NPORT-EX 2 756469GS053124.htm
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
97.3%
Australia
–
0.0%
3,310
Yancoal
Australia
Ltd.
(Energy)
(a)
$
14,089
Brazil
–
3.7%
62,891
Ambev
SA
(Consumer
Staples)
138,326
8,387
Atacadao
SA
(Consumer
Staples)
15,830
78,976
B3
SA
–
Brasil
Bolsa
Balcao
(Financials)
160,781
21,868
Banco
Bradesco
SA
(Financials)
47,640
21,299
Banco
BTG
Pactual
SA
(Financials)
128,016
24,530
Banco
do
Brasil
SA
(Financials)
126,574
5,596
Banco
Santander
Brasil
SA
(Financials)
29,546
9,582
BB
Seguridade
Participacoes
SA
(Financials)
58,886
8,086
Caixa
Seguridade
Participacoes
SA
(Financials)
22,877
14,961
CCR
SA
(Industrials)
34,272
16,553
Centrais
Eletricas
Brasileiras
SA
(Utilities)
109,569
4,851
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
(Utilities)
68,171
5,689
Cia
Energetica
de
Minas
Gerais
(Utilities)
13,075
11,034
Cia
Paranaense
de
Energia
(Utilities)
17,089
9,407
Cia
Siderurgica
Nacional
SA
(Materials)
23,411
17,504
Cosan
SA
(Energy)*
45,360
2,945
CPFL
Energia
SA
(Utilities)
19,107
6,619
CSN
Mineracao
SA
(Materials)
6,221
4,051
Energisa
SA
(Utilities)
35,231
9,002
Eneva
SA
(Utilities)*
21,290
2,743
Engie
Brasil
Energia
SA
(Utilities)
22,619
13,961
Equatorial
Energia
SA
(Utilities)
77,643
66,899
Hapvida
Participacoes
e
Investimentos
SA
(Health
Care)*
(a)
50,787
5,947
Hypera
SA
(Health
Care)
30,720
6,424
Itau
Unibanco
Holding
SA
(Financials)
32,940
13,103
Klabin
SA
(Materials)
50,658
12,222
Localiza
Rent
a
Car
SA
(Industrials)
99,365
14,294
Lojas
Renner
SA
(Consumer
Discretionary)
35,682
4,270
Multiplan
Empreendimentos
Imobiliarios
SA
(Real
Estate)
18,442
12,724
Natura
&
Co.
Holding
SA
(Consumer
Staples)
35,951
3,057
Neoenergia
SA
(Utilities)
10,993
32,770
NU
Holdings
Ltd.,
Class
A
(Financials)*
389,308
2,841
Pagseguro
Digital
Ltd.,
Class
A
(Financials)*
34,802
52,818
Petroleo
Brasileiro
SA
(Energy)
409,009
Shares
Description
Value
a
Common
Stocks
–
(continued)
Brazil
–
(continued)
2,952
Porto
Seguro
SA
(Financials)
$
17,046
10,265
PRIO
SA
(Energy)
81,267
17,948
Raia
Drogasil
SA
(Consumer
Staples)
85,611
14,544
Rede
D’Or
Sao
Luiz
SA
(Health
Care)
(a)
75,987
17,383
Rumo
SA
(Industrials)
65,188
19,938
Sendas
Distribuidora
SA
(Consumer
Staples)*
46,205
3,607
StoneCo
Ltd.,
Class
A
(Financials)*
49,921
9,886
Suzano
SA
(Materials)
91,602
6,100
Telefonica
Brasil
SA
(Communication
Services)
50,254
11,796
TIM
SA
(Communication
Services)
35,595
7,829
TOTVS
SA
(Information
Technology)
42,781
10,322
Ultrapar
Participacoes
SA
(Energy)
45,504
55,986
Vale
SA
(Materials)
673,215
15,907
Vibra
Energia
SA
(Consumer
Discretionary)
65,192
21,165
WEG
SA
(Industrials)
151,212
5,534
XP,
Inc.,
Class
A
(Financials)
105,091
4,101,862
Chile
–
0.5%
645,675
Banco
de
Chile
(Financials)
76,603
1,319
Banco
de
Credito
e
Inversiones
SA
(Financials)
37,399
912,575
Banco
Santander
Chile
(Financials)
43,159
19,641
Cencosud
SA
(Consumer
Staples)
36,854
226,468
Cia
Sud
Americana
de
Vapores
SA
(Industrials)
14,659
17,654
Empresas
CMPC
SA
(Materials)
36,915
6,202
Empresas
Copec
SA
(Energy)
51,436
288,881
Enel
Americas
SA
(Utilities)
28,550
387,868
Enel
Chile
SA
(Utilities)
22,211
17,698
Falabella
SA
(Consumer
Discretionary)*
53,571
6,274,098
Latam
Airlines
Group
SA
(Industrials)
84,339
4,057
Quinenco
SA
(Industrials)
14,572
500,268
China
–
25.2%
6,365
360
Security
Technology,
Inc.,
Class
A
(Information
Technology)*
7,208
1,268
37
Interactive
Entertainment
Network
Technology
Group
Co.
Ltd.,
Class
A
(Communication
Services)
2,533
9,992
AAC
Technologies
Holdings,
Inc.
(Information
Technology)
30,716
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
700
Accelink
Technologies
Co.
Ltd.,
Class
A
(Information
Technology)
$
3,178
578
Advanced
Micro-Fabrication
Equipment
Inc
China,
Class
A
(Information
Technology)
10,319
724
AECC
Aero-Engine
Control
Co.
Ltd.,
Class
A
(Industrials)
2,042
2,062
AECC
Aviation
Power
Co.
Ltd.,
Class
A
(Industrials)
10,585
73,344
Agricultural
Bank
of
China
Ltd.,
Class
A
(Financials)
44,301
403,620
Agricultural
Bank
of
China
Ltd.,
Class
H
(Financials)
168,705
8,502
Aier
Eye
Hospital
Group
Co.
Ltd.,
Class
A
(Health
Care)
14,178
450
AIMA
Technology
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,144
6,084
Air
China
Ltd.,
Class
A
(Industrials)*
6,253
26,611
Air
China
Ltd.,
Class
H
(Industrials)*
(b)
14,150
2,426
Airtac
International
Group
(Industrials)
76,388
1,300
Aisino
Corp.,
Class
A
(Information
Technology)
1,436
5,776
Akeso,
Inc.
(Health
Care)*
(a)
32,485
226,707
Alibaba
Group
Holding
Ltd.
(Consumer
Discretionary)
2,170,471
12,764
Aluminum
Corp.
of
China
Ltd.,
Class
A
(Materials)
14,383
55,647
Aluminum
Corp.
of
China
Ltd.,
Class
H
(Materials)
41,540
578
Amlogic
Shanghai
Co.
Ltd.,
Class
A
(Information
Technology)
4,628
5,654
Angang
Steel
Co.
Ltd.,
Class
A
(Materials)
1,781
21,822
Angang
Steel
Co.
Ltd.,
Class
H
(Materials)
3,905
731
Angel
Yeast
Co.
Ltd.,
Class
A
(Consumer
Staples)
3,076
3,673
Anhui
Conch
Cement
Co.
Ltd.,
Class
A
(Materials)
12,134
17,450
Anhui
Conch
Cement
Co.
Ltd.,
Class
H
(Materials)
43,138
5,716
Anhui
Expressway
Co.
Ltd.,
Class
H
(Industrials)
7,204
895
Anhui
Gujing
Distillery
Co.
Ltd.,
Class
A
(Consumer
Staples)
30,872
1,800
Anhui
Jianghuai
Automobile
Group
Corp.
Ltd.,
Class
A
(Consumer
Discretionary)*
3,990
305
Anhui
Kouzi
Distillery
Co.
Ltd.,
Class
A
(Consumer
Staples)
1,763
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
562
Anhui
Yingjia
Distillery
Co.
Ltd.,
Class
A
(Consumer
Staples)
$
5,380
181
Anjoy
Foods
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
2,270
390
Anker
Innovations
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
3,763
18,268
ANTA
Sports
Products
Ltd.
(Consumer
Discretionary)
194,394
843
Apeloa
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
1,686
700
Asia
-
Potash
International
Investment
Guangzhou
Co.
Ltd.,
Class
A
(Materials)*
1,840
174
Asymchem
Laboratories
Tianjin
Co.
Ltd.,
Class
A
(Health
Care)
1,836
353
Asymchem
Laboratories
Tianjin
Co.
Ltd.,
Class
H
(Health
Care)
(a)
2,432
300
Autobio
Diagnostics
Co.
Ltd.,
Class
A
(Health
Care)
2,117
1,065
Autohome,
Inc.
ADR
(Communication
Services)
30,246
1,439
Avary
Holding
Shenzhen
Co.
Ltd.,
Class
A
(Information
Technology)
5,920
8,230
AVIC
Industry-Finance
Holdings
Co.
Ltd.,
Class
A
(Financials)
3,261
35,300
AviChina
Industry
&
Technology
Co.
Ltd.,
Class
H
(Industrials)
15,973
300
AVICOPTER
PLC,
Class
A
(Industrials)
1,719
4,400
BAIC
BluePark
New
Energy
Technology
Co.
Ltd.,
Class
A
(Consumer
Discretionary)*
4,474
4,038
Baidu,
Inc.
ADR
(Communication
Services)*
392,494
20,523
Bank
of
Beijing
Co.
Ltd.,
Class
A
(Financials)
16,434
3,400
Bank
of
Changsha
Co.
Ltd.,
Class
A
(Financials)
4,018
3,395
Bank
of
Chengdu
Co.
Ltd.,
Class
A
(Financials)
7,380
38,211
Bank
of
China
Ltd.,
Class
A
(Financials)
23,343
1,193,108
Bank
of
China
Ltd.,
Class
H
(Financials)
564,272
36,203
Bank
of
Communications
Co.
Ltd.,
Class
A
(Financials)
35,117
107,276
Bank
of
Communications
Co.
Ltd.,
Class
H
(Financials)
80,765
2,900
Bank
of
Guiyang
Co.
Ltd.,
Class
A
(Financials)
2,338
5,510
Bank
of
Hangzhou
Co.
Ltd.,
Class
A
(Financials)
10,303
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
13,562
Bank
of
Jiangsu
Co.
Ltd.,
Class
A
(Financials)
$
15,432
9,184
Bank
of
Nanjing
Co.
Ltd.,
Class
A
(Financials)
13,104
5,952
Bank
of
Ningbo
Co.
Ltd.,
Class
A
(Financials)
20,285
13,454
Bank
of
Shanghai
Co.
Ltd.,
Class
A
(Financials)
14,457
2,900
Bank
of
Suzhou
Co.
Ltd.,
Class
A
(Financials)*
3,192
6,736
Bank
of
Zhengzhou
Co.
Ltd.,
Class
A
(Financials)*
1,770
18,647
Baoshan
Iron
&
Steel
Co.
Ltd.,
Class
A
(Materials)
17,703
7,827
BBMG
Corp.,
Class
A
(Materials)
1,842
723
BeiGene
Ltd.
ADR
(Health
Care)*
107,619
6,100
Beijing
Capital
Eco-
Environment
Protection
Group
Co.
Ltd.,
Class
A
(Utilities)
2,459
300
Beijing
Compass
Technology
Development
Co.
Ltd.,
Class
A
(Financials)*
1,759
3,954
Beijing
Dabeinong
Technology
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
2,535
181
Beijing
Easpring
Material
Technology
Co.
Ltd.,
Class
A
(Industrials)
988
700
Beijing
E-Hualu
Information
Technology
Co.
Ltd.,
Class
A
(Information
Technology)*
1,793
2,349
Beijing
Enlight
Media
Co.
Ltd.,
Class
A
(Communication
Services)
2,938
7,380
Beijing
Enterprises
Holdings
Ltd.
(Utilities)
25,942
60,179
Beijing
Enterprises
Water
Group
Ltd.
(Utilities)
19,154
378
Beijing
Kingsoft
Office
Software,
Inc.,
Class
A
(Information
Technology)
13,460
1,011
Beijing
New
Building
Materials
PLC,
Class
A
(Industrials)
4,496
2,200
Beijing
Oriental
Yuhong
Waterproof
Technology
Co.
Ltd.,
Class
A
(Materials)
4,465
2,730
Beijing
Originwater
Technology
Co.
Ltd.,
Class
A
(Industrials)
1,758
200
Beijing
Roborock
Technology
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
11,471
1,443
Beijing
Shiji
Information
Technology
Co.
Ltd.,
Class
A
(Information
Technology)*
1,310
2,068
Beijing
Shougang
Co.
Ltd.,
Class
A
(Materials)*
888
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
1,300
Beijing
Tiantan
Biological
Products
Corp.
Ltd.,
Class
A
(Health
Care)
$
5,069
1,124
Beijing
Tongrentang
Co.
Ltd.,
Class
A
(Health
Care)
6,893
571
Beijing
United
Information
Technology
Co.
Ltd.,
Class
A
(Industrials)
1,746
590
Beijing
Wantai
Biological
Pharmacy
Enterprise
Co.
Ltd.,
Class
A
(Health
Care)
5,530
2,200
Beijing
Yanjing
Brewery
Co.
Ltd.,
Class
A
(Consumer
Staples)
2,833
36,200
Beijing-Shanghai
High
Speed
Railway
Co.
Ltd.,
Class
A
(Industrials)
25,203
6,900
Beiqi
Foton
Motor
Co.
Ltd.,
Class
A
(Consumer
Discretionary)*
2,335
253
Bethel
Automotive
Safety
Systems
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
1,249
181
Betta
Pharmaceuticals
Co.
Ltd.,
Class
A
(Health
Care)
942
434
BGI
Genomics
Co.
Ltd.,
Class
A
(Health
Care)
2,344
3,472
Bilibili,
Inc.,
Class
Z
(Communication
Services)*
(b)
49,351
578
Bloomage
Biotechnology
Corp.
Ltd.,
Class
A
(Health
Care)
4,663
2,200
Bluefocus
Intelligent
Communications
Group
Co.
Ltd.,
Class
A
(Communication
Services)*
1,825
3,253
BOC
Aviation
Ltd.
(Industrials)
(a)
24,117
51,199
BOC
Hong
Kong
Holdings
Ltd.
(Financials)
160,337
2,068
BOC
International
China
Co.
Ltd.,
Class
A
(Financials)
2,786
35,037
BOE
Technology
Group
Co.
Ltd.,
Class
A
(Information
Technology)
19,669
41,750
Brilliance
China
Automotive
Holdings
Ltd.
(Consumer
Discretionary)
32,820
1,000
BTG
Hotels
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)*
1,979
1,595
BYD
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
50,260
14,238
BYD
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
399,658
849
By-health
Co.
Ltd.,
Class
A
(Consumer
Staples)
1,766
10,514
C&D
International
Investment
Group
Ltd.
(Real
Estate)
21,180
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
2,200
Caida
Securities
Co.
Ltd.,
Class
A
(Financials)
$
2,031
3,957
Caitong
Securities
Co.
Ltd.,
Class
A
(Financials)
3,931
357
Cambricon
Technologies
Corp.
Ltd.,
Class
A
(Information
Technology)*
8,586
710
Canmax
Technologies
Co.
Ltd.,
Class
A
(Materials)
1,887
712
Cathay
Biotech,
Inc.,
Class
A
(Materials)
4,765
3,400
CECEP
Solar
Energy
Co.
Ltd.,
Class
A
(Utilities)
2,437
5,097
CECEP
Wind-Power
Corp.,
Class
A
(Utilities)
2,258
562
CETC
Cyberspace
Security
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
1,234
13,586
CGN
Power
Co.
Ltd.,
Class
A
(Utilities)
7,832
153,626
CGN
Power
Co.
Ltd.,
Class
H
(Utilities)*
(a)
58,714
381
Changchun
High-Tech
Industry
Group
Co.
Ltd.,
Class
A
(Health
Care)
5,494
5,088
Changjiang
Securities
Co.
Ltd.,
Class
A
(Financials)
3,864
181
Changzhou
Xingyu
Automotive
Lighting
Systems
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,060
1,421
Chaozhou
Three-Circle
Group
Co.
Ltd.,
Class
A
(Information
Technology)
5,688
843
Chengxin
Lithium
Group
Co.
Ltd.,
Class
A
(Materials)
1,878
1,300
Chifeng
Jilong
Gold
Mining
Co.
Ltd.,
Class
A
(Materials)
3,130
700
China
Automotive
Engineering
Research
Institute
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
1,857
2,349
China
Baoan
Group
Co.
Ltd.,
Class
A
(Industrials)
3,200
132,516
China
Cinda
Asset
Management
Co.
Ltd.,
Class
H
(Financials)
12,704
5,401
China
CITIC
Bank
Corp.
Ltd.,
Class
A
(Financials)
5,358
147,828
China
CITIC
Bank
Corp.
Ltd.,
Class
H
(Financials)
90,133
3,005
China
Coal
Energy
Co.
Ltd.,
Class
A
(Energy)
5,491
32,708
China
Coal
Energy
Co.
Ltd.,
Class
H
(Energy)
41,181
35,258
China
Communications
Services
Corp.
Ltd.,
Class
H
(Industrials)
16,991
8,788
China
Construction
Bank
Corp.,
Class
A
(Financials)
8,512
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
1,343,618
China
Construction
Bank
Corp.,
Class
H
(Financials)
$
951,465
3,668
China
CSSC
Holdings
Ltd.,
Class
A
(Industrials)
18,744
14,691
China
Eastern
Airlines
Corp.
Ltd.,
Class
A
(Industrials)*
7,984
30,778
China
Eastern
Airlines
Corp.
Ltd.,
Class
H
(Industrials)*
8,655
28,957
China
Energy
Engineering
Corp.
Ltd.,
Class
A
(Industrials)
8,725
91,667
China
Energy
Engineering
Corp.
Ltd.,
Class
H
(Industrials)*
10,428
39,151
China
Everbright
Bank
Co.
Ltd.,
Class
A
(Financials)
17,453
114,004
China
Everbright
Bank
Co.
Ltd.,
Class
H
(Financials)
36,576
54,833
China
Everbright
Environment
Group
Ltd.
(Industrials)
25,512
49,856
China
Feihe
Ltd.
(Consumer
Staples)
(a)
24,662
1,300
China
Film
Co.
Ltd.,
Class
A
(Communication
Services)*
2,057
5,800
China
First
Heavy
Industries
Co.
Ltd.,
Class
A
(Industrials)*
2,027
5,505
China
Galaxy
Securities
Co.
Ltd.,
Class
A
(Financials)
8,718
52,339
China
Galaxy
Securities
Co.
Ltd.,
Class
H
(Financials)
28,165
2,068
China
Great
Wall
Securities
Co.
Ltd.,
Class
A
(Financials)
2,063
2,737
China
Greatwall
Technology
Group
Co.
Ltd.,
Class
A
(Information
Technology)
3,498
35,704
China
Hongqiao
Group
Ltd.
(Materials)
58,873
1,305
China
International
Capital
Corp.
Ltd.,
Class
A
(Financials)
5,660
22,275
China
International
Capital
Corp.
Ltd.,
Class
H
(Financials)
(a)
26,479
2,374
China
International
Marine
Containers
Group
Co.
Ltd.,
Class
A
(Industrials)
3,129
6,058
China
International
Marine
Containers
Group
Co.
Ltd.,
Class
H
(Industrials)
5,328
3,662
China
Jushi
Co.
Ltd.,
Class
A
(Materials)
5,774
1,674
China
Life
Insurance
Co.
Ltd.,
Class
A
(Financials)
7,221
106,169
China
Life
Insurance
Co.
Ltd.,
Class
H
(Financials)
150,364
5,397
China
Literature
Ltd.
(Communication
Services)*
(a)
18,143
49,285
China
Longyuan
Power
Group
Corp.
Ltd.,
Class
H
(Utilities)
44,917
18,561
China
Medical
System
Holdings
Ltd.
(Health
Care)
15,682
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
17,998
China
Merchants
Bank
Co.
Ltd.,
Class
A
(Financials)
$
84,889
53,993
China
Merchants
Bank
Co.
Ltd.,
Class
H
(Financials)
240,173
7,446
China
Merchants
Energy
Shipping
Co.
Ltd.,
Class
A
(Energy)
9,087
3,168
China
Merchants
Expressway
Network
&
Technology
Holdings
Co.
Ltd.,
Class
A
(Industrials)
5,122
18,828
China
Merchants
Port
Holdings
Co.
Ltd.
(Industrials)
26,762
6,879
China
Merchants
Securities
Co.
Ltd.,
Class
A
(Financials)
13,431
6,873
China
Merchants
Securities
Co.
Ltd.,
Class
H
(Financials)
(a)
5,719
5,941
China
Merchants
Shekou
Industrial
Zone
Holdings
Co.
Ltd.,
Class
A
(Real
Estate)*
7,888
33,132
China
Minsheng
Banking
Corp.
Ltd.,
Class
A
(Financials)
17,824
103,619
China
Minsheng
Banking
Corp.
Ltd.,
Class
H
(Financials)
39,205
64,648
China
National
Building
Material
Co.
Ltd.,
Class
H
(Materials)
25,865
5,659
China
National
Chemical
Engineering
Co.
Ltd.,
Class
A
(Industrials)
6,369
700
China
National
Medicines
Corp.
Ltd.,
Class
A
(Health
Care)
3,275
17,459
China
National
Nuclear
Power
Co.
Ltd.,
Class
A
(Utilities)
23,013
460
China
National
Software
&
Service
Co.
Ltd.,
Class
A
(Information
Technology)
1,941
16,252
China
Nonferrous
Mining
Corp.
Ltd.
(Materials)
15,560
3,172
China
Northern
Rare
Earth
Group
High-Tech
Co.
Ltd.,
Class
A
(Materials)
8,249
843
China
Oilfield
Services
Ltd.,
Class
A
(Energy)
2,096
28,285
China
Oilfield
Services
Ltd.,
Class
H
(Energy)
30,117
52,938
China
Overseas
Land
&
Investment
Ltd.
(Real
Estate)
99,741
19,129
China
Overseas
Property
Holdings
Ltd.
(Real
Estate)
12,935
6,072
China
Pacific
Insurance
Group
Co.
Ltd.,
Class
A
(Financials)
24,044
36,045
China
Pacific
Insurance
Group
Co.
Ltd.,
Class
H
(Financials)*
93,990
28,438
China
Petroleum
&
Chemical
Corp.,
Class
A
(Energy)
25,238
342,609
China
Petroleum
&
Chemical
Corp.,
Class
H
(Energy)
217,214
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
4,400
China
Petroleum
Engineering
Corp.,
Class
A
(Energy)
$
1,986
72,545
China
Power
International
Development
Ltd.
(Utilities)
34,124
4,113
China
Railway
Construction
Heavy
Industry
Corp.
Ltd.,
Class
A
(Industrials)
2,224
19,086
China
Railway
Group
Ltd.,
Class
A
(Industrials)
17,279
62,464
China
Railway
Group
Ltd.,
Class
H
(Industrials)
33,534
5,826
China
Railway
Signal
&
Communication
Corp.
Ltd.,
Class
A
(Information
Technology)
4,401
25,329
China
Railway
Signal
&
Communication
Corp.
Ltd.,
Class
H
(Information
Technology)
(a)
10,684
843
China
Rare
Earth
Resources
And
Technology
Co.
Ltd.,
Class
A
(Materials)
3,173
22,260
China
Resources
Beer
Holdings
Co.
Ltd.
(Consumer
Staples)
89,201
13,169
China
Resources
Gas
Group
Ltd.
(Utilities)
45,701
41,155
China
Resources
Land
Ltd.
(Real
Estate)
149,399
851
China
Resources
Microelectronics
Ltd.,
Class
A
(Information
Technology)
4,469
9,001
China
Resources
Mixc
Lifestyle
Services
Ltd.
(Real
Estate)
(a)
31,294
24,373
China
Resources
Pharmaceutical
Group
Ltd.
(Health
Care)
(a)
18,038
26,299
China
Resources
Power
Holdings
Co.
Ltd.
(Utilities)
74,460
843
China
Resources
Sanjiu
Medical
&
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
7,057
75,800
China
Ruyi
Holdings
Ltd.
(Communication
Services)*
20,734
5,268
China
Shenhua
Energy
Co.
Ltd.,
Class
A
(Energy)
30,682
48,189
China
Shenhua
Energy
Co.
Ltd.,
Class
H
(Energy)
233,758
1,300
China
South
Publishing
&
Media
Group
Co.
Ltd.,
Class
A
(Communication
Services)
2,322
10,189
China
Southern
Airlines
Co.
Ltd.,
Class
A
(Industrials)*
8,243
25,846
China
Southern
Airlines
Co.
Ltd.,
Class
H
(Industrials)*
10,539
2,200
China
Southern
Power
Grid
Energy
Efficiency
&
Clean
Energy
Co.
Ltd.,
Class
A
(Industrials)
1,495
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
1,000
China
Southern
Power
Grid
Energy
Storage
Co.
Ltd.,
Class
A
(Utilities)
$
1,494
39,273
China
State
Construction
Engineering
Corp.
Ltd.,
Class
A
(Industrials)
30,422
27,572
China
State
Construction
International
Holdings
Ltd.
(Industrials)
36,512
1,305
China
Suntien
Green
Energy
Corp.
Ltd.,
Class
A
(Energy)
1,643
27,014
China
Suntien
Green
Energy
Corp.
Ltd.,
Class
H
(Energy)*
12,707
21,878
China
Taiping
Insurance
Holdings
Co.
Ltd.
(Financials)
23,630
26,711
China
Three
Gorges
Renewables
Group
Co.
Ltd.,
Class
A
(Utilities)
17,163
1,704
China
Tourism
Group
Duty
Free
Corp.
Ltd.,
Class
A
(Consumer
Discretionary)
16,646
1,326
China
Tourism
Group
Duty
Free
Corp.
Ltd.,
Class
H
(Consumer
Discretionary)
(a)(b)
10,568
619,052
China
Tower
Corp.
Ltd.,
Class
H
(Communication
Services)
(a)
72,798
48,527
China
Traditional
Chinese
Medicine
Holdings
Co.
Ltd.
(Health
Care)
26,176
29,541
China
United
Network
Communications
Ltd.,
Class
A
(Communication
Services)
18,575
9,061
China
Vanke
Co.
Ltd.,
Class
A
(Real
Estate)
10,285
33,070
China
Vanke
Co.
Ltd.,
Class
H
(Real
Estate)
22,699
4,400
China
XD
Electric
Co.
Ltd.,
Class
A
(Industrials)
4,105
20,527
China
Yangtze
Power
Co.
Ltd.,
Class
A
(Utilities)
75,155
562
China
Zhenhua
Group
Science
&
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
3,491
17,076
China
Zheshang
Bank
Co.
Ltd.,
Class
A
(Financials)*
7,001
49,757
China
Zheshang
Bank
Co.
Ltd.,
Class
H
(Financials)*
14,374
447
Chongqing
Brewery
Co.
Ltd.,
Class
A
(Consumer
Staples)
4,240
13,297
Chongqing
Changan
Automobile
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
25,229
8,770
Chongqing
Rural
Commercial
Bank
Co.
Ltd.,
Class
A
(Financials)
6,226
36,420
Chongqing
Rural
Commercial
Bank
Co.
Ltd.,
Class
H
(Financials)
16,759
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
300
Chongqing
Taiji
Industry
Group
Co.
Ltd.,
Class
A
(Health
Care)*
$
1,472
1,922
Chongqing
Zhifei
Biological
Products
Co.
Ltd.,
Class
A
(Health
Care)
8,674
90,772
CITIC
Ltd.
(Industrials)
91,661
1,305
Citic
Pacific
Special
Steel
Group
Co.
Ltd.,
Class
A
(Materials)
2,709
10,487
CITIC
Securities
Co.
Ltd.,
Class
A
(Financials)
26,867
26,162
CITIC
Securities
Co.
Ltd.,
Class
H
(Financials)
40,597
15,998
CMOC
Group
Ltd.,
Class
A
(Materials)
18,358
51,801
CMOC
Group
Ltd.,
Class
H
(Materials)
47,740
786
CNGR
Advanced
Material
Co.
Ltd.,
Class
A
(Materials)
3,822
5,400
CNOOC
Energy
Technology
&
Services
Ltd.,
Class
A
(Energy)
3,106
3,392
CNPC
Capital
Co.
Ltd.,
Class
A
(Financials)
2,651
3,809
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
(Industrials)
103,642
9,051
COSCO
SHIPPING
Development
Co.
Ltd.,
Class
A
(Industrials)
3,313
3,392
COSCO
SHIPPING
Energy
Transportation
Co.
Ltd.,
Class
A
(Energy)
8,223
20,242
COSCO
SHIPPING
Energy
Transportation
Co.
Ltd.,
Class
H
(Energy)
28,513
11,833
COSCO
SHIPPING
Holdings
Co.
Ltd.,
Class
A
(Industrials)
24,487
46,496
COSCO
SHIPPING
Holdings
Co.
Ltd.,
Class
H
(Industrials)
77,619
203,775
Country
Garden
Holdings
Co.
Ltd.
(Real
Estate)*
(b)(c)
—
33,517
Country
Garden
Services
Holdings
Co.
Ltd.
(Real
Estate)
24,377
22,300
CRRC
Corp.
Ltd.,
Class
A
(Industrials)
21,386
67,555
CRRC
Corp.
Ltd.,
Class
H
(Industrials)
40,412
2,592
CSC
Financial
Co.
Ltd.,
Class
A
(Financials)
7,546
14,194
CSC
Financial
Co.
Ltd.,
Class
H
(Financials)
(a)
11,339
840
CSPC
Innovation
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
3,620
1,000
CSSC
Science
&
Technology
Co.
Ltd.,
Class
A
(Industrials)*
2,120
13,868
Daqin
Railway
Co.
Ltd.,
Class
A
(Industrials)
13,490
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
718
DaShenLin
Pharmaceutical
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
$
1,983
5,654
Datang
International
Power
Generation
Co.
Ltd.,
Class
A
(Utilities)
2,357
43,804
Datang
International
Power
Generation
Co.
Ltd.,
Class
H
(Utilities)
9,015
2,730
DHC
Software
Co.
Ltd.,
Class
A
(Information
Technology)
1,882
726
Do-Fluoride
New
Materials
Co.
Ltd.,
Class
A
(Materials)
1,328
458
Dong-E-E-Jiao
Co.
Ltd.,
Class
A
(Health
Care)
4,267
2,203
Dongfang
Electric
Corp.
Ltd.,
Class
A
(Industrials)
5,571
5,296
Dongfang
Electric
Corp.
Ltd.,
Class
H
(Industrials)
(b)
8,530
29,489
Dongfeng
Motor
Group
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
9,536
2,765
Dongxing
Securities
Co.
Ltd.,
Class
A
(Financials)
3,184
6,721
East
Buy
Holding
Ltd.
(Consumer
Staples)*
(a)(b)
15,756
13,881
East
Money
Information
Co.
Ltd.,
Class
A
(Financials)
23,702
1,200
Eastern
Air
Logistics
Co.
Ltd.,
Class
A
(Industrials)*
3,296
181
Eastroc
Beverage
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
5,329
5,100
Easyhome
New
Retail
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
1,986
562
Ecovacs
Robotics
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,858
300
Empyrean
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
3,276
10,872
ENN
Energy
Holdings
Ltd.
(Utilities)
99,640
1,930
ENN
Natural
Gas
Co.
Ltd.,
Class
A
(Utilities)
4,830
440
Eoptolink
Technology,
Inc.
Ltd.,
Class
A
(Information
Technology)
5,251
1,800
Eve
Energy
Co.
Ltd.,
Class
A
(Industrials)
9,703
3,547
Everbright
Securities
Co.
Ltd.,
Class
A
(Financials)
7,701
8,870
Everdisplay
Optronics
Shanghai
Co.
Ltd.,
Class
A
(Information
Technology)*
2,526
4,120
Fangda
Carbon
New
Material
Co.
Ltd.,
Class
A
(Industrials)*
2,749
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
19,845
Far
East
Horizon
Ltd.
(Financials)
$
15,930
945
Farasis
Energy
Gan
Zhou
Co.
Ltd.,
Class
A
(Industrials)*
1,538
2,083
FAW
Jiefang
Group
Co.
Ltd.,
Class
A
(Industrials)*
2,413
1,000
Fiberhome
Telecommunication
Technologies
Co.
Ltd.,
Class
A
(Information
Technology)
2,214
3,954
First
Capital
Securities
Co.
Ltd.,
Class
A
(Financials)
2,938
979
Flat
Glass
Group
Co.
Ltd.,
Class
A
(Information
Technology)
3,316
6,661
Flat
Glass
Group
Co.
Ltd.,
Class
H
(Information
Technology)
(b)
13,470
13,340
Focus
Media
Information
Technology
Co.
Ltd.,
Class
A
(Communication
Services)
11,637
3,692
Foshan
Haitian
Flavouring
&
Food
Co.
Ltd.,
Class
A
(Consumer
Staples)
18,186
7,300
Founder
Securities
Co.
Ltd.,
Class
A
(Financials)
8,276
9,194
Foxconn
Industrial
Internet
Co.
Ltd.,
Class
A
(Information
Technology)
28,981
1,800
Fujian
Funeng
Co.
Ltd.,
Class
A
(Utilities)
2,655
300
Fujian
Kuncai
Material
Technology
Co.
Ltd.,
Class
A
(Materials)*
1,649
864
Fujian
Sunner
Development
Co.
Ltd.,
Class
A
(Consumer
Staples)
1,953
11,321
Full
Truck
Alliance
Co.
Ltd.
ADR
(Industrials)
100,078
1,674
Fuyao
Glass
Industry
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
10,650
8,952
Fuyao
Glass
Industry
Group
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
(a)
50,519
1,433
GalaxyCore,
Inc.,
Class
A
(Information
Technology)
2,670
300
Gan
&
Lee
Pharmaceuticals
Co.
Ltd.,
Class
A
(Health
Care)*
2,003
1,122
Ganfeng
Lithium
Group
Co.
Ltd.,
Class
A
(Materials)
5,192
6,053
Ganfeng
Lithium
Group
Co.
Ltd.,
Class
H
(Materials)
(a)(b)
16,673
17,078
GD
Power
Development
Co.
Ltd.,
Class
A
(Utilities)
12,618
10,329
GDS
Holdings
Ltd.,
Class
A
(Information
Technology)*
9,968
4,235
GEM
Co.
Ltd.,
Class
A
(Materials)
3,822
3,824
Gemdale
Corp.,
Class
A
(Real
Estate)
2,226
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
17,141
Genscript
Biotech
Corp.
(Health
Care)*
$
21,910
5,652
GF
Securities
Co.
Ltd.,
Class
A
(Financials)
10,008
15,205
GF
Securities
Co.
Ltd.,
Class
H
(Financials)
13,760
5,328
Giant
Biogene
Holding
Co.
Ltd.
(Consumer
Staples)*
(a)
33,677
1,800
Giant
Network
Group
Co.
Ltd.,
Class
A
(Communication
Services)
2,573
448
GigaDevice
Semiconductor,
Inc.,
Class
A
(Information
Technology)
5,123
322
Ginlong
Technologies
Co.
Ltd.,
Class
A
(Industrials)
2,543
1,000
Glodon
Co.
Ltd.,
Class
A
(Information
Technology)
1,608
2,890
GoerTek,
Inc.,
Class
A
(Information
Technology)
6,835
2,761
Goldwind
Science
&
Technology
Co.
Ltd.,
Class
A
(Industrials)
2,963
12,100
Goldwind
Science
&
Technology
Co.
Ltd.,
Class
H
(Industrials)
5,599
348
Goneo
Group
Co.
Ltd.,
Class
A
(Industrials)
5,796
1,124
Gotion
High-tech
Co.
Ltd.,
Class
A
(Industrials)*
3,139
1,955
Great
Wall
Motor
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
6,986
34,750
Great
Wall
Motor
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
59,876
5,097
Gree
Electric
Appliances,
Inc.
of
Zhuhai,
Class
A
(Consumer
Discretionary)
28,543
8,900
Greenland
Holdings
Corp.
Ltd.,
Class
A
(Real
Estate)*
2,302
15,572
Greentown
China
Holdings
Ltd.
(Real
Estate)
15,187
2,200
GRG
Banking
Equipment
Co.
Ltd.,
Class
A
(Information
Technology)
3,260
1,800
Guangdong
Electric
Power
Development
Co.
Ltd.,
Class
A
(Utilities)*
1,424
1,268
Guangdong
Haid
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
8,838
2,600
Guangdong
HEC
Technology
Holding
Co.
Ltd.,
Class
A
(Materials)*
2,994
43,797
Guangdong
Investment
Ltd.
(Utilities)
24,744
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
181
Guangdong
Kinlong
Hardware
Products
Co.
Ltd.,
Class
A
(Industrials)
$
947
6,222
Guanghui
Energy
Co.
Ltd.,
Class
A
(Energy)
6,857
20,423
Guangshen
Railway
Co.
Ltd.,
Class
H
(Industrials)*
5,717
2,097
Guangzhou
Automobile
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,429
44,107
Guangzhou
Automobile
Group
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
18,323
1,800
Guangzhou
Baiyun
International
Airport
Co.
Ltd.,
Class
A
(Industrials)*
2,511
1,116
Guangzhou
Baiyunshan
Pharmaceutical
Holdings
Co.
Ltd.,
Class
A
(Health
Care)
4,822
3,414
Guangzhou
Baiyunshan
Pharmaceutical
Holdings
Co.
Ltd.,
Class
H
(Health
Care)
9,710
181
Guangzhou
Great
Power
Energy
&
Technology
Co.
Ltd.,
Class
A
(Industrials)
561
1,800
Guangzhou
Haige
Communications
Group,
Inc.
Co.,
Class
A
(Information
Technology)
2,682
447
Guangzhou
Kingmed
Diagnostics
Group
Co.
Ltd.,
Class
A
(Health
Care)
2,071
458
Guangzhou
Shiyuan
Electronic
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
2,068
1,786
Guangzhou
Tinci
Materials
Technology
Co.
Ltd.,
Class
A
(Materials)
4,804
2,385
Guangzhou
Yuexiu
Capital
Holdings
Group
Co.
Ltd.,
Class
A
(Financials)
1,818
1,800
Guolian
Securities
Co.
Ltd.,
Class
A
(Financials)*
2,700
6,160
Guolian
Securities
Co.
Ltd.,
Class
H
(Financials)*
2,653
4,262
Guosen
Securities
Co.
Ltd.,
Class
A
(Financials)
5,243
6,742
Guotai
Junan
Securities
Co.
Ltd.,
Class
A
(Financials)
12,931
12,924
Guotai
Junan
Securities
Co.
Ltd.,
Class
H
(Financials)
(a)
13,711
4,236
Guoyuan
Securities
Co.
Ltd.,
Class
A
(Financials)
3,742
2,714
H
World
Group
Ltd.
ADR
(Consumer
Discretionary)
101,042
25,331
Haidilao
International
Holding
Ltd.
(Consumer
Discretionary)
(a)
56,209
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
5,655
Haier
Smart
Home
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
$
22,984
33,126
Haier
Smart
Home
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
119,829
38,200
Hainan
Airlines
Holding
Co.
Ltd.,
Class
A
(Industrials)*
7,148
10,200
Hainan
Airport
Infrastructure
Co.
Ltd.,
Class
A
(Real
Estate)*
4,800
300
Hainan
Drinda
New
Energy
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
2,143
700
Haisco
Pharmaceutical
Group
Co.
Ltd.,
Class
A
(Health
Care)
2,951
9,465
Haitian
International
Holdings
Ltd.
(Industrials)
28,855
8,626
Haitong
Securities
Co.
Ltd.,
Class
A
(Financials)
9,839
39,476
Haitong
Securities
Co.
Ltd.,
Class
H
(Financials)
19,376
705
Han’s
Laser
Technology
Industry
Group
Co.
Ltd.,
Class
A
(Industrials)
1,986
1,000
Hang
Zhou
Great
Star
Industrial
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,496
980
Hangcha
Group
Co.
Ltd.,
Class
A
(Industrials)
2,698
700
Hangjin
Technology
Co.
Ltd.,
Class
A
(Materials)
2,413
2,730
Hangzhou
Binjiang
Real
Estate
Group
Co.
Ltd.,
Class
A
(Real
Estate)
3,114
562
Hangzhou
Chang
Chuan
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
2,196
1,666
Hangzhou
First
Applied
Material
Co.
Ltd.,
Class
A
(Information
Technology)*
5,944
562
Hangzhou
Lion
Microelectronics
Co.
Ltd.,
Class
A
(Information
Technology)
1,648
843
Hangzhou
Oxygen
Plant
Group
Co.
Ltd.,
Class
A
(Materials)
2,900
711
Hangzhou
Robam
Appliances
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,356
843
Hangzhou
Silan
Microelectronics
Co.
Ltd.,
Class
A
(Information
Technology)*
2,179
574
Hangzhou
Tigermed
Consulting
Co.
Ltd.,
Class
A
(Health
Care)
4,259
1,930
Hangzhou
Tigermed
Consulting
Co.
Ltd.,
Class
H
(Health
Care)*
(a)
8,116
15,331
Hansoh
Pharmaceutical
Group
Co.
Ltd.
(Health
Care)
(a)
31,472
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
562
Haohua
Chemical
Science
&
Technology
Co.
Ltd.,
Class
A
(Materials)
$
2,339
700
Hebei
Hengshui
Laobaigan
Liquor
Co.
Ltd.,
Class
A
(Consumer
Staples)
2,154
300
Hebei
Sinopack
Electronic
Technology
Co.
Ltd.,
Class
A
(Information
Technology)*
2,600
1,000
Hebei
Yangyuan
Zhihui
Beverage
Co.
Ltd.,
Class
A
(Consumer
Staples)*
3,517
700
Hefei
Meiya
Optoelectronic
Technology,
Inc.,
Class
A
(Industrials)
1,626
1,300
Heilongjiang
Agriculture
Co.
Ltd.,
Class
A
(Consumer
Staples)
2,322
2,068
Henan
Shenhuo
Coal
Industry
&
Electricity
Power
Co.
Ltd.,
Class
A
(Materials)
6,581
2,730
Henan
Shuanghui
Investment
&
Development
Co.
Ltd.,
Class
A
(Consumer
Staples)
9,518
8,602
Hengan
International
Group
Co.
Ltd.
(Consumer
Staples)
29,907
1,305
Hengdian
Group
DMEGC
Magnetics
Co.
Ltd.,
Class
A
(Information
Technology)
2,487
5,659
Hengli
Petrochemical
Co.
Ltd.,
Class
A
(Materials)
11,158
2,068
Hengtong
Optic-electric
Co.
Ltd.,
Class
A
(Information
Technology)
4,257
3,952
Hengyi
Petrochemical
Co.
Ltd.,
Class
A
(Materials)*
3,899
9,199
Hesteel
Co.
Ltd.,
Class
A
(Materials)
2,721
800
Hisense
Home
Appliances
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
4,477
4,936
Hisense
Home
Appliances
Group
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
22,398
1,000
Hisense
Visual
Technology
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,769
424
Hithink
RoyalFlush
Information
Network
Co.
Ltd.,
Class
A
(Financials)
6,805
2,900
HLA
Group
Corp.
Ltd.,
Class
A
(Consumer
Discretionary)
3,858
1,800
Hongta
Securities
Co.
Ltd.,
Class
A
(Financials)
1,704
562
Hoshine
Silicon
Industry
Co.
Ltd.,
Class
A
(Materials)*
4,083
459
Hoyuan
Green
Energy
Co.
Ltd.,
Class
A
(Information
Technology)
1,334
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
11,852
Hua
Hong
Semiconductor
Ltd.
(Information
Technology)*
(a)
$
29,390
4,100
Huaan
Securities
Co.
Ltd.,
Class
A
(Financials)
2,595
6,095
Huadian
Power
International
Corp.
Ltd.,
Class
A
(Utilities)
5,543
27,464
Huadian
Power
International
Corp.
Ltd.,
Class
H
(Utilities)
(b)
15,938
1,421
Huadong
Medicine
Co.
Ltd.,
Class
A
(Health
Care)
6,184
4,373
Huafon
Chemical
Co.
Ltd.,
Class
A
(Materials)
4,543
700
Huagong
Tech
Co.
Ltd.,
Class
A
(Information
Technology)*
2,886
2,068
Huaibei
Mining
Holdings
Co.
Ltd.,
Class
A
(Materials)
5,611
1,302
Hualan
Biological
Engineering,
Inc.,
Class
A
(Health
Care)
3,255
300
Huali
Industrial
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,793
4,511
Huaneng
Lancang
River
Hydropower,
Inc.,
Class
A
(Utilities)
6,138
6,765
Huaneng
Power
International,
Inc.,
Class
A
(Utilities)*
8,340
59,876
Huaneng
Power
International,
Inc.,
Class
H
(Utilities)*
39,645
7,165
Huatai
Securities
Co.
Ltd.,
Class
A
(Financials)
13,388
19,890
Huatai
Securities
Co.
Ltd.,
Class
H
(Financials)
(a)
22,627
2,613
Huaxi
Securities
Co.
Ltd.,
Class
A
(Financials)
2,513
11,848
Huaxia
Bank
Co.
Ltd.,
Class
A
(Financials)
11,232
300
Huaxia
Eye
Hospital
Group
Co.
Ltd.,
Class
A
(Health
Care)
1,008
1,124
Huaxin
Cement
Co.
Ltd.,
Class
A
(Materials)
2,293
2,731
Huayu
Automotive
Systems
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
6,038
3,673
Hubei
Energy
Group
Co.
Ltd.,
Class
A
(Utilities)
2,992
300
Hubei
Feilihua
Quartz
Glass
Co.
Ltd.,
Class
A
(Materials)
1,327
700
Hubei
Jumpcan
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
3,669
843
Hubei
Xingfa
Chemicals
Group
Co.
Ltd.,
Class
A
(Materials)
2,507
562
Huizhou
Desay
Sv
Automotive
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
7,766
1,124
Humanwell
Healthcare
Group
Co.
Ltd.,
Class
A
(Health
Care)
2,985
1,527
Hunan
Changyuan
Lico
Co.
Ltd.,
Class
A
(Industrials)
1,086
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
6,884
Hunan
Valin
Steel
Co.
Ltd.,
Class
A
(Materials)
$
5,001
1,654
Hundsun
Technologies,
Inc.,
Class
A
(Information
Technology)
4,567
200
Hwatsing
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
4,842
5,191
Hygeia
Healthcare
Holdings
Co.
Ltd.
(Health
Care)
(a)
21,730
1,442
Hygon
Information
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
14,146
1,124
IEIT
Systems
Co.
Ltd.,
Class
A
(Information
Technology)
5,631
2,066
Iflytek
Co.
Ltd.,
Class
A
(Information
Technology)
11,996
700
IKD
Co.
Ltd.,
Class
A
(Consumer
Discretionary)*
1,673
253
Imeik
Technology
Development
Co.
Ltd.,
Class
A
(Health
Care)
7,001
55,958
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
A
(Financials)
41,807
986,105
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
H
(Financials)
557,125
18,411
Industrial
Bank
Co.
Ltd.,
Class
A
(Financials)
45,319
6,203
Industrial
Securities
Co.
Ltd.,
Class
A
(Financials)
4,575
181
Ingenic
Semiconductor
Co.
Ltd.,
Class
A
(Information
Technology)
1,450
42,621
Inner
Mongolia
BaoTou
Steel
Union
Co.
Ltd.,
Class
A
(Materials)*
9,031
1,800
Inner
Mongolia
Dian
Tou
Energy
Corp.
Ltd.,
Class
A
(Energy)
5,634
3,911
Inner
Mongolia
ERDOS
Resources
Co.
Ltd.,
Class
A
(Materials)
6,474
7,700
Inner
Mongolia
Junzheng
Energy
&
Chemical
Industry
Group
Co.
Ltd.,
Class
A
(Materials)
4,630
5,800
Inner
Mongolia
MengDian
HuaNeng
Thermal
Power
Corp.
Ltd.,
Class
A
(Utilities)
3,623
5,787
Inner
Mongolia
Yili
Industrial
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
22,541
2,558
Inner
Mongolia
Yitai
Coal
Co.
Ltd.,
Class
H
(Energy)*
(c)
—
3,392
Inner
Mongolia
Yuan
Xing
Energy
Co.
Ltd.,
Class
A
(Materials)
3,402
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
17,385
Innovent
Biologics,
Inc.
(Health
Care)*
(a)
$
78,221
6,923
iQIYI,
Inc.
ADR
(Communication
Services)*
32,054
3,100
IRICO
Display
Devices
Co.
Ltd.,
Class
A
(Information
Technology)*
3,024
450
Isoftstone
Information
Technology
Group
Co.
Ltd.,
Class
A
(Information
Technology)*
2,463
2,900
JA
Solar
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
6,025
574
Jafron
Biomedical
Co.
Ltd.,
Class
A
(Health
Care)
2,178
711
Jason
Furniture
Hangzhou
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,506
1,305
JCET
Group
Co.
Ltd.,
Class
A
(Information
Technology)
4,663
500
JCHX
Mining
Management
Co.
Ltd.,
Class
A
(Materials)
3,912
14,799
JD
Health
International,
Inc.
(Consumer
Staples)*
(a)
49,467
26,911
JD
Logistics,
Inc.
(Industrials)*
(a)
29,307
34,803
JD.com,
Inc.,
Class
A
(Consumer
Discretionary)
506,696
5,673
Jiangsu
Eastern
Shenghong
Co.
Ltd.,
Class
A
(Materials)*
6,978
843
Jiangsu
Expressway
Co.
Ltd.,
Class
A
(Industrials)
1,362
19,080
Jiangsu
Expressway
Co.
Ltd.,
Class
H
(Industrials)
19,828
1,118
Jiangsu
Hengli
Hydraulic
Co.
Ltd.,
Class
A
(Industrials)
7,633
5,541
Jiangsu
Hengrui
Pharmaceuticals
Co.
Ltd.,
Class
A
(Health
Care)
32,295
864
Jiangsu
King's
Luck
Brewery
JSC
Ltd.,
Class
A
(Consumer
Staples)
6,305
700
Jiangsu
Nhwa
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
2,296
450
Jiangsu
Pacific
Quartz
Co.
Ltd.,
Class
A
(Information
Technology)
2,406
1,800
Jiangsu
Phoenix
Publishing
&
Media
Corp.
Ltd.,
Class
A
(Communication
Services)
2,657
300
Jiangsu
Xinquan
Automotive
Trim
Co.
Ltd.,
Class
A
(Consumer
Discretionary)*
1,802
1,273
Jiangsu
Yanghe
Distillery
Co.
Ltd.,
Class
A
(Consumer
Staples)
16,347
305
Jiangsu
Yangnong
Chemical
Co.
Ltd.,
Class
A
(Materials)
2,520
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
300
Jiangsu
Yoke
Technology
Co.
Ltd.,
Class
A
(Materials)
$
2,442
711
Jiangsu
Yuyue
Medical
Equipment
&
Supply
Co.
Ltd.,
Class
A
(Health
Care)
3,808
2,730
Jiangsu
Zhongtian
Technology
Co.
Ltd.,
Class
A
(Industrials)
5,657
1,655
Jiangxi
Copper
Co.
Ltd.,
Class
A
(Materials)
5,804
16,682
Jiangxi
Copper
Co.
Ltd.,
Class
H
(Materials)
35,994
1,305
Jiangxi
Special
Electric
Motor
Co.
Ltd.,
Class
A
(Industrials)*
1,690
2,200
Jinduicheng
Molybdenum
Co.
Ltd.,
Class
A
(Materials)
3,526
5,676
Jinko
Solar
Co.
Ltd.,
Class
A
(Information
Technology)
6,365
181
JiuGui
Liquor
Co.
Ltd.,
Class
A
(Consumer
Staples)
1,326
2,600
Jizhong
Energy
Resources
Co.
Ltd.,
Class
A
(Energy)
2,908
1,000
JL
Mag
Rare-Earth
Co.
Ltd.,
Class
A
(Industrials)
1,984
1,300
Joincare
Pharmaceutical
Group
Industry
Co.
Ltd.,
Class
A
(Health
Care)
2,230
459
Joinn
Laboratories
China
Co.
Ltd.,
Class
A
(Health
Care)
962
1,370
Joinn
Laboratories
China
Co.
Ltd.,
Class
H
(Health
Care)
(a)
1,480
3,813
Jointown
Pharmaceutical
Group
Co.
Ltd.,
Class
A
(Health
Care)
3,882
562
Jonjee
Hi-Tech
Industrial
And
Commercial
Holding
Co.
Ltd.,
Class
A
(Consumer
Staples)
2,043
562
Juewei
Food
Co.
Ltd.,
Class
A
(Consumer
Staples)
1,427
1,786
Juneyao
Airlines
Co.
Ltd.,
Class
A
(Industrials)
3,050
4,075
Kanzhun
Ltd.
ADR
(Communication
Services)
86,594
12,701
KE
Holdings,
Inc.
ADR
(Real
Estate)
215,536
300
Keboda
Technology
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,872
1,786
Keda
Industrial
Group
Co.
Ltd.,
Class
A
(Industrials)*
2,374
40,897
Kingdee
International
Software
Group
Co.
Ltd.
(Information
Technology)*
41,820
2,200
Kingfa
Sci
&
Tech
Co.
Ltd.,
Class
A
(Materials)
2,225
1,800
Kingnet
Network
Co.
Ltd.,
Class
A
(Communication
Services)
2,695
14,189
Kingsoft
Corp.
Ltd.
(Communication
Services)
45,342
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
29,173
Kuaishou
Technology
(Communication
Services)*
(a)
$
206,771
1,942
Kuang-Chi
Technologies
Co.
Ltd.,
Class
A
(Industrials)*
4,871
54,175
Kunlun
Energy
Co.
Ltd.
(Utilities)
56,229
1,000
Kunlun
Tech
Co.
Ltd.,
Class
A
(Communication
Services)*
4,801
1,036
Kweichow
Moutai
Co.
Ltd.,
Class
A
(Consumer
Staples)
234,976
1,300
Lao
Feng
Xiang
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
13,453
2,083
LB
Group
Co.
Ltd.,
Class
A
(Materials)
5,999
103,725
Lenovo
Group
Ltd.
(Information
Technology)
148,759
4,398
Lens
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
9,258
1,786
Lepu
Medical
Technology
Beijing
Co.
Ltd.,
Class
A
(Health
Care)
4,047
562
Levima
Advanced
Materials
Corp.,
Class
A
(Materials)
1,274
16,620
Li
Auto,
Inc.,
Class
A
(Consumer
Discretionary)*
166,023
33,665
Li
Ning
Co.
Ltd.
(Consumer
Discretionary)
87,569
13,059
Liaoning
Port
Co.
Ltd.,
Class
A
(Industrials)
2,498
6,222
Lingyi
iTech
Guangdong
Co.,
Class
A
(Information
Technology)
4,221
305
Livzon
Pharmaceutical
Group,
Inc.,
Class
A
(Health
Care)
1,624
2,139
Livzon
Pharmaceutical
Group,
Inc.,
Class
H
(Health
Care)
7,245
29,809
Longfor
Group
Holdings
Ltd.
(Real
Estate)
(a)
46,866
6,764
LONGi
Green
Energy
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
17,301
700
Longshine
Technology
Group
Co.
Ltd.,
Class
A
(Information
Technology)*
1,036
302
Loongson
Technology
Corp.
Ltd.,
Class
A
(Information
Technology)*
4,234
2,584
Lufax
Holding
Ltd.
ADR
(Financials)
11,576
1,786
Luxi
Chemical
Group
Co.
Ltd.,
Class
A
(Materials)
3,005
6,387
Luxshare
Precision
Industry
Co.
Ltd.,
Class
A
(Information
Technology)
27,937
1,119
Luzhou
Laojiao
Co.
Ltd.,
Class
A
(Consumer
Staples)
26,921
1,406
Mango
Excellent
Media
Co.
Ltd.,
Class
A
(Communication
Services)
4,473
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
430
Maxscend
Microelectronics
Co.
Ltd.,
Class
A
(Information
Technology)
$
5,136
2,600
Meihua
Holdings
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)*
3,928
3,673
Meinian
Onehealth
Healthcare
Holdings
Co.
Ltd.,
Class
A
(Health
Care)*
2,118
65,049
Meituan,
Class
B
(Consumer
Discretionary)*
(a)
873,878
17,474
Metallurgical
Corp.
of
China
Ltd.,
Class
A
(Industrials)
7,838
44,860
Metallurgical
Corp.
of
China
Ltd.,
Class
H
(Industrials)
9,748
11,545
Microport
Scientific
Corp.
(Health
Care)*
8,559
6,000
Midea
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
53,462
1,786
Ming
Yang
Smart
Energy
Group
Ltd.,
Class
A
(Industrials)
2,499
5,670
MINISO
Group
Holding
Ltd.
(Consumer
Discretionary)
32,469
3,700
Minmetals
Capital
Co.
Ltd.,
Class
A
(Financials)
2,255
10,482
Minth
Group
Ltd.
(Consumer
Discretionary)
20,767
40,063
MMG
Ltd.
(Materials)*
(b)
19,562
851
Montage
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
6,206
4,528
Muyuan
Foods
Co.
Ltd.,
Class
A
(Consumer
Staples)
29,375
5,400
Nanjing
Iron
&
Steel
Co.
Ltd.,
Class
A
(Materials)
3,819
1,116
Nanjing
King-Friend
Biochemical
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
1,924
2,900
Nanjing
Securities
Co.
Ltd.,
Class
A
(Financials)
3,184
7,300
NARI
Technology
Co.
Ltd.,
Class
A
(Industrials)
22,609
2,158
National
Silicon
Industry
Group
Co.
Ltd.,
Class
A
(Information
Technology)*
4,017
405
NAURA
Technology
Group
Co.
Ltd.,
Class
A
(Information
Technology)
16,347
2,068
NavInfo
Co.
Ltd.,
Class
A
(Information
Technology)*
1,915
25,310
NetEase,
Inc.
(Communication
Services)
445,162
1,302
New
China
Life
Insurance
Co.
Ltd.,
Class
A
(Financials)
5,831
13,780
New
China
Life
Insurance
Co.
Ltd.,
Class
H
(Financials)
28,147
4,235
New
Hope
Liuhe
Co.
Ltd.,
Class
A
(Consumer
Staples)*
5,839
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
2,137
New
Oriental
Education
&
Technology
Group,
Inc.
ADR
(Consumer
Discretionary)*
$
170,810
1,145
Ninestar
Corp.,
Class
A
(Information
Technology)
4,285
623
Ningbo
Deye
Technology
Co.
Ltd.,
Class
A
(Industrials)
5,788
1,000
Ningbo
Joyson
Electronic
Corp.,
Class
A
(Consumer
Discretionary)*
2,162
562
Ningbo
Orient
Wires
&
Cables
Co.
Ltd.,
Class
A
(Industrials)*
3,721
578
Ningbo
Ronbay
New
Energy
Technology
Co.
Ltd.,
Class
A
(Industrials)*
2,290
1,000
Ningbo
Sanxing
Medical
Electric
Co.
Ltd.,
Class
A
(Industrials)
4,674
1,786
Ningbo
Shanshan
Co.
Ltd.,
Class
A
(Materials)
2,600
979
Ningbo
Tuopu
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
7,757
5,088
Ningbo
Zhoushan
Port
Co.
Ltd.,
Class
A
(Industrials)
2,485
5,676
Ningxia
Baofeng
Energy
Group
Co.
Ltd.,
Class
A
(Materials)*
12,823
19,042
NIO,
Inc.
ADR
(Consumer
Discretionary)*
(b)
102,636
25,716
Nongfu
Spring
Co.
Ltd.,
Class
H
(Consumer
Staples)
(a)
136,743
1,000
North
Industries
Group
Red
Arrow
Co.
Ltd.,
Class
A
(Industrials)
1,844
5,386
Offcn
Education
Technology
Co.
Ltd.,
Class
A
(Consumer
Discretionary)*
1,742
3,700
Offshore
Oil
Engineering
Co.
Ltd.,
Class
A
(Energy)
3,126
2,730
OFILM
Group
Co.
Ltd.,
Class
A
(Information
Technology)*
3,039
3,281
Onewo,
Inc.,
Class
H
(Real
Estate)
9,835
174
Oppein
Home
Group,
Inc.,
Class
A
(Consumer
Discretionary)
1,629
5,673
Orient
Securities
Co.
Ltd.,
Class
A
(Financials)
6,315
13,632
Orient
Securities
Co.
Ltd.,
Class
H
(Financials)
(a)
5,524
2,900
Oriental
Pearl
Group
Co.
Ltd.,
Class
A
(Communication
Services)
2,610
562
Ovctek
China,
Inc.,
Class
A
(Health
Care)
1,388
5,800
Pacific
Securities
Co.
Ltd.
(The),
Class
A
(Financials)*
2,626
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
8,489
Pangang
Group
Vanadium
Titanium
&
Resources
Co.
Ltd.,
Class
A
(Materials)*
$
3,434
9,229
PDD
Holdings,
Inc.
ADR
(Consumer
Discretionary)*
1,382,320
700
People.cn
Co.
Ltd.,
Class
A
(Communication
Services)
2,111
7,165
People’s
Insurance
Co.
Group
of
China
Ltd.
(The),
Class
A
(Financials)
5,225
131,288
People's
Insurance
Co.
Group
of
China
Ltd.
(The),
Class
H
(Financials)
45,646
1,786
Perfect
World
Co.
Ltd.,
Class
A
(Communication
Services)*
2,271
19,918
PetroChina
Co.
Ltd.,
Class
A
(Energy)
27,789
301,036
PetroChina
Co.
Ltd.,
Class
H
(Energy)
306,679
1,000
Pharmaron
Beijing
Co.
Ltd.,
Class
A
(Health
Care)
2,840
4,225
Pharmaron
Beijing
Co.
Ltd.,
Class
H
(Health
Care)
(a)
5,309
98,438
PICC
Property
&
Casualty
Co.
Ltd.,
Class
H
(Financials)
127,839
18,132
Ping
An
Bank
Co.
Ltd.,
Class
A
(Financials)
27,717
9,195
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
A
(Financials)
54,490
88,281
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
H
(Financials)
446,294
2,068
Pingdingshan
Tianan
Coal
Mining
Co.
Ltd.,
Class
A
(Energy)
3,693
200
Piotech,
Inc.,
Class
A
(Information
Technology)
5,098
11,038
Poly
Developments
and
Holdings
Group
Co.
Ltd.,
Class
A
(Real
Estate)
15,521
2,285
Poly
Property
Services
Co.
Ltd.,
Class
H
(Real
Estate)
9,522
10,375
Pop
Mart
International
Group
Ltd.
(Consumer
Discretionary)
(a)
49,200
22,972
Postal
Savings
Bank
of
China
Co.
Ltd.,
Class
A
(Financials)
15,898
159,925
Postal
Savings
Bank
of
China
Co.
Ltd.,
Class
H
(Financials)
(a)
90,149
14,265
Power
Construction
Corp.
of
China
Ltd.,
Class
A
(Industrials)
10,501
712
Qi
An
Xin
Technology
Group,
Inc.,
Class
A
(Information
Technology)*
2,553
1,058
Qifu
Technology,
Inc.
ADR
(Financials)
20,441
980
Qingdao
Sentury
Tire
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,345
5,097
Qinghai
Salt
Lake
Industry
Co.
Ltd.,
Class
A
(Materials)*
12,125
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
1,000
Range
Intelligent
Computing
Technology
Group
Co.
Ltd.,
Class
A
(Information
Technology)
$
3,532
578
Raytron
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
2,398
732
Red
Star
Macalline
Group
Corp.
Ltd.,
Class
A
(Real
Estate)
310
2,183
Remegen
Co.
Ltd.,
Class
H
(Health
Care)*
(a)
7,074
1,656
REPT
BATTERO
Energy
Co.
Ltd.
(Industrials)*
3,150
1,000
Risen
Energy
Co.
Ltd.,
Class
A
(Information
Technology)
1,981
11,272
RLX
Technology,
Inc.
ADR
(Consumer
Staples)
21,304
181
Rockchip
Electronics
Co.
Ltd.,
Class
A
(Information
Technology)
1,425
7,829
Rongsheng
Petrochemical
Co.
Ltd.,
Class
A
(Materials)*
10,793
6,886
SAIC
Motor
Corp.
Ltd.,
Class
A
(Consumer
Discretionary)
13,331
2,600
Sailun
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
5,323
4,100
Sanan
Optoelectronics
Co.
Ltd.,
Class
A
(Information
Technology)
7,068
153
Sangfor
Technologies,
Inc.,
Class
A
(Information
Technology)*
1,153
16,072
Sany
Heavy
Equipment
International
Holdings
Co.
Ltd.
(Industrials)
12,265
7,710
Sany
Heavy
Industry
Co.
Ltd.,
Class
A
(Industrials)*
17,164
2,234
Satellite
Chemical
Co.
Ltd.,
Class
A
(Materials)
5,607
5,400
SDIC
Capital
Co.
Ltd.,
Class
A
(Financials)
4,569
6,100
SDIC
Power
Holdings
Co.
Ltd.,
Class
A
(Utilities)
14,872
4,400
Sealand
Securities
Co.
Ltd.,
Class
A
(Financials)*
1,913
1,814
Seazen
Holdings
Co.
Ltd.,
Class
A
(Real
Estate)*
2,656
267,319
SenseTime
Group,
Inc.,
Class
B
(Information
Technology)*
(a)(b)
45,104
1,300
Seres
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)*
15,907
3,971
SF
Holding
Co.
Ltd.,
Class
A
(Industrials)
20,134
453
SG
Micro
Corp.,
Class
A
(Information
Technology)
4,835
7,839
Shaanxi
Coal
Industry
Co.
Ltd.,
Class
A
(Energy)
28,075
1,800
Shaanxi
Energy
Investment
Co.
Ltd.,
Class
A
(Utilities)
2,739
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
3,152
Shan
Xi
Hua
Yang
Group
New
Energy
Co.
Ltd.,
Class
A
(Energy)
$
4,762
3,392
Shandong
Gold
Mining
Co.
Ltd.,
Class
A
(Materials)
13,446
11,799
Shandong
Gold
Mining
Co.
Ltd.,
Class
H
(Materials)
(a)
25,337
700
Shandong
Himile
Mechanical
Science
&
Technology
Co.
Ltd.,
Class
A
(Industrials)
3,720
1,800
Shandong
Hi-speed
Co.
Ltd.,
Class
A
(Industrials)
2,189
50,210
Shandong
Hi-Speed
Holdings
Group
Ltd.
(Financials)*
(b)
37,738
1,803
Shandong
Hualu
Hengsheng
Chemical
Co.
Ltd.,
Class
A
(Materials)
7,127
1,124
Shandong
Linglong
Tyre
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,207
11,600
Shandong
Nanshan
Aluminum
Co.
Ltd.,
Class
A
(Materials)
6,145
700
Shandong
Sinocera
Functional
Material
Co.
Ltd.,
Class
A
(Materials)
1,840
2,200
Shandong
Sun
Paper
Industry
JSC
Ltd.,
Class
A
(Materials)
4,565
37,800
Shandong
Weigao
Group
Medical
Polymer
Co.
Ltd.,
Class
H
(Health
Care)
22,033
1,420
Shanghai
Aiko
Solar
Energy
Co.
Ltd.,
Class
A
(Information
Technology)
2,276
385
Shanghai
Allist
Pharmaceuticals
Co.
Ltd.,
Class
A
(Health
Care)
3,079
859
Shanghai
Bairun
Investment
Holding
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
2,504
4,381
Shanghai
Baosight
Software
Co.
Ltd.,
Class
A
(Information
Technology)
23,840
280
Shanghai
BOCHU
Electronic
Technology
Corp.
Ltd.,
Class
A
(Information
Technology)
7,692
7,700
Shanghai
Construction
Group
Co.
Ltd.,
Class
A
(Industrials)
2,469
10,630
Shanghai
Electric
Group
Co.
Ltd.,
Class
A
(Industrials)*
6,157
2,200
Shanghai
Electric
Power
Co.
Ltd.,
Class
A
(Utilities)*
3,042
1,674
Shanghai
Fosun
Pharmaceutical
Group
Co.
Ltd.,
Class
A
(Health
Care)
5,337
7,382
Shanghai
Fosun
Pharmaceutical
Group
Co.
Ltd.,
Class
H
(Health
Care)
(b)
11,549
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
578
Shanghai
Fudan
Microelectronics
Group
Co.
Ltd.,
Class
A
(Information
Technology)
$
2,481
4,223
Shanghai
Fudan
Microelectronics
Group
Co.
Ltd.,
Class
H
(Information
Technology)
6,424
2,068
Shanghai
International
Airport
Co.
Ltd.,
Class
A
(Industrials)*
9,888
7,010
Shanghai
International
Port
Group
Co.
Ltd.,
Class
A
(Industrials)
5,488
843
Shanghai
Jinjiang
International
Hotels
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,256
578
Shanghai
Junshi
Biosciences
Co.
Ltd.,
Class
A
(Health
Care)*
2,135
2,444
Shanghai
Junshi
Biosciences
Co.
Ltd.,
Class
H
(Health
Care)*
(a)
3,855
2,077
Shanghai
Lingang
Holdings
Corp.
Ltd.,
Class
A
(Real
Estate)
3,072
1,625
Shanghai
Lujiazui
Finance
&
Trade
Zone
Development
Co.
Ltd.,
Class
A
(Real
Estate)*
2,267
711
Shanghai
M&G
Stationery,
Inc.,
Class
A
(Industrials)
3,481
3,660
Shanghai
MicroPort
MedBot
Group
Co.
Ltd.
(Health
Care)*
6,793
300
Shanghai
Moons'
Electric
Co.
Ltd.,
Class
A
(Industrials)
2,025
1,955
Shanghai
Pharmaceuticals
Holding
Co.
Ltd.,
Class
A
(Health
Care)
4,885
10,375
Shanghai
Pharmaceuticals
Holding
Co.
Ltd.,
Class
H
(Health
Care)
15,383
27,361
Shanghai
Pudong
Development
Bank
Co.
Ltd.,
Class
A
(Financials)
31,397
1,800
Shanghai
Putailai
New
Energy
Technology
Co.
Ltd.,
Class
A
(Materials)*
4,039
4,384
Shanghai
RAAS
Blood
Products
Co.
Ltd.,
Class
A
(Health
Care)
4,283
8,770
Shanghai
Rural
Commercial
Bank
Co.
Ltd.,
Class
A
(Financials)
9,533
4,109
Shanghai
Yuyuan
Tourist
Mart
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,268
1,000
Shanghai
Zhangjiang
High-Tech
Park
Development
Co.
Ltd.,
Class
A
(Real
Estate)
2,748
1,800
Shanghai
Zhonggu
Logistics
Co.
Ltd.,
Class
A
(Industrials)
2,353
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
1,800
Shanxi
Coal
International
Energy
Group
Co.
Ltd.,
Class
A
(Industrials)
$
3,921
3,673
Shanxi
Coking
Coal
Energy
Group
Co.
Ltd.,
Class
A
(Energy)
5,574
2,730
Shanxi
Lu’an
Environmental
Energy
Development
Co.
Ltd.,
Class
A
(Energy)
8,519
3,957
Shanxi
Meijin
Energy
Co.
Ltd.,
Class
A
(Materials)*
3,022
2,900
Shanxi
Securities
Co.
Ltd.,
Class
A
(Financials)
2,063
5,240
Shanxi
Taigang
Stainless
Steel
Co.
Ltd.,
Class
A
(Materials)
2,725
1,002
Shanxi
Xinghuacun
Fen
Wine
Factory
Co.
Ltd.,
Class
A
(Consumer
Staples)
33,272
300
Shede
Spirits
Co.
Ltd.,
Class
A
(Consumer
Staples)
2,972
4,100
Shenergy
Co.
Ltd.,
Class
A
(Utilities)
4,936
2,068
Shengyi
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
5,628
562
Shennan
Circuits
Co.
Ltd.,
Class
A
(Information
Technology)
6,954
19,500
Shenwan
Hongyuan
Group
Co.
Ltd.,
Class
A
(Financials)
12,208
140
Shenyang
Xingqi
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
3,968
446
Shenzhen
Capchem
Technology
Co.
Ltd.,
Class
A
(Materials)
1,927
29
Shenzhen
Dynanonic
Co.
Ltd.,
Class
A
(Materials)*
136
3,392
Shenzhen
Energy
Group
Co.
Ltd.,
Class
A
(Utilities)
3,398
1,300
Shenzhen
Fastprint
Circuit
Tech
Co.
Ltd.,
Class
A
(Information
Technology)
2,127
300
Shenzhen
Goodix
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
2,551
562
Shenzhen
Hepalink
Pharmaceutical
Group
Co.
Ltd.,
Class
A
(Health
Care)
769
2,097
Shenzhen
Inovance
Technology
Co.
Ltd.,
Class
A
(Industrials)
16,717
1,300
Shenzhen
Kaifa
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
2,361
453
Shenzhen
Kangtai
Biological
Products
Co.
Ltd.,
Class
A
(Health
Care)
1,137
181
Shenzhen
Kedali
Industry
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,307
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
300
Shenzhen
Kstar
Science
And
Technology
Co.
Ltd.,
Class
A
(Industrials)
$
838
300
Shenzhen
Longsys
Electronics
Co.
Ltd.,
Class
A
(Information
Technology)*
3,582
992
Shenzhen
Mindray
Bio-Medical
Electronics
Co.
Ltd.,
Class
A
(Health
Care)
39,601
3,700
Shenzhen
MTC
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,520
700
Shenzhen
New
Industries
Biomedical
Engineering
Co.
Ltd.,
Class
A
(Health
Care)
7,293
8,492
Shenzhen
Overseas
Chinese
Town
Co.
Ltd.,
Class
A
(Real
Estate)*
3,026
1,000
Shenzhen
Salubris
Pharmaceuticals
Co.
Ltd.,
Class
A
(Health
Care)*
3,760
181
Shenzhen
SC
New
Energy
Technology
Corp.,
Class
A
(Information
Technology)
1,609
1,000
Shenzhen
SED
Industry
Co.
Ltd.,
Class
A
(Industrials)
2,152
700
Shenzhen
Sunlord
Electronics
Co.
Ltd.,
Class
A
(Information
Technology)
2,401
778
Shenzhen
Transsion
Holdings
Co.
Ltd.,
Class
A
(Information
Technology)
14,023
700
Shenzhen
YUTO
Packaging
Technology
Co.
Ltd.,
Class
A
(Materials)
2,402
11,251
Shenzhou
International
Group
Holdings
Ltd.
(Consumer
Discretionary)
112,462
1,305
Shijiazhuang
Yiling
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
3,261
1,300
Shuangliang
Eco-Energy
Systems
Co.
Ltd.,
Class
A
(Industrials)
1,079
3,700
Sichuan
Changhong
Electric
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,505
4,125
Sichuan
Chuantou
Energy
Co.
Ltd.,
Class
A
(Utilities)
10,222
7,700
Sichuan
Hebang
Biotechnology
Co.
Ltd.,
Class
A
(Materials)
2,087
716
Sichuan
Kelun
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
3,153
468
Sichuan
Kelun-Biotech
Biopharmaceutical
Co.
Ltd.
(Health
Care)*
10,301
5,675
Sichuan
Road
and
Bridge
Group
Co.
Ltd.,
Class
A
(Industrials)
6,137
181
Sichuan
Swellfun
Co.
Ltd.,
Class
A
(Consumer
Staples)
1,126
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
843
Sichuan
Yahua
Industrial
Group
Co.
Ltd.,
Class
A
(Materials)
$
1,217
700
Sieyuan
Electric
Co.
Ltd.,
Class
A
(Industrials)
6,792
2,900
Sinolink
Securities
Co.
Ltd.,
Class
A
(Financials)
3,272
2,200
Sinoma
International
Engineering
Co.,
Class
A
(Industrials)
3,850
1,124
Sinoma
Science
&
Technology
Co.
Ltd.,
Class
A
(Materials)
2,318
6,100
Sinomach
Heavy
Equipment
Group
Co.
Ltd.,
Class
A
(Industrials)*
2,451
313
Sinomine
Resource
Group
Co.
Ltd.,
Class
A
(Materials)
1,331
5,959
Sinopec
Oilfield
Service
Corp.,
Class
A
(Energy)*
1,484
5,378
Sinopec
Shanghai
Petrochemical
Co.
Ltd.,
Class
A
(Materials)*
2,042
50,764
Sinopec
Shanghai
Petrochemical
Co.
Ltd.,
Class
H
(Materials)*
7,332
19,790
Sinopharm
Group
Co.
Ltd.,
Class
H
(Health
Care)
53,628
3,419
Sinotrans
Ltd.,
Class
A
(Industrials)
2,832
29,762
Sinotrans
Ltd.,
Class
H
(Industrials)
16,206
10,332
Sinotruk
Hong
Kong
Ltd.
(Industrials)
23,957
313
Skshu
Paint
Co.
Ltd.,
Class
A
(Materials)*
1,862
26,605
Smoore
International
Holdings
Ltd.
(Consumer
Staples)
(a)
29,518
2,349
Songcheng
Performance
Development
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,300
300
Sonoscape
Medical
Corp.,
Class
A
(Health
Care)
1,618
4,109
SooChow
Securities
Co.
Ltd.,
Class
A
(Financials)
3,647
5,800
Southwest
Securities
Co.
Ltd.,
Class
A
(Financials)
3,072
700
Spring
Airlines
Co.
Ltd.,
Class
A
(Industrials)*
5,408
253
StarPower
Semiconductor
Ltd.,
Class
A
(Information
Technology)
3,041
3,400
State
Grid
Yingda
Co.
Ltd.,
Class
A
(Industrials)
2,241
1,143
Sungrow
Power
Supply
Co.
Ltd.,
Class
A
(Industrials)
15,521
9,964
Sunny
Optical
Technology
Group
Co.
Ltd.
(Information
Technology)
54,702
450
Sunresin
New
Materials
Co.
Ltd.,
Class
A
(Materials)
2,995
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
1,129
Sunwoda
Electronic
Co.
Ltd.,
Class
A
(Industrials)
$
2,411
810
SUPCON
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
4,753
1,124
Suzhou
Dongshan
Precision
Manufacturing
Co.
Ltd.,
Class
A
(Information
Technology)
2,428
29
Suzhou
Maxwell
Technologies
Co.
Ltd.,
Class
A
(Information
Technology)
524
420
Suzhou
TFC
Optical
Communication
Co.
Ltd.,
Class
A
(Information
Technology)
5,118
6,200
TAL
Education
Group
ADR
(Consumer
Discretionary)*
70,432
1,000
Talkweb
Information
System
Co.
Ltd.,
Class
A
(Communication
Services)*
1,650
1,268
Tangshan
Jidong
Cement
Co.
Ltd.,
Class
A
(Materials)*
815
5,100
TangShan
Port
Group
Co.
Ltd.,
Class
A
(Industrials)
2,891
1,000
Tasly
Pharmaceutical
Group
Co.
Ltd.,
Class
A
(Health
Care)
1,917
4,263
TBEA
Co.
Ltd.,
Class
A
(Industrials)
8,751
14,128
TCL
Technology
Group
Corp.,
Class
A
(Information
Technology)*
8,320
3,556
TCL
Zhonghuan
Renewable
Energy
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
5,406
87,631
Tencent
Holdings
Ltd.
(Communication
Services)
4,030,196
8,999
Tencent
Music
Entertainment
Group
ADR
(Communication
Services)
130,036
181
Thunder
Software
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
1,407
3,400
Tian
Di
Science
&
Technology
Co.
Ltd.,
Class
A
(Industrials)
3,312
7,300
Tianfeng
Securities
Co.
Ltd.,
Class
A
(Financials)*
2,822
1,955
Tianma
Microelectronics
Co.
Ltd.,
Class
A
(Information
Technology)*
2,020
1,124
Tianqi
Lithium
Corp.,
Class
A
(Materials)
5,580
2,090
Tianqi
Lithium
Corp.,
Class
H
(Materials)
7,868
4,235
Tianshan
Aluminum
Group
Co.
Ltd.,
Class
A
(Materials)
5,000
3,400
TianShan
Material
Co.
Ltd.,
Class
A
(Materials)
2,774
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
2,600
Tianshui
Huatian
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
$
2,926
28,791
Tingyi
Cayman
Islands
Holding
Corp.
(Consumer
Staples)
35,145
1,300
Titan
Wind
Energy
Suzhou
Co.
Ltd.,
Class
A
(Industrials)*
1,909
847
Toly
Bread
Co.
Ltd.,
Class
A
(Consumer
Staples)
696
18,310
Tongcheng
Travel
Holdings
Ltd.
(Consumer
Discretionary)*
41,800
1,000
TongFu
Microelectronics
Co.
Ltd.,
Class
A
(Information
Technology)*
3,160
1,300
Tonghua
Dongbao
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
1,642
2,068
Tongkun
Group
Co.
Ltd.,
Class
A
(Materials)*
4,291
10,476
Tongling
Nonferrous
Metals
Group
Co.
Ltd.,
Class
A
(Materials)
5,708
3,961
Tongwei
Co.
Ltd.,
Class
A
(Information
Technology)*
12,540
153
Topchoice
Medical
Corp.,
Class
A
(Health
Care)*
1,252
41,717
Topsports
International
Holdings
Ltd.
(Consumer
Discretionary)
(a)
27,195
14,402
TravelSky
Technology
Ltd.,
Class
H
(Consumer
Discretionary)
18,888
1,794
Trina
Solar
Co.
Ltd.,
Class
A
(Information
Technology)
5,448
8,022
Trip.com
Group
Ltd.
ADR
(Consumer
Discretionary)*
413,213
2,900
Tsinghua
Tongfang
Co.
Ltd.,
Class
A
(Information
Technology)*
2,286
458
Tsingtao
Brewery
Co.
Ltd.,
Class
A
(Consumer
Staples)
4,892
8,800
Tsingtao
Brewery
Co.
Ltd.,
Class
H
(Consumer
Staples)
62,147
583
Unigroup
Guoxin
Microelectronics
Co.
Ltd.,
Class
A
(Information
Technology)*
4,441
18,623
Uni-President
China
Holdings
Ltd.
(Consumer
Staples)
16,330
2,349
Unisplendour
Corp.
Ltd.,
Class
A
(Information
Technology)*
7,117
843
Universal
Scientific
Industrial
Shanghai
Co.
Ltd.,
Class
A
(Information
Technology)*
1,762
700
Venustech
Group,
Inc.,
Class
A
(Information
Technology)
1,756
712
Verisilicon
Microelectronics
Shanghai
Co.
Ltd.,
Class
A
(Information
Technology)*
3,122
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
4,952
Vipshop
Holdings
Ltd.
ADR
(Consumer
Discretionary)
$
79,579
1,268
Walvax
Biotechnology
Co.
Ltd.,
Class
A
(Health
Care)
2,331
1,800
Wanda
Film
Holding
Co.
Ltd.,
Class
A
(Communication
Services)*
3,252
1,000
Wangfujing
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
1,813
2,665
Wanhua
Chemical
Group
Co.
Ltd.,
Class
A
(Materials)
32,103
63,180
Want
Want
China
Holdings
Ltd.
(Consumer
Staples)
38,037
1,068
Weibo
Corp.
ADR
(Communication
Services)
9,452
6,512
Weichai
Power
Co.
Ltd.,
Class
A
(Industrials)
14,255
28,645
Weichai
Power
Co.
Ltd.,
Class
H
(Industrials)
51,187
859
Weihai
Guangwei
Composites
Co.
Ltd.,
Class
A
(Materials)*
3,079
5,822
Wens
Foodstuffs
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
17,151
2,068
Western
Mining
Co.
Ltd.,
Class
A
(Materials)
5,290
3,986
Western
Securities
Co.
Ltd.,
Class
A
(Financials)
3,718
802
Western
Superconducting
Technologies
Co.
Ltd.,
Class
A
(Materials)
4,713
842
Will
Semiconductor
Co.
Ltd.
Shanghai,
Class
A
(Information
Technology)
10,893
864
Wingtech
Technology
Co.
Ltd.,
Class
A
(Information
Technology)*
3,628
440
Winner
Medical
Co.
Ltd.,
Class
A
(Health
Care)
1,805
1,800
Winning
Health
Technology
Group
Co.
Ltd.,
Class
A
(Health
Care)
1,536
19,800
Wintime
Energy
Group
Co.
Ltd.,
Class
A
(Utilities)*
3,460
4,400
Wuchan
Zhongda
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,906
3,677
Wuhan
Guide
Infrared
Co.
Ltd.,
Class
A
(Information
Technology)
3,314
300
Wuhan
Jingce
Electronic
Group
Co.
Ltd.,
Class
A
(Information
Technology)
2,536
3,327
Wuliangye
Yibin
Co.
Ltd.,
Class
A
(Consumer
Staples)
67,154
1,786
WUS
Printed
Circuit
Kunshan
Co.
Ltd.,
Class
A
(Information
Technology)
7,679
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
1,938
WuXi
AppTec
Co.
Ltd.,
Class
A
(Health
Care)
$
11,229
5,240
WuXi
AppTec
Co.
Ltd.,
Class
H
(Health
Care)
(a)
22,806
52,017
Wuxi
Biologics
Cayman,
Inc.
(Health
Care)*
(a)
74,069
1,305
Wuxi
Lead
Intelligent
Equipment
Co.
Ltd.,
Class
A
(Industrials)
3,589
2,819
WuXi
XDC
Cayman,
Inc.
(Health
Care)*
5,520
9,053
XCMG
Construction
Machinery
Co.
Ltd.,
Class
A
(Industrials)
9,031
2,349
Xiamen
C
&
D,
Inc.,
Class
A
(Industrials)
3,109
181
Xiamen
Faratronic
Co.
Ltd.,
Class
A
(Information
Technology)
2,117
1,124
Xiamen
Tungsten
Co.
Ltd.,
Class
A
(Materials)
2,943
1,800
Xiangcai
Co.
Ltd.,
Class
A
(Real
Estate)
1,647
1,000
Xiangtan
Electric
Manufacturing
Co.
Ltd.,
Class
A
(Industrials)*
1,574
226,289
Xiaomi
Corp.,
Class
B
(Information
Technology)*
(a)
505,606
7,300
Xinhu
Zhongbao
Co.
Ltd.,
Class
A
(Real
Estate)
2,129
1,344
Xinjiang
Daqo
New
Energy
Co.
Ltd.,
Class
A
(Information
Technology)*
4,950
68,115
Xinyi
Solar
Holdings
Ltd.
(Information
Technology)
44,752
15,394
XPeng,
Inc.,
Class
A
(Consumer
Discretionary)*
63,655
900
Xuji
Electric
Co.
Ltd.,
Class
A
(Industrials)
3,674
17,450
Yadea
Group
Holdings
Ltd.
(Consumer
Discretionary)
(a)
27,837
562
Yangzhou
Yangjie
Electronic
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
2,805
2,889
Yankuang
Energy
Group
Co.
Ltd.,
Class
A
(Energy)
10,013
30,925
Yankuang
Energy
Group
Co.
Ltd.,
Class
H
(Energy)
77,161
562
Yantai
Jereh
Oilfield
Services
Group
Co.
Ltd.,
Class
A
(Energy)
2,701
734
Yealink
Network
Technology
Corp.
Ltd.,
Class
A
(Information
Technology)
3,746
847
Yifeng
Pharmacy
Chain
Co.
Ltd.,
Class
A
(Consumer
Staples)
5,251
1,424
Yihai
Kerry
Arawana
Holdings
Co.
Ltd.,
Class
A
(Consumer
Staples)
5,894
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
2,349
Yintai
Gold
Co.
Ltd.,
Class
A
(Materials)
$
6,254
8,100
Yonghui
Superstores
Co.
Ltd.,
Class
A
(Consumer
Staples)*
2,931
305
YongXing
Special
Materials
Technology
Co.
Ltd.,
Class
A
(Materials)
1,805
2,752
Yonyou
Network
Technology
Co.
Ltd.,
Class
A
(Information
Technology)*
4,260
4,100
Youngor
Fashion
Co.
Ltd.,
Class
A
(Real
Estate)
4,485
2,349
YTO
Express
Group
Co.
Ltd.,
Class
A
(Industrials)
5,239
24,422
Yuexiu
Property
Co.
Ltd.
(Real
Estate)
17,700
2,730
Yunda
Holding
Co.
Ltd.,
Class
A
(Industrials)
3,336
2,730
Yunnan
Aluminium
Co.
Ltd.,
Class
A
(Materials)
5,428
1,563
Yunnan
Baiyao
Group
Co.
Ltd.,
Class
A
(Health
Care)
11,372
181
Yunnan
Botanee
Bio-
Technology
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)*
1,330
4,400
Yunnan
Chihong
Zinc&Germanium
Co.
Ltd.,
Class
A
(Materials)
3,481
1,700
Yunnan
Copper
Co.
Ltd.,
Class
A
(Materials)
3,183
839
Yunnan
Energy
New
Material
Co.
Ltd.,
Class
A
(Materials)
4,568
1,305
Yunnan
Tin
Co.
Ltd.,
Class
A
(Materials)
3,017
1,305
Yunnan
Yuntianhua
Co.
Ltd.,
Class
A
(Materials)
3,722
1,800
Yutong
Bus
Co.
Ltd.,
Class
A
(Industrials)
6,031
12,840
Zai
Lab
Ltd.
(Health
Care)*
24,028
1,124
Zangge
Mining
Co.
Ltd.,
Class
A
(Materials)
4,035
505
Zhangzhou
Pientzehuang
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
15,773
21,622
Zhaojin
Mining
Industry
Co.
Ltd.,
Class
H
(Materials)
38,030
3,954
Zhefu
Holding
Group
Co.
Ltd.,
Class
A
(Industrials)
1,719
4,665
Zhejiang
Century
Huatong
Group
Co.
Ltd.,
Class
A
(Communication
Services)*
2,574
4,400
Zhejiang
China
Commodities
City
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)*
4,771
1,926
Zhejiang
Chint
Electrics
Co.
Ltd.,
Class
A
(Industrials)
5,663
2,356
Zhejiang
Dahua
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
5,313
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
181
Zhejiang
Dingli
Machinery
Co.
Ltd.,
Class
A
(Industrials)
$
1,583
19,683
Zhejiang
Expressway
Co.
Ltd.,
Class
H
(Industrials)
12,856
1,300
Zhejiang
Hailiang
Co.
Ltd.,
Class
A
(Materials)
1,536
1,124
Zhejiang
Huahai
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
2,682
1,142
Zhejiang
Huayou
Cobalt
Co.
Ltd.,
Class
A
(Materials)
4,525
1,124
Zhejiang
Jingsheng
Mechanical
&
Electrical
Co.
Ltd.,
Class
A
(Information
Technology)
4,963
2,900
Zhejiang
Jinke
Tom
Culture
Industry
Co.
Ltd.,
Class
A
(Communication
Services)*
1,528
562
Zhejiang
Jiuzhou
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
1,167
2,349
Zhejiang
Juhua
Co.
Ltd.,
Class
A
(Materials)
7,686
9,771
Zhejiang
Leapmotor
Technology
Co.
Ltd.
(Consumer
Discretionary)*
(a)
35,595
2,600
Zhejiang
Longsheng
Group
Co.
Ltd.,
Class
A
(Materials)
3,162
2,370
Zhejiang
NHU
Co.
Ltd.,
Class
A
(Health
Care)
6,186
3,011
Zhejiang
Sanhua
Intelligent
Controls
Co.
Ltd.,
Class
A
(Industrials)
9,537
700
Zhejiang
Shuanghuan
Driveline
Co.
Ltd.,
Class
A
(Consumer
Discretionary)*
2,199
181
Zhejiang
Supor
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
1,322
1,800
Zhejiang
Wanfeng
Auto
Wheel
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,712
1,116
Zhejiang
Weiming
Environment
Protection
Co.
Ltd.,
Class
A
(Industrials)
3,323
1,305
Zhejiang
Weixing
New
Building
Materials
Co.
Ltd.,
Class
A
(Industrials)
3,056
10,600
Zhejiang
Zheneng
Electric
Power
Co.
Ltd.,
Class
A
(Utilities)*
9,772
1,000
Zhengzhou
Coal
Mining
Machinery
Group
Co.
Ltd.,
Class
A
(Industrials)
2,241
3,567
Zhengzhou
Coal
Mining
Machinery
Group
Co.
Ltd.,
Class
H
(Industrials)
5,763
3,691
Zheshang
Securities
Co.
Ltd.,
Class
A
(Financials)
5,571
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
10,374
ZhongAn
Online
P&C
Insurance
Co.
Ltd.,
Class
H
(Financials)*
(a)
$
17,636
712
Zhongfu
Shenying
Carbon
Fiber
Co.
Ltd.,
Class
A
(Materials)
2,564
562
Zhongji
Innolight
Co.
Ltd.,
Class
A
(Information
Technology)
12,161
4,100
Zhongjin
Gold
Corp.
Ltd.,
Class
A
(Materials)
8,135
10,990
Zhongsheng
Group
Holdings
Ltd.
(Consumer
Discretionary)
19,863
5,378
Zhongtai
Securities
Co.
Ltd.,
Class
A
(Financials)
4,632
859
Zhuhai
CosMX
Battery
Co.
Ltd.,
Class
A
(Industrials)
1,689
1,800
Zhuhai
Huafa
Properties
Co.
Ltd.,
Class
A
(Real
Estate)*
1,771
578
Zhuzhou
CRRC
Times
Electric
Co.
Ltd.,
Class
A
(Industrials)
3,818
7,629
Zhuzhou
CRRC
Times
Electric
Co.
Ltd.,
Class
H
(Industrials)
29,791
2,349
Zhuzhou
Kibing
Group
Co.
Ltd.,
Class
A
(Industrials)
2,443
17,867
Zijin
Mining
Group
Co.
Ltd.,
Class
A
(Materials)
42,799
81,568
Zijin
Mining
Group
Co.
Ltd.,
Class
H
(Materials)
172,450
7,433
ZJLD
Group,
Inc.
(Consumer
Staples)*
(a)
9,881
7,039
Zoomlion
Heavy
Industry
Science
and
Technology
Co.
Ltd.,
Class
A
(Industrials)
7,777
20,493
Zoomlion
Heavy
Industry
Science
and
Technology
Co.
Ltd.,
Class
H
(Industrials)
14,643
3,673
ZTE
Corp.,
Class
A
(Information
Technology)*
13,625
11,800
ZTE
Corp.,
Class
H
(Information
Technology)*
24,223
5,737
ZTO
Express
Cayman,
Inc.
ADR
(Industrials)
130,746
28,075,735
Colombia
–
0.1%
3,556
Bancolombia
SA
(Financials)
32,976
70,958
Ecopetrol
SA
(Energy)
43,257
41,918
Grupo
Energia
Bogota
SA
ESP
(Utilities)
27,557
6,669
Interconexion
Electrica
SA
ESP
(Utilities)
32,972
136,762
Czech
Republic
–
0.1%
2,302
CEZ
AS
(Utilities)
95,941
1,113
Komercni
Banka
AS
(Financials)
38,048
133,989
Shares
Description
Value
a
Common
Stocks
–
(continued)
Egypt
–
0.1%
4,298
Abou
Kir
Fertilizers
&
Chemical
Industries
(Materials)
$
5,637
33,675
Commercial
International
Bank
-
Egypt
(CIB)
(Financials)
55,710
14,148
Eastern
Co.
SAE
(Consumer
Staples)
8,261
14,617
EFG
Holding
S.A.E.
(Financials)*
4,762
6,588
E-Finance
for
Digital
&
Financial
Investments
(Financials)
3,378
7,281
ElSewedy
Electric
Co.
(Industrials)
6,856
2,782
Ezz
Steel
Co.
SAE
(Materials)*
4,449
4,613
Misr
Fertilizers
Production
Co.
SAE
(Materials)
4,294
13,237
Talaat
Moustafa
Group
(Real
Estate)
15,144
7,475
Telecom
Egypt
Co.
(Communication
Services)
4,877
113,368
Greece
–
0.5%
29,709
Alpha
Services
and
Holdings
SA
(Financials)*
50,023
1,049
Athens
International
Airport
SA
(Industrials)
9,406
34,482
Eurobank
Ergasias
Services
and
Holdings
SA
(Financials)*
75,317
2,644
Hellenic
Telecommunications
Organization
SA
(Communication
Services)
38,577
1,574
JUMBO
SA
(Consumer
Discretionary)
45,111
870
Motor
Oil
Hellas
Corinth
Refineries
SA
(Energy)
24,613
1,481
Mytilineos
SA
(Industrials)
58,877
8,038
National
Bank
of
Greece
SA
(Financials)*
69,634
2,894
OPAP
SA
(Consumer
Discretionary)
46,026
9,116
Piraeus
Financial
Holdings
SA
(Financials)*
35,706
3,099
Public
Power
Corp.
SA
(Utilities)*
37,747
1,064
Star
Bulk
Carriers
Corp.
(Industrials)
28,813
818
Terna
Energy
SA
(Utilities)
16,171
536,021
Hong
Kong
–
0.1%
81,964
J&T
Global
Express
Ltd.
(Industrials)*
79,938
1,979
Orient
Overseas
International
Ltd.
(Industrials)
33,593
113,531
Hungary
–
0.2%
6,616
MOL
Hungarian
Oil
&
Gas
PLC
(Energy)
51,374
3,357
OTP
Bank
Nyrt
(Financials)
161,733
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Hungary
–
(continued)
2,086
Richter
Gedeon
Nyrt
(Health
Care)
$
52,833
265,940
India
–
20.1%
768
ABB
India
Ltd.
(Industrials)
76,532
1,022
ACC
Ltd.
(Materials)
31,177
4,105
Adani
Energy
Solutions
Ltd.
(Utilities)*
55,218
4,452
Adani
Enterprises
Ltd.
(Industrials)
181,947
4,405
Adani
Green
Energy
Ltd.
(Utilities)*
100,709
10,337
Adani
Ports
&
Special
Economic
Zone
Ltd.
(Industrials)
178,006
14,247
Adani
Power
Ltd.
(Utilities)*
129,001
4,165
Adani
Total
Gas
Ltd.
(Utilities)
51,858
2,490
Adani
Wilmar
Ltd.
(Consumer
Staples)*
10,612
6,916
Aditya
Birla
Capital
Ltd.
(Financials)*
18,547
463
Alkem
Laboratories
Ltd.
(Health
Care)
26,683
8,947
Ambuja
Cements
Ltd.
(Materials)
67,962
2,444
APL
Apollo
Tubes
Ltd.
(Materials)
44,063
1,445
Apollo
Hospitals
Enterprise
Ltd.
(Health
Care)
101,084
21,519
Ashok
Leyland
Ltd.
(Industrials)
57,747
5,808
Asian
Paints
Ltd.
(Materials)
200,476
1,782
Astral
Ltd.
(Industrials)
44,765
6,864
AU
Small
Finance
Bank
Ltd.
(Financials)
(a)
53,706
4,224
Aurobindo
Pharma
Ltd.
(Health
Care)
60,001
2,068
Avenue
Supermarts
Ltd.
(Consumer
Staples)*
(a)
106,586
32,582
Axis
Bank
Ltd.
(Financials)
453,631
969
Bajaj
Auto
Ltd.
(Consumer
Discretionary)
105,463
3,868
Bajaj
Finance
Ltd.
(Financials)
310,367
5,454
Bajaj
Finserv
Ltd.
(Financials)
99,879
409
Bajaj
Holdings
&
Investment
Ltd.
(Financials)
38,971
1,218
Balkrishna
Industries
Ltd.
(Consumer
Discretionary)
44,506
11,394
Bandhan
Bank
Ltd.
(Financials)
(a)
25,703
15,259
Bank
of
Baroda
(Financials)
48,425
12,991
Bank
of
India
(Financials)
20,030
13,678
Bank
of
Maharashtra
(Financials)
11,315
3,663
Berger
Paints
India
Ltd.
(Materials)
20,186
50,958
Bharat
Electronics
Ltd.
(Industrials)
180,673
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
3,636
Bharat
Forge
Ltd.
(Consumer
Discretionary)
$
67,716
18,919
Bharat
Heavy
Electricals
Ltd.
(Industrials)
67,747
13,720
Bharat
Petroleum
Corp.
Ltd.
(Energy)
103,190
32,761
Bharti
Airtel
Ltd.
(Communication
Services)
538,780
6,713
Biocon
Ltd.
(Health
Care)
24,871
127
Bosch
Ltd.
(Consumer
Discretionary)
46,244
1,699
Britannia
Industries
Ltd.
(Consumer
Staples)*
105,431
25,885
Canara
Bank
(Financials)
36,593
9,355
CG
Power
&
Industrial
Solutions
Ltd.
(Industrials)
72,114
5,956
Cholamandalam
Investment
and
Finance
Co.
Ltd.
(Financials)
88,557
7,663
Cipla
Ltd.
(Health
Care)
132,859
29,781
Coal
India
Ltd.
(Energy)
175,251
1,987
Colgate-Palmolive
India
Ltd.
(Consumer
Staples)
63,257
4,022
Container
Corp.
Of
India
Ltd.
(Industrials)
51,791
1,938
Cummins
India
Ltd.
(Industrials)
82,453
8,856
Dabur
India
Ltd.
(Consumer
Staples)
57,833
1,217
Dalmia
Bharat
Ltd.
(Materials)
25,889
1,117
Deepak
Nitrite
Ltd.
(Materials)
29,324
5,512
Delhivery
Ltd.
(Industrials)*
25,430
1,804
Divi's
Laboratories
Ltd.
(Health
Care)
93,088
8,840
DLF
Ltd.
(Real
Estate)
86,381
1,736
Dr.
Reddy's
Laboratories
Ltd.
(Health
Care)
120,456
1,983
Eicher
Motors
Ltd.
(Consumer
Discretionary)
112,451
9,111
Embassy
Office
Parks
REIT
(Real
Estate)
38,188
15,359
FSN
E-Commerce
Ventures
Ltd.
(Consumer
Discretionary)*
30,213
38,482
GAIL
India
Ltd.
(Utilities)
94,187
3,666
General
Insurance
Corp.
of
India
(Financials)
(a)
15,640
918
Gland
Pharma
Ltd.
(Health
Care)*
(a)
20,238
35,386
GMR
Airports
Infrastructure
Ltd.
(Industrials)*
35,864
5,545
Godrej
Consumer
Products
Ltd.
(Consumer
Staples)
84,389
1,729
Godrej
Properties
Ltd.
(Real
Estate)*
57,557
4,675
Grasim
Industries
Ltd.
(Materials)
129,727
558
Gujarat
Fluorochemicals
Ltd.
(Materials)
20,309
2,695
Gujarat
Gas
Ltd.
(Utilities)
17,801
3,132
Havells
India
Ltd.
(Industrials)
71,566
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
15,112
HCL
Technologies
Ltd.
(Information
Technology)
$
239,721
1,173
HDFC
Asset
Management
Co.
Ltd.
(Financials)
(a)
54,585
80,210
HDFC
Bank
Ltd.
(Financials)
1,471,712
13,965
HDFC
Life
Insurance
Co.
Ltd.
(Financials)
(a)
91,992
1,859
Hero
MotoCorp
Ltd.
(Consumer
Discretionary)
114,019
20,799
Hindalco
Industries
Ltd.
(Materials)
171,769
2,371
Hindustan
Aeronautics
Ltd.
(Industrials)
141,282
9,126
Hindustan
Petroleum
Corp.
Ltd.
(Energy)
58,749
12,769
Hindustan
Unilever
Ltd.
(Consumer
Staples)
356,286
32
Honeywell
Automation
India
Ltd.
(Information
Technology)
19,714
73,872
ICICI
Bank
Ltd.
(Financials)
992,128
3,365
ICICI
Lombard
General
Insurance
Co.
Ltd.
(Financials)
(a)
63,725
5,751
ICICI
Prudential
Life
Insurance
Co.
Ltd.
(Financials)
(a)
37,580
53,513
IDFC
First
Bank
Ltd.
(Financials)*
48,980
3,564
Indian
Bank
(Financials)
24,231
12,091
Indian
Hotels
Co.
Ltd.
(Consumer
Discretionary)
80,741
53,493
Indian
Oil
Corp.
Ltd.
(Energy)
104,075
4,522
Indian
Railway
Catering
&
Tourism
Corp.
Ltd.
(Industrials)
55,277
26,298
Indian
Railway
Finance
Corp.
Ltd.
(Financials)
(a)
56,017
5,241
Indraprastha
Gas
Ltd.
(Utilities)
27,749
12,515
Indus
Towers
Ltd.
(Communication
Services)*
52,199
8,193
IndusInd
Bank
Ltd.
(Financials)
143,486
982
Info
Edge
India
Ltd.
(Communication
Services)
67,024
51,210
Infosys
Ltd.
(Information
Technology)
863,140
1,582
InterGlobe
Aviation
Ltd.
(Industrials)*
(a)
79,394
42,557
ITC
Ltd.
(Consumer
Staples)
217,421
4,939
Jindal
Stainless
Ltd.
(Materials)
46,951
5,700
Jindal
Steel
&
Power
Ltd.
(Materials)
70,209
48,371
Jio
Financial
Services
Ltd.
(Financials)*
199,548
5,549
JSW
Energy
Ltd.
(Utilities)
40,751
3,596
JSW
Infrastructure
Ltd.
(Industrials)*
12,194
13,530
JSW
Steel
Ltd.
(Materials)
142,730
5,851
Jubilant
Foodworks
Ltd.
(Consumer
Discretionary)
34,627
15,590
Kotak
Mahindra
Bank
Ltd.
(Financials)
313,850
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
362
L&T
Technology
Services
Ltd.
(Industrials)
(a)
$
19,476
9,610
Larsen
&
Toubro
Ltd.
(Industrials)
422,445
3,159
Life
Insurance
Corp.
of
India
(Financials)
38,326
306
Linde
India
Ltd.
(Materials)
31,929
1,313
LTIMindtree
Ltd.
(Information
Technology)
(a)
73,961
3,428
Lupin
Ltd.
(Health
Care)
64,992
3,878
Macrotech
Developers
Ltd.
(Real
Estate)
(a)
64,018
7,052
Mahindra
&
Mahindra
Financial
Services
Ltd.
(Financials)
22,608
12,641
Mahindra
&
Mahindra
Ltd.
(Consumer
Discretionary)
379,550
802
MakeMyTrip
Ltd.
(Consumer
Discretionary)*
60,623
507
Mankind
Pharma
Ltd.
(Health
Care)*
12,997
7,831
Marico
Ltd.
(Consumer
Staples)
55,873
1,876
Maruti
Suzuki
India
Ltd.
(Consumer
Discretionary)
278,672
3,309
Max
Financial
Services
Ltd.
(Financials)*
36,398
10,561
Max
Healthcare
Institute
Ltd.
(Health
Care)
95,120
456
Mazagon
Dock
Shipbuilders
Ltd.
(Industrials)
17,394
1,271
Mphasis
Ltd.
(Information
Technology)
34,780
33
MRF
Ltd.
(Consumer
Discretionary)
49,589
1,521
Muthoot
Finance
Ltd.
(Financials)
30,676
5,142
Nestle
India
Ltd.
(Consumer
Staples)
145,067
41,351
NHPC
Ltd.
(Utilities)
53,131
17,239
NMDC
Ltd.
(Materials)
53,728
67,501
NTPC
Ltd.
(Utilities)
290,314
1,835
Oberoi
Realty
Ltd.
(Real
Estate)
40,002
55,248
Oil
&
Natural
Gas
Corp.
Ltd.
(Energy)
174,968
5,179
Oil
India
Ltd.
(Energy)
39,442
4,231
One
97
Communications
Ltd.
(Financials)*
18,286
355
Oracle
Financial
Services
Software
Ltd.
(Information
Technology)
31,706
75
Page
Industries
Ltd.
(Consumer
Discretionary)
32,306
1,073
Patanjali
Foods
Ltd.
(Consumer
Staples)
18,384
3,556
PB
Fintech
Ltd.
(Financials)*
55,143
1,424
Persistent
Systems
Ltd.
(Information
Technology)
58,182
8,763
Petronet
LNG
Ltd.
(Energy)
31,216
1,341
Phoenix
Mills
Ltd.
(The)
(Real
Estate)
49,797
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
1,218
PI
Industries
Ltd.
(Materials)
$
51,651
2,174
Pidilite
Industries
Ltd.
(Materials)
77,340
661
Polycab
India
Ltd.
(Industrials)
53,386
20,717
Power
Finance
Corp.
Ltd.
(Financials)
122,223
64,571
Power
Grid
Corp.
of
India
Ltd.
(Utilities)
239,807
1,974
Prestige
Estates
Projects
Ltd.
(Real
Estate)
37,780
150
Procter
&
Gamble
Hygiene
&
Health
Care
Ltd.
(Consumer
Staples)
28,701
31,845
Punjab
National
Bank
(Financials)
49,386
8,344
Rail
Vikas
Nigam
Ltd.
(Industrials)
38,156
17,793
REC
Ltd.
(Financials)
114,629
48,864
Reliance
Industries
Ltd.
(Energy)
1,674,710
30,730
Samvardhana
Motherson
International
Ltd.
(Consumer
Discretionary)
55,683
4,379
SBI
Cards
&
Payment
Services
Ltd.
(Financials)
36,308
6,361
SBI
Life
Insurance
Co.
Ltd.
(Financials)
(a)
105,652
615
Schaeffler
India
Ltd.
(Industrials)
31,251
141
Shree
Cement
Ltd.
(Materials)
41,691
3,410
Shriram
Finance
Ltd.
(Financials)
96,169
1,270
Siemens
Ltd.
(Industrials)
106,016
10,178
SJVN
Ltd.
(Utilities)
17,034
362
Solar
Industries
India
Ltd.
(Materials)
40,638
4,122
Sona
Blw
Precision
Forgings
Ltd.
(Consumer
Discretionary)
(a)
32,153
2,083
SRF
Ltd.
(Materials)
55,184
25,467
State
Bank
of
India
(Financials)
253,339
21,673
Steel
Authority
of
India
Ltd.
(Materials)
41,154
15,381
Sun
Pharmaceutical
Industries
Ltd.
(Health
Care)
268,993
915
Sundaram
Finance
Ltd.
(Financials)
46,999
865
Supreme
Industries
Ltd.
(Materials)
54,691
145,737
Suzlon
Energy
Ltd.
(Industrials)*
83,195
1,685
Tata
Communications
Ltd.
(Communication
Services)
35,898
14,456
Tata
Consultancy
Services
Ltd.
(Information
Technology)
635,755
8,857
Tata
Consumer
Products
Ltd.
(Consumer
Staples)
112,501
513
Tata
Elxsi
Ltd.
(Information
Technology)
42,679
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
24,624
Tata
Motors
Ltd.
(Consumer
Discretionary)
$
272,285
6,556
Tata
Motors
Ltd.,
Class
A
(Consumer
Discretionary)
48,574
24,213
Tata
Power
Co.
Ltd.
(The)
(Utilities)
126,691
119,079
Tata
Steel
Ltd.
(Materials)
238,525
711
Tata
Technologies
Ltd.
(Information
Technology)*
8,775
8,868
Tech
Mahindra
Ltd.
(Information
Technology)
130,511
436
Thermax
Ltd.
(Industrials)
28,230
5,307
Titan
Co.
Ltd.
(Consumer
Discretionary)
206,116
1,321
Torrent
Pharmaceuticals
Ltd.
(Health
Care)
42,667
2,305
Torrent
Power
Ltd.
(Utilities)
41,471
2,587
Trent
Ltd.
(Consumer
Discretionary)
141,300
1,437
Tube
Investments
of
India
Ltd.
(Consumer
Discretionary)
61,577
3,272
TVS
Motor
Co.
Ltd.
(Consumer
Discretionary)
85,425
1,641
UltraTech
Cement
Ltd.
(Materials)
194,933
21,873
Union
Bank
of
India
Ltd.
(Financials)
41,966
986
United
Breweries
Ltd.
(Consumer
Staples)
21,976
4,242
United
Spirits
Ltd.
(Consumer
Staples)
58,921
7,786
UPL
Ltd.
(Materials)
47,460
6,628
Varun
Beverages
Ltd.
(Consumer
Staples)
113,294
562
Vedant
Fashions
Ltd.
(Consumer
Discretionary)
7,024
19,656
Vedanta
Ltd.
(Materials)
105,967
119,486
Vodafone
Idea
Ltd.
(Communication
Services)*
21,830
3,459
Voltas
Ltd.
(Industrials)
56,345
20,037
Wipro
Ltd.
(Information
Technology)
105,188
190,254
Yes
Bank
Ltd.
(Financials)*
52,423
86,341
Zomato
Ltd.
(Consumer
Discretionary)*
185,309
3,809
Zydus
Lifesciences
Ltd.
(Health
Care)
45,639
22,325,343
Indonesia
–
1.7%
165,022
Adaro
Energy
Indonesia
Tbk
PT
(Energy)
28,130
100,320
Adaro
Minerals
Indonesia
Tbk
PT
(Materials)*
8,952
182,667
Amman
Mineral
Internasional
PT
(Materials)*
135,736
130,266
Aneka
Tambang
Tbk
(Materials)
11,744
288,056
Astra
International
Tbk
PT
(Industrials)
76,047
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Indonesia
–
(continued)
746,207
Bank
Central
Asia
Tbk
PT
(Financials)
$
424,764
518,506
Bank
Mandiri
Persero
Tbk
PT
(Financials)
188,257
206,751
Bank
Negara
Indonesia
Persero
Tbk
PT
(Financials)
55,982
1,002,712
Bank
Rakyat
Indonesia
Persero
Tbk
PT
(Financials)
267,801
402,522
Barito
Pacific
Tbk
PT
(Materials)
26,381
223,925
Barito
Renewables
Energy
Tbk
PT
(Utilities)
113,340
103,006
Chandra
Asri
Pacific
Tbk
PT
(Materials)
58,159
113,080
Charoen
Pokphand
Indonesia
Tbk
PT
(Consumer
Staples)
36,186
189,058
Dayamitra
Telekomunikasi
PT
(Communication
Services)*
7,097
11,307,051
GoTo
Gojek
Tokopedia
Tbk
PT
(Consumer
Discretionary)*
45,228
7,127
Gudang
Garam
Tbk
PT
(Consumer
Staples)
8,201
32,898
Indah
Kiat
Pulp
&
Paper
Tbk
PT
(Materials)*
18,423
35,456
Indofood
CBP
Sukses
Makmur
Tbk
PT
(Consumer
Staples)
21,274
68,465
Indofood
Sukses
Makmur
Tbk
PT
(Consumer
Staples)
24,753
20,400
Indosat
Tbk
PT
(Communication
Services)*
12,805
284,651
Kalbe
Farma
Tbk
PT
(Health
Care)
26,100
51,021
Mayora
Indah
Tbk
PT
(Consumer
Staples)
7,127
155,906
Merdeka
Battery
Materials
Tbk
PT
(Materials)*
6,428
185,780
Merdeka
Copper
Gold
Tbk
PT
(Materials)*
30,868
23,808
Pantai
Indah
Kapuk
Dua
Tbk
PT
(Materials)*
7,509
300,430
Sarana
Menara
Nusantara
Tbk
PT
(Communication
Services)
12,757
50,048
Semen
Indonesia
Persero
Tbk
PT
(Materials)
10,749
283,490
Sumber
Alfaria
Trijaya
Tbk
PT
(Consumer
Staples)
46,231
677,158
Telkom
Indonesia
Persero
Tbk
PT
(Communication
Services)
120,847
117,963
Trimegah
Bangun
Persada
Tbk
PT
(Materials)
7,295
88,768
Unilever
Indonesia
Tbk
PT
(Consumer
Staples)
17,043
21,167
United
Tractors
Tbk
PT
(Energy)
28,754
31,588
Vale
Indonesia
Tbk
PT
(Materials)*
9,661
1,900,629
Shares
Description
Value
a
Common
Stocks
–
(continued)
Kazakhstan
–
–%
1,389
Polymetal
International
PLC
(Materials)*
(c)
$
—
Kuwait
–
0.8%
45,582
Agility
Global
PLC
(Industrials)
15,637
22,791
Agility
Public
Warehousing
Co.
KSC
(Industrials)
21,755
20,598
Boubyan
Bank
KSCP
(Financials)
38,854
32,958
Gulf
Bank
KSCP
(Financials)
27,273
174,057
Kuwait
Finance
House
KSCP
(Financials)
413,949
10,358
Mabanee
Co
KPSC
(Real
Estate)
28,008
31,442
Mobile
Telecommunications
Co.
KSCP
(Communication
Services)
45,890
111,815
National
Bank
of
Kuwait
SAKP
(Financials)
312,186
903,552
Luxembourg
–
0.1%
2,033
Reinet
Investments
SCA
(Financials)
51,119
Mexico
–
2.5%
451,972
America
Movil
SAB
de
CV,
Series
B
(Communication
Services)
416,630
6,652
Arca
Continental
SAB
de
CV
(Consumer
Staples)
67,505
26,449
Becle
SAB
de
CV
(Consumer
Staples)
48,575
215,675
Cemex
SAB
de
CV,
Series
CPO
(Materials)*
161,502
7,485
Coca-Cola
Femsa
SAB
de
CV
(Consumer
Staples)
69,484
2,817
El
Puerto
de
Liverpool
SAB
de
CV
(Consumer
Discretionary)
21,160
40,940
Fibra
Uno
Administracion
SA
de
CV
REIT
(Real
Estate)
58,144
30,835
Fomento
Economico
Mexicano
SAB
de
CV
(Consumer
Staples)
351,754
2,650
Gruma
SAB
de
CV,
Class
B
(Consumer
Staples)
51,171
5,405
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV,
Class
B
(Industrials)
101,178
2,595
Grupo
Aeroportuario
del
Sureste
SAB
de
CV,
Class
B
(Industrials)
86,821
20,088
Grupo
Bimbo
SAB
de
CV,
Series
A
(Consumer
Staples)
75,259
6,977
Grupo
Carso
SAB
de
CV,
Series
A1
(Industrials)
53,620
6,664
Grupo
Comercial
Chedraui
SA
de
CV
(Consumer
Staples)
49,061
769
Grupo
Elektra
SAB
DE
CV
(Financials)
49,575
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Mexico
–
(continued)
41,141
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
(Financials)
$
389,300
27,945
Grupo
Financiero
Inbursa
SAB
de
CV,
Class
O
(Financials)*
74,707
44,560
Grupo
Mexico
SAB
de
CV,
Series
B
(Materials)
274,046
2,802
Industrias
Penoles
SAB
de
CV
(Materials)*
44,120
22,839
Kimberly-Clark
de
Mexico
SAB
de
CV,
Class
A
(Consumer
Staples)
47,664
13,687
Orbia
Advance
Corp.
SAB
de
CV
(Materials)
22,200
11,010
Prologis
Property
Mexico
SA
de
CV
REIT
(Real
Estate)
44,580
71,079
Wal-Mart
de
Mexico
SAB
de
CV
(Consumer
Staples)
265,877
2,823,933
Philippines
–
0.6%
3,585
Ayala
Corp.
(Industrials)
36,450
86,936
Ayala
Land,
Inc.
(Real
Estate)
38,996
30,018
Bank
of
the
Philippine
Islands
(Financials)
61,657
31,040
BDO
Unibank,
Inc.
(Financials)
68,954
11,596
International
Container
Terminal
Services,
Inc.
(Industrials)
67,690
45,912
JG
Summit
Holdings,
Inc.
(Industrials)
24,321
7,077
Jollibee
Foods
Corp.
(Consumer
Discretionary)
26,170
4,537
Manila
Electric
Co.
(Utilities)
28,469
28,005
Metropolitan
Bank
&
Trust
Co.
(Financials)
29,694
1,294
PLDT,
Inc.
(Communication
Services)
32,726
7,144
SM
Investments
Corp.
(Industrials)
106,208
168,187
SM
Prime
Holdings,
Inc.
(Real
Estate)
77,455
13,747
Universal
Robina
Corp.
(Consumer
Staples)
25,135
623,925
Qatar
–
0.7%
50,509
Commercial
Bank
PSQC
(The)
(Financials)
53,824
26,503
Dukhan
Bank
(Financials)
25,789
28,348
Industries
Qatar
QSC
(Industrials)
89,926
98,404
Masraf
Al
Rayan
QSC
(Financials)
62,242
67,348
Mesaieed
Petrochemical
Holding
Co.
(Materials)
31,815
10,479
Ooredoo
QPSC
(Communication
Services)
27,126
7,279
Qatar
Electricity
&
Water
Co.
QSC
(Utilities)
29,848
8,795
Qatar
Fuel
QSC
(Energy)
32,489
Shares
Description
Value
a
Common
Stocks
–
(continued)
Qatar
–
(continued)
52,956
Qatar
Gas
Transport
Co.
Ltd.
(Energy)
$
57,625
16,640
Qatar
International
Islamic
Bank
QSC
(Financials)
45,839
23,408
Qatar
Islamic
Bank
(Financials)
110,579
63,348
Qatar
National
Bank
QPSC
(Financials)
234,880
801,982
Russia
–
0.0%
12,708
Alrosa
PJSC
(Materials)
(c)
—
801
Gazprom
Neft
PJSC
(Energy)
(c)
—
49,291
Gazprom
PJSC
(Energy)*
(c)
—
26,300
GMK
Norilskiy
Nickel
PAO
(Materials)
(c)
—
1,413
LUKOIL
PJSC
(Energy)
(c)
—
4,560
Mobile
TeleSystems
PJSC
(Communication
Services)
(c)
—
3,099
Novatek
PJSC
(Energy)
(c)
—
5,287
Novolipetsk
Steel
PJSC
(Materials)
(c)
—
780
PIK-Spetsializirovannyy
Zastroyshchik
PAO
(Consumer
Discretionary)*
(c)
—
128
Polyus
PJSC
(Materials)*
(c)
—
5,078
Rosneft
Oil
Co.
PJSC
(Energy)
(c)
—
44,370
Sberbank
of
Russia
PJSC
(Financials)*
(c)
—
969
Severstal
PAO
(Materials)*
(c)
—
146,300
Surgutneftegas
PJSC
(Energy)
(c)
—
6,047
Tatneft
PJSC
(Energy)
(c)
—
6,503
United
Co
RUSAL
International
PJSC
(Materials)*
(c)
—
1,289
Yandex
NV,
Class
A
(Communication
Services)*
(c)
—
—
Saudi
Arabia
–
3.6%
1,902
ACWA
Power
Co.
(Utilities)
204,059
5,442
Ades
Holding
Co.
(Energy)*
26,204
1,986
Advanced
Petrochemical
Co.
(Materials)*
21,233
27,965
Al
Rajhi
Bank
(Financials)
567,397
17,478
Alinma
Bank
(Financials)
142,594
3,669
Almarai
Co.
JSC
(Consumer
Staples)
51,161
12,661
Arab
National
Bank
(Financials)
66,500
361
Arabian
Internet
&
Co.mmunications
Services
Co.
(Information
Technology)
25,410
8,739
Bank
AlBilad
(Financials)
75,607
7,166
Bank
Al-Jazira
(Financials)*
28,659
8,701
Banque
Saudi
Fransi
(Financials)
77,714
1,057
Bupa
Arabia
for
Cooperative
Insurance
Co.
(Financials)
65,099
1,072
Co.
for
Cooperative
Insurance
(The)
(Financials)
37,556
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Saudi
Arabia
–
(continued)
1,227
Dr
Sulaiman
Al
Habib
Medical
Services
Group
Co.
(Health
Care)
$
87,739
377
Elm
Co.
(Information
Technology)
80,090
5,383
Etihad
Etisalat
Co.
(Communication
Services)
67,096
9,102
Jarir
Marketing
Co.
(Consumer
Discretionary)
30,868
1,380
Mouwasat
Medical
Services
Co.
(Health
Care)
39,369
566
Nahdi
Medical
Co.
(Consumer
Staples)
19,769
6,557
Rabigh
Refining
&
Petrochemical
Co.
(Energy)*
11,958
20,974
Riyad
Bank
(Financials)
136,445
3,328
SABIC
Agri-Nutrients
Co.
(Materials)
94,054
5,293
Sahara
International
Petrochemical
Co.
(Materials)
42,124
342
SAL
Saudi
Logistics
Services
(Industrials)
23,197
17,282
Saudi
Arabian
Mining
Co.
(Materials)*
212,874
62,496
Saudi
Arabian
Oil
Co.
(Energy)
(a)
483,212
760
Saudi
Aramco
Base
Oil
Co.
(Materials)
26,382
14,286
Saudi
Awwal
Bank
(Financials)
145,880
12,841
Saudi
Basic
Industries
Corp.
(Materials)
260,196
11,542
Saudi
Electricity
Co.
(Utilities)
51,452
5,446
Saudi
Industrial
Investment
Group
(Materials)
31,102
11,395
Saudi
Kayan
Petrochemical
Co.
(Materials)*
24,214
41,947
Saudi
National
Bank
(The)
(Financials)
378,571
459
Saudi
Research
&
Media
Group
(Communication
Services)*
24,989
711
Saudi
Tadawul
Group
Holding
Co.
(Financials)
44,624
25,682
Saudi
Telecom
Co.
(Communication
Services)
246,501
3,733
Savola
Group
(The)
(Consumer
Staples)*
42,946
4,175
Yanbu
National
Petrochemical
Co.
(Materials)
40,295
4,035,140
South
Africa
–
2.4%
11,498
Absa
Group
Ltd.
(Financials)
91,098
819
Anglo
American
Platinum
Ltd.
(Materials)
(b)
26,559
5,118
Aspen
Pharmacare
Holdings
Ltd.
(Health
Care)
63,164
4,765
Bid
Corp.
Ltd.
(Consumer
Staples)
105,244
4,990
Bidvest
Group
Ltd.
(The)
(Industrials)
65,099
Shares
Description
Value
a
Common
Stocks
–
(continued)
South
Africa
–
(continued)
1,390
Capitec
Bank
Holdings
Ltd.
(Financials)
$
157,247
3,451
Clicks
Group
Ltd.
(Consumer
Staples)
54,211
7,983
Discovery
Ltd.
(Financials)
46,509
3,612
Exxaro
Resources
Ltd.
(Energy)
(b)
34,807
71,391
FirstRand
Ltd.
(Financials)
246,470
12,551
Gold
Fields
Ltd.
(Materials)
195,110
7,753
Harmony
Gold
Mining
Co.
Ltd.
(Materials)
70,379
13,080
Impala
Platinum
Holdings
Ltd.
(Materials)
66,840
3,159
Investec
Ltd.
(Financials)
20,644
861
Kumba
Iron
Ore
Ltd.
(Materials)
22,420
23,989
MTN
Group
Ltd.
(Communication
Services)
104,556
4,780
MultiChoice
Group
(Communication
Services)*
28,575
2,574
Naspers
Ltd.,
Class
N
(Consumer
Discretionary)
509,718
6,414
Nedbank
Group
Ltd.
(Financials)
77,837
4,986
Northam
Platinum
Holdings
Ltd.
(Materials)
34,353
74,011
Old
Mutual
Ltd.
(Financials)
41,787
12,666
OUTsurance
Group
Ltd.
(Financials)
26,943
24,010
Pepkor
Holdings
Ltd.
(Consumer
Discretionary)
(a)
21,654
7,585
Remgro
Ltd.
(Financials)
48,626
24,263
Sanlam
Ltd.
(Financials)
91,291
8,702
Sasol
Ltd.
(Materials)
57,359
6,763
Shoprite
Holdings
Ltd.
(Consumer
Staples)
89,691
42,475
Sibanye
Stillwater
Ltd.
(Materials)
53,264
19,271
Standard
Bank
Group
Ltd.
(Financials)
183,401
8,896
Vodacom
Group
Ltd.
(Communication
Services)
43,683
13,588
Woolworths
Holdings
Ltd.
(Consumer
Discretionary)
39,297
2,717,836
South
Korea
–
11.0%
532
Alteogen,
Inc.
(Health
Care)*
71,430
415
Amorepacific
Corp.
(Consumer
Staples)
58,209
401
AMOREPACIFIC
Group
(Consumer
Staples)
11,078
105
BGF
retail
Co.
Ltd.
(Consumer
Staples)
8,835
4,319
BNK
Financial
Group,
Inc.
(Financials)
26,359
307
Celltrion
Pharm,
Inc.
(Health
Care)*
19,779
2,163
Celltrion,
Inc.
(Health
Care)
275,267
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
South
Korea
–
(continued)
1,022
Cheil
Worldwide,
Inc.
(Communication
Services)
$
13,796
106
CJ
CheilJedang
Corp.
(Consumer
Staples)
26,757
203
CJ
Corp.
(Industrials)
20,219
151
CJ
ENM
Co.
Ltd.
(Communication
Services)*
9,761
105
CJ
Logistics
Corp.
(Industrials)
7,864
310
CosmoAM&T
Co.
Ltd.
(Information
Technology)*
34,704
813
Coway
Co.
Ltd.
(Consumer
Discretionary)
33,118
355
CS
Wind
Corp.
(Industrials)
13,538
2,900
Daewoo
Engineering
&
Construction
Co.
Ltd.
(Industrials)*
7,656
554
DB
HiTek
Co.
Ltd.
(Information
Technology)
16,225
660
DB
Insurance
Co.
Ltd.
(Financials)
49,337
402
DL
E&C
Co.
Ltd.
(Industrials)
9,872
463
Dongsuh
Cos.,
Inc.
(Consumer
Staples)
6,270
718
Doosan
Bobcat,
Inc.
(Industrials)
29,922
100
Doosan
Co.
Ltd.
(Industrials)
14,878
6,124
Doosan
Enerbility
Co.
Ltd.
(Industrials)*
92,000
617
Doosan
Fuel
Cell
Co.
Ltd.
(Industrials)*
10,918
301
Doosan
Robotics,
Inc.
(Industrials)*
15,740
665
Ecopro
BM
Co.
Ltd.
(Industrials)*
91,881
1,415
Ecopro
Co.
Ltd.
(Industrials)*
96,476
308
Ecopro
Materials
Co.
Ltd.
(Industrials)*
17,663
257
E-MART,
Inc.
(Consumer
Staples)
11,379
153
Enchem
Co.
Ltd.
(Materials)*
32,433
250
F&F
Co.
Ltd.
(Consumer
Discretionary)
12,098
612
Fila
Holdings
Corp.
(Consumer
Discretionary)
17,416
57
Green
Cross
Corp.
(Health
Care)
4,722
663
GS
Holdings
Corp.
(Industrials)
20,878
615
GS
Retail
Co.
Ltd.
(Consumer
Staples)
8,808
4,114
Hana
Financial
Group,
Inc.
(Financials)
183,333
355
Hanjin
Kal
Corp.
(Industrials)
16,333
1,017
Hankook
Tire
&
Technology
Co.
Ltd.
(Consumer
Discretionary)
32,209
101
Hanmi
Pharm
Co.
Ltd.
(Health
Care)
20,681
302
Hanmi
Science
Co.
Ltd.
(Health
Care)
6,882
Shares
Description
Value
a
Common
Stocks
–
(continued)
South
Korea
–
(continued)
614
Hanmi
Semiconductor
Co.
Ltd.
(Information
Technology)
$
71,708
2,393
Hanon
Systems
(Consumer
Discretionary)
8,659
149
Hansol
Chemical
Co.
Ltd.
(Materials)
20,393
476
Hanwha
Aerospace
Co.
Ltd.
(Industrials)
70,478
508
Hanwha
Corp.
(Industrials)
9,925
4,123
Hanwha
Life
Insurance
Co.
Ltd.
(Financials)
8,353
2,077
Hanwha
Ocean
Co.
Ltd.
(Industrials)*
44,554
1,528
Hanwha
Solutions
Corp.
(Materials)
34,708
816
Hanwha
Systems
Co.
Ltd.
(Industrials)
10,284
612
HD
Hyundai
Co.
Ltd.
(Energy)
30,367
303
HD
Hyundai
Electric
Co.
Ltd.
(Industrials)
65,872
301
HD
Hyundai
Heavy
Industries
Co.
Ltd.
(Industrials)*
27,979
1,836
HD
Hyundai
Infracore
Co.
Ltd.
(Industrials)*
11,020
352
HD
HYUNDAI
MIPO
(Industrials)*
18,356
665
HD
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.
(Industrials)*
62,631
404
Hite
Jinro
Co.
Ltd.
(Consumer
Staples)
5,865
463
HL
Mando
Co.
Ltd.
(Consumer
Discretionary)
14,513
1,658
HLB,
Inc.
(Health
Care)*
73,287
4,236
HMM
Co.
Ltd.
(Industrials)
55,071
413
Hotel
Shilla
Co.
Ltd.
(Consumer
Discretionary)
16,973
78
Hugel,
Inc.
(Health
Care)*
10,760
292
HYBE
Co.
Ltd.
(Communication
Services)
42,180
46
Hyosung
Advanced
Materials
Corp.
(Materials)
12,359
34
Hyosung
TNC
Corp.
(Materials)
9,860
101
Hyundai
Autoever
Corp.
(Information
Technology)
10,796
306
Hyundai
Elevator
Co.
Ltd.
(Industrials)
8,874
1,073
Hyundai
Engineering
&
Construction
Co.
Ltd.
(Industrials)
25,729
261
Hyundai
Glovis
Co.
Ltd.
(Industrials)
33,837
869
Hyundai
Marine
&
Fire
Insurance
Co.
Ltd.
(Financials)
20,587
889
Hyundai
Mobis
Co.
Ltd.
(Consumer
Discretionary)
137,727
1,933
Hyundai
Motor
Co.
(Consumer
Discretionary)
353,219
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
South
Korea
–
(continued)
1,022
Hyundai
Rotem
Co.
Ltd.
(Industrials)
$
26,536
1,227
Hyundai
Steel
Co.
(Materials)
26,276
3,760
Industrial
Bank
of
Korea
(Financials)
37,368
407
JYP
Entertainment
Corp.
(Communication
Services)
17,079
4,308
Kakao
Corp.
(Communication
Services)
134,727
557
Kakao
Games
Corp.
(Communication
Services)*
8,589
3,049
KakaoBank
Corp.
(Financials)
48,998
312
Kakaopay
Corp.
(Financials)*
6,986
1,785
Kangwon
Land,
Inc.
(Consumer
Discretionary)
19,222
5,326
KB
Financial
Group,
Inc.
(Financials)
305,431
53
KCC
Corp.
(Materials)
11,254
201
KEPCO
Engineering
&
Construction
Co.,
Inc.
(Industrials)
10,148
256
KEPCO
Plant
Service
&
Engineering
Co.
Ltd.
(Industrials)
6,869
3,526
Kia
Corp.
(Consumer
Discretionary)
299,744
201
KIWOOM
Securities
Co.
Ltd.
(Financials)
19,424
1,064
Korea
Aerospace
Industries
Ltd.
(Industrials)
39,807
3,664
Korea
Electric
Power
Corp.
(Utilities)*
51,471
413
Korea
Gas
Corp.
(Utilities)*
8,889
608
Korea
Investment
Holdings
Co.
Ltd.
(Financials)
28,631
148
Korea
Zinc
Co.
Ltd.
(Materials)
56,333
2,804
Korean
Air
Lines
Co.
Ltd.
(Industrials)
42,226
419
Krafton,
Inc.
(Communication
Services)*
75,656
961
KT
Corp.
(Communication
Services)
25,404
1,440
KT&G
Corp.
(Consumer
Staples)
86,844
453
Kum
Yang
Co.
Ltd.
(Materials)*
27,254
213
Kumho
Petrochemical
Co.
Ltd.
(Materials)
22,676
361
L&F
Co.
Ltd.
(Industrials)*
40,779
150
LEENO
Industrial,
Inc.
(Information
Technology)
29,035
671
LG
Chem
Ltd.
(Materials)
170,349
1,320
LG
Corp.
(Industrials)
77,510
4,109
LG
Display
Co.
Ltd.
(Information
Technology)*
29,470
1,580
LG
Electronics,
Inc.
(Consumer
Discretionary)
119,594
578
LG
Energy
Solution
Ltd.
(Industrials)*
138,181
Shares
Description
Value
a
Common
Stocks
–
(continued)
South
Korea
–
(continued)
133
LG
H&H
Co.
Ltd.
(Consumer
Staples)
$
40,105
205
LG
Innotek
Co.
Ltd.
(Information
Technology)
36,720
3,359
LG
Uplus
Corp.
(Communication
Services)
23,411
259
Lotte
Chemical
Corp.
(Materials)
21,157
460
Lotte
Corp.
(Industrials)
8,688
303
Lotte
Energy
Materials
Corp.
(Information
Technology)
10,417
153
Lotte
Shopping
Co.
Ltd.
(Consumer
Discretionary)
7,282
258
LS
Corp.
(Industrials)
31,697
1,422
Meritz
Financial
Group,
Inc.
(Financials)
78,980
3,860
Mirae
Asset
Securities
Co.
Ltd.
(Financials)
20,101
1,937
NAVER
Corp.
(Communication
Services)
238,112
204
NCSoft
Corp.
(Communication
Services)
28,039
310
Netmarble
Corp.
(Communication
Services)*
(a)
13,479
1,988
NH
Investment
&
Securities
Co.
Ltd.
(Financials)
17,632
50
NongShim
Co.
Ltd.
(Consumer
Staples)
16,594
198
OCI
Holdings
Co.
Ltd.
(Materials)
13,857
350
Orion
Corp.
(Consumer
Staples)
23,181
3,203
Pan
Ocean
Co.
Ltd.
(Industrials)
9,959
455
Pearl
Abyss
Corp.
(Communication
Services)*
13,622
760
Posco
DX
Co.
Ltd.
(Information
Technology)
19,404
410
POSCO
Future
M
Co.
Ltd.
(Industrials)
74,179
1,017
POSCO
Holdings,
Inc.
(Materials)
271,043
764
Posco
International
Corp.
(Industrials)
23,755
257
S-1
Corp.
(Industrials)
11,805
256
Samsung
Biologics
Co.
Ltd.
(Health
Care)*
(a)
134,975
1,151
Samsung
C&T
Corp.
(Industrials)
112,311
358
Samsung
Card
Co.
Ltd.
(Financials)
10,472
2,336
Samsung
E&A
Co.
Ltd.
(Industrials)*
39,480
783
Samsung
Electro-Mechanics
Co.
Ltd.
(Information
Technology)
87,657
69,333
Samsung
Electronics
Co.
Ltd.
(Information
Technology)
3,680,601
443
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
(Financials)
111,506
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
South
Korea
–
(continued)
9,242
Samsung
Heavy
Industries
Co.
Ltd.
(Industrials)*
$
61,144
1,082
Samsung
Life
Insurance
Co.
Ltd.
(Financials)
65,879
732
Samsung
SDI
Co.
Ltd.
(Information
Technology)
197,995
518
Samsung
SDS
Co.
Ltd.
(Information
Technology)
57,317
919
Samsung
Securities
Co.
Ltd.
(Financials)
23,962
557
SD
Biosensor,
Inc.
(Health
Care)*
4,039
6,428
Shinhan
Financial
Group
Co.
Ltd.
(Financials)
218,902
103
Shinsegae,
Inc.
(Consumer
Discretionary)
12,141
410
SK
Biopharmaceuticals
Co.
Ltd.
(Health
Care)*
25,289
356
SK
Bioscience
Co.
Ltd.
(Health
Care)*
13,293
7,672
SK
Hynix,
Inc.
(Information
Technology)
1,048,386
407
SK
IE
Technology
Co.
Ltd.
(Industrials)*
(a)
12,684
820
SK
Innovation
Co.
Ltd.
(Energy)*
59,225
1,411
SK
Square
Co.
Ltd.
(Industrials)*
79,082
765
SK
Telecom
Co.
Ltd.
(Communication
Services)
28,179
513
SK,
Inc.
(Industrials)
65,285
256
SKC
Co.
Ltd.
(Materials)*
25,738
612
S-Oil
Corp.
(Energy)
30,146
55
Soulbrain
Co.
Ltd.
(Materials)
13,089
198
Studio
Dragon
Corp.
(Communication
Services)*
6,435
257
Wemade
Co.
Ltd.
(Communication
Services)*
7,926
463
WONIK
IPS
Co.
Ltd.
(Information
Technology)*
11,838
9,405
Woori
Financial
Group,
Inc.
(Financials)
96,254
780
Yuhan
Corp.
(Health
Care)
38,759
12,265,616
Taiwan
–
18.0%
7,204
Accton
Technology
Corp.
(Information
Technology)
112,083
41,777
Acer,
Inc.
(Information
Technology)
68,223
6,146
Advantech
Co.
Ltd.
(Information
Technology)
66,973
1,064
Alchip
Technologies
Ltd.
(Information
Technology)
94,267
52,578
ASE
Technology
Holding
Co.
Ltd.
(Information
Technology)
254,823
38,511
Asia
Cement
Corp.
(Materials)
49,396
4,570
Asia
Vital
Components
Co.
Ltd.
(Information
Technology)
108,487
Shares
Description
Value
a
Common
Stocks
–
(continued)
Taiwan
–
(continued)
405
ASMedia
Technology,
Inc.
(Information
Technology)
$
25,005
456
ASPEED
Technology,
Inc.
(Information
Technology)
51,309
10,011
Asustek
Computer,
Inc.
(Information
Technology)
158,537
87,701
AUO
Corp.
(Information
Technology)*
48,190
9,313
Catcher
Technology
Co.
Ltd.
(Information
Technology)
64,542
159,807
Cathay
Financial
Holding
Co.
Ltd.
(Financials)*
277,247
21,562
Chailease
Holding
Co.
Ltd.
(Financials)
101,174
88,202
Chang
Hwa
Commercial
Bank
Ltd.
(Financials)
49,555
32,449
Cheng
Shin
Rubber
Industry
Co.
Ltd.
(Consumer
Discretionary)
60,903
8,847
Chicony
Electronics
Co.
Ltd.
(Information
Technology)
50,934
42,879
China
Airlines
Ltd.
(Industrials)
29,650
231,442
China
Development
Financial
Holding
Corp.
(Financials)*
100,739
173,697
China
Steel
Corp.
(Materials)
127,348
6,107
Chroma
ATE,
Inc.
(Information
Technology)
53,729
54,234
Chunghwa
Telecom
Co.
Ltd.
(Communication
Services)
214,297
56,844
Compal
Electronics,
Inc.
(Information
Technology)
65,014
259,410
CTBC
Financial
Holding
Co.
Ltd.
(Financials)
283,482
27,410
Delta
Electronics,
Inc.
(Information
Technology)
274,997
12,861
E
Ink
Holdings,
Inc.
(Information
Technology)
87,145
214,520
E.Sun
Financial
Holding
Co.
Ltd.
(Financials)
189,395
3,363
Eclat
Textile
Co.
Ltd.
(Consumer
Discretionary)
50,351
4,321
Elite
Material
Co.
Ltd.
(Information
Technology)
54,489
913
eMemory
Technology,
Inc.
(Information
Technology)
62,005
39,885
Eva
Airways
Corp.
(Industrials)
44,079
14,847
Evergreen
Marine
Corp.
Taiwan
Ltd.
(Industrials)
96,478
44,105
Far
Eastern
New
Century
Corp.
(Industrials)
46,019
24,013
Far
EasTone
Telecommunications
Co.
Ltd.
(Communication
Services)
61,897
9,408
Feng
TAY
Enterprise
Co.
Ltd.
(Consumer
Discretionary)
44,871
154,415
First
Financial
Holding
Co.
Ltd.
(Financials)
131,086
63,297
Formosa
Chemicals
&
Fibre
Corp.
(Materials)
103,365
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Taiwan
–
(continued)
20,801
Formosa
Petrochemical
Corp.
(Energy)
$
43,279
77,265
Formosa
Plastics
Corp.
(Materials)
155,751
1,475
Formosa
Sumco
Technology
Corp.
(Information
Technology)
7,718
2,598
Fortune
Electric
Co.
Ltd.
(Industrials)
57,263
14,188
Foxconn
Technology
Co.
Ltd.
(Information
Technology)
32,017
120,163
Fubon
Financial
Holding
Co.
Ltd.
(Financials)
272,272
4,827
Giant
Manufacturing
Co.
Ltd.
(Consumer
Discretionary)
32,409
7,939
Gigabyte
Technology
Co.
Ltd.
(Information
Technology)
77,934
1,246
Global
Unichip
Corp.
(Information
Technology)
55,965
3,102
Globalwafers
Co.
Ltd.
(Information
Technology)
50,465
4,777
Gold
Circuit
Electronics
Ltd.
(Information
Technology)*
29,346
26,451
Highwealth
Construction
Corp.
(Real
Estate)
37,398
4,176
Hiwin
Technologies
Corp.
(Industrials)
28,683
170,341
Hon
Hai
Precision
Industry
Co.
Ltd.
(Information
Technology)
904,447
4,566
Hotai
Motor
Co.
Ltd.
(Consumer
Discretionary)
86,545
142,154
Hua
Nan
Financial
Holdings
Co.
Ltd.
(Financials)
109,707
121,099
Innolux
Corp.
(Information
Technology)*
52,149
1,809
International
Games
System
Co.
Ltd.
(Communication
Services)
56,402
44,752
Inventec
Corp.
(Information
Technology)
73,910
1,460
Jentech
Precision
Industrial
Co.
Ltd.
(Information
Technology)
46,648
1,106
King
Slide
Works
Co.
Ltd.
(Information
Technology)
38,410
15,945
King
Yuan
Electronics
Co.
Ltd.
(Information
Technology)
43,414
1,359
Largan
Precision
Co.
Ltd.
(Information
Technology)
95,441
31,742
Lite-On
Technology
Corp.
(Information
Technology)
105,336
1,322
Lotes
Co.
Ltd.
(Information
Technology)
65,500
27,265
Macronix
International
Co.
Ltd.
(Information
Technology)
22,851
21,463
MediaTek,
Inc.
(Information
Technology)
818,263
159,021
Mega
Financial
Holding
Co.
Ltd.
(Financials)
191,695
3,308
Merida
Industry
Co.
Ltd.
(Consumer
Discretionary)
23,385
Shares
Description
Value
a
Common
Stocks
–
(continued)
Taiwan
–
(continued)
10,153
Micro-Star
International
Co.
Ltd.
(Information
Technology)
$
60,020
1,165
momo.com,
Inc.
(Consumer
Discretionary)
15,788
79,990
Nan
Ya
Plastics
Corp.
(Materials)
131,366
3,203
Nan
Ya
Printed
Circuit
Board
Corp.
(Information
Technology)
19,330
17,446
Nanya
Technology
Corp.
(Information
Technology)
34,737
2,843
Nien
Made
Enterprise
Co.
Ltd.
(Consumer
Discretionary)
30,805
8,079
Novatek
Microelectronics
Corp.
(Information
Technology)
147,893
4,683
Oneness
Biotech
Co.
Ltd.
(Health
Care)
21,757
27,634
Pegatron
Corp.
(Information
Technology)
90,424
3,764
PharmaEssentia
Corp.
(Health
Care)*
48,453
2,487
Phison
Electronics
Corp.
(Information
Technology)
45,680
3,971
Polaris
Group
(Health
Care)*
8,826
35,206
Pou
Chen
Corp.
(Consumer
Discretionary)
40,701
44,363
Powerchip
Semiconductor
Manufacturing
Corp.
(Information
Technology)*
34,100
9,973
Powertech
Technology,
Inc.
(Information
Technology)
54,800
7,844
President
Chain
Store
Corp.
(Consumer
Staples)
65,379
33,700
Quanta
Computer,
Inc.
(Information
Technology)
285,047
6,477
Realtek
Semiconductor
Corp.
(Information
Technology)
108,570
24,925
Ruentex
Development
Co.
Ltd.
(Real
Estate)*
34,317
10,227
Ruentex
Industries
Ltd.
(Consumer
Discretionary)*
21,563
64,835
Shanghai
Commercial
&
Savings
Bank
Ltd.
(The)
(Financials)
92,167
3,823
Shihlin
Electric
&
Engineering
Corp.
(Industrials)
27,439
200,786
Shin
Kong
Financial
Holding
Co.
Ltd.
(Financials)*
58,573
7,885
Sino-American
Silicon
Products,
Inc.
(Information
Technology)
50,751
153,791
SinoPac
Financial
Holdings
Co.
Ltd.
(Financials)
109,430
18,927
Synnex
Technology
International
Corp.
(Information
Technology)
49,313
32,408
TA
Chen
Stainless
Pipe
(Materials)
38,367
185,788
Taishin
Financial
Holding
Co.
Ltd.
(Financials)
105,529
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Taiwan
–
(continued)
92,575
Taiwan
Business
Bank
(Financials)
$
48,297
104,764
Taiwan
Cement
Corp.
(Materials)
106,724
151,749
Taiwan
Cooperative
Financial
Holding
Co.
Ltd.
(Financials)
119,688
9,915
Taiwan
Fertilizer
Co.
Ltd.
(Materials)
19,528
31,586
Taiwan
High
Speed
Rail
Corp.
(Industrials)
29,252
25,846
Taiwan
Mobile
Co.
Ltd.
(Communication
Services)
84,175
341,578
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
(Information
Technology)
8,657,021
29,074
Tatung
Co.
Ltd.
(Industrials)*
48,645
26,093
Teco
Electric
and
Machinery
Co.
Ltd.
(Industrials)
45,268
7,122
Tripod
Technology
Corp.
(Information
Technology)
46,609
18,618
Unimicron
Technology
Corp.
(Information
Technology)
104,889
67,531
Uni-President
Enterprises
Corp.
(Consumer
Staples)
166,774
164,638
United
Microelectronics
Corp.
(Information
Technology)
279,530
12,784
Vanguard
International
Semiconductor
Corp.
(Information
Technology)
42,424
1,473
VisEra
Technologies
Co.
Ltd.
(Information
Technology)
12,550
1,066
Voltronic
Power
Technology
Corp.
(Industrials)
55,778
41,249
Walsin
Lihwa
Corp.
(Industrials)
47,050
5,742
Walsin
Technology
Corp.
(Information
Technology)
20,296
21,016
Wan
Hai
Lines
Ltd.
(Industrials)
51,706
5,241
Win
Semiconductors
Corp.
(Information
Technology)
22,893
42,532
Winbond
Electronics
Corp.
(Information
Technology)
32,824
38,471
Wistron
Corp.
(Information
Technology)
133,011
1,333
Wiwynn
Corp.
(Information
Technology)
101,639
23,343
WPG
Holdings
Ltd.
(Information
Technology)
62,115
11,008
WT
Microelectronics
Co.
Ltd.
(Information
Technology)
39,249
5,553
Yageo
Corp.
(Information
Technology)
113,480
24,908
Yang
Ming
Marine
Transport
Corp.
(Industrials)
54,977
157,709
Yuanta
Financial
Holding
Co.
Ltd.
(Financials)
154,087
5,344
Yulon
Finance
Corp.
(Financials)
24,498
Shares
Description
Value
a
Common
Stocks
–
(continued)
Taiwan
–
(continued)
8,596
Yulon
Motor
Co.
Ltd.
(Consumer
Discretionary)
$
18,708
9,559
Zhen
Ding
Technology
Holding
Ltd.
(Information
Technology)
36,000
19,987,497
Thailand
–
1.6%
15,488
Advanced
Info
Service
PCL,
NVDR
(Communication
Services)
85,460
62,593
Airports
of
Thailand
PCL,
NVDR
(Industrials)
110,588
126,837
Asset
World
Corp.
PCL,
NVDR
(Consumer
Discretionary)
13,101
15,278
B
Grimm
Power
PCL,
NVDR
(Utilities)
10,340
14,254
Bangkok
Bank
PCL,
NVDR
(Financials)
52,886
97,244
Bangkok
Dusit
Medical
Services
PCL,
NVDR
(Health
Care)
71,367
116,460
Bangkok
Expressway
&
Metro
PCL,
NVDR
(Industrials)
24,849
61,540
Banpu
PCL,
NVDR
(Energy)
9,033
15,269
Berli
Jucker
PCL,
NVDR
(Consumer
Staples)
9,214
121,815
BTS
Group
Holdings
PCL,
NVDR
(Industrials)
15,893
7,300
Bumrungrad
Hospital
PCL,
NVDR
(Health
Care)
48,018
5,216
Carabao
Group
PCL,
NVDR
(Consumer
Staples)
9,960
25,211
Central
Pattana
PCL,
NVDR
(Real
Estate)
39,232
9,885
Central
Plaza
Hotel
PCL,
NVDR
(Consumer
Discretionary)
11,016
45,860
Central
Retail
Corp.
PCL,
NVDR
(Consumer
Discretionary)
38,019
56,577
Charoen
Pokphand
Foods
PCL,
NVDR
(Consumer
Staples)*
35,063
10,851
Com7
PCL,
NVDR
(Consumer
Discretionary)
5,221
77,127
CP
ALL
PCL,
NVDR
(Consumer
Staples)
120,544
20,631
CP
Axtra
PCL,
NVDR
(Consumer
Staples)
16,122
3,458
Electricity
Generating
PCL,
NVDR
(Utilities)
9,775
30,479
Energy
Absolute
PCL,
NVDR
(Utilities)
18,972
10,151
Global
Power
Synergy
PCL,
NVDR
(Utilities)
12,968
74,501
Gulf
Energy
Development
PCL,
NVDR
(Utilities)
82,014
71,150
Home
Product
Center
PCL,
NVDR
(Consumer
Discretionary)
17,986
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Thailand
–
(continued)
25,563
Indorama
Ventures
PCL,
NVDR
(Materials)
$
16,051
12,994
Intouch
Holdings
PCL,
NVDR
(Communication
Services)
23,752
159,475
IRPC
PCL,
NVDR
(Energy)
8,236
20,794
Kasikornbank
PCL,
NVDR
(Financials)
74,042
10,122
KCE
Electronics
PCL,
NVDR
(Information
Technology)
11,349
70,775
Krung
Thai
Bank
PCL,
NVDR
(Financials)
33,089
14,918
Krungthai
Card
PCL,
NVDR
(Financials)
18,551
76,905
Land
&
Houses
PCL,
NVDR
(Real
Estate)
13,796
46,303
Minor
International
PCL,
NVDR
(Consumer
Discretionary)
38,701
10,320
Muangthai
Capital
PCL,
NVDR
(Financials)
12,483
20,967
Ngern
Tid
Lor
PCL,
NVDR
(Financials)
11,341
25,317
Osotspa
PCL,
NVDR
(Consumer
Staples)
15,690
19,661
PTT
Exploration
&
Production
PCL,
NVDR
(Energy)
82,299
26,925
PTT
Global
Chemical
PCL,
NVDR
(Materials)
25,432
41,319
PTT
Oil
&
Retail
Business
PCL,
NVDR
(Consumer
Discretionary)
20,328
142,762
PTT
PCL,
NVDR
(Energy)
127,085
10,370
Ratch
Group
PCL,
NVDR
(Utilities)
8,033
15,481
SCB
X
PCL,
NVDR
(Financials)
44,604
15,842
SCG
Packaging
PCL,
NVDR
(Materials)
14,318
5,823
Siam
Cement
PCL
(The),
NVDR
(Materials)
37,353
26,327
Siam
Global
House
PCL,
NVDR
(Consumer
Discretionary)
11,879
11,885
Srisawad
Corp.
PCL,
NVDR
(Financials)
13,407
127,622
Thai
Beverage
PCL
(Consumer
Staples)
46,736
36,056
Thai
Life
Insurance
PCL,
NVDR
(Financials)
8,526
15,677
Thai
Oil
PCL,
NVDR
(Energy)
22,052
40,671
Thai
Union
Group
PCL,
NVDR
(Consumer
Staples)
16,472
5,689
Tisco
Financial
Group
PCL,
NVDR
(Financials)
15,116
600,350
TMBThanachart
Bank
PCL,
NVDR
(Financials)
27,578
152,263
True
Corp.
PCL,
NVDR
(Communication
Services)*
35,593
Shares
Description
Value
a
Common
Stocks
–
(continued)
Thailand
–
(continued)
121,679
WHA
Corp.
PCL,
NVDR
(Real
Estate)
$
18,025
1,719,558
Turkey
–
1.2%
1,329
AG
Anadolu
Grubu
Holding
AS
(Industrials)
13,792
4,280
Agrotech
Yueksek
Teknoloji
VE
Yatirim
AS
(Consumer
Staples)*
2,452
9,872
Ahlatci
Dogal
Gaz
Dagitim
Enerji
VE
Yatirim
AS
(Utilities)*
4,469
40,132
Akbank
TAS
(Financials)
82,733
565
Akcansa
Cimento
AS
(Materials)
2,500
4,583
Akfen
Yenilenebilir
Enerji
AS
(Utilities)*
3,842
1,983
Aksa
Akrilik
Kimya
Sanayii
AS
(Consumer
Discretionary)
7,296
2,954
Aksa
Enerji
Uretim
AS
(Utilities)*
4,274
2,035
Alarko
Holding
AS
(Industrials)
7,588
1,067
Alfa
Solar
Enerji
Sanayi
VE
Ticaret
AS
(Information
Technology)*
2,506
2,547
Anadolu
Anonim
Turk
Sigorta
Sirketi
(Financials)*
9,070
3,051
Anadolu
Efes
Biracilik
Ve
Malt
Sanayii
AS
(Consumer
Staples)
18,850
144
Anadolu
Isuzu
Otomotiv
Sanayi
Ve
Ticaret
AS,
Class
C
(Industrials)
442
1,470
Arcelik
AS
(Consumer
Discretionary)
8,261
18,370
Aselsan
Elektronik
Sanayi
Ve
Ticaret
AS
(Industrials)
33,450
3,201
Astor
Transformator
Enerji
Turizm
Insaat
Ve
Petrol
Sanayi
Ticaret
AS
(Industrials)*
9,819
2,187
Aydem
Yenilenebilir
Enerji
AS
(Utilities)*
2,305
1,121
Aygaz
AS
(Utilities)
6,508
1,221
Baskent
Dogalgaz
Dagitim
Gayrimenkul
Yatirim
Ortakligi
AS
(Utilities)
1,179
1,032
Baticim
Bati
Anadolu
Cimento
Sanayii
AS
(Materials)*
4,354
6,353
Bera
Holding
AS
(Industrials)
3,481
6,059
BIM
Birlesik
Magazalar
AS
(Consumer
Staples)
90,295
406
Borusan
Birlesik
Boru
Fabrikalari
Sanayi
ve
Ticaret
AS
(Materials)*
6,224
53
Borusan
Yatirim
ve
Pazarlama
AS
(Financials)
4,015
758
Brisa
Bridgestone
Sabanci
Sanayi
ve
Ticaret
AS
(Consumer
Discretionary)
2,744
3,108
Can2
Termik
AS
(Utilities)*
1,608
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Turkey
–
(continued)
48
Celebi
Hava
Servisi
AS
(Industrials)
$
3,188
5,802
Cimsa
Cimento
Sanayi
VE
Ticaret
AS
(Materials)
5,581
1,072
Coca-Cola
Icecek
AS
(Consumer
Staples)
25,344
452
CW
Enerji
Muhendislik
Ticaret
VE
Sanayi
AS
(Industrials)*
3,313
607
Deva
Holding
AS
(Health
Care)*
1,722
14,652
Dogan
Sirketler
Grubu
Holding
AS
(Consumer
Discretionary)
6,446
707
Dogu
Aras
Enerji
Yatirimlari
AS
(Utilities)
1,371
1,119
Dogus
Otomotiv
Servis
ve
Ticaret
AS
(Consumer
Discretionary)
10,527
261
Eczacibasi
Yatirim
Holding
Ortakligi
AS
(Industrials)*
1,923
16
EGE
Endustri
VE
Ticaret
AS
(Consumer
Discretionary)
6,393
2,286
EIS
Eczacibasi
Ilac
ve
Sinai
ve
Finansal
Yatirimlar
Sanayi
ve
Ticaret
AS
(Consumer
Staples)*
3,747
30,065
Emlak
Konut
Gayrimenkul
Yatirim
Ortakligi
AS
REIT
(Real
Estate)*
8,261
3,669
Enerjisa
Enerji
AS
(Utilities)
(a)
6,886
563
Enerya
Enerji
AS
(Utilities)*
3,099
7,880
Enka
Insaat
ve
Sanayi
AS
(Industrials)
10,173
24,568
Eregli
Demir
ve
Celik
Fabrikalari
TAS
(Materials)
36,567
914
Europower
Enerji
VE
Otomasyon
Teknolojileri
Sanayi
Ticaret
AS
(Industrials)*
3,377
916
Ford
Otomotiv
Sanayi
AS
(Consumer
Discretionary)
31,084
1,368
GEN
Ilac
VE
Saglik
Urunleri
Sanayi
VE
Ticaret
AS
(Health
Care)*
2,567
1,978
Girisim
Elektrik
Taahhut
Ticaret
Ve
Sanayi
AS
(Industrials)*
3,691
1,166
Gubre
Fabrikalari
TAS
(Materials)*
5,513
15,204
Haci
Omer
Sabanci
Holding
AS
(Financials)
46,118
14,951
Hektas
Ticaret
TAS
(Materials)*
6,777
558
Investco
Holding
AS
(Financials)*
5,717
7,224
Is
Gayrimenkul
Yatirim
Ortakligi
AS
REIT
(Real
Estate)*
3,732
8,645
Is
Yatirim
Menkul
Degerler
AS
(Financials)
10,435
2,035
Izdemir
Enerji
Elektrik
Uretim
AS
(Utilities)*
1,486
8,648
Izmir
Demir
Celik
Sanayi
AS
(Materials)*
1,759
Shares
Description
Value
a
Common
Stocks
–
(continued)
Turkey
–
(continued)
2,784
Jantsa
Jant
Sanayi
Ve
Ticaret
AS
(Industrials)
$
2,877
1,624
Kaleseramik
Canakkale
Kalebodur
Seramik
Sanayi
AS
(Industrials)*
2,524
3,465
Kardemir
Karabuk
Demir
Celik
Sanayi
ve
Ticaret
AS,
Class
A
(Materials)
2,689
615
Kardemir
Karabuk
Demir
Celik
Sanayi
ve
Ticaret
AS,
Class
B
(Materials)
423
11,647
Kardemir
Karabuk
Demir
Celik
Sanayi
ve
Ticaret
AS,
Class
D
(Materials)
10,515
792
Katilimevim
Tasarruf
Finansman
AS
(Financials)
1,333
1,573
Kayseri
Seker
Fabrikasi
AS
(Consumer
Staples)
1,369
3,504
Kiler
Holding
AS
(Industrials)*
3,564
968
Kimteks
Poliuretan
Sanayi
VE
Ticaret
AS
(Materials)
1,752
9,871
KOC
Holding
AS
(Industrials)
73,000
2,334
Kocaer
Celik
Sanayi
Ve
Ticaret
AS
(Materials)*
3,884
1,065
Kontrolmatik
Enerji
Ve
Muhendislik
AS
(Industrials)
6,712
3
Konya
Cimento
Sanayii
AS
(Materials)*
841
1,012
Kordsa
Teknik
Tekstil
AS
(Consumer
Discretionary)*
2,839
15,007
Koza
Altin
Isletmeleri
AS
(Materials)
9,728
2,898
Koza
Anadolu
Metal
Madencilik
Isletmeleri
AS
(Materials)*
4,465
4,015
Margun
Enerji
Uretim
Sanayi
VE
Ticaret
AS
(Utilities)*
3,034
4,268
Mavi
Giyim
Sanayi
Ve
Ticaret
AS,
Class
B
(Consumer
Discretionary)
(a)
12,648
3,557
MIA
Teknoloji
AS
(Information
Technology)*
5,504
1,374
Migros
Ticaret
AS
(Consumer
Staples)
20,273
1,173
MLP
Saglik
Hizmetleri
AS
(Health
Care)*
(a)
9,842
401
Nuh
Cimento
Sanayi
AS
(Materials)
3,196
17,345
ODAS
Elektrik
Uretim
ve
Sanayi
Ticaret
AS
(Utilities)*
4,685
503
Otokar
Otomotiv
Ve
Savunma
Sanayi
A.S.
(Industrials)
9,518
3,872
Oyak
Cimento
Fabrikalari
AS
(Materials)*
7,291
3,220
Pegasus
Hava
Tasimaciligi
AS
(Industrials)*
20,174
15,927
Petkim
Petrokimya
Holding
AS
(Materials)*
10,077
11
Politeknik
Metal
Sanayi
ve
Ticaret
AS
(Materials)
5,533
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Turkey
–
(continued)
9,773
Qua
Granite
Hayal
(Industrials)*
$
1,029
3,065
Reeder
Teknoloji
Sanayi
VE
Ticaret
AS
(Information
Technology)*
3,492
6,201
Sarkuysan
Elektrolitik
Bakir
Sanayi
ve
Ticaret
AS
(Industrials)
6,264
19,796
Sasa
Polyester
Sanayi
AS
(Materials)*
27,030
198
SDT
Uzay
VE
Savunma
Teknolojileri
AS
(Industrials)
1,830
1,833
Selcuk
Ecza
Deposu
Ticaret
ve
Sanayi
A.S.
(Health
Care)
2,775
2,346
Smart
Gunes
Enerjisi
Teknolojileri
ArGE
Uretim
Sanayi
ve
Ticaret
AS
(Information
Technology)*
3,656
4,066
Sok
Marketler
Ticaret
AS
(Consumer
Staples)
7,391
748
TAB
Gida
Sanayi
Ve
Ticaret
AS
(Consumer
Discretionary)*
4,180
2,702
TAV
Havalimanlari
Holding
AS
(Industrials)*
20,192
2,851
Tekfen
Holding
AS
(Industrials)*
4,660
1,928
Tofas
Turk
Otomobil
Fabrikasi
AS
(Consumer
Discretionary)
18,481
2,803
Torunlar
Gayrimenkul
Yatirim
Ortakligi
AS
REIT
(Real
Estate)*
4,146
9,934
Turk
Hava
Yollari
AO
(Industrials)*
93,374
7,835
Turk
Telekomunikasyon
AS
(Communication
Services)*
11,219
403
Turk
Traktor
ve
Ziraat
Makineleri
AS
(Industrials)
12,487
16,934
Turkcell
Iletisim
Hizmetleri
AS
(Communication
Services)
52,365
9,667
Turkiye
Halk
Bankasi
AS
(Financials)*
5,294
120,307
Turkiye
Is
Bankasi
AS,
Class
C
(Financials)
60,173
13,220
Turkiye
Petrol
Rafinerileri
AS
(Energy)
72,525
3,208
Turkiye
Sigorta
AS
(Financials)
7,560
15,977
Turkiye
Sinai
Kalkinma
Bankasi
AS
(Financials)*
5,481
22,084
Turkiye
Sise
ve
Cam
Fabrikalari
AS
(Industrials)
34,049
2,189
Ulker
Biskuvi
Sanayi
AS
(Consumer
Staples)*
9,277
3,973
Vestel
Beyaz
Esya
Sanayi
ve
Ticaret
AS
(Consumer
Discretionary)
2,941
1,420
Vestel
Elektronik
Sanayi
ve
Ticaret
AS
(Consumer
Discretionary)*
3,690
Shares
Description
Value
a
Common
Stocks
–
(continued)
Turkey
–
(continued)
48,326
Yapi
ve
Kredi
Bankasi
AS
(Financials)
$
48,492
2,546
Yayla
Agro
Gida
Sanayi
VE
Nakliyat
AS
(Consumer
Staples)
999
503
YEO
Teknoloji
Enerji
VE
Endustri
AS
(Industrials)*
2,855
21,414
Zorlu
Enerji
Elektrik
Uretim
AS
(Utilities)*
3,736
1,362,787
United
Arab
Emirates
–
2.4%
41,567
Abu
Dhabi
Commercial
Bank
PJSC
(Financials)
88,271
20,728
Abu
Dhabi
Islamic
Bank
PJSC
(Financials)
63,317
45,118
Abu
Dhabi
National
Energy
Co.
PJSC
(Utilities)
31,937
43,242
Abu
Dhabi
National
Oil
Co.
for
Distribution
PJSC
(Consumer
Discretionary)
38,144
27,673
ADNOC
Drilling
Co.
PJSC
(Energy)
30,136
109,508
Adnoc
Gas
PLC
(Energy)
88,845
53,872
Aldar
Properties
PJSC
(Real
Estate)
80,668
19,775
Alpha
Dhabi
Holding
PJSC
(Industrials)*
58,468
44,352
Borouge
PLC
(Materials)
28,618
128,411
Dubai
Electricity
&
Water
Authority
PJSC
(Utilities)
80,059
42,728
Dubai
Islamic
Bank
PJSC
(Financials)
64,213
88,617
Emaar
Properties
PJSC
(Real
Estate)
184,807
35,067
Emirates
NBD
Bank
PJSC
(Financials)
148,458
49,633
Emirates
Telecommunications
Group
Co.
PJSC
(Communication
Services)
217,555
63,050
First
Abu
Dhabi
Bank
PJSC
(Financials)
199,121
10,547
International
Holding
Co.
PJSC
(Industrials)*
1,168,682
38,048
Pure
Health
Holding
PJSC
(Health
Care)*
37,188
2,608,487
United
States
–
0.1%
10,224
JBS
SA
(Consumer
Staples)
56,101
1,120
Parade
Technologies
Ltd.
(Information
Technology)
26,588
82,689
TOTAL
COMMON
STOCKS
(Cost
$97,319,620)
108,201,658
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Rate
Value
a
Preferred
Stocks
–
2.0%
Brazil
–
1.3%
74,084
Banco
Bradesco
SA
(Financials)
8.64
%
$
178,590
3,007
Braskem
SA
(Materials)*
0.00
10,813
3,809
Centrais
Eletricas
Brasileiras
SA,
Class
B
(Utilities)
4.66
28,358
28,113
Cia
Energetica
de
Minas
Gerais
(Utilities)
10.84
53,221
15,256
Cia
Paranaense
de
Energia
(Utilities)
4.19
26,356
19,582
Gerdau
SA
(Materials)
6.15
67,472
69,091
Itau
Unibanco
Holding
SA
(Financials)
7.55
407,906
77,134
Itausa
SA
(Financials)
8.60
142,796
1
Klabin
SA
(Materials)
5.22
1
65,158
Petroleo
Brasileiro
SA
(Energy)
13.69
480,889
18,264
Raizen
SA
(Consumer
Discretionary)
6.80
9,904
1,406,306
Chile
–
0.1%
2,080
Sociedad
Quimica
y
Minera
de
Chile
SA,
Class
B
(Industrials)
1.83
97,355
Colombia
–
0.0%
6,812
Bancolombia
SA
(Financials)
10.38
59,968
Russia
–
0.0%
4,252
Sberbank
of
Russia
PJSC
(Financials)*
(c)
7.99
—
31,665
Surgutneftegas
PJSC
(Energy)
(c)
1.17
—
640
Tatneft
PJSC
(Energy)
(c)
13.28
—
—
South
Korea
–
0.6%
512
Hyundai
Motor
Co.
(Consumer
Discretionary)
13.14
56,801
309
Hyundai
Motor
Co.
(Consumer
Discretionary)
13.19
34,235
34
Hyundai
Motor
Co.
(Consumer
Discretionary)
13.31
3,742
Shares
Description
Rate
Value
a
Preferred
Stocks
–
(continued)
South
Korea
–
(continued)
107
LG
Chem
Ltd.
(Materials)
1.45
%
$
18,316
301
LG
Electronics,
Inc.
(Consumer
Discretionary)
1.81
10,207
11,726
Samsung
Electronics
Co.
Ltd.
(Information
Technology)
2.34
510,691
50
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
(Financials)
5.90
9,570
643,562
TOTAL
PREFERRED
STOCKS
(Cost
$2,192,321)
2,207,191
Shares
Description
Value
Exchange-Traded
Fund
–
0.2%
United
States
–
0.2%
12,873
iShares
MSCI
Malaysia
ETF
(Cost
$302,161)
295,693
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
0.9%
(d)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
–
Institutional
Shares
953,141
5.180%
953,141
(Cost
$953,141)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$100,767,243)
111,657,683
a
Securities
Lending
Reinvestment
Vehicle
–
0.4%
(d)
a
a
a
a
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
430,908
5.227%
430,908
(Cost
$430,908)
TOTAL
INVESTMENTS
–
100.8%
(Cost
$101,198,151)
$
112,088,591
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(0.8)%
(862,247)
NET
ASSETS
–
100.0%
$
111,226,344
  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.
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Additional
Investment
Information 
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
Information
Technology
22.1
%
Financials
21.8
Consumer
Discretionary
11.9
Industrials
8.9
Communication
Services
8.2
Materials
7.2
Energy
5.4
Consumer
Staples
5.1
Utilities
3.2
Health
Care
3.1
Real
Estate
1.6
Investment
Company
0.9
Exchange-Traded
Fund
0.2
Securities
Lending
Reinvestment
Vehicle
0.4
TOTAL
INVESTMENTS
100.0%
FUTURES
CONTRACTS
—
At
May
31,
2024,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
MSCI
Emerging
Markets
Index
7
06/21/24
$
369,775
$
(1,399)
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
98.5%
Australia
–
7.5%
28,218
AGL
Energy
Ltd.
(Utilities)
$
191,980
11,206
Ampol
Ltd.
(Energy)
258,753
142,866
ANZ
Group
Holdings
Ltd.
(Financials)
2,684,119
60,328
APA
Group
(Utilities)
330,598
27,799
Aristocrat
Leisure
Ltd.
(Consumer
Discretionary)
830,654
9,018
ASX
Ltd.
(Financials)
373,939
55,682
Atlas
Arteria
Ltd.
(Industrials)
197,007
86,351
Aurizon
Holdings
Ltd.
(Industrials)
211,334
241,215
BHP
Group
Ltd.
(Materials)
7,140,297
21,359
BlueScope
Steel
Ltd.
(Materials)
300,290
65,278
Brambles
Ltd.
(Industrials)
618,203
15,847
CAR
Group
Ltd.
(Communication
Services)
367,707
21,863
Charter
Hall
Group
REIT
(Real
Estate)
176,225
3,083
Cochlear
Ltd.
(Health
Care)
661,361
60,926
Coles
Group
Ltd.
(Consumer
Staples)
665,319
79,546
Commonwealth
Bank
of
Australia
(Financials)
6,323,915
24,757
Computershare
Ltd.
(Industrials)
436,972
49,897
Dexus
REIT
(Real
Estate)
224,988
7,142
EBOS
Group
Ltd.
(Health
Care)
145,025
63,463
Endeavour
Group
Ltd.
(Consumer
Staples)
209,342
93,048
Evolution
Mining
Ltd.
(Materials)
242,576
75,072
Fortescue
Ltd.
(Materials)
1,235,185
442,693
Glencore
PLC
(Materials)
2,709,686
87,456
Goodman
Group
REIT
(Real
Estate)
1,949,611
89,997
GPT
Group
(The)
REIT
(Real
Estate)
250,782
13,083
IDP
Education
Ltd.
(Consumer
Discretionary)
138,779
31,077
IGO
Ltd.
(Materials)
144,468
114,638
Insurance
Australia
Group
Ltd.
(Financials)
472,688
32,352
Lendlease
Corp.
Ltd.
(Real
Estate)
128,234
104,661
Lottery
Corp.
Ltd.
(The)
(Consumer
Discretionary)
338,975
43,517
Lynas
Rare
Earths
Ltd.
(Materials)*
192,747
17,240
Macquarie
Group
Ltd.
(Financials)
2,189,331
129,460
Medibank
Pvt
Ltd.
(Financials)
320,282
7,894
Mineral
Resources
Ltd.
(Materials)
376,208
185,023
Mirvac
Group
REIT
(Real
Estate)
241,177
148,657
National
Australia
Bank
Ltd.
(Financials)
3,352,490
Shares
Description
Value
a
Common
Stocks
–
(continued)
Australia
–
(continued)
52,864
Northern
Star
Resources
Ltd.
(Materials)
$
504,506
22,928
Orica
Ltd.
(Materials)
279,348
80,344
Origin
Energy
Ltd.
(Utilities)
544,480
129,044
Pilbara
Minerals
Ltd.
(Materials)
325,261
2,293
Pro
Medicus
Ltd.
(Health
Care)
183,178
80,715
Qantas
Airways
Ltd.
(Industrials)*
330,129
70,095
QBE
Insurance
Group
Ltd.
(Financials)
829,777
8,519
Ramsay
Health
Care
Ltd.
(Health
Care)
266,905
2,368
REA
Group
Ltd.
(Communication
Services)
294,038
13,858
Reece
Ltd.
(Industrials)
239,254
17,630
Rio
Tinto
Ltd.
(Materials)
1,512,035
50,842
Rio
Tinto
PLC
(Materials)
3,544,729
152,572
Santos
Ltd.
(Energy)
774,201
243,885
Scentre
Group
REIT
(Real
Estate)
510,917
16,106
SEEK
Ltd.
(Communication
Services)
240,362
7,250
Seven
Group
Holdings
Ltd.
(Industrials)
188,959
21,151
Sonic
Healthcare
Ltd.
(Health
Care)
342,237
212,533
South32
Ltd.
(Materials)
561,140
112,186
Stockland
REIT
(Real
Estate)
335,742
59,396
Suncorp
Group
Ltd.
(Financials)
628,466
548,964
Telstra
Group
Ltd.
(Communication
Services)
1,266,857
18,415
TPG
Telecom
Ltd.
(Communication
Services)
56,948
144,683
Transurban
Group
(Industrials)
1,203,730
38,302
Treasury
Wine
Estates
Ltd.
(Consumer
Staples)
288,606
180,519
Vicinity
Ltd.
REIT
(Real
Estate)
234,106
10,878
Washington
H
Soul
Pattinson
&
Co.
Ltd.
(Financials)
224,556
53,508
Wesfarmers
Ltd.
(Consumer
Discretionary)
2,309,143
166,178
Westpac
Banking
Corp.
(Financials)
2,871,224
36,885
Whitehaven
Coal
Ltd.
(Energy)
197,715
8,042
WiseTech
Global
Ltd.
(Information
Technology)
517,023
90,238
Woodside
Energy
Group
Ltd.
(Energy)
1,662,354
56,821
Woolworths
Group
Ltd.
(Consumer
Staples)
1,194,127
17,491
Worley
Ltd.
(Industrials)
170,415
61,263,715
Austria
–
0.3%
3,352
ANDRITZ
AG
(Industrials)
199,959
3,675
BAWAG
Group
AG
(Financials)*
(a)
241,769
1,597
CA
Immobilien
Anlagen
AG
(Real
Estate)
51,699
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Austria
–
(continued)
15,386
Erste
Group
Bank
AG
(Financials)
$
753,308
1,674
EVN
AG
(Utilities)
52,247
20,750
Mondi
PLC
(Materials)
412,399
6,655
OMV
AG
(Energy)
334,069
6,995
Raiffeisen
Bank
International
AG
(Financials)
128,487
6,416
Telekom
Austria
AG
(Communication
Services)*
60,528
1,528
Verbund
AG
(Utilities)
125,737
1,665
Vienna
Insurance
Group
AG
Wiener
Versicherung
Gruppe
(Financials)
53,322
5,258
voestalpine
AG
(Materials)
153,319
5,020
Wienerberger
AG
(Materials)
188,015
2,754,858
Belgium
–
0.8%
1,033
Ackermans
&
van
Haaren
NV
(Industrials)
182,680
7,127
Ageas
SA/NV
(Financials)
353,585
44,784
Anheuser-Busch
InBev
SA/NV
(Consumer
Staples)
2,801,343
5,377
Azelis
Group
NV
(Industrials)
113,477
2,379
Colruyt
Group
NV
(Consumer
Staples)
121,591
983
D’ieteren
Group
(Consumer
Discretionary)
213,002
1,311
Elia
Group
SA/NV
(Utilities)
132,929
4,287
Groupe
Bruxelles
Lambert
NV
(Financials)
326,709
11,742
KBC
Group
NV
(Financials)
852,273
7,782
Liberty
Global
Ltd.,
Class
A
(Communication
Services)*
129,726
8,239
Liberty
Global
Ltd.,
Class
C
(Communication
Services)*
140,639
704
Sofina
SA
(Financials)
169,819
3,283
Solvay
SA
(Materials)
(b)
119,858
3,283
Syensqo
SA
(Materials)
325,823
5,656
UCB
SA
(Health
Care)
789,931
9,498
Umicore
SA
(Materials)
186,939
8,290
Warehouses
De
Pauw
CVA
REIT
(Real
Estate)
240,830
7,201,154
Brazil
–
0.0%
7,231
Yara
International
ASA
(Materials)
223,715
Chile
–
0.1%
15,400
Antofagasta
PLC
(Materials)
431,949
China
–
1.0%
236,771
Alibaba
Health
Information
Technology
Ltd.
(Consumer
Staples)*
(b)
99,268
79,593
Budweiser
Brewing
Co.
APAC
Ltd.
(Consumer
Staples)
(a)
100,517
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
35,341
BYD
Electronic
International
Co.
Ltd.
(Information
Technology)
$
152,687
126,808
China
Gas
Holdings
Ltd.
(Utilities)
119,784
139,832
China
Mengniu
Dairy
Co.
Ltd.
(Consumer
Staples)*
256,666
82,124
Chow
Tai
Fook
Jewellery
Group
Ltd.
(Consumer
Discretionary)
105,393
392,480
CSPC
Pharmaceutical
Group
Ltd.
(Health
Care)
332,612
130,153
ESR
Group
Ltd.
(Real
Estate)
(a)
(b)
183,001
98,082
Fosun
International
Ltd.
(Industrials)
54,912
270,736
Geely
Automobile
Holdings
Ltd.
(Consumer
Discretionary)
327,720
12,347
NXP
Semiconductors
NV
(Information
Technology)
3,359,619
71,004
Prosus
NV
(Consumer
Discretionary)*
2,572,997
44,954
Wharf
Holdings
Ltd.
(The)
(Real
Estate)
133,598
111,901
Wilmar
International
Ltd.
(Consumer
Staples)
255,807
74,253
Xinyi
Glass
Holdings
Ltd.
(Industrials)
91,780
124,723
Yangzijiang
Shipbuilding
Holdings
Ltd.
(Industrials)
210,378
8,356,739
Denmark
–
3.6%
126
AP
Moller
–
Maersk
A/S,
Class
A
(Industrials)
220,798
154
AP
Moller
–
Maersk
A/S,
Class
B
(Industrials)
279,391
4,280
Carlsberg
AS,
Class
B
(Consumer
Staples)
578,707
6,142
Coloplast
A/S,
Class
B
(Health
Care)
737,322
31,498
Danske
Bank
A/S
(Financials)
965,932
3,977
Demant
A/S
(Health
Care)*
190,437
8,329
DSV
A/S
(Industrials)
1,277,711
3,038
Genmab
A/S
(Health
Care)*
856,478
151,021
Novo
Nordisk
A/S,
Class
B
(Health
Care)
20,382,461
17,030
Novonesis
(
Novozymes
)
B,
Class
B
(Materials)
1,012,773
8,871
Orsted
AS
(Utilities)*
(a)
540,856
4,162
Pandora
A/S
(Consumer
Discretionary)
680,875
560
Svitzer
A/S
(Industrials)*
21,966
14,991
Tryg
A/S
(Financials)
308,080
47,882
Vestas
Wind
Systems
A/S
(Industrials)*
1,343,974
29,397,761
Faroe
Islands
–
0.0%
2,327
Bakkafrost
P/F
(Consumer
Staples)
127,855
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Finland
–
1.0%
6,606
Elisa
OYJ
(Communication
Services)
$
306,222
20,263
Fortum
OYJ
(Utilities)
308,296
4,907
Huhtamaki
OYJ
(Materials)
197,847
12,668
Kesko
OYJ,
Class
B
(Consumer
Staples)
229,940
15,585
Kone
OYJ,
Class
B
(Industrials)
791,644
32,740
Metso
Corp.
(Industrials)
397,721
20,182
Neste
OYJ
(Energy)
422,088
248,391
Nokia
OYJ
(Information
Technology)
968,326
151,707
Nordea
Bank
Abp
(Financials)
1,860,210
4,995
Orion
OYJ,
Class
B
(Health
Care)
203,238
20,787
Sampo
OYJ,
Class
A
(Financials)
890,018
26,811
Stora
Enso
OYJ,
Class
R
(Materials)
390,312
24,814
UPM-
Kymmene
OYJ
(Materials)
946,874
22,814
Wartsila
OYJ
Abp
(Industrials)
475,648
8,388,384
France
–
8.6%
1,286
Aeroports
de
Paris
SA
(Industrials)
183,026
24,258
Air
Liquide
SA
(Materials)
4,752,324
27,864
Airbus
SE
(Industrials)
4,715,847
84,661
AXA
SA
(Financials)
3,037,561
47,698
BNP
Paribas
SA
(Financials)
(b)
3,505,573
37,364
Bollore
SE
(Communication
Services)
250,270
9,151
Bouygues
SA
(Industrials)
357,636
7,528
Capgemini
SE
(Information
Technology)
1,516,798
22,138
Cie
de
Saint-Gobain
SA
(Industrials)
1,936,581
31,569
Cie
Generale
des
Etablissements
Michelin
SCA
(Consumer
Discretionary)
1,273,180
52,119
Credit
Agricole
SA
(Financials)
(b)
844,463
30,000
Danone
SA
(Consumer
Staples)
1,925,421
32,302
Dassault
Systemes
(Information
Technology)
1,299,936
83,291
Engie
SA
(Utilities)
1,404,687
13,644
EssilorLuxottica
SA
(Health
Care)
3,040,891
1,541
Hermes
International
SCA
(Consumer
Discretionary)
3,640,254
3,361
Kering
(Consumer
Discretionary)
1,157,369
12,053
Legrand
SA
(Industrials)
1,296,698
10,663
L'Oreal
SA
(Consumer
Staples)
5,233,401
12,366
LVMH
Moet
Hennessy
Louis
Vuitton
SE
(Consumer
Discretionary)
9,865,693
88,039
Orange
SA
(Communication
Services)
(b)
1,025,044
Shares
Description
Value
a
Common
Stocks
–
(continued)
France
–
(continued)
9,230
Pernod
Ricard
SA
(Consumer
Staples)
$
1,372,252
16,865
Safran
SA
(Industrials)
3,919,883
1,320
Sartorius
Stedim
Biotech
(Health
Care)
261,736
35,126
Societe
Generale
SA
(Financials)
1,044,458
4,569
Thales
SA
(Industrials)
826,602
106,725
TotalEnergies
SE
(Energy)
7,763,828
23,074
Vinci
SA
(Industrials)
2,866,875
70,318,287
Germany
–
7.4%
7,886
adidas
AG
(Consumer
Discretionary)
1,981,882
18,643
Allianz
SE
(Financials)
5,430,084
42,542
BASF
SE
(Materials)
2,235,749
46,758
Bayer
AG
(Health
Care)
1,433,477
14,478
Bayerische
Motoren
Werke
AG
(Consumer
Discretionary)
1,464,540
4,595
Beiersdorf
AG
(Consumer
Staples)
720,066
4,380
BioNTech
SE
ADR
(Health
Care)*
438,642
1,717
Carl
Zeiss
Meditec
AG
(Health
Care)
157,786
5,086
Continental
AG
(Consumer
Discretionary)
343,650
25,333
Daimler
Truck
Holding
AG
(Industrials)
1,077,235
92,727
Deutsche
Bank
AG
(Financials)
1,532,718
8,738
Deutsche
Boerse
AG
(Financials)
1,734,985
44,985
Deutsche
Post
AG
(Industrials)
1,887,990
153,649
Deutsche
Telekom
AG
(Communication
Services)
3,718,005
105,322
E.ON
SE
(Utilities)
1,404,066
9,445
Evonik
Industries
AG
(Materials)
206,813
9,364
Fresenius
Medical
Care
AG
(Health
Care)
398,287
19,359
Fresenius
SE
&
Co.
KGaA
(Health
Care)*
615,353
2,828
Hannover
Rueck
SE
(Financials)
700,592
296
Hapag
-Lloyd
AG
(Industrials)
(a)
55,945
6,187
Heidelberg
Materials
AG
(Materials)
642,914
4,530
Henkel
AG
&
Co.
KGaA
(Consumer
Staples)
361,948
61,981
Infineon
Technologies
AG
(Information
Technology)
2,477,830
3,111
Knorr-
Bremse
AG
(Industrials)
238,438
37,415
Mercedes-Benz
Group
AG
(Consumer
Discretionary)
2,697,019
6,082
Merck
KGaA
(Health
Care)
1,099,337
2,530
MTU
Aero
Engines
AG
(Industrials)
627,591
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Germany
–
(continued)
6,486
Muenchener
Rueckversicherungs-
Gesellschaft
AG
in
Muenchen
(Financials)
$
3,224,168
2,067
Rheinmetall
AG
(Industrials)
1,184,350
35,403
RWE
AG
(Utilities)
1,339,024
48,712
SAP
SE
(Information
Technology)
8,776,260
35,224
Siemens
AG
(Industrials)
6,740,041
23,549
Siemens
Energy
AG
(Industrials)*
634,519
12,667
Siemens
Healthineers
AG
(Health
Care)
(a)
734,045
6,246
Symrise
AG
(Materials)
741,465
2,849
Talanx
AG
(Financials)
226,244
1,336
Volkswagen
AG
(Consumer
Discretionary)
190,142
32,725
Vonovia
SE
(Real
Estate)
1,023,157
60,496,357
Guatemala
–
0.0%
6,072
Millicom
International
Cellular
SA
SDR,
SDR
(Communication
Services)*
151,609
Hong
Kong
–
1.7%
538,356
AIA
Group
Ltd.
(Financials)
4,159,806
28,343
Cathay
Pacific
Airways
Ltd.
(Industrials)
29,671
89,221
CK
Asset
Holdings
Ltd.
(Real
Estate)
351,827
28,547
CK
Infrastructure
Holdings
Ltd.
(Utilities)
164,568
89,178
CLP
Holdings
Ltd.
(Utilities)
705,025
14,265
DFI
Retail
Group
Holdings
Ltd.
(Consumer
Staples)
26,248
3,351
Futu
Holdings
Ltd.
ADR
(Financials)*
251,794
81,809
Hang
Lung
Properties
Ltd.
(Real
Estate)
74,559
33,894
Hang
Seng
Bank
Ltd.
(Financials)
470,500
61,899
Henderson
Land
Development
Co.
Ltd.
(Real
Estate)
192,264
106,388
HK
Electric
Investments
&
HK
Electric
Investments
Ltd.
(Utilities)
65,138
169,779
HKT
Trust
&
HKT
Ltd.
(Communication
Services)
197,267
430,382
Hong
Kong
&
China
Gas
Co.
Ltd.
(Utilities)
333,926
56,817
Hong
Kong
Exchanges
&
Clearing
Ltd.
(Financials)
1,908,582
48,580
Hongkong
Land
Holdings
Ltd.
(Real
Estate)
164,686
9,278
Jardine
Matheson
Holdings
Ltd.
(Industrials)
341,430
119,876
Link
REIT
(Real
Estate)
502,589
73,617
MTR
Corp.
Ltd.
(Industrials)
249,363
Shares
Description
Value
a
Common
Stocks
–
(continued)
Hong
Kong
–
(continued)
64,129
Power
Assets
Holdings
Ltd.
(Utilities)
$
354,936
129,409
Prudential
PLC
(Financials)
1,230,785
461,057
Sino
Biopharmaceutical
Ltd.
(Health
Care)
167,371
158,389
Sino
Land
Co.
Ltd.
(Real
Estate)
168,039
68,467
Sun
Hung
Kai
Properties
Ltd.
(Real
Estate)
658,997
19,263
Swire
Pacific
Ltd.,
Class
A
(Real
Estate)
167,309
35,940
Swire
Pacific
Ltd.,
Class
B
(Real
Estate)
47,961
49,471
Swire
Properties
Ltd.
(Real
Estate)
90,679
64,145
Techtronic
Industries
Co.
Ltd.
(Industrials)
784,661
357,037
WH
Group
Ltd.
(Consumer
Staples)
(a)
242,791
72,786
Wharf
Real
Estate
Investment
Co.
Ltd.
(Real
Estate)
210,729
14,313,501
Ireland
–
0.5%
9,303
AerCap
Holdings
NV
(Industrials)
862,481
73,448
AIB
Group
PLC
(Financials)
416,218
49,626
Bank
of
Ireland
Group
PLC
(Financials)
566,485
7,379
Kerry
Group
PLC,
Class
A
(Consumer
Staples)
623,228
7,208
Kingspan
Group
PLC
(Industrials)
690,166
12,172
Smurfit
Kappa
Group
PLC
(Materials)
590,663
3,749,241
Israel
–
0.8%
2,712
Airport
City
Ltd.
(Real
Estate)*
40,166
10,155
Amot
Investments
Ltd.
(Real
Estate)
39,579
1,717
Azrieli
Group
Ltd.
(Real
Estate)
103,473
58,435
Bank
Hapoalim
BM
(Financials)
534,040
68,898
Bank
Leumi
Le-Israel
BM
(Financials)
568,548
94,125
Bezeq
The
Israeli
Telecommunication
Corp.
Ltd.
(Communication
Services)
113,093
738
Big
Shopping
Centers
Ltd.
(Real
Estate)*
72,029
1,162
Camtek
Ltd.
(Information
Technology)
126,092
4,302
Check
Point
Software
Technologies
Ltd.
(Information
Technology)*
647,451
436
Delek
Group
Ltd.
(Energy)
49,550
1,161
Elbit
Systems
Ltd.
(Industrials)
219,386
12,204
Energix
-Renewable
Energies
Ltd.
(Utilities)
50,255
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Israel
–
(continued)
5,447
Enlight
Renewable
Energy
Ltd.
(Utilities)*
(b)
$
93,851
309
Fattal
Holdings
1998
Ltd.
(Consumer
Discretionary)*
35,457
2,434
First
International
Bank
Of
Israel
Ltd.
(The)
(Financials)
98,530
3,201
Global-e
Online
Ltd.
(Consumer
Discretionary)*
99,935
5,169
Harel
Insurance
Investments
&
Financial
Services
Ltd.
(Financials)
44,114
32,785
ICL
Group
Ltd.
(Materials)
152,544
172
Israel
Corp.
Ltd.
(Materials)
40,186
58,184
Israel
Discount
Bank
Ltd.,
Class
A
(Financials)
296,996
1,175
Melisron
Ltd.
(Real
Estate)
77,506
27,538
Mivne
Real
Estate
KD
Ltd.
(Real
Estate)
63,836
7,078
Mizrahi
Tefahot
Bank
Ltd.
(Financials)
256,652
2,977
Nice
Ltd.
(Information
Technology)*
565,024
1,344
Nova
Ltd.
(Information
Technology)*
289,081
4,791
OPC
Energy
Ltd.
(Utilities)*
36,960
7,692
Phoenix
Holdings
Ltd.
(The)
(Financials)
73,233
3,693
Plus500
Ltd.
(Financials)
105,135
6,674
Shapir
Engineering
and
Industry
Ltd.
(Industrials)*
33,708
2,364
Strauss
Group
Ltd.
(Consumer
Staples)
38,679
52,415
Teva
Pharmaceutical
Industries
Ltd.
(Health
Care)*
865,059
5,164
Tower
Semiconductor
Ltd.
(Information
Technology)*
191,969
2,577
Wix.com
Ltd.
(Information
Technology)*
415,155
6,437,272
Italy
–
2.6%
73,128
A2A
SpA
(Utilities)
153,139
6,156
Amplifon
SpA
(Health
Care)
226,218
48,291
Assicurazioni
Generali
SpA
(Financials)
(b)
1,237,224
9,543
Banca
Mediolanum
SpA
(Financials)
109,297
64,725
Banco
BPM
SpA
(Financials)
464,033
23,045
Davide
Campari-Milano
NV
(Consumer
Staples)
229,512
365,479
Enel
SpA
(Utilities)
2,640,863
100,955
Eni
SpA
(Energy)
1,588,716
6,214
Ferrari
NV
(Consumer
Discretionary)
2,545,911
28,681
FinecoBank
Banca
Fineco
SpA
(Financials)
462,216
14,635
Infrastrutture
Wireless
Italiane
SpA
(Communication
Services)
(a)
159,672
Shares
Description
Value
a
Common
Stocks
–
(continued)
Italy
–
(continued)
738,342
Intesa
Sanpaolo
SpA
(Financials)
$
2,890,370
18,834
Leonardo
SpA
(Industrials)*
481,917
28,448
Mediobanca
Banca
di
Credito
Finanziario
SpA
(Financials)
448,424
9,122
Moncler
SpA
(Consumer
Discretionary)
606,451
22,844
Nexi
SpA
(Financials)*
(a)
151,029
11,852
Pirelli
&
C
SpA
(Consumer
Discretionary)
(a)
78,177
21,428
Poste
Italiane
SpA
(Financials)
(a)
293,104
24,095
PRADA
SpA
(Consumer
Discretionary)
198,652
12,597
Prysmian
SpA
(Industrials)
820,792
4,585
Recordati
Industria
Chimica
e
Farmaceutica
SpA
(Health
Care)
240,910
8,210
Ryanair
Holdings
PLC
ADR
(Industrials)
998,665
96,303
Snam
SpA
(Utilities)
454,673
2,306
Stevanato
Group
SpA
(Health
Care)
46,858
506,558
Telecom
Italia
SpA
(Communication
Services)*
(b)
133,081
283,494
Telecom
Italia
SpA
-RSP
(Communication
Services)*
81,187
65,989
Terna
-
Rete
Elettrica
Nazionale
(Utilities)
553,186
77,997
UniCredit
SpA
(Financials)
3,080,849
21,375,126
Japan
–
24.4%
4,302
ABC-Mart,
Inc.
(Consumer
Discretionary)
82,730
17,849
Acom
Co.
Ltd.
(Financials)
45,694
34,482
Advantest
Corp.
(Information
Technology)
1,165,821
36,815
Aeon
Co.
Ltd.
(Consumer
Staples)
793,486
4,254
Aeon
Mall
Co.
Ltd.
(Real
Estate)
51,204
9,577
AGC,
Inc.
(Industrials)
334,398
9,508
Air
Water,
Inc.
(Materials)
139,070
6,847
Aisin
Corp.
(Consumer
Discretionary)
254,412
24,611
Ajinomoto
Co.,
Inc.
(Consumer
Staples)
877,818
8,820
Alfresa
Holdings
Corp.
(Health
Care)
124,236
15,872
Amada
Co.
Ltd.
(Industrials)
178,875
21,000
ANA
Holdings,
Inc.
(Industrials)
399,835
22,384
Asahi
Group
Holdings
Ltd.
(Consumer
Staples)
817,758
10,037
Asahi
Intecc
Co.
Ltd.
(Health
Care)
144,476
63,843
Asahi
Kasei
Corp.
(Materials)
416,425
7,939
Asics
Corp.
(Consumer
Discretionary)
439,526
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
83,987
Astellas
Pharma,
Inc.
(Health
Care)
$
827,604
6,141
Azbil
Corp.
(Information
Technology)
169,445
27,252
Bandai
Namco
Holdings,
Inc.
(Consumer
Discretionary)
496,326
6,079
BayCurrent
Consulting,
Inc.
(Industrials)
123,944
25,782
Bridgestone
Corp.
(Consumer
Discretionary)
1,122,205
11,819
Brother
Industries
Ltd.
(Information
Technology)
226,911
3,657
Calbee
,
Inc.
(Consumer
Staples)
71,955
47,656
Canon,
Inc.
(Information
Technology)
1,380,446
15,730
Capcom
Co.
Ltd.
(Communication
Services)
290,286
3,394
Cellebrite
DI
Ltd.
(Information
Technology)*
36,146
43,793
Central
Japan
Railway
Co.
(Industrials)
978,442
34,374
Chiba
Bank
Ltd.
(The)
(Financials)
326,689
34,042
Chubu
Electric
Power
Co.,
Inc.
(Utilities)
469,324
30,073
Chugai
Pharmaceutical
Co.
Ltd.
(Health
Care)
914,945
6,599
Coca-Cola
Bottlers
Japan
Holdings,
Inc.
(Consumer
Staples)
76,952
52,723
Concordia
Financial
Group
Ltd.
(Financials)
316,885
889
Cosmos
Pharmaceutical
Corp.
(Consumer
Staples)
71,790
19,428
CyberAgent
,
Inc.
(Communication
Services)
116,893
11,172
Dai
Nippon
Printing
Co.
Ltd.
(Industrials)
347,221
16,080
Daifuku
Co.
Ltd.
(Industrials)
280,731
45,375
Dai-ichi
Life
Holdings,
Inc.
(Financials)
1,214,755
91,222
Daiichi
Sankyo
Co.
Ltd.
(Health
Care)
3,238,005
12,791
Daikin
Industries
Ltd.
(Industrials)
1,867,635
2,823
Daito
Trust
Construction
Co.
Ltd.
(Real
Estate)
298,207
29,146
Daiwa
House
Industry
Co.
Ltd.
(Real
Estate)
774,346
110
Daiwa
House
REIT
Investment
Corp.
REIT
(Real
Estate)
174,158
67,273
Daiwa
Securities
Group,
Inc.
(Financials)
528,269
84,773
Denso
Corp.
(Consumer
Discretionary)
1,371,840
9,357
Dentsu
Group,
Inc.
(Communication
Services)
247,583
4,280
Disco
Corp.
(Information
Technology)
1,674,741
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
51,412
East
Japan
Railway
Co.
(Industrials)
$
892,991
4,345
Ebara
Corp.
(Industrials)
316,865
13,295
Eisai
Co.
Ltd.
(Health
Care)
571,327
7,905
Electric
Power
Development
Co.
Ltd.
(Utilities)
132,777
130,803
ENEOS
Holdings,
Inc.
(Energy)
674,554
44,731
FANUC
Corp.
(Industrials)
1,252,166
7,950
Fast
Retailing
Co.
Ltd.
(Consumer
Discretionary)
2,034,233
6,401
Fuji
Electric
Co.
Ltd.
(Industrials)
380,691
43,132
FUJIFILM
Holdings
Corp.
(Information
Technology)
982,338
90,433
Fujitsu
Ltd.
(Information
Technology)
1,305,465
8,604
Fukuoka
Financial
Group,
Inc.
(Financials)
250,709
234
GLP
J
REIT
(Real
Estate)
194,324
2,070
GMO
Payment
Gateway,
Inc.
(Financials)
89,297
10,288
Hakuhodo
DY
Holdings,
Inc.
(Communication
Services)
85,043
6,565
Hamamatsu
Photonics
KK
(Information
Technology)
193,134
11,102
Hankyu
Hanshin
Holdings,
Inc.
(Industrials)
291,282
11,970
Haseko
Corp.
(Consumer
Discretionary)
135,052
895
Hikari
Tsushin,
Inc.
(Industrials)
146,599
1,384
Hirose
Electric
Co.
Ltd.
(Information
Technology)
154,125
4,855
Hitachi
Construction
Machinery
Co.
Ltd.
(Industrials)
131,304
43,593
Hitachi
Ltd.
(Industrials)
4,478,723
230,960
Honda
Motor
Co.
Ltd.
(Consumer
Discretionary)
2,600,679
5,092
Hoshizaki
Corp.
(Industrials)
182,430
16,484
Hoya
Corp.
(Health
Care)
1,999,332
23,859
Hulic
Co.
Ltd.
(Real
Estate)
220,454
5,853
Ibiden
Co.
Ltd.
(Information
Technology)
235,878
55,697
Idemitsu
Kosan
Co.
Ltd.
(Energy)
380,304
6,889
IHI
Corp.
(Industrials)
177,458
7,520
Iida
Group
Holdings
Co.
Ltd.
(Consumer
Discretionary)
102,503
40,330
Inpex
Corp.
(Energy)
621,972
15,934
Isetan
Mitsukoshi
Holdings
Ltd.
(Consumer
Discretionary)
330,655
28,384
Isuzu
Motors
Ltd.
(Consumer
Discretionary)
378,766
2,605
Ito
En
Ltd.
(Consumer
Staples)
62,180
59,134
ITOCHU
Corp.
(Industrials)
2,788,399
11,724
J
Front
Retailing
Co.
Ltd.
(Consumer
Discretionary)
113,700
20,203
Japan
Airlines
Co.
Ltd.
(Industrials)
340,370
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
24,849
Japan
Exchange
Group,
Inc.
(Financials)
$
582,859
322
Japan
Metropolitan
Fund
Invest
REIT
(Real
Estate)
189,538
18,122
Japan
Post
Bank
Co.
Ltd.
(Financials)
179,092
99,334
Japan
Post
Holdings
Co.
Ltd.
(Financials)
957,657
8,585
Japan
Post
Insurance
Co.
Ltd.
(Financials)
165,040
52,734
Japan
Tobacco,
Inc.
(Consumer
Staples)
1,493,982
24,918
JFE
Holdings,
Inc.
(Materials)
377,072
10,583
JGC
Holdings
Corp.
(Industrials)
83,980
9,470
JSR
Corp.
(Materials)*
261,239
10,529
JTEKT
Corp.
(Consumer
Discretionary)
76,248
20,804
Kajima
Corp.
(Industrials)
351,952
34,475
Kansai
Electric
Power
Co.,
Inc.
(The)
(Utilities)
622,391
9,180
Kansai
Paint
Co.
Ltd.
(Materials)
153,054
21,248
Kao
Corp.
(Consumer
Staples)
931,345
7,356
Kawasaki
Heavy
Industries
Ltd.
(Industrials)
279,457
17,824
Kawasaki
Kisen
Kaisha
Ltd.
(Industrials)
264,448
73,350
KDDI
Corp.
(Communication
Services)
2,024,366
5,041
Keihan
Holdings
Co.
Ltd.
(Industrials)
93,477
5,160
Keio
Corp.
(Industrials)
124,251
7,422
Keisei
Electric
Railway
Co.
Ltd.
(Industrials)
266,568
4,844
Kewpie
Corp.
(Consumer
Staples)
95,958
8,753
Keyence
Corp.
(Information
Technology)
3,937,444
36,165
Kikkoman
Corp.
(Consumer
Staples)
418,621
8,888
Kintetsu
Group
Holdings
Co.
Ltd.
(Industrials)
188,851
38,357
Kirin
Holdings
Co.
Ltd.
(Consumer
Staples)
530,889
2,387
Kobayashi
Pharmaceutical
Co.
Ltd.
(Consumer
Staples)
82,465
6,651
Kobe
Bussan
Co.
Ltd.
(Consumer
Staples)
147,330
5,308
Koei
Tecmo
Holdings
Co.
Ltd.
(Communication
Services)
46,208
11,262
Koito
Manufacturing
Co.
Ltd.
(Consumer
Discretionary)
158,992
3,348
Kokusai
Electric
Corp.
(Information
Technology)
(b)
91,612
42,657
Komatsu
Ltd.
(Industrials)
1,247,855
4,506
Konami
Group
Corp.
(Communication
Services)
314,412
1,573
Kose
Corp.
(Consumer
Staples)
103,902
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
49,997
Kubota
Corp.
(Industrials)
$
706,630
15,256
Kuraray
Co.
Ltd.
(Materials)
185,476
5,283
Kurita
Water
Industries
Ltd.
(Industrials)
225,917
62,607
Kyocera
Corp.
(Information
Technology)
711,547
11,702
Kyowa
Kirin
Co.
Ltd.
(Health
Care)
197,745
21,714
Kyushu
Electric
Power
Co.,
Inc.
(Utilities)
253,073
6,605
Kyushu
Railway
Co.
(Industrials)
145,344
3,688
Lasertec
Corp.
(Information
Technology)
950,251
11,990
Lion
Corp.
(Consumer
Staples)
96,289
13,086
Lixil
Corp.
(Industrials)
143,647
122,931
LY
Corp.
(Communication
Services)
291,711
19,229
M3,
Inc.
(Health
Care)
186,484
11,464
Makita
Corp.
(Industrials)
337,985
79,775
Marubeni
Corp.
(Industrials)
1,553,416
8,362
Marui
Group
Co.
Ltd.
(Financials)
124,277
16,707
MatsukiyoCocokara
&
Co.
(Consumer
Staples)
235,808
27,059
Mazda
Motor
Corp.
(Consumer
Discretionary)
285,407
4,007
McDonald's
Holdings
Co.
Japan
Ltd.
(Consumer
Discretionary)
164,212
49,742
Mebuki
Financial
Group,
Inc.
(Financials)
199,354
8,635
Medipal
Holdings
Corp.
(Health
Care)
127,043
12,455
MEIJI
Holdings
Co.
Ltd.
(Consumer
Staples)
278,750
18,219
MINEBEA
MITSUMI,
Inc.
(Industrials)
381,203
13,381
MISUMI
Group,
Inc.
(Industrials)
229,651
66,991
Mitsubishi
Chemical
Group
Corp.
(Materials)
354,128
175,322
Mitsubishi
Corp.
(Industrials)
3,685,059
93,258
Mitsubishi
Electric
Corp.
(Industrials)
1,620,124
53,294
Mitsubishi
Estate
Co.
Ltd.
(Real
Estate)
895,157
8,520
Mitsubishi
Gas
Chemical
Co.,
Inc.
(Materials)
159,779
39,146
Mitsubishi
HC
Capital,
Inc.
(Financials)
259,196
153,832
Mitsubishi
Heavy
Industries
Ltd.
(Industrials)
1,339,159
30,492
Mitsubishi
Motors
Corp.
(Consumer
Discretionary)
84,814
544,143
Mitsubishi
UFJ
Financial
Group,
Inc.
(Financials)
5,741,125
69,184
Mitsui
&
Co.
Ltd.
(Industrials)
3,508,839
8,361
Mitsui
Chemicals,
Inc.
(Materials)
252,780
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
129,741
Mitsui
Fudosan
Co.
Ltd.
(Real
Estate)
$
1,189,296
16,991
Mitsui
OSK
Lines
Ltd.
(Industrials)
560,510
120,073
Mizuho
Financial
Group,
Inc.
(Financials)
2,455,787
11,599
MonotaRO
Co.
Ltd.
(Industrials)
122,378
59,972
MS&AD
Insurance
Group
Holdings,
Inc.
(Financials)
1,252,144
87,987
Murata
Manufacturing
Co.
Ltd.
(Information
Technology)
1,660,972
9,245
Nagoya
Railroad
Co.
Ltd.
(Industrials)
105,925
11,943
NEC
Corp.
(Information
Technology)
883,499
20,958
Nexon
Co.
Ltd.
(Communication
Services)
358,958
13,589
NGK
Insulators
Ltd.
(Industrials)
181,207
4,559
NH
Foods
Ltd.
(Consumer
Staples)
139,748
5,965
Nichirei
Corp.
(Consumer
Staples)
134,943
22,544
NIDEC
Corp.
(Industrials)
1,125,156
15,300
Nikon
Corp.
(Consumer
Discretionary)
158,701
54,732
Nintendo
Co.
Ltd.
(Communication
Services)
2,979,619
78
Nippon
Building
Fund,
Inc.
REIT
(Real
Estate)
291,361
3,880
NIPPON
EXPRESS
HOLDINGS,
Inc.
(Industrials)
191,278
41,809
Nippon
Paint
Holdings
Co.
Ltd.
(Materials)
281,219
112
Nippon
Prologis
REIT,
Inc.
REIT
(Real
Estate)
184,736
8,780
Nippon
Sanso
Holdings
Corp.
(Materials)
258,967
40,143
Nippon
Steel
Corp.
(Materials)
876,711
2,550,925
Nippon
Telegraph
&
Telephone
Corp.
(Communication
Services)
2,504,742
7,614
Nippon
Television
Holdings,
Inc.
(Communication
Services)
102,743
22,150
Nippon
Yusen
KK
(Industrials)
702,649
6,136
Nissan
Chemical
Corp.
(Materials)
170,205
114,252
Nissan
Motor
Co.
Ltd.
(Consumer
Discretionary)
405,984
12,016
Nisshin
Seifun
Group,
Inc.
(Consumer
Staples)
134,730
8,571
Nissin
Foods
Holdings
Co.
Ltd.
(Consumer
Staples)
215,877
9,037
Niterra
Co.
Ltd.
(Consumer
Discretionary)
271,780
3,847
Nitori
Holdings
Co.
Ltd.
(Consumer
Discretionary)
425,228
6,959
Nitto
Denko
Corp.
(Materials)
531,186
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
141,742
Nomura
Holdings,
Inc.
(Financials)
$
857,334
4,851
Nomura
Real
Estate
Holdings,
Inc.
(Real
Estate)
124,682
193
Nomura
Real
Estate
Master
Fund,
Inc.
REIT
(Real
Estate)
181,400
18,260
Nomura
Research
Institute
Ltd.
(Information
Technology)
488,498
22,823
NSK
Ltd.
(Industrials)
111,817
29,184
NTT
Data
Group
Corp.
(Information
Technology)
447,292
32,500
Obayashi
Corp.
(Industrials)
378,369
1,346
OBIC
Business
Consultants
Co.
Ltd.
(Information
Technology)
53,953
3,065
Obic
Co.
Ltd.
(Information
Technology)
397,205
14,927
Odakyu
Electric
Railway
Co.
Ltd.
(Industrials)
156,399
43,653
Oji
Holdings
Corp.
(Materials)
176,118
58,961
Olympus
Corp.
(Health
Care)
928,060
8,808
Omron
Corp.
(Information
Technology)
287,986
20,680
Ono
Pharmaceutical
Co.
Ltd.
(Health
Care)
299,386
3,524
Open
House
Group
Co.
Ltd.
(Consumer
Discretionary)
101,586
1,565
Oracle
Corp.
Japan
(Information
Technology)
110,843
52,393
Oriental
Land
Co.
Ltd.
(Consumer
Discretionary)
1,462,650
54,044
ORIX
Corp.
(Financials)
1,175,834
132
Orix
JREIT,
Inc.
REIT
(Real
Estate)
133,894
19,305
Osaka
Gas
Co.
Ltd.
(Utilities)
438,814
10,328
Otsuka
Corp.
(Information
Technology)
195,919
20,821
Otsuka
Holdings
Co.
Ltd.
(Health
Care)
857,776
17,963
Pan
Pacific
International
Holdings
Corp.
(Consumer
Discretionary)
461,463
104,454
Panasonic
Holdings
Corp.
(Consumer
Discretionary)
919,610
86,558
Persol
Holdings
Co.
Ltd.
(Industrials)
124,540
66,757
Rakuten
Group,
Inc.
(Consumer
Discretionary)*
346,646
68,508
Recruit
Holdings
Co.
Ltd.
(Industrials)
3,464,963
61,295
Renesas
Electronics
Corp.
(Information
Technology)
1,145,198
111,605
Resona
Holdings,
Inc.
(Financials)
769,861
8,317
Resonac
Holdings
Corp.
(Materials)
183,758
26,610
Ricoh
Co.
Ltd.
(Information
Technology)
237,660
5,121
Rinnai
Corp.
(Consumer
Discretionary)
122,823
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
16,520
Rohm
Co.
Ltd.
(Information
Technology)
$
213,195
9,254
Rohto
Pharmaceutical
Co.
Ltd.
(Consumer
Staples)
162,591
12,101
Ryohin
Keikaku
Co.
Ltd.
(Consumer
Discretionary)
198,866
17,135
Santen
Pharmaceutical
Co.
Ltd.
(Health
Care)
177,516
11,354
SBI
Holdings,
Inc.
(Financials)
293,487
4,386
SCREEN
Holdings
Co.
Ltd.
(Information
Technology)
418,797
6,742
SCSK
Corp.
(Information
Technology)
127,722
9,774
Secom
Co.
Ltd.
(Industrials)
607,792
7,272
Sega
Sammy
Holdings,
Inc.
(Consumer
Discretionary)
102,339
10,491
Seibu
Holdings,
Inc.
(Industrials)
156,051
12,933
Seiko
Epson
Corp.
(Information
Technology)
207,972
17,729
Sekisui
Chemical
Co.
Ltd.
(Consumer
Discretionary)
254,182
28,081
Sekisui
House
Ltd.
(Consumer
Discretionary)
631,150
108,879
Seven
&
i
Holdings
Co.
Ltd.
(Consumer
Staples)
1,405,114
21,280
SG
Holdings
Co.
Ltd.
(Industrials)
215,041
13,030
Sharp
Corp.
(Consumer
Discretionary)*
80,446
12,880
Shimadzu
Corp.
(Information
Technology)
333,424
2,226
Shimamura
Co.
Ltd.
(Consumer
Discretionary)
106,664
3,691
Shimano,
Inc.
(Consumer
Discretionary)
603,403
25,497
Shimizu
Corp.
(Industrials)
141,110
93,278
Shin-Etsu
Chemical
Co.
Ltd.
(Materials)
3,475,406
3,015
Shinko
Electric
Industries
Co.
Ltd.
(Information
Technology)
107,346
13,795
Shionogi
&
Co.
Ltd.
(Health
Care)
618,008
18,411
Shiseido
Co.
Ltd.
(Consumer
Staples)
582,399
25,791
Shizuoka
Financial
Group,
Inc.
(Financials)
266,288
2,657
SMC
Corp.
(Industrials)
1,332,516
133,086
SoftBank
Corp.
(Communication
Services)
1,598,523
46,373
SoftBank
Group
Corp.
(Communication
Services)
2,668,266
16,647
Sohgo
Security
Services
Co.
Ltd.
(Industrials)
100,256
10,509
Sojitz
Corp.
(Industrials)
274,453
43,206
Sompo
Holdings,
Inc.
(Financials)
914,187
58,651
Sony
Group
Corp.
(Consumer
Discretionary)
4,812,782
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
4,140
Square
Enix
Holdings
Co.
Ltd.
(Communication
Services)
$
124,059
7,009
Stanley
Electric
Co.
Ltd.
(Consumer
Discretionary)
128,699
28,854
Subaru
Corp.
(Consumer
Discretionary)
642,649
4,808
Sugi
Holdings
Co.
Ltd.
(Consumer
Staples)
74,562
16,011
SUMCO
Corp.
(Information
Technology)
240,249
67,311
Sumitomo
Chemical
Co.
Ltd.
(Materials)
138,053
56,066
Sumitomo
Corp.
(Industrials)
1,456,014
34,294
Sumitomo
Electric
Industries
Ltd.
(Consumer
Discretionary)
555,290
7,810
Sumitomo
Forestry
Co.
Ltd.
(Consumer
Discretionary)
269,669
5,391
Sumitomo
Heavy
Industries
Ltd.
(Industrials)
146,143
12,056
Sumitomo
Metal
Mining
Co.
Ltd.
(Materials)
392,417
62,181
Sumitomo
Mitsui
Financial
Group,
Inc.
(Financials)
4,071,669
31,286
Sumitomo
Mitsui
Trust
Holdings,
Inc.
(Financials)
725,285
19,994
Sumitomo
Realty
&
Development
Co.
Ltd.
(Real
Estate)
623,822
8,233
Sumitomo
Rubber
Industries
Ltd.
(Consumer
Discretionary)
92,785
3,182
Sundrug
Co.
Ltd.
(Consumer
Staples)
80,914
5,880
Suntory
Beverage
&
Food
Ltd.
(Consumer
Staples)
215,189
74,671
Suzuki
Motor
Corp.
(Consumer
Discretionary)
885,484
22,385
Sysmex
Corp.
(Health
Care)
381,690
25,391
T&D
Holdings,
Inc.
(Financials)
456,535
7,842
Taisei
Corp.
(Industrials)
297,771
5,770
Taiyo
Yuden
Co.
Ltd.
(Information
Technology)
121,425
72,630
Takeda
Pharmaceutical
Co.
Ltd.
(Health
Care)
1,928,696
6,329
TBS
Holdings,
Inc.
(Communication
Services)
147,930
17,840
TDK
Corp.
(Information
Technology)
891,290
67,555
Terumo
Corp.
(Health
Care)
1,147,805
5,768
THK
Co.
Ltd.
(Industrials)
111,510
11,081
TIS,
Inc.
(Information
Technology)
202,341
9,817
Tobu
Railway
Co.
Ltd.
(Industrials)
173,294
2,185
Toei
Animation
Co.
Ltd.
(Communication
Services)
33,148
5,072
Toho
Co.
Ltd.
(Communication
Services)
160,185
21,697
Tohoku
Electric
Power
Co.,
Inc.
(Utilities)
219,600
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
90,552
Tokio
Marine
Holdings,
Inc.
(Financials)
$
3,128,364
7,748
Tokyo
Century
Corp.
(Financials)
71,517
70,086
Tokyo
Electric
Power
Co.
Holdings,
Inc.
(Utilities)*
419,058
21,562
Tokyo
Electron
Ltd.
(Information
Technology)
4,614,401
19,423
Tokyo
Gas
Co.
Ltd.
(Utilities)
435,687
25,901
Tokyu
Corp.
(Industrials)
302,449
27,941
Tokyu
Fudosan
Holdings
Corp.
(Real
Estate)
193,095
12,225
TOPPAN
Holdings,
Inc.
(Industrials)
316,623
71,117
Toray
Industries,
Inc.
(Materials)
355,619
14,090
Tosoh
Corp.
(Materials)
178,697
7,181
TOTO
Ltd.
(Industrials)
179,177
4,289
Toyo
Suisan
Kaisha
Ltd.
(Consumer
Staples)
308,687
3,418
Toyota
Boshoku
Corp.
(Consumer
Discretionary)
49,809
7,813
Toyota
Industries
Corp.
(Industrials)
735,833
541,855
Toyota
Motor
Corp.
(Consumer
Discretionary)
11,727,060
10,955
Toyota
Tsusho
Corp.
(Industrials)
664,989
6,226
Trend
Micro,
Inc.
(Information
Technology)
280,427
1,766
Tsuruha
Holdings,
Inc.
(Consumer
Staples)
104,536
19,422
Unicharm
Corp.
(Consumer
Staples)
624,268
145
United
Urban
Investment
Corp.
REIT
(Real
Estate)
129,088
18,620
USS
Co.
Ltd.
(Consumer
Discretionary)
145,090
4,314
Welcia
Holdings
Co.
Ltd.
(Consumer
Staples)
59,476
22,343
West
Japan
Railway
Co.
(Industrials)
446,163
12,487
Yakult
Honsha
Co.
Ltd.
(Consumer
Staples)
227,340
30,515
Yamada
Holdings
Co.
Ltd.
(Consumer
Discretionary)
85,519
7,617
Yamaha
Corp.
(Consumer
Discretionary)
172,994
43,138
Yamaha
Motor
Co.
Ltd.
(Consumer
Discretionary)
420,688
14,491
Yamato
Holdings
Co.
Ltd.
(Industrials)
166,170
6,232
Yamazaki
Baking
Co.
Ltd.
(Consumer
Staples)
137,096
12,301
Yaskawa
Electric
Corp.
(Industrials)
468,651
11,255
Yokogawa
Electric
Corp.
(Information
Technology)
289,065
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
6,175
Yokohama
Rubber
Co.
Ltd.
(The)
(Consumer
Discretionary)
$
154,822
4,422
Zensho
Holdings
Co.
Ltd.
(Consumer
Discretionary)
173,368
5,508
ZOZO,
Inc.
(Consumer
Discretionary)
128,915
200,501,238
Jordan
–
0.0%
7,413
Hikma
Pharmaceuticals
PLC
(Health
Care)
182,158
Luxembourg
–
0.1%
21,556
ArcelorMittal
(Materials)
565,373
6,099
Eurofins
Scientific
SE
(Health
Care)
366,543
931,916
Macau
–
0.1%
87,432
Galaxy
Entertainment
Group
Ltd.
(Consumer
Discretionary)
419,092
114,043
Sands
China
Ltd.
(Consumer
Discretionary)*
271,720
690,812
Mexico
–
0.0%
8,667
Fresnillo
PLC
(Materials)
68,361
Netherlands
–
4.2%
1,429
Adyen
NV
(Financials)*
(a)
1,838,008
8,021
Akzo
Nobel
NV
(Materials)
558,506
2,784
Argenx
SE
ADR
(Health
Care)*
1,032,920
2,188
ASM
International
NV
(Information
Technology)
1,520,663
18,780
ASML
Holding
NV
(Information
Technology)
17,753,506
4,681
EXOR
NV
(Financials)
522,906
5,219
Heineken
Holding
NV
(Consumer
Staples)
425,498
13,677
Heineken
NV
(Consumer
Staples)
1,364,212
157,917
ING
Groep
NV
(Financials)
2,805,359
45,146
Koninklijke
Ahold
Delhaize
NV
(Consumer
Staples)
1,398,760
155,638
Koninklijke
KPN
NV
(Communication
Services)
581,901
38,370
Koninklijke
Philips
NV
(Health
Care)*
1,036,364
36,151
Universal
Music
Group
NV
(Communication
Services)
1,121,638
11,808
Wolters
Kluwer
NV
(Industrials)
1,872,182
33,832,423
New
Zealand
–
0.3%
31,770
a2
Milk
Co.
Ltd.
(The)
(Consumer
Staples)*
150,105
56,733
Auckland
International
Airport
Ltd.
(Industrials)
271,883
36,463
Contact
Energy
Ltd.
(Utilities)
206,554
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
New
Zealand
–
(continued)
25,798
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
(Health
Care)
$
467,584
37,940
Infratil
Ltd.
(Industrials)
247,090
3,887
Mainfreight
Ltd.
(Industrials)
164,903
30,661
Mercury
NZ
Ltd.
(Utilities)
125,839
59,484
Meridian
Energy
Ltd.
(Utilities)
247,058
85,903
Spark
New
Zealand
Ltd.
(Communication
Services)
220,351
5,974
Xero
Ltd.
(Information
Technology)*
536,356
2,637,723
Norway
–
0.8%
1,033
Aker
ASA,
Class
A
(Industrials)
61,479
14,429
Aker
BP
ASA
(Energy)
369,465
34,665
AutoStore
Holdings
Ltd.
(Industrials)*
(a)
48,854
41,784
DNB
Bank
ASA
(Financials)
816,458
41,179
Equinor
ASA
(Energy)
1,187,545
6,717
Frontline
PLC
(Energy)
192,398
8,518
Gjensidige
Forsikring
ASA
(Financials)
149,002
3,938
Kongsberg
Gruppen
ASA
(Industrials)
338,056
12,624
Leroy
Seafood
Group
ASA
(Consumer
Staples)
55,321
20,823
Mowi
ASA
(Consumer
Staples)
372,379
61,455
Norsk
Hydro
ASA
(Materials)
415,023
37,386
Orkla
ASA
(Consumer
Staples)
297,442
3,043
Salmar
ASA
(Consumer
Staples)
185,016
3,230
Schibsted
ASA,
Class
A
(Communication
Services)
93,502
4,491
Schibsted
ASA,
Class
B
(Communication
Services)
121,282
3,393
Seadrill
Ltd.
(Energy)*
170,756
7,994
SpareBank
1
SR-Bank
ASA
(Financials)
103,222
20,432
Storebrand
ASA
(Financials)
220,633
30,274
Telenor
ASA
(Communication
Services)
352,856
10,967
TOMRA
Systems
ASA
(Industrials)
143,908
26,378
Var
Energi
ASA
(Energy)
93,314
4,774
Wallenius
Wilhelmsen
ASA
(Industrials)
50,779
5,838,690
Poland
–
0.4%
22,231
Allegro.eu
SA
(Consumer
Discretionary)*
(a)
213,303
8,300
Bank
Pekao
SA
(Financials)
337,313
594
Budimex
SA
(Industrials)
112,780
3,255
CD
Projekt
SA
(Communication
Services)
(b)
107,728
2,255
Dino
Polska
SA
(Consumer
Staples)*
(a)
224,584
8,158
InPost
SA
(Industrials)*
146,218
6,413
KGHM
Polska
Miedz
SA
(Materials)
247,105
Shares
Description
Value
a
Common
Stocks
–
(continued)
Poland
–
(continued)
52
LPP
SA
(Consumer
Discretionary)
$
229,027
608
mBank
SA
(Financials)*
96,675
27,358
ORLEN
SA
(Energy)
441,744
41,319
PGE
Polska
Grupa
Energetyczna
SA
(Utilities)*
71,093
40,337
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
(Financials)
608,180
26,726
Powszechny
Zaklad
Ubezpieczen
SA
(Financials)
339,421
1,566
Santander
Bank
Polska
SA
(Financials)
200,633
3,375,804
Portugal
–
0.2%
344,455
Banco
Comercial
Portugues
SA,
Class
R
(Financials)*
138,994
131,900
EDP
–
Energias
de
Portugal
SA
(Utilities)
534,244
22,494
Galp
Energia
SGPS
SA
(Energy)
471,663
12,928
Jeronimo
Martins
SGPS
SA
(Consumer
Staples)
288,833
10,037
Navigator
Co.
SA
(The)
(Materials)*
43,737
1,477,471
Russia
–
–%
12,172
Evraz
PLC
(Materials)*
(c)
—
Singapore
–
1.6%
166,945
CapitaLand
Ascendas
REIT
REIT
(Real
Estate)
322,354
213,673
CapitaLand
Integrated
Commercial
Trust
REIT
(Real
Estate)
309,831
112,888
CapitaLand
Investment
Ltd.
(Real
Estate)
222,151
20,746
City
Developments
Ltd.
(Real
Estate)
86,103
95,665
DBS
Group
Holdings
Ltd.
(Financials)
2,547,151
131,336
Frasers
Logistics
&
Commercial
Trust
REIT
(Real
Estate)
96,192
266,654
Genting
Singapore
Ltd.
(Consumer
Discretionary)
179,518
115,071
Grab
Holdings
Ltd.,
Class
A
(Industrials)*
422,311
10,714
Hafnia
Ltd.
(Energy)
93,810
4,450
Jardine
Cycle
&
Carriage
Ltd.
(Industrials)
84,740
65,217
Keppel
Ltd.
(Industrials)
324,227
96,628
Mapletree
Industrial
Trust
REIT
(Real
Estate)
157,270
154,845
Mapletree
Logistics
Trust
REIT
(Real
Estate)
152,359
107,942
Mapletree
Pan
Asia
Commercial
Trust
REIT
(Real
Estate)
97,425
42,081
Olam
Group
Ltd.
(Consumer
Staples)
35,490
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Singapore
–
(continued)
152,836
Oversea-Chinese
Banking
Corp.
Ltd.
(Financials)
$
1,640,638
40,860
SATS
Ltd.
(Industrials)*
84,036
17,111
Sea
Ltd.
ADR
(Communication
Services)*
1,155,335
151,780
Seatrium
Ltd.
(Industrials)*
(b)
197,627
42,166
Sembcorp
Industries
Ltd.
(Utilities)
158,782
62,266
Singapore
Airlines
Ltd.
(Industrials)
311,860
38,463
Singapore
Exchange
Ltd.
(Financials)
272,032
71,402
Singapore
Technologies
Engineering
Ltd.
(Industrials)
220,804
335,931
Singapore
Telecommunications
Ltd.
(Communication
Services)
616,342
30,598
STMicroelectronics
NV
(Information
Technology)
1,257,437
63,605
United
Overseas
Bank
Ltd.
(Financials)
1,448,841
24,695
UOL
Group
Ltd.
(Real
Estate)
98,473
12,712
Venture
Corp.
Ltd.
(Information
Technology)
131,850
12,724,989
South
Africa
–
0.2%
54,953
Anglo
American
PLC
(Materials)
1,758,601
South
Korea
–
0.0%
9,396
Delivery
Hero
SE
(Consumer
Discretionary)*
(a)
284,690
Spain
–
2.5%
9,594
ACS
Actividades
de
Construccion
y
Servicios
SA
(Industrials)
428,275
3,450
Aena
SME
SA
(Industrials)
(a)
672,660
21,385
Amadeus
IT
Group
SA
(Consumer
Discretionary)
1,516,905
277,638
Banco
Bilbao
Vizcaya
Argentaria
SA
(Financials)
2,995,956
752,618
Banco
Santander
SA
(Financials)
3,949,993
177,548
CaixaBank
SA
(Financials)
1,015,773
26,777
Cellnex
Telecom
SA
(Communication
Services)*
(a)
974,688
13,865
EDP
Renovaveis
SA
(Utilities)
221,563
14,865
Endesa
SA
(Utilities)
295,315
275,103
Iberdrola
SA
(Utilities)
3,613,689
52,585
Industria
de
Diseno
Textil
SA
(Consumer
Discretionary)
2,486,680
5,867
Naturgy
Energy
Group
SA
(Utilities)
157,192
18,984
Redeia
Corp.
SA
(Utilities)
340,874
60,047
Repsol
SA
(Energy)
979,110
242,935
Telefonica
SA
(Communication
Services)
1,130,085
20,778,758
Shares
Description
Value
a
Common
Stocks
–
(continued)
Sweden
–
3.4%
8,253
AAK
AB
(Consumer
Staples)
$
231,020
11,231
AddTech
AB,
Class
B
(Industrials)
264,832
13,266
Alfa
Laval
AB
(Industrials)
612,013
46,207
Assa
Abloy
AB,
Class
B
(Industrials)
1,349,674
120,477
Atlas
Copco
AB,
Class
A
(Industrials)
2,300,211
70,727
Atlas
Copco
AB,
Class
B
(Industrials)
1,165,087
5,568
Avanza
Bank
Holding
AB
(Financials)
(b)
145,061
5,098
Axfood
AB
(Consumer
Staples)
135,094
17,561
Beijer
Ref
AB
(Industrials)
284,106
12,640
Boliden
AB
(Materials)
440,835
19,114
Castellum
AB
(Real
Estate)*
237,262
16,292
Elekta
AB,
Class
B
(Health
Care)
133,453
38,220
Embracer
Group
AB
(Communication
Services)*
(b)
95,139
29,211
Epiroc
AB,
Class
A
(Industrials)
607,428
17,720
Epiroc
AB,
Class
B
(Industrials)
330,906
24,605
EQT
AB
(Financials)
743,961
28,343
Essity
AB,
Class
B
(Consumer
Staples)
726,281
8,402
Evolution
AB
(Consumer
Discretionary)
(a)
901,139
10,436
Fabege
AB
(Real
Estate)
88,660
30,909
Fastighets
AB
Balder,
Class
B
(Real
Estate)*
207,663
10,229
Getinge
AB,
Class
B
(Health
Care)
181,876
28,802
H
&
M
Hennes
&
Mauritz
AB,
Class
B
(Consumer
Discretionary)
(b)
508,277
90,709
Hexagon
AB,
Class
B
(Information
Technology)
993,580
4,262
Holmen
AB,
Class
B
(Materials)
178,063
18,043
Husqvarna
AB,
Class
B
(Industrials)
148,740
5,594
Industrivarden
AB,
Class
A
(Financials)
198,395
6,076
Industrivarden
AB,
Class
C
(Financials)
212,659
12,559
Indutrade
AB
(Industrials)
322,895
6,329
Investment
AB
Latour
,
Class
B
(Industrials)
175,659
22,550
Investor
AB,
Class
A
(Financials)
605,067
86,326
Investor
AB,
Class
B
(Financials)
2,334,378
11,181
Kinnevik
AB,
Class
B
(Financials)*
129,115
2,118
L
E
Lundbergforetagen
AB,
Class
B
(Financials)
107,338
10,590
Lifco
AB,
Class
B
(Industrials)
279,723
69,365
Nibe
Industrier
AB,
Class
B
(Industrials)
(b)
352,062
14,440
Saab
AB,
Class
B
(Industrials)
347,915
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Sweden
–
(continued)
10,144
Sagax
AB,
Class
B
(Real
Estate)
$
266,785
49,204
Sandvik
AB
(Industrials)
1,078,379
23,622
Securitas
AB,
Class
B
(Industrials)
(b)
242,123
74,561
Skandinaviska
Enskilda
Banken
AB,
Class
A
(Financials)
1,057,389
15,576
Skanska
AB,
Class
B
(Industrials)
274,356
17,534
SKF
AB,
Class
B
(Industrials)
382,283
10,359
SSAB
AB,
Class
A
(Materials)
60,122
29,814
SSAB
AB,
Class
B
(Materials)
172,355
28,084
Svenska
Cellulosa
AB
SCA,
Class
B
(Materials)
429,517
68,867
Svenska
Handelsbanken
AB,
Class
A
(Financials)
645,898
1,665
Svenska
Handelsbanken
AB,
Class
B
(Financials)
(b)
19,203
8,507
Sweco
AB,
Class
B
(Industrials)
118,903
46,860
Swedbank
AB,
Class
A
(Financials)
971,757
10,931
Swedish
Orphan
Biovitrum
AB
(Health
Care)*
293,511
25,977
Tele2
AB,
Class
B
(Communication
Services)
253,417
136,850
Telefonaktiebolaget
LM
Ericsson,
Class
B
(Information
Technology)
840,316
106,008
Telia
Co.
AB
(Communication
Services)
274,666
4,968
Thule
Group
AB
(Consumer
Discretionary)
(a)
149,269
9,839
Trelleborg
AB,
Class
B
(Industrials)
382,626
8,937
Volvo
AB,
Class
A
(Industrials)
242,009
71,044
Volvo
AB,
Class
B
(Industrials)
1,904,918
30,212
Volvo
Car
AB,
Class
B
(Consumer
Discretionary)*
100,901
28,236,270
Switzerland
–
5.1%
76,944
ABB
Ltd.
(Industrials)
4,213,306
23,396
Alcon,
Inc.
(Health
Care)
2,083,506
25,098
Cie
Financiere
Richemont
SA
(Consumer
Discretionary)
4,007,501
12,505
DSM-
Firmenich
AG
(Materials)
1,434,245
1,554
Geberit
AG
(Industrials)
948,092
438
Givaudan
SA
(Materials)
2,057,092
2,409
Kuehne
+
Nagel
International
AG
(Industrials)
682,258
3,529
Lonza
Group
AG
(Health
Care)
1,902,683
90,458
Novartis
AG
(Health
Care)
9,342,096
1,025
Partners
Group
Holding
AG
(Financials)
1,370,227
939
Schindler
Holding
AG
(Industrials)
237,313
1,903
Schindler
Holding
AG
Participation
Certificates
(Industrials)
492,757
6,975
SGS
SA
(Industrials)
649,449
7,204
Sika
AG
(Materials)
2,179,207
Shares
Description
Value
a
Common
Stocks
–
(continued)
Switzerland
–
(continued)
5,005
Straumann
Holding
AG
(Health
Care)
$
649,099
1,317
Swatch
Group
AG
(The)
–
Bearer
(Consumer
Discretionary)
281,969
2,472
Swatch
Group
AG
(The)
–
Registered
(Consumer
Discretionary)
103,029
1,186
Swisscom
AG
(Communication
Services)
654,952
156,767
UBS
Group
AG
(Financials)
4,950,720
6,901
Zurich
Insurance
Group
AG
(Financials)
3,623,570
41,863,071
United
Kingdom
–
10.6%
44,880
3i
Group
PLC
(Financials)
1,635,954
11,139
Admiral
Group
PLC
(Financials)
384,905
13,976
Allfunds
Group
PLC
(Financials)
82,993
20,824
Ashtead
Group
PLC
(Industrials)
1,508,067
16,269
Associated
British
Foods
PLC
(Consumer
Staples)
528,200
71,296
AstraZeneca
PLC
(Health
Care)
11,065,367
42,871
Auto
Trader
Group
PLC
(Communication
Services)
(a)
445,510
128,670
Aviva
PLC
(Financials)
786,185
43,820
B&M
European
Value
Retail
SA
(Consumer
Discretionary)
303,841
145,088
BAE
Systems
PLC
(Industrials)
2,571,388
723,493
Barclays
PLC
(Financials)
2,026,534
45,751
Barratt
Developments
PLC
(Consumer
Discretionary)
293,115
4,927
Berkeley
Group
Holdings
PLC
(Consumer
Discretionary)
328,708
97,574
British
American
Tobacco
PLC
(Consumer
Staples)
3,000,186
296,386
BT
Group
PLC
(Communication
Services)
492,831
15,796
Bunzl
PLC
(Industrials)
590,473
17,408
Burberry
Group
PLC
(Consumer
Discretionary)
229,396
262,817
Centrica
PLC
(Utilities)
473,653
124,881
CK
Hutchison
Holdings
Ltd.
(Industrials)
608,175
9,539
Coca-Cola
Europacific
Partners
PLC
(Consumer
Staples)
703,120
82,477
Compass
Group
PLC
(Consumer
Discretionary)
2,301,815
77,564
ConvaTec
Group
PLC
(Health
Care)
(a)
245,504
6,553
Croda
International
PLC
(Materials)
378,785
4,652
DCC
PLC
(Industrials)
337,015
106,883
Diageo
PLC
(Consumer
Staples)
3,579,677
62,745
DS
Smith
PLC
(Materials)
304,369
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
Kingdom
–
(continued)
30,016
Entain
PLC
(Consumer
Discretionary)
$
258,037
8,403
Flutter
Entertainment
PLC
(Consumer
Discretionary)*
1,594,107
17,734
Halma
PLC
(Information
Technology)
502,607
16,623
Hargreaves
Lansdown
PLC
(Financials)
223,391
916,951
HSBC
Holdings
PLC
(Financials)
8,130,211
39,106
Imperial
Brands
PLC
(Consumer
Staples)
966,420
65,835
Informa
PLC
(Communication
Services)
710,636
7,534
InterContinental
Hotels
Group
PLC
(Consumer
Discretionary)
757,791
13,589
Intermediate
Capital
Group
PLC
(Financials)
399,665
87,034
International
Consolidated
Airlines
Group
SA
ADR
(Industrials)*
376,875
7,563
Intertek
Group
PLC
(Industrials)
459,892
82,594
J
Sainsbury
PLC
(Consumer
Staples)
291,500
117,450
JD
Sports
Fashion
PLC
(Consumer
Discretionary)
190,660
89,178
Kingfisher
PLC
(Consumer
Discretionary)
299,863
32,269
Land
Securities
Group
PLC
REIT
(Real
Estate)
268,079
279,166
Legal
&
General
Group
PLC
(Financials)
888,586
3,060,172
Lloyds
Banking
Group
PLC
(Financials)
2,163,178
20,032
London
Stock
Exchange
Group
PLC
(Financials)
2,336,746
104,824
M&G
PLC
(Financials)
265,723
62,907
Melrose
Industries
PLC
(Industrials)
493,214
175,178
National
Grid
PLC
(Utilities)
1,968,077
257,620
NatWest
Group
PLC
(Financials)
1,033,206
5,619
Next
PLC
(Consumer
Discretionary)
668,051
27,721
Ocado
Group
PLC
(Consumer
Staples)*
131,860
33,627
Pearson
PLC
(Consumer
Discretionary)
405,876
15,011
Persimmon
PLC
(Consumer
Discretionary)
276,169
35,179
Phoenix
Group
Holdings
PLC
(Financials)
222,248
34,035
Reckitt
Benckiser
Group
PLC
(Consumer
Staples)
1,929,203
89,850
RELX
PLC
(Industrials)
3,907,805
117,871
Rentokil
Initial
PLC
(Industrials)
621,754
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
Kingdom
–
(continued)
38,247
Rightmove
PLC
(Communication
Services)
$
259,648
400,554
Rolls-Royce
Holdings
PLC
(Industrials)*
2,312,275
47,989
Sage
Group
PLC
(The)
(Information
Technology)
624,744
41,372
Schroders
PLC
(Financials)
206,380
60,723
Segro
PLC
REIT
(Real
Estate)
704,472
12,413
Severn
Trent
PLC
(Utilities)
377,089
41,071
Smith
&
Nephew
PLC
(Health
Care)
517,896
16,453
Smiths
Group
PLC
(Industrials)
360,724
3,449
Spirax-Sarco
Engineering
PLC
(Industrials)
391,262
51,267
SSE
PLC
(Utilities)
1,145,545
103,736
Standard
Chartered
PLC
(Financials)
1,026,765
165,944
Taylor
Wimpey
PLC
(Consumer
Discretionary)
310,899
339,548
Tesco
PLC
(Consumer
Staples)
1,344,493
118,626
Unilever
PLC
(Consumer
Staples)
6,462,776
32,062
United
Utilities
Group
PLC
(Utilities)
414,745
1,145,613
Vodafone
Group
PLC
(Communication
Services)
1,102,990
12,204
Weir
Group
PLC
(The)
(Industrials)
330,030
9,126
Whitbread
PLC
(Consumer
Discretionary)
343,116
27,544
Wise
PLC,
Class
A
(Financials)*
285,637
50,462
WPP
PLC
(Communication
Services)
524,780
86,993,462
United
States
–
8.7%
734,098
BP
PLC
(Energy)
4,562,515
22,832
CSL
Ltd.
(Health
Care)
4,253,157
1,991
CyberArk
Software
Ltd.
(Information
Technology)*
456,437
43,737
Experian
PLC
(Industrials)
2,008,594
22,147
Ferrovial
SE
(Industrials)
871,792
194,785
GSK
PLC
(Health
Care)
4,380,928
239,085
Haleon
PLC
(Consumer
Staples)
989,615
24,389
Holcim
AG
(Materials)*
2,129,763
3,828
ICON
PLC
(Health
Care)*
1,243,411
3,380
Inmode
Ltd.
(Health
Care)*
64,659
20,690
James
Hardie
Industries
PLC
CDI
(Materials)*
643,825
1,596
Monday.com
Ltd.
(Information
Technology)*
360,552
126,888
Nestle
SA
(Consumer
Staples)
13,440,578
33,428
Roche
Holding
AG
(Health
Care)
8,559,406
1,338
Roche
Holding
AG
(Health
Care)
374,934
52,620
Sanofi
SA
(Health
Care)
5,127,478
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
States
–
(continued)
25,620
Schneider
Electric
SE
(Industrials)
$
6,326,087
305,662
Shell
PLC
(Energy)
10,941,490
100,200
Stellantis
NV
(Consumer
Discretionary)
2,197,299
13,744
Swiss
Re
AG
(Financials)
1,747,422
21,669
Tenaris
SA
(Energy)
355,093
71,035,035
TOTAL
COMMON
STOCKS
(Cost
$719,649,060)
808,198,995
Shares
Description
Rate
Value
a
Preferred
Stocks
–
0.3%
Germany
–
0.3%
2,755
Bayerische
Motoren
Werke
AG
(Consumer
Discretionary)
6.82
%
264,389
5,363
Dr.
Ing
hc
F
Porsche
AG
(Consumer
Discretionary)
(a)
1.33
441,896
7,752
Henkel
AG
&
Co.
KGaA
(Consumer
Staples)
2.23
699,503
7,209
Porsche
Automobil
Holding
SE
(Consumer
Discretionary)
5.08
395,374
1,154
Sartorius
AG
(Health
Care)
0.31
302,547
8,613
Volkswagen
AG
(Consumer
Discretionary)
7.88
1,075,282
TOTAL
PREFERRED
STOCKS
(Cost
$3,574,309)
3,178,991
Units
Description
Expiration
Month
Value
aa
Right
–
0.0%
United
Kingdom
–
0.0%
51,093
National
Grid
PLC*
(Cost
$0)
06/24
127,534
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
0.6%
(d)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
–
Institutional
Shares
4,771,320
5.180%
4,771,320
(Cost
$4,771,320)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$727,994,689)
816,276,840
Shares
Dividend
Rate
Value
a
Securities
Lending
Reinvestment
Vehicle
–
0.3%
(d)
a
a
a
a
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
2,082,863
5.227%
$
2,082,863
(Cost
$2,082,863)
TOTAL
INVESTMENTS
–
99.7%
(Cost
$730,077,552)
$
818,359,703
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.3%
2,206,973
NET
ASSETS
–
100.0%
$
820,566,676
  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
CVA
—
Dutch
Certification
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
SDR
—
Swedish
Depositary
Receipt
Sector
Name
%
of
Market
Value
Financials
19.4
%
Industrials
17.3
Health
Care
12.5
Consumer
Discretionary
11.7
Information
Technology
9.0
Consumer
Staples
8.6
Materials
6.9
Energy
4.3
Communication
Services
4.1
Utilities
3.1
Real
Estate
2.2
Investment
Company
0.6
Securities
Lending
Reinvestment
Vehicle
0.3
TOTAL
INVESTMENTS
100.0%
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Additional
Investment
Information 
FUTURES
CONTRACTS
—
At
May
31,
2024,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
MSCI
EAFE
E-Mini
Index
60
06/21/24
$
7,110,600
$
123,922
GOLDMAN
SACHS
MARKETBETA
®
 RUSSELL
1000
GROWTH
EQUITY
ETF
Schedule
of
Investments
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
99.8%
Communication
Services
–
10.7%
70,072
Alphabet,
Inc.,
Class
A*
$
12,087,420
59,186
Alphabet,
Inc.,
Class
C*
10,295,996
2,369
Charter
Communications,
Inc.,
Class
A*
680,187
2,698
Iridium
Communications,
Inc.
81,237
435
Liberty
Broadband
Corp.,
Class
C*
23,529
812
Live
Nation
Entertainment,
Inc.*
76,117
5,598
Match
Group,
Inc.*
171,467
43,026
Meta
Platforms,
Inc.,
Class
A
20,085,827
10,043
Netflix,
Inc.*
6,443,790
216
Nexstar
Media
Group,
Inc.
35,789
13,759
Pinterest,
Inc.,
Class
A*
570,861
431
Playtika
Holding
Corp.
3,767
11,049
ROBLOX
Corp.,
Class
A*
371,467
219
Roku,
Inc.*
12,571
3,268
Spotify
Technology
SA*
969,877
1,452
TKO
Group
Holdings,
Inc.
158,370
10,275
Trade
Desk,
Inc.
(The),
Class
A*
953,314
3,456
ZoomInfo
Technologies,
Inc.*
42,440
53,064,026
Consumer
Discretionary
–
14.7%
9,740
Airbnb,
Inc.,
Class
A*
1,411,618
121,563
Amazon.com,
Inc.*
21,448,576
337
AutoZone,
Inc.*
933,470
648
Best
Buy
Co.,
Inc.
54,963
3
Birkenstock
Holding
PLC
(Luxembourg)*
171
821
Booking
Holdings,
Inc.
3,100,383
204
Bright
Horizons
Family
Solutions,
Inc.*
21,444
216
Brunswick
Corp.
17,826
1,519
Burlington
Stores,
Inc.*
364,636
1,731
Caesars
Entertainment,
Inc.*
61,554
216
CarMax,
Inc.*
15,176
841
Cava
Group,
Inc.*
77,835
646
Chipotle
Mexican
Grill,
Inc.*
2,021,670
648
Choice
Hotels
International,
Inc.
73,347
1,632
Churchill
Downs,
Inc.
211,344
25,759
Coupang,
Inc.
(South
Korea)*
585,760
1,396
Crocs,
Inc.*
217,273
1,294
Darden
Restaurants,
Inc.
194,605
601
Deckers
Outdoor
Corp.*
657,446
89
Dick's
Sporting
Goods,
Inc.
20,260
821
Domino's
Pizza,
Inc.
417,544
5,708
DoorDash,
Inc.,
Class
A*
628,508
9,827
DraftKings,
Inc.,
Class
A*
345,222
648
eBay,
Inc.
35,135
1,512
Etsy,
Inc.*
95,967
2,288
Expedia
Group,
Inc.*
258,224
1,249
Five
Below,
Inc.*
172,524
2,446
Floor
&
Decor
Holdings,
Inc.,
Class
A*
285,840
198
Grand
Canyon
Education,
Inc.*
28,207
2,185
H&R
Block,
Inc.
108,463
2,683
Hilton
Worldwide
Holdings,
Inc.
538,210
23,530
Home
Depot,
Inc.
(The)
7,879,491
8,078
Las
Vegas
Sands
Corp.
363,752
9,959
Lowe’s
Cos.,
Inc.
2,203,827
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Consumer
Discretionary
–
(continued)
2,594
Lululemon
Athletica,
Inc.*
$
809,302
5,643
Marriott
International,
Inc.,
Class
A
1,304,492
7,086
McDonald's
Corp.
1,834,495
432
Murphy
USA,
Inc.
189,540
14,731
NIKE,
Inc.,
Class
B
1,400,182
2,163
Norwegian
Cruise
Line
Holdings
Ltd.*
35,906
5
NVR,
Inc.*
38,404
432
Ollie's
Bargain
Outlet
Holdings,
Inc.*
35,610
1,179
O'Reilly
Automotive,
Inc.*
1,135,684
6,724
Peloton
Interactive,
Inc.,
Class
A*
24,475
864
Planet
Fitness,
Inc.,
Class
A*
54,985
3
Polaris,
Inc.
251
893
Pool
Corp.
324,650
55
RH*
14,956
7,252
Ross
Stores,
Inc.
1,013,539
1,612
Royal
Caribbean
Cruises
Ltd.*
238,060
1,228
Service
Corp.
International
87,998
216
Skechers
USA,
Inc.,
Class
A*
15,427
26,147
Starbucks
Corp.
2,097,512
219
Tapestry,
Inc.
9,524
651
Tempur
Sealy
International,
Inc.
33,435
64,913
Tesla,
Inc.*
11,559,707
1,571
Texas
Roadhouse,
Inc.
271,265
26,817
TJX
Cos.,
Inc.
(The)
2,764,833
44
TopBuild
Corp.*
18,390
2,541
Tractor
Supply
Co.
724,922
648
Travel
+
Leisure
Co.
28,473
1,140
Ulta
Beauty,
Inc.*
450,403
80
Vail
Resorts,
Inc.
15,098
864
Valvoline,
Inc.*
35,078
651
Victoria's
Secret
&
Co.*
14,836
648
Wayfair,
Inc.,
Class
A*
38,550
3,675
Wendy's
Co.
(The)
64,129
212
Williams-Sonoma,
Inc.
62,163
691
Wingstop,
Inc.
254,737
216
Wyndham
Hotels
&
Resorts,
Inc.
15,284
188
Wynn
Resorts
Ltd.
17,837
2,036
YETI
Holdings,
Inc.*
82,947
5,741
Yum!
Brands,
Inc.
788,986
72,756,336
Consumer
Staples
–
5.0%
651
Albertsons
Cos.,
Inc.,
Class
A
13,437
1,055
BJ's
Wholesale
Club
Holdings,
Inc.*
92,914
216
Boston
Beer
Co.,
Inc.
(The),
Class
A*
67,753
864
Brown-Forman
Corp.,
Class
A
39,571
3,303
Brown-Forman
Corp.,
Class
B
151,476
128
Casey's
General
Stores,
Inc.
42,468
3,376
Celsius
Holdings,
Inc.*
270,012
5,146
Church
&
Dwight
Co.,
Inc.
550,673
2,907
Clorox
Co.
(The)
382,445
45,448
Coca-Cola
Co.
(The)
2,860,043
368
Constellation
Brands,
Inc.,
Class
A
92,085
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31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Consumer
Staples
–
(continued)
10,423
Costco
Wholesale
Corp.
$
8,441,483
5,109
Dollar
General
Corp.
699,473
1,643
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
202,680
216
Freshpet,
Inc.*
28,333
2,616
Hershey
Co.
(The)
517,523
15,287
Kenvue,
Inc.
295,039
7,392
Kimberly-Clark
Corp.
985,354
3,225
Lamb
Weston
Holdings,
Inc.
284,735
346
Maplebear,
Inc.*
10,546
17,351
Monster
Beverage
Corp.*
900,864
22,396
PepsiCo,
Inc.
3,872,268
1,692
Performance
Food
Group
Co.*
117,763
10,413
Procter &
Gamble
Co.
(The)
1,713,355
11,612
Sysco
Corp.
845,586
10,820
Target
Corp.
1,689,651
25,167,530
Energy
–
0.6%
2,379
Antero
Midstream
Corp.
34,852
6,138
APA
Corp.
187,393
5,587
Cheniere
Energy,
Inc.
881,573
4,136
Halliburton
Co.
151,791
3,646
Hess
Corp.
561,849
1,299
New
Fortress
Energy,
Inc.
32,930
648
ONEOK,
Inc.
52,488
2,673
Ovintiv,
Inc.
138,114
5,197
Targa
Resources
Corp.
614,441
435
Texas
Pacific
Land
Corp.
267,225
2,922,656
Financials
–
7.6%
4,439
American
Express
Co.
1,065,360
2,356
Ameriprise
Financial,
Inc.
1,028,653
12,268
Apollo
Global
Management,
Inc.
1,425,051
1,186
Arch
Capital
Group
Ltd.*
121,719
3,929
Ares
Management
Corp.,
Class
A
550,728
273
Arthur
J
Gallagher
&
Co.
69,159
16,763
Blackstone,
Inc.
2,019,941
4,824
Block,
Inc.*
309,122
1,287
Blue
Owl
Capital,
Inc.
23,153
216
Brighthouse
Financial,
Inc.*
9,614
2,119
Brown
&
Brown,
Inc.
189,672
1,510
Corpay,
Inc.*
404,182
7,719
Equitable
Holdings,
Inc.
320,261
513
Euronet
Worldwide,
Inc.*
59,806
142
Everest
Group
Ltd.
55,512
902
FactSet
Research
Systems,
Inc.
364,643
23
First
Citizens
BancShares,
Inc.,
Class
A
39,064
3,854
Fiserv,
Inc.*
577,175
88
Houlihan
Lokey,
Inc.
11,911
524
Jack
Henry
&
Associates,
Inc.
86,292
513
Kinsale
Capital
Group,
Inc.
196,797
3,838
KKR
&
Co.,
Inc.
394,700
374
Lincoln
National
Corp.
12,338
1,772
LPL
Financial
Holdings,
Inc.
507,164
862
MarketAxess
Holdings,
Inc.
171,478
9,327
Marsh
&
McLennan
Cos.,
Inc.
1,936,099
19,534
Mastercard,
Inc.,
Class
A
8,733,065
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Financials
–
(continued)
3,404
Moody's
Corp.
$
1,351,354
584
Morningstar,
Inc.
168,338
903
MSCI,
Inc.
447,148
37,647
NU
Holdings
Ltd.,
Class
A
(Brazil)*
447,246
22,978
PayPal
Holdings,
Inc.*
1,447,384
510
Primerica,
Inc.
115,204
10,298
Progressive
Corp.
(The)
2,174,732
305
RenaissanceRe
Holdings
Ltd.
(Bermuda)
69,497
216
RLI
Corp.
31,532
864
Rocket
Cos.,
Inc.,
Class
A*
12,010
2,204
Ryan
Specialty
Holdings,
Inc.
122,388
620
S&P
Global,
Inc.
265,056
1,260
Shift4
Payments,
Inc.,
Class
A*
84,773
1,944
SLM
Corp.
41,718
8,287
Toast,
Inc.,
Class
A*
200,794
432
TPG,
Inc.
18,109
864
Tradeweb
Markets,
Inc.,
Class
A
94,185
650
UWM
Holdings
Corp.
4,790
37,528
Visa,
Inc.,
Class
A
10,224,879
1,083
Western
Union
Co.
(The)
13,862
432
WEX,
Inc.*
80,922
288
Willis
Towers
Watson
PLC
73,523
648
XP,
Inc.,
Class
A
(Brazil)
12,306
38,184,409
Health
Care
–
12.9%
1,947
10X
Genomics,
Inc.,
Class
A*
43,652
2,503
Abbott
Laboratories
255,782
41,516
AbbVie,
Inc.
6,694,040
5,540
Agilent
Technologies,
Inc.
722,471
5,414
agilon
health,
Inc.*
34,108
1,795
Align
Technology,
Inc.*
461,692
2,367
Alnylam
Pharmaceuticals,
Inc.*
351,334
8,546
Amgen,
Inc.
2,613,794
2,163
Apellis
Pharmaceuticals,
Inc.*
84,898
432
BioMarin
Pharmaceutical,
Inc.*
32,430
3,449
Bio-Techne
Corp.
266,228
2,353
Bruker
Corp.
154,145
2,969
Cardinal
Health,
Inc.
294,733
3,920
Cencora,
Inc.
888,154
867
Certara,
Inc.*
14,696
239
Chemed
Corp.
132,495
479
Cigna
Group
(The)
165,073
1,224
DaVita,
Inc.*
180,075
9,095
Dexcom,
Inc.*
1,080,213
1,080
Doximity,
Inc.,
Class
A*
29,949
14,161
Edwards
Lifesciences
Corp.*
1,230,449
742
Elevance
Health,
Inc.
399,552
19,910
Eli
Lilly
&
Co.
16,332,970
160
Encompass
Health
Corp.
13,822
1,296
Exact
Sciences
Corp.*
58,903
4,971
Exelixis,
Inc.*
107,821
648
GE
HealthCare
Technologies,
Inc.
50,544
791
Globus
Medical,
Inc.,
Class
A*
53,084
968
HCA
Healthcare,
Inc.
328,878
1,248
Humana,
Inc.
446,934
272
ICON
PLC*
88,351
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31,
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Shares
Description
Value
aa
Common
Stocks
–
(continued)
Health
Care
–
(continued)
1,920
IDEXX
Laboratories,
Inc.*
$
954,144
1,080
Illumina,
Inc.*
112,622
3,112
Incyte
Corp.*
179,843
648
Inspire
Medical
Systems,
Inc.*
102,896
1,585
Insulet
Corp.*
280,846
8,216
Intuitive
Surgical,
Inc.*
3,303,818
2,881
Ionis
Pharmaceuticals,
Inc.*
108,239
3,932
IQVIA
Holdings,
Inc.*
861,462
743
Jazz
Pharmaceuticals
PLC*
78,201
1,315
Maravai
LifeSciences
Holdings,
Inc.,
Class
A*
11,401
992
Masimo
Corp.*
123,504
1,193
McKesson
Corp.
679,521
547
Medpace
Holdings,
Inc.*
211,328
10,996
Merck &
Co.,
Inc.
1,380,438
503
Mettler-Toledo
International,
Inc.*
706,257
739
Molina
Healthcare,
Inc.*
232,475
2,557
Natera,
Inc.*
272,397
2,271
Neurocrine
Biosciences,
Inc.*
307,516
2,163
Novocure
Ltd.*
47,608
862
Penumbra,
Inc.*
163,323
164
Regeneron
Pharmaceuticals,
Inc.*
160,746
568
Repligen
Corp.*
84,683
3,414
ResMed,
Inc.
704,411
8,084
Roivant
Sciences
Ltd.*
83,750
2,052
Sarepta
Therapeutics,
Inc.*
266,473
822
Shockwave
Medical,
Inc.*
275,370
1,518
Sotera
Health
Co.*
16,971
2,123
Stryker
Corp.
724,134
206
Tandem
Diabetes
Care,
Inc.*
10,553
5,591
Thermo
Fisher
Scientific,
Inc.
3,175,576
1,797
Ultragenyx
Pharmaceutical,
Inc.*
72,132
18,392
UnitedHealth
Group,
Inc.
9,110,845
3,377
Veeva
Systems,
Inc.,
Class
A*
588,442
5,545
Vertex
Pharmaceuticals,
Inc.*
2,524,860
1,377
Waters
Corp.*
425,355
1,740
West
Pharmaceutical
Services,
Inc.
576,653
10,889
Zoetis,
Inc.
1,846,339
64,376,402
Industrials
–
6.7%
216
A
O
Smith
Corp.
18,066
1,574
Advanced
Drainage
Systems,
Inc.
273,073
1,862
Allegion
PLC
226,829
216
Allison
Transmission
Holdings,
Inc.
16,375
5,664
American
Airlines
Group,
Inc.*
65,136
301
Armstrong
World
Industries,
Inc.
34,856
8,348
Automatic
Data
Processing,
Inc.
2,044,592
216
Avis
Budget
Group,
Inc.
24,566
1,655
Axon
Enterprise,
Inc.*
466,164
1,809
Boeing
Co.
(The)*
321,296
3,013
Booz
Allen
Hamilton
Holding
Corp.
458,609
2,303
Broadridge
Financial
Solutions,
Inc.
462,373
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Industrials
–
(continued)
432
BWX
Technologies,
Inc.
$
39,800
2,105
C.H.
Robinson
Worldwide,
Inc.
181,809
9,003
Caterpillar,
Inc.
3,047,696
6,485
ChargePoint
Holdings,
Inc.*
(a)
10,895
1,813
Cintas
Corp.
1,229,160
20,006
Copart,
Inc.*
1,061,518
5,018
CSX
Corp.
169,358
216
Dayforce,
Inc.*
10,683
5,668
Deere
&
Co.
2,124,140
648
Delta
Air
Lines,
Inc.
33,061
1,080
Donaldson
Co.,
Inc.
79,574
366
EMCOR
Group,
Inc.
142,250
1,983
Equifax,
Inc.
458,846
432
Expeditors
International
of
Washington,
Inc.
52,229
10,056
Fastenal
Co.
663,495
216
Ferguson
PLC
44,440
143
FTI
Consulting,
Inc.*
30,716
867
Genpact
Ltd.
28,663
1,512
Graco,
Inc.
122,094
928
HEICO
Corp.
205,803
1,666
HEICO
Corp.,
Class
A
292,649
2,021
Honeywell
International,
Inc.
408,626
566
Hubbell,
Inc.
220,112
142
IDEX
Corp.
29,627
5,739
Illinois
Tool
Works,
Inc.
1,393,142
370
J.B.
Hunt
Transport
Services,
Inc.
59,477
1,080
KBR,
Inc.
70,913
648
Landstar
System,
Inc.
117,955
1,185
Lincoln
Electric
Holdings,
Inc.
232,687
5,076
Lockheed
Martin
Corp.
2,387,446
7,900
Lyft,
Inc.,
Class
A*
123,319
145
MSA
Safety,
Inc.
26,100
184
Northrop
Grumman
Corp.
82,942
4,283
Old
Dominion
Freight
Line,
Inc.
750,596
574
Otis
Worldwide
Corp.
56,941
7,514
Paychex,
Inc.
902,882
1,163
Paycom
Software,
Inc.
169,007
435
Paycor
HCM,
Inc.*
5,381
959
Paylocity
Holding
Corp.*
136,341
864
Quanta
Services,
Inc.
238,412
3,161
RB
Global,
Inc.
(Canada)
229,741
2,678
Rockwell
Automation,
Inc.
689,665
6,000
Rollins,
Inc.
274,140
57
Saia,
Inc.*
23,340
326
SiteOne
Landscape
Supply,
Inc.*
50,471
216
Spirit
AeroSystems
Holdings,
Inc.,
Class
A*
6,549
216
Tetra
Tech,
Inc.
45,250
2,354
Toro
Co.
(The)
188,767
1,580
Trane
Technologies
PLC
517,387
211
TransDigm
Group,
Inc.
283,422
2,450
Trex
Co.,
Inc.*
211,876
46,297
Uber
Technologies,
Inc.*
2,988,934
864
U-Haul
Holding
Co.
52,523
6,138
Union
Pacific
Corp.
1,429,049
4,719
United
Parcel
Service,
Inc.,
Class
B
655,611
326
United
Rentals,
Inc.
218,228
3,326
Verisk
Analytics,
Inc.
840,746
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May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Industrials
–
(continued)
589
Vertiv
Holdings
Co.,
Class
A
$
57,763
1,038
W.W.
Grainger,
Inc.
956,475
8,600
Waste
Management,
Inc.
1,812,278
198
Watsco,
Inc.
94,030
1,080
WillScot
Mobile
Mini
Holdings
Corp.*
42,584
648
Xylem,
Inc.
91,381
33,612,930
Information
Technology
–
39.7%
14,865
Accenture
PLC,
Class
A
4,196,241
10,622
Adobe,
Inc.*
4,724,241
21,457
Advanced
Micro
Devices,
Inc.*
3,581,173
1,515
Allegro
MicroSystems,
Inc.
(Japan)*
45,662
6,839
Amphenol
Corp.,
Class
A
905,278
1,683
ANSYS,
Inc.*
534,268
196,017
Apple,
Inc.
37,684,268
16,610
Applied
Materials,
Inc.
3,572,479
1,213
AppLovin
Corp.,
Class
A*
98,835
5,897
Arista
Networks,
Inc.*
1,755,242
3,615
Atlassian
Corp.,
Class
A*
567,049
5,054
Autodesk,
Inc.*
1,018,886
4,077
Bentley
Systems,
Inc.,
Class
B
204,829
10,143
Broadcom,
Inc.
13,475,483
6,359
Cadence
Design
Systems,
Inc.*
1,820,645
2,969
CDW
Corp.
663,928
6,910
Cloudflare,
Inc.,
Class
A*
467,738
4,384
Confluent,
Inc.,
Class
A*
113,853
5,019
Crowdstrike
Holdings,
Inc.,
Class
A*
1,574,310
6,549
Datadog,
Inc.,
Class
A*
721,569
4,754
DocuSign,
Inc.*
260,234
3,221
DoubleVerify
Holdings,
Inc.*
58,622
5,332
Dropbox,
Inc.,
Class
A*
120,130
6,069
Dynatrace,
Inc.*
277,535
1,887
Elastic
NV*
196,342
3,129
Enphase
Energy,
Inc.*
400,199
216
Entegris,
Inc.
27,292
1,259
EPAM
Systems,
Inc.*
224,014
570
Fair
Isaac
Corp.*
735,260
1,515
Five9,
Inc.*
70,841
15,127
Fortinet,
Inc.*
897,334
1,762
Gartner,
Inc.*
739,459
1,731
Gen
Digital,
Inc.
42,981
2,060
Gitlab,
Inc.,
Class
A*
97,211
941
Globant
SA*
151,614
1,944
GoDaddy,
Inc.,
Class
A*
271,441
1,299
HashiCorp,
Inc.,
Class
A*
43,620
4,145
HP,
Inc.
151,293
1,090
HubSpot,
Inc.*
666,045
6,427
Intuit,
Inc.
3,704,780
1,841
Jabil,
Inc.
218,895
1,078
Keysight
Technologies,
Inc.*
149,281
3,181
KLA
Corp.
2,416,065
2,932
Lam
Research
Corp.
2,733,914
3,202
Lattice
Semiconductor
Corp.*
237,717
1,448
Manhattan
Associates,
Inc.*
317,894
8,832
Microchip
Technology,
Inc.
858,735
95,918
Microsoft
Corp.
39,818,439
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
1,577
MongoDB,
Inc.*
$
372,267
1,080
Monolithic
Power
Systems,
Inc.
794,480
3,575
Motorola
Solutions,
Inc.
1,304,553
216
nCino,
Inc.*
6,595
1,880
NetApp,
Inc.
226,408
1,333
Nutanix,
Inc.,
Class
A*
73,735
32,865
NVIDIA
Corp.
36,030,886
216
Okta,
Inc.*
19,155
14,918
Oracle
Corp.
1,748,240
45,271
Palantir
Technologies,
Inc.,
Class
A*
981,475
7,181
Palo
Alto
Networks,
Inc.*
2,117,749
864
Pegasystems,
Inc.
49,646
1,870
Procore
Technologies,
Inc.*
125,533
1,369
PTC,
Inc.*
241,273
5,302
Pure
Storage,
Inc.,
Class
A*
319,658
22,887
QUALCOMM,
Inc.
4,670,092
1,731
RingCentral,
Inc.,
Class
A*
59,200
16,601
Salesforce,
Inc.
3,891,939
648
SentinelOne,
Inc.,
Class
A*
10,906
4,790
ServiceNow,
Inc.*
3,146,695
2,932
Smartsheet,
Inc.,
Class
A*
108,484
7,394
Snowflake,
Inc.,
Class
A*
1,006,915
3,573
Synopsys,
Inc.*
2,003,738
2,160
Teradata
Corp.*
70,438
3,018
Teradyne,
Inc.
425,357
8,713
Texas
Instruments,
Inc.
1,699,122
648
Twilio,
Inc.,
Class
A*
37,195
740
Tyler
Technologies,
Inc.*
355,466
82
Ubiquiti,
Inc.
11,739
6,683
UiPath,
Inc.,
Class
A*
81,934
2,379
Unity
Software,
Inc.*
43,464
496
Universal
Display
Corp.
87,147
107
VeriSign,
Inc.*
18,652
1,083
Vontier
Corp.
43,298
4,681
Workday,
Inc.,
Class
A*
989,798
216
Zebra
Technologies
Corp.,
Class
A*
67,465
2,080
Zscaler,
Inc.*
353,517
197,207,378
Materials
–
0.8%
2,973
Ardagh
Metal
Packaging
SA
11,743
648
Avery
Dennison
Corp.
147,478
432
Axalta
Coating
Systems
Ltd.*
15,375
503
Eagle
Materials,
Inc.
116,892
4,508
Ecolab,
Inc.
1,046,758
432
FMC
Corp.
26,330
3,226
Ginkgo
Bioworks
Holdings,
Inc.*
(a)
1,705
3,828
Graphic
Packaging
Holding
Co.
108,409
1,072
Linde
PLC
466,878
1,385
PPG
Industries,
Inc.
182,003
560
RPM
International,
Inc.
62,776
864
Scotts
Miracle-Gro
Co.
(The)
60,212
1,728
Sealed
Air
Corp.
67,167
4,660
Sherwin-Williams
Co.
(The)
1,415,708
2,025
Southern
Copper
Corp.
(Mexico)
240,226
685
Vulcan
Materials
Co.
175,203
4,144,863
GOLDMAN
SACHS
MARKETBETA
®
 RUSSELL
1000
GROWTH
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
**End
swaps
header**
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Real
Estate
–
1.0%
10,952
American
Tower
Corp.
REIT
$
2,143,744
4,087
CoStar
Group,
Inc.*
319,481
1,039
Crown
Castle,
Inc.
REIT
106,497
1,093
Equinix,
Inc.
REIT
833,937
1,296
Equity
LifeStyle
Properties,
Inc.
REIT
81,350
3,370
Iron
Mountain,
Inc.
REIT
271,925
1,511
Lamar
Advertising
Co.,
Class
A
REIT
178,464
2,141
Public
Storage
REIT
586,270
216
SBA
Communications
Corp.
REIT
42,483
1,625
Simon
Property
Group,
Inc.
REIT
245,879
648
Sun
Communities,
Inc.
REIT
76,458
432
UDR,
Inc.
REIT
16,684
4,903,172
Utilities
–
0.1%
9,345
AES
Corp.
(The)
201,759
2,417
Vistra
Corp.
239,476
441,235
TOTAL
COMMON
STOCKS
(Cost
$459,981,687)
496,780,937
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.1%
(b)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
–
Institutional
Shares
578,437
5.180%
$
578,437
(Cost
$578,437)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$460,560,124)
497,359,374
a
Securities
Lending
Reinvestment
Vehicle
–
0.0%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
13,787
5.227%
13,787
(Cost
$13,787)
TOTAL
INVESTMENTS
–
99.9%
(Cost
$460,573,911)
$
497,373,161
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.1%
275,504
NET
ASSETS
–
100.0%
$
497,648,665
  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.
Investment
Abbreviations:
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
FUTURES
CONTRACTS
—
At
May
31,
2024,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
E-Mini
Russell
1000
Index
3
06/21/24
$
517,410
$
16,653
GOLDMAN
SACHS
MARKETBETA
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 RUSSELL
1000
VALUE
EQUITY
ETF
Schedule
of
Investments
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
99.7%
Communication
Services
–
4.5%
1,409
AMC
Entertainment
Holdings,
Inc.,
Class
A*
$
6,101
160,385
AT&T,
Inc.
2,922,215
90
Cable
One,
Inc.
34,732
88,339
Comcast
Corp.,
Class
A
3,536,210
5,950
Electronic
Arts,
Inc.
790,636
5,944
Fox
Corp.,
Class
A
204,652
2,975
Fox
Corp.,
Class
B
95,022
5,525
Frontier
Communications
Parent,
Inc.*
147,297
1,700
IAC,
Inc.*
84,643
8,500
Interpublic
Group
of
Cos.,
Inc.
(The)
266,645
425
Liberty
Broadband
Corp.,
Class
A*
23,052
2,125
Liberty
Broadband
Corp.,
Class
C*
114,941
425
Liberty
Media
Corp.-Liberty
Formula
One,
Class
A*
29,074
4,250
Liberty
Media
Corp.-Liberty
Formula
One,
Class
C*
315,095
425
Liberty
Media
Corp.-Liberty
Live,
Class
A*
15,568
850
Liberty
Media
Corp.-Liberty
Live,
Class
C*
32,359
3,400
Liberty
Media
Corp.-Liberty
SiriusXM*
77,044
1,700
Liberty
Media
Corp.-Liberty
SiriusXM,
Class
A*
38,641
2,550
Live
Nation
Entertainment,
Inc.*
239,037
425
Madison
Square
Garden
Sports
Corp.*
78,476
425
Match
Group,
Inc.*
13,018
3,406
New
York
Times
Co.
(The),
Class
A
174,387
8,500
News
Corp.,
Class
A
231,115
2,550
News
Corp.,
Class
B
71,094
425
Nexstar
Media
Group,
Inc.
70,418
4,250
Omnicom
Group,
Inc.
395,080
6
Paramount
Global,
Class
A
124
12,756
Paramount
Global,
Class
B
151,924
2,550
Roku,
Inc.*
146,370
14,500
Sirius
XM
Holdings,
Inc.
(a)
40,890
3,825
Take-Two
Interactive
Software,
Inc.*
613,377
10,989
T-Mobile
US,
Inc.
1,922,636
2,550
TripAdvisor,
Inc.*
46,793
94,216
Verizon
Communications,
Inc.
3,876,988
40,762
Walt
Disney
Co.
(The)
4,235,579
49,246
Warner
Bros
Discovery,
Inc.*
405,787
3,400
ZoomInfo
Technologies,
Inc.*
41,752
21,488,772
Consumer
Discretionary
–
4.8%
4,693
ADT,
Inc.
33,367
1,275
Advance
Auto
Parts,
Inc.
90,066
5,950
Aptiv
PLC*
495,397
5,112
Aramark
164,351
848
AutoNation,
Inc.*
144,372
50
AutoZone,
Inc.*
138,497
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Consumer
Discretionary
–
(continued)
5,100
Bath
&
Body
Works,
Inc.
$
264,894
3,825
Best
Buy
Co.,
Inc.
324,437
6
Birkenstock
Holding
PLC
(Luxembourg)*
342
5,100
BorgWarner,
Inc.
181,866
1,700
Boyd
Gaming
Corp.
90,644
1,275
Bright
Horizons
Family
Solutions,
Inc.*
134,028
1,275
Brunswick
Corp.
105,226
2,550
Caesars
Entertainment,
Inc.*
90,678
2,550
Capri
Holdings
Ltd.*
88,102
3,400
CarMax,
Inc.*
238,884
22,064
Carnival
Corp.*
332,725
850
Carter's,
Inc.
58,140
6
Cava
Group,
Inc.*
555
850
Columbia
Sportswear
Co.
72,777
6,800
D.R.
Horton,
Inc.
1,005,040
1,275
Darden
Restaurants,
Inc.
191,747
1,275
Dick's
Sporting
Goods,
Inc.
290,241
1,281
DoorDash,
Inc.,
Class
A*
141,051
11,050
eBay,
Inc.
599,131
1,275
Etsy,
Inc.*
80,924
850
Expedia
Group,
Inc.*
95,931
87,989
Ford
Motor
Co.
1,067,307
5,950
GameStop
Corp.,
Class
A*
137,683
4,250
Gap,
Inc.
(The)
123,080
3,400
Garmin
Ltd.
557,090
25,837
General
Motors
Co.
1,162,407
5,100
Gentex
Corp.
178,500
2,975
Genuine
Parts
Co.
428,817
425
Grand
Canyon
Education,
Inc.*
60,545
1,275
H&R
Block,
Inc.
63,291
2,975
Harley-Davidson,
Inc.
106,743
2,975
Hasbro,
Inc.
177,846
2,975
Hilton
Worldwide
Holdings,
Inc.
596,785
850
Hyatt
Hotels
Corp.,
Class
A
125,350
2,550
Kohl's
Corp.
57,094
425
Las
Vegas
Sands
Corp.
19,138
1,275
Lear
Corp.
159,821
2,975
Leggett
&
Platt,
Inc.
34,510
5,525
Lennar
Corp.,
Class
A
885,934
425
Lennar
Corp.,
Class
B
62,160
566
Lithia
Motors,
Inc.
143,277
5,950
LKQ
Corp.
256,029
3,400
Lowe’s
Cos.,
Inc.
752,386
16,761
Lucid
Group,
Inc.*
(a)
47,601
5,950
Macy’s,
Inc.
115,906
850
Marriott
Vacations
Worldwide
Corp.
76,729
7,656
Mattel,
Inc.*
136,200
9,637
McDonald's
Corp.
2,494,923
6,375
MGM
Resorts
International*
256,084
1,700
Mister
Car
Wash,
Inc.*
11,951
1,275
Mohawk
Industries,
Inc.*
155,461
8,500
Newell
Brands,
Inc.
65,620
12,325
NIKE,
Inc.,
Class
B
1,171,491
2,550
Nordstrom,
Inc.
56,355
7,225
Norwegian
Cruise
Line
Holdings
Ltd.*
119,935
46
NVR,
Inc.*
353,314
GOLDMAN
SACHS
MARKETBETA
®
 RUSSELL
1000
VALUE
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Consumer
Discretionary
–
(continued)
850
Ollie's
Bargain
Outlet
Holdings,
Inc.*
$
70,065
243
O'Reilly
Automotive,
Inc.*
234,072
3,400
Penn
Entertainment,
Inc.*
59,500
425
Penske
Automotive
Group,
Inc.
64,643
1,886
Petco
Health
&
Wellness
Co.,
Inc.*
7,280
850
Phinia,
Inc.
38,046
850
Planet
Fitness,
Inc.,
Class
A*
54,094
1,275
Polaris,
Inc.
106,590
4,675
PulteGroup,
Inc.
548,471
1,275
PVH
Corp.
153,013
6,393
QuantumScape
Corp.*
37,783
850
Ralph
Lauren
Corp.
158,848
321
RH*
87,290
14,889
Rivian
Automotive,
Inc.,
Class
A*
162,588
425
Ross
Stores,
Inc.
59,398
3,825
Royal
Caribbean
Cruises
Ltd.*
564,876
2,125
Service
Corp.
International
152,277
2,556
Skechers
USA,
Inc.,
Class
A*
182,550
5,094
Tapestry,
Inc.
221,538
2,975
Tempur
Sealy
International,
Inc.
152,796
1,275
Thor
Industries,
Inc.
126,531
2,550
Toll
Brothers,
Inc.
310,182
705
TopBuild
Corp.*
294,655
850
Travel
+
Leisure
Co.
37,349
4,250
Under
Armour,
Inc.,
Class
A*
30,557
4,675
Under
Armour,
Inc.,
Class
C*
32,538
850
Vail
Resorts,
Inc.
160,412
2,544
Valvoline,
Inc.*
103,286
7,656
VF
Corp.
101,672
850
Victoria's
Secret
&
Co.*
19,371
1,275
Wayfair,
Inc.,
Class
A*
75,850
1,275
Whirlpool
Corp.
118,613
1,275
Williams-Sonoma,
Inc.
373,856
1,700
Wyndham
Hotels
&
Resorts,
Inc.
120,292
2,125
Wynn
Resorts
Ltd.
201,620
850
Yum!
Brands,
Inc.
116,815
23,010,093
Consumer
Staples
–
7.9%
8,500
Albertsons
Cos.,
Inc.,
Class
A
175,440
39,912
Altria
Group,
Inc.
1,845,930
11,900
Archer-Daniels-Midland
Co.
743,036
2,125
BJ's
Wholesale
Club
Holdings,
Inc.*
187,149
425
Brown-Forman
Corp.,
Class
A
19,465
850
Brown-Forman
Corp.,
Class
B
38,981
3,400
Bunge
Global
SA
365,806
4,250
Campbell
Soup
Co.
188,615
744
Casey's
General
Stores,
Inc.
246,844
425
Church
&
Dwight
Co.,
Inc.
45,479
43,737
Coca-Cola
Co.
(The)
2,752,369
18,239
Colgate-Palmolive
Co.
1,695,497
10,625
Conagra
Brands,
Inc.
317,475
3,282
Constellation
Brands,
Inc.,
Class
A
821,255
8,081
Coty,
Inc.,
Class
A*
83,719
3,400
Darling
Ingredients,
Inc.*
137,360
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Consumer
Staples
–
(continued)
4,675
Dollar
Tree,
Inc.*
$
551,416
3,400
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
419,424
4,250
Flowers
Foods,
Inc.
98,685
850
Freshpet,
Inc.*
111,494
13,177
General
Mills,
Inc.
905,919
2,125
Grocery
Outlet
Holding
Corp.*
46,729
850
Hershey
Co.
(The)
168,156
6,375
Hormel
Foods
Corp.
197,498
1,275
Ingredion,
Inc.
149,915
2,125
J
M
Smucker
Co.
(The)
237,235
5,950
Kellanova
359,023
25,472
Kenvue,
Inc.
491,610
21,214
Keurig
Dr
Pepper,
Inc.
726,579
425
Kimberly-Clark
Corp.
56,653
17,814
Kraft
Heinz
Co.
(The)
630,081
14,464
Kroger
Co.
(The)
757,480
5,525
McCormick
&
Co.,
Inc.
399,016
3,825
Molson
Coors
Beverage
Co.,
Class
B
209,648
30,147
Mondelez
International,
Inc.,
Class
A
2,065,974
3,298
Olaplex
Holdings,
Inc.*
5,870
9,356
PepsiCo,
Inc.
1,617,652
1,700
Performance
Food
Group
Co.*
118,320
34,806
Philip
Morris
International,
Inc.
3,528,632
850
Pilgrim's
Pride
Corp.*
30,540
1,275
Post
Holdings,
Inc.*
135,877
42,872
Procter &
Gamble
Co.
(The)
7,054,159
1,275
Reynolds
Consumer
Products,
Inc.
36,261
850
Spectrum
Brands
Holdings,
Inc.
76,279
6,375
Tyson
Foods,
Inc.,
Class
A
364,969
5,100
US
Foods
Holding
Corp.*
269,433
16,108
Walgreens
Boots
Alliance,
Inc.
261,272
95,604
Walmart,
Inc.
6,286,919
1,275
WK
Kellogg
Co.
24,212
38,057,350
Energy
–
8.0%
5,100
Antero
Midstream
Corp.
74,715
6,375
Antero
Resources
Corp.*
227,141
850
APA
Corp.
25,950
22,483
Baker
Hughes
Co.
752,731
2,975
Chesapeake
Energy
Corp.
270,517
38,597
Chevron
Corp.
6,264,293
26,747
ConocoPhillips
3,115,491
16,539
Coterra
Energy,
Inc.
471,692
14,458
Devon
Energy
Corp.
709,599
3,959
Diamondback
Energy,
Inc.
788,870
2,125
DT
Midstream,
Inc.
142,545
13,175
EOG
Resources,
Inc.
1,640,946
8,075
EQT
Corp.
331,802
101,522
Exxon
Mobil
Corp.
11,904,470
16,108
Halliburton
Co.
591,164
2,556
Hess
Corp.
393,880
3,613
HF
Sinclair
Corp.
199,546
43,721
Kinder
Morgan,
Inc.
852,122
14,021
Marathon
Oil
Corp.
406,048
8,213
Marathon
Petroleum
Corp.
1,450,498
GOLDMAN
SACHS
MARKETBETA
®
 RUSSELL
1000
VALUE
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Energy
–
(continued)
8,925
NOV,
Inc.
$
167,968
15,727
Occidental
Petroleum
Corp.
982,938
12,324
ONEOK,
Inc.
998,244
3,400
Ovintiv,
Inc.
175,678
9,776
Phillips
66
1,389,267
5,100
Range
Resources
Corp.
188,241
31,837
Schlumberger
NV
1,461,000
24,973
Southwestern
Energy
Co.*
188,047
9,775
TechnipFMC
PLC
(United
Kingdom)
256,007
7,650
Valero
Energy
Corp.
1,202,121
27,172
Williams
Cos.,
Inc.
(The)
1,127,910
38,751,441
Financials
–
22.8%
850
Affiliated
Managers
Group,
Inc.
138,210
4,681
Affirm
Holdings,
Inc.*
137,013
13,183
Aflac,
Inc.
1,184,756
13,212
AGNC
Investment
Corp.
REIT
126,703
5,950
Allstate
Corp.
(The)
996,744
5,950
Ally
Financial,
Inc.
231,872
8,780
American
Express
Co.
2,107,200
1,700
American
Financial
Group,
Inc.
220,847
16,102
American
International
Group,
Inc.
1,269,160
11,050
Annaly
Capital
Management,
Inc.
REIT
217,685
4,494
Aon
PLC,
Class
A
1,265,690
6,800
Arch
Capital
Group
Ltd.*
697,884
4,673
Arthur
J
Gallagher
&
Co.
1,183,811
1,275
Assurant,
Inc.
221,174
1,275
Assured
Guaranty
Ltd.
99,093
1,700
Axis
Capital
Holdings
Ltd.
125,596
154,434
Bank
of
America
Corp.
6,175,816
17,377
Bank
of
New
York
Mellon
Corp.
(The)
1,035,843
2,550
Bank
OZK
106,794
41,091
Berkshire
Hathaway,
Inc.,
Class
B*
17,028,110
3,347
BlackRock,
Inc.
2,583,984
7,650
Block,
Inc.*
490,212
8,486
Blue
Owl
Capital,
Inc.
152,663
425
BOK
Financial
Corp.
38,513
1,275
Brighthouse
Financial,
Inc.*
56,750
3,400
Brown
&
Brown,
Inc.
304,334
8,500
Capital
One
Financial
Corp.
1,169,855
4,675
Carlyle
Group,
Inc.
(The)
200,838
2,548
Cboe
Global
Markets,
Inc.
440,779
33,112
Charles
Schwab
Corp.
(The)
2,426,447
9,141
Chubb
Ltd.
2,475,566
3,400
Cincinnati
Financial
Corp.
399,772
42,879
Citigroup,
Inc.
2,671,790
10,625
Citizens
Financial
Group,
Inc.
374,956
8,075
CME
Group,
Inc.
1,639,064
425
CNA
Financial
Corp.
19,524
3,825
Coinbase
Global,
Inc.,
Class
A*
864,144
4,675
Columbia
Banking
System,
Inc.
90,134
2,975
Comerica,
Inc.
152,439
2,551
Commerce
Bancshares,
Inc.
141,938
4,262
Corebridge
Financial,
Inc.
124,323
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Financials
–
(continued)
86
Corpay,
Inc.*
$
23,020
109
Credit
Acceptance
Corp.*
53,500
1,275
Cullen/Frost
Bankers,
Inc.
129,515
5,525
Discover
Financial
Services
677,697
2,975
East
West
Bancorp,
Inc.
220,715
425
Euronet
Worldwide,
Inc.*
49,547
850
Evercore,
Inc.,
Class
A
172,499
850
Everest
Group
Ltd.
332,290
5,950
Fidelity
National
Financial,
Inc.
299,642
13,175
Fidelity
National
Information
Services,
Inc.
999,719
15,308
Fifth
Third
Bancorp
572,825
2,125
First
American
Financial
Corp.
118,107
263
First
Citizens
BancShares,
Inc.,
Class
A
446,687
2,975
First
Hawaiian,
Inc.
60,482
12,325
First
Horizon
Corp.
195,228
9,775
Fiserv,
Inc.*
1,463,904
8,075
FNB
Corp.
111,193
6,381
Franklin
Resources,
Inc.
150,592
5,948
Global
Payments,
Inc.
605,804
2,125
Globe
Life,
Inc.
175,865
7,105
Goldman
Sachs
Group,
Inc.
(The)
3,243,575
850
Hanover
Insurance
Group,
Inc.
(The)
112,141
6,800
Hartford
Financial
Services
Group,
Inc.
(The)
703,460
856
Houlihan
Lokey,
Inc.
115,860
32,256
Huntington
Bancshares,
Inc.
449,004
2,131
Interactive
Brokers
Group,
Inc.,
Class
A
267,909
12,750
Intercontinental
Exchange,
Inc.
1,707,225
8,075
Invesco
Ltd.
126,858
1,273
Jack
Henry
&
Associates,
Inc.
209,638
2,975
Janus
Henderson
Group
PLC
99,662
4,250
Jefferies
Financial
Group,
Inc.
197,710
64,781
JPMorgan
Chase &
Co.
13,126,574
1,275
Kemper
Corp.
76,296
20,783
KeyCorp
298,652
11,056
KKR
&
Co.,
Inc.
1,136,999
2,550
Lazard,
Inc.
102,586
3,400
Lincoln
National
Corp.
112,166
4,250
Loews
Corp.
326,400
3,825
M&T
Bank
Corp.
579,870
323
Markel
Group,
Inc.*
530,234
2,125
Marsh
&
McLennan
Cos.,
Inc.
441,107
14,452
MetLife,
Inc.
1,045,891
6,375
MGIC
Investment
Corp.
133,875
338
Moody's
Corp.
134,183
26,250
Morgan
Stanley
2,568,300
850
MSCI,
Inc.
420,903
7,650
Nasdaq,
Inc.
451,579
1,275
NCR
Atleos
Corp.*
35,483
15,689
New
York
Community
Bancorp,
Inc.
51,617
4,675
Northern
Trust
Corp.
393,822
16,114
NU
Holdings
Ltd.,
Class
A
(Brazil)*
191,434
5,950
Old
Republic
International
Corp.
189,091
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May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Financials
–
(continued)
2,550
OneMain
Holdings,
Inc.
$
125,256
2,544
PayPal
Holdings,
Inc.*
160,247
1,700
Pinnacle
Financial
Partners,
Inc.
135,167
8,925
PNC
Financial
Services
Group,
Inc.
(The)
1,404,706
1,700
Popular,
Inc.
(Puerto
Rico)
151,317
425
Primerica,
Inc.
96,003
5,525
Principal
Financial
Group,
Inc.
453,271
3,400
Progressive
Corp.
(The)
718,012
2,125
Prosperity
Bancshares,
Inc.
132,388
8,075
Prudential
Financial,
Inc.
971,826
4,250
Raymond
James
Financial,
Inc.
521,688
20,783
Regions
Financial
Corp.
402,151
1,536
Reinsurance
Group
of
America,
Inc.
322,253
850
RenaissanceRe
Holdings
Ltd.
(Bermuda)
193,681
10,631
Rithm
Capital
Corp.
REIT
119,174
850
RLI
Corp.
124,083
14,877
Robinhood
Markets,
Inc.,
Class
A*
310,929
1,700
Rocket
Cos.,
Inc.,
Class
A*
23,630
6,482
S&P
Global,
Inc.
2,771,120
2,125
SEI
Investments
Co.
143,884
2,975
SLM
Corp.
63,843
20,354
SoFi
Technologies,
Inc.*
140,443
6,381
Starwood
Property
Trust,
Inc.
REIT
124,047
7,219
State
Street
Corp.
545,684
2,125
Stifel
Financial
Corp.
172,019
9,344
Synchrony
Financial
409,267
3,400
Synovus
Financial
Corp.
134,946
5,100
T.
Rowe
Price
Group,
Inc.
600,933
1,275
TFS
Financial
Corp.
16,804
856
TPG,
Inc.
35,884
1,700
Tradeweb
Markets,
Inc.,
Class
A
185,317
5,100
Travelers
Cos.,
Inc.
(The)
1,100,070
29,716
Truist
Financial
Corp.
1,121,779
4,250
Unum
Group
228,905
34,906
US
Bancorp
1,415,438
1,275
UWM
Holdings
Corp.
9,397
2,125
Virtu
Financial,
Inc.,
Class
A
46,750
2,125
Voya
Financial,
Inc.
161,118
4,675
W
R
Berkley
Corp.
378,815
3,825
Webster
Financial
Corp.
169,141
80,744
Wells
Fargo &
Co.
4,838,180
2,550
Western
Alliance
Bancorp
160,726
7,219
Western
Union
Co.
(The)
92,403
425
WEX,
Inc.*
79,611
43
White
Mountains
Insurance
Group
Ltd.
77,701
2,125
Willis
Towers
Watson
PLC
542,491
1,275
Wintrust
Financial
Corp.
125,728
6,800
XP,
Inc.,
Class
A
(Brazil)
129,132
3,400
Zions
Bancorp
NA
146,846
110,361,165
Health
Care
–
13.8%
36,405
Abbott
Laboratories
3,720,227
2,125
Acadia
Healthcare
Co.,
Inc.*
146,391
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Health
Care
–
(continued)
1,275
Agilent
Technologies,
Inc.
$
166,273
850
agilon
health,
Inc.*
5,355
425
Alnylam
Pharmaceuticals,
Inc.*
63,083
850
Amedisys,
Inc.*
77,477
3,825
Amgen,
Inc.
1,169,876
14,889
Avantor,
Inc.*
358,527
1,275
Azenta,
Inc.*
64,400
11,475
Baxter
International,
Inc.
391,183
6,375
Becton
Dickinson
&
Co.
1,478,809
3,398
Biogen,
Inc.*
764,346
3,825
BioMarin
Pharmaceutical,
Inc.*
287,143
425
Bio-Rad
Laboratories,
Inc.,
Class
A*
121,916
32,686
Boston
Scientific
Corp.*
2,470,081
45,421
Bristol-Myers
Squibb
Co.
1,866,349
2,551
Cardinal
Health,
Inc.
253,238
3,831
Catalent,
Inc.*
206,069
11,900
Centene
Corp.*
851,921
1,700
Certara,
Inc.*
28,815
1,275
Charles
River
Laboratories
International,
Inc.*
265,761
73
Chemed
Corp.
40,469
5,950
Cigna
Group
(The)
2,050,489
4,331
Cooper
Cos.,
Inc.
(The)
408,457
28,447
CVS
Health
Corp.
1,695,441
14,881
Danaher
Corp.
3,821,441
4,675
DENTSPLY
SIRONA,
Inc.
130,947
1,694
Doximity,
Inc.,
Class
A*
46,975
11,050
Elanco
Animal
Health,
Inc.*
195,364
4,674
Elevance
Health,
Inc.
2,516,856
2,125
Encompass
Health
Corp.
183,579
1,275
Enovis
Corp.*
64,094
3,825
Envista
Holdings
Corp.*
74,052
2,550
Exact
Sciences
Corp.*
115,897
1,700
Exelixis,
Inc.*
36,873
2,125
Fortrea
Holdings,
Inc.*
53,954
8,604
GE
HealthCare
Technologies,
Inc.
671,112
28,016
Gilead
Sciences,
Inc.
1,800,588
1,706
Globus
Medical,
Inc.,
Class
A*
114,490
3,505
HCA
Healthcare,
Inc.
1,190,824
2,975
Henry
Schein,
Inc.*
206,287
5,519
Hologic,
Inc.*
407,192
1,583
Humana,
Inc.
566,904
1,586
ICON
PLC*
515,165
425
ICU
Medical,
Inc.*
45,194
2,550
Illumina,
Inc.*
265,914
1,275
Incyte
Corp.*
73,682
1,700
Integra
LifeSciences
Holdings
Corp.*
52,530
425
Ionis
Pharmaceuticals,
Inc.*
15,967
425
IQVIA
Holdings,
Inc.*
93,113
850
Jazz
Pharmaceuticals
PLC*
89,462
53,919
Johnson &
Johnson
7,908,300
1,949
Labcorp
Holdings,
Inc.
379,880
856
Maravai
LifeSciences
Holdings,
Inc.,
Class
A*
7,422
1,815
McKesson
Corp.
1,033,806
29,716
Medtronic
PLC
2,417,991
46,271
Merck &
Co.,
Inc.
5,808,861
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May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Health
Care
–
(continued)
7,231
Moderna,
Inc.*
$
1,030,779
554
Molina
Healthcare,
Inc.*
174,277
5,531
Organon
&
Co.
117,976
2,975
Perrigo
Co.
PLC
81,902
126,798
Pfizer,
Inc.
3,634,031
2,550
Premier,
Inc.,
Class
A
48,246
4,959
QIAGEN
NV*
214,526
2,550
Quest
Diagnostics,
Inc.
362,024
1,275
QuidelOrtho
Corp.*
56,342
3,400
R1
RCM,
Inc.*
43,724
2,125
Regeneron
Pharmaceuticals,
Inc.*
2,082,840
848
Repligen
Corp.*
126,428
2,975
Revvity,
Inc.
325,048
425
Roivant
Sciences
Ltd.*
4,403
8,081
Royalty
Pharma
PLC,
Class
A
221,500
3,059
Solventum
Corp.*
181,521
850
Sotera
Health
Co.*
9,503
2,125
STERIS
PLC
473,620
5,950
Stryker
Corp.
2,029,485
1,275
Tandem
Diabetes
Care,
Inc.*
65,318
3,825
Teladoc
Health,
Inc.*
42,993
1,102
Teleflex,
Inc.
230,395
2,125
Tenet
Healthcare
Corp.*
287,342
3,339
Thermo
Fisher
Scientific,
Inc.
1,896,485
975
United
Therapeutics
Corp.*
268,252
3,333
UnitedHealth
Group,
Inc.
1,651,068
1,275
Universal
Health
Services,
Inc.,
Class
B
241,995
426
Vertex
Pharmaceuticals,
Inc.*
193,975
26,741
Viatris,
Inc.
283,455
4,675
Zimmer
Biomet
Holdings,
Inc.
538,326
66,774,591
Industrials
–
14.4%
12,325
3M
Co.
1,234,226
2,550
A
O
Smith
Corp.
213,282
726
Acuity
Brands,
Inc.
188,477
2,975
AECOM
259,837
1,275
AGCO
Corp.
136,846
2,131
Air
Lease
Corp.
101,521
2,975
Alaska
Air
Group,
Inc.*
125,010
1,700
Allison
Transmission
Holdings,
Inc.
128,877
8,931
American
Airlines
Group,
Inc.*
102,706
5,100
AMETEK,
Inc.
864,858
850
Armstrong
World
Industries,
Inc.
98,430
1,275
Automatic
Data
Processing,
Inc.
312,273
425
Avis
Budget
Group,
Inc.
48,335
2,981
AZEK
Co.,
Inc.
(The)*
142,969
10,975
Boeing
Co.
(The)*
1,949,270
425
Broadridge
Financial
Solutions,
Inc.
85,327
2,680
Builders
FirstSource,
Inc.*
430,917
1,700
BWX
Technologies,
Inc.
156,621
425
C.H.
Robinson
Worldwide,
Inc.
36,707
425
CACI
International,
Inc.,
Class
A*
180,404
1,126
Carlisle
Cos.,
Inc.
470,995
18,658
Carrier
Global
Corp.
1,178,999
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Industrials
–
(continued)
2,885
Caterpillar,
Inc.
$
976,630
260
Cintas
Corp.
176,272
10,625
Clarivate
PLC*
60,562
1,275
Clean
Harbors,
Inc.*
276,152
21,639
CNH
Industrial
NV
228,508
850
Concentrix
Corp.
52,130
3,873
Core
&
Main,
Inc.,
Class
A*
222,930
1,275
Crane
Co.
190,077
39,062
CSX
Corp.
1,318,343
3,226
Cummins,
Inc.
908,861
850
Curtiss-Wright
Corp.
240,397
2,975
Dayforce,
Inc.*
147,144
425
Deere
&
Co.
159,273
13,608
Delta
Air
Lines,
Inc.
694,280
1,700
Donaldson
Co.,
Inc.
125,256
2,975
Dover
Corp.
546,865
1,275
Driven
Brands
Holdings,
Inc.*
14,650
5,950
Dun
&
Bradstreet
Holdings,
Inc.
57,060
8,925
Eaton
Corp.
PLC
2,970,686
717
EMCOR
Group,
Inc.
278,669
12,750
Emerson
Electric
Co.
1,430,040
850
Equifax,
Inc.
196,681
1,275
Esab
Corp.
131,095
2,975
Expeditors
International
of
Washington,
Inc.
359,677
3,400
Fastenal
Co.
224,332
5,100
FedEx
Corp.
1,295,196
4,250
Ferguson
PLC
874,395
2,975
Flowserve
Corp.
147,857
8,075
Fortive
Corp.
601,103
2,975
Fortune
Brands
Innovations,
Inc.
208,429
567
FTI
Consulting,
Inc.*
121,792
2,568
Gates
Industrial
Corp.
PLC*
44,735
6,026
GE
Vernova,
Inc.*
1,059,973
1,275
Generac
Holdings,
Inc.*
187,693
5,524
General
Dynamics
Corp.
1,655,929
24,191
General
Electric
Co.
3,994,902
2,975
Genpact
Ltd.
98,353
2,125
Graco,
Inc.
171,594
2,550
GXO
Logistics,
Inc.*
128,086
2,975
Hayward
Holdings,
Inc.*
43,108
2,975
Hertz
Global
Holdings,
Inc.*
12,971
1,700
Hexcel
Corp.
117,079
13,173
Honeywell
International,
Inc.
2,663,449
8,500
Howmet
Aerospace,
Inc.
719,525
696
Hubbell,
Inc.
270,667
850
Huntington
Ingalls
Industries,
Inc.
215,135
1,700
IDEX
Corp.
354,688
1,275
Illinois
Tool
Works,
Inc.
309,506
8,925
Ingersoll
Rand,
Inc.
830,471
1,700
ITT,
Inc.
225,896
1,529
J.B.
Hunt
Transport
Services,
Inc.
245,787
2,973
Jacobs
Solutions,
Inc.
414,258
15,308
Johnson
Controls
International
PLC
1,100,798
2,125
KBR,
Inc.
139,527
1,275
Kirby
Corp.*
158,317
3,400
Knight-Swift
Transportation
Holdings,
Inc.
164,050
GOLDMAN
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May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Industrials
–
(continued)
4,250
L3Harris
Technologies,
Inc.
$
955,527
2
Landstar
System,
Inc.
364
2,975
Leidos
Holdings,
Inc.
437,474
746
Lennox
International,
Inc.
374,940
1,275
ManpowerGroup,
Inc.
95,141
5,100
Masco
Corp.
356,592
1,275
MasTec,
Inc.*
143,119
4,675
MDU
Resources
Group,
Inc.
117,997
1,275
Mercury
Systems,
Inc.*
39,461
1,275
Middleby
Corp.
(The)*
164,360
848
MSA
Safety,
Inc.
152,640
850
MSC
Industrial
Direct
Co.,
Inc.,
Class
A
73,015
1,275
Nordson
Corp.
299,268
5,100
Norfolk
Southern
Corp.
1,146,480
2,975
Northrop
Grumman
Corp.
1,341,041
3,825
nVent
Electric
PLC
311,278
326
Old
Dominion
Freight
Line,
Inc.
57,131
1,275
Oshkosh
Corp.
145,006
8,506
Otis
Worldwide
Corp.
843,795
2,125
Owens
Corning
384,774
11,475
PACCAR,
Inc.
1,233,563
2,888
Parker-Hannifin
Corp.
1,535,030
850
Paycor
HCM,
Inc.*
10,514
3,825
Pentair
PLC
311,278
11,859
Plug
Power,
Inc.*
(a)
39,490
2,413
Quanta
Services,
Inc.
665,843
850
RB
Global,
Inc.
(Canada)
61,778
681
RBC
Bearings,
Inc.*
201,086
1,530
Regal
Rexnord
Corp.
228,796
4,675
Republic
Services,
Inc.
865,763
2,544
Robert
Half,
Inc.
163,401
32,264
RTX
Corp.
3,478,382
850
Ryder
System,
Inc.
103,250
506
Saia,
Inc.*
207,197
1,275
Schneider
National,
Inc.,
Class
B
28,662
1,275
Science
Applications
International
Corp.
171,679
3,400
Sensata
Technologies
Holding
PLC
140,488
848
SiteOne
Landscape
Supply,
Inc.*
131,287
1,274
Snap-on,
Inc.
347,624
13,189
Southwest
Airlines
Co.
353,993
2,125
Spirit
AeroSystems
Holdings,
Inc.,
Class
A*
64,430
4,681
SS&C
Technologies
Holdings,
Inc.
290,456
3,400
Stanley
Black
&
Decker,
Inc.
296,378
2,125
Stericycle,
Inc.*
109,523
4,675
Sunrun,
Inc.*
67,600
850
Tetra
Tech,
Inc.
178,066
4,250
Textron,
Inc.
372,343
1,275
Timken
Co.
(The)
110,785
3,648
Trane
Technologies
PLC
1,194,574
956
TransDigm
Group,
Inc.
1,284,128
4,250
TransUnion
305,660
1,275
U-Haul
Holding
Co.
77,507
7,787
Union
Pacific
Corp.
1,812,969
7,225
United
Airlines
Holdings,
Inc.*
382,853
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Industrials
–
(continued)
11,898
United
Parcel
Service,
Inc.,
Class
B
$
1,652,989
1,221
United
Rentals,
Inc.
817,350
425
Valmont
Industries,
Inc.
106,845
5,100
Veralto
Corp.
502,758
7,225
Vertiv
Holdings
Co.,
Class
A
708,556
2,550
Vestis
Corp.
31,416
850
Waste
Management,
Inc.
179,121
535
Watsco,
Inc.
254,072
850
WESCO
International,
Inc.
152,566
3,825
Westinghouse
Air
Brake
Technologies
Corp.
647,305
3,394
WillScot
Mobile
Mini
Holdings
Corp.*
133,825
1,275
Woodward,
Inc.
237,787
2,550
XPO,
Inc.*
272,799
4,675
Xylem,
Inc.
659,269
69,631,163
Information
Technology
–
9.1%
15,540
Advanced
Micro
Devices,
Inc.*
2,593,626
3,400
Akamai
Technologies,
Inc.*
313,616
2,550
Amdocs
Ltd.
201,450
6,375
Amphenol
Corp.,
Class
A
843,859
11,051
Analog
Devices,
Inc.
2,591,349
424
ANSYS,
Inc.*
134,599
2,975
Applied
Materials,
Inc.
639,863
3,400
AppLovin
Corp.,
Class
A*
277,032
1,275
Arrow
Electronics,
Inc.*
167,420
573
Aspen
Technology,
Inc.*
120,702
2,125
Avnet,
Inc.
116,025
425
Bentley
Systems,
Inc.,
Class
B
21,352
2,125
BILL
Holdings,
Inc.*
110,606
7,598
CCC
Intelligent
Solutions
Holdings,
Inc.*
84,946
137
CDW
Corp.
30,636
3,400
Ciena
Corp.*
163,778
1,275
Cirrus
Logic,
Inc.*
146,243
90,515
Cisco
Systems,
Inc.
4,208,948
3,825
Cognex
Corp.
174,114
11,475
Cognizant
Technology
Solutions
Corp.,
Class
A
759,071
2,556
Coherent
Corp.*
145,845
16,958
Corning,
Inc.
631,855
1,275
Crane
NXT
Co.
80,605
1,275
Dolby
Laboratories,
Inc.,
Class
A
103,288
850
Dropbox,
Inc.,
Class
A*
19,151
4,669
DXC
Technology
Co.*
72,603
2,981
Entegris,
Inc.
376,649
1,275
F5,
Inc.*
215,437
2,548
First
Solar,
Inc.*
692,444
10,625
Gen
Digital,
Inc.
263,819
1,700
GLOBALFOUNDRIES,
Inc.*
83,300
1,275
GoDaddy,
Inc.,
Class
A*
178,028
1,700
Guidewire
Software,
Inc.*
193,664
850
HashiCorp,
Inc.,
Class
A*
28,543
28,872
Hewlett
Packard
Enterprise
Co.
509,591
15,308
HP,
Inc.
558,742
850
Informatica,
Inc.,
Class
A*
24,522
94,424
Intel
Corp.
2,912,980
GOLDMAN
SACHS
MARKETBETA
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EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
20,358
International
Business
Machines
Corp.
$
3,396,732
850
IPG
Photonics
Corp.*
73,720
850
Jabil,
Inc.
101,065
7,225
Juniper
Networks,
Inc.
257,716
2,975
Keysight
Technologies,
Inc.*
411,978
5,100
Kyndryl
Holdings,
Inc.*
135,711
122
Lam
Research
Corp.
113,758
425
Littelfuse,
Inc.
109,055
1,700
Lumentum
Holdings,
Inc.*
73,950
19,083
Marvell
Technology,
Inc.
1,313,101
3,400
Microchip
Technology,
Inc.
330,582
24,197
Micron
Technology,
Inc.
3,024,625
1,281
MKS
Instruments,
Inc.
162,162
325
Motorola
Solutions,
Inc.
118,596
1,275
nCino,
Inc.*
38,926
2,975
NCR
Voyix
Corp.*
39,211
2,975
NetApp,
Inc.
358,279
3,831
Nutanix,
Inc.,
Class
A*
211,912
2,981
Okta,
Inc.*
264,355
9,775
ON
Semiconductor
Corp.*
713,966
20,378
Oracle
Corp.
2,388,098
1,275
PTC,
Inc.*
224,706
1,275
Pure
Storage,
Inc.,
Class
A*
76,870
2,125
Qorvo,
Inc.*
209,079
3,398
QUALCOMM,
Inc.
693,362
2,409
Roper
Technologies,
Inc.
1,283,419
5,100
Salesforce,
Inc.
1,195,644
4,256
SentinelOne,
Inc.,
Class
A*
71,628
3,400
Skyworks
Solutions,
Inc.
315,044
1,295
TD
SYNNEX
Corp.
169,438
1,003
Teledyne
Technologies,
Inc.*
398,141
425
Teradyne,
Inc.
59,900
11,906
Texas
Instruments,
Inc.
2,321,789
5,525
Trimble,
Inc.*
307,632
2,981
Twilio,
Inc.,
Class
A*
171,109
271
Tyler
Technologies,
Inc.*
130,178
2,125
UiPath,
Inc.,
Class
A*
26,052
3,825
Unity
Software,
Inc.*
69,883
425
Universal
Display
Corp.
74,672
1,845
VeriSign,
Inc.*
321,620
2,550
Viasat,
Inc.*
43,069
2,125
Vontier
Corp.
84,958
7,225
Western
Digital
Corp.*
543,970
2,975
Wolfspeed,
Inc.*
76,457
850
Zebra
Technologies
Corp.,
Class
A*
265,489
5,531
Zoom
Video
Communications,
Inc.,
Class
A*
339,272
43,901,180
Materials
–
4.8%
5,099
Air
Products
and
Chemicals,
Inc.
1,359,903
2,550
Albemarle
Corp.
312,604
3,825
Alcoa
Corp.
169,333
33,509
Amcor
PLC
340,787
1,275
AptarGroup,
Inc.
188,305
425
Ardagh
Metal
Packaging
SA
1,679
856
Ashland,
Inc.
85,746
1,275
Avery
Dennison
Corp.
290,177
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Materials
–
(continued)
4,250
Axalta
Coating
Systems
Ltd.*
$
151,257
6,800
Ball
Corp.
472,124
2,550
Berry
Global
Group,
Inc.
152,694
2,125
Celanese
Corp.
323,085
4,250
CF
Industries
Holdings,
Inc.
338,853
3,400
Chemours
Co.
(The)
84,388
11,469
Cleveland-Cliffs,
Inc.*
198,184
15,733
Corteva,
Inc.
880,104
2,550
Crown
Holdings,
Inc.
214,685
15,739
Dow,
Inc.
907,039
9,669
DuPont
de
Nemours,
Inc.
794,405
297
Eagle
Materials,
Inc.
69,020
2,550
Eastman
Chemical
Co.
258,392
1,275
Ecolab,
Inc.
296,055
5,100
Element
Solutions,
Inc.
122,553
2,550
FMC
Corp.
155,423
31,837
Freeport-McMoRan,
Inc.
1,678,765
31,342
Ginkgo
Bioworks
Holdings,
Inc.*
(a)
16,564
2,981
Graphic
Packaging
Holding
Co.
84,422
3,825
Huntsman
Corp.
94,860
5,531
International
Flavors
&
Fragrances,
Inc.
531,972
7,650
International
Paper
Co.
344,938
9,829
Linde
PLC
4,280,726
1,275
Louisiana-Pacific
Corp.
116,892
5,950
LyondellBasell
Industries
NV,
Class
A
591,549
1,359
Martin
Marietta
Materials,
Inc.
777,457
7,225
Mosaic
Co.
(The)
223,469
2,131
MP
Materials
Corp.*
34,565
109
NewMarket
Corp.
58,323
25,891
Newmont
Corp.
1,085,869
5,525
Nucor
Corp.
932,896
2,969
Olin
Corp.
159,613
2,125
Packaging
Corp.
of
America
389,916
3,825
PPG
Industries,
Inc.
502,643
1,275
Reliance,
Inc.
383,494
1,275
Royal
Gold,
Inc.
163,442
2,125
RPM
International,
Inc.
238,213
1,275
Sealed
Air
Corp.
49,559
850
Sherwin-Williams
Co.
(The)
258,230
1,700
Silgan
Holdings,
Inc.
80,325
2,125
Sonoco
Products
Co.
130,411
4,675
SSR
Mining,
Inc.
(Canada)
24,964
3,400
Steel
Dynamics,
Inc.
455,158
5,100
United
States
Steel
Corp.
195,585
2,273
Vulcan
Materials
Co.
581,365
850
Westlake
Corp.
136,476
5,525
Westrock
Co.
296,361
23,065,817
Real
Estate
–
4.4%
2,125
Agree
Realty
Corp.
REIT
129,115
3,825
Alexandria
Real
Estate
Equities,
Inc.
REIT
455,175
7,231
American
Homes
4
Rent,
Class
A
REIT
260,605
5,956
Americold
Realty
Trust,
Inc.
REIT
158,847
GOLDMAN
SACHS
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Schedule
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Investments
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May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Real
Estate
–
(continued)
3,400
Apartment
Income
REIT
Corp.
REIT
$
131,750
3,225
AvalonBay
Communities,
Inc.
REIT
621,393
3,400
Boston
Properties,
Inc.
REIT
206,278
6,800
Brixmor
Property
Group,
Inc.
REIT
153,068
2,131
Camden
Property
Trust
REIT
218,747
6,800
CBRE
Group,
Inc.,
Class
A*
598,876
5,100
CoStar
Group,
Inc.*
398,667
3,400
Cousins
Properties,
Inc.
REIT
78,642
8,506
Crown
Castle,
Inc.
REIT
871,865
5,100
CubeSmart
REIT
215,781
6,800
Digital
Realty
Trust,
Inc.
REIT
988,312
986
EastGroup
Properties,
Inc.
REIT
162,867
1,700
EPR
Properties
REIT
69,768
1,000
Equinix,
Inc.
REIT
762,980
2,550
Equity
LifeStyle
Properties,
Inc.
REIT
160,064
8,500
Equity
Residential
REIT
552,755
1,396
Essex
Property
Trust,
Inc.
REIT
362,667
4,675
Extra
Space
Storage,
Inc.
REIT
676,800
1,700
Federal
Realty
Investment
Trust
REIT
171,615
2,975
First
Industrial
Realty
Trust,
Inc.
REIT
140,182
5,531
Gaming
and
Leisure
Properties,
Inc.
REIT
248,342
8,500
Healthcare
Realty
Trust,
Inc.
REIT
137,955
15,871
Healthpeak
Properties,
Inc.
REIT
315,833
2,131
Highwoods
Properties,
Inc.
REIT
55,342
15,733
Host
Hotels
&
Resorts,
Inc.
REIT
282,250
850
Howard
Hughes
Holdings,
Inc.*
56,355
13,608
Invitation
Homes,
Inc.
REIT
473,422
3,400
Iron
Mountain,
Inc.
REIT
274,346
1,108
Jones
Lang
LaSalle,
Inc.*
223,894
2,550
Kilroy
Realty
Corp.
REIT
85,502
13,626
Kimco
Realty
Corp.
REIT
263,799
425
Lamar
Advertising
Co.,
Class
A
REIT
50,197
13,139
Medical
Properties
Trust,
Inc.
REIT
70,425
2,550
Mid-America
Apartment
Communities,
Inc.
REIT
340,961
1,700
National
Storage
Affiliates
Trust
REIT
62,186
425
NET
Lease
Office
Properties
REIT
10,089
4,250
NNN
REIT,
Inc.
REIT
177,522
5,106
Omega
Healthcare
Investors,
Inc.
REIT
165,077
4,675
Park
Hotels
&
Resorts,
Inc.
REIT
74,145
20,782
Prologis,
Inc.
REIT
2,296,203
1,522
Public
Storage
REIT
416,769
3,400
Rayonier,
Inc.
REIT
102,068
18,351
Realty
Income
Corp.
REIT
973,704
3,831
Regency
Centers
Corp.
REIT
235,223
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Real
Estate
–
(continued)
4,675
Rexford
Industrial
Realty,
Inc.
REIT
$
212,058
2,125
SBA
Communications
Corp.
REIT
417,945
5,525
Simon
Property
Group,
Inc.
REIT
835,988
3,831
STAG
Industrial,
Inc.
REIT
134,315
2,125
Sun
Communities,
Inc.
REIT
250,729
6,800
UDR,
Inc.
REIT
262,616
8,925
Ventas,
Inc.
REIT
448,571
22,495
VICI
Properties,
Inc.
REIT
645,831
3,825
Vornado
Realty
Trust
REIT
93,789
4,675
W.P.
Carey,
Inc.
REIT
263,670
12,397
Welltower,
Inc.
REIT
1,285,197
16,164
Weyerhaeuser
Co.
REIT
485,405
1,275
Zillow
Group,
Inc.,
Class
A*
51,191
3,400
Zillow
Group,
Inc.,
Class
C*
139,230
21,464,963
Utilities
–
5.2%
5,950
AES
Corp.
(The)
128,461
5,531
Alliant
Energy
Corp.
284,791
5,950
Ameren
Corp.
436,551
11,481
American
Electric
Power
Co.,
Inc.
1,036,160
4,250
American
Water
Works
Co.,
Inc.
555,772
3,400
Atmos
Energy
Corp.
394,128
1,700
Avangrid,
Inc.
61,217
2,975
Brookfield
Renewable
Corp.,
Class
A
(a)
93,831
14,033
CenterPoint
Energy,
Inc.
428,147
850
Clearway
Energy,
Inc.,
Class
A
21,828
1,700
Clearway
Energy,
Inc.,
Class
C
47,600
6,375
CMS
Energy
Corp.
401,179
7,650
Consolidated
Edison,
Inc.
723,308
7,225
Constellation
Energy
Corp.
1,569,631
18,658
Dominion
Energy,
Inc.
1,006,039
4,675
DTE
Energy
Co.
544,778
16,964
Duke
Energy
Corp.
1,756,961
8,500
Edison
International
653,225
4,675
Entergy
Corp.
525,891
5,525
Essential
Utilities,
Inc.
208,458
5,100
Evergy,
Inc.
278,766
7,650
Eversource
Energy
453,110
22,064
Exelon
Corp.
828,503
12,325
FirstEnergy
Corp.
496,205
2,550
Hawaiian
Electric
Industries,
Inc.
28,024
1,275
IDACORP,
Inc.
121,724
2,125
National
Fuel
Gas
Co.
121,465
46,084
NextEra
Energy,
Inc.
3,687,642
9,350
NiSource,
Inc.
271,711
5,100
NRG
Energy,
Inc.
413,100
4,256
OGE
Energy
Corp.
154,493
44,583
PG&E
Corp.
826,569
2,550
Pinnacle
West
Capital
Corp.
201,093
16,533
PPL
Corp.
484,913
11,050
Public
Service
Enterprise
Group,
Inc.
837,148
14,033
Sempra
1,080,962
24,197
Southern
Co.
(The)
1,939,148
GOLDMAN
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MARKETBETA
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Schedule
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May
31,
2024
(Unaudited)
**End
swaps
header**
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Utilities
–
(continued)
4,675
UGI
Corp.
$
119,025
5,944
Vistra
Corp.
588,932
7,225
WEC
Energy
Group,
Inc.
585,442
12,325
Xcel
Energy,
Inc.
683,421
25,079,352
TOTAL
COMMON
STOCKS
(Cost
$456,013,699)
481,585,887
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.2%
(b)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
–
Institutional
Shares
963,971
5.180%
963,971
(Cost
$963,971)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$456,977,670)
482,549,858
Shares
Dividend
Rate
Value
a
Securities
Lending
Reinvestment
Vehicle
–
0.0%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
234,446
5.227%
$
234,446
(Cost
$234,446)
TOTAL
INVESTMENTS
–
99.9%
(Cost
$457,212,116)
$
482,784,304
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.1%
675,452
NET
ASSETS
–
100.0%
$
483,459,756
  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.
Investment
Abbreviations:
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
FUTURES
CONTRACTS
—
At
May
31,
2024,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
E-Mini
Russell
1000
Index
13
06/21/24
$
1,132,430
$
7,829
GOLDMAN
SACHS
MARKETBETA
®
U.S.
EQUITY
ETF
Schedule
of
Investments
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
99.8%
Communication
Services
–
9.6%
284,654
Alphabet,
Inc.,
Class
A*
$
49,102,815
235,027
Alphabet,
Inc.,
Class
C*
40,885,297
342,399
AT&T,
Inc.
6,238,510
4,603
Charter
Communications,
Inc.,
Class
A*
1,321,613
190,575
Comcast
Corp.,
Class
A
7,628,717
12,960
Electronic
Arts,
Inc.
1,722,125
11,359
Fox
Corp.,
Class
A
391,090
6,200
Fox
Corp.,
Class
B
198,028
6,998
Live
Nation
Entertainment,
Inc.*
655,992
105,504
Meta
Platforms,
Inc.,
Class
A
49,252,432
20,236
Netflix,
Inc.*
12,983,822
9,380
Omnicom
Group,
Inc.
871,965
28,418
Pinterest,
Inc.,
Class
A*
1,179,063
22,968
ROBLOX
Corp.,
Class
A*
772,184
30,419
Sirius
XM
Holdings,
Inc.
(a)
85,782
49,563
Snap,
Inc.,
Class
A*
744,436
6,569
Spotify
Technology
SA*
1,949,548
8,035
Take-Two
Interactive
Software,
Inc.*
1,288,493
24,733
T-Mobile
US,
Inc.
4,327,286
21,182
Trade
Desk,
Inc.
(The),
Class
A*
1,965,266
201,407
Verizon
Communications,
Inc.
8,287,898
87,546
Walt
Disney
Co.
(The)
9,096,905
106,986
Warner
Bros
Discovery,
Inc.*
881,565
5,956
Warner
Music
Group
Corp.,
Class
A
177,370
202,008,202
Consumer
Discretionary
–
9.8%
20,615
Airbnb,
Inc.,
Class
A*
2,987,732
431,182
Amazon.com,
Inc.*
76,077,752
13,020
Aptiv
PLC*
1,084,045
821
AutoZone,
Inc.*
2,274,121
9,315
Best
Buy
Co.,
Inc.
790,098
1,627
Booking
Holdings,
Inc.
6,144,121
7,559
CarMax,
Inc.*
531,095
47,695
Carnival
Corp.*
719,241
1,310
Chipotle
Mexican
Grill,
Inc.*
4,099,671
52,312
Coupang,
Inc.
(South
Korea)*
1,189,575
14,357
D.R.
Horton,
Inc.
2,121,965
5,774
Darden
Restaurants,
Inc.
868,352
1,685
Domino's
Pizza,
Inc.
856,957
14,707
DoorDash,
Inc.,
Class
A*
1,619,388
22,200
DraftKings,
Inc.,
Class
A*
779,886
24,766
eBay,
Inc.
1,342,813
6,357
Expedia
Group,
Inc.*
717,451
187,981
Ford
Motor
Co.
2,280,210
7,301
Garmin
Ltd.
1,196,269
55,156
General
Motors
Co.
2,481,468
6,588
Genuine
Parts
Co.
949,594
12,060
Hilton
Worldwide
Holdings,
Inc.
2,419,236
48,091
Home
Depot,
Inc.
(The)
16,104,233
17,522
Las
Vegas
Sands
Corp.
789,016
11,571
Lennar
Corp.,
Class
A
1,855,410
359
Lennar
Corp.,
Class
B
52,507
12,144
LKQ
Corp.
522,556
27,403
Lowe’s
Cos.,
Inc.
6,064,010
5,313
Lululemon
Athletica,
Inc.*
1,657,603
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Consumer
Discretionary
–
(continued)
12,084
Marriott
International,
Inc.,
Class
A
$
2,793,458
34,928
McDonald's
Corp.
9,042,510
2,154
MercadoLibre,
Inc.
(Brazil)*
3,716,899
11,789
MGM
Resorts
International*
473,564
4,268
Mobileye
Global,
Inc.,
Class
A
(Israel)*
109,517
58,409
NIKE,
Inc.,
Class
B
5,551,775
140
NVR,
Inc.*
1,075,302
2,822
O'Reilly
Automotive,
Inc.*
2,718,320
10,093
PulteGroup,
Inc.
1,184,111
15,998
Ross
Stores,
Inc.
2,235,880
10,564
Royal
Caribbean
Cruises
Ltd.*
1,560,092
53,855
Starbucks
Corp.
4,320,248
131,634
Tesla,
Inc.*
23,441,383
55,019
TJX
Cos.,
Inc.
(The)
5,672,459
5,238
Tractor
Supply
Co.
1,494,349
2,327
Ulta
Beauty,
Inc.*
919,374
18,239
Yum
China
Holdings,
Inc.
(China)
652,227
13,411
Yum!
Brands,
Inc.
1,843,074
209,380,917
Consumer
Staples
–
6.0%
85,474
Altria
Group,
Inc.
3,953,173
24,286
Archer-Daniels-Midland
Co.
1,516,418
2,334
Brown-Forman
Corp.,
Class
A
106,897
14,639
Brown-Forman
Corp.,
Class
B
671,345
9,153
Campbell
Soup
Co.
406,210
11,685
Church
&
Dwight
Co.,
Inc.
1,250,412
5,918
Clorox
Co.
(The)
778,572
186,381
Coca-Cola
Co.
(The)
11,728,956
39,724
Colgate-Palmolive
Co.
3,692,743
22,749
Conagra
Brands,
Inc.
679,740
7,533
Constellation
Brands,
Inc.,
Class
A
1,884,983
21,185
Costco
Wholesale
Corp.
17,157,520
10,448
Dollar
General
Corp.
1,430,436
9,947
Dollar
Tree,
Inc.*
1,173,249
10,259
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
1,265,550
27,179
General
Mills,
Inc.
1,868,556
7,041
Hershey
Co.
(The)
1,392,921
13,840
Hormel
Foods
Corp.
428,763
4,932
J
M
Smucker
Co.
(The)
550,608
12,399
Kellanova
748,156
83,025
Kenvue,
Inc.
1,602,382
43,332
Keurig
Dr
Pepper,
Inc.
1,484,121
16,123
Kimberly-Clark
Corp.
2,149,196
37,753
Kraft
Heinz
Co.
(The)
1,335,324
33,966
Kroger
Co.
(The)
1,778,799
12,034
McCormick
&
Co.,
Inc.
869,095
8,358
Molson
Coors
Beverage
Co.,
Class
B
458,102
65,059
Mondelez
International,
Inc.,
Class
A
4,458,493
24,161
Monster
Beverage
Corp.*
1,254,439
65,953
PepsiCo,
Inc.
11,403,274
74,281
Philip
Morris
International,
Inc.
7,530,608
112,818
Procter &
Gamble
Co.
(The)
18,563,074
GOLDMAN
SACHS
MARKETBETA
®
U.S.
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Consumer
Staples
–
(continued)
24,251
Sysco
Corp.
$
1,765,958
22,078
Target
Corp.
3,447,700
13,464
Tyson
Foods,
Inc.,
Class
A
770,814
34,119
Walgreens
Boots
Alliance,
Inc.
553,410
204,006
Walmart,
Inc.
13,415,435
125,525,432
Energy
–
3.8%
48,459
Baker
Hughes
Co.
1,622,407
11,116
Cheniere
Energy,
Inc.
1,753,994
82,350
Chevron
Corp.
13,365,405
56,324
ConocoPhillips
6,560,619
35,693
Coterra
Energy,
Inc.
1,017,964
30,508
Devon
Energy
Corp.
1,497,333
8,152
Diamondback
Energy,
Inc.
1,624,367
27,954
EOG
Resources,
Inc.
3,481,671
217,701
Exxon
Mobil
Corp.
25,527,619
43,075
Halliburton
Co.
1,580,852
13,270
Hess
Corp.
2,044,907
93,846
Kinder
Morgan,
Inc.
1,829,059
17,297
Marathon
Petroleum
Corp.
3,054,823
33,430
Occidental
Petroleum
Corp.
2,089,375
27,833
ONEOK,
Inc.
2,254,473
20,460
Phillips
66
2,907,571
68,167
Schlumberger
NV
3,128,184
15,851
Valero
Energy
Corp.
2,490,826
58,272
Williams
Cos.,
Inc.
(The)
2,418,871
80,250,320
Financials
–
12.9%
24,882
Aflac,
Inc.
2,236,145
12,526
Allstate
Corp.
(The)
2,098,356
27,529
American
Express
Co.
6,606,960
32,574
American
International
Group,
Inc.
2,567,483
4,794
Ameriprise
Financial,
Inc.
2,093,108
9,393
Aon
PLC,
Class
A
2,645,445
19,381
Apollo
Global
Management,
Inc.
2,251,297
17,092
Arch
Capital
Group
Ltd.*
1,754,152
8,335
Ares
Management
Corp.,
Class
A
1,168,317
10,146
Arthur
J
Gallagher
&
Co.
2,570,286
331,922
Bank
of
America
Corp.
13,273,561
36,067
Bank
of
New
York
Mellon
Corp.
(The)
2,149,954
61,885
Berkshire
Hathaway,
Inc.,
Class
B*
25,645,144
7,097
BlackRock,
Inc.
5,479,097
33,643
Blackstone,
Inc.
4,053,982
26,379
Block,
Inc.*
1,690,366
18,066
Capital
One
Financial
Corp.
2,486,424
5,037
Cboe
Global
Markets,
Inc.
871,351
66,131
Charles
Schwab
Corp.
(The)
4,846,080
19,369
Chubb
Ltd.
5,245,513
7,407
Cincinnati
Financial
Corp.
870,915
90,589
Citigroup,
Inc.
5,644,601
22,239
Citizens
Financial
Group,
Inc.
784,814
17,176
CME
Group,
Inc.
3,486,384
8,197
Coinbase
Global,
Inc.,
Class
A*
1,851,866
3,339
Corpay,
Inc.*
893,750
11,926
Discover
Financial
Services
1,462,843
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Financials
–
(continued)
1,593
Everest
Group
Ltd.
$
622,751
12,402
Fidelity
National
Financial,
Inc.
624,565
27,551
Fidelity
National
Information
Services,
Inc.
2,090,570
32,516
Fifth
Third
Bancorp
1,216,749
28,136
Fiserv,
Inc.*
4,213,647
15,115
Franklin
Resources,
Inc.
356,714
12,283
Global
Payments,
Inc.
1,251,024
15,531
Goldman
Sachs
Group,
Inc.
(The)
(b)
7,090,212
14,184
Hartford
Financial
Services
Group,
Inc.
(The)
1,467,335
68,847
Huntington
Bancshares,
Inc.
958,350
4,862
Interactive
Brokers
Group,
Inc.,
Class
A
611,251
27,121
Intercontinental
Exchange,
Inc.
3,631,502
138,915
JPMorgan
Chase &
Co.
28,148,346
44,663
KeyCorp
641,807
32,042
KKR
&
Co.,
Inc.
3,295,199
8,788
Loews
Corp.
674,918
7,917
M&T
Bank
Corp.
1,200,217
631
Markel
Group,
Inc.*
1,035,843
23,654
Marsh
&
McLennan
Cos.,
Inc.
4,910,097
40,167
Mastercard,
Inc.,
Class
A
17,957,461
28,991
MetLife,
Inc.
2,098,079
7,593
Moody's
Corp.
3,014,345
60,655
Morgan
Stanley
5,934,485
3,716
MSCI,
Inc.
1,840,089
16,349
Nasdaq,
Inc.
965,081
9,783
Northern
Trust
Corp.
824,120
52,550
PayPal
Holdings,
Inc.*
3,310,125
19,070
PNC
Financial
Services
Group,
Inc.
(The)
3,001,427
11,280
Principal
Financial
Group,
Inc.
925,411
27,967
Progressive
Corp.
(The)
5,906,071
17,470
Prudential
Financial,
Inc.
2,102,515
9,031
Raymond
James
Financial,
Inc.
1,108,555
43,943
Regions
Financial
Corp.
850,297
6,215
Rocket
Cos.,
Inc.,
Class
A*
86,388
15,037
S&P
Global,
Inc.
6,428,468
14,417
State
Street
Corp.
1,089,781
19,385
Synchrony
Financial
849,063
10,566
T.
Rowe
Price
Group,
Inc.
1,244,992
11,023
Travelers
Cos.,
Inc.
(The)
2,377,661
63,652
Truist
Financial
Corp.
2,402,863
70,852
US
Bancorp
2,873,049
75,702
Visa,
Inc.,
Class
A
20,625,767
9,697
W
R
Berkley
Corp.
785,748
171,298
Wells
Fargo &
Co.
10,264,176
4,943
Willis
Towers
Watson
PLC
1,261,898
270,897,206
Health
Care
–
12.0%
82,904
Abbott
Laboratories
8,471,960
84,538
AbbVie,
Inc.
13,630,907
14,122
Agilent
Technologies,
Inc.
1,841,650
3,431
Align
Technology,
Inc.*
882,488
5,938
Alnylam
Pharmaceuticals,
Inc.*
881,377
25,516
Amgen,
Inc.
7,804,069
31,210
Avantor,
Inc.*
751,537
GOLDMAN
SACHS
MARKETBETA
®
U.S.
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Health
Care
–
(continued)
24,160
Baxter
International,
Inc.
$
823,614
13,892
Becton
Dickinson
&
Co.
3,222,527
6,893
Biogen,
Inc.*
1,550,511
8,874
BioMarin
Pharmaceutical,
Inc.*
666,171
69,878
Boston
Scientific
Corp.*
5,280,680
97,442
Bristol-Myers
Squibb
Co.
4,003,892
11,650
Cardinal
Health,
Inc.
1,156,495
8,063
Cencora,
Inc.
1,826,834
25,533
Centene
Corp.*
1,827,907
14,089
Cigna
Group
(The)
4,855,351
9,466
Cooper
Cos.,
Inc.
(The)
892,738
61,347
CVS
Health
Corp.
3,656,281
31,571
Danaher
Corp.
8,107,433
18,505
Dexcom,
Inc.*
2,197,839
28,805
Edwards
Lifesciences
Corp.*
2,502,866
11,319
Elevance
Health,
Inc.
6,095,055
40,499
Eli
Lilly
&
Co.
33,222,950
17,456
GE
HealthCare
Technologies,
Inc.
1,361,568
59,680
Gilead
Sciences,
Inc.
3,835,634
9,397
HCA
Healthcare,
Inc.
3,192,631
11,163
Hologic,
Inc.*
823,606
5,775
Humana,
Inc.
2,068,143
3,943
IDEXX
Laboratories,
Inc.*
1,959,474
7,567
Illumina,
Inc.*
789,087
8,924
Incyte
Corp.*
515,718
16,690
Intuitive
Surgical,
Inc.*
6,711,383
8,533
IQVIA
Holdings,
Inc.*
1,869,495
115,341
Johnson &
Johnson
16,917,064
4,059
Labcorp
Holdings,
Inc.
791,140
6,290
McKesson
Corp.
3,582,721
63,731
Medtronic
PLC
5,185,791
121,518
Merck &
Co.,
Inc.
15,255,370
1,012
Mettler-Toledo
International,
Inc.*
1,420,939
15,872
Moderna,
Inc.*
2,262,554
270,463
Pfizer,
Inc.
7,751,470
5,335
Quest
Diagnostics,
Inc.
757,410
4,949
Regeneron
Pharmaceuticals,
Inc.*
4,850,812
6,949
ResMed,
Inc.
1,433,787
17,990
Royalty
Pharma
PLC,
Class
A
493,106
4,713
STERIS
PLC
1,050,433
15,153
Stryker
Corp.
5,168,537
18,462
Thermo
Fisher
Scientific,
Inc.
10,486,047
44,435
UnitedHealth
Group,
Inc.
22,011,766
7,047
Veeva
Systems,
Inc.,
Class
A*
1,227,940
12,326
Vertex
Pharmaceuticals,
Inc.*
5,612,521
57,305
Viatris,
Inc.
607,433
2,816
Waters
Corp.*
869,862
3,536
West
Pharmaceutical
Services,
Inc.
1,171,866
9,995
Zimmer
Biomet
Holdings,
Inc.
1,150,924
22,132
Zoetis,
Inc.
3,752,702
253,092,066
Industrials
–
8.1%
26,438
3M
Co.
2,647,501
5,769
A
O
Smith
Corp.
482,519
11,013
AMETEK,
Inc.
1,867,585
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Industrials
–
(continued)
19,794
Automatic
Data
Processing,
Inc.
$
4,847,946
26,709
Boeing
Co.
(The)*
4,743,785
5,613
Broadridge
Financial
Solutions,
Inc.
1,126,922
38,149
Carrier
Global
Corp.
2,410,635
24,367
Caterpillar,
Inc.
8,248,717
4,140
Cintas
Corp.
2,806,796
40,608
Copart,
Inc.*
2,154,660
93,604
CSX
Corp.
3,159,135
6,533
Cummins,
Inc.
1,840,542
12,278
Deere
&
Co.
4,601,303
30,698
Delta
Air
Lines,
Inc.
1,566,212
6,667
Dover
Corp.
1,225,528
18,999
Eaton
Corp.
PLC
6,323,817
27,298
Emerson
Electric
Co.
3,061,744
5,825
Equifax,
Inc.
1,347,847
6,851
Expeditors
International
of
Washington,
Inc.
828,286
27,320
Fastenal
Co.
1,802,574
10,835
FedEx
Corp.
2,751,657
9,270
Ferguson
PLC
1,907,210
16,814
Fortive
Corp.
1,251,634
10,815
General
Dynamics
Corp.
3,242,013
52,207
General
Electric
Co.
8,621,464
31,224
Honeywell
International,
Inc.
6,313,181
14,525
Illinois
Tool
Works,
Inc.
3,525,944
19,350
Ingersoll
Rand,
Inc.
1,800,517
3,936
J.B.
Hunt
Transport
Services,
Inc.
632,712
32,645
Johnson
Controls
International
PLC
2,347,502
9,050
L3Harris
Technologies,
Inc.
2,034,711
6,536
Leidos
Holdings,
Inc.
961,119
11,521
Lockheed
Martin
Corp.
5,418,787
10,399
Masco
Corp.
727,098
10,810
Norfolk
Southern
Corp.
2,430,088
7,088
Northrop
Grumman
Corp.
3,195,058
9,142
Old
Dominion
Freight
Line,
Inc.
1,602,135
19,796
Otis
Worldwide
Corp.
1,963,763
24,705
PACCAR,
Inc.
2,655,787
6,109
Parker-Hannifin
Corp.
3,247,056
15,412
Paychex,
Inc.
1,851,906
6,879
Quanta
Services,
Inc.
1,898,191
9,884
Republic
Services,
Inc.
1,830,418
5,492
Rockwell
Automation,
Inc.
1,414,355
14,214
Rollins,
Inc.
649,438
63,559
RTX
Corp.
6,852,296
2,491
Snap-on,
Inc.
679,694
28,428
Southwest
Airlines
Co.
763,008
10,419
SS&C
Technologies
Holdings,
Inc.
646,499
7,255
Stanley
Black
&
Decker,
Inc.
632,418
9,082
Textron,
Inc.
795,674
10,907
Trane
Technologies
PLC
3,571,606
2,472
TransDigm
Group,
Inc.
3,320,465
9,243
TransUnion
664,757
95,815
Uber
Technologies,
Inc.*
6,185,816
29,170
Union
Pacific
Corp.
6,791,359
15,648
United
Airlines
Holdings,
Inc.*
829,188
34,722
United
Parcel
Service,
Inc.,
Class
B
4,823,927
GOLDMAN
SACHS
MARKETBETA
®
U.S.
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Industrials
–
(continued)
3,213
United
Rentals,
Inc.
$
2,150,814
6,909
Verisk
Analytics,
Inc.
1,746,457
1,899
W.W.
Grainger,
Inc.
1,749,853
19,456
Waste
Management,
Inc.
4,099,963
8,528
Westinghouse
Air
Brake
Technologies
Corp.
1,443,193
11,379
Xylem,
Inc.
1,604,667
170,719,452
Information
Technology
–
31.1%
30,113
Accenture
PLC,
Class
A
8,500,599
21,788
Adobe,
Inc.*
9,690,431
76,602
Advanced
Micro
Devices,
Inc.*
12,784,874
7,136
Akamai
Technologies,
Inc.*
658,225
5,513
Amdocs
Ltd.
435,527
28,286
Amphenol
Corp.,
Class
A
3,744,218
24,151
Analog
Devices,
Inc.
5,663,168
4,140
ANSYS,
Inc.*
1,314,243
709,602
Apple,
Inc.
136,420,985
40,142
Applied
Materials,
Inc.
8,633,741
11,319
Arista
Networks,
Inc.*
3,369,100
4,577
ARM
Holdings
PLC
ADR*
551,620
7,411
Atlassian
Corp.,
Class
A*
1,162,489
10,236
Autodesk,
Inc.*
2,063,578
21,992
Broadcom,
Inc.
29,217,472
12,933
Cadence
Design
Systems,
Inc.*
3,702,847
6,443
CDW
Corp.
1,440,784
195,250
Cisco
Systems,
Inc.
9,079,125
13,692
Cloudflare,
Inc.,
Class
A*
926,811
24,291
Cognizant
Technology
Solutions
Corp.,
Class
A
1,606,850
36,810
Corning,
Inc.
1,371,541
10,599
Crowdstrike
Holdings,
Inc.,
Class
A*
3,324,588
12,509
Datadog,
Inc.,
Class
A*
1,378,242
14,206
Dell
Technologies,
Inc.,
Class
C
1,982,589
6,345
Enphase
Energy,
Inc.*
811,526
2,692
EPAM
Systems,
Inc.*
478,988
1,172
Fair
Isaac
Corp.*
1,511,798
29,367
Fortinet,
Inc.*
1,742,050
3,662
Gartner,
Inc.*
1,536,832
29,678
Gen
Digital,
Inc.
736,905
3,635
GLOBALFOUNDRIES,
Inc.*
178,115
61,658
Hewlett
Packard
Enterprise
Co.
1,088,264
47,178
HP,
Inc.
1,721,997
2,324
HubSpot,
Inc.*
1,420,080
199,790
Intel
Corp.
6,163,521
43,481
International
Business
Machines
Corp.
7,254,805
13,045
Intuit,
Inc.
7,519,660
8,337
Keysight
Technologies,
Inc.*
1,154,508
6,561
KLA
Corp.
4,983,276
6,270
Lam
Research
Corp.
5,846,399
41,034
Marvell
Technology,
Inc.
2,823,550
25,613
Microchip
Technology,
Inc.
2,490,352
52,255
Micron
Technology,
Inc.
6,531,875
351,273
Microsoft
Corp.
145,823,960
3,340
MongoDB,
Inc.*
788,440
8,011
Motorola
Solutions,
Inc.
2,923,294
9,839
NetApp,
Inc.
1,184,911
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
113,631
NVIDIA
Corp.
$
124,577,074
7,633
Okta,
Inc.*
676,894
20,613
ON
Semiconductor
Corp.*
1,505,574
74,457
Oracle
Corp.
8,725,616
94,383
Palantir
Technologies,
Inc.,
Class
A*
2,046,223
15,320
Palo
Alto
Networks,
Inc.*
4,518,021
53,304
QUALCOMM,
Inc.
10,876,681
5,095
Roper
Technologies,
Inc.
2,714,412
45,057
Salesforce,
Inc.
10,563,163
9,236
Seagate
Technology
Holdings
PLC
861,165
9,744
ServiceNow,
Inc.*
6,401,126
7,606
Skyworks
Solutions,
Inc.
704,772
15,122
Snowflake,
Inc.,
Class
A*
2,059,314
2,392
Super
Micro
Computer,
Inc.*
1,876,548
7,244
Synopsys,
Inc.*
4,062,435
14,768
TE
Connectivity
Ltd.
2,210,770
7,408
Teradyne,
Inc.
1,044,084
43,297
Texas
Instruments,
Inc.
8,443,348
11,824
Trimble,
Inc.*
658,360
4,173
VeriSign,
Inc.*
727,437
15,304
Western
Digital
Corp.*
1,152,238
9,932
Workday,
Inc.,
Class
A*
2,100,121
2,448
Zebra
Technologies
Corp.,
Class
A*
764,608
12,162
Zoom
Video
Communications,
Inc.,
Class
A*
746,017
4,213
Zscaler,
Inc.*
716,041
656,470,795
Materials
–
2.2%
10,487
Air
Products
and
Chemicals,
Inc.
2,796,883
5,606
Albemarle
Corp.
687,240
69,164
Amcor
PLC
703,398
14,839
Ball
Corp.
1,030,272
5,314
Celanese
Corp.
807,941
33,607
Corteva,
Inc.
1,879,976
33,148
CRH
PLC
2,710,180
33,860
Dow,
Inc.
1,951,352
18,118
DuPont
de
Nemours,
Inc.
1,488,575
12,090
Ecolab,
Inc.
2,807,298
68,370
Freeport-McMoRan,
Inc.
3,605,150
12,207
International
Flavors
&
Fragrances,
Inc.
1,174,069
16,456
International
Paper
Co.
742,001
23,420
Linde
PLC
10,199,878
12,199
LyondellBasell
Industries
NV,
Class
A
1,212,825
2,955
Martin
Marietta
Materials,
Inc.
1,690,496
55,160
Newmont
Corp.
2,313,410
11,509
Nucor
Corp.
1,943,295
4,249
Packaging
Corp.
of
America
779,649
11,259
PPG
Industries,
Inc.
1,479,545
11,340
Sherwin-Williams
Co.
(The)
3,445,092
4,126
Southern
Copper
Corp.
(Mexico)
489,467
6,353
Vulcan
Materials
Co.
1,624,907
47,562,899
GOLDMAN
SACHS
MARKETBETA
®
U.S.
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Real
Estate
–
2.0%
7,453
Alexandria
Real
Estate
Equities,
Inc.
REIT
$
886,907
22,303
American
Tower
Corp.
REIT
4,365,589
6,789
AvalonBay
Communities,
Inc.
REIT
1,308,105
14,821
CBRE
Group,
Inc.,
Class
A*
1,305,285
19,416
CoStar
Group,
Inc.*
1,517,749
20,679
Crown
Castle,
Inc.
REIT
2,119,597
14,938
Digital
Realty
Trust,
Inc.
REIT
2,171,089
4,472
Equinix,
Inc.
REIT
3,412,047
16,366
Equity
Residential
REIT
1,064,281
3,050
Essex
Property
Trust,
Inc.
REIT
792,360
10,007
Extra
Space
Storage,
Inc.
REIT
1,448,713
33,803
Healthpeak
Properties,
Inc.
REIT
672,680
33,683
Host
Hotels
&
Resorts,
Inc.
REIT
604,273
27,399
Invitation
Homes,
Inc.
REIT
953,211
13,857
Iron
Mountain,
Inc.
REIT
1,118,121
5,561
Mid-America
Apartment
Communities,
Inc.
REIT
743,561
44,153
Prologis,
Inc.
REIT
4,878,465
7,571
Public
Storage
REIT
2,073,167
41,197
Realty
Income
Corp.
REIT
2,185,913
5,129
SBA
Communications
Corp.
REIT
1,008,772
15,517
Simon
Property
Group,
Inc.
REIT
2,347,877
19,220
Ventas,
Inc.
REIT
965,997
49,472
VICI
Properties,
Inc.
REIT
1,420,341
28,307
Welltower,
Inc.
REIT
2,934,587
35,021
Weyerhaeuser
Co.
REIT
1,051,681
43,350,368
Utilities
–
2.3%
12,033
Alliant
Energy
Corp.
619,579
12,526
Ameren
Corp.
919,033
25,192
American
Electric
Power
Co.,
Inc.
2,273,578
9,315
American
Water
Works
Co.,
Inc.
1,218,123
7,189
Atmos
Energy
Corp.
833,349
3,393
Avangrid,
Inc.
122,182
30,214
CenterPoint
Energy,
Inc.
921,829
14,230
CMS
Energy
Corp.
895,494
16,523
Consolidated
Edison,
Inc.
1,562,250
15,153
Constellation
Energy
Corp.
3,291,989
40,025
Dominion
Energy,
Inc.
2,158,148
9,818
DTE
Energy
Co.
1,144,091
36,890
Duke
Energy
Corp.
3,820,697
18,335
Edison
International
1,409,045
10,092
Entergy
Corp.
1,135,249
10,864
Evergy,
Inc.
593,826
16,678
Eversource
Energy
987,838
47,563
Exelon
Corp.
1,785,991
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Utilities
–
(continued)
26,052
FirstEnergy
Corp.
$
1,048,853
96,884
NextEra
Energy,
Inc.
7,752,658
21,393
NiSource,
Inc.
621,681
97,556
PG&E
Corp.
1,808,688
35,312
PPL
Corp.
1,035,701
23,892
Public
Service
Enterprise
Group,
Inc.
1,810,058
30,148
Sempra
2,322,300
52,118
Southern
Co.
(The)
4,176,736
15,096
WEC
Energy
Group,
Inc.
1,223,229
26,358
Xcel
Energy,
Inc.
1,461,551
48,953,746
TOTAL
COMMON
STOCKS
(Cost
$1,763,199,958)
2,108,211,403
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.1%
(b)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
–
Institutional
Shares
2,468,780
5.180%
2,468,780
(Cost
$2,468,780)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$1,765,668,738)
2,110,680,183
a
Securities
Lending
Reinvestment
Vehicle
–
0.0%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
80,752
5.227%
80,752
(Cost
$80,752)
TOTAL
INVESTMENTS
–
99.9%
(Cost
$1,765,749,490)
$
2,110,760,935
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.1%
2,329,473
NET
ASSETS
–
100.0%
$
2,113,090,408
  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.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
GOLDMAN
SACHS
MARKETBETA
®
U.S.
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Additional
Investment
Information 
**End
swaps
header**
FUTURES
CONTRACTS
—
At
May
31,
2024,
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
4
06/21/24
$
1,059,100
$
12,559
Goldman
Sachs
MarketBeta
®
ETFs
Schedule
of
Investments
May
31,
2024
(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)
May
31,
2024
(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
May
31,
2024:
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
MarketBeta
®
ETFs
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
MarketBeta
®
Emerging
Markets
Equity
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Africa
$
2,831,204
$
—
$
—
Asia
95,063,228
2,304,116
—
Europe
987,069
—
—
North
America
2,906,622
—
—
Oceania
14,089
—
—
South
America
4,836,248
1,466,273
—
Exchange-Traded
Fund
295,693
—
—
Investment
Company
953,141
—
—
Securities
Lending
Reinvestment
Vehicle
430,908
—
—
Total
$
108,318,202
$
3,770,389
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Liabilities
Futures
Contracts
(b)
$
(1,399)
$
$
—
$
—
€
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
$
1,758,601
$
—
$
—
Asia
243,491,399
—
—
Europe
427,578,784
2,864,629
—
North
America
70,459,571
795,434
—
Oceania
63,901,438
—
—
South
America
655,664
—
—
Investment
Company
4,771,320
—
—
Securities
Lending
Reinvestment
Vehicle
2,082,863
—
—
Total
$
814,699,640
$
3,660,063
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Futures
Contracts
(b)
$
123,922
$
—
$
$
—
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
$
631,422
$
—
$
—
Europe
171
—
—
North
America
495,414,422
275,370
—
South
America
459,552
—
—
Investment
Company
578,437
—
—
Securities
Lending
Reinvestment
Vehicle
13,787
—
—
Total
$
497,097,791
$
275,370
$
—
€
1.00
€
1.00
€
1.00
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
MarketBeta
®
ETFs
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
For
further
information
regarding
security
characteristics,
see
the
Schedules
of
Investments.
Derivative
Type
Assets
Futures
Contracts
(b)
$
16,653
$
$
—
$
$
—
€
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
$
256,349
$
—
$
—
North
America
481,008,972
—
—
South
America
320,566
—
—
Investment
Company
963,971
—
—
Securities
Lending
Reinvestment
Vehicle
234,446
—
—
Total
$
482,784,304
$
—
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Futures
Contracts
(b)
$
7,829
$
—
$
$
—
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
$
1,951,319
$
—
$
—
North
America
2,102,543,185
—
—
South
America
3,716,899
—
—
Investment
Company
2,468,780
—
—
Securities
Lending
Reinvestment
Vehicle
80,752
—
—
Total
$
2,110,760,935
$
—
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Futures
Contracts
(b)
$
12,559
$
—
$
$
—
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)
May
31,
2024
(Unaudited)
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.
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.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
MarketBeta
®
ETFs
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
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
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.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
MarketBeta
®
ETFs
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
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.
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)