelon Corp.		42,506
623	FirstEnergy Corp.		22,808
2,426	NextEra Energy, Inc.		133,891
461	NiSource, Inc.		12,014
274	NRG Energy, Inc.		15,158
2,556	PG&E Corp.		42,660
128	Pinnacle West Capital Corp.		8,746
872	PPL Corp.		22,995
579	Public Service Enterprise Group, Inc.		36,130
749	Sempra		52,879
1,298	Southern Co. (The)		87,290
361	WEC Energy Group, Inc.		28,335
657	Xcel Energy, Inc.		34,617
			1,079,648
TOTAL COMMON STOCKS (Cost $47,516,298)			51,027,406

  

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

GOLDMAN SACHS S&P 500 CORE PREMIUM INCOME ETF

 

Schedule of Investments (continued)

February 29, 2024 (Unaudited)

 

 

	Shares	Description	Value
	Exchange-Traded Fund – 0.2%
	255	Vanguard S&P 500 ETF
	(Cost $110,787)		$	119,067
	Shares	Dividend Rate	Value
	Investment Company – 0.4%(a)
	Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares
	217,856	5.195%		217,856
	(Cost $217,856)
	TOTAL INVESTMENTS – 100.3% (Cost $47,844,941)		$	51,364,329
	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)%			(167,459	)
	NET ASSETS – 100.0%		$	51,196,870

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.

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

 

ADDITIONAL INVESTMENT INFORMATION

WRITTEN OPTIONS CONTRACTS — At February 29, 2024, the Fund had the following written option contracts:

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS

Description	Exercise Rate		Expiration Date		Number of Contracts		Notional Amount		Market Value			Premiums Paid (Received) by the Fund			Unrealized Appreciation/  (Depreciation)
Written Option Contracts:
Calls
SPDR S&P 500 ETF Trust	$	508.00		03/28/2024		430	$	(21,844)	$	(274,100	)	$	(294,442	)	$	20,342

  

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

GOLDMAN SACHS CORE PREMIUM INCOME ETFS

 

Statements of Assets and Liabilities

February 29, 2024 (Unaudited)

 

		Nasdaq-100 Core Premium Income ETF		S&P 500 Core Premium Income ETF
	Assets:
	Investments in unaffiliated issuers, at value (cost $35,670,508 and $47,627,085, respectively)	$	38,248,991	$	51,146,473
	Investments in affiliated issuers, at value (cost $139,376 and $217,856, respectively)		139,376		217,856
	Cash		511		1,280
	Receivables:
	Fund shares sold		462,251		461,046
	Investments sold		289,350		294,443
	Dividends		31,035		62,680
	Collateral on certain derivative contracts		11,020		10,022
	Total assets		39,182,534		52,193,800
	Liabilities:
	Written options, at value (premiums received A$289,350 and B$294,442, respectively)		300,588		274,100
	Payables:
	Investments purchased		519,307		713,720
	Management fees		6,657		9,110
	Total liabilities		826,552		996,930
	Net Assets:
	Paid-in capital		35,877,177		48,503,661
	Total distributable earnings (loss)		2,478,805		2,693,209
	NET ASSETS	$	38,355,982	$	51,196,870
	SHARES ISSUED AND OUTSTANDING
	Shares outstanding no par value (unlimited shares authorized):		830,000		1,110,000
	Net asset value per share:	$	46.21	$	46.12

  

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

GOLDMAN SACHS CORE PREMIUM INCOME ETFS

 

Statements of Operations

For the Period Ended February 29, 2024 (Unaudited)

 

		Nasdaq-100 Core Premium Income ETF*			S&P 500 Core Premium Income ETF*
	Investment income:
	Dividends — unaffiliated issuers (net of foreign withholding taxes of $ 14 and $ 27, respectively)	$	84,127		$	132,898
	Dividends — affiliated issuers		2,271			2,317
	Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer		39			—
	Total Investment Income		86,437			135,215
	Expenses:
	Management fees		24,645			27,271
	Total expenses		24,645			27,271
	Less — expense reductions		(4,301	)		(4,753	)
	Net expenses		20,344			22,518
	NET INVESTMENT INCOME		66,093			112,697
	Realized and Unrealized gain (loss):
	Net realized gain (loss) from:
	Investments — unaffiliated issuers		40,434			7,373
	In-kind redemptions		1,051,528			197,489
	Written options		(724,925	)		(691,767	)
	Net change in unrealized gain (loss) on:
	Investments — unaffiliated issuers		2,578,483			3,519,388
	Written options		(11,238	)		20,342
	Net realized and unrealized gain		2,934,282			3,052,825
	NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,000,375		$	3,165,522

*  For the period October 24, 2023 (commencement of operations) through February 29, 2024.

  

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

GOLDMAN SACHS CORE PREMIUM INCOME ETFS

 

Statements of Changes in Net Assets

 

		Nasdaq-100 Core  Premium Income ETF			S&P 500 Core Premium  Income ETF
		For the Period October 24, 2023* to February 29, 2024 (Unaudited)			For the Period October 24, 2023* to February 29, 2024 (Unaudited)
	From operations:
	Net investment income	$	66,093		$	112,697
	Net realized gain (loss)		367,037			(486,905	)
	Net change in unrealized gain		2,567,245			3,539,730
	Net increase in net assets resulting from operations		3,000,375			3,165,522
	Distributions to shareholders:
	From distributable earnings		(521,570	)		(472,313	)
	From share transactions:
	Proceeds from sales of shares		43,002,042			51,063,847
	Cost of shares redeemed		(7,124,865	)		(2,560,186	)
	Net increase in net assets resulting from share transactions		35,877,177			48,503,661
	TOTAL INCREASE		38,355,982			51,196,870
	Net Assets:
	Beginning of period	$	–		$	–
	End of period	$	38,355,982		$	51,196,870

*  Commencement of operations.

  

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

GOLDMAN SACHS NASDAQ-100 CORE PREMIUM INCOME ETF

 

Financial Highlights

Selected Data for a Share Outstanding Throughout The Period

 

 

		Nasdaq-100 Core  Premium Income ETF
		For the Period October 24, 2023* to February 29, 2024 (Unaudited)
	Per Share Operating Performance:
	Net asset value, beginning of period	$	40.39
	Net investment income(a)		0.15	(b)
	Net realized and unrealized gain		6.82
	Total from investment operations		6.97
	Distributions to shareholders from net investment income		(1.15	)
	Net asset value, end of period	$	46.21
	Market price, end of period	$	46.25
	Total Return at Net Asset Value(c)		17.50	%
	Net assets, end of period (in 000’s)	$	38,356
	Ratio of net expenses to average net assets		0.29	%(d)
	Ratio of total expenses to average net assets		0.35	%(d)
	Ratio of net investment income to average net assets		0.94	%(d)
	Portfolio turnover rate(e)		9	%

* Commencement of operations.

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

^(b) Reflects income recognized from non-recurring special dividends which amounted to $0.03 per share and 0.19% of average net assets.

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

^(d)  Annualized.

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

  

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

GOLDMAN SACHS S&P 500 CORE PREMIUM INCOME ETF

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout The Period

 

 

		S&P 500 Core Premium Income ETF
		For the Period October 24, 2023* to February 29, 2024 (Unaudited)
	Per Share Operating Performance:
	Net asset value, beginning of period	$	40.30
	Net investment income(a)		0.23
	Net realized and unrealized gain		6.52
	Total from investment operations		6.75
	Distributions to shareholders from net investment income		(0.93	)
	Net asset value, end of period	$	46.12
	Market price, end of period	$	46.12
	Total Return at Net Asset Value(b)		16.84	%
	Net assets, end of period (in 000’s)	$	51,197
	Ratio of net expenses to average net assets		0.29	%(c)
	Ratio of total expenses to average net assets		0.35	%(c)
	Ratio of net investment income to average net assets		1.45	%(c)
	Portfolio turnover rate(d)		2	%

* Commencement of operations.

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

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

^(c) Annualized.

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

  

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

GOLDMAN SACHS CORE PREMIUM INCOME ETFS

 

Notes to Financial Statements

February 29, 2024

 

 

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	Diversified/ Non-diversified
Nasdaq-100 Core Premium Income ETF	Non-Diversified
S&P 500 Core Premium Income ETF	Diversified

The investment objective of each Fund is to seek current income while maintaining prospects for capital appreciation.

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 NASDAQ Stock Market LLC (“NASDAQ”). 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.

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. 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, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

C.  Expenses — Expenses incurred directly by a Fund are charged to the Fund, and certain expenses incurred by the Trust that may not solely relate to the Fund are allocated to the Fund and the other applicable Funds 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

  

22

GOLDMAN SACHS CORE PREMIUM INCOME ETFS

     

 

 

 

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 the Funds, income distributions, if any, are normally declared and paid monthly. Capital gains distributions, if any, are normally declared and paid annually. Because the Fund seeks to provide monthly distributions at a relatively stable rate, shareholders may receive distributions which constitute a return of capital for tax purposes. A return of capital is not taxable, but it reduces the shareholder’s basis in its shares, which reduces the loss (or increases the gain) on a subsequent taxable disposition by such shareholder of the shares.

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

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

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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has 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

  

  23

GOLDMAN SACHS CORE PREMIUM INCOME ETFS

 

Notes to Financial Statements (continued)

February 29, 2024

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

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

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 Statement of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedule 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.

i. Options — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.

Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

Money Market Funds — Investments in the Goldman Sachs Financial Square Treasury Obligations Fund (“Underlying Money Market 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 Money Market Fund’s accounting policies and investment holdings, please see the Underlying Money Market 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 the Valuation Procedures. 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 February 29, 2024:

  

24

GOLDMAN SACHS CORE PREMIUM INCOME ETFS

 

 

 

 

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Nasdaq-100 Core Premium Income ETF
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	419,179		$	—	$	—
Europe		428,999			—		—
North America		37,127,993			—		—
South America		224,937			—		—
Exchange-Traded Fund		47,883			—		—
Investment Company		139,376			—		—
Total	$	38,388,367		$	—	$	—
Derivative Type
Liabilities
Written Options Contracts	$	(300,588	)	$	—	$	—
S&P 500 Core Premium Income ETF
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	78,165		$	—	$	—
North America		50,949,241			—		—
Exchange-Traded Fund		119,067			—		—
Investment Company		217,856			—		—
Total	$	51,364,329		$	—	$	—
Derivative Type
Liabilities
Written Options Contracts	$	(274,100	)	$	—	$	—

^(a)  Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table.

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

4. INVESTMENTS IN DERIVATIVES

The following tables sets forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of February 29, 2024. 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.

  

  25

GOLDMAN SACHS CORE PREMIUM INCOME ETFS

 

Notes to Financial Statements (continued)

February 29, 2024

 

 

4. INVESTMENTS IN DERIVATIVES (continued)

Nasdaq-100 Core Premium Income ETF
Risk	Statement of Assets and Liabilities	Assets		Statement of Assets and Liabilities	Liabilities
Equity	Written options at value	$	—	Written options at value	$	(300,588	)
S&P 500 Core Premium Income ETF
Risk	Statement of Assets and Liabilities	Assets		Statement of Assets and Liabilities	Liabilities
Equity	Written options at value	$	—	Written options at value	$	(274,100	)

The following table sets forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the period ended February 29, 2024. 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:

Nasdaq-100 Core Premium Income ETF
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) from written options/Net change in unrealized gain (loss) on written options	$	(724,925	)	$	(11,238	)
S&P 500 Core Premium Income ETF
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) from written options/Net change in unrealized gain (loss) on written options		(691,767	)		20,342

For the period ended February 29, 2024, the relevant values for each derivative type was as follows:

	Average number of Contracts(a)
Fund	Written Options
Nasdaq-100 Core Premium Income ETF	170
S&P 500 Core Premium Income ETF	165

(a) Amounts disclosed represent average number of contracts, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the six months ended February 29, 2024.

5. 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.

  

26

GOLDMAN SACHS CORE PREMIUM INCOME ETFS

 

 

 

 

 

 

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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 period ended February 29, 2024, contractual and effective net unitary management fees with GSAM for each Fund were at the following rates:

Fund	Contractual Unitary Management Fee	Effective Net Unitary  Management  Fee*
Nasdaq-100 Core Premium Income ETF	0.35%	0.29%
S&P 500 Core Premium Income ETF	0.35	0.29

* 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 0.29% as an annual percentage rate of average daily net assets of each Fund. These arrangements will remain in effect through at least December 29, 2024, and prior to such date GSAM may not terminate the arrangement without the approval of the Board of Trustees. For the period ended February 29, 2024, GSAM waived $4,225 and $4,675 of the Funds’ management fees for Nasdaq-100 Core Premium Income ETF and S&P 500 Core Premium Income ETF, respectively.

The Funds invest in Institutional Shares of the Underlying Money Market 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, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Underlying Money Market Fund. For the period ended February 29, 2024, GSAM waived $76 and $78 of the Funds’ management fees for Nasdaq-100 Core Premium Income ETF and S&P 500 Core Premium Income ETF, respectively.

B. Other Transactions with Affiliates — For the period ended February 29, 2024, Goldman Sachs did not earn any brokerage commissions from portfolio transactions on behalf of the Funds.

The following table provides information about the Funds’ investment in the Goldman Sachs Financial Square Treasury Obligations Fund as of and for the period ended February 29, 2024

Nasdaq-100 Core Premium Income ETF
Underlying Fund	Beginning value as of October 24, 2023		Purchases at Cost		Proceeds from Sales		Ending value as of February 29, 2024		Shares as of February 29, 2024		Dividend Income
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares
	$	–	$	4,341,284	$	4,201,908	$	139,376		139,376	$	2,271
S&P 500 Core Premium Income ETF
Underlying Fund	Beginning value as of October 24, 2023		Purchases at Cost		Proceeds from Sales		Ending value as of February 29, 2024		Shares as of February 29, 2024		Dividend Income
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares
		–		3,218,928		3,001,072		217,856		217,856		2,317

  

  27

GOLDMAN SACHS CORE PREMIUM INCOME ETFS

 

Notes to Financial Statements (continued)

February 29, 2024

 

 

6. CREATION AND REDEMPTION OF CREATION UNITS

The Trust issues and redeems shares of the Funds only in Creation Units on a continuous basis through the Distributor, without an initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional Information), of an order in proper form. Shares of the Funds may only be purchased or redeemed by certain financial institutions (each an “Authorized Participant”). An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.

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

Share activity is as follows:

	Nasdaq-100 Core Premium Income ETF
	For the Period October 24, 2023(a) to February 29, 2024 (Unaudited)
	Shares		Dollars
Fund Share Activity
Shares sold		990,000	$	43,002,042
Shares redeemed		(160,000)		(7,124,865)
NET INCREASE IN SHARES		830,000	$	35,877,177
	S&P 500 Core Premium Income ETF
	For the Period October 24, 2023(a) to February 29, 2024 (Unaudited)
	Shares		Dollars
Fund Share Activity
Shares sold		1,170,000	$	51,063,847
Shares redeemed		(60,000)		(2,560,186)
NET INCREASE IN SHARES		1,110,000	$	48,503,661

(a) Commenced operations on October 24, 2023.

  

28

GOLDMAN SACHS CORE PREMIUM INCOME ETFS

 

 

 

 

 

 

7. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the period ended February 29, 2024, were as follows:

Fund	Purchases		Sales
Nasdaq-100 Core Premium Income ETF(a)	$	4,424,887	$	1,650,451
S&P 500 Core Premium Income ETF(a)		3,072,447		605,893

(a)  Commenced operations on October 24, 2023.

The purchases and sales from in-kind creation and redemption transactions for the period ended February 29, 2024, were as follows:

Fund	Purchases		Sales
Nasdaq-100 Core Premium Income ETF(a)	$	38,896,831	$	7,092,721
S&P 500 Core Premium Income ETF(a)		47,506,918		2,550,560

(a)  Commenced operations on October 24, 2023.

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

  

  29

GOLDMAN SACHS CORE PREMIUM INCOME ETFS

 

Notes to Financial Statements (continued)

February 29, 2024

 

 

8. SECURITIES LENDING (continued)

the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of February 29, 2024, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable. The Funds did not have securities on loan as of February 29, 2024.

Both the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the period ended February 29, 2024, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds’ investment in the Government Money Market Fund for the period ended February 29, 2024:

Fund	Beginning value as of October 24, 2023		Purchases at Cost		Proceeds from Sales		Ending value as of February 29, 2024
Nasdaq-100 Core Premium Income ETF	$	—	$	13,750	$	(13,750)	$	—

9. TAX INFORMATION

As of February 29, 2024, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Nasdaq-100 Core Premium Income ETF		S&P 500 Core Premium Income ETF
Tax Cost	$	35,809,884	$	47,844,941
Gross unrealized gain		3,095,068		3,971,933
Gross unrealized loss		(516,585)		(452,545)
Net unrealized gain (loss)	$	2,578,483	$	3,519,388

GSAM has reviewed the Funds’ tax positions for all open tax years (the current 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.

10. OTHER RISKS

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

Industry Concentration Risk — Concentrating Fund investments in a limited number of issuers conducting business in the same industry or group of industries will subject the Fund to a greater risk of loss as a result of adverse economic, business, political, environmental or other developments than if its investments were diversified across different industries.

Large Shareholder Transactions Risk — Certain shareholders, including other funds advised by the Investment Adviser, may from time to time own a substantial amount of the Fund’s Shares. In addition, a third party investor, the Investment Adviser or an affiliate of the Investment Adviser, an authorized participant, a lead market maker, or another entity (i.e., a seed investor) may invest in the Fund and hold its investment solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or scale. Any such investment may be held for a limited period of time. There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund, including on the Fund’s liquidity. In addition, transactions by large shareholders may account for a large percentage of the trading volume on NASDAQ and may, therefore, have a material upward or downward effect on the market price of the Shares.

  

30

GOLDMAN SACHS CORE PREMIUM INCOME ETFS

 

 

 

 

 

 

10. OTHER RISKS (continued )

Market Risk — The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments.

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 pay more for, or receive less than, the underlying value of the Shares, respectively. 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.

Non-Diversification Risk — The Nasdaq-100 Core Premium Income ETF is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in one or more issuers or in fewer issuers than diversified mutual funds. Thus, a Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

Option Writing Risk — Writing (selling) options may limit the opportunity to profit from an increase or decrease in the market value of a reference security in exchange for up-front cash (the premium) at the time of selling the option. In a sharp rising or falling market, the Fund could significantly underperform the market or other portfolios without an option writing strategy. The Fund could also experience a sudden, significant permanent loss due to dramatic movements in the market value of reference security, which may far exceed the premiums received for writing the option. Such significant losses could cause significant deteriorations in the Fund’s NAV. Furthermore, the premium received from the Fund’s option writing strategies may not fully protect it against market movements because the Fund will continue to bear the risk of movements in the value of its portfolio investments.

Tracking Error/Index Risk — Tracking error is the divergence of the Fund’s performance (without regard to the options overwrite strategy) from that of the benchmark. The performance of the Fund’s equity investments may diverge from that of the benchmark for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, changes to the benchmark or the need to meet new or existing regulatory requirements. Unlike the Fund, the returns of the benchmark 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. The Fund will be negatively affected by general declines in the securities and asset classes represented in the benchmark. In addition, unless a specific security is removed from the benchmark, the Fund generally would not sell a security because the security’s issuer was in financial trouble.

11. INDEMNIFICATIONS

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

  

  31

GOLDMAN SACHS CORE PREMIUM INCOME ETFS

 

Notes to Financial Statements (continued)

February 29, 2024

 

 

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 ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund, Goldman Sachs Trust, Goldman Sachs Trust II and Goldman Sachs Variable Insurance Trust, in July 2023, the Board voted to nominate Gregory G. Weaver, Dwight L. Bush, Kathryn A. Cassidy, John G. Chou, Joaquin Delgado, Eileen H. Dowling and Paul C. Wirth (the “Nominees”) for election as Trustees of the Trust. At a virtual special joint meeting of shareholders held on November 16, 2023, each of the Nominees was elected to serve as Trustees alongside the then current Trustees of the Trust, effective January 1, 2024.

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.

  

32

GOLDMAN SACHS CORE PREMIUM INCOME ETFS

 

 

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

Background

The Goldman Sachs Nasdaq-100 Core Premium Income ETF and Goldman Sachs S&P 500 Core Premium Income ETF (each, a “Fund”) are newly-organized investment portfolios of Goldman Sachs ETF Trust (the “Trust”) that commenced investment operations on October 24, 2023. At a meeting held on June 6-7, 2023 (the “Meeting”) in connection with the Funds’ organization, the Board of Trustees, including all of the Trustees who are not parties to the Funds’ investment management agreement (the “Management Agreement”) or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”) approved the Management Agreement with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds. At the Meeting, the Trustees reviewed the Management Agreement with respect to each Fund, including information regarding the terms of the Management Agreement; the nature, extent and quality of the Investment Adviser’s anticipated services; the fees and expenses to be paid by each Fund; a comparison of each Fund’s proposed management fee and anticipated expenses with those paid by other similar exchange-traded funds (“ETFs”); potential benefits to be derived by the Investment Adviser and its affiliates from their relationships with each Fund; and potential benefits to be derived by each Fund from its relationship with the Investment Adviser. Various information was also provided at prior meetings at which the Funds were discussed.

In connection with the Meeting, the Trustees received written materials and oral presentations on the topics covered, 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 Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that would be provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers would operate, including developments associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees considered that under the Management Agreement, each Fund pays a single management fee to the Investment Adviser, and the Investment Adviser pays all of 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 each Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that each Fund would operate as an actively-managed ETF that seeks current income while maintaining prospects for capital appreciation. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who would provide services to the Funds. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing investment strategies similar to those of the Funds. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser would be able to commit substantial financial and operational resources to the Funds. They also considered that although the Funds were new (and therefore had no performance data to evaluate), the Investment Adviser has committed substantial financial and operational resources to ETFs and has extensive experience managing other types of registered investment companies. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

Unitary Fee Structure and Profitability

The Trustees considered the unitary management fee rate payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single management fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services to be rendered by the Investment Adviser to the Funds, which would include both advisory and non-advisory services directed to the needs and operations of the Fund as an ETF. In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers for the Funds. The Trustees also reviewed information provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms, as well as each Fund’s peer group and category medians. The comparisons of each Fund’s unitary management fee rate and projected expense ratio were prepared by the Investment

  

  33

GOLDMAN SACHS CORE PREMIUM INCOME ETFS

 

 

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

Adviser and a third-party provider of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing each Fund’s unitary management fee rate and projected expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fee and total expenses to be paid by the Funds. The Trustees concluded that the Investment Adviser’s management of the Funds likely would benefit the Funds and their shareholders. They also noted that shareholders would be able to sell their Fund shares on the secondary market if they believe that Fund fees and expenses are too high or if they are dissatisfied with the performance of a Fund.

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

Economies of Scale

The Trustees noted that the Funds, similar to many other ETFs, would not have management fee breakpoints. The Trustees considered each 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. They further noted that the Investment Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration in determining each Fund’s unitary management fee rate.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits expected to be derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (b) fees earned by the Investment Adviser for managing the funds in which the Funds’ securities lending cash collateral is invested; (c) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (d) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (e) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (f) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (g) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs & Co. LLC (“Goldman Sachs”).

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds are expected to receive certain other potential benefits as a result of its relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) the Funds’ access to certain affiliated distribution channels.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary management fee to be paid by each Fund was reasonable in light of the services to be provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s reasonably foreseeable asset levels. The Trustees unanimously concluded that the engagement of the Investment Adviser likely would benefit each Fund and its shareholders and that the Management Agreement should be approved with respect to each Fund for an initial two-year period from its effective date.

  

34  

GOLDMAN SACHS CORE PREMIUM INCOME ETFS

 

 

Liquidity Risk Management Program

February 29, 2024

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 February 13-14, 2024, 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, 2023 through December 31, 2023 (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; (3) the efficiency of the arbitrage function during the Reporting Period; and (4) the impact of local holidays in non-U.S. jurisdictions. 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.

  

  35

GOLDMAN SACHS CORE PREMIUM INCOME ETFS

Fund Expenses — Period Ended February 29, 2024 (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 and held for the entire period from October 24, 2023 through February 29, 2024, which represents a period of 127 days of a 365 day year.

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.

	Nasdaq-100 Core Premium Income ETF			S&P 500 Core Premium Income ETF
	Beginning  Account Value  10/24/23	Ending  Account Value  2/29/24	Expenses  Paid for the 6 months  ended 2/29/24*	Beginning  Account Value  10/24/23	Ending  Account Value  2/29/24	Expenses  Paid for the 6 months  ended 2/29/24*
Actual based on NAV	$1,000.00	$1,175.00	$1.10	$1,000.00	$1,168.40	$1.10
Hypothetical 5% return	1,000.00	1,023.43+	1.45	1,000.00	1,023.43+	1.45

+ 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 are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the period ended February 29, 2024. 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 half year; and then dividing that result by the number of days in the fiscal year.

The annualized net expense ratios for the period were as follows:

Fund
Nasdaq-100 Core Premium Income ETF	0.29	%
S&P 500 Core Premium Income ETF	0.29

36

FUNDS PROFILE

Goldman Sachs ETFs

 

 

THE GOLDMAN SACHS ADVANTAGE

Our goal is to deliver:

Strong, Consistent Investment Results
∎	Global Resources and Global Research
∎	Team Approach
∎	Disciplined Processes

Innovative, Value-Added Investment Products
∎	Thoughtful Solutions
∎	Risk Management

Outstanding Client Service
∎	Dedicated Service Teams
∎	Excellence and Integrity

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 $2.54 trillion in assets under supervision as of December 31, 2023, 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 Access Emerging Markets USD Bond ETF

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 Bonds ETF

Goldman Sachs Access Treasury 0-1 Year ETF

Goldman Sachs Access U.S. Aggregate Bond ETF

Goldman Sachs Access Ultra Short Bond ETF

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 ActiveBeta^® World Low Vol Plus Equity ETF

Goldman Sachs Bloomberg Clean Energy Equity ETF

Goldman Sachs Community Municipal Bond ETF

Goldman Sachs Defensive Equity ETF

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

Goldman Sachs Future Consumer Equity ETF

Goldman Sachs Future Health Care Equity ETF

Goldman Sachs Future Planet Equity ETF

Goldman Sachs Future Real Estate and Infrastructure Equity ETF

Goldman Sachs Future Tech Leaders Equity ETF

Goldman Sachs Hedge Industry VIP ETF

Goldman Sachs Innovate Equity ETF

Goldman Sachs JUST U.S. Large Cap Equity ETF

Goldman Sachs MarketBeta^® Emerging Markets Equity ETF

Goldman Sachs MarketBeta^® International Equity ETF

Goldman Sachs MarketBeta^® Total International Equity ETF

Goldman Sachs MarketBeta^® U.S. 1000 Equity ETF

Goldman Sachs MarketBeta^® U.S. Equity ETF

Goldman Sachs MarketBeta^® Russell 1000 Growth Equity ETF

Goldman Sachs MarketBeta^® Russell 1000 Value Equity ETF

Goldman Sachs Nasdaq-100 Core Premium Income ETF

Goldman Sachs North American Pipelines & Power Equity ETF

Goldman Sachs Small Cap Core Equity ETF

Goldman Sachs S&P 500 Core Premium Income ETF

INDEX DISCLAIMERS

The “S&P 500 Index” is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and has been licensed for use by Goldman Sachs Asset Management, L.P. Standard & Poor’s^® and S&P^® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Goldman Sachs Asset Management, L.P. The Goldman Sachs S&P 500 Core Premium Income ETF is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.

Nasdaq^®, Nasdaq-100^®, Nasdaq-100 Index^®, and NDX^® are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by Goldman Sachs Asset Management L.P. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT(S).

  

  37

TRUSTEES TRUSTEES (continued) Gregory G. Weaver, Chair Michael Latham Cheryl K. Beebe James A. McNamara Dwight L. Bush Lawrence W. Stranghoener Kathryn A. Cassidy Paul C. Wirth John G. Chou Joaquin Delgado OFFICERS Eileen H. Dowling James A. McNamara, President Lawrence Hughes Joseph F. DiMaria, Principal Financial Officer, John F. Killian Principal Accounting Officer and Treasurer Steven D. Krichmar Robert Griffith, Secretary THE BANK OF NEW YORK MELLON GOLDMAN SACHS ASSET MANAGEMENT, L.P. Transfer Agent Investment Adviser ALPS DISTRIBUTORS, INC. Distributor Visit our website at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282 The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed. A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30, are available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC’’) web site at http://www.sec.gov. The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on the Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550. Fund holdings and allocations shown are as of February 29, 2024 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only. ETF Fund shares are not individually redeemable and are issued and redeemed by the Fund at their net asset value (“NAV”) only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Ordinary brokerage commissions apply. ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management. This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or Summary Prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the Summary Prospectus, if available, and/or the Prospectus carefully before investing or sending money. The Summary Prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550. ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management. © 2024 Goldman Sachs. All rights reserved. 365115-OTU-04/2024 PREINCETFSAR-24

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.

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

(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 14(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. Kathryn A. Cassidy and Michael Latham are each an “audit committee financial expert” and “independent” (as each term is defined in Item 3 of Form N-CSR).

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

  The Registrant has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The members of the Audit Committee are Cheryl K. Beebe, Dwight L. Bush, Kathryn A. Cassidy, John G. Chou, Joaquin Delgado, Eileen H. Dowling, Lawrence Hughes, John F. Killian, Steven D. Krichmar, Michael Latham, Lawrence W. Stranghoener, Paul C. Wirth, and Gregory G. Weaver, 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. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

(a) Not Applicable.

(b) Not Applicable.

ITEM 14. EXHIBITS.

(a)(1)	Goldman Sachs ETF Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 13(a)(1) of the registrant’s Form N-CSR filed on November 3, 2022.
(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:	April 30, 2024

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:	April 30, 2024
By:	/s/ Joseph F. DiMaria
	Joseph F. DiMaria
	Principal Financial Officer
	Goldman Sachs ETF Trust
Date:	April 30, 2024