GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – 97.3% | ||||||
| Australia – 0.1% |
||||||
| 28,200 | AngloGold Ashanti Ltd. (Materials) | $ 687,203 | ||||
|
|
| |||||
| Brazil – 3.7% |
||||||
| 713,208 | Ambev SA (Consumer Staples) | 2,006,546 | ||||
| 646,409 | B3 SA – Brasil Bolsa Balcao (Financials) | 1,681,050 | ||||
| 430,438 | Banco Bradesco SA (Financials) | 1,115,194 | ||||
| 98,260 | Banco do Brasil SA (Financials) | 856,003 | ||||
| 69,330 | Banco Santander Brasil SA (Financials) | 387,129 | ||||
| 585,317 | BB Seguridade Participacoes SA (Financials) | 3,534,598 | ||||
| 202,938 | CCR SA (Industrials) | 537,666 | ||||
| 129,682 | Centrais Eletricas Brasileiras SA (Utilities) | 893,765 | ||||
| 100,409 | CPFL Energia SA (Utilities) | 593,605 | ||||
| 51,348 | Energisa SA (Utilities) | 441,509 | ||||
| 82,026 | Engie Brasil Energia SA (Utilities) | 673,100 | ||||
| 298,301 | Equatorial Energia SA (Utilities) | 1,639,465 | ||||
| 51,409 | Hypera SA (Health Care) | 409,714 | ||||
| 90,254 | Klabin SA (Materials) | 369,693 | ||||
| 142,594 | Lojas Renner SA (Consumer Discretionary) | 541,489 | ||||
| 183,107 | Natura & Co. Holding SA (Consumer Staples)* | 496,565 | ||||
| 527,025 | Petroleo Brasileiro SA (Energy) | 3,005,603 | ||||
| 81,217 | PRIO SA (Energy)* | 542,144 | ||||
| 594,732 | Raia Drogasil SA (Consumer Staples) | 3,289,552 | ||||
| 144,817 | Suzano SA (Materials) | 1,266,113 | ||||
| 215,470 | Telefonica Brasil SA (Communication Services) | 1,682,735 | ||||
| 292,144 | TIM SA (Communication Services) | 796,253 | ||||
| 509,262 | Vale SA (Materials) | 6,344,522 | ||||
| 142,931 | Vibra Energia SA (Consumer Discretionary) | 449,005 | ||||
| 252,875 | WEG SA (Industrials) | 1,856,856 | ||||
|
| ||||||
| 35,409,874 | ||||||
|
|
| |||||
| Chile – 0.5% |
||||||
| 981,009 | Cencosud SA (Consumer Staples) | 1,843,379 | ||||
| 197,692 | Cia Cervecerias Unidas SA (Consumer Staples) | 1,444,629 | ||||
| 247,234 | Empresas CMPC SA (Materials) | 420,541 | ||||
| 87,626 | Empresas Copec SA (Energy) | 629,563 | ||||
| 6,452,716 | Enel Americas SA (Utilities)* | 827,674 | ||||
|
| ||||||
| 5,165,786 | ||||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| China – 31.9% |
||||||
| 207,200 | 360 Security Technology, Inc., Class A (Information Technology) | $ 405,630 | ||||
| 391,045 | 37 Interactive Entertainment Network Technology Group Co. Ltd., Class A (Communication Services) | 1,791,197 | ||||
| 1,221,169 | 3SBio, Inc. (Health Care)(a) | 1,235,482 | ||||
| 2,901,346 | Agricultural Bank of China Ltd., Class A (Financials) | 1,433,206 | ||||
| 4,552,020 | Agricultural Bank of China Ltd., Class H (Financials) | 1,715,385 | ||||
| 103,162 | Aier Eye Hospital Group Co. Ltd., Class A (Health Care) | 387,990 | ||||
| 485,228 | Air China Ltd., Class H (Industrials)* | 368,806 | ||||
| 21,168 | Airtac International Group (Industrials) | 683,383 | ||||
| 87,822 | Akeso, Inc., Class B (Health Care)*(a)(b) | 391,529 | ||||
| 1,821,574 | Alibaba Group Holding Ltd. (Consumer Discretionary)* | 18,126,735 | ||||
| 656,138 | Alibaba Health Information Technology Ltd. (Consumer Staples)* | 388,909 | ||||
| 1,339,976 | Aluminum Corp. of China Ltd., Class H (Materials) | 592,255 | ||||
| 30,235 | Amlogic Shanghai Co. Ltd., Class A (Information Technology)* | 380,897 | ||||
| 67,479 | Anhui Conch Cement Co. Ltd., Class A (Materials) | 237,310 | ||||
| 71,324 | Anhui Conch Cement Co. Ltd., Class H (Materials) | 189,511 | ||||
| 182,191 | ANTA Sports Products Ltd. (Consumer Discretionary) | 1,860,719 | ||||
| 17,087 | Autohome, Inc. ADR (Communication Services) | 489,030 | ||||
| 604,411 | AVIC Industry-Finance Holdings Co. Ltd., Class A (Financials) | 327,406 | ||||
| 173,434 | Baidu, Inc., Class A (Communication Services)* | 2,645,294 | ||||
| 1,945,928 | Bank of Beijing Co. Ltd., Class A (Financials) | 1,291,678 | ||||
| 397,432 | Bank of Changsha Co. Ltd., Class A (Financials) | 447,305 | ||||
| 3,121,342 | Bank of China Ltd., Class A (Financials) | 1,708,332 | ||||
| 9,649,693 | Bank of China Ltd., Class H (Financials) | 3,784,314 | ||||
| 2,064,534 | Bank of Communications Co. Ltd., Class A (Financials) | 1,694,901 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| China – (continued) |
||||||
| 2,546,360 | Bank of Communications Co. Ltd., Class H (Financials) | $ 1,642,656 | ||||
| 206,704 | Bank of Hangzhou Co. Ltd., Class A (Financials) | 336,781 | ||||
| 1,407,402 | Bank of Jiangsu Co. Ltd., Class A (Financials)* | 1,465,509 | ||||
| 649,864 | Bank of Nanjing Co. Ltd., Class A (Financials) | 769,717 | ||||
| 1,065,268 | Bank of Shanghai Co. Ltd., Class A (Financials) | 922,381 | ||||
| 366,520 | Bank of Suzhou Co. Ltd., Class A (Financials) | 349,762 | ||||
| 487,206 | Baoshan Iron & Steel Co. Ltd., Class A (Materials) | 402,028 | ||||
| 1,470,422 | BBMG Corp., Class A (Materials) | 449,847 | ||||
| 40,092 | BeiGene Ltd. (Health Care)* | 682,177 | ||||
| 522,198 | Beijing Capital International Airport Co. Ltd., Class H (Industrials)* | 364,219 | ||||
| 325,113 | Beijing Enterprises Holdings Ltd. (Utilities) | 1,256,305 | ||||
| 6,782 | Beijing Kingsoft Office Software, Inc., Class A (Information Technology)* | 411,157 | ||||
| 49,406 | Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A (Health Care)* | 644,806 | ||||
| 199,858 | Beijing Yanjing Brewery Co. Ltd., Class A (Consumer Staples) | 324,224 | ||||
| 503,200 | Beijing-Shanghai High Speed Railway Co. Ltd., Class A (Industrials) | 407,458 | ||||
| 66,511 | Bloomage Biotechnology Corp. Ltd., Class A (Health Care)* | 822,217 | ||||
| 47,240 | BOC Aviation Ltd. (Industrials)(a) | 347,289 | ||||
| 1,113,218 | BOE Technology Group Co. Ltd., Class A (Information Technology)* | 620,208 | ||||
| 2,169,677 | Bosideng International Holdings Ltd. (Consumer Discretionary) | 900,770 | ||||
| 13,323 | BYD Co. Ltd., Class A (Consumer Discretionary) | 474,264 | ||||
| 60,351 | BYD Co. Ltd., Class H (Consumer Discretionary) | 1,822,499 | ||||
| 122,216 | BYD Electronic International Co. Ltd. (Information Technology) | 355,958 | ||||
| 178,193 | By-health Co. Ltd., Class A (Consumer Staples) | 568,653 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| China – (continued) |
||||||
| 145,262 | C&D International Investment Group Ltd. (Real Estate)* | $ 365,185 | ||||
| 387,744 | Caitong Securities Co. Ltd., Class A (Financials) | 407,017 | ||||
| 100,826 | Canmax Technologies Co. Ltd., Class A (Materials) | 473,440 | ||||
| 4,034,475 | CGN Power Co. Ltd., Class H (Utilities)(a) | 968,903 | ||||
| 13,199 | Changchun High & New Technology Industry Group, Inc., Class A (Health Care) | 295,254 | ||||
| 429,716 | Changjiang Securities Co. Ltd., Class A (Financials) | 362,429 | ||||
| 56,561 | Chengxin Lithium Group Co. Ltd., Class A (Materials) | 239,871 | ||||
| 4,019,015 | China Cinda Asset Management Co. Ltd., Class H (Financials) | 446,657 | ||||
| 2,882,458 | China CITIC Bank Corp. Ltd., Class H (Financials) | 1,517,035 | ||||
| 1,235,951 | China Communications Services Corp. Ltd., Class H (Industrials) | 587,326 | ||||
| 1,243,713 | China Construction Bank Corp., Class A (Financials) | 1,117,034 | ||||
| 11,937,470 | China Construction Bank Corp., Class H (Financials) | 7,639,859 | ||||
| 1,341,824 | China Everbright Bank Co. Ltd., Class A (Financials) | 593,161 | ||||
| 2,643,894 | China Everbright Bank Co. Ltd., Class H (Financials)* | 813,948 | ||||
| 1,644,834 | China Feihe Ltd. (Consumer Staples)(a) | 956,024 | ||||
| 311,618 | China Galaxy Securities Co. Ltd., Class A (Financials) | 496,784 | ||||
| 1,129,021 | China Galaxy Securities Co. Ltd., Class H (Financials) | 608,625 | ||||
| 72,600 | China Life Insurance Co. Ltd., Class A (Financials) | 380,432 | ||||
| 625,929 | China Life Insurance Co. Ltd., Class H (Financials) | 1,057,041 | ||||
| 1,255,465 | China Medical System Holdings Ltd. (Health Care) | 1,764,138 | ||||
| 571,820 | China Mengniu Dairy Co. Ltd. (Consumer Staples)* | 2,220,589 | ||||
| 213,830 | China Merchants Bank Co. Ltd., Class A (Financials) | 969,254 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| China – (continued) |
||||||
| 414,166 | China Merchants Bank Co. Ltd., Class H (Financials) | $ 1,925,800 | ||||
| 313,130 | China Merchants Port Holdings Co. Ltd. (Industrials) | 454,400 | ||||
| 185,296 | China Merchants Securities Co. Ltd., Class A (Financials) | 361,709 | ||||
| 289,295 | China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A (Real Estate) | 514,786 | ||||
| 1,835,357 | China Minsheng Banking Corp. Ltd., Class A (Financials) | 1,019,958 | ||||
| 3,114,703 | China Minsheng Banking Corp. Ltd., Class H (Financials) | 1,233,428 | ||||
| 71,000 | China National Medicines Corp. Ltd., Class A (Health Care) | 398,552 | ||||
| 415,345 | China National Nuclear Power Co. Ltd., Class A (Utilities) | 410,344 | ||||
| 34,382 | China National Software & Service Co. Ltd., Class A (Information Technology) | 293,022 | ||||
| 61,592 | China Northern Rare Earth Group High-Tech Co. Ltd., Class A (Materials) | 206,234 | ||||
| 305,269 | China Oilfield Services Ltd., Class H (Energy) | 311,187 | ||||
| 131,700 | China Pacific Insurance Group Co. Ltd., Class A (Financials) | 514,727 | ||||
| 191,990 | China Pacific Insurance Group Co. Ltd., Class H (Financials) | 485,601 | ||||
| 1,859,414 | China Petroleum & Chemical Corp., Class A (Energy) | 1,659,585 | ||||
| 4,104,864 | China Petroleum & Chemical Corp., Class H (Energy) | 2,585,122 | ||||
| 614,704 | China Railway Group Ltd., Class A (Industrials) | 680,627 | ||||
| 971,955 | China Railway Group Ltd., Class H (Industrials) | 640,665 | ||||
| 616,292 | China Railway Signal & Communication Corp. Ltd., Class A (Information Technology) | 515,465 | ||||
| 179,956 | China Resources Beer Holdings Co. Ltd. (Consumer Staples) | 1,135,608 | ||||
| 131,066 | China Resources Land Ltd. (Real Estate) | 490,561 | ||||
| 793,856 | China Resources Pharmaceutical Group Ltd. (Health Care)(a) | 761,583 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| China – (continued) |
||||||
| 107,248 | China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A (Health Care) | $ 983,109 | ||||
| 168,899 | China Shenhua Energy Co. Ltd., Class A (Energy) | 669,120 | ||||
| 687,894 | China Shenhua Energy Co. Ltd., Class H (Energy) | 2,174,864 | ||||
| 1,012,237 | China State Construction Engineering Corp. Ltd., Class A (Industrials) | 838,109 | ||||
| 314,314 | China Taiping Insurance Holdings Co. Ltd. (Financials) | 327,634 | ||||
| 606,800 | China Three Gorges Renewables Group Co. Ltd., Class A (Utilities) | 462,394 | ||||
| 12,131,116 | China Tower Corp. Ltd., Class H (Communication Services)(a) | 1,332,707 | ||||
| 1,603,981 | China Traditional Chinese Medicine Holdings Co. Ltd. (Health Care) | 772,460 | ||||
| 1,849,979 | China United Network Communications Ltd., Class A (Communication Services) | 1,277,316 | ||||
| 258,527 | China Yangtze Power Co. Ltd., Class A (Utilities) | 816,672 | ||||
| 2,107,227 | China Zheshang Bank Co. Ltd., Class A (Financials) | 848,711 | ||||
| 65,708 | Chongqing Brewery Co. Ltd., Class A (Consumer Staples) | 822,618 | ||||
| 785,539 | Chongqing Rural Commercial Bank Co. Ltd., Class A (Financials) | 435,443 | ||||
| 49,846 | Chongqing Zhifei Biological Products Co. Ltd., Class A (Health Care) | 491,689 | ||||
| 234,894 | Chow Tai Fook Jewellery Group Ltd. (Consumer Discretionary) | 415,882 | ||||
| 1,447,908 | CITIC Ltd. (Industrials) | 1,672,033 | ||||
| 148,582 | CITIC Securities Co. Ltd., Class A (Financials) | 418,068 | ||||
| 223,736 | CITIC Securities Co. Ltd., Class H (Financials) | 412,132 | ||||
| 157,392 | COSCO SHIPPING Energy Transportation Co. Ltd., Class A (Energy)* | 247,161 | ||||
| 276,598 | COSCO SHIPPING Holdings Co. Ltd., Class A (Industrials) | 405,243 | ||||
| 615,895 | COSCO SHIPPING Holdings Co. Ltd., Class H (Industrials) | 542,864 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| China – (continued) |
||||||
| 1,531,127 | Country Garden Holdings Co. Ltd. (Real Estate)(b) | $ 281,650 | ||||
| 764,485 | CRRC Corp. Ltd., Class A (Industrials) | 755,280 | ||||
| 2,120,676 | CRRC Corp. Ltd., Class H (Industrials) | 1,313,867 | ||||
| 2,323,798 | CSPC Pharmaceutical Group Ltd. (Health Care) | 2,024,501 | ||||
| 247,484 | Daan Gene Co. Ltd., Class A (Health Care)* | 425,104 | ||||
| 1,382,466 | Dali Foods Group Co. Ltd. (Consumer Staples)(a) | 460,925 | ||||
| 436,290 | Daqin Railway Co. Ltd., Class A (Industrials) | 467,773 | ||||
| 13,562 | Daqo New Energy Corp. ADR (Information Technology)* | 487,554 | ||||
| 81,882 | DaShenLin Pharmaceutical Group Co. Ltd., Class A (Consumer Staples) | 374,029 | ||||
| 461,831 | DHC Software Co. Ltd., Class A (Information Technology) | 477,658 | ||||
| 115,296 | Dong-E-E-Jiao Co. Ltd., Class A (Health Care) | 798,810 | ||||
| 909,349 | Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary) | 393,791 | ||||
| 342,046 | Dongxing Securities Co. Ltd., Class A (Financials) | 393,129 | ||||
| 302,657 | Dongyue Group Ltd. (Materials) | 264,836 | ||||
| 144,674 | East Buy Holding Ltd. (Consumer Discretionary)*(a)(b) | 536,873 | ||||
| 84,617 | Ecovacs Robotics Co. Ltd., Class A (Consumer Discretionary) | 822,207 | ||||
| 36,306 | ENN Energy Holdings Ltd. (Utilities) | 422,041 | ||||
| 186,958 | ENN Natural Gas Co. Ltd., Class A (Utilities) | 507,944 | ||||
| 434,819 | Fangda Carbon New Material Co. Ltd., Class A (Industrials)* | 385,649 | ||||
| 479,549 | Far East Horizon Ltd. (Financials) | 401,858 | ||||
| 407,500 | Founder Securities Co. Ltd., Class A (Financials) | 399,162 | ||||
| 268,734 | Foxconn Industrial Internet Co. Ltd., Class A (Information Technology) | 680,716 | ||||
| 66,297 | Fuyao Glass Industry Group Co. Ltd., Class A (Consumer Discretionary) | 301,815 | ||||
| 11,857 | G-bits Network Technology Xiamen Co. Ltd., Class A (Communication Services) | 931,598 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| China – (continued) |
||||||
| 363,734 | Geely Automobile Holdings Ltd. (Consumer Discretionary) | $ 423,290 | ||||
| 127,578 | GF Securities Co. Ltd., Class A (Financials) | 266,765 | ||||
| 162,000 | Giant Network Group Co. Ltd., Class A (Communication Services) | 473,783 | ||||
| 79,947 | Gree Electric Appliances Inc of Zhuhai, Class A (Consumer Discretionary) | 370,015 | ||||
| 55,100 | Guangdong Haid Group Co. Ltd., Class A (Consumer Staples) | 357,549 | ||||
| 169,404 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (Health Care) | 853,463 | ||||
| 293,731 | Guangzhou Haige Communications Group, Inc. Co., Class A (Information Technology) | 413,444 | ||||
| 80,914 | Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A (Health Care) | 784,976 | ||||
| 65,586 | Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials) | 376,352 | ||||
| 266,767 | Guosen Securities Co. Ltd., Class A (Financials) | 344,793 | ||||
| 192,337 | Guotai Junan Securities Co. Ltd., Class A (Financials) | 399,476 | ||||
| 407,497 | Guoyuan Securities Co. Ltd., Class A (Financials) | 383,147 | ||||
| 12,826 | H World Group Ltd. ADR (Consumer Discretionary)* | 469,688 | ||||
| 681,129 | Haidilao International Holding Ltd. (Consumer Discretionary)*(a) | 1,433,910 | ||||
| 231,201 | Haier Smart Home Co. Ltd., Class A (Consumer Discretionary) | 696,932 | ||||
| 459,454 | Haier Smart Home Co. Ltd., Class H (Consumer Discretionary) | 1,317,631 | ||||
| 142,583 | Haitian International Holdings Ltd. (Industrials) | 323,843 | ||||
| 290,630 | Haitong Securities Co. Ltd., Class A (Financials) | 383,792 | ||||
| 549,593 | Haitong Securities Co. Ltd., Class H (Financials) | 365,073 | ||||
| 234,600 | Hangzhou Binjiang Real Estate Group Co. Ltd., Class A (Real Estate) | 277,538 | ||||
| 80,340 | Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Discretionary) | 263,373 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| China – (continued) |
||||||
| 137,573 | Hansoh Pharmaceutical Group Co. Ltd. (Health Care)(a) | $ 227,758 | ||||
| 220,242 | Heilongjiang Agriculture Co. Ltd., Class A (Consumer Staples) | 413,236 | ||||
| 108,723 | Henan Shuanghui Investment & Development Co. Ltd., Class A (Consumer Staples) | 375,033 | ||||
| 79,710 | Hengan International Group Co. Ltd. (Consumer Staples) | 339,072 | ||||
| 1,301,980 | Hesteel Co. Ltd., Class A (Materials) | 418,414 | ||||
| 52,357 | Hithink RoyalFlush Information Network Co. Ltd., Class A (Financials) | 1,181,776 | ||||
| 643,954 | Huadian Power International Corp. Ltd., Class A (Utilities) | 644,334 | ||||
| 120,584 | Huadong Medicine Co. Ltd., Class A (Health Care) | 658,949 | ||||
| 202,525 | Huatai Securities Co. Ltd., Class A (Financials) | 384,541 | ||||
| 352,829 | Huatai Securities Co. Ltd., Class H (Financials)(a) | 441,248 | ||||
| 328,156 | Huaxi Securities Co. Ltd., Class A (Financials) | 382,230 | ||||
| 1,419,877 | Huaxia Bank Co. Ltd., Class A (Financials) | 1,151,715 | ||||
| 183,526 | Huayu Automotive Systems Co. Ltd., Class A (Consumer Discretionary) | 449,685 | ||||
| 154,600 | Hubei Jumpcan Pharmaceutical Co. Ltd., Class A (Health Care)* | 687,974 | ||||
| 97,642 | Hubei Xingfa Chemicals Group Co. Ltd., Class A (Materials) | 293,099 | ||||
| 69,616 | Hygeia Healthcare Holdings Co. Ltd. (Health Care)*(a) | 409,519 | ||||
| 1,950,748 | Industrial & Commercial Bank of China Ltd., Class A (Financials) | 1,322,253 | ||||
| 6,634,568 | Industrial & Commercial Bank of China Ltd., Class H (Financials) | 3,551,093 | ||||
| 443,824 | Industrial Bank Co. Ltd., Class A (Financials) | 1,031,425 | ||||
| 107,754 | Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Consumer Staples) | 435,655 | ||||
| 96,276 | Innovent Biologics, Inc. (Health Care)*(a) | 451,356 | ||||
| 136,104 | iQIYI, Inc. ADR (Communication Services)* | 552,582 | ||||
| 101,935 | Jafron Biomedical Co. Ltd., Class A (Health Care) | 395,249 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| China – (continued) |
||||||
| 56,596 | JD Health International, Inc. (Consumer Staples)*(a) | $ 348,834 | ||||
| 219,988 | JD.com, Inc., Class A (Consumer Discretionary) | 3,538,018 | ||||
| 438,404 | Jiangsu Expressway Co. Ltd., Class H (Industrials) | 423,941 | ||||
| 265,376 | Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A (Health Care) | 1,696,354 | ||||
| 39,632 | Jiangsu Pacific Quartz Co. Ltd., Class A (Information Technology) | 632,873 | ||||
| 196,675 | Jiangxi Copper Co. Ltd., Class A (Materials) | 510,608 | ||||
| 339,497 | Jiangxi Copper Co. Ltd., Class H (Materials) | 510,877 | ||||
| 26,435 | JiuGui Liquor Co. Ltd., Class A (Consumer Staples) | 351,351 | ||||
| 455,978 | Jiumaojiu International Holdings Ltd. (Consumer Discretionary)(a) | 780,520 | ||||
| 232,332 | Joincare Pharmaceutical Group Industry Co. Ltd., Class A (Health Care) | 447,658 | ||||
| 330,387 | Jointown Pharmaceutical Group Co. Ltd., Class A (Health Care) | 752,039 | ||||
| 16,560 | JOYY, Inc. ADR (Communication Services) | 410,688 | ||||
| 314,031 | Kingboard Holdings Ltd. (Information Technology) | 846,429 | ||||
| 103,800 | Kingsoft Corp. Ltd. (Communication Services)* | 377,238 | ||||
| 221,693 | Kuaishou Technology (Communication Services)*(a) | 1,500,939 | ||||
| 65,000 | Kunlun Tech Co. Ltd., Class A (Communication Services) | 523,317 | ||||
| 10,153 | Kweichow Moutai Co. Ltd., Class A (Consumer Staples) | 2,320,893 | ||||
| 2,354,771 | Lenovo Group Ltd. (Information Technology) | 2,213,919 | ||||
| 274,613 | Li Ning Co. Ltd. (Consumer Discretionary) | 1,473,349 | ||||
| 1,604,167 | Liaoning Port Co. Ltd., Class A (Industrials) | 353,440 | ||||
| 277,436 | Longfor Group Holdings Ltd. (Real Estate)(a) |
533,732 | ||||
| 16,405 | Luzhou Laojiao Co. Ltd., Class A (Consumer Staples) | 469,717 | ||||
| 461,489 | Meituan, Class B (Consumer Discretionary)*(a) | 6,496,482 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| China – (continued) |
||||||
| 1,163,496 | Metallurgical Corp. of China Ltd., Class A (Industrials) | $ 658,016 | ||||
| 24,118 | MINISO Group Holding Ltd. ADR (Consumer Discretionary) | 366,594 | ||||
| 44,730 | Muyuan Foods Co. Ltd., Class A (Consumer Staples) | 251,401 | ||||
| 211,476 | NetEase, Inc. (Communication Services) | 3,582,118 | ||||
| 80,141 | New China Life Insurance Co. Ltd., Class A (Financials) | 413,762 | ||||
| 174,384 | New China Life Insurance Co. Ltd., Class H (Financials) | 451,094 | ||||
| 270,314 | New Oriental Education & Technology Group, Inc. (Consumer Discretionary)* | 1,032,464 | ||||
| 336,424 | Nongfu Spring Co. Ltd., Class H (Consumer Staples)(a) | 1,804,977 | ||||
| 748,192 | Offshore Oil Engineering Co. Ltd., Class A (Energy) | 644,685 | ||||
| 56,248 | PDD Holdings, Inc. ADR (Consumer Discretionary)* | 3,674,119 | ||||
| 540,023 | People’s Insurance Co. Group of China Ltd. (The), Class A (Financials) | 463,799 | ||||
| 2,442,976 | People’s Insurance Co. Group of China Ltd. (The), Class H (Financials) | 923,733 | ||||
| 2,777,930 | PetroChina Co. Ltd., Class A (Energy) | 2,923,809 | ||||
| 4,682,489 | PetroChina Co. Ltd., Class H (Energy) | 3,026,653 | ||||
| 1,873,960 | PICC Property & Casualty Co. Ltd., Class H (Financials) | 2,233,455 | ||||
| 211,507 | Ping An Bank Co. Ltd., Class A (Financials) | 344,310 | ||||
| 126,132 | Ping An Insurance Group Co. of China Ltd., Class A (Financials) | 831,935 | ||||
| 622,877 | Ping An Insurance Group Co. of China Ltd., Class H (Financials) | 3,954,522 | ||||
| 1,428,184 | Postal Savings Bank of China Co. Ltd., Class A (Financials) | 1,030,181 | ||||
| 1,376,705 | Postal Savings Bank of China Co. Ltd., Class H (Financials)(a) | 865,249 | ||||
| 228,104 | Power Construction Corp. of China Ltd., Class A (Industrials) | 212,233 | ||||
| 60,914 | Qifu Technology, Inc. ADR (Financials) | 837,568 | ||||
| 277,096 | Qinghai Salt Lake Industry Co. Ltd., Class A (Materials)* | 730,674 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| China – (continued) |
||||||
| 207,867 | SAIC Motor Corp. Ltd., Class A (Consumer Discretionary) | $ 391,475 | ||||
| 34,224 | Sangfor Technologies, Inc., Class A (Information Technology) | 598,481 | ||||
| 477,900 | SDIC Capital Co. Ltd., Class A (Financials) | 495,619 | ||||
| 217,100 | SDIC Power Holdings Co. Ltd., Class A (Utilities) | 401,856 | ||||
| 181,429 | Seazen Holdings Co. Ltd., Class A (Real Estate)* | 355,943 | ||||
| 22,280 | SG Micro Corp., Class A (Information Technology) | 339,056 | ||||
| 134,279 | Shaanxi Coal Industry Co. Ltd., Class A (Energy) | 315,826 | ||||
| 194,997 | Shandong Buchang Pharmaceuticals Co. Ltd., Class A (Health Care) | 620,363 | ||||
| 181,778 | Shandong Gold Mining Co. Ltd., Class A (Materials) | 644,123 | ||||
| 225,492 | Shandong Weigao Group Medical Polymer Co. Ltd., Class H (Health Care) | 333,561 | ||||
| 1,055,200 | Shanghai Construction Group Co. Ltd., Class A (Industrials) | 390,935 | ||||
| 640,566 | Shanghai Electric Group Co. Ltd., Class A (Industrials)* | 434,188 | ||||
| 97,452 | Shanghai Fudan Microelectronics Group Co. Ltd., Class H (Information Technology) | 262,046 | ||||
| 693,298 | Shanghai International Port Group Co. Ltd., Class A (Industrials) | 512,740 | ||||
| 186,383 | Shanghai Lingang Holdings Corp. Ltd., Class A (Real Estate) | 342,645 | ||||
| 207,708 | Shanghai Pharmaceuticals Holding Co. Ltd., Class A (Health Care) | 683,538 | ||||
| 1,035,892 | Shanghai Pudong Development Bank Co. Ltd., Class A (Financials) | 1,068,484 | ||||
| 449,223 | Shanghai RAAS Blood Products Co. Ltd., Class A (Health Care) | 423,641 | ||||
| 495,008 | Shanghai Rural Commercial Bank Co. Ltd., Class A (Financials) | 409,855 | ||||
| 330,710 | Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A (Consumer Discretionary) | 329,977 | ||||
| 481,939 | Shanxi Securities Co. Ltd., Class A (Financials) | 393,624 | ||||
| 834,876 | Shanxi Taigang Stainless Steel Co. Ltd., Class A (Materials) | 466,306 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| China – (continued) |
||||||
| 28,441 | Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A (Consumer Staples) | $ 837,488 | ||||
| 161,028 | Shengyi Technology Co. Ltd., Class A (Information Technology) | 344,844 | ||||
| 706,669 | Shenwan Hongyuan Group Co. Ltd., Class A (Financials) | 468,085 | ||||
| 411,200 | Shenzhen Energy Group Co. Ltd., Class A (Utilities) | 398,747 | ||||
| 325,576 | Shenzhen International Holdings Ltd. (Industrials) | 258,273 | ||||
| 53,804 | Shenzhen Kstar Science And Technology Co. Ltd., Class A (Industrials) | 292,434 | ||||
| 15,545 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care) | 655,718 | ||||
| 708,693 | Shenzhen Overseas Chinese Town Co. Ltd., Class A (Consumer Discretionary) | 472,409 | ||||
| 74,018 | Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A (Health Care) | 364,284 | ||||
| 214,873 | Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A (Health Care) | 863,919 | ||||
| 459,262 | Shimao Group Holdings Ltd. (Real Estate)*(b)(c) |
129,655 | ||||
| 176,866 | Sichuan Chuantou Energy Co. Ltd., Class A (Utilities) | 369,826 | ||||
| 209,331 | Sichuan Kelun Pharmaceutical Co. Ltd., Class A (Health Care) | 909,790 | ||||
| 250,255 | Sichuan Road and Bridge Group Co. Ltd., Class A (Industrials) | 533,817 | ||||
| 78,714 | Sichuan Swellfun Co. Ltd., Class A (Consumer Staples) | 644,112 | ||||
| 64,469 | Silergy Corp. (Information Technology) | 840,284 | ||||
| 223,500 | Sinoma International Engineering Co., Class A (Industrials) | 417,153 | ||||
| 869,700 | Sinopec Shanghai Petrochemical Co. Ltd., Class A (Materials) | 383,235 | ||||
| 253,698 | Sinopharm Group Co. Ltd., Class H (Health Care) | 831,265 | ||||
| 380,230 | SooChow Securities Co. Ltd., Class A (Financials) | 383,656 | ||||
| 623,927 | Southwest Securities Co. Ltd., Class A (Financials) | 325,719 | ||||
| 36,247 | Sunny Optical Technology Group Co. Ltd. (Information Technology) | 340,789 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| China – (continued) |
||||||
| 108,219 | TAL Education Group ADR (Consumer Discretionary)* | $ 587,629 | ||||
| 313,123 | Tangshan Jidong Cement Co. Ltd., Class A (Materials) | 338,794 | ||||
| 65,501 | TBEA Co. Ltd., Class A (Industrials) | 205,627 | ||||
| 683,085 | TCL Technology Group Corp., Class A (Consumer Discretionary) | 370,023 | ||||
| 758,343 | Tencent Holdings Ltd. (Communication Services) | 30,088,632 | ||||
| 137,243 | Tencent Music Entertainment Group ADR (Communication Services)* | 952,466 | ||||
| 274,026 | Tianma Microelectronics Co. Ltd., Class A (Information Technology)* | 371,864 | ||||
| 60,900 | Tianqi Lithium Corp., Class A (Materials)* | 614,829 | ||||
| 1,125,383 | Tingyi Cayman Islands Holding Corp. (Consumer Staples) | 1,687,733 | ||||
| 75,827 | Tongwei Co. Ltd., Class A (Information Technology) | 363,077 | ||||
| 2,048,675 | Topsports International Holdings Ltd. (Consumer Discretionary)(a) | 1,591,153 | ||||
| 27,190 | Trip.com Group Ltd. ADR (Consumer Discretionary)* | 858,660 | ||||
| 56,888 | Tsingtao Brewery Co. Ltd., Class H (Consumer Staples) | 489,797 | ||||
| 1,338,040 | Uni-President China Holdings Ltd. (Consumer Staples)* | 1,162,287 | ||||
| 185,339 | Vipshop Holdings Ltd. ADR (Consumer Discretionary)* | 2,654,054 | ||||
| 1,820,841 | Want Want China Holdings Ltd. (Consumer Staples) | 1,218,817 | ||||
| 389,742 | Western Securities Co. Ltd., Class A (Financials) | 354,420 | ||||
| 1,814,900 | Wintime Energy Group Co. Ltd. (Utilities)* | 379,494 | ||||
| 916,065 | Wuchan Zhongda Group Co. Ltd., Class A (Consumer Discretionary) | 662,064 | ||||
| 28,889 | Wuliangye Yibin Co. Ltd., Class A (Consumer Staples) | 653,446 | ||||
| 88,596 | Wuxi Biologics Cayman, Inc. (Health Care)*(a) | 453,265 | ||||
| 521,317 | XCMG Construction Machinery Co. Ltd., Class A (Industrials) | 437,491 | ||||
| 411,887 | Xiamen C & D, Inc., Class A (Industrials) | 671,084 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| China – (continued) |
||||||
| 567,994 | Xiaomi Corp., Class B (Information Technology)*(a) | $ 750,239 | ||||
| 280,235 | Yadea Group Holdings Ltd. (Consumer Discretionary)(a) | 558,447 | ||||
| 251,050 | Yankuang Energy Group Co. Ltd., Class H (Energy) | 636,264 | ||||
| 225,456 | Yihai International Holding Ltd. (Consumer Staples)* | 499,973 | ||||
| 69,463 | YongXing Special Materials Technology Co. Ltd., Class A (Materials) | 616,567 | ||||
| 452,836 | Youngor Group Co. Ltd., Class A (Real Estate) | 436,580 | ||||
| 25,420 | Youngy Co. Ltd., Class A (Materials)* | 219,426 | ||||
| 137,988 | YTO Express Group Co. Ltd., Class A (Industrials) | 298,021 | ||||
| 712,854 | Yuexiu Property Co. Ltd. (Real Estate)(b) | 772,203 | ||||
| 62,153 | Yum China Holdings, Inc. (Consumer Discretionary) | 3,509,158 | ||||
| 50,130 | Yunnan Baiyao Group Co. Ltd., Class A (Health Care) | 378,835 | ||||
| 63,446 | Yunnan Botanee Bio-Technology Group Co. Ltd., Class A (Consumer Staples) | 821,010 | ||||
| 144,800 | Zangge Mining Co. Ltd., Class A (Materials) | 466,966 | ||||
| 8,997 | Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A (Health Care) | 384,081 | ||||
| 341,500 | Zhaojin Mining Industry Co. Ltd., Class H (Materials)* | 485,099 | ||||
| 670,500 | Zhefu Holding Group Co. Ltd., Class A (Industrials) | 382,965 | ||||
| 346,800 | Zhejiang China Commodities City Group Co. Ltd., Class A (Real Estate) | 400,539 | ||||
| 611,341 | Zhejiang Expressway Co. Ltd., Class H (Industrials)(b) | 452,946 | ||||
| 293,400 | Zhejiang Longsheng Group Co. Ltd., Class A (Materials) | 391,156 | ||||
| 63,836 | Zhejiang Supor Co. Ltd., Class A (Consumer Discretionary) | 400,532 | ||||
| 280,781 | Zhejiang Weixing New Building Materials Co. Ltd., Class A (Industrials) | 760,880 | ||||
| 49,765 | Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A (Health Care) | 266,291 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| China – (continued) |
||||||
| 38,800 | Zhongji Innolight Co. Ltd., Class A, 02/28/23 (Information Technology)* | $ 585,338 | ||||
| 327,500 | Zhongjin Gold Corp. Ltd., Class A (Materials) | 516,128 | ||||
| 160,162 | Zhongsheng Group Holdings Ltd. (Consumer Discretionary) | 591,279 | ||||
| 365,164 | Zhongtai Securities Co. Ltd., Class A (Financials) | 348,981 | ||||
| 427,540 | Zijin Mining Group Co. Ltd., Class H (Materials) | 580,011 | ||||
| 463,437 | Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A (Industrials) | 411,681 | ||||
| 136,500 | ZTE Corp., Class H, 02/28/23 (Information Technology) | 419,356 | ||||
| 13,900 | ZTO Express Cayman, Inc. ADR (Industrials) | 350,836 | ||||
|
| ||||||
| 302,557,932 | ||||||
|
|
| |||||
| Czech Republic – 0.2% |
||||||
| 14,471 | CEZ AS (Utilities) | 648,129 | ||||
| 20,066 | Komercni banka AS (Financials) | 595,396 | ||||
| 162,712 | Moneta Money Bank AS (Financials)(a) | 578,042 | ||||
|
| ||||||
| 1,821,567 | ||||||
|
|
| |||||
| Egypt – 0.4% |
||||||
| 1,453,033 | Commercial International Bank Egypt SAE (Financials) | 2,459,341 | ||||
| 2,710,543 | Eastern Co. SAE (Consumer Staples) | 1,672,817 | ||||
|
| ||||||
| 4,132,158 | ||||||
|
|
| |||||
| Greece – 0.8% |
||||||
| 604,133 | Eurobank Ergasias Services and Holdings SA (Financials)* | 940,337 | ||||
| 185,456 | Hellenic Telecommunications Organization SA (Communication Services) | 2,831,274 | ||||
| 19,990 | JUMBO SA (Consumer Discretionary) | 462,456 | ||||
| 15,132 | Motor Oil Hellas Corinth Refineries SA (Energy) | 389,109 | ||||
| 25,898 | Mytilineos SA (Industrials) | 813,939 | ||||
| 80,900 | National Bank of Greece SA (Financials)* | 500,236 | ||||
| 92,434 | OPAP SA (Consumer Discretionary) | 1,574,732 | ||||
|
| ||||||
| 7,512,083 | ||||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Hong Kong – 0.2% |
||||||
| 51,557 | Orient Overseas International Ltd. (Industrials) | $ 628,636 | ||||
| 2,499,806 | Sino Biopharmaceutical Ltd. (Health Care) | 1,191,106 | ||||
|
| ||||||
| 1,819,742 | ||||||
|
|
| |||||
| Hungary – 0.2% |
||||||
| 136,896 | MOL Hungarian Oil & Gas PLC (Energy) | 1,110,011 | ||||
| 17,060 | OTP Bank Nyrt (Financials) | 529,528 | ||||
| 16,510 | Richter Gedeon Nyrt (Health Care) | 414,191 | ||||
|
| ||||||
| 2,053,730 | ||||||
|
|
| |||||
| India – 13.5% |
||||||
| 8,200 | ABB India Ltd. (Industrials) | 408,940 | ||||
| 20,780 | ACC Ltd. (Materials)* | 446,384 | ||||
| 21,228 | Adani Enterprises Ltd. (Industrials) | 639,763 | ||||
| 225,197 | Adani Power Ltd. (Utilities)* | 679,550 | ||||
| 55,003 | Asian Paints Ltd. (Materials) | 2,122,783 | ||||
| 168,956 | Aurobindo Pharma Ltd. (Health Care) | 1,345,000 | ||||
| 21,603 | Avenue Supermarts Ltd. (Consumer Staples)*(a) | 906,415 | ||||
| 170,703 | Axis Bank Ltd. (Financials) | 1,887,635 | ||||
| 13,430 | Bajaj Finance Ltd. (Financials) | 1,134,673 | ||||
| 20,925 | Bajaj Finserv Ltd. (Financials) | 367,007 | ||||
| 335,094 | Bank of Baroda (Financials) | 749,317 | ||||
| 68,834 | Berger Paints India Ltd. (Materials) | 541,183 | ||||
| 314,700 | Bharat Electronics Ltd. (Industrials) | 426,602 | ||||
| 126,626 | Bharat Petroleum Corp. Ltd. (Energy) | 556,358 | ||||
| 170,065 | Bharti Airtel Ltd. (Communication Services) | 1,747,068 | ||||
| 52,029 | Britannia Industries Ltd. (Consumer Staples) | 2,928,757 | ||||
| 156,692 | CG Power & Industrial Solutions Ltd. (Industrials) | 744,047 | ||||
| 39,614 | Cholamandalam Investment and Finance Co. Ltd. (Financials) | 503,196 | ||||
| 175,081 | Cipla Ltd. (Health Care) | 2,016,888 | ||||
| 204,490 | Coal India Ltd. (Energy) | 596,302 | ||||
| 101,864 | Colgate-Palmolive India Ltd. (Consumer Staples) | 1,959,480 | ||||
| 205,172 | Dabur India Ltd. (Consumer Staples) | 1,377,371 | ||||
| 22,798 | Divi’s Laboratories Ltd. (Health Care) | 948,935 | ||||
| 32,599 | Dr. Reddy’s Laboratories Ltd. (Health Care) | 1,773,557 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| India – (continued) |
||||||
| 12,373 | Eicher Motors Ltd. (Consumer Discretionary) | $ 549,160 | ||||
| 387,120 | GAIL India Ltd. (Utilities) | 490,381 | ||||
| 45,472 | Grasim Industries Ltd. (Materials) | 944,458 | ||||
| 89,413 | Havells India Ltd. (Industrials) | 1,413,575 | ||||
| 288,195 | HCL Technologies Ltd. (Information Technology) | 3,988,934 | ||||
| 108,076 | HDFC Life Insurance Co. Ltd. (Financials)*(a) |
773,811 | ||||
| 214,413 | Hindalco Industries Ltd. (Materials) | 1,051,955 | ||||
| 13,300 | Hindustan Aeronautics Ltd. (Industrials) | 501,098 | ||||
| 87,935 | Hindustan Unilever Ltd. (Consumer Staples) | 2,835,315 | ||||
| 167,959 | Housing Development Finance Corp. Ltd. (Financials) | 5,360,435 | ||||
| 445,187 | ICICI Bank Ltd. (Financials) | 5,107,452 | ||||
| 46,339 | ICICI Lombard General Insurance Co. Ltd. (Financials)(a) | 662,107 | ||||
| 151,634 | Indian Hotels Co. Ltd. (Consumer Discretionary) | 714,256 | ||||
| 924,527 | Indian Oil Corp. Ltd. (Energy) | 1,005,748 | ||||
| 441,899 | Infosys Ltd. (Information Technology) | 7,041,485 | ||||
| 485,876 | ITC Ltd. (Consumer Staples) | 2,616,376 | ||||
| 154,347 | Jindal Steel & Power Ltd. (Materials) | 964,996 | ||||
| 102,316 | JSW Steel Ltd. (Materials) | 861,126 | ||||
| 169,229 | Jubilant Foodworks Ltd. (Consumer Discretionary) | 988,595 | ||||
| 25,054 | Kotak Mahindra Bank Ltd. (Financials) | 610,013 | ||||
| 73,069 | Larsen & Toubro Ltd. (Industrials) | 1,948,035 | ||||
| 43,777 | LTIMindtree Ltd. (Information Technology)(a) |
2,644,868 | ||||
| 54,630 | Lupin Ltd. (Health Care) | 531,232 | ||||
| 137,766 | Mahindra & Mahindra Ltd. (Consumer Discretionary) | 2,196,412 | ||||
| 339,401 | Marico Ltd. (Consumer Staples) | 2,227,819 | ||||
| 6,282 | Maruti Suzuki India Ltd. (Consumer Discretionary) | 711,308 | ||||
| 33,129 | Mphasis Ltd. (Information Technology) | 779,593 | ||||
| 412 | MRF Ltd. (Consumer Discretionary) | 484,109 | ||||
| 59,996 | Muthoot Finance Ltd. (Financials) | 808,945 | ||||
| 10,167 | Nestle India Ltd. (Consumer Staples) | 2,663,427 | ||||
| 652,632 | NTPC Ltd. (Utilities) | 1,371,419 | ||||
| 377,320 | Oil & Natural Gas Corp. Ltd. (Energy) | 706,461 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| India – (continued) |
||||||
| 4,617 | Page Industries Ltd. (Consumer Discretionary) | $ 2,163,944 | ||||
| 9,310 | PI Industries Ltd. (Materials) | 407,006 | ||||
| 50,954 | Pidilite Industries Ltd. (Materials) | 1,606,157 | ||||
| 679,240 | Power Grid Corp. of India Ltd. (Utilities) | 1,919,940 | ||||
| 278,738 | Reliance Industries Ltd. (Energy) | 8,321,518 | ||||
| 48,524 | SBI Life Insurance Co. Ltd. (Financials)(a) |
724,353 | ||||
| 37,023 | Siemens Ltd. (Industrials) | 1,589,384 | ||||
| 15,076 | SRF Ltd. (Materials) | 459,167 | ||||
| 218,635 | State Bank of India (Financials) | 1,532,365 | ||||
| 81,837 | Sun Pharmaceutical Industries Ltd. (Health Care) | 964,800 | ||||
| 153,004 | Tata Consultancy Services Ltd. (Information Technology) | 6,083,586 | ||||
| 79,473 | Tata Consumer Products Ltd. (Consumer Staples) | 767,190 | ||||
| 7,852 | Tata Elxsi Ltd. (Information Technology) | 704,372 | ||||
| 361,537 | Tata Motors Ltd. (Consumer Discretionary)* | 2,299,922 | ||||
| 161,321 | Tata Power Co. Ltd. (The) (Utilities) | 416,406 | ||||
| 2,053,244 | Tata Steel Ltd. (Materials) | 2,625,749 | ||||
| 216,931 | Tech Mahindra Ltd. (Information Technology) | 2,925,079 | ||||
| 24,692 | Titan Co. Ltd. (Consumer Discretionary) | 842,622 | ||||
| 70,649 | Torrent Pharmaceuticals Ltd. (Health Care) | 1,567,684 | ||||
| 21,694 | Tube Investments of India Ltd. (Consumer Discretionary) | 750,724 | ||||
| 28,774 | TVS Motor Co. Ltd. (Consumer Discretionary) | 453,111 | ||||
| 17,481 | UltraTech Cement Ltd. (Materials) | 1,662,918 | ||||
| 103,300 | UPL Ltd. (Materials) | 855,424 | ||||
| 58,148 | Varun Beverages Ltd. (Consumer Staples) | 1,190,942 | ||||
| 404,872 | Vedanta Ltd. (Materials) | 1,361,940 | ||||
| 284,460 | Wipro Ltd. (Information Technology) | 1,387,884 | ||||
|
| ||||||
| 127,946,302 | ||||||
|
|
| |||||
| Indonesia – 2.0% |
||||||
| 1,899,325 | Adaro Energy Indonesia Tbk PT (Energy) | 258,480 | ||||
| 5,193,209 | Aneka Tambang Tbk (Materials) | 656,513 | ||||
| 4,116,009 | Astra International Tbk PT (Industrials) | 1,771,065 | ||||
| 4,090,105 | Bank Central Asia Tbk PT (Financials) | 2,469,343 | ||||
| 3,085,596 | Bank Mandiri Persero Tbk PT (Financials) | 1,039,510 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Indonesia – (continued) |
||||||
| 1,449,466 | Bank Negara Indonesia Persero Tbk PT (Financials) | $ 875,095 | ||||
| 3,386,283 | Bank Rakyat Indonesia Persero Tbk PT (Financials) | 1,259,408 | ||||
| 966,300 | Indah Kiat Pulp & Paper Tbk PT (Materials) | 444,795 | ||||
| 2,257,637 | Indofood CBP Sukses Makmur Tbk PT (Consumer Staples) | 1,762,132 | ||||
| 3,133,953 | Indofood Sukses Makmur Tbk PT (Consumer Staples) | 1,484,394 | ||||
| 12,180,453 | Kalbe Farma Tbk PT (Health Care) | 1,649,521 | ||||
| 7,038,334 | Sumber Alfaria Trijaya Tbk PT (Consumer Staples) | 1,239,573 | ||||
| 10,824,229 | Telkom Indonesia Persero Tbk PT (Communication Services) | 2,917,270 | ||||
| 4,189,201 | Unilever Indonesia Tbk PT (Consumer Staples) | 1,265,983 | ||||
|
| ||||||
| 19,093,082 | ||||||
|
|
| |||||
| Kuwait – 0.6% |
||||||
| 333,299 | Agility Public Warehousing Co. KSC (Industrials) | 661,724 | ||||
| 215,952 | Boubyan Bank KSCP (Financials) | 421,028 | ||||
| 821,079 | Kuwait Finance House KSCP (Financials) | 1,886,281 | ||||
| 937,898 | National Bank of Kuwait SAKP (Financials) | 2,803,789 | ||||
|
| ||||||
| 5,772,822 | ||||||
|
|
| |||||
| Luxembourg – 0.1% |
||||||
| 43,376 | Reinet Investments SCA (Financials) | 853,675 | ||||
|
|
| |||||
| Mexico – 2.8% |
||||||
| 859,368 | Alfa SAB de CV, Class A (Industrials) | 524,092 | ||||
| 3,615,302 | America Movil SAB de CV, Series B (Communication Services) | 3,843,673 | ||||
| 54,592 | Arca Continental SAB de CV (Consumer Staples) | 549,755 | ||||
| 2,709,052 | Cemex SAB de CV, Series CPO (Materials)* | 1,623,151 | ||||
| 110,927 | Coca-Cola Femsa SAB de CV (Consumer Staples) | 907,555 | ||||
| 859,368 | Controladora Axtel SAB de CV (Communication Services)* | 13,114 | ||||
| 352,489 | Fomento Economico Mexicano SAB de CV (Consumer Staples) | 3,535,559 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Mexico – (continued) |
||||||
| 139,688 | Gruma SAB de CV, Class B (Consumer Staples) | $ 2,138,633 | ||||
| 754,086 | Grupo Bimbo SAB de CV, Series A (Consumer Staples) | 4,015,394 | ||||
| 80,194 | Grupo Carso SAB de CV, Series A1 (Industrials) | 475,205 | ||||
| 341,148 | Grupo Financiero Banorte SAB de CV, Class O (Financials) | 2,723,882 | ||||
| 262,826 | Grupo Mexico SAB de CV, Series B (Materials) | 1,161,965 | ||||
| 257,700 | Kimberly-Clark de Mexico SAB de CV, Class A (Consumer Staples) | 522,126 | ||||
| 230,803 | Orbia Advance Corp. SAB de CV (Materials) | 477,248 | ||||
| 43,702 | Promotora y Operadora de Infraestructura SAB de CV (Industrials) | 420,329 | ||||
| 969,082 | Wal-Mart de Mexico SAB de CV (Consumer Staples) | 3,668,249 | ||||
|
| ||||||
| 26,599,930 | ||||||
|
|
| |||||
| Philippines – 0.1% |
||||||
| 614,678 | Bank of the Philippine Islands (Financials) | 1,093,965 | ||||
| 40,720 | Manila Electric Co. (Utilities) | 237,098 | ||||
|
| ||||||
| 1,331,063 | ||||||
|
|
| |||||
| Poland – 0.8% |
||||||
| 34,316 | Bank Pekao SA (Financials) | 776,643 | ||||
| 15,668 | CD Projekt SA (Communication Services)(b) |
446,473 | ||||
| 24,031 | Dino Polska SA (Consumer Staples)*(a) | 2,350,979 | ||||
| 533 | LPP SA (Consumer Discretionary)* | 1,503,791 | ||||
| 108,809 | Powszechna Kasa Oszczednosci Bank Polski SA (Financials) | 820,689 | ||||
| 196,636 | Powszechny Zaklad Ubezpieczen SA (Financials) | 1,783,628 | ||||
|
| ||||||
| 7,682,203 | ||||||
|
|
| |||||
| Qatar – 1.0% |
||||||
| 547,675 | Commercial Bank PSQC (The) (Financials) | 842,577 | ||||
| 98,165 | Industries Qatar QSC (Industrials) | 323,082 | ||||
| 301,880 | Masraf Al Rayan QSC (Financials) | 211,482 | ||||
| 700,250 | Ooredoo QPSC (Communication Services) | 2,041,113 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Qatar – (continued) |
||||||
| 391,573 | Qatar International Islamic Bank QSC (Financials) | $ 1,074,674 | ||||
| 347,684 | Qatar Islamic Bank (Financials) | 1,673,468 | ||||
| 740,312 | Qatar National Bank QPSC (Financials) | 3,256,152 | ||||
|
| ||||||
| 9,422,548 | ||||||
|
|
| |||||
| Romania – 0.1% |
||||||
| 124,372 | NEPI Rockcastle NV (Real Estate) | 706,958 | ||||
|
|
| |||||
| 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) | — | ||||
| 5,200 | Novatek PJSC GDR (Energy)*(c) | — | ||||
| 839,494 | Novolipetsk Steel PJSC (Materials)*(c) | — | ||||
| 127,440 | PhosAgro PJSC GDR (Materials)*(c) | — | ||||
| 820 | PhosAgro PJSC (Materials)*(c) | — | ||||
| 73,809 | 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) | — | ||||
| 29,482 | TCS Group Holding PLC GDR (Financials)*(c) | — | ||||
| 799,132,583 | VTB Bank PJSC (Financials)*(c) | — | ||||
| 69,395 | X5 Retail Group NV GDR (Consumer Staples)*(c) | — | ||||
| 41,484 | Yandex NV, Class A (Communication Services)*(c) | — | ||||
|
| ||||||
| — | ||||||
|
|
| |||||
| Saudi Arabia – 3.9% |
||||||
| 12,484 | ACWA Power Co. (Utilities) | 496,591 | ||||
| 33,113 | Advanced Petrochemical Co. (Materials) | 385,795 | ||||
| 213,465 | Al Rajhi Bank (Financials) | 4,023,668 | ||||
| 77,714 | Alinma Bank (Financials) | 676,486 | ||||
| 30,926 | Almarai Co. JSC (Consumer Staples) | 451,011 | ||||
| 57,445 | Arab National Bank (Financials) | 389,777 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Saudi Arabia – (continued) |
||||||
| 5,200 | Arabian Internet & Co.mmunications Services Co. (Information Technology) | $ 407,593 | ||||
| 43,296 | Bank AlBilad (Financials) | 429,405 | ||||
| 60,308 | Bank Al-Jazira (Financials) | 282,020 | ||||
| 47,256 | Banque Saudi Fransi (Financials) | 501,437 | ||||
| 32,269 | Bupa Arabia for Cooperative Insurance Co. (Financials) | 1,445,343 | ||||
| 138,130 | Dar Al Arkan Real Estate Development Co. (Real Estate)* | 567,133 | ||||
| 11,735 | Dr Sulaiman Al Habib Medical Services Group Co. (Health Care) | 835,354 | ||||
| 5,076 | Elm Co. (Information Technology) | 607,366 | ||||
| 200,177 | Etihad Etisalat Co. (Communication Services)* | 2,294,873 | ||||
| 95,220 | Jarir Marketing Co. (Consumer Discretionary) | 446,804 | ||||
| 183,460 | Mobile Telecommunications Co Saudi Arabia (Communication Services)* | 674,011 | ||||
| 20,842 | Nahdi Medical Co. (Consumer Staples) | 945,747 | ||||
| 158,070 | Rabigh Refining & Petrochemical Co. (Energy)* | 463,573 | ||||
| 81,886 | Riyad Bank (Financials) | 714,985 | ||||
| 31,090 | SABIC Agri-Nutrients Co. (Materials) | 1,036,112 | ||||
| 108,387 | Sahara International Petrochemical Co. (Materials) | 1,028,734 | ||||
| 67,417 | Saudi Arabian Mining Co. (Materials)* | 1,116,187 | ||||
| 493,374 | Saudi Arabian Oil Co. (Energy)(a) | 4,143,458 | ||||
| 95,559 | Saudi Basic Industries Corp. (Materials) | 2,247,068 | ||||
| 76,397 | Saudi British Bank (The) (Financials) | 753,623 | ||||
| 258,825 | Saudi Electricity Co. (Utilities) | 1,490,514 | ||||
| 90,830 | Saudi Investment Bank (The) (Financials) | 407,316 | ||||
| 310,033 | Saudi Kayan Petrochemical Co. (Materials)* | 1,054,714 | ||||
| 298,515 | Saudi National Bank (The) (Financials) | 2,936,761 | ||||
| 217,739 | Saudi Telecom Co. (Communication Services) | 2,510,721 | ||||
| 112,031 | Savola Group (The) (Consumer Staples) | 1,072,281 | ||||
|
| ||||||
| 36,836,461 | ||||||
|
|
| |||||
| South Africa – 3.2% |
||||||
| 158,689 | Absa Group Ltd. (Financials) | 1,231,874 | ||||
| 53,675 | African Rainbow Minerals Ltd. (Materials) | 558,656 | ||||
| 4,332 | Anglo American Platinum Ltd. (Materials) | 248,285 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| South Africa – (continued) |
||||||
| 119,758 | Aspen Pharmacare Holdings Ltd. (Health Care) | $ 1,036,689 | ||||
| 90,302 | Bid Corp. Ltd. (Consumer Staples) | 1,913,972 | ||||
| 45,935 | Bidvest Group Ltd. (The) (Industrials) | 551,278 | ||||
| 7,577 | Capitec Bank Holdings Ltd. (Financials) | 516,190 | ||||
| 94,007 | Clicks Group Ltd. (Consumer Staples) | 1,112,453 | ||||
| 30,554 | Discovery Ltd. (Financials)* | 204,189 | ||||
| 577,577 | FirstRand Ltd. (Financials) | 1,756,668 | ||||
| 133,091 | Gold Fields Ltd. (Materials) | 2,024,951 | ||||
| 199,170 | Impala Platinum Holdings Ltd. (Materials) | 1,591,852 | ||||
| 55,644 | Kumba Iron Ore Ltd. (Materials) | 1,217,408 | ||||
| 143,746 | Mr Price Group Ltd. (Consumer Discretionary) | 899,997 | ||||
| 282,967 | MTN Group Ltd. (Communication Services) | 1,741,676 | ||||
| 347,786 | MultiChoice Group (Communication Services) | 1,721,358 | ||||
| 9,570 | Naspers Ltd., Class N (Consumer Discretionary) | 1,437,626 | ||||
| 124,320 | Nedbank Group Ltd. (Financials) | 1,305,983 | ||||
| 646,080 | Old Mutual Ltd. (Financials) | 347,880 | ||||
| 299,722 | OUTsurance Group Ltd. (Financials) | 478,708 | ||||
| 315,548 | Pepkor Holdings Ltd. (Consumer Discretionary)(a) | 224,683 | ||||
| 98,299 | Remgro Ltd. (Financials) | 650,920 | ||||
| 273,466 | Sanlam Ltd. (Financials) | 716,225 | ||||
| 43,630 | Sasol Ltd. (Materials) | 508,643 | ||||
| 229,090 | Shoprite Holdings Ltd. (Consumer Staples) | 2,256,651 | ||||
| 372,418 | Sibanye Stillwater Ltd. (Materials) | 657,963 | ||||
| 202,364 | Standard Bank Group Ltd. (Financials) | 1,547,530 | ||||
| 160,142 | Vodacom Group Ltd. (Communication Services) | 891,938 | ||||
| 224,136 | Woolworths Holdings Ltd. (Consumer Discretionary) | 672,988 | ||||
|
| ||||||
| 30,025,234 | ||||||
|
|
| |||||
| South Korea – 11.6% |
||||||
| 15,814 | Amorepacific Corp. (Consumer Staples) | 1,245,103 | ||||
| 10,344 | BGF retail Co. Ltd. (Consumer Staples) | 1,483,894 | ||||
| 4,489 | Celltrion, Inc. (Health Care) | 579,368 | ||||
| 3,555 | CJ CheilJedang Corp. (Consumer Staples) | 830,326 | ||||
| 13,340 | CJ Corp. (Industrials) | 890,506 | ||||
| 4,000 | CosmoAM&T Co. Ltd. (Information Technology)* | 538,557 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| South Korea – (continued) |
||||||
| 34,935 | Coway Co. Ltd. (Consumer Discretionary) | $ 1,267,373 | ||||
| 9,588 | DB Insurance Co. Ltd. (Financials) | 534,573 | ||||
| 16,054 | Doosan Bobcat, Inc. (Industrials) | 647,119 | ||||
| 30,722 | Doosan Enerbility Co. Ltd. (Industrials)* | 372,206 | ||||
| 7,700 | Ecopro BM Co. Ltd. (Industrials)(b) | 1,444,566 | ||||
| 6,281 | E-MART, Inc. (Consumer Staples) | 398,936 | ||||
| 12,785 | F&F Co. Ltd. (Consumer Discretionary) | 1,246,471 | ||||
| 46,072 | GS Holdings Corp. (Industrials) | 1,336,426 | ||||
| 47,166 | Hana Financial Group, Inc. (Financials) | 1,472,994 | ||||
| 39,139 | Hankook Tire & Technology Co. Ltd. (Consumer Discretionary) | 1,017,363 | ||||
| 6,473 | Hanmi Pharm Co. Ltd. (Health Care) | 1,426,523 | ||||
| 4,900 | Hanwha Aerospace Co. Ltd. (Industrials) | 391,705 | ||||
| 7,690 | HD Hyundai Co. Ltd. (Energy) | 330,834 | ||||
| 73,816 | HMM Co. Ltd. (Industrials) | 987,180 | ||||
| 27,250 | Hotel Shilla Co. Ltd. (Consumer Discretionary) | 1,585,007 | ||||
| 1,900 | HYBE Co. Ltd. (Communication Services)* | 392,240 | ||||
| 7,017 | Hyundai Mobis Co. Ltd. (Consumer Discretionary) | 1,178,972 | ||||
| 11,967 | Hyundai Motor Co. (Consumer Discretionary) | 1,803,277 | ||||
| 21,133 | Hyundai Steel Co. (Materials) | 519,070 | ||||
| 168,082 | Industrial Bank of Korea (Financials) | 1,292,987 | ||||
| 15,526 | Kakao Corp. (Communication Services) | 657,420 | ||||
| 39,560 | Kangwon Land, Inc. (Consumer Discretionary) | 543,363 | ||||
| 46,526 | KB Financial Group, Inc. (Financials) | 1,682,613 | ||||
| 38,968 | Kia Corp. (Consumer Discretionary) | 2,522,020 | ||||
| 16,240 | Korea Aerospace Industries Ltd. (Industrials) | 630,145 | ||||
| 46,544 | Korea Electric Power Corp. (Utilities)*(b) | 669,097 | ||||
| 6,170 | Korea Investment Holdings Co. Ltd. (Financials) | 257,539 | ||||
| 1,215 | Korea Zinc Co. Ltd. (Materials) | 439,863 | ||||
| 25,146 | Korean Air Lines Co. Ltd. (Industrials)(b) | 418,705 | ||||
| 20,678 | KT&G Corp. (Consumer Staples) | 1,302,453 | ||||
| 3,769 | Kumho Petrochemical Co. Ltd. (Materials) | 360,359 | ||||
| 1,808 | L&F Co. Ltd. (Information Technology)(b) | 367,798 | ||||
| 2,476 | LG Chem Ltd. (Materials) | 1,292,799 | ||||
| 5,903 | LG Corp. (Industrials) | 382,489 | ||||
| 32,565 | LG Electronics, Inc. (Consumer Discretionary) | 3,012,983 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| South Korea – (continued) |
||||||
| 2,008 | LG Energy Solution Ltd. (Industrials)* | $ 906,229 | ||||
| 3,386 | LG H&H Co. Ltd. (Consumer Staples) | 1,344,451 | ||||
| 2,660 | LG Innotek Co. Ltd. (Information Technology) | 615,272 | ||||
| 223,747 | LG Uplus Corp. (Communication Services)(b) | 1,894,832 | ||||
| 1,748 | Lotte Chemical Corp. (Materials) | 219,809 | ||||
| 74,655 | Mirae Asset Securities Co. Ltd. (Financials) | 410,610 | ||||
| 8,651 | NAVER Corp. (Communication Services) | 1,300,339 | ||||
| 4,005 | NCSoft Corp. (Communication Services) | 968,623 | ||||
| 91,620 | NH Investment & Securities Co. Ltd. (Financials) | 689,609 | ||||
| 20,095 | Orion Corp. (Consumer Staples) | 1,956,130 | ||||
| 10,987 | Pearl Abyss Corp. (Communication Services)* | 413,073 | ||||
| 3,704 | POSCO Future M Co. Ltd. (Materials) | 976,757 | ||||
| 8,623 | POSCO Holdings, Inc. (Materials) | 2,338,881 | ||||
| 1,176 | Samsung Biologics Co. Ltd. (Health Care)*(a) | 694,657 | ||||
| 14,528 | Samsung C&T Corp. (Industrials) | 1,210,621 | ||||
| 13,825 | Samsung Electro-Mechanics Co. Ltd. (Information Technology) | 1,536,400 | ||||
| 639,889 | Samsung Electronics Co. Ltd. (Information Technology) | 34,423,111 | ||||
| 25,674 | Samsung Engineering Co. Ltd. (Industrials)* | 547,428 | ||||
| 10,592 | Samsung Fire & Marine Insurance Co. Ltd. (Financials) | 1,799,583 | ||||
| 128,064 | Samsung Heavy Industries Co. Ltd. (Industrials)* | 590,508 | ||||
| 7,137 | Samsung Life Insurance Co. Ltd. (Financials) | 356,514 | ||||
| 3,702 | Samsung SDI Co. Ltd. (Information Technology) | 2,002,664 | ||||
| 11,576 | Samsung SDS Co. Ltd. (Information Technology) | 1,084,119 | ||||
| 46,196 | Samsung Securities Co. Ltd. (Financials) | 1,279,113 | ||||
| 57,277 | Shinhan Financial Group Co. Ltd. (Financials) | 1,512,570 | ||||
| 19,311 | SK Biopharmaceuticals Co. Ltd. (Health Care)* | 1,069,398 | ||||
| 57,092 | SK Hynix, Inc. (Information Technology) | 4,671,457 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| South Korea – (continued) |
||||||
| 18,209 | SK Square Co. Ltd. (Information Technology)* | $ 633,148 | ||||
| 2,379 | SK, Inc. (Industrials) | 300,769 | ||||
| 117,685 | Woori Financial Group, Inc. (Financials) | 1,062,246 | ||||
| 24,300 | Yuhan Corp. (Health Care) | 1,085,696 | ||||
|
| ||||||
| 109,647,839 | ||||||
|
|
| |||||
| Taiwan – 15.4% |
||||||
| 162,441 | Accton Technology Corp. (Information Technology) | 1,866,135 | ||||
| 594,564 | Acer, Inc. (Information Technology) | 596,934 | ||||
| 174,575 | Advantech Co. Ltd. (Information Technology) | 2,312,327 | ||||
| 481,794 | ASE Technology Holding Co. Ltd. (Information Technology) | 1,748,272 | ||||
| 463,530 | Asia Cement Corp. (Materials) | 662,994 | ||||
| 88,546 | Asustek Computer, Inc. (Information Technology) | 878,904 | ||||
| 347,002 | AUO Corp. (Information Technology) | 198,755 | ||||
| 202,334 | Catcher Technology Co. Ltd. (Information Technology) | 1,221,478 | ||||
| 1,200,580 | Cathay Financial Holding Co. Ltd. (Financials) | 1,730,883 | ||||
| 242,707 | Chailease Holding Co. Ltd. (Financials) | 1,599,485 | ||||
| 366,247 | Cheng Shin Rubber Industry Co. Ltd. (Consumer Discretionary) | 464,849 | ||||
| 3,716,462 | China Development Financial Holding Corp. (Financials) | 1,536,053 | ||||
| 749,198 | China Steel Corp. (Materials) | 707,078 | ||||
| 420,726 | Chunghwa Telecom Co. Ltd. (Communication Services) | 1,725,213 | ||||
| 1,479,891 | Compal Electronics, Inc. (Information Technology) | 1,341,305 | ||||
| 2,026,160 | CTBC Financial Holding Co. Ltd. (Financials) | 1,602,333 | ||||
| 264,424 | Delta Electronics, Inc. (Information Technology) | 2,723,625 | ||||
| 61,396 | E Ink Holdings, Inc. (Information Technology) | 413,603 | ||||
| 12,918 | eMemory Technology, Inc. (Information Technology) | 773,546 | ||||
| 943,155 | E.Sun Financial Holding Co. Ltd. (Financials) | 794,979 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Taiwan – (continued) |
||||||
| 368,493 | Evergreen Marine Corp. Taiwan Ltd. (Industrials) | $ 1,834,820 | ||||
| 861,560 | Far Eastern New Century Corp. (Industrials) | 905,651 | ||||
| 260,185 | Feng TAY Enterprise Co. Ltd. (Consumer Discretionary) | 1,617,292 | ||||
| 1,051,227 | First Financial Holding Co. Ltd. (Financials) | 961,337 | ||||
| 357,701 | Formosa Plastics Corp. (Materials) | 1,095,425 | ||||
| 1,046,954 | Fubon Financial Holding Co. Ltd. (Financials) | 2,071,591 | ||||
| 18,200 | Global Unichip Corp. (Information Technology) | 885,493 | ||||
| 32,031 | Globalwafers Co. Ltd. (Information Technology) | 525,380 | ||||
| 1,233,432 | Hon Hai Precision Industry Co. Ltd. (Information Technology) | 4,275,014 | ||||
| 909,369 | Hua Nan Financial Holdings Co. Ltd. (Financials) | 658,481 | ||||
| 852,943 | Inventec Corp. (Information Technology) | 1,022,893 | ||||
| 9,742 | Largan Precision Co. Ltd. (Information Technology) | 718,107 | ||||
| 566,546 | Lite-On Technology Corp. (Information Technology) | 1,640,960 | ||||
| 194,875 | MediaTek, Inc. (Information Technology) | 4,813,608 | ||||
| 795,719 | Mega Financial Holding Co. Ltd. (Financials) | 927,076 | ||||
| 395,390 | Micro-Star International Co. Ltd. (Information Technology) | 2,136,026 | ||||
| 450,979 | Nan Ya Plastics Corp. (Materials) | 1,140,381 | ||||
| 52,525 | Nan Ya Printed Circuit Board Corp. (Information Technology) | 517,942 | ||||
| 519,593 | Nanya Technology Corp. (Information Technology) | 1,242,863 | ||||
| 130,292 | Nien Made Enterprise Co. Ltd. (Consumer Discretionary) | 1,494,685 | ||||
| 208,613 | Novatek Microelectronics Corp. (Information Technology) | 2,888,775 | ||||
| 544,988 | Pegatron Corp. (Information Technology) | 1,335,533 | ||||
| 821,132 | Pou Chen Corp. (Consumer Discretionary) | 845,784 | ||||
| 358,896 | President Chain Store Corp. (Consumer Staples) | 3,264,549 | ||||
| 268,939 | Quanta Computer, Inc. (Information Technology) | 1,019,653 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Taiwan – (continued) |
||||||
| 170,015 | Realtek Semiconductor Corp. (Information Technology) | $ 2,113,603 | ||||
| 1,672,759 | SinoPac Financial Holdings Co. Ltd. (Financials) | 941,786 | ||||
| 413,222 | Synnex Technology International Corp. (Information Technology) | 859,324 | ||||
| 2,132,702 | Taishin Financial Holding Co. Ltd. (Financials) | 1,273,618 | ||||
| 1,027,060 | Taiwan Business Bank (Financials) | 471,289 | ||||
| 396,804 | Taiwan Cement Corp. (Materials) | 489,427 | ||||
| 674,236 | Taiwan Cooperative Financial Holding Co. Ltd. (Financials) | 613,291 | ||||
| 188,305 | Taiwan Mobile Co. Ltd. (Communication Services) | 634,271 | ||||
| 3,207,826 | Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology) | 58,252,930 | ||||
| 99,905 | Unimicron Technology Corp. (Information Technology) | 586,864 | ||||
| 1,484,668 | Uni-President Enterprises Corp. (Consumer Staples) | 3,589,971 | ||||
| 2,102,725 | United Microelectronics Corp. (Information Technology)* | 3,544,745 | ||||
| 194,109 | Vanguard International Semiconductor Corp. (Information Technology) | 586,860 | ||||
| 9,200 | Voltronic Power Technology Corp. (Industrials) | 580,848 | ||||
| 311,742 | Walsin Lihwa Corp. (Industrials) | 468,716 | ||||
| 263,240 | Wan Hai Lines Ltd. (Industrials) | 496,881 | ||||
| 627,333 | Winbond Electronics Corp. (Information Technology) | 544,087 | ||||
| 490,100 | Wistron Corp. (Information Technology) | 1,063,857 | ||||
| 400,891 | WPG Holdings Ltd. (Information Technology) | 694,082 | ||||
| 466,806 | Yang Ming Marine Transport Corp. (Industrials) | 923,661 | ||||
| 2,571,916 | Yuanta Financial Holding Co. Ltd. (Financials) | 1,996,264 | ||||
| 103,250 | Zhen Ding Technology Holding Ltd. (Information Technology) | 389,781 | ||||
|
| ||||||
| 145,854,226 | ||||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Thailand – 1.8% |
||||||
| 293,916 | Advanced Info Service PCL NVDR (Communication Services) | $ 1,782,077 | ||||
| 449,400 | Airports of Thailand PCL NVDR (Industrials)* | 913,651 | ||||
| 2,577,300 | Asset World Corp. PCL NVDR (Consumer Discretionary) | 364,377 | ||||
| 1,706,700 | Bangkok Dusit Medical Services PCL NVDR (Health Care) | 1,385,468 | ||||
| 350,400 | Berli Jucker PCL NVDR (Consumer Staples) | 365,000 | ||||
| 189,300 | Bumrungrad Hospital PCL NVDR (Health Care) | 1,213,043 | ||||
| 332,200 | Central Pattana PCL NVDR (Real Estate) | 644,353 | ||||
| 747,000 | Charoen Pokphand Foods PCL NVDR (Consumer Staples) | 431,457 | ||||
| 891,977 | CP ALL PCL NVDR (Consumer Staples) | 1,634,010 | ||||
| 544,700 | Delta Electronics Thailand PCL NVDR (Information Technology) | 1,549,578 | ||||
| 135,500 | Electricity Generating PCL NVDR (Utilities) | 562,637 | ||||
| 297,000 | Gulf Energy Development PCL NVDR (Utilities) | 416,056 | ||||
| 315,100 | Indorama Ventures PCL NVDR (Materials) | 287,483 | ||||
| 285,300 | Intouch Holdings PCL NVDR (Communication Services) | 612,821 | ||||
| 1,225,100 | Krung Thai Bank PCL NVDR (Financials) | 668,876 | ||||
| 309,400 | Krungthai Card PCL NVDR (Financials) | 453,431 | ||||
| 206,200 | Muangthai Capital PCL NVDR (Financials) | 244,418 | ||||
| 194,200 | PTT Exploration & Production PCL NVDR (Energy) | 778,474 | ||||
| 364,800 | PTT Global Chemical PCL NVDR (Materials) | 369,517 | ||||
| 753,200 | PTT PCL NVDR (Energy) | 649,310 | ||||
| 536,300 | Ratch Group PCL NVDR (Utilities) | 558,646 | ||||
| 58,900 | Siam Cement PCL (The) NVDR (Materials) | 539,917 | ||||
| 253,000 | Thai Oil PCL NVDR (Energy) | 314,432 | ||||
|
| ||||||
| 16,739,032 | ||||||
|
|
| |||||
| Turkey – 0.8% |
||||||
| 305,052 | BIM Birlesik Magazalar AS (Consumer Staples) | 2,078,016 | ||||
| 486,712 | KOC Holding AS (Industrials) | 1,852,909 | ||||
| 118,531 | Sasa Polyester Sanayi AS (Materials)* | 309,229 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||||||
| Common Stocks – (continued) | ||||||||||
| Turkey – (continued) |
||||||||||
| 50,400 | Tofas Turk Otomobil Fabrikasi AS (Consumer Discretionary) |
|
$ 522,292 | |||||||
| 116,257 | Turk Hava Yollari AO (Industrials)* |
|
807,670 | |||||||
| 183,866 | Turkiye Petrol Rafinerileri AS (Energy) |
|
595,158 | |||||||
| 486,910 | Turkiye Sise ve Cam Fabrikalari AS (Industrials) |
|
949,414 | |||||||
|
| ||||||||||
| 7,114,688 | ||||||||||
|
|
| |||||||||
| United Arab Emirates – 1.5% |
||||||||||
| 691,352 | Abu Dhabi Commercial Bank PJSC (Financials) |
|
1,503,921 | |||||||
| 460,412 | Abu Dhabi Islamic Bank PJSC (Financials) |
|
1,253,504 | |||||||
| 1,233,966 | Abu Dhabi National Oil Co. for Distribution PJSC (Consumer Discretionary) |
|
1,390,857 | |||||||
| 884,475 | Aldar Properties PJSC (Real Estate) |
|
1,228,103 | |||||||
| 850,600 | Americana Restaurants International PLC (Consumer Discretionary) |
|
958,749 | |||||||
| 1,129,456 | Dubai Islamic Bank PJSC (Financials) |
|
1,617,462 | |||||||
| 1,003,976 | Emaar Properties PJSC (Real Estate) |
|
1,681,038 | |||||||
| 517,502 | Emirates NBD Bank PJSC (Financials) |
|
1,923,197 | |||||||
| 181,606 | Emirates Telecommunications Group Co. PJSC (Communication Services) |
|
1,141,156 | |||||||
| 440,560 | First Abu Dhabi Bank PJSC (Financials) |
|
1,523,309 | |||||||
|
| ||||||||||
| 14,221,296 | ||||||||||
|
|
| |||||||||
| United States – 0.1% |
||||||||||
| 255,772 | JBS SA (Consumer Staples) |
|
838,941 | |||||||
| 10,786 | Parade Technologies Ltd. (Information Technology) |
|
358,041 | |||||||
|
| ||||||||||
| 1,196,982 | ||||||||||
|
|
| |||||||||
| |
TOTAL COMMON STOCKS (Cost $882,930,543) |
$922,204,416 | ||||||||
|
|
| |||||||||
| Shares | Description | Rate | Value | |||||||
| Preferred Stocks – 2.0% | ||||||||||
| Brazil – 1.2% |
||||||||||
| 576,474 | Banco Bradesco SA (Financials) | 6.50 | % | $ 1,745,663 | ||||||
| 41,406 | Centrais Eletricas Brasileiras SA, Class B (Utilities) | 3.79 | 318,514 | |||||||
| 258,146 | Cia Energetica de Minas Gerais (Utilities) | 9.37 | 589,685 | |||||||
|
|
| |||||||||
| Shares | Description | Rate | Value | |||||||
| Preferred Stocks – (continued) | ||||||||||
| Brazil – (continued) |
||||||||||
| 110,184 | Gerdau SA (Materials) | 14.29 | % | $ 515,651 | ||||||
| 633,783 | Itau Unibanco Holding SA (Financials) | 4.81 | 3,258,070 | |||||||
| 796,199 | Itausa SA (Financials) | 5.22 | 1,364,850 | |||||||
| 676,812 | Petroleo Brasileiro SA (Energy) | 19.32 | 3,451,518 | |||||||
|
| ||||||||||
| 11,243,951 | ||||||||||
|
|
| |||||||||
| Chile – 0.1% |
||||||||||
| 12,889 | Sociedad Quimica y Minera de Chile SA, Class B (Materials) | 17.69 | 826,304 | |||||||
|
|
| |||||||||
| Colombia – 0.0% |
||||||||||
| 80,167 | Bancolombia SA (Financials) | 12.42 | 470,701 | |||||||
|
|
| |||||||||
| Russia – 0.0% |
||||||||||
| 3,212,489 | Surgutneftegas PJSC (Energy)(c) | 14.95 | — | |||||||
|
|
| |||||||||
| South Korea – 0.7% |
||||||||||
| 9,648 | Hyundai Motor Co. (Consumer Discretionary) | 6.76 | 766,897 | |||||||
| 9,279 | Hyundai Motor Co. (Consumer Discretionary) | 6.79 | 736,867 | |||||||
| 112,888 | Samsung Electronics Co. Ltd. (Information Technology) | 2.44 | 4,984,168 | |||||||
|
| ||||||||||
| 6,487,932 | ||||||||||
|
|
| |||||||||
| |
TOTAL PREFERRED STOCKS (Cost $17,144,316) |
$ 19,028,888 | ||||||||
|
|
| |||||||||
| Shares | Description | Value | ||||||||
| Exchange-Traded Fund – 0.6% | ||||||||||
| United States – 0.6% |
||||||||||
| 257,264 | iShares MSCI Malaysia ETF | |||||||||
| (Cost $7,732,869) | $ 5,279,057 | |||||||||
|
|
| |||||||||
| |
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $907,807,728) |
$946,512,361 | ||||||||
|
|
| |||||||||
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Dividend Rate |
Value | ||||
| Securities Lending Reinvestment Vehicle – 0.5%(d) | ||||||
| |
Goldman Sachs Financial Square Government Fund –
Institutional | |||||
| 5,102,111 | 5.003% | $ 5,102,111 | ||||
| (Cost $5,102,111) | ||||||
|
|
| |||||
| |
TOTAL INVESTMENTS – 100.4% (Cost $912,909,839) |
$ 951,614,472 | ||||
|
|
| |||||
| |
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.4)% |
(4,046,217) | ||||
|
|
| |||||
| NET ASSETS – 100.0% | $ 947,568,255 | |||||
|
|
| |||||
| 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 | |
|
| ||
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION
| Sector Name | % of Market Value | ||||
| Information Technology | 20.9 | % | |||
| Financials | 20.8 | ||||
| Consumer Discretionary | 11.1 | ||||
| Consumer Staples | 11.0 | ||||
| Communication Services | 8.9 | ||||
| Materials | 7.1 | ||||
| Industrials | 6.0 | ||||
| Health Care | 5.2 | ||||
| Energy | 4.5 | ||||
| Utilities | 2.4 | ||||
| Real Estate | 1.0 | ||||
| Exchange-Traded Fund | 0.6 | ||||
| Securities Lending Reinvestment Vehicle | 0.5 | ||||
| TOTAL INVESTMENTS | 100.0 | % | |||
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Schedule of Investments
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – 98.9% | ||||||
| Australia – 1.0% |
||||||
| 87 | Flutter Entertainment PLC (Consumer Discretionary)* | $ 16,941 | ||||
| 10,662 | Glencore PLC (Materials) | 54,371 | ||||
| 702 | Rio Tinto PLC (Materials) | 41,606 | ||||
|
| ||||||
| 112,918 | ||||||
|
|
| |||||
| Austria – 0.5% |
||||||
| 395 | Erste Group Bank AG (Financials) | 12,747 | ||||
| 292 | Mondi PLC (Materials) | 4,506 | ||||
| 706 | OMV AG (Energy) | 31,371 | ||||
| 402 | voestalpine AG (Materials) | 12,420 | ||||
|
| ||||||
| 61,044 | ||||||
|
|
| |||||
| Belgium – 1.1% |
||||||
| 417 | Ageas SA/NV (Financials)(a) | 16,596 | ||||
| 714 | Anheuser-Busch InBev SA/NV (Consumer Staples) | 37,991 | ||||
| 44 | D’ieteren Group (Consumer Discretionary) | 7,585 | ||||
| 50 | Elia Group SA/NV (Utilities) | 6,029 | ||||
| 119 | Groupe Bruxelles Lambert NV (Financials) | 9,145 | ||||
| 87 | KBC Group NV (Financials) | 5,674 | ||||
| 133 | Solvay SA (Materials) | 13,847 | ||||
| 263 | UCB SA (Health Care) | 22,857 | ||||
|
| ||||||
| 119,724 | ||||||
|
|
| |||||
| Brazil – 0.1% |
||||||
| 247 | Yara International ASA (Materials)(a) | 9,181 | ||||
|
|
| |||||
| Burkina Faso – 0.0% |
||||||
| 94 | Endeavour Mining PLC (Materials) | 2,507 | ||||
|
|
| |||||
| China – 0.2% |
||||||
| 352 | Prosus NV (Consumer Discretionary)* | 23,105 | ||||
|
|
| |||||
| Denmark – 4.8% |
||||||
| 20 | AP Moller – Maersk A/S, Class A (Industrials) | 33,471 | ||||
| 20 | AP Moller – Maersk A/S, Class B (Industrials) | 33,542 | ||||
| 162 | Carlsberg AS, Class B (Consumer Staples) | 24,340 | ||||
| 75 | Chr Hansen Holding A/S (Materials) | 5,424 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Denmark – (continued) |
||||||
| 80 | Coloplast A/S, Class B (Health Care) | $ 10,044 | ||||
| 1,040 | Danske Bank A/S (Financials)* | 21,097 | ||||
| 82 | Demant A/S (Health Care)* | 3,109 | ||||
| 64 | DSV A/S (Industrials) | 12,300 | ||||
| 58 | Genmab A/S (Health Care)* | 22,626 | ||||
| 1,954 | Novo Nordisk A/S, Class B (Health Care) | 312,240 | ||||
| 171 | Novozymes A/S, Class B (Materials) | 8,218 | ||||
| 36 | Orsted AS (Utilities)(b) | 3,144 | ||||
| 304 | Pandora A/S (Consumer Discretionary) | 24,154 | ||||
| 33 | ROCKWOOL A/S, Class B (Industrials) | 7,847 | ||||
| 679 | Tryg A/S (Financials) | 15,407 | ||||
| 134 | Vestas Wind Systems A/S (Industrials)* | 3,805 | ||||
|
| ||||||
| 540,768 | ||||||
|
|
| |||||
| Finland – 1.5% |
||||||
| 275 | Elisa OYJ (Communication Services) | 15,362 | ||||
| 147 | Kone OYJ, Class B (Industrials) | 7,439 | ||||
| 499 | Metso Corp. (Industrials) | 5,445 | ||||
| 117 | Neste OYJ (Energy) | 4,412 | ||||
| 5,841 | Nokia OYJ (Information Technology) | 23,632 | ||||
| 2,601 | Nordea Bank Abp (Financials) | 25,495 | ||||
| 1,090 | Orion OYJ, Class B (Health Care) | 46,005 | ||||
| 498 | Sampo OYJ, Class A (Financials) | 22,840 | ||||
| 533 | Stora Enso OYJ, Class R (Materials) | 6,731 | ||||
| 271 | UPM-Kymmene OYJ (Materials) | 8,110 | ||||
| 307 | Wartsila OYJ Abp (Industrials) | 3,466 | ||||
|
| ||||||
| 168,937 | ||||||
|
|
| |||||
| France – 17.3% |
||||||
| 74 | Aeroports de Paris (Industrials)* | 11,211 | ||||
| 388 | Air Liquide SA (Materials) | 64,794 | ||||
| 317 | Airbus SE (Industrials) | 41,413 | ||||
| 250 | Alstom SA (Industrials) | 6,860 | ||||
| 75 | Amundi SA (Financials)(a)(b) | 4,206 | ||||
| 204 | Arkema SA (Materials) | 17,725 | ||||
| 2,217 | AXA SA (Financials) | 62,433 | ||||
| 268 | BioMerieux (Health Care) | 26,754 | ||||
| 944 | BNP Paribas SA (Financials)(a) | 54,356 | ||||
| 3,451 | Bollore SE (Communication Services) | 22,038 | ||||
| 416 | Bouygues SA (Industrials) | 13,287 | ||||
| 636 | Bureau Veritas SA (Industrials) | 16,090 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| France – (continued) |
||||||
| 206 | Capgemini SE (Information Technology) | $ 35,754 | ||||
| 2,523 | Carrefour SA (Consumer Staples) | 46,224 | ||||
| 1,025 | Cie de Saint-Gobain (Industrials)(a) | 56,605 | ||||
| 555 | Cie Generale des Etablissements Michelin (Consumer Discretionary) | 15,715 | ||||
| 63 | Covivio SA REIT (Real Estate) | 3,072 | ||||
| 2,994 | Credit Agricole SA (Financials)(a) | 34,128 | ||||
| 746 | Danone SA (Consumer Staples) | 44,013 | ||||
| 121 | Dassault Aviation SA (Industrials) | 20,408 | ||||
| 602 | Dassault Systemes (Information Technology) | 26,384 | ||||
| 360 | Edenred (Financials) | 23,058 | ||||
| 658 | Eiffage SA (Industrials) | 69,883 | ||||
| 2,347 | Engie SA (Utilities) | 35,135 | ||||
| 244 | EssilorLuxottica SA (Health Care)(a) | 43,816 | ||||
| 312 | Eurazeo SE (Financials) | 21,255 | ||||
| 50 | Gecina SA REIT (Real Estate) | 5,104 | ||||
| 596 | Getlink SE (Industrials) | 10,090 | ||||
| 41 | Hermes International (Consumer Discretionary) | 83,128 | ||||
| 534 | Ipsen SA (Health Care)* | 61,541 | ||||
| 66 | Kering (Consumer Discretionary) | 35,065 | ||||
| 135 | Klepierre SA REIT (Real Estate) | 3,048 | ||||
| 1,614 | La Francaise des Jeux SAEM (Consumer Discretionary)(b) | 62,048 | ||||
| 292 | Legrand SA (Industrials)* | 27,538 | ||||
| 300 | L’Oreal SA (Consumer Staples) | 127,612 | ||||
| 285 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary) | 247,294 | ||||
| 1,326 | Orange SA (Communication Services)(a) | 15,793 | ||||
| 149 | Pernod Ricard SA (Consumer Staples) | 32,103 | ||||
| 304 | Publicis Groupe SA (Communication Services) | 22,466 | ||||
| 77 | Remy Cointreau SA (Consumer Staples) | 11,800 | ||||
| 270 | Renault SA (Consumer Discretionary) | 9,005 | ||||
| 248 | Safran SA (Industrials) | 35,809 | ||||
| 46 | Sartorius Stedim Biotech (Health Care) | 12,044 | ||||
| 164 | SEB SA (Consumer Discretionary) | 15,351 | ||||
| 462 | Societe Generale SA (Financials) | 10,654 | ||||
| 158 | Sodexo SA (Consumer Discretionary) | 17,021 | ||||
| 166 | Thales SA (Industrials) | 23,060 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| France – (continued) |
||||||
| 2,386 | TotalEnergies SE (Energy) | $ 135,020 | ||||
| 684 | Valeo (Consumer Discretionary) | 13,097 | ||||
| 589 | Veolia Environnement SA (Utilities) | 17,293 | ||||
| 488 | Vinci SA (Industrials) | 55,314 | ||||
| 1,102 | Vivendi SE (Communication Services) | 9,739 | ||||
| 468 | Wendel SE (Financials) | 49,045 | ||||
|
| ||||||
| 1,963,699 | ||||||
|
|
| |||||
| Germany – 13.2% |
||||||
| 288 | adidas AG (Consumer Discretionary) | 46,516 | ||||
| 299 | Allianz SE (Financials) | 63,746 | ||||
| 463 | BASF SE (Materials) | 21,924 | ||||
| 973 | Bayer AG (Health Care) | 54,086 | ||||
| 476 | Bayerische Motoren Werke AG (Consumer Discretionary) | 51,721 | ||||
| 94 | Bechtle AG (Information Technology) | 3,676 | ||||
| 204 | Beiersdorf AG (Consumer Staples) | 25,913 | ||||
| 261 | Brenntag SE (Industrials) | 20,418 | ||||
| 82 | Carl Zeiss Meditec AG (Health Care) | 9,166 | ||||
| 2,595 | Commerzbank AG (Financials)* | 26,005 | ||||
| 388 | Daimler Truck Holding AG (Industrials)* | 11,706 | ||||
| 4,267 | Deutsche Bank AG (Financials) | 43,107 | ||||
| 145 | Deutsche Boerse AG (Financials) | 24,965 | ||||
| 4,801 | Deutsche Lufthansa AG (Industrials)* | 46,884 | ||||
| 1,732 | Deutsche Post AG (Industrials) | 77,645 | ||||
| 2,630 | Deutsche Telekom AG (Communication Services) | 58,166 | ||||
| 4,841 | E.ON SE (Utilities) | 58,371 | ||||
| 262 | Evonik Industries AG (Materials)* | 5,236 | ||||
| 738 | Fresenius Medical Care AG & Co. KGaA (Health Care) | 31,432 | ||||
| 1,124 | Fresenius SE & Co. KGaA (Health Care) | 30,664 | ||||
| 311 | GEA Group AG (Industrials) | 13,027 | ||||
| 97 | Hannover Rueck SE (Financials) | 20,703 | ||||
| 450 | Heidelberg Materials AG (Materials) | 32,085 | ||||
| 1,933 | HelloFresh SE (Consumer Staples)* | 45,811 | ||||
| 142 | Henkel AG & Co. KGaA (Consumer Staples) | 10,161 | ||||
| 701 | Infineon Technologies AG (Information Technology) | 25,955 | ||||
| 258 | Knorr-Bremse AG (Industrials) | 17,598 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Germany – (continued) |
||||||
| 815 | Mercedes-Benz Group AG (Consumer Discretionary) | $ 60,621 | ||||
| 186 | Merck KGaA (Health Care) | 32,273 | ||||
| 59 | MTU Aero Engines AG (Industrials) | 13,574 | ||||
| 114 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials) | 40,593 | ||||
| 652 | Nemetschek SE (Information Technology) | 50,909 | ||||
| 497 | Puma SE (Consumer Discretionary) | 23,589 | ||||
| 49 | Rational AG (Industrials) | 32,780 | ||||
| 50 | Rheinmetall AG (Industrials) | 12,601 | ||||
| 547 | RWE AG (Utilities) | 22,813 | ||||
| 969 | SAP SE (Information Technology) | 126,218 | ||||
| 83 | Scout24 SE (Communication Services)(b) | 5,309 | ||||
| 592 | Siemens AG (Industrials) | 96,778 | ||||
| 1,160 | Siemens Energy AG (Industrials)* | 29,359 | ||||
| 145 | Siemens Healthineers AG (Health Care)(b) | 8,178 | ||||
| 89 | Symrise AG (Materials) | 9,486 | ||||
| 253 | Talanx AG (Financials) | 14,066 | ||||
| 3,619 | Telefonica Deutschland Holding AG (Communication Services) | 10,166 | ||||
| 16 | Volkswagen AG (Consumer Discretionary) | 2,395 | ||||
| 1,218 | Zalando SE (Consumer Discretionary)*(b) | 35,112 | ||||
|
| ||||||
| 1,503,507 | ||||||
|
|
| |||||
| Hong Kong – 0.1% |
||||||
| 945 | Prudential PLC (Financials) | 12,368 | ||||
|
|
| |||||
| Ireland – 0.9% |
||||||
| 358 | AerCap Holdings NV (Industrials)* | 20,435 | ||||
| 2,765 | AIB Group PLC (Financials) | 11,296 | ||||
| 1,199 | Bank of Ireland Group PLC (Financials) | 11,241 | ||||
| 616 | CRH PLC (Materials) | 28,961 | ||||
| 106 | Kerry Group PLC, Class A (Consumer Staples) | 10,304 | ||||
| 177 | Kingspan Group PLC (Industrials) | 11,715 | ||||
| 294 | Smurfit Kappa Group PLC (Materials) | 10,415 | ||||
|
| ||||||
| 104,367 | ||||||
|
|
| |||||
| Italy – 3.7% |
||||||
| 1,437 | Assicurazioni Generali SpA (Financials) | 27,139 | ||||
| 588 | Coca-Cola HBC AG (Consumer Staples)* | 17,403 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Italy – (continued) |
||||||
| 1,036 | Davide Campari-Milano NV (Consumer Staples) | $ 13,486 | ||||
| 83 | DiaSorin SpA (Health Care) | 8,512 | ||||
| 5,309 | Enel SpA (Utilities) | 33,156 | ||||
| 3,647 | Eni SpA (Energy) | 48,406 | ||||
| 174 | Ferrari NV (Consumer Discretionary) | 49,455 | ||||
| 951 | FinecoBank Banca Fineco SpA (Financials) | 12,582 | ||||
| 641 | Infrastrutture Wireless Italiane SpA (Communication Services)(b) | 8,132 | ||||
| 7,493 | Intesa Sanpaolo SpA (Financials) | 17,219 | ||||
| 713 | Mediobanca Banca di Credito Finanziario SpA (Financials) | 7,826 | ||||
| 733 | Moncler SpA (Consumer Discretionary) | 49,481 | ||||
| 2,703 | Poste Italiane SpA (Financials)(b) | 27,941 | ||||
| 562 | Prysmian SpA (Industrials) | 20,772 | ||||
| 402 | Recordati Industria Chimica e Farmaceutica SpA (Health Care) | 17,409 | ||||
| 2,750 | Snam SpA (Utilities) | 14,336 | ||||
| 1,592 | Terna - Rete Elettrica Nazionale (Utilities) | 13,293 | ||||
| 1,977 | UniCredit SpA (Financials) | 37,757 | ||||
|
| ||||||
| 424,305 | ||||||
|
|
| |||||
| Jordan – 0.2% |
||||||
| 758 | Hikma Pharmaceuticals PLC (Health Care) | 16,831 | ||||
|
|
| |||||
| Luxembourg – 0.7% |
||||||
| 2,520 | ArcelorMittal (Materials) | 62,409 | ||||
| 174 | Eurofins Scientific SE (Health Care) | 11,434 | ||||
|
| ||||||
| 73,843 | ||||||
|
|
| |||||
| Netherlands – 8.2% |
||||||
| 884 | ABN AMRO Bank NV (Financials)(b) | 12,822 | ||||
| 8 | Adyen NV (Financials)*(b) | 13,022 | ||||
| 1,177 | Aegon NV (Financials) | 5,163 | ||||
| 190 | Akzo Nobel NV (Materials) | 14,268 | ||||
| 27 | Argenx SE (Health Care)* | 10,495 | ||||
| 57 | ASM International NV (Information Technology) | 24,635 | ||||
| 400 | ASML Holding NV (Information Technology) | 286,355 | ||||
| 94 | Euronext NV (Financials)(b) | 6,228 | ||||
| 432 | EXOR NV (Financials)* | 35,767 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Netherlands – (continued) |
||||||
| 315 | Heineken Holding NV (Consumer Staples) | $ 26,715 | ||||
| 213 | Heineken NV (Consumer Staples) | 21,454 | ||||
| 61 | IMCD NV (Industrials) | 9,140 | ||||
| 2,085 | ING Groep NV (Financials) | 25,580 | ||||
| 514 | JDE Peet’s NV (Consumer Staples) | 14,894 | ||||
| 2,761 | Koninklijke Ahold Delhaize NV (Consumer Staples) | 87,304 | ||||
| 5,525 | Koninklijke KPN NV (Communication Services) | 18,955 | ||||
| 612 | Koninklijke Philips NV (Health Care)* | 11,513 | ||||
| 431 | NN Group NV (Financials) | 15,494 | ||||
| 657 | OCI NV (Materials) | 14,562 | ||||
| 682 | Randstad NV (Industrials) | 33,344 | ||||
| 6,176 | Shell PLC (Energy) | 169,969 | ||||
| 472 | Universal Music Group NV (Communication Services) | 9,309 | ||||
| 508 | Wolters Kluwer NV (Industrials) | 57,841 | ||||
|
| ||||||
| 924,829 | ||||||
|
|
| |||||
| Norway – 1.1% |
||||||
| 314 | Aker BP ASA (Energy) | 6,797 | ||||
| 825 | DNB Bank ASA (Financials) | 13,756 | ||||
| 1,736 | Equinor ASA (Energy) | 44,207 | ||||
| 919 | Gjensidige Forsikring ASA (Financials) | 15,381 | ||||
| 238 | Kongsberg Gruppen ASA (Industrials) | 9,496 | ||||
| 330 | Mowi ASA (Consumer Staples) | 5,642 | ||||
| 1,208 | Norsk Hydro ASA (Materials) | 7,272 | ||||
| 2,112 | Orkla ASA (Consumer Staples) | 15,136 | ||||
| 702 | Telenor ASA (Communication Services) | 7,182 | ||||
|
| ||||||
| 124,869 | ||||||
|
|
| |||||
| Portugal – 0.6% |
||||||
| 1,510 | EDP – Energias de Portugal SA (Utilities) | 7,344 | ||||
| 344 | Galp Energia SGPS SA (Energy) | 3,629 | ||||
| 2,586 | Jeronimo Martins SGPS SA (Consumer Staples) | 62,252 | ||||
|
| ||||||
| 73,225 | ||||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Singapore – 0.3% |
||||||
| 764 | STMicroelectronics NV (Information Technology) | $ 33,065 | ||||
|
|
| |||||
| South Africa – 0.1% |
||||||
| 460 | Anglo American PLC (Materials) | 12,677 | ||||
|
|
| |||||
| Spain – 4.3% |
||||||
| 61 | Acciona SA (Utilities) | 9,839 | ||||
| 1,513 | ACS Actividades de Construccion y Servicios SA (Industrials) | 50,197 | ||||
| 17 | Aena SME SA (Industrials)(b) | 2,650 | ||||
| 306 | Amadeus IT Group SA (Consumer Discretionary)* | 21,825 | ||||
| 6,498 | Banco Bilbao Vizcaya Argentaria SA (Financials) | 42,396 | ||||
| 18,310 | Banco Santander SA (Financials) | 59,439 | ||||
| 3,648 | CaixaBank SA (Financials) | 13,328 | ||||
| 90 | Cellnex Telecom SA (Communication Services)*(b) | 3,637 | ||||
| 101 | Corp ACCIONA Energias Renovables SA (Utilities)* | 3,351 | ||||
| 438 | Enagas SA (Utilities) | 8,338 | ||||
| 368 | Endesa SA (Utilities) | 7,937 | ||||
| 516 | Ferrovial SA (Industrials) | 15,926 | ||||
| 465 | Grifols SA (Health Care)* | 5,376 | ||||
| 5,373 | Iberdrola SA (Utilities) | 65,301 | ||||
| 2,101 | Industria de Diseno Textil SA (Consumer Discretionary) | 70,086 | ||||
| 579 | Naturgy Energy Group SA (Utilities) | 16,432 | ||||
| 1,074 | Red Electrica Corp. SA (Utilities) | 18,142 | ||||
| 3,735 | Repsol SA (Energy) | 50,530 | ||||
| 5,886 | Telefonica SA (Communication Services) | 24,912 | ||||
|
| ||||||
| 489,642 | ||||||
|
|
| |||||
| Sweden – 3.6% |
||||||
| 303 | Alfa Laval AB (Industrials) | 10,852 | ||||
| 567 | Assa Abloy AB, Class B (Industrials) | 12,545 | ||||
| 1,715 | Atlas Copco AB, Class A (Industrials) | 24,905 | ||||
| 1,167 | Atlas Copco AB, Class B (Industrials) | 14,647 | ||||
| 238 | Epiroc AB, Class A (Industrials) | 4,155 | ||||
| 178 | Epiroc AB, Class B (Industrials) | 2,681 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Sweden – (continued) |
||||||
| 717 | Essity AB, Class B (Consumer Staples) | $ 19,000 | ||||
| 79 | Evolution AB (Consumer Discretionary)(b) | 10,348 | ||||
| 241 | Getinge AB, Class B (Health Care) | 5,525 | ||||
| 3,646 | H & M Hennes & Mauritz AB, Class B (Consumer Discretionary)(a) | 45,372 | ||||
| 1,623 | Hexagon AB, Class B (Information Technology) | 18,760 | ||||
| 178 | Holmen AB, Class B (Materials) | 6,712 | ||||
| 749 | Husqvarna AB, Class B (Industrials) | 5,512 | ||||
| 297 | Industrivarden AB, Class A (Financials) | 7,968 | ||||
| 304 | Industrivarden AB, Class C (Financials) | 8,103 | ||||
| 501 | Investor AB, Class A (Financials) | 10,270 | ||||
| 1,206 | Investor AB, Class B (Financials) | 24,450 | ||||
| 137 | L E Lundbergforetagen AB, Class B (Financials) | 5,682 | ||||
| 346 | Lifco AB, Class B (Industrials) | 7,283 | ||||
| 743 | Nibe Industrier AB, Class B (Industrials) | 7,069 | ||||
| 134 | Saab AB, Class B (Industrials) | 7,274 | ||||
| 225 | Sandvik AB (Industrials) | 3,941 | ||||
| 1,491 | Skandinaviska Enskilda Banken AB, Class A (Financials) | 15,542 | ||||
| 417 | Svenska Cellulosa AB SCA, Class B (Materials) | 5,514 | ||||
| 1,498 | Svenska Handelsbanken AB, Class A (Financials) | 11,801 | ||||
| 991 | Swedbank AB, Class A (Financials) | 15,120 | ||||
| 510 | Swedish Orphan Biovitrum AB (Health Care)* | 10,215 | ||||
| 1,156 | Tele2 AB, Class B (Communication Services) | 10,473 | ||||
| 4,479 | Telefonaktiebolaget LM Ericsson, Class B (Information Technology) | 23,095 | ||||
| 3,116 | Telia Co. AB (Communication Services) | 7,235 | ||||
| 500 | Volvo AB, Class A (Industrials) | 9,611 | ||||
| 1,028 | Volvo AB, Class B (Industrials) | 18,914 | ||||
| 3,973 | Volvo Car AB, Class B (Consumer Discretionary)* | 13,609 | ||||
|
| ||||||
| 404,183 | ||||||
|
|
| |||||
| Switzerland – 8.5% |
||||||
| 1,103 | ABB Ltd. (Industrials) | 40,131 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Switzerland – (continued) |
||||||
| 155 | Adecco Group AG (Industrials) | $ 4,605 | ||||
| 170 | Alcon, Inc. (Health Care) | 13,140 | ||||
| 22 | Bachem Holding AG (Health Care) | 2,301 | ||||
| 86 | Baloise Holding AG (Financials) | 13,161 | ||||
| 164 | Banque Cantonale Vaudoise (Financials) | 16,442 | ||||
| 7 | Barry Callebaut AG (Consumer Staples) | 14,097 | ||||
| 96 | BKW AG (Utilities) | 17,149 | ||||
| 2 | Chocoladefabriken Lindt & Spruengli AG (Consumer Staples) | 23,825 | ||||
| 408 | Cie Financiere Richemont SA, Class A (Consumer Discretionary) | 64,515 | ||||
| 314 | Clariant AG (Materials)* | 4,510 | ||||
| 74 | DSM-Firmenich AG (Materials)* | 8,208 | ||||
| 18 | EMS-Chemie Holding AG (Materials) | 13,882 | ||||
| 64 | Geberit AG (Industrials) | 33,773 | ||||
| 4 | Givaudan SA (Materials) | 13,110 | ||||
| 65 | Helvetia Holding AG (Financials) | 9,194 | ||||
| 183 | Julius Baer Group Ltd. (Financials) | 11,138 | ||||
| 196 | Kuehne + Nagel International AG (Industrials) | 55,553 | ||||
| 527 | Logitech International SA (Information Technology) | 33,644 | ||||
| 24 | Lonza Group AG (Health Care) | 14,949 | ||||
| 2,172 | Novartis AG (Health Care) | 207,090 | ||||
| 44 | Partners Group Holding AG (Financials) | 39,507 | ||||
| 35 | Schindler Holding AG (Industrials) | 6,991 | ||||
| 47 | Schindler Holding AG Participation Certificates (Industrials) | 9,697 | ||||
| 522 | SGS SA (Industrials) | 46,161 | ||||
| 159 | SIG Group AG (Materials)* | 4,321 | ||||
| 28 | Sika AG (Materials) | 7,608 | ||||
| 39 | Sonova Holding AG (Health Care) | 9,958 | ||||
| 201 | Straumann Holding AG (Health Care) | 29,266 | ||||
| 70 | Swatch Group AG (The) – Bearer (Consumer Discretionary) | 20,721 | ||||
| 362 | Swatch Group AG (The) – Registered (Consumer Discretionary) | 20,235 | ||||
| 38 | Swiss Life Holding AG (Financials) | 21,865 | ||||
| 116 | Swiss Prime Site AG (Real Estate) | 9,752 | ||||
| 26 | Swisscom AG (Communication Services) | 16,405 | ||||
| 2,218 | UBS Group AG (Financials) | 41,829 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Switzerland – (continued) |
||||||
| 36 | VAT Group AG (Industrials)(b) | $ 14,780 | ||||
| 116 | Zurich Insurance Group AG (Financials) | 54,057 | ||||
|
| ||||||
| 967,570 | ||||||
|
|
| |||||
| United Kingdom – 17.6% |
||||||
| 1,611 | 3i Group PLC (Financials) | 39,045 | ||||
| 1,873 | abrdn PLC (Financials) | 4,608 | ||||
| 975 | Admiral Group PLC (Financials) | 28,096 | ||||
| 270 | Ashtead Group PLC (Industrials) | 16,397 | ||||
| 903 | Associated British Foods PLC (Consumer Staples) | 20,431 | ||||
| 1,509 | AstraZeneca PLC (Health Care) | 218,072 | ||||
| 7,085 | Auto Trader Group PLC (Communication Services)(b) |
55,321 | ||||
| 1,639 | Aviva PLC (Financials) | 8,008 | ||||
| 3,258 | BAE Systems PLC (Industrials) | 37,480 | ||||
| 17,779 | Barclays PLC (Financials) | 33,348 | ||||
| 3,061 | Barratt Developments PLC (Consumer Discretionary) | 17,558 | ||||
| 286 | Berkeley Group Holdings PLC (Consumer Discretionary) | 13,916 | ||||
| 16,463 | BP PLC (Energy) | 92,492 | ||||
| 2,038 | British American Tobacco PLC (Consumer Staples) | 64,524 | ||||
| 925 | British Land Co. PLC (The) REIT (Real Estate) | 3,932 | ||||
| 2,695 | BT Group PLC (Communication Services) | 4,905 | ||||
| 563 | Bunzl PLC (Industrials) | 21,938 | ||||
| 2,231 | Burberry Group PLC (Consumer Discretionary) | 59,560 | ||||
| 11,083 | Centrica PLC (Utilities) | 16,161 | ||||
| 1,807 | CNH Industrial NV (Industrials) | 23,021 | ||||
| 360 | Coca-Cola Europacific Partners PLC (Consumer Staples) | 22,460 | ||||
| 1,664 | Compass Group PLC (Consumer Discretionary) | 45,413 | ||||
| 118 | Croda International PLC (Materials) | 8,921 | ||||
| 222 | DCC PLC (Industrials) | 12,649 | ||||
| 2,021 | Diageo PLC (Consumer Staples) | 83,837 | ||||
| 368 | Entain PLC (Consumer Discretionary) | 6,016 | ||||
| 268 | Halma PLC (Information Technology) | 8,002 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| United Kingdom – (continued) |
||||||
| 3,321 | Hargreaves Lansdown PLC (Financials) | $ 33,019 | ||||
| 13,759 | HSBC Holdings PLC (Financials) | 100,697 | ||||
| 1,561 | Imperial Brands PLC (Consumer Staples) | 32,793 | ||||
| 1,659 | Informa PLC (Communication Services) | 14,331 | ||||
| 182 | InterContinental Hotels Group PLC (Consumer Discretionary) | 11,883 | ||||
| 125 | Intertek Group PLC (Industrials) | 6,436 | ||||
| 17,051 | J Sainsbury PLC (Consumer Staples) | 57,186 | ||||
| 28,087 | JD Sports Fashion PLC (Consumer Discretionary) | 52,913 | ||||
| 7,227 | Kingfisher PLC (Consumer Discretionary) | 20,691 | ||||
| 631 | Land Securities Group PLC REIT (Real Estate) | 4,708 | ||||
| 4,495 | Legal & General Group PLC (Financials) | 12,708 | ||||
| 58,578 | Lloyds Banking Group PLC (Financials) | 32,068 | ||||
| 252 | London Stock Exchange Group PLC (Financials) | 26,704 | ||||
| 1,609 | M&G PLC (Financials) | 3,952 | ||||
| 2,715 | National Grid PLC (Utilities) | 37,217 | ||||
| 4,313 | NatWest Group PLC (Financials) | 13,877 | ||||
| 414 | Next PLC (Consumer Discretionary) | 32,562 | ||||
| 613 | Pearson PLC (Consumer Discretionary) | 6,064 | ||||
| 178 | Persimmon PLC (Consumer Discretionary) | 2,651 | ||||
| 1,337 | Phoenix Group Holdings PLC (Financials) | 9,154 | ||||
| 502 | Reckitt Benckiser Group PLC (Consumer Staples) | 38,861 | ||||
| 1,821 | RELX PLC (Industrials) | 56,649 | ||||
| 1,822 | Rentokil Initial PLC (Industrials) | 14,421 | ||||
| 6,051 | Rolls-Royce Holdings PLC (Industrials)* | 10,747 | ||||
| 4,379 | Sage Group PLC (The) (Information Technology) | 47,272 | ||||
| 1,010 | Schroders PLC (Financials) | 5,703 | ||||
| 391 | Segro PLC REIT (Real Estate) | 3,865 | ||||
| 321 | Severn Trent PLC (Utilities) | 11,032 | ||||
| 1,137 | Smith & Nephew PLC (Health Care) | 16,939 | ||||
| 706 | Smiths Group PLC (Industrials) | 14,053 | ||||
| 53 | Spirax-Sarco Engineering PLC (Industrials) | 7,176 | ||||
| 908 | SSE PLC (Utilities) | 21,174 | ||||
| 1,590 | St James’s Place PLC (Financials) | 21,973 | ||||
| 2,014 | Standard Chartered PLC (Financials) | 15,816 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||||||
| Common Stocks – (continued) | ||||||||||
| United Kingdom – (continued) |
||||||||||
| 5,796 | Taylor Wimpey PLC (Consumer Discretionary) |
|
$ 8,204 | |||||||
| 16,124 | Tesco PLC (Consumer Staples) |
|
52,119 | |||||||
| 2,005 | Unilever PLC (Consumer Staples) |
|
100,121 | |||||||
| 1,136 | United Utilities Group PLC (Utilities) |
|
14,256 | |||||||
| 39,390 | Vodafone Group PLC (Communication Services) |
|
37,284 | |||||||
| 150 | Whitbread PLC (Consumer Discretionary) |
|
6,109 | |||||||
| 911 | Wise PLC, Class A (Financials)* |
|
6,553 | |||||||
| 658 | WPP PLC (Communication Services) |
|
6,963 | |||||||
|
| ||||||||||
| 1,995,015 | ||||||||||
|
|
| |||||||||
| United States – 9.3% |
||||||||||
| 924 | Experian PLC (Industrials) |
|
32,432 | |||||||
| 4,606 | GSK PLC (Health Care) |
|
76,862 | |||||||
| 4,442 | Haleon PLC (Consumer Staples) |
|
17,518 | |||||||
| 663 | Holcim AG (Materials)* |
|
40,716 | |||||||
| 2,637 | Nestle SA (Consumer Staples) |
|
311,253 | |||||||
| 404 | QIAGEN NV (Health Care)* |
|
18,180 | |||||||
| 805 | Roche Holding AG (Health Care) |
|
253,789 | |||||||
| 90 | Roche Holding AG (Health Care)(a) |
|
30,225 | |||||||
| 1,195 | Sanofi (Health Care)(a) |
|
120,876 | |||||||
| 513 | Schneider Electric SE (Industrials) |
|
88,238 | |||||||
| 2,667 | Stellantis NV (Consumer Discretionary) |
|
40,324 | |||||||
| 232 | Swiss Re AG (Financials) |
|
23,151 | |||||||
| 536 | Tenaris SA (Energy) |
|
6,669 | |||||||
|
| ||||||||||
| 1,060,233 | ||||||||||
|
|
| |||||||||
| |
TOTAL COMMON STOCKS (Cost $10,881,322) |
$11,222,412 | ||||||||
|
|
| |||||||||
| Shares | Description | Rate | Value | |||||||
| Preferred Stocks – 0.5% | ||||||||||
| Germany – 0.5% |
||||||||||
| 304 | Bayerische Motoren Werke AG (Consumer Discretionary) | 8.75 | % | $ 31,162 | ||||||
| 244 | Henkel AG & Co. KGaA (Consumer Staples) | 2.48 | 19,390 | |||||||
| 11 | Sartorius AG (Health Care) | 0.45 | 3,676 | |||||||
|
|
| |||||||||
| Shares | Description | Rate | Value | |||||||
| Preferred Stocks – (continued) | ||||||||||
| Germany – (continued) |
||||||||||
| 57 | Volkswagen AG (Consumer Discretionary) | 23.46 | % | $ 7,084 | ||||||
|
|
| |||||||||
| |
TOTAL PREFERRED STOCKS (Cost $64,978) |
$ 61,312 | ||||||||
|
|
| |||||||||
| |
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $10,946,300) |
$11,283,724 | ||||||||
|
|
| |||||||||
| Shares | Dividend Rate |
Value | ||||||||
| Securities Lending Reinvestment Vehicle – 2.5%(c) | ||||||||||
| |
Goldman Sachs Financial Square Government Fund –
Institutional | |||||||||
| 278,459 | 5.003% |
|
$ 278,459 | |||||||
| (Cost $278,459) | ||||||||||
|
|
| |||||||||
| |
TOTAL INVESTMENTS – 101.9% (Cost $11,224,759) |
|
$11,562,183 | |||||||
|
|
| |||||||||
| |
LIABILITIES IN EXCESS OF OTHER ASSETS – (1.9)% |
(211,147) | ||||||||
|
|
| |||||||||
| NET ASSETS – 100.0% | $11,351,036 | |||||||||
|
|
| |||||||||
| 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 | |
|
| ||
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION
FUTURES CONTRACTS — At May 31, 2023, the Portfolio had the following futures contracts:
| Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||
|
|
||||||||||||
| Long position contracts: |
||||||||||||
| MSCI Europe Index |
2 | 06/16/23 | $ | 61,844 | $ | (1,295 | ) | |||||
|
|
||||||||||||
| Sector Name | % of Market Value | ||||
| Health Care | 15.9 | % | |||
| Industrials | 15.4 | ||||
| Financials | 15.3 | ||||
| Consumer Staples | 13.5 | ||||
| Consumer Discretionary | 13.1 | ||||
| Information Technology | 6.7 | ||||
| Energy | 5.1 | ||||
| Materials | 5.0 | ||||
| Utilities | 4.0 | ||||
| Communication Services | 3.3 | ||||
| Real Estate | 0.3 | ||||
| Securities Lending Reinvestment Vehicle | 2.4 | ||||
| TOTAL INVESTMENTS | 100.0 | % | |||
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – 99.1% | ||||||
| Australia – 6.3% |
||||||
| 45,089 | Ampol Ltd. (Energy) | $ 916,523 | ||||
| 420,189 | ANZ Group Holdings Ltd. (Financials) | 6,232,529 | ||||
| 208,793 | APA Group (Utilities) | 1,356,609 | ||||
| 85,348 | Aristocrat Leisure Ltd. (Consumer Discretionary) | 2,051,905 | ||||
| 32,220 | ASX Ltd. (Financials) | 1,405,995 | ||||
| 519,149 | Aurizon Holdings Ltd. (Industrials) | 1,196,044 | ||||
| 800,543 | BHP Group Ltd. (Materials) | 21,769,365 | ||||
| 693,674 | BlueScope Steel Ltd. (Materials) | 8,313,836 | ||||
| 323,607 | Brambles Ltd. (Industrials) | 2,877,463 | ||||
| 32,073 | Cochlear Ltd. (Health Care) | 5,052,229 | ||||
| 638,921 | Coles Group Ltd. (Consumer Staples) | 7,434,331 | ||||
| 233,005 | Commonwealth Bank of Australia (Financials) | 14,593,380 | ||||
| 97,838 | Computershare Ltd. (Industrials) | 1,415,743 | ||||
| 222,449 | Dexus REIT (Real Estate) | 1,181,894 | ||||
| 255,356 | Endeavour Group Ltd. (Consumer Staples) | 1,019,615 | ||||
| 14,494 | Flutter Entertainment PLC (Consumer Discretionary)* | 2,822,318 | ||||
| 238,137 | Fortescue Metals Group Ltd. (Materials) | 2,962,002 | ||||
| 1,894,337 | Glencore PLC (Materials) | 9,660,199 | ||||
| 58,177 | Goodman Group REIT (Real Estate) | 739,055 | ||||
| 393,185 | GPT Group (The) REIT (Real Estate) | 1,066,144 | ||||
| 83,619 | IDP Education Ltd. (Consumer Discretionary) | 1,180,768 | ||||
| 110,688 | IGO Ltd. (Materials) | 1,021,469 | ||||
| 214,536 | Insurance Australia Group Ltd. (Financials) | 720,564 | ||||
| 1,674,723 | Lottery Corp. Ltd. (The) (Consumer Discretionary) | 5,397,310 | ||||
| 51,228 | Macquarie Group Ltd. (Financials) | 5,660,408 | ||||
| 855,323 | Medibank Pvt Ltd. (Financials) | 1,976,075 | ||||
| 20,468 | Mineral Resources Ltd. (Materials) | 937,675 | ||||
| 425,113 | National Australia Bank Ltd. (Financials) | 7,144,657 | ||||
| 45,626 | Newcrest Mining Ltd. (Materials) | 758,545 | ||||
| 199,856 | Northern Star Resources Ltd. (Materials) | 1,669,739 | ||||
| 65,919 | Orica Ltd. (Materials) | 652,264 | ||||
| 1,641,840 | Pilbara Minerals Ltd. (Materials) | 4,685,700 | ||||
| 200,223 | QBE Insurance Group Ltd. (Financials) | 1,894,377 | ||||
| 17,994 | Ramsay Health Care Ltd. (Health Care) | 668,063 | ||||
| 27,408 | REA Group Ltd. (Communication Services) | 2,439,382 | ||||
| 29,790 | Rio Tinto Ltd. (Materials) | 2,062,810 | ||||
| 77,055 | Rio Tinto PLC (Materials) | 4,566,907 | ||||
| 467,469 | Santos Ltd. (Energy) | 2,205,390 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Australia – (continued) |
||||||
| 93,795 | Sonic Healthcare Ltd. (Health Care) | $ 2,136,014 | ||||
| 1,431,278 | South32 Ltd. (Materials) | 3,593,857 | ||||
| 294,806 | Stockland REIT (Real Estate) | 812,739 | ||||
| 371,037 | Suncorp Group Ltd. (Financials) | 3,193,551 | ||||
| 1,005,573 | Telstra Group Ltd. (Communication Services) | 2,837,299 | ||||
| 367,689 | Transurban Group (Industrials) | 3,531,178 | ||||
| 267,779 | Treasury Wine Estates Ltd. (Consumer Staples) | 2,013,667 | ||||
| 696,244 | Vicinity Ltd. REIT (Real Estate) | 835,816 | ||||
| 80,085 | Washington H Soul Pattinson & Co. Ltd. (Financials) | 1,664,684 | ||||
| 261,002 | Wesfarmers Ltd. (Consumer Discretionary) | 8,051,819 | ||||
| 450,579 | Westpac Banking Corp. (Financials) | 6,030,128 | ||||
| 27,391 | WiseTech Global Ltd. (Information Technology) | 1,326,443 | ||||
| 242,322 | Woodside Energy Group Ltd. (Energy) | 5,378,882 | ||||
| 409,025 | Woolworths Group Ltd. (Consumer Staples) | 9,936,860 | ||||
|
| ||||||
| 191,052,219 | ||||||
|
|
| |||||
| Austria – 0.2% |
||||||
| 38,183 | Erste Group Bank AG (Financials) | 1,232,198 | ||||
| 49,892 | Mondi PLC (Materials) | 769,861 | ||||
| 110,249 | OMV AG (Energy) | 4,898,921 | ||||
| 26,421 | voestalpine AG (Materials) | 816,292 | ||||
|
| ||||||
| 7,717,272 | ||||||
|
|
| |||||
| Belgium – 0.7% |
||||||
| 83,194 | Ageas SA/NV (Financials)(a) | 3,310,915 | ||||
| 98,319 | Anheuser-Busch InBev SA/NV (Consumer Staples) | 5,231,463 | ||||
| 8,356 | D’ieteren Group (Consumer Discretionary) | 1,440,478 | ||||
| 8,151 | Elia Group SA/NV (Utilities) | 982,815 | ||||
| 21,962 | Groupe Bruxelles Lambert NV (Financials) | 1,687,659 | ||||
| 16,696 | KBC Group NV (Financials) | 1,088,980 | ||||
| 32,779 | Solvay SA (Materials) | 3,412,797 | ||||
| 44,466 | UCB SA (Health Care) | 3,864,473 | ||||
|
| ||||||
| 21,019,580 | ||||||
|
|
| |||||
| Brazil – 0.1% |
||||||
| 27,504 | Wheaton Precious Metals Corp. (Materials) | 1,244,792 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Brazil – (continued) |
||||||
| 25,733 | Yara International ASA (Materials)(a) | $ 956,534 | ||||
|
| ||||||
| 2,201,326 | ||||||
|
|
| |||||
| Canada – 11.1% |
||||||
| 20,366 | Agnico Eagle Mines Ltd. (Materials) | 1,035,006 | ||||
| 179,946 | Alimentation Couche-Tard, Inc. (Consumer Staples) | 8,701,428 | ||||
| 61,175 | AltaGas Ltd. (Utilities) | 1,036,010 | ||||
| 555,742 | ARC Resources Ltd. (Energy) | 6,688,692 | ||||
| 89,582 | Bank of Montreal (Financials) | 7,461,542 | ||||
| 154,922 | Bank of Nova Scotia (The) (Financials) | 7,473,137 | ||||
| 30,160 | BCE, Inc. (Communication Services) | 1,358,786 | ||||
| 72,987 | Brookfield Asset Management Ltd., Class A (Financials) | 2,228,324 | ||||
| 47,080 | Brookfield Corp. (Financials) | 1,412,088 | ||||
| 36,427 | Cameco Corp. (Energy) | 1,012,710 | ||||
| 30,635 | Canadian Apartment Properties REIT (Real Estate) | 1,105,456 | ||||
| 129,073 | Canadian Imperial Bank of Commerce (Financials) | 5,314,659 | ||||
| 48,615 | Canadian National Railway Co. (Industrials) | 5,474,150 | ||||
| 146,807 | Canadian Natural Resources Ltd. (Energy) | 7,898,180 | ||||
| 74,181 | Canadian Pacific Kansas City Ltd. (Industrials) | 5,645,025 | ||||
| 8,087 | Canadian Tire Corp. Ltd., Class A (Consumer Discretionary) | 970,107 | ||||
| 53,226 | Canadian Utilities Ltd., Class A (Utilities) | 1,427,270 | ||||
| 30,849 | CCL Industries, Inc., Class B (Materials) | 1,435,444 | ||||
| 612,579 | Cenovus Energy, Inc. (Energy) | 9,774,765 | ||||
| 60,154 | CGI, Inc. (Information Technology)* | 6,222,065 | ||||
| 8,569 | Constellation Software, Inc. (Information Technology) | 17,449,480 | ||||
| 20,337 | Descartes Systems Group, Inc. (The) (Information Technology)* | 1,570,346 | ||||
| 146,715 | Dollarama, Inc. (Consumer Discretionary) | 8,913,209 | ||||
| 146,920 | Element Fleet Management Corp. (Financials) | 2,225,471 | ||||
| 39,224 | Emera, Inc. (Utilities) | 1,615,072 | ||||
| 470,445 | Empire Co. Ltd., Class A (Consumer Staples) | 11,981,760 | ||||
| 171,671 | Enbridge, Inc. (Energy) | 6,035,575 | ||||
| 9,039 | Fairfax Financial Holdings Ltd. (Financials) | 6,479,380 | ||||
| 22,986 | FirstService Corp. (Real Estate) | 3,334,686 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Canada – (continued) |
||||||
| 44,983 | Fortis, Inc. (Utilities) | $ 1,889,597 | ||||
| 8,368 | Franco-Nevada Corp. (Materials) | 1,214,477 | ||||
| 92,452 | George Weston Ltd. (Consumer Staples) | 10,860,542 | ||||
| 25,543 | GFL Environmental, Inc. (Industrials) | 920,773 | ||||
| 128,354 | Great-West Lifeco, Inc. (Financials)(a) | 3,628,812 | ||||
| 96,415 | Hydro One Ltd. (Utilities)(b) | 2,744,277 | ||||
| 124,900 | iA Financial Corp., Inc. (Financials) | 7,949,936 | ||||
| 57,392 | IGM Financial, Inc. (Financials) | 1,683,803 | ||||
| 166,598 | Imperial Oil Ltd. (Energy)(a) | 7,552,247 | ||||
| 29,752 | Intact Financial Corp. (Financials) | 4,378,861 | ||||
| 46,844 | Keyera Corp. (Energy) | 1,044,194 | ||||
| 159,670 | Loblaw Cos. Ltd. (Consumer Staples) | 13,941,906 | ||||
| 463,970 | Manulife Financial Corp. (Financials) | 8,584,452 | ||||
| 66,332 | Metro, Inc. (Consumer Staples) | 3,484,711 | ||||
| 73,158 | National Bank of Canada (Financials) | 5,237,796 | ||||
| 65,333 | Northland Power, Inc. (Utilities) | 1,431,337 | ||||
| 90,025 | Nutrien Ltd. (Materials) | 4,736,694 | ||||
| 36,361 | Open Text Corp. (Information Technology) | 1,509,759 | ||||
| 128,869 | Parkland Corp. (Energy) | 3,210,111 | ||||
| 83,977 | Pembina Pipeline Corp. (Energy) | 2,539,141 | ||||
| 231,254 | Power Corp. of Canada (Financials) | 5,978,272 | ||||
| 63,302 | Quebecor, Inc., Class B (Communication Services) | 1,507,457 | ||||
| 23,161 | RB Global, Inc. (Industrials) | 1,208,230 | ||||
| 47,102 | Restaurant Brands International, Inc. (Consumer Discretionary) | 3,415,267 | ||||
| 43,437 | RioCan Real Estate Investment Trust REIT (Real Estate) | 639,747 | ||||
| 37,019 | Rogers Communications, Inc., Class B (Communication Services) | 1,629,947 | ||||
| 219,038 | Royal Bank of Canada (Financials) | 19,567,266 | ||||
| 124,821 | Saputo, Inc. (Consumer Staples) | 3,224,979 | ||||
| 51,298 | Shopify, Inc., Class A (Information Technology)* | 2,931,153 | ||||
| 98,346 | Sun Life Financial, Inc. (Financials)(a) | 4,757,044 | ||||
| 283,283 | Suncor Energy, Inc. (Energy) | 7,925,589 | ||||
| 45,792 | TC Energy Corp. (Energy) | 1,780,070 | ||||
| 118,126 | Teck Resources Ltd., Class B (Materials) | 4,604,941 | ||||
| 78,402 | TELUS Corp. (Communication Services) | 1,483,484 | ||||
| 14,732 | TFI International, Inc. (Industrials) | 1,549,824 | ||||
| 30,270 | Thomson Reuters Corp. (Industrials) | 3,844,043 | ||||
| 17,581 | TMX Group Ltd. (Financials) | 1,911,108 | ||||
| 29,822 | Toromont Industries Ltd. (Industrials) | 2,303,619 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Canada – (continued) |
||||||
| 254,264 | Toronto-Dominion Bank (The) (Financials) | $ 14,373,314 | ||||
| 40,362 | Tourmaline Oil Corp. (Energy) | 1,685,090 | ||||
| 150,468 | West Fraser Timber Co. Ltd. (Materials) | 10,140,788 | ||||
| 85,998 | WSP Global, Inc. (Industrials) | 10,643,304 | ||||
|
| ||||||
| 338,927,785 | ||||||
|
|
| |||||
| China – 0.5% |
||||||
| 1,481,860 | BOC Hong Kong Holdings Ltd. (Financials) | 4,401,143 | ||||
| 54,894 | Prosus NV (Consumer Discretionary)* | 3,603,231 | ||||
| 4,021,884 | SITC International Holdings Co. Ltd. (Industrials) | 6,987,209 | ||||
| 239,682 | Wilmar International Ltd. (Consumer Staples) | 691,705 | ||||
|
| ||||||
| 15,683,288 | ||||||
|
|
| |||||
| Denmark – 2.9% |
||||||
| 3,407 | AP Moller – Maersk A/S, Class A (Industrials) | 5,701,745 | ||||
| 3,427 | AP Moller – Maersk A/S, Class B (Industrials) | 5,747,481 | ||||
| 25,725 | Carlsberg AS, Class B (Consumer Staples) | 3,865,084 | ||||
| 14,463 | Chr Hansen Holding A/S (Materials) | 1,046,027 | ||||
| 23,462 | Coloplast A/S, Class B (Health Care) | 2,945,681 | ||||
| 178,769 | Danske Bank A/S (Financials)* | 3,626,463 | ||||
| 54,931 | Demant A/S (Health Care)* | 2,082,364 | ||||
| 9,821 | DSV A/S (Industrials) | 1,887,518 | ||||
| 8,313 | Genmab A/S (Health Care)* | 3,242,989 | ||||
| 305,083 | Novo Nordisk A/S, Class B (Health Care) | 48,750,737 | ||||
| 29,879 | Novozymes A/S, Class B (Materials) | 1,435,947 | ||||
| 53,845 | Pandora A/S (Consumer Discretionary) | 4,278,185 | ||||
| 4,699 | ROCKWOOL A/S, Class B (Industrials) | 1,117,368 | ||||
| 113,970 | Tryg A/S (Financials) | 2,586,074 | ||||
|
| ||||||
| 88,313,663 | ||||||
|
|
| |||||
| Finland – 0.9% |
||||||
| 31,688 | Elisa OYJ (Communication Services) | 1,770,208 | ||||
| 24,011 | Kone OYJ, Class B (Industrials) | 1,215,143 | ||||
| 98,579 | Metso Corp. (Industrials) | 1,075,648 | ||||
| 780,413 | Nokia OYJ (Information Technology) | 3,157,435 | ||||
| 403,722 | Nordea Bank Abp (Financials) | 3,957,244 | ||||
| 173,193 | Orion OYJ, Class B (Health Care) | 7,309,942 | ||||
| 103,904 | Sampo OYJ, Class A (Financials) | 4,765,415 | ||||
| 126,301 | Stora Enso OYJ, Class R (Materials) | 1,594,924 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Finland – (continued) |
||||||
| 43,278 | UPM-Kymmene OYJ (Materials) | $ 1,295,113 | ||||
| 54,726 | Wartsila OYJ Abp (Industrials) | 617,857 | ||||
|
| ||||||
| 26,758,929 | ||||||
|
|
| |||||
| France – 10.5% |
||||||
| 13,191 | Aeroports de Paris (Industrials)* | 1,998,342 | ||||
| 48,138 | Air Liquide SA (Materials) | 8,038,755 | ||||
| 44,677 | Airbus SE (Industrials) | 5,836,600 | ||||
| 89,362 | Alstom SA (Industrials) | 2,452,220 | ||||
| 30,219 | Arkema SA (Materials) | 2,625,644 | ||||
| 339,796 | AXA SA (Financials) | 9,569,009 | ||||
| 42,525 | BioMerieux (Health Care) | 4,245,255 | ||||
| 147,914 | BNP Paribas SA (Financials)(a) | 8,516,900 | ||||
| 1,001,791 | Bollore SE (Communication Services) | 6,397,378 | ||||
| 65,087 | Bouygues SA (Industrials) | 2,078,903 | ||||
| 74,511 | Bureau Veritas SA (Industrials) | 1,885,021 | ||||
| 42,328 | Capgemini SE (Information Technology) | 7,346,496 | ||||
| 465,348 | Carrefour SA (Consumer Staples) | 8,525,610 | ||||
| 168,701 | Cie de Saint-Gobain (Industrials) | 9,316,344 | ||||
| 69,631 | Cie Generale des Etablissements Michelin (Consumer Discretionary) | 1,971,645 | ||||
| 357,265 | Credit Agricole SA (Financials)(a) | 4,072,373 | ||||
| 97,033 | Danone SA (Consumer Staples) | 5,724,752 | ||||
| 16,192 | Dassault Aviation SA (Industrials) | 2,730,895 | ||||
| 106,668 | Dassault Systemes (Information Technology) | 4,674,980 | ||||
| 61,670 | Edenred (Financials) | 3,950,044 | ||||
| 106,100 | Eiffage SA (Industrials) | 11,268,342 | ||||
| 364,906 | Engie SA (Utilities) | 5,462,709 | ||||
| 40,041 | EssilorLuxottica SA (Health Care)(a) | 7,190,320 | ||||
| 35,158 | Eurazeo SE (Financials) | 2,395,097 | ||||
| 8,162 | Gecina SA REIT (Real Estate) | 833,170 | ||||
| 104,903 | Getlink SE (Industrials) | 1,775,974 | ||||
| 7,345 | Hermes International (Consumer Discretionary) | 14,892,058 | ||||
| 115,393 | Ipsen SA (Health Care)* | 13,298,518 | ||||
| 10,420 | Kering (Consumer Discretionary) | 5,536,053 | ||||
| 40,087 | Klepierre SA REIT (Real Estate) | 905,165 | ||||
| 225,330 | La Francaise des Jeux SAEM (Consumer Discretionary)(b) | 8,662,492 | ||||
| 36,122 | Legrand SA (Industrials)* | 3,406,566 | ||||
| 49,141 | L’Oreal SA (Consumer Staples) | 20,903,306 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| France – (continued) |
||||||
| 46,628 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary) | $ 40,459,073 | ||||
| 238,436 | Orange SA (Communication Services) | 2,839,886 | ||||
| 20,138 | Pernod Ricard SA (Consumer Staples) | 4,338,911 | ||||
| 53,131 | Publicis Groupe SA (Communication Services) | 3,926,491 | ||||
| 17,219 | Remy Cointreau SA (Consumer Staples) | 2,638,845 | ||||
| 63,495 | Renault SA (Consumer Discretionary) | 2,117,745 | ||||
| 37,765 | Safran SA (Industrials) | 5,452,988 | ||||
| 12,139 | Sartorius Stedim Biotech (Health Care) | 3,178,406 | ||||
| 29,424 | SEB SA (Consumer Discretionary)(a) | 2,754,193 | ||||
| 120,172 | Societe Generale SA (Financials)(a) | 2,771,136 | ||||
| 24,941 | Sodexo SA (Consumer Discretionary) | 2,686,880 | ||||
| 23,335 | Thales SA (Industrials) | 3,241,532 | ||||
| 366,669 | TotalEnergies SE (Energy) | 20,749,288 | ||||
| 47,720 | Valeo (Consumer Discretionary) | 913,703 | ||||
| 89,441 | Veolia Environnement SA (Utilities) | 2,626,024 | ||||
| 82,381 | Vinci SA (Industrials) | 9,337,704 | ||||
| 177,437 | Vivendi SE (Communication Services) | 1,568,183 | ||||
| 83,815 | Wendel SE (Financials) | 8,783,616 | ||||
|
| ||||||
| 318,871,540 | ||||||
|
|
| |||||
| Germany – 7.3% |
||||||
| 44,058 | adidas AG (Consumer Discretionary) | 7,115,993 | ||||
| 44,567 | Allianz SE (Financials) | 9,501,629 | ||||
| 50,818 | BASF SE (Materials) | 2,406,275 | ||||
| 151,375 | Bayer AG (Health Care) | 8,414,402 | ||||
| 65,774 | Bayerische Motoren Werke AG (Consumer Discretionary) | 7,146,802 | ||||
| 21,753 | Bechtle AG (Information Technology) | 850,642 | ||||
| 38,848 | Beiersdorf AG (Consumer Staples) | 4,934,700 | ||||
| 39,376 | Brenntag SE (Industrials) | 3,080,402 | ||||
| 10,348 | Carl Zeiss Meditec AG (Health Care) | 1,156,706 | ||||
| 421,624 | Commerzbank AG (Financials)* | 4,225,239 | ||||
| 30,394 | Daimler Truck Holding AG (Industrials)* | 917,006 | ||||
| 524,909 | Deutsche Bank AG (Financials) | 5,302,823 | ||||
| 29,158 | Deutsche Boerse AG (Financials) | 5,020,285 | ||||
| 475,588 | Deutsche Lufthansa AG (Industrials)* | 4,644,345 | ||||
| 298,905 | Deutsche Post AG (Industrials) | 13,399,768 | ||||
| 403,656 | Deutsche Telekom AG (Communication Services) | 8,927,358 | ||||
| 743,950 | E.ON SE (Utilities) | 8,970,248 | ||||
| 47,910 | Evonik Industries AG (Materials)* | 957,436 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Germany – (continued) |
||||||
| 67,114 | Fresenius Medical Care AG & Co. KGaA (Health Care) | $ 2,858,433 | ||||
| 180,181 | Fresenius SE & Co. KGaA (Health Care) | 4,915,609 | ||||
| 45,415 | GEA Group AG (Industrials) | 1,902,302 | ||||
| 15,739 | Hannover Rueck SE (Financials) | 3,359,227 | ||||
| 93,259 | Heidelberg Materials AG (Materials) | 6,649,441 | ||||
| 255,047 | HelloFresh SE (Consumer Staples)* | 6,044,464 | ||||
| 26,951 | Henkel AG & Co. KGaA (Consumer Staples) | 1,928,523 | ||||
| 64,192 | Infineon Technologies AG (Information Technology) | 2,376,751 | ||||
| 37,171 | Knorr-Bremse AG (Industrials) | 2,535,400 | ||||
| 130,726 | Mercedes-Benz Group AG (Consumer Discretionary) | 9,723,638 | ||||
| 31,732 | Merck KGaA (Health Care) | 5,505,751 | ||||
| 8,586 | MTU Aero Engines AG (Industrials) | 1,975,333 | ||||
| 17,196 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials) | 6,123,109 | ||||
| 91,414 | Nemetschek SE (Information Technology) | 7,137,714 | ||||
| 85,442 | Puma SE (Consumer Discretionary) | 4,055,315 | ||||
| 6,694 | Rational AG (Industrials) | 4,478,139 | ||||
| 10,872 | Rheinmetall AG (Industrials) | 2,740,028 | ||||
| 52,933 | RWE AG (Utilities) | 2,207,616 | ||||
| 137,297 | SAP SE (Information Technology) | 17,883,777 | ||||
| 11,468 | Scout24 SE (Communication Services)(b) | 733,562 | ||||
| 75,535 | Siemens AG (Industrials) | 12,348,147 | ||||
| 279,024 | Siemens Energy AG (Industrials)* | 7,061,880 | ||||
| 24,753 | Siemens Healthineers AG (Health Care)(b) | 1,395,988 | ||||
| 14,699 | Symrise AG (Materials) | 1,566,747 | ||||
| 39,152 | Talanx AG (Financials) | 2,176,739 | ||||
| 678,890 | Telefonica Deutschland Holding AG (Communication Services) | 1,907,120 | ||||
| 164,269 | Zalando SE (Consumer Discretionary)*(b) | 4,735,441 | ||||
|
| ||||||
| 223,298,253 | ||||||
|
|
| |||||
| Hong Kong – 1.6% |
||||||
| 735,250 | AIA Group Ltd. (Financials) | 7,053,591 | ||||
| 231,678 | CK Asset Holdings Ltd. (Real Estate) | 1,248,914 | ||||
| 122,229 | CK Infrastructure Holdings Ltd. (Utilities) | 676,079 | ||||
| 145,117 | CLP Holdings Ltd. (Utilities) | 1,057,570 | ||||
| 15,809 | Futu Holdings Ltd. ADR (Financials)* | 582,720 | ||||
| 76,527 | Hang Seng Bank Ltd. (Financials) | 1,023,521 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Hong Kong – (continued) |
||||||
| 1,252,326 | HKT Trust & HKT Ltd. (Communication Services) | $ 1,599,752 | ||||
| 971,584 | Hong Kong & China Gas Co. Ltd. (Utilities) | 876,235 | ||||
| 166,820 | Hong Kong Exchanges & Clearing Ltd. (Financials) | 6,107,446 | ||||
| 175,026 | Hongkong Land Holdings Ltd. (Real Estate) | 750,862 | ||||
| 372 | Jardine Matheson Holdings Ltd. (Industrials) | 17,716 | ||||
| 48,319 | Jardine Matheson Holdings Ltd. (Industrials) | 2,319,795 | ||||
| 164,494 | Link REIT (Real Estate) | 956,086 | ||||
| 214,110 | MTR Corp. Ltd. (Industrials) | 986,001 | ||||
| 1,672,768 | New World Development Co. Ltd. (Real Estate) | 3,995,882 | ||||
| 259,349 | Power Assets Holdings Ltd. (Utilities) | 1,396,424 | ||||
| 162,777 | Prudential PLC (Financials) | 2,130,437 | ||||
| 208,626 | Sun Hung Kai Properties Ltd. (Real Estate) | 2,657,045 | ||||
| 168,722 | Swire Pacific Ltd., Class A (Real Estate) | 1,127,220 | ||||
| 396,088 | Techtronic Industries Co. Ltd. (Industrials) | 3,675,891 | ||||
| 12,359,689 | WH Group Ltd. (Consumer Staples)(b) | 6,457,526 | ||||
| 222,281 | Wharf Real Estate Investment Co. Ltd. (Real Estate) | 1,097,456 | ||||
|
| ||||||
| 47,794,169 | ||||||
|
|
| |||||
| Ireland – 0.6% |
||||||
| 78,258 | AerCap Holdings NV (Industrials)* | 4,466,967 | ||||
| 486,332 | AIB Group PLC (Financials) | 1,986,811 | ||||
| 210,144 | Bank of Ireland Group PLC (Financials) | 1,970,160 | ||||
| 94,640 | CRH PLC (Materials) | 4,449,502 | ||||
| 16,413 | Kerry Group PLC, Class A (Consumer Staples) | 1,595,459 | ||||
| 24,947 | Kingspan Group PLC (Industrials) | 1,651,080 | ||||
| 81,374 | Smurfit Kappa Group PLC (Materials) | 2,882,797 | ||||
|
| ||||||
| 19,002,776 | ||||||
|
|
| |||||
| Israel – 0.7% |
||||||
| 201,114 | Bank Hapoalim BM (Financials) | 1,616,472 | ||||
| 240,414 | Bank Leumi Le-Israel BM (Financials) | 1,683,242 | ||||
| 28,142 | Check Point Software Technologies Ltd. (Information Technology)* | 3,512,403 | ||||
| 213,837 | ICL Group Ltd. (Materials) | 1,163,381 | ||||
| 290,595 | Israel Discount Bank Ltd., Class A (Financials) | 1,398,142 | ||||
| 26,356 | Mizrahi Tefahot Bank Ltd. (Financials) | 844,674 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Israel – (continued) |
||||||
| 1,047,517 | Teva Pharmaceutical Industries Ltd. ADR (Health Care)* | $ 7,542,122 | ||||
| 20,923 | Tower Semiconductor Ltd. (Information Technology)* | 864,941 | ||||
| 23,398 | Wix.com Ltd. (Information Technology)* | 1,783,396 | ||||
|
| ||||||
| 20,408,773 | ||||||
|
|
| |||||
| Italy – 2.1% |
||||||
| 262,302 | Assicurazioni Generali SpA (Financials) | 4,953,827 | ||||
| 110,749 | Coca-Cola HBC AG (Consumer Staples)* | 3,277,826 | ||||
| 147,919 | Davide Campari-Milano NV (Consumer Staples) | 1,925,474 | ||||
| 16,405 | DiaSorin SpA (Health Care) | 1,682,478 | ||||
| 443,489 | Enel SpA (Utilities) | 2,769,684 | ||||
| 541,755 | Eni SpA (Energy) | 7,190,687 | ||||
| 29,847 | Ferrari NV (Consumer Discretionary) | 8,483,185 | ||||
| 196,297 | FinecoBank Banca Fineco SpA (Financials) | 2,597,069 | ||||
| 90,827 | Infrastrutture Wireless Italiane SpA (Communication Services)(b) | 1,152,285 | ||||
| 1,123,736 | Intesa Sanpaolo SpA (Financials) | 2,582,322 | ||||
| 58,099 | Mediobanca Banca di Credito Finanziario SpA (Financials) | 637,666 | ||||
| 115,183 | Moncler SpA (Consumer Discretionary) | 7,775,483 | ||||
| 379,830 | Poste Italiane SpA (Financials)(b) | 3,926,268 | ||||
| 97,123 | Prysmian SpA (Industrials) | 3,589,831 | ||||
| 86,279 | Recordati Industria Chimica e Farmaceutica SpA (Health Care) | 3,736,312 | ||||
| 328,549 | Snam SpA (Utilities) | 1,712,802 | ||||
| 191,931 | Terna - Rete Elettrica Nazionale (Utilities) | 1,602,566 | ||||
| 264,637 | UniCredit SpA (Financials) | 5,054,070 | ||||
|
| ||||||
| 64,649,835 | ||||||
|
|
| |||||
| Japan – 20.0% |
||||||
| 61,536 | Advantest Corp. (Information Technology) | 7,888,271 | ||||
| 76,650 | Aeon Co. Ltd. (Consumer Staples) | 1,514,182 | ||||
| 17,091 | AGC, Inc. (Industrials) | 622,648 | ||||
| 76,592 | Ajinomoto Co., Inc. (Consumer Staples) | 2,971,801 | ||||
| 56,582 | ANA Holdings, Inc. (Industrials)* | 1,253,418 | ||||
| 94,606 | Asahi Group Holdings Ltd. (Consumer Staples) | 3,662,626 | ||||
| 44,196 | Asahi Intecc Co. Ltd. (Health Care) | 839,855 | ||||
| 92,664 | Asahi Kasei Corp. (Materials) | 629,079 | ||||
| 537,535 | Astellas Pharma, Inc. (Health Care) | 8,493,065 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Japan – (continued) |
||||||
| 40,730 | Azbil Corp. (Information Technology) | $ 1,287,070 | ||||
| 189,926 | Bandai Namco Holdings, Inc. (Consumer Discretionary) | 4,446,537 | ||||
| 99,594 | BayCurrent Consulting, Inc. (Industrials) | 3,642,596 | ||||
| 82,656 | Bridgestone Corp. (Consumer Discretionary) | 3,359,129 | ||||
| 225,736 | Brother Industries Ltd. (Information Technology) | 3,270,155 | ||||
| 141,030 | Canon, Inc. (Information Technology) | 3,493,575 | ||||
| 102,572 | Capcom Co. Ltd. (Communication Services) | 3,993,785 | ||||
| 10,381 | Central Japan Railway Co. (Industrials) | 1,262,007 | ||||
| 242,281 | Chiba Bank Ltd. (The) (Financials) | 1,510,409 | ||||
| 138,419 | Chubu Electric Power Co., Inc. (Utilities) | 1,647,574 | ||||
| 109,031 | Chugai Pharmaceutical Co. Ltd. (Health Care) | 2,930,333 | ||||
| 249,555 | Concordia Financial Group Ltd. (Financials) | 964,533 | ||||
| 420,127 | CyberAgent, Inc. (Communication Services) | 2,970,944 | ||||
| 21,437 | Dai Nippon Printing Co. Ltd. (Industrials) | 609,899 | ||||
| 88,794 | Dai-ichi Life Holdings, Inc. (Financials) | 1,521,792 | ||||
| 186,907 | Daiichi Sankyo Co. Ltd. (Health Care) | 6,073,491 | ||||
| 17,085 | Daikin Industries Ltd. (Industrials) | 3,247,880 | ||||
| 27,368 | Daito Trust Construction Co. Ltd. (Real Estate) | 2,595,469 | ||||
| 78,637 | Daiwa House Industry Co. Ltd. (Real Estate) | 2,049,858 | ||||
| 531 | Daiwa House REIT Investment Corp. REIT (Real Estate) | 1,111,674 | ||||
| 247,370 | Daiwa Securities Group, Inc. (Financials) | 1,120,747 | ||||
| 13,680 | Denso Corp. (Consumer Discretionary) | 843,134 | ||||
| 72,830 | Dentsu Group, Inc. (Communication Services) | 2,335,314 | ||||
| 14,637 | Disco Corp. (Information Technology) | 2,131,933 | ||||
| 39,679 | East Japan Railway Co. (Industrials) | 2,183,389 | ||||
| 72,151 | Eisai Co. Ltd. (Health Care) | 4,579,573 | ||||
| 308,240 | ENEOS Holdings, Inc. (Energy) | 1,023,238 | ||||
| 22,185 | FANUC Corp. (Industrials) | 761,863 | ||||
| 26,238 | Fast Retailing Co. Ltd. (Consumer Discretionary) | 6,137,192 | ||||
| 54,512 | FUJIFILM Holdings Corp. (Information Technology) | 3,329,284 | ||||
| 42,998 | Fujitsu Ltd. (Information Technology) | 5,453,420 | ||||
| 1,202 | GLP J REIT (Real Estate) | 1,271,557 | ||||
| 24,312 | GMO Payment Gateway, Inc. (Financials) | 1,917,605 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Japan – (continued) |
||||||
| 168,033 | Hakuhodo DY Holdings, Inc. (Communication Services) | $ 1,758,324 | ||||
| 25,516 | Hamamatsu Photonics KK (Information Technology) | 1,298,492 | ||||
| 74,811 | Hankyu Hanshin Holdings, Inc. (Industrials) | 2,374,740 | ||||
| 9,096 | Hikari Tsushin, Inc. (Industrials) | 1,313,147 | ||||
| 6,330 | Hirose Electric Co. Ltd. (Information Technology) | 857,199 | ||||
| 114,312 | Hitachi Ltd. (Industrials) | 6,583,075 | ||||
| 460,109 | Honda Motor Co. Ltd. (Consumer Discretionary) | 13,189,253 | ||||
| 28,301 | Hoshizaki Corp. (Industrials) | 1,016,863 | ||||
| 93,353 | Hoya Corp. (Health Care) | 11,736,359 | ||||
| 71,457 | Hulic Co. Ltd. (Real Estate) | 594,814 | ||||
| 68,408 | Ibiden Co. Ltd. (Information Technology) | 3,730,945 | ||||
| 83,137 | Iida Group Holdings Co. Ltd. (Consumer Discretionary) | 1,370,988 | ||||
| 655,622 | Inpex Corp. (Energy)(a) | 6,944,999 | ||||
| 174,622 | Isuzu Motors Ltd. (Consumer Discretionary) | 2,029,747 | ||||
| 274,667 | ITOCHU Corp. (Industrials) | 9,281,057 | ||||
| 43,047 | Itochu Techno-Solutions Corp. (Information Technology) | 1,118,424 | ||||
| 201,401 | Japan Airlines Co. Ltd. (Industrials) | 3,843,074 | ||||
| 47,754 | Japan Exchange Group, Inc. (Financials) | 779,465 | ||||
| 1,710 | Japan Metropolitan Fund Invest REIT (Real Estate) | 1,206,785 | ||||
| 259,548 | Japan Post Bank Co. Ltd. (Financials) | 1,933,862 | ||||
| 855,212 | Japan Post Holdings Co. Ltd. (Financials) | 6,026,241 | ||||
| 250,002 | Japan Post Insurance Co. Ltd. (Financials) | 3,752,311 | ||||
| 273 | Japan Real Estate Investment Corp. REIT (Real Estate) | 1,035,608 | ||||
| 190,253 | Japan Tobacco, Inc. (Consumer Staples) | 4,139,635 | ||||
| 53,051 | JFE Holdings, Inc. (Materials) | 654,618 | ||||
| 117,387 | Kajima Corp. (Industrials) | 1,642,569 | ||||
| 145,901 | Kansai Electric Power Co., Inc. (The) (Utilities) | 1,666,664 | ||||
| 80,490 | Kao Corp. (Consumer Staples) | 2,809,646 | ||||
| 280,841 | KDDI Corp. (Communication Services) | 8,625,335 | ||||
| 16,856 | Keio Corp. (Industrials) | 592,370 | ||||
| 49,633 | Keisei Electric Railway Co. Ltd. (Industrials) | 1,900,559 | ||||
| 14,720 | Keyence Corp. (Information Technology) | 7,143,227 | ||||
| 44,003 | Kikkoman Corp. (Consumer Staples) | 2,592,024 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Japan – (continued) |
||||||
| 60,640 | Kintetsu Group Holdings Co. Ltd. (Industrials) | $ 2,003,032 | ||||
| 126,452 | Kirin Holdings Co. Ltd. (Consumer Staples) | 1,882,095 | ||||
| 17,910 | Kobayashi Pharmaceutical Co. Ltd. (Consumer Staples) | 1,010,134 | ||||
| 21,018 | Kobe Bussan Co. Ltd. (Consumer Staples) | 578,422 | ||||
| 36,442 | Koei Tecmo Holdings Co. Ltd. (Communication Services) | 612,170 | ||||
| 77,432 | Komatsu Ltd. (Industrials) | 1,824,472 | ||||
| 55,513 | Kose Corp. (Consumer Staples) | 5,562,624 | ||||
| 36,905 | Kyocera Corp. (Information Technology) | 2,093,612 | ||||
| 42,305 | Kyowa Kirin Co. Ltd. (Health Care) | 811,491 | ||||
| 59,143 | M3, Inc. (Health Care) | 1,315,653 | ||||
| 684,342 | Marubeni Corp. (Industrials) | 9,757,072 | ||||
| 48,636 | MatsukiyoCocokara & Co. (Consumer Staples) | 2,600,372 | ||||
| 631,157 | Mazda Motor Corp. (Consumer Discretionary) | 5,393,848 | ||||
| 60,838 | McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary) | 2,495,092 | ||||
| 60,709 | MEIJI Holdings Co. Ltd. (Consumer Staples) | 1,357,876 | ||||
| 146,955 | MISUMI Group, Inc. (Industrials) | 3,208,050 | ||||
| 375,784 | Mitsubishi Chemical Group Corp. (Materials) | 2,106,800 | ||||
| 277,957 | Mitsubishi Corp. (Industrials) | 11,113,107 | ||||
| 214,520 | Mitsubishi Electric Corp. (Industrials) | 2,792,913 | ||||
| 99,400 | Mitsubishi Estate Co. Ltd. (Real Estate) | 1,140,452 | ||||
| 463,205 | Mitsubishi HC Capital, Inc. (Financials) | 2,509,725 | ||||
| 26,777 | Mitsubishi Heavy Industries Ltd. (Industrials) | 1,131,911 | ||||
| 1,115,178 | Mitsubishi UFJ Financial Group, Inc. (Financials) | 7,443,034 | ||||
| 308,294 | Mitsui & Co. Ltd. (Industrials) | 9,717,831 | ||||
| 56,475 | Mitsui Fudosan Co. Ltd. (Real Estate) | 1,076,224 | ||||
| 111,757 | Mitsui OSK Lines Ltd. (Industrials) | 2,539,659 | ||||
| 375,736 | Mizuho Financial Group, Inc. (Financials) | 5,521,140 | ||||
| 325,579 | MonotaRO Co. Ltd. (Industrials) | 4,520,798 | ||||
| 89,890 | MS&AD Insurance Group Holdings, Inc. (Financials) | 3,086,943 | ||||
| 53,018 | Murata Manufacturing Co. Ltd. (Information Technology) | 3,111,295 | ||||
| 136,039 | NEC Corp. (Information Technology) | 6,377,665 | ||||
| 70,882 | Nexon Co. Ltd. (Communication Services) | 1,443,869 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Japan – (continued) |
||||||
| 62,568 | NGK Insulators Ltd. (Industrials) | $ 753,691 | ||||
| 111,679 | Nintendo Co. Ltd. (Communication Services) | 4,744,849 | ||||
| 222 | Nippon Building Fund, Inc. REIT (Real Estate) | 886,634 | ||||
| 74,882 | Nippon Paint Holdings Co. Ltd. (Materials) | 574,016 | ||||
| 396 | Nippon Prologis REIT, Inc. REIT (Real Estate) | 828,195 | ||||
| 98,513 | Nippon Steel Corp. (Materials) | 1,914,698 | ||||
| 444,760 | Nippon Telegraph & Telephone Corp. (Communication Services) | 12,590,100 | ||||
| 186,219 | Nippon Yusen KK (Industrials) | 3,961,894 | ||||
| 22,878 | Nissan Chemical Corp. (Materials) | 992,311 | ||||
| 452,728 | Nissan Motor Co. Ltd. (Consumer Discretionary) | 1,694,388 | ||||
| 71,039 | Nisshin Seifun Group, Inc. (Consumer Staples) | 889,290 | ||||
| 22,118 | Nissin Foods Holdings Co. Ltd. (Consumer Staples) | 1,882,282 | ||||
| 33,973 | Nitori Holdings Co. Ltd. (Consumer Discretionary) | 4,132,492 | ||||
| 19,849 | Nitto Denko Corp. (Materials) | 1,410,733 | ||||
| 188,338 | Nomura Holdings, Inc. (Financials) | 659,180 | ||||
| 38,798 | Nomura Real Estate Holdings, Inc. (Real Estate) | 937,217 | ||||
| 1,001 | Nomura Real Estate Master Fund, Inc. REIT (Real Estate) | 1,174,276 | ||||
| 63,694 | Nomura Research Institute Ltd. (Information Technology) | 1,600,157 | ||||
| 69,264 | NTT Data Corp. (Information Technology) | 990,017 | ||||
| 512,380 | Obayashi Corp. (Industrials) | 4,122,071 | ||||
| 5,571 | Obic Co. Ltd. (Information Technology) | 900,754 | ||||
| 208,726 | Oji Holdings Corp. (Materials) | 802,246 | ||||
| 278,658 | Olympus Corp. (Health Care) | 4,223,300 | ||||
| 52,345 | Omron Corp. (Information Technology) | 3,156,473 | ||||
| 117,614 | Ono Pharmaceutical Co. Ltd. (Health Care) | 2,195,871 | ||||
| 47,216 | Oracle Corp. Japan (Information Technology) | 3,609,254 | ||||
| 102,873 | Oriental Land Co. Ltd. (Consumer Discretionary) | 3,848,672 | ||||
| 118,492 | ORIX Corp. (Financials) | 2,014,657 | ||||
| 57,321 | Osaka Gas Co. Ltd. (Utilities) | 906,288 | ||||
| 23,164 | Otsuka Corp. (Information Technology) | 872,080 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Japan – (continued) |
||||||
| 119,953 | Otsuka Holdings Co. Ltd. (Health Care) | $ 4,441,305 | ||||
| 69,271 | Pan Pacific International Holdings Corp. (Consumer Discretionary) | 1,179,513 | ||||
| 326,312 | Panasonic Holdings Corp. (Consumer Discretionary) | 3,411,077 | ||||
| 248,082 | Persol Holdings Co. Ltd. (Industrials) | 4,680,558 | ||||
| 279,845 | Recruit Holdings Co. Ltd. (Industrials) | 8,592,743 | ||||
| 310,874 | Renesas Electronics Corp. (Information Technology)* | 5,095,383 | ||||
| 472,483 | Resona Holdings, Inc. (Financials) | 2,142,347 | ||||
| 721,743 | Ricoh Co. Ltd. (Information Technology) | 6,023,350 | ||||
| 53,526 | SBI Holdings, Inc. (Financials) | 999,913 | ||||
| 26,746 | Secom Co. Ltd. (Industrials) | 1,748,928 | ||||
| 171,722 | Seiko Epson Corp. (Information Technology) | 2,604,437 | ||||
| 86,318 | Sekisui Chemical Co. Ltd. (Consumer Discretionary) | 1,189,294 | ||||
| 103,887 | Sekisui House Ltd. (Consumer Discretionary) | 2,025,096 | ||||
| 157,063 | Seven & i Holdings Co. Ltd. (Consumer Staples) | 6,570,756 | ||||
| 59,183 | Shimadzu Corp. (Information Technology) | 1,829,944 | ||||
| 9,343 | Shimano, Inc. (Consumer Discretionary) | 1,465,162 | ||||
| 206,307 | Shimizu Corp. (Industrials) | 1,249,227 | ||||
| 119,046 | Shin-Etsu Chemical Co. Ltd. (Materials) | 3,661,315 | ||||
| 24,956 | Shionogi & Co. Ltd. (Health Care) | 1,121,024 | ||||
| 153,700 | Shiseido Co. Ltd. (Consumer Staples) | 6,980,113 | ||||
| 230,233 | Shizuoka Financial Group, Inc. (Financials) | 1,690,721 | ||||
| 371,444 | SoftBank Corp. (Communication Services) | 3,949,326 | ||||
| 142,636 | SoftBank Group Corp. (Communication Services) | 5,589,465 | ||||
| 38,285 | Sompo Holdings, Inc. (Financials) | 1,559,186 | ||||
| 64,640 | Sony Group Corp. (Consumer Discretionary) | 6,088,555 | ||||
| 46,100 | Square Enix Holdings Co. Ltd. (Communication Services) | 2,062,234 | ||||
| 333,886 | Subaru Corp. (Consumer Discretionary) | 5,733,046 | ||||
| 73,150 | SUMCO Corp. (Information Technology) | 1,042,420 | ||||
| 314,274 | Sumitomo Chemical Co. Ltd. (Materials) | 935,748 | ||||
| 275,417 | Sumitomo Corp. (Industrials) | 5,197,272 | ||||
| 86,897 | Sumitomo Electric Industries Ltd. (Consumer Discretionary) | 1,028,720 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Japan – (continued) |
||||||
| 178,206 | Sumitomo Mitsui Financial Group, Inc. (Financials) | $ 7,242,269 | ||||
| 65,629 | Sumitomo Mitsui Trust Holdings, Inc. (Financials) | 2,304,049 | ||||
| 76,563 | Suntory Beverage & Food Ltd. (Consumer Staples) | 2,811,210 | ||||
| 18,579 | Suzuki Motor Corp. (Consumer Discretionary) | 611,964 | ||||
| 56,422 | Sysmex Corp. (Health Care) | 3,686,622 | ||||
| 119,602 | Taisei Corp. (Industrials) | 3,796,549 | ||||
| 407,914 | Takeda Pharmaceutical Co. Ltd. (Health Care) | 12,907,618 | ||||
| 53,843 | Terumo Corp. (Health Care) | 1,636,312 | ||||
| 52,452 | TIS, Inc. (Information Technology) | 1,467,898 | ||||
| 84,581 | Tobu Railway Co. Ltd. (Industrials) | 2,209,646 | ||||
| 29,321 | Toho Co. Ltd. (Communication Services) | 1,152,148 | ||||
| 223,779 | Tokio Marine Holdings, Inc. (Financials) | 5,035,688 | ||||
| 62,620 | Tokyo Electron Ltd. (Information Technology) | 8,656,947 | ||||
| 204,385 | Tokyo Gas Co. Ltd. (Utilities) | 4,343,264 | ||||
| 177,325 | Tokyu Corp. (Industrials) | 2,287,082 | ||||
| 132,919 | TOPPAN, Inc. (Industrials) | 2,837,901 | ||||
| 211,392 | Toray Industries, Inc. (Materials) | 1,115,401 | ||||
| 32,384 | Toshiba Corp. (Industrials) | 1,042,806 | ||||
| 62,803 | Tosoh Corp. (Materials) | 721,460 | ||||
| 26,602 | TOTO Ltd. (Industrials) | 806,352 | ||||
| 693,640 | Toyota Motor Corp. (Consumer Discretionary) | 9,475,088 | ||||
| 40,858 | Toyota Tsusho Corp. (Industrials) | 1,795,570 | ||||
| 44,199 | Trend Micro, Inc. (Information Technology) | 2,100,572 | ||||
| 58,387 | Unicharm Corp. (Consumer Staples) | 2,218,635 | ||||
| 95,386 | USS Co. Ltd. (Consumer Discretionary) | 1,549,088 | ||||
| 234,015 | Welcia Holdings Co. Ltd. (Consumer Staples) | 4,937,739 | ||||
| 41,711 | West Japan Railway Co. (Industrials) | 1,743,792 | ||||
| 38,871 | Yakult Honsha Co. Ltd. (Consumer Staples) | 2,517,858 | ||||
| 37,387 | Yamaha Motor Co. Ltd. (Consumer Discretionary) | 920,526 | ||||
| 63,172 | Yamato Holdings Co. Ltd. (Industrials) | 1,154,336 | ||||
| 14,899 | Yaskawa Electric Corp. (Industrials) | 629,167 | ||||
| 103,528 | Yokogawa Electric Corp. (Information Technology) | 1,950,297 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Japan – (continued) |
||||||
| 279,549 | ZOZO, Inc. (Consumer Discretionary) | $ 5,690,422 | ||||
|
| ||||||
| 611,146,244 | ||||||
|
|
| |||||
| Jordan – 0.1% |
||||||
| 135,289 | Hikma Pharmaceuticals PLC (Health Care) | 3,003,939 | ||||
|
|
| |||||
| Luxembourg – 0.4% |
||||||
| 440,253 | ArcelorMittal (Materials) | 10,903,090 | ||||
| 35,596 | Eurofins Scientific SE (Health Care) | 2,339,171 | ||||
|
| ||||||
| 13,242,261 | ||||||
|
|
| |||||
| Macau – 0.1% |
||||||
| 142,045 | Galaxy Entertainment Group Ltd. (Consumer Discretionary)* | 880,948 | ||||
| 469,149 | Sands China Ltd. (Consumer Discretionary)* | 1,519,232 | ||||
|
| ||||||
| 2,400,180 | ||||||
|
|
| |||||
| Netherlands – 4.5% |
||||||
| 125,537 | ABN AMRO Bank NV (Financials)(b) | 1,820,826 | ||||
| 502 | Adyen NV (Financials)*(b) | 817,116 | ||||
| 179,258 | Aegon NV (Financials) | 786,405 | ||||
| 21,915 | Akzo Nobel NV (Materials) | 1,645,731 | ||||
| 4,569 | Argenx SE (Health Care)* | 1,775,971 | ||||
| 8,193 | ASM International NV (Information Technology) | 3,540,991 | ||||
| 51,322 | ASML Holding NV (Information Technology) | 36,740,721 | ||||
| 14,270 | Euronext NV (Financials)(b) | 945,504 | ||||
| 51,350 | EXOR NV (Financials)* | 4,251,439 | ||||
| 55,493 | Heineken Holding NV (Consumer Staples) | 4,706,266 | ||||
| 33,558 | Heineken NV (Consumer Staples) | 3,380,135 | ||||
| 7,079 | IMCD NV (Industrials) | 1,060,720 | ||||
| 385,014 | ING Groep NV (Financials) | 4,723,615 | ||||
| 98,937 | JDE Peet’s NV (Consumer Staples) | 2,866,859 | ||||
| 486,896 | Koninklijke Ahold Delhaize NV (Consumer Staples) | 15,395,913 | ||||
| 750,105 | Koninklijke KPN NV (Communication Services) | 2,573,393 | ||||
| 93,041 | Koninklijke Philips NV (Health Care)* | 1,750,325 | ||||
| 53,445 | NN Group NV (Financials) | 1,921,289 | ||||
| 52,629 | OCI NV (Materials) | 1,166,481 | ||||
| 106,305 | Randstad NV (Industrials) | 5,197,396 | ||||
| 975,834 | Shell PLC (Energy) | 26,855,825 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Netherlands – (continued) |
||||||
| 67,086 | Universal Music Group NV (Communication Services) | $ 1,323,128 | ||||
| 100,410 | Wolters Kluwer NV (Industrials) | 11,432,634 | ||||
|
| ||||||
| 136,678,683 | ||||||
|
|
| |||||
| New Zealand – 0.3% |
||||||
| 115,336 | Auckland International Airport Ltd. (Industrials)* | 613,499 | ||||
| 186,314 | Fisher & Paykel Healthcare Corp. Ltd. (Health Care) | 2,596,265 | ||||
| 157,698 | Mercury NZ Ltd. (Utilities) | 620,027 | ||||
| 184,080 | Meridian Energy Ltd. (Utilities) | 585,843 | ||||
| 523,624 | Spark New Zealand Ltd. (Communication Services) | 1,619,384 | ||||
| 33,834 | Xero Ltd. (Information Technology)* | 2,407,430 | ||||
|
| ||||||
| 8,442,448 | ||||||
|
|
| |||||
| Norway – 0.7% |
||||||
| 52,636 | Aker BP ASA (Energy) | 1,139,357 | ||||
| 148,759 | DNB Bank ASA (Financials) | 2,480,440 | ||||
| 258,974 | Equinor ASA (Energy) | 6,594,652 | ||||
| 244,622 | Gjensidige Forsikring ASA (Financials) | 4,094,248 | ||||
| 40,399 | Kongsberg Gruppen ASA (Industrials) | 1,611,907 | ||||
| 267,769 | Norsk Hydro ASA (Materials) | 1,611,956 | ||||
| 337,227 | Orkla ASA (Consumer Staples) | 2,416,860 | ||||
| 94,270 | Telenor ASA (Communication Services)(a) | 964,447 | ||||
|
| ||||||
| 20,913,867 | ||||||
|
|
| |||||
| Portugal – 0.4% |
||||||
| 240,437 | EDP – Energias de Portugal SA (Utilities) | 1,169,377 | ||||
| 77,858 | Galp Energia SGPS SA (Energy) | 821,412 | ||||
| 409,869 | Jeronimo Martins SGPS SA (Consumer Staples) | 9,866,591 | ||||
|
| ||||||
| 11,857,380 | ||||||
|
|
| |||||
| Singapore – 1.6% |
||||||
| 561,945 | CapitaLand Integrated Commercial Trust REIT (Real Estate) | 829,531 | ||||
| 148,312 | City Developments Ltd. (Real Estate) | 738,905 | ||||
| 381,862 | DBS Group Holdings Ltd. (Financials) | 8,540,000 | ||||
| 2,191,197 | Genting Singapore Ltd. (Consumer Discretionary) | 1,633,472 | ||||
| 56,545 | Jardine Cycle & Carriage Ltd. (Industrials) | 1,349,301 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Singapore – (continued) |
||||||
| 382,736 | Keppel Corp. Ltd. (Industrials) | $ 1,782,533 | ||||
| 704,317 | Mapletree Logistics Trust REIT (Real Estate) | 862,949 | ||||
| 872,341 | Oversea-Chinese Banking Corp. Ltd. (Financials) | 7,900,228 | ||||
| 7,310,258 | Seatrium Ltd. (Industrials)* | 663,661 | ||||
| 384,374 | Singapore Airlines Ltd. (Industrials) | 1,818,531 | ||||
| 1,318,591 | Singapore Exchange Ltd. (Financials) | 9,031,645 | ||||
| 1,007,994 | Singapore Telecommunications Ltd. (Communication Services) | 1,852,534 | ||||
| 129,000 | STMicroelectronics NV (Information Technology) | 5,582,906 | ||||
| 246,594 | United Overseas Bank Ltd. (Financials) | 5,087,133 | ||||
|
| ||||||
| 47,673,329 | ||||||
|
|
| |||||
| South Africa – 0.0% |
||||||
| 47,699 | Anglo American PLC (Materials) | 1,314,493 | ||||
|
|
| |||||
| Spain – 2.5% |
||||||
| 9,029 | Acciona SA (Utilities) | 1,456,387 | ||||
| 220,427 | ACS Actividades de Construccion y Servicios SA (Industrials) | 7,313,116 | ||||
| 45,332 | Amadeus IT Group SA (Consumer Discretionary)* | 3,233,174 | ||||
| 982,006 | Banco Bilbao Vizcaya Argentaria SA (Financials) | 6,407,132 | ||||
| 2,544,624 | Banco Santander SA (Financials) | 8,260,551 | ||||
| 531,815 | CaixaBank SA (Financials) | 1,943,000 | ||||
| 22,882 | Corp ACCIONA Energias Renovables SA (Utilities)*(a) | 759,157 | ||||
| 75,138 | Enagas SA (Utilities) | 1,430,268 | ||||
| 72,563 | Endesa SA (Utilities) | 1,564,981 | ||||
| 86,349 | Ferrovial SA (Industrials) | 2,665,041 | ||||
| 735,425 | Iberdrola SA (Utilities) | 8,938,020 | ||||
| 385,357 | Industria de Diseno Textil SA (Consumer Discretionary) | 12,854,847 | ||||
| 78,736 | Naturgy Energy Group SA (Utilities) | 2,234,496 | ||||
| 132,206 | Red Electrica Corp. SA (Utilities) | 2,233,271 | ||||
| 758,620 | Repsol SA (Energy) | 10,263,228 | ||||
| 924,013 | Telefonica SA (Communication Services) | 3,910,810 | ||||
|
| ||||||
| 75,467,479 | ||||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Sweden – 2.1% |
||||||
| 49,670 | Alfa Laval AB (Industrials) | $ 1,778,949 | ||||
| 77,998 | Assa Abloy AB, Class B (Industrials) | 1,725,708 | ||||
| 346,547 | Atlas Copco AB, Class A (Industrials) | 5,032,503 | ||||
| 237,538 | Atlas Copco AB, Class B (Industrials) | 2,981,338 | ||||
| 71,930 | Epiroc AB, Class A (Industrials) | 1,255,715 | ||||
| 53,443 | Epiroc AB, Class B (Industrials) | 804,817 | ||||
| 113,472 | Essity AB, Class B (Consumer Staples) | 3,006,848 | ||||
| 11,420 | Evolution AB (Consumer Discretionary)(b) | 1,495,861 | ||||
| 32,718 | Getinge AB, Class B (Health Care) | 750,041 | ||||
| 558,233 | H & M Hennes & Mauritz AB, Class B (Consumer Discretionary) | 6,946,881 | ||||
| 85,273 | Hexagon AB, Class B (Information Technology) | 985,643 | ||||
| 29,962 | Holmen AB, Class B (Materials) | 1,129,810 | ||||
| 126,819 | Husqvarna AB, Class B (Industrials)(a) | 933,349 | ||||
| 49,557 | Industrivarden AB, Class A (Financials) | 1,329,583 | ||||
| 59,714 | Industrivarden AB, Class C (Financials) | 1,591,664 | ||||
| 70,164 | Investor AB, Class A (Financials) | 1,438,273 | ||||
| 182,064 | Investor AB, Class B (Financials) | 3,691,097 | ||||
| 23,033 | L E Lundbergforetagen AB, Class B (Financials) | 955,299 | ||||
| 35,625 | Lifco AB, Class B (Industrials) | 749,907 | ||||
| 155,364 | Nibe Industrier AB, Class B (Industrials) | 1,478,182 | ||||
| 17,242 | Saab AB, Class B (Industrials) | 935,956 | ||||
| 57,196 | Sandvik AB (Industrials) | 1,001,913 | ||||
| 186,129 | Skandinaviska Enskilda Banken AB, Class A (Financials) | 1,940,198 | ||||
| 81,385 | Svenska Cellulosa AB SCA, Class B (Materials) | 1,076,050 | ||||
| 250,922 | Svenska Handelsbanken AB, Class A (Financials) | 1,976,740 | ||||
| 160,786 | Swedbank AB, Class A (Financials) | 2,453,096 | ||||
| 86,312 | Swedish Orphan Biovitrum AB (Health Care)* | 1,728,841 | ||||
| 185,436 | Tele2 AB, Class B (Communication Services) | 1,679,958 | ||||
| 682,655 | Telefonaktiebolaget LM Ericsson, Class B (Information Technology) | 3,520,030 | ||||
| 602,494 | Telia Co. AB (Communication Services) | 1,398,896 | ||||
| 81,363 | Volvo AB, Class A (Industrials) | 1,563,926 | ||||
| 174,824 | Volvo AB, Class B (Industrials) | 3,216,629 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Sweden – (continued) |
||||||
| 354,128 | Volvo Car AB, Class B (Consumer Discretionary)* | $ 1,213,008 | ||||
|
| ||||||
| 63,766,709 | ||||||
|
|
| |||||
| Switzerland – 4.8% |
||||||
| 153,613 | ABB Ltd. (Industrials) | 5,588,982 | ||||
| 26,707 | Adecco Group AG (Industrials) | 793,483 | ||||
| 26,637 | Alcon, Inc. (Health Care) | 2,058,929 | ||||
| 17,162 | Baloise Holding AG (Financials) | 2,626,444 | ||||
| 25,863 | Banque Cantonale Vaudoise (Financials) | 2,592,949 | ||||
| 994 | Barry Callebaut AG (Consumer Staples) | 2,001,809 | ||||
| 10,689 | BKW AG (Utilities) | 1,909,439 | ||||
| 368 | Chocoladefabriken Lindt & Spruengli AG (Consumer Staples) | 4,383,876 | ||||
| 55,454 | Cie Financiere Richemont SA, Class A (Consumer Discretionary) | 8,768,666 | ||||
| 41,709 | Clariant AG (Materials)* | 599,069 | ||||
| 13,732 | DSM-Firmenich AG (Materials)* | 1,523,113 | ||||
| 3,388 | EMS-Chemie Holding AG (Materials) | 2,612,853 | ||||
| 7,727 | Geberit AG (Industrials) | 4,077,564 | ||||
| 562 | Givaudan SA (Materials) | 1,841,877 | ||||
| 11,508 | Helvetia Holding AG (Financials) | 1,627,724 | ||||
| 27,233 | Julius Baer Group Ltd. (Financials) | 1,657,544 | ||||
| 33,455 | Kuehne + Nagel International AG (Industrials) | 9,482,241 | ||||
| 66,642 | Logitech International SA (Information Technology) | 4,254,474 | ||||
| 2,766 | Lonza Group AG (Health Care) | 1,722,869 | ||||
| 326,418 | Novartis AG (Health Care) | 31,122,456 | ||||
| 8,048 | Partners Group Holding AG (Financials) | 7,226,165 | ||||
| 7,199 | Schindler Holding AG (Industrials) | 1,437,989 | ||||
| 6,227 | Schindler Holding AG Participation Certificates (Industrials) | 1,284,704 | ||||
| 69,406 | SGS SA (Industrials) | 6,137,703 | ||||
| 5,026 | Sika AG (Materials) | 1,365,704 | ||||
| 6,162 | Sonova Holding AG (Health Care) | 1,573,277 | ||||
| 39,947 | Straumann Holding AG (Health Care) | 5,816,273 | ||||
| 13,947 | Swatch Group AG (The) – Bearer (Consumer Discretionary) | 4,128,489 | ||||
| 62,866 | Swatch Group AG (The) – Registered (Consumer Discretionary) | 3,514,142 | ||||
| 6,203 | Swiss Life Holding AG (Financials) | 3,569,193 | ||||
| 20,029 | Swiss Prime Site AG (Real Estate) | 1,683,781 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Switzerland – (continued) |
||||||
| 4,335 | Swisscom AG (Communication Services) | $ 2,735,249 | ||||
| 308,118 | UBS Group AG (Financials) | 5,810,813 | ||||
| 5,370 | VAT Group AG (Industrials)(b) | 2,204,628 | ||||
| 15,920 | Zurich Insurance Group AG (Financials) | 7,418,826 | ||||
|
| ||||||
| 147,153,297 | ||||||
|
|
| |||||
| United Kingdom – 10.5% |
||||||
| 302,151 | 3i Group PLC (Financials) | 7,323,078 | ||||
| 388,760 | abrdn PLC (Financials) | 956,431 | ||||
| 247,445 | Admiral Group PLC (Financials) | 7,130,392 | ||||
| 23,590 | Ashtead Group PLC (Industrials) | 1,432,636 | ||||
| 165,756 | Associated British Foods PLC (Consumer Staples) | 3,750,273 | ||||
| 211,263 | AstraZeneca PLC (Health Care) | 30,530,489 | ||||
| 1,194,194 | Auto Trader Group PLC (Communication Services)(b) | 9,324,536 | ||||
| 268,013 | Aviva PLC (Financials) | 1,309,436 | ||||
| 512,944 | BAE Systems PLC (Industrials) | 5,900,968 | ||||
| 2,188,413 | Barclays PLC (Financials) | 4,104,826 | ||||
| 1,032,765 | Barratt Developments PLC (Consumer Discretionary) | 5,923,885 | ||||
| 59,377 | Berkeley Group Holdings PLC (Consumer Discretionary) | 2,889,218 | ||||
| 2,617,417 | BP PLC (Energy) | 14,705,182 | ||||
| 344,135 | British American Tobacco PLC (Consumer Staples) | 10,895,484 | ||||
| 82,281 | Bunzl PLC (Industrials) | 3,206,224 | ||||
| 383,271 | Burberry Group PLC (Consumer Discretionary) | 10,232,068 | ||||
| 1,470,079 | Centrica PLC (Utilities) | 2,143,603 | ||||
| 897,491 | CK Hutchison Holdings Ltd. (Industrials) | 5,428,569 | ||||
| 343,413 | CNH Industrial NV (Industrials) | 4,375,047 | ||||
| 73,678 | Coca-Cola Europacific Partners PLC (Consumer Staples) | 4,596,770 | ||||
| 292,364 | Compass Group PLC (Consumer Discretionary) | 7,979,083 | ||||
| 15,511 | Croda International PLC (Materials) | 1,172,685 | ||||
| 42,809 | DCC PLC (Industrials) | 2,439,054 | ||||
| 234,856 | Diageo PLC (Consumer Staples) | 9,742,472 | ||||
| 86,344 | Entain PLC (Consumer Discretionary) | 1,411,526 | ||||
| 43,750 | Halma PLC (Information Technology) | 1,306,251 | ||||
| 465,031 | Hargreaves Lansdown PLC (Financials) | 4,623,558 | ||||
| 1,866,450 | HSBC Holdings PLC (Financials) | 13,659,916 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| United Kingdom – (continued) |
||||||||
| 264,680 | Imperial Brands PLC (Consumer Staples) | $ 5,560,356 | ||||||
| 290,188 | Informa PLC (Communication Services) | 2,506,825 | ||||||
| 30,622 | InterContinental Hotels Group PLC (Consumer Discretionary) | 1,999,360 | ||||||
| 27,529 | Intertek Group PLC (Industrials) | 1,417,323 | ||||||
| 3,121,313 | J Sainsbury PLC (Consumer Staples) | 10,468,318 | ||||||
| 3,997,353 | JD Sports Fashion PLC (Consumer Discretionary) | 7,530,570 | ||||||
| 1,382,180 | Kingfisher PLC (Consumer Discretionary) | 3,957,203 | ||||||
| 94,465 | Land Securities Group PLC REIT (Real Estate) | 704,822 | ||||||
| 1,133,546 | Legal & General Group PLC (Financials) | 3,204,618 | ||||||
| 12,214,603 | Lloyds Banking Group PLC (Financials) | 6,686,803 | ||||||
| 38,283 | London Stock Exchange Group PLC (Financials) | 4,056,802 | ||||||
| 236,952 | National Grid PLC (Utilities) | 3,248,084 | ||||||
| 790,258 | NatWest Group PLC (Financials) | 2,542,643 | ||||||
| 73,471 | Next PLC (Consumer Discretionary) | 5,778,669 | ||||||
| 98,865 | Pearson PLC (Consumer Discretionary) | 978,061 | ||||||
| 241,240 | Phoenix Group Holdings PLC (Financials) | 1,651,638 | ||||||
| 74,842 | Reckitt Benckiser Group PLC (Consumer Staples) | 5,793,742 | ||||||
| 288,772 | RELX PLC (Industrials) | 8,983,397 | ||||||
| 295,528 | Rentokil Initial PLC (Industrials) | 2,339,049 | ||||||
| 931,383 | Rolls-Royce Holdings PLC (Industrials)* | 1,654,193 | ||||||
| 804,457 | Sage Group PLC (The) (Information Technology) | 8,684,259 | ||||||
| 124,999 | Schroders PLC (Financials) | 705,833 | ||||||
| 55,601 | Severn Trent PLC (Utilities) | 1,910,928 | ||||||
| 227,741 | Smith & Nephew PLC (Health Care) | 3,392,794 | ||||||
| 118,270 | Smiths Group PLC (Industrials) | 2,354,138 | ||||||
| 9,055 | Spirax-Sarco Engineering PLC (Industrials) | 1,226,088 | ||||||
| 153,373 | SSE PLC (Utilities) | 3,576,555 | ||||||
| 277,781 | St James’s Place PLC (Financials) | 3,838,744 | ||||||
| 320,469 | Standard Chartered PLC (Financials) | 2,516,593 | ||||||
| 1,091,501 | Taylor Wimpey PLC (Consumer Discretionary) | 1,544,906 | ||||||
| 2,337,322 | Tesco PLC (Consumer Staples) | 7,555,060 | ||||||
| 266,428 | Unilever PLC (Consumer Staples) | 13,304,204 | ||||||
| 144,893 | United Utilities Group PLC (Utilities) | 1,818,253 | ||||||
| 4,792,286 | Vodafone Group PLC (Communication Services) | 4,536,044 | ||||||
| 15,248 | Whitbread PLC (Consumer Discretionary) | 621,001 | ||||||
|
|
| |||||||
| Shares | Description | Value | ||||||||
| Common Stocks – (continued) | ||||||||||
| United Kingdom – (continued) |
||||||||||
| 136,056 | Wise PLC, Class A (Financials)* |
|
$ 978,716 | |||||||
| 79,682 | WPP PLC (Communication Services) |
|
843,195 | |||||||
|
| ||||||||||
| 318,963,447 | ||||||||||
|
|
| |||||||||
| United States – 5.6% |
||||||||||
| 37,199 | BRP, Inc. (Consumer Discretionary) |
|
2,641,121 | |||||||
| 40,720 | CSL Ltd. (Health Care) |
|
8,073,975 | |||||||
| 142,998 | Experian PLC (Industrials) |
|
5,019,206 | |||||||
| 693,541 | GSK PLC (Health Care) |
|
11,573,321 | |||||||
| 596,066 | Haleon PLC (Consumer Staples) |
|
2,350,749 | |||||||
| 96,409 | Holcim AG (Materials)* |
|
5,920,693 | |||||||
| 91,696 | James Hardie Industries PLC CDI (Materials)* |
|
2,248,433 | |||||||
| 7,126 | Monday.com Ltd. (Information Technology)* |
|
1,284,105 | |||||||
| 382,632 | Nestle SA (Consumer Staples) |
|
45,163,259 | |||||||
| 59,117 | QIAGEN NV (Health Care)* |
|
2,660,271 | |||||||
| 13,860 | Roche Holding AG (Health Care)(a) |
|
4,654,619 | |||||||
| 121,954 | Roche Holding AG (Health Care) |
|
38,447,894 | |||||||
| 173,549 | Sanofi (Health Care)(a) |
|
17,554,759 | |||||||
| 66,664 | Schneider Electric SE (Industrials) |
|
11,466,517 | |||||||
| 344,483 | Stellantis NV (Consumer Discretionary) |
|
5,208,388 | |||||||
| 38,919 | Swiss Re AG (Financials) |
|
3,883,598 | |||||||
| 144,907 | Tenaris SA (Energy) |
|
1,802,845 | |||||||
|
| ||||||||||
| 169,953,753 | ||||||||||
|
|
| |||||||||
| Zambia – 0.0% |
||||||||||
| 79,407 | First Quantum Minerals Ltd. (Materials) |
|
1,661,396 | |||||||
|
|
| |||||||||
| |
TOTAL COMMON STOCKS (Cost $2,809,067,810) |
$3,019,338,313 | ||||||||
|
|
| |||||||||
| Shares | Description | Rate | Value | |||||||
| Preferred Stocks – 0.3% | ||||||||||
| Germany – 0.3% |
||||||||||
| 48,225 | Bayerische Motoren Werke AG (Consumer Discretionary) | 8.75 | % | $ 4,943,330 | ||||||
| 36,228 | Henkel AG & Co. KGaA (Consumer Staples) | 2.48 | 2,878,935 | |||||||
| 3,377 | Sartorius AG (Health Care) | 0.45 | 1,128,669 | |||||||
|
|
| |||||||||
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Rate | Value | |||||||
| Preferred Stocks – (continued) | ||||||||||
| Germany – (continued) |
||||||||||
| 8,905 | Volkswagen AG (Consumer Discretionary) | 23.46 | % | $ 1,106,767 | ||||||
|
|
| |||||||||
| |
TOTAL PREFERRED STOCKS (Cost $9,813,849) |
|
$ 10,057,701 | |||||||
|
|
| |||||||||
| |
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $2,818,881,659) |
|
$3,029,396,014 | |||||||
|
|
| |||||||||
| Shares | Dividend Rate |
Value | ||||||||
| Securities Lending Reinvestment Vehicle – 2.2%(c) | ||||||||||
| |
Goldman Sachs Financial Square Government Fund –
Institutional | |||||||||
| 67,483,623 | 5.003% |
|
$ 67,483,623 | |||||||
| (Cost $67,483,623) | ||||||||||
|
|
| |||||||||
| |
TOTAL INVESTMENTS – 101.6% (Cost $2,886,365,282) |
|
$3,096,879,637 | |||||||
|
|
| |||||||||
| |
LIABILITIES IN EXCESS OF OTHER ASSETS – (1.6)% |
|
(50,174,973) | |||||||
|
|
| |||||||||
| NET ASSETS – 100.0% | $3,046,704,664 | |||||||||
|
|
| |||||||||
| 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 | |
| CVA | — Dutch Certification | |
| PLC | — Public Limited Company | |
| REIT | — Real Estate Investment Trust | |
|
| ||
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION
FUTURES CONTRACTS — At May 31, 2023, the Portfolio 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 |
153 | 06/16/23 | $ | 15,708,510 | $ | (644,329 | ) | |||||
|
|
||||||||||||
| Sector Name | % of Market Value | ||||
| Financials | 18.0 | % | |||
| Industrials | 15.6 | ||||
| Health Care | 12.3 | ||||
| Consumer Staples | 12.3 | ||||
| Consumer Discretionary | 12.0 | ||||
| Information Technology | 7.9 | ||||
| Materials | 5.9 | ||||
| Energy | 5.4 | ||||
| Communication Services | 4.2 | ||||
| Utilities | 2.8 | ||||
| Real Estate | 1.4 | ||||
| Securities Lending Reinvestment Vehicle | 2.2 | ||||
| TOTAL INVESTMENTS | 100.0 | % | |||
GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF
Schedule of Investments
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – 98.9% | ||||||
| Communication Services – 7.6% | ||||||
| 1,433 | Capcom Co. Ltd. | $ 55,796 | ||||
| 3,625 | CyberAgent, Inc. | 25,634 | ||||
| 1,312 | Dentsu Group, Inc. | 42,070 | ||||
| 4,726 | Hakuhodo DY Holdings, Inc. | 49,454 | ||||
| 5,325 | KDDI Corp. | 163,544 | ||||
| 816 | Koei Tecmo Holdings Co. Ltd. | 13,708 | ||||
| 268 | Konami Group Corp. | 14,175 | ||||
| 1,272 | Nexon Co. Ltd. | 25,911 | ||||
| 3,452 | Nintendo Co. Ltd. | 146,663 | ||||
| 5,552 | Nippon Telegraph & Telephone Corp. | 157,164 | ||||
| 10,333 | SoftBank Corp. | 109,864 | ||||
| 3,361 | SoftBank Group Corp. | 131,707 | ||||
| 686 | Square Enix Holdings Co. Ltd. | 30,687 | ||||
| 357 | Toho Co. Ltd. | 14,028 | ||||
| 5,452 | Z Holdings Corp. | 13,545 | ||||
|
| ||||||
| 993,950 | ||||||
|
|
| |||||
| Consumer Discretionary – 17.7% | ||||||
| 444 | Aisin Corp. | 12,743 | ||||
| 2,278 | Bandai Namco Holdings, Inc. | 53,332 | ||||
| 2,099 | Bridgestone Corp.(a) | 85,303 | ||||
| 914 | Denso Corp. | 56,332 | ||||
| 584 | Fast Retailing Co. Ltd. | 136,600 | ||||
| 9,205 | Honda Motor Co. Ltd. | 263,866 | ||||
| 1,521 | Iida Group Holdings Co. Ltd. | 25,082 | ||||
| 2,236 | Isuzu Motors Ltd. | 25,991 | ||||
| 308 | Koito Manufacturing Co. Ltd. | 5,780 | ||||
| 12,273 | Mazda Motor Corp. | 104,885 | ||||
| 975 | McDonald’s Holdings Co. Japan Ltd. | 39,987 | ||||
| 15,776 | Nissan Motor Co. Ltd. | 59,044 | ||||
| 415 | Nitori Holdings Co. Ltd. | 50,481 | ||||
| 180 | Open House Group Co. Ltd. | 6,905 | ||||
| 2,787 | Oriental Land Co. Ltd. | 104,267 | ||||
| 1,830 | Pan Pacific International Holdings Corp. | 31,160 | ||||
| 9,883 | Panasonic Holdings Corp. | 103,311 | ||||
| 1,417 | Rakuten Group, Inc. | 5,842 | ||||
| 1,959 | Sekisui Chemical Co. Ltd. | 26,991 | ||||
| 2,419 | Sekisui House Ltd. | 47,154 | ||||
| 1,197 | Sharp Corp.* | 6,854 | ||||
| 191 | Shimano, Inc. | 29,952 | ||||
| 3,541 | Sony Group Corp. | 333,533 | ||||
| 5,804 | Subaru Corp. | 99,659 | ||||
| 4,729 | Sumitomo Electric Industries Ltd. | 55,984 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Consumer Discretionary – (continued) | ||||||
| 829 | Suzuki Motor Corp. | $ 27,306 | ||||
| 31,626 | Toyota Motor Corp. | 432,010 | ||||
| 989 | USS Co. Ltd. | 16,062 | ||||
| 410 | Yamaha Corp. | 16,228 | ||||
| 1,380 | Yamaha Motor Co. Ltd. | 33,978 | ||||
| 1,324 | ZOZO, Inc. | 26,951 | ||||
|
| ||||||
| 2,323,573 | ||||||
|
|
| |||||
| Consumer Staples – 8.2% | ||||||
| 3,342 | Aeon Co. Ltd. | 66,020 | ||||
| 2,268 | Ajinomoto Co., Inc. | 87,999 | ||||
| 2,043 | Asahi Group Holdings Ltd. | 79,094 | ||||
| 4,884 | Japan Tobacco, Inc.(a) | 106,269 | ||||
| 1,518 | Kao Corp. | 52,988 | ||||
| 574 | Kikkoman Corp. | 33,812 | ||||
| 3,646 | Kirin Holdings Co. Ltd. | 54,267 | ||||
| 321 | Kobayashi Pharmaceutical Co. Ltd. | 18,105 | ||||
| 308 | Kobe Bussan Co. Ltd. | 8,476 | ||||
| 333 | Kose Corp. | 33,368 | ||||
| 1,106 | MatsukiyoCocokara & Co. | 59,133 | ||||
| 1,019 | MEIJI Holdings Co. Ltd. | 22,792 | ||||
| 1,267 | Nisshin Seifun Group, Inc. | 15,861 | ||||
| 562 | Nissin Foods Holdings Co. Ltd. | 47,827 | ||||
| 3,494 | Seven & i Holdings Co. Ltd. | 146,172 | ||||
| 1,365 | Shiseido Co. Ltd. | 61,990 | ||||
| 1,164 | Suntory Beverage & Food Ltd. | 42,739 | ||||
| 1,278 | Unicharm Corp. | 48,562 | ||||
| 1,408 | Welcia Holdings Co. Ltd. | 29,709 | ||||
| 921 | Yakult Honsha Co. Ltd. | 59,658 | ||||
|
| ||||||
| 1,074,841 | ||||||
|
|
| |||||
| Energy – 1.0% | ||||||
| 3,756 | ENEOS Holdings, Inc. | 12,469 | ||||
| 254 | Idemitsu Kosan Co. Ltd. | 4,923 | ||||
| 10,191 | Inpex Corp.(a) | 107,953 | ||||
|
| ||||||
| 125,345 | ||||||
|
|
| |||||
| Financials – 11.2% | ||||||
| 4,408 | Chiba Bank Ltd. (The) | 27,480 | ||||
| 5,926 | Concordia Financial Group Ltd. | 22,904 | ||||
| 1,767 | Dai-ichi Life Holdings, Inc. | 30,284 | ||||
| 3,582 | Daiwa Securities Group, Inc. | 16,229 | ||||
| 282 | GMO Payment Gateway, Inc. | 22,243 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Financials – (continued) | ||||||
| 2,081 | Japan Exchange Group, Inc. | $ 33,967 | ||||
| 3,963 | Japan Post Bank Co. Ltd. | 29,528 | ||||
| 21,290 | Japan Post Holdings Co. Ltd. | 150,020 | ||||
| 6,471 | Japan Post Insurance Co. Ltd. | 97,124 | ||||
| 11,473 | Mitsubishi HC Capital, Inc. | 62,163 | ||||
| 33,324 | Mitsubishi UFJ Financial Group, Inc. | 222,414 | ||||
| 10,922 | Mizuho Financial Group, Inc. | 160,490 | ||||
| 1,413 | MS&AD Insurance Group Holdings, Inc. | 48,524 | ||||
| 4,408 | Nomura Holdings, Inc. | 15,428 | ||||
| 2,359 | ORIX Corp. | 40,109 | ||||
| 8,986 | Resona Holdings, Inc. | 40,744 | ||||
| 704 | SBI Holdings, Inc. | 13,151 | ||||
| 4,465 | Shizuoka Financial Group, Inc. | 32,789 | ||||
| 671 | Sompo Holdings, Inc. | 27,327 | ||||
| 4,564 | Sumitomo Mitsui Financial Group, Inc. | 185,480 | ||||
| 1,291 | Sumitomo Mitsui Trust Holdings, Inc. | 45,323 | ||||
| 1,078 | T&D Holdings, Inc. | 14,675 | ||||
| 5,644 | Tokio Marine Holdings, Inc. | 127,007 | ||||
|
| ||||||
| 1,465,403 | ||||||
|
|
| |||||
| Health Care – 9.7% | ||||||
| 1,196 | Asahi Intecc Co. Ltd. | 22,728 | ||||
| 8,759 | Astellas Pharma, Inc. | 138,392 | ||||
| 2,264 | Chugai Pharmaceutical Co. Ltd. | 60,848 | ||||
| 5,846 | Daiichi Sankyo Co. Ltd. | 189,964 | ||||
| 1,188 | Eisai Co. Ltd. | 75,405 | ||||
| 1,242 | Hoya Corp. | 156,145 | ||||
| 1,287 | Kyowa Kirin Co. Ltd. | 24,687 | ||||
| 1,191 | M3, Inc. | 26,494 | ||||
| 413 | Nippon Shinyaku Co. Ltd. | 18,859 | ||||
| 4,501 | Olympus Corp. | 68,216 | ||||
| 2,937 | Ono Pharmaceutical Co. Ltd. | 54,834 | ||||
| 2,251 | Otsuka Holdings Co. Ltd. | 83,344 | ||||
| 920 | Shionogi & Co. Ltd. | 41,326 | ||||
| 684 | Sysmex Corp. | 44,693 | ||||
| 6,875 | Takeda Pharmaceutical Co. Ltd. | 217,546 | ||||
| 1,697 | Terumo Corp. | 51,573 | ||||
|
| ||||||
| 1,275,054 | ||||||
|
|
| |||||
| Industrials – 21.8% | ||||||
| 431 | AGC, Inc.(a) | 15,702 | ||||
| 931 | ANA Holdings, Inc.* | 20,624 | ||||
| 571 | BayCurrent Consulting, Inc. | 20,884 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Industrials – (continued) | ||||||
| 217 | Central Japan Railway Co. | $ 26,380 | ||||
| 728 | Dai Nippon Printing Co. Ltd. | 20,712 | ||||
| 296 | Daifuku Co. Ltd. | 5,994 | ||||
| 633 | Daikin Industries Ltd. | 120,334 | ||||
| 747 | East Japan Railway Co. | 41,105 | ||||
| 1,787 | FANUC Corp. | 61,368 | ||||
| 286 | Fuji Electric Co. Ltd. | 12,016 | ||||
| 1,205 | Hankyu Hanshin Holdings, Inc. | 38,251 | ||||
| 181 | Hikari Tsushin, Inc. | 26,130 | ||||
| 148 | Hitachi Construction Machinery Co. Ltd. | 3,655 | ||||
| 3,237 | Hitachi Ltd. | 186,414 | ||||
| 523 | Hoshizaki Corp. | 18,792 | ||||
| 4,608 | ITOCHU Corp. | 155,705 | ||||
| 2,046 | Japan Airlines Co. Ltd. | 39,041 | ||||
| 2,363 | Kajima Corp. | 33,065 | ||||
| 927 | Kawasaki Kisen Kaisha Ltd. | 20,801 | ||||
| 281 | Keio Corp. | 9,875 | ||||
| 984 | Keisei Electric Railway Co. Ltd. | 37,680 | ||||
| 1,098 | Kintetsu Group Holdings Co. Ltd. | 36,269 | ||||
| 2,317 | Komatsu Ltd. | 54,594 | ||||
| 1,197 | Kubota Corp. | 16,509 | ||||
| 402 | Kurita Water Industries Ltd. | 16,429 | ||||
| 961 | Lixil Corp. | 12,381 | ||||
| 127 | Makita Corp. | 3,436 | ||||
| 11,512 | Marubeni Corp. | 164,133 | ||||
| 404 | MINEBEA MITSUMI, Inc. | 7,775 | ||||
| 1,345 | MISUMI Group, Inc. | 29,362 | ||||
| 6,040 | Mitsubishi Corp. | 241,488 | ||||
| 6,056 | Mitsubishi Electric Corp. | 78,845 | ||||
| 531 | Mitsubishi Heavy Industries Ltd. | 22,446 | ||||
| 6,398 | Mitsui & Co. Ltd. | 201,673 | ||||
| 799 | Mitsui OSK Lines Ltd. | 18,157 | ||||
| 1,934 | MonotaRO Co. Ltd. | 26,854 | ||||
| 1,501 | NGK Insulators Ltd. | 18,081 | ||||
| 528 | NIDEC Corp. | 26,227 | ||||
| 827 | NIPPON EXPRESS HOLDINGS, Inc. | 46,347 | ||||
| 2,626 | Nippon Yusen KK | 55,869 | ||||
| 14,019 | Obayashi Corp. | 112,782 | ||||
| 801 | Odakyu Electric Railway Co. Ltd. | 11,650 | ||||
| 2,107 | Persol Holdings Co. Ltd. | 39,753 | ||||
| 4,822 | Recruit Holdings Co. Ltd. | 148,061 | ||||
| 593 | Secom Co. Ltd. | 38,776 | ||||
| 693 | SG Holdings Co. Ltd. | 10,158 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Industrials – (continued) | ||||||
| 3,254 | Shimizu Corp. | $ 19,704 | ||||
| 117 | SMC Corp. | 62,873 | ||||
| 4,434 | Sumitomo Corp. | 83,672 | ||||
| 1,143 | Taisei Corp. | 36,282 | ||||
| 1,032 | Tobu Railway Co. Ltd. | 26,961 | ||||
| 3,056 | Tokyu Corp. | 39,415 | ||||
| 1,551 | TOPPAN, Inc. | 33,115 | ||||
| 947 | Toshiba Corp. | 30,495 | ||||
| 657 | TOTO Ltd. | 19,915 | ||||
| 177 | Toyota Industries Corp. | 10,920 | ||||
| 1,717 | Toyota Tsusho Corp. | 75,456 | ||||
| 819 | West Japan Railway Co. | 34,240 | ||||
| 651 | Yamato Holdings Co. Ltd. | 11,896 | ||||
| 571 | Yaskawa Electric Corp. | 24,113 | ||||
|
| ||||||
| 2,861,640 | ||||||
|
|
| |||||
| Information Technology – 15.0% | ||||||
| 798 | Advantest Corp. | 102,295 | ||||
| 628 | Azbil Corp. | 19,845 | ||||
| 2,792 | Brother Industries Ltd. | 40,447 | ||||
| 4,559 | Canon, Inc.(a) | 112,935 | ||||
| 387 | Disco Corp. | 56,368 | ||||
| 1,152 | FUJIFILM Holdings Corp. | 70,358 | ||||
| 728 | Fujitsu Ltd. | 92,332 | ||||
| 803 | Hamamatsu Photonics KK | 40,864 | ||||
| 193 | Hirose Electric Co. Ltd. | 26,136 | ||||
| 512 | Ibiden Co. Ltd. | 27,924 | ||||
| 781 | Itochu Techno-Solutions Corp. | 20,292 | ||||
| 581 | Keyence Corp. | 281,944 | ||||
| 942 | Kyocera Corp. | 53,439 | ||||
| 126 | Lasertec Corp. | 19,525 | ||||
| 1,773 | Murata Manufacturing Co. Ltd. | 104,046 | ||||
| 1,617 | NEC Corp. | 75,807 | ||||
| 1,339 | Nomura Research Institute Ltd. | 33,639 | ||||
| 1,714 | NTT Data Corp. | 24,499 | ||||
| 152 | Obic Co. Ltd. | 24,576 | ||||
| 687 | Omron Corp. | 41,427 | ||||
| 543 | Oracle Corp. Japan | 41,508 | ||||
| 658 | Otsuka Corp. | 24,772 | ||||
| 5,124 | Renesas Electronics Corp.* | 83,985 | ||||
| 6,482 | Ricoh Co. Ltd. | 54,096 | ||||
| 123 | Rohm Co. Ltd. | 10,397 | ||||
| 1,031 | SCSK Corp. | 16,294 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Information Technology – (continued) | ||||||
| 3,106 | Seiko Epson Corp. | $ 47,107 | ||||
| 1,130 | Shimadzu Corp. | 34,940 | ||||
| 1,619 | SUMCO Corp. | 23,071 | ||||
| 623 | TDK Corp. | 23,811 | ||||
| 1,597 | TIS, Inc. | 44,693 | ||||
| 1,479 | Tokyo Electron Ltd. | 204,465 | ||||
| 959 | Trend Micro, Inc. | 45,577 | ||||
| 2,296 | Yokogawa Electric Corp. | 43,253 | ||||
|
| ||||||
| 1,966,667 | ||||||
|
|
| |||||
| Materials – 3.8% | ||||||
| 2,662 | Asahi Kasei Corp. | 18,072 | ||||
| 4,067 | JFE Holdings, Inc. | 50,185 | ||||
| 120 | JSR Corp. | 2,890 | ||||
| 9,720 | Mitsubishi Chemical Group Corp. | 54,494 | ||||
| 301 | Mitsui Chemicals, Inc. | 7,594 | ||||
| 1,404 | Nippon Paint Holdings Co. Ltd. | 10,763 | ||||
| 453 | Nippon Sanso Holdings Corp. | 9,273 | ||||
| 2,565 | Nippon Steel Corp. | 49,853 | ||||
| 663 | Nissan Chemical Corp. | 28,757 | ||||
| 452 | Nitto Denko Corp. | 32,125 | ||||
| 3,463 | Oji Holdings Corp. | 13,310 | ||||
| 5,545 | Shin-Etsu Chemical Co. Ltd. | 170,539 | ||||
| 3,982 | Sumitomo Chemical Co. Ltd. | 11,856 | ||||
| 155 | Sumitomo Metal Mining Co. Ltd. | 4,693 | ||||
| 4,674 | Toray Industries, Inc. | 24,662 | ||||
| 1,053 | Tosoh Corp. | 12,097 | ||||
|
| ||||||
| 501,163 | ||||||
|
|
| |||||
| Real Estate – 1.7% | ||||||
| 433 | Daito Trust Construction Co. Ltd. | 41,064 | ||||
| 1,377 | Daiwa House Industry Co. Ltd. | 35,895 | ||||
| 6 | Daiwa House REIT Investment Corp. REIT | 12,561 | ||||
| 10 | GLP J REIT | 10,579 | ||||
| 1,590 | Hulic Co. Ltd. | 13,235 | ||||
| 16 | Japan Metropolitan Fund Invest REIT | 11,291 | ||||
| 3 | Japan Real Estate Investment Corp. REIT | 11,380 | ||||
| 1,197 | Mitsubishi Estate Co. Ltd. | 13,734 | ||||
| 1,097 | Mitsui Fudosan Co. Ltd. | 20,905 | ||||
| 3 | Nippon Building Fund, Inc. REIT | 11,981 | ||||
| 4 | Nippon Prologis REIT, Inc. REIT | 8,366 | ||||
| 394 | Nomura Real Estate Holdings, Inc. | 9,518 | ||||
| 10 | Nomura Real Estate Master Fund, Inc. REIT | 11,731 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Real Estate – (continued) | ||||||
| 284 | Sumitomo Realty & Development Co. Ltd. | $ 6,848 | ||||
|
| ||||||
| 219,088 | ||||||
|
|
| |||||
| Utilities – 1.2% | ||||||
| 1,480 | Chubu Electric Power Co., Inc. | 17,616 | ||||
| 1,493 | Kansai Electric Power Co., Inc. (The) | 17,055 | ||||
| 646 | Osaka Gas Co. Ltd. | 10,214 | ||||
| 5,439 | Tokyo Gas Co. Ltd. | 115,581 | ||||
|
| ||||||
| 160,466 | ||||||
|
|
| |||||
| |
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $11,945,991) |
$12,967,190 | ||||
|
|
| |||||
| Shares | Dividend Rate |
Value | ||||
| Securities Lending Reinvestment Vehicle – 3.4%(b) | ||||||
| |
Goldman Sachs Financial Square Government Fund –
Institutional | |||||
| 440,597 | 5.003% | $ 440,597 | ||||
| (Cost $440,597) | ||||||
|
|
| |||||
| |
TOTAL INVESTMENTS – 102.3% (Cost $12,386,588) |
$13,407,787 | ||||
|
|
| |||||
| |
LIABILITIES IN EXCESS OF OTHER ASSETS – (2.3)% |
(300,033) | ||||
|
|
| |||||
| NET ASSETS – 100.0% | $13,107,754 | |||||
|
|
| |||||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
| * | Non-income producing security. | |
| (a) | All or a portion of security is on loan. | |
| (b) | Represents an affiliated issuer. | |
|
| ||
| Investment Abbreviations: | ||
| REIT | — Real Estate Investment Trust | |
|
| ||
GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION
FUTURES CONTRACTS — At May 31, 2023, the Portfolio had the following futures contracts:
| Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||
|
|
||||||||||||
| Long position contracts: |
||||||||||||
| E-Mini Topix Index Future |
8 | 06/08/23 | $ | 121,734 | $ | 8,665 | ||||||
|
|
||||||||||||
GOLDMAN SACHS ACTIVEBETA® PARIS-ALIGNED CLIMATE U.S. LARGE CAP EQUITY ETF
Schedule of Investments
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – 99.7% | ||||||
| Communication Services – 8.6% | ||||||
| 144 | Activision Blizzard, Inc.* | $ 11,549 | ||||
| 1,447 | Alphabet, Inc., Class A* | 177,793 | ||||
| 1,425 | Alphabet, Inc., Class C* | 175,802 | ||||
| 1,824 | AT&T, Inc. | 28,691 | ||||
| 28 | Charter Communications, Inc., Class A* | 9,132 | ||||
| 1,293 | Comcast Corp., Class A | 50,880 | ||||
| 71 | Electronic Arts, Inc. | 9,088 | ||||
| 152 | Interpublic Group of Cos., Inc. (The) | 5,653 | ||||
| 569 | Meta Platforms, Inc., Class A* | 150,626 | ||||
| 61 | Netflix, Inc.* | 24,109 | ||||
| 142 | Omnicom Group, Inc. | 12,523 | ||||
| 337 | Pinterest, Inc., Class A* | 8,068 | ||||
| 63 | ROBLOX Corp., Class A* | 2,637 | ||||
| 160 | T-Mobile US, Inc.* | 21,960 | ||||
| 604 | Verizon Communications, Inc. | 21,521 | ||||
| 88 | Walt Disney Co. (The)* | 7,740 | ||||
| 2,500 | Warner Bros Discovery, Inc.* | 28,200 | ||||
|
| ||||||
| 745,972 | ||||||
|
|
| |||||
| Consumer Discretionary – 8.2% | ||||||
| 23 | AutoZone, Inc.* | 54,897 | ||||
| 11 | Booking Holdings, Inc.* | 27,597 | ||||
| 21 | Burlington Stores, Inc.* | 3,160 | ||||
| 49 | Darden Restaurants, Inc. | 7,768 | ||||
| 41 | Deckers Outdoor Corp.* | 19,475 | ||||
| 37 | Domino’s Pizza, Inc. | 10,724 | ||||
| 114 | D.R. Horton, Inc. | 12,180 | ||||
| 456 | eBay, Inc. | 19,398 | ||||
| 199 | Etsy, Inc.* | 16,129 | ||||
| 110 | Expedia Group, Inc.* | 10,528 | ||||
| 121 | Garmin Ltd. | 12,481 | ||||
| 283 | Genuine Parts Co. | 42,147 | ||||
| 181 | Home Depot, Inc. (The) | 51,304 | ||||
| 57 | Las Vegas Sands Corp.* | 3,142 | ||||
| 314 | Lennar Corp., Class A | 33,636 | ||||
| 334 | LKQ Corp. | 17,619 | ||||
| 135 | Lowe’s Cos., Inc. | 27,153 | ||||
| 94 | McDonald’s Corp. | 26,800 | ||||
| 643 | MGM Resorts International | 25,263 | ||||
| 279 | NIKE, Inc., Class B | 29,368 | ||||
| 4 | NVR, Inc.* | 22,217 | ||||
| 69 | O’Reilly Automotive, Inc.* | 62,328 | ||||
| 48 | Pool Corp. | 15,179 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Consumer Discretionary – (continued) | ||||||
| 54 | PulteGroup, Inc. | $ 3,568 | ||||
| 195 | Ross Stores, Inc. | 20,206 | ||||
| 161 | Starbucks Corp. | 15,720 | ||||
| 554 | TJX Cos., Inc. (The) | 42,542 | ||||
| 117 | Tractor Supply Co. | 24,522 | ||||
| 108 | Ulta Beauty, Inc.* | 44,262 | ||||
| 100 | Yum! Brands, Inc. | 12,869 | ||||
|
| ||||||
| 714,182 | ||||||
|
|
| |||||
| Consumer Staples – 8.3% | ||||||
| 174 | Archer-Daniels-Midland Co. | 12,293 | ||||
| 190 | Brown-Forman Corp., Class B | 11,736 | ||||
| 221 | Church & Dwight Co., Inc. | 20,431 | ||||
| 133 | Clorox Co. (The) | 21,038 | ||||
| 758 | Coca-Cola Co. (The) | 45,222 | ||||
| 306 | Colgate-Palmolive Co. | 22,760 | ||||
| 331 | Conagra Brands, Inc. | 11,542 | ||||
| 79 | Constellation Brands, Inc., Class A | 19,195 | ||||
| 107 | Dollar General Corp. | 21,517 | ||||
| 119 | Dollar Tree, Inc.* | 16,051 | ||||
| 122 | Estee Lauder Cos., Inc. (The), Class A | 22,452 | ||||
| 337 | General Mills, Inc. | 28,362 | ||||
| 153 | Hershey Co. (The) | 39,734 | ||||
| 135 | Hormel Foods Corp. | 5,164 | ||||
| 100 | J M Smucker Co. (The) | 14,659 | ||||
| 271 | Kellogg Co. | 18,095 | ||||
| 681 | Keurig Dr Pepper, Inc. | 21,193 | ||||
| 98 | Kimberly-Clark Corp. | 13,159 | ||||
| 413 | Kraft Heinz Co. (The) | 15,785 | ||||
| 120 | Lamb Weston Holdings, Inc. | 13,344 | ||||
| 88 | McCormick & Co., Inc. | 7,544 | ||||
| 393 | Mondelez International, Inc., Class A | 28,850 | ||||
| 548 | Monster Beverage Corp.* | 32,124 | ||||
| 343 | PepsiCo, Inc. | 62,546 | ||||
| 483 | Procter & Gamble Co. (The) | 68,827 | ||||
| 277 | Sysco Corp. | 19,376 | ||||
| 92 | Target Corp. | 12,046 | ||||
| 539 | Walgreens Boots Alliance, Inc. | 16,369 | ||||
| 516 | Walmart, Inc. | 75,785 | ||||
|
| ||||||
| 717,199 | ||||||
|
|
| |||||
| Financials – 12.1% | ||||||
| 386 | Aflac, Inc. | 24,785 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® PARIS-ALIGNED CLIMATE U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Financials – (continued) | ||||||
| 22 | Allstate Corp. (The) | $ 2,386 | ||||
| 155 | American Express Co. | 24,577 | ||||
| 568 | American International Group, Inc. | 30,007 | ||||
| 65 | Ameriprise Financial, Inc. | 19,401 | ||||
| 59 | Aon PLC, Class A | 18,189 | ||||
| 151 | Apollo Global Management, Inc. | 10,094 | ||||
| 297 | Arch Capital Group Ltd.* | 20,701 | ||||
| 39 | Ares Management Corp., Class A | 3,397 | ||||
| 50 | Arthur J Gallagher & Co. | 10,017 | ||||
| 1,341 | Bank of America Corp. | 37,266 | ||||
| 452 | Bank of New York Mellon Corp. (The) | 18,170 | ||||
| 220 | Berkshire Hathaway, Inc., Class B* | 70,638 | ||||
| 10 | BlackRock, Inc. | 6,576 | ||||
| 119 | Brown & Brown, Inc. | 7,417 | ||||
| 387 | Capital One Financial Corp. | 40,329 | ||||
| 64 | Cboe Global Markets, Inc. | 8,475 | ||||
| 205 | Charles Schwab Corp. (The) | 10,801 | ||||
| 85 | Chubb Ltd. | 15,793 | ||||
| 677 | Citigroup, Inc. | 30,005 | ||||
| 152 | Citizens Financial Group, Inc. | 3,919 | ||||
| 42 | CME Group, Inc. | 7,508 | ||||
| 191 | Discover Financial Services | 19,623 | ||||
| 17 | Everest Re Group Ltd. | 5,780 | ||||
| 6 | FactSet Research Systems, Inc. | 2,309 | ||||
| 88 | Fifth Third Bancorp | 2,136 | ||||
| 173 | Fiserv, Inc.* | 19,409 | ||||
| 46 | FleetCor Technologies, Inc.* | 10,421 | ||||
| 194 | Hartford Financial Services Group, Inc. (The) | 13,293 | ||||
| 385 | Huntington Bancshares, Inc. | 3,969 | ||||
| 56 | Intercontinental Exchange, Inc. | 5,933 | ||||
| 45 | Jack Henry & Associates, Inc. | 6,880 | ||||
| 675 | JPMorgan Chase & Co. | 91,604 | ||||
| 544 | KeyCorp | 5,081 | ||||
| 36 | LPL Financial Holdings, Inc. | 7,012 | ||||
| 31 | M&T Bank Corp. | 3,694 | ||||
| 4 | Markel Group, Inc.* | 5,259 | ||||
| 14 | MarketAxess Holdings, Inc. | 3,814 | ||||
| 157 | Marsh & McLennan Cos., Inc. | 27,189 | ||||
| 169 | Mastercard, Inc., Class A | 61,688 | ||||
| 256 | MetLife, Inc. | 12,685 | ||||
| 46 | Moody’s Corp. | 14,577 | ||||
| 199 | Morgan Stanley | 16,270 | ||||
| 13 | MSCI, Inc. | 6,117 | ||||
| 155 | Nasdaq, Inc. | 8,579 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Financials – (continued) | ||||||
| 37 | Northern Trust Corp. | $ 2,661 | ||||
| 39 | PNC Financial Services Group, Inc. (The) | 4,517 | ||||
| 374 | Principal Financial Group, Inc. | 24,482 | ||||
| 131 | Progressive Corp. (The) | 16,756 | ||||
| 17 | Prudential Financial, Inc. | 1,338 | ||||
| 130 | Raymond James Financial, Inc. | 11,746 | ||||
| 158 | Regions Financial Corp. | 2,729 | ||||
| 17 | S&P Global, Inc. | 6,246 | ||||
| 297 | State Street Corp. | 20,202 | ||||
| 1,175 | Synchrony Financial | 36,378 | ||||
| 59 | T. Rowe Price Group, Inc. | 6,322 | ||||
| 89 | Travelers Cos., Inc. (The) | 15,062 | ||||
| 142 | Truist Financial Corp. | 4,327 | ||||
| 149 | US Bancorp | 4,455 | ||||
| 310 | Visa, Inc., Class A | 68,519 | ||||
| 214 | W R Berkley Corp. | 11,916 | ||||
| 681 | Wells Fargo & Co. | 27,111 | ||||
| 57 | Willis Towers Watson PLC | 12,474 | ||||
|
| ||||||
| 1,051,014 | ||||||
|
|
| |||||
| Health Care – 18.3% | ||||||
| 385 | Abbott Laboratories | 39,270 | ||||
| 447 | AbbVie, Inc. | 61,668 | ||||
| 138 | Agilent Technologies, Inc. | 15,962 | ||||
| 53 | Align Technology, Inc.* | 14,981 | ||||
| 86 | AmerisourceBergen Corp. | 14,633 | ||||
| 98 | Amgen, Inc. | 21,624 | ||||
| 412 | Avantor, Inc.* | 8,215 | ||||
| 77 | Baxter International, Inc. | 3,135 | ||||
| 65 | Becton Dickinson & Co. | 15,714 | ||||
| 42 | Biogen, Inc.* | 12,449 | ||||
| 9 | BioMarin Pharmaceutical, Inc.* | 782 | ||||
| 71 | Bio-Techne Corp. | 5,807 | ||||
| 440 | Boston Scientific Corp.* | 22,651 | ||||
| 804 | Bristol-Myers Squibb Co. | 51,810 | ||||
| 417 | Centene Corp.* | 26,025 | ||||
| 31 | Charles River Laboratories International, Inc.* | 5,995 | ||||
| 150 | Cigna Group (The) | 37,112 | ||||
| 21 | Cooper Cos., Inc. (The) | 7,802 | ||||
| 711 | CVS Health Corp. | 48,369 | ||||
| 155 | Danaher Corp. | 35,591 | ||||
| 93 | Dexcom, Inc.* | 10,905 | ||||
| 294 | Edwards Lifesciences Corp.* | 24,764 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® PARIS-ALIGNED CLIMATE U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Health Care – (continued) | ||||||
| 83 | Elevance Health, Inc. | $ 37,169 | ||||
| 238 | Eli Lilly & Co. | 102,212 | ||||
| 83 | GE HealthCare Technologies, Inc. | 6,599 | ||||
| 465 | Gilead Sciences, Inc. | 35,777 | ||||
| 32 | HCA Healthcare, Inc. | 8,454 | ||||
| 233 | Hologic, Inc.* | 18,381 | ||||
| 15 | Horizon Therapeutics PLC* | 1,500 | ||||
| 73 | Humana, Inc. | 36,637 | ||||
| 65 | IDEXX Laboratories, Inc.* | 30,210 | ||||
| 4 | Illumina, Inc.* | 787 | ||||
| 225 | Incyte Corp.* | 13,849 | ||||
| 25 | Insulet Corp.* | 6,856 | ||||
| 55 | Intuitive Surgical, Inc.* | 16,931 | ||||
| 80 | IQVIA Holdings, Inc.* | 15,753 | ||||
| 650 | Johnson & Johnson | 100,789 | ||||
| 67 | Laboratory Corp. of America Holdings | 14,240 | ||||
| 144 | Medtronic PLC | 11,917 | ||||
| 738 | Merck & Co., Inc. | 81,483 | ||||
| 25 | Mettler-Toledo International, Inc.* | 33,047 | ||||
| 200 | Moderna, Inc.* | 25,542 | ||||
| 12 | Molina Healthcare, Inc.* | 3,287 | ||||
| 1,798 | Pfizer, Inc. | 68,360 | ||||
| 155 | Quest Diagnostics, Inc. | 20,561 | ||||
| 46 | Regeneron Pharmaceuticals, Inc.* | 33,836 | ||||
| 88 | ResMed, Inc. | 18,550 | ||||
| 100 | Revvity, Inc. | 11,532 | ||||
| 467 | Royalty Pharma PLC, Class A | 15,290 | ||||
| 31 | STERIS PLC | 6,199 | ||||
| 83 | Stryker Corp. | 22,873 | ||||
| 6 | Teleflex, Inc. | 1,409 | ||||
| 96 | Thermo Fisher Scientific, Inc. | 48,812 | ||||
| 206 | UnitedHealth Group, Inc. | 100,371 | ||||
| 103 | Vertex Pharmaceuticals, Inc.* | 33,328 | ||||
| 5,369 | Viatris, Inc. | 49,126 | ||||
| 82 | Waters Corp.* | 20,600 | ||||
| 36 | West Pharmaceutical Services, Inc. | 12,047 | ||||
| 123 | Zimmer Biomet Holdings, Inc. | 15,663 | ||||
| 139 | Zoetis, Inc. | 22,658 | ||||
|
| ||||||
| 1,587,899 | ||||||
|
|
| |||||
| Industrials – 6.8% | ||||||
| 30 | 3M Co. | 2,799 | ||||
| 47 | AMETEK, Inc. | 6,818 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Industrials – (continued) | ||||||
| 45 | Automatic Data Processing, Inc. | $ 9,405 | ||||
| 36 | Axon Enterprise, Inc.* | 6,945 | ||||
| 338 | Builders FirstSource, Inc.* | 39,191 | ||||
| 81 | Carlisle Cos., Inc. | 17,208 | ||||
| 310 | Carrier Global Corp. | 12,679 | ||||
| 104 | C.H. Robinson Worldwide, Inc. | 9,832 | ||||
| 45 | Cintas Corp. | 21,246 | ||||
| 147 | Copart, Inc.* | 12,876 | ||||
| 552 | CSX Corp. | 16,930 | ||||
| 23 | Deere & Co. | 7,957 | ||||
| 82 | Delta Air Lines, Inc.* | 2,979 | ||||
| 6 | Dover Corp. | 800 | ||||
| 159 | Expeditors International of Washington, Inc. | 17,539 | ||||
| 630 | Fastenal Co. | 33,925 | ||||
| 55 | FedEx Corp. | 11,989 | ||||
| 183 | General Electric Co. | 18,580 | ||||
| 136 | Graco, Inc. | 10,403 | ||||
| 381 | Howmet Aerospace, Inc. | 16,288 | ||||
| 66 | IDEX Corp. | 13,145 | ||||
| 82 | Illinois Tool Works, Inc. | 17,936 | ||||
| 40 | J.B. Hunt Transport Services, Inc. | 6,679 | ||||
| 171 | Masco Corp. | 8,263 | ||||
| 50 | Norfolk Southern Corp. | 10,409 | ||||
| 60 | Old Dominion Freight Line, Inc. | 18,626 | ||||
| 307 | Otis Worldwide Corp. | 24,410 | ||||
| 12 | PACCAR, Inc. | 825 | ||||
| 84 | Parker-Hannifin Corp. | 26,917 | ||||
| 76 | Paychex, Inc. | 7,975 | ||||
| 110 | Republic Services, Inc. | 15,579 | ||||
| 37 | Rockwell Automation, Inc. | 10,308 | ||||
| 30 | Snap-on, Inc. | 7,466 | ||||
| 223 | SS&C Technologies Holdings, Inc. | 12,256 | ||||
| 142 | Uber Technologies, Inc.* | 5,386 | ||||
| 53 | Union Pacific Corp. | 10,204 | ||||
| 527 | United Airlines Holdings, Inc.* | 25,014 | ||||
| 139 | United Parcel Service, Inc., Class B | 23,213 | ||||
| 33 | United Rentals, Inc. | 11,015 | ||||
| 10 | Verisk Analytics, Inc. | 2,191 | ||||
| 99 | Waste Management, Inc. | 16,030 | ||||
| 11 | Westinghouse Air Brake Technologies Corp. | 1,019 | ||||
| 41 | W.W. Grainger, Inc. | 26,610 | ||||
| 82 | Xylem, Inc. | 8,216 | ||||
|
| ||||||
| 586,081 | ||||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® PARIS-ALIGNED CLIMATE U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Information Technology – 32.2% | ||||||
| 185 | Accenture PLC, Class A | $ 56,595 | ||||
| 103 | Adobe, Inc.* | 43,032 | ||||
| 391 | Advanced Micro Devices, Inc.* | 46,220 | ||||
| 207 | Akamai Technologies, Inc.* | 19,069 | ||||
| 260 | Amphenol Corp., Class A | 19,617 | ||||
| 135 | Analog Devices, Inc. | 23,988 | ||||
| 6 | ANSYS, Inc.* | 1,942 | ||||
| 3,898 | Apple, Inc. | 690,920 | ||||
| 394 | Applied Materials, Inc. | 52,520 | ||||
| 168 | Arista Networks, Inc.* | 27,945 | ||||
| 63 | Atlassian Corp., Class A* | 11,390 | ||||
| 33 | Autodesk, Inc.* | 6,580 | ||||
| 86 | Broadcom, Inc. | 69,485 | ||||
| 114 | Cadence Design Systems, Inc.* | 26,324 | ||||
| 74 | CDW Corp. | 12,705 | ||||
| 1,293 | Cisco Systems, Inc. | 64,223 | ||||
| 406 | Cognizant Technology Solutions Corp., Class A | 25,371 | ||||
| 170 | Corning, Inc. | 5,238 | ||||
| 51 | Enphase Energy, Inc.* | 8,868 | ||||
| 6 | EPAM Systems, Inc.* | 1,540 | ||||
| 27 | Fair Isaac Corp.* | 21,267 | ||||
| 57 | First Solar, Inc.* | 11,569 | ||||
| 272 | Fortinet, Inc.* | 18,586 | ||||
| 85 | Gartner, Inc.* | 29,143 | ||||
| 283 | Gen Digital, Inc. | 4,964 | ||||
| 125 | GoDaddy, Inc., Class A* | 9,173 | ||||
| 1,115 | Hewlett Packard Enterprise Co. | 16,078 | ||||
| 19 | HubSpot, Inc.* | 9,842 | ||||
| 533 | Intel Corp. | 16,758 | ||||
| 275 | International Business Machines Corp. | 35,362 | ||||
| 67 | Intuit, Inc. | 28,081 | ||||
| 193 | Keysight Technologies, Inc.* | 31,227 | ||||
| 74 | KLA Corp. | 32,781 | ||||
| 67 | Lam Research Corp. | 41,319 | ||||
| 197 | Lattice Semiconductor Corp.* | 16,018 | ||||
| 223 | Marvell Technology, Inc. | 13,043 | ||||
| 305 | Microchip Technology, Inc. | 22,954 | ||||
| 114 | Micron Technology, Inc. | 7,775 | ||||
| 1,839 | Microsoft Corp. | 603,909 | ||||
| 32 | Monolithic Power Systems, Inc. | 15,677 | ||||
| 120 | Motorola Solutions, Inc. | 33,830 | ||||
| 375 | NetApp, Inc. | 24,881 | ||||
| 544 | NVIDIA Corp. | 205,817 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Information Technology – (continued) | ||||||
| 370 | ON Semiconductor Corp.* | $ 30,932 | ||||
| 248 | Oracle Corp. | 26,273 | ||||
| 49 | Palo Alto Networks, Inc.* | 10,456 | ||||
| 23 | PTC, Inc.* | 3,091 | ||||
| 407 | QUALCOMM, Inc. | 46,158 | ||||
| 12 | Roper Technologies, Inc. | 5,451 | ||||
| 168 | Salesforce, Inc.* | 37,528 | ||||
| 18 | ServiceNow, Inc.* | 9,806 | ||||
| 189 | Skyworks Solutions, Inc. | 19,563 | ||||
| 10 | Splunk, Inc.* | 993 | ||||
| 33 | Synopsys, Inc.* | 15,014 | ||||
| 2 | Teledyne Technologies, Inc.* | 777 | ||||
| 267 | Teradyne, Inc. | 26,751 | ||||
| 244 | Texas Instruments, Inc. | 42,427 | ||||
| 193 | Trimble, Inc.* | 9,007 | ||||
| 89 | VeriSign, Inc.* | 19,875 | ||||
| 76 | VMware, Inc., Class A* | 10,358 | ||||
| 33 | Zebra Technologies Corp., Class A* | 8,665 | ||||
| 113 | Zoom Video Communications, Inc., Class A* | 7,586 | ||||
|
| ||||||
| 2,794,337 | ||||||
|
|
| |||||
| Materials – 1.5% | ||||||
| 32 | Air Products and Chemicals, Inc. | 8,612 | ||||
| 19 | Albemarle Corp. | 3,677 | ||||
| 31 | Avery Dennison Corp. | 4,995 | ||||
| 228 | Corteva, Inc. | 12,196 | ||||
| 58 | DuPont de Nemours, Inc. | 3,897 | ||||
| 37 | Ecolab, Inc. | 6,107 | ||||
| 60 | FMC Corp. | 6,245 | ||||
| 142 | Freeport-McMoRan, Inc. | 4,876 | ||||
| 60 | Linde PLC | 21,220 | ||||
| 211 | Mosaic Co. (The) | 6,743 | ||||
| 101 | Nucor Corp. | 13,338 | ||||
| 34 | Packaging Corp. of America | 4,217 | ||||
| 12 | PPG Industries, Inc. | 1,575 | ||||
| 49 | RPM International, Inc. | 3,910 | ||||
| 54 | Sherwin-Williams Co. (The) | 12,300 | ||||
| 113 | Steel Dynamics, Inc. | 10,385 | ||||
| 18 | Vulcan Materials Co. | 3,519 | ||||
|
| ||||||
| 127,812 | ||||||
|
|
| |||||
| Real Estate – 3.3% | ||||||
| 69 | Alexandria Real Estate Equities, Inc. REIT | 7,829 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® PARIS-ALIGNED CLIMATE U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Real Estate – (continued) | ||||||
| 30 | American Tower Corp. REIT | $ 5,533 | ||||
| 58 | AvalonBay Communities, Inc. REIT | 10,091 | ||||
| 167 | Camden Property Trust REIT | 17,446 | ||||
| 29 | Crown Castle, Inc. REIT | 3,283 | ||||
| 20 | Digital Realty Trust, Inc. REIT | 2,049 | ||||
| 10 | Equinix, Inc. REIT | 7,455 | ||||
| 68 | Equity LifeStyle Properties, Inc. REIT | 4,296 | ||||
| 158 | Equity Residential REIT | 9,606 | ||||
| 51 | Essex Property Trust, Inc. REIT | 11,019 | ||||
| 21 | Extra Space Storage, Inc. REIT | 3,030 | ||||
| 260 | Gaming and Leisure Properties, Inc. REIT | 12,516 | ||||
| 366 | Healthpeak Properties, Inc. REIT | 7,305 | ||||
| 1,426 | Host Hotels & Resorts, Inc. REIT | 23,672 | ||||
| 147 | Invitation Homes, Inc. REIT | 4,980 | ||||
| 150 | Iron Mountain, Inc. REIT | 8,013 | ||||
| 678 | Kimco Realty Corp. REIT | 12,462 | ||||
| 76 | Mid-America Apartment Communities, Inc. REIT | 11,177 | ||||
| 63 | Prologis, Inc. REIT | 7,847 | ||||
| 19 | Public Storage REIT | 5,383 | ||||
| 211 | Realty Income Corp. REIT | 12,542 | ||||
| 11 | SBA Communications Corp. REIT | 2,440 | ||||
| 87 | Simon Property Group, Inc. REIT | 9,148 | ||||
| 134 | Sun Communities, Inc. REIT | 16,968 | ||||
| 180 | UDR, Inc. REIT | 7,141 | ||||
| 258 | Ventas, Inc. REIT | 11,130 | ||||
| 690 | VICI Properties, Inc. REIT | 21,342 | ||||
| 86 | Welltower, Inc. REIT | 6,416 | ||||
| 394 | Weyerhaeuser Co. REIT | 11,292 | ||||
| 147 | W.P. Carey, Inc. REIT | 10,196 | ||||
|
| ||||||
| 283,607 | ||||||
|
|
| |||||
| Utilities – 0.4% | ||||||
| 10 | American Water Works Co., Inc. | 1,445 | ||||
| 179 | Edison International | 12,086 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Utilities – (continued) | ||||||
| 285 | NextEra Energy, Inc. | $ 20,936 | ||||
|
| ||||||
| 34,467 | ||||||
|
|
| |||||
| |
TOTAL INVESTMENTS – 99.7% (Cost $8,847,412) |
$8,642,570 | ||||
|
|
| |||||
| |
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3% |
23,555 | ||||
|
|
| |||||
| NET ASSETS – 100.0% | $8,666,125 | |||||
|
|
| |||||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
| * | Non-income producing security. | |
|
| ||
| Investment Abbreviations: | ||
| PLC | — Public Limited Company | |
| REIT | — Real Estate Investment Trust | |
|
| ||
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Schedule of Investments
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – 99.8% | ||||||
| Communication Services – 7.7% |
||||||
| 145,316 | Activision Blizzard, Inc.* | $ 11,654,343 | ||||
| 1,587,051 | Alphabet, Inc., Class A* | 195,000,956 | ||||
| 1,498,177 | Alphabet, Inc., Class C* | 184,830,096 | ||||
| 1,621,706 | AT&T, Inc. | 25,509,435 | ||||
| 33,273 | Charter Communications, Inc., Class A* | 10,851,989 | ||||
| 1,416,619 | Comcast Corp., Class A | 55,743,958 | ||||
| 164,489 | Electronic Arts, Inc. | 21,054,592 | ||||
| 204,948 | Interpublic Group of Cos., Inc. (The) | 7,622,016 | ||||
| 668,029 | Meta Platforms, Inc., Class A* | 176,840,637 | ||||
| 57,929 | Netflix, Inc.* | 22,895,279 | ||||
| 154,031 | Omnicom Group, Inc. | 13,583,994 | ||||
| 375,139 | Pinterest, Inc., Class A* | 8,980,828 | ||||
| 158,126 | T-Mobile US, Inc.* | 21,702,794 | ||||
| 702,869 | Verizon Communications, Inc. | 25,043,222 | ||||
| 126,541 | Walt Disney Co. (The)* | 11,130,546 | ||||
| 2,938,157 | Warner Bros Discovery, Inc.* | 33,142,411 | ||||
|
| ||||||
| 825,587,096 | ||||||
|
|
| |||||
| Consumer Discretionary – 11.5% | ||||||
| 2,262,072 | Amazon.com, Inc.* | 272,760,642 | ||||
| 25,807 | AutoZone, Inc.* | 61,597,180 | ||||
| 329,081 | Best Buy Co., Inc. | 23,914,316 | ||||
| 11,713 | Booking Holdings, Inc.* | 29,385,223 | ||||
| 15,066 | Burlington Stores, Inc.* | 2,266,830 | ||||
| 2,293 | Chipotle Mexican Grill, Inc.* | 4,761,392 | ||||
| 78,589 | Darden Restaurants, Inc. | 12,457,928 | ||||
| 34,346 | Deckers Outdoor Corp.* | 16,314,350 | ||||
| 78,608 | Domino’s Pizza, Inc. | 22,784,529 | ||||
| 69,835 | D.R. Horton, Inc. | 7,461,171 | ||||
| 395,058 | eBay, Inc. | 16,805,767 | ||||
| 103,463 | Etsy, Inc.* | 8,385,676 | ||||
| 186,065 | Expedia Group, Inc.* | 17,808,281 | ||||
| 398,531 | Ford Motor Co. | 4,782,372 | ||||
| 111,295 | Garmin Ltd. | 11,480,079 | ||||
| 184,838 | Genuine Parts Co. | 27,527,923 | ||||
| 27,700 | Hilton Worldwide Holdings, Inc. | 3,770,524 | ||||
| 337,276 | Home Depot, Inc. (The) | 95,600,882 | ||||
| 83,212 | Las Vegas Sands Corp.* | 4,587,478 | ||||
| 367,978 | Lennar Corp., Class A | 39,417,803 | ||||
| 283,440 | LKQ Corp. | 14,951,460 | ||||
| 317,441 | Lowe’s Cos., Inc. | 63,846,908 | ||||
| 36,021 | Marriott International, Inc., Class A | 6,043,964 | ||||
| 156,364 | McDonald’s Corp. | 44,580,940 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Consumer Discretionary – (continued) |
||||||
| 588,918 | MGM Resorts International | $ 23,138,588 | ||||
| 348,700 | NIKE, Inc., Class B | 36,704,162 | ||||
| 1,526 | NVR, Inc.* | 8,475,740 | ||||
| 68,908 | O’Reilly Automotive, Inc.* | 62,245,286 | ||||
| 51,958 | Pool Corp. | 16,430,678 | ||||
| 148,071 | PulteGroup, Inc. | 9,784,532 | ||||
| 91,516 | Ross Stores, Inc. | 9,482,888 | ||||
| 194,394 | Starbucks Corp. | 18,980,630 | ||||
| 2,556,115 | Stellantis NV | 39,108,560 | ||||
| 417,997 | Tesla, Inc.* | 85,242,128 | ||||
| 348,772 | TJX Cos., Inc. (The) | 26,782,202 | ||||
| 154,467 | Tractor Supply Co. | 32,374,739 | ||||
| 64,997 | Ulta Beauty, Inc.* | 26,637,721 | ||||
| 231,780 | Yum! Brands, Inc. | 29,827,768 | ||||
|
| ||||||
| 1,238,509,240 | ||||||
|
|
| |||||
| Consumer Staples – 9.2% | ||||||
| 493,836 | Altria Group, Inc. | 21,936,195 | ||||
| 431,683 | Archer-Daniels-Midland Co. | 30,498,404 | ||||
| 222,834 | Brown-Forman Corp., Class B | 13,764,456 | ||||
| 65,520 | Bunge Ltd. | 6,069,773 | ||||
| 157,980 | Church & Dwight Co., Inc. | 14,605,251 | ||||
| 146,780 | Clorox Co. (The) | 23,217,660 | ||||
| 680,952 | Coca-Cola Co. (The) | 40,625,596 | ||||
| 390,611 | Colgate-Palmolive Co. | 29,053,646 | ||||
| 385,350 | Conagra Brands, Inc. | 13,437,155 | ||||
| 53,045 | Constellation Brands, Inc., Class A | 12,888,344 | ||||
| 152,405 | Costco Wholesale Corp. | 77,964,302 | ||||
| 120,203 | Dollar General Corp. | 24,171,621 | ||||
| 151,981 | Dollar Tree, Inc.* | 20,499,197 | ||||
| 126,697 | Estee Lauder Cos., Inc. (The), Class A | 23,316,049 | ||||
| 237,090 | General Mills, Inc. | 19,953,494 | ||||
| 158,455 | Hershey Co. (The) | 41,150,764 | ||||
| 205,142 | Hormel Foods Corp. | 7,846,682 | ||||
| 92,392 | J M Smucker Co. (The) | 13,543,743 | ||||
| 174,541 | Kellogg Co. | 11,654,103 | ||||
| 581,902 | Keurig Dr Pepper, Inc. | 18,108,790 | ||||
| 160,048 | Kimberly-Clark Corp. | 21,491,246 | ||||
| 547,613 | Kraft Heinz Co. (The) | 20,929,769 | ||||
| 1,244,107 | Kroger Co. (The) | 56,395,370 | ||||
| 128,112 | Lamb Weston Holdings, Inc. | 14,246,054 | ||||
| 95,621 | McCormick & Co., Inc. | 8,197,588 | ||||
| 272,475 | Mondelez International, Inc., Class A | 20,002,390 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Consumer Staples – (continued) | ||||||
| 453,523 | Monster Beverage Corp.* | $ 26,585,518 | ||||
| 386,569 | PepsiCo, Inc. | 70,490,857 | ||||
| 484,473 | Philip Morris International, Inc. | 43,607,415 | ||||
| 528,042 | Procter & Gamble Co. (The) | 75,245,985 | ||||
| 272,659 | Sysco Corp. | 19,072,497 | ||||
| 188,088 | Target Corp. | 24,626,362 | ||||
| 328,420 | Tyson Foods, Inc., Class A | 16,631,189 | ||||
| 645,149 | Walgreens Boots Alliance, Inc. | 19,593,175 | ||||
| 593,301 | Walmart, Inc. | 87,138,118 | ||||
|
| ||||||
| 988,558,758 | ||||||
|
|
| |||||
| Energy – 3.6% | ||||||
| 238,766 | APA Corp. | 7,587,983 | ||||
| 64,145 | Cheniere Energy, Inc. | 8,965,547 | ||||
| 316,965 | Chevron Corp. | 47,741,268 | ||||
| 207,706 | ConocoPhillips | 20,625,206 | ||||
| 242,744 | Coterra Energy, Inc. | 5,643,798 | ||||
| 268,416 | Devon Energy Corp. | 12,373,978 | ||||
| 74,213 | Diamondback Energy, Inc. | 9,436,183 | ||||
| 123,611 | EOG Resources, Inc. | 13,262,224 | ||||
| 331,501 | EQT Corp. | 11,526,290 | ||||
| 894,431 | Exxon Mobil Corp. | 91,392,960 | ||||
| 64,107 | Hess Corp. | 8,120,434 | ||||
| 525,313 | Kinder Morgan, Inc. | 8,462,792 | ||||
| 350,612 | Marathon Oil Corp. | 7,769,562 | ||||
| 281,346 | Marathon Petroleum Corp. | 29,516,009 | ||||
| 284,591 | Occidental Petroleum Corp. | 16,409,517 | ||||
| 129,779 | ONEOK, Inc. | 7,353,278 | ||||
| 210,555 | Phillips 66 | 19,288,943 | ||||
| 54,114 | Pioneer Natural Resources Co. | 10,792,496 | ||||
| 151,296 | Schlumberger NV | 6,480,008 | ||||
| 43,015 | Targa Resources Corp. | 2,927,171 | ||||
| 4,446 | Texas Pacific Land Corp. | 5,796,250 | ||||
| 280,202 | Valero Energy Corp. | 29,992,822 | ||||
| 266,986 | Williams Cos., Inc. (The) | 7,651,819 | ||||
|
| ||||||
| 389,116,538 | ||||||
|
|
| |||||
| Financials – 9.8% | ||||||
| 233,600 | Aflac, Inc. | 14,999,456 | ||||
| 53,234 | Allstate Corp. (The) | 5,773,227 | ||||
| 111,394 | American Express Co. | 17,662,633 | ||||
| 495,554 | American International Group, Inc. | 26,180,118 | ||||
| 57,131 | Ameriprise Financial, Inc. | 17,051,890 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Financials – (continued) | ||||||
| 67,936 | Aon PLC, Class A | $ 20,943,989 | ||||
| 192,020 | Apollo Global Management, Inc. | 12,836,537 | ||||
| 260,647 | Arch Capital Group Ltd.* | 18,167,096 | ||||
| 57,129 | Ares Management Corp., Class A | 4,975,365 | ||||
| 106,783 | Arthur J Gallagher & Co. | 21,391,838 | ||||
| 1,272,626 | Bank of America Corp. | 35,366,277 | ||||
| 466,794 | Bank of New York Mellon Corp. (The) | 18,765,119 | ||||
| 204,853 | Berkshire Hathaway, Inc., Class B* | 65,774,201 | ||||
| 14,997 | BlackRock, Inc. | 9,861,277 | ||||
| 94,189 | Brown & Brown, Inc. | 5,870,800 | ||||
| 376,117 | Capital One Financial Corp. | 39,195,153 | ||||
| 73,054 | Cboe Global Markets, Inc. | 9,673,811 | ||||
| 245,573 | Charles Schwab Corp. (The) | 12,939,241 | ||||
| 75,113 | Chubb Ltd. | 13,955,995 | ||||
| 30,303 | Cincinnati Financial Corp. | 2,924,240 | ||||
| 683,250 | Citigroup, Inc. | 30,281,640 | ||||
| 272,437 | Citizens Financial Group, Inc. | 7,023,426 | ||||
| 56,073 | CME Group, Inc. | 10,023,049 | ||||
| 138,907 | Discover Financial Services | 14,271,305 | ||||
| 14,072 | Everest Re Group Ltd. | 4,784,761 | ||||
| 28,891 | FactSet Research Systems, Inc. | 11,119,857 | ||||
| 170,314 | Fiserv, Inc.* | 19,107,528 | ||||
| 27,456 | FleetCor Technologies, Inc.* | 6,220,157 | ||||
| 181,877 | Hartford Financial Services Group, Inc. (The) | 12,462,212 | ||||
| 91,871 | Intercontinental Exchange, Inc. | 9,733,732 | ||||
| 69,348 | Jack Henry & Associates, Inc. | 10,602,616 | ||||
| 621,491 | JPMorgan Chase & Co. | 84,342,544 | ||||
| 281,718 | KeyCorp | 2,631,246 | ||||
| 41,884 | LPL Financial Holdings, Inc. | 8,158,166 | ||||
| 28,702 | M&T Bank Corp. | 3,420,130 | ||||
| 6,551 | Markel Group, Inc.* | 8,612,796 | ||||
| 17,863 | MarketAxess Holdings, Inc. | 4,866,060 | ||||
| 169,669 | Marsh & McLennan Cos., Inc. | 29,383,277 | ||||
| 177,524 | Mastercard, Inc., Class A | 64,799,810 | ||||
| 156,846 | MetLife, Inc. | 7,771,719 | ||||
| 86,954 | Moody’s Corp. | 27,553,984 | ||||
| 143,382 | Morgan Stanley | 11,722,912 | ||||
| 15,843 | MSCI, Inc. | 7,454,607 | ||||
| 149,720 | Nasdaq, Inc. | 8,287,002 | ||||
| 29,240 | Northern Trust Corp. | 2,102,941 | ||||
| 44,015 | PNC Financial Services Group, Inc. (The) | 5,098,257 | ||||
| 328,153 | Principal Financial Group, Inc. | 21,480,895 | ||||
| 202,484 | Progressive Corp. (The) | 25,899,728 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Financials – (continued) | ||||||
| 90,384 | Prudential Financial, Inc. | $ 7,112,317 | ||||
| 113,136 | Raymond James Financial, Inc. | 10,221,838 | ||||
| 189,212 | Regions Financial Corp. | 3,267,691 | ||||
| 28,362 | S&P Global, Inc. | 10,421,050 | ||||
| 240,524 | State Street Corp. | 16,360,442 | ||||
| 1,190,400 | Synchrony Financial | 36,854,784 | ||||
| 85,392 | Travelers Cos., Inc. (The) | 14,451,742 | ||||
| 86,427 | Truist Financial Corp. | 2,633,431 | ||||
| 147,592 | US Bancorp | 4,413,001 | ||||
| 335,796 | Visa, Inc. | 74,220,990 | ||||
| 136,509 | W R Berkley Corp. | 7,600,821 | ||||
| 633,092 | Wells Fargo & Co. | 25,203,393 | ||||
| 48,199 | Willis Towers Watson PLC | 10,548,351 | ||||
|
| ||||||
| 1,056,834,471 | ||||||
|
|
| |||||
| Health Care – 14.6% | ||||||
| 330,968 | Abbott Laboratories | 33,758,736 | ||||
| 478,172 | AbbVie, Inc. | 65,968,609 | ||||
| 124,305 | Agilent Technologies, Inc. | 14,378,359 | ||||
| 38,267 | Align Technology, Inc.* | 10,816,550 | ||||
| 16,056 | Alnylam Pharmaceuticals, Inc.* | 2,970,521 | ||||
| 97,437 | AmerisourceBergen Corp. | 16,578,906 | ||||
| 164,838 | Amgen, Inc. | 36,371,505 | ||||
| 160,547 | Avantor, Inc.* | 3,201,307 | ||||
| 82,085 | Baxter International, Inc. | 3,342,501 | ||||
| 40,105 | Becton Dickinson & Co. | 9,695,785 | ||||
| 65,560 | Biogen, Inc.* | 19,432,640 | ||||
| 355,568 | Boston Scientific Corp.* | 18,304,641 | ||||
| 713,896 | Bristol-Myers Squibb Co. | 46,003,458 | ||||
| 203,089 | Cardinal Health, Inc. | 16,714,225 | ||||
| 512,160 | Centene Corp.* | 31,963,906 | ||||
| 20,206 | Charles River Laboratories International, Inc.* | 3,907,436 | ||||
| 181,097 | Cigna Group (The) | 44,805,209 | ||||
| 14,124 | Cooper Cos., Inc. (The) | 5,247,490 | ||||
| 697,575 | CVS Health Corp. | 47,456,027 | ||||
| 131,223 | Danaher Corp. | 30,131,425 | ||||
| 85,373 | Dexcom, Inc.* | 10,010,838 | ||||
| 313,985 | Edwards Lifesciences Corp.* | 26,446,957 | ||||
| 81,142 | Elevance Health, Inc. | 36,337,010 | ||||
| 255,122 | Eli Lilly & Co. | 109,564,694 | ||||
| 61,232 | GE HealthCare Technologies, Inc. | 4,868,556 | ||||
| 399,177 | Gilead Sciences, Inc. | 30,712,678 | ||||
| 20,079 | HCA Healthcare, Inc. | 5,304,671 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Health Care – (continued) | ||||||
| 161,677 | Hologic, Inc.* | $ 12,754,699 | ||||
| 31,344 | Horizon Therapeutics PLC* | 3,135,340 | ||||
| 60,383 | Humana, Inc. | 30,304,416 | ||||
| 68,249 | IDEXX Laboratories, Inc.* | 31,720,088 | ||||
| 205,627 | Incyte Corp.* | 12,656,342 | ||||
| 31,008 | Insulet Corp.* | 8,503,944 | ||||
| 51,284 | Intuitive Surgical, Inc.* | 15,787,267 | ||||
| 58,493 | IQVIA Holdings, Inc.* | 11,517,857 | ||||
| 682,364 | Johnson & Johnson | 105,807,362 | ||||
| 75,577 | Laboratory Corp. of America Holdings | 16,062,380 | ||||
| 57,438 | McKesson Corp. | 22,449,068 | ||||
| 124,889 | Medtronic PLC | 10,335,814 | ||||
| 673,254 | Merck & Co., Inc. | 74,333,974 | ||||
| 24,878 | Mettler-Toledo International, Inc.* | 32,885,482 | ||||
| 173,570 | Moderna, Inc.* | 22,166,625 | ||||
| 24,951 | Molina Healthcare, Inc.* | 6,834,079 | ||||
| 1,167,021 | Pfizer, Inc. | 44,370,138 | ||||
| 104,303 | Quest Diagnostics, Inc. | 13,835,793 | ||||
| 44,060 | Regeneron Pharmaceuticals, Inc.* | 32,408,774 | ||||
| 58,527 | ResMed, Inc. | 12,336,906 | ||||
| 91,303 | Revvity, Inc. | 10,529,062 | ||||
| 207,711 | Royalty Pharma PLC, Class A | 6,800,458 | ||||
| 90,145 | Seagen, Inc.* | 17,641,376 | ||||
| 27,090 | STERIS PLC | 5,417,187 | ||||
| 66,248 | Stryker Corp. | 18,256,624 | ||||
| 89,792 | Thermo Fisher Scientific, Inc. | 45,655,640 | ||||
| 232,723 | UnitedHealth Group, Inc. | 113,391,954 | ||||
| 36,719 | Veeva Systems, Inc., Class A* | 6,084,338 | ||||
| 101,950 | Vertex Pharmaceuticals, Inc.* | 32,987,961 | ||||
| 5,316,381 | Viatris, Inc. | 48,644,886 | ||||
| 55,181 | Waters Corp.* | 13,862,571 | ||||
| 42,575 | West Pharmaceutical Services, Inc. | 14,246,872 | ||||
| 54,971 | Zimmer Biomet Holdings, Inc. | 7,000,007 | ||||
| 147,312 | Zoetis, Inc. | 24,013,329 | ||||
|
| ||||||
| 1,569,033,253 | ||||||
|
|
| |||||
| Industrials – 9.3% | ||||||
| 143,686 | 3M Co. | 13,407,341 | ||||
| 106,154 | AMETEK, Inc. | 15,399,761 | ||||
| 54,804 | Automatic Data Processing, Inc. | 11,453,488 | ||||
| 33,862 | Axon Enterprise, Inc.* | 6,532,318 | ||||
| 65,457 | Boeing Co. (The)* | 13,464,505 | ||||
| 123,774 | Booz Allen Hamilton Holding Corp. | 12,449,189 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Industrials – (continued) | ||||||
| 50,565 | Broadridge Financial Solutions, Inc. | $ 7,418,897 | ||||
| 522,903 | Builders FirstSource, Inc.* | 60,630,603 | ||||
| 36,071 | Carlisle Cos., Inc. | 7,662,923 | ||||
| 323,907 | Carrier Global Corp. | 13,247,796 | ||||
| 65,313 | Caterpillar, Inc. | 13,438,150 | ||||
| 95,638 | C.H. Robinson Worldwide, Inc. | 9,041,616 | ||||
| 63,423 | Cintas Corp. | 29,944,535 | ||||
| 148,383 | Copart, Inc.* | 12,996,867 | ||||
| 231,758 | CSX Corp. | 7,108,018 | ||||
| 74,182 | Cummins, Inc. | 15,163,543 | ||||
| 39,604 | Deere & Co. | 13,702,192 | ||||
| 72,243 | Dover Corp. | 9,632,159 | ||||
| 79,792 | Eaton Corp. PLC | 14,035,413 | ||||
| 131,646 | Emerson Electric Co. | 10,226,261 | ||||
| 111,684 | Expeditors International of Washington, Inc. | 12,319,862 | ||||
| 670,855 | Fastenal Co. | 36,125,542 | ||||
| 60,270 | FedEx Corp. | 13,137,655 | ||||
| 136,809 | Fortive Corp. | 8,907,634 | ||||
| 101,178 | General Dynamics Corp. | 20,658,524 | ||||
| 249,579 | General Electric Co. | 25,339,756 | ||||
| 104,781 | Graco, Inc. | 8,014,699 | ||||
| 107,826 | Honeywell International, Inc. | 20,659,462 | ||||
| 256,783 | Howmet Aerospace, Inc. | 10,977,473 | ||||
| 49,019 | Hubbell, Inc. | 13,845,907 | ||||
| 48,442 | IDEX Corp. | 9,647,709 | ||||
| 103,443 | Illinois Tool Works, Inc. | 22,626,087 | ||||
| 128,794 | Ingersoll Rand, Inc. | 7,297,468 | ||||
| 55,613 | Jacobs Solutions, Inc. | 6,095,185 | ||||
| 17,645 | J.B. Hunt Transport Services, Inc. | 2,946,186 | ||||
| 124,946 | Johnson Controls International PLC | 7,459,276 | ||||
| 74,842 | L3Harris Technologies, Inc. | 13,166,205 | ||||
| 195,564 | Leidos Holdings, Inc. | 15,265,726 | ||||
| 62,792 | Lockheed Martin Corp. | 27,880,276 | ||||
| 220,812 | Masco Corp. | 10,669,636 | ||||
| 29,879 | Norfolk Southern Corp. | 6,220,210 | ||||
| 36,374 | Northrop Grumman Corp. | 15,840,513 | ||||
| 48,235 | Old Dominion Freight Line, Inc. | 14,974,073 | ||||
| 103,119 | Otis Worldwide Corp. | 8,198,992 | ||||
| 184,994 | PACCAR, Inc. | 12,723,887 | ||||
| 57,602 | Parker-Hannifin Corp. | 18,457,985 | ||||
| 133,182 | Paychex, Inc. | 13,974,787 | ||||
| 59,982 | Quanta Services, Inc. | 10,651,604 | ||||
| 249,629 | Raytheon Technologies Corp. | 23,000,816 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Industrials – (continued) | ||||||
| 135,528 | Republic Services, Inc. | $ 19,194,831 | ||||
| 30,131 | Rockwell Automation, Inc. | 8,394,497 | ||||
| 27,547 | Snap-on, Inc. | 6,855,346 | ||||
| 439,618 | SS&C Technologies Holdings, Inc. | 24,161,405 | ||||
| 512,552 | Textron, Inc. | 31,711,592 | ||||
| 66,209 | Trane Technologies PLC | 10,807,295 | ||||
| 10,121 | TransDigm Group, Inc. | 7,830,112 | ||||
| 55,339 | Union Pacific Corp. | 10,653,864 | ||||
| 698,204 | United Airlines Holdings, Inc.* | 33,140,253 | ||||
| 139,048 | United Parcel Service, Inc., Class B | 23,221,016 | ||||
| 12,682 | United Rentals, Inc. | 4,233,125 | ||||
| 41,765 | Verisk Analytics, Inc. | 9,151,129 | ||||
| 115,645 | Waste Management, Inc. | 18,725,238 | ||||
| 281,161 | Westinghouse Air Brake Technologies Corp. | 26,043,943 | ||||
| 72,617 | W.W. Grainger, Inc. | 47,129,885 | ||||
| 73,686 | Xylem, Inc. | 7,383,337 | ||||
|
| ||||||
| 1,002,675,578 | ||||||
|
|
| |||||
| Information Technology – 27.6% | ||||||
| 262,257 | Accenture PLC, Class A | 80,229,661 | ||||
| 144,447 | Adobe, Inc.* | 60,348,512 | ||||
| 327,181 | Advanced Micro Devices, Inc.* | 38,676,066 | ||||
| 137,149 | Akamai Technologies, Inc.* | 12,634,166 | ||||
| 167,738 | Amphenol Corp., Class A | 12,655,832 | ||||
| 116,292 | Analog Devices, Inc. | 20,663,926 | ||||
| 14,359 | ANSYS, Inc.* | 4,646,429 | ||||
| 4,117,029 | Apple, Inc. | 729,743,390 | ||||
| 318,718 | Applied Materials, Inc. | 42,485,109 | ||||
| 102,146 | Arista Networks, Inc.* | 16,990,966 | ||||
| 85,546 | Atlassian Corp., Class A* | 15,465,861 | ||||
| 105,202 | Autodesk, Inc.* | 20,976,227 | ||||
| 98,273 | Broadcom, Inc. | 79,400,653 | ||||
| 242,241 | Cadence Design Systems, Inc.* | 55,935,869 | ||||
| 47,322 | CDW Corp. | 8,124,714 | ||||
| 1,031,044 | Cisco Systems, Inc. | 51,211,956 | ||||
| 319,418 | Cognizant Technology Solutions Corp., Class A | 19,960,431 | ||||
| 156,567 | Corning, Inc. | 4,823,829 | ||||
| 25,919 | Crowdstrike Holdings, Inc., Class A* | 4,150,410 | ||||
| 48,946 | Datadog, Inc., Class A* | 4,645,465 | ||||
| 45,672 | Enphase Energy, Inc.* | 7,941,447 | ||||
| 25,594 | EPAM Systems, Inc.* | 6,567,932 | ||||
| 26,512 | Fair Isaac Corp.* | 20,882,707 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Information Technology – (continued) | ||||||
| 51,384 | First Solar, Inc.* | $ 10,428,897 | ||||
| 549,171 | Fortinet, Inc.* | 37,524,854 | ||||
| 70,920 | Gartner, Inc.* | 24,315,631 | ||||
| 255,642 | Gen Digital, Inc. | 4,483,961 | ||||
| 58,605 | GoDaddy, Inc., Class A* | 4,300,435 | ||||
| 1,531,434 | Hewlett Packard Enterprise Co. | 22,083,278 | ||||
| 407,729 | HP, Inc. | 11,848,605 | ||||
| 28,605 | HubSpot, Inc.* | 14,817,104 | ||||
| 605,326 | Intel Corp. | 19,031,449 | ||||
| 308,444 | International Business Machines Corp. | 39,662,814 | ||||
| 71,181 | Intuit, Inc. | 29,833,381 | ||||
| 84,034 | Keysight Technologies, Inc.* | 13,596,701 | ||||
| 46,806 | KLA Corp. | 20,734,590 | ||||
| 68,619 | Lam Research Corp. | 42,317,337 | ||||
| 190,209 | Lattice Semiconductor Corp.* | 15,465,894 | ||||
| 55,353 | Marvell Technology, Inc. | 3,237,597 | ||||
| 156,038 | Microchip Technology, Inc. | 11,743,420 | ||||
| 139,575 | Micron Technology, Inc. | 9,519,015 | ||||
| 1,973,649 | Microsoft Corp. | 648,126,595 | ||||
| 17,203 | Monolithic Power Systems, Inc. | 8,427,922 | ||||
| 93,769 | Motorola Solutions, Inc. | 26,435,357 | ||||
| 187,947 | NetApp, Inc. | 12,470,283 | ||||
| 577,246 | NVIDIA Corp. | 218,395,252 | ||||
| 284,462 | ON Semiconductor Corp.* | 23,781,023 | ||||
| 262,701 | Oracle Corp. | 27,830,544 | ||||
| 113,764 | Palo Alto Networks, Inc.* | 24,276,100 | ||||
| 249,775 | QUALCOMM, Inc. | 28,326,983 | ||||
| 23,243 | Roper Technologies, Inc. | 10,557,436 | ||||
| 201,198 | Salesforce, Inc.* | 44,943,609 | ||||
| 77,082 | Seagate Technology Holdings PLC | 4,632,628 | ||||
| 54,398 | ServiceNow, Inc.* | 29,634,942 | ||||
| 134,510 | Skyworks Solutions, Inc. | 13,923,130 | ||||
| 40,872 | Splunk, Inc.* | 4,058,181 | ||||
| 104,330 | Synopsys, Inc.* | 47,465,977 | ||||
| 23,267 | Teledyne Technologies, Inc.* | 9,042,720 | ||||
| 142,107 | Teradyne, Inc. | 14,237,700 | ||||
| 276,095 | Texas Instruments, Inc. | 48,007,399 | ||||
| 87,399 | Trimble, Inc.* | 4,078,911 | ||||
| 8,880 | Tyler Technologies, Inc.* | 3,525,005 | ||||
| 108,451 | VeriSign, Inc.* | 24,219,277 | ||||
| 100,439 | VMware, Inc., Class A* | 13,688,831 | ||||
| 209,481 | Western Digital Corp.* | 8,113,199 | ||||
| 35,146 | Workday, Inc., Class A* | 7,450,601 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Information Technology – (continued) | ||||||
| 20,983 | Zebra Technologies Corp., Class A* | $ 5,509,506 | ||||
| 105,910 | Zoom Video Communications, Inc., Class A* | 7,109,738 | ||||
|
| ||||||
| 2,972,375,370 | ||||||
|
|
| |||||
| Materials – 1.8% | ||||||
| 40,176 | Air Products and Chemicals, Inc. | 10,812,969 | ||||
| 22,692 | Albemarle Corp. | 4,391,583 | ||||
| 31,034 | Avery Dennison Corp. | 5,000,508 | ||||
| 82,475 | CF Industries Holdings, Inc. | 5,073,037 | ||||
| 208,507 | Corteva, Inc. | 11,153,039 | ||||
| 243,405 | Dow, Inc. | 11,873,296 | ||||
| 45,132 | DuPont de Nemours, Inc. | 3,032,419 | ||||
| 29,626 | Ecolab, Inc. | 4,889,771 | ||||
| 41,172 | FMC Corp. | 4,285,182 | ||||
| 152,042 | International Paper Co. | 4,476,116 | ||||
| 64,864 | Linde PLC | 22,939,802 | ||||
| 35,131 | LyondellBasell Industries NV, Class A | 3,005,106 | ||||
| 9,799 | Martin Marietta Materials, Inc. | 3,900,394 | ||||
| 335,409 | Mosaic Co. (The) | 10,719,672 | ||||
| 256,997 | Nucor Corp. | 33,939,024 | ||||
| 19,177 | Packaging Corp. of America | 2,378,523 | ||||
| 42,946 | PPG Industries, Inc. | 5,638,380 | ||||
| 31,223 | Reliance Steel & Aluminum Co. | 7,327,414 | ||||
| 68,339 | RPM International, Inc. | 5,452,769 | ||||
| 83,335 | Sherwin-Williams Co. (The) | 18,982,046 | ||||
| 156,094 | Steel Dynamics, Inc. | 14,345,039 | ||||
|
| ||||||
| 193,616,089 | ||||||
|
|
| |||||
| Real Estate – 1.9% | ||||||
| 41,077 | Alexandria Real Estate Equities, Inc. REIT | 4,660,596 | ||||
| 32,665 | American Tower Corp. REIT | 6,024,733 | ||||
| 40,501 | AvalonBay Communities, Inc. REIT | 7,046,364 | ||||
| 97,063 | Camden Property Trust REIT | 10,140,172 | ||||
| 157,628 | CBRE Group, Inc., Class A* | 11,809,490 | ||||
| 47,599 | Crown Castle, Inc. REIT | 5,388,683 | ||||
| 8,097 | Equinix, Inc. REIT | 6,036,718 | ||||
| 36,812 | Equity LifeStyle Properties, Inc. REIT | 2,325,414 | ||||
| 124,373 | Equity Residential REIT | 7,561,878 | ||||
| 31,462 | Essex Property Trust, Inc. REIT | 6,797,680 | ||||
| 202,147 | Gaming and Leisure Properties, Inc. REIT | 9,731,357 | ||||
| 146,152 | Healthpeak Properties, Inc. REIT | 2,917,194 | ||||
| 1,177,048 | Host Hotels & Resorts, Inc. REIT | 19,538,997 | ||||
| 159,835 | Invitation Homes, Inc. REIT | 5,415,210 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Real Estate – (continued) | ||||||
| 92,632 | Iron Mountain, Inc. REIT | $ 4,948,401 | ||||
| 46,984 | Mid-America Apartment Communities, Inc. REIT | 6,909,467 | ||||
| 47,137 | Prologis, Inc. REIT | 5,870,913 | ||||
| 23,106 | Public Storage REIT | 6,545,930 | ||||
| 156,791 | Realty Income Corp. REIT | 9,319,657 | ||||
| 12,245 | SBA Communications Corp. REIT | 2,715,696 | ||||
| 32,585 | Simon Property Group, Inc. REIT | 3,426,313 | ||||
| 92,528 | Sun Communities, Inc. REIT | 11,716,821 | ||||
| 160,326 | UDR, Inc. REIT | 6,360,132 | ||||
| 142,007 | Ventas, Inc. REIT | 6,126,182 | ||||
| 412,872 | VICI Properties, Inc. REIT | 12,770,131 | ||||
| 73,618 | Welltower, Inc. REIT | 5,492,639 | ||||
| 425,735 | Weyerhaeuser Co. REIT | 12,201,565 | ||||
| 126,454 | W.P. Carey, Inc. REIT | 8,770,849 | ||||
|
| ||||||
| 208,569,182 | ||||||
|
|
| |||||
| Utilities – 2.8% | ||||||
| 422,026 | AES Corp. (The) | 8,330,793 | ||||
| 184,686 | Alliant Energy Corp. | 9,503,942 | ||||
| 129,325 | Ameren Corp. | 10,484,378 | ||||
| 153,710 | American Electric Power Co., Inc. | 12,776,375 | ||||
| 43,321 | American Water Works Co., Inc. | 6,257,718 | ||||
| 92,430 | Atmos Energy Corp. | 10,655,330 | ||||
| 394,978 | CenterPoint Energy, Inc. | 11,142,329 | ||||
| 123,177 | CMS Energy Corp. | 7,141,803 | ||||
| 177,436 | Consolidated Edison, Inc. | 16,554,779 | ||||
| 131,500 | Constellation Energy Corp. | 11,048,630 | ||||
| 159,004 | Dominion Energy, Inc. | 7,994,721 | ||||
| 88,569 | DTE Energy Co. | 9,530,024 | ||||
| 148,582 | Duke Energy Corp. | 13,266,887 | ||||
| 199,670 | Edison International | 13,481,718 | ||||
| 81,390 | Entergy Corp. | 7,992,498 | ||||
| 189,292 | Evergy, Inc. | 10,950,542 | ||||
| 90,317 | Eversource Energy | 6,252,646 | ||||
| 440,749 | Exelon Corp. | 17,475,698 | ||||
| 276,111 | FirstEnergy Corp. | 10,323,790 | ||||
| 275,450 | NextEra Energy, Inc. | 20,234,557 | ||||
| 143,454 | NiSource, Inc. | 3,857,478 | ||||
| 514,670 | PG&E Corp.* | 8,718,510 | ||||
| 231,135 | PPL Corp. | 6,055,737 | ||||
| 163,902 | Public Service Enterprise Group, Inc. | 9,793,145 | ||||
| 105,323 | Sempra Energy | 15,117,010 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Utilities – (continued) | ||||||
| 249,342 | Southern Co. (The) | $ 17,391,605 | ||||
| 86,777 | WEC Energy Group, Inc. | 7,579,971 | ||||
| 163,734 | Xcel Energy, Inc. | 10,690,193 | ||||
|
| ||||||
| 300,602,807 | ||||||
|
|
| |||||
| |
TOTAL INVESTMENTS – 99.8% (Cost $8,527,104,502) |
$10,745,478,382 | ||||
|
|
| |||||
| |
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2% |
20,230,059 | ||||
|
|
| |||||
| NET ASSETS – 100.0% | $10,765,708,441 | |||||
|
|
| |||||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
| * | Non-income producing security. | |
|
| ||
| Investment Abbreviations: | ||
| PLC | — Public Limited Company | |
| REIT | — Real Estate Investment Trust | |
|
| ||
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – 99.0% | ||||||
| Communication Services – 2.3% | ||||||
| 5,330 | AMC Networks, Inc., Class A* | $ 60,282 | ||||
| 9,798 | Arena Group Holdings, Inc. (The)* | 41,152 | ||||
| 4,768 | Bumble, Inc., Class A* | 72,950 | ||||
| 22,185 | Cargurus, Inc.* | 416,856 | ||||
| 26,572 | Cars.com, Inc.* | 468,996 | ||||
| 10,477 | Cinemark Holdings, Inc.* | 167,737 | ||||
| 7,757 | Cogent Communications Holdings, Inc. | 477,211 | ||||
| 7,424 | Consolidated Communications Holdings, Inc.* | 27,098 | ||||
| 31,265 | DHI Group, Inc.* | 114,430 | ||||
| 13,579 | EchoStar Corp., Class A* | 214,141 | ||||
| 18,251 | EverQuote, Inc., Class A* | 166,267 | ||||
| 18,486 | EW Scripps Co. (The), Class A* | 145,670 | ||||
| 85,777 | Gannett Co., Inc.* | 190,425 | ||||
| 1,135 | Globalstar, Inc.* | 1,294 | ||||
| 15,129 | Gogo, Inc.* | 227,691 | ||||
| 19,167 | Gray Television, Inc. | 134,744 | ||||
| 13,665 | IDT Corp., Class B* | 415,279 | ||||
| 22,488 | iHeartMedia, Inc., Class A* | 53,296 | ||||
| 10,625 | Iridium Communications, Inc. | 637,925 | ||||
| 12,698 | John Wiley & Sons, Inc., Class A | 457,128 | ||||
| 1,534 | Liberty Latin America Ltd., Class A (Puerto Rico) * |
11,229 | ||||
| 35,607 | Liberty Latin America Ltd., Class C (Puerto Rico) * |
259,931 | ||||
| 4,764 | Liberty Media Corp.-Liberty Braves, Class A*(a) |
178,031 | ||||
| 4,434 | Liberty Media Corp.-Liberty Braves, Class C* | 162,639 | ||||
| 14,915 | Magnite, Inc.* | 177,190 | ||||
| 9,064 | Marcus Corp. (The) | 138,498 | ||||
| 20,741 | Ooma, Inc.* | 276,270 | ||||
| 28,667 | Playstudios, Inc.* | 129,861 | ||||
| 12,060 | QuinStreet, Inc.* | 111,193 | ||||
| 5,994 | Radius Global Infrastructure, Inc., Class A* | 88,711 | ||||
| 12,208 | Scholastic Corp. | 518,596 | ||||
| 7,546 | Shutterstock, Inc. | 375,564 | ||||
| 7,624 | Sinclair Broadcast Group, Inc., Class A(a) | 117,257 | ||||
| 25,618 | Stagwell, Inc.* | 158,832 | ||||
| 39,926 | TEGNA, Inc. | 618,454 | ||||
| 14,350 | Telephone and Data Systems, Inc. | 95,858 | ||||
| 11,853 | Thryv Holdings, Inc.* | 276,175 | ||||
| 84,504 | TrueCar, Inc.* | 190,979 | ||||
| 9,481 | United States Cellular Corp.* | 135,578 | ||||
| 21,520 | Yelp, Inc.* | 720,920 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Communication Services – (continued) | ||||||
| 6,348 | Ziff Davis, Inc.* | $ 374,786 | ||||
| 7,859 | ZipRecruiter, Inc., Class A* | 121,579 | ||||
|
| ||||||
| 9,728,703 | ||||||
|
|
| |||||
| Consumer Discretionary – 11.3% | ||||||
| 20,271 | 1-800-Flowers.com, Inc., Class A* | 164,601 | ||||
| 19,762 | 2U, Inc.* | 79,048 | ||||
| 19,490 | Aaron’s Co., Inc. (The) | 238,558 | ||||
| 17,571 | Abercrombie & Fitch Co., Class A* | 545,228 | ||||
| 12,843 | Academy Sports & Outdoors, Inc. | 628,793 | ||||
| 9,901 | Acushnet Holdings Corp. | 443,169 | ||||
| 13,334 | Adient PLC* | 449,222 | ||||
| 11,977 | Adtalem Global Education, Inc.* | 497,045 | ||||
| 35,256 | American Axle & Manufacturing Holdings, Inc.* | 237,978 | ||||
| 17,991 | American Eagle Outfitters, Inc. | 182,968 | ||||
| 14,471 | American Public Education, Inc.* | 72,500 | ||||
| 4,422 | Asbury Automotive Group, Inc.* | 924,684 | ||||
| 4,894 | Bally’s Corp.* | 66,509 | ||||
| 84,619 | Beachbody Co., Inc. (The)* | 41,108 | ||||
| 9,444 | Beazer Homes USA, Inc.* | 191,430 | ||||
| 4,522 | Big 5 Sporting Goods Corp.(a) | 34,186 | ||||
| 11,134 | Big Lots, Inc.(a) | 55,893 | ||||
| 4,452 | BJ’s Restaurants, Inc.* | 132,581 | ||||
| 14,160 | Bloomin’ Brands, Inc. | 338,282 | ||||
| 7,924 | Bluegreen Vacations Holding Corp. | 226,468 | ||||
| 4,766 | Boot Barn Holdings, Inc.* | 322,277 | ||||
| 7,204 | Brinker International, Inc.* | 263,522 | ||||
| 10,131 | Buckle, Inc. (The) | 311,123 | ||||
| 15,460 | Caleres, Inc. | 266,840 | ||||
| 5,508 | Camping World Holdings, Inc., Class A | 148,441 | ||||
| 21,086 | CarParts.com, Inc.* | 87,929 | ||||
| 7,906 | Carriage Services, Inc. | 206,821 | ||||
| 1,460 | Cavco Industries, Inc.* | 363,511 | ||||
| 3,435 | Century Communities, Inc. | 218,569 | ||||
| 5,326 | Cheesecake Factory, Inc. (The) | 166,864 | ||||
| 6,161 | Chegg, Inc.* | 55,326 | ||||
| 33,088 | Chico’s FAS, Inc.* | 150,220 | ||||
| 4,442 | Children’s Place, Inc. (The)* | 66,763 | ||||
| 4,636 | Chuy’s Holdings, Inc.* | 170,790 | ||||
| 6,823 | Citi Trends, Inc.* | 99,752 | ||||
| 3,880 | Conn’s, Inc.* | 15,753 | ||||
| 5,472 | Container Store Group, Inc. (The)* | 13,461 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Consumer Discretionary – (continued) | ||||||
| 7,523 | Coursera, Inc.* | $ 95,241 | ||||
| 1,836 | Cracker Barrel Old Country Store, Inc. | 179,965 | ||||
| 10,583 | Crocs, Inc.* | 1,188,259 | ||||
| 24,926 | Dana, Inc. | 320,798 | ||||
| 5,249 | Dave & Buster’s Entertainment, Inc.* | 168,755 | ||||
| 17,312 | Denny’s Corp.* | 191,644 | ||||
| 12,157 | Designer Brands, Inc., Class A | 76,224 | ||||
| 28,753 | Destination XL Group, Inc.* | 119,612 | ||||
| 2,354 | Dillard’s, Inc., Class A | 648,080 | ||||
| 1,862 | Dine Brands Global, Inc. | 111,403 | ||||
| 6,645 | Dorman Products, Inc.* | 545,222 | ||||
| 5,411 | Duluth Holdings, Inc., Class B* | 29,219 | ||||
| 1,372 | Duolingo, Inc.* | 205,210 | ||||
| 11,967 | El Pollo Loco Holdings, Inc. | 109,378 | ||||
| 19,390 | Ethan Allen Interiors, Inc. | 485,332 | ||||
| 12,602 | Everi Holdings, Inc.* | 175,168 | ||||
| 5,727 | Foot Locker, Inc. | 145,008 | ||||
| 40,506 | Fossil Group, Inc.* | 82,227 | ||||
| 6,179 | Fox Factory Holding Corp.* | 549,437 | ||||
| 4,423 | Franchise Group, Inc.(a) | 128,709 | ||||
| 20,588 | Frontdoor, Inc.* | 634,728 | ||||
| 11,977 | Funko, Inc., Class A* | 146,119 | ||||
| 9,321 | Genesco, Inc.* | 168,058 | ||||
| 7,107 | Gentherm, Inc.* | 390,601 | ||||
| 10,976 | G-III Apparel Group Ltd.* | 176,494 | ||||
| 5,191 | Golden Entertainment, Inc.* | 218,749 | ||||
| 45,297 | Goodyear Tire & Rubber Co. (The)* | 621,928 | ||||
| 38,713 | GoPro, Inc., Class A* | 162,595 | ||||
| 826 | Graham Holdings Co., Class B | 466,483 | ||||
| 6,583 | Green Brick Partners, Inc.* | 315,128 | ||||
| 3,947 | Group 1 Automotive, Inc. | 882,194 | ||||
| 15,450 | Groupon, Inc.*(a) | 83,430 | ||||
| 8,652 | Guess?, Inc.(a) | 166,205 | ||||
| 14,079 | Haverty Furniture Cos., Inc. | 371,545 | ||||
| 3,306 | Helen of Troy Ltd.* | 318,302 | ||||
| 6,187 | Hibbett, Inc. | 222,856 | ||||
| 10,786 | Hilton Grand Vacations, Inc.* | 461,101 | ||||
| 2,153 | Hovnanian Enterprises, Inc., Class A* | 180,766 | ||||
| 20,612 | Inspired Entertainment, Inc.* | 283,003 | ||||
| 4,285 | Installed Building Products, Inc. | 447,954 | ||||
| 15,798 | International Game Technology PLC | 387,525 | ||||
| 6,665 | iRobot Corp.* | 236,274 | ||||
| 3,649 | Jack in the Box, Inc. | 315,857 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Consumer Discretionary – (continued) | ||||||
| 3,918 | Johnson Outdoors, Inc., Class A | $ 222,386 | ||||
| 8,440 | KB Home | 365,705 | ||||
| 10,717 | Kontoor Brands, Inc. | 419,678 | ||||
| 2,847 | Lands’ End, Inc.* | 17,851 | ||||
| 23,484 | Laureate Education, Inc. | 284,156 | ||||
| 15,274 | La-Z-Boy, Inc. | 408,121 | ||||
| 6,957 | LCI Industries | 751,634 | ||||
| 1,114 | LGI Homes, Inc.* | 126,740 | ||||
| 4,316 | Lifetime Brands, Inc. | 21,148 | ||||
| 9,492 | Light & Wonder, Inc.* | 553,289 | ||||
| 6,861 | Lovesac Co. (The)* | 144,630 | ||||
| 18,643 | Luminar Technologies, Inc.*(a) | 126,959 | ||||
| 6,460 | M/I Homes, Inc.* | 456,528 | ||||
| 5,478 | Malibu Boats, Inc., Class A* | 287,321 | ||||
| 1,761 | Marine Products Corp. | 26,908 | ||||
| 8,469 | MarineMax, Inc.* | 240,266 | ||||
| 14,691 | MasterCraft Boat Holdings, Inc.* | 389,311 | ||||
| 6,676 | MDC Holdings, Inc. | 268,909 | ||||
| 6,131 | Meritage Homes Corp. | 707,088 | ||||
| 14,278 | Modine Manufacturing Co.* | 389,647 | ||||
| 3,787 | Monarch Casino & Resort, Inc. | 245,738 | ||||
| 4,102 | Monro, Inc. | 169,700 | ||||
| 8,924 | Movado Group, Inc. | 227,116 | ||||
| 5,664 | Murphy USA, Inc. | 1,565,643 | ||||
| 9,617 | National Vision Holdings, Inc.* | 242,829 | ||||
| 9,476 | ODP Corp. (The)* | 379,609 | ||||
| 3,981 | OneWater Marine, Inc., Class A* | 110,632 | ||||
| 7,635 | Overstock.com, Inc.* | 143,004 | ||||
| 6,540 | Oxford Industries, Inc. | 653,608 | ||||
| 7,853 | Papa John’s International, Inc. | 550,574 | ||||
| 8,224 | Patrick Industries, Inc. | 538,919 | ||||
| 63,961 | Perdoceo Education Corp.* | 754,100 | ||||
| 8,134 | PetMed Express, Inc. | 120,627 | ||||
| 3,390 | RCI Hospitality Holdings, Inc. | 244,860 | ||||
| 8,222 | Red Rock Resorts, Inc., Class A | 374,841 | ||||
| 5,590 | Revolve Group, Inc.* | 85,080 | ||||
| 26,875 | Rush Street Interactive, Inc.* | 80,625 | ||||
| 24,693 | Sally Beauty Holdings, Inc.* | 278,043 | ||||
| 5,572 | SeaWorld Entertainment, Inc.* | 310,695 | ||||
| 14,601 | Shoe Carnival, Inc. | 285,742 | ||||
| 8,903 | Signet Jewelers Ltd. | 565,251 | ||||
| 7,669 | Skyline Champion Corp.* | 445,799 | ||||
| 9,441 | Sleep Number Corp.* | 171,260 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Consumer Discretionary – (continued) | ||||||
| 22,584 | Smith & Wesson Brands, Inc. | $ 264,910 | ||||
| 4,983 | Sonic Automotive, Inc., Class A | 206,496 | ||||
| 24,258 | Sonos, Inc.* | 352,469 | ||||
| 18,474 | Sportsman’s Warehouse Holdings, Inc.* | 83,687 | ||||
| 10,436 | Standard Motor Products, Inc. | 368,600 | ||||
| 17,616 | Steven Madden Ltd. | 549,795 | ||||
| 33,716 | Stitch Fix, Inc., Class A* | 121,040 | ||||
| 14,940 | Stoneridge, Inc.* | 244,418 | ||||
| 4,150 | Strategic Education, Inc. | 327,476 | ||||
| 21,017 | Stride, Inc.* | 849,297 | ||||
| 6,343 | Sturm Ruger & Co., Inc. | 327,045 | ||||
| 5,187 | Target Hospitality Corp.* | 73,292 | ||||
| 21,757 | Taylor Morrison Home Corp.* | 923,150 | ||||
| 9,055 | Texas Roadhouse, Inc. | 977,035 | ||||
| 11,975 | Topgolf Callaway Brands Corp.* | 204,413 | ||||
| 22,985 | Tri Pointe Homes, Inc.* | 671,392 | ||||
| 6,101 | Tupperware Brands Corp.* | 5,431 | ||||
| 18,826 | Udemy, Inc.* | 188,260 | ||||
| 3,169 | Universal Technical Institute, Inc.* | 20,377 | ||||
| 21,750 | Upbound Group, Inc. | 650,542 | ||||
| 8,007 | Urban Outfitters, Inc.* | 246,776 | ||||
| 13,586 | Vista Outdoor, Inc.* | 361,795 | ||||
| 2,488 | Visteon Corp.* | 332,347 | ||||
| 8,048 | Warby Parker, Inc., Class A*(a) | 88,608 | ||||
| 6,409 | Wingstop, Inc. | 1,277,698 | ||||
| 2,300 | Winmark Corp. | 749,777 | ||||
| 10,882 | Winnebago Industries, Inc. | 605,474 | ||||
| 13,986 | Wolverine World Wide, Inc. | 187,133 | ||||
| 42,902 | WW International, Inc.* | 281,437 | ||||
| 8,837 | XPEL, Inc.* | 608,604 | ||||
| 12,115 | Zumiez, Inc.* | 194,688 | ||||
|
| ||||||
| 48,787,031 | ||||||
|
|
| |||||
| Consumer Staples – 4.0% | ||||||
| 69 | Alico, Inc. | 1,597 | ||||
| 3,779 | Andersons, Inc. (The) | 147,419 | ||||
| 11,090 | B&G Foods, Inc.(a) | 142,063 | ||||
| 9,327 | Beauty Health Co. (The)* | 74,989 | ||||
| 12,695 | BellRing Brands, Inc.* | 464,891 | ||||
| 10,222 | Cal-Maine Foods, Inc. | 486,056 | ||||
| 5,787 | Celsius Holdings, Inc.* | 726,442 | ||||
| 5,275 | Central Garden & Pet Co.* | 191,482 | ||||
| 8,691 | Central Garden & Pet Co., Class A* | 298,536 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Consumer Staples – (continued) | ||||||
| 4,016 | Chefs’ Warehouse, Inc. (The)* | $ 124,938 | ||||
| 2,287 | Coca-Cola Consolidated, Inc. | 1,513,399 | ||||
| 11,568 | Edgewell Personal Care Co. | 450,574 | ||||
| 6,782 | elf Beauty, Inc.* | 705,464 | ||||
| 6,078 | Energizer Holdings, Inc. | 198,143 | ||||
| 8,622 | Fresh Del Monte Produce, Inc. | 227,276 | ||||
| 10,545 | Hain Celestial Group, Inc. (The)* | 128,754 | ||||
| 21,233 | Herbalife Ltd.* | 251,399 | ||||
| 31,858 | Hostess Brands, Inc.* | 792,627 | ||||
| 8,930 | Ingles Markets, Inc., Class A | 716,811 | ||||
| 3,935 | Inter Parfums, Inc. | 494,236 | ||||
| 1,772 | J & J Snack Foods Corp. | 272,799 | ||||
| 4,537 | John B. Sanfilippo & Son, Inc. | 527,335 | ||||
| 3,520 | Lancaster Colony Corp. | 691,962 | ||||
| 3,184 | Medifast, Inc. | 250,581 | ||||
| 1,959 | MGP Ingredients, Inc. | 186,223 | ||||
| 11,822 | National Beverage Corp.* | 584,243 | ||||
| 10,651 | Nu Skin Enterprises, Inc., Class A | 354,998 | ||||
| 2,550 | PriceSmart, Inc. | 184,824 | ||||
| 36,393 | Primo Water Corp. | 468,378 | ||||
| 26,424 | Rite Aid Corp.*(a) | 47,299 | ||||
| 10,323 | Simply Good Foods Co. (The)* | 373,589 | ||||
| 18,102 | SpartanNash Co. | 414,536 | ||||
| 24,091 | Sprouts Farmers Market, Inc.* | 832,585 | ||||
| 2,748 | Tootsie Roll Industries, Inc. | 107,364 | ||||
| 10,908 | TreeHouse Foods, Inc.* | 516,494 | ||||
| 7,497 | Turning Point Brands, Inc. | 156,987 | ||||
| 17,246 | United Natural Foods, Inc.* | 460,641 | ||||
| 6,735 | Universal Corp. | 347,189 | ||||
| 5,524 | USANA Health Sciences, Inc.* | 335,141 | ||||
| 7,611 | Utz Brands, Inc. | 125,201 | ||||
| 39,753 | Vector Group Ltd. | 465,508 | ||||
| 7,971 | Village Super Market, Inc., Class A | 165,438 | ||||
| 14,264 | Vital Farms, Inc.* | 206,685 | ||||
| 3,027 | WD-40 Co. | 574,071 | ||||
| 5,786 | Weis Markets, Inc. | 344,498 | ||||
|
| ||||||
| 17,131,665 | ||||||
|
|
| |||||
| Energy – 5.8% | ||||||
| 33,587 | Amplify Energy Corp.* | 228,392 | ||||
| 5,394 | Arch Resources, Inc. | 557,470 | ||||
| 27,610 | Archrock, Inc. | 248,490 | ||||
| 9,033 | Ardmore Shipping Corp. (Ireland) | 105,776 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Energy – (continued) | ||||||
| 21,388 | Berry Corp. | $ 134,744 | ||||
| 6,950 | Bristow Group, Inc.* | 169,927 | ||||
| 8,275 | Cactus, Inc., Class A | 261,324 | ||||
| 12,616 | California Resources Corp. | 473,605 | ||||
| 10,344 | Callon Petroleum Co.* | 316,837 | ||||
| 3,177 | Centrus Energy Corp., Class A* | 93,690 | ||||
| 23,759 | ChampionX Corp. | 600,152 | ||||
| 6,924 | Chord Energy Corp. | 990,409 | ||||
| 13,390 | Civitas Resources, Inc. | 894,452 | ||||
| 24,915 | CNX Resources Corp.* | 384,937 | ||||
| 55,626 | Comstock Resources, Inc.(a) | 518,434 | ||||
| 12,626 | CONSOL Energy, Inc. | 681,299 | ||||
| 7,195 | CVR Energy, Inc. | 168,435 | ||||
| 14,290 | Delek US Holdings, Inc. | 314,666 | ||||
| 4,868 | Denbury, Inc.* | 438,948 | ||||
| 33,732 | DHT Holdings, Inc. | 259,399 | ||||
| 17,283 | Diamond Offshore Drilling, Inc.* | 189,249 | ||||
| 13,128 | Dorian LPG Ltd. | 302,994 | ||||
| 5,394 | Dril-Quip, Inc.* | 120,556 | ||||
| 4,990 | Empire Petroleum Corp.* | 47,205 | ||||
| 19,652 | Energy Fuels, Inc.*(a) | 115,554 | ||||
| 56,693 | Equitrans Midstream Corp. | 483,591 | ||||
| 5,995 | Expro Group Holdings NV* | 99,457 | ||||
| 3,564 | FLEX LNG Ltd. (Norway)(a) | 106,172 | ||||
| 7,276 | Frontline PLC (Norway) | 102,810 | ||||
| 8,705 | Golar LNG Ltd. (Cameroon) * | 179,062 | ||||
| 4,369 | Green Plains, Inc.* | 126,701 | ||||
| 2,416 | Gulfport Energy Corp.* | 234,400 | ||||
| 51,844 | Helix Energy Solutions Group, Inc.* | 325,580 | ||||
| 8,026 | Helmerich & Payne, Inc. | 247,843 | ||||
| 6,164 | International Seaways, Inc. | 222,212 | ||||
| 72,533 | Kosmos Energy Ltd. (Ghana) * | 432,297 | ||||
| 20,973 | Liberty Energy, Inc. | 246,223 | ||||
| 56,726 | Magnolia Oil & Gas Corp., Class A | 1,096,514 | ||||
| 22,751 | Matador Resources Co. | 1,000,361 | ||||
| 21,401 | Murphy Oil Corp. | 744,755 | ||||
| 3,034 | Nabors Industries Ltd.* | 253,946 | ||||
| 3,816 | NACCO Industries, Inc., Class A | 120,013 | ||||
| 41,191 | NexTier Oilfield Solutions, Inc.* | 310,580 | ||||
| 8,088 | Noble Corp. PLC* | 305,241 | ||||
| 9,111 | Northern Oil and Gas, Inc. | 272,510 | ||||
| 20,033 | Oceaneering International, Inc.* | 306,705 | ||||
| 26,248 | Oil States International, Inc.* | 166,937 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Energy – (continued) | ||||||
| 9,158 | Par Pacific Holdings, Inc.* | $ 195,249 | ||||
| 16,675 | Patterson-UTI Energy, Inc. | 162,414 | ||||
| 19,605 | PBF Energy, Inc., Class A | 721,660 | ||||
| 17,412 | Peabody Energy Corp. | 316,202 | ||||
| 47,261 | Permian Resources Corp. | 440,945 | ||||
| 7,590 | ProFrac Holding Corp., Class A* | 85,160 | ||||
| 40,552 | ProPetro Holding Corp.* | 270,482 | ||||
| 9,233 | Ranger Oil Corp., Class A | 339,313 | ||||
| 6,970 | REX American Resources Corp.* | 229,592 | ||||
| 56,610 | Ring Energy, Inc.* | 96,237 | ||||
| 57,769 | RPC, Inc. | 384,164 | ||||
| 21,082 | SandRidge Energy, Inc. | 283,974 | ||||
| 7,047 | Scorpio Tankers, Inc. (Monaco) | 322,541 | ||||
| 21,208 | SFL Corp. Ltd. (Norway) | 181,965 | ||||
| 10,628 | SilverBow Resources, Inc.* | 253,797 | ||||
| 10,419 | Sitio Royalties Corp., Class A | 265,476 | ||||
| 37,608 | SM Energy Co. | 988,714 | ||||
| 16,379 | Solaris Oilfield Infrastructure, Inc., Class A | 120,058 | ||||
| 31,348 | Talos Energy, Inc.* | 385,894 | ||||
| 3,421 | Teekay Tankers Ltd., Class A (Canada) | 123,601 | ||||
| 46,252 | TETRA Technologies, Inc.* | 120,255 | ||||
| 3,976 | Tidewater, Inc.* | 178,165 | ||||
| 43,851 | Uranium Energy Corp.* | 113,574 | ||||
| 19,566 | US Silica Holdings, Inc.* | 221,683 | ||||
| 75,273 | VAALCO Energy, Inc. | 290,554 | ||||
| 6,879 | Valaris Ltd.* | 397,125 | ||||
| 8,453 | Vital Energy, Inc.* | 350,715 | ||||
| 86,771 | W&T Offshore, Inc.* | 335,804 | ||||
| 7,362 | Weatherford International PLC* | 415,511 | ||||
| 14,435 | World Fuel Services Corp. | 330,128 | ||||
|
| ||||||
| 24,921,806 | ||||||
|
|
| |||||
| Financials – 17.4% | ||||||
| 3,731 | 1st Source Corp. | 153,456 | ||||
| 1,910 | ACNB Corp. | 56,249 | ||||
| 11,133 | A-Mark Precious Metals, Inc. | 377,075 | ||||
| 12,627 | Ambac Financial Group, Inc.* | 175,894 | ||||
| 4,902 | Amerant Bancorp, Inc. | 86,520 | ||||
| 24,418 | American Equity Investment Life Holding Co. | 963,290 | ||||
| 4,261 | American National Bankshares, Inc. | 122,419 | ||||
| 13,913 | Ameris Bancorp | 439,094 | ||||
| 6,649 | AMERISAFE, Inc. | 339,498 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Financials – (continued) | ||||||
| 28,720 | Apollo Commercial Real Estate Finance, Inc. REIT | $ 289,785 | ||||
| 27,101 | Arbor Realty Trust, Inc. REIT | 341,744 | ||||
| 15,120 | Ares Commercial Real Estate Corp. REIT | 138,953 | ||||
| 4,797 | Argo Group International Holdings Ltd. | 140,600 | ||||
| 20,188 | ARMOUR Residential REIT, Inc. REIT | 101,344 | ||||
| 8,467 | Arrow Financial Corp. | 154,438 | ||||
| 18,123 | Artisan Partners Asset Management, Inc., Class A | 579,936 | ||||
| 23,134 | Associated Banc-Corp. | 342,615 | ||||
| 12,247 | Atlantic Union Bankshares Corp. | 313,033 | ||||
| 2,471 | Atlanticus Holdings Corp.* | 86,386 | ||||
| 7,592 | Avantax, Inc.* | 160,647 | ||||
| 20,213 | Axos Financial, Inc.* | 764,456 | ||||
| 8,381 | Banc of California, Inc. | 89,593 | ||||
| 6,573 | BancFirst Corp. | 555,879 | ||||
| 11,080 | Banco Latinoamericano de Comercio Exterior SA, Class E (Panama) | 215,949 | ||||
| 14,534 | Bancorp, Inc. (The)* | 448,519 | ||||
| 2,447 | Bank First Corp.(a) | 186,266 | ||||
| 3,872 | Bank of Marin Bancorp | 62,610 | ||||
| 20,478 | Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | 513,383 | ||||
| 15,428 | BankUnited, Inc. | 291,898 | ||||
| 5,305 | Bankwell Financial Group, Inc. | 121,219 | ||||
| 5,737 | Banner Corp. | 248,240 | ||||
| 2,252 | BayCom Corp. | 36,505 | ||||
| 12,044 | BCB Bancorp, Inc. | 127,787 | ||||
| 6,385 | Berkshire Hills Bancorp, Inc. | 130,573 | ||||
| 29,860 | BGC Partners, Inc., Class A | 121,530 | ||||
| 20,404 | Blackstone Mortgage Trust, Inc., Class A REIT | 371,149 | ||||
| 6,927 | Blue Ridge Bankshares, Inc. | 60,196 | ||||
| 7,998 | Bread Financial Holdings, Inc. | 225,384 | ||||
| 10,653 | Brightsphere Investment Group, Inc. | 228,933 | ||||
| 23,290 | Brookline Bancorp, Inc. | 191,444 | ||||
| 4,294 | BRP Group, Inc., Class A* | 86,138 | ||||
| 5,508 | Byline Bancorp, Inc. | 97,602 | ||||
| 31,322 | Cadence Bank | 562,543 | ||||
| 1,643 | Cambridge Bancorp | 83,037 | ||||
| 8,605 | Camden National Corp. | 253,934 | ||||
| 5,980 | Cannae Holdings, Inc.* | 117,507 | ||||
| 8,461 | Capital City Bank Group, Inc. | 254,422 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Financials – (continued) | ||||||
| 15,795 | Capitol Federal Financial, Inc. | $ 94,454 | ||||
| 4,702 | Cass Information Systems, Inc. | 181,591 | ||||
| 16,782 | Cathay General Bancorp | 490,706 | ||||
| 11,443 | Central Pacific Financial Corp. | 167,182 | ||||
| 22,223 | Chimera Investment Corp. REIT | 107,115 | ||||
| 6,260 | City Holding Co. | 539,549 | ||||
| 10,554 | Civista Bancshares, Inc. | 158,099 | ||||
| 7,684 | Claros Mortgage Trust, Inc. | 80,144 | ||||
| 7,192 | CNB Financial Corp. | 119,459 | ||||
| 33,462 | CNO Financial Group, Inc. | 726,460 | ||||
| 8,853 | Cohen & Steers, Inc. | 481,692 | ||||
| 3,604 | Colony Bankcorp, Inc. | 33,517 | ||||
| 6,753 | Columbia Financial, Inc.* | 109,061 | ||||
| 8,293 | Community Bank System, Inc. | 410,006 | ||||
| 5,209 | Community Trust Bancorp, Inc. | 175,543 | ||||
| 6,847 | ConnectOne Bancorp, Inc. | 92,982 | ||||
| 8,572 | Consumer Portfolio Services, Inc.* | 99,521 | ||||
| 376 | Crawford & Co., Class A | 3,715 | ||||
| 11,659 | Curo Group Holdings Corp. | 12,592 | ||||
| 15,995 | Customers Bancorp, Inc.* | 368,205 | ||||
| 18,133 | CVB Financial Corp. | 217,777 | ||||
| 1,799 | Diamond Hill Investment Group, Inc. | 285,627 | ||||
| 10,774 | Dime Community Bancshares, Inc. | 174,539 | ||||
| 11,812 | Donnelley Financial Solutions, Inc.* | 523,862 | ||||
| 19,689 | Dynex Capital, Inc. REIT | 221,304 | ||||
| 8,911 | Eagle Bancorp, Inc. | 177,596 | ||||
| 15,189 | Eastern Bankshares, Inc. | 164,801 | ||||
| 11,424 | Ellington Financial, Inc. REIT | 143,257 | ||||
| 10,901 | Employers Holdings, Inc. | 394,180 | ||||
| 10,004 | Enact Holdings, Inc. | 243,497 | ||||
| 12,058 | Encore Capital Group, Inc.* | 519,338 | ||||
| 17,233 | Enova International, Inc.* | 801,679 | ||||
| 883 | Enstar Group Ltd.* | 207,841 | ||||
| 6,988 | Enterprise Financial Services Corp. | 283,853 | ||||
| 3,760 | Esquire Financial Holdings, Inc. | 159,161 | ||||
| 23,598 | Essent Group Ltd. | 1,042,324 | ||||
| 13,190 | EVERTEC, Inc. (Puerto Rico) | 454,791 | ||||
| 18,853 | EZCORP, Inc., Class A* | 157,234 | ||||
| 3,314 | Farmers & Merchants Bancorp, Inc. | 65,915 | ||||
| 11,904 | Farmers National Banc Corp. | 140,229 | ||||
| 9,001 | FB Financial Corp. | 239,967 | ||||
| 7,159 | Federal Agricultural Mortgage Corp., Class C | 957,946 | ||||
| 24,243 | Federated Hermes, Inc. | 834,686 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Financials – (continued) | ||||||
| 10,229 | Financial Institutions, Inc. | $ 160,698 | ||||
| 8,110 | First Bancorp | 244,111 | ||||
| 47,133 | First BanCorp. (Puerto Rico) | 526,004 | ||||
| 6,017 | First Bancorp, Inc. (The) | 142,603 | ||||
| 4,235 | First Bancshares, Inc. (The) | 110,279 | ||||
| 9,705 | First Busey Corp. | 181,483 | ||||
| 7,551 | First Business Financial Services, Inc. | 202,140 | ||||
| 22,035 | First Commonwealth Financial Corp. | 278,743 | ||||
| 19,590 | First Financial Bancorp | 371,426 | ||||
| 25,143 | First Financial Bankshares, Inc. | 651,204 | ||||
| 4,141 | First Financial Corp. | 134,334 | ||||
| 16,755 | First Foundation, Inc. | 65,009 | ||||
| 4,724 | First Guaranty Bancshares, Inc.(a) | 62,357 | ||||
| 5,020 | First Internet Bancorp | 61,646 | ||||
| 10,526 | First Interstate BancSystem, Inc., Class A | 232,098 | ||||
| 13,537 | First Merchants Corp. | 358,054 | ||||
| 4,673 | First Mid Bancshares, Inc. | 112,105 | ||||
| 9,099 | First of Long Island Corp. (The) | 92,901 | ||||
| 2,075 | First Western Financial, Inc.* | 35,316 | ||||
| 5,486 | FirstCash Holdings, Inc. | 540,590 | ||||
| 12,925 | Flushing Financial Corp. | 150,576 | ||||
| 4,593 | Focus Financial Partners, Inc., Class A* | 239,249 | ||||
| 31,429 | Fulton Financial Corp. | 350,748 | ||||
| 4,254 | FVCBankcorp, Inc.* | 43,476 | ||||
| 109,736 | Genworth Financial, Inc., Class A* | 587,088 | ||||
| 10,145 | German American Bancorp, Inc. | 280,002 | ||||
| 18,542 | Glacier Bancorp, Inc. | 534,380 | ||||
| 6,432 | Great Southern Bancorp, Inc. | 312,788 | ||||
| 7,817 | Green Dot Corp., Class A* | 142,504 | ||||
| 6,376 | Greene County Bancorp, Inc. | 170,558 | ||||
| 8,360 | Hamilton Lane, Inc., Class A | 567,728 | ||||
| 14,124 | Hancock Whitney Corp. | 515,950 | ||||
| 11,794 | Hanmi Financial Corp. | 169,834 | ||||
| 4,871 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 114,615 | ||||
| 14,964 | HarborOne Bancorp, Inc. | 122,705 | ||||
| 8,277 | Heartland Financial USA, Inc. | 228,362 | ||||
| 18,263 | Heritage Commerce Corp. | 132,955 | ||||
| 6,306 | Heritage Financial Corp. | 103,103 | ||||
| 13,427 | Hilltop Holdings, Inc. | 396,365 | ||||
| 1,243 | Hingham Institution For Savings (The) | 239,675 | ||||
| 3,786 | Home Bancorp, Inc. | 116,571 | ||||
| 28,975 | Home BancShares, Inc. | 622,093 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Financials – (continued) | ||||||
| 9,285 | HomeStreet, Inc. | $ 48,653 | ||||
| 5,963 | HomeTrust Bancshares, Inc. | 116,815 | ||||
| 27,047 | Hope Bancorp, Inc. | 216,917 | ||||
| 11,258 | Horace Mann Educators Corp. | 338,303 | ||||
| 12,988 | Horizon Bancorp, Inc. | 115,463 | ||||
| 10,210 | Houlihan Lokey, Inc. | 891,435 | ||||
| 6,538 | I3 Verticals, Inc., Class A* | 149,393 | ||||
| 7,211 | Independent Bank Corp. | 318,294 | ||||
| 13,358 | Independent Bank Corp. | 218,403 | ||||
| 6,431 | Independent Bank Group, Inc. | 214,602 | ||||
| 10,666 | International Bancshares Corp. | 455,651 | ||||
| 10,086 | International Money Express, Inc.* | 235,004 | ||||
| 1,203 | Investors Title Co. | 159,458 | ||||
| 19,301 | Jackson Financial, Inc., Class A | 534,638 | ||||
| 11,463 | Kearny Financial Corp. | 78,292 | ||||
| 4,374 | Kinsale Capital Group, Inc. | 1,325,234 | ||||
| 13,056 | KKR Real Estate Finance Trust, Inc. REIT | 146,619 | ||||
| 14,702 | Ladder Capital Corp. REIT | 140,110 | ||||
| 12,057 | Lakeland Bancorp, Inc. | 156,862 | ||||
| 8,968 | Lakeland Financial Corp. | 450,463 | ||||
| 30,403 | LendingClub Corp.* | 249,305 | ||||
| 9,553 | Live Oak Bancshares, Inc. | 206,727 | ||||
| 20,386 | Macatawa Bank Corp. | 177,766 | ||||
| 32,932 | MBIA, Inc.* | 262,139 | ||||
| 7,176 | Mercantile Bank Corp. | 186,791 | ||||
| 3,609 | Metropolitan Bank Holding Corp.*(a) | 102,135 | ||||
| 10,339 | MFA Financial, Inc. REIT | 109,387 | ||||
| 5,590 | Midland States Bancorp, Inc. | 108,111 | ||||
| 4,606 | MidWestOne Financial Group, Inc. | 86,961 | ||||
| 13,261 | Moelis & Co., Class A | 502,194 | ||||
| 19,518 | MoneyGram International, Inc.* | 214,503 | ||||
| 30,009 | Mr Cooper Group, Inc.* | 1,388,216 | ||||
| 5,571 | National Bank Holdings Corp., Class A | 166,740 | ||||
| 812 | National Western Life Group, Inc., Class A | 302,908 | ||||
| 46,313 | Navient Corp. | 701,642 | ||||
| 8,748 | NBT Bancorp, Inc. | 293,495 | ||||
| 5,201 | Nelnet, Inc., Class A | 481,092 | ||||
| 9,828 | New York Mortgage Trust, Inc. REIT | 96,020 | ||||
| 7,382 | Nexpoint Real Estate Finance, Inc. REIT | 98,107 | ||||
| 4,495 | Nicolet Bankshares, Inc. | 279,005 | ||||
| 21,616 | NMI Holdings, Inc., Class A* | 543,642 | ||||
| 6,328 | Northeast Bank | 226,796 | ||||
| 16,934 | Northwest Bancshares, Inc. | 177,976 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Financials – (continued) | ||||||
| 8,485 | OceanFirst Financial Corp. | $ 120,487 | ||||
| 16,858 | OFG Bancorp (Puerto Rico) | 408,975 | ||||
| 42,728 | Old National Bancorp | 530,682 | ||||
| 16,078 | Old Second Bancorp, Inc. | 190,364 | ||||
| 18,754 | Open Lending Corp., Class A* | 190,166 | ||||
| 7,311 | Oppenheimer Holdings, Inc., Class A | 286,664 | ||||
| 3,246 | Origin Bancorp, Inc. | 92,349 | ||||
| 12,441 | Pacific Premier Bancorp, Inc. | 234,264 | ||||
| 2,016 | Palomar Holdings, Inc.* | 110,195 | ||||
| 4,275 | Park National Corp. | 422,156 | ||||
| 9,517 | Parke Bancorp, Inc. | 152,843 | ||||
| 11,440 | Pathward Financial, Inc. | 502,674 | ||||
| 15,122 | Paysafe Ltd.* | 146,079 | ||||
| 10,957 | PCB Bancorp | 154,384 | ||||
| 7,534 | Peapack-Gladstone Financial Corp. | 198,822 | ||||
| 13,622 | PennyMac Financial Services, Inc. | 831,487 | ||||
| 11,538 | PennyMac Mortgage Investment Trust REIT | 134,302 | ||||
| 13,962 | Peoples Bancorp, Inc. | 358,405 | ||||
| 3,946 | Peoples Financial Services Corp. | 156,183 | ||||
| 3,690 | Piper Sandler Cos. | 469,995 | ||||
| 6,720 | PJT Partners, Inc., Class A | 452,928 | ||||
| 9,128 | PRA Group, Inc.* | 170,694 | ||||
| 8,006 | Preferred Bank | 369,237 | ||||
| 7,640 | Premier Financial Corp. | 106,502 | ||||
| 9,246 | Primis Financial Corp. | 68,143 | ||||
| 9,554 | ProAssurance Corp. | 116,081 | ||||
| 13,620 | PROG Holdings, Inc.* | 444,421 | ||||
| 15,510 | Provident Financial Services, Inc. | 246,299 | ||||
| 6,420 | QCR Holdings, Inc. | 246,656 | ||||
| 45,673 | Radian Group, Inc. | 1,166,488 | ||||
| 36,409 | Ready Capital Corp. REIT | 368,097 | ||||
| 13,847 | Redwood Trust, Inc. REIT | 81,974 | ||||
| 6,536 | Regional Management Corp. | 170,916 | ||||
| 15,438 | Remitly Global, Inc.* | 283,133 | ||||
| 10,036 | Renasant Corp. | 262,140 | ||||
| 27,747 | Repay Holdings Corp.* | 175,638 | ||||
| 5,918 | Republic Bancorp, Inc., Class A | 249,385 | ||||
| 7,385 | RLI Corp. | 914,632 | ||||
| 8,109 | S&T Bancorp, Inc. | 217,483 | ||||
| 4,880 | Safety Insurance Group, Inc. | 355,362 | ||||
| 11,141 | Sandy Spring Bancorp, Inc. | 233,293 | ||||
| 8,497 | Seacoast Banking Corp. of Florida | 175,718 | ||||
| 12,119 | Selective Insurance Group, Inc. | 1,172,271 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Financials – (continued) | ||||||
| 14,086 | ServisFirst Bancshares, Inc. | $ 567,666 | ||||
| 6,972 | Shore Bancshares, Inc. | 78,505 | ||||
| 7,005 | Sierra Bancorp | 112,010 | ||||
| 16,242 | Simmons First National Corp., Class A | 264,257 | ||||
| 24,442 | SiriusPoint Ltd. (Bermuda) * | 227,555 | ||||
| 6,009 | Southern First Bancshares, Inc.* | 138,027 | ||||
| 6,453 | Southern Missouri Bancorp, Inc. | 239,729 | ||||
| 6,462 | Southside Bancshares, Inc. | 171,243 | ||||
| 9,791 | SouthState Corp. | 612,133 | ||||
| 8,148 | Stellar Bancorp, Inc. | 189,522 | ||||
| 6,843 | StepStone Group, Inc., Class A | 147,193 | ||||
| 10,160 | Stewart Information Services Corp. | 455,574 | ||||
| 7,006 | Stock Yards Bancorp, Inc. | 293,551 | ||||
| 39,876 | StoneCo Ltd., Class A (Brazil)* | 499,646 | ||||
| 6,200 | StoneX Group, Inc.* | 497,798 | ||||
| 7,365 | Texas Capital Bancshares, Inc.* | 348,364 | ||||
| 3,634 | Tompkins Financial Corp. | 190,058 | ||||
| 13,518 | Towne Bank | 314,158 | ||||
| 14,160 | TPG RE Finance Trust, Inc. REIT | 89,633 | ||||
| 8,853 | TriCo Bancshares | 288,254 | ||||
| 6,699 | Triumph Financial, Inc.* | 347,812 | ||||
| 5,643 | TrustCo Bank Corp. | 155,916 | ||||
| 12,492 | Trustmark Corp. | 260,833 | ||||
| 20,984 | Two Harbors Investment Corp. REIT | 261,041 | ||||
| 8,501 | UMB Financial Corp. | 481,497 | ||||
| 17,403 | United Bankshares, Inc. | 511,996 | ||||
| 17,651 | United Community Banks, Inc. | 399,089 | ||||
| 967 | United Fire Group, Inc. | 20,771 | ||||
| 6,629 | Unity Bancorp, Inc. | 150,810 | ||||
| 12,565 | Universal Insurance Holdings, Inc. | 180,308 | ||||
| 6,703 | Univest Financial Corp. | 118,844 | ||||
| 68,204 | Valley National Bancorp | 503,346 | ||||
| 9,875 | Veritex Holdings, Inc. | 170,541 | ||||
| 2,412 | Virtus Investment Partners, Inc. | 460,161 | ||||
| 7,718 | Walker & Dunlop, Inc. | 564,880 | ||||
| 14,469 | Washington Federal, Inc. | 376,339 | ||||
| 6,629 | Washington Trust Bancorp, Inc. | 168,774 | ||||
| 16,330 | Waterstone Financial, Inc. | 220,782 | ||||
| 11,344 | WesBanco, Inc. | 273,844 | ||||
| 12,657 | West BanCorp, Inc. | 212,638 | ||||
| 6,772 | Westamerica BanCorp | 256,185 | ||||
| 1,515 | World Acceptance Corp.* | 168,453 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Financials – (continued) | ||||||
| 12,236 | WSFS Financial Corp. | $ 409,172 | ||||
|
| ||||||
| 74,787,237 | ||||||
|
|
| |||||
| Health Care – 12.7% | ||||||
| 52,957 | AbCellera Biologics, Inc. (Canada)* | 369,110 | ||||
| 38,843 | ACADIA Pharmaceuticals, Inc.* | 912,810 | ||||
| 14,877 | AdaptHealth Corp.* | 155,911 | ||||
| 3,541 | Addus HomeCare Corp.* | 319,221 | ||||
| 12,449 | Alector, Inc.* | 92,621 | ||||
| 50,232 | Alkermes PLC* | 1,453,212 | ||||
| 12,031 | Alphatec Holdings, Inc.* | 182,390 | ||||
| 15,699 | Amicus Therapeutics, Inc.* | 176,771 | ||||
| 13,013 | AMN Healthcare Services, Inc.* | 1,235,714 | ||||
| 89,727 | Amneal Pharmaceuticals, Inc.* | 209,961 | ||||
| 23,327 | Amphastar Pharmaceuticals, Inc.* | 1,035,019 | ||||
| 15,283 | AngioDynamics, Inc.* | 144,577 | ||||
| 3,443 | ANI Pharmaceuticals, Inc.* | 155,417 | ||||
| 12,218 | Anika Therapeutics, Inc.* | 330,986 | ||||
| 5,837 | Apellis Pharmaceuticals, Inc.* | 501,106 | ||||
| 20,310 | Arcus Biosciences, Inc.* | 417,167 | ||||
| 5,981 | Arrowhead Pharmaceuticals, Inc.* | 205,806 | ||||
| 17,489 | Atea Pharmaceuticals, Inc.* | 69,781 | ||||
| 7,038 | AtriCure, Inc.* | 316,499 | ||||
| 234 | Atrion Corp. | 121,764 | ||||
| 12,406 | Avanos Medical, Inc.* | 303,947 | ||||
| 3,117 | Axonics, Inc.* | 150,832 | ||||
| 1,510 | Axsome Therapeutics, Inc.* | 111,408 | ||||
| 3,542 | Beam Therapeutics, Inc.* | 112,990 | ||||
| 19,114 | BioCryst Pharmaceuticals, Inc.* | 158,073 | ||||
| 30,469 | CareDx, Inc.* | 243,143 | ||||
| 72,096 | Catalyst Pharmaceuticals, Inc.* | 832,709 | ||||
| 4,059 | Celldex Therapeutics, Inc.* | 129,076 | ||||
| 3,608 | Cerevel Therapeutics Holdings, Inc.* | 117,621 | ||||
| 47,412 | Cerus Corp.* | 101,462 | ||||
| 4,022 | Chinook Therapeutics, Inc.* | 97,292 | ||||
| 29,368 | Coherus Biosciences, Inc.* | 120,115 | ||||
| 31,986 | Collegium Pharmaceutical, Inc.* | 705,931 | ||||
| 13,431 | Computer Programs and Systems, Inc.* | 320,464 | ||||
| 2,005 | CONMED Corp. | 243,206 | ||||
| 58,766 | Corcept Therapeutics, Inc.* | 1,380,413 | ||||
| 3,128 | CorVel Corp.* | 611,336 | ||||
| 27,571 | Cross Country Healthcare, Inc.* | 703,060 | ||||
| 5,340 | CryoPort, Inc.* | 98,309 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Health Care – (continued) | ||||||
| 2,773 | Cue Health, Inc.* | $ 2,112 | ||||
| 6,392 | Cytokinetics, Inc.* | 240,914 | ||||
| 7,564 | Deciphera Pharmaceuticals, Inc.* | 102,114 | ||||
| 62,616 | Dynavax Technologies Corp.* | 715,701 | ||||
| 9,765 | Eagle Pharmaceuticals, Inc.* | 202,624 | ||||
| 15,063 | Embecta Corp. | 416,793 | ||||
| 36,130 | Emergent BioSolutions, Inc.* | 308,189 | ||||
| 9,619 | Ensign Group, Inc. (The) | 852,340 | ||||
| 11,543 | Evolent Health, Inc., Class A* | 336,363 | ||||
| 49,214 | Figs, Inc., Class A* | 405,523 | ||||
| 10,141 | Fulgent Genetics, Inc.* | 403,308 | ||||
| 38,435 | Geron Corp.* | 125,682 | ||||
| 2,933 | Glaukos Corp.* | 167,240 | ||||
| 4,133 | Haemonetics Corp.* | 349,652 | ||||
| 19,533 | Halozyme Therapeutics, Inc.* | 633,455 | ||||
| 16,136 | Harmony Biosciences Holdings, Inc.* | 557,983 | ||||
| 8,711 | HealthEquity, Inc.* | 477,363 | ||||
| 9,273 | HealthStream, Inc. | 213,464 | ||||
| 7,338 | Inari Medical, Inc.* | 443,215 | ||||
| 45,957 | Innoviva, Inc.* | 619,960 | ||||
| 6,967 | Insmed, Inc.* | 132,582 | ||||
| 4,481 | Inspire Medical Systems, Inc.* | 1,310,648 | ||||
| 6,649 | Integer Holdings Corp.* | 544,287 | ||||
| 3,894 | Intellia Therapeutics, Inc.* | 145,090 | ||||
| 6,682 | Intra-Cellular Therapies, Inc.* | 396,777 | ||||
| 1,455 | iRadimed Corp. | 68,429 | ||||
| 6,386 | iRhythm Technologies, Inc.* | 729,728 | ||||
| 61,553 | Ironwood Pharmaceuticals, Inc.* | 669,697 | ||||
| 22,154 | iTeos Therapeutics, Inc.* | 360,667 | ||||
| 9,585 | IVERIC bio, Inc.* | 361,834 | ||||
| 10,579 | Joint Corp. (The)* | 150,010 | ||||
| 2,089 | Karuna Therapeutics, Inc.* | 473,263 | ||||
| 69,365 | Karyopharm Therapeutics, Inc.* | 156,765 | ||||
| 1,275 | Krystal Biotech, Inc.* | 150,259 | ||||
| 11,039 | Lantheus Holdings, Inc.* | 955,867 | ||||
| 9,037 | LeMaitre Vascular, Inc. | 567,885 | ||||
| 5,744 | Ligand Pharmaceuticals, Inc.* | 402,540 | ||||
| 6,745 | LivaNova PLC* | 298,669 | ||||
| 398 | Madrigal Pharmaceuticals, Inc.* | 110,807 | ||||
| 24,238 | MannKind Corp.* | 112,464 | ||||
| 6,633 | Medpace Holdings, Inc.* | 1,372,832 | ||||
| 7,778 | Merit Medical Systems, Inc.* | 640,907 | ||||
| 877 | Mesa Laboratories, Inc. | 113,563 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Health Care – (continued) | ||||||
| 88,509 | MiMedx Group, Inc.* | $ 518,663 | ||||
| 2,982 | ModivCare, Inc.* | 133,981 | ||||
| 133,314 | Multiplan Corp.* | 185,306 | ||||
| 36,785 | Myriad Genetics, Inc.* | 811,477 | ||||
| 5,200 | National HealthCare Corp. | 315,640 | ||||
| 8,152 | National Research Corp. | 366,025 | ||||
| 8,352 | Neogen Corp.* | 146,076 | ||||
| 11,870 | NeoGenomics, Inc.* | 203,927 | ||||
| 6,147 | Nevro Corp.* | 169,411 | ||||
| 36,288 | NextGen Healthcare, Inc.* | 565,004 | ||||
| 11,792 | NuVasive, Inc.* | 449,983 | ||||
| 1,368 | OmniAb, Inc. 12.5 Earnout*(b) | — | ||||
| 1,368 | OmniAb, Inc. 15.00 Earnout*(b) | — | ||||
| 6,624 | Omnicell, Inc.* | 486,334 | ||||
| 138,707 | OPKO Health, Inc.* | 192,803 | ||||
| 22,529 | Option Care Health, Inc.* | 620,674 | ||||
| 65,892 | Organogenesis Holdings, Inc.* | 239,188 | ||||
| 16,639 | Orthofix Medical, Inc.* | 310,983 | ||||
| 19,793 | Owens & Minor, Inc.* | 401,996 | ||||
| 10,434 | Pacira BioSciences, Inc.* | 396,805 | ||||
| 20,865 | Patterson Cos., Inc. | 546,454 | ||||
| 17,426 | Pediatrix Medical Group, Inc.* | 231,766 | ||||
| 15,482 | PetIQ, Inc.* | 197,086 | ||||
| 19,204 | Phibro Animal Health Corp., Class A | 255,413 | ||||
| 2,593 | Phreesia, Inc.* | 77,842 | ||||
| 16,412 | Prestige Consumer Healthcare, Inc.* | 939,259 | ||||
| 5,779 | Progyny, Inc.* | 215,268 | ||||
| 3,385 | Prometheus Biosciences, Inc.* | 672,600 | ||||
| 3,349 | Prothena Corp. PLC (Ireland) * | 222,474 | ||||
| 12,650 | PTC Therapeutics, Inc.* | 530,921 | ||||
| 9,422 | RadNet, Inc.* | 272,673 | ||||
| 2,555 | Reata Pharmaceuticals, Inc., Class A* | 230,078 | ||||
| 11,932 | REGENXBIO, Inc.* | 205,588 | ||||
| 5,411 | Revance Therapeutics, Inc.* | 165,360 | ||||
| 3,843 | REVOLUTION Medicines, Inc.* | 95,806 | ||||
| 2,240 | Sage Therapeutics, Inc.* | 110,880 | ||||
| 14,856 | Select Medical Holdings Corp. | 406,609 | ||||
| 5,472 | Shockwave Medical, Inc.* | 1,505,292 | ||||
| 10,613 | SI-BONE, Inc.* | 267,235 | ||||
| 45,563 | SIGA Technologies, Inc. | 255,608 | ||||
| 6,600 | Silk Road Medical, Inc.* | 199,254 | ||||
| 9,300 | STAAR Surgical Co.* | 539,586 | ||||
| 33,258 | Supernus Pharmaceuticals, Inc.* | 1,102,170 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Health Care – (continued) | ||||||
| 6,438 | Surgery Partners, Inc.* | $ 241,296 | ||||
| 6,566 | Surmodics, Inc.* | 120,355 | ||||
| 7,969 | Syndax Pharmaceuticals, Inc.* | 159,141 | ||||
| 18,262 | Tactile Systems Technology, Inc.* | 383,867 | ||||
| 1,536 | TransMedics Group, Inc.* | 111,606 | ||||
| 18,645 | Travere Therapeutics, Inc.* | 333,559 | ||||
| 4,476 | UFP Technologies, Inc.* | 692,124 | ||||
| 2,616 | US Physical Therapy, Inc. | 267,224 | ||||
| 52,268 | Vanda Pharmaceuticals, Inc.* | 310,995 | ||||
| 14,226 | Varex Imaging Corp.* | 313,541 | ||||
| 4,273 | Vaxcyte, Inc.* | 211,599 | ||||
| 8,062 | Veracyte, Inc.* | 208,645 | ||||
| 37,068 | Veradigm, Inc.* | 436,661 | ||||
| 23,270 | Vericel Corp.* | 747,432 | ||||
| 36,484 | Vir Biotechnology, Inc.* | 973,028 | ||||
| 11,098 | Xencor, Inc.* | 300,756 | ||||
| 2,455 | Zimvie, Inc.* | 24,501 | ||||
| 20,852 | Zynex, Inc.*(a) | 195,592 | ||||
|
| ||||||
| 54,538,215 | ||||||
|
|
| |||||
| Industrials – 18.3% | ||||||
| 6,391 | AAON, Inc. | 553,525 | ||||
| 8,964 | AAR Corp.* | 449,186 | ||||
| 12,258 | ABM Industries, Inc. | 541,313 | ||||
| 27,449 | ACCO Brands Corp. | 132,853 | ||||
| 14,801 | ACV Auctions, Inc., Class A* | 252,209 | ||||
| 7,193 | Aerojet Rocketdyne Holdings, Inc.* | 391,875 | ||||
| 1,549 | AeroVironment, Inc.* | 144,692 | ||||
| 7,417 | Air Transport Services Group, Inc.* | 123,864 | ||||
| 3,085 | Alamo Group, Inc. | 513,529 | ||||
| 4,223 | Albany International Corp., Class A | 358,617 | ||||
| 36,833 | Alight, Inc., Class A* | 311,607 | ||||
| 1,756 | Allegiant Travel Co.* | 171,192 | ||||
| 10,577 | Allied Motion Technologies, Inc. | 358,878 | ||||
| 2,384 | Ameresco, Inc., Class A* | 102,703 | ||||
| 4,114 | American Woodmark Corp.* | 244,783 | ||||
| 25,664 | API Group Corp.* | 580,006 | ||||
| 10,188 | Apogee Enterprises, Inc. | 376,039 | ||||
| 12,057 | Applied Industrial Technologies, Inc. | 1,482,529 | ||||
| 6,438 | ArcBest Corp. | 539,376 | ||||
| 9,345 | Arcosa, Inc. | 613,593 | ||||
| 3,278 | Argan, Inc. | 132,595 | ||||
| 6,784 | Array Technologies, Inc.* | 150,401 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Industrials – (continued) | ||||||
| 12,037 | ASGN, Inc.* | $ 787,581 | ||||
| 7,084 | Astec Industries, Inc. | 261,116 | ||||
| 13,718 | Atkore, Inc.* | 1,601,851 | ||||
| 5,017 | AZZ, Inc. | 175,144 | ||||
| 22,109 | Babcock & Wilcox Enterprises, Inc.* | 106,123 | ||||
| 7,188 | Barnes Group, Inc. | 282,848 | ||||
| 2,555 | Barrett Business Services, Inc. | 214,620 | ||||
| 12,734 | Beacon Roofing Supply, Inc.* | 814,212 | ||||
| 8,563 | Bloom Energy Corp., Class A* | 117,484 | ||||
| 6,056 | Blue Bird Corp.* | 153,580 | ||||
| 8,474 | BlueLinx Holdings, Inc.* | 696,732 | ||||
| 18,274 | Boise Cascade Co. | 1,312,439 | ||||
| 13,930 | Brady Corp., Class A | 664,182 | ||||
| 5,006 | Brink’s Co. (The) | 333,049 | ||||
| 9,258 | Caesarstone Ltd. | 42,957 | ||||
| 5,262 | Casella Waste Systems, Inc., Class A* | 474,422 | ||||
| 12,392 | CBIZ, Inc.* | 624,805 | ||||
| 3,869 | Chart Industries, Inc.* | 424,545 | ||||
| 9,240 | Cimpress PLC (Ireland)* | 441,487 | ||||
| 5,511 | CIRCOR International, Inc.* | 159,709 | ||||
| 8,188 | Columbus McKinnon Corp. | 298,698 | ||||
| 9,936 | Comfort Systems USA, Inc. | 1,470,329 | ||||
| 85,045 | Conduent, Inc.* | 257,686 | ||||
| 34,057 | CoreCivic, Inc.* | 293,571 | ||||
| 14,565 | Costamare, Inc. (Monaco) | 112,442 | ||||
| 3,930 | Covenant Logistics Group, Inc. | 150,008 | ||||
| 3,833 | CRA International, Inc. | 355,204 | ||||
| 11,908 | CSG Systems International, Inc. | 571,346 | ||||
| 4,279 | CSW Industrials, Inc. | 606,420 | ||||
| 168 | Daseke, Inc.* | 1,008 | ||||
| 16,323 | Deluxe Corp. | 248,436 | ||||
| 4,444 | Distribution Solutions Group, Inc.* | 200,202 | ||||
| 3,309 | Douglas Dynamics, Inc. | 93,512 | ||||
| 2,540 | Ducommun, Inc.* | 104,038 | ||||
| 14,338 | DXP Enterprises, Inc.* | 458,386 | ||||
| 3,974 | Dycom Industries, Inc.* | 403,083 | ||||
| 5,139 | Eagle Bulk Shipping, Inc.(a) | 201,860 | ||||
| 11,700 | EMCOR Group, Inc. | 1,928,628 | ||||
| 7,832 | Encore Wire Corp. | 1,281,863 | ||||
| 22,345 | Energy Recovery, Inc.* | 532,034 | ||||
| 11,498 | Enerpac Tool Group Corp. | 292,279 | ||||
| 4,459 | EnerSys | 433,727 | ||||
| 7,254 | Ennis, Inc. | 140,510 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Industrials – (continued) | ||||||
| 4,885 | EnPro Industries, Inc. | $ 493,776 | ||||
| 3,421 | ESCO Technologies, Inc. | 307,890 | ||||
| 6,633 | ExlService Holdings, Inc.* | 1,001,185 | ||||
| 4,431 | Exponent, Inc. | 404,639 | ||||
| 8,629 | Federal Signal Corp. | 457,251 | ||||
| 10,256 | First Advantage Corp.* | 138,559 | ||||
| 19,068 | Fluor Corp.* | 506,446 | ||||
| 6,033 | Forrester Research, Inc.* | 173,147 | ||||
| 10,275 | Forward Air Corp. | 999,449 | ||||
| 11,765 | Franklin Covey Co.* | 434,364 | ||||
| 11,641 | Franklin Electric Co., Inc. | 1,058,865 | ||||
| 3,472 | GATX Corp. | 412,856 | ||||
| 12,407 | Genco Shipping & Trading Ltd. | 153,971 | ||||
| 49,223 | GEO Group, Inc. (The)* | 367,204 | ||||
| 5,708 | Gibraltar Industries, Inc.* | 298,528 | ||||
| 12,148 | Global Industrial Co. | 302,242 | ||||
| 23,192 | GMS, Inc.* | 1,468,749 | ||||
| 11,903 | Golden Ocean Group Ltd. (Norway)(a) | 84,035 | ||||
| 3,879 | Gorman-Rupp Co. (The) | 92,824 | ||||
| 78,039 | GrafTech International Ltd. | 334,787 | ||||
| 4,731 | Granite Construction, Inc. | 171,215 | ||||
| 16,527 | Great Lakes Dredge & Dock Corp.* | 104,781 | ||||
| 3,407 | Greenbrier Cos., Inc. (The) | 92,568 | ||||
| 11,665 | Griffon Corp. | 367,681 | ||||
| 6,951 | H&E Equipment Services, Inc. | 249,958 | ||||
| 7,331 | Heartland Express, Inc. | 114,364 | ||||
| 5,281 | Heidrick & Struggles International, Inc. | 128,064 | ||||
| 3,353 | Helios Technologies, Inc. | 165,806 | ||||
| 3,537 | Herc Holdings, Inc. | 358,723 | ||||
| 6,737 | Heritage-Crystal Clean, Inc.* | 223,399 | ||||
| 13,996 | Hillenbrand, Inc. | 671,388 | ||||
| 16,924 | HNI Corp. | 431,562 | ||||
| 11,910 | Hub Group, Inc., Class A* | 876,100 | ||||
| 37,998 | Hudson Technologies, Inc.* | 332,103 | ||||
| 5,872 | Huron Consulting Group, Inc.* | 477,276 | ||||
| 5,130 | ICF International, Inc. | 574,509 | ||||
| 8,177 | IES Holdings, Inc.* | 387,753 | ||||
| 8,858 | Insperity, Inc. | 980,758 | ||||
| 6,838 | Insteel Industries, Inc. | 204,661 | ||||
| 22,966 | Interface, Inc. | 159,154 | ||||
| 11,519 | JELD-WEN Holding, Inc.* | 150,784 | ||||
| 34,585 | Joby Aviation, Inc.*(a) | 194,368 | ||||
| 5,001 | John Bean Technologies Corp. | 533,157 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Industrials – (continued) | ||||||
| 4,325 | Kadant, Inc. | $ 820,539 | ||||
| 5,246 | Kaman Corp. | 109,012 | ||||
| 16,471 | Kelly Services, Inc., Class A | 287,913 | ||||
| 10,252 | Kennametal, Inc. | 255,480 | ||||
| 14,649 | Kforce, Inc. | 843,636 | ||||
| 31,657 | Kimball International, Inc., Class B | 389,381 | ||||
| 10,328 | Korn Ferry | 485,416 | ||||
| 34,318 | Legalzoom.com, Inc.* | 384,018 | ||||
| 16,653 | Li-Cycle Holdings Corp. (Canada)*(a) | 78,602 | ||||
| 2,014 | Lindsay Corp. | 237,249 | ||||
| 11,538 | Manitowoc Co., Inc. (The)* | 165,570 | ||||
| 7,631 | Marten Transport Ltd. | 161,396 | ||||
| 4,818 | Masonite International Corp.* | 424,321 | ||||
| 11,861 | Matson, Inc. | 810,462 | ||||
| 6,979 | Matthews International Corp., Class A | 268,692 | ||||
| 11,415 | Maximus, Inc. | 924,158 | ||||
| 2,526 | McGrath RentCorp | 224,334 | ||||
| 2,760 | Miller Industries, Inc. | 90,694 | ||||
| 13,068 | MillerKnoll, Inc. | 177,071 | ||||
| 5,683 | Moog, Inc., Class A | 552,444 | ||||
| 27,765 | MRC Global, Inc.* | 241,278 | ||||
| 17,255 | Mueller Industries, Inc. | 1,281,356 | ||||
| 20,973 | Mueller Water Products, Inc., Class A | 287,330 | ||||
| 5,574 | MYR Group, Inc.* | 710,685 | ||||
| 364 | National Presto Industries, Inc. | 27,133 | ||||
| 5,435 | Northwest Pipe Co.* | 144,354 | ||||
| 65,074 | NOW, Inc.* | 578,508 | ||||
| 6,858 | NV5 Global, Inc.* | 621,472 | ||||
| 2,920 | Omega Flex, Inc. | 304,176 | ||||
| 3,748 | PAM Transportation Services, Inc.* | 98,048 | ||||
| 10,673 | Parsons Corp.* | 476,976 | ||||
| 20,673 | PGT Innovations, Inc.* | 514,138 | ||||
| 5,353 | Powell Industries, Inc. | 307,798 | ||||
| 2,354 | Preformed Line Products Co. | 361,833 | ||||
| 12,211 | Primoris Services Corp. | 327,255 | ||||
| 6,547 | Proto Labs, Inc.* | 201,386 | ||||
| 14,972 | Quanex Building Products Corp. | 314,562 | ||||
| 35,681 | Radiant Logistics, Inc.* | 223,006 | ||||
| 2,715 | RBC Bearings, Inc.* | 538,357 | ||||
| 2,674 | Red Violet, Inc.* | 52,731 | ||||
| 26,540 | Resideo Technologies, Inc.* | 425,436 | ||||
| 29,066 | Resources Connection, Inc. | 444,129 | ||||
| 15,655 | REV Group, Inc. | 158,742 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Industrials – (continued) | ||||||
| 13,596 | Rush Enterprises, Inc., Class A | $ 710,663 | ||||
| 6,260 | Rush Enterprises, Inc., Class B | 364,269 | ||||
| 45,240 | Safe Bulkers, Inc. (Greece) | 143,411 | ||||
| 3,626 | Saia, Inc.* | 1,030,364 | ||||
| 5,497 | Shoals Technologies Group, Inc., Class A* | 129,125 | ||||
| 13,411 | Shyft Group, Inc. (The) | 315,293 | ||||
| 11,148 | Simpson Manufacturing Co., Inc. | 1,317,582 | ||||
| 7,370 | SP Plus Corp.* | 268,342 | ||||
| 6,349 | Spirit Airlines, Inc. | 96,568 | ||||
| 6,499 | SPX Technologies, Inc.* | 496,264 | ||||
| 2,358 | Standex International Corp. | 321,136 | ||||
| 32,630 | Steelcase, Inc., Class A | 211,769 | ||||
| 7,978 | Sterling Infrastructure, Inc.* | 367,546 | ||||
| 7,725 | Tennant Co. | 564,698 | ||||
| 12,147 | Terex Corp. | 563,256 | ||||
| 9,360 | Textainer Group Holdings Ltd. (China) | 331,999 | ||||
| 14,983 | Titan International, Inc.* | 148,182 | ||||
| 14,283 | Titan Machinery, Inc.* | 360,646 | ||||
| 6,704 | Transcat, Inc.* | 566,689 | ||||
| 6,229 | TriNet Group, Inc.* | 553,571 | ||||
| 6,041 | Trinity Industries, Inc. | 127,767 | ||||
| 8,217 | Triton International Ltd. (Bermuda) | 679,053 | ||||
| 25,053 | TrueBlue, Inc.* | 414,377 | ||||
| 4,941 | TTEC Holdings, Inc. | 156,729 | ||||
| 16,859 | Tutor Perini Corp.* | 91,039 | ||||
| 16,231 | UFP Industries, Inc. | 1,267,641 | ||||
| 2,814 | UniFirst Corp. | 481,504 | ||||
| 17,575 | Upwork, Inc.* | 144,115 | ||||
| 6,766 | V2X, Inc.* | 279,098 | ||||
| 9,804 | Veritiv Corp. | 1,035,204 | ||||
| 20,791 | Verra Mobility Corp.* | 366,545 | ||||
| 7,131 | Vicor Corp.* | 394,701 | ||||
| 10,015 | View, Inc.* | 1,561 | ||||
| 12,055 | Wabash National Corp. | 282,690 | ||||
| 7,576 | Watts Water Technologies, Inc., Class A | 1,200,417 | ||||
| 9,152 | Werner Enterprises, Inc. | 401,956 | ||||
| 8,139 | Willdan Group, Inc.* | 135,596 | ||||
| 10,097 | Zurn Elkay Water Solutions Corp. | 227,283 | ||||
|
| ||||||
| 78,970,146 | ||||||
|
|
| |||||
| Information Technology – 12.9% | ||||||
| 70,748 | 8x8, Inc.* | 288,652 | ||||
| 44,775 | A10 Networks, Inc. | 666,700 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Information Technology – (continued) | ||||||
| 19,012 | ACI Worldwide, Inc.* | $ 433,664 | ||||
| 33,387 | Adeia, Inc. | 327,526 | ||||
| 10,860 | ADTRAN Holdings, Inc. | 96,763 | ||||
| 6,838 | Advanced Energy Industries, Inc. | 671,150 | ||||
| 8,533 | Agilysys, Inc.* | 634,343 | ||||
| 9,851 | Alarm.com Holdings, Inc.* | 494,717 | ||||
| 10,163 | Alpha & Omega Semiconductor Ltd.* | 281,413 | ||||
| 9,733 | Altair Engineering, Inc., Class A* | 713,721 | ||||
| 5,286 | Ambarella, Inc.* | 382,284 | ||||
| 11,884 | American Software, Inc., Class A | 151,283 | ||||
| 30,357 | Amkor Technology, Inc. | 752,246 | ||||
| 5,111 | Appfolio, Inc., Class A* | 731,640 | ||||
| 8,502 | Appian Corp., Class A* | 364,141 | ||||
| 9,894 | Asana, Inc., Class A* | 236,269 | ||||
| 25,627 | Avid Technology, Inc.* | 615,048 | ||||
| 9,565 | Axcelis Technologies, Inc.* | 1,506,966 | ||||
| 7,894 | Badger Meter, Inc. | 1,088,346 | ||||
| 6,854 | Belden, Inc. | 599,656 | ||||
| 10,927 | Benchmark Electronics, Inc. | 257,986 | ||||
| 10,161 | BigCommerce Holdings, Inc.Series 1* | 80,983 | ||||
| 7,792 | Blackbaud, Inc.* | 571,621 | ||||
| 2,354 | BlackLine, Inc.* | 122,573 | ||||
| 31,335 | Box, Inc., Class A* | 882,707 | ||||
| 37,253 | Brightcove, Inc.* | 155,718 | ||||
| 13,805 | Calix, Inc.* | 643,451 | ||||
| 8,433 | Cambium Networks Corp.* | 132,229 | ||||
| 33,305 | Casa Systems, Inc.* | 34,970 | ||||
| 5,853 | Cerence, Inc.* | 166,928 | ||||
| 5,603 | CEVA, Inc.* | 140,187 | ||||
| 6,372 | Clearfield, Inc.* | 249,209 | ||||
| 13,114 | Cohu, Inc.* | 502,791 | ||||
| 12,854 | CommVault Systems, Inc.* | 895,795 | ||||
| 9,249 | Comtech Telecommunications Corp. | 106,178 | ||||
| 5,339 | Consensus Cloud Solutions, Inc.* | 194,607 | ||||
| 6,693 | Corsair Gaming, Inc.* | 131,986 | ||||
| 7,736 | Couchbase, Inc.* | 158,743 | ||||
| 6,516 | CTS Corp. | 297,586 | ||||
| 24,102 | Cvent Holding Corp.*(a) | 204,626 | ||||
| 11,570 | Digi International, Inc.* | 415,941 | ||||
| 12,703 | Digital Turbine, Inc.* | 116,105 | ||||
| 13,212 | Diodes, Inc.* | 1,186,966 | ||||
| 20,691 | Domo, Inc., Class B* | 278,294 | ||||
| 14,139 | Ebix, Inc. | 281,649 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Information Technology – (continued) | ||||||
| 9,658 | Edgio, Inc.* | $ 4,976 | ||||
| 18,792 | eGain Corp.* | 136,242 | ||||
| 5,997 | Envestnet, Inc.* | 313,823 | ||||
| 8,363 | ePlus, Inc.* | 413,049 | ||||
| 58,916 | Extreme Networks, Inc.* | 1,213,670 | ||||
| 6,199 | Fabrinet (Thailand) * | 701,851 | ||||
| 5,484 | FARO Technologies, Inc.* | 82,754 | ||||
| 19,098 | FormFactor, Inc.* | 597,576 | ||||
| 11,063 | Grid Dynamics Holdings, Inc.* | 106,205 | ||||
| 21,554 | Hackett Group, Inc. (The) | 417,932 | ||||
| 24,814 | Harmonic, Inc.* | 436,975 | ||||
| 12,171 | Identiv, Inc.* | 88,483 | ||||
| 6,400 | Impinj, Inc.* | 654,976 | ||||
| 24,724 | Infinera Corp.* | 121,148 | ||||
| 33,461 | Information Services Group, Inc. | 170,651 | ||||
| 32,843 | Inseego Corp.* | 35,142 | ||||
| 8,244 | Insight Enterprises, Inc.* | 1,114,754 | ||||
| 3,974 | InterDigital, Inc. | 330,001 | ||||
| 4,751 | Itron, Inc.* | 321,785 | ||||
| 9,875 | Kimball Electronics, Inc.* | 244,900 | ||||
| 22,789 | Knowles Corp.* | 409,746 | ||||
| 15,948 | Kulicke & Soffa Industries, Inc. (Singapore) | 843,330 | ||||
| 11,628 | LiveRamp Holdings, Inc.* | 283,025 | ||||
| 6,242 | MACOM Technology Solutions Holdings, Inc.* | 373,459 | ||||
| 18,010 | MaxLinear, Inc.* | 526,072 | ||||
| 9,640 | Methode Electronics, Inc. | 415,002 | ||||
| 20,378 | Mitek Systems, Inc.* | 212,339 | ||||
| 11,050 | Model N, Inc.* | 352,716 | ||||
| 18,187 | Momentive Global, Inc.* | 171,867 | ||||
| 21,745 | Napco Security Technologies, Inc. | 808,697 | ||||
| 9,551 | NETGEAR, Inc.* | 134,001 | ||||
| 17,714 | NetScout Systems, Inc.* | 540,631 | ||||
| 5,756 | Novanta, Inc.* | 953,194 | ||||
| 14,510 | OneSpan, Inc.* | 219,681 | ||||
| 11,840 | Onto Innovation, Inc.* | 1,271,024 | ||||
| 3,806 | OSI Systems, Inc.* | 452,952 | ||||
| 4,625 | PagerDuty, Inc.* | 125,846 | ||||
| 10,577 | PC Connection, Inc. | 475,648 | ||||
| 5,584 | PDF Solutions, Inc.* | 235,924 | ||||
| 8,516 | Perficient, Inc.* | 651,218 | ||||
| 26,498 | Photronics, Inc.* | 562,553 | ||||
| 5,600 | Plexus Corp.* | 507,808 | ||||
| 10,752 | Power Integrations, Inc. | 928,973 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Information Technology – (continued) | ||||||
| 12,370 | Progress Software Corp. | $ 742,200 | ||||
| 5,487 | PROS Holdings, Inc.* | 166,366 | ||||
| 4,152 | Q2 Holdings, Inc.* | 120,906 | ||||
| 6,805 | Qualys, Inc.* | 859,199 | ||||
| 55,714 | Rackspace Technology, Inc.* | 86,914 | ||||
| 23,920 | Rambus, Inc.* | 1,529,923 | ||||
| 8,065 | Rapid7, Inc.* | 384,862 | ||||
| 43,798 | Ribbon Communications, Inc.* | 121,758 | ||||
| 933 | Rogers Corp.* | 146,919 | ||||
| 14,451 | Sanmina Corp.* | 766,481 | ||||
| 9,084 | Sapiens International Corp. NV (Israel) | 225,647 | ||||
| 8,767 | ScanSource, Inc.* | 252,139 | ||||
| 6,117 | SecureWorks Corp., Class A* | 49,364 | ||||
| 12,964 | Semtech Corp.* | 281,837 | ||||
| 3,669 | Silicon Laboratories, Inc.* | 516,118 | ||||
| 926 | SiTime Corp.* | 91,831 | ||||
| 17,753 | SMART Global Holdings, Inc.* | 400,863 | ||||
| 5,190 | SoundThinking, Inc.* | 132,293 | ||||
| 7,213 | Sprout Social, Inc., Class A* | 312,395 | ||||
| 7,943 | SPS Commerce, Inc.* | 1,237,519 | ||||
| 10,223 | Squarespace, Inc., Class A* | 300,454 | ||||
| 7,375 | Super Micro Computer, Inc.* | 1,651,631 | ||||
| 8,766 | Synaptics, Inc.* | 754,227 | ||||
| 12,907 | Tenable Holdings, Inc.* | 529,058 | ||||
| 30,085 | TTM Technologies, Inc.* | 412,164 | ||||
| 8,885 | Turtle Beach Corp.* | 101,111 | ||||
| 12,012 | Ultra Clean Holdings, Inc.* | 411,771 | ||||
| 31,263 | Unisys Corp.* | 122,864 | ||||
| 20,320 | Upland Software, Inc.* | 57,099 | ||||
| 14,569 | Varonis Systems, Inc.* | 382,873 | ||||
| 10,401 | Veeco Instruments, Inc.* | 253,888 | ||||
| 12,903 | Verint Systems, Inc.* | 462,960 | ||||
| 3,195 | Veritone, Inc.*(a) | 12,588 | ||||
| 38,278 | Viavi Solutions, Inc.* | 376,656 | ||||
| 27,346 | Vishay Intertechnology, Inc. | 704,980 | ||||
| 7,877 | Vishay Precision Group, Inc.* | 275,065 | ||||
| 7,667 | Workiva, Inc.* | 742,626 | ||||
| 24,069 | Xerox Holdings Corp. | 338,651 | ||||
| 8,930 | Xperi, Inc.* | 105,642 | ||||
| 36,201 | Yext, Inc.* | 332,687 | ||||
| 29,314 | Zeta Global Holdings Corp., Class A* | 264,412 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Information Technology – (continued) | ||||||
| 23,764 | Zuora, Inc., Class A* | $ 256,414 | ||||
|
| ||||||
| 55,484,311 | ||||||
|
|
| |||||
| Materials – 4.3% | ||||||
| 9,035 | AdvanSix, Inc. | 297,251 | ||||
| 6,377 | Alpha Metallurgical Resources, Inc. | 860,704 | ||||
| 22,540 | Alto Ingredients, Inc.* | 45,305 | ||||
| 18,965 | American Vanguard Corp. | 323,543 | ||||
| 9,537 | Arconic Corp.* | 275,715 | ||||
| 10,441 | ATI, Inc.* | 361,050 | ||||
| 15,431 | Avient Corp. | 563,231 | ||||
| 3,468 | Balchem Corp. | 428,749 | ||||
| 8,857 | Cabot Corp. | 606,527 | ||||
| 7,455 | Carpenter Technology Corp. | 340,022 | ||||
| 5,110 | Chase Corp. | 600,936 | ||||
| 5,980 | Clearwater Paper Corp.* | 181,732 | ||||
| 27,243 | Commercial Metals Co. | 1,164,638 | ||||
| 2,967 | Compass Minerals International, Inc. | 94,143 | ||||
| 18,029 | Constellium SE* | 268,632 | ||||
| 8,614 | Ecovyst, Inc.* | 86,485 | ||||
| 5,588 | Greif, Inc., Class A | 335,839 | ||||
| 2,870 | Hawkins, Inc. | 134,718 | ||||
| 8,670 | HB Fuller Co. | 545,690 | ||||
| 38,377 | Hecla Mining Co. | 204,549 | ||||
| 7,193 | Ingevity Corp.* | 339,438 | ||||
| 7,030 | Innospec, Inc. | 649,291 | ||||
| 3,859 | Intrepid Potash, Inc.* | 67,841 | ||||
| 2,716 | Kaiser Aluminum Corp. | 164,046 | ||||
| 4,989 | Koppers Holdings, Inc. | 144,481 | ||||
| 11,472 | Livent Corp.* | 264,430 | ||||
| 8,213 | LSB Industries, Inc.* | 76,381 | ||||
| 4,173 | Materion Corp. | 418,719 | ||||
| 6,452 | Mativ Holdings, Inc. | 97,167 | ||||
| 6,187 | Minerals Technologies, Inc. | 344,059 | ||||
| 32,084 | Myers Industries, Inc. | 599,971 | ||||
| 20,791 | Novagold Resources, Inc. (Canada)* | 107,074 | ||||
| 22,776 | O-I Glass, Inc.* | 471,919 | ||||
| 8,938 | Olympic Steel, Inc. | 373,787 | ||||
| 24,020 | Orion Engineered Carbons SA (Germany) | 557,024 | ||||
| 7,028 | Pactiv Evergreen, Inc. | 49,337 | ||||
| 2,143 | Perimeter Solutions SA* | 11,615 | ||||
| 1,779 | Piedmont Lithium, Inc.* | 97,436 | ||||
| 1,170 | Quaker Chemical Corp. | 222,078 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Materials – (continued) | ||||||
| 21,109 | Ramaco Resources, Inc. | $ 156,418 | ||||
| 37,172 | Rayonier Advanced Materials, Inc.* | 126,385 | ||||
| 18,457 | Ryerson Holding Corp. | 627,353 | ||||
| 14,317 | Schnitzer Steel Industries, Inc., Class A | 393,861 | ||||
| 8,073 | Sensient Technologies Corp. | 581,498 | ||||
| 3,843 | Stepan Co. | 353,364 | ||||
| 15,380 | Summit Materials, Inc., Class A* | 486,469 | ||||
| 39,040 | SunCoke Energy, Inc. | 265,082 | ||||
| 4,438 | Sylvamo Corp. | 174,946 | ||||
| 20,167 | TimkenSteel Corp.* | 343,444 | ||||
| 11,450 | Tredegar Corp. | 80,493 | ||||
| 9,550 | TriMas Corp. | 241,710 | ||||
| 100 | Trinseo PLC | 1,242 | ||||
| 22,628 | Tronox Holdings PLC | 240,762 | ||||
| 1,910 | United States Lime & Minerals, Inc. | 346,512 | ||||
| 23,536 | Warrior Met Coal, Inc. | 771,510 | ||||
| 6,886 | Worthington Industries, Inc. | 386,511 | ||||
|
| ||||||
| 18,353,113 | ||||||
|
|
| |||||
| Real Estate – 6.2% | ||||||
| 15,343 | Acadia Realty Trust REIT | 197,464 | ||||
| 8,496 | Agree Realty Corp. REIT | 547,907 | ||||
| 24,540 | Alexander & Baldwin, Inc. REIT | 449,573 | ||||
| 542 | Alexander’s, Inc. REIT | 88,975 | ||||
| 8,253 | American Assets Trust, Inc. REIT | 157,220 | ||||
| 68,546 | Anywhere Real Estate, Inc.* | 416,074 | ||||
| 59,537 | Apartment Investment and Management Co., Class A REIT | 482,845 | ||||
| 39,290 | Apple Hospitality REIT, Inc. REIT | 570,884 | ||||
| 10,901 | Armada Hoffler Properties, Inc. REIT | 120,347 | ||||
| 27,001 | Braemar Hotels & Resorts, Inc. REIT | 110,434 | ||||
| 27,776 | Brandywine Realty Trust REIT | 108,326 | ||||
| 21,863 | Broadstone Net Lease, Inc. REIT | 342,812 | ||||
| 8,972 | BRT Apartments Corp. REIT | 164,726 | ||||
| 16,810 | CareTrust REIT, Inc. REIT | 326,114 | ||||
| 6,338 | CBL & Associates Properties, Inc. REIT | 146,154 | ||||
| 2,612 | Centerspace REIT | 153,612 | ||||
| 16,514 | Chatham Lodging Trust REIT | 155,066 | ||||
| 14,800 | City Office REIT, Inc. REIT | 67,044 | ||||
| 6,064 | Community Healthcare Trust, Inc. REIT | 198,899 | ||||
| 258,485 | Compass, Inc., Class A* | 956,394 | ||||
| 17,547 | Corporate Office Properties Trust REIT | 400,423 | ||||
| 11,225 | CTO Realty Growth, Inc. REIT | 178,926 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Real Estate – (continued) | ||||||
| 65,820 | Cushman & Wakefield PLC* | $ 521,953 | ||||
| 31,464 | DiamondRock Hospitality Co. REIT | 246,992 | ||||
| 13,387 | DigitalBridge Group, Inc. | 166,802 | ||||
| 24,608 | Diversified Healthcare Trust REIT | 33,467 | ||||
| 41,049 | Douglas Elliman, Inc. | 119,453 | ||||
| 14,224 | Easterly Government Properties, Inc. REIT | 197,429 | ||||
| 10,500 | Elme Communities REIT | 158,655 | ||||
| 39,748 | Empire State Realty Trust, Inc., Class A REIT | 245,245 | ||||
| 10,417 | Equity Commonwealth REIT | 213,028 | ||||
| 11,606 | Essential Properties Realty Trust, Inc. REIT | 277,732 | ||||
| 64,600 | eXp World Holdings, Inc.(a) | 994,194 | ||||
| 11,320 | Farmland Partners, Inc. REIT | 128,482 | ||||
| 11,191 | Forestar Group, Inc.* | 227,513 | ||||
| 15,439 | Four Corners Property Trust, Inc. REIT | 396,782 | ||||
| 18,763 | Franklin Street Properties Corp. REIT | 27,019 | ||||
| 3,785 | FRP Holdings, Inc.* | 199,886 | ||||
| 8,588 | Getty Realty Corp. REIT | 294,311 | ||||
| 11,496 | Gladstone Commercial Corp. REIT | 134,388 | ||||
| 6,214 | Gladstone Land Corp. REIT | 98,243 | ||||
| 9,656 | Global Medical REIT, Inc. REIT | 84,200 | ||||
| 22,680 | Global Net Lease, Inc. REIT | 218,182 | ||||
| 29,575 | Hersha Hospitality Trust, Class A REIT | 171,239 | ||||
| 22,361 | Independence Realty Trust, Inc. REIT | 386,174 | ||||
| 32,565 | Industrial Logistics Properties Trust REIT | 58,943 | ||||
| 2,798 | Innovative Industrial Properties, Inc. REIT | 184,948 | ||||
| 6,896 | InvenTrust Properties Corp. REIT | 148,195 | ||||
| 18,010 | Kennedy-Wilson Holdings, Inc. | 277,894 | ||||
| 36,930 | Kite Realty Group Trust REIT | 717,919 | ||||
| 7,222 | LTC Properties, Inc. REIT | 231,898 | ||||
| 38,464 | LXP Industrial Trust REIT | 397,718 | ||||
| 28,081 | Macerich Co. (The) REIT | 270,701 | ||||
| 24,348 | Marcus & Millichap, Inc. | 714,614 | ||||
| 6,870 | National Health Investors, Inc. REIT | 357,996 | ||||
| 34,982 | Necessity Retail REIT, Inc. (The) REIT | 223,535 | ||||
| 5,485 | NETSTREIT Corp. REIT | 95,713 | ||||
| 32,306 | Newmark Group, Inc., Class A | 184,790 | ||||
| 6,038 | NexPoint Residential Trust, Inc. REIT | 247,800 | ||||
| 32,147 | Offerpad Solutions, Inc.* | 20,677 | ||||
| 17,810 | Office Properties Income Trust REIT | 128,944 | ||||
| 17,449 | Orion Office REIT, Inc. REIT | 96,842 | ||||
| 16,279 | Outfront Media, Inc. REIT | 233,115 | ||||
| 42,725 | Paramount Group, Inc. REIT | 185,426 | ||||
| 21,444 | Pebblebrook Hotel Trust REIT | 290,781 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Real Estate – (continued) | ||||||
| 9,653 | Phillips Edison & Co., Inc. REIT | $ 280,034 | ||||
| 31,592 | Physicians Realty Trust REIT | 431,547 | ||||
| 27,634 | Piedmont Office Realty Trust, Inc., Class A REIT | 172,160 | ||||
| 6,504 | Plymouth Industrial REIT, Inc. REIT | 142,503 | ||||
| 11,496 | Postal Realty Trust, Inc., Class A REIT | 168,761 | ||||
| 22,233 | PotlatchDeltic Corp. REIT | 1,034,501 | ||||
| 14,955 | RE/MAX Holdings, Inc., Class A | 279,509 | ||||
| 56,282 | Redfin Corp.* | 551,001 | ||||
| 20,282 | Retail Opportunity Investments Corp. REIT | 247,440 | ||||
| 23,077 | RLJ Lodging Trust REIT | 237,232 | ||||
| 11,181 | RMR Group, Inc. (The), Class A | 240,727 | ||||
| 24,253 | RPT Realty REIT | 226,038 | ||||
| 5,889 | Ryman Hospitality Properties, Inc. REIT | 540,198 | ||||
| 35,676 | Sabra Health Care REIT, Inc. REIT | 401,712 | ||||
| 3,141 | Safehold, Inc. REIT | 81,101 | ||||
| 2,541 | Saul Centers, Inc. REIT | 85,911 | ||||
| 36,767 | Service Properties Trust REIT | 301,857 | ||||
| 25,788 | SITE Centers Corp. REIT | 307,393 | ||||
| 5,929 | St Joe Co. (The) | 275,758 | ||||
| 23,404 | STAG Industrial, Inc. REIT | 814,459 | ||||
| 3,003 | Star Holdings* | 46,547 | ||||
| 36,274 | Summit Hotel Properties, Inc. REIT | 237,595 | ||||
| 31,592 | Sunstone Hotel Investors, Inc. REIT | 311,813 | ||||
| 22,053 | Tanger Factory Outlet Centers, Inc. REIT | 449,220 | ||||
| 10,250 | Terreno Realty Corp. REIT | 628,633 | ||||
| 11,049 | UMH Properties, Inc. REIT | 168,055 | ||||
| 43,948 | Uniti Group, Inc. REIT | 163,487 | ||||
| 3,027 | Universal Health Realty Income Trust REIT | 132,219 | ||||
| 12,395 | Urban Edge Properties REIT | 165,225 | ||||
| 467 | Urstadt Biddle Properties, Inc., Class A REIT | 9,036 | ||||
| 19,937 | Veris Residential, Inc. REIT* | 322,182 | ||||
| 21,848 | Whitestone REIT | 191,825 | ||||
| 16,482 | Xenia Hotels & Resorts, Inc. REIT | 192,015 | ||||
|
| ||||||
| 26,787,731 | ||||||
|
|
| |||||
| Utilities – 3.8% | ||||||
| 11,489 | ALLETE, Inc. | 684,400 | ||||
| 11,014 | American States Water Co. | 978,263 | ||||
| 13,645 | Avista Corp. | 564,221 | ||||
| 12,321 | Black Hills Corp. | 750,965 | ||||
| 22,948 | Brookfield Infrastructure Corp., Class A (Canada)(a) | 1,057,903 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Utilities – (continued) | ||||||
| 8,982 | California Water Service Group | $ 511,166 | ||||
| 4,592 | Chesapeake Utilities Corp. | 586,398 | ||||
| 27,424 | Clearway Energy, Inc., Class A | 753,612 | ||||
| 30,977 | Clearway Energy, Inc., Class C | 889,969 | ||||
| 7,417 | MGE Energy, Inc. | 532,244 | ||||
| 3,106 | Middlesex Water Co. | 252,704 | ||||
| 41,178 | Montauk Renewables, Inc.* | 285,775 | ||||
| 16,653 | New Jersey Resources Corp. | 806,838 | ||||
| 5,458 | Northwest Natural Holding Co. | 233,057 | ||||
| 10,860 | NorthWestern Corp. | 614,567 | ||||
| 12,282 | ONE Gas, Inc. | 994,105 | ||||
| 10,228 | Ormat Technologies, Inc. | 870,403 | ||||
| 13,237 | Otter Tail Corp. | 982,318 | ||||
| 17,636 | PNM Resources, Inc. | 809,845 | ||||
| 19,545 | Portland General Electric Co. | 952,428 | ||||
| 18,335 | Pure Cycle Corp.* | 178,216 | ||||
| 5,333 | SJW Group | 408,134 | ||||
| 11,322 | Southwest Gas Holdings, Inc. | 662,677 | ||||
| 9,288 | Spire, Inc. | 599,726 | ||||
| 6,669 | Sunnova Energy International, Inc.*(a) | 117,775 | ||||
| 5,181 | Unitil Corp. | 272,987 | ||||
| 47 | Via Renewables, Inc. | 494 | ||||
| 4,936 | York Water Co. (The) | 209,336 | ||||
|
| ||||||
| 16,560,526 | ||||||
|
|
| |||||
| Units | Description | Value | ||||
| Rights – 0.0% | ||||||
| Health Care – 0.0% |
||||||
| 45,824 | Radius Health, Inc.*(b) | $ 3,666 | ||||
|
|
| |||||
| Industrials – 0.0% |
||||||
| 4,360 | Distribution Solutions Group Inc* | 0 | ||||
|
|
| |||||
| Materials – 0.0% |
||||||
| 15,501 | Resolute Forest Products*(b) | 22,011 | ||||
|
|
| |||||
| |
TOTAL RIGHTS (Cost $0) |
$ 25,677 | ||||
|
|
| |||||
| |
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $456,981,245) |
$426,076,161 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Dividend Rate |
Value | ||||||
| Securities Lending Reinvestment Vehicle – 0.9%(c) | ||||||||
| |
Goldman Sachs Financial Square Government Fund –
Institutional | |||||||
| 3,875,402 | 5.003% | $ 3,875,402 | ||||||
| (Cost $3,875,402) | ||||||||
|
|
| |||||||
| |
TOTAL INVESTMENTS – 99.9% (Cost $460,856,647) |
$429,951,563 | ||||||
|
|
| |||||||
| |
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1% |
382,477 | ||||||
|
|
| |||||||
| NET ASSETS – 100.0% | $430,334,040 | |||||||
|
|
| |||||||
| 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 | |
|
| ||
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION
FUTURES CONTRACTS — At May 31, 2023, the Fund had the following futures contracts:
| Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||
|
|
||||||||||||
| Long position contracts: |
||||||||||||
| E-Mini Russell 2000 Index |
42 | 06/16/23 | $ | 3,678,780 | $ | (59,751 | ) | |||||
|
|
||||||||||||
GOLDMAN SACHS ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF
Schedule of Investments
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – 99.4% | ||||||
| Australia – 2.4% |
||||||
| 44,866 | ANZ Group Holdings Ltd. (Financials) | $ 665,483 | ||||
| 636 | ASX Ltd. (Financials) | 27,753 | ||||
| 104,626 | Brambles Ltd. (Industrials) | 930,318 | ||||
| 247,474 | Coles Group Ltd. (Consumer Staples) | 2,879,548 | ||||
| 63,583 | Computershare Ltd. (Industrials) | 920,064 | ||||
| 36,024 | EBOS Group Ltd. (Health Care) | 908,549 | ||||
| 471,605 | Medibank Pvt Ltd. (Financials) | 1,089,561 | ||||
| 59,648 | National Australia Bank Ltd. (Financials) | 1,002,473 | ||||
| 30,547 | Sonic Healthcare Ltd. (Health Care) | 695,653 | ||||
| 743,893 | Telstra Group Ltd. (Communication Services) | 2,098,950 | ||||
| 76,416 | Wesfarmers Ltd. (Consumer Discretionary) | 2,357,407 | ||||
| 23,063 | Westpac Banking Corp. (Financials) | 308,654 | ||||
| 95,721 | Woolworths Group Ltd. (Consumer Staples) | 2,325,447 | ||||
|
| ||||||
| 16,209,860 | ||||||
|
|
| |||||
| Austria – 0.3% |
||||||
| 18,293 | ANDRITZ AG (Industrials) | 978,034 | ||||
| 9,249 | Vienna Insurance Group AG Wiener Versicherung Gruppe (Financials) | 239,607 | ||||
| 27,799 | Wienerberger AG (Materials) | 783,590 | ||||
|
| ||||||
| 2,001,231 | ||||||
|
|
| |||||
| Belgium – 0.3% |
||||||
| 5,605 | Ackermans & van Haaren NV (Industrials) | 916,043 | ||||
| 1,888 | Groupe Bruxelles Lambert NV (Financials) | 145,082 | ||||
| 21,625 | Warehouses De Pauw CVA REIT (Real Estate) | 604,948 | ||||
|
| ||||||
| 1,666,073 | ||||||
|
|
| |||||
| Canada – 4.3% |
||||||
| 10,008 | Atco Ltd., Class I (Utilities) | 307,242 | ||||
| 16,552 | Bank of Montreal (Financials) | 1,378,664 | ||||
| 34,848 | Bank of Nova Scotia (The) (Financials) | 1,681,000 | ||||
| 11,593 | BCE, Inc. (Communication Services) | 522,295 | ||||
| 5,819 | Brookfield Asset Management Ltd., Class A (Financials) | 177,657 | ||||
| 30,134 | Canadian Imperial Bank of Commerce (Financials) | 1,240,786 | ||||
| 13,069 | Canadian Utilities Ltd., Class A (Utilities) | 350,449 | ||||
| 28,351 | CGI, Inc. (Information Technology)* | 2,932,502 | ||||
| 5,877 | Enbridge, Inc. (Energy) | 206,622 | ||||
| 7,067 | George Weston Ltd. (Consumer Staples) | 830,176 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Canada – (continued) |
||||||
| 72,954 | Great-West Lifeco, Inc. (Financials) | $ 2,062,549 | ||||
| 25,852 | Hydro One Ltd. (Utilities)(a) | 735,830 | ||||
| 10,840 | Intact Financial Corp. (Financials) | 1,595,417 | ||||
| 31,341 | Loblaw Cos. Ltd. (Consumer Staples) | 2,736,602 | ||||
| 14,190 | Metro, Inc. (Consumer Staples) | 745,463 | ||||
| 24,258 | National Bank of Canada (Financials) | 1,736,768 | ||||
| 24,123 | Pembina Pipeline Corp. (Energy) | 729,387 | ||||
| 100,310 | Power Corp. of Canada (Financials) | 2,593,168 | ||||
| 20,156 | Quebecor, Inc., Class B (Communication Services) | 479,989 | ||||
| 21,021 | Royal Bank of Canada (Financials) | 1,877,864 | ||||
| 32,674 | Sun Life Financial, Inc. (Financials) | 1,580,457 | ||||
| 3,787 | TELUS Corp. (Communication Services) | 71,656 | ||||
| 10,233 | Thomson Reuters Corp. (Industrials) | 1,299,507 | ||||
| 25,404 | Toronto-Dominion Bank (The) (Financials) | 1,436,065 | ||||
|
| ||||||
| 29,308,115 | ||||||
|
|
| |||||
| Denmark – 0.1% |
||||||
| 15,308 | Tryg A/S (Financials) | 347,351 | ||||
|
|
| |||||
| Finland – 0.5% |
||||||
| 7,947 | Elisa OYJ (Communication Services) | 443,949 | ||||
| 26,878 | Orion OYJ, Class B (Health Care) | 1,134,437 | ||||
| 29,692 | Sampo OYJ, Class A (Financials) | 1,361,783 | ||||
| 24,824 | UPM-Kymmene OYJ (Materials) | 742,869 | ||||
|
| ||||||
| 3,683,038 | ||||||
|
|
| |||||
| France – 2.6% |
||||||
| 7,626 | Air Liquide SA (Materials) | 1,273,496 | ||||
| 82,037 | AXA SA (Financials) | 2,310,247 | ||||
| 31,637 | Bouygues SA (Industrials) | 1,010,497 | ||||
| 6,620 | Capgemini SE (Information Technology) | 1,148,975 | ||||
| 89,730 | Cie Generale des Etablissements Michelin (Consumer Discretionary) | 2,540,761 | ||||
| 9,443 | Dassault Systemes (Information Technology) | 413,862 | ||||
| 3,460 | Legrand SA (Industrials)* | 326,303 | ||||
| 5,342 | L’Oreal SA (Consumer Staples) | 2,272,348 | ||||
| 399,351 | Orange SA (Communication Services) | 4,756,459 | ||||
| 2,055 | Pernod Ricard SA (Consumer Staples) | 442,768 | ||||
| 10,268 | Thales SA (Industrials) | 1,426,358 | ||||
|
| ||||||
| 17,922,074 | ||||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Germany – 1.8% |
||||||
| 3,208 | Allianz SE (Financials) | $ 683,942 | ||||
| 12,376 | Beiersdorf AG (Consumer Staples) | 1,572,072 | ||||
| 6,804 | Deutsche Boerse AG (Financials) | 1,171,480 | ||||
| 126,210 | Deutsche Telekom AG (Communication Services) | 2,791,292 | ||||
| 75,355 | E.ON SE (Utilities) | 908,600 | ||||
| 53,578 | Evonik Industries AG (Materials)* | 1,070,706 | ||||
| 3,268 | Hannover Rueck SE (Financials) | 697,500 | ||||
| 3,872 | Henkel AG & Co. KGaA (Consumer Staples) | 277,067 | ||||
| 2,877 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials) | 1,024,435 | ||||
| 10,124 | SAP SE (Information Technology) | 1,318,713 | ||||
| 533 | Symrise AG (Materials) | 56,812 | ||||
| 11,939 | Talanx AG (Financials) | 663,774 | ||||
|
| ||||||
| 12,236,393 | ||||||
|
|
| |||||
| Hong Kong – 0.4% |
||||||
| 151,504 | CK Asset Holdings Ltd. (Real Estate) | 816,717 | ||||
| 31,974 | CLP Holdings Ltd. (Utilities) | 233,017 | ||||
| 118,274 | Link REIT (Real Estate) | 687,442 | ||||
| 77,669 | Power Assets Holdings Ltd. (Utilities) | 418,197 | ||||
| 36,764 | Sun Hung Kai Properties Ltd. (Real Estate) | 468,224 | ||||
|
| ||||||
| 2,623,597 | ||||||
|
|
| |||||
| Ireland – 0.1% |
||||||
| 4,825 | Kerry Group PLC, Class A (Consumer Staples) | 469,024 | ||||
|
|
| |||||
| Israel – 0.6% |
||||||
| 14,304 | Check Point Software Technologies Ltd. (Information Technology)* | 1,785,282 | ||||
| 13,155 | First International Bank Of Israel Ltd. (The) (Financials) | 495,212 | ||||
| 140,891 | Mivne Real Estate KD Ltd. (Real Estate) | 346,517 | ||||
| 37,973 | Mizrahi Tefahot Bank Ltd. (Financials) | 1,216,983 | ||||
| 67,319 | Shufersal Ltd. (Consumer Staples)* | 352,911 | ||||
|
| ||||||
| 4,196,905 | ||||||
|
|
| |||||
| Italy – 0.6% |
||||||
| 172,268 | Assicurazioni Generali SpA (Financials) | 3,253,448 | ||||
| 61,251 | Snam SpA (Utilities) | 319,315 | ||||
| 48,698 | Terna - Rete Elettrica Nazionale (Utilities) | 406,614 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Italy – (continued) |
||||||
| 108,004 | UnipolSai Assicurazioni SpA (Financials) | $ 254,927 | ||||
|
| ||||||
| 4,234,304 | ||||||
|
|
| |||||
| Japan – 8.3% |
||||||
| 14,890 | ANA Holdings, Inc. (Industrials)* | 329,847 | ||||
| 54,491 | Asahi Kasei Corp. (Materials) | 369,930 | ||||
| 62,867 | Astellas Pharma, Inc. (Health Care) | 993,300 | ||||
| 21,073 | Bridgestone Corp. (Consumer Discretionary) | 856,404 | ||||
| 36,058 | Brother Industries Ltd. (Information Technology) | 522,359 | ||||
| 115,232 | Canon, Inc. (Information Technology) | 2,854,511 | ||||
| 35,531 | Daiwa House Industry Co. Ltd. (Real Estate) | 926,199 | ||||
| 124 | Daiwa House REIT Investment Corp. REIT (Real Estate) | 259,600 | ||||
| 76,193 | Daiwa Securities Group, Inc. (Financials) | 345,204 | ||||
| 48,156 | FUJIFILM Holdings Corp. (Information Technology) | 2,941,095 | ||||
| 5,621 | Hankyu Hanshin Holdings, Inc. (Industrials) | 178,428 | ||||
| 2,425 | Hirose Electric Co. Ltd. (Information Technology) | 328,390 | ||||
| 19,936 | Hulic Co. Ltd. (Real Estate) | 165,949 | ||||
| 78,274 | Japan Post Bank Co. Ltd. (Financials) | 583,210 | ||||
| 425,864 | Japan Post Holdings Co. Ltd. (Financials) | 3,000,845 | ||||
| 165,099 | Japan Tobacco, Inc. (Consumer Staples) | 3,592,320 | ||||
| 24,212 | KDDI Corp. (Communication Services) | 743,612 | ||||
| 45,956 | Kirin Holdings Co. Ltd. (Consumer Staples) | 684,003 | ||||
| 47,504 | Kyocera Corp. (Information Technology) | 2,694,891 | ||||
| 27,929 | Kyushu Railway Co. (Industrials) | 596,301 | ||||
| 20,448 | McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary) | 838,615 | ||||
| 43,408 | MEIJI Holdings Co. Ltd. (Consumer Staples) | 970,905 | ||||
| 77,035 | Mitsubishi Estate Co. Ltd. (Real Estate) | 883,850 | ||||
| 205,951 | Mitsubishi HC Capital, Inc. (Financials) | 1,115,878 | ||||
| 230,844 | Mizuho Financial Group, Inc. (Financials) | 3,392,068 | ||||
| 17,529 | MS&AD Insurance Group Holdings, Inc. (Financials) | 601,969 | ||||
| 10,979 | NEC Corp. (Information Technology) | 514,708 | ||||
| 9,645 | NH Foods Ltd. (Consumer Staples) | 262,327 | ||||
| 13,778 | Nichirei Corp. (Consumer Staples) | 294,465 | ||||
| 206,827 | Nippon Telegraph & Telephone Corp. (Communication Services) | 5,854,781 | ||||
| 38,789 | Nisshin Seifun Group, Inc. (Consumer Staples) | 485,574 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Japan – (continued) |
||||||
| 5,508 | Nissin Foods Holdings Co. Ltd. (Consumer Staples) | $ 468,741 | ||||
| 128,238 | Nomura Holdings, Inc. (Financials) | 448,831 | ||||
| 56,956 | Obayashi Corp. (Industrials) | 458,208 | ||||
| 1,428 | Obic Co. Ltd. (Information Technology) | 230,888 | ||||
| 22,200 | Ono Pharmaceutical Co. Ltd. (Health Care) | 414,477 | ||||
| 26,776 | Otsuka Holdings Co. Ltd. (Health Care) | 991,391 | ||||
| 7,317 | Secom Co. Ltd. (Industrials) | 478,461 | ||||
| 12,058 | Sekisui Chemical Co. Ltd. (Consumer Discretionary) | 166,136 | ||||
| 129,280 | Sekisui House Ltd. (Consumer Discretionary) | 2,520,088 | ||||
| 399,383 | SoftBank Corp. (Communication Services) | 4,246,383 | ||||
| 68,430 | Sumitomo Mitsui Financial Group, Inc. (Financials) | 2,780,987 | ||||
| 88,780 | Takeda Pharmaceutical Co. Ltd. (Health Care) | 2,809,264 | ||||
| 5,880 | Tobu Railway Co. Ltd. (Industrials) | 153,613 | ||||
| 15,387 | Tokyu Corp. (Industrials) | 198,457 | ||||
| 14,279 | Tosoh Corp. (Materials) | 164,032 | ||||
| 31,199 | Trend Micro, Inc. (Information Technology) | 1,482,742 | ||||
| 20,933 | USS Co. Ltd. (Consumer Discretionary) | 339,956 | ||||
|
| ||||||
| 56,534,193 | ||||||
|
|
| |||||
| Netherlands – 1.4% |
||||||
| 4,598 | HAL Trust (Financials) | 605,878 | ||||
| 1,550 | Heineken Holding NV (Consumer Staples) | 131,453 | ||||
| 149,842 | Koninklijke Ahold Delhaize NV (Consumer Staples) | 4,738,084 | ||||
| 106,340 | Koninklijke KPN NV (Communication Services) | 364,822 | ||||
| 32,120 | Wolters Kluwer NV (Industrials) | 3,657,168 | ||||
|
| ||||||
| 9,497,405 | ||||||
|
|
| |||||
| New Zealand – 0.1% |
||||||
| 18,317 | Mainfreight Ltd. (Industrials) | 761,894 | ||||
|
|
| |||||
| Norway – 0.5% |
||||||
| 42,513 | DNB Bank ASA (Financials) | 708,871 | ||||
| 48,299 | Gjensidige Forsikring ASA (Financials) | 808,383 | ||||
| 43,784 | SpareBank 1 SR-Bank ASA (Financials) | 465,229 | ||||
| 96,902 | Storebrand ASA (Financials) | 697,440 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Norway – (continued) |
||||||
| 94,202 | Telenor ASA (Communication Services) | $ 963,751 | ||||
|
| ||||||
| 3,643,674 | ||||||
|
|
| |||||
| Portugal – 0.0% |
||||||
| 41,450 | EDP – Energias de Portugal SA (Utilities) | 201,594 | ||||
|
|
| |||||
| Singapore – 0.9% |
||||||
| 106,033 | CapitaLand Ascendas REIT (Real Estate) | 211,307 | ||||
| 7,799 | DBS Group Holdings Ltd. (Financials) | 174,417 | ||||
| 629,844 | Genting Singapore Ltd. (Consumer Discretionary) | 469,530 | ||||
| 232,846 | Oversea-Chinese Banking Corp. Ltd. (Financials) | 2,108,735 | ||||
| 86,450 | Singapore Airlines Ltd. (Industrials) | 409,008 | ||||
| 184,606 | Singapore Exchange Ltd. (Financials) | 1,264,453 | ||||
| 1,037 | Singapore Telecommunications Ltd. (Communication Services) | 1,906 | ||||
| 41,015 | United Overseas Bank Ltd. (Financials) | 846,123 | ||||
| 116,063 | UOL Group Ltd. (Real Estate) | 543,972 | ||||
| 33,692 | Venture Corp. Ltd. (Information Technology) | 377,243 | ||||
|
| ||||||
| 6,406,694 | ||||||
|
|
| |||||
| Spain – 0.5% |
||||||
| 13,170 | ACS Actividades de Construccion y Servicios SA (Industrials) | 436,942 | ||||
| 8,615 | Ferrovial SA (Industrials) | 265,890 | ||||
| 33,973 | Iberdrola SA (Utilities) | 412,892 | ||||
| 33,313 | Naturgy Energy Group SA (Utilities) | 945,409 | ||||
| 51,215 | Red Electrica Corp. SA (Utilities) | 865,142 | ||||
| 157,039 | Telefonica SA (Communication Services) | 664,655 | ||||
|
| ||||||
| 3,590,930 | ||||||
|
|
| |||||
| Sweden – 1.0% |
||||||
| 28,057 | Axfood AB (Consumer Staples) | 603,232 | ||||
| 9,102 | Essity AB, Class B (Consumer Staples) | 241,190 | ||||
| 6,069 | Industrivarden AB, Class C (Financials) | 161,768 | ||||
| 126,213 | Investor AB, Class A (Financials) | 2,587,207 | ||||
| 19,156 | Investor AB, Class B (Financials) | 388,362 | ||||
| 93,213 | Svenska Handelsbanken AB, Class A (Financials) | 734,323 | ||||
| 52,713 | Swedbank AB, Class A (Financials) | 804,237 | ||||
| 35,075 | Tele2 AB, Class B (Communication Services) | 317,762 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| Sweden – (continued) |
||||||
| 260,274 | Telia Co. AB (Communication Services) | $ 604,315 | ||||
|
| ||||||
| 6,442,396 | ||||||
|
|
| |||||
| Switzerland – 1.5% |
||||||
| 33,868 | Novartis AG (Health Care) | 3,229,158 | ||||
| 28,065 | SGS SA (Industrials) | 2,481,841 | ||||
| 3,234 | Swisscom AG (Communication Services) | 2,040,553 | ||||
| 5,018 | Zurich Insurance Group AG (Financials) | 2,338,421 | ||||
|
| ||||||
| 10,089,973 | ||||||
|
|
| |||||
| United Kingdom – 2.7% |
||||||
| 316,830 | BAE Systems PLC (Industrials) | 3,644,850 | ||||
| 37,928 | British American Tobacco PLC (Consumer Staples) | 1,200,819 | ||||
| 18,666 | Bunzl PLC (Industrials) | 727,354 | ||||
| 508,354 | CK Hutchison Holdings Ltd. (Industrials) | 3,074,833 | ||||
| 14,301 | Diageo PLC (Consumer Staples) | 593,245 | ||||
| 2,478 | Halma PLC (Information Technology) | 73,986 | ||||
| 77,898 | National Grid PLC (Utilities) | 1,067,808 | ||||
| 99,884 | RELX PLC (Industrials) | 3,107,287 | ||||
| 248,540 | Sage Group PLC (The) (Information Technology) | 2,683,034 | ||||
| 4,182 | Severn Trent PLC (Utilities) | 143,729 | ||||
| 596,601 | Tesco PLC (Consumer Staples) | 1,928,428 | ||||
| 6,030 | Unilever PLC (Consumer Staples) | 301,111 | ||||
|
| ||||||
| 18,546,484 | ||||||
|
|
| |||||
| United States – 68.5% |
||||||
| 15,080 | 3M Co. (Industrials) | 1,407,115 | ||||
| 9,013 | Abbott Laboratories (Health Care) | 919,326 | ||||
| 26,104 | AbbVie, Inc. (Health Care) | 3,601,308 | ||||
| 17,670 | Accenture PLC, Class A (Information Technology) | 5,405,606 | ||||
| 14,587 | Activision Blizzard, Inc. (Communication Services)* | 1,169,877 | ||||
| 8,354 | Adobe, Inc. (Information Technology)* | 3,490,218 | ||||
| 41,767 | Aflac, Inc. (Financials) | 2,681,859 | ||||
| 4,456 | Agilent Technologies, Inc. (Health Care) | 515,426 | ||||
| 4,167 | Air Products and Chemicals, Inc. (Materials) | 1,121,506 | ||||
| 21,715 | Akamai Technologies, Inc. (Information Technology)* | 2,000,386 | ||||
| 3,479 | Alexandria Real Estate Equities, Inc. REIT (Real Estate) | 394,727 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| United States – (continued) |
||||||
| 35,875 | Alphabet, Inc., Class A (Communication Services)* | $ 4,407,961 | ||||
| 34,882 | Alphabet, Inc., Class C (Communication Services)* | 4,303,392 | ||||
| 6,967 | Altria Group, Inc. (Consumer Staples) | 309,474 | ||||
| 51,980 | Amazon.com, Inc. (Consumer Discretionary)* | 6,267,748 | ||||
| 31,780 | Amdocs Ltd. (Information Technology) | 2,992,723 | ||||
| 1,801 | Ameren Corp. (Utilities) | 146,007 | ||||
| 5,165 | American Electric Power Co., Inc. (Utilities) | 429,315 | ||||
| 13,947 | AmerisourceBergen Corp. (Health Care) | 2,373,082 | ||||
| 10,185 | AMETEK, Inc. (Industrials) | 1,477,538 | ||||
| 5,186 | Amgen, Inc. (Health Care) | 1,144,291 | ||||
| 38,911 | Amphenol Corp., Class A (Information Technology) | 2,935,835 | ||||
| 11,005 | Analog Devices, Inc. (Information Technology) | 1,955,478 | ||||
| 2,215 | Aon PLC, Class A (Financials) | 682,862 | ||||
| 126,249 | Apple, Inc. (Information Technology) | 22,377,635 | ||||
| 20,467 | Arch Capital Group Ltd. (Financials)* | 1,426,550 | ||||
| 39,910 | Archer-Daniels-Midland Co. (Consumer Staples) | 2,819,642 | ||||
| 10,515 | Arthur J Gallagher & Co. (Financials) | 2,106,470 | ||||
| 148,792 | AT&T, Inc. (Communication Services) | 2,340,498 | ||||
| 3,329 | Automatic Data Processing, Inc. (Industrials) | 695,728 | ||||
| 2,907 | AutoZone, Inc. (Consumer Discretionary)* | 6,938,544 | ||||
| 69,479 | Bank of America Corp. (Financials) | 1,930,821 | ||||
| 5,276 | Baxter International, Inc. (Health Care) | 214,839 | ||||
| 4,826 | Becton Dickinson & Co. (Health Care) | 1,166,734 | ||||
| 6,034 | Berkshire Hathaway, Inc., Class B (Financials)* | 1,937,397 | ||||
| 21,526 | Boston Scientific Corp. (Health Care)* | 1,108,158 | ||||
| 59,396 | Bristol-Myers Squibb Co. (Health Care) | 3,827,478 | ||||
| 2,966 | Broadcom, Inc. (Information Technology) | 2,396,409 | ||||
| 6,288 | Broadridge Financial Solutions, Inc. (Industrials) | 922,575 | ||||
| 17,590 | Campbell Soup Co. (Consumer Staples) | 889,175 | ||||
| 36,616 | Cardinal Health, Inc. (Health Care) | 3,013,497 | ||||
| 4,873 | Cboe Global Markets, Inc. (Financials) | 645,283 | ||||
| 16,216 | CDW Corp. (Information Technology) | 2,784,125 | ||||
| 30,528 | C.H. Robinson Worldwide, Inc. (Industrials) | 2,886,117 | ||||
| 20,579 | Chevron Corp. (Energy) | 3,099,609 | ||||
| 2,238 | Chubb Ltd. (Financials) | 415,820 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| United States – (continued) |
||||||
| 10,611 | Church & Dwight Co., Inc. (Consumer Staples) | $ 980,987 | ||||
| 5,524 | Cintas Corp. (Industrials) | 2,608,101 | ||||
| 113,980 | Cisco Systems, Inc. (Information Technology) | 5,661,387 | ||||
| 53,051 | Citigroup, Inc. (Financials) | 2,351,220 | ||||
| 57,793 | Coca-Cola Co. (The) (Consumer Staples) | 3,447,930 | ||||
| 60,116 | Cognizant Technology Solutions Corp., Class A (Information Technology) | 3,756,649 | ||||
| 73,051 | Colgate-Palmolive Co. (Consumer Staples) | 5,433,533 | ||||
| 65,300 | Comcast Corp., Class A (Communication Services) | 2,569,555 | ||||
| 27,960 | Conagra Brands, Inc. (Consumer Staples) | 974,965 | ||||
| 18,888 | Consolidated Edison, Inc. (Utilities) | 1,762,250 | ||||
| 1,354 | Constellation Brands, Inc., Class A (Consumer Staples) | 328,981 | ||||
| 772 | Cooper Cos., Inc. (The) (Health Care) | 286,821 | ||||
| 23,509 | Corning, Inc. (Information Technology) | 724,312 | ||||
| 6,170 | Corteva, Inc. (Materials) | 330,033 | ||||
| 6,305 | Costco Wholesale Corp. (Consumer Staples) | 3,225,386 | ||||
| 1,795 | CSL Ltd. (Health Care) | 355,913 | ||||
| 11,672 | CSX Corp. (Industrials) | 357,980 | ||||
| 2,836 | Cummins, Inc. (Industrials) | 579,707 | ||||
| 60,159 | CVS Health Corp. (Health Care) | 4,092,617 | ||||
| 15,507 | Dell Technologies, Inc., Class C (Information Technology) | 694,869 | ||||
| 6,797 | Dollar General Corp. (Consumer Staples) | 1,366,809 | ||||
| 2,837 | Dover Corp. (Industrials) | 378,257 | ||||
| 52,961 | Dow, Inc. (Materials) | 2,583,438 | ||||
| 4,495 | Eaton Corp. PLC (Industrials) | 790,671 | ||||
| 5,759 | Edison International (Utilities) | 388,848 | ||||
| 6,046 | Electronic Arts, Inc. (Communication Services) | 773,888 | ||||
| 6,023 | Elevance Health, Inc. (Health Care) | 2,697,220 | ||||
| 7,321 | Eli Lilly & Co. (Health Care) | 3,144,077 | ||||
| 1,598 | Everest Re Group Ltd. (Financials) | 543,352 | ||||
| 16,455 | Expeditors International of Washington, Inc. (Industrials) | 1,815,151 | ||||
| 31,189 | Exxon Mobil Corp. (Energy) | 3,186,892 | ||||
| 80,716 | Fastenal Co. (Industrials) | 4,346,557 | ||||
| 51,903 | Fidelity National Financial, Inc. (Financials) | 1,771,968 | ||||
| 11,866 | Fiserv, Inc. (Financials)* | 1,331,247 | ||||
| 8,682 | FleetCor Technologies, Inc. (Financials)* | 1,966,907 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| United States – (continued) |
||||||
| 18,480 | Fortive Corp. (Industrials) | $ 1,203,233 | ||||
| 7,719 | Gartner, Inc. (Information Technology)* | 2,646,536 | ||||
| 29,834 | Gen Digital, Inc. (Information Technology) | 523,288 | ||||
| 15,613 | General Dynamics Corp. (Industrials) | 3,187,862 | ||||
| 26,818 | General Mills, Inc. (Consumer Staples) | 2,257,003 | ||||
| 33,299 | Genuine Parts Co. (Consumer Discretionary) | 4,959,220 | ||||
| 60,111 | Gilead Sciences, Inc. (Health Care) | 4,624,940 | ||||
| 170,002 | GSK PLC (Health Care) | 2,836,873 | ||||
| 69,602 | Haleon PLC (Consumer Staples) | 274,495 | ||||
| 19,683 | Hartford Financial Services Group, Inc. (The) (Financials) | 1,348,679 | ||||
| 33,981 | Henry Schein, Inc. (Health Care)* | 2,511,196 | ||||
| 26,314 | Hershey Co. (The) (Consumer Staples) | 6,833,746 | ||||
| 147,597 | Hewlett Packard Enterprise Co. (Information Technology) | 2,128,349 | ||||
| 13,367 | Hologic, Inc. (Health Care)* | 1,054,523 | ||||
| 17,101 | Home Depot, Inc. (The) (Consumer Discretionary) | 4,847,278 | ||||
| 2,525 | Honeywell International, Inc. (Industrials) | 483,790 | ||||
| 17,506 | Illinois Tool Works, Inc. (Industrials) | 3,829,087 | ||||
| 10,136 | Intel Corp. (Information Technology) | 318,676 | ||||
| 28,154 | International Business Machines Corp. (Information Technology) | 3,620,323 | ||||
| 47,106 | International Paper Co. (Materials) | 1,386,801 | ||||
| 1,625 | Intuit, Inc. (Information Technology) | 681,070 | ||||
| 3,880 | IQVIA Holdings, Inc. (Health Care)* | 764,011 | ||||
| 5,651 | J M Smucker Co. (The) (Consumer Staples) | 828,380 | ||||
| 39,815 | Johnson & Johnson (Health Care) | 6,173,714 | ||||
| 17,481 | JPMorgan Chase & Co. (Financials) | 2,372,347 | ||||
| 14,527 | Kellogg Co. (Consumer Staples) | 969,968 | ||||
| 33,726 | Keurig Dr Pepper, Inc. (Consumer Staples) | 1,049,553 | ||||
| 26,439 | Keysight Technologies, Inc. (Information Technology)* | 4,277,830 | ||||
| 9,738 | Kimberly-Clark Corp. (Consumer Staples) | 1,307,619 | ||||
| 27,629 | Kinder Morgan, Inc. (Energy) | 445,103 | ||||
| 15,679 | Kraft Heinz Co. (The) (Consumer Staples) | 599,251 | ||||
| 4,131 | L3Harris Technologies, Inc. (Industrials) | 726,726 | ||||
| 11,875 | Laboratory Corp. of America Holdings (Health Care) | 2,523,794 | ||||
| 2,294 | Linde PLC (Materials) | 811,296 | ||||
| 4,870 | Lockheed Martin Corp. (Industrials) | 2,162,329 | ||||
| 36,792 | Loews Corp. (Financials) | 2,060,352 | ||||
| 24,416 | Lowe’s Cos., Inc. (Consumer Discretionary) | 4,910,790 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| United States – (continued) |
||||||
| 388 | Markel Group, Inc. (Financials)* | $ 510,115 | ||||
| 28,474 | Marsh & McLennan Cos., Inc. (Financials) | 4,931,127 | ||||
| 54,593 | Masco Corp. (Industrials) | 2,637,934 | ||||
| 10,933 | Mastercard, Inc., Class A (Financials) | 3,990,764 | ||||
| 18,359 | McDonald’s Corp. (Consumer Discretionary) | 5,234,334 | ||||
| 8,901 | McKesson Corp. (Health Care) | 3,478,867 | ||||
| 41,531 | Merck & Co., Inc. (Health Care) | 4,585,438 | ||||
| 22,232 | Meta Platforms, Inc., Class A (Communication Services)* | 5,885,255 | ||||
| 10,262 | MetLife, Inc. (Financials) | 508,482 | ||||
| 55,297 | Microsoft Corp. (Information Technology) | 18,158,982 | ||||
| 36,087 | Mondelez International, Inc., Class A (Consumer Staples) | 2,649,147 | ||||
| 12,588 | Monster Beverage Corp. (Consumer Staples)* | 737,909 | ||||
| 12,197 | Moody’s Corp. (Financials) | 3,864,985 | ||||
| 19,163 | Motorola Solutions, Inc. (Information Technology) | 5,402,433 | ||||
| 14,322 | Nasdaq, Inc. (Financials) | 792,723 | ||||
| 13,074 | Nestle SA (Consumer Staples) | 1,543,165 | ||||
| 30,122 | NetApp, Inc. (Information Technology) | 1,998,595 | ||||
| 16,752 | NiSource, Inc. (Utilities) | 450,461 | ||||
| 2,236 | Northrop Grumman Corp. (Industrials) | 973,756 | ||||
| 9,033 | NVIDIA Corp. (Information Technology) | 3,417,545 | ||||
| 12,824 | Omnicom Group, Inc. (Communication Services) | 1,130,949 | ||||
| 11,335 | Oracle Corp. (Information Technology) | 1,200,830 | ||||
| 10,142 | O’Reilly Automotive, Inc. (Consumer Discretionary)* | 9,161,370 | ||||
| 14,984 | Otis Worldwide Corp. (Industrials) | 1,191,378 | ||||
| 32,023 | PACCAR, Inc. (Industrials) | 2,202,542 | ||||
| 1,713 | Packaging Corp. of America (Materials) | 212,463 | ||||
| 14,386 | Paychex, Inc. (Industrials) | 1,509,523 | ||||
| 36,747 | PepsiCo, Inc. (Consumer Staples) | 6,700,815 | ||||
| 48,361 | Pfizer, Inc. (Health Care) | 1,838,685 | ||||
| 20,940 | Philip Morris International, Inc. (Consumer Staples) | 1,884,809 | ||||
| 27,215 | PPL Corp. (Utilities) | 713,033 | ||||
| 28,340 | Procter & Gamble Co. (The) (Consumer Staples) | 4,038,450 | ||||
| 11,483 | Progressive Corp. (The) (Financials) | 1,468,791 | ||||
| 18,203 | Quest Diagnostics, Inc. (Health Care) | 2,414,628 | ||||
| 14,249 | Raytheon Technologies Corp. (Industrials) | 1,312,903 | ||||
| 13,004 | Realty Income Corp. REIT (Real Estate) | 772,958 | ||||
|
|
| |||||
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| United States – (continued) |
||||||
| 3,705 | Regeneron Pharmaceuticals, Inc. (Health Care)* | $ 2,725,250 | ||||
| 22,065 | Republic Services, Inc. (Industrials) | 3,125,066 | ||||
| 5,972 | Roche Holding AG (Health Care) | 2,005,583 | ||||
| 6,585 | Roche Holding AG (Health Care) | 2,076,024 | ||||
| 4,717 | Rockwell Automation, Inc. (Industrials) | 1,314,156 | ||||
| 873 | Roper Technologies, Inc. (Information Technology) | 396,534 | ||||
| 20,521 | Royalty Pharma PLC, Class A (Health Care) | 671,858 | ||||
| 5,202 | Salesforce, Inc. (Information Technology)* | 1,162,023 | ||||
| 25,060 | Sanofi (Health Care) | 2,534,859 | ||||
| 5,574 | Sherwin-Williams Co. (The) (Materials) | 1,269,646 | ||||
| 176,035 | Sirius XM Holdings, Inc. (Communication Services) | 626,685 | ||||
| 2,870 | Snap-on, Inc. (Industrials) | 714,228 | ||||
| 12,551 | Southern Co. (The) (Utilities) | 875,432 | ||||
| 39,596 | SS&C Technologies Holdings, Inc. (Industrials) | 2,176,196 | ||||
| 13,620 | Starbucks Corp. (Consumer Discretionary) | 1,329,857 | ||||
| 3,585 | Stryker Corp. (Health Care) | 987,954 | ||||
| 7,616 | Swiss Re AG (Financials) | 759,975 | ||||
| 8,473 | TE Connectivity Ltd. (Information Technology) | 1,037,773 | ||||
| 19,974 | Texas Instruments, Inc. (Information Technology) | 3,473,079 | ||||
| 477 | Thermo Fisher Scientific, Inc. (Health Care) | 242,535 | ||||
| 31,312 | TJX Cos., Inc. (The) (Consumer Discretionary) | 2,404,448 | ||||
| 4,422 | T-Mobile US, Inc. (Communication Services)* | 606,920 | ||||
| 9,063 | Travelers Cos., Inc. (The) (Financials) | 1,533,822 | ||||
| 10,071 | Tyson Foods, Inc., Class A (Consumer Staples) | 509,995 | ||||
| 3,207 | United Parcel Service, Inc., Class B (Industrials) | 535,569 | ||||
| 13,029 | UnitedHealth Group, Inc. (Health Care) | 6,348,250 | ||||
| 24,169 | VeriSign, Inc. (Information Technology)* | 5,397,421 | ||||
| 111,644 | Verizon Communications, Inc. (Communication Services) | 3,977,876 | ||||
| 7,578 | Vertex Pharmaceuticals, Inc. (Health Care)* | 2,452,013 | ||||
| 24,069 | VICI Properties, Inc. REIT (Real Estate) | 744,454 | ||||
| 20,235 | Visa, Inc., Class A (Financials) | 4,472,542 | ||||
| 13,131 | VMware, Inc., Class A (Information Technology)* | 1,789,624 | ||||
|
|
| |||||
GOLDMAN SACHS ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
| Shares | Description | Value | ||||
| Common Stocks – (continued) | ||||||
| United States – (continued) | ||||||
| 20,044 | W R Berkley Corp. (Financials) | $ 1,116,050 | ||||
| 5,050 | Walgreens Boots Alliance, Inc. (Consumer Staples) | 153,369 | ||||
| 46,679 | Walmart, Inc. (Consumer Staples) | 6,855,745 | ||||
| 3,685 | Waste Connections, Inc. (Industrials) | 502,936 | ||||
| 21,796 | Waste Management, Inc. (Industrials) | 3,529,208 | ||||
| 12,977 | W.P. Carey, Inc. REIT (Real Estate) | 900,085 | ||||
| 8,541 | W.W. Grainger, Inc. (Industrials) | 5,543,280 | ||||
| 9,635 | Xylem, Inc. (Industrials) | 965,427 | ||||
| 43,261 | Yum! Brands, Inc. (Consumer Discretionary) | 5,567,258 | ||||
| 3,086 | Zebra Technologies Corp., Class A (Information Technology)* | 810,291 | ||||
| 8,611 | Zoetis, Inc. (Health Care) | 1,403,679 | ||||
|
| ||||||
| 466,355,792 | ||||||
|
|
| |||||
| |
TOTAL COMMON STOCKS (Cost $687,628,888) |
$676,968,994 | ||||
|
|
| |||||
| Shares | Description | Rate | Value | |||
| Preferred Stock – 0.1% | ||||||
| Germany – 0.1% |
||||||
| 4,584 | Henkel AG & Co. KGaA (Consumer Staples) | |||||
| (Cost $375,308) | 2.48% | $ 364,277 | ||||
|
| ||||||
| TOTAL INVESTMENTS – 99.5% (Cost $688,004,196) |
$677,333,271 | |||||
|
| ||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.5% |
3,444,159 | |||||
|
| ||||||
| NET ASSETS – 100.0% | $680,777,430 | |||||
|
| ||||||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
| * | Non-income producing security. | |
| (a) | Exempt from registration under Rule 144A of the Securities Act of 1933. | |
|
| ||
| Investment Abbreviations: | ||
| CVA | — Dutch Certification | |
| PLC | — Public Limited Company | |
| REIT | — Real Estate Investment Trust | |
|
| ||
GOLDMAN SACHS ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION
| Sector Name | % of Market Value | ||||
| Information Technology | 20.4 | % | |||
| Financials | 16.3 | ||||
| Health Care | 13.9 | ||||
| Consumer Staples | 13.4 | ||||
| Industrials | 12.8 | ||||
| Consumer Discretionary | 9.1 | ||||
| Communication Services | 8.1 | ||||
| Materials | 1.8 | ||||
| Utilities | 1.8 | ||||
| Real Estate | 1.3 | ||||
| Energy | 1.1 | ||||
| TOTAL INVESTMENTS | 100.0 | % | |||
GOLDMAN SACHS ACTIVE BETA® ETFS
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS
Investment Valuation — The Funds’ valuation policy is to value investments at fair value.
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 I 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 I — 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 Action of 1940 (“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 l 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 l of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.
Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.
Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAY 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 I of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level I of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.
GOLDMAN SACHS ACTIVE BETA® ETFS
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (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 l 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 NAY. 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 May 31, 2023:
| ACTIVEBETA® EMERGING MARKETS EQUITY ETF |
| |||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets | ||||||||||||
| Common Stock and/or Other Equity Investments(a) |
| |||||||||||
| Africa |
$ | 34,157,392 | $ | — | $ | — | ||||||
| Asia |
781,488,346 | 23,226,964 | 129,655 | |||||||||
| Europe |
20,630,216 | — | — | |||||||||
| North America |
33,075,969 | — | — | |||||||||
| Oceania |
687,203 | — | — | |||||||||
| South America |
41,401,964 | 11,714,652 | — | |||||||||
| Securities Lending Reinvestment Vehicle |
5,102,111 | — | — | |||||||||
| Total | $ | 916,543,201 | $ | 34,941,616 | $ | 129,655 | ||||||
| ACTIVEBETA® EUROPE EQUITY ETF |
| |||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets | ||||||||||||
| Common Stock and/or Other Equity Investments(a) |
| |||||||||||
| Africa |
$ | 15,184 | $ | — | $ | — | ||||||
| Asia |
85,369 | — | — | |||||||||
| Europe |
9,926,705 | 74,134 | — | |||||||||
| North America |
1,060,233 | — | — | |||||||||
| Oceania |
112,918 | — | — | |||||||||
| South America |
9,181 | — | — | |||||||||
| Securities Lending Reinvestment Vehicle |
278,459 | — | — | |||||||||
| Total | $ | 11,488,049 | $ | 74,134 | $ | — | ||||||
| Derivative Type | ||||||||||||
| Liabilities(b) | ||||||||||||
| Futures Contracts |
$ | (1,295 | ) | $ | — | $ | — | |||||
GOLDMAN SACHS ACTIVE BETA® ETFS
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
| ACTIVEBETA® INTERNATIONAL EQUITY ETF |
| |||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets | ||||||||||||
| Common Stock and/or Other Equity Investments(a) |
| |||||||||||
| Africa |
$ | 2,975,888 | $ | — | $ | — | ||||||
| Asia |
748,109,922 | — | — | |||||||||
| Europe |
1,555,854,146 | 11,878,527 | — | |||||||||
| North America |
506,633,105 | 2,248,433 | — | |||||||||
| Oceania |
199,494,667 | — | — | |||||||||
| South America |
2,201,326 | — | — | |||||||||
| Securities Lending Reinvestment Vehicle |
67,483,623 | — | — | |||||||||
| Total | $ | 3,082,752,677 | $ | 14,126,960 | $ | — | ||||||
| Derivative Type | ||||||||||||
| Liabilities(b) | ||||||||||||
| Futures Contracts |
$ | (644,329 | ) | $ | — | $ | — | |||||
| ACTIVEBETA® JAPAN EQUITY ETF |
| |||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets | ||||||||||||
| Common Stock and/or Other Equity Investments(a) |
| |||||||||||
| Asia |
$ | 12,967,190 | $ | — | $ | — | ||||||
| Securities Lending Reinvestment Vehicle |
440,597 | — | — | |||||||||
| Total | $ | 13,407,787 | $ | — | $ | — | ||||||
| Derivative Type | ||||||||||||
| Assets(b) | ||||||||||||
| Futures Contracts |
$ | 8,665 | $ | — | $ | — | ||||||
| ACTIVEBETA® PARIS-ALIGNED CLIMATE 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 |
$ | 8,642,570 | $ | — | $ | — | ||||||
| Total | $ | 8,642,570 | $ | — | $ | — | ||||||
| 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 |
$ | 10,745,478,382 | $ | — | $ | — | ||||||
| Total | $ | 10,745,478,382 | $ | — | $ | — | ||||||
| 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 |
$ | 611,359 | $ | — | $ | — | ||||||
| Asia |
2,102,827 | — | — | |||||||||
| Europe |
2,380,137 | — | — | |||||||||
| North America |
420,456,515 | — | 25,677 | |||||||||
| South America |
499,646 | — | — | |||||||||
| Securities Lending Reinvestment Vehicle |
3,875,402 | — | — | |||||||||
| Total | $ | 429,925,886 | $ | — | $ | 25,677 | ||||||
| Derivative Type | ||||||||||||
| Liabilities(b) | ||||||||||||
| Futures Contracts |
$ | (59,751 | ) | $ | — | $ | — | |||||
| 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 |
$ | 69,761,389 | $ | — | $ | — | ||||||
| Europe |
94,571,944 | 364,277 | — | |||||||||
| North America |
495,663,907 | — | — | |||||||||
| Oceania |
16,971,754 | — | — | |||||||||
| Total | $ | 676,968,994 | $ | 364,277 | $ | — | ||||||
| (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. |
GOLDMAN SACHS ACTIVE BETA® ETFS
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
For further information regarding security characteristics, see the Schedules of Investments.
D. 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 l) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.
In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of August 31, 2022, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.
The Funds’ risks include, but are not limited to, the following:
Derivatives Risk — The Funds’ use of derivatives and other similar instruments (collectively referred to in this paragraph as “derivatives”) may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.
Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of 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 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.
GOLDMAN SACHS ACTIVE BETA® ETFS
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
Foreign Custody Risk — A Fund invests in foreign securities, and as such the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.
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 the Index. A Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, a Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. The Index Provider relies on third party data it believes to be reliable in constructing each Index, but it does not guarantee the accuracy or availability of such third party data. Errors in index data, index computation or the construction of an Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the applicable Fund and its shareholders. In addition, neither a Fund, the Investment Adviser, the Calculation Agent nor the Index Provider can guarantee the availability or timeliness of the production of the Index.
Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including, but not limited to, the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAY; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.
Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments.
Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Market Trading Risk — Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAY or sells Shares at a time when the market price is at a discount to the NAY, the shareholder may sustain losses. The Investment Adviser cannot predict whether Shares will trade below, at or above their NAY. 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.
GOLDMAN SACHS ACTIVE BETA® ETFS
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (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.