NPORT-EX 2 423401GS053124.htm
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)