GOLDMAN

SACHS

BLOOMBERG

CLEAN

ENERGY

EQUITY

ETF

Schedule

of

Investments

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

98.7%

Austria

–

0.2%

265

Verbund

AG

(Utilities)

$

25,300

Belgium

–

0.6%

231

Elia

Group

SA/NV

(Utilities)

25,066

1,668

Umicore

SA

(Materials)

44,644

69,710

Brazil

–

1.2%

5,005

Centrais

Eletricas

Brasileiras

SA

(Utilities)

41,463

1,289

Cosan

SA

(Energy)

4,639

1,538

CPFL

Energia

SA

(Utilities)

11,553

3,340

Energisa

SA

(Utilities)

35,741

1,423

Engie

Brasil

Energia

SA

(Utilities)

12,550

1,280

Sao

Martinho

SA

(Consumer

Staples)

8,595

2,821

Transmissora

Alianca

de

Energia

Eletrica

SA

(Utilities)

20,853

135,394

Canada

–

3.1%

5,709

Algonquin

Power

&

Utilities

Corp.

(Utilities)

35,243

107

Atco

Ltd.,

Class

I

(Utilities)

2,924

834

Boralex,

Inc.,

Class

A

(Utilities)

18,964

126

Capital

Power

Corp.

(Utilities)

3,429

294

Emera,

Inc.

(Utilities)

10,341

3,904

Fortis,

Inc.

(Utilities)

156,523

2,538

Hydro

One

Ltd.

(Utilities)

(a)

70,608

2,062

Northland

Power,

Inc.

(Utilities)

33,549

189

SNC-Lavalin

Group,

Inc.

(Industrials)

5,863

1,876

TransAlta

Corp.

(Utilities)

15,275

352,719

China

–

9.9%

1,000

Beijing

Easpring

Material

Technology

Co.

Ltd.,

Class

A

(Industrials)

5,735

4,100

BYD

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

114,342

8,800

CECEP

Solar

Energy

Co.

Ltd.,

Class

A

(Utilities)

6,864

14,800

CECEP

Wind-Power

Corp.,

Class

A

(Utilities)

6,383

5,900

China

Baoan

Group

Co.

Ltd.,

Class

A

(Industrials)

9,658

27,362

China

Longyuan

Power

Group

Corp.

Ltd.,

Class

H

(Utilities)

20,494

43,000

China

National

Nuclear

Power

Co.

Ltd.,

Class

A

(Utilities)

42,332

65,700

China

Three

Gorges

Renewables

Group

Co.

Ltd.,

Class

A

(Utilities)

42,322

3,700

Chongqing

Three

Gorges

Water

Conservancy

&

Electric

Power

Co.

Ltd.,

Class

A

(Utilities)

3,933

9,980

Contemporary

Amperex

Technology

Co.

Ltd.,

Class

A

(Industrials)

233,393

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

1,400

Dajin

Heavy

Industry

Co.

Ltd.,

Class

A

(Industrials)

$

4,925

470

Daqo

New

Energy

Corp.

ADR

(Information

Technology)*

11,120

6,400

Dongfang

Electric

Corp.

Ltd.,

Class

A

(Industrials)

13,058

4,500

Eve

Energy

Co.

Ltd.,

Class

A

(Industrials)

26,587

3,100

Flat

Glass

Group

Co.

Ltd.,

Class

A

(Information

Technology)

10,987

300

Ganfeng

Lithium

Group

Co.

Ltd.,

Class

A

(Materials)

1,638

13,400

GCL

System

Integration

Technology

Co.

Ltd.,

Class

A

(Information

Technology)*

5,085

165,060

GCL

Technology

Holdings

Ltd.

(Information

Technology)

21,979

11,600

GEM

Co.

Ltd.,

Class

A

(Materials)

9,162

850

Ginlong

Technologies

Co.

Ltd.,

Class

A

(Industrials)

7,933

7,900

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

A

(Industrials)

9,625

236

GoodWe

Technologies

Co.

Ltd.,

Class

A

(Industrials)

3,563

3,900

Gotion

High-tech

Co.

Ltd.,

Class

A

(Industrials)*

12,097

6,600

Guangdong

No

2

Hydropower

Engineering

Co.

Ltd.,

Class

A

(Industrials)

4,649

1,000

Guangzhou

Great

Power

Energy

&

Technology

Co.

Ltd.,

Class

A

(Industrials)

3,851

4,300

Guangzhou

Tinci

Materials

Technology

Co.

Ltd.,

Class

A

(Materials)

14,572

4,232

Hangzhou

First

Applied

Material

Co.

Ltd.,

Class

A

(Information

Technology)

13,767

3,700

Hengdian

Group

DMEGC

Magnetics

Co.

Ltd.,

Class

A

(Information

Technology)

7,010

1,104

Hoyuan

Green

Energy

Co.

Ltd.,

Class

A

(Information

Technology)

5,117

7,404

JA

Solar

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

20,633

6,400

Jilin

Electric

Power

Co.

Ltd.,

Class

A

(Utilities)

4,024

273

JinkoSolar

Holding

Co.

Ltd.

ADR

(Information

Technology)

8,572

17,160

LONGi

Green

Energy

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

51,016

5,100

Ming

Yang

Smart

Energy

Group

Ltd.,

Class

A

(Industrials)

9,620

GOLDMAN

SACHS

BLOOMBERG

CLEAN

ENERGY

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

740

Ningbo

Ronbay

New

Energy

Technology

Co.

Ltd.,

Class

A

(Industrials)

$

4,044

5,200

Ningbo

Shanshan

Co.

Ltd.,

Class

A

(Materials)

9,729

278

NXP

Semiconductors

NV

(Information

Technology)

56,734

556

Qingdao

Gaoce

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

3,291

2,500

Risen

Energy

Co.

Ltd.,

Class

A

(Information

Technology)

5,650

4,100

Shanghai

Aiko

Solar

Energy

Co.

Ltd.,

Class

A

(Information

Technology)

9,290

4,535

Shanghai

Putailai

New

Energy

Technology

Co.

Ltd.,

Class

A

(Materials)

14,575

1,600

Shenzhen

Capchem

Technology

Co.

Ltd.,

Class

A

(Materials)

10,002

700

Shenzhen

Dynanonic

Co.

Ltd.,

Class

A

(Materials)

6,332

1,400

Shenzhen

Kstar

Science

And

Technology

Co.

Ltd.,

Class

A

(Industrials)

4,980

800

Shenzhen

SC

New

Energy

Technology

Corp.,

Class

A

(Information

Technology)

7,877

2,896

Shenzhen

Senior

Technology

Material

Co.

Ltd.,

Class

A

(Materials)

6,067

3,200

Sungrow

Power

Supply

Co.

Ltd.,

Class

A

(Industrials)

37,283

468

Suzhou

Maxwell

Technologies

Co.

Ltd.,

Class

A

(Industrials)

7,078

11,600

TBEA

Co.

Ltd.,

Class

A

(Industrials)

22,628

9,175

TCL

Zhonghuan

Renewable

Energy

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

21,431

4,100

Titan

Wind

Energy

Suzhou

Co.

Ltd.,

Class

A

(Industrials)*

7,171

10,200

Tongwei

Co.

Ltd.,

Class

A

(Information

Technology)

34,995

4,991

Trina

Solar

Co.

Ltd.,

Class

A

(Information

Technology)

18,843

468

Wuhan

DR

Laser

Technology

Corp.

Ltd.,

Class

A

(Information

Technology)

3,810

363

Wuxi

Autowell

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

4,628

3,100

Xiamen

Tungsten

Co.

Ltd.,

Class

A

(Materials)

7,462

3,647

Xinjiang

Daqo

New

Energy

Co.

Ltd.,

Class

A

(Information

Technology)

15,725

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

34,479

Xinyi

Solar

Holdings

Ltd.

(Information

Technology)

$

19,821

5,000

Zhejiang

Chint

Electrics

Co.

Ltd.,

Class

A

(Industrials)

15,355

3,800

Zhejiang

Huayou

Cobalt

Co.

Ltd.,

Class

A

(Materials)

17,082

2,900

Zhejiang

Jingsheng

Mechanical

&

Electrical

Co.

Ltd.,

Class

A

(Information

Technology)

17,532

1,155,461

Czech

Republic

–

0.5%

1,323

CEZ

AS

(Utilities)

58,631

Denmark

–

2.6%

1,457

Orsted

AS

(Utilities)

(a)

68,744

8,203

Vestas

Wind

Systems

A/S

(Industrials)*

227,561

296,305

Finland

–

1.7%

3,527

Fortum

OYJ

(Utilities)

49,586

3,939

Neste

OYJ

(Energy)

149,909

199,495

France

–

2.9%

14,330

Engie

SA

(Utilities)

248,885

614

Vinci

SA

(Industrials)

75,234

324,119

Germany

–

5.0%

18,044

E.ON

SE

(Utilities)

234,974

1,323

Infineon

Technologies

AG

(Information

Technology)

51,317

1,012

Nordex

SE

(Industrials)*

11,224

5,122

RWE

AG

(Utilities)

220,024

4,304

Siemens

Energy

AG

(Industrials)*

51,094

85

SMA

Solar

Technology

AG

(Information

Technology)*

5,161

142

Wacker

Chemie

AG

(Materials)

17,399

591,193

Greece

–

0.0%

231

Public

Power

Corp.

SA

(Utilities)*

2,722

India

–

0.9%

3,658

Adani

Green

Energy

Ltd.

(Utilities)*

45,128

20,376

NHPC

Ltd.

(Utilities)

13,292

3,830

Power

Grid

Corp.

of

India

Ltd.

(Utilities)

9,596

60,889

Suzlon

Energy

Ltd.

(Industrials)*

29,753

1,506

Tata

Power

Co.

Ltd.

(The)

(Utilities)

4,838

102,607

GOLDMAN

SACHS

BLOOMBERG

CLEAN

ENERGY

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Israel

–

0.0%

1

Enlight

Renewable

Energy

Ltd.

(Utilities)*

$

10

Italy

–

5.0%

12,807

A2A

SpA

(Utilities)

27,570

63,298

Enel

SpA

(Utilities)

447,952

455

ERG

SpA

(Utilities)

13,067

11,625

Terna

-

Rete

Elettrica

Nazionale

(Utilities)

93,811

582,400

Japan

–

3.5%

6,064

Chubu

Electric

Power

Co.,

Inc.

(Utilities)

74,941

1,924

Denso

Corp.

(Consumer

Discretionary)

30,116

884

Hitachi

Ltd.

(Industrials)

61,501

6,113

Kansai

Electric

Power

Co.,

Inc.

(The)

(Utilities)

81,501

3,558

Kyushu

Electric

Power

Co.,

Inc.

(Utilities)*

23,841

580

NIDEC

Corp.

(Industrials)

21,986

2,238

Panasonic

Holdings

Corp.

(Consumer

Discretionary)

23,162

1,290

Renesas

Electronics

Corp.

(Information

Technology)*

22,718

464

Rohm

Co.

Ltd.

(Information

Technology)

8,868

2,848

SUMCO

Corp.

(Information

Technology)

42,700

523

Toshiba

Corp.

(Industrials)*

16,274

407,608

Norway

–

0.1%

8,684

NEL

ASA

(Industrials)*

6,382

Portugal

–

0.1%

3,229

EDP

–

Energias

de

Portugal

SA

(Utilities)

15,456

Singapore

–

0.3%

694

STMicroelectronics

NV

(Information

Technology)

32,905

South

Korea

–

4.0%

133

CS

Wind

Corp.

(Industrials)

5,515

294

Doosan

Fuel

Cell

Co.

Ltd.

(Industrials)*

5,538

162

Ecopro

Co.

Ltd.

(Materials)

93,924

695

Hanwha

Solutions

Corp.

(Materials)*

17,993

2,216

Korea

Electric

Power

Corp.

(Utilities)*

32,377

201

L&F

Co.

Ltd.

(Information

Technology)

27,467

343

LG

Chem

Ltd.

(Materials)

133,196

92

OCI

Holdings

Co.

Ltd.

(Materials)

7,045

Shares

Description

Value

a

Common

Stocks

–

(continued)

South

Korea

–

(continued)

383

Samsung

SDI

Co.

Ltd.

(Information

Technology)

$

140,120

463,175

Spain

–

8.1%

26

Acciona

SA

(Utilities)

3,674

2,629

Endesa

SA

(Utilities)

55,032

49,462

Iberdrola

SA

(Utilities)

612,267

1,128

Naturgy

Energy

Group

SA

(Utilities)

33,747

3,308

Redeia

Corp.

SA

(Utilities)

55,512

10,589

Repsol

SA

(Energy)

162,213

666

Solaria

Energia

y

Medio

Ambiente

SA

(Utilities)*

12,473

934,918

Switzerland

–

1.0%

1,722

ABB

Ltd.

(Industrials)

68,737

163

BKW

AG

(Utilities)

28,943

29,152

Meyer

Burger

Technology

AG

(Information

Technology)*

6,853

104,533

Taiwan

–

0.4%

1,958

Delta

Electronics,

Inc.

(Information

Technology)

19,837

3,989

Sino-American

Silicon

Products,

Inc.

(Information

Technology)

23,367

43,204

Thailand

–

0.2%

11,916

Energy

Absolute

PCL,

NVDR

(Utilities)

15,074

4,425

Gulf

Energy

Development

PCL,

NVDR

(Utilities)

5,786

20,860

United

Kingdom

–

4.7%

3,182

Drax

Group

PLC

(Utilities)

17,595

24,384

National

Grid

PLC

(Utilities)

317,178

8,885

SSE

PLC

(Utilities)

206,119

540,892

United

States

–

42.7%

5,422

AES

Corp.

(The)

(Utilities)

93,313

271

Alliant

Energy

Corp.

(Utilities)

13,704

281

Ameren

Corp.

(Utilities)

21,803

260

Ameresco,

Inc.,

Class

A

(Industrials)*

7,790

3,751

American

Electric

Power

Co.,

Inc.

(Utilities)

298,392

1,171

Array

Technologies,

Inc.

(Industrials)*

18,115

588

Avangrid,

Inc.

(Utilities)

18,152

615

Avista

Corp.

(Utilities)

20,879

1,465

Bloom

Energy

Corp.,

Class

A

(Industrials)*

21,155

1,105

Brookfield

Renewable

Corp.,

Class

A

(Utilities)

29,340

676

CenterPoint

Energy,

Inc.

(Utilities)

19,111

GOLDMAN

SACHS

BLOOMBERG

CLEAN

ENERGY

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

States

–

(continued)

667

Clearway

Energy,

Inc.,

Class

C

(Utilities)

$

16,655

314

CMS

Energy

Corp.

(Utilities)

17,823

2,861

Consolidated

Edison,

Inc.

(Utilities)

257,805

6,233

Dominion

Energy,

Inc.

(Utilities)

282,604

196

DTE

Energy

Co.

(Utilities)

20,406

3,297

Duke

Energy

Corp.

(Utilities)

304,247

3,120

Edison

International

(Utilities)

209,009

50

EMCOR

Group,

Inc.

(Industrials)

10,626

981

Enovix

Corp.

(Industrials)*

10,860

1,089

Enphase

Energy,

Inc.

(Information

Technology)*

110,011

2,856

Eversource

Energy

(Utilities)

169,675

8,091

Exelon

Corp.

(Utilities)

311,584

826

First

Solar,

Inc.

(Information

Technology)*

130,326

324

Fluence

Energy,

Inc.

(Industrials)*

(b)

8,126

3,325

FuelCell

Energy,

Inc.

(Industrials)*

4,057

505

Generac

Holdings,

Inc.

(Industrials)*

59,120

1,050

General

Electric

Co.

(Industrials)

127,890

474

Green

Plains,

Inc.

(Energy)*

11,793

863

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

REIT

(Financials)

20,893

369

Itron,

Inc.

(Information

Technology)*

24,863

68

MasTec,

Inc.

(Industrials)*

4,124

8,777

NextEra

Energy,

Inc.

(Utilities)

513,542

492

Northwestern

Energy

Group,

Inc.

(Utilities)

24,753

245

NRG

Energy,

Inc.

(Utilities)

11,721

464

ON

Semiconductor

Corp.

(Information

Technology)*

33,097

414

Ormat

Technologies,

Inc.

(Utilities)

27,870

44

Otter

Tail

Corp.

(Utilities)

3,358

4,840

Plug

Power,

Inc.

(Industrials)*

(b)

19,554

4,060

Public

Service

Enterprise

Group,

Inc.

(Utilities)

253,466

154

Quanta

Services,

Inc.

(Industrials)

29,000

2,141

QuantumScape

Corp.

(Consumer

Discretionary)*

13,574

1,748

Schneider

Electric

SE

(Industrials)

321,599

679

Sempra

(Utilities)

49,479

455

SolarEdge

Technologies,

Inc.

(Information

Technology)*

36,118

1,163

Southern

Co.

(The)

(Utilities)

82,550

820

Sunnova

Energy

International,

Inc.

(Utilities)*

(b)

9,512

704

SunPower

Corp.

(Industrials)*

(b)

2,922

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

States

–

(continued)

1,712

Sunrun,

Inc.

(Industrials)*

$

22,085

2,515

Tesla,

Inc.

(Consumer

Discretionary)*

603,801

701

Texas

Instruments,

Inc.

(Information

Technology)

107,050

70

Timken

Co.

(The)

(Industrials)

5,068

22

Valmont

Industries,

Inc.

(Industrials)

4,831

341

WEC

Energy

Group,

Inc.

(Utilities)

28,514

1,026

Wolfspeed,

Inc.

(Information

Technology)*

37,818

593

Xcel

Energy,

Inc.

(Utilities)

36,078

4,951,611

TOTAL

COMMON

STOCKS

(Cost

$11,949,976)

11,417,610

Shares

Description

Rate

Value

a

Preferred

Stocks

–

0.6%

Brazil

–

0.6%

1,990

Centrais

Eletricas

Brasileiras

SA,

Class

B

(Utilities)

3.33

%

18,104

11,674

Cia

Energetica

de

Minas

Gerais

(Utilities)

9.98

26,201

8,517

Cia

Paranaense

de

Energia

(Utilities)

3.54

16,336

1,516

CTEEP-Cia

de

Transmissao

de

Energia

Eletrica

Paulista

(Utilities)

4.40

7,420

TOTAL

PREFERRED

STOCKS

(Cost

$69,289)

68,061

Shares

Dividend

Rate

Value

aa

a

Investment

Company

–

0.4%

(c)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

48,409

5.260%

48,409

(Cost

$48,409)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$12,067,674)

11,534,080

GOLDMAN

SACHS

BLOOMBERG

CLEAN

ENERGY

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Dividend

Rate

Value

a

Securities

Lending

Reinvestment

Vehicle

–

0.3%

(c)

a

a

a

a

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

30,261

5.259%

$

30,261

(Cost

$30,261)

TOTAL

INVESTMENTS

–

100.0%

(Cost

$12,097,935)

$

11,564,341

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.0%

5,668

NET

ASSETS

–

100.0%

$

11,570,009

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

(b)

All

or

a

portion

of

security

is

on

loan.

(c)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

NVDR

—

Non-Voting

Depository

Receipt

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Sector

Name

%

of

Market

Value

Utilities

60.4

%

Industrials

14.7

Information

Technology

10.7

Consumer

Discretionary

6.8

Materials

3.6

Energy

2.8

Investment

Company

0.4

Financials

0.2

Consumer

Staples

0.1

Securities

Lending

Reinvestment

Vehicle

0.3

TOTAL

INVESTMENTS

100.0%

GOLDMAN

SACHS

EQUAL

WEIGHT

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.4%

Communication

Services

–

3.6%

6,981

Alphabet,

Inc.,

Class

A*

$

925,192

56,159

AT&T,

Inc.

930,555

2,158

Charter

Communications,

Inc.,

Class

A*

863,480

20,994

Comcast

Corp.,

Class

A

879,439

7,048

Electronic

Arts,

Inc.

972,694

31,054

Interpublic

Group

of

Cos.,

Inc.

(The)

954,600

10,898

Live

Nation

Entertainment,

Inc.*

917,829

2,846

Meta

Platforms,

Inc.,

Class

A*

931,069

2,094

Netflix,

Inc.*

992,493

11,714

Omnicom

Group,

Inc.

944,500

29,609

Pinterest,

Inc.,

Class

A*

1,008,779

27,294

ROBLOX

Corp.,

Class

A*

1,072,927

6,528

Take-Two

Interactive

Software,

Inc.*

1,032,730

6,051

T-Mobile

US,

Inc.

910,373

12,373

Trade

Desk,

Inc.

(The),

Class

A*

871,802

24,699

Verizon

Communications,

Inc.

946,713

10,793

Walt

Disney

Co.

(The)*

1,000,403

86,767

Warner

Bros

Discovery,

Inc.*

906,715

17,062,293

Consumer

Discretionary

–

8.6%

7,388

Airbnb,

Inc.,

Class

A*

933,400

6,429

Amazon.com,

Inc.*

939,213

349

AutoZone,

Inc.*

910,866

13,311

Best

Buy

Co.,

Inc.

944,282

314

Booking

Holdings,

Inc.*

981,470

77,105

Carnival

Corp.*

1,161,201

442

Chipotle

Mexican

Grill,

Inc.*

973,395

8,118

D.R.

Horton,

Inc.

1,036,425

6,011

Darden

Restaurants,

Inc.

940,541

1,494

Deckers

Outdoor

Corp.*

991,971

2,570

Domino's

Pizza,

Inc.

1,009,727

11,564

DoorDash,

Inc.,

Class

A*

1,086,785

31,525

DraftKings,

Inc.,

Class

A*

1,205,516

22,432

eBay,

Inc.

919,936

9,301

Expedia

Group,

Inc.*

1,266,610

88,526

Ford

Motor

Co.

908,277

7,742

Garmin

Ltd.

946,382

31,163

General

Motors

Co.

984,751

6,800

Genuine

Parts

Co.

902,904

5,798

Hilton

Worldwide

Holdings,

Inc.

971,281

3,065

Home

Depot,

Inc.

(The)

960,847

18,747

Las

Vegas

Sands

Corp.

864,612

8,001

Lennar

Corp.,

Class

A

1,023,488

20,279

LKQ

Corp.

903,024

4,576

Lowe’s

Cos.,

Inc.

909,846

4,669

Marriott

International,

Inc.,

Class

A

946,406

3,345

McDonald's

Corp.

942,755

25,168

MGM

Resorts

International

992,626

8,676

NIKE,

Inc.,

Class

B

956,703

160

NVR,

Inc.*

984,862

935

O'Reilly

Automotive,

Inc.*

918,525

2,767

Pool

Corp.

961,034

11,522

PulteGroup,

Inc.

1,018,775

54,307

Rivian

Automotive,

Inc.,

Class

A*

910,185

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Discretionary

–

(continued)

7,560

Ross

Stores,

Inc.

$

985,673

10,285

Royal

Caribbean

Cruises

Ltd.*

1,105,226

9,602

Starbucks

Corp.

953,479

4,332

Tesla,

Inc.*

1,040,027

9,940

TJX

Cos.,

Inc.

(The)

875,813

4,585

Tractor

Supply

Co.

930,801

2,323

Ulta

Beauty,

Inc.*

989,575

7,266

Yum!

Brands,

Inc.

912,246

41,101,461

Consumer

Staples

–

6.7%

21,955

Altria

Group,

Inc.

922,988

12,165

Archer-Daniels-Midland

Co.

896,925

15,599

Brown-Forman

Corp.,

Class

B

916,285

8,254

Bunge

Global

SA

906,867

9,638

Church

&

Dwight

Co.,

Inc.

931,320

7,541

Clorox

Co.

(The)

1,081,002

15,463

Coca-Cola

Co.

(The)

903,658

11,646

Colgate-Palmolive

Co.

917,355

31,611

Conagra

Brands,

Inc.

894,275

3,706

Constellation

Brands,

Inc.,

Class

A

891,256

1,566

Costco

Wholesale

Corp.

928,231

7,451

Dollar

General

Corp.

976,975

7,881

Dollar

Tree,

Inc.*

974,013

8,073

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

1,030,841

13,323

General

Mills,

Inc.

848,142

4,625

Hershey

Co.

(The)

869,130

7,682

J

M

Smucker

Co.

(The)

842,946

17,234

Kellanova

905,474

46,617

Kenvue,

Inc.

952,851

28,598

Keurig

Dr

Pepper,

Inc.

902,839

7,314

Kimberly-Clark

Corp.

904,961

26,914

Kraft

Heinz

Co.

(The)

944,951

19,168

Kroger

Co.

(The)

848,567

9,523

Lamb

Weston

Holdings,

Inc.

952,586

13,508

McCormick

&

Co.,

Inc.

875,724

13,018

Mondelez

International,

Inc.,

Class

A

925,059

16,977

Monster

Beverage

Corp.*

936,282

5,326

PepsiCo,

Inc.

896,312

9,849

Philip

Morris

International,

Inc.

919,503

5,823

Procter &

Gamble

Co.

(The)

893,947

13,198

Sysco

Corp.

952,500

7,951

Target

Corp.

1,063,923

18,775

Tyson

Foods,

Inc.,

Class

A

879,421

42,239

Walgreens

Boots

Alliance,

Inc.

842,246

5,311

Walmart,

Inc.

826,870

32,156,225

Energy

–

4.6%

21,912

APA

Corp.

788,832

25,109

Baker

Hughes

Co.

847,429

5,133

Cheniere

Energy,

Inc.

934,976

6,021

Chevron

Corp.

864,616

7,387

ConocoPhillips

853,716

31,319

Coterra

Energy,

Inc.

822,124

18,795

Devon

Energy

Corp.

845,211

5,416

Diamondback

Energy,

Inc.

836,284

GOLDMAN

SACHS

EQUAL

WEIGHT

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Energy

–

(continued)

6,934

EOG

Resources,

Inc.

$

853,367

20,492

EQT

Corp.

818,860

8,203

Exxon

Mobil

Corp.

842,776

22,023

Halliburton

Co.

815,512

6,068

Hess

Corp.

852,918

53,410

Kinder

Morgan,

Inc.

938,414

32,056

Marathon

Oil

Corp.

815,184

5,582

Marathon

Petroleum

Corp.

832,779

14,056

Occidental

Petroleum

Corp.

831,412

13,356

ONEOK,

Inc.

919,561

18,101

Ovintiv,

Inc.

802,598

7,513

Phillips

66

968,350

3,636

Pioneer

Natural

Resources

Co.

842,243

15,542

Schlumberger

NV

808,806

10,338

Targa

Resources

Corp.

935,072

461

Texas

Pacific

Land

Corp.

770,769

6,804

Valero

Energy

Corp.

852,949

24,972

Williams

Cos.,

Inc.

(The)

918,720

22,213,478

Financials

–

14.7%

11,132

Aflac,

Inc.

920,728

6,736

Allstate

Corp.

(The)

928,692

5,993

American

Express

Co.

1,023,425

14,150

American

International

Group,

Inc.

931,212

2,774

Ameriprise

Financial,

Inc.

980,637

2,811

Aon

PLC,

Class

A

923,385

10,490

Apollo

Global

Management,

Inc.

965,080

9,815

Arch

Capital

Group

Ltd.*

821,417

8,722

Ares

Management

Corp.,

Class

A

979,045

3,710

Arthur

J

Gallagher

&

Co.

923,790

33,139

Bank

of

America

Corp.

1,010,408

20,344

Bank

of

New

York

Mellon

Corp.

(The)

983,022

2,546

Berkshire

Hathaway,

Inc.,

Class

B*

916,560

1,425

BlackRock,

Inc.

1,070,503

9,366

Blackstone,

Inc.

1,052,457

21,711

Block,

Inc.*

1,377,129

12,715

Brown

&

Brown,

Inc.

950,319

8,745

Capital

One

Financial

Corp.

976,467

5,268

Cboe

Global

Markets,

Inc.

959,777

16,511

Charles

Schwab

Corp.

(The)

1,012,455

4,007

Chubb

Ltd.

919,326

8,679

Cincinnati

Financial

Corp.

892,114

22,163

Citigroup,

Inc.

1,021,714

37,245

Citizens

Financial

Group,

Inc.

1,015,671

4,107

CME

Group,

Inc.

896,805

10,644

Discover

Financial

Services

989,892

2,193

Everest

Group

Ltd.

900,336

2,007

FactSet

Research

Systems,

Inc.

910,094

17,915

Fidelity

National

Information

Services,

Inc.

1,050,536

36,960

Fifth

Third

Bancorp

1,069,992

644

First

Citizens

BancShares,

Inc.,

Class

A

945,321

7,634

Fiserv,

Inc.*

997,077

3,872

FleetCor

Technologies,

Inc.*

931,216

8,110

Global

Payments,

Inc.

944,328

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

2,862

Goldman

Sachs

Group,

Inc.

(The)

(a)

$

977,488

11,920

Hartford

Financial

Services

Group,

Inc.

(The)

931,667

90,962

Huntington

Bancshares,

Inc.

1,024,232

8,081

Intercontinental

Exchange,

Inc.

919,941

6,237

Jack

Henry

&

Associates,

Inc.

989,750

6,273

JPMorgan

Chase &

Co.

979,090

86,167

KeyCorp

1,067,609

15,475

KKR

&

Co.,

Inc.

1,173,624

13,539

Loews

Corp.

951,656

3,951

LPL

Financial

Holdings,

Inc.

878,307

7,784

M&T

Bank

Corp.

997,675

590

Markel

Group,

Inc.*

849,063

4,625

Marsh

&

McLennan

Cos.,

Inc.

922,318

2,314

Mastercard,

Inc.,

Class

A

957,603

14,630

MetLife,

Inc.

930,907

2,799

Moody's

Corp.

1,021,523

12,289

Morgan

Stanley

975,009

1,843

MSCI,

Inc.

959,927

17,848

Nasdaq,

Inc.

996,632

13,101

Northern

Trust

Corp.

1,038,254

16,903

PayPal

Holdings,

Inc.*

973,782

7,666

PNC

Financial

Services

Group,

Inc.

(The)

1,026,937

12,974

Principal

Financial

Group,

Inc.

957,871

5,494

Progressive

Corp.

(The)

901,181

9,639

Prudential

Financial,

Inc.

942,501

9,181

Raymond

James

Financial,

Inc.

965,382

59,900

Regions

Financial

Corp.

999,132

2,483

S&P

Global,

Inc.

1,032,506

13,465

State

Street

Corp.

980,521

31,366

Synchrony

Financial

1,015,004

9,644

T.

Rowe

Price

Group,

Inc.

965,654

5,200

Travelers

Cos.,

Inc.

(The)

939,224

30,628

Truist

Financial

Corp.

984,384

27,361

US

Bancorp

1,043,001

3,669

Visa,

Inc.,

Class

A

941,759

12,923

W

R

Berkley

Corp.

937,564

22,056

Wells

Fargo &

Co.

983,477

3,723

Willis

Towers

Watson

PLC

916,975

70,240,060

Health

Care

–

12.3%

9,158

Abbott

Laboratories

955,088

6,127

AbbVie,

Inc.

872,423

8,589

Agilent

Technologies,

Inc.

1,097,674

4,842

Align

Technology,

Inc.*

1,035,220

5,742

Alnylam

Pharmaceuticals,

Inc.*

966,091

3,404

Amgen,

Inc.

917,855

50,766

Avantor,

Inc.*

1,075,224

26,797

Baxter

International,

Inc.

966,836

3,466

Becton

Dickinson

&

Co.

818,600

3,678

Biogen,

Inc.*

860,946

10,410

BioMarin

Pharmaceutical,

Inc.*

948,143

16,624

Bio-Techne

Corp.

1,045,650

17,065

Boston

Scientific

Corp.*

953,763

16,970

Bristol-Myers

Squibb

Co.

837,979

9,411

Cardinal

Health,

Inc.

1,007,730

4,632

Cencora,

Inc.

942,010

GOLDMAN

SACHS

EQUAL

WEIGHT

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

–

(continued)

12,525

Centene

Corp.*

$

922,842

2,824

Cigna

Group

(The)

742,373

2,803

Cooper

Cos.,

Inc.

(The)

944,387

12,882

CVS

Health

Corp.

875,332

4,598

Danaher

Corp.

1,026,779

9,323

Dexcom,

Inc.*

1,076,993

13,799

Edwards

Lifesciences

Corp.*

934,330

1,950

Elevance

Health,

Inc.

935,005

1,575

Eli

Lilly

&

Co.

930,888

13,932

Exact

Sciences

Corp.*

891,648

12,906

GE

HealthCare

Technologies,

Inc.

883,545

10,962

Gilead

Sciences,

Inc.

839,689

3,879

HCA

Healthcare,

Inc.

971,612

13,239

Hologic,

Inc.*

943,941

1,739

Humana,

Inc.

843,172

2,254

IDEXX

Laboratories,

Inc.*

1,049,958

8,205

Illumina,

Inc.*

836,500

16,265

Incyte

Corp.*

883,840

6,428

Insulet

Corp.*

1,215,470

3,267

Intuitive

Surgical,

Inc.*

1,015,514

4,922

IQVIA

Holdings,

Inc.*

1,053,800

5,861

Johnson &

Johnson

906,462

4,350

Laboratory

Corp.

of

America

Holdings

943,558

1,891

McKesson

Corp.

889,829

12,391

Medtronic

PLC

982,235

8,436

Merck &

Co.,

Inc.

864,521

900

Mettler-Toledo

International,

Inc.*

982,737

11,464

Moderna,

Inc.*

890,753

2,605

Molina

Healthcare,

Inc.*

952,284

28,479

Pfizer,

Inc.

867,755

6,595

Quest

Diagnostics,

Inc.

905,032

1,114

Regeneron

Pharmaceuticals,

Inc.*

917,724

5,960

ResMed,

Inc.

940,071

10,604

Revvity,

Inc.

942,696

31,987

Royalty

Pharma

PLC,

Class

A

865,888

4,085

Seagen,

Inc.*

870,963

4,156

STERIS

PLC

835,107

3,217

Stryker

Corp.

953,294

1,990

Thermo

Fisher

Scientific,

Inc.

986,562

1,636

UnitedHealth

Group,

Inc.

904,659

4,655

Veeva

Systems,

Inc.,

Class

A*

811,413

2,382

Vertex

Pharmaceuticals,

Inc.*

845,157

98,635

Viatris,

Inc.

905,469

3,705

Waters

Corp.*

1,039,660

2,743

West

Pharmaceutical

Services,

Inc.

962,135

8,384

Zimmer

Biomet

Holdings,

Inc.

975,143

5,660

Zoetis,

Inc.

999,952

59,059,909

Industrials

–

15.1%

9,698

3M

Co.

960,781

6,147

AMETEK,

Inc.

954,199

4,220

Automatic

Data

Processing,

Inc.

970,262

4,201

Axon

Enterprise,

Inc.*

965,684

4,606

Boeing

Co.

(The)*

1,066,888

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

7,046

Booz

Allen

Hamilton

Holding

Corp.

$

881,666

5,149

Broadridge

Financial

Solutions,

Inc.

997,979

7,489

Builders

FirstSource,

Inc.*

1,004,350

3,434

Carlisle

Cos.,

Inc.

962,928

17,823

Carrier

Global

Corp.

926,083

3,823

Caterpillar,

Inc.

958,503

1,723

Cintas

Corp.

953,250

20,295

Copart,

Inc.*

1,019,215

29,469

CSX

Corp.

951,849

4,033

Cummins,

Inc.

904,037

2,371

Deere

&

Co.

864,016

27,949

Delta

Air

Lines,

Inc.

1,032,157

6,798

Dover

Corp.

959,606

4,070

Eaton

Corp.

PLC

926,698

9,780

Emerson

Electric

Co.

869,442

5,259

Equifax,

Inc.

1,144,937

8,009

Expeditors

International

of

Washington,

Inc.

963,803

14,928

Fastenal

Co.

895,232

3,590

FedEx

Corp.

929,200

13,424

Fortive

Corp.

925,988

3,599

General

Dynamics

Corp.

888,845

8,219

General

Electric

Co.

1,001,074

11,884

Graco,

Inc.

959,990

4,795

Honeywell

International,

Inc.

939,436

19,759

Howmet

Aerospace,

Inc.

1,039,323

3,100

Hubbell,

Inc.

930,000

4,686

IDEX

Corp.

945,073

3,913

Illinois

Tool

Works,

Inc.

947,768

14,321

Ingersoll

Rand,

Inc.

1,022,949

5,038

J.B.

Hunt

Transport

Services,

Inc.

933,390

6,747

Jacobs

Solutions,

Inc.

858,083

17,491

Johnson

Controls

International

PLC

923,525

4,879

L3Harris

Technologies,

Inc.

930,962

8,706

Leidos

Holdings,

Inc.

934,328

2,312

Lennox

International,

Inc.

940,198

1,925

Lockheed

Martin

Corp.

861,957

16,717

Masco

Corp.

1,012,214

4,592

Norfolk

Southern

Corp.

1,001,791

1,859

Northrop

Grumman

Corp.

883,322

2,255

Old

Dominion

Freight

Line,

Inc.

877,330

11,397

Otis

Worldwide

Corp.

977,749

10,726

PACCAR,

Inc.

984,861

2,378

Parker-Hannifin

Corp.

1,030,102

8,151

Paychex,

Inc.

994,177

5,619

Paycom

Software,

Inc.

1,020,748

5,598

Quanta

Services,

Inc.

1,054,159

5,883

Republic

Services,

Inc.

952,105

3,312

Rockwell

Automation,

Inc.

912,257

10,585

RTX

Corp.

862,466

3,376

Snap-on,

Inc.

927,353

39,504

Southwest

Airlines

Co.

1,010,117

17,690

SS&C

Technologies

Holdings,

Inc.

995,239

10,383

Stanley

Black

&

Decker,

Inc.

943,815

11,534

Textron,

Inc.

884,196

4,172

Trane

Technologies

PLC

940,411

GOLDMAN

SACHS

EQUAL

WEIGHT

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

1,059

TransDigm

Group,

Inc.

$

1,019,679

19,820

TransUnion

1,163,830

19,794

Uber

Technologies,

Inc.*

1,115,986

4,219

Union

Pacific

Corp.

950,414

24,996

United

Airlines

Holdings,

Inc.*

984,842

6,270

United

Parcel

Service,

Inc.,

Class

B

950,595

2,171

United

Rentals,

Inc.

1,033,439

12,775

Veralto

Corp.*

986,869

3,961

Verisk

Analytics,

Inc.

956,304

22,094

Vertiv

Holdings

Co.,

Class

A*

964,624

1,182

W.W.

Grainger,

Inc.

929,277

5,327

Waste

Management,

Inc.

910,864

2,493

Watsco,

Inc.

952,899

8,320

Westinghouse

Air

Brake

Technologies

Corp.

969,779

9,311

Xylem,

Inc.

978,865

72,178,332

Information

Technology

–

17.0%

2,919

Accenture

PLC,

Class

A

972,436

1,621

Adobe,

Inc.*

990,447

8,235

Advanced

Micro

Devices,

Inc.*

997,753

8,410

Akamai

Technologies,

Inc.*

971,607

10,805

Amphenol

Corp.,

Class

A

983,147

5,573

Analog

Devices,

Inc.

1,021,977

3,155

ANSYS,

Inc.*

925,551

5,072

Apple,

Inc.

963,426

6,525

Applied

Materials,

Inc.

977,315

4,193

Arista

Networks,

Inc.*

921,244

4,879

Atlassian

Corp.,

Class

A*

931,645

4,431

Autodesk,

Inc.*

967,863

1,035

Broadcom,

Inc.

958,131

3,597

Cadence

Design

Systems,

Inc.*

982,952

4,429

CDW

Corp.

933,988

16,748

Cisco

Systems,

Inc.

810,268

15,871

Cloudflare,

Inc.,

Class

A*

1,224,448

13,560

Cognizant

Technology

Solutions

Corp.,

Class

A

954,353

32,928

Corning,

Inc.

938,119

4,935

Crowdstrike

Holdings,

Inc.,

Class

A*

1,169,546

10,921

Datadog,

Inc.,

Class

A*

1,273,061

12,870

Dell

Technologies,

Inc.,

Class

C

976,447

11,471

Enphase

Energy,

Inc.*

1,158,800

10,002

Entegris,

Inc.

1,044,209

4,042

EPAM

Systems,

Inc.*

1,043,604

1,015

Fair

Isaac

Corp.*

1,103,914

6,150

First

Solar,

Inc.*

970,347

15,384

Fortinet,

Inc.*

808,583

2,627

Gartner,

Inc.*

1,142,325

52,475

Gen

Digital,

Inc.

1,158,648

11,897

GoDaddy,

Inc.,

Class

A*

1,190,414

56,340

Hewlett

Packard

Enterprise

Co.

952,709

33,041

HP,

Inc.

969,423

2,093

HubSpot,

Inc.*

1,033,795

23,538

Intel

Corp.

1,052,149

6,028

International

Business

Machines

Corp.

955,800

1,794

Intuit,

Inc.

1,025,199

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

7,090

Jabil,

Inc.

$

817,619

7,270

Keysight

Technologies,

Inc.*

987,920

1,857

KLA

Corp.

1,011,359

1,473

Lam

Research

Corp.

1,054,550

16,242

Lattice

Semiconductor

Corp.*

950,969

4,475

Manhattan

Associates,

Inc.*

998,149

18,603

Marvell

Technology,

Inc.

1,036,745

12,468

Microchip

Technology,

Inc.

1,040,330

12,675

Micron

Technology,

Inc.

964,821

2,533

Microsoft

Corp.

959,779

2,589

MongoDB,

Inc.*

1,076,351

1,960

Monolithic

Power

Systems,

Inc.

1,075,491

3,090

Motorola

Solutions,

Inc.

997,668

11,954

NetApp,

Inc.

1,092,476

2,091

NVIDIA

Corp.

977,961

12,867

Okta,

Inc.*

862,732

13,781

ON

Semiconductor

Corp.*

982,999

8,314

Oracle

Corp.

966,170

58,849

Palantir

Technologies,

Inc.,

Class

A*

1,179,922

3,610

Palo

Alto

Networks,

Inc.*

1,065,275

6,323

PTC,

Inc.*

994,987

7,922

QUALCOMM,

Inc.

1,022,334

1,794

Roper

Technologies,

Inc.

965,621

4,317

Salesforce,

Inc.*

1,087,452

12,468

Seagate

Technology

Holdings

PLC

986,219

1,493

ServiceNow,

Inc.*

1,023,810

10,199

Skyworks

Solutions,

Inc.

988,589

6,044

Snowflake,

Inc.,

Class

A*

1,134,338

5,942

Splunk,

Inc.*

900,451

3,525

Super

Micro

Computer,

Inc.*

963,982

1,849

Synopsys,

Inc.*

1,004,432

2,363

Teledyne

Technologies,

Inc.*

952,194

10,627

Teradyne,

Inc.

980,128

6,165

Texas

Instruments,

Inc.

941,457

21,698

Trimble,

Inc.*

1,006,787

17,273

Twilio,

Inc.,

Class

A*

1,117,218

2,360

Tyler

Technologies,

Inc.*

964,862

4,412

VeriSign,

Inc.*

936,226

21,195

Western

Digital

Corp.*

1,023,930

4,183

Workday,

Inc.,

Class

A*

1,132,422

4,393

Zebra

Technologies

Corp.,

Class

A*

1,041,053

14,565

Zoom

Video

Communications,

Inc.,

Class

A*

987,944

5,612

Zscaler,

Inc.*

1,108,538

80,819,903

Materials

–

5.4%

3,131

Air

Products

and

Chemicals,

Inc.

847,092

7,222

Albemarle

Corp.

875,812

5,071

Avery

Dennison

Corp.

986,309

18,477

Ball

Corp.

1,021,593

7,844

Celanese

Corp.

1,087,649

10,992

CF

Industries

Holdings,

Inc.

826,049

18,342

Corteva,

Inc.

829,058

15,820

CRH

PLC

992,705

18,284

Dow,

Inc.

946,197

12,854

DuPont

de

Nemours,

Inc.

919,575

GOLDMAN

SACHS

EQUAL

WEIGHT

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Materials

–

(continued)

5,259

Ecolab,

Inc.

$

1,008,308

26,045

Freeport-McMoRan,

Inc.

971,999

12,922

International

Flavors

&

Fragrances,

Inc.

974,060

25,969

International

Paper

Co.

959,295

2,284

Linde

PLC

945,051

9,815

LyondellBasell

Industries

NV,

Class

A

933,407

2,017

Martin

Marietta

Materials,

Inc.

937,078

27,072

Mosaic

Co.

(The)

971,614

23,461

Newmont

Corp.

942,898

5,969

Nucor

Corp.

1,014,551

5,680

Packaging

Corp.

of

America

954,297

7,144

PPG

Industries,

Inc.

1,014,377

3,389

Reliance

Steel

&

Aluminum

Co.

932,856

9,483

RPM

International,

Inc.

976,085

3,671

Sherwin-Williams

Co.

(The)

1,023,475

8,176

Steel

Dynamics,

Inc.

974,007

4,342

Vulcan

Materials

Co.

927,278

25,792,675

Real

Estate

–

6.3%

9,427

Alexandria

Real

Estate

Equities,

Inc.

REIT

1,031,314

4,884

American

Tower

Corp.

REIT

1,019,681

5,306

AvalonBay

Communities,

Inc.

REIT

917,620

10,275

Camden

Property

Trust

REIT

927,421

12,536

CBRE

Group,

Inc.,

Class

A*

989,843

11,966

CoStar

Group,

Inc.*

993,657

9,482

Crown

Castle,

Inc.

REIT

1,112,049

6,947

Digital

Realty

Trust,

Inc.

REIT

964,105

1,182

Equinix,

Inc.

REIT

963,342

13,219

Equity

LifeStyle

Properties,

Inc.

REIT

939,871

16,268

Equity

Residential

REIT

924,673

4,144

Essex

Property

Trust,

Inc.

REIT

884,578

8,528

Extra

Space

Storage,

Inc.

REIT

1,110,090

19,148

Gaming

and

Leisure

Properties,

Inc.

REIT

894,786

56,597

Host

Hotels

&

Resorts,

Inc.

REIT

988,750

29,291

Invitation

Homes,

Inc.

REIT

977,148

14,727

Iron

Mountain,

Inc.

REIT

944,737

48,054

Kimco

Realty

Corp.

REIT

928,403

7,419

Mid-America

Apartment

Communities,

Inc.

REIT

923,517

1,073

NET

Lease

Office

Properties

REIT*

17,543

8,589

Prologis,

Inc.

REIT

987,134

3,676

Public

Storage

REIT

951,202

18,206

Realty

Income

Corp.

REIT

982,396

4,184

SBA

Communications

Corp.

REIT

1,033,281

7,786

Simon

Property

Group,

Inc.

REIT

972,393

7,675

Sun

Communities,

Inc.

REIT

992,684

27,630

UDR,

Inc.

REIT

922,842

20,459

Ventas,

Inc.

REIT

937,840

31,174

VICI

Properties,

Inc.

REIT

931,791

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Real

Estate

–

(continued)

16,104

W.P.

Carey,

Inc.

REIT

$

1,002,313

10,310

Welltower,

Inc.

REIT

918,621

30,628

Weyerhaeuser

Co.

REIT

960,188

30,045,813

Utilities

–

5.1%

17,678

Alliant

Energy

Corp.

893,976

11,376

Ameren

Corp.

882,664

11,445

American

Electric

Power

Co.,

Inc.

910,450

7,382

American

Water

Works

Co.,

Inc.

973,243

8,028

Atmos

Energy

Corp.

913,667

32,175

CenterPoint

Energy,

Inc.

909,587

15,965

CMS

Energy

Corp.

906,173

9,806

Consolidated

Edison,

Inc.

883,619

7,619

Constellation

Energy

Corp.

922,204

21,695

Dominion

Energy,

Inc.

983,651

9,079

DTE

Energy

Co.

945,215

9,758

Duke

Energy

Corp.

900,468

13,657

Edison

International

914,882

8,958

Entergy

Corp.

908,431

17,588

Evergy,

Inc.

897,691

16,409

Eversource

Energy

974,859

22,130

Exelon

Corp.

852,226

24,229

FirstEnergy

Corp.

895,019

15,090

NextEra

Energy,

Inc.

882,916

34,409

NiSource,

Inc.

882,247

52,540

PG&E

Corp.*

902,112

35,416

PPL

Corp.

925,066

14,049

Public

Service

Enterprise

Group,

Inc.

877,079

12,362

Sempra

900,819

12,805

Southern

Co.

(The)

908,899

10,564

WEC

Energy

Group,

Inc.

883,362

14,591

Xcel

Energy,

Inc.

887,716

24,518,241

TOTAL

COMMON

STOCKS

(Cost

$439,459,804)

475,188,390

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.3%

(a)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

1,377,549

5.260%

1,377,549

(Cost

$1,377,549)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$440,837,353)

476,565,939

GOLDMAN

SACHS

EQUAL

WEIGHT

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

**End

swaps

header**

Shares

Dividend

Rate

Value

a

Securities

Lending

Reinvestment

Vehicle

–

0.2%

(a)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

764,541

5.259%

$

764,541

(Cost

$764,541)

TOTAL

INVESTMENTS

–

99.9%

(Cost

$441,601,894)

$

477,330,480

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.1%

269,634

NET

ASSETS

–

100.0%

$

477,600,114

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

HEDGE

INDUSTRY

VIP

ETF

Schedule

of

Investments

November

30,

2023

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

99.4%

Communication

Services

–

8.0%

22,350

Alphabet,

Inc.,

Class

A*

$

2,962,046

32,274

GCI

Liberty,

Inc.,

Class

A

(a)

—

8,881

Meta

Platforms,

Inc.,

Class

A*

2,905,419

6,656

Netflix,

Inc.*

3,154,744

20,313

T-Mobile

US,

Inc.

3,056,091

12,078,300

Consumer

Discretionary

–

9.9%

35,606

Alibaba

Group

Holding

Ltd.

ADR

(China)*

2,666,177

20,483

Amazon.com,

Inc.*

2,992,361

65,634

Caesars

Entertainment,

Inc.*

2,935,152

62,857

Capri

Holdings

Ltd.*

3,044,793

2,087

MercadoLibre,

Inc.

(Brazil)*

3,381,900

15,020,383

Consumer

Staples

–

4.1%

139,681

Albertsons

Cos.,

Inc.,

Class

A

3,040,855

153,858

Kenvue,

Inc.

3,144,858

6,185,713

Energy

–

10.0%

17,341

Cheniere

Energy,

Inc.

3,158,663

36,624

Chesapeake

Energy

Corp.

2,941,273

224,370

Energy

Transfer

LP

3,116,499

74,847

EQT

Corp.

2,990,886

12,606

Pioneer

Natural

Resources

Co.

2,920,054

15,127,375

Financials

–

20.7%

34,060

Apollo

Global

Management,

Inc.

3,133,520

8,431

Berkshire

Hathaway,

Inc.,

Class

B*

3,035,160

2,092

First

Citizens

BancShares,

Inc.,

Class

A

3,070,826

24,447

Fiserv,

Inc.*

3,193,023

44,820

KKR

&

Co.,

Inc.

3,399,149

7,509

Mastercard,

Inc.,

Class

A

3,107,449

52,688

PayPal

Holdings,

Inc.*

3,035,356

18,720

Progressive

Corp.

(The)

3,070,642

7,394

S&P

Global,

Inc.

3,074,647

12,094

Visa,

Inc.,

Class

A

3,104,288

31,224,060

Health

Care

–

12.1%

128,557

Abcam

PLC

ADR

(United

Kingdom)*

3,081,511

4,889

Eli

Lilly

&

Co.

2,889,595

5,951

Humana,

Inc.

2,885,402

13,959

Seagen,

Inc.*

2,976,198

51,083

Tenet

Healthcare

Corp.*

3,525,238

5,526

UnitedHealth

Group,

Inc.

3,055,712

18,413,656

Industrials

–

8.0%

44,480

AerCap

Holdings

NV

(Ireland)*

3,034,426

2,996

TransDigm

Group,

Inc.

2,884,759

55,426

Uber

Technologies,

Inc.*

3,124,918

68,512

Vertiv

Holdings

Co.,

Class

A*

2,991,234

12,035,337

Information

Technology

–

22.5%

24,911

Advanced

Micro

Devices,

Inc.*

3,018,217

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

15,932

Apple,

Inc.

$

3,026,283

3,069

Broadcom,

Inc.

2,841,065

27,392

Datadog,

Inc.,

Class

A*

3,193,085

32,952

GoDaddy,

Inc.,

Class

A*

3,297,177

38,699

Micron

Technology,

Inc.

2,945,768

8,065

Microsoft

Corp.

3,055,909

6,013

NVIDIA

Corp.

2,812,280

11,435

Palo

Alto

Networks,

Inc.*

3,374,354

13,503

Salesforce,

Inc.*

3,401,406

19,759

Splunk,

Inc.*

2,994,279

33,959,823

Materials

–

2.1%

49,666

CRH

PLC

3,116,542

Utilities

–

2.0%

84,792

Vistra

Corp.

3,002,485

TOTAL

COMMON

STOCKS

(Cost

$130,791,730)

150,163,674

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.1%

(b)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

116,858

5.260

%

116,858

(Cost

$116,858)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$130,908,588)

150,280,532

a

Securities

Lending

Reinvestment

Vehicle

–

1.8%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

2,691,750

5.259%

2,691,750

(Cost

$2,691,750)

TOTAL

INVESTMENTS

–

101.3%

(Cost

$133,600,338)

$

152,972,282

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(1.3)%

(1,916,589)

NET

ASSETS

–

100.0%

$

151,055,693

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Significant

unobservable

inputs

were

used

in

the

valuation

of

this

portfolio

security;

i.e.

Level

3.

(b)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

LP

—

Limited

Partnership

PLC

—

Public

Limited

Company

Goldman

Sachs

Innovate

Equity

ETF

Schedule

of

Investments

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.3%

Communication

Services

–

11.1%

4,218

AfreecaTV

Co.

Ltd.

(South

Korea)

$

218,068

49,101

Alphabet,

Inc.,

Class

A*

6,507,356

14,667

Baidu,

Inc.

ADR

(China)*

1,740,386

28,808

Bilibili,

Inc.

ADR

(China)*

(a)

326,395

21,986

Bumble,

Inc.,

Class

A*

304,726

20,621

Comcast

Corp.,

Class

A

863,814

6,226

CTS

Eventim

AG

&

Co.

KGaA

(Germany)

426,612

7,022

Electronic

Arts,

Inc.

969,106

24,058

Gree,

Inc.

(Japan)

92,434

38,066

Hello

Group,

Inc.

ADR

(China)

245,906

7,562

IDT

Corp.,

Class

B*

221,945

8,872

Infocom

Corp.

(Japan)

147,152

76,215

iQIYI,

Inc.

ADR

(China)*

342,205

6,115

Iridium

Communications,

Inc.

232,982

9,082

JOYY,

Inc.

ADR

(China)

348,840

120,088

Kuaishou

Technology

(China)*

(b)

887,172

8,623

Liberty

Media

Corp.-Liberty

Formula

One,

Class

A*

494,357

26,227

Liberty

Media

Corp.-Liberty

SiriusXM,

Class

A*

706,555

7,774

Live

Nation

Entertainment,

Inc.*

654,726

7,123

Madison

Square

Garden

Entertainment

Corp.*

215,684

1,665

Madison

Square

Garden

Sports

Corp.*

281,701

14,604

Match

Group,

Inc.*

472,878

15,614

Meta

Platforms,

Inc.,

Class

A*

5,108,120

13,071

MIXI,

Inc.

(Japan)

213,702

11,015

NetEase,

Inc.

ADR

(China)

1,249,982

3,405

Netflix,

Inc.*

1,613,868

14,734

Pinterest,

Inc.,

Class

A*

501,987

25,915

Playtika

Holding

Corp.*

225,201

83,450

Rightmove

PLC

(United

Kingdom)

575,335

6,050

Scout24

SE

(Germany)

(b)

422,474

36,649

Sea

Ltd.

ADR

(Singapore)*

1,327,427

51,236

Snap,

Inc.,

Class

A*

708,594

6,545

Sphere

Entertainment

Co.*

223,970

4,397

Spotify

Technology

SA*

813,929

3,525

Take-Two

Interactive

Software,

Inc.*

557,655

31,541

TELUS

Corp.

(Canada)

564,823

49,806

Tencent

Holdings

Ltd.

(China)

2,085,267

69,999

Tencent

Music

Entertainment

Group

ADR

(China)*

595,692

6,521

TKO

Group

Holdings,

Inc.

504,269

11,726

Ubisoft

Entertainment

SA

(France)*

334,314

24,170

Vivid

Seats,

Inc.,

Class

A*

199,886

18,058

Walt

Disney

Co.

(The)*

1,673,796

47,520

Warner

Bros

Discovery,

Inc.*

496,584

27,195

Weibo

Corp.

ADR

(China)

274,941

4,842

Ziff

Davis,

Inc.*

309,016

37,281,832

Consumer

Discretionary

–

15.5%

7,495

Academy

Sports

&

Outdoors,

Inc.

381,271

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Discretionary

–

(continued)

3,254

adidas

AG

(Germany)

$

682,182

6,583

Airbnb,

Inc.,

Class

A*

831,696

38,937

Alibaba

Group

Holding

Ltd.

ADR

(China)*

2,915,603

45,736

Amazon.com,

Inc.*

6,681,572

55,175

ANTA

Sports

Products

Ltd.

(China)

575,395

11,471

Aptiv

PLC*

950,258

19,276

Atour

Lifestyle

Holdings

Ltd.

ADR

(China)

(a)

343,306

28,659

Bandai

Namco

Holdings,

Inc.

(Japan)

570,524

8,601

Beyond,

Inc.*

165,311

12,558

Caesars

Entertainment,

Inc.*

561,594

8,959

Carvana

Co.*

280,596

27,275

Chegg,

Inc.*

270,841

15,420

Chewy,

Inc.,

Class

A*

268,616

3,562

Columbia

Sportswear

Co.

279,012

8,492

Continental

AG

(Germany)

658,045

14,307

Coursera,

Inc.*

282,563

4,400

Dick's

Sporting

Goods,

Inc.

572,440

2,332

Duolingo,

Inc.*

495,060

65,189

East

Buy

Holding

Ltd.

(China)*

(b)

242,467

15,920

eBay,

Inc.

652,879

6,490

Etsy,

Inc.*

492,007

24,707

Everi

Holdings,

Inc.*

258,188

52,878

Fisker,

Inc.*

(a)

83,547

10,654

Foot

Locker,

Inc.

286,912

102,432

Ford

Motor

Co.

1,050,952

31,697

GameStop

Corp.,

Class

A*

(a)

461,191

35,911

General

Motors

Co.

1,134,788

544

Graham

Holdings

Co.,

Class

B

341,170

76,224

Honda

Motor

Co.

Ltd.

(Japan)

778,043

6,748

Hyundai

Motor

Co.

(South

Korea)

963,963

6,534

iRobot

Corp.*

235,943

276,799

JD

Sports

Fashion

PLC

(United

Kingdom)

550,325

27,573

JD.com,

Inc.

ADR

(China)

756,327

17,041

Just

Eat

Takeaway.com

NV

(United

Kingdom)*

(b)

266,556

12,951

Kia

Corp.

(South

Korea)

862,296

11,243

Las

Vegas

Sands

Corp.

518,527

18,917

Li

Auto,

Inc.

ADR

(China)*

698,983

123,709

Li

Ning

Co.

Ltd.

(China)

344,503

137,442

Lucid

Group,

Inc.*

(a)

580,005

2,060

Lululemon

Athletica,

Inc.*

920,408

53,629

Meituan,

Class

B

(China)*

(b)

622,100

1,616

MercadoLibre,

Inc.

(Brazil)*

2,618,663

9,459

MGM

Resorts

International

373,063

9,090

New

Oriental

Education

&

Technology

Group,

Inc.

ADR

(China)*

739,744

413,455

Nexteer

Automotive

Group

Ltd.

(China)

266,803

11,509

NIKE,

Inc.,

Class

B

1,269,097

81,763

NIO,

Inc.

ADR

(China)*

(a)

594,417

10,598

PDD

Holdings,

Inc.

ADR

(China)*

1,562,569

28,468

Pearson

PLC

(United

Kingdom)

337,758

Goldman

Sachs

Innovate

Equity

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Discretionary

–

(continued)

57,902

Peloton

Interactive,

Inc.,

Class

A*

$

327,725

10,099

Penn

Entertainment,

Inc.*

248,031

5,106

Planet

Fitness,

Inc.,

Class

A*

346,902

23,991

Playtech

PLC

(United

Kingdom)*

124,766

101,159

Polestar

Automotive

Holding

UK

PLC,

Class

A,

ADR

(Hong

Kong)*

(a)

223,561

29,058

Prosus

NV

(China)*

963,838

250,694

Rakuten

Group,

Inc.

(Japan)

993,212

40,993

Rivian

Automotive,

Inc.,

Class

A*

687,043

47,926

Sabre

Corp.*

169,179

47,059

Sharp

Corp.

(Japan)*

(a)

294,638

5,941

Stride,

Inc.*

359,906

34,459

TAL

Education

Group

ADR

(China)*

431,771

14,021

Tesla,

Inc.*

3,366,162

94,008

Toyota

Motor

Corp.

(Japan)

1,777,017

21,723

Udemy,

Inc.*

323,238

3,678

Vitesco

Technologies

Group

AG

(Germany)*

375,422

6,011

Wayfair,

Inc.,

Class

A*

335,414

39,218

XPeng,

Inc.

ADR

(China)*

(a)

651,411

19,087

Yamaha

Motor

Co.

Ltd.

(Japan)

487,649

15,085

Zalando

SE

(Germany)*

(b)

359,799

51,476,763

Consumer

Staples

–

0.6%

883,566

Alibaba

Health

Information

Technology

Ltd.

(China)*

502,290

12,086

Walmart,

Inc.

1,881,669

2,383,959

Energy

–

1.0%

253,145

China

Suntien

Green

Energy

Corp.

Ltd.,

Class

H

(China)

84,270

29,925

Enbridge,

Inc.

(Canada)

1,045,725

5,969

HD

Hyundai

Co.

Ltd.

(South

Korea)

278,984

19,097

Oceaneering

International,

Inc.*

394,544

20,993

TotalEnergies

SE

(France)

1,426,095

3,229,618

Financials

–

14.5%

29,674

3i

Group

PLC

(United

Kingdom)

838,469

833

Adyen

NV

(Netherlands)*

(b)

973,418

16,484

Affirm

Holdings,

Inc.*

567,214

51,058

Allfunds

Group

PLC

(United

Kingdom)

322,557

2,714

Ameriprise

Financial,

Inc.

959,426

13,167

Apollo

Global

Management,

Inc.

1,211,364

38,253

AvidXchange

Holdings,

Inc.*

408,160

62,084

BGC

Group,

Inc.,

Class

A

403,546

2,178

BlackRock,

Inc.

1,636,179

12,287

Blackstone,

Inc.

1,380,690

31,422

Block,

Inc.*

1,993,097

18,694

Carlyle

Group,

Inc.

(The)

640,830

17,292

Charles

Schwab

Corp.

(The)

1,060,345

32,131

CI

Financial

Corp.

(Canada)

333,195

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

3,559

CME

Group,

Inc.

$

777,143

9,980

Coinbase

Global,

Inc.,

Class

A*

1,244,706

26,448

Corebridge

Financial,

Inc.

556,201

8,295

Discover

Financial

Services

771,435

24,715

Dlocal

Ltd.

(Uruguay)*

426,334

5,636

DWS

Group

GmbH

&

Co.

KGaA

(Germany)

(b)

191,740

5,474

Eurazeo

SE

(France)

411,219

5,501

Euronet

Worldwide,

Inc.*

479,797

3,374

Evercore,

Inc.,

Class

A

497,834

12,491

Fidelity

National

Information

Services,

Inc.

732,472

2,632

FleetCor

Technologies,

Inc.*

632,996

11,373

Flywire

Corp.*

264,991

7,604

Global

Payments,

Inc.

885,410

18,981

GMO

Financial

Holdings,

Inc.

(Japan)

93,085

5,980

GMO

Payment

Gateway,

Inc.

(Japan)

352,203

4,949

Goldman

Sachs

Group,

Inc.

(The)

(c)

1,690,281

13,643

Green

Dot

Corp.,

Class

A*

109,417

4,008

Hamilton

Lane,

Inc.,

Class

A

392,183

33,115

Hargreaves

Lansdown

PLC

(United

Kingdom)

301,167

8,428

Interactive

Brokers

Group,

Inc.,

Class

A

656,036

3,579

Jack

Henry

&

Associates,

Inc.

567,952

1,321

Kaspi.KZ

JSC,

GDR

(Kazakhstan)

134,742

19,345

KKR

&

Co.,

Inc.

1,467,125

12,615

Lazard

Ltd.,

Class

A

378,198

7,283

London

Stock

Exchange

Group

PLC

(United

Kingdom)

821,126

59,761

Marqeta,

Inc.,

Class

A*

379,482

5,910

Mastercard,

Inc.,

Class

A

2,445,735

14,081

Morgan

Stanley

1,117,187

1,810

Morningstar,

Inc.

512,882

1,569

MSCI,

Inc.

817,214

9,495

Northern

Trust

Corp.

752,479

121,511

NU

Holdings

Ltd.,

Class

A

(Brazil)*

989,100

19,299

Nuvei

Corp.

(Canada)

(b)

396,271

39,451

Pagseguro

Digital

Ltd.,

Class

A

(Brazil)*

397,666

48,381

Payoneer

Global,

Inc.*

250,614

23,425

PayPal

Holdings,

Inc.*

1,349,514

34,456

Paysafe

Ltd.*

348,350

13,629

Plus500

Ltd.

(Israel)

248,625

34,686

Repay

Holdings

Corp.*

260,145

66,173

Robinhood

Markets,

Inc.,

Class

A*

582,322

2,543

S&P

Global,

Inc.

1,057,456

15,133

SBI

Holdings,

Inc.

(Japan)

328,282

7,377

Shift4

Payments,

Inc.,

Class

A*

485,554

77,974

SoFi

Technologies,

Inc.*

568,430

8,349

State

Street

Corp.

607,974

6,607

Stifel

Financial

Corp.

403,159

36,019

StoneCo

Ltd.,

Class

A

(Brazil)*

561,896

Goldman

Sachs

Innovate

Equity

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

3,496

StoneX

Group,

Inc.*

$

213,710

1,220

Swissquote

Group

Holding

SA

(Switzerland)

279,482

69,624

TP

ICAP

Group

PLC

(United

Kingdom)

163,236

9,702

TPG,

Inc.

339,570

4,445

Tradeweb

Markets,

Inc.,

Class

A

430,721

52,969

UBS

Group

AG

(Switzerland)

1,500,347

6,775

Upstart

Holdings,

Inc.*

(a)

181,299

12,397

Virtu

Financial,

Inc.,

Class

A

222,898

9,431

Visa,

Inc.,

Class

A

2,420,749

2,138

WEX,

Inc.*

377,528

49,939

WisdomTree,

Inc.

325,103

48,879,263

Health

Care

–

21.2%

11,375

10X

Genomics,

Inc.,

Class

A*

495,040

397,233

3SBio,

Inc.

(China)*

(b)

369,245

20,988

Abbott

Laboratories

2,188,838

15,620

AbbVie,

Inc.

2,224,132

37,001

AdaptHealth

Corp.*

313,768

59,561

Adaptive

Biotechnologies

Corp.*

260,877

8,533

Agilent

Technologies,

Inc.

1,090,517

56,020

Allogene

Therapeutics,

Inc.*

131,647

5,644

Amgen,

Inc.

1,521,848

15,300

AstraZeneca

PLC

(United

Kingdom)

1,961,310

20,190

Baxter

International,

Inc.

728,455

11,533

Beam

Therapeutics,

Inc.*

323,847

3,104

BeiGene

Ltd.

ADR

(China)*

580,262

2,724

Biogen,

Inc.*

637,634

9,740

BioNTech

SE

ADR

(Germany)*

977,993

12,562

Bio-Techne

Corp.

790,150

16,385

Boston

Scientific

Corp.*

915,758

26,736

Bristol-Myers

Squibb

Co.

1,320,224

9,489

Celltrion

Healthcare

Co.

Ltd.

(South

Korea)

547,944

26,485

Chugai

Pharmaceutical

Co.

Ltd.

(Japan)

934,817

3,148

CompuGroup

Medical

SE

&

Co

KgaA

(Germany)

121,385

11,378

CRISPR

Therapeutics

AG

(Switzerland)*

759,254

33,929

CureVac

NV

(Germany)*

183,217

5,783

Danaher

Corp.

1,291,402

10,790

Dexcom,

Inc.*

1,246,461

32,881

DocGo,

Inc.*

185,778

32,192

Editas

Medicine,

Inc.*

338,982

13,137

Edwards

Lifesciences

Corp.*

889,506

4,470

Eli

Lilly

&

Co.

2,641,949

11,580

Exact

Sciences

Corp.*

741,120

22,968

Exelixis,

Inc.*

500,932

34,086

Exscientia

PLC

ADR

(United

Kingdom)*

(a)

207,925

12,314

Fulgent

Genetics,

Inc.*

339,620

6,259

Galapagos

NV

(Belgium)*

(a)

232,944

14,356

GE

HealthCare

Technologies,

Inc.

982,812

19,221

Gilead

Sciences,

Inc.

1,472,329

9,143

Globus

Medical,

Inc.,

Class

A*

410,703

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

–

(continued)

18,259

Guardant

Health,

Inc.*

$

459,579

95,294

HUTCHMED

China

Ltd.

(China)*

368,472

52,669

Hygeia

Healthcare

Holdings

Co.

Ltd.

(China)

(b)

324,364

14,292

Ideaya

Biosciences,

Inc.*

449,483

6,930

Illumina,

Inc.*

706,513

18,790

Immatics

NV

(Germany)*

166,104

6,088

Immunocore

Holdings

PLC

ADR

(United

Kingdom)*

321,020

4,157

Insulet

Corp.*

786,047

17,009

Intellia

Therapeutics,

Inc.*

503,977

5,225

Intuitive

Surgical,

Inc.*

1,624,139

3,930

iRhythm

Technologies,

Inc.*

335,150

10,734

i-SENS,

Inc.

(South

Korea)

195,103

16,332

Johnson &

Johnson

2,525,907

43,357

Keymed

Biosciences,

Inc.

(China)*

(a)(b)

311,703

35,824

Koninklijke

Philips

NV

(Netherlands)*

733,674

4,016

Laboratory

Corp.

of

America

Holdings

871,111

30,340

M3,

Inc.

(Japan)

501,887

51,188

MannKind

Corp.*

185,300

38,069

Maravai

LifeSciences

Holdings,

Inc.,

Class

A*

194,152

6,296

Masimo

Corp.*

590,313

23,239

Medtronic

PLC

1,842,155

19,082

Merck &

Co.,

Inc.

1,955,523

8,534

Mezzion

Pharma

Co.

Ltd.

(South

Korea)*

251,691

13,615

Moderna,

Inc.*

1,057,885

23,270

Myriad

Genetics,

Inc.*

444,224

24,368

Novo

Nordisk

A/S

ADR

(Denmark)

2,481,637

29,084

Ono

Pharmaceutical

Co.

Ltd.

(Japan)

535,310

33,317

Pacific

Biosciences

of

California,

Inc.*

282,528

18,341

Pediatrix

Medical

Group,

Inc.*

153,698

62,293

Pfizer,

Inc.

1,898,068

16,067

PHC

Holdings

Corp.

(Japan)

161,393

10,387

PROCEPT

BioRobotics

Corp.*

385,046

13,760

QIAGEN

NV*

566,362

1,551

Regeneron

Pharmaceuticals,

Inc.*

1,277,729

11,148

REGENXBIO,

Inc.*

217,609

34,793

ResMed,

Inc.

CDI

561,512

13,056

REVOLUTION

Medicines,

Inc.*

304,596

8,261

Roche

Holding

AG

2,242,550

18,443

Rocket

Pharmaceuticals,

Inc.*

430,275

80,597

Sana

Biotechnology,

Inc.*

327,224

15,200

Sanofi

SA

1,417,331

6,831

Sarepta

Therapeutics,

Inc.*

555,224

159

Scilex

Holding

Co.

(Singapore)*

199

23,159

Scilex

Holding

Co.*

25,160

39,089

Shanghai

MicroPort

MedBot

Group

Co.

Ltd.

(China)*

100,346

Goldman

Sachs

Innovate

Equity

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

–

(continued)

24,803

Siemens

Healthineers

AG

(Germany)

(b)

$

1,432,692

38,287

Smith

&

Nephew

PLC

(United

Kingdom)

496,085

4,755

Stryker

Corp.

1,409,049

14,448

Takara

Bio,

Inc.

(Japan)

119,427

19,854

Tandem

Diabetes

Care,

Inc.*

401,845

20,054

Teladoc

Health,

Inc.*

363,779

3,086

Thermo

Fisher

Scientific,

Inc.

1,529,915

1,643

UFP

Technologies,

Inc.*

273,494

15,982

Veracyte,

Inc.*

409,139

17,114

Veradigm,

Inc.*

196,469

19,017

Verona

Pharma

PLC

ADR

(United

Kingdom)*

257,110

4,400

Vertex

Pharmaceuticals,

Inc.*

1,561,164

11,820

Verve

Therapeutics,

Inc.*

133,330

70,077

Well

Health

Technologies

Corp.

(Canada)*

196,403

71,269,799

Industrials

–

7.1%

57,972

3D

Systems

Corp.*

309,570

35,681

ABB

Ltd.

(Switzerland)

1,424,286

4,144

AeroVironment,

Inc.*

570,256

5,166

Alfen

NV

(Netherlands)*

(a)(b)

261,032

3,038

ASGN,

Inc.*

271,111

3,258

Booz

Allen

Hamilton

Holding

Corp.

407,674

1,217

CACI

International,

Inc.,

Class

A*

390,596

76,668

ChargePoint

Holdings,

Inc.*

(a)

142,602

7,788

Daihen

Corp.

(Japan)

307,126

59,983

Doosan

Enerbility

Co.

Ltd.

(South

Korea)*

734,590

12,877

ExlService

Holdings,

Inc.*

365,320

36,177

FANUC

Corp.

(Japan)

1,006,745

9,577

General

Electric

Co.

1,166,479

490,342

Goldwind

Science

&

Technology

Co.

Ltd.

(China)

224,758

319,471

Grab

Holdings

Ltd.,

Class

A

(Singapore)*

971,192

7,587

Kaman

Corp.

153,788

14,979

Kawasaki

Heavy

Industries

Ltd.

(Japan)

340,747

12,398

Korea

Aerospace

Industries

Ltd.

(South

Korea)

445,411

4,484

Leidos

Holdings,

Inc.

481,223

2,607

LG

Energy

Solution

Ltd.

(South

Korea)*

918,406

5,634

LIG

Nex1

Co.

Ltd.

(South

Korea)

425,776

7,225

Liquidity

Services,

Inc.*

138,431

1,850

Lockheed

Martin

Corp.

828,374

27,497

Lyft,

Inc.,

Class

A*

322,540

10,552

MDA

Ltd.*

89,500

12,280

MEITEC

Group

Holdings,

Inc.

(Japan)

238,191

47,826

Mitsubishi

Electric

Corp.

(Japan)

649,930

4,038

Moog,

Inc.,

Class

A

565,360

13,315

Nabtesco

Corp.

(Japan)

249,259

22,694

NIDEC

Corp.

(Japan)

860,264

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

249,621

Nikola

Corp.*

(a)

$

242,731

37,970

Nordex

SE

(Germany)*

421,127

4,719

Parsons

Corp.*

293,947

8,325

PNE

AG

(Germany)

110,273

7,953

Proto

Labs,

Inc.*

287,899

3,305

Rainbow

Robotics

(South

Korea)*

454,449

6,165

RB

Global,

Inc.

(Canada)

392,587

5,978

Shibaura

Machine

Co.

Ltd.

(Japan)

154,267

62,142

Siemens

Energy

AG

(Germany)*

737,698

10,670

SS&C

Technologies

Holdings,

Inc.

600,294

40,293

SunPower

Corp.*

167,216

21,990

Sunrun,

Inc.*

283,671

7,850

Textron,

Inc.

601,781

3,878

Thales

SA

(France)

579,475

8,012

TTEC

Holdings,

Inc.

149,985

20,304

Uber

Technologies,

Inc.*

1,144,740

3,163

Verisk

Analytics,

Inc.

763,643

108,361

Xinte

Energy

Co.

Ltd.,

Class

H

(China)*

139,019

15,615

Xometry,

Inc.,

Class

A*

382,255

16,835

Yaskawa

Electric

Corp.

(Japan)

646,024

23,813,618

Information

Technology

–

26.4%

17,379

ACI

Worldwide,

Inc.*

464,714

2,585

Adobe,

Inc.*

1,579,461

26,623

Advanced

Micro

Devices,

Inc.*

3,225,643

4,669

Akamai

Technologies,

Inc.*

539,410

5,589

Alarm.com

Holdings,

Inc.*

304,489

13,906

Alkami

Technology,

Inc.*

316,640

5,635

Altair

Engineering,

Inc.,

Class

A*

408,312

6,294

Alteryx,

Inc.,

Class

A*

252,075

12,765

Ambarella,

Inc.*

749,433

6,555

Amphenol

Corp.,

Class

A

596,439

3,883

Analog

Devices,

Inc.

712,065

35,884

Apple,

Inc.

6,816,166

3,640

Arista

Networks,

Inc.*

799,744

30,445

Atos

SE

(France)*

(a)

194,262

182,081

Aurora

Innovation,

Inc.*

398,757

4,027

Autodesk,

Inc.*

879,618

4,945

Belden,

Inc.

328,546

25,901

BigCommerce

Holdings,

Inc.,

Series

1*

225,857

92,667

BlackBerry

Ltd.

(Canada)*

340,088

2,117

Broadcom,

Inc.

1,959,770

12,790

C3.ai,

Inc.,

Class

A*

(a)

372,445

12,243

Canadian

Solar,

Inc.

(Canada)*

(a)

257,470

2,826

Check

Point

Software

Technologies

Ltd.

(Israel)*

412,596

6,275

Ciena

Corp.*

287,709

64,037

Cipher

Mining,

Inc.*

177,382

30,026

Cisco

Systems,

Inc.

1,452,658

50,793

Cleanspark,

Inc.*

316,948

7,232

Cloudflare,

Inc.,

Class

A*

557,949

13,285

Cognex

Corp.

500,845

8,943

Coherent

Corp.*

329,013

Goldman

Sachs

Innovate

Equity

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

17,003

Corning,

Inc.

$

484,415

4,382

Crowdstrike

Holdings,

Inc.,

Class

A*

1,038,490

2,524

CyberArk

Software

Ltd.*

502,957

81,468

Darktrace

PLC

(United

Kingdom)*

357,774

20,052

Dassault

Systemes

(France)

940,020

9,943

Digi

International,

Inc.*

234,058

13,618

Digital

Garage,

Inc.

(Japan)

285,100

8,402

DocuSign,

Inc.*

362,126

18,828

EngageSmart,

Inc.*

429,467

19,206

Extreme

Networks,

Inc.*

309,985

2,271

F5,

Inc.*

388,772

661

Fair

Isaac

Corp.*

718,904

3,096

First

Solar,

Inc.*

488,487

18,335

Fortinet,

Inc.*

963,688

27,904

Gen

Digital,

Inc.

616,120

1,942

Globant

SA*

428,794

12,427

GMO

internet

group,

Inc.

(Japan)

199,768

42,965

Hewlett

Packard

Enterprise

Co.

726,538

21,530

HP,

Inc.

631,690

929

HubSpot,

Inc.*

458,861

84,370

Hut

8

Mining

Corp.

(Canada)*

(a)

161,789

47,390

indie

Semiconductor,

Inc.,

Class

A

(China)*

353,529

27,410

Infineon

Technologies

AG

(Germany)

1,063,196

58,958

Infinera

Corp.*

229,347

9,810

Instructure

Holdings,

Inc.*

256,531

85,689

Intel

Corp.

3,830,298

3,947

InterDigital,

Inc.

394,384

7,172

International

Business

Machines

Corp.

1,137,192

16,654

Juniper

Networks,

Inc.

473,806

6,050

Kainos

Group

PLC

(United

Kingdom)

73,948

2,353

Keyence

Corp.

(Japan)

1,008,304

5,543

Keysight

Technologies,

Inc.*

753,238

5,455

Kontron

AG

(Austria)

130,229

38,527

Marathon

Digital

Holdings,

Inc.*

(a)

461,168

15,178

Marvell

Technology,

Inc.

845,870

11,329

MaxLinear,

Inc.*

212,192

17,968

Microsoft

Corp.

6,808,255

894

MicroStrategy,

Inc.,

Class

A*

445,480

84,658

Nano

Dimension

Ltd.

ADR

(Israel)*

(a)

194,713

9,881

nCino,

Inc.*

273,012

22,093

NCR

Voyix

Corp.*

346,418

5,345

Nemetschek

SE

(Germany)

466,788

11,385

NetScout

Systems,

Inc.*

228,611

2,573

Nice

Ltd.

ADR

(Israel)*

488,227

190,747

Nokia

OYJ

ADR

(Finland)

663,800

3,004

Novanta,

Inc.*

433,898

14,085

NVIDIA

Corp.

6,587,554

3,183

NXP

Semiconductors

NV

(China)

649,587

7,554

Okta,

Inc.*

506,496

10,550

Open

Text

Corp.

(Canada)

423,477

9,021

Oracle

Corp.

1,048,330

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

2,413

OSI

Systems,

Inc.*

$

297,499

4,080

Palo

Alto

Networks,

Inc.*

1,203,967

3,566

PTC,

Inc.*

561,146

11,148

Q2

Holdings,

Inc.*

395,977

3,105

Qorvo,

Inc.*

299,633

11,293

QUALCOMM,

Inc.

1,457,362

5,491

Rapid7,

Inc.*

297,338

8,977

RingCentral,

Inc.,

Class

A*

255,485

35,208

Riot

Platforms,

Inc.*

441,860

6,561

Salesforce,

Inc.*

1,652,716

24,201

Seiko

Epson

Corp.

(Japan)

359,819

17,062

Semtech

Corp.*

279,305

25,700

SentinelOne,

Inc.,

Class

A*

490,613

1,446

ServiceNow,

Inc.*

991,580

14,365

Shopify,

Inc.,

Class

A

(Canada)*

1,046,059

2,632

Silicon

Laboratories,

Inc.*

277,334

3,843

Skyworks

Solutions,

Inc.

372,502

6,367

Snowflake,

Inc.,

Class

A*

1,194,959

152,134

Spirent

Communications

PLC

(United

Kingdom)

219,943

4,305

Splunk,

Inc.*

652,380

5,690

Sprout

Social,

Inc.,

Class

A*

323,761

15,760

STMicroelectronics

NV

(Singapore)

747,241

26,380

Stratasys

Ltd.*

291,235

1,471

Super

Micro

Computer,

Inc.*

402,274

2,441

Synaptics,

Inc.*

247,127

21,109

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

ADR

(Taiwan)

2,054,117

3,922

TD

SYNNEX

Corp.

386,866

8,993

Tenable

Holdings,

Inc.*

372,220

14,908

Teradyne,

Inc.

1,374,965

22,772

TomTom

NV

(Netherlands)*

150,818

29,645

UiPath,

Inc.,

Class

A*

585,785

116,934

Yangtze

Optical

Fibre

and

Cable

Joint

Stock

Ltd.

Co.,

Class

H

(China)

(a)(b)

133,099

3,115

Zebra

Technologies

Corp.,

Class

A*

738,193

30,679

Zeta

Global

Holdings

Corp.,

Class

A*

250,647

3,959

Zscaler,

Inc.*

782,021

88,860,031

Real

Estate

–

0.8%

4,248

American

Tower

Corp.

REIT

886,897

5,548

Digital

Realty

Trust,

Inc.

REIT

769,952

1,103

Equinix,

Inc.

REIT

898,956

2,555,805

Utilities

–

1.1%

13,758

Atlantica

Sustainable

Infrastructure

PLC

(Spain)

261,677

19,515

Avangrid,

Inc.

602,428

13,690

Boralex,

Inc.,

Class

A

(Canada)

311,290

18,335

Brookfield

Renewable

Corp.,

Class

A

(a)

486,611

21,485

Brookfield

Renewable

Partners

LP

(Canada)

531,638

Goldman

Sachs

Innovate

Equity

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Utilities

–

(continued)

36,647

Innergex

Renewable

Energy,

Inc.

(Canada)

$

259,747

14,796

NextEra

Energy,

Inc.

865,714

47,875

ReNew

Energy

Global

PLC,

Class

A

(India)*

308,315

3,627,420

TOTAL

COMMON

STOCKS

(Cost

$317,881,300)

333,378,108

a

Exchange-Traded

Funds

–

0.2%

212,217

Greencoat

UK

Wind

PLC/Funds

386,597

213,696

Renewables

Infrastructure

Group

Ltd.

(The)

295,958

TOTAL

EXCHANGE-TRADED

FUNDS

(Cost

$692,085)

682,555

Units

Description

Expiration

Month

Value

aa

Right

–

0.0%

Health

Care

–

0.0%

9,282

AstraZeneca

PLC*

(d)

(Cost

$0)

12/28

28,403

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.3%

(c)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

962,603

5.260%

962,603

(Cost

$962,603)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$319,535,988)

335,051,669

a

Securities

Lending

Reinvestment

Vehicle

–

2.0%

(c)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

6,656,492

5.259%

6,656,492

(Cost

$6,656,492)

TOTAL

INVESTMENTS

–

101.8%

(Cost

$326,192,480)

$

341,708,161

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(1.8)%

(6,051,346)

NET

ASSETS

–

100.0%

$

335,656,815

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

All

or

a

portion

of

security

is

on

loan.

(b)

Exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

(c)

Represents

an

affiliated

issuer.

(d)

Significant

unobservable

inputs

were

used

in

the

valuation

of

this

portfolio

security;

i.e.

Level

3.

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

GDR

—

Global

Depositary

Receipt

LP

—

Limited

Partnership

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

JUST

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.7%

Communication

Services

–

7.0%

48,731

Alphabet,

Inc.,

Class

A*

$

6,458,320

41,710

Alphabet,

Inc.,

Class

C*

5,585,803

67,788

AT&T,

Inc.

1,123,247

967

Charter

Communications,

Inc.,

Class

A*

386,926

2,740

Electronic

Arts,

Inc.

378,147

2,658

Fox

Corp.,

Class

A

78,517

1,338

Fox

Corp.,

Class

B

37,009

3,849

Interpublic

Group

of

Cos.,

Inc.

(The)

118,318

4,419

Netflix,

Inc.*

2,094,473

1,609

New

York

Times

Co.

(The),

Class

A

75,607

80

Paramount

Global,

Class

A

1,417

5,771

Paramount

Global,

Class

B

82,929

1,162

Roku,

Inc.*

121,080

1,649

Take-Two

Interactive

Software,

Inc.*

260,872

5,047

T-Mobile

US,

Inc.

759,321

1,107

TripAdvisor,

Inc.*

19,738

40,140

Verizon

Communications,

Inc.

1,538,566

18,437

Walt

Disney

Co.

(The)*

1,708,926

2,531

ZoomInfo

Technologies,

Inc.*

36,371

20,865,587

Consumer

Discretionary

–

10.7%

4,054

Airbnb,

Inc.,

Class

A*

512,182

90,819

Amazon.com,

Inc.*

13,267,748

2,709

Aptiv

PLC*

224,414

1,952

Best

Buy

Co.,

Inc.

138,475

374

Booking

Holdings,

Inc.*

1,169,012

2,326

BorgWarner,

Inc.

78,363

674

Brunswick

Corp.

53,158

1,583

CarMax,

Inc.*

101,217

268

Chipotle

Mexican

Grill,

Inc.*

590,203

1,211

Darden

Restaurants,

Inc.

189,485

258

Deckers

Outdoor

Corp.*

171,304

598

Dick's

Sporting

Goods,

Inc.

77,800

4,169

DraftKings,

Inc.,

Class

A*

159,423

5,343

eBay,

Inc.

219,116

1,224

Etsy,

Inc.*

92,791

1,433

Expedia

Group,

Inc.*

195,146

39,252

Ford

Motor

Co.

402,725

1,927

Gap,

Inc.

(The)

38,675

1,531

Garmin

Ltd.

187,149

13,731

General

Motors

Co.

433,900

302

Grand

Canyon

Education,

Inc.*

41,289

1,513

H&R

Block,

Inc.

68,720

1,306

Harley-Davidson,

Inc.

39,167

1,304

Hasbro,

Inc.

60,519

2,571

Hilton

Worldwide

Holdings,

Inc.

430,694

10,211

Home

Depot,

Inc.

(The)

3,201,046

467

Hyatt

Hotels

Corp.,

Class

A

53,593

1,102

Kohl's

Corp.

25,842

3,300

Las

Vegas

Sands

Corp.

152,196

584

Lear

Corp.

78,110

279

Lithia

Motors,

Inc.

74,490

5,908

Lowe’s

Cos.,

Inc.

1,174,688

1,112

Lululemon

Athletica,

Inc.*

496,842

2,670

Macy’s,

Inc.

42,346

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Discretionary

–

(continued)

2,484

Marriott

International,

Inc.,

Class

A

$

503,507

364

Marriott

Vacations

Worldwide

Corp.

26,536

7,350

McDonald's

Corp.

2,071,524

2,926

MGM

Resorts

International

115,401

498

Mohawk

Industries,

Inc.*

43,978

11,983

NIKE,

Inc.,

Class

B

1,321,365

1,110

Nordstrom,

Inc.

17,338

3,163

Peloton

Interactive,

Inc.,

Class

A*

17,903

466

Phinia,

Inc.

11,883

538

Polaris,

Inc.

44,369

2,185

PulteGroup,

Inc.

193,198

620

PVH

Corp.

60,624

2,933

QuantumScape

Corp.*

18,595

397

Ralph

Lauren

Corp.

51,364

2,343

Royal

Caribbean

Cruises

Ltd.*

251,779

1,468

Service

Corp.

International

89,944

11,292

Starbucks

Corp.

1,121,296

2,353

Tapestry,

Inc.

74,519

11,525

TJX

Cos.,

Inc.

(The)

1,015,468

1,095

Tractor

Supply

Co.

222,296

381

Vail

Resorts,

Inc.

82,795

829

Wayfair,

Inc.,

Class

A*

46,258

534

Whirlpool

Corp.

58,153

644

Williams-Sonoma,

Inc.

120,776

869

YETI

Holdings,

Inc.*

37,054

31,859,751

Consumer

Staples

–

6.2%

5,210

Archer-Daniels-Midland

Co.

384,133

1,458

Bunge

Global

SA

160,191

1,861

Campbell

Soup

Co.

74,775

2,384

Church

&

Dwight

Co.,

Inc.

230,366

1,211

Clorox

Co.

(The)

173,597

38,315

Coca-Cola

Co.

(The)

2,239,129

8,016

Colgate-Palmolive

Co.

631,420

4,462

Costco

Wholesale

Corp.

2,644,806

5,732

General

Mills,

Inc.

364,899

1,439

Hershey

Co.

(The)

270,417

2,816

Hormel

Foods

Corp.

86,142

645

Ingredion,

Inc.

66,106

2,530

Kellanova

132,926

9,306

Keurig

Dr

Pepper,

Inc.

293,790

3,289

Kimberly-Clark

Corp.

406,948

6,371

Kroger

Co.

(The)

282,044

2,445

McCormick

&

Co.,

Inc.

158,509

1,696

Molson

Coors

Beverage

Co.,

Class

B

104,372

7,267

Monster

Beverage

Corp.*

400,775

13,553

PepsiCo,

Inc.

2,280,834

23,158

Procter &

Gamble

Co.

(The)

3,555,216

4,954

Sysco

Corp.

357,530

4,601

Target

Corp.

615,660

2,713

Tyson

Foods,

Inc.,

Class

A

127,077

6,973

Walgreens

Boots

Alliance,

Inc.

139,042

14,392

Walmart,

Inc.

2,240,691

626

WK

Kellogg

Co.

7,011

18,428,406

GOLDMAN

SACHS

JUST

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Energy

–

4.1%

2,828

APA

Corp.

$

101,808

9,265

Baker

Hughes

Co.

312,694

2,216

Cheniere

Energy,

Inc.

403,644

16,302

Chevron

Corp.

2,340,967

11,172

ConocoPhillips

1,291,148

5,859

Devon

Energy

Corp.

263,479

3,286

EQT

Corp.

131,309

36,903

Exxon

Mobil

Corp.

3,791,414

8,214

Halliburton

Co.

304,164

17,931

Kinder

Morgan,

Inc.

315,048

3,876

Marathon

Petroleum

Corp.

578,260

6,380

Occidental

Petroleum

Corp.

377,377

4,082

ONEOK,

Inc.

281,046

4,213

Phillips

66

543,014

2,132

Pioneer

Natural

Resources

Co.

493,857

2,133

Range

Resources

Corp.

69,323

3,223

Valero

Energy

Corp.

404,035

11,136

Williams

Cos.,

Inc.

(The)

409,693

12,412,280

Financials

–

13.1%

2,749

Allstate

Corp.

(The)

379,005

2,826

Ally

Financial,

Inc.

82,576

5,579

American

Express

Co.

952,726

7,583

American

International

Group,

Inc.

499,037

1,102

Ameriprise

Financial,

Inc.

389,568

2,124

Aon

PLC,

Class

A

697,713

3,737

Arch

Capital

Group

Ltd.*

312,749

553

Assurant,

Inc.

92,915

811

Axis

Capital

Holdings

Ltd.

45,692

73,582

Bank

of

America

Corp.

2,243,515

8,177

Bank

of

New

York

Mellon

Corp.

(The)

395,113

1,564

BlackRock,

Inc.

1,174,924

5,115

Block,

Inc.*

324,445

3,581

Capital

One

Financial

Corp.

399,854

1,100

Cboe

Global

Markets,

Inc.

200,409

15,542

Charles

Schwab

Corp.

(The)

953,035

20,391

Citigroup,

Inc.

940,025

3,769

CME

Group,

Inc.

822,999

2,156

Columbia

Banking

System,

Inc.

48,359

1,378

Comerica,

Inc.

62,313

372

Evercore,

Inc.,

Class

A

54,889

444

Everest

Group

Ltd.

182,284

5,589

Fidelity

National

Information

Services,

Inc.

327,739

7,114

Fifth

Third

Bancorp

205,950

3,732

FNB

Corp.

44,747

2,967

Franklin

Resources,

Inc.

73,582

3,382

Goldman

Sachs

Group,

Inc.

(The)

(a)

1,155,088

368

Hanover

Insurance

Group,

Inc.

(The)

45,742

3,182

Hartford

Financial

Services

Group,

Inc.

(The)

248,705

15,285

Huntington

Bancshares,

Inc.

172,109

5,931

Intercontinental

Exchange,

Inc.

675,185

1,993

Jefferies

Financial

Group,

Inc.

70,632

30,489

JPMorgan

Chase &

Co.

4,758,723

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

9,735

KeyCorp

$

120,617

1,142

Lazard

Ltd.,

Class

A

34,237

1,771

Lincoln

National

Corp.

42,114

814

LPL

Financial

Holdings,

Inc.

180,952

387

MarketAxess

Holdings,

Inc.

92,926

5,186

Marsh

&

McLennan

Cos.,

Inc.

1,034,192

7,981

Mastercard,

Inc.,

Class

A

3,302,777

6,780

MetLife,

Inc.

431,411

2,978

MGIC

Investment

Corp.

52,383

1,663

Moody's

Corp.

606,928

12,608

Morgan

Stanley

1,000,319

277

Morningstar,

Inc.

78,491

801

MSCI,

Inc.

417,201

3,584

Nasdaq,

Inc.

200,131

2,150

Northern

Trust

Corp.

170,387

1,171

OneMain

Holdings,

Inc.

49,533

10,596

PayPal

Holdings,

Inc.*

610,435

780

Pinnacle

Financial

Partners,

Inc.

56,605

4,177

PNC

Financial

Services

Group,

Inc.

(The)

559,551

381

Primerica,

Inc.

79,823

2,535

Principal

Financial

Group,

Inc.

187,159

6,126

Progressive

Corp.

(The)

1,004,848

3,847

Prudential

Financial,

Inc.

376,160

9,767

Regions

Financial

Corp.

162,914

698

Reinsurance

Group

of

America,

Inc.

113,816

1,307

Rocket

Cos.,

Inc.,

Class

A*

12,207

3,394

S&P

Global,

Inc.

1,411,327

3,921

Synchrony

Financial

126,884

1,497

Synovus

Financial

Corp.

46,093

1,207

Tradeweb

Markets,

Inc.,

Class

A

116,958

2,414

Travelers

Cos.,

Inc.

(The)

436,017

13,905

Truist

Financial

Corp.

446,907

2,060

Unum

Group

88,580

16,069

US

Bancorp

612,550

15,395

Visa,

Inc.,

Class

A

3,951,589

2,125

W

R

Berkley

Corp.

154,169

38,771

Wells

Fargo &

Co.

1,728,799

3,517

Western

Union

Co.

(The)

40,903

39,171,240

Health

Care

–

12.5%

731

10X

Genomics,

Inc.,

Class

A*

31,813

13,974

Abbott

Laboratories

1,457,348

14,250

AbbVie,

Inc.

2,029,058

2,367

Agilent

Technologies,

Inc.

302,503

609

Align

Technology,

Inc.*

130,204

988

Alnylam

Pharmaceuticals,

Inc.*

166,231

4,318

Amgen,

Inc.

1,164,306

4,038

Baxter

International,

Inc.

145,691

2,267

Becton

Dickinson

&

Co.

535,420

1,150

Biogen,

Inc.*

269,192

1,494

BioMarin

Pharmaceutical,

Inc.*

136,074

11,509

Boston

Scientific

Corp.*

643,238

16,848

Bristol-Myers

Squibb

Co.

831,954

1,582

Cencora,

Inc.

321,731

4,337

Centene

Corp.*

319,550

2,342

Cigna

Group

(The)

615,665

12,502

CVS

Health

Corp.

849,511

GOLDMAN

SACHS

JUST

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

–

(continued)

5,277

Danaher

Corp.

$

1,178,407

430

DaVita,

Inc.*

43,628

1,687

DENTSPLY

SIRONA,

Inc.

53,562

3,099

Dexcom,

Inc.*

357,996

4,821

Edwards

Lifesciences

Corp.*

326,430

1,896

Elevance

Health,

Inc.

909,113

6,830

Eli

Lilly

&

Co.

4,036,803

707

Fortrea

Holdings,

Inc.*

20,814

3,123

GE

HealthCare

Technologies,

Inc.

213,801

10,020

Gilead

Sciences,

Inc.

767,532

1,639

HCA

Healthcare,

Inc.

410,537

1,950

Hologic,

Inc.*

139,035

998

Humana,

Inc.

483,890

664

IDEXX

Laboratories,

Inc.*

309,305

1,267

Illumina,

Inc.*

129,171

1,472

Incyte

Corp.*

79,989

554

Insulet

Corp.*

104,756

2,796

Intuitive

Surgical,

Inc.*

869,109

1,474

IQVIA

Holdings,

Inc.*

315,583

19,456

Johnson &

Johnson

3,009,065

710

Laboratory

Corp.

of

America

Holdings

154,006

871

Maravai

LifeSciences

Holdings,

Inc.,

Class

A*

4,442

10,644

Medtronic

PLC

843,750

20,509

Merck &

Co.,

Inc.

2,101,762

2,668

Moderna,

Inc.*

207,304

771

Neurocrine

Biosciences,

Inc.*

89,891

45,620

Pfizer,

Inc.

1,390,041

835

Regeneron

Pharmaceuticals,

Inc.*

687,881

441

Repligen

Corp.*

69,347

1,159

ResMed,

Inc.

182,809

2,852

Stryker

Corp.

845,133

3,115

Thermo

Fisher

Scientific,

Inc.

1,544,292

540

Ultragenyx

Pharmaceutical,

Inc.*

20,979

7,505

UnitedHealth

Group,

Inc.

4,150,040

1,156

Veeva

Systems,

Inc.,

Class

A*

201,502

2,062

Vertex

Pharmaceuticals,

Inc.*

731,618

551

Waters

Corp.*

154,616

1,680

Zimmer

Biomet

Holdings,

Inc.

195,401

37,282,829

Industrials

–

8.7%

5,185

3M

Co.

513,678

298

Acuity

Brands,

Inc.

53,420

1,237

AECOM

109,920

835

Allegion

PLC

88,585

6,475

American

Airlines

Group,

Inc.*

80,484

2,171

AMETEK,

Inc.

337,004

425

Armstrong

World

Industries,

Inc.

36,044

3,900

Automatic

Data

Processing,

Inc.

896,688

203

Avis

Budget

Group,

Inc.*

37,119

1,245

AZEK

Co.,

Inc.

(The)*

42,940

5,265

Boeing

Co.

(The)*

1,219,532

1,226

Booz

Allen

Hamilton

Holding

Corp.

153,409

1,231

Broadridge

Financial

Solutions,

Inc.

238,592

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

1,085

C.H.

Robinson

Worldwide,

Inc.

$

89,024

7,860

Carrier

Global

Corp.

408,406

4,911

Caterpillar,

Inc.

1,231,286

1,198

Ceridian

HCM

Holding,

Inc.*

82,542

2,730

ChargePoint

Holdings,

Inc.*

(b)

5,078

813

Cintas

Corp.

449,792

18,901

CSX

Corp.

610,502

1,333

Cummins,

Inc.

298,805

2,547

Deere

&

Co.

928,152

6,417

Delta

Air

Lines,

Inc.

236,980

3,763

Eaton

Corp.

PLC

856,798

5,381

Emerson

Electric

Co.

478,371

2,189

FedEx

Corp.

566,579

3,333

Fortive

Corp.

229,910

1,182

Fortune

Brands

Innovations,

Inc.

80,884

317

FTI

Consulting,

Inc.*

69,886

10,232

General

Electric

Co.

1,246,258

1,690

Genpact

Ltd.

57,392

1,339

Hertz

Global

Holdings,

Inc.*

11,167

6,334

Honeywell

International,

Inc.

1,240,957

508

Hubbell,

Inc.

152,400

714

IDEX

Corp.

144,000

2,865

Illinois

Tool

Works,

Inc.

693,932

3,819

Ingersoll

Rand,

Inc.

272,791

1,193

Jacobs

Solutions,

Inc.

151,726

6,477

Johnson

Controls

International

PLC

341,986

1,099

KBR,

Inc.

56,785

1,787

L3Harris

Technologies,

Inc.

340,978

1,107

Leidos

Holdings,

Inc.

118,803

305

Lennox

International,

Inc.

124,031

527

Lincoln

Electric

Holdings,

Inc.

104,378

2,137

Lockheed

Martin

Corp.

956,885

1,891

MDU

Resources

Group,

Inc.

36,194

472

Mercury

Systems,

Inc.*

16,185

1,346

Northrop

Grumman

Corp.

639,565

1,549

nVent

Electric

PLC

82,484

611

Oshkosh

Corp.

59,444

3,896

Otis

Worldwide

Corp.

334,238

850

Owens

Corning

115,243

1,085

Rockwell

Automation,

Inc.

298,852

13,787

RTX

Corp.

1,123,365

504

Schneider

National,

Inc.,

Class

B

11,607

443

SiteOne

Landscape

Supply,

Inc.*

62,383

5,927

Southwest

Airlines

Co.

151,553

978

Spirit

AeroSystems

Holdings,

Inc.,

Class

A*

26,885

1,440

Stanley

Black

&

Decker,

Inc.

130,896

2,354

Sunrun,

Inc.*

30,367

1,863

Textron,

Inc.

142,818

574

Timken

Co.

(The)

41,558

2,151

Trane

Technologies

PLC

484,857

1,816

TransUnion

106,636

19,406

Uber

Technologies,

Inc.*

1,094,110

5,798

Union

Pacific

Corp.

1,306,115

3,258

United

Airlines

Holdings,

Inc.*

128,365

6,831

United

Parcel

Service,

Inc.,

Class

B

1,035,648

652

United

Rentals,

Inc.

310,365

1,763

Veralto

Corp.*

136,192

GOLDMAN

SACHS

JUST

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

1,341

Verisk

Analytics,

Inc.

$

323,758

418

W.W.

Grainger,

Inc.

328,627

4,555

Waste

Management,

Inc.

778,859

1,849

WillScot

Mobile

Mini

Holdings

Corp.*

77,140

556

Woodward,

Inc.

75,160

2,230

Xylem,

Inc.

234,440

26,168,788

Information

Technology

–

29.9%

6,009

Accenture

PLC,

Class

A

2,001,838

3,762

Adobe,

Inc.*

2,298,620

13,147

Advanced

Micro

Devices,

Inc.*

1,592,891

1,249

Akamai

Technologies,

Inc.*

144,297

4,113

Analog

Devices,

Inc.

754,242

707

ANSYS,

Inc.*

207,406

122,379

Apple,

Inc.

23,245,891

6,876

Applied

Materials,

Inc.

1,029,887

1,753

Autodesk,

Inc.*

382,908

3,532

Broadcom,

Inc.

3,269,678

2,200

Cadence

Design

Systems,

Inc.*

601,194

1,400

Ciena

Corp.*

64,190

444

Cirrus

Logic,

Inc.*

33,704

39,116

Cisco

Systems,

Inc.

1,892,432

2,342

Cloudflare,

Inc.,

Class

A*

180,685

6,190

Corning,

Inc.

176,353

1,641

DocuSign,

Inc.*

70,727

2,107

Dropbox,

Inc.,

Class

A*

59,375

1,959

Dynatrace,

Inc.*

104,905

626

Elastic

NV*

50,305

490

F5,

Inc.*

83,883

969

First

Solar,

Inc.*

152,889

5,342

Fortinet,

Inc.*

280,776

621

Gartner,

Inc.*

270,036

4,511

Gen

Digital,

Inc.

99,603

1,251

GoDaddy,

Inc.,

Class

A*

125,175

10,493

Hewlett

Packard

Enterprise

Co.

177,437

7,010

HP,

Inc.

205,673

34,235

Intel

Corp.

1,530,305

7,393

International

Business

Machines

Corp.

1,172,234

2,238

Intuit,

Inc.

1,278,928

3,001

Juniper

Networks,

Inc.

85,379

1,669

Keysight

Technologies,

Inc.*

226,800

1,092

Lam

Research

Corp.

781,785

227

Littelfuse,

Inc.

52,846

6,954

Marvell

Technology,

Inc.

387,546

8,900

Micron

Technology,

Inc.

677,468

61,029

Microsoft

Corp.

23,124,498

535

MongoDB,

Inc.*

222,421

1,568

Motorola

Solutions,

Inc.

506,260

1,711

NetApp,

Inc.

156,368

19,481

NVIDIA

Corp.

9,111,264

1,225

Okta,

Inc.*

82,136

3,502

ON

Semiconductor

Corp.*

249,798

12,468

Oracle

Corp.

1,448,906

2,449

Palo

Alto

Networks,

Inc.*

722,675

333

Pegasystems,

Inc.

17,309

2,272

Pure

Storage,

Inc.,

Class

A*

75,680

9,086

QUALCOMM,

Inc.

1,172,548

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

7,758

Salesforce,

Inc.*

$

1,954,240

1,657

ServiceNow,

Inc.*

1,136,271

1,024

Smartsheet,

Inc.,

Class

A*

43,397

1,244

Splunk,

Inc.*

188,516

1,239

Synopsys,

Inc.*

673,062

813

Teradata

Corp.*

38,414

1,263

Teradyne,

Inc.

116,487

7,386

Texas

Instruments,

Inc.

1,127,916

2,318

Trimble,

Inc.*

107,555

1,377

Twilio,

Inc.,

Class

A*

89,064

340

Tyler

Technologies,

Inc.*

139,006

2,591

Western

Digital

Corp.*

125,171

996

Wolfspeed,

Inc.*

36,713

1,612

Workday,

Inc.,

Class

A*

436,401

486

Zebra

Technologies

Corp.,

Class

A*

115,172

2,040

Zoom

Video

Communications,

Inc.,

Class

A*

138,373

708

Zscaler,

Inc.*

139,851

89,245,763

Materials

–

2.5%

2,043

Air

Products

and

Chemicals,

Inc.

552,734

1,080

Albemarle

Corp.

130,972

614

AptarGroup,

Inc.

77,911

742

Avery

Dennison

Corp.

144,319

2,066

Axalta

Coating

Systems

Ltd.*

65,017

2,898

Ball

Corp.

160,230

908

Celanese

Corp.

125,903

1,803

CF

Industries

Holdings,

Inc.

135,496

4,660

Cleveland-Cliffs,

Inc.*

79,966

6,963

Corteva,

Inc.

314,728

6,527

Dow,

Inc.

337,772

4,334

DuPont

de

Nemours,

Inc.

310,054

1,093

Eastman

Chemical

Co.

91,626

2,295

Ecolab,

Inc.

440,020

13,172

Freeport-McMoRan,

Inc.

491,579

2,355

International

Flavors

&

Fragrances,

Inc.

177,520

3,181

International

Paper

Co.

117,506

4,558

Linde

PLC

1,885,964

2,384

LyondellBasell

Industries

NV,

Class

A

226,718

580

Martin

Marietta

Materials,

Inc.

269,462

10,676

Newmont

Corp.

429,069

2,324

Nucor

Corp.

395,010

839

Packaging

Corp.

of

America

140,960

379

Scotts

Miracle-Gro

Co.

(The)

21,095

1,884

SSR

Mining,

Inc.

(Canada)

22,231

1,251

Vulcan

Materials

Co.

267,164

2,394

Westrock

Co.

98,561

7,509,587

Real

Estate

–

2.8%

4,694

American

Homes

4

Rent,

Class

A

REIT

170,251

6,564

American

Tower

Corp.

REIT

1,370,432

2,095

Apartment

Income

REIT

Corp.

REIT

65,196

GOLDMAN

SACHS

JUST

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Real

Estate

–

(continued)

1,998

AvalonBay

Communities,

Inc.

REIT

$

345,534

2,203

Boston

Properties,

Inc.

REIT

125,417

1,458

Camden

Property

Trust

REIT

131,599

4,366

CBRE

Group,

Inc.,

Class

A*

344,739

6,094

Crown

Castle,

Inc.

REIT

714,704

4,207

Digital

Realty

Trust,

Inc.

REIT

583,848

1,314

Equinix,

Inc.

REIT

1,070,923

5,258

Equity

Residential

REIT

298,865

900

Essex

Property

Trust,

Inc.

REIT

192,114

4,077

Iron

Mountain,

Inc.

REIT

261,540

671

Jones

Lang

LaSalle,

Inc.*

104,354

8,499

Kimco

Realty

Corp.

REIT

164,201

13,102

Prologis,

Inc.

REIT

1,505,813

1,508

SBA

Communications

Corp.

REIT

372,416

4,609

UDR,

Inc.

REIT

153,941

10,315

Weyerhaeuser

Co.

REIT

323,375

776

Zillow

Group,

Inc.,

Class

A*

30,566

2,170

Zillow

Group,

Inc.,

Class

C*

88,840

8,418,668

Utilities

–

2.2%

7,454

AES

Corp.

(The)

128,283

2,930

Ameren

Corp.

227,339

5,762

American

Electric

Power

Co.,

Inc.

458,367

2,181

American

Water

Works

Co.,

Inc.

287,543

788

Avangrid,

Inc.

24,326

9,356

Dominion

Energy,

Inc.

424,201

2,329

DTE

Energy

Co.

242,472

8,629

Duke

Energy

Corp.

796,284

4,229

Edison

International

283,301

2,369

Entergy

Corp.

240,240

3,898

Eversource

Energy

231,580

11,129

Exelon

Corp.

428,578

22,838

NextEra

Energy,

Inc.

1,336,251

2,575

NRG

Energy,

Inc.

123,188

5,562

Public

Service

Enterprise

Group,

Inc.

347,236

7,058

Sempra

514,316

4,129

Vistra

Corp.

146,208

6,170

Xcel

Energy,

Inc.

375,383

6,615,096

TOTAL

COMMON

STOCKS

(Cost

$239,630,640)

297,977,995

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.1%

(a)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

431,692

5.259%

431,692

(Cost

$431,692)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$240,062,332)

298,409,687

Shares

Dividend

Rate

Value

a

Securities

Lending

Reinvestment

Vehicle

–

0.1%

(a)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

237,856

5.259%

$

237,856

(Cost

$237,856)

TOTAL

INVESTMENTS

–

99.9%

(Cost

$240,300,188)

$

298,647,543

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.1%

294,716

NET

ASSETS

–

100.0%

$

298,942,259

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Represents

an

affiliated

issuer.

(b)

All

or

a

portion

of

security

is

on

loan.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

NORTH

AMERICAN

PIPELINES

&

POWER

EQUITY

ETF

Schedule

of

Investments

November

30,

2023

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

99.9%

Energy

–

85.2%

20,913

Antero

Midstream

Corp.

$

278,561

441

Cheniere

Energy

Partners

LP

27,227

3,936

Cheniere

Energy,

Inc.

716,942

6,726

Clean

Energy

Fuels

Corp.*

24,281

590

CrossAmerica

Partners

LP

14,001

449

Delek

Logistics

Partners

LP

22,971

2,379

DT

Midstream,

Inc.

136,293

17,570

Enbridge,

Inc.

(Canada)

613,981

32,876

Energy

Transfer

LP

456,648

8,348

EnLink

Midstream

LLC*

114,117

13,930

Enterprise

Products

Partners

LP

373,045

8,180

Equitrans

Midstream

Corp.

76,728

477

Excelerate

Energy,

Inc.,

Class

A

7,976

8,058

Gibson

Energy,

Inc.

(Canada)

121,715

290

Global

Partners

LP

10,565

1,774

Hess

Midstream

LP,

Class

A

57,726

9,022

Keyera

Corp.

(Canada)

227,372

33,944

Kinder

Morgan,

Inc.

596,396

345

Kinetik

Holdings,

Inc.

12,544

4,091

MPLX

LP

149,158

8,201

New

Fortress

Energy,

Inc.

315,575

4,630

NextDecade

Corp.*

23,104

3,579

NGL

Energy

Partners

LP*

15,497

2,375

NuStar

Energy

LP

45,220

16,685

ONEOK,

Inc.

1,148,762

18,096

Pembina

Pipeline

Corp.

(Canada)

605,803

10,241

Plains

All

American

Pipeline

LP

162,627

16,876

Plains

GP

Holdings

LP,

Class

A*

272,716

7,441

Secure

Energy

Services,

Inc.

(Canada)

44,508

1,441

Sunoco

LP

78,765

8,850

Targa

Resources

Corp.

800,483

15,537

TC

Energy

Corp.

(Canada)

583,160

5,284

Western

Midstream

Partners

LP

157,569

16,771

Williams

Cos.,

Inc.

(The)

617,005

4,053

World

Kinect

Corp.

85,275

8,994,316

Utilities

–

14.7%

8,567

AES

Corp.

(The)

147,438

2,921

AltaGas

Ltd.

(Canada)

59,461

4,576

Atlantica

Sustainable

Infrastructure

PLC

(Spain)

87,036

6,930

Boralex,

Inc.,

Class

A

(Canada)

157,578

2,116

Brookfield

Renewable

Corp.,

Class

A

56,159

4,363

Brookfield

Renewable

Partners

LP

(Canada)

107,961

3,084

Clearway

Energy,

Inc.,

Class

C

77,007

5,236

Innergex

Renewable

Energy,

Inc.

(Canada)

37,112

2,675

NextEra

Energy

Partners

LP

62,969

5,700

Northland

Power,

Inc.

(Canada)

92,740

1,439

Ormat

Technologies,

Inc.

96,873

387

Suburban

Propane

Partners

LP

6,637

16,087

Superior

Plus

Corp.

(Canada)

117,462

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Utilities

–

(continued)

20,644

UGI

Corp.

$

453,962

1,560,395

TOTAL

COMMON

STOCKS

(Cost

$10,293,387)

10,554,711

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.3%

(a)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

27,787

5.260%

27,787

(Cost

$27,787)

TOTAL

INVESTMENTS

–

100.2%

(Cost

$10,321,174)

$

10,582,498

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(0.2)%

(25,387)

NET

ASSETS

–

100.0%

$

10,557,111

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

LP

—

Limited

Partnership

PLC

—

Public

Limited

Company

GOLDMAN

SACHS

SMALL

CAP

CORE

EQUITY

ETF

Schedule

of

Investments

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

98.7%

Communication

Services

–

0.8%

448

Nexstar

Media

Group,

Inc.

$

63,585

Consumer

Discretionary

–

14.0%

2,008

Adient

PLC*

64,657

968

Boot

Barn

Holdings,

Inc.*

70,935

1,840

Boyd

Gaming

Corp.

108,652

832

Cava

Group,

Inc.*

28,296

1,120

Crocs,

Inc.*

118,283

456

Five

Below,

Inc.*

85,938

1,192

Meritage

Homes

Corp.

168,429

696

Ollie's

Bargain

Outlet

Holdings,

Inc.*

50,996

1,136

Savers

Value

Village,

Inc.*

17,097

2,104

SeaWorld

Entertainment,

Inc.*

102,886

1,048

Texas

Roadhouse,

Inc.

117,963

480

Wingstop,

Inc.

115,373

1,552

Wyndham

Hotels

&

Resorts,

Inc.

120,032

1,169,537

Consumer

Staples

–

2.3%

2,000

Simply

Good

Foods

Co.

(The)*

77,480

1,240

TreeHouse

Foods,

Inc.*

50,481

4,896

Utz

Brands,

Inc.

64,676

192,637

Energy

–

7.3%

707

Chord

Energy

Corp.

114,633

2,024

Matador

Resources

Co.

117,149

2,196

Noble

Corp.

PLC

101,324

3,832

Patterson-UTI

Energy,

Inc.

44,873

8,580

Permian

Resources

Corp.

112,741

3,192

SM

Energy

Co.

119,540

610,260

Financials

–

15.0%

2,112

Ameris

Bancorp

89,929

2,016

Associated

Banc-Corp.

35,764

1,680

Banner

Corp.

75,835

1,488

First

Financial

Bankshares,

Inc.

39,060

2,172

First

Merchants

Corp.

66,615

448

FirstCash

Holdings,

Inc.

50,176

1,656

Flywire

Corp.*

38,585

1,968

Glacier

Bancorp,

Inc.

66,184

640

Hamilton

Lane,

Inc.,

Class

A

62,624

1,928

Hancock

Whitney

Corp.

79,530

3,932

NMI

Holdings,

Inc.,

Class

A*

108,130

2,728

Pacific

Premier

Bancorp,

Inc.

61,435

768

Pinnacle

Financial

Partners,

Inc.

55,734

376

Piper

Sandler

Cos.

58,178

688

PJT

Partners,

Inc.,

Class

A

61,961

2,664

Renasant

Corp.

72,567

480

RLI

Corp.

65,088

848

Selective

Insurance

Group,

Inc.

86,233

3,112

United

Community

Banks,

Inc.

76,711

1,250,339

Health

Care

–

11.7%

1,472

Acadia

Healthcare

Co.,

Inc.*

107,441

2,392

Alkermes

PLC*

57,743

1,127

Amylyx

Pharmaceuticals,

Inc.*

15,958

952

Axonics,

Inc.*

53,302

1,056

Catalent,

Inc.*

41,026

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

–

(continued)

724

CONMED

Corp.

$

77,663

3,340

Dynavax

Technologies

Corp.*

45,758

1,584

Evolent

Health,

Inc.,

Class

A*

44,035

2,896

Halozyme

Therapeutics,

Inc.*

111,815

488

iRhythm

Technologies,

Inc.*

41,617

312

Medpace

Holdings,

Inc.*

84,465

1,144

Merit

Medical

Systems,

Inc.*

81,865

4,720

NeoGenomics,

Inc.*

85,762

408

Shockwave

Medical,

Inc.*

71,216

1,576

Surgery

Partners,

Inc.*

51,614

971,280

Industrials

–

21.3%

1,632

Arcosa,

Inc.

121,094

1,040

ASGN,

Inc.*

92,810

536

Chart

Industries,

Inc.*

69,696

4,252

Core

&

Main,

Inc.,

Class

A*

148,948

960

Crane

Co.

101,453

2,849

Federal

Signal

Corp.

196,410

1,962

Fluor

Corp.*

74,615

696

Herc

Holdings,

Inc.

86,067

837

ICF

International,

Inc.

117,138

3,145

Kratos

Defense &

Security

Solutions,

Inc.*

59,912

1,080

Moog,

Inc.,

Class

A

151,211

608

MYR

Group,

Inc.*

75,647

264

Saia,

Inc.*

103,063

1,760

SPX

Technologies,

Inc.*

150,146

616

Standex

International

Corp.

82,433

752

Watts

Water

Technologies,

Inc.,

Class

A

144,767

1,775,410

Information

Technology

–

17.3%

3,200

Allegro

MicroSystems,

Inc.

(Japan)*

87,104

864

Axcelis

Technologies,

Inc.*

107,378

928

Badger

Meter,

Inc.

136,759

2,968

Clearwater

Analytics

Holdings,

Inc.,

Class

A*

63,248

2,072

Cohu,

Inc.*

65,745

480

CyberArk

Software

Ltd.*

95,650

2,856

Instructure

Holdings,

Inc.*

74,684

1,604

MACOM

Technology

Solutions

Holdings,

Inc.*

134,704

1,128

Onto

Innovation,

Inc.*

159,059

3,512

PagerDuty,

Inc.*

76,562

408

Rogers

Corp.*

52,795

1,908

Smartsheet,

Inc.,

Class

A*

80,861

5,192

Sprinklr,

Inc.,

Class

A*

81,411

640

SPS

Commerce,

Inc.*

110,259

2,896

Tenable

Holdings,

Inc.*

119,865

1,446,084

Materials

–

5.0%

1,013

Ashland,

Inc.

80,959

1,992

ATI,

Inc.*

87,548

2,648

Avient

Corp.

90,959

5,436

Constellium

SE*

94,586

GOLDMAN

SACHS

SMALL

CAP

CORE

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Materials

–

(continued)

2,904

Graphic

Packaging

Holding

Co.

$

65,834

419,886

Real

Estate

–

3.2%

7,624

RLJ

Lodging

Trust

REIT

81,501

6,340

SITE

Centers

Corp.

REIT

83,625

1,832

Terreno

Realty

Corp.

REIT

104,625

269,751

Utilities

–

0.8%

1,136

ONE

Gas,

Inc.

65,468

TOTAL

COMMON

STOCKS

(Cost

$7,900,986)

8,234,237

Shares

Dividend

Rate

Value

aa

Investment

Company

–

1.3%

(a)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

111,741

5.260%

111,741

(Cost

$111,741)

TOTAL

INVESTMENTS

–

100.0%

(Cost

$8,012,727)

$

8,345,978

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.0%

3,343

NET

ASSETS

–

100.0%

$

8,349,321

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

DEFENSIVE

EQUITY

ETF

Schedule

of

Investments

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

89.4%

Communication

Services

–

7.1%

1,719

Alphabet,

Inc.,

Class

A*

$

227,819

788

Comcast

Corp.,

Class

A

33,009

87

Electronic

Arts,

Inc.

12,007

301

Fox

Corp.,

Class

A

8,891

346

Meta

Platforms,

Inc.,

Class

A*

113,194

255

Pinterest,

Inc.,

Class

A*

8,688

51

Spotify

Technology

SA*

9,441

135

T-Mobile

US,

Inc.

20,311

752

Verizon

Communications,

Inc.

28,824

471

Warner

Music

Group

Corp.,

Class

A

15,595

477,779

Consumer

Discretionary

–

6.3%

102

Airbnb,

Inc.,

Class

A*

12,887

7

AutoZone,

Inc.*

18,270

10

Booking

Holdings,

Inc.*

31,257

13

Chipotle

Mexican

Grill,

Inc.*

28,629

18

Deckers

Outdoor

Corp.*

11,951

110

Garmin

Ltd.

13,446

107

Genuine

Parts

Co.

14,207

79

Hilton

Worldwide

Holdings,

Inc.

13,234

199

Home

Depot,

Inc.

(The)

62,385

78

Marriott

International,

Inc.,

Class

A

15,811

13

MercadoLibre,

Inc.

(Brazil)*

21,066

289

NIKE,

Inc.,

Class

B

31,868

27

O'Reilly

Automotive,

Inc.*

26,524

104

Ross

Stores,

Inc.

13,560

337

Starbucks

Corp.

33,464

334

TJX

Cos.,

Inc.

(The)

29,429

47

Tractor

Supply

Co.

9,541

307

Yum

China

Holdings,

Inc.

(China)

13,256

136

Yum!

Brands,

Inc.

17,075

417,860

Consumer

Staples

–

8.2%

145

BJ's

Wholesale

Club

Holdings,

Inc.*

9,364

334

Campbell

Soup

Co.

13,420

105

Church

&

Dwight

Co.,

Inc.

10,146

905

Coca-Cola

Co.

(The)

52,888

270

Colgate-Palmolive

Co.

21,268

89

Constellation

Brands,

Inc.,

Class

A

21,404

89

Costco

Wholesale

Corp.

52,754

192

General

Mills,

Inc.

12,223

73

Hershey

Co.

(The)

13,718

252

Hormel

Foods

Corp.

7,709

660

Kenvue,

Inc.

13,490

301

Keurig

Dr

Pepper,

Inc.

9,503

137

Kimberly-Clark

Corp.

16,951

402

Kraft

Heinz

Co.

(The)

14,114

328

Kroger

Co.

(The)

14,521

81

Lamb

Weston

Holdings,

Inc.

8,102

160

McCormick

&

Co.,

Inc.

10,373

272

Mondelez

International,

Inc.,

Class

A

19,328

331

Monster

Beverage

Corp.*

18,255

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Staples

–

(continued)

300

PepsiCo,

Inc.

$

50,487

463

Procter &

Gamble

Co.

(The)

71,080

156

Reynolds

Consumer

Products,

Inc.

4,093

218

Sysco

Corp.

15,733

117

Target

Corp.

15,656

334

Walmart,

Inc.

52,000

548,580

Energy

–

1.9%

73

Cheniere

Energy,

Inc.

13,297

289

Chevron

Corp.

41,500

461

Coterra

Energy,

Inc.

12,101

68

Diamondback

Energy,

Inc.

10,500

295

Occidental

Petroleum

Corp.

17,449

167

Phillips

66

21,525

383

Williams

Cos.,

Inc.

(The)

14,091

130,463

Financials

–

10.7%

103

Allstate

Corp.

(The)

14,201

256

American

International

Group,

Inc.

16,847

68

Aon

PLC,

Class

A

22,337

114

Arch

Capital

Group

Ltd.*

9,541

219

Berkshire

Hathaway,

Inc.,

Class

B*

78,840

171

Blackstone,

Inc.

19,215

236

Brown

&

Brown,

Inc.

17,639

91

Cboe

Global

Markets,

Inc.

16,579

93

Chubb

Ltd.

21,337

84

CME

Group,

Inc.

18,342

29

Erie

Indemnity

Co.,

Class

A

8,574

22

FactSet

Research

Systems,

Inc.

9,976

194

Fiserv,

Inc.*

25,338

69

FleetCor

Technologies,

Inc.*

16,594

103

Global

Payments,

Inc.

11,993

62

Jack

Henry

&

Associates,

Inc.

9,839

475

JPMorgan

Chase &

Co.

74,138

167

Marsh

&

McLennan

Cos.,

Inc.

33,303

163

Mastercard,

Inc.,

Class

A

67,454

60

Moody's

Corp.

21,898

25

MSCI,

Inc.

13,021

174

Nasdaq,

Inc.

9,716

143

Progressive

Corp.

(The)

23,456

119

Raymond

James

Financial,

Inc.

12,513

62

S&P

Global,

Inc.

25,781

74

Tradeweb

Markets,

Inc.,

Class

A

7,171

74

Travelers

Cos.,

Inc.

(The)

13,366

311

Visa,

Inc.,

Class

A

79,828

117

W

R

Berkley

Corp.

8,488

38

WEX,

Inc.*

6,710

714,035

Health

Care

–

13.4%

361

Abbott

Laboratories

37,649

303

AbbVie,

Inc.

43,144

37

Align

Technology,

Inc.*

7,911

107

Becton

Dickinson

&

Co.

25,271

447

Boston

Scientific

Corp.*

24,983

426

Bristol-Myers

Squibb

Co.

21,036

GOLDMAN

SACHS

DEFENSIVE

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

–

(continued)

64

Cencora,

Inc.

$

13,016

13

Chemed

Corp.

7,371

43

Cooper

Cos.,

Inc.

(The)

14,487

267

CVS

Health

Corp.

18,143

158

Dexcom,

Inc.*

18,252

187

Edwards

Lifesciences

Corp.*

12,662

61

Elevance

Health,

Inc.

29,249

137

Eli

Lilly

&

Co.

80,972

253

Gilead

Sciences,

Inc.

19,380

131

Hologic,

Inc.*

9,340

43

Humana,

Inc.

20,849

39

IDEXX

Laboratories,

Inc.*

18,167

84

Intuitive

Surgical,

Inc.*

26,111

433

Johnson &

Johnson

66,968

45

Laboratory

Corp.

of

America

Holdings

9,761

34

McKesson

Corp.

15,999

425

Merck &

Co.,

Inc.

43,554

121

Moderna,

Inc.*

9,402

29

Molina

Healthcare,

Inc.*

10,601

85

Quest

Diagnostics,

Inc.

11,664

31

Regeneron

Pharmaceuticals,

Inc.*

25,538

65

STERIS

PLC

13,061

68

Stryker

Corp.

20,150

85

Thermo

Fisher

Scientific,

Inc.

42,140

163

UnitedHealth

Group,

Inc.

90,134

108

Veeva

Systems,

Inc.,

Class

A*

18,825

79

Vertex

Pharmaceuticals,

Inc.*

28,030

43

West

Pharmaceutical

Services,

Inc.

15,083

136

Zoetis,

Inc.

24,027

892,930

Industrials

–

10.0%

93

A

O

Smith

Corp.

7,008

63

Advanced

Drainage

Systems,

Inc.

7,630

139

Automatic

Data

Processing,

Inc.

31,959

87

Broadridge

Financial

Solutions,

Inc.

16,862

120

BWX

Technologies,

Inc.

9,364

125

C.H.

Robinson

Worldwide,

Inc.

10,256

31

CACI

International,

Inc.,

Class

A*

9,949

96

Caterpillar,

Inc.

24,069

34

Cintas

Corp.

18,811

216

Emerson

Electric

Co.

19,202

76

Expeditors

International

of

Washington,

Inc.

9,146

335

Fastenal

Co.

20,090

56

FedEx

Corp.

14,495

195

Fortive

Corp.

13,451

72

General

Dynamics

Corp.

17,782

248

General

Electric

Co.

30,206

146

Honeywell

International,

Inc.

28,604

213

Howmet

Aerospace,

Inc.

11,204

56

IDEX

Corp.

11,294

89

Illinois

Tool

Works,

Inc.

21,557

52

J.B.

Hunt

Transport

Services,

Inc.

9,634

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

226

Johnson

Controls

International

PLC

$

11,933

49

MSA

Safety,

Inc.

8,533

88

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

8,573

40

Nordson

Corp.

9,414

46

Northrop

Grumman

Corp.

21,857

252

Otis

Worldwide

Corp.

21,619

34

Parker-Hannifin

Corp.

14,728

137

Parsons

Corp.*

8,534

184

Paychex,

Inc.

22,442

80

Republic

Services,

Inc.

12,947

308

Rollins,

Inc.

12,548

73

Trane

Technologies

PLC

16,455

14

TransDigm

Group,

Inc.

13,480

161

Union

Pacific

Corp.

36,268

165

United

Parcel

Service,

Inc.,

Class

B

25,016

61

Verisk

Analytics,

Inc.

14,727

22

W.W.

Grainger,

Inc.

17,296

147

Waste

Management,

Inc.

25,136

73

Westinghouse

Air

Brake

Technologies

Corp.

8,509

84

Woodward,

Inc.

11,355

663,943

Information

Technology

–

25.2%

129

Accenture

PLC,

Class

A

42,975

76

Adobe,

Inc.*

46,437

83

Akamai

Technologies,

Inc.*

9,589

240

Amphenol

Corp.,

Class

A

21,838

37

ANSYS,

Inc.*

10,854

2,175

Apple,

Inc.

413,141

70

Arista

Networks,

Inc.*

15,380

64

Atlassian

Corp.,

Class

A*

12,221

105

Autodesk,

Inc.*

22,935

64

Cadence

Design

Systems,

Inc.*

17,489

71

CDW

Corp.

14,972

868

Cisco

Systems,

Inc.

41,994

110

Datadog,

Inc.,

Class

A*

12,823

250

Dynatrace,

Inc.*

13,388

289

Fortinet,

Inc.*

15,190

52

Gartner,

Inc.*

22,612

58

Intuit,

Inc.

33,145

289

Juniper

Networks,

Inc.

8,222

70

Keysight

Technologies,

Inc.*

9,512

50

Manhattan

Associates,

Inc.*

11,153

1,084

Microsoft

Corp.

410,738

77

Motorola

Solutions,

Inc.

24,861

126

NetApp,

Inc.

11,515

355

NVIDIA

Corp.

166,034

84

Palo

Alto

Networks,

Inc.*

24,788

58

PTC,

Inc.*

9,127

55

Qualys,

Inc.*

10,166

44

Roper

Technologies,

Inc.

23,683

210

Salesforce,

Inc.*

52,899

125

Seagate

Technology

Holdings

PLC

9,887

33

Synopsys,

Inc.*

17,927

94

TE

Connectivity

Ltd.

12,314

GOLDMAN

SACHS

DEFENSIVE

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Additional

Investment

Information 

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

37

Teledyne

Technologies,

Inc.*

$

14,910

227

Texas

Instruments,

Inc.

34,665

221

Trimble,

Inc.*

10,254

38

Tyler

Technologies,

Inc.*

15,536

65

VeriSign,

Inc.*

13,793

91

Workday,

Inc.,

Class

A*

24,636

33

Zebra

Technologies

Corp.,

Class

A*

7,820

1,691,423

Materials

–

2.4%

55

Air

Products

and

Chemicals,

Inc.

14,880

210

DuPont

de

Nemours,

Inc.

15,024

98

Ecolab,

Inc.

18,790

212

International

Paper

Co.

7,831

100

Linde

PLC

41,377

52

Packaging

Corp.

of

America

8,737

47

Reliance

Steel

&

Aluminum

Co.

12,937

89

RPM

International,

Inc.

9,161

93

Sherwin-Williams

Co.

(The)

25,928

99

Southern

Copper

Corp.

(Mexico)

7,121

161,786

Real

Estate

–

1.5%

73

AvalonBay

Communities,

Inc.

REIT

12,624

30

Equinix,

Inc.

REIT

24,450

239

Equity

Residential

REIT

13,585

41

Essex

Property

Trust,

Inc.

REIT

8,752

104

Extra

Space

Storage,

Inc.

REIT

13,538

59

Public

Storage

REIT

15,267

203

Realty

Income

Corp.

REIT

10,954

99,170

Utilities

–

2.7%

261

American

Electric

Power

Co.,

Inc.

20,763

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Utilities

–

(continued)

108

American

Water

Works

Co.,

Inc.

$

14,239

95

Atmos

Energy

Corp.

10,812

91

Constellation

Energy

Corp.

11,015

254

Duke

Energy

Corp.

23,439

236

Edison

International

15,810

399

Exelon

Corp.

15,365

467

NextEra

Energy,

Inc.

27,324

343

PPL

Corp.

8,959

326

Southern

Co.

(The)

23,139

129

WEC

Energy

Group,

Inc.

10,787

181,652

TOTAL

COMMON

STOCKS

(Cost

$5,432,302)

5,979,621

Shares

Dividend

Rate

Value

aa

Investment

Company

–

3.0%

(a)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

197,265

5.260%

197,265

(Cost

$197,265)

TOTAL

INVESTMENTS

–

92.4%

(Cost

$5,629,567)

$

6,176,886

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

7.6%

508,357

NET

ASSETS

–

100.0%

$

6,685,243

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

FUTURES

CONTRACTS

—

At

November

30,

2023,

the

Portfolio

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

S&P

500

E-Mini

Index

3

12/15/23

$

686,513

$

6,091

PURCHASED

&

WRITTEN

OPTIONS

CONTRACTS

—

At

November

30,

2023,

the

Fund

had

the

following

purchased

option

contracts:

EXCHANGE

TRADED

OPTIONS

ON

EQUITY

CONTRACTS

Description

Exercise

Rate

Expiration

Date

Number

of

Contracts

Notional

Amount

Market

Value

Premiums

Paid

(Received)

by

the

Fund

Unrealized

Appreciation/

(Depreciation)

Purchased

Option

Contracts:

Puts

S&P

500

Index

$

550.00

12/29/2023

28

$

6,370

$

42,350

$

50,013

$

(7,663)

GOLDMAN

SACHS

DEFENSIVE

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Description

Exercise

Rate

Expiration

Date

Number

of

Contracts

Notional

Amount

Market

Value

Premiums

Paid

(Received)

by

the

Fund

Unrealized

Appreciation/

(Depreciation)

EXCHANGE

TRADED

OPTIONS

ON

EQUITY

CONTRACTS

Description

Exercise

Rate

Expiration

Date

Number

of

Contracts

Notional

Amount

Market

Value

Premiums

Paid

(Received)

by

the

Fund

Unrealized

Appreciation/

(Depreciation)

Written

Option

Contracts:

Calls

S&P

500

Index

$

700.00

12/29/2023

28

$

(6,580)

$

(32,550)

$

(26,568)

$

(5,982)

Puts

S&P

500

Index

380.00

12/29/2023

28

(6,132)

(13,090)

(15,367)

2,277

Total

written

option

contracts

56

$

(12,712)

$

(45,640)

$

(41,935)

$

(3,705)

Additional

Investment

Information 

(

continued

)

**End

swaps

header**

(continued)

Goldman

Sachs

Equity

ETFs

Schedule

of

Investments

November

30,

2023

(Unaudited)

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

Investment

Valuation

—

The

Funds’

valuation

policy

is

to

value

investments

at

fair

value.

Investments

and

Fair

Value

Measurements

—

U.S.

GAAP

defines

the

fair

value

of

a

financial

instrument

as

the

amount

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date

(i.e.,

the

exit

price);

the

Funds’

policy

is

to

use

the

market

approach.

GAAP

establishes

a

fair

value

hierarchy

that

prioritizes

the

inputs

to

valuation

techniques

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

The

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

in

its

entirety

falls

shall

be

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

The

levels

used

for

classifying

investments

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

these

investments.

The

three

levels

of

the

fair

value

hierarchy

are

described

below:

Level

1

—

Unadjusted

quoted

prices

in

active

markets

that

are

accessible

at

the

measurement

date

for

identical,

unrestricted

assets

or

liabilities;

Level

2

—

Quoted

prices

in

markets

that

are

not

active

or

financial

instruments

for

which

significant

inputs

are

observable

(including,

but

not

limited

to,

quoted

prices

for

similar

investments,

interest

rates,

foreign

exchange

rates,

volatility

and

credit

spreads),

either

directly

or

indirectly;

Level

3

—

Prices

or

valuations

that

require

significant

unobservable

inputs

(including

GSAM’s

assumptions

in

determining

fair

value

measurement).

The

Board

of

Trustees

(“Trustees”)

has

approved

Valuation

Procedures

that

govern

the

valuation

of

the

portfolio

investments

held

by

the

Funds,

including

investments

for

which

market

quotations

are

not

readily

available.

With

respect

to

the

Funds’

investments

that

do

not

have

readily

available

market

quotations,

the

Trustees

have

designated

the

Adviser

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

Rule

2a-5

under

the

Investment

Company

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.

Level

1

and

Level

2

Fair

Value

Investments

—

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

values

for

investments

classified

as

Level

1

and

Level

2

are

as

follows:

Equity

Securities

—

Equity

securities

traded

on

a

United

States

(“U.S.”)

securities

exchange

or

the

NASDAQ

system,

or

those

located

on

certain

foreign

exchanges,

including

but

not

limited

to

the

Americas,

are

valued

daily

at

their

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

they

are

traded.

If

there

is

no

sale

or

official

closing

price

or

such

price

is

believed

by

GSAM

to

not

represent

fair

value,

equity

securities

will

be

valued

at

the

valid

closing

bid

price

for

long

positions

and

at

the

valid

closing

ask

price

for

short

positions

(i.e.

where

there

is

sufficient

volume,

during

normal

exchange

trading

hours).

If

no

valid

bid/ask

price

is

available,

the

equity

security

will

be

valued

pursuant

to

the

Valuation

Procedures

and

consistent

with

applicable

regulatory

guidance.

To

the

extent

these

investments

are

actively

traded,

they

are

classified

as

Level

1

of

the

fair

value

hierarchy,

otherwise

they

are

generally

classified

as

Level

2.

Certain

equity

securities

containing

unique

attributes

may

be

classified

as

Level

2.

Unlisted

equity

securities

for

which

market

quotations

are

available

are

valued

at

the

last

sale

price

on

the

valuation

date,

or

if

no

sale

occurs,

at

the

last

bid

price

for

long

positions

or

the

last

ask

price

for

short

positions,

and

are

generally

classified

as

Level

2.

Goldman

Sachs

Equity

ETFs

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Underlying

Funds

(including

Money

Market

Funds)

—

Underlying

funds

(“Underlying

Funds”)

include

exchange-traded

funds

(“ETFs”)

and

other

investment

companies.

Investments

in

the

Underlying

Funds

(except

ETFs)

are

valued

at

the

NAV

per

share

on

the

day

of

valuation.

ETFs

are

valued

daily

at

the

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

the

investment

is

traded.

Because

the

Funds

invest

in

Underlying

Funds

that

fluctuate

in

value,

the

Funds’

shares

will

correspondingly

fluctuate

in

value.

Underlying

Funds

are

generally

classified

as

Level

1

of

the

fair

value

hierarchy.

To

the

extent

that

underlying

ETFs

are

actively

traded,

they

are

classified

as

Level

1

of

the

fair

value

hierarchy,

otherwise

they

are

generally

classified

as

Level

2.

For

information

regarding

an

Underlying

Fund’s

accounting

policies

and

investment

holdings,

please

see

the

Underlying

Fund’s

shareholder

report.

Derivative

Contracts

—

A

derivative

is

an

instrument

whose

value

is

derived

from

underlying

assets,

indices,

reference

rates

or

a

combination

of

these

factors.

A

Fund

enters

into

derivative

transactions

to

hedge

against

changes

in

interest

rates,

securities

prices,

and/or

currency

exchange

rates,

to

increase

total

return,

or

to

gain

access

to

certain

markets

or

attain

exposure

to

other

underliers.

For

financial

reporting

purposes,

cash

collateral

that

has

been

pledged

to

cover

obligations

of

a

Fund

and

cash

collateral

received,

if

any,

is

reported

separately

on

the

Statements

of

Assets

and

Liabilities

as

either

due

to

broker/receivable

for

collateral

on

certain

derivative

contracts.

Non-cash

collateral

pledged

by

a

Fund,

if

any,

is

noted

in

the

Schedules

of

Investments.

Exchange-traded

derivatives,

including

futures

and

options

contracts,

are

generally

valued

at

the

last

sale

or

settlement

price

on

the

exchange

where

they

are

principally

traded.

Exchange-traded

options

without

settlement

prices

are

generally

valued

at

the

last

bid

price

for

long

positions

and

the

last

ask

price

for

short

positions

on

the

exchange

where

they

are

principally

traded.

Exchange-traded

derivatives

typically

fall

within

Level

1

of

the

fair

value

hierarchy.

Over-the-counter

(“OTC”)

and

centrally

cleared

derivatives

are

valued

using

market

transactions

and

other

market

evidence,

including

market-based

inputs

to

models,

calibration

to

market-clearing

transactions,

broker

or

dealer

quotations,

or

other

alternative

pricing

sources.

Where

models

are

used,

the

selection

of

a

particular

model

to

value

OTC

and

centrally

cleared

derivatives

depends

upon

the

contractual

terms

of,

and

specific

risks

inherent

in,

the

instrument,

as

well

as

the

availability

of

pricing

information

in

the

market.

Valuation

models

require

a

variety

of

inputs,

including

contractual

terms,

market

prices,

yield

curves,

credit

curves,

measures

of

volatility,

voluntary

and

involuntary

prepayment

rates,

loss

severity

rates

and

correlations

of

such

inputs.

For

OTC

and

centrally

cleared

derivatives

that

trade

in

liquid

markets,

model

inputs

can

generally

be

verified

and

model

selection

does

not

involve

significant

management

judgment.

OTC

and

centrally

cleared

derivatives

are

classified

within

Level

2

of

the

fair

value

hierarchy

when

significant

inputs

are

corroborated

by

market

evidence.

i.

Futures

Contracts

—

Futures

contracts

are

contracts

to

buy

or

sell

a

standardized

quantity

of

a

specified

commodity

or

security.

Upon

entering

into

a

futures

contract,

a

Fund

deposits

cash

or

securities

in

an

account

on

behalf

of

the

broker

in

an

amount

sufficient

to

meet

the

initial

margin

requirement.

Subsequent

payments

are

made

or

received

by

a

Fund

equal

to

the

daily

change

in

the

contract

value

and

are

recorded

as

variation

margin

receivable

or

payable

with

a

corresponding

offset

to

unrealized

gains

or

losses.

ii.

Options

—

When

a

Fund

writes

call

or

put

options,

an

amount

equal

to

the

premium

received

is

recorded

as

a

liability

and

is

subsequently

marked-to-market

to

reflect

the

current

value

of

the

option

written.

Swaptions

are

options

on

swap

contracts.

Upon

the

purchase

of

a

call

option

or

a

put

option

by

a

Fund,

the

premium

paid

is

recorded

as

an

investment

and

subsequently

marked-to-market

to

reflect

the

current

value

of

the

option.

Certain

options

may

be

purchased

with

premiums

to

be

determined

on

a

future

date.

The

premiums

for

these

options

are

based

upon

implied

volatility

parameters

at

specified

terms.

Level

3

Fair

Value

Investments

—

To

the

extent

that

significant

inputs

to

valuation

models

and

other

alternative

pricing

sources

are

unobservable,

or

if

quotations

are

not

readily

available,

or

if

GSAM

believes

that

such

quotations

do

not

accurately

reflect

fair

value,

the

fair

value

of

a

Fund’s

investments

may

be

determined

under

Valuation

Procedures

approved

by

the

Trustees.

GSAM,

consistent

with

its

procedures

and

applicable

regulatory

guidance,

may

make

an

adjustment

to

the

most

recent

valuation

prices

of

either

domestic

or

foreign

securities

in

light

of

significant

events

to

reflect

what

it

believes

to

be

the

fair

value

of

the

securities

at

the

time

of

determining

a

Fund’s

NAV.

To

the

extent

investments

are

valued

using

single

source

broker

quotations

obtained

directly

from

the

broker

or

passed

through

from

third

party

pricing

vendors,

such

investments

are

classified

as

Level

3

investments.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Equity

ETFs

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Fair

Value

Hierarchy

—

The

following

is

a

summary

of

the

Funds’

investments

classified

in

the

fair

value

hierarchy

as

of

November

30,

2023:

Bloomberg

Clean

Energy

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

2,204,970

$

20,860

$

—

Europe

3,752,056

—

—

North

America

5,304,330

—

—

South

America

135,394

68,061

—

Investment

Company

48,409

—

—

Securities

Lending

Reinvestment

Vehicle

30,261

—

—

Total

$

11,475,420

$

88,921

$

—

€

1.00

€

1.00

€

1.00

1.00

1.00

1.00

Equal

Weight

U.S.

Large

Cap

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

North

America

$

475,188,390

$

—

$

—

Investment

Company

1,377,549

—

—

Securities

Lending

Reinvestment

Vehicle

764,541

—

—

Total

$

477,330,480

$

—

$

—

€

1.00

€

1.00

€

1.00

1.00

1.00

1.00

Hedge

Industry

VIP

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

2,666,177

$

—

$

—

Europe

6,115,937

—

—

North

America

137,999,660

—

—

South

America

3,381,900

—

—

Investment

Company

116,858

—

—

Securities

Lending

Reinvestment

Vehicle

2,691,750

—

—

Total

$

152,972,282

$

—

$

—

€

1.00

€

1.00

€

1.00

1.00

1.00

1.00

Innovate

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

51,906,180

$

159,902

$

—

Europe

30,731,140

—

28,403

North

America

245,025,715

561,512

—

South

America

4,993,659

—

—

Exchange-Traded

Fund

682,555

—

—

Investment

Company

962,603

—

—

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Equity

ETFs

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Securities

Lending

Reinvestment

Vehicle

6,656,492

—

—

Total

$

340,958,344

$

721,414

$

28,403

€

1.00

€

1.00

€

1.00

1.00

1.00

1.00

JUST

U.S.

Large

Cap

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

North

America

$

297,977,995

$

—

$

—

Investment

Company

431,692

—

—

Securities

Lending

Reinvestment

Vehicle

237,856

—

—

Total

$

298,647,543

$

—

$

—

€

1.00

€

1.00

€

1.00

1.00

1.00

1.00

North

American

Pipelines

&

Power

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Europe

$

87,036

$

—

$

—

North

America

10,467,675

—

—

Investment

Company

27,787

—

—

Total

$

10,582,498

$

—

$

—

€

1.00

€

1.00

€

1.00

1.00

1.00

1.00

Small

Cap

Core

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

87,104

$

—

$

—

North

America

8,147,133

—

—

Investment

Company

111,741

—

—

Total

$

8,345,978

$

—

$

—

€

1.00

€

1.00

€

1.00

1.00

1.00

1.00

Defensive

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

13,256

$

—

$

—

North

America

5,945,299

—

—

South

America

21,066

—

—

Investment

Company

197,265

—

—

Total

$

6,176,886

$

—

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(b)

$

6,091

$

—

$

—

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Equity

ETFs

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

For

further

information

regarding

security

characteristics,

see

the

Schedules

of

Investments.

Securities

Lending

—

The

Funds

may

lend

their

securities

through

a

securities

lending

agent,

the

Bank

of

New

York

Mellon

(“BNYM”),

to

certain

qualified

borrowers.

In

accordance

with

the

Funds’

securities

lending

procedures,

the

Funds

receive

cash

collateral

at

least

equal

to

the

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

business

of

the

Funds,

at

their

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

they

are

traded,

and

any

additional

required

collateral

is

delivered

to

the

Funds

on

the

next

business

day.

As

with

other

extensions

of

credit,

the

Funds

may

experience

delay

in

the

recovery

of

their

securities

or

incur

a

loss

should

the

borrower

of

the

securities

breach

its

agreement

with

the

Funds

or

become

insolvent

at

a

time

when

the

collateral

is

insufficient

to

cover

the

cost

of

repurchasing

securities

on

loan.

Dividend

income

received

from

securities

on

loan

may

not

be

subject

to

withholding

taxes

and

therefore

withholding

taxes

paid

may

differ

from

the

amounts

listed

in

the

Statements

of

Operations.

Loans

of

securities

are

terminable

at

any

time

and

as

such

1)

the

remaining

contractual

maturities

of

the

outstanding

securities

lending

transactions

are

considered

to

be

overnight

and

continuous

and

2)

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

The

Funds

invest

the

cash

collateral

received

in

connection

with

securities

lending

transactions

in

the

Goldman

Sachs

Financial

Square

Government

Fund

(“Government

Money

Market

Fund”),

an

affiliated

series

of

the

Goldman

Sachs

Trust.

The

Government

Money

Market

Fund

is

registered

under

the

Act

as

an

open

end

investment

company,

is

subject

to

Rule

2a-7

under

the

Act,

and

is

managed

by

GSAM,

for

which

GSAM

may

receive

a

management

fee

of

up

to

0.16%

on

an

annualized

basis

of

the

average

daily

net

assets

of

the

Government

Money

Market

Fund.

In

the

event

of

a

default

by

a

borrower

with

respect

to

any

loan,

BNYM

may

exercise

any

and

all

remedies

provided

under

the

applicable

borrower

agreement

to

make

the

Funds

whole.

These

remedies

include

purchasing

replacement

securities

by

applying

the

collateral

held

from

the

defaulting

broker

against

the

purchase

cost

of

the

replacement

securities.

If

BNYM

is

unable

to

purchase

replacement

securities,

BNYM

will

indemnify

the

Funds

by

paying

the

Funds

an

amount

equal

to

the

market

value

of

the

securities

loaned

minus

the

value

of

cash

collateral

received

from

the

borrower

for

the

loan,

subject

to

an

exclusion

for

any

shortfalls

resulting

from

a

loss

of

value

in

such

cash

collateral

due

to

reinvestment

risk.

The

Funds’

master

netting

agreements

with

certain

borrowers

provide

the

right,

in

the

event

of

a

default

(including

bankruptcy

or

insolvency),

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

However,

in

the

event

of

a

default

by

a

borrower,

a

resolution

authority

could

determine

that

such

rights

are

not

enforceable

due

to

the

restrictions

or

prohibitions

against

the

right

of

set-off

that

may

be

imposed

in

accordance

with

a

particular

jurisdiction’s

bankruptcy

or

insolvency

laws.

The

Funds’

loaned

securities

were

all

subject

to

enforceable

Securities

Lending

Agreements

and

the

value

of

the

collateral

was

at

least

equal

to

the

value

of

the

cash

received.

Purchased

Options

Contracts

$

42,350

$

—

$

—

Total

$

48,441

$

—

$

—

€

1.00

€

1.00

€

1.00

Liabilities

Written

Options

Contracts

$

(45,640)

$

—

$

—

€

1.00

€

1.00

€

1.00

1.00

1.00

1.00

(a)

Amounts

are

disclosed

by

continent

to

highlight

the

impact

of

time

zone

differences

between

local

market

close

and

the

calculation

of

NAV.

Security

valuations

are

based

on

the

principal

exchange

or

system

on

which

they

are

traded,

which

may

differ

from

country

of

domicile

noted

in

table.

(b)

Amount

shown

represents

unrealized

gain

(loss)

at

period

end.

(c)

Amounts

are

disclosed

by

continent

to

highlight

the

impact

of

time

zone

differences

between

local

market

close

and

the

calculation

of

NAV.

Security

valuations

are

based

on

the

principal

exchange

or

system

on

which

they

are

traded,

which

may

differ

from

country

of

domicile

noted

in

table.

The

Fund

utilizes

fair

value

model

prices

provided

by

an

independent

third-party

fair

value

service

for

certain

international

equity

securities

resulting

in

a

level

2

classification.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Equity

ETFs

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

The

Funds’

risks

include,

but

are

not

limited

to,

the

following:

Calculation

Methodology

Risk

—

The

Index

relies

on

various

sources

of

information

to

assess

the

criteria

of

issuers

included

in

the

Index,

(or

a

Reference

Index

if

applicable)

including

fundamental

information

that

may

be

based

on

assumptions

and

estimates.

Neither

the

Fund,

the

Investment

Adviser

nor

the

Index

Provider

can

offer

assurances

that

the

Index’s

calculation

methodology

or

sources

of

information

will

provide

a

correct

valuation

of

securities,

nor

can

they

guarantee

the

availability

or

timeliness

of

the

production

of

the

Index.

Index

Risk

(each

Fund

except

Goldman

Sachs

Defensive

Equity

ETF)

—

Bloomberg

Professional

Services,

GSAM,

JUST

Capital

Foundation,

Inc.

and

Solactive

AG

(the

“Index

Providers”)

construct

the

respective

Fund’s

Index

in

accordance

with

a

rules-based

methodology.

A

Fund

will

be

negatively

affected

by

general

declines

in

the

securities

and

asset

classes

represented

in

its

Index.

In

addition,

because

the

Funds

are

not

“actively”

managed,

unless

a

specific

security

is

removed

from

an

Index,

a

Fund

generally

would

not

sell

a

security

because

the

security’s

issuer

was

in

financial

trouble.

Market

disruptions

and

regulatory

restrictions

could

have

an

adverse

effect

on

a

Fund’s

ability

to

adjust

its

exposure

to

the

required

levels

in

order

to

track

the

Index.

A

Fund

also

does

not

attempt

to

take

defensive

positions

under

any

market

conditions,

including

declining

markets.

Therefore,

a

Fund’s

performance

could

be

lower

than

funds

that

may

actively

shift

their

portfolio

assets

to

take

advantage

of

market

opportunities

or

to

lessen

the

impact

of

a

market

decline

or

a

decline

in

the

value

of

one

or

more

issuers.

The

Index

Providers

rely

on

third

party

data

they

believe

to

be

reliable

in

constructing

each

respective

Index,

but

they

do

not

guarantee

the

accuracy

or

availability

of

such

third

party

data.

Errors

in

index

data,

index

computation

or

the

construction

of

an

Index

in

accordance

with

its

methodology

may

occur

from

time

to

time

and

may

not

be

identified

and

corrected

by

the

Index

Providers

for

a

period

of

time

or

at

all,

which

may

have

an

adverse

impact

on

the

applicable

Fund

and

its

shareholders.

In

addition,

neither

a

Fund,

the

Investment

Adviser,

the

Calculation

Agent

nor

the

Index

Providers

can

guarantee

the

availability

or

timeliness

of

the

production

of

the

Index.

Furthermore,

Bloomberg

Professional

Services,

the

index

provider

for

Goldman

Sachs

Bloomberg

Clean

Energy

Equity

ETF,

Solactive

AG,

the

index

provider

for

the

Goldman

Sachs

Equal

Weight

U.S.

Large

Cap

Equity

ETF,

Goldman

Sachs

Innovate

Equity

ETF

and

Goldman

Sachs

North

American

Pipeline

&

Power

Equity

ETF

and

JUST

Capital

Foundation,

Inc.,

the

index

provider

for

the

Goldman

Sachs

JUST

U.S.

Large

Cap

Equity

ETF,

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

—

In

following

its

methodology,

the

Index

from

time

to

time

may

be

concentrated

to

a

significant

degree

in

securities

of

issuers

located

in

a

single

industry

or

group

of

industries.

To

the

extent

that

the

Index

concentrates

in

the

securities

of

issuers

in

a

particular

industry

or

group

of

industries,

the

Fund

also

may

concentrate

its

investments

to

approximately

the

same

extent.

By

concentrating

its

investments

in

an

industry

or

group

of

industries,

the

Fund

may

face

more

risks

than

if

it

were

diversified

broadly

over

numerous

industries

or

groups

of

industries.

If

the

Index

is

not

concentrated

in

a

particular

industry

or

group

of

industries,

the

Fund

will

not

concentrate

in

a

particular

industry

or

group

of

industries.

Large

Shareholder

Transactions

Risk

—

Certain

shareholders,

including

other

funds

advised

by

the

Investment

Adviser,

may

from

time

to

time

own

a

substantial

amount

of

the

Fund’s

Shares.

In

addition,

a

third

party

investor,

the

Investment

Adviser

or

an

affiliate

of

the

Investment

Adviser,

an

authorized

participant,

a

lead

market

maker,

or

another

entity

(i.e.,

a

seed

investor)

may

invest

in

the

Fund

and

hold

its

investment

solely

to

facilitate

commencement

of

the

Fund

or

to

facilitate

the

Fund’s

achieving

a

specified

size

or

scale.

Any

such

investment

may

be

held

for

a

limited

period

of

time.

There

can

be

no

assurance

that

any

large

shareholder

would

not

redeem

its

investment,

that

the

size

of

the

Fund

would

be

maintained

at

such

levels

or

that

the

Fund

would

continue

to

meet

applicable

listing

requirements.

Redemptions

by

large

shareholders

could

have

a

significant

negative

impact

on

the

Fund,

including

on

the

Fund’s

liquidity.

In

addition,

transactions

by

large

shareholders

may

account

for

a

large

percentage

of

the

trading

volume

on

Cboe

or

NYSE

Arca

and

may,

therefore,

have

a

material

upward

or

downward

effect

on

the

market

price

of

the

Shares.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Equity

ETFs

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Market

and

Credit

Risks

—

In

the

normal

course

of

business,

a

Fund

trades

financial

instruments

and

enters

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk).

The

value

of

the

securities

in

which

a

Fund

invests

may

go

up

or

down

in

response

to

the

prospects

of

individual

companies,

particular

sectors

or

governments

and/or

general

economic

conditions

throughout

the

world

due

to

increasingly

interconnected

global

economies

and

financial

markets.

Events

such

as

war,

military

conflict,

acts

of

terrorism,

social

unrest,

natural

disasters,

recessions,

inflation,

rapid

interest

rate

changes,

supply

chain

disruptions,

sanctions,

the

spread

of

infectious

illness

or

other

public

health

threats

could

also

significantly

impact

a

Fund

and

its

investments.

Additionally,

a

Fund

may

also

be

exposed

to

credit

risk

in

the

event

that

an

issuer

or

guarantor

fails

to

perform

or

that

an

institution

or

entity

with

which

the

Fund

has

unsettled

or

open

transactions.

Market

Trading

Risk

—

Each

Fund

faces

numerous

market

trading

risks,

including

disruptions

to

creations

and

redemptions,

the

existence

of

extreme

market

volatility

or

potential

lack

of

an

active

trading

market

for

Shares.

If

a

shareholder

purchases

Shares

at

a

time

when

the

market

price

is

at

a

premium

to

the

NAV

or

sells

Shares

at

a

time

when

the

market

price

is

at

a

discount

to

the

NAV,

the

shareholder

may

pay

more

for,

or

receive

less

than,

the

underlying

value

of

the

Shares,

respectively.

The

Investment

Adviser

cannot

predict

whether

Shares

will

trade

below,

at

or

above

their

NAV.

Price

differences

may

be

due,

in

large

part,

to

the

fact

that

supply

and

demand

forces

at

work

in

the

secondary

trading

market

for

Shares

will

be

closely

related

to,

but

not

identical

to,

the

same

forces

influencing

the

prices

of

the

securities

of

a

Fund’s

Index

(except

Goldman

Sachs

Defensive

Equity

ETF)

trading

individually

or

in

the

aggregate

at

any

point

in

time.

Master

Limited

Partnership

Risk

—

Investments

in

securities

of

MLPs

involve

risks

that

differ

from

investments

in

common

stocks,

including

risks

related

to

limited

control

and

limited

rights

to

vote

on

matters

affecting

the

MLP,

risks

related

to

potential

conflicts

of

interest

between

the

MLP

and

the

MLP’s

general

partner,

cash

flow

risks,

dilution

risks,

limited

liquidity

and

risks

related

to

the

general

partner’s

right

to

require

unit-holders

to

sell

their

common

units

at

an

undesirable

time

or

price.

Non-Diversification

Risk

—

The

Goldman

Sachs

North

American

Pipelines

&

Power

Equity

ETF

is

non-diversified,

meaning

that

it

is

permitted

to

invest

a

larger

percentage

of

their

assets

in

one

or

more

issuers

or

in

fewer

issuers

than

diversified

mutual

funds.

Thus,

the

Fund

may

be

more

susceptible

to

adverse

developments

affecting

any

single

issuer

held

in

its

portfolio,

and

may

be

more

susceptible

to

greater

losses

because

of

these

developments.

Tracking

Error

Risk

(each

Fund

except

Goldman

Sachs

Defensive

Equity

ETF)

—

Tracking

error

is

the

divergence

of

a

Fund’s

performance

from

that

of

its

Index.

The

performance

of

a

Fund

may

diverge

from

that

of

its

Index

for

a

number

of

reasons.

Tracking

error

may

occur

because

of

transaction

costs,

a

Fund’s

holding

of

cash,

differences

in

accrual

of

dividends,

changes

to

its

Index

or

the

need

to

meet

new

or

existing

regulatory

requirements.

Unlike

a

Fund,

the

returns

of

an

Index

are

not

reduced

by

investment

and

other

operating

expenses,

including

the

trading

costs

associated

with

implementing

changes

to

its

portfolio

of

investments.

Tracking

error

risk

may

be

heightened

during

times

of

market

volatility

or

other

unusual

market

conditions.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)