EssilorLuxottica SA

0001752724-24-012036.txt : 20240125 0001752724-24-012036.hdr.sgml : 20240125 20240124175158 ACCESSION NUMBER: 0001752724-24-012036 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20231130 FILED AS OF DATE: 20240125 DATE AS OF CHANGE: 20240124 PERIOD START: 20240831 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Goldman Sachs ETF Trust CENTRAL INDEX KEY: 0001479026 ORGANIZATION NAME: IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-23013 FILM NUMBER: 24558030 BUSINESS ADDRESS: STREET 1: 200 WEST STREET CITY: NEW YORK STATE: NY ZIP: 10282-2198 BUSINESS PHONE: (312) 655-4400 MAIL ADDRESS: STREET 1: 200 WEST STREET CITY: NEW YORK STATE: NY ZIP: 10282-2198

0001479026 S000048293 Goldman Sachs ActiveBeta(R) Europe Equity ETF

C000152549 Goldman Sachs ActiveBeta(R) Europe Equity ETF GSEU

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0.497167530111 Long EC CORP FR N 1 N N N Henkel AG & Co KGaA 549300VZCL1HTH4O4Y49 Henkel AG & Co KGaA 000000000 142.00000000 NS 9928.31000000 0.084658253967 Long EC CORP DE N 1 N N N Alcon Inc 549300LDT5AP8S0NBM78 Alcon Inc 000000000 170.00000000 NS 12887.59000000 0.109891901768 Long EC CORP CH N 1 N N N Eurofins Scientific SE 529900JEHFM47DYY3S57 Eurofins Scientific SE 000000000 174.00000000 NS 10130.47000000 0.086382063218 Long EC CORP LU N 1 N N N Eni SpA BUCRF72VH5RBN7X3VL35 Eni SpA 000000000 3576.00000000 NS 59182.12000000 0.504643282220 Long EC CORP IT N 1 N N N Volkswagen AG 529900NNUPAGGOMPXZ31 Volkswagen AG 000000000 57.00000000 NS 6618.55000000 0.056436078929 Long EP CORP DE N 2 N N N Tesco PLC 2138002P5RNKC5W2JZ46 Tesco PLC 000000000 15806.00000000 NS 57187.50000000 0.487635246962 Long EC CORP GB N 1 N N N Cie Financiere Richemont SA 549300YIPGJ6UX2QPS51 Cie Financiere Richemont SA 000000000 400.00000000 NS 50232.88000000 0.428333514219 Long EC CORP CH N 1 N N N STMicroelectronics NV 213800Z8NOHIKRI42W10 STMicroelectronics NV 000000000 742.00000000 NS 35181.01000000 0.299986893984 Long EC CORP FR N 1 N N N Industria de Diseno Textil SA 549300TTCXZOGZM2EY83 Industria de Diseno Textil SA 000000000 2196.00000000 NS 90642.81000000 0.772907174465 Long EC CORP ES N 1 N N N Zalando SE 529900YRFFGH5AXU4S86 Zalando SE 000000000 998.00000000 NS 23803.75000000 0.202973508369 Long EC CORP DE N 1 N N N Sandvik AB 5299008ZUAXN43LVZF54 Sandvik AB 000000000 225.00000000 NS 4444.67000000 0.037899501693 Long EC CORP SE N 1 N N N ROCKWOOL A/S 213800QRC7LNX935OZ09 ROCKWOOL A/S 000000000 33.00000000 NS 8929.56000000 0.076141957523 Long EC CORP DK N 1 N N N Kone Oyj 2138001CNF45JP5XZK38 Kone Oyj 000000000 147.00000000 NS 6542.38000000 0.055786580756 Long EC CORP FI N 1 N N N Repsol SA BSYCX13Y0NOTV14V9N85 Repsol SA 000000000 3662.00000000 NS 56098.36000000 0.478348199043 Long EC CORP ES N 1 N N N Rational AG 529900K139N6UFJ1A758 Rational AG 000000000 51.00000000 NS 32692.09000000 0.278763984802 Long EC CORP DE N 1 N N N Schroders PLC 2138001YYBULX5SZ2H24 Schroders PLC 000000000 1010.00000000 NS 5134.90000000 0.043785061938 Long EC CORP GB N 1 N N N Koninklijke Philips NV H1FJE8H61JGM1JSGM897 Koninklijke Philips NV 000000000 612.00000000 NS 12533.73000000 0.106874553423 Long EC CORP NL N 1 N N N Halma PLC 2138007FRGLUR9KGBT40 Halma PLC 000000000 268.00000000 NS 7229.95000000 0.061649459301 Long EC CORP GB N 1 N N N Ericsson 549300W9JLPW15XIFM52 Telefonaktiebolaget LM Ericsson 000000000 4479.00000000 NS 22209.39000000 0.189378472175 Long EC CORP SE N 1 N N N Infineon Technologies AG TSI2PJM6EPETEQ4X1U25 Infineon Technologies AG 000000000 681.00000000 NS 26415.05000000 0.225239946321 Long EC CORP DE N 1 N N N Intesa Sanpaolo SpA 2W8N8UU78PMDQKZENC08 Intesa Sanpaolo SpA 000000000 8999.00000000 NS 25936.39000000 0.221158433975 Long EC CORP IT N 1 N N N Fresenius SE & Co KGaA XDFJ0CYCOO1FXRFTQS51 Fresenius SE & Co KGaA 000000000 1302.00000000 NS 41325.62000000 0.352381707796 Long EC CORP DE N 1 N N N Svenska Handelsbanken AB NHBDILHZTYCNBV5UYZ31 Svenska Handelsbanken AB 000000000 1498.00000000 NS 14209.69000000 0.121165389156 Long EC CORP SE N 1 N N N SGS SA 2138007JNS19JHNA2336 SGS SA 000000000 512.00000000 NS 43748.61000000 0.373042434826 Long EC CORP CH N 1 N N N Ashtead Group PLC 2138007UTBN8X9K1A235 Ashtead Group PLC 000000000 177.00000000 NS 10672.61000000 0.091004866676 Long EC CORP GB N 1 N N N Iberdrola SA 5QK37QC7NWOJ8D7WVQ45 Iberdrola SA 000000000 5267.00000000 NS 65197.74000000 0.555938204088 Long EC CORP ES N 1 N N N Wise PLC 213800LD9XCHIC1C4V71 Wise PLC 000000000 1409.00000000 NS 13927.32000000 0.118757632834 Long EC CORP GB N 1 N N N Safran SA 969500UIC89GT3UL7L24 Safran SA 000000000 243.00000000 NS 42692.42000000 0.364036350078 Long EC CORP FR N 1 N N N Sonova Holding AG 5299004A0QNX7FBNHS61 Sonova Holding AG 000000000 39.00000000 NS 11315.85000000 0.096489745299 Long EC CORP CH N 1 N N N GSK PLC 5493000HZTVUYLO1D793 GSK PLC 000000000 4562.00000000 NS 81974.16000000 0.698989984807 Long EC CORP GB N 1 N N N Skandinaviska Enskilda Banken F3JS33DEI6XQ4ZBPTN86 Skandinaviska Enskilda Banken AB 000000000 1491.00000000 NS 18070.40000000 0.154085490128 Long EC CORP SE N 1 N N N Logitech International SA 549300SN6PRK6IJJC215 Logitech International SA 000000000 522.00000000 NS 45767.67000000 0.390258868867 Long EC CORP CH N 1 N N N Assa Abloy AB 549300YECS8HKCIMMB67 Assa Abloy AB 000000000 567.00000000 NS 14539.09000000 0.123974168179 Long EC CORP SE N 1 N N N NatWest Group PLC 2138005O9XJIJN4JPN90 NatWest Group PLC 000000000 4313.00000000 NS 11351.44000000 0.096793219633 Long EC CORP GB N 1 N N N Severn Trent PLC 213800RPBXRETY4A4C59 Severn Trent PLC 000000000 321.00000000 NS 10569.69000000 0.090127272454 Long EC CORP GB N 1 N N N Smurfit Kappa Group PLC 635400CPLP8H5ITDVT56 Smurfit Kappa Group PLC 000000000 294.00000000 NS 11163.27000000 0.095188702485 Long EC CORP IE N 1 N N N Solvay SA 549300MMVL80RTBP3O28 Solvay SA 000000000 133.00000000 NS 15404.10000000 0.131350069643 Long EC CORP BE N 1 N N N Henkel AG & Co KGaA 549300VZCL1HTH4O4Y49 Henkel AG & Co KGaA 000000000 237.00000000 NS 18670.25000000 0.159200384167 Long EP CORP DE N 2 N N N Randstad NV 7245009EAAUUQJ0U4T57 Randstad NV 000000000 663.00000000 NS 39425.27000000 0.336177508599 Long EC CORP NL N 1 N N N FinecoBank Banca Fineco SpA 549300L7YCATGO57ZE10 FinecoBank Banca Fineco SpA 000000000 1120.00000000 NS 15110.43000000 0.128845958728 Long EC CORP IT N 1 N N N CaixaBank SA 7CUNS533WID6K7DGFI87 CaixaBank SA 000000000 3648.00000000 NS 16442.76000000 0.140206676867 Long EC CORP ES N 1 N N N Zurich Insurance Group AG 529900QVNRBND50TXP03 Zurich Insurance Group AG 000000000 114.00000000 NS 57409.69000000 0.489529851124 Long EC CORP CH N 1 N N N Schindler Holding AG 5299007DRLI319H7Q933 Schindler Holding AG 000000000 42.00000000 NS 9454.89000000 0.080621422866 Long EC CORP CH N 1 N N N Kering SA 549300VGEJKB7SVUZR78 Kering SA 000000000 59.00000000 NS 25344.41000000 0.216110647072 Long EC CORP FR N 1 N N N Accor SA 969500QZC2Q0TK11NV07 Accor SA 000000000 277.00000000 NS 9614.09000000 0.081978914124 Long EC CORP FR N 1 N N N Melrose Industries PLC 213800RGNXXZY2M7TR85 Melrose Industries PLC 000000000 1522.00000000 NS 9992.27000000 0.085203638018 Long EC CORP GB N 1 N N N Hargreaves Lansdown PLC 2138008ZCE93ZDSESG90 Hargreaves Lansdown PLC 000000000 3986.00000000 NS 36251.04000000 0.309110991791 Long EC CORP GB N 1 N N N Aeroports de Paris SA 969500PJMBSFHYC37989 Aeroports de Paris SA 000000000 37.00000000 NS 4565.93000000 0.038933480273 Long EC CORP FR N 1 N N N Next PLC 213800WQD8ECPZP9PH98 Next PLC 000000000 458.00000000 NS 45978.58000000 0.392057288975 Long EC CORP GB N 1 N N N London Stock Exchange Group PL 213800QAUUUP6I445N30 London Stock Exchange Group PLC 000000000 245.00000000 NS 27622.67000000 0.235537267885 Long EC CORP GB N 1 N N N Novartis AG 5493007HIVTX6SY6XD66 Novartis AG 000000000 2151.00000000 NS 210560.77000000 1.795442239643 Long EC CORP CH N 1 N N N HelloFresh SE 391200ZAF4V6XD2M9G57 HelloFresh SE 000000000 2380.00000000 NS 36407.40000000 0.310444266496 Long EC CORP DE N 1 N N N Swiss Prime Site AG 506700XI9H64OPR34158 Swiss Prime Site AG 000000000 141.00000000 NS 14269.45000000 0.121674959996 Long EC CORP CH N 1 N N N Whitbread PLC 21380099VMZKRMN3EX36 Whitbread PLC 000000000 342.00000000 NS 13382.65000000 0.114113256179 Long EC CORP GB N 1 N N N Yara International ASA 213800WKOUWXWFJ5Z514 Yara International ASA 000000000 247.00000000 NS 8393.89000000 0.071574323464 Long EC CORP NO N 1 N N N Swiss Re AG 529900PS9YW3YY29F326 Swiss Re AG 000000000 265.00000000 NS 31465.99000000 0.268309085107 Long EC CORP CH N 1 N N N Schindler Holding AG 5299007DRLI319H7Q933 Schindler Holding AG 000000000 35.00000000 NS 7542.98000000 0.064318652067 Long EC CORP CH N 1 N N N Clariant AG 529900VSEKBY7TMPP349 Clariant AG 000000000 314.00000000 NS 4719.66000000 0.040244329087 Long EC CORP CH N 1 N N N Elia Group SA/NV 549300S1MP1NFDIKT460 Elia Group SA/NV 000000000 50.00000000 NS 5425.50000000 0.046262995102 Long EC CORP BE N 1 N N N Imperial Brands PLC 549300DFVPOB67JL3A42 Imperial Brands PLC 000000000 1516.00000000 NS 35437.69000000 0.302175592829 Long EC CORP GB N 1 N N N Adyen NV 724500973ODKK3IFQ447 Adyen NV 000000000 8.00000000 NS 9348.55000000 0.079714666456 Long EC CORP NL N 1 N N N Saab AB 549300ZHO4JCQQI13M69 Saab AB 000000000 134.00000000 NS 6895.11000000 0.058794293642 Long EC CORP SE N 1 N N N Haleon PLC 549300PSB3WWEODCUP19 Haleon PLC 000000000 4442.00000000 NS 18559.88000000 0.158259264129 Long EC CORP GB N 1 N N N Telenor ASA 549300IM1QSBY4SLPM26 Telenor ASA 000000000 1087.00000000 NS 11728.40000000 0.100007540642 Long EC CORP NO N 1 N N N Fortum Oyj 635400IUIZZIUJSAMF76 Fortum Oyj 000000000 337.00000000 NS 4737.83000000 0.040399263862 Long EC CORP FI N 1 N N N Banque Cantonale Vaudoise K1MOBB3OPSBBQO554R76 Banque Cantonale Vaudoise 000000000 159.00000000 NS 19510.44000000 0.166364646605 Long EC CORP CH N 1 N N N Universal Music Group NV 724500GJBUL3D9TW9Y18 Universal Music Group NV 000000000 472.00000000 NS 12483.58000000 0.106446926623 Long EC CORP NL N 1 N N N Commerzbank AG 851WYGNLUQLFZBSYGB56 Commerzbank AG 000000000 2520.00000000 NS 30918.95000000 0.263644499568 Long EC CORP DE N 1 N N N Dassault Aviation SA 969500CVFTUT88V8QN95 Dassault Aviation SA 000000000 117.00000000 NS 23284.95000000 0.198549724043 Long EC CORP FR N 1 N N N Spirax-Sarco Engineering PLC 213800WFVZQMHOZP2W17 Spirax-Sarco Engineering PLC 000000000 53.00000000 NS 6204.98000000 0.052909586093 Long EC CORP GB N 1 N N N Goldman Sachs Financial Square Treasury Obligations Fund 549300C0TCI4VJPGCS21 Goldman Sachs Financial Square Treasury Obligations Fund 38141W323 90432.09000000 NS USD 90432.09000000 0.771110374478 Long STIV RF US N 1 N N N Deutsche Telekom AG 549300V9QSIG4WX4GJ96 Deutsche Telekom AG 000000000 2578.00000000 NS 61812.52000000 0.527072585015 Long EC CORP DE N 1 N N N DNB Bank ASA 549300GKFG0RYRRQ1414 DNB Bank ASA 000000000 825.00000000 NS 15774.72000000 0.134510329756 Long EC CORP NO N 1 N N N Smiths Group PLC 213800MJL6IPZS3ASA11 Smiths Group PLC 000000000 706.00000000 NS 14729.19000000 0.125595142351 Long EC CORP GB N 1 N N N Lloyds Banking Group PLC 549300PPXHEU2JF0AM85 Lloyds Banking Group PLC 000000000 22116.00000000 NS 12170.64000000 0.103778501282 Long EC CORP GB N 1 N N N LVMH Moet Hennessy Louis Vuitt IOG4E947OATN0KJYSD45 LVMH Moet Hennessy Louis Vuitton SE 000000000 283.00000000 NS 216980.69000000 1.850184609474 Long EC CORP FR N 1 N N N Sanofi SA 549300E9PC51EN656011 Sanofi SA 000000000 1183.00000000 NS 110309.35000000 0.940602878768 Long EC CORP FR N 1 N N N Barclays PLC 213800LBQA1Y9L22JB70 Barclays PLC 000000000 17269.00000000 NS 30833.76000000 0.262918088260 Long EC CORP GB N 1 N N N Bank of Ireland Group PLC 635400C8EK6DRI12LJ39 Bank of Ireland Group PLC 000000000 1199.00000000 NS 11237.69000000 0.095823278486 Long EC CORP IE N 1 N N N Knorr-Bremse AG 5299001GRRO0Z25YZT52 Knorr-Bremse AG 000000000 258.00000000 NS 16186.47000000 0.138021303534 Long EC CORP DE N 1 N N N Smith & Nephew PLC 213800ZTMDN8S67S1H61 Smith & Nephew PLC 000000000 1104.00000000 NS 14304.54000000 0.121974170851 Long EC CORP GB N 1 N N N Kingfisher PLC 213800KBMEV7I92FY281 Kingfisher PLC 000000000 4854.00000000 NS 13481.97000000 0.114960153363 Long EC CORP GB N 1 N N N Moncler SpA 815600EBD7FB00525B20 Moncler SpA 000000000 718.00000000 NS 39859.90000000 0.339883579111 Long EC CORP IT N 1 N N N BAE Systems PLC 8SVCSVKSGDWMW2QHOH83 BAE Systems PLC 000000000 3227.00000000 NS 42894.85000000 0.365762461607 Long EC CORP GB N 1 N N N Aviva PLC YF0Y5B0IB8SM0ZFG9G81 Aviva PLC 000000000 1639.00000000 NS 8662.69000000 0.073866369005 Long EC CORP GB N 1 N N N Pearson PLC 2138004JBXWWJKIURC57 Pearson PLC 000000000 613.00000000 NS 7272.94000000 0.062016033102 Long EC CORP GB N 1 N N N Danske Bank A/S MAES062Z21O4RZ2U7M96 Danske Bank A/S 000000000 1010.00000000 NS 26191.73000000 0.223335706700 Long EC CORP DK N 1 N N N Prysmian SpA 529900X0H1IO3RS1A464 Prysmian SpA 000000000 546.00000000 NS 21047.52000000 0.179471258809 Long EC CORP IT N 1 N N N Eiffage SA 969500OQXKE5WDM9M994 Eiffage SA 000000000 646.00000000 NS 65551.13000000 0.558951544764 Long EC CORP FR N 1 N N N Telia Co AB 213800FSR9RNDUOTXO25 Telia Co AB 000000000 3116.00000000 NS 7404.29000000 0.063136048659 Long EC CORP SE N 1 N N N Carl Zeiss Meditec AG 529900GRL4MZ8NMOOK95 Carl Zeiss Meditec AG 000000000 60.00000000 NS 5389.16000000 0.045953125552 Long EC CORP DE N 1 N N N Rentokil Initial PLC 549300VN4WV7Z6T14K68 Rentokil Initial PLC 000000000 501.00000000 NS 2719.00000000 0.023184791020 Long EC CORP GB N 1 N N N Chocoladefabriken Lindt & Spru 529900JYJNNOKKAGK736 Chocoladefabriken Lindt & Spruengli AG 000000000 2.00000000 NS 24886.44000000 0.212205557428 Long EC CORP CH N 1 N N N Lifco AB 549300RTLL4VDQRCTW41 Lifco AB 000000000 346.00000000 NS 7518.40000000 0.064109059510 Long EC CORP SE N 1 N N N AXA SA F5WCUMTUM4RKZ1MAIE39 AXA SA 000000000 2173.00000000 NS 67797.64000000 0.578107434752 Long EC CORP FR N 1 N N N British American Tobacco PLC 213800FKA5MF17RJKT63 British American Tobacco PLC 000000000 1998.00000000 NS 63537.78000000 0.541783799637 Long EC CORP GB N 1 N N N 2024-01-24 Goldman Sachs ETF Trust Peter Fortner Peter Fortner Vice President Assistant Treasurer XXXX NPORT-EX 2 454903GS113023.htm

GOLDMAN

SACHS

ACTIVE

BETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

96.7%

Brazil

–

4.1%

697,562

Ambev

SA

(Consumer

Staples)

$

1,936,160

522,011

B3

SA

–

Brasil

Bolsa

Balcao

(Financials)

1,407,623

421,022

Banco

Bradesco

SA

(Financials)

1,218,956

96,136

Banco

do

Brasil

SA

(Financials)

1,057,793

67,792

Banco

Santander

Brasil

SA

(Financials)

426,084

572,411

BB

Seguridade

Participacoes

SA

(Financials)

3,632,513

198,474

CCR

SA

(Industrials)

544,850

126,788

Centrais

Eletricas

Brasileiras

SA

(Utilities)

1,050,344

98,225

CPFL

Energia

SA

(Utilities)

737,845

50,214

Energisa

SA

(Utilities)

537,340

80,358

Engie

Brasil

Energia

SA

(Utilities)

708,718

291,745

Equatorial

Energia

SA

(Utilities)

2,014,666

50,275

Hypera

SA

(Health

Care)

344,323

88,528

Klabin

SA

(Materials)

405,105

139,510

Lojas

Renner

SA

(Consumer

Discretionary)

463,030

179,095

Natura

&

Co.

Holding

SA

(Consumer

Staples)*

598,769

515,433

Petroleo

Brasileiro

SA

(Energy)

3,939,748

79,567

PRIO

SA

(Energy)*

740,942

581,662

Raia

Drogasil

SA

(Consumer

Staples)

3,311,484

89,009

Suzano

SA

(Materials)

970,531

210,706

Telefonica

Brasil

SA

(Communication

Services)

2,253,910

285,756

TIM

SA

(Communication

Services)

998,821

465,636

Vale

SA

(Materials)

6,971,913

139,741

Vibra

Energia

SA

(Consumer

Discretionary)

661,554

247,373

WEG

SA

(Industrials)

1,714,772

38,647,794

Chile

–

0.4%

959,547

Cencosud

SA

(Consumer

Staples)

1,790,550

241,828

Empresas

CMPC

SA

(Materials)

469,923

85,678

Empresas

Copec

SA

(Energy)

637,026

3,114,848

Enel

Americas

SA

(Utilities)*

364,317

336,000

Falabella

SA

(Consumer

Discretionary)*

787,993

4,049,809

China

–

30.5%

202,616

360

Security

Technology,

Inc.,

Class

A

(Information

Technology)*

246,283

374,043

37

Interactive

Entertainment

Network

Technology

Group

Co.

Ltd.,

Class

A

(Communication

Services)

1,160,209

1,194,359

3SBio,

Inc.

(Health

Care)*

(a)

1,110,207

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

2,837,712

Agricultural

Bank

of

China

Ltd.,

Class

A

(Financials)

$

1,454,422

4,452,184

Agricultural

Bank

of

China

Ltd.,

Class

H

(Financials)

1,647,416

131,271

Aier

Eye

Hospital

Group

Co.

Ltd.,

Class

A

(Health

Care)

313,609

20,680

Airtac

International

Group

(Industrials)

718,239

86,062

Akeso,

Inc.

(Health

Care)*

(a)

549,299

1,781,638

Alibaba

Group

Holding

Ltd.

(Consumer

Discretionary)*

16,595,286

641,714

Alibaba

Health

Information

Technology

Ltd.

(Consumer

Staples)*

364,802

469,302

Aluminum

Corp.

of

China

Ltd.,

Class

A

(Materials)

364,085

1,310,572

Aluminum

Corp.

of

China

Ltd.,

Class

H

(Materials)

647,710

65,995

Anhui

Conch

Cement

Co.

Ltd.,

Class

A

(Materials)

212,559

63,000

Anker

Innovations

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

779,714

178,245

ANTA

Sports

Products

Ltd.

(Consumer

Discretionary)

1,858,834

16,713

Autohome,

Inc.

ADR

(Communication

Services)

456,432

169,634

Baidu,

Inc.,

Class

A

(Communication

Services)*

2,521,607

1,903,248

Bank

of

Beijing

Co.

Ltd.,

Class

A

(Financials)

1,207,354

388,732

Bank

of

Changsha

Co.

Ltd.,

Class

A

(Financials)

369,625

3,052,918

Bank

of

China

Ltd.,

Class

A

(Financials)

1,705,803

9,438,007

Bank

of

China

Ltd.,

Class

H

(Financials)

3,468,123

2,019,272

Bank

of

Communications

Co.

Ltd.,

Class

A

(Financials)

1,651,386

2,490,554

Bank

of

Communications

Co.

Ltd.,

Class

H

(Financials)

1,470,040

202,232

Bank

of

Hangzhou

Co.

Ltd.,

Class

A

(Financials)

281,499

1,376,532

Bank

of

Jiangsu

Co.

Ltd.,

Class

A

(Financials)

1,276,102

635,570

Bank

of

Nanjing

Co.

Ltd.,

Class

A

(Financials)

642,601

1,041,872

Bank

of

Shanghai

Co.

Ltd.,

Class

A

(Financials)

859,351

358,484

Bank

of

Suzhou

Co.

Ltd.,

Class

A

(Financials)

325,803

476,504

Baoshan

Iron

&

Steel

Co.

Ltd.,

Class

A

(Materials)

415,048

39,176

BeiGene

Ltd.

(Health

Care)*

561,284

318,013

Beijing

Enterprises

Holdings

Ltd.

(Utilities)

1,054,574

6,596

Beijing

Kingsoft

Office

Software,

Inc.,

Class

A

(Information

Technology)

278,720

GOLDMAN

SACHS

ACTIVE

BETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

67,636

Beijing

Wantai

Biological

Pharmacy

Enterprise

Co.

Ltd.,

Class

A

(Health

Care)

$

462,399

195,478

Beijing

Yanjing

Brewery

Co.

Ltd.,

Class

A

(Consumer

Staples)

272,372

492,148

Beijing-Shanghai

High

Speed

Railway

Co.

Ltd.,

Class

A

(Industrials)

348,039

64,971

Bloomage

Biotechnology

Corp.

Ltd.,

Class

A

(Health

Care)

647,890

1,088,832

BOE

Technology

Group

Co.

Ltd.,

Class

A

(Information

Technology)

590,083

2,122,099

Bosideng

International

Holdings

Ltd.

(Consumer

Discretionary)

891,193

13,051

BYD

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

363,970

58,983

BYD

Co.

Ltd.,

Class

H

(Consumer

Discretionary)

1,585,910

119,896

BYD

Electronic

International

Co.

Ltd.

(Information

Technology)

547,263

174,319

By-health

Co.

Ltd.,

Class

A

(Consumer

Staples)

446,721

142,106

C&D

International

Investment

Group

Ltd.

(Real

Estate)

290,387

379,314

Caitong

Securities

Co.

Ltd.,

Class

A

(Financials)

428,129

460,548

CECEP

Solar

Energy

Co.

Ltd.,

Class

A

(Utilities)

359,229

835,216

CECEP

Wind-Power

Corp.,

Class

A

(Utilities)

360,239

1,041,200

CGN

Power

Co.

Ltd.,

Class

A

(Utilities)

441,792

3,753,227

CGN

Power

Co.

Ltd.,

Class

H

(Utilities)

(a)

903,431

12,833

Changchun

High

&

New

Technology

Industry

Group,

Inc.,

Class

A

(Health

Care)

289,133

420,216

Changjiang

Securities

Co.

Ltd.,

Class

A

(Financials)

327,181

3,930,879

China

Cinda

Asset

Management

Co.

Ltd.,

Class

H

(Financials)

382,504

2,819,246

China

CITIC

Bank

Corp.

Ltd.,

Class

H

(Financials)

1,274,207

1,208,739

China

Communications

Services

Corp.

Ltd.,

Class

H

(Industrials)

515,358

1,216,473

China

Construction

Bank

Corp.,

Class

A

(Financials)

1,090,243

11,675,542

China

Construction

Bank

Corp.,

Class

H

(Financials)

6,756,904

1,253,900

China

Energy

Engineering

Corp.

Ltd.,

Class

A

(Industrials)

374,010

1,312,454

China

Everbright

Bank

Co.

Ltd.,

Class

A

(Financials)

531,157

2,585,888

China

Everbright

Bank

Co.

Ltd.,

Class

H

(Financials)

738,324

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

1,608,788

China

Feihe

Ltd.

(Consumer

Staples)

(a)

$

943,401

304,812

China

Galaxy

Securities

Co.

Ltd.,

Class

A

(Financials)

533,987

1,104,261

China

Galaxy

Securities

Co.

Ltd.,

Class

H

(Financials)

590,990

315,394

China

Great

Wall

Securities

Co.

Ltd.,

Class

A

(Financials)

366,141

371,901

China

Life

Insurance

Co.

Ltd.,

Class

H

(Financials)

503,785

1,227,907

China

Medical

System

Holdings

Ltd.

(Health

Care)

2,361,390

559,286

China

Mengniu

Dairy

Co.

Ltd.

(Consumer

Staples)*

1,754,415

209,108

China

Merchants

Bank

Co.

Ltd.,

Class

A

(Financials)

843,050

405,100

China

Merchants

Bank

Co.

Ltd.,

Class

H

(Financials)

1,415,980

306,188

China

Merchants

Port

Holdings

Co.

Ltd.

(Industrials)

392,031

181,224

China

Merchants

Securities

Co.

Ltd.,

Class

A

(Financials)

357,068

283,013

China

Merchants

Shekou

Industrial

Zone

Holdings

Co.

Ltd.,

Class

A

(Real

Estate)

412,967

1,795,037

China

Minsheng

Banking

Corp.

Ltd.,

Class

A

(Financials)

967,777

3,046,365

China

Minsheng

Banking

Corp.

Ltd.,

Class

H

(Financials)

1,018,016

69,514

China

National

Medicines

Corp.

Ltd.,

Class

A

(Health

Care)

297,389

406,247

China

National

Nuclear

Power

Co.

Ltd.,

Class

A

(Utilities)

399,932

43,748

China

National

Software

&

Service

Co.

Ltd.,

Class

A

(Information

Technology)

210,745

298,543

China

Oilfield

Services

Ltd.,

Class

H

(Energy)

321,084

128,822

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

A

(Financials)

434,578

178,108

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

H

(Financials)

376,270

1,818,628

China

Petroleum

&

Chemical

Corp.,

Class

A

(Energy)

1,393,067

3,665,106

China

Petroleum

&

Chemical

Corp.,

Class

H

(Energy)

1,886,448

601,238

China

Railway

Group

Ltd.,

Class

A

(Industrials)

474,861

950,611

China

Railway

Group

Ltd.,

Class

H

(Industrials)

417,474

602,774

China

Railway

Signal

&

Communication

Corp.

Ltd.,

Class

A

(Information

Technology)

367,185

88,918

China

Resources

Beer

Holdings

Co.

Ltd.

(Consumer

Staples)

400,742

78,622

China

Resources

Land

Ltd.

(Real

Estate)

287,900

GOLDMAN

SACHS

ACTIVE

BETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

776,486

China

Resources

Pharmaceutical

Group

Ltd.

(Health

Care)

(a)

$

485,161

104,978

China

Resources

Sanjiu

Medical

&

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

714,162

165,219

China

Shenhua

Energy

Co.

Ltd.,

Class

A

(Energy)

728,574

570,736

China

Shenhua

Energy

Co.

Ltd.,

Class

H

(Energy)

1,867,061

449,111

China

State

Construction

Engineering

Corp.

Ltd.,

Class

A

(Industrials)

312,573

307,436

China

Taiping

Insurance

Holdings

Co.

Ltd.

(Financials)

278,689

593,456

China

Three

Gorges

Renewables

Group

Co.

Ltd.,

Class

A

(Utilities)

382,285

11,865,118

China

Tower

Corp.

Ltd.,

Class

H

(Communication

Services)

(a)

1,230,522

1,104,169

China

Traditional

Chinese

Medicine

Holdings

Co.

Ltd.

(Health

Care)

565,494

1,388,157

China

United

Network

Communications

Ltd.,

Class

A

(Communication

Services)

853,383

252,869

China

Yangtze

Power

Co.

Ltd.,

Class

A

(Utilities)

808,430

2,679,375

China

Zheshang

Bank

Co.

Ltd.,

Class

A

(Financials)

949,281

64,190

Chongqing

Brewery

Co.

Ltd.,

Class

A

(Consumer

Staples)

640,462

1,314,103

Chongqing

Rural

Commercial

Bank

Co.

Ltd.,

Class

A

(Financials)

748,971

64,300

Chongqing

Taiji

Industry

Group

Co.

Ltd.,

Class

A

(Health

Care)*

464,444

73,080

Chongqing

Zhifei

Biological

Products

Co.

Ltd.,

Class

A

(Health

Care)

667,452

229,736

Chow

Tai

Fook

Jewellery

Group

Ltd.

(Consumer

Discretionary)

333,560

932,316

CITIC

Ltd.

(Industrials)

878,564

145,330

CITIC

Securities

Co.

Ltd.,

Class

A

(Financials)

436,539

99,498

CITIC

Securities

Co.

Ltd.,

Class

H

(Financials)

206,632

1,138,010

COSCO

SHIPPING

Development

Co.

Ltd.,

Class

A

(Industrials)

371,315

408,576

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

A

(Industrials)

572,727

499,245

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H

(Industrials)

460,234

749,017

CRRC

Corp.

Ltd.,

Class

A

(Industrials)

545,426

1,343,460

CRRC

Corp.

Ltd.,

Class

H

(Industrials)

541,836

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

82,700

CSPC

Innovation

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

$

489,877

2,272,854

CSPC

Pharmaceutical

Group

Ltd.

(Health

Care)

2,051,601

426,710

Daqin

Railway

Co.

Ltd.,

Class

A

(Industrials)

433,821

56,486

Daqo

New

Energy

Corp.

ADR

(Information

Technology)*

1,336,459

96,116

DaShenLin

Pharmaceutical

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)

349,953

451,731

DHC

Software

Co.

Ltd.,

Class

A

(Information

Technology)

403,591

108,618

Dong-E-E-Jiao

Co.

Ltd.,

Class

A

(Health

Care)

766,608

889,357

Dongfeng

Motor

Group

Co.

Ltd.,

Class

H

(Consumer

Discretionary)

446,369

334,494

Dongxing

Securities

Co.

Ltd.,

Class

A

(Financials)

404,241

141,766

East

Buy

Holding

Ltd.

(Consumer

Discretionary)*

(a)(b)

527,291

82,753

Ecovacs

Robotics

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

495,174

35,492

ENN

Energy

Holdings

Ltd.

(Utilities)

246,299

182,932

ENN

Natural

Gas

Co.

Ltd.,

Class

A

(Utilities)

410,643

425,375

Fangda

Carbon

New

Material

Co.

Ltd.,

Class

A

(Industrials)*

344,303

469,057

Far

East

Horizon

Ltd.

(Financials)

344,122

447,038

First

Capital

Securities

Co.

Ltd.,

Class

A

(Financials)

382,496

398,618

Founder

Securities

Co.

Ltd.,

Class

A

(Financials)

484,527

262,794

Foxconn

Industrial

Internet

Co.

Ltd.,

Class

A

(Information

Technology)

555,691

64,849

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

341,999

11,627

G-bits

Network

Technology

Xiamen

Co.

Ltd.,

Class

A

(Communication

Services)

417,325

598,176

Geely

Automobile

Holdings

Ltd.

(Consumer

Discretionary)

651,765

441,977

GEM

Co.

Ltd.,

Class

A

(Materials)

349,076

124,714

GF

Securities

Co.

Ltd.,

Class

A

(Financials)

251,663

158,476

Giant

Network

Group

Co.

Ltd.,

Class

A

(Communication

Services)

268,306

294,294

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

A

(Industrials)

358,543

GOLDMAN

SACHS

ACTIVE

BETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

78,215

Gree

Electric

Appliances

Inc

of

Zhuhai,

Class

A

(Consumer

Discretionary)

$

360,900

53,858

Guangdong

Haid

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)

333,360

270,966

Guangzhou

Automobile

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

376,415

165,712

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co.

Ltd.,

Class

A

(Health

Care)

699,652

287,329

Guangzhou

Haige

Communications

Group,

Inc.

Co.,

Class

A

(Information

Technology)

509,394

53,382

Guangzhou

Kingmed

Diagnostics

Group

Co.

Ltd.,

Class

A

(Health

Care)

493,378

260,915

Guosen

Securities

Co.

Ltd.,

Class

A

(Financials)

347,107

188,167

Guotai

Junan

Securities

Co.

Ltd.,

Class

A

(Financials)

397,888

398,615

Guoyuan

Securities

Co.

Ltd.,

Class

A

(Financials)

384,604

6,966

H

World

Group

Ltd.

ADR

(Consumer

Discretionary)*

254,816

666,171

Haidilao

International

Holding

Ltd.

(Consumer

Discretionary)

(a)

1,325,467

226,099

Haier

Smart

Home

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

700,365

449,334

Haier

Smart

Home

Co.

Ltd.,

Class

H

(Consumer

Discretionary)

1,303,076

284,212

Haitong

Securities

Co.

Ltd.,

Class

A

(Financials)

386,856

537,545

Haitong

Securities

Co.

Ltd.,

Class

H

(Financials)

301,454

229,448

Hangzhou

Binjiang

Real

Estate

Group

Co.

Ltd.,

Class

A

(Real

Estate)

248,052

76,944

Hangzhou

Robam

Appliances

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

250,302

215,392

Heilongjiang

Agriculture

Co.

Ltd.,

Class

A

(Consumer

Staples)

380,654

106,387

Henan

Shuanghui

Investment

&

Development

Co.

Ltd.,

Class

A

(Consumer

Staples)

388,839

78,178

Hengan

International

Group

Co.

Ltd.

(Consumer

Staples)

285,274

441,694

Hengyi

Petrochemical

Co.

Ltd.,

Class

A

(Materials)*

424,313

1,273,420

Hesteel

Co.

Ltd.,

Class

A

(Materials)

386,966

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

113,500

Hisense

Visual

Technology

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

$

371,923

51,205

Hithink

RoyalFlush

Information

Network

Co.

Ltd.,

Class

A

(Financials)

1,007,321

117,942

Huadong

Medicine

Co.

Ltd.,

Class

A

(Health

Care)

673,695

393,562

Huafon

Chemical

Co.

Ltd.,

Class

A

(Materials)

378,075

273,006

Huaibei

Mining

Holdings

Co.

Ltd.,

Class

A

(Materials)

605,576

198,067

Huatai

Securities

Co.

Ltd.,

Class

A

(Financials)

397,465

345,077

Huatai

Securities

Co.

Ltd.,

Class

H

(Financials)

(a)

432,103

320,994

Huaxi

Securities

Co.

Ltd.,

Class

A

(Financials)

356,910

1,388,665

Huaxia

Bank

Co.

Ltd.,

Class

A

(Financials)

1,127,889

179,502

Huayu

Automotive

Systems

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

437,381

151,280

Hubei

Jumpcan

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

676,428

1,907,936

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

A

(Financials)

1,285,138

6,488,972

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

(Financials)

3,107,276

434,136

Industrial

Bank

Co.

Ltd.,

Class

A

(Financials)

887,605

1,543,042

Inner

Mongolia

BaoTou

Steel

Union

Co.

Ltd.,

Class

A

(Materials)*

330,606

198,600

Inner

Mongolia

Dian

Tou

Energy

Corp.

Ltd.,

Class

A

(Energy)

405,766

105,442

Inner

Mongolia

Yili

Industrial

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)

402,366

84,700

Innovent

Biologics,

Inc.

(Health

Care)*

(a)

496,685

133,336

iQIYI,

Inc.

ADR

(Communication

Services)*

598,679

55,318

JD

Health

International,

Inc.

(Consumer

Staples)*

(a)

263,830

215,098

JD.com,

Inc.,

Class

A

(Consumer

Discretionary)

2,938,550

428,858

Jiangsu

Expressway

Co.

Ltd.,

Class

H

(Industrials)

386,012

259,526

Jiangsu

Hengrui

Pharmaceuticals

Co.

Ltd.,

Class

A

(Health

Care)

1,745,195

60,934

Jiangsu

Pacific

Quartz

Co.

Ltd.,

Class

A

(Information

Technology)

732,641

GOLDMAN

SACHS

ACTIVE

BETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

192,285

Jiangxi

Copper

Co.

Ltd.,

Class

A

(Materials)

$

476,875

332,017

Jiangxi

Copper

Co.

Ltd.,

Class

H

(Materials)

471,012

25,897

JiuGui

Liquor

Co.

Ltd.,

Class

A

(Consumer

Staples)

258,934

227,246

Joincare

Pharmaceutical

Group

Industry

Co.

Ltd.,

Class

A

(Health

Care)

402,557

659,256

Jointown

Pharmaceutical

Group

Co.

Ltd.,

Class

A

(Health

Care)

693,322

16,204

JOYY,

Inc.

ADR

(Communication

Services)

622,396

307,137

Kingboard

Holdings

Ltd.

(Information

Technology)

739,303

349,900

Kingnet

Network

Co.

Ltd.,

Class

A

(Communication

Services)

572,305

101,502

Kingsoft

Corp.

Ltd.

(Communication

Services)

324,898

266,855

Kuaishou

Technology

(Communication

Services)*

(a)

1,971,439

63,588

Kunlun

Tech

Co.

Ltd.,

Class

A

(Communication

Services)*

288,065

9,971

Kweichow

Moutai

Co.

Ltd.,

Class

A

(Consumer

Staples)

2,501,477

1,923,475

Lenovo

Group

Ltd.

(Information

Technology)

2,376,546

75,200

Li

Auto,

Inc.,

Class

A

(Consumer

Discretionary)*

1,403,808

268,611

Li

Ning

Co.

Ltd.

(Consumer

Discretionary)

748,024

1,568,971

Liaoning

Port

Co.

Ltd.,

Class

A

(Industrials)

329,570

157,342

Longfor

Group

Holdings

Ltd.

(Real

Estate)

(a)

278,813

189,736

LONGi

Green

Energy

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

564,080

16,049

Luzhou

Laojiao

Co.

Ltd.,

Class

A

(Consumer

Staples)

466,345

451,409

Meituan,

Class

B

(Consumer

Discretionary)*

(a)

5,236,374

1,140,082

Metallurgical

Corp.

of

China

Ltd.,

Class

A

(Industrials)

494,924

38,652

MINISO

Group

Holding

Ltd.

ADR

(Consumer

Discretionary)

979,055

43,782

Muyuan

Foods

Co.

Ltd.,

Class

A

(Consumer

Staples)

239,602

206,820

NetEase,

Inc.

(Communication

Services)

4,668,497

78,403

New

China

Life

Insurance

Co.

Ltd.,

Class

A

(Financials)

343,102

170,512

New

China

Life

Insurance

Co.

Ltd.,

Class

H

(Financials)

338,391

231,488

New

Hope

Liuhe

Co.

Ltd.,

Class

A

(Consumer

Staples)*

324,167

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

264,426

New

Oriental

Education

&

Technology

Group,

Inc.

(Consumer

Discretionary)*

$

2,134,625

329,012

Nongfu

Spring

Co.

Ltd.,

Class

H

(Consumer

Staples)

(a)

1,878,793

731,774

Offshore

Oil

Engineering

Co.

Ltd.,

Class

A

(Energy)

658,914

284,500

OFILM

Group

Co.

Ltd.,

Class

A

(Information

Technology)*

403,981

353,314

Oriental

Pearl

Group

Co.

Ltd.,

Class

A

(Communication

Services)

399,278

58,394

PDD

Holdings,

Inc.

ADR

(Consumer

Discretionary)*

8,609,611

88,400

People.cn

Co.

Ltd.,

Class

A

(Communication

Services)

420,398

528,145

People’s

Insurance

Co.

Group

of

China

Ltd.

(The),

Class

A

(Financials)

373,496

2,389,338

People's

Insurance

Co.

Group

of

China

Ltd.

(The),

Class

H

(Financials)

773,981

2,717,016

PetroChina

Co.

Ltd.,

Class

A

(Energy)

2,731,855

4,579,841

PetroChina

Co.

Ltd.,

Class

H

(Energy)

3,008,154

1,603,564

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

(Financials)

1,862,198

206,903

Ping

An

Bank

Co.

Ltd.,

Class

A

(Financials)

280,468

123,440

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

A

(Financials)

705,273

534,433

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

(Financials)

2,463,361

1,396,844

Postal

Savings

Bank

of

China

Co.

Ltd.,

Class

A

(Financials)

858,724

1,346,487

Postal

Savings

Bank

of

China

Co.

Ltd.,

Class

H

(Financials)

(a)

598,224

59,528

Qifu

Technology,

Inc.

ADR

(Financials)

923,875

271,022

Qinghai

Salt

Lake

Industry

Co.

Ltd.,

Class

A

(Materials)*

601,554

203,265

SAIC

Motor

Corp.

Ltd.,

Class

A

(Consumer

Discretionary)

423,552

33,470

Sangfor

Technologies,

Inc.,

Class

A

(Information

Technology)*

395,584

467,450

SDIC

Capital

Co.

Ltd.,

Class

A

(Financials)

451,674

212,340

SDIC

Power

Holdings

Co.

Ltd.,

Class

A

(Utilities)

368,718

177,365

Seazen

Holdings

Co.

Ltd.,

Class

A

(Real

Estate)*

318,417

28,354

SG

Micro

Corp.,

Class

A

(Information

Technology)

356,043

131,329

Shaanxi

Coal

Industry

Co.

Ltd.,

Class

A

(Energy)

358,254

GOLDMAN

SACHS

ACTIVE

BETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

186,563

Shandong

Buchang

Pharmaceuticals

Co.

Ltd.,

Class

A

(Health

Care)

$

469,216

177,744

Shandong

Gold

Mining

Co.

Ltd.,

Class

A

(Materials)

577,463

221,174

Shandong

Weigao

Group

Medical

Polymer

Co.

Ltd.,

Class

H

(Health

Care)

209,838

1,032,034

Shanghai

Construction

Group

Co.

Ltd.,

Class

A

(Industrials)

361,306

626,480

Shanghai

Electric

Group

Co.

Ltd.,

Class

A

(Industrials)*

386,889

678,136

Shanghai

International

Port

Group

Co.

Ltd.,

Class

A

(Industrials)

477,668

182,281

Shanghai

Lingang

Holdings

Corp.

Ltd.,

Class

A

(Real

Estate)

280,275

203,206

Shanghai

Pharmaceuticals

Holding

Co.

Ltd.,

Class

A

(Health

Care)

511,074

1,013,112

Shanghai

Pudong

Development

Bank

Co.

Ltd.,

Class

A

(Financials)

971,827

439,377

Shanghai

RAAS

Blood

Products

Co.

Ltd.,

Class

A

(Health

Care)

489,154

484,084

Shanghai

Rural

Commercial

Bank

Co.

Ltd.,

Class

A

(Financials)

388,433

323,476

Shanghai

Yuyuan

Tourist

Mart

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

292,175

471,381

Shanxi

Securities

Co.

Ltd.,

Class

A

(Financials)

368,339

816,560

Shanxi

Taigang

Stainless

Steel

Co.

Ltd.,

Class

A

(Materials)

441,384

27,855

Shanxi

Xinghuacun

Fen

Wine

Factory

Co.

Ltd.,

Class

A

(Consumer

Staples)

931,725

691,135

Shenwan

Hongyuan

Group

Co.

Ltd.,

Class

A

(Financials)

436,496

402,216

Shenzhen

Energy

Group

Co.

Ltd.,

Class

A

(Utilities)

344,145

15,113

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.,

Class

A

(Health

Care)

615,589

693,199

Shenzhen

Overseas

Chinese

Town

Co.

Ltd.,

Class

A

(Real

Estate)*

334,902

58,700

Shenzhen

SC

New

Energy

Technology

Corp.,

Class

A

(Information

Technology)

577,958

89,056

Shenzhen

SED

Industry

Co.

Ltd.,

Class

A

(Information

Technology)

242,937

210,227

Shijiazhuang

Yiling

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

739,519

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

461,200

Sichuan

Changhong

Electric

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

$

371,363

173,028

Sichuan

Chuantou

Energy

Co.

Ltd.,

Class

A

(Utilities)

346,007

204,735

Sichuan

Kelun

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

822,266

342,671

Sichuan

Road

and

Bridge

Group

Co.

Ltd.,

Class

A

(Industrials)

370,455

76,936

Sichuan

Swellfun

Co.

Ltd.,

Class

A

(Consumer

Staples)

630,162

21,669

Silergy

Corp.

(Information

Technology)

294,793

218,560

Sinoma

International

Engineering

Co.,

Class

A

(Industrials)

286,782

850,712

Sinopec

Shanghai

Petrochemical

Co.

Ltd.,

Class

A

(Materials)*

347,861

248,172

Sinopharm

Group

Co.

Ltd.,

Class

H

(Health

Care)

615,799

371,916

SooChow

Securities

Co.

Ltd.,

Class

A

(Financials)

399,467

610,203

Southwest

Securities

Co.

Ltd.,

Class

A

(Financials)

352,057

35,239

Sunny

Optical

Technology

Group

Co.

Ltd.

(Information

Technology)

334,555

72,725

TAL

Education

Group

ADR

(Consumer

Discretionary)*

911,244

306,275

Tangshan

Jidong

Cement

Co.

Ltd.,

Class

A

(Materials)

298,083

668,111

TCL

Technology

Group

Corp.,

Class

A

(Information

Technology)*

391,080

773,449

Tencent

Holdings

Ltd.

(Communication

Services)

32,382,600

134,245

Tencent

Music

Entertainment

Group

ADR

(Communication

Services)*

1,142,425

268,076

Tianma

Microelectronics

Co.

Ltd.,

Class

A

(Information

Technology)*

408,064

122,936

Tianqi

Lithium

Corp.,

Class

A

(Materials)

862,153

1,100,625

Tingyi

Cayman

Islands

Holding

Corp.

(Consumer

Staples)

1,385,240

225,443

Tongwei

Co.

Ltd.,

Class

A

(Information

Technology)

773,471

2,003,751

Topsports

International

Holdings

Ltd.

(Consumer

Discretionary)

(a)

1,629,108

18,772

Trip.com

Group

Ltd.

(Consumer

Discretionary)*

659,999

1,308,690

Uni-President

China

Holdings

Ltd.

(Consumer

Staples)

837,797

181,309

Vipshop

Holdings

Ltd.

ADR

(Consumer

Discretionary)*

2,906,383

GOLDMAN

SACHS

ACTIVE

BETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

29,460

Wanhua

Chemical

Group

Co.

Ltd.,

Class

A

(Materials)

$

332,719

1,780,923

Want

Want

China

Holdings

Ltd.

(Consumer

Staples)

1,042,062

381,158

Western

Securities

Co.

Ltd.,

Class

A

(Financials)

352,282

1,775,018

Wintime

Energy

Group

Co.

Ltd.,

Class

A

(Utilities)*

352,965

875,837

Wuchan

Zhongda

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

566,639

28,279

Wuliangye

Yibin

Co.

Ltd.,

Class

A

(Consumer

Staples)

590,647

123,800

Wuxi

Biologics

Cayman,

Inc.

(Health

Care)*

(a)

689,513

509,861

XCMG

Construction

Machinery

Co.

Ltd.,

Class

A

(Industrials)

394,837

402,785

Xiamen

C

&

D,

Inc.,

Class

A

(Industrials)

534,151

984,554

Xiaomi

Corp.,

Class

B

(Information

Technology)*

(a)

1,969,032

56,400

XPeng,

Inc.,

Class

A

(Consumer

Discretionary)*

485,267

274,111

Yadea

Group

Holdings

Ltd.

(Consumer

Discretionary)

(a)

514,509

368,247

Yankuang

Energy

Group

Co.

Ltd.,

Class

H

(Energy)

684,602

78,462

Yihai

Kerry

Arawana

Holdings

Co.

Ltd.,

Class

A

(Consumer

Staples)

383,575

67,925

YongXing

Special

Materials

Technology

Co.

Ltd.,

Class

A

(Materials)

418,337

442,888

Youngor

Group

Co.

Ltd.,

Class

A

(Real

Estate)

420,499

134,936

YTO

Express

Group

Co.

Ltd.,

Class

A

(Industrials)

248,482

697,220

Yuexiu

Property

Co.

Ltd.

(Real

Estate)

635,597

60,637

Yum

China

Holdings,

Inc.

(Consumer

Discretionary)

2,618,306

49,032

Yunnan

Baiyao

Group

Co.

Ltd.,

Class

A

(Health

Care)

345,579

61,506

Yunnan

Botanee

Bio-

Technology

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)

615,491

166,417

Yunnan

Yuntianhua

Co.

Ltd.,

Class

A

(Materials)

366,346

223,800

Yutong

Bus

Co.

Ltd.,

Class

A

(Industrials)

421,838

141,656

Zangge

Mining

Co.

Ltd.,

Class

A

(Materials)

474,501

8,745

Zhangzhou

Pientzehuang

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

309,535

333,966

Zhaojin

Mining

Industry

Co.

Ltd.,

Class

H

(Materials)

432,728

655,774

Zhefu

Holding

Group

Co.

Ltd.,

Class

A

(Industrials)

336,106

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

339,216

Zhejiang

China

Commodities

City

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

$

377,646

604,171

Zhejiang

Expressway

Co.

Ltd.,

Class

H

(Industrials)

382,911

286,910

Zhejiang

Longsheng

Group

Co.

Ltd.,

Class

A

(Materials)

345,931

160,500

Zhejiang

NHU

Co.

Ltd.,

Class

A

(Health

Care)

382,539

66,246

Zhejiang

Supor

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

484,808

268,473

Zhejiang

Weixing

New

Building

Materials

Co.

Ltd.,

Class

A

(Industrials)

562,436

260,366

Zheshang

Securities

Co.

Ltd.,

Class

A

(Financials)

382,838

37,920

Zhongji

Innolight

Co.

Ltd.,

Class

A

(Information

Technology)

504,042

320,356

Zhongjin

Gold

Corp.

Ltd.,

Class

A

(Materials)

483,158

156,692

Zhongsheng

Group

Holdings

Ltd.

(Consumer

Discretionary)

375,164

357,164

Zhongtai

Securities

Co.

Ltd.,

Class

A

(Financials)

359,615

409,642

Zijin

Mining

Group

Co.

Ltd.,

Class

H

(Materials)

649,318

453,295

Zoomlion

Heavy

Industry

Science

and

Technology

Co.

Ltd.,

Class

A

(Industrials)

409,432

133,490

ZTE

Corp.,

Class

H

(Information

Technology)

291,240

13,610

ZTO

Express

Cayman,

Inc.

ADR

(Industrials)

303,775

290,765,944

Czech

Republic

–

0.2%

14,069

CEZ

AS

(Utilities)

623,494

19,608

Komercni

banka

AS

(Financials)

608,187

159,106

Moneta

Money

Bank

AS

(Financials)

(a)

623,036

1,854,717

Egypt

–

0.5%

1,421,159

Commercial

International

Bank

-

Egypt

(CIB)

(Financials)

3,550,598

1,779,689

Eastern

Co.

SAE

(Consumer

Staples)

1,491,713

5,042,311

Greece

–

0.8%

590,905

Eurobank

Ergasias

Services

and

Holdings

SA

(Financials)*

1,090,250

181,420

Hellenic

Telecommunications

Organization

SA

(Communication

Services)

2,666,352

19,538

JUMBO

SA

(Consumer

Discretionary)

512,483

14,812

Motor

Oil

Hellas

Corinth

Refineries

SA

(Energy)

400,802

25,278

Mytilineos

SA

(Industrials)

1,013,320

GOLDMAN

SACHS

ACTIVE

BETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Greece

–

(continued)

79,038

National

Bank

of

Greece

SA

(Financials)*

$

541,749

90,372

OPAP

SA

(Consumer

Discretionary)

1,449,492

7,674,448

Hong

Kong

–

0.2%

50,429

Orient

Overseas

International

Ltd.

(Industrials)

606,610

2,444,990

Sino

Biopharmaceutical

Ltd.

(Health

Care)

1,202,100

1,808,710

Hungary

–

0.2%

133,904

MOL

Hungarian

Oil

&

Gas

PLC

(Energy)

1,065,841

16,686

OTP

Bank

Nyrt

(Financials)

693,463

16,148

Richter

Gedeon

Nyrt

(Health

Care)

406,870

2,166,174

India

–

15.1%

7,972

ABB

India

Ltd.

(Industrials)

422,505

220,263

Adani

Power

Ltd.

(Utilities)*

1,139,696

6,708

Apollo

Hospitals

Enterprise

Ltd.

(Health

Care)

444,736

53,779

Asian

Paints

Ltd.

(Materials)

2,011,963

126,582

Aurobindo

Pharma

Ltd.

(Health

Care)

1,580,952

21,109

Avenue

Supermarts

Ltd.

(Consumer

Staples)*

(a)

999,778

166,975

Axis

Bank

Ltd.

(Financials)

2,150,915

5,300

Bajaj

Auto

Ltd.

(Consumer

Discretionary)

387,078

13,158

Bajaj

Finance

Ltd.

(Financials)

1,123,705

20,443

Bajaj

Finserv

Ltd.

(Financials)

410,239

327,718

Bank

of

Baroda

(Financials)

774,557

80,816

Berger

Paints

India

Ltd.

(Materials)

556,645

307,810

Bharat

Electronics

Ltd.

(Industrials)

538,523

123,792

Bharat

Petroleum

Corp.

Ltd.

(Energy)

646,765

166,355

Bharti

Airtel

Ltd.

(Communication

Services)

2,024,138

50,889

Britannia

Industries

Ltd.

(Consumer

Staples)

2,961,211

153,254

CG

Power

&

Industrial

Solutions

Ltd.

(Industrials)

825,869

38,710

Cholamandalam

Investment

and

Finance

Co.

Ltd.

(Financials)

518,702

171,233

Cipla

Ltd.

(Health

Care)

2,489,225

199,932

Coal

India

Ltd.

(Energy)

820,286

99,644

Colgate-Palmolive

India

Ltd.

(Consumer

Staples)

2,624,155

200,690

Dabur

India

Ltd.

(Consumer

Staples)

1,294,836

12,568

Divi's

Laboratories

Ltd.

(Health

Care)

570,983

50,400

DLF

Ltd.

(Real

Estate)

378,240

Shares

Description

Value

a

Common

Stocks

–

(continued)

India

–

(continued)

31,893

Dr.

Reddy's

Laboratories

Ltd.

(Health

Care)

$

2,213,613

12,125

Eicher

Motors

Ltd.

(Consumer

Discretionary)

566,588

378,604

GAIL

India

Ltd.

(Utilities)

598,820

44,512

Grasim

Industries

Ltd.

(Materials)

1,070,423

87,435

Havells

India

Ltd.

(Industrials)

1,365,776

281,915

HCL

Technologies

Ltd.

(Information

Technology)

4,532,952

169,888

HDFC

Bank

Ltd.

(Financials)

3,175,555

105,682

HDFC

Life

Insurance

Co.

Ltd.

(Financials)

(a)

875,363

272,179

Hindalco

Industries

Ltd.

(Materials)

1,682,969

25,956

Hindustan

Aeronautics

Ltd.

(Industrials)

740,704

133,200

Hindustan

Petroleum

Corp.

Ltd.

(Energy)*

554,882

85,999

Hindustan

Unilever

Ltd.

(Consumer

Staples)

2,625,074

435,463

ICICI

Bank

Ltd.

(Financials)

4,882,094

45,255

ICICI

Lombard

General

Insurance

Co.

Ltd.

(Financials)

(a)

803,147

148,234

Indian

Hotels

Co.

Ltd.

(Consumer

Discretionary)

749,580

904,225

Indian

Oil

Corp.

Ltd.

(Energy)

1,211,687

432,259

Infosys

Ltd.

(Information

Technology)

7,542,552

465,012

ITC

Ltd.

(Consumer

Staples)

2,430,065

150,975

Jindal

Steel

&

Power

Ltd.

(Materials)

1,214,408

272,622

Jio

Financial

Services

Ltd.

(Financials)*

749,930

100,084

JSW

Steel

Ltd.

(Materials)

961,430

165,443

Jubilant

Foodworks

Ltd.

(Consumer

Discretionary)

1,112,658

24,552

Kotak

Mahindra

Bank

Ltd.

(Financials)

516,823

71,547

Larsen

&

Toubro

Ltd.

(Industrials)

2,667,513

42,865

LTIMindtree

Ltd.

(Information

Technology)

(a)

2,845,904

53,512

Lupin

Ltd.

(Health

Care)

821,926

112,386

Mahindra

&

Mahindra

Ltd.

(Consumer

Discretionary)

2,220,598

332,005

Marico

Ltd.

(Consumer

Staples)

2,144,459

8,608

Maruti

Suzuki

India

Ltd.

(Consumer

Discretionary)

1,095,042

32,411

Mphasis

Ltd.

(Information

Technology)

915,135

400

MRF

Ltd.

(Consumer

Discretionary)

535,690

58,634

Muthoot

Finance

Ltd.

(Financials)

1,041,921

9,985

Nestle

India

Ltd.

(Consumer

Staples)

2,901,872

638,360

NTPC

Ltd.

(Utilities)

2,000,191

GOLDMAN

SACHS

ACTIVE

BETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

India

–

(continued)

576,794

Oil

&

Natural

Gas

Corp.

Ltd.

(Energy)

$

1,348,374

4,491

Page

Industries

Ltd.

(Consumer

Discretionary)

2,006,529

10,700

Persistent

Systems

Ltd.

(Information

Technology)

821,158

9,052

PI

Industries

Ltd.

(Materials)

409,314

49,844

Pidilite

Industries

Ltd.

(Materials)

1,525,526

6,000

Polycab

India

Ltd.

(Industrials)

379,014

345,007

Power

Finance

Corp.

Ltd.

(Financials)

1,385,510

885,712

Power

Grid

Corp.

of

India

Ltd.

(Utilities)

2,219,225

258,868

REC

Ltd.

(Financials)

1,082,423

272,622

Reliance

Industries

Ltd.

(Energy)

7,772,107

47,480

SBI

Life

Insurance

Co.

Ltd.

(Financials)

(a)

817,156

21,294

Shriram

Finance

Ltd.

(Financials)

512,524

30,753

Siemens

Ltd.

(Industrials)

1,348,808

14,756

SRF

Ltd.

(Materials)

418,897

213,781

State

Bank

of

India

(Financials)

1,447,744

80,069

Sun

Pharmaceutical

Industries

Ltd.

(Health

Care)

1,176,978

7,700

Supreme

Industries

Ltd.

(Materials)

409,142

781,000

Suzlon

Energy

Ltd.

(Industrials)*

381,632

149,668

Tata

Consultancy

Services

Ltd.

(Information

Technology)

6,259,247

77,671

Tata

Consumer

Products

Ltd.

(Consumer

Staples)

876,193

7,636

Tata

Elxsi

Ltd.

(Information

Technology)

755,673

353,529

Tata

Motors

Ltd.

(Consumer

Discretionary)

2,994,624

177,400

Tata

Motors

Ltd.,

Class

A

(Consumer

Discretionary)

1,016,404

157,815

Tata

Power

Co.

Ltd.

(The)

(Utilities)

506,976

1,435,194

Tata

Steel

Ltd.

(Materials)

2,201,140

212,125

Tech

Mahindra

Ltd.

(Information

Technology)

3,105,677

24,108

Titan

Co.

Ltd.

(Consumer

Discretionary)

1,009,085

69,093

Torrent

Pharmaceuticals

Ltd.

(Health

Care)

1,761,879

12,000

Trent

Ltd.

(Consumer

Discretionary)

401,037

21,194

Tube

Investments

of

India

Ltd.

(Consumer

Discretionary)

855,524

28,176

TVS

Motor

Co.

Ltd.

(Consumer

Discretionary)

629,953

17,095

UltraTech

Cement

Ltd.

(Materials)

1,845,671

94,020

UPL

Ltd.

(Materials)

643,364

Shares

Description

Value

a

Common

Stocks

–

(continued)

India

–

(continued)

113,680

Varun

Beverages

Ltd.

(Consumer

Staples)

$

1,506,305

371,360

Vedanta

Ltd.

(Materials)

1,039,129

278,282

Wipro

Ltd.

(Information

Technology)

1,378,333

280,000

Zomato

Ltd.

(Consumer

Discretionary)*

398,039

143,709,360

Indonesia

–

1.8%

1,863,323

Adaro

Energy

Indonesia

Tbk

PT

(Energy)

314,759

5,088,519

Aneka

Tambang

Tbk

(Materials)

570,859

4,025,745

Astra

International

Tbk

PT

(Industrials)

1,401,613

4,000,455

Bank

Central

Asia

Tbk

PT

(Financials)

2,314,899

3,017,962

Bank

Mandiri

Persero

Tbk

PT

(Financials)

1,138,303

2,835,364

Bank

Negara

Indonesia

Persero

Tbk

PT

(Financials)

964,316

3,312,021

Bank

Rakyat

Indonesia

Persero

Tbk

PT

(Financials)

1,126,429

946,746

Indah

Kiat

Pulp

&

Paper

Tbk

PT

(Materials)

535,635

2,208,129

Indofood

CBP

Sukses

Makmur

Tbk

PT

(Consumer

Staples)

1,644,351

3,065,181

Indofood

Sukses

Makmur

Tbk

PT

(Consumer

Staples)

1,269,748

11,913,393

Kalbe

Farma

Tbk

PT

(Health

Care)

1,240,498

6,871,796

Sumber

Alfaria

Trijaya

Tbk

PT

(Consumer

Staples)

1,271,570

10,586,823

Telkom

Indonesia

Persero

Tbk

PT

(Communication

Services)

2,566,503

4,097,309

Unilever

Indonesia

Tbk

PT

(Consumer

Staples)

964,228

17,323,711

Kuwait

–

0.5%

326,007

Agility

Public

Warehousing

Co.

KSC

(Industrials)*

570,182

210,700

Boubyan

Bank

KSCP

(Financials)

397,856

616,979

Kuwait

Finance

House

KSCP

(Financials)

1,396,821

917,332

National

Bank

of

Kuwait

SAKP

(Financials)

2,629,437

4,994,296

Luxembourg

–

0.1%

42,376

Reinet

Investments

SCA

(Financials)

989,496

Mexico

–

2.7%

843,096

Alfa

SAB

de

CV,

Class

A

(Industrials)

614,917

2,957,898

America

Movil

SAB

de

CV,

Series

B

(Communication

Services)

2,674,989

GOLDMAN

SACHS

ACTIVE

BETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Mexico

–

(continued)

53,368

Arca

Continental

SAB

de

CV

(Consumer

Staples)

$

544,847

2,649,646

Cemex

SAB

de

CV,

Series

CPO

(Materials)*

1,841,017

108,555

Coca-Cola

Femsa

SAB

de

CV

(Consumer

Staples)

912,233

344,727

Fomento

Economico

Mexicano

SAB

de

CV

(Consumer

Staples)

4,383,231

136,624

Gruma

SAB

de

CV,

Class

B

(Consumer

Staples)

2,531,534

481,612

Grupo

Bimbo

SAB

de

CV,

Series

A

(Consumer

Staples)

2,429,754

78,574

Grupo

Carso

SAB

de

CV,

Series

A1

(Industrials)

721,760

333,704

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

(Financials)

3,102,584

257,048

Grupo

Mexico

SAB

de

CV,

Series

B

(Materials)

1,177,998

252,100

Kimberly-Clark

de

Mexico

SAB

de

CV,

Class

A

(Consumer

Staples)

509,961

225,659

Orbia

Advance

Corp.

SAB

de

CV

(Materials)

481,806

42,778

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

(Industrials)

420,897

783,750

Wal-Mart

de

Mexico

SAB

de

CV

(Consumer

Staples)

3,072,017

25,419,545

Philippines

–

0.1%

461,674

Bank

of

the

Philippine

Islands

(Financials)

859,451

39,880

Manila

Electric

Co.

(Utilities)

258,728

1,118,179

Poland

–

1.1%

33,568

Bank

Pekao

SA

(Financials)

1,182,378

15,330

CD

Projekt

SA

(Communication

Services)

418,187

23,565

Dino

Polska

SA

(Consumer

Staples)*

(a)

2,632,736

521

LPP

SA

(Consumer

Discretionary)

1,942,856

26,932

ORLEN

SA

(Energy)

398,488

106,497

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

(Financials)*

1,268,543

192,388

Powszechny

Zaklad

Ubezpieczen

SA

(Financials)

2,198,582

3,300

Santander

Bank

Polska

SA

(Financials)*

410,861

10,452,631

Qatar

–

1.0%

535,667

Commercial

Bank

PSQC

(The)

(Financials)

784,154

96,023

Industries

Qatar

QSC

(Industrials)

329,659

684,836

Ooredoo

QPSC

(Communication

Services)

1,935,447

Shares

Description

Value

a

Common

Stocks

–

(continued)

Qatar

–

(continued)

382,973

Qatar

International

Islamic

Bank

QSC

(Financials)

$

1,054,990

340,096

Qatar

Islamic

Bank

(Financials)

1,774,739

723,994

Qatar

National

Bank

QPSC

(Financials)

3,121,864

9,000,853

Romania

–

0.1%

121,728

NEPI

Rockcastle

NV

(Real

Estate)*

745,142

Russia

–

0.0%

1,256,908

Gazprom

PJSC

(Energy)*

(c)

—

35,708,229

Inter

RAO

UES

PJSC

(Utilities)

(c)

—

62,206

LUKOIL

PJSC

(Energy)

(c)

—

11,906

MMC

Norilsk

Nickel

PJSC

(Materials)*

(c)

—

824,628

Moscow

Exchange

MICEX-

RTS

PJSC

(Financials)

(c)

—

839,494

Novolipetsk

Steel

PJSC

(Materials)*

(c)

—

820

PhosAgro

PJSC

(Materials)

(c)

—

127,440

PhosAgro

PJSC,

GDR

(Materials)*

(c)

—

70,023

Polymetal

International

PLC

(Materials)*

(c)

—

11,287

Polyus

PJSC

(Materials)*

(c)

—

90,086

Rosneft

Oil

Co.

PJSC

(Energy)

(c)

—

1,661,273

Sberbank

of

Russia

PJSC

(Financials)

(c)

—

152,107

Severstal

PAO

(Materials)*

(c)

—

3,362,523

Surgutneftegas

PJSC

(Energy)

(c)

—

277,377

Tatneft

PJSC

(Energy)

(c)

—

1,366

TCS

Group

Holding

PLC,

GDR

(Financials)*

(c)

—

799,132,583

VTB

Bank

PJSC

(Financials)*

(c)

—

40,500

Yandex

NV,

Class

A

(Communication

Services)*

(c)

—

—

Saudi

Arabia

–

3.8%

12,142

ACWA

Power

Co.

(Utilities)

741,175

32,389

Advanced

Petrochemical

Co.

(Materials)

322,897

208,779

Al

Rajhi

Bank

(Financials)

4,251,823

75,384

Alinma

Bank

(Financials)

719,378

30,274

Almarai

Co.

JSC

(Consumer

Staples)

450,297

56,143

Arab

National

Bank

(Financials)

359,172

7,556

Arabian

Internet

&

Co.mmunications

Services

Co.

(Information

Technology)

627,199

42,202

Bank

AlBilad

(Financials)

430,288

58,928

Bank

Al-Jazira

(Financials)*

266,719

46,054

Banque

Saudi

Fransi

(Financials)

459,128

31,581

Bupa

Arabia

for

Cooperative

Insurance

Co.

(Financials)

1,678,596

GOLDMAN

SACHS

ACTIVE

BETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Saudi

Arabia

–

(continued)

135,120

Dar

Al

Arkan

Real

Estate

Development

Co.

(Real

Estate)*

$

536,662

11,511

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

(Health

Care)

865,281

4,938

Elm

Co.

(Information

Technology)

980,097

195,757

Etihad

Etisalat

Co.

(Communication

Services)

2,410,762

92,092

Jarir

Marketing

Co.

(Consumer

Discretionary)

357,911

179,502

Mobile

Telecommunications

Co

Saudi

Arabia

(Communication

Services)

674,658

20,366

Nahdi

Medical

Co.

(Consumer

Staples)

737,226

154,308

Rabigh

Refining

&

Petrochemical

Co.

(Energy)*

448,343

80,130

Riyad

Bank

(Financials)

570,298

30,432

SABIC

Agri-Nutrients

Co.

(Materials)

1,116,205

105,999

Sahara

International

Petrochemical

Co.

(Materials)

914,052

98,935

Saudi

Arabian

Mining

Co.

(Materials)*

1,050,929

482,566

Saudi

Arabian

Oil

Co.

(Energy)

(a)

4,270,609

109,507

Saudi

Awwal

Bank

(Financials)

1,014,359

93,519

Saudi

Basic

Industries

Corp.

(Materials)

1,974,332

143,985

Saudi

Electricity

Co.

(Utilities)

693,155

88,628

Saudi

Investment

Bank

(The)

(Financials)

354,370

303,283

Saudi

Kayan

Petrochemical

Co.

(Materials)*

915,144

291,883

Saudi

National

Bank

(The)

(Financials)

2,719,262

212,933

Saudi

Telecom

Co.

(Communication

Services)

2,182,400

109,541

Savola

Group

(The)

(Consumer

Staples)

1,094,972

36,187,699

South

Africa

–

2.9%

130,997

Absa

Group

Ltd.

(Financials)

1,201,163

117,140

Aspen

Pharmacare

Holdings

Ltd.

(Health

Care)

1,144,387

88,306

Bid

Corp.

Ltd.

(Consumer

Staples)

1,925,816

44,863

Bidvest

Group

Ltd.

(The)

(Industrials)

558,171

7,467

Capitec

Bank

Holdings

Ltd.

(Financials)

772,592

91,903

Clicks

Group

Ltd.

(Consumer

Staples)

1,431,359

29,902

Discovery

Ltd.

(Financials)

209,929

564,887

FirstRand

Ltd.

(Financials)

2,010,044

130,107

Gold

Fields

Ltd.

(Materials)

1,955,450

194,856

Impala

Platinum

Holdings

Ltd.

(Materials)

787,959

Shares

Description

Value

a

Common

Stocks

–

(continued)

South

Africa

–

(continued)

54,402

Kumba

Iron

Ore

Ltd.

(Materials)

$

1,700,299

276,731

MTN

Group

Ltd.

(Communication

Services)

1,503,255

9,306

Naspers

Ltd.,

Class

N

(Consumer

Discretionary)*

1,705,797

99,876

Nedbank

Group

Ltd.

(Financials)

1,126,833

631,938

Old

Mutual

Ltd.

(Financials)

383,498

293,124

OUTsurance

Group

Ltd.

(Financials)

641,934

309,610

Pepkor

Holdings

Ltd.

(Consumer

Discretionary)

(a)

304,218

96,175

Remgro

Ltd.

(Financials)

736,970

267,494

Sanlam

Ltd.

(Financials)

958,603

224,048

Shoprite

Holdings

Ltd.

(Consumer

Staples)

3,040,314

197,960

Standard

Bank

Group

Ltd.

(Financials)

2,091,586

157,608

Vodacom

Group

Ltd.

(Communication

Services)

(b)

806,753

219,232

Woolworths

Holdings

Ltd.

(Consumer

Discretionary)

780,906

27,777,836

South

Korea

–

11.5%

15,376

Amorepacific

Corp.

(Consumer

Staples)

1,540,997

4,463

Celltrion,

Inc.

(Health

Care)

563,518

4,659

CJ

CheilJedang

Corp.

(Consumer

Staples)

1,115,863

4,186

CosmoAM&T

Co.

Ltd.

(Information

Technology)*

534,383

43,017

Coway

Co.

Ltd.

(Consumer

Discretionary)

1,667,132

9,324

DB

Insurance

Co.

Ltd.

(Financials)

604,906

15,710

Doosan

Bobcat,

Inc.

(Industrials)

555,266

30,064

Doosan

Enerbility

Co.

Ltd.

(Industrials)*

368,183

5,638

Ecopro

BM

Co.

Ltd.

(Industrials)

1,197,389

970

Ecopro

Co.

Ltd.

(Materials)

562,384

16,129

F&F

Co.

Ltd.

(Consumer

Discretionary)

1,073,892

45,094

GS

Holdings

Corp.

(Industrials)

1,443,539

46,064

Hana

Financial

Group,

Inc.

(Financials)

1,487,087

38,253

Hankook

Tire

&

Technology

Co.

Ltd.

(Consumer

Discretionary)

1,344,629

6,293

Hanmi

Pharm

Co.

Ltd.

(Health

Care)

1,499,901

4,768

Hanwha

Aerospace

Co.

Ltd.

(Industrials)

465,288

11,574

HD

Hyundai

Co.

Ltd.

(Energy)

540,954

72,170

HMM

Co.

Ltd.

(Industrials)

866,499

26,694

Hotel

Shilla

Co.

Ltd.

(Consumer

Discretionary)

1,357,305

GOLDMAN

SACHS

ACTIVE

BETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

South

Korea

–

(continued)

1,846

HYBE

Co.

Ltd.

(Communication

Services)*

$

308,346

6,819

Hyundai

Mobis

Co.

Ltd.

(Consumer

Discretionary)

1,210,364

11,737

Hyundai

Motor

Co.

(Consumer

Discretionary)

1,676,649

20,745

Hyundai

Steel

Co.

(Materials)

565,999

164,332

Industrial

Bank

of

Korea

(Financials)

1,506,838

13,222

JYP

Entertainment

Corp.

(Communication

Services)

983,848

15,194

Kakao

Corp.

(Communication

Services)

594,735

63,754

Kangwon

Land,

Inc.

(Consumer

Discretionary)

765,947

45,442

KB

Financial

Group,

Inc.

(Financials)

1,845,647

38,188

Kia

Corp.

(Consumer

Discretionary)

2,542,611

15,890

Korea

Aerospace

Industries

Ltd.

(Industrials)

570,865

45,454

Korea

Electric

Power

Corp.

(Utilities)*

664,115

5,996

Korea

Investment

Holdings

Co.

Ltd.

(Financials)

278,387

679

Korea

Zinc

Co.

Ltd.

(Materials)

258,674

24,644

Korean

Air

Lines

Co.

Ltd.

(Industrials)

428,832

25,368

KT

Corp.

(Communication

Services)

659,688

20,202

KT&G

Corp.

(Consumer

Staples)

1,381,092

5,567

Kumho

Petrochemical

Co.

Ltd.

(Materials)

552,320

1,110

LG

Chem

Ltd.

(Materials)

431,043

5,741

LG

Corp.

(Industrials)

374,234

31,865

LG

Electronics,

Inc.

(Consumer

Discretionary)

2,536,554

3,390

LG

H&H

Co.

Ltd.

(Consumer

Staples)

876,305

2,588

LG

Innotek

Co.

Ltd.

(Information

Technology)

477,420

218,849

LG

Uplus

Corp.

(Communication

Services)

1,781,122

73,073

Mirae

Asset

Securities

Co.

Ltd.

(Financials)

406,103

8,411

NAVER

Corp.

(Communication

Services)

1,356,035

3,891

NCSoft

Corp.

(Communication

Services)

790,173

89,582

NH

Investment

&

Securities

Co.

Ltd.

(Financials)

712,407

19,737

Orion

Corp.

(Consumer

Staples)

1,800,601

10,681

Pearl

Abyss

Corp.

(Communication

Services)*

312,942

13,600

Posco

DX

Co.

Ltd.

(Information

Technology)

604,023

2,702

POSCO

Future

M

Co.

Ltd.

(Industrials)

(b)

679,610

Shares

Description

Value

a

Common

Stocks

–

(continued)

South

Korea

–

(continued)

8,383

POSCO

Holdings,

Inc.

(Materials)

$

3,138,386

1,146

Samsung

Biologics

Co.

Ltd.

(Health

Care)*

(a)

643,995

14,226

Samsung

C&T

Corp.

(Industrials)

1,315,476

7,349

Samsung

Electro-Mechanics

Co.

Ltd.

(Information

Technology)

829,942

608,653

Samsung

Electronics

Co.

Ltd.

(Information

Technology)

34,344,796

25,160

Samsung

Engineering

Co.

Ltd.

(Industrials)*

492,416

10,398

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

(Financials)

2,095,477

125,218

Samsung

Heavy

Industries

Co.

Ltd.

(Industrials)*

774,514

10,539

Samsung

Life

Insurance

Co.

Ltd.

(Financials)

571,817

1,800

Samsung

SDI

Co.

Ltd.

(Information

Technology)

658,528

11,258

Samsung

SDS

Co.

Ltd.

(Information

Technology)

1,469,478

45,118

Samsung

Securities

Co.

Ltd.

(Financials)

1,370,868

55,993

Shinhan

Financial

Group

Co.

Ltd.

(Financials)

1,601,474

18,877

SK

Biopharmaceuticals

Co.

Ltd.

(Health

Care)*

1,259,784

55,908

SK

Hynix,

Inc.

(Information

Technology)

5,802,489

17,805

SK

Square

Co.

Ltd.

(Industrials)*

703,837

32,100

SK

Telecom

Co.

Ltd.

(Communication

Services)

1,298,779

2,313

SK,

Inc.

(Industrials)

293,305

115,127

Woori

Financial

Group,

Inc.

(Financials)

1,161,844

23,728

Yuhan

Corp.

(Health

Care)

1,127,409

109,677,258

Taiwan

–

15.3%

158,841

Accton

Technology

Corp.

(Information

Technology)

2,710,059

581,500

Acer,

Inc.

(Information

Technology)

655,211

187,795

Advantech

Co.

Ltd.

(Information

Technology)

2,125,017

570,256

ASE

Technology

Holding

Co.

Ltd.

(Information

Technology)

2,336,516

453,396

Asia

Cement

Corp.

(Materials)

605,205

86,592

Asustek

Computer,

Inc.

(Information

Technology)

1,090,716

197,930

Catcher

Technology

Co.

Ltd.

(Information

Technology)

1,232,311

832,900

Cathay

Financial

Holding

Co.

Ltd.

(Financials)*

1,239,752

242,203

Chailease

Holding

Co.

Ltd.

(Financials)

1,442,054

GOLDMAN

SACHS

ACTIVE

BETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Taiwan

–

(continued)

358,217

Cheng

Shin

Rubber

Industry

Co.

Ltd.

(Consumer

Discretionary)

$

539,504

3,634,962

China

Development

Financial

Holding

Corp.

(Financials)*

1,477,721

732,750

China

Steel

Corp.

(Materials)

614,534

411,474

Chunghwa

Telecom

Co.

Ltd.

(Communication

Services)

1,573,980

1,447,417

Compal

Electronics,

Inc.

(Information

Technology)

1,431,664

1,981,660

CTBC

Financial

Holding

Co.

Ltd.

(Financials)

1,734,904

258,604

Delta

Electronics,

Inc.

(Information

Technology)

2,619,980

59,986

E

Ink

Holdings,

Inc.

(Information

Technology)

351,390

957,376

E.Sun

Financial

Holding

Co.

Ltd.

(Financials)

784,533

18,458

eMemory

Technology,

Inc.

(Information

Technology)

1,485,975

146,687

Evergreen

Marine

Corp.

Taiwan

Ltd.

(Industrials)

525,894

842,610

Far

Eastern

New

Century

Corp.

(Industrials)

825,348

284,937

Feng

TAY

Enterprise

Co.

Ltd.

(Consumer

Discretionary)

1,673,686

1,058,987

First

Financial

Holding

Co.

Ltd.

(Financials)

938,987

349,895

Formosa

Plastics

Corp.

(Materials)

904,978

1,075,208

Fubon

Financial

Holding

Co.

Ltd.

(Financials)

2,216,498

36,944

Gigabyte

Technology

Co.

Ltd.

(Information

Technology)

295,647

17,890

Global

Unichip

Corp.

(Information

Technology)

944,894

31,337

Globalwafers

Co.

Ltd.

(Information

Technology)

585,813

1,206,380

Hon

Hai

Precision

Industry

Co.

Ltd.

(Information

Technology)

3,919,577

889,393

Hua

Nan

Financial

Holdings

Co.

Ltd.

(Financials)

633,451

834,227

Inventec

Corp.

(Information

Technology)

1,132,242

9,572

Largan

Precision

Co.

Ltd.

(Information

Technology)

732,301

487,840

Lite-On

Technology

Corp.

(Information

Technology)

1,717,746

196,981

MediaTek,

Inc.

(Information

Technology)

5,958,612

784,478

Mega

Financial

Holding

Co.

Ltd.

(Financials)

991,898

386,740

Micro-Star

International

Co.

Ltd.

(Information

Technology)

2,271,664

52,028

momo.com,

Inc.

(Consumer

Discretionary)

862,692

441,093

Nan

Ya

Plastics

Corp.

(Materials)

961,538

Shares

Description

Value

a

Common

Stocks

–

(continued)

Taiwan

–

(continued)

51,361

Nan

Ya

Printed

Circuit

Board

Corp.

(Information

Technology)

$

407,731

508,205

Nanya

Technology

Corp.

(Information

Technology)

1,220,082

127,486

Nien

Made

Enterprise

Co.

Ltd.

(Consumer

Discretionary)

1,391,573

204,035

Novatek

Microelectronics

Corp.

(Information

Technology)

3,337,448

532,998

Pegatron

Corp.

(Information

Technology)

1,385,385

803,098

Pou

Chen

Corp.

(Consumer

Discretionary)

794,358

351,060

President

Chain

Store

Corp.

(Consumer

Staples)

3,028,511

262,993

Quanta

Computer,

Inc.

(Information

Technology)

1,708,949

166,305

Realtek

Semiconductor

Corp.

(Information

Technology)

2,392,897

1,668,870

SinoPac

Financial

Holdings

Co.

Ltd.

(Financials)

1,009,656

404,080

Synnex

Technology

International

Corp.

(Information

Technology)

891,201

2,173,545

Taishin

Financial

Holding

Co.

Ltd.

(Financials)

1,273,235

1,028,639

Taiwan

Business

Bank

(Financials)

444,514

388,122

Taiwan

Cement

Corp.

(Materials)

434,215

692,377

Taiwan

Cooperative

Financial

Holding

Co.

Ltd.

(Financials)

597,297

184,491

Taiwan

Mobile

Co.

Ltd.

(Communication

Services)

581,111

3,074,490

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

(Information

Technology)

56,785,555

97,639

Unimicron

Technology

Corp.

(Information

Technology)

553,204

1,452,162

Uni-President

Enterprises

Corp.

(Consumer

Staples)

3,393,336

2,056,601

United

Microelectronics

Corp.

(Information

Technology)

3,219,199

189,885

Vanguard

International

Semiconductor

Corp.

(Information

Technology)

485,046

20,842

Voltronic

Power

Technology

Corp.

(Industrials)

1,074,124

638,313

Winbond

Electronics

Corp.

(Information

Technology)

579,263

479,328

Wistron

Corp.

(Information

Technology)

1,403,922

392,091

WPG

Holdings

Ltd.

(Information

Technology)

973,952

198,382

Yang

Ming

Marine

Transport

Corp.

(Industrials)

266,711

2,553,312

Yuanta

Financial

Holding

Co.

Ltd.

(Financials)

2,125,036

GOLDMAN

SACHS

ACTIVE

BETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Taiwan

–

(continued)

101,064

Zhen

Ding

Technology

Holding

Ltd.

(Information

Technology)

$

334,831

146,236,834

Thailand

–

1.4%

287,416

Advanced

Info

Service

PCL,

NVDR

(Communication

Services)

1,781,158

317,400

Airports

of

Thailand

PCL,

NVDR

(Industrials)*

536,857

1,669,200

Bangkok

Dusit

Medical

Services

PCL,

NVDR

(Health

Care)

1,245,583

342,700

Berli

Jucker

PCL,

NVDR

(Consumer

Staples)

255,728

185,200

Bumrungrad

Hospital

PCL,

NVDR

(Health

Care)

1,174,035

207,100

Central

Pattana

PCL,

NVDR

(Real

Estate)

398,864

730,600

Charoen

Pokphand

Foods

PCL,

NVDR

(Consumer

Staples)

413,302

872,377

CP

ALL

PCL,

NVDR

(Consumer

Staples)

1,289,563

532,700

Delta

Electronics

Thailand

PCL,

NVDR

(Information

Technology)

1,177,384

290,500

Gulf

Energy

Development

PCL,

NVDR

(Utilities)

379,874

815,100

Indorama

Ventures

PCL,

NVDR

(Materials)

567,691

279,100

Intouch

Holdings

PCL,

NVDR

(Communication

Services)

553,400

1,198,200

Krung

Thai

Bank

PCL,

NVDR

(Financials)

619,920

302,600

Krungthai

Card

PCL,

NVDR

(Financials)

402,148

190,000

PTT

Exploration

&

Production

PCL,

NVDR

(Energy)

818,279

357,400

PTT

Global

Chemical

PCL,

NVDR

(Materials)

391,156

736,700

PTT

PCL,

NVDR

(Energy)

727,747

80,700

Siam

Cement

PCL

(The),

NVDR

(Materials)

658,401

247,600

Thai

Oil

PCL,

NVDR

(Energy)

362,487

13,753,577

Turkey

–

0.8%

273,706

BIM

Birlesik

Magazalar

AS

(Consumer

Staples)

2,921,858

347,672

KOC

Holding

AS

(Industrials)

1,705,101

1

Sasa

Polyester

Sanayi

AS

(Materials)*

1

49,290

Tofas

Turk

Otomobil

Fabrikasi

AS

(Consumer

Discretionary)

407,447

113,735

Turk

Hava

Yollari

AO

(Industrials)*

989,446

179,872

Turkiye

Petrol

Rafinerileri

AS

(Energy)

953,224

Shares

Description

Value

a

Common

Stocks

–

(continued)

Turkey

–

(continued)

346,406

Turkiye

Sise

ve

Cam

Fabrikalari

AS

(Industrials)

$

591,431

7,568,508

United

Arab

Emirates

–

1.5%

437,086

Abu

Dhabi

Commercial

Bank

PJSC

(Financials)

999,802

450,362

Abu

Dhabi

Islamic

Bank

PJSC

(Financials)

1,250,921

1,206,902

Abu

Dhabi

National

Oil

Co.

for

Distribution

PJSC

(Consumer

Discretionary)

1,248,888

630,813

Aldar

Properties

PJSC

(Real

Estate)

982,572

831,850

Americana

Restaurants

International

PLC

(Consumer

Discretionary)

763,383

1,104,678

Dubai

Islamic

Bank

PJSC

(Financials)

1,660,514

981,978

Emaar

Properties

PJSC

(Real

Estate)

2,029,604

506,174

Emirates

NBD

Bank

PJSC

(Financials)

2,425,941

177,678

Emirates

Telecommunications

Group

Co.

PJSC

(Communication

Services)

934,778

430,862

First

Abu

Dhabi

Bank

PJSC

(Financials)

1,609,756

13,906,159

United

Kingdom

–

0.0%

57,556

Pepco

Group

NV

(Consumer

Discretionary)*

327,428

United

States

–

0.1%

51,412

JBS

SA

(Consumer

Staples)

241,933

10,486

Parade

Technologies

Ltd.

(Information

Technology)

360,834

602,767

TOTAL

COMMON

STOCKS

(Cost

$837,060,864)

921,801,186

Shares

Description

Rate

Value

a

Preferred

Stocks

–

2.2%

Brazil

–

1.4%

563,814

Banco

Bradesco

SA

(Financials)

6.20

%

1,859,852

40,548

Centrais

Eletricas

Brasileiras

SA,

Class

B

(Utilities)

3.33

368,876

252,900

Cia

Energetica

de

Minas

Gerais

(Utilities)

9.98

567,612

107,936

Gerdau

SA

(Materials)

14.87

478,159

619,833

Itau

Unibanco

Holding

SA

(Financials)

4.73

3,969,897

GOLDMAN

SACHS

ACTIVE

BETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Rate

Value

a

Preferred

Stocks

–

(continued)

Brazil

–

(continued)

828,996

Itausa

SA

(Financials)

6.73

%

$

1,638,748

661,974

Petroleo

Brasileiro

SA

(Energy)

8.81

4,819,603

13,702,747

Chile

–

0.1%

12,629

Sociedad

Quimica

y

Minera

de

Chile

SA,

Class

B

(Industrials)

14.40

644,433

Colombia

–

0.0%

78,429

Bancolombia

SA

(Financials)

12.35

537,695

Russia

–

0.0%

3,212,489

Surgutneftegas

PJSC

(Energy)

(c)

1.37

—

South

Korea

–

0.7%

9,384

Hyundai

Motor

Co.

(Consumer

Discretionary)

8.36

797,184

9,121

Hyundai

Motor

Co.

(Consumer

Discretionary)

8.40

764,237

110,462

Samsung

Electronics

Co.

Ltd.

(Information

Technology)

2.50

4,957,369

6,518,790

TOTAL

PREFERRED

STOCKS

(Cost

$16,731,026)

21,403,665

Shares

Description

Value

Exchange-Traded

Fund

–

0.6%

United

States

–

0.6%

257,264

iShares

MSCI

Malaysia

ETF

(Cost

$7,732,868)

5,464,287

Units

Description

Expiration

Month

Value

A

Rights

–

0.0%

China

–

0.0%

229,584

Zhejiang

Expressway

Co.

Ltd.*

(b)

03/24

25,868

Taiwan

–

0.0%

385

Wistron

Corp.*

12/23

—

Thailand

–

0.0%

7,364

Siam

Cement

PCL

(The),

NVDR*

12/23

—

TOTAL

RIGHTS

(Cost

$0)

25,868

Shares

Dividend

Rate

Value

aa

a

Investment

Company

–

1.1%

(d)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

10,634,270

5.260%

$

10,634,270

(Cost

$10,634,270)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$872,159,028)

959,329,276

a

Securities

Lending

Reinvestment

Vehicle

–

0.2%

(d)

a

a

a

a

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

1,787,921

5.259%

1,787,921

(Cost

$1,787,921)

TOTAL

INVESTMENTS

–

100.8%

(Cost

$873,946,949)

$

961,117,197

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(0.8)%

(8,022,557)

NET

ASSETS

–

100.0%

$

953,094,640

a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

(b)

All

or

a

portion

of

security

is

on

loan.

(c)

Significant

unobservable

inputs

were

used

in

the

valuation

of

this

portfolio

security;

i.e.

Level

3.

(d)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

GDR

—

Global

Depositary

Receipt

NVDR

—

Non-Voting

Depository

Receipt

PLC

—

Public

Limited

Company

Sector

Name

%

of

Market

Value

Information

Technology

21.5

%

Financials

20.6

Consumer

Discretionary

11.8

Consumer

Staples

10.2

Communication

Services

9.0

Materials

6.5

Industrials

5.2

Health

Care

5.1

Energy

4.9

Utilities

2.4

Investment

Company

1.1

Real

Estate

0.9

Exchange-Traded

Fund

0.6

Securities

Lending

Reinvestment

Vehicle

0.2

TOTAL

INVESTMENTS

100.0%

GOLDMAN

SACHS

ACTIVE

BETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Additional

Investment

Information

**End

swaps

header**

FUTURES

CONTRACTS

—

At

November

30,

2023,

the

Portfolio

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

MSCI

Emerging

Markets

Index

85

12/15/23

$

4,195,175

$

67,621

GOLDMAN

SACHS

ACTIVE

BETA

®

EUROPE

EQUITY

ETF

Schedule

of

Investments

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

98.8%

Australia

–

1.2%

87

Flutter

Entertainment

PLC

(Consumer

Discretionary)*

$

13,598

10,452

Glencore

PLC

(Materials)

58,457

983

Rio

Tinto

PLC

(Materials)

67,187

139,242

Austria

–

0.7%

395

Erste

Group

Bank

AG

(Financials)

15,994

292

Mondi

PLC

(Materials)

5,201

490

OMV

AG

(Energy)

20,931

1,604

voestalpine

AG

(Materials)

45,188

87,314

Belgium

–

1.2%

497

Ageas

SA/NV

(Financials)

21,409

707

Anheuser-Busch

InBev

SA/NV

(Consumer

Staples)

44,441

20

D’ieteren

Group

(Consumer

Discretionary)

3,417

50

Elia

Group

SA/NV

(Utilities)

5,426

119

Groupe

Bruxelles

Lambert

NV

(Financials)

9,440

164

KBC

Group

NV

(Financials)

9,412

1

Lotus

Bakeries

NV

(Consumer

Staples)

8,707

133

Solvay

SA

(Materials)

15,404

256

UCB

SA

(Health

Care)

18,949

136,605

Brazil

–

0.1%

247

Yara

International

ASA

(Materials)

8,394

China

–

0.1%

441

Prosus

NV

(Consumer

Discretionary)*

14,628

Denmark

–

5.1%

19

AP

Moller

–

Maersk

A/S,

Class

A

(Industrials)

(a)

29,502

20

AP

Moller

–

Maersk

A/S,

Class

B

(Industrials)

31,610

158

Carlsberg

AS,

Class

B

(Consumer

Staples)

19,608

75

Chr

Hansen

Holding

A/S

(Materials)

6,010

80

Coloplast

A/S,

Class

B

(Health

Care)

9,460

1,010

Danske

Bank

A/S

(Financials)

26,192

82

Demant

A/S

(Health

Care)*

3,485

64

DSV

A/S

(Industrials)

9,652

56

Genmab

A/S

(Health

Care)*

17,710

3,646

Novo

Nordisk

A/S,

Class

B

(Health

Care)

371,102

171

Novozymes

A/S,

Class

B

(Materials)

8,886

304

Pandora

A/S

(Consumer

Discretionary)

41,117

33

ROCKWOOL

A/S,

Class

B

(Industrials)

8,929

Shares

Description

Value

a

Common

Stocks

–

(continued)

Denmark

–

(continued)

679

Tryg

A/S

(Financials)

$

14,677

134

Vestas

Wind

Systems

A/S

(Industrials)*

3,717

601,657

Finland

–

1.2%

275

Elisa

OYJ

(Communication

Services)

12,326

337

Fortum

OYJ

(Utilities)

4,738

147

Kone

OYJ,

Class

B

(Industrials)

6,542

499

Metso

Corp.

(Industrials)

4,916

5,674

Nokia

OYJ

(Information

Technology)

19,922

1,844

Nordea

Bank

Abp

(Financials)

20,740

984

Orion

OYJ,

Class

B

(Health

Care)

39,123

339

Sampo

OYJ,

Class

A

(Financials)

14,851

271

UPM-

Kymmene

OYJ

(Materials)

9,486

307

Wartsila

OYJ

Abp

(Industrials)

4,241

136,885

France

–

16.7%

277

Accor

SA

(Consumer

Discretionary)

9,614

37

Aeroports

de

Paris

SA

(Industrials)

4,566

380

Air

Liquide

SA

(Materials)

72,061

328

Airbus

SE

(Industrials)

48,743

75

Amundi

SA

(Financials)

(b)

4,623

178

Arkema

SA

(Materials)

18,112

2,173

AXA

SA

(Financials)

67,798

195

BioMerieux

(Health

Care)

21,013

925

BNP

Paribas

SA

(Financials)

58,305

1,708

Bollore

SE

(Communication

Services)

9,775

456

Bouygues

SA

(Industrials)

17,369

636

Bureau

Veritas

SA

(Industrials)

15,412

204

Capgemini

SE

(Information

Technology)

41,846

2,474

Carrefour

SA

(Consumer

Staples)

46,956

1,005

Cie

de

Saint-Gobain

SA

(Industrials)

65,585

555

Cie

Generale

des

Etablissements

Michelin

(Consumer

Discretionary)

18,657

63

Covivio

SA

REIT

(Real

Estate)

3,081

2,908

Credit

Agricole

SA

(Financials)

38,145

739

Danone

SA

(Consumer

Staples)

47,549

117

Dassault

Aviation

SA

(Industrials)

23,285

561

Dassault

Systemes

(Information

Technology)

26,299

327

Edenred

SE

(Financials)

17,839

646

Eiffage

SA

(Industrials)

65,551

2,280

Engie

SA

(Utilities)

39,599

240

EssilorLuxottica

SA

(Health

Care)

45,858

GOLDMAN

SACHS

ACTIVE

BETA

®

EUROPE

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

France

–

(continued)

636

Eurazeo

SE

(Financials)

$

47,778

50

Gecina

SA

REIT

(Real

Estate)

5,543

596

Getlink

SE

(Industrials)

10,905

41

Hermes

International

SCA

(Consumer

Discretionary)

85,185

524

Ipsen

SA

(Health

Care)

59,175

59

Kering

(Consumer

Discretionary)

25,344

135

Klepierre

SA

REIT

(Real

Estate)

3,403

1,582

La

Francaise

des

Jeux

SAEM

(Consumer

Discretionary)

(b)

57,307

292

Legrand

SA

(Industrials)

28,171

297

L'Oreal

SA

(Consumer

Staples)

139,685

283

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(Consumer

Discretionary)

216,981

1,923

Orange

SA

(Communication

Services)

23,718

145

Pernod

Ricard

SA

(Consumer

Staples)

25,084

286

Publicis

Groupe

SA

(Communication

Services)

24,209

77

Remy

Cointreau

SA

(Consumer

Staples)

9,179

243

Safran

SA

(Industrials)

42,692

164

SEB

SA

(Consumer

Discretionary)

18,699

822

Societe

Generale

SA

(Financials)

20,696

139

Sodexo

SA

(Consumer

Discretionary)

14,924

161

Thales

SA

(Industrials)

24,058

2,363

TotalEnergies

SE

(Energy)

160,523

589

Veolia

Environnement

SA

(Utilities)

18,579

479

Vinci

SA

(Industrials)

58,692

1,102

Vivendi

SE

(Communication

Services)

10,444

1,958,615

Germany

–

13.1%

276

adidas

AG

(Consumer

Discretionary)

57,862

304

Allianz

SE

(Financials)

76,489

463

BASF

SE

(Materials)

21,564

933

Bayer

AG

(Health

Care)

31,924

467

Bayerische

Motoren

Werke

AG

(Consumer

Discretionary)

48,707

288

Bechtle

AG

(Information

Technology)

14,292

198

Beiersdorf

AG

(Consumer

Staples)

27,804

253

Brenntag

SE

(Industrials)

21,885

60

Carl

Zeiss

Meditec

AG

(Health

Care)

5,389

2,520

Commerzbank

AG

(Financials)

30,919

62

Covestro

AG

(Materials)*

(b)

3,261

388

Daimler

Truck

Holding

AG

(Industrials)

12,628

Shares

Description

Value

a

Common

Stocks

–

(continued)

Germany

–

(continued)

4,183

Deutsche

Bank

AG

(Financials)

$

52,149

141

Deutsche

Boerse

AG

(Financials)

26,815

4,457

Deutsche

Lufthansa

AG

(Industrials)*

38,807

1,716

Deutsche

Post

AG

(Industrials)

80,585

2,578

Deutsche

Telekom

AG

(Communication

Services)

61,813

4,746

E.ON

SE

(Utilities)

61,804

262

Evonik

Industries

AG

(Materials)

4,903

844

Fresenius

Medical

Care

AG

&

Co.

KGaA

(Health

Care)

34,653

1,302

Fresenius

SE

&

Co.

KGaA

(Health

Care)

41,326

236

GEA

Group

AG

(Industrials)

8,683

94

Hannover

Rueck

SE

(Financials)

22,461

437

Heidelberg

Materials

AG

(Materials)

35,665

2,380

HelloFresh

SE

(Consumer

Staples)*

36,407

142

Henkel

AG

&

Co.

KGaA

(Consumer

Staples)

9,928

681

Infineon

Technologies

AG

(Information

Technology)

26,415

258

Knorr-

Bremse

AG

(Industrials)

16,187

799

Mercedes-Benz

Group

AG

(Consumer

Discretionary)

51,941

141

Merck

KGaA

(Health

Care)

24,638

27

MTU

Aero

Engines

AG

(Industrials)

5,531

118

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Financials)

50,315

622

Nemetschek

SE

(Information

Technology)

54,320

483

Puma

SE

(Consumer

Discretionary)

31,188

51

Rational

AG

(Industrials)

32,692

50

Rheinmetall

AG

(Industrials)

15,057

368

RWE

AG

(Utilities)

15,808

959

SAP

SE

(Information

Technology)

152,225

83

Scout24

SE

(Communication

Services)

(b)

5,796

587

Siemens

AG

(Industrials)

98,633

1,628

Siemens

Energy

AG

(Industrials)*

19,326

145

Siemens

Healthineers

AG

(Health

Care)

(b)

8,376

89

Symrise

AG

(Materials)

10,022

290

Talanx

AG

(Financials)

21,074

998

Zalando

SE

(Consumer

Discretionary)*

(b)

23,804

1,532,071

GOLDMAN

SACHS

ACTIVE

BETA

®

EUROPE

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Hong

Kong

–

0.1%

945

Prudential

PLC

(Financials)

$

10,324

Ireland

–

0.6%

138

AerCap

Holdings

NV

(Industrials)*

9,414

2,765

AIB

Group

PLC

(Financials)

12,834

1,199

Bank

of

Ireland

Group

PLC

(Financials)

11,238

137

Kerry

Group

PLC,

Class

A

(Consumer

Staples)

11,094

177

Kingspan

Group

PLC

(Industrials)

14,060

294

Smurfit

Kappa

Group

PLC

(Materials)

11,163

69,803

Italy

–

4.6%

2,240

Assicurazioni

Generali

SpA

(Financials)

46,449

1,748

Banco

BPM

SpA

(Financials)

9,677

571

Coca-Cola

HBC

AG

(Consumer

Staples)*

15,874

1,036

Davide

Campari-Milano

NV

(Consumer

Staples)

11,326

73

DiaSorin

SpA

(Health

Care)

6,925

6,411

Enel

SpA

(Utilities)

45,370

3,576

Eni

SpA

(Energy)

59,182

172

Ferrari

NV

(Consumer

Discretionary)

62,044

1,120

FinecoBank

Banca

Fineco

SpA

(Financials)

15,110

641

Infrastrutture

Wireless

Italiane

SpA

(Communication

Services)

(b)

7,917

8,999

Intesa

Sanpaolo

SpA

(Financials)

25,936

2,606

Leonardo

SpA

(Industrials)

40,007

1,007

Mediobanca

Banca

di

Credito

Finanziario

SpA

(Financials)

(a)

11,839

718

Moncler

SpA

(Consumer

Discretionary)

39,860

2,625

Poste

Italiane

SpA

(Financials)

(b)

28,286

546

Prysmian

SpA

(Industrials)

21,048

391

Recordati

Industria

Chimica

e

Farmaceutica

SpA

(Health

Care)

18,844

1,922

Snam

SpA

(Utilities)

9,695

1,592

Terna

-

Rete

Elettrica

Nazionale

(Utilities)

12,847

1,938

UniCredit

SpA

(Financials)

52,832

541,068

Jordan

–

0.1%

736

Hikma

Pharmaceuticals

PLC

(Health

Care)

16,059

Luxembourg

–

0.6%

2,470

ArcelorMittal

(Materials)

62,228

Shares

Description

Value

a

Common

Stocks

–

(continued)

Luxembourg

–

(continued)

174

Eurofins

Scientific

SE

(Health

Care)

$

10,130

72,358

Netherlands

–

8.2%

1,065

ABN

AMRO

Bank

NV

(Financials)

(b)

14,310

8

Adyen

NV

(Financials)*

(b)

9,349

1,177

Aegon

Ltd.

(Financials)

6,454

190

Akzo

Nobel

NV

(Materials)

14,607

27

Argenx

SE

(Health

Care)*

12,002

50

ASM

International

NV

(Information

Technology)

25,679

396

ASML

Holding

NV

(Information

Technology)

269,183

151

ASR

Nederland

NV

(Financials)

6,964

121

BE

Semiconductor

Industries

NV

(Information

Technology)

16,958

94

Euronext

NV

(Financials)

(b)

7,815

452

EXOR

NV

(Financials)

44,041

306

Heineken

Holding

NV

(Consumer

Staples)

23,805

206

Heineken

NV

(Consumer

Staples)

18,858

61

IMCD

NV

(Industrials)

9,421

2,025

ING

Groep

NV

(Financials)

28,454

514

JDE

Peet’s

NV

(Consumer

Staples)

13,808

2,734

Koninklijke

Ahold

Delhaize

NV

(Consumer

Staples)

79,230

5,367

Koninklijke

KPN

NV

(Communication

Services)

18,429

612

Koninklijke

Philips

NV

(Health

Care)*

12,534

127

NN

Group

NV

(Financials)

4,835

663

Randstad

NV

(Industrials)

39,425

6,002

Shell

PLC

(Energy)

194,515

472

Universal

Music

Group

NV

(Communication

Services)

12,484

489

Wolters

Kluwer

NV

(Industrials)

67,387

950,547

Norway

–

1.3%

314

Aker

BP

ASA

(Energy)

9,034

825

DNB

Bank

ASA

(Financials)

15,775

1,702

Equinor

ASA

(Energy)

54,966

919

Gjensidige

Forsikring

ASA

(Financials)

15,526

238

Kongsberg

Gruppen

ASA

(Industrials)

10,254

340

Mowi

ASA

(Consumer

Staples)

6,066

2,112

Orkla

ASA

(Consumer

Staples)

15,605

158

Salmar

ASA

(Consumer

Staples)

8,689

1,087

Telenor

ASA

(Communication

Services)

11,728

147,643

GOLDMAN

SACHS

ACTIVE

BETA

®

EUROPE

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Portugal

–

0.5%

1,510

EDP

–

Energias

de

Portugal

SA

(Utilities)

$

7,228

344

Galp

Energia

SGPS

SA

(Energy)

5,125

1,884

Jeronimo

Martins

SGPS

SA

(Consumer

Staples)

46,663

59,016

Singapore

–

0.3%

742

STMicroelectronics

NV

(Information

Technology)

35,181

South

Africa

–

0.0%

148

Anglo

American

PLC

(Materials)

4,013

Spain

–

4.6%

61

Acciona

SA

(Utilities)

8,619

1,303

ACS

Actividades

de

Construccion

y

Servicios

SA

(Industrials)

52,105

36

Aena

SME

SA

(Industrials)

(b)

6,204

297

Amadeus

IT

Group

SA

(Consumer

Discretionary)

20,357

6,370

Banco

Bilbao

Vizcaya

Argentaria

SA

(Financials)

59,119

17,950

Banco

Santander

SA

(Financials)

74,444

3,648

CaixaBank

SA

(Financials)

16,443

90

Cellnex

Telecom

SA

(Communication

Services)*

(b)

3,441

438

Enagas

SA

(Utilities)

8,029

368

Endesa

SA

(Utilities)

7,703

380

Grifols

SA

(Health

Care)*

5,376

5,267

Iberdrola

SA

(Utilities)

65,198

2,196

Industria

de

Diseno

Textil

SA

(Consumer

Discretionary)

90,643

579

Naturgy

Energy

Group

SA

(Utilities)

17,323

569

Redeia

Corp.

SA

(Utilities)

9,548

3,662

Repsol

SA

(Energy)

56,098

9,589

Telefonica

SA

(Communication

Services)

41,369

542,019

Sweden

–

3.6%

303

Alfa

Laval

AB

(Industrials)

11,317

567

Assa

Abloy

AB,

Class

B

(Industrials)

14,539

1,666

Atlas

Copco

AB,

Class

A

(Industrials)

25,740

1,167

Atlas

Copco

AB,

Class

B

(Industrials)

15,419

238

Epiroc

AB,

Class

A

(Industrials)

4,443

178

Epiroc

AB,

Class

B

(Industrials)

2,805

697

Essity

AB,

Class

B

(Consumer

Staples)

17,460

79

Evolution

AB

(Consumer

Discretionary)

(b)

8,198

Shares

Description

Value

a

Common

Stocks

–

(continued)

Sweden

–

(continued)

134

Getinge

AB,

Class

B

(Health

Care)

$

2,852

3,574

H

&

M

Hennes

&

Mauritz

AB,

Class

B

(Consumer

Discretionary)

(a)

57,265

1,576

Hexagon

AB,

Class

B

(Information

Technology)

15,777

178

Holmen

AB,

Class

B

(Materials)

7,472

749

Husqvarna

AB,

Class

B

(Industrials)

5,727

297

Industrivarden

AB,

Class

A

(Financials)

8,939

304

Industrivarden

AB,

Class

C

(Financials)

9,162

1,171

Investor

AB,

Class

B

(Financials)

24,339

137

L

E

Lundbergforetagen

AB,

Class

B

(Financials)

6,670

346

Lifco

AB,

Class

B

(Industrials)

7,518

134

Saab

AB,

Class

B

(Industrials)

6,895

225

Sandvik

AB

(Industrials)

4,445

1,491

Skandinaviska

Enskilda

Banken

AB,

Class

A

(Financials)

18,070

128

SKF

AB,

Class

B

(Industrials)

2,408

417

Svenska

Cellulosa

AB

SCA,

Class

B

(Materials)

6,202

1,498

Svenska

Handelsbanken

AB,

Class

A

(Financials)

14,210

991

Swedbank

AB,

Class

A

(Financials)

18,191

572

Swedish

Orphan

Biovitrum

AB

(Health

Care)*

13,625

804

Tele2

AB,

Class

B

(Communication

Services)

6,312

4,479

Telefonaktiebolaget

LM

Ericsson,

Class

B

(Information

Technology)

22,209

3,116

Telia

Co.

AB

(Communication

Services)

7,404

500

Volvo

AB,

Class

A

(Industrials)

11,824

1,028

Volvo

AB,

Class

B

(Industrials)

23,863

7,803

Volvo

Car

AB,

Class

B

(Consumer

Discretionary)*

25,444

426,744

Switzerland

–

8.9%

1,092

ABB

Ltd.

(Industrials)

43,590

111

Adecco

Group

AG

(Industrials)

5,370

170

Alcon,

Inc.

(Health

Care)

12,888

101

Avolta

AG

(Consumer

Discretionary)*

3,546

86

Baloise

Holding

AG

(Financials)

13,243

159

Banque

Cantonale

Vaudoise

(Financials)

19,510

7

Barry

Callebaut

AG

(Consumer

Staples)

11,729

96

BKW

AG

(Utilities)

17,046

GOLDMAN

SACHS

ACTIVE

BETA

®

EUROPE

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Switzerland

–

(continued)

2

Chocoladefabriken

Lindt

&

Spruengli

AG

(Consumer

Staples)

$

24,886

400

Cie

Financiere

Richemont

SA

(Consumer

Discretionary)

50,233

314

Clariant

AG

(Materials)*

4,720

74

DSM-

Firmenich

AG

(Materials)

7,014

19

EMS-

Chemie

Holding

AG

(Materials)

13,558

63

Geberit

AG

(Industrials)

35,458

4

Givaudan

SA

(Materials)

15,051

94

Helvetia

Holding

AG

(Financials)

12,940

54

Julius

Baer

Group

Ltd.

(Financials)

2,747

193

Kuehne

+

Nagel

International

AG

(Industrials)

56,199

522

Logitech

International

SA

(Information

Technology)

45,768

8

Lonza

Group

AG

(Health

Care)

3,113

2,151

Novartis

AG

(Health

Care)

210,561

37

Partners

Group

Holding

AG

(Financials)

49,040

727

Sandoz

Group

AG

(Health

Care)*

20,910

35

Schindler

Holding

AG

(Industrials)

7,543

42

Schindler

Holding

AG

Participation

Certificates

(Industrials)

9,455

512

SGS

SA

(Industrials)

43,749

159

SIG

Group

AG

(Materials)*

3,737

28

Sika

AG

(Materials)

7,638

39

Sonova

Holding

AG

(Health

Care)

11,316

182

Straumann

Holding

AG

(Health

Care)

25,169

68

Swatch

Group

AG

(The)

–

Bearer

(Consumer

Discretionary)

17,947

312

Swatch

Group

AG

(The)

–

Registered

(Consumer

Discretionary)

15,752

37

Swiss

Life

Holding

AG

(Financials)

23,854

141

Swiss

Prime

Site

AG

(Real

Estate)

14,269

33

Swisscom

AG

(Communication

Services)

19,370

3,260

UBS

Group

AG

(Financials)

92,339

36

VAT

Group

AG

(Industrials)

(b)

16,829

114

Zurich

Insurance

Group

AG

(Financials)

57,410

1,045,497

United

Kingdom

–

17.0%

1,595

3i

Group

PLC

(Financials)

45,068

947

Admiral

Group

PLC

(Financials)

32,381

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

Kingdom

–

(continued)

177

Ashtead

Group

PLC

(Industrials)

$

10,673

903

Associated

British

Foods

PLC

(Consumer

Staples)

27,184

1,494

AstraZeneca

PLC

(Health

Care)

191,516

6,946

Auto

Trader

Group

PLC

(Communication

Services)

(b)

63,734

1,639

Aviva

PLC

(Financials)

8,663

3,227

BAE

Systems

PLC

(Industrials)

42,895

17,269

Barclays

PLC

(Financials)

30,834

3,061

Barratt

Developments

PLC

(Consumer

Discretionary)

19,910

286

Berkeley

Group

Holdings

PLC

(Consumer

Discretionary)

16,785

16,499

BP

PLC

(Energy)

100,069

1,998

British

American

Tobacco

PLC

(Consumer

Staples)

63,538

2,695

BT

Group

PLC

(Communication

Services)

4,193

547

Bunzl

PLC

(Industrials)

20,788

2,331

Burberry

Group

PLC

(Consumer

Discretionary)

43,187

30,056

Centrica

PLC

(Utilities)

56,713

349

Coca-Cola

Europacific

Partners

PLC

(Consumer

Staples)

21,163

1,559

Compass

Group

PLC

(Consumer

Discretionary)

39,531

69

Croda

International

PLC

(Materials)

3,917

404

DCC

PLC

(Industrials)

27,321

1,823

Diageo

PLC

(Consumer

Staples)

63,777

268

Halma

PLC

(Information

Technology)

7,230

3,986

Hargreaves

Lansdown

PLC

(Financials)

36,251

16,374

HSBC

Holdings

PLC

(Financials)

124,807

1,516

Imperial

Brands

PLC

(Consumer

Staples)

35,438

1,659

Informa

PLC

(Communication

Services)

15,605

206

InterContinental

Hotels

Group

PLC

(Consumer

Discretionary)

15,950

162

Intertek

Group

PLC

(Industrials)

8,173

9,003

J

Sainsbury

PLC

(Consumer

Staples)

32,585

27,534

JD

Sports

Fashion

PLC

(Consumer

Discretionary)

54,742

4,854

Kingfisher

PLC

(Consumer

Discretionary)

13,482

403

Land

Securities

Group

PLC

REIT

(Real

Estate)

3,184

10,780

Legal

&

General

Group

PLC

(Financials)

31,292

22,116

Lloyds

Banking

Group

PLC

(Financials)

12,171

GOLDMAN

SACHS

ACTIVE

BETA

®

EUROPE

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

Kingdom

–

(continued)

245

London

Stock

Exchange

Group

PLC

(Financials)

$

27,623

1,609

M&G

PLC

(Financials)

4,261

1,522

Melrose

Industries

PLC

(Industrials)

9,992

2,637

National

Grid

PLC

(Utilities)

34,301

4,313

NatWest

Group

PLC

(Financials)

11,351

458

Next

PLC

(Consumer

Discretionary)

45,979

613

Pearson

PLC

(Consumer

Discretionary)

7,273

1,337

Phoenix

Group

Holdings

PLC

(Financials)

7,874

488

Reckitt

Benckiser

Group

PLC

(Consumer

Staples)

33,348

1,785

RELX

PLC

(Industrials)

68,696

501

Rentokil

Initial

PLC

(Industrials)

2,719

6,051

Rolls-Royce

Holdings

PLC

(Industrials)*

20,591

4,293

Sage

Group

PLC

(The)

(Information

Technology)

61,440

1,010

Schroders

PLC

(Financials)

5,135

321

Severn

Trent

PLC

(Utilities)

10,570

1,104

Smith

&

Nephew

PLC

(Health

Care)

14,304

706

Smiths

Group

PLC

(Industrials)

14,729

53

Spirax-Sarco

Engineering

PLC

(Industrials)

6,205

882

SSE

PLC

(Utilities)

20,461

1,544

St

James's

Place

PLC

(Financials)

12,678

2,014

Standard

Chartered

PLC

(Financials)

16,654

5,796

Taylor

Wimpey

PLC

(Consumer

Discretionary)

9,506

15,806

Tesco

PLC

(Consumer

Staples)

57,187

1,770

Unilever

PLC

(Consumer

Staples)

84,464

812

United

Utilities

Group

PLC

(Utilities)

11,215

50,457

Vodafone

Group

PLC

(Communication

Services)

45,563

342

Whitbread

PLC

(Consumer

Discretionary)

13,383

1,409

Wise

PLC,

Class

A

(Financials)*

13,927

658

WPP

PLC

(Communication

Services)

5,888

2,002,067

United

States

–

9.0%

450

CRH

PLC

(Materials)

28,404

293

Experian

PLC

(Industrials)

10,768

520

Ferrovial

SE

(Industrials)

18,020

4,562

GSK

PLC

(Health

Care)

81,974

4,442

Haleon

PLC

(Consumer

Staples)

18,560

657

Holcim

AG

(Materials)*

48,583

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

States

–

(continued)

2,524

Nestle

SA

(Consumer

Staples)

$

288,378

404

QIAGEN

NV

(Health

Care)*

16,596

797

Roche

Holding

AG

(Health

Care)

216,356

88

Roche

Holding

AG

(Health

Care)

(a)

25,280

1,183

Sanofi

SA

(Health

Care)

110,309

508

Schneider

Electric

SE

(Industrials)

93,463

2,894

Stellantis

NV

(Consumer

Discretionary)

62,844

265

Swiss

Re

AG

(Financials)

31,466

536

Tenaris

SA

(Energy)

9,211

1,060,212

TOTAL

COMMON

STOCKS

(Cost

$10,632,408)

11,597,962

Shares

Description

Rate

Value

a

Preferred

Stocks

–

0.5%

Germany

–

0.5%

295

Bayerische

Motoren

Werke

AG

(Consumer

Discretionary)

9.76

%

28,035

237

Henkel

AG

&

Co.

KGaA

(Consumer

Staples)

2.56

18,670

101

Porsche

Automobil

Holding

SE

(Consumer

Discretionary)

5.71

4,944

57

Volkswagen

AG

(Consumer

Discretionary)

26.14

6,619

TOTAL

PREFERRED

STOCKS

(Cost

$66,416)

58,268

Shares

Dividend

Rate

Value

aa

a

Investment

Company

–

0.8%

(c)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

90,432

5.260%

90,432

(Cost

$90,432)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$10,789,256)

11,746,662

GOLDMAN

SACHS

ACTIVE

BETA

®

EUROPE

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Additional

Investment

Information

**End

swaps

header**

Shares

Dividend

Rate

Value

a

Securities

Lending

Reinvestment

Vehicle

–

1.0%

(c)

a

a

a

a

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

111,831

5.259%

$

111,831

(Cost

$111,831)

TOTAL

INVESTMENTS

–

101.1%

(Cost

$10,901,087)

$

11,858,493

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(1.1)%

(130,977)

NET

ASSETS

–

100.0%

$

11,727,516

a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

All

or

a

portion

of

security

is

on

loan.

(b)

Exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

(c)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Sector

Name

%

of

Market

Value

Financials

17.1

%

Industrials

15.5

Health

Care

14.9

Consumer

Discretionary

12.7

Consumer

Staples

12.4

Information

Technology

7.0

Energy

5.6

Materials

5.3

Utilities

4.1

Communication

Services

3.5

Investment

Company

0.8

Real

Estate

0.2

Securities

Lending

Reinvestment

Vehicle

0.9

TOTAL

INVESTMENTS

100.0%

FUTURES

CONTRACTS

—

At

November

30,

2023,

the

Portfolio

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

MSCI

Europe

Index

2

12/15/23

$

65,215

$

289

GOLDMAN

SACHS

ACTIVE

BETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

99.1%

Australia

–

6.1%

75,665

Ampol

Ltd.

(Energy)

$

1,717,309

434,117

ANZ

Group

Holdings

Ltd.

(Financials)

7,014,694

215,719

APA

Group

(Utilities)

1,220,067

88,177

Aristocrat

Leisure

Ltd.

(Consumer

Discretionary)

2,373,126

33,290

ASX

Ltd.

(Financials)

1,281,996

536,350

Aurizon

Holdings

Ltd.

(Industrials)

1,255,363

628,034

BHP

Group

Ltd.

(Materials)

19,280,156

716,666

BlueScope

Steel

Ltd.

(Materials)

9,874,355

334,337

Brambles

Ltd.

(Industrials)

2,957,241

62,679

CAR

Group

Ltd.

(Communication

Services)

1,154,518

33,139

Cochlear

Ltd.

(Health

Care)

5,999,459

660,099

Coles

Group

Ltd.

(Consumer

Staples)

6,709,615

230,962

Commonwealth

Bank

of

Australia

(Financials)

16,027,569

45,595

Computershare

Ltd.

(Industrials)

713,772

229,822

Dexus

REIT

(Real

Estate)

1,072,780

263,819

Endeavour

Group

Ltd.

(Consumer

Staples)

862,381

14,972

Flutter

Entertainment

PLC

(Consumer

Discretionary)*

2,340,125

246,033

Fortescue

Ltd.

(Materials)

4,076,674

1,776,322

Glencore

PLC

(Materials)

9,934,918

60,104

Goodman

Group

REIT

(Real

Estate)

906,632

406,215

GPT

Group

(The)

REIT

(Real

Estate)

1,109,685

138,476

IDP

Education

Ltd.

(Consumer

Discretionary)

2,080,563

114,356

IGO

Ltd.

(Materials)

650,568

419,639

Insurance

Australia

Group

Ltd.

(Financials)

1,652,756

1,846,219

Lottery

Corp.

Ltd.

(The)

(Consumer

Discretionary)

5,631,025

40,963

Macquarie

Group

Ltd.

(Financials)

4,591,487

883,670

Medibank

Pvt

Ltd.

(Financials)

2,027,275

439,206

National

Australia

Bank

Ltd.

(Financials)

8,270,523

206,480

Northern

Star

Resources

Ltd.

(Materials)

1,742,821

131,647

Orica

Ltd.

(Materials)

1,363,447

115,707

Origin

Energy

Ltd.

(Utilities)

632,169

1,696,260

Pilbara

Minerals

Ltd.

(Materials)

(a)

4,093,928

206,860

QBE

Insurance

Group

Ltd.

(Financials)

2,108,127

28,317

REA

Group

Ltd.

(Communication

Services)

2,914,911

52,599

Reece

Ltd.

(Industrials)

674,497

48,117

Rio

Tinto

Ltd.

(Materials)

3,989,274

142,119

Rio

Tinto

PLC

(Materials)

9,713,648

482,965

Santos

Ltd.

(Energy)

2,212,789

Shares

Description

Value

a

Common

Stocks

–

(continued)

Australia

–

(continued)

96,905

Sonic

Healthcare

Ltd.

(Health

Care)

$

1,874,256

304,578

Stockland

REIT

(Real

Estate)

834,056

383,334

Suncorp

Group

Ltd.

(Financials)

3,550,750

1,038,899

Telstra

Group

Ltd.

(Communication

Services)

2,631,377

248,852

Transurban

Group

(Industrials)

2,138,418

719,311

Vicinity

Ltd.

REIT

(Real

Estate)

903,800

113,379

Washington

H

Soul

Pattinson

&

Co.

Ltd.

(Financials)

2,518,395

269,653

Wesfarmers

Ltd.

(Consumer

Discretionary)

9,415,264

465,516

Westpac

Banking

Corp.

(Financials)

6,596,074

28,299

WiseTech

Global

Ltd.

(Information

Technology)

1,253,412

213,756

Woodside

Energy

Group

Ltd.

(Energy)

4,393,660

422,583

Woolworths

Group

Ltd.

(Consumer

Staples)

9,778,761

198,120,466

Austria

–

0.4%

47,772

Erste

Group

Bank

AG

(Financials)

1,934,323

51,546

Mondi

PLC

(Materials)

918,134

113,906

OMV

AG

(Energy)

4,865,675

251,799

voestalpine

AG

(Materials)

7,093,734

14,811,866

Belgium

–

0.7%

85,952

Ageas

SA/NV

(Financials)

3,702,524

101,580

Anheuser-Busch

InBev

SA/NV

(Consumer

Staples)

6,385,145

8,284

Elia

Group

SA/NV

(Utilities)

898,896

22,693

Groupe

Bruxelles

Lambert

NV

(Financials)

1,800,077

27,075

KBC

Group

NV

(Financials)

1,553,885

132

Lotus

Bakeries

NV

(Consumer

Staples)

1,149,321

33,863

Solvay

SA

(Materials)

3,922,023

45,942

UCB

SA

(Health

Care)

3,400,638

22,812,509

Brazil

–

0.1%

28,415

Wheaton

Precious

Metals

Corp.

(Materials)

1,390,519

26,584

Yara

International

ASA

(Materials)

903,414

2,293,933

Canada

–

11.1%

21,041

Agnico

Eagle

Mines

Ltd.

(Materials)

1,130,536

74,312

Air

Canada

(Industrials)*

966,272

185,909

Alimentation

Couche-Tard,

Inc.

(Consumer

Staples)

10,612,794

46,011

AltaGas

Ltd.

(Utilities)

936,611

574,162

ARC

Resources

Ltd.

(Energy)

9,163,894

92,549

Bank

of

Montreal

(Financials)

7,602,690

GOLDMAN

SACHS

ACTIVE

BETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Canada

–

(continued)

160,060

Bank

of

Nova

Scotia

(The)

(Financials)

$

7,165,720

31,162

BCE,

Inc.

(Communication

Services)

1,228,001

74,800

Brookfield

Asset

Management

Ltd.,

Class

A

(Financials)

(a)

2,621,048

35,036

Brookfield

Corp.

(Financials)

1,236,732

72,993

Cameco

Corp.

(Energy)

3,354,496

31,590

Canadian

Apartment

Properties

REIT

(Real

Estate)

1,077,114

133,351

Canadian

Imperial

Bank

of

Commerce

(Financials)

5,517,565

25,955

Canadian

National

Railway

Co.

(Industrials)

3,014,253

151,676

Canadian

Natural

Resources

Ltd.

(Energy)

10,136,344

55,995

Canadian

Pacific

Kansas

City

Ltd.

(Industrials)

4,034,481

33,718

Canadian

Tire

Corp.

Ltd.,

Class

A

(Consumer

Discretionary)

3,510,193

54,994

Canadian

Utilities

Ltd.,

Class

A

(Utilities)

1,233,040

31,871

CCL

Industries,

Inc.,

Class

B

(Materials)

1,314,707

632,883

Cenovus

Energy,

Inc.

(Energy)

11,235,383

103,532

CGI,

Inc.

(Information

Technology)*

10,535,317

8,857

Constellation

Software,

Inc.

(Information

Technology)

20,820,825

21,011

Descartes

Systems

Group,

Inc.

(The)

(Information

Technology)*

1,708,030

151,581

Dollarama,

Inc.

(Consumer

Discretionary)

11,017,670

46,337

Element

Fleet

Management

Corp.

(Financials)

747,079

40,527

Emera,

Inc.

(Utilities)

1,425,477

486,038

Empire

Co.

Ltd.

(Consumer

Staples)

13,220,549

177,361

Enbridge,

Inc.

(Energy)

6,197,857

11,700

Fairfax

Financial

Holdings

Ltd.

(Financials)

10,763,033

23,750

FirstService

Corp.

(Real

Estate)

3,730,003

46,472

Fortis,

Inc.

(Utilities)

1,863,199

8,643

Franco-Nevada

Corp.

(Materials)

968,812

95,517

George

Weston

Ltd.

(Consumer

Staples)

11,211,808

26,389

GFL

Environmental,

Inc.

(Industrials)

757,892

131,291

Great-West

Lifeco,

Inc.

(Financials)

(a)

4,199,646

67,264

Hydro

One

Ltd.

(Utilities)

(b)

1,871,297

99,209

iA

Financial

Corp.,

Inc.

(Financials)

6,630,031

59,297

IGM

Financial,

Inc.

(Financials)

1,473,405

115,531

Imperial

Oil

Ltd.

(Energy)

(a)

6,514,249

23,030

Intact

Financial

Corp.

(Financials)

3,572,083

Shares

Description

Value

a

Common

Stocks

–

(continued)

Canada

–

(continued)

48,395

Keyera

Corp.

(Energy)

$

1,219,646

202,026

Kinross

Gold

Corp.

(Materials)

1,192,026

164,961

Loblaw

Cos.

Ltd.

(Consumer

Staples)

14,234,935

479,348

Manulife

Financial

Corp.

(Financials)

9,397,109

153,162

MEG

Energy

Corp.

(Energy)*

2,898,652

68,529

Metro,

Inc.

(Consumer

Staples)

3,437,443

75,583

National

Bank

of

Canada

(Financials)

5,012,666

67,336

Northland

Power,

Inc.

(Utilities)

1,095,573

93,012

Nutrien

Ltd.

(Materials)

4,979,025

37,567

Open

Text

Corp.

(Information

Technology)

1,504,232

154,533

Parkland

Corp.

(Energy)

5,061,630

64,124

Pembina

Pipeline

Corp.

(Energy)

2,146,689

238,921

Power

Corp.

of

Canada

(Financials)

6,616,870

65,397

Quebecor,

Inc.,

Class

B

(Communication

Services)

1,452,302

34,365

RB

Global,

Inc.

(Industrials)

2,186,069

48,668

Restaurant

Brands

International,

Inc.

(Consumer

Discretionary)

3,464,210

38,251

Rogers

Communications,

Inc.,

Class

B

(Communication

Services)

1,648,417

222,050

Royal

Bank

of

Canada

(Financials)

20,081,699

128,958

Saputo,

Inc.

(Consumer

Staples)

2,509,062

63,384

Shopify,

Inc.,

Class

A

(Information

Technology)*

4,621,093

36,933

Stantec,

Inc.

(Industrials)

2,754,482

100,470

Sun

Life

Financial,

Inc.

(Financials)

(a)

5,077,409

292,672

Suncor

Energy,

Inc.

(Energy)

(a)

9,657,518

47,309

TC

Energy

Corp.

(Energy)

1,775,679

80,999

TELUS

Corp.

(Communication

Services)

1,450,496

15,224

TFI

International,

Inc.

(Industrials)

1,802,829

30,148

Thomson

Reuters

Corp.

(Industrials)

4,215,406

90,820

TMX

Group

Ltd.

(Financials)

1,962,626

30,807

Toromont

Industries

Ltd.

(Industrials)

2,488,009

262,692

Toronto-Dominion

Bank

(The)

(Financials)

16,030,635

41,701

Tourmaline

Oil

Corp.

(Energy)

2,020,077

32,462

West

Fraser

Timber

Co.

Ltd.

(Materials)

2,356,389

88,851

WSP

Global,

Inc.

(Industrials)

12,308,798

364,979,837

China

–

0.7%

1,530,979

BOC

Hong

Kong

Holdings

Ltd.

(Financials)

4,096,829

40,071

Prosus

NV

(Consumer

Discretionary)*

1,329,133

GOLDMAN

SACHS

ACTIVE

BETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

3,775,981

SITC

International

Holdings

Co.

Ltd.

(Industrials)

$

5,704,848

3,629,226

Wilmar

International

Ltd.

(Consumer

Staples)

9,871,190

21,002,000

Denmark

–

3.1%

3,517

AP

Moller

–

Maersk

A/S,

Class

A

(Industrials)

(a)

5,460,932

3,538

AP

Moller

–

Maersk

A/S,

Class

B

(Industrials)

5,591,916

26,575

Carlsberg

AS,

Class

B

(Consumer

Staples)

3,297,981

14,940

Chr

Hansen

Holding

A/S

(Materials)

1,197,273

20,487

Coloplast

A/S,

Class

B

(Health

Care)

2,422,528

184,695

Danske

Bank

A/S

(Financials)

4,789,585

56,752

Demant

A/S

(Health

Care)*

2,411,886

10,149

DSV

A/S

(Industrials)

1,530,560

8,588

Genmab

A/S

(Health

Care)*

2,715,975

598,995

Novo

Nordisk

A/S,

Class

B

(Health

Care)

60,967,639

30,873

Novozymes

A/S,

Class

B

(Materials)

1,604,385

55,630

Pandora

A/S

(Consumer

Discretionary)

7,524,092

4,858

ROCKWOOL

A/S,

Class

B

(Industrials)

1,314,539

117,746

Tryg

A/S

(Financials)

2,545,105

103,374,396

Finland

–

0.7%

32,737

Elisa

OYJ

(Communication

Services)

1,467,351

70,511

Fortum

OYJ

(Utilities)

991,302

24,809

Kone

OYJ,

Class

B

(Industrials)

1,104,149

806,286

Nokia

OYJ

(Information

Technology)

2,831,000

238,900

Nordea

Bank

Abp

(Financials)

2,686,923

178,937

Orion

OYJ,

Class

B

(Health

Care)

7,114,481

65,260

Sampo

OYJ,

Class

A

(Financials)

2,858,889

44,715

UPM-Kymmene

OYJ

(Materials)

1,565,137

56,542

Wartsila

OYJ

Abp

(Industrials)

781,033

21,400,265

France

–

10.0%

54,076

Accor

SA

(Consumer

Discretionary)

1,876,864

8,313

Aeroports

de

Paris

SA

(Industrials)

1,025,853

49,738

Air

Liquide

SA

(Materials)

9,431,978

48,408

Airbus

SE

(Industrials)

7,193,810

31,223

Arkema

SA

(Materials)

3,177,128

351,061

AXA

SA

(Financials)

10,953,108

43,935

BioMerieux

(Health

Care)

4,734,307

152,820

BNP

Paribas

SA

(Financials)

9,632,683

Shares

Description

Value

a

Common

Stocks

–

(continued)

France

–

(continued)

287,974

Bollore

SE

(Communication

Services)

$

1,648,024

101,438

Bouygues

SA

(Industrials)

3,863,805

76,980

Bureau

Veritas

SA

(Industrials)

1,865,482

42,827

Capgemini

SE

(Information

Technology)

8,784,968

480,773

Carrefour

SA

(Consumer

Staples)

9,124,923

174,291

Cie

de

Saint-Gobain

SA

(Industrials)

11,374,006

71,942

Cie

Generale

des

Etablissements

Michelin

(Consumer

Discretionary)

2,418,460

397,611

Credit

Agricole

SA

(Financials)

5,215,546

100,253

Danone

SA

(Consumer

Staples)

6,450,497

16,729

Dassault

Aviation

SA

(Industrials)

3,329,350

110,061

Dassault

Systemes

(Information

Technology)

5,159,563

52,942

Edenred

SE

(Financials)

2,888,252

109,620

Eiffage

SA

(Industrials)

11,123,397

377,001

Engie

SA

(Utilities)

6,547,804

41,372

EssilorLuxottica

SA

(Health

Care)

7,905,092

102,631

Eurazeo

SE

(Financials)

7,709,872

8,432

Gecina

SA

REIT

(Real

Estate)

934,736

105,137

Getlink

SE

(Industrials)

1,923,771

7,587

Hermes

International

SCA

(Consumer

Discretionary)

15,763,307

119,221

Ipsen

SA

(Health

Care)

13,463,495

10,764

Kering

(Consumer

Discretionary)

4,623,851

41,420

Klepierre

SA

REIT

(Real

Estate)

1,043,967

232,799

La

Francaise

des

Jeux

SAEM

(Consumer

Discretionary)

(b)

8,433,035

37,322

Legrand

SA

(Industrials)

3,600,643

50,774

L'Oreal

SA

(Consumer

Staples)

23,879,967

48,174

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(Consumer

Discretionary)

36,935,786

299,924

Orange

SA

(Communication

Services)

(a)

3,699,202

14,978

Pernod

Ricard

SA

(Consumer

Staples)

2,591,103

54,890

Publicis

Groupe

SA

(Communication

Services)

4,646,305

17,790

Remy

Cointreau

SA

(Consumer

Staples)

2,120,616

38,639

Safran

SA

(Industrials)

6,788,446

30,400

SEB

SA

(Consumer

Discretionary)

3,466,208

115,302

Societe

Generale

SA

(Financials)

2,902,975

20,333

Sodexo

SA

(Consumer

Discretionary)

2,183,038

24,109

Thales

SA

(Industrials)

3,602,516

378,822

TotalEnergies

SE

(Energy)

25,734,101

GOLDMAN

SACHS

ACTIVE

BETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

France

–

(continued)

92,404

Veolia

Environnement

SA

(Utilities)

$

2,914,765

85,111

Vinci

SA

(Industrials)

10,428,699

183,320

Vivendi

SE

(Communication

Services)

1,737,378

43,717

Worldline

SA

(Financials)*

(b)

679,004

327,531,686

Germany

–

7.5%

47,170

adidas

AG

(Consumer

Discretionary)

9,888,908

46,045

Allianz

SE

(Financials)

11,585,278

52,502

BASF

SE

(Materials)

2,445,208

156,392

Bayer

AG

(Health

Care)

5,351,250

71,012

Bayerische

Motoren

Werke

AG

(Consumer

Discretionary)

7,406,430

65,065

Bechtle

AG

(Information

Technology)

3,228,736

40,133

Beiersdorf

AG

(Consumer

Staples)

5,635,661

44,537

Brenntag

SE

(Industrials)

3,852,559

10,690

Carl

Zeiss

Meditec

AG

(Health

Care)

960,169

435,599

Commerzbank

AG

(Financials)

5,344,549

18,352

Covestro

AG

(Materials)*

(b)

965,151

31,402

Daimler

Truck

Holding

AG

(Industrials)

1,022,057

542,307

Deutsche

Bank

AG

(Financials)

6,760,894

27,619

Deutsche

Boerse

AG

(Financials)

5,252,548

491,354

Deutsche

Lufthansa

AG

(Industrials)*

4,278,210

308,813

Deutsche

Post

AG

(Industrials)

14,502,154

417,039

Deutsche

Telekom

AG

(Communication

Services)

9,999,315

768,610

E.ON

SE

(Utilities)

10,009,057

49,497

Evonik

Industries

AG

(Materials)

926,206

113,558

Fresenius

Medical

Care

AG

&

Co.

KGaA

(Health

Care)

4,662,476

236,733

Fresenius

SE

&

Co.

KGaA

(Health

Care)

7,513,931

46,923

GEA

Group

AG

(Industrials)

1,726,387

16,265

Hannover

Rueck

SE

(Financials)

3,886,538

96,351

Heidelberg

Materials

AG

(Materials)

7,863,620

310,447

HelloFresh

SE

(Consumer

Staples)*

4,748,978

27,848

Henkel

AG

&

Co.

KGaA

(Consumer

Staples)

1,947,068

66,318

Infineon

Technologies

AG

(Information

Technology)

2,572,384

38,405

Knorr-Bremse

AG

(Industrials)

2,409,463

135,061

Mercedes-Benz

Group

AG

(Consumer

Discretionary)

8,780,013

24,903

Merck

KGaA

(Health

Care)

4,351,543

3,355

MTU

Aero

Engines

AG

(Industrials)

687,285

Shares

Description

Value

a

Common

Stocks

–

(continued)

Germany

–

(continued)

18,545

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Financials)

$

7,907,625

94,443

Nemetschek

SE

(Information

Technology)

8,247,865

88,273

Puma

SE

(Consumer

Discretionary)

5,699,904

6,919

Rational

AG

(Industrials)

4,435,227

11,235

Rheinmetall

AG

(Industrials)

3,383,349

54,687

RWE

AG

(Utilities)

2,349,169

144,072

SAP

SE

(Information

Technology)

22,869,021

11,846

Scout24

SE

(Communication

Services)

(b)

827,211

80,205

Siemens

AG

(Industrials)

13,476,802

395,507

Siemens

Energy

AG

(Industrials)*

4,695,132

25,574

Siemens

Healthineers

AG

(Health

Care)

(b)

1,477,227

15,190

Symrise

AG

(Materials)

1,710,418

52,399

Talanx

AG

(Financials)

3,807,693

169,716

Zalando

SE

(Consumer

Discretionary)*

(b)

4,047,973

245,498,642

Hong

Kong

–

1.2%

586,745

AIA

Group

Ltd.

(Financials)

5,063,392

239,357

CK

Asset

Holdings

Ltd.

(Real

Estate)

1,135,446

133,677

CK

Infrastructure

Holdings

Ltd.

(Utilities)

662,369

191,714

CLP

Holdings

Ltd.

(Utilities)

1,491,188

21,899

Futu

Holdings

Ltd.

ADR

(Financials)*

1,180,794

79,065

Hang

Seng

Bank

Ltd.

(Financials)

875,654

1,293,845

HKT

Trust

&

HKT

Ltd.

(Communication

Services)

1,379,938

1,003,758

Hong

Kong

&

China

Gas

Co.

Ltd.

(Utilities)

690,137

172,347

Hong

Kong

Exchanges

&

Clearing

Ltd.

(Financials)

6,116,870

74,667

Jardine

Matheson

Holdings

Ltd.

(Industrials)

2,882,893

221,209

MTR

Corp.

Ltd.

(Industrials)

793,036

1,728,208

New

World

Development

Co.

Ltd.

(Real

Estate)

2,571,192

267,945

Power

Assets

Holdings

Ltd.

(Utilities)

1,397,995

125,655

Sun

Hung

Kai

Properties

Ltd.

(Real

Estate)

1,233,174

174,311

Swire

Pacific

Ltd.,

Class

A

(Real

Estate)

1,131,527

409,219

Techtronic

Industries

Co.

Ltd.

(Industrials)

4,154,907

13,840,572

WH

Group

Ltd.

(Consumer

Staples)

(b)

8,895,903

41,656,415

GOLDMAN

SACHS

ACTIVE

BETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Ireland

–

0.3%

17,373

AerCap

Holdings

NV

(Industrials)*

$

1,185,186

502,452

AIB

Group

PLC

(Financials)

2,332,152

217,108

Bank

of

Ireland

Group

PLC

(Financials)

2,034,856

16,955

Kerry

Group

PLC,

Class

A

(Consumer

Staples)

1,373,041

25,777

Kingspan

Group

PLC

(Industrials)

2,047,521

84,071

Smurfit

Kappa

Group

PLC

(Materials)

3,192,200

12,164,956

Israel

–

0.7%

207,779

Bank

Hapoalim

BM

(Financials)

1,758,040

198,738

Bank

Leumi

Le-Israel

BM

(Financials)

1,491,562

29,077

Check

Point

Software

Technologies

Ltd.

(Information

Technology)*

4,245,242

4,627

Elbit

Systems

Ltd.

(Industrials)

922,766

20,644

Global-e

Online

Ltd.

(Consumer

Discretionary)*

707,057

217,373

ICL

Group

Ltd.

(Materials)

1,093,840

298,994

Israel

Discount

Bank

Ltd.,

Class

A

(Financials)

1,442,744

27,230

Mizrahi

Tefahot

Bank

Ltd.

(Financials)

972,474

848,627

Teva

Pharmaceutical

Industries

Ltd.

ADR

(Health

Care)*

8,333,517

35,343

Wix.com

Ltd.

(Information

Technology)*

3,587,315

24,554,557

Italy

–

2.8%

434,111

Assicurazioni

Generali

SpA

(Financials)

9,001,883

331,162

Banco

BPM

SpA

(Financials)

1,833,393

114,418

Coca-Cola

HBC

AG

(Consumer

Staples)*

3,180,853

152,823

Davide

Campari-Milano

NV

(Consumer

Staples)

1,670,787

12,910

DiaSorin

SpA

(Health

Care)

1,224,646

811,937

Enel

SpA

(Utilities)

5,745,978

559,715

Eni

SpA

(Energy)

9,263,177

30,840

Ferrari

NV

(Consumer

Discretionary)

11,124,536

232,527

FinecoBank

Banca

Fineco

SpA

(Financials)

3,137,128

93,841

Infrastrutture

Wireless

Italiane

SpA

(Communication

Services)

(b)

1,159,054

1,457,709

Intesa

Sanpaolo

SpA

(Financials)

4,201,324

485,780

Leonardo

SpA

(Industrials)

7,457,588

174,101

Mediobanca

Banca

di

Credito

Finanziario

SpA

(Financials)

(a)

2,046,837

119,004

Moncler

SpA

(Consumer

Discretionary)

6,606,529

Shares

Description

Value

a

Common

Stocks

–

(continued)

Italy

–

(continued)

392,420

Poste

Italiane

SpA

(Financials)

(b)

$

4,228,603

100,344

Prysmian

SpA

(Industrials)

3,868,118

89,138

Recordati

Industria

Chimica

e

Farmaceutica

SpA

(Health

Care)

4,295,908

339,440

Snam

SpA

(Utilities)

1,712,189

198,294

Terna

-

Rete

Elettrica

Nazionale

(Utilities)

1,600,188

273,412

UniCredit

SpA

(Financials)

7,453,523

90,812,242

Japan

–

20.2%

254,301

Advantest

Corp.

(Information

Technology)

8,052,105

79,266

Aeon

Co.

Ltd.

(Consumer

Staples)

1,641,243

32,417

AGC,

Inc.

(Industrials)

1,177,524

89,858

Aisin

Corp.

(Consumer

Discretionary)

3,313,261

79,134

Ajinomoto

Co.,

Inc.

(Consumer

Staples)

2,957,990

58,460

ANA

Holdings,

Inc.

(Industrials)*

1,206,885

115,520

Asahi

Group

Holdings

Ltd.

(Consumer

Staples)

4,262,601

45,665

Asahi

Intecc

Co.

Ltd.

(Health

Care)

885,438

147,769

Asahi

Kasei

Corp.

(Materials)

1,026,042

555,351

Astellas

Pharma,

Inc.

(Health

Care)

6,752,416

42,079

Azbil

Corp.

(Information

Technology)

1,358,278

196,222

Bandai

Namco

Holdings,

Inc.

(Consumer

Discretionary)

3,906,256

157,397

BayCurrent

Consulting,

Inc.

(Industrials)

5,297,849

85,399

Bridgestone

Corp.

(Consumer

Discretionary)

3,522,597

233,220

Brother

Industries

Ltd.

(Information

Technology)

3,937,614

145,704

Canon,

Inc.

(Information

Technology)

3,752,123

125,888

Capcom

Co.

Ltd.

(Communication

Services)

4,243,243

53,627

Central

Japan

Railway

Co.

(Industrials)

1,287,759

250,312

Chiba

Bank

Ltd.

(The)

(Financials)

1,873,509

143,007

Chubu

Electric

Power

Co.,

Inc.

(Utilities)

1,767,334

112,644

Chugai

Pharmaceutical

Co.

Ltd.

(Health

Care)

3,975,895

257,831

Concordia

Financial

Group

Ltd.

(Financials)

1,210,193

91,740

Dai-ichi

Life

Holdings,

Inc.

(Financials)

1,911,935

193,102

Daiichi

Sankyo

Co.

Ltd.

(Health

Care)

5,224,798

17,653

Daikin

Industries

Ltd.

(Industrials)

2,645,532

GOLDMAN

SACHS

ACTIVE

BETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

28,275

Daito

Trust

Construction

Co.

Ltd.

(Real

Estate)

$

3,117,547

92,676

Daiwa

House

Industry

Co.

Ltd.

(Real

Estate)

2,632,303

554

Daiwa

House

REIT

Investment

Corp.

REIT

(Real

Estate)

988,570

255,571

Daiwa

Securities

Group,

Inc.

(Financials)

1,651,656

127,546

Denso

Corp.

(Consumer

Discretionary)

1,996,425

110,561

Dentsu

Group,

Inc.

(Communication

Services)

2,980,252

15,126

Disco

Corp.

(Information

Technology)

3,283,345

40,993

East

Japan

Railway

Co.

(Industrials)

2,216,924

74,543

Eisai

Co.

Ltd.

(Health

Care)

3,868,461

1,099,239

ENEOS

Holdings,

Inc.

(Energy)

4,345,353

27,128

Fast

Retailing

Co.

Ltd.

(Consumer

Discretionary)

6,879,485

56,321

FUJIFILM

Holdings

Corp.

(Information

Technology)

3,299,218

44,421

Fujitsu

Ltd.

(Information

Technology)

6,346,072

1,245

GLP

J

REIT

(Real

Estate)

1,176,491

26,361

Hamamatsu

Photonics

KK

(Information

Technology)

1,044,205

77,292

Hankyu

Hanshin

Holdings,

Inc.

(Industrials)

2,337,556

9,398

Hikari

Tsushin,

Inc.

(Industrials)

1,461,494

6,538

Hirose

Electric

Co.

Ltd.

(Information

Technology)

731,923

118,103

Hitachi

Ltd.

(Industrials)

8,216,521

1,394,343

Honda

Motor

Co.

Ltd.

(Consumer

Discretionary)

14,232,513

29,241

Hoshizaki

Corp.

(Industrials)

931,416

96,448

Hoya

Corp.

(Health

Care)

10,872,296

200,365

Hulic

Co.

Ltd.

(Real

Estate)

1,989,622

19,996

Ibiden

Co.

Ltd.

(Information

Technology)

956,416

101,341

Idemitsu

Kosan

Co.

Ltd.

(Energy)

2,780,391

85,894

Iida

Group

Holdings

Co.

Ltd.

(Consumer

Discretionary)

1,284,038

432,211

Inpex

Corp.

(Energy)

6,110,332

180,411

Isuzu

Motors

Ltd.

(Consumer

Discretionary)

2,386,402

243,380

ITOCHU

Corp.

(Industrials)

9,446,440

208,077

Japan

Airlines

Co.

Ltd.

(Industrials)

3,956,468

122,145

Japan

Exchange

Group,

Inc.

(Financials)

2,494,374

1,775

Japan

Metropolitan

Fund

Invest

REIT

(Real

Estate)

1,182,653

268,153

Japan

Post

Bank

Co.

Ltd.

(Financials)

2,647,339

883,561

Japan

Post

Holdings

Co.

Ltd.

(Financials)

7,796,566

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

275,699

Japan

Post

Insurance

Co.

Ltd.

(Financials)

$

5,156,477

280

Japan

Real

Estate

Investment

Corp.

REIT

(Real

Estate)

1,089,052

196,560

Japan

Tobacco,

Inc.

(Consumer

Staples)

5,053,773

151,308

JFE

Holdings,

Inc.

(Materials)

2,231,213

121,281

Kajima

Corp.

(Industrials)

1,916,820

302,455

Kansai

Electric

Power

Co.,

Inc.

(The)

(Utilities)

4,032,461

83,156

Kao

Corp.

(Consumer

Staples)

3,203,954

38,207

Kawasaki

Kisen

Kaisha

Ltd.

(Industrials)

1,341,063

206,092

KDDI

Corp.

(Communication

Services)

6,447,563

51,279

Keisei

Electric

Railway

Co.

Ltd.

(Industrials)

2,067,324

15,211

Keyence

Corp.

(Information

Technology)

6,518,192

45,459

Kikkoman

Corp.

(Consumer

Staples)

2,787,471

62,652

Kintetsu

Group

Holdings

Co.

Ltd.

(Industrials)

1,757,062

130,647

Kirin

Holdings

Co.

Ltd.

(Consumer

Staples)

1,844,355

79,996

Komatsu

Ltd.

(Industrials)

2,041,093

70,008

Kose

Corp.

(Consumer

Staples)

4,955,753

38,125

Kyocera

Corp.

(Information

Technology)

2,112,110

43,710

Kyowa

Kirin

Co.

Ltd.

(Health

Care)

720,542

61,103

M3,

Inc.

(Health

Care)

1,010,771

651,456

Marubeni

Corp.

(Industrials)

10,166,124

186,523

MatsukiyoCocokara

&

Co.

(Consumer

Staples)

3,221,744

652,081

Mazda

Motor

Corp.

(Consumer

Discretionary)

6,962,559

62,855

McDonald's

Holdings

Co.

Japan

Ltd.

(Consumer

Discretionary)

(a)

2,682,822

62,723

MEIJI

Holdings

Co.

Ltd.

(Consumer

Staples)

1,452,300

151,827

MISUMI

Group,

Inc.

(Industrials)

2,464,807

388,237

Mitsubishi

Chemical

Group

Corp.

(Materials)

2,543,427

287,172

Mitsubishi

Corp.

(Industrials)

13,376,172

221,629

Mitsubishi

Electric

Corp.

(Industrials)

3,011,822

102,695

Mitsubishi

Estate

Co.

Ltd.

(Real

Estate)

1,386,888

478,553

Mitsubishi

HC

Capital,

Inc.

(Financials)

3,121,835

27,662

Mitsubishi

Heavy

Industries

Ltd.

(Industrials)

1,547,059

1,191,566

Mitsubishi

UFJ

Financial

Group,

Inc.

(Financials)

10,115,435

318,515

Mitsui

&

Co.

Ltd.

(Industrials)

11,617,228

58,349

Mitsui

Fudosan

Co.

Ltd.

(Real

Estate)

1,370,364

GOLDMAN

SACHS

ACTIVE

BETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

82,755

Mitsui

OSK

Lines

Ltd.

(Industrials)

$

2,273,264

408,088

Mizuho

Financial

Group,

Inc.

(Financials)

6,934,197

594,876

MonotaRO

Co.

Ltd.

(Industrials)

6,007,710

92,873

MS&AD

Insurance

Group

Holdings,

Inc.

(Financials)

3,475,945

164,326

Murata

Manufacturing

Co.

Ltd.

(Information

Technology)

3,205,155

140,548

NEC

Corp.

(Information

Technology)

7,833,839

115,381

Nintendo

Co.

Ltd.

(Communication

Services)

5,394,619

228

Nippon

Building

Fund,

Inc.

REIT

(Real

Estate)

957,743

54,367

NIPPON

EXPRESS

HOLDINGS,

Inc.

(Industrials)

2,968,147

400

Nippon

Prologis

REIT,

Inc.

REIT

(Real

Estate)

758,684

49,965

Nippon

Sanso

Holdings

Corp.

(Materials)

1,312,369

115,915

Nippon

Steel

Corp.

(Materials)

2,710,577

11,487,554

Nippon

Telegraph

&

Telephone

Corp.

(Communication

Services)

13,450,777

192,391

Nippon

Yusen

KK

(Industrials)

5,171,724

23,640

Nissan

Chemical

Corp.

(Materials)

862,384

22,853

Nissin

Foods

Holdings

Co.

Ltd.

(Consumer

Staples)

2,266,982

35,103

Nitori

Holdings

Co.

Ltd.

(Consumer

Discretionary)

4,050,848

20,510

Nitto

Denko

Corp.

(Materials)

1,458,806

194,581

Nomura

Holdings,

Inc.

(Financials)

799,331

66,653

Nomura

Real

Estate

Holdings,

Inc.

(Real

Estate)

1,624,902

1,037

Nomura

Real

Estate

Master

Fund,

Inc.

REIT

(Real

Estate)

1,191,075

65,808

Nomura

Research

Institute

Ltd.

(Information

Technology)

1,848,242

71,558

NTT

Data

Group

Corp.

(Information

Technology)

869,819

454,906

Obayashi

Corp.

(Industrials)

3,838,707

5,759

Obic

Co.

Ltd.

(Information

Technology)

884,097

301,270

Oji

Holdings

Corp.

(Materials)

1,119,204

287,897

Olympus

Corp.

(Health

Care)

4,218,114

54,084

Omron

Corp.

(Information

Technology)

2,267,844

121,513

Ono

Pharmaceutical

Co.

Ltd.

(Health

Care)

2,236,526

48,035

Oracle

Corp.

Japan

(Information

Technology)

3,715,495

106,281

Oriental

Land

Co.

Ltd.

(Consumer

Discretionary)

3,612,555

122,422

ORIX

Corp.

(Financials)

2,234,625

76,210

Osaka

Gas

Co.

Ltd.

(Utilities)

1,484,661

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

23,933

Otsuka

Corp.

(Information

Technology)

$

977,006

123,928

Otsuka

Holdings

Co.

Ltd.

(Health

Care)

4,769,009

71,566

Pan

Pacific

International

Holdings

Corp.

(Consumer

Discretionary)

1,551,036

337,128

Panasonic

Holdings

Corp.

(Consumer

Discretionary)

3,489,064

289,124

Recruit

Holdings

Co.

Ltd.

(Industrials)

10,766,244

321,177

Renesas

Electronics

Corp.

(Information

Technology)*

5,656,200

488,141

Resona

Holdings,

Inc.

(Financials)

2,537,534

745,665

Ricoh

Co.

Ltd.

(Information

Technology)

6,087,988

55,302

SBI

Holdings,

Inc.

(Financials)

1,199,672

55,995

SCSK

Corp.

(Information

Technology)

1,031,761

27,631

Secom

Co.

Ltd.

(Industrials)

1,924,180

177,413

Seiko

Epson

Corp.

(Information

Technology)

2,637,764

89,179

Sekisui

Chemical

Co.

Ltd.

(Consumer

Discretionary)

1,267,092

107,327

Sekisui

House

Ltd.

(Consumer

Discretionary)

2,199,029

162,505

Seven

&

i

Holdings

Co.

Ltd.

(Consumer

Staples)

6,040,281

61,142

Shimadzu

Corp.

(Information

Technology)

1,586,090

213,147

Shimizu

Corp.

(Industrials)

1,400,843

133,371

Shin-Etsu

Chemical

Co.

Ltd.

(Materials)

4,702,064

32,720

Shionogi

&

Co.

Ltd.

(Health

Care)

1,544,426

223,084

Shiseido

Co.

Ltd.

(Consumer

Staples)

5,984,720

237,868

Shizuoka

Financial

Group,

Inc.

(Financials)

1,924,376

383,757

SoftBank

Corp.

(Communication

Services)

4,668,630

42,996

SoftBank

Group

Corp.

(Communication

Services)

1,750,843

39,556

Sompo

Holdings,

Inc.

(Financials)

1,807,961

70,629

Sony

Group

Corp.

(Consumer

Discretionary)

6,124,827

47,632

Square

Enix

Holdings

Co.

Ltd.

(Communication

Services)

1,653,515

344,955

Subaru

Corp.

(Consumer

Discretionary)

6,115,785

75,573

SUMCO

Corp.

(Information

Technology)

1,133,071

324,699

Sumitomo

Chemical

Co.

Ltd.

(Materials)

829,126

284,544

Sumitomo

Corp.

(Industrials)

5,966,695

286,796

Sumitomo

Electric

Industries

Ltd.

(Consumer

Discretionary)

3,557,912

GOLDMAN

SACHS

ACTIVE

BETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

184,116

Sumitomo

Mitsui

Financial

Group,

Inc.

(Financials)

$

9,039,226

67,807

Sumitomo

Mitsui

Trust

Holdings,

Inc.

(Financials)

2,549,728

79,105

Suntory

Beverage

&

Food

Ltd.

(Consumer

Staples)

2,487,097

19,193

Suzuki

Motor

Corp.

(Consumer

Discretionary)

781,689

58,296

Sysmex

Corp.

(Health

Care)

3,226,026

83,098

T&D

Holdings,

Inc.

(Financials)

1,229,031

109,161

Taisei

Corp.

(Industrials)

3,714,878

421,436

Takeda

Pharmaceutical

Co.

Ltd.

(Health

Care)

11,873,243

21,718

TDK

Corp.

(Information

Technology)

1,009,251

55,627

Terumo

Corp.

(Health

Care)

1,775,278

54,192

TIS,

Inc.

(Information

Technology)

1,146,267

87,382

Tobu

Railway

Co.

Ltd.

(Industrials)

2,160,390

30,310

Toho

Co.

Ltd.

(Communication

Services)

1,051,988

231,195

Tokio

Marine

Holdings,

Inc.

(Financials)

5,705,005

64,698

Tokyo

Electron

Ltd.

(Information

Technology)

10,514,218

225,230

Tokyo

Gas

Co.

Ltd.

(Utilities)

5,221,113

132,527

Tokyu

Corp.

(Industrials)

1,555,793

137,326

TOPPAN

Holdings,

Inc.

(Industrials)

3,217,758

218,394

Toray

Industries,

Inc.

(Materials)

1,133,223

33,458

Toshiba

Corp.

(Industrials)*

1,041,071

64,886

Tosoh

Corp.

(Materials)

863,332

27,482

TOTO

Ltd.

(Industrials)

705,849

17,286

Toyota

Industries

Corp.

(Industrials)

1,486,735

734,584

Toyota

Motor

Corp.

(Consumer

Discretionary)

13,885,717

96,594

Toyota

Tsusho

Corp.

(Industrials)

5,351,269

45,667

Trend

Micro,

Inc.

(Information

Technology)

(a)

2,321,114

60,326

Unicharm

Corp.

(Consumer

Staples)

1,943,604

98,548

USS

Co.

Ltd.

(Consumer

Discretionary)

1,928,497

43,094

West

Japan

Railway

Co.

(Industrials)

1,704,404

80,323

Yakult

Honsha

Co.

Ltd.

(Consumer

Staples)

1,794,615

38,628

Yamaha

Motor

Co.

Ltd.

(Consumer

Discretionary)

986,897

65,265

Yamato

Holdings

Co.

Ltd.

(Industrials)

1,160,409

106,961

Yokogawa

Electric

Corp.

(Information

Technology)

2,026,569

166,338

Zensho

Holdings

Co.

Ltd.

(Consumer

Discretionary)

9,242,063

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

338,815

ZOZO,

Inc.

(Consumer

Discretionary)

$

7,162,018

665,078,198

Jordan

–

0.1%

139,772

Hikma

Pharmaceuticals

PLC

(Health

Care)

3,049,639

Luxembourg

–

0.4%

454,848

ArcelorMittal

(Materials)

11,459,216

36,776

Eurofins

Scientific

SE

(Health

Care)

2,141,140

13,600,356

Macau

–

0.0%

146,757

Galaxy

Entertainment

Group

Ltd.

(Consumer

Discretionary)

759,124

353,434

Sands

China

Ltd.

(Consumer

Discretionary)*

867,034

1,626,158

Netherlands

–

4.5%

129,701

ABN

AMRO

Bank

NV

(Financials)

(b)

1,742,779

184,415

Aegon

Ltd.

(Financials)

1,011,308

22,644

Akzo

Nobel

NV

(Materials)

1,740,846

8,464

ASM

International

NV

(Information

Technology)

4,346,949

53,026

ASML

Holding

NV

(Information

Technology)

36,044,715

25,320

ASR

Nederland

NV

(Financials)

1,167,779

16,462

BE

Semiconductor

Industries

NV

(Information

Technology)

2,307,180

14,743

Euronext

NV

(Financials)

(b)

1,225,760

74,958

EXOR

NV

(Financials)

7,303,552

57,335

Heineken

Holding

NV

(Consumer

Staples)

4,460,402

34,670

Heineken

NV

(Consumer

Staples)

3,173,807

7,314

IMCD

NV

(Industrials)

1,129,613

397,775

ING

Groep

NV

(Financials)

5,589,212

102,220

JDE

Peet’s

NV

(Consumer

Staples)

2,745,925

503,038

Koninklijke

Ahold

Delhaize

NV

(Consumer

Staples)

14,577,853

869,442

Koninklijke

KPN

NV

(Communication

Services)

2,985,397

96,127

Koninklijke

Philips

NV

(Health

Care)*

1,968,676

109,831

Randstad

NV

(Industrials)

6,531,097

977,121

Shell

PLC

(Energy)

31,666,875

69,309

Universal

Music

Group

NV

(Communication

Services)

1,833,103

98,825

Wolters

Kluwer

NV

(Industrials)

13,618,675

147,171,503

New

Zealand

–

0.2%

192,494

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

(Health

Care)

2,801,141

GOLDMAN

SACHS

ACTIVE

BETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

New

Zealand

–

(continued)

360,700

Spark

New

Zealand

Ltd.

(Communication

Services)

$

1,155,148

44,930

Xero

Ltd.

(Information

Technology)*

3,069,947

7,026,236

Norway

–

0.8%

54,382

Aker

BP

ASA

(Energy)

1,564,540

153,693

DNB

Bank

ASA

(Financials)

2,938,743

267,558

Equinor

ASA

(Energy)

8,640,752

252,731

Gjensidige

Forsikring

ASA

(Financials)

4,269,707

41,740

Kongsberg

Gruppen

ASA

(Industrials)

1,798,350

37,546

Mowi

ASA

(Consumer

Staples)

669,842

348,404

Orkla

ASA

(Consumer

Staples)

2,574,210

28,952

Salmar

ASA

(Consumer

Staples)

1,592,269

192,470

Telenor

ASA

(Communication

Services)

2,076,693

26,125,106

Portugal

–

0.4%

248,406

EDP

–

Energias

de

Portugal

SA

(Utilities)

1,189,034

80,440

Galp

Energia

SGPS

SA

(Energy)

1,198,474

381,369

Jeronimo

Martins

SGPS

SA

(Consumer

Staples)

9,445,739

11,833,247

Singapore

–

1.5%

580,567

CapitaLand

Integrated

Commercial

Trust

REIT

(Real

Estate)

791,722

153,232

City

Developments

Ltd.

(Real

Estate)

718,741

394,520

DBS

Group

Holdings

Ltd.

(Financials)

9,382,635

2,263,828

Genting

Singapore

Ltd.

(Consumer

Discretionary)

1,552,078

58,422

Jardine

Cycle

&

Carriage

Ltd.

(Industrials)

1,248,461

395,422

Keppel

Corp.

Ltd.

(Industrials)

1,976,221

901,255

Oversea-Chinese

Banking

Corp.

Ltd.

(Financials)

8,468,258

337,184

Sembcorp

Industries

Ltd.

(Utilities)

1,298,611

397,117

Singapore

Airlines

Ltd.

(Industrials)

1,886,499

1,362,301

Singapore

Exchange

Ltd.

(Financials)

9,625,729

232,978

Singapore

Technologies

Engineering

Ltd.

(Industrials)

647,646

663,864

Singapore

Telecommunications

Ltd.

(Communication

Services)

1,149,053

133,276

STMicroelectronics

NV

(Information

Technology)

6,319,117

Shares

Description

Value

a

Common

Stocks

–

(continued)

Singapore

–

(continued)

254,768

United

Overseas

Bank

Ltd.

(Financials)

$

5,196,152

50,260,923

Spain

–

2.6%

9,329

Acciona

SA

(Utilities)

1,318,164

227,733

ACS

Actividades

de

Construccion

y

Servicios

SA

(Industrials)

9,106,776

4,322

Aena

SME

SA

(Industrials)

(b)

744,850

46,837

Amadeus

IT

Group

SA

(Consumer

Discretionary)

3,210,345

1,014,560

Banco

Bilbao

Vizcaya

Argentaria

SA

(Financials)

9,416,029

2,628,971

Banco

Santander

SA

(Financials)

10,903,059

549,447

CaixaBank

SA

(Financials)

2,476,542

77,629

Enagas

SA

(Utilities)

1,422,977

74,972

Endesa

SA

(Utilities)

1,569,371

759,802

Iberdrola

SA

(Utilities)

9,405,234

398,133

Industria

de

Diseno

Textil

SA

(Consumer

Discretionary)

16,433,467

81,349

Naturgy

Energy

Group

SA

(Utilities)

2,433,797

100,284

Redeia

Corp.

SA

(Utilities)

1,682,878

633,786

Repsol

SA

(Energy)

9,708,999

1,033,248

Telefonica

SA

(Communication

Services)

4,457,650

84,290,138

Sweden

–

2.1%

51,317

Alfa

Laval

AB

(Industrials)

1,916,763

80,584

Assa

Abloy

AB,

Class

B

(Industrials)

2,066,345

358,035

Atlas

Copco

AB,

Class

A

(Industrials)

5,531,701

245,412

Atlas

Copco

AB,

Class

B

(Industrials)

3,242,464

74,315

Epiroc

AB,

Class

A

(Industrials)

1,387,176

55,217

Epiroc

AB,

Class

B

(Industrials)

869,974

117,235

Essity

AB,

Class

B

(Consumer

Staples)

2,936,791

11,797

Evolution

AB

(Consumer

Discretionary)

(b)

1,224,186

576,738

H

&

M

Hennes

&

Mauritz

AB,

Class

B

(Consumer

Discretionary)

9,240,929

88,098

Hexagon

AB,

Class

B

(Information

Technology)

881,917

30,958

Holmen

AB,

Class

B

(Materials)

1,299,611

131,024

Husqvarna

AB,

Class

B

(Industrials)

(a)

1,001,793

51,200

Industrivarden

AB,

Class

A

(Financials)

1,541,055

61,695

Industrivarden

AB,

Class

C

(Financials)

1,859,296

188,098

Investor

AB,

Class

B

(Financials)

3,909,565

23,798

L

E

Lundbergforetagen

AB,

Class

B

(Financials)

1,158,690

GOLDMAN

SACHS

ACTIVE

BETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Sweden

–

(continued)

36,804

Lifco

AB,

Class

B

(Industrials)

$

799,732

17,813

Saab

AB,

Class

B

(Industrials)

916,586

59,088

Sandvik

AB

(Industrials)

1,167,229

192,299

Skandinaviska

Enskilda

Banken

AB,

Class

A

(Financials)

2,330,597

35,564

SKF

AB,

Class

B

(Industrials)

668,934

84,080

Svenska

Cellulosa

AB

SCA,

Class

B

(Materials)

1,250,506

259,235

Svenska

Handelsbanken

AB,

Class

A

(Financials)

2,459,045

166,114

Swedbank

AB,

Class

A

(Financials)

3,049,192

101,910

Swedish

Orphan

Biovitrum

AB

(Health

Care)*

2,427,436

117,526

Tele2

AB,

Class

B

(Communication

Services)

922,591

705,282

Telefonaktiebolaget

LM

Ericsson,

Class

B

(Information

Technology)

3,497,183

622,469

Telia

Co.

AB

(Communication

Services)

1,479,120

84,059

Volvo

AB,

Class

A

(Industrials)

1,987,796

180,618

Volvo

AB,

Class

B

(Industrials)

4,192,762

1,050,427

Volvo

Car

AB,

Class

B

(Consumer

Discretionary)*

3,425,289

70,642,254

Switzerland

–

5.2%

158,702

ABB

Ltd.

(Industrials)

6,334,939

27,590

Adecco

Group

AG

(Industrials)

1,334,841

27,518

Alcon,

Inc.

(Health

Care)

2,086,121

17,731

Baloise

Holding

AG

(Financials)

2,730,356

26,724

Banque

Cantonale

Vaudoise

(Financials)

3,279,226

1,027

Barry

Callebaut

AG

(Consumer

Staples)

1,720,820

14,695

BKW

AG

(Utilities)

2,609,290

375

Chocoladefabriken

Lindt

&

Spruengli

AG

(Consumer

Staples)

4,666,207

57,295

Cie

Financiere

Richemont

SA

(Consumer

Discretionary)

7,195,232

14,191

DSM-Firmenich

AG

(Materials)

1,345,078

3,498

EMS-Chemie

Holding

AG

(Materials)

2,496,129

7,986

Geberit

AG

(Industrials)

4,494,679

583

Givaudan

SA

(Materials)

2,193,751

20,631

Helvetia

Holding

AG

(Financials)

2,840,010

34,564

Kuehne

+

Nagel

International

AG

(Industrials)

10,064,522

68,853

Logitech

International

SA

(Information

Technology)

6,036,861

337,240

Novartis

AG

(Health

Care)

33,012,327

7,375

Partners

Group

Holding

AG

(Financials)

9,774,812

160,733

Sandoz

Group

AG

(Health

Care)*

4,623,003

Shares

Description

Value

a

Common

Stocks

–

(continued)

Switzerland

–

(continued)

7,437

Schindler

Holding

AG

(Industrials)

$

1,602,776

6,432

Schindler

Holding

AG

Participation

Certificates

(Industrials)

1,447,949

71,707

SGS

SA

(Industrials)

6,127,112

31,112

SIG

Group

AG

(Materials)*

731,331

5,193

Sika

AG

(Materials)

1,416,571

6,366

Sonova

Holding

AG

(Health

Care)

1,847,095

41,269

Straumann

Holding

AG

(Health

Care)

5,707,087

14,411

Swatch

Group

AG

(The)

–

Bearer

(Consumer

Discretionary)

3,803,490

64,950

Swatch

Group

AG

(The)

–

Registered

(Consumer

Discretionary)

3,279,058

6,407

Swiss

Life

Holding

AG

(Financials)

4,130,601

24,026

Swiss

Prime

Site

AG

(Real

Estate)

2,431,474

5,755

Swisscom

AG

(Communication

Services)

3,378,014

491,465

UBS

Group

AG

(Financials)

13,920,744

5,545

VAT

Group

AG

(Industrials)

(b)

2,592,194

16,450

Zurich

Insurance

Group

AG

(Financials)

8,284,118

169,537,818

United

Kingdom

–

10.3%

312,169

3i

Group

PLC

(Financials)

8,820,655

255,648

Admiral

Group

PLC

(Financials)

8,741,458

14,120

Ashtead

Group

PLC

(Industrials)

851,397

171,248

Associated

British

Foods

PLC

(Consumer

Staples)

5,155,304

218,265

AstraZeneca

PLC

(Health

Care)

27,979,433

1,233,777

Auto

Trader

Group

PLC

(Communication

Services)

(b)

11,320,660

276,901

Aviva

PLC

(Financials)

1,463,517

529,945

BAE

Systems

PLC

(Industrials)

7,044,286

2,260,949

Barclays

PLC

(Financials)

4,036,918

1,066,997

Barratt

Developments

PLC

(Consumer

Discretionary)

6,940,235

61,349

Berkeley

Group

Holdings

PLC

(Consumer

Discretionary)

3,600,541

2,704,174

BP

PLC

(Energy)

16,401,278

355,541

British

American

Tobacco

PLC

(Consumer

Staples)

11,306,449

85,007

Bunzl

PLC

(Industrials)

3,230,593

395,979

Burberry

Group

PLC

(Consumer

Discretionary)

7,336,379

4,750,471

Centrica

PLC

(Utilities)

8,963,663

927,240

CK

Hutchison

Holdings

Ltd.

(Industrials)

4,647,894

76,123

Coca-Cola

Europacific

Partners

PLC

(Consumer

Staples)

4,616,099

GOLDMAN

SACHS

ACTIVE

BETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

Kingdom

–

(continued)

302,056

Compass

Group

PLC

(Consumer

Discretionary)

$

7,659,233

72,603

DCC

PLC

(Industrials)

4,909,930

204,229

Diageo

PLC

(Consumer

Staples)

7,144,861

45,199

Halma

PLC

(Information

Technology)

1,219,352

536,240

Hargreaves

Lansdown

PLC

(Financials)

4,876,884

2,548,051

HSBC

Holdings

PLC

(Financials)

19,421,986

273,455

Imperial

Brands

PLC

(Consumer

Staples)

6,392,225

299,804

Informa

PLC

(Communication

Services)

2,819,961

40,071

InterContinental

Hotels

Group

PLC

(Consumer

Discretionary)

3,102,520

28,441

Intertek

Group

PLC

(Industrials)

1,434,796

2,470,137

J

Sainsbury

PLC

(Consumer

Staples)

8,940,300

4,129,854

JD

Sports

Fashion

PLC

(Consumer

Discretionary)

8,210,877

1,427,993

Kingfisher

PLC

(Consumer

Discretionary)

3,966,246

97,596

Land

Securities

Group

PLC

REIT

(Real

Estate)

771,210

1,619,689

Legal

&

General

Group

PLC

(Financials)

4,701,675

6,087,221

Lloyds

Banking

Group

PLC

(Financials)

3,349,852

39,554

London

Stock

Exchange

Group

PLC

(Financials)

4,459,539

299,356

Melrose

Industries

PLC

(Industrials)

1,965,339

244,806

National

Grid

PLC

(Utilities)

3,184,350

816,454

NatWest

Group

PLC

(Financials)

2,148,835

79,283

Next

PLC

(Consumer

Discretionary)

7,959,213

102,143

Pearson

PLC

(Consumer

Discretionary)

1,211,875

249,238

Phoenix

Group

Holdings

PLC

(Financials)

1,467,813

77,324

Reckitt

Benckiser

Group

PLC

(Consumer

Staples)

5,284,016

307,056

RELX

PLC

(Industrials)

11,817,022

962,259

Rolls-Royce

Holdings

PLC

(Industrials)*

3,274,448

831,123

Sage

Group

PLC

(The)

(Information

Technology)

11,894,680

129,141

Schroders

PLC

(Financials)

656,561

57,446

Severn

Trent

PLC

(Utilities)

1,891,547

235,288

Smith

&

Nephew

PLC

(Health

Care)

3,048,629

122,195

Smiths

Group

PLC

(Industrials)

2,549,339

9,356

Spirax-Sarco

Engineering

PLC

(Industrials)

1,095,355

158,457

SSE

PLC

(Utilities)

3,675,973

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

Kingdom

–

(continued)

286,991

St

James's

Place

PLC

(Financials)

$

2,356,471

331,092

Standard

Chartered

PLC

(Financials)

2,737,863

1,127,682

Taylor

Wimpey

PLC

(Consumer

Discretionary)

1,849,443

2,507,782

Tesco

PLC

(Consumer

Staples)

9,073,376

192,772

Unilever

PLC

(Consumer

Staples)

9,199,084

149,697

United

Utilities

Group

PLC

(Utilities)

2,067,544

7,600,354

Vodafone

Group

PLC

(Communication

Services)

6,863,141

68,811

Whitbread

PLC

(Consumer

Discretionary)

2,692,612

252,347

Wise

PLC,

Class

A

(Financials)*

2,494,335

82,324

WPP

PLC

(Communication

Services)

736,614

339,033,684

United

States

–

5.4%

38,435

BRP,

Inc.

(Consumer

Discretionary)

2,375,523

80,994

CRH

PLC

(Materials)

5,112,367

18,605

CSL

Ltd.

(Health

Care)

3,234,882

48,754

Experian

PLC

(Industrials)

1,791,737

89,211

Ferrovial

SE

(Industrials)

3,091,460

716,529

GSK

PLC

(Health

Care)

12,875,244

795,258

Haleon

PLC

(Consumer

Staples)

3,322,804

99,605

Holcim

AG

(Materials)*

7,365,421

94,734

James

Hardie

Industries

PLC

CDI

(Materials)*

3,060,268

13,533

Monday.com

Ltd.

(Information

Technology)*

2,433,775

390,022

Nestle

SA

(Consumer

Staples)

44,561,768

61,075

QIAGEN

NV

(Health

Care)*

2,508,956

125,996

Roche

Holding

AG

(Health

Care)

34,203,158

14,322

Roche

Holding

AG

(Health

Care)

4,114,353

180,680

Sanofi

SA

(Health

Care)

16,847,585

68,876

Schneider

Electric

SE

(Industrials)

12,671,899

435,683

Stellantis

NV

(Consumer

Discretionary)

9,460,891

43,042

Swiss

Re

AG

(Financials)

5,110,789

149,712

Tenaris

SA

(Energy)

2,572,775

176,715,655

Zambia

–

0.0%

82,038

First

Quantum

Minerals

Ltd.

(Materials)

672,229

TOTAL

COMMON

STOCKS

(Cost

$2,890,630,422)

3,257,676,914

GOLDMAN

SACHS

ACTIVE

BETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Rate

Value

a

Preferred

Stocks

–

0.3%

Germany

–

0.3%

49,827

Bayerische

Motoren

Werke

AG

(Consumer

Discretionary)

9.76

%

$

4,735,301

37,431

Henkel

AG

&

Co.

KGaA

(Consumer

Staples)

2.56

2,948,719

16,339

Porsche

Automobil

Holding

SE

(Consumer

Discretionary)

5.71

799,741

9,202

Volkswagen

AG

(Consumer

Discretionary)

26.14

1,068,489

TOTAL

PREFERRED

STOCKS

(Cost

$10,361,336)

9,552,250

Units

Description

Expiration

Month

Value

aa

Warrant

–

0.0%

Canada

–

0.0%

8,722

Constellation

Software,

Inc.

(Information

Technology)*

(Cost

$0)

08/28

—

Shares

Dividend

Rate

Value

aa

a

Investment

Company

–

0.2%

(c)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

7,050,227

5.260%

7,050,227

(Cost

$7,050,227)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$2,908,041,985)

3,274,279,391

Shares

Dividend

Rate

Value

a

Securities

Lending

Reinvestment

Vehicle

–

1.2%

(c)

a

a

a

a

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

39,101,879

5.259%

$

39,101,879

(Cost

$39,101,879)

TOTAL

INVESTMENTS

–

100.8%

(Cost

$2,947,143,864)

$

3,313,381,270

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(0.8)%

(26,596,452)

NET

ASSETS

–

100.0%

$

3,286,784,818

a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

All

or

a

portion

of

security

is

on

loan.

(b)

Exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

(c)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Sector

Name

%

of

Market

Value

Financials

19.1

%

Industrials

15.7

Consumer

Discretionary

12.5

Consumer

Staples

11.6

Health

Care

11.4

Information

Technology

8.4

Energy

6.2

Materials

5.6

Communication

Services

3.7

Utilities

3.1

Real

Estate

1.3

Investment

Company

0.2

Securities

Lending

Reinvestment

Vehicle

1.2

TOTAL

INVESTMENTS

100.0%

GOLDMAN

SACHS

ACTIVE

BETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Additional

Investment

Information

**End

swaps

header**

FUTURES

CONTRACTS

—

At

November

30,

2023,

the

Portfolio

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

E-Mini

MSCI

EAFE

Index

Future

169

12/15/23

$

17,969,770

$

417,389

GOLDMAN

SACHS

ACTIVE

BETA

®

JAPAN

EQUITY

ETF

Schedule

of

Investments

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.0%

Communication

Services

–

5

.5

%

1,254

Capcom

Co.

Ltd.

(Japan)

$

42,268

1,206

Dentsu

Group,

Inc.

(Japan)

32,509

3,798

KDDI

Corp.

(Japan)

118,820

816

Koei

Tecmo

Holdings

Co.

Ltd.

(Japan)

9,993

268

Konami

Group

Corp.

(Japan)

13,261

2,456

LY

Corp.

(Japan)

7,154

817

Nexon

Co.

Ltd.

(Japan)

17,673

2,920

Nintendo

Co.

Ltd.

(Japan)

136,524

117,819

Nippon

Telegraph

&

Telephone

Corp.

(Japan)

137,954

10,333

SoftBank

Corp.

(Japan)

125,707

2,007

SoftBank

Group

Corp.

(Japan)

81,727

686

Square

Enix

Holdings

Co.

Ltd.

(Japan)

23,814

357

Toho

Co.

Ltd.

(Japan)

12,391

759,795

Consumer

Discretionary

–

19

.0

%

2,552

Aisin

Corp.

(Japan)

94,098

2,278

Bandai

Namco

Holdings,

Inc.

(Japan)

45,349

2,099

Bridgestone

Corp.

(Japan)

86,581

4,108

Denso

Corp.

(Japan)

64,301

577

Fast

Retailing

Co.

Ltd.

(Japan)

146,323

23,442

Honda

Motor

Co.

Ltd.

(Japan)

239,280

1,051

Iida

Group

Holdings

Co.

Ltd.

(Japan)

15,712

2,236

Isuzu

Motors

Ltd.

(Japan)

29,577

738

Koito

Manufacturing

Co.

Ltd.

(Japan)

11,165

12,273

Mazda

Motor

Corp.

(Japan)

131,044

975

McDonald's

Holdings

Co.

Japan

Ltd.

(Japan)

(a)

41,616

3,952

Nissan

Motor

Co.

Ltd.

(Japan)

15,582

415

Nitori

Holdings

Co.

Ltd.

(Japan)

47,891

180

Open

House

Group

Co.

Ltd.

(Japan)

5,026

2,787

Oriental

Land

Co.

Ltd.

(Japan)

94,732

1,830

Pan

Pacific

International

Holdings

Corp.

(Japan)

39,661

9,883

Panasonic

Holdings

Corp.

(Japan)

102,283

1,417

Rakuten

Group,

Inc.

(Japan)

5,614

1,959

Sekisui

Chemical

Co.

Ltd.

(Japan)

27,834

2,314

Sekisui

House

Ltd.

(Japan)

47,412

936

Sharp

Corp.

(Japan)*

5,860

191

Shimano,

Inc.

(Japan)

29,399

3,541

Sony

Group

Corp.

(Japan)

307,070

5,804

Subaru

Corp.

(Japan)

102,900

7,106

Sumitomo

Electric

Industries

Ltd.

(Japan)

88,155

829

Suzuki

Motor

Corp.

(Japan)

33,763

31,982

Toyota

Motor

Corp.

(Japan)

604,550

989

USS

Co.

Ltd.

(Japan)

19,354

410

Yamaha

Corp.

(Japan)

9,599

1,216

Yamaha

Motor

Co.

Ltd.

(Japan)

31,067

1,202

Zensho

Holdings

Co.

Ltd.

(Japan)

66,785

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Discretionary

–

(continued)

1,626

ZOZO,

Inc.

(Japan)

34,371

2,623,954

Consumer

Staples

–

6

.8

%

3,186

Aeon

Co.

Ltd.

(Japan)

65,968

1,952

Ajinomoto

Co.,

Inc.

(Japan)

72,965

2,043

Asahi

Group

Holdings

Ltd.

(Japan)

75,385

4,884

Japan

Tobacco,

Inc.

(Japan)

125,573

1,518

Kao

Corp.

(Japan)

58,488

574

Kikkoman

Corp.

(Japan)

35,197

3,646

Kirin

Holdings

Co.

Ltd.

(Japan)

51,471

308

Kobe

Bussan

Co.

Ltd.

(Japan)

8,134

333

Kose

Corp.

(Japan)

23,572

3,318

MatsukiyoCocokara

&

Co.

(Japan)

57,310

1,019

MEIJI

Holdings

Co.

Ltd.

(Japan)

23,594

562

Nissin

Foods

Holdings

Co.

Ltd.

(Japan)

55,749

3,550

Seven

&

i

Holdings

Co.

Ltd.

(Japan)

131,953

1,365

Shiseido

Co.

Ltd.

(Japan)

36,619

1,164

Suntory

Beverage

&

Food

Ltd.

(Japan)

36,597

1,278

Unicharm

Corp.

(Japan)

41,175

1,842

Yakult

Honsha

Co.

Ltd.

(Japan)

41,155

940,905

Energy

–

2

.0

%

31,604

ENEOS

Holdings,

Inc.

(Japan)

124,932

3,120

Idemitsu

Kosan

Co.

Ltd.

(Japan)

85,600

4,408

Inpex

Corp.

(Japan)

62,318

272,850

Financials

–

13

.4

%

3,871

Chiba

Bank

Ltd.

(The)

(Japan)

28,973

5,926

Concordia

Financial

Group

Ltd.

(Japan)

27,815

2,223

Dai-ichi

Life

Holdings,

Inc.

(Japan)

46,329

6,136

Daiwa

Securities

Group,

Inc.

(Japan)

39,655

3,526

Japan

Exchange

Group,

Inc.

(Japan)

72,006

5,089

Japan

Post

Bank

Co.

Ltd.

(Japan)

50,241

16,107

Japan

Post

Holdings

Co.

Ltd.

(Japan)

142,129

6,442

Japan

Post

Insurance

Co.

Ltd.

(Japan)

120,486

10,289

Mitsubishi

HC

Capital,

Inc.

(Japan)

67,120

40,215

Mitsubishi

UFJ

Financial

Group,

Inc.

(Japan)

341,393

10,922

Mizuho

Financial

Group,

Inc.

(Japan)

185,586

1,988

MS&AD

Insurance

Group

Holdings,

Inc.

(Japan)

74,405

5,615

Nomura

Holdings,

Inc.

(Japan)

23,066

3,257

ORIX

Corp.

(Japan)

59,451

7,248

Resona

Holdings,

Inc.

(Japan)

37,678

704

SBI

Holdings,

Inc.

(Japan)

15,272

GOLDMAN

SACHS

ACTIVE

BETA

®

JAPAN

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

3,351

Shizuoka

Financial

Group,

Inc.

(Japan)

27,110

1,064

Sompo

Holdings,

Inc.

(Japan)

48,632

4,564

Sumitomo

Mitsui

Financial

Group,

Inc.

(Japan)

224,071

1,291

Sumitomo

Mitsui

Trust

Holdings,

Inc.

(Japan)

48,545

1,831

T&D

Holdings,

Inc.

(Japan)

27,081

5,814

Tokio

Marine

Holdings,

Inc.

(Japan)

143,467

1,850,511

Health

Care

–

8

.4

%

1,196

Asahi

Intecc

Co.

Ltd.

(Japan)

23,190

8,759

Astellas

Pharma,

Inc.

(Japan)

106,499

2,264

Chugai

Pharmaceutical

Co.

Ltd.

(Japan)

79,910

5,846

Daiichi

Sankyo

Co.

Ltd.

(Japan)

158,176

1,188

Eisai

Co.

Ltd.

(Japan)

61,652

1,242

Hoya

Corp.

(Japan)

140,007

1,792

Kyowa

Kirin

Co.

Ltd.

(Japan)

29,540

1,191

M3,

Inc.

(Japan)

19,702

4,501

Olympus

Corp.

(Japan)

65,946

2,937

Ono

Pharmaceutical

Co.

Ltd.

(Japan)

54,058

2,251

Otsuka

Holdings

Co.

Ltd.

(Japan)

86,623

1,071

Shionogi

&

Co.

Ltd.

(Japan)

50,553

684

Sysmex

Corp.

(Japan)

37,852

6,875

Takeda

Pharmaceutical

Co.

Ltd.

(Japan)

193,692

1,697

Terumo

Corp.

(Japan)

54,158

1,161,558

Industrials

–

20

.0

%

431

AGC,

Inc.

(Japan)

15,656

763

ANA

Holdings,

Inc.

(Japan)*

15,752

707

BayCurrent

Consulting,

Inc.

(Japan)

23,797

1,170

Central

Japan

Railway

Co.

(Japan)

28,096

536

Dai

Nippon

Printing

Co.

Ltd.

(Japan)

15,057

296

Daifuku

Co.

Ltd.

(Japan)

5,572

633

Daikin

Industries

Ltd.

(Japan)

94,863

624

East

Japan

Railway

Co.

(Japan)

33,746

1,787

FANUC

Corp.

(Japan)

49,729

286

Fuji

Electric

Co.

Ltd.

(Japan)

11,996

798

Hankyu

Hanshin

Holdings,

Inc.

(Japan)

24,134

74

Hikari

Tsushin,

Inc.

(Japan)

11,508

525

Hitachi

Construction

Machinery

Co.

Ltd.

(Japan)

13,619

3,237

Hitachi

Ltd.

(Japan)

225,201

523

Hoshizaki

Corp.

(Japan)

16,659

4,608

ITOCHU

Corp.

(Japan)

178,853

2,046

Japan

Airlines

Co.

Ltd.

(Japan)

38,904

2,363

Kajima

Corp.

(Japan)

37,347

927

Kawasaki

Kisen

Kaisha

Ltd.

(Japan)

32,538

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

806

Keisei

Electric

Railway

Co.

Ltd.

(Japan)

32,494

472

Kintetsu

Group

Holdings

Co.

Ltd.

(Japan)

13,237

2,375

Komatsu

Ltd.

(Japan)

60,598

1,197

Kubota

Corp.

(Japan)

17,157

466

Makita

Corp.

(Japan)

12,369

7,907

Marubeni

Corp.

(Japan)

123,391

404

MINEBEA

MITSUMI,

Inc.

(Japan)

7,687

1,433

MISUMI

Group,

Inc.

(Japan)

23,264

5,497

Mitsubishi

Corp.

(Japan)

256,045

6,357

Mitsubishi

Electric

Corp.

(Japan)

86,388

557

Mitsubishi

Heavy

Industries

Ltd.

(Japan)

31,151

5,558

Mitsui

&

Co.

Ltd.

(Japan)

202,718

799

Mitsui

OSK

Lines

Ltd.

(Japan)

21,948

2,250

MonotaRO

Co.

Ltd.

(Japan)

22,723

528

NIDEC

Corp.

(Japan)

20,015

1,699

NIPPON

EXPRESS

HOLDINGS,

Inc.

(Japan)

92,756

2,626

Nippon

Yusen

KK

(Japan)

70,590

5,623

Obayashi

Corp.

(Japan)

47,450

801

Odakyu

Electric

Railway

Co.

Ltd.

(Japan)

11,267

4,166

Recruit

Holdings

Co.

Ltd.

(Japan)

155,131

593

Secom

Co.

Ltd.

(Japan)

41,296

693

SG

Holdings

Co.

Ltd.

(Japan)

10,020

4,527

Shimizu

Corp.

(Japan)

29,752

117

SMC

Corp.

(Japan)

58,921

4,434

Sumitomo

Corp.

(Japan)

92,978

1,143

Taisei

Corp.

(Japan)

38,898

720

Tobu

Railway

Co.

Ltd.

(Japan)

17,801

1,380

Tokyu

Corp.

(Japan)

16,200

1,551

TOPPAN

Holdings,

Inc.

(Japan)

36,342

947

Toshiba

Corp.

(Japan)*

29,467

657

TOTO

Ltd.

(Japan)

16,874

378

Toyota

Industries

Corp.

(Japan)

32,511

1,863

Toyota

Tsusho

Corp.

(Japan)

103,209

424

West

Japan

Railway

Co.

(Japan)

16,770

651

Yamato

Holdings

Co.

Ltd.

(Japan)

11,575

571

Yaskawa

Electric

Corp.

(Japan)

21,912

2,755,932

Information

Technology

–

14

.9

%

3,192

Advantest

Corp.

(Japan)

101,070

694

Azbil

Corp.

(Japan)

22,402

2,792

Brother

Industries

Ltd.

(Japan)

47,139

4,559

Canon,

Inc.

(Japan)

117,402

398

Disco

Corp.

(Japan)

86,392

1,152

FUJIFILM

Holdings

Corp.

(Japan)

67,483

728

Fujitsu

Ltd.

(Japan)

104,004

803

Hamamatsu

Photonics

KK

(Japan)

31,808

139

Hirose

Electric

Co.

Ltd.

(Japan)

15,561

157

Ibiden

Co.

Ltd.

(Japan)

7,509

581

Keyence

Corp.

(Japan)

248,969

GOLDMAN

SACHS

ACTIVE

BETA

®

JAPAN

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

942

Kyocera

Corp.

(Japan)

52,186

126

Lasertec

Corp.

(Japan)

28,160

5,217

Murata

Manufacturing

Co.

Ltd.

(Japan)

101,757

1,617

NEC

Corp.

(Japan)

90,128

1,439

Nomura

Research

Institute

Ltd.

(Japan)

40,415

1,714

NTT

Data

Group

Corp.

(Japan)

20,834

152

Obic

Co.

Ltd.

(Japan)

23,334

687

Omron

Corp.

(Japan)

28,807

536

Oracle

Corp.

Japan

(Japan)

41,460

1,184

Otsuka

Corp.

(Japan)

48,334

5,526

Renesas

Electronics

Corp.

(Japan)*

97,318

10,635

Ricoh

Co.

Ltd.

(Japan)

86,830

492

Rohm

Co.

Ltd.

(Japan)

9,403

1,355

SCSK

Corp.

(Japan)

24,967

3,106

Seiko

Epson

Corp.

(Japan)

46,180

1,130

Shimadzu

Corp.

(Japan)

29,313

1,015

SUMCO

Corp.

(Japan)

15,218

1,006

TDK

Corp.

(Japan)

46,750

1,597

TIS,

Inc.

(Japan)

33,780

1,527

Tokyo

Electron

Ltd.

(Japan)

248,156

959

Trend

Micro,

Inc.

(Japan)

(a)

48,743

2,296

Yokogawa

Electric

Corp.

(Japan)

43,502

2,055,314

Materials

–

4

.4

%

2,662

Asahi

Kasei

Corp.

(Japan)

18,484

4,954

JFE

Holdings,

Inc.

(Japan)

73,052

120

JSR

Corp.

(Japan)

3,303

9,720

Mitsubishi

Chemical

Group

Corp.

(Japan)

63,678

301

Mitsui

Chemicals,

Inc.

(Japan)

8,812

1,404

Nippon

Paint

Holdings

Co.

Ltd.

(Japan)

10,489

1,068

Nippon

Sanso

Holdings

Corp.

(Japan)

28,052

4,104

Nippon

Steel

Corp.

(Japan)

95,969

663

Nissan

Chemical

Corp.

(Japan)

24,186

452

Nitto

Denko

Corp.

(Japan)

32,149

11,401

Oji

Holdings

Corp.

(Japan)

42,354

4,978

Shin-Etsu

Chemical

Co.

Ltd.

(Japan)

175,502

3,982

Sumitomo

Chemical

Co.

Ltd.

(Japan)

10,168

155

Sumitomo

Metal

Mining

Co.

Ltd.

(Japan)

4,500

2,007

Toray

Industries,

Inc.

(Japan)

10,414

1,053

Tosoh

Corp.

(Japan)

14,011

615,123

Real

Estate

–

2

.2

%

375

Daito

Trust

Construction

Co.

Ltd.

(Japan)

41,347

2,123

Daiwa

House

Industry

Co.

Ltd.

(Japan)

60,300

6

Daiwa

House

REIT

Investment

Corp.

REIT

(Japan)

10,707

10

GLP

J

REIT

(Japan)

9,450

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Real

Estate

–

(continued)

3,668

Hulic

Co.

Ltd.

(Japan)

36,423

16

Japan

Metropolitan

Fund

Invest

REIT

(Japan)

10,661

3

Japan

Real

Estate

Investment

Corp.

REIT

(Japan)

11,668

8

KDX

Realty

Investment

Corp.

REIT

(Japan)

9,172

1,197

Mitsubishi

Estate

Co.

Ltd.

(Japan)

16,165

1,624

Mitsui

Fudosan

Co.

Ltd.

(Japan)

38,141

3

Nippon

Building

Fund,

Inc.

REIT

(Japan)

12,602

4

Nippon

Prologis

REIT,

Inc.

REIT

(Japan)

7,587

969

Nomura

Real

Estate

Holdings,

Inc.

(Japan)

23,623

10

Nomura

Real

Estate

Master

Fund,

Inc.

REIT

(Japan)

11,486

284

Sumitomo

Realty

&

Development

Co.

Ltd.

(Japan)

8,018

307,350

Utilities

–

2

.4

%

2,731

Chubu

Electric

Power

Co.,

Inc.

(Japan)

33,751

8,982

Kansai

Electric

Power

Co.,

Inc.

(The)

(Japan)

119,752

2,857

Osaka

Gas

Co.

Ltd.

(Japan)

55,658

824

Tokyo

Electric

Power

Co.

Holdings,

Inc.

(Japan)*

3,516

5,439

Tokyo

Gas

Co.

Ltd.

(Japan)

126,083

338,760

TOTAL

COMMON

STOCKS

(Cost

$11,866,467)

13,682,052

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.3%

(b)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

39,130

5.260%

39,130

(Cost

$39,130)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$11,905,597)

13,721,182

Shares

Dividend

Rate

Value

a

Securities

Lending

Reinvestment

Vehicle

–

0.7%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

92,289

5.259%

92,289

(Cost

$92,289)

TOTAL

INVESTMENTS

–

100.0%

(Cost

$11,997,886)

$

13,813,471

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(0.0)%

(

705

)

GOLDMAN

SACHS

ACTIVE

BETA

®

JAPAN

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Additional

Investment

Information

**End

swaps

header**

Shares

Dividend

Rate

Value

a

Securities

Lending

Reinvestment

Vehicle

–

(continued)

NET

ASSETS

–

100.0%

$

13,812,766

a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

All

or

a

portion

of

security

is

on

loan.

(b)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

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:

E-Mini

Topix

Index

Future

8

12/07/23

$

128,576

$

1,319

GOLDMAN

SACHS

ACTIVEBETA

®

PARIS-ALIGNED

CLIMATE

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.5%

Communication

Services

–

8.8%

1,179

Alphabet,

Inc.,

Class

A*

$

156,253

1,151

Alphabet,

Inc.,

Class

C*

154,142

2,238

AT&T,

Inc.

37,084

15

Charter

Communications,

Inc.,

Class

A*

6,002

1,034

Comcast

Corp.,

Class

A

43,314

79

Electronic

Arts,

Inc.

10,903

49

Interpublic

Group

of

Cos.,

Inc.

(The)

1,506

18

Live

Nation

Entertainment,

Inc.*

1,516

462

Meta

Platforms,

Inc.,

Class

A*

151,143

49

Netflix,

Inc.*

23,224

57

Omnicom

Group,

Inc.

4,596

137

Pinterest,

Inc.,

Class

A*

4,668

92

T-Mobile

US,

Inc.

13,841

438

Verizon

Communications,

Inc.

16,789

28

Walt

Disney

Co.

(The)*

2,595

3,056

Warner

Bros

Discovery,

Inc.*

31,935

659,511

Consumer

Discretionary

–

8.4%

13

AutoZone,

Inc.*

33,929

11

Booking

Holdings,

Inc.*

34,383

1

Chipotle

Mexican

Grill,

Inc.*

2,202

182

D.R.

Horton,

Inc.

23,236

15

Darden

Restaurants,

Inc.

2,347

54

Deckers

Outdoor

Corp.*

35,854

17

Domino's

Pizza,

Inc.

6,679

48

DoorDash,

Inc.,

Class

A*

4,511

120

DraftKings,

Inc.,

Class

A*

4,589

480

eBay,

Inc.

19,685

85

Expedia

Group,

Inc.*

11,575

131

Garmin

Ltd.

16,013

138

Genuine

Parts

Co.

18,324

5

Hilton

Worldwide

Holdings,

Inc.

838

111

Home

Depot,

Inc.

(The)

34,797

41

Las

Vegas

Sands

Corp.

1,891

291

Lennar

Corp.,

Class

A

37,225

467

LKQ

Corp.

20,795

49

Lowe’s

Cos.,

Inc.

9,743

7

Marriott

International,

Inc.,

Class

A

1,419

33

McDonald's

Corp.

9,301

444

MGM

Resorts

International

17,511

245

NIKE,

Inc.,

Class

B

27,016

5

NVR,

Inc.*

30,777

43

O'Reilly

Automotive,

Inc.*

42,242

43

Pool

Corp.

14,935

332

PulteGroup,

Inc.

29,355

289

Rivian

Automotive,

Inc.,

Class

A*

4,844

213

Ross

Stores,

Inc.

27,771

82

Royal

Caribbean

Cruises

Ltd.*

8,812

573

TJX

Cos.,

Inc.

(The)

50,487

52

Tractor

Supply

Co.

10,557

89

Ulta

Beauty,

Inc.*

37,913

631,556

Consumer

Staples

–

6.2%

104

Archer-Daniels-Midland

Co.

7,668

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Staples

–

(continued)

92

Brown-Forman

Corp.,

Class

B

$

5,404

264

Church

&

Dwight

Co.,

Inc.

25,510

121

Clorox

Co.

(The)

17,345

518

Coca-Cola

Co.

(The)

30,272

143

Colgate-Palmolive

Co.

11,264

59

Constellation

Brands,

Inc.,

Class

A

14,189

41

Dollar

General

Corp.

5,376

119

Dollar

Tree,

Inc.*

14,707

71

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

9,066

152

General

Mills,

Inc.

9,676

108

Hershey

Co.

(The)

20,295

79

J

M

Smucker

Co.

(The)

8,669

116

Kellanova

6,095

551

Kenvue,

Inc.

11,262

292

Keurig

Dr

Pepper,

Inc.

9,218

72

Kimberly-Clark

Corp.

8,909

157

Kraft

Heinz

Co.

(The)

5,512

47

Lamb

Weston

Holdings,

Inc.

4,701

119

McCormick

&

Co.,

Inc.

7,715

331

Mondelez

International,

Inc.,

Class

A

23,521

352

Monster

Beverage

Corp.*

19,413

268

PepsiCo,

Inc.

45,102

376

Procter &

Gamble

Co.

(The)

57,724

230

Sysco

Corp.

16,599

86

Walgreens

Boots

Alliance,

Inc.

1,715

413

Walmart,

Inc.

64,300

461,227

Financials

–

12.8%

274

Aflac,

Inc.

22,663

133

American

Express

Co.

22,712

474

American

International

Group,

Inc.

31,194

51

Ameriprise

Financial,

Inc.

18,029

58

Aon

PLC,

Class

A

19,052

100

Apollo

Global

Management,

Inc.

9,200

209

Arch

Capital

Group

Ltd.*

17,491

47

Arthur

J

Gallagher

&

Co.

11,703

1,069

Bank

of

America

Corp.

32,594

569

Bank

of

New

York

Mellon

Corp.

(The)

27,494

245

Berkshire

Hathaway,

Inc.,

Class

B*

88,200

4

BlackRock,

Inc.

3,005

106

Brown

&

Brown,

Inc.

7,922

298

Capital

One

Financial

Corp.

33,275

58

Cboe

Global

Markets,

Inc.

10,567

134

Charles

Schwab

Corp.

(The)

8,217

71

Chubb

Ltd.

16,290

542

Citigroup,

Inc.

24,986

96

Citizens

Financial

Group,

Inc.

2,618

59

CME

Group,

Inc.

12,883

170

Discover

Financial

Services

15,810

22

Everest

Group

Ltd.

9,032

32

Fifth

Third

Bancorp

926

4

First

Citizens

BancShares,

Inc.,

Class

A

5,872

GOLDMAN

SACHS

ACTIVEBETA

®

PARIS-ALIGNED

CLIMATE

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

82

Fiserv,

Inc.*

$

10,710

35

FleetCor

Technologies,

Inc.*

8,418

158

Hartford

Financial

Services

Group,

Inc.

(The)

12,349

281

Huntington

Bancshares,

Inc.

3,164

71

Intercontinental

Exchange,

Inc.

8,083

578

JPMorgan

Chase &

Co.

90,214

366

KeyCorp

4,535

28

LPL

Financial

Holdings,

Inc.

6,224

18

M&T

Bank

Corp.

2,307

9

Markel

Group,

Inc.*

12,952

122

Marsh

&

McLennan

Cos.,

Inc.

24,329

140

Mastercard,

Inc.,

Class

A

57,936

135

MetLife,

Inc.

8,590

17

Moody's

Corp.

6,204

170

Morgan

Stanley

13,488

45

Nasdaq,

Inc.

2,513

73

Northern

Trust

Corp.

5,785

19

PNC

Financial

Services

Group,

Inc.

(The)

2,545

303

Principal

Financial

Group,

Inc.

22,371

79

Progressive

Corp.

(The)

12,958

103

Raymond

James

Financial,

Inc.

10,831

48

Regions

Financial

Corp.

801

18

S&P

Global,

Inc.

7,485

332

State

Street

Corp.

24,176

929

Synchrony

Financial

30,062

37

Travelers

Cos.,

Inc.

(The)

6,683

47

Truist

Financial

Corp.

1,511

74

US

Bancorp

2,821

233

Visa,

Inc.,

Class

A

59,806

116

W

R

Berkley

Corp.

8,416

508

Wells

Fargo &

Co.

22,652

37

Willis

Towers

Watson

PLC

9,113

951,767

Health

Care

–

16.4%

275

Abbott

Laboratories

28,680

369

AbbVie,

Inc.

52,542

130

Agilent

Technologies,

Inc.

16,614

48

Align

Technology,

Inc.*

10,262

67

Amgen,

Inc.

18,066

442

Avantor,

Inc.*

9,362

79

Baxter

International,

Inc.

2,850

74

Becton

Dickinson

&

Co.

17,477

28

Biogen,

Inc.*

6,554

28

Bio-Techne

Corp.

1,761

513

Boston

Scientific

Corp.*

28,672

710

Bristol-Myers

Squibb

Co.

35,060

69

Cencora,

Inc.

14,033

260

Centene

Corp.*

19,157

98

Cigna

Group

(The)

25,762

20

Cooper

Cos.,

Inc.

(The)

6,738

559

CVS

Health

Corp.

37,984

131

Danaher

Corp.

29,254

64

Dexcom,

Inc.*

7,393

257

Edwards

Lifesciences

Corp.*

17,401

47

Elevance

Health,

Inc.

22,536

187

Eli

Lilly

&

Co.

110,524

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

–

(continued)

92

GE

HealthCare

Technologies,

Inc.

$

6,298

417

Gilead

Sciences,

Inc.

31,942

40

HCA

Healthcare,

Inc.

10,019

165

Hologic,

Inc.*

11,764

55

Humana,

Inc.

26,667

55

IDEXX

Laboratories,

Inc.*

25,620

165

Incyte

Corp.*

8,966

10

Insulet

Corp.*

1,891

50

Intuitive

Surgical,

Inc.*

15,542

55

IQVIA

Holdings,

Inc.*

11,776

485

Johnson &

Johnson

75,010

25

Laboratory

Corp.

of

America

Holdings

5,423

178

Medtronic

PLC

14,110

649

Merck &

Co.,

Inc.

66,510

19

Mettler-Toledo

International,

Inc.*

20,747

911

Pfizer,

Inc.

27,758

37

Quest

Diagnostics,

Inc.

5,078

40

Regeneron

Pharmaceuticals,

Inc.*

32,952

33

ResMed,

Inc.

5,205

13

Revvity,

Inc.

1,156

639

Royalty

Pharma

PLC,

Class

A

17,298

25

Seagen,

Inc.*

5,330

41

STERIS

PLC

8,239

89

Stryker

Corp.

26,373

63

Thermo

Fisher

Scientific,

Inc.

31,233

158

UnitedHealth

Group,

Inc.

87,369

83

Vertex

Pharmaceuticals,

Inc.*

29,449

4,620

Viatris,

Inc.

42,412

46

Waters

Corp.*

12,908

27

West

Pharmaceutical

Services,

Inc.

9,471

112

Zimmer

Biomet

Holdings,

Inc.

13,027

122

Zoetis,

Inc.

21,554

1,227,779

Industrials

–

6.6%

10

Automatic

Data

Processing,

Inc.

2,299

30

Axon

Enterprise,

Inc.*

6,896

129

Builders

FirstSource,

Inc.*

17,300

68

Carlisle

Cos.,

Inc.

19,068

330

Carrier

Global

Corp.

17,147

29

Cintas

Corp.

16,044

233

Copart,

Inc.*

11,701

549

CSX

Corp.

17,733

154

Expeditors

International

of

Washington,

Inc.

18,532

541

Fastenal

Co.

32,444

56

FedEx

Corp.

14,495

112

General

Electric

Co.

13,642

123

Graco,

Inc.

9,936

479

Howmet

Aerospace,

Inc.

25,195

40

IDEX

Corp.

8,067

69

Illinois

Tool

Works,

Inc.

16,713

24

J.B.

Hunt

Transport

Services,

Inc.

4,447

37

Norfolk

Southern

Corp.

8,072

52

Old

Dominion

Freight

Line,

Inc.

20,231

GOLDMAN

SACHS

ACTIVEBETA

®

PARIS-ALIGNED

CLIMATE

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

192

Otis

Worldwide

Corp.

$

16,472

78

Parker-Hannifin

Corp.

33,788

90

Republic

Services,

Inc.

14,566

31

Rockwell

Automation,

Inc.

8,539

54

Snap-on,

Inc.

14,833

192

SS&C

Technologies

Holdings,

Inc.

10,802

251

Uber

Technologies,

Inc.*

14,151

39

Union

Pacific

Corp.

8,786

546

United

Airlines

Holdings,

Inc.*

21,512

63

United

Parcel

Service,

Inc.,

Class

B

9,551

17

United

Rentals,

Inc.

8,092

25

Verisk

Analytics,

Inc.

6,036

234

Vertiv

Holdings

Co.,

Class

A*

10,216

25

W.W.

Grainger,

Inc.

19,655

56

Waste

Management,

Inc.

9,575

22

Watsco,

Inc.

8,409

41

Xylem,

Inc.

4,310

499,255

Information

Technology

–

35.1%

143

Accenture

PLC,

Class

A

47,639

87

Adobe,

Inc.*

53,158

293

Advanced

Micro

Devices,

Inc.*

35,500

176

Akamai

Technologies,

Inc.*

20,333

187

Amphenol

Corp.,

Class

A

17,015

88

Analog

Devices,

Inc.

16,137

6

ANSYS,

Inc.*

1,760

3,056

Apple,

Inc.

580,487

402

Applied

Materials,

Inc.

60,212

117

Arista

Networks,

Inc.*

25,706

25

Atlassian

Corp.,

Class

A*

4,774

37

Autodesk,

Inc.*

8,082

80

Broadcom,

Inc.

74,058

75

Cadence

Design

Systems,

Inc.*

20,495

110

CDW

Corp.

23,197

1,277

Cisco

Systems,

Inc.

61,781

343

Cognizant

Technology

Solutions

Corp.,

Class

A

24,140

97

Corning,

Inc.

2,764

122

Dell

Technologies,

Inc.,

Class

C

9,256

74

Enphase

Energy,

Inc.*

7,476

27

Entegris,

Inc.

2,819

8

EPAM

Systems,

Inc.*

2,066

18

Fair

Isaac

Corp.*

19,577

198

Fortinet,

Inc.*

10,407

64

Gartner,

Inc.*

27,830

435

Gen

Digital,

Inc.

9,605

149

GoDaddy,

Inc.,

Class

A*

14,909

1,332

Hewlett

Packard

Enterprise

Co.

22,524

16

HubSpot,

Inc.*

7,903

507

Intel

Corp.

22,663

248

International

Business

Machines

Corp.

39,323

47

Intuit,

Inc.

26,859

39

Jabil,

Inc.

4,497

189

Keysight

Technologies,

Inc.*

25,683

79

KLA

Corp.

43,025

67

Lam

Research

Corp.

47,967

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

246

Lattice

Semiconductor

Corp.*

$

14,403

65

Manhattan

Associates,

Inc.*

14,498

103

Marvell

Technology,

Inc.

5,740

354

Microchip

Technology,

Inc.

29,538

116

Micron

Technology,

Inc.

8,830

1,468

Microsoft

Corp.

556,240

28

Monolithic

Power

Systems,

Inc.

15,364

92

Motorola

Solutions,

Inc.

29,704

339

NetApp,

Inc.

30,981

455

NVIDIA

Corp.

212,804

22

Okta,

Inc.*

1,475

245

ON

Semiconductor

Corp.*

17,476

205

Oracle

Corp.

23,823

30

Palo

Alto

Networks,

Inc.*

8,853

43

PTC,

Inc.*

6,766

364

QUALCOMM,

Inc.

46,974

15

Roper

Technologies,

Inc.

8,074

151

Salesforce,

Inc.*

38,037

18

ServiceNow,

Inc.*

12,343

197

Skyworks

Solutions,

Inc.

19,095

15

Splunk,

Inc.*

2,273

47

Super

Micro

Computer,

Inc.*

12,853

30

Synopsys,

Inc.*

16,297

250

Teradyne,

Inc.

23,058

175

Texas

Instruments,

Inc.

26,724

267

Trimble,

Inc.*

12,389

55

VeriSign,

Inc.*

11,671

26

Zebra

Technologies

Corp.,

Class

A*

6,161

99

Zoom

Video

Communications,

Inc.,

Class

A*

6,715

2,640,786

Materials

–

1.2%

11

Air

Products

and

Chemicals,

Inc.

2,976

25

Albemarle

Corp.

3,032

98

Corteva,

Inc.

4,430

41

DuPont

de

Nemours,

Inc.

2,933

52

Ecolab,

Inc.

9,970

84

Freeport-McMoRan,

Inc.

3,135

65

Linde

PLC

26,895

2

Martin

Marietta

Materials,

Inc.

929

232

Mosaic

Co.

(The)

8,327

45

Packaging

Corp.

of

America

7,560

15

PPG

Industries,

Inc.

2,130

44

Sherwin-Williams

Co.

(The)

12,267

47

Vulcan

Materials

Co.

10,037

94,621

Real

Estate

–

3.9%

110

Alexandria

Real

Estate

Equities,

Inc.

REIT

12,034

11

American

Tower

Corp.

REIT

2,297

59

AvalonBay

Communities,

Inc.

REIT

10,203

178

Camden

Property

Trust

REIT

16,066

49

CoStar

Group,

Inc.*

4,069

17

Crown

Castle,

Inc.

REIT

1,994

33

Digital

Realty

Trust,

Inc.

REIT

4,580

16

Equinix,

Inc.

REIT

13,040

GOLDMAN

SACHS

ACTIVEBETA

®

PARIS-ALIGNED

CLIMATE

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)

83

Equity

LifeStyle

Properties,

Inc.

REIT

$

5,901

168

Equity

Residential

REIT

9,549

40

Essex

Property

Trust,

Inc.

REIT

8,538

176

Gaming

and

Leisure

Properties,

Inc.

REIT

8,224

1,590

Host

Hotels

&

Resorts,

Inc.

REIT

27,777

157

Invitation

Homes,

Inc.

REIT

5,238

208

Iron

Mountain,

Inc.

REIT

13,343

947

Kimco

Realty

Corp.

REIT

18,296

87

Mid-America

Apartment

Communities,

Inc.

REIT

10,830

8

NET

Lease

Office

Properties

REIT*

131

84

Prologis,

Inc.

REIT

9,654

14

Public

Storage

REIT

3,623

255

Realty

Income

Corp.

REIT

13,760

8

SBA

Communications

Corp.

REIT

1,976

88

Simon

Property

Group,

Inc.

REIT

10,990

152

Sun

Communities,

Inc.

REIT

19,660

215

UDR,

Inc.

REIT

7,181

328

Ventas,

Inc.

REIT

15,036

388

VICI

Properties,

Inc.

REIT

11,597

131

W.P.

Carey,

Inc.

REIT

8,153

129

Welltower,

Inc.

REIT

11,494

132

Weyerhaeuser

Co.

REIT

4,138

289,372

Utilities

–

0.1%

111

Edison

International

7,436

33

NextEra

Energy,

Inc.

1,931

9,367

TOTAL

COMMON

STOCKS

(Cost

$7,219,006)

7,465,241

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.3%

(a)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

21,395

5.260%

21,395

(Cost

$21,395)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$7,240,401)

7,486,636

Shares

Dividend

Rate

Value

a

Securities

Lending

Reinvestment

Vehicle

–

0.2%

(a)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

11,628

5.259%

$

11,628

(Cost

$11,628)

TOTAL

INVESTMENTS

–

100.0%

(Cost

$7,252,029)

$

7,498,264

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(0.0)%

(637)

NET

ASSETS

–

100.0%

$

7,497,627

a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

ACTIVE

BETA

®

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.6%

Communication

Services

–

7.8%

1,490,469

Alphabet,

Inc.,

Class

A*

$

197,531,857

1,407,007

Alphabet,

Inc.,

Class

C*

188,426,377

1,614,740

AT&T,

Inc.

26,756,242

31,240

Charter

Communications,

Inc.,

Class

A*

12,500,061

1,330,408

Comcast

Corp.,

Class

A

55,730,791

154,473

Electronic

Arts,

Inc.

21,318,819

241,821

Interpublic

Group

of

Cos.,

Inc.

(The)

7,433,578

627,370

Meta

Platforms,

Inc.,

Class

A*

205,244,095

54,406

Netflix,

Inc.*

25,786,812

157,988

Omnicom

Group,

Inc.

12,738,572

352,310

Pinterest,

Inc.,

Class

A*

12,003,202

15,954

Take-Two

Interactive

Software,

Inc.*

2,523,923

105,527

T-Mobile

US,

Inc.

15,876,537

486,815

Verizon

Communications,

Inc.

18,659,619

118,848

Walt

Disney

Co.

(The)*

11,016,021

4,141,667

Warner

Bros

Discovery,

Inc.*

43,280,420

856,826,926

Consumer

Discretionary

–

12.1%

18,117

Airbnb,

Inc.,

Class

A*

2,288,902

2,124,398

Amazon.com,

Inc.*

310,353,304

14,526

AutoZone,

Inc.*

37,911,843

309,062

Best

Buy

Co.,

Inc.

21,924,858

12,233

Booking

Holdings,

Inc.*

38,236,688

191,481

Carnival

Corp.*

2,883,704

4,675

Chipotle

Mexican

Grill,

Inc.*

10,295,519

212,044

D.R.

Horton,

Inc.

27,071,657

71,378

Darden

Restaurants,

Inc.

11,168,516

34,291

Deckers

Outdoor

Corp.*

22,768,195

73,823

Domino's

Pizza,

Inc.

29,004,318

75,289

DoorDash,

Inc.,

Class

A*

7,075,660

191,376

DraftKings,

Inc.,

Class

A*

7,318,218

371,010

eBay,

Inc.

15,215,120

174,741

Expedia

Group,

Inc.*

23,796,229

3,167,913

Ford

Motor

Co.

32,502,787

104,534

Garmin

Ltd.

12,778,236

173,595

Genuine

Parts

Co.

23,049,944

35,094

Hilton

Worldwide

Holdings,

Inc.

5,878,947

301,779

Home

Depot,

Inc.

(The)

94,604,699

96,973

Las

Vegas

Sands

Corp.

4,472,395

345,581

Lennar

Corp.,

Class

A

44,206,722

401,729

LKQ

Corp.

17,888,992

245,146

Lowe’s

Cos.,

Inc.

48,742,379

39,845

Marriott

International,

Inc.,

Class

A

8,076,581

146,838

McDonald's

Corp.

41,384,822

581,774

MGM

Resorts

International

22,945,167

327,480

NIKE,

Inc.,

Class

B

36,111,220

1,422

NVR,

Inc.*

8,752,965

47,660

O'Reilly

Automotive,

Inc.*

46,820,231

48,791

Pool

Corp.

16,946,090

473,682

PulteGroup,

Inc.

41,882,962

85,944

Ross

Stores,

Inc.

11,205,379

158,208

Royal

Caribbean

Cruises

Ltd.*

17,001,032

182,568

Starbucks

Corp.

18,129,002

392,563

Tesla,

Inc.*

94,246,525

402,738

TJX

Cos.,

Inc.

(The)

35,485,245

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Discretionary

–

(continued)

145,064

Tractor

Supply

Co.

$

29,449,443

61,036

Ulta

Beauty,

Inc.*

26,000,726

217,674

Yum!

Brands,

Inc.

27,328,971

1,333,204,193

Consumer

Staples

–

8.1%

489,226

Altria

Group,

Inc.

20,567,061

287,588

Archer-Daniels-Midland

Co.

21,203,863

209,274

Brown-Forman

Corp.,

Class

B

12,292,755

89,750

Bunge

Global

SA

9,860,833

148,372

Church

&

Dwight

Co.,

Inc.

14,337,186

137,847

Clorox

Co.

(The)

19,760,367

639,504

Coca-Cola

Co.

(The)

37,372,614

366,839

Colgate-Palmolive

Co.

28,895,908

361,897

Conagra

Brands,

Inc.

10,238,066

49,822

Constellation

Brands,

Inc.,

Class

A

11,981,693

143,134

Costco

Wholesale

Corp.

84,841,247

112,884

Dollar

General

Corp.

14,801,350

142,732

Dollar

Tree,

Inc.*

17,640,248

118,995

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

15,194,472

222,646

General

Mills,

Inc.

14,173,644

136,318

Hershey

Co.

(The)

25,616,879

148,380

J

M

Smucker

Co.

(The)

16,281,737

163,908

Kellanova

8,611,726

727,291

Kenvue,

Inc.

14,865,828

546,487

Keurig

Dr

Pepper,

Inc.

17,252,595

150,309

Kimberly-Clark

Corp.

18,597,733

514,285

Kraft

Heinz

Co.

(The)

18,056,546

1,168,402

Kroger

Co.

(The)

51,725,157

100,449

Lamb

Weston

Holdings,

Inc.

10,047,913

89,797

McCormick

&

Co.,

Inc.

5,821,540

315,634

Mondelez

International,

Inc.,

Class

A

22,428,952

425,923

Monster

Beverage

Corp.*

23,489,653

363,048

PepsiCo,

Inc.

61,097,348

454,984

Philip

Morris

International,

Inc.

42,477,306

495,911

Procter &

Gamble

Co.

(The)

76,132,257

271,348

Sysco

Corp.

19,583,185

176,635

Target

Corp.

23,635,529

308,440

Tyson

Foods,

Inc.,

Class

A

14,447,330

393,060

Walgreens

Boots

Alliance,

Inc.

7,837,616

557,176

Walmart,

Inc.

86,746,731

897,914,868

Energy

–

3.4%

224,237

APA

Corp.

8,072,532

63,258

Baker

Hughes

Co.

2,134,958

60,254

Cheniere

Energy,

Inc.

10,975,266

297,673

Chevron

Corp.

42,745,843

195,072

ConocoPhillips

22,544,471

81,812

Coterra

Energy,

Inc.

2,147,565

252,093

Devon

Energy

Corp.

11,336,622

17,625

Diamondback

Energy,

Inc.

2,721,476

116,092

EOG

Resources,

Inc.

14,287,442

285,169

EQT

Corp.

11,395,353

839,990

Exxon

Mobil

Corp.

86,300,573

34,341

Hess

Corp.

4,826,971

493,337

Kinder

Morgan,

Inc.

8,667,931

GOLDMAN

SACHS

ACTIVE

BETA

®

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Energy

–

(continued)

201,880

Marathon

Oil

Corp.

$

5,133,808

264,232

Marathon

Petroleum

Corp.

39,420,772

53,997

Occidental

Petroleum

Corp.

3,193,923

121,888

ONEOK,

Inc.

8,391,989

41,549

Ovintiv,

Inc.

1,842,283

197,750

Phillips

66

25,487,998

35,814

Pioneer

Natural

Resources

Co.

8,295,955

142,080

Schlumberger

NV

7,393,843

40,407

Targa

Resources

Corp.

3,654,813

263,147

Valero

Energy

Corp.

32,988,108

250,733

Williams

Cos.,

Inc.

(The)

9,224,467

373,184,962

Financials

–

10.5%

219,386

Aflac,

Inc.

18,145,416

37,635

Allstate

Corp.

(The)

5,188,737

104,621

American

Express

Co.

17,866,128

465,397

American

International

Group,

Inc.

30,627,777

53,648

Ameriprise

Financial,

Inc.

18,965,104

74,893

Aon

PLC,

Class

A

24,601,602

180,341

Apollo

Global

Management,

Inc.

16,591,372

244,769

Arch

Capital

Group

Ltd.*

20,484,718

53,647

Ares

Management

Corp.,

Class

A

6,021,876

100,278

Arthur

J

Gallagher

&

Co.

24,969,222

1,195,181

Bank

of

America

Corp.

36,441,069

503,210

Bank

of

New

York

Mellon

Corp.

(The)

24,315,107

283,812

Berkshire

Hathaway,

Inc.,

Class

B*

102,172,320

10,298

BlackRock,

Inc.

7,736,166

88,455

Brown

&

Brown,

Inc.

6,611,127

353,232

Capital

One

Financial

Corp.

39,441,885

68,605

Cboe

Global

Markets,

Inc.

12,499,145

230,619

Charles

Schwab

Corp.

(The)

14,141,557

70,532

Chubb

Ltd.

16,182,157

28,447

Cincinnati

Financial

Corp.

2,924,067

641,680

Citigroup,

Inc.

29,581,448

255,854

Citizens

Financial

Group,

Inc.

6,977,139

76,578

CME

Group,

Inc.

16,721,572

194,351

Discover

Financial

Services

18,074,643

18,449

Everest

Group

Ltd.

7,574,237

27,133

FactSet

Research

Systems,

Inc.

12,303,730

3,762

First

Citizens

BancShares,

Inc.,

Class

A

5,522,202

114,438

Fiserv,

Inc.*

14,946,747

25,798

FleetCor

Technologies,

Inc.*

6,204,419

170,818

Hartford

Financial

Services

Group,

Inc.

(The)

13,351,135

110,063

Intercontinental

Exchange,

Inc.

12,529,572

57,514

Jack

Henry

&

Associates,

Inc.

9,126,897

583,670

JPMorgan

Chase &

Co.

91,099,214

264,578

KeyCorp

3,278,121

121,174

Loews

Corp.

8,517,320

39,335

LPL

Financial

Holdings,

Inc.

8,744,170

26,954

M&T

Bank

Corp.

3,454,694

6,148

Markel

Group,

Inc.*

8,847,525

159,336

Marsh

&

McLennan

Cos.,

Inc.

31,774,785

180,613

Mastercard,

Inc.,

Class

A

74,743,078

147,297

MetLife,

Inc.

9,372,508

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

81,666

Moody's

Corp.

$

29,804,823

134,649

Morgan

Stanley

10,683,052

113,093

Nasdaq,

Inc.

6,315,113

30,783

Northern

Trust

Corp.

2,439,553

41,331

PNC

Financial

Services

Group,

Inc.

(The)

5,536,701

337,437

Principal

Financial

Group,

Inc.

24,912,974

120,387

Progressive

Corp.

(The)

19,747,080

64,230

Prudential

Financial,

Inc.

6,280,409

30,397

Raymond

James

Financial,

Inc.

3,196,245

31,327

S&P

Global,

Inc.

13,026,706

303,794

State

Street

Corp.

22,122,279

1,117,946

Synchrony

Financial

36,176,733

54,195

Travelers

Cos.,

Inc.

(The)

9,788,701

81,168

Truist

Financial

Corp.

2,608,739

315,363

Visa,

Inc.,

Class

A

80,947,375

128,203

W

R

Berkley

Corp.

9,301,128

594,569

Wells

Fargo &

Co.

26,511,832

39,469

Willis

Towers

Watson

PLC

9,721,215

1,157,792,366

Health

Care

–

13.2%

310,833

Abbott

Laboratories

32,416,773

449,076

AbbVie,

Inc.

63,943,932

116,751

Agilent

Technologies,

Inc.

14,920,778

35,928

Align

Technology,

Inc.*

7,681,406

154,803

Amgen,

Inc.

41,741,081

355,640

Avantor,

Inc.*

7,532,455

37,672

Becton

Dickinson

&

Co.

8,897,373

61,570

Biogen,

Inc.*

14,412,306

369,317

Boston

Scientific

Corp.*

20,641,127

670,433

Bristol-Myers

Squibb

Co.

33,105,981

190,734

Cardinal

Health,

Inc.

20,423,797

91,512

Cencora,

Inc.

18,610,795

480,975

Centene

Corp.*

35,438,238

136,597

Cigna

Group

(The)

35,908,619

13,274

Cooper

Cos.,

Inc.

(The)

4,472,276

655,124

CVS

Health

Corp.

44,515,676

123,239

Danaher

Corp.

27,520,501

80,166

Dexcom,

Inc.*

9,260,776

294,870

Edwards

Lifesciences

Corp.*

19,965,648

62,553

Elevance

Health,

Inc.

29,993,538

232,088

Eli

Lilly

&

Co.

137,173,291

38,668

Exact

Sciences

Corp.*

2,474,752

57,516

GE

HealthCare

Technologies,

Inc.

3,937,545

374,891

Gilead

Sciences,

Inc.

28,716,651

49,125

HCA

Healthcare,

Inc.

12,304,830

137,069

Hologic,

Inc.*

9,773,020

56,709

Humana,

Inc.

27,495,926

64,096

IDEXX

Laboratories,

Inc.*

29,857,199

279,276

Incyte

Corp.*

15,175,858

29,116

Insulet

Corp.*

5,505,544

48,151

Intuitive

Surgical,

Inc.*

14,967,257

54,941

IQVIA

Holdings,

Inc.*

11,762,868

594,668

Johnson &

Johnson

91,971,353

55,287

Laboratory

Corp.

of

America

Holdings

11,992,303

53,940

McKesson

Corp.

25,382,006

117,280

Medtronic

PLC

9,296,786

GOLDMAN

SACHS

ACTIVE

BETA

®

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

–

(continued)

632,276

Merck &

Co.,

Inc.

$

64,795,644

23,377

Mettler-Toledo

International,

Inc.*

25,526,048

23,420

Molina

Healthcare,

Inc.*

8,561,415

1,095,976

Pfizer,

Inc.

33,394,389

77,494

Quest

Diagnostics,

Inc.

10,634,502

41,373

Regeneron

Pharmaceuticals,

Inc.*

34,083,491

54,974

ResMed,

Inc.

8,671,049

37,614

Revvity,

Inc.

3,343,885

380,888

Royalty

Pharma

PLC,

Class

A

10,310,638

84,669

Seagen,

Inc.*

18,052,277

18,754

STERIS

PLC

3,768,429

62,223

Stryker

Corp.

18,438,541

60,430

Thermo

Fisher

Scientific,

Inc.

29,958,777

218,553

UnitedHealth

Group,

Inc.

120,853,252

17,041

Veeva

Systems,

Inc.,

Class

A*

2,970,417

95,743

Vertex

Pharmaceuticals,

Inc.*

33,970,574

5,437,682

Viatris,

Inc.

49,917,921

51,824

Waters

Corp.*

14,542,333

24,439

West

Pharmaceutical

Services,

Inc.

8,572,224

74,530

Zimmer

Biomet

Holdings,

Inc.

8,668,584

138,352

Zoetis,

Inc.

24,442,648

1,462,667,303

Industrials

–

9.6%

134,936

3M

Co.

13,368,110

99,700

AMETEK,

Inc.

15,476,431

41,485

Automatic

Data

Processing,

Inc.

9,538,231

37,845

Axon

Enterprise,

Inc.*

8,699,430

61,472

Boeing

Co.

(The)*

14,238,759

116,246

Booz

Allen

Hamilton

Holding

Corp.

14,545,862

38,520

Broadridge

Financial

Solutions,

Inc.

7,465,946

491,086

Builders

FirstSource,

Inc.*

65,859,543

33,870

Carlisle

Cos.,

Inc.

9,497,487

304,205

Carrier

Global

Corp.

15,806,492

61,336

Caterpillar,

Inc.

15,378,162

59,568

Cintas

Corp.

32,955,996

278,738

Copart,

Inc.*

13,998,222

217,666

CSX

Corp.

7,030,612

35,886

Cummins,

Inc.

8,044,206

37,196

Deere

&

Co.

13,554,594

134,267

Delta

Air

Lines,

Inc.

4,958,480

67,834

Dover

Corp.

9,575,447

80,332

Eaton

Corp.

PLC

18,290,793

123,640

Emerson

Electric

Co.

10,991,596

104,877

Expeditors

International

of

Washington,

Inc.

12,620,898

630,024

Fastenal

Co.

37,782,539

56,602

FedEx

Corp.

14,650,296

128,488

Fortive

Corp.

8,863,102

80,309

General

Dynamics

Corp.

19,833,914

243,888

General

Electric

Co.

29,705,558

98,403

Graco,

Inc.

7,948,994

101,267

Honeywell

International,

Inc.

19,840,231

241,155

Howmet

Aerospace,

Inc.

12,684,753

46,028

Hubbell,

Inc.

13,808,400

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

34,888

IDEX

Corp.

$

7,036,212

97,160

Illinois

Tool

Works,

Inc.

23,533,124

120,959

Ingersoll

Rand,

Inc.

8,640,101

16,563

J.B.

Hunt

Transport

Services,

Inc.

3,068,627

52,234

Jacobs

Solutions,

Inc.

6,643,120

117,334

Johnson

Controls

International

PLC

6,195,235

70,276

L3Harris

Technologies,

Inc.

13,409,364

183,652

Leidos

Holdings,

Inc.

19,709,533

30,878

Lennox

International,

Inc.

12,556,848

43,047

Lockheed

Martin

Corp.

19,275,155

207,379

Masco

Corp.

12,556,798

28,071

Norfolk

Southern

Corp.

6,123,969

34,157

Northrop

Grumman

Corp.

16,230,040

45,310

Old

Dominion

Freight

Line,

Inc.

17,628,309

96,852

Otis

Worldwide

Corp.

8,308,933

173,724

PACCAR,

Inc.

15,951,338

54,096

Parker-Hannifin

Corp.

23,433,305

97,746

Paychex,

Inc.

11,922,080

56,329

Quanta

Services,

Inc.

10,607,314

127,272

Republic

Services,

Inc.

20,597,701

28,287

Rockwell

Automation,

Inc.

7,791,371

234,442

RTX

Corp.

19,102,334

31,495

Snap-on,

Inc.

8,651,362

412,857

SS&C

Technologies

Holdings,

Inc.

23,227,335

348,999

Textron,

Inc.

26,754,263

62,187

Trane

Technologies

PLC

14,017,572

14,762

TransDigm

Group,

Inc.

14,213,887

211,532

Uber

Technologies,

Inc.*

11,926,174

40,761

Union

Pacific

Corp.

9,182,230

838,356

United

Airlines

Holdings,

Inc.*

33,031,226

79,378

United

Parcel

Service,

Inc.,

Class

B

12,034,499

11,906

United

Rentals,

Inc.

5,667,494

41,062

Veralto

Corp.*

3,172,040

39,221

Verisk

Analytics,

Inc.

9,469,126

171,464

Vertiv

Holdings

Co.,

Class

A*

7,486,118

58,669

W.W.

Grainger,

Inc.

46,124,981

79,397

Waste

Management,

Inc.

13,576,093

15,598

Watsco,

Inc.

5,962,024

231,071

Westinghouse

Air

Brake

Technologies

Corp.

26,933,636

69,205

Xylem,

Inc.

7,275,522

1,056,039,477

Information

Technology

–

28.6%

246,297

Accenture

PLC,

Class

A

82,051,383

135,659

Adobe,

Inc.*

82,889,006

307,264

Advanced

Micro

Devices,

Inc.*

37,228,106

128,811

Akamai

Technologies,

Inc.*

14,881,535

157,530

Amphenol

Corp.,

Class

A

14,333,655

109,224

Analog

Devices,

Inc.

20,029,497

13,498

ANSYS,

Inc.*

3,959,773

3,779,623

Apple,

Inc.

717,939,389

299,332

Applied

Materials,

Inc.

44,833,947

95,929

Arista

Networks,

Inc.*

21,076,561

80,331

Atlassian

Corp.,

Class

A*

15,339,204

98,803

Autodesk,

Inc.*

21,581,539

92,298

Broadcom,

Inc.

85,443,028

GOLDMAN

SACHS

ACTIVE

BETA

®

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

199,796

Cadence

Design

Systems,

Inc.*

$

54,598,253

44,443

CDW

Corp.

9,372,140

1,007,233

Cisco

Systems,

Inc.

48,729,933

299,974

Cognizant

Technology

Solutions

Corp.,

Class

A

21,112,170

183,752

Corning,

Inc.

5,235,094

24,339

Crowdstrike

Holdings,

Inc.,

Class

A*

5,768,100

45,959

Datadog,

Inc.,

Class

A*

5,357,441

122,643

Dell

Technologies,

Inc.,

Class

C

9,304,924

42,904

Enphase

Energy,

Inc.*

4,334,162

38,118

EPAM

Systems,

Inc.*

9,841,686

24,902

Fair

Isaac

Corp.*

27,083,415

515,756

Fortinet,

Inc.*

27,108,135

66,606

Gartner,

Inc.*

28,962,953

300,099

Gen

Digital,

Inc.

6,626,186

150,941

GoDaddy,

Inc.,

Class

A*

15,103,156

1,438,238

Hewlett

Packard

Enterprise

Co.

24,320,605

382,923

HP,

Inc.

11,234,961

26,862

HubSpot,

Inc.*

13,267,948

568,485

Intel

Corp.

25,411,279

289,664

International

Business

Machines

Corp.

45,929,124

66,853

Intuit,

Inc.

38,203,815

64,978

Jabil,

Inc.

7,493,263

78,922

Keysight

Technologies,

Inc.*

10,724,711

43,954

KLA

Corp.

23,938,227

64,448

Lam

Research

Corp.

46,139,612

178,644

Lattice

Semiconductor

Corp.*

10,459,606

89,053

Manhattan

Associates,

Inc.*

19,863,272

51,986

Marvell

Technology,

Inc.

2,897,180

146,551

Microchip

Technology,

Inc.

12,228,215

131,087

Micron

Technology,

Inc.

9,978,342

1,853,542

Microsoft

Corp.

702,325,599

8,080

MongoDB,

Inc.*

3,359,179

16,144

Monolithic

Power

Systems,

Inc.

8,858,536

88,056

Motorola

Solutions,

Inc.

28,430,641

176,501

NetApp,

Inc.

16,130,426

547,081

NVIDIA

Corp.

255,869,784

267,156

ON

Semiconductor

Corp.*

19,056,237

280,804

Oracle

Corp.

32,632,233

216,112

Palantir

Technologies,

Inc.,

Class

A*

4,333,046

106,851

Palo

Alto

Networks,

Inc.*

31,530,662

44,871

PTC,

Inc.*

7,060,901

234,581

QUALCOMM,

Inc.

30,272,678

24,563

Roper

Technologies,

Inc.

13,221,035

188,946

Salesforce,

Inc.*

47,595,497

46,491

Seagate

Technology

Holdings

PLC

3,677,438

51,081

ServiceNow,

Inc.*

35,028,285

137,593

Skyworks

Solutions,

Inc.

13,336,889

38,374

Splunk,

Inc.*

5,815,196

27,198

Super

Micro

Computer,

Inc.*

7,437,837

72,106

Synopsys,

Inc.*

39,170,142

21,848

Teledyne

Technologies,

Inc.*

8,803,870

133,464

Teradyne,

Inc.

12,309,385

242,986

Texas

Instruments,

Inc.

37,106,392

82,088

Trimble,

Inc.*

3,808,883

8,350

Tyler

Technologies,

Inc.*

3,413,814

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

101,861

VeriSign,

Inc.*

$

21,614,904

112,761

Western

Digital

Corp.*

5,447,484

33,018

Workday,

Inc.,

Class

A*

8,938,633

19,706

Zebra

Technologies

Corp.,

Class

A*

4,669,928

180,985

Zoom

Video

Communications,

Inc.,

Class

A*

12,276,213

3,165,746,278

Materials

–

2.0%

37,740

Air

Products

and

Chemicals,

Inc.

10,210,557

22,191

Avery

Dennison

Corp.

4,316,150

77,468

CF

Industries

Holdings,

Inc.

5,821,720

122,235

Corteva,

Inc.

5,525,022

199,845

Dow,

Inc.

10,341,979

70,219

DuPont

de

Nemours,

Inc.

5,023,467

27,831

Ecolab,

Inc.

5,336,038

99,616

Freeport-McMoRan,

Inc.

3,717,669

323,695

International

Paper

Co.

11,957,293

70,333

Linde

PLC

29,101,686

33,004

LyondellBasell

Industries

NV,

Class

A

3,138,680

9,195

Martin

Marietta

Materials,

Inc.

4,271,905

552,613

Mosaic

Co.

(The)

19,833,281

172,999

Nucor

Corp.

29,404,640

34,901

Packaging

Corp.

of

America

5,863,717

40,342

PPG

Industries,

Inc.

5,728,161

43,681

Reliance

Steel

&

Aluminum

Co.

12,023,632

64,183

RPM

International,

Inc.

6,606,356

78,258

Sherwin-Williams

Co.

(The)

21,818,330

146,603

Steel

Dynamics,

Inc.

17,464,815

40,312

Vulcan

Materials

Co.

8,609,031

226,114,129

Real

Estate

–

1.8%

49,221

Alexandria

Real

Estate

Equities,

Inc.

REIT

5,384,777

30,689

American

Tower

Corp.

REIT

6,407,249

30,753

AvalonBay

Communities,

Inc.

REIT

5,318,424

91,156

Camden

Property

Trust

REIT

8,227,741

148,039

CBRE

Group,

Inc.,

Class

A*

11,689,159

44,706

Crown

Castle,

Inc.

REIT

5,243,120

10,632

Equinix,

Inc.

REIT

8,665,186

34,572

Equity

LifeStyle

Properties,

Inc.

REIT

2,458,069

116,816

Equity

Residential

REIT

6,639,822

29,547

Essex

Property

Trust,

Inc.

REIT

6,307,103

189,846

Gaming

and

Leisure

Properties,

Inc.

REIT

8,871,504

1,105,413

Host

Hotels

&

Resorts,

Inc.

REIT

19,311,565

150,109

Invitation

Homes,

Inc.

REIT

5,007,636

87,002

Iron

Mountain,

Inc.

REIT

5,581,178

116,198

Kimco

Realty

Corp.

REIT

2,244,945

44,123

Mid-America

Apartment

Communities,

Inc.

REIT

5,492,431

7,923

NET

Lease

Office

Properties

REIT*

129,541

44,268

Prologis,

Inc.

REIT

5,087,721

GOLDMAN

SACHS

ACTIVE

BETA

®

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Additional

Investment

Information

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Real

Estate

–

(continued)

21,695

Public

Storage

REIT

$

5,613,798

147,244

Realty

Income

Corp.

REIT

7,945,286

30,614

Simon

Property

Group,

Inc.

REIT

3,823,383

86,905

Sun

Communities,

Inc.

REIT

11,240,293

117,859

UDR,

Inc.

REIT

3,936,491

133,368

Ventas,

Inc.

REIT

6,113,589

387,754

VICI

Properties,

Inc.

REIT

11,589,967

118,766

W.P.

Carey,

Inc.

REIT

7,391,996

88,513

Welltower,

Inc.

REIT

7,886,508

399,811

Weyerhaeuser

Co.

REIT

12,534,075

196,142,557

Utilities

–

2.5%

173,441

Alliant

Energy

Corp.

8,770,911

121,463

Ameren

Corp.

9,424,314

144,345

American

Electric

Power

Co.,

Inc.

11,482,645

40,672

American

Water

Works

Co.,

Inc.

5,362,196

86,811

Atmos

Energy

Corp.

9,879,960

370,929

CenterPoint

Energy,

Inc.

10,486,163

115,679

CMS

Energy

Corp.

6,565,940

166,629

Consolidated

Edison,

Inc.

15,014,939

123,501

Constellation

Energy

Corp.

14,948,561

149,320

Dominion

Energy,

Inc.

6,770,169

83,173

DTE

Energy

Co.

8,659,141

139,531

Duke

Energy

Corp.

12,875,921

187,522

Edison

International

12,562,099

76,438

Entergy

Corp.

7,751,578

177,778

Evergy,

Inc.

9,073,789

84,833

Eversource

Energy

5,039,928

413,928

Exelon

Corp.

15,940,367

259,316

FirstEnergy

Corp.

9,579,133

258,688

NextEra

Energy,

Inc.

15,135,835

134,713

NiSource,

Inc.

3,454,041

771,346

PG&E

Corp.*

13,244,011

217,073

PPL

Corp.

5,669,947

153,935

Public

Service

Enterprise

Group,

Inc.

9,610,162

197,835

Sempra

14,416,236

234,170

Southern

Co.

(The)

16,621,387

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Utilities

–

(continued)

81,498

WEC

Energy

Group,

Inc.

$

6,814,863

153,756

Xcel

Energy,

Inc.

9,354,515

274,508,751

TOTAL

COMMON

STOCKS

(Cost

$8,173,876,594)

11,000,141,810

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.2%

(a)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

24,500,226

5.260%

24,500,226

(Cost

$24,500,226)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$8,198,376,820)

11,024,642,036

a

Securities

Lending

Reinvestment

Vehicle

–

0.1%

(a)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

12,585,605

5.259%

12,585,605

(Cost

$12,585,605)

TOTAL

INVESTMENTS

–

99.9%

(Cost

$8,210,962,425)

$

11,037,227,641

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.1%

9,815,468

NET

ASSETS

–

100.0%

$

11,047,043,109

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

145

12/15/23

$

33,181,438

$

61,342

GOLDMAN

SACHS

ACTIVE

BETA

®

U.S.

SMALL

CAP

EQUITY

ETF

Schedule

of

Investments

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

97.8%

Communication

Services

–

2.0%

9,441

AMC

Networks,

Inc.,

Class

A*

$

143,881

3,299

Atlanta

Braves

Holdings,

Inc.,

Class

A*

(a)

133,115

4,499

Atlanta

Braves

Holdings,

Inc.,

Class

C*

161,739

5,906

Bumble,

Inc.,

Class

A*

81,857

5,030

Cardlytics,

Inc.*

40,039

22,683

Cargurus,

Inc.*

490,407

27,169

Cars.com,

Inc.*

505,887

10,627

Cinemark

Holdings,

Inc.*

151,435

6,392

Cogent

Communications

Holdings,

Inc.

408,193

31,712

DHI

Group,

Inc.*

78,012

13,772

EchoStar

Corp.,

Class

A*

144,193

9,729

Eventbrite,

Inc.,

Class

A*

68,589

18,511

EverQuote,

Inc.,

Class

A*

193,995

18,751

EW

Scripps

Co.

(The),

Class

A*

129,569

87,002

Gannett

Co.,

Inc.*

160,954

15,347

Gogo,

Inc.*

153,930

19,441

Gray

Television,

Inc.

150,279

13,861

IDT

Corp.,

Class

B*

406,820

35,945

iHeartMedia,

Inc.,

Class

A*

94,176

5,164

IMAX

Corp.*

82,366

8,799

Integral

Ad

Science

Holding

Corp.*

128,377

12,984

John

Wiley

&

Sons,

Inc.,

Class

A

392,247

11,013

Liberty

Latin

America

Ltd.,

Class

A

(Puerto

Rico)*

74,558

36,116

Liberty

Latin

America

Ltd.,

Class

C

(Puerto

Rico)*

246,672

28,122

Loop

Media,

Inc.*

12,548

2,874

Madison

Square

Garden

Entertainment

Corp.*

87,025

15,662

Magnite,

Inc.*

126,549

9,194

Marcus

Corp.

(The)

127,889

21,038

Ooma,

Inc.*

244,041

29,079

Playstudios,

Inc.*

69,499

7,317

QuinStreet,

Inc.*

91,389

12,483

Scholastic

Corp.

474,229

7,653

Shutterstock,

Inc.

336,043

2,658

Sphere

Entertainment

Co.*

90,957

10,961

Spok

Holdings,

Inc.

183,706

25,618

Stagwell,

Inc.*

128,602

40,822

TEGNA,

Inc.

625,801

12,023

Thryv

Holdings,

Inc.*

213,889

118,595

Tingo

Group,

Inc.*

81,831

85,652

TrueCar,

Inc.*

238,969

22,003

Yelp,

Inc.*

961,751

6,490

Ziff

Davis,

Inc.*

414,192

7,971

ZipRecruiter,

Inc.,

Class

A*

106,891

9,237,091

Consumer

Discretionary

–

11.4%

20,562

1-800-Flowers.com,

Inc.,

Class

A*

181,562

64,413

2U,

Inc.*

63,279

19,768

Aaron's

Co.,

Inc.

(The)

174,156

17,966

Abercrombie

&

Fitch

Co.,

Class

A*

1,363,440

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Discretionary

–

(continued)

13,132

Academy

Sports

&

Outdoors,

Inc.

$

668,025

10,123

Acushnet

Holdings

Corp.

571,949

13,634

Adient

PLC*

439,015

12,244

Adtalem

Global

Education,

Inc.*

697,541

35,761

American

Axle &

Manufacturing

Holdings,

Inc.*

248,897

21,324

American

Eagle

Outfitters,

Inc.

405,796

4,520

Asbury

Automotive

Group,

Inc.*

948,386

9,580

Beazer

Homes

USA,

Inc.*

252,050

7,744

Beyond,

Inc.*

148,840

4,516

BJ's

Restaurants,

Inc.*

135,164

14,479

Bloomin'

Brands,

Inc.

337,940

8,037

Bluegreen

Vacations

Holding

Corp.

598,917

4,874

Boot

Barn

Holdings,

Inc.*

357,167

7,307

Brinker

International,

Inc.*

263,125

10,274

Buckle,

Inc.

(The)

396,165

4,574

Build-A-Bear

Workshop,

Inc.

111,743

15,807

Caleres,

Inc.

479,900

5,586

Camping

World

Holdings,

Inc.,

Class

A

118,088

32,642

CarParts.com,

Inc.*

99,884

6,014

Carriage

Services,

Inc.

135,856

34,411

Carrols

Restaurant

Group,

Inc.

259,803

4,606

Carvana

Co.*

144,260

1,493

Cavco

Industries,

Inc.*

422,191

4,154

Century

Communities,

Inc.

299,670

5,402

Cheesecake

Factory,

Inc.

(The)

169,353

20,000

Chegg,

Inc.*

198,600

33,562

Chico's

FAS,

Inc.*

253,057

4,702

Chuy's

Holdings,

Inc.*

165,510

7,203

Cooper-Standard

Holdings,

Inc.*

127,781

7,631

Coursera,

Inc.*

150,712

1,863

Cracker

Barrel

Old

Country

Store,

Inc.

125,063

1,152

Cricut,

Inc.,

Class

A

7,949

25,486

Dana,

Inc.

336,670

5,326

Dave

&

Buster's

Entertainment,

Inc.*

218,579

17,559

Denny’s

Corp.*

166,635

12,332

Designer

Brands,

Inc.,

Class

A

143,544

29,164

Destination

XL

Group,

Inc.*

110,240

2,255

Dillard's,

Inc.,

Class

A

782,688

1,890

Dine

Brands

Global,

Inc.

82,158

5,865

Dorman

Products,

Inc.*

422,515

3,303

Dream

Finders

Homes,

Inc.,

Class

A*

80,395

182

Duluth

Holdings,

Inc.,

Class

B*

912

2,417

Duolingo,

Inc.*

513,105

12,138

El

Pollo

Loco

Holdings,

Inc.*

100,867

19,824

Ethan

Allen

Interiors,

Inc.

532,076

12,782

Everi

Holdings,

Inc.*

133,572

49,918

Figs,

Inc.,

Class

A*

362,405

5,811

Foot

Locker,

Inc.

156,490

35,233

Fossil

Group,

Inc.*

38,756

6,801

Fox

Factory

Holding

Corp.*

425,130

21,051

Frontdoor,

Inc.*

722,681

115

Funko,

Inc.,

Class

A*

745

9,453

Genesco,

Inc.*

353,259

GOLDMAN

SACHS

ACTIVE

BETA

®

U.S.

SMALL

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Discretionary

–

(continued)

7,266

Gentherm,

Inc.*

$

333,655

11,133

G-III

Apparel

Group

Ltd.*

320,296

5,266

Golden

Entertainment,

Inc.

187,680

46,313

Goodyear

Tire

&

Rubber

Co.

(The)*

643,288

39,267

GoPro,

Inc.,

Class

A*

141,754

845

Graham

Holdings

Co.,

Class

B

529,942

6,759

Green

Brick

Partners,

Inc.*

320,715

4,037

Group

1

Automotive,

Inc.

1,138,838

8,776

Guess?,

Inc.

193,247

14,330

Haverty

Furniture

Cos.,

Inc.

449,102

3,381

Helen

of

Troy

Ltd.*

355,106

6,276

Hibbett,

Inc.

392,564

11,029

Hilton

Grand

Vacations,

Inc.*

377,854

2,182

Hovnanian

Enterprises,

Inc.,

Class

A*

197,253

20,907

Inspired

Entertainment,

Inc.*

164,329

4,382

Installed

Building

Products,

Inc.

659,535

16,153

International

Game

Technology

PLC

431,770

6,760

iRobot

Corp.*

244,104

3,702

Jack

in

the

Box,

Inc.

267,655

7,016

JAKKS

Pacific,

Inc.*

206,551

3,975

Johnson

Outdoors,

Inc.,

Class

A

208,846

10,464

KB

Home

545,174

10,958

Kontoor

Brands,

Inc.

602,361

10,092

Krispy

Kreme,

Inc.

131,196

23,820

Laureate

Education,

Inc.

312,757

15,617

La-Z-Boy,

Inc.

549,562

7,113

LCI

Industries

771,832

1,485

LGI

Homes,

Inc.*

175,334

7,579

Life

Time

Group

Holdings,

Inc.*

114,898

9,705

Light

&

Wonder,

Inc.*

858,116

23,004

Lincoln

Educational

Services

Corp.*

213,017

6,961

Lovesac

Co.

(The)*

144,510

18,911

Luminar

Technologies,

Inc.*

(a)

47,277

6,604

M/I

Homes,

Inc.*

696,788

5,556

Malibu

Boats,

Inc.,

Class

A*

245,797

5,627

MarineMax,

Inc.*

167,853

14,900

MasterCraft

Boat

Holdings,

Inc.*

298,000

8,911

MDC

Holdings,

Inc.

394,401

6,269

Meritage

Homes

Corp.

885,810

14,599

Modine

Manufacturing

Co.*

718,271

3,843

Monarch

Casino

&

Resort,

Inc.

241,648

4,161

Monro,

Inc.

120,336

9,051

Movado

Group,

Inc.

236,684

2,261

Nathan's

Famous,

Inc.

152,482

9,755

National

Vision

Holdings,

Inc.*

179,980

36,581

Nerdy,

Inc.*

95,111

9,689

ODP

Corp.

(The)*

441,334

12,255

OneSpaWorld

Holdings

Ltd.

(Bahamas)*

147,673

6,688

Oxford

Industries,

Inc.

604,796

8,029

Papa

John's

International,

Inc.

523,812

8,408

Patrick

Industries,

Inc.

689,792

65,397

Perdoceo

Education

Corp.

1,139,216

955

PetMed

Express,

Inc.

6,618

17,528

PlayAGS,

Inc.*

134,089

22,896

Potbelly

Corp.*

206,064

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Discretionary

–

(continued)

18,660

Purple

Innovation,

Inc.

$

11,577

3,438

RCI

Hospitality

Holdings,

Inc.

201,501

8,407

Red

Rock

Resorts,

Inc.,

Class

A

374,364

8,528

Revolve

Group,

Inc.*

113,593

42,457

Rush

Street

Interactive,

Inc.*

178,744

25,046

Sally

Beauty

Holdings,

Inc.*

242,195

5,653

SeaWorld

Entertainment,

Inc.*

276,432

2,474

Shake

Shack,

Inc.,

Class

A*

149,825

14,808

Shoe

Carnival,

Inc.

359,686

9,103

Signet

Jewelers

Ltd.

748,084

5,116

Six

Flags

Entertainment

Corp.*

127,388

7,842

Skyline

Champion

Corp.*

472,010

9,577

Sleep

Number

Corp.*

97,111

22,905

Smith

&

Wesson

Brands,

Inc.

314,944

5,054

Sonic

Automotive,

Inc.,

Class

A

259,119

24,606

Sonos,

Inc.*

371,551

10,586

Standard

Motor

Products,

Inc.

380,778

18,010

Steven

Madden

Ltd.

682,939

34,195

Stitch

Fix,

Inc.,

Class

A*

127,889

15,156

Stoneridge,

Inc.*

242,496

4,210

Strategic

Education,

Inc.

374,564

21,489

Stride,

Inc.*

1,301,804

6,434

Sturm

Ruger

&

Co.,

Inc.

282,839

21,679

Target

Hospitality

Corp.*

236,518

22,246

Taylor

Morrison

Home

Corp.*

1,003,295

8,212

Topgolf

Callaway

Brands

Corp.*

100,679

23,502

Tri

Pointe

Homes,

Inc.*

685,788

23,465

Udemy,

Inc.*

349,159

22,239

Upbound

Group,

Inc.

647,155

8,123

Urban

Outfitters,

Inc.*

289,991

22,953

Vera

Bradley,

Inc.*

172,377

13,890

Vista

Outdoor,

Inc.*

391,837

2,881

Visteon

Corp.*

341,888

8,162

Warby

Parker,

Inc.,

Class

A*

(a)

84,966

1,978

Winmark

Corp.

850,540

11,126

Winnebago

Industries,

Inc.

719,073

14,188

Wolverine

World

Wide,

Inc.

121,591

43,867

WW

International,

Inc.*

316,281

9,661

XPEL,

Inc.*

441,508

5,742

Xponential

Fitness,

Inc.,

Class

A*

78,436

12,288

Zumiez,

Inc.*

231,997

52,515,441

Consumer

Staples

–

3.7%

5,728

Andersons,

Inc.

(The)

285,598

11,248

B&G

Foods,

Inc.

103,931

16,985

Beauty

Health

Co.

(The)*

43,481

18,179

BellRing

Brands,

Inc.*

961,669

414

Calavo

Growers,

Inc.

8,980

13,307

Cal-Maine

Foods,

Inc.

637,671

5,350

Central

Garden

&

Pet

Co.*

217,103

8,814

Central

Garden

&

Pet

Co.,

Class

A*

319,772

4,073

Chefs'

Warehouse,

Inc.

(The)*

109,564

2,130

Coca-Cola

Consolidated,

Inc.

1,564,528

9,052

Dole

PLC

104,188

11,828

Edgewell

Personal

Care

Co.

411,733

6,934

elf

Beauty,

Inc.*

818,836

10,831

Energizer

Holdings,

Inc.

334,028

GOLDMAN

SACHS

ACTIVE

BETA

®

U.S.

SMALL

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Staples

–

(continued)

10,671

Fresh

Del

Monte

Produce,

Inc.

$

243,299

20,133

Hain

Celestial

Group,

Inc.

(The)*

212,806

21,537

Herbalife

Ltd.*

277,396

9,129

Ingles

Markets,

Inc.,

Class

A

745,109

4,023

Inter

Parfums,

Inc.

503,519

2,095

J

&

J

Snack

Foods

Corp.

344,732

4,639

John

B.

Sanfilippo

&

Son,

Inc.

426,973

3,599

Lancaster

Colony

Corp.

597,074

3,230

Medifast,

Inc.

214,407

1,986

MGP

Ingredients,

Inc.

169,704

12,086

National

Beverage

Corp.*

574,568

10,804

Nu

Skin

Enterprises,

Inc.,

Class

A

183,884

2,587

PriceSmart,

Inc.

174,338

37,210

Primo

Water

Corp.

534,708

11,961

Simply

Good

Foods

Co.

(The)*

463,369

4,109

Sovos

Brands,

Inc.*

90,028

18,507

SpartanNash

Co.

410,300

24,633

Sprouts

Farmers

Market,

Inc.*

1,061,190

11,153

TreeHouse

Foods,

Inc.*

454,039

7,606

Turning

Point

Brands,

Inc.

173,645

17,492

United

Natural

Foods,

Inc.*

254,509

6,831

Universal

Corp.

384,312

5,603

USANA

Health

Sciences,

Inc.*

264,798

7,720

Utz

Brands,

Inc.

101,981

40,645

Vector

Group

Ltd.

435,308

8,087

Village

Super

Market,

Inc.,

Class

A

203,469

3,215

Vita

Coco

Co.,

Inc.

(The)*

90,213

17,974

Vital

Farms,

Inc.*

239,414

3,095

WD-40

Co.

748,619

5,916

Weis

Markets,

Inc.

357,031

16,855,824

Energy

–

7.2%

34,067

Amplify

Energy

Corp.*

209,171

28,006

Archrock,

Inc.

405,807

25,611

Ardmore

Shipping

Corp.

(Ireland)

348,310

21,694

Berry

Corp.

155,763

13,458

Borr

Drilling

Ltd.

(Mexico)*

84,785

7,050

Bristow

Group,

Inc.*

181,538

6,830

Cactus,

Inc.,

Class

A

290,207

18,696

California

Resources

Corp.

957,422

10,576

Callon

Petroleum

Co.*

330,712

3,223

Centrus

Energy

Corp.,

Class

A*

161,215

24,293

ChampionX

Corp.

712,271

7,079

Chord

Energy

Corp.

1,147,789

13,690

Civitas

Resources,

Inc.

940,366

25,476

CNX

Resources

Corp.*

531,429

56,876

Comstock

Resources,

Inc.

561,366

12,908

CONSOL

Energy,

Inc.

1,376,896

4,099

Core

Laboratories,

Inc.

72,593

7,299

CVR

Energy,

Inc.

231,889

9,980

Delek

US

Holdings,

Inc.

270,857

34,216

DHT

Holdings,

Inc.

340,791

17,529

Diamond

Offshore

Drilling,

Inc.*

225,598

10,703

Dorian

LPG

Ltd.

453,379

5,473

Dril-Quip,

Inc.*

121,610

4,140

Empire

Petroleum

Corp.*

37,426

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Energy

–

(continued)

20,054

Energy

Fuels,

Inc.*

(a)

$

159,429

43,807

Equitrans

Midstream

Corp.

410,910

30,630

Evolution

Petroleum

Corp.

181,636

8,174

Expro

Group

Holdings

NV*

127,106

3,615

FLEX

LNG

Ltd.

(Norway)

104,907

6,891

Golar

LNG

Ltd.

(Cameroon)

148,363

4,431

Green

Plains,

Inc.*

110,243

5,553

Gulfport

Energy

Corp.*

760,983

44,679

Helix

Energy

Solutions

Group,

Inc.*

416,408

11,779

Helmerich

&

Payne,

Inc.

426,753

9,606

International

Seaways,

Inc.

438,418

12,302

KLX

Energy

Services

Holdings,

Inc.*

116,869

49,900

Kosmos

Energy

Ltd.

(Ghana)*

338,821

49,712

Liberty

Energy,

Inc.

986,783

57,999

Magnolia

Oil

&

Gas

Corp.,

Class

A

1,246,979

23,260

Matador

Resources

Co.

1,346,289

22,914

Murphy

Oil

Corp.

980,032

2,193

Nabors

Industries

Ltd.*

190,396

3,871

NACCO

Industries,

Inc.,

Class

A

134,014

10,973

Noble

Corp.

PLC

506,294

24,466

Nordic

American

Tankers

Ltd.

94,928

17,164

Northern

Oil

and

Gas,

Inc.

642,277

20,481

Oceaneering

International,

Inc.*

423,138

26,622

Oil

States

International,

Inc.*

183,426

24,085

Overseas

Shipholding

Group,

Inc.,

Class

A*

116,812

9,289

Par

Pacific

Holdings,

Inc.*

318,334

52,697

Patterson-UTI

Energy,

Inc.

617,082

23,495

PBF

Energy,

Inc.,

Class

A

1,043,178

22,049

Peabody

Energy

Corp.

525,648

63,047

Permian

Resources

Corp.

828,438

16,988

ProFrac

Holding

Corp.,

Class

A*

136,923

41,464

ProPetro

Holding

Corp.*

377,737

7,070

REX

American

Resources

Corp.*

346,571

57,422

Ring

Energy,

Inc.*

94,746

59,067

RPC,

Inc.

428,236

18,570

SandRidge

Energy,

Inc.

256,452

9,955

Scorpio

Tankers,

Inc.

(Monaco)

546,430

4,803

Seadrill

Ltd.

(Norway)*

213,157

21,512

SFL

Corp.

Ltd.

(Norway)

244,376

10,867

SilverBow

Resources,

Inc.*

345,679

10,569

Sitio

Royalties

Corp.,

Class

A

232,835

38,453

SM

Energy

Co.

1,440,065

3,229

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A

27,640

23,625

Talos

Energy,

Inc.*

328,860

32,328

Teekay

Corp.

(Bermuda)*

223,063

9,888

Teekay

Tankers

Ltd.,

Class

A

(Canada)

491,335

46,915

TETRA

Technologies,

Inc.*

221,439

4,033

Tidewater,

Inc.*

242,303

19,235

Uranium

Energy

Corp.*

125,412

19,847

US

Silica

Holdings,

Inc.*

223,874

48,588

VAALCO

Energy,

Inc.

225,934

7,034

Valaris

Ltd.*

482,532

5,463

Vital

Energy,

Inc.*

244,961

88,720

W&T

Offshore,

Inc.

296,325

GOLDMAN

SACHS

ACTIVE

BETA

®

U.S.

SMALL

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Energy

–

(continued)

9,120

Weatherford

International

PLC*

$

827,093

14,641

World

Kinect

Corp.

308,047

33,006,109

Financials

–

17.3%

3,783

1st

Source

Corp.

182,832

1,315

ACNB

Corp.

51,390

5,699

Amalgamated

Financial

Corp.

119,679

11,383

A-Mark

Precious

Metals,

Inc.

326,237

26,388

Ambac

Financial

Group,

Inc.*

389,223

4,972

Amerant

Bancorp,

Inc.

102,970

24,967

American

Equity

Investment

Life

Holding

Co.*

1,377,180

4,328

American

National

Bankshares,

Inc.

175,933

14,224

Ameris

Bancorp

605,658

6,744

AMERISAFE,

Inc.

324,791

4,640

Ames

National

Corp.

85,747

29,130

Apollo

Commercial

Real

Estate

Finance,

Inc.

REIT

314,021

30,615

Arbor

Realty

Trust,

Inc.

REIT

382,075

7,303

Ares

Commercial

Real

Estate

Corp.

REIT

73,395

4,095

ARMOUR

Residential

REIT,

Inc.

REIT

72,072

8,845

Arrow

Financial

Corp.

218,029

18,530

Artisan

Partners

Asset

Management,

Inc.,

Class

A

697,655

4,866

AssetMark

Financial

Holdings,

Inc.*

124,764

23,654

Associated

Banc-Corp.

419,622

12,523

Atlantic

Union

Bankshares

Corp.

382,828

2,252

Atlanticus

Holdings

Corp.*

69,519

13,360

AvidXchange

Holdings,

Inc.*

142,551

19,342

Axos

Financial,

Inc.*

740,218

8,501

Banc

of

California,

Inc.

98,272

6,720

BancFirst

Corp.

582,154

11,238

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

(Panama)

273,870

14,860

Bancorp,

Inc.

(The)*

579,689

2,481

Bank

First

Corp.

200,366

5,966

Bank

of

Hawaii

Corp.

(a)

346,446

20,938

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

(Bermuda)

580,611

15,775

BankUnited,

Inc.

435,232

5,381

Bankwell

Financial

Group,

Inc.

145,072

5,820

Banner

Corp.

262,715

696

BayCom

Corp.

14,546

12,216

BCB

Bancorp,

Inc.

141,461

6,478

Berkshire

Hills

Bancorp,

Inc.

135,585

30,289

BGC

Group,

Inc.,

Class

A

196,878

20,863

Blackstone

Mortgage

Trust,

Inc.,

Class

A

REIT

462,741

5,467

Blue

Ridge

Bankshares,

Inc.

14,761

8,114

Bread

Financial

Holdings,

Inc.

228,003

13,766

Brightsphere

Investment

Group,

Inc.

240,217

23,624

Brookline

Bancorp,

Inc.

225,137

4,356

BRP

Group,

Inc.,

Class

A*

76,186

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

5,586

Byline

Bancorp,

Inc.

$

111,664

32,026

Cadence

Bank

802,251

1,154

Cambridge

Bancorp

67,428

8,727

Camden

National

Corp.

294,536

6,064

Cannae

Holdings,

Inc.*

108,909

8,583

Capital

City

Bank

Group,

Inc.

229,509

4,045

Capitol

Federal

Financial,

Inc.

21,803

4,768

Cass

Information

Systems,

Inc.

197,157

17,159

Cathay

General

Bancorp

629,392

11,607

Central

Pacific

Financial

Corp.

203,935

5,620

Central

Valley

Community

Bancorp

96,720

3,402

Chemung

Financial

Corp.

157,172

22,541

Chimera

Investment

Corp.

REIT

117,439

3,817

ChoiceOne

Financial

Services,

Inc.

(a)

95,463

6,400

City

Holding

Co.

616,128

10,706

Civista

Bancshares,

Inc.

167,549

15,809

Claros

Mortgage

Trust,

Inc.

193,028

7,295

CNB

Financial

Corp.

148,380

34,215

CNO

Financial

Group,

Inc.

906,698

4,402

Codorus

Valley

Bancorp,

Inc.

88,964

9,052

Cohen

&

Steers,

Inc.

529,451

1,126

Colony

Bankcorp,

Inc.

12,082

6,849

Columbia

Financial,

Inc.*

112,666

5,740

Community

Bank

System,

Inc.

254,626

5,283

Community

Trust

Bancorp,

Inc.

210,211

2,412

Compass

Diversified

Holdings

48,650

6,946

ConnectOne

Bancorp,

Inc.

136,558

8,695

Consumer

Portfolio

Services,

Inc.*

82,429

16,353

Customers

Bancorp,

Inc.*

737,030

18,394

CVB

Financial

Corp.

328,885

1,824

Diamond

Hill

Investment

Group,

Inc.

292,916

10,926

Dime

Community

Bancshares,

Inc.

219,613

12,076

Donnelley

Financial

Solutions,

Inc.*

712,726

8,876

Dynex

Capital,

Inc.

REIT

101,541

9,038

Eagle

Bancorp,

Inc.

214,562

9,210

Eastern

Bankshares,

Inc.

110,152

11,588

Ellington

Financial,

Inc.

REIT

150,644

8,451

Employers

Holdings,

Inc.

323,758

10,147

Enact

Holdings,

Inc.

281,173

6,949

Encore

Capital

Group,

Inc.*

311,315

17,620

Enova

International,

Inc.*

725,944

1,378

Enstar

Group

Ltd.*

378,454

7,088

Enterprise

Financial

Services

Corp.

277,920

3,814

Esquire

Financial

Holdings,

Inc.

177,618

24,128

Essent

Group

Ltd.

1,166,348

3,673

Evans

Bancorp,

Inc.

100,567

16,019

EVERTEC,

Inc.

(Puerto

Rico)

592,222

2,316

Farmers

&

Merchants

Bancorp,

Inc.

45,162

12,075

Farmers

National

Banc

Corp.

148,643

9,129

FB

Financial

Corp.

306,369

6,046

Federal

Agricultural

Mortgage

Corp.,

Class

C

1,002,669

GOLDMAN

SACHS

ACTIVE

BETA

®

U.S.

SMALL

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

2,237

Fidelity

D&D

Bancorp,

Inc.

$

115,944

10,376

Financial

Institutions,

Inc.

180,127

8,226

First

Bancorp

257,803

6,103

First

Bancorp,

Inc.

(The)

152,514

48,191

First

BanCorp.

(Puerto

Rico)

722,865

4,296

First

Bancshares,

Inc.

(The)

110,192

9,843

First

Busey

Corp.

213,593

7,632

First

Business

Financial

Services,

Inc.

266,967

22,350

First

Commonwealth

Financial

Corp.

298,820

4,971

First

Community

Corp/SC

87,688

20,031

First

Financial

Bancorp

404,827

24,132

First

Financial

Bankshares,

Inc.

633,465

4,200

First

Financial

Corp.

160,650

10,676

First

Interstate

BancSystem,

Inc.,

Class

A

276,402

13,841

First

Merchants

Corp.

424,503

4,739

First

Mid

Bancshares,

Inc.

146,862

9,230

First

of

Long

Island

Corp.

(The)

105,037

1,253

First

Western

Financial,

Inc.*

20,800

5,609

FirstCash

Holdings,

Inc.

628,208

13,110

Flushing

Financial

Corp.

185,244

5,651

Flywire

Corp.*

131,668

13,067

Franklin

BSP

Realty

Trust,

Inc.

REIT

170,916

3,164

FS

Bancorp,

Inc.

96,027

32,134

Fulton

Financial

Corp.

457,267

2,979

FVCBankcorp,

Inc.*

33,246

112,202

Genworth

Financial,

Inc.,

Class

A*

660,870

10,291

German

American

Bancorp,

Inc.

296,587

16,838

Glacier

Bancorp,

Inc.

566,262

4,421

Goosehead

Insurance,

Inc.,

Class

A*

323,971

6,523

Great

Southern

Bancorp,

Inc.

331,434

7,930

Green

Dot

Corp.,

Class

A*

63,599

6,468

Greene

County

Bancorp,

Inc.

162,347

8,548

Hamilton

Lane,

Inc.,

Class

A

836,422

14,441

Hancock

Whitney

Corp.

595,691

11,963

Hanmi

Financial

Corp.

199,064

15,179

HarborOne

Bancorp,

Inc.

167,424

8,395

Heartland

Financial

USA,

Inc.

259,657

18,527

Heritage

Commerce

Corp.

157,294

6,396

Heritage

Financial

Corp.

113,977

13,727

Hilltop

Holdings,

Inc.

404,260

647

Hingham

Institution

For

Savings

(The)

(a)

105,461

3,836

Home

Bancorp,

Inc.

139,822

29,626

Home

BancShares,

Inc.

657,105

6,048

HomeTrust

Bancshares,

Inc.

139,588

27,433

Hope

Bancorp,

Inc.

268,843

8,553

Horace

Mann

Educators

Corp.

286,183

13,175

Horizon

Bancorp,

Inc.

143,476

4,214

I3

Verticals,

Inc.,

Class

A*

84,828

13,550

Independent

Bank

Corp.

292,951

7,373

Independent

Bank

Corp.

420,408

6,522

Independent

Bank

Group,

Inc.

252,271

10,905

International

Bancshares

Corp.

489,307

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

12,114

International

Money

Express,

Inc.*

$

252,577

1,185

Investors

Title

Co.

179,184

19,735

Jackson

Financial,

Inc.,

Class

A

941,952

9,401

KKR

Real

Estate

Finance

Trust,

Inc.

REIT

118,077

14,911

Ladder

Capital

Corp.

REIT

167,152

12,231

Lakeland

Bancorp,

Inc.

151,542

9,169

Lakeland

Financial

Corp.

509,338

30,836

LendingClub

Corp.*

194,267

9,690

Live

Oak

Bancshares,

Inc.

325,584

20,679

Macatawa

Bank

Corp.

200,793

5,983

MainStreet

Bancshares,

Inc.

124,566

18,886

Marqeta,

Inc.,

Class

A*

119,926

33,404

MBIA,

Inc.*

241,845

7,280

Mercantile

Bank

Corp.

250,359

3,661

Metropolitan

Bank

Holding

Corp.*

142,669

10,487

MFA

Financial,

Inc.

REIT

113,260

3,109

Middlefield

Banc

Corp.

88,140

5,670

Midland

States

Bancorp,

Inc.

128,029

4,673

MidWestOne

Financial

Group,

Inc.

98,413

10,317

Moelis

&

Co.,

Class

A

489,542

15,200

Mr

Cooper

Group,

Inc.*

919,904

5,653

National

Bank

Holdings

Corp.,

Class

A

186,606

5,567

National

Bankshares,

Inc.

(a)

150,532

831

National

Western

Life

Group,

Inc.,

Class

A

398,573

47,354

Navient

Corp.

811,174

8,873

NBT

Bancorp,

Inc.

315,258

5,317

Nelnet,

Inc.,

Class

A

446,096

9,970

New

York

Mortgage

Trust,

Inc.

REIT

87,636

5,594

NewtekOne,

Inc.

75,687

7,487

Nexpoint

Real

Estate

Finance,

Inc.

REIT

122,562

2,914

Nicolet

Bankshares,

Inc.

214,645

22,100

NMI

Holdings,

Inc.,

Class

A*

607,750

6,419

Northeast

Bank

329,102

6,177

Northeast

Community

Bancorp,

Inc.

103,588

17,175

Northwest

Bancshares,

Inc.

191,330

4,390

Norwood

Financial

Corp.

121,647

6,537

Oak

Valley

Bancorp

170,681

8,608

OceanFirst

Financial

Corp.

119,307

17,236

OFG

Bancorp

(Puerto

Rico)

578,440

43,685

Old

National

Bancorp

650,470

16,309

Old

Second

Bancorp,

Inc.

229,794

19,021

Open

Lending

Corp.*

121,544

3,291

Origin

Bancorp,

Inc.

104,555

12,618

Pacific

Premier

Bancorp,

Inc.

284,157

18,163

Pagseguro

Digital

Ltd.,

Class

A

(Brazil)*

183,083

2,041

Palomar

Holdings,

Inc.*

119,419

4,371

Park

National

Corp.

485,181

9,654

Parke

Bancorp,

Inc.

174,351

11,697

Pathward

Financial,

Inc.

580,054

GOLDMAN

SACHS

ACTIVE

BETA

®

U.S.

SMALL

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

9,566

Patria

Investments

Ltd.,

Class

A

(Cayman

Islands)

$

135,455

21,843

Payoneer

Global,

Inc.*

113,147

10,593

PCB

Bancorp

164,192

7,642

Peapack-Gladstone

Financial

Corp.

189,827

7,770

PennyMac

Financial

Services,

Inc.

604,428

11,703

PennyMac

Mortgage

Investment

Trust

REIT

164,310

14,276

Peoples

Bancorp,

Inc.

420,143

3,998

Peoples

Financial

Services

Corp.

169,835

2,961

Piper

Sandler

Cos.

458,156

6,871

PJT

Partners,

Inc.,

Class

A

618,802

2,849

Plumas

Bancorp

95,698

9,259

PRA

Group,

Inc.*

171,569

8,186

Preferred

Bank

504,503

7,749

Premier

Financial

Corp.

154,748

6,252

Primis

Financial

Corp.

62,583

9,690

ProAssurance

Corp.

119,865

13,927

PROG

Holdings,

Inc.*

379,650

15,731

Provident

Financial

Services,

Inc.

239,426

6,511

QCR

Holdings,

Inc.

323,466

46,699

Radian

Group,

Inc.

1,200,631

37,232

Ready

Capital

Corp.

REIT

380,511

11,988

Redwood

Trust,

Inc.

REIT

85,235

6,631

Regional

Management

Corp.

146,678

11,396

Remitly

Global,

Inc.*

245,470

10,180

Renasant

Corp.

277,303

6,003

Republic

Bancorp,

Inc.,

Class

A

281,841

8,225

S&T

Bancorp,

Inc.

230,218

3,790

Safety

Insurance

Group,

Inc.

291,565

11,300

Sandy

Spring

Bancorp,

Inc.

248,826

8,619

Seacoast

Banking

Corp.

of

Florida

200,306

12,390

Selective

Insurance

Group,

Inc.

1,259,939

14,397

ServisFirst

Bancshares,

Inc.

736,551

1,573

Shore

Bancshares,

Inc.

18,782

7,107

Sierra

Bancorp

133,185

16,476

Simmons

First

National

Corp.,

Class

A

263,451

24,792

SiriusPoint

Ltd.

(Bermuda)*

264,779

6,095

Southern

First

Bancshares,

Inc.*

179,071

6,544

Southern

Missouri

Bancorp,

Inc.

281,981

6,552

Southside

Bancshares,

Inc.

179,721

10,011

SouthState

Corp.

741,315

8,265

Stellar

Bancorp,

Inc.

197,203

4,019

StepStone

Group,

Inc.,

Class

A

102,967

10,388

Stewart

Information

Services

Corp.

490,833

7,107

Stock

Yards

Bancorp,

Inc.

313,561

36,648

StoneCo

Ltd.,

Class

A

(Brazil)*

571,709

9,501

StoneX

Group,

Inc.*

580,796

7,530

Texas

Capital

Bancshares,

Inc.*

413,246

3,645

Timberland

Bancorp,

Inc.

106,215

3,687

Tompkins

Financial

Corp.

195,300

13,712

Towne

Bank

360,077

8,979

TriCo

Bancshares

309,057

3,925

Triumph

Financial,

Inc.*

266,390

5,723

TrustCo

Bank

Corp.

153,605

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

12,671

Trustmark

Corp.

$

290,293

7,626

Two

Harbors

Investment

Corp.

REIT

105,696

8,692

UMB

Financial

Corp.

622,869

17,794

United

Bankshares,

Inc.

589,159

18,047

United

Community

Banks,

Inc.

444,859

6,724

Unity

Bancorp,

Inc.

184,439

8,374

Universal

Insurance

Holdings,

Inc.

142,023

6,800

Univest

Financial

Corp.

128,452

3,080

Upstart

Holdings,

Inc.*

(a)

82,421

69,736

Valley

National

Bancorp

634,598

10,016

Veritex

Holdings,

Inc.

191,706

4,390

Victory

Capital

Holdings,

Inc.,

Class

A

141,138

4,588

Virginia

National

Bankshares

Corp.

161,681

2,466

Virtus

Investment

Partners,

Inc.

482,399

14,794

WaFd,

Inc.

395,444

4,780

Walker &

Dunlop,

Inc.

401,616

6,725

Washington

Trust

Bancorp,

Inc.

179,826

16,568

Waterstone

Financial,

Inc.

202,295

11,511

WesBanco,

Inc.

306,423

12,839

West

BanCorp,

Inc.

227,379

7,978

Westamerica

BanCorp

404,564

50,086

WisdomTree,

Inc.

326,060

833

World

Acceptance

Corp.*

92,838

12,512

WSFS

Financial

Corp.

482,588

80,405,325

Health

Care

–

11.0%

7,476

4D

Molecular

Therapeutics,

Inc.*

95,095

7,453

89bio,

Inc.*

59,922

39,715

ACADIA

Pharmaceuticals,

Inc.*

884,850

19,680

AdaptHealth

Corp.*

166,886

3,591

Addus

HomeCare

Corp.*

313,135

35,945

ADMA

Biologics,

Inc.*

132,997

3,596

Agios

Pharmaceuticals,

Inc.*

79,939

2,873

Akero

Therapeutics,

Inc.*

48,094

23,859

Alignment

Healthcare,

Inc.*

178,943

51,360

Alkermes

PLC*

1,239,830

18,245

Alphatec

Holdings,

Inc.*

216,568

23,044

Amicus

Therapeutics,

Inc.*

253,945

13,306

AMN

Healthcare

Services,

Inc.*

902,147

118,458

Amneal

Pharmaceuticals,

Inc.*

510,554

13,787

Amphastar

Pharmaceuticals,

Inc.*

776,484

15,503

AngioDynamics,

Inc.*

101,235

3,493

ANI

Pharmaceuticals,

Inc.*

173,986

12,394

Anika

Therapeutics,

Inc.*

271,553

2,979

Apollo

Medical

Holdings,

Inc.*

98,992

4,966

Arcellx,

Inc.*

260,864

13,234

Arcturus

Therapeutics

Holdings,

Inc.*

316,822

24,860

Ardelyx,

Inc.*

112,119

6,065

Arrowhead

Pharmaceuticals,

Inc.*

128,578

85,618

Assertio

Holdings,

Inc.*

87,330

6,614

Astria

Therapeutics,

Inc.*

30,755

7,140

AtriCure,

Inc.*

253,327

GOLDMAN

SACHS

ACTIVE

BETA

®

U.S.

SMALL

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

–

(continued)

236

Atrion

Corp.

$

72,771

9,627

Aurinia

Pharmaceuticals,

Inc.

(Canada)*

83,177

12,583

Avanos

Medical,

Inc.*

271,164

13,462

Avita

Medical,

Inc.*

143,505

3,162

Axonics,

Inc.*

177,040

4,805

Axsome

Therapeutics,

Inc.*

324,097

2,836

Blueprint

Medicines

Corp.*

197,499

6,177

Bridgebio

Pharma,

Inc.*

177,342

7,068

Cabaletta

Bio,

Inc.*

113,441

42,306

CareDx,

Inc.*

410,791

73,715

Catalyst

Pharmaceuticals,

Inc.*

1,063,707

4,116

Celldex

Therapeutics,

Inc.*

124,344

66,131

Cerus

Corp.*

106,471

18,827

Codexis,

Inc.*

44,432

32,705

Collegium

Pharmaceutical,

Inc.*

838,229

13,622

Computer

Programs

and

Systems,

Inc.*

143,167

2,034

CONMED

Corp.

218,187

53,572

Corcept

Therapeutics,

Inc.*

1,364,479

8,835

CorMedix,

Inc.*

28,714

3,198

CorVel

Corp.*

667,934

28,190

Cross

Country

Healthcare,

Inc.*

571,411

9,167

CryoPort,

Inc.*

128,521

6,206

CVRx,

Inc.*

127,037

11,350

Cymabay

Therapeutics,

Inc.*

217,126

3,817

Cytokinetics,

Inc.*

127,793

4,907

Denali

Therapeutics,

Inc.*

90,878

1,661

Disc

Medicine,

Inc.*

91,654

64,021

Dynavax

Technologies

Corp.*

877,088

3,418

Dyne

Therapeutics,

Inc.*

37,871

9,905

Eagle

Pharmaceuticals,

Inc.*

57,944

17,135

Embecta

Corp.

314,256

36,650

Emergent

BioSolutions,

Inc.*

78,431

8,631

Enhabit,

Inc.*

92,006

3,123

Enliven

Therapeutics,

Inc.*

35,165

9,836

Ensign

Group,

Inc.

(The)

1,053,141

18,476

Entrada

Therapeutics,

Inc.*

239,634

8,980

Evolent

Health,

Inc.,

Class

A*

249,644

25,449

Evolus,

Inc.*

241,002

10,286

Fulgent

Genetics,

Inc.*

283,688

3,610

Glaukos

Corp.*

230,643

5,762

Haemonetics

Corp.*

465,973

19,971

Halozyme

Therapeutics,

Inc.*

771,080

17,787

Harmony

Biosciences

Holdings,

Inc.*

516,890

7,446

Harrow,

Inc.*

68,727

37,990

Harvard

Bioscience,

Inc.*

161,837

8,906

HealthEquity,

Inc.*

596,880

9,407

HealthStream,

Inc.

235,175

3,853

Ideaya

Biosciences,

Inc.*

121,177

12,648

ImmunoGen,

Inc.*

371,219

4,617

Immunovant,

Inc.*

180,663

7,504

Inari

Medical,

Inc.*

447,914

17,444

InfuSystem

Holdings,

Inc.*

174,963

12,228

Inmode

Ltd.*

290,415

46,990

Innoviva,

Inc.*

650,812

3,506

Inogen,

Inc.*

20,405

7,067

Insmed,

Inc.*

176,816

6,798

Integer

Holdings

Corp.*

592,922

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

–

(continued)

3,949

Intellia

Therapeutics,

Inc.*

$

117,009

16,832

Intra-Cellular

Therapies,

Inc.*

1,032,980

2,689

iRadimed

Corp.

118,155

6,530

iRhythm

Technologies,

Inc.*

556,878

74,188

Ironwood

Pharmaceuticals,

Inc.*

734,461

12,151

iTeos

Therapeutics,

Inc.*

113,733

10,731

Joint

Corp.

(The)*

94,325

109,984

Karyopharm

Therapeutics,

Inc.*

84,688

43

Keros

Therapeutics,

Inc.*

1,305

19,451

Kiniksa

Pharmaceuticals

Ltd.,

Class

A*

314,523

1,293

Krystal

Biotech,

Inc.*

134,769

11,817

Lantheus

Holdings,

Inc.*

846,334

7,544

LeMaitre

Vascular,

Inc.

397,569

5,827

Ligand

Pharmaceuticals,

Inc.*

339,772

3,987

Liquidia

Corp.*

28,547

6,897

LivaNova

PLC*

309,330

593

Madrigal

Pharmaceuticals,

Inc.*

120,557

24,585

MannKind

Corp.*

88,998

7,953

Merit

Medical

Systems,

Inc.*

569,117

2,063

Mesa

Laboratories,

Inc.

176,118

90,497

MiMedx

Group,

Inc.*

703,162

3,366

Mirum

Pharmaceuticals,

Inc.*

107,948

2,455

Morphic

Holding,

Inc.*

58,183

135,218

Multiplan

Corp.*

175,783

5,136

Mural

Oncology

PLC

(Ireland)*

18,541

37,613

Myriad

Genetics,

Inc.*

718,032

5,274

National

HealthCare

Corp.

403,830

8,335

National

Research

Corp.

345,319

17,997

Neogen

Corp.*

305,409

12,040

NeoGenomics,

Inc.*

218,767

6,236

Nevro

Corp.*

108,008

2,143

Nuvalent,

Inc.,

Class

A*

140,088

60,555

Ocular

Therapeutix,

Inc.*

150,176

9,717

Omega

Therapeutics,

Inc.*

22,252

31,975

Omeros

Corp.*

(a)

70,025

1,368

OmniAb,

Inc.

12.5

Earnout*

(b)

—

1,368

OmniAb,

Inc.

15.00

Earnout*

(b)

—

5,971

Omnicell,

Inc.*

199,193

89,912

OPKO

Health,

Inc.*

131,272

23,035

Option

Care

Health,

Inc.*

685,291

34,155

OraSure

Technologies,

Inc.*

250,015

66,836

Organogenesis

Holdings,

Inc.*

170,432

16,875

Orthofix

Medical,

Inc.*

186,469

23,251

Ovid

therapeutics,

Inc.*

69,172

20,077

Owens

&

Minor,

Inc.*

399,131

15,388

Pacific

Biosciences

of

California,

Inc.*

130,490

14,334

Pacira

BioSciences,

Inc.*

391,032

21,333

Patterson

Cos.,

Inc.

542,072

21,457

Pediatrix

Medical

Group,

Inc.*

179,810

15,703

PetIQ,

Inc.*

273,546

7,663

Phathom

Pharmaceuticals,

Inc.*

53,564

19,477

Phibro

Animal

Health

Corp.,

Class

A

186,784

9,922

Phreesia,

Inc.*

152,898

15,604

Point

Biopharma

Global,

Inc.*

212,214

31,354

Poseida

Therapeutics,

Inc.*

83,715

16,781

Prestige

Consumer

Healthcare,

Inc.*

962,390

GOLDMAN

SACHS

ACTIVE

BETA

®

U.S.

SMALL

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

–

(continued)

5,861

Progyny,

Inc.*

$

201,384

5,836

Protagonist

Therapeutics,

Inc.*

106,274

54,545

Protalix

BioTherapeutics,

Inc.*

82,363

3,397

Prothena

Corp.

PLC

(Ireland)*

110,674

15,108

PTC

Therapeutics,

Inc.*

347,786

4,082

Pulmonx

Corp.*

44,494

4,108

Quanterix

Corp.*

98,469

9,558

RadNet,

Inc.*

317,612

5,343

REVOLUTION

Medicines,

Inc.*

124,652

5,034

Rhythm

Pharmaceuticals,

Inc.*

168,287

3,623

RxSight,

Inc.*

109,270

3,688

Sanara

Medtech,

Inc.*

119,491

53,610

Sangamo

Therapeutics,

Inc.*

23,052

30,202

Savara,

Inc.*

(a)

116,278

3,399

Schrodinger,

Inc.*

105,675

3,496

scPharmaceuticals,

Inc.*

19,018

15,189

Select

Medical

Holdings

Corp.

343,271

4,857

Semler

Scientific,

Inc.*

187,189

10,763

SI-BONE,

Inc.*

204,066

44,746

SIGA

Technologies,

Inc.

242,971

6,694

Silk

Road

Medical,

Inc.*

62,455

5,110

SpringWorks

Therapeutics,

Inc.*

155,293

9,509

STAAR

Surgical

Co.*

298,202

34,006

Supernus

Pharmaceuticals,

Inc.*

926,663

6,530

Surgery

Partners,

Inc.*

213,857

6,660

Surmodics,

Inc.*

218,581

18,521

Tactile

Systems

Technology,

Inc.*

246,885

6,935

Taro

Pharmaceutical

Industries

Ltd.*

249,660

12,464

Tela

Bio,

Inc.*

64,937

12,987

TG

Therapeutics,

Inc.*

166,363

13,159

Theravance

Biopharma,

Inc.*

137,906

1,559

TransMedics

Group,

Inc.*

117,985

9,753

Travere

Therapeutics,

Inc.*

61,249

2,080

UFP

Technologies,

Inc.*

346,237

18,998

UroGen

Pharma

Ltd.*

250,584

2,652

US

Physical

Therapy,

Inc.

225,500

53,015

Vanda

Pharmaceuticals,

Inc.*

197,216

14,429

Varex

Imaging

Corp.*

271,987

5,257

Vaxcyte,

Inc.*

272,155

7,203

Vera

Therapeutics,

Inc.*

97,601

8,177

Veracyte,

Inc.*

209,331

37,900

Veradigm,

Inc.*

435,092

23,793

Vericel

Corp.*

845,603

10,270

Verrica

Pharmaceuticals,

Inc.*

37,794

33,153

Viemed

Healthcare,

Inc.*

257,599

8,122

Vigil

Neuroscience,

Inc.*

25,828

7,009

Viking

Therapeutics,

Inc.*

85,650

19,497

Vir

Biotechnology,

Inc.*

185,027

27,145

Voyager

Therapeutics,

Inc.*

197,073

6,913

Xencor,

Inc.*

126,784

17,441

Xeris

Biopharma

Holdings,

Inc.*

32,440

11,051

Y-mAbs

Therapeutics,

Inc.*

68,627

5,246

Zentalis

Pharmaceuticals,

Inc.*

59,017

11,480

Zimvie,

Inc.*

108,486

19,137

Zynex,

Inc.*

175,295

50,741,661

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

19.1%

10,520

AAON,

Inc.

$

658,552

9,165

AAR

Corp.*

635,134

12,533

ABM

Industries,

Inc.

513,728

27,842

ACCO

Brands

Corp.

149,790

15,014

ACV

Auctions,

Inc.,

Class

A*

234,669

2,815

AeroVironment,

Inc.*

387,372

6,185

AerSale

Corp.*

86,281

4,350

Air

Transport

Services

Group,

Inc.*

69,208

3,155

Alamo

Group,

Inc.

579,573

4,317

Albany

International

Corp.,

Class

A

370,485

43,955

Alight,

Inc.,

Class

A*

336,256

10,729

Allient,

Inc.

279,812

7,548

Alta

Equipment

Group,

Inc.

72,008

4,175

American

Woodmark

Corp.*

302,270

27,968

API

Group

Corp.*

848,829

11,370

Apogee

Enterprises,

Inc.

512,787

11,764

Applied

Industrial

Technologies,

Inc.

1,883,063

6,583

ArcBest

Corp.

784,628

13,330

Archer

Aviation,

Inc.,

Class

A*

(a)

79,713

9,555

Arcosa,

Inc.

708,981

3,326

Argan,

Inc.

155,125

11,250

Array

Technologies,

Inc.*

174,037

12,308

ASGN,

Inc.*

1,098,366

7,185

Astec

Industries,

Inc.

223,382

8,029

Asure

Software,

Inc.*

63,991

12,879

Atkore,

Inc.*

1,672,982

5,088

AZZ,

Inc.

250,177

22,422

Babcock

&

Wilcox

Enterprises,

Inc.*

31,839

7,291

Barnes

Group,

Inc.

192,337

2,592

Barrett

Business

Services,

Inc.

284,990

13,021

Beacon

Roofing

Supply,

Inc.*

1,046,368

6,144

Blue

Bird

Corp.*

117,228

8,565

BlueLinx

Holdings,

Inc.*

752,435

16,221

Boise

Cascade

Co.

1,772,955

9,761

Bowman

Consulting

Group

Ltd.*

(a)

300,932

5,731

Brink’s

Co.

(The)

452,176

5,380

Casella

Waste

Systems,

Inc.,

Class

A*

435,134

10,566

CBIZ,

Inc.*

611,666

7,039

CECO

Environmental

Corp.*

135,501

3,957

Chart

Industries,

Inc.*

514,529

9,447

Cimpress

PLC

(Ireland)*

665,919

8,305

Columbus

McKinnon

Corp.

290,011

8,623

Comfort

Systems

USA,

Inc.

1,669,240

14,237

Commercial

Vehicle

Group,

Inc.*

92,825

86,262

Conduent,

Inc.*

262,236

2,820

Construction

Partners,

Inc.,

Class

A*

118,327

34,545

CoreCivic,

Inc.*

499,866

14,776

Costamare,

Inc.

(Monaco)

149,385

3,987

Covenant

Logistics

Group,

Inc.

169,727

3,919

CRA

International,

Inc.

371,404

12,176

CSG

Systems

International,

Inc.

598,937

4,376

CSW

Industrials,

Inc.

775,996

16,555

Deluxe

Corp.

302,791

GOLDMAN

SACHS

ACTIVE

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ETF

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Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

8,800

Distribution

Solutions

Group,

Inc.*

$

224,048

3,359

Douglas

Dynamics,

Inc.

91,768

2,577

Ducommun,

Inc.*

129,829

14,121

DXP

Enterprises,

Inc.*

413,463

4,064

Dycom

Industries,

Inc.*

422,128

5,212

Eagle

Bulk

Shipping,

Inc.

236,885

8,009

Encore

Wire

Corp.

1,476,059

22,847

Energy

Recovery,

Inc.*

435,464

13,460

Enerpac

Tool

Group

Corp.

367,458

5,958

EnerSys

527,164

7,357

Ennis,

Inc.

156,189

7,424

Enovix

Corp.*

82,184

4,994

Enpro

Industries,

Inc.

641,379

3,537

Enviri

Corp.*

20,868

3,498

ESCO

Technologies,

Inc.

367,220

4,236

EVI

Industries,

Inc.

(a)

109,712

31,775

ExlService

Holdings,

Inc.*

901,457

4,531

Exponent,

Inc.

348,706

8,823

Federal

Signal

Corp.

608,258

10,403

First

Advantage

Corp.

161,351

5,418

Fluence

Energy,

Inc.*

(a)

135,883

19,496

Fluor

Corp.*

741,433

7,674

Forrester

Research,

Inc.*

185,557

10,506

Forward

Air

Corp.

667,446

11,943

Franklin

Covey

Co.*

464,344

11,902

Franklin

Electric

Co.,

Inc.

1,059,278

10,771

FTAI

Aviation

Ltd.

443,873

3,550

GATX

Corp.

386,950

12,585

Genco

Shipping

&

Trading

Ltd.

195,319

7,779

Gencor

Industries,

Inc.*

116,218

50,330

GEO

Group,

Inc.

(The)*

510,849

5,834

Gibraltar

Industries,

Inc.*

391,986

12,419

Global

Industrial

Co.

442,241

22,433

GMS,

Inc.*

1,517,368

3,933

Gorman-Rupp

Co.

(The)

124,204

65,527

GrafTech

International

Ltd.

161,852

4,798

Granite

Construction,

Inc.

220,468

3,455

Greenbrier

Cos.,

Inc.

(The)

130,288

13,175

Griffon

Corp.

613,033

7,051

H&E

Equipment

Services,

Inc.

312,430

7,437

Heartland

Express,

Inc.

99,805

5,356

Heidrick

&

Struggles

International,

Inc.

145,576

3,401

Helios

Technologies,

Inc.

130,530

3,617

Herc

Holdings,

Inc.

447,278

14,311

Hillenbrand,

Inc.

554,408

11,370

Hillman

Solutions

Corp.*

83,228

3,032

HireQuest,

Inc.

44,904

21,515

HNI

Corp.

840,591

10,325

Hub

Group,

Inc.,

Class

A*

780,054

38,852

Hudson

Technologies,

Inc.*

479,822

6,002

Huron

Consulting

Group,

Inc.*

625,228

778

Hyster-Yale

Materials

Handling,

Inc.

37,087

5,246

ICF

International,

Inc.

734,178

8,021

IES

Holdings,

Inc.*

561,229

23,299

Innodata,

Inc.*

157,501

9,057

Insperity,

Inc.

1,030,234

6,936

Insteel

Industries,

Inc.

235,963

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

23,296

Interface,

Inc.

$

235,523

19,279

Janus

International

Group,

Inc.*

203,393

18,404

JELD-WEN

Holding,

Inc.*

294,096

35,080

Joby

Aviation,

Inc.*

209,077

5,112

John

Bean

Technologies

Corp.

528,070

4,139

Kadant,

Inc.

1,078,706

5,323

Kaman

Corp.

107,897

16,706

Kelly

Services,

Inc.,

Class

A

347,318

10,399

Kennametal,

Inc.

242,401

14,978

Kforce,

Inc.

1,043,967

10,561

Korn

Ferry

546,426

6,538

Kratos

Defense &

Security

Solutions,

Inc.*

124,549

34,809

Legalzoom.com,

Inc.*

401,348

19,158

Leonardo

DRS,

Inc.*

353,082

3,850

Limbach

Holdings,

Inc.*

146,762

2,045

Lindsay

Corp.

243,989

25,616

LSI

Industries,

Inc.

335,826

11,704

Manitowoc

Co.,

Inc.

(The)*

167,718

7,740

Marten

Transport

Ltd.

145,899

4,927

Masonite

International

Corp.*

437,764

12,519

Masterbrand,

Inc.*

168,005

10,921

Matson,

Inc.

1,045,904

7,078

Matthews

International

Corp.,

Class

A

241,714

11,672

Maximus,

Inc.

974,495

5,170

Mayville

Engineering

Co.,

Inc.*

65,659

2,563

McGrath

RentCorp

260,631

2,799

Miller

Industries,

Inc.

111,232

13,254

MillerKnoll,

Inc.

341,953

18,621

Mistras

Group,

Inc.*

123,271

5,810

Moog,

Inc.,

Class

A

813,458

28,163

MRC

Global,

Inc.*

291,205

35,285

Mueller

Industries,

Inc.

1,465,386

21,271

Mueller

Water

Products,

Inc.,

Class

A

282,692

5,302

MYR

Group,

Inc.*

659,675

1,373

National

Presto

Industries,

Inc.

102,591

3,358

NEXTracker,

Inc.,

Class

A*

136,469

5,513

Northwest

Pipe

Co.*

149,513

66,535

NOW,

Inc.*

663,354

4,813

NV5

Global,

Inc.*

468,209

2,961

Omega

Flex,

Inc.

208,810

9,038

OPENLANE,

Inc.*

132,136

3,576

PAM

Transportation

Services,

Inc.*

67,443

10,590

Pangaea

Logistics

Solutions

Ltd.

74,130

10,913

Parsons

Corp.*

679,771

21,136

PGT

Innovations,

Inc.*

680,368

5,473

Powell

Industries,

Inc.

455,135

2,407

Preformed

Line

Products

Co.

299,936

12,486

Primoris

Services

Corp.

379,075

6,642

Proto

Labs,

Inc.*

240,440

15,308

Quanex

Building

Products

Corp.

471,333

35,871

Radiant

Logistics,

Inc.*

215,585

27,136

Resideo

Technologies,

Inc.*

445,844

29,720

Resources

Connection,

Inc.

404,192

15,878

REV

Group,

Inc.

250,714

16,558

Rocket

Lab

USA,

Inc.*

72,524

20,850

Rush

Enterprises,

Inc.,

Class

A

827,119

GOLDMAN

SACHS

ACTIVE

BETA

®

U.S.

SMALL

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

9,160

Rush

Enterprises,

Inc.,

Class

B

$

399,468

35,020

RXO,

Inc.*

734,019

45,886

Safe

Bulkers,

Inc.

(Greece)

178,038

7,792

Shoals

Technologies

Group,

Inc.,

Class

A*

107,919

19,695

Shyft

Group,

Inc.

(The)

218,024

11,399

Simpson

Manufacturing

Co.,

Inc.

1,903,291

6,484

SkyWest,

Inc.*

306,564

7,475

SP

Plus

Corp.*

382,346

6,440

Spirit

Airlines,

Inc.

95,441

6,645

SPX

Technologies,

Inc.*

566,885

2,393

Standex

International

Corp.

320,231

33,095

Steelcase,

Inc.,

Class

A

407,399

8,158

Sterling

Infrastructure,

Inc.*

518,115

7,898

Tennant

Co.

676,227

12,418

Terex

Corp.

614,691

10,774

Textainer

Group

Holdings

Ltd.

(China)

530,404

5,600

Thermon

Group

Holdings,

Inc.*

168,840

15,197

Titan

International,

Inc.*

198,625

14,605

Titan

Machinery,

Inc.*

333,870

6,855

Transcat,

Inc.*

671,653

6,369

TriNet

Group,

Inc.*

738,358

6,129

Trinity

Industries,

Inc.

152,980

25,412

TrueBlue,

Inc.*

354,243

5,012

TTEC

Holdings,

Inc.

93,825

17,101

Tutor

Perini

Corp.*

143,135

16,595

UFP

Industries,

Inc.

1,819,310

2,875

UniFirst

Corp.

496,225

22,780

Upwork,

Inc.*

320,970

6,862

V2X,

Inc.*

290,949

21,258

Verra

Mobility

Corp.*

426,861

7,291

Vicor

Corp.*

266,632

14,510

Wabash

National

Corp.

318,059

7,746

Watts

Water

Technologies,

Inc.,

Class

A

1,491,182

9,358

Werner

Enterprises,

Inc.

374,414

8,257

Willdan

Group,

Inc.*

165,140

11,941

Zurn

Elkay

Water

Solutions

Corp.

351,543

87,875,837

Information

Technology

–

12.8%

95,478

8x8,

Inc.*

295,027

45,780

A10

Networks,

Inc.

571,792

19,439

ACI

Worldwide,

Inc.*

519,799

33,864

Adeia,

Inc.

311,210

6,991

Advanced

Energy

Industries,

Inc.

664,495

4,707

Aehr

Test

Systems*

108,073

8,725

Agilysys,

Inc.*

751,135

10,072

Alarm.com

Holdings,

Inc.*

548,723

10,308

Alpha

&

Omega

Semiconductor

Ltd.*

220,488

9,950

Altair

Engineering,

Inc.,

Class

A*

720,977

5,362

Ambarella,

Inc.*

314,803

12,054

American

Software,

Inc.,

Class

A

119,696

31,040

Amkor

Technology,

Inc.

874,397

5,226

Appfolio,

Inc.,

Class

A*

989,020

8,693

Appian

Corp.,

Class

A*

315,034

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

19,360

Applied

Digital

Corp.*

(a)

$

90,411

29,300

Arlo

Technologies,

Inc.*

266,337

10,041

Asana,

Inc.,

Class

A*

210,961

28,154

Aurora

Innovation,

Inc.*

61,657

8,859

Axcelis

Technologies,

Inc.*

1,100,996

7,328

Badger

Meter,

Inc.

1,079,927

5,866

Bel

Fuse,

Inc.,

Class

B

317,351

7,500

Belden,

Inc.

498,300

11,083

Benchmark

Electronics,

Inc.

276,521

10,307

BigCommerce

Holdings,

Inc.,

Series

1*

89,877

44,666

Bit

Digital,

Inc.

(China)*

(a)

115,238

7,966

Blackbaud,

Inc.*

599,362

2,389

BlackLine,

Inc.*

138,204

32,039

Box,

Inc.,

Class

A*

838,461

1,873

Braze,

Inc.,

Class

A*

102,903

37,784

Brightcove,

Inc.*

92,571

4,798

C3.ai,

Inc.,

Class

A*

(a)

139,718

14,116

Calix,

Inc.*

544,736

5,865

Cambium

Networks

Corp.*

27,390

5,937

Cerence,

Inc.*

102,651

5,683

CEVA,

Inc.*

123,662

6,465

Clearfield,

Inc.*

(a)

164,470

2,944

Climb

Global

Solutions,

Inc.

140,399

13,413

Cohu,

Inc.*

425,594

44,313

CommScope

Holding

Co.,

Inc.*

74,003

13,143

CommVault

Systems,

Inc.*

967,062

7,391

Consensus

Cloud

Solutions,

Inc.*

136,142

5,517

CoreCard

Corp.*

71,886

6,790

Corsair

Gaming,

Inc.*

87,659

7,846

Couchbase,

Inc.*

154,095

3,201

CPI

Card

Group,

Inc.*

56,946

8,156

Credo

Technology

Group

Holding

Ltd.*

146,074

6,614

CTS

Corp.

256,292

13,778

Daktronics,

Inc.*

143,705

11,830

Digi

International,

Inc.*

278,478

28,111

Digital

Turbine,

Inc.*

130,716

13,509

Diodes,

Inc.*

897,268

20,988

Domo,

Inc.,

Class

B*

199,176

20,462

Ebix,

Inc.

(a)

80,620

19,062

eGain

Corp.*

145,252

6,083

Envestnet,

Inc.*

231,336

8,551

ePlus,

Inc.*

542,817

5,399

Everbridge,

Inc.*

109,924

15,126

Evolv

Technologies

Holdings,

Inc.*

60,504

51,878

Extreme

Networks,

Inc.*

837,311

5,190

Fabrinet

(Thailand)*

840,261

5,394

Fastly,

Inc.,

Class

A*

89,594

16,384

FormFactor,

Inc.*

615,711

12,215

Freshworks,

Inc.,

Class

A*

244,544

15,904

Grid

Dynamics

Holdings,

Inc.*

201,663

22,038

Hackett

Group,

Inc.

(The)

491,668

25,167

Harmonic,

Inc.*

278,347

7,981

Ichor

Holdings

Ltd.*

208,544

7,753

Immersion

Corp.

50,239

6,545

Impinj,

Inc.*

547,097

36,610

Infinera

Corp.*

142,413

33,941

Information

Services

Group,

Inc.

141,195

GOLDMAN

SACHS

ACTIVE

BETA

®

U.S.

SMALL

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

8,429

Insight

Enterprises,

Inc.*

$

1,276,319

3,280

Intapp,

Inc.*

123,000

4,574

InterDigital,

Inc.

457,034

10,424

inTEST

Corp.*

136,242

9,560

IonQ,

Inc.*

(a)

116,919

4,821

Itron,

Inc.*

324,839

10,016

Kimball

Electronics,

Inc.*

246,794

23,116

Knowles

Corp.*

366,851

16,306

Kulicke

&

Soffa

Industries,

Inc.

(Singapore)

840,085

11,794

LiveRamp

Holdings,

Inc.*

391,089

23,182

Luna

Innovations,

Inc.*

147,669

6,383

MACOM

Technology

Solutions

Holdings,

Inc.*

536,044

9,290

Marathon

Digital

Holdings,

Inc.*

111,201

24,042

MaxLinear,

Inc.*

450,307

9,777

Methode

Electronics,

Inc.

232,008

624

MicroStrategy,

Inc.,

Class

A*

310,939

20,671

Mitek

Systems,

Inc.*

233,376

7,904

Model

N,

Inc.*

181,397

9,895

N-able,

Inc.*

117,849

20,047

Napco

Security

Technologies,

Inc.

613,438

15,692

Navitas

Semiconductor

Corp.*

108,902

9,688

NETGEAR,

Inc.*

132,144

18,111

NetScout

Systems,

Inc.*

363,669

5,886

Novanta,

Inc.*

850,174

3,162

NVE

Corp.

226,621

14,717

OneSpan,

Inc.*

147,611

9,917

Onto

Innovation,

Inc.*

1,398,396

3,892

OSI

Systems,

Inc.*

479,845

6,678

PagerDuty,

Inc.*

145,580

10,815

PC

Connection,

Inc.

644,898

7,142

PDF

Solutions,

Inc.*

214,189

8,707

Perficient,

Inc.*

538,789

27,094

Photronics,

Inc.*

572,496

5,727

Plexus

Corp.*

583,524

10,994

Power

Integrations,

Inc.

840,052

4,833

PowerSchool

Holdings,

Inc.,

Class

A*

112,706

12,648

Progress

Software

Corp.

681,221

5,565

PROS

Holdings,

Inc.*

203,401

4,212

Q2

Holdings,

Inc.*

149,610

6,958

Qualys,

Inc.*

1,286,117

56,511

Rackspace

Technology,

Inc.*

71,204

24,458

Rambus,

Inc.*

1,655,073

8,246

Rapid7,

Inc.*

446,521

2,061

Red

Violet,

Inc.*

43,116

44,423

Ribbon

Communications,

Inc.*

94,621

5,177

Richardson

Electronics

Ltd.

67,405

13,568

Riot

Platforms,

Inc.*

170,278

947

Rogers

Corp.*

122,542

14,776

Sanmina

Corp.*

740,425

9,213

Sapiens

International

Corp.

NV

(Israel)

237,050

8,892

ScanSource,

Inc.*

297,260

21,171

SEMrush

Holdings,

Inc.,

Class

A*

231,187

7,724

Semtech

Corp.*

126,442

4,502

Silicon

Laboratories,

Inc.*

474,376

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

842

SiTime

Corp.*

$

93,125

18,151

SMART

Global

Holdings,

Inc.*

302,396

18,894

SolarWinds

Corp.*

218,981

5,265

SoundThinking,

Inc.*

117,199

12,721

Sprinklr,

Inc.,

Class

A*

199,465

7,375

Sprout

Social,

Inc.,

Class

A*

419,637

8,121

SPS

Commerce,

Inc.*

1,399,086

11,786

Squarespace,

Inc.,

Class

A*

330,362

7,744

Super

Micro

Computer,

Inc.*

2,117,752

8,962

Synaptics,

Inc.*

907,313

14,215

Tenable

Holdings,

Inc.*

588,359

32,453

Thoughtworks

Holding,

Inc.*

126,567

30,761

TTM

Technologies,

Inc.*

461,723

6,630

Turtle

Beach

Corp.*

74,985

12,283

Ultra

Clean

Holdings,

Inc.*

333,361

31,711

Unisys

Corp.*

151,896

14,897

Varonis

Systems,

Inc.*

624,035

10,551

Veeco

Instruments,

Inc.*

301,020

13,087

Verint

Systems,

Inc.*

321,548

39,138

Viavi

Solutions,

Inc.*

316,235

27,960

Vishay

Intertechnology,

Inc.

621,551

7,988

Vishay

Precision

Group,

Inc.*

243,554

11,281

Weave

Communications,

Inc.*

106,493

7,840

Workiva,

Inc.*

753,973

24,610

Xerox

Holdings

Corp.

344,294

12,662

Xperi,

Inc.*

130,672

36,719

Yext,

Inc.*

243,447

34,856

Zeta

Global

Holdings

Corp.,

Class

A*

284,773

24,105

Zuora,

Inc.,

Class

A*

219,838

58,355,393

Materials

–

4.6%

9,164

AdvanSix,

Inc.

239,455

6,521

Alpha

Metallurgical

Resources,

Inc.

1,829,532

19,238

American

Vanguard

Corp.

180,452

6,506

Arch

Resources,

Inc.

1,079,736

10,676

ATI,

Inc.*

469,210

15,777

Avient

Corp.

541,940

3,546

Balchem

Corp.

442,257

9,056

Cabot

Corp.

687,350

6,871

Carpenter

Technology

Corp.

486,536

6,065

Clearwater

Paper

Corp.*

212,700

27,854

Commercial

Metals

Co.

1,262,622

18,288

Constellium

SE*

318,211

7,523

Core

Molding

Technologies,

Inc.*

135,339

21,986

Ecovyst,

Inc.*

209,307

5,715

Greif,

Inc.,

Class

A

399,479

5,087

Hawkins,

Inc.

312,545

1,092

Haynes

International,

Inc.

53,595

8,865

HB

Fuller

Co.

670,903

38,924

Hecla

Mining

Co.

193,842

7,356

Ingevity

Corp.*

285,339

7,650

Innospec,

Inc.

803,785

1,645

Kaiser

Aluminum

Corp.

96,200

3,733

Knife

River

Corp.*

222,785

5,060

Koppers

Holdings,

Inc.

228,560

13,369

Livent

Corp.*

183,957

GOLDMAN

SACHS

ACTIVE

BETA

®

U.S.

SMALL

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Materials

–

(continued)

12,818

LSB

Industries,

Inc.*

$

109,850

4,267

Materion

Corp.

482,640

9,672

Mativ

Holdings,

Inc.

113,162

6,276

Minerals

Technologies,

Inc.

393,129

32,803

Myers

Industries,

Inc.

577,989

4,347

Novagold

Resources,

Inc.

(Canada)*

18,257

23,289

O-I

Glass,

Inc.*

343,746

9,140

Olympic

Steel,

Inc.

516,684

24,558

Orion

SA

(Germany)

585,217

13,327

Pactiv

Evergreen,

Inc.

152,461

1,185

Quaker

Chemical

Corp.

211,866

17,175

Ramaco

Resources,

Inc.,

Class

A

(a)

286,823

2,418

Ramaco

Resources,

Inc.,

Class

B

36,173

37,704

Rayonier

Advanced

Materials,

Inc.*

124,423

18,871

Ryerson

Holding

Corp.

584,435

14,639

Schnitzer

Steel

Industries,

Inc.,

Class

A

375,198

8,255

Sensient

Technologies

Corp.

478,295

2,566

Stepan

Co.

211,875

15,726

Summit

Materials,

Inc.,

Class

A*

545,535

39,917

SunCoke

Energy,

Inc.

371,627

4,503

Sylvamo

Corp.

226,411

20,620

TimkenSteel

Corp.*

418,998

9,686

TriMas

Corp.

248,252

11,570

Trinseo

PLC

66,875

17,617

Tronox

Holdings

PLC

224,617

1,953

United

States

Lime

&

Minerals,

Inc.

414,056

24,063

Warrior

Met

Coal,

Inc.

1,346,806

7,040

Worthington

Industries,

Inc.

504,768

21,515,805

Real

Estate

–

5.5%

15,562

Acadia

Realty

Trust

REIT

235,297

27,825

Alexander

&

Baldwin,

Inc.

REIT

466,069

549

Alexander's,

Inc.

REIT

100,994

5,775

Alpine,

Inc.ome

Property

Trust,

Inc.

REIT

94,306

8,371

American

Assets

Trust,

Inc.

REIT

168,592

34,991

Anywhere

Real

Estate,

Inc.*

188,252

60,874

Apartment

Investment

and

Management

Co.,

Class

A

REIT*

419,422

43,259

Apple

Hospitality

REIT,

Inc.

REIT

721,128

11,057

Armada

Hoffler

Properties,

Inc.

REIT

121,406

20,723

Braemar

Hotels

&

Resorts,

Inc.

REIT

43,518

28,175

Brandywine

Realty

Trust

REIT

125,660

22,176

Broadstone

Net

Lease,

Inc.

REIT

354,816

9,101

BRT

Apartments

Corp.

REIT

165,638

17,049

CareTrust

REIT,

Inc.

REIT

393,491

8,378

CBL

&

Associates

Properties,

Inc.

REIT

196,883

2,649

Centerspace

REIT

141,298

16,750

Chatham

Lodging

Trust

REIT

165,992

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Real

Estate

–

(continued)

23,412

City

Office

REIT,

Inc.

REIT

$

113,080

6,151

Community

Healthcare

Trust,

Inc.

REIT

166,692

152,695

Compass,

Inc.,

Class

A*

338,983

17,941

COPT

Defense

Properties

REIT

434,172

11,386

CTO

Realty

Growth,

Inc.

REIT

192,423

37,746

Cushman

&

Wakefield

PLC*

309,895

37,705

DiamondRock

Hospitality

Co.

REIT

313,706

5,348

DigitalBridge

Group,

Inc.

92,306

73,108

Douglas

Elliman,

Inc.

142,561

21,315

Douglas

Emmett,

Inc.

REIT

260,469

14,426

Easterly

Government

Properties,

Inc.

REIT

168,207

10,650

Elme

Communities

REIT

139,941

40,316

Empire

State

Realty

Trust,

Inc.,

Class

A

REIT

361,231

10,566

Equity

Commonwealth

REIT

198,535

13,651

Essential

Properties

Realty

Trust,

Inc.

REIT

324,211

49,525

eXp

World

Holdings,

Inc.

599,748

11,481

Farmland

Partners,

Inc.

REIT

142,135

11,352

Forestar

Group,

Inc.*

346,577

15,785

Four

Corners

Property

Trust,

Inc.

REIT

362,897

3,835

FRP

Holdings,

Inc.*

211,500

8,711

Getty

Realty

Corp.

REIT

256,365

11,660

Gladstone

Commercial

Corp.

REIT

145,750

6,305

Gladstone

Land

Corp.

REIT

90,477

9,792

Global

Medical

REIT,

Inc.

REIT

98,214

47,155

Global

Net

Lease,

Inc.

REIT

414,021

25,742

Hudson

Pacific

Properties,

Inc.

REIT

151,106

22,681

Independence

Realty

Trust,

Inc.

REIT

308,915

3,380

Innovative

Industrial

Properties,

Inc.

REIT

276,011

6,994

InvenTrust

Properties

Corp.

REIT

168,695

12,880

JBG

SMITH

Properties

REIT

176,714

8,490

Kennedy-Wilson

Holdings,

Inc.

96,361

37,764

Kite

Realty

Group

Trust

REIT

797,576

7,325

LTC

Properties,

Inc.

REIT

238,941

39,328

LXP

Industrial

Trust

REIT

345,300

32,650

Macerich

Co.

(The)

REIT

374,495

21,226

Marcus

&

Millichap,

Inc.

730,387

6,969

National

Health

Investors,

Inc.

REIT

378,138

5,563

NETSTREIT

Corp.

REIT

85,559

22,396

Newmark

Group,

Inc.,

Class

A

184,319

6,120

NexPoint

Residential

Trust,

Inc.

REIT

186,354

18,067

Office

Properties

Income

Trust

REIT

100,814

25,178

Opendoor

Technologies,

Inc.*

75,786

17,696

Orion

Office

REIT,

Inc.

REIT

91,311

23,877

Outfront

Media,

Inc.

REIT

292,016

43,343

Paramount

Group,

Inc.

REIT

203,712

GOLDMAN

SACHS

ACTIVE

BETA

®

U.S.

SMALL

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Real

Estate

–

(continued)

21,750

Pebblebrook

Hotel

Trust

REIT

$

277,312

12,521

Phillips

Edison

&

Co.,

Inc.

REIT

441,240

32,300

Physicians

Realty

Trust

REIT

377,264

28,029

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

REIT

174,340

6,597

Plymouth

Industrial

REIT,

Inc.

REIT

143,485

11,660

Postal

Realty

Trust,

Inc.,

Class

A

REIT

163,240

21,474

PotlatchDeltic

Corp.

REIT

984,368

15,170

RE/MAX

Holdings,

Inc.,

Class

A

139,564

17,074

Redfin

Corp.*

119,006

20,573

Retail

Opportunity

Investments

Corp.

REIT

264,775

28,202

RLJ

Lodging

Trust

REIT

301,479

11,346

RMR

Group,

Inc.

(The),

Class

A

270,375

24,601

RPT

Realty

REIT

285,864

9,133

Ryman

Hospitality

Properties,

Inc.

REIT

916,497

36,478

Sabra

Health

Care

REIT,

Inc.

REIT

532,579

2,578

Saul

Centers,

Inc.

REIT

95,257

37,292

Service

Properties

Trust

REIT

266,638

26,158

SITE

Centers

Corp.

REIT

345,024

5,232

SL

Green

Realty

Corp.

REIT

191,334

6,014

St

Joe

Co.

(The)

309,300

36,792

Summit

Hotel

Properties,

Inc.

REIT

230,318

36,664

Sunstone

Hotel

Investors,

Inc.

REIT

362,240

22,549

Tanger,

Inc.

REIT

562,823

10,480

Terreno

Realty

Corp.

REIT

598,513

11,208

UMH

Properties,

Inc.

REIT

158,257

54,767

Uniti

Group,

Inc.

REIT

302,861

3,070

Universal

Health

Realty

Income

Trust

REIT

122,401

12,573

Urban

Edge

Properties

REIT

210,598

20,223

Veris

Residential,

Inc.

REIT

293,031

22,161

Whitestone

REIT

242,885

20,488

Xenia

Hotels

&

Resorts,

Inc.

REIT

250,158

25,522,394

Utilities

–

3.2%

11,746

ALLETE,

Inc.

651,668

11,260

American

States

Water

Co.

899,674

13,953

Avista

Corp.

473,704

12,598

Black

Hills

Corp.

649,931

26,709

Brookfield

Infrastructure

Corp.,

Class

A

(Canada)

829,582

9,184

California

Water

Service

Group

464,435

4,696

Chesapeake

Utilities

Corp.

448,938

14,572

Consolidated

Water

Co.

Ltd.

(Cayman

Islands)

525,903

19,201

Genie

Energy

Ltd.,

Class

B

465,624

7,584

MGE

Energy,

Inc.

559,320

3,149

Middlesex

Water

Co.

201,221

54,419

Montauk

Renewables,

Inc.*

502,832

17,032

New

Jersey

Resources

Corp.

718,750

5,536

Northwest

Natural

Holding

Co.

202,728

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Utilities

–

(continued)

11,108

Northwestern

Energy

Group,

Inc.

$

558,843

13,751

ONE

Gas,

Inc.

792,470

10,458

Ormat

Technologies,

Inc.

704,033

13,534

Otter

Tail

Corp.

1,032,780

18,033

PNM

Resources,

Inc.

749,632

19,983

Portland

General

Electric

Co.

820,502

18,598

Pure

Cycle

Corp.*

185,980

3,969

RGC

Resources,

Inc.

69,656

5,408

SJW

Group

354,981

11,576

Southwest

Gas

Holdings,

Inc.

684,257

9,497

Spire,

Inc.

579,412

5,254

Unitil

Corp.

254,714

5,008

York

Water

Co.

(The)

190,705

14,572,275

TOTAL

COMMON

STOCKS

(Cost

$454,526,114)

450,603,155

Units

Description

Expiration

Month

Value

A

Rights

–

0.0%

Health

Care

–

0.0%

4,104

Chinook

Therapeutics,

Inc.

(b)

12/25

1,601

45,824

Radius

Health,

Inc.

(b)

12/25

3,666

5,267

Materials

–

0.0%

15,501

Resolute

Forest

Products

(b)

09/23

22,011

TOTAL

RIGHTS

(Cost

$0)

27,278

Shares

Dividend

Rate

Value

aa

Investment

Company

–

1.9%

(c)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

8,588,262

5.260%

8,588,262

(Cost

$8,588,262)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$463,114,376)

459,218,695

GOLDMAN

SACHS

ACTIVE

BETA

®

U.S.

SMALL

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Additional

Investment

Information

**End

swaps

header**

Shares

Dividend

Rate

Value

a

Securities

Lending

Reinvestment

Vehicle

–

0.5%

(c)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

2,367,215

5.259%

$

2,367,215

(Cost

$2,367,215)

TOTAL

INVESTMENTS

–

100.2%

(Cost

$465,481,591)

$

461,585,910

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(0.2)%

(963,857)

NET

ASSETS

–

100.0%

$

460,622,053

a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

All

or

a

portion

of

security

is

on

loan.

(b)

Significant

unobservable

inputs

were

used

in

the

valuation

of

this

portfolio

security;

i.e.

Level

3.

(c)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

FUTURES

CONTRACTS

—

At

November

30,

2023,

the

Portfolio

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

E-Mini

Russell

2000

Index

105

12/15/23

$

9,514,050

$

256,290

GOLDMAN

SACHS

ACTIVE

BETA

®

WORLD

LOW

VOL

PLUS

EQUITY

ETF

Schedule

of

Investments

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

98.9%

Australia

–

2.5%

51,323

ANZ

Group

Holdings

Ltd.

(Financials)

$

829,304

139,687

Brambles

Ltd.

(Industrials)

1,235,544

285,257

Coles

Group

Ltd.

(Consumer

Staples)

2,899,512

34,301

Computershare

Ltd.

(Industrials)

536,969

36,815

EBOS

Group

Ltd.

(Health

Care)

841,335

102,903

Insurance

Australia

Group

Ltd.

(Financials)

405,285

134,479

Lottery

Corp.

Ltd.

(The)

(Consumer

Discretionary)

410,165

576,246

Medibank

Pvt

Ltd.

(Financials)

1,321,997

60,956

National

Australia

Bank

Ltd.

(Financials)

1,147,840

31,217

Sonic

Healthcare

Ltd.

(Health

Care)

603,773

792,242

Telstra

Group

Ltd.

(Communication

Services)

2,006,631

99,601

Wesfarmers

Ltd.

(Consumer

Discretionary)

3,477,691

29,047

Westpac

Banking

Corp.

(Financials)

411,578

112,777

Woolworths

Group

Ltd.

(Consumer

Staples)

2,609,711

18,737,335

Austria

–

0.1%

9,241

Vienna

Insurance

Group

AG

Wiener

Versicherung

Gruppe

(Financials)

264,675

28,031

Wienerberger

AG

(Materials)

800,706

1,065,381

Belgium

–

0.2%

5,728

Ackermans

&

van

Haaren

NV

(Industrials)

948,098

22,099

Warehouses

De

Pauw

CVA

REIT

(Real

Estate)

621,613

1,569,711

Canada

–

3.6%

14,788

Bank

of

Montreal

(Financials)

1,214,801

35,613

Bank

of

Nova

Scotia

(The)

(Financials)

1,594,357

5,090

BCE,

Inc.

(Communication

Services)

200,582

5,946

Brookfield

Asset

Management

Ltd.,

Class

A

(Financials)

208,352

33,155

Canadian

Imperial

Bank

of

Commerce

(Financials)

1,371,830

28,972

CGI,

Inc.

(Information

Technology)*

2,948,163

7,863

George

Weston

Ltd.

(Consumer

Staples)

922,961

71,716

Great-West

Lifeco,

Inc.

(Financials)

(a)

2,294,002

1,327

Hydro

One

Ltd.

(Utilities)

(b)

36,917

4,856

Intact

Financial

Corp.

(Financials)

753,193

Shares

Description

Value

a

Common

Stocks

–

(continued)

Canada

–

(continued)

32,028

Loblaw

Cos.

Ltd.

(Consumer

Staples)

$

2,763,784

25,495

Manulife

Financial

Corp.

(Financials)

499,802

14,502

Metro,

Inc.

(Consumer

Staples)

727,426

24,790

National

Bank

of

Canada

(Financials)

1,644,073

93,069

Power

Corp.

of

Canada

(Financials)

2,577,528

20,599

Quebecor,

Inc.,

Class

B

(Communication

Services)

457,452

21,482

Royal

Bank

of

Canada

(Financials)

1,942,783

33,390

Sun

Life

Financial,

Inc.

(Financials)

(a)

1,687,416

10,081

Thomson

Reuters

Corp.

(Industrials)

1,409,563

25,961

Toronto-Dominion

Bank

(The)

(Financials)

1,584,256

26,839,241

Denmark

–

0.0%

6,084

Tryg

A/S

(Financials)

131,507

Finland

–

0.4%

2,958

Elisa

OYJ

(Communication

Services)

132,585

27,468

Orion

OYJ,

Class

B

(Health

Care)

1,092,119

23,047

Sampo

OYJ,

Class

A

(Financials)

1,009,636

27,748

UPM-Kymmene

OYJ

(Materials)

971,249

3,205,589

France

–

2.4%

7,794

Air

Liquide

SA

(Materials)

1,478,002

83,836

AXA

SA

(Financials)

2,615,684

32,331

Bouygues

SA

(Industrials)

1,231,498

6,765

Capgemini

SE

(Information

Technology)

1,387,683

74,334

Cie

Generale

des

Etablissements

Michelin

(Consumer

Discretionary)

2,498,871

4,273

Dassault

Systemes

(Information

Technology)

200,315

3,536

Legrand

SA

(Industrials)

341,136

5,459

L'Oreal

SA

(Consumer

Staples)

2,567,470

374,586

Orange

SA

(Communication

Services)

(a)

4,620,068

6,095

Thales

SA

(Industrials)

910,753

17,851,480

Germany

–

2.0%

5,045

Allianz

SE

(Financials)

1,269,361

12,647

Beiersdorf

AG

(Consumer

Staples)

1,775,950

6,953

Deutsche

Boerse

AG

(Financials)

1,322,313

128,977

Deutsche

Telekom

AG

(Communication

Services)

3,092,473

GOLDMAN

SACHS

ACTIVE

BETA

®

WORLD

LOW

VOL

PLUS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Germany

–

(continued)

154,402

E.ON

SE

(Utilities)

$

2,010,666

3,339

Hannover

Rueck

SE

(Financials)

797,857

3,957

Henkel

AG

&

Co.

KGaA

(Consumer

Staples)

276,664

3,648

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Financials)

1,555,515

11,013

SAP

SE

(Information

Technology)

1,748,130

11,737

Talanx

AG

(Financials)

852,896

14,701,825

Hong

Kong

–

0.1%

57,518

CK

Asset

Holdings

Ltd.

(Real

Estate)

272,850

58,410

CLP

Holdings

Ltd.

(Utilities)

454,324

52,100

Power

Assets

Holdings

Ltd.

(Utilities)

271,830

999,004

Ireland

–

0.1%

4,931

Kerry

Group

PLC,

Class

A

(Consumer

Staples)

399,320

Israel

–

0.6%

16,763

Check

Point

Software

Technologies

Ltd.

(Information

Technology)*

2,447,398

13,443

First

International

Bank

Of

Israel

Ltd.

(The)

(Financials)

538,933

143,981

Mivne

Real

Estate

KD

Ltd.

(Real

Estate)

379,931

38,805

Mizrahi

Tefahot

Bank

Ltd.

(Financials)

1,385,856

4,752,118

Italy

–

0.6%

186,687

Assicurazioni

Generali

SpA

(Financials)

3,871,209

8,508

Snam

SpA

(Utilities)

42,915

27,841

Terna

-

Rete

Elettrica

Nazionale

(Utilities)

224,671

109,652

UnipolSai

Assicurazioni

SpA

(Financials)

271,586

4,410,381

Japan

–

8.1%

85,399

ANA

Holdings,

Inc.

(Industrials)*

(a)

1,763,031

142,166

Astellas

Pharma,

Inc.

(Health

Care)

1,728,572

55,593

Bridgestone

Corp.

(Consumer

Discretionary)

2,293,138

124,706

Canon,

Inc.

(Information

Technology)

3,211,389

52,508

Chubu

Electric

Power

Co.,

Inc.

(Utilities)

648,913

44,172

Daiwa

House

Industry

Co.

Ltd.

(Real

Estate)

1,254,630

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

183,599

Daiwa

Securities

Group,

Inc.

(Financials)

$

1,186,529

19,323

FUJIFILM

Holdings

Corp.

(Information

Technology)

1,131,919

2,952

Fujitsu

Ltd.

(Information

Technology)

421,729

15,220

Hankyu

Hanshin

Holdings,

Inc.

(Industrials)

460,301

11,630

Haseko

Corp.

(Consumer

Discretionary)

143,059

912

Hirose

Electric

Co.

Ltd.

(Information

Technology)

102,098

57,477

Hulic

Co.

Ltd.

(Real

Estate)

570,746

102,975

Japan

Post

Bank

Co.

Ltd.

(Financials)

1,016,620

345,786

Japan

Post

Holdings

Co.

Ltd.

(Financials)

3,051,225

138,778

Japan

Tobacco,

Inc.

(Consumer

Staples)

3,568,135

32,019

KDDI

Corp.

(Communication

Services)

1,001,710

26,197

Kirin

Holdings

Co.

Ltd.

(Consumer

Staples)

369,825

42,015

Kyocera

Corp.

(Information

Technology)

2,327,614

23,511

Kyushu

Electric

Power

Co.,

Inc.

(Utilities)*

157,540

19,497

Kyushu

Railway

Co.

(Industrials)

407,652

20,889

McDonald's

Holdings

Co.

Japan

Ltd.

(Consumer

Discretionary)

891,599

34,707

MEIJI

Holdings

Co.

Ltd.

(Consumer

Staples)

803,613

222,423

Mitsubishi

HC

Capital,

Inc.

(Financials)

1,450,974

34,034

MS&AD

Insurance

Group

Holdings,

Inc.

(Financials)

1,273,786

40,685

NEC

Corp.

(Information

Technology)

2,267,693

10,417

NH

Foods

Ltd.

(Consumer

Staples)

309,617

19,876

Nichirei

Corp.

(Consumer

Staples)

433,458

4,034,687

Nippon

Telegraph

&

Telephone

Corp.

(Communication

Services)

4,724,215

44,624

Nisshin

Seifun

Group,

Inc.

(Consumer

Staples)

618,340

8,147

Nissin

Foods

Holdings

Co.

Ltd.

(Consumer

Staples)

808,170

113,913

Obayashi

Corp.

(Industrials)

961,250

47,229

Oji

Holdings

Corp.

(Materials)

175,453

47,496

Ono

Pharmaceutical

Co.

Ltd.

(Health

Care)

874,195

15,424

Osaka

Gas

Co.

Ltd.

(Utilities)

300,478

6,302

Otsuka

Corp.

(Information

Technology)

257,264

55,750

Otsuka

Holdings

Co.

Ltd.

(Health

Care)

2,145,377

GOLDMAN

SACHS

ACTIVE

BETA

®

WORLD

LOW

VOL

PLUS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

9,170

SCSK

Corp.

(Information

Technology)

$

168,966

7,475

Secom

Co.

Ltd.

(Industrials)

520,547

38,442

Sekisui

Chemical

Co.

Ltd.

(Consumer

Discretionary)

546,200

104,490

Sekisui

House

Ltd.

(Consumer

Discretionary)

2,140,902

52,416

Shimizu

Corp.

(Industrials)

344,488

313,051

SoftBank

Corp.

(Communication

Services)

3,808,450

148,283

Takeda

Pharmaceutical

Co.

Ltd.

(Health

Care)

4,177,622

19,912

Tobu

Railway

Co.

Ltd.

(Industrials)

492,294

17,947

Tosoh

Corp.

(Materials)

238,792

34,686

Trend

Micro,

Inc.

(Information

Technology)

1,762,983

21,384

USS

Co.

Ltd.

(Consumer

Discretionary)

418,466

99,926

Yamada

Holdings

Co.

Ltd.

(Consumer

Discretionary)

289,636

60,021,203

Netherlands

–

1.4%

4,792

HAL

Trust

(Financials)

608,604

2,887

Heineken

Holding

NV

(Consumer

Staples)

224,595

153,127

Koninklijke

Ahold

Delhaize

NV

(Consumer

Staples)

4,437,563

207,663

Koninklijke

KPN

NV

(Communication

Services)

713,051

31,299

Wolters

Kluwer

NV

(Industrials)

4,313,189

10,297,002

New

Zealand

–

0.1%

18,719

Mainfreight

Ltd.

(Industrials)

780,421

Norway

–

0.6%

62,385

DNB

Bank

ASA

(Financials)

1,192,855

47,483

Gjensidige

Forsikring

ASA

(Financials)

802,191

44,603

SpareBank

1

SR-Bank

ASA

(Financials)

491,598

99,027

Storebrand

ASA

(Financials)

857,166

93,533

Telenor

ASA

(Communication

Services)

1,009,193

4,353,003

Portugal

–

0.0%

20,936

EDP

–

Energias

de

Portugal

SA

(Utilities)

100,213

Singapore

–

1.2%

7,970

DBS

Group

Holdings

Ltd.

(Financials)

189,546

1,387,775

Genting

Singapore

Ltd.

(Consumer

Discretionary)

951,456

293,374

Oversea-Chinese

Banking

Corp.

Ltd.

(Financials)

2,756,564

Shares

Description

Value

a

Common

Stocks

–

(continued)

Singapore

–

(continued)

265,009

Singapore

Airlines

Ltd.

(Industrials)

$

1,258,922

218,629

Singapore

Exchange

Ltd.

(Financials)

1,544,786

65,802

United

Overseas

Bank

Ltd.

(Financials)

1,342,073

118,608

UOL

Group

Ltd.

(Real

Estate)

524,342

71,987

Venture

Corp.

Ltd.

(Information

Technology)

675,856

9,243,545

Spain

–

0.6%

23,246

ACS

Actividades

de

Construccion

y

Servicios

SA

(Industrials)

929,580

62,093

Iberdrola

SA

(Utilities)

768,620

32,750

Naturgy

Energy

Group

SA

(Utilities)

(a)

979,814

29,039

Redeia

Corp.

SA

(Utilities)

487,307

323,799

Telefonica

SA

(Communication

Services)

1,396,937

4,562,258

Sweden

–

0.9%

27,583

Axfood

AB

(Consumer

Staples)

688,598

9,301

Essity

AB,

Class

B

(Consumer

Staples)

232,994

6,202

Industrivarden

AB,

Class

C

(Financials)

186,909

113,756

Investor

AB,

Class

A

(Financials)

2,339,419

19,576

Investor

AB,

Class

B

(Financials)

406,882

24,651

Skandinaviska

Enskilda

Banken

AB,

Class

A

(Financials)

298,761

104,276

Svenska

Handelsbanken

AB,

Class

A

(Financials)

989,139

58,223

Swedbank

AB,

Class

A

(Financials)

1,068,743

130,001

Telia

Co.

AB

(Communication

Services)

308,910

6,520,355

Switzerland

–

1.4%

34,610

Novartis

AG

(Health

Care)

3,387,963

28,680

SGS

SA

(Industrials)

2,450,605

3,569

Swisscom

AG

(Communication

Services)

2,094,897

5,128

Zurich

Insurance

Group

AG

(Financials)

2,582,429

10,515,894

United

Kingdom

–

2.8%

266,361

BAE

Systems

PLC

(Industrials)

3,540,600

45,443

British

American

Tobacco

PLC

(Consumer

Staples)

1,445,119

26,819

Bunzl

PLC

(Industrials)

1,019,225

562,841

CK

Hutchison

Holdings

Ltd.

(Industrials)

2,821,303

28,967

Compass

Group

PLC

(Consumer

Discretionary)

734,516

GOLDMAN

SACHS

ACTIVE

BETA

®

WORLD

LOW

VOL

PLUS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

Kingdom

–

(continued)

2,373

Diageo

PLC

(Consumer

Staples)

$

83,018

11,566

National

Grid

PLC

(Utilities)

150,447

104,845

RELX

PLC

(Industrials)

4,034,950

267,499

Sage

Group

PLC

(The)

(Information

Technology)

3,828,332

725,005

Tesco

PLC

(Consumer

Staples)

2,623,132

6,157

Unilever

PLC

(Consumer

Staples)

293,812

20,574,454

United

States

–

69.2%

15,410

3M

Co.

(Industrials)

1,526,669

4,219

Abbott

Laboratories

(Health

Care)

440,000

26,675

AbbVie,

Inc.

(Health

Care)

3,798,253

17,346

Accenture

PLC,

Class

A

(Information

Technology)

5,778,646

8,537

Adobe,

Inc.

(Information

Technology)*

5,216,192

42,682

Aflac,

Inc.

(Financials)

3,530,228

3,233

Agilent

Technologies,

Inc.

(Health

Care)

413,177

4,259

Air

Products

and

Chemicals,

Inc.

(Materials)

1,152,272

22,191

Akamai

Technologies,

Inc.

(Information

Technology)*

2,563,726

4,751

Alexandria

Real

Estate

Equities,

Inc.

REIT

(Real

Estate)

519,759

39,626

Alphabet,

Inc.,

Class

A

(Communication

Services)*

5,251,634

35,647

Alphabet,

Inc.,

Class

C

(Communication

Services)*

4,773,846

12,145

Altria

Group,

Inc.

(Consumer

Staples)

510,576

53,120

Amazon.com,

Inc.

(Consumer

Discretionary)*

7,760,301

31,120

Amdocs

Ltd.

(Information

Technology)

2,606,922

14,985

AmerisourceBergen

Corp.

(Health

Care)

3,047,499

11,959

AMETEK,

Inc.

(Industrials)

1,856,396

5,300

Amgen,

Inc.

(Health

Care)

1,429,092

39,764

Amphenol

Corp.,

Class

A

(Information

Technology)

3,618,126

11,246

Analog

Devices,

Inc.

(Information

Technology)

2,062,292

9,198

Aon

PLC,

Class

A

(Financials)

3,021,451

129,017

Apple,

Inc.

(Information

Technology)

24,506,779

20,916

Arch

Capital

Group

Ltd.

(Financials)*

1,750,460

17,073

Archer-Daniels-Midland

Co.

(Consumer

Staples)

1,258,792

10,746

Arthur

J

Gallagher

&

Co.

(Financials)

2,675,754

186,466

AT&T,

Inc.

(Communication

Services)

3,089,742

1,577

Automatic

Data

Processing,

Inc.

(Industrials)

362,584

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

States

–

(continued)

2,429

AutoZone,

Inc.

(Consumer

Discretionary)*

$

6,339,520

71,003

Bank

of

America

Corp.

(Financials)

2,164,881

4,932

Becton

Dickinson

&

Co.

(Health

Care)

1,164,840

22,457

Berkshire

Hathaway,

Inc.,

Class

B

(Financials)*

8,084,520

21,998

Boston

Scientific

Corp.

(Health

Care)*

1,229,468

60,698

Bristol-Myers

Squibb

Co.

(Health

Care)

2,997,267

3,031

Broadcom,

Inc.

(Information

Technology)

2,805,888

5,851

Broadridge

Financial

Solutions,

Inc.

(Industrials)

1,134,041

30,218

C.H.

Robinson

Worldwide,

Inc.

(Industrials)

2,479,387

9,125

Campbell

Soup

Co.

(Consumer

Staples)

366,643

37,418

Cardinal

Health,

Inc.

(Health

Care)

4,006,719

6,892

Cboe

Global

Markets,

Inc.

(Financials)

1,255,654

16,571

CDW

Corp.

(Information

Technology)

3,494,493

20,093

Chevron

Corp.

(Energy)

2,885,355

2,288

Chubb

Ltd.

(Financials)

524,936

21,039

Church

&

Dwight

Co.,

Inc.

(Consumer

Staples)

2,032,999

8,281

Cigna

Corp.

(Health

Care)

2,176,909

5,242

Cintas

Corp.

(Industrials)

2,900,137

116,479

Cisco

Systems,

Inc.

(Information

Technology)

5,635,254

54,214

Citigroup,

Inc.

(Financials)

2,499,265

5,382

CME

Group,

Inc.

(Financials)

1,175,214

53,666

Coca-Cola

Co.

(The)

(Consumer

Staples)

3,136,241

61,434

Cognizant

Technology

Solutions

Corp.,

Class

A

(Information

Technology)

4,323,725

73,310

Colgate-Palmolive

Co.

(Consumer

Staples)

5,774,629

66,732

Comcast

Corp.,

Class

A

(Communication

Services)

2,795,403

28,573

Conagra

Brands,

Inc.

(Consumer

Staples)

808,330

7,263

Consolidated

Edison,

Inc.

(Utilities)

654,469

1,384

Constellation

Brands,

Inc.,

Class

A

(Consumer

Staples)

332,838

24,024

Corning,

Inc.

(Information

Technology)

684,444

6,443

Costco

Wholesale

Corp.

(Consumer

Staples)

3,819,024

11,928

CSX

Corp.

(Industrials)

385,274

61,479

CVS

Health

Corp.

(Health

Care)

4,177,498

GOLDMAN

SACHS

ACTIVE

BETA

®

WORLD

LOW

VOL

PLUS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

States

–

(continued)

3,725

Darden

Restaurants,

Inc.

(Consumer

Discretionary)

$

582,851

57,710

Dell

Technologies,

Inc.,

Class

C

(Information

Technology)

4,378,458

2,900

Dover

Corp.

(Industrials)

409,364

54,122

Dow,

Inc.

(Materials)

2,800,814

6,593

Eaton

Corp.

PLC

(Industrials)

1,501,160

9,281

Electronic

Arts,

Inc.

(Communication

Services)

1,280,871

6,156

Elevance

Health,

Inc.

(Health

Care)

2,951,740

7,161

Eli

Lilly

&

Co.

(Health

Care)

4,232,437

2,140

Emerson

Electric

Co.

(Industrials)

190,246

2,036

Everest

Re

Group

Ltd.

(Financials)

835,880

16,816

Expeditors

International

of

Washington,

Inc.

(Industrials)

2,023,637

31,873

Exxon

Mobil

Corp.

(Energy)

3,274,632

78,463

Fastenal

Co.

(Industrials)

4,705,426

18,130

Fidelity

National

Financial,

Inc.

(Financials)

812,949

6,014

Fiserv,

Inc.

(Financials)*

785,489

8,873

FleetCor

Technologies,

Inc.

(Financials)*

2,133,957

18,886

Fortive

Corp.

(Industrials)

1,302,756

13,192

Fox

Corp.,

Class

B

(Communication

Services)

364,891

7,888

Gartner,

Inc.

(Information

Technology)*

3,430,018

2,914

GE

HealthCare

Technologies,

Inc.

(Health

Care)

199,492

30,488

Gen

Digital,

Inc.

(Information

Technology)

673,175

10,947

General

Dynamics

Corp.

(Industrials)

2,703,581

14,342

General

Electric

Co.

(Industrials)

1,746,856

9,518

General

Mills,

Inc.

(Consumer

Staples)

605,916

34,030

Genuine

Parts

Co.

(Consumer

Discretionary)

4,518,503

61,429

Gilead

Sciences,

Inc.

(Health

Care)

4,705,461

126,237

GSK

PLC

(Health

Care)

2,268,341

150,554

Haleon

PLC

(Consumer

Staples)

629,056

20,115

Hartford

Financial

Services

Group,

Inc.

(The)

(Financials)

1,572,188

1,261

HCA

Healthcare,

Inc.

(Health

Care)

315,855

34,059

Henry

Schein,

Inc.

(Health

Care)*

2,272,757

18,732

Hershey

Co.

(The)

(Consumer

Staples)

3,520,117

196,686

Hewlett

Packard

Enterprise

Co.

(Information

Technology)

3,325,960

11,884

Hologic,

Inc.

(Health

Care)*

847,329

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

States

–

(continued)

17,476

Home

Depot,

Inc.

(The)

(Consumer

Discretionary)

$

5,478,551

1,014

Honeywell

International,

Inc.

(Industrials)

198,663

54,582

HP,

Inc.

(Information

Technology)

1,601,436

17,889

Illinois

Tool

Works,

Inc.

(Industrials)

4,332,895

21,889

Incyte

Corp.

(Health

Care)*

1,189,448

10,358

Intel

Corp.

(Information

Technology)

463,003

10,214

Intercontinental

Exchange,

Inc.

(Financials)

1,162,762

29,942

International

Business

Machines

Corp.

(Information

Technology)

4,747,604

43,525

International

Paper

Co.

(Materials)

1,607,814

1,661

Intuit,

Inc.

(Information

Technology)

949,195

3,404

IQVIA

Holdings,

Inc.

(Health

Care)*

728,796

8,281

J

M

Smucker

Co.

(The)

(Consumer

Staples)

908,674

6,235

Johnson

Controls

International

PLC

(Industrials)

329,208

39,632

Johnson &

Johnson

(Health

Care)

6,129,485

22,583

JPMorgan

Chase &

Co.

(Financials)

3,524,755

19,281

Keurig

Dr

Pepper,

Inc.

(Consumer

Staples)

608,701

27,018

Keysight

Technologies,

Inc.

(Information

Technology)*

3,671,476

11,064

Kimberly-Clark

Corp.

(Consumer

Staples)

1,368,949

28,235

Kinder

Morgan,

Inc.

(Energy)

496,089

16,023

Kraft

Heinz

Co.

(The)

(Consumer

Staples)

562,568

57,013

Kroger

Co.

(The)

(Consumer

Staples)

2,523,966

4,221

L3Harris

Technologies,

Inc.

(Industrials)

805,409

12,136

Laboratory

Corp.

of

America

Holdings

(Health

Care)

2,632,420

5,553

Leidos

Holdings,

Inc.

(Industrials)

595,948

3,612

Linde

PLC

(Materials)

1,494,537

32,023

LKQ

Corp.

(Consumer

Discretionary)

1,425,984

1,395

Lockheed

Martin

Corp.

(Industrials)

624,639

37,599

Loews

Corp.

(Financials)

2,642,834

24,951

Lowe’s

Cos.,

Inc.

(Consumer

Discretionary)

4,961,007

893

Markel

Corp.

(Financials)*

1,285,107

27,790

Marsh

&

McLennan

Cos.,

Inc.

(Financials)

5,541,882

55,790

Masco

Corp.

(Industrials)

3,378,085

GOLDMAN

SACHS

ACTIVE

BETA

®

WORLD

LOW

VOL

PLUS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

States

–

(continued)

11,174

Mastercard,

Inc.,

Class

A

(Financials)

$

4,624,136

18,761

McDonald's

Corp.

(Consumer

Discretionary)

5,287,600

9,096

McKesson

Corp.

(Health

Care)

4,280,214

42,442

Merck &

Co.,

Inc.

(Health

Care)

4,349,456

19,621

Meta

Platforms,

Inc.,

Class

A

(Communication

Services)*

6,419,010

12,884

MetLife,

Inc.

(Financials)

819,809

56,510

Microsoft

Corp.

(Information

Technology)

21,412,204

36,878

Mondelez

International,

Inc.,

Class

A

(Consumer

Staples)

2,620,551

5,930

Monster

Beverage

Corp.

(Consumer

Staples)*

327,040

10,910

Moody's

Corp.

(Financials)

3,981,714

19,584

Motorola

Solutions,

Inc.

(Information

Technology)

6,323,086

9,511

Nasdaq,

Inc.

(Financials)

531,094

7,688

Nestle

SA

(Consumer

Staples)

878,389

350

NET

Lease

Office

Properties

REIT

(Real

Estate)*

5,723

30,782

NetApp,

Inc.

(Information

Technology)

2,813,167

4,638

NiSource,

Inc.

(Utilities)

118,918

842

Northrop

Grumman

Corp.

(Industrials)

400,085

8,623

NVIDIA

Corp.

(Information

Technology)

4,032,977

5,248

Omnicom

Group,

Inc.

(Communication

Services)

423,146

17,329

Oracle

Corp.

(Information

Technology)

2,013,803

9,448

O'Reilly

Automotive,

Inc.

(Consumer

Discretionary)*

9,281,526

15,313

Otis

Worldwide

Corp.

(Industrials)

1,313,702

32,725

PACCAR,

Inc.

(Industrials)

3,004,810

6,003

Packaging

Corp.

of

America

(Materials)

1,008,564

10,763

Paychex,

Inc.

(Industrials)

1,312,763

35,977

PepsiCo,

Inc.

(Consumer

Staples)

6,054,569

7,060

Pfizer,

Inc.

(Health

Care)

215,118

7,133

PG&E

Corp.

(Utilities)*

122,474

19,139

Philip

Morris

International,

Inc.

(Consumer

Staples)

1,786,817

28,961

Procter &

Gamble

Co.

(The)

(Consumer

Staples)

4,446,093

9,217

Progressive

Corp.

(The)

(Financials)

1,511,865

11,265

QUALCOMM,

Inc.

(Information

Technology)

1,453,748

16,960

Quest

Diagnostics,

Inc.

(Health

Care)

2,327,421

14,561

Raytheon

Technologies

Corp.

(Industrials)

1,186,430

13,311

Realty

Income

Corp.

REIT

(Real

Estate)

718,262

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

States

–

(continued)

3,047

Regeneron

Pharmaceuticals,

Inc.

(Health

Care)*

$

2,510,149

22,548

Republic

Services,

Inc.

(Industrials)

3,649,168

6,730

Roche

Holding

AG

(Health

Care)

1,826,941

6,103

Roche

Holding

AG

(Health

Care)

1,753,240

3,589

Rockwell

Automation,

Inc.

(Industrials)

988,554

1,636

Roper

Technologies,

Inc.

(Information

Technology)

880,577

3,208

Ross

Stores,

Inc.

(Consumer

Discretionary)

418,259

20,971

Royalty

Pharma

PLC,

Class

A

(Health

Care)

567,685

5,316

Salesforce,

Inc.

(Information

Technology)*

1,339,100

25,609

Sanofi

SA

(Health

Care)

2,387,922

5,696

Sherwin-Williams

Co.

(The)

(Materials)

1,588,045

2,933

Snap-on,

Inc.

(Industrials)

805,666

12,826

Southern

Co.

(The)

(Utilities)

910,389

33,713

SS&C

Technologies

Holdings,

Inc.

(Industrials)

1,896,693

11,127

Starbucks

Corp.

(Consumer

Discretionary)

1,104,911

1,533

STERIS

PLC

(Health

Care)

308,041

4,867

Stryker

Corp.

(Health

Care)

1,442,238

14,045

Swiss

Re

AG

(Financials)

1,667,697

3,611

Synopsys,

Inc.

(Information

Technology)*

1,961,604

22,916

Sysco

Corp.

(Consumer

Staples)

1,653,848

8,659

TE

Connectivity

Ltd.

(Information

Technology)

1,134,329

9,829

Texas

Instruments,

Inc.

(Information

Technology)

1,500,987

15,086

Textron,

Inc.

(Industrials)

1,156,493

300

Thermo

Fisher

Scientific,

Inc.

(Health

Care)

148,728

47,204

TJX

Cos.,

Inc.

(The)

(Consumer

Discretionary)

4,159,144

2,489

T-Mobile

US,

Inc.

(Communication

Services)

374,470

8,929

Tractor

Supply

Co.

(Consumer

Discretionary)

1,812,676

3,465

Travelers

Cos.,

Inc.

(The)

(Financials)

625,848

12,139

UnitedHealth

Group,

Inc.

(Health

Care)

6,712,503

23,682

VeriSign,

Inc.

(Information

Technology)*

5,025,320

3,609

Verisk

Analytics,

Inc.

(Industrials)

871,321

114,092

Verizon

Communications,

Inc.

(Communication

Services)

4,373,146

5,233

Vertex

Pharmaceuticals,

Inc.

(Health

Care)*

1,856,721

20,678

Visa,

Inc.,

Class

A

(Financials)

5,307,629

GOLDMAN

SACHS

ACTIVE

BETA

®

WORLD

LOW

VOL

PLUS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

**End

swaps

header**

Additional

Investment

Information

**End

swaps

header**

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

States

–

(continued)

20,484

W

R

Berkley

Corp.

(Financials)

$

1,486,114

5,263

W.P.

Carey,

Inc.

REIT

(Real

Estate)

327,569

6,925

W.W.

Grainger,

Inc.

(Industrials)

5,444,366

47,703

Walmart,

Inc.

(Consumer

Staples)

7,426,880

22,274

Waste

Management,

Inc.

(Industrials)

3,808,631

10,251

Welltower,

Inc.

REIT

(Real

Estate)

913,364

1,061

Willis

Towers

Watson

PLC

(Financials)

261,324

44,210

Yum!

Brands,

Inc.

(Consumer

Discretionary)

5,550,566

3,154

Zebra

Technologies

Corp.,

Class

A

(Information

Technology)*

747,435

8,806

Zoetis,

Inc.

(Health

Care)

1,555,756

514,288,817

TOTAL

COMMON

STOCKS

(Cost

$692,985,117)

735,920,057

Shares

Description

Rate

Value

a

Preferred

Stock

–

0.1%

Germany

–

0.1%

4,684

Henkel

AG

&

Co.

KGaA

(Consumer

Staples)

(Cost

$382,896)

2.56

%

368,994

Shares

Dividend

Rate

Value

aa

a

Investment

Company

–

0.2%

(c)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

-

Institutional

Shares

1,410,124

5.260%

1,410,124

(Cost

$1,410,124)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$694,778,137)

737,699,175

Shares

Dividend

Rate

Value

a

Securities

Lending

Reinvestment

Vehicle

–

1.5%

(c)

a

a

a

a

Goldman

Sachs

Financial

Square

Government

Fund

–

Institutional

Shares

11,308,237

5.259%

$

11,308,237

(Cost

$11,308,237)

TOTAL

INVESTMENTS

–

100.7%

(Cost

$706,086,374)

$

749,007,412

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(0.7)%

(5,185,203)

NET

ASSETS

–

100.0%

$

743,822,209

a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

All

or

a

portion

of

security

is

on

loan.

(b)

Exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

(c)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

CVA

—

Dutch

Certification

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Sector

Name

%

of

Market

Value

Information

Technology

21.6

%

Financials

17.5

Health

Care

13.4

Industrials

12.6

Consumer

Staples

11.5

Consumer

Discretionary

9.8

Communication

Services

7.3

Materials

1.8

Utilities

1.1

Energy

0.9

Real

Estate

0.8

Investment

Company

0.2

Securities

Lending

Reinvestment

Vehicle

1.5

TOTAL

INVESTMENTS

100.0%

FUTURES

CONTRACTS

—

At

November

30,

2023,

the

Portfolio

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

E-Mini

MSCI

EAFE

Index

Future

13

12/15/23

$

1,382,290

$

28,400

S&P

500

E-Mini

Index

13

12/15/23

2,974,888

63,437

Total

Futures

Contracts

$

91,837

Goldman

Sachs

ActiveBeta®

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

Action

of

1940

(“Valuation

Designee”)

GSAM

has

day-to-day

responsibility

for

implementing

and

maintaining

internal

controls

and

procedures

related

to

the

valuation

of

the

Funds’

investments.

To

assess

the

continuing

appropriateness

of

pricing

sources

and

methodologies,

GSAM

regularly

performs

price

verification

procedures

and

issues

challenges

as

necessary

to

third

party

pricing

vendors

or

brokers,

and

any

differences

are

reviewed

in

accordance

with

the

Valuation

Procedures.

Level

1

and

Level

2

Fair

Value

Investments

—

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

values

for

investments

classified

as

Level

1

and

Level

2

are

as

follows:

Equity

Securities

—

Equity

securities

traded

on

a

United

States

(“U.S.”)

securities

exchange

or

the

NASDAQ

system,

or

those

located

on

certain

foreign

exchanges,

including

but

not

limited

to

the

Americas,

are

valued

daily

at

their

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

they

are

traded.

If

there

is

no

sale

or

official

closing

price

or

such

price

is

believed

by

GSAM

to

not

represent

fair

value,

equity

securities

will

be

valued

at

the

valid

closing

bid

price

for

long

positions

and

at

the

valid

closing

ask

price

for

short

positions

(i.e.

where

there

is

sufficient

volume,

during

normal

exchange

trading

hours).

If

no

valid

bid/ask

price

is

available,

the

equity

security

will

be

valued

pursuant

to

the

Valuation

Procedures

and

consistent

with

applicable

regulatory

guidance.

To

the

extent

these

investments

are

actively

traded,

they

are

classified

as

Level

1

of

the

fair

value

hierarchy,

otherwise

they

are

generally

classified

as

Level

2.

Certain

equity

securities

containing

unique

attributes

may

be

classified

as

Level

2.

Unlisted

equity

securities

for

which

market

quotations

are

available

are

valued

at

the

last

sale

price

on

the

valuation

date,

or

if

no

sale

occurs,

at

the

last

bid

price

for

long

positions

or

the

last

ask

price

for

short

positions,

and

are

generally

classified

as

Level

2.

Goldman

Sachs

ActiveBeta®

ETFS

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Underlying

Funds

(including

Money

Market

Funds)

—

Underlying

funds

(“Underlying

Funds”)

include

ETFs

and

other

investment

companies.

Investments

in

the

Underlying

Funds

(except

ETFs)

are

valued

at

the

NAV

per

share

on

the

day

of

valuation.

ETFs

are

valued

daily

at

the

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

the

investment

is

traded.

Because

the

Funds

invest

in

Underlying

Funds

that

fluctuate

in

value,

the

Funds’

shares

will

correspondingly

fluctuate

in

value.

Underlying

Funds

are

generally

classified

as

Level

1

of

the

fair

value

hierarchy.

To

the

extent

that

underlying

ETFs

are

actively

traded,

they

are

classified

as

Level

1

of

the

fair

value

hierarchy,

otherwise

they

are

generally

classified

as

Level

2.

For

information

regarding

an

Underlying

Fund’s

accounting

policies

and

investment

holdings,

please

see

the

Underlying

Fund’s

shareholder

report.

Derivative

Contracts

—

A

derivative

is

an

instrument

whose

value

is

derived

from

underlying

assets,

indices,

reference

rates

or

a

combination

of

these

factors.

A

Fund

enters

into

derivative

transactions

to

hedge

against

changes

in

interest

rates,

securities

prices,

and/or

currency

exchange

rates,

to

increase

total

return,

or

to

gain

access

to

certain

markets

or

attain

exposure

to

other

underliers.

For

financial

reporting

purposes,

cash

collateral

that

has

been

pledged

to

cover

obligations

of

a

Fund

and

cash

collateral

received,

if

any,

is

reported

separately

on

the

Statements

of

Assets

and

Liabilities

as

either

due

to

broker/receivable

for

collateral

on

certain

derivative

contracts.

Non-cash

collateral

pledged

by

a

Fund,

if

any,

is

noted

in

the

Schedules

of

Investments.

Exchange-traded

derivatives,

including

futures

and

options

contracts,

are

generally

valued

at

the

last

sale

or

settlement

price

on

the

exchange

where

they

are

principally

traded.

Exchange-traded

options

without

settlement

prices

are

generally

valued

at

the

last

bid

price

for

long

positions

and

the

last

ask

price

for

short

positions

on

the

exchange

where

they

are

principally

traded.

Exchange-traded

derivatives

typically

fall

within

Level

1

of

the

fair

value

hierarchy.

Over-the-counter

(“OTC”)

and

centrally

cleared

derivatives

are

valued

using

market

transactions

and

other

market

evidence,

including

market-based

inputs

to

models,

calibration

to

market-clearing

transactions,

broker

or

dealer

quotations,

or

other

alternative

pricing

sources.

Where

models

are

used,

the

selection

of

a

particular

model

to

value

OTC

and

centrally

cleared

derivatives

depends

upon

the

contractual

terms

of,

and

specific

risks

inherent

in,

the

instrument,

as

well

as

the

availability

of

pricing

information

in

the

market.

Valuation

models

require

a

variety

of

inputs,

including

contractual

terms,

market

prices,

yield

curves,

credit

curves,

measures

of

volatility,

voluntary

and

involuntary

prepayment

rates,

loss

severity

rates

and

correlations

of

such

inputs.

For

OTC

and

centrally

cleared

derivatives

that

trade

in

liquid

markets,

model

inputs

can

generally

be

verified

and

model

selection

does

not

involve

significant

management

judgment.

OTC

and

centrally

cleared

derivatives

are

classified

within

Level

2

of

the

fair

value

hierarchy

when

significant

inputs

are

corroborated

by

market

evidence.

i.

Futures

Contracts

—

Futures

contracts

are

contracts

to

buy

or

sell

a

standardized

quantity

of

a

specified

commodity

or

security.

Upon

entering

into

a

futures

contract,

a

Fund

deposits

cash

or

securities

in

an

account

on

behalf

of

the

broker

in

an

amount

sufficient

to

meet

the

initial

margin

requirement.

Subsequent

payments

are

made

or

received

by

a

Fund

equal

to

the

daily

change

in

the

contract

value

and

are

recorded

as

variation

margin

receivable

or

payable

with

a

corresponding

offset

to

unrealized

gains

or

losses.

Level

3

Fair

Value

Investments

—

To

the

extent

that

significant

inputs

to

valuation

models

and

other

alternative

pricing

sources

are

unobservable,

or

if

quotations

are

not

readily

available,

or

if

GSAM

believes

that

such

quotations

do

not

accurately

reflect

fair

value,

the

fair

value

of

a

Fund’s

investments

may

be

determined

under

the

Valuation

Procedures.

GSAM,

consistent

with

its

procedures

and

applicable

regulatory

guidance,

may

make

an

adjustment

to

the

most

recent

valuation

prices

of

either

domestic

or

foreign

securities

in

light

of

significant

events

to

reflect

what

it

believes

to

be

the

fair

value

of

the

securities

at

the

time

of

determining

a

Fund’s

NAV.

To

the

extent

investments

are

valued

using

single

source

broker

quotations

obtained

directly

from

the

broker

or

passed

through

from

third

party

pricing

vendors,

such

investments

are

classified

as

Level

3

investments.

Fair

Value

Hierarchy

—

The

following

is

a

summary

of

the

Funds’

investments

classified

in

the

fair

value

hierarchy

as

of

November

30,

2023:

ActiveBeta®

Emerging

Markets

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Africa

$

32,820,147

$

—

$

—

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

ActiveBeta®

ETFS

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Asia

$

782,323,379

$

20,272,367

$

—

Europe

24,210,036

—

—

North

America

26,022,312

—

—

South

America

43,342,036

14,240,442

—

Exchange-Traded

Fund

5,464,287

—

—

Investment

Company

10,634,270

—

—

Securities

Lending

Reinvestment

Vehicle

1,787,921

—

—

Total

$

926,604,388

$

34,512,809

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(b)

$

67,621

$

—

$

—

€

1.00

€

1.00

€

1.00

1.00

1.00

1.00

ActiveBeta®

Europe

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Africa

$

4,013

$

—

$

—

Asia

76,192

—

—

Europe

10,295,600

72,578

—

North

America

1,060,210

—

—

Oceania

139,243

—

—

South

America

8,394

—

—

Investment

Company

90,432

—

—

Securities

Lending

Reinvestment

Vehicle

111,831

—

—

Total

$

11,785,915

$

72,578

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(b)

$

289

$

—

$

—

€

1.00

€

1.00

€

1.00

1.00

1.00

1.00

ActiveBeta®

International

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Africa

$

672,229

$

—

$

—

Asia

807,227,890

—

—

Europe

1,698,897,889

11,295,029

—

North

America

538,635,224

3,060,268

—

Oceania

205,146,702

—

—

South

America

2,293,933

—

—

Investment

Company

7,050,227

—

—

Securities

Lending

Reinvestment

Vehicle

39,101,879

—

—

Total

$

3,299,025,973

$

14,355,297

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(b)

$

417,389

$

—

$

—

€

1.00

€

1.00

€

1.00

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

ActiveBeta®

ETFS

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

€

1.00

€

1.00

€

1.00

ActiveBeta®

Japan

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

13,682,052

$

—

$

—

Investment

Company

39,130

—

—

Securities

Lending

Reinvestment

Vehicle

92,289

—

—

Total

$

13,813,471

$

—

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(b)

$

1,319

$

—

$

—

€

1.00

€

1.00

€

1.00

1.00

1.00

1.00

ActiveBeta®

Paris-Aligned

Climate

US

Large

Cap

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

North

America

$

7,465,241

$

—

$

—

Investment

Company

21,395

—

—

Securities

Lending

Reinvestment

Vehicle

11,628

—

—

Total

$

7,498,264

$

—

$

—

€

1.00

€

1.00

€

1.00

1.00

1.00

1.00

ActiveBeta®

U.S.

Large

Cap

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

North

America

$

11,000,141,810

$

—

$

—

Investment

Company

24,500,226

—

—

Securities

Lending

Reinvestment

Vehicle

12,585,605

—

—

Total

$

11,037,227,641

$

—

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(b)

$

61,342

$

—

$

—

€

1.00

€

1.00

€

1.00

1.00

1.00

1.00

ActiveBeta®

U.S.

Small

Cap

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Africa

$

487,184

$

—

$

—

Asia

2,563,038

—

—

Europe

3,164,954

—

—

North

America

443,551,356

81,831

27,278

South

America

754,792

—

—

Investment

Company

8,588,262

—

—

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

ActiveBeta®

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.

Securities

Lending

Reinvestment

Vehicle

2,367,215

—

—

Total

$

461,476,801

$

81,831

$

27,278

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(b)

$

256,290

$

—

$

—

€

1.00

€

1.00

€

1.00

1.00

1.00

1.00

ActiveBeta®

World

Low

Vol

Plus

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

75,015,874

$

—

$

—

Europe

100,258,373

368,994

—

North

America

541,128,054

—

—

Oceania

19,517,756

—

—

Investment

Company

1,410,124

—

—

Securities

Lending

Reinvestment

Vehicle

11,308,237

—

—

Total

$

748,638,418

$

368,994

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(b)

$

91,837

$

—

$

—

€

1.00

€

1.00

€

1.00

1.00

1.00

1.00

(a)

Amounts

are

disclosed

by

continent

to

highlight

the

impact

of

time

zone

differences

between

local

market

close

and

the

calculation

of

NAV.

Security

valuations

are

based

on

the

principal

exchange

or

system

on

which

they

are

traded,

which

may

differ

from

country

of

domicile

noted

in

table.

The

Fund

utilizes

fair

value

model

prices

provided

by

an

independent

third-party

fair

value

service

for

certain

international

equity

securities

resulting

in

a

level

2

classification.

(b)

Amount

shown

represents

unrealized

gain

(loss)

at

period

end.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

ActiveBeta®

ETFS

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

In

the

event

of

a

default

by

a

borrower

with

respect

to

any

loan,

BNYM

may

exercise

any

and

all

remedies

provided

under

the

applicable

borrower

agreement

to

make

the

Funds

whole.

These

remedies

include

purchasing

replacement

securities

by

applying

the

collateral

held

from

the

defaulting

broker

against

the

purchase

cost

of

the

replacement

securities.

If

BNYM

is

unable

to

purchase

replacement

securities,

BNYM

will

indemnify

the

Funds

by

paying

the

Funds

an

amount

equal

to

the

market

value

of

the

securities

loaned

minus

the

value

of

cash

collateral

received

from

the

borrower

for

the

loan,

subject

to

an

exclusion

for

any

shortfalls

resulting

from

a

loss

of

value

in

such

cash

collateral

due

to

reinvestment

risk.

The

Funds’

master

netting

agreements

with

certain

borrowers

provide

the

right,

in

the

event

of

a

default

(including

bankruptcy

or

insolvency),

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

However,

in

the

event

of

a

default

by

a

borrower,

a

resolution

authority

could

determine

that

such

rights

are

not

enforceable

due

to

the

restrictions

or

prohibitions

against

the

right

of

set-off

that

may

be

imposed

in

accordance

with

a

particular

jurisdiction’s

bankruptcy

or

insolvency

laws.

The

Funds’

loaned

securities

were

all

subject

to

enforceable

Securities

Lending

Agreements

and

the

value

of

the

collateral

was

at

least

equal

to

the

value

of

the

cash

received.

The

Funds’

risks

include,

but

are

not

limited

to,

the

following:

Calculation

Methodology

Risk

—

The

Index

relies

on

various

sources

of

information

to

assess

the

criteria

of

issuers

included

in

the

Index

(or

a

Reference

Index

if

applicable),

including

fundamental

information

that

may

be

based

on

assumptions

and

estimates.

Neither

the

Fund,

the

Investment

Adviser

nor

the

Index

Provider

can

offer

assurances

that

the

Index’s

calculation

methodology

or

sources

of

information

will

provide

a

correct

valuation

of

securities,

nor

can

they

guarantee

the

availability

or

timeliness

of

the

production

of

the

Index.

Geographic

Risk

—

If

a

Fund

focuses

its

investments

in

securities

of

issuers

located

in

a

particular

country

or

geographic

region,

the

Fund

may

be

subjected,

to

a

greater

extent

than

if

its

investments

were

less

focused,

to

the

risks

of

volatile

economic

cycles

and/

or

conditions

and

developments

that

may

be

particular

to

that

country

or

region,

such

as:

adverse

securities

markets;

adverse

exchange

rates;

adverse

social,

political,

regulatory,

economic,

business,

environmental

or

other

developments;

or

natural

disasters.

Index

Risk

—

GSAM

(the

“Index

Provider”)

constructs

each

Fund’s

index

(an

“Index”)

in

accordance

with

a

rules-based

methodology.

A

Fund

will

be

negatively

affected

by

general

declines

in

the

securities

and

asset

classes

represented

in

its

Index.

In

addition,

because

the

Funds

are

not

“actively”

managed,

unless

a

specific

security

is

removed

from

an

Index,

a

Fund

generally

would

not

sell

a

security

because

the

security’s

issuer

was

in

financial

trouble.

Market

disruptions

and

regulatory

restrictions

could

have

an

adverse

effect

on

a

Fund’s

ability

to

adjust

its

exposure

to

the

required

levels

in

order

to

track

the

Index.

A

Fund

also

does

not

attempt

to

take

defensive

positions

under

any

market

conditions,

including

declining

markets.

Therefore,

a

Fund’s

performance

could

be

lower

than

funds

that

may

actively

shift

their

portfolio

assets

to

take

advantage

of

market

opportunities

or

to

lessen

the

impact

of

a

market

decline

or

a

decline

in

the

value

of

one

or

more

issuers.

The

Index

Provider

relies

on

third

party

data

it

believes

to

be

reliable

in

constructing

each

Index,

but

it

does

not

guarantee

the

accuracy

or

availability

of

such

third

party

data.

Errors

in

index

data,

index

computation

or

the

construction

of

an

Index

in

accordance

with

its

methodology

may

occur

from

time

to

time

and

may

not

be

identified

and

corrected

by

the

Index

Provider

for

a

period

of

time

or

at

all,

which

may

have

an

adverse

impact

on

the

applicable

Fund

and

its

shareholders.

In

addition,

neither

a

Fund,

the

Investment

Adviser,

the

Calculation

Agent

nor

the

Index

Provider

can

guarantee

the

availability

or

timeliness

of

the

production

of

the

Index.

Industry

Concentration

Risk

—

In

following

its

methodology,

the

Index

from

time

to

time

may

be

concentrated

to

a

significant

degree

in

securities

of

issuers

located

in

a

single

industry

or

group

of

industries.

To

the

extent

that

the

Index

concentrates

in

the

securities

of

issuers

in

a

particular

industry

or

group

of

industries,

the

Fund

also

may

concentrate

its

investments

to

approximately

the

same

extent.

By

concentrating

its

investments

in

an

industry

or

group

of

industries,

the

Fund

may

face

more

risks

than

if

it

were

diversified

broadly

over

numerous

industries

or

groups

of

industries.

If

the

Index

is

not

concentrated

in

a

particular

industry

or

group

of

industries,

the

Fund

will

not

concentrate

in

a

particular

industry

or

group

of

industries.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

ActiveBeta®

ETFS

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Investment

Style

Risk

—

Different

investment

styles

(e.g.,

“growth”,

“value”

or

“quantitative”)

tend

to

shift

in

and

out

of

favor

depending

upon

market

and

economic

conditions

and

investor

sentiment.

The

Fund

may

outperform

or

underperform

other

funds

that

invest

in

similar

asset

classes

but

employ

different

investment

styles.

Large

Shareholder

Transactions

Risk

—

Certain

shareholders,

including

other

funds

advised

by

the

Investment

Adviser,

may

from

time

to

time

own

a

substantial

amount

of

the

Fund’s

Shares.

In

addition,

a

third

party

investor,

the

Investment

Adviser

or

an

affiliate

of

the

Investment

Adviser,

an

authorized

participant,

a

lead

market

maker,

or

another

entity

(i.e.,

a

seed

investor)

may

invest

in

the

Fund

and

hold

its

investment

solely

to

facilitate

commencement

of

the

Fund

or

to

facilitate

the

Fund’s

achieving

a

specified

size

or

scale.

Any

such

investment

may

be

held

for

a

limited

period

of

time.

There

can

be

no

assurance

that

any

large

shareholder

would

not

redeem

its

investment,

that

the

size

of

the

Fund

would

be

maintained

at

such

levels

or

that

the

Fund

would

continue

to

meet

applicable

listing

requirements.

Redemptions

by

large

shareholders

could

have

a

significant

negative

impact

on

the

Fund,

including

on

the

Fund’s

liquidity.

In

addition,

transactions

by

large

shareholders

may

account

for

a

large

percentage

of

the

trading

volume

on

Cboe

or

NYSE

Arca

and

may,

therefore,

have

a

material

upward

or

downward

effect

on

the

market

price

of

the

Shares.

Market

and

Credit

Risks

—

In

the

normal

course

of

business,

a

Fund

trades

financial

instruments

and

enters

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk).

The

value

of

the

securities

in

which

a

Fund

invests

may

go

up

or

down

in

response

to

the

prospects

of

individual

companies,

particular

sectors

or

governments

and/or

general

economic

conditions

throughout

the

world

due

to

increasingly

interconnected

global

economies

and

financial

markets.

Events

such

as

war,

military

conflict,

acts

of

terrorism,

social

unrest,

natural

disasters,

recessions,

inflation,

rapid

interest

rate

changes,

supply

chain

disruptions,

sanctions,

the

spread

of

infectious

illness

or

other

public

health

threats

could

also

significantly

impact

a

Fund

and

its

investments.

Additionally,

a

Fund

may

also

be

exposed

to

credit

risk

in

the

event

that

an

issuer

or

guarantor

fails

to

perform

or

that

an

institution

or

entity

with

which

the

Fund

has

unsettled

or

open

transactions

defaults.

Market

Trading

Risk

—

Each

Fund

faces

numerous

market

trading

risks,

including

disruptions

to

creations

and

redemptions,

the

existence

of

extreme

market

volatility

or

potential

lack

of

an

active

trading

market

for

Shares.

If

a

shareholder

purchases

Shares

at

a

time

when

the

market

price

is

at

a

premium

to

the

NAV

or

sells

Shares

at

a

time

when

the

market

price

is

at

a

discount

to

the

NAV,

the

shareholder

may

pay

more

for,

or

receive

less

than,

the

underlying

value

of

the

Shares,

respectively.

The

Investment

Adviser

cannot

predict

whether

Shares

will

trade

below,

at

or

above

their

NAV.

Price

differences

may

be

due,

in

large

part,

to

the

fact

that

supply

and

demand

forces

at

work

in

the

secondary

trading

market

for

Shares

will

be

closely

related

to,

but

not

identical

to,

the

same

forces

influencing

the

prices

of

the

securities

of

a

Fund’s

Index

trading

individually

or

in

the

aggregate

at

any

point

in

time.

Tracking

Error

Risk

—

Tracking

error

is

the

divergence

of

a

Fund’s

performance

from

that

of

its

Index.

The

performance

of

a

Fund

may

diverge

from

that

of

its

Index

for

a

number

of

reasons.

Tracking

error

may

occur

because

of

transaction

costs,

a

Fund’s

holding

of

cash,

differences

in

accrual

of

dividends,

changes

to

its

Index

or

the

need

to

meet

new

or

existing

regulatory

requirements.

Unlike

a

Fund,

the

returns

of

an

Index

are

not

reduced

by

investment

and

other

operating

expenses,

including

the

trading

costs

associated

with

implementing

changes

to

its

portfolio

of

investments.

Tracking

error

risk

may

be

heightened

during

times

of

market

volatility

or

other

unusual

market

conditions.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)