NPORT-EX 2 150691GS113023.htm
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)