0001752724-24-011949.txt : 20240124 0001752724-24-011949.hdr.sgml : 20240124 20240124172407 ACCESSION NUMBER: 0001752724-24-011949 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20231130 FILED AS OF DATE: 20240124 DATE AS OF CHANGE: 20240124 PERIOD START: 20240831 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Goldman Sachs ETF Trust CENTRAL INDEX KEY: 0001479026 ORGANIZATION NAME: IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-23013 FILM NUMBER: 24557867 BUSINESS ADDRESS: STREET 1: 200 WEST STREET CITY: NEW YORK STATE: NY ZIP: 10282-2198 BUSINESS PHONE: (312) 655-4400 MAIL ADDRESS: STREET 1: 200 WEST STREET CITY: NEW YORK STATE: NY ZIP: 10282-2198 0001479026 S000066532 Goldman Sachs MarketBeta International Equity ETF C000214553 Goldman Sachs MarketBeta International Equity ETF GSID NPORT-P 1 primary_doc.xml NPORT-P false 0001479026 XXXXXXXX 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911918.00000000 NS 6950904.24000000 0.967282254408 Long EC CORP GB N 1 N N N TDK Corp 3538005O8WNU39U8NX03 TDK Corp 000000000 17455.00000000 NS 811146.55000000 0.112878502774 Long EC CORP JP N 1 N N N Investor AB 549300VEBQPHRZBKUX38 Investor AB 000000000 22071.00000000 NS 453895.27000000 0.063163701422 Long EC CORP SE N 1 N N N Lasertec Corp N/A Lasertec Corp 000000000 3610.00000000 NS 806807.59000000 0.112274696583 Long EC CORP JP N 1 N N N Aviva PLC YF0Y5B0IB8SM0ZFG9G81 Aviva PLC 000000000 125930.00000000 NS 665583.54000000 0.092622071149 Long EC CORP GB N 1 N N N West Japan Railway Co 353800QGUXHZ7EBCR121 West Japan Railway Co 000000000 10934.00000000 NS 432449.00000000 0.060179255704 Long EC CORP JP N 1 N N N Ramsay Health Care Ltd 549300QBX122KF2JPI10 Ramsay Health Care Ltd 000000000 8339.00000000 NS 271814.26000000 0.037825454230 Long EC CORP AU N 1 N N N Seven & i Holdings Co Ltd 52990037G8JRM3TWGY86 Seven & i Holdings Co Ltd 000000000 35118.00000000 NS 1305329.66000000 0.181648627671 Long EC CORP JP N 1 N N N Kingspan Group PLC 635400HM7V74SUB9OG75 Kingspan Group PLC 000000000 7055.00000000 NS 560393.49000000 0.077983908229 Long EC CORP IE N 1 N N N Tower Semiconductor Ltd 54930086ZSNXZOUX0C54 Tower Semiconductor Ltd 000000000 5056.00000000 NS 138886.93000000 0.019327393691 Long EC CORP IL N 1 N N N Rightmove PLC 2138001JXGCFKBXYB828 Rightmove PLC 000000000 37436.00000000 NS 258097.60000000 0.035916654835 Long EC CORP GB N 1 N N N Elekta AB 54930044O54BK617EP80 Elekta AB 000000000 15934.00000000 NS 124383.99000000 0.017309176202 Long EC CORP SE N 1 N N N Chugai Pharmaceutical Co Ltd 529900T9LAII161DCN95 Chugai Pharmaceutical Co Ltd 000000000 29430.00000000 NS 1038764.43000000 0.144553624241 Long EC CORP JP N 1 N N N Schroders PLC 2138001YYBULX5SZ2H24 Schroders PLC 000000000 40495.00000000 NS 205878.98000000 0.028649953593 Long EC CORP GB N 1 N N N Ericsson 549300W9JLPW15XIFM52 Telefonaktiebolaget LM Ericsson 000000000 133931.00000000 NS 664104.82000000 0.092416293661 Long EC CORP SE N 1 N N N Nippon Prologis REIT Inc 353800PHBMSDLAFURY41 Nippon Prologis REIT Inc 000000000 109.00000000 NS 206741.30000000 0.028769953352 Long EC CORP JP N 1 N N N Nordic Semiconductor ASA 5967007LIEEXZXJGFK95 Nordic Semiconductor ASA 000000000 7580.00000000 NS 69338.70000000 0.009649117832 Long EC CORP NO N 1 N N N Sumitomo Corp V82KK8NH1P0JS71FJC05 Sumitomo Corp 000000000 54170.00000000 NS 1135908.28000000 0.158072084428 Long EC CORP JP N 1 N N N Aisin Corp 3538004IOK08PDY6I723 Aisin Corp 000000000 6703.00000000 NS 247154.28000000 0.034393791209 Long EC CORP JP N 1 N N N Industria de Diseno Textil SA 549300TTCXZOGZM2EY83 Industria de Diseno Textil SA 000000000 51035.00000000 NS 2106537.27000000 0.293144035533 Long EC CORP ES N 1 N N N LY Corp 52990078MD2OL792YM35 LY Corp 000000000 120299.00000000 NS 350395.70000000 0.048760784342 Long EC CORP JP N 1 N N N Saab AB 549300ZHO4JCQQI13M69 Saab AB 000000000 3534.00000000 NS 181845.60000000 0.025305487724 Long EC CORP SE N 1 N N N Deutsche Telekom AG 549300V9QSIG4WX4GJ96 Deutsche Telekom AG 000000000 148587.00000000 NS 3562660.07000000 0.495776915522 Long EC CORP DE N 1 N N N UniCredit SpA 549300TRUWO2CD2G5692 UniCredit SpA 000000000 78940.00000000 NS 2151994.53000000 0.299469831345 Long EC CORP IT N 1 N N N Mebuki Financial Group Inc 353800K1RXV3E3JAE812 Mebuki Financial Group Inc 000000000 48686.00000000 NS 146550.34000000 0.020393827675 Long EC CORP JP N 1 N N N Sumitomo Mitsui Trust Holdings 353800P843RLCDBLNT17 Sumitomo Mitsui Trust Holdings Inc 000000000 15309.00000000 NS 575660.24000000 0.080108416904 Long EC CORP JP N 1 N N N Hikma Pharmaceuticals PLC 549300BNS685UXH4JI75 Hikma Pharmaceuticals PLC 000000000 7257.00000000 NS 158338.06000000 0.022034197328 Long EC CORP JO N 1 N N N Keppel Corp Ltd 254900SQ7IPDOY6IDW33 Keppel Corp Ltd 000000000 63834.00000000 NS 319026.51000000 0.044395473042 Long EC CORP SG N 1 N N N Komatsu Ltd 5493004LQ0B4T7QPQV17 Komatsu Ltd 000000000 41253.00000000 NS 1052567.50000000 0.146474448383 Long EC CORP JP N 1 N N N Santos Ltd 5299000RK70B5O2M7077 Santos Ltd 000000000 149317.00000000 NS 684122.22000000 0.095201898976 Long EC CORP AU N 1 N N N China Mengniu Dairy Co Ltd 2549005Q343BSJ8RSS21 China Mengniu Dairy Co Ltd 000000000 136850.00000000 NS 429282.49000000 0.059738606714 Long EC CORP CN N 1 N N N Rinnai Corp N/A Rinnai Corp 000000000 5013.00000000 NS 101897.83000000 0.014180020227 Long EC CORP JP N 1 N N N United Urban Investment Corp 353800GYZWBD7BDCN841 United Urban Investment Corp 000000000 142.00000000 NS 139276.90000000 0.019381661603 Long EC CORP JP N 1 N N N Sumitomo Metal Mining Co Ltd 353800CF81IXL9974H84 Sumitomo Metal Mining Co Ltd 000000000 11801.00000000 NS 342610.96000000 0.047677466172 Long EC CORP JP N 1 N N N Redeia Corp SA 5493009HMD0C90GUV498 Redeia Corp SA 000000000 18584.00000000 NS 311860.39000000 0.043398241535 Long EC CORP ES N 1 N N N Mitsui & Co Ltd 2NRSB4GOU9DD6CNW5R48 Mitsui & Co Ltd 000000000 68799.00000000 NS 2509312.46000000 0.349193907658 Long EC CORP JP N 1 N N N a2 Milk Co Ltd/The 529900PVC9CV0KFA2U62 a2 Milk Co Ltd/The 000000000 31091.00000000 NS 79693.95000000 0.011090146110 Long EC CORP NZ N 1 N N N FUJIFILM Holdings Corp 529900UBKMFM0ST6H474 FUJIFILM Holdings Corp 000000000 14071.00000000 NS 824262.59000000 0.114703720372 Long EC CORP JP N 1 N N N MTR Corp Ltd 254900IH4U9NHH9AQM97 MTR Corp Ltd 000000000 72046.00000000 NS 258285.60000000 0.035942816764 Long EC CORP HK N 1 N N N Novozymes A/S 529900T6WNZXD2R3JW38 Novozymes A/S 000000000 9429.00000000 NS 489999.18000000 0.068187892556 Long EC CORP DK N 1 N N N Yara International ASA 213800WKOUWXWFJ5Z514 Yara International ASA 000000000 7078.00000000 NS 240534.33000000 0.033472564281 Long EC CORP NO N 1 N N N Monday.com Ltd 984500MDAFVD86E3B328 Monday.com Ltd 000000000 1213.00000000 NS USD 218145.92000000 0.030357011117 Long EC CORP IL N 1 N N N Koninklijke Philips NV H1FJE8H61JGM1JSGM897 Koninklijke Philips NV 000000000 36311.00000000 NS 743647.58000000 0.103485400292 Long EC CORP NL N 1 N N N ANZ Group Holdings Ltd 9845005D9C6BAA10BK72 ANZ Group Holdings Ltd 000000000 138155.00000000 NS 2232382.08000000 0.310656498275 Long EC CORP AU N 1 N N N Siemens AG W38RGI023J3WT1HWRP32 Siemens AG 000000000 34060.00000000 NS 5723083.10000000 0.796419650163 Long EC CORP DE N 1 N N N Kirin Holdings Co Ltd 353800GBVL72LLMTYM96 Kirin Holdings Co Ltd 497350108 37536.00000000 NS 529899.09000000 0.073740332003 Long EC CORP JP N 1 N N N Sampo Oyj 743700UF3RL386WIDA22 Sampo Oyj 000000000 20341.00000000 NS 891091.98000000 0.124003644639 Long EC CORP FI N 1 N N N SBI Holdings Inc 353800L6LMHYIPSMRQ17 SBI Holdings Inc 000000000 11114.00000000 NS 241097.16000000 0.033550887252 Long EC CORP JP N 1 N N N Transurban Group 549300ZR71SUQ4VUTM79 Transurban Group 000000000 141593.00000000 NS 1216727.08000000 0.169318763761 Long EC CORP AU N 1 N N N Delivery Hero SE 529900C3EX1FZGE48X78 Delivery Hero SE 000000000 9198.00000000 NS 292096.06000000 0.040647853238 Long EC CORP DE N 1 N N N Endesa SA 549300LHK07F2CHV4X31 Endesa SA 000000000 14550.00000000 NS 304571.66000000 0.042383947719 Long EC CORP ES N 1 N N N KBC Group NV 213800X3Q9LSAKRUWY91 KBC Group NV 000000000 11493.00000000 NS 659604.85000000 0.091790081448 Long EC CORP BE N 1 N N N SCREEN Holdings Co Ltd 353800ND89FTQ9XQ0R07 SCREEN Holdings Co Ltd 000000000 4293.00000000 NS 312751.45000000 0.043522240730 Long EC CORP JP N 1 N N N United Utilities Group PLC 2138002IEYQAOC88ZJ59 United Utilities Group PLC 000000000 31386.00000000 NS 433488.53000000 0.060323915864 Long EC CORP GB N 1 N N N Israel Discount Bank Ltd 549300XWZ7BG5G23OF51 Israel Discount Bank Ltd 465074201 56938.00000000 NS 274744.46000000 0.038233218510 Long EC CORP IL N 1 N N N Lawson Inc 529900IWO8XQO92PR233 Lawson Inc 000000000 2060.00000000 NS 102014.14000000 0.014196205833 Long EC CORP JP N 1 N N N InterContinental Hotels Group 2138007ZFQYRUSLU3J98 InterContinental Hotels Group PLC 000000000 7375.00000000 NS 571013.52000000 0.079461783079 Long EC CORP GB N 1 N N N Cellnex Telecom SA 5493008T4YG3AQUI7P67 Cellnex Telecom SA 000000000 26205.00000000 NS 1001873.64000000 0.139419931518 Long EC CORP ES N 1 N N N Credit Agricole SA 969500TJ5KRTCJQWXH05 Credit Agricole SA 000000000 51009.00000000 NS 669095.67000000 0.093110816340 Long EC CORP FR N 1 N N N Suzuki Motor Corp 353800D83H0V3ZV1SV24 Suzuki Motor Corp 000000000 18267.00000000 NS 743975.43000000 0.103531023634 Long EC CORP JP N 1 N N N 2024-01-24 Goldman Sachs ETF Trust Peter Fortner Peter Fortner Vice President Assistant Treasurer XXXX NPORT-EX 2 404291GS113023.htm
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
97.2%
Australia
–
0.0%
2,920
Yancoal
Australia
Ltd.
(Energy)
(a)
$
9,347
Brazil
–
4.6%
57,341
Ambev
SA
(Consumer
Staples)
159,156
7,397
Atacadao
SA
(Consumer
Staples)
17,007
73,361
B3
SA
–
Brasil
Bolsa
Balcao
(Financials)
197,821
19,288
Banco
Bradesco
SA
(Financials)
55,843
19,425
Banco
BTG
Pactual
SA
(Financials)
139,969
11,175
Banco
do
Brasil
SA
(Financials)
122,959
4,936
Banco
Santander
Brasil
SA
(Financials)
31,024
8,924
BB
Seguridade
Participacoes
SA
(Financials)
56,632
7,132
Caixa
Seguridade
Participacoes
SA
(Financials)
16,528
13,195
CCR
SA
(Industrials)
36,223
15,344
Centrais
Eletricas
Brasileiras
SA
(Utilities)
127,113
4,526
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
(Utilities)
61,995
3,860
Cia
Energetica
de
Minas
Gerais
(Utilities)
12,162
9,732
Cia
Paranaense
de
Energia
(Utilities)
17,344
8,297
Cia
Siderurgica
Nacional
SA
(Materials)
27,622
15,438
Cosan
SA
(Energy)
55,558
2,597
CPFL
Energia
SA
(Utilities)
19,508
5,839
CSN
Mineracao
SA
(Materials)
8,476
3,955
Energisa
SA
(Utilities)
42,322
7,940
Eneva
SA
(Utilities)*
20,428
2,419
Engie
Brasil
Energia
SA
(Utilities)
21,334
12,965
Equatorial
Energia
SA
(Utilities)
89,531
62,993
Hapvida
Participacoes
e
Investimentos
SA
(Health
Care)*
(a)
55,812
5,245
Hypera
SA
(Health
Care)
35,922
6,194
Itau
Unibanco
Holding
SA
(Financials)
33,606
11,261
Klabin
SA
(Materials)
51,530
11,088
Localiza
Rent
a
Car
SA
(Industrials)
134,974
12,608
Lojas
Renner
SA
(Consumer
Discretionary)
41,846
39,750
Magazine
Luiza
SA
(Consumer
Discretionary)*
16,280
3,766
Multiplan
Empreendimentos
Imobiliarios
SA
(Real
Estate)
20,761
11,222
Natura
&
Co.
Holding
SA
(Consumer
Staples)*
37,518
2,697
Neoenergia
SA
(Utilities)
10,592
29,920
NU
Holdings
Ltd.,
Class
A
(Financials)*
243,549
Shares
Description
Value
a
Common
Stocks
–
(continued)
Brazil
–
(continued)
2,779
Pagseguro
Digital
Ltd.,
Class
A
(Financials)*
$
28,012
48,147
Petroleo
Brasileiro
SA
(Energy)
368,015
2,604
Porto
Seguro
SA
(Financials)
14,783
9,372
PRIO
SA
(Energy)*
87,274
16,642
Raia
Drogasil
SA
(Consumer
Staples)
94,745
12,828
Rede
D’Or
Sao
Luiz
SA
(Health
Care)
(a)
69,182
16,156
Rumo
SA
(Industrials)
75,011
17,586
Sendas
Distribuidora
SA
(Consumer
Staples)
46,102
3,181
StoneCo
Ltd.,
Class
A
(Financials)*
49,624
9,156
Suzano
SA
(Materials)
99,835
5,380
Telefonica
Brasil
SA
(Communication
Services)
57,549
10,404
TIM
SA
(Communication
Services)
36,366
6,905
TOTVS
SA
(Information
Technology)
46,633
9,691
Ultrapar
Participacoes
SA
(Energy)
49,612
51,055
Vale
SA
(Materials)
764,440
14,938
Vibra
Energia
SA
(Consumer
Discretionary)
70,719
19,294
WEG
SA
(Industrials)
133,745
5,118
XP,
Inc.,
Class
A
(Financials)
119,198
4,229,790
Chile
–
0.4%
569,488
Banco
de
Chile
(Financials)
64,273
1,163
Banco
de
Credito
e
Inversiones
SA
(Financials)
31,377
804,896
Banco
Santander
Chile
(Financials)
39,681
17,323
Cencosud
SA
(Consumer
Staples)
32,325
1,746
Cia
Cervecerias
Unidas
SA
(Consumer
Staples)
10,740
199,745
Cia
Sud
Americana
de
Vapores
SA
(Industrials)
11,642
15,570
Empresas
CMPC
SA
(Materials)
30,256
5,470
Empresas
Copec
SA
(Energy)
40,670
254,792
Enel
Americas
SA
(Utilities)*
29,801
342,102
Enel
Chile
SA
(Utilities)
21,677
15,610
Falabella
SA
(Consumer
Discretionary)*
36,609
5,821,468
Latam
Airlines
Group
SA
(Industrials)*
56,998
406,049
China
–
26.3%
5,765
360
Security
Technology,
Inc.,
Class
A
(Information
Technology)*
7,007
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
1,268
37
Interactive
Entertainment
Network
Technology
Group
Co.
Ltd.,
Class
A
(Communication
Services)
$
3,933
700
Accelink
Technologies
Co.
Ltd.,
Class
A
(Information
Technology)
2,680
578
Advanced
Micro-Fabrication
Equipment
Inc
China,
Class
A
(Information
Technology)
13,752
724
AECC
Aero-Engine
Control
Co.
Ltd.,
Class
A
(Industrials)
2,079
1,962
AECC
Aviation
Power
Co.
Ltd.,
Class
A
(Industrials)
9,880
72,244
Agricultural
Bank
of
China
Ltd.,
Class
A
(Financials)
37,027
368,036
Agricultural
Bank
of
China
Ltd.,
Class
H
(Financials)
136,182
7,602
Aier
Eye
Hospital
Group
Co.
Ltd.,
Class
A
(Health
Care)
18,161
450
AIMA
Technology
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
1,810
5,484
Air
China
Ltd.,
Class
A
(Industrials)*
6,197
23,471
Air
China
Ltd.,
Class
H
(Industrials)*
15,807
2,245
Airtac
International
Group
(Industrials)
77,971
1,300
Aisino
Corp.,
Class
A
(Information
Technology)
2,015
6,141
Akeso,
Inc.
(Health
Care)*
(a)
39,196
206,704
Alibaba
Group
Holding
Ltd.
(Consumer
Discretionary)*
1,925,370
11,364
Aluminum
Corp.
of
China
Ltd.,
Class
A
(Materials)
8,816
49,081
Aluminum
Corp.
of
China
Ltd.,
Class
H
(Materials)
24,257
578
Amlogic
Shanghai
Co.
Ltd.,
Class
A
(Information
Technology)
4,952
5,054
Angang
Steel
Co.
Ltd.,
Class
A
(Materials)
1,812
19,246
Angang
Steel
Co.
Ltd.,
Class
H
(Materials)
3,943
731
Angel
Yeast
Co.
Ltd.,
Class
A
(Consumer
Staples)
3,737
3,373
Anhui
Conch
Cement
Co.
Ltd.,
Class
A
(Materials)
10,864
15,390
Anhui
Conch
Cement
Co.
Ltd.,
Class
H
(Materials)
36,020
995
Anhui
Gujing
Distillery
Co.
Ltd.,
Class
A
(Consumer
Staples)
36,027
1,700
Anhui
Jianghuai
Automobile
Group
Corp.
Ltd.,
Class
A
(Consumer
Discretionary)*
4,199
305
Anhui
Kouzi
Distillery
Co.
Ltd.,
Class
A
(Consumer
Staples)
2,017
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
562
Anhui
Yingjia
Distillery
Co.
Ltd.,
Class
A
(Consumer
Staples)
$
5,916
181
Anjoy
Foods
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
2,897
300
Anker
Innovations
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
3,713
16,649
ANTA
Sports
Products
Ltd.
(Consumer
Discretionary)
173,625
843
Apeloa
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
1,969
700
Asia
-
Potash
International
Investment
Guangzhou
Co.
Ltd.,
Class
A
(Materials)*
2,660
174
Asymchem
Laboratories
Tianjin
Co.
Ltd.,
Class
A
(Health
Care)
3,509
311
Asymchem
Laboratories
Tianjin
Co.
Ltd.,
Class
H
(Health
Care)
(a)
4,269
300
Autobio
Diagnostics
Co.
Ltd.,
Class
A
(Health
Care)
2,157
939
Autohome,
Inc.
ADR
(Communication
Services)
25,644
1,439
Avary
Holding
Shenzhen
Co.
Ltd.,
Class
A
(Information
Technology)
4,343
7,430
AVIC
Industry-Finance
Holdings
Co.
Ltd.,
Class
A
(Financials)
3,402
31,134
AviChina
Industry
&
Technology
Co.
Ltd.,
Class
H
(Industrials)
14,111
300
AVICOPTER
PLC,
Class
A
(Industrials)
1,572
4,100
BAIC
BluePark
New
Energy
Technology
Co.
Ltd.,
Class
A
(Consumer
Discretionary)*
3,720
3,675
Baidu,
Inc.
ADR
(Communication
Services)*
436,076
18,123
Bank
of
Beijing
Co.
Ltd.,
Class
A
(Financials)
11,497
3,100
Bank
of
Changsha
Co.
Ltd.,
Class
A
(Financials)
2,948
3,095
Bank
of
Chengdu
Co.
Ltd.,
Class
A
(Financials)
4,902
33,811
Bank
of
China
Ltd.,
Class
A
(Financials)
18,892
1,087,912
Bank
of
China
Ltd.,
Class
H
(Financials)
399,768
32,003
Bank
of
Communications
Co.
Ltd.,
Class
A
(Financials)
26,172
94,618
Bank
of
Communications
Co.
Ltd.,
Class
H
(Financials)
55,848
2,700
Bank
of
Guiyang
Co.
Ltd.,
Class
A
(Financials)
1,925
4,910
Bank
of
Hangzhou
Co.
Ltd.,
Class
A
(Financials)
6,835
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
12,062
Bank
of
Jiangsu
Co.
Ltd.,
Class
A
(Financials)
$
11,182
8,284
Bank
of
Nanjing
Co.
Ltd.,
Class
A
(Financials)
8,376
5,352
Bank
of
Ningbo
Co.
Ltd.,
Class
A
(Financials)
17,178
11,954
Bank
of
Shanghai
Co.
Ltd.,
Class
A
(Financials)
9,860
2,700
Bank
of
Suzhou
Co.
Ltd.,
Class
A
(Financials)
2,454
6,036
Bank
of
Zhengzhou
Co.
Ltd.,
Class
A
(Financials)*
1,741
16,547
Baoshan
Iron
&
Steel
Co.
Ltd.,
Class
A
(Materials)
14,413
7,027
BBMG
Corp.,
Class
A
(Materials)
1,988
633
BeiGene
Ltd.
ADR
(Health
Care)*
118,333
5,500
Beijing
Capital
Eco-
Environment
Protection
Group
Co.
Ltd.,
Class
A
(Utilities)
2,080
300
Beijing
Compass
Technology
Development
Co.
Ltd.,
Class
A
(Financials)*
2,433
3,654
Beijing
Dabeinong
Technology
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
3,725
181
Beijing
Easpring
Material
Technology
Co.
Ltd.,
Class
A
(Industrials)
1,038
700
Beijing
E-Hualu
Information
Technology
Co.
Ltd.,
Class
A
(Information
Technology)*
3,317
2,249
Beijing
Enlight
Media
Co.
Ltd.,
Class
A
(Communication
Services)
2,504
6,510
Beijing
Enterprises
Holdings
Ltd.
(Utilities)
21,588
53,079
Beijing
Enterprises
Water
Group
Ltd.
(Utilities)
10,670
578
Beijing
Kingsoft
Office
Software,
Inc.,
Class
A
(Information
Technology)
24,424
1,011
Beijing
New
Building
Materials
PLC,
Class
A
(Industrials)
3,307
2,100
Beijing
Oriental
Yuhong
Waterproof
Technology
Co.
Ltd.,
Class
A
(Materials)
6,331
2,530
Beijing
Originwater
Technology
Co.
Ltd.,
Class
A
(Industrials)
1,800
1,443
Beijing
Shiji
Information
Technology
Co.
Ltd.,
Class
A
(Information
Technology)*
2,156
1,968
Beijing
Shougang
Co.
Ltd.,
Class
A
(Materials)*
1,009
1,300
Beijing
Tiantan
Biological
Products
Corp.
Ltd.,
Class
A
(Health
Care)
5,831
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
1,124
Beijing
Tongrentang
Co.
Ltd.,
Class
A
(Health
Care)
$
8,366
571
Beijing
United
Information
Technology
Co.
Ltd.,
Class
A
(Industrials)
2,719
590
Beijing
Wantai
Biological
Pharmacy
Enterprise
Co.
Ltd.,
Class
A
(Health
Care)
4,034
2,100
Beijing
Yanjing
Brewery
Co.
Ltd.,
Class
A
(Consumer
Staples)
2,926
32,000
Beijing-Shanghai
High
Speed
Railway
Co.
Ltd.,
Class
A
(Industrials)
22,630
6,200
Beiqi
Foton
Motor
Co.
Ltd.,
Class
A
(Consumer
Discretionary)*
2,648
181
Bethel
Automotive
Safety
Systems
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
1,978
181
Betta
Pharmaceuticals
Co.
Ltd.,
Class
A
(Health
Care)
1,445
434
BGI
Genomics
Co.
Ltd.,
Class
A
(Health
Care)
3,118
3,271
Bilibili,
Inc.,
Class
Z
(Communication
Services)*
37,651
578
Bloomage
Biotechnology
Corp.
Ltd.,
Class
A
(Health
Care)
5,764
2,100
Bluefocus
Intelligent
Communications
Group
Co.
Ltd.,
Class
A
(Communication
Services)*
2,164
2,869
BOC
Aviation
Ltd.
(Industrials)
(a)
20,644
46,667
BOC
Hong
Kong
Holdings
Ltd.
(Financials)
124,879
1,968
BOC
International
China
Co.
Ltd.,
Class
A
(Financials)
2,968
31,137
BOE
Technology
Group
Co.
Ltd.,
Class
A
(Information
Technology)
16,874
1,000
BTG
Hotels
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)*
2,421
1,295
BYD
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
36,115
12,971
BYD
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
348,759
849
By-health
Co.
Ltd.,
Class
A
(Consumer
Staples)
2,176
7,223
C&D
International
Investment
Group
Ltd.
(Real
Estate)
14,760
2,100
Caida
Securities
Co.
Ltd.,
Class
A
(Financials)
2,279
3,657
Caitong
Securities
Co.
Ltd.,
Class
A
(Financials)
4,128
2,291
CALB
Group
Co.
Ltd.
(Consumer
Discretionary)*
(a)
5,456
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
710
Canmax
Technologies
Co.
Ltd.,
Class
A
(Materials)
$
2,396
712
Cathay
Biotech,
Inc.,
Class
A
(Materials)
5,420
3,100
CECEP
Solar
Energy
Co.
Ltd.,
Class
A
(Utilities)
2,418
4,497
CECEP
Wind-Power
Corp.,
Class
A
(Utilities)
1,940
562
CETC
Cyberspace
Security
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
1,802
12,086
CGN
Power
Co.
Ltd.,
Class
A
(Utilities)
5,128
135,497
CGN
Power
Co.
Ltd.,
Class
H
(Utilities)
(a)
32,615
181
Changchun
High
&
New
Technology
Industry
Group,
Inc.,
Class
A
(Health
Care)
4,078
4,488
Changjiang
Securities
Co.
Ltd.,
Class
A
(Financials)
3,494
181
Changzhou
Xingyu
Automotive
Lighting
Systems
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,654
1,421
Chaozhou
Three-Circle
Group
Co.
Ltd.,
Class
A
(Information
Technology)
5,834
843
Chengxin
Lithium
Group
Co.
Ltd.,
Class
A
(Materials)
2,568
1,300
Chifeng
Jilong
Gold
Mining
Co.
Ltd.,
Class
A
(Materials)*
2,532
700
China
Automotive
Engineering
Research
Institute
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,110
2,249
China
Baoan
Group
Co.
Ltd.,
Class
A
(Industrials)
3,682
116,877
China
Cinda
Asset
Management
Co.
Ltd.,
Class
H
(Financials)
11,373
4,801
China
CITIC
Bank
Corp.
Ltd.,
Class
A
(Financials)
3,624
137,021
China
CITIC
Bank
Corp.
Ltd.,
Class
H
(Financials)
61,929
2,805
China
Coal
Energy
Co.
Ltd.,
Class
A
(Energy)
3,665
28,848
China
Coal
Energy
Co.
Ltd.,
Class
H
(Energy)
24,452
31,098
China
Communications
Services
Corp.
Ltd.,
Class
H
(Industrials)
13,259
7,888
China
Construction
Bank
Corp.,
Class
A
(Financials)
7,069
1,225,156
China
Construction
Bank
Corp.,
Class
H
(Financials)
709,026
3,368
China
CSSC
Holdings
Ltd.,
Class
A
(Industrials)
13,036
6,591
China
Eastern
Airlines
Corp.
Ltd.,
Class
A
(Industrials)*
3,877
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
27,146
China
Eastern
Airlines
Corp.
Ltd.,
Class
H
(Industrials)*
$
8,759
25,657
China
Energy
Engineering
Corp.
Ltd.,
Class
A
(Industrials)
7,653
80,851
China
Energy
Engineering
Corp.
Ltd.,
Class
H
(Industrials)
7,764
34,651
China
Everbright
Bank
Co.
Ltd.,
Class
A
(Financials)
14,023
100,551
China
Everbright
Bank
Co.
Ltd.,
Class
H
(Financials)
28,709
48,363
China
Everbright
Environment
Group
Ltd.
(Industrials)
15,914
43,974
China
Feihe
Ltd.
(Consumer
Staples)
(a)
25,787
1,300
China
Film
Co.
Ltd.,
Class
A
(Communication
Services)*
2,239
5,200
China
First
Heavy
Industries
Co.
Ltd.,
Class
A
(Industrials)*
2,112
2,805
China
Galaxy
Securities
Co.
Ltd.,
Class
A
(Financials)
4,914
46,163
China
Galaxy
Securities
Co.
Ltd.,
Class
H
(Financials)
24,706
1,968
China
Great
Wall
Securities
Co.
Ltd.,
Class
A
(Financials)
2,285
2,537
China
Greatwall
Technology
Group
Co.
Ltd.,
Class
A
(Information
Technology)
3,965
31,490
China
Hongqiao
Group
Ltd.
(Materials)
25,683
1,305
China
International
Capital
Corp.
Ltd.,
Class
A
(Financials)
7,420
19,647
China
International
Capital
Corp.
Ltd.,
Class
H
(Financials)
(a)
31,092
2,274
China
International
Marine
Containers
Group
Co.
Ltd.,
Class
A
(Industrials)
2,509
91,745
China
Jinmao
Holdings
Group
Ltd.
(Real
Estate)
10,455
3,362
China
Jushi
Co.
Ltd.,
Class
A
(Materials)
5,212
13,372
China
Lesso
Group
Holdings
Ltd.
(Industrials)
7,396
1,574
China
Life
Insurance
Co.
Ltd.,
Class
A
(Financials)
6,621
96,817
China
Life
Insurance
Co.
Ltd.,
Class
H
(Financials)
131,150
4,761
China
Literature
Ltd.
(Communication
Services)*
(a)
16,245
43,469
China
Longyuan
Power
Group
Corp.
Ltd.,
Class
H
(Utilities)
32,559
16,371
China
Medical
System
Holdings
Ltd.
(Health
Care)
31,483
15,998
China
Merchants
Bank
Co.
Ltd.,
Class
A
(Financials)
64,498
49,222
China
Merchants
Bank
Co.
Ltd.,
Class
H
(Financials)
172,050
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
6,746
China
Merchants
Energy
Shipping
Co.
Ltd.,
Class
A
(Energy)
$
5,678
2,968
China
Merchants
Expressway
Network
&
Technology
Holdings
Co.
Ltd.,
Class
A
(Industrials)
4,094
16,606
China
Merchants
Port
Holdings
Co.
Ltd.
(Industrials)
21,262
6,179
China
Merchants
Securities
Co.
Ltd.,
Class
A
(Financials)
12,175
6,063
China
Merchants
Securities
Co.
Ltd.,
Class
H
(Financials)
(a)
4,960
5,341
China
Merchants
Shekou
Industrial
Zone
Holdings
Co.
Ltd.,
Class
A
(Real
Estate)
7,793
29,332
China
Minsheng
Banking
Corp.
Ltd.,
Class
A
(Financials)
15,814
91,393
China
Minsheng
Banking
Corp.
Ltd.,
Class
H
(Financials)
30,541
57,020
China
National
Building
Material
Co.
Ltd.,
Class
H
(Materials)
25,406
5,059
China
National
Chemical
Engineering
Co.
Ltd.,
Class
A
(Industrials)
4,690
700
China
National
Medicines
Corp.
Ltd.,
Class
A
(Health
Care)
2,995
15,559
China
National
Nuclear
Power
Co.
Ltd.,
Class
A
(Utilities)
15,317
460
China
National
Software
&
Service
Co.
Ltd.,
Class
A
(Information
Technology)
2,216
2,972
China
Northern
Rare
Earth
Group
High-Tech
Co.
Ltd.,
Class
A
(Materials)
8,257
843
China
Oilfield
Services
Ltd.,
Class
A
(Energy)
1,761
24,947
China
Oilfield
Services
Ltd.,
Class
H
(Energy)
26,831
49,080
China
Overseas
Land
&
Investment
Ltd.
(Real
Estate)
90,741
16,871
China
Overseas
Property
Holdings
Ltd.
(Real
Estate)
13,738
5,472
China
Pacific
Insurance
Group
Co.
Ltd.,
Class
A
(Financials)
18,460
33,421
China
Pacific
Insurance
Group
Co.
Ltd.,
Class
H
(Financials)
70,605
25,238
China
Petroleum
&
Chemical
Corp.,
Class
A
(Energy)
19,332
312,402
China
Petroleum
&
Chemical
Corp.,
Class
H
(Energy)
160,795
4,100
China
Petroleum
Engineering
Corp.,
Class
A
(Energy)
1,826
63,985
China
Power
International
Development
Ltd.
(Utilities)
23,512
3,855
China
Railway
Construction
Heavy
Industry
Corp.
Ltd.,
Class
A
(Industrials)
2,224
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
16,986
China
Railway
Group
Ltd.,
Class
A
(Industrials)
$
13,416
55,094
China
Railway
Group
Ltd.,
Class
H
(Industrials)
24,195
5,245
China
Railway
Signal
&
Communication
Corp.
Ltd.,
Class
A
(Information
Technology)
3,195
22,339
China
Railway
Signal
&
Communication
Corp.
Ltd.,
Class
H
(Information
Technology)
(a)
6,779
843
China
Rare
Earth
Resources
And
Technology
Co.
Ltd.,
Class
A
(Materials)
3,302
20,284
China
Resources
Beer
Holdings
Co.
Ltd.
(Consumer
Staples)
91,417
30,281
China
Resources
Cement
Holdings
Ltd.
(Materials)
6,979
11,615
China
Resources
Gas
Group
Ltd.
(Utilities)
36,435
37,513
China
Resources
Land
Ltd.
(Real
Estate)
137,366
851
China
Resources
Microelectronics
Ltd.,
Class
A
(Information
Technology)
5,596
7,939
China
Resources
Mixc
Lifestyle
Services
Ltd.
(Real
Estate)
(a)
30,037
21,497
China
Resources
Pharmaceutical
Group
Ltd.
(Health
Care)
(a)
13,432
23,195
China
Resources
Power
Holdings
Co.
Ltd.
(Utilities)
44,725
843
China
Resources
Sanjiu
Medical
&
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
5,735
83,680
China
Ruyi
Holdings
Ltd.
(Communication
Services)*
18,964
5,468
China
Shenhua
Energy
Co.
Ltd.,
Class
A
(Energy)
24,112
43,929
China
Shenhua
Energy
Co.
Ltd.,
Class
H
(Energy)
143,706
1,300
China
South
Publishing
&
Media
Group
Co.
Ltd.,
Class
A
(Communication
Services)
1,966
8,989
China
Southern
Airlines
Co.
Ltd.,
Class
A
(Industrials)*
7,742
22,796
China
Southern
Airlines
Co.
Ltd.,
Class
H
(Industrials)*
10,945
2,100
China
Southern
Power
Grid
Energy
Efficiency
&
Clean
Energy
Co.
Ltd.,
Class
A
(Industrials)
1,582
1,000
China
Southern
Power
Grid
Energy
Storage
Co.
Ltd.,
Class
A
(Utilities)
1,344
34,773
China
State
Construction
Engineering
Corp.
Ltd.,
Class
A
(Industrials)
24,201
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
24,318
China
State
Construction
International
Holdings
Ltd.
(Industrials)
$
28,209
1,305
China
Suntien
Green
Energy
Corp.
Ltd.,
Class
A
(Energy)
1,433
23,826
China
Suntien
Green
Energy
Corp.
Ltd.,
Class
H
(Energy)
7,932
19,296
China
Taiping
Insurance
Holdings
Co.
Ltd.
(Financials)
17,492
23,711
China
Three
Gorges
Renewables
Group
Co.
Ltd.,
Class
A
(Utilities)
15,274
1,304
China
Tourism
Group
Duty
Free
Corp.
Ltd.,
Class
A
(Consumer
Discretionary)
16,279
1,170
China
Tourism
Group
Duty
Free
Corp.
Ltd.,
Class
H
(Consumer
Discretionary)
(a)
12,733
573,836
China
Tower
Corp.
Ltd.,
Class
H
(Communication
Services)
(a)
59,512
26,241
China
United
Network
Communications
Ltd.,
Class
A
(Communication
Services)
16,132
8,161
China
Vanke
Co.
Ltd.,
Class
A
(Real
Estate)
13,074
29,168
China
Vanke
Co.
Ltd.,
Class
H
(Real
Estate)
29,466
4,100
China
XD
Electric
Co.
Ltd.,
Class
A
(Industrials)
2,647
18,127
China
Yangtze
Power
Co.
Ltd.,
Class
A
(Utilities)
57,953
562
China
Zhenhua
Group
Science
&
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
5,086
15,176
China
Zheshang
Bank
Co.
Ltd.,
Class
A
(Financials)
5,377
33,071
China
Zheshang
Bank
Co.
Ltd.,
Class
H
(Financials)
9,019
1,834
Chindata
Group
Holdings
Ltd.
ADR
(Information
Technology)*
(b)
15,442
447
Chongqing
Brewery
Co.
Ltd.,
Class
A
(Consumer
Staples)
4,460
18,097
Chongqing
Changan
Automobile
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
51,648
7,870
Chongqing
Rural
Commercial
Bank
Co.
Ltd.,
Class
A
(Financials)
4,485
32,122
Chongqing
Rural
Commercial
Bank
Co.
Ltd.,
Class
H
(Financials)
11,886
300
Chongqing
Taiji
Industry
Group
Co.
Ltd.,
Class
A
(Health
Care)*
2,167
1,822
Chongqing
Zhifei
Biological
Products
Co.
Ltd.,
Class
A
(Health
Care)
16,641
84,129
CITIC
Ltd.
(Industrials)
79,279
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
1,305
Citic
Pacific
Special
Steel
Group
Co.
Ltd.,
Class
A
(Materials)
$
2,606
9,287
CITIC
Securities
Co.
Ltd.,
Class
A
(Financials)
27,896
25,616
CITIC
Securities
Co.
Ltd.,
Class
H
(Financials)
53,198
14,198
CMOC
Group
Ltd.,
Class
A
(Materials)
10,359
49,488
CMOC
Group
Ltd.,
Class
H
(Materials)
28,260
562
CNGR
Advanced
Material
Co.
Ltd.,
Class
A
(Materials)
3,870
4,800
CNOOC
Energy
Technology
&
Services
Ltd.,
Class
A
(Energy)
1,949
3,092
CNPC
Capital
Co.
Ltd.,
Class
A
(Financials)
2,490
3,309
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
(Industrials)
77,385
8,151
COSCO
SHIPPING
Development
Co.
Ltd.,
Class
A
(Industrials)
2,660
3,092
COSCO
SHIPPING
Energy
Transportation
Co.
Ltd.,
Class
A
(Energy)
5,707
17,854
COSCO
SHIPPING
Energy
Transportation
Co.
Ltd.,
Class
H
(Energy)
17,328
10,533
COSCO
SHIPPING
Holdings
Co.
Ltd.,
Class
A
(Industrials)
14,765
41,010
COSCO
SHIPPING
Holdings
Co.
Ltd.,
Class
H
(Industrials)
37,805
179,728
Country
Garden
Holdings
Co.
Ltd.
(Real
Estate)*
(b)
20,250
29,561
Country
Garden
Services
Holdings
Co.
Ltd.
(Real
Estate)
27,932
19,800
CRRC
Corp.
Ltd.,
Class
A
(Industrials)
14,418
59,585
CRRC
Corp.
Ltd.,
Class
H
(Industrials)
24,031
2,392
CSC
Financial
Co.
Ltd.,
Class
A
(Financials)
8,635
12,520
CSC
Financial
Co.
Ltd.,
Class
H
(Financials)
(a)
11,750
700
CSPC
Innovation
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
4,146
1,000
CSSC
Science
&
Technology
Co.
Ltd.,
Class
A
(Industrials)
2,575
12,368
Daqin
Railway
Co.
Ltd.,
Class
A
(Industrials)
12,574
718
DaShenLin
Pharmaceutical
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
2,614
5,054
Datang
International
Power
Generation
Co.
Ltd.,
Class
A
(Utilities)
1,769
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
38,636
Datang
International
Power
Generation
Co.
Ltd.,
Class
H
(Utilities)
$
5,837
2,530
DHC
Software
Co.
Ltd.,
Class
A
(Information
Technology)
2,260
726
Do-Fluoride
New
Materials
Co.
Ltd.,
Class
A
(Materials)
1,524
458
Dong-E-E-Jiao
Co.
Ltd.,
Class
A
(Health
Care)
3,232
2,103
Dongfang
Electric
Corp.
Ltd.,
Class
A
(Industrials)
4,291
4,672
Dongfang
Electric
Corp.
Ltd.,
Class
H
(Industrials)
4,187
36,566
Dongfeng
Motor
Group
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
18,353
2,565
Dongxing
Securities
Co.
Ltd.,
Class
A
(Financials)
3,100
5,929
East
Buy
Holding
Ltd.
(Consumer
Discretionary)*
(a)
22,053
12,381
East
Money
Information
Co.
Ltd.,
Class
A
(Financials)
25,383
181
Eastroc
Beverage
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
4,997
4,500
Easyhome
New
Retail
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,250
562
Ecovacs
Robotics
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,363
300
Empyrean
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
4,130
10,090
ENN
Energy
Holdings
Ltd.
(Utilities)
70,020
1,830
ENN
Natural
Gas
Co.
Ltd.,
Class
A
(Utilities)
4,108
440
Eoptolink
Technology,
Inc.
Ltd.,
Class
A
(Information
Technology)
2,853
1,700
Eve
Energy
Co.
Ltd.,
Class
A
(Industrials)
10,044
3,247
Everbright
Securities
Co.
Ltd.,
Class
A
(Financials)
7,389
7,986
Everdisplay
Optronics
Shanghai
Co.
Ltd.,
Class
A
(Information
Technology)*
3,008
3,820
Fangda
Carbon
New
Material
Co.
Ltd.,
Class
A
(Industrials)*
3,092
17,503
Far
East
Horizon
Ltd.
(Financials)
12,841
945
Farasis
Energy
Gan
Zhou
Co.
Ltd.,
Class
A
(Industrials)*
2,480
1,983
FAW
Jiefang
Group
Co.
Ltd.,
Class
A
(Industrials)*
2,746
1,000
Fiberhome
Telecommunication
Technologies
Co.
Ltd.,
Class
A
(Information
Technology)
2,495
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
3,654
First
Capital
Securities
Co.
Ltd.,
Class
A
(Financials)
$
3,126
979
Flat
Glass
Group
Co.
Ltd.,
Class
A
(Information
Technology)
3,470
5,875
Flat
Glass
Group
Co.
Ltd.,
Class
H
(Information
Technology)
9,658
11,940
Focus
Media
Information
Technology
Co.
Ltd.,
Class
A
(Communication
Services)
10,935
3,392
Foshan
Haitian
Flavouring
&
Food
Co.
Ltd.,
Class
A
(Consumer
Staples)
18,102
6,600
Founder
Securities
Co.
Ltd.,
Class
A
(Financials)
8,022
8,294
Foxconn
Industrial
Internet
Co.
Ltd.,
Class
A
(Information
Technology)
17,538
1,700
Fujian
Funeng
Co.
Ltd.,
Class
A
(Utilities)
2,033
300
Fujian
Kuncai
Material
Technology
Co.
Ltd.,
Class
A
(Materials)*
2,333
864
Fujian
Sunner
Development
Co.
Ltd.,
Class
A
(Consumer
Staples)
2,196
10,320
Full
Truck
Alliance
Co.
Ltd.
ADR
(Industrials)*
77,297
1,574
Fuyao
Glass
Industry
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
8,301
7,896
Fuyao
Glass
Industry
Group
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
(a)
37,052
1,433
GalaxyCore,
Inc.,
Class
A
(Information
Technology)
4,120
300
Gan
&
Lee
Pharmaceuticals
Co.
Ltd.,
Class
A
(Health
Care)*
2,239
1,122
Ganfeng
Lithium
Group
Co.
Ltd.,
Class
A
(Materials)
6,128
5,339
Ganfeng
Lithium
Group
Co.
Ltd.,
Class
H
(Materials)
(a)
17,090
15,178
GD
Power
Development
Co.
Ltd.,
Class
A
(Utilities)
8,396
1,475
GDS
Holdings
Ltd.
ADR
(Information
Technology)*
15,119
3,935
GEM
Co.
Ltd.,
Class
A
(Materials)
3,108
3,524
Gemdale
Corp.,
Class
A
(Real
Estate)
2,527
15,119
Genscript
Biotech
Corp.
(Health
Care)*
42,006
5,052
GF
Securities
Co.
Ltd.,
Class
A
(Financials)
10,195
13,411
GF
Securities
Co.
Ltd.,
Class
H
(Financials)
16,776
5,206
Giant
Biogene
Holding
Co.
Ltd.
(Consumer
Staples)*
(a)
23,896
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
1,700
Giant
Network
Group
Co.
Ltd.,
Class
A
(Communication
Services)
$
2,878
448
GigaDevice
Semiconductor,
Inc.,
Class
A
(Information
Technology)
5,903
322
Ginlong
Technologies
Co.
Ltd.,
Class
A
(Industrials)
3,005
1,000
Glodon
Co.
Ltd.,
Class
A
(Information
Technology)
2,743
2,690
GoerTek,
Inc.,
Class
A
(Information
Technology)
6,781
10,672
Goldwind
Science
&
Technology
Co.
Ltd.
(Industrials)
4,892
2,561
Goldwind
Science
&
Technology
Co.
Ltd.,
Class
A
(Industrials)
3,120
148
Gongniu
Group
Co.
Ltd.,
Class
A
(Industrials)
2,026
1,124
Gotion
High-tech
Co.
Ltd.,
Class
A
(Industrials)*
3,486
1,855
Great
Wall
Motor
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
6,988
30,650
Great
Wall
Motor
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
44,188
4,497
Gree
Electric
Appliances
Inc
of
Zhuhai,
Class
A
(Consumer
Discretionary)
20,750
8,000
Greenland
Holdings
Corp.
Ltd.,
Class
A
(Real
Estate)*
2,767
13,734
Greentown
China
Holdings
Ltd.
(Real
Estate)
14,613
2,100
GRG
Banking
Equipment
Co.
Ltd.,
Class
A
(Information
Technology)
3,588
1,700
Guangdong
Electric
Power
Development
Co.
Ltd.,
Class
A
(Utilities)*
1,217
1,268
Guangdong
Haid
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
7,848
38,629
Guangdong
Investment
Ltd.
(Utilities)
26,807
181
Guangdong
Kinlong
Hardware
Products
Co.
Ltd.,
Class
A
(Industrials)
1,140
5,622
Guanghui
Energy
Co.
Ltd.,
Class
A
(Energy)
5,716
1,997
Guangzhou
Automobile
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,774
38,903
Guangzhou
Automobile
Group
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
18,031
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
1,700
Guangzhou
Baiyun
International
Airport
Co.
Ltd.,
Class
A
(Industrials)*
$
2,626
1,116
Guangzhou
Baiyunshan
Pharmaceutical
Holdings
Co.
Ltd.,
Class
A
(Health
Care)
4,712
3,012
Guangzhou
Baiyunshan
Pharmaceutical
Holdings
Co.
Ltd.,
Class
H
(Health
Care)
8,311
181
Guangzhou
Great
Power
Energy
&
Technology
Co.
Ltd.,
Class
A
(Industrials)
697
1,700
Guangzhou
Haige
Communications
Group,
Inc.
Co.,
Class
A
(Information
Technology)
3,014
447
Guangzhou
Kingmed
Diagnostics
Group
Co.
Ltd.,
Class
A
(Health
Care)
4,131
458
Guangzhou
Shiyuan
Electronic
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
2,904
1,686
Guangzhou
Tinci
Materials
Technology
Co.
Ltd.,
Class
A
(Materials)
5,714
2,285
Guangzhou
Yuexiu
Capital
Holdings
Group
Co.
Ltd.,
Class
A
(Financials)
2,032
1,700
Guolian
Securities
Co.
Ltd.,
Class
A
(Financials)*
2,773
5,434
Guolian
Securities
Co.
Ltd.,
Class
H
(Financials)*
2,533
3,962
Guosen
Securities
Co.
Ltd.,
Class
A
(Financials)
5,271
6,042
Guotai
Junan
Securities
Co.
Ltd.,
Class
A
(Financials)
12,776
11,400
Guotai
Junan
Securities
Co.
Ltd.,
Class
H
(Financials)
(a)
13,166
3,936
Guoyuan
Securities
Co.
Ltd.,
Class
A
(Financials)
3,798
2,470
H
World
Group
Ltd.
ADR
(Consumer
Discretionary)*
90,353
22,341
Haidilao
International
Holding
Ltd.
(Consumer
Discretionary)
(a)
44,451
5,055
Haier
Smart
Home
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
15,658
30,198
Haier
Smart
Home
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
87,575
33,800
Hainan
Airlines
Holding
Co.
Ltd.,
Class
A
(Industrials)*
6,863
9,000
Hainan
Airport
Infrastructure
Co.
Ltd.,
Class
A
(Real
Estate)*
5,130
300
Hainan
Drinda
New
Energy
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
3,578
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
700
Haisco
Pharmaceutical
Group
Co.
Ltd.,
Class
A
(Health
Care)*
$
2,378
8,349
Haitian
International
Holdings
Ltd.
(Industrials)
21,273
7,726
Haitong
Securities
Co.
Ltd.,
Class
A
(Financials)
10,516
34,818
Haitong
Securities
Co.
Ltd.,
Class
H
(Financials)
19,526
705
Han’s
Laser
Technology
Industry
Group
Co.
Ltd.,
Class
A
(Industrials)
2,160
1,000
Hang
Zhou
Great
Star
Industrial
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,054
700
Hangcha
Group
Co.
Ltd.,
Class
A
(Industrials)
2,184
700
Hangjin
Technology
Co.
Ltd.,
Class
A
(Materials)
3,358
2,530
Hangzhou
Binjiang
Real
Estate
Group
Co.
Ltd.,
Class
A
(Real
Estate)
2,735
562
Hangzhou
Chang
Chuan
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
3,172
1,566
Hangzhou
First
Applied
Material
Co.
Ltd.,
Class
A
(Information
Technology)
5,094
562
Hangzhou
Lion
Electronics
Co.
Ltd.,
Class
A
(Information
Technology)
2,529
843
Hangzhou
Oxygen
Plant
Group
Co.
Ltd.,
Class
A
(Materials)
3,717
711
Hangzhou
Robam
Appliances
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,313
843
Hangzhou
Silan
Microelectronics
Co.
Ltd.,
Class
A
(Information
Technology)
2,852
574
Hangzhou
Tigermed
Consulting
Co.
Ltd.,
Class
A
(Health
Care)
4,992
1,702
Hangzhou
Tigermed
Consulting
Co.
Ltd.,
Class
H
(Health
Care)
(a)
8,978
14,764
Hansoh
Pharmaceutical
Group
Co.
Ltd.
(Health
Care)
(a)
29,905
562
Haohua
Chemical
Science
&
Technology
Co.
Ltd.,
Class
A
(Materials)
2,335
700
Hebei
Hengshui
Laobaigan
Liquor
Co.
Ltd.,
Class
A
(Consumer
Staples)
2,258
300
Hebei
Sinopack
Electronic
Technology
Co.
Ltd.,
Class
A
(Information
Technology)*
4,059
1,000
Hebei
Yangyuan
Zhihui
Beverage
Co.
Ltd.,
Class
A
(Consumer
Staples)
3,155
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
700
Hefei
Meiya
Optoelectronic
Technology,
Inc.,
Class
A
(Industrials)
$
1,939
1,300
Heilongjiang
Agriculture
Co.
Ltd.,
Class
A
(Consumer
Staples)
2,297
1,968
Henan
Shenhuo
Coal
&
Power
Co.
Ltd.,
Class
A
(Materials)
4,346
2,530
Henan
Shuanghui
Investment
&
Development
Co.
Ltd.,
Class
A
(Consumer
Staples)
9,247
7,588
Hengan
International
Group
Co.
Ltd.
(Consumer
Staples)
27,689
1,305
Hengdian
Group
DMEGC
Magnetics
Co.
Ltd.,
Class
A
(Information
Technology)
2,473
5,059
Hengli
Petrochemical
Co.
Ltd.,
Class
A
(Materials)*
9,939
1,968
Hengtong
Optic-electric
Co.
Ltd.,
Class
A
(Information
Technology)
3,431
3,652
Hengyi
Petrochemical
Co.
Ltd.,
Class
A
(Materials)*
3,508
8,299
Hesteel
Co.
Ltd.,
Class
A
(Materials)
2,522
512
Hisense
Home
Appliances
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
616
4,354
Hisense
Home
Appliances
Group
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
10,726
1,000
Hisense
Visual
Technology
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,277
424
Hithink
RoyalFlush
Information
Network
Co.
Ltd.,
Class
A
(Financials)
8,341
2,700
HLA
Group
Corp.
Ltd.,
Class
A
(Consumer
Discretionary)
2,866
446
Hongfa
Technology
Co.
Ltd.,
Class
A
(Industrials)
1,817
1,700
Hongta
Securities
Co.
Ltd.,
Class
A
(Financials)
1,862
562
Hoshine
Silicon
Industry
Co.
Ltd.,
Class
A
(Materials)
3,908
459
Hoyuan
Green
Energy
Co.
Ltd.,
Class
A
(Information
Technology)
2,128
10,454
Hua
Hong
Semiconductor
Ltd.
(Information
Technology)*
(a)
24,173
3,800
Huaan
Securities
Co.
Ltd.,
Class
A
(Financials)
2,592
5,495
Huadian
Power
International
Corp.
Ltd.,
Class
A
(Utilities)
3,940
24,222
Huadian
Power
International
Corp.
Ltd.,
Class
H
(Utilities)
9,924
1,421
Huadong
Medicine
Co.
Ltd.,
Class
A
(Health
Care)
8,117
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
4,073
Huafon
Chemical
Co.
Ltd.,
Class
A
(Materials)
$
3,913
700
Huagong
Tech
Co.
Ltd.,
Class
A
(Information
Technology)
2,901
1,968
Huaibei
Mining
Holdings
Co.
Ltd.,
Class
A
(Materials)
4,365
1,302
Hualan
Biological
Engineering,
Inc.,
Class
A
(Health
Care)
4,407
300
Huali
Industrial
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,008
4,211
Huaneng
Lancang
River
Hydropower,
Inc.,
Class
A
(Utilities)
4,918
6,065
Huaneng
Power
International,
Inc.,
Class
A
(Utilities)*
6,548
52,812
Huaneng
Power
International,
Inc.,
Class
H
(Utilities)*
27,453
6,465
Huatai
Securities
Co.
Ltd.,
Class
A
(Financials)
12,973
17,542
Huatai
Securities
Co.
Ltd.,
Class
H
(Financials)
(a)
21,966
2,413
Huaxi
Securities
Co.
Ltd.,
Class
A
(Financials)
2,683
10,548
Huaxia
Bank
Co.
Ltd.,
Class
A
(Financials)
8,567
300
Huaxia
Eye
Hospital
Group
Co.
Ltd.,
Class
A
(Health
Care)
1,644
1,124
Huaxin
Cement
Co.
Ltd.,
Class
A
(Materials)
2,097
2,531
Huayu
Automotive
Systems
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
6,167
3,373
Hubei
Energy
Group
Co.
Ltd.,
Class
A
(Utilities)
1,965
300
Hubei
Feilihua
Quartz
Glass
Co.
Ltd.,
Class
A
(Materials)
1,746
700
Hubei
Jumpcan
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
3,130
843
Hubei
Xingfa
Chemicals
Group
Co.
Ltd.,
Class
A
(Materials)
2,221
562
Huizhou
Desay
Sv
Automotive
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
10,218
1,124
Humanwell
Healthcare
Group
Co.
Ltd.,
Class
A
(Health
Care)
4,190
1,527
Hunan
Changyuan
Lico
Co.
Ltd.,
Class
A
(Materials)
1,595
6,184
Hunan
Valin
Steel
Co.
Ltd.,
Class
A
(Materials)
4,789
1,554
Hundsun
Technologies,
Inc.,
Class
A
(Information
Technology)
6,535
4,579
Hygeia
Healthcare
Holdings
Co.
Ltd.
(Health
Care)
(a)
28,200
1,124
IEIT
Systems
Co.
Ltd.,
Class
A
(Information
Technology)
5,545
1,966
Iflytek
Co.
Ltd.,
Class
A
(Information
Technology)
12,320
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
700
IKD
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
$
2,262
181
Imeik
Technology
Development
Co.
Ltd.,
Class
A
(Health
Care)
7,719
49,358
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
A
(Financials)
33,246
899,162
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
H
(Financials)
430,568
16,411
Industrial
Bank
Co.
Ltd.,
Class
A
(Financials)
33,553
5,603
Industrial
Securities
Co.
Ltd.,
Class
A
(Financials)
4,771
181
Ingenic
Semiconductor
Co.
Ltd.,
Class
A
(Information
Technology)
1,725
37,721
Inner
Mongolia
BaoTou
Steel
Union
Co.
Ltd.,
Class
A
(Materials)*
8,082
1,700
Inner
Mongolia
Dian
Tou
Energy
Corp.
Ltd.,
Class
A
(Energy)
3,473
1,011
Inner
Mongolia
ERDOS
Resources
Co.
Ltd.,
Class
A
(Materials)
1,293
6,900
Inner
Mongolia
Junzheng
Energy
&
Chemical
Industry
Group
Co.
Ltd.,
Class
A
(Materials)
3,749
5,200
Inner
Mongolia
MengDian
HuaNeng
Thermal
Power
Corp.
Ltd.,
Class
A
(Utilities)
2,774
5,187
Inner
Mongolia
Yili
Industrial
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
19,794
2,558
Inner
Mongolia
Yitai
Coal
Co.
Ltd.,
Class
H
(Energy)*
(c)
5,732
3,092
Inner
Mongolia
Yuan
Xing
Energy
Co.
Ltd.,
Class
A
(Materials)
2,749
16,109
Innovent
Biologics,
Inc.
(Health
Care)*
(a)
94,464
6,107
iQIYI,
Inc.
ADR
(Communication
Services)*
27,420
450
Isoftstone
Information
Technology
Group
Co.
Ltd.,
Class
A
(Information
Technology)*
2,523
2,700
JA
Solar
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
7,524
574
Jafron
Biomedical
Co.
Ltd.,
Class
A
(Health
Care)
1,925
711
Jason
Furniture
Hangzhou
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,732
1,305
JCET
Group
Co.
Ltd.,
Class
A
(Information
Technology)
5,581
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
13,053
JD
Health
International,
Inc.
(Consumer
Staples)*
(a)
$
62,254
23,735
JD
Logistics,
Inc.
(Industrials)*
(a)
29,143
31,854
JD.com,
Inc.,
Class
A
(Consumer
Discretionary)
435,172
5,073
Jiangsu
Eastern
Shenghong
Co.
Ltd.,
Class
A
(Materials)
7,189
843
Jiangsu
Expressway
Co.
Ltd.,
Class
A
(Industrials)
1,203
16,828
Jiangsu
Expressway
Co.
Ltd.,
Class
H
(Industrials)
15,147
1,118
Jiangsu
Hengli
Hydraulic
Co.
Ltd.,
Class
A
(Industrials)
8,814
4,941
Jiangsu
Hengrui
Pharmaceuticals
Co.
Ltd.,
Class
A
(Health
Care)
33,226
864
Jiangsu
King's
Luck
Brewery
JSC
Ltd.,
Class
A
(Consumer
Staples)
6,513
700
Jiangsu
Nhwa
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
2,523
300
Jiangsu
Pacific
Quartz
Co.
Ltd.,
Class
A
(Information
Technology)
3,607
1,700
Jiangsu
Phoenix
Publishing
&
Media
Corp.
Ltd.,
Class
A
(Communication
Services)
2,395
300
Jiangsu
Xinquan
Automotive
Trim
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,146
1,273
Jiangsu
Yanghe
Brewery
Joint-Stock
Co.
Ltd.,
Class
A
(Consumer
Staples)
20,791
305
Jiangsu
Yangnong
Chemical
Co.
Ltd.,
Class
A
(Materials)
2,762
300
Jiangsu
Yoke
Technology
Co.
Ltd.,
Class
A
(Materials)
2,587
711
Jiangsu
Yuyue
Medical
Equipment
&
Supply
Co.
Ltd.,
Class
A
(Health
Care)
3,400
2,530
Jiangsu
Zhongtian
Technology
Co.
Ltd.,
Class
A
(Industrials)
4,599
1,555
Jiangxi
Copper
Co.
Ltd.,
Class
A
(Materials)
3,856
14,714
Jiangxi
Copper
Co.
Ltd.,
Class
H
(Materials)
20,874
1,305
Jiangxi
Special
Electric
Motor
Co.
Ltd.,
Class
A
(Industrials)*
1,897
2,100
Jinduicheng
Molybdenum
Co.
Ltd.,
Class
A
(Materials)
2,791
5,110
Jinko
Solar
Co.
Ltd.,
Class
A
(Information
Technology)
6,354
181
JiuGui
Liquor
Co.
Ltd.,
Class
A
(Consumer
Staples)
1,810
2,400
Jizhong
Energy
Resources
Co.
Ltd.,
Class
A
(Energy)
2,349
1,000
JL
Mag
Rare-Earth
Co.
Ltd.,
Class
A
(Industrials)
2,771
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
1,300
Joincare
Pharmaceutical
Group
Industry
Co.
Ltd.,
Class
A
(Health
Care)
$
2,303
459
Joinn
Laboratories
China
Co.
Ltd.,
Class
A
(Health
Care)
1,710
1,208
Joinn
Laboratories
China
Co.
Ltd.,
Class
H
(Health
Care)
(a)
2,110
3,513
Jointown
Pharmaceutical
Group
Co.
Ltd.,
Class
A
(Health
Care)
3,695
562
Jonjee
Hi-Tech
Industrial
And
Commercial
Holding
Co.
Ltd.,
Class
A
(Consumer
Staples)*
2,573
562
Juewei
Food
Co.
Ltd.,
Class
A
(Consumer
Staples)
2,492
1,686
Juneyao
Airlines
Co.
Ltd.,
Class
A
(Industrials)*
3,213
3,595
Kanzhun
Ltd.
ADR
(Communication
Services)*
59,425
11,577
KE
Holdings,
Inc.
ADR
(Real
Estate)
184,422
300
Keboda
Technology
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,159
1,686
Keda
Industrial
Group
Co.
Ltd.,
Class
A
(Industrials)
2,359
36,071
Kingdee
International
Software
Group
Co.
Ltd.
(Information
Technology)*
50,156
2,100
Kingfa
Sci
&
Tech
Co.
Ltd.,
Class
A
(Materials)
2,226
1,700
Kingnet
Network
Co.
Ltd.,
Class
A
(Communication
Services)
2,781
12,515
Kingsoft
Corp.
Ltd.
(Communication
Services)
40,059
26,429
Kuaishou
Technology
(Communication
Services)*
(a)
195,249
1,842
Kuang-Chi
Technologies
Co.
Ltd.,
Class
A
(Industrials)
3,598
47,783
Kunlun
Energy
Co.
Ltd.
(Utilities)
44,172
1,000
Kunlun
Tech
Co.
Ltd.,
Class
A
(Communication
Services)*
4,530
736
Kweichow
Moutai
Co.
Ltd.,
Class
A
(Consumer
Staples)
184,644
1,300
Lao
Feng
Xiang
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
11,715
1,983
LB
Group
Co.
Ltd.,
Class
A
(Materials)
4,793
91,487
Lenovo
Group
Ltd.
(Information
Technology)
113,037
4,098
Lens
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
7,495
1,686
Lepu
Medical
Technology
Beijing
Co.
Ltd.,
Class
A
(Health
Care)
4,054
562
Levima
Advanced
Materials
Corp.,
Class
A
(Materials)
1,476
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
12,928
Li
Auto,
Inc.,
Class
A
(Consumer
Discretionary)*
$
241,335
30,691
Li
Ning
Co.
Ltd.
(Consumer
Discretionary)
85,468
11,659
Liaoning
Port
Co.
Ltd.,
Class
A
(Industrials)
2,449
5,622
Lingyi
iTech
Guangdong
Co.,
Class
A
(Information
Technology)
5,267
305
Livzon
Pharmaceutical
Group,
Inc.,
Class
A
(Health
Care)
1,496
1,887
Livzon
Pharmaceutical
Group,
Inc.,
Class
H
(Health
Care)
5,641
26,291
Longfor
Group
Holdings
Ltd.
(Real
Estate)
(a)
46,588
6,064
LONGi
Green
Energy
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
18,028
700
Longshine
Technology
Group
Co.
Ltd.,
Class
A
(Information
Technology)
1,669
9,112
Lufax
Holding
Ltd.
ADR
(Financials)
7,735
1,686
Luxi
Chemical
Group
Co.
Ltd.,
Class
A
(Materials)
2,347
5,787
Luxshare
Precision
Industry
Co.
Ltd.,
Class
A
(Information
Technology)
25,795
1,119
Luzhou
Laojiao
Co.
Ltd.,
Class
A
(Consumer
Staples)
32,515
1,406
Mango
Excellent
Media
Co.
Ltd.,
Class
A
(Communication
Services)
5,082
430
Maxscend
Microelectronics
Co.
Ltd.,
Class
A
(Information
Technology)
8,340
2,400
Meihua
Holdings
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
3,210
3,373
Meinian
Onehealth
Healthcare
Holdings
Co.
Ltd.,
Class
A
(Health
Care)*
2,924
59,313
Meituan,
Class
B
(Consumer
Discretionary)*
(a)
688,035
15,574
Metallurgical
Corp.
of
China
Ltd.,
Class
A
(Industrials)
6,761
39,566
Metallurgical
Corp.
of
China
Ltd.,
Class
H
(Industrials)
7,497
10,183
Microport
Scientific
Corp.
(Health
Care)*
16,323
1,686
Ming
Yang
Smart
Energy
Group
Ltd.,
Class
A
(Industrials)
3,180
6,153
MINISO
Group
Holding
Ltd.
(Consumer
Discretionary)
41,320
3,400
Minmetals
Capital
Co.
Ltd.,
Class
A
(Financials)
2,304
9,246
Minth
Group
Ltd.
(Consumer
Discretionary)
20,030
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
851
Montage
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
$
7,029
4,228
Muyuan
Foods
Co.
Ltd.,
Class
A
(Consumer
Staples)
23,138
4,800
Nanjing
Iron
&
Steel
Co.
Ltd.,
Class
A
(Materials)
2,494
1,116
Nanjing
King-Friend
Biochemical
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
2,444
2,700
Nanjing
Securities
Co.
Ltd.,
Class
A
(Financials)
3,074
6,600
NARI
Technology
Co.
Ltd.,
Class
A
(Industrials)
20,343
2,158
National
Silicon
Industry
Group
Co.
Ltd.,
Class
A
(Information
Technology)*
5,337
305
NAURA
Technology
Group
Co.
Ltd.,
Class
A
(Information
Technology)
10,018
1,968
NavInfo
Co.
Ltd.,
Class
A
(Information
Technology)*
2,701
23,066
NetEase,
Inc.
(Communication
Services)
520,663
1,302
New
China
Life
Insurance
Co.
Ltd.,
Class
A
(Financials)
5,698
12,154
New
China
Life
Insurance
Co.
Ltd.,
Class
H
(Financials)
24,120
3,935
New
Hope
Liuhe
Co.
Ltd.,
Class
A
(Consumer
Staples)*
5,510
1,970
New
Oriental
Education
&
Technology
Group,
Inc.
ADR
(Consumer
Discretionary)*
160,319
1,145
Ninestar
Corp.,
Class
A
(Information
Technology)
4,432
445
Ningbo
Deye
Technology
Co.
Ltd.,
Class
A
(Industrials)
3,929
1,000
Ningbo
Joyson
Electronic
Corp.,
Class
A
(Consumer
Discretionary)
2,753
562
Ningbo
Orient
Wires
&
Cables
Co.
Ltd.,
Class
A
(Industrials)
3,227
578
Ningbo
Ronbay
New
Energy
Technology
Co.
Ltd.,
Class
A
(Industrials)
3,158
1,000
Ningbo
Sanxing
Medical
Electric
Co.
Ltd.,
Class
A
(Industrials)
2,731
1,686
Ningbo
Shanshan
Co.
Ltd.,
Class
A
(Materials)
3,154
979
Ningbo
Tuopu
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
10,103
4,488
Ningbo
Zhoushan
Port
Co.
Ltd.,
Class
A
(Industrials)
2,269
5,076
Ningxia
Baofeng
Energy
Group
Co.
Ltd.,
Class
A
(Materials)
10,428
17,363
NIO,
Inc.
ADR
(Consumer
Discretionary)*
126,229
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
23,460
Nongfu
Spring
Co.
Ltd.,
Class
H
(Consumer
Staples)
(a)
$
133,966
1,000
North
Industries
Group
Red
Arrow
Co.
Ltd.,
Class
A
(Industrials)
2,081
4,786
Offcn
Education
Technology
Co.
Ltd.,
Class
A
(Consumer
Discretionary)*
3,271
3,400
Offshore
Oil
Engineering
Co.
Ltd.,
Class
A
(Energy)
3,061
2,530
OFILM
Group
Co.
Ltd.,
Class
A
(Information
Technology)*
3,593
1,569
Onewo,
Inc.,
Class
H
(Real
Estate)
4,851
174
Oppein
Home
Group,
Inc.,
Class
A
(Consumer
Discretionary)
1,925
5,073
Orient
Securities
Co.
Ltd.,
Class
A
(Financials)
6,188
12,024
Orient
Securities
Co.
Ltd.,
Class
H
(Financials)
(a)
5,327
2,700
Oriental
Pearl
Group
Co.
Ltd.,
Class
A
(Communication
Services)
3,051
562
Ovctek
China,
Inc.,
Class
A
(Health
Care)
1,919
5,200
Pacific
Securities
Co.
Ltd.
(The),
Class
A
(Financials)*
2,767
7,589
Pangang
Group
Vanadium
Titanium
&
Resources
Co.
Ltd.,
Class
A
(Materials)*
3,603
8,390
PDD
Holdings,
Inc.
ADR
(Consumer
Discretionary)*
1,237,022
700
People.cn
Co.
Ltd.,
Class
A
(Communication
Services)
3,329
6,465
People’s
Insurance
Co.
Group
of
China
Ltd.
(The),
Class
A
(Financials)
4,572
115,796
People's
Insurance
Co.
Group
of
China
Ltd.
(The),
Class
H
(Financials)
37,510
1,686
Perfect
World
Co.
Ltd.,
Class
A
(Communication
Services)
2,977
19,518
PetroChina
Co.
Ltd.,
Class
A
(Energy)
19,625
274,491
PetroChina
Co.
Ltd.,
Class
H
(Energy)
180,293
1,000
Pharmaron
Beijing
Co.
Ltd.,
Class
A
(Health
Care)
4,677
3,727
Pharmaron
Beijing
Co.
Ltd.,
Class
H
(Health
Care)
(a)
9,019
89,772
PICC
Property
&
Casualty
Co.
Ltd.,
Class
H
(Financials)
104,251
16,132
Ping
An
Bank
Co.
Ltd.,
Class
A
(Financials)
21,868
8,295
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
A
(Financials)
47,393
80,492
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
H
(Financials)
371,012
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
1,968
Pingdingshan
Tianan
Coal
Mining
Co.
Ltd.,
Class
A
(Energy)
$
3,235
9,838
Poly
Developments
and
Holdings
Group
Co.
Ltd.,
Class
A
(Real
Estate)
14,135
2,015
Poly
Property
Services
Co.
Ltd.,
Class
H
(Real
Estate)
7,753
9,151
Pop
Mart
International
Group
Ltd.
(Consumer
Discretionary)
(a)
27,475
20,372
Postal
Savings
Bank
of
China
Co.
Ltd.,
Class
A
(Financials)
12,524
148,241
Postal
Savings
Bank
of
China
Co.
Ltd.,
Class
H
(Financials)
(a)
65,861
12,765
Power
Construction
Corp.
of
China
Ltd.,
Class
A
(Industrials)
8,920
712
Qi
An
Xin
Technology
Group,
Inc.,
Class
A
(Information
Technology)*
4,487
700
Qingdao
Sentury
Tire
Co.
Ltd.,
Class
A
(Consumer
Discretionary)*
2,695
4,497
Qinghai
Salt
Lake
Industry
Co.
Ltd.,
Class
A
(Materials)*
9,981
1,000
Range
Intelligent
Computing
Technology
Group
Co.
Ltd.,
Class
A
(Industrials)
3,781
578
Raytron
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
4,072
732
Red
Star
Macalline
Group
Corp.
Ltd.,
Class
A
(Real
Estate)
436
1,925
Remegen
Co.
Ltd.,
Class
H
(Health
Care)*
(a)
11,128
1,000
Risen
Energy
Co.
Ltd.,
Class
A
(Information
Technology)
2,260
181
Rockchip
Electronics
Co.
Ltd.,
Class
A
(Information
Technology)
1,668
7,029
Rongsheng
Petrochemical
Co.
Ltd.,
Class
A
(Materials)
10,581
6,186
SAIC
Motor
Corp.
Ltd.,
Class
A
(Consumer
Discretionary)
12,890
2,400
Sailun
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,586
3,800
Sanan
Optoelectronics
Co.
Ltd.,
Class
A
(Information
Technology)
7,386
153
Sangfor
Technologies,
Inc.,
Class
A
(Information
Technology)*
1,808
14,176
Sany
Heavy
Equipment
International
Holdings
Co.
Ltd.
(Industrials)
14,738
6,910
Sany
Heavy
Industry
Co.
Ltd.,
Class
A
(Industrials)
13,208
2,134
Satellite
Chemical
Co.
Ltd.,
Class
A
(Materials)*
4,769
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
4,800
SDIC
Capital
Co.
Ltd.,
Class
A
(Financials)
$
4,638
5,500
SDIC
Power
Holdings
Co.
Ltd.,
Class
A
(Utilities)
9,550
4,100
Sealand
Securities
Co.
Ltd.,
Class
A
(Financials)
2,090
1,714
Seazen
Holdings
Co.
Ltd.,
Class
A
(Real
Estate)*
3,077
235,776
SenseTime
Group,
Inc.,
Class
B
(Information
Technology)*
(a)
41,055
1,000
Seres
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)*
10,599
3,671
SF
Holding
Co.
Ltd.,
Class
A
(Industrials)
21,725
453
SG
Micro
Corp.,
Class
A
(Information
Technology)
5,688
7,039
Shaanxi
Coal
Industry
Co.
Ltd.,
Class
A
(Energy)
19,202
1,700
Shaanxi
Energy
Investment
Co.
Ltd.,
Class
A
(Utilities)
2,054
2,952
Shan
Xi
Hua
Yang
Group
New
Energy
Co.
Ltd.,
Class
A
(Energy)
3,675
3,092
Shandong
Gold
Mining
Co.
Ltd.,
Class
A
(Materials)
10,045
10,407
Shandong
Gold
Mining
Co.
Ltd.,
Class
H
(Materials)
(a)
20,547
700
Shandong
Himile
Mechanical
Science
&
Technology
Co.
Ltd.,
Class
A
(Industrials)
2,914
1,700
Shandong
Hi-speed
Co.
Ltd.,
Class
A
(Industrials)
1,612
44,286
Shandong
Hi-Speed
Holdings
Group
Ltd.
(Financials)*
34,191
1,703
Shandong
Hualu
Hengsheng
Chemical
Co.
Ltd.,
Class
A
(Materials)
7,119
1,124
Shandong
Linglong
Tyre
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,134
10,400
Shandong
Nanshan
Aluminum
Co.
Ltd.,
Class
A
(Materials)
4,194
700
Shandong
Sinocera
Functional
Material
Co.
Ltd.,
Class
A
(Materials)
2,509
2,100
Shandong
Sun
Paper
Industry
JSC
Ltd.,
Class
A
(Materials)
3,532
33,340
Shandong
Weigao
Group
Medical
Polymer
Co.
Ltd.,
Class
H
(Health
Care)
31,631
1,420
Shanghai
Aiko
Solar
Energy
Co.
Ltd.,
Class
A
(Information
Technology)
3,217
859
Shanghai
Bairun
Investment
Holding
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
3,101
4,081
Shanghai
Baosight
Software
Co.
Ltd.,
Class
A
(Information
Technology)
24,003
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
6,900
Shanghai
Construction
Group
Co.
Ltd.,
Class
A
(Industrials)
$
2,416
9,430
Shanghai
Electric
Group
Co.
Ltd.,
Class
A
(Industrials)*
5,824
35,718
Shanghai
Electric
Group
Co.
Ltd.,
Class
H
(Industrials)*
7,637
2,100
Shanghai
Electric
Power
Co.
Ltd.,
Class
A
(Utilities)
2,588
1,574
Shanghai
Fosun
Pharmaceutical
Group
Co.
Ltd.,
Class
A
(Health
Care)
6,150
6,512
Shanghai
Fosun
Pharmaceutical
Group
Co.
Ltd.,
Class
H
(Health
Care)
14,408
578
Shanghai
Fudan
Microelectronics
Group
Co.
Ltd.,
Class
A
(Information
Technology)
3,622
3,725
Shanghai
Fudan
Microelectronics
Group
Co.
Ltd.,
Class
H
(Information
Technology)
(b)
7,822
1,968
Shanghai
International
Airport
Co.
Ltd.,
Class
A
(Industrials)*
9,888
6,310
Shanghai
International
Port
Group
Co.
Ltd.,
Class
A
(Industrials)
4,445
843
Shanghai
Jinjiang
International
Hotels
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
4,002
578
Shanghai
Junshi
Biosciences
Co.
Ltd.,
Class
A
(Health
Care)*
3,649
2,156
Shanghai
Junshi
Biosciences
Co.
Ltd.,
Class
H
(Health
Care)*
(a)
6,473
1,977
Shanghai
Lingang
Holdings
Corp.
Ltd.,
Class
A
(Real
Estate)
3,040
5,925
Shanghai
Lujiazui
Finance
&
Trade
Zone
Development
Co.
Ltd.,
Class
A
(Real
Estate)
7,451
711
Shanghai
M&G
Stationery,
Inc.,
Class
A
(Industrials)
3,956
3,228
Shanghai
MicroPort
MedBot
Group
Co.
Ltd.
(Health
Care)*
8,287
300
Shanghai
Moons'
Electric
Co.
Ltd.,
Class
A
(Industrials)
3,150
1,855
Shanghai
Pharmaceuticals
Holding
Co.
Ltd.,
Class
A
(Health
Care)
4,665
9,151
Shanghai
Pharmaceuticals
Holding
Co.
Ltd.,
Class
H
(Health
Care)
13,263
24,261
Shanghai
Pudong
Development
Bank
Co.
Ltd.,
Class
A
(Financials)
23,272
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
1,700
Shanghai
Putailai
New
Energy
Technology
Co.
Ltd.,
Class
A
(Materials)
$
5,464
4,084
Shanghai
RAAS
Blood
Products
Co.
Ltd.,
Class
A
(Health
Care)
4,547
7,870
Shanghai
Rural
Commercial
Bank
Co.
Ltd.,
Class
A
(Financials)
6,315
3,809
Shanghai
Yuyuan
Tourist
Mart
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,440
1,000
Shanghai
Zhangjiang
High-Tech
Park
Development
Co.
Ltd.,
Class
A
(Real
Estate)
3,186
1,700
Shanghai
Zhonggu
Logistics
Co.
Ltd.,
Class
A
(Industrials)
2,197
1,700
Shanxi
Coal
International
Energy
Group
Co.
Ltd.,
Class
A
(Industrials)
4,352
3,373
Shanxi
Coking
Coal
Energy
Group
Co.
Ltd.,
Class
A
(Energy)
4,596
2,530
Shanxi
Lu’an
Environmental
Energy
Development
Co.
Ltd.,
Class
A
(Energy)
7,748
3,657
Shanxi
Meijin
Energy
Co.
Ltd.,
Class
A
(Materials)*
3,703
2,700
Shanxi
Securities
Co.
Ltd.,
Class
A
(Financials)
2,110
4,640
Shanxi
Taigang
Stainless
Steel
Co.
Ltd.,
Class
A
(Materials)
2,508
1,002
Shanxi
Xinghuacun
Fen
Wine
Factory
Co.
Ltd.,
Class
A
(Consumer
Staples)
33,516
300
Shede
Spirits
Co.
Ltd.,
Class
A
(Consumer
Staples)
4,214
3,800
Shenergy
Co.
Ltd.,
Class
A
(Utilities)
3,188
1,968
Shengyi
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
4,721
562
Shennan
Circuits
Co.
Ltd.,
Class
A
(Information
Technology)
5,752
17,400
Shenwan
Hongyuan
Group
Co.
Ltd.,
Class
A
(Financials)
10,989
446
Shenzhen
Capchem
Technology
Co.
Ltd.,
Class
A
(Materials)
2,788
29
Shenzhen
Dynanonic
Co.
Ltd.,
Class
A
(Materials)
262
3,092
Shenzhen
Energy
Group
Co.
Ltd.,
Class
A
(Utilities)
2,646
1,300
Shenzhen
Fastprint
Circuit
Tech
Co.
Ltd.,
Class
A
(Information
Technology)
2,854
300
Shenzhen
Goodix
Technology
Co.
Ltd.,
Class
A
(Information
Technology)*
3,056
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
562
Shenzhen
Hepalink
Pharmaceutical
Group
Co.
Ltd.,
Class
A
(Health
Care)
$
997
1,997
Shenzhen
Inovance
Technology
Co.
Ltd.,
Class
A
(Industrials)
18,460
1,300
Shenzhen
Kaifa
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
3,113
453
Shenzhen
Kangtai
Biological
Products
Co.
Ltd.,
Class
A
(Health
Care)
2,038
181
Shenzhen
Kedali
Industry
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,232
300
Shenzhen
Kstar
Science
And
Technology
Co.
Ltd.,
Class
A
(Industrials)
1,067
300
Shenzhen
Longsys
Electronics
Co.
Ltd.,
Class
A
(Information
Technology)*
3,907
992
Shenzhen
Mindray
Bio-Medical
Electronics
Co.
Ltd.,
Class
A
(Health
Care)
40,407
3,400
Shenzhen
MTC
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,742
700
Shenzhen
New
Industries
Biomedical
Engineering
Co.
Ltd.,
Class
A
(Health
Care)
6,887
7,592
Shenzhen
Overseas
Chinese
Town
Co.
Ltd.,
Class
A
(Real
Estate)*
3,668
1,000
Shenzhen
Salubris
Pharmaceuticals
Co.
Ltd.,
Class
A
(Health
Care)
4,697
181
Shenzhen
SC
New
Energy
Technology
Corp.,
Class
A
(Information
Technology)
1,782
1,000
Shenzhen
SED
Industry
Co.
Ltd.,
Class
A
(Information
Technology)
2,728
700
Shenzhen
Sunlord
Electronics
Co.
Ltd.,
Class
A
(Information
Technology)
2,659
578
Shenzhen
Transsion
Holdings
Co.
Ltd.,
Class
A
(Information
Technology)
8,958
700
Shenzhen
YUTO
Packaging
Technology
Co.
Ltd.,
Class
A
(Materials)
2,557
10,415
Shenzhou
International
Group
Holdings
Ltd.
(Consumer
Discretionary)
104,546
1,305
Shijiazhuang
Yiling
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
4,591
1,300
Shuangliang
Eco-Energy
Systems
Co.
Ltd.,
Class
A
(Industrials)
1,564
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
3,400
Sichuan
Changhong
Electric
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
$
2,738
2,425
Sichuan
Chuantou
Energy
Co.
Ltd.,
Class
A
(Utilities)
4,849
6,900
Sichuan
Hebang
Biotechnology
Co.
Ltd.,
Class
A
(Materials)
2,261
716
Sichuan
Kelun
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
2,876
5,075
Sichuan
Road
and
Bridge
Group
Co.
Ltd.,
Class
A
(Industrials)
5,486
181
Sichuan
Swellfun
Co.
Ltd.,
Class
A
(Consumer
Staples)
1,483
843
Sichuan
Yahua
Industrial
Group
Co.
Ltd.,
Class
A
(Materials)
1,499
700
Sieyuan
Electric
Co.
Ltd.,
Class
A
(Industrials)
4,856
2,700
Sinolink
Securities
Co.
Ltd.,
Class
A
(Financials)
3,615
2,100
Sinoma
International
Engineering
Co.,
Class
A
(Industrials)
2,755
1,124
Sinoma
Science
&
Technology
Co.
Ltd.,
Class
A
(Materials)
2,644
5,500
Sinomach
Heavy
Equipment
Group
Co.
Ltd.,
Class
A
(Industrials)*
2,241
313
Sinomine
Resource
Group
Co.
Ltd.,
Class
A
(Materials)
1,508
5,359
Sinopec
Oilfield
Service
Corp.,
Class
A
(Energy)*
1,403
4,778
Sinopec
Shanghai
Petrochemical
Co.
Ltd.,
Class
A
(Materials)*
1,954
44,774
Sinopec
Shanghai
Petrochemical
Co.
Ltd.,
Class
H
(Materials)*
6,421
17,454
Sinopharm
Group
Co.
Ltd.,
Class
H
(Health
Care)
43,309
3,119
Sinotrans
Ltd.,
Class
A
(Industrials)
2,097
26,250
Sinotrans
Ltd.,
Class
H
(Industrials)
9,579
9,114
Sinotruk
Hong
Kong
Ltd.
(Industrials)
18,904
313
Skshu
Paint
Co.
Ltd.,
Class
A
(Materials)*
2,367
23,465
Smoore
International
Holdings
Ltd.
(Consumer
Staples)
(a)
20,460
2,249
Songcheng
Performance
Development
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,310
300
Sonoscape
Medical
Corp.,
Class
A
(Health
Care)
2,183
3,809
SooChow
Securities
Co.
Ltd.,
Class
A
(Financials)
4,091
5,200
Southwest
Securities
Co.
Ltd.,
Class
A
(Financials)
3,000
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
700
Spring
Airlines
Co.
Ltd.,
Class
A
(Industrials)*
$
5,202
181
StarPower
Semiconductor
Ltd.,
Class
A
(Information
Technology)
4,772
3,100
State
Grid
Yingda
Co.
Ltd.,
Class
A
(Industrials)
2,101
1,143
Sungrow
Power
Supply
Co.
Ltd.,
Class
A
(Industrials)
13,317
8,788
Sunny
Optical
Technology
Group
Co.
Ltd.
(Information
Technology)
83,432
450
Sunresin
New
Materials
Co.
Ltd.,
Class
A
(Materials)
3,169
1,129
Sunwoda
Electronic
Co.
Ltd.,
Class
A
(Industrials)
2,405
810
SUPCON
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
4,968
1,124
Suzhou
Dongshan
Precision
Manufacturing
Co.
Ltd.,
Class
A
(Information
Technology)
2,932
29
Suzhou
Maxwell
Technologies
Co.
Ltd.,
Class
A
(Industrials)
439
256
Suzhou
TFC
Optical
Communication
Co.
Ltd.,
Class
A
(Information
Technology)
1,026
5,829
TAL
Education
Group
ADR
(Consumer
Discretionary)*
73,037
1,000
Talkweb
Information
System
Co.
Ltd.,
Class
A
(Communication
Services)*
2,311
1,268
Tangshan
Jidong
Cement
Co.
Ltd.,
Class
A
(Materials)
1,234
4,500
TangShan
Port
Group
Co.
Ltd.,
Class
A
(Industrials)
2,294
1,000
Tasly
Pharmaceutical
Group
Co.
Ltd.,
Class
A
(Health
Care)
2,144
3,963
TBEA
Co.
Ltd.,
Class
A
(Industrials)
7,731
12,628
TCL
Technology
Group
Corp.,
Class
A
(Information
Technology)*
7,392
3,256
TCL
Zhonghuan
Renewable
Energy
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
7,605
79,906
Tencent
Holdings
Ltd.
(Communication
Services)
3,345,488
8,209
Tencent
Music
Entertainment
Group
ADR
(Communication
Services)*
69,859
181
Thunder
Software
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
2,033
3,100
Tian
Di
Science
&
Technology
Co.
Ltd.,
Class
A
(Industrials)
2,236
6,600
Tianfeng
Securities
Co.
Ltd.,
Class
A
(Financials)*
2,948
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
1,855
Tianma
Microelectronics
Co.
Ltd.,
Class
A
(Information
Technology)*
$
2,824
1,124
Tianqi
Lithium
Corp.,
Class
A
(Materials)
7,883
1,844
Tianqi
Lithium
Corp.,
Class
H
(Materials)
(b)
9,007
3,935
Tianshan
Aluminum
Group
Co.
Ltd.,
Class
A
(Materials)
3,328
2,400
Tianshui
Huatian
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
3,005
25,393
Tingyi
Cayman
Islands
Holding
Corp.
(Consumer
Staples)
31,959
1,300
Titan
Wind
Energy
Suzhou
Co.
Ltd.,
Class
A
(Industrials)*
2,274
847
Toly
Bread
Co.
Ltd.,
Class
A
(Consumer
Staples)
987
16,150
Tongcheng
Travel
Holdings
Ltd.
(Consumer
Discretionary)*
29,735
1,000
TongFu
Microelectronics
Co.
Ltd.,
Class
A
(Information
Technology)
3,179
1,300
Tonghua
Dongbao
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
2,177
1,968
Tongkun
Group
Co.
Ltd.,
Class
A
(Materials)*
3,745
9,276
Tongling
Nonferrous
Metals
Group
Co.
Ltd.,
Class
A
(Materials)
3,949
3,661
Tongwei
Co.
Ltd.,
Class
A
(Information
Technology)
12,561
153
Topchoice
Medical
Corp.,
Class
A
(Health
Care)*
1,756
36,795
Topsports
International
Holdings
Ltd.
(Consumer
Discretionary)
(a)
29,915
12,702
TravelSky
Technology
Ltd.,
Class
H
(Consumer
Discretionary)
21,435
1,794
Trina
Solar
Co.
Ltd.,
Class
A
(Information
Technology)
6,773
7,313
Trip.com
Group
Ltd.
ADR
(Consumer
Discretionary)*
257,271
2,700
Tsinghua
Tongfang
Co.
Ltd.,
Class
A
(Information
Technology)*
3,063
458
Tsingtao
Brewery
Co.
Ltd.,
Class
A
(Consumer
Staples)
4,782
8,163
Tsingtao
Brewery
Co.
Ltd.,
Class
H
(Consumer
Staples)
53,930
583
Unigroup
Guoxin
Microelectronics
Co.
Ltd.,
Class
A
(Information
Technology)*
5,915
16,425
Uni-President
China
Holdings
Ltd.
(Consumer
Staples)
10,515
2,249
Unisplendour
Corp.
Ltd.,
Class
A
(Information
Technology)*
6,365
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
843
Universal
Scientific
Industrial
Shanghai
Co.
Ltd.,
Class
A
(Information
Technology)
$
1,760
700
Venustech
Group,
Inc.,
Class
A
(Information
Technology)
2,511
712
Verisilicon
Microelectronics
Shanghai
Co.
Ltd.,
Class
A
(Information
Technology)*
5,324
4,672
Vipshop
Holdings
Ltd.
ADR
(Consumer
Discretionary)*
74,892
1,268
Walvax
Biotechnology
Co.
Ltd.,
Class
A
(Health
Care)
4,393
1,700
Wanda
Film
Holding
Co.
Ltd.,
Class
A
(Communication
Services)*
2,978
1,000
Wangfujing
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,431
2,265
Wanhua
Chemical
Group
Co.
Ltd.,
Class
A
(Materials)
25,581
55,726
Want
Want
China
Holdings
Ltd.
(Consumer
Staples)
32,607
942
Weibo
Corp.
ADR
(Communication
Services)
9,524
5,912
Weichai
Power
Co.
Ltd.,
Class
A
(Industrials)
12,336
25,265
Weichai
Power
Co.
Ltd.,
Class
H
(Industrials)
46,452
859
Weihai
Guangwei
Composites
Co.
Ltd.,
Class
A
(Materials)
2,995
5,222
Wens
Foodstuffs
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
14,084
1,968
Western
Mining
Co.
Ltd.,
Class
A
(Materials)
3,533
3,686
Western
Securities
Co.
Ltd.,
Class
A
(Financials)
3,407
802
Western
Superconducting
Technologies
Co.
Ltd.,
Class
A
(Materials)
5,893
842
Will
Semiconductor
Co.
Ltd.
Shanghai,
Class
A
(Information
Technology)
12,763
864
Wingtech
Technology
Co.
Ltd.,
Class
A
(Information
Technology)*
5,835
440
Winner
Medical
Co.
Ltd.,
Class
A
(Health
Care)
2,388
1,700
Winning
Health
Technology
Group
Co.
Ltd.,
Class
A
(Health
Care)
1,807
17,700
Wintime
Energy
Group
Co.
Ltd.,
Class
A
(Utilities)*
3,520
4,100
Wuchan
Zhongda
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,653
3,377
Wuhan
Guide
Infrared
Co.
Ltd.,
Class
A
(Information
Technology)
3,670
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
300
Wuhan
Jingce
Electronic
Group
Co.
Ltd.,
Class
A
(Information
Technology)
$
3,492
2,827
Wuliangye
Yibin
Co.
Ltd.,
Class
A
(Consumer
Staples)
59,046
1,686
WUS
Printed
Circuit
Kunshan
Co.
Ltd.,
Class
A
(Information
Technology)
4,880
1,838
WuXi
AppTec
Co.
Ltd.,
Class
A
(Health
Care)
21,260
4,622
WuXi
AppTec
Co.
Ltd.,
Class
H
(Health
Care)
(a)
54,148
47,425
Wuxi
Biologics
Cayman,
Inc.
(Health
Care)*
(a)
264,137
1,305
Wuxi
Lead
Intelligent
Equipment
Co.
Ltd.,
Class
A
(Industrials)
4,781
8,153
XCMG
Construction
Machinery
Co.
Ltd.,
Class
A
(Industrials)
6,314
2,249
Xiamen
C
&
D,
Inc.,
Class
A
(Industrials)
2,982
181
Xiamen
Faratronic
Co.
Ltd.,
Class
A
(Information
Technology)
2,383
1,124
Xiamen
Tungsten
Co.
Ltd.,
Class
A
(Materials)
2,706
1,700
Xiangcai
Co.
Ltd.,
Class
A
(Real
Estate)
1,871
1,000
Xiangtan
Electric
Manufacturing
Co.
Ltd.,
Class
A
(Industrials)*
2,059
206,339
Xiaomi
Corp.,
Class
B
(Information
Technology)*
(a)
412,662
6,600
Xinhu
Zhongbao
Co.
Ltd.,
Class
A
(Real
Estate)
2,153
1,344
Xinjiang
Daqo
New
Energy
Co.
Ltd.,
Class
A
(Information
Technology)
5,795
3,100
Xinjiang
Tianshan
Cement
Co.
Ltd.,
Class
A
(Materials)
3,013
60,079
Xinyi
Solar
Holdings
Ltd.
(Information
Technology)
34,538
14,536
XPeng,
Inc.,
Class
A
(Consumer
Discretionary)*
125,068
15,390
Yadea
Group
Holdings
Ltd.
(Consumer
Discretionary)
(a)
28,887
562
Yangzhou
Yangjie
Electronic
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
2,948
2,689
Yankuang
Energy
Group
Co.
Ltd.,
Class
A
(Energy)
7,738
28,668
Yankuang
Energy
Group
Co.
Ltd.,
Class
H
(Energy)
53,296
562
Yantai
Jereh
Oilfield
Services
Group
Co.
Ltd.,
Class
A
(Energy)
2,333
734
Yealink
Network
Technology
Corp.
Ltd.,
Class
A
(Information
Technology)
3,308
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
847
Yifeng
Pharmacy
Chain
Co.
Ltd.,
Class
A
(Consumer
Staples)
$
4,521
1,424
Yihai
Kerry
Arawana
Holdings
Co.
Ltd.,
Class
A
(Consumer
Staples)
6,961
2,249
Yintai
Gold
Co.
Ltd.,
Class
A
(Materials)
4,661
7,300
Yonghui
Superstores
Co.
Ltd.,
Class
A
(Consumer
Staples)*
3,118
305
YongXing
Special
Materials
Technology
Co.
Ltd.,
Class
A
(Materials)
1,878
2,552
Yonyou
Network
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
5,972
3,800
Youngor
Group
Co.
Ltd.,
Class
A
(Real
Estate)
3,608
3,944
YSB,
Inc.
(Health
Care)*
10,069
2,249
YTO
Express
Group
Co.
Ltd.,
Class
A
(Industrials)
4,141
21,540
Yuexiu
Property
Co.
Ltd.
(Real
Estate)
19,636
2,530
Yunda
Holding
Co.
Ltd.,
Class
A
(Industrials)
3,043
2,530
Yunnan
Aluminium
Co.
Ltd.,
Class
A
(Materials)
4,560
1,163
Yunnan
Baiyao
Group
Co.
Ltd.,
Class
A
(Health
Care)
8,197
181
Yunnan
Botanee
Bio-
Technology
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
1,811
4,100
Yunnan
Chihong
Zinc&Germanium
Co.
Ltd.,
Class
A
(Materials)
2,894
839
Yunnan
Energy
New
Material
Co.
Ltd.,
Class
A
(Materials)
6,917
1,305
Yunnan
Tin
Co.
Ltd.,
Class
A
(Materials)
2,522
1,305
Yunnan
Yuntianhua
Co.
Ltd.,
Class
A
(Materials)
2,873
1,700
Yutong
Bus
Co.
Ltd.,
Class
A
(Industrials)
3,204
1,165
Zai
Lab
Ltd.
ADR
(Health
Care)*
31,793
1,124
Zangge
Mining
Co.
Ltd.,
Class
A
(Materials)
3,765
305
Zhangzhou
Pientzehuang
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
10,796
19,070
Zhaojin
Mining
Industry
Co.
Ltd.,
Class
H
(Materials)
24,709
3,654
Zhefu
Holding
Group
Co.
Ltd.,
Class
A
(Industrials)
1,873
4,365
Zhejiang
Century
Huatong
Group
Co.
Ltd.,
Class
A
(Communication
Services)*
3,411
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
4,100
Zhejiang
China
Commodities
City
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
$
4,564
1,826
Zhejiang
Chint
Electrics
Co.
Ltd.,
Class
A
(Industrials)
5,608
2,256
Zhejiang
Dahua
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
6,107
181
Zhejiang
Dingli
Machinery
Co.
Ltd.,
Class
A
(Industrials)
1,232
15,656
Zhejiang
Expressway
Co.
Ltd.,
Class
H
(Industrials)
9,922
1,300
Zhejiang
Hailiang
Co.
Ltd.,
Class
A
(Materials)
2,019
1,124
Zhejiang
Huahai
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
2,463
1,142
Zhejiang
Huayou
Cobalt
Co.
Ltd.,
Class
A
(Materials)
5,133
1,124
Zhejiang
Jingsheng
Mechanical
&
Electrical
Co.
Ltd.,
Class
A
(Information
Technology)
6,795
2,700
Zhejiang
Jinke
Tom
Culture
Industry
Co.
Ltd.,
Class
A
(Communication
Services)*
1,834
562
Zhejiang
Jiuzhou
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
2,161
2,249
Zhejiang
Juhua
Co.
Ltd.,
Class
A
(Materials)
5,004
8,619
Zhejiang
Leapmotor
Technology
Co.
Ltd.
(Consumer
Discretionary)*
(a)(b)
44,252
2,400
Zhejiang
Longsheng
Group
Co.
Ltd.,
Class
A
(Materials)
2,894
2,270
Zhejiang
NHU
Co.
Ltd.,
Class
A
(Health
Care)
5,410
2,811
Zhejiang
Sanhua
Intelligent
Controls
Co.
Ltd.,
Class
A
(Industrials)
11,384
700
Zhejiang
Shuanghuan
Driveline
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,720
181
Zhejiang
Supor
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
1,325
1,116
Zhejiang
Weiming
Environment
Protection
Co.
Ltd.,
Class
A
(Industrials)
2,765
1,305
Zhejiang
Weixing
New
Building
Materials
Co.
Ltd.,
Class
A
(Industrials)
2,734
9,400
Zhejiang
Zheneng
Electric
Power
Co.
Ltd.,
Class
A
(Utilities)*
6,108
1,000
Zhengzhou
Coal
Mining
Machinery
Group
Co.
Ltd.,
Class
A
(Industrials)
1,666
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
3,147
Zhengzhou
Coal
Mining
Machinery
Group
Co.
Ltd.,
Class
H
(Industrials)
$
3,070
3,391
Zheshang
Securities
Co.
Ltd.,
Class
A
(Financials)
4,986
9,150
ZhongAn
Online
P&C
Insurance
Co.
Ltd.,
Class
H
(Financials)*
(a)
23,079
712
Zhongfu
Shenying
Carbon
Fiber
Co.
Ltd.,
Class
A
(Materials)
3,049
562
Zhongji
Innolight
Co.
Ltd.,
Class
A
(Information
Technology)
7,470
3,800
Zhongjin
Gold
Corp.
Ltd.,
Class
A
(Materials)
5,731
9,694
Zhongsheng
Group
Holdings
Ltd.
(Consumer
Discretionary)
23,210
4,778
Zhongtai
Securities
Co.
Ltd.,
Class
A
(Financials)
4,811
859
Zhuhai
CosMX
Battery
Co.
Ltd.,
Class
A
(Industrials)
2,548
1,700
Zhuhai
Huafa
Properties
Co.
Ltd.,
Class
A
(Real
Estate)
1,783
578
Zhuzhou
CRRC
Times
Electric
Co.
Ltd.,
Class
A
(Industrials)
3,115
6,729
Zhuzhou
CRRC
Times
Electric
Co.
Ltd.,
Class
H
(Industrials)
21,280
2,249
Zhuzhou
Kibing
Group
Co.
Ltd.,
Class
A
(Industrials)
2,472
15,867
Zijin
Mining
Group
Co.
Ltd.,
Class
A
(Materials)
27,063
74,385
Zijin
Mining
Group
Co.
Ltd.,
Class
H
(Materials)
117,907
6,557
ZJLD
Group,
Inc.
(Consumer
Staples)*
(a)
9,218
6,339
Zoomlion
Heavy
Industry
Science
and
Technology
Co.
Ltd.,
Class
A
(Industrials)
5,726
18,075
Zoomlion
Heavy
Industry
Science
and
Technology
Co.
Ltd.,
Class
H
(Industrials)
9,627
3,373
ZTE
Corp.,
Class
A
(Information
Technology)
12,106
10,408
ZTE
Corp.,
Class
H
(Information
Technology)
22,707
5,342
ZTO
Express
Cayman,
Inc.
ADR
(Industrials)
119,233
24,238,972
Colombia
–
0.1%
3,136
Bancolombia
SA
(Financials)
24,532
62,586
Ecopetrol
SA
(Energy)
38,895
5,883
Interconexion
Electrica
SA
ESP
(Utilities)
21,994
85,421
Czech
Republic
–
0.1%
2,106
CEZ
AS
(Utilities)
93,331
981
Komercni
banka
AS
(Financials)
30,428
123,759
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Egypt
–
0.1%
3,946
Abou
Kir
Fertilizers
&
Chemical
Industries
(Materials)
$
10,133
30,919
Commercial
International
Bank
-
Egypt
(CIB)
(Financials)
77,247
13,421
EFG
Holding
S.A.E.
(Financials)*
8,018
6,685
ElSewedy
Electric
Co.
(Industrials)
5,885
2,554
Ezz
Steel
Co.
SAE
(Materials)*
6,279
498
Misr
Fertilizers
Production
Co.
SAE
(Materials)
8,929
6,863
Telecom
Egypt
Co.
(Communication
Services)
7,993
124,484
Greece
–
0.5%
26,203
Alpha
Services
and
Holdings
SA
(Financials)*
44,601
31,950
Eurobank
Ergasias
Services
and
Holdings
SA
(Financials)*
58,949
2,332
Hellenic
Telecommunications
Organization
SA
(Communication
Services)
34,274
1,388
JUMBO
SA
(Consumer
Discretionary)
36,407
768
Motor
Oil
Hellas
Corinth
Refineries
SA
(Energy)
20,782
1,391
Mytilineos
SA
(Industrials)
55,761
7,090
National
Bank
of
Greece
SA
(Financials)*
48,597
2,552
OPAP
SA
(Consumer
Discretionary)
40,932
8,834
Piraeus
Financial
Holdings
SA
(Financials)*
31,422
2,733
Public
Power
Corp.
SA
(Utilities)*
32,205
938
Star
Bulk
Carriers
Corp.
(Industrials)
19,942
722
Terna
Energy
SA
(Utilities)
12,360
436,232
Hong
Kong
–
0.0%
1,745
Orient
Overseas
International
Ltd.
(Industrials)
20,991
Hungary
–
0.2%
5,836
MOL
Hungarian
Oil
&
Gas
PLC
(Energy)
46,453
2,961
OTP
Bank
Nyrt
(Financials)
123,058
1,840
Richter
Gedeon
Nyrt
(Health
Care)
46,361
215,872
India
–
17.6%
678
ABB
India
Ltd.
(Industrials)
35,933
902
ACC
Ltd.
(Materials)
20,286
3,910
Adani
Energy
Solutions
Ltd.
(Utilities)*
40,915
4,043
Adani
Enterprises
Ltd.
(Industrials)
114,345
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
4,130
Adani
Green
Energy
Ltd.
(Utilities)*
$
50,950
9,596
Adani
Ports
&
Special
Economic
Zone
Ltd.
(Industrials)
94,989
10,409
Adani
Power
Ltd.
(Utilities)*
53,859
3,673
Adani
Total
Gas
Ltd.
(Utilities)
31,218
2,196
Adani
Wilmar
Ltd.
(Consumer
Staples)*
8,970
6,100
Aditya
Birla
Capital
Ltd.
(Financials)*
12,289
409
Alkem
Laboratories
Ltd.
(Health
Care)
23,166
7,891
Ambuja
Cements
Ltd.
(Materials)
41,563
2,156
APL
Apollo
Tubes
Ltd.
(Materials)
43,631
1,344
Apollo
Hospitals
Enterprise
Ltd.
(Health
Care)
89,106
18,979
Ashok
Leyland
Ltd.
(Industrials)
41,682
5,295
Asian
Paints
Ltd.
(Materials)
198,095
1,572
Astral
Ltd.
(Industrials)
36,752
6,054
AU
Small
Finance
Bank
Ltd.
(Financials)
(a)
53,822
3,726
Aurobindo
Pharma
Ltd.
(Health
Care)
46,536
1,891
Avenue
Supermarts
Ltd.
(Consumer
Staples)*
(a)
89,563
29,654
Axis
Bank
Ltd.
(Financials)
381,993
898
Bajaj
Auto
Ltd.
(Consumer
Discretionary)
65,584
3,456
Bajaj
Finance
Ltd.
(Financials)
295,145
4,978
Bajaj
Finserv
Ltd.
(Financials)
99,896
361
Bajaj
Holdings
&
Investment
Ltd.
(Financials)
31,844
1,074
Balkrishna
Industries
Ltd.
(Consumer
Discretionary)
33,181
10,050
Bandhan
Bank
Ltd.
(Financials)
(a)
27,248
13,459
Bank
of
Baroda
(Financials)
31,810
9,917
Bank
of
India
(Financials)
12,338
3,231
Berger
Paints
India
Ltd.
(Materials)
22,254
46,477
Bharat
Electronics
Ltd.
(Industrials)
81,313
3,411
Bharat
Forge
Ltd.
(Consumer
Discretionary)
45,821
16,687
Bharat
Heavy
Electricals
Ltd.
(Industrials)
34,107
12,703
Bharat
Petroleum
Corp.
Ltd.
(Energy)
66,368
31,312
Bharti
Airtel
Ltd.
(Communication
Services)
380,991
5,921
Biocon
Ltd.
(Health
Care)
16,919
129
Bosch
Ltd.
(Consumer
Discretionary)
33,412
1,572
Britannia
Industries
Ltd.
(Consumer
Staples)
91,474
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
5,026
Canara
Bank
(Financials)
$
24,291
8,251
CG
Power
&
Industrial
Solutions
Ltd.
(Industrials)
44,464
5,254
Cholamandalam
Investment
and
Finance
Co.
Ltd.
(Financials)
70,402
7,093
Cipla
Ltd.
(Health
Care)
103,111
27,596
Coal
India
Ltd.
(Energy)
113,222
1,753
Colgate-Palmolive
India
Ltd.
(Consumer
Staples)
46,166
3,548
Container
Corp.
Of
India
Ltd.
(Industrials)
33,015
1,795
Cummins
India
Ltd.
(Industrials)
41,092
7,812
Dabur
India
Ltd.
(Consumer
Staples)
50,402
1,073
Dalmia
Bharat
Ltd.
(Materials)
28,532
985
Deepak
Nitrite
Ltd.
(Materials)
25,939
4,035
Delhivery
Ltd.
(Industrials)*
18,926
1,664
Divi's
Laboratories
Ltd.
(Health
Care)
75,598
8,214
DLF
Ltd.
(Real
Estate)
61,644
1,613
Dr.
Reddy's
Laboratories
Ltd.
(Health
Care)
111,954
1,839
Eicher
Motors
Ltd.
(Consumer
Discretionary)
85,934
8,037
Embassy
Office
Parks
REIT
(Real
Estate)
31,049
13,547
FSN
E-Commerce
Ventures
Ltd.
(Consumer
Discretionary)*
28,558
35,668
GAIL
India
Ltd.
(Utilities)
56,414
3,234
General
Insurance
Corp.
of
India
(Financials)
(a)
12,392
810
Gland
Pharma
Ltd.
(Health
Care)*
(a)
17,237
4,891
Godrej
Consumer
Products
Ltd.
(Consumer
Staples)
59,130
1,525
Godrej
Properties
Ltd.
(Real
Estate)*
34,319
4,123
Grasim
Industries
Ltd.
(Materials)
99,150
492
Gujarat
Fluorochemicals
Ltd.
(Materials)
16,821
2,377
Gujarat
Gas
Ltd.
(Utilities)
12,346
2,912
Havells
India
Ltd.
(Industrials)
45,487
13,775
HCL
Technologies
Ltd.
(Information
Technology)
221,490
1,035
HDFC
Asset
Management
Co.
Ltd.
(Financials)
(a)
36,855
36,293
HDFC
Bank
Ltd.
(Financials)
678,391
12,883
HDFC
Life
Insurance
Co.
Ltd.
(Financials)
(a)
106,710
1,744
Hero
MotoCorp
Ltd.
(Consumer
Discretionary)
79,867
19,289
Hindalco
Industries
Ltd.
(Materials)
119,270
2,198
Hindustan
Aeronautics
Ltd.
(Industrials)
62,724
8,569
Hindustan
Petroleum
Corp.
Ltd.
(Energy)*
35,697
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
11,627
Hindustan
Unilever
Ltd.
(Consumer
Staples)
$
354,908
40
Honeywell
Automation
India
Ltd.
(Information
Technology)
17,581
67,348
ICICI
Bank
Ltd.
(Financials)
755,057
3,137
ICICI
Lombard
General
Insurance
Co.
Ltd.
(Financials)
(a)
55,673
5,073
ICICI
Prudential
Life
Insurance
Co.
Ltd.
(Financials)
(a)
34,224
37,600
IDFC
First
Bank
Ltd.
(Financials)*
38,414
3,144
Indian
Bank
(Financials)
14,963
11,257
Indian
Hotels
Co.
Ltd.
(Consumer
Discretionary)
56,924
49,578
Indian
Oil
Corp.
Ltd.
(Energy)
66,436
3,988
Indian
Railway
Catering
&
Tourism
Corp.
Ltd.
(Industrials)
33,750
23,194
Indian
Railway
Finance
Corp.
Ltd.
(Financials)
(a)
20,762
4,623
Indraprastha
Gas
Ltd.
(Utilities)
21,570
11,039
Indus
Towers
Ltd.
(Communication
Services)*
24,409
7,454
IndusInd
Bank
Ltd.
(Financials)
131,045
904
Info
Edge
India
Ltd.
(Communication
Services)
49,984
46,703
Infosys
Ltd.
(Information
Technology)
814,928
1,396
InterGlobe
Aviation
Ltd.
(Industrials)*
(a)
45,287
38,808
ITC
Ltd.
(Consumer
Staples)
202,803
3,950
Jindal
Stainless
Ltd.
(Materials)
23,744
5,028
Jindal
Steel
&
Power
Ltd.
(Materials)
40,444
44,104
Jio
Financial
Services
Ltd.
(Financials)*
121,322
4,895
JSW
Energy
Ltd.
(Utilities)
23,969
12,338
JSW
Steel
Ltd.
(Materials)
118,522
5,161
Jubilant
Foodworks
Ltd.
(Consumer
Discretionary)
34,709
14,220
Kotak
Mahindra
Bank
Ltd.
(Financials)
299,333
320
L&T
Technology
Services
Ltd.
(Industrials)
(a)
18,299
8,970
Larsen
&
Toubro
Ltd.
(Industrials)
334,432
3,054
Life
Insurance
Corp.
of
India
(Financials)
24,884
270
Linde
India
Ltd.
(Materials)
18,592
1,207
LTIMindtree
Ltd.
(Information
Technology)
(a)
80,135
3,183
Lupin
Ltd.
(Health
Care)
48,890
3,050
Macrotech
Developers
Ltd.
(Real
Estate)
(a)
32,247
7,495
Mahindra
&
Mahindra
Financial
Services
Ltd.
(Financials)
24,653
11,530
Mahindra
&
Mahindra
Ltd.
(Consumer
Discretionary)
227,818
447
Mankind
Pharma
Ltd.
(Health
Care)*
10,171
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
6,907
Marico
Ltd.
(Consumer
Staples)
$
44,613
1,708
Maruti
Suzuki
India
Ltd.
(Consumer
Discretionary)
217,278
2,919
Max
Financial
Services
Ltd.
(Financials)*
35,675
9,642
Max
Healthcare
Institute
Ltd.
(Health
Care)
73,511
402
Mazagon
Dock
Shipbuilders
Ltd.
(Industrials)
9,703
1,121
Mphasis
Ltd.
(Information
Technology)
31,652
40
MRF
Ltd.
(Consumer
Discretionary)
53,569
1,477
Muthoot
Finance
Ltd.
(Financials)
26,246
454
Nestle
India
Ltd.
(Consumer
Staples)
131,943
36,471
NHPC
Ltd.
(Utilities)
23,791
15,205
NMDC
Ltd.
(Materials)
33,093
61,554
NTPC
Ltd.
(Utilities)
192,869
1,619
Oberoi
Realty
Ltd.
(Real
Estate)
27,196
50,382
Oil
&
Natural
Gas
Corp.
Ltd.
(Energy)
117,778
2,651
One
97
Communications
Ltd.
(Financials)*
27,842
313
Oracle
Financial
Services
Software
Ltd.
(Information
Technology)
15,054
84
Page
Industries
Ltd.
(Consumer
Discretionary)
37,530
947
Patanjali
Foods
Ltd.
(Consumer
Staples)
15,900
3,136
PB
Fintech
Ltd.
(Financials)*
31,327
668
Persistent
Systems
Ltd.
(Information
Technology)
51,265
9,600
Petronet
LNG
Ltd.
(Energy)
23,346
1,074
PI
Industries
Ltd.
(Materials)
48,564
2,018
Pidilite
Industries
Ltd.
(Materials)
61,763
583
Polycab
India
Ltd.
(Industrials)
36,828
19,203
Power
Finance
Corp.
Ltd.
(Financials)
77,117
58,868
Power
Grid
Corp.
of
India
Ltd.
(Utilities)
147,499
132
Procter
&
Gamble
Hygiene
&
Health
Care
Ltd.
(Consumer
Staples)
27,288
28,087
Punjab
National
Bank
(Financials)
26,136
7,360
Rail
Vikas
Nigam
Ltd.
(Industrials)
14,492
16,506
REC
Ltd.
(Financials)
69,018
44,553
Reliance
Industries
Ltd.
(Energy)
1,270,150
27,104
Samvardhana
Motherson
International
Ltd.
(Consumer
Discretionary)
29,917
3,863
SBI
Cards
&
Payment
Services
Ltd.
(Financials)
34,239
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
5,883
SBI
Life
Insurance
Co.
Ltd.
(Financials)
(a)
$
101,249
543
Schaeffler
India
Ltd.
(Industrials)
18,480
134
Shree
Cement
Ltd.
(Materials)
42,970
3,146
Shriram
Finance
Ltd.
(Financials)
75,721
1,170
Siemens
Ltd.
(Industrials)
51,315
320
Solar
Industries
India
Ltd.
(Materials)
24,132
3,636
Sona
Blw
Precision
Forgings
Ltd.
(Consumer
Discretionary)
(a)
24,329
1,969
SRF
Ltd.
(Materials)
55,896
23,235
State
Bank
of
India
(Financials)
157,350
19,115
Steel
Authority
of
India
Ltd.
(Materials)
21,156
14,038
Sun
Pharmaceutical
Industries
Ltd.
(Health
Care)
206,352
763
Supreme
Industries
Ltd.
(Materials)
40,542
128,541
Suzlon
Energy
Ltd.
(Industrials)*
62,811
1,487
Tata
Communications
Ltd.
(Communication
Services)
30,412
13,188
Tata
Consultancy
Services
Ltd.
(Information
Technology)
551,534
7,813
Tata
Consumer
Products
Ltd.
(Consumer
Staples)
88,137
453
Tata
Elxsi
Ltd.
(Information
Technology)
44,830
22,439
Tata
Motors
Ltd.
(Consumer
Discretionary)
190,073
6,147
Tata
Motors
Ltd.,
Class
A
(Consumer
Discretionary)
35,219
22,436
Tata
Power
Co.
Ltd.
(The)
(Utilities)
72,075
105,029
Tata
Steel
Ltd.
(Materials)
161,082
8,079
Tech
Mahindra
Ltd.
(Information
Technology)
118,283
490
Thermax
Ltd.
(Industrials)
14,895
4,844
Titan
Co.
Ltd.
(Consumer
Discretionary)
202,755
1,252
Torrent
Pharmaceuticals
Ltd.
(Health
Care)
31,926
2,372
Trent
Ltd.
(Consumer
Discretionary)
79,272
1,347
Tube
Investments
of
India
Ltd.
(Consumer
Discretionary)
54,373
3,057
TVS
Motor
Co.
Ltd.
(Consumer
Discretionary)
68,348
1,485
UltraTech
Cement
Ltd.
(Materials)
160,329
19,291
Union
Bank
of
India
Ltd.
(Financials)
24,948
985
United
Breweries
Ltd.
(Consumer
Staples)
19,451
3,944
United
Spirits
Ltd.
(Consumer
Staples)
49,604
6,868
UPL
Ltd.
(Materials)
46,997
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
6,146
Varun
Beverages
Ltd.
(Consumer
Staples)
$
81,437
496
Vedant
Fashions
Ltd.
(Consumer
Discretionary)
8,151
14,802
Vedanta
Ltd.
(Materials)
41,419
105,388
Vodafone
Idea
Ltd.
(Communication
Services)*
16,492
3,051
Voltas
Ltd.
(Industrials)
30,291
18,259
Wipro
Ltd.
(Information
Technology)
90,437
545
WNS
Holdings
Ltd.
ADR
(Industrials)*
32,417
167,803
Yes
Bank
Ltd.
(Financials)*
38,936
50,074
Zomato
Ltd.
(Consumer
Discretionary)*
71,184
3,359
Zydus
Lifesciences
Ltd.
(Health
Care)
25,680
16,216,331
Indonesia
–
2.0%
145,549
Adaro
Energy
Indonesia
Tbk
PT
(Energy)
24,587
88,481
Adaro
Minerals
Indonesia
Tbk
PT
(Materials)*
7,559
171,029
Amman
Mineral
Internasional
PT
(Materials)*
79,395
114,896
Aneka
Tambang
Tbk
(Materials)
12,890
267,003
Astra
International
Tbk
PT
(Industrials)
92,960
680,975
Bank
Central
Asia
Tbk
PT
(Financials)
394,052
472,796
Bank
Mandiri
Persero
Tbk
PT
(Financials)
178,327
197,812
Bank
Negara
Indonesia
Persero
Tbk
PT
(Financials)
67,277
914,288
Bank
Rakyat
Indonesia
Persero
Tbk
PT
(Financials)
310,952
355,026
Barito
Pacific
Tbk
PT
(Materials)
23,920
90,852
Chandra
Asri
Petrochemical
Tbk
PT
(Materials)
17,280
99,738
Charoen
Pokphand
Indonesia
Tbk
PT
(Consumer
Staples)
33,439
299,162
Dayamitra
Telekomunikasi
PT
(Communication
Services)
13,888
203,103
Elang
Mahkota
Teknologi
Tbk
PT
(Communication
Services)
8,446
9,972,881
GoTo
Gojek
Tokopedia
Tbk
PT
(Consumer
Discretionary)*
62,371
6,287
Gudang
Garam
Tbk
PT
(Consumer
Staples)
8,563
34,991
Indah
Kiat
Pulp
&
Paper
Tbk
PT
(Materials)
19,797
21,538
Indocement
Tunggal
Prakarsa
Tbk
PT
(Materials)
14,164
31,272
Indofood
CBP
Sukses
Makmur
Tbk
PT
(Consumer
Staples)
23,288
60,387
Indofood
Sukses
Makmur
Tbk
PT
(Consumer
Staples)
25,015
Shares
Description
Value
a
Common
Stocks
–
(continued)
Indonesia
–
(continued)
17,992
Indosat
Tbk
PT
(Communication
Services)
$
11,049
251,063
Kalbe
Farma
Tbk
PT
(Health
Care)
26,142
45,001
Mayora
Indah
Tbk
PT
(Consumer
Staples)
7,399
137,510
Merdeka
Battery
Materials
Tbk
PT
(Materials)*
5,630
163,857
Merdeka
Copper
Gold
Tbk
PT
(Materials)*
26,728
20,998
Pantai
Indah
Kapuk
Dua
Tbk
PT
(Materials)*
6,363
264,979
Sarana
Menara
Nusantara
Tbk
PT
(Communication
Services)
17,084
44,142
Semen
Indonesia
Persero
Tbk
PT
(Materials)
18,499
250,039
Sumber
Alfaria
Trijaya
Tbk
PT
(Consumer
Staples)
46,268
617,449
Telkom
Indonesia
Persero
Tbk
PT
(Communication
Services)
149,685
64,342
Tower
Bersama
Infrastructure
Tbk
PT
(Communication
Services)
8,504
104,045
Trimegah
Bangun
Persada
Tbk
PT
(Materials)
6,809
78,294
Unilever
Indonesia
Tbk
PT
(Consumer
Staples)
18,425
18,669
United
Tractors
Tbk
PT
(Energy)
26,360
27,860
Vale
Indonesia
Tbk
PT
(Materials)
8,083
1,801,198
Kuwait
–
0.8%
20,101
Agility
Public
Warehousing
Co.
KSC
(Industrials)*
35,156
17,139
Boubyan
Bank
KSCP
(Financials)
32,363
27,685
Gulf
Bank
KSCP
(Financials)
22,686
134,371
Kuwait
Finance
House
KSCP
(Financials)
304,212
8,620
Mabanee
Co
KPSC
(Real
Estate)
23,396
27,732
Mobile
Telecommunications
Co.
KSCP
(Communication
Services)
43,922
97,093
National
Bank
of
Kuwait
SAKP
(Financials)
278,307
740,042
Luxembourg
–
0.1%
1,793
Reinet
Investments
SCA
(Financials)
41,867
Mexico
–
2.7%
62,682
Alfa
SAB
de
CV,
Class
A
(Industrials)
45,718
418,958
America
Movil
SAB
de
CV,
Series
B
(Communication
Services)
378,887
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Mexico
–
(continued)
6,153
Arca
Continental
SAB
de
CV
(Consumer
Staples)
$
62,818
23,327
Becle
SAB
de
CV
(Consumer
Staples)
39,560
196,651
Cemex
SAB
de
CV,
Series
CPO
(Materials)*
136,636
6,907
Coca-Cola
Femsa
SAB
de
CV
(Consumer
Staples)
58,042
2,828
El
Puerto
de
Liverpool
SAB
de
CV
(Consumer
Discretionary)
16,468
37,962
Fibra
Uno
Administracion
SA
de
CV
REIT
(Real
Estate)
61,079
28,127
Fomento
Economico
Mexicano
SAB
de
CV
(Consumer
Staples)
357,637
2,338
Gruma
SAB
de
CV,
Class
B
(Consumer
Staples)
43,321
5,071
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV,
Class
B
(Industrials)
77,229
2,418
Grupo
Aeroportuario
del
Sureste
SAB
de
CV,
Class
B
(Industrials)
57,079
17,718
Grupo
Bimbo
SAB
de
CV,
Series
A
(Consumer
Staples)
89,388
6,550
Grupo
Carso
SAB
de
CV,
Series
A1
(Industrials)
60,167
5,878
Grupo
Comercial
Chedraui
SA
de
CV
(Consumer
Staples)
34,551
679
Grupo
Elektra
SAB
DE
CV
(Financials)
46,331
37,510
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
(Financials)
348,746
25,891
Grupo
Financiero
Inbursa
SAB
de
CV,
Class
O
(Financials)*
63,269
40,921
Grupo
Mexico
SAB
de
CV,
Series
B
(Materials)
187,533
2,472
Industrias
Penoles
SAB
de
CV
(Materials)*
36,251
21,445
Kimberly-Clark
de
Mexico
SAB
de
CV,
Class
A
(Consumer
Staples)
43,380
12,073
Orbia
Advance
Corp.
SAB
de
CV
(Materials)
25,777
64,826
Wal-Mart
de
Mexico
SAB
de
CV
(Consumer
Staples)
254,095
2,523,962
Philippines
–
0.6%
129,152
ACEN
Corp.
(Utilities)
11,172
3,165
Ayala
Corp.
(Industrials)
37,873
76,736
Ayala
Land,
Inc.
(Real
Estate)
43,146
26,478
Bank
of
the
Philippine
Islands
(Financials)
49,291
27,380
BDO
Unibank,
Inc.
(Financials)
65,872
10,773
International
Container
Terminal
Services,
Inc.
(Industrials)
41,896
40,512
JG
Summit
Holdings,
Inc.
(Industrials)
28,108
Shares
Description
Value
a
Common
Stocks
–
(continued)
Philippines
–
(continued)
6,237
Jollibee
Foods
Corp.
(Consumer
Discretionary)
$
25,470
3,997
Manila
Electric
Co.
(Utilities)
25,931
24,705
Metropolitan
Bank
&
Trust
Co.
(Financials)
22,239
1,144
PLDT,
Inc.
(Communication
Services)
26,554
6,304
SM
Investments
Corp.
(Industrials)
93,043
148,387
SM
Prime
Holdings,
Inc.
(Real
Estate)
86,374
12,127
Universal
Robina
Corp.
(Consumer
Staples)
24,695
581,664
Qatar
–
0.9%
44,549
Commercial
Bank
PSQC
(The)
(Financials)
65,215
23,375
Dukhan
Bank
(Financials)
24,794
26,286
Industries
Qatar
QSC
(Industrials)
90,243
91,306
Masraf
Al
Rayan
QSC
(Financials)
62,342
59,402
Mesaieed
Petrochemical
Holding
Co.
(Materials)
27,392
9,243
Ooredoo
QPSC
(Communication
Services)
26,122
6,421
Qatar
Electricity
&
Water
Co.
QSC
(Utilities)
29,768
7,757
Qatar
Fuel
QSC
(Energy)
33,917
46,708
Qatar
Gas
Transport
Co.
Ltd.
(Energy)
41,564
14,676
Qatar
International
Islamic
Bank
QSC
(Financials)
40,429
21,710
Qatar
Islamic
Bank
(Financials)
113,290
57,748
Qatar
National
Bank
QPSC
(Financials)
249,009
804,085
Russia
–
0.0%
12,708
Alrosa
PJSC
(Materials)
(c)
—
801
Gazprom
Neft
PJSC
(Energy)
(c)
—
49,291
Gazprom
PJSC
(Energy)*
(c)
—
1,413
LUKOIL
PJSC
(Energy)
(c)
—
263
MMC
Norilsk
Nickel
PJSC
(Materials)*
(c)
—
4,560
Mobile
TeleSystems
PJSC
(Communication
Services)
(c)
—
3,099
Novatek
PJSC
(Energy)
(c)
—
5,287
Novolipetsk
Steel
PJSC
(Materials)*
(c)
—
780
PIK
Group
PJSC
(Consumer
Discretionary)*
(c)
—
1,389
Polymetal
International
PLC
(Materials)*
(c)
—
128
Polyus
PJSC
(Materials)*
(c)
—
5,078
Rosneft
Oil
Co.
PJSC
(Energy)
(c)
—
44,370
Sberbank
of
Russia
PJSC
(Financials)
(c)
—
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Russia
–
(continued)
969
Severstal
PAO
(Materials)*
(c)
$
—
146,300
Surgutneftegas
PJSC
(Energy)
(c)
—
6,047
Tatneft
PJSC
(Energy)
(c)
—
6,503
United
Co
RUSAL
International
PJSC
(Materials)*
(c)
—
1,289
Yandex
NV,
Class
A
(Communication
Services)*
(c)
—
—
Saudi
Arabia
–
3.9%
1,744
ACWA
Power
Co.
(Utilities)
106,458
1,752
Advanced
Petrochemical
Co.
(Materials)
17,466
25,488
Al
Rajhi
Bank
(Financials)
519,068
12,744
Alinma
Bank
(Financials)
121,614
3,237
Almarai
Co.
JSC
(Consumer
Staples)
48,147
8,796
Arab
National
Bank
(Financials)
56,272
319
Arabian
Internet
&
Co.mmunications
Services
Co.
(Information
Technology)
26,479
6,504
Bank
AlBilad
(Financials)
66,314
7,675
Banque
Saudi
Fransi
(Financials)
76,515
985
Bupa
Arabia
for
Cooperative
Insurance
Co.
(Financials)
52,355
946
Co.
for
Cooperative
Insurance
(The)
(Financials)
31,067
1,083
Dr
Sulaiman
Al
Habib
Medical
Services
Group
Co.
(Health
Care)
81,409
356
Elm
Co.
(Information
Technology)
70,659
5,020
Etihad
Etisalat
Co.
(Communication
Services)
61,822
8,028
Jarir
Marketing
Co.
(Consumer
Discretionary)
31,200
1,218
Mouwasat
Medical
Services
Co.
(Health
Care)
36,558
500
Nahdi
Medical
Co.
(Consumer
Staples)
18,099
5,783
Rabigh
Refining
&
Petrochemical
Co.
(Energy)*
16,803
19,116
Riyad
Bank
(Financials)
136,051
3,046
SABIC
Agri-Nutrients
Co.
(Materials)
111,723
4,669
Sahara
International
Petrochemical
Co.
(Materials)
40,262
15,751
Saudi
Arabian
Mining
Co.
(Materials)*
167,314
56,982
Saudi
Arabian
Oil
Co.
(Energy)
(a)
504,279
670
Saudi
Aramco
Base
Oil
Co.
(Materials)
24,503
13,016
Saudi
Awwal
Bank
(Financials)
120,567
11,710
Saudi
Basic
Industries
Corp.
(Materials)
247,216
10,180
Saudi
Electricity
Co.
(Utilities)
49,007
4,804
Saudi
Industrial
Investment
Group
(Materials)
28,838
Shares
Description
Value
a
Common
Stocks
–
(continued)
Saudi
Arabia
–
(continued)
10,051
Saudi
Kayan
Petrochemical
Co.
(Materials)*
$
30,328
38,232
Saudi
National
Bank
(The)
(Financials)
356,180
627
Saudi
Tadawul
Group
Holding
Co.
(Financials)
30,552
23,419
Saudi
Telecom
Co.
(Communication
Services)
240,027
3,586
Savola
Group
(The)
(Consumer
Staples)
35,846
3,683
Yanbu
National
Petrochemical
Co.
(Materials)
36,963
3,597,961
South
Africa
–
2.7%
10,142
Absa
Group
Ltd.
(Financials)
92,996
1,396
African
Rainbow
Minerals
Ltd.
(Materials)
13,387
723
Anglo
American
Platinum
Ltd.
(Materials)
30,432
4,757
Aspen
Pharmacare
Holdings
Ltd.
(Health
Care)
46,473
4,350
Bid
Corp.
Ltd.
(Consumer
Staples)
94,867
4,402
Bidvest
Group
Ltd.
(The)
(Industrials)
54,768
1,259
Capitec
Bank
Holdings
Ltd.
(Financials)
130,266
3,233
Clicks
Group
Ltd.
(Consumer
Staples)
50,353
7,041
Discovery
Ltd.
(Financials)
49,432
3,186
Exxaro
Resources
Ltd.
(Energy)
31,566
65,100
FirstRand
Ltd.
(Financials)
231,646
11,442
Gold
Fields
Ltd.
(Materials)
171,968
11,536
Impala
Platinum
Holdings
Ltd.
(Materials)
46,649
2,787
Investec
Ltd.
(Financials)
17,715
759
Kumba
Iron
Ore
Ltd.
(Materials)
23,722
21,889
MTN
Group
Ltd.
(Communication
Services)
118,905
4,216
MultiChoice
Group
(Communication
Services)*
15,053
2,417
Naspers
Ltd.,
Class
N
(Consumer
Discretionary)*
443,038
5,658
Nedbank
Group
Ltd.
(Financials)
63,835
4,398
Northam
Platinum
Holdings
Ltd.
(Materials)
28,235
65,279
Old
Mutual
Ltd.
(Financials)
39,615
11,172
OUTsurance
Group
Ltd.
(Financials)
24,467
21,176
Pepkor
Holdings
Ltd.
(Consumer
Discretionary)
(a)
20,807
6,691
Remgro
Ltd.
(Financials)
51,272
21,399
Sanlam
Ltd.
(Financials)
76,686
7,676
Sasol
Ltd.
(Materials)
84,861
6,278
Shoprite
Holdings
Ltd.
(Consumer
Staples)
85,192
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
South
Africa
–
(continued)
37,463
Sibanye
Stillwater
Ltd.
(Materials)
$
41,120
17,583
Standard
Bank
Group
Ltd.
(Financials)
185,777
7,846
Vodacom
Group
Ltd.
(Communication
Services)
(b)
40,162
11,984
Woolworths
Holdings
Ltd.
(Consumer
Discretionary)
42,687
2,447,952
South
Korea
–
12.3%
491
Alteogen,
Inc.
(Health
Care)*
30,446
398
Amorepacific
Corp.
(Consumer
Staples)
39,888
353
AMOREPACIFIC
Group
(Consumer
Staples)
7,579
93
BGF
retail
Co.
Ltd.
(Consumer
Staples)
9,782
3,809
BNK
Financial
Group,
Inc.
(Financials)
21,168
1,301
Celltrion
Healthcare
Co.
Ltd.
(Health
Care)
75,127
264
Celltrion
Pharm,
Inc.
(Health
Care)*
16,391
1,431
Celltrion,
Inc.
(Health
Care)
180,684
902
Cheil
Worldwide,
Inc.
(Communication
Services)
13,682
49
Chunbo
Co.
Ltd.
(Materials)
4,094
94
CJ
CheilJedang
Corp.
(Consumer
Staples)
22,514
179
CJ
Corp.
(Industrials)
12,764
133
CJ
ENM
Co.
Ltd.
(Communication
Services)*
7,897
93
CJ
Logistics
Corp.
(Industrials)
8,153
274
CosmoAM&T
Co.
Ltd.
(Information
Technology)*
34,979
717
Coway
Co.
Ltd.
(Consumer
Discretionary)
27,787
313
CS
Wind
Corp.
(Industrials)
12,979
2,558
Daewoo
Engineering
&
Construction
Co.
Ltd.
(Industrials)*
9,200
488
DB
HiTek
Co.
Ltd.
(Information
Technology)
23,414
582
DB
Insurance
Co.
Ltd.
(Financials)
37,758
354
DL
E&C
Co.
Ltd.
(Industrials)
10,509
409
Dongsuh
Cos.,
Inc.
(Consumer
Staples)
5,811
634
Doosan
Bobcat,
Inc.
(Industrials)
22,409
88
Doosan
Co.
Ltd.
(Industrials)
6,282
5,650
Doosan
Enerbility
Co.
Ltd.
(Industrials)*
69,193
545
Doosan
Fuel
Cell
Co.
Ltd.
(Industrials)*
10,265
587
Ecopro
BM
Co.
Ltd.
(Industrials)
124,666
264
Ecopro
Co.
Ltd.
(Materials)
153,061
Shares
Description
Value
a
Common
Stocks
–
(continued)
South
Korea
–
(continued)
227
E-MART,
Inc.
(Consumer
Staples)
$
13,337
220
F&F
Co.
Ltd.
(Consumer
Discretionary)
14,648
540
Fila
Holdings
Corp.
(Consumer
Discretionary)
16,010
51
Green
Cross
Corp.
(Health
Care)
4,530
767
GS
Engineering
&
Construction
Corp.
(Industrials)
9,637
585
GS
Holdings
Corp.
(Industrials)
18,727
543
GS
Retail
Co.
Ltd.
(Consumer
Staples)
10,038
3,764
Hana
Financial
Group,
Inc.
(Financials)
121,513
313
Hanjin
Kal
Corp.
(Industrials)
13,077
897
Hankook
Tire
&
Technology
Co.
Ltd.
(Consumer
Discretionary)
31,530
88
Hanmi
Pharm
Co.
Ltd.
(Health
Care)
20,974
266
Hanmi
Science
Co.
Ltd.
(Health
Care)
7,381
542
Hanmi
Semiconductor
Co.
Ltd.
(Information
Technology)
26,719
2,111
Hanon
Systems
(Consumer
Discretionary)
11,863
131
Hansol
Chemical
Co.
Ltd.
(Materials)
20,409
91
Hanssem
Co.
Ltd.
(Consumer
Discretionary)
3,632
446
Hanwha
Aerospace
Co.
Ltd.
(Industrials)
43,523
448
Hanwha
Corp.
(Industrials)
8,889
3,637
Hanwha
Life
Insurance
Co.
Ltd.
(Financials)*
7,795
2,559
Hanwha
Ocean
Co.
Ltd.
(Industrials)*
54,149
1,348
Hanwha
Solutions
Corp.
(Materials)*
34,898
720
Hanwha
Systems
Co.
Ltd.
(Industrials)
8,985
540
HD
Hyundai
Co.
Ltd.
(Energy)
25,239
265
HD
Hyundai
Heavy
Industries
Co.
Ltd.
(Industrials)*
25,716
1,620
HD
Hyundai
Infracore
Co.
Ltd.
(Industrials)
9,807
587
HD
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.
(Industrials)*
50,822
356
Hite
Jinro
Co.
Ltd.
(Consumer
Staples)
6,098
409
HL
Mando
Co.
Ltd.
(Consumer
Discretionary)
11,302
1,525
HLB,
Inc.
(Health
Care)*
37,707
3,146
HMM
Co.
Ltd.
(Industrials)
37,772
365
Hotel
Shilla
Co.
Ltd.
(Consumer
Discretionary)
18,559
87
Hugel,
Inc.
(Health
Care)*
10,277
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
South
Korea
–
(continued)
229
HYBE
Co.
Ltd.
(Communication
Services)*
$
38,251
40
Hyosung
Advanced
Materials
Corp.
(Materials)
12,231
41
Hyosung
TNC
Corp.
(Materials)
12,124
89
Hyundai
Autoever
Corp.
(Information
Technology)
12,762
177
Hyundai
Department
Store
Co.
Ltd.
(Consumer
Discretionary)
6,969
270
Hyundai
Elevator
Co.
Ltd.
(Industrials)
9,271
947
Hyundai
Engineering
&
Construction
Co.
Ltd.
(Industrials)
26,315
231
Hyundai
Glovis
Co.
Ltd.
(Industrials)
31,101
767
Hyundai
Marine
&
Fire
Insurance
Co.
Ltd.
(Financials)
18,549
310
Hyundai
Mipo
Dockyard
Co.
Ltd.
(Industrials)*
19,487
809
Hyundai
Mobis
Co.
Ltd.
(Consumer
Discretionary)
143,596
1,753
Hyundai
Motor
Co.
(Consumer
Discretionary)
250,419
902
Hyundai
Rotem
Co.
Ltd.
(Industrials)*
18,562
1,083
Hyundai
Steel
Co.
(Materials)
29,548
3,316
Industrial
Bank
of
Korea
(Financials)
30,406
359
JYP
Entertainment
Corp.
(Communication
Services)
26,713
3,910
Kakao
Corp.
(Communication
Services)
153,048
491
Kakao
Games
Corp.
(Communication
Services)*
10,028
2,869
KakaoBank
Corp.
(Financials)
58,263
276
Kakaopay
Corp.
(Financials)*
9,862
1,575
Kangwon
Land,
Inc.
(Consumer
Discretionary)
18,922
4,849
KB
Financial
Group,
Inc.
(Financials)
196,944
47
KCC
Corp.
(Materials)
7,596
177
KEPCO
Engineering
&
Construction
Co.,
Inc.
(Industrials)
8,396
226
KEPCO
Plant
Service
&
Engineering
Co.
Ltd.
(Industrials)
6,096
3,226
Kia
Corp.
(Consumer
Discretionary)
214,792
177
KIWOOM
Securities
Co.
Ltd.
(Financials)
12,663
938
Korea
Aerospace
Industries
Ltd.
(Industrials)
33,699
3,450
Korea
Electric
Power
Corp.
(Utilities)*
50,407
365
Korea
Gas
Corp.
(Utilities)*
7,030
536
Korea
Investment
Holdings
Co.
Ltd.
(Financials)
24,886
Shares
Description
Value
a
Common
Stocks
–
(continued)
South
Korea
–
(continued)
130
Korea
Zinc
Co.
Ltd.
(Materials)
$
49,525
2,474
Korean
Air
Lines
Co.
Ltd.
(Industrials)
43,050
398
Krafton,
Inc.
(Communication
Services)*
65,709
847
KT
Corp.
(Communication
Services)
22,026
1,475
KT&G
Corp.
(Consumer
Staples)
100,837
399
Kum
Yang
Co.
Ltd.
(Materials)*
39,679
220
Kumho
Petrochemical
Co.
Ltd.
(Materials)
21,827
319
L&F
Co.
Ltd.
(Information
Technology)
43,592
132
LEENO
Industrial,
Inc.
(Information
Technology)
20,442
623
LG
Chem
Ltd.
(Materials)
241,928
1,164
LG
Corp.
(Industrials)
75,877
2,923
LG
Display
Co.
Ltd.
(Information
Technology)*
28,366
1,394
LG
Electronics,
Inc.
(Consumer
Discretionary)
110,967
535
LG
Energy
Solution
Ltd.
(Industrials)*
188,472
131
LG
H&H
Co.
Ltd.
(Consumer
Staples)
33,863
181
LG
Innotek
Co.
Ltd.
(Information
Technology)
33,390
2,963
LG
Uplus
Corp.
(Communication
Services)
24,115
229
Lotte
Chemical
Corp.
(Materials)
27,370
406
Lotte
Corp.
(Industrials)
8,811
267
Lotte
Energy
Materials
Corp.
(Information
Technology)
9,313
135
Lotte
Shopping
Co.
Ltd.
(Consumer
Discretionary)
8,005
228
LS
Corp.
(Industrials)
14,968
1,393
Meritz
Financial
Group,
Inc.
(Financials)*
59,924
3,404
Mirae
Asset
Securities
Co.
Ltd.
(Financials)
18,918
1,755
NAVER
Corp.
(Communication
Services)
282,944
180
NCSoft
Corp.
(Communication
Services)
36,554
274
Netmarble
Corp.
(Communication
Services)*
(a)
12,615
1,754
NH
Investment
&
Securities
Co.
Ltd.
(Financials)
13,949
44
NongShim
Co.
Ltd.
(Consumer
Staples)
13,829
174
OCI
Holdings
Co.
Ltd.
(Materials)
13,325
308
Orion
Corp.
(Consumer
Staples)
28,099
2,825
Pan
Ocean
Co.
Ltd.
(Industrials)
9,908
401
Pearl
Abyss
Corp.
(Communication
Services)*
11,749
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
South
Korea
–
(continued)
670
Posco
DX
Co.
Ltd.
(Information
Technology)
$
29,757
362
POSCO
Future
M
Co.
Ltd.
(Industrials)
91,051
938
POSCO
Holdings,
Inc.
(Materials)
351,164
674
Posco
International
Corp.
(Industrials)
29,882
227
S-1
Corp.
(Industrials)
10,592
226
Samsung
Biologics
Co.
Ltd.
(Health
Care)*
(a)
127,001
1,075
Samsung
C&T
Corp.
(Industrials)
99,405
316
Samsung
Card
Co.
Ltd.
(Financials)
8,083
721
Samsung
Electro-Mechanics
Co.
Ltd.
(Information
Technology)
81,424
63,217
Samsung
Electronics
Co.
Ltd.
(Information
Technology)
3,567,180
2,060
Samsung
Engineering
Co.
Ltd.
(Industrials)*
40,317
404
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
(Financials)
81,417
8,566
Samsung
Heavy
Industries
Co.
Ltd.
(Industrials)*
52,983
1,027
Samsung
Life
Insurance
Co.
Ltd.
(Financials)
55,722
671
Samsung
SDI
Co.
Ltd.
(Information
Technology)
245,485
491
Samsung
SDS
Co.
Ltd.
(Information
Technology)
64,089
811
Samsung
Securities
Co.
Ltd.
(Financials)
24,641
491
SD
Biosensor,
Inc.
(Health
Care)
4,323
5,873
Shinhan
Financial
Group
Co.
Ltd.
(Financials)
167,976
91
Shinsegae,
Inc.
(Consumer
Discretionary)
11,998
362
SK
Biopharmaceuticals
Co.
Ltd.
(Health
Care)*
24,159
314
SK
Bioscience
Co.
Ltd.
(Health
Care)*
16,550
133
SK
Chemicals
Co.
Ltd.
(Materials)
6,629
6,998
SK
Hynix,
Inc.
(Information
Technology)
726,297
359
SK
IE
Technology
Co.
Ltd.
(Materials)*
(a)
19,757
724
SK
Innovation
Co.
Ltd.
(Energy)*
80,304
1,307
SK
Networks
Co.
Ltd.
(Industrials)
5,744
1,340
SK
Square
Co.
Ltd.
(Industrials)*
52,971
1,392
SK
Telecom
Co.
Ltd.
(Communication
Services)
56,321
453
SK,
Inc.
(Industrials)
57,444
Shares
Description
Value
a
Common
Stocks
–
(continued)
South
Korea
–
(continued)
226
SKC
Co.
Ltd.
(Materials)
$
16,992
540
S-Oil
Corp.
(Energy)
28,546
49
Soulbrain
Co.
Ltd.
(Materials)
10,520
1,161
SSANGYONG
C&E
Co.
Ltd.
(Materials)
5,426
174
Studio
Dragon
Corp.
(Communication
Services)*
7,296
227
Wemade
Co.
Ltd.
(Communication
Services)
9,431
409
WONIK
IPS
Co.
Ltd.
(Information
Technology)
10,779
8,295
Woori
Financial
Group,
Inc.
(Financials)
83,712
712
Yuhan
Corp.
(Health
Care)
33,830
11,344,125
Taiwan
–
16.1%
6,683
Accton
Technology
Corp.
(Information
Technology)
114,022
39,569
Acer,
Inc.
(Information
Technology)
44,585
5,696
Advantech
Co.
Ltd.
(Information
Technology)
64,454
938
Alchip
Technologies
Ltd.
(Information
Technology)
93,380
47,956
ASE
Technology
Holding
Co.
Ltd.
(Information
Technology)
196,491
33,967
Asia
Cement
Corp.
(Materials)
45,340
3,861
Asia
Vital
Components
Co.
Ltd.
(Information
Technology)
38,066
357
ASMedia
Technology,
Inc.
(Information
Technology)
16,456
402
ASPEED
Technology,
Inc.
(Information
Technology)
37,897
9,285
Asustek
Computer,
Inc.
(Information
Technology)
116,954
77,353
AUO
Corp.
(Information
Technology)*
40,484
8,747
Catcher
Technology
Co.
Ltd.
(Information
Technology)
54,459
134,999
Cathay
Financial
Holding
Co.
Ltd.
(Financials)*
200,943
19,654
Chailease
Holding
Co.
Ltd.
(Financials)
117,018
77,794
Chang
Hwa
Commercial
Bank
Ltd.
(Financials)
44,326
28,619
Cheng
Shin
Rubber
Industry
Co.
Ltd.
(Consumer
Discretionary)
43,102
7,803
Chicony
Electronics
Co.
Ltd.
(Information
Technology)
39,839
37,819
China
Airlines
Ltd.
(Industrials)
25,544
212,929
China
Development
Financial
Holding
Corp.
(Financials)*
86,562
158,379
China
Steel
Corp.
(Materials)
132,827
5,387
Chroma
ATE,
Inc.
(Information
Technology)
37,074
49,445
Chunghwa
Telecom
Co.
Ltd.
(Communication
Services)
189,138
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Taiwan
–
(continued)
52,679
Compal
Electronics,
Inc.
(Information
Technology)
$
52,106
236,535
CTBC
Financial
Holding
Co.
Ltd.
(Financials)
207,082
24,991
Delta
Electronics,
Inc.
(Information
Technology)
253,190
11,930
E
Ink
Holdings,
Inc.
(Information
Technology)
69,884
195,613
E.Sun
Financial
Holding
Co.
Ltd.
(Financials)
160,297
2,967
Eclat
Textile
Co.
Ltd.
(Consumer
Discretionary)
56,320
3,811
Elite
Material
Co.
Ltd.
(Information
Technology)
46,357
805
eMemory
Technology,
Inc.
(Information
Technology)
64,807
35,179
Eva
Airways
Corp.
(Industrials)
35,247
13,095
Evergreen
Marine
Corp.
Taiwan
Ltd.
(Industrials)
46,947
38,901
Far
Eastern
New
Century
Corp.
(Industrials)
38,104
21,179
Far
EasTone
Telecommunications
Co.
Ltd.
(Communication
Services)
56,202
8,298
Feng
TAY
Enterprise
Co.
Ltd.
(Consumer
Discretionary)
48,741
140,793
First
Financial
Holding
Co.
Ltd.
(Financials)
124,839
57,703
Formosa
Chemicals
&
Fibre
Corp.
(Materials)
118,583
18,347
Formosa
Petrochemical
Corp.
(Energy)
49,920
70,443
Formosa
Plastics
Corp.
(Materials)
182,196
1,301
Formosa
Sumco
Technology
Corp.
(Information
Technology)
6,830
12,514
Foxconn
Technology
Co.
Ltd.
(Information
Technology)
21,351
109,565
Fubon
Financial
Holding
Co.
Ltd.
(Financials)
225,864
4,257
Giant
Manufacturing
Co.
Ltd.
(Consumer
Discretionary)
25,891
7,003
Gigabyte
Technology
Co.
Ltd.
(Information
Technology)
56,042
1,167
Global
Unichip
Corp.
(Information
Technology)
61,637
2,736
Globalwafers
Co.
Ltd.
(Information
Technology)
51,147
4,213
Gold
Circuit
Electronics
Ltd.
(Information
Technology)
30,748
23,329
Highwealth
Construction
Corp.
(Real
Estate)
30,580
3,684
Hiwin
Technologies
Corp.
(Industrials)
26,946
155,325
Hon
Hai
Precision
Industry
Co.
Ltd.
(Information
Technology)
504,657
4,221
Hotai
Motor
Co.
Ltd.
(Consumer
Discretionary)
95,932
Shares
Description
Value
a
Common
Stocks
–
(continued)
Taiwan
–
(continued)
131,237
Hua
Nan
Financial
Holdings
Co.
Ltd.
(Financials)
$
93,471
114,048
Innolux
Corp.
(Information
Technology)*
45,999
41,495
Inventec
Corp.
(Information
Technology)
56,318
1,257
Largan
Precision
Co.
Ltd.
(Information
Technology)
96,166
28,940
Lite-On
Technology
Corp.
(Information
Technology)
101,901
1,166
Lotes
Co.
Ltd.
(Information
Technology)
34,562
24,047
Macronix
International
Co.
Ltd.
(Information
Technology)
22,169
19,564
MediaTek,
Inc.
(Information
Technology)
591,805
140,256
Mega
Financial
Holding
Co.
Ltd.
(Financials)
177,340
2,918
Merida
Industry
Co.
Ltd.
(Consumer
Discretionary)
17,514
9,517
Micro-Star
International
Co.
Ltd.
(Information
Technology)
55,902
1,027
momo.com,
Inc.
(Consumer
Discretionary)
17,029
72,948
Nan
Ya
Plastics
Corp.
(Materials)
159,019
2,825
Nan
Ya
Printed
Circuit
Board
Corp.
(Information
Technology)
22,426
15,388
Nanya
Technology
Corp.
(Information
Technology)
36,943
2,507
Nien
Made
Enterprise
Co.
Ltd.
(Consumer
Discretionary)
27,365
7,491
Novatek
Microelectronics
Corp.
(Information
Technology)
122,532
4,131
Oneness
Biotech
Co.
Ltd.
(Health
Care)
27,108
25,618
Pegatron
Corp.
(Information
Technology)
66,587
3,320
PharmaEssentia
Corp.
(Health
Care)*
38,737
2,193
Phison
Electronics
Corp.
(Information
Technology)
33,941
3,503
Polaris
Group
(Health
Care)*
8,107
31,052
Pou
Chen
Corp.
(Consumer
Discretionary)
30,714
39,129
Powerchip
Semiconductor
Manufacturing
Corp.
(Information
Technology)
37,701
8,797
Powertech
Technology,
Inc.
(Information
Technology)
31,538
7,359
President
Chain
Store
Corp.
(Consumer
Staples)
63,484
30,732
Quanta
Computer,
Inc.
(Information
Technology)
199,699
5,918
Realtek
Semiconductor
Corp.
(Information
Technology)
85,152
21,983
Ruentex
Development
Co.
Ltd.
(Real
Estate)*
25,192
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Taiwan
–
(continued)
9,021
Ruentex
Industries
Ltd.
(Consumer
Discretionary)*
$
18,192
60,082
Shanghai
Commercial
&
Savings
Bank
Ltd.
(The)
(Financials)
86,738
177,093
Shin
Kong
Financial
Holding
Co.
Ltd.
(Financials)*
51,076
6,955
Sino-American
Silicon
Products,
Inc.
(Information
Technology)
40,741
140,246
SinoPac
Financial
Holdings
Co.
Ltd.
(Financials)
84,848
16,693
Synnex
Technology
International
Corp.
(Information
Technology)
36,816
24,630
TA
Chen
Stainless
Pipe
(Materials)
30,472
169,413
Taishin
Financial
Holding
Co.
Ltd.
(Financials)
99,240
81,651
Taiwan
Business
Bank
(Financials)
35,284
82,332
Taiwan
Cement
Corp.
(Materials)
92,110
138,368
Taiwan
Cooperative
Financial
Holding
Co.
Ltd.
(Financials)
119,367
8,745
Taiwan
Fertilizer
Co.
Ltd.
(Materials)
17,831
27,858
Taiwan
High
Speed
Rail
Corp.
(Industrials)
26,841
22,796
Taiwan
Mobile
Co.
Ltd.
(Communication
Services)
71,803
311,461
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
(Information
Technology)
5,752,657
27,283
Tatung
Co.
Ltd.
(Industrials)*
35,239
23,013
Teco
Electric
and
Machinery
Co.
Ltd.
(Industrials)
34,402
6,282
Tripod
Technology
Corp.
(Information
Technology)
38,810
17,232
Unimicron
Technology
Corp.
(Information
Technology)
97,633
61,562
Uni-President
Enterprises
Corp.
(Consumer
Staples)
143,855
150,122
United
Microelectronics
Corp.
(Information
Technology)
234,986
12,333
Vanguard
International
Semiconductor
Corp.
(Information
Technology)
31,504
1,299
VisEra
Technologies
Co.
Ltd.
(Information
Technology)
12,745
940
Voltronic
Power
Technology
Corp.
(Industrials)
48,444
36,381
Walsin
Lihwa
Corp.
(Industrials)
45,302
5,064
Walsin
Technology
Corp.
(Information
Technology)
22,127
18,536
Wan
Hai
Lines
Ltd.
(Industrials)
27,709
4,623
Win
Semiconductors
Corp.
(Information
Technology)
25,453
Shares
Description
Value
a
Common
Stocks
–
(continued)
Taiwan
–
(continued)
37,514
Winbond
Electronics
Corp.
(Information
Technology)
$
34,044
35,084
Wistron
Corp.
(Information
Technology)
102,759
1,218
Wiwynn
Corp.
(Information
Technology)
68,620
20,589
WPG
Holdings
Ltd.
(Information
Technology)
51,143
6,455
WT
Microelectronics
Co.
Ltd.
(Information
Technology)
24,485
5,154
Yageo
Corp.
(Information
Technology)
99,153
23,785
Yang
Ming
Marine
Transport
Corp.
(Industrials)
31,977
143,798
Yuanta
Financial
Holding
Co.
Ltd.
(Financials)
119,678
4,714
Yulon
Finance
Corp.
(Financials)
28,595
7,582
Yulon
Motor
Co.
Ltd.
(Consumer
Discretionary)
18,664
8,431
Zhen
Ding
Technology
Holding
Ltd.
(Information
Technology)
27,932
14,823,104
Thailand
–
1.8%
13,688
Advanced
Info
Service
PCL,
NVDR
(Communication
Services)
84,827
57,854
Airports
of
Thailand
PCL,
NVDR
(Industrials)*
97,856
111,837
Asset
World
Corp.
PCL,
NVDR
(Consumer
Discretionary)
11,763
13,478
B
Grimm
Power
PCL,
NVDR
(Utilities)
9,674
13,483
Bangkok
Bank
PCL,
NVDR
(Financials)
57,876
89,564
Bangkok
Dusit
Medical
Services
PCL,
NVDR
(Health
Care)
66,834
102,660
Bangkok
Expressway
&
Metro
PCL,
NVDR
(Industrials)
22,763
4,203
Bangkok
Life
Assurance
PCL,
NVDR
(Financials)
2,354
54,340
Banpu
PCL,
NVDR
(Energy)
11,508
13,469
Berli
Jucker
PCL,
NVDR
(Consumer
Staples)
10,051
107,415
BTS
Group
Holdings
PCL,
NVDR
(Industrials)
22,138
5,126
Bumrungrad
Hospital
PCL,
NVDR
(Health
Care)
32,495
4,616
Carabao
Group
PCL,
NVDR
(Consumer
Staples)
10,727
22,211
Central
Pattana
PCL,
NVDR
(Real
Estate)
42,777
8,685
Central
Plaza
Hotel
PCL,
NVDR
(Consumer
Discretionary)*
10,431
40,460
Central
Retail
Corp.
PCL,
NVDR
(Consumer
Discretionary)
43,419
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Thailand
–
(continued)
49,977
Charoen
Pokphand
Foods
PCL,
NVDR
(Consumer
Staples)
$
28,272
9,651
Com7
PCL,
NVDR
(Consumer
Discretionary)
6,283
71,417
CP
ALL
PCL,
NVDR
(Consumer
Staples)
105,570
18,231
CP
Axtra
PCL,
NVDR
(Consumer
Staples)
13,993
4,685
Delta
Electronics
Thailand
PCL,
NVDR
(Information
Technology)
10,355
4,052
Electricity
Generating
PCL,
NVDR
(Utilities)
14,859
22,018
Energy
Absolute
PCL,
NVDR
(Utilities)
27,853
8,951
Global
Power
Synergy
PCL,
NVDR
(Utilities)
11,578
62,825
Gulf
Energy
Development
PCL,
NVDR
(Utilities)
82,153
62,750
Home
Product
Center
PCL,
NVDR
(Consumer
Discretionary)
21,049
22,563
Indorama
Ventures
PCL,
NVDR
(Materials)
15,714
13,053
Intouch
Holdings
PCL,
NVDR
(Communication
Services)
25,882
140,656
IRPC
PCL,
NVDR
(Energy)
7,917
8,850
JMT
Network
Services
PCL,
NVDR
(Financials)
6,541
18,394
Kasikornbank
PCL,
NVDR
(Financials)
66,930
8,922
KCE
Electronics
PCL,
NVDR
(Information
Technology)
13,315
62,375
Krung
Thai
Bank
PCL,
NVDR
(Financials)
32,271
13,118
Krungthai
Card
PCL,
NVDR
(Financials)
17,434
67,905
Land
&
Houses
PCL,
NVDR
(Real
Estate)
14,864
40,903
Minor
International
PCL,
NVDR
(Consumer
Discretionary)
31,685
9,120
Muangthai
Capital
PCL,
NVDR
(Financials)
11,343
17,818
Ngern
Tid
Lor
PCL,
NVDR
(Financials)
11,599
22,317
Osotspa
PCL,
NVDR
(Consumer
Staples)
14,528
18,027
PTT
Exploration
&
Production
PCL,
NVDR
(Energy)
77,637
26,686
PTT
Global
Chemical
PCL,
NVDR
(Materials)
29,207
36,519
PTT
Oil
&
Retail
Business
PCL,
NVDR
(Consumer
Discretionary)
20,659
125,962
PTT
PCL,
NVDR
(Energy)
124,431
9,170
Ratch
Group
PCL,
NVDR
(Utilities)
8,472
Shares
Description
Value
a
Common
Stocks
–
(continued)
Thailand
–
(continued)
13,681
SCB
X
PCL,
NVDR
(Financials)
$
38,600
14,042
SCG
Packaging
PCL,
NVDR
(Materials)
15,368
4,712
Siam
Cement
PCL
(The),
NVDR
(Materials)
38,443
22,315
Siam
Global
House
PCL,
NVDR
(Consumer
Discretionary)
10,657
9,605
Srisawad
Corp.
PCL,
NVDR
(Financials)
12,082
112,622
Thai
Beverage
PCL
(Consumer
Staples)
42,193
31,856
Thai
Life
Insurance
PCL,
NVDR
(Financials)
8,829
13,877
Thai
Oil
PCL,
NVDR
(Energy)
20,316
35,871
Thai
Union
Group
PCL,
NVDR
(Consumer
Staples)
14,990
5,089
Tisco
Financial
Group
PCL,
NVDR
(Financials)
14,069
529,550
TMBThanachart
Bank
PCL,
NVDR
(Financials)
23,183
8,601
TOA
Paint
Thailand
PCL,
NVDR
(Materials)
5,183
134,263
True
Corp.
PCL,
NVDR
(Communication
Services)
21,374
107,279
WHA
Corp.
PCL,
NVDR
(Real
Estate)
15,248
1,670,422
Turkey
–
1.1%
1,173
AG
Anadolu
Grubu
Holding
AS
(Industrials)
7,741
8,708
Ahlatci
Dogal
Gaz
Dagitim
Enerji
VE
Yatirim
AS
(Utilities)*
3,709
35,396
Akbank
TAS
(Financials)
41,270
499
Akcansa
Cimento
AS
(Materials)
2,542
4,043
Akfen
Yenilenebilir
Enerji
AS
(Utilities)*
2,480
1,749
Aksa
Akrilik
Kimya
Sanayii
AS
(Consumer
Discretionary)
5,231
2,606
Aksa
Enerji
Uretim
AS
(Utilities)
3,109
1,795
Alarko
Holding
AS
(Industrials)
6,271
941
Alfa
Solar
Enerji
Sanayi
VE
Ticaret
AS
(Information
Technology)
3,369
2,247
Anadolu
Anonim
Turk
Sigorta
Sirketi
(Financials)*
5,125
2,691
Anadolu
Efes
Biracilik
Ve
Malt
Sanayii
AS
(Consumer
Staples)
10,344
42
Anadolu
Isuzu
Otomotiv
Sanayi
Ve
Ticaret
AS,
Class
C
(Industrials)
339
1,296
Arcelik
AS
(Consumer
Discretionary)
6,104
16,202
Aselsan
Elektronik
Sanayi
Ve
Ticaret
AS
(Industrials)
27,426
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Turkey
–
(continued)
2,823
Astor
Transformator
Enerji
Turizm
Insaat
Ve
Petrol
Sanayi
Ticaret
AS
(Industrials)
$
10,734
1,929
Aydem
Yenilenebilir
Enerji
AS
(Utilities)*
1,464
989
Aygaz
AS
(Utilities)
4,604
1,077
Baskent
Dogalgaz
Dagitim
Gayrimenkul
Yatirim
Ortakligi
AS
(Utilities)
682
5,603
Bera
Holding
AS
(Industrials)
2,711
5,345
BIM
Birlesik
Magazalar
AS
(Consumer
Staples)
57,059
358
Borusan
Birlesik
Boru
Fabrikalari
Sanayi
ve
Ticaret
AS
(Materials)*
8,357
47
Borusan
Yatirim
ve
Pazarlama
AS
(Financials)
3,743
668
Brisa
Bridgestone
Sabanci
Sanayi
ve
Ticaret
AS
(Consumer
Discretionary)
2,049
2,742
Can2
Termik
AS
(Utilities)*
1,817
42
Celebi
Hava
Servisi
AS
(Industrials)
1,350
5,118
Cimsa
Cimento
Sanayi
VE
Ticaret
AS
(Materials)
6,113
946
Coca-Cola
Icecek
AS
(Consumer
Staples)
13,287
398
CW
Enerji
Muhendislik
Ticaret
VE
Sanayi
AS
(Industrials)*
4,138
535
Deva
Holding
AS
(Health
Care)
1,516
12,924
Dogan
Sirketler
Grubu
Holding
AS
(Consumer
Discretionary)
5,913
623
Dogu
Aras
Enerji
Yatirimlari
AS
(Utilities)
1,332
987
Dogus
Otomotiv
Servis
ve
Ticaret
AS
(Consumer
Discretionary)
8,388
231
Eczacibasi
Yatirim
Holding
Ortakligi
AS
(Industrials)
2,670
4
EGE
Endustri
VE
Ticaret
AS
(Consumer
Discretionary)
1,594
2,016
EIS
Eczacibasi
Ilac
ve
Sinai
ve
Finansal
Yatirimlar
Sanayi
ve
Ticaret
AS
(Consumer
Staples)
3,367
26,517
Emlak
Konut
Gayrimenkul
Yatirim
Ortakligi
AS
REIT
(Real
Estate)
6,774
3,237
Enerjisa
Enerji
AS
(Utilities)
(a)
5,336
497
Enerya
Enerji
AS
(Utilities)*
2,412
6,950
Enka
Insaat
ve
Sanayi
AS
(Industrials)
8,469
21,668
Eregli
Demir
ve
Celik
Fabrikalari
TAS
(Materials)*
30,761
806
Europower
Enerji
VE
Otomasyon
Teknolojileri
Sanayi
Ticaret
AS
(Industrials)*
4,766
808
Ford
Otomotiv
Sanayi
AS
(Consumer
Discretionary)
23,552
Shares
Description
Value
a
Common
Stocks
–
(continued)
Turkey
–
(continued)
1,206
GEN
Ilac
VE
Saglik
Urunleri
Sanayi
VE
Ticaret
AS
(Health
Care)
$
2,320
1,744
Girisim
Elektrik
Taahhut
Ticaret
Ve
Sanayi
AS
(Industrials)*
4,969
1,028
Gubre
Fabrikalari
TAS
(Materials)*
13,539
13,410
Haci
Omer
Sabanci
Holding
AS
(Financials)
28,329
13,187
Hektas
Ticaret
TAS
(Materials)*
10,192
492
Investco
Holding
AS
(Financials)*
5,875
6,372
Is
Gayrimenkul
Yatirim
Ortakligi
AS
REIT
(Real
Estate)*
4,594
7,625
Is
Yatirim
Menkul
Degerler
AS
(Financials)
8,176
1,795
Izdemir
Enerji
Elektrik
Uretim
AS
(Utilities)*
2,159
7,628
Izmir
Demir
Celik
Sanayi
AS
(Materials)*
1,523
309
Jantsa
Jant
Sanayi
Ve
Ticaret
AS
(Industrials)
1,544
1,432
Kaleseramik
Canakkale
Kalebodur
Seramik
Sanayi
AS
(Industrials)*
3,710
3,057
Kardemir
Karabuk
Demir
Celik
Sanayi
ve
Ticaret
AS,
Class
A
(Materials)
2,456
543
Kardemir
Karabuk
Demir
Celik
Sanayi
ve
Ticaret
AS,
Class
B
(Materials)
379
10,273
Kardemir
Karabuk
Demir
Celik
Sanayi
ve
Ticaret
AS,
Class
D
(Materials)
8,795
1,387
Kayseri
Seker
Fabrikasi
AS
(Consumer
Staples)
1,945
3,090
Kiler
Holding
AS
(Industrials)*
3,701
854
Kimteks
Poliuretan
Sanayi
VE
Ticaret
AS
(Materials)
2,020
8,707
KOC
Holding
AS
(Industrials)
42,702
2,058
Kocaer
Celik
Sanayi
Ve
Ticaret
AS
(Materials)
2,174
939
Kontrolmatik
Enerji
Ve
Muhendislik
AS
(Industrials)
8,291
3
Konya
Cimento
Sanayii
AS
(Materials)*
968
892
Kordsa
Teknik
Tekstil
AS
(Consumer
Discretionary)
2,592
13,237
Koza
Altin
Isletmeleri
AS
(Materials)
10,662
2,556
Koza
Anadolu
Metal
Madencilik
Isletmeleri
AS
(Materials)*
4,890
1,032
Logo
Yazilim
Sanayi
Ve
Ticaret
AS
(Information
Technology)
2,826
3,541
Margun
Enerji
Uretim
Sanayi
VE
Ticaret
AS
(Utilities)
1,878
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Turkey
–
(continued)
1,882
Mavi
Giyim
Sanayi
Ve
Ticaret
AS,
Class
B
(Consumer
Discretionary)
(a)
$
6,614
3,137
MIA
Teknoloji
AS
(Information
Technology)*
4,260
1,212
Migros
Ticaret
AS
(Consumer
Staples)
15,112
1,035
MLP
Saglik
Hizmetleri
AS
(Health
Care)*
(a)
5,381
353
Nuh
Cimento
Sanayi
AS
(Materials)
3,967
15,299
ODAS
Elektrik
Uretim
ve
Sanayi
Ticaret
AS
(Utilities)*
5,796
443
Otokar
Otomotiv
Ve
Savunma
Sanayi
A.S.
(Industrials)*
6,783
3,416
Oyak
Cimento
Fabrikalari
AS
(Materials)*
7,720
581
Pegasus
Hava
Tasimaciligi
AS
(Industrials)*
14,197
2,110
Penta
Teknoloji
Urunleri
Dagitim
Ticaret
AS
(Information
Technology)*
1,536
14,047
Petkim
Petrokimya
Holding
AS
(Materials)*
10,516
1
Politeknik
Metal
Sanayi
ve
Ticaret
AS
(Materials)
580
8,619
Qua
Granite
Hayal
(Industrials)*
1,736
5,469
Sarkuysan
Elektrolitik
Bakir
Sanayi
ve
Ticaret
AS
(Industrials)
5,690
17,460
Sasa
Polyester
Sanayi
AS
(Materials)*
30,184
174
SDT
Uzay
VE
Savunma
Teknolojileri
AS
(Industrials)
1,882
1,617
Selcuk
Ecza
Deposu
Ticaret
ve
Sanayi
A.S.
(Health
Care)
3,110
2,070
Smart
Gunes
Enerjisi
Teknolojileri
ArGE
Uretim
Sanayi
ve
Ticaret
AS
(Information
Technology)*
4,714
3,586
Sok
Marketler
Ticaret
AS
(Consumer
Staples)
7,277
2,384
TAV
Havalimanlari
Holding
AS
(Industrials)*
9,585
2,515
Tekfen
Holding
AS
(Industrials)
3,931
1,700
Tofas
Turk
Otomobil
Fabrikasi
AS
(Consumer
Discretionary)
14,053
2,473
Torunlar
Gayrimenkul
Yatirim
Ortakligi
AS
REIT
(Real
Estate)
2,892
9,059
Turk
Hava
Yollari
AO
(Industrials)*
78,809
6,911
Turk
Telekomunikasyon
AS
(Communication
Services)*
5,725
355
Turk
Traktor
ve
Ziraat
Makineleri
AS
(Industrials)
8,496
16,373
Turkcell
Iletisim
Hizmetleri
AS
(Communication
Services)*
32,829
Shares
Description
Value
a
Common
Stocks
–
(continued)
Turkey
–
(continued)
8,527
Turkiye
Halk
Bankasi
AS
(Financials)*
$
3,836
42,445
Turkiye
Is
Bankasi
AS,
Class
C
(Financials)
31,541
11,660
Turkiye
Petrol
Rafinerileri
AS
(Energy)
61,792
2,830
Turkiye
Sigorta
AS
(Financials)
3,739
14,091
Turkiye
Sinai
Kalkinma
Bankasi
AS
(Financials)*
3,477
19,478
Turkiye
Sise
ve
Cam
Fabrikalari
AS
(Industrials)
33,255
1,931
Ulker
Biskuvi
Sanayi
AS
(Consumer
Staples)*
5,732
364
Verusa
Holding
AS
(Financials)
3,381
3,505
Vestel
Beyaz
Esya
Sanayi
ve
Ticaret
AS
(Consumer
Discretionary)
2,011
1,252
Vestel
Elektronik
Sanayi
ve
Ticaret
AS
(Consumer
Discretionary)*
2,593
42,624
Yapi
ve
Kredi
Bankasi
AS
(Financials)
28,365
2,246
Yayla
Agro
Gida
Sanayi
VE
Nakliyat
AS
(Consumer
Staples)
1,113
443
YEO
Teknoloji
Enerji
VE
Endustri
AS
(Industrials)*
3,309
11,571
Ziraat
Gayrimenkul
Yatirim
Ortakligi
AS
(Real
Estate)
2,041
18,886
Zorlu
Enerji
Elektrik
Uretim
AS
(Utilities)*
3,332
1,016,119
United
Arab
Emirates
–
2.2%
38,669
Abu
Dhabi
Commercial
Bank
PJSC
(Financials)
88,453
19,206
Abu
Dhabi
Islamic
Bank
PJSC
(Financials)
53,346
39,794
Abu
Dhabi
National
Energy
Co.
PJSC
(Utilities)
35,218
38,140
Abu
Dhabi
National
Oil
Co.
for
Distribution
PJSC
(Consumer
Discretionary)
39,467
24,407
ADNOC
Drilling
Co.
PJSC
(Energy)
25,522
99,866
Adnoc
Gas
PLC
(Energy)
89,199
47,516
Aldar
Properties
PJSC
(Real
Estate)
74,012
18,345
Alpha
Dhabi
Holding
PJSC
(Industrials)*
98,013
39,118
Borouge
PLC
(Materials)
26,844
119,029
Dubai
Electricity
&
Water
Authority
PJSC
(Utilities)
82,005
37,686
Dubai
Islamic
Bank
PJSC
(Financials)
56,648
80,804
Emaar
Properties
PJSC
(Real
Estate)
167,010
31,985
Emirates
NBD
Bank
PJSC
(Financials)
153,295
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
Arab
Emirates
–
(continued)
45,266
Emirates
Telecommunications
Group
Co.
PJSC
(Communication
Services)
$
238,148
57,478
First
Abu
Dhabi
Bank
PJSC
(Financials)
214,745
4,664
International
Holding
Co.
PJSC
(Industrials)*
507,392
48,632
Multiply
Group
PJSC
(Industrials)*
46,483
1,995,800
United
States
–
0.1%
9,018
JBS
SA
(Consumer
Staples)
42,437
988
Parade
Technologies
Ltd.
(Information
Technology)
33,998
76,435
TOTAL
COMMON
STOCKS
(Cost
$85,772,547)
89,571,984
Shares
Description
Rate
Value
a
Preferred
Stocks
–
2.3%
Brazil
–
1.5%
67,563
Banco
Bradesco
SA
(Financials)
6.20
%
222,870
2,653
Braskem
SA
(Materials)*
0.00
10,290
3,359
Centrais
Eletricas
Brasileiras
SA,
Class
B
(Utilities)
3.33
30,558
19,073
Cia
Energetica
de
Minas
Gerais
(Utilities)
9.98
42,808
13,456
Cia
Paranaense
de
Energia
(Utilities)
3.54
25,808
15,168
Gerdau
SA
(Materials)
14.87
67,195
62,994
Itau
Unibanco
Holding
SA
(Financials)
4.73
403,463
70,345
Itausa
SA
(Financials)
6.73
139,058
59,406
Petroleo
Brasileiro
SA
(Energy)
8.81
432,514
16,108
Raizen
SA
(Energy)
6.21
11,920
1,386,484
Shares
Description
Rate
Value
a
Preferred
Stocks
–
(continued)
Chile
–
0.1%
1,834
Sociedad
Quimica
y
Minera
de
Chile
SA,
Class
B
(Industrials)
14.40
%
$
93,585
Colombia
–
0.1%
6,008
Bancolombia
SA
(Financials)
12.35
41,190
Russia
–
0.0%
4,252
Sberbank
of
Russia
PJSC
(Financials)
(c)
9.04
—
31,665
Surgutneftegas
PJSC
(Energy)
(c)
1.37
—
640
Tatneft
PJSC
(Energy)
(c)
13.03
—
—
South
Korea
–
0.6%
452
Hyundai
Motor
Co.
(Consumer
Discretionary)
8.36
38,398
273
Hyundai
Motor
Co.
(Consumer
Discretionary)
8.40
22,874
95
LG
Chem
Ltd.
(Materials)
3.28
22,753
265
LG
Electronics,
Inc.
(Consumer
Discretionary)
1.60
9,613
10,682
Samsung
Electronics
Co.
Ltd.
(Information
Technology)
2.50
479,392
44
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
(Financials)
7.31
6,436
5
Samsung
SDI
Co.
Ltd.
(Information
Technology)
0.45
961
580,427
TOTAL
PREFERRED
STOCKS
(Cost
$1,968,878)
2,101,686
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
Exchange-Traded
Fund
–
0.3%
United
States
–
0.3%
12,873
iShares
MSCI
Malaysia
ETF
(Cost
$302,162)
$
273,423
Units
Description
Expiration
Month
Value
A
Rights
–
0.0%
China
–
0.0%
1,705
Zhejiang
Expressway
Co.
Ltd.*
03/24
192
Taiwan
–
0.0%
8
Wistron
Corp.
12/23
—
182
WT
Microelectronics
Co.
Ltd.
01/24
—
—
Thailand
–
0.0%
194
Siam
Cement
PCL
(The),
NVDR*
12/23
—
TOTAL
RIGHTS
(Cost
$0)
192
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$88,043,587)
91,947,285
Shares
Dividend
Rate
a
Securities
Lending
Reinvestment
Vehicle
–
0.0%
(d)
a
a
a
a
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
29,482
5.259%
29,482
(Cost
$29,482)
TOTAL
INVESTMENTS
–
99.8%
(Cost
$88,073,069)
$
91,976,767
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.2%
187,818
NET
ASSETS
–
100.0%
$
92,164,585
  a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(b)
All
or
a
portion
of
security
is
on
loan.
(c)
Significant
unobservable
inputs
were
used
in
the
valuation
of
this
portfolio
security;
i.e.
Level
3.
(d)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
NVDR
—
Non-Voting
Depository
Receipt
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Sector
Name
%
of
Market
Value
Financials
21.9
%
Information
Technology
21.3
Consumer
Discretionary
12.3
Communication
Services
9.0
Materials
8.1
Industrials
7.9
Consumer
Staples
5.7
Energy
5.4
Health
Care
3.6
Utilities
2.8
Real
Estate
1.7
Exchange-Traded
Fund
0.3
Securities
Lending
Reinvestment
Vehicle
0.0
TOTAL
INVESTMENTS
100.0%
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
99.1%
Australia
–
7.9%
27,614
AGL
Energy
Ltd.
(Utilities)
$
172,658
26,428
Allkem
Ltd.
(Materials)*
150,699
10,969
Ampol
Ltd.
(Energy)
248,955
138,155
ANZ
Group
Holdings
Ltd.
(Financials)
2,232,382
59,037
APA
Group
(Utilities)
333,903
27,213
Aristocrat
Leisure
Ltd.
(Consumer
Discretionary)
732,389
8,821
ASX
Ltd.
(Financials)
339,696
54,486
Atlas
Arteria
Ltd.
(Industrials)
209,536
84,514
Aurizon
Holdings
Ltd.
(Industrials)
197,811
233,272
BHP
Group
Ltd.
(Materials)
7,161,269
20,901
BlueScope
Steel
Ltd.
(Materials)
287,978
63,882
Brambles
Ltd.
(Industrials)
565,042
15,504
CAR
Group
Ltd.
(Communication
Services)
285,576
21,401
Charter
Hall
Group
REIT
(Real
Estate)
147,575
3,017
Cochlear
Ltd.
(Health
Care)
546,195
59,621
Coles
Group
Ltd.
(Consumer
Staples)
606,021
76,921
Commonwealth
Bank
of
Australia
(Financials)
5,337,920
24,224
Computershare
Ltd.
(Industrials)
379,217
48,840
Dexus
REIT
(Real
Estate)
227,979
2,693
Domino’s
Pizza
Enterprises
Ltd.
(Consumer
Discretionary)
96,065
6,992
EBOS
Group
Ltd.
(Health
Care)
159,789
62,106
Endeavour
Group
Ltd.
(Consumer
Staples)
203,014
82,133
Evolution
Mining
Ltd.
(Materials)
222,734
8,122
Flutter
Entertainment
PLC
(Consumer
Discretionary)*
1,269,470
72,597
Fortescue
Ltd.
(Materials)
1,202,905
428,120
Glencore
PLC
(Materials)
2,394,463
84,573
Goodman
Group
REIT
(Real
Estate)
1,275,732
88,075
GPT
Group
(The)
REIT
(Real
Estate)
240,600
12,807
IDP
Education
Ltd.
(Consumer
Discretionary)
192,422
30,409
IGO
Ltd.
(Materials)
172,996
112,193
Insurance
Australia
Group
Ltd.
(Financials)
441,874
31,670
Lendlease
Corp.
Ltd.
(Real
Estate)
139,222
102,424
Lottery
Corp.
Ltd.
(The)
(Consumer
Discretionary)
312,396
42,595
Lynas
Rare
Earths
Ltd.
(Materials)*
186,966
16,682
Macquarie
Group
Ltd.
(Financials)
1,869,863
126,694
Medibank
Pvt
Ltd.
(Financials)
290,655
7,719
Mineral
Resources
Ltd.
(Materials)
313,073
Shares
Description
Value
a
Common
Stocks
–
(continued)
Australia
–
(continued)
181,078
Mirvac
Group
REIT
(Real
Estate)
$
247,331
143,772
National
Australia
Bank
Ltd.
(Financials)
2,707,317
51,740
Northern
Star
Resources
Ltd.
(Materials)
436,718
20,881
Orica
Ltd.
(Materials)
216,261
78,626
Origin
Energy
Ltd.
(Utilities)
(a)
429,576
126,285
Pilbara
Minerals
Ltd.
(Materials)
(a)
304,789
2,245
Pro
Medicus
Ltd.
(Health
Care)
131,603
78,998
Qantas
Airways
Ltd.
(Industrials)*
277,612
68,599
QBE
Insurance
Group
Ltd.
(Financials)
699,098
8,339
Ramsay
Health
Care
Ltd.
(Health
Care)
271,814
2,317
REA
Group
Ltd.
(Communication
Services)
238,509
13,557
Reece
Ltd.
(Industrials)
173,847
17,046
Rio
Tinto
Ltd.
(Materials)
1,413,246
49,162
Rio
Tinto
PLC
(Materials)
3,360,158
149,317
Santos
Ltd.
(Energy)
684,122
238,688
Scentre
Group
REIT
(Real
Estate)
419,395
15,759
SEEK
Ltd.
(Communication
Services)
249,522
7,097
Seven
Group
Holdings
Ltd.
(Industrials)
151,240
20,704
Sonic
Healthcare
Ltd.
(Health
Care)
400,440
208,006
South32
Ltd.
(Materials)
424,789
109,792
Stockland
REIT
(Real
Estate)
300,654
58,134
Suncorp
Group
Ltd.
(Financials)
538,484
530,864
Telstra
Group
Ltd.
(Communication
Services)
1,344,600
18,027
TPG
Telecom
Ltd.
(Communication
Services)
56,417
141,593
Transurban
Group
(Industrials)
1,216,727
32,752
Treasury
Wine
Estates
Ltd.
(Consumer
Staples)
232,364
176,662
Vicinity
Ltd.
REIT
(Real
Estate)
221,972
10,649
Washington
H
Soul
Pattinson
&
Co.
Ltd.
(Financials)
236,538
51,744
Wesfarmers
Ltd.
(Consumer
Discretionary)
1,806,705
160,708
Westpac
Banking
Corp.
(Financials)
2,277,133
36,616
Whitehaven
Coal
Ltd.
(Energy)
173,347
7,869
WiseTech
Global
Ltd.
(Information
Technology)
348,532
87,271
Woodside
Energy
Group
Ltd.
(Energy)
1,793,817
55,612
Woolworths
Group
Ltd.
(Consumer
Staples)
1,286,887
17,122
Worley
Ltd.
(Industrials)
192,543
56,411,147
Austria
–
0.3%
3,269
ANDRITZ
AG
(Industrials)
177,484
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Austria
–
(continued)
3,597
BAWAG
Group
AG
(Financials)*
(b)
$
187,600
1,564
CA
Immobilien
Anlagen
AG
(Real
Estate)
51,194
15,051
Erste
Group
Bank
AG
(Financials)
609,426
1,638
EVN
AG
(Utilities)
48,255
22,343
Mondi
PLC
(Materials)
397,972
6,514
OMV
AG
(Energy)
278,256
6,848
Raiffeisen
Bank
International
AG
(Financials)
114,319
6,281
Telekom
Austria
AG
(Communication
Services)*
49,823
1,495
Verbund
AG
(Utilities)
142,730
1,629
Vienna
Insurance
Group
AG
Wiener
Versicherung
Gruppe
(Financials)
46,657
5,147
voestalpine
AG
(Materials)
145,002
4,915
Wienerberger
AG
(Materials)
140,397
2,389,115
Belgium
–
0.8%
1,012
Ackermans
&
van
Haaren
NV
(Industrials)
167,506
6,977
Ageas
SA/NV
(Financials)
300,546
39,297
Anheuser-Busch
InBev
SA/NV
(Consumer
Staples)
2,470,142
5,263
Azelis
Group
NV
(Industrials)
117,835
2,328
Colruyt
Group
N.V.
(Consumer
Staples)
100,409
962
D’ieteren
Group
(Consumer
Discretionary)
164,373
1,284
Elia
Group
SA/NV
(Utilities)
139,327
4,197
Groupe
Bruxelles
Lambert
NV
(Financials)
332,919
11,493
KBC
Group
NV
(Financials)
659,605
6,518
Proximus
SADP
(Communication
Services)
62,627
689
Sofina
SA
(Financials)
153,511
3,214
Solvay
SA
(Materials)
372,247
5,536
UCB
SA
(Health
Care)
409,776
9,297
Umicore
SA
(Materials)
248,831
7,489
Warehouses
De
Pauw
CVA
REIT
(Real
Estate)
210,655
5,910,309
Bermuda
–
0.1%
7,617
Liberty
Global
Ltd.,
Class
A
(Communication
Services)*
121,872
10,134
Liberty
Global
Ltd.,
Class
C
(Communication
Services)*
170,657
292,529
Brazil
–
0.0%
7,078
Yara
International
ASA
(Materials)
240,534
Chile
–
0.1%
15,070
Antofagasta
PLC
(Materials)
268,712
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
1.0%
231,724
Alibaba
Health
Information
Technology
Ltd.
(Consumer
Staples)*
$
131,730
77,896
Budweiser
Brewing
Co.
APAC
Ltd.
(Consumer
Staples)
(b)
137,834
34,596
BYD
Electronic
International
Co.
Ltd.
(Information
Technology)
157,913
124,109
China
Gas
Holdings
Ltd.
(Utilities)
113,775
136,850
China
Mengniu
Dairy
Co.
Ltd.
(Consumer
Staples)*
429,282
80,366
Chow
Tai
Fook
Jewellery
Group
Ltd.
(Consumer
Discretionary)
116,686
384,112
CSPC
Pharmaceutical
Group
Ltd.
(Health
Care)
346,720
127,370
ESR
Group
Ltd.
(Real
Estate)
(b)
163,732
95,995
Fosun
International
Ltd.
(Industrials)
54,694
264,961
Geely
Automobile
Holdings
Ltd.
(Consumer
Discretionary)
288,698
11,947
NXP
Semiconductors
NV
(Information
Technology)
2,438,144
68,664
Prosus
NV
(Consumer
Discretionary)*
2,277,547
43,998
Wharf
Holdings
Ltd.
(The)
(Real
Estate)
114,357
96,019
Wilmar
International
Ltd.
(Consumer
Staples)
261,164
72,668
Xinyi
Glass
Holdings
Ltd.
(Industrials)
83,644
122,065
Yangzijiang
Shipbuilding
Holdings
Ltd.
(Industrials)
132,620
7,248,540
Denmark
–
3.2%
123
AP
Moller
–
Maersk
A/S,
Class
A
(Industrials)
190,985
151
AP
Moller
–
Maersk
A/S,
Class
B
(Industrials)
238,660
4,190
Carlsberg
AS,
Class
B
(Consumer
Staples)
519,983
4,725
Chr
Hansen
Holding
A/S
(Materials)
378,656
5,677
Coloplast
A/S,
Class
B
(Health
Care)
671,289
30,823
Danske
Bank
A/S
(Financials)
799,314
3,893
Demant
A/S
(Health
Care)*
165,447
8,141
DSV
A/S
(Industrials)
1,227,735
2,975
Genmab
A/S
(Health
Care)*
940,851
146,050
Novo
Nordisk
A/S,
Class
B
(Health
Care)
14,865,439
9,429
Novozymes
A/S,
Class
B
(Materials)
489,999
8,679
Orsted
AS
(Utilities)
(b)
409,490
4,075
Pandora
A/S
(Consumer
Discretionary)
551,154
14,666
Tryg
A/S
(Financials)
317,009
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Denmark
–
(continued)
46,306
Vestas
Wind
Systems
A/S
(Industrials)*
$
1,284,586
23,050,597
Faroe
Islands
–
0.0%
2,279
Bakkafrost
P/F
(Consumer
Staples)
110,474
Finland
–
1.1%
6,460
Elisa
OYJ
(Communication
Services)
289,553
19,836
Fortum
OYJ
(Utilities)
278,871
4,795
Huhtamaki
OYJ
(Materials)
186,044
12,401
Kesko
OYJ,
Class
B
(Consumer
Staples)
237,532
15,255
Kone
OYJ,
Class
B
(Industrials)
678,939
32,042
Metso
Corp.
(Industrials)
315,698
19,756
Neste
OYJ
(Energy)
751,865
243,098
Nokia
OYJ
(Information
Technology)
853,556
146,595
Nordea
Bank
Abp
(Financials)
1,648,763
4,890
Orion
OYJ,
Class
B
(Health
Care)
194,425
20,341
Sampo
OYJ,
Class
A
(Financials)
891,092
26,244
Stora
Enso
OYJ,
Class
R
(Materials)
341,041
24,291
UPM-Kymmene
OYJ
(Materials)
850,245
22,324
Wartsila
OYJ
Abp
(Industrials)
308,369
7,825,993
France
–
9.0%
9,053
Adevinta
ASA
(Communication
Services)*
93,900
1,259
Aeroports
de
Paris
SA
(Industrials)
155,365
23,455
Air
Liquide
SA
(Materials)
4,447,848
26,943
Airbus
SE
(Industrials)
4,003,942
81,877
AXA
SA
(Financials)
2,554,564
1,935
BioMerieux
(Health
Care)
208,510
49,357
BNP
Paribas
SA
(Financials)
3,111,113
36,564
Bollore
SE
(Communication
Services)
209,249
8,948
Bouygues
SA
(Industrials)
340,832
7,277
Capgemini
SE
(Information
Technology)
1,492,708
25,732
Carrefour
SA
(Consumer
Staples)
488,385
21,404
Cie
de
Saint-Gobain
SA
(Industrials)
1,396,797
30,892
Cie
Generale
des
Etablissements
Michelin
(Consumer
Discretionary)
1,038,490
51,009
Credit
Agricole
SA
(Financials)
669,096
29,012
Danone
SA
(Consumer
Staples)
1,866,696
31,239
Dassault
Systemes
(Information
Technology)
1,464,457
80,544
Engie
SA
(Utilities)
1,398,899
Shares
Description
Value
a
Common
Stocks
–
(continued)
France
–
(continued)
13,202
EssilorLuxottica
SA
(Health
Care)
$
2,522,552
1,496
Hermes
International
SCA
(Consumer
Discretionary)
3,108,199
3,289
Kering
(Consumer
Discretionary)
1,412,843
11,798
Legrand
SA
(Industrials)
1,138,213
10,313
L'Oreal
SA
(Consumer
Staples)
4,850,398
11,963
LVMH
Moet
Hennessy
Louis
Vuitton
SE
(Consumer
Discretionary)
9,172,226
86,164
Orange
SA
(Communication
Services)
(a)
1,062,729
8,926
Pernod
Ricard
SA
(Consumer
Staples)
1,544,144
16,310
Safran
SA
(Industrials)
2,865,487
1,120
Sartorius
Stedim
Biotech
(Health
Care)
252,228
34,379
Societe
Generale
SA
(Financials)
865,565
3,737
Sodexo
SA
(Consumer
Discretionary)
401,220
4,473
Thales
SA
(Industrials)
668,383
103,216
TotalEnergies
SE
(Energy)
7,011,660
22,315
Vinci
SA
(Industrials)
2,734,270
64,550,968
Germany
–
7.3%
7,633
adidas
AG
(Consumer
Discretionary)
1,600,213
18,501
Allianz
SE
(Financials)
4,654,995
41,143
BASF
SE
(Materials)
1,916,178
45,215
Bayer
AG
(Health
Care)
1,547,117
13,994
Bayerische
Motoren
Werke
AG
(Consumer
Discretionary)
1,459,550
4,499
Beiersdorf
AG
(Consumer
Staples)
631,770
4,287
BioNTech
SE
ADR
(Health
Care)*
441,280
1,681
Carl
Zeiss
Meditec
AG
(Health
Care)
150,986
4,978
Continental
AG
(Consumer
Discretionary)
385,745
19,784
Daimler
Truck
Holding
AG
(Industrials)
643,920
89,674
Deutsche
Bank
AG
(Financials)
1,117,958
8,459
Deutsche
Boerse
AG
(Financials)
1,608,722
43,505
Deutsche
Post
AG
(Industrials)
2,043,036
148,587
Deutsche
Telekom
AG
(Communication
Services)
3,562,660
101,854
E.ON
SE
(Utilities)
1,326,372
9,239
Evonik
Industries
AG
(Materials)
172,884
9,166
Fresenius
Medical
Care
AG
&
Co.
KGaA
(Health
Care)
376,339
18,940
Fresenius
SE
&
Co.
KGaA
(Health
Care)
601,158
2,768
Hannover
Rueck
SE
(Financials)
661,416
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Germany
–
(continued)
290
Hapag-Lloyd
AG
(Industrials)
(a)
(b)
$
36,325
6,055
Heidelberg
Materials
AG
(Materials)
494,175
4,434
Henkel
AG
&
Co.
KGaA
(Consumer
Staples)
310,015
59,945
Infineon
Technologies
AG
(Information
Technology)
2,325,184
3,045
Knorr-Bremse
AG
(Industrials)
191,038
36,180
Mercedes-Benz
Group
AG
(Consumer
Discretionary)
2,351,981
5,953
Merck
KGaA
(Health
Care)
1,040,226
2,476
MTU
Aero
Engines
AG
(Industrials)
507,219
6,272
Muenchener
Rueckversicherungs-
Gesellschaft
AG
in
Muenchen
(Financials)
2,674,393
4,627
Puma
SE
(Consumer
Discretionary)
298,771
34,233
RWE
AG
(Utilities)
1,470,534
47,113
SAP
SE
(Information
Technology)
7,478,401
34,060
Siemens
AG
(Industrials)
5,723,083
23,051
Siemens
Energy
AG
(Industrials)*
273,642
12,400
Siemens
Healthineers
AG
(Health
Care)
(b)
716,259
6,114
Symrise
AG
(Materials)
688,446
2,065
Talanx
AG
(Financials)
150,058
1,309
Volkswagen
AG
(Consumer
Discretionary)
169,962
32,029
Vonovia
SE
(Real
Estate)
891,844
52,693,855
Guatemala
–
0.0%
5,943
Millicom
International
Cellular
SA
SDR
(Communication
Services)*
100,413
Hong
Kong
–
2.0%
532,820
AIA
Group
Ltd.
(Financials)
4,598,039
27,736
Cathay
Pacific
Airways
Ltd.
(Industrials)*
27,984
87,315
CK
Asset
Holdings
Ltd.
(Real
Estate)
414,199
27,946
CK
Infrastructure
Holdings
Ltd.
(Utilities)
138,472
87,279
CLP
Holdings
Ltd.
(Utilities)
678,873
13,959
DFI
Retail
Group
Holdings
Ltd.
(Consumer
Staples)
30,989
3,266
Futu
Holdings
Ltd.
ADR
(Financials)*
176,103
80,068
Hang
Lung
Properties
Ltd.
(Real
Estate)
107,027
33,170
Hang
Seng
Bank
Ltd.
(Financials)
367,362
60,575
Henderson
Land
Development
Co.
Ltd.
(Real
Estate)
164,810
Shares
Description
Value
a
Common
Stocks
–
(continued)
Hong
Kong
–
(continued)
104,117
HK
Electric
Investments
&
HK
Electric
Investments
Ltd.
(Utilities)
$
59,855
166,166
HKT
Trust
&
HKT
Ltd.
(Communication
Services)
177,223
421,191
Hong
Kong
&
China
Gas
Co.
Ltd.
(Utilities)
289,591
54,913
Hong
Kong
Exchanges
&
Clearing
Ltd.
(Financials)
1,948,950
47,543
Hongkong
Land
Holdings
Ltd.
(Real
Estate)
153,088
9,083
Jardine
Matheson
Holdings
Ltd.
(Industrials)
350,695
117,320
Link
REIT
(Real
Estate)
579,818
72,046
MTR
Corp.
Ltd.
(Industrials)
258,286
63,020
New
World
Development
Co.
Ltd.
(Real
Estate)
93,760
11,194
Polestar
Automotive
Holding
UK
PLC,
Class
A,
ADR
(Consumer
Discretionary)*
(a)
24,739
62,759
Power
Assets
Holdings
Ltd.
(Utilities)
327,443
126,652
Prudential
PLC
(Financials)
1,383,693
451,225
Sino
Biopharmaceutical
Ltd.
(Health
Care)
221,849
155,015
Sino
Land
Co.
Ltd.
(Real
Estate)
156,200
67,006
Sun
Hung
Kai
Properties
Ltd.
(Real
Estate)
657,594
18,848
Swire
Pacific
Ltd.,
Class
A
(Real
Estate)
122,350
35,170
Swire
Pacific
Ltd.,
Class
B
(Real
Estate)
37,600
48,423
Swire
Properties
Ltd.
(Real
Estate)
94,114
62,773
Techtronic
Industries
Co.
Ltd.
(Industrials)
637,351
349,430
WH
Group
Ltd.
(Consumer
Staples)
(b)
224,593
71,231
Wharf
Real
Estate
Investment
Co.
Ltd.
(Real
Estate)
224,811
14,727,461
Ireland
–
0.5%
8,316
AerCap
Holdings
NV
(Industrials)*
567,318
56,684
AIB
Group
PLC
(Financials)
263,101
48,575
Bank
of
Ireland
Group
PLC
(Financials)
455,272
7,223
Kerry
Group
PLC,
Class
A
(Consumer
Staples)
584,929
7,055
Kingspan
Group
PLC
(Industrials)
560,393
8,609
Ryanair
Holdings
PLC
ADR
(Industrials)*
1,017,756
11,901
Smurfit
Kappa
Group
PLC
(Materials)
451,884
3,900,653
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Israel
–
0.8%
2,655
Airport
City
Ltd.
(Real
Estate)*
$
41,678
9,934
Amot
Investments
Ltd.
(Real
Estate)
50,682
1,773
Ashtrom
Group
Ltd.
(Industrials)
25,233
1,681
Azrieli
Group
Ltd.
(Real
Estate)
97,634
57,198
Bank
Hapoalim
BM
(Financials)
483,958
67,437
Bank
Leumi
Le-Israel
BM
(Financials)
506,126
92,118
Bezeq
The
Israeli
Telecommunication
Corp.
Ltd.
(Communication
Services)
119,424
562
Big
Shopping
Centers
Ltd.
(Real
Estate)*
50,388
1,138
Camtek
Ltd.
(Information
Technology)*
73,339
4,212
Check
Point
Software
Technologies
Ltd.
(Information
Technology)*
614,952
427
Delek
Group
Ltd.
(Energy)
55,254
1,137
Elbit
Systems
Ltd.
(Industrials)
226,753
11,946
Energix-Renewable
Energies
Ltd.
(Utilities)
37,852
5,333
Enlight
Renewable
Energy
Ltd.
(Utilities)*
92,270
303
Fattal
Holdings
1998
Ltd.
(Consumer
Discretionary)*
31,162
2,383
First
International
Bank
Of
Israel
Ltd.
(The)
(Financials)
95,535
3,125
Global-e
Online
Ltd.
(Consumer
Discretionary)*
107,031
5,066
Harel
Insurance
Investments
&
Financial
Services
Ltd.
(Financials)
37,844
32,092
ICL
Group
Ltd.
(Materials)
161,490
169
Israel
Corp.
Ltd.
(Materials)*
42,399
56,938
Israel
Discount
Bank
Ltd.,
Class
A
(Financials)
274,744
1,151
Melisron
Ltd.
(Real
Estate)
80,172
26,958
Mivne
Real
Estate
KD
Ltd.
(Real
Estate)
71,136
6,928
Mizrahi
Tefahot
Bank
Ltd.
(Financials)
247,422
2,914
Nice
Ltd.
(Information
Technology)*
560,719
1,314
Nova
Ltd.
(Information
Technology)*
167,033
4,689
OPC
Energy
Ltd.
(Utilities)*
28,720
7,530
Phoenix
Holdings
Ltd.
(The)
(Financials)
71,982
3,615
Plus500
Ltd.
(Financials)
65,946
6,533
Shapir
Engineering
and
Industry
Ltd.
(Industrials)
39,102
2,313
Strauss
Group
Ltd.
(Consumer
Staples)*
44,371
51,299
Teva
Pharmaceutical
Industries
Ltd.
(Health
Care)*
499,339
Shares
Description
Value
a
Common
Stocks
–
(continued)
Israel
–
(continued)
5,056
Tower
Semiconductor
Ltd.
(Information
Technology)*
$
138,887
2,523
Wix.com
Ltd.
(Information
Technology)*
256,084
5,496,661
Italy
–
2.4%
71,567
A2A
SpA
(Utilities)
154,065
6,027
Amplifon
SpA
(Health
Care)
187,615
47,251
Assicurazioni
Generali
SpA
(Financials)
979,814
9,342
Banca
Mediolanum
SpA
(Financials)
83,236
63,341
Banco
BPM
SpA
(Financials)
350,671
22,548
Davide
Campari-Milano
NV
(Consumer
Staples)
246,513
1,030
DiaSorin
SpA
(Health
Care)
97,706
353,450
Enel
SpA
(Utilities)
2,501,322
97,634
Eni
SpA
(Energy)
1,615,824
6,007
Ferrari
NV
(Consumer
Discretionary)
2,166,832
28,075
FinecoBank
Banca
Fineco
SpA
(Financials)
378,773
32,169
Hera
SpA
(Utilities)
101,789
14,326
Infrastrutture
Wireless
Italiane
SpA
(Communication
Services)
(b)
176,944
3,319
Interpump
Group
SpA
(Industrials)
154,632
714,028
Intesa
Sanpaolo
SpA
(Financials)
2,057,930
18,428
Leonardo
SpA
(Industrials)
282,903
27,840
Mediobanca
Banca
di
Credito
Finanziario
SpA
(Financials)
(a)
327,304
8,930
Moncler
SpA
(Consumer
Discretionary)
495,751
22,361
Nexi
SpA
(Financials)*
(b)
174,446
11,597
Pirelli
&
C
SpA
(Consumer
Discretionary)
(b)
57,675
20,977
Poste
Italiane
SpA
(Financials)
(b)
226,042
23,578
PRADA
SpA
(Consumer
Discretionary)
129,659
11,758
Prysmian
SpA
(Industrials)
453,254
4,489
Recordati
Industria
Chimica
e
Farmaceutica
SpA
(Health
Care)
216,342
94,245
Snam
SpA
(Utilities)
475,387
1,572
Stevanato
Group
SpA
(Health
Care)
41,485
495,753
Telecom
Italia
SpA
(Communication
Services)*
144,208
277,447
Telecom
Italia
SpA-RSP
(Communication
Services)*
82,250
64,576
Terna
-
Rete
Elettrica
Nazionale
(Utilities)
521,114
78,940
UniCredit
SpA
(Financials)
2,151,994
19,251
UnipolSai
Assicurazioni
SpA
(Financials)
47,681
17,081,161
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
24.8%
4,212
ABC-Mart,
Inc.
(Consumer
Discretionary)
$
69,533
17,473
Acom
Co.
Ltd.
(Financials)
41,190
33,755
Advantest
Corp.
(Information
Technology)
1,068,808
36,029
Aeon
Co.
Ltd.
(Consumer
Staples)
745,999
4,164
Aeon
Mall
Co.
Ltd.
(Real
Estate)
48,432
9,365
AGC,
Inc.
(Industrials)
340,177
9,307
Air
Water,
Inc.
(Materials)
122,228
6,703
Aisin
Corp.
(Consumer
Discretionary)
247,154
24,081
Ajinomoto
Co.,
Inc.
(Consumer
Staples)
900,136
8,634
Alfresa
Holdings
Corp.
(Health
Care)
138,853
15,536
Amada
Co.
Ltd.
(Industrials)
155,796
20,558
ANA
Holdings,
Inc.
(Industrials)*
424,412
21,903
Asahi
Group
Holdings
Ltd.
(Consumer
Staples)
808,204
9,811
Asahi
Intecc
Co.
Ltd.
(Health
Care)
190,234
62,479
Asahi
Kasei
Corp.
(Materials)
433,826
7,771
Asics
Corp.
(Consumer
Discretionary)
278,071
82,201
Astellas
Pharma,
Inc.
(Health
Care)
999,468
6,012
Azbil
Corp.
(Information
Technology)
194,063
26,676
Bandai
Namco
Holdings,
Inc.
(Consumer
Discretionary)
531,048
5,950
BayCurrent
Consulting,
Inc.
(Industrials)
200,272
25,231
Bridgestone
Corp.
(Consumer
Discretionary)
1,040,746
11,570
Brother
Industries
Ltd.
(Information
Technology)
195,344
3,579
Calbee,
Inc.
(Consumer
Staples)
67,036
46,051
Canon,
Inc.
(Information
Technology)
1,185,891
7,695
Capcom
Co.
Ltd.
(Communication
Services)
259,372
42,865
Central
Japan
Railway
Co.
(Industrials)
1,029,328
33,637
Chiba
Bank
Ltd.
(The)
(Financials)
251,763
33,315
Chubu
Electric
Power
Co.,
Inc.
(Utilities)
411,719
29,430
Chugai
Pharmaceutical
Co.
Ltd.
(Health
Care)
1,038,764
6,453
Coca-Cola
Bottlers
Japan
Holdings,
Inc.
(Consumer
Staples)
88,413
51,602
Concordia
Financial
Group
Ltd.
(Financials)
242,207
871
Cosmos
Pharmaceutical
Corp.
(Consumer
Staples)
92,205
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
19,017
CyberAgent,
Inc.
(Communication
Services)
$
115,078
10,924
Dai
Nippon
Printing
Co.
Ltd.
(Industrials)
306,878
15,741
Daifuku
Co.
Ltd.
(Industrials)
296,325
44,414
Dai-ichi
Life
Holdings,
Inc.
(Financials)
925,623
88,191
Daiichi
Sankyo
Co.
Ltd.
(Health
Care)
2,386,201
12,521
Daikin
Industries
Ltd.
(Industrials)
1,876,435
2,763
Daito
Trust
Construction
Co.
Ltd.
(Real
Estate)
304,643
28,520
Daiwa
House
Industry
Co.
Ltd.
(Real
Estate)
810,062
107
Daiwa
House
REIT
Investment
Corp.
REIT
(Real
Estate)
190,933
65,835
Daiwa
Securities
Group,
Inc.
(Financials)
425,466
81,971
Denso
Corp.
(Consumer
Discretionary)
1,283,058
9,159
Dentsu
Group,
Inc.
(Communication
Services)
246,888
4,094
Disco
Corp.
(Information
Technology)
888,670
16,767
East
Japan
Railway
Co.
(Industrials)
906,769
4,241
Ebara
Corp.
(Industrials)
240,142
13,006
Eisai
Co.
Ltd.
(Health
Care)
674,955
7,724
Electric
Power
Development
Co.
Ltd.
(Utilities)
120,039
128,018
ENEOS
Holdings,
Inc.
(Energy)
506,062
43,286
FANUC
Corp.
(Industrials)
1,204,577
7,683
Fast
Retailing
Co.
Ltd.
(Consumer
Discretionary)
1,948,359
6,266
Fuji
Electric
Co.
Ltd.
(Industrials)
262,830
14,071
FUJIFILM
Holdings
Corp.
(Information
Technology)
824,263
8,752
Fujitsu
Ltd.
(Information
Technology)
1,250,328
8,414
Fukuoka
Financial
Group,
Inc.
(Financials)
195,389
228
GLP
J
REIT
(Real
Estate)
215,454
2,012
GMO
Payment
Gateway,
Inc.
(Financials)
118,500
10,061
Hakuhodo
DY
Holdings,
Inc.
(Communication
Services)
75,916
6,427
Hamamatsu
Photonics
KK
(Information
Technology)
254,585
10,868
Hankyu
Hanshin
Holdings,
Inc.
(Industrials)
328,683
11,718
Haseko
Corp.
(Consumer
Discretionary)
144,142
877
Hikari
Tsushin,
Inc.
(Industrials)
136,383
1,354
Hirose
Electric
Co.
Ltd.
(Information
Technology)
151,579
3,301
Hisamitsu
Pharmaceutical
Co.,
Inc.
(Health
Care)
103,115
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
4,753
Hitachi
Construction
Machinery
Co.
Ltd.
(Industrials)
$
123,298
42,172
Hitachi
Ltd.
(Industrials)
2,933,940
234,176
Honda
Motor
Co.
Ltd.
(Consumer
Discretionary)
2,390,311
4,984
Hoshizaki
Corp.
(Industrials)
158,756
15,939
Hoya
Corp.
(Health
Care)
1,796,756
23,355
Hulic
Co.
Ltd.
(Real
Estate)
231,915
5,730
Ibiden
Co.
Ltd.
(Information
Technology)
274,068
10,903
Idemitsu
Kosan
Co.
Ltd.
(Energy)
299,135
6,737
IHI
Corp.
(Industrials)
130,151
7,361
Iida
Group
Holdings
Co.
Ltd.
(Consumer
Discretionary)
110,040
42,933
Inpex
Corp.
(Energy)
606,960
15,598
Isetan
Mitsukoshi
Holdings
Ltd.
(Consumer
Discretionary)
176,306
27,782
Isuzu
Motors
Ltd.
(Consumer
Discretionary)
367,489
2,551
Ito
En
Ltd.
(Consumer
Staples)
77,564
57,185
ITOCHU
Corp.
(Industrials)
2,219,552
3,913
Itochu
Techno-Solutions
Corp.
(Information
Technology)
(a)
114,212
11,468
J
Front
Retailing
Co.
Ltd.
(Consumer
Discretionary)
105,073
19,766
Japan
Airlines
Co.
Ltd.
(Industrials)
375,839
24,326
Japan
Exchange
Group,
Inc.
(Financials)
496,771
316
Japan
Metropolitan
Fund
Invest
REIT
(Real
Estate)
210,546
17,731
Japan
Post
Bank
Co.
Ltd.
(Financials)
175,049
97,213
Japan
Post
Holdings
Co.
Ltd.
(Financials)
857,810
8,397
Japan
Post
Insurance
Co.
Ltd.
(Financials)
157,051
51,005
Japan
Tobacco,
Inc.
(Consumer
Staples)
1,311,395
24,387
JFE
Holdings,
Inc.
(Materials)
359,615
10,353
JGC
Holdings
Corp.
(Industrials)
116,356
9,256
JSR
Corp.
(Materials)
254,761
10,307
JTEKT
Corp.
(Consumer
Discretionary)
94,505
20,360
Kajima
Corp.
(Industrials)
321,785
33,739
Kansai
Electric
Power
Co.,
Inc.
(The)
(Utilities)
449,823
8,974
Kansai
Paint
Co.
Ltd.
(Materials)
136,703
20,791
Kao
Corp.
(Consumer
Staples)
801,066
7,200
Kawasaki
Heavy
Industries
Ltd.
(Industrials)
163,788
5,816
Kawasaki
Kisen
Kaisha
Ltd.
(Industrials)
204,141
70,895
KDDI
Corp.
(Communication
Services)
2,217,941
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
4,928
Keihan
Holdings
Co.
Ltd.
(Industrials)
$
123,071
11,966
Keikyu
Corp.
(Industrials)
102,148
5,052
Keio
Corp.
(Industrials)
145,681
7,266
Keisei
Electric
Railway
Co.
Ltd.
(Industrials)
292,930
4,742
Kewpie
Corp.
(Consumer
Staples)
82,757
8,468
Keyence
Corp.
(Information
Technology)
3,628,693
7,080
Kikkoman
Corp.
(Consumer
Staples)
434,134
8,692
Kintetsu
Group
Holdings
Co.
Ltd.
(Industrials)
243,765
37,536
Kirin
Holdings
Co.
Ltd.
(Consumer
Staples)
529,899
2,336
Kobayashi
Pharmaceutical
Co.
Ltd.
(Consumer
Staples)
107,766
6,510
Kobe
Bussan
Co.
Ltd.
(Consumer
Staples)
171,915
5,197
Koei
Tecmo
Holdings
Co.
Ltd.
(Communication
Services)
63,646
11,025
Koito
Manufacturing
Co.
Ltd.
(Consumer
Discretionary)
166,790
41,253
Komatsu
Ltd.
(Industrials)
1,052,568
4,410
Konami
Group
Corp.
(Communication
Services)
218,211
1,540
Kose
Corp.
(Consumer
Staples)
109,014
48,921
Kubota
Corp.
(Industrials)
701,211
14,927
Kuraray
Co.
Ltd.
(Materials)
151,910
5,172
Kurita
Water
Industries
Ltd.
(Industrials)
183,251
15,317
Kyocera
Corp.
(Information
Technology)
848,556
11,445
Kyowa
Kirin
Co.
Ltd.
(Health
Care)
188,666
21,257
Kyushu
Electric
Power
Co.,
Inc.
(Utilities)*
142,437
6,459
Kyushu
Railway
Co.
(Industrials)
135,048
3,610
Lasertec
Corp.
(Information
Technology)
806,808
2,060
Lawson,
Inc.
(Consumer
Staples)
102,014
11,727
Lion
Corp.
(Consumer
Staples)
102,646
12,810
Lixil
Corp.
(Industrials)
156,448
120,299
LY
Corp.
(Communication
Services)
350,396
18,818
M3,
Inc.
(Health
Care)
311,289
11,221
Makita
Corp.
(Industrials)
297,840
77,172
Marubeni
Corp.
(Industrials)
1,204,287
8,185
Marui
Group
Co.
Ltd.
(Financials)
130,912
16,346
MatsukiyoCocokara
&
Co.
(Consumer
Staples)
282,339
26,481
Mazda
Motor
Corp.
(Consumer
Discretionary)
282,749
3,923
McDonald's
Holdings
Co.
Japan
Ltd.
(Consumer
Discretionary)
167,444
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
48,686
Mebuki
Financial
Group,
Inc.
(Financials)
$
146,550
8,452
Medipal
Holdings
Corp.
(Health
Care)
133,782
12,191
MEIJI
Holdings
Co.
Ltd.
(Consumer
Staples)
282,273
5,020
Mercari,
Inc.
(Consumer
Discretionary)*
96,081
17,824
MINEBEA
MITSUMI,
Inc.
(Industrials)
339,155
13,099
MISUMI
Group,
Inc.
(Industrials)
212,653
65,559
Mitsubishi
Chemical
Group
Corp.
(Materials)
429,492
56,503
Mitsubishi
Corp.
(Industrials)
2,631,851
90,177
Mitsubishi
Electric
Corp.
(Industrials)
1,225,458
52,163
Mitsubishi
Estate
Co.
Ltd.
(Real
Estate)
704,457
8,340
Mitsubishi
Gas
Chemical
Co.,
Inc.
(Materials)
131,868
38,311
Mitsubishi
HC
Capital,
Inc.
(Financials)
249,921
14,886
Mitsubishi
Heavy
Industries
Ltd.
(Industrials)
832,533
29,840
Mitsubishi
Motors
Corp.
(Consumer
Discretionary)
97,169
526,233
Mitsubishi
UFJ
Financial
Group,
Inc.
(Financials)
4,467,294
68,799
Mitsui
&
Co.
Ltd.
(Industrials)
2,509,312
8,184
Mitsui
Chemicals,
Inc.
(Materials)
239,594
41,822
Mitsui
Fudosan
Co.
Ltd.
(Real
Estate)
982,217
16,624
Mitsui
OSK
Lines
Ltd.
(Industrials)
456,658
4,637
Miura
Co.
Ltd.
(Industrials)
89,895
116,122
Mizuho
Financial
Group,
Inc.
(Financials)
1,973,135
11,353
MonotaRO
Co.
Ltd.
(Industrials)
114,655
19,569
MS&AD
Insurance
Group
Holdings,
Inc.
(Financials)
732,406
85,124
Murata
Manufacturing
Co.
Ltd.
(Information
Technology)
1,660,331
9,050
Nagoya
Railroad
Co.
Ltd.
(Industrials)
132,504
11,691
NEC
Corp.
(Information
Technology)
651,631
20,507
Nexon
Co.
Ltd.
(Communication
Services)
443,612
13,301
NGK
Insulators
Ltd.
(Industrials)
162,309
4,463
NH
Foods
Ltd.
(Consumer
Staples)
132,651
5,839
Nichirei
Corp.
(Consumer
Staples)
127,337
22,067
NIDEC
Corp.
(Industrials)
836,497
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
14,976
Nikon
Corp.
(Consumer
Discretionary)
$
144,305
52,972
Nintendo
Co.
Ltd.
(Communication
Services)
2,476,697
83
Nippon
Building
Fund,
Inc.
REIT
(Real
Estate)
348,652
3,799
NIPPON
EXPRESS
HOLDINGS,
Inc.
(Industrials)
207,405
40,923
Nippon
Paint
Holdings
Co.
Ltd.
(Materials)
305,743
109
Nippon
Prologis
REIT,
Inc.
REIT
(Real
Estate)
206,741
8,594
Nippon
Sanso
Holdings
Corp.
(Materials)
225,728
2,800
Nippon
Shinyaku
Co.
Ltd.
(Health
Care)
100,969
39,287
Nippon
Steel
Corp.
(Materials)
918,694
2,466,951
Nippon
Telegraph
&
Telephone
Corp.
(Communication
Services)
2,888,553
7,441
Nippon
Television
Holdings,
Inc.
(Communication
Services)
72,530
22,739
Nippon
Yusen
KK
(Industrials)
611,254
6,007
Nissan
Chemical
Corp.
(Materials)
219,135
101,190
Nissan
Motor
Co.
Ltd.
(Consumer
Discretionary)
398,983
11,754
Nisshin
Seifun
Group,
Inc.
(Consumer
Staples)
162,871
2,797
Nissin
Foods
Holdings
Co.
Ltd.
(Consumer
Staples)
277,458
8,834
Niterra
Co.
Ltd.
(Consumer
Discretionary)
205,142
3,766
Nitori
Holdings
Co.
Ltd.
(Consumer
Discretionary)
434,592
6,812
Nitto
Denko
Corp.
(Materials)
484,514
138,728
Nomura
Holdings,
Inc.
(Financials)
569,889
4,749
Nomura
Real
Estate
Holdings,
Inc.
(Real
Estate)
115,774
190
Nomura
Real
Estate
Master
Fund,
Inc.
REIT
(Real
Estate)
218,230
17,866
Nomura
Research
Institute
Ltd.
(Information
Technology)
501,773
22,342
NSK
Ltd.
(Industrials)
117,139
28,563
NTT
Data
Group
Corp.
(Information
Technology)
347,196
31,813
Obayashi
Corp.
(Industrials)
268,453
1,316
OBIC
Business
Consultants
Co.
Ltd.
(Information
Technology)
60,167
2,986
Obic
Co.
Ltd.
(Information
Technology)
458,398
14,612
Odakyu
Electric
Railway
Co.
Ltd.
(Industrials)
205,538
42,728
Oji
Holdings
Corp.
(Materials)
158,733
57,708
Olympus
Corp.
(Health
Care)
845,507
8,622
Omron
Corp.
(Information
Technology)
361,537
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
20,235
Ono
Pharmaceutical
Co.
Ltd.
(Health
Care)
$
372,438
3,449
Open
House
Group
Co.
Ltd.
(Consumer
Discretionary)
96,307
1,532
Oracle
Corp.
Japan
(Information
Technology)
118,500
50,685
Oriental
Land
Co.
Ltd.
(Consumer
Discretionary)
1,722,813
52,898
ORIX
Corp.
(Financials)
965,571
129
Orix
JREIT,
Inc.
REIT
(Real
Estate)
152,180
18,897
Osaka
Gas
Co.
Ltd.
(Utilities)
368,136
5,051
Otsuka
Corp.
(Information
Technology)
206,195
20,373
Otsuka
Holdings
Co.
Ltd.
(Health
Care)
783,996
17,579
Pan
Pacific
International
Holdings
Corp.
(Consumer
Discretionary)
380,986
102,225
Panasonic
Holdings
Corp.
(Consumer
Discretionary)
1,057,965
84,716
Persol
Holdings
Co.
Ltd.
(Industrials)
146,012
3,797
Pola
Orbis
Holdings,
Inc.
(Consumer
Staples)
40,029
4,003
Rakus
Co.
Ltd.
(Information
Technology)
72,162
65,332
Rakuten
Group,
Inc.
(Consumer
Discretionary)
258,836
66,251
Recruit
Holdings
Co.
Ltd.
(Industrials)
2,467,019
55,518
Renesas
Electronics
Corp.
(Information
Technology)*
977,719
109,223
Resona
Holdings,
Inc.
(Financials)
567,781
8,133
Resonac
Holdings
Corp.
(Materials)
151,839
26,041
Ricoh
Co.
Ltd.
(Information
Technology)
212,612
5,013
Rinnai
Corp.
(Consumer
Discretionary)
101,898
16,161
Rohm
Co.
Ltd.
(Information
Technology)
308,878
9,059
Rohto
Pharmaceutical
Co.
Ltd.
(Consumer
Staples)
189,348
11,846
Ryohin
Keikaku
Co.
Ltd.
(Consumer
Discretionary)
187,223
16,765
Santen
Pharmaceutical
Co.
Ltd.
(Health
Care)
158,651
11,114
SBI
Holdings,
Inc.
(Financials)
241,097
4,293
SCREEN
Holdings
Co.
Ltd.
(Information
Technology)
312,751
6,590
SCSK
Corp.
(Information
Technology)
121,427
9,567
Secom
Co.
Ltd.
(Industrials)
666,231
7,119
Sega
Sammy
Holdings,
Inc.
(Consumer
Discretionary)
103,413
10,269
Seibu
Holdings,
Inc.
(Industrials)
123,956
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
12,660
Seiko
Epson
Corp.
(Information
Technology)
$
188,228
17,354
Sekisui
Chemical
Co.
Ltd.
(Consumer
Discretionary)
246,573
27,480
Sekisui
House
Ltd.
(Consumer
Discretionary)
563,039
35,118
Seven
&
i
Holdings
Co.
Ltd.
(Consumer
Staples)
1,305,330
27,876
Seven
Bank
Ltd.
(Financials)
56,625
20,832
SG
Holdings
Co.
Ltd.
(Industrials)
301,203
12,754
Sharp
Corp.
(Consumer
Discretionary)*
(a)
79,853
12,607
Shimadzu
Corp.
(Information
Technology)
327,039
1,089
Shimamura
Co.
Ltd.
(Consumer
Discretionary)
121,949
3,613
Shimano,
Inc.
(Consumer
Discretionary)
556,119
24,952
Shimizu
Corp.
(Industrials)
163,989
90,200
Shin-Etsu
Chemical
Co.
Ltd.
(Materials)
3,180,048
2,931
Shinko
Electric
Industries
Co.
Ltd.
(Information
Technology)
109,421
13,504
Shionogi
&
Co.
Ltd.
(Health
Care)
637,406
18,014
Shiseido
Co.
Ltd.
(Consumer
Staples)
483,265
25,238
Shizuoka
Financial
Group,
Inc.
(Financials)
204,178
2,600
SMC
Corp.
(Industrials)
1,309,365
128,655
SoftBank
Corp.
(Communication
Services)
1,565,164
44,889
SoftBank
Group
Corp.
(Communication
Services)
1,827,928
16,296
Sohgo
Security
Services
Co.
Ltd.
(Industrials)
94,446
10,287
Sojitz
Corp.
(Industrials)
229,141
14,971
Sompo
Holdings,
Inc.
(Financials)
684,270
56,693
Sony
Group
Corp.
(Consumer
Discretionary)
4,916,321
4,053
Square
Enix
Holdings
Co.
Ltd.
(Communication
Services)
140,697
6,862
Stanley
Electric
Co.
Ltd.
(Consumer
Discretionary)
126,996
28,234
Subaru
Corp.
(Consumer
Discretionary)
500,567
1,565
Sugi
Holdings
Co.
Ltd.
(Consumer
Staples)
67,899
15,659
SUMCO
Corp.
(Information
Technology)
234,776
65,873
Sumitomo
Chemical
Co.
Ltd.
(Materials)
168,208
54,170
Sumitomo
Corp.
(Industrials)
1,135,908
33,565
Sumitomo
Electric
Industries
Ltd.
(Consumer
Discretionary)
416,398
5,277
Sumitomo
Heavy
Industries
Ltd.
(Industrials)
125,968
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
11,801
Sumitomo
Metal
Mining
Co.
Ltd.
(Materials)
$
342,611
60,156
Sumitomo
Mitsui
Financial
Group,
Inc.
(Financials)
2,953,375
15,309
Sumitomo
Mitsui
Trust
Holdings,
Inc.
(Financials)
575,660
19,571
Sumitomo
Realty
&
Development
Co.
Ltd.
(Real
Estate)
552,571
8,059
Sumitomo
Rubber
Industries
Ltd.
(Consumer
Discretionary)
93,191
3,116
Sundrug
Co.
Ltd.
(Consumer
Staples)
94,322
5,757
Suntory
Beverage
&
Food
Ltd.
(Consumer
Staples)
181,003
18,267
Suzuki
Motor
Corp.
(Consumer
Discretionary)
743,975
7,299
Sysmex
Corp.
(Health
Care)
403,917
24,854
T&D
Holdings,
Inc.
(Financials)
367,594
7,677
Taisei
Corp.
(Industrials)
261,257
2,239
Taisho
Pharmaceutical
Holdings
Co.
Ltd.
(Health
Care)
131,597
5,638
Taiyo
Yuden
Co.
Ltd.
(Information
Technology)
146,218
70,284
Takeda
Pharmaceutical
Co.
Ltd.
(Health
Care)
1,980,132
6,187
TBS
Holdings,
Inc.
(Communication
Services)
114,943
17,455
TDK
Corp.
(Information
Technology)
811,147
33,049
Terumo
Corp.
(Health
Care)
1,054,724
5,634
THK
Co.
Ltd.
(Industrials)
112,558
10,847
TIS,
Inc.
(Information
Technology)
229,435
9,610
Tobu
Railway
Co.
Ltd.
(Industrials)
237,593
428
Toei
Animation
Co.
Ltd.
(Communication
Services)
44,498
4,964
Toho
Co.
Ltd.
(Communication
Services)
172,289
21,225
Tohoku
Electric
Power
Co.,
Inc.
(Utilities)
135,949
87,528
Tokio
Marine
Holdings,
Inc.
(Financials)
2,159,855
1,894
Tokyo
Century
Corp.
(Financials)
75,486
68,588
Tokyo
Electric
Power
Co.
Holdings,
Inc.
(Utilities)*
292,706
20,810
Tokyo
Electron
Ltd.
(Information
Technology)
3,381,880
18,999
Tokyo
Gas
Co.
Ltd.
(Utilities)
440,421
25,347
Tokyu
Corp.
(Industrials)
297,560
27,352
Tokyu
Fudosan
Holdings
Corp.
(Real
Estate)
169,106
11,967
TOPPAN
Holdings,
Inc.
(Industrials)
280,405
69,598
Toray
Industries,
Inc.
(Materials)
361,137
19,172
Toshiba
Corp.
(Industrials)*
596,552
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
13,793
Tosoh
Corp.
(Materials)
$
183,521
7,021
TOTO
Ltd.
(Industrials)
180,328
4,199
Toyo
Suisan
Kaisha
Ltd.
(Consumer
Staples)
223,534
3,346
Toyota
Boshoku
Corp.
(Consumer
Discretionary)
57,715
7,648
Toyota
Industries
Corp.
(Industrials)
657,790
524,008
Toyota
Motor
Corp.
(Consumer
Discretionary)
9,905,235
10,724
Toyota
Tsusho
Corp.
(Industrials)
594,105
6,094
Trend
Micro,
Inc.
(Information
Technology)
(a)
309,739
1,730
Tsuruha
Holdings,
Inc.
(Consumer
Staples)
145,576
19,011
Unicharm
Corp.
(Consumer
Staples)
612,503
142
United
Urban
Investment
Corp.
REIT
(Real
Estate)
139,277
9,119
USS
Co.
Ltd.
(Consumer
Discretionary)
178,451
4,224
Welcia
Holdings
Co.
Ltd.
(Consumer
Staples)
73,831
10,934
West
Japan
Railway
Co.
(Industrials)
432,449
964
Workman
Co.
Ltd.
(Consumer
Discretionary)
30,126
12,223
Yakult
Honsha
Co.
Ltd.
(Consumer
Staples)
273,092
29,868
Yamada
Holdings
Co.
Ltd.
(Consumer
Discretionary)
86,572
7,453
Yamaha
Corp.
(Consumer
Discretionary)
174,484
14,073
Yamaha
Motor
Co.
Ltd.
(Consumer
Discretionary)
359,548
14,185
Yamato
Holdings
Co.
Ltd.
(Industrials)
252,209
6,100
Yamazaki
Baking
Co.
Ltd.
(Consumer
Staples)
133,483
12,042
Yaskawa
Electric
Corp.
(Industrials)
462,098
11,018
Yokogawa
Electric
Corp.
(Information
Technology)
208,756
6,040
Yokohama
Rubber
Co.
Ltd.
(The)
(Consumer
Discretionary)
134,377
3,932
Zensho
Holdings
Co.
Ltd.
(Consumer
Discretionary)
218,470
5,391
ZOZO,
Inc.
(Consumer
Discretionary)
113,957
178,181,492
Jordan
–
0.0%
7,257
Hikma
Pharmaceuticals
PLC
(Health
Care)
158,338
Luxembourg
–
0.1%
21,100
ArcelorMittal
(Materials)
531,583
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Luxembourg
–
(continued)
5,970
Eurofins
Scientific
SE
(Health
Care)
$
347,580
879,163
Macau
–
0.2%
85,566
Galaxy
Entertainment
Group
Ltd.
(Consumer
Discretionary)
442,603
111,608
Sands
China
Ltd.
(Consumer
Discretionary)*
273,793
716,396
Mexico
–
0.0%
8,484
Fresnillo
PLC
(Materials)
62,595
Netherlands
–
5.1%
1,384
Adyen
NV
(Financials)*
(b)
1,617,299
7,847
Akzo
Nobel
NV
(Materials)
603,269
2,567
Argenx
SE
ADR
(Health
Care)*
1,156,716
2,114
ASM
International
NV
(Information
Technology)
1,085,710
18,158
ASML
Holding
NV
(Information
Technology)
12,343,000
4,582
EXOR
NV
(Financials)
446,448
4,163
HAL
Trust
(Financials)
528,718
5,108
Heineken
Holding
NV
(Consumer
Staples)
397,379
13,230
Heineken
NV
(Consumer
Staples)
1,211,118
161,804
ING
Groep
NV
(Financials)
2,273,539
4,245
JDE
Peet’s
NV
(Consumer
Staples)
114,033
44,174
Koninklijke
Ahold
Delhaize
NV
(Consumer
Staples)
1,280,146
152,319
Koninklijke
KPN
NV
(Communication
Services)
523,017
36,311
Koninklijke
Philips
NV
(Health
Care)*
743,647
308,028
Shell
PLC
(Energy)
9,982,678
35,381
Universal
Music
Group
NV
(Communication
Services)
935,766
11,422
Wolters
Kluwer
NV
(Industrials)
1,574,020
36,816,503
New
Zealand
–
0.3%
31,091
a2
Milk
Co.
Ltd.
(The)
(Consumer
Staples)*
79,694
55,532
Auckland
International
Airport
Ltd.
(Industrials)
271,651
35,685
Contact
Energy
Ltd.
(Utilities)
171,698
25,245
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
(Health
Care)
367,361
37,128
Infratil
Ltd.
(Industrials)
223,588
3,806
Mainfreight
Ltd.
(Industrials)
158,678
30,011
Mercury
NZ
Ltd.
(Utilities)
115,481
58,211
Meridian
Energy
Ltd.
(Utilities)
187,500
27,598
Ryman
Healthcare
Ltd.
(Health
Care)
92,048
84,070
Spark
New
Zealand
Ltd.
(Communication
Services)
269,236
Shares
Description
Value
a
Common
Stocks
–
(continued)
New
Zealand
–
(continued)
5,848
Xero
Ltd.
(Information
Technology)*
$
399,578
2,336,513
Norway
–
0.7%
1,012
Aker
ASA,
Class
A
(Industrials)
63,515
14,116
Aker
BP
ASA
(Energy)
406,109
33,922
AutoStore
Holdings
Ltd.
(Industrials)*
(b)
56,475
40,894
DNB
Bank
ASA
(Financials)
781,929
40,300
Equinor
ASA
(Energy)
1,301,483
6,576
Frontline
PLC
(Energy)
129,887
8,338
Gjensidige
Forsikring
ASA
(Financials)
140,864
3,854
Kongsberg
Gruppen
ASA
(Industrials)
166,048
12,357
Leroy
Seafood
Group
ASA
(Consumer
Staples)
48,448
20,375
Mowi
ASA
(Consumer
Staples)
363,502
7,580
Nordic
Semiconductor
ASA
(Information
Technology)*
69,339
60,140
Norsk
Hydro
ASA
(Materials)
350,279
36,591
Orkla
ASA
(Consumer
Staples)
270,355
2,983
Salmar
ASA
(Consumer
Staples)
164,056
3,161
Schibsted
ASA,
Class
A
(Communication
Services)
78,037
4,382
Schibsted
ASA,
Class
B
(Communication
Services)
101,635
3,321
Seadrill
Ltd.
(Energy)*
148,044
7,826
SpareBank
1
SR-Bank
ASA
(Financials)
86,255
20,002
Storebrand
ASA
(Financials)
173,135
29,626
Telenor
ASA
(Communication
Services)
319,656
10,736
TOMRA
Systems
ASA
(Industrials)
105,878
17,943
Var
Energi
ASA
(Energy)
57,647
4,661
Wallenius
Wilhelmsen
ASA
(Industrials)
40,777
5,423,353
Poland
–
0.4%
21,755
Allegro.eu
SA
(Consumer
Discretionary)*
(b)
157,782
8,115
Bank
Pekao
SA
(Financials)
285,838
582
Budimex
SA
(Industrials)
80,950
3,186
CD
Projekt
SA
(Communication
Services)
(a)
86,911
11,172
Cyfrowy
Polsat
SA
(Communication
Services)*
35,922
2,207
Dino
Polska
SA
(Consumer
Staples)*
(b)
246,571
7,979
InPost
SA
(Industrials)*
94,285
6,278
KGHM
Polska
Miedz
SA
(Materials)
181,405
596
mBank
SA
(Financials)*
84,271
26,772
ORLEN
SA
(Energy)
396,120
40,426
PGE
Polska
Grupa
Energetyczna
SA
(Utilities)*
85,183
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Poland
–
(continued)
39,474
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
(Financials)*
$
470,196
26,151
Powszechny
Zaklad
Ubezpieczen
SA
(Financials)
298,850
1,533
Santander
Bank
Polska
SA
(Financials)*
190,864
2,695,148
Portugal
–
0.2%
337,108
Banco
Comercial
Portugues
SA,
Class
R
(Financials)*
113,362
129,082
EDP
–
Energias
de
Portugal
SA
(Utilities)
617,871
21,924
Galp
Energia
SGPS
SA
(Energy)
326,645
12,655
Jeronimo
Martins
SGPS
SA
(Consumer
Staples)
313,439
9,822
Navigator
Co
SA
(The)
(Materials)
40,402
1,411,719
Russia
–
–%
12,172
Evraz
PLC
(Materials)*
—
Singapore
–
1.6%
163,392
CapitaLand
Ascendas
REIT
REIT
(Real
Estate)
347,695
209,122
CapitaLand
Integrated
Commercial
Trust
REIT
(Real
Estate)
285,181
110,479
CapitaLand
Investment
Ltd.
(Real
Estate)
250,825
20,308
City
Developments
Ltd.
(Real
Estate)
95,256
84,134
DBS
Group
Holdings
Ltd.
(Financials)
2,000,909
128,539
Frasers
Logistics
&
Commercial
Trust
REIT
(Real
Estate)
106,907
260,969
Genting
Singapore
Ltd.
(Consumer
Discretionary)
178,920
85,282
Grab
Holdings
Ltd.,
Class
A
(Industrials)*
259,257
10,483
Hafnia
Ltd.
(Energy)
64,480
4,357
Jardine
Cycle
&
Carriage
Ltd.
(Industrials)
93,108
11,671
Keppel
REIT
(Real
Estate)
7,564
63,834
Keppel
Corp.
Ltd.
(Industrials)
319,026
61,918
Keppel
DC
REIT
(Real
Estate)
85,366
94,575
Mapletree
Industrial
Trust
REIT
(Real
Estate)
161,570
151,542
Mapletree
Logistics
Trust
REIT
(Real
Estate)
182,813
105,638
Mapletree
Pan
Asia
Commercial
Trust
REIT
(Real
Estate)
108,440
41,189
Olam
Group
Ltd.
(Consumer
Staples)
31,480
147,788
Oversea-Chinese
Banking
Corp.
Ltd.
(Financials)
1,388,627
39,989
SATS
Ltd.
(Industrials)*
79,403
Shares
Description
Value
a
Common
Stocks
–
(continued)
Singapore
–
(continued)
16,745
Sea
Ltd.
ADR
(Communication
Services)*
$
606,504
2,970,911
Seatrium
Ltd.
(Industrials)*
233,737
41,266
Sembcorp
Industries
Ltd.
(Utilities)
158,929
60,946
Singapore
Airlines
Ltd.
(Industrials)
289,523
37,652
Singapore
Exchange
Ltd.
(Financials)
266,041
69,877
Singapore
Technologies
Engineering
Ltd.
(Industrials)
194,248
328,764
Singapore
Telecommunications
Ltd.
(Communication
Services)
569,043
29,947
STMicroelectronics
NV
(Information
Technology)
1,419,900
61,550
United
Overseas
Bank
Ltd.
(Financials)
1,255,351
24,173
UOL
Group
Ltd.
(Real
Estate)
106,864
12,437
Venture
Corp.
Ltd.
(Information
Technology)
116,766
11,263,733
South
Africa
–
0.2%
53,143
Anglo
American
PLC
(Materials)
1,441,061
South
Korea
–
0.1%
9,198
Delivery
Hero
SE
(Consumer
Discretionary)*
(b)
292,096
Spain
–
2.6%
9,383
ACS
Actividades
de
Construccion
y
Servicios
SA
(Industrials)
375,215
3,378
Aena
SME
SA
(Industrials)
(b)
582,162
20,675
Amadeus
IT
Group
SA
(Consumer
Discretionary)
1,417,125
273,977
Banco
Bilbao
Vizcaya
Argentaria
SA
(Financials)
2,542,753
731,896
Banco
Santander
SA
(Financials)
3,035,372
173,767
CaixaBank
SA
(Financials)
783,226
26,205
Cellnex
Telecom
SA
(Communication
Services)*
(b)
1,001,874
2,628
Corp
ACCIONA
Energias
Renovables
SA
(Utilities)
78,108
13,564
EDP
Renovaveis
SA
(Utilities)
247,895
14,550
Endesa
SA
(Utilities)
304,572
13,574
Grifols
SA
(Health
Care)*
192,019
266,044
Iberdrola
SA
(Utilities)
3,293,235
51,035
Industria
de
Diseno
Textil
SA
(Consumer
Discretionary)
2,106,537
5,744
Naturgy
Energy
Group
SA
(Utilities)
171,849
18,584
Redeia
Corp.
SA
(Utilities)
311,860
58,762
Repsol
SA
(Energy)
900,178
237,748
Telefonica
SA
(Communication
Services)
1,025,695
18,369,675
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Sweden
–
3.3%
8,079
AAK
AB
(Consumer
Staples)
$
164,219
10,994
AddTech
AB,
Class
B
(Industrials)
204,691
12,976
Alfa
Laval
AB
(Industrials)
484,672
44,684
Assa
Abloy
AB,
Class
B
(Industrials)
1,145,793
116,507
Atlas
Copco
AB,
Class
A
(Industrials)
1,800,053
69,220
Atlas
Copco
AB,
Class
B
(Industrials)
914,557
5,451
Avanza
Bank
Holding
AB
(Financials)
107,003
4,990
Axfood
AB
(Consumer
Staples)
124,573
17,191
Beijer
Ref
AB
(Industrials)
190,467
12,373
Boliden
AB
(Materials)
330,495
18,702
Castellum
AB
(Real
Estate)
228,714
9,618
Electrolux
AB,
Class
B
(Consumer
Discretionary)*
94,768
15,934
Elekta
AB,
Class
B
(Health
Care)
124,384
37,402
Embracer
Group
AB
(Communication
Services)*
(a)
82,254
28,586
Epiroc
AB,
Class
A
(Industrials)
533,591
17,345
Epiroc
AB,
Class
B
(Industrials)
273,280
20,565
EQT
AB
(Financials)
(a)
485,725
27,736
Essity
AB,
Class
B
(Consumer
Staples)
694,800
8,225
Evolution
AB
(Consumer
Discretionary)
(b)
853,516
10,211
Fabege
AB
(Real
Estate)
91,500
30,248
Fastighets
AB
Balder,
Class
B
(Real
Estate)*
178,564
10,013
Getinge
AB,
Class
B
(Health
Care)
213,086
28,193
H
&
M
Hennes
&
Mauritz
AB,
Class
B
(Consumer
Discretionary)
451,729
88,772
Hexagon
AB,
Class
B
(Information
Technology)
888,665
4,172
Holmen
AB,
Class
B
(Materials)
175,140
17,662
Husqvarna
AB,
Class
B
(Industrials)
135,041
7,142
Industrivarden
AB,
Class
A
(Financials)
214,965
5,947
Industrivarden
AB,
Class
C
(Financials)
179,224
12,289
Indutrade
AB
(Industrials)
269,731
6,196
Investment
AB
Latour,
Class
B
(Industrials)
138,893
22,071
Investor
AB,
Class
A
(Financials)
453,895
83,477
Investor
AB,
Class
B
(Financials)
1,735,046
10,944
Kinnevik
AB,
Class
B
(Financials)*
102,288
2,073
L
E
Lundbergforetagen
AB,
Class
B
(Financials)
100,931
10,358
Lifco
AB,
Class
B
(Industrials)
225,074
Shares
Description
Value
a
Common
Stocks
–
(continued)
Sweden
–
(continued)
67,882
Nibe
Industrier
AB,
Class
B
(Industrials)
$
401,377
3,534
Saab
AB,
Class
B
(Industrials)
181,846
9,351
Sagax
AB,
Class
B
(Real
Estate)
212,295
48,162
Sandvik
AB
(Industrials)
951,396
23,113
Securitas
AB,
Class
B
(Industrials)
208,305
72,973
Skandinaviska
Enskilda
Banken
AB,
Class
A
(Financials)
884,407
15,237
Skanska
AB,
Class
B
(Industrials)
245,011
17,159
SKF
AB,
Class
B
(Industrials)
322,749
10,140
SSAB
AB,
Class
A
(Materials)
76,871
29,184
SSAB
AB,
Class
B
(Materials)
216,063
27,492
Svenska
Cellulosa
AB
SCA,
Class
B
(Materials)
408,883
67,396
Svenska
Handelsbanken
AB,
Class
A
(Financials)
639,303
1,629
Svenska
Handelsbanken
AB,
Class
B
(Financials)
(a)
18,903
8,327
Sweco
AB,
Class
B
(Industrials)
99,887
45,861
Swedbank
AB,
Class
A
(Financials)
841,826
10,700
Swedish
Orphan
Biovitrum
AB
(Health
Care)*
254,868
25,428
Tele2
AB,
Class
B
(Communication
Services)
199,612
133,931
Telefonaktiebolaget
LM
Ericsson,
Class
B
(Information
Technology)
664,105
103,746
Telia
Co.
AB
(Communication
Services)
246,523
4,863
Thule
Group
AB
(Consumer
Discretionary)
(b)
119,175
9,632
Trelleborg
AB,
Class
B
(Industrials)
299,287
8,748
Volvo
AB,
Class
A
(Industrials)
206,870
68,698
Volvo
AB,
Class
B
(Industrials)
1,594,716
21,853
Volvo
Car
AB,
Class
B
(Consumer
Discretionary)*
71,259
23,756,864
Switzerland
–
5.0%
74,405
ABB
Ltd.
(Industrials)
2,970,039
22,621
Alcon,
Inc.
(Health
Care)
1,714,883
23,184
Cie
Financiere
Richemont
SA
(Consumer
Discretionary)
2,911,498
12,098
DSM-Firmenich
AG
(Materials)
1,146,695
1,521
Geberit
AG
(Industrials)
856,049
423
Givaudan
SA
(Materials)
1,591,692
2,358
Kuehne
+
Nagel
International
AG
(Industrials)
686,615
3,404
Lonza
Group
AG
(Health
Care)
1,324,724
92,013
Novartis
AG
(Health
Care)
9,007,126
990
Partners
Group
Holding
AG
(Financials)
1,312,144
918
Schindler
Holding
AG
(Industrials)
197,842
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Switzerland
–
(continued)
1,864
Schindler
Holding
AG
Participation
Certificates
(Industrials)
$
419,617
6,828
SGS
SA
(Industrials)
583,429
6,704
Sika
AG
(Materials)
1,828,749
4,900
Straumann
Holding
AG
(Health
Care)
677,621
1,290
Swatch
Group
AG
(The)
–
Bearer
(Consumer
Discretionary)
340,469
2,421
Swatch
Group
AG
(The)
–
Registered
(Consumer
Discretionary)
122,226
1,162
Swisscom
AG
(Communication
Services)
682,060
144,208
UBS
Group
AG
(Financials)
4,084,691
6,676
Zurich
Insurance
Group
AG
(Financials)
3,361,992
35,820,161
United
Kingdom
–
11.0%
43,399
3i
Group
PLC
(Financials)
1,226,283
8,785
Admiral
Group
PLC
(Financials)
300,389
13,671
Allfunds
Group
PLC
(Financials)
86,366
20,130
Ashtead
Group
PLC
(Industrials)
1,213,784
15,917
Associated
British
Foods
PLC
(Consumer
Staples)
479,170
68,946
AstraZeneca
PLC
(Health
Care)
8,838,201
41,947
Auto
Trader
Group
PLC
(Communication
Services)
(b)
384,889
125,930
Aviva
PLC
(Financials)
665,584
42,888
B&M
European
Value
Retail
SA
(Consumer
Discretionary)
311,431
140,316
BAE
Systems
PLC
(Industrials)
1,865,148
699,669
Barclays
PLC
(Financials)
1,249,257
44,772
Barratt
Developments
PLC
(Consumer
Discretionary)
291,218
4,822
Berkeley
Group
Holdings
PLC
(Consumer
Discretionary)
283,001
718,443
BP
PLC
(Energy)
4,357,480
94,355
British
American
Tobacco
PLC
(Consumer
Staples)
3,000,554
290,061
BT
Group
PLC
(Communication
Services)
451,293
15,463
Bunzl
PLC
(Industrials)
587,654
17,032
Burberry
Group
PLC
(Consumer
Discretionary)
315,555
257,212
Centrica
PLC
(Utilities)
485,333
122,220
CK
Hutchison
Holdings
Ltd.
(Industrials)
612,641
44,045
CNH
Industrial
NV
(Industrials)
468,080
9,338
Coca-Cola
Europacific
Partners
PLC
(Consumer
Staples)
566,256
79,763
Compass
Group
PLC
(Consumer
Discretionary)
2,022,550
75,924
ConvaTec
Group
PLC
(Health
Care)
(b)
216,069
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
Kingdom
–
(continued)
6,415
Croda
International
PLC
(Materials)
$
364,149
4,553
DCC
PLC
(Industrials)
307,906
103,366
Diageo
PLC
(Consumer
Staples)
3,616,214
61,403
DS
Smith
PLC
(Materials)
225,893
29,377
Entain
PLC
(Consumer
Discretionary)
298,560
17,359
Halma
PLC
(Information
Technology)
468,301
16,272
Hargreaves
Lansdown
PLC
(Financials)
147,987
911,918
HSBC
Holdings
PLC
(Financials)
6,950,904
39,750
Imperial
Brands
PLC
(Consumer
Staples)
929,187
64,429
Informa
PLC
(Communication
Services)
606,020
7,375
InterContinental
Hotels
Group
PLC
(Consumer
Discretionary)
571,014
13,301
Intermediate
Capital
Group
PLC
(Financials)
263,353
85,177
International
Consolidated
Airlines
Group
SA
ADR
(Industrials)*
324,950
7,404
Intertek
Group
PLC
(Industrials)
373,518
80,832
J
Sainsbury
PLC
(Consumer
Staples)
292,560
114,945
JD
Sports
Fashion
PLC
(Consumer
Discretionary)
228,531
87,279
Kingfisher
PLC
(Consumer
Discretionary)
242,417
31,579
Land
Securities
Group
PLC
REIT
(Real
Estate)
249,539
273,217
Legal
&
General
Group
PLC
(Financials)
793,101
2,959,400
Lloyds
Banking
Group
PLC
(Financials)
1,628,584
16,564
London
Stock
Exchange
Group
PLC
(Financials)
1,867,518
102,586
M&G
PLC
(Financials)
271,686
61,562
Melrose
Industries
PLC
(Industrials)
404,168
169,407
National
Grid
PLC
(Utilities)
2,203,586
252,132
NatWest
Group
PLC
(Financials)
663,589
5,499
Next
PLC
(Consumer
Discretionary)
552,044
27,125
Ocado
Group
PLC
(Consumer
Staples)*
206,034
32,918
Pearson
PLC
(Consumer
Discretionary)
390,555
14,691
Persimmon
PLC
(Consumer
Discretionary)
232,755
34,428
Phoenix
Group
Holdings
PLC
(Financials)
202,754
32,914
Reckitt
Benckiser
Group
PLC
(Consumer
Staples)
2,249,212
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
Kingdom
–
(continued)
86,897
RELX
PLC
(Industrials)
$
3,344,223
115,357
Rentokil
Initial
PLC
(Industrials)
626,058
37,436
Rightmove
PLC
(Communication
Services)
258,098
387,371
Rolls-Royce
Holdings
PLC
(Industrials)*
1,318,176
46,957
Sage
Group
PLC
(The)
(Information
Technology)
672,029
40,495
Schroders
PLC
(Financials)
205,879
53,509
Segro
PLC
REIT
(Real
Estate)
550,182
12,141
Severn
Trent
PLC
(Utilities)
399,771
40,193
Smith
&
Nephew
PLC
(Health
Care)
520,781
16,105
Smiths
Group
PLC
(Industrials)
335,997
3,377
Spirax-Sarco
Engineering
PLC
(Industrials)
395,363
50,164
SSE
PLC
(Utilities)
1,163,732
25,194
St
James's
Place
PLC
(Financials)
206,867
108,210
Standard
Chartered
PLC
(Financials)
894,809
162,412
Taylor
Wimpey
PLC
(Consumer
Discretionary)
266,362
328,371
Tesco
PLC
(Consumer
Staples)
1,188,075
114,715
Unilever
PLC
(Consumer
Staples)
5,474,202
31,386
United
Utilities
Group
PLC
(Utilities)
433,489
1,121,175
Vodafone
Group
PLC
(Communication
Services)
1,012,424
11,946
Weir
Group
PLC
(The)
(Industrials)
283,255
8,934
Whitbread
PLC
(Consumer
Discretionary)
349,592
26,964
Wise
PLC,
Class
A
(Financials)*
266,527
49,391
WPP
PLC
(Communication
Services)
441,938
79,012,604
United
States
–
7.0%
22,073
CSL
Ltd.
(Health
Care)
3,837,869
1,850
CyberArk
Software
Ltd.
(Information
Technology)*
368,650
42,292
Experian
PLC
(Industrials)
1,554,255
21,679
Ferrovial
SE
(Industrials)
751,250
188,369
GSK
PLC
(Health
Care)
3,384,785
233,986
Haleon
PLC
(Consumer
Staples)
977,657
23,583
Holcim
AG
(Materials)*
1,743,875
3,747
ICON
PLC
(Health
Care)*
1,000,224
3,308
Inmode
Ltd.
(Health
Care)*
78,565
20,254
James
Hardie
Industries
PLC
CDI
(Materials)*
654,281
1,213
Monday.com
Ltd.
(Information
Technology)*
218,146
122,718
Nestle
SA
(Consumer
Staples)
14,021,084
1,312
Roche
Holding
AG
(Health
Care)
376,905
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
States
–
(continued)
32,332
Roche
Holding
AG
(Health
Care)
$
8,776,917
50,891
Sanofi
SA
(Health
Care)
4,745,353
24,784
Schneider
Electric
SE
(Industrials)
4,559,793
100,288
Stellantis
NV
(Consumer
Discretionary)
2,177,762
13,286
Swiss
Re
AG
(Financials)
1,577,574
21,203
Tenaris
SA
(Energy)
364,370
51,169,315
TOTAL
COMMON
STOCKS
(Cost
$671,549,967)
712,105,851
Shares
Description
Rate
Value
a
Preferred
Stocks
–
0.4%
Germany
–
0.4%
2,698
Bayerische
Motoren
Werke
AG
(Consumer
Discretionary)
9.76
%
256,404
5,249
Dr.
Ing
hc
F
Porsche
AG
(Consumer
Discretionary)
(b)
1.20
481,427
7,580
Henkel
AG
&
Co.
KGaA
(Consumer
Staples)
2.56
597,133
7,056
Porsche
Automobil
Holding
SE
(Consumer
Discretionary)
5.71
345,369
1,130
Sartorius
AG
(Health
Care)
0.49
364,335
8,419
Volkswagen
AG
(Consumer
Discretionary)
26.14
977,571
3,022,239
Spain
–
0.0%
12,028
Grifols
SA,
Class
B
(Health
Care)*
0.00
117,523
TOTAL
PREFERRED
STOCKS
(Cost
$3,582,361)
3,139,762
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
0.2%
(c)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
–
Institutional
Shares
1,199,197
5.260%
1,199,197
(Cost
$1,199,197)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$676,331,525)
716,444,810
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Additional
Investment
Information 
Shares
Dividend
Rate
Value
a
Securities
Lending
Reinvestment
Vehicle
–
0.4%
(c)
a
a
a
a
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
3,083,718
5.259%
$
3,083,718
(Cost
$3,083,718)
TOTAL
INVESTMENTS
–
100.1%
(Cost
$679,415,243)
$
719,528,528
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(0.1)%
(927,085)
NET
ASSETS
–
100.0%
$
718,601,443
  a
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
SDR
—
Swedish
Depositary
Receipt
Sector
Name
%
of
Market
Value
Financials
18.5
%
Industrials
16.4
Health
Care
12.7
Consumer
Discretionary
12.0
Consumer
Staples
9.5
Information
Technology
8.5
Materials
7.2
Energy
4.5
Communication
Services
4.4
Utilities
3.4
Real
Estate
2.3
Investment
Company
0.2
Securities
Lending
Reinvestment
Vehicle
0.4
TOTAL
INVESTMENTS
100.0%
FUTURES
CONTRACTS
—
At
November
30,
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
19
12/15/23
$
2,020,270
$
94,211
GOLDMAN
SACHS
MARKETBETA
®
 RUSSELL
1000
GROWTH
EQUITY
ETF
Schedule
of
Investments
November
30,
2023
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
100.0%
Communication
Services
–
9.4%
1,364
Alphabet,
Inc.,
Class
A
*
$
180,771
1,168
Alphabet,
Inc.,
Class
C
*
156,418
40
Charter
Communications,
Inc.,
Class
A
*
16,005
44
Iridium
Communications,
Inc.
1,676
8
Liberty
Broadband
Corp.,
Class
C
*
665
12
Live
Nation
Entertainment,
Inc.
*
1,011
96
Match
Group,
Inc.
*
3,108
852
Meta
Platforms,
Inc.,
Class
A
*
278,732
168
Netflix,
Inc.
*
79,627
4
Nexstar
Media
Group,
Inc.
568
228
Pinterest,
Inc.,
Class
A
*
7,768
8
Playtika
Holding
Corp.
*
69
176
ROBLOX
Corp.,
Class
A
*
6,919
4
Roku,
Inc.
*
417
52
Spotify
Technology
SA
*
9,626
20
TKO
Group
Holdings,
Inc.
1,547
168
Trade
Desk,
Inc.
(The),
Class
A
*
11,837
64
ZoomInfo
Technologies,
Inc.
*
920
757,684
Consumer
Discretionary
–
15.2%
156
Airbnb,
Inc.,
Class
A
*
19,709
2,360
Amazon.com,
Inc.
*
344,772
4
AutoZone,
Inc.
*
10,440
12
Best
Buy
Co.,
Inc.
851
16
Booking
Holdings,
Inc.
*
50,011
4
Bright
Horizons
Family
Solutions,
Inc.
*
350
4
Brunswick
Corp.
316
24
Burlington
Stores,
Inc.
*
4,070
32
Caesars
Entertainment,
Inc.
*
1,431
4
CarMax,
Inc.
*
256
4
Cava
Group,
Inc.
*
136
12
Chipotle
Mexican
Grill,
Inc.
*
26,427
12
Choice
Hotels
International,
Inc.
1,323
28
Churchill
Downs,
Inc.
3,242
420
Coupang,
Inc.
(South
Korea)
*
6,418
24
Crocs,
Inc.
*
2,535
20
Darden
Restaurants,
Inc.
3,129
12
Deckers
Outdoor
Corp.
*
7,968
12
Domino's
Pizza,
Inc.
4,715
92
DoorDash,
Inc.,
Class
A
*
8,646
160
DraftKings,
Inc.,
Class
A
*
6,118
12
eBay,
Inc.
492
28
Etsy,
Inc.
*
2,123
40
Expedia
Group,
Inc.
*
5,447
20
Five
Below,
Inc.
*
3,769
40
Floor
&
Decor
Holdings,
Inc.,
Class
A
*
3,668
4
Grand
Canyon
Education,
Inc.
*
547
36
H&R
Block,
Inc.
1,635
44
Hilton
Worldwide
Holdings,
Inc.
7,371
392
Home
Depot,
Inc.
(The)
122,888
120
Las
Vegas
Sands
Corp.
5,534
164
Lowe’s
Cos.,
Inc.
32,608
44
Lululemon
Athletica,
Inc.
*
19,659
96
Marriott
International,
Inc.,
Class
A
19,459
116
McDonald's
Corp.
32,693
8
Murphy
USA,
Inc.
2,956
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Consumer
Discretionary
–
(continued)
244
NIKE,
Inc.,
Class
B
$
26,906
40
Norwegian
Cruise
Line
Holdings
Ltd.
*
611
8
Ollie's
Bargain
Outlet
Holdings,
Inc.
*
586
20
O'Reilly
Automotive,
Inc.
*
19,648
120
Peloton
Interactive,
Inc.,
Class
A
*
679
16
Planet
Fitness,
Inc.,
Class
A
*
1,087
16
Pool
Corp.
5,557
120
Ross
Stores,
Inc.
15,646
28
Royal
Caribbean
Cruises
Ltd.
*
3,009
20
Service
Corp.
International
1,225
4
Skechers
USA,
Inc.,
Class
A
*
236
436
Starbucks
Corp.
43,295
4
Tapestry,
Inc.
127
12
Tempur
Sealy
International,
Inc.
484
1,064
Tesla,
Inc.
*
255,445
24
Texas
Roadhouse,
Inc.
2,701
444
TJX
Cos.,
Inc.
(The)
39,121
44
Tractor
Supply
Co.
8,932
12
Travel
+
Leisure
Co.
428
20
Ulta
Beauty,
Inc.
*
8,520
16
Valvoline,
Inc.
548
12
Victoria's
Secret
&
Co.
*
323
12
Wayfair,
Inc.,
Class
A
*
670
68
Wendy's
Co.
(The)
1,275
4
Williams-Sonoma,
Inc.
750
12
Wingstop,
Inc.
2,884
4
Wyndham
Hotels
&
Resorts,
Inc.
309
4
Wynn
Resorts
Ltd.
338
32
YETI
Holdings,
Inc.
*
1,365
96
Yum!
Brands,
Inc.
12,053
1,218,470
Consumer
Staples
–
4.5%
12
Albertsons
Cos.,
Inc.,
Class
A
261
16
BJ's
Wholesale
Club
Holdings,
Inc.
*
1,033
4
Boston
Beer
Co.,
Inc.
(The),
Class
A
*
1,419
16
Brown-Forman
Corp.,
Class
A
964
56
Brown-Forman
Corp.,
Class
B
3,289
4
Casey's
General
Stores,
Inc.
1,102
56
Celsius
Holdings,
Inc.
*
2,773
84
Church
&
Dwight
Co.,
Inc.
8,117
48
Clorox
Co.
(The)
6,881
744
Coca-Cola
Co.
(The)
43,479
8
Constellation
Brands,
Inc.,
Class
A
1,924
172
Costco
Wholesale
Corp.
101,951
84
Dollar
General
Corp.
11,014
28
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
3,575
4
Freshpet,
Inc.
*
284
44
Hershey
Co.
(The)
8,269
228
Kenvue,
Inc.
4,660
124
Kimberly-Clark
Corp.
15,343
52
Lamb
Weston
Holdings,
Inc.
5,202
288
Monster
Beverage
Corp.
*
15,883
368
PepsiCo,
Inc.
61,931
28
Performance
Food
Group
Co.
*
1,821
GOLDMAN
SACHS
MARKETBETA
®
 RUSSELL
1000
GROWTH
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Consumer
Staples
–
(continued)
172
Procter &
Gamble
Co.
(The)
$
26,405
196
Sysco
Corp.
14,145
176
Target
Corp.
23,551
365,276
Energy
–
0.6%
44
Antero
Midstream
Corp.
586
104
APA
Corp.
3,744
92
Cheniere
Energy,
Inc.
16,758
68
Halliburton
Co.
2,518
60
Hess
Corp.
8,434
24
New
Fortress
Energy,
Inc.
923
8
ONEOK,
Inc.
551
44
Ovintiv,
Inc.
1,951
88
Targa
Resources
Corp.
7,959
4
Texas
Pacific
Land
Corp.
6,688
50,112
Financials
–
7.1%
76
American
Express
Co.
12,979
40
Ameriprise
Financial,
Inc.
14,140
200
Apollo
Global
Management,
Inc.
18,400
20
Arch
Capital
Group
Ltd.
*
1,674
60
Ares
Management
Corp.,
Class
A
6,735
4
Arthur
J
Gallagher
&
Co.
996
276
Blackstone,
Inc.
31,014
76
Block,
Inc.
*
4,821
24
Blue
Owl
Capital,
Inc.
324
4
Brighthouse
Financial,
Inc.
*
208
36
Brown
&
Brown,
Inc.
2,691
136
Equitable
Holdings,
Inc.
4,174
8
Euronet
Worldwide,
Inc.
*
698
4
Everest
Group
Ltd.
1,642
16
FactSet
Research
Systems,
Inc.
7,255
64
Fiserv,
Inc.
*
8,359
24
FleetCor
Technologies,
Inc.
*
5,772
8
Jack
Henry
&
Associates,
Inc.
1,270
8
Kinsale
Capital
Group,
Inc.
2,801
60
KKR
&
Co.,
Inc.
4,550
8
Lincoln
National
Corp.
190
32
LPL
Financial
Holdings,
Inc.
7,114
16
MarketAxess
Holdings,
Inc.
3,842
152
Marsh
&
McLennan
Cos.,
Inc.
30,312
324
Mastercard,
Inc.,
Class
A
134,081
56
Moody's
Corp.
20,438
8
Morningstar,
Inc.
2,267
16
MSCI,
Inc.
8,334
608
NU
Holdings
Ltd.,
Class
A
(Brazil)
*
4,949
392
PayPal
Holdings,
Inc.
*
22,583
8
Primerica,
Inc.
1,676
168
Progressive
Corp.
(The)
27,557
4
RenaissanceRe
Holdings
Ltd.
(Bermuda)
857
4
RLI
Corp.
542
16
Rocket
Cos.,
Inc.,
Class
A
*
150
36
Ryan
Specialty
Holdings,
Inc.
*
1,651
12
S&P
Global,
Inc.
4,990
20
Shift4
Payments,
Inc.,
Class
A
*
1,316
36
SLM
Corp.
541
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Financials
–
(continued)
136
Toast,
Inc.,
Class
A
*
$
2,022
8
TPG,
Inc.
280
16
Tradeweb
Markets,
Inc.,
Class
A
1,550
12
UWM
Holdings
Corp.
65
624
Visa,
Inc.,
Class
A
160,168
20
Western
Union
Co.
(The)
233
8
WEX,
Inc.
*
1,413
4
Willis
Towers
Watson
PLC
985
12
XP,
Inc.,
Class
A
(Brazil)
280
570,889
Health
Care
–
11.7%
36
10X
Genomics,
Inc.,
Class
A
*
1,567
44
Abbott
Laboratories
4,589
680
AbbVie,
Inc.
96,825
92
Agilent
Technologies,
Inc.
11,758
100
agilon
health,
Inc.
*
1,062
28
Align
Technology,
Inc.
*
5,986
40
Alnylam
Pharmaceuticals,
Inc.
*
6,730
140
Amgen,
Inc.
37,750
40
Apellis
Pharmaceuticals,
Inc.
*
2,155
8
BioMarin
Pharmaceutical,
Inc.
*
729
56
Bio-Techne
Corp.
3,522
40
Bruker
Corp.
2,604
52
Cardinal
Health,
Inc.
5,568
64
Cencora,
Inc.
13,016
16
Certara,
Inc.
*
231
4
Chemed
Corp.
2,268
8
Cigna
Group
(The)
2,103
20
DaVita,
Inc.
*
2,029
148
Dexcom,
Inc.
*
17,097
20
Doximity,
Inc.,
Class
A
*
465
232
Edwards
Lifesciences
Corp.
*
15,709
12
Elevance
Health,
Inc.
5,754
328
Eli
Lilly
&
Co.
193,861
4
Encompass
Health
Corp.
261
24
Exact
Sciences
Corp.
*
1,536
92
Exelixis,
Inc.
*
2,006
12
GE
HealthCare
Technologies,
Inc.
821
12
Globus
Medical,
Inc.,
Class
A
*
539
16
HCA
Healthcare,
Inc.
4,008
20
Humana,
Inc.
9,697
4
ICON
PLC
*
1,068
32
IDEXX
Laboratories,
Inc.
*
14,906
20
Illumina,
Inc.
*
2,039
52
Incyte
Corp.
*
2,826
12
Inspire
Medical
Systems,
Inc.
*
1,744
28
Insulet
Corp.
*
5,294
136
Intuitive
Surgical,
Inc.
*
42,274
48
Ionis
Pharmaceuticals,
Inc.
*
2,375
64
IQVIA
Holdings,
Inc.
*
13,702
12
Jazz
Pharmaceuticals
PLC
*
1,419
12
Karuna
Therapeutics,
Inc.
*
2,294
24
Maravai
LifeSciences
Holdings,
Inc.,
Class
A
*
122
16
Masimo
Corp.
*
1,500
20
McKesson
Corp.
9,411
8
Medpace
Holdings,
Inc.
*
2,166
180
Merck &
Co.,
Inc.
18,446
8
Mettler-Toledo
International,
Inc.
*
8,735
GOLDMAN
SACHS
MARKETBETA
®
 RUSSELL
1000
GROWTH
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Health
Care
–
(continued)
12
Molina
Healthcare,
Inc.
*
$
4,387
40
Natera,
Inc.
*
2,238
36
Neurocrine
Biosciences,
Inc.
*
4,197
40
Novocure
Ltd.
*
491
12
Penumbra,
Inc.
*
2,665
4
Regeneron
Pharmaceuticals,
Inc.
*
3,295
8
Repligen
Corp.
*
1,258
56
ResMed,
Inc.
8,833
128
Roivant
Sciences
Ltd.
*
1,224
36
Sarepta
Therapeutics,
Inc.
*
2,926
52
Seagen,
Inc.
*
11,087
12
Shockwave
Medical,
Inc.
*
2,095
28
Sotera
Health
Co.
*
382
36
Stryker
Corp.
10,668
4
Tandem
Diabetes
Care,
Inc.
*
81
92
Thermo
Fisher
Scientific,
Inc.
45,610
28
Ultragenyx
Pharmaceutical,
Inc.
*
1,088
300
UnitedHealth
Group,
Inc.
165,891
56
Veeva
Systems,
Inc.,
Class
A
*
9,761
92
Vertex
Pharmaceuticals,
Inc.
*
32,642
24
Waters
Corp.
*
6,735
28
West
Pharmaceutical
Services,
Inc.
9,821
180
Zoetis,
Inc.
31,801
941,743
Industrials
–
6.3%
4
A
O
Smith
Corp.
301
28
Advanced
Drainage
Systems,
Inc.
3,391
32
Allegion
PLC
3,395
4
Allison
Transmission
Holdings,
Inc.
214
92
American
Airlines
Group,
Inc.
*
1,144
4
Armstrong
World
Industries,
Inc.
339
136
Automatic
Data
Processing,
Inc.
31,269
4
Avis
Budget
Group,
Inc.
*
731
28
Axon
Enterprise,
Inc.
*
6,436
28
Boeing
Co.
(The)
*
6,486
52
Booz
Allen
Hamilton
Holding
Corp.
6,507
36
Broadridge
Financial
Solutions,
Inc.
6,978
8
BWX
Technologies,
Inc.
624
36
C.H.
Robinson
Worldwide,
Inc.
2,954
148
Caterpillar,
Inc.
37,107
4
Ceridian
HCM
Holding,
Inc.
*
276
116
ChargePoint
Holdings,
Inc.
*
216
28
Cintas
Corp.
15,491
332
Copart,
Inc.
*
16,673
84
CSX
Corp.
2,713
96
Deere
&
Co.
34,983
12
Delta
Air
Lines,
Inc.
443
20
Donaldson
Co.,
Inc.
1,217
8
EMCOR
Group,
Inc.
1,700
32
Equifax,
Inc.
6,967
8
Expeditors
International
of
Washington,
Inc.
963
164
Fastenal
Co.
9,835
4
Ferguson
PLC
685
4
FTI
Consulting,
Inc.
*
882
16
Genpact
Ltd.
543
28
Graco,
Inc.
2,262
16
HEICO
Corp.
2,736
28
HEICO
Corp.,
Class
A
3,848
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Industrials
–
(continued)
32
Honeywell
International,
Inc.
$
6,269
8
Hubbell,
Inc.
2,400
4
IDEX
Corp.
807
96
Illinois
Tool
Works,
Inc.
23,252
8
J.B.
Hunt
Transport
Services,
Inc.
1,482
20
KBR,
Inc.
1,033
12
Landstar
System,
Inc.
2,072
20
Lincoln
Electric
Holdings,
Inc.
3,961
88
Lockheed
Martin
Corp.
39,404
128
Lyft,
Inc.,
Class
A
*
1,502
4
MSA
Safety,
Inc.
697
4
Northrop
Grumman
Corp.
1,901
36
Old
Dominion
Freight
Line,
Inc.
14,006
8
Otis
Worldwide
Corp.
686
124
Paychex,
Inc.
15,124
20
Paycom
Software,
Inc.
3,633
8
Paycor
HCM,
Inc.
*
170
16
Paylocity
Holding
Corp.
*
2,507
16
Quanta
Services,
Inc.
3,013
52
RB
Global,
Inc.
(Canada)
3,311
44
Rockwell
Automation,
Inc.
12,119
100
Rollins,
Inc.
4,074
4
SiteOne
Landscape
Supply,
Inc.
*
563
4
Spirit
AeroSystems
Holdings,
Inc.,
Class
A
*
110
4
Tetra
Tech,
Inc.
633
40
Toro
Co.
(The)
3,320
24
Trane
Technologies
PLC
5,410
4
TransDigm
Group,
Inc.
3,852
40
Trex
Co.,
Inc.
*
2,811
748
Uber
Technologies,
Inc.
*
42,172
16
U-Haul
Holding
Co.
866
100
Union
Pacific
Corp.
22,527
76
United
Parcel
Service,
Inc.,
Class
B
11,522
4
United
Rentals,
Inc.
1,904
56
Verisk
Analytics,
Inc.
13,520
8
Vertiv
Holdings
Co.,
Class
A
*
349
16
W.W.
Grainger,
Inc.
12,579
140
Waste
Management,
Inc.
23,939
4
Watsco,
Inc.
1,529
20
WillScot
Mobile
Mini
Holdings
Corp.
*
834
12
Xylem,
Inc.
1,262
503,434
Information
Technology
–
43.2%
244
Accenture
PLC,
Class
A
81,286
176
Adobe,
Inc.
*
107,538
352
Advanced
Micro
Devices,
Inc.
*
42,648
28
Allegro
MicroSystems,
Inc.
(Japan)
*
762
24
Alteryx,
Inc.,
Class
A
*
961
112
Amphenol
Corp.,
Class
A
10,191
28
ANSYS,
Inc.
*
8,214
5,008
Apple,
Inc.
951,270
276
Applied
Materials,
Inc.
41,339
20
AppLovin
Corp.,
Class
A
*
750
96
Arista
Networks,
Inc.
*
21,092
56
Atlassian
Corp.,
Class
A
*
10,693
84
Autodesk,
Inc.
*
18,348
GOLDMAN
SACHS
MARKETBETA
®
 RUSSELL
1000
GROWTH
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
68
Bentley
Systems,
Inc.,
Class
B
$
3,540
168
Broadcom,
Inc.
155,523
104
Cadence
Design
Systems,
Inc.
*
28,420
48
CDW
Corp.
10,122
112
Cloudflare,
Inc.,
Class
A
*
8,641
72
Confluent,
Inc.,
Class
A
*
1,528
80
Crowdstrike
Holdings,
Inc.,
Class
A
*
18,959
104
Datadog,
Inc.,
Class
A
*
12,123
76
DocuSign,
Inc.
*
3,276
52
DoubleVerify
Holdings,
Inc.
*
1,726
88
Dropbox,
Inc.,
Class
A
*
2,480
92
Dynatrace,
Inc.
*
4,927
28
Elastic
NV
*
2,250
52
Enphase
Energy,
Inc.
*
5,253
4
Entegris,
Inc.
418
20
EPAM
Systems,
Inc.
*
5,164
8
Fair
Isaac
Corp.
*
8,701
28
Five9,
Inc.
*
2,134
252
Fortinet,
Inc.
*
13,245
28
Gartner,
Inc.
*
12,175
32
Gen
Digital,
Inc.
707
32
Gitlab,
Inc.,
Class
A
*
1,547
16
Globant
SA
*
3,533
36
GoDaddy,
Inc.,
Class
A
*
3,602
24
HashiCorp,
Inc.,
Class
A
*
514
68
HP,
Inc.
1,995
16
HubSpot,
Inc.
*
7,903
104
Intuit,
Inc.
59,432
32
Jabil,
Inc.
3,690
16
Keysight
Technologies,
Inc.
*
2,174
52
KLA
Corp.
28,320
48
Lam
Research
Corp.
34,364
52
Lattice
Semiconductor
Corp.
*
3,045
24
Manhattan
Associates,
Inc.
*
5,353
148
Microchip
Technology,
Inc.
12,349
2,504
Microsoft
Corp.
948,791
24
MongoDB,
Inc.
*
9,978
16
Monolithic
Power
Systems,
Inc.
8,779
60
Motorola
Solutions,
Inc.
19,372
4
nCino,
Inc.
*
110
32
NetApp,
Inc.
2,924
20
Nutanix,
Inc.,
Class
A
*
862
688
NVIDIA
Corp.
321,778
4
Okta,
Inc.
*
268
240
Oracle
Corp.
27,890
720
Palantir
Technologies,
Inc.,
Class
A
*
14,436
116
Palo
Alto
Networks,
Inc.
*
34,230
16
Pegasystems,
Inc.
832
32
Procore
Technologies,
Inc.
*
1,891
24
PTC,
Inc.
*
3,777
84
Pure
Storage,
Inc.,
Class
A
*
2,798
376
QUALCOMM,
Inc.
48,523
32
RingCentral,
Inc.,
Class
A
*
911
276
Salesforce,
Inc.
*
69,524
12
SentinelOne,
Inc.,
Class
A
*
229
80
ServiceNow,
Inc.
*
54,859
48
Smartsheet,
Inc.,
Class
A
*
2,034
120
Snowflake,
Inc.,
Class
A
*
22,522
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
60
Splunk,
Inc.
*
$
9,092
60
Synopsys,
Inc.
*
32,594
40
Teradata
Corp.
*
1,890
48
Teradyne,
Inc.
4,427
144
Texas
Instruments,
Inc.
21,990
12
Twilio,
Inc.,
Class
A
*
776
12
Tyler
Technologies,
Inc.
*
4,906
112
UiPath,
Inc.,
Class
A
*
2,213
44
Unity
Software,
Inc.
*
1,298
8
Universal
Display
Corp.
1,354
20
Vontier
Corp.
675
76
Workday,
Inc.,
Class
A
*
20,575
4
Zebra
Technologies
Corp.,
Class
A
*
948
32
Zscaler,
Inc.
*
6,321
3,470,602
Materials
–
0.8%
52
Ardagh
Metal
Packaging
SA
209
12
Avery
Dennison
Corp.
2,334
8
Axalta
Coating
Systems
Ltd.
*
252
8
Eagle
Materials,
Inc.
1,448
76
Ecolab,
Inc.
14,572
8
FMC
Corp.
429
52
Ginkgo
Bioworks
Holdings,
Inc.
*
67
64
Graphic
Packaging
Holding
Co.
1,451
16
Linde
PLC
6,620
24
PPG
Industries,
Inc.
3,408
8
RPM
International,
Inc.
823
16
Scotts
Miracle-Gro
Co.
(The)
891
32
Sealed
Air
Corp.
1,068
76
Sherwin-Williams
Co.
(The)
21,189
32
Southern
Copper
Corp.
(Mexico)
2,302
12
Vulcan
Materials
Co.
2,563
59,626
Real
Estate
–
1.1%
180
American
Tower
Corp.
REIT
37,580
68
CoStar
Group,
Inc.
*
5,647
16
Crown
Castle,
Inc.
REIT
1,877
20
Equinix,
Inc.
REIT
16,300
24
Equity
LifeStyle
Properties,
Inc.
REIT
1,707
56
Iron
Mountain,
Inc.
REIT
3,592
24
Lamar
Advertising
Co.,
Class
A
REIT
2,431
36
Public
Storage
REIT
9,315
4
SBA
Communications
Corp.
REIT
988
28
Simon
Property
Group,
Inc.
REIT
3,497
12
Sun
Communities,
Inc.
REIT
1,552
8
UDR,
Inc.
REIT
267
84,753
Utilities
–
0.1%
156
AES
Corp.
(The)
2,685
GOLDMAN
SACHS
MARKETBETA
®
 RUSSELL
1000
GROWTH
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
**End
swaps
header**
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Utilities
–
(continued)
40
Vistra
Corp.
$
1,416
4,101
TOTAL
INVESTMENTS
–
100.0%
(Cost
$8,030,946)
$
8,026,690
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.0%
2,633
NET
ASSETS
–
100.0%
$
8,029,323
  a
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
MARKETBETA
®
 RUSSELL
1000
VALUE
EQUITY
ETF
Schedule
of
Investments
November
30,
2023
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
99.9%
Communication
Services
–
4.8%
12
AMC
Entertainment
Holdings,
Inc.,
Class
A
*
$
80
1,504
AT&T,
Inc.
24,921
860
Comcast
Corp.,
Class
A
36,025
52
DISH
Network
Corp.,
Class
A
*
190
56
Electronic
Arts,
Inc.
7,729
56
Fox
Corp.,
Class
A
1,654
28
Fox
Corp.,
Class
B
775
52
Frontier
Communications
Parent,
Inc.
*
1,138
16
IAC,
Inc.
*
765
80
Interpublic
Group
of
Cos.,
Inc.
(The)
2,459
4
Liberty
Broadband
Corp.,
Class
A
*
332
20
Liberty
Broadband
Corp.,
Class
C
*
1,662
4
Liberty
Media
Corp.-Liberty
Formula
One,
Class
A
*
229
40
Liberty
Media
Corp.-Liberty
Formula
One,
Class
C
*
2,547
4
Liberty
Media
Corp.-Liberty
Live,
Class
A
*
132
8
Liberty
Media
Corp.-Liberty
Live,
Class
C
*
274
32
Liberty
Media
Corp.-Liberty
SiriusXM
*
864
16
Liberty
Media
Corp.-Liberty
SiriusXM,
Class
A
*
431
24
Live
Nation
Entertainment,
Inc.
*
2,021
4
Madison
Square
Garden
Sports
Corp.
*
677
4
Match
Group,
Inc.
*
130
32
New
York
Times
Co.
(The),
Class
A
1,504
80
News
Corp.,
Class
A
1,763
24
News
Corp.,
Class
B
553
4
Nexstar
Media
Group,
Inc.
568
40
Omnicom
Group,
Inc.
3,225
120
Paramount
Global,
Class
B
1,724
24
Roku,
Inc.
*
2,501
136
Sirius
XM
Holdings,
Inc.
636
36
Take-Two
Interactive
Software,
Inc.
*
5,695
112
T-Mobile
US,
Inc.
16,850
24
TripAdvisor,
Inc.
*
428
884
Verizon
Communications,
Inc.
33,884
384
Walt
Disney
Co.
(The)
*
35,593
464
Warner
Bros
Discovery,
Inc.
*
4,849
32
ZoomInfo
Technologies,
Inc.
*
460
195,268
Consumer
Discretionary
–
4.6%
44
ADT,
Inc.
258
12
Advance
Auto
Parts,
Inc.
609
56
Aptiv
PLC
*
4,639
48
Aramark
1,344
8
AutoNation,
Inc.
*
1,082
48
Bath
&
Body
Works,
Inc.
1,566
36
Best
Buy
Co.,
Inc.
2,554
48
BorgWarner,
Inc.
1,617
16
Boyd
Gaming
Corp.
945
12
Bright
Horizons
Family
Solutions,
Inc.
*
1,049
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Consumer
Discretionary
–
(continued)
12
Brunswick
Corp.
$
946
24
Caesars
Entertainment,
Inc.
*
1,073
24
Capri
Holdings
Ltd.
*
1,163
32
CarMax,
Inc.
*
2,046
208
Carnival
Corp.
*
3,132
8
Carter's,
Inc.
546
8
Columbia
Sportswear
Co.
627
64
D.R.
Horton,
Inc.
8,171
12
Darden
Restaurants,
Inc.
1,878
12
Dick's
Sporting
Goods,
Inc.
1,561
12
DoorDash,
Inc.,
Class
A
*
1,128
104
eBay,
Inc.
4,265
12
Etsy,
Inc.
*
910
8
Expedia
Group,
Inc.
*
1,089
824
Ford
Motor
Co.
8,454
56
GameStop
Corp.,
Class
A
*
815
40
Gap,
Inc.
(The)
803
32
Garmin
Ltd.
3,912
288
General
Motors
Co.
9,101
48
Gentex
Corp.
1,460
28
Genuine
Parts
Co.
3,718
4
Grand
Canyon
Education,
Inc.
*
547
12
H&R
Block,
Inc.
545
28
Harley-Davidson,
Inc.
840
28
Hasbro,
Inc.
1,300
28
Hilton
Worldwide
Holdings,
Inc.
4,691
8
Hyatt
Hotels
Corp.,
Class
A
918
24
Kohl's
Corp.
563
4
Las
Vegas
Sands
Corp.
185
12
Lear
Corp.
1,605
28
Leggett
&
Platt,
Inc.
640
52
Lennar
Corp.,
Class
A
6,652
4
Lennar
Corp.,
Class
B
459
4
Lithia
Motors,
Inc.
1,068
56
LKQ
Corp.
2,494
32
Lowe’s
Cos.,
Inc.
6,363
156
Lucid
Group,
Inc.
*
658
56
Macy’s,
Inc.
888
8
Marriott
Vacations
Worldwide
Corp.
583
72
Mattel,
Inc.
*
1,368
88
McDonald's
Corp.
24,802
60
MGM
Resorts
International
2,366
16
Mister
Car
Wash,
Inc.
*
116
12
Mohawk
Industries,
Inc.
*
1,060
80
Newell
Brands,
Inc.
610
116
NIKE,
Inc.,
Class
B
12,791
24
Nordstrom,
Inc.
375
68
Norwegian
Cruise
Line
Holdings
Ltd.
*
1,038
8
Ollie's
Bargain
Outlet
Holdings,
Inc.
*
586
32
Penn
Entertainment,
Inc.
*
786
4
Penske
Automotive
Group,
Inc.
597
16
Petco
Health
&
Wellness
Co.,
Inc.
*
48
8
Phinia,
Inc.
204
8
Planet
Fitness,
Inc.,
Class
A
*
544
12
Polaris,
Inc.
990
44
PulteGroup,
Inc.
3,890
12
PVH
Corp.
1,173
60
QuantumScape
Corp.
*
380
GOLDMAN
SACHS
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November
30,
2023
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Consumer
Discretionary
–
(continued)
8
Ralph
Lauren
Corp.
$
1,035
4
RH
*
1,080
140
Rivian
Automotive,
Inc.,
Class
A
*
2,346
4
Ross
Stores,
Inc.
522
36
Royal
Caribbean
Cruises
Ltd.
*
3,869
20
Service
Corp.
International
1,225
24
Skechers
USA,
Inc.,
Class
A
*
1,414
48
Tapestry,
Inc.
1,520
28
Tempur
Sealy
International,
Inc.
1,129
12
Thor
Industries,
Inc.
1,189
24
Toll
Brothers,
Inc.
2,061
8
TopBuild
Corp.
*
2,366
8
Travel
+
Leisure
Co.
285
40
Under
Armour,
Inc.,
Class
A
*
326
44
Under
Armour,
Inc.,
Class
C
*
337
8
Vail
Resorts,
Inc.
1,739
24
Valvoline,
Inc.
822
72
VF
Corp.
1,205
8
Victoria's
Secret
&
Co.
*
216
12
Wayfair,
Inc.,
Class
A
*
670
12
Whirlpool
Corp.
1,307
12
Williams-Sonoma,
Inc.
2,250
16
Wyndham
Hotels
&
Resorts,
Inc.
1,237
20
Wynn
Resorts
Ltd.
1,688
8
Yum!
Brands,
Inc.
1,004
190,026
Consumer
Staples
–
8.2%
80
Albertsons
Cos.,
Inc.,
Class
A
1,742
376
Altria
Group,
Inc.
15,807
112
Archer-Daniels-Midland
Co.
8,258
20
BJ's
Wholesale
Club
Holdings,
Inc.
*
1,292
4
Brown-Forman
Corp.,
Class
A
241
8
Brown-Forman
Corp.,
Class
B
470
32
Bunge
Global
SA
3,516
40
Campbell
Soup
Co.
1,607
8
Casey's
General
Stores,
Inc.
2,203
4
Church
&
Dwight
Co.,
Inc.
387
412
Coca-Cola
Co.
(The)
24,077
172
Colgate-Palmolive
Co.
13,548
100
Conagra
Brands,
Inc.
2,829
32
Constellation
Brands,
Inc.,
Class
A
7,696
76
Coty,
Inc.,
Class
A
*
866
32
Darling
Ingredients,
Inc.
*
1,404
44
Dollar
Tree,
Inc.
*
5,438
32
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
4,086
40
Flowers
Foods,
Inc.
832
8
Freshpet,
Inc.
*
568
124
General
Mills,
Inc.
7,894
20
Grocery
Outlet
Holding
Corp.
*
564
8
Hershey
Co.
(The)
1,503
60
Hormel
Foods
Corp.
1,835
12
Ingredion,
Inc.
1,230
20
J
M
Smucker
Co.
(The)
2,195
56
Kellanova
2,942
240
Kenvue,
Inc.
4,906
200
Keurig
Dr
Pepper,
Inc.
6,314
4
Kimberly-Clark
Corp.
495
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Consumer
Staples
–
(continued)
168
Kraft
Heinz
Co.
(The)
$
5,898
136
Kroger
Co.
(The)
6,021
52
McCormick
&
Co.,
Inc.
3,371
36
Molson
Coors
Beverage
Co.,
Class
B
2,215
284
Mondelez
International,
Inc.,
Class
A
20,181
28
Olaplex
Holdings,
Inc.
*
61
88
PepsiCo,
Inc.
14,810
16
Performance
Food
Group
Co.
*
1,041
328
Philip
Morris
International,
Inc.
30,622
8
Pilgrim's
Pride
Corp.
*
204
12
Post
Holdings,
Inc.
*
1,025
400
Procter &
Gamble
Co.
(The)
61,408
12
Reynolds
Consumer
Products,
Inc.
315
8
Spectrum
Brands
Holdings,
Inc.
555
60
Tyson
Foods,
Inc.,
Class
A
2,810
48
US
Foods
Holding
Corp.
*
2,104
152
Walgreens
Boots
Alliance,
Inc.
3,031
300
Walmart,
Inc.
46,707
12
WK
Kellogg
Co.
134
329,258
Energy
–
8.3%
48
Antero
Midstream
Corp.
639
60
Antero
Resources
Corp.
*
1,418
8
APA
Corp.
288
212
Baker
Hughes
Co.
7,155
28
Chesapeake
Energy
Corp.
2,249
372
Chevron
Corp.
53,419
256
ConocoPhillips
29,586
156
Coterra
Energy,
Inc.
4,095
136
Devon
Energy
Corp.
6,116
40
Diamondback
Energy,
Inc.
6,176
20
DT
Midstream,
Inc.
1,146
124
EOG
Resources,
Inc.
15,261
76
EQT
Corp.
3,037
852
Exxon
Mobil
Corp.
87,534
152
Halliburton
Co.
5,629
24
Hess
Corp.
3,373
28
HF
Sinclair
Corp.
1,469
412
Kinder
Morgan,
Inc.
7,239
132
Marathon
Oil
Corp.
3,357
88
Marathon
Petroleum
Corp.
13,129
84
NOV,
Inc.
1,581
148
Occidental
Petroleum
Corp.
8,754
88
ONEOK,
Inc.
6,059
32
Ovintiv,
Inc.
1,419
96
Phillips
66
12,373
48
Pioneer
Natural
Resources
Co.
11,119
48
Range
Resources
Corp.
1,560
300
Schlumberger
NV
15,612
232
Southwestern
Energy
Co.
*
1,529
92
TechnipFMC
PLC
(United
Kingdom)
1,906
72
Valero
Energy
Corp.
9,026
256
Williams
Cos.,
Inc.
(The)
9,418
332,671
GOLDMAN
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November
30,
2023
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Financials
–
21.8%
8
Affiliated
Managers
Group,
Inc.
$
1,084
44
Affirm
Holdings,
Inc.
*
1,514
128
Aflac,
Inc.
10,587
124
AGNC
Investment
Corp.
REIT
1,094
56
Allstate
Corp.
(The)
7,721
56
Ally
Financial,
Inc.
1,636
84
American
Express
Co.
14,345
16
American
Financial
Group,
Inc.
1,830
152
American
International
Group,
Inc.
10,003
104
Annaly
Capital
Management,
Inc.
REIT
1,879
44
Aon
PLC,
Class
A
14,454
64
Arch
Capital
Group
Ltd.
*
5,356
40
Arthur
J
Gallagher
&
Co.
9,960
12
Assurant,
Inc.
2,016
12
Assured
Guaranty
Ltd.
815
16
Axis
Capital
Holdings
Ltd.
901
1,464
Bank
of
America
Corp.
44,637
164
Bank
of
New
York
Mellon
Corp.
(The)
7,924
24
Bank
OZK
1,005
384
Berkshire
Hathaway,
Inc.,
Class
B
*
138,240
32
BlackRock,
Inc.
24,039
72
Block,
Inc.
*
4,567
80
Blue
Owl
Capital,
Inc.
1,078
4
BOK
Financial
Corp.
287
12
Brighthouse
Financial,
Inc.
*
624
32
Brown
&
Brown,
Inc.
2,392
80
Capital
One
Financial
Corp.
8,933
44
Carlyle
Group,
Inc.
(The)
1,508
24
Cboe
Global
Markets,
Inc.
4,373
312
Charles
Schwab
Corp.
(The)
19,132
88
Chubb
Ltd.
20,190
32
Cincinnati
Financial
Corp.
3,289
408
Citigroup,
Inc.
18,809
100
Citizens
Financial
Group,
Inc.
2,727
76
CME
Group,
Inc.
16,595
4
CNA
Financial
Corp.
169
36
Coinbase
Global,
Inc.,
Class
A
*
4,490
44
Columbia
Banking
System,
Inc.
987
28
Comerica,
Inc.
1,266
24
Commerce
Bancshares,
Inc.
1,214
40
Corebridge
Financial,
Inc.
841
12
Cullen/Frost
Bankers,
Inc.
1,179
52
Discover
Financial
Services
4,836
28
East
West
Bancorp,
Inc.
1,762
4
Euronet
Worldwide,
Inc.
*
349
8
Evercore,
Inc.,
Class
A
1,180
8
Everest
Group
Ltd.
3,284
56
Fidelity
National
Financial,
Inc.
2,511
124
Fidelity
National
Information
Services,
Inc.
7,271
144
Fifth
Third
Bancorp
4,169
20
First
American
Financial
Corp.
1,192
4
First
Citizens
BancShares,
Inc.,
Class
A
5,872
28
First
Hawaiian,
Inc.
550
116
First
Horizon
Corp.
1,484
92
Fiserv,
Inc.
*
12,016
76
FNB
Corp.
911
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Financials
–
(continued)
60
Franklin
Resources,
Inc.
$
1,488
56
Global
Payments,
Inc.
6,521
20
Globe
Life,
Inc.
2,463
68
Goldman
Sachs
Group,
Inc.
(The)
23,225
8
Hanover
Insurance
Group,
Inc.
(The)
994
64
Hartford
Financial
Services
Group,
Inc.
(The)
5,002
8
Houlihan
Lokey,
Inc.
862
304
Huntington
Bancshares,
Inc.
3,423
20
Interactive
Brokers
Group,
Inc.,
Class
A
1,557
120
Intercontinental
Exchange,
Inc.
13,661
76
Invesco
Ltd.
1,085
12
Jack
Henry
&
Associates,
Inc.
1,904
28
Janus
Henderson
Group
PLC
733
40
Jefferies
Financial
Group,
Inc.
1,418
608
JPMorgan
Chase &
Co.
94,897
12
Kemper
Corp.
531
196
KeyCorp
2,428
104
KKR
&
Co.,
Inc.
7,887
24
Lazard
Ltd.,
Class
A
720
32
Lincoln
National
Corp.
761
40
Loews
Corp.
2,812
36
M&T
Bank
Corp.
4,614
4
Markel
Group,
Inc.
*
5,756
20
Marsh
&
McLennan
Cos.,
Inc.
3,988
136
MetLife,
Inc.
8,654
60
MGIC
Investment
Corp.
1,055
4
Moody's
Corp.
1,460
252
Morgan
Stanley
19,994
8
MSCI,
Inc.
4,167
72
Nasdaq,
Inc.
4,021
12
NCR
Atleos
Corp.
*
267
148
New
York
Community
Bancorp,
Inc.
1,393
44
Northern
Trust
Corp.
3,487
152
NU
Holdings
Ltd.,
Class
A
(Brazil)
*
1,237
56
Old
Republic
International
Corp.
1,641
24
OneMain
Holdings,
Inc.
1,015
24
PayPal
Holdings,
Inc.
*
1,383
16
Pinnacle
Financial
Partners,
Inc.
1,161
84
PNC
Financial
Services
Group,
Inc.
(The)
11,253
16
Popular,
Inc.
(Puerto
Rico)
1,181
4
Primerica,
Inc.
838
52
Principal
Financial
Group,
Inc.
3,839
32
Progressive
Corp.
(The)
5,249
20
Prosperity
Bancshares,
Inc.
1,206
76
Prudential
Financial,
Inc.
7,431
40
Raymond
James
Financial,
Inc.
4,206
196
Regions
Financial
Corp.
3,269
12
Reinsurance
Group
of
America,
Inc.
1,957
8
RenaissanceRe
Holdings
Ltd.
(Bermuda)
1,715
100
Rithm
Capital
Corp.
REIT
1,038
8
RLI
Corp.
1,085
140
Robinhood
Markets,
Inc.,
Class
A
*
1,232
16
Rocket
Cos.,
Inc.,
Class
A
*
149
60
S&P
Global,
Inc.
24,950
20
SEI
Investments
Co.
1,173
GOLDMAN
SACHS
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November
30,
2023
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Financials
–
(continued)
28
SLM
Corp.
$
421
192
SoFi
Technologies,
Inc.
*
1,400
60
Starwood
Property
Trust,
Inc.
REIT
1,192
68
State
Street
Corp.
4,952
20
Stifel
Financial
Corp.
1,220
88
Synchrony
Financial
2,848
32
Synovus
Financial
Corp.
985
48
T.
Rowe
Price
Group,
Inc.
4,806
12
TFS
Financial
Corp.
159
8
TPG,
Inc.
280
16
Tradeweb
Markets,
Inc.,
Class
A
1,550
48
Travelers
Cos.,
Inc.
(The)
8,670
280
Truist
Financial
Corp.
8,999
40
Unum
Group
1,720
320
US
Bancorp
12,198
12
UWM
Holdings
Corp.
65
20
Virtu
Financial,
Inc.,
Class
A
360
20
Voya
Financial,
Inc.
1,430
44
W
R
Berkley
Corp.
3,192
36
Webster
Financial
Corp.
1,615
772
Wells
Fargo &
Co.
34,424
24
Western
Alliance
Bancorp
1,229
68
Western
Union
Co.
(The)
791
4
WEX,
Inc.
*
706
20
Willis
Towers
Watson
PLC
4,926
12
Wintrust
Financial
Corp.
1,028
64
XP,
Inc.,
Class
A
(Brazil)
1,491
32
Zions
Bancorp
NA
1,140
878,310
Health
Care
–
14.8%
340
Abbott
Laboratories
35,459
20
Acadia
Healthcare
Co.,
Inc.
*
1,460
12
Agilent
Technologies,
Inc.
1,534
8
agilon
health,
Inc.
*
85
4
Alnylam
Pharmaceuticals,
Inc.
*
673
8
Amedisys,
Inc.
*
749
36
Amgen,
Inc.
9,707
140
Avantor,
Inc.
*
2,965
12
Azenta,
Inc.
*
676
108
Baxter
International,
Inc.
3,897
60
Becton
Dickinson
&
Co.
14,171
32
Biogen,
Inc.
*
7,491
36
BioMarin
Pharmaceutical,
Inc.
*
3,279
4
Bio-Rad
Laboratories,
Inc.,
Class
A
*
1,220
300
Boston
Scientific
Corp.
*
16,767
440
Bristol-Myers
Squibb
Co.
21,727
28
Cardinal
Health,
Inc.
2,998
36
Catalent,
Inc.
*
1,399
112
Centene
Corp.
*
8,252
16
Certara,
Inc.
*
231
12
Charles
River
Laboratories
International,
Inc.
*
2,365
56
Cigna
Group
(The)
14,721
12
Cooper
Cos.,
Inc.
(The)
4,043
268
CVS
Health
Corp.
18,211
140
Danaher
Corp.
31,263
44
DENTSPLY
SIRONA,
Inc.
1,397
16
Doximity,
Inc.,
Class
A
*
372
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Health
Care
–
(continued)
104
Elanco
Animal
Health,
Inc.
*
$
1,225
44
Elevance
Health,
Inc.
21,098
20
Encompass
Health
Corp.
1,303
12
Enovis
Corp.
*
593
36
Envista
Holdings
Corp.
*
817
24
Exact
Sciences
Corp.
*
1,536
16
Exelixis,
Inc.
*
349
20
Fortrea
Holdings,
Inc.
*
589
76
GE
HealthCare
Technologies,
Inc.
5,203
264
Gilead
Sciences,
Inc.
20,222
16
Globus
Medical,
Inc.,
Class
A
*
719
36
HCA
Healthcare,
Inc.
9,017
28
Henry
Schein,
Inc.
*
1,868
52
Hologic,
Inc.
*
3,708
16
Humana,
Inc.
7,758
16
ICON
PLC
*
4,271
4
ICU
Medical,
Inc.
*
351
24
Illumina,
Inc.
*
2,447
12
Incyte
Corp.
*
652
16
Integra
LifeSciences
Holdings
Corp.
*
627
4
Ionis
Pharmaceuticals,
Inc.
*
198
4
IQVIA
Holdings,
Inc.
*
856
8
Jazz
Pharmaceuticals
PLC
*
946
508
Johnson &
Johnson
78,567
20
Laboratory
Corp.
of
America
Holdings
4,338
8
Maravai
LifeSciences
Holdings,
Inc.,
Class
A
*
41
16
McKesson
Corp.
7,529
280
Medtronic
PLC
22,196
436
Merck &
Co.,
Inc.
44,681
8
Mirati
Therapeutics,
Inc.
*
454
68
Moderna,
Inc.
*
5,284
4
Molina
Healthcare,
Inc.
*
1,462
52
Organon
&
Co.
589
28
Perrigo
Co.
PLC
853
1,188
Pfizer,
Inc.
36,198
24
Premier,
Inc.,
Class
A
494
48
QIAGEN
NV
*
1,976
24
Quest
Diagnostics,
Inc.
3,293
12
QuidelOrtho
Corp.
*
825
32
R1
RCM,
Inc.
*
339
20
Regeneron
Pharmaceuticals,
Inc.
*
16,476
8
Repligen
Corp.
*
1,258
28
Revvity,
Inc.
2,489
4
Roivant
Sciences
Ltd.
*
38
76
Royalty
Pharma
PLC,
Class
A
2,057
8
Sotera
Health
Co.
*
109
20
STERIS
PLC
4,019
56
Stryker
Corp.
16,594
12
Tandem
Diabetes
Care,
Inc.
*
243
36
Teladoc
Health,
Inc.
*
653
8
Teleflex,
Inc.
1,805
20
Tenet
Healthcare
Corp.
*
1,380
32
Thermo
Fisher
Scientific,
Inc.
15,864
8
United
Therapeutics
Corp.
*
1,920
32
UnitedHealth
Group,
Inc.
17,695
12
Universal
Health
Services,
Inc.,
Class
B
1,650
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Common
Stocks
–
(continued)
Health
Care
–
(continued)
4
Vertex
Pharmaceuticals,
Inc.
*
$
1,419
252
Viatris,
Inc.
2,313
44
Zimmer
Biomet
Holdings,
Inc.
5,118
595,684
Industrials
–
13.7%
116
3M
Co.
11,492
24
A
O
Smith
Corp.
1,809
8
Acuity
Brands,
Inc.
1,434
28
AECOM
2,488
12
AGCO
Corp.
1,362
20
Air
Lease
Corp.
776
28
Alaska
Air
Group,
Inc.
*
1,059
16
Allison
Transmission
Holdings,
Inc.
856
84
American
Airlines
Group,
Inc.
*
1,044
48
AMETEK,
Inc.
7,451
8
Armstrong
World
Industries,
Inc.
678
12
Automatic
Data
Processing,
Inc.
2,759
4
Avis
Budget
Group,
Inc.
*
731
28
AZEK
Co.,
Inc.
(The)
*
966
100
Boeing
Co.
(The)
*
23,163
4
Broadridge
Financial
Solutions,
Inc.
775
28
Builders
FirstSource,
Inc.
*
3,755
16
BWX
Technologies,
Inc.
1,249
4
C.H.
Robinson
Worldwide,
Inc.
328
4
CACI
International,
Inc.,
Class
A
*
1,284
12
Carlisle
Cos.,
Inc.
3,365
176
Carrier
Global
Corp.
9,145
28
Caterpillar,
Inc.
7,020
28
Ceridian
HCM
Holding,
Inc.
*
1,929
4
Cintas
Corp.
2,213
100
Clarivate
PLC
*
776
12
Clean
Harbors,
Inc.
*
1,940
204
CNH
Industrial
NV
(United
Kingdom)
2,191
8
Concentrix
Corp.
752
28
Core
&
Main,
Inc.,
Class
A
*
981
12
Crane
Co.
1,268
376
CSX
Corp.
12,145
28
Cummins,
Inc.
6,276
8
Curtiss-Wright
Corp.
1,711
4
Deere
&
Co.
1,458
128
Delta
Air
Lines,
Inc.
4,727
16
Donaldson
Co.,
Inc.
973
28
Dover
Corp.
3,952
12
Driven
Brands
Holdings,
Inc.
*
158
56
Dun
&
Bradstreet
Holdings,
Inc.
593
84
Eaton
Corp.
PLC
19,126
8
EMCOR
Group,
Inc.
1,700
120
Emerson
Electric
Co.
10,668
8
Equifax,
Inc.
1,742
12
Esab
Corp.
926
28
Expeditors
International
of
Washington,
Inc.
3,370
32
Fastenal
Co.
1,919
48
FedEx
Corp.
12,424
40
Ferguson
PLC
6,854
28
Flowserve
Corp.
1,071
76
Fortive
Corp.
5,242
28
Fortune
Brands
Innovations,
Inc.
1,916
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Industrials
–
(continued)
4
FTI
Consulting,
Inc.
*
$
882
24
Gates
Industrial
Corp.
PLC
*
294
12
Generac
Holdings,
Inc.
*
1,405
52
General
Dynamics
Corp.
12,842
228
General
Electric
Co.
27,770
28
Genpact
Ltd.
951
20
Graco,
Inc.
1,616
24
GXO
Logistics,
Inc.
*
1,350
28
Hayward
Holdings,
Inc.
*
330
28
Hertz
Global
Holdings,
Inc.
*
234
16
Hexcel
Corp.
1,109
120
Honeywell
International,
Inc.
23,510
80
Howmet
Aerospace,
Inc.
4,208
8
Hubbell,
Inc.
2,400
8
Huntington
Ingalls
Industries,
Inc.
1,896
16
IDEX
Corp.
3,227
12
Illinois
Tool
Works,
Inc.
2,907
84
Ingersoll
Rand,
Inc.
6,000
16
ITT,
Inc.
1,732
12
J.B.
Hunt
Transport
Services,
Inc.
2,223
28
Jacobs
Solutions,
Inc.
3,561
144
Johnson
Controls
International
PLC
7,603
20
KBR,
Inc.
1,033
12
Kirby
Corp.
*
921
32
Knight-Swift
Transportation
Holdings,
Inc.
1,721
40
L3Harris
Technologies,
Inc.
7,632
28
Leidos
Holdings,
Inc.
3,005
8
Lennox
International,
Inc.
3,253
12
ManpowerGroup,
Inc.
891
48
Masco
Corp.
2,906
12
MasTec,
Inc.
*
728
44
MDU
Resources
Group,
Inc.
842
12
Mercury
Systems,
Inc.
*
412
12
Middleby
Corp.
(The)
*
1,515
8
MSA
Safety,
Inc.
1,393
8
MSC
Industrial
Direct
Co.,
Inc.,
Class
A
779
12
Nordson
Corp.
2,824
48
Norfolk
Southern
Corp.
10,472
28
Northrop
Grumman
Corp.
13,305
36
nVent
Electric
PLC
1,917
12
Oshkosh
Corp.
1,168
80
Otis
Worldwide
Corp.
6,863
20
Owens
Corning
2,712
108
PACCAR,
Inc.
9,917
28
Parker-Hannifin
Corp.
12,129
8
Paycor
HCM,
Inc.
*
170
36
Pentair
PLC
2,323
112
Plug
Power,
Inc.
*
453
24
Quanta
Services,
Inc.
4,519
8
RB
Global,
Inc.
(Canada)
509
4
RBC
Bearings,
Inc.
*
1,031
12
Regal
Rexnord
Corp.
1,438
44
Republic
Services,
Inc.
7,121
24
Robert
Half,
Inc.
1,968
308
RTX
Corp.
25,096
8
Ryder
System,
Inc.
857
4
Saia,
Inc.
*
1,562
12
Schneider
National,
Inc.,
Class
B
276
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Stocks
–
(continued)
Industrials
–
(continued)
12
Science
Applications
International
Corp.
$
1,409
32
Sensata
Technologies
Holding
PLC
1,040
8
SiteOne
Landscape
Supply,
Inc.
*
1,127
12
Snap-on,
Inc.
3,296
124
Southwest
Airlines
Co.
3,171
20
Spirit
AeroSystems
Holdings,
Inc.,
Class
A
*
550
44
SS&C
Technologies
Holdings,
Inc.
2,475
32
Stanley
Black
&
Decker,
Inc.
2,909
20
Stericycle,
Inc.
*
939
44
Sunrun,
Inc.
*
568
8
Tetra
Tech,
Inc.
1,265
40
Textron,
Inc.
3,066
12
Timken
Co.
(The)
869
32
Trane
Technologies
PLC
7,213
8
TransDigm
Group,
Inc.
7,703
40
TransUnion
2,349
12
U-Haul
Holding
Co.
650
72
Union
Pacific
Corp.
16,219
68
United
Airlines
Holdings,
Inc.
*
2,679
112
United
Parcel
Service,
Inc.,
Class
B
16,980
12
United
Rentals,
Inc.
5,712
4
Valmont
Industries,
Inc.
878
48
Veralto
Corp.
*
3,708
68
Vertiv
Holdings
Co.,
Class
A
*
2,969
24
Vestis
Corp.
*
439
8
Waste
Management,
Inc.
1,368
4
Watsco,
Inc.
1,529
8
WESCO
International,
Inc.
1,247
36
Westinghouse
Air
Brake
Technologies
Corp.
4,196
32
WillScot
Mobile
Mini
Holdings
Corp.
*
1,335
12
Woodward,
Inc.
1,622
24
XPO,
Inc.
*
2,071
44
Xylem,
Inc.
4,626
547,878
Information
Technology
–
9.2%
144
Advanced
Micro
Devices,
Inc.
*
17,447
32
Akamai
Technologies,
Inc.
*
3,697
24
Amdocs
Ltd.
2,010
60
Amphenol
Corp.,
Class
A
5,459
108
Analog
Devices,
Inc.
19,805
4
ANSYS,
Inc.
*
1,173
28
Applied
Materials,
Inc.
4,194
32
AppLovin
Corp.,
Class
A
*
1,199
12
Arrow
Electronics,
Inc.
*
1,423
4
Aspen
Technology,
Inc.
*
753
20
Avnet,
Inc.
935
4
Bentley
Systems,
Inc.,
Class
B
208
20
BILL
Holdings,
Inc.
*
1,309
44
CCC
Intelligent
Solutions
Holdings,
Inc.
*
514
32
Ciena
Corp.
*
1,467
12
Cirrus
Logic,
Inc.
*
911
860
Cisco
Systems,
Inc.
41,607
36
Cognex
Corp.
1,357
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
108
Cognizant
Technology
Solutions
Corp.,
Class
A
$
7,601
24
Coherent
Corp.
*
883
160
Corning,
Inc.
4,558
12
Crane
NXT
Co.
618
12
Dolby
Laboratories,
Inc.,
Class
A
1,034
8
Dropbox,
Inc.,
Class
A
*
225
44
DXC
Technology
Co.
*
1,018
28
Entegris,
Inc.
2,923
12
F5,
Inc.
*
2,054
24
First
Solar,
Inc.
*
3,787
100
Gen
Digital,
Inc.
2,208
16
GLOBALFOUNDRIES,
Inc.
*
859
12
GoDaddy,
Inc.,
Class
A
*
1,201
16
Guidewire
Software,
Inc.
*
1,599
8
HashiCorp,
Inc.,
Class
A
*
171
272
Hewlett
Packard
Enterprise
Co.
4,600
144
HP,
Inc.
4,225
8
Informatica,
Inc.,
Class
A
*
201
876
Intel
Corp.
39,157
192
International
Business
Machines
Corp.
30,444
8
IPG
Photonics
Corp.
*
766
8
Jabil,
Inc.
923
68
Juniper
Networks,
Inc.
1,935
28
Keysight
Technologies,
Inc.
*
3,805
48
Kyndryl
Holdings,
Inc.
*
865
4
Littelfuse,
Inc.
931
16
Lumentum
Holdings,
Inc.
*
685
180
Marvell
Technology,
Inc.
10,031
32
Microchip
Technology,
Inc.
2,670
228
Micron
Technology,
Inc.
17,355
12
MKS
Instruments,
Inc.
991
4
Motorola
Solutions,
Inc.
1,292
12
nCino,
Inc.
*
332
28
NCR
Voyix
Corp.
*
439
28
NetApp,
Inc.
2,559
36
Nutanix,
Inc.,
Class
A
*
1,551
28
Okta,
Inc.
*
1,877
92
ON
Semiconductor
Corp.
*
6,562
188
Oracle
Corp.
21,848
12
PTC,
Inc.
*
1,888
12
Pure
Storage,
Inc.,
Class
A
*
400
20
Qorvo,
Inc.
*
1,930
32
QUALCOMM,
Inc.
4,130
24
Roper
Technologies,
Inc.
12,918
48
Salesforce,
Inc.
*
12,091
40
SentinelOne,
Inc.,
Class
A
*
764
32
Skyworks
Solutions,
Inc.
3,102
8
TD
SYNNEX
Corp.
789
8
Teledyne
Technologies,
Inc.
*
3,224
4
Teradyne,
Inc.
369
112
Texas
Instruments,
Inc.
17,104
52
Trimble,
Inc.
*
2,413
28
Twilio,
Inc.,
Class
A
*
1,811
4
Tyler
Technologies,
Inc.
*
1,635
20
UiPath,
Inc.,
Class
A
*
395
36
Unity
Software,
Inc.
*
1,062
4
Universal
Display
Corp.
677
16
VeriSign,
Inc.
*
3,395
GOLDMAN
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Stocks
–
(continued)
Information
Technology
–
(continued)
24
Viasat,
Inc.
*
$
491
20
Vontier
Corp.
675
68
Western
Digital
Corp.
*
3,285
28
Wolfspeed,
Inc.
*
1,032
8
Zebra
Technologies
Corp.,
Class
A
*
1,896
52
Zoom
Video
Communications,
Inc.,
Class
A
*
3,527
373,254
Materials
–
4.8%
48
Air
Products
and
Chemicals,
Inc.
12,986
24
Albemarle
Corp.
2,910
36
Alcoa
Corp.
967
312
Amcor
PLC
2,958
12
AptarGroup,
Inc.
1,523
4
Ardagh
Metal
Packaging
SA
16
8
Ashland,
Inc.
639
12
Avery
Dennison
Corp.
2,334
40
Axalta
Coating
Systems
Ltd.
*
1,259
64
Ball
Corp.
3,539
24
Berry
Global
Group,
Inc.
1,587
20
Celanese
Corp.
2,773
40
CF
Industries
Holdings,
Inc.
3,006
32
Chemours
Co.
(The)
878
108
Cleveland-Cliffs,
Inc.
*
1,853
148
Corteva,
Inc.
6,690
24
Crown
Holdings,
Inc.
2,064
148
Dow,
Inc.
7,659
96
DuPont
de
Nemours,
Inc.
6,868
4
Eagle
Materials,
Inc.
724
24
Eastman
Chemical
Co.
2,012
12
Ecolab,
Inc.
2,301
48
Element
Solutions,
Inc.
1,006
24
FMC
Corp.
1,288
300
Freeport-McMoRan,
Inc.
11,196
292
Ginkgo
Bioworks
Holdings,
Inc.
*
377
28
Graphic
Packaging
Holding
Co.
635
36
Huntsman
Corp.
886
52
International
Flavors
&
Fragrances,
Inc.
3,920
72
International
Paper
Co.
2,660
92
Linde
PLC
38,067
12
Louisiana-Pacific
Corp.
732
56
LyondellBasell
Industries
NV,
Class
A
5,326
12
Martin
Marietta
Materials,
Inc.
5,575
68
Mosaic
Co.
(The)
2,440
20
MP
Materials
Corp.
*
317
244
Newmont
Corp.
9,806
52
Nucor
Corp.
8,838
28
Olin
Corp.
1,320
20
Packaging
Corp.
of
America
3,360
36
PPG
Industries,
Inc.
5,112
12
Reliance
Steel
&
Aluminum
Co.
3,303
12
Royal
Gold,
Inc.
1,462
20
RPM
International,
Inc.
2,059
12
Sealed
Air
Corp.
401
8
Sherwin-Williams
Co.
(The)
2,230
16
Silgan
Holdings,
Inc.
667
20
Sonoco
Products
Co.
1,103
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Materials
–
(continued)
44
SSR
Mining,
Inc.
(Canada)
$
519
32
Steel
Dynamics,
Inc.
3,812
48
United
States
Steel
Corp.
1,723
20
Vulcan
Materials
Co.
4,271
8
Westlake
Corp.
1,027
52
Westrock
Co.
2,141
195,125
Real
Estate
–
4.7%
20
Agree
Realty
Corp.
REIT
1,184
36
Alexandria
Real
Estate
Equities,
Inc.
REIT
3,938
68
American
Homes
4
Rent,
Class
A
REIT
2,466
56
Americold
Realty
Trust,
Inc.
REIT
1,581
32
Apartment
Income
REIT
Corp.
REIT
996
28
AvalonBay
Communities,
Inc.
REIT
4,842
32
Boston
Properties,
Inc.
REIT
1,822
64
Brixmor
Property
Group,
Inc.
REIT
1,377
20
Camden
Property
Trust
REIT
1,805
64
CBRE
Group,
Inc.,
Class
A
*
5,053
48
CoStar
Group,
Inc.
*
3,986
32
Cousins
Properties,
Inc.
REIT
657
80
Crown
Castle,
Inc.
REIT
9,382
48
CubeSmart
REIT
1,908
64
Digital
Realty
Trust,
Inc.
REIT
8,882
8
EastGroup
Properties,
Inc.
REIT
1,390
16
EPR
Properties
REIT
714
8
Equinix,
Inc.
REIT
6,520
24
Equity
LifeStyle
Properties,
Inc.
REIT
1,706
80
Equity
Residential
REIT
4,547
12
Essex
Property
Trust,
Inc.
REIT
2,562
44
Extra
Space
Storage,
Inc.
REIT
5,728
16
Federal
Realty
Investment
Trust
REIT
1,529
28
First
Industrial
Realty
Trust,
Inc.
REIT
1,317
52
Gaming
and
Leisure
Properties,
Inc.
REIT
2,430
80
Healthcare
Realty
Trust,
Inc.
REIT
1,222
116
Healthpeak
Properties,
Inc.
REIT
2,009
20
Highwoods
Properties,
Inc.
REIT
379
148
Host
Hotels
&
Resorts,
Inc.
REIT
2,586
8
Howard
Hughes
Holdings,
Inc.
*
588
128
Invitation
Homes,
Inc.
REIT
4,270
32
Iron
Mountain,
Inc.
REIT
2,053
8
Jones
Lang
LaSalle,
Inc.
*
1,244
24
Kilroy
Realty
Corp.
REIT
792
128
Kimco
Realty
Corp.
REIT
2,473
4
Lamar
Advertising
Co.,
Class
A
REIT
405
124
Medical
Properties
Trust,
Inc.
REIT
601
24
Mid-America
Apartment
Communities,
Inc.
REIT
2,988
16
National
Storage
Affiliates
Trust
REIT
531
4
NET
Lease
Office
Properties
REIT
*
65
GOLDMAN
SACHS
MARKETBETA
®
 RUSSELL
1000
VALUE
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
**End
swaps
header**
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Real
Estate
–
(continued)
40
NNN
REIT,
Inc.
REIT
$
1,625
48
Omega
Healthcare
Investors,
Inc.
REIT
1,524
44
Park
Hotels
&
Resorts,
Inc.
REIT
653
192
Prologis,
Inc.
REIT
22,067
12
Public
Storage
REIT
3,105
32
Rayonier,
Inc.
REIT
982
140
Realty
Income
Corp.
REIT
7,554
36
Regency
Centers
Corp.
REIT
2,260
44
Rexford
Industrial
Realty,
Inc.
REIT
2,166
20
SBA
Communications
Corp.
REIT
4,939
52
Simon
Property
Group,
Inc.
REIT
6,494
28
Spirit
Realty
Capital,
Inc.
REIT
1,156
36
STAG
Industrial,
Inc.
REIT
1,291
20
Sun
Communities,
Inc.
REIT
2,587
64
UDR,
Inc.
REIT
2,138
84
Ventas,
Inc.
REIT
3,851
212
VICI
Properties,
Inc.
REIT
6,337
36
Vornado
Realty
Trust
REIT
847
44
W.P.
Carey,
Inc.
REIT
2,739
108
Welltower,
Inc.
REIT
9,623
152
Weyerhaeuser
Co.
REIT
4,765
12
Zillow
Group,
Inc.,
Class
A
*
473
32
Zillow
Group,
Inc.,
Class
C
*
1,310
191,014
Utilities
–
5.0%
56
AES
Corp.
(The)
964
52
Alliant
Energy
Corp.
2,630
56
Ameren
Corp.
4,345
108
American
Electric
Power
Co.,
Inc.
8,591
40
American
Water
Works
Co.,
Inc.
5,274
32
Atmos
Energy
Corp.
3,642
16
Avangrid,
Inc.
494
28
Brookfield
Renewable
Corp.,
Class
A
743
132
CenterPoint
Energy,
Inc.
3,732
8
Clearway
Energy,
Inc.,
Class
A
189
16
Clearway
Energy,
Inc.,
Class
C
400
60
CMS
Energy
Corp.
3,406
72
Consolidated
Edison,
Inc.
6,488
68
Constellation
Energy
Corp.
8,231
176
Dominion
Energy,
Inc.
7,980
44
DTE
Energy
Co.
4,581
160
Duke
Energy
Corp.
14,765
80
Edison
International
5,359
44
Entergy
Corp.
4,462
52
Essential
Utilities,
Inc.
1,852
48
Evergy,
Inc.
2,450
72
Eversource
Energy
4,277
208
Exelon
Corp.
8,010
116
FirstEnergy
Corp.
4,285
24
Hawaiian
Electric
Industries,
Inc.
292
12
IDACORP,
Inc.
1,158
20
National
Fuel
Gas
Co.
1,016
424
NextEra
Energy,
Inc.
24,808
88
NiSource,
Inc.
2,256
48
NRG
Energy,
Inc.
2,296
40
OGE
Energy
Corp.
1,402
420
PG&E
Corp.
*
7,211
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Utilities
–
(continued)
24
Pinnacle
West
Capital
Corp.
$
1,799
156
PPL
Corp.
4,075
104
Public
Service
Enterprise
Group,
Inc.
6,493
132
Sempra
9,619
228
Southern
Co.
(The)
16,183
44
UGI
Corp.
967
56
Vistra
Corp.
1,983
68
WEC
Energy
Group,
Inc.
5,686
116
Xcel
Energy,
Inc.
7,057
201,451
TOTAL
INVESTMENTS
–
99.9%
(Cost
$3,985,730)
$
4,029,939
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.1%
2,555
NET
ASSETS
–
100.0%
$
4,032,494
  a
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
MARKETBETA
®
U.S.
EQUITY
ETF
Schedule
of
Investments
November
30,
2023
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
99.6%
Communication
Services
–
8.8%
254,840
Alphabet,
Inc.,
Class
A*
$
33,773,945
221,388
Alphabet,
Inc.,
Class
C*
29,648,281
306,553
AT&T,
Inc.
5,079,583
4,258
Charter
Communications,
Inc.,
Class
A*
1,703,753
174,889
Comcast
Corp.,
Class
A
7,326,100
11,599
Electronic
Arts,
Inc.
1,600,778
10,653
Fox
Corp.,
Class
A
314,689
5,656
Fox
Corp.,
Class
B
156,445
633
Liberty
Broadband
Corp.,
Class
A*
52,501
4,849
Liberty
Broadband
Corp.,
Class
C*
403,049
6,290
Live
Nation
Entertainment,
Inc.*
529,744
11,966
Match
Group,
Inc.*
387,459
94,451
Meta
Platforms,
Inc.,
Class
A*
30,899,645
18,577
Netflix,
Inc.*
8,804,941
8,403
Omnicom
Group,
Inc.
677,534
24,843
Pinterest,
Inc.,
Class
A*
846,401
19,942
ROBLOX
Corp.,
Class
A*
783,920
27,341
Sirius
XM
Holdings,
Inc.
(a)
127,956
43,526
Snap,
Inc.,
Class
A*
601,965
5,773
Spotify
Technology
SA*
1,068,640
7,224
Take-Two
Interactive
Software,
Inc.*
1,142,837
22,203
T-Mobile
US,
Inc.
3,340,441
18,916
Trade
Desk,
Inc.
(The),
Class
A*
1,332,821
180,354
Verizon
Communications,
Inc.
6,912,969
78,389
Walt
Disney
Co.
(The)*
7,265,876
95,117
Warner
Bros
Discovery,
Inc.*
993,973
5,289
Warner
Music
Group
Corp.,
Class
A
175,119
145,951,365
Consumer
Discretionary
–
10.6%
17,955
Airbnb,
Inc.,
Class
A*
2,268,435
386,044
Amazon.com,
Inc.*
56,397,168
12,071
Aptiv
PLC*
999,962
730
AutoZone,
Inc.*
1,905,249
8,352
Best
Buy
Co.,
Inc.
592,491
1,531
Booking
Holdings,
Inc.*
4,785,447
6,772
CarMax,
Inc.*
433,002
42,407
Carnival
Corp.*
638,649
1,153
Chipotle
Mexican
Grill,
Inc.*
2,539,194
46,420
Coupang,
Inc.
(South
Korea)*
709,298
13,141
D.R.
Horton,
Inc.
1,677,711
5,191
Darden
Restaurants,
Inc.
812,236
1,521
Domino's
Pizza,
Inc.
597,586
11,146
DoorDash,
Inc.,
Class
A*
1,047,501
22,900
eBay,
Inc.
939,129
6,131
Expedia
Group,
Inc.*
834,920
168,326
Ford
Motor
Co.
1,727,025
6,438
Garmin
Ltd.
786,981
59,355
General
Motors
Co.
1,875,618
5,846
Genuine
Parts
Co.
776,232
11,124
Hilton
Worldwide
Holdings,
Inc.
1,863,493
43,079
Home
Depot,
Inc.
(The)
13,504,836
13,972
Las
Vegas
Sands
Corp.
644,389
10,563
Lennar
Corp.,
Class
A
1,351,219
466
Lennar
Corp.,
Class
B
53,469
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Consumer
Discretionary
–
(continued)
10,905
LKQ
Corp.
$
485,600
25,115
Lowe’s
Cos.,
Inc.
4,993,615
35,911
Lucid
Group,
Inc.*
(a)
151,544
4,737
Lululemon
Athletica,
Inc.*
2,116,492
11,150
Marriott
International,
Inc.,
Class
A
2,260,105
31,230
McDonald's
Corp.
8,801,863
1,948
MercadoLibre,
Inc.
(Brazil)*
3,156,656
11,935
MGM
Resorts
International
470,716
3,626
Mobileye
Global,
Inc.,
Class
A
(Israel)*
148,847
52,260
NIKE,
Inc.,
Class
B
5,762,710
107
NVR,
Inc.*
658,627
2,588
O'Reilly
Automotive,
Inc.*
2,542,399
9,367
PulteGroup,
Inc.
828,230
28,344
Rivian
Automotive,
Inc.,
Class
A*
475,045
14,276
Ross
Stores,
Inc.
1,861,305
9,428
Royal
Caribbean
Cruises
Ltd.*
1,013,133
48,258
Starbucks
Corp.
4,792,019
117,867
Tesla,
Inc.*
28,297,509
49,126
TJX
Cos.,
Inc.
(The)
4,328,492
4,707
Tractor
Supply
Co.
955,568
2,104
Ulta
Beauty,
Inc.*
896,283
17,308
Yum
China
Holdings,
Inc.
(China)
747,359
11,993
Yum!
Brands,
Inc.
1,505,721
177,011,078
Consumer
Staples
–
6.3%
76,491
Altria
Group,
Inc.
3,215,682
22,908
Archer-Daniels-Midland
Co.
1,689,007
2,098
Brown-Forman
Corp.,
Class
A
126,363
13,084
Brown-Forman
Corp.,
Class
B
768,554
8,282
Campbell
Soup
Co.
332,771
10,450
Church
&
Dwight
Co.,
Inc.
1,009,783
5,253
Clorox
Co.
(The)
753,018
166,868
Coca-Cola
Co.
(The)
9,751,766
35,608
Colgate-Palmolive
Co.
2,804,842
20,341
Conagra
Brands,
Inc.
575,447
6,762
Constellation
Brands,
Inc.,
Class
A
1,626,193
18,966
Costco
Wholesale
Corp.
11,241,907
9,367
Dollar
General
Corp.
1,228,201
8,901
Dollar
Tree,
Inc.*
1,100,075
9,138
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
1,166,831
25,077
General
Mills,
Inc.
1,596,402
6,281
Hershey
Co.
(The)
1,180,325
12,278
Hormel
Foods
Corp.
375,584
4,224
J
M
Smucker
Co.
(The)
463,499
10,962
Kellanova
575,943
74,310
Kenvue,
Inc.
1,518,896
38,708
Keurig
Dr
Pepper,
Inc.
1,222,012
14,390
Kimberly-Clark
Corp.
1,780,475
33,618
Kraft
Heinz
Co.
(The)
1,180,328
30,279
Kroger
Co.
(The)
1,340,451
10,638
McCormick
&
Co.,
Inc.
689,662
7,408
Molson
Coors
Beverage
Co.,
Class
B
455,888
GOLDMAN
SACHS
MARKETBETA
®
U.S.
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Consumer
Staples
–
(continued)
58,284
Mondelez
International,
Inc.,
Class
A
$
4,141,661
21,607
Monster
Beverage
Corp.*
1,191,626
59,030
PepsiCo,
Inc.
9,934,159
66,472
Philip
Morris
International,
Inc.
6,205,826
101,019
Procter &
Gamble
Co.
(The)
15,508,437
21,619
Sysco
Corp.
1,560,243
19,809
Target
Corp.
2,650,642
12,039
Tyson
Foods,
Inc.,
Class
A
563,907
30,442
Walgreens
Boots
Alliance,
Inc.
607,013
60,917
Walmart,
Inc.
9,484,168
101,617,587
Energy
–
4.0%
43,137
Baker
Hughes
Co.
1,455,874
10,348
Cheniere
Energy,
Inc.
1,884,888
74,537
Chevron
Corp.
10,703,513
51,909
ConocoPhillips
5,999,123
31,985
Coterra
Energy,
Inc.
839,606
27,326
Devon
Energy
Corp.
1,228,850
7,311
Diamondback
Energy,
Inc.
1,128,892
25,067
EOG
Resources,
Inc.
3,084,996
173,395
Exxon
Mobil
Corp.
17,814,602
38,442
Halliburton
Co.
1,423,507
11,921
Hess
Corp.
1,675,616
83,818
Kinder
Morgan,
Inc.
1,472,682
17,179
Marathon
Petroleum
Corp.
2,562,935
29,946
Occidental
Petroleum
Corp.
1,771,306
24,883
ONEOK,
Inc.
1,713,195
19,045
Phillips
66
2,454,710
9,983
Pioneer
Natural
Resources
Co.
2,312,462
61,034
Schlumberger
NV
3,176,210
15,114
Valero
Energy
Corp.
1,894,691
51,985
Williams
Cos.,
Inc.
(The)
1,912,528
66,510,186
Financials
–
12.6%
23,031
Aflac,
Inc.
1,904,894
11,189
Allstate
Corp.
(The)
1,542,627
25,337
American
Express
Co.
4,326,800
30,497
American
International
Group,
Inc.
2,007,008
4,360
Ameriprise
Financial,
Inc.
1,541,304
8,600
Aon
PLC,
Class
A
2,825,014
17,367
Apollo
Global
Management,
Inc.
1,597,764
15,212
Arch
Capital
Group
Ltd.*
1,273,092
6,332
Ares
Management
Corp.,
Class
A
710,767
9,062
Arthur
J
Gallagher
&
Co.
2,256,438
297,206
Bank
of
America
Corp.
9,061,811
32,282
Bank
of
New
York
Mellon
Corp.
(The)
1,559,866
55,380
Berkshire
Hathaway,
Inc.,
Class
B*
19,936,800
6,348
BlackRock,
Inc.
4,768,808
30,096
Blackstone,
Inc.
3,381,888
23,488
Block,
Inc.*
1,489,844
16,148
Capital
One
Financial
Corp.
1,803,086
4,549
Cboe
Global
Markets,
Inc.
828,782
59,248
Charles
Schwab
Corp.
(The)
3,633,087
17,735
Chubb
Ltd.
4,068,941
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Financials
–
(continued)
6,597
Cincinnati
Financial
Corp.
$
678,106
81,098
Citigroup,
Inc.
3,738,618
20,575
Citizens
Financial
Group,
Inc.
561,080
15,360
CME
Group,
Inc.
3,354,010
6,700
Coinbase
Global,
Inc.,
Class
A*
835,624
10,653
Discover
Financial
Services
990,729
1,453
Everest
Group
Ltd.
596,529
11,051
Fidelity
National
Financial,
Inc.
495,527
23,398
Fidelity
National
Information
Services,
Inc.
1,372,059
28,901
Fifth
Third
Bancorp
836,684
25,975
Fiserv,
Inc.*
3,392,595
3,089
FleetCor
Technologies,
Inc.*
742,904
12,112
Franklin
Resources,
Inc.
300,378
11,117
Global
Payments,
Inc.
1,294,463
4,051
Globe
Life,
Inc.
498,800
14,199
Goldman
Sachs
Group,
Inc.
(The)
4,849,526
13,083
Hartford
Financial
Services
Group,
Inc.
(The)
1,022,567
61,347
Huntington
Bancshares,
Inc.
690,767
4,329
Interactive
Brokers
Group,
Inc.,
Class
A
336,969
23,752
Intercontinental
Exchange,
Inc.
2,703,928
124,343
JPMorgan
Chase &
Co.
19,407,455
39,600
KeyCorp
490,644
27,746
KKR
&
Co.,
Inc.
2,104,257
7,873
Loews
Corp.
553,393
7,125
M&T
Bank
Corp.
913,211
558
Markel
Group,
Inc.*
803,012
21,155
Marsh
&
McLennan
Cos.,
Inc.
4,218,730
35,929
Mastercard,
Inc.,
Class
A
14,868,498
27,022
MetLife,
Inc.
1,719,410
6,789
Moody's
Corp.
2,477,713
55,295
Morgan
Stanley
4,387,105
3,298
MSCI,
Inc.
1,717,763
14,630
Nasdaq,
Inc.
816,939
8,892
Northern
Trust
Corp.
704,691
47,011
PayPal
Holdings,
Inc.*
2,708,304
17,028
PNC
Financial
Services
Group,
Inc.
(The)
2,281,071
10,426
Principal
Financial
Group,
Inc.
769,752
25,081
Progressive
Corp.
(The)
4,114,036
15,679
Prudential
Financial,
Inc.
1,533,093
8,051
Raymond
James
Financial,
Inc.
846,563
39,883
Regions
Financial
Corp.
665,248
4,385
Rocket
Cos.,
Inc.,
Class
A*
40,956
13,734
S&P
Global,
Inc.
5,711,009
13,633
State
Street
Corp.
992,755
17,839
Synchrony
Financial
577,270
9,433
T.
Rowe
Price
Group,
Inc.
944,526
9,893
Travelers
Cos.,
Inc.
(The)
1,786,874
56,962
Truist
Financial
Corp.
1,830,759
63,473
US
Bancorp
2,419,591
69,408
Visa,
Inc.,
Class
A
17,815,645
8,535
W
R
Berkley
Corp.
619,214
155,940
Wells
Fargo &
Co.
6,953,365
4,574
Willis
Towers
Watson
PLC
1,126,576
208,729,912
GOLDMAN
SACHS
MARKETBETA
®
U.S.
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Health
Care
–
12.7%
74,223
Abbott
Laboratories
$
7,740,717
75,663
AbbVie,
Inc.
10,773,655
12,610
Agilent
Technologies,
Inc.
1,611,558
3,087
Align
Technology,
Inc.*
660,001
5,270
Alnylam
Pharmaceuticals,
Inc.*
886,677
22,803
Amgen,
Inc.
6,148,601
27,824
Avantor,
Inc.*
589,312
21,552
Baxter
International,
Inc.
777,596
12,476
Becton
Dickinson
&
Co.
2,946,582
6,203
Biogen,
Inc.*
1,451,998
7,872
BioMarin
Pharmaceutical,
Inc.*
716,982
62,574
Boston
Scientific
Corp.*
3,497,261
90,050
Bristol-Myers
Squibb
Co.
4,446,669
10,706
Cardinal
Health,
Inc.
1,146,398
7,251
Cencora,
Inc.
1,474,636
23,524
Centene
Corp.*
1,733,248
12,613
Cigna
Group
(The)
3,315,705
2,101
Cooper
Cos.,
Inc.
(The)
707,869
54,891
CVS
Health
Corp.
3,729,843
28,296
Danaher
Corp.
6,318,780
16,601
Dexcom,
Inc.*
1,917,748
25,771
Edwards
Lifesciences
Corp.*
1,744,954
10,112
Elevance
Health,
Inc.
4,848,603
36,273
Eli
Lilly
&
Co.
21,438,794
15,553
GE
HealthCare
Technologies,
Inc.
1,064,758
53,470
Gilead
Sciences,
Inc.
4,095,802
8,871
HCA
Healthcare,
Inc.
2,222,008
5,613
Henry
Schein,
Inc.*
374,555
10,481
Hologic,
Inc.*
747,295
5,332
Humana,
Inc.
2,585,274
3,557
IDEXX
Laboratories,
Inc.*
1,656,922
6,779
Illumina,
Inc.*
691,119
7,926
Incyte
Corp.*
430,699
14,901
Intuitive
Surgical,
Inc.*
4,631,827
7,797
IQVIA
Holdings,
Inc.*
1,669,338
103,252
Johnson &
Johnson
15,968,954
3,735
Laboratory
Corp.
of
America
Holdings
810,159
5,805
McKesson
Corp.
2,731,601
57,021
Medtronic
PLC
4,520,055
108,815
Merck &
Co.,
Inc.
11,151,361
953
Mettler-Toledo
International,
Inc.*
1,040,609
14,159
Moderna,
Inc.*
1,100,154
242,146
Pfizer,
Inc.
7,378,189
4,730
Quest
Diagnostics,
Inc.
649,098
4,394
Regeneron
Pharmaceuticals,
Inc.*
3,619,821
6,241
ResMed,
Inc.
984,393
15,837
Royalty
Pharma
PLC,
Class
A
428,708
5,899
Seagen,
Inc.*
1,257,726
4,219
STERIS
PLC
847,766
13,589
Stryker
Corp.
4,026,828
16,487
Thermo
Fisher
Scientific,
Inc.
8,173,595
39,825
UnitedHealth
Group,
Inc.
22,022,030
6,219
Veeva
Systems,
Inc.,
Class
A*
1,084,034
11,040
Vertex
Pharmaceuticals,
Inc.*
3,917,102
50,999
Viatris,
Inc.
468,171
2,541
Waters
Corp.*
713,030
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Health
Care
–
(continued)
3,150
West
Pharmaceutical
Services,
Inc.
$
1,104,894
8,954
Zimmer
Biomet
Holdings,
Inc.
1,041,440
19,846
Zoetis,
Inc.
3,506,193
209,339,695
Industrials
–
8.3%
23,610
3M
Co.
2,339,043
5,257
A
O
Smith
Corp.
396,168
9,874
AMETEK,
Inc.
1,532,741
17,753
Automatic
Data
Processing,
Inc.
4,081,770
23,869
Boeing
Co.
(The)*
5,528,776
5,025
Broadridge
Financial
Solutions,
Inc.
973,946
4,825
C.H.
Robinson
Worldwide,
Inc.
395,891
35,617
Carrier
Global
Corp.
1,850,659
22,052
Caterpillar,
Inc.
5,528,877
3,704
Cintas
Corp.
2,049,238
36,260
Copart,
Inc.*
1,820,977
85,821
CSX
Corp.
2,772,018
6,119
Cummins,
Inc.
1,371,635
11,562
Deere
&
Co.
4,213,308
27,314
Delta
Air
Lines,
Inc.
1,008,706
5,879
Dover
Corp.
829,880
16,975
Eaton
Corp.
PLC
3,865,038
24,396
Emerson
Electric
Co.
2,168,804
5,235
Equifax,
Inc.
1,139,712
6,310
Expeditors
International
of
Washington,
Inc.
759,345
24,281
Fastenal
Co.
1,456,132
9,908
FedEx
Corp.
2,564,488
8,321
Ferguson
PLC
1,425,720
15,136
Fortive
Corp.
1,044,081
9,640
General
Dynamics
Corp.
2,380,791
46,375
General
Electric
Co.
5,648,475
28,518
Honeywell
International,
Inc.
5,587,247
13,032
Illinois
Tool
Works,
Inc.
3,156,481
17,301
Ingersoll
Rand,
Inc.
1,235,810
3,551
J.B.
Hunt
Transport
Services,
Inc.
657,894
29,058
Johnson
Controls
International
PLC
1,534,262
8,060
L3Harris
Technologies,
Inc.
1,537,929
5,804
Leidos
Holdings,
Inc.
622,885
10,893
Lockheed
Martin
Corp.
4,877,559
9,542
Masco
Corp.
577,768
9,797
Norfolk
Southern
Corp.
2,137,314
6,469
Northrop
Grumman
Corp.
3,073,810
4,113
Old
Dominion
Freight
Line,
Inc.
1,600,204
17,778
Otis
Worldwide
Corp.
1,525,175
22,046
PACCAR,
Inc.
2,024,264
5,435
Parker-Hannifin
Corp.
2,354,333
13,713
Paychex,
Inc.
1,672,575
2,153
Paycom
Software,
Inc.
391,114
6,161
Quanta
Services,
Inc.
1,160,178
8,872
Republic
Services,
Inc.
1,435,845
4,887
Rockwell
Automation,
Inc.
1,346,075
13,336
Rollins,
Inc.
543,309
62,621
RTX
Corp.
5,102,359
2,179
Snap-on,
Inc.
598,550
25,281
Southwest
Airlines
Co.
646,435
GOLDMAN
SACHS
MARKETBETA
®
U.S.
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Industrials
–
(continued)
9,393
SS&C
Technologies
Holdings,
Inc.
$
528,450
6,403
Stanley
Black
&
Decker,
Inc.
582,033
8,364
Textron,
Inc.
641,184
9,806
Trane
Technologies
PLC
2,210,370
2,195
TransDigm
Group,
Inc.
2,113,500
8,299
TransUnion
487,317
83,573
Uber
Technologies,
Inc.*
4,711,846
26,120
Union
Pacific
Corp.
5,884,052
13,836
United
Airlines
Holdings,
Inc.*
545,138
31,085
United
Parcel
Service,
Inc.,
Class
B
4,712,797
2,979
United
Rentals,
Inc.
1,418,064
6,214
Verisk
Analytics,
Inc.
1,500,246
1,708
W.W.
Grainger,
Inc.
1,342,813
17,381
Waste
Management,
Inc.
2,971,977
7,550
Westinghouse
Air
Brake
Technologies
Corp.
880,028
10,134
Xylem,
Inc.
1,065,387
136,140,796
Information
Technology
–
29.4%
28,470
Accenture
PLC,
Class
A
9,484,496
19,504
Adobe,
Inc.*
11,917,139
68,555
Advanced
Micro
Devices,
Inc.*
8,306,124
6,377
Akamai
Technologies,
Inc.*
736,735
5,123
Amdocs
Ltd.
429,154
25,248
Amphenol
Corp.,
Class
A
2,297,316
21,618
Analog
Devices,
Inc.
3,964,309
3,694
ANSYS,
Inc.*
1,083,672
635,313
Apple,
Inc.
120,677,704
35,910
Applied
Materials,
Inc.
5,378,600
10,112
Arista
Networks,
Inc.*
2,221,708
6,463
Atlassian
Corp.,
Class
A*
1,234,110
9,120
Autodesk,
Inc.*
1,992,082
17,324
Broadcom,
Inc.
16,037,347
11,581
Cadence
Design
Systems,
Inc.*
3,164,740
5,780
CDW
Corp.
1,218,886
174,798
Cisco
Systems,
Inc.
8,456,727
12,021
Cloudflare,
Inc.,
Class
A*
927,420
21,667
Cognizant
Technology
Solutions
Corp.,
Class
A
1,524,923
32,786
Corning,
Inc.
934,073
9,369
Crowdstrike
Holdings,
Inc.,
Class
A*
2,220,359
12,244
Datadog,
Inc.,
Class
A*
1,427,283
10,553
Dell
Technologies,
Inc.,
Class
C
800,656
5,696
Enphase
Energy,
Inc.*
575,410
2,448
EPAM
Systems,
Inc.*
632,049
1,049
Fair
Isaac
Corp.*
1,140,892
28,872
Fortinet,
Inc.*
1,517,512
3,258
Gartner,
Inc.*
1,416,709
26,352
Gen
Digital,
Inc.
581,852
3,198
GLOBALFOUNDRIES,
Inc.*
171,701
55,163
Hewlett
Packard
Enterprise
Co.
932,806
42,039
HP,
Inc.
1,233,424
2,041
HubSpot,
Inc.*
1,008,111
178,892
Intel
Corp.
7,996,472
38,937
International
Business
Machines
Corp.
6,173,851
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
11,663
Intuit,
Inc.
$
6,664,938
7,663
Keysight
Technologies,
Inc.*
1,041,325
5,856
KLA
Corp.
3,189,295
5,752
Lam
Research
Corp.
4,117,972
36,761
Marvell
Technology,
Inc.
2,048,691
22,971
Microchip
Technology,
Inc.
1,916,700
46,800
Micron
Technology,
Inc.
3,562,416
314,490
Microsoft
Corp.
119,163,406
2,959
MongoDB,
Inc.*
1,230,175
7,201
Motorola
Solutions,
Inc.
2,324,987
9,050
NetApp,
Inc.
827,080
101,713
NVIDIA
Corp.
47,571,170
6,355
Okta,
Inc.*
426,103
18,389
ON
Semiconductor
Corp.*
1,311,687
66,701
Oracle
Corp.
7,751,323
78,185
Palantir
Technologies,
Inc.,
Class
A*
1,567,609
12,956
Palo
Alto
Networks,
Inc.*
3,823,186
47,759
QUALCOMM,
Inc.
6,163,299
4,592
Roper
Technologies,
Inc.
2,471,644
40,376
Salesforce,
Inc.*
10,170,714
8,292
Seagate
Technology
Holdings
PLC
655,897
8,763
ServiceNow,
Inc.*
6,009,140
6,797
Skyworks
Solutions,
Inc.
658,833
11,708
Snowflake,
Inc.,
Class
A*
2,197,357
6,495
Splunk,
Inc.*
984,252
6,457
Synopsys,
Inc.*
3,507,636
13,529
TE
Connectivity
Ltd.
1,772,299
6,669
Teradyne,
Inc.
615,082
38,800
Texas
Instruments,
Inc.
5,925,148
10,511
Trimble,
Inc.*
487,710
7,416
Twilio,
Inc.,
Class
A*
479,667
10,578
Unity
Software,
Inc.*
312,157
3,804
VeriSign,
Inc.*
807,209
13,639
Western
Digital
Corp.*
658,900
8,799
Workday,
Inc.,
Class
A*
2,382,065
2,151
Zebra
Technologies
Corp.,
Class
A*
509,744
10,923
Zoom
Video
Communications,
Inc.,
Class
A*
740,907
3,695
Zscaler,
Inc.*
729,873
486,593,948
Materials
–
2.3%
9,393
Air
Products
and
Chemicals,
Inc.
2,541,276
5,062
Albemarle
Corp.
613,869
61,954
Amcor
PLC
587,324
13,199
Ball
Corp.
729,773
4,667
Celanese
Corp.
647,126
30,446
Corteva,
Inc.
1,376,159
29,600
CRH
PLC
1,857,400
30,355
Dow,
Inc.
1,570,871
17,887
DuPont
de
Nemours,
Inc.
1,279,636
10,865
Ecolab,
Inc.
2,083,146
61,185
Freeport-McMoRan,
Inc.
2,283,424
10,944
International
Flavors
&
Fragrances,
Inc.
824,959
14,767
International
Paper
Co.
545,493
20,969
Linde
PLC
8,676,343
GOLDMAN
SACHS
MARKETBETA
®
U.S.
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Materials
–
(continued)
10,960
LyondellBasell
Industries
NV,
Class
A
$
1,042,296
2,636
Martin
Marietta
Materials,
Inc.
1,224,659
14,193
Mosaic
Co.
(The)
509,387
33,798
Newmont
Corp.
1,358,342
10,709
Nucor
Corp.
1,820,209
3,740
Packaging
Corp.
of
America
628,357
10,012
PPG
Industries,
Inc.
1,421,604
10,128
Sherwin-Williams
Co.
(The)
2,823,686
3,657
Southern
Copper
Corp.
(Mexico)
263,048
5,708
Vulcan
Materials
Co.
1,219,001
37,927,388
Real
Estate
–
2.3%
7,329
Alexandria
Real
Estate
Equities,
Inc.
REIT
801,793
19,976
American
Tower
Corp.
REIT
4,170,589
6,120
AvalonBay
Communities,
Inc.
REIT
1,058,393
13,163
CBRE
Group,
Inc.,
Class
A*
1,039,350
17,383
CoStar
Group,
Inc.*
1,443,484
18,417
Crown
Castle,
Inc.
REIT
2,159,946
13,009
Digital
Realty
Trust,
Inc.
REIT
1,805,389
4,039
Equinix,
Inc.
REIT
3,291,825
15,852
Equity
Residential
REIT
901,028
2,693
Essex
Property
Trust,
Inc.
REIT
574,848
8,958
Extra
Space
Storage,
Inc.
REIT
1,166,063
23,235
Healthpeak
Properties,
Inc.
REIT
402,430
30,062
Host
Hotels
&
Resorts,
Inc.
REIT
525,183
24,336
Invitation
Homes,
Inc.
REIT
811,849
12,245
Iron
Mountain,
Inc.
REIT
785,517
4,866
Mid-America
Apartment
Communities,
Inc.
REIT
605,720
583
NET
Lease
Office
Properties
REIT*
9,532
39,518
Prologis,
Inc.
REIT
4,541,804
6,776
Public
Storage
REIT
1,753,358
30,413
Realty
Income
Corp.
REIT
1,641,085
4,617
SBA
Communications
Corp.
REIT
1,140,214
13,850
Simon
Property
Group,
Inc.
REIT
1,729,726
13,066
UDR,
Inc.
REIT
436,404
16,965
Ventas,
Inc.
REIT
777,676
43,430
VICI
Properties,
Inc.
REIT
1,298,123
8,920
W.P.
Carey,
Inc.
REIT
555,181
22,213
Welltower,
Inc.
REIT
1,979,178
31,155
Weyerhaeuser
Co.
REIT
976,709
38,382,397
Utilities
–
2.3%
10,637
Alliant
Energy
Corp.
537,913
11,097
Ameren
Corp.
861,016
22,013
American
Electric
Power
Co.,
Inc.
1,751,134
8,346
American
Water
Works
Co.,
Inc.
1,100,337
6,334
Atmos
Energy
Corp.
720,872
3,076
Avangrid,
Inc.
94,956
26,856
CenterPoint
Energy,
Inc.
759,219
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Utilities
–
(continued)
12,472
CMS
Energy
Corp.
$
707,911
14,785
Consolidated
Edison,
Inc.
1,332,276
13,866
Constellation
Energy
Corp.
1,678,341
35,694
Dominion
Energy,
Inc.
1,618,366
8,815
DTE
Energy
Co.
917,730
33,054
Duke
Energy
Corp.
3,050,223
16,317
Edison
International
1,093,076
8,973
Entergy
Corp.
909,952
9,594
Evergy,
Inc.
489,678
14,806
Eversource
Energy
879,624
42,597
Exelon
Corp.
1,640,410
23,291
FirstEnergy
Corp.
860,370
86,761
NextEra
Energy,
Inc.
5,076,386
17,498
NiSource,
Inc.
448,649
105,186
PG&E
Corp.*
1,806,044
31,501
PPL
Corp.
822,806
21,215
Public
Service
Enterprise
Group,
Inc.
1,324,452
26,961
Sempra
1,964,648
46,698
Southern
Co.
(The)
3,314,624
13,541
WEC
Energy
Group,
Inc.
1,132,298
23,534
Xcel
Energy,
Inc.
1,431,809
38,325,120
TOTAL
COMMON
STOCKS
(Cost
$1,478,126,193)
1,646,529,472
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.2%
(b)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
–
Institutional
Shares
2,885,174
5.260%
2,885,174
(Cost
$2,885,174)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$1,481,011,367)
1,649,414,646
a
Securities
Lending
Reinvestment
Vehicle
–
0.1%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
1,313,506
5.259%
1,313,506
(Cost
$1,313,506)
TOTAL
INVESTMENTS
–
99.9%
(Cost
$1,482,324,873)
$
1,650,728,152
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.1%
1,614,349
NET
ASSETS
–
100.0%
$
1,652,342,501
  a
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.
GOLDMAN
SACHS
MARKETBETA
®
U.S.
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Additional
Investment
Information 
**End
swaps
header**
Investment
Abbreviations:
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
FUTURES
CONTRACTS
—
At
November
30,
2023,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
S&P
500
E-Mini
Index
17
12/15/23
$
3,890,238
$
7,192
Goldman
Sachs
MarketBeta®
ETFs
Schedule
of
Investments
November
30,
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
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
The
level
in
the
fair
value
hierarchy
within
which
the
fair
value
measurement
in
its
entirety
falls
shall
be
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
The
levels
used
for
classifying
investments
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
these
investments.
The
three
levels
of
the
fair
value
hierarchy
are
described
below:
Level
1
—
Unadjusted
quoted
prices
in
active
markets
that
are
accessible
at
the
measurement
date
for
identical,
unrestricted
assets
or
liabilities;
Level
2
—
Quoted
prices
in
markets
that
are
not
active
or
financial
instruments
for
which
significant
inputs
are
observable
(including,
but
not
limited
to,
quoted
prices
for
similar
investments,
interest
rates,
foreign
exchange
rates,
volatility
and
credit
spreads),
either
directly
or
indirectly;
Level
3
—
Prices
or
valuations
that
require
significant
unobservable
inputs
(including
GSAM’s
assumptions
in
determining
fair
value
measurement).
The
Board
of
Trustees
(“Trustees”)
has
approved
Valuation
Procedures
that
govern
the
valuation
of
the
portfolio
investments
held
by
the
Funds,
including
investments
for
which
market
quotations
are
not
readily
available.
With
respect
to
the
Funds’
investments
that
do
not
have
readily
available
market
quotations,
the
Trustees
have
designated
the
Adviser
as
the
valuation
designee
to
perform
fair
valuations
pursuant
to
rule
2a-5
under
the
Investment
Company
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.
Level
1
and
Level
2
Fair
Value
Investments
—
The
valuation
techniques
and
significant
inputs
used
in
determining
the
fair
values
for
investments
classified
as
Level
1
and
Level
2
are
as
follows:
Equity
Securities—
Equity
securities
traded
on
a
United
States
(“U.S.”)
securities
exchange
or
the
NASDAQ
system,
or
those
located
on
certain
foreign
exchanges,
including
but
not
limited
to
the
Americas,
are
valued
daily
at
their
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
they
are
traded.
If
there
is
no
sale
or
official
closing
price
or
such
price
is
believed
by
GSAM
to
not
represent
fair
value,
equity
securities
will
be
valued
at
the
valid
closing
bid
price
for
long
positions
and
at
the
valid
closing
ask
price
for
short
positions
(i.e.
where
there
is
sufficient
volume,
during
normal
exchange
trading
hours).
If
no
valid
bid/ask
price
is
available,
the
equity
security
will
be
valued
pursuant
to
the
Valuation
Procedures
and
consistent
with
applicable
regulatory
guidance.
To
the
extent
these
investments
are
actively
traded,
they
are
classified
as
Level
1
of
the
fair
value
hierarchy,
otherwise
they
are
generally
classified
as
Level
2.
Certain
equity
securities
containing
unique
attributes
may
be
classified
as
Level
2.
Unlisted
equity
securities
for
which
market
quotations
are
available
are
valued
at
the
last
sale
price
on
the
valuation
date,
or
if
no
sale
occurs,
at
the
last
bid
price
for
long
positions
or
the
last
ask
price
for
short
positions,
and
are
generally
classified
as
Level
2.
Derivative
Contracts
—
A
derivative
is
an
instrument
whose
value
is
derived
from
underlying
assets,
indices,
reference
rates
or
a
combination
of
these
factors.
A
Fund
enters
into
derivative
transactions
to
hedge
against
changes
in
interest
rates,
securities
prices,
and/or
currency
exchange
rates,
to
increase
total
return,
or
to
gain
access
to
certain
markets
or
attain
exposure
to
other
underliers.
For
financial
reporting
purposes,
cash
collateral
that
has
been
pledged
to
cover
obligations
of
a
Fund
and
cash
collateral
received,
if
any,
is
reported
separately
on
the
Statements
of
Assets
and
Liabilities
as
either
due
to
broker
or
receivable
for
collateral
on
certain
derivatives
contracts.
Non-cash
collateral
pledged
by
a
Fund,
if
any,
is
noted
in
the
Schedules
of
Investments.
Goldman
Sachs
MarketBeta®
ETFs
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Exchange-traded
derivatives,
including
futures
and
options
contracts,
are
generally
valued
at
the
last
sale
or
settlement
price
on
the
exchange
where
they
are
principally
traded.
Exchange-traded
options
without
settlement
prices
are
generally
valued
at
the
last
bid
price
for
long
positions
and
the
last
ask
price
for
short
positions
on
the
exchange
where
they
are
principally
traded.
Exchange-traded
derivatives
typically
fall
within
Level
1
of
the
fair
value
hierarchy.
Over-the-counter
(“OTC”)
and
centrally
cleared
derivatives
are
valued
using
market
transactions
and
other
market
evidence,
including
market-based
inputs
to
models,
calibration
to
market-clearing
transactions,
broker
or
dealer
quotations,
or
other
alternative
pricing
sources.
Where
models
are
used,
the
selection
of
a
particular
model
to
value
OTC
and
centrally
cleared
derivatives
depends
upon
the
contractual
terms
of,
and
specific
risks
inherent
in,
the
instrument,
as
well
as
the
availability
of
pricing
information
in
the
market.
Valuation
models
require
a
variety
of
inputs,
including
contractual
terms,
market
prices,
yield
curves,
credit
curves,
measures
of
volatility,
voluntary
and
involuntary
prepayment
rates,
loss
severity
rates
and
correlations
of
such
inputs.
For
OTC
and
centrally
cleared
derivatives
that
trade
in
liquid
markets,
model
inputs
can
generally
be
verified
and
model
selection
does
not
involve
significant
management
judgment.
OTC
and
centrally
cleared
derivatives
are
classified
within
Level
2
of
the
fair
value
hierarchy
when
significant
inputs
are
corroborated
by
market
evidence.
i.
Futures
Contracts
—
Futures
contracts
are
contracts
to
buy
or
sell
a
standardized
quantity
of
a
specified
commodity
or
security.
Upon
entering
into
a
futures
contract,
a
Fund
deposits
cash
or
securities
in
an
account
on
behalf
of
the
broker
in
an
amount
sufficient
to
meet
the
initial
margin
requirement.
Subsequent
payments
are
made
or
received
by
a
Fund
equal
to
the
daily
change
in
the
contract
value
and
are
recorded
as
variation
margin
receivable
or
payable
with
a
corresponding
offset
to
unrealized
gains
or
losses.
Underlying
Funds
(including
Money
Market
Funds)
—
Underlying
funds
(“Underlying
Funds”)
include
other
investment
companies
and
exchange-traded
funds
(“ETFs”).
Investments
in
the
Underlying
Funds
(except
ETFs)
are
valued
at
the
NAV
per
share
on
the
day
of
valuation.
ETFs
are
valued
daily
at
the
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
the
investment
is
traded.
Because
the
Funds
invest
in
Underlying
Funds
that
fluctuate
in
value,
the
Funds’
shares
will
correspondingly
fluctuate
in
value.
Underlying
Funds
are
generally
classified
as
Level
1
of
the
fair
value
hierarchy.
To
the
extent
that
underlying
ETFs
are
actively
traded,
they
are
classified
as
Level
1
of
the
fair
value
hierarchy,
otherwise
they
are
generally
classified
as
Level
2.
For
information
regarding
an
Underlying
Fund’s
accounting
policies
and
investment
holdings,
please
see
the
Underlying
Fund’s
shareholder
report.
Level
3
Fair
Value
Investments
—
To
the
extent
that
significant
inputs
to
valuation
models
and
other
alternative
pricing
sources
are
unobservable,
or
if
quotations
are
not
readily
available,
or
if
GSAM
believes
that
such
quotations
do
not
accurately
reflect
fair
value,
the
fair
value
of
a
Fund’s
investments
may
be
determined
under
Valuation
Procedures
approved
by
the
Trustees.
GSAM,
consistent
with
its
procedures
and
applicable
regulatory
guidance,
may
make
an
adjustment
to
the
most
recent
valuation
prices
of
either
domestic
or
foreign
securities
in
light
of
significant
events
to
reflect
what
it
believes
to
be
the
fair
value
of
the
securities
at
the
time
of
determining
a
Fund’s
NAV.
To
the
extent
investments
are
valued
using
single
source
broker
quotations
obtained
directly
from
the
broker
or
passed
through
from
third
party
pricing
vendors,
such
investments
are
classified
as
Level
3
investments.
Fair
Value
Hierarchy
—
The
following
is
a
summary
of
the
Funds’
investments
classified
in
the
fair
value
hierarchy
as
of
November
30,
2023:
MarketBeta®
Emerging
Markets
Equity
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Africa
$
2,572,436
$
—
$
—
Asia
77,225,874
2,199,827
5,732
Europe
817,730
—
—
North
America
2,600,397
—
—
Oceania
9,347
—
—
South
America
4,814,845
1,427,674
—
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
MarketBeta®
ETFs
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Exchange-Traded
Fund
273,423
—
—
Securities
Lending
Reinvestment
Vehicle
29,482
—
—
Total
$
88,343,534
$
3,627,501
$
5,732
€
1.00
€
1.00
€
1.00
MarketBeta®
International
Equity
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Africa
$
1,441,061
$
—
$
—
Asia
218,084,717
—
—
Europe
382,297,265
2,540,812
—
North
America
50,870,158
754,694
—
Oceania
58,747,660
—
—
South
America
509,246
—
—
Investment
Company
1,199,197
—
—
Securities
Lending
Reinvestment
Vehicle
3,083,718
—
—
Total
$
716,233,022
$
3,295,506
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Futures
Contracts
(b)
$
94,211
$
—
$
—
€
1.00
€
1.00
€
1.00
MarketBeta® Russell
1000
Growth
Equity
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
7,180
$
—
$
—
North
America
8,014,281
—
—
South
America
5,229
—
—
Total
$
8,026,690
$
—
$
—
€
1.00
€
1.00
€
1.00
MarketBeta® Russell
1000
Value
Equity
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Europe
$
4,097
$
—
$
—
North
America
4,023,114
—
—
South
America
2,728
—
—
Total
$
4,029,939
$
—
$
—
€
1.00
€
1.00
€
1.00
MarketBeta®
U.S.
Equity
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
1,605,504
$
—
$
—
North
America
1,641,767,312
—
—
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
MarketBeta®
ETFs
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
For
further
information
regarding
security
characteristics,
see
the
Schedules
of
Investments.
Securities
Lending
—
The
Funds
may
lend
their
securities
through
a
securities
lending
agent,
the
Bank
of
New
York
Mellon
(“BNYM”),
to
certain
qualified
borrowers.
In
accordance
with
the
Funds’
securities
lending
procedures,
the
Funds
receive
cash
collateral
at
least
equal
to
the
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
business
of
the
Funds,
at
their
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
they
are
traded,
and
any
additional
required
collateral
is
delivered
to
the
Funds
on
the
next
business
day.
As
with
other
extensions
of
credit,
the
Funds
may
experience
delay
in
the
recovery
of
their
securities
or
incur
a
loss
should
the
borrower
of
the
securities
breach
its
agreement
with
the
Funds
or
become
insolvent
at
a
time
when
the
collateral
is
insufficient
to
cover
the
cost
of
repurchasing
securities
on
loan.
Dividend
income
received
from
securities
on
loan
may
not
be
subject
to
withholding
taxes
and
therefore
withholding
taxes
paid
may
differ
from
the
amounts
listed
in
the
Statements
of
Operations.
Loans
of
securities
are
terminable
at
any
time
and
as
such
1)
the
remaining
contractual
maturities
of
the
outstanding
securities
lending
transactions
are
considered
to
be
overnight
and
continuous
and
2)
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
The
Funds
invest
the
cash
collateral
received
in
connection
with
securities
lending
transactions
in
the
Goldman
Sachs
Financial
Square
Government
Fund
(“Government
Money
Market
Fund”),
an
affiliated
series
of
the
Goldman
Sachs
Trust.
The
Government
Money
Market
Fund
is
registered
under
the
Act
as
an
open
end
investment
company,
is
subject
to
Rule
2a-7
under
the
Act,
and
is
managed
by
GSAM,
for
which
GSAM
may
receive
a
management
fee
of
up
to
0.16%
on
an
annualized
basis
of
the
average
daily
net
assets
of
the
Government
Money
Market
Fund.
In
the
event
of
a
default
by
a
borrower
with
respect
to
any
loan,
BNYM
may
exercise
any
and
all
remedies
provided
under
the
applicable
borrower
agreement
to
make
the
Funds
whole.
These
remedies
include
purchasing
replacement
securities
by
applying
the
collateral
held
from
the
defaulting
broker
against
the
purchase
cost
of
the
replacement
securities.
If
BNYM
is
unable
to
purchase
replacement
securities,
BNYM
will
indemnify
the
Funds
by
paying
the
Funds
an
amount
equal
to
the
market
value
of
the
securities
loaned
minus
the
value
of
cash
collateral
received
from
the
borrower
for
the
loan,
subject
to
an
exclusion
for
any
shortfalls
resulting
from
a
loss
of
value
in
such
cash
collateral
due
to
reinvestment
risk.
The
Funds’
master
netting
agreements
with
certain
borrowers
provide
the
right,
in
the
event
of
a
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
However,
in
the
event
of
a
default
by
a
borrower,
a
resolution
authority
could
determine
that
such
rights
are
not
enforceable
due
to
the
restrictions
or
prohibitions
against
the
right
of
set-off
that
may
be
imposed
in
accordance
with
a
particular
jurisdiction’s
bankruptcy
or
insolvency
laws.
The
Funds’
loaned
securities
were
all
subject
to
enforceable
Securities
Lending
Agreements,
and
the
value
of
the
collateral
was
at
least
equal
to
the
value
of
the
cash
received.
The
amounts
of
the
Funds’
overnight
and
continuous
agreements,
which
represent
the
gross
amounts
of
recognized
liabilities
for
securities
lending
transactions
outstanding
as
of
November
30,
2023,
are
disclosed
as
“Payable
upon
return
of
securities
loaned”
on
the
Statements
of
Assets
and
Liabilities,
where
applicable.
South
America
$
3,156,656
$
—
$
—
Investment
Company
2,885,174
—
—
Securities
Lending
Reinvestment
Vehicle
1,313,506
—
—
Total
$
1,650,728,152
$
—
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Futures
Contracts
(b)
$
7,192
$
—
$
—
€
1.00
€
1.00
€
1.00
(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.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
MarketBeta®
ETFs
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
The
Funds’
risks
include,
but
are
not
limited
to,
the
following:
Calculation
Methodology
Risk
—
The
Index
relies
on
various
sources
of
information
to
assess
the
criteria
of
issuers
included
in
the
Index,
(or
a
Reference
Index
if
applicable)
including
fundamental
information
that
may
be
based
on
assumptions
and
estimates.
Neither
the
Fund,
the
Investment
Adviser
nor
the
Index
Provider
can
offer
assurances
that
the
Index’s
calculation
methodology
or
sources
of
information
will
provide
a
correct
valuation
of
securities,
nor
can
they
guarantee
the
availability
or
timeliness
of
the
production
of
the
Index.
Depositary
Receipts
Risk
—
Foreign
securities
may
trade
in
the
form
of
depositary
receipts,
which
include
American
Depositary
Receipts
(“ADRs”)
and
Global
Depositary
Receipts
(“GDRs”)
(collectively
“Depositary
Receipts”).
To
the
extent
the
Fund
acquires
Depositary
Receipts
through
banks
which
do
not
have
a
contractual
relationship
with
the
foreign
issuer
of
the
security
underlying
the
Depositary
Receipts
to
issue
and
service
such
unsponsored
Depositary
Receipts,
there
may
be
an
increased
possibility
that
the
Fund
would
not
become
aware
of
and
be
able
to
respond
to
corporate
actions
such
as
stock
splits
or
rights
offerings
involving
the
foreign
issuer
in
a
timely
manner.
In
addition,
the
lack
of
information
may
result
in
inefficiencies
in
the
valuation
of
such
instruments.
Investment
in
Depositary
Receipts
does
not
eliminate
all
the
risks
inherent
in
investing
in
securities
of
non-U.S.
issuers.
The
market
value
of
Depositary
Receipts
is
dependent
upon
the
market
value
of
the
underlying
securities
and
fluctuations
in
the
relative
value
of
the
currencies
in
which
the
Depositary
Receipts
and
the
underlying
securities
are
quoted.
The
issuers
of
Depositary
Receipts
may
discontinue
issuing
new
Depositary
Receipts
and
withdraw
existing
Depositary
Receipts
at
any
time,
which
may
result
in
costs
and
delays
in
the
distribution
of
the
underlying
assets
to
the
Fund
and
may
negatively
impact
the
Fund’s
performance.
Foreign
and
Emerging
Countries
Risk
—
Investing
in
foreign
markets
may
involve
special
risks
and
considerations
not
typically
associated
with
investing
in
the
U.S.
Foreign
securities
may
be
subject
to
risk
of
loss
because
of
more
or
less
foreign
government
regulation;
less
public
information;
less
stringent
investor
protections;
less
stringent
accounting,
corporate
governance,
financial
reporting
and
disclosure
standards;
and
less
economic,
political
and
social
stability
in
the
countries
in
which
a
Fund
invests.
The
imposition
of
sanctions,
exchange
controls
(including
repatriation
restrictions),
confiscation
of
assets
and
property,
trade
restrictions
(including
tariffs)
and
other
government
restrictions
by
the
U.S.
or
other
governments,
or
from
problems
in
registration,
settlement
or
custody,
may
also
result
in
losses.
The
type
and
severity
of
sanctions
and
other
similar
measures,
including
counter
sanctions
and
other
retaliatory
actions,
that
may
be
imposed
could
vary
broadly
in
scope,
and
their
impact
is
impossible
to
predict.
For
example,
the
imposition
of
sanctions
and
other
similar
measures
could,
among
other
things,
cause
a
decline
in
the
value
and/or
liquidity
of
securities
issued
by
the
sanctioned
country
or
companies
located
in
or
economically
tied
to
the
sanctioned
country
and
increase
market
volatility
and
disruption
in
the
sanctioned
country
and
throughout
the
world.
Sanctions
and
other
similar
measures
could
limit
or
prevent
a
Fund
from
buying
and
selling
securities
(in
the
sanctioned
country
and
other
markets),
significantly
delay
or
prevent
the
settlement
of
securities
transactions,
and
significantly
impact
the
Fund’s
liquidity
and
performance.
Foreign
risk
also
involves
the
risk
of
negative
foreign
currency
exchange
rate
fluctuations,
which
may
cause
the
value
of
securities
denominated
in
such
foreign
currency
(or
other
instruments
through
which
a
Fund
has
exposure
to
foreign
currencies)
to
decline
in
value.
Currency
exchange
rates
may
fluctuate
significantly
over
short
periods
of
time.
To
the
extent
that
a
Fund
also
invests
in
securities
of
issuers
located
in,
or
economically
tied
to,
emerging
markets,
these
risks
may
be
more
pronounced.
Geographic
Risk
—
If
the
Fund
focuses
its
investments
in
securities
of
issuers
located
in
a
particular
country
or
geographic
region,
the
Fund
may
be
subjected,
to
a
greater
extent
than
if
its
investments
were
less
focused,
to
the
risks
of
volatile
economic
cycles
and/
or
conditions
and
developments
that
may
be
particular
to
that
country
or
region,
such
as:
adverse
securities
markets;
adverse
exchange
rates;
adverse
social,
political,
regulatory,
economic,
business,
environmental
or
other
developments;
or
natural
disasters.
Index
Risk
—
Solactive
AG
(the
“Index
Provider”)
constructs
each
Fund’s
Index
in
accordance
with
a
rules-based
methodology.
A
Fund
will
be
negatively
affected
by
general
declines
in
the
securities
and
asset
classes
represented
in
its
Index.
In
addition,
because
the
Funds
are
not
“actively”
managed,
unless
a
specific
security
is
removed
from
an
Index,
a
Fund
generally
would
not
sell
a
security
because
the
security’s
issuer
was
in
financial
trouble.
Market
disruptions
and
regulatory
restrictions
could
have
an
adverse
effect
on
a
Fund’s
ability
to
adjust
its
exposure
to
the
required
levels
in
order
to
track
the
Index.
A
Fund
also
does
not
attempt
to
take
defensive
positions
under
any
market
conditions,
including
declining
markets.
Therefore,
a
Fund’s
performance
could
be
lower
than
funds
that
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
MarketBeta®
ETFs
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
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.
Industry
Concentration
Risk
—
In
following
its
methodology,
an
Index
from
time
to
time
may
be
concentrated
to
a
significant
degree
in
securities
of
issuers
located
in
a
single
industry
or
group
of
industries.
To
the
extent
that
an
Index
concentrates
in
the
securities
of
issuers
in
a
particular
industry
or
group
of
industries,
the
Fund
also
will
concentrate
its
investments
to
approximately
the
same
extent.
By
concentrating
its
investments
in
an
industry
or
group
of
industries,
the
applicable
Fund
may
face
more
risks
than
if
it
were
diversified
broadly
over
numerous
industries
or
groups
of
industries.
If
an
Index
is
not
concentrated
in
a
particular
industry
or
group
of
industries,
the
applicable
Fund
will
not
concentrate
in
a
particular
industry
or
group
of
industries.
Large
Shareholder
Transactions
Risk
—
Certain
shareholders,
including
other
funds
advised
by
the
Investment
Adviser,
may
from
time
to
time
own
a
substantial
amount
of
the
Fund’s
Shares.
In
addition,
a
third
party
investor,
the
Investment
Adviser
or
an
affiliate
of
the
Investment
Adviser,
an
authorized
participant,
a
lead
market
maker,
or
another
entity
(i.e.,
a
seed
investor)
may
invest
in
the
Fund
and
hold
its
investment
solely
to
facilitate
commencement
of
the
Fund
or
to
facilitate
the
Fund’s
achieving
a
specificed
size
or
scale.
Any
such
investment
may
be
held
for
a
limited
period
of
time.
There
can
be
no
assurance
that
any
large
shareholder
would
not
redeem
its
investment,
that
the
size
of
the
Fund
would
be
maintained
at
such
levels
or
that
the
Fund
would
continue
to
meet
applicable
listing
requirements.
Redemptions
by
large
shareholders
could
have
a
significant
negative
impact
on
the
Fund,
including
on
the
Fund’s
liquidity.
In
addition,
transactions
by
large
shareholders
may
account
for
a
large
percentage
of
the
trading
volume
on
Cboe
BZX
Exchange,
Inc.
and
may,
therefore,
have
a
material
upward
or
downward
effect
on
the
market
price
of
the
Shares.
Market
and
Credit
Risks
—
In
the
normal
course
of
business,
a
Fund
trades
financial
instruments
and
enters
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk).
The
value
of
the
securities
in
which
a
Fund
invests
may
go
up
or
down
in
response
to
the
prospects
of
individual
companies,
particular
sectors
or
governments
and/or
general
economic
conditions
throughout
the
world
due
to
increasingly
interconnected
global
economies
and
financial
markets.
Events
such
as
war,
acts
of
terrorism,
social
unrest,
natural
disasters,
the
spread
of
infectious
illness
or
other
public
health
threats
could
also
significantly
impact
a
Fund
and
its
investments.
Additionally,
a
Fund
may
also
be
exposed
to
credit
risk
in
the
event
that
an
issuer
or
guarantor
fails
to
perform
or
that
an
institution
or
entity
with
which
the
Fund
has
unsettled
or
open
transactions
defaults.
Market
Trading
Risk
—
Each
Fund
faces
numerous
market
trading
risks,
including
disruptions
to
creations
and
redemptions,
the
existence
of
extreme
market
volatility
or
potential
lack
of
an
active
trading
market
for
Shares.
If
a
shareholder
purchases
Shares
at
a
time
when
the
market
price
is
at
a
premium
to
the
NAV
or
sells
Shares
at
a
time
when
the
market
price
is
at
a
discount
to
the
NAV,
the
shareholder
may
sustain
losses.
The
Investment
Adviser
cannot
predict
whether
Shares
will
trade
below,
at
or
above
their
NAV.
Price
differences
may
be
due,
in
large
part,
to
the
fact
that
supply
and
demand
forces
at
work
in
the
secondary
trading
market
for
Shares
will
be
closely
related
to,
but
not
identical
to,
the
same
forces
influencing
the
prices
of
the
securities
of
a
Fund’s
Index
trading
individually
or
in
the
aggregate
at
any
point
in
time.
Mid-Cap
Risk
—
Investments
in
mid-capitalization
companies
involve
greater
risks
than
those
associated
with
larger,
more
established
companies.
These
securities
may
be
subject
to
more
abrupt
or
erratic
price
movements
and
may
lack
sufficient
market
liquidity,
and
these
issuers
often
face
greater
business
risks.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
MarketBeta®
ETFs
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
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.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)