NPORT-EX 2 454905GS053124.htm
GOLDMAN
SACHS
ACTIVE
BETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
97.0%
Brazil
–
3
.1
%
413,785
Ambev
SA
(Consumer
Staples)
$
910,101
196,900
Atacadao
SA
(Consumer
Staples)
371,633
394,982
B3
SA
–
Brasil
Bolsa
Balcao
(Financials)
804,115
305,093
Banco
Bradesco
SA
(Financials)
664,653
66,700
Banco
BTG
Pactual
SA
(Financials)
400,897
179,512
Banco
do
Brasil
SA
(Financials)
926,276
456,238
BB
Seguridade
Participacoes
SA
(Financials)
2,803,826
130,300
Caixa
Seguridade
Participacoes
SA
(Financials)
368,648
185,307
CCR
SA
(Industrials)
424,498
87,371
Centrais
Eletricas
Brasileiras
SA
(Utilities)
578,334
152,200
Cia
Siderurgica
Nacional
SA
(Materials)
378,773
144,500
Cosan
SA
(Energy)*
374,457
62,405
CPFL
Energia
SA
(Utilities)
404,884
75,028
Engie
Brasil
Energia
SA
(Utilities)
618,685
214,789
Equatorial
Energia
SA
(Utilities)
1,194,532
476,200
Hapvida
Participacoes
e
Investimentos
SA
(Health
Care)*
(a)
361,509
46,944
Hypera
SA
(Health
Care)
242,497
90,923
Klabin
SA
(Materials)
351,524
328,674
Lojas
Renner
SA
(Consumer
Discretionary)
820,458
1
Magazine
Luiza
SA
(Consumer
Discretionary)*
2
150,260
Natura
&
Co.
Holding
SA
(Consumer
Staples)
424,548
445,533
Petroleo
Brasileiro
SA
(Energy)
3,450,097
74,284
PRIO
SA
(Energy)
588,098
359,878
Raia
Drogasil
SA
(Consumer
Staples)
1,716,590
100,100
Rumo
SA
(Industrials)
375,386
156,900
Sendas
Distribuidora
SA
(Consumer
Staples)*
363,603
48,005
Suzano
SA
(Materials)
444,808
139,227
Telefonica
Brasil
SA
(Communication
Services)
1,147,013
196,898
TIM
SA
(Communication
Services)
594,157
70,600
TOTVS
SA
(Information
Technology)
385,786
431,530
Vale
SA
(Materials)
5,189,017
85,471
Vibra
Energia
SA
(Consumer
Discretionary)
350,285
147,860
WEG
SA
(Industrials)
1,056,374
29,086,064
Chile
–
0
.5
%
4,067,294
Banco
de
Chile
(Financials)
482,547
13,188
Banco
de
Credito
e
Inversiones
SA
(Financials)
373,933
Shares
Description
Value
a
Common
Stocks
–
(continued)
Chile
–
(continued)
8,549,923
Banco
Santander
Chile
(Financials)
$
404,352
711,129
Cencosud
SA
(Consumer
Staples)
1,334,344
135,597
Empresas
CMPC
SA
(Materials)
283,536
57,268
Empresas
Copec
SA
(Energy)
474,948
2,908,201
Enel
Americas
SA
(Utilities)
287,420
6,429,162
Enel
Chile
SA
(Utilities)
368,154
378,367
Falabella
SA
(Consumer
Discretionary)*
1,145,306
5,154,540
China
–
28
.7
%
252,945
37
Interactive
Entertainment
Network
Technology
Group
Co.
Ltd.,
Class
A
(Communication
Services)
505,337
160,000
AAC
Technologies
Holdings,
Inc.
(Information
Technology)
491,861
82,300
Accelink
Technologies
Co.
Ltd.,
Class
A
(Information
Technology)
373,682
1,626,025
Agricultural
Bank
of
China
Ltd.,
Class
A
(Financials)
982,154
3,777,809
Agricultural
Bank
of
China
Ltd.,
Class
H
(Financials)
1,579,047
237,835
Aier
Eye
Hospital
Group
Co.
Ltd.,
Class
A
(Health
Care)
396,613
13,309
Airtac
International
Group
(Industrials)
419,065
223,354
Akeso,
Inc.
(Health
Care)*
(a)
1,256,185
1,713,419
Alibaba
Group
Holding
Ltd.
(Consumer
Discretionary)
16,404,109
438,132
Aluminum
Corp.
of
China
Ltd.,
Class
A
(Materials)
493,716
1,479,629
Aluminum
Corp.
of
China
Ltd.,
Class
H
(Materials)
1,104,518
61,601
Anhui
Conch
Cement
Co.
Ltd.,
Class
A
(Materials)
203,502
66,600
Anhui
Kouzi
Distillery
Co.
Ltd.,
Class
A
(Consumer
Staples)
384,868
76,463
Anker
Innovations
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
737,808
183,614
ANTA
Sports
Products
Ltd.
(Consumer
Discretionary)
1,953,877
26,092
Autohome,
Inc.
ADR
(Communication
Services)
741,013
1,012,000
AviChina
Industry
&
Technology
Co.
Ltd.,
Class
H
(Industrials)
457,921
158,377
Baidu,
Inc.,
Class
A
(Communication
Services)*
1,892,827
1,169,810
Bank
of
Beijing
Co.
Ltd.,
Class
A
(Financials)
936,756
198,488
Bank
of
Changsha
Co.
Ltd.,
Class
A
(Financials)
234,593
1,627,126
Bank
of
China
Ltd.,
Class
A
(Financials)
994,013
GOLDMAN
SACHS
ACTIVE
BETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
9,242,038
Bank
of
China
Ltd.,
Class
H
(Financials)
$
4,370,959
1,201,286
Bank
of
Communications
Co.
Ltd.,
Class
A
(Financials)
1,165,262
2,325,322
Bank
of
Communications
Co.
Ltd.,
Class
H
(Financials)
1,750,675
877,149
Bank
of
Jiangsu
Co.
Ltd.,
Class
A
(Financials)
998,084
361,770
Bank
of
Nanjing
Co.
Ltd.,
Class
A
(Financials)
516,178
677,886
Bank
of
Shanghai
Co.
Ltd.,
Class
A
(Financials)
728,443
203,918
Baoshan
Iron
&
Steel
Co.
Ltd.,
Class
A
(Materials)
193,594
76,474
BeiGene
Ltd.
(Health
Care)*
865,585
185,479
Beijing
Enterprises
Holdings
Ltd.
(Utilities)
651,981
1,180,000
Beijing
Enterprises
Water
Group
Ltd.
(Utilities)
375,568
6,131
Beijing
Kingsoft
Office
Software,
Inc.,
Class
A
(Information
Technology)
218,315
26,429
Beijing
Wantai
Biological
Pharmacy
Enterprise
Co.
Ltd.,
Class
A
(Health
Care)
247,710
182,475
Beijing
Yanjing
Brewery
Co.
Ltd.,
Class
A
(Consumer
Staples)
235,000
75,023
Bloomage
Biotechnology
Corp.
Ltd.,
Class
A
(Health
Care)
605,308
75,100
BOC
Aviation
Ltd.
(Industrials)
(a)
556,769
1,016,506
BOE
Technology
Group
Co.
Ltd.,
Class
A
(Information
Technology)
570,635
2,845,309
Bosideng
International
Holdings
Ltd.
(Consumer
Discretionary)
1,643,899
458,000
Brilliance
China
Automotive
Holdings
Ltd.
(Consumer
Discretionary)
360,038
12,121
BYD
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
381,944
55,067
BYD
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
1,545,721
156,941
BYD
Electronic
International
Co.
Ltd.
(Information
Technology)
678,048
251,676
C&D
International
Investment
Group
Ltd.
(Real
Estate)
(b)
506,997
354,141
Caitong
Securities
Co.
Ltd.,
Class
A
(Financials)
351,805
347,861
CGN
Power
Co.
Ltd.,
Class
A
(Utilities)
200,543
2,592,228
CGN
Power
Co.
Ltd.,
Class
H
(Utilities)*
(a)
990,722
27,618
Changchun
High-Tech
Industry
Group
Co.
Ltd.,
Class
A
(Health
Care)
398,275
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
283,400
China
Baoan
Group
Co.
Ltd.,
Class
A
(Industrials)
$
386,032
2,632,206
China
CITIC
Bank
Corp.
Ltd.,
Class
H
(Financials)
1,604,891
2,110,552
China
Communications
Services
Corp.
Ltd.,
Class
H
(Industrials)
1,017,055
566,772
China
Construction
Bank
Corp.,
Class
A
(Financials)
548,996
10,819,623
China
Construction
Bank
Corp.,
Class
H
(Financials)
7,661,770
714,500
China
Eastern
Airlines
Corp.
Ltd.,
Class
A
(Industrials)*
388,318
1,170,636
China
Energy
Engineering
Corp.
Ltd.,
Class
A
(Industrials)
352,739
509,430
China
Everbright
Bank
Co.
Ltd.,
Class
A
(Financials)
227,100
2,414,330
China
Everbright
Bank
Co.
Ltd.,
Class
H
(Financials)
774,600
1,126,055
China
Feihe
Ltd.
(Consumer
Staples)
(a)
557,029
162,736
China
Galaxy
Securities
Co.
Ltd.,
Class
A
(Financials)
257,719
691,001
China
Galaxy
Securities
Co.
Ltd.,
Class
H
(Financials)
371,850
545,265
China
Great
Wall
Securities
Co.
Ltd.,
Class
A
(Financials)
543,918
417,500
China
Hongqiao
Group
Ltd.
(Materials)
688,420
308,000
China
Life
Insurance
Co.
Ltd.,
Class
H
(Financials)
436,212
522,181
China
Mengniu
Dairy
Co.
Ltd.
(Consumer
Staples)*
958,479
154,340
China
Merchants
Bank
Co.
Ltd.,
Class
A
(Financials)
727,960
378,222
China
Merchants
Bank
Co.
Ltd.,
Class
H
(Financials)
1,682,416
541,871
China
Merchants
Port
Holdings
Co.
Ltd.
(Industrials)
770,208
169,134
China
Merchants
Securities
Co.
Ltd.,
Class
A
(Financials)
330,218
907,694
China
Minsheng
Banking
Corp.
Ltd.,
Class
A
(Financials)
488,320
2,844,259
China
Minsheng
Banking
Corp.
Ltd.,
Class
H
(Financials)
1,076,138
1,044,000
China
National
Building
Material
Co.
Ltd.,
Class
H
(Materials)
417,688
149,256
China
National
Nuclear
Power
Co.
Ltd.,
Class
A
(Utilities)
196,737
267,000
China
Overseas
Land
&
Investment
Ltd.
(Real
Estate)
503,056
52,242
China
Pacific
Insurance
Group
Co.
Ltd.,
Class
A
(Financials)
206,871
166,292
China
Pacific
Insurance
Group
Co.
Ltd.,
Class
H
(Financials)*
433,619
261,663
China
Petroleum
&
Chemical
Corp.,
Class
A
(Energy)
232,215
GOLDMAN
SACHS
ACTIVE
BETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
2,847,949
China
Petroleum
&
Chemical
Corp.,
Class
H
(Energy)
$
1,805,598
519,545
China
Railway
Group
Ltd.,
Class
H
(Industrials)
278,920
194,910
China
Resources
Land
Ltd.
(Real
Estate)
707,554
990,470
China
Resources
Pharmaceutical
Group
Ltd.
(Health
Care)
(a)
733,039
23,410
China
Resources
Sanjiu
Medical
&
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
195,965
76,169
China
Shenhua
Energy
Co.
Ltd.,
Class
A
(Energy)
443,624
419,875
China
Shenhua
Energy
Co.
Ltd.,
Class
H
(Energy)
2,036,756
350,000
China
State
Construction
International
Holdings
Ltd.
(Industrials)
463,484
504,437
China
Taiping
Insurance
Holdings
Co.
Ltd.
(Financials)
544,842
554,055
China
Three
Gorges
Renewables
Group
Co.
Ltd.,
Class
A
(Utilities)
356,006
9,337,953
China
Tower
Corp.
Ltd.,
Class
H
(Communication
Services)
(a)
1,098,112
970,341
China
United
Network
Communications
Ltd.,
Class
A
(Communication
Services)
610,139
133,887
China
Yangtze
Power
Co.
Ltd.,
Class
A
(Utilities)
490,198
1,638,945
China
Zheshang
Bank
Co.
Ltd.,
Class
A
(Financials)*
671,999
59,923
Chongqing
Brewery
Co.
Ltd.,
Class
A
(Consumer
Staples)
568,398
201,200
Chongqing
Changan
Automobile
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
381,751
641,159
Chongqing
Rural
Commercial
Bank
Co.
Ltd.,
Class
A
(Financials)
455,201
368,292
Chow
Tai
Fook
Jewellery
Group
Ltd.
(Consumer
Discretionary)
472,643
466,263
CITIC
Ltd.
(Industrials)
470,831
337,200
CMOC
Group
Ltd.,
Class
A
(Materials)
386,938
558,000
CMOC
Group
Ltd.,
Class
H
(Materials)
514,253
542,286
COSCO
SHIPPING
Development
Co.
Ltd.,
Class
A
(Industrials)
198,471
280,000
COSCO
SHIPPING
Energy
Transportation
Co.
Ltd.,
Class
H
(Energy)
394,409
223,120
COSCO
SHIPPING
Holdings
Co.
Ltd.,
Class
A
(Industrials)
461,715
466,120
COSCO
SHIPPING
Holdings
Co.
Ltd.,
Class
H
(Industrials)
778,123
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
260,376
CRRC
Corp.
Ltd.,
Class
A
(Industrials)
$
249,702
728,723
CRRC
Corp.
Ltd.,
Class
H
(Industrials)
435,929
138,935
CSPC
Innovation
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
598,717
2,122,068
CSPC
Pharmaceutical
Group
Ltd.
(Health
Care)
1,798,374
20,231
Dong-E-E-Jiao
Co.
Ltd.,
Class
A
(Health
Care)
188,477
312,210
Dongxing
Securities
Co.
Ltd.,
Class
A
(Financials)
359,551
77,166
Ecovacs
Robotics
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
529,697
905,940
Far
East
Horizon
Ltd.
(Financials)
727,221
654,553
First
Capital
Securities
Co.
Ltd.,
Class
A
(Financials)
486,325
737,000
Fosun
International
Ltd.
(Industrials)
412,619
187,607
Foxconn
Industrial
Internet
Co.
Ltd.,
Class
A
(Information
Technology)
591,374
30,037
Fuyao
Glass
Industry
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
191,101
66,800
Fuyao
Glass
Industry
Group
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
(a)
376,977
802,490
Geely
Automobile
Holdings
Ltd.
(Consumer
Discretionary)
971,397
324,059
GF
Securities
Co.
Ltd.,
Class
A
(Financials)
573,840
95,600
Giant
Biogene
Holding
Co.
Ltd.
(Consumer
Staples)*
(a)
604,271
537,568
Goldwind
Science
&
Technology
Co.
Ltd.,
Class
A
(Industrials)
576,921
269,500
Great
Wall
Motor
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
464,361
38,958
Gree
Electric
Appliances,
Inc.
of
Zhuhai,
Class
A
(Consumer
Discretionary)
218,162
650,000
Guangdong
Investment
Ltd.
(Utilities)
367,234
582,196
Guangzhou
Automobile
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
674,480
1,104,000
Guangzhou
Automobile
Group
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
458,627
300,000
Guangzhou
Baiyun
International
Airport
Co.
Ltd.,
Class
A
(Industrials)*
418,550
GOLDMAN
SACHS
ACTIVE
BETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
110,227
Guangzhou
Baiyunshan
Pharmaceutical
Holdings
Co.
Ltd.,
Class
A
(Health
Care)
$
476,218
105,800
Guangzhou
Shiyuan
Electronic
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
477,763
510,900
Guangzhou
Yuexiu
Capital
Holdings
Group
Co.
Ltd.,
Class
A
(Financials)
389,434
243,563
Guosen
Securities
Co.
Ltd.,
Class
A
(Financials)
299,597
175,584
Guotai
Junan
Securities
Co.
Ltd.,
Class
A
(Financials)
336,772
625,766
Guoyuan
Securities
Co.
Ltd.,
Class
A
(Financials)
552,758
745,978
Haidilao
International
Holding
Ltd.
(Consumer
Discretionary)
(a)
1,655,324
164,423
Haier
Smart
Home
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
668,284
419,526
Haier
Smart
Home
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
1,517,583
910,500
Hainan
Airport
Infrastructure
Co.
Ltd.,
Class
A
(Real
Estate)*
428,444
121,000
Haitian
International
Holdings
Ltd.
(Industrials)
368,877
265,302
Haitong
Securities
Co.
Ltd.,
Class
A
(Financials)
302,610
938,680
Haitong
Securities
Co.
Ltd.,
Class
H
(Financials)
460,740
109,600
Hang
Zhou
Great
Star
Industrial
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
383,180
147,777
Hangzhou
Robam
Appliances
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
489,611
155,100
Hangzhou
Silan
Microelectronics
Co.
Ltd.,
Class
A
(Information
Technology)*
400,984
182,000
Hansoh
Pharmaceutical
Group
Co.
Ltd.
(Health
Care)
(a)
373,615
118,800
Henan
Shenhuo
Coal
Industry
&
Electricity
Power
Co.
Ltd.,
Class
A
(Materials)
378,077
237,494
Hengan
International
Group
Co.
Ltd.
(Consumer
Staples)
825,712
184,500
Hengtong
Optic-electric
Co.
Ltd.,
Class
A
(Information
Technology)
379,766
218,984
Hengyi
Petrochemical
Co.
Ltd.,
Class
A
(Materials)*
216,033
1,188,870
Hesteel
Co.
Ltd.,
Class
A
(Materials)
351,691
81,000
Hisense
Home
Appliances
Group
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
367,554
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
62,961
Hithink
RoyalFlush
Information
Network
Co.
Ltd.,
Class
A
(Financials)
$
1,010,519
110,057
Huadong
Medicine
Co.
Ltd.,
Class
A
(Health
Care)
478,966
367,373
Huafon
Chemical
Co.
Ltd.,
Class
A
(Materials)
381,630
134,193
Huaibei
Mining
Holdings
Co.
Ltd.,
Class
A
(Materials)
364,103
322,182
Huatai
Securities
Co.
Ltd.,
Class
H
(Financials)
(a)
366,521
835,619
Huaxia
Bank
Co.
Ltd.,
Class
A
(Financials)
792,165
285,634
Huayu
Automotive
Systems
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
631,559
72,526
Hubei
Jumpcan
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
380,096
212,100
Hundsun
Technologies,
Inc.,
Class
A
(Information
Technology)
585,701
15,580
Imeik
Technology
Development
Co.
Ltd.,
Class
A
(Health
Care)
431,154
1,004,468
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
A
(Financials)
750,454
6,013,323
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
H
(Financials)
3,397,379
211,764
Industrial
Bank
Co.
Ltd.,
Class
A
(Financials)
521,255
573,900
Industrial
Securities
Co.
Ltd.,
Class
A
(Financials)
423,242
96,880
Inner
Mongolia
Dian
Tou
Energy
Corp.
Ltd.,
Class
A
(Energy)
303,252
49,144
Inner
Mongolia
Yili
Industrial
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
191,425
124,487
iQIYI,
Inc.
ADR
(Communication
Services)*
576,375
71,500
Isoftstone
Information
Technology
Group
Co.
Ltd.,
Class
A
(Information
Technology)*
391,344
77,000
Jason
Furniture
Hangzhou
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
379,705
186,782
JCET
Group
Co.
Ltd.,
Class
A
(Information
Technology)
667,414
108,253
JD
Health
International,
Inc.
(Consumer
Staples)*
(a)
361,842
395,900
JD
Logistics,
Inc.
(Industrials)*
(a)
431,154
218,677
JD.com,
Inc.,
Class
A
(Consumer
Discretionary)
3,183,714
311,900
Jiangsu
Eastern
Shenghong
Co.
Ltd.,
Class
A
(Materials)*
383,655
GOLDMAN
SACHS
ACTIVE
BETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
218,405
Jiangsu
Expressway
Co.
Ltd.,
Class
H
(Industrials)
$
226,966
185,468
Jiangsu
Hengrui
Pharmaceuticals
Co.
Ltd.,
Class
A
(Health
Care)
1,080,968
121,400
Jiangsu
Nhwa
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
398,211
49,600
Jiangsu
Pacific
Quartz
Co.
Ltd.,
Class
A
(Information
Technology)
265,199
179,515
Jiangxi
Copper
Co.
Ltd.,
Class
A
(Materials)
629,591
412,989
Jiangxi
Copper
Co.
Ltd.,
Class
H
(Materials)
891,083
560,545
Jinko
Solar
Co.
Ltd.,
Class
A
(Information
Technology)
628,574
212,087
Joincare
Pharmaceutical
Group
Industry
Co.
Ltd.,
Class
A
(Health
Care)
363,889
271,877
Jointown
Pharmaceutical
Group
Co.
Ltd.,
Class
A
(Health
Care)
276,817
20,652
Kanzhun
Ltd.
ADR
(Communication
Services)
438,855
23,572
KE
Holdings,
Inc.
ADR
(Real
Estate)
400,017
326,620
Kingnet
Network
Co.
Ltd.,
Class
A
(Communication
Services)
488,945
94,771
Kingsoft
Corp.
Ltd.
(Communication
Services)
302,847
319,855
Kuaishou
Technology
(Communication
Services)*
(a)
2,267,054
462,000
Kunlun
Energy
Co.
Ltd.
(Utilities)
479,518
7,566
Kweichow
Moutai
Co.
Ltd.,
Class
A
(Consumer
Staples)
1,716,051
130,800
LB
Group
Co.
Ltd.,
Class
A
(Materials)
376,673
1,795,864
Lenovo
Group
Ltd.
(Information
Technology)
2,575,571
70,211
Li
Auto,
Inc.,
Class
A
(Consumer
Discretionary)*
701,361
388,786
Li
Ning
Co.
Ltd.
(Consumer
Discretionary)
1,011,305
1,464,805
Liaoning
Port
Co.
Ltd.,
Class
A
(Industrials)
280,145
362,903
Longfor
Group
Holdings
Ltd.
(Real
Estate)
(a)
570,562
76,946
LONGi
Green
Energy
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
196,813
463,040
Meituan,
Class
B
(Consumer
Discretionary)*
(a)
6,220,545
635,244
Metallurgical
Corp.
of
China
Ltd.,
Class
A
(Industrials)
284,935
137,600
MINISO
Group
Holding
Ltd.
(Consumer
Discretionary)
787,959
844,000
MMG
Ltd.
(Materials)*
412,110
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
356,400
Nanjing
Securities
Co.
Ltd.,
Class
A
(Financials)
$
391,317
212,437
NetEase,
Inc.
(Communication
Services)
3,736,421
159,200
New
China
Life
Insurance
Co.
Ltd.,
Class
H
(Financials)
325,182
445,121
New
Hope
Liuhe
Co.
Ltd.,
Class
A
(Consumer
Staples)*
613,669
271,481
New
Oriental
Education
&
Technology
Group,
Inc.
(Consumer
Discretionary)*
2,198,332
307,186
Nongfu
Spring
Co.
Ltd.,
Class
H
(Consumer
Staples)
(a)
1,633,435
294,536
Offshore
Oil
Engineering
Co.
Ltd.,
Class
A
(Energy)
248,825
467,370
OFILM
Group
Co.
Ltd.,
Class
A
(Information
Technology)*
520,232
523,547
Oriental
Pearl
Group
Co.
Ltd.,
Class
A
(Communication
Services)
471,109
60,376
PDD
Holdings,
Inc.
ADR
(Consumer
Discretionary)*
9,043,117
2,230,821
People's
Insurance
Co.
Group
of
China
Ltd.
(The),
Class
H
(Financials)
775,605
1,487,909
PetroChina
Co.
Ltd.,
Class
A
(Energy)
2,075,881
4,060,014
PetroChina
Co.
Ltd.,
Class
H
(Energy)
4,136,120
1,251,178
PICC
Property
&
Casualty
Co.
Ltd.,
Class
H
(Financials)
1,624,875
193,090
Ping
An
Bank
Co.
Ltd.,
Class
A
(Financials)
295,163
82,659
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
A
(Financials)
489,839
388,102
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
H
(Financials)
1,962,003
178,200
Pop
Mart
International
Group
Ltd.
(Consumer
Discretionary)
(a)
845,063
669,713
Postal
Savings
Bank
of
China
Co.
Ltd.,
Class
A
(Financials)
463,495
922,157
Postal
Savings
Bank
of
China
Co.
Ltd.,
Class
H
(Financials)
(a)
519,817
70,473
Qifu
Technology,
Inc.
ADR
(Financials)
1,361,538
171,050
Qinghai
Salt
Lake
Industry
Co.
Ltd.,
Class
A
(Materials)*
406,917
276,700
Rongsheng
Petrochemical
Co.
Ltd.,
Class
A
(Materials)*
381,474
189,709
SAIC
Motor
Corp.
Ltd.,
Class
A
(Consumer
Discretionary)
367,257
31,192
Sangfor
Technologies,
Inc.,
Class
A
(Information
Technology)*
234,972
153,400
Satellite
Chemical
Co.
Ltd.,
Class
A
(Materials)
384,980
436,410
SDIC
Capital
Co.
Ltd.,
Class
A
(Financials)
369,282
GOLDMAN
SACHS
ACTIVE
BETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
40,100
Seres
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)*
$
490,660
26,436
SG
Micro
Corp.,
Class
A
(Information
Technology)
282,148
60,493
Shaanxi
Coal
Industry
Co.
Ltd.,
Class
A
(Energy)
216,654
864,800
Shandong
Nanshan
Aluminum
Co.
Ltd.,
Class
A
(Materials)
458,104
1,384,048
Shanghai
Construction
Group
Co.
Ltd.,
Class
A
(Industrials)
443,706
584,831
Shanghai
Electric
Group
Co.
Ltd.,
Class
A
(Industrials)*
338,767
168,200
Shanghai
Fosun
Pharmaceutical
Group
Co.
Ltd.,
Class
A
(Health
Care)
536,216
325,513
Shanghai
International
Port
Group
Co.
Ltd.,
Class
A
(Industrials)
254,841
102,400
Shanghai
Jinjiang
International
Hotels
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
395,485
77,100
Shanghai
M&G
Stationery,
Inc.,
Class
A
(Industrials)
377,440
777,469
Shanghai
Pudong
Development
Bank
Co.
Ltd.,
Class
A
(Financials)
892,149
274,560
Shanghai
Rural
Commercial
Bank
Co.
Ltd.,
Class
A
(Financials)
298,437
588,472
Shanghai
Yuyuan
Tourist
Mart
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
467,996
762,300
Shanxi
Taigang
Stainless
Steel
Co.
Ltd.,
Class
A
(Materials)
396,466
25,971
Shanxi
Xinghuacun
Fen
Wine
Factory
Co.
Ltd.,
Class
A
(Consumer
Staples)
862,395
334,291
Shenwan
Hongyuan
Group
Co.
Ltd.,
Class
A
(Financials)
209,278
18,940
Shenzhen
Mindray
Bio-Medical
Electronics
Co.
Ltd.,
Class
A
(Health
Care)
756,094
109,417
Shenzhen
YUTO
Packaging
Technology
Co.
Ltd.,
Class
A
(Materials)
375,465
196,278
Shijiazhuang
Yiling
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
490,428
430,504
Sichuan
Changhong
Electric
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
291,427
104,874
Sichuan
Kelun
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
461,893
71,769
Sichuan
Swellfun
Co.
Ltd.,
Class
A
(Consumer
Staples)
446,634
344,700
Sinolink
Securities
Co.
Ltd.,
Class
A
(Financials)
388,905
231,709
Sinopharm
Group
Co.
Ltd.,
Class
H
(Health
Care)
627,894
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
217,000
Sinotruk
Hong
Kong
Ltd.
(Industrials)
$
503,158
282,000
Songcheng
Performance
Development
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
396,153
30,500
Suzhou
TFC
Optical
Communication
Co.
Ltd.,
Class
A
(Information
Technology)
371,643
84,954
TAL
Education
Group
ADR
(Consumer
Discretionary)*
965,077
191,200
TBEA
Co.
Ltd.,
Class
A
(Industrials)
392,505
744,799
Tencent
Holdings
Ltd.
(Communication
Services)
34,253,700
109,266
Tencent
Music
Entertainment
Group
ADR
(Communication
Services)
1,578,894
219,195
Tianqi
Lithium
Corp.,
Class
A
(Materials)
1,088,141
1,027,605
Tingyi
Cayman
Islands
Holding
Corp.
(Consumer
Staples)
1,254,402
176,800
Tongcheng
Travel
Holdings
Ltd.
(Consumer
Discretionary)*
403,618
709,200
Tongling
Nonferrous
Metals
Group
Co.
Ltd.,
Class
A
(Materials)
386,413
80,812
Tongwei
Co.
Ltd.,
Class
A
(Information
Technology)*
255,847
2,344,818
Topsports
International
Holdings
Ltd.
(Consumer
Discretionary)
(a)
1,528,574
136,532
Trina
Solar
Co.
Ltd.,
Class
A
(Information
Technology)
414,596
30,426
Trip.com
Group
Ltd.
(Consumer
Discretionary)*
1,522,982
156,639
Vipshop
Holdings
Ltd.
ADR
(Consumer
Discretionary)
2,517,189
210,200
Walvax
Biotechnology
Co.
Ltd.,
Class
A
(Health
Care)
386,391
1,332,772
Want
Want
China
Holdings
Ltd.
(Consumer
Staples)
802,387
271,000
Weichai
Power
Co.
Ltd.,
Class
H
(Industrials)
484,266
149,600
Western
Mining
Co.
Ltd.,
Class
A
(Materials)
382,648
2,853,999
Wintime
Energy
Group
Co.
Ltd.,
Class
A
(Utilities)*
498,707
531,255
Wuchan
Zhongda
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
350,859
88,700
WUS
Printed
Circuit
Kunshan
Co.
Ltd.,
Class
A
(Information
Technology)
381,383
214,941
Xiamen
C
&
D,
Inc.,
Class
A
(Industrials)
284,500
1,198,834
Xiaomi
Corp.,
Class
B
(Information
Technology)*
(a)
2,678,599
141,922
Yadea
Group
Holdings
Ltd.
(Consumer
Discretionary)
(a)
226,397
GOLDMAN
SACHS
ACTIVE
BETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
245,817
Yankuang
Energy
Group
Co.
Ltd.,
Class
H
(Energy)
$
613,337
235,296
Youngor
Fashion
Co.
Ltd.,
Class
A
(Real
Estate)
257,377
56,614
Yum
China
Holdings,
Inc.
(Consumer
Discretionary)
2,024,517
57,334
Yunnan
Botanee
Bio-
Technology
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)*
421,252
85,483
Yunnan
Yuntianhua
Co.
Ltd.,
Class
A
(Materials)
243,819
119,587
Yutong
Bus
Co.
Ltd.,
Class
A
(Industrials)
400,655
78,885
Zangge
Mining
Co.
Ltd.,
Class
A
(Materials)
283,176
165,000
Zhejiang
Chint
Electrics
Co.
Ltd.,
Class
A
(Industrials)
485,151
778,441
Zhejiang
Expressway
Co.
Ltd.,
Class
H
(Industrials)
508,457
267,807
Zhejiang
Longsheng
Group
Co.
Ltd.,
Class
A
(Materials)
325,733
149,786
Zhejiang
NHU
Co.
Ltd.,
Class
A
(Health
Care)
390,955
36,837
Zhejiang
Supor
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
268,981
217,100
Zhejiang
Wanfeng
Auto
Wheel
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
447,764
167,383
Zhejiang
Weixing
New
Building
Materials
Co.
Ltd.,
Class
A
(Industrials)
391,976
25,427
Zhongji
Innolight
Co.
Ltd.,
Class
A
(Information
Technology)
550,211
171,977
Zhongjin
Gold
Corp.
Ltd.,
Class
A
(Materials)
341,212
253,797
Zhongsheng
Group
Holdings
Ltd.
(Consumer
Discretionary)
458,715
333,467
Zhongtai
Securities
Co.
Ltd.,
Class
A
(Financials)
287,220
162,100
Zijin
Mining
Group
Co.
Ltd.,
Class
A
(Materials)
388,302
377,342
Zijin
Mining
Group
Co.
Ltd.,
Class
H
(Materials)
797,770
250,760
Zoomlion
Heavy
Industry
Science
and
Technology
Co.
Ltd.,
Class
A
(Industrials)
277,052
214,234
ZTE
Corp.,
Class
H
(Information
Technology)*
439,786
270,590,637
Colombia
–
0
.0
%
42,492
Bancolombia
SA
(Financials)
394,045
Czech
Republic
–
0
.1
%
4,774
CEZ
AS
(Utilities)
198,966
18,306
Komercni
Banka
AS
(Financials)
625,795
Shares
Description
Value
a
Common
Stocks
–
(continued)
Czech
Republic
–
(continued)
102,292
Moneta
Money
Bank
AS
(Financials)
(a)
$
447,673
1,272,434
Egypt
–
0
.2
%
1,119,164
Commercial
International
Bank
-
Egypt
(CIB)
(Financials)
1,851,462
426,843
Eastern
Co.
SAE
(Consumer
Staples)
249,225
2,100,687
Greece
–
0
.8
%
210,511
Alpha
Services
and
Holdings
SA
(Financials)*
354,451
446,898
Eurobank
Ergasias
Services
and
Holdings
SA
(Financials)*
976,127
148,274
Hellenic
Telecommunications
Organization
SA
(Communication
Services)
2,163,388
18,243
JUMBO
SA
(Consumer
Discretionary)
522,842
24,875
Motor
Oil
Hellas
Corinth
Refineries
SA
(Energy)
703,733
18,781
Mytilineos
SA
(Industrials)
746,633
73,798
National
Bank
of
Greece
SA
(Financials)*
639,319
72,231
OPAP
SA
(Consumer
Discretionary)
1,148,765
96,628
Piraeus
Financial
Holdings
SA
(Financials)*
378,477
31,177
Public
Power
Corp.
SA
(Utilities)*
379,750
8,013,485
Hong
Kong
–
0
.2
%
35,585
Orient
Overseas
International
Ltd.
(Industrials)
604,049
3,143,780
Sino
Biopharmaceutical
Ltd.
(Health
Care)
1,141,242
1,745,291
Hungary
–
0
.3
%
100,394
MOL
Hungarian
Oil
&
Gas
PLC
(Energy)
779,582
25,320
OTP
Bank
Nyrt
(Financials)
1,219,861
22,925
Richter
Gedeon
Nyrt
(Health
Care)
580,631
2,580,074
India
–
18
.4
%
5,516
ABB
India
Ltd.
(Industrials)
549,672
182,130
Adani
Power
Ltd.
(Utilities)*
1,649,117
51,618
Ambuja
Cements
Ltd.
(Materials)
392,092
6,260
Apollo
Hospitals
Enterprise
Ltd.
(Health
Care)
437,916
144,015
Ashok
Leyland
Ltd.
(Industrials)
386,473
50,211
Asian
Paints
Ltd.
(Materials)
1,733,147
20,665
Astral
Ltd.
(Industrials)
519,118
GOLDMAN
SACHS
ACTIVE
BETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
87,017
Aurobindo
Pharma
Ltd.
(Health
Care)
$
1,236,067
15,438
Avenue
Supermarts
Ltd.
(Consumer
Staples)*
(a)
795,682
180,849
Axis
Bank
Ltd.
(Financials)
2,517,917
4,950
Bajaj
Auto
Ltd.
(Consumer
Discretionary)
538,743
11,863
Bajaj
Finance
Ltd.
(Financials)
951,882
19,085
Bajaj
Finserv
Ltd.
(Financials)
349,502
4,087
Bajaj
Holdings
&
Investment
Ltd.
(Financials)
389,422
172,695
Bandhan
Bank
Ltd.
(Financials)
(a)
389,577
365,819
Bank
of
Baroda
(Financials)
1,160,944
287,389
Bharat
Electronics
Ltd.
(Industrials)
1,018,947
20,932
Bharat
Forge
Ltd.
(Consumer
Discretionary)
389,833
115,777
Bharat
Heavy
Electricals
Ltd.
(Industrials)
414,583
156,706
Bharat
Petroleum
Corp.
Ltd.
(Energy)
1,178,610
155,318
Bharti
Airtel
Ltd.
(Communication
Services)
2,554,326
1,034
Bosch
Ltd.
(Consumer
Discretionary)
376,503
36,093
Britannia
Industries
Ltd.
(Consumer
Staples)*
2,239,747
412,126
Canara
Bank
(Financials)
582,606
100,685
CG
Power
&
Industrial
Solutions
Ltd.
(Industrials)
776,145
36,141
Cholamandalam
Investment
and
Finance
Co.
Ltd.
(Financials)
537,366
135,124
Cipla
Ltd.
(Health
Care)
2,342,740
153,369
Coal
India
Ltd.
(Energy)
902,525
75,116
Colgate-Palmolive
India
Ltd.
(Consumer
Staples)
2,391,356
29,598
Container
Corp.
Of
India
Ltd.
(Industrials)
381,130
8,580
Cummins
India
Ltd.
(Industrials)
365,038
133,483
Dabur
India
Ltd.
(Consumer
Staples)
871,696
11,735
Divi's
Laboratories
Ltd.
(Health
Care)
605,538
66,338
DLF
Ltd.
(Real
Estate)
648,230
29,774
Dr.
Reddy's
Laboratories
Ltd.
(Health
Care)
2,065,939
11,320
Eicher
Motors
Ltd.
(Consumer
Discretionary)
641,929
353,490
GAIL
India
Ltd.
(Utilities)
865,184
370,159
GMR
Airports
Infrastructure
Ltd.
(Industrials)*
375,164
24,670
Godrej
Consumer
Products
Ltd.
(Consumer
Staples)
375,453
14,088
Godrej
Properties
Ltd.
(Real
Estate)*
468,980
41,560
Grasim
Industries
Ltd.
(Materials)
1,153,252
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
69,584
Havells
India
Ltd.
(Industrials)
$
1,589,979
243,261
HCL
Technologies
Ltd.
(Information
Technology)
3,858,836
19,311
HDFC
Asset
Management
Co.
Ltd.
(Financials)
(a)
898,629
170,653
HDFC
Bank
Ltd.
(Financials)
3,131,181
54,533
HDFC
Life
Insurance
Co.
Ltd.
(Financials)
(a)
359,225
7,817
Hero
MotoCorp
Ltd.
(Consumer
Discretionary)
479,445
334,393
Hindalco
Industries
Ltd.
(Materials)
2,761,595
20,140
Hindustan
Aeronautics
Ltd.
(Industrials)
1,200,094
184,765
Hindustan
Petroleum
Corp.
Ltd.
(Energy)
1,189,433
63,558
Hindustan
Unilever
Ltd.
(Consumer
Staples)
1,773,422
496,647
ICICI
Bank
Ltd.
(Financials)
6,670,154
32,165
ICICI
Lombard
General
Insurance
Co.
Ltd.
(Financials)
(a)
609,130
415,110
IDFC
First
Bank
Ltd.
(Financials)*
379,944
138,398
Indian
Hotels
Co.
Ltd.
(Consumer
Discretionary)
924,187
939,505
Indian
Oil
Corp.
Ltd.
(Energy)
1,827,882
103,404
Indus
Towers
Ltd.
(Communication
Services)*
431,287
22,284
IndusInd
Bank
Ltd.
(Financials)
390,264
7,738
Info
Edge
India
Ltd.
(Communication
Services)
528,136
400,563
Infosys
Ltd.
(Information
Technology)
6,751,451
10,649
InterGlobe
Aviation
Ltd.
(Industrials)*
(a)
534,426
326,316
ITC
Ltd.
(Consumer
Staples)
1,667,130
45,194
Jindal
Stainless
Ltd.
(Materials)
429,626
140,958
Jindal
Steel
&
Power
Ltd.
(Materials)
1,736,238
201,151
Jio
Financial
Services
Ltd.
(Financials)*
829,823
114,364
JSW
Steel
Ltd.
(Materials)
1,206,442
154,466
Jubilant
Foodworks
Ltd.
(Consumer
Discretionary)
914,161
31,698
Kotak
Mahindra
Bank
Ltd.
(Financials)
638,128
62,182
Larsen
&
Toubro
Ltd.
(Industrials)
2,733,449
40,025
LTIMindtree
Ltd.
(Information
Technology)
(a)
2,254,591
49,958
Lupin
Ltd.
(Health
Care)
947,165
25,494
Macrotech
Developers
Ltd.
(Real
Estate)
(a)
420,857
85,329
Mahindra
&
Mahindra
Ltd.
(Consumer
Discretionary)
2,562,030
16,657
Mankind
Pharma
Ltd.
(Health
Care)*
426,995
221,136
Marico
Ltd.
(Consumer
Staples)
1,577,759
GOLDMAN
SACHS
ACTIVE
BETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
9,359
Maruti
Suzuki
India
Ltd.
(Consumer
Discretionary)
$
1,390,240
61,089
Mphasis
Ltd.
(Information
Technology)
1,671,634
372
MRF
Ltd.
(Consumer
Discretionary)
559,001
64,329
Muthoot
Finance
Ltd.
(Financials)
1,297,389
72,468
Nestle
India
Ltd.
(Consumer
Staples)
2,044,475
504,294
NMDC
Ltd.
(Materials)
1,571,704
539,555
NTPC
Ltd.
(Utilities)
2,320,562
600,327
Oil
&
Natural
Gas
Corp.
Ltd.
(Energy)
1,901,211
3,720
Page
Industries
Ltd.
(Consumer
Discretionary)
1,602,366
26,073
PB
Fintech
Ltd.
(Financials)*
404,318
26,602
Persistent
Systems
Ltd.
(Information
Technology)
1,086,915
125,472
Petronet
LNG
Ltd.
(Energy)
446,969
10,226
Phoenix
Mills
Ltd.
(The)
(Real
Estate)
379,736
41,059
Pidilite
Industries
Ltd.
(Materials)
1,460,679
9,993
Polycab
India
Ltd.
(Industrials)
807,096
373,096
Power
Finance
Corp.
Ltd.
(Financials)
2,201,131
640,108
Power
Grid
Corp.
of
India
Ltd.
(Utilities)
2,377,267
364,667
Punjab
National
Bank
(Financials)
565,538
281,728
REC
Ltd.
(Financials)
1,814,987
266,387
Reliance
Industries
Ltd.
(Energy)
9,129,849
68,190
SBI
Cards
&
Payment
Services
Ltd.
(Financials)
565,396
32,658
SBI
Life
Insurance
Co.
Ltd.
(Financials)
(a)
542,427
2,087
Shree
Cement
Ltd.
(Materials)
617,080
36,149
Shriram
Finance
Ltd.
(Financials)
1,019,471
21,684
Siemens
Ltd.
(Industrials)
1,810,121
3,370
Solar
Industries
India
Ltd.
(Materials)
378,317
51,310
Sona
Blw
Precision
Forgings
Ltd.
(Consumer
Discretionary)
(a)
400,233
20,852
SRF
Ltd.
(Materials)
552,419
199,596
State
Bank
of
India
(Financials)
1,985,528
74,759
Sun
Pharmaceutical
Industries
Ltd.
(Health
Care)
1,307,434
7,189
Supreme
Industries
Ltd.
(Materials)
454,536
749,034
Suzlon
Energy
Ltd.
(Industrials)*
427,590
51,473
Tata
Communications
Ltd.
(Communication
Services)
1,096,598
135,255
Tata
Consultancy
Services
Ltd.
(Information
Technology)
5,948,328
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
72,514
Tata
Consumer
Products
Ltd.
(Consumer
Staples)
$
921,071
16,102
Tata
Elxsi
Ltd.
(Information
Technology)
1,339,598
327,633
Tata
Motors
Ltd.
(Consumer
Discretionary)
3,622,867
225,290
Tata
Motors
Ltd.,
Class
A
(Consumer
Discretionary)
1,669,205
147,348
Tata
Power
Co.
Ltd.
(The)
(Utilities)
770,975
1,430,742
Tata
Steel
Ltd.
(Materials)
2,865,898
196,593
Tech
Mahindra
Ltd.
(Information
Technology)
2,893,268
22,507
Titan
Co.
Ltd.
(Consumer
Discretionary)
874,139
58,216
Torrent
Pharmaceuticals
Ltd.
(Health
Care)
1,880,327
18,838
Trent
Ltd.
(Consumer
Discretionary)
1,028,920
13,564
Tube
Investments
of
India
Ltd.
(Consumer
Discretionary)
581,235
26,307
TVS
Motor
Co.
Ltd.
(Consumer
Discretionary)
686,818
18,146
UltraTech
Cement
Ltd.
(Materials)
2,155,553
265,107
Union
Bank
of
India
Ltd.
(Financials)
508,641
26,525
United
Spirits
Ltd.
(Consumer
Staples)
368,427
87,780
UPL
Ltd.
(Materials)
535,064
79,225
Varun
Beverages
Ltd.
(Consumer
Staples)
1,354,218
346,722
Vedanta
Ltd.
(Materials)
1,869,205
313,449
Wipro
Ltd.
(Information
Technology)
1,645,517
583,973
Zomato
Ltd.
(Consumer
Discretionary)*
1,253,351
174,116,027
Indonesia
–
1
.2
%
1,739,701
Adaro
Energy
Indonesia
Tbk
PT
(Energy)
296,552
2,393,832
Aneka
Tambang
Tbk
(Materials)
215,813
3,031,498
Astra
International
Tbk
PT
(Industrials)
800,315
4,067,952
Bank
Central
Asia
Tbk
PT
(Financials)
2,315,603
3,687,136
Bank
Mandiri
Persero
Tbk
PT
(Financials)
1,338,714
1,330,461
Bank
Negara
Indonesia
Persero
Tbk
PT
(Financials)
360,248
3,946,226
Bank
Rakyat
Indonesia
Persero
Tbk
PT
(Financials)
1,053,946
883,937
Indah
Kiat
Pulp
&
Paper
Tbk
PT
(Materials)*
495,005
895,437
Indofood
CBP
Sukses
Makmur
Tbk
PT
(Consumer
Staples)
537,262
2,584,220
Indofood
Sukses
Makmur
Tbk
PT
(Consumer
Staples)
934,295
GOLDMAN
SACHS
ACTIVE
BETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Indonesia
–
(continued)
6,507,624
Kalbe
Farma
Tbk
PT
(Health
Care)
$
596,699
3,371,596
Sumber
Alfaria
Trijaya
Tbk
PT
(Consumer
Staples)
549,830
8,368,160
Telkom
Indonesia
Persero
Tbk
PT
(Communication
Services)
1,493,395
3,504,343
Unilever
Indonesia
Tbk
PT
(Consumer
Staples)
672,834
11,660,511
Kazakhstan
–
–
%
70,023
Polymetal
International
PLC
(Materials)*
(c)
—
Kuwait
–
0
.4
%
104,861
Boubyan
Bank
KSCP
(Financials)
197,799
627,891
Kuwait
Finance
House
KSCP
(Financials)
1,493,274
774,653
National
Bank
of
Kuwait
SAKP
(Financials)
2,162,820
3,853,893
Luxembourg
–
0
.1
%
26,041
Reinet
Investments
SCA
(Financials)
654,791
Mexico
–
2
.4
%
787,160
Alfa
SAB
de
CV,
Class
A
(Industrials)
544,668
2,350,485
America
Movil
SAB
de
CV,
Series
B
(Communication
Services)
2,166,689
187,825
Banco
del
Bajio
SA
(Financials)
(a)
645,743
2,212,663
Cemex
SAB
de
CV,
Series
CPO
(Materials)*
1,656,886
59,351
Coca-Cola
Femsa
SAB
de
CV
(Consumer
Staples)
550,963
261,218
Fomento
Economico
Mexicano
SAB
de
CV
(Consumer
Staples)
2,979,878
108,069
Gruma
SAB
de
CV,
Class
B
(Consumer
Staples)
2,086,793
11,515
Grupo
Aeroportuario
del
Sureste
SAB
de
CV,
Class
B
(Industrials)
385,258
255,861
Grupo
Bimbo
SAB
de
CV,
Series
A
(Consumer
Staples)
958,569
73,361
Grupo
Carso
SAB
de
CV,
Series
A1
(Industrials)
563,796
335,924
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
(Financials)
3,178,706
143,200
Grupo
Financiero
Inbursa
SAB
de
CV,
Class
O
(Financials)*
382,824
239,991
Grupo
Mexico
SAB
de
CV,
Series
B
(Materials)
1,475,958
143,874
Kimberly-Clark
de
Mexico
SAB
de
CV,
Class
A
(Consumer
Staples)
300,259
Shares
Description
Value
a
Common
Stocks
–
(continued)
Mexico
–
(continued)
339,600
Operadora
De
Sites
Mexicanos
SAB
de
CV
(Communication
Services)
$
351,877
100,300
Prologis
Property
Mexico
SA
de
CV
REIT
(Real
Estate)
406,117
57,353
Promotora
y
Operadora
de
Infraestructura
SAB
de
CV
(Industrials)
626,449
8,726
Southern
Copper
Corp.
(Materials)
1,035,165
544,296
Wal-Mart
de
Mexico
SAB
de
CV
(Consumer
Staples)
2,035,983
22,332,581
Peru
–
0
.1
%
21,976
Cia
de
Minas
Buenaventura
SAA
ADR
(Materials)
393,371
2,378
Credicorp
Ltd.
(Financials)
393,131
786,502
Philippines
–
0
.2
%
313,034
Bank
of
the
Philippine
Islands
(Financials)
642,971
65,210
International
Container
Terminal
Services,
Inc.
(Industrials)
380,652
99,320
Jollibee
Foods
Corp.
(Consumer
Discretionary)
367,274
37,220
Manila
Electric
Co.
(Utilities)
233,547
16,210
PLDT,
Inc.
(Communication
Services)
409,959
2,034,403
Poland
–
1
.2
%
39,217
Bank
Pekao
SA
(Financials)
1,593,782
21,897
CD
Projekt
SA
(Communication
Services)
(b)
724,709
16,047
Dino
Polska
SA
(Consumer
Staples)*
(a)
1,598,178
11,600
KGHM
Polska
Miedz
SA
(Materials)
446,970
529
LPP
SA
(Consumer
Discretionary)
2,329,911
2,425
mBank
SA
(Financials)*
385,585
25,147
ORLEN
SA
(Energy)
406,044
99,432
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
(Financials)
1,499,183
179,622
Powszechny
Zaklad
Ubezpieczen
SA
(Financials)
2,281,204
3,076
Santander
Bank
Polska
SA
(Financials)
394,091
11,659,657
Qatar
–
0
.9
%
487,625
Barwa
Real
Estate
Co.
(Real
Estate)
377,672
802,062
Commercial
Bank
PSQC
(The)
(Financials)
854,710
163,656
Industries
Qatar
QSC
(Industrials)
519,150
GOLDMAN
SACHS
ACTIVE
BETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Qatar
–
(continued)
599,045
Masraf
Al
Rayan
QSC
(Financials)
$
378,907
443,987
Ooredoo
QPSC
(Communication
Services)
1,149,293
97,592
Qatar
Fuel
QSC
(Energy)
360,509
286,606
Qatar
International
Islamic
Bank
QSC
(Financials)
789,524
317,533
Qatar
Islamic
Bank
(Financials)
1,500,019
670,992
Qatar
National
Bank
QPSC
(Financials)
2,487,886
8,417,670
Romania
–
0
.1
%
81,555
NEPI
Rockcastle
NV
(Real
Estate)*
562,341
Russia
–
0
.0
%
1,256,908
Gazprom
PJSC
(Energy)*
(c)
—
1,190,600
GMK
Norilskiy
Nickel
PAO
(Materials)*
(c)
—
35,708,229
Inter
RAO
UES
PJSC
(Utilities)*
(c)
—
62,206
LUKOIL
PJSC
(Energy)*
(c)
—
824,628
Moscow
Exchange
MICEX-
RTS
PJSC
(Financials)*
(c)
—
839,494
Novolipetsk
Steel
PJSC
(Materials)*
(c)
—
820
PhosAgro
PJSC
(Materials)*
(c)
—
127,440
PhosAgro
PJSC,
GDR
(Materials)*
(c)
—
11,287
Polyus
PJSC
(Materials)*
(c)
—
90,086
Rosneft
Oil
Co.
PJSC
(Energy)*
(c)
—
1,661,273
Sberbank
of
Russia
PJSC
(Financials)*
(c)
—
152,107
Severstal
PAO
(Materials)*
(c)
—
3,362,523
Surgutneftegas
PJSC
(Energy)*
(c)
—
277,377
Tatneft
PJSC
(Energy)*
(c)
—
1,366
TKS
Holding
MKPAO
JSC
(Financials)*
(c)
—
799,132,583
VTB
Bank
PJSC
(Financials)*
(c)
—
40,500
Yandex
NV,
Class
A
(Communication
Services)*
(c)
—
—
Saudi
Arabia
–
2
.8
%
9,236
ACWA
Power
Co.
(Utilities)
990,899
30,240
Advanced
Petrochemical
Co.
(Materials)*
323,306
193,467
Al
Rajhi
Bank
(Financials)
3,925,358
87,976
Alinma
Bank
(Financials)
717,750
69,896
Arab
National
Bank
(Financials)
367,119
3,947
Arabian
Internet
&
Co.mmunications
Services
Co.
(Information
Technology)
277,817
49,254
Bank
AlBilad
(Financials)
426,132
117,634
Bank
Al-Jazira
(Financials)*
470,448
43,003
Banque
Saudi
Fransi
(Financials)
384,089
Shares
Description
Value
a
Common
Stocks
–
(continued)
Saudi
Arabia
–
(continued)
23,953
Bupa
Arabia
for
Cooperative
Insurance
Co.
(Financials)
$
1,475,229
3,731
Elm
Co.
(Information
Technology)
792,615
121,310
Etihad
Etisalat
Co.
(Communication
Services)
1,512,049
85,984
Jarir
Marketing
Co.
(Consumer
Discretionary)
291,603
167,589
Mobile
Telecommunications
Co
Saudi
Arabia
(Communication
Services)
504,907
21,213
Nahdi
Medical
Co.
(Consumer
Staples)
740,903
74,820
Riyad
Bank
(Financials)
486,738
28,411
SABIC
Agri-Nutrients
Co.
(Materials)
802,934
74,917
Sahara
International
Petrochemical
Co.
(Materials)
596,228
44,068
Saudi
Arabian
Mining
Co.
(Materials)*
542,816
447,137
Saudi
Arabian
Oil
Co.
(Energy)
(a)
3,457,214
82,612
Saudi
Awwal
Bank
(Financials)
843,586
65,006
Saudi
Basic
Industries
Corp.
(Materials)
1,317,209
43,235
Saudi
Electricity
Co.
(Utilities)
192,735
103,431
Saudi
Investment
Bank
(The)
(Financials)
344,706
385,337
Saudi
Kayan
Petrochemical
Co.
(Materials)*
818,817
221,363
Saudi
National
Bank
(The)
(Financials)
1,997,797
134,669
Saudi
Telecom
Co.
(Communication
Services)
1,292,581
41,865
Savola
Group
(The)
(Consumer
Staples)*
481,637
26,375,222
South
Africa
–
3
.0
%
146,622
Absa
Group
Ltd.
(Financials)
1,161,684
92,914
Aspen
Pharmacare
Holdings
Ltd.
(Health
Care)
1,146,700
62,617
Bid
Corp.
Ltd.
(Consumer
Staples)
1,383,012
41,883
Bidvest
Group
Ltd.
(The)
(Industrials)
546,398
11,691
Capitec
Bank
Holdings
Ltd.
(Financials)
(b)
1,322,569
73,892
Clicks
Group
Ltd.
(Consumer
Staples)
1,160,765
67,452
Discovery
Ltd.
(Financials)
392,979
38,798
Exxaro
Resources
Ltd.
(Energy)
373,874
601,201
FirstRand
Ltd.
(Financials)
2,075,584
97,471
Gold
Fields
Ltd.
(Materials)
1,515,220
46,810
Harmony
Gold
Mining
Co.
Ltd.
(Materials)
424,926
89,724
Impala
Platinum
Holdings
Ltd.
(Materials)
458,497
62,517
Kumba
Iron
Ore
Ltd.
(Materials)
(b)
1,627,916
GOLDMAN
SACHS
ACTIVE
BETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
South
Africa
–
(continued)
300,510
MTN
Group
Ltd.
(Communication
Services)
$
1,309,778
9,956
Naspers
Ltd.,
Class
N
(Consumer
Discretionary)
1,971,544
108,240
Nedbank
Group
Ltd.
(Financials)
1,313,540
1,603,355
Old
Mutual
Ltd.
(Financials)
905,254
273,681
OUTsurance
Group
Ltd.
(Financials)
582,176
624,152
Pepkor
Holdings
Ltd.
(Consumer
Discretionary)
(a)
562,905
61,040
Remgro
Ltd.
(Financials)
391,317
334,375
Sanlam
Ltd.
(Financials)
1,258,113
195,111
Shoprite
Holdings
Ltd.
(Consumer
Staples)
2,587,559
216,905
Standard
Bank
Group
Ltd.
(Financials)
2,064,270
147,155
Vodacom
Group
Ltd.
(Communication
Services)
722,586
458,112
Woolworths
Holdings
Ltd.
(Consumer
Discretionary)
1,324,881
28,584,047
South
Korea
–
11
.2
%
2,822
Alteogen,
Inc.
(Health
Care)*
378,903
11,391
Amorepacific
Corp.
(Consumer
Staples)
1,597,726
2,627
Celltrion,
Inc.
(Health
Care)
334,316
3,695
CJ
CheilJedang
Corp.
(Consumer
Staples)
932,724
39,762
Coway
Co.
Ltd.
(Consumer
Discretionary)
1,619,715
8,708
DB
Insurance
Co.
Ltd.
(Financials)
650,954
18,960
Doosan
Bobcat,
Inc.
(Industrials)
790,143
44,196
Doosan
Enerbility
Co.
Ltd.
(Industrials)*
663,953
1,527
Ecopro
BM
Co.
Ltd.
(Industrials)*
210,982
1,725
Enchem
Co.
Ltd.
(Materials)*
365,669
31,837
GS
Holdings
Corp.
(Industrials)
1,002,559
43,008
Hana
Financial
Group,
Inc.
(Financials)
1,916,575
35,714
Hankook
Tire
&
Technology
Co.
Ltd.
(Consumer
Discretionary)
1,131,096
5,993
Hanmi
Pharm
Co.
Ltd.
(Health
Care)
1,227,125
5,237
Hanmi
Semiconductor
Co.
Ltd.
(Information
Technology)
611,623
4,448
Hanwha
Aerospace
Co.
Ltd.
(Industrials)
658,582
17,389
Hanwha
Ocean
Co.
Ltd.
(Industrials)*
373,012
10,804
HD
Hyundai
Co.
Ltd.
(Energy)
536,084
2,733
HD
Hyundai
Electric
Co.
Ltd.
(Industrials)
594,152
11,440
HD
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.
(Industrials)*
1,077,445
Shares
Description
Value
a
Common
Stocks
–
(continued)
South
Korea
–
(continued)
11,836
HLB,
Inc.
(Health
Care)*
$
523,176
17,441
HMM
Co.
Ltd.
(Industrials)
226,744
18,794
Hyundai
Engineering
&
Construction
Co.
Ltd.
(Industrials)
450,660
5,322
Hyundai
Glovis
Co.
Ltd.
(Industrials)
689,971
6,372
Hyundai
Mobis
Co.
Ltd.
(Consumer
Discretionary)
987,176
9,704
Hyundai
Motor
Co.
(Consumer
Discretionary)
1,773,220
40,837
Hyundai
Steel
Co.
(Materials)
874,520
133,376
Industrial
Bank
of
Korea
(Financials)
1,325,524
20,011
Kakao
Corp.
(Communication
Services)
625,818
42,426
KB
Financial
Group,
Inc.
(Financials)
2,433,010
33,382
Kia
Corp.
(Consumer
Discretionary)
2,837,789
7,660
Korea
Aerospace
Industries
Ltd.
(Industrials)
286,583
15,173
Korea
Investment
Holdings
Co.
Ltd.
(Financials)
714,513
637
Korea
Zinc
Co.
Ltd.
(Materials)
242,461
63,597
Korean
Air
Lines
Co.
Ltd.
(Industrials)
957,710
2,245
Krafton,
Inc.
(Communication
Services)*
405,366
23,683
KT
Corp.
(Communication
Services)
626,050
15,757
KT&G
Corp.
(Consumer
Staples)
950,279
6,749
Kum
Yang
Co.
Ltd.
(Materials)*
406,046
3,466
Kumho
Petrochemical
Co.
Ltd.
(Materials)
368,992
1,040
LG
Chem
Ltd.
(Materials)
264,028
10,542
LG
Corp.
(Industrials)
619,020
75,919
LG
Display
Co.
Ltd.
(Information
Technology)*
544,491
33,203
LG
Electronics,
Inc.
(Consumer
Discretionary)
2,513,217
5,567
LG
H&H
Co.
Ltd.
(Consumer
Staples)
1,678,684
4,108
LG
Innotek
Co.
Ltd.
(Information
Technology)
735,823
261,236
LG
Uplus
Corp.
(Communication
Services)
1,820,756
21,457
Meritz
Financial
Group,
Inc.
(Financials)
1,191,754
120,724
Mirae
Asset
Securities
Co.
Ltd.
(Financials)
628,666
9,359
NAVER
Corp.
(Communication
Services)
1,150,483
8,904
NCSoft
Corp.
(Communication
Services)
1,223,814
7,900
Netmarble
Corp.
(Communication
Services)*
(a)
343,491
GOLDMAN
SACHS
ACTIVE
BETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
South
Korea
–
(continued)
114,531
NH
Investment
&
Securities
Co.
Ltd.
(Financials)
$
1,015,811
13,181
Orion
Corp.
(Consumer
Staples)
872,990
26,799
Posco
DX
Co.
Ltd.
(Information
Technology)
684,226
6,359
POSCO
Holdings,
Inc.
(Materials)
1,694,754
14,258
Posco
International
Corp.
(Industrials)
443,326
13,281
Samsung
C&T
Corp.
(Industrials)
1,295,918
23,489
Samsung
E&A
Co.
Ltd.
(Industrials)*
396,983
6,859
Samsung
Electro-Mechanics
Co.
Ltd.
(Information
Technology)
767,863
572,336
Samsung
Electronics
Co.
Ltd.
(Information
Technology)
30,382,937
8,123
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
(Financials)
2,044,610
116,914
Samsung
Heavy
Industries
Co.
Ltd.
(Industrials)*
773,488
6,539
Samsung
Life
Insurance
Co.
Ltd.
(Financials)
398,135
1,581
Samsung
SDI
Co.
Ltd.
(Information
Technology)
427,637
8,108
Samsung
SDS
Co.
Ltd.
(Information
Technology)
897,148
52,278
Shinhan
Financial
Group
Co.
Ltd.
(Financials)
1,780,295
20,826
SK
Biopharmaceuticals
Co.
Ltd.
(Health
Care)*
1,284,562
11,382
SK
Bioscience
Co.
Ltd.
(Health
Care)*
425,011
56,549
SK
Hynix,
Inc.
(Information
Technology)
7,727,472
16,624
SK
Square
Co.
Ltd.
(Industrials)*
931,727
54,052
SK
Telecom
Co.
Ltd.
(Communication
Services)
1,991,009
3,948
SK,
Inc.
(Industrials)
502,429
7,900
S-Oil
Corp.
(Energy)
389,137
125,933
Woori
Financial
Group,
Inc.
(Financials)
1,288,845
13,872
Yuhan
Corp.
(Health
Care)
689,317
106,198,803
Taiwan
–
17
.5
%
127,304
Accton
Technology
Corp.
(Information
Technology)
1,980,651
433,925
Acer,
Inc.
(Information
Technology)
708,607
157,335
Advantech
Co.
Ltd.
(Information
Technology)
1,714,492
4,000
Alchip
Technologies
Ltd.
(Information
Technology)
354,387
581,679
ASE
Technology
Holding
Co.
Ltd.
(Information
Technology)
2,819,152
423,320
Asia
Cement
Corp.
(Materials)
542,969
Shares
Description
Value
a
Common
Stocks
–
(continued)
Taiwan
–
(continued)
23,000
Asia
Vital
Components
Co.
Ltd.
(Information
Technology)
$
545,996
80,848
Asustek
Computer,
Inc.
(Information
Technology)
1,280,330
133,800
Catcher
Technology
Co.
Ltd.
(Information
Technology)
927,274
889,647
Cathay
Financial
Holding
Co.
Ltd.
(Financials)*
1,543,439
226,135
Chailease
Holding
Co.
Ltd.
(Financials)
1,061,077
410,154
Chang
Hwa
Commercial
Bank
Ltd.
(Financials)
230,438
334,452
Cheng
Shin
Rubber
Industry
Co.
Ltd.
(Consumer
Discretionary)
627,730
570,000
China
Airlines
Ltd.
(Industrials)
394,147
2,832,807
China
Development
Financial
Holding
Corp.
(Financials)*
1,233,024
684,142
China
Steel
Corp.
(Materials)
501,586
220,176
Chunghwa
Telecom
Co.
Ltd.
(Communication
Services)
869,992
1,183,387
Compal
Electronics,
Inc.
(Information
Technology)
1,353,476
1,850,187
CTBC
Financial
Holding
Co.
Ltd.
(Financials)
2,021,875
222,450
Delta
Electronics,
Inc.
(Information
Technology)
2,231,779
893,860
E.Sun
Financial
Holding
Co.
Ltd.
(Financials)
789,171
25,063
eMemory
Technology,
Inc.
(Information
Technology)
1,702,124
358,000
Eva
Airways
Corp.
(Industrials)
395,641
98,955
Evergreen
Marine
Corp.
Taiwan
Ltd.
(Industrials)
643,021
974,713
Far
Eastern
New
Century
Corp.
(Industrials)
1,017,018
307,035
Feng
TAY
Enterprise
Co.
Ltd.
(Consumer
Discretionary)
1,464,373
988,727
First
Financial
Holding
Co.
Ltd.
(Financials)
839,353
286,000
Formosa
Chemicals
&
Fibre
Corp.
(Materials)
467,043
186,000
Formosa
Petrochemical
Corp.
(Energy)
386,998
326,683
Formosa
Plastics
Corp.
(Materials)
658,529
17,000
Fortune
Electric
Co.
Ltd.
(Industrials)
374,699
1,003,872
Fubon
Financial
Holding
Co.
Ltd.
(Financials)
2,274,625
60,496
Gigabyte
Technology
Co.
Ltd.
(Information
Technology)
593,867
20,608
Global
Unichip
Corp.
(Information
Technology)
925,623
29,258
Globalwafers
Co.
Ltd.
(Information
Technology)
475,982
1,117,964
Hon
Hai
Precision
Industry
Co.
Ltd.
(Information
Technology)
5,935,970
GOLDMAN
SACHS
ACTIVE
BETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Taiwan
–
(continued)
28,000
Hotai
Motor
Co.
Ltd.
(Consumer
Discretionary)
$
530,715
830,390
Hua
Nan
Financial
Holdings
Co.
Ltd.
(Financials)
640,852
616,879
Inventec
Corp.
(Information
Technology)
1,018,801
5,937
Largan
Precision
Co.
Ltd.
(Information
Technology)
416,950
348,477
Lite-On
Technology
Corp.
(Information
Technology)
1,156,426
189,177
MediaTek,
Inc.
(Information
Technology)
7,212,249
941,430
Mega
Financial
Holding
Co.
Ltd.
(Financials)
1,134,866
255,085
Micro-Star
International
Co.
Ltd.
(Information
Technology)
1,507,958
525,830
Nan
Ya
Plastics
Corp.
(Materials)
863,560
188,493
Nanya
Technology
Corp.
(Information
Technology)
375,310
119,028
Nien
Made
Enterprise
Co.
Ltd.
(Consumer
Discretionary)
1,289,709
182,174
Novatek
Microelectronics
Corp.
(Information
Technology)
3,334,852
437,641
Pegatron
Corp.
(Information
Technology)
1,432,054
749,819
Pou
Chen
Corp.
(Consumer
Discretionary)
866,849
242,331
President
Chain
Store
Corp.
(Consumer
Staples)
2,019,799
269,544
Quanta
Computer,
Inc.
(Information
Technology)
2,279,899
143,103
Realtek
Semiconductor
Corp.
(Information
Technology)
2,398,744
288,000
Ruentex
Development
Co.
Ltd.
(Real
Estate)*
396,518
450,852
Shanghai
Commercial
&
Savings
Bank
Ltd.
(The)
(Financials)
640,913
1,437,000
Shin
Kong
Financial
Holding
Co.
Ltd.
(Financials)*
419,203
1,558,153
SinoPac
Financial
Holdings
Co.
Ltd.
(Financials)
1,108,706
304,272
Synnex
Technology
International
Corp.
(Information
Technology)
792,757
1,668,343
Taishin
Financial
Holding
Co.
Ltd.
(Financials)
947,629
960,395
Taiwan
Business
Bank
(Financials)
501,039
562,371
Taiwan
Cement
Corp.
(Materials)
572,891
887,443
Taiwan
Cooperative
Financial
Holding
Co.
Ltd.
(Financials)
699,950
102,255
Taiwan
Mobile
Co.
Ltd.
(Communication
Services)
333,022
2,941,069
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
(Information
Technology)
74,539,040
Shares
Description
Value
a
Common
Stocks
–
(continued)
Taiwan
–
(continued)
43,161
Unimicron
Technology
Corp.
(Information
Technology)
$
243,159
1,162,203
Uni-President
Enterprises
Corp.
(Consumer
Staples)
2,870,168
1,453,841
United
Microelectronics
Corp.
(Information
Technology)
2,468,397
108,287
Vanguard
International
Semiconductor
Corp.
(Information
Technology)
359,352
22,823
Voltronic
Power
Technology
Corp.
(Industrials)
1,194,202
333,000
Walsin
Lihwa
Corp.
(Industrials)
379,834
595,960
Winbond
Electronics
Corp.
(Information
Technology)
459,931
447,526
Wistron
Corp.
(Information
Technology)
1,547,290
7,000
Wiwynn
Corp.
(Information
Technology)
533,741
197,076
WPG
Holdings
Ltd.
(Information
Technology)
524,417
19,000
Yageo
Corp.
(Information
Technology)
388,282
2,186,917
Yuanta
Financial
Holding
Co.
Ltd.
(Financials)
2,136,690
153,356
Zhen
Ding
Technology
Holding
Ltd.
(Information
Technology)
577,558
165,000,740
Thailand
–
1
.4
%
159,616
Advanced
Info
Service
PCL,
NVDR
(Communication
Services)
880,730
185,600
Airports
of
Thailand
PCL,
NVDR
(Industrials)
327,915
884,800
Bangkok
Dusit
Medical
Services
PCL,
NVDR
(Health
Care)
649,350
1,764,800
Bangkok
Expressway
&
Metro
PCL,
NVDR
(Industrials)
376,561
125,100
Bumrungrad
Hospital
PCL,
NVDR
(Health
Care)
822,892
313,400
Central
Pattana
PCL,
NVDR
(Real
Estate)
487,691
681,800
Charoen
Pokphand
Foods
PCL,
NVDR
(Consumer
Staples)*
422,534
685,677
CP
ALL
PCL,
NVDR
(Consumer
Staples)
1,071,662
491,700
CP
Axtra
PCL,
NVDR
(Consumer
Staples)
384,245
497,700
Delta
Electronics
Thailand
PCL,
NVDR
(Information
Technology)
997,700
296,600
Global
Power
Synergy
PCL,
NVDR
(Utilities)
378,913
1,460,200
Home
Product
Center
PCL,
NVDR
(Consumer
Discretionary)
369,118
1,054,900
Indorama
Ventures
PCL,
NVDR
(Materials)
662,359
GOLDMAN
SACHS
ACTIVE
BETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Thailand
–
(continued)
106,100
Intouch
Holdings
PCL,
NVDR
(Communication
Services)
$
193,945
500,500
Krung
Thai
Bank
PCL,
NVDR
(Financials)
233,993
555,400
Krungthai
Card
PCL,
NVDR
(Financials)
690,665
502,400
Minor
International
PCL,
NVDR
(Consumer
Discretionary)
419,918
112,100
PTT
Exploration
&
Production
PCL,
NVDR
(Energy)
469,242
560,700
PTT
Global
Chemical
PCL,
NVDR
(Materials)
529,609
799,000
PTT
Oil
&
Retail
Business
PCL,
NVDR
(Consumer
Discretionary)
393,093
687,700
PTT
PCL,
NVDR
(Energy)
612,182
429,300
SCG
Packaging
PCL,
NVDR
(Materials)
387,992
105,700
Siam
Cement
PCL
(The),
NVDR
(Materials)
678,043
400,200
Thai
Oil
PCL,
NVDR
(Energy)
562,934
1,692,100
True
Corp.
PCL,
NVDR
(Communication
Services)*
395,544
13,398,830
Turkey
–
1
.0
%
642,670
Akbank
TAS
(Financials)
1,324,877
158,490
BIM
Birlesik
Magazalar
AS
(Consumer
Staples)
2,361,905
126,744
Haci
Omer
Sabanci
Holding
AS
(Financials)
384,451
208,033
KOC
Holding
AS
(Industrials)
1,538,485
60,028
Pegasus
Hava
Tasimaciligi
AS
(Industrials)*
376,092
85,950
Turk
Hava
Yollari
AO
(Industrials)*
807,885
1,907,053
Turkiye
Is
Bankasi
AS,
Class
C
(Financials)
953,845
134,274
Turkiye
Petrol
Rafinerileri
AS
(Energy)
736,628
1,230,682
Yapi
ve
Kredi
Bankasi
AS
(Financials)
1,234,914
9,719,082
United
Arab
Emirates
–
1
.1
%
408,087
Abu
Dhabi
Commercial
Bank
PJSC
(Financials)
866,604
354,990
Abu
Dhabi
Islamic
Bank
PJSC
(Financials)
1,084,381
642,888
Abu
Dhabi
National
Oil
Co.
for
Distribution
PJSC
(Consumer
Discretionary)
567,092
329,091
Aldar
Properties
PJSC
(Real
Estate)
492,779
776,662
Americana
Restaurants
International
PLC
(Consumer
Discretionary)
685,094
902,497
Dubai
Islamic
Bank
PJSC
(Financials)
1,356,307
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
Arab
Emirates
–
(continued)
784,671
Emaar
Properties
PJSC
(Real
Estate)
$
1,636,400
426,292
Emirates
NBD
Bank
PJSC
(Financials)
1,804,724
118,744
Emirates
Telecommunications
Group
Co.
PJSC
(Communication
Services)
520,488
336,243
First
Abu
Dhabi
Bank
PJSC
(Financials)
1,061,902
10,075,771
United
States
–
0
.1
%
82,998
JBS
SA
(Consumer
Staples)
455,428
TOTAL
COMMON
STOCKS
(Cost
$770,162,624)
916,823,556
Shares
Description
Rate
Value
a
Preferred
Stocks
–
2.1%
Brazil
–
1
.3
%
446,908
Banco
Bradesco
SA
(Financials)
8
.64
%
1,077,337
37,862
Centrais
Eletricas
Brasileiras
SA,
Class
B
(Utilities)
4
.66
281,884
208,060
Cia
Energetica
de
Minas
Gerais
(Utilities)
10
.84
393,885
182,451
Cia
Paranaense
de
Energia
(Utilities)
4
.19
315,202
270,270
Gerdau
SA
(Materials)
6
.15
931,265
609,822
Itau
Unibanco
Holding
SA
(Financials)
7
.55
3,600,327
874,696
Itausa
SA
(Financials)
8
.60
1,619,299
2
Klabin
SA
(Materials)
5
.22
2
574,576
Petroleo
Brasileiro
SA
(Energy)
13
.69
4,240,571
12,459,772
GOLDMAN
SACHS
ACTIVE
BETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
*
Non-income
producing
security.
(a)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(b)
All
or
a
portion
of
security
is
on
loan.
(c)
Significant
unobservable
inputs
were
used
in
the
valuation
of
this
portfolio
security;
i.e.
Level
3.
(d)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
GDR
—
Global
Depositary
Receipt
NVDR
—
Non-Voting
Depository
Receipt
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Sector
Name
%
of
Market
Value
Information
Technology
22
.0
%
Financials
20
.3
Consumer
Discretionary
12
.2
Communication
Services
8
.1
Consumer
Staples
6
.9
Materials
6
.9
Industrials
5
.9
Investment
Company
5
.5
Energy
4
.7
Health
Care
3
.7
Utilities
2
.0
Real
Estate
1
.0
Exchange-Traded
Fund
0
.6
Securities
Lending
Reinvestment
Vehicle
0
.2
TOTAL
INVESTMENTS
100
.0%
Shares
Description
Rate
Value
a
Preferred
Stocks
–
(continued)
Chile
–
0
.1
%
8,889
Sociedad
Quimica
y
Minera
de
Chile
SA,
Class
B
(Industrials)
1
.83
%
$
416,053
Colombia
–
0
.1
%
94,952
Bancolombia
SA
(Financials)
10
.38
835,887
Russia
–
0
.0
%
3,212,489
Surgutneftegas
PJSC
(Energy)
(c)
1
.17
—
South
Korea
–
0
.6
%
7,126
Hyundai
Motor
Co.
(Consumer
Discretionary)
13
.14
790,548
6,834
Hyundai
Motor
Co.
(Consumer
Discretionary)
13
.19
757,167
98,187
Samsung
Electronics
Co.
Ltd.
(Information
Technology)
2
.34
4,276,246
5,823,961
TOTAL
PREFERRED
STOCKS
(Cost
$15,385,343)
19,535,673
Shares
Description
Value
Exchange-Traded
Fund
–
0.6%
United
States
–
0
.6
%
257,264
iShares
MSCI
Malaysia
ETF
(Cost
$7,732,869)
5,909,354
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
5.8%
(d)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
–
Institutional
Shares
55,046,981
5.180%
55,046,981
(Cost
$55,046,981)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$848,327,817)
997,315,564
Shares
Dividend
Rate
Value
a
Securities
Lending
Reinvestment
Vehicle
–
0.3%
(d)
a
a
a
a
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
2,484,277
5.227%
$
2,484,277
(Cost
$2,484,277)
TOTAL
INVESTMENTS
–
105.8%
(Cost
$850,812,094)
$
999,799,841
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(5.8)%
(
54,940,426
)
NET
ASSETS
–
100.0%
$
944,859,415
  a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
GOLDMAN
SACHS
ACTIVE
BETA
®
EMERGING
MARKETS
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:
MSCI
Emerging
Markets
Index
27
06/21/24
$
1,426,275
$
61,775
GOLDMAN
SACHS
ACTIVE
BETA
®
EUROPE
EQUITY
ETF
Schedule
of
Investments
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
99.0%
Australia
–
0
.7
%
5,717
Glencore
PLC
(Materials)
$
34,993
680
Rio
Tinto
PLC
(Materials)
47,410
82,403
Austria
–
0
.8
%
498
Erste
Group
Bank
AG
(Financials)
24,382
227
Mondi
PLC
(Materials)
4,512
63
OMV
AG
(Energy)
3,162
2,010
voestalpine
AG
(Materials)
58,610
90,666
Belgium
–
1
.4
%
534
Ageas
SA/NV
(Financials)
26,493
550
Anheuser-Busch
InBev
SA/NV
(Consumer
Staples)
34,404
29
D’ieteren
Group
(Consumer
Discretionary)
6,284
374
Groupe
Bruxelles
Lambert
NV
(Financials)
28,502
76
KBC
Group
NV
(Financials)
5,516
1
Lotus
Bakeries
NV
(Consumer
Staples)
10,617
20
Sofina
SA
(Financials)
4,825
152
Syensqo
SA
(Materials)
15,085
175
UCB
SA
(Health
Care)
24,441
214
Warehouses
De
Pauw
CVA
REIT
(Real
Estate)
6,217
162,384
Brazil
–
0
.0
%
172
Yara
International
ASA
(Materials)
5,321
Chile
–
0
.1
%
286
Antofagasta
PLC
(Materials)
8,022
China
–
0
.1
%
323
Prosus
NV
(Consumer
Discretionary)*
11,705
Denmark
–
5
.5
%
2
AP
Moller
–
Maersk
A/S,
Class
A
(Industrials)
3,505
2
AP
Moller
–
Maersk
A/S,
Class
B
(Industrials)
3,628
135
Carlsberg
AS,
Class
B
(Consumer
Staples)
18,254
50
Coloplast
A/S,
Class
B
(Health
Care)
6,002
612
Danske
Bank
A/S
(Financials)
18,768
399
Demant
A/S
(Health
Care)*
19,106
34
DSV
A/S
(Industrials)
5,216
56
Genmab
A/S
(Health
Care)*
15,788
3,142
Novo
Nordisk
A/S,
Class
B
(Health
Care)
424,058
184
Novonesis
(Novozymes)
B,
Class
B
(Materials)
10,942
285
Pandora
A/S
(Consumer
Discretionary)
46,624
Shares
Description
Value
a
Common
Stocks
–
(continued)
Denmark
–
(continued)
65
ROCKWOOL
A/S,
Class
B
(Industrials)
$
27,246
775
Tryg
A/S
(Financials)
15,927
115
Vestas
Wind
Systems
A/S
(Industrials)*
3,228
618,292
Finland
–
1
.3
%
235
Elisa
OYJ
(Communication
Services)
10,893
266
Kesko
OYJ,
Class
B
(Consumer
Staples)
4,828
77
Kone
OYJ,
Class
B
(Industrials)
3,911
179
Metso
Corp.
(Industrials)
2,174
6,093
Nokia
OYJ
(Information
Technology)
23,753
2,156
Nordea
Bank
Abp
(Financials)
26,437
842
Orion
OYJ,
Class
B
(Health
Care)
34,260
349
Sampo
OYJ,
Class
A
(Financials)
14,943
232
UPM-Kymmene
OYJ
(Materials)
8,853
583
Wartsila
OYJ
Abp
(Industrials)
12,155
142,207
France
–
16
.1
%
354
Accor
SA
(Consumer
Discretionary)*
15,330
257
Adevinta
ASA
(Communication
Services)*
2,790
32
Aeroports
de
Paris
SA
(Industrials)
4,554
310
Air
Liquide
SA
(Materials)
60,731
281
Airbus
SE
(Industrials)
47,558
64
Amundi
SA
(Financials)*
(a)(b)
4,909
112
Arkema
SA
(Materials)
11,399
1,860
AXA
SA
(Financials)
66,735
167
BioMerieux
(Health
Care)
17,613
792
BNP
Paribas
SA
(Financials)
58,208
781
Bollore
SE
(Communication
Services)
5,231
940
Bouygues
SA
(Industrials)
36,737
478
Bureau
Veritas
SA
(Industrials)
14,322
162
Capgemini
SE
(Information
Technology)
32,641
2,739
Carrefour
SA
(Consumer
Staples)
44,572
753
Cie
de
Saint-Gobain
SA
(Industrials)
65,871
558
Cie
Generale
des
Etablissements
Michelin
SCA
(Consumer
Discretionary)
22,504
2,490
Credit
Agricole
SA
(Financials)
40,345
633
Danone
SA
(Consumer
Staples)
40,626
60
Dassault
Aviation
SA
(Industrials)
12,962
343
Dassault
Systemes
(Information
Technology)
13,804
614
Eiffage
SA
(Industrials)
67,556
GOLDMAN
SACHS
ACTIVE
BETA
®
EUROPE
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
France
–
(continued)
1,952
Engie
SA
(Utilities)
$
32,920
216
EssilorLuxottica
SA
(Health
Care)
48,141
466
Eurazeo
SE
(Financials)
39,080
72
Gecina
SA
REIT
(Real
Estate)
7,738
797
Getlink
SE
(Industrials)
14,004
30
Hermes
International
SCA
(Consumer
Discretionary)
70,868
419
Ipsen
SA
(Health
Care)
54,857
12
Kering
(Consumer
Discretionary)
4,132
434
Klepierre
SA
REIT
(Real
Estate)
12,533
1,354
La
Francaise
des
Jeux
SAEM
(Consumer
Discretionary)
(b)
48,448
225
Legrand
SA
(Industrials)
24,206
244
L'Oreal
SA
(Consumer
Staples)
119,755
233
LVMH
Moet
Hennessy
Louis
Vuitton
SE
(Consumer
Discretionary)
185,889
2,132
Orange
SA
(Communication
Services)
24,823
15
Pernod
Ricard
SA
(Consumer
Staples)
2,230
213
Publicis
Groupe
SA
(Communication
Services)
23,771
122
Renault
SA
(Consumer
Discretionary)
7,096
721
Rexel
SA
(Industrials)
21,767
208
Safran
SA
(Industrials)
48,345
386
SEB
SA
(Consumer
Discretionary)*
47,519
704
Societe
Generale
SA
(Financials)
20,933
119
Sodexo
SA
(Consumer
Discretionary)
11,071
58
Teleperformance
SE
(Industrials)
6,574
71
Thales
SA
(Industrials)
12,845
2,019
TotalEnergies
SE
(Energy)
146,874
124
Unibail-Rodamco-Westfield
REIT
(Real
Estate)
10,858
360
Veolia
Environnement
SA
(Utilities)
11,998
449
Vinci
SA
(Industrials)
55,787
924
Vivendi
SE
(Communication
Services)
10,131
1,812,191
Germany
–
13
.2
%
245
adidas
AG
(Consumer
Discretionary)
61,573
289
Allianz
SE
(Financials)
84,176
396
BASF
SE
(Materials)
20,811
799
Bayer
AG
(Health
Care)
24,495
255
Bayerische
Motoren
Werke
AG
(Consumer
Discretionary)
25,795
355
Bechtle
AG
(Information
Technology)*
17,204
Shares
Description
Value
a
Common
Stocks
–
(continued)
Germany
–
(continued)
192
Beiersdorf
AG
(Consumer
Staples)
$
30,088
284
Brenntag
SE
(Industrials)
20,342
51
Carl
Zeiss
Meditec
AG
(Health
Care)
4,687
1,693
Commerzbank
AG
(Financials)
28,561
218
Continental
AG
(Consumer
Discretionary)
14,730
72
Covestro
AG
(Materials)*
(b)
3,860
36
CTS
Eventim
AG
&
Co.
KGaA
(Communication
Services)
3,103
332
Daimler
Truck
Holding
AG
(Industrials)
14,118
3,983
Deutsche
Bank
AG
(Financials)
65,836
135
Deutsche
Boerse
AG
(Financials)
26,805
6,912
Deutsche
Lufthansa
AG
(Industrials)
48,189
1,466
Deutsche
Post
AG
(Industrials)
61,527
2,053
Deutsche
Telekom
AG
(Communication
Services)
49,679
3,030
E.ON
SE
(Utilities)
40,393
487
Evonik
Industries
AG
(Materials)
10,664
1,115
Fresenius
Medical
Care
AG
(Health
Care)
47,425
1,011
Fresenius
SE
&
Co.
KGaA
(Health
Care)*
32,136
379
GEA
Group
AG
(Industrials)
15,750
51
Hannover
Rueck
SE
(Financials)
12,634
374
Heidelberg
Materials
AG
(Materials)
38,864
169
Henkel
AG
&
Co.
KGaA
(Consumer
Staples)
13,503
583
Infineon
Technologies
AG
(Information
Technology)
23,307
275
Knorr-Bremse
AG
(Industrials)
21,077
67
LEG
Immobilien
SE
(Real
Estate)
5,909
749
Mercedes-Benz
Group
AG
(Consumer
Discretionary)
53,991
77
Merck
KGaA
(Health
Care)
13,918
9
MTU
Aero
Engines
AG
(Industrials)
2,233
101
Muenchener
Rueckversicherungs-
Gesellschaft
AG
in
Muenchen
(Financials)
50,207
500
Nemetschek
SE
(Information
Technology)
45,351
520
Puma
SE
(Consumer
Discretionary)
26,843
50
Rational
AG
(Industrials)
42,284
43
Rheinmetall
AG
(Industrials)
24,638
853
SAP
SE
(Information
Technology)
153,682
97
Scout24
SE
(Communication
Services)
(b)
7,287
GOLDMAN
SACHS
ACTIVE
BETA
®
EUROPE
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Germany
–
(continued)
518
Siemens
AG
(Industrials)
$
99,118
1,007
Siemens
Energy
AG
(Industrials)*
27,133
161
Siemens
Healthineers
AG
(Health
Care)
(b)
9,330
37
Symrise
AG
(Materials)
4,392
296
Talanx
AG
(Financials)
23,506
305
Vonovia
SE
(Real
Estate)
9,536
864
Zalando
SE
(Consumer
Discretionary)*
(b)
22,745
1,483,435
Hong
Kong
–
0
.1
%
809
Prudential
PLC
(Financials)
7,694
Ireland
–
0
.5
%
151
AerCap
Holdings
NV
(Industrials)
13,999
403
AIB
Group
PLC
(Financials)
2,284
320
Bank
of
Ireland
Group
PLC
(Financials)
3,653
117
Kerry
Group
PLC,
Class
A
(Consumer
Staples)
9,882
152
Kingspan
Group
PLC
(Industrials)
14,554
252
Smurfit
Kappa
Group
PLC
(Materials)
12,228
56,600
Italy
–
4
.8
%
81
Amplifon
SpA
(Health
Care)
2,977
2,064
Assicurazioni
Generali
SpA
(Financials)
(a)
52,880
1,982
Banco
BPM
SpA
(Financials)
14,210
489
Coca-Cola
HBC
AG
(Consumer
Staples)*
16,486
63
DiaSorin
SpA
(Health
Care)
6,767
5,068
Enel
SpA
(Utilities)
36,620
3,062
Eni
SpA
(Energy)
48,186
113
Ferrari
NV
(Consumer
Discretionary)
46,297
959
FinecoBank
Banca
Fineco
SpA
(Financials)
15,455
964
Infrastrutture
Wireless
Italiane
SpA
(Communication
Services)
(b)
10,518
8,466
Intesa
Sanpaolo
SpA
(Financials)
33,142
1,563
Leonardo
SpA
(Industrials)*
39,993
1,146
Mediobanca
Banca
di
Credito
Finanziario
SpA
(Financials)
18,064
424
Moncler
SpA
(Consumer
Discretionary)
28,188
2,429
Poste
Italiane
SpA
(Financials)
(b)
33,225
467
Prysmian
SpA
(Industrials)
30,429
335
Recordati
Industria
Chimica
e
Farmaceutica
SpA
(Health
Care)
17,602
2,695
Snam
SpA
(Utilities)
12,724
Shares
Description
Value
a
Common
Stocks
–
(continued)
Italy
–
(continued)
1,363
Terna
-
Rete
Elettrica
Nazionale
(Utilities)
$
11,426
1,592
UniCredit
SpA
(Financials)
62,883
538,072
Jordan
–
0
.1
%
630
Hikma
Pharmaceuticals
PLC
(Health
Care)
15,481
Luxembourg
–
0
.6
%
2,115
ArcelorMittal
(Materials)
55,472
149
Eurofins
Scientific
SE
(Health
Care)
8,955
64,427
Netherlands
–
7
.4
%
1,302
ABN
AMRO
Bank
NV
(Financials)
(b)
22,121
7
Adyen
NV
(Financials)*
(b)
9,004
2,387
Aegon
Ltd.
(Financials)
15,403
239
Akzo
Nobel
NV
(Materials)
16,642
38
ASM
International
NV
(Information
Technology)
26,410
346
ASML
Holding
NV
(Information
Technology)
327,088
129
ASR
Nederland
NV
(Financials)
6,218
104
BE
Semiconductor
Industries
NV
(Information
Technology)
15,242
143
Euronext
NV
(Financials)
(b)
14,026
479
EXOR
NV
(Financials)
53,508
262
Heineken
Holding
NV
(Consumer
Staples)
21,361
105
Heineken
NV
(Consumer
Staples)
(a)
10,473
52
IMCD
NV
(Industrials)
7,869
2,083
ING
Groep
NV
(Financials)
37,004
440
JDE
Peet’s
NV
(Consumer
Staples)
9,658
2,336
Koninklijke
Ahold
Delhaize
NV
(Consumer
Staples)
72,376
4,595
Koninklijke
KPN
NV
(Communication
Services)
17,180
541
Koninklijke
Philips
NV
(Health
Care)*
14,612
332
NN
Group
NV
(Financials)
15,422
568
Randstad
NV
(Industrials)
29,845
633
Universal
Music
Group
NV
(Communication
Services)
19,640
419
Wolters
Kluwer
NV
(Industrials)
66,433
827,535
Norway
–
1
.1
%
269
Aker
BP
ASA
(Energy)
6,888
706
DNB
Bank
ASA
(Financials)
13,795
1,221
Equinor
ASA
(Energy)
35,212
787
Gjensidige
Forsikring
ASA
(Financials)
13,767
204
Kongsberg
Gruppen
ASA
(Industrials)
17,512
291
Mowi
ASA
(Consumer
Staples)
5,204
GOLDMAN
SACHS
ACTIVE
BETA
®
EUROPE
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Norway
–
(continued)
1,808
Orkla
ASA
(Consumer
Staples)
$
14,385
135
Salmar
ASA
(Consumer
Staples)
8,208
931
Telenor
ASA
(Communication
Services)
10,851
125,822
Poland
–
0
.2
%
1,231
InPost
SA
(Industrials)*
22,064
Portugal
–
0
.4
%
542
Galp
Energia
SGPS
SA
(Energy)
11,365
1,437
Jeronimo
Martins
SGPS
SA
(Consumer
Staples)
32,105
43,470
Singapore
–
0
.2
%
635
STMicroelectronics
NV
(Information
Technology)
26,096
South
Africa
–
0
.0
%
139
Anglo
American
PLC
(Materials)
4,448
Spain
–
4
.0
%
1,101
ACS
Actividades
de
Construccion
y
Servicios
SA
(Industrials)
49,149
31
Aena
SME
SA
(Industrials)
(b)
6,044
173
Amadeus
IT
Group
SA
(Consumer
Discretionary)
12,271
5,454
Banco
Bilbao
Vizcaya
Argentaria
SA
(Financials)
58,853
4,230
Banco
de
Sabadell
SA
(Financials)
8,902
16,272
Banco
Santander
SA
(Financials)
85,401
3,123
CaixaBank
SA
(Financials)
17,867
113
Endesa
SA
(Utilities)
2,245
325
Grifols
SA
(Health
Care)*
3,291
3,865
Iberdrola
SA
(Utilities)
50,770
1,505
Industria
de
Diseno
Textil
SA
(Consumer
Discretionary)
71,170
899
Redeia
Corp.
SA
(Utilities)
16,142
2,061
Repsol
SA
(Energy)
33,606
8,210
Telefonica
SA
(Communication
Services)
38,191
453,902
Sweden
–
4
.5
%
175
Alfa
Laval
AB
(Industrials)
8,073
678
Assa
Abloy
AB,
Class
B
(Industrials)
19,804
1,827
Atlas
Copco
AB,
Class
A
(Industrials)
34,882
1,130
Atlas
Copco
AB,
Class
B
(Industrials)
18,615
204
Epiroc
AB,
Class
A
(Industrials)
4,242
94
EQT
AB
(Financials)
2,842
Shares
Description
Value
a
Common
Stocks
–
(continued)
Sweden
–
(continued)
222
Essity
AB,
Class
B
(Consumer
Staples)
$
5,689
1,043
Fastighets
AB
Balder,
Class
B
(Real
Estate)*
7,007
2,697
H
&
M
Hennes
&
Mauritz
AB,
Class
B
(Consumer
Discretionary)
(a)
47,595
1,349
Hexagon
AB,
Class
B
(Information
Technology)
14,776
241
Holmen
AB,
Class
B
(Materials)
10,069
641
Husqvarna
AB,
Class
B
(Industrials)
5,284
565
Industrivarden
AB,
Class
A
(Financials)
20,038
578
Industrivarden
AB,
Class
C
(Financials)
20,230
92
Indutrade
AB
(Industrials)
2,365
1,487
Investor
AB,
Class
B
(Financials)
40,211
359
L
E
Lundbergforetagen
AB,
Class
B
(Financials)
18,194
217
Lifco
AB,
Class
B
(Industrials)
5,732
460
Saab
AB,
Class
B
(Industrials)
11,083
322
Sandvik
AB
(Industrials)
7,057
580
Securitas
AB,
Class
B
(Industrials)
5,945
1,487
Skandinaviska
Enskilda
Banken
AB,
Class
A
(Financials)
21,088
387
Skanska
AB,
Class
B
(Industrials)
6,817
464
SKF
AB,
Class
B
(Industrials)
10,116
153
Svenska
Cellulosa
AB
SCA,
Class
B
(Materials)
2,340
1,283
Svenska
Handelsbanken
AB,
Class
A
(Financials)
12,033
848
Swedbank
AB,
Class
A
(Financials)
17,585
490
Swedish
Orphan
Biovitrum
AB
(Health
Care)*
13,157
3,835
Telefonaktiebolaget
LM
Ericsson,
Class
B
(Information
Technology)
23,548
261
Trelleborg
AB,
Class
B
(Industrials)
10,150
428
Volvo
AB,
Class
A
(Industrials)
11,590
1,044
Volvo
AB,
Class
B
(Industrials)
27,993
11,795
Volvo
Car
AB,
Class
B
(Consumer
Discretionary)*
39,393
505,543
Switzerland
–
8
.9
%
1,011
ABB
Ltd.
(Industrials)
55,360
95
Adecco
Group
AG
(Industrials)
3,595
182
Alcon,
Inc.
(Health
Care)
16,208
358
Avolta
AG
(Consumer
Discretionary)*
14,508
106
Baloise
Holding
AG
(Financials)
18,318
159
Banque
Cantonale
Vaudoise
(Financials)
16,752
GOLDMAN
SACHS
ACTIVE
BETA
®
EUROPE
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Switzerland
–
(continued)
32
BKW
AG
(Utilities)
$
5,037
299
Cie
Financiere
Richemont
SA
(Consumer
Discretionary)
47,742
496
Clariant
AG
(Materials)*
7,917
29
EMS-Chemie
Holding
AG
(Materials)
23,916
58
Geberit
AG
(Industrials)
35,386
5
Givaudan
SA
(Materials)
23,483
106
Helvetia
Holding
AG
(Financials)
14,229
151
Kuehne
+
Nagel
International
AG
(Industrials)
42,765
441
Logitech
International
SA
(Information
Technology)
43,702
7
Lonza
Group
AG
(Health
Care)
3,774
1,875
Novartis
AG
(Health
Care)
193,642
35
Partners
Group
Holding
AG
(Financials)
46,788
524
Sandoz
Group
AG
(Health
Care)
18,621
41
Schindler
Holding
AG
(Industrials)
10,362
36
Schindler
Holding
AG
Participation
Certificates
(Industrials)
9,322
438
SGS
SA
(Industrials)
40,783
136
SIG
Group
AG
(Materials)*
2,823
24
Sika
AG
(Materials)
7,260
61
Sonova
Holding
AG
(Health
Care)
19,257
213
Straumann
Holding
AG
(Health
Care)
27,624
41
Swatch
Group
AG
(The)
–
Bearer
(Consumer
Discretionary)
8,778
181
Swatch
Group
AG
(The)
–
Registered
(Consumer
Discretionary)
(a)
7,544
39
Swiss
Life
Holding
AG
(Financials)
27,140
211
Swiss
Prime
Site
AG
(Real
Estate)
19,483
23
Swisscom
AG
(Communication
Services)
12,701
31
Temenos
AG
(Information
Technology)
1,993
3,187
UBS
Group
AG
(Financials)
100,646
35
VAT
Group
AG
(Industrials)
(b)
18,879
107
Zurich
Insurance
Group
AG
(Financials)
56,183
1,002,521
United
Kingdom
–
16
.3
%
1,348
3i
Group
PLC
(Financials)
49,137
904
Admiral
Group
PLC
(Financials)
31,238
65
Ashtead
Group
PLC
(Industrials)
4,707
773
Associated
British
Foods
PLC
(Consumer
Staples)
25,097
1,276
AstraZeneca
PLC
(Health
Care)
198,039
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
Kingdom
–
(continued)
5,947
Auto
Trader
Group
PLC
(Communication
Services)
(b)
$
61,800
2,707
Aviva
PLC
(Financials)
16,540
2,601
BAE
Systems
PLC
(Industrials)
46,097
14,785
Barclays
PLC
(Financials)
41,413
1,917
Barratt
Developments
PLC
(Consumer
Discretionary)
12,282
294
Berkeley
Group
Holdings
PLC
(Consumer
Discretionary)
19,614
1,490
British
American
Tobacco
PLC
(Consumer
Staples)
45,814
654
Bunzl
PLC
(Industrials)
24,447
2,539
Burberry
Group
PLC
(Consumer
Discretionary)
33,458
26,199
Centrica
PLC
(Utilities)
47,216
241
Coca-Cola
Europacific
Partners
PLC
(Consumer
Staples)
17,764
1,018
Compass
Group
PLC
(Consumer
Discretionary)
28,411
379
DCC
PLC
(Industrials)
27,457
1,266
Diageo
PLC
(Consumer
Staples)
42,400
612
Halma
PLC
(Information
Technology)
17,345
3,551
Hargreaves
Lansdown
PLC
(Financials)
47,721
14,321
HSBC
Holdings
PLC
(Financials)
126,978
1,298
Imperial
Brands
PLC
(Consumer
Staples)
32,077
1,913
Informa
PLC
(Communication
Services)
20,649
176
InterContinental
Hotels
Group
PLC
(Consumer
Discretionary)
17,703
278
Intertek
Group
PLC
(Industrials)
16,905
5,718
J
Sainsbury
PLC
(Consumer
Staples)
20,181
23,608
JD
Sports
Fashion
PLC
(Consumer
Discretionary)
38,324
9,159
Kingfisher
PLC
(Consumer
Discretionary)
30,797
644
Land
Securities
Group
PLC
REIT
(Real
Estate)
5,350
7,533
Legal
&
General
Group
PLC
(Financials)
23,978
28,009
Lloyds
Banking
Group
PLC
(Financials)
19,799
266
London
Stock
Exchange
Group
PLC
(Financials)
31,029
6,318
M&G
PLC
(Financials)
16,016
1,303
Melrose
Industries
PLC
(Industrials)
10,216
1,789
National
Grid
PLC
(Utilities)
20,099
4,675
NatWest
Group
PLC
(Financials)
18,750
408
Next
PLC
(Consumer
Discretionary)
48,508
GOLDMAN
SACHS
ACTIVE
BETA
®
EUROPE
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
Kingdom
–
(continued)
1,103
Pearson
PLC
(Consumer
Discretionary)
$
13,313
1,145
Phoenix
Group
Holdings
PLC
(Financials)
7,234
292
Reckitt
Benckiser
Group
PLC
(Consumer
Staples)
16,551
1,581
RELX
PLC
(Industrials)
68,762
5,723
Rolls-Royce
Holdings
PLC
(Industrials)*
33,037
3,676
Sage
Group
PLC
(The)
(Information
Technology)
47,856
1,908
Schroders
PLC
(Financials)
9,518
1,624
Smith
&
Nephew
PLC
(Health
Care)
20,478
1,103
Smiths
Group
PLC
(Industrials)
24,183
45
Spirax-Sarco
Engineering
PLC
(Industrials)
5,105
551
SSE
PLC
(Utilities)
12,312
2,066
Standard
Chartered
PLC
(Financials)
20,449
4,962
Taylor
Wimpey
PLC
(Consumer
Discretionary)
9,296
11,841
Tesco
PLC
(Consumer
Staples)
46,886
1,560
Unilever
PLC
(Consumer
Staples)
84,989
360
United
Utilities
Group
PLC
(Utilities)
4,657
46,722
Vodafone
Group
PLC
(Communication
Services)
44,984
293
Whitbread
PLC
(Consumer
Discretionary)
11,016
2,255
Wise
PLC,
Class
A
(Financials)*
23,385
365
WPP
PLC
(Communication
Services)
3,796
1,843,163
United
States
–
10
.7
%
14,588
BP
PLC
(Energy)
90,666
553
Experian
PLC
(Industrials)
25,396
281
Ferrovial
SE
(Industrials)
11,061
4,148
GSK
PLC
(Health
Care)
93,293
2,320
Haleon
PLC
(Consumer
Staples)
9,603
591
Holcim
AG
(Materials)*
51,609
2,156
Nestle
SA
(Consumer
Staples)
228,374
492
QIAGEN
NV
(Health
Care)*
21,028
648
Roche
Holding
AG
(Health
Care)
165,924
75
Roche
Holding
AG
(Health
Care)
(a)
21,016
946
Sanofi
SA
(Health
Care)
92,182
434
Schneider
Electric
SE
(Industrials)
107,163
5,078
Shell
PLC
(Energy)
181,772
2,887
Stellantis
NV
(Consumer
Discretionary)
63,309
227
Swiss
Re
AG
(Financials)
28,861
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
States
–
(continued)
615
Tenaris
SA
(Energy)
$
10,078
1,201,335
TOTAL
COMMON
STOCKS
(Cost
$9,382,780)
11,154,799
Shares
Description
Rate
Value
a
Preferred
Stocks
–
0.3%
Germany
–
0
.3
%
103
Bayerische
Motoren
Werke
AG
(Consumer
Discretionary)
6
.82
%
9,884
203
Henkel
AG
&
Co.
KGaA
(Consumer
Staples)
2
.23
18,318
86
Porsche
Automobil
Holding
SE
(Consumer
Discretionary)
5
.08
4,717
TOTAL
PREFERRED
STOCKS
(Cost
$36,019)
32,919
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
1.5%
(c)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
–
Institutional
Shares
166,052
5.180%
166,052
(Cost
$166,052)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$9,584,851)
11,353,770
a
Securities
Lending
Reinvestment
Vehicle
–
1.4%
(c)
a
a
a
a
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
158,616
5.227%
158,616
(Cost
$158,616)
TOTAL
INVESTMENTS
–
102.2%
(Cost
$9,743,467)
$
11,512,386
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(2.2)%
(
248,091
)
NET
ASSETS
–
100.0%
$
11,264,295
  a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
All
or
a
portion
of
security
is
on
loan.
(b)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
GOLDMAN
SACHS
ACTIVE
BETA
®
EUROPE
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Additional
Investment
Information 
**End
swaps
header**
(c)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
CVA
—
Dutch
Certification
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Sector
Name
%
of
Market
Value
Financials
19
.5
%
Industrials
17
.3
Health
Care
15
.2
Consumer
Discretionary
11
.7
Consumer
Staples
9
.7
Information
Technology
7
.4
Energy
4
.9
Materials
4
.9
Communication
Services
3
.3
Utilities
2
.6
Investment
Company
1
.4
Real
Estate
0
.7
Securities
Lending
Reinvestment
Vehicle
1
.4
TOTAL
INVESTMENTS
100
.0
%
FUTURES
CONTRACTS
—
At
May
31,
2024
,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
MSCI
Europe
Jun24
3
06/21/24
$
111,171
$
3,535
GOLDMAN
SACHS
ACTIVEBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
99.0%
Australia
–
5
.8
%
122,251
Ampol
Ltd.
(Energy)
$
2,822,842
526,186
ANZ
Group
Holdings
Ltd.
(Financials)
9,885,807
154,745
APA
Group
(Utilities)
848,005
63,591
Aristocrat
Leisure
Ltd.
(Consumer
Discretionary)
1,900,144
24,641
ASX
Ltd.
(Financials)
1,021,761
982,436
Aurizon
Holdings
Ltd.
(Industrials)
2,404,399
609,176
BHP
Group
Ltd.
(Materials)
18,032,452
787,968
BlueScope
Steel
Ltd.
(Materials)
11,078,168
144,089
Brambles
Ltd.
(Industrials)
1,364,568
78,604
CAR
Group
Ltd.
(Communication
Services)
1,823,896
39,799
Cochlear
Ltd.
(Health
Care)
8,537,625
751,693
Coles
Group
Ltd.
(Consumer
Staples)
8,208,580
245,033
Commonwealth
Bank
of
Australia
(Financials)
19,480,147
45,947
Computershare
Ltd.
(Industrials)
810,984
308,251
Fortescue
Ltd.
(Materials)
5,071,759
1,092,011
Glencore
PLC
(Materials)
6,684,105
135,705
Goodman
Group
REIT
(Real
Estate)
3,025,201
266,458
Insurance
Australia
Group
Ltd.
(Financials)
1,098,689
2,190,947
Lottery
Corp.
Ltd.
(The)
(Consumer
Discretionary)
7,096,027
34,710
Macquarie
Group
Ltd.
(Financials)
4,407,869
1,433,176
Medibank
Pvt
Ltd.
(Financials)
3,545,658
501,615
National
Australia
Bank
Ltd.
(Financials)
11,312,347
76,040
Northern
Star
Resources
Ltd.
(Materials)
725,685
255,624
Orica
Ltd.
(Materials)
3,114,451
113,714
Origin
Energy
Ltd.
(Utilities)
770,624
1,699,257
Pilbara
Minerals
Ltd.
(Materials)
4,283,045
53,262
Pro
Medicus
Ltd.
(Health
Care)
4,254,879
208,444
QBE
Insurance
Group
Ltd.
(Financials)
2,467,538
35,806
REA
Group
Ltd.
(Communication
Services)
4,446,085
131,961
Reece
Ltd.
(Industrials)
2,278,267
35,253
Rio
Tinto
Ltd.
(Materials)
3,023,469
95,755
Rio
Tinto
PLC
(Materials)
6,676,085
243,461
Santos
Ltd.
(Energy)
1,235,402
90,096
Seven
Group
Holdings
Ltd.
(Industrials)
2,348,200
62,539
Sonic
Healthcare
Ltd.
(Health
Care)
1,011,923
354,347
Suncorp
Group
Ltd.
(Financials)
3,749,327
783,803
Telstra
Group
Ltd.
(Communication
Services)
1,808,801
313,882
Transurban
Group
(Industrials)
2,611,428
724,823
Vicinity
Ltd.
REIT
(Real
Estate)
939,985
Shares
Description
Value
a
Common
Stocks
–
(continued)
Australia
–
(continued)
88,012
Washington
H
Soul
Pattinson
&
Co.
Ltd.
(Financials)
$
1,816,845
272,946
Wesfarmers
Ltd.
(Consumer
Discretionary)
11,779,013
553,766
Westpac
Banking
Corp.
(Financials)
9,567,971
20,259
WiseTech
Global
Ltd.
(Information
Technology)
1,302,459
101,448
Woodside
Energy
Group
Ltd.
(Energy)
1,868,864
446,284
Woolworths
Group
Ltd.
(Consumer
Staples)
9,378,919
211,920,298
Austria
–
0
.5
%
81,957
Erste
Group
Bank
AG
(Financials)
4,012,663
73,186
Mondi
PLC
(Materials)
1,454,547
16,289
OMV
AG
(Energy)
817,678
399,194
voestalpine
AG
(Materials)
11,640,192
17,925,080
Belgium
–
0
.9
%
118,093
Ageas
SA/NV
(Financials)
5,858,824
96,458
Anheuser-Busch
InBev
SA/NV
(Consumer
Staples)
6,033,671
5,322
D’ieteren
Group
(Consumer
Discretionary)
1,153,203
74,424
Groupe
Bruxelles
Lambert
NV
(Financials)
5,671,791
20,315
KBC
Group
NV
(Financials)
1,474,529
101
Lotus
Bakeries
NV
(Consumer
Staples)
1,072,335
6,206
Sofina
SA
(Financials)
1,497,014
38,254
Syensqo
SA
(Materials)
3,796,542
31,614
UCB
SA
(Health
Care)
4,415,291
38,206
Warehouses
De
Pauw
CVA
REIT
(Real
Estate)
1,109,910
32,083,110
Brazil
–
0
.0
%
18,684
Wheaton
Precious
Metals
Corp.
(Materials)
1,023,189
Canada
–
10
.1
%
26,651
Agnico
Eagle
Mines
Ltd.
(Materials)
1,817,269
186,557
Air
Canada
(Industrials)*
2,490,802
139,273
Alimentation
Couche-Tard,
Inc.
(Consumer
Staples)
8,127,621
78,802
AltaGas
Ltd.
(Utilities)
1,777,619
235,953
ARC
Resources
Ltd.
(Energy)
4,464,093
93,970
Bank
of
Montreal
(Financials)
8,379,161
183,845
Bank
of
Nova
Scotia
(The)
(Financials)
8,701,668
31,402
BCE,
Inc.
(Communication
Services)
1,073,955
87,938
Brookfield
Asset
Management
Ltd.,
Class
A
(Financials)
(a)
3,451,332
67,402
Brookfield
Corp.
(Financials)
2,934,606
51,680
Cameco
Corp.
(Energy)
2,867,299
GOLDMAN
SACHS
ACTIVEBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Canada
–
(continued)
31,830
Canadian
Apartment
Properties
REIT
(Real
Estate)
$
1,041,425
160,373
Canadian
Imperial
Bank
of
Commerce
(Financials)
7,950,708
33,400
Canadian
National
Railway
Co.
(Industrials)
4,251,110
137,521
Canadian
Natural
Resources
Ltd.
(Energy)
10,562,630
48,837
Canadian
Pacific
Kansas
City
Ltd.
(Industrials)
3,886,825
58,266
Canadian
Tire
Corp.
Ltd.,
Class
A
(Consumer
Discretionary)
5,814,845
55,418
Canadian
Utilities
Ltd.,
Class
A
(Utilities)
1,263,538
593,208
Cenovus
Energy,
Inc.
(Energy)
12,363,305
55,440
CGI,
Inc.
(Information
Technology)*
5,473,843
7,795
Constellation
Software,
Inc.
(Information
Technology)
21,678,752
10,647
Descartes
Systems
Group,
Inc.
(The)
(Information
Technology)*
983,040
113,766
Dollarama,
Inc.
(Consumer
Discretionary)
10,766,103
46,689
Element
Fleet
Management
Corp.
(Industrials)
829,555
53,988
Emera,
Inc.
(Utilities)
1,879,669
510,029
Empire
Co.
Ltd.
(Consumer
Staples)
12,081,456
189,846
Enbridge,
Inc.
(Energy)
6,939,828
10,015
Fairfax
Financial
Holdings
Ltd.
(Financials)
11,272,505
18,944
FirstService
Corp.
(Real
Estate)
2,780,834
37,927
Fortis,
Inc.
(Utilities)
1,516,635
76,844
George
Weston
Ltd.
(Consumer
Staples)
10,915,946
99,825
Great-West
Lifeco,
Inc.
(Financials)
(a)
2,993,688
48,417
Hydro
One
Ltd.
(Utilities)
(b)
1,394,455
68,646
iA
Financial
Corp.,
Inc.
(Financials)
4,468,801
97,563
IGM
Financial,
Inc.
(Financials)
2,605,927
86,977
Imperial
Oil
Ltd.
(Energy)
(a)
6,144,507
12,500
Intact
Financial
Corp.
(Financials)
2,091,112
140,186
Ivanhoe
Mines
Ltd.,
Class
A
(Materials)*
2,023,886
106,010
Keyera
Corp.
(Energy)
2,806,662
203,570
Kinross
Gold
Corp.
(Materials)
1,653,171
143,792
Loblaw
Cos.
Ltd.
(Consumer
Staples)
16,698,290
426,188
Manulife
Financial
Corp.
(Financials)
11,067,788
154,338
MEG
Energy
Corp.
(Energy)*
3,350,227
43,853
Metro,
Inc.
(Consumer
Staples)
2,336,532
81,226
National
Bank
of
Canada
(Financials)
6,941,288
93,724
Nutrien
Ltd.
(Materials)
5,491,498
26,239
Onex
Corp.
(Financials)
1,859,819
Shares
Description
Value
a
Common
Stocks
–
(continued)
Canada
–
(continued)
37,855
Open
Text
Corp.
(Information
Technology)
$
1,107,477
155,717
Parkland
Corp.
(Energy)
4,492,792
111,865
Pembina
Pipeline
Corp.
(Energy)
4,154,880
221,957
Power
Corp.
of
Canada
(Financials)
6,443,046
36,377
Quebecor,
Inc.,
Class
B
(Communication
Services)
767,222
23,910
RB
Global,
Inc.
(Industrials)
1,737,538
14,232
Restaurant
Brands
International,
Inc.
(Consumer
Discretionary)
975,771
119,917
RioCan
Real
Estate
Investment
Trust
REIT
(Real
Estate)
1,521,010
38,547
Rogers
Communications,
Inc.,
Class
B
(Communication
Services)
1,557,263
234,605
Royal
Bank
of
Canada
(Financials)
25,640,210
74,070
Saputo,
Inc.
(Consumer
Staples)
1,498,625
87,565
Shopify,
Inc.,
Class
A
(Information
Technology)*
5,181,376
48,072
Stantec,
Inc.
(Industrials)
3,879,192
94,715
Sun
Life
Financial,
Inc.
(Financials)
(a)
4,746,346
274,452
Suncor
Energy,
Inc.
(Energy)
11,194,316
57,456
TC
Energy
Corp.
(Energy)
2,215,374
14,163
Teck
Resources
Ltd.,
Class
B
(Materials)
736,540
59,598
TELUS
Corp.
(Communication
Services)
979,783
9,238
TFI
International,
Inc.
(Industrials)
1,222,155
17,441
Thomson
Reuters
Corp.
(Industrials)
3,000,853
94,377
TMX
Group
Ltd.
(Financials)
2,532,598
22,600
Toromont
Industries
Ltd.
(Industrials)
1,973,594
272,747
Toronto-Dominion
Bank
(The)
(Financials)
15,246,540
22,217
Tourmaline
Oil
Corp.
(Energy)
1,101,927
10,177
West
Fraser
Timber
Co.
Ltd.
(Materials)
813,996
87,432
WSP
Global,
Inc.
(Industrials)
13,148,634
372,134,686
Chile
–
0
.1
%
59,859
Antofagasta
PLC
(Materials)
1,678,962
124,797
Lundin
Mining
Corp.
(Materials)
1,434,596
3,113,558
China
–
0
.5
%
1,357,497
BOC
Hong
Kong
Holdings
Ltd.
(Financials)
4,251,206
40,375
Prosus
NV
(Consumer
Discretionary)*
1,463,083
2,044,909
SITC
International
Holdings
Co.
Ltd.
(Industrials)
(a)
5,227,707
GOLDMAN
SACHS
ACTIVEBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
416,577
Wharf
Holdings
Ltd.
(The)
(Real
Estate)
$
1,238,014
3,896,126
Wilmar
International
Ltd.
(Consumer
Staples)
8,906,584
21,086,594
Denmark
–
3
.2
%
22,425
Carlsberg
AS,
Class
B
(Consumer
Staples)
3,032,126
5,864
Coloplast
A/S,
Class
B
(Health
Care)
703,950
110,287
Danske
Bank
A/S
(Financials)
3,382,111
97,279
Demant
A/S
(Health
Care)*
4,658,156
4,823
DSV
A/S
(Industrials)
739,872
11,416
Genmab
A/S
(Health
Care)*
3,218,419
587,712
Novo
Nordisk
A/S,
Class
B
(Health
Care)
79,320,206
46,172
Novonesis
(Novozymes)
B,
Class
B
(Materials)
2,745,845
62,537
Pandora
A/S
(Consumer
Discretionary)
10,230,630
14,020
ROCKWOOL
A/S,
Class
B
(Industrials)
5,876,781
101,861
Tryg
A/S
(Financials)
2,093,349
116,001,445
Finland
–
0
.8
%
32,985
Elisa
OYJ
(Communication
Services)
1,529,025
89,751
Kesko
OYJ,
Class
B
(Consumer
Staples)
1,629,092
18,226
Kone
OYJ,
Class
B
(Industrials)
925,794
1,470,426
Nokia
OYJ
(Information
Technology)
5,732,297
456,310
Nordea
Bank
Abp
(Financials)
5,595,209
153,835
Orion
OYJ,
Class
B
(Health
Care)
6,259,287
47,469
Sampo
OYJ,
Class
A
(Financials)
2,032,437
61,955
UPM-Kymmene
OYJ
(Materials)
2,364,133
106,376
Wartsila
OYJ
Abp
(Industrials)
2,217,829
28,285,103
France
–
9
.7
%
78,955
Accor
SA
(Consumer
Discretionary)*
3,419,116
11,660
Aeroports
de
Paris
SA
(Industrials)
1,659,477
48,121
Air
Liquide
SA
(Materials)
9,427,265
48,776
Airbus
SE
(Industrials)
8,255,101
23,547
Amundi
SA
(Financials)*
(a)(b)
1,806,001
36,069
Arkema
SA
(Materials)
3,670,925
355,344
AXA
SA
(Financials)
12,749,424
37,010
BioMerieux
(Health
Care)
3,903,301
164,916
BNP
Paribas
SA
(Financials)
12,120,529
237,800
Bollore
SE
(Communication
Services)
1,592,822
190,939
Bouygues
SA
(Industrials)
7,462,206
91,504
Bureau
Veritas
SA
(Industrials)
2,741,696
Shares
Description
Value
a
Common
Stocks
–
(continued)
France
–
(continued)
36,657
Capgemini
SE
(Information
Technology)
$
7,385,927
507,965
Carrefour
SA
(Consumer
Staples)
8,266,193
166,630
Cie
de
Saint-Gobain
SA
(Industrials)
14,576,410
97,993
Cie
Generale
des
Etablissements
Michelin
SCA
(Consumer
Discretionary)
3,952,064
13,655
Covivio
SA
REIT
(Real
Estate)
708,581
455,259
Credit
Agricole
SA
(Financials)
7,376,375
76,773
Danone
SA
(Consumer
Staples)
4,927,346
8,780
Dassault
Aviation
SA
(Industrials)
1,896,783
58,477
Dassault
Systemes
(Information
Technology)
2,353,303
121,305
Eiffage
SA
(Industrials)
13,346,659
297,139
Engie
SA
(Utilities)
5,011,192
39,923
EssilorLuxottica
SA
(Health
Care)
8,897,792
99,738
Eurazeo
SE
(Financials)
8,364,293
15,112
Gecina
SA
REIT
(Real
Estate)
1,624,154
145,228
Getlink
SE
(Industrials)
2,551,721
6,662
Hermes
International
SCA
(Consumer
Discretionary)
15,737,424
104,912
Ipsen
SA
(Health
Care)
13,735,440
3,353
Kering
(Consumer
Discretionary)
1,154,614
84,708
Klepierre
SA
REIT
(Real
Estate)
2,446,111
234,583
La
Francaise
des
Jeux
SAEM
(Consumer
Discretionary)
(b)
8,393,708
33,630
Legrand
SA
(Industrials)
3,618,017
48,978
L'Oreal
SA
(Consumer
Staples)
24,038,406
45,568
LVMH
Moet
Hennessy
Louis
Vuitton
SE
(Consumer
Discretionary)
36,354,513
335,292
Orange
SA
(Communication
Services)
3,903,827
50,396
Publicis
Groupe
SA
(Communication
Services)
5,624,181
27,068
Renault
SA
(Consumer
Discretionary)
1,574,450
158,602
Rexel
SA
(Industrials)
4,788,283
41,015
Safran
SA
(Industrials)
9,532,998
84,323
SEB
SA
(Consumer
Discretionary)*
10,380,762
116,182
Societe
Generale
SA
(Financials)
3,454,626
9,281
Sodexo
SA
(Consumer
Discretionary)
863,467
24,858
Teleperformance
SE
(Industrials)
2,817,324
10,629
Thales
SA
(Industrials)
1,922,949
371,555
TotalEnergies
SE
(Energy)
27,029,178
24,760
Unibail-Rodamco-Westfield
REIT
(Real
Estate)
2,168,098
79,202
Veolia
Environnement
SA
(Utilities)
2,639,640
GOLDMAN
SACHS
ACTIVEBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
France
–
(continued)
89,190
Vinci
SA
(Industrials)
$
11,081,590
256,205
Vivendi
SE
(Communication
Services)
2,809,177
356,115,439
Germany
–
7
.7
%
50,363
adidas
AG
(Consumer
Discretionary)
12,657,056
52,500
Allianz
SE
(Financials)
15,291,500
61,164
BASF
SE
(Materials)
3,214,409
140,220
Bayer
AG
(Health
Care)
4,298,776
45,795
Bayerische
Motoren
Werke
AG
(Consumer
Discretionary)
4,632,452
83,778
Bechtle
AG
(Information
Technology)*
4,059,984
36,037
Beiersdorf
AG
(Consumer
Staples)
5,647,231
62,756
Brenntag
SE
(Industrials)
4,495,083
398,707
Commerzbank
AG
(Financials)
6,726,281
50,153
Continental
AG
(Consumer
Discretionary)
3,388,727
8,353
CTS
Eventim
AG
&
Co.
KGaA
(Communication
Services)
720,001
45,942
Daimler
Truck
Holding
AG
(Industrials)
1,953,591
695,078
Deutsche
Bank
AG
(Financials)
11,489,192
25,719
Deutsche
Boerse
AG
(Financials)
5,106,671
1,393,142
Deutsche
Lufthansa
AG
(Industrials)
9,712,607
321,646
Deutsche
Post
AG
(Industrials)
13,499,265
393,095
Deutsche
Telekom
AG
(Communication
Services)
9,512,128
479,560
E.ON
SE
(Utilities)
6,393,099
114,456
Evonik
Industries
AG
(Materials)
2,506,193
212,257
Fresenius
Medical
Care
AG
(Health
Care)
9,028,104
247,786
Fresenius
SE
&
Co.
KGaA
(Health
Care)*
7,876,222
68,880
GEA
Group
AG
(Industrials)
2,862,432
6,856
Hannover
Rueck
SE
(Financials)
1,698,465
101,038
Heidelberg
Materials
AG
(Materials)
10,499,232
19,589
Henkel
AG
&
Co.
KGaA
(Consumer
Staples)
1,565,165
47,330
Infineon
Technologies
AG
(Information
Technology)
1,892,123
60,992
Knorr-Bremse
AG
(Industrials)
4,674,635
14,872
LEG
Immobilien
SE
(Real
Estate)
1,311,624
154,440
Mercedes-Benz
Group
AG
(Consumer
Discretionary)
11,132,635
12,338
Merck
KGaA
(Health
Care)
2,230,125
17,696
Muenchener
Rueckversicherungs-
Gesellschaft
AG
in
Muenchen
(Financials)
8,796,621
Shares
Description
Value
a
Common
Stocks
–
(continued)
Germany
–
(continued)
89,489
Nemetschek
SE
(Information
Technology)
$
8,116,826
96,475
Puma
SE
(Consumer
Discretionary)
4,980,070
9,834
Rational
AG
(Industrials)
8,316,446
9,357
Rheinmetall
AG
(Industrials)
5,361,374
149,707
SAP
SE
(Information
Technology)
26,972,155
23,127
Scout24
SE
(Communication
Services)
(b)
1,737,383
85,005
Siemens
AG
(Industrials)
16,265,535
233,106
Siemens
Energy
AG
(Industrials)*
6,280,950
25,766
Siemens
Healthineers
AG
(Health
Care)
(b)
1,493,123
10,029
Symrise
AG
(Materials)
1,190,547
57,685
Talanx
AG
(Financials)
4,580,863
56,257
Vonovia
SE
(Real
Estate)
1,758,892
205,432
Zalando
SE
(Consumer
Discretionary)*
(b)
5,408,165
281,333,958
Hong
Kong
–
1
.1
%
383,441
AIA
Group
Ltd.
(Financials)
2,962,798
29,415
Futu
Holdings
Ltd.
ADR
(Financials)*
2,210,243
51,073
Hang
Seng
Bank
Ltd.
(Financials)
708,971
1,303,757
HKT
Trust
&
HKT
Ltd.
(Communication
Services)
1,514,843
1,011,446
Hong
Kong
&
China
Gas
Co.
Ltd.
(Utilities)
784,763
173,667
Hong
Kong
Exchanges
&
Clearing
Ltd.
(Financials)
5,833,778
160,235
Jardine
Matheson
Holdings
Ltd.
(Industrials)
5,896,648
222,905
MTR
Corp.
Ltd.
(Industrials)
755,045
270,001
Power
Assets
Holdings
Ltd.
(Utilities)
1,494,378
74,886
Prudential
PLC
(Financials)
712,227
175,647
Swire
Pacific
Ltd.,
Class
A
(Real
Estate)
1,525,589
464,355
Techtronic
Industries
Co.
Ltd.
(Industrials)
5,680,274
12,653,596
WH
Group
Ltd.
(Consumer
Staples)
(b)
8,604,643
38,684,200
Ireland
–
0
.3
%
26,234
AerCap
Holdings
NV
(Industrials)
2,432,154
9,504
Kerry
Group
PLC,
Class
A
(Consumer
Staples)
802,706
25,977
Kingspan
Group
PLC
(Industrials)
2,487,297
75,613
Smurfit
Kappa
Group
PLC
(Materials)
3,669,223
9,391,380
GOLDMAN
SACHS
ACTIVEBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Israel
–
0
.8
%
117,933
Bank
Hapoalim
BM
(Financials)
$
1,077,795
108,750
Bank
Leumi
Le-Israel
BM
(Financials)
897,408
21,682
Check
Point
Software
Technologies
Ltd.
(Information
Technology)*
3,263,141
696,959
ICL
Group
Ltd.
(Materials)
3,242,846
232,001
Israel
Discount
Bank
Ltd.,
Class
A
(Financials)
1,184,232
37,787
Mizrahi
Tefahot
Bank
Ltd.
(Financials)
1,370,176
650,016
Teva
Pharmaceutical
Industries
Ltd.
ADR
(Health
Care)*
11,004,771
57,395
Wix.com
Ltd.
(Information
Technology)*
9,246,335
31,286,704
Italy
–
3
.1
%
19,977
Amplifon
SpA
(Health
Care)
734,106
454,001
Assicurazioni
Generali
SpA
(Financials)
(a)
11,631,586
416,961
Banco
BPM
SpA
(Financials)
2,989,321
87,635
Coca-Cola
HBC
AG
(Consumer
Staples)*
2,954,558
8,713
DiaSorin
SpA
(Health
Care)
935,857
872,972
Enel
SpA
(Utilities)
6,307,885
603,600
Eni
SpA
(Energy)
9,498,773
24,402
Ferrari
NV
(Consumer
Discretionary)
9,997,639
378,387
FinecoBank
Banca
Fineco
SpA
(Financials)
6,097,987
218,506
Infrastrutture
Wireless
Italiane
SpA
(Communication
Services)
(b)
2,383,963
1,842,336
Intesa
Sanpaolo
SpA
(Financials)
7,212,149
351,058
Leonardo
SpA
(Industrials)*
8,982,735
237,175
Mediobanca
Banca
di
Credito
Finanziario
SpA
(Financials)
3,738,571
98,016
Moncler
SpA
(Consumer
Discretionary)
6,516,318
452,770
Poste
Italiane
SpA
(Financials)
(b)
6,193,246
107,681
Prysmian
SpA
(Industrials)
7,016,252
83,417
Recordati
Industria
Chimica
e
Farmaceutica
SpA
(Health
Care)
4,382,986
520,971
Snam
SpA
(Utilities)
2,459,649
199,814
Terna
-
Rete
Elettrica
Nazionale
(Utilities)
1,675,042
286,378
UniCredit
SpA
(Financials)
11,311,811
113,020,434
Japan
–
20
.6
%
232,107
Advantest
Corp.
(Information
Technology)
7,847,431
111,161
Aeon
Co.
Ltd.
(Consumer
Staples)
2,395,891
50,565
AGC,
Inc.
(Industrials)
1,765,568
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
162,979
Aisin
Corp.
(Consumer
Discretionary)
$
6,055,773
36,942
Ajinomoto
Co.,
Inc.
(Consumer
Staples)
1,317,636
199,408
ANA
Holdings,
Inc.
(Industrials)
3,796,677
104,208
Asahi
Group
Holdings
Ltd.
(Consumer
Staples)
3,807,045
437,297
Asahi
Kasei
Corp.
(Materials)
2,852,330
67,900
Asics
Corp.
(Consumer
Discretionary)
3,759,140
300,407
Astellas
Pharma,
Inc.
(Health
Care)
2,960,198
79,726
Bandai
Namco
Holdings,
Inc.
(Consumer
Discretionary)
1,452,008
78,155
Bridgestone
Corp.
(Consumer
Discretionary)
3,401,828
288,204
Brother
Industries
Ltd.
(Information
Technology)
5,533,179
146,824
Canon,
Inc.
(Information
Technology)
(a)
4,253,033
173,336
Capcom
Co.
Ltd.
(Communication
Services)
3,198,793
91,435
Central
Japan
Railway
Co.
(Industrials)
2,042,879
81,500
Chiba
Bank
Ltd.
(The)
(Financials)
774,573
83,203
Chubu
Electric
Power
Co.,
Inc.
(Utilities)
1,147,089
102,108
Chugai
Pharmaceutical
Co.
Ltd.
(Health
Care)
3,106,547
259,807
Concordia
Financial
Group
Ltd.
(Financials)
1,561,537
35,196
Dai
Nippon
Printing
Co.
Ltd.
(Industrials)
1,093,877
124,344
Dai-ichi
Life
Holdings,
Inc.
(Financials)
3,328,870
157,782
Daiichi
Sankyo
Co.
Ltd.
(Health
Care)
5,600,611
15,489
Daikin
Industries
Ltd.
(Industrials)
2,261,574
25,191
Daito
Trust
Construction
Co.
Ltd.
(Real
Estate)
2,661,049
68,788
Daiwa
House
Industry
Co.
Ltd.
(Real
Estate)
1,827,547
371,931
Daiwa
Securities
Group,
Inc.
(Financials)
2,920,633
106,622
Denso
Corp.
(Consumer
Discretionary)
1,725,411
40,347
Dentsu
Group,
Inc.
(Communication
Services)
1,067,567
18,338
Disco
Corp.
(Information
Technology)
7,175,562
123,915
East
Japan
Railway
Co.
(Industrials)
2,152,318
81,104
Eisai
Co.
Ltd.
(Health
Care)
3,485,286
1,600,863
ENEOS
Holdings,
Inc.
(Energy)
8,255,683
27,336
Fast
Retailing
Co.
Ltd.
(Consumer
Discretionary)
6,994,690
GOLDMAN
SACHS
ACTIVEBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
28,800
Fuji
Electric
Co.
Ltd.
(Industrials)
$
1,712,844
170,259
FUJIFILM
Holdings
Corp.
(Information
Technology)
3,877,673
355,650
Fujitsu
Ltd.
(Information
Technology)
5,134,061
69,161
Hamamatsu
Photonics
KK
(Information
Technology)
2,034,626
100,284
Hankyu
Hanshin
Holdings,
Inc.
(Industrials)
2,631,143
12,670
Hikari
Tsushin,
Inc.
(Industrials)
2,075,318
113,307
Hitachi
Ltd.
(Industrials)
11,641,105
605,666
Honda
Motor
Co.
Ltd.
(Consumer
Discretionary)
6,819,981
29,465
Hoshizaki
Corp.
(Industrials)
1,055,636
97,625
Hoya
Corp.
(Health
Care)
11,840,864
201,901
Hulic
Co.
Ltd.
(Real
Estate)
(a)
1,865,540
29,748
Ibiden
Co.
Ltd.
(Information
Technology)
1,198,855
1,005,685
Idemitsu
Kosan
Co.
Ltd.
(Energy)
6,866,906
473,123
Inpex
Corp.
(Energy)
7,296,532
154,895
Isuzu
Motors
Ltd.
(Consumer
Discretionary)
2,066,975
235,044
ITOCHU
Corp.
(Industrials)
11,083,242
437,859
Japan
Airlines
Co.
Ltd.
(Industrials)
7,376,828
138,681
Japan
Exchange
Group,
Inc.
(Financials)
3,252,908
270,209
Japan
Post
Bank
Co.
Ltd.
(Financials)
2,670,365
755,229
Japan
Post
Holdings
Co.
Ltd.
(Financials)
7,280,995
309,611
Japan
Post
Insurance
Co.
Ltd.
(Financials)
5,952,050
596
Japan
Real
Estate
Investment
Corp.
REIT
(Real
Estate)
1,964,606
224,364
Japan
Tobacco,
Inc.
(Consumer
Staples)
6,356,349
364,668
JFE
Holdings,
Inc.
(Materials)
5,518,346
122,209
Kajima
Corp.
(Industrials)
2,067,470
347,975
Kansai
Electric
Power
Co.,
Inc.
(The)
(Utilities)
6,282,128
75,996
Kao
Corp.
(Consumer
Staples)
3,331,067
92,309
Kawasaki
Kisen
Kaisha
Ltd.
(Industrials)
1,369,553
145,368
KDDI
Corp.
(Communication
Services)
4,011,970
29,571
Keisei
Electric
Railway
Co.
Ltd.
(Industrials)
1,062,068
14,031
Keyence
Corp.
(Information
Technology)
6,311,695
146,755
Kikkoman
Corp.
(Consumer
Staples)
1,698,733
182,132
Kintetsu
Group
Holdings
Co.
Ltd.
(Industrials)
3,869,921
213,347
Kirin
Holdings
Co.
Ltd.
(Consumer
Staples)
2,952,876
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
145,700
Koito
Manufacturing
Co.
Ltd.
(Consumer
Discretionary)
$
2,056,925
80,612
Komatsu
Ltd.
(Industrials)
2,358,162
61,500
Kubota
Corp.
(Industrials)
869,207
250,368
Kyocera
Corp.
(Information
Technology)
2,845,507
14,963
Lasertec
Corp.
(Information
Technology)
3,855,368
102,075
M3,
Inc.
(Health
Care)
989,928
23,600
Makita
Corp.
(Industrials)
695,783
428,817
Marubeni
Corp.
(Industrials)
8,350,123
322,571
MatsukiyoCocokara
&
Co.
(Consumer
Staples)
4,552,881
809,773
Mazda
Motor
Corp.
(Consumer
Discretionary)
8,541,148
80,935
McDonald's
Holdings
Co.
Japan
Ltd.
(Consumer
Discretionary)
3,316,818
63,203
MEIJI
Holdings
Co.
Ltd.
(Consumer
Staples)
1,414,521
55,500
MINEBEA
MITSUMI,
Inc.
(Industrials)
1,161,246
1,051,513
Mitsubishi
Chemical
Group
Corp.
(Materials)
5,558,509
566,140
Mitsubishi
Corp.
(Industrials)
11,899,586
191,425
Mitsubishi
Electric
Corp.
(Industrials)
3,325,529
153,779
Mitsubishi
Estate
Co.
Ltd.
(Real
Estate)
2,582,963
601,817
Mitsubishi
HC
Capital,
Inc.
(Financials)
3,984,795
447,300
Mitsubishi
Heavy
Industries
Ltd.
(Industrials)
3,893,897
1,200,694
Mitsubishi
UFJ
Financial
Group,
Inc.
(Financials)
12,668,240
278,293
Mitsui
&
Co.
Ltd.
(Industrials)
14,114,322
290,691
Mitsui
Fudosan
Co.
Ltd.
(Real
Estate)
2,664,675
55,987
Mitsui
OSK
Lines
Ltd.
(Industrials)
1,846,935
438,116
Mizuho
Financial
Group,
Inc.
(Financials)
8,960,545
810,654
MonotaRO
Co.
Ltd.
(Industrials)
8,553,020
258,255
MS&AD
Insurance
Group
Holdings,
Inc.
(Financials)
5,392,056
111,582
Murata
Manufacturing
Co.
Ltd.
(Information
Technology)
2,106,386
131,328
NEC
Corp.
(Information
Technology)
9,715,155
107,361
Nintendo
Co.
Ltd.
(Communication
Services)
5,844,751
520
Nippon
Building
Fund,
Inc.
REIT
(Real
Estate)
1,942,410
133,883
NIPPON
EXPRESS
HOLDINGS,
Inc.
(Industrials)
6,600,220
63,349
Nippon
Sanso
Holdings
Corp.
(Materials)
1,868,482
255,103
Nippon
Steel
Corp.
(Materials)
5,571,374
GOLDMAN
SACHS
ACTIVEBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
9,610,211
Nippon
Telegraph
&
Telephone
Corp.
(Communication
Services)
$
9,436,225
105,163
Nippon
Yusen
KK
(Industrials)
3,336,012
38,024
Nissan
Chemical
Corp.
(Materials)
1,054,737
28,687
Nissin
Foods
Holdings
Co.
Ltd.
(Consumer
Staples)
722,537
19,575
Nitori
Holdings
Co.
Ltd.
(Consumer
Discretionary)
2,163,720
27,470
Nitto
Denko
Corp.
(Materials)
2,096,806
492,969
Nomura
Holdings,
Inc.
(Financials)
2,981,750
37,365
Nomura
Real
Estate
Holdings,
Inc.
(Real
Estate)
960,369
2,294
Nomura
Real
Estate
Master
Fund,
Inc.
REIT
(Real
Estate)
2,156,122
66,312
Nomura
Research
Institute
Ltd.
(Information
Technology)
1,774,003
72,110
NTT
Data
Group
Corp.
(Information
Technology)
1,105,202
273,187
Obayashi
Corp.
(Industrials)
3,180,474
12,407
Obic
Co.
Ltd.
(Information
Technology)
1,607,869
265,505
Olympus
Corp.
(Health
Care)
4,179,112
188,755
Ono
Pharmaceutical
Co.
Ltd.
(Health
Care)
2,732,620
28,803
Oracle
Corp.
Japan
(Information
Technology)
(a)
2,040,010
34,897
Oriental
Land
Co.
Ltd.
(Consumer
Discretionary)
974,216
160,858
ORIX
Corp.
(Financials)
3,499,784
157,594
Osaka
Gas
Co.
Ltd.
(Utilities)
3,582,206
125,134
Otsuka
Corp.
(Information
Technology)
2,373,760
146,823
Otsuka
Holdings
Co.
Ltd.
(Health
Care)
6,048,758
98,118
Pan
Pacific
International
Holdings
Corp.
(Consumer
Discretionary)
2,520,617
703,512
Panasonic
Holdings
Corp.
(Consumer
Discretionary)
6,193,699
280,700
Rakuten
Group,
Inc.
(Consumer
Discretionary)*
1,457,579
351,724
Recruit
Holdings
Co.
Ltd.
(Industrials)
17,789,318
271,041
Renesas
Electronics
Corp.
(Information
Technology)
5,063,962
412,677
Resona
Holdings,
Inc.
(Financials)
2,846,682
837,277
Ricoh
Co.
Ltd.
(Information
Technology)
7,477,923
59,800
Rohm
Co.
Ltd.
(Information
Technology)
771,736
78,726
SBI
Holdings,
Inc.
(Financials)
2,034,968
24,815
SCREEN
Holdings
Co.
Ltd.
(Information
Technology)
2,369,462
143,694
SCSK
Corp.
(Information
Technology)
2,722,180
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
27,839
Secom
Co.
Ltd.
(Industrials)
$
1,731,157
276,173
Seiko
Epson
Corp.
(Information
Technology)
4,441,052
204,659
Sekisui
Chemical
Co.
Ltd.
(Consumer
Discretionary)
2,934,212
152,651
Sekisui
House
Ltd.
(Consumer
Discretionary)
3,430,993
379,559
Seven
&
i
Holdings
Co.
Ltd.
(Consumer
Staples)
4,898,315
110,814
Shimadzu
Corp.
(Information
Technology)
2,868,633
160,995
Shin-Etsu
Chemical
Co.
Ltd.
(Materials)
5,998,446
64,968
Shionogi
&
Co.
Ltd.
(Health
Care)
2,910,527
282,431
Shiseido
Co.
Ltd.
(Consumer
Staples)
8,934,198
199,492
Shizuoka
Financial
Group,
Inc.
(Financials)
2,059,727
465,893
SoftBank
Corp.
(Communication
Services)
5,595,934
60,524
SoftBank
Group
Corp.
(Communication
Services)
3,482,503
246,480
Sompo
Holdings,
Inc.
(Financials)
5,215,222
61,526
Sony
Group
Corp.
(Consumer
Discretionary)
5,048,699
369,795
Subaru
Corp.
(Consumer
Discretionary)
8,236,231
102,249
SUMCO
Corp.
(Information
Technology)
1,534,272
338,820
Sumitomo
Corp.
(Industrials)
8,799,035
391,296
Sumitomo
Electric
Industries
Ltd.
(Consumer
Discretionary)
6,335,885
29,700
Sumitomo
Metal
Mining
Co.
Ltd.
(Materials)
966,722
179,724
Sumitomo
Mitsui
Financial
Group,
Inc.
(Financials)
11,768,494
112,354
Sumitomo
Mitsui
Trust
Holdings,
Inc.
(Financials)
2,604,637
42,400
Sumitomo
Realty
&
Development
Co.
Ltd.
(Real
Estate)
1,322,900
40,013
Suntory
Beverage
&
Food
Ltd.
(Consumer
Staples)
1,464,347
145,748
Suzuki
Motor
Corp.
(Consumer
Discretionary)
1,728,349
158,412
Sysmex
Corp.
(Health
Care)
2,701,104
62,138
T&D
Holdings,
Inc.
(Financials)
1,117,254
64,201
Taisei
Corp.
(Industrials)
2,437,795
316,080
Takeda
Pharmaceutical
Co.
Ltd.
(Health
Care)
8,393,534
51,902
TDK
Corp.
(Information
Technology)
2,593,036
91,502
Terumo
Corp.
(Health
Care)
1,554,681
30,542
Toho
Co.
Ltd.
(Communication
Services)
964,586
262,963
Tokio
Marine
Holdings,
Inc.
(Financials)
9,084,770
GOLDMAN
SACHS
ACTIVEBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
151,200
Tokyo
Electric
Power
Co.
Holdings,
Inc.
(Utilities)*
$
904,054
70,086
Tokyo
Electron
Ltd.
(Information
Technology)
14,998,837
271,858
Tokyo
Gas
Co.
Ltd.
(Utilities)
6,098,186
180,943
Tokyu
Corp.
(Industrials)
2,112,892
65,660
TOPPAN
Holdings,
Inc.
(Industrials)
1,700,571
331,366
Toray
Industries,
Inc.
(Materials)
1,656,988
56,690
TOTO
Ltd.
(Industrials)
1,414,499
26,922
Toyota
Industries
Corp.
(Industrials)
2,535,528
881,136
Toyota
Motor
Corp.
(Consumer
Discretionary)
19,069,926
129,530
Toyota
Tsusho
Corp.
(Industrials)
7,862,717
127,166
Trend
Micro,
Inc.
(Information
Technology)
5,727,710
24,090
Unicharm
Corp.
(Consumer
Staples)
774,308
69,644
West
Japan
Railway
Co.
(Industrials)
1,390,708
54,839
Yakult
Honsha
Co.
Ltd.
(Consumer
Staples)
998,405
79,572
Yamaha
Motor
Co.
Ltd.
(Consumer
Discretionary)
775,997
65,761
Yamato
Holdings
Co.
Ltd.
(Industrials)
754,089
93,477
Yokogawa
Electric
Corp.
(Information
Technology)
2,400,797
197,937
Zensho
Holdings
Co.
Ltd.
(Consumer
Discretionary)
7,760,284
400,974
ZOZO,
Inc.
(Consumer
Discretionary)
9,384,851
756,945,544
Jordan
–
0
.1
%
114,256
Hikma
Pharmaceuticals
PLC
(Health
Care)
2,807,587
Luxembourg
–
0
.4
%
460,398
ArcelorMittal
(Materials)
12,075,371
43,174
Eurofins
Scientific
SE
(Health
Care)
(a)
2,594,708
14,670,079
Netherlands
–
4
.1
%
242,822
ABN
AMRO
Bank
NV
(Financials)
(b)
4,125,461
2,098
Adyen
NV
(Financials)*
(b)
2,698,489
443,008
Aegon
Ltd.
(Financials)
2,858,647
49,018
Akzo
Nobel
NV
(Materials)
3,413,144
6,882
ASM
International
NV
(Information
Technology)
4,783,001
56,793
ASML
Holding
NV
(Information
Technology)
53,688,757
25,512
ASR
Nederland
NV
(Financials)
1,229,696
19,554
BE
Semiconductor
Industries
NV
(Information
Technology)
2,865,758
Shares
Description
Value
a
Common
Stocks
–
(continued)
Netherlands
–
(continued)
26,280
Euronext
NV
(Financials)
(b)
$
2,577,648
94,285
EXOR
NV
(Financials)
10,532,418
47,474
Heineken
Holding
NV
(Consumer
Staples)
3,870,489
15,206
Heineken
NV
(Consumer
Staples)
(a)
1,516,722
10,661
IMCD
NV
(Industrials)
1,613,358
494,702
ING
Groep
NV
(Financials)
8,788,267
52,397
JDE
Peet’s
NV
(Consumer
Staples)
1,150,158
470,356
Koninklijke
Ahold
Delhaize
NV
(Consumer
Staples)
14,573,061
528,867
Koninklijke
KPN
NV
(Communication
Services)
1,977,333
100,172
Koninklijke
Philips
NV
(Health
Care)*
2,705,620
55,796
NN
Group
NV
(Financials)
2,591,883
137,272
Randstad
NV
(Industrials)
7,212,693
87,523
Universal
Music
Group
NV
(Communication
Services)
2,715,530
89,646
Wolters
Kluwer
NV
(Industrials)
14,213,551
151,701,684
New
Zealand
–
0
.3
%
154,125
Auckland
International
Airport
Ltd.
(Industrials)
738,616
173,866
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
(Health
Care)
3,151,287
363,460
Spark
New
Zealand
Ltd.
(Communication
Services)
932,319
63,381
Xero
Ltd.
(Information
Technology)*
5,690,458
10,512,680
Norway
–
0
.4
%
28,961
Aker
BP
ASA
(Energy)
741,568
137,183
DNB
Bank
ASA
(Financials)
2,680,552
178,245
Equinor
ASA
(Energy)
5,140,336
86,321
Gjensidige
Forsikring
ASA
(Financials)
1,509,984
27,671
Kongsberg
Gruppen
ASA
(Industrials)
2,375,402
165,862
Orkla
ASA
(Consumer
Staples)
1,319,593
29,176
Salmar
ASA
(Consumer
Staples)
1,773,917
71,076
Telenor
ASA
(Communication
Services)
828,421
16,369,773
Poland
–
0
.1
%
301,991
InPost
SA
(Industrials)*
5,412,665
Portugal
–
0
.2
%
98,400
Galp
Energia
SGPS
SA
(Energy)
2,063,288
307,075
Jeronimo
Martins
SGPS
SA
(Consumer
Staples)
6,860,566
8,923,854
GOLDMAN
SACHS
ACTIVEBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Singapore
–
1
.4
%
716,400
CapitaLand
Ascendas
REIT
REIT
(Real
Estate)
$
1,383,298
1,129,115
CapitaLand
Integrated
Commercial
Trust
REIT
(Real
Estate)
1,637,246
437,298
DBS
Group
Holdings
Ltd.
(Financials)
11,643,379
398,454
Keppel
Ltd.
(Industrials)
1,980,921
844,559
Oversea-Chinese
Banking
Corp.
Ltd.
(Financials)
9,066,029
18,791
Sea
Ltd.
ADR
(Communication
Services)*
1,268,768
475,957
Singapore
Airlines
Ltd.
(Industrials)
(a)
2,383,835
1,328,233
Singapore
Exchange
Ltd.
(Financials)
9,394,028
421,400
Singapore
Technologies
Engineering
Ltd.
(Industrials)
1,303,138
668,952
Singapore
Telecommunications
Ltd.
(Communication
Services)
1,227,344
147,224
STMicroelectronics
NV
(Information
Technology)
6,050,231
236,320
United
Overseas
Bank
Ltd.
(Financials)
5,383,068
52,721,285
South
Africa
–
0
.0
%
24,404
Anglo
American
PLC
(Materials)
780,974
Spain
–
2
.4
%
206,351
ACS
Actividades
de
Construccion
y
Servicios
SA
(Industrials)
9,211,488
6,918
Aena
SME
SA
(Industrials)
(b)
1,348,829
35,764
Amadeus
IT
Group
SA
(Consumer
Discretionary)
2,536,853
1,138,409
Banco
Bilbao
Vizcaya
Argentaria
SA
(Financials)
12,284,425
746,085
Banco
de
Sabadell
SA
(Financials)
1,570,089
2,977,486
Banco
Santander
SA
(Financials)
15,626,849
553,655
CaixaBank
SA
(Financials)
3,167,524
36,805
Endesa
SA
(Utilities)
731,186
117,590
Grifols
SA
(Health
Care)*
1,190,773
636,118
Iberdrola
SA
(Utilities)
8,355,899
321,791
Industria
de
Diseno
Textil
SA
(Consumer
Discretionary)
15,217,100
127,157
Redeia
Corp.
SA
(Utilities)
2,283,210
495,444
Repsol
SA
(Energy)
8,078,573
1,317,939
Telefonica
SA
(Communication
Services)
(a)
6,130,787
87,733,585
Sweden
–
2
.8
%
38,805
Alfa
Laval
AB
(Industrials)
1,790,228
135,577
Assa
Abloy
AB,
Class
B
(Industrials)
3,960,109
Shares
Description
Value
a
Common
Stocks
–
(continued)
Sweden
–
(continued)
382,808
Atlas
Copco
AB,
Class
A
(Industrials)
$
7,308,775
271,988
Atlas
Copco
AB,
Class
B
(Industrials)
4,480,463
49,310
Epiroc
AB,
Class
A
(Industrials)
1,025,377
23,558
EQT
AB
(Financials)
712,304
40,603
Essity
AB,
Class
B
(Consumer
Staples)
1,040,439
220,743
Fastighets
AB
Balder,
Class
B
(Real
Estate)*
1,483,066
522,480
H
&
M
Hennes
&
Mauritz
AB,
Class
B
(Consumer
Discretionary)
(a)
9,220,352
88,770
Hexagon
AB,
Class
B
(Information
Technology)
972,341
60,862
Holmen
AB,
Class
B
(Materials)
2,542,764
132,024
Husqvarna
AB,
Class
B
(Industrials)
(a)
1,088,358
101,295
Industrivarden
AB,
Class
A
(Financials)
3,592,499
107,443
Industrivarden
AB,
Class
C
(Financials)
3,760,485
27,866
Indutrade
AB
(Industrials)
716,442
257,422
Investor
AB,
Class
B
(Financials)
6,961,056
66,934
L
E
Lundbergforetagen
AB,
Class
B
(Financials)
3,392,141
37,084
Lifco
AB,
Class
B
(Industrials)
979,532
48,617
Saab
AB,
Class
B
(Industrials)
1,171,371
87,163
Sandvik
AB
(Industrials)
1,910,306
148,701
Securitas
AB,
Class
B
(Industrials)
1,524,167
313,970
Skandinaviska
Enskilda
Banken
AB,
Class
A
(Financials)
4,452,575
82,787
Skanska
AB,
Class
B
(Industrials)
1,458,211
128,466
SKF
AB,
Class
B
(Industrials)
2,800,865
109,429
Svenska
Cellulosa
AB
SCA,
Class
B
(Materials)
1,673,607
323,993
Svenska
Handelsbanken
AB,
Class
A
(Financials)
3,038,705
221,709
Swedbank
AB,
Class
A
(Financials)
4,597,681
72,767
Swedish
Orphan
Biovitrum
AB
(Health
Care)*
1,953,885
639,478
Telefonaktiebolaget
LM
Ericsson,
Class
B
(Information
Technology)
3,926,662
56,629
Trelleborg
AB,
Class
B
(Industrials)
2,202,227
105,144
Volvo
AB,
Class
A
(Industrials)
2,847,242
220,494
Volvo
AB,
Class
B
(Industrials)
5,912,154
2,315,456
Volvo
Car
AB,
Class
B
(Consumer
Discretionary)*
(a)
7,733,084
102,229,473
Switzerland
–
5
.3
%
171,524
ABB
Ltd.
(Industrials)
9,392,325
27,798
Adecco
Group
AG
(Industrials)
1,051,958
31,962
Alcon,
Inc.
(Health
Care)
2,846,342
GOLDMAN
SACHS
ACTIVEBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Switzerland
–
(continued)
83,607
Avolta
AG
(Consumer
Discretionary)*
$
3,388,208
15,806
Baloise
Holding
AG
(Financials)
2,731,425
23,214
Banque
Cantonale
Vaudoise
(Financials)
2,445,814
63
Chocoladefabriken
Lindt
&
Spruengli
AG
(Consumer
Staples)
733,947
50,638
Cie
Financiere
Richemont
SA
(Consumer
Discretionary)
8,085,578
150,857
Clariant
AG
(Materials)*
2,407,960
5,529
EMS-Chemie
Holding
AG
(Materials)
4,559,747
10,700
Geberit
AG
(Industrials)
6,528,050
948
Givaudan
SA
(Materials)
4,452,337
17,436
Helvetia
Holding
AG
(Financials)
2,340,519
33,699
Kuehne
+
Nagel
International
AG
(Industrials)
9,543,972
73,727
Logitech
International
SA
(Information
Technology)
7,306,095
1,306
Lonza
Group
AG
(Health
Care)
704,138
338,176
Novartis
AG
(Health
Care)
34,925,298
8,478
Partners
Group
Holding
AG
(Financials)
11,333,446
124,637
Sandoz
Group
AG
(Health
Care)
4,429,266
7,493
Schindler
Holding
AG
(Industrials)
1,893,703
7,924
Schindler
Holding
AG
Participation
Certificates
(Industrials)
2,051,817
85,375
SGS
SA
(Industrials)
7,949,343
83,541
SIG
Group
AG
(Materials)*
1,734,438
6,438
Sika
AG
(Materials)
1,947,492
12,547
Sonova
Holding
AG
(Health
Care)
3,960,966
49,064
Straumann
Holding
AG
(Health
Care)
6,363,119
14,523
Swatch
Group
AG
(The)
–
Bearer
(Consumer
Discretionary)
3,109,369
65,446
Swatch
Group
AG
(The)
–
Registered
(Consumer
Discretionary)
(a)
2,727,672
7,835
Swiss
Life
Holding
AG
(Financials)
5,452,323
24,210
Swiss
Prime
Site
AG
(Real
Estate)
2,235,430
2,909
Swisscom
AG
(Communication
Services)
1,606,455
16,497
Temenos
AG
(Information
Technology)
1,060,606
649,379
UBS
Group
AG
(Financials)
20,507,463
8,646
VAT
Group
AG
(Industrials)
(b)
4,663,464
16,578
Zurich
Insurance
Group
AG
(Financials)
8,704,759
195,174,844
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
Kingdom
–
9
.9
%
300,317
3i
Group
PLC
(Financials)
$
10,947,078
220,519
Admiral
Group
PLC
(Financials)
7,619,962
19,352
Ashtead
Group
PLC
(Industrials)
1,401,465
157,854
Associated
British
Foods
PLC
(Consumer
Staples)
5,124,986
216,019
AstraZeneca
PLC
(Health
Care)
33,526,838
1,248,841
Auto
Trader
Group
PLC
(Communication
Services)
(b)
12,977,788
539,622
Aviva
PLC
(Financials)
3,297,140
414,518
BAE
Systems
PLC
(Industrials)
7,346,485
2,759,502
Barclays
PLC
(Financials)
7,729,481
634,337
Barratt
Developments
PLC
(Consumer
Discretionary)
4,064,037
72,459
Berkeley
Group
Holdings
PLC
(Consumer
Discretionary)
4,834,155
305,732
British
American
Tobacco
PLC
(Consumer
Staples)
9,400,587
85,655
Bunzl
PLC
(Industrials)
3,201,885
531,862
Burberry
Group
PLC
(Consumer
Discretionary)
7,008,680
4,398,158
Centrica
PLC
(Utilities)
7,926,430
1,460,844
CK
Hutchison
Holdings
Ltd.
(Industrials)
7,114,364
50,741
Coca-Cola
Europacific
Partners
PLC
(Consumer
Staples)
3,740,119
198,940
Compass
Group
PLC
(Consumer
Discretionary)
5,552,130
87,422
DCC
PLC
(Industrials)
6,333,298
142,650
Diageo
PLC
(Consumer
Staples)
4,777,570
103,826
Halma
PLC
(Information
Technology)
2,942,580
718,217
Hargreaves
Lansdown
PLC
(Financials)
9,651,857
2,688,012
HSBC
Holdings
PLC
(Financials)
23,833,449
236,553
Imperial
Brands
PLC
(Consumer
Staples)
5,845,894
400,422
Informa
PLC
(Communication
Services)
4,322,234
44,197
InterContinental
Hotels
Group
PLC
(Consumer
Discretionary)
4,445,461
49,217
Intertek
Group
PLC
(Industrials)
2,992,791
2,021,444
J
Sainsbury
PLC
(Consumer
Staples)
7,134,308
4,903,705
JD
Sports
Fashion
PLC
(Consumer
Discretionary)
7,960,337
2,224,617
Kingfisher
PLC
(Consumer
Discretionary)
7,480,327
98,340
Land
Securities
Group
PLC
REIT
(Real
Estate)
816,973
1,622,664
Legal
&
General
Group
PLC
(Financials)
5,164,943
7,438,236
Lloyds
Banking
Group
PLC
(Financials)
5,257,949
GOLDMAN
SACHS
ACTIVEBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
Kingdom
–
(continued)
42,630
London
Stock
Exchange
Group
PLC
(Financials)
$
4,972,818
1,167,343
M&G
PLC
(Financials)
2,959,148
246,768
Melrose
Industries
PLC
(Industrials)
1,934,753
122,886
National
Grid
PLC
(Utilities)
1,380,590
1,146,800
NatWest
Group
PLC
(Financials)
4,599,336
82,807
Next
PLC
(Consumer
Discretionary)
9,845,048
140,488
Pearson
PLC
(Consumer
Discretionary)
1,695,682
339,828
Phoenix
Group
Holdings
PLC
(Financials)
2,146,905
36,193
Reckitt
Benckiser
Group
PLC
(Consumer
Staples)
2,051,524
317,793
RELX
PLC
(Industrials)
13,821,626
1,039,785
Rolls-Royce
Holdings
PLC
(Industrials)*
6,002,359
741,887
Sage
Group
PLC
(The)
(Information
Technology)
9,658,241
378,922
Schroders
PLC
(Financials)
1,890,215
304,564
Smith
&
Nephew
PLC
(Health
Care)
3,840,486
175,951
Smiths
Group
PLC
(Industrials)
3,857,641
12,808
Spirax-Sarco
Engineering
PLC
(Industrials)
1,452,968
128,992
SSE
PLC
(Utilities)
2,882,284
466,171
Standard
Chartered
PLC
(Financials)
4,614,097
1,136,322
Taylor
Wimpey
PLC
(Consumer
Discretionary)
2,128,916
2,141,367
Tesco
PLC
(Consumer
Staples)
8,479,074
194,252
Unilever
PLC
(Consumer
Staples)
10,582,901
67,760
United
Utilities
Group
PLC
(Utilities)
876,524
9,341,209
Vodafone
Group
PLC
(Communication
Services)
8,993,665
83,340
Whitbread
PLC
(Consumer
Discretionary)
3,133,386
542,014
Wise
PLC,
Class
A
(Financials)*
5,620,805
150,005
WPP
PLC
(Communication
Services)
1,559,978
362,754,551
United
States
–
6
.4
%
2,681,501
BP
PLC
(Energy)
16,665,878
44,224
BRP,
Inc.
(Consumer
Discretionary)
2,762,804
21,669
CSL
Ltd.
(Health
Care)
4,036,513
4,324
CyberArk
Software
Ltd.
(Information
Technology)*
991,277
132,904
Experian
PLC
(Industrials)
6,103,531
60,296
Ferrovial
SE
(Industrials)
2,373,485
754,067
GSK
PLC
(Health
Care)
16,959,792
336,340
Haleon
PLC
(Consumer
Staples)
1,392,171
117,915
Holcim
AG
(Materials)*
10,296,895
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
States
–
(continued)
122,892
James
Hardie
Industries
PLC
CDI
(Materials)*
$
3,824,116
22,800
Monday.com
Ltd.
(Information
Technology)*
5,150,748
380,688
Nestle
SA
(Consumer
Staples)
40,324,276
77,178
QIAGEN
NV
(Health
Care)*
3,298,595
114,582
Roche
Holding
AG
(Health
Care)
29,339,292
14,434
Roche
Holding
AG
(Health
Care)
(a)
4,044,688
153,747
Sanofi
SA
(Health
Care)
14,981,649
69,715
Schneider
Electric
SE
(Industrials)
17,214,019
884,735
Shell
PLC
(Energy)
31,670,012
556,960
Stellantis
NV
(Consumer
Discretionary)
12,213,650
43,370
Swiss
Re
AG
(Financials)
5,514,093
241,545
Tenaris
SA
(Energy)
3,958,232
233,115,716
TOTAL
COMMON
STOCKS
(Cost
$2,909,057,295)
3,635,259,472
Shares
Description
Rate
Value
a
Preferred
Stocks
–
0.2%
Germany
–
0
.2
%
24,326
Bayerische
Motoren
Werke
AG
(Consumer
Discretionary)
6
.82
%
2,334,496
20,931
Henkel
AG
&
Co.
KGaA
(Consumer
Staples)
2
.23
1,888,712
36,237
Porsche
Automobil
Holding
SE
(Consumer
Discretionary)
5
.08
1,987,402
5,725
Volkswagen
AG
(Consumer
Discretionary)
7
.88
714,732
TOTAL
PREFERRED
STOCKS
(Cost
$6,528,401)
6,925,342
Units
Description
Expiration
Month
Value
aa
Warrant
–
0.0%
Canada
–
0
.0
%
8,722
Constellation
Software,
Inc.
(Information
Technology)*
(c)
(Cost
$0)
08/28
—
GOLDMAN
SACHS
ACTIVEBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Additional
Investment
Information 
**End
swaps
header**
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
0.8%
(d)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
–
Institutional
Shares
28,323,551
5.180%
$
28,323,551
(Cost
$28,323,551)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$2,943,909,247)
3,670,508,365
a
Securities
Lending
Reinvestment
Vehicle
–
1.2%
(d)
a
a
a
a
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
45,672,268
5.227%
45,672,268
(Cost
$45,672,268)
TOTAL
INVESTMENTS
–
101.2%
(Cost
$2,989,581,515)
$
3,716,180,633
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(1.2)%
(
42,299,125
)
NET
ASSETS
–
100.0%
$
3,673,881,508
  a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
All
or
a
portion
of
security
is
on
loan.
(b)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(c)
Significant
unobservable
inputs
were
used
in
the
valuation
of
this
portfolio
security;
i.e.
Level
3.
(d)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
CVA
—
Dutch
Certification
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Sector
Name
%
of
Market
Value
Financials
21
.5
%
Industrials
17
.5
Consumer
Discretionary
12
.0
Health
Care
11
.1
Information
Technology
9
.0
Consumer
Staples
8
.8
Materials
5
.8
Energy
5
.6
Communication
Services
3
.3
Utilities
2
.1
Real
Estate
1
.3
Investment
Company
0
.8
Securities
Lending
Reinvestment
Vehicle
1
.2
TOTAL
INVESTMENTS
100
.0
%
FUTURES
CONTRACTS
—
At
May
31,
2024
,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
E-Mini
MSCI
EAFE
Index
Future
250
06/21/24
$
29,627,500
$
745,586
GOLDMAN
SACHS
ACTIVE
BETA
®
JAPAN
EQUITY
ETF
Schedule
of
Investments
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
99.0%
Communication
Services
–
4
.6
%
2,320
Capcom
Co.
Ltd.
(Japan)
$
42,814
665
Dentsu
Group,
Inc.
(Japan)
17,596
5,370
KDDI
Corp.
(Japan)
148,205
506
Konami
Group
Corp.
(Japan)
35,307
335
Nexon
Co.
Ltd.
(Japan)
5,738
4,127
Nintendo
Co.
Ltd.
(Japan)
224,674
160,879
Nippon
Telegraph
&
Telephone
Corp.
(Japan)
157,966
16,966
SoftBank
Corp.
(Japan)
203,782
3,292
SoftBank
Group
Corp.
(Japan)
189,419
503
Toho
Co.
Ltd.
(Japan)
15,886
1,041,387
Consumer
Discretionary
–
18
.3
%
4,336
Aisin
Corp.
(Japan)
161,112
1,100
Asics
Corp.
(Japan)
60,899
3,078
Bandai
Namco
Holdings,
Inc.
(Japan)
56,058
3,041
Bridgestone
Corp.
(Japan)
132,365
6,508
Denso
Corp.
(Japan)
105,316
893
Fast
Retailing
Co.
Ltd.
(Japan)
228,499
22,936
Honda
Motor
Co.
Ltd.
(Japan)
258,266
2,620
Isuzu
Motors
Ltd.
(Japan)
34,962
1,973
Koito
Manufacturing
Co.
Ltd.
(Japan)
27,854
20,493
Mazda
Motor
Corp.
(Japan)
216,152
1,475
McDonald's
Holdings
Co.
Japan
Ltd.
(Japan)
60,447
3,889
Nissan
Motor
Co.
Ltd.
(Japan)
13,819
515
Nitori
Holdings
Co.
Ltd.
(Japan)
56,926
3,168
Oriental
Land
Co.
Ltd.
(Japan)
88,441
3,030
Pan
Pacific
International
Holdings
Corp.
(Japan)
77,840
20,765
Panasonic
Holdings
Corp.
(Japan)
182,815
4,659
Sekisui
Chemical
Co.
Ltd.
(Japan)
66,796
4,414
Sekisui
House
Ltd.
(Japan)
99,209
191
Shimano,
Inc.
(Japan)
31,225
5,498
Sony
Group
Corp.
(Japan)
451,155
8,022
Subaru
Corp.
(Japan)
178,669
10,752
Sumitomo
Electric
Industries
Ltd.
(Japan)
174,097
7,044
Suzuki
Motor
Corp.
(Japan)
83,531
51,369
Toyota
Motor
Corp.
(Japan)
1,111,750
5,667
Yamaha
Motor
Co.
Ltd.
(Japan)
55,265
1,890
Zensho
Holdings
Co.
Ltd.
(Japan)
74,099
3,028
ZOZO,
Inc.
(Japan)
70,871
4,158,438
Consumer
Staples
–
5
.2
%
4,186
Aeon
Co.
Ltd.
(Japan)
90,222
2,552
Ajinomoto
Co.,
Inc.
(Japan)
91,024
2,743
Asahi
Group
Holdings
Ltd.
(Japan)
100,211
7,794
Japan
Tobacco,
Inc.
(Japan)
220,808
2,172
Kao
Corp.
(Japan)
95,203
3,170
Kikkoman
Corp.
(Japan)
36,694
5,914
Kirin
Holdings
Co.
Ltd.
(Japan)
81,854
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Consumer
Staples
–
(continued)
4,918
MatsukiyoCocokara
&
Co.
(Japan)
69,414
1,219
MEIJI
Holdings
Co.
Ltd.
(Japan)
27,282
1,286
Nissin
Foods
Holdings
Co.
Ltd.
(Japan)
32,390
13,441
Seven
&
i
Holdings
Co.
Ltd.
(Japan)
173,460
2,065
Shiseido
Co.
Ltd.
(Japan)
65,323
1,064
Suntory
Beverage
&
Food
Ltd.
(Japan)
38,939
1,078
Unicharm
Corp.
(Japan)
34,649
1,742
Yakult
Honsha
Co.
Ltd.
(Japan)
31,715
1,189,188
Energy
–
2
.6
%
52,266
ENEOS
Holdings,
Inc.
(Japan)
269,537
30,585
Idemitsu
Kosan
Co.
Ltd.
(Japan)
208,837
6,808
Inpex
Corp.
(Japan)
104,993
583,367
Financials
–
15
.9
%
3,048
Chiba
Bank
Ltd.
(The)
(Japan)
28,968
8,036
Concordia
Financial
Group
Ltd.
(Japan)
48,299
4,523
Dai-ichi
Life
Holdings,
Inc.
(Japan)
121,087
13,336
Daiwa
Securities
Group,
Inc.
(Japan)
104,723
5,626
Japan
Exchange
Group,
Inc.
(Japan)
131,964
8,689
Japan
Post
Bank
Co.
Ltd.
(Japan)
85,870
13,344
Japan
Post
Holdings
Co.
Ltd.
(Japan)
128,647
9,494
Japan
Post
Insurance
Co.
Ltd.
(Japan)
182,515
16,889
Mitsubishi
HC
Capital,
Inc.
(Japan)
111,827
62,018
Mitsubishi
UFJ
Financial
Group,
Inc.
(Japan)
654,337
16,444
Mizuho
Financial
Group,
Inc.
(Japan)
336,320
9,564
MS&AD
Insurance
Group
Holdings,
Inc.
(Japan)
199,685
16,115
Nomura
Holdings,
Inc.
(Japan)
97,473
6,057
ORIX
Corp.
(Japan)
131,782
8,085
Resona
Holdings,
Inc.
(Japan)
55,771
1,954
SBI
Holdings,
Inc.
(Japan)
50,508
3,320
Shizuoka
Financial
Group,
Inc.
(Japan)
34,279
7,968
Sompo
Holdings,
Inc.
(Japan)
168,593
7,049
Sumitomo
Mitsui
Financial
Group,
Inc.
(Japan)
461,575
3,246
Sumitomo
Mitsui
Trust
Holdings,
Inc.
(Japan)
75,250
3,231
T&D
Holdings,
Inc.
(Japan)
58,094
9,869
Tokio
Marine
Holdings,
Inc.
(Japan)
340,951
3,608,518
Health
Care
–
6
.5
%
8,002
Astellas
Pharma,
Inc.
(Japan)
78,852
GOLDMAN
SACHS
ACTIVE
BETA
®
JAPAN
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Health
Care
–
(continued)
3,662
Chugai
Pharmaceutical
Co.
Ltd.
(Japan)
111,413
8,647
Daiichi
Sankyo
Co.
Ltd.
(Japan)
306,933
1,188
Eisai
Co.
Ltd.
(Japan)
51,052
1,859
Hoya
Corp.
(Japan)
225,477
292
Kyowa
Kirin
Co.
Ltd.
(Japan)
4,934
691
M3,
Inc.
(Japan)
6,701
5,901
Olympus
Corp.
(Japan)
92,883
2,434
Ono
Pharmaceutical
Co.
Ltd.
(Japan)
35,237
3,576
Otsuka
Holdings
Co.
Ltd.
(Japan)
147,323
1,501
Shionogi
&
Co.
Ltd.
(Japan)
67,244
2,969
Sysmex
Corp.
(Japan)
50,625
8,604
Takeda
Pharmaceutical
Co.
Ltd.
(Japan)
228,480
4,378
Terumo
Corp.
(Japan)
74,385
1,481,539
Industrials
–
21
.5
%
1,007
AGC,
Inc.
(Japan)
35,161
2,445
ANA
Holdings,
Inc.
(Japan)
46,552
2,529
Central
Japan
Railway
Co.
(Japan)
56,504
436
Dai
Nippon
Printing
Co.
Ltd.
(Japan)
13,551
1,196
Daifuku
Co.
Ltd.
(Japan)
20,880
947
Daikin
Industries
Ltd.
(Japan)
138,273
2,972
East
Japan
Railway
Co.
(Japan)
51,622
2,387
FANUC
Corp.
(Japan)
66,820
728
Fuji
Electric
Co.
Ltd.
(Japan)
43,297
1,838
Hankyu
Hanshin
Holdings,
Inc.
(Japan)
48,223
211
Hikari
Tsushin,
Inc.
(Japan)
34,561
1,325
Hitachi
Construction
Machinery
Co.
Ltd.
(Japan)
35,835
5,232
Hitachi
Ltd.
(Japan)
537,533
423
Hoshizaki
Corp.
(Japan)
15,155
7,178
ITOCHU
Corp.
(Japan)
338,471
3,946
Japan
Airlines
Co.
Ltd.
(Japan)
66,480
3,663
Kajima
Corp.
(Japan)
61,969
3,961
Kawasaki
Kisen
Kaisha
Ltd.
(Japan)
58,768
406
Keisei
Electric
Railway
Co.
Ltd.
(Japan)
14,582
2,381
Kintetsu
Group
Holdings
Co.
Ltd.
(Japan)
50,591
3,975
Komatsu
Ltd.
(Japan)
116,282
2,597
Kubota
Corp.
(Japan)
36,705
1,165
Makita
Corp.
(Japan)
34,347
9,863
Marubeni
Corp.
(Japan)
192,057
1,504
MINEBEA
MITSUMI,
Inc.
(Japan)
31,469
21,342
Mitsubishi
Corp.
(Japan)
448,583
9,901
Mitsubishi
Electric
Corp.
(Japan)
172,005
16,220
Mitsubishi
Heavy
Industries
Ltd.
(Japan)
141,201
7,833
Mitsui
&
Co.
Ltd.
(Japan)
397,270
1,413
Mitsui
OSK
Lines
Ltd.
(Japan)
46,613
5,578
MonotaRO
Co.
Ltd.
(Japan)
58,852
628
NIDEC
Corp.
(Japan)
31,343
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Industrials
–
(continued)
3,752
NIPPON
EXPRESS
HOLDINGS,
Inc.
(Japan)
184,968
2,268
Nippon
Yusen
KK
(Japan)
71,946
6,023
Obayashi
Corp.
(Japan)
70,120
6,935
Recruit
Holdings
Co.
Ltd.
(Japan)
350,755
717
Secom
Co.
Ltd.
(Japan)
44,586
175
SMC
Corp.
(Japan)
87,764
7,605
Sumitomo
Corp.
(Japan)
197,499
1,043
Taisei
Corp.
(Japan)
39,604
2,680
Tokyu
Corp.
(Japan)
31,295
1,276
TOPPAN
Holdings,
Inc.
(Japan)
33,048
570
TOTO
Ltd.
(Japan)
14,222
678
Toyota
Industries
Corp.
(Japan)
63,854
2,985
Toyota
Tsusho
Corp.
(Japan)
181,195
848
West
Japan
Railway
Co.
(Japan)
16,934
1,271
Yaskawa
Electric
Corp.
(Japan)
48,423
4,877,768
Information
Technology
–
15
.4
%
4,673
Advantest
Corp.
(Japan)
157,992
6,744
Brother
Industries
Ltd.
(Japan)
129,477
6,229
Canon,
Inc.
(Japan)
180,435
621
Disco
Corp.
(Japan)
242,994
4,756
FUJIFILM
Holdings
Corp.
(Japan)
108,319
10,090
Fujitsu
Ltd.
(Japan)
145,656
1,203
Hamamatsu
Photonics
KK
(Japan)
35,391
457
Ibiden
Co.
Ltd.
(Japan)
18,417
870
Keyence
Corp.
(Japan)
391,360
5,468
Kyocera
Corp.
(Japan)
62,145
448
Lasertec
Corp.
(Japan)
115,432
7,186
Murata
Manufacturing
Co.
Ltd.
(Japan)
135,654
2,506
NEC
Corp.
(Japan)
185,385
2,193
Nomura
Research
Institute
Ltd.
(Japan)
58,668
2,614
NTT
Data
Group
Corp.
(Japan)
40,064
27
Obic
Co.
Ltd.
(Japan)
3,499
412
Omron
Corp.
(Japan)
13,471
501
Oracle
Corp.
Japan
(Japan)
35,484
2,368
Otsuka
Corp.
(Japan)
44,920
8,283
Renesas
Electronics
Corp.
(Japan)
154,754
19,952
Ricoh
Co.
Ltd.
(Japan)
178,196
687
SCREEN
Holdings
Co.
Ltd.
(Japan)
65,598
3,747
SCSK
Corp.
(Japan)
70,984
4,906
Seiko
Epson
Corp.
(Japan)
78,892
1,630
Shimadzu
Corp.
(Japan)
42,196
1,315
SUMCO
Corp.
(Japan)
19,732
2,052
TDK
Corp.
(Japan)
102,518
1,097
TIS,
Inc.
(Japan)
20,031
2,473
Tokyo
Electron
Ltd.
(Japan)
529,237
1,559
Trend
Micro,
Inc.
(Japan)
70,219
2,796
Yokogawa
Electric
Corp.
(Japan)
71,811
3,508,931
GOLDMAN
SACHS
ACTIVE
BETA
®
JAPAN
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Additional
Investment
Information 
**End
swaps
header**
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Materials
–
4
.7
%
8,706
Asahi
Kasei
Corp.
(Japan)
56,786
11,161
JFE
Holdings,
Inc.
(Japan)
168,894
30,274
Mitsubishi
Chemical
Group
Corp.
(Japan)
160,035
433
Mitsui
Chemicals,
Inc.
(Japan)
13,091
704
Nippon
Paint
Holdings
Co.
Ltd.
(Japan)
4,735
1,768
Nippon
Sanso
Holdings
Corp.
(Japan)
52,147
7,936
Nippon
Steel
Corp.
(Japan)
173,320
663
Nissan
Chemical
Corp.
(Japan)
18,391
675
Nitto
Denko
Corp.
(Japan)
51,523
7,804
Shin-Etsu
Chemical
Co.
Ltd.
(Japan)
290,766
392
Sumitomo
Metal
Mining
Co.
Ltd.
(Japan)
12,760
10,921
Toray
Industries,
Inc.
(Japan)
54,610
1,057,058
Real
Estate
–
1
.9
%
460
Daito
Trust
Construction
Co.
Ltd.
(Japan)
48,592
2,723
Daiwa
House
Industry
Co.
Ltd.
(Japan)
72,344
5,039
Hulic
Co.
Ltd.
(Japan)
46,560
8
Japan
Real
Estate
Investment
Corp.
REIT
(Japan)
26,370
3,797
Mitsubishi
Estate
Co.
Ltd.
(Japan)
63,777
9,272
Mitsui
Fudosan
Co.
Ltd.
(Japan)
84,994
7
Nippon
Building
Fund,
Inc.
REIT
(Japan)
26,148
618
Nomura
Real
Estate
Holdings,
Inc.
(Japan)
15,884
24
Nomura
Real
Estate
Master
Fund,
Inc.
REIT
(Japan)
22,557
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Real
Estate
–
(continued)
598
Sumitomo
Realty
&
Development
Co.
Ltd.
(Japan)
18,658
425,884
Utilities
–
2
.4
%
1,893
Chubu
Electric
Power
Co.,
Inc.
(Japan)
26,098
12,328
Kansai
Electric
Power
Co.,
Inc.
(The)
(Japan)
222,562
4,557
Osaka
Gas
Co.
Ltd.
(Japan)
103,583
5,180
Tokyo
Electric
Power
Co.
Holdings,
Inc.
(Japan)*
30,972
7,503
Tokyo
Gas
Co.
Ltd.
(Japan)
168,304
551,519
TOTAL
COMMON
STOCKS
(Cost
$18,771,029)
22,483,597
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.3%
(a)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
–
Institutional
Shares
75,054
5.180%
75,054
(Cost
$75,054)
TOTAL
INVESTMENTS
–
99.3%
(Cost
$18,846,083)
$
22,558,651
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.7%
170,289
NET
ASSETS
–
100.0%
$
22,728,940
  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:
REIT
—
Real
Estate
Investment
Trust
FUTURES
CONTRACTS
—
At
May
31,
2024
,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
E-Mini
Topix
Index
Future
13
06/13/24
$
229,317
$
1,931
GOLDMAN
SACHS
ACTIVE
BETA
®
U.S.
LARGE
CAP
EQUITY
ETF
Schedule
of
Investments
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
99.8%
Communication
Services
–
9.1%
1,453,484
Alphabet,
Inc.,
Class
A*
$
250,725,990
1,337,706
Alphabet,
Inc.,
Class
C*
232,707,336
1,691,475
AT&T,
Inc.
30,818,674
53,158
Charter
Communications,
Inc.,
Class
A*
15,262,725
1,160,666
Comcast
Corp.,
Class
A
46,461,460
197,738
Electronic
Arts,
Inc.
26,275,425
227,724
Interpublic
Group
of
Cos.,
Inc.
(The)
7,143,702
36,152
Live
Nation
Entertainment,
Inc.*
3,388,888
603,459
Meta
Platforms,
Inc.,
Class
A
281,712,765
58,709
Netflix,
Inc.*
37,668,869
115,529
Omnicom
Group,
Inc.
10,739,576
703,100
Pinterest,
Inc.,
Class
A*
29,171,619
56,344
Take-Two
Interactive
Software,
Inc.*
9,035,324
130,078
T-Mobile
US,
Inc.
22,758,447
27,587
Trade
Desk,
Inc.
(The),
Class
A*
2,559,522
592,143
Verizon
Communications,
Inc.
24,366,684
182,978
Walt
Disney
Co.
(The)
19,013,244
4,117,248
Warner
Bros
Discovery,
Inc.*
33,926,124
1,083,736,374
Consumer
Discretionary
–
11.1%
2,096,934
Amazon.com,
Inc.*
369,983,035
11,832
AutoZone,
Inc.*
32,773,930
322,247
Best
Buy
Co.,
Inc.
27,332,990
12,611
Booking
Holdings,
Inc.
47,623,550
958,695
Carnival
Corp.*
14,457,121
4,879
Chipotle
Mexican
Grill,
Inc.*
15,268,928
182,272
D.R.
Horton,
Inc.
26,939,802
85,604
Darden
Restaurants,
Inc.
12,873,986
36,121
Deckers
Outdoor
Corp.*
39,513,484
23,532
Domino's
Pizza,
Inc.
11,967,905
80,116
DoorDash,
Inc.,
Class
A*
8,821,573
107,521
DraftKings,
Inc.,
Class
A*
3,777,213
287,157
eBay,
Inc.
15,569,652
164,626
Expedia
Group,
Inc.*
18,579,690
414,698
Ford
Motor
Co.
5,030,287
98,398
Garmin
Ltd.
16,122,512
106,777
Genuine
Parts
Co.
15,390,837
65,063
Hilton
Worldwide
Holdings,
Inc.
13,051,638
279,971
Home
Depot,
Inc.
(The)
93,753,889
92,579
Las
Vegas
Sands
Corp.
4,168,832
292,598
Lennar
Corp.,
Class
A
46,918,089
673,217
LKQ
Corp.
28,968,527
209,224
Lowe’s
Cos.,
Inc.
46,299,179
54,511
Marriott
International,
Inc.,
Class
A
12,601,308
121,329
McDonald's
Corp.
31,410,865
296,831
NIKE,
Inc.,
Class
B
28,213,787
1,666
NVR,
Inc.*
12,796,096
38,862
O'Reilly
Automotive,
Inc.*
37,434,210
37,218
Pool
Corp.
13,530,604
401,169
PulteGroup,
Inc.
47,065,147
95,219
Ross
Stores,
Inc.
13,307,807
102,207
Royal
Caribbean
Cruises
Ltd.*
15,093,930
81,062
Starbucks
Corp.
6,502,794
352,971
Tesla,
Inc.*
62,857,076
422,981
TJX
Cos.,
Inc.
(The)
43,609,341
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Consumer
Discretionary
–
(continued)
106,023
Tractor
Supply
Co.
$
30,247,302
65,614
Ulta
Beauty,
Inc.*
25,923,435
38,443
Williams-Sonoma,
Inc.
11,272,256
236,432
Yum!
Brands,
Inc.
32,492,850
1,339,545,457
Consumer
Staples
–
6.8%
368,458
Altria
Group,
Inc.
17,041,182
319,006
Archer-Daniels-Midland
Co.
19,918,735
162,915
Bunge
Global
SA
17,528,025
129,216
Church
&
Dwight
Co.,
Inc.
13,827,404
115,231
Clorox
Co.
(The)
15,159,790
570,093
Coca-Cola
Co.
(The)
35,875,952
426,210
Colgate-Palmolive
Co.
39,620,482
634,104
Conagra
Brands,
Inc.
18,947,028
42,618
Constellation
Brands,
Inc.,
Class
A
10,664,302
128,422
Costco
Wholesale
Corp.
104,007,694
41,893
Dollar
General
Corp.
5,735,571
97,156
Dollar
Tree,
Inc.*
11,459,550
81,582
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
10,063,956
136,374
General
Mills,
Inc.
9,375,712
82,037
Hershey
Co.
(The)
16,229,380
77,175
J
M
Smucker
Co.
(The)
8,615,817
106,334
Kellanova
6,416,194
585,568
Kenvue,
Inc.
11,301,462
209,930
Keurig
Dr
Pepper,
Inc.
7,190,102
125,851
Kimberly-Clark
Corp.
16,775,938
356,578
Kraft
Heinz
Co.
(The)
12,612,164
1,032,614
Kroger
Co.
(The)
54,077,995
30,427
McCormick
&
Co.,
Inc.
2,197,438
191,794
Mondelez
International,
Inc.,
Class
A
13,143,643
209,738
Monster
Beverage
Corp.*
10,889,597
307,893
PepsiCo,
Inc.
53,234,700
334,764
Philip
Morris
International,
Inc.
33,938,374
457,785
Procter &
Gamble
Co.
(The)
75,323,944
315,983
Sysco
Corp.
23,009,882
152,378
Target
Corp.
23,795,348
169,655
Tyson
Foods,
Inc.,
Class
A
9,712,749
1,546,743
Walmart,
Inc.
101,713,820
809,403,930
Energy
–
3.3%
128,621
APA
Corp.
3,926,799
115,839
Baker
Hughes
Co.
3,878,290
64,057
Cheniere
Energy,
Inc.
10,107,554
185,609
Chevron
Corp.
30,124,341
155,267
ConocoPhillips
18,085,500
98,580
Coterra
Energy,
Inc.
2,811,502
111,119
Devon
Energy
Corp.
5,453,721
31,492
Diamondback
Energy,
Inc.
6,275,096
101,066
EOG
Resources,
Inc.
12,587,770
235,064
EQT
Corp.
9,658,780
857,900
Exxon
Mobil
Corp.
100,597,354
83,412
Halliburton
Co.
3,061,220
1,040,060
Kinder
Morgan,
Inc.
20,270,769
378,523
Marathon
Oil
Corp.
10,962,026
226,309
Marathon
Petroleum
Corp.
39,968,432
GOLDMAN
SACHS
ACTIVE
BETA
®
U.S.
LARGE
CAP
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Energy
–
(continued)
93,807
Occidental
Petroleum
Corp.
$
5,862,937
143,506
ONEOK,
Inc.
11,623,986
138,946
Ovintiv,
Inc.
7,179,340
186,209
Phillips
66
26,462,161
75,026
Targa
Resources
Corp.
8,870,324
238,716
Valero
Energy
Corp.
37,511,832
468,252
Williams
Cos.,
Inc.
(The)
19,437,141
394,716,875
Financials
–
12.1%
188,940
Aflac,
Inc.
16,980,038
56,077
Allstate
Corp.
(The)
9,394,019
112,204
American
Express
Co.
26,928,960
416,220
American
International
Group,
Inc.
32,806,460
74,012
Ameriprise
Financial,
Inc.
32,314,379
21,192
Aon
PLC,
Class
A
5,968,515
207,895
Apollo
Global
Management,
Inc.
24,149,083
207,375
Arch
Capital
Group
Ltd.*
21,282,896
63,296
Ares
Management
Corp.,
Class
A
8,872,200
89,802
Arthur
J
Gallagher
&
Co.
22,749,541
1,125,720
Bank
of
America
Corp.
45,017,543
530,809
Bank
of
New
York
Mellon
Corp.
(The)
31,641,524
301,010
Berkshire
Hathaway,
Inc.,
Class
B*
124,738,544
14,975
BlackRock,
Inc.
11,561,149
52,716
Blackstone,
Inc.
6,352,278
160,933
Brown
&
Brown,
Inc.
14,405,113
310,160
Capital
One
Financial
Corp.
42,687,321
91,065
Cboe
Global
Markets,
Inc.
15,753,334
115,035
Charles
Schwab
Corp.
(The)
8,429,765
81,712
Chubb
Ltd.
22,129,244
78,926
Cincinnati
Financial
Corp.
9,280,119
566,261
Citigroup,
Inc.
35,283,723
274,318
Citizens
Financial
Group,
Inc.
9,680,682
72,153
CME
Group,
Inc.
14,645,616
28,766
Coinbase
Global,
Inc.,
Class
A*
6,498,815
28,448
Corpay,
Inc.*
7,614,676
183,100
Discover
Financial
Services
22,459,046
31,426
Everest
Group
Ltd.
12,285,366
28,585
FactSet
Research
Systems,
Inc.
11,555,772
65,441
Fifth
Third
Bancorp
2,448,802
11,713
First
Citizens
BancShares,
Inc.,
Class
A
19,893,711
133,721
Fiserv,
Inc.*
20,026,057
222,721
Hartford
Financial
Services
Group,
Inc.
(The)
23,040,487
253,893
Huntington
Bancshares,
Inc.
3,534,190
134,999
Intercontinental
Exchange,
Inc.
18,076,366
68,174
Jack
Henry
&
Associates,
Inc.
11,226,894
588,516
JPMorgan
Chase &
Co.
119,250,997
252,597
KeyCorp
3,629,819
100,325
KKR
&
Co.,
Inc.
10,317,423
217,988
Loews
Corp.
16,741,478
61,177
LPL
Financial
Holdings,
Inc.
17,509,469
43,491
M&T
Bank
Corp.
6,593,236
9,096
Markel
Group,
Inc.*
14,931,903
164,193
Marsh
&
McLennan
Cos.,
Inc.
34,083,183
194,735
Mastercard,
Inc.,
Class
A
87,060,176
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Financials
–
(continued)
42,464
MetLife,
Inc.
$
3,073,120
82,511
Moody's
Corp.
32,756,042
176,446
Morgan
Stanley
17,263,477
65,520
Nasdaq,
Inc.
3,867,646
102,796
Northern
Trust
Corp.
8,659,535
73,346
PayPal
Holdings,
Inc.*
4,620,064
46,372
PNC
Financial
Services
Group,
Inc.
(The)
7,298,489
271,752
Principal
Financial
Group,
Inc.
22,294,534
108,151
Progressive
Corp.
(The)
22,839,328
99,055
Prudential
Financial,
Inc.
11,921,269
69,445
Raymond
James
Financial,
Inc.
8,524,374
189,580
Regions
Financial
Corp.
3,668,373
29,496
S&P
Global,
Inc.
12,609,835
310,552
State
Street
Corp.
23,474,626
968,899
Synchrony
Financial
42,437,776
46,099
T.
Rowe
Price
Group,
Inc.
5,431,845
60,944
Travelers
Cos.,
Inc.
(The)
13,145,621
114,565
US
Bancorp
4,645,611
321,573
Visa,
Inc.,
Class
A
87,615,780
144,122
W
R
Berkley
Corp.
11,678,206
580,327
Wells
Fargo &
Co.
34,773,194
13,703
Willis
Towers
Watson
PLC
3,498,239
1,447,926,896
Health
Care
–
11.5%
266,452
Abbott
Laboratories
27,228,730
409,959
AbbVie,
Inc.
66,101,789
78,122
Agilent
Technologies,
Inc.
10,187,890
33,822
Align
Technology,
Inc.*
8,699,357
15,998
Alnylam
Pharmaceuticals,
Inc.*
2,374,583
126,729
Amgen,
Inc.
38,760,065
289,947
Avantor,
Inc.*
6,981,924
28,812
Becton
Dickinson
&
Co.
6,683,520
58,007
Biogen,
Inc.*
13,048,095
312,680
Boston
Scientific
Corp.*
23,629,228
573,551
Bristol-Myers
Squibb
Co.
23,567,211
179,641
Cardinal
Health,
Inc.
17,832,962
110,018
Cencora,
Inc.
24,926,778
456,912
Centene
Corp.*
32,710,330
125,126
Cigna
Group
(The)
43,120,922
75,303
Cooper
Cos.,
Inc.
(The)
7,101,826
589,428
CVS
Health
Corp.
35,129,909
100,115
Danaher
Corp.
25,709,532
49,753
Dexcom,
Inc.*
5,909,164
247,843
Edwards
Lifesciences
Corp.*
21,535,078
48,746
Elevance
Health,
Inc.
26,248,746
211,672
Eli
Lilly
&
Co.
173,643,008
35,696
GE
HealthCare
Technologies,
Inc.
2,784,288
318,827
Gilead
Sciences,
Inc.
20,491,011
42,133
HCA
Healthcare,
Inc.
14,314,687
192,304
Hologic,
Inc.*
14,188,189
28,338
Humana,
Inc.
10,148,405
73,643
IDEXX
Laboratories,
Inc.*
36,596,889
49,373
Insulet
Corp.*
8,748,402
42,331
Intuitive
Surgical,
Inc.*
17,022,142
51,783
IQVIA
Holdings,
Inc.*
11,345,137
552,040
Johnson &
Johnson
80,967,707
97,191
Labcorp
Holdings,
Inc.
18,943,498
GOLDMAN
SACHS
ACTIVE
BETA
®
U.S.
LARGE
CAP
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Health
Care
–
(continued)
46,768
McKesson
Corp.
$
26,638,585
110,467
Medtronic
PLC
8,988,700
572,165
Merck &
Co.,
Inc.
71,829,594
26,176
Mettler-Toledo
International,
Inc.*
36,753,460
31,632
Molina
Healthcare,
Inc.*
9,950,794
421,852
Pfizer,
Inc.
12,090,278
107,823
Quest
Diagnostics,
Inc.
15,307,631
36,253
Regeneron
Pharmaceuticals,
Inc.*
35,533,740
12,535
ResMed,
Inc.
2,586,346
31,417
STERIS
PLC
7,002,221
54,842
Stryker
Corp.
18,706,058
55,044
Thermo
Fisher
Scientific,
Inc.
31,263,891
197,211
UnitedHealth
Group,
Inc.
97,692,413
75,883
Vertex
Pharmaceuticals,
Inc.*
34,552,565
4,512,960
Viatris,
Inc.
47,837,376
39,181
Waters
Corp.*
12,103,011
14,441
West
Pharmaceutical
Services,
Inc.
4,785,892
70,235
Zimmer
Biomet
Holdings,
Inc.
8,087,560
113,548
Zoetis,
Inc.
19,253,199
1,377,644,316
Industrials
–
9.8%
80,922
3M
Co.
8,103,529
116,932
AMETEK,
Inc.
19,829,329
32,282
Automatic
Data
Processing,
Inc.
7,906,507
20,245
Axon
Enterprise,
Inc.*
5,702,409
13,783
Boeing
Co.
(The)*
2,447,999
87,944
Booz
Allen
Hamilton
Holding
Corp.
13,385,956
77,903
Broadridge
Financial
Solutions,
Inc.
15,640,585
348,265
Builders
FirstSource,
Inc.*
55,997,529
31,894
Carlisle
Cos.,
Inc.
13,340,941
228,067
Carrier
Global
Corp.
14,411,554
70,124
Caterpillar,
Inc.
23,738,376
58,737
Cintas
Corp.
39,821,924
262,503
Copart,
Inc.*
13,928,409
270,264
CSX
Corp.
9,121,410
40,559
Cummins,
Inc.
11,426,687
24,683
Deere
&
Co.
9,250,201
298,512
Delta
Air
Lines,
Inc.
15,230,082
73,063
Dover
Corp.
13,430,441
70,952
Eaton
Corp.
PLC
23,616,373
23,342
EMCOR
Group,
Inc.
9,072,102
95,102
Emerson
Electric
Co.
10,666,640
114,021
Expeditors
International
of
Washington,
Inc.
13,785,139
645,842
Fastenal
Co.
42,612,655
92,430
FedEx
Corp.
23,473,523
136,339
Fortive
Corp.
10,149,075
46,467
GE
Vernova,
Inc.*
8,173,545
64,550
General
Dynamics
Corp.
19,350,153
214,401
General
Electric
Co.
35,406,181
49,749
Graco,
Inc.
4,017,232
82,487
Honeywell
International,
Inc.
16,678,047
197,716
Howmet
Aerospace,
Inc.
16,736,659
37,975
Hubbell,
Inc.
14,768,098
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Industrials
–
(continued)
57,572
IDEX
Corp.
$
12,011,822
96,308
Illinois
Tool
Works,
Inc.
23,378,767
143,620
Ingersoll
Rand,
Inc.
13,363,841
65,217
Jacobs
Solutions,
Inc.
9,087,337
66,044
Johnson
Controls
International
PLC
4,749,224
33,216
L3Harris
Technologies,
Inc.
7,467,953
172,996
Leidos
Holdings,
Inc.
25,439,062
44,953
Lennox
International,
Inc.
22,593,378
25,223
Lincoln
Electric
Holdings,
Inc.
4,952,788
28,797
Lockheed
Martin
Corp.
13,544,381
265,009
Masco
Corp.
18,529,429
48,793
Nordson
Corp.
11,452,693
9,972
Norfolk
Southern
Corp.
2,241,706
12,340
Northrop
Grumman
Corp.
5,562,502
38,532
Old
Dominion
Freight
Line,
Inc.
6,752,733
166,559
Otis
Worldwide
Corp.
16,522,653
55,498
Owens
Corning
10,049,023
163,641
PACCAR,
Inc.
17,591,407
45,235
Parker-Hannifin
Corp.
24,043,307
77,099
Paychex,
Inc.
9,264,216
40,919
Quanta
Services,
Inc.
11,291,189
126,070
Republic
Services,
Inc.
23,346,903
185,070
RTX
Corp.
19,952,397
8,816
Saia,
Inc.*
3,609,976
35,524
Snap-on,
Inc.
9,693,079
408,411
SS&C
Technologies
Holdings,
Inc.
25,341,903
283,947
Stanley
Black
&
Decker,
Inc.
24,751,660
277,767
Textron,
Inc.
24,335,167
51,202
Trane
Technologies
PLC
16,766,607
13,017
TransDigm
Group,
Inc.
17,484,825
252,078
Uber
Technologies,
Inc.*
16,274,156
33,771
Union
Pacific
Corp.
7,862,564
21,565
United
Parcel
Service,
Inc.,
Class
B
2,996,025
11,356
United
Rentals,
Inc.
7,601,820
93,032
Veralto
Corp.
9,171,095
59,375
Verisk
Analytics,
Inc.
15,008,812
161,519
Vertiv
Holdings
Co.,
Class
A
15,840,168
51,174
W.W.
Grainger,
Inc.
47,154,794
105,174
Waste
Management,
Inc.
22,163,317
20,130
Watsco,
Inc.
9,559,737
161,001
Westinghouse
Air
Brake
Technologies
Corp.
27,246,199
47,864
XPO,
Inc.*
5,120,491
84,081
Xylem,
Inc.
11,857,103
1,174,247,499
Information
Technology
–
31.4%
218,040
Accenture
PLC,
Class
A
61,550,512
131,928
Adobe,
Inc.*
58,676,297
282,249
Advanced
Micro
Devices,
Inc.*
47,107,358
152,445
Akamai
Technologies,
Inc.*
14,061,527
207,884
Amphenol
Corp.,
Class
A
27,517,605
88,718
Analog
Devices,
Inc.
20,803,484
8,806
ANSYS,
Inc.*
2,795,465
3,613,867
Apple,
Inc.
694,765,931
282,505
Applied
Materials,
Inc.
60,761,175
77,058
Arista
Networks,
Inc.*
22,936,314
GOLDMAN
SACHS
ACTIVE
BETA
®
U.S.
LARGE
CAP
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
119,808
Atlassian
Corp.,
Class
A*
$
18,793,083
98,554
Autodesk,
Inc.*
19,868,486
90,627
Broadcom,
Inc.
120,402,501
167,715
Cadence
Design
Systems,
Inc.*
48,018,482
78,226
CDW
Corp.
17,492,898
970,955
Cisco
Systems,
Inc.
45,149,408
322,296
Cognizant
Technology
Solutions
Corp.,
Class
A
21,319,880
241,845
Corning,
Inc.
9,011,145
43,353
Crowdstrike
Holdings,
Inc.,
Class
A*
13,598,536
43,869
Datadog,
Inc.,
Class
A*
4,833,486
124,960
Dell
Technologies,
Inc.,
Class
C
17,439,418
23,556
Enphase
Energy,
Inc.*
3,012,812
40,799
EPAM
Systems,
Inc.*
7,259,366
28,830
Fair
Isaac
Corp.*
37,188,682
455,424
Fortinet,
Inc.*
27,015,752
60,283
Gartner,
Inc.*
25,298,967
594,140
Gen
Digital,
Inc.
14,752,496
142,109
GoDaddy,
Inc.,
Class
A*
19,842,680
2,112,720
Hewlett
Packard
Enterprise
Co.
37,289,508
402,267
HP,
Inc.
14,682,746
34,229
HubSpot,
Inc.*
20,915,630
535,460
Intel
Corp.
16,518,941
272,877
International
Business
Machines
Corp.
45,529,527
60,881
Intuit,
Inc.
35,094,244
107,381
Jabil,
Inc.
12,767,601
82,279
Keysight
Technologies,
Inc.*
11,393,996
43,198
KLA
Corp.
32,810,177
56,753
Lam
Research
Corp.
52,918,767
128,243
Manhattan
Associates,
Inc.*
28,154,468
157,635
Microchip
Technology,
Inc.
15,326,851
135,164
Micron
Technology,
Inc.
16,895,500
1,783,055
Microsoft
Corp.
740,199,622
4,902
MicroStrategy,
Inc.,
Class
A*
7,473,050
6,279
MongoDB,
Inc.*
1,482,221
12,323
Monolithic
Power
Systems,
Inc.
9,065,168
79,823
Motorola
Solutions,
Inc.
29,128,211
166,266
NetApp,
Inc.
20,023,414
228,014
Nutanix,
Inc.,
Class
A*
12,612,594
567,004
NVIDIA
Corp.
621,623,495
66,167
Okta,
Inc.*
5,867,690
191,128
ON
Semiconductor
Corp.*
13,959,989
245,443
Oracle
Corp.
28,763,465
151,026
Palantir
Technologies,
Inc.,
Class
A*
3,274,244
83,191
Palo
Alto
Networks,
Inc.*
24,533,858
102,115
PTC,
Inc.*
17,996,748
273,831
Pure
Storage,
Inc.,
Class
A*
16,509,271
276,095
QUALCOMM,
Inc.
56,337,185
49,185
Roper
Technologies,
Inc.
26,203,801
198,332
Salesforce,
Inc.
46,496,954
69,246
Seagate
Technology
Holdings
PLC
6,456,497
48,108
ServiceNow,
Inc.*
31,603,588
231,320
Skyworks
Solutions,
Inc.
21,434,111
21,967
Super
Micro
Computer,
Inc.*
17,233,331
61,018
Synopsys,
Inc.*
34,218,894
31,227
Teledyne
Technologies,
Inc.*
12,395,558
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
136,506
Teradyne,
Inc.
$
19,239,156
180,327
Texas
Instruments,
Inc.
35,165,568
96,871
Trimble,
Inc.*
5,393,777
13,344
Tyler
Technologies,
Inc.*
6,409,924
175,625
VeriSign,
Inc.*
30,614,950
109,056
Western
Digital
Corp.*
8,210,826
27,196
Workday,
Inc.,
Class
A*
5,750,594
7,860
Zebra
Technologies
Corp.,
Class
A*
2,454,992
283,791
Zoom
Video
Communications,
Inc.,
Class
A*
17,407,740
25,027
Zscaler,
Inc.*
4,253,589
3,761,365,777
Materials
–
2.1%
57,914
Avery
Dennison
Corp.
13,180,647
51,942
Celanese
Corp.
7,897,262
117,653
CF
Industries
Holdings,
Inc.
9,380,474
69,623
CRH
PLC
5,692,377
254,183
Dow,
Inc.
14,648,566
38,465
DuPont
de
Nemours,
Inc.
3,160,284
56,907
Ecolab,
Inc.
13,213,806
155,803
International
Paper
Co.
7,025,157
69,050
Linde
PLC
30,072,656
103,257
LyondellBasell
Industries
NV,
Class
A
10,265,811
18,590
Martin
Marietta
Materials,
Inc.
10,634,967
108,820
Nucor
Corp.
18,374,257
44,099
Packaging
Corp.
of
America
8,091,726
76,403
PPG
Industries,
Inc.
10,040,118
52,703
Reliance,
Inc.
15,852,008
112,563
RPM
International,
Inc.
12,618,312
86,334
Sherwin-Williams
Co.
(The)
26,228,269
138,069
Steel
Dynamics,
Inc.
18,483,297
50,724
Vulcan
Materials
Co.
12,973,678
247,833,672
Real
Estate
–
1.1%
47,021
Alexandria
Real
Estate
Equities,
Inc.
REIT
5,595,499
29,329
AvalonBay
Communities,
Inc.
REIT
5,651,112
81,915
CBRE
Group,
Inc.,
Class
A*
7,214,254
19,985
Digital
Realty
Trust,
Inc.
REIT
2,904,620
5,621
Equinix,
Inc.
REIT
4,288,711
87,733
Equity
Residential
REIT
5,705,277
19,961
Essex
Property
Trust,
Inc.
REIT
5,185,668
1,041,202
Host
Hotels
&
Resorts,
Inc.
REIT
18,679,164
295,249
Invitation
Homes,
Inc.
REIT
10,271,713
113,397
Iron
Mountain,
Inc.
REIT
9,150,004
61,119
Mid-America
Apartment
Communities,
Inc.
REIT
8,172,221
28,608
Prologis,
Inc.
REIT
3,160,898
8,888
Public
Storage
REIT
2,433,801
80,645
Realty
Income
Corp.
REIT
4,279,024
40,104
Simon
Property
Group,
Inc.
REIT
6,068,136
69,821
Sun
Communities,
Inc.
REIT
8,238,180
68,198
Ventas,
Inc.
REIT
3,427,631
GOLDMAN
SACHS
ACTIVE
BETA
®
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
–
(continued)
423,372
VICI
Properties,
Inc.
REIT
$
12,155,010
41,070
W.P.
Carey,
Inc.
REIT
2,316,348
48,562
Welltower,
Inc.
REIT
5,034,422
166,656
Weyerhaeuser
Co.
REIT
5,004,680
134,936,373
Utilities
–
1.5%
163,342
Alliant
Energy
Corp.
8,410,480
30,753
Ameren
Corp.
2,256,348
32,839
American
Electric
Power
Co.,
Inc.
2,963,720
81,805
Atmos
Energy
Corp.
9,482,836
272,436
CenterPoint
Energy,
Inc.
8,312,022
76,898
CMS
Energy
Corp.
4,839,191
97,655
Consolidated
Edison,
Inc.
9,233,280
98,553
Constellation
Energy
Corp.
21,410,639
35,789
DTE
Energy
Co.
4,170,492
73,704
Duke
Energy
Corp.
7,633,523
47,715
Edison
International
3,666,898
45,659
Entergy
Corp.
5,136,181
100,572
Evergy,
Inc.
5,497,265
164,737
Exelon
Corp.
6,185,874
136,183
FirstEnergy
Corp.
5,482,728
111,765
NextEra
Energy,
Inc.
8,943,435
168,064
NiSource,
Inc.
4,883,940
85,914
NRG
Energy,
Inc.
6,959,034
314,818
PG&E
Corp.
5,836,726
246,968
PPL
Corp.
7,243,571
99,599
Public
Service
Enterprise
Group,
Inc.
7,545,620
90,461
Sempra
6,968,211
109,187
Southern
Co.
(The)
8,750,246
143,426
Vistra
Corp.
14,210,648
67,987
WEC
Energy
Group,
Inc.
5,508,987
41,795
Xcel
Energy,
Inc.
2,317,533
183,849,428
TOTAL
COMMON
STOCKS
(Cost
$7,864,649,673)
11,955,206,597
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.1%
(a)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
–
Institutional
Shares
9,887,111
5.180%
9,887,111
(Cost
$9,887,111)
TOTAL
INVESTMENTS
–
99.9%
(Cost
$7,874,536,784)
$
11,965,093,708
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.1%
12,062,268
NET
ASSETS
–
100.0%
$
11,977,155,976
  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
ACTIVE
BETA
®
U.S.
SMALL
CAP
EQUITY
ETF
Schedule
of
Investments
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
98.5%
Communication
Services
–
1.9%
8,852
AMC
Networks,
Inc.,
Class
A*
$
153,494
3,093
Atlanta
Braves
Holdings,
Inc.,
Class
A*
(a)
129,999
4,219
Atlanta
Braves
Holdings,
Inc.,
Class
C*
168,633
3,510
Cardlytics,
Inc.*
30,748
21,708
Cargurus,
Inc.*
525,551
26,004
Cars.com,
Inc.*
526,061
9,968
Cinemark
Holdings,
Inc.*
172,147
6,114
Cogent
Communications
Holdings,
Inc.
362,071
29,740
DHI
Group,
Inc.*
61,562
12,911
EchoStar
Corp.,
Class
A*
247,891
18,012
EverQuote,
Inc.,
Class
A*
430,307
9,077
EW
Scripps
Co.
(The),
Class
A*
24,689
88,080
Gannett
Co.,
Inc.*
331,181
14,393
Gogo,
Inc.*
152,350
18,231
Gray
Television,
Inc.
113,761
13,368
IDT
Corp.,
Class
B
541,805
20,536
iHeartMedia,
Inc.,
Class
A*
19,008
7,730
IMAX
Corp.*
127,081
12,427
John
Wiley
&
Sons,
Inc.,
Class
A
452,964
2,785
Liberty
Latin
America
Ltd.,
Class
A
(Puerto
Rico)*
25,260
35,142
Liberty
Latin
America
Ltd.,
Class
C
(Puerto
Rico)*
318,738
14,207
Lions
Gate
Entertainment
Corp.,
Class
B*
109,678
26,369
Loop
Media,
Inc.*
5,245
4,170
Madison
Square
Garden
Entertainment
Corp.*
148,202
14,688
Magnite,
Inc.*
181,250
12,355
Marcus
Corp.
(The)
131,581
19,295
Playstudios,
Inc.*
43,800
11,948
Scholastic
Corp.
433,473
7,384
Shutterstock,
Inc.
300,012
3,955
Sphere
Entertainment
Co.*
144,357
10,282
Spok
Holdings,
Inc.
156,389
25,618
Stagwell,
Inc.*
177,533
39,070
TEGNA,
Inc.
582,534
8,030
Telephone
and
Data
Systems,
Inc.
159,717
11,699
Thryv
Holdings,
Inc.*
246,498
82,631
TrueCar,
Inc.*
243,761
21,058
Yelp,
Inc.*
778,514
6,215
Ziff
Davis,
Inc.*
358,046
9,115,891
Consumer
Discretionary
–
11.4%
19,282
1-800-Flowers.com,
Inc.,
Class
A*
186,650
18,536
Aaron's
Co.,
Inc.
(The)
157,185
12,883
Abercrombie
&
Fitch
Co.,
Class
A*
2,227,084
12,570
Academy
Sports
&
Outdoors,
Inc.
725,163
9,691
Acushnet
Holdings
Corp.
638,637
13,049
Adient
PLC*
368,504
11,716
Adtalem
Global
Education,
Inc.*
754,393
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Consumer
Discretionary
–
(continued)
34,500
American
Axle &
Manufacturing
Holdings,
Inc.*
$
263,580
31,469
American
Eagle
Outfitters,
Inc.
691,374
4,363
Asbury
Automotive
Group,
Inc.*
1,025,610
9,244
Beazer
Homes
USA,
Inc.*
265,488
7,534
Beyond,
Inc.*
113,989
4,236
BJ's
Restaurants,
Inc.*
148,429
13,976
Bloomin'
Brands,
Inc.
304,677
4,664
Boot
Barn
Holdings,
Inc.*
554,690
7,048
Brinker
International,
Inc.*
497,800
9,912
Buckle,
Inc.
(The)
382,008
6,379
Build-A-Bear
Workshop,
Inc.
172,680
15,130
Caleres,
Inc.
524,708
5,236
Camping
World
Holdings,
Inc.,
Class
A
105,244
20,654
CarParts.com,
Inc.*
24,372
5,641
Carriage
Services,
Inc.
151,686
6,212
Carvana
Co.*
621,076
1,430
Cavco
Industries,
Inc.*
510,796
4,009
Century
Communities,
Inc.
338,400
5,061
Cheesecake
Factory,
Inc.
(The)
194,747
25,242
Chegg,
Inc.*
96,677
4,413
Chuy's
Holdings,
Inc.*
117,871
6,753
Cooper-Standard
Holdings,
Inc.*
89,140
19,180
Coursera,
Inc.*
145,768
1,743
Cracker
Barrel
Old
Country
Store,
Inc.
(a)
85,024
20,367
Dana,
Inc.
286,360
5,181
Dave
&
Buster's
Entertainment,
Inc.*
264,697
16,467
Denny’s
Corp.*
120,209
11,561
Designer
Brands,
Inc.,
Class
A
116,188
27,351
Destination
XL
Group,
Inc.*
97,096
1,941
Dillard's,
Inc.,
Class
A
868,306
5,617
Dorman
Products,
Inc.*
516,595
3,092
Dream
Finders
Homes,
Inc.,
Class
A*
87,844
2,551
Duolingo,
Inc.*
488,261
11,382
El
Pollo
Loco
Holdings,
Inc.*
121,560
18,973
Ethan
Allen
Interiors,
Inc.
552,304
17,664
Everi
Holdings,
Inc.*
127,711
48,158
Figs,
Inc.,
Class
A*
255,237
5,451
Foot
Locker,
Inc.
151,156
15,598
Fossil
Group,
Inc.*
18,718
6,512
Fox
Factory
Holding
Corp.*
303,589
21,857
Frontdoor,
Inc.*
773,082
9,121
Genesco,
Inc.*
259,948
4,663
Gentherm,
Inc.*
251,522
12,483
G-III
Apparel
Group
Ltd.*
375,239
4,936
Golden
Entertainment,
Inc.
149,413
44,324
Goodyear
Tire
&
Rubber
Co.
(The)*
545,628
10,574
GoPro,
Inc.,
Class
A*
16,072
812
Graham
Holdings
Co.,
Class
B
610,973
6,759
Green
Brick
Partners,
Inc.*
369,041
3,661
Group
1
Automotive,
Inc.
1,138,498
8,539
Guess?,
Inc.
198,703
18,158
Hanesbrands,
Inc.*
92,969
13,716
Haverty
Furniture
Cos.,
Inc.
389,672
3,238
Helen
of
Troy
Ltd.*
346,077
GOLDMAN
SACHS
ACTIVE
BETA
®
U.S.
SMALL
CAP
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Consumer
Discretionary
–
(continued)
6,057
Hibbett,
Inc.
$
524,415
10,556
Hilton
Grand
Vacations,
Inc.*
436,279
2,106
Hovnanian
Enterprises,
Inc.,
Class
A*
302,801
19,605
Inspired
Entertainment,
Inc.*
178,602
4,230
Installed
Building
Products,
Inc.
896,083
15,459
International
Game
Technology
PLC
305,161
2,205
Jack
in
the
Box,
Inc.
122,069
6,575
JAKKS
Pacific,
Inc.*
122,098
3,725
Johnson
Outdoors,
Inc.,
Class
A
135,553
10,806
KB
Home
762,904
10,485
Kontoor
Brands,
Inc.
768,970
9,462
Krispy
Kreme,
Inc.
98,973
22,983
Laureate
Education,
Inc.
359,914
14,947
La-Z-Boy,
Inc.
560,811
6,810
LCI
Industries
748,283
16,901
Leslie's,
Inc.*
96,674
1,395
LGI
Homes,
Inc.*
133,920
7,110
Life
Time
Group
Holdings,
Inc.*
119,306
11,911
Light
&
Wonder,
Inc.*
1,137,262
21,572
Lincoln
Educational
Services
Corp.*
252,824
12,344
Lovesac
Co.
(The)*
346,990
6,320
M/I
Homes,
Inc.*
789,494
5,357
Malibu
Boats,
Inc.,
Class
A*
206,030
5,277
MarineMax,
Inc.*
150,289
14,376
MasterCraft
Boat
Holdings,
Inc.*
303,334
6,052
Meritage
Homes
Corp.
1,067,270
13,345
Modine
Manufacturing
Co.*
1,346,777
3,738
Monarch
Casino
&
Resort,
Inc.
250,334
3,901
Monro,
Inc.
92,259
8,806
Movado
Group,
Inc.
233,359
2,121
Nathan's
Famous,
Inc.
150,358
9,492
National
Vision
Holdings,
Inc.*
143,234
34,303
Nerdy,
Inc.*
58,658
9,273
ODP
Corp.
(The)*
363,131
11,493
OneSpaWorld
Holdings
Ltd.
(Bahamas)*
178,716
6,402
Oxford
Industries,
Inc.
708,637
7,685
Papa
John's
International,
Inc.
357,045
6,532
Patrick
Industries,
Inc.
748,567
60,547
Perdoceo
Education
Corp.
1,362,307
16,436
PlayAGS,
Inc.*
189,836
22,280
Potbelly
Corp.*
199,406
3,226
RCI
Hospitality
Holdings,
Inc.
144,331
8,047
Red
Rock
Resorts,
Inc.,
Class
A
412,409
7,998
Revolve
Group,
Inc.*
152,602
49,389
Rush
Street
Interactive,
Inc.*
442,032
48,184
Sabre
Corp.*
150,816
24,164
Sally
Beauty
Holdings,
Inc.*
294,317
2,408
Shake
Shack,
Inc.,
Class
A*
228,495
14,287
Shoe
Carnival,
Inc.
539,334
8,710
Signet
Jewelers
Ltd.
953,658
4,796
Six
Flags
Entertainment
Corp.*
122,058
7,504
Skyline
Champion
Corp.*
522,353
8,977
Sleep
Number
Corp.*
135,732
18,629
Smith
&
Wesson
Brands,
Inc.
312,408
4,878
Sonic
Automotive,
Inc.,
Class
A
276,436
23,740
Sonos,
Inc.*
375,092
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Consumer
Discretionary
–
(continued)
11,880
Standard
Motor
Products,
Inc.
$
364,835
17,238
Steven
Madden
Ltd.
766,229
61,700
Stitch
Fix,
Inc.,
Class
A*
152,399
14,747
Stoneridge,
Inc.*
234,035
4,061
Strategic
Education,
Inc.
460,599
18,601
Stride,
Inc.*
1,277,145
6,210
Sturm
Ruger
&
Co.,
Inc.
275,972
8,701
Sweetgreen,
Inc.,
Class
A*
267,556
28,475
Target
Hospitality
Corp.*
323,476
19,276
Taylor
Morrison
Home
Corp.*
1,114,731
7,703
Topgolf
Callaway
Brands
Corp.*
120,552
22,493
Tri
Pointe
Homes,
Inc.*
871,154
22,637
Udemy,
Inc.*
200,111
5,455
United
Parks
&
Resorts,
Inc.*
285,242
21,283
Upbound
Group,
Inc.
698,508
9,097
Urban
Outfitters,
Inc.*
379,436
21,523
Vera
Bradley,
Inc.*
175,628
13,294
Vista
Outdoor,
Inc.*
463,695
2,781
Visteon
Corp.*
309,720
8,145
Warby
Parker,
Inc.,
Class
A*
144,248
1,608
Winmark
Corp.
572,287
9,655
Winnebago
Industries,
Inc.
599,093
13,306
Wolverine
World
Wide,
Inc.
181,228
6,736
Worthington
Enterprises,
Inc.
384,154
41,135
WW
International,
Inc.*
68,284
11,181
XPEL,
Inc.*
424,878
11,524
Zumiez,
Inc.*
216,421
56,078,740
Consumer
Staples
–
3.9%
6,426
Andersons,
Inc.
(The)
336,337
15,209
B&G
Foods,
Inc.
145,094
30,737
Beauty
Health
Co.
(The)*
(a)
67,929
18,385
BellRing
Brands,
Inc.*
1,069,455
12,736
Cal-Maine
Foods,
Inc.
785,429
5,206
Central
Garden
&
Pet
Co.*
226,200
11,885
Central
Garden
&
Pet
Co.,
Class
A*
443,905
3,824
Chefs'
Warehouse,
Inc.
(The)*
150,742
1,728
Coca-Cola
Consolidated,
Inc.
1,695,237
8,490
Dole
PLC
105,021
11,323
Edgewell
Personal
Care
Co.
436,841
6,691
elf
Beauty,
Inc.*
1,250,615
10,454
Energizer
Holdings,
Inc.
299,194
12,276
Fresh
Del
Monte
Produce,
Inc.
286,767
24,578
Hain
Celestial
Group,
Inc.
(The)*
188,267
20,777
Herbalife
Ltd.*
214,003
7,822
Ingles
Markets,
Inc.,
Class
A
572,101
3,845
Inter
Parfums,
Inc.
460,554
2,640
J
&
J
Snack
Foods
Corp.
429,554
4,442
John
B.
Sanfilippo
&
Son,
Inc.
447,887
3,443
Lancaster
Colony
Corp.
638,677
5,728
Medifast,
Inc.
147,439
1,359
MGP
Ingredients,
Inc.
105,486
11,565
National
Beverage
Corp.*
534,303
14,217
Nu
Skin
Enterprises,
Inc.,
Class
A
189,797
2,427
PriceSmart,
Inc.
204,232
35,614
Primo
Water
Corp.
803,452
11,449
Simply
Good
Foods
Co.
(The)*
440,672
GOLDMAN
SACHS
ACTIVE
BETA
®
U.S.
SMALL
CAP
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Consumer
Staples
–
(continued)
17,713
SpartanNash
Co.
$
348,060
23,778
Sprouts
Farmers
Market,
Inc.*
1,877,986
10,673
TreeHouse
Foods,
Inc.*
387,537
7,134
Turning
Point
Brands,
Inc.
234,067
16,402
United
Natural
Foods,
Inc.*
196,988
6,589
Universal
Corp.
316,008
5,403
USANA
Health
Sciences,
Inc.*
257,183
7,240
Utz
Brands,
Inc.
134,230
38,900
Vector
Group
Ltd.
426,733
7,585
Village
Super
Market,
Inc.,
Class
A
230,584
4,746
Vita
Coco
Co.,
Inc.
(The)*
138,156
17,487
Vital
Farms,
Inc.*
723,612
2,959
WD-40
Co.
664,858
5,710
Weis
Markets,
Inc.
374,291
18,985,483
Energy
–
7.2%
31,945
Amplify
Energy
Corp.*
201,253
27,021
Archrock,
Inc.
546,905
24,721
Ardmore
Shipping
Corp.
(Ireland)
553,998
20,341
Berry
Corp.
141,777
20,226
Borr
Drilling
Ltd.
(Mexico)*
139,357
6,610
Bristow
Group,
Inc.*
237,365
8,735
Cactus,
Inc.,
Class
A
448,542
18,048
California
Resources
Corp.
854,573
3,023
Centrus
Energy
Corp.,
Class
A*
150,031
24,812
ChampionX
Corp.
809,367
6,833
Chord
Energy
Corp.
1,266,907
9,005
Civitas
Resources,
Inc.
662,408
24,381
CNX
Resources
Corp.*
641,220
12,460
CONSOL
Energy,
Inc.*
1,291,728
13,085
CVR
Energy,
Inc.
364,548
9,361
Delek
US
Holdings,
Inc.
238,331
33,010
DHT
Holdings,
Inc.
399,421
17,056
Diamond
Offshore
Drilling,
Inc.*
258,910
10,325
Dorian
LPG
Ltd.
522,548
5,133
Dril-Quip,
Inc.*
99,272
3,880
Empire
Petroleum
Corp.*
(a)
28,091
18,804
Energy
Fuels,
Inc.*
(a)
131,628
41,927
Equitrans
Midstream
Corp.
598,718
28,725
Evolution
Petroleum
Corp.
165,169
7,664
Expro
Group
Holdings
NV*
168,225
6,461
Golar
LNG
Ltd.
(Cameroon)
169,860
5,655
Gulfport
Energy
Corp.*
915,036
42,762
Helix
Energy
Solutions
Group,
Inc.*
492,191
11,273
Helmerich
&
Payne,
Inc.
429,050
11,229
International
Seaways,
Inc.
723,372
9,699
KLX
Energy
Services
Holdings,
Inc.*
(a)
49,562
48,167
Kosmos
Energy
Ltd.
(Ghana)*
293,819
52,815
Liberty
Energy,
Inc.
1,304,002
55,984
Magnolia
Oil
&
Gas
Corp.,
Class
A
1,452,785
22,453
Matador
Resources
Co.
1,424,643
22,121
Murphy
Oil
Corp.
946,558
2,053
Nabors
Industries
Ltd.*
153,482
3,631
NACCO
Industries,
Inc.,
Class
A
120,840
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Energy
–
(continued)
11,556
Noble
Corp.
PLC
$
536,892
35,883
Nordic
American
Tankers
Ltd.
148,556
17,893
Northern
Oil
&
Gas,
Inc.
732,360
19,602
Oceaneering
International,
Inc.*
464,175
24,967
Oil
States
International,
Inc.*
111,602
22,585
Overseas
Shipholding
Group,
Inc.,
Class
A
190,843
10,395
Par
Pacific
Holdings,
Inc.*
282,120
50,435
Patterson-UTI
Energy,
Inc.
555,794
22,679
PBF
Energy,
Inc.,
Class
A
1,050,718
21,100
Peabody
Energy
Corp.
522,858
60,972
Permian
Resources
Corp.
999,331
21,858
ProFrac
Holding
Corp.,
Class
A*
210,274
46,643
ProPetro
Holding
Corp.*
446,840
6,824
REX
American
Resources
Corp.*
341,132
76,499
RPC,
Inc.
522,488
12,229
SandRidge
Energy,
Inc.
170,717
9,529
Scorpio
Tankers,
Inc.
(Monaco)
782,045
4,673
Seadrill
Ltd.
(Norway)*
242,388
20,934
SFL
Corp.
Ltd.
(Norway)
299,566
7,703
SilverBow
Resources,
Inc.*
301,958
10,283
Sitio
Royalties
Corp.,
Class
A
240,931
27,017
SM
Energy
Co.
1,362,467
22,804
Talos
Energy,
Inc.*
273,876
49,747
Teekay
Corp.
(Bermuda)*
487,023
11,403
Teekay
Tankers
Ltd.,
Class
A
(Canada)
830,480
95,909
TETRA
Technologies,
Inc.*
355,822
3,925
Tidewater,
Inc.*
405,570
25,054
Uranium
Energy
Corp.*
178,886
19,310
US
Silica
Holdings,
Inc.*
299,112
47,278
VAALCO
Energy,
Inc.
301,634
6,728
Valaris
Ltd.*
520,747
5,123
Vital
Energy,
Inc.*
250,259
83,200
W&T
Offshore,
Inc.
185,536
9,762
Weatherford
International
PLC*
1,174,759
14,123
World
Kinect
Corp.
372,000
35,547,251
Financials
–
16.7%
3,543
1st
Source
Corp.
182,181
835
ACNB
Corp.
26,361
7,556
Amalgamated
Financial
Corp.
191,016
12,457
A-Mark
Precious
Metals,
Inc.
472,619
20,457
Ambac
Financial
Group,
Inc.*
362,498
4,662
Amerant
Bancorp,
Inc.
102,750
13,615
Ameris
Bancorp
680,069
6,509
AMERISAFE,
Inc.
285,289
4,350
Ames
National
Corp.
89,175
28,105
Apollo
Commercial
Real
Estate
Finance,
Inc.
REIT
283,860
36,541
Arbor
Realty
Trust,
Inc.
REIT
499,881
8,295
Arrow
Financial
Corp.
208,287
17,733
Artisan
Partners
Asset
Management,
Inc.,
Class
A
780,784
4,567
AssetMark
Financial
Holdings,
Inc.*
157,059
22,639
Associated
Banc-Corp.
484,927
17,464
Atlantic
Union
Bankshares
Corp.
569,850
1,771
Atlanticus
Holdings
Corp.*
45,515
GOLDMAN
SACHS
ACTIVE
BETA
®
U.S.
SMALL
CAP
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Financials
–
(continued)
12,531
AvidXchange
Holdings,
Inc.*
$
132,703
15,801
Axos
Financial,
Inc.*
851,200
7,971
Banc
of
California,
Inc.
110,478
6,430
BancFirst
Corp.
553,944
10,843
Banco
Latinoamericano
de
Comercio
Exterior
SA,
Class
E
(Panama)
325,398
14,223
Bancorp,
Inc.
(The)*
477,751
2,329
Bank
First
Corp.
190,140
6,586
Bank
of
Hawaii
Corp.
380,276
20,036
Bank
of
NT
Butterfield
&
Son
Ltd.
(The)
(Bermuda)
682,626
15,098
BankUnited,
Inc.
433,162
5,047
Bankwell
Financial
Group,
Inc.
124,863
5,618
Banner
Corp.
263,091
90
BayCom
Corp.
1,816
11,457
BCB
Bancorp,
Inc.
114,570
6,079
Berkshire
Hills
Bancorp,
Inc.
135,136
29,472
BGC
Group,
Inc.,
Class
A
255,522
22,552
Blackstone
Mortgage
Trust,
Inc.,
Class
A
REIT
393,307
2,419
Blue
Ridge
Bankshares,
Inc.*
7,015
9,230
Bread
Financial
Holdings,
Inc.
385,445
17,537
Brightsphere
Investment
Group,
Inc.
388,795
22,151
Brookline
Bancorp,
Inc.
191,606
5,236
Byline
Bancorp,
Inc.
120,952
22,907
Cadence
Bank
653,995
99
Cambridge
Bancorp
6,627
8,418
Camden
National
Corp.
272,912
5,684
Cannae
Holdings,
Inc.*
103,335
8,350
Capital
City
Bank
Group,
Inc.
226,786
4,640
Cass
Information
Systems,
Inc.
196,458
16,423
Cathay
General
Bancorp
605,023
10,885
Central
Pacific
Financial
Corp.
220,748
3,192
Chemung
Financial
Corp.
138,533
10,899
Chimera
Investment
Corp.
REIT
129,698
3,577
ChoiceOne
Financial
Services,
Inc.
(a)
88,280
6,121
City
Holding
Co.
625,689
10,036
Civista
Bancshares,
Inc.
143,816
15,319
Claros
Mortgage
Trust,
Inc.
120,867
6,842
CNB
Financial
Corp.
132,735
32,746
CNO
Financial
Group,
Inc.
939,483
4,130
Codorus
Valley
Bancorp,
Inc.
(a)
90,860
8,664
Cohen
&
Steers,
Inc.
608,993
45
Colony
Bankcorp,
Inc.
544
6,418
Columbia
Financial,
Inc.*
93,061
5,536
Community
Financial
System,
Inc.
251,667
4,953
Community
Trust
Bancorp,
Inc.
208,571
5,270
Community
West
Bancshares
91,540
6,517
ConnectOne
Bancorp,
Inc.
121,477
8,156
Consumer
Portfolio
Services,
Inc.*
67,532
15,651
Customers
Bancorp,
Inc.*
708,990
17,743
CVB
Financial
Corp.
293,469
1,757
Diamond
Hill
Investment
Group,
Inc.
263,620
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Financials
–
(continued)
10,544
Dime
Community
Bancshares,
Inc.
$
194,748
11,554
Donnelley
Financial
Solutions,
Inc.*
704,332
8,327
Dynex
Capital,
Inc.
REIT
102,006
8,718
Eagle
Bancorp,
Inc.
157,186
8,638
Eastern
Bankshares,
Inc.
118,341
15,539
Ellington
Financial,
Inc.
REIT
188,333
8,155
Employers
Holdings,
Inc.
343,978
11,421
Enact
Holdings,
Inc.
350,739
3,232
Encore
Capital
Group,
Inc.*
142,984
15,930
Enova
International,
Inc.*
982,084
2,404
Enstar
Group
Ltd.*
752,789
6,840
Enterprise
Financial
Services
Corp.
264,640
3,574
Esquire
Financial
Holdings,
Inc.
163,582
23,291
Essent
Group
Ltd.
1,320,600
3,443
Evans
Bancorp,
Inc.
91,102
15,329
EVERTEC,
Inc.
(Puerto
Rico)
536,055
1,764
Farmers
&
Merchants
Bancorp,
Inc.
38,914
11,326
Farmers
National
Banc
Corp.
138,404
8,810
FB
Financial
Corp.
325,970
5,835
Federal
Agricultural
Mortgage
Corp.,
Class
C
1,019,199
2,097
Fidelity
D&D
Bancorp,
Inc.
96,944
9,730
Financial
Institutions,
Inc.
171,345
7,931
First
Bancorp
250,223
5,723
First
Bancorp,
Inc.
(The)
138,268
46,122
First
BanCorp.
(Puerto
Rico)
817,743
4,026
First
Bancshares,
Inc.
(The)
102,059
9,577
First
Busey
Corp.
216,536
7,362
First
Business
Financial
Services,
Inc.
250,382
21,562
First
Commonwealth
Financial
Corp.
291,303
4,661
First
Community
Corp/SC
(a)
78,025
19,171
First
Financial
Bancorp
427,513
23,097
First
Financial
Bankshares,
Inc.
692,448
3,940
First
Financial
Corp.
145,938
10,301
First
Interstate
BancSystem,
Inc.,
Class
A
273,389
13,247
First
Merchants
Corp.
437,813
4,445
First
Mid
Bancshares,
Inc.
141,084
8,657
First
of
Long
Island
Corp.
(The)
86,570
1,173
First
Western
Financial,
Inc.*
19,800
5,364
FirstCash
Holdings,
Inc.
632,523
12,294
Flushing
Financial
Corp.
156,380
5,301
Flywire
Corp.*
90,912
12,255
Franklin
BSP
Realty
Trust,
Inc.
REIT
156,129
2,964
FS
Bancorp,
Inc.
97,190
30,754
Fulton
Financial
Corp.
517,897
2,226
FVCBankcorp,
Inc.*
24,486
107,382
Genworth
Financial,
Inc.,
Class
A*
675,433
9,926
German
American
Bancorp,
Inc.
314,158
12,147
Glacier
Bancorp,
Inc.
454,055
5,544
Goosehead
Insurance,
Inc.,
Class
A*
357,588
GOLDMAN
SACHS
ACTIVE
BETA
®
U.S.
SMALL
CAP
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Financials
–
(continued)
6,292
Great
Southern
Bancorp,
Inc.
$
330,267
6,069
Greene
County
Bancorp,
Inc.
190,749
8,182
Hamilton
Lane,
Inc.,
Class
A
1,026,759
13,818
Hancock
Whitney
Corp.
645,715
11,220
Hanmi
Financial
Corp.
176,827
14,235
HarborOne
Bancorp,
Inc.
148,186
1,070
HCI
Group,
Inc.
102,592
8,096
Heartland
Financial
USA,
Inc.
355,900
17,374
Heritage
Commerce
Corp.
141,598
5,996
Heritage
Financial
Corp.
108,707
13,138
Hilltop
Holdings,
Inc.
401,891
607
Hingham
Institution
For
Savings
(The)
(a)
103,736
3,596
Home
Bancorp,
Inc.
130,067
28,353
Home
BancShares,
Inc.
666,863
5,667
HomeTrust
Bancshares,
Inc.
(a)
156,466
26,469
Hope
Bancorp,
Inc.
278,719
8,255
Horace
Mann
Educators
Corp.
282,073
12,356
Horizon
Bancorp,
Inc.
150,990
13,069
Independent
Bank
Corp.
327,509
7,056
Independent
Bank
Corp.
358,374
5,194
Independent
Bank
Group,
Inc.
239,132
12,346
International
Bancshares
Corp.
701,623
16,420
International
Money
Express,
Inc.*
342,521
1,115
Investors
Title
Co.
205,271
19,049
Jackson
Financial,
Inc.,
Class
A
1,447,914
18,815
James
River
Group
Holdings
Ltd.
146,945
18,383
Ladder
Capital
Corp.
REIT
205,522
8,780
Lakeland
Financial
Corp.
544,623
30,006
LendingClub
Corp.*
267,653
9,349
Live
Oak
Bancshares,
Inc.
322,353
19,390
Macatawa
Bank
Corp.
272,623
5,614
MainStreet
Bancshares,
Inc.
94,877
33,734
Marqeta,
Inc.,
Class
A*
179,465
32,225
MBIA,
Inc.*
182,071
7,019
Mercantile
Bank
Corp.
268,898
3,431
Metropolitan
Bank
Holding
Corp.*
144,274
14,540
MFA
Financial,
Inc.
REIT
155,578
2,920
Middlefield
Banc
Corp.
61,612
5,321
Midland
States
Bancorp,
Inc.
120,893
4,383
MidWestOne
Financial
Group,
Inc.
93,840
8,435
Moelis
&
Co.,
Class
A
477,505
14,672
Mr
Cooper
Group,
Inc.*
1,223,645
5,303
National
Bank
Holdings
Corp.,
Class
A
193,400
5,218
National
Bankshares,
Inc.
(a)
160,506
798
National
Western
Life
Group,
Inc.,
Class
A
391,419
36,293
Navient
Corp.
546,935
8,558
NBT
Bancorp,
Inc.
318,186
3,859
Nelnet,
Inc.,
Class
A
400,024
1,478
NewtekOne,
Inc.
20,322
7,017
Nexpoint
Real
Estate
Finance,
Inc.
REIT
99,782
2,835
Nicolet
Bankshares,
Inc.
228,303
21,153
NMI
Holdings,
Inc.,
Class
A*
701,857
6,193
Northeast
Bank
344,269
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Financials
–
(continued)
5,230
Northeast
Community
Bancorp,
Inc.
$
89,224
16,105
Northwest
Bancshares,
Inc.
176,350
4,121
Norwood
Financial
Corp.
104,302
6,128
Oak
Valley
Bancorp
145,969
8,072
OceanFirst
Financial
Corp.
121,484
16,498
OFG
Bancorp
(Puerto
Rico)
613,066
45,071
Old
National
Bancorp
770,263
15,295
Old
Second
Bancorp,
Inc.
221,166
17,838
Open
Lending
Corp.*
115,412
3,087
Origin
Bancorp,
Inc.
96,530
11,639
Oscar
Health,
Inc.,
Class
A*
232,314
12,171
Pacific
Premier
Bancorp,
Inc.
270,683
24,905
Pagseguro
Digital
Ltd.,
Class
A
(Brazil)*
305,086
4,137
Palomar
Holdings,
Inc.*
350,983
3,642
Park
National
Corp.
500,629
9,055
Parke
Bancorp,
Inc.
146,963
11,196
Pathward
Financial,
Inc.
596,859
8,970
Patria
Investments
Ltd.,
Class
A
(Cayman
Islands)
116,610
9,933
PCB
Bancorp
151,180
7,166
Peapack-Gladstone
Financial
Corp.
155,502
6,197
PennyMac
Financial
Services,
Inc.
561,758
17,941
PennyMac
Mortgage
Investment
Trust
REIT
245,433
13,660
Peoples
Bancorp,
Inc.
398,189
3,748
Peoples
Financial
Services
Corp.
146,134
2,440
Piper
Sandler
Cos.
516,743
6,572
PJT
Partners,
Inc.,
Class
A
701,035
2,669
Plumas
Bancorp
93,201
1,432
PRA
Group,
Inc.*
30,903
7,835
Preferred
Bank
585,431
7,270
Premier
Financial
Corp.
143,292
4,195
Primis
Financial
Corp.
44,006
9,088
ProAssurance
Corp.*
130,595
14,838
PROG
Holdings,
Inc.
560,728
24,717
Provident
Financial
Services,
Inc.
355,925
6,280
QCR
Holdings,
Inc.
355,888
45,078
Radian
Group,
Inc.
1,408,237
47,025
Ready
Capital
Corp.
REIT
390,307
6,222
Regional
Management
Corp.
171,105
10,686
Remitly
Global,
Inc.*
138,865
9,824
Renasant
Corp.
295,899
5,793
Republic
Bancorp,
Inc.,
Class
A
300,019
8,004
S&T
Bancorp,
Inc.
255,408
3,660
Safety
Insurance
Group,
Inc.
283,101
10,902
Sandy
Spring
Bancorp,
Inc.
255,543
8,078
Seacoast
Banking
Corp.
of
Florida
191,206
11,959
Selective
Insurance
Group,
Inc.
1,167,318
11,880
ServisFirst
Bancshares,
Inc.
734,184
6,668
Sierra
Bancorp
140,161
15,895
Simmons
First
National
Corp.,
Class
A
276,255
28,106
SiriusPoint
Ltd.
(Bermuda)*
369,594
4,101
Skyward
Specialty
Insurance
Group,
Inc.*
153,049
GOLDMAN
SACHS
ACTIVE
BETA
®
U.S.
SMALL
CAP
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Financials
–
(continued)
5,715
Southern
First
Bancshares,
Inc.*
$
156,991
6,314
Southern
Missouri
Bancorp,
Inc.
265,883
6,142
Southside
Bancshares,
Inc.
164,667
10,247
SouthState
Corp.
792,196
7,752
Stellar
Bancorp,
Inc.
175,118
3,769
StepStone
Group,
Inc.,
Class
A
161,841
8,856
Stewart
Information
Services
Corp.
560,673
6,856
Stock
Yards
Bancorp,
Inc.
321,204
35,076
StoneCo
Ltd.,
Class
A
(Brazil)*
485,452
9,095
StoneX
Group,
Inc.*
682,762
7,984
Texas
Capital
Bancshares,
Inc.*
481,275
3,415
Timberland
Bancorp,
Inc.
84,521
2,562
Tompkins
Financial
Corp.
120,183
13,226
Towne
Bank
359,615
8,665
TriCo
Bancshares
329,963
3,789
Triumph
Financial,
Inc.*
281,523
5,362
TrustCo
Bank
Corp.
149,064
12,227
Trustmark
Corp.
356,417
8,323
UMB
Financial
Corp.
686,148
17,032
United
Bankshares,
Inc.
552,518
14,825
United
Community
Banks,
Inc.
380,409
6,304
Unity
Bancorp,
Inc.
176,386
7,855
Universal
Insurance
Holdings,
Inc.
154,822
6,378
Univest
Financial
Corp.
139,040
4,211
Upstart
Holdings,
Inc.*
(a)
104,096
66,742
Valley
National
Bancorp
475,870
9,394
Veritex
Holdings,
Inc.
191,638
4,121
Victory
Capital
Holdings,
Inc.,
Class
A
214,416
4,298
Virginia
National
Bankshares
Corp.
125,759
2,357
Virtus
Investment
Partners,
Inc.
538,787
14,160
WaFd,
Inc.
396,622
4,577
Walker &
Dunlop,
Inc.
439,346
6,305
Washington
Trust
Bancorp,
Inc.
165,506
15,536
Waterstone
Financial,
Inc.
187,986
11,102
WesBanco,
Inc.
306,415
12,040
West
BanCorp,
Inc.
208,533
8,781
Westamerica
BanCorp
428,688
48,348
WisdomTree,
Inc.
482,030
1,185
World
Acceptance
Corp.*
152,261
11,975
WSFS
Financial
Corp.
527,618
82,229,504
Health
Care
–
10.8%
38,010
ACADIA
Pharmaceuticals,
Inc.*
573,951
23,636
AdaptHealth
Corp.*
224,069
3,465
Addus
HomeCare
Corp.*
397,817
33,707
ADMA
Biologics,
Inc.*
321,902
4,045
Alignment
Healthcare,
Inc.*
31,875
49,577
Alkermes
PLC*
1,160,102
17,754
Alphatec
Holdings,
Inc.*
172,391
34,235
Amicus
Therapeutics,
Inc.*
335,503
12,736
AMN
Healthcare
Services,
Inc.*
712,452
113,375
Amneal
Pharmaceuticals,
Inc.*
757,345
10,937
Amphastar
Pharmaceuticals,
Inc.*
462,963
47,906
Amylyx
Pharmaceuticals,
Inc.*
82,398
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Health
Care
–
(continued)
7,246
AngioDynamics,
Inc.*
$
45,722
5,337
ANI
Pharmaceuticals,
Inc.*
346,371
11,957
Anika
Therapeutics,
Inc.*
306,697
4,832
Arcellx,
Inc.*
251,264
12,775
Arcturus
Therapeutics
Holdings,
Inc.*
495,798
23,315
Ardelyx,
Inc.*
159,941
5,685
Arrowhead
Pharmaceuticals,
Inc.*
130,471
70,165
Assertio
Holdings,
Inc.*
69,800
4,243
Astrana
Health,
Inc.*
175,787
8,264
AtriCure,
Inc.*
186,271
33
Atrion
Corp.
15,188
12,139
Avanos
Medical,
Inc.*
241,687
13,100
Avita
Medical,
Inc.*
(a)
125,891
4,598
Axonics,
Inc.*
308,480
6,047
Axsome
Therapeutics,
Inc.*
(a)
444,031
71,608
BioCryst
Pharmaceuticals,
Inc.*
462,588
4,017
Biohaven
Ltd.*
140,997
3,398
Blueprint
Medicines
Corp.*
358,693
5,794
Bridgebio
Pharma,
Inc.*
162,290
6,628
Cabaletta
Bio,
Inc.*
67,539
40,491
CareDx,
Inc.*
526,788
71,156
Catalyst
Pharmaceuticals,
Inc.*
1,150,592
3,959
Cerevel
Therapeutics
Holdings,
Inc.*
161,290
62,016
Cerus
Corp.*
111,009
1,222
Codexis,
Inc.*
4,130
31,569
Collegium
Pharmaceutical,
Inc.*
1,046,197
2,374
CONMED
Corp.
181,469
47,548
Corcept
Therapeutics,
Inc.*
1,434,523
3,063
CorVel
Corp.*
734,660
2,731
Crinetics
Pharmaceuticals,
Inc.*
121,284
29,821
Cross
Country
Healthcare,
Inc.*
450,893
8,597
CryoPort,
Inc.*
88,377
5,815
CVRx,
Inc.*
40,414
3,577
Cytokinetics,
Inc.*
173,520
1,561
Disc
Medicine,
Inc.*
52,996
53,110
Dynavax
Technologies
Corp.*
636,789
2,936
Eagle
Pharmaceuticals,
Inc.*
10,188
20,213
Embecta
Corp.
250,035
226
Enliven
Therapeutics,
Inc.*
5,101
9,021
Ensign
Group,
Inc.
(The)
1,093,706
17,976
Entrada
Therapeutics,
Inc.*
278,089
8,668
Evolent
Health,
Inc.,
Class
A*
183,675
30,766
Evolus,
Inc.*
397,804
9,922
Fulgent
Genetics,
Inc.*
204,889
3,485
Glaukos
Corp.*
392,829
5,510
Haemonetics
Corp.*
463,281
17,444
Halozyme
Therapeutics,
Inc.*
772,595
18,479
Harmony
Biosciences
Holdings,
Inc.*
543,283
35,627
Harvard
Bioscience,
Inc.*
112,938
8,523
HealthEquity,
Inc.*
696,159
9,153
HealthStream,
Inc.
249,785
10,236
Hims
&
Hers
Health,
Inc.*
198,783
3,613
Ideaya
Biosciences,
Inc.*
132,055
4,327
Immunovant,
Inc.*
109,862
9,119
Inari
Medical,
Inc.*
455,950
16,358
InfuSystem
Holdings,
Inc.*
116,796
GOLDMAN
SACHS
ACTIVE
BETA
®
U.S.
SMALL
CAP
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Health
Care
–
(continued)
16,170
Inmode
Ltd.*
$
309,332
44,972
Innoviva,
Inc.*
710,108
8,472
Insmed,
Inc.*
466,384
6,509
Integer
Holdings
Corp.*
789,151
3,698
Intellia
Therapeutics,
Inc.*
79,063
18,495
Intra-Cellular
Therapies,
Inc.*
1,243,604
7,950
Iovance
Biotherapeutics,
Inc.*
70,596
2,519
iRadimed
Corp.
106,982
6,251
iRhythm
Technologies,
Inc.*
551,401
71,003
Ironwood
Pharmaceuticals,
Inc.*
447,319
3,487
iTeos
Therapeutics,
Inc.*
58,372
10,062
Joint
Corp.
(The)*
151,031
88,095
Karyopharm
Therapeutics,
Inc.*
85,373
18,775
Kiniksa
Pharmaceuticals
Ltd.,
Class
A*
356,913
1,260
Krystal
Biotech,
Inc.*
201,663
11,311
Lantheus
Holdings,
Inc.*
925,579
7,219
LeMaitre
Vascular,
Inc.
569,435
5,625
Ligand
Pharmaceuticals,
Inc.*
478,406
6,659
LivaNova
PLC*
406,665
553
Madrigal
Pharmaceuticals,
Inc.*
130,596
7,610
Merit
Medical
Systems,
Inc.*
617,551
2,761
Mesa
Laboratories,
Inc.
264,228
86,610
MiMedx
Group,
Inc.*
619,261
4,057
Morphic
Holding,
Inc.*
123,211
126,802
Multiplan
Corp.*
68,080
35,996
Myriad
Genetics,
Inc.*
819,269
5,085
National
HealthCare
Corp.
537,739
8,045
National
Research
Corp.
225,904
16,878
Neogen
Corp.*
221,946
9,312
Nevro
Corp.*
87,067
2,013
Nuvalent,
Inc.,
Class
A*
132,093
47,741
Ocular
Therapeutix,
Inc.*
272,124
7,878
Olema
Pharmaceuticals,
Inc.*
76,259
23,343
Omeros
Corp.*
(a)
78,432
1,368
OmniAb,
Inc.
12.5
Earnout*
(b)
—
1,368
OmniAb,
Inc.
15.00
Earnout*
(b)
—
9,250
Omnicell,
Inc.*
301,457
139,156
OPKO
Health,
Inc.*
(a)
190,644
22,046
Option
Care
Health,
Inc.*
657,412
46,419
OraSure
Technologies,
Inc.*
219,562
62,675
Organogenesis
Holdings,
Inc.*
172,356
16,422
Orthofix
Medical,
Inc.*
225,474
18,585
Ovid
therapeutics,
Inc.*
56,870
21,455
Owens
&
Minor,
Inc.*
373,961
17,053
Pacira
BioSciences,
Inc.*
517,217
20,420
Patterson
Cos.,
Inc.
502,128
30,865
Pediatrix
Medical
Group,
Inc.*
225,623
15,150
PetIQ,
Inc.*
314,514
18,954
Phibro
Animal
Health
Corp.,
Class
A
334,159
9,656
Phreesia,
Inc.*
182,691
14,829
Poseida
Therapeutics,
Inc.*
44,339
13,994
Prestige
Consumer
Healthcare,
Inc.*
899,954
5,498
Progyny,
Inc.*
148,171
5,477
Protagonist
Therapeutics,
Inc.*
154,178
43,695
Protalix
BioTherapeutics,
Inc.*
49,375
16,202
PTC
Therapeutics,
Inc.*
589,105
3,847
Quanterix
Corp.*
61,437
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Health
Care
–
(continued)
9,224
RadNet,
Inc.*
$
540,895
6,938
REVOLUTION
Medicines,
Inc.*
265,933
4,725
Rhythm
Pharmaceuticals,
Inc.*
168,588
3,393
RxSight,
Inc.*
198,389
3,458
Sanara
Medtech,
Inc.*
102,703
6,979
Sangamo
Therapeutics,
Inc.*
3,939
28,319
Savara,
Inc.*
115,825
14,661
Select
Medical
Holdings
Corp.
506,537
4,557
Semler
Scientific,
Inc.*
133,657
10,094
SI-BONE,
Inc.*
141,821
43,461
SIGA
Technologies,
Inc.
325,088
11,226
Silk
Road
Medical,
Inc.*
244,053
4,790
SpringWorks
Therapeutics,
Inc.*
198,593
9,179
STAAR
Surgical
Co.*
381,204
32,824
Supernus
Pharmaceuticals,
Inc.*
890,187
8,001
Surgery
Partners,
Inc.*
220,828
6,247
Surmodics,
Inc.*
262,749
21,298
Tactile
Systems
Technology,
Inc.*
271,123
6,691
Taro
Pharmaceutical
Industries
Ltd.*
286,509
5,059
Tarsus
Pharmaceuticals,
Inc.*
166,745
8,655
Tela
Bio,
Inc.*
47,862
30,427
TG
Therapeutics,
Inc.*
495,960
12,340
Theravance
Biopharma,
Inc.*
106,371
1,459
TransMedics
Group,
Inc.*
199,008
12,771
TruBridge,
Inc.*
120,175
1,575
UFP
Technologies,
Inc.*
410,067
18,332
UroGen
Pharma
Ltd.*
243,816
2,582
US
Physical
Therapy,
Inc.
264,836
49,717
Vanda
Pharmaceuticals,
Inc.*
254,054
16,819
Varex
Imaging
Corp.*
259,853
8,404
Vaxcyte,
Inc.*
590,549
4,912
Vera
Therapeutics,
Inc.*
186,607
7,667
Veracyte,
Inc.*
159,090
21,815
Vericel
Corp.*
1,040,575
5,392
Verrica
Pharmaceuticals,
Inc.*
(a)
45,886
32,198
Viemed
Healthcare,
Inc.*
238,587
7,616
Vigil
Neuroscience,
Inc.*
24,219
6,823
Viking
Therapeutics,
Inc.*
424,800
26,412
Voyager
Therapeutics,
Inc.*
221,861
6,483
Xencor,
Inc.*
154,036
12,137
Y-mAbs
Therapeutics,
Inc.*
146,858
10,767
Zimvie,
Inc.*
179,271
17,191
Zynex,
Inc.*
(a)
174,489
53,226,968
Industrials
–
19.4%
11,525
AAON,
Inc.
864,951
6,978
AAR
Corp.*
495,368
11,995
ABM
Industries,
Inc.
567,004
36,119
ACCO
Brands
Corp.
183,846
14,609
ACV
Auctions,
Inc.,
Class
A*
260,771
3,021
AeroVironment,
Inc.*
610,695
3,019
Alamo
Group,
Inc.
573,580
3,567
Albany
International
Corp.,
Class
A
312,897
47,805
Alight,
Inc.,
Class
A*
370,489
10,347
Allient,
Inc.
280,404
326
Alta
Equipment
Group,
Inc.
2,751
GOLDMAN
SACHS
ACTIVE
BETA
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SMALL
CAP
EQUITY
ETF
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Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Industrials
–
(continued)
4,024
American
Woodmark
Corp.*
$
346,507
28,258
API
Group
Corp.*
1,007,115
10,882
Apogee
Enterprises,
Inc.
707,004
8,512
Applied
Industrial
Technologies,
Inc.
1,642,816
5,168
ArcBest
Corp.
545,327
8,222
Arcosa,
Inc.
722,796
3,116
Argan,
Inc.
220,083
10,551
Array
Technologies,
Inc.*
149,613
6,992
Astec
Industries,
Inc.
227,170
10,970
Atkore,
Inc.
1,669,086
9,084
Atmus
Filtration
Technologies,
Inc.*
280,151
4,951
AZZ,
Inc.
415,290
7,095
Barnes
Group,
Inc.
273,087
2,497
Barrett
Business
Services,
Inc.
330,453
13,709
Beacon
Roofing
Supply,
Inc.*
1,330,596
11,897
Blue
Bird
Corp.*
678,248
7,985
BlueLinx
Holdings,
Inc.*
821,577
13,094
Boise
Cascade
Co.
1,797,675
9,418
Bowman
Consulting
Group
Ltd.*
303,919
5,487
Brink’s
Co.
(The)
566,478
5,151
Casella
Waste
Systems,
Inc.,
Class
A*
518,139
8,646
CBIZ,
Inc.*
655,540
6,599
CECO
Environmental
Corp.*
165,173
3,788
Chart
Industries,
Inc.*
594,830
7,356
Cimpress
PLC
(Ireland)*
606,944
8,016
Columbus
McKinnon
Corp.
313,426
6,448
Comfort
Systems
USA,
Inc.
2,110,688
11,847
Commercial
Vehicle
Group,
Inc.*
64,092
83,223
Conduent,
Inc.*
291,281
3,770
Construction
Partners,
Inc.,
Class
A*
219,452
33,328
CoreCivic,
Inc.*
534,914
13,857
Costamare,
Inc.
(Monaco)
221,851
3,737
Covenant
Logistics
Group,
Inc.
177,620
3,750
CRA
International,
Inc.
659,887
11,654
CSG
Systems
International,
Inc.
502,870
4,224
CSW
Industrials,
Inc.
1,073,994
18,641
Deluxe
Corp.
423,710
8,564
Distribution
Solutions
Group,
Inc.*
285,866
64,225
DNOW,
Inc.*
937,043
514
Douglas
Dynamics,
Inc.
12,778
2,417
Ducommun,
Inc.*
140,621
12,833
DXP
Enterprises,
Inc.*
637,543
4,278
Dycom
Industries,
Inc.*
769,869
5,790
Encore
Wire
Corp.
1,671,747
21,866
Energy
Recovery,
Inc.*
295,191
14,458
Enerpac
Tool
Group
Corp.
568,489
6,677
EnerSys
720,048
6,897
Ennis,
Inc.
145,044
10,925
Enovix
Corp.*
(a)
116,024
4,148
Enpro,
Inc.
635,722
3,350
ESCO
Technologies,
Inc.
365,585
3,977
EVI
Industries,
Inc.
83,318
26,258
ExlService
Holdings,
Inc.*
784,064
4,335
Exponent,
Inc.
412,345
8,445
Federal
Signal
Corp.
777,109
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Industrials
–
(continued)
9,752
First
Advantage
Corp.
$
156,617
18,657
Fluor
Corp.*
809,714
7,194
Forrester
Research,
Inc.*
129,420
10,052
Forward
Air
Corp.
168,874
10,970
Franklin
Covey
Co.*
405,890
11,488
Franklin
Electric
Co.,
Inc.
1,142,826
12,995
FTAI
Aviation
Ltd.
1,095,738
3,394
GATX
Corp.
468,236
12,244
Genco
Shipping
&
Trading
Ltd.
275,735
7,296
Gencor
Industries,
Inc.*
141,324
48,169
GEO
Group,
Inc.
(The)*
700,377
6,277
Gibraltar
Industries,
Inc.*
473,662
11,886
Global
Industrial
Co.
411,374
18,423
GMS,
Inc.*
1,731,025
7,870
Golden
Ocean
Group
Ltd.
(Norway)
113,249
3,690
Gorman-Rupp
Co.
(The)
127,453
61,449
GrafTech
International
Ltd.*
101,391
4,668
Granite
Construction,
Inc.
290,770
3,239
Greenbrier
Cos.,
Inc.
(The)
178,955
12,606
Griffon
Corp.
851,409
6,803
H&E
Equipment
Services,
Inc.
322,258
11,251
Heartland
Express,
Inc.
127,361
3,444
Heidrick
&
Struggles
International,
Inc.
118,060
3,191
Helios
Technologies,
Inc.
159,805
3,461
Herc
Holdings,
Inc.
502,087
9,851
Hillenbrand,
Inc.
457,973
16,449
Hillman
Solutions
Corp.*
151,166
2,842
HireQuest,
Inc.
37,031
20,593
HNI
Corp.
968,901
18,290
Hub
Group,
Inc.,
Class
A
789,214
37,185
Hudson
Technologies,
Inc.*
331,318
5,746
Huron
Consulting
Group,
Inc.*
507,429
1,699
Hyster-Yale
Materials
Handling,
Inc.
123,330
5,024
ICF
International,
Inc.
717,176
7,677
IES
Holdings,
Inc.*
1,170,359
21,846
Innodata,
Inc.*
275,697
8,667
Insperity,
Inc.
820,938
6,747
Insteel
Industries,
Inc.
221,774
22,474
Interface,
Inc.
362,056
22,681
Janus
International
Group,
Inc.*
314,812
20,243
JELD-WEN
Holding,
Inc.*
313,969
32,897
Joby
Aviation,
Inc.*
(a)
160,208
3,429
John
Bean
Technologies
Corp.
327,572
3,522
Kadant,
Inc.
1,007,327
18,272
Kelly
Services,
Inc.,
Class
A
397,233
10,033
Kennametal,
Inc.
258,350
13,808
Kforce,
Inc.
853,472
10,109
Korn
Ferry
666,587
9,633
Kratos
Defense &
Security
Solutions,
Inc.*
209,421
37,471
Legalzoom.com,
Inc.*
328,995
18,486
Leonardo
DRS,
Inc.*
435,345
3,610
Limbach
Holdings,
Inc.*
206,059
1,989
Lindsay
Corp.
228,377
24,726
LSI
Industries,
Inc.
392,649
10,974
Manitowoc
Co.,
Inc.
(The)*
136,407
7,261
Marten
Transport
Ltd.
128,520
GOLDMAN
SACHS
ACTIVE
BETA
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SMALL
CAP
EQUITY
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Investments
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May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Industrials
–
(continued)
12,181
Masterbrand,
Inc.*
$
203,545
9,536
Matson,
Inc.
1,222,515
6,638
Matthews
International
Corp.,
Class
A
188,055
11,267
Maximus,
Inc.
970,089
4,182
Mayville
Engineering
Co.,
Inc.*
66,996
2,478
McGrath
RentCorp
(a)
270,052
2,627
Miller
Industries,
Inc.
159,722
16,180
MillerKnoll,
Inc.
446,244
17,461
Mistras
Group,
Inc.*
149,292
5,559
Moog,
Inc.,
Class
A
941,861
35,759
MRC
Global,
Inc.*
475,237
33,084
Mueller
Industries,
Inc.
1,948,978
20,523
Mueller
Water
Products,
Inc.,
Class
A
380,907
3,886
MYR
Group,
Inc.*
602,563
1,284
National
Presto
Industries,
Inc.
95,632
14,316
NEXTracker,
Inc.,
Class
A*
789,814
5,174
Northwest
Pipe
Co.*
183,625
3,736
NV5
Global,
Inc.*
351,109
2,779
Omega
Flex,
Inc.
(a)
164,545
14,934
OPENLANE,
Inc.*
257,612
3,356
PAM
Transportation
Services,
Inc.*
55,777
4,118
Pangaea
Logistics
Solutions
Ltd.
34,056
9,622
Parsons
Corp.*
732,715
2,956
Powell
Industries,
Inc.
531,666
2,327
Preformed
Line
Products
Co.
312,609
11,951
Primoris
Services
Corp.
654,437
6,462
Proto
Labs,
Inc.*
200,128
14,651
Quanex
Building
Products
Corp.
482,897
33,638
Radiant
Logistics,
Inc.*
179,627
25,973
Resideo
Technologies,
Inc.*
561,017
28,444
Resources
Connection,
Inc.
325,684
15,315
REV
Group,
Inc.
419,784
25,640
Rocket
Lab
USA,
Inc.*
(a)
112,047
20,126
Rush
Enterprises,
Inc.,
Class
A
908,286
8,603
Rush
Enterprises,
Inc.,
Class
B
363,649
33,519
RXO,
Inc.*
684,123
44,648
Safe
Bulkers,
Inc.
(Monaco)
253,154
7,308
Shoals
Technologies
Group,
Inc.,
Class
A*
57,514
18,470
Shyft
Group,
Inc.
(The)
234,015
10,301
Simpson
Manufacturing
Co.,
Inc.
1,709,142
6,257
SkyWest,
Inc.*
467,210
6,362
SPX
Technologies,
Inc.*
886,990
2,312
Standex
International
Corp.
388,902
36,007
Steelcase,
Inc.,
Class
A
491,856
6,884
Sterling
Infrastructure,
Inc.*
845,837
7,562
Tennant
Co.
776,315
12,762
Terex
Corp.
761,509
6,850
Thermon
Group
Holdings,
Inc.*
231,256
14,251
Titan
International,
Inc.*
117,856
13,975
Titan
Machinery,
Inc.*
263,009
5,351
Transcat,
Inc.*
681,717
6,097
TriNet
Group,
Inc.
633,905
5,749
Trinity
Industries,
Inc.
180,806
7,775
Triumph
Group,
Inc.*
109,705
27,587
TrueBlue,
Inc.*
297,940
9,168
TTEC
Holdings,
Inc.
57,575
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Industrials
–
(continued)
16,038
Tutor
Perini
Corp.*
$
353,798
16,017
UFP
Industries,
Inc.
1,913,711
2,755
UniFirst
Corp.
436,943
25,967
Upwork,
Inc.*
274,471
6,621
V2X,
Inc.*
318,536
20,343
Verra
Mobility
Corp.*
541,938
6,839
Vicor
Corp.*
239,297
17,592
Wabash
National
Corp.
397,755
7,477
Watts
Water
Technologies,
Inc.,
Class
A
1,488,895
7,647
Werner
Enterprises,
Inc.
287,298
8,033
Willdan
Group,
Inc.*
260,912
11,526
Zurn
Elkay
Water
Solutions
Corp.
360,879
94,101,380
Information
Technology
–
14.3%
104,454
8x8,
Inc.*
285,159
43,817
A10
Networks,
Inc.
663,828
18,605
ACI
Worldwide,
Inc.*
669,966
5,220
ACM
Research,
Inc.,
Class
A*
112,752
32,668
Adeia,
Inc.
386,462
6,183
Advanced
Energy
Industries,
Inc.
664,240
18,346
Aehr
Test
Systems*
211,162
6,635
Agilysys,
Inc.*
633,443
9,639
Alarm.com
Holdings,
Inc.*
630,487
10,029
Alpha
&
Omega
Semiconductor
Ltd.*
293,950
9,526
Altair
Engineering,
Inc.,
Class
A*
831,906
3,959
Ambarella,
Inc.*
230,651
11,305
American
Software,
Inc.,
Class
A
(a)
115,989
29,961
Amkor
Technology,
Inc.
976,429
4,306
Appfolio,
Inc.,
Class
A*
983,146
9,552
Appian
Corp.,
Class
A*
271,181
37,588
Arlo
Technologies,
Inc.*
534,125
14,330
Asana,
Inc.,
Class
A*
187,007
11,880
ASGN,
Inc.*
1,115,651
8,480
Axcelis
Technologies,
Inc.*
953,915
7,073
Badger
Meter,
Inc.
1,364,806
5,662
Bel
Fuse,
Inc.,
Class
B
386,148
7,173
Belden,
Inc.
686,384
10,694
Benchmark
Electronics,
Inc.
460,591
21,558
BigCommerce
Holdings,
Inc.,
Series
1*
177,638
41,884
Bit
Digital,
Inc.
(China)*
(a)
103,872
7,621
Blackbaud,
Inc.*
593,981
2,239
BlackLine,
Inc.*
106,845
30,666
Box,
Inc.,
Class
A*
835,649
5,252
Braze,
Inc.,
Class
A*
197,738
35,431
Brightcove,
Inc.*
74,051
4,498
C3.ai,
Inc.,
Class
A*
(a)
133,006
13,506
Calix,
Inc.*
482,164
1,927
Cambium
Networks
Corp.*
6,186
12,349
Cerence,
Inc.*
42,481
5,331
CEVA,
Inc.*
106,194
10,236
Cleanspark,
Inc.*
164,493
4,731
Clear
Secure,
Inc.,
Class
A
79,907
6,066
Clearfield,
Inc.*
(a)
232,085
GOLDMAN
SACHS
ACTIVE
BETA
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SMALL
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of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
2,764
Climb
Global
Solutions,
Inc.
$
159,123
12,838
Cohu,
Inc.*
413,897
12,685
CommVault
Systems,
Inc.*
1,364,716
11,102
Consensus
Cloud
Solutions,
Inc.*
209,495
4,281
CoreCard
Corp.*
59,763
10,452
Corsair
Gaming,
Inc.*
121,139
9,656
Couchbase,
Inc.*
218,902
2,488
CPI
Card
Group,
Inc.*
65,161
7,646
Credo
Technology
Group
Holding
Ltd.*
199,331
6,382
CTS
Corp.
337,927
26,073
Daktronics,
Inc.*
290,975
11,419
Digi
International,
Inc.*
278,167
69,734
Digital
Turbine,
Inc.*
131,797
4,107
DigitalOcean
Holdings,
Inc.*
152,164
12,926
Diodes,
Inc.*
958,204
25,198
Domo,
Inc.,
Class
B*
167,819
17,877
eGain
Corp.*
110,301
5,867
Envestnet,
Inc.*
384,347
8,185
ePlus,
Inc.*
612,565
5,058
Everbridge,
Inc.*
175,816
49,651
Extreme
Networks,
Inc.*
553,609
4,754
Fabrinet
(Thailand)*
1,138,726
7,811
Fastly,
Inc.,
Class
A*
61,238
15,682
FormFactor,
Inc.*
858,119
16,554
Freshworks,
Inc.,
Class
A*
213,216
14,915
Grid
Dynamics
Holdings,
Inc.*
141,693
21,089
Hackett
Group,
Inc.
(The)
470,496
28,549
Harmonic,
Inc.*
349,154
7,705
Ichor
Holdings
Ltd.*
292,713
6,259
Impinj,
Inc.*
1,024,411
56,180
Infinera
Corp.*
321,350
31,828
Information
Services
Group,
Inc.
101,531
7,291
Insight
Enterprises,
Inc.*
1,425,391
3,078
Intapp,
Inc.*
110,500
4,798
InterDigital,
Inc.
546,348
9,774
inTEST
Corp.*
97,349
4,649
Itron,
Inc.*
500,000
9,394
Kimball
Electronics,
Inc.*
215,310
22,298
Knowles
Corp.*
390,661
11,384
Kulicke
&
Soffa
Industries,
Inc.
(Singapore)
519,907
12,897
LiveRamp
Holdings,
Inc.*
403,547
21,739
Luna
Innovations,
Inc.*
(a)
72,608
6,108
MACOM
Technology
Solutions
Holdings,
Inc.*
617,763
8,710
Marathon
Digital
Holdings,
Inc.*
170,019
27,335
MaxLinear,
Inc.*
485,743
9,167
Methode
Electronics,
Inc.
107,987
1,181
MicroStrategy,
Inc.,
Class
A*
1,800,423
20,113
Mitek
Systems,
Inc.*
252,418
7,415
Model
N,
Inc.*
221,634
9,279
N-able,
Inc.*
123,875
19,187
Napco
Security
Technologies,
Inc.
952,635
12,809
NETGEAR,
Inc.*
176,892
17,335
NetScout
Systems,
Inc.*
356,061
5,680
Novanta,
Inc.*
921,069
3,078
NVE
Corp.
238,637
13,801
OneSpan,
Inc.*
181,759
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
8,532
Onto
Innovation,
Inc.*
$
1,848,884
19,728
Ooma,
Inc.*
170,450
3,722
OSI
Systems,
Inc.*
535,000
8,485
PagerDuty,
Inc.*
160,960
2,301
PAR
Technology
Corp.*
102,671
10,347
PC
Connection,
Inc.
699,871
11,507
PDF
Solutions,
Inc.*
402,975
8,335
Perficient,
Inc.*
618,040
25,929
Photronics,
Inc.*
709,158
5,482
Plexus
Corp.*
603,787
10,521
Power
Integrations,
Inc.
799,701
12,105
Progress
Software
Corp.
613,118
7,986
PROS
Holdings,
Inc.*
235,427
3,952
Q2
Holdings,
Inc.*
240,361
6,715
Qualys,
Inc.*
944,263
52,993
Rackspace
Technology,
Inc.*
103,866
23,609
Rambus,
Inc.*
1,304,633
7,894
Rapid7,
Inc.*
285,289
1,310
Red
Violet,
Inc.*
27,471
41,657
Ribbon
Communications,
Inc.*
130,803
1,592
Richardson
Electronics
Ltd.
17,814
12,725
Riot
Platforms,
Inc.*
123,942
1,394
Rogers
Corp.*
164,492
9,706
Sanmina
Corp.*
665,249
8,964
Sapiens
International
Corp.
NV
(Israel)
300,473
9,788
ScanSource,
Inc.*
464,245
25,023
SEMrush
Holdings,
Inc.,
Class
A*
381,851
4,303
Silicon
Laboratories,
Inc.*
542,910
17,519
SMART
Global
Holdings,
Inc.*
360,541
22,221
SolarWinds
Corp.
257,319
4,346
SoundThinking,
Inc.*
69,840
24,143
Sprinklr,
Inc.,
Class
A*
270,643
7,058
Sprout
Social,
Inc.,
Class
A*
230,444
7,839
SPS
Commerce,
Inc.*
1,474,438
13,002
Squarespace,
Inc.,
Class
A*
572,088
7,475
Super
Micro
Computer,
Inc.*
5,864,212
8,577
Synaptics,
Inc.*
803,751
15,835
Tenable
Holdings,
Inc.*
668,079
63,438
Terawulf,
Inc.*
138,295
16,166
Thoughtworks
Holding,
Inc.*
44,618
29,443
TTM
Technologies,
Inc.*
547,640
3,009
Turtle
Beach
Corp.*
49,889
11,856
Ultra
Clean
Holdings,
Inc.*
549,881
40,250
Unisys
Corp.*
172,673
15,361
Varonis
Systems,
Inc.*
659,909
10,179
Veeco
Instruments,
Inc.*
413,776
12,623
Verint
Systems,
Inc.*
374,398
37,777
Viavi
Solutions,
Inc.*
284,083
21,717
Vishay
Intertechnology,
Inc.
513,173
7,773
Vishay
Precision
Group,
Inc.*
262,494
10,582
Weave
Communications,
Inc.*
91,534
7,501
Workiva,
Inc.*
577,352
26,639
Xerox
Holdings
Corp.
374,544
16,698
Xperi,
Inc.*
147,109
53,752
Yext,
Inc.*
271,448
33,627
Zeta
Global
Holdings
Corp.,
Class
A*
549,129
GOLDMAN
SACHS
ACTIVE
BETA
®
U.S.
SMALL
CAP
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
22,602
Zuora,
Inc.,
Class
A*
$
229,410
69,832,483
Materials
–
4.6%
8,918
AdvanSix,
Inc.
211,357
5,076
Alpha
Metallurgical
Resources,
Inc.
1,601,021
18,039
American
Vanguard
Corp.
156,759
51,115
Arcadium
Lithium
PLC
(Jersey)*
226,440
4,858
Arch
Resources,
Inc.
844,952
10,216
ATI,
Inc.*
626,649
12,380
Avient
Corp.
553,138
3,394
Balchem
Corp.
521,318
9,871
Cabot
Corp.
1,009,803
6,571
Carpenter
Technology
Corp.
728,527
5,903
Clearwater
Paper
Corp.*
313,685
26,887
Commercial
Metals
Co.
1,514,276
17,642
Constellium
SE*
382,302
7,053
Core
Molding
Technologies,
Inc.*
135,700
20,616
Ecovyst,
Inc.*
191,729
5,516
Greif,
Inc.,
Class
A
358,209
4,904
Hawkins,
Inc.
428,217
8,486
HB
Fuller
Co.
675,740
7,101
Ingevity
Corp.*
346,884
7,385
Innospec,
Inc.
965,958
1,545
Kaiser
Aluminum
Corp.
151,101
5,972
Knife
River
Corp.*
422,280
4,923
Koppers
Holdings,
Inc.
218,237
18,972
LSB
Industries,
Inc.*
186,115
4,085
Materion
Corp.
467,242
9,073
Mativ
Holdings,
Inc.
163,042
19,734
Metallus,
Inc.*
473,813
6,057
Minerals
Technologies,
Inc.
525,445
31,397
Myers
Industries,
Inc.
496,073
22,479
O-I
Glass,
Inc.*
285,259
8,749
Olympic
Steel,
Inc.
456,173
23,502
Orion
SA
(Germany)
584,495
12,498
Pactiv
Evergreen,
Inc.
154,475
1,633
Quaker
Chemical
Corp.
296,145
11,783
Radius
Recycling,
Inc.,
Class
A
201,607
16,580
Ramaco
Resources,
Inc.,
Class
A
234,607
1,335
Ramaco
Resources,
Inc.,
Class
B
14,538
35,356
Rayonier
Advanced
Materials,
Inc.*
199,761
21,248
Ryerson
Holding
Corp.
504,640
7,902
Sensient
Technologies
Corp.
613,748
1,700
Stepan
Co.
148,189
15,050
Summit
Materials,
Inc.,
Class
A*
581,532
38,531
SunCoke
Energy,
Inc.
406,502
4,381
Sylvamo
Corp.
312,453
9,424
TriMas
Corp.
250,867
12,909
Tronox
Holdings
PLC
255,727
1,874
United
States
Lime
&
Minerals,
Inc.
642,295
21,022
Warrior
Met
Coal,
Inc.
1,438,536
6,600
Worthington
Steel,
Inc.
217,734
22,695,295
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Real
Estate
–
5.4%
17,859
Acadia
Realty
Trust
REIT
$
307,889
26,633
Alexander
&
Baldwin,
Inc.
REIT
447,434
519
Alexander's,
Inc.
REIT
110,132
5,415
Alpine,
Inc.ome
Property
Trust,
Inc.
REIT
84,907
12,560
American
Assets
Trust,
Inc.
REIT
273,180
32,813
Anywhere
Real
Estate,
Inc.*
133,549
43,450
Apartment
Investment
and
Management
Co.,
Class
A
REIT*
342,821
44,656
Apple
Hospitality
REIT,
Inc.
REIT
644,833
15,303
Armada
Hoffler
Properties,
Inc.
REIT
173,536
14,928
Braemar
Hotels
&
Resorts,
Inc.
REIT
41,649
26,423
Brandywine
Realty
Trust
REIT
121,810
24,123
Broadstone
Net
Lease,
Inc.
REIT
370,288
8,530
BRT
Apartments
Corp.
REIT
149,275
18,447
CareTrust
REIT,
Inc.
REIT
471,690
7,859
CBL
&
Associates
Properties,
Inc.
REIT
173,684
2,485
Centerspace
REIT
169,626
15,708
Chatham
Lodging
Trust
REIT
132,890
21,957
City
Office
REIT,
Inc.
REIT
108,248
5,772
Community
Healthcare
Trust,
Inc.
REIT
135,411
146,140
Compass,
Inc.,
Class
A*
548,025
19,013
COPT
Defense
Properties
REIT
469,051
10,676
CTO
Realty
Growth,
Inc.
REIT
189,606
36,416
Cushman
&
Wakefield
PLC*
404,582
46,966
DiamondRock
Hospitality
Co.
REIT
397,802
9,005
DigitalBridge
Group,
Inc.
122,828
68,557
Douglas
Elliman,
Inc.*
78,155
23,575
Douglas
Emmett,
Inc.
REIT
328,871
18,176
Easterly
Government
Properties,
Inc.
REIT
215,204
9,988
Elme
Communities
REIT
153,915
38,895
Empire
State
Realty
Trust,
Inc.,
Class
A
REIT
370,669
15,246
Equity
Commonwealth
REIT*
294,400
20,788
Essential
Properties
Realty
Trust,
Inc.
REIT
556,703
47,400
eXp
World
Holdings,
Inc.
(a)
531,354
10,768
Farmland
Partners,
Inc.
REIT
116,940
10,948
Forestar
Group,
Inc.*
372,341
15,109
Four
Corners
Property
Trust,
Inc.
REIT
368,811
7,458
FRP
Holdings,
Inc.*
228,215
8,478
Getty
Realty
Corp.
REIT
234,078
10,934
Gladstone
Commercial
Corp.
REIT
157,340
476
Gladstone
Land
Corp.
REIT
6,426
4,253
Global
Medical
REIT,
Inc.
REIT
39,510
45,129
Global
Net
Lease,
Inc.
REIT
337,565
32,134
Hudson
Pacific
Properties,
Inc.
REIT
157,778
GOLDMAN
SACHS
ACTIVE
BETA
®
U.S.
SMALL
CAP
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Real
Estate
–
(continued)
25,002
Independence
Realty
Trust,
Inc.
REIT
$
417,533
4,769
Innovative
Industrial
Properties,
Inc.
REIT
514,003
10,540
InvenTrust
Properties
Corp.
REIT
261,076
15,242
JBG
SMITH
Properties
REIT
219,485
36,141
Kite
Realty
Group
Trust
REIT
792,211
8,639
LTC
Properties,
Inc.
REIT
297,182
37,962
LXP
Industrial
Trust
REIT
322,677
31,251
Macerich
Co.
(The)
REIT
472,515
16,700
Marcus
&
Millichap,
Inc.
539,911
6,718
National
Health
Investors,
Inc.
REIT
443,925
8,531
NETSTREIT
Corp.
REIT
148,013
21,003
Newmark
Group,
Inc.,
Class
A
218,641
5,740
NexPoint
Residential
Trust,
Inc.
REIT
210,486
36,643
Opendoor
Technologies,
Inc.*
79,882
8,678
Orion
Office
REIT,
Inc.
REIT
32,543
26,450
Outfront
Media,
Inc.
REIT
382,203
40,646
Paramount
Group,
Inc.
REIT
184,939
20,984
Pebblebrook
Hotel
Trust
REIT
296,924
15,979
Phillips
Edison
&
Co.,
Inc.
REIT
510,369
34,890
Piedmont
Office
Realty
Trust,
Inc.,
Class
A
REIT
254,348
6,187
Plymouth
Industrial
REIT,
Inc.
REIT
129,061
10,934
Postal
Realty
Trust,
Inc.,
Class
A
REIT
146,297
14,549
PotlatchDeltic
Corp.
REIT
621,679
14,227
RE/MAX
Holdings,
Inc.,
Class
A
115,096
16,012
Redfin
Corp.*
103,117
19,846
Retail
Opportunity
Investments
Corp.
REIT
248,472
35,273
RLJ
Lodging
Trust
REIT
352,025
10,943
RMR
Group,
Inc.
(The),
Class
A
257,489
9,665
Ryman
Hospitality
Properties,
Inc.
REIT
1,015,502
34,911
Sabra
Health
Care
REIT,
Inc.
REIT
509,002
4,673
Safehold,
Inc.
REIT
90,095
2,418
Saul
Centers,
Inc.
REIT
87,991
56,490
Service
Properties
Trust
REIT
303,916
28,573
SITE
Centers
Corp.
REIT
412,023
6,060
SL
Green
Realty
Corp.
REIT
320,998
5,802
St
Joe
Co.
(The)
328,393
44,618
Summit
Hotel
Properties,
Inc.
REIT
273,062
44,358
Sunstone
Hotel
Investors,
Inc.
REIT
456,000
21,580
Tanger,
Inc.
REIT
598,845
10,031
Terreno
Realty
Corp.
REIT
567,554
10,507
UMH
Properties,
Inc.
REIT
158,866
61,026
Uniti
Group,
Inc.
REIT
192,842
2,880
Universal
Health
Realty
Income
Trust
REIT
108,230
17,704
Urban
Edge
Properties
REIT
313,892
19,511
Veris
Residential,
Inc.
REIT
298,323
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Real
Estate
–
(continued)
21,562
Whitestone
REIT
$
281,168
23,302
Xenia
Hotels
&
Resorts,
Inc.
REIT
337,646
26,299,471
Utilities
–
2.9%
11,979
ALLETE,
Inc.
756,474
9,159
American
States
Water
Co.
674,011
13,354
Avista
Corp.
493,831
13,904
Black
Hills
Corp.
784,881
25,588
Brookfield
Infrastructure
Corp.,
Class
A
(Canada)
(a)
881,507
8,791
California
Water
Service
Group
438,583
4,493
Chesapeake
Utilities
Corp.
503,261
13,947
Consolidated
Water
Co.
Ltd.
377,964
18,523
Genie
Energy
Ltd.,
Class
B
282,661
7,261
MGE
Energy,
Inc.
581,824
2,950
Middlesex
Water
Co.
158,946
52,082
Montauk
Renewables,
Inc.*
279,159
16,301
New
Jersey
Resources
Corp.
708,441
5,193
Northwest
Natural
Holding
Co.
194,322
10,632
Northwestern
Energy
Group,
Inc.
552,439
13,162
ONE
Gas,
Inc.
811,174
10,011
Ormat
Technologies,
Inc.
754,829
13,064
Otter
Tail
Corp.
1,181,900
17,259
PNM
Resources,
Inc.
661,710
19,125
Portland
General
Electric
Co.
852,210
17,439
Pure
Cycle
Corp.*
162,183
3,719
RGC
Resources,
Inc.
76,983
5,214
SJW
Group
285,258
11,078
Southwest
Gas
Holdings,
Inc.
859,542
9,091
Spire,
Inc.
557,187
5,113
Unitil
Corp.
273,494
4,698
York
Water
Co.
(The)
174,014
14,318,788
TOTAL
COMMON
STOCKS
(Cost
$434,905,069)
482,431,254
Units
Description
Expiration
Month
Value
A
Rights
–
0.0%
Health
Care*
–
0.0%
4,104
Chinook
Therapeutics,
Inc.*
(b)
12/25
1,601
45,824
Radius
Health,
Inc.*
(b)
12/25
3,666
5,267
Materials
–
0.0%
15,501
Resolute
Forest
Products*
(b)
09/23
22,011
TOTAL
RIGHTS
(Cost
$0)
27,278
GOLDMAN
SACHS
ACTIVE
BETA
®
U.S.
SMALL
CAP
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
**End
swaps
header**
Shares
Dividend
Rate
Value
aa
Investment
Company
–
1.3%
(c)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
–
Institutional
Shares
6,260,556
5.180%
$
6,260,556
(Cost
$6,260,556)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$441,165,625)
488,719,088
a
Securities
Lending
Reinvestment
Vehicle
–
0.6%
(c)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
2,974,941
5.227%
2,974,941
(Cost
$2,974,941)
TOTAL
INVESTMENTS
–
100.4%
(Cost
$444,140,566)
$
491,694,029
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(0.4)%
(2,145,058)
NET
ASSETS
–
100.0%
$
489,548,971
  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)
Significant
unobservable
inputs
were
used
in
the
valuation
of
this
portfolio
security;
i.e.
Level
3.
(c)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
FUTURES
CONTRACTS
—
At
May
31,
2024,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
E-Mini
Russell
2000
Index
62
06/21/24
$
6,434,980
$
(7,610)
GOLDMAN
SACHS
ACTIVE
BETA
®
WORLD
LOW
VOL
PLUS
EQUITY
ETF
Schedule
of
Investments
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
99.3%
Australia
–
2.7%
87,437
ANZ
Group
Holdings
Ltd.
(Financials)
$
1,642,737
91,532
Aurizon
Holdings
Ltd.
(Industrials)
224,014
102,804
Brambles
Ltd.
(Industrials)
973,586
309,887
Coles
Group
Ltd.
(Consumer
Staples)
3,384,004
9,228
Commonwealth
Bank
of
Australia
(Financials)
733,627
39,992
EBOS
Group
Ltd.
(Health
Care)
812,074
223,792
Insurance
Australia
Group
Ltd.
(Financials)
922,764
266,944
Lottery
Corp.
Ltd.
(The)
(Consumer
Discretionary)
864,577
718,146
Medibank
Pvt
Ltd.
(Financials)
1,776,684
77,899
National
Australia
Bank
Ltd.
(Financials)
1,756,767
10,595
Sonic
Healthcare
Ltd.
(Health
Care)
171,434
789,767
Telstra
Group
Ltd.
(Communication
Services)
1,822,564
123,498
Wesfarmers
Ltd.
(Consumer
Discretionary)
5,329,569
31,556
Westpac
Banking
Corp.
(Financials)
545,225
126,227
Woolworths
Group
Ltd.
(Consumer
Staples)
2,652,734
23,612,360
Austria
–
0.1%
5,613
Erste
Group
Bank
AG
(Financials)
274,816
10,583
Vienna
Insurance
Group
AG
Wiener
Versicherung
Gruppe
(Financials)
338,923
613,739
Belgium
–
0.2%
6,219
Ackermans
&
van
Haaren
NV
(Industrials)
1,099,795
21,499
Warehouses
De
Pauw
CVA
REIT
(Real
Estate)
624,561
1,724,356
Canada
–
3.2%
38,687
Bank
of
Nova
Scotia
(The)
(Financials)
1,831,115
36,016
Canadian
Imperial
Bank
of
Commerce
(Financials)
1,785,542
29,713
CGI,
Inc.
(Information
Technology)*
2,933,700
9,864
George
Weston
Ltd.
(Consumer
Staples)
1,401,214
77,279
Great-West
Lifeco,
Inc.
(Financials)
(a)
2,317,548
34,794
Loblaw
Cos.
Ltd.
(Consumer
Staples)
4,040,560
27,695
Manulife
Financial
Corp.
(Financials)
719,219
15,753
Metro,
Inc.
(Consumer
Staples)
839,336
Shares
Description
Value
a
Common
Stocks
–
(continued)
Canada
–
(continued)
26,929
National
Bank
of
Canada
(Financials)
$
2,301,257
101,103
Power
Corp.
of
Canada
(Financials)
2,934,854
23,335
Royal
Bank
of
Canada
(Financials)
2,550,305
36,274
Sun
Life
Financial,
Inc.
(Financials)
(a)
1,817,758
8,467
Thomson
Reuters
Corp.
(Industrials)
1,456,810
22,116
Toronto-Dominion
Bank
(The)
(Financials)
1,236,283
28,165,501
Denmark
–
0.0%
14,296
Tryg
A/S
(Financials)
293,798
Finland
–
0.3%
6,454
Elisa
OYJ
(Communication
Services)
299,176
29,822
Orion
OYJ,
Class
B
(Health
Care)
1,213,407
30,440
Sampo
OYJ,
Class
A
(Financials)
1,303,322
2,815,905
France
–
2.8%
9,910
Air
Liquide
SA
(Materials)
1,941,443
89,041
AXA
SA
(Financials)
3,194,711
53,881
Bouygues
SA
(Industrials)
2,105,757
7,739
Capgemini
SE
(Information
Technology)
1,559,312
91,587
Cie
Generale
des
Etablissements
Michelin
SCA
(Consumer
Discretionary)
3,693,710
8,515
Danone
SA
(Consumer
Staples)
546,499
4,890
Dassault
Systemes
(Information
Technology)
196,789
43,440
Engie
SA
(Utilities)
732,607
4,049
Legrand
SA
(Industrials)
435,604
5,925
L'Oreal
SA
(Consumer
Staples)
2,907,990
407,401
Orange
SA
(Communication
Services)
4,743,397
5,564
Safran
SA
(Industrials)
1,293,224
3,194
Thales
SA
(Industrials)
577,844
8,998
Vinci
SA
(Industrials)
1,117,975
25,046,862
Germany
–
2.4%
7,757
Allianz
SE
(Financials)
2,259,356
13,732
Beiersdorf
AG
(Consumer
Staples)
2,151,893
7,549
Deutsche
Boerse
AG
(Financials)
1,498,902
175,798
Deutsche
Telekom
AG
(Communication
Services)
4,253,967
101,520
E.ON
SE
(Utilities)
1,353,381
4,544
Hannover
Rueck
SE
(Financials)
1,125,704
4,533
Henkel
AG
&
Co.
KGaA
(Consumer
Staples)
362,188
GOLDMAN
SACHS
ACTIVE
BETA
®
WORLD
LOW
VOL
PLUS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Germany
–
(continued)
5,774
Muenchener
Rueckversicherungs-
Gesellschaft
AG
in
Muenchen
(Financials)
$
2,870,235
20,812
SAP
SE
(Information
Technology)
3,749,621
16,251
Talanx
AG
(Financials)
1,290,519
20,915,766
Hong
Kong
–
0.1%
63,348
CLP
Holdings
Ltd.
(Utilities)
500,818
59,676
Power
Assets
Holdings
Ltd.
(Utilities)
330,289
831,107
Ireland
–
0.1%
5,647
Kerry
Group
PLC,
Class
A
(Consumer
Staples)
476,944
Israel
–
0.6%
18,210
Check
Point
Software
Technologies
Ltd.
(Information
Technology)*
2,740,605
14,604
First
International
Bank
Of
Israel
Ltd.
(The)
(Financials)
591,179
164,909
Mivne
Real
Estate
KD
Ltd.
(Real
Estate)
382,274
42,155
Mizrahi
Tefahot
Bank
Ltd.
(Financials)
1,528,562
5,242,620
Italy
–
0.8%
237,502
Assicurazioni
Generali
SpA
(Financials)
(a)
6,084,843
20,466
Enel
SpA
(Utilities)
147,883
28,702
Poste
Italiane
SpA
(Financials)
(b)
392,602
6,625,328
Japan
–
7.2%
36,490
Aeon
Co.
Ltd.
(Consumer
Staples)
786,481
14,834
Aeon
Mall
Co.
Ltd.
(Real
Estate)
178,552
11,280
AGC,
Inc.
(Industrials)
393,861
126,224
ANA
Holdings,
Inc.
(Industrials)
2,403,272
49,180
Asahi
Kasei
Corp.
(Materials)
320,783
102,636
Bridgestone
Corp.
(Consumer
Discretionary)
4,467,404
207,603
Canon,
Inc.
(Information
Technology)
(a)
6,013,611
72,977
Central
Japan
Railway
Co.
(Industrials)
1,630,483
83,441
Chubu
Electric
Power
Co.,
Inc.
(Utilities)
1,150,370
50,161
Daiwa
House
Industry
Co.
Ltd.
(Real
Estate)
1,332,668
206,957
Daiwa
Securities
Group,
Inc.
(Financials)
1,625,155
9,144
East
Japan
Railway
Co.
(Industrials)
158,825
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
103,064
FUJIFILM
Holdings
Corp.
(Information
Technology)
$
2,347,297
55,160
Fujitsu
Ltd.
(Information
Technology)
796,274
29,957
Hankyu
Hanshin
Holdings,
Inc.
(Industrials)
785,979
36,919
Haseko
Corp.
(Consumer
Discretionary)
416,541
96,418
Hulic
Co.
Ltd.
(Real
Estate)
890,890
108,837
Japan
Post
Bank
Co.
Ltd.
(Financials)
1,075,592
133,211
Japan
Tobacco,
Inc.
(Consumer
Staples)
3,773,937
54,756
KDDI
Corp.
(Communication
Services)
1,511,195
61,610
Kirin
Holdings
Co.
Ltd.
(Consumer
Staples)
852,727
209,721
Kyocera
Corp.
(Information
Technology)
2,383,542
81,846
Kyushu
Electric
Power
Co.,
Inc.
(Utilities)
953,902
17,708
Kyushu
Railway
Co.
(Industrials)
389,667
22,705
McDonald's
Holdings
Co.
Japan
Ltd.
(Consumer
Discretionary)
930,480
39,764
MEIJI
Holdings
Co.
Ltd.
(Consumer
Staples)
889,942
235,154
Mitsubishi
HC
Capital,
Inc.
(Financials)
1,557,019
21,196
NH
Foods
Ltd.
(Consumer
Staples)
649,726
4,321,552
Nippon
Telegraph
&
Telephone
Corp.
(Communication
Services)
4,243,313
13,719
Nippon
Television
Holdings,
Inc.
(Communication
Services)
185,123
72,156
Nisshin
Seifun
Group,
Inc.
(Consumer
Staples)
809,055
47,743
Osaka
Gas
Co.
Ltd.
(Utilities)
1,085,227
86,594
Otsuka
Holdings
Co.
Ltd.
(Health
Care)
3,567,467
25,780
SCSK
Corp.
(Information
Technology)
488,384
14,589
Secom
Co.
Ltd.
(Industrials)
907,211
74,418
Sekisui
Chemical
Co.
Ltd.
(Consumer
Discretionary)
1,066,937
75,932
Sekisui
House
Ltd.
(Consumer
Discretionary)
1,706,652
6,705
Shimadzu
Corp.
(Information
Technology)
173,572
22,159
Shionogi
&
Co.
Ltd.
(Health
Care)
992,710
319,630
SoftBank
Corp.
(Communication
Services)
3,839,140
96,528
Takeda
Pharmaceutical
Co.
Ltd.
(Health
Care)
2,563,310
35,119
Tobu
Railway
Co.
Ltd.
(Industrials)
619,938
GOLDMAN
SACHS
ACTIVE
BETA
®
WORLD
LOW
VOL
PLUS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
32,618
USS
Co.
Ltd.
(Consumer
Discretionary)
$
254,165
183,388
Yamada
Holdings
Co.
Ltd.
(Consumer
Discretionary)
513,946
63,682,325
Netherlands
–
1.6%
1,700
EXOR
NV
(Financials)
189,904
1,962
Heineken
Holding
NV
(Consumer
Staples)
159,959
188,692
Koninklijke
Ahold
Delhaize
NV
(Consumer
Staples)
5,846,253
454,565
Koninklijke
KPN
NV
(Communication
Services)
1,699,532
36,427
Wolters
Kluwer
NV
(Industrials)
5,775,573
13,671,221
New
Zealand
–
0.1%
20,334
Mainfreight
Ltd.
(Industrials)
862,656
Norway
–
0.6%
86,780
DNB
Bank
ASA
(Financials)
1,695,679
51,131
Gjensidige
Forsikring
ASA
(Financials)
894,417
48,425
SpareBank
1
SR-Bank
ASA
(Financials)
625,282
98,141
Storebrand
ASA
(Financials)
1,059,766
101,546
Telenor
ASA
(Communication
Services)
1,183,562
5,458,706
Portugal
–
0.0%
74,189
EDP
–
Energias
de
Portugal
SA
(Utilities)
300,493
Singapore
–
1.2%
27,519
DBS
Group
Holdings
Ltd.
(Financials)
732,714
317,199
Oversea-Chinese
Banking
Corp.
Ltd.
(Financials)
3,405,014
359,220
Singapore
Airlines
Ltd.
(Industrials)
1,799,156
230,987
Singapore
Exchange
Ltd.
(Financials)
1,633,673
88,973
United
Overseas
Bank
Ltd.
(Financials)
2,026,691
71,081
UOL
Group
Ltd.
(Real
Estate)
283,441
76,359
Venture
Corp.
Ltd.
(Information
Technology)
792,005
10,672,694
Spain
–
0.7%
38,738
ACS
Actividades
de
Construccion
y
Servicios
SA
(Industrials)
1,729,261
19,163
Endesa
SA
(Utilities)
380,702
8,245
Iberdrola
SA
(Utilities)
108,304
35,269
Naturgy
Energy
Group
SA
(Utilities)
(a)
944,949
2,725
Redeia
Corp.
SA
(Utilities)
48,930
Shares
Description
Value
a
Common
Stocks
–
(continued)
Spain
–
(continued)
595,770
Telefonica
SA
(Communication
Services)
$
2,771,402
5,983,548
Sweden
–
0.9%
29,945
Axfood
AB
(Consumer
Staples)
793,526
10,652
Essity
AB,
Class
B
(Consumer
Staples)
272,954
11,026
Industrivarden
AB,
Class
C
(Financials)
385,908
114,164
Investor
AB,
Class
A
(Financials)
3,063,275
25,880
Investor
AB,
Class
B
(Financials)
699,832
68,830
Skandinaviska
Enskilda
Banken
AB,
Class
A
(Financials)
976,115
154,382
Telia
Co.
AB
(Communication
Services)
400,003
42,632
Volvo
AB,
Class
B
(Industrials)
1,143,101
7,734,714
Switzerland
–
1.3%
37,576
Novartis
AG
(Health
Care)
3,880,680
31,139
SGS
SA
(Industrials)
2,899,380
3,874
Swisscom
AG
(Communication
Services)
2,139,364
5,566
Zurich
Insurance
Group
AG
(Financials)
2,922,590
11,842,014
United
Kingdom
–
2.7%
232,308
BAE
Systems
PLC
(Industrials)
4,117,184
49,366
British
American
Tobacco
PLC
(Consumer
Staples)
1,517,896
29,135
Bunzl
PLC
(Industrials)
1,089,101
611,135
CK
Hutchison
Holdings
Ltd.
(Industrials)
2,976,250
47,968
Compass
Group
PLC
(Consumer
Discretionary)
1,338,718
4,086
London
Stock
Exchange
Group
PLC
(Financials)
476,635
28,381
National
Grid
PLC
(Utilities)
318,853
121,793
RELX
PLC
(Industrials)
5,297,087
288,259
Sage
Group
PLC
(The)
(Information
Technology)
3,752,694
912,810
Tesco
PLC
(Consumer
Staples)
3,614,412
24,498,830
United
States
–
69.7%
7,632
3M
Co.
(Industrials)
764,268
4,582
Abbott
Laboratories
(Health
Care)
468,235
28,978
AbbVie,
Inc.
(Health
Care)
4,672,413
18,845
Accenture
PLC,
Class
A
(Information
Technology)
5,319,755
9,274
Adobe,
Inc.
(Information
Technology)*
4,124,704
46,367
Aflac,
Inc.
(Financials)
4,167,002
3,514
Agilent
Technologies,
Inc.
(Health
Care)
458,261
GOLDMAN
SACHS
ACTIVE
BETA
®
WORLD
LOW
VOL
PLUS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
States
–
(continued)
26,251
Akamai
Technologies,
Inc.
(Information
Technology)*
$
2,421,392
8,711
Allstate
Corp.
(The)
(Financials)
1,459,267
43,590
Alphabet,
Inc.,
Class
A
(Communication
Services)*
7,519,275
40,082
Alphabet,
Inc.,
Class
C
(Communication
Services)*
6,972,665
13,195
Altria
Group,
Inc.
(Consumer
Staples)
610,269
59,812
Amazon.com,
Inc.
(Consumer
Discretionary)*
10,553,229
32,540
Amdocs
Ltd.
(Information
Technology)
2,570,660
11,129
AMETEK,
Inc.
(Industrials)
1,887,256
6,705
Amgen,
Inc.
(Health
Care)
2,050,724
45,149
Amphenol
Corp.,
Class
A
(Information
Technology)
5,976,373
4,315
Analog
Devices,
Inc.
(Information
Technology)
1,011,824
140,157
Apple,
Inc.
(Information
Technology)
26,945,183
22,721
Arch
Capital
Group
Ltd.
(Financials)*
2,331,856
11,675
Arthur
J
Gallagher
&
Co.
(Financials)
2,957,628
228,520
AT&T,
Inc.
(Communication
Services)
4,163,634
6,697
Autodesk,
Inc.
(Information
Technology)*
1,350,115
3,072
Automatic
Data
Processing,
Inc.
(Industrials)
752,394
2,264
AutoZone,
Inc.
(Consumer
Discretionary)*
6,271,144
64,163
Bank
of
America
Corp.
(Financials)
2,565,878
18,124
Bank
of
New
York
Mellon
Corp.
(The)
(Financials)
1,080,372
5,357
Becton
Dickinson
&
Co.
(Health
Care)
1,242,663
25,931
Berkshire
Hathaway,
Inc.,
Class
B
(Financials)*
10,745,806
4,757
Biogen,
Inc.
(Health
Care)*
1,070,040
23,896
Boston
Scientific
Corp.
(Health
Care)*
1,805,821
65,941
Bristol-Myers
Squibb
Co.
(Health
Care)
2,709,516
2,967
Broadcom,
Inc.
(Information
Technology)
3,941,808
9,484
Broadridge
Financial
Solutions,
Inc.
(Industrials)
1,904,103
10,553
Cadence
Design
Systems,
Inc.
(Information
Technology)*
3,021,429
40,650
Cardinal
Health,
Inc.
(Health
Care)
4,035,326
9,881
Cboe
Global
Markets,
Inc.
(Financials)
1,709,314
18,971
CDW
Corp.
(Information
Technology)
4,242,295
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
States
–
(continued)
24,218
Cencora,
Inc.
(Health
Care)
$
5,487,072
11,427
Chevron
Corp.
(Energy)
1,854,602
4,580
Chubb
Ltd.
(Financials)
1,240,356
22,856
Church
&
Dwight
Co.,
Inc.
(Consumer
Staples)
2,445,821
11,662
Cigna
Group
(The)
(Health
Care)
4,018,958
5,694
Cintas
Corp.
(Industrials)
3,860,361
126,536
Cisco
Systems,
Inc.
(Information
Technology)
5,883,924
47,641
Citigroup,
Inc.
(Financials)
2,968,511
5,847
CME
Group,
Inc.
(Financials)
1,186,824
46,305
Coca-Cola
Co.
(The)
(Consumer
Staples)
2,913,974
66,739
Cognizant
Technology
Solutions
Corp.,
Class
A
(Information
Technology)
4,414,785
80,650
Colgate-Palmolive
Co.
(Consumer
Staples)
7,497,224
72,494
Comcast
Corp.,
Class
A
(Communication
Services)
2,901,935
72,043
Conagra
Brands,
Inc.
(Consumer
Staples)
2,152,645
1,022
Consolidated
Edison,
Inc.
(Utilities)
96,630
1,584
Constellation
Brands,
Inc.,
Class
A
(Consumer
Staples)
396,364
16,185
Copart,
Inc.
(Industrials)*
858,776
20,057
Corning,
Inc.
(Information
Technology)
747,324
8,024
Corpay,
Inc.
(Financials)*
2,147,784
6,999
Costco
Wholesale
Corp.
(Consumer
Staples)
5,668,420
13,661
CSX
Corp.
(Industrials)
461,059
1,454
Cummins,
Inc.
(Industrials)
409,635
68,582
CVS
Health
Corp.
(Health
Care)
4,087,487
4,045
Darden
Restaurants,
Inc.
(Consumer
Discretionary)
608,328
50,100
Dell
Technologies,
Inc.,
Class
C
(Information
Technology)
6,991,956
3,152
Dover
Corp.
(Industrials)
579,401
19,958
Dow,
Inc.
(Materials)
1,150,180
1,828
Duke
Energy
Corp.
(Utilities)
189,326
7,163
Eaton
Corp.
PLC
(Industrials)
2,384,205
1,290
Ecolab,
Inc.
(Materials)
299,538
10,082
Electronic
Arts,
Inc.
(Communication
Services)
1,339,696
2,565
Elevance
Health,
Inc.
(Health
Care)
1,381,201
6,856
Eli
Lilly
&
Co.
(Health
Care)
5,624,251
5,455
Everest
Group
Ltd.
(Financials)
2,132,523
11,513
Expeditors
International
of
Washington,
Inc.
(Industrials)
1,391,922
16,224
Exxon
Mobil
Corp.
(Energy)
1,902,426
85,239
Fastenal
Co.
(Industrials)
5,624,069
13,065
Ferguson
PLC
(Industrials)
2,687,993
14,812
Fidelity
National
Financial,
Inc.
(Financials)
745,932
GOLDMAN
SACHS
ACTIVE
BETA
®
WORLD
LOW
VOL
PLUS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
States
–
(continued)
6,534
Fiserv,
Inc.
(Financials)*
$
978,532
18,474
Fortive
Corp.
(Industrials)
1,375,205
67,012
Fox
Corp.,
Class
A
(Communication
Services)
2,307,223
36,535
Fox
Corp.,
Class
B
(Communication
Services)
1,166,928
5,365
Garmin
Ltd.
(Consumer
Discretionary)
879,055
8,569
Gartner,
Inc.
(Information
Technology)*
3,596,152
6,064
GE
HealthCare
Technologies,
Inc.
(Health
Care)
472,992
55,891
Gen
Digital,
Inc.
(Information
Technology)
1,387,774
12,698
General
Dynamics
Corp.
(Industrials)
3,806,479
15,579
General
Electric
Co.
(Industrials)
2,572,716
10,341
General
Mills,
Inc.
(Consumer
Staples)
710,944
26,675
Genuine
Parts
Co.
(Consumer
Discretionary)
3,844,935
66,734
Gilead
Sciences,
Inc.
(Health
Care)
4,288,994
167,639
GSK
PLC
(Health
Care)
3,770,385
141,511
Haleon
PLC
(Consumer
Staples)
585,739
18,646
Hartford
Financial
Services
Group,
Inc.
(The)
(Financials)
1,928,929
1,801
HCA
Healthcare,
Inc.
(Health
Care)
611,890
13,175
Hershey
Co.
(The)
(Consumer
Staples)
2,606,410
295,347
Hewlett
Packard
Enterprise
Co.
(Information
Technology)
5,212,875
4,079
Hilton
Worldwide
Holdings,
Inc.
(Consumer
Discretionary)
818,247
12,910
Hologic,
Inc.
(Health
Care)*
952,500
18,984
Home
Depot,
Inc.
(The)
(Consumer
Discretionary)
6,357,172
80,436
HP,
Inc.
(Information
Technology)
2,935,914
17,410
Illinois
Tool
Works,
Inc.
(Industrials)
4,226,278
41,528
Incyte
Corp.
(Health
Care)*
2,399,903
32,927
Intel
Corp.
(Information
Technology)
1,015,798
11,097
Intercontinental
Exchange,
Inc.
(Financials)
1,485,888
47,732
International
Business
Machines
Corp.
(Information
Technology)
7,964,084
1,806
Intuit,
Inc.
(Information
Technology)
1,041,051
3,699
IQVIA
Holdings,
Inc.
(Health
Care)*
810,414
8,998
J
M
Smucker
Co.
(The)
(Consumer
Staples)
1,004,537
5,495
Johnson
Controls
International
PLC
(Industrials)
395,145
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
States
–
(continued)
43,055
Johnson &
Johnson
(Health
Care)
$
6,314,877
25,678
JPMorgan
Chase &
Co.
(Financials)
5,124,918
15,046
Keurig
Dr
Pepper,
Inc.
(Consumer
Staples)
515,326
29,350
Keysight
Technologies,
Inc.
(Information
Technology)*
4,064,388
14,674
Kimberly-Clark
Corp.
(Consumer
Staples)
1,956,044
40,527
Kinder
Morgan,
Inc.
(Energy)
789,871
20,973
Kraft
Heinz
Co.
(The)
(Consumer
Staples)
741,815
71,409
Kroger
Co.
(The)
(Consumer
Staples)
3,739,689
3,872
L3Harris
Technologies,
Inc.
(Industrials)
870,542
10,286
Labcorp
Holdings,
Inc.
(Health
Care)
2,004,844
10,777
Leidos
Holdings,
Inc.
(Industrials)
1,584,758
3,924
Linde
PLC
(Materials)
1,708,980
71,616
LKQ
Corp.
(Consumer
Discretionary)
3,081,636
1,944
Lockheed
Martin
Corp.
(Industrials)
914,341
43,903
Loews
Corp.
(Financials)
3,371,750
25,316
Lowe’s
Cos.,
Inc.
(Consumer
Discretionary)
5,602,178
22,732
LyondellBasell
Industries
NV,
Class
A
(Materials)
2,260,015
1,374
Markel
Group,
Inc.
(Financials)*
2,255,545
2,843
Marriott
International,
Inc.,
Class
A
(Consumer
Discretionary)
657,216
30,191
Marsh
&
McLennan
Cos.,
Inc.
(Financials)
6,267,048
60,606
Masco
Corp.
(Industrials)
4,237,572
14,678
Mastercard,
Inc.,
Class
A
(Financials)
6,562,093
18,910
McDonald's
Corp.
(Consumer
Discretionary)
4,895,610
9,881
McKesson
Corp.
(Health
Care)
5,628,119
46,108
Merck &
Co.,
Inc.
(Health
Care)
5,788,398
12,982
Meta
Platforms,
Inc.,
Class
A
(Communication
Services)
6,060,387
61,598
Microsoft
Corp.
(Information
Technology)
25,571,178
33,236
Mondelez
International,
Inc.,
Class
A
(Consumer
Staples)
2,277,663
11,441
Moody's
Corp.
(Financials)
4,541,963
21,273
Motorola
Solutions,
Inc.
(Information
Technology)
7,762,730
7,032
Nasdaq,
Inc.
(Financials)
415,099
33,441
NetApp,
Inc.
(Information
Technology)
4,027,300
466
Northrop
Grumman
Corp.
(Industrials)
210,059
GOLDMAN
SACHS
ACTIVE
BETA
®
WORLD
LOW
VOL
PLUS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
States
–
(continued)
11,786
NVIDIA
Corp.
(Information
Technology)
$
12,921,345
2,399
Omnicom
Group,
Inc.
(Communication
Services)
223,011
18,827
Oracle
Corp.
(Information
Technology)
2,206,336
8,467
O'Reilly
Automotive,
Inc.
(Consumer
Discretionary)*
8,155,922
11,817
Otis
Worldwide
Corp.
(Industrials)
1,172,246
29,404
PACCAR,
Inc.
(Industrials)
3,160,930
6,520
Packaging
Corp.
of
America
(Materials)
1,196,355
11,693
Paychex,
Inc.
(Industrials)
1,405,031
39,085
PepsiCo,
Inc.
(Consumer
Staples)
6,757,797
9,873
Philip
Morris
International,
Inc.
(Consumer
Staples)
1,000,925
31,460
Procter &
Gamble
Co.
(The)
(Consumer
Staples)
5,176,428
10,013
Progressive
Corp.
(The)
(Financials)
2,114,545
3,330
Prudential
Financial,
Inc.
(Financials)
400,766
12,238
QUALCOMM,
Inc.
(Information
Technology)
2,497,164
11,784
Quest
Diagnostics,
Inc.
(Health
Care)
1,672,974
12,284
Realty
Income
Corp.
REIT
(Real
Estate)
651,789
3,308
Regeneron
Pharmaceuticals,
Inc.
(Health
Care)*
3,242,369
24,494
Republic
Services,
Inc.
(Industrials)
4,536,044
8,220
Roche
Holding
AG
(Health
Care)
2,104,772
6,626
Roche
Holding
AG
(Health
Care)
1,856,734
46,397
Rollins,
Inc.
(Industrials)
2,119,879
6,959
Roper
Technologies,
Inc.
(Information
Technology)
3,707,477
3,671
Ross
Stores,
Inc.
(Consumer
Discretionary)
513,059
33,264
Royalty
Pharma
PLC,
Class
A
(Health
Care)
911,766
11,684
RTX
Corp.
(Industrials)
1,259,652
6,164
Salesforce,
Inc.
(Information
Technology)
1,445,088
1,174
ServiceNow,
Inc.
(Information
Technology)*
771,236
6,522
Sherwin-Williams
Co.
(The)
(Materials)
1,981,384
3,186
Snap-on,
Inc.
(Industrials)
869,332
11,141
Southern
Co.
(The)
(Utilities)
892,840
36,625
SS&C
Technologies
Holdings,
Inc.
(Industrials)
2,272,581
7,778
Starbucks
Corp.
(Consumer
Discretionary)
623,951
3,298
Stryker
Corp.
(Health
Care)
1,124,915
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
States
–
(continued)
20,894
Swiss
Re
AG
(Financials)
$
2,656,478
3,923
Synopsys,
Inc.
(Information
Technology)*
2,200,018
26,300
Sysco
Corp.
(Consumer
Staples)
1,915,166
10,566
TE
Connectivity
Ltd.
(Information
Technology)
1,581,730
6,990
Texas
Instruments,
Inc.
(Information
Technology)
1,363,120
16,389
Textron,
Inc.
(Industrials)
1,435,840
350
Thermo
Fisher
Scientific,
Inc.
(Health
Care)
198,793
56,349
TJX
Cos.,
Inc.
(The)
(Consumer
Discretionary)
5,809,582
7,572
T-Mobile
US,
Inc.
(Communication
Services)
1,324,797
9,700
Tractor
Supply
Co.
(Consumer
Discretionary)
2,767,313
821
TransDigm
Group,
Inc.
(Industrials)
1,102,792
3,366
Travelers
Cos.,
Inc.
(The)
(Financials)
726,046
1,366
United
Parcel
Service,
Inc.,
Class
B
(Industrials)
189,778
12,163
UnitedHealth
Group,
Inc.
(Health
Care)
6,025,185
20,737
VeriSign,
Inc.
(Information
Technology)*
3,614,874
4,532
Verisk
Analytics,
Inc.
(Industrials)
1,145,599
123,943
Verizon
Communications,
Inc.
(Communication
Services)
5,100,254
3,293
Vertex
Pharmaceuticals,
Inc.
(Health
Care)*
1,499,435
22,465
Visa,
Inc.,
Class
A
(Financials)
6,120,814
2,635
Vulcan
Materials
Co.
(Materials)
673,954
22,254
W
R
Berkley
Corp.
(Financials)
1,803,242
6,940
W.W.
Grainger,
Inc.
(Industrials)
6,394,932
157,008
Walmart,
Inc.
(Consumer
Staples)
10,324,846
6,914
Waste
Connections,
Inc.
(Industrials)
1,135,232
24,197
Waste
Management,
Inc.
(Industrials)
5,099,034
4,963
Westinghouse
Air
Brake
Technologies
Corp.
(Industrials)
839,889
20,519
Williams
Cos.,
Inc.
(The)
(Energy)
851,744
40,710
Yum!
Brands,
Inc.
(Consumer
Discretionary)
5,594,775
9,561
Zoetis,
Inc.
(Health
Care)
1,621,163
613,965,423
TOTAL
COMMON
STOCKS
(Cost
$766,417,281)
875,036,910
GOLDMAN
SACHS
ACTIVE
BETA
®
WORLD
LOW
VOL
PLUS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Additional
Investment
Information 
**End
swaps
header**
**End
swaps
header**
Shares
Description
Rate
Value
a
Preferred
Stock
–
0.1%
Germany
–
0.1%
14,788
Henkel
AG
&
Co.
KGaA
(Consumer
Staples)
(Cost
$1,176,944)
2.23
%
$
1,334,397
Units
Description
Expiration
Month
Value
aa
Right
–
0.0%
United
Kingdom
–
0.0%
8,277
National
Grid
PLC*
(Cost
$0)
06/24
20,660
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
0.3%
(c)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
-
Institutional
Shares
2,351,493
5.180%
2,351,493
(Cost
$2,351,493)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$769,945,718)
878,743,460
a
Securities
Lending
Reinvestment
Vehicle
–
1.8%
(c)
a
a
a
a
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
15,810,708
5.227%
15,810,708
(Cost
$15,810,708)
TOTAL
INVESTMENTS
–
101.5%
(Cost
$785,756,426)
$
894,554,168
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(1.5)%
(13,209,500)
NET
ASSETS
–
100.0%
$
881,344,668
  a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
All
or
a
portion
of
security
is
on
loan.
(b)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(c)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
CVA
—
Dutch
Certification
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Sector
Name
%
of
Market
Value
Information
Technology
21.6
%
Financials
17.5
Health
Care
13.4
Industrials
12.6
Consumer
Staples
11.5
Consumer
Discretionary
9.8
Communication
Services
7.3
Materials
1.8
Utilities
1.1
Energy
0.9
Real
Estate
0.8
Investment
Company
0.2
Securities
Lending
Reinvestment
Vehicle
1.5
TOTAL
INVESTMENTS
100.0%
FUTURES
CONTRACTS
—
At
May
31,
2024,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
E-Mini
MSCI
EAFE
Index
Future
4
06/21/24
$
474,040
$
2,101
S&P
500
E-Mini
Index
4
06/21/24
1,059,100
12,542
Total
Futures
Contracts
$
14,643
Goldman
Sachs
ActiveBeta
®
ETFS
Schedule
of
Investments
May
31,
2024
(Unaudited)
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Investment
Valuation
—
The
Funds’
valuation
policy
is
to
value
investments
at
fair
value.
Investments
and
Fair
Value
Measurements
—
U.S.
GAAP
defines
the
fair
value
of
a
financial
instrument
as
the
amount
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date
(i.e.,
the
exit
price);
the
Funds’
policy
is
to
use
the
market
approach.
GAAP
establishes
a
fair
value
hierarchy
that
prioritizes
the
inputs
to
valuation
techniques
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
The
level
in
the
fair
value
hierarchy
within
which
the
fair
value
measurement
in
its
entirety
falls
shall
be
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
The
levels
used
for
classifying
investments
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
these
investments.
The
three
levels
of
the
fair
value
hierarchy
are
described
below:
Level
1
—
Unadjusted
quoted
prices
in
active
markets
that
are
accessible
at
the
measurement
date
for
identical,
unrestricted
assets
or
liabilities;
Level
2
—
Quoted
prices
in
markets
that
are
not
active
or
financial
instruments
for
which
significant
inputs
are
observable
(including,
but
not
limited
to,
quoted
prices
for
similar
investments,
interest
rates,
foreign
exchange
rates,
volatility
and
credit
spreads),
either
directly
or
indirectly;
Level
3
—
Prices
or
valuations
that
require
significant
unobservable
inputs
(including
GSAM’s
assumptions
in
determining
fair
value
measurement).
The
Board
of
Trustees
(“Trustees”)
has
approved
Valuation
Procedures
that
govern
the
valuation
of
the
portfolio
investments
held
by
the
Funds,
including
investments
for
which
market
quotations
are
not
readily
available.
With
respect
to
the
Funds’
investments
that
do
not
have
readily
available
market
quotations,
the
Trustees
have
designated
the
Adviser
as
the
valuation
designee
to
perform
fair
valuations
pursuant
to
rule
2a-5
under
the
Investment
Company
Act
of
1940
(“Valuation
Designee”).
GSAM
has
day-to-day
responsibility
for
implementing
and
maintaining
internal
controls
and
procedures
related
to
the
valuation
of
the
Funds’
investments.
To
assess
the
continuing
appropriateness
of
pricing
sources
and
methodologies,
GSAM
regularly
performs
price
verification
procedures
and
issues
challenges
as
necessary
to
third
party
pricing
vendors
or
brokers,
and
any
differences
are
reviewed
in
accordance
with
the
Valuation
Procedures.
Level
1
and
Level
2
Fair
Value
Investments
—
The
valuation
techniques
and
significant
inputs
used
in
determining
the
fair
values
for
investments
classified
as
Level
1
and
Level
2
are
as
follows:
Equity
Securities
—
Equity
securities
traded
on
a
United
States
(“U.S.”)
securities
exchange
or
the
NASDAQ
system,
or
those
located
on
certain
foreign
exchanges,
including
but
not
limited
to
the
Americas,
are
valued
daily
at
their
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
they
are
traded.
If
there
is
no
sale
or
official
closing
price
or
such
price
is
believed
by
GSAM
to
not
represent
fair
value,
equity
securities
will
be
valued
at
the
valid
closing
bid
price
for
long
positions
and
at
the
valid
closing
ask
price
for
short
positions
(i.e.
where
there
is
sufficient
volume,
during
normal
exchange
trading
hours).
If
no
valid
bid/ask
price
is
available,
the
equity
security
will
be
valued
pursuant
to
the
Valuation
Procedures
and
consistent
with
applicable
regulatory
guidance.
To
the
extent
these
investments
are
actively
traded,
they
are
classified
as
Level
1
of
the
fair
value
hierarchy,
otherwise
they
are
generally
classified
as
Level
2.
Certain
equity
securities
containing
unique
attributes
may
be
classified
as
Level
2.
Unlisted
equity
securities
for
which
market
quotations
are
available
are
valued
at
the
last
sale
price
on
the
valuation
date,
or
if
no
sale
occurs,
at
the
last
bid
price
for
long
positions
or
the
last
ask
price
for
short
positions,
and
are
generally
classified
as
Level
2.
Goldman
Sachs
ActiveBeta
®
ETFS
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Underlying
Funds
(including
Money
Market
Funds)
—
Underlying
funds
(“Underlying
Funds”)
include
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.
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.
Fair
Value
Hierarchy
—
The
following
is
a
summary
of
the
Funds’
investments
classified
in
the
fair
value
hierarchy
as
of
May
31,
2024:
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
ActiveBeta
®
ETFS
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
ActiveBeta
®
Emerging
Markets
Equity
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Africa
$
30,684,734
$
—
$
—
Asia
789,788,050
19,222,791
—
Europe
24,742,782
—
—
North
America
22,788,009
—
—
South
America
35,837,204
13,295,659
—
Exchange-Traded
Fund
5,909,354
—
—
Investment
Company
55,046,981
—
—
Securities
Lending
Reinvestment
Vehicle
2,484,277
—
—
Total
$
967,281,391
$
32,518,450
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Futures
Contracts
(b)
$
61,775
$
—
$
—
1.00
€
1.00
€
1.00
ActiveBeta
®
Europe
Equity
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Africa
$
4,448
$
—
$
—
Asia
60,976
—
—
Europe
9,770,173
55,040
—
North
America
1,201,335
—
—
Oceania
82,403
—
—
South
America
13,343
—
—
Investment
Company
166,052
—
—
Securities
Lending
Reinvestment
Vehicle
158,616
—
—
Total
$
11,457,346
$
55,040
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Futures
Contracts
(b)
$
3,535
$
—
$
—
1.00
€
1.00
€
1.00
ActiveBeta
®
International
Equity
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Africa
$
780,974
$
—
$
—
Asia
903,531,914
—
—
Europe
1,895,000,996
11,050,803
—
North
America
601,426,286
3,824,116
—
Oceania
222,432,978
—
—
South
America
4,136,747
—
—
Investment
Company
28,323,551
—
—
Securities
Lending
Reinvestment
Vehicle
45,672,268
—
—
Total
$
3,701,305,714
$
14,874,919
$
—
€
1.00
€
1.00
€
1.00
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
ActiveBeta
®
ETFS
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Derivative
Type
Assets
Futures
Contracts
(b)
$
745,586
$
—
$
—
€
1.00
€
1.00
€
1.00
ActiveBeta
®
Japan
Equity
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
22,483,597
$
—
$
—
Investment
Company
75,054
—
—
Total
$
22,558,651
$
—
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Futures
Contracts
(b)
$
1,931
$
—
$
—
1.00
€
1.00
€
1.00
ActiveBeta
®
U.S.
Large
Cap
Equity
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
North
America
$
11,955,206,597
$
—
$
—
Investment
Company
9,887,111
—
—
Total
$
11,965,093,708
$
—
$
—
€
1.00
€
1.00
€
1.00
ActiveBeta
®
U.S.
Small
Cap
Equity
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Africa
$
463,679
$
—
$
—
Asia
2,062,978
—
—
Europe
3,884,130
—
—
North
America
475,229,929
—
27,278
South
America
790,538
—
—
Investment
Company
6,260,556
—
—
Securities
Lending
Reinvestment
Vehicle
2,974,941
—
—
Total
$
491,666,751
$
—
$
27,278
€
1.00
€
1.00
€
1.00
Derivative
Type
Liabilities
Futures
Contracts
(b)
$
(7,610)
$
—
$
—
€
1.00
€
1.00
€
1.00
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
ActiveBeta
®
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
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.
ActiveBeta
®
World
Low
Vol
Plus
Equity
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
80,428,746
$
—
$
—
Europe
128,002,224
1,355,057
—
North
America
642,130,924
—
—
Oceania
24,475,016
—
—
Investment
Company
2,351,493
—
—
Securities
Lending
Reinvestment
Vehicle
15,810,708
—
—
Total
$
893,199,111
$
1,355,057
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Futures
Contracts
(b)
$
14,643
$
—
$
—
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
ActiveBeta
®
ETFS
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
The
Funds’
risks
include,
but
are
not
limited
to,
the
following:
Calculation
Methodology
Risk
—
The
Index
relies
on
various
sources
of
information
to
assess
the
criteria
of
issuers
included
in
the
Index
(or
a
Reference
Index
if
applicable),
including
fundamental
information
that
may
be
based
on
assumptions
and
estimates.
Neither
the
Fund,
the
Investment
Adviser
nor
the
Index
Provider
can
offer
assurances
that
the
Index’s
calculation
methodology
or
sources
of
information
will
provide
a
correct
valuation
of
securities,
nor
can
they
guarantee
the
availability
or
timeliness
of
the
production
of
the
Index.
Geographic
Risk
—
If
a
Fund
focuses
its
investments
in
securities
of
issuers
located
in
a
particular
country
or
geographic
region,
the
Fund
may
be
subjected,
to
a
greater
extent
than
if
its
investments
were
less
focused,
to
the
risks
of
volatile
economic
cycles
and/
or
conditions
and
developments
that
may
be
particular
to
that
country
or
region,
such
as:
adverse
securities
markets;
adverse
exchange
rates;
adverse
social,
political,
regulatory,
economic,
business,
environmental
or
other
developments;
or
natural
disasters.
Index
Risk
—
GSAM
(the
“Index
Provider”)
constructs
each
Fund’s
index
(an
“Index”)
in
accordance
with
a
rules-based
methodology.
A
Fund
will
be
negatively
affected
by
general
declines
in
the
securities
and
asset
classes
represented
in
its
Index.
In
addition,
because
the
Funds
are
not
“actively”
managed,
unless
a
specific
security
is
removed
from
an
Index,
a
Fund
generally
would
not
sell
a
security
because
the
security’s
issuer
was
in
financial
trouble.
Market
disruptions
and
regulatory
restrictions
could
have
an
adverse
effect
on
a
Fund’s
ability
to
adjust
its
exposure
to
the
required
levels
in
order
to
track
the
Index.
A
Fund
also
does
not
attempt
to
take
defensive
positions
under
any
market
conditions,
including
declining
markets.
Therefore,
a
Fund’s
performance
could
be
lower
than
funds
that
may
actively
shift
their
portfolio
assets
to
take
advantage
of
market
opportunities
or
to
lessen
the
impact
of
a
market
decline
or
a
decline
in
the
value
of
one
or
more
issuers.
The
Index
Provider
relies
on
third
party
data
it
believes
to
be
reliable
in
constructing
each
Index,
but
it
does
not
guarantee
the
accuracy
or
availability
of
such
third
party
data.
Errors
in
index
data,
index
computation
or
the
construction
of
an
Index
in
accordance
with
its
methodology
may
occur
from
time
to
time
and
may
not
be
identified
and
corrected
by
the
Index
Provider
for
a
period
of
time
or
at
all,
which
may
have
an
adverse
impact
on
the
applicable
Fund
and
its
shareholders.
In
addition,
neither
a
Fund,
the
Investment
Adviser,
the
Calculation
Agent
nor
the
Index
Provider
can
guarantee
the
availability
or
timeliness
of
the
production
of
the
Index.
Industry
Concentration
Risk
—
In
following
its
methodology,
the
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
the
Index
concentrates
in
the
securities
of
issuers
in
a
particular
industry
or
group
of
industries,
the
Fund
also
may
concentrate
its
investments
to
approximately
the
same
extent.
By
concentrating
its
investments
in
an
industry
or
group
of
industries,
the
Fund
may
face
more
risks
than
if
it
were
diversified
broadly
over
numerous
industries
or
groups
of
industries.
If
the
Index
is
not
concentrated
in
a
particular
industry
or
group
of
industries,
the
Fund
will
not
concentrate
in
a
particular
industry
or
group
of
industries.
Investment
Style
Risk
—
Different
investment
styles
(e.g.,
“growth”,
“value”
or
“quantitative”)
tend
to
shift
in
and
out
of
favor
depending
upon
market
and
economic
conditions
and
investor
sentiment.
The
Fund
may
outperform
or
underperform
other
funds
that
invest
in
similar
asset
classes
but
employ
different
investment
styles.
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.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
ActiveBeta
®
ETFS
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
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
trading
individually
or
in
the
aggregate
at
any
point
in
time.
Tracking
Error
Risk
—
Tracking
error
is
the
divergence
of
a
Fund’s
performance
from
that
of
its
Index.
The
performance
of
a
Fund
may
diverge
from
that
of
its
Index
for
a
number
of
reasons.
Tracking
error
may
occur
because
of
transaction
costs,
a
Fund’s
holding
of
cash,
differences
in
accrual
of
dividends,
changes
to
its
Index
or
the
need
to
meet
new
or
existing
regulatory
requirements.
Unlike
a
Fund,
the
returns
of
an
Index
are
not
reduced
by
investment
and
other
operating
expenses,
including
the
trading
costs
associated
with
implementing
changes
to
its
portfolio
of
investments.
Tracking
error
risk
may
be
heightened
during
times
of
market
volatility
or
other
unusual
market
conditions.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)