NPORT-EX 2 373220GS113023.htm
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
91.9%
Australia
–
4.7%
9,318
AGL
Energy
Ltd.
(Utilities)
$
58,261
8,966
Allkem
Ltd.
(Materials)*
51,126
3,742
Ampol
Ltd.
(Energy)
84,929
46,865
ANZ
Group
Holdings
Ltd.
(Financials)
757,270
20,026
APA
Group
(Utilities)
113,263
9,231
Aristocrat
Leisure
Ltd.
(Consumer
Discretionary)
248,436
2,994
ASX
Ltd.
(Financials)
115,299
18,597
Atlas
Arteria
Ltd.
(Industrials)
71,518
28,850
Aurizon
Holdings
Ltd.
(Industrials)
67,525
79,127
BHP
Group
Ltd.
(Materials)
2,429,137
7,089
BlueScope
Steel
Ltd.
(Materials)
97,674
21,669
Brambles
Ltd.
(Industrials)
191,664
5,260
CAR
Group
Ltd.
(Communication
Services)
96,887
7,307
Charter
Hall
Group
REIT
(Real
Estate)
50,387
1,021
Cochlear
Ltd.
(Health
Care)
184,841
20,225
Coles
Group
Ltd.
(Consumer
Staples)
205,578
26,094
Commonwealth
Bank
of
Australia
(Financials)
1,810,789
8,215
Computershare
Ltd.
(Industrials)
128,603
16,568
Dexus
REIT
(Real
Estate)
77,337
921
Domino’s
Pizza
Enterprises
Ltd.
(Consumer
Discretionary)
32,854
2,455
EBOS
Group
Ltd.
(Health
Care)
56,104
21,203
Endeavour
Group
Ltd.
(Consumer
Staples)
69,309
28,036
Evolution
Mining
Ltd.
(Materials)
76,030
2,757
Flutter
Entertainment
PLC
(Consumer
Discretionary)*
430,919
24,627
Fortescue
Ltd.
(Materials)
408,060
145,219
Glencore
PLC
(Materials)
812,206
28,688
Goodman
Group
REIT
(Real
Estate)
432,741
29,937
GPT
Group
(The)
REIT
(Real
Estate)
81,781
4,343
IDP
Education
Ltd.
(Consumer
Discretionary)
65,252
10,315
IGO
Ltd.
(Materials)
58,682
38,057
Insurance
Australia
Group
Ltd.
(Financials)
149,888
10,812
Lendlease
Corp.
Ltd.
(Real
Estate)
47,530
34,744
Lottery
Corp.
Ltd.
(The)
(Consumer
Discretionary)
105,970
14,542
Lynas
Rare
Earths
Ltd.
(Materials)*
63,831
5,656
Macquarie
Group
Ltd.
(Financials)
633,973
42,977
Medibank
Pvt
Ltd.
(Financials)
98,596
2,626
Mineral
Resources
Ltd.
(Materials)
106,507
Shares
Description
Value
a
Common
Stocks
–
(continued)
Australia
–
(continued)
61,689
Mirvac
Group
REIT
(Real
Estate)
$
84,260
48,765
National
Australia
Bank
Ltd.
(Financials)
918,275
17,550
Northern
Star
Resources
Ltd.
(Materials)
148,133
7,127
Orica
Ltd.
(Materials)
73,813
26,668
Origin
Energy
Ltd.
(Utilities)
145,702
43,035
Pilbara
Minerals
Ltd.
(Materials)
103,865
762
Pro
Medicus
Ltd.
(Health
Care)
44,669
26,797
Qantas
Airways
Ltd.
(Industrials)*
94,169
23,268
QBE
Insurance
Group
Ltd.
(Financials)
237,126
2,827
Ramsay
Health
Care
Ltd.
(Health
Care)
92,148
783
REA
Group
Ltd.
(Communication
Services)
80,601
4,630
Reece
Ltd.
(Industrials)
59,372
5,784
Rio
Tinto
Ltd.
(Materials)
479,539
16,678
Rio
Tinto
PLC
(Materials)
1,139,920
50,651
Santos
Ltd.
(Energy)
232,067
80,961
Scentre
Group
REIT
(Real
Estate)
142,255
5,380
SEEK
Ltd.
(Communication
Services)
85,185
2,422
Seven
Group
Holdings
Ltd.
(Industrials)
51,614
7,024
Sonic
Healthcare
Ltd.
(Health
Care)
135,852
70,555
South32
Ltd.
(Materials)
144,087
37,343
Stockland
REIT
(Real
Estate)
102,260
19,718
Suncorp
Group
Ltd.
(Financials)
182,644
180,073
Telstra
Group
Ltd.
(Communication
Services)
456,098
6,156
TPG
Telecom
Ltd.
(Communication
Services)
19,266
48,029
Transurban
Group
(Industrials)
412,720
11,309
Treasury
Wine
Estates
Ltd.
(Consumer
Staples)
80,233
60,309
Vicinity
Ltd.
REIT
(Real
Estate)
75,777
3,638
Washington
H
Soul
Pattinson
&
Co.
Ltd.
(Financials)
80,808
17,552
Wesfarmers
Ltd.
(Consumer
Discretionary)
612,850
54,513
Westpac
Banking
Corp.
(Financials)
772,416
12,828
Whitehaven
Coal
Ltd.
(Energy)
60,730
2,672
WiseTech
Global
Ltd.
(Information
Technology)
118,348
29,600
Woodside
Energy
Group
Ltd.
(Energy)
608,415
18,862
Woolworths
Group
Ltd.
(Consumer
Staples)
436,475
5,806
Worley
Ltd.
(Industrials)
65,290
3,480
Yancoal
Australia
Ltd.
(Energy)
(a)
11,139
19,158,878
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Austria
–
0.2%
1,119
ANDRITZ
AG
(Industrials)
$
60,754
1,226
BAWAG
Group
AG
(Financials)*
(a)
63,942
532
CA
Immobilien
Anlagen
AG
(Real
Estate)
17,414
5,105
Erste
Group
Bank
AG
(Financials)
206,705
557
EVN
AG
(Utilities)
16,409
7,580
Mondi
PLC
(Materials)
135,014
2,207
OMV
AG
(Energy)
94,276
2,338
Raiffeisen
Bank
International
AG
(Financials)
39,030
2,131
Telekom
Austria
AG
(Communication
Services)*
16,904
508
Verbund
AG
(Utilities)
48,499
553
Vienna
Insurance
Group
AG
Wiener
Versicherung
Gruppe
(Financials)
15,839
1,756
voestalpine
AG
(Materials)
49,470
1,679
Wienerberger
AG
(Materials)
47,961
812,217
Belgium
–
0.5%
346
Ackermans
&
van
Haaren
NV
(Industrials)
57,270
2,367
Ageas
SA/NV
(Financials)
101,962
13,328
Anheuser-Busch
InBev
SA/NV
(Consumer
Staples)
837,775
1,795
Azelis
Group
NV
(Industrials)
40,189
793
Colruyt
Group
N.V.
(Consumer
Staples)
34,203
327
D’ieteren
Group
(Consumer
Discretionary)
55,873
440
Elia
Group
SA/NV
(Utilities)
47,744
1,424
Groupe
Bruxelles
Lambert
NV
(Financials)
112,956
3,901
KBC
Group
NV
(Financials)
223,886
2,224
Proximus
SADP
(Communication
Services)
21,369
235
Sofina
SA
(Financials)
52,359
1,091
Solvay
SA
(Materials)
126,360
1,876
UCB
SA
(Health
Care)
138,862
3,171
Umicore
SA
(Materials)
84,871
2,541
Warehouses
De
Pauw
CVA
REIT
(Real
Estate)
71,475
2,007,154
Bermuda
–
0.0%
2,598
Liberty
Global
Ltd.,
Class
A
(Communication
Services)*
41,568
3,435
Liberty
Global
Ltd.,
Class
C
(Communication
Services)*
57,845
99,413
Brazil
–
1.3%
68,820
Ambev
SA
(Consumer
Staples)
191,017
8,338
Atacadao
SA
(Consumer
Staples)
19,170
88,052
B3
SA
–
Brasil
Bolsa
Balcao
(Financials)
237,436
22,902
Banco
Bradesco
SA
(Financials)
66,307
Shares
Description
Value
a
Common
Stocks
–
(continued)
Brazil
–
(continued)
23,307
Banco
BTG
Pactual
SA
(Financials)
$
167,942
13,421
Banco
do
Brasil
SA
(Financials)
147,673
5,870
Banco
Santander
Brasil
SA
(Financials)
36,894
10,553
BB
Seguridade
Participacoes
SA
(Financials)
66,969
8,131
Caixa
Seguridade
Participacoes
SA
(Financials)
18,843
15,689
CCR
SA
(Industrials)
43,069
18,113
Centrais
Eletricas
Brasileiras
SA
(Utilities)
150,053
5,342
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
(Utilities)
73,173
4,381
Cia
Energetica
de
Minas
Gerais
(Utilities)
13,803
11,666
Cia
Paranaense
de
Energia
(Utilities)
20,791
9,442
Cia
Siderurgica
Nacional
SA
(Materials)
31,433
18,355
Cosan
SA
(Energy)
66,055
2,950
CPFL
Energia
SA
(Utilities)
22,160
7,515
CSN
Mineracao
SA
(Materials)
10,909
4,661
Energisa
SA
(Utilities)
49,877
9,431
Eneva
SA
(Utilities)*
24,265
2,748
Engie
Brasil
Energia
SA
(Utilities)
24,236
15,277
Equatorial
Energia
SA
(Utilities)
105,496
73,680
Hapvida
Participacoes
e
Investimentos
SA
(Health
Care)*
(a)
65,281
6,321
Hypera
SA
(Health
Care)
43,291
7,075
Itau
Unibanco
Holding
SA
(Financials)
38,386
13,063
Klabin
SA
(Materials)
59,776
13,326
Localiza
Rent
a
Car
SA
(Industrials)
162,217
14,981
Lojas
Renner
SA
(Consumer
Discretionary)
49,722
45,861
Magazine
Luiza
SA
(Consumer
Discretionary)*
18,782
4,198
Multiplan
Empreendimentos
Imobiliarios
SA
(Real
Estate)
23,142
13,181
Natura
&
Co.
Holding
SA
(Consumer
Staples)*
44,068
3,092
Neoenergia
SA
(Utilities)
12,143
35,888
NU
Holdings
Ltd.,
Class
A
(Financials)*
292,128
3,128
Pagseguro
Digital
Ltd.,
Class
A
(Financials)*
31,530
57,797
Petroleo
Brasileiro
SA
(Energy)
441,775
2,828
Porto
Seguro
SA
(Financials)
16,054
11,233
PRIO
SA
(Energy)*
104,604
19,640
Raia
Drogasil
SA
(Consumer
Staples)
111,813
15,383
Rede
D’Or
Sao
Luiz
SA
(Health
Care)
(a)
82,962
19,022
Rumo
SA
(Industrials)
88,317
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Brazil
–
(continued)
21,100
Sendas
Distribuidora
SA
(Consumer
Staples)
$
55,314
3,765
StoneCo
Ltd.,
Class
A
(Financials)*
58,734
10,818
Suzano
SA
(Materials)
117,957
6,379
Telefonica
Brasil
SA
(Communication
Services)
68,236
12,552
TIM
SA
(Communication
Services)
43,874
8,161
TOTVS
SA
(Information
Technology)
55,115
11,367
Ultrapar
Participacoes
SA
(Energy)
58,192
61,264
Vale
SA
(Materials)
917,299
17,518
Vibra
Energia
SA
(Consumer
Discretionary)
82,933
23,160
WEG
SA
(Industrials)
160,543
7,062
Wheaton
Precious
Metals
Corp.
(Materials)
345,587
6,013
XP,
Inc.,
Class
A
(Financials)
140,043
2,399
Yara
International
ASA
(Materials)
81,526
5,458,915
Canada
–
6.8%
7,712
Agnico
Eagle
Mines
Ltd.
(Materials)
414,367
5,623
Air
Canada
(Industrials)*
73,115
10,795
Algonquin
Power
&
Utilities
Corp.
(Utilities)
66,640
11,400
Alimentation
Couche-Tard,
Inc.
(Consumer
Staples)
650,780
4,388
AltaGas
Ltd.
(Utilities)
89,323
9,495
ARC
Resources
Ltd.
(Energy)
151,545
11,132
Bank
of
Montreal
(Financials)
914,469
18,703
Bank
of
Nova
Scotia
(The)
(Financials)
837,314
27,222
Barrick
Gold
Corp.
(Materials)
478,646
14,236
BCE,
Inc.
(Communication
Services)
560,998
5,458
Brookfield
Asset
Management
Ltd.,
Class
A
(Financials)
191,252
23,084
Brookfield
Corp.
(Financials)
814,840
4,961
CAE,
Inc.
(Industrials)*
98,719
6,738
Cameco
Corp.
(Energy)
309,654
2,623
Canadian
Apartment
Properties
REIT
(Real
Estate)
89,436
14,325
Canadian
Imperial
Bank
of
Commerce
(Financials)
592,715
9,037
Canadian
National
Railway
Co.
(Industrials)
1,049,501
16,818
Canadian
Natural
Resources
Ltd.
(Energy)
1,123,929
14,534
Canadian
Pacific
Kansas
City
Ltd.
(Industrials)
1,047,186
832
Canadian
Tire
Corp.
Ltd.,
Class
A
(Consumer
Discretionary)
86,615
1,937
Canadian
Utilities
Ltd.,
Class
A
(Utilities)
43,430
Shares
Description
Value
a
Common
Stocks
–
(continued)
Canada
–
(continued)
2,256
CCL
Industries,
Inc.,
Class
B
(Materials)
$
93,062
21,203
Cenovus
Energy,
Inc.
(Energy)
376,411
3,230
CGI,
Inc.
(Information
Technology)*
328,682
4,313
Choice
Properties
Real
Estate
Investment
Trust
REIT
(Real
Estate)
41,862
311
Constellation
Software,
Inc.
(Information
Technology)
731,091
4,305
Dollarama,
Inc.
(Consumer
Discretionary)
312,909
4,264
Emera,
Inc.
(Utilities)
149,980
2,343
Empire
Co.
Ltd.
(Consumer
Staples)
63,731
33,135
Enbridge,
Inc.
(Energy)
1,157,898
365
Fairfax
Financial
Holdings
Ltd.
(Financials)
335,770
604
FirstService
Corp.
(Real
Estate)
94,860
7,555
Fortis,
Inc.
(Utilities)
302,902
2,972
Franco-Nevada
Corp.
(Materials)
333,138
953
George
Weston
Ltd.
(Consumer
Staples)
111,863
2,598
GFL
Environmental,
Inc.
(Industrials)
74,615
2,681
Gildan
Activewear,
Inc.
(Consumer
Discretionary)
97,128
4,270
Great-West
Lifeco,
Inc.
(Financials)
136,586
4,931
Hydro
One
Ltd.
(Utilities)
(a)
137,181
1,606
iA
Financial
Corp.,
Inc.
(Financials)
107,327
1,406
IGM
Financial,
Inc.
(Financials)
34,936
2,784
Imperial
Oil
Ltd.
(Energy)
156,977
2,729
Intact
Financial
Corp.
(Financials)
423,283
8,958
Ivanhoe
Mines
Ltd.,
Class
A
(Materials)*
80,010
3,564
Keyera
Corp.
(Energy)
89,820
18,973
Kinross
Gold
Corp.
(Materials)
111,947
2,268
Loblaw
Cos.
Ltd.
(Consumer
Staples)
195,712
4,143
Magna
International,
Inc.
(Consumer
Discretionary)
223,551
28,802
Manulife
Financial
Corp.
(Financials)
564,633
3,587
Metro,
Inc.
(Consumer
Staples)
179,925
5,247
National
Bank
of
Canada
(Financials)
347,981
3,960
Northland
Power,
Inc.
(Utilities)
64,430
7,743
Nutrien
Ltd.
(Materials)
414,491
1,037
Onex
Corp.
(Financials)
70,204
4,159
Open
Text
Corp.
(Information
Technology)
166,532
5,670
Pan
American
Silver
Corp.
(Materials)
88,907
8,583
Pembina
Pipeline
Corp.
(Energy)
287,334
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Canada
–
(continued)
8,284
Power
Corp.
of
Canada
(Financials)
$
229,424
2,406
Quebecor,
Inc.,
Class
B
(Communication
Services)
53,431
2,829
RB
Global,
Inc.
(Industrials)
179,962
4,387
Restaurant
Brands
International,
Inc.
(Consumer
Discretionary)
312,269
4,705
RioCan
Real
Estate
Investment
Trust
REIT
(Real
Estate)
60,623
5,786
Rogers
Communications,
Inc.,
Class
B
(Communication
Services)
249,346
21,631
Royal
Bank
of
Canada
(Financials)
1,956,259
3,811
Saputo,
Inc.
(Consumer
Staples)
74,148
18,026
Shopify,
Inc.,
Class
A
(Information
Technology)*
1,314,209
9,150
Sun
Life
Financial,
Inc.
(Financials)
(b)
462,410
20,433
Suncor
Energy,
Inc.
(Energy)
674,243
16,195
TC
Energy
Corp.
(Energy)
607,857
7,150
Teck
Resources
Ltd.,
Class
B
(Materials)
269,578
22,415
TELUS
Corp.
(Communication
Services)
401,399
1,210
TFI
International,
Inc.
(Industrials)
143,288
2,212
Thomson
Reuters
Corp.
(Industrials)
309,290
28,520
Toronto-Dominion
Bank
(The)
(Financials)
1,740,417
4,954
Tourmaline
Oil
Corp.
(Energy)
239,981
860
West
Fraser
Timber
Co.
Ltd.
(Materials)
62,427
1,937
WSP
Global,
Inc.
(Industrials)
268,338
27,781,042
Chile
–
0.2%
5,112
Antofagasta
PLC
(Materials)
91,152
687,589
Banco
de
Chile
(Financials)
77,602
1,384
Banco
de
Credito
e
Inversiones
SA
(Financials)
37,339
971,888
Banco
Santander
Chile
(Financials)
47,914
19,980
Cencosud
SA
(Consumer
Staples)
37,283
1,981
Cia
Cervecerias
Unidas
SA
(Consumer
Staples)
12,185
237,329
Cia
Sud
Americana
de
Vapores
SA
(Industrials)
13,833
18,270
Empresas
CMPC
SA
(Materials)
35,503
6,529
Empresas
Copec
SA
(Energy)
48,544
298,869
Enel
Americas
SA
(Utilities)*
34,956
381,204
Enel
Chile
SA
(Utilities)
24,155
18,535
Falabella
SA
(Consumer
Discretionary)*
43,469
6,984,965
Latam
Airlines
Group
SA
(Industrials)*
68,389
Shares
Description
Value
a
Common
Stocks
–
(continued)
Chile
–
(continued)
10,224
Lundin
Mining
Corp.
(Materials)
$
70,882
643,206
China
–
7.7%
6,600
360
Security
Technology,
Inc.,
Class
A
(Information
Technology)*
8,022
2,100
37
Interactive
Entertainment
Network
Technology
Group
Co.
Ltd.,
Class
A
(Communication
Services)
6,514
200
3peak,
Inc.,
Class
A
(Information
Technology)
4,532
700
Accelink
Technologies
Co.
Ltd.,
Class
A
(Information
Technology)
2,680
232
ACM
Research
Shanghai,
Inc.,
Class
A
(Information
Technology)
3,723
575
Advanced
Micro-Fabrication
Equipment
Inc
China,
Class
A
(Information
Technology)
13,681
1,200
AECC
Aero-Engine
Control
Co.
Ltd.,
Class
A
(Industrials)
3,447
2,500
AECC
Aviation
Power
Co.
Ltd.,
Class
A
(Industrials)
12,589
84,800
Agricultural
Bank
of
China
Ltd.,
Class
A
(Financials)
43,463
441,671
Agricultural
Bank
of
China
Ltd.,
Class
H
(Financials)
163,429
8,800
Aier
Eye
Hospital
Group
Co.
Ltd.,
Class
A
(Health
Care)
21,023
600
AIMA
Technology
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,413
7,100
Air
China
Ltd.,
Class
A
(Industrials)*
8,024
26,791
Air
China
Ltd.,
Class
H
(Industrials)*
18,043
2,655
Airtac
International
Group
(Industrials)
92,211
1,700
Aisino
Corp.,
Class
A
(Information
Technology)
2,635
7,525
Akeso,
Inc.
(Health
Care)*
(a)
48,029
248,079
Alibaba
Group
Holding
Ltd.
(Consumer
Discretionary)*
2,310,762
79,107
Alibaba
Health
Information
Technology
Ltd.
(Consumer
Staples)*
44,971
12,400
Aluminum
Corp.
of
China
Ltd.,
Class
A
(Materials)
9,620
59,049
Aluminum
Corp.
of
China
Ltd.,
Class
H
(Materials)
29,183
387
Amlogic
Shanghai
Co.
Ltd.,
Class
A
(Information
Technology)
3,316
6,000
Angang
Steel
Co.
Ltd.,
Class
A
(Materials)
2,151
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
22,177
Angang
Steel
Co.
Ltd.,
Class
H
(Materials)
$
4,543
800
Angel
Yeast
Co.
Ltd.,
Class
A
(Consumer
Staples)
4,090
3,700
Anhui
Conch
Cement
Co.
Ltd.,
Class
A
(Materials)
11,917
18,589
Anhui
Conch
Cement
Co.
Ltd.,
Class
H
(Materials)
43,508
1,300
Anhui
Gujing
Distillery
Co.
Ltd.,
Class
A
(Consumer
Staples)
47,070
2,000
Anhui
Jianghuai
Automobile
Group
Corp.
Ltd.,
Class
A
(Consumer
Discretionary)*
4,940
600
Anhui
Kouzi
Distillery
Co.
Ltd.,
Class
A
(Consumer
Staples)
3,968
600
Anhui
Yingjia
Distillery
Co.
Ltd.,
Class
A
(Consumer
Staples)
6,316
300
Anjoy
Foods
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
4,801
300
Anker
Innovations
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
3,713
19,990
ANTA
Sports
Products
Ltd.
(Consumer
Discretionary)
208,466
1,100
Apeloa
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
2,569
900
Asia
-
Potash
International
Investment
Guangzhou
Co.
Ltd.,
Class
A
(Materials)*
3,421
392
ASR
Microelectronics
Co.
Ltd.,
Class
A
(Information
Technology)*
3,676
300
Asymchem
Laboratories
Tianjin
Co.
Ltd.,
Class
A
(Health
Care)
6,050
433
Asymchem
Laboratories
Tianjin
Co.
Ltd.,
Class
H
(Health
Care)
(a)
5,943
500
Autobio
Diagnostics
Co.
Ltd.,
Class
A
(Health
Care)
3,595
1,053
Autohome,
Inc.
ADR
(Communication
Services)
28,757
1,800
Avary
Holding
Shenzhen
Co.
Ltd.,
Class
A
(Information
Technology)
5,432
8,300
AVIC
Industry-Finance
Holdings
Co.
Ltd.,
Class
A
(Financials)
3,801
36,850
AviChina
Industry
&
Technology
Co.
Ltd.,
Class
H
(Industrials)
16,702
600
AVICOPTER
PLC,
Class
A
(Industrials)
3,144
5,200
BAIC
BluePark
New
Energy
Technology
Co.
Ltd.,
Class
A
(Consumer
Discretionary)*
4,719
4,397
Baidu,
Inc.
ADR
(Communication
Services)*
521,748
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
5,600
Baiyin
Nonferrous
Group
Co.
Ltd.,
Class
A
(Materials)
$
2,102
19,900
Bank
of
Beijing
Co.
Ltd.,
Class
A
(Financials)
12,624
3,700
Bank
of
Changsha
Co.
Ltd.,
Class
A
(Financials)
3,518
3,500
Bank
of
Chengdu
Co.
Ltd.,
Class
A
(Financials)
5,543
39,100
Bank
of
China
Ltd.,
Class
A
(Financials)
21,847
1,305,578
Bank
of
China
Ltd.,
Class
H
(Financials)
479,752
1,400
Bank
of
Chongqing
Co.
Ltd.,
Class
A
(Financials)
1,427
36,900
Bank
of
Communications
Co.
Ltd.,
Class
A
(Financials)
30,177
114,259
Bank
of
Communications
Co.
Ltd.,
Class
H
(Financials)
67,441
3,400
Bank
of
Guiyang
Co.
Ltd.,
Class
A
(Financials)
2,423
5,500
Bank
of
Hangzhou
Co.
Ltd.,
Class
A
(Financials)
7,656
14,500
Bank
of
Jiangsu
Co.
Ltd.,
Class
A
(Financials)
13,442
9,700
Bank
of
Nanjing
Co.
Ltd.,
Class
A
(Financials)
9,807
6,100
Bank
of
Ningbo
Co.
Ltd.,
Class
A
(Financials)
19,579
13,300
Bank
of
Shanghai
Co.
Ltd.,
Class
A
(Financials)
10,970
3,400
Bank
of
Suzhou
Co.
Ltd.,
Class
A
(Financials)
3,090
6,600
Bank
of
Zhengzhou
Co.
Ltd.,
Class
A
(Financials)*
1,904
19,300
Baoshan
Iron
&
Steel
Co.
Ltd.,
Class
A
(Materials)
16,811
7,900
BBMG
Corp.,
Class
A
(Materials)
2,235
776
BeiGene
Ltd.
ADR
(Health
Care)*
145,065
200
BeiGene
Ltd.,
Class
A
(Health
Care)*
4,272
6,900
Beijing
Capital
Eco-
Environment
Protection
Group
Co.
Ltd.,
Class
A
(Utilities)
2,609
400
Beijing
Compass
Technology
Development
Co.
Ltd.,
Class
A
(Financials)*
3,244
3,900
Beijing
Dabeinong
Technology
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
3,976
500
Beijing
Easpring
Material
Technology
Co.
Ltd.,
Class
A
(Industrials)
2,867
600
Beijing
E-Hualu
Information
Technology
Co.
Ltd.,
Class
A
(Information
Technology)*
2,843
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
2,700
Beijing
Enlight
Media
Co.
Ltd.,
Class
A
(Communication
Services)
$
3,006
7,446
Beijing
Enterprises
Holdings
Ltd.
(Utilities)
24,692
61,869
Beijing
Enterprises
Water
Group
Ltd.
(Utilities)
12,437
200
Beijing
Huafeng
Test
&
Control
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
3,489
4,400
Beijing
Jingneng
Power
Co.
Ltd.,
Class
A
(Utilities)
1,836
429
Beijing
Kingsoft
Office
Software,
Inc.,
Class
A
(Information
Technology)
18,128
1,600
Beijing
New
Building
Materials
PLC,
Class
A
(Industrials)
5,234
2,400
Beijing
Oriental
Yuhong
Waterproof
Technology
Co.
Ltd.,
Class
A
(Materials)
7,236
3,400
Beijing
Originwater
Technology
Co.
Ltd.,
Class
A
(Industrials)
2,419
200
Beijing
Roborock
Technology
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
8,374
1,800
Beijing
Shiji
Information
Technology
Co.
Ltd.,
Class
A
(Information
Technology)*
2,690
3,400
Beijing
Shougang
Co.
Ltd.,
Class
A
(Materials)*
1,743
1,500
Beijing
Tiantan
Biological
Products
Corp.
Ltd.,
Class
A
(Health
Care)
6,728
1,300
Beijing
Tongrentang
Co.
Ltd.,
Class
A
(Health
Care)
9,676
1,800
Beijing
Ultrapower
Software
Co.
Ltd.,
Class
A
(Information
Technology)
2,120
700
Beijing
United
Information
Technology
Co.
Ltd.,
Class
A
(Industrials)
3,334
700
Beijing
Wantai
Biological
Pharmacy
Enterprise
Co.
Ltd.,
Class
A
(Health
Care)
4,786
2,600
Beijing
Yanjing
Brewery
Co.
Ltd.,
Class
A
(Consumer
Staples)
3,623
38,400
Beijing-Shanghai
High
Speed
Railway
Co.
Ltd.,
Class
A
(Industrials)
27,156
7,500
Beiqi
Foton
Motor
Co.
Ltd.,
Class
A
(Consumer
Discretionary)*
3,203
400
Bethel
Automotive
Safety
Systems
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
4,370
400
Betta
Pharmaceuticals
Co.
Ltd.,
Class
A
(Health
Care)
3,192
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
400
BGI
Genomics
Co.
Ltd.,
Class
A
(Health
Care)
$
2,874
3,824
Bilibili,
Inc.,
Class
Z
(Communication
Services)*
44,016
432
Bloomage
Biotechnology
Corp.
Ltd.,
Class
A
(Health
Care)
4,308
2,300
Bluefocus
Intelligent
Communications
Group
Co.
Ltd.,
Class
A
(Communication
Services)*
2,371
1,100
Bluestar
Adisseo
Co.,
Class
A
(Materials)
1,212
3,272
BOC
Aviation
Ltd.
(Industrials)
(a)
23,544
56,025
BOC
Hong
Kong
Holdings
Ltd.
(Financials)
149,920
2,600
BOC
International
China
Co.
Ltd.,
Class
A
(Financials)
3,921
35,300
BOE
Technology
Group
Co.
Ltd.,
Class
A
(Information
Technology)
19,131
1,000
BTG
Hotels
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)*
2,421
26,595
Budweiser
Brewing
Co.
APAC
Ltd.
(Consumer
Staples)
(a)
47,059
1,700
BYD
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
47,410
15,580
BYD
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
418,908
11,811
BYD
Electronic
International
Co.
Ltd.
(Information
Technology)
53,911
1,600
By-health
Co.
Ltd.,
Class
A
(Consumer
Staples)
4,100
8,472
C&D
International
Investment
Group
Ltd.
(Real
Estate)
17,312
2,500
Caida
Securities
Co.
Ltd.,
Class
A
(Financials)
2,713
4,300
Caitong
Securities
Co.
Ltd.,
Class
A
(Financials)
4,853
2,695
CALB
Group
Co.
Ltd.
(Consumer
Discretionary)*
(a)
6,418
375
Cambricon
Technologies
Corp.
Ltd.,
Class
A
(Information
Technology)*
7,867
800
Canmax
Technologies
Co.
Ltd.,
Class
A
(Materials)
2,700
546
Cathay
Biotech,
Inc.,
Class
A
(Materials)
4,156
3,700
CECEP
Solar
Energy
Co.
Ltd.,
Class
A
(Utilities)
2,886
6,000
CECEP
Wind-Power
Corp.,
Class
A
(Utilities)
2,588
800
CETC
Cyberspace
Security
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
2,565
14,400
CGN
Power
Co.
Ltd.,
Class
A
(Utilities)
6,110
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
166,441
CGN
Power
Co.
Ltd.,
Class
H
(Utilities)
(a)
$
40,064
400
Changchun
High
&
New
Technology
Industry
Group,
Inc.,
Class
A
(Health
Care)
9,012
5,100
Changjiang
Securities
Co.
Ltd.,
Class
A
(Financials)
3,971
300
Changzhou
Xingyu
Automotive
Lighting
Systems
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
6,057
1,800
Chaozhou
Three-Circle
Group
Co.
Ltd.,
Class
A
(Information
Technology)
7,391
800
Chengxin
Lithium
Group
Co.
Ltd.,
Class
A
(Materials)
2,437
1,500
Chifeng
Jilong
Gold
Mining
Co.
Ltd.,
Class
A
(Materials)*
2,922
900
China
Automotive
Engineering
Research
Institute
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,712
2,400
China
Baoan
Group
Co.
Ltd.,
Class
A
(Industrials)
3,929
140,651
China
Cinda
Asset
Management
Co.
Ltd.,
Class
H
(Financials)
13,686
4,900
China
CITIC
Bank
Corp.
Ltd.,
Class
A
(Financials)
3,698
162,794
China
CITIC
Bank
Corp.
Ltd.,
Class
H
(Financials)
73,578
3,600
China
Coal
Energy
Co.
Ltd.,
Class
A
(Energy)
4,704
32,902
China
Coal
Energy
Co.
Ltd.,
Class
H
(Energy)
27,888
37,334
China
Communications
Services
Corp.
Ltd.,
Class
H
(Industrials)
15,918
9,000
China
Construction
Bank
Corp.,
Class
A
(Financials)
8,066
1,470,279
China
Construction
Bank
Corp.,
Class
H
(Financials)
850,884
4,200
China
CSSC
Holdings
Ltd.,
Class
A
(Industrials)
16,257
9,900
China
Eastern
Airlines
Corp.
Ltd.,
Class
A
(Industrials)*
5,823
31,943
China
Eastern
Airlines
Corp.
Ltd.,
Class
H
(Industrials)*
10,306
30,600
China
Energy
Engineering
Corp.
Ltd.,
Class
A
(Industrials)
9,127
96,069
China
Energy
Engineering
Corp.
Ltd.,
Class
H
(Industrials)
9,225
3,300
China
Enterprise
Co.
Ltd.,
Class
A
(Real
Estate)
1,502
43,700
China
Everbright
Bank
Co.
Ltd.,
Class
A
(Financials)
17,686
114,700
China
Everbright
Bank
Co.
Ltd.,
Class
H
(Financials)
32,749
55,011
China
Everbright
Environment
Group
Ltd.
(Industrials)
18,102
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
52,262
China
Feihe
Ltd.
(Consumer
Staples)
(a)
$
30,647
1,700
China
Film
Co.
Ltd.,
Class
A
(Communication
Services)*
2,928
6,400
China
First
Heavy
Industries
Co.
Ltd.,
Class
A
(Industrials)*
2,599
4,200
China
Galaxy
Securities
Co.
Ltd.,
Class
A
(Financials)
7,358
54,137
China
Galaxy
Securities
Co.
Ltd.,
Class
H
(Financials)
28,974
42,367
China
Gas
Holdings
Ltd.
(Utilities)
38,839
3,600
China
Great
Wall
Securities
Co.
Ltd.,
Class
A
(Financials)
4,179
3,000
China
Greatwall
Technology
Group
Co.
Ltd.,
Class
A
(Information
Technology)
4,688
1,300
China
Green
Electricity
Investment
of
Tianjin
Co.
Ltd.,
Class
A
(Real
Estate)
1,842
37,395
China
Hongqiao
Group
Ltd.
(Materials)
30,499
1,500
China
International
Capital
Corp.
Ltd.,
Class
A
(Financials)
8,528
23,327
China
International
Capital
Corp.
Ltd.,
Class
H
(Financials)
(a)
36,916
2,100
China
International
Marine
Containers
Group
Co.
Ltd.,
Class
A
(Industrials)
2,317
104,975
China
Jinmao
Holdings
Group
Ltd.
(Real
Estate)
11,962
3,700
China
Jushi
Co.
Ltd.,
Class
A
(Materials)
5,736
15,363
China
Lesso
Group
Holdings
Ltd.
(Industrials)
8,498
2,000
China
Life
Insurance
Co.
Ltd.,
Class
A
(Financials)
8,413
116,177
China
Life
Insurance
Co.
Ltd.,
Class
H
(Financials)
157,376
5,822
China
Literature
Ltd.
(Communication
Services)*
(a)
19,866
52,481
China
Longyuan
Power
Group
Corp.
Ltd.,
Class
H
(Utilities)
39,309
19,436
China
Medical
System
Holdings
Ltd.
(Health
Care)
37,377
46,420
China
Mengniu
Dairy
Co.
Ltd.
(Consumer
Staples)*
145,614
19,400
China
Merchants
Bank
Co.
Ltd.,
Class
A
(Financials)
78,214
59,083
China
Merchants
Bank
Co.
Ltd.,
Class
H
(Financials)
206,518
7,600
China
Merchants
Energy
Shipping
Co.
Ltd.,
Class
A
(Energy)
6,396
2,300
China
Merchants
Expressway
Network
&
Technology
Holdings
Co.
Ltd.,
Class
A
(Industrials)
3,173
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
19,497
China
Merchants
Port
Holdings
Co.
Ltd.
(Industrials)
$
24,963
6,900
China
Merchants
Securities
Co.
Ltd.,
Class
A
(Financials)
13,595
7,128
China
Merchants
Securities
Co.
Ltd.,
Class
H
(Financials)
(a)
5,832
7,200
China
Merchants
Shekou
Industrial
Zone
Holdings
Co.
Ltd.,
Class
A
(Real
Estate)
10,506
33,400
China
Minsheng
Banking
Corp.
Ltd.,
Class
A
(Financials)
18,007
108,583
China
Minsheng
Banking
Corp.
Ltd.,
Class
H
(Financials)
36,286
66,878
China
National
Building
Material
Co.
Ltd.,
Class
H
(Materials)
29,799
5,700
China
National
Chemical
Engineering
Co.
Ltd.,
Class
A
(Industrials)
5,284
700
China
National
Medicines
Corp.
Ltd.,
Class
A
(Health
Care)
2,995
17,800
China
National
Nuclear
Power
Co.
Ltd.,
Class
A
(Utilities)
17,523
800
China
National
Software
&
Service
Co.
Ltd.,
Class
A
(Information
Technology)
3,854
3,400
China
Northern
Rare
Earth
Group
High-Tech
Co.
Ltd.,
Class
A
(Materials)
9,446
1,300
China
Oilfield
Services
Ltd.,
Class
A
(Energy)
2,716
28,459
China
Oilfield
Services
Ltd.,
Class
H
(Energy)
30,608
57,929
China
Overseas
Land
&
Investment
Ltd.
(Real
Estate)
107,101
20,046
China
Overseas
Property
Holdings
Ltd.
(Real
Estate)
16,324
6,400
China
Pacific
Insurance
Group
Co.
Ltd.,
Class
A
(Financials)
21,590
39,444
China
Pacific
Insurance
Group
Co.
Ltd.,
Class
H
(Financials)
83,329
29,500
China
Petroleum
&
Chemical
Corp.,
Class
A
(Energy)
22,597
374,905
China
Petroleum
&
Chemical
Corp.,
Class
H
(Energy)
192,965
4,800
China
Petroleum
Engineering
Corp.,
Class
A
(Energy)
2,138
75,788
China
Power
International
Development
Ltd.
(Utilities)
27,849
4,618
China
Railway
Construction
Heavy
Industry
Corp.
Ltd.,
Class
A
(Industrials)
2,664
19,300
China
Railway
Group
Ltd.,
Class
A
(Industrials)
15,243
63,556
China
Railway
Group
Ltd.,
Class
H
(Industrials)
27,911
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
5,728
China
Railway
Signal
&
Communication
Corp.
Ltd.,
Class
A
(Information
Technology)
$
3,489
27,070
China
Railway
Signal
&
Communication
Corp.
Ltd.,
Class
H
(Information
Technology)
(a)
8,214
900
China
Rare
Earth
Resources
And
Technology
Co.
Ltd.,
Class
A
(Materials)
3,525
24,358
China
Resources
Beer
Holdings
Co.
Ltd.
(Consumer
Staples)
109,778
34,427
China
Resources
Cement
Holdings
Ltd.
(Materials)
7,934
14,011
China
Resources
Gas
Group
Ltd.
(Utilities)
43,951
45,034
China
Resources
Land
Ltd.
(Real
Estate)
164,907
1,038
China
Resources
Microelectronics
Ltd.,
Class
A
(Information
Technology)
6,826
9,425
China
Resources
Mixc
Lifestyle
Services
Ltd.
(Real
Estate)
(a)
35,659
25,973
China
Resources
Pharmaceutical
Group
Ltd.
(Health
Care)
(a)
16,228
28,009
China
Resources
Power
Holdings
Co.
Ltd.
(Utilities)
54,008
900
China
Resources
Sanjiu
Medical
&
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
6,123
100,444
China
Ruyi
Holdings
Ltd.
(Communication
Services)*
(b)
22,763
400
China
Science
Publishing
&
Media
Ltd.,
Class
A
(Communication
Services)
1,601
6,000
China
Shenhua
Energy
Co.
Ltd.,
Class
A
(Energy)
26,458
52,732
China
Shenhua
Energy
Co.
Ltd.,
Class
H
(Energy)
172,503
1,700
China
South
Publishing
&
Media
Group
Co.
Ltd.,
Class
A
(Communication
Services)
2,571
10,500
China
Southern
Airlines
Co.
Ltd.,
Class
A
(Industrials)*
9,043
27,099
China
Southern
Airlines
Co.
Ltd.,
Class
H
(Industrials)*
13,011
2,700
China
Southern
Power
Grid
Energy
Efficiency
&
Clean
Energy
Co.
Ltd.,
Class
A
(Industrials)
2,034
1,500
China
Southern
Power
Grid
Energy
Storage
Co.
Ltd.,
Class
A
(Utilities)
2,017
39,500
China
State
Construction
Engineering
Corp.
Ltd.,
Class
A
(Industrials)
27,491
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
27,854
China
State
Construction
International
Holdings
Ltd.
(Industrials)
$
32,311
900
China
Suntien
Green
Energy
Corp.
Ltd.,
Class
A
(Energy)
988
28,896
China
Suntien
Green
Energy
Corp.
Ltd.,
Class
H
(Energy)
9,619
21,881
China
Taiping
Insurance
Holdings
Co.
Ltd.
(Financials)
19,835
26,900
China
Three
Gorges
Renewables
Group
Co.
Ltd.,
Class
A
(Utilities)
17,328
1,800
China
Tourism
Group
Duty
Free
Corp.
Ltd.,
Class
A
(Consumer
Discretionary)
22,472
1,400
China
Tourism
Group
Duty
Free
Corp.
Ltd.,
Class
H
(Consumer
Discretionary)
(a)(b)
15,236
681,772
China
Tower
Corp.
Ltd.,
Class
H
(Communication
Services)
(a)
70,706
29,900
China
United
Network
Communications
Ltd.,
Class
A
(Communication
Services)
18,381
9,100
China
Vanke
Co.
Ltd.,
Class
A
(Real
Estate)
14,578
34,671
China
Vanke
Co.
Ltd.,
Class
H
(Real
Estate)
35,025
4,800
China
XD
Electric
Co.
Ltd.,
Class
A
(Industrials)
3,099
21,900
China
Yangtze
Power
Co.
Ltd.,
Class
A
(Utilities)
70,015
500
China
Zhenhua
Group
Science
&
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
4,525
20,200
China
Zheshang
Bank
Co.
Ltd.,
Class
A
(Financials)
7,157
39,703
China
Zheshang
Bank
Co.
Ltd.,
Class
H
(Financials)
10,828
800
Chinalin
Securities
Co.
Ltd.,
Class
A
(Financials)
1,540
2,183
Chindata
Group
Holdings
Ltd.
ADR
(Information
Technology)*
(b)
18,381
500
Chongqing
Brewery
Co.
Ltd.,
Class
A
(Consumer
Staples)
4,989
21,900
Chongqing
Changan
Automobile
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
62,501
8,300
Chongqing
Rural
Commercial
Bank
Co.
Ltd.,
Class
A
(Financials)
4,731
37,131
Chongqing
Rural
Commercial
Bank
Co.
Ltd.,
Class
H
(Financials)
13,739
500
Chongqing
Taiji
Industry
Group
Co.
Ltd.,
Class
A
(Health
Care)*
3,612
1,700
Chongqing
Water
Group
Co.
Ltd.,
Class
A
(Utilities)
1,383
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
2,200
Chongqing
Zhifei
Biological
Products
Co.
Ltd.,
Class
A
(Health
Care)
$
20,093
27,436
Chow
Tai
Fook
Jewellery
Group
Ltd.
(Consumer
Discretionary)
39,835
1,400
CIMC
Vehicles
Group
Co.
Ltd.,
Class
A
(Industrials)
2,178
99,328
CITIC
Ltd.
(Industrials)
93,601
1,700
Citic
Pacific
Special
Steel
Group
Co.
Ltd.,
Class
A
(Materials)
3,395
11,400
CITIC
Securities
Co.
Ltd.,
Class
A
(Financials)
34,243
30,427
CITIC
Securities
Co.
Ltd.,
Class
H
(Financials)
63,189
16,600
CMOC
Group
Ltd.,
Class
A
(Materials)
12,111
57,046
CMOC
Group
Ltd.,
Class
H
(Materials)
32,576
600
CNGR
Advanced
Material
Co.
Ltd.,
Class
A
(Materials)
4,131
5,700
CNOOC
Energy
Technology
&
Services
Ltd.,
Class
A
(Energy)
2,315
5,100
CNPC
Capital
Co.
Ltd.,
Class
A
(Financials)
4,107
4,100
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
(Industrials)
95,883
9,300
COSCO
SHIPPING
Development
Co.
Ltd.,
Class
A
(Industrials)
3,034
3,200
COSCO
SHIPPING
Energy
Transportation
Co.
Ltd.,
Class
A
(Energy)
5,906
20,363
COSCO
SHIPPING
Energy
Transportation
Co.
Ltd.,
Class
H
(Energy)
19,763
12,000
COSCO
SHIPPING
Holdings
Co.
Ltd.,
Class
A
(Industrials)
16,821
49,542
COSCO
SHIPPING
Holdings
Co.
Ltd.,
Class
H
(Industrials)
45,671
205,807
Country
Garden
Holdings
Co.
Ltd.
(Real
Estate)*
23,189
33,857
Country
Garden
Services
Holdings
Co.
Ltd.
(Real
Estate)
31,992
22,900
CRRC
Corp.
Ltd.,
Class
A
(Industrials)
16,676
68,681
CRRC
Corp.
Ltd.,
Class
H
(Industrials)
27,700
2,800
CSC
Financial
Co.
Ltd.,
Class
A
(Financials)
10,108
14,289
CSC
Financial
Co.
Ltd.,
Class
H
(Financials)
(a)
13,410
900
CSPC
Innovation
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
5,331
130,296
CSPC
Pharmaceutical
Group
Ltd.
(Health
Care)
117,612
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
1,300
CSSC
Science
&
Technology
Co.
Ltd.,
Class
A
(Industrials)
$
3,348
14,200
Daqin
Railway
Co.
Ltd.,
Class
A
(Industrials)
14,437
1,100
DaShenLin
Pharmaceutical
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
4,005
8,100
Datang
International
Power
Generation
Co.
Ltd.,
Class
A
(Utilities)
2,836
44,542
Datang
International
Power
Generation
Co.
Ltd.,
Class
H
(Utilities)
6,730
3,000
DHC
Software
Co.
Ltd.,
Class
A
(Information
Technology)
2,680
1,000
Do-Fluoride
New
Materials
Co.
Ltd.,
Class
A
(Materials)
2,099
600
Dong-E-E-Jiao
Co.
Ltd.,
Class
A
(Health
Care)
4,235
2,600
Dongfang
Electric
Corp.
Ltd.,
Class
A
(Industrials)
5,305
5,344
Dongfang
Electric
Corp.
Ltd.,
Class
H
(Industrials)
4,790
40,871
Dongfeng
Motor
Group
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
20,513
400
Dongguan
Yiheda
Automation
Co.
Ltd.,
Class
A
(Industrials)
1,580
3,000
Dongxing
Securities
Co.
Ltd.,
Class
A
(Financials)
3,626
7,133
East
Buy
Holding
Ltd.
(Consumer
Discretionary)*
(a)
26,531
14,800
East
Money
Information
Co.
Ltd.,
Class
A
(Financials)
30,342
200
Eastroc
Beverage
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
5,522
5,200
Easyhome
New
Retail
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,600
500
Ecovacs
Robotics
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,992
800
Edifier
Technology
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
1,995
500
Empyrean
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
6,883
11,897
ENN
Energy
Holdings
Ltd.
(Utilities)
82,560
2,200
ENN
Natural
Gas
Co.
Ltd.,
Class
A
(Utilities)
4,939
700
Eoptolink
Technology,
Inc.
Ltd.,
Class
A
(Information
Technology)
4,539
43,205
ESR
Group
Ltd.
(Real
Estate)
(a)
55,539
1,900
Eve
Energy
Co.
Ltd.,
Class
A
(Industrials)
11,225
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
3,600
Everbright
Securities
Co.
Ltd.,
Class
A
(Financials)
$
8,192
9,589
Everdisplay
Optronics
Shanghai
Co.
Ltd.,
Class
A
(Information
Technology)*
3,612
3,700
Fangda
Carbon
New
Material
Co.
Ltd.,
Class
A
(Industrials)*
2,995
21,022
Far
East
Horizon
Ltd.
(Financials)
15,423
1,141
Farasis
Energy
Gan
Zhou
Co.
Ltd.,
Class
A
(Industrials)*
2,994
2,300
FAW
Jiefang
Group
Co.
Ltd.,
Class
A
(Industrials)*
3,185
1,100
Fiberhome
Telecommunication
Technologies
Co.
Ltd.,
Class
A
(Information
Technology)
2,745
3,900
First
Capital
Securities
Co.
Ltd.,
Class
A
(Financials)
3,337
1,500
Flat
Glass
Group
Co.
Ltd.,
Class
A
(Information
Technology)
5,316
6,621
Flat
Glass
Group
Co.
Ltd.,
Class
H
(Information
Technology)
(b)
10,885
13,500
Focus
Media
Information
Technology
Co.
Ltd.,
Class
A
(Communication
Services)
12,364
4,000
Foshan
Haitian
Flavouring
&
Food
Co.
Ltd.,
Class
A
(Consumer
Staples)
21,347
32,770
Fosun
International
Ltd.
(Industrials)
18,671
7,800
Founder
Securities
Co.
Ltd.,
Class
A
(Financials)
9,481
9,600
Foxconn
Industrial
Internet
Co.
Ltd.,
Class
A
(Information
Technology)
20,300
2,100
Fujian
Funeng
Co.
Ltd.,
Class
A
(Utilities)
2,511
400
Fujian
Kuncai
Material
Technology
Co.
Ltd.,
Class
A
(Materials)*
3,110
1,200
Fujian
Sunner
Development
Co.
Ltd.,
Class
A
(Consumer
Staples)
3,050
12,388
Full
Truck
Alliance
Co.
Ltd.
ADR
(Industrials)*
92,786
1,900
Fuyao
Glass
Industry
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
10,020
9,534
Fuyao
Glass
Industry
Group
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
(a)
44,739
1,709
GalaxyCore,
Inc.,
Class
A
(Information
Technology)
4,913
500
Gan
&
Lee
Pharmaceuticals
Co.
Ltd.,
Class
A
(Health
Care)*
3,732
1,500
Ganfeng
Lithium
Group
Co.
Ltd.,
Class
A
(Materials)
8,192
6,341
Ganfeng
Lithium
Group
Co.
Ltd.,
Class
H
(Materials)
(a)
20,297
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
100
G-bits
Network
Technology
Xiamen
Co.
Ltd.,
Class
A
(Communication
Services)
$
3,589
16,800
GD
Power
Development
Co.
Ltd.,
Class
A
(Utilities)
9,293
1,715
GDS
Holdings
Ltd.
ADR
(Information
Technology)*
17,579
89,877
Geely
Automobile
Holdings
Ltd.
(Consumer
Discretionary)
97,929
4,800
GEM
Co.
Ltd.,
Class
A
(Materials)
3,791
4,200
Gemdale
Corp.,
Class
A
(Real
Estate)
3,011
17,976
Genscript
Biotech
Corp.
(Health
Care)*
49,944
5,500
GF
Securities
Co.
Ltd.,
Class
A
(Financials)
11,099
15,922
GF
Securities
Co.
Ltd.,
Class
H
(Financials)
19,917
5,868
Giant
Biogene
Holding
Co.
Ltd.
(Consumer
Staples)*
(a)
26,935
1,900
Giant
Network
Group
Co.
Ltd.,
Class
A
(Communication
Services)
3,217
600
GigaDevice
Semiconductor,
Inc.,
Class
A
(Information
Technology)
7,906
400
Ginlong
Technologies
Co.
Ltd.,
Class
A
(Industrials)
3,733
1,300
Glodon
Co.
Ltd.,
Class
A
(Information
Technology)
3,566
3,200
GoerTek,
Inc.,
Class
A
(Information
Technology)
8,066
12,156
Goldwind
Science
&
Technology
Co.
Ltd.
(Industrials)
5,572
3,200
Goldwind
Science
&
Technology
Co.
Ltd.,
Class
A
(Industrials)
3,899
400
Gongniu
Group
Co.
Ltd.,
Class
A
(Industrials)
5,477
200
GoodWe
Technologies
Co.
Ltd.,
Class
A
(Industrials)
3,020
1,700
Gotion
High-tech
Co.
Ltd.,
Class
A
(Industrials)*
5,273
2,600
Great
Wall
Motor
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
9,794
36,434
Great
Wall
Motor
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
52,526
5,200
Gree
Electric
Appliances
Inc
of
Zhuhai,
Class
A
(Consumer
Discretionary)
23,994
10,000
Greenland
Holdings
Corp.
Ltd.,
Class
A
(Real
Estate)*
3,459
16,330
Greentown
China
Holdings
Ltd.
(Real
Estate)
17,375
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
2,300
GRG
Banking
Equipment
Co.
Ltd.,
Class
A
(Information
Technology)
$
3,929
2,100
Guangdong
Electric
Power
Development
Co.
Ltd.,
Class
A
(Utilities)*
1,503
1,500
Guangdong
Haid
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
9,284
44,693
Guangdong
Investment
Ltd.
(Utilities)
31,015
300
Guangdong
Kinlong
Hardware
Products
Co.
Ltd.,
Class
A
(Industrials)
1,889
2,300
Guangdong
No
2
Hydropower
Engineering
Co.
Ltd.,
Class
A
(Industrials)
1,620
6,100
Guanghui
Energy
Co.
Ltd.,
Class
A
(Energy)
6,202
3,000
Guangzhou
Automobile
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
4,167
43,953
Guangzhou
Automobile
Group
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
20,372
2,200
Guangzhou
Baiyun
International
Airport
Co.
Ltd.,
Class
A
(Industrials)*
3,398
1,300
Guangzhou
Baiyunshan
Pharmaceutical
Holdings
Co.
Ltd.,
Class
A
(Health
Care)
5,489
3,455
Guangzhou
Baiyunshan
Pharmaceutical
Holdings
Co.
Ltd.,
Class
H
(Health
Care)
9,533
2,500
Guangzhou
Development
Group,
Inc.,
Class
A
(Energy)
1,912
400
Guangzhou
Great
Power
Energy
&
Technology
Co.
Ltd.,
Class
A
(Industrials)
1,540
2,200
Guangzhou
Haige
Communications
Group,
Inc.
Co.,
Class
A
(Information
Technology)
3,900
400
Guangzhou
Kingmed
Diagnostics
Group
Co.
Ltd.,
Class
A
(Health
Care)
3,697
3,400
Guangzhou
Port
Co.
Ltd.,
Class
A
(Industrials)
1,481
700
Guangzhou
Shiyuan
Electronic
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
4,439
1,800
Guangzhou
Tinci
Materials
Technology
Co.
Ltd.,
Class
A
(Materials)
6,100
3,300
Guangzhou
Yuexiu
Capital
Holdings
Group
Co.
Ltd.,
Class
A
(Financials)
2,934
2,200
Guolian
Securities
Co.
Ltd.,
Class
A
(Financials)*
3,589
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
6,539
Guolian
Securities
Co.
Ltd.,
Class
H
(Financials)*
$
3,048
4,900
Guosen
Securities
Co.
Ltd.,
Class
A
(Financials)
6,519
7,000
Guotai
Junan
Securities
Co.
Ltd.,
Class
A
(Financials)
14,802
12,049
Guotai
Junan
Securities
Co.
Ltd.,
Class
H
(Financials)
(a)
13,915
4,100
Guoyuan
Securities
Co.
Ltd.,
Class
A
(Financials)
3,956
2,970
H
World
Group
Ltd.
ADR
(Consumer
Discretionary)*
108,643
26,535
Haidilao
International
Holding
Ltd.
(Consumer
Discretionary)
(a)
52,796
5,900
Haier
Smart
Home
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
18,276
36,248
Haier
Smart
Home
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
105,120
40,400
Hainan
Airlines
Holding
Co.
Ltd.,
Class
A
(Industrials)*
8,203
10,700
Hainan
Airport
Infrastructure
Co.
Ltd.,
Class
A
(Real
Estate)*
6,098
200
Hainan
Drinda
New
Energy
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
2,385
500
Haisco
Pharmaceutical
Group
Co.
Ltd.,
Class
A
(Health
Care)*
1,699
9,805
Haitian
International
Holdings
Ltd.
(Industrials)
24,982
9,100
Haitong
Securities
Co.
Ltd.,
Class
A
(Financials)
12,387
41,369
Haitong
Securities
Co.
Ltd.,
Class
H
(Financials)
23,200
1,000
Han’s
Laser
Technology
Industry
Group
Co.
Ltd.,
Class
A
(Industrials)
3,064
1,100
Hang
Zhou
Great
Star
Industrial
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,360
900
Hangcha
Group
Co.
Ltd.,
Class
A
(Industrials)
2,808
600
Hangjin
Technology
Co.
Ltd.,
Class
A
(Materials)
2,879
2,900
Hangzhou
Binjiang
Real
Estate
Group
Co.
Ltd.,
Class
A
(Real
Estate)
3,135
600
Hangzhou
Chang
Chuan
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
3,386
1,700
Hangzhou
First
Applied
Material
Co.
Ltd.,
Class
A
(Information
Technology)
5,530
600
Hangzhou
Lion
Electronics
Co.
Ltd.,
Class
A
(Information
Technology)
2,700
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
900
Hangzhou
Oxygen
Plant
Group
Co.
Ltd.,
Class
A
(Materials)
$
3,969
900
Hangzhou
Robam
Appliances
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,928
1,300
Hangzhou
Silan
Microelectronics
Co.
Ltd.,
Class
A
(Information
Technology)
4,398
700
Hangzhou
Tigermed
Consulting
Co.
Ltd.,
Class
A
(Health
Care)
6,088
1,935
Hangzhou
Tigermed
Consulting
Co.
Ltd.,
Class
H
(Health
Care)
(a)
10,207
16,879
Hansoh
Pharmaceutical
Group
Co.
Ltd.
(Health
Care)
(a)
34,189
600
Haohua
Chemical
Science
&
Technology
Co.
Ltd.,
Class
A
(Materials)
2,493
900
Hebei
Hengshui
Laobaigan
Liquor
Co.
Ltd.,
Class
A
(Consumer
Staples)
2,903
200
Hebei
Sinopack
Electronic
Technology
Co.
Ltd.,
Class
A
(Information
Technology)*
2,706
1,100
Hebei
Yangyuan
Zhihui
Beverage
Co.
Ltd.,
Class
A
(Consumer
Staples)
3,471
800
Hefei
Meiya
Optoelectronic
Technology,
Inc.,
Class
A
(Industrials)
2,216
1,700
Heilongjiang
Agriculture
Co.
Ltd.,
Class
A
(Consumer
Staples)
3,004
2,100
Henan
Shenhuo
Coal
&
Power
Co.
Ltd.,
Class
A
(Materials)
4,638
2,800
Henan
Shuanghui
Investment
&
Development
Co.
Ltd.,
Class
A
(Consumer
Staples)
10,234
9,183
Hengan
International
Group
Co.
Ltd.
(Consumer
Staples)
33,509
1,500
Hengdian
Group
DMEGC
Magnetics
Co.
Ltd.,
Class
A
(Information
Technology)
2,842
5,100
Hengli
Petrochemical
Co.
Ltd.,
Class
A
(Materials)*
10,020
2,300
Hengtong
Optic-electric
Co.
Ltd.,
Class
A
(Information
Technology)
4,010
3,400
Hengyi
Petrochemical
Co.
Ltd.,
Class
A
(Materials)*
3,266
9,700
Hesteel
Co.
Ltd.,
Class
A
(Materials)
2,948
900
Hisense
Home
Appliances
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,774
5,232
Hisense
Home
Appliances
Group
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
12,889
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
1,200
Hisense
Visual
Technology
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
$
3,932
500
Hithink
RoyalFlush
Information
Network
Co.
Ltd.,
Class
A
(Financials)
9,836
3,500
HLA
Group
Corp.
Ltd.,
Class
A
(Consumer
Discretionary)
3,715
500
Hongfa
Technology
Co.
Ltd.,
Class
A
(Industrials)
2,038
2,100
Hongta
Securities
Co.
Ltd.,
Class
A
(Financials)
2,300
600
Hoshine
Silicon
Industry
Co.
Ltd.,
Class
A
(Materials)
4,173
500
Hoyuan
Green
Energy
Co.
Ltd.,
Class
A
(Information
Technology)
2,318
12,566
Hua
Hong
Semiconductor
Ltd.
(Information
Technology)*
(a)
29,057
4,400
Huaan
Securities
Co.
Ltd.,
Class
A
(Financials)
3,001
8,000
Huadian
Power
International
Corp.
Ltd.,
Class
A
(Utilities)
5,736
25,629
Huadian
Power
International
Corp.
Ltd.,
Class
H
(Utilities)
10,501
1,600
Huadong
Medicine
Co.
Ltd.,
Class
A
(Health
Care)
9,139
4,600
Huafon
Chemical
Co.
Ltd.,
Class
A
(Materials)
4,419
900
Huagong
Tech
Co.
Ltd.,
Class
A
(Information
Technology)
3,729
2,300
Huaibei
Mining
Holdings
Co.
Ltd.,
Class
A
(Materials)
5,102
1,700
Hualan
Biological
Engineering,
Inc.,
Class
A
(Health
Care)
5,754
400
Huali
Industrial
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,678
4,300
Huaneng
Lancang
River
Hydropower,
Inc.,
Class
A
(Utilities)
5,022
8,200
Huaneng
Power
International,
Inc.,
Class
A
(Utilities)*
8,853
64,374
Huaneng
Power
International,
Inc.,
Class
H
(Utilities)*
33,463
6,800
Huatai
Securities
Co.
Ltd.,
Class
A
(Financials)
13,646
21,061
Huatai
Securities
Co.
Ltd.,
Class
H
(Financials)
(a)
26,372
2,400
Huaxi
Securities
Co.
Ltd.,
Class
A
(Financials)
2,669
12,200
Huaxia
Bank
Co.
Ltd.,
Class
A
(Financials)
9,909
300
Huaxia
Eye
Hospital
Group
Co.
Ltd.,
Class
A
(Health
Care)
1,644
1,300
Huaxin
Cement
Co.
Ltd.,
Class
A
(Materials)
2,425
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
2,900
Huayu
Automotive
Systems
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
$
7,066
3,700
Hubei
Energy
Group
Co.
Ltd.,
Class
A
(Utilities)
2,155
500
Hubei
Feilihua
Quartz
Glass
Co.
Ltd.,
Class
A
(Materials)
2,910
900
Hubei
Jumpcan
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
4,024
1,000
Hubei
Xingfa
Chemicals
Group
Co.
Ltd.,
Class
A
(Materials)
2,634
500
Huizhou
Desay
Sv
Automotive
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
9,090
1,500
Humanwell
Healthcare
Group
Co.
Ltd.,
Class
A
(Health
Care)
5,592
1,795
Hunan
Changyuan
Lico
Co.
Ltd.,
Class
A
(Materials)
1,875
6,400
Hunan
Valin
Steel
Co.
Ltd.,
Class
A
(Materials)
4,956
400
Hunan
Yuneng
New
Energy
Battery
Material
Co.
Ltd.,
Class
A
(Industrials)
1,864
1,800
Hundsun
Technologies,
Inc.,
Class
A
(Information
Technology)
7,570
5,500
Hygeia
Healthcare
Holdings
Co.
Ltd.
(Health
Care)
(a)
33,872
1,400
IEIT
Systems
Co.
Ltd.,
Class
A
(Information
Technology)
6,907
2,200
Iflytek
Co.
Ltd.,
Class
A
(Information
Technology)
13,787
800
IKD
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,586
200
Imeik
Technology
Development
Co.
Ltd.,
Class
A
(Health
Care)
8,529
58,000
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
A
(Financials)
39,067
1,079,066
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
H
(Financials)
516,716
19,500
Industrial
Bank
Co.
Ltd.,
Class
A
(Financials)
39,868
8,100
Industrial
Securities
Co.
Ltd.,
Class
A
(Financials)
6,897
500
Ingenic
Semiconductor
Co.
Ltd.,
Class
A
(Information
Technology)
4,765
42,700
Inner
Mongolia
BaoTou
Steel
Union
Co.
Ltd.,
Class
A
(Materials)*
9,149
1,900
Inner
Mongolia
Dian
Tou
Energy
Corp.
Ltd.,
Class
A
(Energy)
3,882
1,400
Inner
Mongolia
ERDOS
Resources
Co.
Ltd.,
Class
A
(Materials)
1,790
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
7,900
Inner
Mongolia
Junzheng
Energy
&
Chemical
Industry
Group
Co.
Ltd.,
Class
A
(Materials)
$
4,292
6,100
Inner
Mongolia
MengDian
HuaNeng
Thermal
Power
Corp.
Ltd.,
Class
A
(Utilities)
3,255
5,900
Inner
Mongolia
Yili
Industrial
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
22,514
3,400
Inner
Mongolia
Yuan
Xing
Energy
Co.
Ltd.,
Class
A
(Materials)
3,023
2,000
Innovation
New
Material
Technology
Co.
Ltd.,
Class
A
(Consumer
Staples)
1,389
19,092
Innovent
Biologics,
Inc.
(Health
Care)*
(a)
111,956
7,270
iQIYI,
Inc.
ADR
(Communication
Services)*
32,642
900
Isoftstone
Information
Technology
Group
Co.
Ltd.,
Class
A
(Information
Technology)*
5,045
3,100
JA
Solar
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
8,639
800
Jafron
Biomedical
Co.
Ltd.,
Class
A
(Health
Care)
2,683
800
Jason
Furniture
Hangzhou
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
4,199
1,700
JCET
Group
Co.
Ltd.,
Class
A
(Information
Technology)
7,270
600
JCHX
Mining
Management
Co.
Ltd.,
Class
A
(Materials)
2,948
15,500
JD
Health
International,
Inc.
(Consumer
Staples)*
(a)
73,925
28,209
JD
Logistics,
Inc.
(Industrials)*
(a)
34,637
38,223
JD.com,
Inc.,
Class
A
(Consumer
Discretionary)
522,181
5,100
Jiangsu
Eastern
Shenghong
Co.
Ltd.,
Class
A
(Materials)
7,228
1,400
Jiangsu
Expressway
Co.
Ltd.,
Class
A
(Industrials)
1,998
19,201
Jiangsu
Expressway
Co.
Ltd.,
Class
H
(Industrials)
17,283
1,200
Jiangsu
Guoxin
Corp.
Ltd.,
Class
A
(Utilities)
1,133
1,200
Jiangsu
Hengli
Hydraulic
Co.
Ltd.,
Class
A
(Industrials)
9,461
5,900
Jiangsu
Hengrui
Pharmaceuticals
Co.
Ltd.,
Class
A
(Health
Care)
39,675
1,200
Jiangsu
King's
Luck
Brewery
JSC
Ltd.,
Class
A
(Consumer
Staples)
9,046
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
900
Jiangsu
Nhwa
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
$
3,244
300
Jiangsu
Pacific
Quartz
Co.
Ltd.,
Class
A
(Information
Technology)
3,607
2,000
Jiangsu
Phoenix
Publishing
&
Media
Corp.
Ltd.,
Class
A
(Communication
Services)
2,818
500
Jiangsu
Xinquan
Automotive
Trim
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,577
1,400
Jiangsu
Yanghe
Brewery
Joint-Stock
Co.
Ltd.,
Class
A
(Consumer
Staples)
22,865
400
Jiangsu
Yangnong
Chemical
Co.
Ltd.,
Class
A
(Materials)
3,622
400
Jiangsu
Yoke
Technology
Co.
Ltd.,
Class
A
(Materials)
3,449
900
Jiangsu
Yuyue
Medical
Equipment
&
Supply
Co.
Ltd.,
Class
A
(Health
Care)
4,304
3,200
Jiangsu
Zhongtian
Technology
Co.
Ltd.,
Class
A
(Industrials)
5,817
1,900
Jiangxi
Copper
Co.
Ltd.,
Class
A
(Materials)
4,712
16,954
Jiangxi
Copper
Co.
Ltd.,
Class
H
(Materials)
24,052
1,600
Jiangxi
Special
Electric
Motor
Co.
Ltd.,
Class
A
(Industrials)*
2,326
2,500
Jinduicheng
Molybdenum
Co.
Ltd.,
Class
A
(Materials)
3,322
6,121
Jinko
Solar
Co.
Ltd.,
Class
A
(Information
Technology)
7,612
300
JiuGui
Liquor
Co.
Ltd.,
Class
A
(Consumer
Staples)
3,000
3,100
Jizhong
Energy
Resources
Co.
Ltd.,
Class
A
(Energy)
3,034
1,100
JL
Mag
Rare-Earth
Co.
Ltd.,
Class
A
(Industrials)
3,048
1,800
Joincare
Pharmaceutical
Group
Industry
Co.
Ltd.,
Class
A
(Health
Care)
3,189
600
Joinn
Laboratories
China
Co.
Ltd.,
Class
A
(Health
Care)
2,236
1,572
Joinn
Laboratories
China
Co.
Ltd.,
Class
H
(Health
Care)
(a)
2,745
3,640
Jointown
Pharmaceutical
Group
Co.
Ltd.,
Class
A
(Health
Care)
3,828
700
Jonjee
Hi-Tech
Industrial
And
Commercial
Holding
Co.
Ltd.,
Class
A
(Consumer
Staples)*
3,204
600
Juewei
Food
Co.
Ltd.,
Class
A
(Consumer
Staples)
2,660
2,100
Juneyao
Airlines
Co.
Ltd.,
Class
A
(Industrials)*
4,002
4,330
Kanzhun
Ltd.
ADR
(Communication
Services)*
71,575
13,898
KE
Holdings,
Inc.
ADR
(Real
Estate)
221,395
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
200
Keboda
Technology
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
$
2,106
1,800
Keda
Industrial
Group
Co.
Ltd.,
Class
A
(Industrials)
2,518
43,563
Kingdee
International
Software
Group
Co.
Ltd.
(Information
Technology)*
60,573
2,500
Kingfa
Sci
&
Tech
Co.
Ltd.,
Class
A
(Materials)
2,650
2,000
Kingnet
Network
Co.
Ltd.,
Class
A
(Communication
Services)
3,271
14,890
Kingsoft
Corp.
Ltd.
(Communication
Services)
47,661
31,724
Kuaishou
Technology
(Communication
Services)*
(a)
234,367
2,000
Kuang-Chi
Technologies
Co.
Ltd.,
Class
A
(Industrials)
3,907
57,713
Kunlun
Energy
Co.
Ltd.
(Utilities)
53,351
1,100
Kunlun
Tech
Co.
Ltd.,
Class
A
(Communication
Services)*
4,983
1,200
Kweichow
Moutai
Co.
Ltd.,
Class
A
(Consumer
Staples)
301,050
1,500
Lao
Feng
Xiang
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
13,517
2,200
LB
Group
Co.
Ltd.,
Class
A
(Materials)
5,317
109,808
Lenovo
Group
Ltd.
(Information
Technology)
135,673
4,600
Lens
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
8,413
1,700
Lepu
Medical
Technology
Beijing
Co.
Ltd.,
Class
A
(Health
Care)
4,088
700
Levima
Advanced
Materials
Corp.,
Class
A
(Materials)
1,838
15,533
Li
Auto,
Inc.,
Class
A
(Consumer
Discretionary)*
289,965
36,839
Li
Ning
Co.
Ltd.
(Consumer
Discretionary)
102,589
16,000
Liaoning
Port
Co.
Ltd.,
Class
A
(Industrials)
3,361
3,500
Lifan
Technology
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)*
2,142
6,500
Lingyi
iTech
Guangdong
Co.,
Class
A
(Information
Technology)
6,089
600
Livzon
Pharmaceutical
Group,
Inc.,
Class
A
(Health
Care)
2,942
2,302
Livzon
Pharmaceutical
Group,
Inc.,
Class
H
(Health
Care)
6,882
31,550
Longfor
Group
Holdings
Ltd.
(Real
Estate)
(a)
55,907
7,100
LONGi
Green
Energy
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
21,108
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
1,000
Longshine
Technology
Group
Co.
Ltd.,
Class
A
(Information
Technology)
$
2,385
10,836
Lufax
Holding
Ltd.
ADR
(Financials)
9,199
1,800
Luxi
Chemical
Group
Co.
Ltd.,
Class
A
(Materials)
2,506
6,600
Luxshare
Precision
Industry
Co.
Ltd.,
Class
A
(Information
Technology)
29,419
1,400
Luzhou
Laojiao
Co.
Ltd.,
Class
A
(Consumer
Staples)
40,681
1,700
Mango
Excellent
Media
Co.
Ltd.,
Class
A
(Communication
Services)
6,144
500
Maxscend
Microelectronics
Co.
Ltd.,
Class
A
(Information
Technology)
9,698
2,700
Meihua
Holdings
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
3,611
3,600
Meinian
Onehealth
Healthcare
Holdings
Co.
Ltd.,
Class
A
(Health
Care)*
3,121
71,181
Meituan,
Class
B
(Consumer
Discretionary)*
(a)
825,704
16,800
Metallurgical
Corp.
of
China
Ltd.,
Class
A
(Industrials)
7,293
45,113
Metallurgical
Corp.
of
China
Ltd.,
Class
H
(Industrials)
8,549
12,118
Microport
Scientific
Corp.
(Health
Care)*
19,425
2,100
Ming
Yang
Smart
Energy
Group
Ltd.,
Class
A
(Industrials)
3,961
7,403
MINISO
Group
Holding
Ltd.
(Consumer
Discretionary)
49,715
4,200
Minmetals
Capital
Co.
Ltd.,
Class
A
(Financials)
2,847
11,105
Minth
Group
Ltd.
(Consumer
Discretionary)
24,058
1,058
Montage
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
8,738
5,100
Muyuan
Foods
Co.
Ltd.,
Class
A
(Consumer
Staples)
27,910
5,800
Nanjing
Iron
&
Steel
Co.
Ltd.,
Class
A
(Materials)
3,013
1,400
Nanjing
King-Friend
Biochemical
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
3,066
3,400
Nanjing
Securities
Co.
Ltd.,
Class
A
(Financials)
3,871
7,600
NARI
Technology
Co.
Ltd.,
Class
A
(Industrials)
23,425
2,541
National
Silicon
Industry
Group
Co.
Ltd.,
Class
A
(Information
Technology)*
6,284
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
500
NAURA
Technology
Group
Co.
Ltd.,
Class
A
(Information
Technology)
$
16,423
2,200
NavInfo
Co.
Ltd.,
Class
A
(Information
Technology)*
3,019
27,696
NetEase,
Inc.
(Communication
Services)
625,175
1,600
New
China
Life
Insurance
Co.
Ltd.,
Class
A
(Financials)
7,002
14,425
New
China
Life
Insurance
Co.
Ltd.,
Class
H
(Financials)
28,627
4,200
New
Hope
Liuhe
Co.
Ltd.,
Class
A
(Consumer
Staples)*
5,882
2,350
New
Oriental
Education
&
Technology
Group,
Inc.
ADR
(Consumer
Discretionary)*
191,243
1,300
Ninestar
Corp.,
Class
A
(Information
Technology)
5,032
400
Ningbo
Deye
Technology
Co.
Ltd.,
Class
A
(Industrials)
3,532
1,300
Ningbo
Joyson
Electronic
Corp.,
Class
A
(Consumer
Discretionary)
3,579
600
Ningbo
Orient
Wires
&
Cables
Co.
Ltd.,
Class
A
(Industrials)
3,445
419
Ningbo
Ronbay
New
Energy
Technology
Co.
Ltd.,
Class
A
(Industrials)
2,290
1,300
Ningbo
Sanxing
Medical
Electric
Co.
Ltd.,
Class
A
(Industrials)
3,550
2,100
Ningbo
Shanshan
Co.
Ltd.,
Class
A
(Materials)
3,929
1,000
Ningbo
Tuopu
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
10,319
900
Ningbo
Xusheng
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,611
5,500
Ningbo
Zhoushan
Port
Co.
Ltd.,
Class
A
(Industrials)
2,780
6,200
Ningxia
Baofeng
Energy
Group
Co.
Ltd.,
Class
A
(Materials)
12,737
20,837
NIO,
Inc.
ADR
(Consumer
Discretionary)*
151,485
28,141
Nongfu
Spring
Co.
Ltd.,
Class
H
(Consumer
Staples)
(a)
160,697
1,300
North
Industries
Group
Red
Arrow
Co.
Ltd.,
Class
A
(Industrials)
2,705
4,050
NXP
Semiconductors
NV
(Information
Technology)
826,524
5,700
Offcn
Education
Technology
Co.
Ltd.,
Class
A
(Consumer
Discretionary)*
3,895
4,100
Offshore
Oil
Engineering
Co.
Ltd.,
Class
A
(Energy)
3,692
3,000
OFILM
Group
Co.
Ltd.,
Class
A
(Information
Technology)*
4,260
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
1,604
Onewo,
Inc.,
Class
H
(Real
Estate)
$
4,960
500
Oppein
Home
Group,
Inc.,
Class
A
(Consumer
Discretionary)
5,531
6,900
Orient
Securities
Co.
Ltd.,
Class
A
(Financials)
8,416
13,168
Orient
Securities
Co.
Ltd.,
Class
H
(Financials)
(a)
5,833
3,200
Oriental
Pearl
Group
Co.
Ltd.,
Class
A
(Communication
Services)
3,616
800
Ovctek
China,
Inc.,
Class
A
(Health
Care)
2,731
6,400
Pacific
Securities
Co.
Ltd.
(The),
Class
A
(Financials)*
3,406
8,100
Pangang
Group
Vanadium
Titanium
&
Resources
Co.
Ltd.,
Class
A
(Materials)*
3,845
10,071
PDD
Holdings,
Inc.
ADR
(Consumer
Discretionary)*
1,484,868
1,000
People.cn
Co.
Ltd.,
Class
A
(Communication
Services)
4,756
9,100
People’s
Insurance
Co.
Group
of
China
Ltd.
(The),
Class
A
(Financials)
6,435
137,115
People's
Insurance
Co.
Group
of
China
Ltd.
(The),
Class
H
(Financials)
44,416
1,800
Perfect
World
Co.
Ltd.,
Class
A
(Communication
Services)
3,179
23,000
PetroChina
Co.
Ltd.,
Class
A
(Energy)
23,126
329,415
PetroChina
Co.
Ltd.,
Class
H
(Energy)
216,368
1,400
Pharmaron
Beijing
Co.
Ltd.,
Class
A
(Health
Care)
6,548
4,496
Pharmaron
Beijing
Co.
Ltd.,
Class
H
(Health
Care)
(a)
10,880
107,717
PICC
Property
&
Casualty
Co.
Ltd.,
Class
H
(Financials)
125,090
18,300
Ping
An
Bank
Co.
Ltd.,
Class
A
(Financials)
24,807
10,100
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
A
(Financials)
57,706
96,603
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
H
(Financials)
445,272
2,200
Pingdingshan
Tianan
Coal
Mining
Co.
Ltd.,
Class
A
(Energy)
3,617
200
Piotech,
Inc.,
Class
A
(Information
Technology)
7,492
11,200
Poly
Developments
and
Holdings
Group
Co.
Ltd.,
Class
A
(Real
Estate)
16,092
2,272
Poly
Property
Services
Co.
Ltd.,
Class
H
(Real
Estate)
8,741
10,776
Pop
Mart
International
Group
Ltd.
(Consumer
Discretionary)
(a)
32,354
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
24,000
Postal
Savings
Bank
of
China
Co.
Ltd.,
Class
A
(Financials)
$
14,754
174,998
Postal
Savings
Bank
of
China
Co.
Ltd.,
Class
H
(Financials)
(a)
77,749
16,200
Power
Construction
Corp.
of
China
Ltd.,
Class
A
(Industrials)
11,320
23,292
Prosus
NV
(Consumer
Discretionary)*
772,583
200
Pylon
Technologies
Co.
Ltd.,
Class
A
(Industrials)
2,855
642
Qi
An
Xin
Technology
Group,
Inc.,
Class
A
(Information
Technology)*
4,046
700
Qingdao
Sentury
Tire
Co.
Ltd.,
Class
A
(Consumer
Discretionary)*
2,695
5,100
Qinghai
Salt
Lake
Industry
Co.
Ltd.,
Class
A
(Materials)*
11,320
1,100
Range
Intelligent
Computing
Technology
Group
Co.
Ltd.,
Class
A
(Industrials)
4,159
416
Raytron
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
2,931
2,800
Red
Star
Macalline
Group
Corp.
Ltd.,
Class
A
(Real
Estate)
1,666
249
Remegen
Co.
Ltd.,
Class
A
(Health
Care)*
2,427
2,273
Remegen
Co.
Ltd.,
Class
H
(Health
Care)*
(a)
13,140
1,100
Risen
Energy
Co.
Ltd.,
Class
A
(Information
Technology)
2,486
300
Rockchip
Electronics
Co.
Ltd.,
Class
A
(Information
Technology)
2,765
7,900
Rongsheng
Petrochemical
Co.
Ltd.,
Class
A
(Materials)
11,893
200
Ruijie
Networks
Co.
Ltd.,
Class
A
(Information
Technology)
1,072
7,300
SAIC
Motor
Corp.
Ltd.,
Class
A
(Consumer
Discretionary)
15,211
2,800
Sailun
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
4,184
4,600
Sanan
Optoelectronics
Co.
Ltd.,
Class
A
(Information
Technology)
8,941
400
Sangfor
Technologies,
Inc.,
Class
A
(Information
Technology)*
4,728
17,007
Sany
Heavy
Equipment
International
Holdings
Co.
Ltd.
(Industrials)
17,681
8,000
Sany
Heavy
Industry
Co.
Ltd.,
Class
A
(Industrials)
15,292
3,100
Satellite
Chemical
Co.
Ltd.,
Class
A
(Materials)*
6,928
5,800
SDIC
Capital
Co.
Ltd.,
Class
A
(Financials)
5,604
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
6,600
SDIC
Power
Holdings
Co.
Ltd.,
Class
A
(Utilities)
$
11,461
5,100
Sealand
Securities
Co.
Ltd.,
Class
A
(Financials)
2,600
2,100
Seazen
Holdings
Co.
Ltd.,
Class
A
(Real
Estate)*
3,770
282,965
SenseTime
Group,
Inc.,
Class
B
(Information
Technology)*
(a)(b)
49,272
1,400
Seres
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)*
14,839
4,600
SF
Holding
Co.
Ltd.,
Class
A
(Industrials)
27,223
400
SG
Micro
Corp.,
Class
A
(Information
Technology)
5,023
2,300
Shaanxi
Beiyuan
Chemical
Industry
Group
Co.
Ltd.,
Class
A
(Materials)
1,588
8,600
Shaanxi
Coal
Industry
Co.
Ltd.,
Class
A
(Energy)
23,460
2,300
Shaanxi
Energy
Investment
Co.
Ltd.,
Class
A
(Utilities)
2,780
200
Shaanxi
Huaqin
Technology
Industry
Co.
Ltd.,
Class
A
(Materials)
4,148
3,400
Shan
Xi
Hua
Yang
Group
New
Energy
Co.
Ltd.,
Class
A
(Energy)
4,233
3,400
Shandong
Gold
Mining
Co.
Ltd.,
Class
A
(Materials)
11,046
12,216
Shandong
Gold
Mining
Co.
Ltd.,
Class
H
(Materials)
(a)
24,118
700
Shandong
Himile
Mechanical
Science
&
Technology
Co.
Ltd.,
Class
A
(Industrials)
2,914
1,700
Shandong
Hi-speed
Co.
Ltd.,
Class
A
(Industrials)
1,612
53,152
Shandong
Hi-Speed
Holdings
Group
Ltd.
(Financials)*
41,036
2,000
Shandong
Hualu
Hengsheng
Chemical
Co.
Ltd.,
Class
A
(Materials)
8,360
1,400
Shandong
Linglong
Tyre
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,903
11,000
Shandong
Nanshan
Aluminum
Co.
Ltd.,
Class
A
(Materials)
4,436
700
Shandong
Sinocera
Functional
Material
Co.
Ltd.,
Class
A
(Materials)
2,509
2,600
Shandong
Sun
Paper
Industry
JSC
Ltd.,
Class
A
(Materials)
4,373
38,066
Shandong
Weigao
Group
Medical
Polymer
Co.
Ltd.,
Class
H
(Health
Care)
36,115
200
Shandong
Weigao
Orthopaedic
Device
Co.
Ltd.,
Class
A
(Health
Care)
1,201
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
1,700
Shanghai
Aiko
Solar
Energy
Co.
Ltd.,
Class
A
(Information
Technology)
$
3,852
1,000
Shanghai
Bairun
Investment
Holding
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
3,610
4,900
Shanghai
Baosight
Software
Co.
Ltd.,
Class
A
(Information
Technology)
28,819
200
Shanghai
BOCHU
Electronic
Technology
Corp.
Ltd.,
Class
A
(Information
Technology)
6,304
8,300
Shanghai
Construction
Group
Co.
Ltd.,
Class
A
(Industrials)
2,906
700
Shanghai
Daimay
Automotive
Interior
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
1,570
10,500
Shanghai
Electric
Group
Co.
Ltd.,
Class
A
(Industrials)*
6,484
41,181
Shanghai
Electric
Group
Co.
Ltd.,
Class
H
(Industrials)*
8,805
2,600
Shanghai
Electric
Power
Co.
Ltd.,
Class
A
(Utilities)
3,204
100
Shanghai
Flyco
Electrical
Appliance
Co.
Ltd.,
Class
A
(Consumer
Staples)
764
2,000
Shanghai
Fosun
Pharmaceutical
Group
Co.
Ltd.,
Class
A
(Health
Care)
7,814
7,454
Shanghai
Fosun
Pharmaceutical
Group
Co.
Ltd.,
Class
H
(Health
Care)
16,492
495
Shanghai
Fudan
Microelectronics
Group
Co.
Ltd.,
Class
A
(Information
Technology)
3,102
4,213
Shanghai
Fudan
Microelectronics
Group
Co.
Ltd.,
Class
H
(Information
Technology)
(b)
8,846
2,300
Shanghai
International
Airport
Co.
Ltd.,
Class
A
(Industrials)*
11,556
6,400
Shanghai
International
Port
Group
Co.
Ltd.,
Class
A
(Industrials)
4,508
900
Shanghai
Jinjiang
International
Hotels
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
4,273
713
Shanghai
Junshi
Biosciences
Co.
Ltd.,
Class
A
(Health
Care)*
4,501
2,522
Shanghai
Junshi
Biosciences
Co.
Ltd.,
Class
H
(Health
Care)*
(a)
7,572
2,000
Shanghai
Lingang
Holdings
Corp.
Ltd.,
Class
A
(Real
Estate)
3,075
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
7,300
Shanghai
Lujiazui
Finance
&
Trade
Zone
Development
Co.
Ltd.,
Class
A
(Real
Estate)
$
9,180
900
Shanghai
M&G
Stationery,
Inc.,
Class
A
(Industrials)
5,007
4,118
Shanghai
MicroPort
MedBot
Group
Co.
Ltd.
(Health
Care)*
10,571
400
Shanghai
Moons'
Electric
Co.
Ltd.,
Class
A
(Industrials)
4,201
2,100
Shanghai
Pharmaceuticals
Holding
Co.
Ltd.,
Class
A
(Health
Care)
5,282
11,264
Shanghai
Pharmaceuticals
Holding
Co.
Ltd.,
Class
H
(Health
Care)
16,326
27,600
Shanghai
Pudong
Development
Bank
Co.
Ltd.,
Class
A
(Financials)
26,475
1,900
Shanghai
Putailai
New
Energy
Technology
Co.
Ltd.,
Class
A
(Materials)
6,106
6,300
Shanghai
RAAS
Blood
Products
Co.
Ltd.,
Class
A
(Health
Care)
7,014
9,100
Shanghai
Rural
Commercial
Bank
Co.
Ltd.,
Class
A
(Financials)
7,302
3,600
Shanghai
Yuyuan
Tourist
Mart
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,252
1,500
Shanghai
Zhangjiang
High-Tech
Park
Development
Co.
Ltd.,
Class
A
(Real
Estate)
4,779
2,000
Shanghai
Zhonggu
Logistics
Co.
Ltd.,
Class
A
(Industrials)
2,585
1,800
Shanxi
Coal
International
Energy
Group
Co.
Ltd.,
Class
A
(Industrials)
4,608
5,300
Shanxi
Coking
Coal
Energy
Group
Co.
Ltd.,
Class
A
(Energy)
7,222
2,800
Shanxi
Lu’an
Environmental
Energy
Development
Co.
Ltd.,
Class
A
(Energy)
8,575
4,000
Shanxi
Meijin
Energy
Co.
Ltd.,
Class
A
(Materials)*
4,050
3,400
Shanxi
Securities
Co.
Ltd.,
Class
A
(Financials)
2,657
5,300
Shanxi
Taigang
Stainless
Steel
Co.
Ltd.,
Class
A
(Materials)
2,865
1,100
Shanxi
Xinghuacun
Fen
Wine
Factory
Co.
Ltd.,
Class
A
(Consumer
Staples)
36,794
300
Shede
Spirits
Co.
Ltd.,
Class
A
(Consumer
Staples)
4,214
4,600
Shenergy
Co.
Ltd.,
Class
A
(Utilities)
3,859
2,200
Shengyi
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
5,277
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
500
Shennan
Circuits
Co.
Ltd.,
Class
A
(Information
Technology)
$
5,118
19,700
Shenwan
Hongyuan
Group
Co.
Ltd.,
Class
A
(Financials)
12,442
700
Shenzhen
Capchem
Technology
Co.
Ltd.,
Class
A
(Materials)
4,376
300
Shenzhen
Dynanonic
Co.
Ltd.,
Class
A
(Materials)
2,714
3,800
Shenzhen
Energy
Group
Co.
Ltd.,
Class
A
(Utilities)
3,251
1,600
Shenzhen
Fastprint
Circuit
Tech
Co.
Ltd.,
Class
A
(Information
Technology)
3,513
400
Shenzhen
Goodix
Technology
Co.
Ltd.,
Class
A
(Information
Technology)*
4,075
100
Shenzhen
Han's
CNC
Technology
Co.
Ltd.,
Class
A
(Industrials)
533
800
Shenzhen
Hepalink
Pharmaceutical
Group
Co.
Ltd.,
Class
A
(Health
Care)
1,419
2,500
Shenzhen
Inovance
Technology
Co.
Ltd.,
Class
A
(Industrials)
23,110
1,500
Shenzhen
Kaifa
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
3,592
1,000
Shenzhen
Kangtai
Biological
Products
Co.
Ltd.,
Class
A
(Health
Care)
4,498
300
Shenzhen
Kedali
Industry
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,699
500
Shenzhen
Kstar
Science
And
Technology
Co.
Ltd.,
Class
A
(Industrials)
1,778
300
Shenzhen
Longsys
Electronics
Co.
Ltd.,
Class
A
(Information
Technology)*
3,907
1,100
Shenzhen
Mindray
Bio-Medical
Electronics
Co.
Ltd.,
Class
A
(Health
Care)
44,806
4,200
Shenzhen
MTC
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,388
700
Shenzhen
New
Industries
Biomedical
Engineering
Co.
Ltd.,
Class
A
(Health
Care)
6,887
7,700
Shenzhen
Overseas
Chinese
Town
Co.
Ltd.,
Class
A
(Real
Estate)*
3,720
1,000
Shenzhen
Salubris
Pharmaceuticals
Co.
Ltd.,
Class
A
(Health
Care)
4,697
300
Shenzhen
SC
New
Energy
Technology
Corp.,
Class
A
(Information
Technology)
2,954
1,100
Shenzhen
SED
Industry
Co.
Ltd.,
Class
A
(Information
Technology)
3,001
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
800
Shenzhen
Sunlord
Electronics
Co.
Ltd.,
Class
A
(Information
Technology)
$
3,039
755
Shenzhen
Transsion
Holdings
Co.
Ltd.,
Class
A
(Information
Technology)
11,701
900
Shenzhen
YUTO
Packaging
Technology
Co.
Ltd.,
Class
A
(Materials)
3,288
12,312
Shenzhou
International
Group
Holdings
Ltd.
(Consumer
Discretionary)
123,588
200
Shijiazhuang
Shangtai
Technology
Co.
Ltd.,
Class
A
(Industrials)
1,158
1,600
Shijiazhuang
Yiling
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
5,628
1,700
Shuangliang
Eco-Energy
Systems
Co.
Ltd.,
Class
A
(Industrials)
2,045
402
SICC
Co.
Ltd.,
Class
A
(Information
Technology)*
4,104
4,300
Sichuan
Changhong
Electric
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,462
3,700
Sichuan
Chuantou
Energy
Co.
Ltd.,
Class
A
(Utilities)
7,399
8,300
Sichuan
Hebang
Biotechnology
Co.
Ltd.,
Class
A
(Materials)
2,720
1,400
Sichuan
Kelun
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
5,623
6,800
Sichuan
Road
and
Bridge
Group
Co.
Ltd.,
Class
A
(Industrials)
7,351
500
Sichuan
Swellfun
Co.
Ltd.,
Class
A
(Consumer
Staples)
4,095
1,100
Sichuan
Yahua
Industrial
Group
Co.
Ltd.,
Class
A
(Materials)
1,956
700
Sieyuan
Electric
Co.
Ltd.,
Class
A
(Industrials)
4,856
305
Sinocelltech
Group
Ltd.,
Class
A
(Health
Care)*
2,135
3,500
Sinolink
Securities
Co.
Ltd.,
Class
A
(Financials)
4,686
2,500
Sinoma
International
Engineering
Co.,
Class
A
(Industrials)
3,280
1,600
Sinoma
Science
&
Technology
Co.
Ltd.,
Class
A
(Materials)
3,764
6,800
Sinomach
Heavy
Equipment
Group
Co.
Ltd.,
Class
A
(Industrials)*
2,771
700
Sinomine
Resource
Group
Co.
Ltd.,
Class
A
(Materials)
3,372
7,300
Sinopec
Oilfield
Service
Corp.,
Class
A
(Energy)*
1,912
5,700
Sinopec
Shanghai
Petrochemical
Co.
Ltd.,
Class
A
(Materials)*
2,331
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
51,214
Sinopec
Shanghai
Petrochemical
Co.
Ltd.,
Class
H
(Materials)*
$
7,344
21,084
Sinopharm
Group
Co.
Ltd.,
Class
H
(Health
Care)
52,317
3,600
Sinotrans
Ltd.,
Class
A
(Industrials)
2,420
28,998
Sinotrans
Ltd.,
Class
H
(Industrials)
10,581
10,411
Sinotruk
Hong
Kong
Ltd.
(Industrials)
21,594
500
Skshu
Paint
Co.
Ltd.,
Class
A
(Materials)*
3,782
27,891
Smoore
International
Holdings
Ltd.
(Consumer
Staples)
(a)(b)
24,319
2,400
Songcheng
Performance
Development
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,532
400
Sonoscape
Medical
Corp.,
Class
A
(Health
Care)
2,911
4,700
SooChow
Securities
Co.
Ltd.,
Class
A
(Financials)
5,048
6,200
Southwest
Securities
Co.
Ltd.,
Class
A
(Financials)
3,577
2,600
SPIC
Industry-Finance
Holdings
Co.
Ltd.,
Class
A
(Financials)
1,478
900
Spring
Airlines
Co.
Ltd.,
Class
A
(Industrials)*
6,689
200
StarPower
Semiconductor
Ltd.,
Class
A
(Information
Technology)
5,273
3,000
State
Grid
Yingda
Co.
Ltd.,
Class
A
(Industrials)
2,033
1,400
Sungrow
Power
Supply
Co.
Ltd.,
Class
A
(Industrials)
16,311
10,528
Sunny
Optical
Technology
Group
Co.
Ltd.
(Information
Technology)
99,952
500
Sunresin
New
Materials
Co.
Ltd.,
Class
A
(Materials)
3,521
1,700
Sunwoda
Electronic
Co.
Ltd.,
Class
A
(Industrials)
3,621
731
SUPCON
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
4,484
1,600
Suzhou
Dongshan
Precision
Manufacturing
Co.
Ltd.,
Class
A
(Information
Technology)
4,174
300
Suzhou
Maxwell
Technologies
Co.
Ltd.,
Class
A
(Industrials)
4,537
400
Suzhou
TFC
Optical
Communication
Co.
Ltd.,
Class
A
(Information
Technology)
4,106
6,828
TAL
Education
Group
ADR
(Consumer
Discretionary)*
85,555
1,200
Talkweb
Information
System
Co.
Ltd.,
Class
A
(Communication
Services)*
2,773
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
2,500
Tangshan
Jidong
Cement
Co.
Ltd.,
Class
A
(Materials)
$
2,433
5,600
TangShan
Port
Group
Co.
Ltd.,
Class
A
(Industrials)
2,855
1,400
Tasly
Pharmaceutical
Group
Co.
Ltd.,
Class
A
(Health
Care)
3,002
4,700
TBEA
Co.
Ltd.,
Class
A
(Industrials)
9,168
17,700
TCL
Technology
Group
Corp.,
Class
A
(Information
Technology)*
10,361
3,800
TCL
Zhonghuan
Renewable
Energy
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
8,876
95,892
Tencent
Holdings
Ltd.
(Communication
Services)
4,014,786
9,848
Tencent
Music
Entertainment
Group
ADR
(Communication
Services)*
83,806
400
Thunder
Software
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
4,492
3,900
Tian
Di
Science
&
Technology
Co.
Ltd.,
Class
A
(Industrials)
2,813
8,100
Tianfeng
Securities
Co.
Ltd.,
Class
A
(Financials)*
3,618
500
Tianjin
Pharmaceutical
Da
Re
Tang
Group
Corp.
Ltd.,
Class
A
(Health
Care)
2,513
2,300
Tianma
Microelectronics
Co.
Ltd.,
Class
A
(Information
Technology)*
3,501
409
Tianneng
Battery
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
1,695
1,400
Tianqi
Lithium
Corp.,
Class
A
(Materials)
9,818
2,203
Tianqi
Lithium
Corp.,
Class
H
(Materials)
(b)
10,761
4,300
Tianshan
Aluminum
Group
Co.
Ltd.,
Class
A
(Materials)
3,637
3,000
Tianshui
Huatian
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
3,756
29,137
Tingyi
Cayman
Islands
Holding
Corp.
(Consumer
Staples)
36,672
1,700
Titan
Wind
Energy
Suzhou
Co.
Ltd.,
Class
A
(Industrials)*
2,973
1,500
Toly
Bread
Co.
Ltd.,
Class
A
(Consumer
Staples)
1,748
18,939
Tongcheng
Travel
Holdings
Ltd.
(Consumer
Discretionary)*
34,870
1,400
TongFu
Microelectronics
Co.
Ltd.,
Class
A
(Information
Technology)
4,450
1,900
Tonghua
Dongbao
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
3,182
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
2,200
Tongkun
Group
Co.
Ltd.,
Class
A
(Materials)*
$
4,187
9,900
Tongling
Nonferrous
Metals
Group
Co.
Ltd.,
Class
A
(Materials)
4,215
4,200
Tongwei
Co.
Ltd.,
Class
A
(Information
Technology)
14,410
300
Topchoice
Medical
Corp.,
Class
A
(Health
Care)*
3,442
43,732
Topsports
International
Holdings
Ltd.
(Consumer
Discretionary)
(a)
35,555
14,654
TravelSky
Technology
Ltd.,
Class
H
(Consumer
Discretionary)
24,729
2,022
Trina
Solar
Co.
Ltd.,
Class
A
(Information
Technology)
7,634
8,756
Trip.com
Group
Ltd.
ADR
(Consumer
Discretionary)*
308,036
3,100
Tsinghua
Tongfang
Co.
Ltd.,
Class
A
(Information
Technology)*
3,516
700
Tsingtao
Brewery
Co.
Ltd.,
Class
A
(Consumer
Staples)
7,309
9,691
Tsingtao
Brewery
Co.
Ltd.,
Class
H
(Consumer
Staples)
64,025
800
Unigroup
Guoxin
Microelectronics
Co.
Ltd.,
Class
A
(Information
Technology)*
8,117
18,747
Uni-President
China
Holdings
Ltd.
(Consumer
Staples)
12,001
2,700
Unisplendour
Corp.
Ltd.,
Class
A
(Information
Technology)*
7,641
1,400
Universal
Scientific
Industrial
Shanghai
Co.
Ltd.,
Class
A
(Information
Technology)
2,923
200
Vanchip
Tianjin
Technology
Co.
Ltd.,
Class
A
(Information
Technology)*
1,843
900
Venustech
Group,
Inc.,
Class
A
(Information
Technology)
3,229
467
Verisilicon
Microelectronics
Shanghai
Co.
Ltd.,
Class
A
(Information
Technology)*
3,492
5,625
Vipshop
Holdings
Ltd.
ADR
(Consumer
Discretionary)*
90,169
1,500
Walvax
Biotechnology
Co.
Ltd.,
Class
A
(Health
Care)
5,197
2,000
Wanda
Film
Holding
Co.
Ltd.,
Class
A
(Communication
Services)*
3,504
1,100
Wangfujing
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,674
2,900
Wanhua
Chemical
Group
Co.
Ltd.,
Class
A
(Materials)
32,752
67,308
Want
Want
China
Holdings
Ltd.
(Consumer
Staples)
39,384
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
1,104
Weibo
Corp.
ADR
(Communication
Services)
$
11,161
6,300
Weichai
Power
Co.
Ltd.,
Class
A
(Industrials)
13,145
30,530
Weichai
Power
Co.
Ltd.,
Class
H
(Industrials)
56,132
800
Weihai
Guangwei
Composites
Co.
Ltd.,
Class
A
(Materials)
2,790
6,100
Wens
Foodstuffs
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
16,452
2,200
Western
Mining
Co.
Ltd.,
Class
A
(Materials)
3,950
4,200
Western
Securities
Co.
Ltd.,
Class
A
(Financials)
3,882
604
Western
Superconducting
Technologies
Co.
Ltd.,
Class
A
(Materials)
4,438
15,021
Wharf
Holdings
Ltd.
(The)
(Real
Estate)
39,042
1,100
Will
Semiconductor
Co.
Ltd.
Shanghai,
Class
A
(Information
Technology)
16,673
32,572
Wilmar
International
Ltd.
(Consumer
Staples)
88,593
1,200
Wingtech
Technology
Co.
Ltd.,
Class
A
(Information
Technology)*
8,105
400
Winner
Medical
Co.
Ltd.,
Class
A
(Health
Care)
2,171
2,000
Winning
Health
Technology
Group
Co.
Ltd.,
Class
A
(Health
Care)
2,126
20,900
Wintime
Energy
Group
Co.
Ltd.,
Class
A
(Utilities)*
4,156
4,900
Wuchan
Zhongda
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,170
4,000
Wuhan
Guide
Infrared
Co.
Ltd.,
Class
A
(Information
Technology)
4,347
300
Wuhan
Jingce
Electronic
Group
Co.
Ltd.,
Class
A
(Information
Technology)
3,492
3,600
Wuliangye
Yibin
Co.
Ltd.,
Class
A
(Consumer
Staples)
75,191
1,800
WUS
Printed
Circuit
Kunshan
Co.
Ltd.,
Class
A
(Information
Technology)
5,210
2,400
WuXi
AppTec
Co.
Ltd.,
Class
A
(Health
Care)
27,761
5,584
WuXi
AppTec
Co.
Ltd.,
Class
H
(Health
Care)
(a)
65,418
290
Wuxi
Autowell
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
3,698
56,920
Wuxi
Biologics
Cayman,
Inc.
(Health
Care)*
(a)
317,020
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
1,500
Wuxi
Lead
Intelligent
Equipment
Co.
Ltd.,
Class
A
(Industrials)
$
5,495
11,100
XCMG
Construction
Machinery
Co.
Ltd.,
Class
A
(Industrials)
8,596
2,800
Xiamen
C
&
D,
Inc.,
Class
A
(Industrials)
3,713
200
Xiamen
Faratronic
Co.
Ltd.,
Class
A
(Information
Technology)
2,633
1,300
Xiamen
Tungsten
Co.
Ltd.,
Class
A
(Materials)
3,129
2,100
Xiangcai
Co.
Ltd.,
Class
A
(Real
Estate)
2,311
1,200
Xiangtan
Electric
Manufacturing
Co.
Ltd.,
Class
A
(Industrials)*
2,470
247,621
Xiaomi
Corp.,
Class
B
(Information
Technology)*
(a)
495,223
8,000
Xinhu
Zhongbao
Co.
Ltd.,
Class
A
(Real
Estate)
2,610
1,329
Xinjiang
Daqo
New
Energy
Co.
Ltd.,
Class
A
(Information
Technology)
5,730
3,200
Xinjiang
Tianshan
Cement
Co.
Ltd.,
Class
A
(Materials)
3,110
24,806
Xinyi
Glass
Holdings
Ltd.
(Industrials)
28,553
71,394
Xinyi
Solar
Holdings
Ltd.
(Information
Technology)
41,043
17,441
XPeng,
Inc.,
Class
A
(Consumer
Discretionary)*
150,063
18,115
Yadea
Group
Holdings
Ltd.
(Consumer
Discretionary)
(a)
34,002
500
Yangzhou
Yangjie
Electronic
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
2,623
41,667
Yangzijiang
Shipbuilding
Holdings
Ltd.
(Industrials)
45,270
3,500
Yankuang
Energy
Group
Co.
Ltd.,
Class
A
(Energy)
10,072
34,059
Yankuang
Energy
Group
Co.
Ltd.,
Class
H
(Energy)
63,319
1,000
Yantai
Jereh
Oilfield
Services
Group
Co.
Ltd.,
Class
A
(Energy)
4,152
1,000
Yealink
Network
Technology
Corp.
Ltd.,
Class
A
(Information
Technology)
4,506
900
Yifeng
Pharmacy
Chain
Co.
Ltd.,
Class
A
(Consumer
Staples)
4,804
1,600
Yihai
Kerry
Arawana
Holdings
Co.
Ltd.,
Class
A
(Consumer
Staples)
7,822
2,600
Yintai
Gold
Co.
Ltd.,
Class
A
(Materials)
5,389
600
Yongan
Futures
Co.
Ltd.,
Class
A
(Financials)
1,370
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
8,500
Yonghui
Superstores
Co.
Ltd.,
Class
A
(Consumer
Staples)*
$
3,630
500
YongXing
Special
Materials
Technology
Co.
Ltd.,
Class
A
(Materials)
3,079
3,200
Yonyou
Network
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
7,488
4,300
Youngor
Group
Co.
Ltd.,
Class
A
(Real
Estate)
4,083
4,720
YSB,
Inc.
(Health
Care)*
12,050
3,200
YTO
Express
Group
Co.
Ltd.,
Class
A
(Industrials)
5,893
25,862
Yuexiu
Property
Co.
Ltd.
(Real
Estate)
23,576
2,700
Yunda
Holding
Co.
Ltd.,
Class
A
(Industrials)
3,248
3,200
Yunnan
Aluminium
Co.
Ltd.,
Class
A
(Materials)
5,767
1,700
Yunnan
Baiyao
Group
Co.
Ltd.,
Class
A
(Health
Care)
11,982
400
Yunnan
Botanee
Bio-
Technology
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
4,003
4,700
Yunnan
Chihong
Zinc&Germanium
Co.
Ltd.,
Class
A
(Materials)
3,317
900
Yunnan
Energy
New
Material
Co.
Ltd.,
Class
A
(Materials)
7,420
1,500
Yunnan
Tin
Co.
Ltd.,
Class
A
(Materials)
2,899
1,700
Yunnan
Yuntianhua
Co.
Ltd.,
Class
A
(Materials)
3,742
2,100
Yutong
Bus
Co.
Ltd.,
Class
A
(Industrials)
3,958
1,393
Zai
Lab
Ltd.
ADR
(Health
Care)*
38,015
1,500
Zangge
Mining
Co.
Ltd.,
Class
A
(Materials)
5,025
600
Zhangzhou
Pientzehuang
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
21,237
22,378
Zhaojin
Mining
Industry
Co.
Ltd.,
Class
H
(Materials)
28,996
4,900
Zhefu
Holding
Group
Co.
Ltd.,
Class
A
(Industrials)
2,511
6,900
Zhejiang
Century
Huatong
Group
Co.
Ltd.,
Class
A
(Communication
Services)*
5,392
100
Zhejiang
Cfmoto
Power
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
1,327
5,100
Zhejiang
China
Commodities
City
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
5,678
2,000
Zhejiang
Chint
Electrics
Co.
Ltd.,
Class
A
(Industrials)
6,142
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
3,100
Zhejiang
Dahua
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
$
8,391
500
Zhejiang
Dingli
Machinery
Co.
Ltd.,
Class
A
(Industrials)
3,403
18,474
Zhejiang
Expressway
Co.
Ltd.,
Class
H
(Industrials)
(b)
11,708
1,900
Zhejiang
Hailiang
Co.
Ltd.,
Class
A
(Materials)
2,951
1,400
Zhejiang
Huahai
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
3,068
1,600
Zhejiang
Huayou
Cobalt
Co.
Ltd.,
Class
A
(Materials)
7,192
1,200
Zhejiang
Jingsheng
Mechanical
&
Electrical
Co.
Ltd.,
Class
A
(Information
Technology)
7,254
3,300
Zhejiang
Jinke
Tom
Culture
Industry
Co.
Ltd.,
Class
A
(Communication
Services)*
2,241
800
Zhejiang
Jiuzhou
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
3,076
2,500
Zhejiang
Juhua
Co.
Ltd.,
Class
A
(Materials)
5,563
10,221
Zhejiang
Leapmotor
Technology
Co.
Ltd.
(Consumer
Discretionary)*
(a)(b)
52,477
3,000
Zhejiang
Longsheng
Group
Co.
Ltd.,
Class
A
(Materials)
3,617
2,900
Zhejiang
NHU
Co.
Ltd.,
Class
A
(Health
Care)
6,912
3,300
Zhejiang
Sanhua
Intelligent
Controls
Co.
Ltd.,
Class
A
(Industrials)
13,365
800
Zhejiang
Shuanghuan
Driveline
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,109
400
Zhejiang
Supor
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,927
1,600
Zhejiang
Weiming
Environment
Protection
Co.
Ltd.,
Class
A
(Industrials)
3,964
1,500
Zhejiang
Weixing
New
Building
Materials
Co.
Ltd.,
Class
A
(Industrials)
3,142
9,100
Zhejiang
Zheneng
Electric
Power
Co.
Ltd.,
Class
A
(Utilities)*
5,913
1,400
Zhengzhou
Coal
Mining
Machinery
Group
Co.
Ltd.,
Class
A
(Industrials)
2,333
3,798
Zhengzhou
Coal
Mining
Machinery
Group
Co.
Ltd.,
Class
H
(Industrials)
3,705
3,600
Zheshang
Securities
Co.
Ltd.,
Class
A
(Financials)
5,293
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
10,863
ZhongAn
Online
P&C
Insurance
Co.
Ltd.,
Class
H
(Financials)*
(a)
$
27,400
680
Zhongfu
Shenying
Carbon
Fiber
Co.
Ltd.,
Class
A
(Materials)
2,912
800
Zhongji
Innolight
Co.
Ltd.,
Class
A
(Information
Technology)
10,634
4,500
Zhongjin
Gold
Corp.
Ltd.,
Class
A
(Materials)
6,787
11,035
Zhongsheng
Group
Holdings
Ltd.
(Consumer
Discretionary)
26,421
6,100
Zhongtai
Securities
Co.
Ltd.,
Class
A
(Financials)
6,142
1,050
Zhuhai
CosMX
Battery
Co.
Ltd.,
Class
A
(Industrials)
3,114
2,000
Zhuhai
Huafa
Properties
Co.
Ltd.,
Class
A
(Real
Estate)
2,098
594
Zhuzhou
CRRC
Times
Electric
Co.
Ltd.,
Class
A
(Industrials)
3,202
7,992
Zhuzhou
CRRC
Times
Electric
Co.
Ltd.,
Class
H
(Industrials)
25,275
2,500
Zhuzhou
Kibing
Group
Co.
Ltd.,
Class
A
(Industrials)
2,748
19,400
Zijin
Mining
Group
Co.
Ltd.,
Class
A
(Materials)
33,089
89,257
Zijin
Mining
Group
Co.
Ltd.,
Class
H
(Materials)
141,480
7,710
ZJLD
Group,
Inc.
(Consumer
Staples)*
(a)
10,839
6,600
Zoomlion
Heavy
Industry
Science
and
Technology
Co.
Ltd.,
Class
A
(Industrials)
5,961
21,811
Zoomlion
Heavy
Industry
Science
and
Technology
Co.
Ltd.,
Class
H
(Industrials)
11,617
3,700
ZTE
Corp.,
Class
A
(Information
Technology)
13,280
11,871
ZTE
Corp.,
Class
H
(Information
Technology)
25,899
6,420
ZTO
Express
Cayman,
Inc.
ADR
(Industrials)
143,294
31,686,079
Colombia
–
0.0%
3,609
Bancolombia
SA
(Financials)
28,232
74,349
Ecopetrol
SA
(Energy)
46,205
6,922
Interconexion
Electrica
SA
ESP
(Utilities)
25,879
100,316
Czech
Republic
–
0.0%
2,519
CEZ
AS
(Utilities)
111,634
1,166
Komercni
banka
AS
(Financials)
36,166
147,800
Denmark
–
1.9%
41
AP
Moller
–
Maersk
A/S,
Class
A
(Industrials)
63,662
52
AP
Moller
–
Maersk
A/S,
Class
B
(Industrials)
82,188
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Denmark
–
(continued)
1,422
Carlsberg
AS,
Class
B
(Consumer
Staples)
$
176,472
1,602
Chr
Hansen
Holding
A/S
(Materials)
128,382
1,924
Coloplast
A/S,
Class
B
(Health
Care)
227,507
10,455
Danske
Bank
A/S
(Financials)
271,123
1,329
Demant
A/S
(Health
Care)*
56,481
2,764
DSV
A/S
(Industrials)
416,836
1,011
Genmab
A/S
(Health
Care)*
319,731
49,540
Novo
Nordisk
A/S,
Class
B
(Health
Care)
5,042,341
3,195
Novozymes
A/S,
Class
B
(Materials)
166,035
2,946
Orsted
AS
(Utilities)
(a)
138,997
1,384
Pandora
A/S
(Consumer
Discretionary)
187,189
4,976
Tryg
A/S
(Financials)
107,557
15,707
Vestas
Wind
Systems
A/S
(Industrials)*
435,732
7,820,233
Egypt
–
0.0%
4,589
Abou
Kir
Fertilizers
&
Chemical
Industries
(Materials)
11,784
36,753
Commercial
International
Bank
-
Egypt
(CIB)
(Financials)
91,823
14,109
EFG
Holding
S.A.E.
(Financials)*
8,429
7,842
ElSewedy
Electric
Co.
(Industrials)
6,903
2,872
Ezz
Steel
Co.
SAE
(Materials)*
7,061
611
Misr
Fertilizers
Production
Co.
SAE
(Materials)
10,954
8,047
Telecom
Egypt
Co.
(Communication
Services)
9,373
146,327
Faroe
Islands
–
0.0%
780
Bakkafrost
P/F
(Consumer
Staples)
37,810
Finland
–
0.7%
2,193
Elisa
OYJ
(Communication
Services)
98,296
6,772
Fortum
OYJ
(Utilities)
95,206
1,640
Huhtamaki
OYJ
(Materials)
63,631
4,232
Kesko
OYJ,
Class
B
(Consumer
Staples)
81,061
5,177
Kone
OYJ,
Class
B
(Industrials)
230,407
10,867
Metso
Corp.
(Industrials)
107,069
6,699
Neste
OYJ
(Energy)
254,948
82,457
Nokia
OYJ
(Information
Technology)
289,520
49,724
Nordea
Bank
Abp
(Financials)
559,249
1,669
Orion
OYJ,
Class
B
(Health
Care)
66,359
6,899
Sampo
OYJ,
Class
A
(Financials)
302,229
Shares
Description
Value
a
Common
Stocks
–
(continued)
Finland
–
(continued)
8,903
Stora
Enso
OYJ,
Class
R
(Materials)
$
115,694
8,241
UPM-Kymmene
OYJ
(Materials)
288,456
7,621
Wartsila
OYJ
Abp
(Industrials)
105,271
2,657,396
France
–
5.3%
3,090
Adevinta
ASA
(Communication
Services)*
32,050
430
Aeroports
de
Paris
SA
(Industrials)
53,063
7,957
Air
Liquide
SA
(Materials)
1,508,912
9,140
Airbus
SE
(Industrials)
1,358,276
27,772
AXA
SA
(Financials)
866,487
660
BioMerieux
(Health
Care)
71,120
16,741
BNP
Paribas
SA
(Financials)
1,055,233
12,482
Bollore
SE
(Communication
Services)
71,432
3,036
Bouygues
SA
(Industrials)
115,642
2,469
Capgemini
SE
(Information
Technology)
506,458
8,730
Carrefour
SA
(Consumer
Staples)
165,693
7,262
Cie
de
Saint-Gobain
SA
(Industrials)
473,909
10,480
Cie
Generale
des
Etablissements
Michelin
(Consumer
Discretionary)
352,304
17,300
Credit
Agricole
SA
(Financials)
226,928
9,841
Danone
SA
(Consumer
Staples)
633,191
10,596
Dassault
Systemes
(Information
Technology)
496,731
27,322
Engie
SA
(Utilities)
474,532
4,476
EssilorLuxottica
SA
(Health
Care)
855,245
506
Hermes
International
SCA
(Consumer
Discretionary)
1,051,303
1,113
Kering
(Consumer
Discretionary)
478,107
3,999
Legrand
SA
(Industrials)
385,804
3,498
L'Oreal
SA
(Consumer
Staples)
1,645,175
4,056
LVMH
Moet
Hennessy
Louis
Vuitton
SE
(Consumer
Discretionary)
3,109,801
29,225
Orange
SA
(Communication
Services)
(b)
360,455
3,028
Pernod
Ricard
SA
(Consumer
Staples)
523,826
5,532
Safran
SA
(Industrials)
971,911
382
Sartorius
Stedim
Biotech
(Health
Care)
86,028
11,663
Societe
Generale
SA
(Financials)
293,641
1,266
Sodexo
SA
(Consumer
Discretionary)
135,923
1,518
Thales
SA
(Industrials)
226,829
35,010
TotalEnergies
SE
(Energy)
2,378,296
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
France
–
(continued)
7,569
Vinci
SA
(Industrials)
$
927,434
21,891,739
Germany
–
4.4%
2,587
adidas
AG
(Consumer
Discretionary)
542,349
6,273
Allianz
SE
(Financials)
1,578,335
13,956
BASF
SE
(Materials)
649,981
15,338
Bayer
AG
(Health
Care)
524,819
4,749
Bayerische
Motoren
Werke
AG
(Consumer
Discretionary)
495,313
1,528
Beiersdorf
AG
(Consumer
Staples)
214,569
1,452
BioNTech
SE
ADR
(Health
Care)*
149,461
575
Carl
Zeiss
Meditec
AG
(Health
Care)
51,646
1,686
Continental
AG
(Consumer
Discretionary)
130,648
6,710
Daimler
Truck
Holding
AG
(Industrials)
218,394
30,417
Deutsche
Bank
AG
(Financials)
379,206
2,867
Deutsche
Boerse
AG
(Financials)
545,243
14,757
Deutsche
Post
AG
(Industrials)
693,003
50,402
Deutsche
Telekom
AG
(Communication
Services)
1,208,485
34,550
E.ON
SE
(Utilities)
449,920
3,156
Evonik
Industries
AG
(Materials)
59,056
3,121
Fresenius
Medical
Care
AG
&
Co.
KGaA
(Health
Care)
128,142
6,423
Fresenius
SE
&
Co.
KGaA
(Health
Care)
203,867
938
Hannover
Rueck
SE
(Financials)
224,136
99
Hapag-Lloyd
AG
(Industrials)
(a)
12,401
2,057
Heidelberg
Materials
AG
(Materials)
167,881
1,502
Henkel
AG
&
Co.
KGaA
(Consumer
Staples)
105,016
20,332
Infineon
Technologies
AG
(Information
Technology)
788,650
1,038
Knorr-Bremse
AG
(Industrials)
65,122
12,274
Mercedes-Benz
Group
AG
(Consumer
Discretionary)
797,905
2,017
Merck
KGaA
(Health
Care)
352,450
838
MTU
Aero
Engines
AG
(Industrials)
171,668
2,127
Muenchener
Rueckversicherungs-
Gesellschaft
AG
in
Muenchen
(Financials)
906,957
1,571
Puma
SE
(Consumer
Discretionary)
101,442
11,613
RWE
AG
(Utilities)
498,855
15,979
SAP
SE
(Information
Technology)
2,536,399
11,555
Siemens
AG
(Industrials)
1,941,580
Shares
Description
Value
a
Common
Stocks
–
(continued)
Germany
–
(continued)
7,872
Siemens
Energy
AG
(Industrials)*
$
93,450
4,206
Siemens
Healthineers
AG
(Health
Care)
(a)
242,951
2,073
Symrise
AG
(Materials)
233,423
703
Talanx
AG
(Financials)
51,085
450
Volkswagen
AG
(Consumer
Discretionary)
58,428
10,862
Vonovia
SE
(Real
Estate)
302,451
17,874,687
Greece
–
0.1%
31,688
Alpha
Services
and
Holdings
SA
(Financials)*
53,937
37,974
Eurobank
Ergasias
Services
and
Holdings
SA
(Financials)*
70,064
2,730
Hellenic
Telecommunications
Organization
SA
(Communication
Services)
40,123
1,642
JUMBO
SA
(Consumer
Discretionary)
43,070
915
Motor
Oil
Hellas
Corinth
Refineries
SA
(Energy)
24,759
1,631
Mytilineos
SA
(Industrials)
65,382
8,567
National
Bank
of
Greece
SA
(Financials)*
58,721
3,070
OPAP
SA
(Consumer
Discretionary)
49,240
10,038
Piraeus
Financial
Holdings
SA
(Financials)*
35,705
3,292
Public
Power
Corp.
SA
(Utilities)*
38,792
1,060
Star
Bulk
Carriers
Corp.
(Industrials)
22,536
845
Terna
Energy
SA
(Utilities)
14,466
516,795
Guatemala
–
0.0%
2,034
Millicom
International
Cellular
SA
SDR
(Communication
Services)*
34,366
Hong
Kong
–
1.2%
180,736
AIA
Group
Ltd.
(Financials)
1,559,685
9,466
Cathay
Pacific
Airways
Ltd.
(Industrials)*
9,550
29,616
CK
Asset
Holdings
Ltd.
(Real
Estate)
140,490
9,542
CK
Infrastructure
Holdings
Ltd.
(Utilities)
47,281
29,604
CLP
Holdings
Ltd.
(Utilities)
230,266
4,735
DFI
Retail
Group
Holdings
Ltd.
(Consumer
Staples)
10,512
1,118
Futu
Holdings
Ltd.
ADR
(Financials)*
60,283
27,156
Hang
Lung
Properties
Ltd.
(Real
Estate)
36,299
11,250
Hang
Seng
Bank
Ltd.
(Financials)
124,595
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Hong
Kong
–
(continued)
20,677
Henderson
Land
Development
Co.
Ltd.
(Real
Estate)
$
56,257
35,542
HK
Electric
Investments
&
HK
Electric
Investments
Ltd.
(Utilities)
20,432
56,726
HKT
Trust
&
HKT
Ltd.
(Communication
Services)
60,501
142,872
Hong
Kong
&
China
Gas
Co.
Ltd.
(Utilities)
98,232
18,625
Hong
Kong
Exchanges
&
Clearing
Ltd.
(Financials)
661,031
16,126
Hongkong
Land
Holdings
Ltd.
(Real
Estate)
51,926
3,082
Jardine
Matheson
Holdings
Ltd.
(Industrials)
118,996
39,795
Link
REIT
(Real
Estate)
196,675
24,441
MTR
Corp.
Ltd.
(Industrials)
87,621
21,512
New
World
Development
Co.
Ltd.
(Real
Estate)
32,005
2,060
Orient
Overseas
International
Ltd.
(Industrials)
24,780
3,824
Polestar
Automotive
Holding
UK
PLC,
Class
A,
ADR
(Consumer
Discretionary)*
(b)
8,451
21,288
Power
Assets
Holdings
Ltd.
(Utilities)
111,069
42,960
Prudential
PLC
(Financials)
469,345
154,034
Sino
Biopharmaceutical
Ltd.
(Health
Care)
75,732
52,914
Sino
Land
Co.
Ltd.
(Real
Estate)
53,318
22,730
Sun
Hung
Kai
Properties
Ltd.
(Real
Estate)
223,071
6,436
Swire
Pacific
Ltd.,
Class
A
(Real
Estate)
41,779
12,007
Swire
Pacific
Ltd.,
Class
B
(Real
Estate)
12,837
16,527
Swire
Properties
Ltd.
(Real
Estate)
32,122
21,293
Techtronic
Industries
Co.
Ltd.
(Industrials)
216,193
119,287
WH
Group
Ltd.
(Consumer
Staples)
(a)
76,671
24,159
Wharf
Real
Estate
Investment
Co.
Ltd.
(Real
Estate)
76,248
5,024,253
Hungary
–
0.1%
6,943
MOL
Hungarian
Oil
&
Gas
PLC
(Energy)
55,264
3,552
OTP
Bank
Nyrt
(Financials)
147,620
2,182
Richter
Gedeon
Nyrt
(Health
Care)
54,978
257,862
India
–
4.7%
832
ABB
India
Ltd.
(Industrials)
44,095
1,085
ACC
Ltd.
(Materials)
24,402
4,520
Adani
Energy
Solutions
Ltd.
(Utilities)*
47,298
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
4,868
Adani
Enterprises
Ltd.
(Industrials)
$
137,677
4,850
Adani
Green
Energy
Ltd.
(Utilities)*
59,833
11,312
Adani
Ports
&
Special
Economic
Zone
Ltd.
(Industrials)
111,975
12,327
Adani
Power
Ltd.
(Utilities)*
63,783
4,346
Adani
Total
Gas
Ltd.
(Utilities)
36,939
2,462
Adani
Wilmar
Ltd.
(Consumer
Staples)*
10,057
7,771
Aditya
Birla
Capital
Ltd.
(Financials)*
15,655
488
Alkem
Laboratories
Ltd.
(Health
Care)
27,641
9,517
Ambuja
Cements
Ltd.
(Materials)
50,128
2,597
APL
Apollo
Tubes
Ltd.
(Materials)
52,556
1,581
Apollo
Hospitals
Enterprise
Ltd.
(Health
Care)
104,819
22,549
Ashok
Leyland
Ltd.
(Industrials)
49,522
6,356
Asian
Paints
Ltd.
(Materials)
237,789
1,864
Astral
Ltd.
(Industrials)
43,579
7,185
AU
Small
Finance
Bank
Ltd.
(Financials)
(a)
63,877
4,434
Aurobindo
Pharma
Ltd.
(Health
Care)
55,379
2,263
Avenue
Supermarts
Ltd.
(Consumer
Staples)*
(a)
107,182
35,582
Axis
Bank
Ltd.
(Financials)
458,355
1,067
Bajaj
Auto
Ltd.
(Consumer
Discretionary)
77,927
4,150
Bajaj
Finance
Ltd.
(Financials)
354,414
5,968
Bajaj
Finserv
Ltd.
(Financials)
119,763
420
Bajaj
Holdings
&
Investment
Ltd.
(Financials)
37,048
1,267
Balkrishna
Industries
Ltd.
(Consumer
Discretionary)
39,143
11,941
Bandhan
Bank
Ltd.
(Financials)
(a)
32,375
16,251
Bank
of
Baroda
(Financials)
38,409
11,908
Bank
of
India
(Financials)
14,815
3,841
Berger
Paints
India
Ltd.
(Materials)
26,456
55,762
Bharat
Electronics
Ltd.
(Industrials)
97,557
4,004
Bharat
Forge
Ltd.
(Consumer
Discretionary)
53,787
20,014
Bharat
Heavy
Electricals
Ltd.
(Industrials)
40,907
15,110
Bharat
Petroleum
Corp.
Ltd.
(Energy)
78,944
37,562
Bharti
Airtel
Ltd.
(Communication
Services)
457,039
7,032
Biocon
Ltd.
(Health
Care)
20,094
137
Bosch
Ltd.
(Consumer
Discretionary)
35,484
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
1,860
Britannia
Industries
Ltd.
(Consumer
Staples)
$
108,233
5,701
Canara
Bank
(Financials)
27,553
10,048
CG
Power
&
Industrial
Solutions
Ltd.
(Industrials)
54,148
6,219
Cholamandalam
Investment
and
Finance
Co.
Ltd.
(Financials)
83,333
8,385
Cipla
Ltd.
(Health
Care)
121,893
32,589
Coal
India
Ltd.
(Energy)
133,707
2,094
Colgate-Palmolive
India
Ltd.
(Consumer
Staples)
55,146
4,316
Container
Corp.
Of
India
Ltd.
(Industrials)
40,161
2,133
Cummins
India
Ltd.
(Industrials)
48,830
9,299
Dabur
India
Ltd.
(Consumer
Staples)
59,996
1,263
Dalmia
Bharat
Ltd.
(Materials)
33,585
1,163
Deepak
Nitrite
Ltd.
(Materials)
30,627
4,801
Delhivery
Ltd.
(Industrials)*
22,519
1,986
Divi's
Laboratories
Ltd.
(Health
Care)
90,227
9,735
DLF
Ltd.
(Real
Estate)
73,059
1,900
Dr.
Reddy's
Laboratories
Ltd.
(Health
Care)
131,874
2,170
Eicher
Motors
Ltd.
(Consumer
Discretionary)
101,402
9,566
Embassy
Office
Parks
REIT
(Real
Estate)
36,956
16,091
FSN
E-Commerce
Ventures
Ltd.
(Consumer
Discretionary)*
33,921
42,375
GAIL
India
Ltd.
(Utilities)
67,023
3,894
General
Insurance
Corp.
of
India
(Financials)
(a)
14,921
963
Gland
Pharma
Ltd.
(Health
Care)*
(a)
20,493
5,910
Godrej
Consumer
Products
Ltd.
(Consumer
Staples)
71,450
1,812
Godrej
Properties
Ltd.
(Real
Estate)*
40,777
4,854
Grasim
Industries
Ltd.
(Materials)
116,729
540
Gujarat
Fluorochemicals
Ltd.
(Materials)
18,462
2,739
Gujarat
Gas
Ltd.
(Utilities)
14,226
3,450
Havells
India
Ltd.
(Industrials)
53,891
16,536
HCL
Technologies
Ltd.
(Information
Technology)
265,885
1,238
HDFC
Asset
Management
Co.
Ltd.
(Financials)
(a)
44,084
43,543
HDFC
Bank
Ltd.
(Financials)
813,908
15,281
HDFC
Life
Insurance
Co.
Ltd.
(Financials)
(a)
126,572
2,047
Hero
MotoCorp
Ltd.
(Consumer
Discretionary)
93,743
22,760
Hindalco
Industries
Ltd.
(Materials)
140,732
2,610
Hindustan
Aeronautics
Ltd.
(Industrials)
74,481
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
10,051
Hindustan
Petroleum
Corp.
Ltd.
(Energy)*
$
41,870
13,973
Hindustan
Unilever
Ltd.
(Consumer
Staples)
426,518
34
Honeywell
Automation
India
Ltd.
(Information
Technology)
14,944
80,836
ICICI
Bank
Ltd.
(Financials)
906,274
3,705
ICICI
Lombard
General
Insurance
Co.
Ltd.
(Financials)
(a)
65,753
6,021
ICICI
Prudential
Life
Insurance
Co.
Ltd.
(Financials)
(a)
40,620
44,744
IDFC
First
Bank
Ltd.
(Financials)*
45,713
3,784
Indian
Bank
(Financials)
18,009
13,316
Indian
Hotels
Co.
Ltd.
(Consumer
Discretionary)
67,335
58,905
Indian
Oil
Corp.
Ltd.
(Energy)
78,934
4,724
Indian
Railway
Catering
&
Tourism
Corp.
Ltd.
(Industrials)
39,979
27,832
Indian
Railway
Finance
Corp.
Ltd.
(Financials)
(a)
24,914
5,499
Indraprastha
Gas
Ltd.
(Utilities)
25,657
13,121
Indus
Towers
Ltd.
(Communication
Services)*
29,013
8,966
IndusInd
Bank
Ltd.
(Financials)
157,626
1,081
Info
Edge
India
Ltd.
(Communication
Services)
59,771
56,038
Infosys
Ltd.
(Information
Technology)
977,815
1,701
InterGlobe
Aviation
Ltd.
(Industrials)*
(a)
55,182
46,569
ITC
Ltd.
(Consumer
Staples)
243,361
4,744
Jindal
Stainless
Ltd.
(Materials)
28,517
5,982
Jindal
Steel
&
Power
Ltd.
(Materials)
48,118
52,930
Jio
Financial
Services
Ltd.
(Financials)*
145,600
5,830
JSW
Energy
Ltd.
(Utilities)
28,547
14,805
JSW
Steel
Ltd.
(Materials)
142,220
6,000
Jubilant
Foodworks
Ltd.
(Consumer
Discretionary)
40,352
17,059
Kotak
Mahindra
Bank
Ltd.
(Financials)
359,094
428
L&T
Technology
Services
Ltd.
(Industrials)
(a)
24,476
10,753
Larsen
&
Toubro
Ltd.
(Industrials)
400,908
3,478
Life
Insurance
Corp.
of
India
(Financials)
28,339
307
Linde
India
Ltd.
(Materials)
21,140
1,437
LTIMindtree
Ltd.
(Information
Technology)
(a)
95,406
3,775
Lupin
Ltd.
(Health
Care)
57,983
3,786
Macrotech
Developers
Ltd.
(Real
Estate)
(a)
40,028
9,000
Mahindra
&
Mahindra
Financial
Services
Ltd.
(Financials)
29,603
13,833
Mahindra
&
Mahindra
Ltd.
(Consumer
Discretionary)
273,322
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
532
Mankind
Pharma
Ltd.
(Health
Care)*
$
12,105
8,200
Marico
Ltd.
(Consumer
Staples)
52,965
2,058
Maruti
Suzuki
India
Ltd.
(Consumer
Discretionary)
261,803
3,475
Max
Financial
Services
Ltd.
(Financials)*
42,470
11,557
Max
Healthcare
Institute
Ltd.
(Health
Care)
88,111
478
Mazagon
Dock
Shipbuilders
Ltd.
(Industrials)
11,537
1,311
Mphasis
Ltd.
(Information
Technology)
37,017
35
MRF
Ltd.
(Consumer
Discretionary)
46,873
1,675
Muthoot
Finance
Ltd.
(Financials)
29,765
560
Nestle
India
Ltd.
(Consumer
Staples)
162,749
43,318
NHPC
Ltd.
(Utilities)
28,257
18,052
NMDC
Ltd.
(Materials)
39,289
73,865
NTPC
Ltd.
(Utilities)
231,443
1,845
Oberoi
Realty
Ltd.
(Real
Estate)
30,992
60,456
Oil
&
Natural
Gas
Corp.
Ltd.
(Energy)
141,328
3,163
One
97
Communications
Ltd.
(Financials)*
33,220
364
Oracle
Financial
Services
Software
Ltd.
(Information
Technology)
17,507
81
Page
Industries
Ltd.
(Consumer
Discretionary)
36,190
1,091
Patanjali
Foods
Ltd.
(Consumer
Staples)
18,318
3,714
PB
Fintech
Ltd.
(Financials)*
37,100
783
Persistent
Systems
Ltd.
(Information
Technology)
60,090
11,784
Petronet
LNG
Ltd.
(Energy)
28,657
1,270
PI
Industries
Ltd.
(Materials)
57,427
2,394
Pidilite
Industries
Ltd.
(Materials)
73,271
685
Polycab
India
Ltd.
(Industrials)
43,271
22,817
Power
Finance
Corp.
Ltd.
(Financials)
91,631
70,659
Power
Grid
Corp.
of
India
Ltd.
(Utilities)
177,042
149
Procter
&
Gamble
Hygiene
&
Health
Care
Ltd.
(Consumer
Staples)
30,803
34,605
Punjab
National
Bank
(Financials)
32,201
8,840
Rail
Vikas
Nigam
Ltd.
(Industrials)
17,406
19,598
REC
Ltd.
(Financials)
81,946
53,470
Reliance
Industries
Ltd.
(Energy)
1,524,362
32,214
Samvardhana
Motherson
International
Ltd.
(Consumer
Discretionary)
35,558
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
4,602
SBI
Cards
&
Payment
Services
Ltd.
(Financials)
$
40,789
6,961
SBI
Life
Insurance
Co.
Ltd.
(Financials)
(a)
119,802
635
Schaeffler
India
Ltd.
(Industrials)
21,611
155
Shree
Cement
Ltd.
(Materials)
49,704
3,732
Shriram
Finance
Ltd.
(Financials)
89,825
1,399
Siemens
Ltd.
(Industrials)
61,359
382
Solar
Industries
India
Ltd.
(Materials)
28,807
4,271
Sona
Blw
Precision
Forgings
Ltd.
(Consumer
Discretionary)
(a)
28,578
2,295
SRF
Ltd.
(Materials)
65,151
27,868
State
Bank
of
India
(Financials)
188,725
22,715
Steel
Authority
of
India
Ltd.
(Materials)
25,141
16,831
Sun
Pharmaceutical
Industries
Ltd.
(Health
Care)
247,408
915
Supreme
Industries
Ltd.
(Materials)
48,619
154,260
Suzlon
Energy
Ltd.
(Industrials)*
75,378
1,762
Tata
Communications
Ltd.
(Communication
Services)
36,036
15,819
Tata
Consultancy
Services
Ltd.
(Information
Technology)
661,565
9,395
Tata
Consumer
Products
Ltd.
(Consumer
Staples)
105,983
548
Tata
Elxsi
Ltd.
(Information
Technology)
54,231
26,945
Tata
Motors
Ltd.
(Consumer
Discretionary)
228,242
7,219
Tata
Motors
Ltd.,
Class
A
(Consumer
Discretionary)
41,361
26,666
Tata
Power
Co.
Ltd.
(The)
(Utilities)
85,664
126,034
Tata
Steel
Ltd.
(Materials)
193,297
9,704
Tech
Mahindra
Ltd.
(Information
Technology)
142,074
577
Thermax
Ltd.
(Industrials)
17,540
5,808
Titan
Co.
Ltd.
(Consumer
Discretionary)
243,105
1,454
Torrent
Pharmaceuticals
Ltd.
(Health
Care)
37,077
2,849
Trent
Ltd.
(Consumer
Discretionary)
95,213
1,583
Tube
Investments
of
India
Ltd.
(Consumer
Discretionary)
63,900
3,604
TVS
Motor
Co.
Ltd.
(Consumer
Discretionary)
80,577
1,796
UltraTech
Cement
Ltd.
(Materials)
193,906
23,145
Union
Bank
of
India
Ltd.
(Financials)
29,933
1,085
United
Breweries
Ltd.
(Consumer
Staples)
21,426
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
4,672
United
Spirits
Ltd.
(Consumer
Staples)
$
58,760
8,168
UPL
Ltd.
(Materials)
55,892
7,253
Varun
Beverages
Ltd.
(Consumer
Staples)
96,105
577
Vedant
Fashions
Ltd.
(Consumer
Discretionary)
9,482
17,575
Vedanta
Ltd.
(Materials)
49,178
126,480
Vodafone
Idea
Ltd.
(Communication
Services)*
19,792
3,624
Voltas
Ltd.
(Industrials)
35,980
21,910
Wipro
Ltd.
(Information
Technology)
108,520
671
WNS
Holdings
Ltd.
ADR
(Industrials)*
39,911
199,375
Yes
Bank
Ltd.
(Financials)*
46,261
59,677
Zomato
Ltd.
(Consumer
Discretionary)*
84,835
3,972
Zydus
Lifesciences
Ltd.
(Health
Care)
30,366
19,344,004
Indonesia
–
0.5%
172,925
Adaro
Energy
Indonesia
Tbk
PT
(Energy)
29,211
103,841
Adaro
Minerals
Indonesia
Tbk
PT
(Materials)*
8,871
205,247
Amman
Mineral
Internasional
PT
(Materials)*
95,279
132,150
Aneka
Tambang
Tbk
(Materials)
14,825
315,211
Astra
International
Tbk
PT
(Industrials)
109,745
817,218
Bank
Central
Asia
Tbk
PT
(Financials)
472,891
567,386
Bank
Mandiri
Persero
Tbk
PT
(Financials)
214,004
234,238
Bank
Negara
Indonesia
Persero
Tbk
PT
(Financials)
79,665
1,097,236
Bank
Rakyat
Indonesia
Persero
Tbk
PT
(Financials)
373,173
423,775
Barito
Pacific
Tbk
PT
(Materials)
28,552
107,930
Chandra
Asri
Petrochemical
Tbk
PT
(Materials)
20,528
114,573
Charoen
Pokphand
Indonesia
Tbk
PT
(Consumer
Staples)
38,413
355,413
Dayamitra
Telekomunikasi
PT
(Communication
Services)
16,499
241,304
Elang
Mahkota
Teknologi
Tbk
PT
(Communication
Services)
10,035
11,847,947
GoTo
Gojek
Tokopedia
Tbk
PT
(Consumer
Discretionary)*
74,097
7,189
Gudang
Garam
Tbk
PT
(Consumer
Staples)
9,792
40,182
Indah
Kiat
Pulp
&
Paper
Tbk
PT
(Materials)
22,734
24,410
Indocement
Tunggal
Prakarsa
Tbk
PT
(Materials)
16,053
35,673
Indofood
CBP
Sukses
Makmur
Tbk
PT
(Consumer
Staples)
26,565
Shares
Description
Value
a
Common
Stocks
–
(continued)
Indonesia
–
(continued)
68,870
Indofood
Sukses
Makmur
Tbk
PT
(Consumer
Staples)
$
28,529
20,763
Indosat
Tbk
PT
(Communication
Services)
12,751
298,268
Kalbe
Farma
Tbk
PT
(Health
Care)
31,058
54,012
Mayora
Indah
Tbk
PT
(Consumer
Staples)
8,880
165,004
Merdeka
Battery
Materials
Tbk
PT
(Materials)*
6,755
192,229
Merdeka
Copper
Gold
Tbk
PT
(Materials)*
31,357
25,207
Pantai
Indah
Kapuk
Dua
Tbk
PT
(Materials)*
7,638
301,148
Sarana
Menara
Nusantara
Tbk
PT
(Communication
Services)
19,416
51,760
Semen
Indonesia
Persero
Tbk
PT
(Materials)
21,692
296,093
Sumber
Alfaria
Trijaya
Tbk
PT
(Consumer
Staples)
54,790
740,998
Telkom
Indonesia
Persero
Tbk
PT
(Communication
Services)
179,636
86,711
Tower
Bersama
Infrastructure
Tbk
PT
(Communication
Services)
11,461
124,872
Trimegah
Bangun
Persada
Tbk
PT
(Materials)
8,172
89,947
Unilever
Indonesia
Tbk
PT
(Consumer
Staples)
21,167
22,192
United
Tractors
Tbk
PT
(Energy)
31,335
33,071
Vale
Indonesia
Tbk
PT
(Materials)
9,595
2,145,164
Ireland
–
0.3%
2,818
AerCap
Holdings
NV
(Industrials)*
192,244
19,229
AIB
Group
PLC
(Financials)
89,252
16,477
Bank
of
Ireland
Group
PLC
(Financials)
154,431
2,449
Kerry
Group
PLC,
Class
A
(Consumer
Staples)
198,324
2,390
Kingspan
Group
PLC
(Industrials)
189,843
2,918
Ryanair
Holdings
PLC
ADR
(Industrials)*
344,966
4,039
Smurfit
Kappa
Group
PLC
(Materials)
153,362
1,322,422
Israel
–
0.5%
907
Airport
City
Ltd.
(Real
Estate)*
14,238
3,393
Amot
Investments
Ltd.
(Real
Estate)
17,311
603
Ashtrom
Group
Ltd.
(Industrials)
8,582
575
Azrieli
Group
Ltd.
(Real
Estate)
33,397
19,402
Bank
Hapoalim
BM
(Financials)
164,162
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Israel
–
(continued)
22,877
Bank
Leumi
Le-Israel
BM
(Financials)
$
171,696
31,446
Bezeq
The
Israeli
Telecommunication
Corp.
Ltd.
(Communication
Services)
40,767
179
Big
Shopping
Centers
Ltd.
(Real
Estate)*
16,049
387
Camtek
Ltd.
(Information
Technology)*
24,940
1,430
Check
Point
Software
Technologies
Ltd.
(Information
Technology)*
208,780
146
Delek
Group
Ltd.
(Energy)
18,892
389
Elbit
Systems
Ltd.
(Industrials)
77,579
4,076
Energix-Renewable
Energies
Ltd.
(Utilities)
12,915
1,822
Enlight
Renewable
Energy
Ltd.
(Utilities)*
31,522
104
Fattal
Holdings
1998
Ltd.
(Consumer
Discretionary)*
10,696
814
First
International
Bank
Of
Israel
Ltd.
(The)
(Financials)
32,633
1,070
Global-e
Online
Ltd.
(Consumer
Discretionary)*
36,647
1,732
Harel
Insurance
Investments
&
Financial
Services
Ltd.
(Financials)
12,938
10,958
ICL
Group
Ltd.
(Materials)
55,142
59
Israel
Corp.
Ltd.
(Materials)*
14,802
19,313
Israel
Discount
Bank
Ltd.,
Class
A
(Financials)
93,192
395
Melisron
Ltd.
(Real
Estate)
27,513
9,205
Mivne
Real
Estate
KD
Ltd.
(Real
Estate)
24,290
2,362
Mizrahi
Tefahot
Bank
Ltd.
(Financials)
84,355
988
Nice
Ltd.
(Information
Technology)*
190,113
451
Nova
Ltd.
(Information
Technology)*
57,330
1,597
OPC
Energy
Ltd.
(Utilities)*
9,782
2,570
Phoenix
Holdings
Ltd.
(The)
(Financials)
24,568
1,251
Plus500
Ltd.
(Financials)
22,821
2,230
Shapir
Engineering
and
Industry
Ltd.
(Industrials)
13,347
786
Strauss
Group
Ltd.
(Consumer
Staples)*
15,078
17,400
Teva
Pharmaceutical
Industries
Ltd.
(Health
Care)*
169,370
1,728
Tower
Semiconductor
Ltd.
(Information
Technology)*
47,468
862
Wix.com
Ltd.
(Information
Technology)*
87,493
1,870,408
Italy
–
1.4%
24,431
A2A
SpA
(Utilities)
52,594
2,046
Amplifon
SpA
(Health
Care)
63,690
Shares
Description
Value
a
Common
Stocks
–
(continued)
Italy
–
(continued)
16,026
Assicurazioni
Generali
SpA
(Financials)
$
332,321
3,189
Banca
Mediolanum
SpA
(Financials)
28,414
21,485
Banco
BPM
SpA
(Financials)
118,946
7,646
Davide
Campari-Milano
NV
(Consumer
Staples)
83,592
355
DiaSorin
SpA
(Health
Care)
33,675
119,889
Enel
SpA
(Utilities)
848,440
33,116
Eni
SpA
(Energy)
548,063
2,038
Ferrari
NV
(Consumer
Discretionary)
735,143
9,525
FinecoBank
Banca
Fineco
SpA
(Financials)
128,506
10,979
Hera
SpA
(Utilities)
34,740
4,888
Infrastrutture
Wireless
Italiane
SpA
(Communication
Services)
(a)
60,373
1,132
Interpump
Group
SpA
(Industrials)
52,740
242,201
Intesa
Sanpaolo
SpA
(Financials)
698,058
6,252
Leonardo
SpA
(Industrials)
95,979
9,441
Mediobanca
Banca
di
Credito
Finanziario
SpA
(Financials)
110,994
3,029
Moncler
SpA
(Consumer
Discretionary)
168,155
7,637
Nexi
SpA
(Financials)*
(a)
59,579
3,960
Pirelli
&
C
SpA
(Consumer
Discretionary)
(a)
19,694
7,162
Poste
Italiane
SpA
(Financials)
(a)
77,176
8,050
PRADA
SpA
(Consumer
Discretionary)
44,268
3,991
Prysmian
SpA
(Industrials)
153,847
1,533
Recordati
Industria
Chimica
e
Farmaceutica
SpA
(Health
Care)
73,881
31,966
Snam
SpA
(Utilities)
161,242
520
Stevanato
Group
SpA
(Health
Care)
13,723
169,248
Telecom
Italia
SpA
(Communication
Services)*
49,232
94,713
Telecom
Italia
SpA-RSP
(Communication
Services)*
28,078
21,905
Terna
-
Rete
Elettrica
Nazionale
(Utilities)
176,768
26,777
UniCredit
SpA
(Financials)
729,972
6,569
UnipolSai
Assicurazioni
SpA
(Financials)
16,270
5,798,153
Japan
–
14.7%
1,438
ABC-Mart,
Inc.
(Consumer
Discretionary)
23,739
5,966
Acom
Co.
Ltd.
(Financials)
14,064
11,450
Advantest
Corp.
(Information
Technology)
362,549
12,222
Aeon
Co.
Ltd.
(Consumer
Staples)
253,063
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
1,441
Aeon
Mall
Co.
Ltd.
(Real
Estate)
$
16,761
3,177
AGC,
Inc.
(Industrials)
115,402
3,175
Air
Water,
Inc.
(Materials)
41,697
2,274
Aisin
Corp.
(Consumer
Discretionary)
83,847
8,166
Ajinomoto
Co.,
Inc.
(Consumer
Staples)
305,241
2,947
Alfresa
Holdings
Corp.
(Health
Care)
47,394
5,307
Amada
Co.
Ltd.
(Industrials)
53,219
6,974
ANA
Holdings,
Inc.
(Industrials)*
143,976
7,430
Asahi
Group
Holdings
Ltd.
(Consumer
Staples)
274,161
3,352
Asahi
Intecc
Co.
Ltd.
(Health
Care)
64,995
21,193
Asahi
Kasei
Corp.
(Materials)
147,155
2,634
Asics
Corp.
(Consumer
Discretionary)
94,253
27,884
Astellas
Pharma,
Inc.
(Health
Care)
339,037
2,053
Azbil
Corp.
(Information
Technology)
66,269
9,051
Bandai
Namco
Holdings,
Inc.
(Consumer
Discretionary)
180,181
2,029
BayCurrent
Consulting,
Inc.
(Industrials)
68,294
8,558
Bridgestone
Corp.
(Consumer
Discretionary)
353,006
3,949
Brother
Industries
Ltd.
(Information
Technology)
66,674
1,219
Calbee,
Inc.
(Consumer
Staples)
22,832
15,622
Canon,
Inc.
(Information
Technology)
402,293
2,611
Capcom
Co.
Ltd.
(Communication
Services)
88,008
14,541
Central
Japan
Railway
Co.
(Industrials)
349,177
11,411
Chiba
Bank
Ltd.
(The)
(Financials)
85,408
11,300
Chubu
Electric
Power
Co.,
Inc.
(Utilities)
139,650
9,983
Chugai
Pharmaceutical
Co.
Ltd.
(Health
Care)
352,361
2,205
Coca-Cola
Bottlers
Japan
Holdings,
Inc.
(Consumer
Staples)
30,211
17,503
Concordia
Financial
Group
Ltd.
(Financials)
82,155
299
Cosmos
Pharmaceutical
Corp.
(Consumer
Staples)
31,652
6,494
CyberAgent,
Inc.
(Communication
Services)
39,297
3,708
Dai
Nippon
Printing
Co.
Ltd.
(Industrials)
104,166
5,338
Daifuku
Co.
Ltd.
(Industrials)
100,488
15,067
Dai-ichi
Life
Holdings,
Inc.
(Financials)
314,008
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
29,915
Daiichi
Sankyo
Co.
Ltd.
(Health
Care)
$
809,416
4,245
Daikin
Industries
Ltd.
(Industrials)
636,169
936
Daito
Trust
Construction
Co.
Ltd.
(Real
Estate)
103,202
9,676
Daiwa
House
Industry
Co.
Ltd.
(Real
Estate)
274,830
35
Daiwa
House
REIT
Investment
Corp.
REIT
(Real
Estate)
62,455
22,331
Daiwa
Securities
Group,
Inc.
(Financials)
144,317
27,803
Denso
Corp.
(Consumer
Discretionary)
435,189
3,104
Dentsu
Group,
Inc.
(Communication
Services)
83,671
1,391
Disco
Corp.
(Information
Technology)
301,939
5,689
East
Japan
Railway
Co.
(Industrials)
307,664
1,450
Ebara
Corp.
(Industrials)
82,105
4,414
Eisai
Co.
Ltd.
(Health
Care)
229,068
2,639
Electric
Power
Development
Co.
Ltd.
(Utilities)
41,013
43,421
ENEOS
Holdings,
Inc.
(Energy)
171,646
14,684
FANUC
Corp.
(Industrials)
408,631
2,607
Fast
Retailing
Co.
Ltd.
(Consumer
Discretionary)
661,118
2,125
Fuji
Electric
Co.
Ltd.
(Industrials)
89,134
4,772
FUJIFILM
Holdings
Corp.
(Information
Technology)
279,538
2,967
Fujitsu
Ltd.
(Information
Technology)
423,871
2,874
Fukuoka
Financial
Group,
Inc.
(Financials)
66,740
75
GLP
J
REIT
(Real
Estate)
70,873
690
GMO
Payment
Gateway,
Inc.
(Financials)
40,639
3,436
Hakuhodo
DY
Holdings,
Inc.
(Communication
Services)
25,927
2,194
Hamamatsu
Photonics
KK
(Information
Technology)
86,908
3,686
Hankyu
Hanshin
Holdings,
Inc.
(Industrials)
111,476
4,000
Haseko
Corp.
(Consumer
Discretionary)
49,203
301
Hikari
Tsushin,
Inc.
(Industrials)
46,809
460
Hirose
Electric
Co.
Ltd.
(Information
Technology)
51,497
1,125
Hisamitsu
Pharmaceutical
Co.,
Inc.
(Health
Care)
35,142
1,623
Hitachi
Construction
Machinery
Co.
Ltd.
(Industrials)
42,102
14,306
Hitachi
Ltd.
(Industrials)
995,280
79,432
Honda
Motor
Co.
Ltd.
(Consumer
Discretionary)
810,788
1,700
Hoshizaki
Corp.
(Industrials)
54,150
5,408
Hoya
Corp.
(Health
Care)
609,628
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
7,923
Hulic
Co.
Ltd.
(Real
Estate)
$
78,675
1,944
Ibiden
Co.
Ltd.
(Information
Technology)
92,982
3,699
Idemitsu
Kosan
Co.
Ltd.
(Energy)
101,486
2,302
IHI
Corp.
(Industrials)
44,472
2,496
Iida
Group
Holdings
Co.
Ltd.
(Consumer
Discretionary)
37,313
14,562
Inpex
Corp.
(Energy)
205,869
5,324
Isetan
Mitsukoshi
Holdings
Ltd.
(Consumer
Discretionary)
60,178
9,425
Isuzu
Motors
Ltd.
(Consumer
Discretionary)
124,670
873
Ito
En
Ltd.
(Consumer
Staples)
26,544
19,397
ITOCHU
Corp.
(Industrials)
752,866
1,336
Itochu
Techno-Solutions
Corp.
(Information
Technology)
38,995
3,916
J
Front
Retailing
Co.
Ltd.
(Consumer
Discretionary)
35,879
6,703
Japan
Airlines
Co.
Ltd.
(Industrials)
127,454
8,253
Japan
Exchange
Group,
Inc.
(Financials)
168,538
109
Japan
Metropolitan
Fund
Invest
REIT
(Real
Estate)
72,625
6,054
Japan
Post
Bank
Co.
Ltd.
(Financials)
59,768
32,973
Japan
Post
Holdings
Co.
Ltd.
(Financials)
290,955
2,868
Japan
Post
Insurance
Co.
Ltd.
(Financials)
53,641
17,299
Japan
Tobacco,
Inc.
(Consumer
Staples)
444,776
8,271
JFE
Holdings,
Inc.
(Materials)
121,966
3,536
JGC
Holdings
Corp.
(Industrials)
39,741
3,142
JSR
Corp.
(Materials)
86,480
3,518
JTEKT
Corp.
(Consumer
Discretionary)
32,257
6,906
Kajima
Corp.
(Industrials)
109,148
11,444
Kansai
Electric
Power
Co.,
Inc.
(The)
(Utilities)
152,576
3,066
Kansai
Paint
Co.
Ltd.
(Materials)
46,705
7,053
Kao
Corp.
(Consumer
Staples)
271,748
2,456
Kawasaki
Heavy
Industries
Ltd.
(Industrials)
55,870
1,983
Kawasaki
Kisen
Kaisha
Ltd.
(Industrials)
69,603
24,048
KDDI
Corp.
(Communication
Services)
752,339
1,684
Keihan
Holdings
Co.
Ltd.
(Industrials)
42,056
4,083
Keikyu
Corp.
(Industrials)
34,855
1,726
Keio
Corp.
(Industrials)
49,771
2,465
Keisei
Electric
Railway
Co.
Ltd.
(Industrials)
99,377
1,619
Kewpie
Corp.
(Consumer
Staples)
28,255
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
2,870
Keyence
Corp.
(Information
Technology)
$
1,229,847
2,400
Kikkoman
Corp.
(Consumer
Staples)
147,164
2,951
Kintetsu
Group
Holdings
Co.
Ltd.
(Industrials)
82,760
12,733
Kirin
Holdings
Co.
Ltd.
(Consumer
Staples)
179,753
796
Kobayashi
Pharmaceutical
Co.
Ltd.
(Consumer
Staples)
36,721
2,220
Kobe
Bussan
Co.
Ltd.
(Consumer
Staples)
58,625
1,777
Koei
Tecmo
Holdings
Co.
Ltd.
(Communication
Services)
21,762
3,764
Koito
Manufacturing
Co.
Ltd.
(Consumer
Discretionary)
56,943
13,992
Komatsu
Ltd.
(Industrials)
357,005
1,493
Konami
Group
Corp.
(Communication
Services)
73,875
526
Kose
Corp.
(Consumer
Staples)
37,235
16,592
Kubota
Corp.
(Industrials)
237,822
5,096
Kuraray
Co.
Ltd.
(Materials)
51,861
1,767
Kurita
Water
Industries
Ltd.
(Industrials)
62,607
5,194
Kyocera
Corp.
(Information
Technology)
287,746
3,907
Kyowa
Kirin
Co.
Ltd.
(Health
Care)
64,405
7,259
Kyushu
Electric
Power
Co.,
Inc.
(Utilities)*
48,640
2,207
Kyushu
Railway
Co.
(Industrials)
46,145
1,224
Lasertec
Corp.
(Information
Technology)
273,555
701
Lawson,
Inc.
(Consumer
Staples)
34,714
4,004
Lion
Corp.
(Consumer
Staples)
35,047
4,372
Lixil
Corp.
(Industrials)
53,395
40,808
LY
Corp.
(Communication
Services)
118,862
6,383
M3,
Inc.
(Health
Care)
105,588
3,808
Makita
Corp.
(Industrials)
101,076
26,177
Marubeni
Corp.
(Industrials)
408,498
2,792
Marui
Group
Co.
Ltd.
(Financials)
44,656
5,546
MatsukiyoCocokara
&
Co.
(Consumer
Staples)
95,794
8,981
Mazda
Motor
Corp.
(Consumer
Discretionary)
95,894
1,340
McDonald's
Holdings
Co.
Japan
Ltd.
(Consumer
Discretionary)
57,195
16,621
Mebuki
Financial
Group,
Inc.
(Financials)
50,031
2,882
Medipal
Holdings
Corp.
(Health
Care)
45,618
4,138
MEIJI
Holdings
Co.
Ltd.
(Consumer
Staples)
95,812
1,714
Mercari,
Inc.
(Consumer
Discretionary)*
32,805
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
6,044
MINEBEA
MITSUMI,
Inc.
(Industrials)
$
115,005
4,471
MISUMI
Group,
Inc.
(Industrials)
72,584
22,238
Mitsubishi
Chemical
Group
Corp.
(Materials)
145,686
19,167
Mitsubishi
Corp.
(Industrials)
892,779
30,591
Mitsubishi
Electric
Corp.
(Industrials)
415,716
17,694
Mitsubishi
Estate
Co.
Ltd.
(Real
Estate)
238,956
2,846
Mitsubishi
Gas
Chemical
Co.,
Inc.
(Materials)
45,000
12,993
Mitsubishi
HC
Capital,
Inc.
(Financials)
84,760
5,048
Mitsubishi
Heavy
Industries
Ltd.
(Industrials)
282,321
10,187
Mitsubishi
Motors
Corp.
(Consumer
Discretionary)
33,172
178,500
Mitsubishi
UFJ
Financial
Group,
Inc.
(Financials)
1,515,321
23,337
Mitsui
&
Co.
Ltd.
(Industrials)
851,173
2,791
Mitsui
Chemicals,
Inc.
(Materials)
81,709
14,185
Mitsui
Fudosan
Co.
Ltd.
(Real
Estate)
333,144
5,640
Mitsui
OSK
Lines
Ltd.
(Industrials)
154,930
1,585
Miura
Co.
Ltd.
(Industrials)
30,728
39,391
Mizuho
Financial
Group,
Inc.
(Financials)
669,329
3,878
MonotaRO
Co.
Ltd.
(Industrials)
39,164
6,640
MS&AD
Insurance
Group
Holdings,
Inc.
(Financials)
248,514
28,875
Murata
Manufacturing
Co.
Ltd.
(Information
Technology)
563,203
3,088
Nagoya
Railroad
Co.
Ltd.
(Industrials)
45,212
3,964
NEC
Corp.
(Information
Technology)
220,945
6,956
Nexon
Co.
Ltd.
(Communication
Services)
150,474
4,543
NGK
Insulators
Ltd.
(Industrials)
55,437
1,523
NH
Foods
Ltd.
(Consumer
Staples)
45,267
1,993
Nichirei
Corp.
(Consumer
Staples)
43,464
7,487
NIDEC
Corp.
(Industrials)
283,811
5,115
Nikon
Corp.
(Consumer
Discretionary)
49,287
17,967
Nintendo
Co.
Ltd.
(Communication
Services)
840,044
25
Nippon
Building
Fund,
Inc.
REIT
(Real
Estate)
105,016
1,298
NIPPON
EXPRESS
HOLDINGS,
Inc.
(Industrials)
70,864
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
13,883
Nippon
Paint
Holdings
Co.
Ltd.
(Materials)
$
103,722
35
Nippon
Prologis
REIT,
Inc.
REIT
(Real
Estate)
66,385
2,931
Nippon
Sanso
Holdings
Corp.
(Materials)
76,985
957
Nippon
Shinyaku
Co.
Ltd.
(Health
Care)
34,510
13,324
Nippon
Steel
Corp.
(Materials)
311,571
836,798
Nippon
Telegraph
&
Telephone
Corp.
(Communication
Services)
979,807
2,543
Nippon
Television
Holdings,
Inc.
(Communication
Services)
24,787
7,713
Nippon
Yusen
KK
(Industrials)
207,336
2,038
Nissan
Chemical
Corp.
(Materials)
74,346
34,325
Nissan
Motor
Co.
Ltd.
(Consumer
Discretionary)
135,340
4,014
Nisshin
Seifun
Group,
Inc.
(Consumer
Staples)
55,621
949
Nissin
Foods
Holdings
Co.
Ltd.
(Consumer
Staples)
94,139
3,018
Niterra
Co.
Ltd.
(Consumer
Discretionary)
70,083
1,277
Nitori
Holdings
Co.
Ltd.
(Consumer
Discretionary)
147,364
2,310
Nitto
Denko
Corp.
(Materials)
164,302
47,060
Nomura
Holdings,
Inc.
(Financials)
193,320
1,622
Nomura
Real
Estate
Holdings,
Inc.
(Real
Estate)
39,542
67
Nomura
Real
Estate
Master
Fund,
Inc.
REIT
(Real
Estate)
76,955
6,061
Nomura
Research
Institute
Ltd.
(Information
Technology)
170,225
7,628
NSK
Ltd.
(Industrials)
39,994
9,687
NTT
Data
Group
Corp.
(Information
Technology)
117,750
10,792
Obayashi
Corp.
(Industrials)
91,068
452
OBIC
Business
Consultants
Co.
Ltd.
(Information
Technology)
20,665
1,016
Obic
Co.
Ltd.
(Information
Technology)
155,972
4,986
Odakyu
Electric
Railway
Co.
Ltd.
(Industrials)
70,135
14,587
Oji
Holdings
Corp.
(Materials)
54,190
19,573
Olympus
Corp.
(Health
Care)
286,773
2,924
Omron
Corp.
(Information
Technology)
122,609
6,864
Ono
Pharmaceutical
Co.
Ltd.
(Health
Care)
126,336
1,176
Open
House
Group
Co.
Ltd.
(Consumer
Discretionary)
32,837
523
Oracle
Corp.
Japan
(Information
Technology)
40,454
17,194
Oriental
Land
Co.
Ltd.
(Consumer
Discretionary)
584,434
17,943
ORIX
Corp.
(Financials)
327,522
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
43
Orix
JREIT,
Inc.
REIT
(Real
Estate)
$
50,727
6,412
Osaka
Gas
Co.
Ltd.
(Utilities)
124,913
1,726
Otsuka
Corp.
(Information
Technology)
70,460
6,911
Otsuka
Holdings
Co.
Ltd.
(Health
Care)
265,950
5,963
Pan
Pacific
International
Holdings
Corp.
(Consumer
Discretionary)
129,235
34,673
Panasonic
Holdings
Corp.
(Consumer
Discretionary)
358,844
28,920
Persol
Holdings
Co.
Ltd.
(Industrials)
49,845
1,297
Pola
Orbis
Holdings,
Inc.
(Consumer
Staples)
13,673
1,364
Rakus
Co.
Ltd.
(Information
Technology)
24,589
22,162
Rakuten
Group,
Inc.
(Consumer
Discretionary)
87,802
22,473
Recruit
Holdings
Co.
Ltd.
(Industrials)
836,837
18,832
Renesas
Electronics
Corp.
(Information
Technology)*
331,648
37,048
Resona
Holdings,
Inc.
(Financials)
192,589
2,779
Resonac
Holdings
Corp.
(Materials)
51,882
8,888
Ricoh
Co.
Ltd.
(Information
Technology)
72,566
1,711
Rinnai
Corp.
(Consumer
Discretionary)
34,779
5,481
Rohm
Co.
Ltd.
(Information
Technology)
104,756
3,092
Rohto
Pharmaceutical
Co.
Ltd.
(Consumer
Staples)
64,628
4,043
Ryohin
Keikaku
Co.
Ltd.
(Consumer
Discretionary)
63,899
5,724
Santen
Pharmaceutical
Co.
Ltd.
(Health
Care)
54,168
3,791
SBI
Holdings,
Inc.
(Financials)
82,239
1,464
SCREEN
Holdings
Co.
Ltd.
(Information
Technology)
106,655
2,252
SCSK
Corp.
(Information
Technology)
41,495
3,242
Secom
Co.
Ltd.
(Industrials)
225,768
2,430
Sega
Sammy
Holdings,
Inc.
(Consumer
Discretionary)
35,299
3,503
Seibu
Holdings,
Inc.
(Industrials)
42,284
4,320
Seiko
Epson
Corp.
(Information
Technology)
64,229
5,888
Sekisui
Chemical
Co.
Ltd.
(Consumer
Discretionary)
83,659
9,321
Sekisui
House
Ltd.
(Consumer
Discretionary)
190,979
11,911
Seven
&
i
Holdings
Co.
Ltd.
(Consumer
Staples)
442,730
9,516
Seven
Bank
Ltd.
(Financials)
19,330
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
7,069
SG
Holdings
Co.
Ltd.
(Industrials)
$
102,208
4,355
Sharp
Corp.
(Consumer
Discretionary)*
27,267
4,279
Shimadzu
Corp.
(Information
Technology)
111,002
371
Shimamura
Co.
Ltd.
(Consumer
Discretionary)
41,546
1,225
Shimano,
Inc.
(Consumer
Discretionary)
188,554
8,517
Shimizu
Corp.
(Industrials)
55,975
30,594
Shin-Etsu
Chemical
Co.
Ltd.
(Materials)
1,078,607
1,000
Shinko
Electric
Industries
Co.
Ltd.
(Information
Technology)
37,332
4,579
Shionogi
&
Co.
Ltd.
(Health
Care)
216,135
6,112
Shiseido
Co.
Ltd.
(Consumer
Staples)
163,968
8,615
Shizuoka
Financial
Group,
Inc.
(Financials)
69,696
879
SMC
Corp.
(Industrials)
442,666
43,642
SoftBank
Corp.
(Communication
Services)
530,931
15,226
SoftBank
Group
Corp.
(Communication
Services)
620,019
5,562
Sohgo
Security
Services
Co.
Ltd.
(Industrials)
32,235
3,488
Sojitz
Corp.
(Industrials)
77,695
5,081
Sompo
Holdings,
Inc.
(Financials)
232,234
19,232
Sony
Group
Corp.
(Consumer
Discretionary)
1,667,766
1,384
Square
Enix
Holdings
Co.
Ltd.
(Communication
Services)
48,045
2,344
Stanley
Electric
Co.
Ltd.
(Consumer
Discretionary)
43,381
9,578
Subaru
Corp.
(Consumer
Discretionary)
169,811
536
Sugi
Holdings
Co.
Ltd.
(Consumer
Staples)
23,255
5,347
SUMCO
Corp.
(Information
Technology)
80,168
22,488
Sumitomo
Chemical
Co.
Ltd.
(Materials)
57,424
18,376
Sumitomo
Corp.
(Industrials)
385,332
11,383
Sumitomo
Electric
Industries
Ltd.
(Consumer
Discretionary)
141,214
1,800
Sumitomo
Heavy
Industries
Ltd.
(Industrials)
42,968
4,000
Sumitomo
Metal
Mining
Co.
Ltd.
(Materials)
116,129
20,406
Sumitomo
Mitsui
Financial
Group,
Inc.
(Financials)
1,001,838
5,191
Sumitomo
Mitsui
Trust
Holdings,
Inc.
(Financials)
195,196
6,641
Sumitomo
Realty
&
Development
Co.
Ltd.
(Real
Estate)
187,503
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
2,750
Sumitomo
Rubber
Industries
Ltd.
(Consumer
Discretionary)
$
31,800
1,066
Sundrug
Co.
Ltd.
(Consumer
Staples)
32,268
1,967
Suntory
Beverage
&
Food
Ltd.
(Consumer
Staples)
61,843
6,196
Suzuki
Motor
Corp.
(Consumer
Discretionary)
252,350
2,478
Sysmex
Corp.
(Health
Care)
137,129
8,432
T&D
Holdings,
Inc.
(Financials)
124,710
2,604
Taisei
Corp.
(Industrials)
88,617
764
Taisho
Pharmaceutical
Holdings
Co.
Ltd.
(Health
Care)
44,904
1,928
Taiyo
Yuden
Co.
Ltd.
(Information
Technology)
50,001
23,840
Takeda
Pharmaceutical
Co.
Ltd.
(Health
Care)
671,651
2,115
TBS
Holdings,
Inc.
(Communication
Services)
39,293
5,922
TDK
Corp.
(Information
Technology)
275,200
11,210
Terumo
Corp.
(Health
Care)
357,755
1,927
THK
Co.
Ltd.
(Industrials)
38,498
3,701
TIS,
Inc.
(Information
Technology)
78,283
3,259
Tobu
Railway
Co.
Ltd.
(Industrials)
80,574
147
Toei
Animation
Co.
Ltd.
(Communication
Services)
15,283
1,692
Toho
Co.
Ltd.
(Communication
Services)
58,725
7,247
Tohoku
Electric
Power
Co.,
Inc.
(Utilities)
46,418
29,692
Tokio
Marine
Holdings,
Inc.
(Financials)
732,685
644
Tokyo
Century
Corp.
(Financials)
25,667
23,264
Tokyo
Electric
Power
Co.
Holdings,
Inc.
(Utilities)*
99,281
7,060
Tokyo
Electron
Ltd.
(Information
Technology)
1,147,337
6,446
Tokyo
Gas
Co.
Ltd.
(Utilities)
149,426
8,596
Tokyu
Corp.
(Industrials)
100,912
9,338
Tokyu
Fudosan
Holdings
Corp.
(Real
Estate)
57,733
4,058
TOPPAN
Holdings,
Inc.
(Industrials)
95,085
23,608
Toray
Industries,
Inc.
(Materials)
122,499
6,505
Toshiba
Corp.
(Industrials)*
202,408
4,708
Tosoh
Corp.
(Materials)
62,642
2,399
TOTO
Ltd.
(Industrials)
61,616
1,434
Toyo
Suisan
Kaisha
Ltd.
(Consumer
Staples)
76,339
1,142
Toyota
Boshoku
Corp.
(Consumer
Discretionary)
19,698
2,593
Toyota
Industries
Corp.
(Industrials)
223,019
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
177,746
Toyota
Motor
Corp.
(Consumer
Discretionary)
$
3,359,903
3,637
Toyota
Tsusho
Corp.
(Industrials)
201,488
2,065
Trend
Micro,
Inc.
(Information
Technology)
104,958
594
Tsuruha
Holdings,
Inc.
(Consumer
Staples)
49,984
6,451
Unicharm
Corp.
(Consumer
Staples)
207,841
48
United
Urban
Investment
Corp.
REIT
(Real
Estate)
47,079
3,115
USS
Co.
Ltd.
(Consumer
Discretionary)
60,958
1,444
Welcia
Holdings
Co.
Ltd.
(Consumer
Staples)
25,240
3,712
West
Japan
Railway
Co.
(Industrials)
146,813
328
Workman
Co.
Ltd.
(Consumer
Discretionary)
10,250
4,144
Yakult
Honsha
Co.
Ltd.
(Consumer
Staples)
92,587
10,198
Yamada
Holdings
Co.
Ltd.
(Consumer
Discretionary)
29,559
2,548
Yamaha
Corp.
(Consumer
Discretionary)
59,652
4,773
Yamaha
Motor
Co.
Ltd.
(Consumer
Discretionary)
121,944
4,809
Yamato
Holdings
Co.
Ltd.
(Industrials)
85,504
2,081
Yamazaki
Baking
Co.
Ltd.
(Consumer
Staples)
45,537
4,087
Yaskawa
Electric
Corp.
(Industrials)
156,834
3,761
Yokogawa
Electric
Corp.
(Information
Technology)
71,259
2,063
Yokohama
Rubber
Co.
Ltd.
(The)
(Consumer
Discretionary)
45,897
1,335
Zensho
Holdings
Co.
Ltd.
(Consumer
Discretionary)
74,175
1,837
ZOZO,
Inc.
(Consumer
Discretionary)
38,831
60,463,303
Jordan
–
0.0%
2,478
Hikma
Pharmaceuticals
PLC
(Health
Care)
54,067
Kuwait
–
0.2%
23,581
Agility
Public
Warehousing
Co.
KSC
(Industrials)*
41,243
20,420
Boubyan
Bank
KSCP
(Financials)
38,558
34,215
Gulf
Bank
KSCP
(Financials)
28,037
161,245
Kuwait
Finance
House
KSCP
(Financials)
365,054
9,930
Mabanee
Co
KPSC
(Real
Estate)
26,952
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Kuwait
–
(continued)
32,962
Mobile
Telecommunications
Co.
KSCP
(Communication
Services)
$
52,205
116,529
National
Bank
of
Kuwait
SAKP
(Financials)
334,018
886,067
Luxembourg
–
0.1%
7,159
ArcelorMittal
(Materials)
180,360
2,024
Eurofins
Scientific
SE
(Health
Care)
117,839
2,125
Reinet
Investments
SCA
(Financials)
49,620
347,819
Macau
–
0.1%
29,026
Galaxy
Entertainment
Group
Ltd.
(Consumer
Discretionary)
150,142
37,857
Sands
China
Ltd.
(Consumer
Discretionary)*
92,870
243,012
Mexico
–
0.8%
75,717
Alfa
SAB
de
CV,
Class
A
(Industrials)
55,225
502,777
America
Movil
SAB
de
CV,
Series
B
(Communication
Services)
454,689
7,327
Arca
Continental
SAB
de
CV
(Consumer
Staples)
74,803
27,613
Becle
SAB
de
CV
(Consumer
Staples)
46,828
236,007
Cemex
SAB
de
CV,
Series
CPO
(Materials)*
163,982
8,253
Coca-Cola
Femsa
SAB
de
CV
(Consumer
Staples)
69,353
3,102
El
Puerto
de
Liverpool
SAB
de
CV
(Consumer
Discretionary)
18,064
44,971
Fibra
Uno
Administracion
SA
de
CV
REIT
(Real
Estate)
72,356
33,742
Fomento
Economico
Mexicano
SAB
de
CV
(Consumer
Staples)
429,032
2,896
Fresnillo
PLC
(Materials)
21,367
2,841
Gruma
SAB
de
CV,
Class
B
(Consumer
Staples)
52,641
5,953
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV,
Class
B
(Industrials)
90,661
2,858
Grupo
Aeroportuario
del
Sureste
SAB
de
CV,
Class
B
(Industrials)
67,466
21,251
Grupo
Bimbo
SAB
de
CV,
Series
A
(Consumer
Staples)
107,212
7,682
Grupo
Carso
SAB
de
CV,
Series
A1
(Industrials)
70,565
7,099
Grupo
Comercial
Chedraui
SA
de
CV
(Consumer
Staples)
41,728
813
Grupo
Elektra
SAB
DE
CV
(Financials)
55,475
45,019
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
(Financials)
418,560
Shares
Description
Value
a
Common
Stocks
–
(continued)
Mexico
–
(continued)
30,771
Grupo
Financiero
Inbursa
SAB
de
CV,
Class
O
(Financials)*
$
75,194
48,760
Grupo
Mexico
SAB
de
CV,
Series
B
(Materials)
223,457
2,948
Industrias
Penoles
SAB
de
CV
(Materials)*
43,232
25,152
Kimberly-Clark
de
Mexico
SAB
de
CV,
Class
A
(Consumer
Staples)
50,879
14,308
Orbia
Advance
Corp.
SAB
de
CV
(Materials)
30,549
77,779
Wal-Mart
de
Mexico
SAB
de
CV
(Consumer
Staples)
304,866
3,038,184
Netherlands
–
3.0%
469
Adyen
NV
(Financials)*
(a)
548,059
2,663
Akzo
Nobel
NV
(Materials)
204,729
873
Argenx
SE
ADR
(Health
Care)*
393,383
718
ASM
International
NV
(Information
Technology)
368,751
6,161
ASML
Holding
NV
(Information
Technology)
4,187,974
1,553
EXOR
NV
(Financials)
151,317
1,411
HAL
Trust
(Financials)
179,203
1,730
Heineken
Holding
NV
(Consumer
Staples)
134,586
4,487
Heineken
NV
(Consumer
Staples)
410,755
54,883
ING
Groep
NV
(Financials)
771,171
1,443
JDE
Peet’s
NV
(Consumer
Staples)
38,763
14,982
Koninklijke
Ahold
Delhaize
NV
(Consumer
Staples)
434,173
51,666
Koninklijke
KPN
NV
(Communication
Services)
177,405
12,318
Koninklijke
Philips
NV
(Health
Care)*
252,272
104,484
Shell
PLC
(Energy)
3,386,153
11,999
Universal
Music
Group
NV
(Communication
Services)
317,353
3,874
Wolters
Kluwer
NV
(Industrials)
533,860
12,489,907
New
Zealand
–
0.2%
10,612
a2
Milk
Co.
Ltd.
(The)
(Consumer
Staples)*
27,201
18,837
Auckland
International
Airport
Ltd.
(Industrials)
92,147
12,181
Contact
Energy
Ltd.
(Utilities)
58,609
8,563
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
(Health
Care)
124,607
12,677
Infratil
Ltd.
(Industrials)
76,342
1,301
Mainfreight
Ltd.
(Industrials)
54,240
10,245
Mercury
NZ
Ltd.
(Utilities)
39,422
19,873
Meridian
Energy
Ltd.
(Utilities)
64,012
9,420
Ryman
Healthcare
Ltd.
(Health
Care)
31,419
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
New
Zealand
–
(continued)
28,514
Spark
New
Zealand
Ltd.
(Communication
Services)
$
91,317
1,983
Xero
Ltd.
(Information
Technology)*
135,493
794,809
Norway
–
0.4%
348
Aker
ASA,
Class
A
(Industrials)
21,841
4,790
Aker
BP
ASA
(Energy)
137,806
11,580
AutoStore
Holdings
Ltd.
(Industrials)*
(a)
19,279
13,873
DNB
Bank
ASA
(Financials)
265,264
13,670
Equinor
ASA
(Energy)
441,471
2,246
Frontline
PLC
(Energy)
44,362
2,845
Gjensidige
Forsikring
ASA
(Financials)
48,064
1,313
Kongsberg
Gruppen
ASA
(Industrials)
56,570
4,215
Leroy
Seafood
Group
ASA
(Consumer
Staples)
16,526
6,912
Mowi
ASA
(Consumer
Staples)
123,314
2,590
Nordic
Semiconductor
ASA
(Information
Technology)*
23,692
20,399
Norsk
Hydro
ASA
(Materials)
118,812
12,413
Orkla
ASA
(Consumer
Staples)
91,714
1,021
Salmar
ASA
(Consumer
Staples)
56,152
1,076
Schibsted
ASA,
Class
A
(Communication
Services)
26,564
1,499
Schibsted
ASA,
Class
B
(Communication
Services)
34,767
1,132
Seadrill
Ltd.
(Energy)*
50,463
2,673
SpareBank
1
SR-Bank
ASA
(Financials)
29,461
6,830
Storebrand
ASA
(Financials)
59,120
10,051
Telenor
ASA
(Communication
Services)
108,447
3,665
TOMRA
Systems
ASA
(Industrials)
36,144
6,121
Var
Energi
ASA
(Energy)
19,666
1,594
Wallenius
Wilhelmsen
ASA
(Industrials)
13,945
1,843,444
Philippines
–
0.2%
138,710
ACEN
Corp.
(Utilities)
11,999
3,896
Ayala
Corp.
(Industrials)
46,620
94,039
Ayala
Land,
Inc.
(Real
Estate)
52,875
31,080
Bank
of
the
Philippine
Islands
(Financials)
57,858
33,093
BDO
Unibank,
Inc.
(Financials)
79,617
12,771
International
Container
Terminal
Services,
Inc.
(Industrials)
49,666
47,012
JG
Summit
Holdings,
Inc.
(Industrials)
32,618
7,035
Jollibee
Foods
Corp.
(Consumer
Discretionary)
28,728
4,630
Manila
Electric
Co.
(Utilities)
30,038
Shares
Description
Value
a
Common
Stocks
–
(continued)
Philippines
–
(continued)
28,267
Metropolitan
Bank
&
Trust
Co.
(Financials)
$
25,445
1,358
PLDT,
Inc.
(Communication
Services)
31,521
7,633
SM
Investments
Corp.
(Industrials)
112,659
179,025
SM
Prime
Holdings,
Inc.
(Real
Estate)
104,208
13,692
Universal
Robina
Corp.
(Consumer
Staples)
27,882
691,734
Poland
–
0.2%
7,380
Allegro.eu
SA
(Consumer
Discretionary)*
(a)
53,525
2,754
Bank
Pekao
SA
(Financials)
97,005
199
Budimex
SA
(Industrials)
27,679
1,086
CD
Projekt
SA
(Communication
Services)
(b)
29,625
3,815
Cyfrowy
Polsat
SA
(Communication
Services)*
12,267
752
Dino
Polska
SA
(Consumer
Staples)*
(a)
84,015
2,725
InPost
SA
(Industrials)*
32,200
2,144
KGHM
Polska
Miedz
SA
(Materials)
61,952
206
mBank
SA
(Financials)*
29,127
9,082
ORLEN
SA
(Energy)
134,378
13,796
PGE
Polska
Grupa
Energetyczna
SA
(Utilities)*
29,070
13,392
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
(Financials)*
159,519
8,874
Powszechny
Zaklad
Ubezpieczen
SA
(Financials)
101,411
523
Santander
Bank
Polska
SA
(Financials)*
65,115
916,888
Portugal
–
0.1%
115,090
Banco
Comercial
Portugues
SA,
Class
R
(Financials)*
38,702
43,787
EDP
–
Energias
de
Portugal
SA
(Utilities)
209,593
7,438
Galp
Energia
SGPS
SA
(Energy)
110,819
4,291
Jeronimo
Martins
SGPS
SA
(Consumer
Staples)
106,279
3,356
Navigator
Co
SA
(The)
(Materials)
13,805
479,198
Qatar
–
0.2%
52,917
Commercial
Bank
PSQC
(The)
(Financials)
77,464
27,421
Dukhan
Bank
(Financials)
29,085
31,020
Industries
Qatar
QSC
(Industrials)
106,495
108,366
Masraf
Al
Rayan
QSC
(Financials)
73,990
68,200
Mesaieed
Petrochemical
Holding
Co.
(Materials)
31,450
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Qatar
–
(continued)
10,984
Ooredoo
QPSC
(Communication
Services)
$
31,042
7,646
Qatar
Electricity
&
Water
Co.
QSC
(Utilities)
35,448
9,201
Qatar
Fuel
QSC
(Energy)
40,231
55,501
Qatar
Gas
Transport
Co.
Ltd.
(Energy)
49,388
17,452
Qatar
International
Islamic
Bank
QSC
(Financials)
48,076
25,614
Qatar
Islamic
Bank
(Financials)
133,663
69,320
Qatar
National
Bank
QPSC
(Financials)
298,908
955,240
Saudi
Arabia
–
1.1%
2,077
ACWA
Power
Co.
(Utilities)
126,785
2,002
Advanced
Petrochemical
Co.
(Materials)
19,959
30,601
Al
Rajhi
Bank
(Financials)
623,195
15,300
Alinma
Bank
(Financials)
146,006
3,863
Almarai
Co.
JSC
(Consumer
Staples)
57,458
10,457
Arab
National
Bank
(Financials)
66,898
396
Arabian
Internet
&
Co.mmunications
Services
Co.
(Information
Technology)
32,871
7,699
Bank
AlBilad
(Financials)
78,498
9,221
Banque
Saudi
Fransi
(Financials)
91,927
1,165
Bupa
Arabia
for
Cooperative
Insurance
Co.
(Financials)
61,922
1,148
Co.
for
Cooperative
Insurance
(The)
(Financials)
37,700
1,320
Dr
Sulaiman
Al
Habib
Medical
Services
Group
Co.
(Health
Care)
99,224
412
Elm
Co.
(Information
Technology)
81,774
5,928
Etihad
Etisalat
Co.
(Communication
Services)
73,004
9,240
Jarir
Marketing
Co.
(Consumer
Discretionary)
35,911
1,492
Mouwasat
Medical
Services
Co.
(Health
Care)
44,782
612
Nahdi
Medical
Co.
(Consumer
Staples)
22,154
6,564
Rabigh
Refining
&
Petrochemical
Co.
(Energy)*
19,072
22,951
Riyad
Bank
(Financials)
163,346
3,642
SABIC
Agri-Nutrients
Co.
(Materials)
133,584
5,646
Sahara
International
Petrochemical
Co.
(Materials)
48,687
18,911
Saudi
Arabian
Mining
Co.
(Materials)*
200,880
68,387
Saudi
Arabian
Oil
Co.
(Energy)
(a)
605,211
796
Saudi
Aramco
Base
Oil
Co.
(Materials)
29,111
15,633
Saudi
Awwal
Bank
(Financials)
144,808
Shares
Description
Value
a
Common
Stocks
–
(continued)
Saudi
Arabia
–
(continued)
14,052
Saudi
Basic
Industries
Corp.
(Materials)
$
296,659
12,284
Saudi
Electricity
Co.
(Utilities)
59,136
5,811
Saudi
Industrial
Investment
Group
(Materials)
34,883
11,549
Saudi
Kayan
Petrochemical
Co.
(Materials)*
34,849
45,902
Saudi
National
Bank
(The)
(Financials)
427,636
749
Saudi
Tadawul
Group
Holding
Co.
(Financials)
36,497
28,103
Saudi
Telecom
Co.
(Communication
Services)
288,034
4,112
Savola
Group
(The)
(Consumer
Staples)
41,103
4,330
Yanbu
National
Petrochemical
Co.
(Materials)
43,456
4,307,020
Singapore
–
0.9%
55,425
CapitaLand
Ascendas
REIT
REIT
(Real
Estate)
117,943
70,935
CapitaLand
Integrated
Commercial
Trust
REIT
(Real
Estate)
96,734
37,474
CapitaLand
Investment
Ltd.
(Real
Estate)
85,079
6,930
City
Developments
Ltd.
(Real
Estate)
32,505
28,539
DBS
Group
Holdings
Ltd.
(Financials)
678,726
43,743
Frasers
Logistics
&
Commercial
Trust
REIT
(Real
Estate)
36,382
89,085
Genting
Singapore
Ltd.
(Consumer
Discretionary)
61,077
28,930
Grab
Holdings
Ltd.,
Class
A
(Industrials)*
87,947
3,557
Hafnia
Ltd.
(Energy)
21,879
1,489
Jardine
Cycle
&
Carriage
Ltd.
(Industrials)
31,820
4,357
Keppel
REIT
(Real
Estate)
2,824
21,651
Keppel
Corp.
Ltd.
(Industrials)
108,206
21,002
Keppel
DC
REIT
(Real
Estate)
28,955
32,078
Mapletree
Industrial
Trust
REIT
(Real
Estate)
54,801
51,404
Mapletree
Logistics
Trust
REIT
(Real
Estate)
62,011
35,834
Mapletree
Pan
Asia
Commercial
Trust
REIT
(Real
Estate)
36,785
14,065
Olam
Group
Ltd.
(Consumer
Staples)
10,750
50,133
Oversea-Chinese
Banking
Corp.
Ltd.
(Financials)
471,053
13,648
SATS
Ltd.
(Industrials)*
27,100
5,680
Sea
Ltd.
ADR
(Communication
Services)*
205,730
1,007,749
Seatrium
Ltd.
(Industrials)*
79,285
14,087
Sembcorp
Industries
Ltd.
(Utilities)
54,254
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Singapore
–
(continued)
20,673
Singapore
Airlines
Ltd.
(Industrials)
$
98,207
12,771
Singapore
Exchange
Ltd.
(Financials)
90,237
23,853
Singapore
Technologies
Engineering
Ltd.
(Industrials)
66,308
111,515
Singapore
Telecommunications
Ltd.
(Communication
Services)
193,016
10,156
STMicroelectronics
NV
(Information
Technology)
481,534
20,879
United
Overseas
Bank
Ltd.
(Financials)
425,840
8,254
UOL
Group
Ltd.
(Real
Estate)
36,489
4,248
Venture
Corp.
Ltd.
(Information
Technology)
39,883
3,823,360
South
Africa
–
0.8%
11,979
Absa
Group
Ltd.
(Financials)
109,840
1,673
African
Rainbow
Minerals
Ltd.
(Materials)
16,043
875
Anglo
American
Platinum
Ltd.
(Materials)
36,830
18,027
Anglo
American
PLC
(Materials)
488,832
5,636
Aspen
Pharmacare
Holdings
Ltd.
(Health
Care)
55,060
5,214
Bid
Corp.
Ltd.
(Consumer
Staples)
113,709
5,331
Bidvest
Group
Ltd.
(The)
(Industrials)
66,327
1,521
Capitec
Bank
Holdings
Ltd.
(Financials)
157,374
3,801
Clicks
Group
Ltd.
(Consumer
Staples)
59,199
8,355
Discovery
Ltd.
(Financials)
58,657
3,785
Exxaro
Resources
Ltd.
(Energy)
37,501
78,121
FirstRand
Ltd.
(Financials)
277,979
13,734
Gold
Fields
Ltd.
(Materials)
206,416
13,548
Impala
Platinum
Holdings
Ltd.
(Materials)
54,785
3,306
Investec
Ltd.
(Financials)
21,014
881
Kumba
Iron
Ore
Ltd.
(Materials)
27,535
26,250
MTN
Group
Ltd.
(Communication
Services)
142,595
4,858
MultiChoice
Group
(Communication
Services)*
17,345
2,883
Naspers
Ltd.,
Class
N
(Consumer
Discretionary)*
528,456
6,807
Nedbank
Group
Ltd.
(Financials)
76,799
5,169
Northam
Platinum
Holdings
Ltd.
(Materials)
33,185
76,576
Old
Mutual
Ltd.
(Financials)
46,471
13,279
OUTsurance
Group
Ltd.
(Financials)
29,081
25,116
Pepkor
Holdings
Ltd.
(Consumer
Discretionary)
(a)
24,679
7,969
Remgro
Ltd.
(Financials)
61,065
Shares
Description
Value
a
Common
Stocks
–
(continued)
South
Africa
–
(continued)
25,675
Sanlam
Ltd.
(Financials)
$
92,010
9,072
Sasol
Ltd.
(Materials)
100,295
7,401
Shoprite
Holdings
Ltd.
(Consumer
Staples)
100,431
43,956
Sibanye
Stillwater
Ltd.
(Materials)
48,247
21,088
Standard
Bank
Group
Ltd.
(Financials)
222,809
9,306
Vodacom
Group
Ltd.
(Communication
Services)
47,635
14,072
Woolworths
Holdings
Ltd.
(Consumer
Discretionary)
50,125
3,408,329
South
Korea
–
3.3%
561
Alteogen,
Inc.
(Health
Care)*
34,787
457
Amorepacific
Corp.
(Consumer
Staples)
45,801
395
AMOREPACIFIC
Group
(Consumer
Staples)
8,481
122
BGF
retail
Co.
Ltd.
(Consumer
Staples)
12,832
4,289
BNK
Financial
Group,
Inc.
(Financials)
23,836
1,553
Celltrion
Healthcare
Co.
Ltd.
(Health
Care)
89,678
279
Celltrion
Pharm,
Inc.
(Health
Care)*
17,322
1,705
Celltrion,
Inc.
(Health
Care)
215,281
1,073
Cheil
Worldwide,
Inc.
(Communication
Services)
16,276
69
Chunbo
Co.
Ltd.
(Materials)
5,765
124
CJ
CheilJedang
Corp.
(Consumer
Staples)
29,699
206
CJ
Corp.
(Industrials)
14,690
161
CJ
ENM
Co.
Ltd.
(Communication
Services)*
9,559
141
CJ
Logistics
Corp.
(Industrials)
12,361
356
CosmoAM&T
Co.
Ltd.
(Information
Technology)*
45,447
849
Coway
Co.
Ltd.
(Consumer
Discretionary)
32,903
362
CS
Wind
Corp.
(Industrials)
15,011
3,129
Daewoo
Engineering
&
Construction
Co.
Ltd.
(Industrials)*
11,253
556
DB
HiTek
Co.
Ltd.
(Information
Technology)
26,676
685
DB
Insurance
Co.
Ltd.
(Financials)
44,440
3,120
Delivery
Hero
SE
(Consumer
Discretionary)*
(a)
99,080
444
DL
E&C
Co.
Ltd.
(Industrials)
13,181
504
Dongsuh
Cos.,
Inc.
(Consumer
Staples)
7,161
769
Doosan
Bobcat,
Inc.
(Industrials)
27,180
109
Doosan
Co.
Ltd.
(Industrials)
7,781
6,745
Doosan
Enerbility
Co.
Ltd.
(Industrials)*
82,604
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
South
Korea
–
(continued)
633
Doosan
Fuel
Cell
Co.
Ltd.
(Industrials)*
$
11,923
715
Ecopro
BM
Co.
Ltd.
(Industrials)
151,851
303
Ecopro
Co.
Ltd.
(Materials)
175,673
296
E-MART,
Inc.
(Consumer
Staples)
17,391
242
F&F
Co.
Ltd.
(Consumer
Discretionary)
16,113
688
Fila
Holdings
Corp.
(Consumer
Discretionary)
20,398
85
Green
Cross
Corp.
(Health
Care)
7,550
1,007
GS
Engineering
&
Construction
Corp.
(Industrials)
12,652
702
GS
Holdings
Corp.
(Industrials)
22,472
653
GS
Retail
Co.
Ltd.
(Consumer
Staples)
12,071
4,502
Hana
Financial
Group,
Inc.
(Financials)
145,338
416
Hanjin
Kal
Corp.
(Industrials)
17,380
1,075
Hankook
Tire
&
Technology
Co.
Ltd.
(Consumer
Discretionary)
37,787
98
Hanmi
Pharm
Co.
Ltd.
(Health
Care)
23,358
304
Hanmi
Science
Co.
Ltd.
(Health
Care)
8,436
660
Hanmi
Semiconductor
Co.
Ltd.
(Information
Technology)
32,536
2,515
Hanon
Systems
(Consumer
Discretionary)
14,133
144
Hansol
Chemical
Co.
Ltd.
(Materials)
22,435
142
Hanssem
Co.
Ltd.
(Consumer
Discretionary)
5,668
524
Hanwha
Aerospace
Co.
Ltd.
(Industrials)
51,135
560
Hanwha
Corp.
(Industrials)
11,112
4,277
Hanwha
Life
Insurance
Co.
Ltd.
(Financials)*
9,166
3,076
Hanwha
Ocean
Co.
Ltd.
(Industrials)*
65,089
1,625
Hanwha
Solutions
Corp.
(Materials)*
42,069
982
Hanwha
Systems
Co.
Ltd.
(Industrials)
12,254
660
HD
Hyundai
Co.
Ltd.
(Energy)
30,848
300
HD
Hyundai
Heavy
Industries
Co.
Ltd.
(Industrials)*
29,113
1,969
HD
Hyundai
Infracore
Co.
Ltd.
(Industrials)
11,919
700
HD
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.
(Industrials)*
60,605
492
Hite
Jinro
Co.
Ltd.
(Consumer
Staples)
8,428
503
HL
Mando
Co.
Ltd.
(Consumer
Discretionary)
13,899
1,772
HLB,
Inc.
(Health
Care)*
43,814
Shares
Description
Value
a
Common
Stocks
–
(continued)
South
Korea
–
(continued)
3,815
HMM
Co.
Ltd.
(Industrials)
$
45,804
478
Hotel
Shilla
Co.
Ltd.
(Consumer
Discretionary)
24,305
96
Hugel,
Inc.
(Health
Care)*
11,340
282
HYBE
Co.
Ltd.
(Communication
Services)*
47,104
39
Hyosung
Advanced
Materials
Corp.
(Materials)
11,925
38
Hyosung
TNC
Corp.
(Materials)
11,237
104
Hyundai
Autoever
Corp.
(Information
Technology)
14,913
211
Hyundai
Department
Store
Co.
Ltd.
(Consumer
Discretionary)
8,308
330
Hyundai
Elevator
Co.
Ltd.
(Industrials)
11,331
1,139
Hyundai
Engineering
&
Construction
Co.
Ltd.
(Industrials)
31,650
293
Hyundai
Glovis
Co.
Ltd.
(Industrials)
39,448
912
Hyundai
Marine
&
Fire
Insurance
Co.
Ltd.
(Financials)
22,055
358
Hyundai
Mipo
Dockyard
Co.
Ltd.
(Industrials)*
22,504
973
Hyundai
Mobis
Co.
Ltd.
(Consumer
Discretionary)
172,706
2,115
Hyundai
Motor
Co.
(Consumer
Discretionary)
302,131
1,136
Hyundai
Rotem
Co.
Ltd.
(Industrials)*
23,378
1,312
Hyundai
Steel
Co.
(Materials)
35,796
3,929
Industrial
Bank
of
Korea
(Financials)
36,027
430
JYP
Entertainment
Corp.
(Communication
Services)
31,996
4,714
Kakao
Corp.
(Communication
Services)
184,519
633
Kakao
Games
Corp.
(Communication
Services)*
12,928
3,358
KakaoBank
Corp.
(Financials)
68,193
364
Kakaopay
Corp.
(Financials)*
13,006
1,798
Kangwon
Land,
Inc.
(Consumer
Discretionary)
21,601
5,828
KB
Financial
Group,
Inc.
(Financials)
236,707
65
KCC
Corp.
(Materials)
10,505
203
KEPCO
Engineering
&
Construction
Co.,
Inc.
(Industrials)
9,630
341
KEPCO
Plant
Service
&
Engineering
Co.
Ltd.
(Industrials)
9,198
3,858
Kia
Corp.
(Consumer
Discretionary)
256,871
220
KIWOOM
Securities
Co.
Ltd.
(Financials)
15,739
1,103
Korea
Aerospace
Industries
Ltd.
(Industrials)
39,626
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
South
Korea
–
(continued)
4,035
Korea
Electric
Power
Corp.
(Utilities)*
$
58,954
435
Korea
Gas
Corp.
(Utilities)*
8,379
648
Korea
Investment
Holdings
Co.
Ltd.
(Financials)
30,086
143
Korea
Zinc
Co.
Ltd.
(Materials)
54,478
2,892
Korean
Air
Lines
Co.
Ltd.
(Industrials)
50,324
450
Krafton,
Inc.
(Communication
Services)*
74,294
999
KT
Corp.
(Communication
Services)
25,979
1,752
KT&G
Corp.
(Consumer
Staples)
119,774
459
Kum
Yang
Co.
Ltd.
(Materials)*
45,646
258
Kumho
Petrochemical
Co.
Ltd.
(Materials)
25,597
385
L&F
Co.
Ltd.
(Information
Technology)
52,610
155
LEENO
Industrial,
Inc.
(Information
Technology)
24,004
734
LG
Chem
Ltd.
(Materials)
285,032
1,389
LG
Corp.
(Industrials)
90,544
3,490
LG
Display
Co.
Ltd.
(Information
Technology)*
33,868
1,681
LG
Electronics,
Inc.
(Consumer
Discretionary)
133,813
633
LG
Energy
Solution
Ltd.
(Industrials)*
222,996
147
LG
H&H
Co.
Ltd.
(Consumer
Staples)
37,999
220
LG
Innotek
Co.
Ltd.
(Information
Technology)
40,584
3,362
LG
Uplus
Corp.
(Communication
Services)
27,362
286
Lotte
Chemical
Corp.
(Materials)
34,183
425
Lotte
Corp.
(Industrials)
9,224
339
Lotte
Energy
Materials
Corp.
(Information
Technology)
11,824
172
Lotte
Shopping
Co.
Ltd.
(Consumer
Discretionary)
10,199
269
LS
Corp.
(Industrials)
17,660
1,643
Meritz
Financial
Group,
Inc.
(Financials)*
70,679
3,882
Mirae
Asset
Securities
Co.
Ltd.
(Financials)
21,574
2,120
NAVER
Corp.
(Communication
Services)
341,790
215
NCSoft
Corp.
(Communication
Services)
43,662
339
Netmarble
Corp.
(Communication
Services)*
(a)
15,608
2,069
NH
Investment
&
Securities
Co.
Ltd.
(Financials)
16,454
50
NongShim
Co.
Ltd.
(Consumer
Staples)
15,715
199
OCI
Holdings
Co.
Ltd.
(Materials)
15,239
Shares
Description
Value
a
Common
Stocks
–
(continued)
South
Korea
–
(continued)
349
Orion
Corp.
(Consumer
Staples)
$
31,839
3,798
Pan
Ocean
Co.
Ltd.
(Industrials)
13,321
462
Pearl
Abyss
Corp.
(Communication
Services)*
13,536
795
Posco
DX
Co.
Ltd.
(Information
Technology)
35,309
445
POSCO
Future
M
Co.
Ltd.
(Industrials)
111,927
1,113
POSCO
Holdings,
Inc.
(Materials)
416,679
806
Posco
International
Corp.
(Industrials)
35,735
281
S-1
Corp.
(Industrials)
13,112
275
Samsung
Biologics
Co.
Ltd.
(Health
Care)*
(a)
154,536
1,260
Samsung
C&T
Corp.
(Industrials)
116,512
368
Samsung
Card
Co.
Ltd.
(Financials)
9,413
862
Samsung
Electro-Mechanics
Co.
Ltd.
(Information
Technology)
97,348
75,869
Samsung
Electronics
Co.
Ltd.
(Information
Technology)
4,281,102
2,437
Samsung
Engineering
Co.
Ltd.
(Industrials)*
47,695
485
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
(Financials)
97,741
10,178
Samsung
Heavy
Industries
Co.
Ltd.
(Industrials)*
62,954
1,191
Samsung
Life
Insurance
Co.
Ltd.
(Financials)
64,620
801
Samsung
SDI
Co.
Ltd.
(Information
Technology)
293,045
571
Samsung
SDS
Co.
Ltd.
(Information
Technology)
74,531
975
Samsung
Securities
Co.
Ltd.
(Financials)
29,624
568
SD
Biosensor,
Inc.
(Health
Care)
5,001
7,034
Shinhan
Financial
Group
Co.
Ltd.
(Financials)
201,182
110
Shinsegae,
Inc.
(Consumer
Discretionary)
14,503
439
SK
Biopharmaceuticals
Co.
Ltd.
(Health
Care)*
29,297
373
SK
Bioscience
Co.
Ltd.
(Health
Care)*
19,660
154
SK
Chemicals
Co.
Ltd.
(Materials)
7,675
8,395
SK
Hynix,
Inc.
(Information
Technology)
871,287
421
SK
IE
Technology
Co.
Ltd.
(Materials)*
(a)
23,169
888
SK
Innovation
Co.
Ltd.
(Energy)*
98,495
1,722
SK
Networks
Co.
Ltd.
(Industrials)
7,568
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
South
Korea
–
(continued)
1,554
SK
Square
Co.
Ltd.
(Industrials)*
$
61,430
1,674
SK
Telecom
Co.
Ltd.
(Communication
Services)
67,731
560
SK,
Inc.
(Industrials)
71,012
291
SKC
Co.
Ltd.
(Materials)
21,879
647
S-Oil
Corp.
(Energy)
34,202
66
Soulbrain
Co.
Ltd.
(Materials)
14,170
1,732
SSANGYONG
C&E
Co.
Ltd.
(Materials)
8,095
185
Studio
Dragon
Corp.
(Communication
Services)*
7,758
287
Wemade
Co.
Ltd.
(Communication
Services)
11,924
497
WONIK
IPS
Co.
Ltd.
(Information
Technology)
13,098
10,136
Woori
Financial
Group,
Inc.
(Financials)
102,291
818
Yuhan
Corp.
(Health
Care)
38,866
13,673,188
Spain
–
1.5%
3,185
ACS
Actividades
de
Construccion
y
Servicios
SA
(Industrials)
127,364
1,148
Aena
SME
SA
(Industrials)
(a)
197,845
7,015
Amadeus
IT
Group
SA
(Consumer
Discretionary)
480,829
92,933
Banco
Bilbao
Vizcaya
Argentaria
SA
(Financials)
862,502
248,266
Banco
Santander
SA
(Financials)
1,029,627
58,940
CaixaBank
SA
(Financials)
265,662
8,888
Cellnex
Telecom
SA
(Communication
Services)*
(a)
339,807
896
Corp
ACCIONA
Energias
Renovables
SA
(Utilities)
26,631
4,633
EDP
Renovaveis
SA
(Utilities)
84,672
4,938
Endesa
SA
(Utilities)
103,366
4,637
Grifols
SA
(Health
Care)*
65,596
90,243
Iberdrola
SA
(Utilities)
1,117,076
17,324
Industria
de
Diseno
Textil
SA
(Consumer
Discretionary)
715,071
1,962
Naturgy
Energy
Group
SA
(Utilities)
(b)
58,699
6,305
Redeia
Corp.
SA
(Utilities)
105,805
19,933
Repsol
SA
(Energy)
305,355
80,646
Telefonica
SA
(Communication
Services)
347,924
6,233,831
Sweden
–
2.0%
2,758
AAK
AB
(Consumer
Staples)
56,061
3,752
AddTech
AB,
Class
B
(Industrials)
69,856
4,402
Alfa
Laval
AB
(Industrials)
164,421
15,158
Assa
Abloy
AB,
Class
B
(Industrials)
388,683
39,520
Atlas
Copco
AB,
Class
A
(Industrials)
610,591
Shares
Description
Value
a
Common
Stocks
–
(continued)
Sweden
–
(continued)
23,480
Atlas
Copco
AB,
Class
B
(Industrials)
$
310,225
1,862
Avanza
Bank
Holding
AB
(Financials)
36,551
1,653
Axfood
AB
(Consumer
Staples)
41,266
5,870
Beijer
Ref
AB
(Industrials)
65,036
4,195
Boliden
AB
(Materials)
112,052
6,344
Castellum
AB
(Real
Estate)
77,583
3,283
Electrolux
AB,
Class
B
(Consumer
Discretionary)*
32,348
5,441
Elekta
AB,
Class
B
(Health
Care)
42,474
12,688
Embracer
Group
AB
(Communication
Services)*
(b)
27,903
9,696
Epiroc
AB,
Class
A
(Industrials)
180,987
5,886
Epiroc
AB,
Class
B
(Industrials)
92,737
6,977
EQT
AB
(Financials)
164,790
9,407
Essity
AB,
Class
B
(Consumer
Staples)
235,650
2,790
Evolution
AB
(Consumer
Discretionary)
(a)
289,521
3,465
Fabege
AB
(Real
Estate)
31,050
10,043
Fastighets
AB
Balder,
Class
B
(Real
Estate)*
59,287
3,416
Getinge
AB,
Class
B
(Health
Care)
72,696
9,564
H
&
M
Hennes
&
Mauritz
AB,
Class
B
(Consumer
Discretionary)
153,242
30,114
Hexagon
AB,
Class
B
(Information
Technology)
301,460
1,424
Holmen
AB,
Class
B
(Materials)
59,779
6,027
Husqvarna
AB,
Class
B
(Industrials)
46,082
2,439
Industrivarden
AB,
Class
A
(Financials)
73,411
2,028
Industrivarden
AB,
Class
C
(Financials)
61,118
4,196
Indutrade
AB
(Industrials)
92,098
2,118
Investment
AB
Latour,
Class
B
(Industrials)
47,478
7,488
Investor
AB,
Class
A
(Financials)
153,992
28,318
Investor
AB,
Class
B
(Financials)
588,582
3,738
Kinnevik
AB,
Class
B
(Financials)*
34,937
706
L
E
Lundbergforetagen
AB,
Class
B
(Financials)
34,374
3,538
Lifco
AB,
Class
B
(Industrials)
76,879
23,024
Nibe
Industrier
AB,
Class
B
(Industrials)
136,138
1,209
Saab
AB,
Class
B
(Industrials)
62,210
3,172
Sagax
AB,
Class
B
(Real
Estate)
72,014
16,337
Sandvik
AB
(Industrials)
322,722
7,888
Securitas
AB,
Class
B
(Industrials)
71,090
24,752
Skandinaviska
Enskilda
Banken
AB,
Class
A
(Financials)
299,986
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Sweden
–
(continued)
5,203
Skanska
AB,
Class
B
(Industrials)
$
83,664
5,821
SKF
AB,
Class
B
(Industrials)
109,489
3,460
SSAB
AB,
Class
A
(Materials)
26,230
9,965
SSAB
AB,
Class
B
(Materials)
73,776
9,326
Svenska
Cellulosa
AB
SCA,
Class
B
(Materials)
138,704
22,860
Svenska
Handelsbanken
AB,
Class
A
(Financials)
216,845
554
Svenska
Handelsbanken
AB,
Class
B
(Financials)
6,429
2,841
Sweco
AB,
Class
B
(Industrials)
34,079
15,555
Swedbank
AB,
Class
A
(Financials)
285,528
3,627
Swedish
Orphan
Biovitrum
AB
(Health
Care)*
86,393
8,682
Tele2
AB,
Class
B
(Communication
Services)
68,155
45,430
Telefonaktiebolaget
LM
Ericsson,
Class
B
(Information
Technology)
225,267
35,416
Telia
Co.
AB
(Communication
Services)
84,156
1,659
Thule
Group
AB
(Consumer
Discretionary)
(a)
40,656
3,268
Trelleborg
AB,
Class
B
(Industrials)
101,544
2,984
Volvo
AB,
Class
A
(Industrials)
70,565
23,305
Volvo
AB,
Class
B
(Industrials)
540,989
7,459
Volvo
Car
AB,
Class
B
(Consumer
Discretionary)*
24,323
8,066,152
Switzerland
–
3.0%
25,240
ABB
Ltd.
(Industrials)
1,007,510
7,675
Alcon,
Inc.
(Health
Care)
581,837
7,865
Cie
Financiere
Richemont
SA
(Consumer
Discretionary)
987,704
4,102
DSM-Firmenich
AG
(Materials)
388,804
515
Geberit
AG
(Industrials)
289,852
144
Givaudan
SA
(Materials)
541,853
799
Kuehne
+
Nagel
International
AG
(Industrials)
232,657
1,157
Lonza
Group
AG
(Health
Care)
450,266
31,209
Novartis
AG
(Health
Care)
3,055,040
336
Partners
Group
Holding
AG
(Financials)
445,334
310
Schindler
Holding
AG
(Industrials)
66,809
635
Schindler
Holding
AG
Participation
Certificates
(Industrials)
142,949
2,316
SGS
SA
(Industrials)
197,894
2,274
Sika
AG
(Materials)
620,313
1,663
Straumann
Holding
AG
(Health
Care)
229,976
439
Swatch
Group
AG
(The)
–
Bearer
(Consumer
Discretionary)
115,865
Shares
Description
Value
a
Common
Stocks
–
(continued)
Switzerland
–
(continued)
829
Swatch
Group
AG
(The)
–
Registered
(Consumer
Discretionary)
$
41,853
397
Swisscom
AG
(Communication
Services)
233,027
48,914
UBS
Group
AG
(Financials)
1,385,489
2,264
Zurich
Insurance
Group
AG
(Financials)
1,140,136
12,155,168
Taiwan
–
4.3%
7,883
Accton
Technology
Corp.
(Information
Technology)
134,495
46,009
Acer,
Inc.
(Information
Technology)
51,841
6,768
Advantech
Co.
Ltd.
(Information
Technology)
76,584
1,119
Alchip
Technologies
Ltd.
(Information
Technology)
111,399
57,534
ASE
Technology
Holding
Co.
Ltd.
(Information
Technology)
235,735
40,373
Asia
Cement
Corp.
(Materials)
53,891
4,642
Asia
Vital
Components
Co.
Ltd.
(Information
Technology)
45,766
473
ASMedia
Technology,
Inc.
(Information
Technology)
21,803
471
ASPEED
Technology,
Inc.
(Information
Technology)
44,401
10,955
Asustek
Computer,
Inc.
(Information
Technology)
137,989
90,751
AUO
Corp.
(Information
Technology)*
47,496
10,256
Catcher
Technology
Co.
Ltd.
(Information
Technology)
63,854
162,000
Cathay
Financial
Holding
Co.
Ltd.
(Financials)*
241,133
23,595
Chailease
Holding
Co.
Ltd.
(Financials)
140,482
92,414
Chang
Hwa
Commercial
Bank
Ltd.
(Financials)
52,656
33,982
Cheng
Shin
Rubber
Industry
Co.
Ltd.
(Consumer
Discretionary)
51,180
9,414
Chicony
Electronics
Co.
Ltd.
(Information
Technology)
48,064
44,880
China
Airlines
Ltd.
(Industrials)
30,313
253,262
China
Development
Financial
Holding
Corp.
(Financials)*
102,959
190,072
China
Steel
Corp.
(Materials)
159,407
6,327
Chroma
ATE,
Inc.
(Information
Technology)
43,544
59,347
Chunghwa
Telecom
Co.
Ltd.
(Communication
Services)
227,016
62,602
Compal
Electronics,
Inc.
(Information
Technology)
61,921
283,866
CTBC
Financial
Holding
Co.
Ltd.
(Financials)
248,519
29,995
Delta
Electronics,
Inc.
(Information
Technology)
303,887
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Taiwan
–
(continued)
14,163
E
Ink
Holdings,
Inc.
(Information
Technology)
$
82,965
234,744
E.Sun
Financial
Holding
Co.
Ltd.
(Financials)
192,364
3,544
Eclat
Textile
Co.
Ltd.
(Consumer
Discretionary)
67,272
4,567
Elite
Material
Co.
Ltd.
(Information
Technology)
55,552
965
eMemory
Technology,
Inc.
(Information
Technology)
77,688
41,855
Eva
Airways
Corp.
(Industrials)
41,935
15,796
Evergreen
Marine
Corp.
Taiwan
Ltd.
(Industrials)
56,631
46,988
Far
Eastern
New
Century
Corp.
(Industrials)
46,025
25,089
Far
EasTone
Telecommunications
Co.
Ltd.
(Communication
Services)
66,577
9,950
Feng
TAY
Enterprise
Co.
Ltd.
(Consumer
Discretionary)
58,445
168,969
First
Financial
Holding
Co.
Ltd.
(Financials)
149,822
69,264
Formosa
Chemicals
&
Fibre
Corp.
(Materials)
142,341
21,787
Formosa
Petrochemical
Corp.
(Energy)
59,280
84,549
Formosa
Plastics
Corp.
(Materials)
218,680
1,547
Formosa
Sumco
Technology
Corp.
(Information
Technology)
8,121
15,489
Foxconn
Technology
Co.
Ltd.
(Information
Technology)
26,426
131,492
Fubon
Financial
Holding
Co.
Ltd.
(Financials)
271,065
5,043
Giant
Manufacturing
Co.
Ltd.
(Consumer
Discretionary)
30,671
8,415
Gigabyte
Technology
Co.
Ltd.
(Information
Technology)
67,342
1,371
Global
Unichip
Corp.
(Information
Technology)
72,412
3,314
Globalwafers
Co.
Ltd.
(Information
Technology)
61,952
5,043
Gold
Circuit
Electronics
Ltd.
(Information
Technology)
36,805
27,712
Highwealth
Construction
Corp.
(Real
Estate)
36,325
4,357
Hiwin
Technologies
Corp.
(Industrials)
31,869
186,398
Hon
Hai
Precision
Industry
Co.
Ltd.
(Information
Technology)
605,614
4,996
Hotai
Motor
Co.
Ltd.
(Consumer
Discretionary)
113,545
155,558
Hua
Nan
Financial
Holdings
Co.
Ltd.
(Financials)
110,793
133,365
Innolux
Corp.
(Information
Technology)*
53,790
49,281
Inventec
Corp.
(Information
Technology)
66,886
Shares
Description
Value
a
Common
Stocks
–
(continued)
Taiwan
–
(continued)
1,487
Largan
Precision
Co.
Ltd.
(Information
Technology)
$
113,762
34,734
Lite-On
Technology
Corp.
(Information
Technology)
122,303
1,405
Lotes
Co.
Ltd.
(Information
Technology)
41,646
27,397
Macronix
International
Co.
Ltd.
(Information
Technology)
25,257
23,486
MediaTek,
Inc.
(Information
Technology)
710,444
168,332
Mega
Financial
Holding
Co.
Ltd.
(Financials)
212,840
3,427
Merida
Industry
Co.
Ltd.
(Consumer
Discretionary)
20,569
11,182
Micro-Star
International
Co.
Ltd.
(Information
Technology)
65,682
1,231
momo.com,
Inc.
(Consumer
Discretionary)
20,412
87,530
Nan
Ya
Plastics
Corp.
(Materials)
190,806
3,354
Nan
Ya
Printed
Circuit
Board
Corp.
(Information
Technology)
26,626
18,187
Nanya
Technology
Corp.
(Information
Technology)
43,663
2,964
Nien
Made
Enterprise
Co.
Ltd.
(Consumer
Discretionary)
32,353
8,840
Novatek
Microelectronics
Corp.
(Information
Technology)
144,598
4,854
Oneness
Biotech
Co.
Ltd.
(Health
Care)
31,852
30,433
Pegatron
Corp.
(Information
Technology)
79,102
3,895
PharmaEssentia
Corp.
(Health
Care)*
45,446
2,602
Phison
Electronics
Corp.
(Information
Technology)
40,271
4,713
Polaris
Group
(Health
Care)*
10,907
36,130
Pou
Chen
Corp.
(Consumer
Discretionary)
35,737
47,385
Powerchip
Semiconductor
Manufacturing
Corp.
(Information
Technology)
45,656
10,433
Powertech
Technology,
Inc.
(Information
Technology)
37,404
8,638
President
Chain
Store
Corp.
(Consumer
Staples)
74,518
36,877
Quanta
Computer,
Inc.
(Information
Technology)
239,630
7,088
Realtek
Semiconductor
Corp.
(Information
Technology)
101,986
26,743
Ruentex
Development
Co.
Ltd.
(Real
Estate)*
30,647
11,090
Ruentex
Industries
Ltd.
(Consumer
Discretionary)*
22,365
70,946
Shanghai
Commercial
&
Savings
Bank
Ltd.
(The)
(Financials)
102,422
209,574
Shin
Kong
Financial
Holding
Co.
Ltd.
(Financials)*
60,444
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Taiwan
–
(continued)
8,345
Sino-American
Silicon
Products,
Inc.
(Information
Technology)
$
48,884
168,288
SinoPac
Financial
Holdings
Co.
Ltd.
(Financials)
101,813
19,823
Synnex
Technology
International
Corp.
(Information
Technology)
43,720
29,554
TA
Chen
Stainless
Pipe
(Materials)
36,564
203,304
Taishin
Financial
Holding
Co.
Ltd.
(Financials)
119,093
97,412
Taiwan
Business
Bank
(Financials)
42,095
96,879
Taiwan
Cement
Corp.
(Materials)
108,384
166,055
Taiwan
Cooperative
Financial
Holding
Co.
Ltd.
(Financials)
143,252
10,551
Taiwan
Fertilizer
Co.
Ltd.
(Materials)
21,514
32,670
Taiwan
High
Speed
Rail
Corp.
(Industrials)
31,478
26,923
Taiwan
Mobile
Co.
Ltd.
(Communication
Services)
84,802
373,779
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
(Information
Technology)
6,903,665
32,018
Tatung
Co.
Ltd.
(Industrials)*
41,355
27,331
Teco
Electric
and
Machinery
Co.
Ltd.
(Industrials)
40,857
7,703
Tripod
Technology
Corp.
(Information
Technology)
47,589
20,373
Unimicron
Technology
Corp.
(Information
Technology)
115,430
73,897
Uni-President
Enterprises
Corp.
(Consumer
Staples)
172,679
180,160
United
Microelectronics
Corp.
(Information
Technology)
282,005
14,077
Vanguard
International
Semiconductor
Corp.
(Information
Technology)
35,959
1,537
VisEra
Technologies
Co.
Ltd.
(Information
Technology)
15,080
1,111
Voltronic
Power
Technology
Corp.
(Industrials)
57,257
43,645
Walsin
Lihwa
Corp.
(Industrials)
54,347
5,999
Walsin
Technology
Corp.
(Information
Technology)
26,212
22,043
Wan
Hai
Lines
Ltd.
(Industrials)
32,952
5,497
Win
Semiconductors
Corp.
(Information
Technology)
30,265
44,020
Winbond
Electronics
Corp.
(Information
Technology)
39,948
42,099
Wistron
Corp.
(Information
Technology)
123,305
1,468
Wiwynn
Corp.
(Information
Technology)
82,704
Shares
Description
Value
a
Common
Stocks
–
(continued)
Taiwan
–
(continued)
24,686
WPG
Holdings
Ltd.
(Information
Technology)
$
61,320
7,730
WT
Microelectronics
Co.
Ltd.
(Information
Technology)
29,322
6,077
Yageo
Corp.
(Information
Technology)
116,910
27,431
Yang
Ming
Marine
Transport
Corp.
(Industrials)
36,879
172,574
Yuanta
Financial
Holding
Co.
Ltd.
(Financials)
143,628
5,540
Yulon
Finance
Corp.
(Financials)
33,605
9,513
Yulon
Motor
Co.
Ltd.
(Consumer
Discretionary)
23,417
10,006
Zhen
Ding
Technology
Holding
Ltd.
(Information
Technology)
33,150
17,736,315
Thailand
–
0.5%
16,828
Advanced
Info
Service
PCL,
NVDR
(Communication
Services)
104,286
66,913
Airports
of
Thailand
PCL,
NVDR
(Industrials)*
113,178
125,717
Asset
World
Corp.
PCL,
NVDR
(Consumer
Discretionary)
13,223
16,070
B
Grimm
Power
PCL,
NVDR
(Utilities)
11,535
15,857
Bangkok
Bank
PCL,
NVDR
(Financials)
68,066
106,983
Bangkok
Dusit
Medical
Services
PCL,
NVDR
(Health
Care)
79,832
122,397
Bangkok
Expressway
&
Metro
PCL,
NVDR
(Industrials)
27,139
4,100
Bangkok
Life
Assurance
PCL,
NVDR
(Financials)
2,296
65,762
Banpu
PCL,
NVDR
(Energy)
13,927
16,099
Berli
Jucker
PCL,
NVDR
(Consumer
Staples)
12,013
123,703
BTS
Group
Holdings
PCL,
NVDR
(Industrials)
25,495
8,116
Bumrungrad
Hospital
PCL,
NVDR
(Health
Care)
51,450
5,044
Carabao
Group
PCL,
NVDR
(Consumer
Staples)
11,722
26,218
Central
Pattana
PCL,
NVDR
(Real
Estate)
50,494
8,895
Central
Plaza
Hotel
PCL,
NVDR
(Consumer
Discretionary)*
10,683
48,795
Central
Retail
Corp.
PCL,
NVDR
(Consumer
Discretionary)
52,363
61,119
Charoen
Pokphand
Foods
PCL,
NVDR
(Consumer
Staples)
34,575
13,366
Com7
PCL,
NVDR
(Consumer
Discretionary)
8,701
84,605
CP
ALL
PCL,
NVDR
(Consumer
Staples)
125,065
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Thailand
–
(continued)
22,501
CP
Axtra
PCL,
NVDR
(Consumer
Staples)
$
17,270
5,856
Delta
Electronics
Thailand
PCL,
NVDR
(Information
Technology)
12,943
3,809
Electricity
Generating
PCL,
NVDR
(Utilities)
13,968
24,617
Energy
Absolute
PCL,
NVDR
(Utilities)
31,141
10,972
Global
Power
Synergy
PCL,
NVDR
(Utilities)
14,192
74,209
Gulf
Energy
Development
PCL,
NVDR
(Utilities)
97,040
76,469
Home
Product
Center
PCL,
NVDR
(Consumer
Discretionary)
25,651
26,847
Indorama
Ventures
PCL,
NVDR
(Materials)
18,698
14,306
Intouch
Holdings
PCL,
NVDR
(Communication
Services)
28,366
166,800
IRPC
PCL,
NVDR
(Energy)
9,389
9,969
JMT
Network
Services
PCL,
NVDR
(Financials)
7,368
22,882
Kasikornbank
PCL,
NVDR
(Financials)
83,260
9,955
KCE
Electronics
PCL,
NVDR
(Information
Technology)
14,857
74,466
Krung
Thai
Bank
PCL,
NVDR
(Financials)
38,527
14,578
Krungthai
Card
PCL,
NVDR
(Financials)
19,374
83,289
Land
&
Houses
PCL,
NVDR
(Real
Estate)
18,231
52,318
Minor
International
PCL,
NVDR
(Consumer
Discretionary)
40,528
10,839
Muangthai
Capital
PCL,
NVDR
(Financials)
13,480
19,867
Ngern
Tid
Lor
PCL,
NVDR
(Financials)
12,933
25,543
Osotspa
PCL,
NVDR
(Consumer
Staples)
16,628
21,514
PTT
Exploration
&
Production
PCL,
NVDR
(Energy)
92,655
29,655
PTT
Global
Chemical
PCL,
NVDR
(Materials)
32,456
43,428
PTT
Oil
&
Retail
Business
PCL,
NVDR
(Consumer
Discretionary)
24,567
152,167
PTT
PCL,
NVDR
(Energy)
150,318
10,022
Ratch
Group
PCL,
NVDR
(Utilities)
9,259
16,479
SCB
X
PCL,
NVDR
(Financials)
46,494
18,809
SCG
Packaging
PCL,
NVDR
(Materials)
20,586
6,327
Siam
Cement
PCL
(The),
NVDR
(Materials)
51,620
Shares
Description
Value
a
Common
Stocks
–
(continued)
Thailand
–
(continued)
26,161
Siam
Global
House
PCL,
NVDR
(Consumer
Discretionary)
$
12,494
12,178
Srisawad
Corp.
PCL,
NVDR
(Financials)
15,319
135,154
Thai
Beverage
PCL
(Consumer
Staples)
50,635
39,177
Thai
Life
Insurance
PCL,
NVDR
(Financials)
10,859
17,754
Thai
Oil
PCL,
NVDR
(Energy)
25,992
38,188
Thai
Union
Group
PCL,
NVDR
(Consumer
Staples)
15,958
7,394
Tisco
Financial
Group
PCL,
NVDR
(Financials)
20,441
621,592
TMBThanachart
Bank
PCL,
NVDR
(Financials)
27,212
7,976
TOA
Paint
Thailand
PCL,
NVDR
(Materials)
4,807
158,525
True
Corp.
PCL,
NVDR
(Communication
Services)
25,236
127,554
WHA
Corp.
PCL,
NVDR
(Real
Estate)
18,130
2,004,925
Turkey
–
0.3%
1,426
AG
Anadolu
Grubu
Holding
AS
(Industrials)
9,410
10,358
Ahlatci
Dogal
Gaz
Dagitim
Enerji
VE
Yatirim
AS
(Utilities)*
4,412
42,470
Akbank
TAS
(Financials)
49,518
613
Akcansa
Cimento
AS
(Materials)
3,123
4,866
Akfen
Yenilenebilir
Enerji
AS
(Utilities)*
2,985
1,775
Aksa
Akrilik
Kimya
Sanayii
AS
(Consumer
Discretionary)
5,309
3,939
Aksa
Enerji
Uretim
AS
(Utilities)
4,699
2,284
Alarko
Holding
AS
(Industrials)
7,980
1,126
Alfa
Solar
Enerji
Sanayi
VE
Ticaret
AS
(Information
Technology)
4,031
2,706
Anadolu
Anonim
Turk
Sigorta
Sirketi
(Financials)*
6,171
3,066
Anadolu
Efes
Biracilik
Ve
Malt
Sanayii
AS
(Consumer
Staples)
11,785
1,011
Anadolu
Hayat
Emeklilik
AS
(Financials)
1,438
239
Anadolu
Isuzu
Otomotiv
Sanayi
Ve
Ticaret
AS,
Class
C
(Industrials)
1,930
1,541
Arcelik
AS
(Consumer
Discretionary)
7,259
18,488
Aselsan
Elektronik
Sanayi
Ve
Ticaret
AS
(Industrials)
31,296
3,300
Astor
Transformator
Enerji
Turizm
Insaat
Ve
Petrol
Sanayi
Ticaret
AS
(Industrials)
12,547
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Turkey
–
(continued)
1,747
Aydem
Yenilenebilir
Enerji
AS
(Utilities)*
$
1,326
829
Aygaz
AS
(Utilities)
3,859
1,680
Baskent
Dogalgaz
Dagitim
Gayrimenkul
Yatirim
Ortakligi
AS
(Utilities)
1,063
6,709
Bera
Holding
AS
(Industrials)
3,246
1,129
Bien
Yapi
Urunleri
Sanayi
Turizm
ve
Ticaret
AS
(Industrials)*
1,906
6,430
BIM
Birlesik
Magazalar
AS
(Consumer
Staples)
68,641
428
Borusan
Birlesik
Boru
Fabrikalari
Sanayi
ve
Ticaret
AS
(Materials)*
9,991
62
Borusan
Yatirim
ve
Pazarlama
AS
(Financials)
4,938
6
Bosch
Fren
Sistemleri
Sanayi
ve
Ticaret
AS
(Consumer
Discretionary)
2,421
612
Brisa
Bridgestone
Sabanci
Sanayi
ve
Ticaret
AS
(Consumer
Discretionary)
1,877
6,083
Can2
Termik
AS
(Utilities)*
4,031
39
Celebi
Hava
Servisi
AS
(Industrials)
1,254
6,651
Cimsa
Cimento
Sanayi
VE
Ticaret
AS
(Materials)
7,944
1,129
Coca-Cola
Icecek
AS
(Consumer
Staples)
15,858
451
CW
Enerji
Muhendislik
Ticaret
VE
Sanayi
AS
(Industrials)*
4,689
601
DAP
Gayrimenkul
Gelistirme
AS
(Real
Estate)*
787
559
Deva
Holding
AS
(Health
Care)
1,584
14,592
Dogan
Sirketler
Grubu
Holding
AS
(Consumer
Discretionary)
6,676
688
Dogu
Aras
Enerji
Yatirimlari
AS
(Utilities)
1,471
1,185
Dogus
Otomotiv
Servis
ve
Ticaret
AS
(Consumer
Discretionary)
10,071
304
Eczacibasi
Yatirim
Holding
Ortakligi
AS
(Industrials)
3,514
17
EGE
Endustri
VE
Ticaret
AS
(Consumer
Discretionary)
6,775
2,022
EIS
Eczacibasi
Ilac
ve
Sinai
ve
Finansal
Yatirimlar
Sanayi
ve
Ticaret
AS
(Consumer
Staples)
3,377
30,244
Emlak
Konut
Gayrimenkul
Yatirim
Ortakligi
AS
REIT
(Real
Estate)
7,726
3,711
Enerjisa
Enerji
AS
(Utilities)
(a)
6,117
609
Enerya
Enerji
AS
(Utilities)*
2,955
8,329
Enka
Insaat
ve
Sanayi
AS
(Industrials)
10,150
25,994
Eregli
Demir
ve
Celik
Fabrikalari
TAS
(Materials)*
36,903
Shares
Description
Value
a
Common
Stocks
–
(continued)
Turkey
–
(continued)
943
Europower
Enerji
VE
Otomasyon
Teknolojileri
Sanayi
Ticaret
AS
(Industrials)*
$
5,576
986
Ford
Otomotiv
Sanayi
AS
(Consumer
Discretionary)
28,741
1,264
GEN
Ilac
VE
Saglik
Urunleri
Sanayi
VE
Ticaret
AS
(Health
Care)
2,431
1,839
Girisim
Elektrik
Taahhut
Ticaret
Ve
Sanayi
AS
(Industrials)*
5,239
1,222
Gubre
Fabrikalari
TAS
(Materials)*
16,095
16,077
Haci
Omer
Sabanci
Holding
AS
(Financials)
33,963
16,371
Hektas
Ticaret
TAS
(Materials)*
12,653
585
Investco
Holding
AS
(Financials)*
6,985
6,164
Is
Gayrimenkul
Yatirim
Ortakligi
AS
REIT
(Real
Estate)*
4,444
8,075
Is
Yatirim
Menkul
Degerler
AS
(Financials)
8,659
2,154
Izdemir
Enerji
Elektrik
Uretim
AS
(Utilities)*
2,591
7,284
Izmir
Demir
Celik
Sanayi
AS
(Materials)*
1,454
291
Jantsa
Jant
Sanayi
Ve
Ticaret
AS
(Industrials)
1,454
1,707
Kaleseramik
Canakkale
Kalebodur
Seramik
Sanayi
AS
(Industrials)*
4,423
2,953
Kardemir
Karabuk
Demir
Celik
Sanayi
ve
Ticaret
AS,
Class
A
(Materials)
2,372
1,529
Kardemir
Karabuk
Demir
Celik
Sanayi
ve
Ticaret
AS,
Class
B
(Materials)
1,067
11,204
Kardemir
Karabuk
Demir
Celik
Sanayi
ve
Ticaret
AS,
Class
D
(Materials)
9,592
1,655
Kayseri
Seker
Fabrikasi
AS
(Consumer
Staples)
2,321
3,828
Kiler
Holding
AS
(Industrials)*
4,585
1,030
Kimteks
Poliuretan
Sanayi
VE
Ticaret
AS
(Materials)
2,437
10,456
KOC
Holding
AS
(Industrials)
51,280
2,452
Kocaer
Celik
Sanayi
Ve
Ticaret
AS
(Materials)
2,590
1,317
Kontrolmatik
Enerji
Ve
Muhendislik
AS
(Industrials)
11,629
12
Konya
Cimento
Sanayii
AS
(Materials)*
3,871
883
Kordsa
Teknik
Tekstil
AS
(Consumer
Discretionary)
2,566
15,096
Koza
Altin
Isletmeleri
AS
(Materials)
12,160
2,588
Koza
Anadolu
Metal
Madencilik
Isletmeleri
AS
(Materials)*
4,951
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Turkey
–
(continued)
1,043
Logo
Yazilim
Sanayi
Ve
Ticaret
AS
(Information
Technology)
$
2,856
4,475
Margun
Enerji
Uretim
Sanayi
VE
Ticaret
AS
(Utilities)
2,373
2,250
Mavi
Giyim
Sanayi
Ve
Ticaret
AS,
Class
B
(Consumer
Discretionary)
(a)
7,908
3,770
MIA
Teknoloji
AS
(Information
Technology)*
5,120
1,400
Migros
Ticaret
AS
(Consumer
Staples)
17,456
1,077
MLP
Saglik
Hizmetleri
AS
(Health
Care)*
(a)
5,599
406
Nuh
Cimento
Sanayi
AS
(Materials)
4,563
17,407
ODAS
Elektrik
Uretim
ve
Sanayi
Ticaret
AS
(Utilities)*
6,594
515
Otokar
Otomotiv
Ve
Savunma
Sanayi
A.S.
(Industrials)*
7,885
4,876
Oyak
Cimento
Fabrikalari
AS
(Materials)*
11,019
655
Pegasus
Hava
Tasimaciligi
AS
(Industrials)*
16,005
978
Penta
Teknoloji
Urunleri
Dagitim
Ticaret
AS
(Information
Technology)*
712
19,510
Petkim
Petrokimya
Holding
AS
(Materials)*
14,606
8
Politeknik
Metal
Sanayi
ve
Ticaret
AS
(Materials)
4,639
12,423
Qua
Granite
Hayal
(Industrials)*
2,502
6,374
Sarkuysan
Elektrolitik
Bakir
Sanayi
ve
Ticaret
AS
(Industrials)
6,632
20,970
Sasa
Polyester
Sanayi
AS
(Materials)*
36,253
191
SDT
Uzay
VE
Savunma
Teknolojileri
AS
(Industrials)
2,065
1,455
Selcuk
Ecza
Deposu
Ticaret
ve
Sanayi
A.S.
(Health
Care)
2,799
2,360
Smart
Gunes
Enerjisi
Teknolojileri
ArGE
Uretim
Sanayi
ve
Ticaret
AS
(Information
Technology)*
5,374
4,315
Sok
Marketler
Ticaret
AS
(Consumer
Staples)
8,757
2,787
TAV
Havalimanlari
Holding
AS
(Industrials)*
11,205
2,891
Tekfen
Holding
AS
(Industrials)
4,519
1,930
Tofas
Turk
Otomobil
Fabrikasi
AS
(Consumer
Discretionary)
15,954
3,296
Torunlar
Gayrimenkul
Yatirim
Ortakligi
AS
REIT
(Real
Estate)
3,854
10,861
Turk
Hava
Yollari
AO
(Industrials)*
94,486
7,323
Turk
Telekomunikasyon
AS
(Communication
Services)*
6,066
Shares
Description
Value
a
Common
Stocks
–
(continued)
Turkey
–
(continued)
393
Turk
Traktor
ve
Ziraat
Makineleri
AS
(Industrials)
$
9,406
18,666
Turkcell
Iletisim
Hizmetleri
AS
(Communication
Services)*
37,426
9,606
Turkiye
Halk
Bankasi
AS
(Financials)*
4,322
50,942
Turkiye
Is
Bankasi
AS,
Class
C
(Financials)
37,855
13,976
Turkiye
Petrol
Rafinerileri
AS
(Energy)
74,065
3,210
Turkiye
Sigorta
AS
(Financials)
4,241
16,957
Turkiye
Sinai
Kalkinma
Bankasi
AS
(Financials)*
4,185
23,392
Turkiye
Sise
ve
Cam
Fabrikalari
AS
(Industrials)
39,938
2,250
Ulker
Biskuvi
Sanayi
AS
(Consumer
Staples)*
6,679
232
Verusa
Holding
AS
(Financials)
2,155
4,865
Vestel
Beyaz
Esya
Sanayi
ve
Ticaret
AS
(Consumer
Discretionary)
2,791
2,058
Vestel
Elektronik
Sanayi
ve
Ticaret
AS
(Consumer
Discretionary)*
4,262
51,160
Yapi
ve
Kredi
Bankasi
AS
(Financials)
34,045
2,564
Yayla
Agro
Gida
Sanayi
VE
Nakliyat
AS
(Consumer
Staples)
1,271
515
YEO
Teknoloji
Enerji
VE
Endustri
AS
(Industrials)*
3,847
13,863
Ziraat
Gayrimenkul
Yatirim
Ortakligi
AS
(Real
Estate)
2,446
22,136
Zorlu
Enerji
Elektrik
Uretim
AS
(Utilities)*
3,905
1,221,812
United
Arab
Emirates
–
0.6%
45,485
Abu
Dhabi
Commercial
Bank
PJSC
(Financials)
104,044
22,829
Abu
Dhabi
Islamic
Bank
PJSC
(Financials)
63,410
47,274
Abu
Dhabi
National
Energy
Co.
PJSC
(Utilities)
41,838
45,175
Abu
Dhabi
National
Oil
Co.
for
Distribution
PJSC
(Consumer
Discretionary)
46,746
27,656
ADNOC
Drilling
Co.
PJSC
(Energy)
28,919
119,832
Adnoc
Gas
PLC
(Energy)
107,032
57,398
Aldar
Properties
PJSC
(Real
Estate)
89,405
21,639
Alpha
Dhabi
Holding
PJSC
(Industrials)*
115,612
47,228
Borouge
PLC
(Materials)
32,409
140,516
Dubai
Electricity
&
Water
Authority
PJSC
(Utilities)
96,809
45,509
Dubai
Islamic
Bank
PJSC
(Financials)
68,408
96,971
Emaar
Properties
PJSC
(Real
Estate)
200,425
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
Arab
Emirates
–
(continued)
38,373
Emirates
NBD
Bank
PJSC
(Financials)
$
183,910
54,312
Emirates
Telecommunications
Group
Co.
PJSC
(Communication
Services)
285,740
68,994
First
Abu
Dhabi
Bank
PJSC
(Financials)
257,770
5,589
International
Holding
Co.
PJSC
(Industrials)*
608,021
58,350
Multiply
Group
PJSC
(Industrials)*
55,772
2,386,270
United
Kingdom
–
6.5%
14,722
3i
Group
PLC
(Financials)
415,985
2,980
Admiral
Group
PLC
(Financials)
101,896
4,667
Allfunds
Group
PLC
(Financials)
29,484
6,831
Ashtead
Group
PLC
(Industrials)
411,891
5,400
Associated
British
Foods
PLC
(Consumer
Staples)
162,563
23,387
AstraZeneca
PLC
(Health
Care)
2,997,984
14,227
Auto
Trader
Group
PLC
(Communication
Services)
(a)
130,541
42,714
Aviva
PLC
(Financials)
225,758
14,550
B&M
European
Value
Retail
SA
(Consumer
Discretionary)
105,655
47,594
BAE
Systems
PLC
(Industrials)
632,643
237,330
Barclays
PLC
(Financials)
423,752
15,284
Barratt
Developments
PLC
(Consumer
Discretionary)
99,414
1,643
Berkeley
Group
Holdings
PLC
(Consumer
Discretionary)
96,427
243,698
BP
PLC
(Energy)
1,478,070
32,007
British
American
Tobacco
PLC
(Consumer
Staples)
1,017,845
98,392
BT
Group
PLC
(Communication
Services)
153,084
5,244
Bunzl
PLC
(Industrials)
199,292
5,778
Burberry
Group
PLC
(Consumer
Discretionary)
107,050
87,244
Centrica
PLC
(Utilities)
164,621
41,458
CK
Hutchison
Holdings
Ltd.
(Industrials)
207,813
14,938
CNH
Industrial
NV
(Industrials)
158,751
3,167
Coca-Cola
Europacific
Partners
PLC
(Consumer
Staples)
192,047
27,055
Compass
Group
PLC
(Consumer
Discretionary)
686,034
25,919
ConvaTec
Group
PLC
(Health
Care)
(a)
73,762
2,176
Croda
International
PLC
(Materials)
123,521
1,542
DCC
PLC
(Industrials)
104,281
35,061
Diageo
PLC
(Consumer
Staples)
1,226,594
20,961
DS
Smith
PLC
(Materials)
77,112
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
Kingdom
–
(continued)
9,962
Entain
PLC
(Consumer
Discretionary)
$
101,244
5,890
Halma
PLC
(Information
Technology)
158,897
5,552
Hargreaves
Lansdown
PLC
(Financials)
50,493
309,322
HSBC
Holdings
PLC
(Financials)
2,357,742
13,484
Imperial
Brands
PLC
(Consumer
Staples)
315,199
21,854
Informa
PLC
(Communication
Services)
205,559
2,501
InterContinental
Hotels
Group
PLC
(Consumer
Discretionary)
193,641
4,543
Intermediate
Capital
Group
PLC
(Financials)
89,949
28,890
International
Consolidated
Airlines
Group
SA
ADR
(Industrials)*
110,215
2,512
Intertek
Group
PLC
(Industrials)
126,726
27,421
J
Sainsbury
PLC
(Consumer
Staples)
99,246
39,235
JD
Sports
Fashion
PLC
(Consumer
Discretionary)
78,006
29,603
Kingfisher
PLC
(Consumer
Discretionary)
82,222
10,573
Land
Securities
Group
PLC
REIT
(Real
Estate)
83,549
92,677
Legal
&
General
Group
PLC
(Financials)
269,025
1,003,836
Lloyds
Banking
Group
PLC
(Financials)
552,420
5,617
London
Stock
Exchange
Group
PLC
(Financials)
633,292
34,799
M&G
PLC
(Financials)
92,161
20,883
Melrose
Industries
PLC
(Industrials)
137,102
57,464
National
Grid
PLC
(Utilities)
747,471
85,526
NatWest
Group
PLC
(Financials)
225,097
1,868
Next
PLC
(Consumer
Discretionary)
187,528
9,262
Ocado
Group
PLC
(Consumer
Staples)*
70,351
11,166
Pearson
PLC
(Consumer
Discretionary)
132,479
5,018
Persimmon
PLC
(Consumer
Discretionary)
79,502
11,752
Phoenix
Group
Holdings
PLC
(Financials)
69,210
11,164
Reckitt
Benckiser
Group
PLC
(Consumer
Staples)
762,903
29,474
RELX
PLC
(Industrials)
1,134,304
39,129
Rentokil
Initial
PLC
(Industrials)
212,358
12,780
Rightmove
PLC
(Communication
Services)
88,110
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
Kingdom
–
(continued)
131,395
Rolls-Royce
Holdings
PLC
(Industrials)*
$
447,121
15,926
Sage
Group
PLC
(The)
(Information
Technology)
227,926
13,826
Schroders
PLC
(Financials)
70,292
18,148
Segro
PLC
REIT
(Real
Estate)
186,599
4,119
Severn
Trent
PLC
(Utilities)
135,628
13,635
Smith
&
Nephew
PLC
(Health
Care)
176,669
5,465
Smiths
Group
PLC
(Industrials)
114,016
1,147
Spirax-Sarco
Engineering
PLC
(Industrials)
134,285
17,013
SSE
PLC
(Utilities)
394,677
8,598
St
James's
Place
PLC
(Financials)
70,598
36,704
Standard
Chartered
PLC
(Financials)
303,512
55,447
Taylor
Wimpey
PLC
(Consumer
Discretionary)
90,935
111,383
Tesco
PLC
(Consumer
Staples)
402,994
38,913
Unilever
PLC
(Consumer
Staples)
1,856,929
10,646
United
Utilities
Group
PLC
(Utilities)
147,038
380,305
Vodafone
Group
PLC
(Communication
Services)
343,417
4,050
Weir
Group
PLC
(The)
(Industrials)
96,031
3,031
Whitbread
PLC
(Consumer
Discretionary)
118,605
9,207
Wise
PLC,
Class
A
(Financials)*
91,007
16,754
WPP
PLC
(Communication
Services)
149,910
26,808,060
United
States
–
4.4%
512
BRP,
Inc.
(Consumer
Discretionary)
31,645
7,489
CSL
Ltd.
(Health
Care)
1,302,125
633
CyberArk
Software
Ltd.
(Information
Technology)*
126,138
14,347
Experian
PLC
(Industrials)
527,260
7,355
Ferrovial
SE
(Industrials)
254,875
63,896
GSK
PLC
(Health
Care)
1,148,141
79,370
Haleon
PLC
(Consumer
Staples)
331,629
8,000
Holcim
AG
(Materials)*
591,570
1,270
ICON
PLC
(Health
Care)*
339,014
1,127
Inmode
Ltd.
(Health
Care)*
26,766
6,872
James
Hardie
Industries
PLC
CDI
(Materials)*
221,992
10,580
JBS
SA
(Consumer
Staples)
49,787
409
Monday.com
Ltd.
(Information
Technology)*
73,555
41,624
Nestle
SA
(Consumer
Staples)
4,755,729
1,192
Parade
Technologies
Ltd.
(Information
Technology)
41,018
10,966
Roche
Holding
AG
(Health
Care)
2,976,855
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
States
–
(continued)
448
Roche
Holding
AG
(Health
Care)
$
128,699
17,261
Sanofi
SA
(Health
Care)
1,609,510
8,405
Schneider
Electric
SE
(Industrials)
1,546,363
34,017
Stellantis
NV
(Consumer
Discretionary)
738,682
4,508
Swiss
Re
AG
(Financials)
535,278
7,321
Tenaris
SA
(Energy)
125,810
4,008
Waste
Connections,
Inc.
(Industrials)
543,298
18,025,739
Zambia
–
0.0%
8,703
First
Quantum
Minerals
Ltd.
(Materials)
71,313
TOTAL
COMMON
STOCKS
(Cost
$293,751,307)
377,761,793
Shares
Description
Rate
Value
a
Preferred
Stocks
–
0.9%
Brazil
–
0.4%
81,067
Banco
Bradesco
SA
(Financials)
6.20
%
267,415
2,976
Braskem
SA
(Materials)*
0.00
11,543
3,818
Centrais
Eletricas
Brasileiras
SA,
Class
B
(Utilities)
3.33
34,733
22,600
Cia
Energetica
de
Minas
Gerais
(Utilities)
9.98
50,724
16,136
Cia
Paranaense
de
Energia
(Utilities)
3.54
30,949
17,971
Gerdau
SA
(Materials)
14.87
79,612
75,605
Itau
Unibanco
Holding
SA
(Financials)
4.73
484,234
84,404
Itausa
SA
(Financials)
6.73
166,849
71,300
Petroleo
Brasileiro
SA
(Energy)
8.81
519,110
18,902
Raizen
SA
(Energy)
6.21
13,988
1,659,157
Chile
–
0.0%
2,148
Sociedad
Quimica
y
Minera
de
Chile
SA,
Class
B
(Industrials)
14.40
109,608
Colombia
–
0.0%
7,104
Bancolombia
SA
(Financials)
12.35
48,704
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Rate
Value
a
Preferred
Stocks
–
(continued)
Germany
–
0.3%
918
Bayerische
Motoren
Werke
AG
(Consumer
Discretionary)
9.76
%
$
87,242
1,778
Dr.
Ing
hc
F
Porsche
AG
(Consumer
Discretionary)
(a)
1.20
163,075
2,574
Henkel
AG
&
Co.
KGaA
(Consumer
Staples)
2.56
202,773
2,391
Porsche
Automobil
Holding
SE
(Consumer
Discretionary)
5.71
117,032
386
Sartorius
AG
(Health
Care)
0.49
124,454
2,858
Volkswagen
AG
(Consumer
Discretionary)
26.14
331,856
1,026,432
South
Korea
–
0.2%
42
Doosan
Co.
Ltd.
(Industrials)
3.90
1,732
541
Hyundai
Motor
Co.
(Consumer
Discretionary)
8.36
45,959
342
Hyundai
Motor
Co.
(Consumer
Discretionary)
8.40
28,656
121
LG
Chem
Ltd.
(Materials)
3.28
28,980
270
LG
Electronics,
Inc.
(Consumer
Discretionary)
1.60
9,794
12,831
Samsung
Electronics
Co.
Ltd.
(Information
Technology)
2.50
575,836
50
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
(Financials)
7.31
7,313
22
Samsung
SDI
Co.
Ltd.
(Information
Technology)
0.45
4,229
702,499
Spain
–
0.0%
4,108
Grifols
SA,
Class
B
(Health
Care)*
0.00
40,138
TOTAL
PREFERRED
STOCKS
(Cost
$3,494,204)
3,586,538
Shares
Description
Value
a
Exchange-Traded
Funds
–
6.9%
United
States
–
6.9%
68,023
iShares
MSCI
Malaysia
ETF
$
1,444,809
205,000
Vanguard
FTSE
All-World
ex-
US
ETF,
Class
U
11,139,700
342,000
Vanguard
FTSE
Developed
Markets
ETF
15,718,320
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost
$23,968,903)
28,302,829
Units
Description
Expiration
Month
Value
A
Rights
–
0.0%
China
–
0.0%
7,020
Zhejiang
Expressway
Co.
Ltd.*
03/24
791
Taiwan
–
0.0%
33
Wistron
Corp.
12/23
—
765
WT
Microelectronics
Co.
Ltd.
01/24
—
—
Thailand
–
0.0%
810
Siam
Cement
PCL
(The),
NVDR
12/23
—
TOTAL
RIGHTS
(Cost
$0)
791
aa
Warrant
–
0.0%
Canada
–
0.0%
309
Constellation
Software,
Inc.
(Information
Technology)*
(Cost
$0)
08/28
—
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
0.1%
(c)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
–
Institutional
Shares
591,111
5.260%
591,111
(Cost
$591,111)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$321,805,525)
410,243,062
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Additional
Investment
Information 
**End
swaps
header**
Shares
Dividend
Rate
Value
a
Securities
Lending
Reinvestment
Vehicle
–
0.3%
(c)
a
a
a
a
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
1,164,110
5.259%
$
1,164,110
(Cost
$1,164,110)
TOTAL
INVESTMENTS
–
100.1%
(Cost
$322,969,635)
$
411,407,172
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(0.1)%
(280,847)
NET
ASSETS
–
100.0%
$
411,126,325
  a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(b)
All
or
a
portion
of
security
is
on
loan.
(c)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
CVA
—
Dutch
Certification
NVDR
—
Non-Voting
Depository
Receipt
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
SDR
—
Swedish
Depositary
Receipt
Sector
Name
%
of
Market
Value
Financials
19.3
%
Industrials
12.7
Information
Technology
11.4
Consumer
Discretionary
10.8
Health
Care
8.5
Consumer
Staples
7.4
Materials
7.1
Exchange-Traded
Fund
6.9
Energy
5.3
Communication
Services
5.3
Utilities
3.0
Real
Estate
1.9
Investment
Company
0.1
Securities
Lending
Reinvestment
Vehicle
0.3
TOTAL
INVESTMENTS
100.0%
FUTURES
CONTRACTS
—
At
November
30,
2023,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
MSCI
Emerging
Markets
Index
15
12/15/23
$
740,325
$
8,599
GOLDMAN
SACHS
MARKETBETA
®
U.S.
1000
EQUITY
ETF
Schedule
of
Investments
November
30,
2023
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
99.6%
Communication
Services
–
8.3%
199,806
Alphabet,
Inc.,
Class
A*
$
26,480,289
173,536
Alphabet,
Inc.,
Class
C*
23,239,941
240,337
AT&T,
Inc.
3,982,384
150
Cable
One,
Inc.
79,812
3,344
Charter
Communications,
Inc.,
Class
A*
1,338,035
137,132
Comcast
Corp.,
Class
A
5,744,459
9,098
Electronic
Arts,
Inc.
1,255,615
2,571
Endeavor
Group
Holdings,
Inc.,
Class
A
62,501
8,374
Fox
Corp.,
Class
A
247,368
4,348
Fox
Corp.,
Class
B
120,266
7,365
Frontier
Communications
Parent,
Inc.*
161,220
2,483
IAC,
Inc.*
118,762
12,910
Interpublic
Group
of
Cos.,
Inc.
(The)
396,853
3,839
Iridium
Communications,
Inc.
146,266
558
Liberty
Broadband
Corp.,
Class
A*
46,281
3,879
Liberty
Broadband
Corp.,
Class
C*
322,422
765
Liberty
Media
Corp.-Liberty
Formula
One,
Class
A*
43,857
6,495
Liberty
Media
Corp.-Liberty
Formula
One,
Class
C*
413,472
4,965
Liberty
Media
Corp.-Liberty
SiriusXM*
134,005
2,473
Liberty
Media
Corp.-Liberty
SiriusXM,
Class
A*
66,623
4,907
Live
Nation
Entertainment,
Inc.*
413,268
9,326
Match
Group,
Inc.*
301,976
74,055
Meta
Platforms,
Inc.,
Class
A*
24,227,093
14,592
Netflix,
Inc.*
6,916,170
5,381
New
York
Times
Co.
(The),
Class
A
252,853
12,800
News
Corp.,
Class
A
282,112
3,534
News
Corp.,
Class
B
81,423
1,120
Nexstar
Media
Group,
Inc.
158,962
6,584
Omnicom
Group,
Inc.
530,868
16,375
Paramount
Global,
Class
B
235,309
19,495
Pinterest,
Inc.,
Class
A*
664,195
1,565
Playtika
Holding
Corp.*
13,600
15,624
ROBLOX
Corp.,
Class
A*
614,179
4,139
Roku,
Inc.*
431,284
21,431
Sirius
XM
Holdings,
Inc.
(a)
100,297
34,094
Snap,
Inc.,
Class
A*
471,520
4,523
Spotify
Technology
SA*
837,253
5,638
Take-Two
Interactive
Software,
Inc.*
891,932
1,819
TKO
Group
Holdings,
Inc.
140,663
17,423
T-Mobile
US,
Inc.
2,621,290
14,834
Trade
Desk,
Inc.
(The),
Class
A*
1,045,204
141,376
Verizon
Communications,
Inc.
5,418,942
61,450
Walt
Disney
Co.
(The)*
5,695,800
75,062
Warner
Bros
Discovery,
Inc.*
784,398
4,190
Warner
Music
Group
Corp.,
Class
A
138,731
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Communication
Services
–
(continued)
9,531
ZoomInfo
Technologies,
Inc.*
$
136,960
117,806,713
Consumer
Discretionary
–
10.8%
12,043
ADT,
Inc.
70,692
1,988
Advance
Auto
Parts,
Inc.
100,971
14,086
Airbnb,
Inc.,
Class
A*
1,779,625
302,659
Amazon.com,
Inc.*
44,215,453
9,483
Aptiv
PLC*
785,572
8,322
Aramark
233,099
689
Asbury
Automotive
Group,
Inc.*
144,566
2,568
Autoliv,
Inc.
(Sweden)
266,096
959
AutoNation,
Inc.*
129,724
608
AutoZone,
Inc.*
1,586,837
7,650
Bath
&
Body
Works,
Inc.
249,543
6,538
Best
Buy
Co.,
Inc.
463,806
1,191
Booking
Holdings,
Inc.*
3,722,709
7,835
BorgWarner,
Inc.
263,961
2,422
Boyd
Gaming
Corp.
143,019
1,925
Bright
Horizons
Family
Solutions,
Inc.*
168,322
2,340
Brunswick
Corp.
184,556
2,178
Burlington
Stores,
Inc.*
369,367
6,920
Caesars
Entertainment,
Inc.*
309,462
3,819
Capri
Holdings
Ltd.*
184,992
5,309
CarMax,
Inc.*
339,457
33,476
Carnival
Corp.*
504,149
2,835
Carvana
Co.*
88,792
3,953
Chewy,
Inc.,
Class
A*
68,861
921
Chipotle
Mexican
Grill,
Inc.*
2,028,272
1,046
Choice
Hotels
International,
Inc.
115,353
2,252
Churchill
Downs,
Inc.
260,714
1,176
Columbia
Sportswear
Co.
92,116
36,717
Coupang,
Inc.
(South
Korea)*
561,036
2,040
Crocs,
Inc.*
215,444
10,333
D.R.
Horton,
Inc.
1,319,214
4,053
Darden
Restaurants,
Inc.
634,173
870
Deckers
Outdoor
Corp.*
577,654
2,069
Dick's
Sporting
Goods,
Inc.
269,177
277
Dillard's,
Inc.,
Class
A
96,144
1,182
Domino's
Pizza,
Inc.
464,396
8,844
DoorDash,
Inc.,
Class
A*
831,159
14,286
DraftKings,
Inc.,
Class
A*
546,297
1,045
Duolingo,
Inc.*
221,843
1,368
Dutch
Bros,
Inc.,
Class
A*
36,567
17,950
eBay,
Inc.
736,129
4,095
Etsy,
Inc.*
310,442
4,774
Expedia
Group,
Inc.*
650,123
1,829
Five
Below,
Inc.*
344,693
3,514
Floor
&
Decor
Holdings,
Inc.,
Class
A*
322,269
131,941
Ford
Motor
Co.
1,353,715
1,416
Fox
Factory
Holding
Corp.*
88,514
8,928
GameStop
Corp.,
Class
A*
(a)
129,902
5,121
Garmin
Ltd.
625,991
46,611
General
Motors
Co.
1,472,908
7,834
Gentex
Corp.
238,232
4,626
Genuine
Parts
Co.
614,240
4,898
H&R
Block,
Inc.
222,467
4,807
Harley-Davidson,
Inc.
144,162
GOLDMAN
SACHS
MARKETBETA
®
U.S.
1000
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Consumer
Discretionary
–
(continued)
4,300
Hasbro,
Inc.
$
199,563
8,738
Hilton
Worldwide
Holdings,
Inc.
1,463,790
33,758
Home
Depot,
Inc.
(The)
10,582,795
1,507
Hyatt
Hotels
Corp.,
Class
A
172,943
3,501
International
Game
Technology
PLC
93,582
10,983
Las
Vegas
Sands
Corp.
506,536
1,981
Lear
Corp.
264,959
4,407
Leggett
&
Platt,
Inc.
100,788
8,311
Lennar
Corp.,
Class
A
1,063,143
358
Lennar
Corp.,
Class
B
41,077
3,242
Levi
Strauss
&
Co.,
Class
A
50,219
3,036
Light
&
Wonder,
Inc.*
268,443
903
Lithia
Motors,
Inc.
241,092
8,524
LKQ
Corp.
379,574
19,693
Lowe’s
Cos.,
Inc.
3,915,559
28,129
Lucid
Group,
Inc.*
(a)
118,704
3,730
Lululemon
Athletica,
Inc.*
1,666,564
9,088
Macy’s,
Inc.
144,136
8,759
Marriott
International,
Inc.,
Class
A
1,775,449
1,135
Marriott
Vacations
Worldwide
Corp.
82,742
11,812
Mattel,
Inc.*
224,428
24,514
McDonald's
Corp.
6,909,026
1,499
MercadoLibre,
Inc.
(Brazil)*
2,429,070
9,326
MGM
Resorts
International
367,817
2,980
Mobileye
Global,
Inc.,
Class
A
(Israel)*
122,329
1,763
Mohawk
Industries,
Inc.*
155,691
667
Murphy
USA,
Inc.
246,490
13,023
Newell
Brands,
Inc.
99,365
40,999
NIKE,
Inc.,
Class
B
4,520,960
14,019
Norwegian
Cruise
Line
Holdings
Ltd.*
214,070
103
NVR,
Inc.*
634,005
2,021
O'Reilly
Automotive,
Inc.*
1,985,390
4,997
Penn
Entertainment,
Inc.*
122,726
615
Penske
Automotive
Group,
Inc.
91,819
2,773
Planet
Fitness,
Inc.,
Class
A*
188,398
1,798
Polaris,
Inc.
148,281
1,275
Pool
Corp.
442,833
7,325
PulteGroup,
Inc.
647,677
2,021
PVH
Corp.
197,613
1,326
Ralph
Lauren
Corp.
171,558
503
RH*
135,795
22,549
Rivian
Automotive,
Inc.,
Class
A*
377,921
11,233
Ross
Stores,
Inc.
1,464,559
7,419
Royal
Caribbean
Cruises
Ltd.*
797,246
4,935
Service
Corp.
International
302,367
1,658
SharkNinja,
Inc.
77,926
4,467
Skechers
USA,
Inc.,
Class
A*
263,151
37,805
Starbucks
Corp.
3,754,036
7,630
Tapestry,
Inc.
241,642
5,611
Tempur
Sealy
International,
Inc.
226,236
92,398
Tesla,
Inc.*
22,182,912
2,243
Texas
Roadhouse,
Inc.
252,472
1,711
Thor
Industries,
Inc.
169,509
38,621
TJX
Cos.,
Inc.
(The)
3,402,896
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Consumer
Discretionary
–
(continued)
3,636
Toll
Brothers,
Inc.
$
312,296
1,060
TopBuild
Corp.*
313,527
3,677
Tractor
Supply
Co.
746,468
1,644
Ulta
Beauty,
Inc.*
700,328
1,283
Vail
Resorts,
Inc.
278,809
4,642
Valvoline,
Inc.
158,942
12,381
VF
Corp.
207,134
942
Visteon
Corp.*
111,787
2,939
Wayfair,
Inc.,
Class
A*
163,996
6,486
Wendy's
Co.
(The)
121,613
1,795
Whirlpool
Corp.
195,476
2,020
Williams-Sonoma,
Inc.
378,831
983
Wingstop,
Inc.
236,274
2,826
Wyndham
Hotels
&
Resorts,
Inc.
218,563
3,247
Wynn
Resorts
Ltd.
274,112
13,589
Yum
China
Holdings,
Inc.
(China)
586,773
9,413
Yum!
Brands,
Inc.
1,181,802
154,783,580
Consumer
Staples
–
6.1%
13,951
Albertsons
Cos.,
Inc.,
Class
A
303,713
60,000
Altria
Group,
Inc.
2,522,400
17,926
Archer-Daniels-Midland
Co.
1,321,684
4,476
BJ's
Wholesale
Club
Holdings,
Inc.*
289,060
316
Boston
Beer
Co.,
Inc.
(The),
Class
A*
112,104
1,643
Brown-Forman
Corp.,
Class
A
98,958
10,276
Brown-Forman
Corp.,
Class
B
603,612
5,020
Bunge
Global
SA
551,547
6,422
Campbell
Soup
Co.
258,036
1,249
Casey's
General
Stores,
Inc.
343,975
3,834
Celsius
Holdings,
Inc.*
189,821
8,201
Church
&
Dwight
Co.,
Inc.
792,463
4,156
Clorox
Co.
(The)
595,763
130,826
Coca-Cola
Co.
(The)
7,645,472
159
Coca-Cola
Consolidated,
Inc.
116,789
27,884
Colgate-Palmolive
Co.
2,196,423
15,967
Conagra
Brands,
Inc.
451,706
5,287
Constellation
Brands,
Inc.,
Class
A
1,271,471
14,873
Costco
Wholesale
Corp.
8,815,822
11,997
Coty,
Inc.,
Class
A*
136,766
5,293
Darling
Ingredients,
Inc.*
232,204
7,332
Dollar
General
Corp.
961,372
6,982
Dollar
Tree,
Inc.*
862,905
1,726
elf
Beauty,
Inc.*
203,823
7,197
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
918,985
6,542
Flowers
Foods,
Inc.
136,139
19,644
General
Mills,
Inc.
1,250,537
4,941
Hershey
Co.
(The)
928,513
9,713
Hormel
Foods
Corp.
297,121
2,214
Ingredion,
Inc.
226,913
605
Inter
Parfums,
Inc.
75,722
3,314
J
M
Smucker
Co.
(The)
363,645
8,705
Kellanova
457,361
58,273
Kenvue,
Inc.
1,191,100
30,416
Keurig
Dr
Pepper,
Inc.
960,233
GOLDMAN
SACHS
MARKETBETA
®
U.S.
1000
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Consumer
Staples
–
(continued)
11,315
Kimberly-Clark
Corp.
$
1,400,005
26,503
Kraft
Heinz
Co.
(The)
930,520
23,842
Kroger
Co.
(The)
1,055,485
4,791
Lamb
Weston
Holdings,
Inc.
479,244
647
Lancaster
Colony
Corp.
107,337
8,445
McCormick
&
Co.,
Inc.
547,489
5,870
Molson
Coors
Beverage
Co.,
Class
B
361,240
45,672
Mondelez
International,
Inc.,
Class
A
3,245,452
17,071
Monster
Beverage
Corp.*
941,466
46,291
PepsiCo,
Inc.
7,790,312
5,101
Performance
Food
Group
Co.*
331,820
52,140
Philip
Morris
International,
Inc.
4,867,790
1,336
Pilgrim's
Pride
Corp.*
34,148
1,707
Post
Holdings,
Inc.*
145,829
79,192
Procter &
Gamble
Co.
(The)
12,157,556
1,823
Reynolds
Consumer
Products,
Inc.
47,836
17,020
Sysco
Corp.
1,228,333
15,496
Target
Corp.
2,073,520
9,451
Tyson
Foods,
Inc.,
Class
A
442,685
7,659
US
Foods
Holding
Corp.*
335,694
23,951
Walgreens
Boots
Alliance,
Inc.
477,583
47,732
Walmart,
Inc.
7,431,395
84,116,897
Energy
–
4.2%
11,315
Antero
Midstream
Corp.
150,716
9,306
Antero
Resources
Corp.*
219,901
10,323
APA
Corp.
371,628
34,014
Baker
Hughes
Co.
1,147,972
6,594
ChampionX
Corp.
193,336
8,080
Cheniere
Energy,
Inc.
1,471,772
3,744
Chesapeake
Energy
Corp.
300,681
58,409
Chevron
Corp.
8,387,532
1,351
Chord
Energy
Corp.
219,051
2,738
Civitas
Resources,
Inc.
188,073
40,671
ConocoPhillips
4,700,347
25,055
Coterra
Energy,
Inc.
657,694
21,412
Devon
Energy
Corp.
962,898
5,721
Diamondback
Energy,
Inc.
883,380
3,264
DT
Midstream,
Inc.
186,995
8,302
EnLink
Midstream
LLC*
113,488
19,621
EOG
Resources,
Inc.
2,414,756
13,776
EQT
Corp.
550,489
135,942
Exxon
Mobil
Corp.
13,966,681
30,234
Halliburton
Co.
1,119,565
3,235
Helmerich
&
Payne,
Inc.
117,204
9,313
Hess
Corp.
1,309,035
1,874
Hess
Midstream
LP,
Class
A
60,980
4,588
HF
Sinclair
Corp.
240,778
65,871
Kinder
Morgan,
Inc.
1,157,353
6,033
Magnolia
Oil
&
Gas
Corp.,
Class
A
129,710
20,685
Marathon
Oil
Corp.
526,020
13,434
Marathon
Petroleum
Corp.
2,004,218
3,687
Matador
Resources
Co.
213,404
4,981
Murphy
Oil
Corp.
213,037
2,773
New
Fortress
Energy,
Inc.
106,705
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Energy
–
(continued)
3,656
Noble
Corp.
PLC
$
168,688
13,133
NOV,
Inc.
247,163
23,467
Occidental
Petroleum
Corp.
1,388,073
19,534
ONEOK,
Inc.
1,344,916
8,106
Ovintiv,
Inc.
359,420
3,732
PBF
Energy,
Inc.,
Class
A
165,701
8,539
Permian
Resources
Corp.
112,202
14,948
Phillips
66
1,926,648
7,815
Pioneer
Natural
Resources
Co.
1,810,267
7,989
Range
Resources
Corp.
259,642
47,845
Schlumberger
NV
2,489,854
1,569
Scorpio
Tankers,
Inc.
(Monaco)
86,122
3,982
SM
Energy
Co.
149,126
36,349
Southwestern
Energy
Co.*
239,540
7,475
Targa
Resources
Corp.
676,114
14,730
TechnipFMC
PLC
(United
Kingdom)
305,206
259
Texas
Pacific
Land
Corp.
433,035
22,725
Transocean
Ltd.*
144,531
11,822
Valero
Energy
Corp.
1,482,006
2,122
Viper
Energy,
Inc.
65,400
2,373
Weatherford
International
PLC*
215,207
40,902
Williams
Cos.,
Inc.
(The)
1,504,785
59,859,045
Financials
–
12.8%
1,159
Affiliated
Managers
Group,
Inc.
157,102
18,033
Aflac,
Inc.
1,491,509
20,284
AGNC
Investment
Corp.
REIT
178,905
8,796
Allstate
Corp.
(The)
1,212,704
9,083
Ally
Financial,
Inc.
265,405
19,876
American
Express
Co.
3,394,224
2,628
American
Financial
Group,
Inc.
300,617
23,903
American
International
Group,
Inc.
1,573,056
3,445
Ameriprise
Financial,
Inc.
1,217,842
16,482
Annaly
Capital
Management,
Inc.
REIT
297,830
6,793
Aon
PLC,
Class
A
2,231,433
13,607
Apollo
Global
Management,
Inc.
1,251,844
12,000
Arch
Capital
Group
Ltd.*
1,004,280
4,967
Ares
Management
Corp.,
Class
A
557,546
7,125
Arthur
J
Gallagher
&
Co.
1,774,125
1,778
Assurant,
Inc.
298,739
2,603
Axis
Capital
Holdings
Ltd.
146,653
232,987
Bank
of
America
Corp.
7,103,774
25,340
Bank
of
New
York
Mellon
Corp.
(The)
1,224,429
3,629
Bank
OZK
151,910
43,438
Berkshire
Hathaway,
Inc.,
Class
B*
15,637,680
4,983
BlackRock,
Inc.
3,743,379
23,611
Blackstone,
Inc.
2,653,168
18,379
Block,
Inc.*
1,165,780
14,630
Blue
Owl
Capital,
Inc.
197,212
948
BOK
Financial
Corp.
68,038
7,953
Brown
&
Brown,
Inc.
594,407
12,682
Capital
One
Financial
Corp.
1,416,072
6,465
Carlyle
Group,
Inc.
(The)
221,620
3,533
Cboe
Global
Markets,
Inc.
643,677
GOLDMAN
SACHS
MARKETBETA
®
U.S.
1000
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Financials
–
(continued)
46,422
Charles
Schwab
Corp.
(The)
$
2,846,597
13,874
Chubb
Ltd.
3,183,112
5,197
Cincinnati
Financial
Corp.
534,200
63,589
Citigroup,
Inc.
2,931,453
16,228
Citizens
Financial
Group,
Inc.
442,538
12,060
CME
Group,
Inc.
2,633,422
738
CNA
Financial
Corp.
31,092
5,227
Coinbase
Global,
Inc.,
Class
A*
651,911
4,393
Comerica,
Inc.
198,651
4,052
Commerce
Bancshares,
Inc.
204,910
5,365
Corebridge
Financial,
Inc.
112,826
284
Credit
Acceptance
Corp.*
129,788
2,013
Cullen/Frost
Bankers,
Inc.
197,858
8,374
Discover
Financial
Services
778,782
2,845
Dlocal
Ltd.
(Uruguay)*
49,076
4,713
East
West
Bancorp,
Inc.
296,542
11,629
Equitable
Holdings,
Inc.
356,894
846
Erie
Indemnity
Co.,
Class
A
250,111
3,490
Essent
Group
Ltd.
168,707
1,578
Euronet
Worldwide,
Inc.*
137,633
1,183
Evercore,
Inc.,
Class
A
174,552
1,116
Everest
Group
Ltd.
458,174
1,282
FactSet
Research
Systems,
Inc.
581,336
8,707
Fidelity
National
Financial,
Inc.
390,422
19,878
Fidelity
National
Information
Services,
Inc.
1,165,646
22,821
Fifth
Third
Bancorp
660,668
3,316
First
American
Financial
Corp.
197,634
340
First
Citizens
BancShares,
Inc.,
Class
A
499,083
4,610
First
Financial
Bankshares,
Inc.
121,012
18,497
First
Horizon
Corp.
236,577
20,396
Fiserv,
Inc.*
2,663,922
2,409
FleetCor
Technologies,
Inc.*
579,365
9,567
Franklin
Resources,
Inc.
237,262
3,717
Glacier
Bancorp,
Inc.
125,003
8,755
Global
Payments,
Inc.
1,019,432
3,147
Globe
Life,
Inc.
387,490
11,129
Goldman
Sachs
Group,
Inc.
(The)
(b)
3,800,999
1,189
Hanover
Insurance
Group,
Inc.
(The)
147,793
10,243
Hartford
Financial
Services
Group,
Inc.
(The)
800,593
1,708
Houlihan
Lokey,
Inc.
183,986
48,324
Huntington
Bancshares,
Inc.
544,128
3,415
Interactive
Brokers
Group,
Inc.,
Class
A
265,824
18,632
Intercontinental
Exchange,
Inc.
2,121,067
14,774
Invesco
Ltd.
210,825
2,434
Jack
Henry
&
Associates,
Inc.
386,251
5,534
Janus
Henderson
Group
PLC
144,935
6,325
Jefferies
Financial
Group,
Inc.
224,158
97,507
JPMorgan
Chase &
Co.
15,218,892
31,352
KeyCorp
388,451
735
Kinsale
Capital
Group,
Inc.
257,323
21,725
KKR
&
Co.,
Inc.
1,647,624
3,657
Lazard
Ltd.,
Class
A
109,637
5,647
Lincoln
National
Corp.
134,286
6,169
Loews
Corp.
433,619
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Financials
–
(continued)
2,545
LPL
Financial
Holdings,
Inc.
$
565,753
5,553
M&T
Bank
Corp.
711,728
444
Markel
Group,
Inc.*
638,956
1,237
MarketAxess
Holdings,
Inc.
297,028
16,603
Marsh
&
McLennan
Cos.,
Inc.
3,310,970
28,191
Mastercard,
Inc.,
Class
A
11,666,282
21,216
MetLife,
Inc.
1,349,974
5,331
Moody's
Corp.
1,945,602
43,356
Morgan
Stanley
3,439,865
882
Morningstar,
Inc.
249,923
2,612
MSCI,
Inc.
1,360,460
11,513
Nasdaq,
Inc.
642,886
22,635
New
York
Community
Bancorp,
Inc.
212,995
6,983
Northern
Trust
Corp.
553,403
9,719
Old
National
Bancorp
144,716
8,848
Old
Republic
International
Corp.
259,335
3,955
OneMain
Holdings,
Inc.
167,296
36,885
PayPal
Holdings,
Inc.*
2,124,945
2,521
Pinnacle
Financial
Partners,
Inc.
182,949
13,384
PNC
Financial
Services
Group,
Inc.
(The)
1,792,921
2,359
Popular,
Inc.
(Puerto
Rico)
174,071
1,211
Primerica,
Inc.
253,717
8,152
Principal
Financial
Group,
Inc.
601,862
19,630
Progressive
Corp.
(The)
3,219,909
3,041
Prosperity
Bancshares,
Inc.
183,403
12,263
Prudential
Financial,
Inc.
1,199,076
6,340
Raymond
James
Financial,
Inc.
666,651
31,498
Regions
Financial
Corp.
525,387
2,226
Reinsurance
Group
of
America,
Inc.
362,972
1,695
RenaissanceRe
Holdings
Ltd.
(Bermuda)
363,340
16,155
Rithm
Capital
Corp.
REIT
167,689
1,352
RLI
Corp.
183,331
18,012
Robinhood
Markets,
Inc.,
Class
A*
158,506
4,079
Rocket
Cos.,
Inc.,
Class
A*
38,098
3,239
Ryan
Specialty
Holdings,
Inc.*
148,573
10,776
S&P
Global,
Inc.
4,480,984
3,679
SEI
Investments
Co.
215,847
2,004
Selective
Insurance
Group,
Inc.
203,787
1,892
Shift4
Payments,
Inc.,
Class
A*
124,531
29,057
SoFi
Technologies,
Inc.*
211,825
2,525
SouthState
Corp.
186,976
9,898
Starwood
Property
Trust,
Inc.
REIT
196,673
10,694
State
Street
Corp.
778,737
3,445
Stifel
Financial
Corp.
210,214
13,975
Synchrony
Financial
452,231
4,878
Synovus
Financial
Corp.
150,194
7,418
T.
Rowe
Price
Group,
Inc.
742,764
1,728
TFS
Financial
Corp.
22,827
11,691
Toast,
Inc.,
Class
A*
173,845
2,117
TPG,
Inc.
74,095
3,831
Tradeweb
Markets,
Inc.,
Class
A
371,224
7,737
Travelers
Cos.,
Inc.
(The)
1,397,457
44,681
Truist
Financial
Corp.
1,436,047
4,439
United
Bankshares,
Inc.
146,975
GOLDMAN
SACHS
MARKETBETA
®
U.S.
1000
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Financials
–
(continued)
6,575
Unum
Group
$
282,725
49,734
US
Bancorp
1,895,860
2,846
UWM
Holdings
Corp.
15,511
14,382
Valley
National
Bancorp
130,876
54,401
Visa,
Inc.,
Class
A
13,963,649
3,543
Voya
Financial,
Inc.
253,360
6,803
W
R
Berkley
Corp.
493,558
5,821
Webster
Financial
Corp.
261,072
122,278
Wells
Fargo &
Co.
5,452,376
3,628
Western
Alliance
Bancorp
185,826
12,532
Western
Union
Co.
(The)
145,747
1,431
WEX,
Inc.*
252,686
3,556
Willis
Towers
Watson
PLC
875,843
2,042
Wintrust
Financial
Corp.
174,938
4,896
Zions
Bancorp
NA
174,444
180,829,308
Health
Care
–
12.4%
3,303
10X
Genomics,
Inc.,
Class
A*
143,747
58,192
Abbott
Laboratories
6,068,844
59,292
AbbVie,
Inc.
8,442,588
3,008
Acadia
Healthcare
Co.,
Inc.*
219,554
9,915
Agilent
Technologies,
Inc.
1,267,137
6,979
agilon
health,
Inc.*
74,117
2,407
Align
Technology,
Inc.*
514,617
4,169
Alnylam
Pharmaceuticals,
Inc.*
701,434
17,908
Amgen,
Inc.
4,828,713
3,235
Apellis
Pharmaceuticals,
Inc.*
174,269
21,909
Avantor,
Inc.*
464,033
1,281
Bausch
+
Lomb
Corp.*
19,740
16,962
Baxter
International,
Inc.
611,989
9,746
Becton
Dickinson
&
Co.
2,301,810
4,837
Biogen,
Inc.*
1,132,245
6,231
BioMarin
Pharmaceutical,
Inc.*
567,519
686
Bio-Rad
Laboratories,
Inc.,
Class
A*
209,175
5,245
Bio-Techne
Corp.
329,910
49,046
Boston
Scientific
Corp.*
2,741,181
70,607
Bristol-Myers
Squibb
Co.
3,486,574
3,317
Bruker
Corp.
215,904
8,426
Cardinal
Health,
Inc.
902,256
6,047
Catalent,
Inc.*
234,926
5,658
Cencora,
Inc.
1,150,667
18,415
Centene
Corp.*
1,356,817
1,690
Charles
River
Laboratories
International,
Inc.*
333,065
493
Chemed
Corp.
279,531
9,890
Cigna
Group
(The)
2,599,883
1,657
Cooper
Cos.,
Inc.
(The)
558,276
305
CorVel
Corp.*
63,702
43,062
CVS
Health
Corp.
2,926,063
22,160
Danaher
Corp.
4,948,550
1,809
DaVita,
Inc.*
183,541
7,076
DENTSPLY
SIRONA,
Inc.
224,663
12,983
Dexcom,
Inc.*
1,499,796
4,124
Doximity,
Inc.,
Class
A*
95,883
20,221
Edwards
Lifesciences
Corp.*
1,369,164
16,468
Elanco
Animal
Health,
Inc.*
193,993
7,947
Elevance
Health,
Inc.
3,810,507
28,429
Eli
Lilly
&
Co.
16,802,676
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Health
Care
–
(continued)
3,307
Encompass
Health
Corp.
$
215,517
1,807
Ensign
Group,
Inc.
(The)
193,475
5,472
Envista
Holdings
Corp.*
124,160
6,007
Exact
Sciences
Corp.*
384,448
10,332
Exelixis,
Inc.*
225,341
12,254
GE
HealthCare
Technologies,
Inc.
838,909
41,891
Gilead
Sciences,
Inc.
3,208,851
3,919
Globus
Medical,
Inc.,
Class
A*
176,041
4,384
Halozyme
Therapeutics,
Inc.*
169,266
6,942
HCA
Healthcare,
Inc.
1,738,832
2,802
HealthEquity,
Inc.*
187,790
4,368
Henry
Schein,
Inc.*
291,477
8,220
Hologic,
Inc.*
586,086
4,192
Humana,
Inc.
2,032,533
2,766
IDEXX
Laboratories,
Inc.*
1,288,458
5,311
Illumina,
Inc.*
541,456
6,267
Incyte
Corp.*
340,549
963
Inspire
Medical
Systems,
Inc.*
139,933
2,326
Insulet
Corp.*
439,823
2,387
Integra
LifeSciences
Holdings
Corp.*
93,546
3,140
Intra-Cellular
Therapies,
Inc.*
192,702
11,711
Intuitive
Surgical,
Inc.*
3,640,247
4,692
Ionis
Pharmaceuticals,
Inc.*
232,113
6,086
IQVIA
Holdings,
Inc.*
1,303,013
2,105
Jazz
Pharmaceuticals
PLC*
248,874
80,962
Johnson &
Johnson
12,521,583
1,194
Karuna
Therapeutics,
Inc.*
228,305
2,969
Laboratory
Corp.
of
America
Holdings
644,006
2,248
Lantheus
Holdings,
Inc.*
161,002
1,656
Masimo
Corp.*
155,267
4,553
McKesson
Corp.
2,142,460
780
Medpace
Holdings,
Inc.*
211,162
44,736
Medtronic
PLC
3,546,223
85,295
Merck &
Co.,
Inc.
8,741,032
729
Mettler-Toledo
International,
Inc.*
796,017
11,143
Moderna,
Inc.*
865,811
1,939
Molina
Healthcare,
Inc.*
708,821
3,506
Natera,
Inc.*
196,161
3,187
Neurocrine
Biosciences,
Inc.*
371,572
5,670
Option
Care
Health,
Inc.*
168,682
8,565
Organon
&
Co.
96,956
1,231
Penumbra,
Inc.*
273,393
4,526
Perrigo
Co.
PLC
137,862
189,846
Pfizer,
Inc.
5,784,608
7,627
QIAGEN
NV*
313,927
3,746
Quest
Diagnostics,
Inc.
514,064
1,623
QuidelOrtho
Corp.*
111,549
5,059
R1
RCM,
Inc.*
53,524
3,478
Regeneron
Pharmaceuticals,
Inc.*
2,865,211
1,740
Repligen
Corp.*
273,615
4,879
ResMed,
Inc.
769,565
4,203
Revvity,
Inc.
373,647
17,380
Roivant
Sciences
Ltd.*
166,153
12,626
Royalty
Pharma
PLC,
Class
A
341,786
2,942
Sarepta
Therapeutics,
Inc.*
239,126
GOLDMAN
SACHS
MARKETBETA
®
U.S.
1000
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Health
Care
–
(continued)
4,642
Seagen,
Inc.*
$
989,721
1,213
Shockwave
Medical,
Inc.*
211,729
3,309
STERIS
PLC
664,910
10,636
Stryker
Corp.
3,151,766
1,579
Teleflex,
Inc.
356,364
3,328
Tenet
Healthcare
Corp.*
229,665
12,955
Thermo
Fisher
Scientific,
Inc.
6,422,571
1,536
United
Therapeutics
Corp.*
368,640
31,191
UnitedHealth
Group,
Inc.
17,247,687
2,017
Universal
Health
Services,
Inc.,
Class
B
277,297
4,870
Veeva
Systems,
Inc.,
Class
A*
848,890
8,654
Vertex
Pharmaceuticals,
Inc.*
3,070,526
40,233
Viatris,
Inc.
369,339
1,975
Waters
Corp.*
554,205
2,482
West
Pharmaceutical
Services,
Inc.
870,586
7,017
Zimmer
Biomet
Holdings,
Inc.
816,147
15,534
Zoetis,
Inc.
2,744,392
175,850,024
Industrials
–
9.2%
18,495
3M
Co.
1,832,300
4,120
A
O
Smith
Corp.
310,483
1,046
Acuity
Brands,
Inc.
187,506
2,301
Advanced
Drainage
Systems,
Inc.
278,674
4,654
AECOM
413,554
2,092
AGCO
Corp.
237,505
3,469
Air
Lease
Corp.
134,563
4,280
Alaska
Air
Group,
Inc.*
161,827
2,944
Allegion
PLC
312,329
21,681
American
Airlines
Group,
Inc.*
269,495
7,731
AMETEK,
Inc.
1,200,083
7,080
API
Group
Corp.*
214,878
1,278
Applied
Industrial
Technologies,
Inc.
204,569
1,603
ASGN,
Inc.*
143,052
1,280
Atkore,
Inc.*
166,272
13,892
Automatic
Data
Processing,
Inc.
3,194,049
668
Avis
Budget
Group,
Inc.*
122,144
2,321
Axon
Enterprise,
Inc.*
533,528
18,745
Boeing
Co.
(The)*
4,341,904
4,319
Booz
Allen
Hamilton
Holding
Corp.
540,436
3,934
Broadridge
Financial
Solutions,
Inc.
762,488
4,135
Builders
FirstSource,
Inc.*
554,545
3,065
BWX
Technologies,
Inc.
239,162
3,876
C.H.
Robinson
Worldwide,
Inc.
318,026
757
CACI
International,
Inc.,
Class
A*
242,959
1,667
Carlisle
Cos.,
Inc.
467,443
28,050
Carrier
Global
Corp.
1,457,478
17,311
Caterpillar,
Inc.
4,340,214
5,004
Ceridian
HCM
Holding,
Inc.*
344,776
1,404
Chart
Industries,
Inc.*
182,562
2,908
Cintas
Corp.
1,608,851
13,961
Clarivate
PLC*
108,337
1,697
Clean
Harbors,
Inc.*
274,337
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Industrials
–
(continued)
1,181
Comfort
Systems
USA,
Inc.
$
228,618
1,402
Concentrix
Corp.
131,774
28,504
Copart,
Inc.*
1,431,471
3,581
Core
&
Main,
Inc.,
Class
A*
125,442
67,286
CSX
Corp.
2,173,338
4,762
Cummins,
Inc.
1,067,450
1,285
Curtiss-Wright
Corp.
274,862
9,061
Deere
&
Co.
3,301,919
21,539
Delta
Air
Lines,
Inc.
795,435
4,052
Donaldson
Co.,
Inc.
246,524
4,683
Dover
Corp.
661,052
8,166
Dun
&
Bradstreet
Holdings,
Inc.
86,478
13,332
Eaton
Corp.
PLC
3,035,563
1,581
EMCOR
Group,
Inc.
335,994
19,159
Emerson
Electric
Co.
1,703,235
4,091
Equifax,
Inc.
890,652
5,398
ExlService
Holdings,
Inc.*
153,141
4,946
Expeditors
International
of
Washington,
Inc.
595,202
1,682
Exponent,
Inc.
129,447
19,175
Fastenal
Co.
1,149,925
7,746
FedEx
Corp.
2,004,897
6,506
Ferguson
PLC
1,114,738
4,397
Flowserve
Corp.
168,229
11,873
Fortive
Corp.
819,000
4,228
Fortune
Brands
Innovations,
Inc.
289,322
1,119
FTI
Consulting,
Inc.*
246,695
1,177
GATX
Corp.
128,293
2,060
Generac
Holdings,
Inc.*
241,164
7,588
General
Dynamics
Corp.
1,874,008
36,370
General
Electric
Co.
4,429,866
5,689
Genpact
Ltd.
193,198
5,608
Graco,
Inc.
453,014
3,921
GXO
Logistics,
Inc.*
220,595
1,416
HEICO
Corp.
242,179
2,503
HEICO
Corp.,
Class
A
343,937
4,578
Hertz
Global
Holdings,
Inc.*
38,181
2,825
Hexcel
Corp.
195,801
22,374
Honeywell
International,
Inc.
4,383,514
13,738
Howmet
Aerospace,
Inc.
722,619
1,797
Hubbell,
Inc.
539,100
1,310
Huntington
Ingalls
Industries,
Inc.
310,496
2,537
IDEX
Corp.
511,662
10,194
Illinois
Tool
Works,
Inc.
2,469,089
13,584
Ingersoll
Rand,
Inc.
970,305
1,210
Insperity,
Inc.
137,638
2,755
ITT,
Inc.
298,284
2,761
J.B.
Hunt
Transport
Services,
Inc.
511,530
4,220
Jacobs
Solutions,
Inc.
536,700
11,271
Joby
Aviation,
Inc.*
(a)
67,175
22,914
Johnson
Controls
International
PLC
1,209,859
4,511
KBR,
Inc.
233,083
5,056
Knight-Swift
Transportation
Holdings,
Inc.
271,912
6,349
L3Harris
Technologies,
Inc.
1,211,453
1,199
Landstar
System,
Inc.
207,007
4,589
Leidos
Holdings,
Inc.
492,491
1,069
Lennox
International,
Inc.
434,720
GOLDMAN
SACHS
MARKETBETA
®
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ETF
Schedule
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Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Industrials
–
(continued)
1,892
Lincoln
Electric
Holdings,
Inc.
$
374,730
8,512
Lockheed
Martin
Corp.
3,811,418
10,846
Lyft,
Inc.,
Class
A*
127,224
1,678
ManpowerGroup,
Inc.
124,524
7,552
Masco
Corp.
457,274
2,118
MasTec,
Inc.*
128,436
2,025
Maximus,
Inc.
169,067
6,457
MDU
Resources
Group,
Inc.
123,587
1,777
Middleby
Corp.
(The)*
224,311
1,240
MSA
Safety,
Inc.
215,934
1,542
MSC
Industrial
Direct
Co.,
Inc.,
Class
A
150,222
1,378
NEXTracker,
Inc.,
Class
A*
56,002
1,716
Nordson
Corp.
403,843
7,645
Norfolk
Southern
Corp.
1,667,833
5,099
Northrop
Grumman
Corp.
2,422,841
5,429
nVent
Electric
PLC
289,094
3,207
Old
Dominion
Freight
Line,
Inc.
1,247,715
2,181
Oshkosh
Corp.
212,189
13,894
Otis
Worldwide
Corp.
1,191,966
3,005
Owens
Corning
407,418
17,343
PACCAR,
Inc.
1,592,434
4,292
Parker-Hannifin
Corp.
1,859,209
1,368
Parsons
Corp.*
85,213
10,821
Paychex,
Inc.
1,319,837
1,721
Paycom
Software,
Inc.
312,637
2,131
Paycor
HCM,
Inc.*
45,199
1,424
Paylocity
Holding
Corp.*
223,098
5,522
Pentair
PLC
356,390
17,979
Plug
Power,
Inc.*
(a)
72,635
4,827
Quanta
Services,
Inc.
908,972
959
RBC
Bearings,
Inc.*
247,173
2,217
Regal
Rexnord
Corp.
265,597
6,935
Republic
Services,
Inc.
1,122,360
3,522
Robert
Half,
Inc.
288,734
3,858
Rockwell
Automation,
Inc.
1,062,648
10,487
Rollins,
Inc.
427,240
49,090
RTX
Corp.
3,999,853
890
Saia,
Inc.*
347,447
1,785
Science
Applications
International
Corp.
209,577
5,093
Sensata
Technologies
Holding
PLC
165,573
1,427
Simpson
Manufacturing
Co.,
Inc.
238,266
1,490
SiteOne
Landscape
Supply,
Inc.*
209,822
1,751
Snap-on,
Inc.
480,982
19,951
Southwest
Airlines
Co.
510,147
7,312
SS&C
Technologies
Holdings,
Inc.
411,373
5,096
Stanley
Black
&
Decker,
Inc.
463,226
3,094
Stericycle,
Inc.*
145,325
1,775
Tetra
Tech,
Inc.
280,716
6,555
Textron,
Inc.
502,506
2,174
Timken
Co.
(The)
157,398
3,479
Toro
Co.
(The)
288,757
7,654
Trane
Technologies
PLC
1,725,288
1,737
TransDigm
Group,
Inc.
1,672,505
6,488
TransUnion
380,975
3,644
Trex
Co.,
Inc.*
256,064
1,857
TriNet
Group,
Inc.*
215,282
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Industrials
–
(continued)
65,500
Uber
Technologies,
Inc.*
$
3,692,890
2,027
UFP
Industries,
Inc.
222,220
287
U-Haul
Holding
Co.*
16,247
3,387
U-Haul
Holding
Co.
183,406
20,474
Union
Pacific
Corp.
4,612,178
10,974
United
Airlines
Holdings,
Inc.*
432,376
24,377
United
Parcel
Service,
Inc.,
Class
B
3,695,797
2,303
United
Rentals,
Inc.
1,096,274
687
Valmont
Industries,
Inc.
150,845
4,848
Verisk
Analytics,
Inc.
1,170,453
11,653
Vertiv
Holdings
Co.,
Class
A*
508,770
1,362
W.W.
Grainger,
Inc.
1,070,791
13,659
Waste
Management,
Inc.
2,335,552
1,114
Watsco,
Inc.
425,804
907
Watts
Water
Technologies,
Inc.,
Class
A
174,607
1,503
WESCO
International,
Inc.
234,243
5,982
Westinghouse
Air
Brake
Technologies
Corp.
697,262
6,467
WillScot
Mobile
Mini
Holdings
Corp.*
269,803
1,874
Woodward,
Inc.
253,327
3,812
XPO,
Inc.*
328,899
7,987
Xylem,
Inc.
839,673
131,807,108
Information
Technology
–
28.2%
22,328
Accenture
PLC,
Class
A
7,438,350
15,295
Adobe,
Inc.*
9,345,398
53,770
Advanced
Micro
Devices,
Inc.*
6,514,773
5,018
Akamai
Technologies,
Inc.*
579,730
2,461
Allegro
MicroSystems,
Inc.
(Japan)*
66,988
1,766
Altair
Engineering,
Inc.,
Class
A*
127,964
3,992
Amdocs
Ltd.
334,410
3,649
Amkor
Technology,
Inc.
102,792
19,858
Amphenol
Corp.,
Class
A
1,806,879
16,956
Analog
Devices,
Inc.
3,109,391
2,907
ANSYS,
Inc.*
852,798
612
Appfolio,
Inc.,
Class
A*
115,821
498,079
Apple,
Inc.
94,610,106
28,174
Applied
Materials,
Inc.
4,219,902
5,984
AppLovin
Corp.,
Class
A*
224,280
7,947
Arista
Networks,
Inc.*
1,746,035
1,894
Arrow
Electronics,
Inc.*
224,553
941
Aspen
Technology,
Inc.*
177,153
5,094
Atlassian
Corp.,
Class
A*
972,699
7,181
Autodesk,
Inc.*
1,568,546
6,847
Bentley
Systems,
Inc.,
Class
B
356,455
3,389
BILL
Holdings,
Inc.*
221,878
13,574
Broadcom,
Inc.
12,565,859
9,079
Cadence
Design
Systems,
Inc.*
2,481,018
5,871
CCC
Intelligent
Solutions
Holdings,
Inc.*
68,573
4,522
CDW
Corp.
953,599
4,954
Ciena
Corp.*
227,141
137,048
Cisco
Systems,
Inc.
6,630,382
9,511
Cloudflare,
Inc.,
Class
A*
733,774
GOLDMAN
SACHS
MARKETBETA
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1000
EQUITY
ETF
Schedule
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Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
5,801
Cognex
Corp.
$
218,698
17,048
Cognizant
Technology
Solutions
Corp.,
Class
A
1,199,838
4,392
Coherent
Corp.*
161,582
7,022
Confluent,
Inc.,
Class
A*
149,007
25,838
Corning,
Inc.
736,125
7,326
Crowdstrike
Holdings,
Inc.,
Class
A*
1,736,189
9,624
Datadog,
Inc.,
Class
A*
1,121,870
8,279
Dell
Technologies,
Inc.,
Class
C
628,128
6,742
DocuSign,
Inc.*
290,580
1,985
Dolby
Laboratories,
Inc.,
Class
A
170,968
3,826
DoubleVerify
Holdings,
Inc.*
127,023
8,660
Dropbox,
Inc.,
Class
A*
244,039
6,842
DXC
Technology
Co.*
158,255
7,903
Dynatrace,
Inc.*
423,206
2,650
Elastic
NV*
212,954
4,457
Enphase
Energy,
Inc.*
450,246
5,003
Entegris,
Inc.
522,313
1,884
EPAM
Systems,
Inc.*
486,430
2,023
F5,
Inc.*
346,317
1,214
Fabrinet
(Thailand)*
196,547
822
Fair
Isaac
Corp.*
894,007
3,404
First
Solar,
Inc.*
537,083
2,344
Five9,
Inc.*
178,660
14,794
Flex
Ltd.*
376,507
22,744
Fortinet,
Inc.*
1,195,425
5,325
Freshworks,
Inc.,
Class
A*
106,607
2,573
Gartner,
Inc.*
1,118,843
20,821
Gen
Digital,
Inc.
459,728
2,603
Gitlab,
Inc.,
Class
A*
125,829
2,548
GLOBALFOUNDRIES,
Inc.*
136,802
1,389
Globant
SA*
306,691
4,911
GoDaddy,
Inc.,
Class
A*
491,395
2,704
Guidewire
Software,
Inc.*
270,238
3,570
HashiCorp,
Inc.,
Class
A*
76,469
43,275
Hewlett
Packard
Enterprise
Co.
731,780
33,114
HP,
Inc.
971,565
1,589
HubSpot,
Inc.*
784,855
3,774
Informatica,
Inc.,
Class
A*
94,690
140,234
Intel
Corp.
6,268,460
30,523
International
Business
Machines
Corp.
4,839,727
9,159
Intuit,
Inc.
5,234,002
980
IPG
Photonics
Corp.*
93,845
4,215
Jabil,
Inc.
486,074
10,672
Juniper
Networks,
Inc.
303,618
5,977
Keysight
Technologies,
Inc.*
812,215
4,607
KLA
Corp.
2,509,064
4,502
Lam
Research
Corp.
3,223,072
4,570
Lattice
Semiconductor
Corp.*
267,574
821
Littelfuse,
Inc.
191,129
1,815
MACOM
Technology
Solutions
Holdings,
Inc.*
152,424
2,058
Manhattan
Associates,
Inc.*
459,037
28,806
Marvell
Technology,
Inc.
1,605,358
17,977
Microchip
Technology,
Inc.
1,500,001
36,684
Micron
Technology,
Inc.
2,792,386
246,563
Microsoft
Corp.
93,425,186
406
MicroStrategy,
Inc.,
Class
A*
202,310
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
2,114
MKS
Instruments,
Inc.
$
174,511
2,284
MongoDB,
Inc.*
949,550
1,548
Monolithic
Power
Systems,
Inc.
849,419
5,621
Motorola
Solutions,
Inc.
1,814,852
7,130
NetApp,
Inc.
651,611
1,194
Novanta,
Inc.*
172,461
7,880
Nutanix,
Inc.,
Class
A*
339,549
79,762
NVIDIA
Corp.
37,304,687
5,064
Okta,
Inc.*
339,541
14,471
ON
Semiconductor
Corp.*
1,032,216
1,631
Onto
Innovation,
Inc.*
229,987
52,266
Oracle
Corp.
6,073,832
61,263
Palantir
Technologies,
Inc.,
Class
A*
1,228,323
10,121
Palo
Alto
Networks,
Inc.*
2,986,606
4,201
Procore
Technologies,
Inc.*
248,237
3,934
PTC,
Inc.*
619,054
9,674
Pure
Storage,
Inc.,
Class
A*
322,241
3,302
Qorvo,
Inc.*
318,643
37,419
QUALCOMM,
Inc.
4,828,922
1,208
Qualys,
Inc.*
223,287
3,631
Rambus,
Inc.*
245,710
3,574
Roper
Technologies,
Inc.
1,923,706
31,628
Salesforce,
Inc.*
7,967,093
5,233
Samsara,
Inc.,
Class
A*
144,117
1,908
Sanmina
Corp.*
95,610
6,478
Seagate
Technology
Holdings
PLC
512,410
7,635
SentinelOne,
Inc.,
Class
A*
145,752
6,837
ServiceNow,
Inc.*
4,688,404
1,046
Silicon
Laboratories,
Inc.*
110,217
5,342
Skyworks
Solutions,
Inc.
517,800
4,284
Smartsheet,
Inc.,
Class
A*
181,556
9,203
Snowflake,
Inc.,
Class
A*
1,727,219
1,880
SolarEdge
Technologies,
Inc.*
149,234
5,124
Splunk,
Inc.*
776,491
1,220
SPS
Commerce,
Inc.*
210,182
1,535
Super
Micro
Computer,
Inc.*
419,776
1,309
Synaptics,
Inc.*
132,523
5,088
Synopsys,
Inc.*
2,763,954
1,625
TD
SYNNEX
Corp.
160,290
10,580
TE
Connectivity
Ltd.
1,385,980
1,565
Teledyne
Technologies,
Inc.*
630,632
3,798
Tenable
Holdings,
Inc.*
157,199
5,198
Teradyne,
Inc.
479,412
30,391
Texas
Instruments,
Inc.
4,641,010
8,293
Trimble,
Inc.*
384,795
5,822
Twilio,
Inc.,
Class
A*
376,567
1,397
Tyler
Technologies,
Inc.*
571,149
13,055
UiPath,
Inc.,
Class
A*
257,967
8,302
Unity
Software,
Inc.*
244,992
1,466
Universal
Display
Corp.
248,047
3,037
VeriSign,
Inc.*
644,451
10,746
Western
Digital
Corp.*
519,139
4,160
Wolfspeed,
Inc.*
153,338
6,872
Workday,
Inc.,
Class
A*
1,860,388
1,720
Zebra
Technologies
Corp.,
Class
A*
407,606
8,540
Zoom
Video
Communications,
Inc.,
Class
A*
579,268
GOLDMAN
SACHS
MARKETBETA
®
U.S.
1000
EQUITY
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Schedule
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Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
2,934
Zscaler,
Inc.*
$
579,553
398,881,284
Materials
–
2.6%
7,361
Air
Products
and
Chemicals,
Inc.
1,991,519
3,931
Albemarle
Corp.
476,712
5,950
Alcoa
Corp.
159,817
48,542
Amcor
PLC
460,178
14,114
Anglogold
Ashanti
PLC
(United
Kingdom)
271,695
2,190
AptarGroup,
Inc.
277,889
1,716
Ashland,
Inc.
137,143
2,673
Avery
Dennison
Corp.
519,899
7,416
Axalta
Coating
Systems
Ltd.*
233,382
10,418
Ball
Corp.
576,011
3,999
Berry
Global
Group,
Inc.
264,414
3,648
Celanese
Corp.
505,832
6,527
CF
Industries
Holdings,
Inc.
490,504
16,926
Cleveland-Cliffs,
Inc.*
290,450
3,885
Commercial
Metals
Co.
176,107
23,890
Corteva,
Inc.
1,079,828
23,228
CRH
PLC
1,457,557
4,005
Crown
Holdings,
Inc.
344,470
23,767
Dow,
Inc.
1,229,942
14,112
DuPont
de
Nemours,
Inc.
1,009,572
1,179
Eagle
Materials,
Inc.
213,458
3,982
Eastman
Chemical
Co.
333,811
8,484
Ecolab,
Inc.
1,626,637
4,170
FMC
Corp.
223,762
47,990
Freeport-McMoRan,
Inc.
1,790,987
10,221
Graphic
Packaging
Holding
Co.
231,710
5,775
Huntsman
Corp.
142,065
8,568
International
Flavors
&
Fragrances,
Inc.
645,856
11,551
International
Paper
Co.
426,694
16,440
Linde
PLC
6,802,379
6,005
Livent
Corp.*
82,629
2,390
Louisiana-Pacific
Corp.
145,766
8,568
LyondellBasell
Industries
NV,
Class
A
814,817
2,074
Martin
Marietta
Materials,
Inc.
963,560
11,123
Mosaic
Co.
(The)
399,204
4,816
MP
Materials
Corp.*
76,430
26,703
Newmont
Corp.
1,073,194
8,429
Nucor
Corp.
1,432,677
4,213
Olin
Corp.
198,601
2,982
Packaging
Corp.
of
America
501,006
7,904
PPG
Industries,
Inc.
1,122,289
1,963
Reliance
Steel
&
Aluminum
Co.
540,335
2,205
Royal
Gold,
Inc.
268,569
4,281
RPM
International,
Inc.
440,643
4,809
Sealed
Air
Corp.
160,524
7,962
Sherwin-Williams
Co.
(The)
2,219,806
2,826
Silgan
Holdings,
Inc.
117,901
3,267
Sonoco
Products
Co.
180,208
2,867
Southern
Copper
Corp.
(Mexico)
206,223
5,226
Steel
Dynamics,
Inc.
622,573
7,530
United
States
Steel
Corp.
270,327
4,458
Vulcan
Materials
Co.
952,050
1,085
Westlake
Corp.
139,303
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Materials
–
(continued)
8,575
Westrock
Co.
$
353,033
37,671,948
Real
Estate
–
2.7%
3,188
Agree
Realty
Corp.
REIT
188,762
5,759
Alexandria
Real
Estate
Equities,
Inc.
REIT
630,035
11,194
American
Homes
4
Rent,
Class
A
REIT
406,006
15,657
American
Tower
Corp.
REIT
3,268,868
9,064
Americold
Realty
Trust,
Inc.
REIT
255,877
5,010
Apartment
Income
REIT
Corp.
REIT
155,911
4,759
AvalonBay
Communities,
Inc.
REIT
823,022
5,265
Boston
Properties,
Inc.
REIT
299,736
10,057
Brixmor
Property
Group,
Inc.
REIT
216,427
3,545
Camden
Property
Trust
REIT
319,972
10,405
CBRE
Group,
Inc.,
Class
A*
821,579
13,631
CoStar
Group,
Inc.*
1,131,918
14,518
Crown
Castle,
Inc.
REIT
1,702,671
7,497
CubeSmart
REIT
298,081
10,171
Digital
Realty
Trust,
Inc.
REIT
1,411,531
1,505
EastGroup
Properties,
Inc.
REIT
261,494
3,135
Equinix,
Inc.
REIT
2,555,056
5,965
Equity
LifeStyle
Properties,
Inc.
REIT
424,112
12,527
Equity
Residential
REIT
712,035
2,143
Essex
Property
Trust,
Inc.
REIT
457,445
7,022
Extra
Space
Storage,
Inc.
REIT
914,054
2,477
Federal
Realty
Investment
Trust
REIT
236,776
4,410
First
Industrial
Realty
Trust,
Inc.
REIT
207,491
8,444
Gaming
and
Leisure
Properties,
Inc.
REIT
394,588
12,682
Healthcare
Realty
Trust,
Inc.
REIT
193,654
18,351
Healthpeak
Properties,
Inc.
REIT
317,839
23,642
Host
Hotels
&
Resorts,
Inc.
REIT
413,026
19,238
Invitation
Homes,
Inc.
REIT
641,780
9,722
Iron
Mountain,
Inc.
REIT
623,666
1,589
Jones
Lang
LaSalle,
Inc.*
247,121
3,888
Kilroy
Realty
Corp.
REIT
128,226
20,313
Kimco
Realty
Corp.
REIT
392,447
2,918
Lamar
Advertising
Co.,
Class
A
REIT
295,564
19,828
Medical
Properties
Trust,
Inc.
REIT
96,166
3,899
Mid-America
Apartment
Communities,
Inc.
REIT
485,348
2,706
National
Storage
Affiliates
Trust
REIT
89,812
469
NET
Lease
Office
Properties
REIT*
7,668
6,123
NNN
REIT,
Inc.
REIT
248,716
GOLDMAN
SACHS
MARKETBETA
®
U.S.
1000
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Real
Estate
–
(continued)
8,214
Omega
Healthcare
Investors,
Inc.
REIT
$
260,795
30,988
Prologis,
Inc.
REIT
3,561,451
5,315
Public
Storage
REIT
1,375,309
4,942
Rayonier,
Inc.
REIT
151,621
23,822
Realty
Income
Corp.
REIT
1,285,435
6,025
Regency
Centers
Corp.
REIT
378,250
6,933
Rexford
Industrial
Realty,
Inc.
REIT
341,242
3,598
SBA
Communications
Corp.
REIT
888,562
10,888
Simon
Property
Group,
Inc.
REIT
1,359,802
4,728
Spirit
Realty
Capital,
Inc.
REIT
195,266
6,027
STAG
Industrial,
Inc.
REIT
216,068
4,144
Sun
Communities,
Inc.
REIT
535,985
10,226
UDR,
Inc.
REIT
341,548
13,490
Ventas,
Inc.
REIT
618,382
34,014
VICI
Properties,
Inc.
REIT
1,016,678
7,043
W.P.
Carey,
Inc.
REIT
438,356
17,433
Welltower,
Inc.
REIT
1,553,280
24,581
Weyerhaeuser
Co.
REIT
770,614
1,878
Zillow
Group,
Inc.,
Class
A*
73,974
5,140
Zillow
Group,
Inc.,
Class
C*
210,432
37,847,530
Utilities
–
2.3%
22,424
AES
Corp.
(The)
385,917
8,452
Alliant
Energy
Corp.
427,418
8,796
Ameren
Corp.
682,482
17,309
American
Electric
Power
Co.,
Inc.
1,376,931
6,538
American
Water
Works
Co.,
Inc.
861,970
4,969
Atmos
Energy
Corp.
565,522
2,384
Avangrid,
Inc.
73,594
6,018
Brookfield
Renewable
Corp.,
Class
A
(a)
159,718
21,207
CenterPoint
Energy,
Inc.
599,522
1,100
Clearway
Energy,
Inc.,
Class
A
26,037
2,753
Clearway
Energy,
Inc.,
Class
C
68,742
9,779
CMS
Energy
Corp.
555,056
11,599
Consolidated
Edison,
Inc.
1,045,186
10,903
Constellation
Energy
Corp.
1,319,699
28,096
Dominion
Energy,
Inc.
1,273,873
6,891
DTE
Energy
Co.
717,422
25,894
Duke
Energy
Corp.
2,389,498
12,872
Edison
International
862,295
7,086
Entergy
Corp.
718,591
8,881
Essential
Utilities,
Inc.
316,252
7,624
Evergy,
Inc.
389,129
11,703
Eversource
Energy
695,275
33,389
Exelon
Corp.
1,285,810
18,283
FirstEnergy
Corp.
675,374
1,691
IDACORP,
Inc.
163,181
2,954
National
Fuel
Gas
Co.
150,034
3,114
NextEra
Energy
Partners
LP
73,304
68,005
NextEra
Energy,
Inc.
3,978,972
13,862
NiSource,
Inc.
355,422
7,490
NRG
Energy,
Inc.
358,322
6,723
OGE
Energy
Corp.
235,641
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Utilities
–
(continued)
82,447
PG&E
Corp.*
$
1,415,615
3,806
Pinnacle
West
Capital
Corp.
285,222
24,789
PPL
Corp.
647,489
16,770
Public
Service
Enterprise
Group,
Inc.
1,046,951
21,157
Sempra
1,541,711
36,586
Southern
Co.
(The)
2,596,874
2,385
Southwest
Gas
Holdings,
Inc.
140,977
6,994
UGI
Corp.
153,798
12,047
Vistra
Corp.
426,584
10,595
WEC
Energy
Group,
Inc.
885,954
18,502
Xcel
Energy,
Inc.
1,125,662
33,053,026
TOTAL
COMMON
STOCKS
(Cost
$477,192,331)
1,412,506,463
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.2%
(b)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
–
Institutional
Shares
2,707,264
5.260%
2,707,264
(Cost
$2,707,264)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$479,899,595)
1,415,213,727
a
Securities
Lending
Reinvestment
Vehicle
–
0.1%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
1,668,918
5.259%
1,668,918
(Cost
$1,668,918)
TOTAL
INVESTMENTS
–
99.9%
(Cost
$481,568,513)
$
1,416,882,645
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.1%
931,901
NET
ASSETS
–
100.0%
$
1,417,814,546
  a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
All
or
a
portion
of
security
is
on
loan.
(b)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
LP
—
Limited
Partnership
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
GOLDMAN
SACHS
MARKETBETA
®
U.S.
1000
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Additional
Investment
Information 
FUTURES
CONTRACTS
—
At
November
30,
2023,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
E-Mini
Russell
1000
Index
28
12/15/23
$
3,510,360
$
10,851
Goldman
Sachs
MarketBeta®
ETFs
II
Schedule
of
Investments
November
30,
2023
(Unaudited)
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Investment
Valuation
—
The
Funds’
valuation
policy
is
to
value
investments
at
fair
value.
Investments
and
Fair
Value
Measurements
—
U.S.
GAAP
defines
the
fair
value
of
a
financial
instrument
as
the
amount
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date
(i.e.,
the
exit
price);
the
Funds’
policy
is
to
use
the
market
approach.
GAAP
establishes
a
fair
value
hierarchy
that
prioritizes
the
inputs
to
valuation
techniques
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
The
level
in
the
fair
value
hierarchy
within
which
the
fair
value
measurement
in
its
entirety
falls
shall
be
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
The
levels
used
for
classifying
investments
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
these
investments.
The
three
levels
of
the
fair
value
hierarchy
are
described
below:
Level
1
—
Unadjusted
quoted
prices
in
active
markets
that
are
accessible
at
the
measurement
date
for
identical,
unrestricted
assets
or
liabilities;
Level
2
—
Quoted
prices
in
markets
that
are
not
active
or
financial
instruments
for
which
significant
inputs
are
observable
(including,
but
not
limited
to,
quoted
prices
for
similar
investments,
interest
rates,
foreign
exchange
rates,
volatility
and
credit
spreads),
either
directly
or
indirectly;
Level
3
—
Prices
or
valuations
that
require
significant
unobservable
inputs
(including
GSAM’s
assumptions
in
determining
fair
value
measurement).
The
Board
of
Trustees
(“Trustees”)
has
approved
Valuation
Procedures
that
govern
the
valuation
of
the
portfolio
investments
held
by
the
Funds,
including
investments
for
which
market
quotations
are
not
readily
available.
With
respect
to
the
Funds’
investments
that
do
not
have
readily
available
market
quotations,
the
Trustees
have
designated
the
Adviser
as
the
valuation
designee
to
perform
fair
valuations
pursuant
to
rule
2a-5
under
the
Investment
Company
Action
of
1940
(“Valuation
Designee”)
GSAM
has
day-to-day
responsibility
for
implementing
and
maintaining
internal
controls
and
procedures
related
to
the
valuation
of
the
Funds’
investments.
To
assess
the
continuing
appropriateness
of
pricing
sources
and
methodologies,
GSAM
regularly
performs
price
verification
procedures
and
issues
challenges
as
necessary
to
third
party
pricing
vendors
or
brokers,
and
any
differences
are
reviewed
in
accordance
with
the
Valuation
Procedures.
A.
Level
1
and
Level
2
Fair
Value
Investments
—
The
valuation
techniques
and
significant
inputs
used
in
determining
the
fair
values
for
investments
classified
as
Level
1
and
Level
2
are
as
follows:
Equity
Securities
—
Equity
securities
traded
on
a
United
States
(“U.S.”)
securities
exchange
or
the
NASDAQ
system,
or
those
located
on
certain
foreign
exchanges,
including
but
not
limited
to
the
Americas,
are
valued
daily
at
their
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
they
are
traded.
If
there
is
no
sale
or
official
closing
price
or
such
price
is
believed
by
GSAM
to
not
represent
fair
value,
equity
securities
will
be
valued
at
the
valid
closing
bid
price
for
long
positions
and
at
the
valid
closing
ask
price
for
short
positions
(i.e.
where
there
is
sufficient
volume,
during
normal
exchange
trading
hours).
If
no
valid
bid/ask
price
is
available,
the
equity
security
will
be
valued
pursuant
to
the
Valuation
Procedures
and
consistent
with
applicable
regulatory
guidance.
To
the
extent
these
investments
are
actively
traded,
they
are
classified
as
Level
1
of
the
fair
value
hierarchy,
otherwise
they
are
generally
classified
as
Level
2.
Certain
equity
securities
containing
unique
attributes
may
be
classified
as
Level
2.
Unlisted
equity
securities
for
which
market
quotations
are
available
are
valued
at
the
last
sale
price
on
the
valuation
date,
or
if
no
sale
occurs,
at
the
last
bid
price
for
long
positions
or
the
last
ask
price
for
short
positions,
and
are
generally
classified
as
Level
2.
Derivative
Contracts
—
A
derivative
is
an
instrument
whose
value
is
derived
from
underlying
assets,
indices,
reference
rates
or
a
combination
of
these
factors.
A
Fund
enters
into
derivative
transactions
to
hedge
against
changes
in
interest
rates,
securities
prices,
and/or
currency
exchange
rates,
to
increase
total
return,
or
to
gain
access
to
certain
markets
or
attain
exposure
to
other
underliers.
For
financial
reporting
purposes,
cash
collateral
that
has
been
pledged
to
cover
obligations
of
a
Fund
and
cash
collateral
received,
if
any,
is
reported
separately
on
the
Statements
of
Assets
and
Liabilities
as
either
due
to
broker/receivable
for
collateral
on
certain
derivative
contracts.
Non-cash
collateral
pledged
by
a
Fund,
if
any,
is
noted
in
the
Schedules
of
Investments.
Goldman
Sachs
MarketBeta®
ETFs
II
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Exchange-traded
derivatives,
including
futures
and
options
contracts,
are
generally
valued
at
the
last
sale
or
settlement
price
on
the
exchange
where
they
are
principally
traded.
Exchange-traded
options
without
settlement
prices
are
generally
valued
at
the
last
bid
price
for
long
positions
and
the
last
ask
price
for
short
positions
on
the
exchange
where
they
are
principally
traded.
Exchange-traded
derivatives
typically
fall
within
Level
1
of
the
fair
value
hierarchy.
Over-the-counter
(“OTC”)
and
centrally
cleared
derivatives
are
valued
using
market
transactions
and
other
market
evidence,
including
market-based
inputs
to
models,
calibration
to
market-clearing
transactions,
broker
or
dealer
quotations,
or
other
alternative
pricing
sources.
Where
models
are
used,
the
selection
of
a
particular
model
to
value
OTC
and
centrally
cleared
derivatives
depends
upon
the
contractual
terms
of,
and
specific
risks
inherent
in,
the
instrument,
as
well
as
the
availability
of
pricing
information
in
the
market.
Valuation
models
require
a
variety
of
inputs,
including
contractual
terms,
market
prices,
yield
curves,
credit
curves,
measures
of
volatility,
voluntary
and
involuntary
prepayment
rates,
loss
severity
rates
and
correlations
of
such
inputs.
For
OTC
and
centrally
cleared
derivatives
that
trade
in
liquid
markets,
model
inputs
can
generally
be
verified
and
model
selection
does
not
involve
significant
management
judgment.
OTC
and
centrally
cleared
derivatives
are
classified
within
Level
2
of
the
fair
value
hierarchy
when
significant
inputs
are
corroborated
by
market
evidence.
i.
Futures
Contracts
—
Futures
contracts
are
contracts
to
buy
or
sell
a
standardized
quantity
of
a
specified
commodity
or
security.
Upon
entering
into
a
futures
contract,
a
Fund
deposits
cash
or
securities
in
an
account
on
behalf
of
the
broker
in
an
amount
sufficient
to
meet
the
initial
margin
requirement.
Subsequent
payments
are
made
or
received
by
a
Fund
equal
to
the
daily
change
in
the
contract
value
and
are
recorded
as
variation
margin
receivable
or
payable
with
a
corresponding
offset
to
unrealized
gains
or
losses.
Underlying
Funds
(including
Money
Market
Funds)
—
Underlying
funds
(“Underlying
Funds”)
include
exchange-traded
funds
(“ETFs”)
and
other
investment
companies.
Investments
in
the
Underlying
Funds
(except
ETFs)
are
valued
at
the
NAV
per
share
on
the
day
of
valuation.
ETFs
are
valued
daily
at
the
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
the
investment
is
traded.
Because
the
Funds
invest
in
Underlying
Funds
that
fluctuate
in
value,
the
Funds’
shares
will
correspondingly
fluctuate
in
value.
Underlying
Funds
are
generally
classified
as
Level
1
of
the
fair
value
hierarchy.
To
the
extent
that
underlying
ETFs
are
actively
traded,
they
are
classified
as
Level
1
of
the
fair
value
hierarchy,
otherwise
they
are
generally
classified
as
Level
2.
For
information
regarding
an
Underlying
Fund’s
accounting
policies
and
investment
holdings,
please
see
the
Underlying
Fund’s
shareholder
report.
B.
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.
C.
Fair
Value
Hierarchy
—
The
following
is
a
summary
of
the
Funds’
investments
classified
in
the
fair
value
hierarchy
as
of
November
30,
2023:
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
MarketBeta®
ETFs
II
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
For
further
information
regarding
security
characteristics,
see
the
Schedules
of
Investments.
Goldman
Sachs
MarketBeta®
Total
International
Equity
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Africa
$
3,625,969
$
—
$
—
Asia
166,573,581
2,645,930
—
Europe
130,687,948
863,357
—
North
America
48,722,386
256,358
—
Oceania
19,953,687
—
—
South
America
6,312,045
1,707,861
—
Exchange-Traded
Fund
28,302,829
—
—
Investment
Company
591,111
—
—
Securities
Lending
Reinvestment
Vehicle
1,164,110
—
—
Total
$
405,933,666
$
5,473,506
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Futures
Contracts
(b)
$
8,599
$
—
$
—
€
1.00
€
1.00
€
1.00
1.00
1.00
1.00
MarketBeta®
U.S.
1000
Equity
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
1,533,673
$
—
$
—
Europe
929,119
—
—
North
America
1,407,565,525
—
—
South
America
2,478,146
—
—
Investment
Company
2,707,264
—
—
Securities
Lending
Reinvestment
Vehicle
1,668,918
—
—
Total
$
1,416,882,645
$
—
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Futures
Contracts
(b)
$
10,851
$
—
$
—
€
1.00
€
1.00
€
1.00
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.
The
Fund
utilizes
fair
value
model
prices
provided
by
an
independent
third-party
fair
value
service
for
certain
international
equity
securities
resulting
in
a
level
2
classification.
(b)
Amount
shown
represents
unrealized
gain
(loss)
at
period
end.
(c)
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.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
MarketBeta®
ETFs
II
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Securities
Lending
—
The
Fund
may
lend
its
securities
through
a
securities
lending
agent,
the
Bank
of
New
York
Mellon
(“BNYM”),
to
certain
qualified
borrowers.
In
accordance
with
the
Fund’s
securities
lending
procedures,
the
Fund
receives
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
Fund,
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
Fund
on
the
next
business
day.
As
with
other
extensions
of
credit,
the
Fund
may
experience
delay
in
the
recovery
of
its
securities
or
incur
a
loss
should
the
borrower
of
the
securities
breach
its
agreement
with
the
Fund
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
Statement
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
Fund
invests
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
Fund
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
Fund
by
paying
the
Fund
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
Fund’s
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
Fund’s
loaned
securities
were
all
subject
to
enforceable
Securities
Lending
Agreements
and
the
value
of
the
collateral
was
at
least
equal
to
the
value
of
the
cash
received.
The
amount
of
the
Fund’s
overnight
and
continuous
agreements,
which
represent
the
gross
amounts
of
recognized
liabilities
for
securities
lending
transactions
outstanding
as
of
November
30,
2023,
are
disclosed
as
“Payable
upon
return
of
securities
loaned”
on
the
Statement
of
Assets
and
Liabilities,
where
applicable.
The
Funds’
risks
include,
but
are
not
limited
to,
the
following:
Calculation
Methodology
Risk
—
The
Index
relies
on
various
sources
of
information
to
assess
the
criteria
of
issuers
included
in
the
Index,
(or
a
Reference
Index
if
applicable)
including
fundamental
information
that
may
be
based
on
assumptions
and
estimates.
Neither
the
Fund,
the
Investment
Adviser,
nor
the
Index
Provider
can
offer
assurances
that
the
Index’s
calculation
methodology
or
sources
of
information
will
provide
a
correct
valuation
of
securities,
nor
can
they
guarantee
the
availability
or
timeliness
of
the
production
of
the
Index.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
MarketBeta®
ETFs
II
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Depositary
Receipts
Risk
—
Foreign
securities
may
trade
in
the
form
of
depositary
receipts,
which
include
American
Depositary
Receipts
(“ADRs”)
and
Global
Depositary
Receipts
(“GDRs”)
(collectively
“Depositary
Receipts”).
To
the
extent
the
Fund
acquires
Depositary
Receipts
through
banks
which
do
not
have
a
contractual
relationship
with
the
foreign
issuer
of
the
security
underlying
the
Depositary
Receipts
to
issue
and
service
such
unsponsored
Depositary
Receipts,
there
may
be
an
increased
possibility
that
the
Fund
would
not
become
aware
of
and
be
able
to
respond
to
corporate
actions
such
as
stock
splits
or
rights
offerings
involving
the
foreign
issuer
in
a
timely
manner.
In
addition,
the
lack
of
information
may
result
in
inefficiencies
in
the
valuation
of
such
instruments.
Investment
in
Depositary
Receipts
does
not
eliminate
all
the
risks
inherent
in
investing
in
securities
of
non-U.S.
issuers.
The
market
value
of
Depositary
Receipts
is
dependent
upon
the
market
value
of
the
underlying
securities
and
fluctuations
in
the
relative
value
of
the
currencies
in
which
the
Depositary
Receipts
and
the
underlying
securities
are
quoted.
The
issuers
of
Depositary
Receipts
may
discontinue
issuing
new
Depositary
Receipts
and
withdraw
existing
Depositary
Receipts
at
any
time,
which
may
result
in
costs
and
delays
in
the
distribution
of
the
underlying
assets
to
the
Fund
and
may
negatively
impact
the
Fund’s
performance.
Derivatives
Risk
—
The
Funds’
use
of
derivatives
and
other
similar
instruments
(collectively
referred
to
in
this
paragraph
as
“derivatives”)
may
result
in
loss,
including
due
to
adverse
market
movements.
Derivatives,
which
may
pose
risks
in
addition
to
and
greater
than
those
associated
with
investing
directly
in
securities,
currencies
or
other
assets
and
instruments,
may
increase
market
exposure
and
be
illiquid
or
less
liquid,
volatile,
difficult
to
price
and
leveraged
so
that
small
changes
in
the
value
of
the
underlying
assets
or
instruments
may
produce
disproportionate
losses
to
the
Funds.
Certain
derivatives
are
also
subject
to
counterparty
risk,
which
is
the
risk
that
the
other
party
in
the
transaction
will
not,
or
lacks
the
capacity
or
authority
to,
fulfill
its
contractual
obligations,
liquidity
risk,
which
includes
the
risk
that
the
Funds
will
not
be
able
to
exit
the
derivative
when
it
is
advantageous
to
do
so,
and
risks
arising
from
margin
requirements,
which
include
the
risk
that
the
Fund
will
be
required
to
pay
additional
margin
or
set
aside
additional
collateral
to
maintain
open
derivative
positions.
The
use
of
derivatives
is
a
highly
specialized
activity
that
involves
investment
techniques
and
risks
different
from
those
associated
with
investments
in
more
traditional
securities
and
instruments.
Losses
from
derivatives
can
also
result
from
a
lack
of
correlation
between
changes
in
the
value
of
derivative
instruments
and
the
portfolio
assets
(if
any)
being
hedged.
Foreign
and
Emerging
Countries
Risk
—
Investing
in
foreign
markets
may
involve
special
risks
and
considerations
not
typically
associated
with
investing
in
the
U.S.
Foreign
securities
may
be
subject
to
risk
of
loss
because
of
more
or
less
foreign
government
regulation;
less
public
information
;
less
stringent
investor
protections;
less
stringent
accounting,
corporate
governance,
financial
reporting
and
disclosure
standards;
and
less
economic,
political
and
social
stability
in
the
countries
in
which
a
Fund
invests.
The
imposition
of
sanctions,
exchange
controls
(including
repatriation
restrictions),
confiscation
of
assets
and
property,
trade
restrictions
(including
tariffs)
and
other
government
restrictions
by
the
U.S.
or
other
governments,
or
from
problems
in
registration,
settlement
or
custody,
may
also
result
in
losses.
The
type
and
severity
of
sanctions
and
other
similar
measures,
including
counter
sanctions
and
other
retaliatory
actions,
that
may
be
imposed
could
vary
broadly
in
scope,
and
their
impact
is
impossible
to
predict.
For
example,
the
imposition
of
sanctions
and
other
similar
measures
could,
among
other
things,
cause
a
decline
in
the
value
and/or
liquidity
of
securities
issued
by
the
sanctioned
country
or
companies
located
in
or
economically
tied
to
the
sanctioned
country
and
increase
market
volatility
and
disruption
in
the
sanctioned
country
and
throughout
the
world.
Sanctions
and
other
similar
measures
could
limit
or
prevent
a
Fund
from
buying
and
selling
securities
(in
the
sanctioned
country
and
other
markets),
significantly
delay
or
prevent
the
settlement
of
securities
transactions,
and
significantly
impact
the
Fund’s
liquidity
and
performance.
Foreign
risk
also
involves
the
risk
of
negative
foreign
currency
exchange
rate
fluctuations,
which
may
cause
the
value
of
securities
denominated
in
such
foreign
currency
(or
other
instruments
through
which
a
Fund
has
exposure
to
foreign
currencies)
to
decline
in
value.
Currency
exchange
rates
may
fluctuate
significantly
over
short
periods
of
time.
To
the
extent
that
a
Fund
also
invests
in
securities
of
issuers
located
in,
or
economically
tied
to,
emerging
markets,
these
risks
may
be
more
pronounced.
Geographic
Risk
—
If
the
Fund
focuses
its
investments
in
securities
of
issuers
located
in
a
particular
country
or
geographic
region,
the
Fund
may
be
subjected,
to
a
greater
extent
than
if
its
investments
were
less
focused,
to
the
risks
of
volatile
economic
cycles
and/
or
conditions
and
developments
that
may
be
particular
to
that
country
or
region,
such
as:
adverse
securities
markets;
adverse
exchange
rates;
adverse
social,
political,
regulatory,
economic,
business,
environmental
or
other
developments;
or
natural
disasters.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
MarketBeta®
ETFs
II
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Index
Risk
—
Solactive
AG
(the
“Index
Provider”)
constructs
each
Fund’s
Index
in
accordance
with
a
rules-based
methodology.
The
Funds
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
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
—
Concentrating
Fund
investments
in
a
limited
number
of
issuers
conducting
business
in
the
same
industry
or
group
of
industries
will
subject
the
Fund
to
a
greater
risk
of
loss
as
a
result
of
adverse
economic,
business,
political,
environmental
or
other
developments
than
if
its
investments
were
diversified
across
different
industries.
Large
Shareholder
Transactions
Risk
–
A
Fund
may
experience
adverse
effects
when
certain
large
shareholders,
such
as
other
funds,
institutional
investors
(including
those
trading
by
use
of
non-discretionary
mathematical
formulas),
financial
intermediaries
(who
may
make
investment
decisions
on
behalf
of
underlying
clients
and/or
include
a
Fund
in
their
investment
model),
individuals,
accounts
and
Goldman
Sachs
affiliates,
purchase
or
redeem
large
amounts
of
shares
of
a
Fund.
Such
large
shareholder
redemptions,
which
may
occur
rapidly
or
unexpectedly,
may
cause
a
Fund
to
sell
portfolio
securities
at
times
when
it
would
not
otherwise
do
so,
which
may
negatively
impact
a
Fund’s
NAV
and
liquidity.
These
transactions
may
also
accelerate
the
realization
of
taxable
income
to
shareholders
if
such
sales
of
investments
resulted
in
gains,
and
may
also
increase
transaction
costs.
In
addition,
a
large
redemption
could
result
in
a
Fund’s
current
expenses
being
allocated
over
a
smaller
asset
base,
leading
to
an
increase
in
the
Fund’s
expense
ratio.
Similarly,
large
Fund
share
purchases
may
adversely
affect
a
Fund’s
performance
to
the
extent
that
the
Fund
is
delayed
in
investing
new
cash
or
otherwise
maintains
a
larger
cash
position
than
it
ordinarily
would.
Market
and
Credit
Risks
—
In
the
normal
course
of
business,
the
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
the
Fund
invests
may
go
up
or
down
in
response
to
the
prospects
of
individual
companies,
particular
sectors
or
governments
and/or
general
economic
conditions
throughout
the
world
due
to
increasingly
interconnected
global
economies
and
financial
markets.
Events
such
as
war,
acts
of
terrorism,
social
unrest,
natural
disasters,
the
spread
of
infectious
illness
or
other
public
health
threats
could
also
significantly
impact
the
Fund
and
its
investments.
Additionally,
the
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
—
The
Fund
faces
numerous
market
trading
risks,
including
disruptions
to
creations
and
redemptions,
the
existence
of
extreme
market
volatility
or
potential
lack
of
an
active
trading
market
for
Shares.
If
a
shareholder
purchases
Shares
at
a
time
when
the
market
price
is
at
a
premium
to
the
NAV
or
sells
Shares
at
a
time
when
the
market
price
is
at
a
discount
to
the
NAV,
the
shareholder
may
sustain
losses.
The
Investment
Adviser
cannot
predict
whether
Shares
will
trade
below,
at
or
above
their
NAV.
Price
differences
may
be
due,
in
large
part,
to
the
fact
that
supply
and
demand
forces
at
work
in
the
secondary
trading
market
for
Shares
will
be
closely
related
to,
but
not
identical
to,
the
same
forces
influencing
the
prices
of
the
securities
of
a
Fund’s
Index
trading
individually
or
in
the
aggregate
at
any
point
in
time.
Mid-Cap
Risk
—
Investments
in
mid-capitalization
companies
involve
greater
risks
than
those
associated
with
larger,
more
established
companies.
These
securities
may
be
subject
to
more
abrupt
or
erratic
price
movements
and
may
lack
sufficient
market
liquidity,
and
these
issuers
often
face
greater
business
risks.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
MarketBeta®
ETFs
II
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Seed
Investor
Risk
—
GSAM
and/or
its
affiliates
may
make
payments
to
one
or
more
investors
that
contribute
seed
capital
to
the
Fund.
Such
payments
may
continue
for
a
specified
period
of
time
and/or
until
a
specified
dollar
amount
is
reached.
Those
payments
will
be
made
from
the
assets
of
GSAM
and/or
such
affiliates
(and
not
the
Fund).
Seed
investors
may
contribute
cash
and/or
securities
in
kind
and
such
seed
investment
may
constitute
all
or
a
majority
of
the
assets
in
the
Fund.
There
is
a
risk
that
such
seed
investors
may
redeem
their
investments
in
the
Fund,
particularly
after
payments
from
GSAM
and/or
its
affiliates
have
ceased.
As
with
redemptions
by
other
large
shareholders,
such
redemptions
could
have
a
significant
negative
impact
on
the
Fund,
including
on
the
Fund’s
liquidity
and
the
market
price
of
the
Fund’s
Shares.
The
form
of
a
seed
investor’s
contribution
and
any
redemption
activity
by
a
seed
investor
can
affect,
including
adversely,
the
tax
efficiency
of
the
Fund.
For
more
information,
see
the
section
entitled
Tax
Advantaged
Product
Structure
in
the
Prospectus.
Tracking
Error
Risk
—
Tracking
error
is
the
divergence
of
the
Fund’s
performance
from
that
of
its
Index.
The
performance
of
the
Fund
may
diverge
from
that
of
its
Index
for
a
number
of
reasons.
Tracking
error
may
occur
because
of
transaction
costs,
the
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
the
Fund,
the
returns
of
the
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)