NPORT-EX 2 373220GS053124.htm
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
98.0%
Australia
–
4.8%
10,043
AGL
Energy
Ltd.
(Utilities)
$
68,327
3,987
Ampol
Ltd.
(Energy)
92,062
50,249
ANZ
Group
Holdings
Ltd.
(Financials)
944,061
21,472
APA
Group
(Utilities)
117,667
9,898
Aristocrat
Leisure
Ltd.
(Consumer
Discretionary)
295,759
3,210
ASX
Ltd.
(Financials)
133,105
19,813
Atlas
Arteria
Ltd.
(Industrials)
70,100
30,737
Aurizon
Holdings
Ltd.
(Industrials)
75,225
84,043
BHP
Group
Ltd.
(Materials)
2,487,789
7,600
BlueScope
Steel
Ltd.
(Materials)
106,850
23,234
Brambles
Ltd.
(Industrials)
220,033
5,640
CAR
Group
Ltd.
(Communication
Services)
130,868
7,785
Charter
Hall
Group
REIT
(Real
Estate)
62,750
1,095
Cochlear
Ltd.
(Health
Care)
234,898
21,686
Coles
Group
Ltd.
(Consumer
Staples)
236,814
27,978
Commonwealth
Bank
of
Australia
(Financials)
2,224,254
8,808
Computershare
Ltd.
(Industrials)
155,465
17,764
Dexus
REIT
(Real
Estate)
80,099
2,616
EBOS
Group
Ltd.
(Health
Care)
53,120
22,588
Endeavour
Group
Ltd.
(Consumer
Staples)
74,510
29,872
Evolution
Mining
Ltd.
(Materials)
77,876
26,405
Fortescue
Ltd.
(Materials)
434,450
155,706
Glencore
PLC
(Materials)
953,063
30,760
Goodman
Group
REIT
(Real
Estate)
685,717
32,034
GPT
Group
(The)
REIT
(Real
Estate)
89,265
4,656
IDP
Education
Ltd.
(Consumer
Discretionary)
49,389
11,060
IGO
Ltd.
(Materials)
51,415
40,806
Insurance
Australia
Group
Ltd.
(Financials)
168,256
11,519
Lendlease
Corp.
Ltd.
(Real
Estate)
45,658
37,253
Lottery
Corp.
Ltd.
(The)
(Consumer
Discretionary)
120,655
15,493
Lynas
Rare
Earths
Ltd.
(Materials)*
68,622
6,064
Macquarie
Group
Ltd.
(Financials)
770,075
46,079
Medibank
Pvt
Ltd.
(Financials)
113,999
2,810
Mineral
Resources
Ltd.
(Materials)
133,917
65,858
Mirvac
Group
REIT
(Real
Estate)
85,846
52,287
National
Australia
Bank
Ltd.
(Financials)
1,179,169
Shares
Description
Value
a
Common
Stocks
–
(continued)
Australia
–
(continued)
18,818
Northern
Star
Resources
Ltd.
(Materials)
$
179,589
7,592
Orica
Ltd.
(Materials)
92,499
28,594
Origin
Energy
Ltd.
(Utilities)
193,777
45,931
Pilbara
Minerals
Ltd.
(Materials)
115,771
817
Pro
Medicus
Ltd.
(Health
Care)
65,267
28,733
Qantas
Airways
Ltd.
(Industrials)*
117,520
24,948
QBE
Insurance
Group
Ltd.
(Financials)
295,332
3,031
Ramsay
Health
Care
Ltd.
(Health
Care)
94,963
840
REA
Group
Ltd.
(Communication
Services)
104,304
4,932
Reece
Ltd.
(Industrials)
85,149
6,201
Rio
Tinto
Ltd.
(Materials)
531,828
17,882
Rio
Tinto
PLC
(Materials)
1,246,742
54,309
Santos
Ltd.
(Energy)
275,582
86,810
Scentre
Group
REIT
(Real
Estate)
181,859
5,731
SEEK
Ltd.
(Communication
Services)
85,528
2,580
Seven
Group
Holdings
Ltd.
(Industrials)
67,243
7,531
Sonic
Healthcare
Ltd.
(Health
Care)
121,857
75,650
South32
Ltd.
(Materials)
199,735
39,931
Stockland
REIT
(Real
Estate)
119,502
21,142
Suncorp
Group
Ltd.
(Financials)
223,702
193,078
Telstra
Group
Ltd.
(Communication
Services)
445,571
6,559
TPG
Telecom
Ltd.
(Communication
Services)
20,284
51,497
Transurban
Group
(Industrials)
428,443
13,324
Treasury
Wine
Estates
Ltd.
(Consumer
Staples)
100,396
64,253
Vicinity
Ltd.
REIT
(Real
Estate)
83,326
3,876
Washington
H
Soul
Pattinson
&
Co.
Ltd.
(Financials)
80,013
18,819
Wesfarmers
Ltd.
(Consumer
Discretionary)
812,136
58,449
Westpac
Banking
Corp.
(Financials)
1,009,882
13,712
Whitehaven
Coal
Ltd.
(Energy)
73,500
2,865
WiseTech
Global
Ltd.
(Information
Technology)
184,192
31,738
Woodside
Energy
Group
Ltd.
(Energy)
584,674
20,224
Woolworths
Group
Ltd.
(Consumer
Staples)
425,019
6,225
Worley
Ltd.
(Industrials)
60,650
3,480
Yancoal
Australia
Ltd.
(Energy)
(a)
14,813
21,611,776
Austria
–
0.2%
1,192
ANDRITZ
AG
(Industrials)
71,107
1,306
BAWAG
Group
AG
(Financials)*
(a)
85,918
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Austria
–
(continued)
570
CA
Immobilien
Anlagen
AG
(Real
Estate)
$
18,453
5,473
Erste
Group
Bank
AG
(Financials)
267,961
557
EVN
AG
(Utilities)
17,385
7,388
Mondi
PLC
(Materials)
146,834
2,367
OMV
AG
(Energy)
118,819
2,491
Raiffeisen
Bank
International
AG
(Financials)
45,756
2,285
Telekom
Austria
AG
(Communication
Services)*
21,556
541
Verbund
AG
(Utilities)
44,518
553
Vienna
Insurance
Group
AG
Wiener
Versicherung
Gruppe
(Financials)
17,710
1,871
voestalpine
AG
(Materials)
54,557
1,789
Wienerberger
AG
(Materials)
67,004
977,578
Belgium
–
0.5%
370
Ackermans
&
van
Haaren
NV
(Industrials)
65,433
2,538
Ageas
SA/NV
(Financials)
125,915
15,676
Anheuser-Busch
InBev
SA/NV
(Consumer
Staples)
980,570
1,912
Azelis
Group
NV
(Industrials)
40,351
844
Colruyt
Group
NV
(Consumer
Staples)
43,137
349
D’ieteren
Group
(Consumer
Discretionary)
75,623
469
Elia
Group
SA/NV
(Utilities)
47,554
1,527
Groupe
Bruxelles
Lambert
NV
(Financials)
116,372
4,183
KBC
Group
NV
(Financials)
303,616
2,767
Liberty
Global
Ltd.,
Class
A
(Communication
Services)*
46,126
3,683
Liberty
Global
Ltd.,
Class
C
(Communication
Services)*
62,869
250
Sofina
SA
(Financials)
60,305
1,169
Solvay
SA
(Materials)
(b)
42,679
1,169
Syensqo
SA
(Materials)
116,018
2,011
UCB
SA
(Health
Care)
280,861
3,379
Umicore
SA
(Materials)
66,505
2,722
Warehouses
De
Pauw
CVA
REIT
(Real
Estate)
79,076
2,553,010
Brazil
–
1.2%
73,790
Ambev
SA
(Consumer
Staples)
162,298
8,884
Atacadao
SA
(Consumer
Staples)
16,768
94,412
B3
SA
–
Brasil
Bolsa
Balcao
(Financials)
192,207
24,396
Banco
Bradesco
SA
(Financials)
53,147
24,990
Banco
BTG
Pactual
SA
(Financials)
150,201
28,782
Banco
do
Brasil
SA
(Financials)
148,514
6,254
Banco
Santander
Brasil
SA
(Financials)
33,020
Shares
Description
Value
a
Common
Stocks
–
(continued)
Brazil
–
(continued)
11,243
BB
Seguridade
Participacoes
SA
(Financials)
$
69,094
8,663
Caixa
Seguridade
Participacoes
SA
(Financials)
24,510
16,715
CCR
SA
(Industrials)
38,291
19,421
Centrais
Eletricas
Brasileiras
SA
(Utilities)
128,553
5,691
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
(Utilities)
79,975
5,695
Cia
Energetica
de
Minas
Gerais
(Utilities)
13,090
12,508
Cia
Paranaense
de
Energia
(Utilities)
19,372
10,058
Cia
Siderurgica
Nacional
SA
(Materials)
25,031
19,555
Cosan
SA
(Energy)*
50,675
3,142
CPFL
Energia
SA
(Utilities)
20,385
7,515
CSN
Mineracao
SA
(Materials)
7,063
4,966
Energisa
SA
(Utilities)
43,189
10,048
Eneva
SA
(Utilities)*
23,763
2,927
Engie
Brasil
Energia
SA
(Utilities)
24,136
16,381
Equatorial
Energia
SA
(Utilities)
91,102
78,493
Hapvida
Participacoes
e
Investimentos
SA
(Health
Care)*
(a)
59,588
6,734
Hypera
SA
(Health
Care)
34,786
7,537
Itau
Unibanco
Holding
SA
(Financials)
38,647
15,373
Klabin
SA
(Materials)
59,435
14,289
Localiza
Rent
a
Car
SA
(Industrials)
116,170
15,960
Lojas
Renner
SA
(Consumer
Discretionary)
39,841
4,495
Multiplan
Empreendimentos
Imobiliarios
SA
(Real
Estate)
19,414
14,044
Natura
&
Co.
Holding
SA
(Consumer
Staples)
39,680
3,092
Neoenergia
SA
(Utilities)
11,119
38,480
NU
Holdings
Ltd.,
Class
A
(Financials)*
457,142
3,333
Pagseguro
Digital
Ltd.,
Class
A
(Financials)*
40,829
61,971
Petroleo
Brasileiro
SA
(Energy)
479,888
2,828
Porto
Seguro
SA
(Financials)
16,330
12,044
PRIO
SA
(Energy)
95,351
21,058
Raia
Drogasil
SA
(Consumer
Staples)
100,445
16,495
Rede
D’Or
Sao
Luiz
SA
(Health
Care)
(a)
86,181
20,396
Rumo
SA
(Industrials)
76,487
22,624
Sendas
Distribuidora
SA
(Consumer
Staples)*
52,429
4,011
StoneCo
Ltd.,
Class
A
(Financials)*
55,512
11,600
Suzano
SA
(Materials)
107,484
6,795
Telefonica
Brasil
SA
(Communication
Services)
55,980
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Brazil
–
(continued)
13,374
TIM
SA
(Communication
Services)
$
40,357
8,693
TOTVS
SA
(Information
Technology)
47,502
12,111
Ultrapar
Participacoes
SA
(Energy)
53,390
65,689
Vale
SA
(Materials)
789,890
18,664
Vibra
Energia
SA
(Consumer
Discretionary)
76,491
24,833
WEG
SA
(Industrials)
177,417
7,572
Wheaton
Precious
Metals
Corp.
(Materials)
414,665
6,493
XP,
Inc.,
Class
A
(Financials)
123,302
2,573
Yara
International
ASA
(Materials)
79,604
5,259,740
Canada
–
7.2%
8,269
Agnico
Eagle
Mines
Ltd.
(Materials)
563,844
5,993
Air
Canada
(Industrials)*
80,015
11,500
Algonquin
Power
&
Utilities
Corp.
(Utilities)
72,299
12,223
Alimentation
Couche-Tard,
Inc.
(Consumer
Staples)
713,304
4,676
AltaGas
Ltd.
(Utilities)
105,481
10,181
ARC
Resources
Ltd.
(Energy)
192,619
11,936
Bank
of
Montreal
(Financials)
1,064,315
20,054
Bank
of
Nova
Scotia
(The)
(Financials)
949,187
29,188
Barrick
Gold
Corp.
(Materials)
497,833
15,264
BCE,
Inc.
(Communication
Services)
(b)
522,032
5,852
Brookfield
Asset
Management
Ltd.,
Class
A
(Financials)
(b)
229,675
25,766
Brookfield
Corp.
(Financials)
1,121,822
5,320
CAE,
Inc.
(Industrials)*
99,871
7,224
Cameco
Corp.
(Energy)
400,800
2,795
Canadian
Apartment
Properties
REIT
(Real
Estate)
91,448
15,359
Canadian
Imperial
Bank
of
Commerce
(Financials)
761,443
9,690
Canadian
National
Railway
Co.
(Industrials)
1,233,331
17,468
Canadian
Natural
Resources
Ltd.
(Energy)
1,341,672
15,583
Canadian
Pacific
Kansas
City
Ltd.
(Industrials)
1,240,215
892
Canadian
Tire
Corp.
Ltd.,
Class
A
(Consumer
Discretionary)
89,020
2,063
Canadian
Utilities
Ltd.,
Class
A
(Utilities)
47,037
2,418
CCL
Industries,
Inc.,
Class
B
(Materials)
124,612
21,984
Cenovus
Energy,
Inc.
(Energy)
458,178
3,463
CGI,
Inc.
(Information
Technology)*
341,918
4,624
Choice
Properties
Real
Estate
Investment
Trust
REIT
(Real
Estate)
43,080
Shares
Description
Value
a
Common
Stocks
–
(continued)
Canada
–
(continued)
334
Constellation
Software,
Inc.
(Information
Technology)
$
928,891
4,616
Dollarama,
Inc.
(Consumer
Discretionary)
436,829
4,543
Emera,
Inc.
(Utilities)
158,171
2,513
Empire
Co.
Ltd.
(Consumer
Staples)
59,527
35,528
Enbridge,
Inc.
(Energy)
1,298,727
392
Fairfax
Financial
Holdings
Ltd.
(Financials)
441,220
648
FirstService
Corp.
(Real
Estate)
95,121
8,100
Fortis,
Inc.
(Utilities)
323,905
3,187
Franco-Nevada
Corp.
(Materials)
392,054
1,021
George
Weston
Ltd.
(Consumer
Staples)
145,036
2,875
Gildan
Activewear,
Inc.
(Consumer
Discretionary)
109,968
4,578
Great-West
Lifeco,
Inc.
(Financials)
(b)
137,291
5,287
Hydro
One
Ltd.
(Utilities)
(a)
152,271
1,722
iA
Financial
Corp.,
Inc.
(Financials)
112,101
1,498
IGM
Financial,
Inc.
(Financials)
40,012
2,784
Imperial
Oil
Ltd.
(Energy)
196,676
2,926
Intact
Financial
Corp.
(Financials)
489,488
9,594
Ivanhoe
Mines
Ltd.,
Class
A
(Materials)*
138,510
3,822
Keyera
Corp.
(Energy)
101,189
20,343
Kinross
Gold
Corp.
(Materials)
165,203
2,431
Loblaw
Cos.
Ltd.
(Consumer
Staples)
282,307
4,443
Magna
International,
Inc.
(Consumer
Discretionary)
200,972
30,090
Manulife
Financial
Corp.
(Financials)
781,415
3,846
Metro,
Inc.
(Consumer
Staples)
204,919
5,626
National
Bank
of
Canada
(Financials)
480,778
4,218
Northland
Power,
Inc.
(Utilities)
(b)
72,097
8,302
Nutrien
Ltd.
(Materials)
486,433
1,105
Onex
Corp.
(Financials)
78,322
4,459
Open
Text
Corp.
(Information
Technology)
130,452
6,080
Pan
American
Silver
Corp.
(Materials)
133,852
9,203
Pembina
Pipeline
Corp.
(Energy)
341,817
8,882
Power
Corp.
of
Canada
(Financials)
257,830
2,563
Quebecor,
Inc.,
Class
B
(Communication
Services)
(b)
54,056
3,034
RB
Global,
Inc.
(Industrials)
220,481
4,698
Restaurant
Brands
International,
Inc.
(Consumer
Discretionary)
322,103
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Canada
–
(continued)
6,204
Rogers
Communications,
Inc.,
Class
B
(Communication
Services)
$
250,636
23,566
Royal
Bank
of
Canada
(Financials)
2,575,551
4,086
Saputo,
Inc.
(Consumer
Staples)
82,670
19,328
Shopify,
Inc.,
Class
A
(Information
Technology)*
1,143,672
1,896
Stantec,
Inc.
(Industrials)
152,999
9,811
Sun
Life
Financial,
Inc.
(Financials)
491,648
21,909
Suncor
Energy,
Inc.
(Energy)
893,622
17,364
TC
Energy
Corp.
(Energy)
669,517
7,667
Teck
Resources
Ltd.,
Class
B
(Materials)
398,719
24,034
TELUS
Corp.
(Communication
Services)
395,116
1,298
TFI
International,
Inc.
(Industrials)
171,721
2,372
Thomson
Reuters
Corp.
(Industrials)
408,120
29,374
Toronto-Dominion
Bank
(The)
(Financials)
1,642,005
5,312
Tourmaline
Oil
Corp.
(Energy)
263,466
916
West
Fraser
Timber
Co.
Ltd.
(Materials)
73,265
2,077
WSP
Global,
Inc.
(Industrials)
312,354
32,280,156
Chile
–
0.2%
5,481
Antofagasta
PLC
(Materials)
153,734
732,567
Banco
de
Chile
(Financials)
86,912
1,484
Banco
de
Credito
e
Inversiones
SA
(Financials)
42,077
1,035,331
Banco
Santander
Chile
(Financials)
48,964
21,286
Cencosud
SA
(Consumer
Staples)
39,941
237,329
Cia
Sud
Americana
de
Vapores
SA
(Industrials)
15,362
19,465
Empresas
CMPC
SA
(Materials)
40,702
6,957
Empresas
Copec
SA
(Energy)
57,697
318,405
Enel
Americas
SA
(Utilities)
31,468
406,089
Enel
Chile
SA
(Utilities)
23,254
19,748
Falabella
SA
(Consumer
Discretionary)*
59,777
7,488,636
Latam
Airlines
Group
SA
(Industrials)
100,665
10,962
Lundin
Mining
Corp.
(Materials)
126,013
826,566
China
–
7.8%
6,600
360
Security
Technology,
Inc.,
Class
A
(Information
Technology)*
7,474
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
2,100
37
Interactive
Entertainment
Network
Technology
Group
Co.
Ltd.,
Class
A
(Communication
Services)
$
4,195
200
3peak,
Inc.,
Class
A
(Information
Technology)*
2,614
11,667
AAC
Technologies
Holdings,
Inc.
(Information
Technology)
35,866
700
Accelink
Technologies
Co.
Ltd.,
Class
A
(Information
Technology)
3,178
232
ACM
Research
Shanghai,
Inc.,
Class
A
(Information
Technology)
2,423
575
Advanced
Micro-Fabrication
Equipment
Inc
China,
Class
A
(Information
Technology)
10,265
1,200
AECC
Aero-Engine
Control
Co.
Ltd.,
Class
A
(Industrials)
3,385
2,500
AECC
Aviation
Power
Co.
Ltd.,
Class
A
(Industrials)
12,834
90,400
Agricultural
Bank
of
China
Ltd.,
Class
A
(Financials)
54,604
473,569
Agricultural
Bank
of
China
Ltd.,
Class
H
(Financials)
197,942
9,400
Aier
Eye
Hospital
Group
Co.
Ltd.,
Class
A
(Health
Care)
15,675
600
AIMA
Technology
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,859
7,100
Air
China
Ltd.,
Class
A
(Industrials)*
7,297
26,791
Air
China
Ltd.,
Class
H
(Industrials)*
14,246
2,846
Airtac
International
Group
(Industrials)
89,613
1,700
Aisino
Corp.,
Class
A
(Information
Technology)
1,878
8,069
Akeso,
Inc.
(Health
Care)*
(a)
45,382
263,491
Alibaba
Group
Holding
Ltd.
(Consumer
Discretionary)
2,522,637
84,278
Alibaba
Health
Information
Technology
Ltd.
(Consumer
Staples)*
35,334
12,400
Aluminum
Corp.
of
China
Ltd.,
Class
A
(Materials)
13,973
63,030
Aluminum
Corp.
of
China
Ltd.,
Class
H
(Materials)
47,051
387
Amlogic
Shanghai
Co.
Ltd.,
Class
A
(Information
Technology)
3,099
6,000
Angang
Steel
Co.
Ltd.,
Class
A
(Materials)
1,891
22,177
Angang
Steel
Co.
Ltd.,
Class
H
(Materials)
3,969
800
Angel
Yeast
Co.
Ltd.,
Class
A
(Consumer
Staples)
3,366
3,700
Anhui
Conch
Cement
Co.
Ltd.,
Class
A
(Materials)
12,223
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
19,805
Anhui
Conch
Cement
Co.
Ltd.,
Class
H
(Materials)
$
48,960
1,400
Anhui
Gujing
Distillery
Co.
Ltd.,
Class
A
(Consumer
Staples)
48,291
2,000
Anhui
Jianghuai
Automobile
Group
Corp.
Ltd.,
Class
A
(Consumer
Discretionary)*
4,433
600
Anhui
Kouzi
Distillery
Co.
Ltd.,
Class
A
(Consumer
Staples)
3,467
600
Anhui
Yingjia
Distillery
Co.
Ltd.,
Class
A
(Consumer
Staples)
5,743
300
Anjoy
Foods
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
3,762
390
Anker
Innovations
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
3,763
21,434
ANTA
Sports
Products
Ltd.
(Consumer
Discretionary)
228,084
1,100
Apeloa
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
2,201
900
Asia
-
Potash
International
Investment
Guangzhou
Co.
Ltd.,
Class
A
(Materials)*
2,365
392
ASR
Microelectronics
Co.
Ltd.,
Class
A
(Information
Technology)*
2,104
300
Asymchem
Laboratories
Tianjin
Co.
Ltd.,
Class
A
(Health
Care)
3,166
433
Asymchem
Laboratories
Tianjin
Co.
Ltd.,
Class
H
(Health
Care)
(a)
2,983
500
Autobio
Diagnostics
Co.
Ltd.,
Class
A
(Health
Care)
3,529
1,121
Autohome,
Inc.
ADR
(Communication
Services)
31,836
1,800
Avary
Holding
Shenzhen
Co.
Ltd.,
Class
A
(Information
Technology)
7,405
8,300
AVIC
Industry-Finance
Holdings
Co.
Ltd.,
Class
A
(Financials)
3,289
36,850
AviChina
Industry
&
Technology
Co.
Ltd.,
Class
H
(Industrials)
16,674
600
AVICOPTER
PLC,
Class
A
(Industrials)
3,438
5,200
BAIC
BluePark
New
Energy
Technology
Co.
Ltd.,
Class
A
(Consumer
Discretionary)*
5,287
4,714
Baidu,
Inc.
ADR
(Communication
Services)*
458,201
5,600
Baiyin
Nonferrous
Group
Co.
Ltd.,
Class
A
(Materials)
2,412
19,900
Bank
of
Beijing
Co.
Ltd.,
Class
A
(Financials)
15,935
3,700
Bank
of
Changsha
Co.
Ltd.,
Class
A
(Financials)
4,373
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
3,500
Bank
of
Chengdu
Co.
Ltd.,
Class
A
(Financials)
$
7,609
41,700
Bank
of
China
Ltd.,
Class
A
(Financials)
25,475
1,399,872
Bank
of
China
Ltd.,
Class
H
(Financials)
662,060
1,400
Bank
of
Chongqing
Co.
Ltd.,
Class
A
(Financials)
1,512
39,400
Bank
of
Communications
Co.
Ltd.,
Class
A
(Financials)
38,218
121,733
Bank
of
Communications
Co.
Ltd.,
Class
H
(Financials)
91,650
3,400
Bank
of
Guiyang
Co.
Ltd.,
Class
A
(Financials)
2,741
5,500
Bank
of
Hangzhou
Co.
Ltd.,
Class
A
(Financials)
10,284
16,000
Bank
of
Jiangsu
Co.
Ltd.,
Class
A
(Financials)
18,206
9,700
Bank
of
Nanjing
Co.
Ltd.,
Class
A
(Financials)
13,840
6,600
Bank
of
Ningbo
Co.
Ltd.,
Class
A
(Financials)
22,494
13,300
Bank
of
Shanghai
Co.
Ltd.,
Class
A
(Financials)
14,292
3,400
Bank
of
Suzhou
Co.
Ltd.,
Class
A
(Financials)*
3,742
6,600
Bank
of
Zhengzhou
Co.
Ltd.,
Class
A
(Financials)*
1,734
21,200
Baoshan
Iron
&
Steel
Co.
Ltd.,
Class
A
(Materials)
20,127
7,900
BBMG
Corp.,
Class
A
(Materials)
1,859
832
BeiGene
Ltd.
ADR
(Health
Care)*
123,843
200
BeiGene
Ltd.,
Class
A
(Health
Care)*
3,344
6,900
Beijing
Capital
Eco-
Environment
Protection
Group
Co.
Ltd.,
Class
A
(Utilities)
2,782
400
Beijing
Compass
Technology
Development
Co.
Ltd.,
Class
A
(Financials)*
2,346
3,900
Beijing
Dabeinong
Technology
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
2,501
500
Beijing
Easpring
Material
Technology
Co.
Ltd.,
Class
A
(Industrials)
2,730
600
Beijing
E-Hualu
Information
Technology
Co.
Ltd.,
Class
A
(Information
Technology)*
1,537
2,700
Beijing
Enlight
Media
Co.
Ltd.,
Class
A
(Communication
Services)
3,377
7,932
Beijing
Enterprises
Holdings
Ltd.
(Utilities)
27,882
61,869
Beijing
Enterprises
Water
Group
Ltd.
(Utilities)
19,692
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
200
Beijing
Huafeng
Test
&
Control
Technology
Co.
Ltd.,
Class
A
(Information
Technology)*
$
3,082
4,400
Beijing
Jingneng
Power
Co.
Ltd.,
Class
A
(Utilities)
2,028
429
Beijing
Kingsoft
Office
Software,
Inc.,
Class
A
(Information
Technology)
15,276
1,600
Beijing
New
Building
Materials
PLC,
Class
A
(Industrials)
7,115
2,400
Beijing
Oriental
Yuhong
Waterproof
Technology
Co.
Ltd.,
Class
A
(Materials)
4,871
3,400
Beijing
Originwater
Technology
Co.
Ltd.,
Class
A
(Industrials)
2,189
200
Beijing
Roborock
Technology
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
11,471
1,800
Beijing
Shiji
Information
Technology
Co.
Ltd.,
Class
A
(Information
Technology)*
1,635
3,400
Beijing
Shougang
Co.
Ltd.,
Class
A
(Materials)*
1,460
1,500
Beijing
Tiantan
Biological
Products
Corp.
Ltd.,
Class
A
(Health
Care)
5,849
1,300
Beijing
Tongrentang
Co.
Ltd.,
Class
A
(Health
Care)
7,972
1,800
Beijing
Ultrapower
Software
Co.
Ltd.,
Class
A
(Information
Technology)
2,095
700
Beijing
United
Information
Technology
Co.
Ltd.,
Class
A
(Industrials)
2,140
700
Beijing
Wantai
Biological
Pharmacy
Enterprise
Co.
Ltd.,
Class
A
(Health
Care)
6,561
2,600
Beijing
Yanjing
Brewery
Co.
Ltd.,
Class
A
(Consumer
Staples)
3,348
41,100
Beijing-Shanghai
High
Speed
Railway
Co.
Ltd.,
Class
A
(Industrials)
28,614
7,500
Beiqi
Foton
Motor
Co.
Ltd.,
Class
A
(Consumer
Discretionary)*
2,539
560
Bethel
Automotive
Safety
Systems
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,764
400
Betta
Pharmaceuticals
Co.
Ltd.,
Class
A
(Health
Care)
2,081
400
BGI
Genomics
Co.
Ltd.,
Class
A
(Health
Care)
2,161
4,074
Bilibili,
Inc.,
Class
Z
(Communication
Services)*
(b)
57,907
432
Bloomage
Biotechnology
Corp.
Ltd.,
Class
A
(Health
Care)
3,486
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
2,300
Bluefocus
Intelligent
Communications
Group
Co.
Ltd.,
Class
A
(Communication
Services)*
$
1,908
1,100
Bluestar
Adisseo
Co.,
Class
A
(Materials)
1,498
3,485
BOC
Aviation
Ltd.
(Industrials)
(a)
25,837
60,071
BOC
Hong
Kong
Holdings
Ltd.
(Financials)
188,121
2,600
BOC
International
China
Co.
Ltd.,
Class
A
(Financials)
3,502
37,600
BOE
Technology
Group
Co.
Ltd.,
Class
A
(Information
Technology)
21,107
48,750
Brilliance
China
Automotive
Holdings
Ltd.
(Consumer
Discretionary)
38,323
1,000
BTG
Hotels
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)*
1,979
28,333
Budweiser
Brewing
Co.
APAC
Ltd.
(Consumer
Staples)
(a)
35,781
1,800
BYD
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
56,720
16,705
BYD
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
468,906
12,583
BYD
Electronic
International
Co.
Ltd.
(Information
Technology)
54,364
1,600
By-health
Co.
Ltd.,
Class
A
(Consumer
Staples)
3,329
8,472
C&D
International
Investment
Group
Ltd.
(Real
Estate)
17,067
2,500
Caida
Securities
Co.
Ltd.,
Class
A
(Financials)
2,308
4,300
Caitong
Securities
Co.
Ltd.,
Class
A
(Financials)
4,272
375
Cambricon
Technologies
Corp.
Ltd.,
Class
A
(Information
Technology)*
9,019
800
Canmax
Technologies
Co.
Ltd.,
Class
A
(Materials)
2,127
546
Cathay
Biotech,
Inc.,
Class
A
(Materials)
3,654
3,700
CECEP
Solar
Energy
Co.
Ltd.,
Class
A
(Utilities)
2,652
6,000
CECEP
Wind-Power
Corp.,
Class
A
(Utilities)
2,658
800
CETC
Cyberspace
Security
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
1,757
14,400
CGN
Power
Co.
Ltd.,
Class
A
(Utilities)
8,302
177,336
CGN
Power
Co.
Ltd.,
Class
H
(Utilities)*
(a)
67,776
400
Changchun
High-Tech
Industry
Group
Co.
Ltd.,
Class
A
(Health
Care)
5,768
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
5,100
Changjiang
Securities
Co.
Ltd.,
Class
A
(Financials)
$
3,873
300
Changzhou
Xingyu
Automotive
Lighting
Systems
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
5,072
1,800
Chaozhou
Three-Circle
Group
Co.
Ltd.,
Class
A
(Information
Technology)
7,205
800
Chengxin
Lithium
Group
Co.
Ltd.,
Class
A
(Materials)
1,782
1,500
Chifeng
Jilong
Gold
Mining
Co.
Ltd.,
Class
A
(Materials)
3,612
900
China
Automotive
Engineering
Research
Institute
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,387
2,400
China
Baoan
Group
Co.
Ltd.,
Class
A
(Industrials)
3,269
140,651
China
Cinda
Asset
Management
Co.
Ltd.,
Class
H
(Financials)
13,484
4,900
China
CITIC
Bank
Corp.
Ltd.,
Class
A
(Financials)
4,861
173,443
China
CITIC
Bank
Corp.
Ltd.,
Class
H
(Financials)
105,750
3,600
China
Coal
Energy
Co.
Ltd.,
Class
A
(Energy)
6,578
35,055
China
Coal
Energy
Co.
Ltd.,
Class
H
(Energy)
44,136
37,334
China
Communications
Services
Corp.
Ltd.,
Class
H
(Industrials)
17,991
9,000
China
Construction
Bank
Corp.,
Class
A
(Financials)
8,718
1,576,468
China
Construction
Bank
Corp.,
Class
H
(Financials)
1,116,355
4,200
China
CSSC
Holdings
Ltd.,
Class
A
(Industrials)
21,462
9,900
China
Eastern
Airlines
Corp.
Ltd.,
Class
A
(Industrials)*
5,380
31,943
China
Eastern
Airlines
Corp.
Ltd.,
Class
H
(Industrials)*
8,983
30,600
China
Energy
Engineering
Corp.
Ltd.,
Class
A
(Industrials)
9,220
96,069
China
Energy
Engineering
Corp.
Ltd.,
Class
H
(Industrials)*
10,929
3,300
China
Enterprise
Co.
Ltd.,
Class
A
(Real
Estate)
1,253
43,700
China
Everbright
Bank
Co.
Ltd.,
Class
A
(Financials)
19,481
122,205
China
Everbright
Bank
Co.
Ltd.,
Class
H
(Financials)
39,208
55,011
China
Everbright
Environment
Group
Ltd.
(Industrials)
(b)
25,595
55,685
China
Feihe
Ltd.
(Consumer
Staples)
(a)
27,546
1,700
China
Film
Co.
Ltd.,
Class
A
(Communication
Services)*
2,690
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
6,400
China
First
Heavy
Industries
Co.
Ltd.,
Class
A
(Industrials)*
$
2,237
4,200
China
Galaxy
Securities
Co.
Ltd.,
Class
A
(Financials)
6,651
57,681
China
Galaxy
Securities
Co.
Ltd.,
Class
H
(Financials)
31,040
45,138
China
Gas
Holdings
Ltd.
(Utilities)
42,638
3,600
China
Great
Wall
Securities
Co.
Ltd.,
Class
A
(Financials)
3,591
3,000
China
Greatwall
Technology
Group
Co.
Ltd.,
Class
A
(Information
Technology)
3,835
1,300
China
Green
Electricity
Investment
of
Tianjin
Co.
Ltd.,
Class
A
(Real
Estate)
1,912
39,845
China
Hongqiao
Group
Ltd.
(Materials)
(b)
65,701
1,500
China
International
Capital
Corp.
Ltd.,
Class
A
(Financials)
6,505
24,855
China
International
Capital
Corp.
Ltd.,
Class
H
(Financials)
(a)
29,546
2,100
China
International
Marine
Containers
Group
Co.
Ltd.,
Class
A
(Industrials)
2,768
3,700
China
Jushi
Co.
Ltd.,
Class
A
(Materials)
5,834
2,000
China
Life
Insurance
Co.
Ltd.,
Class
A
(Financials)
8,627
124,569
China
Life
Insurance
Co.
Ltd.,
Class
H
(Financials)
176,424
6,203
China
Literature
Ltd.
(Communication
Services)*
(a)
20,853
55,914
China
Longyuan
Power
Group
Corp.
Ltd.,
Class
H
(Utilities)
50,959
20,708
China
Medical
System
Holdings
Ltd.
(Health
Care)
17,496
49,773
China
Mengniu
Dairy
Co.
Ltd.
(Consumer
Staples)*
91,360
20,700
China
Merchants
Bank
Co.
Ltd.,
Class
A
(Financials)
97,634
63,351
China
Merchants
Bank
Co.
Ltd.,
Class
H
(Financials)
281,799
7,600
China
Merchants
Energy
Shipping
Co.
Ltd.,
Class
A
(Energy)
9,275
2,300
China
Merchants
Expressway
Network
&
Technology
Holdings
Co.
Ltd.,
Class
A
(Industrials)
3,718
20,774
China
Merchants
Port
Holdings
Co.
Ltd.
(Industrials)
29,528
6,900
China
Merchants
Securities
Co.
Ltd.,
Class
A
(Financials)
13,472
7,128
China
Merchants
Securities
Co.
Ltd.,
Class
H
(Financials)
(a)
5,931
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
7,200
China
Merchants
Shekou
Industrial
Zone
Holdings
Co.
Ltd.,
Class
A
(Real
Estate)*
$
9,560
33,400
China
Minsheng
Banking
Corp.
Ltd.,
Class
A
(Financials)
17,968
115,696
China
Minsheng
Banking
Corp.
Ltd.,
Class
H
(Financials)
43,774
71,243
China
National
Building
Material
Co.
Ltd.,
Class
H
(Materials)
28,503
5,700
China
National
Chemical
Engineering
Co.
Ltd.,
Class
A
(Industrials)
6,415
700
China
National
Medicines
Corp.
Ltd.,
Class
A
(Health
Care)
3,275
17,800
China
National
Nuclear
Power
Co.
Ltd.,
Class
A
(Utilities)
23,462
800
China
National
Software
&
Service
Co.
Ltd.,
Class
A
(Information
Technology)
3,376
3,400
China
Northern
Rare
Earth
Group
High-Tech
Co.
Ltd.,
Class
A
(Materials)
8,842
1,300
China
Oilfield
Services
Ltd.,
Class
A
(Energy)
3,232
30,321
China
Oilfield
Services
Ltd.,
Class
H
(Energy)
32,285
62,112
China
Overseas
Land
&
Investment
Ltd.
(Real
Estate)
117,025
20,046
China
Overseas
Property
Holdings
Ltd.
(Real
Estate)
13,555
6,900
China
Pacific
Insurance
Group
Co.
Ltd.,
Class
A
(Financials)
27,323
42,293
China
Pacific
Insurance
Group
Co.
Ltd.,
Class
H
(Financials)*
110,282
31,500
China
Petroleum
&
Chemical
Corp.,
Class
A
(Energy)
27,955
401,984
China
Petroleum
&
Chemical
Corp.,
Class
H
(Energy)
254,858
4,800
China
Petroleum
Engineering
Corp.,
Class
A
(Energy)
2,166
80,742
China
Power
International
Development
Ltd.
(Utilities)
37,980
4,618
China
Railway
Construction
Heavy
Industry
Corp.
Ltd.,
Class
A
(Industrials)
2,497
19,300
China
Railway
Group
Ltd.,
Class
A
(Industrials)
17,473
67,715
China
Railway
Group
Ltd.,
Class
H
(Industrials)
36,353
5,728
China
Railway
Signal
&
Communication
Corp.
Ltd.,
Class
A
(Information
Technology)
4,327
27,070
China
Railway
Signal
&
Communication
Corp.
Ltd.,
Class
H
(Information
Technology)
(a)
11,419
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
900
China
Rare
Earth
Resources
And
Technology
Co.
Ltd.,
Class
A
(Materials)
$
3,388
26,117
China
Resources
Beer
Holdings
Co.
Ltd.
(Consumer
Staples)
104,657
14,929
China
Resources
Gas
Group
Ltd.
(Utilities)
51,809
48,287
China
Resources
Land
Ltd.
(Real
Estate)
175,289
1,238
China
Resources
Microelectronics
Ltd.,
Class
A
(Information
Technology)
6,502
10,042
China
Resources
Mixc
Lifestyle
Services
Ltd.
(Real
Estate)
(a)
34,914
25,973
China
Resources
Pharmaceutical
Group
Ltd.
(Health
Care)
(a)
19,222
29,845
China
Resources
Power
Holdings
Co.
Ltd.
(Utilities)
84,499
900
China
Resources
Sanjiu
Medical
&
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
7,534
107,695
China
Ruyi
Holdings
Ltd.
(Communication
Services)*
29,459
400
China
Science
Publishing
&
Media
Ltd.,
Class
A
(Communication
Services)
1,177
6,500
China
Shenhua
Energy
Co.
Ltd.,
Class
A
(Energy)
37,857
56,540
China
Shenhua
Energy
Co.
Ltd.,
Class
H
(Energy)
274,268
1,700
China
South
Publishing
&
Media
Group
Co.
Ltd.,
Class
A
(Communication
Services)
3,036
10,500
China
Southern
Airlines
Co.
Ltd.,
Class
A
(Industrials)*
8,495
27,099
China
Southern
Airlines
Co.
Ltd.,
Class
H
(Industrials)*
11,050
2,700
China
Southern
Power
Grid
Energy
Efficiency
&
Clean
Energy
Co.
Ltd.,
Class
A
(Industrials)
1,835
1,500
China
Southern
Power
Grid
Energy
Storage
Co.
Ltd.,
Class
A
(Utilities)
2,241
42,100
China
State
Construction
Engineering
Corp.
Ltd.,
Class
A
(Industrials)
32,612
29,676
China
State
Construction
International
Holdings
Ltd.
(Industrials)
39,298
900
China
Suntien
Green
Energy
Corp.
Ltd.,
Class
A
(Energy)
1,133
28,896
China
Suntien
Green
Energy
Corp.
Ltd.,
Class
H
(Energy)*
13,592
23,316
China
Taiping
Insurance
Holdings
Co.
Ltd.
(Financials)
25,184
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
28,800
China
Three
Gorges
Renewables
Group
Co.
Ltd.,
Class
A
(Utilities)
$
18,505
2,000
China
Tourism
Group
Duty
Free
Corp.
Ltd.,
Class
A
(Consumer
Discretionary)
19,538
1,400
China
Tourism
Group
Duty
Free
Corp.
Ltd.,
Class
H
(Consumer
Discretionary)
(a)(b)
11,158
726,328
China
Tower
Corp.
Ltd.,
Class
H
(Communication
Services)
(a)
85,414
56,666
China
Traditional
Chinese
Medicine
Holdings
Co.
Ltd.
(Health
Care)
30,566
31,900
China
United
Network
Communications
Ltd.,
Class
A
(Communication
Services)
20,058
9,100
China
Vanke
Co.
Ltd.,
Class
A
(Real
Estate)
10,330
36,939
China
Vanke
Co.
Ltd.,
Class
H
(Real
Estate)
25,355
4,800
China
XD
Electric
Co.
Ltd.,
Class
A
(Industrials)
4,478
23,500
China
Yangtze
Power
Co.
Ltd.,
Class
A
(Utilities)
86,040
500
China
Zhenhua
Group
Science
&
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
3,106
20,200
China
Zheshang
Bank
Co.
Ltd.,
Class
A
(Financials)*
8,282
39,703
China
Zheshang
Bank
Co.
Ltd.,
Class
H
(Financials)*
11,469
800
Chinalin
Securities
Co.
Ltd.,
Class
A
(Financials)*
1,210
500
Chongqing
Brewery
Co.
Ltd.,
Class
A
(Consumer
Staples)
4,743
21,900
Chongqing
Changan
Automobile
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
41,552
8,300
Chongqing
Rural
Commercial
Bank
Co.
Ltd.,
Class
A
(Financials)
5,893
37,131
Chongqing
Rural
Commercial
Bank
Co.
Ltd.,
Class
H
(Financials)
17,086
500
Chongqing
Taiji
Industry
Group
Co.
Ltd.,
Class
A
(Health
Care)*
2,453
1,700
Chongqing
Water
Group
Co.
Ltd.,
Class
A
(Utilities)
1,188
2,400
Chongqing
Zhifei
Biological
Products
Co.
Ltd.,
Class
A
(Health
Care)
10,831
29,227
Chow
Tai
Fook
Jewellery
Group
Ltd.
(Consumer
Discretionary)
37,508
1,400
CIMC
Vehicles
Group
Co.
Ltd.,
Class
A
(Industrials)
1,795
106,502
CITIC
Ltd.
(Industrials)
107,545
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
1,700
Citic
Pacific
Special
Steel
Group
Co.
Ltd.,
Class
A
(Materials)
$
3,530
12,300
CITIC
Securities
Co.
Ltd.,
Class
A
(Financials)
31,512
32,418
CITIC
Securities
Co.
Ltd.,
Class
H
(Financials)
50,305
16,600
CMOC
Group
Ltd.,
Class
A
(Materials)
19,049
60,780
CMOC
Group
Ltd.,
Class
H
(Materials)
56,015
840
CNGR
Advanced
Material
Co.
Ltd.,
Class
A
(Materials)
4,084
5,700
CNOOC
Energy
Technology
&
Services
Ltd.,
Class
A
(Energy)
3,278
5,100
CNPC
Capital
Co.
Ltd.,
Class
A
(Financials)
3,986
4,400
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
(Industrials)
119,723
9,300
COSCO
SHIPPING
Development
Co.
Ltd.,
Class
A
(Industrials)
3,404
3,200
COSCO
SHIPPING
Energy
Transportation
Co.
Ltd.,
Class
A
(Energy)
7,758
21,693
COSCO
SHIPPING
Energy
Transportation
Co.
Ltd.,
Class
H
(Energy)
30,557
12,900
COSCO
SHIPPING
Holdings
Co.
Ltd.,
Class
A
(Industrials)
26,695
52,778
COSCO
SHIPPING
Holdings
Co.
Ltd.,
Class
H
(Industrials)
88,106
219,258
Country
Garden
Holdings
Co.
Ltd.
(Real
Estate)*
(c)
—
36,071
Country
Garden
Services
Holdings
Co.
Ltd.
(Real
Estate)
26,235
22,900
CRRC
Corp.
Ltd.,
Class
A
(Industrials)
21,961
73,177
CRRC
Corp.
Ltd.,
Class
H
(Industrials)
43,775
2,800
CSC
Financial
Co.
Ltd.,
Class
A
(Financials)
8,152
14,289
CSC
Financial
Co.
Ltd.,
Class
H
(Financials)
(a)
11,415
1,080
CSPC
Innovation
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
4,654
139,705
CSPC
Pharmaceutical
Group
Ltd.
(Health
Care)
118,395
1,300
CSSC
Science
&
Technology
Co.
Ltd.,
Class
A
(Industrials)*
2,756
14,200
Daqin
Railway
Co.
Ltd.,
Class
A
(Industrials)
13,813
1,100
DaShenLin
Pharmaceutical
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
3,038
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
8,100
Datang
International
Power
Generation
Co.
Ltd.,
Class
A
(Utilities)
$
3,377
44,542
Datang
International
Power
Generation
Co.
Ltd.,
Class
H
(Utilities)
9,166
3,000
DHC
Software
Co.
Ltd.,
Class
A
(Information
Technology)
2,068
1,000
Do-Fluoride
New
Materials
Co.
Ltd.,
Class
A
(Materials)
1,829
600
Dong-E-E-Jiao
Co.
Ltd.,
Class
A
(Health
Care)
5,590
2,600
Dongfang
Electric
Corp.
Ltd.,
Class
A
(Industrials)
6,575
5,344
Dongfang
Electric
Corp.
Ltd.,
Class
H
(Industrials)
8,607
43,543
Dongfeng
Motor
Group
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
14,081
400
Dongguan
Yiheda
Automation
Co.
Ltd.,
Class
A
(Industrials)
1,245
3,000
Dongxing
Securities
Co.
Ltd.,
Class
A
(Financials)
3,455
7,649
East
Buy
Holding
Ltd.
(Consumer
Staples)*
(a)
17,931
15,900
East
Money
Information
Co.
Ltd.,
Class
A
(Financials)
27,149
200
Eastroc
Beverage
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
5,888
5,200
Easyhome
New
Retail
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,025
500
Ecovacs
Robotics
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,432
800
Edifier
Technology
Co.
Ltd.,
Class
A
(Consumer
Discretionary)*
1,472
500
Empyrean
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
5,460
12,756
ENN
Energy
Holdings
Ltd.
(Utilities)
116,907
2,200
ENN
Natural
Gas
Co.
Ltd.,
Class
A
(Utilities)
5,506
700
Eoptolink
Technology,
Inc.
Ltd.,
Class
A
(Information
Technology)
8,353
46,326
ESR
Group
Ltd.
(Real
Estate)
(a)
(b)
65,137
1,900
Eve
Energy
Co.
Ltd.,
Class
A
(Industrials)
10,243
3,600
Everbright
Securities
Co.
Ltd.,
Class
A
(Financials)
7,816
9,589
Everdisplay
Optronics
Shanghai
Co.
Ltd.,
Class
A
(Information
Technology)*
2,731
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
3,700
Fangda
Carbon
New
Material
Co.
Ltd.,
Class
A
(Industrials)*
$
2,469
21,022
Far
East
Horizon
Ltd.
(Financials)
16,875
1,141
Farasis
Energy
Gan
Zhou
Co.
Ltd.,
Class
A
(Industrials)*
1,857
2,300
FAW
Jiefang
Group
Co.
Ltd.,
Class
A
(Industrials)*
2,665
1,100
Fiberhome
Telecommunication
Technologies
Co.
Ltd.,
Class
A
(Information
Technology)
2,435
3,900
First
Capital
Securities
Co.
Ltd.,
Class
A
(Financials)
2,898
1,500
Flat
Glass
Group
Co.
Ltd.,
Class
A
(Information
Technology)
5,081
6,621
Flat
Glass
Group
Co.
Ltd.,
Class
H
(Information
Technology)
13,389
13,500
Focus
Media
Information
Technology
Co.
Ltd.,
Class
A
(Communication
Services)
11,776
4,300
Foshan
Haitian
Flavouring
&
Food
Co.
Ltd.,
Class
A
(Consumer
Staples)
21,181
32,770
Fosun
International
Ltd.
(Industrials)
18,347
7,800
Founder
Securities
Co.
Ltd.,
Class
A
(Financials)
8,843
10,500
Foxconn
Industrial
Internet
Co.
Ltd.,
Class
A
(Information
Technology)
33,098
2,100
Fujian
Funeng
Co.
Ltd.,
Class
A
(Utilities)
3,097
400
Fujian
Kuncai
Material
Technology
Co.
Ltd.,
Class
A
(Materials)*
2,199
1,200
Fujian
Sunner
Development
Co.
Ltd.,
Class
A
(Consumer
Staples)
2,713
13,282
Full
Truck
Alliance
Co.
Ltd.
ADR
(Industrials)
117,413
1,900
Fuyao
Glass
Industry
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
12,088
10,157
Fuyao
Glass
Industry
Group
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
(a)
57,320
1,709
GalaxyCore,
Inc.,
Class
A
(Information
Technology)
3,184
500
Gan
&
Lee
Pharmaceuticals
Co.
Ltd.,
Class
A
(Health
Care)*
3,338
1,500
Ganfeng
Lithium
Group
Co.
Ltd.,
Class
A
(Materials)
6,941
6,756
Ganfeng
Lithium
Group
Co.
Ltd.,
Class
H
(Materials)
(a)
18,610
100
G-bits
Network
Technology
Xiamen
Co.
Ltd.,
Class
A
(Communication
Services)
2,545
16,800
GD
Power
Development
Co.
Ltd.,
Class
A
(Utilities)
12,413
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
96,370
Geely
Automobile
Holdings
Ltd.
(Consumer
Discretionary)
$
116,654
4,800
GEM
Co.
Ltd.,
Class
A
(Materials)
4,332
4,200
Gemdale
Corp.,
Class
A
(Real
Estate)
2,444
19,153
Genscript
Biotech
Corp.
(Health
Care)*
24,482
5,500
GF
Securities
Co.
Ltd.,
Class
A
(Financials)
9,739
16,966
GF
Securities
Co.
Ltd.,
Class
H
(Financials)
15,354
6,251
Giant
Biogene
Holding
Co.
Ltd.
(Consumer
Staples)*
(a)
39,511
1,900
Giant
Network
Group
Co.
Ltd.,
Class
A
(Communication
Services)
2,716
700
GigaDevice
Semiconductor,
Inc.,
Class
A
(Information
Technology)
8,005
400
Ginlong
Technologies
Co.
Ltd.,
Class
A
(Industrials)
3,159
1,300
Glodon
Co.
Ltd.,
Class
A
(Information
Technology)
2,091
3,200
GoerTek,
Inc.,
Class
A
(Information
Technology)
7,569
3,200
Goldwind
Science
&
Technology
Co.
Ltd.,
Class
A
(Industrials)
3,434
12,156
Goldwind
Science
&
Technology
Co.
Ltd.,
Class
H
(Industrials)
5,625
400
Goneo
Group
Co.
Ltd.,
Class
A
(Industrials)
6,662
200
GoodWe
Technologies
Co.
Ltd.,
Class
A
(Industrials)
2,827
1,700
Gotion
High-tech
Co.
Ltd.,
Class
A
(Industrials)*
4,748
2,600
Great
Wall
Motor
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
9,290
38,816
Great
Wall
Motor
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
66,882
5,700
Gree
Electric
Appliances,
Inc.
of
Zhuhai,
Class
A
(Consumer
Discretionary)
31,920
10,000
Greenland
Holdings
Corp.
Ltd.,
Class
A
(Real
Estate)*
2,587
16,330
Greentown
China
Holdings
Ltd.
(Real
Estate)
15,926
2,300
GRG
Banking
Equipment
Co.
Ltd.,
Class
A
(Information
Technology)
3,408
2,300
Guangdong
Construction
Engineering
Group
Co.
Ltd.,
Class
A
(Industrials)*
1,332
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
2,100
Guangdong
Electric
Power
Development
Co.
Ltd.,
Class
A
(Utilities)*
$
1,661
1,700
Guangdong
Haid
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
11,850
47,621
Guangdong
Investment
Ltd.
(Utilities)
26,905
300
Guangdong
Kinlong
Hardware
Products
Co.
Ltd.,
Class
A
(Industrials)
1,569
6,100
Guanghui
Energy
Co.
Ltd.,
Class
A
(Energy)
6,723
3,000
Guangzhou
Automobile
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,476
46,831
Guangzhou
Automobile
Group
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
19,455
2,200
Guangzhou
Baiyun
International
Airport
Co.
Ltd.,
Class
A
(Industrials)*
3,069
1,300
Guangzhou
Baiyunshan
Pharmaceutical
Holdings
Co.
Ltd.,
Class
A
(Health
Care)
5,616
3,455
Guangzhou
Baiyunshan
Pharmaceutical
Holdings
Co.
Ltd.,
Class
H
(Health
Care)
9,826
2,500
Guangzhou
Development
Group,
Inc.,
Class
A
(Energy)
2,301
400
Guangzhou
Great
Power
Energy
&
Technology
Co.
Ltd.,
Class
A
(Industrials)
1,240
2,200
Guangzhou
Haige
Communications
Group,
Inc.
Co.,
Class
A
(Information
Technology)
3,278
400
Guangzhou
Kingmed
Diagnostics
Group
Co.
Ltd.,
Class
A
(Health
Care)
1,854
3,400
Guangzhou
Port
Co.
Ltd.,
Class
A
(Industrials)
1,548
700
Guangzhou
Shiyuan
Electronic
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
3,161
1,800
Guangzhou
Tinci
Materials
Technology
Co.
Ltd.,
Class
A
(Materials)
4,842
3,300
Guangzhou
Yuexiu
Capital
Holdings
Group
Co.
Ltd.,
Class
A
(Financials)
2,515
2,200
Guolian
Securities
Co.
Ltd.,
Class
A
(Financials)*
3,299
6,539
Guolian
Securities
Co.
Ltd.,
Class
H
(Financials)*
2,817
4,900
Guosen
Securities
Co.
Ltd.,
Class
A
(Financials)
6,027
7,000
Guotai
Junan
Securities
Co.
Ltd.,
Class
A
(Financials)
13,426
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
12,049
Guotai
Junan
Securities
Co.
Ltd.,
Class
H
(Financials)
(a)
$
12,783
4,100
Guoyuan
Securities
Co.
Ltd.,
Class
A
(Financials)
3,622
3,184
H
World
Group
Ltd.
ADR
(Consumer
Discretionary)
118,540
28,273
Haidilao
International
Holding
Ltd.
(Consumer
Discretionary)
(a)
62,738
5,900
Haier
Smart
Home
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
23,980
38,867
Haier
Smart
Home
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
140,597
40,400
Hainan
Airlines
Holding
Co.
Ltd.,
Class
A
(Industrials)*
7,560
10,700
Hainan
Airport
Infrastructure
Co.
Ltd.,
Class
A
(Real
Estate)*
5,035
200
Hainan
Drinda
New
Energy
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
1,428
500
Haisco
Pharmaceutical
Group
Co.
Ltd.,
Class
A
(Health
Care)
2,108
10,446
Haitian
International
Holdings
Ltd.
(Industrials)
31,845
9,100
Haitong
Securities
Co.
Ltd.,
Class
A
(Financials)
10,380
44,075
Haitong
Securities
Co.
Ltd.,
Class
H
(Financials)
21,634
1,000
Han’s
Laser
Technology
Industry
Group
Co.
Ltd.,
Class
A
(Industrials)
2,816
1,100
Hang
Zhou
Great
Star
Industrial
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,846
1,260
Hangcha
Group
Co.
Ltd.,
Class
A
(Industrials)
3,469
600
Hangjin
Technology
Co.
Ltd.,
Class
A
(Materials)
2,068
2,900
Hangzhou
Binjiang
Real
Estate
Group
Co.
Ltd.,
Class
A
(Real
Estate)
3,308
600
Hangzhou
Chang
Chuan
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
2,345
1,700
Hangzhou
First
Applied
Material
Co.
Ltd.,
Class
A
(Information
Technology)*
6,065
600
Hangzhou
Lion
Microelectronics
Co.
Ltd.,
Class
A
(Information
Technology)
1,759
900
Hangzhou
Oxygen
Plant
Group
Co.
Ltd.,
Class
A
(Materials)
3,096
900
Hangzhou
Robam
Appliances
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,982
1,300
Hangzhou
Silan
Microelectronics
Co.
Ltd.,
Class
A
(Information
Technology)*
3,361
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
700
Hangzhou
Tigermed
Consulting
Co.
Ltd.,
Class
A
(Health
Care)
$
5,194
1,935
Hangzhou
Tigermed
Consulting
Co.
Ltd.,
Class
H
(Health
Care)*
(a)
8,137
17,988
Hansoh
Pharmaceutical
Group
Co.
Ltd.
(Health
Care)
(a)
36,926
600
Haohua
Chemical
Science
&
Technology
Co.
Ltd.,
Class
A
(Materials)
2,497
900
Hebei
Hengshui
Laobaigan
Liquor
Co.
Ltd.,
Class
A
(Consumer
Staples)
2,769
200
Hebei
Sinopack
Electronic
Technology
Co.
Ltd.,
Class
A
(Information
Technology)*
1,733
1,100
Hebei
Yangyuan
Zhihui
Beverage
Co.
Ltd.,
Class
A
(Consumer
Staples)*
3,868
800
Hefei
Meiya
Optoelectronic
Technology,
Inc.,
Class
A
(Industrials)
1,858
1,700
Heilongjiang
Agriculture
Co.
Ltd.,
Class
A
(Consumer
Staples)
3,036
2,100
Henan
Shenhuo
Coal
Industry
&
Electricity
Power
Co.
Ltd.,
Class
A
(Materials)
6,683
2,800
Henan
Shuanghui
Investment
&
Development
Co.
Ltd.,
Class
A
(Consumer
Staples)
9,762
9,784
Hengan
International
Group
Co.
Ltd.
(Consumer
Staples)
34,017
1,500
Hengdian
Group
DMEGC
Magnetics
Co.
Ltd.,
Class
A
(Information
Technology)
2,858
5,100
Hengli
Petrochemical
Co.
Ltd.,
Class
A
(Materials)
10,056
2,300
Hengtong
Optic-electric
Co.
Ltd.,
Class
A
(Information
Technology)
4,734
3,400
Hengyi
Petrochemical
Co.
Ltd.,
Class
A
(Materials)*
3,354
9,700
Hesteel
Co.
Ltd.,
Class
A
(Materials)
2,869
900
Hisense
Home
Appliances
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
5,036
5,232
Hisense
Home
Appliances
Group
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
23,741
1,200
Hisense
Visual
Technology
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
4,522
500
Hithink
RoyalFlush
Information
Network
Co.
Ltd.,
Class
A
(Financials)
8,025
3,500
HLA
Group
Corp.
Ltd.,
Class
A
(Consumer
Discretionary)
4,657
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
2,100
Hongta
Securities
Co.
Ltd.,
Class
A
(Financials)
$
1,988
600
Hoshine
Silicon
Industry
Co.
Ltd.,
Class
A
(Materials)*
4,359
500
Hoyuan
Green
Energy
Co.
Ltd.,
Class
A
(Information
Technology)
1,454
13,389
Hua
Hong
Semiconductor
Ltd.
(Information
Technology)*
(a)
33,201
4,400
Huaan
Securities
Co.
Ltd.,
Class
A
(Financials)
2,785
8,000
Huadian
Power
International
Corp.
Ltd.,
Class
A
(Utilities)
7,276
25,629
Huadian
Power
International
Corp.
Ltd.,
Class
H
(Utilities)
(b)
14,873
1,600
Huadong
Medicine
Co.
Ltd.,
Class
A
(Health
Care)
6,963
4,600
Huafon
Chemical
Co.
Ltd.,
Class
A
(Materials)
4,779
900
Huagong
Tech
Co.
Ltd.,
Class
A
(Information
Technology)*
3,710
2,300
Huaibei
Mining
Holdings
Co.
Ltd.,
Class
A
(Materials)
6,241
1,700
Hualan
Biological
Engineering,
Inc.,
Class
A
(Health
Care)
4,250
400
Huali
Industrial
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,724
4,300
Huaneng
Lancang
River
Hydropower,
Inc.,
Class
A
(Utilities)
5,851
8,200
Huaneng
Power
International,
Inc.,
Class
A
(Utilities)*
10,109
68,586
Huaneng
Power
International,
Inc.,
Class
H
(Utilities)*
45,412
7,400
Huatai
Securities
Co.
Ltd.,
Class
A
(Financials)
13,827
22,439
Huatai
Securities
Co.
Ltd.,
Class
H
(Financials)
(a)
25,527
2,400
Huaxi
Securities
Co.
Ltd.,
Class
A
(Financials)
2,308
12,200
Huaxia
Bank
Co.
Ltd.,
Class
A
(Financials)
11,566
300
Huaxia
Eye
Hospital
Group
Co.
Ltd.,
Class
A
(Health
Care)
1,008
1,300
Huaxin
Cement
Co.
Ltd.,
Class
A
(Materials)
2,653
2,900
Huayu
Automotive
Systems
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
6,412
3,700
Hubei
Energy
Group
Co.
Ltd.,
Class
A
(Utilities)
3,014
500
Hubei
Feilihua
Quartz
Glass
Co.
Ltd.,
Class
A
(Materials)
2,212
900
Hubei
Jumpcan
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
4,717
1,000
Hubei
Xingfa
Chemicals
Group
Co.
Ltd.,
Class
A
(Materials)
2,973
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
600
Huizhou
Desay
Sv
Automotive
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
$
8,291
1,500
Humanwell
Healthcare
Group
Co.
Ltd.,
Class
A
(Health
Care)
3,983
1,795
Hunan
Changyuan
Lico
Co.
Ltd.,
Class
A
(Industrials)
1,277
6,400
Hunan
Valin
Steel
Co.
Ltd.,
Class
A
(Materials)
4,649
400
Hunan
Yuneng
New
Energy
Battery
Material
Co.
Ltd.,
Class
A
(Industrials)
1,987
1,800
Hundsun
Technologies,
Inc.,
Class
A
(Information
Technology)
4,971
5,860
Hygeia
Healthcare
Holdings
Co.
Ltd.
(Health
Care)
(a)
24,531
1,400
IEIT
Systems
Co.
Ltd.,
Class
A
(Information
Technology)
7,014
2,200
Iflytek
Co.
Ltd.,
Class
A
(Information
Technology)
12,774
800
IKD
Co.
Ltd.,
Class
A
(Consumer
Discretionary)*
1,912
280
Imeik
Technology
Development
Co.
Ltd.,
Class
A
(Health
Care)
7,749
61,900
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
A
(Financials)
46,246
1,157,000
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
H
(Financials)
653,677
20,900
Industrial
Bank
Co.
Ltd.,
Class
A
(Financials)
51,445
8,100
Industrial
Securities
Co.
Ltd.,
Class
A
(Financials)
5,974
500
Ingenic
Semiconductor
Co.
Ltd.,
Class
A
(Information
Technology)
4,005
42,700
Inner
Mongolia
BaoTou
Steel
Union
Co.
Ltd.,
Class
A
(Materials)*
9,048
1,900
Inner
Mongolia
Dian
Tou
Energy
Corp.
Ltd.,
Class
A
(Energy)
5,947
1,400
Inner
Mongolia
ERDOS
Resources
Co.
Ltd.,
Class
A
(Materials)
2,317
7,900
Inner
Mongolia
Junzheng
Energy
&
Chemical
Industry
Group
Co.
Ltd.,
Class
A
(Materials)
4,750
6,100
Inner
Mongolia
MengDian
HuaNeng
Thermal
Power
Corp.
Ltd.,
Class
A
(Utilities)
3,810
6,400
Inner
Mongolia
Yili
Industrial
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
24,929
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
3,400
Inner
Mongolia
Yuan
Xing
Energy
Co.
Ltd.,
Class
A
(Materials)
$
3,410
2,000
Innovation
New
Material
Technology
Co.
Ltd.,
Class
A
(Consumer
Staples)*
1,101
20,470
Innovent
Biologics,
Inc.
(Health
Care)*
(a)
92,102
7,745
iQIYI,
Inc.
ADR
(Communication
Services)*
35,859
200
iRay
Technology
Co.
Ltd.,
Class
A
(Health
Care)*
4,685
900
Isoftstone
Information
Technology
Group
Co.
Ltd.,
Class
A
(Information
Technology)*
4,926
3,100
JA
Solar
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
6,441
800
Jafron
Biomedical
Co.
Ltd.,
Class
A
(Health
Care)
3,036
800
Jason
Furniture
Hangzhou
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,945
1,700
JCET
Group
Co.
Ltd.,
Class
A
(Information
Technology)
6,074
600
JCHX
Mining
Management
Co.
Ltd.,
Class
A
(Materials)
4,695
16,513
JD
Health
International,
Inc.
(Consumer
Staples)*
(a)
55,196
30,053
JD
Logistics,
Inc.
(Industrials)*
(a)
32,729
40,983
JD.com,
Inc.,
Class
A
(Consumer
Discretionary)
596,671
5,100
Jiangsu
Eastern
Shenghong
Co.
Ltd.,
Class
A
(Materials)*
6,273
1,400
Jiangsu
Expressway
Co.
Ltd.,
Class
A
(Industrials)
2,261
19,201
Jiangsu
Expressway
Co.
Ltd.,
Class
H
(Industrials)
19,954
1,200
Jiangsu
Guoxin
Corp.
Ltd.,
Class
A
(Utilities)
1,342
1,200
Jiangsu
Hengli
Hydraulic
Co.
Ltd.,
Class
A
(Industrials)
8,193
6,400
Jiangsu
Hengrui
Pharmaceuticals
Co.
Ltd.,
Class
A
(Health
Care)
37,301
1,200
Jiangsu
King's
Luck
Brewery
JSC
Ltd.,
Class
A
(Consumer
Staples)
8,757
900
Jiangsu
Nhwa
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
2,952
600
Jiangsu
Pacific
Quartz
Co.
Ltd.,
Class
A
(Information
Technology)
3,208
2,000
Jiangsu
Phoenix
Publishing
&
Media
Corp.
Ltd.,
Class
A
(Communication
Services)
2,953
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
500
Jiangsu
Xinquan
Automotive
Trim
Co.
Ltd.,
Class
A
(Consumer
Discretionary)*
$
3,003
1,500
Jiangsu
Yanghe
Distillery
Co.
Ltd.,
Class
A
(Consumer
Staples)
19,262
400
Jiangsu
Yangnong
Chemical
Co.
Ltd.,
Class
A
(Materials)
3,304
400
Jiangsu
Yoke
Technology
Co.
Ltd.,
Class
A
(Materials)
3,255
900
Jiangsu
Yuyue
Medical
Equipment
&
Supply
Co.
Ltd.,
Class
A
(Health
Care)
4,821
3,200
Jiangsu
Zhongtian
Technology
Co.
Ltd.,
Class
A
(Industrials)
6,631
1,900
Jiangxi
Copper
Co.
Ltd.,
Class
A
(Materials)
6,664
18,064
Jiangxi
Copper
Co.
Ltd.,
Class
H
(Materials)
38,976
1,600
Jiangxi
Special
Electric
Motor
Co.
Ltd.,
Class
A
(Industrials)*
2,072
2,500
Jinduicheng
Molybdenum
Co.
Ltd.,
Class
A
(Materials)
4,007
6,121
Jinko
Solar
Co.
Ltd.,
Class
A
(Information
Technology)
6,864
300
JiuGui
Liquor
Co.
Ltd.,
Class
A
(Consumer
Staples)
2,198
3,100
Jizhong
Energy
Resources
Co.
Ltd.,
Class
A
(Energy)
3,468
1,100
JL
Mag
Rare-Earth
Co.
Ltd.,
Class
A
(Industrials)
2,182
1,800
Joincare
Pharmaceutical
Group
Industry
Co.
Ltd.,
Class
A
(Health
Care)
3,088
600
Joinn
Laboratories
China
Co.
Ltd.,
Class
A
(Health
Care)
1,257
1,572
Joinn
Laboratories
China
Co.
Ltd.,
Class
H
(Health
Care)
(a)
1,698
3,640
Jointown
Pharmaceutical
Group
Co.
Ltd.,
Class
A
(Health
Care)
3,706
700
Jonjee
Hi-Tech
Industrial
And
Commercial
Holding
Co.
Ltd.,
Class
A
(Consumer
Staples)
2,545
600
Juewei
Food
Co.
Ltd.,
Class
A
(Consumer
Staples)
1,524
2,100
Juneyao
Airlines
Co.
Ltd.,
Class
A
(Industrials)
3,586
4,643
Kanzhun
Ltd.
ADR
(Communication
Services)
98,664
14,902
KE
Holdings,
Inc.
ADR
(Real
Estate)
252,887
200
Keboda
Technology
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
1,915
1,800
Keda
Industrial
Group
Co.
Ltd.,
Class
A
(Industrials)*
2,392
46,410
Kingdee
International
Software
Group
Co.
Ltd.
(Information
Technology)*
47,458
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
2,500
Kingfa
Sci
&
Tech
Co.
Ltd.,
Class
A
(Materials)
$
2,528
2,000
Kingnet
Network
Co.
Ltd.,
Class
A
(Communication
Services)
2,994
15,865
Kingsoft
Corp.
Ltd.
(Communication
Services)
50,698
34,015
Kuaishou
Technology
(Communication
Services)*
(a)
241,090
2,000
Kuang-Chi
Technologies
Co.
Ltd.,
Class
A
(Industrials)*
5,017
61,487
Kunlun
Energy
Co.
Ltd.
(Utilities)
63,819
1,100
Kunlun
Tech
Co.
Ltd.,
Class
A
(Communication
Services)*
5,281
1,200
Kweichow
Moutai
Co.
Ltd.,
Class
A
(Consumer
Staples)
272,173
1,500
Lao
Feng
Xiang
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
15,522
2,200
LB
Group
Co.
Ltd.,
Class
A
(Materials)
6,336
117,738
Lenovo
Group
Ltd.
(Information
Technology)
168,856
4,600
Lens
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
9,684
1,700
Lepu
Medical
Technology
Beijing
Co.
Ltd.,
Class
A
(Health
Care)
3,852
700
Levima
Advanced
Materials
Corp.,
Class
A
(Materials)
1,587
19,407
Li
Auto,
Inc.,
Class
A
(Consumer
Discretionary)*
193,863
39,499
Li
Ning
Co.
Ltd.
(Consumer
Discretionary)
102,744
16,000
Liaoning
Port
Co.
Ltd.,
Class
A
(Industrials)
3,060
3,500
Lifan
Technology
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)*
1,483
6,500
Lingyi
iTech
Guangdong
Co.,
Class
A
(Information
Technology)
4,409
600
Livzon
Pharmaceutical
Group,
Inc.,
Class
A
(Health
Care)
3,195
2,302
Livzon
Pharmaceutical
Group,
Inc.,
Class
H
(Health
Care)
7,798
33,828
Longfor
Group
Holdings
Ltd.
(Real
Estate)
(a)
53,185
7,600
LONGi
Green
Energy
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
19,439
1,000
Longshine
Technology
Group
Co.
Ltd.,
Class
A
(Information
Technology)*
1,480
2,709
Lufax
Holding
Ltd.
ADR
(Financials)
12,136
1,800
Luxi
Chemical
Group
Co.
Ltd.,
Class
A
(Materials)
3,029
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
7,200
Luxshare
Precision
Industry
Co.
Ltd.,
Class
A
(Information
Technology)
$
31,493
1,500
Luzhou
Laojiao
Co.
Ltd.,
Class
A
(Consumer
Staples)
36,087
1,700
Mango
Excellent
Media
Co.
Ltd.,
Class
A
(Communication
Services)
5,408
500
Maxscend
Microelectronics
Co.
Ltd.,
Class
A
(Information
Technology)
5,972
2,700
Meihua
Holdings
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)*
4,079
3,600
Meinian
Onehealth
Healthcare
Holdings
Co.
Ltd.,
Class
A
(Health
Care)*
2,075
76,322
Meituan,
Class
B
(Consumer
Discretionary)*
(a)
1,025,321
16,800
Metallurgical
Corp.
of
China
Ltd.,
Class
A
(Industrials)
7,536
45,113
Metallurgical
Corp.
of
China
Ltd.,
Class
H
(Industrials)
9,803
12,912
Microport
Scientific
Corp.
(Health
Care)*
9,573
7,000
Midea
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
62,372
2,100
Ming
Yang
Smart
Energy
Group
Ltd.,
Class
A
(Industrials)
2,939
7,937
MINISO
Group
Holding
Ltd.
(Consumer
Discretionary)
45,451
4,200
Minmetals
Capital
Co.
Ltd.,
Class
A
(Financials)
2,560
11,908
Minth
Group
Ltd.
(Consumer
Discretionary)
23,593
1,058
Montage
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
7,715
5,500
Muyuan
Foods
Co.
Ltd.,
Class
A
(Consumer
Staples)
35,681
5,800
Nanjing
Iron
&
Steel
Co.
Ltd.,
Class
A
(Materials)
4,102
1,400
Nanjing
King-Friend
Biochemical
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
2,414
3,400
Nanjing
Securities
Co.
Ltd.,
Class
A
(Financials)
3,733
8,100
NARI
Technology
Co.
Ltd.,
Class
A
(Industrials)
25,087
2,541
National
Silicon
Industry
Group
Co.
Ltd.,
Class
A
(Information
Technology)*
4,730
500
NAURA
Technology
Group
Co.
Ltd.,
Class
A
(Information
Technology)
20,181
2,200
NavInfo
Co.
Ltd.,
Class
A
(Information
Technology)*
2,037
29,696
NetEase,
Inc.
(Communication
Services)
522,304
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
1,600
New
China
Life
Insurance
Co.
Ltd.,
Class
A
(Financials)
$
7,166
15,367
New
China
Life
Insurance
Co.
Ltd.,
Class
H
(Financials)
31,389
4,200
New
Hope
Liuhe
Co.
Ltd.,
Class
A
(Consumer
Staples)*
5,790
2,520
New
Oriental
Education
&
Technology
Group,
Inc.
ADR
(Consumer
Discretionary)*
201,424
1,300
Ninestar
Corp.,
Class
A
(Information
Technology)
4,865
560
Ningbo
Deye
Technology
Co.
Ltd.,
Class
A
(Industrials)
5,202
1,300
Ningbo
Joyson
Electronic
Corp.,
Class
A
(Consumer
Discretionary)*
2,810
600
Ningbo
Orient
Wires
&
Cables
Co.
Ltd.,
Class
A
(Industrials)*
3,973
419
Ningbo
Ronbay
New
Energy
Technology
Co.
Ltd.,
Class
A
(Industrials)*
1,660
1,300
Ningbo
Sanxing
Medical
Electric
Co.
Ltd.,
Class
A
(Industrials)
6,076
2,100
Ningbo
Shanshan
Co.
Ltd.,
Class
A
(Materials)
3,057
1,000
Ningbo
Tuopu
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
7,924
900
Ningbo
Xusheng
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
1,597
5,500
Ningbo
Zhoushan
Port
Co.
Ltd.,
Class
A
(Industrials)
2,686
6,200
Ningxia
Baofeng
Energy
Group
Co.
Ltd.,
Class
A
(Materials)*
14,007
22,342
NIO,
Inc.
ADR
(Consumer
Discretionary)*
120,423
30,173
Nongfu
Spring
Co.
Ltd.,
Class
H
(Consumer
Staples)
(a)
160,442
1,300
North
Industries
Group
Red
Arrow
Co.
Ltd.,
Class
A
(Industrials)
2,397
4,343
NXP
Semiconductors
NV
(Information
Technology)
1,181,730
5,700
Offcn
Education
Technology
Co.
Ltd.,
Class
A
(Consumer
Discretionary)*
1,843
4,100
Offshore
Oil
Engineering
Co.
Ltd.,
Class
A
(Energy)
3,464
3,000
OFILM
Group
Co.
Ltd.,
Class
A
(Information
Technology)*
3,339
1,604
Onewo,
Inc.,
Class
H
(Real
Estate)
(b)
4,808
500
Oppein
Home
Group,
Inc.,
Class
A
(Consumer
Discretionary)
4,682
6,900
Orient
Securities
Co.
Ltd.,
Class
A
(Financials)
7,680
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
13,168
Orient
Securities
Co.
Ltd.,
Class
H
(Financials)
(a)
$
5,336
3,200
Oriental
Pearl
Group
Co.
Ltd.,
Class
A
(Communication
Services)
2,879
800
Ovctek
China,
Inc.,
Class
A
(Health
Care)
1,976
6,400
Pacific
Securities
Co.
Ltd.
(The),
Class
A
(Financials)*
2,897
8,100
Pangang
Group
Vanadium
Titanium
&
Resources
Co.
Ltd.,
Class
A
(Materials)*
3,277
10,798
PDD
Holdings,
Inc.
ADR
(Consumer
Discretionary)*
1,617,324
1,000
People.cn
Co.
Ltd.,
Class
A
(Communication
Services)
3,016
9,100
People’s
Insurance
Co.
Group
of
China
Ltd.
(The),
Class
A
(Financials)
6,636
146,085
People's
Insurance
Co.
Group
of
China
Ltd.
(The),
Class
H
(Financials)
50,790
1,800
Perfect
World
Co.
Ltd.,
Class
A
(Communication
Services)*
2,288
24,500
PetroChina
Co.
Ltd.,
Class
A
(Energy)
34,182
353,206
PetroChina
Co.
Ltd.,
Class
H
(Energy)
359,827
1,400
Pharmaron
Beijing
Co.
Ltd.,
Class
A
(Health
Care)
3,976
4,496
Pharmaron
Beijing
Co.
Ltd.,
Class
H
(Health
Care)
(a)
5,649
115,497
PICC
Property
&
Casualty
Co.
Ltd.,
Class
H
(Financials)
149,993
19,500
Ping
An
Bank
Co.
Ltd.,
Class
A
(Financials)
29,808
10,800
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
A
(Financials)
64,001
103,580
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
H
(Financials)
523,636
2,200
Pingdingshan
Tianan
Coal
Mining
Co.
Ltd.,
Class
A
(Energy)
3,929
200
Piotech,
Inc.,
Class
A
(Information
Technology)
5,098
11,200
Poly
Developments
and
Holdings
Group
Co.
Ltd.,
Class
A
(Real
Estate)
15,749
2,272
Poly
Property
Services
Co.
Ltd.,
Class
H
(Real
Estate)
9,467
11,480
Pop
Mart
International
Group
Ltd.
(Consumer
Discretionary)
(a)
54,441
24,000
Postal
Savings
Bank
of
China
Co.
Ltd.,
Class
A
(Financials)
16,610
187,644
Postal
Savings
Bank
of
China
Co.
Ltd.,
Class
H
(Financials)
(a)
105,774
16,200
Power
Construction
Corp.
of
China
Ltd.,
Class
A
(Industrials)
11,925
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
24,974
Prosus
NV
(Consumer
Discretionary)*
$
904,992
200
Pylon
Technologies
Co.
Ltd.,
Class
A
(Industrials)
1,732
642
Qi
An
Xin
Technology
Group,
Inc.,
Class
A
(Information
Technology)*
2,302
980
Qingdao
Sentury
Tire
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,345
5,100
Qinghai
Salt
Lake
Industry
Co.
Ltd.,
Class
A
(Materials)*
12,133
1,100
Range
Intelligent
Computing
Technology
Group
Co.
Ltd.,
Class
A
(Information
Technology)
3,885
416
Raytron
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
1,726
2,800
Red
Star
Macalline
Group
Corp.
Ltd.,
Class
A
(Real
Estate)
1,187
249
Remegen
Co.
Ltd.,
Class
A
(Health
Care)*
1,548
2,273
Remegen
Co.
Ltd.,
Class
H
(Health
Care)*
(a)
7,365
1,100
Risen
Energy
Co.
Ltd.,
Class
A
(Information
Technology)
2,179
13,163
RLX
Technology,
Inc.
ADR
(Consumer
Staples)
24,878
300
Rockchip
Electronics
Co.
Ltd.,
Class
A
(Information
Technology)
2,361
7,900
Rongsheng
Petrochemical
Co.
Ltd.,
Class
A
(Materials)*
10,891
200
Ruijie
Networks
Co.
Ltd.,
Class
A
(Information
Technology)*
901
7,300
SAIC
Motor
Corp.
Ltd.,
Class
A
(Consumer
Discretionary)
14,132
2,800
Sailun
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
5,733
4,600
Sanan
Optoelectronics
Co.
Ltd.,
Class
A
(Information
Technology)
7,930
400
Sangfor
Technologies,
Inc.,
Class
A
(Information
Technology)*
3,013
18,236
Sany
Heavy
Equipment
International
Holdings
Co.
Ltd.
(Industrials)
13,916
8,000
Sany
Heavy
Industry
Co.
Ltd.,
Class
A
(Industrials)*
17,810
3,100
Satellite
Chemical
Co.
Ltd.,
Class
A
(Materials)
7,780
5,800
SDIC
Capital
Co.
Ltd.,
Class
A
(Financials)
4,908
6,600
SDIC
Power
Holdings
Co.
Ltd.,
Class
A
(Utilities)
16,091
5,100
Sealand
Securities
Co.
Ltd.,
Class
A
(Financials)*
2,217
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
2,100
Seazen
Holdings
Co.
Ltd.,
Class
A
(Real
Estate)*
$
3,074
303,392
SenseTime
Group,
Inc.,
Class
B
(Information
Technology)*
(a)(b)
51,190
1,400
Seres
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)*
17,130
4,900
SF
Holding
Co.
Ltd.,
Class
A
(Industrials)
24,844
500
SG
Micro
Corp.,
Class
A
(Information
Technology)
5,336
2,300
Shaanxi
Beiyuan
Chemical
Industry
Group
Co.
Ltd.,
Class
A
(Materials)
1,345
8,600
Shaanxi
Coal
Industry
Co.
Ltd.,
Class
A
(Energy)
30,801
2,300
Shaanxi
Energy
Investment
Co.
Ltd.,
Class
A
(Utilities)
3,500
280
Shaanxi
Huaqin
Technology
Industry
Co.
Ltd.,
Class
A
(Materials)
3,565
3,400
Shan
Xi
Hua
Yang
Group
New
Energy
Co.
Ltd.,
Class
A
(Energy)
5,137
3,400
Shandong
Gold
Mining
Co.
Ltd.,
Class
A
(Materials)
13,478
13,097
Shandong
Gold
Mining
Co.
Ltd.,
Class
H
(Materials)
(a)
28,125
700
Shandong
Himile
Mechanical
Science
&
Technology
Co.
Ltd.,
Class
A
(Industrials)
3,720
1,700
Shandong
Hi-speed
Co.
Ltd.,
Class
A
(Industrials)
2,068
56,995
Shandong
Hi-Speed
Holdings
Group
Ltd.
(Financials)*
42,837
2,000
Shandong
Hualu
Hengsheng
Chemical
Co.
Ltd.,
Class
A
(Materials)
7,906
1,400
Shandong
Linglong
Tyre
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,995
11,000
Shandong
Nanshan
Aluminum
Co.
Ltd.,
Class
A
(Materials)
5,827
700
Shandong
Sinocera
Functional
Material
Co.
Ltd.,
Class
A
(Materials)
1,840
2,600
Shandong
Sun
Paper
Industry
JSC
Ltd.,
Class
A
(Materials)
5,395
40,556
Shandong
Weigao
Group
Medical
Polymer
Co.
Ltd.,
Class
H
(Health
Care)
23,639
200
Shandong
Weigao
Orthopaedic
Device
Co.
Ltd.,
Class
A
(Health
Care)
667
1,700
Shanghai
Aiko
Solar
Energy
Co.
Ltd.,
Class
A
(Information
Technology)
2,725
1,000
Shanghai
Bairun
Investment
Holding
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
2,916
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
4,900
Shanghai
Baosight
Software
Co.
Ltd.,
Class
A
(Information
Technology)
$
26,664
280
Shanghai
BOCHU
Electronic
Technology
Corp.
Ltd.,
Class
A
(Information
Technology)
7,692
8,300
Shanghai
Construction
Group
Co.
Ltd.,
Class
A
(Industrials)
2,661
700
Shanghai
Daimay
Automotive
Interior
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
1,234
10,500
Shanghai
Electric
Group
Co.
Ltd.,
Class
A
(Industrials)*
6,082
2,600
Shanghai
Electric
Power
Co.
Ltd.,
Class
A
(Utilities)*
3,595
100
Shanghai
Flyco
Electrical
Appliance
Co.
Ltd.,
Class
A
(Consumer
Staples)
629
2,000
Shanghai
Fosun
Pharmaceutical
Group
Co.
Ltd.,
Class
A
(Health
Care)
6,376
7,454
Shanghai
Fosun
Pharmaceutical
Group
Co.
Ltd.,
Class
H
(Health
Care)
11,662
495
Shanghai
Fudan
Microelectronics
Group
Co.
Ltd.,
Class
A
(Information
Technology)
2,125
4,213
Shanghai
Fudan
Microelectronics
Group
Co.
Ltd.,
Class
H
(Information
Technology)
(b)
6,408
2,300
Shanghai
International
Airport
Co.
Ltd.,
Class
A
(Industrials)*
10,997
6,400
Shanghai
International
Port
Group
Co.
Ltd.,
Class
A
(Industrials)
5,010
900
Shanghai
Jinjiang
International
Hotels
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,476
713
Shanghai
Junshi
Biosciences
Co.
Ltd.,
Class
A
(Health
Care)*
2,634
2,522
Shanghai
Junshi
Biosciences
Co.
Ltd.,
Class
H
(Health
Care)*
(a)
3,978
2,000
Shanghai
Lingang
Holdings
Corp.
Ltd.,
Class
A
(Real
Estate)
2,958
7,300
Shanghai
Lujiazui
Finance
&
Trade
Zone
Development
Co.
Ltd.,
Class
A
(Real
Estate)*
10,185
900
Shanghai
M&G
Stationery,
Inc.,
Class
A
(Industrials)
4,406
4,118
Shanghai
MicroPort
MedBot
Group
Co.
Ltd.
(Health
Care)*
7,643
400
Shanghai
Moons'
Electric
Co.
Ltd.,
Class
A
(Industrials)
2,701
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
2,100
Shanghai
Pharmaceuticals
Holding
Co.
Ltd.,
Class
A
(Health
Care)
$
5,247
11,264
Shanghai
Pharmaceuticals
Holding
Co.
Ltd.,
Class
H
(Health
Care)
16,702
29,500
Shanghai
Pudong
Development
Bank
Co.
Ltd.,
Class
A
(Financials)
33,851
1,900
Shanghai
Putailai
New
Energy
Technology
Co.
Ltd.,
Class
A
(Materials)*
4,264
6,300
Shanghai
RAAS
Blood
Products
Co.
Ltd.,
Class
A
(Health
Care)
6,154
9,100
Shanghai
Rural
Commercial
Bank
Co.
Ltd.,
Class
A
(Financials)
9,891
3,600
Shanghai
Yuyuan
Tourist
Mart
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,863
1,500
Shanghai
Zhangjiang
High-Tech
Park
Development
Co.
Ltd.,
Class
A
(Real
Estate)
4,122
2,000
Shanghai
Zhonggu
Logistics
Co.
Ltd.,
Class
A
(Industrials)
2,614
1,800
Shanxi
Coal
International
Energy
Group
Co.
Ltd.,
Class
A
(Industrials)
3,921
5,300
Shanxi
Coking
Coal
Energy
Group
Co.
Ltd.,
Class
A
(Energy)
8,043
2,800
Shanxi
Lu’an
Environmental
Energy
Development
Co.
Ltd.,
Class
A
(Energy)
8,738
4,000
Shanxi
Meijin
Energy
Co.
Ltd.,
Class
A
(Materials)*
3,055
3,400
Shanxi
Securities
Co.
Ltd.,
Class
A
(Financials)
2,419
5,300
Shanxi
Taigang
Stainless
Steel
Co.
Ltd.,
Class
A
(Materials)
2,756
1,200
Shanxi
Xinghuacun
Fen
Wine
Factory
Co.
Ltd.,
Class
A
(Consumer
Staples)
39,847
300
Shede
Spirits
Co.
Ltd.,
Class
A
(Consumer
Staples)
2,972
4,600
Shenergy
Co.
Ltd.,
Class
A
(Utilities)
5,538
2,200
Shengyi
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
5,987
500
Shennan
Circuits
Co.
Ltd.,
Class
A
(Information
Technology)
6,187
19,700
Shenwan
Hongyuan
Group
Co.
Ltd.,
Class
A
(Financials)
12,333
700
Shenzhen
Capchem
Technology
Co.
Ltd.,
Class
A
(Materials)
3,024
300
Shenzhen
Dynanonic
Co.
Ltd.,
Class
A
(Materials)*
1,405
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
3,800
Shenzhen
Energy
Group
Co.
Ltd.,
Class
A
(Utilities)
$
3,806
1,600
Shenzhen
Fastprint
Circuit
Tech
Co.
Ltd.,
Class
A
(Information
Technology)
2,618
400
Shenzhen
Goodix
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
3,401
100
Shenzhen
Han's
CNC
Technology
Co.
Ltd.,
Class
A
(Industrials)
475
800
Shenzhen
Hepalink
Pharmaceutical
Group
Co.
Ltd.,
Class
A
(Health
Care)
1,095
2,700
Shenzhen
Inovance
Technology
Co.
Ltd.,
Class
A
(Industrials)
21,524
1,500
Shenzhen
Kaifa
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
2,724
1,000
Shenzhen
Kangtai
Biological
Products
Co.
Ltd.,
Class
A
(Health
Care)
2,511
300
Shenzhen
Kedali
Industry
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,824
500
Shenzhen
Kstar
Science
And
Technology
Co.
Ltd.,
Class
A
(Industrials)
1,396
300
Shenzhen
Longsys
Electronics
Co.
Ltd.,
Class
A
(Information
Technology)*
3,582
1,200
Shenzhen
Mindray
Bio-Medical
Electronics
Co.
Ltd.,
Class
A
(Health
Care)
47,905
4,200
Shenzhen
MTC
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,861
700
Shenzhen
New
Industries
Biomedical
Engineering
Co.
Ltd.,
Class
A
(Health
Care)
7,293
7,700
Shenzhen
Overseas
Chinese
Town
Co.
Ltd.,
Class
A
(Real
Estate)*
2,744
1,000
Shenzhen
Salubris
Pharmaceuticals
Co.
Ltd.,
Class
A
(Health
Care)*
3,760
300
Shenzhen
SC
New
Energy
Technology
Corp.,
Class
A
(Information
Technology)
2,666
1,100
Shenzhen
SED
Industry
Co.
Ltd.,
Class
A
(Industrials)
2,367
800
Shenzhen
Sunlord
Electronics
Co.
Ltd.,
Class
A
(Information
Technology)
2,744
755
Shenzhen
Transsion
Holdings
Co.
Ltd.,
Class
A
(Information
Technology)
13,608
900
Shenzhen
YUTO
Packaging
Technology
Co.
Ltd.,
Class
A
(Materials)
3,088
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
13,201
Shenzhou
International
Group
Holdings
Ltd.
(Consumer
Discretionary)
$
131,953
200
Shijiazhuang
Shangtai
Technology
Co.
Ltd.,
Class
A
(Industrials)*
1,155
1,600
Shijiazhuang
Yiling
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
3,998
1,700
Shuangliang
Eco-Energy
Systems
Co.
Ltd.,
Class
A
(Industrials)
1,410
402
SICC
Co.
Ltd.,
Class
A
(Information
Technology)*
2,794
4,300
Sichuan
Changhong
Electric
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,911
3,700
Sichuan
Chuantou
Energy
Co.
Ltd.,
Class
A
(Utilities)
9,169
8,300
Sichuan
Hebang
Biotechnology
Co.
Ltd.,
Class
A
(Materials)
2,250
1,400
Sichuan
Kelun
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
6,166
6,800
Sichuan
Road
and
Bridge
Group
Co.
Ltd.,
Class
A
(Industrials)
7,354
500
Sichuan
Swellfun
Co.
Ltd.,
Class
A
(Consumer
Staples)
3,112
1,100
Sichuan
Yahua
Industrial
Group
Co.
Ltd.,
Class
A
(Materials)
1,588
700
Sieyuan
Electric
Co.
Ltd.,
Class
A
(Industrials)
6,792
305
Sinocelltech
Group
Ltd.,
Class
A
(Health
Care)*
1,853
3,500
Sinolink
Securities
Co.
Ltd.,
Class
A
(Financials)
3,949
2,500
Sinoma
International
Engineering
Co.,
Class
A
(Industrials)
4,375
1,600
Sinoma
Science
&
Technology
Co.
Ltd.,
Class
A
(Materials)
3,300
6,800
Sinomach
Heavy
Equipment
Group
Co.
Ltd.,
Class
A
(Industrials)*
2,732
700
Sinomine
Resource
Group
Co.
Ltd.,
Class
A
(Materials)
2,976
7,300
Sinopec
Oilfield
Service
Corp.,
Class
A
(Energy)*
1,818
5,700
Sinopec
Shanghai
Petrochemical
Co.
Ltd.,
Class
A
(Materials)*
2,165
51,214
Sinopec
Shanghai
Petrochemical
Co.
Ltd.,
Class
H
(Materials)*
7,397
22,462
Sinopharm
Group
Co.
Ltd.,
Class
H
(Health
Care)
60,868
3,600
Sinotrans
Ltd.,
Class
A
(Industrials)
2,982
28,998
Sinotrans
Ltd.,
Class
H
(Industrials)
15,790
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
11,093
Sinotruk
Hong
Kong
Ltd.
(Industrials)
$
25,721
500
Skshu
Paint
Co.
Ltd.,
Class
A
(Materials)*
2,975
29,716
Smoore
International
Holdings
Ltd.
(Consumer
Staples)
(a)(b)
32,970
2,400
Songcheng
Performance
Development
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,372
400
Sonoscape
Medical
Corp.,
Class
A
(Health
Care)
2,157
4,700
SooChow
Securities
Co.
Ltd.,
Class
A
(Financials)
4,171
6,200
Southwest
Securities
Co.
Ltd.,
Class
A
(Financials)
3,284
2,600
SPIC
Industry-Finance
Holdings
Co.
Ltd.,
Class
A
(Financials)
1,431
900
Spring
Airlines
Co.
Ltd.,
Class
A
(Industrials)*
6,953
280
StarPower
Semiconductor
Ltd.,
Class
A
(Information
Technology)
3,366
3,000
State
Grid
Yingda
Co.
Ltd.,
Class
A
(Industrials)
1,977
1,400
Sungrow
Power
Supply
Co.
Ltd.,
Class
A
(Industrials)
19,010
11,289
Sunny
Optical
Technology
Group
Co.
Ltd.
(Information
Technology)
61,976
500
Sunresin
New
Materials
Co.
Ltd.,
Class
A
(Materials)
3,328
1,700
Sunwoda
Electronic
Co.
Ltd.,
Class
A
(Industrials)
3,630
731
SUPCON
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
4,290
1,600
Suzhou
Dongshan
Precision
Manufacturing
Co.
Ltd.,
Class
A
(Information
Technology)
3,456
300
Suzhou
Maxwell
Technologies
Co.
Ltd.,
Class
A
(Information
Technology)
5,422
560
Suzhou
TFC
Optical
Communication
Co.
Ltd.,
Class
A
(Information
Technology)
6,824
7,275
TAL
Education
Group
ADR
(Consumer
Discretionary)*
82,644
1,200
Talkweb
Information
System
Co.
Ltd.,
Class
A
(Communication
Services)*
1,980
2,500
Tangshan
Jidong
Cement
Co.
Ltd.,
Class
A
(Materials)*
1,606
5,600
TangShan
Port
Group
Co.
Ltd.,
Class
A
(Industrials)
3,174
1,400
Tasly
Pharmaceutical
Group
Co.
Ltd.,
Class
A
(Health
Care)
2,683
4,700
TBEA
Co.
Ltd.,
Class
A
(Industrials)
9,648
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
17,700
TCL
Technology
Group
Corp.,
Class
A
(Information
Technology)*
$
10,423
3,800
TCL
Zhonghuan
Renewable
Energy
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
5,777
101,849
Tencent
Holdings
Ltd.
(Communication
Services)
4,684,089
10,559
Tencent
Music
Entertainment
Group
ADR
(Communication
Services)
152,578
400
Thunder
Software
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
3,109
3,900
Tian
Di
Science
&
Technology
Co.
Ltd.,
Class
A
(Industrials)
3,799
8,100
Tianfeng
Securities
Co.
Ltd.,
Class
A
(Financials)*
3,132
500
Tianjin
Pharmaceutical
Da
Re
Tang
Group
Corp.
Ltd.,
Class
A
(Health
Care)
2,420
2,300
Tianma
Microelectronics
Co.
Ltd.,
Class
A
(Information
Technology)*
2,377
409
Tianneng
Battery
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)*
1,574
1,400
Tianqi
Lithium
Corp.,
Class
A
(Materials)
6,950
2,203
Tianqi
Lithium
Corp.,
Class
H
(Materials)
8,293
4,300
Tianshan
Aluminum
Group
Co.
Ltd.,
Class
A
(Materials)
5,076
3,200
TianShan
Material
Co.
Ltd.,
Class
A
(Materials)
2,611
3,000
Tianshui
Huatian
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
3,376
31,040
Tingyi
Cayman
Islands
Holding
Corp.
(Consumer
Staples)
37,891
1,700
Titan
Wind
Energy
Suzhou
Co.
Ltd.,
Class
A
(Industrials)*
2,496
1,500
Toly
Bread
Co.
Ltd.,
Class
A
(Consumer
Staples)
1,232
20,177
Tongcheng
Travel
Holdings
Ltd.
(Consumer
Discretionary)*
46,062
1,400
TongFu
Microelectronics
Co.
Ltd.,
Class
A
(Information
Technology)*
4,425
1,900
Tonghua
Dongbao
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
2,400
2,200
Tongkun
Group
Co.
Ltd.,
Class
A
(Materials)*
4,565
12,700
Tongling
Nonferrous
Metals
Group
Co.
Ltd.,
Class
A
(Materials)
6,920
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
4,200
Tongwei
Co.
Ltd.,
Class
A
(Information
Technology)*
$
13,297
300
Topchoice
Medical
Corp.,
Class
A
(Health
Care)*
2,454
46,590
Topsports
International
Holdings
Ltd.
(Consumer
Discretionary)
(a)
30,372
15,612
TravelSky
Technology
Ltd.,
Class
H
(Consumer
Discretionary)
20,475
2,022
Trina
Solar
Co.
Ltd.,
Class
A
(Information
Technology)
6,140
9,410
Trip.com
Group
Ltd.
ADR
(Consumer
Discretionary)*
484,709
3,100
Tsinghua
Tongfang
Co.
Ltd.,
Class
A
(Information
Technology)*
2,444
700
Tsingtao
Brewery
Co.
Ltd.,
Class
A
(Consumer
Staples)
7,477
10,325
Tsingtao
Brewery
Co.
Ltd.,
Class
H
(Consumer
Staples)
72,917
800
Unigroup
Guoxin
Microelectronics
Co.
Ltd.,
Class
A
(Information
Technology)*
6,094
18,747
Uni-President
China
Holdings
Ltd.
(Consumer
Staples)
16,439
2,700
Unisplendour
Corp.
Ltd.,
Class
A
(Information
Technology)*
8,180
1,400
Universal
Scientific
Industrial
Shanghai
Co.
Ltd.,
Class
A
(Information
Technology)*
2,926
200
Vanchip
Tianjin
Technology
Co.
Ltd.,
Class
A
(Information
Technology)*
1,247
900
Venustech
Group,
Inc.,
Class
A
(Information
Technology)
2,257
467
Verisilicon
Microelectronics
Shanghai
Co.
Ltd.,
Class
A
(Information
Technology)*
2,048
6,032
Vipshop
Holdings
Ltd.
ADR
(Consumer
Discretionary)
96,934
1,500
Walvax
Biotechnology
Co.
Ltd.,
Class
A
(Health
Care)
2,757
2,000
Wanda
Film
Holding
Co.
Ltd.,
Class
A
(Communication
Services)*
3,613
1,100
Wangfujing
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
1,995
3,200
Wanhua
Chemical
Group
Co.
Ltd.,
Class
A
(Materials)
38,547
71,713
Want
Want
China
Holdings
Ltd.
(Consumer
Staples)
43,174
1,104
Weibo
Corp.
ADR
(Communication
Services)
9,770
6,300
Weichai
Power
Co.
Ltd.,
Class
A
(Industrials)
13,791
32,527
Weichai
Power
Co.
Ltd.,
Class
H
(Industrials)
58,124
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
800
Weihai
Guangwei
Composites
Co.
Ltd.,
Class
A
(Materials)*
$
2,867
6,700
Wens
Foodstuffs
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
19,737
2,200
Western
Mining
Co.
Ltd.,
Class
A
(Materials)
5,627
4,200
Western
Securities
Co.
Ltd.,
Class
A
(Financials)
3,918
604
Western
Superconducting
Technologies
Co.
Ltd.,
Class
A
(Materials)
3,549
16,003
Wharf
Holdings
Ltd.
(The)
(Real
Estate)
47,559
1,200
Will
Semiconductor
Co.
Ltd.
Shanghai,
Class
A
(Information
Technology)
15,525
34,924
Wilmar
International
Ltd.
(Consumer
Staples)
79,837
1,200
Wingtech
Technology
Co.
Ltd.,
Class
A
(Information
Technology)*
5,039
400
Winner
Medical
Co.
Ltd.,
Class
A
(Health
Care)
1,641
2,000
Winning
Health
Technology
Group
Co.
Ltd.,
Class
A
(Health
Care)
1,706
20,900
Wintime
Energy
Group
Co.
Ltd.,
Class
A
(Utilities)*
3,652
4,900
Wuchan
Zhongda
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,236
4,000
Wuhan
Guide
Infrared
Co.
Ltd.,
Class
A
(Information
Technology)
3,605
300
Wuhan
Jingce
Electronic
Group
Co.
Ltd.,
Class
A
(Information
Technology)
2,536
3,900
Wuliangye
Yibin
Co.
Ltd.,
Class
A
(Consumer
Staples)
78,720
1,800
WUS
Printed
Circuit
Kunshan
Co.
Ltd.,
Class
A
(Information
Technology)
7,739
2,600
WuXi
AppTec
Co.
Ltd.,
Class
A
(Health
Care)
15,064
5,949
WuXi
AppTec
Co.
Ltd.,
Class
H
(Health
Care)
(a)
25,892
406
Wuxi
Autowell
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
3,178
61,031
Wuxi
Biologics
Cayman,
Inc.
(Health
Care)*
(a)
86,905
1,500
Wuxi
Lead
Intelligent
Equipment
Co.
Ltd.,
Class
A
(Industrials)
4,126
11,100
XCMG
Construction
Machinery
Co.
Ltd.,
Class
A
(Industrials)
11,073
2,800
Xiamen
C
&
D,
Inc.,
Class
A
(Industrials)
3,706
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
200
Xiamen
Faratronic
Co.
Ltd.,
Class
A
(Information
Technology)
$
2,339
1,300
Xiamen
Tungsten
Co.
Ltd.,
Class
A
(Materials)
3,404
2,100
Xiangcai
Co.
Ltd.,
Class
A
(Real
Estate)
1,921
1,200
Xiangtan
Electric
Manufacturing
Co.
Ltd.,
Class
A
(Industrials)*
1,889
265,504
Xiaomi
Corp.,
Class
B
(Information
Technology)*
(a)
593,225
8,000
Xinhu
Zhongbao
Co.
Ltd.,
Class
A
(Real
Estate)
2,334
1,329
Xinjiang
Daqo
New
Energy
Co.
Ltd.,
Class
A
(Information
Technology)*
4,895
26,428
Xinyi
Glass
Holdings
Ltd.
(Industrials)
32,666
76,068
Xinyi
Solar
Holdings
Ltd.
(Information
Technology)
49,977
18,701
XPeng,
Inc.,
Class
A
(Consumer
Discretionary)*
77,330
19,301
Yadea
Group
Holdings
Ltd.
(Consumer
Discretionary)
(a)
30,789
500
Yangzhou
Yangjie
Electronic
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
2,495
44,393
Yangzijiang
Shipbuilding
Holdings
Ltd.
(Industrials)
74,881
3,500
Yankuang
Energy
Group
Co.
Ltd.,
Class
A
(Energy)
12,131
36,284
Yankuang
Energy
Group
Co.
Ltd.,
Class
H
(Energy)
90,532
1,000
Yantai
Jereh
Oilfield
Services
Group
Co.
Ltd.,
Class
A
(Energy)
4,806
1,300
Yealink
Network
Technology
Corp.
Ltd.,
Class
A
(Information
Technology)
6,634
900
Yifeng
Pharmacy
Chain
Co.
Ltd.,
Class
A
(Consumer
Staples)
5,580
1,600
Yihai
Kerry
Arawana
Holdings
Co.
Ltd.,
Class
A
(Consumer
Staples)
6,622
2,600
Yintai
Gold
Co.
Ltd.,
Class
A
(Materials)
6,922
600
Yongan
Futures
Co.
Ltd.,
Class
A
(Financials)
1,024
8,500
Yonghui
Superstores
Co.
Ltd.,
Class
A
(Consumer
Staples)*
3,076
500
YongXing
Special
Materials
Technology
Co.
Ltd.,
Class
A
(Materials)
2,959
3,200
Yonyou
Network
Technology
Co.
Ltd.,
Class
A
(Information
Technology)*
4,953
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
4,300
Youngor
Fashion
Co.
Ltd.,
Class
A
(Real
Estate)
$
4,704
3,200
YTO
Express
Group
Co.
Ltd.,
Class
A
(Industrials)
7,137
27,729
Yuexiu
Property
Co.
Ltd.
(Real
Estate)
20,097
2,700
Yunda
Holding
Co.
Ltd.,
Class
A
(Industrials)
3,299
3,200
Yunnan
Aluminium
Co.
Ltd.,
Class
A
(Materials)
6,362
1,700
Yunnan
Baiyao
Group
Co.
Ltd.,
Class
A
(Health
Care)
12,369
400
Yunnan
Botanee
Bio-
Technology
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)*
2,939
4,700
Yunnan
Chihong
Zinc&Germanium
Co.
Ltd.,
Class
A
(Materials)
3,718
900
Yunnan
Energy
New
Material
Co.
Ltd.,
Class
A
(Materials)
4,900
1,500
Yunnan
Tin
Co.
Ltd.,
Class
A
(Materials)
3,467
1,700
Yunnan
Yuntianhua
Co.
Ltd.,
Class
A
(Materials)
4,849
2,100
Yutong
Bus
Co.
Ltd.,
Class
A
(Industrials)
7,036
1,500
Zangge
Mining
Co.
Ltd.,
Class
A
(Materials)
5,385
600
Zhangzhou
Pientzehuang
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
18,740
23,842
Zhaojin
Mining
Industry
Co.
Ltd.,
Class
H
(Materials)
41,934
4,900
Zhefu
Holding
Group
Co.
Ltd.,
Class
A
(Industrials)
2,130
6,900
Zhejiang
Century
Huatong
Group
Co.
Ltd.,
Class
A
(Communication
Services)*
3,807
200
Zhejiang
Cfmoto
Power
Co.
Ltd.,
Class
A
(Consumer
Discretionary)*
4,022
5,100
Zhejiang
China
Commodities
City
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)*
5,529
2,000
Zhejiang
Chint
Electrics
Co.
Ltd.,
Class
A
(Industrials)
5,881
3,100
Zhejiang
Dahua
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
6,991
500
Zhejiang
Dingli
Machinery
Co.
Ltd.,
Class
A
(Industrials)
4,372
25,494
Zhejiang
Expressway
Co.
Ltd.,
Class
H
(Industrials)
16,652
1,900
Zhejiang
Hailiang
Co.
Ltd.,
Class
A
(Materials)
2,246
1,400
Zhejiang
Huahai
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
3,340
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
1,600
Zhejiang
Huayou
Cobalt
Co.
Ltd.,
Class
A
(Materials)
$
6,340
1,200
Zhejiang
Jingsheng
Mechanical
&
Electrical
Co.
Ltd.,
Class
A
(Information
Technology)
5,298
3,300
Zhejiang
Jinke
Tom
Culture
Industry
Co.
Ltd.,
Class
A
(Communication
Services)*
1,739
800
Zhejiang
Jiuzhou
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
1,661
2,500
Zhejiang
Juhua
Co.
Ltd.,
Class
A
(Materials)
8,180
10,889
Zhejiang
Leapmotor
Technology
Co.
Ltd.
(Consumer
Discretionary)*
(a)
39,668
3,000
Zhejiang
Longsheng
Group
Co.
Ltd.,
Class
A
(Materials)
3,649
2,900
Zhejiang
NHU
Co.
Ltd.,
Class
A
(Health
Care)
7,569
3,700
Zhejiang
Sanhua
Intelligent
Controls
Co.
Ltd.,
Class
A
(Industrials)
11,719
800
Zhejiang
Shuanghuan
Driveline
Co.
Ltd.,
Class
A
(Consumer
Discretionary)*
2,513
400
Zhejiang
Supor
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,921
1,600
Zhejiang
Weiming
Environment
Protection
Co.
Ltd.,
Class
A
(Industrials)
4,764
1,500
Zhejiang
Weixing
New
Building
Materials
Co.
Ltd.,
Class
A
(Industrials)
3,513
9,100
Zhejiang
Zheneng
Electric
Power
Co.
Ltd.,
Class
A
(Utilities)*
8,389
1,400
Zhengzhou
Coal
Mining
Machinery
Group
Co.
Ltd.,
Class
A
(Industrials)
3,138
3,798
Zhengzhou
Coal
Mining
Machinery
Group
Co.
Ltd.,
Class
H
(Industrials)
6,136
3,600
Zheshang
Securities
Co.
Ltd.,
Class
A
(Financials)
5,434
11,575
ZhongAn
Online
P&C
Insurance
Co.
Ltd.,
Class
H
(Financials)*
(a)
19,678
680
Zhongfu
Shenying
Carbon
Fiber
Co.
Ltd.,
Class
A
(Materials)
2,449
800
Zhongji
Innolight
Co.
Ltd.,
Class
A
(Information
Technology)
17,311
4,500
Zhongjin
Gold
Corp.
Ltd.,
Class
A
(Materials)
8,928
11,757
Zhongsheng
Group
Holdings
Ltd.
(Consumer
Discretionary)
21,250
6,100
Zhongtai
Securities
Co.
Ltd.,
Class
A
(Financials)
5,254
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
1,050
Zhuhai
CosMX
Battery
Co.
Ltd.,
Class
A
(Industrials)
$
2,064
2,000
Zhuhai
Huafa
Properties
Co.
Ltd.,
Class
A
(Real
Estate)*
1,968
594
Zhuzhou
CRRC
Times
Electric
Co.
Ltd.,
Class
A
(Industrials)
3,924
8,514
Zhuzhou
CRRC
Times
Electric
Co.
Ltd.,
Class
H
(Industrials)
33,247
2,500
Zhuzhou
Kibing
Group
Co.
Ltd.,
Class
A
(Industrials)
2,600
20,700
Zijin
Mining
Group
Co.
Ltd.,
Class
A
(Materials)
49,586
95,704
Zijin
Mining
Group
Co.
Ltd.,
Class
H
(Materials)
202,336
7,710
ZJLD
Group,
Inc.
(Consumer
Staples)*
(a)
10,249
6,600
Zoomlion
Heavy
Industry
Science
and
Technology
Co.
Ltd.,
Class
A
(Industrials)
7,292
21,811
Zoomlion
Heavy
Industry
Science
and
Technology
Co.
Ltd.,
Class
H
(Industrials)
15,585
3,700
ZTE
Corp.,
Class
A
(Information
Technology)*
13,725
12,647
ZTE
Corp.,
Class
H
(Information
Technology)*
25,962
6,883
ZTO
Express
Cayman,
Inc.
ADR
(Industrials)
156,864
35,296,047
Colombia
–
0.0%
3,845
Bancolombia
SA
(Financials)
35,656
79,226
Ecopetrol
SA
(Energy)
48,298
48,943
Grupo
Energia
Bogota
SA
ESP
(Utilities)
32,175
7,374
Interconexion
Electrica
SA
ESP
(Utilities)
36,458
152,587
Czech
Republic
–
0.0%
2,701
CEZ
AS
(Utilities)
112,570
1,241
Komercni
Banka
AS
(Financials)
42,424
154,994
Denmark
–
2.3%
44
AP
Moller
–
Maersk
A/S,
Class
A
(Industrials)
77,104
56
AP
Moller
–
Maersk
A/S,
Class
B
(Industrials)
101,597
1,524
Carlsberg
AS,
Class
B
(Consumer
Staples)
206,063
2,063
Coloplast
A/S,
Class
B
(Health
Care)
247,655
11,210
Danske
Bank
A/S
(Financials)
343,771
1,415
Demant
A/S
(Health
Care)*
67,757
2,964
DSV
A/S
(Industrials)
454,692
1,084
Genmab
A/S
(Health
Care)*
305,603
52,862
Novo
Nordisk
A/S,
Class
B
(Health
Care)
7,134,489
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Denmark
–
(continued)
6,059
Novonesis
(Novozymes)
B,
Class
B
(Materials)
$
360,328
3,158
Orsted
AS
(Utilities)*
(a)
192,540
1,484
Pandora
A/S
(Consumer
Discretionary)
242,772
200
Svitzer
A/S
(Industrials)*
7,845
5,335
Tryg
A/S
(Financials)
109,640
16,841
Vestas
Wind
Systems
A/S
(Industrials)*
472,701
10,324,557
Egypt
–
0.0%
4,589
Abou
Kir
Fertilizers
&
Chemical
Industries
(Materials)
6,019
39,156
Commercial
International
Bank
-
Egypt
(CIB)
(Financials)
64,777
14,109
EFG
Holding
S.A.E.
(Financials)*
4,597
7,842
ElSewedy
Electric
Co.
(Industrials)
7,384
2,872
Ezz
Steel
Co.
SAE
(Materials)*
4,593
5,544
Misr
Fertilizers
Production
Co.
SAE
(Materials)
5,160
8,047
Telecom
Egypt
Co.
(Communication
Services)
5,250
97,780
Faroe
Islands
–
0.0%
832
Bakkafrost
P/F
(Consumer
Staples)
45,714
Finland
–
0.6%
2,193
Elisa
OYJ
(Communication
Services)
101,657
6,772
Fortum
OYJ
(Utilities)
103,034
1,640
Huhtamaki
OYJ
(Materials)
66,123
4,232
Kesko
OYJ,
Class
B
(Consumer
Staples)
76,816
5,177
Kone
OYJ,
Class
B
(Industrials)
262,967
10,867
Metso
Corp.
(Industrials)
132,011
6,699
Neste
OYJ
(Energy)
140,104
82,457
Nokia
OYJ
(Information
Technology)
321,450
53,102
Nordea
Bank
Abp
(Financials)
651,129
1,669
Orion
OYJ,
Class
B
(Health
Care)
67,909
6,899
Sampo
OYJ,
Class
A
(Financials)
295,388
8,903
Stora
Enso
OYJ,
Class
R
(Materials)
129,609
8,241
UPM-Kymmene
OYJ
(Materials)
314,467
7,621
Wartsila
OYJ
Abp
(Industrials)
158,890
2,821,554
France
–
5.5%
458
Aeroports
de
Paris
SA
(Industrials)
65,184
8,532
Air
Liquide
SA
(Materials)
1,671,483
9,801
Airbus
SE
(Industrials)
1,658,772
29,777
AXA
SA
(Financials)
1,068,372
Shares
Description
Value
a
Common
Stocks
–
(continued)
France
–
(continued)
16,677
BNP
Paribas
SA
(Financials)
$
1,225,679
13,300
Bollore
SE
(Communication
Services)
89,085
3,256
Bouygues
SA
(Industrials)
127,250
2,648
Capgemini
SE
(Information
Technology)
533,539
7,786
Cie
de
Saint-Gobain
SA
(Industrials)
681,101
11,237
Cie
Generale
des
Etablissements
Michelin
SCA
(Consumer
Discretionary)
453,189
18,550
Credit
Agricole
SA
(Financials)
300,558
10,552
Danone
SA
(Consumer
Staples)
677,235
11,362
Dassault
Systemes
(Information
Technology)
457,243
29,296
Engie
SA
(Utilities)
494,071
4,799
EssilorLuxottica
SA
(Health
Care)
1,069,571
542
Hermes
International
SCA
(Consumer
Discretionary)
1,280,349
1,193
Kering
(Consumer
Discretionary)
410,812
4,288
Legrand
SA
(Industrials)
461,316
3,750
L'Oreal
SA
(Consumer
Staples)
1,840,500
4,308
LVMH
Moet
Hennessy
Louis
Vuitton
SE
(Consumer
Discretionary)
3,436,957
31,336
Orange
SA
(Communication
Services)
364,847
3,246
Pernod
Ricard
SA
(Consumer
Staples)
482,593
5,932
Safran
SA
(Industrials)
1,378,758
407
Sartorius
Stedim
Biotech
(Health
Care)
80,702
12,506
Societe
Generale
SA
(Financials)
371,861
1,630
Thales
SA
(Industrials)
294,892
37,185
TotalEnergies
SE
(Energy)
2,705,064
8,116
Vinci
SA
(Industrials)
1,008,389
24,689,372
Germany
–
4.7%
2,774
adidas
AG
(Consumer
Discretionary)
697,152
6,518
Allianz
SE
(Financials)
1,898,476
14,963
BASF
SE
(Materials)
786,364
16,446
Bayer
AG
(Health
Care)
504,191
5,092
Bayerische
Motoren
Werke
AG
(Consumer
Discretionary)
515,088
1,638
Beiersdorf
AG
(Consumer
Staples)
256,685
1,557
BioNTech
SE
ADR
(Health
Care)*
155,928
612
Carl
Zeiss
Meditec
AG
(Health
Care)
56,240
1,808
Continental
AG
(Consumer
Discretionary)
122,163
8,901
Daimler
Truck
Holding
AG
(Industrials)
378,497
32,614
Deutsche
Bank
AG
(Financials)
539,088
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Germany
–
(continued)
3,074
Deutsche
Boerse
AG
(Financials)
$
610,362
15,822
Deutsche
Post
AG
(Industrials)
664,039
54,042
Deutsche
Telekom
AG
(Communication
Services)
1,307,710
37,045
E.ON
SE
(Utilities)
493,853
3,362
Evonik
Industries
AG
(Materials)
73,616
3,332
Fresenius
Medical
Care
AG
(Health
Care)
141,723
6,887
Fresenius
SE
&
Co.
KGaA
(Health
Care)*
218,913
1,005
Hannover
Rueck
SE
(Financials)
248,973
99
Hapag-Lloyd
AG
(Industrials)
(a)
18,711
2,205
Heidelberg
Materials
AG
(Materials)
229,130
1,611
Henkel
AG
&
Co.
KGaA
(Consumer
Staples)
128,719
21,800
Infineon
Technologies
AG
(Information
Technology)
871,504
1,106
Knorr-Bremse
AG
(Industrials)
84,768
13,160
Mercedes-Benz
Group
AG
(Consumer
Discretionary)
948,624
2,163
Merck
KGaA
(Health
Care)
390,968
899
MTU
Aero
Engines
AG
(Industrials)
223,006
2,281
Muenchener
Rueckversicherungs-
Gesellschaft
AG
in
Muenchen
(Financials)
1,133,877
723
Rheinmetall
AG
(Industrials)
414,265
12,452
RWE
AG
(Utilities)
470,964
16,972
SAP
SE
(Information
Technology)
3,057,782
12,273
Siemens
AG
(Industrials)
2,348,414
8,386
Siemens
Energy
AG
(Industrials)*
225,958
4,509
Siemens
Healthineers
AG
(Health
Care)
(a)
261,294
2,222
Symrise
AG
(Materials)
263,775
749
Talanx
AG
(Financials)
59,479
479
Volkswagen
AG
(Consumer
Discretionary)
68,172
11,646
Vonovia
SE
(Real
Estate)
364,116
21,232,587
Greece
–
0.1%
33,763
Alpha
Services
and
Holdings
SA
(Financials)*
56,849
40,458
Eurobank
Ergasias
Services
and
Holdings
SA
(Financials)*
88,369
2,909
Hellenic
Telecommunications
Organization
SA
(Communication
Services)
42,444
1,749
JUMBO
SA
(Consumer
Discretionary)
50,126
975
Motor
Oil
Hellas
Corinth
Refineries
SA
(Energy)
27,583
1,737
Mytilineos
SA
(Industrials)
69,054
Shares
Description
Value
a
Common
Stocks
–
(continued)
Greece
–
(continued)
9,128
National
Bank
of
Greece
SA
(Financials)*
$
79,077
3,270
OPAP
SA
(Consumer
Discretionary)
52,006
10,696
Piraeus
Financial
Holdings
SA
(Financials)*
41,895
3,506
Public
Power
Corp.
SA
(Utilities)*
42,705
1,129
Star
Bulk
Carriers
Corp.
(Industrials)
30,573
845
Terna
Energy
SA
(Utilities)
16,705
597,386
Guatemala
–
0.1%
2,159
Millicom
International
Cellular
SA
SDR,
SDR
(Communication
Services)*
53,907
Hong
Kong
–
1.1%
188,442
AIA
Group
Ltd.
(Financials)
1,456,067
9,466
Cathay
Pacific
Airways
Ltd.
(Industrials)
(b)
9,910
31,756
CK
Asset
Holdings
Ltd.
(Real
Estate)
125,224
10,165
CK
Infrastructure
Holdings
Ltd.
(Utilities)
58,599
31,742
CLP
Holdings
Ltd.
(Utilities)
250,947
4,735
DFI
Retail
Group
Holdings
Ltd.
(Consumer
Staples)
8,712
1,191
Futu
Holdings
Ltd.
ADR
(Financials)*
89,492
29,118
Hang
Lung
Properties
Ltd.
(Real
Estate)
26,537
12,063
Hang
Seng
Bank
Ltd.
(Financials)
167,453
22,031
Henderson
Land
Development
Co.
Ltd.
(Real
Estate)
68,430
37,866
HK
Electric
Investments
&
HK
Electric
Investments
Ltd.
(Utilities)
23,184
60,438
HKT
Trust
&
HKT
Ltd.
(Communication
Services)
70,223
153,188
Hong
Kong
&
China
Gas
Co.
Ltd.
(Utilities)
118,856
19,970
Hong
Kong
Exchanges
&
Clearing
Ltd.
(Financials)
670,827
17,291
Hongkong
Land
Holdings
Ltd.
(Real
Estate)
58,616
93,388
J&T
Global
Express
Ltd.
(Industrials)*
(b)
91,080
3,304
Jardine
Matheson
Holdings
Ltd.
(Industrials)
121,587
42,668
Link
REIT
(Real
Estate)
178,889
26,205
MTR
Corp.
Ltd.
(Industrials)
88,764
2,196
Orient
Overseas
International
Ltd.
(Industrials)
37,277
22,825
Power
Assets
Holdings
Ltd.
(Utilities)
126,330
46,062
Prudential
PLC
(Financials)
438,087
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Hong
Kong
–
(continued)
164,115
Sino
Biopharmaceutical
Ltd.
(Health
Care)
$
59,576
56,379
Sino
Land
Co.
Ltd.
(Real
Estate)
59,814
24,371
Sun
Hung
Kai
Properties
Ltd.
(Real
Estate)
234,572
6,856
Swire
Pacific
Ltd.,
Class
A
(Real
Estate)
59,548
12,007
Swire
Pacific
Ltd.,
Class
B
(Real
Estate)
16,023
17,613
Swire
Properties
Ltd.
(Real
Estate)
32,284
22,831
Techtronic
Industries
Co.
Ltd.
(Industrials)
279,283
127,090
WH
Group
Ltd.
(Consumer
Staples)
(a)
86,423
25,905
Wharf
Real
Estate
Investment
Co.
Ltd.
(Real
Estate)
75,000
5,187,614
Hungary
–
0.1%
7,396
MOL
Hungarian
Oil
&
Gas
PLC
(Energy)
57,432
3,808
OTP
Bank
Nyrt
(Financials)
183,461
2,325
Richter
Gedeon
Nyrt
(Health
Care)
58,886
299,779
India
–
5.7%
887
ABB
India
Ltd.
(Industrials)
88,390
1,156
ACC
Ltd.
(Materials)
35,265
4,816
Adani
Energy
Solutions
Ltd.
(Utilities)*
64,782
5,219
Adani
Enterprises
Ltd.
(Industrials)
213,293
5,168
Adani
Green
Energy
Ltd.
(Utilities)*
118,153
12,128
Adani
Ports
&
Special
Economic
Zone
Ltd.
(Industrials)
208,848
13,133
Adani
Power
Ltd.
(Utilities)*
118,914
4,411
Adani
Total
Gas
Ltd.
(Utilities)
54,921
2,462
Adani
Wilmar
Ltd.
(Consumer
Staples)*
10,493
7,771
Aditya
Birla
Capital
Ltd.
(Financials)*
20,840
520
Alkem
Laboratories
Ltd.
(Health
Care)
29,968
10,138
Ambuja
Cements
Ltd.
(Materials)
77,009
2,784
APL
Apollo
Tubes
Ltd.
(Materials)
50,193
1,695
Apollo
Hospitals
Enterprise
Ltd.
(Health
Care)
118,573
24,026
Ashok
Leyland
Ltd.
(Industrials)
64,475
6,815
Asian
Paints
Ltd.
(Materials)
235,235
1,985
Astral
Ltd.
(Industrials)
49,864
7,655
AU
Small
Finance
Bank
Ltd.
(Financials)
(a)
59,895
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
4,724
Aurobindo
Pharma
Ltd.
(Health
Care)
$
67,104
2,426
Avenue
Supermarts
Ltd.
(Consumer
Staples)*
(a)
125,037
38,151
Axis
Bank
Ltd.
(Financials)
531,167
1,137
Bajaj
Auto
Ltd.
(Consumer
Discretionary)
123,748
4,450
Bajaj
Finance
Ltd.
(Financials)
357,066
6,399
Bajaj
Finserv
Ltd.
(Financials)
117,184
447
Bajaj
Holdings
&
Investment
Ltd.
(Financials)
42,592
1,350
Balkrishna
Industries
Ltd.
(Consumer
Discretionary)
49,329
12,721
Bandhan
Bank
Ltd.
(Financials)
(a)
28,697
17,314
Bank
of
Baroda
(Financials)
54,947
11,908
Bank
of
India
(Financials)
18,360
4,092
Berger
Paints
India
Ltd.
(Materials)
22,551
59,790
Bharat
Electronics
Ltd.
(Industrials)
211,987
4,266
Bharat
Forge
Ltd.
(Consumer
Discretionary)
79,449
21,461
Bharat
Heavy
Electricals
Ltd.
(Industrials)
76,849
16,098
Bharat
Petroleum
Corp.
Ltd.
(Energy)
121,075
38,254
Bharti
Airtel
Ltd.
(Communication
Services)
629,117
7,491
Biocon
Ltd.
(Health
Care)
27,753
145
Bosch
Ltd.
(Consumer
Discretionary)
52,798
1,994
Britannia
Industries
Ltd.
(Consumer
Staples)*
123,737
30,370
Canara
Bank
(Financials)
42,933
10,705
CG
Power
&
Industrial
Solutions
Ltd.
(Industrials)
82,521
6,668
Cholamandalam
Investment
and
Finance
Co.
Ltd.
(Financials)
99,144
8,991
Cipla
Ltd.
(Health
Care)
155,883
34,943
Coal
India
Ltd.
(Energy)
205,628
2,231
Colgate-Palmolive
India
Ltd.
(Consumer
Staples)
71,025
4,598
Container
Corp.
Of
India
Ltd.
(Industrials)
59,208
2,273
Cummins
India
Ltd.
(Industrials)
96,705
9,908
Dabur
India
Ltd.
(Consumer
Staples)
64,703
1,345
Dalmia
Bharat
Ltd.
(Materials)
28,612
1,239
Deepak
Nitrite
Ltd.
(Materials)
32,526
5,114
Delhivery
Ltd.
(Industrials)*
23,594
2,117
Divi's
Laboratories
Ltd.
(Health
Care)
109,239
10,372
DLF
Ltd.
(Real
Estate)
101,351
2,037
Dr.
Reddy's
Laboratories
Ltd.
(Health
Care)
141,342
2,326
Eicher
Motors
Ltd.
(Consumer
Discretionary)
131,902
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
10,192
Embassy
Office
Parks
REIT
(Real
Estate)
$
42,719
17,146
FSN
E-Commerce
Ventures
Ltd.
(Consumer
Discretionary)*
33,729
45,151
GAIL
India
Ltd.
(Utilities)
110,509
3,894
General
Insurance
Corp.
of
India
(Financials)
(a)
16,612
1,026
Gland
Pharma
Ltd.
(Health
Care)*
(a)
22,618
41,318
GMR
Airports
Infrastructure
Ltd.
(Industrials)*
41,877
6,297
Godrej
Consumer
Products
Ltd.
(Consumer
Staples)
95,834
1,931
Godrej
Properties
Ltd.
(Real
Estate)*
64,282
5,205
Grasim
Industries
Ltd.
(Materials)
144,434
575
Gujarat
Fluorochemicals
Ltd.
(Materials)
20,928
2,739
Gujarat
Gas
Ltd.
(Utilities)
18,092
3,675
Havells
India
Ltd.
(Industrials)
83,973
17,730
HCL
Technologies
Ltd.
(Information
Technology)
281,250
1,320
HDFC
Asset
Management
Co.
Ltd.
(Financials)
(a)
61,426
93,657
HDFC
Bank
Ltd.
(Financials)
1,718,441
16,384
HDFC
Life
Insurance
Co.
Ltd.
(Financials)
(a)
107,926
2,182
Hero
MotoCorp
Ltd.
(Consumer
Discretionary)
133,830
24,403
Hindalco
Industries
Ltd.
(Materials)
201,533
2,782
Hindustan
Aeronautics
Ltd.
(Industrials)
165,773
10,708
Hindustan
Petroleum
Corp.
Ltd.
(Energy)
68,933
14,982
Hindustan
Unilever
Ltd.
(Consumer
Staples)
418,034
37
Honeywell
Automation
India
Ltd.
(Information
Technology)
22,795
86,674
ICICI
Bank
Ltd.
(Financials)
1,164,064
3,948
ICICI
Lombard
General
Insurance
Co.
Ltd.
(Financials)
(a)
74,766
6,415
ICICI
Prudential
Life
Insurance
Co.
Ltd.
(Financials)
(a)
41,919
47,669
IDFC
First
Bank
Ltd.
(Financials)*
43,631
4,057
Indian
Bank
(Financials)
27,583
14,186
Indian
Hotels
Co.
Ltd.
(Consumer
Discretionary)
94,731
62,763
Indian
Oil
Corp.
Ltd.
(Energy)
122,110
5,033
Indian
Railway
Catering
&
Tourism
Corp.
Ltd.
(Industrials)
61,523
29,842
Indian
Railway
Finance
Corp.
Ltd.
(Financials)
(a)
63,566
5,859
Indraprastha
Gas
Ltd.
(Utilities)
31,021
13,980
Indus
Towers
Ltd.
(Communication
Services)*
58,309
9,613
IndusInd
Bank
Ltd.
(Financials)
168,355
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
1,152
Info
Edge
India
Ltd.
(Communication
Services)
$
78,627
60,085
Infosys
Ltd.
(Information
Technology)
1,012,727
1,812
InterGlobe
Aviation
Ltd.
(Industrials)*
(a)
90,936
49,932
ITC
Ltd.
(Consumer
Staples)
255,100
5,087
Jindal
Stainless
Ltd.
(Materials)
48,358
6,373
Jindal
Steel
&
Power
Ltd.
(Materials)
78,499
56,754
Jio
Financial
Services
Ltd.
(Financials)*
234,131
6,212
JSW
Energy
Ltd.
(Utilities)
45,620
15,874
JSW
Steel
Ltd.
(Materials)
167,457
6,393
Jubilant
Foodworks
Ltd.
(Consumer
Discretionary)
37,835
18,291
Kotak
Mahindra
Bank
Ltd.
(Financials)
368,225
455
L&T
Technology
Services
Ltd.
(Industrials)
(a)
24,479
11,530
Larsen
&
Toubro
Ltd.
(Industrials)
506,846
3,706
Life
Insurance
Corp.
of
India
(Financials)
44,962
328
Linde
India
Ltd.
(Materials)
34,224
1,541
LTIMindtree
Ltd.
(Information
Technology)
(a)
86,804
4,022
Lupin
Ltd.
(Health
Care)
76,254
4,034
Macrotech
Developers
Ltd.
(Real
Estate)
(a)
66,594
9,650
Mahindra
&
Mahindra
Financial
Services
Ltd.
(Financials)
30,937
14,832
Mahindra
&
Mahindra
Ltd.
(Consumer
Discretionary)
445,335
936
MakeMyTrip
Ltd.
(Consumer
Discretionary)*
70,752
532
Mankind
Pharma
Ltd.
(Health
Care)*
13,638
8,737
Marico
Ltd.
(Consumer
Staples)
62,337
2,206
Maruti
Suzuki
India
Ltd.
(Consumer
Discretionary)
327,692
3,703
Max
Financial
Services
Ltd.
(Financials)*
40,731
12,392
Max
Healthcare
Institute
Ltd.
(Health
Care)
111,611
478
Mazagon
Dock
Shipbuilders
Ltd.
(Industrials)
18,234
1,398
Mphasis
Ltd.
(Information
Technology)
38,255
37
MRF
Ltd.
(Consumer
Discretionary)
55,600
1,784
Muthoot
Finance
Ltd.
(Financials)
35,980
6,010
Nestle
India
Ltd.
(Consumer
Staples)
169,555
46,142
NHPC
Ltd.
(Utilities)
59,287
19,232
NMDC
Ltd.
(Materials)
59,939
79,199
NTPC
Ltd.
(Utilities)
340,626
1,965
Oberoi
Realty
Ltd.
(Real
Estate)
42,836
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
64,823
Oil
&
Natural
Gas
Corp.
Ltd.
(Energy)
$
205,292
6,048
Oil
India
Ltd.
(Energy)
46,060
3,370
One
97
Communications
Ltd.
(Financials)*
14,565
364
Oracle
Financial
Services
Software
Ltd.
(Information
Technology)
32,509
86
Page
Industries
Ltd.
(Consumer
Discretionary)
37,044
1,162
Patanjali
Foods
Ltd.
(Consumer
Staples)
19,908
3,957
PB
Fintech
Ltd.
(Financials)*
61,362
1,670
Persistent
Systems
Ltd.
(Information
Technology)
68,233
12,555
Petronet
LNG
Ltd.
(Energy)
44,725
1,566
Phoenix
Mills
Ltd.
(The)
(Real
Estate)
58,152
1,353
PI
Industries
Ltd.
(Materials)
57,376
2,550
Pidilite
Industries
Ltd.
(Materials)
90,717
730
Polycab
India
Ltd.
(Industrials)
58,959
24,308
Power
Finance
Corp.
Ltd.
(Financials)
143,408
75,762
Power
Grid
Corp.
of
India
Ltd.
(Utilities)
281,369
2,305
Prestige
Estates
Projects
Ltd.
(Real
Estate)
44,115
160
Procter
&
Gamble
Hygiene
&
Health
Care
Ltd.
(Consumer
Staples)
30,615
36,864
Punjab
National
Bank
(Financials)
57,170
9,478
Rail
Vikas
Nigam
Ltd.
(Industrials)
43,341
20,876
REC
Ltd.
(Financials)
134,490
57,332
Reliance
Industries
Ltd.
(Energy)
1,964,933
34,329
Samvardhana
Motherson
International
Ltd.
(Consumer
Discretionary)
62,204
4,903
SBI
Cards
&
Payment
Services
Ltd.
(Financials)
40,653
7,463
SBI
Life
Insurance
Co.
Ltd.
(Financials)
(a)
123,955
677
Schaeffler
India
Ltd.
(Industrials)
34,401
166
Shree
Cement
Ltd.
(Materials)
49,082
4,001
Shriram
Finance
Ltd.
(Financials)
112,836
1,490
Siemens
Ltd.
(Industrials)
124,381
407
Solar
Industries
India
Ltd.
(Materials)
45,690
4,549
Sona
Blw
Precision
Forgings
Ltd.
(Consumer
Discretionary)
(a)
35,484
2,444
SRF
Ltd.
(Materials)
64,747
29,881
State
Bank
of
India
(Financials)
297,248
24,200
Steel
Authority
of
India
Ltd.
(Materials)
45,952
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
18,046
Sun
Pharmaceutical
Industries
Ltd.
(Health
Care)
$
315,600
1,069
Sundaram
Finance
Ltd.
(Financials)
54,910
982
Supreme
Industries
Ltd.
(Materials)
62,088
165,405
Suzlon
Energy
Ltd.
(Industrials)*
94,422
1,877
Tata
Communications
Ltd.
(Communication
Services)
39,988
16,961
Tata
Consultancy
Services
Ltd.
(Information
Technology)
745,921
10,073
Tata
Consumer
Products
Ltd.
(Consumer
Staples)
127,947
585
Tata
Elxsi
Ltd.
(Information
Technology)
48,669
28,891
Tata
Motors
Ltd.
(Consumer
Discretionary)
319,468
7,692
Tata
Motors
Ltd.,
Class
A
(Consumer
Discretionary)
56,991
28,409
Tata
Power
Co.
Ltd.
(The)
(Utilities)
148,646
135,138
Tata
Steel
Ltd.
(Materials)
270,693
10,405
Tech
Mahindra
Ltd.
(Information
Technology)
153,131
619
Thermax
Ltd.
(Industrials)
40,079
6,227
Titan
Co.
Ltd.
(Consumer
Discretionary)
241,847
1,550
Torrent
Pharmaceuticals
Ltd.
(Health
Care)
50,064
2,691
Torrent
Power
Ltd.
(Utilities)
48,416
3,035
Trent
Ltd.
(Consumer
Discretionary)
165,770
1,687
Tube
Investments
of
India
Ltd.
(Consumer
Discretionary)
72,290
3,839
TVS
Motor
Co.
Ltd.
(Consumer
Discretionary)
100,228
1,925
UltraTech
Cement
Ltd.
(Materials)
228,670
24,818
Union
Bank
of
India
Ltd.
(Financials)
47,616
1,157
United
Breweries
Ltd.
(Consumer
Staples)
25,787
4,978
United
Spirits
Ltd.
(Consumer
Staples)
69,143
8,702
UPL
Ltd.
(Materials)
53,043
7,777
Varun
Beverages
Ltd.
(Consumer
Staples)
132,935
577
Vedant
Fashions
Ltd.
(Consumer
Discretionary)
7,212
18,724
Vedanta
Ltd.
(Materials)
100,943
135,611
Vodafone
Idea
Ltd.
(Communication
Services)*
24,776
3,861
Voltas
Ltd.
(Industrials)
62,894
23,492
Wipro
Ltd.
(Information
Technology)
123,326
212,431
Yes
Bank
Ltd.
(Financials)*
58,534
100,817
Zomato
Ltd.
(Consumer
Discretionary)*
216,378
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
4,231
Zydus
Lifesciences
Ltd.
(Health
Care)
$
50,696
25,824,220
Indonesia
–
0.5%
184,254
Adaro
Energy
Indonesia
Tbk
PT
(Energy)
31,408
103,841
Adaro
Minerals
Indonesia
Tbk
PT
(Materials)*
9,266
220,074
Amman
Mineral
Internasional
PT
(Materials)*
163,532
132,150
Aneka
Tambang
Tbk
(Materials)
11,914
337,977
Astra
International
Tbk
PT
(Industrials)
89,226
876,234
Bank
Central
Asia
Tbk
PT
(Financials)
498,779
608,360
Bank
Mandiri
Persero
Tbk
PT
(Financials)
220,881
249,562
Bank
Negara
Indonesia
Persero
Tbk
PT
(Financials)
67,574
1,176,474
Bank
Rakyat
Indonesia
Persero
Tbk
PT
(Financials)
314,209
423,789
Barito
Pacific
Tbk
PT
(Materials)
27,774
261,468
Barito
Renewables
Energy
Tbk
PT
(Utilities)
132,343
114,981
Chandra
Asri
Pacific
Tbk
PT
(Materials)
64,920
122,071
Charoen
Pokphand
Indonesia
Tbk
PT
(Consumer
Staples)
39,063
355,413
Dayamitra
Telekomunikasi
PT
(Communication
Services)*
13,342
12,624,114
GoTo
Gojek
Tokopedia
Tbk
PT
(Consumer
Discretionary)*
50,496
7,189
Gudang
Garam
Tbk
PT
(Consumer
Staples)
8,273
42,804
Indah
Kiat
Pulp
&
Paper
Tbk
PT
(Materials)*
23,970
38,012
Indofood
CBP
Sukses
Makmur
Tbk
PT
(Consumer
Staples)
22,807
73,374
Indofood
Sukses
Makmur
Tbk
PT
(Consumer
Staples)
26,527
20,763
Indosat
Tbk
PT
(Communication
Services)*
13,033
317,808
Kalbe
Farma
Tbk
PT
(Health
Care)
29,141
54,012
Mayora
Indah
Tbk
PT
(Consumer
Staples)
7,545
165,004
Merdeka
Battery
Materials
Tbk
PT
(Materials)*
6,803
204,790
Merdeka
Copper
Gold
Tbk
PT
(Materials)*
34,027
25,207
Pantai
Indah
Kapuk
Dua
Tbk
PT
(Materials)*
7,950
320,879
Sarana
Menara
Nusantara
Tbk
PT
(Communication
Services)
13,625
55,145
Semen
Indonesia
Persero
Tbk
PT
(Materials)
11,843
315,444
Sumber
Alfaria
Trijaya
Tbk
PT
(Consumer
Staples)
51,442
Shares
Description
Value
a
Common
Stocks
–
(continued)
Indonesia
–
(continued)
794,507
Telkom
Indonesia
Persero
Tbk
PT
(Communication
Services)
$
141,789
124,872
Trimegah
Bangun
Persada
Tbk
PT
(Materials)
7,723
96,129
Unilever
Indonesia
Tbk
PT
(Consumer
Staples)
18,457
23,640
United
Tractors
Tbk
PT
(Energy)
32,114
33,071
Vale
Indonesia
Tbk
PT
(Materials)*
10,115
2,201,911
Ireland
–
0.3%
3,022
AerCap
Holdings
NV
(Industrials)
280,170
25,839
AIB
Group
PLC
(Financials)
146,425
17,667
Bank
of
Ireland
Group
PLC
(Financials)
201,670
2,626
Kerry
Group
PLC,
Class
A
(Consumer
Staples)
221,791
2,563
Kingspan
Group
PLC
(Industrials)
245,407
4,331
Smurfit
Kappa
Group
PLC
(Materials)
210,168
1,305,631
Israel
–
0.5%
907
Airport
City
Ltd.
(Real
Estate)*
13,433
3,393
Amot
Investments
Ltd.
(Real
Estate)
13,224
612
Azrieli
Group
Ltd.
(Real
Estate)
36,882
20,804
Bank
Hapoalim
BM
(Financials)
190,129
24,529
Bank
Leumi
Le-Israel
BM
(Financials)
202,414
33,506
Bezeq
The
Israeli
Telecommunication
Corp.
Ltd.
(Communication
Services)
40,258
205
Big
Shopping
Centers
Ltd.
(Real
Estate)*
20,008
415
Camtek
Ltd.
(Information
Technology)
45,033
1,534
Check
Point
Software
Technologies
Ltd.
(Information
Technology)*
230,867
157
Delek
Group
Ltd.
(Energy)
17,843
415
Elbit
Systems
Ltd.
(Industrials)
78,420
4,076
Energix-Renewable
Energies
Ltd.
(Utilities)
16,785
1,942
Enlight
Renewable
Energy
Ltd.
(Utilities)*
33,460
104
Fattal
Holdings
1998
Ltd.
(Consumer
Discretionary)*
11,934
867
First
International
Bank
Of
Israel
Ltd.
(The)
(Financials)
35,097
1,140
Global-e
Online
Ltd.
(Consumer
Discretionary)*
35,591
1,732
Harel
Insurance
Investments
&
Financial
Services
Ltd.
(Financials)
14,781
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Israel
–
(continued)
11,703
ICL
Group
Ltd.
(Materials)
$
54,452
59
Israel
Corp.
Ltd.
(Materials)
13,785
20,708
Israel
Discount
Bank
Ltd.,
Class
A
(Financials)
105,702
421
Melisron
Ltd.
(Real
Estate)
27,770
9,806
Mivne
Real
Estate
KD
Ltd.
(Real
Estate)
22,731
2,520
Mizrahi
Tefahot
Bank
Ltd.
(Financials)
91,377
1,059
Nice
Ltd.
(Information
Technology)*
200,995
481
Nova
Ltd.
(Information
Technology)*
103,458
1,597
OPC
Energy
Ltd.
(Utilities)*
12,320
2,739
Phoenix
Holdings
Ltd.
(The)
(Financials)
26,077
1,251
Plus500
Ltd.
(Financials)
35,614
2,230
Shapir
Engineering
and
Industry
Ltd.
(Industrials)*
11,263
786
Strauss
Group
Ltd.
(Consumer
Staples)
12,860
18,656
Teva
Pharmaceutical
Industries
Ltd.
(Health
Care)*
307,899
1,841
Tower
Semiconductor
Ltd.
(Information
Technology)*
68,438
918
Wix.com
Ltd.
(Information
Technology)*
147,890
2,278,790
Italy
–
1.7%
26,029
A2A
SpA
(Utilities)
54,508
2,194
Amplifon
SpA
(Health
Care)
80,624
17,184
Assicurazioni
Generali
SpA
(Financials)
(b)
440,257
3,397
Banca
Mediolanum
SpA
(Financials)
38,906
23,036
Banco
BPM
SpA
(Financials)
165,152
8,198
Davide
Campari-Milano
NV
(Consumer
Staples)
81,646
128,548
Enel
SpA
(Utilities)
928,857
35,508
Eni
SpA
(Energy)
558,785
2,185
Ferrari
NV
(Consumer
Discretionary)
895,207
10,213
FinecoBank
Banca
Fineco
SpA
(Financials)
164,590
5,208
Infrastrutture
Wireless
Italiane
SpA
(Communication
Services)
(a)
56,821
259,693
Intesa
Sanpaolo
SpA
(Financials)
1,016,614
6,703
Leonardo
SpA
(Industrials)*
171,514
10,122
Mediobanca
Banca
di
Credito
Finanziario
SpA
(Financials)
159,552
3,248
Moncler
SpA
(Consumer
Discretionary)
215,934
8,135
Nexi
SpA
(Financials)*
(a)
53,783
4,219
Pirelli
&
C
SpA
(Consumer
Discretionary)
(a)
27,829
7,631
Poste
Italiane
SpA
(Financials)
(a)
104,381
Shares
Description
Value
a
Common
Stocks
–
(continued)
Italy
–
(continued)
8,576
PRADA
SpA
(Consumer
Discretionary)
$
70,705
4,279
Prysmian
SpA
(Industrials)
278,810
1,634
Recordati
Industria
Chimica
e
Farmaceutica
SpA
(Health
Care)
85,855
2,939
Ryanair
Holdings
PLC
ADR
(Industrials)
357,500
34,275
Snam
SpA
(Utilities)
161,822
574
Stevanato
Group
SpA
(Health
Care)
11,664
180,308
Telecom
Italia
SpA
(Communication
Services)*
(b)
47,370
100,904
Telecom
Italia
SpA-RSP
(Communication
Services)*
28,897
23,486
Terna
-
Rete
Elettrica
Nazionale
(Utilities)
196,883
27,302
UniCredit
SpA
(Financials)
1,078,418
7,532,884
Japan
–
15.7%
1,533
ABC-Mart,
Inc.
(Consumer
Discretionary)
29,481
5,966
Acom
Co.
Ltd.
(Financials)
15,273
12,277
Advantest
Corp.
(Information
Technology)
415,080
13,105
Aeon
Co.
Ltd.
(Consumer
Staples)
282,457
1,441
Aeon
Mall
Co.
Ltd.
(Real
Estate)
17,345
3,407
AGC,
Inc.
(Industrials)
118,962
3,383
Air
Water,
Inc.
(Materials)
49,482
2,438
Aisin
Corp.
(Consumer
Discretionary)
90,588
8,756
Ajinomoto
Co.,
Inc.
(Consumer
Staples)
312,306
3,139
Alfresa
Holdings
Corp.
(Health
Care)
44,215
5,654
Amada
Co.
Ltd.
(Industrials)
63,720
7,478
ANA
Holdings,
Inc.
(Industrials)
142,379
7,966
Asahi
Group
Holdings
Ltd.
(Consumer
Staples)
291,023
3,571
Asahi
Intecc
Co.
Ltd.
(Health
Care)
51,402
22,724
Asahi
Kasei
Corp.
(Materials)
148,220
2,824
Asics
Corp.
(Consumer
Discretionary)
156,345
29,897
Astellas
Pharma,
Inc.
(Health
Care)
294,604
2,187
Azbil
Corp.
(Information
Technology)
60,344
9,704
Bandai
Namco
Holdings,
Inc.
(Consumer
Discretionary)
176,734
2,161
BayCurrent
Consulting,
Inc.
(Industrials)
44,060
9,176
Bridgestone
Corp.
(Consumer
Discretionary)
399,401
4,208
Brother
Industries
Ltd.
(Information
Technology)
80,789
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
1,299
Calbee,
Inc.
(Consumer
Staples)
$
25,559
16,750
Canon,
Inc.
(Information
Technology)
485,195
5,600
Capcom
Co.
Ltd.
(Communication
Services)
103,344
15,591
Central
Japan
Railway
Co.
(Industrials)
348,341
12,235
Chiba
Bank
Ltd.
(The)
(Financials)
116,281
12,116
Chubu
Electric
Power
Co.,
Inc.
(Utilities)
167,039
10,704
Chugai
Pharmaceutical
Co.
Ltd.
(Health
Care)
325,660
2,349
Coca-Cola
Bottlers
Japan
Holdings,
Inc.
(Consumer
Staples)
27,392
18,767
Concordia
Financial
Group
Ltd.
(Financials)
112,797
319
Cosmos
Pharmaceutical
Corp.
(Consumer
Staples)
25,760
6,919
CyberAgent,
Inc.
(Communication
Services)
41,630
3,975
Dai
Nippon
Printing
Co.
Ltd.
(Industrials)
123,541
5,724
Daifuku
Co.
Ltd.
(Industrials)
99,932
16,155
Dai-ichi
Life
Holdings,
Inc.
(Financials)
432,493
32,076
Daiichi
Sankyo
Co.
Ltd.
(Health
Care)
1,138,566
4,552
Daikin
Industries
Ltd.
(Industrials)
664,645
1,004
Daito
Trust
Construction
Co.
Ltd.
(Real
Estate)
106,057
10,375
Daiwa
House
Industry
Co.
Ltd.
(Real
Estate)
275,641
37
Daiwa
House
REIT
Investment
Corp.
REIT
(Real
Estate)
58,580
23,944
Daiwa
Securities
Group,
Inc.
(Financials)
188,023
29,811
Denso
Corp.
(Consumer
Discretionary)
482,417
3,329
Dentsu
Group,
Inc.
(Communication
Services)
88,084
1,492
Disco
Corp.
(Information
Technology)
583,812
18,300
East
Japan
Railway
Co.
(Industrials)
317,858
1,545
Ebara
Corp.
(Industrials)
112,671
4,732
Eisai
Co.
Ltd.
(Health
Care)
203,349
2,812
Electric
Power
Development
Co.
Ltd.
(Utilities)
47,232
46,557
ENEOS
Holdings,
Inc.
(Energy)
240,095
15,744
FANUC
Corp.
(Industrials)
440,726
2,795
Fast
Retailing
Co.
Ltd.
(Consumer
Discretionary)
715,180
2,279
Fuji
Electric
Co.
Ltd.
(Industrials)
135,541
15,351
FUJIFILM
Holdings
Corp.
(Information
Technology)
349,621
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
31,810
Fujitsu
Ltd.
(Information
Technology)
$
459,200
3,063
Fukuoka
Financial
Group,
Inc.
(Financials)
89,252
80
GLP
J
REIT
(Real
Estate)
66,435
735
GMO
Payment
Gateway,
Inc.
(Financials)
31,707
3,661
Hakuhodo
DY
Holdings,
Inc.
(Communication
Services)
30,263
2,338
Hamamatsu
Photonics
KK
(Information
Technology)
68,781
3,952
Hankyu
Hanshin
Holdings,
Inc.
(Industrials)
103,688
4,262
Haseko
Corp.
(Consumer
Discretionary)
48,086
321
Hikari
Tsushin,
Inc.
(Industrials)
52,579
490
Hirose
Electric
Co.
Ltd.
(Information
Technology)
54,567
1,729
Hitachi
Construction
Machinery
Co.
Ltd.
(Industrials)
46,761
15,339
Hitachi
Ltd.
(Industrials)
1,575,921
80,837
Honda
Motor
Co.
Ltd.
(Consumer
Discretionary)
910,249
1,811
Hoshizaki
Corp.
(Industrials)
64,882
5,799
Hoya
Corp.
(Health
Care)
703,356
8,496
Hulic
Co.
Ltd.
(Real
Estate)
78,502
2,085
Ibiden
Co.
Ltd.
(Information
Technology)
84,026
19,835
Idemitsu
Kosan
Co.
Ltd.
(Energy)
135,435
2,453
IHI
Corp.
(Industrials)
63,188
2,676
Iida
Group
Holdings
Co.
Ltd.
(Consumer
Discretionary)
36,476
14,109
Inpex
Corp.
(Energy)
217,590
5,672
Isetan
Mitsukoshi
Holdings
Ltd.
(Consumer
Discretionary)
117,703
10,106
Isuzu
Motors
Ltd.
(Consumer
Discretionary)
134,858
930
Ito
En
Ltd.
(Consumer
Staples)
22,199
20,798
ITOCHU
Corp.
(Industrials)
980,707
4,173
J
Front
Retailing
Co.
Ltd.
(Consumer
Discretionary)
40,470
7,187
Japan
Airlines
Co.
Ltd.
(Industrials)
121,083
8,849
Japan
Exchange
Group,
Inc.
(Financials)
207,563
117
Japan
Metropolitan
Fund
Invest
REIT
(Real
Estate)
68,870
6,450
Japan
Post
Bank
Co.
Ltd.
(Financials)
63,743
35,355
Japan
Post
Holdings
Co.
Ltd.
(Financials)
340,850
3,055
Japan
Post
Insurance
Co.
Ltd.
(Financials)
58,730
18,548
Japan
Tobacco,
Inc.
(Consumer
Staples)
525,475
8,868
JFE
Holdings,
Inc.
(Materials)
134,195
3,767
JGC
Holdings
Corp.
(Industrials)
29,892
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
3,369
JSR
Corp.
(Materials)*
$
92,937
3,748
JTEKT
Corp.
(Consumer
Discretionary)
27,142
7,405
Kajima
Corp.
(Industrials)
125,274
12,270
Kansai
Electric
Power
Co.,
Inc.
(The)
(Utilities)
221,515
3,266
Kansai
Paint
Co.
Ltd.
(Materials)
54,452
7,562
Kao
Corp.
(Consumer
Staples)
331,459
2,616
Kawasaki
Heavy
Industries
Ltd.
(Industrials)
99,383
6,339
Kawasaki
Kisen
Kaisha
Ltd.
(Industrials)
94,049
25,785
KDDI
Corp.
(Communication
Services)
711,633
1,795
Keihan
Holdings
Co.
Ltd.
(Industrials)
33,285
1,839
Keio
Corp.
(Industrials)
44,283
2,643
Keisei
Electric
Railway
Co.
Ltd.
(Industrials)
94,926
1,724
Kewpie
Corp.
(Consumer
Staples)
34,152
3,078
Keyence
Corp.
(Information
Technology)
1,384,605
12,865
Kikkoman
Corp.
(Consumer
Staples)
148,916
3,164
Kintetsu
Group
Holdings
Co.
Ltd.
(Industrials)
67,228
13,653
Kirin
Holdings
Co.
Ltd.
(Consumer
Staples)
188,967
848
Kobayashi
Pharmaceutical
Co.
Ltd.
(Consumer
Staples)
29,296
2,365
Kobe
Bussan
Co.
Ltd.
(Consumer
Staples)
52,388
1,892
Koei
Tecmo
Holdings
Co.
Ltd.
(Communication
Services)
16,471
4,010
Koito
Manufacturing
Co.
Ltd.
(Consumer
Discretionary)
56,611
1,159
Kokusai
Electric
Corp.
(Information
Technology)
31,714
15,002
Komatsu
Ltd.
(Industrials)
438,857
1,601
Konami
Group
Corp.
(Communication
Services)
111,712
560
Kose
Corp.
(Consumer
Staples)
36,990
17,791
Kubota
Corp.
(Industrials)
251,448
5,429
Kuraray
Co.
Ltd.
(Materials)
66,003
1,882
Kurita
Water
Industries
Ltd.
(Industrials)
80,480
22,276
Kyocera
Corp.
(Information
Technology)
253,173
4,163
Kyowa
Kirin
Co.
Ltd.
(Health
Care)
70,348
7,733
Kyushu
Electric
Power
Co.,
Inc.
(Utilities)
90,127
2,352
Kyushu
Railway
Co.
(Industrials)
51,756
1,312
Lasertec
Corp.
(Information
Technology)
338,050
4,266
Lion
Corp.
(Consumer
Staples)
34,259
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
4,658
Lixil
Corp.
(Industrials)
$
51,131
43,755
LY
Corp.
(Communication
Services)
103,829
6,843
M3,
Inc.
(Health
Care)
66,364
4,083
Makita
Corp.
(Industrials)
120,376
28,068
Marubeni
Corp.
(Industrials)
546,553
2,975
Marui
Group
Co.
Ltd.
(Financials)
44,215
5,946
MatsukiyoCocokara
&
Co.
(Consumer
Staples)
83,924
9,630
Mazda
Motor
Corp.
(Consumer
Discretionary)
101,573
1,428
McDonald's
Holdings
Co.
Japan
Ltd.
(Consumer
Discretionary)
58,521
17,708
Mebuki
Financial
Group,
Inc.
(Financials)
70,969
3,071
Medipal
Holdings
Corp.
(Health
Care)
45,182
4,437
MEIJI
Holdings
Co.
Ltd.
(Consumer
Staples)
99,303
6,481
MINEBEA
MITSUMI,
Inc.
(Industrials)
135,604
4,763
MISUMI
Group,
Inc.
(Industrials)
81,745
23,844
Mitsubishi
Chemical
Group
Corp.
(Materials)
126,044
61,653
Mitsubishi
Corp.
(Industrials)
1,295,872
32,800
Mitsubishi
Electric
Corp.
(Industrials)
569,818
18,972
Mitsubishi
Estate
Co.
Ltd.
(Real
Estate)
318,665
3,032
Mitsubishi
Gas
Chemical
Co.,
Inc.
(Materials)
56,860
13,931
Mitsubishi
HC
Capital,
Inc.
(Financials)
92,241
54,120
Mitsubishi
Heavy
Industries
Ltd.
(Industrials)
471,133
10,852
Mitsubishi
Motors
Corp.
(Consumer
Discretionary)
30,185
191,391
Mitsubishi
UFJ
Financial
Group,
Inc.
(Financials)
2,019,322
24,213
Mitsui
&
Co.
Ltd.
(Industrials)
1,228,023
2,974
Mitsui
Chemicals,
Inc.
(Materials)
89,914
45,630
Mitsui
Fudosan
Co.
Ltd.
(Real
Estate)
418,276
6,048
Mitsui
OSK
Lines
Ltd.
(Industrials)
199,515
42,236
Mizuho
Financial
Group,
Inc.
(Financials)
863,830
4,132
MonotaRO
Co.
Ltd.
(Industrials)
43,596
21,360
MS&AD
Insurance
Group
Holdings,
Inc.
(Financials)
445,971
30,960
Murata
Manufacturing
Co.
Ltd.
(Information
Technology)
584,447
3,290
Nagoya
Railroad
Co.
Ltd.
(Industrials)
37,695
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
4,251
NEC
Corp.
(Information
Technology)
$
314,473
7,459
Nexon
Co.
Ltd.
(Communication
Services)
127,754
4,840
NGK
Insulators
Ltd.
(Industrials)
64,541
1,623
NH
Foods
Ltd.
(Consumer
Staples)
49,750
2,123
Nichirei
Corp.
(Consumer
Staples)
48,027
8,028
NIDEC
Corp.
(Industrials)
400,672
5,450
Nikon
Corp.
(Consumer
Discretionary)
56,531
19,264
Nintendo
Co.
Ltd.
(Communication
Services)
1,048,735
27
Nippon
Building
Fund,
Inc.
REIT
(Real
Estate)
100,856
1,383
NIPPON
EXPRESS
HOLDINGS,
Inc.
(Industrials)
68,180
14,885
Nippon
Paint
Holdings
Co.
Ltd.
(Materials)
100,121
38
Nippon
Prologis
REIT,
Inc.
REIT
(Real
Estate)
62,678
3,123
Nippon
Sanso
Holdings
Corp.
(Materials)
92,113
14,286
Nippon
Steel
Corp.
(Materials)
312,002
897,228
Nippon
Telegraph
&
Telephone
Corp.
(Communication
Services)
880,984
2,709
Nippon
Television
Holdings,
Inc.
(Communication
Services)
36,555
8,270
Nippon
Yusen
KK
(Industrials)
262,343
2,185
Nissan
Chemical
Corp.
(Materials)
60,609
36,805
Nissan
Motor
Co.
Ltd.
(Consumer
Discretionary)
130,783
4,277
Nisshin
Seifun
Group,
Inc.
(Consumer
Staples)
47,956
3,051
Nissin
Foods
Holdings
Co.
Ltd.
(Consumer
Staples)
76,845
3,215
Niterra
Co.
Ltd.
(Consumer
Discretionary)
96,688
1,370
Nitori
Holdings
Co.
Ltd.
(Consumer
Discretionary)
151,433
2,476
Nitto
Denko
Corp.
(Materials)
188,995
50,459
Nomura
Holdings,
Inc.
(Financials)
305,204
1,728
Nomura
Real
Estate
Holdings,
Inc.
(Real
Estate)
44,414
72
Nomura
Real
Estate
Master
Fund,
Inc.
REIT
(Real
Estate)
67,673
6,498
Nomura
Research
Institute
Ltd.
(Information
Technology)
173,837
8,127
NSK
Ltd.
(Industrials)
39,817
10,387
NTT
Data
Group
Corp.
(Information
Technology)
159,198
11,571
Obayashi
Corp.
(Industrials)
134,711
482
OBIC
Business
Consultants
Co.
Ltd.
(Information
Technology)
19,321
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
1,089
Obic
Co.
Ltd.
(Information
Technology)
$
141,128
5,312
Odakyu
Electric
Railway
Co.
Ltd.
(Industrials)
55,657
15,542
Oji
Holdings
Corp.
(Materials)
62,704
20,986
Olympus
Corp.
(Health
Care)
330,325
3,135
Omron
Corp.
(Information
Technology)
102,502
7,360
Ono
Pharmaceutical
Co.
Ltd.
(Health
Care)
106,551
1,252
Open
House
Group
Co.
Ltd.
(Consumer
Discretionary)
36,091
557
Oracle
Corp.
Japan
(Information
Technology)
39,450
18,435
Oriental
Land
Co.
Ltd.
(Consumer
Discretionary)
514,648
19,239
ORIX
Corp.
(Financials)
418,582
46
Orix
JREIT,
Inc.
REIT
(Real
Estate)
46,660
6,875
Osaka
Gas
Co.
Ltd.
(Utilities)
156,273
3,678
Otsuka
Corp.
(Information
Technology)
69,771
7,410
Otsuka
Holdings
Co.
Ltd.
(Health
Care)
305,274
6,394
Pan
Pacific
International
Holdings
Corp.
(Consumer
Discretionary)
164,260
37,177
Panasonic
Holdings
Corp.
(Consumer
Discretionary)
327,305
30,813
Persol
Holdings
Co.
Ltd.
(Industrials)
44,334
23,762
Rakuten
Group,
Inc.
(Consumer
Discretionary)*
123,388
24,096
Recruit
Holdings
Co.
Ltd.
(Industrials)
1,218,715
20,192
Renesas
Electronics
Corp.
(Information
Technology)
377,255
39,724
Resona
Holdings,
Inc.
(Financials)
274,020
2,960
Resonac
Holdings
Corp.
(Materials)
65,399
9,469
Ricoh
Co.
Ltd.
(Information
Technology)
84,570
1,823
Rinnai
Corp.
(Consumer
Discretionary)
43,723
5,877
Rohm
Co.
Ltd.
(Information
Technology)
75,844
3,294
Rohto
Pharmaceutical
Co.
Ltd.
(Consumer
Staples)
57,875
4,308
Ryohin
Keikaku
Co.
Ltd.
(Consumer
Discretionary)
70,797
6,099
Santen
Pharmaceutical
Co.
Ltd.
(Health
Care)
63,185
4,040
SBI
Holdings,
Inc.
(Financials)
104,429
1,560
SCREEN
Holdings
Co.
Ltd.
(Information
Technology)
148,957
2,399
SCSK
Corp.
(Information
Technology)
45,447
3,476
Secom
Co.
Ltd.
(Industrials)
216,154
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
2,589
Sega
Sammy
Holdings,
Inc.
(Consumer
Discretionary)
$
36,435
3,732
Seibu
Holdings,
Inc.
(Industrials)
55,513
4,603
Seiko
Epson
Corp.
(Information
Technology)
74,019
6,313
Sekisui
Chemical
Co.
Ltd.
(Consumer
Discretionary)
90,510
9,995
Sekisui
House
Ltd.
(Consumer
Discretionary)
224,648
38,313
Seven
&
i
Holdings
Co.
Ltd.
(Consumer
Staples)
494,440
7,579
SG
Holdings
Co.
Ltd.
(Industrials)
76,588
4,641
Sharp
Corp.
(Consumer
Discretionary)*
28,653
4,588
Shimadzu
Corp.
(Information
Technology)
118,769
790
Shimamura
Co.
Ltd.
(Consumer
Discretionary)
37,855
1,314
Shimano,
Inc.
(Consumer
Discretionary)
214,812
9,074
Shimizu
Corp.
(Industrials)
50,219
32,804
Shin-Etsu
Chemical
Co.
Ltd.
(Materials)
1,222,231
1,066
Shinko
Electric
Industries
Co.
Ltd.
(Information
Technology)
37,954
4,910
Shionogi
&
Co.
Ltd.
(Health
Care)
219,965
6,553
Shiseido
Co.
Ltd.
(Consumer
Staples)
207,292
9,179
Shizuoka
Financial
Group,
Inc.
(Financials)
94,772
943
SMC
Corp.
(Industrials)
472,925
46,793
SoftBank
Corp.
(Communication
Services)
562,040
16,325
SoftBank
Group
Corp.
(Communication
Services)
939,328
5,926
Sohgo
Security
Services
Co.
Ltd.
(Industrials)
35,689
3,740
Sojitz
Corp.
(Industrials)
97,674
15,199
Sompo
Holdings,
Inc.
(Financials)
321,593
20,621
Sony
Group
Corp.
(Consumer
Discretionary)
1,692,117
1,474
Square
Enix
Holdings
Co.
Ltd.
(Communication
Services)
44,170
2,497
Stanley
Electric
Co.
Ltd.
(Consumer
Discretionary)
45,850
10,270
Subaru
Corp.
(Consumer
Discretionary)
228,738
1,713
Sugi
Holdings
Co.
Ltd.
(Consumer
Staples)
26,565
5,697
SUMCO
Corp.
(Information
Technology)
85,485
23,958
Sumitomo
Chemical
Co.
Ltd.
(Materials)
49,137
19,703
Sumitomo
Corp.
(Industrials)
511,680
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
12,205
Sumitomo
Electric
Industries
Ltd.
(Consumer
Discretionary)
$
197,624
2,721
Sumitomo
Forestry
Co.
Ltd.
(Consumer
Discretionary)
93,952
1,918
Sumitomo
Heavy
Industries
Ltd.
(Industrials)
51,995
4,289
Sumitomo
Metal
Mining
Co.
Ltd.
(Materials)
139,605
21,879
Sumitomo
Mitsui
Financial
Group,
Inc.
(Financials)
1,432,657
11,132
Sumitomo
Mitsui
Trust
Holdings,
Inc.
(Financials)
258,067
7,120
Sumitomo
Realty
&
Development
Co.
Ltd.
(Real
Estate)
222,147
2,930
Sumitomo
Rubber
Industries
Ltd.
(Consumer
Discretionary)
33,021
1,136
Sundrug
Co.
Ltd.
(Consumer
Staples)
28,887
2,096
Suntory
Beverage
&
Food
Ltd.
(Consumer
Staples)
76,707
26,572
Suzuki
Motor
Corp.
(Consumer
Discretionary)
315,103
7,971
Sysmex
Corp.
(Health
Care)
135,915
9,041
T&D
Holdings,
Inc.
(Financials)
162,559
2,792
Taisei
Corp.
(Industrials)
106,016
2,054
Taiyo
Yuden
Co.
Ltd.
(Information
Technology)
43,225
25,562
Takeda
Pharmaceutical
Co.
Ltd.
(Health
Care)
678,801
2,253
TBS
Holdings,
Inc.
(Communication
Services)
52,660
6,349
TDK
Corp.
(Information
Technology)
317,198
24,040
Terumo
Corp.
(Health
Care)
408,456
2,052
THK
Co.
Ltd.
(Industrials)
39,670
3,943
TIS,
Inc.
(Information
Technology)
72,000
3,495
Tobu
Railway
Co.
Ltd.
(Industrials)
61,695
735
Toei
Animation
Co.
Ltd.
(Communication
Services)
11,151
1,802
Toho
Co.
Ltd.
(Communication
Services)
56,911
7,720
Tohoku
Electric
Power
Co.,
Inc.
(Utilities)
78,136
31,836
Tokio
Marine
Holdings,
Inc.
(Financials)
1,099,861
2,744
Tokyo
Century
Corp.
(Financials)
25,328
24,943
Tokyo
Electric
Power
Co.
Holdings,
Inc.
(Utilities)*
149,139
7,570
Tokyo
Electron
Ltd.
(Information
Technology)
1,620,027
6,912
Tokyo
Gas
Co.
Ltd.
(Utilities)
155,047
9,217
Tokyu
Corp.
(Industrials)
107,628
9,949
Tokyu
Fudosan
Holdings
Corp.
(Real
Estate)
68,756
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
4,351
TOPPAN
Holdings,
Inc.
(Industrials)
$
112,689
25,313
Toray
Industries,
Inc.
(Materials)
126,577
5,016
Tosoh
Corp.
(Materials)
63,616
2,556
TOTO
Ltd.
(Industrials)
63,776
1,528
Toyo
Suisan
Kaisha
Ltd.
(Consumer
Staples)
109,973
1,217
Toyota
Boshoku
Corp.
(Consumer
Discretionary)
17,735
2,780
Toyota
Industries
Corp.
(Industrials)
261,822
188,788
Toyota
Motor
Corp.
(Consumer
Discretionary)
4,085,832
3,899
Toyota
Tsusho
Corp.
(Industrials)
236,677
2,214
Trend
Micro,
Inc.
(Information
Technology)
99,721
632
Tsuruha
Holdings,
Inc.
(Consumer
Staples)
37,410
6,917
Unicharm
Corp.
(Consumer
Staples)
222,328
52
United
Urban
Investment
Corp.
REIT
(Real
Estate)
46,294
6,638
USS
Co.
Ltd.
(Consumer
Discretionary)
51,724
1,538
Welcia
Holdings
Co.
Ltd.
(Consumer
Staples)
21,204
7,960
West
Japan
Railway
Co.
(Industrials)
158,952
4,443
Yakult
Honsha
Co.
Ltd.
(Consumer
Staples)
80,890
10,864
Yamada
Holdings
Co.
Ltd.
(Consumer
Discretionary)
30,446
2,714
Yamaha
Corp.
(Consumer
Discretionary)
61,639
15,354
Yamaha
Motor
Co.
Ltd.
(Consumer
Discretionary)
149,734
5,157
Yamato
Holdings
Co.
Ltd.
(Industrials)
59,136
2,217
Yamazaki
Baking
Co.
Ltd.
(Consumer
Staples)
48,771
4,382
Yaskawa
Electric
Corp.
(Industrials)
166,948
4,007
Yokogawa
Electric
Corp.
(Information
Technology)
102,913
2,199
Yokohama
Rubber
Co.
Ltd.
(The)
(Consumer
Discretionary)
55,134
1,432
Zensho
Holdings
Co.
Ltd.
(Consumer
Discretionary)
56,143
1,958
ZOZO,
Inc.
(Consumer
Discretionary)
45,827
70,785,732
Jordan
–
0.0%
2,640
Hikma
Pharmaceuticals
PLC
(Health
Care)
64,872
Kuwait
–
0.2%
50,248
Agility
Global
PLC
(Industrials)
17,237
Shares
Description
Value
a
Common
Stocks
–
(continued)
Kuwait
–
(continued)
25,124
Agility
Public
Warehousing
Co.
KSC
(Industrials)
$
23,982
23,060
Boubyan
Bank
KSCP
(Financials)
43,498
38,520
Gulf
Bank
KSCP
(Financials)
31,875
203,239
Kuwait
Finance
House
KSCP
(Financials)
483,351
11,214
Mabanee
Co
KPSC
(Real
Estate)
30,323
35,116
Mobile
Telecommunications
Co.
KSCP
(Communication
Services)
51,253
131,191
National
Bank
of
Kuwait
SAKP
(Financials)
366,283
1,047,802
Luxembourg
–
0.1%
7,676
ArcelorMittal
(Materials)
201,327
2,170
Eurofins
Scientific
SE
(Health
Care)
130,414
2,265
Reinet
Investments
SCA
(Financials)
56,953
388,694
Macau
–
0.0%
31,122
Galaxy
Entertainment
Group
Ltd.
(Consumer
Discretionary)
149,178
40,591
Sands
China
Ltd.
(Consumer
Discretionary)*
96,713
245,891
Mexico
–
0.7%
539,088
America
Movil
SAB
de
CV,
Series
B
(Communication
Services)
496,934
7,805
Arca
Continental
SAB
de
CV
(Consumer
Staples)
79,206
29,421
Becle
SAB
de
CV
(Consumer
Staples)
54,034
253,054
Cemex
SAB
de
CV,
Series
CPO
(Materials)*
189,492
8,792
Coca-Cola
Femsa
SAB
de
CV
(Consumer
Staples)
81,617
3,102
El
Puerto
de
Liverpool
SAB
de
CV
(Consumer
Discretionary)
23,301
48,035
Fibra
Uno
Administracion
SA
de
CV
REIT
(Real
Estate)
68,221
36,179
Fomento
Economico
Mexicano
SAB
de
CV
(Consumer
Staples)
412,717
3,084
Fresnillo
PLC
(Materials)
24,325
3,026
Gruma
SAB
de
CV,
Class
B
(Consumer
Staples)
58,432
6,342
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV,
Class
B
(Industrials)
118,718
3,045
Grupo
Aeroportuario
del
Sureste
SAB
de
CV,
Class
B
(Industrials)
101,877
22,786
Grupo
Bimbo
SAB
de
CV,
Series
A
(Consumer
Staples)
85,366
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Mexico
–
(continued)
8,186
Grupo
Carso
SAB
de
CV,
Series
A1
(Industrials)
$
62,911
7,564
Grupo
Comercial
Chedraui
SA
de
CV
(Consumer
Staples)
55,687
865
Grupo
Elektra
SAB
DE
CV
(Financials)
55,764
48,270
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
(Financials)
456,758
32,788
Grupo
Financiero
Inbursa
SAB
de
CV,
Class
O
(Financials)*
87,654
52,282
Grupo
Mexico
SAB
de
CV,
Series
B
(Materials)
321,537
3,141
Industrias
Penoles
SAB
de
CV
(Materials)*
49,457
26,829
Kimberly-Clark
de
Mexico
SAB
de
CV,
Class
A
(Consumer
Staples)
55,991
15,242
Orbia
Advance
Corp.
SAB
de
CV
(Materials)
24,722
12,856
Prologis
Property
Mexico
SA
de
CV
REIT
(Real
Estate)
52,054
83,396
Wal-Mart
de
Mexico
SAB
de
CV
(Consumer
Staples)
311,950
3,328,725
Netherlands
–
2.6%
503
Adyen
NV
(Financials)*
(a)
646,969
2,856
Akzo
Nobel
NV
(Materials)
198,864
937
Argenx
SE
ADR
(Health
Care)*
347,646
770
ASM
International
NV
(Information
Technology)
535,151
6,574
ASML
Holding
NV
(Information
Technology)
6,214,672
1,665
EXOR
NV
(Financials)
185,994
1,855
Heineken
Holding
NV
(Consumer
Staples)
151,236
4,811
Heineken
NV
(Consumer
Staples)
479,873
55,480
ING
Groep
NV
(Financials)
985,589
16,064
Koninklijke
Ahold
Delhaize
NV
(Consumer
Staples)
497,712
55,398
Koninklijke
KPN
NV
(Communication
Services)
207,123
13,658
Koninklijke
Philips
NV
(Health
Care)*
368,899
12,866
Universal
Music
Group
NV
(Communication
Services)
399,187
4,153
Wolters
Kluwer
NV
(Industrials)
658,466
11,877,381
New
Zealand
–
0.2%
11,306
a2
Milk
Co.
Ltd.
(The)
(Consumer
Staples)*
53,418
20,198
Auckland
International
Airport
Ltd.
(Industrials)
96,795
12,977
Contact
Energy
Ltd.
(Utilities)
73,512
9,184
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
(Health
Care)
166,458
13,505
Infratil
Ltd.
(Industrials)
87,953
Shares
Description
Value
a
Common
Stocks
–
(continued)
New
Zealand
–
(continued)
1,386
Mainfreight
Ltd.
(Industrials)
$
58,800
10,916
Mercury
NZ
Ltd.
(Utilities)
44,801
21,172
Meridian
Energy
Ltd.
(Utilities)
87,935
30,575
Spark
New
Zealand
Ltd.
(Communication
Services)
78,429
2,127
Xero
Ltd.
(Information
Technology)*
190,966
939,067
Norway
–
0.5%
370
Aker
ASA,
Class
A
(Industrials)
22,021
5,136
Aker
BP
ASA
(Energy)
131,511
12,340
AutoStore
Holdings
Ltd.
(Industrials)*
(a)
17,391
14,875
DNB
Bank
ASA
(Financials)
290,657
14,657
Equinor
ASA
(Energy)
422,687
2,393
Frontline
PLC
(Energy)
68,544
3,031
Gjensidige
Forsikring
ASA
(Financials)
53,020
1,399
Kongsberg
Gruppen
ASA
(Industrials)
120,096
4,215
Leroy
Seafood
Group
ASA
(Consumer
Staples)
18,471
7,411
Mowi
ASA
(Consumer
Staples)
132,531
21,872
Norsk
Hydro
ASA
(Materials)
147,708
13,309
Orkla
ASA
(Consumer
Staples)
105,886
1,088
Salmar
ASA
(Consumer
Staples)
66,151
1,147
Schibsted
ASA,
Class
A
(Communication
Services)
33,203
1,597
Schibsted
ASA,
Class
B
(Communication
Services)
43,128
1,206
Seadrill
Ltd.
(Energy)*
60,693
2,847
SpareBank
1
SR-Bank
ASA
(Financials)
36,762
7,276
Storebrand
ASA
(Financials)
78,569
10,777
Telenor
ASA
(Communication
Services)
125,611
3,905
TOMRA
Systems
ASA
(Industrials)
51,241
6,524
Var
Energi
ASA
(Energy)
23,079
1,594
Wallenius
Wilhelmsen
ASA
(Industrials)
16,955
2,065,915
Philippines
–
0.2%
4,150
Ayala
Corp.
(Industrials)
42,195
100,192
Ayala
Land,
Inc.
(Real
Estate)
44,943
33,114
Bank
of
the
Philippine
Islands
(Financials)
68,016
35,257
BDO
Unibank,
Inc.
(Financials)
78,322
13,606
International
Container
Terminal
Services,
Inc.
(Industrials)
79,423
50,084
JG
Summit
Holdings,
Inc.
(Industrials)
26,531
7,494
Jollibee
Foods
Corp.
(Consumer
Discretionary)
27,712
4,932
Manila
Electric
Co.
(Utilities)
30,947
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Philippines
–
(continued)
30,114
Metropolitan
Bank
&
Trust
Co.
(Financials)
$
31,931
1,447
PLDT,
Inc.
(Communication
Services)
36,595
8,183
SM
Investments
Corp.
(Industrials)
121,654
191,926
SM
Prime
Holdings,
Inc.
(Real
Estate)
88,387
14,589
Universal
Robina
Corp.
(Consumer
Staples)
26,675
703,331
Poland
–
0.3%
7,912
Allegro.eu
SA
(Consumer
Discretionary)*
(a)
75,915
2,953
Bank
Pekao
SA
(Financials)
120,010
213
Budimex
SA
(Industrials)
40,441
1,157
CD
Projekt
SA
(Communication
Services)
38,293
802
Dino
Polska
SA
(Consumer
Staples)*
(a)
79,874
2,904
InPost
SA
(Industrials)*
52,049
2,284
KGHM
Polska
Miedz
SA
(Materials)
88,007
19
LPP
SA
(Consumer
Discretionary)
83,683
219
mBank
SA
(Financials)*
34,822
9,737
ORLEN
SA
(Energy)
157,222
14,702
PGE
Polska
Grupa
Energetyczna
SA
(Utilities)*
25,296
14,357
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
(Financials)
216,467
9,513
Powszechny
Zaklad
Ubezpieczen
SA
(Financials)
120,815
558
Santander
Bank
Polska
SA
(Financials)
71,490
1,204,384
Portugal
–
0.1%
122,613
Banco
Comercial
Portugues
SA,
Class
R
(Financials)*
49,477
46,949
EDP
–
Energias
de
Portugal
SA
(Utilities)
190,161
7,975
Galp
Energia
SGPS
SA
(Energy)
167,223
4,601
Jeronimo
Martins
SGPS
SA
(Consumer
Staples)
102,794
3,356
Navigator
Co.
SA
(The)
(Materials)*
14,624
524,279
Qatar
–
0.2%
56,377
Commercial
Bank
PSQC
(The)
(Financials)
60,078
29,214
Dukhan
Bank
(Financials)
28,428
33,260
Industries
Qatar
QSC
(Industrials)
105,507
115,459
Masraf
Al
Rayan
QSC
(Financials)
73,030
72,659
Mesaieed
Petrochemical
Holding
Co.
(Materials)
34,324
Shares
Description
Value
a
Common
Stocks
–
(continued)
Qatar
–
(continued)
11,701
Ooredoo
QPSC
(Communication
Services)
$
30,289
8,146
Qatar
Electricity
&
Water
Co.
QSC
(Utilities)
33,403
9,803
Qatar
Fuel
QSC
(Energy)
36,213
59,127
Qatar
Gas
Transport
Co.
Ltd.
(Energy)
64,340
18,595
Qatar
International
Islamic
Bank
QSC
(Financials)
51,224
27,464
Qatar
Islamic
Bank
(Financials)
129,739
74,326
Qatar
National
Bank
QPSC
(Financials)
275,584
922,159
Saudi
Arabia
–
1.0%
2,231
ACWA
Power
Co.
(Utilities)
239,356
6,207
Ades
Holding
Co.
(Energy)*
29,887
2,133
Advanced
Petrochemical
Co.
(Materials)*
22,805
32,811
Al
Rajhi
Bank
(Financials)
665,720
20,506
Alinma
Bank
(Financials)
167,298
4,116
Almarai
Co.
JSC
(Consumer
Staples)
57,394
14,856
Arab
National
Bank
(Financials)
78,029
422
Arabian
Internet
&
Co.mmunications
Services
Co.
(Information
Technology)
29,703
10,253
Bank
AlBilad
(Financials)
88,706
8,367
Bank
Al-Jazira
(Financials)*
33,462
9,887
Banque
Saudi
Fransi
(Financials)
88,307
1,241
Bupa
Arabia
for
Cooperative
Insurance
Co.
(Financials)
76,431
1,230
Co.
for
Cooperative
Insurance
(The)
(Financials)
43,091
1,416
Dr
Sulaiman
Al
Habib
Medical
Services
Group
Co.
(Health
Care)
101,253
442
Elm
Co.
(Information
Technology)
93,899
6,316
Etihad
Etisalat
Co.
(Communication
Services)
78,725
9,843
Jarir
Marketing
Co.
(Consumer
Discretionary)
33,381
1,590
Mouwasat
Medical
Services
Co.
(Health
Care)
45,359
653
Nahdi
Medical
Co.
(Consumer
Staples)
22,807
6,994
Rabigh
Refining
&
Petrochemical
Co.
(Energy)*
12,755
24,608
Riyad
Bank
(Financials)
160,086
3,905
SABIC
Agri-Nutrients
Co.
(Materials)
110,361
6,016
Sahara
International
Petrochemical
Co.
(Materials)
47,878
400
SAL
Saudi
Logistics
Services
(Industrials)
27,131
20,277
Saudi
Arabian
Mining
Co.
(Materials)*
249,766
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Saudi
Arabia
–
(continued)
73,326
Saudi
Arabian
Oil
Co.
(Energy)
(a)
$
566,949
847
Saudi
Aramco
Base
Oil
Co.
(Materials)
29,402
16,762
Saudi
Awwal
Bank
(Financials)
171,164
15,066
Saudi
Basic
Industries
Corp.
(Materials)
305,281
13,085
Saudi
Electricity
Co.
(Utilities)
58,331
6,192
Saudi
Industrial
Investment
Group
(Materials)
35,362
12,304
Saudi
Kayan
Petrochemical
Co.
(Materials)*
26,145
49,217
Saudi
National
Bank
(The)
(Financials)
444,183
536
Saudi
Research
&
Media
Group
(Communication
Services)*
29,182
803
Saudi
Tadawul
Group
Holding
Co.
(Financials)
50,398
30,133
Saudi
Telecom
Co.
(Communication
Services)
289,223
4,380
Savola
Group
(The)
(Consumer
Staples)*
50,390
4,613
Yanbu
National
Petrochemical
Co.
(Materials)
44,522
4,704,122
Singapore
–
1.0%
59,428
CapitaLand
Ascendas
REIT
REIT
(Real
Estate)
114,750
76,057
CapitaLand
Integrated
Commercial
Trust
REIT
(Real
Estate)
110,285
40,182
CapitaLand
Investment
Ltd.
(Real
Estate)
79,074
7,384
City
Developments
Ltd.
(Real
Estate)
30,646
33,660
DBS
Group
Holdings
Ltd.
(Financials)
896,222
46,751
Frasers
Logistics
&
Commercial
Trust
REIT
(Real
Estate)
34,241
94,913
Genting
Singapore
Ltd.
(Consumer
Discretionary)
63,898
40,279
Grab
Holdings
Ltd.,
Class
A
(Industrials)*
147,824
3,813
Hafnia
Ltd.
(Energy)
33,386
1,587
Jardine
Cycle
&
Carriage
Ltd.
(Industrials)
30,221
23,214
Keppel
Ltd.
(Industrials)
115,409
34,395
Mapletree
Industrial
Trust
REIT
(Real
Estate)
55,981
55,654
Mapletree
Logistics
Trust
REIT
(Real
Estate)
54,760
38,421
Mapletree
Pan
Asia
Commercial
Trust
REIT
(Real
Estate)
34,677
14,065
Olam
Group
Ltd.
(Consumer
Staples)
11,862
53,753
Oversea-Chinese
Banking
Corp.
Ltd.
(Financials)
577,019
14,543
SATS
Ltd.
(Industrials)*
29,910
Shares
Description
Value
a
Common
Stocks
–
(continued)
Singapore
–
(continued)
6,090
Sea
Ltd.
ADR
(Communication
Services)*
$
411,197
54,026
Seatrium
Ltd.
(Industrials)*
70,345
15,007
Sembcorp
Industries
Ltd.
(Utilities)
56,511
22,166
Singapore
Airlines
Ltd.
(Industrials)
111,019
13,693
Singapore
Exchange
Ltd.
(Financials)
96,845
25,414
Singapore
Technologies
Engineering
Ltd.
(Industrials)
78,590
119,569
Singapore
Telecommunications
Ltd.
(Communication
Services)
219,376
10,890
STMicroelectronics
NV
(Information
Technology)
447,529
22,386
United
Overseas
Bank
Ltd.
(Financials)
509,924
8,793
UOL
Group
Ltd.
(Real
Estate)
35,063
4,524
Venture
Corp.
Ltd.
(Information
Technology)
46,923
4,503,487
South
Africa
–
0.8%
12,843
Absa
Group
Ltd.
(Financials)
101,755
932
Anglo
American
Platinum
Ltd.
(Materials)
30,224
19,328
Anglo
American
PLC
(Materials)
618,533
6,005
Aspen
Pharmacare
Holdings
Ltd.
(Health
Care)
74,111
5,591
Bid
Corp.
Ltd.
(Consumer
Staples)
123,488
5,680
Bidvest
Group
Ltd.
(The)
(Industrials)
74,100
1,631
Capitec
Bank
Holdings
Ltd.
(Financials)
184,510
4,049
Clicks
Group
Ltd.
(Consumer
Staples)
63,605
8,901
Discovery
Ltd.
(Financials)
51,858
4,033
Exxaro
Resources
Ltd.
(Energy)
38,864
83,763
FirstRand
Ltd.
(Financials)
289,183
14,726
Gold
Fields
Ltd.
(Materials)
228,921
9,053
Harmony
Gold
Mining
Co.
Ltd.
(Materials)
82,180
14,566
Impala
Platinum
Holdings
Ltd.
(Materials)
74,433
3,522
Investec
Ltd.
(Financials)
23,017
938
Kumba
Iron
Ore
Ltd.
(Materials)
24,425
28,146
MTN
Group
Ltd.
(Communication
Services)
122,675
4,858
MultiChoice
Group
(Communication
Services)*
29,041
3,006
Naspers
Ltd.,
Class
N
(Consumer
Discretionary)
595,265
7,298
Nedbank
Group
Ltd.
(Financials)
88,564
5,506
Northam
Platinum
Holdings
Ltd.
(Materials)
37,936
81,584
Old
Mutual
Ltd.
(Financials)
46,062
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
South
Africa
–
(continued)
14,144
OUTsurance
Group
Ltd.
(Financials)
$
30,087
26,759
Pepkor
Holdings
Ltd.
(Consumer
Discretionary)
(a)
24,133
8,490
Remgro
Ltd.
(Financials)
54,428
27,529
Sanlam
Ltd.
(Financials)
103,580
9,727
Sasol
Ltd.
(Materials)
64,115
7,935
Shoprite
Holdings
Ltd.
(Consumer
Staples)
105,234
46,829
Sibanye
Stillwater
Ltd.
(Materials)
58,724
22,611
Standard
Bank
Group
Ltd.
(Financials)
215,187
9,913
Vodacom
Group
Ltd.
(Communication
Services)
48,677
14,992
Woolworths
Holdings
Ltd.
(Consumer
Discretionary)
43,358
3,750,273
South
Korea
–
3.2%
598
Alteogen,
Inc.
(Health
Care)*
80,292
487
Amorepacific
Corp.
(Consumer
Staples)
68,308
395
AMOREPACIFIC
Group
(Consumer
Staples)
10,912
122
BGF
retail
Co.
Ltd.
(Consumer
Staples)
10,265
4,516
BNK
Financial
Group,
Inc.
(Financials)
27,561
292
Celltrion
Pharm,
Inc.
(Health
Care)*
18,812
2,571
Celltrion,
Inc.
(Health
Care)
327,189
1,073
Cheil
Worldwide,
Inc.
(Communication
Services)
14,484
131
CJ
CheilJedang
Corp.
(Consumer
Staples)
33,068
206
CJ
Corp.
(Industrials)
20,517
161
CJ
ENM
Co.
Ltd.
(Communication
Services)*
10,407
141
CJ
Logistics
Corp.
(Industrials)
10,561
382
CosmoAM&T
Co.
Ltd.
(Information
Technology)*
42,765
905
Coway
Co.
Ltd.
(Consumer
Discretionary)
36,865
362
CS
Wind
Corp.
(Industrials)
13,805
3,129
Daewoo
Engineering
&
Construction
Co.
Ltd.
(Industrials)*
8,260
593
DB
HiTek
Co.
Ltd.
(Information
Technology)
17,367
730
DB
Insurance
Co.
Ltd.
(Financials)
54,570
3,345
Delivery
Hero
SE
(Consumer
Discretionary)*
(a)
101,351
444
DL
E&C
Co.
Ltd.
(Industrials)
10,903
504
Dongsuh
Cos.,
Inc.
(Consumer
Staples)
6,825
820
Doosan
Bobcat,
Inc.
(Industrials)
34,173
109
Doosan
Co.
Ltd.
(Industrials)
16,218
Shares
Description
Value
a
Common
Stocks
–
(continued)
South
Korea
–
(continued)
7,186
Doosan
Enerbility
Co.
Ltd.
(Industrials)*
$
107,955
633
Doosan
Fuel
Cell
Co.
Ltd.
(Industrials)*
11,201
767
Ecopro
BM
Co.
Ltd.
(Industrials)*
105,975
1,625
Ecopro
Co.
Ltd.
(Industrials)*
110,794
405
Ecopro
Materials
Co.
Ltd.
(Industrials)*
23,226
296
E-MART,
Inc.
(Consumer
Staples)
13,105
179
Enchem
Co.
Ltd.
(Materials)*
37,945
242
F&F
Co.
Ltd.
(Consumer
Discretionary)
11,711
733
Fila
Holdings
Corp.
(Consumer
Discretionary)
20,859
85
Green
Cross
Corp.
(Health
Care)
7,042
748
GS
Holdings
Corp.
(Industrials)
23,555
653
GS
Retail
Co.
Ltd.
(Consumer
Staples)
9,352
4,827
Hana
Financial
Group,
Inc.
(Financials)
215,107
416
Hanjin
Kal
Corp.
(Industrials)
19,139
1,146
Hankook
Tire
&
Technology
Co.
Ltd.
(Consumer
Discretionary)
36,295
107
Hanmi
Pharm
Co.
Ltd.
(Health
Care)
21,909
304
Hanmi
Science
Co.
Ltd.
(Health
Care)
6,927
708
Hanmi
Semiconductor
Co.
Ltd.
(Information
Technology)
82,686
2,515
Hanon
Systems
(Consumer
Discretionary)
9,101
154
Hansol
Chemical
Co.
Ltd.
(Materials)
21,078
559
Hanwha
Aerospace
Co.
Ltd.
(Industrials)
82,767
560
Hanwha
Corp.
(Industrials)
10,941
4,277
Hanwha
Life
Insurance
Co.
Ltd.
(Financials)
8,665
2,369
Hanwha
Ocean
Co.
Ltd.
(Industrials)*
50,817
1,742
Hanwha
Solutions
Corp.
(Materials)
39,569
982
Hanwha
Systems
Co.
Ltd.
(Industrials)
12,377
703
HD
Hyundai
Co.
Ltd.
(Energy)
34,882
354
HD
Hyundai
Electric
Co.
Ltd.
(Industrials)
76,959
319
HD
Hyundai
Heavy
Industries
Co.
Ltd.
(Industrials)*
29,652
1,969
HD
Hyundai
Infracore
Co.
Ltd.
(Industrials)*
11,818
381
HD
HYUNDAI
MIPO
(Industrials)*
19,868
746
HD
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.
(Industrials)*
70,260
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
South
Korea
–
(continued)
492
Hite
Jinro
Co.
Ltd.
(Consumer
Staples)
$
7,143
503
HL
Mando
Co.
Ltd.
(Consumer
Discretionary)
15,767
1,945
HLB,
Inc.
(Health
Care)*
85,973
4,065
HMM
Co.
Ltd.
(Industrials)
52,847
509
Hotel
Shilla
Co.
Ltd.
(Consumer
Discretionary)
20,918
96
Hugel,
Inc.
(Health
Care)*
13,243
300
HYBE
Co.
Ltd.
(Communication
Services)
43,335
39
Hyosung
Advanced
Materials
Corp.
(Materials)
10,478
38
Hyosung
TNC
Corp.
(Materials)
11,019
104
Hyundai
Autoever
Corp.
(Information
Technology)
11,117
330
Hyundai
Elevator
Co.
Ltd.
(Industrials)
9,570
1,213
Hyundai
Engineering
&
Construction
Co.
Ltd.
(Industrials)
29,086
312
Hyundai
Glovis
Co.
Ltd.
(Industrials)
40,449
971
Hyundai
Marine
&
Fire
Insurance
Co.
Ltd.
(Financials)
23,003
1,044
Hyundai
Mobis
Co.
Ltd.
(Consumer
Discretionary)
161,741
2,268
Hyundai
Motor
Co.
(Consumer
Discretionary)
414,434
1,210
Hyundai
Rotem
Co.
Ltd.
(Industrials)
31,418
1,399
Hyundai
Steel
Co.
(Materials)
29,959
4,187
Industrial
Bank
of
Korea
(Financials)
41,611
461
JYP
Entertainment
Corp.
(Communication
Services)
19,345
5,055
Kakao
Corp.
(Communication
Services)
158,089
633
Kakao
Games
Corp.
(Communication
Services)*
9,761
3,577
KakaoBank
Corp.
(Financials)
57,483
364
Kakaopay
Corp.
(Financials)*
8,150
1,915
Kangwon
Land,
Inc.
(Consumer
Discretionary)
20,622
6,249
KB
Financial
Group,
Inc.
(Financials)
358,362
65
KCC
Corp.
(Materials)
13,802
203
KEPCO
Engineering
&
Construction
Co.,
Inc.
(Industrials)
10,249
341
KEPCO
Plant
Service
&
Engineering
Co.
Ltd.
(Industrials)
9,150
4,137
Kia
Corp.
(Consumer
Discretionary)
351,685
220
KIWOOM
Securities
Co.
Ltd.
(Financials)
21,260
1,175
Korea
Aerospace
Industries
Ltd.
(Industrials)
43,960
Shares
Description
Value
a
Common
Stocks
–
(continued)
South
Korea
–
(continued)
4,299
Korea
Electric
Power
Corp.
(Utilities)*
$
60,392
435
Korea
Gas
Corp.
(Utilities)*
9,363
690
Korea
Investment
Holdings
Co.
Ltd.
(Financials)
32,493
153
Korea
Zinc
Co.
Ltd.
(Materials)
58,236
3,081
Korean
Air
Lines
Co.
Ltd.
(Industrials)
46,397
480
Krafton,
Inc.
(Communication
Services)*
86,671
1,071
KT
Corp.
(Communication
Services)
28,311
1,879
KT&G
Corp.
(Consumer
Staples)
113,319
492
Kum
Yang
Co.
Ltd.
(Materials)*
29,601
275
Kumho
Petrochemical
Co.
Ltd.
(Materials)
29,277
413
L&F
Co.
Ltd.
(Industrials)*
46,653
166
LEENO
Industrial,
Inc.
(Information
Technology)
32,132
787
LG
Chem
Ltd.
(Materials)
199,798
1,490
LG
Corp.
(Industrials)
87,492
3,719
LG
Display
Co.
Ltd.
(Information
Technology)*
26,673
1,803
LG
Electronics,
Inc.
(Consumer
Discretionary)
136,473
678
LG
Energy
Solution
Ltd.
(Industrials)*
162,087
156
LG
H&H
Co.
Ltd.
(Consumer
Staples)
47,041
235
LG
Innotek
Co.
Ltd.
(Information
Technology)
42,093
3,582
LG
Uplus
Corp.
(Communication
Services)
24,966
304
Lotte
Chemical
Corp.
(Materials)
24,833
425
Lotte
Corp.
(Industrials)
8,027
339
Lotte
Energy
Materials
Corp.
(Information
Technology)
11,655
172
Lotte
Shopping
Co.
Ltd.
(Consumer
Discretionary)
8,187
269
LS
Corp.
(Industrials)
33,048
1,750
Meritz
Financial
Group,
Inc.
(Financials)
97,198
4,135
Mirae
Asset
Securities
Co.
Ltd.
(Financials)
21,533
2,273
NAVER
Corp.
(Communication
Services)
279,415
229
NCSoft
Corp.
(Communication
Services)
31,475
339
Netmarble
Corp.
(Communication
Services)*
(a)
14,740
2,069
NH
Investment
&
Securities
Co.
Ltd.
(Financials)
18,351
50
NongShim
Co.
Ltd.
(Consumer
Staples)
16,594
199
OCI
Holdings
Co.
Ltd.
(Materials)
13,927
372
Orion
Corp.
(Consumer
Staples)
24,638
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
South
Korea
–
(continued)
3,798
Pan
Ocean
Co.
Ltd.
(Industrials)
$
11,809
462
Pearl
Abyss
Corp.
(Communication
Services)*
13,831
853
Posco
DX
Co.
Ltd.
(Information
Technology)
21,779
474
POSCO
Future
M
Co.
Ltd.
(Industrials)
85,759
1,193
POSCO
Holdings,
Inc.
(Materials)
317,950
858
Posco
International
Corp.
(Industrials)
26,678
281
S-1
Corp.
(Industrials)
12,908
295
Samsung
Biologics
Co.
Ltd.
(Health
Care)*
(a)
155,538
1,351
Samsung
C&T
Corp.
(Industrials)
131,826
368
Samsung
Card
Co.
Ltd.
(Financials)
10,765
2,597
Samsung
E&A
Co.
Ltd.
(Industrials)*
43,891
919
Samsung
Electro-Mechanics
Co.
Ltd.
(Information
Technology)
102,882
80,666
Samsung
Electronics
Co.
Ltd.
(Information
Technology)
4,282,222
520
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
(Financials)
130,887
10,844
Samsung
Heavy
Industries
Co.
Ltd.
(Industrials)*
71,742
1,269
Samsung
Life
Insurance
Co.
Ltd.
(Financials)
77,265
859
Samsung
SDI
Co.
Ltd.
(Information
Technology)
232,347
608
Samsung
SDS
Co.
Ltd.
(Information
Technology)
67,275
1,039
Samsung
Securities
Co.
Ltd.
(Financials)
27,090
568
SD
Biosensor,
Inc.
(Health
Care)*
4,119
7,542
Shinhan
Financial
Group
Co.
Ltd.
(Financials)
256,838
110
Shinsegae,
Inc.
(Consumer
Discretionary)
12,966
468
SK
Biopharmaceuticals
Co.
Ltd.
(Health
Care)*
28,867
398
SK
Bioscience
Co.
Ltd.
(Health
Care)*
14,862
9,001
SK
Hynix,
Inc.
(Information
Technology)
1,229,995
448
SK
IE
Technology
Co.
Ltd.
(Industrials)*
(a)
13,962
953
SK
Innovation
Co.
Ltd.
(Energy)*
68,831
1,655
SK
Square
Co.
Ltd.
(Industrials)*
92,758
893
SK
Telecom
Co.
Ltd.
(Communication
Services)
32,894
597
SK,
Inc.
(Industrials)
75,975
309
SKC
Co.
Ltd.
(Materials)*
31,066
Shares
Description
Value
a
Common
Stocks
–
(continued)
South
Korea
–
(continued)
689
S-Oil
Corp.
(Energy)
$
33,939
66
Soulbrain
Co.
Ltd.
(Materials)
15,707
185
Studio
Dragon
Corp.
(Communication
Services)*
6,013
287
Wemade
Co.
Ltd.
(Communication
Services)*
8,851
497
WONIK
IPS
Co.
Ltd.
(Information
Technology)*
12,707
10,868
Woori
Financial
Group,
Inc.
(Financials)
111,227
915
Yuhan
Corp.
(Health
Care)
45,467
14,278,621
Spain
–
1.6%
3,415
ACS
Actividades
de
Construccion
y
Servicios
SA
(Industrials)
152,445
1,230
Aena
SME
SA
(Industrials)
(a)
239,818
7,521
Amadeus
IT
Group
SA
(Consumer
Discretionary)
533,488
97,183
Banco
Bilbao
Vizcaya
Argentaria
SA
(Financials)
1,048,689
265,022
Banco
Santander
SA
(Financials)
1,390,925
63,196
CaixaBank
SA
(Financials)
361,552
9,530
Cellnex
Telecom
SA
(Communication
Services)*
(a)
346,894
4,935
EDP
Renovaveis
SA
(Utilities)
78,862
5,294
Endesa
SA
(Utilities)
105,173
96,760
Iberdrola
SA
(Utilities)
1,271,017
18,496
Industria
de
Diseno
Textil
SA
(Consumer
Discretionary)
874,653
2,091
Naturgy
Energy
Group
SA
(Utilities)
56,023
6,761
Redeia
Corp.
SA
(Utilities)
121,399
21,372
Repsol
SA
(Energy)
348,486
86,470
Telefonica
SA
(Communication
Services)
402,241
7,331,665
Sweden
–
2.2%
2,938
AAK
AB
(Consumer
Staples)
82,241
3,997
AddTech
AB,
Class
B
(Industrials)
94,251
4,720
Alfa
Laval
AB
(Industrials)
217,752
16,253
Assa
Abloy
AB,
Class
B
(Industrials)
474,739
42,374
Atlas
Copco
AB,
Class
A
(Industrials)
809,027
25,176
Atlas
Copco
AB,
Class
B
(Industrials)
414,725
1,983
Avanza
Bank
Holding
AB
(Financials)
(b)
51,662
1,813
Axfood
AB
(Consumer
Staples)
48,043
6,254
Beijer
Ref
AB
(Industrials)
101,179
4,498
Boliden
AB
(Materials)
156,873
6,803
Castellum
AB
(Real
Estate)*
84,446
5,797
Elekta
AB,
Class
B
(Health
Care)
47,485
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Sweden
–
(continued)
13,604
Embracer
Group
AB
(Communication
Services)*
(b)
$
33,864
10,396
Epiroc
AB,
Class
A
(Industrials)
216,180
6,311
Epiroc
AB,
Class
B
(Industrials)
117,853
8,655
EQT
AB
(Financials)
261,694
10,086
Essity
AB,
Class
B
(Consumer
Staples)
258,451
2,991
Evolution
AB
(Consumer
Discretionary)
(a)
320,793
3,715
Fabege
AB
(Real
Estate)
31,561
11,000
Fastighets
AB
Balder,
Class
B
(Real
Estate)*
73,904
3,640
Getinge
AB,
Class
B
(Health
Care)
64,721
10,255
H
&
M
Hennes
&
Mauritz
AB,
Class
B
(Consumer
Discretionary)
180,973
32,289
Hexagon
AB,
Class
B
(Information
Technology)
353,677
1,517
Holmen
AB,
Class
B
(Materials)
63,379
6,421
Husqvarna
AB,
Class
B
(Industrials)
52,932
1,958
Industrivarden
AB,
Class
A
(Financials)
69,442
2,160
Industrivarden
AB,
Class
C
(Financials)
75,600
4,471
Indutrade
AB
(Industrials)
114,951
2,256
Investment
AB
Latour,
Class
B
(Industrials)
62,614
8,029
Investor
AB,
Class
A
(Financials)
215,436
30,363
Investor
AB,
Class
B
(Financials)
821,059
3,982
Kinnevik
AB,
Class
B
(Financials)*
45,983
753
L
E
Lundbergforetagen
AB,
Class
B
(Financials)
38,161
3,769
Lifco
AB,
Class
B
(Industrials)
99,554
24,687
Nibe
Industrier
AB,
Class
B
(Industrials)
(b)
125,299
5,152
Saab
AB,
Class
B
(Industrials)
124,132
3,401
Sagax
AB,
Class
B
(Real
Estate)
89,445
17,517
Sandvik
AB
(Industrials)
383,911
8,404
Securitas
AB,
Class
B
(Industrials)
(b)
86,140
26,540
Skandinaviska
Enskilda
Banken
AB,
Class
A
(Financials)
376,378
5,544
Skanska
AB,
Class
B
(Industrials)
97,652
6,241
SKF
AB,
Class
B
(Industrials)
136,069
3,686
SSAB
AB,
Class
A
(Materials)
21,393
10,616
SSAB
AB,
Class
B
(Materials)
61,371
9,999
Svenska
Cellulosa
AB
SCA,
Class
B
(Materials)
152,925
24,512
Svenska
Handelsbanken
AB,
Class
A
(Financials)
229,896
554
Svenska
Handelsbanken
AB,
Class
B
(Financials)
6,389
3,026
Sweco
AB,
Class
B
(Industrials)
42,295
Shares
Description
Value
a
Common
Stocks
–
(continued)
Sweden
–
(continued)
16,678
Swedbank
AB,
Class
A
(Financials)
$
345,859
3,889
Swedish
Orphan
Biovitrum
AB
(Health
Care)*
104,424
9,250
Tele2
AB,
Class
B
(Communication
Services)
90,238
48,711
Telefonaktiebolaget
LM
Ericsson,
Class
B
(Information
Technology)
299,106
37,730
Telia
Co.
AB
(Communication
Services)
97,758
1,768
Thule
Group
AB
(Consumer
Discretionary)
(a)
53,121
3,504
Trelleborg
AB,
Class
B
(Industrials)
136,266
3,179
Volvo
AB,
Class
A
(Industrials)
86,085
24,988
Volvo
AB,
Class
B
(Industrials)
670,009
7,945
Volvo
Car
AB,
Class
B
(Consumer
Discretionary)*
26,534
9,997,900
Switzerland
–
3.2%
27,063
ABB
Ltd.
(Industrials)
1,481,918
8,229
Alcon,
Inc.
(Health
Care)
732,825
8,775
Cie
Financiere
Richemont
SA
(Consumer
Discretionary)
1,401,140
4,398
DSM-Firmenich
AG
(Materials)
504,423
553
Geberit
AG
(Industrials)
337,384
154
Givaudan
SA
(Materials)
723,270
857
Kuehne
+
Nagel
International
AG
(Industrials)
242,713
1,241
Lonza
Group
AG
(Health
Care)
669,093
31,663
Novartis
AG
(Health
Care)
3,270,012
361
Partners
Group
Holding
AG
(Financials)
482,587
331
Schindler
Holding
AG
(Industrials)
83,654
681
Schindler
Holding
AG
Participation
Certificates
(Industrials)
176,336
2,483
SGS
SA
(Industrials)
231,194
2,533
Sika
AG
(Materials)
766,231
1,783
Straumann
Holding
AG
(Health
Care)
231,238
471
Swatch
Group
AG
(The)
–
Bearer
(Consumer
Discretionary)
100,841
883
Swatch
Group
AG
(The)
–
Registered
(Consumer
Discretionary)
36,802
425
Swisscom
AG
(Communication
Services)
234,700
54,874
UBS
Group
AG
(Financials)
1,732,927
2,427
Zurich
Insurance
Group
AG
(Financials)
1,274,367
14,713,655
Taiwan
–
5.1%
8,453
Accton
Technology
Corp.
(Information
Technology)
131,515
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Taiwan
–
(continued)
49,017
Acer,
Inc.
(Information
Technology)
$
80,046
7,212
Advantech
Co.
Ltd.
(Information
Technology)
78,590
1,200
Alchip
Technologies
Ltd.
(Information
Technology)
106,316
61,689
ASE
Technology
Holding
Co.
Ltd.
(Information
Technology)
298,980
43,014
Asia
Cement
Corp.
(Materials)
55,172
4,978
Asia
Vital
Components
Co.
Ltd.
(Information
Technology)
118,173
504
ASMedia
Technology,
Inc.
(Information
Technology)
31,117
502
ASPEED
Technology,
Inc.
(Information
Technology)
56,485
11,746
Asustek
Computer,
Inc.
(Information
Technology)
186,013
96,683
AUO
Corp.
(Information
Technology)*
53,126
10,927
Catcher
Technology
Co.
Ltd.
(Information
Technology)
75,727
173,699
Cathay
Financial
Holding
Co.
Ltd.
(Financials)*
301,349
25,299
Chailease
Holding
Co.
Ltd.
(Financials)
118,709
98,467
Chang
Hwa
Commercial
Bank
Ltd.
(Financials)
55,322
36,203
Cheng
Shin
Rubber
Industry
Co.
Ltd.
(Consumer
Discretionary)
67,949
10,030
Chicony
Electronics
Co.
Ltd.
(Information
Technology)
57,745
47,819
China
Airlines
Ltd.
(Industrials)
33,066
271,552
China
Development
Financial
Holding
Corp.
(Financials)*
118,197
203,798
China
Steel
Corp.
(Materials)
149,417
6,740
Chroma
ATE,
Inc.
(Information
Technology)
59,298
63,633
Chunghwa
Telecom
Co.
Ltd.
(Communication
Services)
251,436
66,693
Compal
Electronics,
Inc.
(Information
Technology)
76,279
304,367
CTBC
Financial
Holding
Co.
Ltd.
(Financials)
332,611
32,161
Delta
Electronics,
Inc.
(Information
Technology)
322,662
15,090
E
Ink
Holdings,
Inc.
(Information
Technology)
102,249
251,696
E.Sun
Financial
Holding
Co.
Ltd.
(Financials)
222,217
3,776
Eclat
Textile
Co.
Ltd.
(Consumer
Discretionary)
56,534
4,897
Elite
Material
Co.
Ltd.
(Information
Technology)
61,753
1,028
eMemory
Technology,
Inc.
(Information
Technology)
69,815
44,880
Eva
Airways
Corp.
(Industrials)
49,599
16,829
Evergreen
Marine
Corp.
Taiwan
Ltd.
(Industrials)
109,357
Shares
Description
Value
a
Common
Stocks
–
(continued)
Taiwan
–
(continued)
50,064
Far
Eastern
New
Century
Corp.
(Industrials)
$
52,237
26,729
Far
EasTone
Telecommunications
Co.
Ltd.
(Communication
Services)
68,898
10,669
Feng
TAY
Enterprise
Co.
Ltd.
(Consumer
Discretionary)
50,885
181,174
First
Financial
Holding
Co.
Ltd.
(Financials)
153,803
74,266
Formosa
Chemicals
&
Fibre
Corp.
(Materials)
121,278
23,218
Formosa
Petrochemical
Corp.
(Energy)
48,308
90,654
Formosa
Plastics
Corp.
(Materials)
182,741
1,547
Formosa
Sumco
Technology
Corp.
(Information
Technology)
8,095
3,034
Fortune
Electric
Co.
Ltd.
(Industrials)
66,873
16,501
Foxconn
Technology
Co.
Ltd.
(Information
Technology)
37,236
140,987
Fubon
Financial
Holding
Co.
Ltd.
(Financials)
319,456
5,373
Giant
Manufacturing
Co.
Ltd.
(Consumer
Discretionary)
36,075
9,023
Gigabyte
Technology
Co.
Ltd.
(Information
Technology)
88,575
1,461
Global
Unichip
Corp.
(Information
Technology)
65,622
3,531
Globalwafers
Co.
Ltd.
(Information
Technology)
57,444
5,407
Gold
Circuit
Electronics
Ltd.
(Information
Technology)*
33,216
29,526
Highwealth
Construction
Corp.
(Real
Estate)
41,745
4,642
Hiwin
Technologies
Corp.
(Industrials)
31,884
199,860
Hon
Hai
Precision
Industry
Co.
Ltd.
(Information
Technology)
1,061,182
5,357
Hotai
Motor
Co.
Ltd.
(Consumer
Discretionary)
101,537
166,789
Hua
Nan
Financial
Holdings
Co.
Ltd.
(Financials)
128,719
142,090
Innolux
Corp.
(Information
Technology)*
61,189
2,112
International
Games
System
Co.
Ltd.
(Communication
Services)
65,849
52,507
Inventec
Corp.
(Information
Technology)
86,717
1,705
Jentech
Precision
Industrial
Co.
Ltd.
(Information
Technology)
54,475
1,291
King
Slide
Works
Co.
Ltd.
(Information
Technology)
44,835
18,619
King
Yuan
Electronics
Co.
Ltd.
(Information
Technology)
50,694
1,594
Largan
Precision
Co.
Ltd.
(Information
Technology)
111,945
37,243
Lite-On
Technology
Corp.
(Information
Technology)
123,592
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Taiwan
–
(continued)
1,497
Lotes
Co.
Ltd.
(Information
Technology)
$
74,171
29,193
Macronix
International
Co.
Ltd.
(Information
Technology)
24,467
25,183
MediaTek,
Inc.
(Information
Technology)
960,085
180,488
Mega
Financial
Holding
Co.
Ltd.
(Financials)
217,573
3,650
Merida
Industry
Co.
Ltd.
(Consumer
Discretionary)
25,803
11,913
Micro-Star
International
Co.
Ltd.
(Information
Technology)
70,425
1,312
momo.com,
Inc.
(Consumer
Discretionary)
17,780
93,851
Nan
Ya
Plastics
Corp.
(Materials)
154,130
3,573
Nan
Ya
Printed
Circuit
Board
Corp.
(Information
Technology)
21,563
19,376
Nanya
Technology
Corp.
(Information
Technology)
38,580
3,158
Nien
Made
Enterprise
Co.
Ltd.
(Consumer
Discretionary)
34,218
9,479
Novatek
Microelectronics
Corp.
(Information
Technology)
173,521
5,171
Oneness
Biotech
Co.
Ltd.
(Health
Care)
24,024
32,423
Pegatron
Corp.
(Information
Technology)
106,095
4,150
PharmaEssentia
Corp.
(Health
Care)*
53,422
2,772
Phison
Electronics
Corp.
(Information
Technology)
50,915
4,713
Polaris
Group
(Health
Care)*
10,475
38,490
Pou
Chen
Corp.
(Consumer
Discretionary)
44,497
50,485
Powerchip
Semiconductor
Manufacturing
Corp.
(Information
Technology)*
38,806
11,115
Powertech
Technology,
Inc.
(Information
Technology)
61,075
9,203
President
Chain
Store
Corp.
(Consumer
Staples)
76,706
39,541
Quanta
Computer,
Inc.
(Information
Technology)
334,452
7,600
Realtek
Semiconductor
Corp.
(Information
Technology)
127,394
29,559
Ruentex
Development
Co.
Ltd.
(Real
Estate)*
40,697
11,815
Ruentex
Industries
Ltd.
(Consumer
Discretionary)*
24,911
76,072
Shanghai
Commercial
&
Savings
Bank
Ltd.
(The)
(Financials)
108,141
4,464
Shihlin
Electric
&
Engineering
Corp.
(Industrials)
32,039
223,280
Shin
Kong
Financial
Holding
Co.
Ltd.
(Financials)*
65,135
Shares
Description
Value
a
Common
Stocks
–
(continued)
Taiwan
–
(continued)
8,890
Sino-American
Silicon
Products,
Inc.
(Information
Technology)
$
57,219
180,442
SinoPac
Financial
Holdings
Co.
Ltd.
(Financials)
128,394
21,118
Synnex
Technology
International
Corp.
(Information
Technology)
55,021
31,688
TA
Chen
Stainless
Pipe
(Materials)
37,514
217,987
Taishin
Financial
Holding
Co.
Ltd.
(Financials)
123,818
103,786
Taiwan
Business
Bank
(Financials)
54,145
103,877
Taiwan
Cement
Corp.
(Materials)
105,820
178,047
Taiwan
Cooperative
Financial
Holding
Co.
Ltd.
(Financials)
140,430
11,241
Taiwan
Fertilizer
Co.
Ltd.
(Materials)
22,139
34,803
Taiwan
High
Speed
Rail
Corp.
(Industrials)
32,231
28,867
Taiwan
Mobile
Co.
Ltd.
(Communication
Services)
94,013
398,847
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
(Information
Technology)
10,108,458
34,112
Tatung
Co.
Ltd.
(Industrials)*
57,074
29,120
Teco
Electric
and
Machinery
Co.
Ltd.
(Industrials)
50,520
8,208
Tripod
Technology
Corp.
(Information
Technology)
53,717
21,845
Unimicron
Technology
Corp.
(Information
Technology)
123,069
79,234
Uni-President
Enterprises
Corp.
(Consumer
Staples)
195,676
193,171
United
Microelectronics
Corp.
(Information
Technology)
327,974
15,000
Vanguard
International
Semiconductor
Corp.
(Information
Technology)
49,778
1,537
VisEra
Technologies
Co.
Ltd.
(Information
Technology)
13,095
1,183
Voltronic
Power
Technology
Corp.
(Industrials)
61,900
46,798
Walsin
Lihwa
Corp.
(Industrials)
53,380
6,392
Walsin
Technology
Corp.
(Information
Technology)
22,593
23,482
Wan
Hai
Lines
Ltd.
(Industrials)
57,774
5,857
Win
Semiconductors
Corp.
(Information
Technology)
25,584
47,197
Winbond
Electronics
Corp.
(Information
Technology)
36,424
45,138
Wistron
Corp.
(Information
Technology)
156,062
1,564
Wiwynn
Corp.
(Information
Technology)
119,253
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Taiwan
–
(continued)
26,300
WPG
Holdings
Ltd.
(Information
Technology)
$
69,984
9,109
WT
Microelectronics
Co.
Ltd.
(Information
Technology)
32,478
6,516
Yageo
Corp.
(Information
Technology)
133,160
29,223
Yang
Ming
Marine
Transport
Corp.
(Industrials)
64,501
185,037
Yuanta
Financial
Holding
Co.
Ltd.
(Financials)
180,787
5,902
Yulon
Finance
Corp.
(Financials)
27,056
10,135
Yulon
Motor
Co.
Ltd.
(Consumer
Discretionary)
22,057
10,661
Zhen
Ding
Technology
Holding
Ltd.
(Information
Technology)
40,151
23,186,278
Thailand
–
0.4%
18,044
Advanced
Info
Service
PCL,
NVDR
(Communication
Services)
99,563
71,744
Airports
of
Thailand
PCL,
NVDR
(Industrials)
126,756
125,717
Asset
World
Corp.
PCL,
NVDR
(Consumer
Discretionary)
12,985
16,070
B
Grimm
Power
PCL,
NVDR
(Utilities)
10,876
17,120
Bangkok
Bank
PCL,
NVDR
(Financials)
63,519
114,711
Bangkok
Dusit
Medical
Services
PCL,
NVDR
(Health
Care)
84,186
130,391
Bangkok
Expressway
&
Metro
PCL,
NVDR
(Industrials)
27,822
65,762
Banpu
PCL,
NVDR
(Energy)
9,653
16,099
Berli
Jucker
PCL,
NVDR
(Consumer
Staples)
9,715
130,482
BTS
Group
Holdings
PCL,
NVDR
(Industrials)
17,024
8,640
Bumrungrad
Hospital
PCL,
NVDR
(Health
Care)
56,833
5,044
Carabao
Group
PCL,
NVDR
(Consumer
Staples)
9,631
27,872
Central
Pattana
PCL,
NVDR
(Real
Estate)
43,372
8,895
Central
Plaza
Hotel
PCL,
NVDR
(Consumer
Discretionary)
9,913
52,320
Central
Retail
Corp.
PCL,
NVDR
(Consumer
Discretionary)
43,375
64,734
Charoen
Pokphand
Foods
PCL,
NVDR
(Consumer
Staples)*
40,118
13,366
Com7
PCL,
NVDR
(Consumer
Discretionary)
6,431
90,717
CP
ALL
PCL,
NVDR
(Consumer
Staples)
141,784
22,501
CP
Axtra
PCL,
NVDR
(Consumer
Staples)
17,584
Shares
Description
Value
a
Common
Stocks
–
(continued)
Thailand
–
(continued)
3,809
Electricity
Generating
PCL,
NVDR
(Utilities)
$
10,768
26,226
Energy
Absolute
PCL,
NVDR
(Utilities)
16,324
10,972
Global
Power
Synergy
PCL,
NVDR
(Utilities)
14,017
79,569
Gulf
Energy
Development
PCL,
NVDR
(Utilities)
87,593
80,546
Home
Product
Center
PCL,
NVDR
(Consumer
Discretionary)
20,361
28,601
Indorama
Ventures
PCL,
NVDR
(Materials)
17,958
15,245
Intouch
Holdings
PCL,
NVDR
(Communication
Services)
27,867
166,800
IRPC
PCL,
NVDR
(Energy)
8,614
24,720
Kasikornbank
PCL,
NVDR
(Financials)
88,022
9,955
KCE
Electronics
PCL,
NVDR
(Information
Technology)
11,162
79,142
Krung
Thai
Bank
PCL,
NVDR
(Financials)
37,000
15,530
Krungthai
Card
PCL,
NVDR
(Financials)
19,312
89,335
Land
&
Houses
PCL,
NVDR
(Real
Estate)
16,026
56,099
Minor
International
PCL,
NVDR
(Consumer
Discretionary)
46,889
10,839
Muangthai
Capital
PCL,
NVDR
(Financials)
13,111
20,603
Ngern
Tid
Lor
PCL,
NVDR
(Financials)
11,144
27,834
Osotspa
PCL,
NVDR
(Consumer
Staples)
17,250
23,069
PTT
Exploration
&
Production
PCL,
NVDR
(Energy)
96,565
31,795
PTT
Global
Chemical
PCL,
NVDR
(Materials)
30,032
46,261
PTT
Oil
&
Retail
Business
PCL,
NVDR
(Consumer
Discretionary)
22,760
163,158
PTT
PCL,
NVDR
(Energy)
145,241
10,022
Ratch
Group
PCL,
NVDR
(Utilities)
7,764
17,701
SCB
X
PCL,
NVDR
(Financials)
51,000
20,034
SCG
Packaging
PCL,
NVDR
(Materials)
18,106
6,783
Siam
Cement
PCL
(The),
NVDR
(Materials)
43,512
27,207
Siam
Global
House
PCL,
NVDR
(Consumer
Discretionary)
12,276
13,395
Srisawad
Corp.
PCL,
NVDR
(Financials)
15,110
144,018
Thai
Beverage
PCL
(Consumer
Staples)
52,740
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Thailand
–
(continued)
39,177
Thai
Life
Insurance
PCL,
NVDR
(Financials)
$
9,264
19,036
Thai
Oil
PCL,
NVDR
(Energy)
26,777
38,188
Thai
Union
Group
PCL,
NVDR
(Consumer
Staples)
15,466
7,975
Tisco
Financial
Group
PCL,
NVDR
(Financials)
21,189
662,501
TMBThanachart
Bank
PCL,
NVDR
(Financials)
30,433
168,898
True
Corp.
PCL,
NVDR
(Communication
Services)*
39,481
136,748
WHA
Corp.
PCL,
NVDR
(Real
Estate)
20,258
1,952,532
Turkey
–
0.3%
1,426
AG
Anadolu
Grubu
Holding
AS
(Industrials)
14,798
10,358
Ahlatci
Dogal
Gaz
Dagitim
Enerji
VE
Yatirim
AS
(Utilities)*
4,689
45,536
Akbank
TAS
(Financials)
93,873
613
Akcansa
Cimento
AS
(Materials)
2,712
4,866
Akfen
Yenilenebilir
Enerji
AS
(Utilities)*
4,079
1,775
Aksa
Akrilik
Kimya
Sanayii
AS
(Consumer
Discretionary)
6,530
3,939
Aksa
Enerji
Uretim
AS
(Utilities)*
5,699
2,284
Alarko
Holding
AS
(Industrials)
8,516
1,126
Alfa
Solar
Enerji
Sanayi
VE
Ticaret
AS
(Information
Technology)*
2,645
2,706
Anadolu
Anonim
Turk
Sigorta
Sirketi
(Financials)*
9,636
3,066
Anadolu
Efes
Biracilik
Ve
Malt
Sanayii
AS
(Consumer
Staples)
18,943
1,011
Anadolu
Hayat
Emeklilik
AS
(Financials)
2,888
717
Anadolu
Isuzu
Otomotiv
Sanayi
Ve
Ticaret
AS,
Class
C
(Industrials)
2,199
1,541
Arcelik
AS
(Consumer
Discretionary)
8,660
19,688
Aselsan
Elektronik
Sanayi
Ve
Ticaret
AS
(Industrials)
35,850
3,300
Astor
Transformator
Enerji
Turizm
Insaat
Ve
Petrol
Sanayi
Ticaret
AS
(Industrials)*
10,123
1,747
Aydem
Yenilenebilir
Enerji
AS
(Utilities)*
1,841
829
Aygaz
AS
(Utilities)
4,813
1,680
Baskent
Dogalgaz
Dagitim
Gayrimenkul
Yatirim
Ortakligi
AS
(Utilities)
1,622
6,709
Bera
Holding
AS
(Industrials)
3,676
1,129
Bien
Yapi
Urunleri
Sanayi
Turizm
ve
Ticaret
AS
(Industrials)*
1,282
Shares
Description
Value
a
Common
Stocks
–
(continued)
Turkey
–
(continued)
6,895
BIM
Birlesik
Magazalar
AS
(Consumer
Staples)
$
102,753
428
Borusan
Birlesik
Boru
Fabrikalari
Sanayi
ve
Ticaret
AS
(Materials)*
6,561
62
Borusan
Yatirim
ve
Pazarlama
AS
(Financials)
4,697
74
Bosch
Fren
Sistemleri
Sanayi
ve
Ticaret
AS
(Consumer
Discretionary)
2,043
612
Brisa
Bridgestone
Sabanci
Sanayi
ve
Ticaret
AS
(Consumer
Discretionary)
2,216
6,083
Can2
Termik
AS
(Utilities)*
3,146
39
Celebi
Hava
Servisi
AS
(Industrials)
2,590
6,651
Cimsa
Cimento
Sanayi
VE
Ticaret
AS
(Materials)
6,397
1,229
Coca-Cola
Icecek
AS
(Consumer
Staples)
29,056
451
CW
Enerji
Muhendislik
Ticaret
VE
Sanayi
AS
(Industrials)*
3,306
601
DAP
Gayrimenkul
Gelistirme
AS
(Real
Estate)*
636
559
Deva
Holding
AS
(Health
Care)*
1,586
14,592
Dogan
Sirketler
Grubu
Holding
AS
(Consumer
Discretionary)
6,420
688
Dogu
Aras
Enerji
Yatirimlari
AS
(Utilities)
1,334
1,185
Dogus
Otomotiv
Servis
ve
Ticaret
AS
(Consumer
Discretionary)
11,148
304
Eczacibasi
Yatirim
Holding
Ortakligi
AS
(Industrials)*
2,240
17
EGE
Endustri
VE
Ticaret
AS
(Consumer
Discretionary)
6,793
2,022
EIS
Eczacibasi
Ilac
ve
Sinai
ve
Finansal
Yatirimlar
Sanayi
ve
Ticaret
AS
(Consumer
Staples)*
3,315
30,244
Emlak
Konut
Gayrimenkul
Yatirim
Ortakligi
AS
REIT
(Real
Estate)*
8,310
3,711
Enerjisa
Enerji
AS
(Utilities)
(a)
6,965
609
Enerya
Enerji
AS
(Utilities)*
3,352
8,329
Enka
Insaat
ve
Sanayi
AS
(Industrials)
10,752
27,872
Eregli
Demir
ve
Celik
Fabrikalari
TAS
(Materials)
41,484
943
Europower
Enerji
VE
Otomasyon
Teknolojileri
Sanayi
Ticaret
AS
(Industrials)*
3,484
1,043
Ford
Otomotiv
Sanayi
AS
(Consumer
Discretionary)
35,394
1,264
GEN
Ilac
VE
Saglik
Urunleri
Sanayi
VE
Ticaret
AS
(Health
Care)*
2,372
1,839
Girisim
Elektrik
Taahhut
Ticaret
Ve
Sanayi
AS
(Industrials)*
3,431
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Turkey
–
(continued)
1,222
Gubre
Fabrikalari
TAS
(Materials)*
$
5,778
17,240
Haci
Omer
Sabanci
Holding
AS
(Financials)
52,294
18,887
Hektas
Ticaret
TAS
(Materials)*
8,561
585
Investco
Holding
AS
(Financials)*
5,994
6,164
Is
Gayrimenkul
Yatirim
Ortakligi
AS
REIT
(Real
Estate)*
3,184
8,075
Is
Yatirim
Menkul
Degerler
AS
(Financials)
9,747
2,154
Izdemir
Enerji
Elektrik
Uretim
AS
(Utilities)*
1,573
7,284
Izmir
Demir
Celik
Sanayi
AS
(Materials)*
1,481
2,308
Jantsa
Jant
Sanayi
Ve
Ticaret
AS
(Industrials)
2,385
1,707
Kaleseramik
Canakkale
Kalebodur
Seramik
Sanayi
AS
(Industrials)*
2,653
2,953
Kardemir
Karabuk
Demir
Celik
Sanayi
ve
Ticaret
AS,
Class
A
(Materials)
2,292
1,529
Kardemir
Karabuk
Demir
Celik
Sanayi
ve
Ticaret
AS,
Class
B
(Materials)
1,051
11,204
Kardemir
Karabuk
Demir
Celik
Sanayi
ve
Ticaret
AS,
Class
D
(Materials)
10,115
1,655
Kayseri
Seker
Fabrikasi
AS
(Consumer
Staples)
1,441
3,828
Kiler
Holding
AS
(Industrials)*
3,893
1,030
Kimteks
Poliuretan
Sanayi
VE
Ticaret
AS
(Materials)
1,864
11,212
KOC
Holding
AS
(Industrials)
82,917
2,452
Kocaer
Celik
Sanayi
Ve
Ticaret
AS
(Materials)*
4,080
1,317
Kontrolmatik
Enerji
Ve
Muhendislik
AS
(Industrials)
8,300
12
Konya
Cimento
Sanayii
AS
(Materials)*
3,365
883
Kordsa
Teknik
Tekstil
AS
(Consumer
Discretionary)*
2,477
15,096
Koza
Altin
Isletmeleri
AS
(Materials)
9,786
2,588
Koza
Anadolu
Metal
Madencilik
Isletmeleri
AS
(Materials)*
3,987
4,475
Margun
Enerji
Uretim
Sanayi
VE
Ticaret
AS
(Utilities)*
3,382
4,500
Mavi
Giyim
Sanayi
Ve
Ticaret
AS,
Class
B
(Consumer
Discretionary)
(a)
13,335
3,770
MIA
Teknoloji
AS
(Information
Technology)*
5,834
1,538
Migros
Ticaret
AS
(Consumer
Staples)
22,693
1,077
MLP
Saglik
Hizmetleri
AS
(Health
Care)*
(a)
9,037
Shares
Description
Value
a
Common
Stocks
–
(continued)
Turkey
–
(continued)
406
Nuh
Cimento
Sanayi
AS
(Materials)
$
3,236
17,407
ODAS
Elektrik
Uretim
ve
Sanayi
Ticaret
AS
(Utilities)*
4,702
515
Otokar
Otomotiv
Ve
Savunma
Sanayi
A.S.
(Industrials)
9,745
4,876
Oyak
Cimento
Fabrikalari
AS
(Materials)*
9,182
3,553
Pegasus
Hava
Tasimaciligi
AS
(Industrials)*
22,261
19,510
Petkim
Petrokimya
Holding
AS
(Materials)*
12,345
12
Politeknik
Metal
Sanayi
ve
Ticaret
AS
(Materials)
6,036
12,423
Qua
Granite
Hayal
(Industrials)*
1,308
6,374
Sarkuysan
Elektrolitik
Bakir
Sanayi
ve
Ticaret
AS
(Industrials)
6,439
22,482
Sasa
Polyester
Sanayi
AS
(Materials)*
30,698
191
SDT
Uzay
VE
Savunma
Teknolojileri
AS
(Industrials)
1,766
1,455
Selcuk
Ecza
Deposu
Ticaret
ve
Sanayi
A.S.
(Health
Care)
2,203
2,360
Smart
Gunes
Enerjisi
Teknolojileri
ArGE
Uretim
Sanayi
ve
Ticaret
AS
(Information
Technology)*
3,678
4,315
Sok
Marketler
Ticaret
AS
(Consumer
Staples)
7,844
2,787
TAV
Havalimanlari
Holding
AS
(Industrials)*
20,827
2,891
Tekfen
Holding
AS
(Industrials)*
4,726
1,930
Tofas
Turk
Otomobil
Fabrikasi
AS
(Consumer
Discretionary)
18,501
3,296
Torunlar
Gayrimenkul
Yatirim
Ortakligi
AS
REIT
(Real
Estate)*
4,875
11,646
Turk
Hava
Yollari
AO
(Industrials)*
109,466
7,323
Turk
Telekomunikasyon
AS
(Communication
Services)*
10,486
393
Turk
Traktor
ve
Ziraat
Makineleri
AS
(Industrials)
12,177
19,869
Turkcell
Iletisim
Hizmetleri
AS
(Communication
Services)
61,441
9,606
Turkiye
Halk
Bankasi
AS
(Financials)*
5,261
136,554
Turkiye
Is
Bankasi
AS,
Class
C
(Financials)
68,300
14,986
Turkiye
Petrol
Rafinerileri
AS
(Energy)
82,213
3,210
Turkiye
Sigorta
AS
(Financials)
7,564
16,957
Turkiye
Sinai
Kalkinma
Bankasi
AS
(Financials)*
5,817
25,080
Turkiye
Sise
ve
Cam
Fabrikalari
AS
(Industrials)
38,668
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Turkey
–
(continued)
2,250
Ulker
Biskuvi
Sanayi
AS
(Consumer
Staples)*
$
9,535
4,865
Vestel
Beyaz
Esya
Sanayi
ve
Ticaret
AS
(Consumer
Discretionary)
3,601
2,058
Vestel
Elektronik
Sanayi
ve
Ticaret
AS
(Consumer
Discretionary)*
5,348
54,854
Yapi
ve
Kredi
Bankasi
AS
(Financials)
55,043
2,564
Yayla
Agro
Gida
Sanayi
VE
Nakliyat
AS
(Consumer
Staples)
1,006
515
YEO
Teknoloji
Enerji
VE
Endustri
AS
(Industrials)*
2,923
22,136
Zorlu
Enerji
Elektrik
Uretim
AS
(Utilities)*
3,862
1,493,437
United
Arab
Emirates
–
0.7%
48,771
Abu
Dhabi
Commercial
Bank
PJSC
(Financials)
103,569
24,321
Abu
Dhabi
Islamic
Bank
PJSC
(Financials)
74,293
50,249
Abu
Dhabi
National
Energy
Co.
PJSC
(Utilities)
35,569
48,131
Abu
Dhabi
National
Oil
Co.
for
Distribution
PJSC
(Consumer
Discretionary)
42,456
29,461
ADNOC
Drilling
Co.
PJSC
(Energy)
32,083
128,484
Adnoc
Gas
PLC
(Energy)
104,241
61,151
Aldar
Properties
PJSC
(Real
Estate)
91,567
23,202
Alpha
Dhabi
Holding
PJSC
(Industrials)*
68,601
50,321
Borouge
PLC
(Materials)
32,469
150,661
Dubai
Electricity
&
Water
Authority
PJSC
(Utilities)
93,931
48,485
Dubai
Islamic
Bank
PJSC
(Financials)
72,865
103,974
Emaar
Properties
PJSC
(Real
Estate)
216,834
41,145
Emirates
NBD
Bank
PJSC
(Financials)
174,189
58,235
Emirates
Telecommunications
Group
Co.
PJSC
(Communication
Services)
255,260
73,976
First
Abu
Dhabi
Bank
PJSC
(Financials)
233,627
12,316
International
Holding
Co.
PJSC
(Industrials)*
1,364,700
44,426
Pure
Health
Holding
PJSC
(Health
Care)*
43,422
3,039,676
United
Kingdom
–
6.7%
15,785
3i
Group
PLC
(Financials)
575,391
3,195
Admiral
Group
PLC
(Financials)
110,402
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
Kingdom
–
(continued)
4,973
Allfunds
Group
PLC
(Financials)
$
29,531
7,324
Ashtead
Group
PLC
(Industrials)
530,402
5,790
Associated
British
Foods
PLC
(Consumer
Staples)
187,982
24,840
AstraZeneca
PLC
(Health
Care)
3,855,247
15,254
Auto
Trader
Group
PLC
(Communication
Services)
(a)
158,518
45,799
Aviva
PLC
(Financials)
279,836
15,601
B&M
European
Value
Retail
SA
(Consumer
Discretionary)
108,175
51,031
BAE
Systems
PLC
(Industrials)
904,420
254,470
Barclays
PLC
(Financials)
712,781
16,284
Barratt
Developments
PLC
(Consumer
Discretionary)
104,327
1,750
Berkeley
Group
Holdings
PLC
(Consumer
Discretionary)
116,753
34,319
British
American
Tobacco
PLC
(Consumer
Staples)
1,055,234
105,497
BT
Group
PLC
(Communication
Services)
175,420
5,623
Bunzl
PLC
(Industrials)
210,194
6,195
Burberry
Group
PLC
(Consumer
Discretionary)
81,635
93,546
Centrica
PLC
(Utilities)
168,590
44,452
CK
Hutchison
Holdings
Ltd.
(Industrials)
216,483
3,396
Coca-Cola
Europacific
Partners
PLC
(Consumer
Staples)
250,319
29,009
Compass
Group
PLC
(Consumer
Discretionary)
809,600
27,614
ConvaTec
Group
PLC
(Health
Care)
(a)
87,403
2,333
Croda
International
PLC
(Materials)
134,855
1,653
DCC
PLC
(Industrials)
119,752
37,594
Diageo
PLC
(Consumer
Staples)
1,259,081
22,333
DS
Smith
PLC
(Materials)
108,335
10,682
Entain
PLC
(Consumer
Discretionary)
91,829
2,942
Flutter
Entertainment
PLC
(Consumer
Discretionary)*
558,118
6,315
Halma
PLC
(Information
Technology)
178,976
5,916
Hargreaves
Lansdown
PLC
(Financials)
79,503
320,593
HSBC
Holdings
PLC
(Financials)
2,842,561
13,757
Imperial
Brands
PLC
(Consumer
Staples)
339,974
23,433
Informa
PLC
(Communication
Services)
252,940
2,681
InterContinental
Hotels
Group
PLC
(Consumer
Discretionary)
269,663
4,840
Intermediate
Capital
Group
PLC
(Financials)
142,349
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
Kingdom
–
(continued)
30,977
International
Consolidated
Airlines
Group
SA
ADR
(Industrials)*
$
134,137
2,693
Intertek
Group
PLC
(Industrials)
163,756
29,401
J
Sainsbury
PLC
(Consumer
Staples)
103,765
41,804
JD
Sports
Fashion
PLC
(Consumer
Discretionary)
67,862
31,742
Kingfisher
PLC
(Consumer
Discretionary)
106,733
11,487
Land
Securities
Group
PLC
REIT
(Real
Estate)
95,430
99,370
Legal
&
General
Group
PLC
(Financials)
316,295
1,076,334
Lloyds
Banking
Group
PLC
(Financials)
760,840
6,975
London
Stock
Exchange
Group
PLC
(Financials)
813,638
37,313
M&G
PLC
(Financials)
94,586
22,391
Melrose
Industries
PLC
(Industrials)
175,554
61,614
National
Grid
PLC
(Utilities)
692,216
91,703
NatWest
Group
PLC
(Financials)
367,782
2,003
Next
PLC
(Consumer
Discretionary)
238,140
9,867
Ocado
Group
PLC
(Consumer
Staples)*
46,934
11,972
Pearson
PLC
(Consumer
Discretionary)
144,501
5,346
Persimmon
PLC
(Consumer
Discretionary)
98,354
12,520
Phoenix
Group
Holdings
PLC
(Financials)
79,097
11,971
Reckitt
Benckiser
Group
PLC
(Consumer
Staples)
678,551
31,603
RELX
PLC
(Industrials)
1,374,495
41,955
Rentokil
Initial
PLC
(Industrials)
221,307
13,616
Rightmove
PLC
(Communication
Services)
92,435
140,885
Rolls-Royce
Holdings
PLC
(Industrials)*
813,286
17,076
Sage
Group
PLC
(The)
(Information
Technology)
222,304
14,729
Schroders
PLC
(Financials)
73,474
19,458
Segro
PLC
REIT
(Real
Estate)
225,740
4,416
Severn
Trent
PLC
(Utilities)
134,152
14,619
Smith
&
Nephew
PLC
(Health
Care)
184,342
5,859
Smiths
Group
PLC
(Industrials)
128,456
1,230
Spirax-Sarco
Engineering
PLC
(Industrials)
139,534
18,242
SSE
PLC
(Utilities)
407,612
35,506
Standard
Chartered
PLC
(Financials)
351,434
59,070
Taylor
Wimpey
PLC
(Consumer
Discretionary)
110,669
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
Kingdom
–
(continued)
119,427
Tesco
PLC
(Consumer
Staples)
$
472,890
41,724
Unilever
PLC
(Consumer
Staples)
2,273,135
11,415
United
Utilities
Group
PLC
(Utilities)
147,661
407,772
Vodafone
Group
PLC
(Communication
Services)
392,601
4,342
Weir
Group
PLC
(The)
(Industrials)
117,420
3,250
Whitbread
PLC
(Consumer
Discretionary)
122,192
9,809
Wise
PLC,
Class
A
(Financials)*
101,722
17,965
WPP
PLC
(Communication
Services)
186,827
30,578,438
United
States
–
5.9%
255,803
BP
PLC
(Energy)
1,589,849
549
BRP,
Inc.
(Consumer
Discretionary)
34,298
8,030
CSL
Ltd.
(Health
Care)
1,495,833
675
CyberArk
Software
Ltd.
(Information
Technology)*
154,744
15,383
Experian
PLC
(Industrials)
706,454
7,886
Ferrovial
SE
(Industrials)
310,424
2,767
GFL
Environmental,
Inc.
(Industrials)
87,101
68,511
GSK
PLC
(Health
Care)
1,540,887
85,102
Haleon
PLC
(Consumer
Staples)
352,252
8,578
Holcim
AG
(Materials)*
749,072
1,362
ICON
PLC
(Health
Care)*
442,405
1,201
Inmode
Ltd.
(Health
Care)*
22,975
7,368
James
Hardie
Industries
PLC
CDI
(Materials)*
229,275
11,274
JBS
SA
(Consumer
Staples)
61,863
439
Monday.com
Ltd.
(Information
Technology)*
99,174
44,210
Nestle
SA
(Consumer
Staples)
4,682,933
1,270
Parade
Technologies
Ltd.
(Information
Technology)
30,148
11,647
Roche
Holding
AG
(Health
Care)
2,982,272
480
Roche
Holding
AG
(Health
Care)
134,505
18,508
Sanofi
SA
(Health
Care)
1,803,485
9,012
Schneider
Electric
SE
(Industrials)
2,225,242
106,992
Shell
PLC
(Energy)
3,829,890
35,073
Stellantis
NV
(Consumer
Discretionary)
769,121
4,834
Swiss
Re
AG
(Financials)
614,598
7,800
Tenaris
SA
(Energy)
127,820
4,298
Waste
Connections,
Inc.
(Industrials)
705,703
25,782,323
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Zambia
–
0.0%
9,375
First
Quantum
Minerals
Ltd.
(Materials)
$
120,424
TOTAL
COMMON
STOCKS
(Cost
$320,675,816)
443,137,203
Shares
Description
Rate
Value
a
Preferred
Stocks
–
0.8%
Brazil
–
0.4%
86,922
Banco
Bradesco
SA
(Financials)
8.64
%
209,538
2,976
Braskem
SA
(Materials)*
0.00
10,702
4,068
Centrais
Eletricas
Brasileiras
SA,
Class
B
(Utilities)
4.66
30,286
31,300
Cia
Energetica
de
Minas
Gerais
(Utilities)
10.84
59,255
17,301
Cia
Paranaense
de
Energia
(Utilities)
4.19
29,889
22,975
Gerdau
SA
(Materials)
6.15
79,165
81,064
Itau
Unibanco
Holding
SA
(Financials)
7.55
478,594
90,501
Itausa
SA
(Financials)
8.60
167,542
2
Klabin
SA
(Materials)
5.22
2
76,450
Petroleo
Brasileiro
SA
(Energy)
13.69
564,228
18,902
Raizen
SA
(Consumer
Discretionary)
6.80
10,250
1,639,451
Chile
–
0.0%
2,303
Sociedad
Quimica
y
Minera
de
Chile
SA,
Class
B
(Industrials)
1.83
107,793
Colombia
–
0.0%
7,569
Bancolombia
SA
(Financials)
10.38
66,632
Germany
–
0.2%
984
Bayerische
Motoren
Werke
AG
(Consumer
Discretionary)
6.82
94,432
1,906
Dr.
Ing
hc
F
Porsche
AG
(Consumer
Discretionary)
(a)
1.33
157,049
Shares
Description
Rate
Value
a
Preferred
Stocks
–
(continued)
Germany
–
(continued)
2,759
Henkel
AG
&
Co.
KGaA
(Consumer
Staples)
2.23
%
$
248,959
2,563
Porsche
Automobil
Holding
SE
(Consumer
Discretionary)
5.08
140,566
412
Sartorius
AG
(Health
Care)
0.31
108,015
3,065
Volkswagen
AG
(Consumer
Discretionary)
7.88
382,647
1,131,668
South
Korea
–
0.2%
42
Doosan
Co.
Ltd.
(Industrials)
2.44
2,615
576
Hyundai
Motor
Co.
(Consumer
Discretionary)
13.14
63,901
363
Hyundai
Motor
Co.
(Consumer
Discretionary)
13.19
40,218
129
LG
Chem
Ltd.
(Materials)
1.45
22,081
270
LG
Electronics,
Inc.
(Consumer
Discretionary)
1.81
9,156
13,758
Samsung
Electronics
Co.
Ltd.
(Information
Technology)
2.34
599,189
50
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
(Financials)
5.90
9,570
746,730
TOTAL
PREFERRED
STOCKS
(Cost
$3,696,405)
3,692,274
Shares
Description
Value
Exchange-Traded
Fund
–
0.4%
United
States
–
0.4%
76,272
iShares
MSCI
Malaysia
ETF
(Cost
$1,635,499)
1,751,968
Units
Description
Expiration
Month
Value
aa
Right
–
0.0%
United
Kingdom
–
0.0%
17,970
National
Grid
PLC*
(Cost
$0)
06/24
44,855
GOLDMAN
SACHS
MARKETBETA
®
TOTAL
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Additional
Investment
Information 
**End
swaps
header**
Units
Description
Expiration
Month
Value
aa
Warrant
–
0.0%
Canada
–
0.0%
309
Constellation
Software,
Inc.
(Information
Technology)*
(c)
(Cost
$0)
08/28
$
—
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
0.6%
(d)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
–
Institutional
Shares
2,557,349
5.180%
2,557,349
(Cost
$2,557,349)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$328,565,069)
451,183,649
a
Securities
Lending
Reinvestment
Vehicle
–
0.5%
(d)
a
a
a
a
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
2,199,098
5.227%
2,199,098
(Cost
$2,199,098)
TOTAL
INVESTMENTS
–
100.3%
(Cost
$330,764,167)
$
453,382,747
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(0.3)%
(1,306,258)
NET
ASSETS
–
100.0%
$
452,076,489
  a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(b)
All
or
a
portion
of
security
is
on
loan.
(c)
Significant
unobservable
inputs
were
used
in
the
valuation
of
this
portfolio
security;
i.e.
Level
3.
(d)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
CVA
—
Dutch
Certification
NVDR
—
Non-Voting
Depository
Receipt
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
SDR
—
Swedish
Depositary
Receipt
Sector
Name
%
of
Market
Value
Financials
21.0
%
Industrials
14.6
Information
Technology
12.7
Consumer
Discretionary
11.1
Health
Care
8.8
Materials
7.1
Consumer
Staples
7.3
Energy
5.6
Communication
Services
5.3
Utilities
3.1
Real
Estate
1.9
Investment
Company
0.6
Exchange-Traded
Fund
0.4
Securities
Lending
Reinvestment
Vehicle
0.5
TOTAL
INVESTMENTS
100.0%
FUTURES
CONTRACTS
—
At
May
31,
2024,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
MSCI
EAFE
E-Mini
Index
16
06/21/24
$
1,896,160
$
35,333
MSCI
Emerging
Markets
Index
15
06/21/24
792,375
(3,526)
Total
Futures
Contracts
$
31,807
GOLDMAN
SACHS
MARKETBETA
®
U.S.
1000
EQUITY
ETF
Schedule
of
Investments
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
99.8%
Communication
Services
–
8.9%
200,424
Alphabet,
Inc.,
Class
A*
$
34,573,140
165,482
Alphabet,
Inc.,
Class
C*
28,787,249
241,080
AT&T,
Inc.
4,392,478
3,240
Charter
Communications,
Inc.,
Class
A*
930,269
134,183
Comcast
Corp.,
Class
A
5,371,345
9,127
Electronic
Arts,
Inc.
1,212,796
2,910
Endeavor
Group
Holdings,
Inc.,
Class
A
78,075
8,001
Fox
Corp.,
Class
A
275,474
4,384
Fox
Corp.,
Class
B
140,025
7,419
Frontier
Communications
Parent,
Inc.*
197,791
2,371
IAC,
Inc.*
118,052
13,009
Interpublic
Group
of
Cos.,
Inc.
(The)
408,092
558
Liberty
Broadband
Corp.,
Class
A*
30,266
3,906
Liberty
Broadband
Corp.,
Class
C*
211,275
774
Liberty
Media
Corp.-Liberty
Formula
One,
Class
A*
52,949
6,540
Liberty
Media
Corp.-Liberty
Formula
One,
Class
C*
484,876
5,001
Liberty
Media
Corp.-Liberty
SiriusXM*
113,323
2,491
Liberty
Media
Corp.-Liberty
SiriusXM,
Class
A*
56,620
4,943
Live
Nation
Entertainment,
Inc.*
463,357
9,125
Match
Group,
Inc.*
279,499
74,285
Meta
Platforms,
Inc.,
Class
A
34,678,467
14,245
Netflix,
Inc.*
9,139,877
5,195
New
York
Times
Co.
(The),
Class
A
265,984
12,899
News
Corp.,
Class
A
350,724
3,561
News
Corp.,
Class
B
99,280
1,083
Nexstar
Media
Group,
Inc.
179,442
6,638
Omnicom
Group,
Inc.
617,068
16,501
Paramount
Global,
Class
B
196,527
20,006
Pinterest,
Inc.,
Class
A*
830,049
16,174
ROBLOX
Corp.,
Class
A*
543,770
4,166
Roku,
Inc.*
239,128
21,593
Sirius
XM
Holdings,
Inc.
(a)
60,892
34,896
Snap,
Inc.,
Class
A*
524,138
4,627
Spotify
Technology
SA*
1,373,201
5,683
Take-Two
Interactive
Software,
Inc.*
911,326
1,837
TKO
Group
Holdings,
Inc.
200,362
17,417
T-Mobile
US,
Inc.
3,047,278
14,942
Trade
Desk,
Inc.
(The),
Class
A*
1,386,319
1,351
Trump
Media
&
Technology
Group
Corp.*
(a)
66,321
141,810
Verizon
Communications,
Inc.
5,835,482
61,639
Walt
Disney
Co.
(The)
6,404,908
75,629
Warner
Bros
Discovery,
Inc.*
623,183
4,226
Warner
Music
Group
Corp.,
Class
A
125,850
8,678
ZoomInfo
Technologies,
Inc.*
106,566
145,983,093
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Consumer
Discretionary
–
10.0%
12,133
ADT,
Inc.
$
86,266
2,006
Advance
Auto
Parts,
Inc.
141,704
14,517
Airbnb,
Inc.,
Class
A*
2,103,949
303,595
Amazon.com,
Inc.*
53,566,302
1,959
Amer
Sports,
Inc.
(Finland)*
(a)
30,110
9,169
Aptiv
PLC*
763,411
8,385
Aramark
269,578
698
Asbury
Automotive
Group,
Inc.*
164,079
2,501
Autoliv,
Inc.
(Sweden)
319,053
896
AutoNation,
Inc.*
152,544
581
AutoZone,
Inc.*
1,609,335
7,704
Bath
&
Body
Works,
Inc.
400,146
6,588
Best
Buy
Co.,
Inc.
558,794
1,027
Birkenstock
Holding
PLC
(Luxembourg)*
58,539
1,144
Booking
Holdings,
Inc.
4,320,144
7,705
BorgWarner,
Inc.
274,760
2,325
Boyd
Gaming
Corp.
123,969
1,943
Bright
Horizons
Family
Solutions,
Inc.*
204,248
2,358
Brunswick
Corp.
194,606
2,196
Burlington
Stores,
Inc.*
527,150
6,974
Caesars
Entertainment,
Inc.*
247,995
3,846
Capri
Holdings
Ltd.*
132,879
5,345
CarMax,
Inc.*
375,540
33,728
Carnival
Corp.*
508,618
3,300
Carvana
Co.*
329,934
1,617
Cava
Group,
Inc.*
149,653
4,535
Chewy,
Inc.,
Class
A*
96,187
925
Chipotle
Mexican
Grill,
Inc.*
2,894,806
1,055
Choice
Hotels
International,
Inc.
119,415
2,326
Churchill
Downs,
Inc.
301,217
1,185
Columbia
Sportswear
Co.
101,460
36,996
Coupang,
Inc.
(South
Korea)*
841,289
1,997
Crocs,
Inc.*
310,813
10,105
D.R.
Horton,
Inc.
1,493,519
4,080
Darden
Restaurants,
Inc.
613,591
862
Deckers
Outdoor
Corp.*
942,959
1,908
Dick's
Sporting
Goods,
Inc.
434,337
277
Dillard's,
Inc.,
Class
A
123,916
1,191
Domino's
Pizza,
Inc.
605,719
10,363
DoorDash,
Inc.,
Class
A*
1,141,070
15,631
DraftKings,
Inc.,
Class
A*
549,117
1,228
Duolingo,
Inc.*
235,039
2,780
Dutch
Bros,
Inc.,
Class
A*
98,384
17,441
eBay,
Inc.
945,651
4,010
Etsy,
Inc.*
254,515
4,475
Expedia
Group,
Inc.*
505,049
1,847
Five
Below,
Inc.*
255,126
3,541
Floor
&
Decor
Holdings,
Inc.,
Class
A*
413,801
132,353
Ford
Motor
Co.
1,605,442
8,997
GameStop
Corp.,
Class
A*
208,191
6,669
Gap,
Inc.
(The)
193,134
5,157
Garmin
Ltd.
844,974
38,838
General
Motors
Co.
1,747,322
7,897
Gentex
Corp.
276,395
4,662
Genuine
Parts
Co.
671,981
4,689
H&R
Block,
Inc.
232,762
4,270
Harley-Davidson,
Inc.
153,208
GOLDMAN
SACHS
MARKETBETA
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1000
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Investments
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May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Consumer
Discretionary
–
(continued)
4,336
Hasbro,
Inc.
$
259,206
8,489
Hilton
Worldwide
Holdings,
Inc.
1,702,893
33,878
Home
Depot,
Inc.
(The)
11,344,726
1,450
Hyatt
Hotels
Corp.,
Class
A
213,831
799
Installed
Building
Products,
Inc.
169,260
3,528
International
Game
Technology
PLC
69,643
12,337
Las
Vegas
Sands
Corp.
555,535
1,949
Lear
Corp.
244,307
8,145
Lennar
Corp.,
Class
A
1,306,051
253
Lennar
Corp.,
Class
B
37,004
3,269
Levi
Strauss
&
Co.,
Class
A
78,489
3,063
Light
&
Wonder,
Inc.*
292,455
912
Lithia
Motors,
Inc.
230,864
8,587
LKQ
Corp.
369,499
19,293
Lowe’s
Cos.,
Inc.
4,269,348
28,345
Lucid
Group,
Inc.*
(a)
80,500
3,741
Lululemon
Athletica,
Inc.*
1,167,155
8,259
Macy’s,
Inc.
160,885
8,506
Marriott
International,
Inc.,
Class
A
1,966,332
11,513
Mattel,
Inc.*
204,816
24,591
McDonald's
Corp.
6,366,364
1,514
MercadoLibre,
Inc.
(Brazil)*
2,612,528
1,212
Meritage
Homes
Corp.
213,736
8,376
MGM
Resorts
International*
336,464
3,007
Mobileye
Global,
Inc.,
Class
A
(Israel)*
77,160
1,772
Mohawk
Industries,
Inc.*
216,060
639
Murphy
USA,
Inc.
280,361
41,125
NIKE,
Inc.,
Class
B
3,908,931
14,127
Norwegian
Cruise
Line
Holdings
Ltd.*
234,508
101
NVR,
Inc.*
775,754
1,986
O'Reilly
Automotive,
Inc.*
1,913,034
624
Penske
Automotive
Group,
Inc.
94,910
2,931
Planet
Fitness,
Inc.,
Class
A*
186,529
1,816
Polaris,
Inc.
151,818
1,284
Pool
Corp.
466,798
7,149
PulteGroup,
Inc.
838,721
1,954
PVH
Corp.
234,500
1,335
Ralph
Lauren
Corp.
249,485
503
RH*
136,781
22,720
Rivian
Automotive,
Inc.,
Class
A*
(a)
248,102
11,267
Ross
Stores,
Inc.
1,574,676
7,473
Royal
Caribbean
Cruises
Ltd.*
1,103,613
4,856
Service
Corp.
International
347,981
1,667
SharkNinja,
Inc.
127,726
1,435
Signet
Jewelers
Ltd.
157,118
4,503
Skechers
USA,
Inc.,
Class
A*
321,604
37,920
Starbucks
Corp.
3,041,942
7,684
Tapestry,
Inc.
334,177
5,506
Tempur
Sealy
International,
Inc.
282,788
92,685
Tesla,
Inc.*
16,505,345
2,261
Texas
Roadhouse,
Inc.
390,407
1,720
Thor
Industries,
Inc.
170,693
38,739
TJX
Cos.,
Inc.
(The)
3,993,991
3,510
Toll
Brothers,
Inc.
426,956
1,069
TopBuild
Corp.*
446,789
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Consumer
Discretionary
–
(continued)
3,704
Tractor
Supply
Co.
$
1,056,714
1,644
Ulta
Beauty,
Inc.*
649,528
1,292
Vail
Resorts,
Inc.
243,826
4,408
Valvoline,
Inc.*
178,965
12,471
VF
Corp.
165,615
3,088
Wayfair,
Inc.,
Class
A*
183,705
5,773
Wendy's
Co.
(The)
100,739
1,813
Whirlpool
Corp.
168,663
2,038
Williams-Sonoma,
Inc.
597,582
992
Wingstop,
Inc.
365,701
2,665
Wyndham
Hotels
&
Resorts,
Inc.
188,575
3,274
Wynn
Resorts
Ltd.
310,637
12,844
Yum
China
Holdings,
Inc.
(China)
459,301
9,442
Yum!
Brands,
Inc.
1,297,614
166,282,009
Consumer
Staples
–
5.9%
14,059
Albertsons
Cos.,
Inc.,
Class
A
290,178
60,183
Altria
Group,
Inc.
2,783,464
17,096
Archer-Daniels-Midland
Co.
1,067,474
4,447
BellRing
Brands,
Inc.*
258,682
4,512
BJ's
Wholesale
Club
Holdings,
Inc.*
397,372
316
Boston
Beer
Co.,
Inc.
(The),
Class
A*
99,120
1,652
Brown-Forman
Corp.,
Class
A
75,662
10,357
Brown-Forman
Corp.,
Class
B
474,972
4,871
Bunge
Global
SA
524,071
6,467
Campbell
Soup
Co.
287,005
1,258
Casey's
General
Stores,
Inc.
417,379
5,069
Celsius
Holdings,
Inc.*
405,419
8,264
Church
&
Dwight
Co.,
Inc.
884,331
4,183
Clorox
Co.
(The)
550,315
131,296
Coca-Cola
Co.
(The)
8,262,457
176
Coca-Cola
Consolidated,
Inc.
172,663
27,969
Colgate-Palmolive
Co.
2,599,998
16,084
Conagra
Brands,
Inc.
480,590
5,303
Constellation
Brands,
Inc.,
Class
A
1,326,970
14,923
Costco
Wholesale
Corp.
12,085,988
12,087
Coty,
Inc.,
Class
A*
125,221
5,329
Darling
Ingredients,
Inc.*
215,292
7,386
Dollar
General
Corp.
1,011,217
7,036
Dollar
Tree,
Inc.*
829,896
1,818
elf
Beauty,
Inc.*
339,802
7,251
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
894,483
6,290
Flowers
Foods,
Inc.
146,054
19,133
General
Mills,
Inc.
1,315,394
4,977
Hershey
Co.
(The)
984,600
9,785
Hormel
Foods
Corp.
303,139
2,232
Ingredion,
Inc.
262,439
614
Inter
Parfums,
Inc.
73,545
3,475
J
M
Smucker
Co.
(The)
387,949
8,768
Kellanova
529,061
58,714
Kenvue,
Inc.
1,133,180
30,650
Keurig
Dr
Pepper,
Inc.
1,049,763
11,349
Kimberly-Clark
Corp.
1,512,822
26,701
Kraft
Heinz
Co.
(The)
944,414
GOLDMAN
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1000
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Schedule
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May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Consumer
Staples
–
(continued)
23,916
Kroger
Co.
(The)
$
1,252,481
4,827
Lamb
Weston
Holdings,
Inc.
426,176
656
Lancaster
Colony
Corp.
121,688
4,852
Maplebear,
Inc.*
147,889
8,508
McCormick
&
Co.,
Inc.
614,448
5,915
Molson
Coors
Beverage
Co.,
Class
B
324,201
45,810
Mondelez
International,
Inc.,
Class
A
3,139,359
17,015
Monster
Beverage
Corp.*
883,419
46,460
PepsiCo,
Inc.
8,032,934
5,137
Performance
Food
Group
Co.*
357,535
52,302
Philip
Morris
International,
Inc.
5,302,377
1,345
Pilgrim's
Pride
Corp.*
48,326
1,662
Post
Holdings,
Inc.*
177,119
79,434
Procter &
Gamble
Co.
(The)
13,070,070
1,841
Reynolds
Consumer
Products,
Inc.
52,358
17,071
Sysco
Corp.
1,243,110
15,543
Target
Corp.
2,427,195
9,523
Tyson
Foods,
Inc.,
Class
A
545,192
7,713
US
Foods
Holding
Corp.*
407,478
24,131
Walgreens
Boots
Alliance,
Inc.
391,405
143,712
Walmart,
Inc.
9,450,501
93,917,642
Energy
–
4.0%
11,405
Antero
Midstream
Corp.
167,083
9,378
Antero
Resources
Corp.*
334,138
12,003
APA
Corp.
366,452
34,275
Baker
Hughes
Co.
1,147,527
6,448
ChampionX
Corp.
210,334
7,826
Cheniere
Energy,
Inc.
1,234,865
3,994
Chesapeake
Energy
Corp.
363,175
58,007
Chevron
Corp.
9,414,536
1,391
Chord
Energy
Corp.
257,905
2,756
Civitas
Resources,
Inc.
202,731
39,661
ConocoPhillips
4,619,713
25,244
Coterra
Energy,
Inc.
719,959
21,574
Devon
Energy
Corp.
1,058,852
5,739
Diamondback
Energy,
Inc.
1,143,553
3,291
DT
Midstream,
Inc.
220,760
8,365
EnLink
Midstream
LLC*
106,152
19,681
EOG
Resources,
Inc.
2,451,269
13,884
EQT
Corp.
570,494
153,281
Exxon
Mobil
Corp.
17,973,730
30,459
Halliburton
Co.
1,117,845
9,341
Hess
Corp.
1,439,448
2,657
Hess
Midstream
LP,
Class
A
92,331
5,080
HF
Sinclair
Corp.
280,568
66,074
Kinder
Morgan,
Inc.
1,287,782
6,078
Magnolia
Oil
&
Gas
Corp.,
Class
A
157,724
19,568
Marathon
Oil
Corp.
566,689
12,175
Marathon
Petroleum
Corp.
2,150,227
3,796
Matador
Resources
Co.
240,856
4,880
Murphy
Oil
Corp.
208,815
2,791
New
Fortress
Energy,
Inc.
70,752
3,862
Noble
Corp.
PLC
179,429
13,232
NOV,
Inc.
249,026
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Energy
–
(continued)
23,540
Occidental
Petroleum
Corp.
$
1,471,250
19,594
ONEOK,
Inc.
1,587,114
8,169
Ovintiv,
Inc.
422,092
3,504
PBF
Energy,
Inc.,
Class
A
162,340
14,285
Permian
Resources
Corp.
234,131
14,406
Phillips
66
2,047,237
8,052
Range
Resources
Corp.
297,199
47,993
Schlumberger
NV
2,202,399
1,578
Scorpio
Tankers,
Inc.
(Monaco)
129,507
3,889
SM
Energy
Co.
196,122
36,628
Southwestern
Energy
Co.*
275,809
7,417
Targa
Resources
Corp.
876,912
14,838
TechnipFMC
PLC
(United
Kingdom)
388,607
783
Texas
Pacific
Land
Corp.
481,005
25,461
Transocean
Ltd.*
157,858
11,162
Valero
Energy
Corp.
1,753,997
2,711
Viper
Energy,
Inc.
104,265
2,391
Weatherford
International
PLC*
287,733
41,027
Williams
Cos.,
Inc.
(The)
1,703,031
65,383,328
Financials
–
12.9%
1,088
Affiliated
Managers
Group,
Inc.
176,909
8,259
Affirm
Holdings,
Inc.*
241,741
17,516
Aflac,
Inc.
1,574,163
23,349
AGNC
Investment
Corp.
REIT
223,917
8,823
Allstate
Corp.
(The)
1,478,029
9,155
Ally
Financial,
Inc.
356,770
19,384
American
Express
Co.
4,652,160
2,405
American
Financial
Group,
Inc.
312,434
22,933
American
International
Group,
Inc.
1,807,579
3,377
Ameriprise
Financial,
Inc.
1,474,432
16,608
Annaly
Capital
Management,
Inc.
REIT
327,178
6,614
Aon
PLC,
Class
A
1,862,767
13,648
Apollo
Global
Management,
Inc.
1,585,352
12,036
Arch
Capital
Group
Ltd.*
1,235,255
5,871
Ares
Management
Corp.,
Class
A
822,938
7,147
Arthur
J
Gallagher
&
Co.
1,810,549
1,748
Assurant,
Inc.
303,226
2,621
Axis
Capital
Holdings
Ltd.
193,639
233,818
Bank
of
America
Corp.
9,350,382
25,392
Bank
of
New
York
Mellon
Corp.
(The)
1,513,617
3,656
Bank
OZK
153,113
43,572
Berkshire
Hathaway,
Inc.,
Class
B*
18,056,237
4,998
BlackRock,
Inc.
3,858,606
23,685
Blackstone,
Inc.
2,854,042
18,514
Block,
Inc.*
1,186,377
15,709
Blue
Owl
Capital,
Inc.
282,605
780
BOK
Financial
Corp.
70,684
8,016
Brown
&
Brown,
Inc.
717,512
12,719
Capital
One
Financial
Corp.
1,750,516
7,333
Carlyle
Group,
Inc.
(The)
315,026
3,560
Cboe
Global
Markets,
Inc.
615,844
46,563
Charles
Schwab
Corp.
(The)
3,412,137
13,639
Chubb
Ltd.
3,693,714
GOLDMAN
SACHS
MARKETBETA
®
U.S.
1000
EQUITY
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Schedule
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May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Financials
–
(continued)
5,233
Cincinnati
Financial
Corp.
$
615,296
63,783
Citigroup,
Inc.
3,974,319
15,659
Citizens
Financial
Group,
Inc.
552,606
12,096
CME
Group,
Inc.
2,455,246
747
CNA
Financial
Corp.
34,317
5,772
Coinbase
Global,
Inc.,
Class
A*
1,304,010
4,429
Comerica,
Inc.
226,942
4,030
Commerce
Bancshares,
Inc.
224,229
7,921
Corebridge
Financial,
Inc.
231,056
2,349
Corpay,
Inc.*
628,757
264
Credit
Acceptance
Corp.*
129,579
1,982
Cullen/Frost
Bankers,
Inc.
201,332
8,437
Discover
Financial
Services
1,034,882
2,863
Dlocal
Ltd.
(Uruguay)*
26,196
4,749
East
West
Bancorp,
Inc.
352,328
11,139
Equitable
Holdings,
Inc.
462,157
855
Erie
Indemnity
Co.,
Class
A
309,878
3,517
Essent
Group
Ltd.
199,414
1,476
Euronet
Worldwide,
Inc.*
172,072
1,192
Evercore,
Inc.,
Class
A
241,904
1,125
Everest
Group
Ltd.
439,796
1,291
FactSet
Research
Systems,
Inc.
521,900
8,770
Fidelity
National
Financial,
Inc.
441,657
19,400
Fidelity
National
Information
Services,
Inc.
1,472,072
22,992
Fifth
Third
Bancorp
860,361
3,343
First
American
Financial
Corp.
185,804
389
First
Citizens
BancShares,
Inc.,
Class
A
660,689
4,121
First
Financial
Bankshares,
Inc.
123,548
18,641
First
Horizon
Corp.
295,273
19,811
Fiserv,
Inc.*
2,966,895
10,641
Franklin
Resources,
Inc.
251,128
3,744
Glacier
Bancorp,
Inc.
139,951
8,648
Global
Payments,
Inc.
880,799
3,174
Globe
Life,
Inc.
262,680
10,932
Goldman
Sachs
Group,
Inc.
(The)
(b)
4,990,676
1,198
Hanover
Insurance
Group,
Inc.
(The)
158,052
9,989
Hartford
Financial
Services
Group,
Inc.
(The)
1,033,362
1,717
Houlihan
Lokey,
Inc.
232,396
48,693
Huntington
Bancshares,
Inc.
677,807
3,442
Interactive
Brokers
Group,
Inc.,
Class
A
432,728
19,099
Intercontinental
Exchange,
Inc.
2,557,356
11,051
Invesco
Ltd.
173,611
2,452
Jack
Henry
&
Associates,
Inc.
403,795
4,498
Janus
Henderson
Group
PLC
150,683
6,070
Jefferies
Financial
Group,
Inc.
282,376
97,807
JPMorgan
Chase &
Co.
19,818,632
31,586
KeyCorp
453,891
744
Kinsale
Capital
Group,
Inc.
285,413
22,559
KKR
&
Co.,
Inc.
2,319,968
3,684
Lazard,
Inc.
148,207
5,692
Lincoln
National
Corp.
187,779
6,214
Loews
Corp.
477,235
2,535
LPL
Financial
Holdings,
Inc.
725,542
5,598
M&T
Bank
Corp.
848,657
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Financials
–
(continued)
444
Markel
Group,
Inc.*
$
728,866
1,246
MarketAxess
Holdings,
Inc.
247,867
16,655
Marsh
&
McLennan
Cos.,
Inc.
3,457,245
28,279
Mastercard,
Inc.,
Class
A
12,642,693
20,409
MetLife,
Inc.
1,476,999
5,346
Moody's
Corp.
2,122,309
42,705
Morgan
Stanley
4,178,257
869
Morningstar,
Inc.
250,489
2,619
MSCI,
Inc.
1,296,876
11,511
Nasdaq,
Inc.
679,494
6,886
Northern
Trust
Corp.
580,077
10,490
Old
National
Bancorp
179,274
8,791
Old
Republic
International
Corp.
279,378
3,982
OneMain
Holdings,
Inc.
195,596
37,000
PayPal
Holdings,
Inc.*
2,330,630
2,539
Pinnacle
Financial
Partners,
Inc.
201,876
13,424
PNC
Financial
Services
Group,
Inc.
(The)
2,112,803
2,377
Popular,
Inc.
(Puerto
Rico)
211,577
1,184
Primerica,
Inc.
267,454
7,944
Principal
Financial
Group,
Inc.
651,726
19,690
Progressive
Corp.
(The)
4,158,134
3,068
Prosperity
Bancshares,
Inc.
191,136
12,300
Prudential
Financial,
Inc.
1,480,305
6,385
Raymond
James
Financial,
Inc.
783,759
30,942
Regions
Financial
Corp.
598,728
2,217
Reinsurance
Group
of
America,
Inc.
465,127
1,751
RenaissanceRe
Holdings
Ltd.
(Bermuda)
398,983
16,281
Rithm
Capital
Corp.
REIT
182,510
1,361
RLI
Corp.
198,679
16,602
Robinhood
Markets,
Inc.,
Class
A*
346,982
4,106
Rocket
Cos.,
Inc.,
Class
A*
57,073
3,266
Ryan
Specialty
Holdings,
Inc.
181,361
10,585
S&P
Global,
Inc.
4,525,193
3,382
SEI
Investments
Co.
228,995
2,022
Selective
Insurance
Group,
Inc.
197,367
2,024
Shift4
Payments,
Inc.,
Class
A*
136,175
31,527
SoFi
Technologies,
Inc.*
217,536
2,543
SouthState
Corp.
196,599
9,970
Starwood
Property
Trust,
Inc.
REIT
193,817
10,149
State
Street
Corp.
767,163
3,331
Stifel
Financial
Corp.
269,644
13,703
Synchrony
Financial
600,191
4,914
Synovus
Financial
Corp.
195,037
7,472
T.
Rowe
Price
Group,
Inc.
880,426
1,737
TFS
Financial
Corp.
22,894
12,827
Toast,
Inc.,
Class
A*
310,798
2,778
TPG,
Inc.
116,454
3,908
Tradeweb
Markets,
Inc.,
Class
A
426,011
7,760
Travelers
Cos.,
Inc.
(The)
1,673,832
44,816
Truist
Financial
Corp.
1,691,804
4,475
United
Bankshares,
Inc.
145,169
6,529
Unum
Group
351,652
49,889
US
Bancorp
2,022,999
2,864
UWM
Holdings
Corp.
21,108
14,490
Valley
National
Bancorp
103,314
GOLDMAN
SACHS
MARKETBETA
®
U.S.
1000
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Financials
–
(continued)
53,302
Visa,
Inc.,
Class
A
$
14,522,663
3,570
Voya
Financial,
Inc.
270,677
6,857
W
R
Berkley
Corp.
555,623
5,743
Webster
Financial
Corp.
253,955
120,611
Wells
Fargo &
Co.
7,227,011
3,655
Western
Alliance
Bancorp
230,375
11,507
Western
Union
Co.
(The)
147,290
1,340
WEX,
Inc.*
251,009
3,482
Willis
Towers
Watson
PLC
888,920
2,060
Wintrust
Financial
Corp.
203,137
4,932
Zions
Bancorp
NA
213,013
210,698,803
Health
Care
–
11.8%
3,330
10X
Genomics,
Inc.,
Class
A*
74,659
58,371
Abbott
Laboratories
5,964,932
59,520
AbbVie,
Inc.
9,597,005
3,035
Acadia
Healthcare
Co.,
Inc.*
209,081
9,945
Agilent
Technologies,
Inc.
1,296,927
2,425
Align
Technology,
Inc.*
623,734
4,205
Alnylam
Pharmaceuticals,
Inc.*
624,148
17,963
Amgen,
Inc.
5,493,984
3,435
Apellis
Pharmaceuticals,
Inc.*
134,824
22,071
Avantor,
Inc.*
531,470
1,290
Bausch
+
Lomb
Corp.*
19,789
17,088
Baxter
International,
Inc.
582,530
9,776
Becton
Dickinson
&
Co.
2,267,739
4,873
Biogen,
Inc.*
1,096,133
6,276
BioMarin
Pharmaceutical,
Inc.*
471,139
670
Bio-Rad
Laboratories,
Inc.,
Class
A*
192,196
5,281
Bio-Techne
Corp.
407,640
49,197
Boston
Scientific
Corp.*
3,717,817
3,586
Bridgebio
Pharma,
Inc.*
100,444
68,639
Bristol-Myers
Squibb
Co.
2,820,377
3,074
Bruker
Corp.
201,378
8,202
Cardinal
Health,
Inc.
814,213
6,092
Catalent,
Inc.*
327,689
5,675
Cencora,
Inc.
1,285,785
17,975
Centene
Corp.*
1,286,830
2,522
Cerevel
Therapeutics
Holdings,
Inc.*
102,746
1,699
Charles
River
Laboratories
International,
Inc.*
354,140
493
Chemed
Corp.
273,304
9,921
Cigna
Group
(The)
3,418,975
6,676
Cooper
Cos.,
Inc.
(The)
629,614
305
CorVel
Corp.*
73,154
43,194
CVS
Health
Corp.
2,574,362
3,452
Cytokinetics,
Inc.*
167,457
22,229
Danaher
Corp.
5,708,407
1,827
DaVita,
Inc.*
268,788
7,130
DENTSPLY
SIRONA,
Inc.
199,711
13,024
Dexcom,
Inc.*
1,546,860
4,151
Doximity,
Inc.,
Class
A*
115,107
20,283
Edwards
Lifesciences
Corp.*
1,762,390
16,594
Elanco
Animal
Health,
Inc.*
293,382
7,972
Elevance
Health,
Inc.
4,292,763
28,517
Eli
Lilly
&
Co.
23,393,636
3,334
Encompass
Health
Corp.
288,024
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Health
Care
–
(continued)
1,825
Ensign
Group,
Inc.
(The)
$
221,263
5,776
Envista
Holdings
Corp.*
111,823
6,052
Exact
Sciences
Corp.*
275,063
9,165
Exelixis,
Inc.*
198,789
12,344
GE
HealthCare
Technologies,
Inc.
962,832
42,021
Gilead
Sciences,
Inc.
2,700,690
4,539
Globus
Medical,
Inc.,
Class
A*
304,612
4,238
Halozyme
Therapeutics,
Inc.*
187,701
6,617
HCA
Healthcare,
Inc.
2,248,126
2,820
HealthEquity,
Inc.*
230,338
4,404
Henry
Schein,
Inc.*
305,373
7,861
Hologic,
Inc.*
579,985
4,065
Humana,
Inc.
1,455,758
2,784
IDEXX
Laboratories,
Inc.*
1,383,509
5,347
Illumina,
Inc.*
557,585
1,884
Immunovant,
Inc.*
47,835
6,312
Incyte
Corp.*
364,770
972
Inspire
Medical
Systems,
Inc.*
154,344
2,344
Insulet
Corp.*
415,333
3,017
Intra-Cellular
Therapies,
Inc.*
202,863
11,748
Intuitive
Surgical,
Inc.*
4,724,106
4,728
Ionis
Pharmaceuticals,
Inc.*
177,631
6,005
IQVIA
Holdings,
Inc.*
1,315,635
2,049
Jazz
Pharmaceuticals
PLC*
215,657
81,214
Johnson &
Johnson
11,911,657
2,857
Labcorp
Holdings,
Inc.
556,858
2,266
Lantheus
Holdings,
Inc.*
185,427
1,503
Masimo
Corp.*
187,123
4,427
McKesson
Corp.
2,521,575
789
Medpace
Holdings,
Inc.*
304,822
44,873
Medtronic
PLC
3,651,316
85,559
Merck &
Co.,
Inc.
10,741,077
711
Mettler-Toledo
International,
Inc.*
998,308
11,177
Moderna,
Inc.*
1,593,281
1,957
Molina
Healthcare,
Inc.*
615,633
3,683
Natera,
Inc.*
392,350
3,278
Neurocrine
Biosciences,
Inc.*
443,874
5,715
Option
Care
Health,
Inc.*
170,421
8,628
Organon
&
Co.
184,035
1,240
Penumbra,
Inc.*
234,943
4,562
Perrigo
Co.
PLC
125,592
190,429
Pfizer,
Inc.
5,457,695
7,669
QIAGEN
NV*
331,761
3,773
Quest
Diagnostics,
Inc.
535,653
5,095
R1
RCM,
Inc.*
65,522
3,488
Regeneron
Pharmaceuticals,
Inc.*
3,418,798
1,749
Repligen
Corp.*
260,758
4,915
ResMed,
Inc.
1,014,112
4,154
Revvity,
Inc.
453,866
14,949
Roivant
Sciences
Ltd.*
154,872
12,725
Royalty
Pharma
PLC,
Class
A
348,792
2,960
Sarepta
Therapeutics,
Inc.*
384,386
1,222
Shockwave
Medical,
Inc.*
409,370
3,336
STERIS
PLC
743,528
10,669
Stryker
Corp.
3,639,089
1,588
Teleflex,
Inc.
332,003
3,355
Tenet
Healthcare
Corp.*
453,663
GOLDMAN
SACHS
MARKETBETA
®
U.S.
1000
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Health
Care
–
(continued)
12,996
Thermo
Fisher
Scientific,
Inc.
$
7,381,468
1,545
United
Therapeutics
Corp.*
425,076
31,287
UnitedHealth
Group,
Inc.
15,498,641
1,741
Universal
Health
Services,
Inc.,
Class
B
330,442
3,497
Vaxcyte,
Inc.*
245,734
4,962
Veeva
Systems,
Inc.,
Class
A*
864,628
8,679
Vertex
Pharmaceuticals,
Inc.*
3,951,896
40,539
Viatris,
Inc.
429,713
3,122
Viking
Therapeutics,
Inc.*
194,376
1,993
Waters
Corp.*
615,638
2,500
West
Pharmaceutical
Services,
Inc.
828,525
7,071
Zimmer
Biomet
Holdings,
Inc.
814,226
15,582
Zoetis,
Inc.
2,642,084
191,991,511
Industrials
–
9.3%
18,639
3M
Co.
1,866,509
4,061
A
O
Smith
Corp.
339,662
2,105
AAON,
Inc.
157,980
1,055
Acuity
Brands,
Inc.
273,889
2,259
Advanced
Drainage
Systems,
Inc.
391,914
4,569
AECOM
399,056
2,110
AGCO
Corp.
226,466
3,496
Air
Lease
Corp.
166,549
4,316
Alaska
Air
Group,
Inc.*
181,358
2,962
Allegion
PLC
360,831
2,926
Allison
Transmission
Holdings,
Inc.
221,820
21,843
American
Airlines
Group,
Inc.*
251,195
7,753
AMETEK,
Inc.
1,314,754
5,859
API
Group
Corp.*
208,815
1,287
Applied
Industrial
Technologies,
Inc.
248,391
1,259
Atkore,
Inc.
191,557
13,936
Automatic
Data
Processing,
Inc.
3,413,205
581
Avis
Budget
Group,
Inc.
66,077
2,390
Axon
Enterprise,
Inc.*
673,191
4,821
AZEK
Co.,
Inc.
(The)*
231,215
18,803
Boeing
Co.
(The)*
3,339,601
4,321
Booz
Allen
Hamilton
Holding
Corp.
657,699
3,961
Broadridge
Financial
Solutions,
Inc.
795,250
4,057
Builders
FirstSource,
Inc.*
652,325
3,092
BWX
Technologies,
Inc.
284,866
3,903
C.H.
Robinson
Worldwide,
Inc.
337,102
744
CACI
International,
Inc.,
Class
A*
315,813
1,640
Carlisle
Cos.,
Inc.
685,996
26,863
Carrier
Global
Corp.
1,697,473
17,154
Caterpillar,
Inc.
5,806,972
1,413
Chart
Industries,
Inc.*
221,883
2,916
Cintas
Corp.
1,976,961
11,622
Clarivate
PLC*
66,245
1,706
Clean
Harbors,
Inc.*
369,503
28,525
CNH
Industrial
NV
301,224
1,190
Comfort
Systems
USA,
Inc.
389,535
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Industrials
–
(continued)
1,556
Concentrix
Corp.
$
95,429
28,592
Copart,
Inc.*
1,517,092
3,505
Core
&
Main,
Inc.,
Class
A*
201,748
1,625
Crane
Co.
242,255
65,907
CSX
Corp.
2,224,361
4,601
Cummins,
Inc.
1,296,240
1,294
Curtiss-Wright
Corp.
365,969
5,040
Dayforce,
Inc.*
249,278
8,648
Deere
&
Co.
3,240,925
21,701
Delta
Air
Lines,
Inc.
1,107,185
4,079
Donaldson
Co.,
Inc.
300,541
4,719
Dover
Corp.
867,447
9,325
Dun
&
Bradstreet
Holdings,
Inc.
89,427
13,373
Eaton
Corp.
PLC
4,451,203
1,590
EMCOR
Group,
Inc.
617,969
19,218
Emerson
Electric
Co.
2,155,491
4,118
Equifax,
Inc.
952,864
1,905
Esab
Corp.
195,872
5,443
ExlService
Holdings,
Inc.*
162,528
4,862
Expeditors
International
of
Washington,
Inc.
587,816
1,691
Exponent,
Inc.
160,848
19,234
Fastenal
Co.
1,269,059
7,625
FedEx
Corp.
1,936,445
6,526
Ferguson
PLC
1,342,659
4,433
Flowserve
Corp.
220,320
5,687
Fluor
Corp.*
246,816
11,837
Fortive
Corp.
881,146
4,264
Fortune
Brands
Innovations,
Inc.
298,736
3,342
FTAI
Aviation
Ltd.
281,797
1,160
FTI
Consulting,
Inc.*
249,168
1,186
GATX
Corp.
163,621
2,000
Generac
Holdings,
Inc.*
294,420
7,611
General
Dynamics
Corp.
2,281,549
36,761
General
Electric
Co.
6,070,712
5,734
Genpact
Ltd.
189,566
5,653
Graco,
Inc.
456,480
3,948
GXO
Logistics,
Inc.*
198,308
1,390
HEICO
Corp.
308,260
2,521
HEICO
Corp.,
Class
A
442,839
2,843
Hexcel
Corp.
195,797
21,988
Honeywell
International,
Inc.
4,445,754
13,719
Howmet
Aerospace,
Inc.
1,161,313
1,815
Hubbell,
Inc.
705,835
1,319
Huntington
Ingalls
Industries,
Inc.
333,839
2,555
IDEX
Corp.
533,075
10,226
Illinois
Tool
Works,
Inc.
2,482,362
13,625
Ingersoll
Rand,
Inc.
1,267,806
1,219
Insperity,
Inc.
115,464
2,773
ITT,
Inc.
368,476
2,779
J.B.
Hunt
Transport
Services,
Inc.
446,724
4,220
Jacobs
Solutions,
Inc.
588,015
11,352
Joby
Aviation,
Inc.*
(a)
55,284
22,984
Johnson
Controls
International
PLC
1,652,779
4,547
KBR,
Inc.
298,556
5,306
Knight-Swift
Transportation
Holdings,
Inc.
256,015
6,368
L3Harris
Technologies,
Inc.
1,431,717
GOLDMAN
SACHS
MARKETBETA
®
U.S.
1000
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Industrials
–
(continued)
1,208
Landstar
System,
Inc.
$
219,892
4,625
Leidos
Holdings,
Inc.
680,106
1,066
Lennox
International,
Inc.
535,772
1,910
Lincoln
Electric
Holdings,
Inc.
375,048
8,110
Lockheed
Martin
Corp.
3,814,457
12,036
Lyft,
Inc.,
Class
A*
187,882
1,615
ManpowerGroup,
Inc.
120,511
7,381
Masco
Corp.
516,080
2,136
MasTec,
Inc.*
239,766
2,043
Maximus,
Inc.
175,902
6,502
MDU
Resources
Group,
Inc.
164,110
1,786
Middleby
Corp.
(The)*
230,233
1,249
MSA
Safety,
Inc.
224,820
1,518
MSC
Industrial
Direct
Co.,
Inc.,
Class
A
130,396
3,897
NEXTracker,
Inc.,
Class
A*
214,998
1,817
Nordson
Corp.
426,486
7,608
Norfolk
Southern
Corp.
1,710,278
4,992
Northrop
Grumman
Corp.
2,250,244
5,560
nVent
Electric
PLC
452,473
6,434
Old
Dominion
Freight
Line,
Inc.
1,127,559
2,199
Oshkosh
Corp.
250,092
13,937
Otis
Worldwide
Corp.
1,382,550
2,937
Owens
Corning
531,803
17,397
PACCAR,
Inc.
1,870,178
4,305
Parker-Hannifin
Corp.
2,288,194
1,377
Parsons
Corp.*
104,859
10,854
Paychex,
Inc.
1,304,217
1,730
Paycom
Software,
Inc.
251,404
1,476
Paylocity
Holding
Corp.*
209,843
5,567
Pentair
PLC
453,042
4,841
Quanta
Services,
Inc.
1,335,826
886
RBC
Bearings,
Inc.*
261,618
2,235
Regal
Rexnord
Corp.
334,222
6,958
Republic
Services,
Inc.
1,288,552
3,549
Robert
Half,
Inc.
227,952
3,885
Rockwell
Automation,
Inc.
1,000,504
10,079
Rollins,
Inc.
460,510
44,749
RTX
Corp.
4,824,390
899
Saia,
Inc.*
368,123
1,749
Science
Applications
International
Corp.
235,503
5,129
Sensata
Technologies
Holding
PLC
211,930
1,436
Simpson
Manufacturing
Co.,
Inc.
238,261
1,499
SiteOne
Landscape
Supply,
Inc.*
232,075
1,760
Snap-on,
Inc.
480,234
20,104
Southwest
Airlines
Co.
539,591
7,366
SS&C
Technologies
Holdings,
Inc.
457,060
5,132
Stanley
Black
&
Decker,
Inc.
447,356
3,121
Stericycle,
Inc.*
160,856
1,176
Symbotic,
Inc.*
46,534
1,784
Tetra
Tech,
Inc.
373,730
6,391
Textron,
Inc.
559,916
2,192
Timken
Co.
(The)
190,463
3,506
Toro
Co.
(The)
281,146
7,677
Trane
Technologies
PLC
2,513,910
1,746
TransDigm
Group,
Inc.
2,345,280
6,533
TransUnion
469,853
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Industrials
–
(continued)
3,671
Trex
Co.,
Inc.*
$
317,468
1,077
TriNet
Group,
Inc.
111,976
67,462
Uber
Technologies,
Inc.*
4,355,347
2,045
UFP
Industries,
Inc.
244,337
287
U-Haul
Holding
Co.*
18,147
3,414
U-Haul
Holding
Co.
207,537
20,538
Union
Pacific
Corp.
4,781,657
11,055
United
Airlines
Holdings,
Inc.*
585,804
24,451
United
Parcel
Service,
Inc.,
Class
B
3,396,977
2,258
United
Rentals,
Inc.
1,511,528
668
Valmont
Industries,
Inc.
167,935
7,412
Veralto
Corp.
730,675
4,884
Verisk
Analytics,
Inc.
1,234,578
11,665
Vertiv
Holdings
Co.,
Class
A
1,143,987
1,339
W.W.
Grainger,
Inc.
1,233,835
13,701
Waste
Management,
Inc.
2,887,212
1,141
Watsco,
Inc.
541,861
916
Watts
Water
Technologies,
Inc.,
Class
A
182,403
1,512
WESCO
International,
Inc.
271,389
6,027
Westinghouse
Air
Brake
Technologies
Corp.
1,019,949
6,293
WillScot
Mobile
Mini
Holdings
Corp.*
248,133
2,014
Woodward,
Inc.
375,611
3,839
XPO,
Inc.*
410,696
8,050
Xylem,
Inc.
1,135,211
153,078,925
Information
Technology
–
29.6%
21,198
Accenture
PLC,
Class
A
5,983,983
15,352
Adobe,
Inc.*
6,827,956
53,962
Advanced
Micro
Devices,
Inc.*
9,006,258
5,054
Akamai
Technologies,
Inc.*
466,181
1,974
Allegro
MicroSystems,
Inc.
(Japan)*
59,496
1,871
Altair
Engineering,
Inc.,
Class
A*
163,394
3,902
Amdocs
Ltd.
308,258
3,676
Amkor
Technology,
Inc.
119,801
19,919
Amphenol
Corp.,
Class
A
2,636,678
17,007
Analog
Devices,
Inc.
3,987,971
2,925
ANSYS,
Inc.*
928,541
621
Appfolio,
Inc.,
Class
A*
141,787
499,628
Apple,
Inc.
96,053,483
28,261
Applied
Materials,
Inc.
6,078,376
6,093
AppLovin
Corp.,
Class
A*
496,458
7,972
Arista
Networks,
Inc.*
2,372,866
1,827
Arrow
Electronics,
Inc.*
239,903
1,522
ASGN,
Inc.*
142,931
910
Aspen
Technology,
Inc.*
191,691
5,216
Atlassian
Corp.,
Class
A*
818,182
7,203
Autodesk,
Inc.*
1,452,125
7,307
Bentley
Systems,
Inc.,
Class
B
367,104
3,416
BILL
Holdings,
Inc.*
177,803
15,481
Broadcom,
Inc.
20,567,283
9,107
Cadence
Design
Systems,
Inc.*
2,607,425
6,452
CCC
Intelligent
Solutions
Holdings,
Inc.*
72,133
GOLDMAN
SACHS
MARKETBETA
®
U.S.
1000
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
4,558
CDW
Corp.
$
1,019,260
4,847
Ciena
Corp.*
233,480
137,475
Cisco
Systems,
Inc.
6,392,587
9,644
Cloudflare,
Inc.,
Class
A*
652,802
5,846
Cognex
Corp.
266,110
17,174
Cognizant
Technology
Solutions
Corp.,
Class
A
1,136,060
4,428
Coherent
Corp.*
252,662
7,515
Confluent,
Inc.,
Class
A*
195,165
26,036
Corning,
Inc.
970,101
7,463
Crowdstrike
Holdings,
Inc.,
Class
A*
2,340,919
8,811
Datadog,
Inc.,
Class
A*
970,796
10,005
Dell
Technologies,
Inc.,
Class
C
1,396,298
6,796
DocuSign,
Inc.*
372,013
2,003
Dolby
Laboratories,
Inc.,
Class
A
162,263
3,853
DoubleVerify
Holdings,
Inc.*
70,125
8,723
Dropbox,
Inc.,
Class
A*
196,529
6,113
DXC
Technology
Co.*
95,057
8,874
Dynatrace,
Inc.*
405,808
2,779
Elastic
NV*
289,155
4,493
Enphase
Energy,
Inc.*
574,655
5,039
Entegris,
Inc.
636,678
1,902
EPAM
Systems,
Inc.*
338,423
1,973
F5,
Inc.*
333,378
1,223
Fabrinet
(Thailand)*
292,945
825
Fair
Isaac
Corp.*
1,064,192
3,431
First
Solar,
Inc.*
932,409
2,362
Five9,
Inc.*
110,447
14,197
Flex
Ltd.*
470,347
20,679
Fortinet,
Inc.*
1,226,678
5,925
Freshworks,
Inc.,
Class
A*
76,314
2,591
Gartner,
Inc.*
1,087,365
20,980
Gen
Digital,
Inc.
520,933
3,635
Gitlab,
Inc.,
Class
A*
171,536
2,566
GLOBALFOUNDRIES,
Inc.*
125,734
1,398
Globant
SA*
225,246
4,503
GoDaddy,
Inc.,
Class
A*
628,754
2,596
Guidewire
Software,
Inc.*
295,736
4,131
HashiCorp,
Inc.,
Class
A*
138,719
43,599
Hewlett
Packard
Enterprise
Co.
769,522
33,366
HP,
Inc.
1,217,859
1,636
HubSpot,
Inc.*
999,678
1,620
Informatica,
Inc.,
Class
A*
46,737
140,669
Intel
Corp.
4,339,639
30,618
International
Business
Machines
Corp.
5,108,613
9,187
Intuit,
Inc.
5,295,754
989
IPG
Photonics
Corp.*
85,776
4,224
Jabil,
Inc.
502,234
10,753
Juniper
Networks,
Inc.
383,559
5,872
Keysight
Technologies,
Inc.*
813,155
4,622
KLA
Corp.
3,510,548
2,157
Klaviyo,
Inc.,
Class
A*
48,834
4,412
Lam
Research
Corp.
4,113,925
4,606
Lattice
Semiconductor
Corp.*
341,949
830
Littelfuse,
Inc.
212,978
1,833
MACOM
Technology
Solutions
Holdings,
Inc.*
185,390
2,076
Manhattan
Associates,
Inc.*
455,765
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
28,894
Marvell
Technology,
Inc.
$
1,988,196
18,033
Microchip
Technology,
Inc.
1,753,349
36,796
Micron
Technology,
Inc.
4,599,500
247,329
Microsoft
Corp.
102,673,688
504
MicroStrategy,
Inc.,
Class
A*
768,343
2,132
MKS
Instruments,
Inc.
269,890
2,349
MongoDB,
Inc.*
554,505
1,593
Monolithic
Power
Systems,
Inc.
1,171,859
5,638
Motorola
Solutions,
Inc.
2,057,363
6,959
NetApp,
Inc.
838,072
1,203
Novanta,
Inc.*
195,078
8,179
Nutanix,
Inc.,
Class
A*
452,421
80,010
NVIDIA
Corp.
87,717,363
5,375
Okta,
Inc.*
476,655
14,579
ON
Semiconductor
Corp.*
1,064,850
1,640
Onto
Innovation,
Inc.*
355,388
52,428
Oracle
Corp.
6,144,037
66,454
Palantir
Technologies,
Inc.,
Class
A*
1,440,723
10,788
Palo
Alto
Networks,
Inc.*
3,181,489
2,770
Procore
Technologies,
Inc.*
185,950
3,961
PTC,
Inc.*
698,087
10,342
Pure
Storage,
Inc.,
Class
A*
623,519
3,270
Qorvo,
Inc.*
321,735
37,533
QUALCOMM,
Inc.
7,658,609
1,217
Qualys,
Inc.*
171,135
3,658
Rambus,
Inc.*
202,141
3,585
Roper
Technologies,
Inc.
1,909,945
31,725
Salesforce,
Inc.
7,437,609
6,601
Samsara,
Inc.,
Class
A*
223,972
6,523
Seagate
Technology
Holdings
PLC
608,205
8,657
SentinelOne,
Inc.,
Class
A*
145,697
6,858
ServiceNow,
Inc.*
4,505,226
1,055
Silicon
Laboratories,
Inc.*
133,109
5,378
Skyworks
Solutions,
Inc.
498,325
4,466
Smartsheet,
Inc.,
Class
A*
165,242
10,646
Snowflake,
Inc.,
Class
A*
1,449,772
1,898
SolarEdge
Technologies,
Inc.*
92,983
1,229
SPS
Commerce,
Inc.*
231,163
1,685
Super
Micro
Computer,
Inc.*
1,321,899
1,318
Synaptics,
Inc.*
123,510
5,103
Synopsys,
Inc.*
2,861,762
2,496
TD
SYNNEX
Corp.
326,577
10,400
TE
Connectivity
Ltd.
1,556,880
1,574
Teledyne
Technologies,
Inc.*
624,799
3,825
Tenable
Holdings,
Inc.*
161,377
5,234
Teradyne,
Inc.
737,680
30,486
Texas
Instruments,
Inc.
5,945,075
8,356
Trimble,
Inc.*
465,262
6,072
Twilio,
Inc.,
Class
A*
348,533
1,406
Tyler
Technologies,
Inc.*
675,386
13,154
UiPath,
Inc.,
Class
A*
161,268
8,365
Unity
Software,
Inc.*
152,829
1,475
Universal
Display
Corp.
259,157
2,939
VeriSign,
Inc.*
512,326
5,173
Vontier
Corp.
206,817
10,827
Western
Digital
Corp.*
815,165
6,993
Workday,
Inc.,
Class
A*
1,478,670
GOLDMAN
SACHS
MARKETBETA
®
U.S.
1000
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
1,729
Zebra
Technologies
Corp.,
Class
A*
$
540,036
8,603
Zoom
Video
Communications,
Inc.,
Class
A*
527,708
2,952
Zscaler,
Inc.*
501,722
482,637,292
Materials
–
2.6%
7,383
Air
Products
and
Chemicals,
Inc.
1,969,046
3,958
Albemarle
Corp.
485,211
5,995
Alcoa
Corp.
265,399
48,911
Amcor
PLC
497,425
14,222
Anglogold
Ashanti
PLC
(United
Kingdom)
344,030
2,208
AptarGroup,
Inc.
326,100
34,686
Arcadium
Lithium
PLC
(Jersey)*
153,659
1,725
Ashland,
Inc.
172,793
2,691
Avery
Dennison
Corp.
612,445
7,470
Axalta
Coating
Systems
Ltd.*
265,857
10,499
Ball
Corp.
728,946
3,889
Berry
Global
Group,
Inc.
232,873
3,742
Celanese
Corp.
568,934
6,418
CF
Industries
Holdings,
Inc.
511,707
15,759
Cleveland-Cliffs,
Inc.*
272,316
3,912
Commercial
Metals
Co.
220,324
23,658
Corteva,
Inc.
1,323,429
23,337
CRH
PLC
1,908,033
4,032
Crown
Holdings,
Inc.
339,454
23,840
Dow,
Inc.
1,373,899
12,757
DuPont
de
Nemours,
Inc.
1,048,115
1,153
Eagle
Materials,
Inc.
267,946
4,009
Eastman
Chemical
Co.
406,232
8,510
Ecolab,
Inc.
1,976,022
4,206
FMC
Corp.
256,356
48,139
Freeport-McMoRan,
Inc.
2,538,369
10,302
Graphic
Packaging
Holding
Co.
291,753
5,561
Huntsman
Corp.
137,913
8,631
International
Flavors
&
Fragrances,
Inc.
830,130
11,641
International
Paper
Co.
524,893
16,490
Linde
PLC
7,181,725
2,223
Louisiana-Pacific
Corp.
203,805
8,631
LyondellBasell
Industries
NV,
Class
A
858,094
2,081
Martin
Marietta
Materials,
Inc.
1,190,498
10,790
Mosaic
Co.
(The)
333,735
38,857
Newmont
Corp.
1,629,663
8,101
Nucor
Corp.
1,367,854
4,044
Olin
Corp.
217,405
3,009
Packaging
Corp.
of
America
552,121
7,967
PPG
Industries,
Inc.
1,046,943
1,927
Reliance,
Inc.
579,603
2,223
Royal
Gold,
Inc.
284,966
4,317
RPM
International,
Inc.
483,936
4,845
Sealed
Air
Corp.
188,325
7,988
Sherwin-Williams
Co.
(The)
2,426,754
2,685
Silgan
Holdings,
Inc.
126,866
3,294
Sonoco
Products
Co.
202,153
2,915
Southern
Copper
Corp.
(Mexico)
345,806
5,021
Steel
Dynamics,
Inc.
672,161
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Materials
–
(continued)
4,013
Summit
Materials,
Inc.,
Class
A*
$
155,062
7,584
United
States
Steel
Corp.
290,846
4,472
Vulcan
Materials
Co.
1,143,803
1,094
Westlake
Corp.
175,653
8,638
Westrock
Co.
463,342
42,970,728
Real
Estate
–
2.4%
3,342
Agree
Realty
Corp.
REIT
203,060
5,249
Alexandria
Real
Estate
Equities,
Inc.
REIT
624,631
11,275
American
Homes
4
Rent,
Class
A
REIT
406,351
15,705
American
Tower
Corp.
REIT
3,074,097
9,543
Americold
Realty
Trust,
Inc.
REIT
254,512
4,866
Apartment
Income
REIT
Corp.
REIT
188,558
4,795
AvalonBay
Communities,
Inc.
REIT
923,901
4,853
Boston
Properties,
Inc.
REIT
294,432
10,129
Brixmor
Property
Group,
Inc.
REIT
228,004
3,633
Camden
Property
Trust
REIT
372,927
10,486
CBRE
Group,
Inc.,
Class
A*
923,502
13,672
CoStar
Group,
Inc.*
1,068,740
14,563
Crown
Castle,
Inc.
REIT
1,492,708
7,551
CubeSmart
REIT
319,483
10,514
Digital
Realty
Trust,
Inc.
REIT
1,528,105
1,596
EastGroup
Properties,
Inc.
REIT
263,627
3,146
Equinix,
Inc.
REIT
2,400,335
6,010
Equity
LifeStyle
Properties,
Inc.
REIT
377,248
11,532
Equity
Residential
REIT
749,926
2,161
Essex
Property
Trust,
Inc.
REIT
561,406
7,076
Extra
Space
Storage,
Inc.
REIT
1,024,393
2,495
Federal
Realty
Investment
Trust
REIT
251,870
4,446
First
Industrial
Realty
Trust,
Inc.
REIT
209,496
8,776
Gaming
and
Leisure
Properties,
Inc.
REIT
394,042
12,781
Healthcare
Realty
Trust,
Inc.
REIT
207,436
23,799
Healthpeak
Properties,
Inc.
REIT
473,600
23,822
Host
Hotels
&
Resorts,
Inc.
REIT
427,367
19,382
Invitation
Homes,
Inc.
REIT
674,300
9,794
Iron
Mountain,
Inc.
REIT
790,278
1,598
Jones
Lang
LaSalle,
Inc.*
322,908
3,915
Kilroy
Realty
Corp.
REIT
131,270
22,112
Kimco
Realty
Corp.
REIT
428,088
2,936
Lamar
Advertising
Co.,
Class
A
REIT
346,771
3,926
Mid-America
Apartment
Communities,
Inc.
REIT
524,945
2,402
National
Storage
Affiliates
Trust
REIT
87,865
6,168
NNN
REIT,
Inc.
REIT
257,637
GOLDMAN
SACHS
MARKETBETA
®
U.S.
1000
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Real
Estate
–
(continued)
8,277
Omega
Healthcare
Investors,
Inc.
REIT
$
267,595
31,084
Prologis,
Inc.
REIT
3,434,471
5,331
Public
Storage
REIT
1,459,788
4,106
Rayonier,
Inc.
REIT
123,262
29,007
Realty
Income
Corp.
REIT
1,539,111
5,605
Regency
Centers
Corp.
REIT
344,147
7,249
Rexford
Industrial
Realty,
Inc.
REIT
328,815
1,978
Ryman
Hospitality
Properties,
Inc.
REIT
207,828
3,625
SBA
Communications
Corp.
REIT
712,965
10,922
Simon
Property
Group,
Inc.
REIT
1,652,608
6,072
STAG
Industrial,
Inc.
REIT
212,884
4,171
Sun
Communities,
Inc.
REIT
492,136
10,307
UDR,
Inc.
REIT
398,056
13,589
Ventas,
Inc.
REIT
682,983
34,830
VICI
Properties,
Inc.
REIT
999,969
7,337
W.P.
Carey,
Inc.
REIT
413,807
19,934
Welltower,
Inc.
REIT
2,066,558
24,770
Weyerhaeuser
Co.
REIT
743,843
1,659
Zillow
Group,
Inc.,
Class
A*
66,609
5,176
Zillow
Group,
Inc.,
Class
C*
211,957
39,167,211
Utilities
–
2.4%
23,886
AES
Corp.
(The)
515,699
8,515
Alliant
Energy
Corp.
438,437
8,859
Ameren
Corp.
649,985
17,738
American
Electric
Power
Co.,
Inc.
1,600,854
6,588
American
Water
Works
Co.,
Inc.
861,513
5,064
Atmos
Energy
Corp.
587,019
2,402
Avangrid,
Inc.
86,496
6,063
Brookfield
Renewable
Corp.,
Class
A
(a)
191,227
21,369
CenterPoint
Energy,
Inc.
651,968
1,109
Clearway
Energy,
Inc.,
Class
A
28,479
2,771
Clearway
Energy,
Inc.,
Class
C
77,588
10,022
CMS
Energy
Corp.
630,684
11,635
Consolidated
Edison,
Inc.
1,100,089
10,668
Constellation
Energy
Corp.
2,317,623
28,181
Dominion
Energy,
Inc.
1,519,520
6,945
DTE
Energy
Co.
809,301
25,975
Duke
Energy
Corp.
2,690,231
12,971
Edison
International
996,821
7,140
Entergy
Corp.
803,179
9,200
Essential
Utilities,
Inc.
347,116
7,678
Evergy,
Inc.
419,679
11,793
Eversource
Energy
698,499
33,492
Exelon
Corp.
1,257,625
18,418
FirstEnergy
Corp.
741,509
1,700
IDACORP,
Inc.
162,299
2,972
National
Fuel
Gas
Co.
169,880
68,214
NextEra
Energy,
Inc.
5,458,484
15,059
NiSource,
Inc.
437,615
7,014
NRG
Energy,
Inc.
568,134
6,777
OGE
Energy
Corp.
246,005
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Utilities
–
(continued)
68,688
PG&E
Corp.
$
1,273,475
3,833
Pinnacle
West
Capital
Corp.
302,270
24,978
PPL
Corp.
732,605
16,821
Public
Service
Enterprise
Group,
Inc.
1,274,359
21,224
Sempra
1,634,885
36,697
Southern
Co.
(The)
2,940,898
1,892
Southwest
Gas
Holdings,
Inc.
146,800
7,048
UGI
Corp.
179,442
11,617
Vistra
Corp.
1,151,012
10,676
WEC
Energy
Group,
Inc.
865,076
18,646
Xcel
Energy,
Inc.
1,033,921
38,598,301
TOTAL
COMMON
STOCKS
(Cost
$487,058,958)
1,630,708,843
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.1%
(b)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
–
Institutional
Shares
2,070,116
5.180%
2,070,116
(Cost
$2,070,116)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$489,129,074)
1,632,778,959
a
Securities
Lending
Reinvestment
Vehicle
–
0.0%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
688,315
5.227%
688,315
(Cost
$688,315)
TOTAL
INVESTMENTS
–
99.9%
(Cost
$489,817,389)
$
1,633,467,274
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.1%
1,076,785
NET
ASSETS
–
100.0%
$
1,634,544,059
  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)
May
31,
2024
(Unaudited)
Additional
Investment
Information 
FUTURES
CONTRACTS
—
At
May
31,
2024,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
E-Mini
Russell
1000
Index
6
06/21/24
$
867,330
$
6,049
Goldman
Sachs
MarketBeta
®
ETFs
II
Schedule
of
Investments
May
31,
2024
(Unaudited)
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Investment
Valuation
—
The
Funds’
valuation
policy
is
to
value
investments
at
fair
value.
Investments
and
Fair
Value
Measurements
—
U.S.
GAAP
defines
the
fair
value
of
a
financial
instrument
as
the
amount
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date
(i.e.,
the
exit
price);
the
Funds’
policy
is
to
use
the
market
approach.
GAAP
establishes
a
fair
value
hierarchy
that
prioritizes
the
inputs
to
valuation
techniques
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
The
level
in
the
fair
value
hierarchy
within
which
the
fair
value
measurement
in
its
entirety
falls
shall
be
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
The
levels
used
for
classifying
investments
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
these
investments.
The
three
levels
of
the
fair
value
hierarchy
are
described
below:
Level
1
—
Unadjusted
quoted
prices
in
active
markets
that
are
accessible
at
the
measurement
date
for
identical,
unrestricted
assets
or
liabilities;
Level
2
—
Quoted
prices
in
markets
that
are
not
active
or
financial
instruments
for
which
significant
inputs
are
observable
(including,
but
not
limited
to,
quoted
prices
for
similar
investments,
interest
rates,
foreign
exchange
rates,
volatility
and
credit
spreads),
either
directly
or
indirectly;
Level
3
—
Prices
or
valuations
that
require
significant
unobservable
inputs
(including
GSAM’s
assumptions
in
determining
fair
value
measurement).
The
Board
of
Trustees
("Trustees")
has
approved
Valuation
Procedures
that
govern
the
valuation
of
the
portfolio
investments
held
by
the
Funds
including
investments
for
which
market
quotations
are
not
readily
available.
With
respect
to
the
Funds'
investments
that
do
not
have
readily
available
market
quotations,
the
Trustees
have
designated
the
Adviser
as
the
valuation
designee
to
perform
fair
valuations
pursuant
to
Rule
2a-5
under
the
Investment
Company
Act
of
1940
(the
"Valuation
Designee").
GSAM
has
day-to-day
responsibility
for
implementing
and
maintaining
internal
controls
and
procedures
related
to
the
valuation
of
the
Funds'
investments.
To
assess
the
continuing
appropriateness
of
pricing
sources
and
methodologies,
GSAM
regularly
performs
price
verification
procedures
and
issues
challenges
as
necessary
to
third
party
pricing
vendors
or
brokers,
and
any
differences
are
reviewed
in
accordance
with
the
Valuation
Procedures.
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.
Goldman
Sachs
MarketBeta
®
ETFs
II
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Underlying
Funds
(including
Money
Market
Funds)
—
Underlying
funds
(“Underlying
Funds”)
include
exchange-traded
funds
(“ETFs”)
and
other
investment
companies.
Investments
in
the
Underlying
Funds
(except
ETFs)
are
valued
at
the
NAV
per
share
on
the
day
of
valuation.
ETFs
are
valued
daily
at
the
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
the
investment
is
traded.
Because
the
Funds
invest
in
Underlying
Funds
that
fluctuate
in
value,
the
Funds’
shares
will
correspondingly
fluctuate
in
value.
Underlying
Funds
are
generally
classified
as
Level
1
of
the
fair
value
hierarchy.
To
the
extent
that
underlying
ETFs
are
actively
traded,
they
are
classified
as
Level
1
of
the
fair
value
hierarchy,
otherwise
they
are
generally
classified
as
Level
2.
For
information
regarding
an
Underlying
Fund’s
accounting
policies
and
investment
holdings,
please
see
the
Underlying
Fund’s
shareholder
report.
Derivative
Contracts
—
A
derivative
is
an
instrument
whose
value
is
derived
from
underlying
assets,
indices,
reference
rates
or
a
combination
of
these
factors.
A
Fund
enters
into
derivative
transactions
to
hedge
against
changes
in
interest
rates,
securities
prices,
and/or
currency
exchange
rates,
to
increase
total
return,
or
to
gain
access
to
certain
markets
or
attain
exposure
to
other
underliers.
For
financial
reporting
purposes,
cash
collateral
that
has
been
pledged
to
cover
obligations
of
a
Fund
and
cash
collateral
received,
if
any,
is
reported
separately
on
the
Statements
of
Assets
and
Liabilities
as
either
due
to
broker/receivable
for
collateral
on
certain
derivative
contracts.
Non-cash
collateral
pledged
by
a
Fund,
if
any,
is
noted
in
the
Schedules
of
Investments.
Exchange-traded
derivatives,
including
futures
and
options
contracts,
are
generally
valued
at
the
last
sale
or
settlement
price
on
the
exchange
where
they
are
principally
traded.
Exchange-traded
options
without
settlement
prices
are
generally
valued
at
the
last
bid
price
for
long
positions
and
the
last
ask
price
for
short
positions
on
the
exchange
where
they
are
principally
traded.
Exchange-traded
derivatives
typically
fall
within
Level
1
of
the
fair
value
hierarchy.
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.
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.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
MarketBeta
®
ETFs
II
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
C.
Fair
Value
Hierarchy
—
The
following
is
a
summary
of
the
Funds’
investments
classified
in
the
fair
value
hierarchy
as
of
May
31,
2024:
For
further
information
regarding
security
characteristics,
see
the
Schedules
of
Investments.
MarketBeta
®
Total
International
Equity
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Africa
$
3,968,477
$
—
$
—
Asia
195,825,994
2,637,258
—
Europe
151,374,406
1,019,474
—
North
America
61,161,929
283,182
—
Oceania
22,550,843
—
—
South
America
6,346,688
1,706,081
—
Exchange-Traded
Fund
1,751,968
—
—
Investment
Company
2,557,349
—
—
Securities
Lending
Reinvestment
Vehicle
2,199,098
—
—
Total
$
447,736,752
$
5,645,995
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Futures
Contracts
(b)
$
35,333
$
—
$
—
1.00
€
1.00
€
1.00
Liabilities
Futures
Contracts
(b)
$
(3,526)
$
—
$
—
€
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
$
1,730,191
$
—
$
—
Europe
1,423,505
—
—
North
America
1,624,507,053
409,370
—
South
America
2,638,724
—
—
Investment
Company
2,070,116
—
—
Securities
Lending
Reinvestment
Vehicle
688,315
—
—
Total
$
1,633,057,904
$
409,370
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Futures
Contracts
(b)
$
6,049
$
—
$
—
1.00
€
1.00
€
1.00
(a)
Amounts
are
disclosed
by
continent
to
highlight
the
impact
of
time
zone
differences
between
local
market
close
and
the
calculation
of
NAV.
Security
valuations
are
based
on
the
principal
exchange
or
system
on
which
they
are
traded,
which
may
differ
from
country
of
domicile
noted
in
table.
(b)
Amount
shown
represents
unrealized
gain
(loss)
at
period
end.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
MarketBeta
®
ETFs
II
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Securities
Lending
—
The
Funds
may
lend
their
securities
through
a
securities
lending
agent,
the
Bank
of
New
York
Mellon
("BNYM"),
to
certain
qualified
borrowers.
In
accordance
with
the
Funds'
securities
lending
procedures,
the
Funds
receive
cash
collateral
at
least
equal
to
the
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
business
of
the
Funds,
at
their
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
they
are
traded,
and
any
additional
required
collateral
is
delivered
to
the
Funds
on
the
next
business
day.
As
with
other
extensions
of
credit,
the
Funds
may
experience
delay
in
the
recovery
of
their
securities
or
incur
a
loss
should
the
borrower
of
the
securities
breach
its
agreement
with
the
Funds
or
become
insolvent
at
a
time
when
the
collateral
is
insufficient
to
cover
the
cost
of
repurchasing
securities
on
loan.
Dividend
income
received
from
securities
on
loan
may
not
be
subject
to
withholding
taxes
and
therefore
withholding
taxes
paid
may
differ
from
the
amounts
listed
in
the
Statements
of
Operations.
Loans
of
securities
are
terminable
at
any
time
and
as
such
1)
the
remaining
contractual
maturities
of
the
outstanding
securities
lending
transactions
are
considered
to
be
overnight
and
continuous
and
2)
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
The
Funds
invest
the
cash
collateral
received
in
connection
with
securities
lending
transactions
in
the
Goldman
Sachs
Financial
Square
Government
Fund
("Government
Money
Market
Fund"),
an
affiliated
series
of
the
Goldman
Sachs
Trust.
The
Government
Money
Market
Fund
is
registered
under
the
Act
as
an
open
end
investment
company,
is
subject
to
Rule
2a-7
under
the
Act,
and
is
managed
by
GSAM,
for
which
GSAM
may
receive
a
management
fee
of
up
to
0.16%
on
an
annualized
basis
of
the
average
daily
net
assets
of
the
Government
Money
Market
Fund.
In
the
event
of
a
default
by
a
borrower
with
respect
to
any
loan,
BNYM
may
exercise
any
and
all
remedies
provided
under
the
applicable
borrower
agreement
to
make
the
Funds
whole.
These
remedies
include
purchasing
replacement
securities
by
applying
the
collateral
held
from
the
defaulting
broker
against
the
purchase
cost
of
the
replacement
securities.
If
BNYM
is
unable
to
purchase
replacement
securities,
BNYM
will
indemnify
the
Funds
by
paying
the
Funds
an
amount
equal
to
the
market
value
of
the
securities
loaned
minus
the
value
of
cash
collateral
received
from
the
borrower
for
the
loan,
subject
to
an
exclusion
for
any
shortfalls
resulting
from
a
loss
of
value
in
such
cash
collateral
due
to
reinvestment
risk.
The
Funds'
master
netting
agreements
with
certain
borrowers
provide
the
right,
in
the
event
of
a
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
However,
in
the
event
of
a
default
by
a
borrower,
a
resolution
authority
could
determine
that
such
rights
are
not
enforceable
due
to
the
restrictions
or
prohibitions
against
the
right
of
set-off
that
may
be
imposed
in
accordance
with
a
particular
jurisdiction's
bankruptcy
or
insolvency
laws.
The
Funds'
loaned
securities
were
all
subject
to
enforceable
Securities
Lending
Agreements
and
the
value
of
the
collateral
was
at
least
equal
to
the
value
of
the
cash
received.
The
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.
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.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
MarketBeta
®
ETFs
II
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Foreign
and
Emerging
Countries
Risk
—
For
the
MarketBeta
®
Total
International
Equity
ETF,
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),
confiscations
of
assets
and
property,
trade
restrictions
(including
tariffs)
and
other
government
restrictions
by
the
U.S.
or
other
governments,
or
from
problems
in
share
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
a
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
a
Fund
focuses
its
investments
in
securities
of
issuers
located
in
a
particular
country
or
geographic
region,
the
Fund
may
be
subjected,
to
a
greater
extent
than
if
its
investments
were
less
focused,
to
the
risks
of
volatile
economic
cycles
and/
or
conditions
and
developments
that
may
be
particular
to
that
country
or
region,
such
as:
adverse
securities
markets;
adverse
exchange
rates;
adverse
social,
political,
regulatory,
economic,
business,
environmental
or
other
developments;
or
natural
disasters.
Index
Risk
—
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.
When
the
Index
is
rebalanced
and
a
Fund
in
turn
rebalances
its
portfolio
to
attempt
to
increase
the
correlation
between
the
Fund's
portfolio
and
the
Index,
any
transaction
costs
and
market
exposure
arising
from
such
portfolio
rebalancing
may
be
borne
directly
by
the
Fund
and
its
shareholders.
The
Index
Provider
may
utilize
third
party
data
in
constructing
the
Index,
but
it
does
not
guarantee
the
accuracy
or
availability
of
any
such
third
party
data.
The
Index
Provider
may
delay
or
change
a
scheduled
rebalancing
or
reconstitution
of
an
Index
or
the
implementation
of
certain
rules
at
its
sole
discretion.
In
such
circumstances,
a
Fund,
in
replicating
the
composition
of
its
Index,
may
have
more
or
less
exposure
to
a
particular
sector
or
individual
company
than
had
the
Index
been
constructed
in
accordance
with
its
stated
methodology.
Industry
Concentration
Risk
—
Concentrating
Fund
investments
in
a
limited
number
of
issuers
conducting
business
in
the
same
industry
or
group
of
industries
will
subject
a
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.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
MarketBeta
®
ETFs
II
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Large
Shareholder
Transactions
Risk
–
Certain
shareholders,
including
other
funds
advised
by
the
Investment
Adviser,
may
from
time
to
time
own
a
substantial
amount
of
the
Fund’s
Shares.
In
addition,
a
third
party
investor,
the
Investment
Adviser
or
an
affiliate
of
the
Investment
Adviser,
an
authorized
participant,
a
lead
market
maker,
or
another
entity
(i.e.,
a
seed
investor)
may
invest
in
the
Fund
and
hold
its
investment
solely
to
facilitate
commencement
of
the
Fund
or
to
facilitate
the
Fund’s
achieving
a
specified
size
or
scale.
Any
such
investment
may
be
held
for
a
limited
period
of
time.
There
can
be
no
assurance
that
any
large
shareholder
would
not
redeem
its
investment,
that
the
size
of
the
Fund
would
be
maintained
at
such
levels
or
that
the
Fund
would
continue
to
meet
applicable
listing
requirements.
Redemptions
by
large
shareholders
could
have
a
significant
negative
impact
on
the
Fund,
including
on
the
Fund’s
liquidity.
In
addition,
transactions
by
large
shareholders
may
account
for
a
large
percentage
of
the
trading
volume
on
NYSE
Arca
and
may,
therefore,
have
a
material
upward
or
downward
effect
on
the
market
price
of
the
Shares.
Market
and
Credit
Risks
—
In
the
normal
course
of
business,
a
Fund
trades
financial
instruments
and
enters
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk).
The
value
of
the
securities
in
which
a
Fund
invests
may
go
up
or
down
in
response
to
the
prospects
of
individual
companies,
particular
sectors
or
governments
and/or
general
economic
conditions
throughout
the
world
due
to
increasingly
interconnected
global
economies
and
financial
markets.
Events
such
as
war,
military
conflict,
acts
of
terrorism,
social
unrest,
natural
disasters,
recessions,
inflation,
rapid
interest
rate
changes,
supply
chain
disruptions,
sanctions,
the
spread
of
infectious
illness
or
other
public
health
threats
could
also
significantly
impact
a
Fund
and
its
investments.
Additionally,
a
Fund
may
also
be
exposed
to
credit
risk
in
the
event
that
an
issuer
or
guarantor
fails
to
perform
or
that
an
institution
or
entity
with
which
the
Fund
has
unsettled
or
open
transactions
defaults.
Market
Trading
Risk
—
Each
Fund
faces
numerous
market
trading
risks,
including
disruptions
to
creations
and
redemptions,
the
existence
of
extreme
market
volatility
or
potential
lack
of
an
active
trading
market
for
Shares.
If
a
shareholder
purchases
Shares
at
a
time
when
the
market
price
is
at
a
premium
to
the
NAV
or
sells
Shares
at
a
time
when
the
market
price
is
at
a
discount
to
the
NAV,
the
shareholder
may
pay
more
for,
or
receive
less
than,
the
underlying
value
of
the
Shares,
respectively.
The
Investment
Adviser
cannot
predict
whether
Shares
will
trade
below,
at
or
above
their
NAV.
Price
differences
may
be
due,
in
large
part,
to
the
fact
that
supply
and
demand
forces
at
work
in
the
secondary
trading
market
for
Shares
will
be
closely
related
to,
but
not
identical
to,
the
same
forces
influencing
the
prices
of
the
securities
of
a
Fund’s
Index
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.
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.
Tracking
Error
Risk
—
Tracking
error
is
the
divergence
of
a
Fund’s
performance
from
that
of
its
Index.
The
performance
of
a
Fund
may
diverge
from
that
of
its
Index
for
a
number
of
reasons.
Tracking
error
may
occur
because
of
transaction
costs,
a
Fund’s
holding
of
cash,
differences
in
accrual
of
dividends,
changes
to
its
Index
or
the
need
to
meet
new
or
existing
regulatory
requirements.
Unlike
a
Fund,
the
returns
of
an
Index
are
not
reduced
by
investment
and
other
operating
expenses,
including
the
trading
costs
associated
with
implementing
changes
to
its
portfolio
of
investments.
Tracking
error
risk
may
be
heightened
during
times
of
market
volatility
or
other
unusual
market
conditions.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)