GOLDMAN

SACHS

BLOOMBERG

CLEAN

ENERGY

EQUITY

ETF

Schedule

of

Investments

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

98.9%

Austria

–

0.2%

258

Verbund

AG

(Utilities)

$

21,230

Belgium

–

0.4%

220

Elia

Group

SA/NV

(Utilities)

22,307

1,220

Umicore

SA

(Materials)

24,012

46,319

Brazil

–

1.1%

4,761

Centrais

Eletricas

Brasileiras

SA

(Utilities)

31,514

6,287

Cia

Paranaense

de

Energia

(Utilities)

9,737

1,650

Cosan

SA

(Energy)*

4,276

1,492

CPFL

Energia

SA

(Utilities)

9,680

4,461

Energisa

SA

(Utilities)

38,797

1,382

Engie

Brasil

Energia

SA

(Utilities)

11,396

1,280

Sao

Martinho

SA

(Consumer

Staples)

6,610

2,748

Transmissora

Alianca

de

Energia

Eletrica

SA

(Utilities)

17,923

129,933

Canada

–

2.8%

4,178

Algonquin

Power

&

Utilities

Corp.

(Utilities)

26,267

137

Atco

Ltd.,

Class

I

(Utilities)

3,972

242

AtkinsRealis

Group,

Inc.

(Industrials)

9,469

812

Boralex,

Inc.,

Class

A

(Utilities)

20,605

162

Capital

Power

Corp.

(Utilities)

4,674

3,776

Fortis,

Inc.

(Utilities)

150,996

2,442

Hydro

One

Ltd.

(Utilities)

(a)

70,332

1,204

Innergex

Renewable

Energy,

Inc.

(Utilities)

8,620

1,981

Northland

Power,

Inc.

(Utilities)

(b)

33,861

1,617

TransAlta

Corp.

(Utilities)

11,613

340,409

China

–

10.5%

1,100

Beijing

Easpring

Material

Technology

Co.

Ltd.,

Class

A

(Industrials)

6,006

4,000

BYD

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

126,044

7,863

BYD

Co.

Ltd.,

Class

H

(Consumer

Discretionary)

220,713

8,800

CECEP

Solar

Energy

Co.

Ltd.,

Class

A

(Utilities)

6,308

4,300

China

Baoan

Group

Co.

Ltd.,

Class

A

(Industrials)

5,857

26,647

China

Longyuan

Power

Group

Corp.

Ltd.,

Class

H

(Utilities)

24,285

41,200

China

National

Nuclear

Power

Co.

Ltd.,

Class

A

(Utilities)

54,306

62,500

China

Three

Gorges

Renewables

Group

Co.

Ltd.,

Class

A

(Utilities)

40,159

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

9,680

Contemporary

Amperex

Technology

Co.

Ltd.,

Class

A

(Industrials)

$

263,392

448

Daqo

New

Energy

Corp.

ADR

(Information

Technology)*

10,089

4,600

Dongfang

Electric

Corp.

Ltd.,

Class

A

(Industrials)

11,633

4,500

Eve

Energy

Co.

Ltd.,

Class

A

(Industrials)

24,259

2,667

Farasis

Energy

Gan

Zhou

Co.

Ltd.,

Class

A

(Industrials)*

4,341

3,500

Flat

Glass

Group

Co.

Ltd.,

Class

A

(Information

Technology)

11,856

3,485

Flat

Glass

Group

Co.

Ltd.,

Class

H

(Information

Technology)

7,047

600

Ganfeng

Lithium

Group

Co.

Ltd.,

Class

A

(Materials)

2,776

458

Ganfeng

Lithium

Group

Co.

Ltd.,

Class

H

(Materials)

(a)

1,262

156,616

GCL

Technology

Holdings

Ltd.

(Information

Technology)

29,228

11,600

GEM

Co.

Ltd.,

Class

A

(Materials)

10,470

850

Ginlong

Technologies

Co.

Ltd.,

Class

A

(Industrials)

6,713

7,900

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

A

(Industrials)

8,478

436

GoodWe

Technologies

Co.

Ltd.,

Class

A

(Industrials)

6,164

3,900

Gotion

High-tech

Co.

Ltd.,

Class

A

(Industrials)*

10,893

4,300

Guangzhou

Tinci

Materials

Technology

Co.

Ltd.,

Class

A

(Materials)

11,567

4,132

Hangzhou

First

Applied

Material

Co.

Ltd.,

Class

A

(Information

Technology)*

14,742

3,700

Hengdian

Group

DMEGC

Magnetics

Co.

Ltd.,

Class

A

(Information

Technology)

7,051

200

Hoymiles

Power

Electronics,

Inc.,

Class

A

(Industrials)

6,445

1,504

Hoyuan

Green

Energy

Co.

Ltd.,

Class

A

(Information

Technology)

4,373

7,204

JA

Solar

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

14,967

256

JinkoSolar

Holding

Co.

Ltd.

ADR

(Information

Technology)

7,614

16,560

LONGi

Green

Energy

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

42,357

5,100

Ming

Yang

Smart

Energy

Group

Ltd.,

Class

A

(Industrials)

7,136

3,800

Ningbo

Shanshan

Co.

Ltd.,

Class

A

(Materials)

5,532

GOLDMAN

SACHS

BLOOMBERG

CLEAN

ENERGY

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

392

Pylon

Technologies

Co.

Ltd.,

Class

A

(Industrials)

$

3,395

2,500

Risen

Energy

Co.

Ltd.,

Class

A

(Information

Technology)

4,953

4,100

Shanghai

Aiko

Solar

Energy

Co.

Ltd.,

Class

A

(Information

Technology)

6,572

4,300

Shanghai

Electric

Group

Co.

Ltd.,

Class

A

(Industrials)*

2,491

4,535

Shanghai

Putailai

New

Energy

Technology

Co.

Ltd.,

Class

A

(Materials)*

10,177

1,300

Shenzhen

Capchem

Technology

Co.

Ltd.,

Class

A

(Materials)

5,616

600

Shenzhen

SC

New

Energy

Technology

Corp.,

Class

A

(Information

Technology)

5,332

2,896

Shenzhen

Senior

Technology

Material

Co.

Ltd.,

Class

A

(Materials)*

3,821

3,200

Sungrow

Power

Supply

Co.

Ltd.,

Class

A

(Industrials)

43,452

3,100

Sunwoda

Electronic

Co.

Ltd.,

Class

A

(Industrials)

6,620

568

Suzhou

Maxwell

Technologies

Co.

Ltd.,

Class

A

(Information

Technology)

10,266

8,400

TBEA

Co.

Ltd.,

Class

A

(Industrials)

17,244

8,975

TCL

Zhonghuan

Renewable

Energy

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

13,645

4,100

Titan

Wind

Energy

Suzhou

Co.

Ltd.,

Class

A

(Industrials)*

6,019

9,800

Tongwei

Co.

Ltd.,

Class

A

(Information

Technology)*

31,026

4,791

Trina

Solar

Co.

Ltd.,

Class

A

(Information

Technology)

14,548

788

Wuxi

Autowell

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

6,168

3,100

Xiamen

Tungsten

Co.

Ltd.,

Class

A

(Materials)

8,117

2,200

Xiangtan

Electric

Manufacturing

Co.

Ltd.,

Class

A

(Industrials)*

3,463

3,855

Xinjiang

Daqo

New

Energy

Co.

Ltd.,

Class

A

(Information

Technology)*

14,199

32,550

Xinyi

Solar

Holdings

Ltd.

(Information

Technology)

21,386

4,800

Zhejiang

Chint

Electrics

Co.

Ltd.,

Class

A

(Industrials)

14,114

3,800

Zhejiang

Huayou

Cobalt

Co.

Ltd.,

Class

A

(Materials)

15,058

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

2,900

Zhejiang

Jingsheng

Mechanical

&

Electrical

Co.

Ltd.,

Class

A

(Information

Technology)

$

12,804

1,294,549

Czech

Republic

–

0.4%

1,258

CEZ

AS

(Utilities)

52,430

Denmark

–

2.4%

1,392

Orsted

AS

(Utilities)*

(a)

84,869

7,644

Vestas

Wind

Systems

A/S

(Industrials)*

214,555

299,424

Finland

–

0.9%

3,309

Fortum

OYJ

(Utilities)

50,346

2,894

Neste

OYJ

(Energy)

60,525

110,871

France

–

2.5%

10,530

Engie

SA

(Utilities)

177,587

44

Nexans

SA

(Industrials)

5,307

844

SPIE

SA

(Industrials)

34,762

778

Vinci

SA

(Industrials)

96,664

314,320

Germany

–

4.9%

17,371

E.ON

SE

(Utilities)

231,576

1,693

Infineon

Technologies

AG

(Information

Technology)

67,681

981

Nordex

SE

(Industrials)*

15,357

4,894

RWE

AG

(Utilities)

185,102

3,163

Siemens

Energy

AG

(Industrials)*

85,226

85

SMA

Solar

Technology

AG

(Information

Technology)

4,446

102

Wacker

Chemie

AG

(Materials)

11,284

600,672

Greece

–

0.0%

295

Public

Power

Corp.

SA

(Utilities)*

3,593

India

–

1.6%

3,479

Adani

Green

Energy

Ltd.

(Utilities)*

79,538

21,279

NHPC

Ltd.

(Utilities)

27,341

5,663

Power

Grid

Corp.

of

India

Ltd.

(Utilities)

21,032

5,120

SJVN

Ltd.

(Utilities)

8,569

79,138

Suzlon

Energy

Ltd.

(Industrials)*

45,176

1,955

Tata

Power

Co.

Ltd.

(The)

(Utilities)

10,229

202

Torrent

Power

Ltd.

(Utilities)

3,634

195,519

Italy

–

4.4%

9,155

A2A

SpA

(Utilities)

19,172

60,936

Enel

SpA

(Utilities)

440,309

442

ERG

SpA

(Utilities)

12,341

GOLDMAN

SACHS

BLOOMBERG

CLEAN

ENERGY

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Italy

–

(continued)

8,543

Terna

-

Rete

Elettrica

Nazionale

(Utilities)

$

71,616

543,438

Japan

–

3.8%

5,684

Chubu

Electric

Power

Co.,

Inc.

(Utilities)

78,363

2,662

Denso

Corp.

(Consumer

Discretionary)

43,078

1,250

Hitachi

Ltd.

(Industrials)

128,424

4,412

Kansai

Electric

Power

Co.,

Inc.

(The)

(Utilities)

79,652

3,452

Kyushu

Electric

Power

Co.,

Inc.

(Utilities)

40,233

680

NIDEC

Corp.

(Industrials)

33,938

2,979

Panasonic

Holdings

Corp.

(Consumer

Discretionary)

26,227

2,723

SUMCO

Corp.

(Information

Technology)

40,859

470,774

Portugal

–

0.8%

23,725

EDP

–

Energias

de

Portugal

SA

(Utilities)

96,095

Singapore

–

0.3%

885

STMicroelectronics

NV

(Information

Technology)

36,370

South

Korea

–

2.3%

133

CS

Wind

Corp.

(Industrials)

5,072

294

Doosan

Fuel

Cell

Co.

Ltd.

(Industrials)*

5,202

780

Ecopro

Co.

Ltd.

(Industrials)*

53,181

524

Hanwha

Solutions

Corp.

(Materials)

11,903

1,621

Korea

Electric

Power

Corp.

(Utilities)*

22,772

190

L&F

Co.

Ltd.

(Industrials)*

21,462

252

LG

Chem

Ltd.

(Materials)

63,976

103

OCI

Holdings

Co.

Ltd.

(Materials)

7,209

363

Samsung

SDI

Co.

Ltd.

(Information

Technology)

98,186

288,963

Spain

–

6.2%

142

Acciona

SA

(Utilities)

18,175

1,923

Endesa

SA

(Utilities)

38,203

47,505

Iberdrola

SA

(Utilities)

624,015

766

Naturgy

Energy

Group

SA

(Utilities)

20,523

3,146

Redeia

Corp.

SA

(Utilities)

56,489

616

Solaria

Energia

y

Medio

Ambiente

SA

(Utilities)*

7,884

765,289

Switzerland

–

1.1%

2,204

ABB

Ltd.

(Industrials)

120,687

117

BKW

AG

(Utilities)

18,416

139,103

Shares

Description

Value

a

Common

Stocks

–

(continued)

Taiwan

–

0.4%

2,509

Delta

Electronics,

Inc.

(Information

Technology)

$

25,172

3,879

Sino-American

Silicon

Products,

Inc.

(Information

Technology)

24,967

50,139

Thailand

–

0.1%

19,431

Energy

Absolute

PCL,

NVDR

(Utilities)

12,095

United

Kingdom

–

3.7%

3,055

Drax

Group

PLC

(Utilities)

20,168

21,396

National

Grid

PLC

(Utilities)

240,378

8,511

SSE

PLC

(Utilities)

190,175

450,721

United

States

–

48.1%

908

AES

Corp.

(The)

(Utilities)

19,604

348

Alliant

Energy

Corp.

(Utilities)

17,919

1,604

Ameren

Corp.

(Utilities)

117,685

3,151

American

Electric

Power

Co.,

Inc.

(Utilities)

284,378

1,139

Array

Technologies,

Inc.

(Industrials)*

16,151

421

Avangrid,

Inc.

(Utilities)

15,160

602

Avista

Corp.

(Utilities)

22,262

1,534

Bloom

Energy

Corp.,

Class

A

(Industrials)*

25,035

1,051

Brookfield

Renewable

Corp.,

Class

A

(Utilities)

33,130

866

CenterPoint

Energy,

Inc.

(Utilities)

26,422

647

Clearway

Energy,

Inc.,

Class

C

(Utilities)

18,116

2,093

Consolidated

Edison,

Inc.

(Utilities)

197,893

5,114

Dominion

Energy,

Inc.

(Utilities)

275,747

249

DTE

Energy

Co.

(Utilities)

29,016

3,018

Duke

Energy

Corp.

(Utilities)

312,574

3,008

Edison

International

(Utilities)

231,165

64

EMCOR

Group,

Inc.

(Industrials)

24,874

1,026

Enovix

Corp.

(Industrials)*

(b)

10,896

1,029

Enphase

Energy,

Inc.

(Information

Technology)*

131,609

1,279

Entergy

Corp.

(Utilities)

143,875

2,103

Eversource

Energy

(Utilities)

124,561

7,796

Exelon

Corp.

(Utilities)

292,740

786

First

Solar,

Inc.

(Information

Technology)*

213,603

470

Fluence

Energy,

Inc.

(Industrials)*

(b)

11,811

187

GE

Vernova,

Inc.

(Industrials)*

32,893

363

Generac

Holdings,

Inc.

(Industrials)*

53,437

748

General

Electric

Co.

(Industrials)

123,525

486

Green

Plains,

Inc.

(Energy)*

8,345

GOLDMAN

SACHS

BLOOMBERG

CLEAN

ENERGY

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

States

–

(continued)

843

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

REIT

(Financials)

$

28,063

351

Itron,

Inc.

(Information

Technology)*

37,750

375

MasTec,

Inc.

(Industrials)*

42,094

219

MGE

Energy,

Inc.

(Utilities)

17,548

9,831

NextEra

Energy,

Inc.

(Utilities)

786,677

960

NEXTracker,

Inc.,

Class

A

(Industrials)*

52,963

368

Northwestern

Energy

Group,

Inc.

(Utilities)

19,121

307

NRG

Energy,

Inc.

(Utilities)

24,867

592

ON

Semiconductor

Corp.

(Information

Technology)*

43,240

407

Ormat

Technologies,

Inc.

(Utilities)

30,688

56

Otter

Tail

Corp.

(Utilities)

5,066

12,628

PG&E

Corp.

(Utilities)

234,123

4,711

Plug

Power,

Inc.

(Industrials)*

(b)

15,688

3,907

Public

Service

Enterprise

Group,

Inc.

(Utilities)

295,994

198

Quanta

Services,

Inc.

(Industrials)

54,636

2,437

QuantumScape

Corp.

(Consumer

Discretionary)*

14,403

1,283

Schneider

Electric

SE

(Industrials)

316,798

3,851

Sempra

(Utilities)

296,643

438

SolarEdge

Technologies,

Inc.

(Information

Technology)*

21,458

1,497

Southern

Co.

(The)

(Utilities)

119,970

820

Sunnova

Energy

International,

Inc.

(Utilities)*

4,280

1,674

Sunrun,

Inc.

(Industrials)*

24,206

2,882

Tesla,

Inc.

(Consumer

Discretionary)*

513,227

88

Timken

Co.

(The)

(Industrials)

7,646

28

Valmont

Industries,

Inc.

(Industrials)

7,039

435

WEC

Energy

Group,

Inc.

(Utilities)

35,248

755

Wolfspeed,

Inc.

(Information

Technology)*

19,403

759

Xcel

Energy,

Inc.

(Utilities)

42,087

5,925,352

TOTAL

COMMON

STOCKS

(Cost

$11,819,037)

12,187,608

Shares

Description

Rate

Value

a

Preferred

Stocks

–

0.5%

Brazil

–

0.5%

1,932

Centrais

Eletricas

Brasileiras

SA,

Class

B

(Utilities)

4.66

%

14,384

11,651

Cia

Energetica

de

Minas

Gerais

(Utilities)

10.84

22,056

Shares

Description

Rate

Value

a

Preferred

Stocks

–

(continued)

Brazil

–

(continued)

8,266

Cia

Paranaense

de

Energia

(Utilities)

4.19

%

$

14,280

1,516

CTEEP-Cia

de

Transmissao

de

Energia

Eletrica

Paulista

(Utilities)

8.77

7,249

57,969

South

Korea

–

0.0%

47

LG

Chem

Ltd.

(Materials)

1.45

8,045

TOTAL

PREFERRED

STOCKS

(Cost

$72,275)

66,014

Units

Description

Expiration

Month

Value

aa

Right

–

0.1%

United

Kingdom

–

0.1%

1,866

National

Grid

PLC*

(Cost

$0)

06/24

4,658

Shares

Dividend

Rate

Value

aa

a

Investment

Company

–

0.2%

(c)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

21,791

5.180%

21,791

(Cost

$21,791)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$11,913,103)

12,280,071

a

Securities

Lending

Reinvestment

Vehicle

–

0.5%

(c)

a

a

a

a

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

62,597

5.227%

62,597

(Cost

$62,597)

TOTAL

INVESTMENTS

–

100.2%

(Cost

$11,975,700)

$

12,342,668

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(0.2)%

(23,947)

NET

ASSETS

–

100.0%

$

12,318,721

  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)

Represents

an

affiliated

issuer.

GOLDMAN

SACHS

BLOOMBERG

CLEAN

ENERGY

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

NVDR

—

Non-Voting

Depository

Receipt

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Sector

Name

%

of

Market

Value

Utilities

63.3

%

Industrials

17.4

Information

Technology

8.5

Consumer

Discretionary

7.6

Materials

1.6

Energy

0.6

Financials

0.2

Investment

Company

0.2

Consumer

Staples

0.1

Securities

Lending

Reinvestment

Vehicle

0.5

TOTAL

INVESTMENTS

100.0%

GOLDMAN

SACHS

EQUAL

WEIGHT

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

May

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.8%

Communication

Services

–

3.7%

8,220

Alphabet,

Inc.,

Class

A*

$

1,417,950

79,413

AT&T,

Inc.

1,446,905

5,217

Charter

Communications,

Inc.,

Class

A*

1,497,905

35,363

Comcast

Corp.,

Class

A

1,415,581

10,543

Electronic

Arts,

Inc.

1,400,954

44,464

Interpublic

Group

of

Cos.,

Inc.

(The)

1,394,836

15,256

Live

Nation

Entertainment,

Inc.*

1,430,097

3,103

Meta

Platforms,

Inc.,

Class

A

1,448,573

2,467

Netflix,

Inc.*

1,582,877

14,385

Omnicom

Group,

Inc.

1,337,230

33,994

Pinterest,

Inc.,

Class

A*

1,410,411

37,641

ROBLOX

Corp.,

Class

A*

1,265,490

9,419

Take-Two

Interactive

Software,

Inc.*

1,510,431

8,162

T-Mobile

US,

Inc.

1,428,023

15,959

Trade

Desk,

Inc.

(The),

Class

A*

1,480,676

34,251

Verizon

Communications,

Inc.

1,409,429

12,216

Walt

Disney

Co.

(The)

1,269,365

180,014

Warner

Bros

Discovery,

Inc.*

1,483,315

25,630,048

Consumer

Discretionary

–

8.2%

8,599

Airbnb,

Inc.,

Class

A*

1,246,253

7,601

Amazon.com,

Inc.*

1,341,120

459

AutoZone,

Inc.*

1,271,402

18,845

Best

Buy

Co.,

Inc.

1,598,433

395

Booking

Holdings,

Inc.

1,491,658

94,108

Carnival

Corp.*

1,419,149

433

Chipotle

Mexican

Grill,

Inc.*

1,355,082

9,522

D.R.

Horton,

Inc.

1,407,352

8,929

Darden

Restaurants,

Inc.

1,342,832

1,659

Deckers

Outdoor

Corp.*

1,814,813

2,606

Domino's

Pizza,

Inc.

1,325,359

10,623

DoorDash,

Inc.,

Class

A*

1,169,699

32,696

DraftKings,

Inc.,

Class

A*

1,148,610

26,286

eBay,

Inc.

1,425,227

10,238

Expedia

Group,

Inc.*

1,155,461

110,750

Ford

Motor

Co.

1,343,398

8,279

Garmin

Ltd.

1,356,514

30,369

General

Motors

Co.

1,366,301

8,590

Genuine

Parts

Co.

1,238,163

6,844

Hilton

Worldwide

Holdings,

Inc.

1,372,906

4,088

Home

Depot,

Inc.

(The)

1,368,949

30,308

Las

Vegas

Sands

Corp.

1,364,769

8,932

Lennar

Corp.,

Class

A

1,432,246

31,142

LKQ

Corp.

1,340,040

5,959

Lowe’s

Cos.,

Inc.

1,318,667

5,768

Marriott

International,

Inc.,

Class

A

1,333,389

4,958

McDonald's

Corp.

1,283,577

14,950

NIKE,

Inc.,

Class

B

1,420,998

182

NVR,

Inc.*

1,397,893

1,332

O'Reilly

Automotive,

Inc.*

1,283,062

3,783

Pool

Corp.

1,375,310

12,138

PulteGroup,

Inc.

1,424,030

10,528

Ross

Stores,

Inc.

1,471,393

9,972

Royal

Caribbean

Cruises

Ltd.*

1,472,665

18,478

Starbucks

Corp.

1,482,305

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Discretionary

–

(continued)

7,480

Tesla,

Inc.*

$

1,332,038

14,328

TJX

Cos.,

Inc.

(The)

1,477,217

4,985

Tractor

Supply

Co.

1,422,171

3,379

Ulta

Beauty,

Inc.*

1,335,009

4,798

Williams-Sonoma,

Inc.

1,406,870

10,088

Yum!

Brands,

Inc.

1,386,394

56,318,724

Consumer

Staples

–

6.9%

30,714

Altria

Group,

Inc.

1,420,523

22,919

Archer-Daniels-Midland

Co.

1,431,062

28,474

Brown-Forman

Corp.,

Class

B

1,305,818

13,284

Bunge

Global

SA

1,429,226

12,628

Church

&

Dwight

Co.,

Inc.

1,351,322

9,586

Clorox

Co.

(The)

1,261,134

21,864

Coca-Cola

Co.

(The)

1,375,902

14,704

Colgate-Palmolive

Co.

1,366,884

43,956

Conagra

Brands,

Inc.

1,313,405

5,300

Constellation

Brands,

Inc.,

Class

A

1,326,219

1,870

Costco

Wholesale

Corp.

1,514,494

9,833

Dollar

General

Corp.

1,346,236

11,343

Dollar

Tree,

Inc.*

1,337,907

10,849

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

1,338,333

19,231

General

Mills,

Inc.

1,322,131

7,012

Hershey

Co.

(The)

1,387,184

11,889

J

M

Smucker

Co.

(The)

1,327,288

23,560

Kellanova

1,421,610

72,169

Kenvue,

Inc.

1,392,862

40,461

Keurig

Dr

Pepper,

Inc.

1,385,789

9,876

Kimberly-Clark

Corp.

1,316,471

37,438

Kraft

Heinz

Co.

(The)

1,324,182

24,531

Kroger

Co.

(The)

1,284,688

16,422

Lamb

Weston

Holdings,

Inc.

1,449,898

18,086

McCormick

&

Co.,

Inc.

1,306,171

19,112

Mondelez

International,

Inc.,

Class

A

1,309,745

25,279

Monster

Beverage

Corp.*

1,312,486

7,699

PepsiCo,

Inc.

1,331,157

14,090

Philip

Morris

International,

Inc.

1,428,444

8,280

Procter &

Gamble

Co.

(The)

1,362,391

18,451

Sysco

Corp.

1,343,602

8,556

Target

Corp.

1,336,105

22,440

Tyson

Foods,

Inc.,

Class

A

1,284,690

77,859

Walgreens

Boots

Alliance,

Inc.

1,262,873

22,888

Walmart,

Inc.

1,505,115

47,513,347

Energy

–

5.2%

44,449

APA

Corp.

1,357,028

42,401

Baker

Hughes

Co.

1,419,585

8,602

Cheniere

Energy,

Inc.

1,357,310

8,476

Chevron

Corp.

1,375,655

10,889

ConocoPhillips

1,268,351

50,431

Coterra

Energy,

Inc.

1,438,292

26,969

Devon

Energy

Corp.

1,323,638

6,979

Diamondback

Energy,

Inc.

1,390,636

10,434

EOG

Resources,

Inc.

1,299,555

35,024

EQT

Corp.

1,439,136

GOLDMAN

SACHS

EQUAL

WEIGHT

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Energy

–

(continued)

23,819

Exxon

Mobil

Corp.

$

2,793,016

37,211

Halliburton

Co.

1,365,644

8,694

Hess

Corp.

1,339,745

74,473

Kinder

Morgan,

Inc.

1,451,479

51,822

Marathon

Oil

Corp.

1,500,765

7,612

Marathon

Petroleum

Corp.

1,344,355

21,131

Occidental

Petroleum

Corp.

1,320,687

17,470

ONEOK,

Inc.

1,415,070

26,938

Ovintiv,

Inc.

1,391,886

9,708

Phillips

66

1,379,604

28,768

Schlumberger

NV

1,320,163

12,125

Targa

Resources

Corp.

1,433,539

2,400

Texas

Pacific

Land

Corp.

1,474,344

8,697

Valero

Energy

Corp.

1,366,647

35,874

Williams

Cos.,

Inc.

(The)

1,489,130

36,055,260

Financials

–

14.7%

15,973

Aflac,

Inc.

1,435,493

7,854

Allstate

Corp.

(The)

1,315,702

5,841

American

Express

Co.

1,401,840

17,904

American

International

Group,

Inc.

1,411,193

3,281

Ameriprise

Financial,

Inc.

1,432,517

4,772

Aon

PLC,

Class

A

1,343,986

12,555

Apollo

Global

Management,

Inc.

1,458,389

14,274

Arch

Capital

Group

Ltd.*

1,464,941

10,282

Ares

Management

Corp.,

Class

A

1,441,228

5,650

Arthur

J

Gallagher

&

Co.

1,431,314

36,736

Bank

of

America

Corp.

1,469,073

24,099

Bank

of

New

York

Mellon

Corp.

(The)

1,436,541

3,381

Berkshire

Hathaway,

Inc.,

Class

B*

1,401,086

1,785

BlackRock,

Inc.

1,378,074

11,566

Blackstone,

Inc.

1,393,703

20,394

Block,

Inc.*

1,306,848

16,433

Brown

&

Brown,

Inc.

1,470,918

9,552

Capital

One

Financial

Corp.

1,314,642

7,509

Cboe

Global

Markets,

Inc.

1,298,982

18,368

Charles

Schwab

Corp.

(The)

1,346,007

5,408

Chubb

Ltd.

1,464,595

11,630

Cincinnati

Financial

Corp.

1,367,455

22,183

Citigroup,

Inc.

1,382,223

39,003

Citizens

Financial

Group,

Inc.

1,376,416

6,443

CME

Group,

Inc.

1,307,800

6,590

Coinbase

Global,

Inc.,

Class

A*

1,488,813

4,547

Corpay,

Inc.*

1,217,095

10,903

Discover

Financial

Services

1,337,362

3,657

Everest

Group

Ltd.

1,429,631

3,219

FactSet

Research

Systems,

Inc.

1,301,313

20,196

Fidelity

National

Information

Services,

Inc.

1,532,472

36,766

Fifth

Third

Bancorp

1,375,784

800

First

Citizens

BancShares,

Inc.,

Class

A

1,358,744

9,021

Fiserv,

Inc.*

1,350,985

12,365

Global

Payments,

Inc.

1,259,375

3,176

Goldman

Sachs

Group,

Inc.

(The)

(a)

1,449,908

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

13,932

Hartford

Financial

Services

Group,

Inc.

(The)

$

1,441,265

99,652

Huntington

Bancshares,

Inc.

1,387,156

10,440

Intercontinental

Exchange,

Inc.

1,397,916

8,295

Jack

Henry

&

Associates,

Inc.

1,366,021

7,053

JPMorgan

Chase &

Co.

1,429,149

92,646

KeyCorp

1,331,323

14,356

KKR

&

Co.,

Inc.

1,476,371

17,802

Loews

Corp.

1,367,194

5,106

LPL

Financial

Holdings,

Inc.

1,461,388

9,318

M&T

Bank

Corp.

1,412,609

920

Markel

Group,

Inc.*

1,510,263

6,750

Marsh

&

McLennan

Cos.,

Inc.

1,401,165

3,040

Mastercard,

Inc.,

Class

A

1,359,093

18,845

MetLife,

Inc.

1,363,813

3,632

Moody's

Corp.

1,441,868

14,900

Morgan

Stanley

1,457,816

2,862

MSCI,

Inc.

1,417,205

22,564

Nasdaq,

Inc.

1,331,953

16,398

Northern

Trust

Corp.

1,381,367

20,555

PayPal

Holdings,

Inc.*

1,294,759

8,800

PNC

Financial

Services

Group,

Inc.

(The)

1,385,032

17,071

Principal

Financial

Group,

Inc.

1,400,505

6,365

Progressive

Corp.

(The)

1,344,161

12,082

Prudential

Financial,

Inc.

1,454,069

11,120

Raymond

James

Financial,

Inc.

1,364,980

69,419

Regions

Financial

Corp.

1,343,258

3,250

S&P

Global,

Inc.

1,389,407

18,638

State

Street

Corp.

1,408,846

31,031

Synchrony

Financial

1,359,158

12,264

T.

Rowe

Price

Group,

Inc.

1,445,067

6,338

Travelers

Cos.,

Inc.

(The)

1,367,107

35,784

Truist

Financial

Corp.

1,350,846

33,194

US

Bancorp

1,346,017

5,030

Visa,

Inc.,

Class

A

1,370,474

17,323

W

R

Berkley

Corp.

1,403,683

22,746

Wells

Fargo &

Co.

1,362,940

5,326

Willis

Towers

Watson

PLC

1,359,675

101,437,367

Health

Care

–

11.6%

12,642

Abbott

Laboratories

1,291,886

8,279

AbbVie,

Inc.

1,334,906

9,775

Agilent

Technologies,

Inc.

1,274,758

4,833

Align

Technology,

Inc.*

1,243,096

9,250

Alnylam

Pharmaceuticals,

Inc.*

1,372,978

4,896

Amgen,

Inc.

1,497,442

56,496

Avantor,

Inc.*

1,360,424

33,481

Baxter

International,

Inc.

1,141,367

5,780

Becton

Dickinson

&

Co.

1,340,787

6,259

Biogen,

Inc.*

1,407,899

16,582

BioMarin

Pharmaceutical,

Inc.*

1,244,811

18,777

Boston

Scientific

Corp.*

1,418,978

30,624

Bristol-Myers

Squibb

Co.

1,258,340

13,179

Cardinal

Health,

Inc.

1,308,279

5,886

Cencora,

Inc.

1,333,591

18,509

Centene

Corp.*

1,325,059

3,786

Cigna

Group

(The)

1,304,731

15,046

Cooper

Cos.,

Inc.

(The)

1,418,988

GOLDMAN

SACHS

EQUAL

WEIGHT

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

–

(continued)

23,857

CVS

Health

Corp.

$

1,421,877

5,508

Danaher

Corp.

1,414,454

10,697

Dexcom,

Inc.*

1,270,483

16,039

Edwards

Lifesciences

Corp.*

1,393,629

2,568

Elevance

Health,

Inc.

1,382,817

1,748

Eli

Lilly

&

Co.

1,433,954

23,182

Exact

Sciences

Corp.*

1,053,622

17,299

GE

HealthCare

Technologies,

Inc.

1,349,322

20,661

Gilead

Sciences,

Inc.

1,327,882

4,354

HCA

Healthcare,

Inc.

1,479,272

17,750

Hologic,

Inc.*

1,309,595

4,272

Humana,

Inc.

1,529,889

2,896

IDEXX

Laboratories,

Inc.*

1,439,167

10,992

Illumina,

Inc.*

1,146,246

7,902

Insulet

Corp.*

1,400,155

3,627

Intuitive

Surgical,

Inc.*

1,458,489

5,870

IQVIA

Holdings,

Inc.*

1,286,058

8,968

Johnson &

Johnson

1,315,337

6,730

Labcorp

Holdings,

Inc.

1,311,744

2,539

McKesson

Corp.

1,446,189

16,681

Medtronic

PLC

1,357,333

10,490

Merck &

Co.,

Inc.

1,316,915

1,095

Mettler-Toledo

International,

Inc.*

1,537,479

12,370

Moderna,

Inc.*

1,763,343

3,964

Molina

Healthcare,

Inc.*

1,246,995

50,733

Pfizer,

Inc.

1,454,008

9,839

Quest

Diagnostics,

Inc.

1,396,843

1,506

Regeneron

Pharmaceuticals,

Inc.*

1,476,121

6,313

ResMed,

Inc.

1,302,561

13,263

Revvity,

Inc.

1,449,115

6,596

STERIS

PLC

1,470,116

4,153

Stryker

Corp.

1,416,547

2,368

Thermo

Fisher

Scientific,

Inc.

1,344,977

2,777

UnitedHealth

Group,

Inc.

1,375,642

6,789

Veeva

Systems,

Inc.,

Class

A*

1,182,983

3,386

Vertex

Pharmaceuticals,

Inc.*

1,541,781

117,892

Viatris,

Inc.

1,249,655

4,325

Waters

Corp.*

1,335,993

3,768

West

Pharmaceutical

Services,

Inc.

1,248,753

11,337

Zimmer

Biomet

Holdings,

Inc.

1,305,456

8,574

Zoetis,

Inc.

1,453,807

80,274,924

Industrials

–

16.2%

13,666

3M

Co.

1,368,513

7,760

AMETEK,

Inc.

1,315,941

5,364

Automatic

Data

Processing,

Inc.

1,313,751

4,359

Axon

Enterprise,

Inc.*

1,227,800

7,974

Boeing

Co.

(The)*

1,416,262

9,161

Booz

Allen

Hamilton

Holding

Corp.

1,394,396

7,032

Broadridge

Financial

Solutions,

Inc.

1,411,815

7,421

Builders

FirstSource,

Inc.*

1,193,223

3,527

Carlisle

Cos.,

Inc.

1,475,309

22,201

Carrier

Global

Corp.

1,402,881

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

4,088

Caterpillar,

Inc.

$

1,383,870

2,041

Cintas

Corp.

1,383,737

24,770

Copart,

Inc.*

1,314,296

40,655

CSX

Corp.

1,372,106

4,752

Cummins,

Inc.

1,338,781

3,496

Deere

&

Co.

1,310,161

27,360

Delta

Air

Lines,

Inc.

1,395,907

7,609

Dover

Corp.

1,398,686

4,317

Eaton

Corp.

PLC

1,436,913

3,810

EMCOR

Group,

Inc.

1,480,795

12,644

Emerson

Electric

Co.

1,418,151

6,168

Equifax,

Inc.

1,427,214

12,039

Expeditors

International

of

Washington,

Inc.

1,455,515

19,969

Fastenal

Co.

1,317,555

5,198

FedEx

Corp.

1,320,084

17,924

Fortive

Corp.

1,334,263

9,006

GE

Vernova,

Inc.*

1,584,155

4,707

General

Dynamics

Corp.

1,411,017

8,489

General

Electric

Co.

1,401,873

16,756

Graco,

Inc.

1,353,047

6,956

Honeywell

International,

Inc.

1,406,434

20,299

Howmet

Aerospace,

Inc.

1,718,310

3,592

Hubbell,

Inc.

1,396,893

6,096

IDEX

Corp.

1,271,869

5,548

Illinois

Tool

Works,

Inc.

1,346,777

14,643

Ingersoll

Rand,

Inc.

1,362,531

8,278

J.B.

Hunt

Transport

Services,

Inc.

1,330,688

9,440

Jacobs

Solutions,

Inc.

1,315,370

22,425

Johnson

Controls

International

PLC

1,612,582

6,330

L3Harris

Technologies,

Inc.

1,423,174

9,530

Leidos

Holdings,

Inc.

1,401,386

2,988

Lennox

International,

Inc.

1,501,769

6,180

Lincoln

Electric

Holdings,

Inc.

1,213,505

2,917

Lockheed

Martin

Corp.

1,371,982

19,827

Masco

Corp.

1,386,304

5,209

Nordson

Corp.

1,222,656

5,860

Norfolk

Southern

Corp.

1,317,328

2,768

Northrop

Grumman

Corp.

1,247,731

7,404

Old

Dominion

Freight

Line,

Inc.

1,297,551

14,764

Otis

Worldwide

Corp.

1,464,589

8,106

Owens

Corning

1,467,753

12,750

PACCAR,

Inc.

1,370,625

2,490

Parker-Hannifin

Corp.

1,323,485

11,175

Paychex,

Inc.

1,342,788

5,309

Quanta

Services,

Inc.

1,464,965

7,319

Republic

Services,

Inc.

1,355,406

5,005

Rockwell

Automation,

Inc.

1,288,938

13,293

RTX

Corp.

1,433,118

3,394

Saia,

Inc.*

1,389,775

5,052

Snap-on,

Inc.

1,378,489

52,669

Southwest

Airlines

Co.

1,413,636

21,897

SS&C

Technologies

Holdings,

Inc.

1,358,709

14,935

Stanley

Black

&

Decker,

Inc.

1,301,884

15,948

Textron,

Inc.

1,397,204

4,313

Trane

Technologies

PLC

1,412,335

1,079

TransDigm

Group,

Inc.

1,449,345

18,533

TransUnion

1,332,893

GOLDMAN

SACHS

EQUAL

WEIGHT

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

20,073

Uber

Technologies,

Inc.*

$

1,295,913

5,741

Union

Pacific

Corp.

1,336,620

27,026

United

Airlines

Holdings,

Inc.*

1,432,108

9,244

United

Parcel

Service,

Inc.,

Class

B

1,284,269

2,079

United

Rentals,

Inc.

1,391,703

14,344

Veralto

Corp.

1,414,032

5,815

Verisk

Analytics,

Inc.

1,469,916

15,490

Vertiv

Holdings

Co.,

Class

A

1,519,104

1,472

W.W.

Grainger,

Inc.

1,356,389

6,489

Waste

Management,

Inc.

1,367,427

3,062

Watsco,

Inc.

1,454,144

8,421

Westinghouse

Air

Brake

Technologies

Corp.

1,425,086

12,602

XPO,

Inc.*

1,348,162

10,299

Xylem,

Inc.

1,452,365

111,996,032

Information

Technology

–

16.5%

4,508

Accenture

PLC,

Class

A

1,272,563

2,888

Adobe,

Inc.*

1,284,467

9,400

Advanced

Micro

Devices,

Inc.*

1,568,860

13,308

Akamai

Technologies,

Inc.*

1,227,530

11,359

Amphenol

Corp.,

Class

A

1,503,591

6,941

Analog

Devices,

Inc.

1,627,595

4,197

ANSYS,

Inc.*

1,332,338

7,915

Apple,

Inc.

1,521,659

6,997

Applied

Materials,

Inc.

1,504,915

5,313

Arista

Networks,

Inc.*

1,581,414

7,862

Atlassian

Corp.,

Class

A*

1,233,233

6,441

Autodesk,

Inc.*

1,298,506

1,077

Broadcom,

Inc.

1,430,848

4,926

Cadence

Design

Systems,

Inc.*

1,410,363

6,297

CDW

Corp.

1,408,135

28,590

Cisco

Systems,

Inc.

1,329,435

15,485

Cloudflare,

Inc.,

Class

A*

1,048,180

20,632

Cognizant

Technology

Solutions

Corp.,

Class

A

1,364,807

40,546

Corning,

Inc.

1,510,744

4,600

Crowdstrike

Holdings,

Inc.,

Class

A*

1,442,882

10,817

Datadog,

Inc.,

Class

A*

1,191,817

11,419

Dell

Technologies,

Inc.,

Class

C

1,593,636

12,679

Enphase

Energy,

Inc.*

1,621,644

10,986

Entegris,

Inc.

1,388,081

5,717

EPAM

Systems,

Inc.*

1,017,226

1,180

Fair

Isaac

Corp.*

1,522,117

7,688

First

Solar,

Inc.*

2,089,291

21,209

Fortinet,

Inc.*

1,258,118

3,253

Gartner,

Inc.*

1,365,187

67,590

Gen

Digital,

Inc.

1,678,260

11,026

GoDaddy,

Inc.,

Class

A*

1,539,560

82,113

Hewlett

Packard

Enterprise

Co.

1,449,294

48,953

HP,

Inc.

1,786,785

2,248

HubSpot,

Inc.*

1,373,640

44,788

Intel

Corp.

1,381,710

8,172

International

Business

Machines

Corp.

1,363,498

2,198

Intuit,

Inc.

1,267,015

11,849

Jabil,

Inc.

1,408,846

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

9,295

Keysight

Technologies,

Inc.*

$

1,287,172

2,036

KLA

Corp.

1,546,403

1,561

Lam

Research

Corp.

1,455,539

6,543

Manhattan

Associates,

Inc.*

1,436,450

21,169

Marvell

Technology,

Inc.

1,456,639

15,151

Microchip

Technology,

Inc.

1,473,132

12,347

Micron

Technology,

Inc.

1,543,375

3,428

Microsoft

Corp.

1,423,066

1,319

MicroStrategy,

Inc.,

Class

A*

2,010,802

3,653

MongoDB,

Inc.*

862,327

2,072

Monolithic

Power

Systems,

Inc.

1,524,225

3,995

Motorola

Solutions,

Inc.

1,457,815

13,275

NetApp,

Inc.

1,598,708

22,141

Nutanix,

Inc.,

Class

A*

1,224,729

1,656

NVIDIA

Corp.

1,815,522

14,631

Okta,

Inc.*

1,297,477

19,603

ON

Semiconductor

Corp.*

1,431,803

11,750

Oracle

Corp.

1,376,983

61,720

Palantir

Technologies,

Inc.,

Class

A*

1,338,090

4,696

Palo

Alto

Networks,

Inc.*

1,384,897

7,762

PTC,

Inc.*

1,367,975

26,914

Pure

Storage,

Inc.,

Class

A*

1,622,645

8,240

QUALCOMM,

Inc.

1,681,372

2,600

Roper

Technologies,

Inc.

1,385,176

5,048

Salesforce,

Inc.

1,183,453

15,960

Seagate

Technology

Holdings

PLC

1,488,110

1,965

ServiceNow,

Inc.*

1,290,867

14,952

Skyworks

Solutions,

Inc.

1,385,452

8,674

Snowflake,

Inc.,

Class

A*

1,181,225

1,864

Super

Micro

Computer,

Inc.*

1,462,327

2,590

Synopsys,

Inc.*

1,452,472

3,541

Teledyne

Technologies,

Inc.*

1,405,600

12,014

Teradyne,

Inc.

1,693,253

7,716

Texas

Instruments,

Inc.

1,504,697

22,980

Trimble,

Inc.*

1,279,526

2,958

Tyler

Technologies,

Inc.*

1,420,905

7,852

VeriSign,

Inc.*

1,368,761

19,513

Western

Digital

Corp.*

1,469,134

5,511

Workday,

Inc.,

Class

A*

1,165,301

4,449

Zebra

Technologies

Corp.,

Class

A*

1,389,601

22,254

Zoom

Video

Communications,

Inc.,

Class

A*

1,365,060

7,848

Zscaler,

Inc.*

1,333,846

114,039,702

Materials

–

5.3%

5,690

Air

Products

and

Chemicals,

Inc.

1,517,523

11,410

Albemarle

Corp.

1,398,752

6,224

Avery

Dennison

Corp.

1,416,520

19,869

Ball

Corp.

1,379,505

8,789

Celanese

Corp.

1,336,280

17,375

CF

Industries

Holdings,

Inc.

1,385,309

25,136

Corteva,

Inc.

1,406,108

17,509

CRH

PLC

1,431,536

23,663

Dow,

Inc.

1,363,699

17,476

DuPont

de

Nemours,

Inc.

1,435,828

6,014

Ecolab,

Inc.

1,396,451

GOLDMAN

SACHS

EQUAL

WEIGHT

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Materials

–

(continued)

27,261

Freeport-McMoRan,

Inc.

$

1,437,472

16,036

International

Flavors

&

Fragrances,

Inc.

1,542,342

38,624

International

Paper

Co.

1,741,556

3,054

Linde

PLC

1,330,078

13,618

LyondellBasell

Industries

NV,

Class

A

1,353,902

2,315

Martin

Marietta

Materials,

Inc.

1,324,365

33,096

Newmont

Corp.

1,388,046

8,051

Nucor

Corp.

1,359,411

7,737

Packaging

Corp.

of

America

1,419,662

10,400

PPG

Industries,

Inc.

1,366,664

4,743

Reliance,

Inc.

1,426,600

12,605

RPM

International,

Inc.

1,413,020

4,491

Sherwin-Williams

Co.

(The)

1,364,366

10,422

Steel

Dynamics,

Inc.

1,395,193

5,254

Vulcan

Materials

Co.

1,343,816

36,674,004

Real

Estate

–

5.5%

11,593

Alexandria

Real

Estate

Equities,

Inc.

REIT

1,379,567

7,778

American

Tower

Corp.

REIT

1,522,466

7,170

AvalonBay

Communities,

Inc.

REIT

1,381,516

15,675

CBRE

Group,

Inc.,

Class

A*

1,380,497

14,956

CoStar

Group,

Inc.*

1,169,110

14,421

Crown

Castle,

Inc.

REIT

1,478,152

9,768

Digital

Realty

Trust,

Inc.

REIT

1,419,681

1,914

Equinix,

Inc.

REIT

1,460,344

21,090

Equity

Residential

REIT

1,371,483

5,502

Essex

Property

Trust,

Inc.

REIT

1,429,365

9,839

Extra

Space

Storage,

Inc.

REIT

1,424,392

71,708

Host

Hotels

&

Resorts,

Inc.

REIT

1,286,442

39,389

Invitation

Homes,

Inc.

REIT

1,370,343

17,396

Iron

Mountain,

Inc.

REIT

1,403,683

72,869

Kimco

Realty

Corp.

REIT

1,410,744

10,419

Mid-America

Apartment

Communities,

Inc.

REIT

1,393,124

13,275

Prologis,

Inc.

REIT

1,466,755

5,230

Public

Storage

REIT

1,432,131

25,045

Realty

Income

Corp.

REIT

1,328,888

7,236

SBA

Communications

Corp.

REIT

1,423,176

9,646

Simon

Property

Group,

Inc.

REIT

1,459,536

11,869

Sun

Communities,

Inc.

REIT

1,400,423

30,527

Ventas,

Inc.

REIT

1,534,287

47,227

VICI

Properties,

Inc.

REIT

1,355,887

24,804

W.P.

Carey,

Inc.

REIT

1,398,946

14,278

Welltower,

Inc.

REIT

1,480,200

44,862

Weyerhaeuser

Co.

REIT

1,347,206

37,908,344

Utilities

–

6.0%

26,759

Alliant

Energy

Corp.

1,377,821

18,055

Ameren

Corp.

1,324,695

15,357

American

Electric

Power

Co.,

Inc.

1,385,969

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Utilities

–

(continued)

10,854

American

Water

Works

Co.,

Inc.

$

1,419,378

11,355

Atmos

Energy

Corp.

1,316,272

46,195

CenterPoint

Energy,

Inc.

1,409,410

22,256

CMS

Energy

Corp.

1,400,570

14,251

Consolidated

Edison,

Inc.

1,347,432

7,277

Constellation

Energy

Corp.

1,580,928

26,225

Dominion

Energy,

Inc.

1,414,052

12,155

DTE

Energy

Co.

1,416,422

13,545

Duke

Energy

Corp.

1,402,856

19,046

Edison

International

1,463,685

12,502

Entergy

Corp.

1,406,350

25,503

Evergy,

Inc.

1,393,994

21,908

Eversource

Energy

1,297,611

35,642

Exelon

Corp.

1,338,357

34,799

FirstEnergy

Corp.

1,401,008

19,852

NextEra

Energy,

Inc.

1,588,557

47,862

NiSource,

Inc.

1,390,870

18,546

NRG

Energy,

Inc.

1,502,226

78,174

PG&E

Corp.

1,449,346

48,271

PPL

Corp.

1,415,788

19,415

Public

Service

Enterprise

Group,

Inc.

1,470,880

18,726

Sempra

1,442,464

18,128

Southern

Co.

(The)

1,452,778

17,942

Vistra

Corp.

1,777,693

16,260

WEC

Energy

Group,

Inc.

1,317,548

25,147

Xcel

Energy,

Inc.

1,394,401

41,299,361

TOTAL

COMMON

STOCKS

(Cost

$595,734,553)

689,147,113

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.1%

(a)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

714,294

5.180%

714,294

(Cost

$714,294)

TOTAL

INVESTMENTS

–

99.9%

(Cost

$596,448,847)

$

689,861,407

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.1%

894,275

NET

ASSETS

–

100.0%

$

690,755,682

  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)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

HEDGE

INDUSTRY

VIP

ETF

Schedule

of

Investments

May

31,

2024

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

100.0%

Communication

Services

–

8.1%

25,860

Alphabet,

Inc.,

Class

A*

$

4,460,850

32,274

GCI

Liberty,

Inc.,

Class

A*

(a)

—

9,264

Meta

Platforms,

Inc.,

Class

A

4,324,713

7,271

Netflix,

Inc.*

4,665,219

64,992

Sea

Ltd.

ADR

(Singapore)*

4,388,260

17,839,042

Consumer

Discretionary

–

9.8%

55,081

Alibaba

Group

Holding

Ltd.

ADR

(China)

4,315,046

23,985

Amazon.com,

Inc.*

4,231,913

123,403

Capri

Holdings

Ltd.*

4,263,574

2,596

MercadoLibre,

Inc.

(Brazil)*

4,479,606

61,847

SharkNinja,

Inc.

4,738,717

22,028,856

Consumer

Staples

–

2.0%

214,370

Albertsons

Cos.,

Inc.,

Class

A

4,424,597

Energy

–

4.0%

280,744

Energy

Transfer

LP

4,399,258

28,465

Hess

Corp.

4,386,456

8,785,714

Financials

–

21.6%

38,684

Apollo

Global

Management,

Inc.

4,493,533

10,808

Berkshire

Hathaway,

Inc.,

Class

B*

4,478,835

69,443

Citigroup,

Inc.

4,326,993

35,201

Discover

Financial

Services

4,317,755

2,591

First

Citizens

BancShares,

Inc.,

Class

A

4,400,632

28,779

Fiserv,

Inc.*

4,309,943

22,072

JPMorgan

Chase &

Co.

4,472,449

41,432

KKR

&

Co.,

Inc.

4,260,867

9,740

Mastercard,

Inc.,

Class

A

4,354,462

21,319

Progressive

Corp.

(The)

4,502,146

15,847

Visa,

Inc.,

Class

A

4,317,674

48,235,289

Health

Care

–

6.1%

16,932

Danaher

Corp.

4,348,138

5,668

Eli

Lilly

&

Co.

4,649,687

33,549

Tenet

Healthcare

Corp.*

4,536,496

13,534,321

Industrials

–

14.0%

48,056

AerCap

Holdings

NV

(Ireland)

4,455,272

583,141

Alight,

Inc.,

Class

A*

4,519,343

27,290

General

Electric

Co.

4,506,671

3,460

TransDigm

Group,

Inc.

4,647,576

66,962

Uber

Technologies,

Inc.*

4,323,067

42,648

Vertiv

Holdings

Co.,

Class

A

4,182,489

111,526

WillScot

Mobile

Mini

Holdings

Corp.*

4,397,470

31,031,888

Information

Technology

–

26.3%

27,939

Advanced

Micro

Devices,

Inc.*

4,663,019

23,514

Apple,

Inc.

4,520,566

53,070

AppLovin

Corp.,

Class

A*

4,324,144

3,106

Broadcom,

Inc.

4,126,476

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

29,908

Dell

Technologies,

Inc.,

Class

C

$

4,173,960

32,694

GoDaddy,

Inc.,

Class

A*

4,565,063

34,904

Micron

Technology,

Inc.

4,363,000

10,544

Microsoft

Corp.

4,377,131

4,714

NVIDIA

Corp.

5,168,100

15,514

Salesforce,

Inc.

3,637,102

28,674

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

ADR

(Taiwan)

4,330,921

58,938

Western

Digital

Corp.*

4,437,442

32,477

Wix.com

Ltd.

(Israel)*

5,232,045

57,918,969

Materials

–

3.9%

52,090

CRH

PLC

4,258,878

116,689

United

States

Steel

Corp.

4,475,023

8,733,901

Utilities

–

4.2%

57,898

NextEra

Energy,

Inc.

4,632,998

46,033

Vistra

Corp.

4,560,950

9,193,948

TOTAL

COMMON

STOCKS

(Cost

$188,071,719)

221,726,525

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.0%

(b)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

52,729

5.180%

52,729

(Cost

$52,729)

TOTAL

INVESTMENTS

–

100.0%

(Cost

$188,124,448)

$

221,779,254

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.0%

22,205

NET

ASSETS

–

100.0%

$

221,801,459

  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)

Significant

unobservable

inputs

were

used

in

the

valuation

of

this

portfolio

security;

i.e.

Level

3.

(b)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

LP

—

Limited

Partnership

PLC

—

Public

Limited

Company

Goldman

Sachs

Innovate

Equity

ETF

Schedule

of

Investments

May

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.7%

Communication

Services

–

11.5%

41,199

Alphabet,

Inc.,

Class

A*

$

7,106,827

15,864

Baidu,

Inc.

ADR

(China)*

1,541,981

24,883

Bilibili,

Inc.

ADR

(China)*

361,301

27,570

Bumble,

Inc.,

Class

A*

322,569

38,976

Comcast

Corp.,

Class

A

1,560,209

5,789

CTS

Eventim

AG

&

Co.

KGaA

(Germany)

498,993

7,394

Electronic

Arts,

Inc.

982,515

13,091

Endeavor

Group

Holdings,

Inc.,

Class

A

351,232

31,409

Gree,

Inc.

(Japan)

102,735

44,943

Hello

Group,

Inc.

ADR

(China)

253,478

4,590

IDT

Corp.,

Class

B

186,033

6,840

Infocom

Corp.

(Japan)

211,540

80,676

iQIYI,

Inc.

ADR

(China)*

373,530

7,424

Iridium

Communications,

Inc.

223,537

10,347

JOYY,

Inc.

ADR

(China)

308,961

109,761

Kuaishou

Technology

(China)*

(a)

777,959

6,068

Liberty

Media

Corp.-Liberty

Formula

One,

Class

A*

415,112

27,979

Liberty

Media

Corp.-Liberty

SiriusXM,

Class

A*

635,963

7,691

Live

Nation

Entertainment,

Inc.*

720,954

7,027

Madison

Square

Garden

Entertainment

Corp.*

249,740

1,610

Madison

Square

Garden

Sports

Corp.*

297,286

14,359

Match

Group,

Inc.*

439,816

10,359

Meta

Platforms,

Inc.,

Class

A

4,835,892

13,649

MIXI,

Inc.

(Japan)

249,016

12,450

NetEase,

Inc.

ADR

(China)

1,108,423

2,043

Netflix,

Inc.*

1,310,830

11,773

Pinterest,

Inc.,

Class

A*

488,462

30,338

Playtika

Holding

Corp.

265,154

77,268

Rightmove

PLC

(United

Kingdom)

524,550

19,038

ROBLOX

Corp.,

Class

A*

640,058

5,896

Scout24

SE

(Germany)

(a)

442,929

30,019

Sea

Ltd.

ADR

(Singapore)*

2,026,883

40,850

Snap,

Inc.,

Class

A*

613,567

3,118

SOOP

Co.

Ltd.

(South

Korea)

250,422

6,429

Sphere

Entertainment

Co.*

234,658

3,184

Spotify

Technology

SA*

944,947

3,375

Take-Two

Interactive

Software,

Inc.*

541,215

34,684

TELUS

Corp.

(Canada)

570,200

47,410

Tencent

Holdings

Ltd.

(China)

2,180,411

51,846

Tencent

Music

Entertainment

Group

ADR

(China)

749,175

6,320

TKO

Group

Holdings,

Inc.

689,322

14,417

Ubisoft

Entertainment

SA

(France)*

350,898

29,010

Vivid

Seats,

Inc.,

Class

A*

146,500

27,641

VTEX,

Class

A

(Brazil)*

189,617

15,751

Walt

Disney

Co.

(The)

1,636,686

67,825

Warner

Bros

Discovery,

Inc.*

558,878

32,509

Weibo

Corp.

ADR

(China)

287,705

5,788

Ziff

Davis,

Inc.*

333,447

40,092,116

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Discretionary

–

14.5%

6,474

Academy

Sports

&

Outdoors,

Inc.

$

373,485

2,753

adidas

AG

(Germany)

691,874

5,361

Airbnb,

Inc.,

Class

A*

776,970

41,137

Alibaba

Group

Holding

Ltd.

ADR

(China)

3,222,673

37,002

Amazon.com,

Inc.*

6,528,633

45,160

ANTA

Sports

Products

Ltd.

(China)

480,558

11,896

Aptiv

PLC*

990,461

20,107

Atour

Lifestyle

Holdings

Ltd.

ADR

(China)

358,106

32,354

Bandai

Namco

Holdings,

Inc.

(Japan)

589,247

12,022

BorgWarner,

Inc.

428,705

15,223

Caesars

Entertainment,

Inc.*

541,330

3,672

Carvana

Co.*

367,127

37,334

Chegg,

Inc.*

142,989

19,977

Chewy,

Inc.,

Class

A*

423,712

3,876

Columbia

Sportswear

Co.

331,863

9,590

Continental

AG

(Germany)

647,975

23,531

Coursera,

Inc.*

178,836

3,132

Dick's

Sporting

Goods,

Inc.

712,968

1,963

Duolingo,

Inc.*

375,718

14,021

eBay,

Inc.

760,219

7,125

Etsy,

Inc.*

452,224

32,520

Everi

Holdings,

Inc.*

235,120

11,994

Foot

Locker,

Inc.

332,594

98,746

Ford

Motor

Co.

1,197,789

29,596

GameStop

Corp.,

Class

A*

684,851

27,786

General

Motors

Co.

1,250,092

504

Graham

Holdings

Co.,

Class

B

379,225

82,562

Honda

Motor

Co.

Ltd.

(Japan)

929,673

6,017

Hyundai

Motor

Co.

(South

Korea)

1,099,492

332,835

JD

Sports

Fashion

PLC

(United

Kingdom)

540,301

25,179

JD.com,

Inc.

ADR

(China)

745,802

35,794

Jumia

Technologies

AG

ADR

(Germany)*

253,779

12,242

Kia

Corp.

(South

Korea)

1,040,687

11,871

Las

Vegas

Sands

Corp.

534,551

26,718

Li

Auto,

Inc.

ADR

(China)*

541,039

137,172

Li

Ning

Co.

Ltd.

(China)

356,810

209,154

Lucid

Group,

Inc.*

(b)

593,997

2,169

Lululemon

Athletica,

Inc.*

676,706

1,553

MercadoLibre,

Inc.

(Brazil)*

2,679,826

9,171

MGM

Resorts

International*

368,399

7,887

New

Oriental

Education

&

Technology

Group,

Inc.

ADR

(China)*

630,408

473,639

Nexteer

Automotive

Group

Ltd.

(China)

243,983

13,175

NIKE,

Inc.,

Class

B

1,252,284

120,067

NIO,

Inc.

ADR

(China)*

(b)

647,161

148,206

Nissan

Motor

Co.

Ltd.

(Japan)

526,636

8,767

PDD

Holdings,

Inc.

ADR

(China)*

1,313,121

29,245

Pearson

PLC

(United

Kingdom)

352,986

Goldman

Sachs

Innovate

Equity

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Discretionary

–

(continued)

80,105

Peloton

Interactive,

Inc.,

Class

A*

$

291,582

13,887

Penn

Entertainment,

Inc.*

243,022

28,272

Playtech

PLC

(United

Kingdom)*

172,061

24,375

Prosus

NV

(China)*

883,285

217,825

Rakuten

Group,

Inc.

(Japan)*

1,131,090

65,715

Rivian

Automotive,

Inc.,

Class

A*

(b)

717,608

68,135

Sabre

Corp.*

213,263

53,602

Sharp

Corp.

(Japan)*

(b)

330,934

5,420

Stride,

Inc.*

372,137

29,519

TAL

Education

Group

ADR

(China)*

335,336

16,976

Tesla,

Inc.*

3,023,086

85,337

Toyota

Motor

Corp.

(Japan)

1,846,900

20,959

Udemy,

Inc.*

185,278

5,174

Wayfair,

Inc.,

Class

A*

307,801

68,721

XPeng,

Inc.

ADR

(China)*

(b)

571,071

54,153

Yamaha

Motor

Co.

Ltd.

(Japan)

528,108

14,452

Zalando

SE

(Germany)*

(a)

380,461

50,316,008

Consumer

Staples

–

0.8%

1,165,044

Alibaba

Health

Information

Technology

Ltd.

(China)*

488,454

99,780

East

Buy

Holding

Ltd.

(China)*

(a)

(b)

233,911

32,839

Walmart,

Inc.

2,159,493

2,881,858

Energy

–

1.0%

731,131

China

Suntien

Green

Energy

Corp.

Ltd.,

Class

H

(China)*

343,914

24,038

Enbridge,

Inc.

(Canada)

878,710

6,258

HD

Hyundai

Co.

Ltd.

(South

Korea)

310,516

20,497

Oceaneering

International,

Inc.*

485,369

19,542

TotalEnergies

SE

(France)

1,421,605

3,440,114

Financials

–

14.7%

23,640

3i

Group

PLC

(United

Kingdom)

861,719

635

Adyen

NV

(Netherlands)*

(a)

816,750

15,164

Affirm

Holdings,

Inc.*

443,850

50,536

Allfunds

Group

PLC

(United

Kingdom)

300,095

2,368

Ameriprise

Financial,

Inc.

1,033,892

11,874

Apollo

Global

Management,

Inc.

1,379,284

4,614

Ares

Management

Corp.,

Class

A

646,744

26,425

AvidXchange

Holdings,

Inc.*

279,841

51,261

BGC

Group,

Inc.,

Class

A

444,433

2,231

BlackRock,

Inc.

1,722,399

11,836

Blackstone,

Inc.

1,426,238

25,881

Block,

Inc.*

1,658,454

20,992

Brookfield

Corp.

(Canada)

912,942

15,063

Carlyle

Group,

Inc.

(The)

647,106

12,917

Charles

Schwab

Corp.

(The)

946,558

23,916

CI

Financial

Corp.

(Canada)

256,678

5,732

Coinbase

Global,

Inc.,

Class

A*

1,294,973

23,354

Corebridge

Financial,

Inc.

681,236

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

2,446

Corpay,

Inc.*

$

654,721

6,684

Discover

Financial

Services

819,859

31,419

Dlocal

Ltd.

(Uruguay)*

287,484

7,993

DWS

Group

GmbH

&

Co.

KGaA

(Germany)

(a)

370,170

4,246

Eurazeo

SE

(France)

356,081

4,844

Euronet

Worldwide,

Inc.*

564,714

3,129

Evercore,

Inc.,

Class

A

634,999

7,617

Global

Payments,

Inc.

775,791

5,879

GMO

Payment

Gateway,

Inc.

(Japan)

253,611

4,276

Goldman

Sachs

Group,

Inc.

(The)

(c)

1,952,080

3,568

Hamilton

Lane,

Inc.,

Class

A

447,748

32,379

Hargreaves

Lansdown

PLC

(United

Kingdom)

435,130

6,823

Interactive

Brokers

Group,

Inc.,

Class

A

857,788

28,727

Invesco

Ltd.

451,301

3,821

Jack

Henry

&

Associates,

Inc.

629,242

15,278

KKR

&

Co.,

Inc.

1,571,190

10,789

Lazard,

Inc.

434,041

6,898

London

Stock

Exchange

Group

PLC

(United

Kingdom)

804,656

54,353

Marqeta,

Inc.,

Class

A*

289,158

5,701

Mastercard,

Inc.,

Class

A

2,548,746

36,882

Mirae

Asset

Securities

Co.

Ltd.

(South

Korea)

192,062

13,124

Morgan

Stanley

1,284,052

2,154

Morningstar,

Inc.

620,891

1,605

MSCI,

Inc.

794,764

9,598

Noah

Holdings

Ltd.

ADR

(China)

99,051

9,004

Northern

Trust

Corp.

758,497

103,809

NU

Holdings

Ltd.,

Class

A

(Brazil)*

1,233,251

12,549

Nuvei

Corp.

(Canada)

(a)

403,770

26,537

Pagseguro

Digital

Ltd.,

Class

A

(Brazil)*

325,078

51,673

Payoneer

Global,

Inc.*

309,521

22,035

PayPal

Holdings,

Inc.*

1,387,985

37,690

Paysafe

Ltd.*

685,204

2,649

PJT

Partners,

Inc.,

Class

A

282,569

12,415

Plus500

Ltd.

(Israel)

353,440

28,270

Repay

Holdings

Corp.*

275,350

29,493

Robinhood

Markets,

Inc.,

Class

A*

616,404

14,803

SBI

Holdings,

Inc.

(Japan)

382,639

8,608

Shift4

Payments,

Inc.,

Class

A*

579,146

92,056

SoFi

Technologies,

Inc.*

635,186

10,465

State

Street

Corp.

791,049

4,803

Stifel

Financial

Corp.

388,803

29,252

StoneCo

Ltd.,

Class

A

(Brazil)*

404,848

3,372

StoneX

Group,

Inc.*

253,136

21,814

Toast,

Inc.,

Class

A*

528,553

109,879

TP

ICAP

Group

PLC

(United

Kingdom)

306,377

10,529

TPG,

Inc.

441,376

5,379

Tradeweb

Markets,

Inc.,

Class

A

586,365

Goldman

Sachs

Innovate

Equity

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

44,666

UBS

Group

AG

(Switzerland)

$

1,410,557

8,486

Upstart

Holdings,

Inc.*

(b)

209,774

10,625

Virtu

Financial,

Inc.,

Class

A

233,750

9,112

Visa,

Inc.,

Class

A

2,482,656

23,863

WealthNavi,

Inc.

(Japan)*

(b)

177,061

42,087

WisdomTree,

Inc.

419,607

50,744,474

Health

Care

–

21.3%

16,051

10X

Genomics,

Inc.,

Class

A*

359,863

428,943

3SBio,

Inc.

(China)*

(a)

334,454

19,632

Abbott

Laboratories

2,006,194

13,707

AbbVie,

Inc.

2,210,117

33,298

AdaptHealth

Corp.*

315,665

6,434

Agilent

Technologies,

Inc.

839,058

64,464

Allogene

Therapeutics,

Inc.*

161,160

12,778

ALX

Oncology

Holdings,

Inc.*

135,830

5,413

Amgen,

Inc.

1,655,566

13,983

AstraZeneca

PLC

(United

Kingdom)

2,170,206

4,202

Axonics,

Inc.*

281,912

19,967

Baxter

International,

Inc.

680,675

13,018

Beam

Therapeutics,

Inc.*

310,089

5,610

BioNTech

SE

ADR

(Germany)*

564,366

10,534

Bio-Techne

Corp.

813,119

15,635

Boston

Scientific

Corp.*

1,181,537

32,351

Bristol-Myers

Squibb

Co.

1,329,303

25,713

Chugai

Pharmaceutical

Co.

Ltd.

(Japan)

782,296

7,410

CompuGroup

Medical

SE

&

Co.

KgaA

(Germany)

222,827

10,929

CRISPR

Therapeutics

AG

(Switzerland)*

587,324

5,063

Danaher

Corp.

1,300,178

9,368

Dexcom,

Inc.*

1,112,637

9,467

Dianthus

Therapeutics,

Inc.*

204,582

15,361

Edwards

Lifesciences

Corp.*

1,334,717

4,434

Eli

Lilly

&

Co.

3,637,388

12,574

Exact

Sciences

Corp.*

571,488

17,138

Exelixis,

Inc.*

371,723

36,996

Exscientia

PLC

ADR

(United

Kingdom)*

(b)

196,079

12,607

Fulgent

Genetics,

Inc.*

260,335

13,765

Fusion

Pharmaceuticals,

Inc.

(Canada)*

296,223

6,032

Galapagos

NV

(Belgium)*

(b)

168,554

13,816

GE

HealthCare

Technologies,

Inc.

1,077,648

21,882

Gilead

Sciences,

Inc.

1,406,356

8,718

Globus

Medical,

Inc.,

Class

A*

585,065

60,646

GSK

PLC

1,363,995

24,502

Guardant

Health,

Inc.*

664,004

109,265

HUTCHMED

China

Ltd.

(China)*

411,314

11,986

Ideaya

Biosciences,

Inc.*

438,088

7,132

Illumina,

Inc.*

743,725

20,350

Immatics

NV

(Germany)*

224,460

5,610

Immunocore

Holdings

PLC

ADR

(United

Kingdom)*

274,778

16,783

Immunome,

Inc.*

250,738

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

–

(continued)

4,156

Insulet

Corp.*

$

736,402

19,947

Intellia

Therapeutics,

Inc.*

426,467

4,339

Intuitive

Surgical,

Inc.*

1,744,799

3,333

iRhythm

Technologies,

Inc.*

294,004

17,579

Johnson &

Johnson

2,578,312

61,011

Keymed

Biosciences,

Inc.

(China)*

(a)(b)

251,114

32,405

Koninklijke

Philips

NV

(Netherlands)*

875,251

2,064

Krystal

Biotech,

Inc.*

330,343

4,257

Labcorp

Holdings,

Inc.

829,732

39,121

M3,

Inc.

(Japan)

379,397

57,396

MannKind

Corp.*

268,039

32,953

Maravai

LifeSciences

Holdings,

Inc.,

Class

A*

285,703

4,607

Masimo

Corp.*

573,572

21,660

Medtronic

PLC

1,762,474

16,131

Merck &

Co.,

Inc.

2,025,086

7,988

Mezzion

Pharma

Co.

Ltd.

(South

Korea)*

234,525

8,656

Moderna,

Inc.*

1,233,913

22,035

Myriad

Genetics,

Inc.*

501,517

5,375

Natera,

Inc.*

572,599

21,830

Novo

Nordisk

A/S

ADR

(Denmark)

2,953,162

19,518

Nurix

Therapeutics,

Inc.*

307,409

34,019

Ono

Pharmaceutical

Co.

Ltd.

(Japan)

492,496

19,604

ORIC

Pharmaceuticals,

Inc.*

176,240

19,996

Pediatrix

Medical

Group,

Inc.*

146,171

60,341

Pfizer,

Inc.

1,729,373

23,086

PHC

Holdings

Corp.

(Japan)

(b)

161,012

7,249

PROCEPT

BioRobotics

Corp.*

481,334

13,950

QIAGEN

NV*

603,477

1,408

Regeneron

Pharmaceuticals,

Inc.*

1,380,065

11,067

REGENXBIO,

Inc.*

158,811

28,404

ResMed,

Inc.

CDI

593,149

12,573

REVOLUTION

Medicines,

Inc.*

481,923

4,789

Revvity,

Inc.

523,246

8,255

Roche

Holding

AG

2,113,734

10,477

Rocket

Pharmaceuticals,

Inc.*

223,370

41,761

Sana

Biotechnology,

Inc.*

313,208

14,086

Sanofi

SA

1,372,589

5,094

Sarepta

Therapeutics,

Inc.*

661,507

159

Scilex

Holding

Co.

(Singapore)*

172

23,159

Scilex

Holding

Co.

(Singapore)*

(d)

21,565

23,886

Siemens

Healthineers

AG

(Germany)

(a)

1,384,179

37,245

Smith

&

Nephew

PLC

(United

Kingdom)

469,651

4,622

Stryker

Corp.

1,576,518

16,769

Takara

Bio,

Inc.

(Japan)

109,165

10,204

Tandem

Diabetes

Care,

Inc.*

522,751

25,046

Teladoc

Health,

Inc.*

281,517

2,662

Thermo

Fisher

Scientific,

Inc.

1,511,963

8,692

Tyra

Biosciences,

Inc.*

140,984

1,271

UFP

Technologies,

Inc.*

330,918

19,204

Veracyte,

Inc.*

398,483

Goldman

Sachs

Innovate

Equity

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

–

(continued)

19,116

Verona

Pharma

PLC

ADR

(United

Kingdom)*

$

230,730

4,236

Vertex

Pharmaceuticals,

Inc.*

1,928,820

26,744

Verve

Therapeutics,

Inc.*

138,801

92,313

Well

Health

Technologies

Corp.

(Canada)*

253,951

4,551

Zimmer

Biomet

Holdings,

Inc.

524,048

74,435,377

Industrials

–

7.5%

30,297

ABB

Ltd.

(Switzerland)

1,659,006

3,622

AeroVironment,

Inc.*

732,187

5,201

Alfen

NV

(Netherlands)*

(a)(b)

204,167

3,282

Booz

Allen

Hamilton

Holding

Corp.

499,553

1,284

CACI

International,

Inc.,

Class

A*

545,032

9,182

Cadeler

A/S

ADR

(Denmark)*

229,917

133,852

ChargePoint

Holdings,

Inc.*

(b)

224,871

9,719

CS

Wind

Corp.

(South

Korea)

370,635

5,810

Daihen

Corp.

(Japan)

309,458

58,732

Doosan

Enerbility

Co.

Ltd.

(South

Korea)*

882,327

11,874

EHang

Holdings

Ltd.

ADR

(China)*

(b)

201,502

12,040

ExlService

Holdings,

Inc.*

359,514

34,683

FANUC

Corp.

(Japan)

970,890

8,016

General

Electric

Co.

1,323,762

402,864

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

H

(China)

186,412

304,188

Grab

Holdings

Ltd.,

Class

A

(Singapore)*

1,116,370

12,292

Kawasaki

Heavy

Industries

Ltd.

(Japan)

466,978

8,504

Korea

Aerospace

Industries

Ltd.

(South

Korea)

318,159

24,429

Kratos

Defense &

Security

Solutions,

Inc.*

531,087

3,828

Leidos

Holdings,

Inc.

562,907

2,845

LG

Energy

Solution

Ltd.

(South

Korea)*

680,145

4,044

LIG

Nex1

Co.

Ltd.

(South

Korea)

467,913

6,207

Liquidity

Services,

Inc.*

121,719

1,960

Lockheed

Martin

Corp.

921,866

22,378

Lyft,

Inc.,

Class

A*

349,321

8,851

MDA

Space

Ltd.*

76,488

12,537

MEITEC

Group

Holdings,

Inc.

(Japan)

249,152

39,413

Mitsubishi

Electric

Corp.

(Japan)

684,702

3,785

Moog,

Inc.,

Class

A

641,293

13,830

Nabtesco

Corp.

(Japan)

226,488

21,175

NIDEC

Corp.

(Japan)

1,056,830

434,106

Nikola

Corp.*

222,219

34,272

Nordex

SE

(Germany)*

(b)

536,506

4,176

Parsons

Corp.*

318,002

8,586

Proto

Labs,

Inc.*

265,909

3,408

Rainbow

Robotics

(South

Korea)*

390,140

6,308

RB

Global,

Inc.

(Canada)

458,466

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

7,222

Shibaura

Machine

Co.

Ltd.

(Japan)

$

159,932

41,225

Siemens

Energy

AG

(Germany)*

1,110,792

9,731

SS&C

Technologies

Holdings,

Inc.

603,809

31,522

Stratasys

Ltd.*

272,981

22,305

Sunrun,

Inc.*

322,530

9,521

Symbotic,

Inc.*

376,746

11,981

TELUS

International

CDA,

Inc.

(Philippines)*

68,651

8,236

Textron,

Inc.

721,556

3,652

Thales

SA

(France)

660,703

16,808

Uber

Technologies,

Inc.*

1,085,125

2,962

Verisk

Analytics,

Inc.

748,734

16,927

Xometry,

Inc.,

Class

A*

259,660

14,834

Yaskawa

Electric

Corp.

(Japan)

565,154

26,318,266

Information

Technology

–

26.6%

14,109

ACI

Worldwide,

Inc.*

508,065

3,049

Adobe,

Inc.*

1,356,073

18,033

Advanced

Micro

Devices,

Inc.*

3,009,708

5,532

Akamai

Technologies,

Inc.*

510,272

4,893

Alarm.com

Holdings,

Inc.*

320,051

13,167

Alkami

Technology,

Inc.*

361,171

5,193

Altair

Engineering,

Inc.,

Class

A*

453,505

14,098

Ambarella,

Inc.*

821,349

5,381

Amphenol

Corp.,

Class

A

712,283

37,573

Apple,

Inc.

7,223,409

3,613

Arista

Networks,

Inc.*

1,075,409

2,825

ASGN,

Inc.*

265,296

140,490

Aurora

Innovation,

Inc.*

335,771

3,480

Autodesk,

Inc.*

701,568

2,909

Belden,

Inc.

278,362

113,520

BlackBerry

Ltd.

(Canada)*

316,721

1,792

Broadcom,

Inc.

2,380,762

15,389

C3.ai,

Inc.,

Class

A*

(b)

455,053

15,069

Canadian

Solar,

Inc.

(Canada)*

295,955

6,568

Ciena

Corp.*

316,381

54,270

Cipher

Mining,

Inc.*

201,342

33,483

Cisco

Systems,

Inc.

1,556,959

25,599

Cleanspark,

Inc.*

411,376

6,939

Cloudflare,

Inc.,

Class

A*

469,701

11,597

Cognex

Corp.

527,895

6,813

Coherent

Corp.*

388,750

38,021

Converge

Technology

Solutions

Corp.

(Canada)

131,371

15,652

Corning,

Inc.

583,194

3,447

Crowdstrike

Holdings,

Inc.,

Class

A*

1,081,220

2,292

CyberArk

Software

Ltd.*

525,441

33,313

Darktrace

PLC

(United

Kingdom)*

249,395

25,763

Dassault

Systemes

(France)

1,036,786

9,965

Digi

International,

Inc.*

242,747

18,089

Digital

Garage,

Inc.

(Japan)

278,682

6,582

DocuSign,

Inc.*

360,299

4,809

Enphase

Energy,

Inc.*

615,071

Goldman

Sachs

Innovate

Equity

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

4,466

Exclusive

Networks

SA

(France)*

$

99,148

25,960

Extreme

Networks,

Inc.*

289,454

2,682

F5,

Inc.*

453,178

612

Fair

Isaac

Corp.*

789,437

2,878

First

Solar,

Inc.*

782,125

17,163

Fortinet,

Inc.*

1,018,109

27,209

Gen

Digital,

Inc.

675,599

2,006

Globant

SA*

323,207

44,038

Hewlett

Packard

Enterprise

Co.

777,271

27,593

HP,

Inc.

1,007,145

813

HubSpot,

Inc.*

496,784

26,477

Hut

8

Corp.

(Canada)*

(b)

229,973

45,685

indie

Semiconductor,

Inc.,

Class

A

(China)*

304,719

28,250

Infineon

Technologies

AG

(Germany)

1,129,357

30,853

Infinera

Corp.*

176,479

14,481

Instructure

Holdings,

Inc.*

320,754

93,338

Intel

Corp.

2,879,477

3,547

InterDigital,

Inc.

403,897

6,436

International

Business

Machines

Corp.

1,073,847

47,271

Iris

Energy

Ltd.

(Australia)*

368,241

15,597

Juniper

Networks,

Inc.

556,345

18,969

Kainos

Group

PLC

(United

Kingdom)

278,224

2,521

Keyence

Corp.

(Japan)

1,134,045

5,011

Keysight

Technologies,

Inc.*

693,923

7,817

Kontron

AG

(Austria)

184,319

1,911

Macquarie

Technology

Group

Ltd.

(Australia)*

106,451

29,907

Marathon

Digital

Holdings,

Inc.*

583,785

13,528

Marvell

Technology,

Inc.

930,862

12,439

MaxLinear,

Inc.*

221,041

16,944

Microsoft

Corp.

7,033,963

460

MicroStrategy,

Inc.,

Class

A*

701,265

71,791

Nano

Dimension

Ltd.

ADR

(Israel)*

195,272

10,725

nCino,

Inc.*

327,434

27,707

NCR

Voyix

Corp.*

365,178

5,306

Nemetschek

SE

(Germany)

481,264

12,744

NetScout

Systems,

Inc.*

261,762

515,862

Newborn

Town,

Inc.

(China)*

249,908

2,218

Nice

Ltd.

ADR

(Israel)*

407,158

144,185

Nokia

OYJ

ADR

(Finland)

562,321

6,378

Northern

Data

AG

(Germany)*

(b)

167,214

3,341

Novanta,

Inc.*

541,777

7,760

NVIDIA

Corp.

8,507,521

2,490

NXP

Semiconductors

NV

(China)

677,529

6,470

Okta,

Inc.*

573,760

11,882

Open

Text

Corp.

(Canada)

347,549

9,799

Oracle

Corp.

1,148,345

2,198

OSI

Systems,

Inc.*

315,941

27,174

Pagaya

Technologies

Ltd.,

Class

A*

320,925

37,906

Palantir

Technologies,

Inc.,

Class

A*

821,802

3,850

Palo

Alto

Networks,

Inc.*

1,135,404

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

2,907

PTC,

Inc.*

$

512,330

8,201

Q2

Holdings,

Inc.*

498,785

3,224

Qorvo,

Inc.*

317,209

9,024

QUALCOMM,

Inc.

1,841,347

5,910

Rapid7,

Inc.*

213,587

38,352

Ribbon

Communications,

Inc.*

120,425

9,229

RingCentral,

Inc.,

Class

A*

315,632

44,886

Riot

Platforms,

Inc.*

437,190

5,444

Salesforce,

Inc.

1,276,291

22,747

Seiko

Epson

Corp.

(Japan)

365,787

9,203

Semtech

Corp.*

357,905

22,862

SentinelOne,

Inc.,

Class

A*

384,767

1,374

ServiceNow,

Inc.*

902,622

12,176

Shopify,

Inc.,

Class

A

(Canada)*

720,210

3,190

Silicon

Laboratories,

Inc.*

402,482

3,990

Skyworks

Solutions,

Inc.

369,713

6,334

Snowflake,

Inc.,

Class

A*

862,564

66,979

SoundHound

AI,

Inc.,

Class

A*

(b)

338,244

104,233

Spirent

Communications

PLC

(United

Kingdom)

243,655

8,296

Sprout

Social,

Inc.,

Class

A*

270,864

13,478

STMicroelectronics

NV

(Singapore)

553,884

820

Super

Micro

Computer,

Inc.*

643,298

2,611

Synaptics,

Inc.*

244,677

15,405

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

ADR

(Taiwan)

2,326,771

3,779

TD

SYNNEX

Corp.

494,444

8,304

Tenable

Holdings,

Inc.*

350,346

10,942

Teradyne,

Inc.

1,542,165

112,976

Terawulf,

Inc.*

246,288

35,663

TomTom

NV

(Netherlands)*

(b)

220,486

31,609

UiPath,

Inc.,

Class

A*

387,526

124,006

Yangtze

Optical

Fibre

&

Cable

Joint

Stock

Ltd.

Co.,

Class

H

(China)

(a)

134,731

2,652

Zebra

Technologies

Corp.,

Class

A*

828,326

24,605

Zeta

Global

Holdings

Corp.,

Class

A*

401,800

4,027

Zscaler,

Inc.*

684,429

93,598,661

Real

Estate

–

0.8%

4,231

American

Tower

Corp.

REIT

828,176

5,575

Digital

Realty

Trust,

Inc.

REIT

810,270

1,264

Equinix,

Inc.

REIT

964,407

2,602,853

Utilities

–

1.0%

12,275

Atlantica

Sustainable

Infrastructure

PLC

(Spain)

269,804

20,211

Avangrid,

Inc.

727,798

386,897

Beijing

Jingneng

Clean

Energy

Co.

Ltd.,

Class

H

(China)

102,865

17,101

Boralex,

Inc.,

Class

A

(Canada)

(b)

433,939

16,179

Brookfield

Renewable

Corp.,

Class

A

(b)

510,286

Goldman

Sachs

Innovate

Equity

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Security

Date(s)

of

Purchase

Cost

Scilex

Holding

Co.

01/09/23

$

116,953

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Utilities

–

(continued)

22,247

Brookfield

Renewable

Partners

LP

(Canada)

$

620,987

29,336

Central

Puerto

SA

ADR

(Argentina)

(b)

291,600

40,207

Innergex

Renewable

Energy,

Inc.

(Canada)

287,877

47,766

ReNew

Energy

Global

PLC,

Class

A

(India)*

286,118

3,531,274

TOTAL

COMMON

STOCKS

(Cost

$297,026,439)

347,961,001

a

Exchange-Traded

Funds

–

0.2%

231,992

Greencoat

UK

Wind

PLC/Funds

416,180

266,314

Renewables

Infrastructure

Group

Ltd.

(The)

339,749

TOTAL

EXCHANGE-TRADED

FUNDS

(Cost

$787,521)

755,929

Units

Description

Expiration

Month

Value

aa

Right

–

0.0%

Health

Care

–

0.0%

9,282

AstraZeneca

PLC*

(e)

(Cost

$0)

12/28

28,403

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.0%

(c)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

77,435

5.180%

77,435

(Cost

$77,435)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$297,891,395)

348,822,768

a

Securities

Lending

Reinvestment

Vehicle

–

1.7%

(c)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

5,923,834

5.227%

5,923,834

(Cost

$5,923,834)

TOTAL

INVESTMENTS

–

101.6%

(Cost

$303,815,229)

$

354,746,602

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(1.6)%

(5,427,745)

NET

ASSETS

–

100.0%

$

349,318,857

  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)

Represents

an

affiliated

issuer.

(d)

Restricted

securities

are

not

registered

under

the

Securities

Act

of

1933

and

are

subject

to

legal

restrictions

on

sale.

These

securities

generally

may

be

resold

in

transactions

exempt

from

registration

or

to

the

public

if

the

securities

are

subsequently

registered

and

the

registration

statement

is

effective.

Disposal

of

these

securities

may

involve

time

consuming

negotiations

and

prompt

sale

at

an

acceptable

price

may

be

difficult.

Total

market

value

of

restricted

securities

amounts

to

$21,565,

which

represents

approximately

0.0%

of

net

assets

as

of

May

31,

2024.

See

additional

details

below:  

(e)

Significant

unobservable

inputs

were

used

in

the

valuation

of

this

portfolio

security;

i.e.

Level

3.

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

LP

—

Limited

Partnership

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

JUST

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

May

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.9%

Communication

Services

–

7.1%

49,400

Alphabet,

Inc.,

Class

A*

$

8,521,500

41,725

Alphabet,

Inc.,

Class

C*

7,258,481

60,161

AT&T,

Inc.

1,096,133

845

Charter

Communications,

Inc.,

Class

A*

242,616

33,548

Comcast

Corp.,

Class

A

1,342,927

2,727

Electronic

Arts,

Inc.

362,364

2,482

Fox

Corp.,

Class

A

85,455

1,399

Fox

Corp.,

Class

B

44,684

4,036

Interpublic

Group

of

Cos.,

Inc.

(The)

126,609

2,441

Match

Group,

Inc.*

74,768

3,834

News

Corp.,

Class

A

104,247

1,223

News

Corp.,

Class

B

34,097

2,075

Omnicom

Group,

Inc.

192,892

6,046

Paramount

Global,

Class

B

72,008

1,729

Take-Two

Interactive

Software,

Inc.*

277,263

4,153

T-Mobile

US,

Inc.

726,609

35,869

Verizon

Communications,

Inc.

1,476,009

18,433

Walt

Disney

Co.

(The)

1,915,373

23,164

Warner

Bros

Discovery,

Inc.*

190,871

24,144,906

Consumer

Discretionary

–

9.9%

4,085

Airbnb,

Inc.,

Class

A*

592,039

91,251

Amazon.com,

Inc.*

16,100,326

2,842

Aptiv

PLC*

236,625

2,460

Aramark

79,089

2,408

Bath

&

Body

Works,

Inc.

125,072

2,051

Best

Buy

Co.,

Inc.

173,966

352

Booking

Holdings,

Inc.

1,329,275

2,442

BorgWarner,

Inc.

87,082

1,664

CarMax,

Inc.*

116,913

279

Chipotle

Mexican

Grill,

Inc.*

873,136

313

Choice

Hotels

International,

Inc.

(a)

35,428

267

Deckers

Outdoor

Corp.*

292,077

625

Dick's

Sporting

Goods,

Inc.

142,275

5,600

eBay,

Inc.

303,632

1,287

Etsy,

Inc.*

81,686

1,383

Expedia

Group,

Inc.*

156,085

39,543

Ford

Motor

Co.

479,657

2,026

Gap,

Inc.

(The)

58,673

1,601

Garmin

Ltd.

262,324

11,610

General

Motors

Co.

522,334

320

Grand

Canyon

Education,

Inc.*

45,587

1,583

H&R

Block,

Inc.

78,580

1,367

Harley-Davidson,

Inc.

49,048

1,365

Hasbro,

Inc.

81,600

2,509

Hilton

Worldwide

Holdings,

Inc.

503,305

10,081

Home

Depot,

Inc.

(The)

3,375,824

494

Hyatt

Hotels

Corp.,

Class

A

72,850

1,156

Kohl's

Corp.

25,883

3,876

Las

Vegas

Sands

Corp.

174,536

611

Lear

Corp.

76,589

5,822

Lowe’s

Cos.,

Inc.

1,288,350

1,122

Lululemon

Athletica,

Inc.*

350,053

2,804

Macy’s,

Inc.

54,622

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Discretionary

–

(continued)

2,459

Marriott

International,

Inc.,

Class

A

$

568,447

3,068

MGM

Resorts

International*

123,242

11,987

NIKE,

Inc.,

Class

B

1,139,364

4,442

Norwegian

Cruise

Line

Holdings

Ltd.*

73,737

3,313

Peloton

Interactive,

Inc.,

Class

A*

12,059

1,562

Penn

Entertainment,

Inc.*

27,335

206

Penske

Automotive

Group,

Inc.

31,333

565

Polaris,

Inc.

47,234

645

PVH

Corp.

77,406

3,075

QuantumScape

Corp.*

18,173

2,458

Royal

Caribbean

Cruises

Ltd.*

362,997

1,541

Service

Corp.

International

110,428

11,371

Starbucks

Corp.

912,182

2,468

Tapestry,

Inc.

107,333

11,609

TJX

Cos.,

Inc.

(The)

1,196,888

303

TopBuild

Corp.*

126,639

1,149

Tractor

Supply

Co.

327,798

740

Travel

+

Leisure

Co.

32,516

3,674

VF

Corp.

48,791

810

Victoria's

Secret

&

Co.*

18,460

874

Wayfair,

Inc.,

Class

A*

51,994

561

Whirlpool

Corp.

52,190

680

Williams-Sonoma,

Inc.

199,390

853

Wyndham

Hotels

&

Resorts,

Inc.

60,358

914

YETI

Holdings,

Inc.*

37,236

33,988,051

Consumer

Staples

–

6.1%

5,177

Archer-Daniels-Midland

Co.

323,252

1,402

Bunge

Global

SA

150,841

1,949

Campbell

Soup

Co.

86,497

1,198

Clorox

Co.

(The)

157,609

37,778

Coca-Cola

Co.

(The)

2,377,370

7,959

Colgate-Palmolive

Co.

739,869

4,464

Costco

Wholesale

Corp.

3,615,349

2,418

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

298,284

5,637

General

Mills,

Inc.

387,544

1,453

Hershey

Co.

(The)

287,447

2,949

Hormel

Foods

Corp.

91,360

681

Ingredion,

Inc.

80,072

2,654

Kellanova

160,142

9,241

Keurig

Dr

Pepper,

Inc.

316,504

3,267

Kimberly-Clark

Corp.

435,491

2,560

McCormick

&

Co.,

Inc.

184,883

1,775

Molson

Coors

Beverage

Co.,

Class

B

97,288

13,189

Mondelez

International,

Inc.,

Class

A

903,842

13,362

PepsiCo,

Inc.

2,310,290

22,835

Procter &

Gamble

Co.

(The)

3,757,271

4,921

Sysco

Corp.

358,347

4,635

Target

Corp.

723,802

2,846

Tyson

Foods,

Inc.,

Class

A

162,934

2,204

US

Foods

Holding

Corp.*

116,437

7,311

Walgreens

Boots

Alliance,

Inc.

118,584

GOLDMAN

SACHS

JUST

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Staples

–

(continued)

43,162

Walmart,

Inc.

$

2,838,333

21,079,642

Energy

–

3.9%

2,961

APA

Corp.

90,399

9,186

Baker

Hughes

Co.

307,547

2,173

Cheniere

Energy,

Inc.

342,878

15,612

Chevron

Corp.

2,533,828

10,870

ConocoPhillips

1,266,138

5,812

Devon

Energy

Corp.

285,253

41,288

Exxon

Mobil

Corp.

4,841,431

8,147

Halliburton

Co.

298,995

2,520

Hess

Corp.

388,332

1,312

HF

Sinclair

Corp.

72,462

17,787

Kinder

Morgan,

Inc.

346,669

3,330

Marathon

Petroleum

Corp.

588,111

6,233

Occidental

Petroleum

Corp.

389,562

5,276

ONEOK,

Inc.

427,356

2,241

Range

Resources

Corp.

82,715

3,079

Valero

Energy

Corp.

483,834

11,045

Williams

Cos.,

Inc.

(The)

458,478

13,203,988

Financials

–

13.7%

2,159

Affirm

Holdings,

Inc.*

63,194

6,422

Aflac,

Inc.

577,145

2,882

Allstate

Corp.

(The)

482,793

2,959

Ally

Financial,

Inc.

115,312

5,568

American

Express

Co.

1,336,320

7,747

American

International

Group,

Inc.

610,619

1,117

Ameriprise

Financial,

Inc.

487,693

2,157

Aon

PLC,

Class

A

607,497

3,913

Arch

Capital

Group

Ltd.*

401,591

580

Assurant,

Inc.

100,613

611

Assured

Guaranty

Ltd.

47,487

845

Axis

Capital

Holdings

Ltd.

62,429

75,767

Bank

of

America

Corp.

3,029,922

8,381

Bank

of

New

York

Mellon

Corp.

(The)

499,591

1,618

BlackRock,

Inc.

1,249,145

4,982

Blue

Owl

Capital,

Inc.

89,626

705

Brighthouse

Financial,

Inc.*

31,380

3,638

Capital

One

Financial

Corp.

500,698

1,154

Cboe

Global

Markets,

Inc.

199,630

16,136

Charles

Schwab

Corp.

(The)

1,182,446

20,820

Citigroup,

Inc.

1,297,294

3,909

CME

Group,

Inc.

793,449

2,264

Columbia

Banking

System,

Inc.

43,650

1,450

Comerica,

Inc.

74,298

2,714

Discover

Financial

Services

332,899

3,761

Equitable

Holdings,

Inc.

156,044

7,461

Fifth

Third

Bancorp

279,191

6,046

First

Horizon

Corp.

95,769

5,738

Fiserv,

Inc.*

859,323

3,472

Goldman

Sachs

Group,

Inc.

(The)

(b)

1,585,038

386

Hanover

Insurance

Group,

Inc.

(The)

50,925

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

3,333

Hartford

Financial

Services

Group,

Inc.

(The)

$

344,799

16,022

Huntington

Bancshares,

Inc.

223,026

6,215

Intercontinental

Exchange,

Inc.

832,189

3,949

Invesco

Ltd.

62,039

31,891

JPMorgan

Chase &

Co.

6,462,073

10,206

KeyCorp

146,660

1,194

Lazard,

Inc.

48,035

1,861

Lincoln

National

Corp.

61,394

848

LPL

Financial

Holdings,

Inc.

242,706

1,799

M&T

Bank

Corp.

272,728

405

MarketAxess

Holdings,

Inc.

80,567

5,434

Marsh

&

McLennan

Cos.,

Inc.

1,127,990

8,033

Mastercard,

Inc.,

Class

A

3,591,313

6,894

MetLife,

Inc.

498,919

3,120

MGIC

Investment

Corp.

65,520

1,742

Moody's

Corp.

691,557

12,865

Morgan

Stanley

1,258,712

835

MSCI,

Inc.

413,475

3,762

Nasdaq,

Inc.

222,071

10,540

PayPal

Holdings,

Inc.*

663,915

817

Pinnacle

Financial

Partners,

Inc.

64,960

4,382

PNC

Financial

Services

Group,

Inc.

(The)

689,683

2,659

Principal

Financial

Group,

Inc.

218,144

6,419

Progressive

Corp.

(The)

1,355,564

4,034

Prudential

Financial,

Inc.

485,492

10,238

Regions

Financial

Corp.

198,105

734

Reinsurance

Group

of

America,

Inc.

153,993

1,368

Rocket

Cos.,

Inc.,

Class

A*

19,015

3,493

S&P

Global,

Inc.

1,493,292

2,447

SLM

Corp.

52,513

10,148

SoFi

Technologies,

Inc.*

70,021

3,353

State

Street

Corp.

253,453

4,106

Synchrony

Financial

179,843

1,567

Synovus

Financial

Corp.

62,194

1,270

Tradeweb

Markets,

Inc.,

Class

A

138,443

2,529

Travelers

Cos.,

Inc.

(The)

545,505

14,581

Truist

Financial

Corp.

550,433

2,157

Unum

Group

116,176

16,851

US

Bancorp

683,308

15,505

Visa,

Inc.,

Class

A

4,224,492

1,065

Voya

Financial,

Inc.

80,748

3,686

Western

Union

Co.

(The)

47,181

1,126

Willis

Towers

Watson

PLC

287,457

46,522,714

Health

Care

–

12.0%

14,648

Abbott

Laboratories

1,496,879

14,944

AbbVie,

Inc.

2,409,571

2,482

Agilent

Technologies,

Inc.

323,678

1,031

Alnylam

Pharmaceuticals,

Inc.*

153,031

4,532

Amgen,

Inc.

1,386,112

5,738

Avantor,

Inc.*

138,171

4,234

Baxter

International,

Inc.

144,337

2,464

Becton

Dickinson

&

Co.

571,574

1,202

Biogen,

Inc.*

270,378

12,448

Boston

Scientific

Corp.*

940,695

17,329

Bristol-Myers

Squibb

Co.

712,049

GOLDMAN

SACHS

JUST

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

–

(continued)

2,097

Cardinal

Health,

Inc.

$

208,169

1,566

Cencora,

Inc.

354,809

4,551

Centene

Corp.*

325,806

2,457

Cigna

Group

(The)

846,731

12,421

CVS

Health

Corp.

740,292

5,616

Danaher

Corp.

1,442,189

448

DaVita,

Inc.*

65,910

1,766

DENTSPLY

SIRONA,

Inc.

49,466

3,250

Dexcom,

Inc.*

386,002

5,051

Edwards

Lifesciences

Corp.*

438,881

2,023

Elevance

Health,

Inc.

1,089,345

7,203

Eli

Lilly

&

Co.

5,908,909

1,391

Envista

Holdings

Corp.*

26,930

2,673

Exelixis,

Inc.*

57,977

10,509

Gilead

Sciences,

Inc.

675,413

1,720

HCA

Healthcare,

Inc.

584,370

1,108

Henry

Schein,

Inc.*

76,829

2,049

Hologic,

Inc.*

151,175

1,041

Humana,

Inc.

372,803

700

IDEXX

Laboratories,

Inc.*

347,865

1,330

Illumina,

Inc.*

138,692

1,545

Incyte

Corp.*

89,286

245

Inspire

Medical

Systems,

Inc.*

38,903

2,980

Intuitive

Surgical,

Inc.*

1,198,318

1,547

IQVIA

Holdings,

Inc.*

338,932

746

Labcorp

Holdings,

Inc.

145,403

1,315

McKesson

Corp.

749,011

11,159

Medtronic

PLC

908,008

21,674

Merck &

Co.,

Inc.

2,720,954

2,803

Moderna,

Inc.*

399,568

2,172

Organon

&

Co.

46,329

47,831

Pfizer,

Inc.

1,370,836

1,007

Premier,

Inc.,

Class

A

19,052

953

Quest

Diagnostics,

Inc.

135,297

880

Regeneron

Pharmaceuticals,

Inc.*

862,541

458

Repligen

Corp.*

68,283

1,211

ResMed,

Inc.

249,866

1,320

Solventum

Corp.*

78,329

2,996

Stryker

Corp.

1,021,906

400

Teleflex,

Inc.

83,628

3,266

Thermo

Fisher

Scientific,

Inc.

1,855,023

567

Ultragenyx

Pharmaceutical,

Inc.*

22,759

7,911

UnitedHealth

Group,

Inc.

3,918,872

2,159

Vertex

Pharmaceuticals,

Inc.*

983,079

578

Waters

Corp.*

178,544

1,759

Zimmer

Biomet

Holdings,

Inc.

202,549

3,939

Zoetis,

Inc.

667,897

41,188,211

Industrials

–

8.9%

5,278

3M

Co.

528,539

316

Acuity

Brands,

Inc.

82,037

1,300

AECOM

113,542

601

AGCO

Corp.

64,505

1,318

Alaska

Air

Group,

Inc.*

55,382

6,785

American

Airlines

Group,

Inc.*

78,027

2,207

AMETEK,

Inc.

374,263

443

Armstrong

World

Industries,

Inc.

51,299

3,970

Automatic

Data

Processing,

Inc.

972,332

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

212

Avis

Budget

Group,

Inc.

$

24,111

1,308

AZEK

Co.,

Inc.

(The)*

62,732

5,473

Boeing

Co.

(The)*

972,060

1,289

Booz

Allen

Hamilton

Holding

Corp.

196,199

1,294

Broadridge

Financial

Solutions,

Inc.

259,796

1,139

C.H.

Robinson

Worldwide,

Inc.

98,375

463

Carlisle

Cos.,

Inc.

193,668

7,994

Carrier

Global

Corp.

505,141

4,960

Caterpillar,

Inc.

1,679,059

9,335

CNH

Industrial

NV

98,578

8,643

Copart,

Inc.*

458,598

18,941

CSX

Corp.

639,259

1,402

Cummins,

Inc.

394,985

1,261

Dayforce,

Inc.*

62,369

2,544

Deere

&

Co.

953,389

6,728

Delta

Air

Lines,

Inc.

343,263

3,823

Eaton

Corp.

PLC

1,272,486

5,478

Emerson

Electric

Co.

614,412

2,226

FedEx

Corp.

565,315

3,493

Fortive

Corp.

260,019

1,234

Fortune

Brands

Innovations,

Inc.

86,454

335

FTI

Consulting,

Inc.*

71,958

2,602

GE

Vernova,

Inc.*

457,692

10,537

General

Electric

Co.

1,740,080

6,392

Honeywell

International,

Inc.

1,292,398

750

IDEX

Corp.

156,480

4,006

Ingersoll

Rand,

Inc.

372,758

793

ITT,

Inc.

105,374

1,256

Jacobs

Solutions,

Inc.

175,011

6,572

Johnson

Controls

International

PLC

472,592

1,153

KBR,

Inc.

75,706

1,815

L3Harris

Technologies,

Inc.

408,066

1,161

Leidos

Holdings,

Inc.

170,725

323

Lennox

International,

Inc.

162,340

2,126

Lockheed

Martin

Corp.

999,943

2,156

Masco

Corp.

150,748

1,979

MDU

Resources

Group,

Inc.

49,950

499

Mercury

Systems,

Inc.*

15,444

549

Nordson

Corp.

128,861

1,373

Northrop

Grumman

Corp.

618,907

1,619

nVent

Electric

PLC

131,754

639

Oshkosh

Corp.

72,673

3,966

Otis

Worldwide

Corp.

393,427

895

Owens

Corning

162,058

1,573

Pentair

PLC

128,011

1,378

Quanta

Services,

Inc.

380,245

1,103

Rockwell

Automation,

Inc.

284,056

13,805

RTX

Corp.

1,488,317

531

Schneider

National,

Inc.,

Class

B

11,937

1,446

Sensata

Technologies

Holding

PLC

59,749

459

SiteOne

Landscape

Supply,

Inc.*

71,062

6,211

Southwest

Airlines

Co.

166,703

1,021

Spirit

AeroSystems

Holdings,

Inc.,

Class

A*

30,957

1,512

Stanley

Black

&

Decker,

Inc.

131,801

1,951

Textron,

Inc.

170,927

GOLDMAN

SACHS

JUST

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

601

Timken

Co.

(The)

$

52,221

2,185

Trane

Technologies

PLC

715,500

1,906

TransUnion

137,079

19,837

Uber

Technologies,

Inc.*

1,280,677

5,852

Union

Pacific

Corp.

1,362,463

3,418

United

Airlines

Holdings,

Inc.*

181,120

6,953

United

Parcel

Service,

Inc.,

Class

B

965,980

648

United

Rentals,

Inc.

433,778

1,402

Verisk

Analytics,

Inc.

354,398

4,326

Waste

Management,

Inc.

911,618

1,711

Westinghouse

Air

Brake

Technologies

Corp.

289,553

2,336

Xylem,

Inc.

329,423

30,382,714

Information

Technology

–

30.9%

6,141

Accenture

PLC,

Class

A

1,733,543

3,736

Adobe,

Inc.*

1,661,623

13,262

Advanced

Micro

Devices,

Inc.*

2,213,428

1,312

Akamai

Technologies,

Inc.*

121,019

4,119

Analog

Devices,

Inc.

965,864

743

ANSYS,

Inc.*

235,865

121,237

Apple,

Inc.

23,307,813

6,925

Applied

Materials,

Inc.

1,489,429

1,776

Autodesk,

Inc.*

358,042

3,584

Broadcom,

Inc.

4,761,523

2,237

Cadence

Design

Systems,

Inc.*

640,475

1,245

Ciena

Corp.*

59,972

460

Cirrus

Logic,

Inc.*

52,762

34,563

Cisco

Systems,

Inc.

1,607,180

2,457

Cloudflare,

Inc.,

Class

A*

166,314

4,201

Cognizant

Technology

Solutions

Corp.,

Class

A

277,896

6,492

Corning,

Inc.

241,892

1,722

DocuSign,

Inc.*

94,262

1,203

DoubleVerify

Holdings,

Inc.*

21,895

2,204

Dropbox,

Inc.,

Class

A*

49,656

651

Elastic

NV*

67,737

517

F5,

Inc.*

87,357

1,012

First

Solar,

Inc.*

275,021

5,599

Fortinet,

Inc.*

332,133

646

Gartner,

Inc.*

271,107

4,734

Gen

Digital,

Inc.

117,545

768

Gitlab,

Inc.,

Class

A*

36,242

1,314

GoDaddy,

Inc.,

Class

A*

183,474

714

Guidewire

Software,

Inc.*

81,339

10,998

Hewlett

Packard

Enterprise

Co.

194,115

7,347

HP,

Inc.

268,166

34,912

Intel

Corp.

1,077,035

7,518

International

Business

Machines

Corp.

1,254,378

2,262

Intuit,

Inc.

1,303,907

2,672

Juniper

Networks,

Inc.

95,310

1,748

Keysight

Technologies,

Inc.*

242,063

1,089

Lam

Research

Corp.

1,015,427

561

Lumentum

Holdings,

Inc.*

24,404

7,292

Marvell

Technology,

Inc.

501,763

9,041

Micron

Technology,

Inc.

1,130,125

61,868

Microsoft

Corp.

25,683,263

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

562

MongoDB,

Inc.*

$

132,666

380

Monolithic

Power

Systems,

Inc.

279,539

1,790

NetApp,

Inc.

215,570

2,126

Nutanix,

Inc.,

Class

A*

117,600

19,753

NVIDIA

Corp.

21,655,806

1,288

Okta,

Inc.*

114,220

3,671

ON

Semiconductor

Corp.*

268,130

2,534

Palo

Alto

Networks,

Inc.*

747,302

351

Pegasystems,

Inc.

20,168

9,230

QUALCOMM,

Inc.

1,883,382

7,745

Salesforce,

Inc.

1,815,738

1,686

ServiceNow,

Inc.*

1,107,584

1,078

Smartsheet,

Inc.,

Class

A*

39,886

1,256

Synopsys,

Inc.*

704,365

847

Teradata

Corp.*

27,621

1,326

Teradyne,

Inc.

186,886

7,512

Texas

Instruments,

Inc.

1,464,915

358

Tyler

Technologies,

Inc.*

171,969

1,493

Vontier

Corp.

59,690

2,715

Western

Digital

Corp.*

204,412

1,693

Workday,

Inc.,

Class

A*

357,985

513

Zebra

Technologies

Corp.,

Class

A*

160,230

2,137

Zoom

Video

Communications,

Inc.,

Class

A*

131,084

744

Zscaler,

Inc.*

126,450

106,295,562

Materials

–

2.5%

2,140

Air

Products

and

Chemicals,

Inc.

570,738

1,134

Albemarle

Corp.

139,017

1,717

Alcoa

Corp.

76,012

640

AptarGroup,

Inc.

94,522

3,040

Ball

Corp.

211,067

1,144

Berry

Global

Group,

Inc.

68,503

953

Celanese

Corp.

144,894

1,893

CF

Industries

Holdings,

Inc.

150,929

4,881

Cleveland-Cliffs,

Inc.*

84,344

6,847

Dow,

Inc.

394,593

4,406

DuPont

de

Nemours,

Inc.

361,997

1,147

Eastman

Chemical

Co.

116,225

2,412

Ecolab,

Inc.

560,066

1,205

FMC

Corp.

73,445

14,265

Freeport-McMoRan,

Inc.

752,193

2,920

Graphic

Packaging

Holding

Co.

82,694

2,470

International

Flavors

&

Fragrances,

Inc.

237,565

4,818

Linde

PLC

2,098,335

617

Louisiana-Pacific

Corp.

56,566

2,499

LyondellBasell

Industries

NV,

Class

A

248,451

607

Martin

Marietta

Materials,

Inc.

347,252

3,195

Mosaic

Co.

(The)

98,821

11,190

Newmont

Corp.

469,309

2,253

PPG

Industries,

Inc.

296,067

2,282

Sherwin-Williams

Co.

(The)

693,272

938

Sonoco

Products

Co.

57,565

1,972

SSR

Mining,

Inc.

(Canada)

10,530

2,509

Westrock

Co.

134,583

8,629,555

GOLDMAN

SACHS

JUST

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Real

Estate

–

2.4%

6,084

American

Tower

Corp.

REIT

$

1,190,882

2,192

Apartment

Income

REIT

Corp.

REIT

84,940

1,852

AvalonBay

Communities,

Inc.

REIT

356,843

2,049

Boston

Properties,

Inc.

REIT

124,313

3,968

CBRE

Group,

Inc.,

Class

A*

349,462

5,281

CoStar

Group,

Inc.*

412,816

5,653

Crown

Castle,

Inc.

REIT

579,432

3,945

Digital

Realty

Trust,

Inc.

REIT

573,366

1,219

Equinix,

Inc.

REIT

930,073

4,872

Equity

Residential

REIT

316,826

833

Essex

Property

Trust,

Inc.

REIT

216,405

3,782

Iron

Mountain,

Inc.

REIT

305,170

619

Jones

Lang

LaSalle,

Inc.*

125,081

7,902

Kimco

Realty

Corp.

REIT

152,983

11,924

Prologis,

Inc.

REIT

1,317,483

1,402

SBA

Communications

Corp.

REIT

275,745

4,284

UDR,

Inc.

REIT

165,448

5,218

Ventas,

Inc.

REIT

262,257

9,566

Weyerhaeuser

Co.

REIT

287,267

713

Zillow

Group,

Inc.,

Class

A*

28,627

2,017

Zillow

Group,

Inc.,

Class

C*

82,596

8,138,015

Utilities

–

2.5%

7,101

AES

Corp.

(The)

153,311

2,785

Ameren

Corp.

204,335

5,479

American

Electric

Power

Co.,

Inc.

494,480

2,073

American

Water

Works

Co.,

Inc.

271,086

822

Avangrid,

Inc.

29,600

6,710

CenterPoint

Energy,

Inc.

204,722

3,421

Constellation

Energy

Corp.

743,212

8,891

Dominion

Energy,

Inc.

479,403

8,201

Duke

Energy

Corp.

849,377

4,020

Edison

International

308,937

2,251

Entergy

Corp.

253,215

3,746

Eversource

Energy

221,876

10,574

Exelon

Corp.

397,054

21,901

NextEra

Energy,

Inc.

1,752,518

2,420

NRG

Energy,

Inc.

196,020

1,203

Pinnacle

West

Capital

Corp.

94,869

7,849

PPL

Corp.

230,211

5,289

Public

Service

Enterprise

Group,

Inc.

400,695

6,701

Sempra

516,178

3,862

Vistra

Corp.

382,647

5,860

Xcel

Energy,

Inc.

324,937

8,508,683

TOTAL

COMMON

STOCKS

(Cost

$243,826,410)

342,082,041

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.0%

(b)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

37,251

5.180%

$

37,251

(Cost

$37,251)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$243,863,661)

342,119,292

a

Securities

Lending

Reinvestment

Vehicle

–

0.0%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

34,239

5.227%

34,239

(Cost

$34,239)

TOTAL

INVESTMENTS

–

99.9%

(Cost

$243,897,900)

$

342,153,531

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.1%

321,055

NET

ASSETS

–

100.0%

$

342,474,586

  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

GOLDMAN

SACHS

NORTH

AMERICAN

PIPELINES

&

POWER

EQUITY

ETF

Schedule

of

Investments

May

31,

2024

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

99.9%

Energy

–

83.8%

15,062

Antero

Midstream

Corp.

$

220,658

687

Cheniere

Energy

Partners

LP

33,093

2,587

Cheniere

Energy,

Inc.

408,203

8,849

Clean

Energy

Fuels

Corp.*

27,697

396

Delek

Logistics

Partners

LP

15,690

2,059

DT

Midstream,

Inc.

138,118

9,113

Enbridge,

Inc.

(Canada)

333,126

14,060

Energy

Transfer

LP

220,320

16,932

EnLink

Midstream

LLC*

214,867

12,872

Enterprise

Products

Partners

LP

366,852

24,254

Equitrans

Midstream

Corp.

346,347

494

Excelerate

Energy,

Inc.,

Class

A

8,798

7,300

Gibson

Energy,

Inc.

(Canada)

121,992

158

Global

Partners

LP

7,636

3,265

Hess

Midstream

LP,

Class

A

113,459

6,236

Keyera

Corp.

(Canada)

165,101

17,841

Kinder

Morgan,

Inc.

347,721

369

Kinetik

Holdings,

Inc.

15,125

3,619

MPLX

LP

147,221

1,720

New

Fortress

Energy,

Inc.

43,602

4,536

NextDecade

Corp.*

32,478

1,344

NGL

Energy

Partners

LP*

7,634

5,632

ONEOK,

Inc.

456,192

9,335

Pembina

Pipeline

Corp.

(Canada)

346,720

7,460

Plains

All

American

Pipeline

LP

126,895

10,470

Plains

GP

Holdings

LP,

Class

A*

188,565

5,027

Secure

Energy

Services,

Inc.

(Canada)

41,672

494

Sunoco

LP

25,194

3,832

Targa

Resources

Corp.

453,057

8,811

TC

Energy

Corp.

(Canada)

339,732

77,888

Tellurian,

Inc.*

40,042

1,493

Western

Midstream

Partners

LP

55,719

8,568

Williams

Cos.,

Inc.

(The)

355,658

1,950

World

Kinect

Corp.

51,363

5,816,547

Utilities

–

16.1%

5,010

AES

Corp.

(The)

108,166

4,782

AltaGas

Ltd.

(Canada)

107,872

1,953

Atlantica

Sustainable

Infrastructure

PLC

(Spain)

42,927

1,914

Boralex,

Inc.,

Class

A

(Canada)

48,568

2,268

Brookfield

Renewable

Corp.,

Class

A

71,533

3,010

Brookfield

Renewable

Partners

LP

(Canada)

84,019

2,605

Clearway

Energy,

Inc.,

Class

C

72,940

2,663

Innergex

Renewable

Energy,

Inc.

(Canada)

19,067

1,190

New

Jersey

Resources

Corp.

51,717

3,402

NextEra

Energy

Partners

LP

114,681

4,850

Northland

Power,

Inc.

(Canada)

82,900

1,136

Ormat

Technologies,

Inc.

85,654

325

Suburban

Propane

Partners

LP

6,607

10,164

Superior

Plus

Corp.

(Canada)

70,089

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Utilities

–

(continued)

6,073

UGI

Corp.

$

154,619

1,121,359

TOTAL

INVESTMENTS

–

99.9%

(Cost

$6,367,323)

$

6,937,906

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.1%

7,019

NET

ASSETS

–

100.0%

$

6,944,925

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

Investment

Abbreviations:

LP

—

Limited

Partnership

PLC

—

Public

Limited

Company

GOLDMAN

SACHS

SMALL

CAP

CORE

EQUITY

ETF

Schedule

of

Investments

May

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

98.8%

Communication

Services

–

0.7%

1,488

Nexstar

Media

Group,

Inc.

$

246,547

Consumer

Discretionary

–

16.2%

2,090

Academy

Sports

&

Outdoors,

Inc.

120,572

6,725

Adient

PLC*

189,914

3,253

Boot

Barn

Holdings,

Inc.*

386,879

6,175

Boyd

Gaming

Corp.

329,251

5,347

Cava

Group,

Inc.*

494,865

3,749

Crocs,

Inc.*

583,494

1,240

Installed

Building

Products,

Inc.

262,682

1,873

M/I

Homes,

Inc.*

233,975

3,997

Meritage

Homes

Corp.

704,871

2,343

Ollie's

Bargain

Outlet

Holdings,

Inc.*

193,133

3,364

Shake

Shack,

Inc.,

Class

A*

319,210

3,501

Texas

Roadhouse,

Inc.

604,518

7,055

United

Parks

&

Resorts,

Inc.*

368,906

1,598

Wingstop,

Inc.

589,103

5,381,373

Consumer

Staples

–

1.7%

6,698

Simply

Good

Foods

Co.

(The)*

257,806

16,401

Utz

Brands,

Inc.

304,075

561,881

Energy

–

6.8%

2,350

Chord

Energy

Corp.

435,713

6,780

Matador

Resources

Co.

430,191

4,934

Noble

Corp.

PLC

229,234

12,845

Patterson-UTI

Energy,

Inc.

141,552

28,748

Permian

Resources

Corp.

471,180

10,694

SM

Energy

Co.

539,298

2,247,168

Financials

–

14.8%

7,083

Ameris

Bancorp

353,796

5,622

Banner

Corp.

263,278

7,278

First

Merchants

Corp.

240,538

1,488

FirstCash

Holdings,

Inc.

175,465

6,587

Glacier

Bancorp,

Inc.

246,222

2,151

Hamilton

Lane,

Inc.,

Class

A

269,929

4,907

Mr

Cooper

Group,

Inc.*

409,244

13,175

NMI

Holdings,

Inc.,

Class

A*

437,147

9,151

Pacific

Premier

Bancorp,

Inc.

203,518

2,756

PennyMac

Financial

Services,

Inc.

249,831

22,629

Perella

Weinberg

Partners

349,392

2,563

Pinnacle

Financial

Partners,

Inc.

203,784

2,013

Piper

Sandler

Cos.

426,313

2,316

PJT

Partners,

Inc.,

Class

A

247,048

1,598

RLI

Corp.

233,276

10,556

Skyward

Specialty

Insurance

Group,

Inc.*

393,950

2,591

Stifel

Financial

Corp.

209,741

4,912,472

Health

Care

–

10.9%

4,934

Acadia

Healthcare

Co.,

Inc.*

339,903

8,021

Alkermes

PLC*

187,691

3,529

Catalent,

Inc.*

189,825

11,689

Dynavax

Technologies

Corp.*

140,151

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

–

(continued)

5,550

Evolent

Health,

Inc.,

Class

A*

$

117,605

7,498

Fortrea

Holdings,

Inc.*

190,374

9,701

Halozyme

Therapeutics,

Inc.*

429,657

5,595

Immunovant,

Inc.*

142,057

2,041

Integer

Holdings

Corp.*

247,451

1,626

iRhythm

Technologies,

Inc.*

143,430

1,048

Medpace

Holdings,

Inc.*

404,884

4,907

Merit

Medical

Systems,

Inc.*

398,203

15,821

NeoGenomics,

Inc.*

216,906

7,635

Surgery

Partners,

Inc.*

210,726

2,041

TransMedics

Group,

Inc.*

278,393

3,637,256

Industrials

–

21.4%

5,457

Arcosa,

Inc.

479,725

11,522

Core

&

Main,

Inc.,

Class

A*

663,206

3,224

Crane

Co.

480,634

8,738

Federal

Signal

Corp.

804,071

26,682

Gates

Industrial

Corp.

PLC*

464,800

2,343

Herc

Holdings,

Inc.

339,899

2,784

ICF

International,

Inc.

397,416

10,556

Kratos

Defense &

Security

Solutions,

Inc.*

229,487

2,564

Loar

Holdings,

Inc.*

146,071

3,611

Moog,

Inc.,

Class

A

611,812

2,508

MYR

Group,

Inc.*

388,891

883

Saia,

Inc.*

361,571

5,899

SPX

Technologies,

Inc.*

822,439

2,481

Standex

International

Corp.

417,329

2,508

Watts

Water

Technologies,

Inc.,

Class

A

499,418

7,106,769

Information

Technology

–

17.4%

7,415

Alkami

Technology,

Inc.*

203,393

10,722

Allegro

MicroSystems,

Inc.

(Japan)*

323,161

3,474

ASGN,

Inc.*

326,243

1,487

Astera

Labs,

Inc.*

(a)

95,971

3,556

Axcelis

Technologies,

Inc.*

400,014

2,481

Badger

Meter,

Inc.

478,734

9,951

Clearwater

Analytics

Holdings,

Inc.,

Class

A*

188,870

6,945

Cohu,

Inc.*

223,907

1,598

CyberArk

Software

Ltd.*

366,341

6,230

DigitalOcean

Holdings,

Inc.*

230,821

1,986

Impinj,

Inc.*

325,049

14,264

Instructure

Holdings,

Inc.*

315,948

5,375

MACOM

Technology

Solutions

Holdings,

Inc.*

543,627

3,364

Onto

Innovation,

Inc.*

728,979

2,151

SPS

Commerce,

Inc.*

404,582

9,041

Tenable

Holdings,

Inc.*

381,440

7,222

Vertex,

Inc.,

Class

A*

238,687

5,775,767

Materials

–

5.5%

3,391

Ashland,

Inc.

339,676

6,670

ATI,

Inc.*

409,138

8,876

Avient

Corp.

396,580

18,219

Constellium

SE*

394,806

GOLDMAN

SACHS

SMALL

CAP

CORE

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Materials

–

(continued)

9,729

Graphic

Packaging

Holding

Co.

$

275,525

1,815,725

Real

Estate

–

2.7%

25,552

RLJ

Lodging

Trust

REIT

255,009

21,251

SITE

Centers

Corp.

REIT

306,440

6,147

Terreno

Realty

Corp.

REIT

347,797

909,246

Utilities

–

0.7%

3,804

ONE

Gas,

Inc.

234,440

TOTAL

COMMON

STOCKS

(Cost

$29,255,876)

32,828,644

Shares

Dividend

Rate

Value

aa

Investment

Company

–

1.2%

(b)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

384,476

5.180%

384,476

(Cost

$384,476)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$29,640,352)

33,213,120

a

Securities

Lending

Reinvestment

Vehicle

–

0.3%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

89,378

5.227%

89,378

(Cost

$89,378)

TOTAL

INVESTMENTS

–

100.3%

(Cost

$29,729,730)

$

33,302,498

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(0.3)%

(87,932)

NET

ASSETS

–

100.0%

$

33,214,566

  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

GOLDMAN

SACHS

DEFENSIVE

EQUITY

ETF

Schedule

of

Investments

May

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

88.9%

Communication

Services

–

6.3%

1,537

Alphabet,

Inc.,

Class

A*

$

265,133

749

Comcast

Corp.,

Class

A

29,983

80

Electronic

Arts,

Inc.

10,630

120

Live

Nation

Entertainment,

Inc.*

11,249

73

Netflix,

Inc.*

46,838

356

Pinterest,

Inc.,

Class

A*

14,770

36

Spotify

Technology

SA*

10,684

127

T-Mobile

US,

Inc.

22,220

992

Verizon

Communications,

Inc.

40,821

290

Warner

Music

Group

Corp.,

Class

A

8,636

460,964

Consumer

Discretionary

–

7.7%

98

Airbnb,

Inc.,

Class

A*

14,203

5

AutoZone,

Inc.*

13,850

96

Best

Buy

Co.,

Inc.

8,143

7

Booking

Holdings,

Inc.

26,434

10

Chipotle

Mexican

Grill,

Inc.*

31,295

101

Darden

Restaurants,

Inc.

15,189

13

Deckers

Outdoor

Corp.*

14,221

25

Domino's

Pizza,

Inc.

12,714

80

DoorDash,

Inc.,

Class

A*

8,809

113

Etsy,

Inc.*

7,172

75

Garmin

Ltd.

12,289

227

Gentex

Corp.

7,945

110

Genuine

Parts

Co.

15,855

68

Hilton

Worldwide

Holdings,

Inc.

13,641

191

Home

Depot,

Inc.

(The)

63,960

255

Levi

Strauss

&

Co.,

Class

A

6,123

124

Lowe’s

Cos.,

Inc.

27,440

72

Marriott

International,

Inc.,

Class

A

16,644

349

Mattel,

Inc.*

6,209

156

McDonald's

Corp.

40,387

9

MercadoLibre,

Inc.

(Brazil)*

15,530

309

NIKE,

Inc.,

Class

B

29,370

1

NVR,

Inc.*

7,681

21

O'Reilly

Automotive,

Inc.*

20,228

23

Pool

Corp.

8,362

125

Ross

Stores,

Inc.

17,470

86

Skechers

USA,

Inc.,

Class

A*

6,142

273

Starbucks

Corp.

21,900

59

Texas

Roadhouse,

Inc.

10,188

347

TJX

Cos.,

Inc.

(The)

35,776

44

Vail

Resorts,

Inc.

8,304

69

Wynn

Resorts

Ltd.

6,547

107

Yum!

Brands,

Inc.

14,705

564,726

Consumer

Staples

–

7.3%

88

Clorox

Co.

(The)

11,577

694

Coca-Cola

Co.

(The)

43,673

302

Colgate-Palmolive

Co.

28,074

77

Constellation

Brands,

Inc.,

Class

A

19,268

72

Costco

Wholesale

Corp.

58,312

106

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

13,076

343

General

Mills,

Inc.

23,581

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Staples

–

(continued)

70

Ingredion,

Inc.

$

8,231

162

Kellanova

9,775

516

Kenvue,

Inc.

9,959

391

Keurig

Dr

Pepper,

Inc.

13,392

173

Kimberly-Clark

Corp.

23,061

230

Kroger

Co.

(The)

12,045

71

Lamb

Weston

Holdings,

Inc.

6,269

257

McCormick

&

Co.,

Inc.

18,561

265

Mondelez

International,

Inc.,

Class

A

18,160

182

Monster

Beverage

Corp.*

9,449

283

PepsiCo,

Inc.

48,931

398

Procter &

Gamble

Co.

(The)

65,487

270

Sysco

Corp.

19,661

100

Target

Corp.

15,616

133

Tyson

Foods,

Inc.,

Class

A

7,614

838

Walmart,

Inc.

55,107

538,879

Energy

–

2.5%

85

Cheniere

Energy,

Inc.

13,412

653

Exxon

Mobil

Corp.

76,571

519

Kinder

Morgan,

Inc.

10,115

378

Occidental

Petroleum

Corp.

23,625

101

Phillips

66

14,353

331

Schlumberger

NV

15,190

128

Targa

Resources

Corp.

15,133

310

Williams

Cos.,

Inc.

(The)

12,868

181,267

Financials

–

10.1%

31

Ameriprise

Financial,

Inc.

13,535

85

Aon

PLC,

Class

A

23,939

63

Arthur

J

Gallagher

&

Co.

15,960

240

Bank

of

New

York

Mellon

Corp.

(The)

14,306

197

Berkshire

Hathaway,

Inc.,

Class

B*

81,637

33

BlackRock,

Inc.

25,477

191

Blackstone,

Inc.

23,016

51

Cboe

Global

Markets,

Inc.

8,823

101

Cincinnati

Financial

Corp.

11,876

100

CME

Group,

Inc.

20,298

48

Corpay,

Inc.*

12,848

37

FactSet

Research

Systems,

Inc.

14,958

178

Fiserv,

Inc.*

26,657

709

Huntington

Bancshares,

Inc.

9,869

173

Intercontinental

Exchange,

Inc.

23,165

70

Jack

Henry

&

Associates,

Inc.

11,528

159

Marsh

&

McLennan

Cos.,

Inc.

33,005

147

Mastercard,

Inc.,

Class

A

65,719

53

Moody's

Corp.

21,040

36

Morningstar,

Inc.

10,377

40

MSCI,

Inc.

19,807

92

PNC

Financial

Services

Group,

Inc.

(The)

14,480

182

Principal

Financial

Group,

Inc.

14,931

118

Progressive

Corp.

(The)

24,919

54

RLI

Corp.

7,883

55

S&P

Global,

Inc.

23,513

GOLDMAN

SACHS

DEFENSIVE

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

216

SEI

Investments

Co.

$

14,625

95

T.

Rowe

Price

Group,

Inc.

11,194

100

Tradeweb

Markets,

Inc.,

Class

A

10,901

90

Travelers

Cos.,

Inc.

(The)

19,413

292

Visa,

Inc.,

Class

A

79,558

118

W

R

Berkley

Corp.

9,562

52

Willis

Towers

Watson

PLC

13,275

732,094

Health

Care

–

10.9%

418

Abbott

Laboratories

42,715

277

AbbVie,

Inc.

44,663

70

Agilent

Technologies,

Inc.

9,129

32

Align

Technology,

Inc.*

8,231

283

Avantor,

Inc.*

6,815

83

Becton

Dickinson

&

Co.

19,253

288

Boston

Scientific

Corp.*

21,764

48

Cencora,

Inc.

10,875

14

Chemed

Corp.

7,761

157

Danaher

Corp.

40,318

158

Dexcom,

Inc.*

18,766

149

Edwards

Lifesciences

Corp.*

12,947

50

Elevance

Health,

Inc.

26,924

48

HCA

Healthcare,

Inc.

16,308

201

Hologic,

Inc.*

14,830

35

IDEXX

Laboratories,

Inc.*

17,393

60

Intuitive

Surgical,

Inc.*

24,127

85

IQVIA

Holdings,

Inc.*

18,623

452

Johnson &

Johnson

66,295

57

Masimo

Corp.*

7,096

31

McKesson

Corp.

17,657

232

Medtronic

PLC

18,878

397

Merck &

Co.,

Inc.

49,839

6

Mettler-Toledo

International,

Inc.*

8,425

95

Moderna,

Inc.*

13,542

1,013

Pfizer,

Inc.

29,033

41

ResMed,

Inc.

8,460

79

Revvity,

Inc.

8,632

81

Stryker

Corp.

27,628

69

Thermo

Fisher

Scientific,

Inc.

39,191

135

UnitedHealth

Group,

Inc.

66,875

77

Veeva

Systems,

Inc.,

Class

A*

13,417

63

Vertex

Pharmaceuticals,

Inc.*

28,686

44

West

Pharmaceutical

Services,

Inc.

14,582

89

Zoetis,

Inc.

15,091

794,769

Industrials

–

12.6%

124

3M

Co.

12,417

142

A

O

Smith

Corp.

11,877

131

AECOM

11,442

70

AMETEK,

Inc.

11,871

125

Automatic

Data

Processing,

Inc.

30,615

81

Booz

Allen

Hamilton

Holding

Corp.

12,329

106

Broadridge

Financial

Solutions,

Inc.

21,282

120

BWX

Technologies,

Inc.

11,056

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

108

C.H.

Robinson

Worldwide,

Inc.

$

9,328

28

Carlisle

Cos.,

Inc.

11,712

203

Carrier

Global

Corp.

12,828

81

Caterpillar,

Inc.

27,420

42

Cintas

Corp.

28,475

602

CSX

Corp.

20,317

21

Curtiss-Wright

Corp.

5,939

37

EMCOR

Group,

Inc.

14,380

217

Emerson

Electric

Co.

24,339

52

Equifax,

Inc.

12,032

63

Expeditors

International

of

Washington,

Inc.

7,617

388

Fastenal

Co.

25,600

84

Ferguson

PLC

17,282

253

Fortive

Corp.

18,833

50

FTI

Consulting,

Inc.*

10,740

90

General

Dynamics

Corp.

26,979

141

Graco,

Inc.

11,386

173

Honeywell

International,

Inc.

34,979

66

IDEX

Corp.

13,770

93

Illinois

Tool

Works,

Inc.

22,576

121

Ingersoll

Rand,

Inc.

11,259

56

ITT,

Inc.

7,441

41

J.B.

Hunt

Transport

Services,

Inc.

6,591

46

Lincoln

Electric

Holdings,

Inc.

9,033

50

Lockheed

Martin

Corp.

23,517

131

Masco

Corp.

9,159

202

MDU

Resources

Group,

Inc.

5,098

66

MSA

Safety,

Inc.

11,880

53

Northrop

Grumman

Corp.

23,891

69

Old

Dominion

Freight

Line,

Inc.

12,092

128

Otis

Worldwide

Corp.

12,698

115

PACCAR,

Inc.

12,362

42

Parker-Hannifin

Corp.

22,324

155

Paychex,

Inc.

18,625

38

Paylocity

Holding

Corp.*

5,402

79

Pentair

PLC

6,429

42

Quanta

Services,

Inc.

11,589

93

Republic

Services,

Inc.

17,223

163

Rollins,

Inc.

7,447

265

RTX

Corp.

28,570

51

Simpson

Manufacturing

Co.,

Inc.

8,462

83

Stanley

Black

&

Decker,

Inc.

7,235

130

TransUnion

9,350

150

Union

Pacific

Corp.

34,923

205

United

Parcel

Service,

Inc.,

Class

B

28,481

136

Veralto

Corp.

13,407

69

Verisk

Analytics,

Inc.

17,442

17

W.W.

Grainger,

Inc.

15,665

152

Waste

Management,

Inc.

32,031

75

Westinghouse

Air

Brake

Technologies

Corp.

12,692

921,739

Information

Technology

–

24.8%

139

Accenture

PLC,

Class

A

39,238

240

Advanced

Micro

Devices,

Inc.*

40,056

118

Amphenol

Corp.,

Class

A

15,620

2,054

Apple,

Inc.

394,881

GOLDMAN

SACHS

DEFENSIVE

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

106

Atlassian

Corp.,

Class

A*

$

16,627

55

Autodesk,

Inc.*

11,088

74

Cadence

Design

Systems,

Inc.*

21,187

92

CDW

Corp.

20,573

894

Cisco

Systems,

Inc.

41,571

514

Corning,

Inc.

19,152

101

Datadog,

Inc.,

Class

A*

11,128

81

F5,

Inc.*

13,687

287

Fortinet,

Inc.*

17,025

45

Gartner,

Inc.*

18,885

801

Intel

Corp.

24,711

195

International

Business

Machines

Corp.

32,536

55

Intuit,

Inc.

31,704

26

Lam

Research

Corp.

24,243

68

MACOM

Technology

Solutions

Holdings,

Inc.*

6,878

1,021

Microsoft

Corp.

423,848

15

Monolithic

Power

Systems,

Inc.

11,034

78

Motorola

Solutions,

Inc.

28,463

105

Nutanix,

Inc.,

Class

A*

5,808

324

NVIDIA

Corp.

355,211

253

Oracle

Corp.

29,649

119

PTC,

Inc.*

20,973

45

Roper

Technologies,

Inc.

23,974

162

Salesforce,

Inc.

37,979

36

ServiceNow,

Inc.*

23,649

75

TE

Connectivity

Ltd.

11,228

70

Teradyne,

Inc.

9,866

137

Trimble,

Inc.*

7,628

19

Tyler

Technologies,

Inc.*

9,127

88

VeriSign,

Inc.*

15,340

57

Workday,

Inc.,

Class

A*

12,053

1,826,620

Materials

–

3.2%

56

Air

Products

and

Chemicals,

Inc.

14,935

60

AptarGroup,

Inc.

8,861

54

Avery

Dennison

Corp.

12,290

148

Ball

Corp.

10,276

177

CRH

PLC

14,471

115

Ecolab,

Inc.

26,703

100

Linde

PLC

43,552

32

Martin

Marietta

Materials,

Inc.

18,307

61

Nucor

Corp.

10,300

52

Packaging

Corp.

of

America

9,541

112

PPG

Industries,

Inc.

14,718

28

Reliance,

Inc.

8,422

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Materials

–

(continued)

80

RPM

International,

Inc.

$

8,968

82

Sherwin-Williams

Co.

(The)

24,912

70

Southern

Copper

Corp.

(Mexico)

8,304

234,560

Real

Estate

–

1.3%

193

Crown

Castle,

Inc.

REIT

19,782

276

Equity

Residential

REIT

17,948

44

Public

Storage

REIT

12,049

298

Realty

Income

Corp.

REIT

15,812

122

Simon

Property

Group,

Inc.

REIT

18,460

411

Weyerhaeuser

Co.

REIT

12,342

96,393

Utilities

–

2.2%

123

Alliant

Energy

Corp.

6,333

118

Ameren

Corp.

8,658

162

American

Electric

Power

Co.,

Inc.

14,620

61

American

Water

Works

Co.,

Inc.

7,977

303

CenterPoint

Energy,

Inc.

9,245

247

Dominion

Energy,

Inc.

13,318

248

Duke

Energy

Corp.

25,685

135

Eversource

Energy

7,996

316

Exelon

Corp.

11,866

336

NextEra

Energy,

Inc.

26,887

257

PPL

Corp.

7,538

176

Sempra

13,557

95

Vistra

Corp.

9,413

163,093

TOTAL

COMMON

STOCKS

(Cost

$5,794,580)

6,515,104

Shares

Dividend

Rate

Value

aa

Investment

Company

–

7.7%

(a)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

564,531

5.180%

564,531

(Cost

$564,531)

TOTAL

INVESTMENTS

–

96.6%

(Cost

$6,359,111)

$

7,079,635

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

3.4%

249,403

NET

ASSETS

–

100.0%

$

7,329,038

  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)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

DEFENSIVE

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

3

09/20/24

$

803,663

$

(2)

PURCHASED

&

WRITTEN

OPTIONS

CONTRACTS

—

At

May

31,

2024,

the

Fund

had

the

following

purchased

and

written

option

contracts:

EXCHANGE

TRADED

OPTIONS

ON

EQUITIES

CONTRACTS

Description

Exercise

Rate

Expiration

Date

Number

of

Contracts

Notional

Amount

Market

Value

Premiums

Paid

(Received)

by

the

Fund

Unrealized

Appreciation/

(Depreciation)

Purchased

Option

Contracts:

Puts

S&P

500

Index

$

5,210.00

06/28/2024

27

$

7,033,500

$

33,075

$

48,969

$

(15,894)

Description

Exercise

Rate

Expiration

Date

Number

of

Contracts

Notional

Amount

Market

Value

Premiums

Paid

(Received)

by

the

Fund

Unrealized

Appreciation/

(Depreciation)

Written

Option

Contracts:

Calls

S&P

500

Index

$

5,480.00

06/28/2024

(27)

$

(7,398,000)

$

(20,925)

$

(13,468)

$

(7,457)

Puts

S&P

500

Index

5,000.00

06/28/2024

(27)

(6,750,000)

(9,787)

(15,831)

6,044

Total

written

option

contracts

(54)

$

(14,148,000)

$

(30,712)

$

(29,299)

$

(1,413)

Goldman

Sachs

Equity

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

Act

(the

“Valuation

Designee”).

GSAM

has

day-to-day

responsibility

for

implementing

and

maintaining

internal

controls

and

procedures

related

to

the

valuation

of

the

Funds’

investments.

To

assess

the

continuing

appropriateness

of

pricing

sources

and

methodologies,

GSAM

regularly

performs

price

verification

procedures

and

issues

challenges

as

necessary

to

third

party

pricing

vendors

or

brokers,

and

any

differences

are

reviewed

in

accordance

with

the

Valuation

Procedures.

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.

Goldman

Sachs

Equity

ETFs

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Underlying

Funds

(including

Money

Market

Funds)

—

Underlying

funds

(“Underlying

Funds”)

include

exchange-traded

funds

(“ETFs”)

and

other

investment

companies.

Investments

in

the

Underlying

Funds

(except

ETFs)

are

valued

at

the

NAV

per

share

on

the

day

of

valuation.

ETFs

are

valued

daily

at

the

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

the

investment

is

traded.

Because

the

Funds

invest

in

Underlying

Funds

that

fluctuate

in

value,

the

Funds’

shares

will

correspondingly

fluctuate

in

value.

Underlying

Funds

are

generally

classified

as

Level

1

of

the

fair

value

hierarchy.

To

the

extent

that

underlying

ETFs

are

actively

traded,

they

are

classified

as

Level

1

of

the

fair

value

hierarchy,

otherwise

they

are

generally

classified

as

Level

2.

For

information

regarding

an

Underlying

Fund’s

accounting

policies

and

investment

holdings,

please

see

the

Underlying

Fund’s

shareholder

report.

Derivative

Contracts

—

A

derivative

is

an

instrument

whose

value

is

derived

from

underlying

assets,

indices,

reference

rates

or

a

combination

of

these

factors.

A

Fund

enters

into

derivative

transactions

to

hedge

against

changes

in

interest

rates,

securities

prices,

and/or

currency

exchange

rates,

to

increase

total

return,

or

to

gain

access

to

certain

markets

or

attain

exposure

to

other

underliers.

For

financial

reporting

purposes,

cash

collateral

that

has

been

pledged

to

cover

obligations

of

a

Fund

and

cash

collateral

received,

if

any,

is

reported

separately

on

the

Statements

of

Assets

and

Liabilities

as

either

due

to

broker/receivable

for

collateral

on

certain

derivative

contracts.

Non-cash

collateral

pledged

by

a

Fund,

if

any,

is

noted

in

the

Schedules

of

Investments.

Exchange-traded

derivatives,

including

futures

and

options

contracts,

are

generally

valued

at

the

last

sale

or

settlement

price

on

the

exchange

where

they

are

principally

traded.

Exchange-traded

options

without

settlement

prices

are

generally

valued

at

the

last

bid

price

for

long

positions

and

the

last

ask

price

for

short

positions

on

the

exchange

where

they

are

principally

traded.

Exchange-traded

derivatives

typically

fall

within

Level

1

of

the

fair

value

hierarchy.

Over-the-counter

(“OTC”)

and

centrally

cleared

derivatives

are

valued

using

market

transactions

and

other

market

evidence,

including

market-based

inputs

to

models,

calibration

to

market-clearing

transactions,

broker

or

dealer

quotations,

or

other

alternative

pricing

sources.

Where

models

are

used,

the

selection

of

a

particular

model

to

value

OTC

and

centrally

cleared

derivatives

depends

upon

the

contractual

terms

of,

and

specific

risks

inherent

in,

the

instrument,

as

well

as

the

availability

of

pricing

information

in

the

market.

Valuation

models

require

a

variety

of

inputs,

including

contractual

terms,

market

prices,

yield

curves,

credit

curves,

measures

of

volatility,

voluntary

and

involuntary

prepayment

rates,

loss

severity

rates

and

correlations

of

such

inputs.

For

OTC

and

centrally

cleared

derivatives

that

trade

in

liquid

markets,

model

inputs

can

generally

be

verified

and

model

selection

does

not

involve

significant

management

judgment.

OTC

and

centrally

cleared

derivatives

are

classified

within

Level

2

of

the

fair

value

hierarchy

when

significant

inputs

are

corroborated

by

market

evidence.

i.

Futures

Contracts

—

Futures

contracts

are

contracts

to

buy

or

sell

a

standardized

quantity

of

a

specified

commodity

or

security.

Upon

entering

into

a

futures

contract,

a

Fund

deposits

cash

or

securities

in

an

account

on

behalf

of

the

broker

in

an

amount

sufficient

to

meet

the

initial

margin

requirement.

Subsequent

payments

are

made

or

received

by

a

Fund

equal

to

the

daily

change

in

the

contract

value

and

are

recorded

as

variation

margin

receivable

or

payable

with

a

corresponding

offset

to

unrealized

gains

or

losses.

ii.

Options

—

When

a

Fund

writes

call

or

put

options,

an

amount

equal

to

the

premium

received

is

recorded

as

a

liability

and

is

subsequently

marked-to-market

to

reflect

the

current

value

of

the

option

written.

Swaptions

are

options

on

swap

contracts.

Upon

the

purchase

of

a

call

option

or

a

put

option

by

a

Fund,

the

premium

paid

is

recorded

as

an

investment

and

subsequently

marked-to-market

to

reflect

the

current

value

of

the

option.

Certain

options

may

be

purchased

with

premiums

to

be

determined

on

a

future

date.

The

premiums

for

these

options

are

based

upon

implied

volatility

parameters

at

specified

terms.

Level

3

Fair

Value

Investments

—

To

the

extent

that

significant

inputs

to

valuation

models

and

other

alternative

pricing

sources

are

unobservable,

or

if

quotations

are

not

readily

available,

or

if

GSAM

believes

that

such

quotations

do

not

accurately

reflect

fair

value,

the

fair

value

of

a

Fund’s

investments

may

be

determined

under

the

Valuation

Procedures.

GSAM,

consistent

with

its

procedures

and

applicable

regulatory

guidance,

may

make

an

adjustment

to

the

most

recent

valuation

prices

of

either

domestic

or

foreign

securities

in

light

of

significant

events

to

reflect

what

it

believes

to

be

the

fair

value

of

the

securities

at

the

time

of

determining

a

Fund’s

NAV.

To

the

extent

investments

are

valued

using

single

source

broker

quotations

obtained

directly

from

the

broker

or

passed

through

from

third

party

pricing

vendors,

such

investments

are

classified

as

Level

3

investments.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Equity

ETFs

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Fair

Value

Hierarchy

—

The

following

is

a

summary

of

the

Funds’

investments

classified

in

the

fair

value

hierarchy

as

of

May

31,

2024:

Bloomberg

Clean

Energy

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

2,336,314

$

20,140

$

—

Europe

3,443,505

4,658

—

North

America

6,265,761

—

—

South

America

129,933

57,969

—

Investment

Company

21,791

—

—

Securities

Lending

Reinvestment

Vehicle

62,597

—

—

Total

$

12,259,901

$

82,767

$

—

€

1.00

€

1.00

€

1.00

Equal

Weight

U.S.

Large

Cap

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

North

America

$

689,147,113

$

—

$

—

Investment

Company

714,294

—

—

Total

$

689,861,407

$

—

$

—

€

1.00

€

1.00

€

1.00

Hedge

Industry

VIP

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

18,266,272

$

—

$

—

Europe

4,455,272

—

—

North

America

194,525,375

—

—

South

America

4,479,606

—

—

Investment

Company

52,729

—

—

Total

$

221,779,254

$

—

$

—

€

1.00

€

1.00

€

1.00

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Equity

ETFs

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Innovate

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

51,515,551

$

21,565

$

—

Europe

31,584,578

—

28,403

North

America

258,359,762

593,149

—

Oceania

474,692

—

—

South

America

5,411,704

—

—

Exchange-Traded

Fund

755,929

—

—

Investment

Company

77,435

—

—

Securities

Lending

Reinvestment

Vehicle

5,923,834

—

—

Total

$

354,103,485

$

614,714

$

28,403

€

1.00

€

1.00

€

1.00

JUST

U.S.

Large

Cap

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

North

America

$

342,082,041

$

—

$

—

Investment

Company

37,251

—

—

Securities

Lending

Reinvestment

Vehicle

34,239

—

—

Total

$

342,153,531

$

—

$

—

€

1.00

€

1.00

€

1.00

North

American

Pipelines

&

Power

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Europe

$

42,927

$

—

$

—

North

America

6,894,979

—

—

Total

$

6,937,906

$

—

$

—

€

1.00

€

1.00

€

1.00

Small

Cap

Core

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

323,161

$

—

$

—

North

America

32,505,483

—

—

Investment

Company

384,476

—

—

Securities

Lending

Reinvestment

Vehicle

89,378

—

—

Total

$

33,302,498

$

—

$

—

€

1.00

€

1.00

€

1.00

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Equity

ETFs

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

For

further

information

regarding

security

characteristics,

see

the

Schedules

of

Investments.

Securities

Lending

—

The

Funds

may

lend

their

securities

through

a

securities

lending

agent,

the

Bank

of

New

York

Mellon

(“BNYM”),

to

certain

qualified

borrowers.

In

accordance

with

the

Funds’

securities

lending

procedures,

the

Funds

receive

cash

collateral

at

least

equal

to

the

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

business

of

the

Funds,

at

their

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

they

are

traded,

and

any

additional

required

collateral

is

delivered

to

the

Funds

on

the

next

business

day.

As

with

other

extensions

of

credit,

the

Funds

may

experience

delay

in

the

recovery

of

their

securities

or

incur

a

loss

should

the

borrower

of

the

securities

breach

its

agreement

with

the

Funds

or

become

insolvent

at

a

time

when

the

collateral

is

insufficient

to

cover

the

cost

of

repurchasing

securities

on

loan.

Dividend

income

received

from

securities

on

loan

may

not

be

subject

to

withholding

taxes

and

therefore

withholding

taxes

paid

may

differ

from

the

amounts

listed

in

the

Statements

of

Operations.

Loans

of

securities

are

terminable

at

any

time

and

as

such

1)

the

remaining

contractual

maturities

of

the

outstanding

securities

lending

transactions

are

considered

to

be

overnight

and

continuous

and

2)

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

The

Funds

invest

the

cash

collateral

received

in

connection

with

securities

lending

transactions

in

the

Goldman

Sachs

Financial

Square

Government

Fund

(“Government

Money

Market

Fund”),

an

affiliated

series

of

the

Goldman

Sachs

Trust.

The

Government

Money

Market

Fund

is

registered

under

the

Act

as

an

open

end

investment

company,

is

subject

to

Rule

2a-7

under

the

Act,

and

is

managed

by

GSAM,

for

which

GSAM

may

receive

a

management

fee

of

up

to

0.16%

on

an

annualized

basis

of

the

average

daily

net

assets

of

the

Government

Money

Market

Fund.

In

the

event

of

a

default

by

a

borrower

with

respect

to

any

loan,

BNYM

may

exercise

any

and

all

remedies

provided

under

the

applicable

borrower

agreement

to

make

the

Funds

whole.

These

remedies

include

purchasing

replacement

securities

by

applying

the

collateral

held

from

the

defaulting

broker

against

the

purchase

cost

of

the

replacement

securities.

If

BNYM

is

unable

to

purchase

replacement

securities,

BNYM

will

indemnify

the

Funds

by

paying

the

Funds

an

amount

equal

to

the

market

value

of

the

securities

loaned

minus

the

value

of

cash

collateral

received

from

the

borrower

for

the

loan,

subject

to

an

exclusion

for

any

shortfalls

resulting

from

a

loss

of

value

in

such

cash

collateral

due

to

reinvestment

risk.

The

Funds’

master

netting

agreements

with

certain

borrowers

Defensive

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

North

America

$

6,499,574

$

—

$

—

South

America

15,530

—

—

Investment

Company

564,531

—

—

Total

$

7,079,635

$

—

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Purchased

Options

Contracts

$

33,075

$

—

$

—

1.00

€

1.00

€

1.00

Liabilities

Futures

Contracts

(b)

$

(2)

$

—

$

—

Written

Options

Contracts

(30,712)

—

—

Total

$

(30,714)

$

—

$

—

€

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

Equity

ETFs

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

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

Funds’

risks

include,

but

are

not

limited

to,

the

following:

Calculation

Methodology

Risk

—

The

Index

relies

on

various

sources

of

information

to

assess

the

criteria

of

issuers

included

in

the

Index,

(or

a

reference

index

if

applicable)

including

fundamental

information

that

may

be

based

on

assumptions

and

estimates.

Neither

the

Fund,

the

Investment

Adviser

nor

the

Index

Provider

can

offer

assurances

that

the

Index’s

calculation

methodology

or

sources

of

information

will

provide

a

correct

valuation

of

securities,

nor

can

they

guarantee

the

availability

or

timeliness

of

the

production

of

the

Index.

Index

Risk

(each

Fund

except

Defensive

Equity

ETF

and

Small

Cap

Core

Equity

ETF

)

—

Bloomberg

Professional

Services,

GSAM,

JUST

Capital

Foundation,

Inc.

and

Solactive

AG

(the

“Index

Providers”)

construct

the

respective

Fund’s

Index

in

accordance

with

a

rules-based

methodology.

A

Fund

will

be

negatively

affected

by

general

declines

in

the

securities

and

asset

classes

represented

in

its

Index.

In

addition,

because

the

Funds

are

not

“actively”

managed,

unless

a

specific

security

is

removed

from

an

Index,

a

Fund

generally

would

not

sell

a

security

because

the

security’s

issuer

was

in

financial

trouble.

Market

disruptions

and

regulatory

restrictions

could

have

an

adverse

effect

on

a

Fund’s

ability

to

adjust

its

exposure

to

the

required

levels

in

order

to

track

the

Index.

A

Fund

also

does

not

attempt

to

take

defensive

positions

under

any

market

conditions,

including

declining

markets.

Therefore,

a

Fund’s

performance

could

be

lower

than

funds

that

may

actively

shift

their

portfolio

assets

to

take

advantage

of

market

opportunities

or

to

lessen

the

impact

of

a

market

decline

or

a

decline

in

the

value

of

one

or

more

issuers.

When

the

Index

is

rebalanced

and

a

Fund

in

turn

rebalances

its

portfolio

to

attempt

to

increase

the

correlation

between

the

Fund’s

portfolio

and

the

Index,

any

transaction

costs

and

market

exposure

arising

from

such

portfolio

rebalancing

may

be

borne

directly

by

the

Fund

and

its

shareholders.

The

Index

Providers

may

utilize

third

party

data

in

constructing

each

Index,

but

not

guarantee

the

accuracy

or

availability

of

such

third

party

data.

Errors

in

index

data,

index

computation

or

the

construction

of

an

Index

in

accordance

with

its

methodology

may

occur

from

time

to

time

and

may

not

be

identified

and

corrected

by

the

Index

Providers

for

a

period

of

time

or

at

all,

which

may

have

an

adverse

impact

on

the

applicable

Fund

and

its

shareholders.

In

addition,

neither

a

Fund,

the

Investment

Adviser,

the

Calculation

Agent

nor

the

Index

Providers

can

guarantee

the

availability

or

timeliness

of

the

production

of

the

Index.

The

Index

Providers

may

delay

or

change

a

scheduled

rebalancing

or

reconstitution

of

an

Index

or

the

implementation

of

certain

rules

at

its

sole

discretion.

In

such

circumstances,

a

Fund,

in

replicating

the

composition

of

its

Index,

may

have

more

or

less

exposure

to

a

particular

sector

or

individual

company

than

had

the

Index

been

constructed

in

accordance

with

its

stated

methodology.

Industry

Concentration

Risk

(each

Fund

except

Defensive

Equity

ETF

and

Small

Cap

Core

Equity

ETF

)

—

In

following

its

methodology,

an

Index

from

time

to

time

may

be

concentrated

to

a

significant

degree

in

securities

of

issuers

located

in

a

single

industry

or

group

of

industries.

To

the

extent

that

an

Index

concentrates

in

the

securities

of

issuers

in

a

particular

industry

or

group

of

industries,

the

Fund

also

will

concentrate

its

investments

to

approximately

the

same

extent.

By

concentrating

its

investments

in

an

industry

or

group

of

industries,

the

applicable

Fund

may

face

more

risks

than

if

it

were

diversified

broadly

over

numerous

industries

or

groups

of

industries.

If

an

Index

is

not

concentrated

in

a

particular

industry

or

group

of

industries,

the

applicable

Fund

will

not

concentrate

in

a

particular

industry

or

group

of

industries.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Equity

ETFs

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Large

Shareholder

Transactions

Risk

—

Certain

shareholders,

including

other

funds

advised

by

the

Investment

Adviser,

may

from

time

to

time

own

a

substantial

amount

of

the

Fund’s

Shares.

In

addition,

a

third

party

investor,

the

Investment

Adviser

or

an

affiliate

of

the

Investment

Adviser,

an

authorized

participant,

a

lead

market

maker,

or

another

entity

(i.e.,

a

seed

investor)

may

invest

in

the

Fund

and

hold

its

investment

solely

to

facilitate

commencement

of

the

Fund

or

to

facilitate

the

Fund’s

achieving

a

specified

size

or

scale.

Any

such

investment

may

be

held

for

a

limited

period

of

time.

There

can

be

no

assurance

that

any

large

shareholder

would

not

redeem

its

investment,

that

the

size

of

the

Fund

would

be

maintained

at

such

levels

or

that

the

Fund

would

continue

to

meet

applicable

listing

requirements.

Redemptions

by

large

shareholders

could

have

a

significant

negative

impact

on

the

Fund,

including

on

the

Fund’s

liquidity.

In

addition,

transactions

by

large

shareholders

may

account

for

a

large

percentage

of

the

trading

volume

on

Cboe

or

NYSE

Arca

and

may,

therefore,

have

a

material

upward

or

downward

effect

on

the

market

price

of

the

Shares.

Market

and

Credit

Risks

—

In

the

normal

course

of

business,

a

Fund

trades

financial

instruments

and

enters

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk).

The

value

of

the

securities

in

which

a

Fund

invests

may

go

up

or

down

in

response

to

the

prospects

of

individual

companies,

particular

sectors

or

governments

and/or

general

economic

conditions

throughout

the

world

due

to

increasingly

interconnected

global

economies

and

financial

markets.

Events

such

as

war,

military

conflict,

acts

of

terrorism,

social

unrest,

natural

disasters,

recessions,

inflation,

rapid

interest

rate

changes,

supply

chain

disruptions,

sanctions,

the

spread

of

infectious

illness

or

other

public

health

threats

could

also

significantly

impact

a

Fund

and

its

investments.

Additionally,

a

Fund

may

also

be

exposed

to

credit

risk

in

the

event

that

an

issuer

or

guarantor

fails

to

perform

or

that

an

institution

or

entity

with

which

the

Fund

has

unsettled

or

open

transactions

defaults.

Market

Trading

Risk

—

Each

Fund

faces

numerous

market

trading

risks,

including

disruptions

to

creations

and

redemptions,

the

existence

of

extreme

market

volatility

or

potential

lack

of

an

active

trading

market

for

Shares.

If

a

shareholder

purchases

Shares

at

a

time

when

the

market

price

is

at

a

premium

to

the

NAV

or

sells

Shares

at

a

time

when

the

market

price

is

at

a

discount

to

the

NAV,

the

shareholder

may

pay

more

for,

or

receive

less

than,

the

underlying

value

of

the

Shares,

respectively.

The

Investment

Adviser

cannot

predict

whether

Shares

will

trade

below,

at

or

above

their

NAV.

Price

differences

may

be

due,

in

large

part,

to

the

fact

that

supply

and

demand

forces

at

work

in

the

secondary

trading

market

for

Shares

will

be

closely

related

to,

but

not

identical

to,

the

same

forces

influencing

the

prices

of

the

securities

of

a

Fund’s

Index

(except

Defensive

Equity

ETF

and

Small

Cap

Core

Equity

ETF)

trading

individually

or

in

the

aggregate

at

any

point

in

time.

Master

Limited

Partnership

Risk

—

Investments

in

securities

of

MLPs

involve

risks

that

differ

from

investments

in

common

stock,

including

risks

related

to

limited

control

and

limited

rights

to

vote

on

matters

affecting

the

MLP,

risks

related

to

potential

conflicts

of

interest

between

the

MLP

and

the

MLP’s

general

partner,

cash

flow

risks,

dilution

risks,

limited

liquidity

and

risks

related

to

the

general

partner’s

right

to

require

unit-holders

to

sell

their

common

units

at

an

undesirable

time

or

price.

Non-Diversification

Risk

—

The

North

American

Pipelines

&

Power

Equity

ETF

and

Small

Cap

Core

Equity

ETF

are

non-diversified,

meaning

that

they

are

permitted

to

invest

a

larger

percentage

of

their

assets

in

one

or

more

issuers

or

in

fewer

issuers

than

diversified

mutual

funds.

Thus,

the

Fund

may

be

more

susceptible

to

adverse

developments

affecting

any

single

issuer

held

in

its

portfolio,

and

may

be

more

susceptible

to

greater

losses

because

of

these

developments.

Tracking

Error

Risk

(each

Fund

except

Defensive

Equity

ETF

and

Small

Cap

Core

Equity

ETF)

—

Tracking

error

is

the

divergence

of

a

Fund’s

performance

from

that

of

its

Index.

The

performance

of

a

Fund

may

diverge

from

that

of

its

Index

for

a

number

of

reasons.

Tracking

error

may

occur

because

of

transaction

costs,

a

Fund’s

holding

of

cash,

differences

in

accrual

of

dividends,

changes

to

its

Index

or

the

need

to

meet

new

or

existing

regulatory

requirements.

Unlike

a

Fund,

the

returns

of

an

Index

are

not

reduced

by

investment

and

other

operating

expenses,

including

the

trading

costs

associated

with

implementing

changes

to

its

portfolio

of

investments.

Tracking

error

risk

may

be

heightened

during

times

of

market

volatility

or

other

unusual

market

conditions.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)