# EDGAR Filing Document

**Accession Number:** 0001882879
**File Stem:** 0001193125-26-206425
**Filing Date:** 2026-5
**Character Count:** 393603
**Document Hash:** 2d36e8269e49b214b315f6db12bc7b29
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-206425.hdr.sgml**: 20260505

**ACCESSION NUMBER**: 0001193125-26-206425

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260505

**DATE AS OF CHANGE**: 20260505

**EFFECTIVENESS DATE**: 20260505

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Goldman Sachs ETF Trust II
- **CENTRAL INDEX KEY:** 0001882879

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23757
- **FILM NUMBER:** 26943307

**BUSINESS ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282
- **BUSINESS PHONE:** 212-902-1000

**MAIL ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282

## Series and Classes Contracts Data

### Goldman Sachs MarketBeta(R) U.S. 1000 Equity ETF (Series ID: S000075322)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000234252 | Goldman Sachs MarketBeta(R) U.S. 1000 Equity ETF | GUSA            |

### Goldman Sachs MarketBeta(R) Total International Equity ETF (Series ID: S000078890)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000239677 | Goldman Sachs MarketBeta(R) Total International Equity ETF | GXUS            |

?xml version='1.0' encoding='ASCII'? Goldman Sachs ETF Trust II

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number 811-23757

### Goldman Sachs ETF Trust II

#### (Exact name of registrant as specified in charter)

#### 200 West Street,

#### New York, New York 10282

#### (Address of principal executive offices) (Zip code)

#### Copies to:

---

| | |
|:---|:---|
| **Robert Griffith, Esq.**<br> **Goldman Sachs & Co. LLC**<br> **200 West Street**<br> **New York, NY 10282** | **Stephen H. Bier, Esq.**<br> **Dechert LLP**<br> **1095 Avenue of the Americas**<br> **New York, NY 10036** |

---

#### (Name and address of agents for service)

#### Registrant's telephone number, including area code: (312) 655-4400

#### Date of fiscal year end: August 31

#### Date of reporting period: February 28, 2026
ITEM 1. REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders is filed herewith.

![Image](g68337ifef839b233abccbc4.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs MarketBeta<sup>®</sup> Total International Equity ETF

# NYSE Arca, Inc.: GXUS

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs MarketBeta<sup>®</sup> Total International Equity ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 23.5% |
| Information Technology | 16.4% |
| Industrials | 15.4% |
| Consumer Discretionary | 9.1% |
| Materials | 7.6% |
| Health Care | 7.4% |
| Consumer Staples | 5.6% |
| Communication Services | 4.9% |
| Energy | 4.5% |
| Other | 5.3% |

---

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GXUS | $10 | 0.18%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$622,151,106

* # of Portfolio Holdings as of Period End2,429

* Portfolio Turnover Rate for the Period6%

* Total Net Advisory Fees Paid for the Period$474,683

Goldman Sachs MarketBeta<sup>®</sup> Total International Equity ETF

GXUS

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs MarketBeta<sup>®</sup> Total International Equity ETF

38150W206-SAR-0226 GXUS

![Image](g68337ifef839b233abccbc4.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# Goldman Sachs MarketBeta<sup>®</sup> U.S. 1000 Equity ETF

# NYSE Arca, Inc.: GUSA

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs MarketBeta<sup>®</sup> U.S. 1000 Equity ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 30.7% |
| Financials | 12.2% |
| Industrials | 10.5% |
| Communication Services | 10.4% |
| Consumer Discretionary | 10.1% |
| Health Care | 10.0% |
| Consumer Staples | 5.3% |
| Energy | 3.5% |
| Materials | 2.5% |
| Other | 4.7% |

---

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GUSA | $5 | 0.10%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics
* Total Net Assets as of Period End$2,151,576,018

* # of Portfolio Holdings as of Period End1,011

* Portfolio Turnover Rate for the Period1%

* Total Net Advisory Fees Paid for the Period$1,046,433

Goldman Sachs MarketBeta<sup>®</sup> U.S. 1000 Equity ETF

GUSA

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs MarketBeta<sup>®</sup> U.S. 1000 Equity ETF

38150W107-SAR-0226 GUSA

------

ITEM 2. CODE OF ETHICS.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the "Code of Ethics").

(b) Not applicable.

(c) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

(d) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

(e) Not applicable.

(f) A copy of the Code of Ethics is available as provided in Item 19(a)(1) of this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant's board of trustees has determined that the registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its audit committee. Michael Latham is the "audit committee financial expert" and "independent" (as each term is defined in Item 3 of Form N-CSR).

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The Registrant has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The members of the Audit Committee are Kathryn A. Cassidy, Joaquin Delgado, John F. Killian, Steven D. Krichmar, Michael Latham, and Gregory G. Weaver, each a Trustee of the Registrant.

ITEM 6. INVESTMENTS.

Schedule of Investments is included in Item 7 of this report.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

------

![LOGO](g68337g27m01.jpg)

Goldman Sachs Funds Semi-Annual Financial Statements February 28, 2026 Goldman Sachs MarketBeta® ETFs II Goldman Sachs MarketBeta® Total International Equity ETF (GXUS) Goldman Sachs MarketBeta® U.S. 1000 Equity ETF (GUSA)

------

## Goldman Sachs MarketBeta<sup>®</sup> ETFs II

---

| | |
|:---|:---|
| **Table of Contents** | **Page** |
|  **[Schedules of Investments](#mbii68337_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs MarketBeta<sup>®</sup> Total International Equity ETF](#mbii68337_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs MarketBeta<sup>®</sup> U.S. 1000 Equity ETF](#mbii68337_3) | 47 |
|  **[Financial Statements](#mbii68337_4)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#mbii68337_5) | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#mbii68337_6) | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#mbii68337_7) | 60 |
|  **[Financial Highlights](#mbii68337_8)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs MarketBeta<sup>®</sup> Total International Equity ETF](#mbii68337_9) | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs MarketBeta<sup>®</sup> U.S. 1000 Equity ETF](#mbii68337_10) | 62 |
|  **[Notes to Financial Statements](#mbii68337_11)** | 63 |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 98.6% | Common Stocks – 98.6% | Common Stocks – 98.6% |
| Argentina – 0.0% | Argentina – 0.0% |  |
| 1260 | Vista Energy SAB de CV ADR (Energy)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72752 |
| Australia – 4.8% | Australia – 4.8% |  |
| 650 | AGL Energy Ltd. (Utilities) | 4581 |
| 8070 | ALS Ltd. (Industrials) | 147343 |
| 3957 | Ampol Ltd. (Energy) | 79438 |
| &nbsp;&nbsp;&nbsp;&nbsp;48639 | ANZ Group Holdings Ltd. (Financials) | 1387890 |
| 11960 | APA Group (Utilities) | 78414 |
| 10006 | Aristocrat Leisure Ltd. (Consumer Discretionary) | 342848 |
| 3186 | ASX Ltd. (Financials) | 120246 |
| 26010 | Atlas Arteria Ltd. (Industrials) | 88973 |
| 42212 | Aurizon Holdings Ltd. (Industrials) | 124842 |
| 82360 | BHP Group Ltd. (Materials) | 3428309 |
| 7143 | BlueScope Steel Ltd. (Materials) | 142533 |
| 22273 | Brambles Ltd. (Industrials) | 398091 |
| 8551 | CAR Group Ltd. (Communication Services) | 161609 |
| 7605 | Charter Hall Group REIT (Real Estate) | 119613 |
| 1246 | Cochlear Ltd. (Health Care) | 176713 |
| 23215 | Coles Group Ltd. (Consumer Staples) | 340148 |
| 27043 | Commonwealth Bank of Australia (Financials) | 3365311 |
| 10620 | Computershare Ltd. (Industrials) | 234543 |
| 7369 | CSL Ltd. (Health Care) | 770713 |
| 17632 | Dexus REIT (Real Estate) | 84314 |
| 582 | Endeavour Group Ltd. (Consumer Staples) | 1622 |
| 32680 | Evolution Mining Ltd. (Materials) | 386138 |
| 26208 | Fortescue Ltd. (Materials) | 394835 |
| 157424 | Glencore PLC (Materials)\* | 1130205 |
| 34671 | Goodman Group REIT (Real Estate) | 715058 |
| 43132 | GPT Group (The) REIT (Real Estate) | 155534 |
| 38661 | Insurance Australia Group Ltd. (Financials) | 183495 |
| 5366 | IREN Ltd. (Information Technology)\* | 219738 |
| 731 | JB Hi-Fi Ltd. (Consumer Discretionary) | 42785 |
| 44639 | Lottery Corp. Ltd. (The) (Consumer Discretionary) | 175284 |
| 14570 | Lynas Rare Earths Ltd. (Materials)\* | 197075 |
| 5841 | Macquarie Group Ltd. (Financials) | 888630 |
| 45320 | Medibank Pvt Ltd. (Financials) | 141462 |
| 3111 | Mineral Resources Ltd. (Materials)\* | 135196 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Australia – (continued) | Australia – (continued) |  |
| 25419 | Mirvac Group REIT (Real Estate) | $37135 |
| 49408 | National Australia Bank Ltd. (Financials) | 1726025 |
| 3882 | NEXTDC Ltd. (Information Technology)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38399 |
| 22364 | Northern Star Resources Ltd. (Materials) | 482594 |
| 7535 | Orica Ltd. (Materials) | 131131 |
| 27929 | Origin Energy Ltd. (Utilities) | 241829 |
| 48592 | PLS Group Ltd. (Materials)\* | 179725 |
| 1193 | Pro Medicus Ltd. (Health Care) | 110525 |
| &nbsp;&nbsp;&nbsp;&nbsp;28695 | Qantas Airways Ltd. (Industrials) | 203473 |
| 24656 | QBE Insurance Group Ltd. (Financials) | 381820 |
| 4160 | Ramsay Health Care Ltd. (Health Care) | 127686 |
| 1232 | REA Group Ltd. (Communication Services)<sup>(a)</sup> | 146088 |
| 4640 | Reece Ltd. (Industrials) | 51783 |
| 6057 | Rio Tinto Ltd. (Materials) | 722284 |
| 17366 | Rio Tinto PLC (Materials) | 1712557 |
| 40316 | Santos Ltd. (Energy) | 194223 |
| 85216 | Scentre Group REIT (Real Estate) | 231986 |
| 8809 | SEEK Ltd. (Communication Services) | 103959 |
| 4516 | SGH Ltd. (Industrials) | 150296 |
| 72809 | Sigma Healthcare Ltd. (Health Care) | 147360 |
| 10424 | Sonic Healthcare Ltd. (Health Care) | 177025 |
| 75086 | South32 Ltd. (Materials) | 246146 |
| 47486 | Stockland REIT (Real Estate) | 172927 |
| 17691 | Suncorp Group Ltd. (Financials) | 184448 |
| 1336 | Technology One Ltd. (Information Technology) | 24821 |
| 185263 | Telstra Group Ltd. (Communication Services) | 683904 |
| 51113 | Transurban Group (Industrials) | 522344 |
| 63774 | Vicinity Ltd. REIT (Real Estate) | 111349 |
| 3416 | Washington H Soul Pattinson & Co. Ltd. (Financials) | 93116 |
| 18870 | Wesfarmers Ltd. (Consumer Discretionary) | 1070707 |
| 55179 | Westpac Banking Corp. (Financials) | 1672814 |
| 13326 | Whitehaven Coal Ltd. (Energy) | 74170 |
| 1754 | WiseTech Global Ltd. (Information Technology) | 59424 |
| 27490 | Woodside Energy Group Ltd. (Energy) | 554614 |
| 16966 | Woolworths Group Ltd. (Consumer Staples) | 435270 |
| 1692 | Worley Ltd. (Industrials) | 13674 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Australia – (continued) | Australia – (continued) |  |
| 4546 | Yancoal Australia Ltd. (Energy)<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18985 |
|  |  | 29600145 |
| Austria – 0.2% | Austria – 0.2% |  |
| 1165 | ANDRITZ AG (Industrials) | 101169 |
| 1229 | BAWAG Group AG (Financials)\*<sup>(b)</sup> | 191543 |
| 4951 | Erste Group Bank AG (Financials) | 588657 |
| 553 | EVN AG (Utilities) | 19327 |
| 2313 | OMV AG (Energy) | 149657 |
| 2081 | Raiffeisen Bank International AG (Financials) | 103834 |
| 276 | Strabag SE (Industrials) | 31023 |
| 255 | Verbund AG (Utilities) | 18155 |
| 549 | Vienna Insurance Group AG Wiener Versicherung Gruppe (Financials) | 42717 |
| 1829 | voestalpine AG (Materials) | 104822 |
| 3371 | Wienerberger AG (Materials) | 110648 |
|  |  | 1461552 |
| Belgium – 0.6% | Belgium – 0.6% |  |
| 360 | Ackermans & van Haaren NV (Industrials) | 123520 |
| 2967 | Ageas SA/NV (Financials) | 220347 |
| &nbsp;&nbsp;&nbsp;&nbsp;15876 | Anheuser-Busch InBev SA/NV (Consumer Staples) | 1290018 |
| 1390 | Colruyt Group NV (Consumer Staples) | 56292 |
| 531 | D'ieteren Group (Consumer Discretionary) | 114983 |
| 717 | Elia Group SA/NV (Utilities) | 114117 |
| 315 | Financiere de Tubize SA (Health Care) | 84240 |
| 1222 | Groupe Bruxelles Lambert NV (Financials) | 122712 |
| 4090 | KBC Group NV (Financials) | 554377 |
| 7 | Lotus Bakeries NV (Consumer Staples) | 86947 |
| 248 | Sofina SA (Financials) | 73730 |
| 460 | Syensqo SA (Materials) | 26271 |
| 1964 | UCB SA (Health Care) | 585058 |
| 2702 | Warehouses De Pauw CVA REIT (Real Estate) | 83074 |
|  |  | 3535686 |
| Brazil – 1.2% | Brazil – 1.2% |  |
| 51240 | Ambev SA (Consumer Staples) | 162562 |
| 19276 | Axia Energia (Utilities) | 230296 |
| 87609 | B3 SA – Brasil Bolsa Balcao (Financials) | 305791 |
| 24214 | Banco Bradesco SA (Financials) | 86736 |
| 19504 | Banco BTG Pactual SA (Financials) | 232982 |
| 17968 | Banco do Brasil SA (Financials) | 94424 |
| 6207 | Banco Santander Brasil SA (Financials) | 40546 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Brazil – (continued) | Brazil – (continued) |  |
| 11159 | BB Seguridade Participacoes SA (Financials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75462 |
| 8598 | Caixa Seguridade Participacoes SA (Financials) | 29826 |
| 7773 | Cia de Saneamento Basico do Estado de Sao Paulo (Utilities) | 233244 |
| 29587 | Cia Paranaense de Energia (Utilities) | 84578 |
| 3119 | CPFL Energia SA (Utilities) | 30622 |
| 7459 | CSN Mineracao SA (Materials) | 7912 |
| 11400 | Embraer SA (Industrials) | 205444 |
| 11222 | Energisa SA (Utilities) | 117835 |
| 9973 | Eneva SA (Utilities)\* | 41616 |
| 19559 | Equatorial SA (Utilities) | 160603 |
| 8476 | Itau Unibanco Holding SA (Financials) | 72027 |
| 1 | Klabin SA (Materials) | 2 |
| 18600 | Localiza Rent a Car SA (Industrials) | 184101 |
| 16590 | Motiva Infraestrutura de Mobilidade SA (Industrials) | 53862 |
| 3069 | Neoenergia SA (Utilities) | 19671 |
| 57104 | NU Holdings Ltd., Class A (Financials)\* | 855418 |
| 3308 | Pagseguro Digital Ltd., Class A (Financials) | 35098 |
| &nbsp;&nbsp;&nbsp;&nbsp;60509 | Petroleo Brasileiro SA - Petrobras (Energy) | 504168 |
| 2807 | Porto Seguro SA (Financials) | 28643 |
| 13354 | PRIO SA (Energy)\* | 141890 |
| 21216 | Raia Drogasil SA (Consumer Staples) | 103756 |
| 11072 | Rede D'Or Sao Luiz SA (Health Care)<sup>(b)</sup> | 87007 |
| 3613 | StoneCo Ltd., Class A (Financials)\* | 60698 |
| 5014 | Suzano SA (Materials) | 56707 |
| 13440 | Telefonica Brasil SA (Communication Services) | 113163 |
| 13200 | TIM SA (Communication Services) | 71813 |
| 14028 | TOTVS SA (Information Technology) | 103507 |
| 18021 | Ultrapar Participacoes SA (Consumer Discretionary) | 90661 |
| 58100 | Vale SA (Materials) | 1002292 |
| 19842 | Vibra Energia SA (Consumer Discretionary) | 115763 |
| 24648 | WEG SA (Industrials) | 238869 |
| 7409 | Wheaton Precious Metals Corp. (Materials) | 1207463 |
| 9005 | XP, Inc., Class A (Financials) | 193878 |
| 2554 | Yara International ASA (Materials) | 129050 |
|  |  | 7609986 |
| Canada – 7.5% | Canada – 7.5% |  |
| 8134 | Agnico Eagle Mines Ltd. (Materials) | 2043445 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 4 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Canada – (continued) | Canada – (continued) |  |
| 6753 | Alamos Gold, Inc., Class A (Materials) | $366059 |
| 11666 | Alimentation Couche-Tard, Inc. (Consumer Staples) | 708077 |
| 4641 | AltaGas Ltd. (Utilities) | 157757 |
| 9476 | ARC Resources Ltd. (Energy) | 175784 |
| 2711 | AtkinsRealis Group, Inc. (Industrials) | 187942 |
| 11606 | Bank of Montreal (Financials) | 1670546 |
| 20132 | Bank of Nova Scotia (The) (Financials) | 1527484 |
| &nbsp;&nbsp;&nbsp;&nbsp;27467 | Barrick Mining Corp. (Materials)<sup>(a)</sup> | 1393842 |
| 16327 | BCE, Inc. (Communication Services) | 429170 |
| 1424 | Bombardier, Inc., Class B (Industrials)\* | 294322 |
| 7541 | Brookfield Asset Management Ltd., Class A (Financials)<sup>(a)</sup> | 352155 |
| 36560 | Brookfield Corp. (Financials) | 1603563 |
| 876 | Brookfield Wealth Solutions Ltd. (Financials)\* | 38955 |
| 5280 | CAE, Inc. (Industrials)\* | 156598 |
| 7092 | Cameco Corp. (Energy) | 839174 |
| 15058 | Canadian Imperial Bank of Commerce (Financials) | 1521312 |
| 8241 | Canadian National Railway Co. (Industrials) | 924918 |
| 33375 | Canadian Natural Resources Ltd. (Energy) | 1460195 |
| 13869 | Canadian Pacific Kansas City Ltd. (Industrials) | 1214586 |
| 578 | Canadian Tire Corp. Ltd., Class A (Consumer Discretionary) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81086 |
| 2048 | Canadian Utilities Ltd., Class A (Utilities) | 71433 |
| 2799 | CCL Industries, Inc., Class B (Materials) | 194720 |
| 1857 | Celestica, Inc. (Information Technology)\* | 515742 |
| 24104 | Cenovus Energy, Inc. (Energy) | 537098 |
| 3623 | CGI, Inc. (Information Technology) | 265008 |
| 4590 | Choice Properties Real Estate Investment Trust REIT (Real Estate) | 53376 |
| 297 | Constellation Software, Inc. (Information Technology) | 548914 |
| 4399 | Dollarama, Inc. (Consumer Discretionary) | 647730 |
| 4889 | Emera, Inc. (Utilities) | 254407 |
| 2912 | Empire Co. Ltd. (Consumer Staples) | 103298 |
| 35319 | Enbridge, Inc. (Energy) | 1876722 |
| 357 | Fairfax Financial Holdings Ltd. (Financials) | 614545 |
| 834 | FirstService Corp. (Real Estate) | 131437 |
| 8256 | Fortis, Inc. (Utilities) | 475014 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Canada – (continued) | Canada – (continued) |  |
| 3125 | Franco-Nevada Corp. (Materials) | $873538 |
| 2551 | George Weston Ltd. (Consumer Staples) | 187268 |
| 3087 | Gildan Activewear, Inc. (Consumer Discretionary) | 210433 |
| 4438 | Great-West Lifeco, Inc. (Financials)<sup>(a)</sup> | 214440 |
| 5170 | Hydro One Ltd. (Utilities)<sup>(b)</sup> | 222213 |
| 1509 | iA Financial Corp., Inc. (Financials)<sup>(a)</sup> | 171640 |
| 1455 | IGM Financial, Inc. (Financials) | 72395 |
| 2445 | Imperial Oil Ltd. (Energy) | 286028 |
| 2904 | Intact Financial Corp. (Financials) | 560742 |
| 3759 | Keyera Corp. (Energy) | 143486 |
| &nbsp;&nbsp;&nbsp;&nbsp;19728 | Kinross Gold Corp. (Materials) | 729322 |
| 8796 | Loblaw Cos. Ltd. (Consumer Staples) | 407730 |
| 1613 | Lundin Gold, Inc. (Materials) | 152057 |
| 3106 | Magna International, Inc. (Consumer Discretionary)<sup>(a)</sup> | 195877 |
| 27755 | Manulife Financial Corp. (Financials) | 988423 |
| 3949 | Metro, Inc. (Consumer Staples) | 281412 |
| 6398 | National Bank of Canada (Financials) | 893051 |
| 8526 | Nutrien Ltd. (Materials) | 641333 |
| 1659 | Open Text Corp. (Information Technology) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41102 |
| 6882 | Pan American Silver Corp. (Materials) | 472206 |
| 9592 | Pembina Pipeline Corp. (Energy) | 421630 |
| 8766 | Power Corp. of Canada (Financials) | 440405 |
| 2504 | Quebecor, Inc., Class B (Communication Services) | 103568 |
| 3011 | RB Global, Inc. (Industrials) | 303363 |
| 3998 | Restaurant Brands International, Inc. (Consumer Discretionary) | 286868 |
| 4604 | Rogers Communications, Inc., Class B (Communication Services) | 183775 |
| 22767 | Royal Bank of Canada (Financials) | 3807215 |
| 3892 | Saputo, Inc. (Consumer Staples) | 124250 |
| 19315 | Shopify, Inc., Class A (Information Technology)\* | 2332075 |
| 1862 | Stantec, Inc. (Industrials) | 172431 |
| 9184 | Sun Life Financial, Inc. (Financials)<sup>(a)</sup> | 602009 |
| 19837 | Suncor Energy, Inc. (Energy)<sup>(a)</sup> | 1120681 |
| 16943 | TC Energy Corp. (Energy) | 1088869 |
| 7040 | Teck Resources Ltd., Class B (Materials) | 413516 |
| 25240 | TELUS Corp. (Communication Services) | 346070 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Canada – (continued) | Canada – (continued) |  |
| 1621 | TFI International, Inc. (Industrials) | $193698 |
| 1657 | Thomson Reuters Corp. (Industrials) | 159558 |
| &nbsp;&nbsp;&nbsp;&nbsp;27608 | Toronto-Dominion Bank (The) (Financials) | 2689849 |
| 4574 | Tourmaline Oil Corp. (Energy) | 214774 |
| 2161 | WSP Global, Inc. (Industrials) | 366127 |
|  |  | 46551841 |
| Chile – 0.3% | Chile – 0.3% |  |
| 5440 | Antofagasta PLC (Materials) | 312154 |
| 727109 | Banco de Chile (Financials) | 149724 |
| 1473 | Banco de Credito e Inversiones SA (Financials) | 100755 |
| 1027617 | Banco Santander Chile (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88168 |
| 21127 | Cencosud SA (Consumer Staples) | 65918 |
| 12309 | Cencosud Shopping SA (Real Estate) | 35627 |
| 11342 | Empresas Copec SA (Consumer Discretionary) | 93451 |
| 403063 | Enel Chile SA (Utilities) | 33683 |
| 26403 | Falabella SA (Consumer Discretionary) | 195725 |
| 7426700 | Latam Airlines Group SA (Industrials) | 208662 |
| 10880 | Lundin Mining Corp. (Materials) | 346699 |
| 7709 | Plaza SA (Real Estate) | 35981 |
| 4663 | Quinenco SA (Industrials) | 23471 |
|  |  | 1690018 |
| China – 8.0% | China – 8.0% |  |
| 6551 | 360 Security Technology, Inc., Class A (Information Technology) | 11840 |
| 2084 | 37 Interactive Entertainment Network Technology Group Co. Ltd., Class A (Communication Services) | 7442 |
| 30500 | 3SBio, Inc. (Health Care)\*<sup>(b)</sup> | 85548 |
| 21580 | AAC Technologies Holdings, Inc. (Information Technology) | 103015 |
| 695 | Accelink Technologies Co. Ltd., Class A (Information Technology) | 7691 |
| 230 | ACM Research Shanghai, Inc., Class A (Information Technology) | 5774 |
| 571 | Advanced Micro-Fabrication Equipment Inc China, Class A (Information Technology) | 29350 |
| 1191 | AECC Aero-Engine Control Co. Ltd., Class A (Industrials) | 4836 |
| 2481 | AECC Aviation Power Co. Ltd., Class A (Industrials) | 20663 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 78726 | Agricultural Bank of China Ltd., Class A (Financials) | $73437 |
| 504041 | Agricultural Bank of China Ltd., Class H (Financials) | 342164 |
| &nbsp;&nbsp;&nbsp;&nbsp;14995 | AIMA Technology Group Co. Ltd., Class A (Consumer Discretionary) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64037 |
| 76591 | Air China Ltd., Class H (Industrials)\* | 66485 |
| 2825 | Airtac International Group (Industrials) | 109068 |
| 1687 | Aisino Corp., Class A (Information Technology) | 2488 |
| 9009 | Akeso, Inc. (Health Care)\*<sup>(b)</sup> | 123120 |
| 296828 | Alibaba Group Holding Ltd. (Consumer Discretionary) | 5422642 |
| 131650 | Alibaba Health Information Technology Ltd. (Consumer Staples)\* | 93914 |
| 12308 | Aluminum Corp. of China Ltd., Class A (Materials) | 24613 |
| 62560 | Aluminum Corp. of China Ltd., Class H (Materials) | 113089 |
| 384 | Amlogic Shanghai Co. Ltd., Class A (Information Technology)\* | 5317 |
| 10500 | Andon Health Co. Ltd., Class A (Health Care) | 67935 |
| 22012 | Angang Steel Co. Ltd., Class H (Materials)\* | 6050 |
| 794 | Angel Yeast Co. Ltd., Class A (Consumer Staples) | 5091 |
| 38657 | Anhui Conch Cement Co. Ltd., Class H (Materials) | 121079 |
| 6000 | Anhui Expressway Co. Ltd., Class H (Industrials) | 10624 |
| 1985 | Anhui Jianghuai Automobile Group Corp. Ltd., Class A (Consumer Discretionary)\* | 15855 |
| 5700 | Anjoy Foods Group Co. Ltd., Class H (Consumer Staples) | 58843 |
| 387 | Anker Innovations Technology Co. Ltd., Class A (Information Technology) | 5458 |
| 14674 | ANTA Sports Products Ltd. (Consumer Discretionary) | 159550 |
| 1092 | Apeloa Pharmaceutical Co. Ltd., Class A (Health Care) | 2876 |
| 893 | Asia - Potash International Investment Guangzhou Co. Ltd., Class A (Materials)\* | 7354 |
| 389 | ASR Microelectronics Co. Ltd., Class A (Information Technology)\* | 5542 |
| 430 | Asymchem Laboratories Tianjin Co. Ltd., Class H (Health Care)<sup>(b)</sup> | 4315 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 6 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 1027 | Atour Lifestyle Holdings Ltd. ADR (Consumer Discretionary) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40330 |
| 1787 | Avary Holding Shenzhen Co. Ltd., Class A (Information Technology) | 15365 |
| &nbsp;&nbsp;&nbsp;&nbsp;36575 | AviChina Industry & Technology Co. Ltd., Class H (Industrials) | 19872 |
| 595 | AVICOPTER PLC, Class A (Industrials) | 3361 |
| 57861 | BAIC BluePark New Energy Technology Co. Ltd., Class A (Consumer Discretionary)\* | 67383 |
| 35200 | Baidu, Inc., Class A (Communication Services)\* | 556655 |
| 5558 | Baiyin Nonferrous Group Co. Ltd., Class A (Materials) | 8668 |
| 19752 | Bank of Beijing Co. Ltd., Class A (Financials) | 15517 |
| 3672 | Bank of Changsha Co. Ltd., Class A (Financials) | 5245 |
| 3474 | Bank of Chengdu Co. Ltd., Class A (Financials) | 8188 |
| 41389 | Bank of China Ltd., Class A (Financials) | 31852 |
| 1089442 | Bank of China Ltd., Class H (Financials) | 646243 |
| 1390 | Bank of Chongqing Co. Ltd., Class A (Financials) | 1983 |
| 52506 | Bank of Communications Co. Ltd., Class A (Financials) | 50127 |
| 119308 | Bank of Communications Co. Ltd., Class H (Financials) | 104633 |
| 3375 | Bank of Guiyang Co. Ltd., Class A (Financials) | 2858 |
| 5459 | Bank of Hangzhou Co. Ltd., Class A (Financials) | 12930 |
| 15881 | Bank of Jiangsu Co. Ltd., Class A (Financials) | 23957 |
| 9628 | Bank of Nanjing Co. Ltd., Class A (Financials) | 15787 |
| 6551 | Bank of Ningbo Co. Ltd., Class A (Financials) | 29877 |
| 13201 | Bank of Shanghai Co. Ltd., Class A (Financials) | 18625 |
| 3375 | Bank of Suzhou Co. Ltd., Class A (Financials) | 3999 |
| 21042 | Baoshan Iron & Steel Co. Ltd., Class A (Materials) | 22082 |
| 492000 | BBMG Corp., Class H (Materials) | 53464 |
| 6849 | Beijing Capital Eco- Environment Protection Group Co. Ltd., Class A (Utilities) | 3174 |
| 575 | Beijing Compass Technology Development Co. Ltd., Class A (Financials)\* | 9724 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 496 | Beijing Easpring Material Technology Co. Ltd., Class A (Industrials) | $4122 |
| 2680 | Beijing Enlight Media Co. Ltd., Class A (Communication Services) | 7613 |
| &nbsp;&nbsp;&nbsp;&nbsp;16873 | Beijing Enterprises Holdings Ltd. (Utilities) | 75929 |
| 143408 | Beijing Enterprises Water Group Ltd. (Utilities) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51884 |
| 10400 | Beijing Geekplus Technology Co. Ltd., Class H (Industrials)\* | 31803 |
| 198 | Beijing Huafeng Test & Control Technology Co. Ltd., Class A (Information Technology) | 8522 |
| 4367 | Beijing Jingneng Power Co. Ltd., Class A (Utilities) | 3507 |
| 1588 | Beijing New Building Materials PLC, Class A (Industrials) | 6478 |
| 387 | Beijing Roborock Technology Co. Ltd., Class A (Consumer Discretionary) | 8071 |
| 1787 | Beijing Shiji Information Technology Co. Ltd., Class A (Information Technology) | 3086 |
| 3375 | Beijing Shougang Co. Ltd., Class A (Materials) | 2814 |
| 28500 | Beijing Sinnet Technology Co. Ltd., Class A (Information Technology) | 72487 |
| 1787 | Beijing Ultrapower Software Co. Ltd., Class A (Information Technology) | 3032 |
| 36481 | Beijing Yanjing Brewery Co. Ltd., Class A (Consumer Staples) | 68699 |
| 556 | Bethel Automotive Safety Systems Co. Ltd., Class A (Consumer Discretionary) | 4472 |
| 397 | Betta Pharmaceuticals Co. Ltd., Class A (Health Care) | 2662 |
| 397 | BGI Genomics Co. Ltd., Class A (Health Care)\* | 2812 |
| 4684 | Bilibili, Inc., Class Z (Communication Services)\* | 132457 |
| 3196 | Bluefocus Intelligent Communications Group Co. Ltd., Class A (Communication Services)\* | 8618 |
| 1092 | Bluestar Adisseo Co., Class A (Materials) | 1791 |
| 3459 | BOC Aviation Ltd. (Industrials)<sup>(b)</sup> | 38516 |
| 58623 | BOC Hong Kong Holdings Ltd. (Financials) | 336502 |
| 2581 | BOC International China Co. Ltd., Class A (Financials) | 5383 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 37320 | BOE Technology Group Co. Ltd., Class A (Information Technology) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24369 |
| 993 | BTG Hotels Group Co. Ltd., Class A (Consumer Discretionary) | 2527 |
| &nbsp;&nbsp;&nbsp;&nbsp;27900 | Budweiser Brewing Co. APAC Ltd. (Consumer Staples)<sup>(b)</sup> | 27785 |
| 9960 | BYD Co. Ltd., Class A (Consumer Discretionary) | 129666 |
| 54840 | BYD Co. Ltd., Class H (Consumer Discretionary) | 665681 |
| 12489 | BYD Electronic International Co. Ltd. (Information Technology) | 51507 |
| 4268 | Caitong Securities Co. Ltd., Class A (Financials) | 5406 |
| 372 | Cambricon Technologies Corp. Ltd., Class A (Information Technology)\* | 63871 |
| 794 | Canmax Technologies Co. Ltd., Class A (Materials) | 5829 |
| 542 | Cathay Biotech, Inc., Class A (Materials) | 4320 |
| 194000 | CCOOP Group Co. Ltd., Class A (Consumer Discretionary)\* | 65318 |
| 3672 | CECEP Solar Energy Co. Ltd., Class A (Utilities) | 3120 |
| 14293 | CGN Power Co. Ltd., Class A (Utilities) | 8229 |
| 176015 | CGN Power Co. Ltd., Class H (Utilities)<sup>(b)</sup> | 70657 |
| 2724 | Chagee Holdings Ltd. ADR (Consumer Discretionary)<sup>(a)</sup> | 29773 |
| 5062 | Changjiang Securities Co. Ltd., Class A (Financials) | 5866 |
| 1787 | Chaozhou Three-Circle Group Co. Ltd., Class A (Information Technology) | 16435 |
| 1489 | Chifeng Jilong Gold Mining Co. Ltd., Class A (Materials) | 8664 |
| 2800 | Chifeng Jilong Gold Mining Co. Ltd., Class H (Materials) | 14197 |
| 23093 | China Automotive Engineering Research Institute Co. Ltd., Class A (Consumer Discretionary) | 67318 |
| 378603 | China Cinda Asset Management Co. Ltd., Class H (Financials)<sup>(a)</sup> | 60986 |
| 4863 | China CITIC Bank Corp. Ltd., Class A (Financials) | 5103 |
| 131151 | China CITIC Bank Corp. Ltd., Class H (Financials) | 120887 |
| 206000 | China CITIC Financial Asset Management Co., Ltd., Class H (Financials)\*<sup>(b)</sup> | 22385 |
| 3573 | China Coal Energy Co. Ltd., Class A (Energy) | 7900 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 30794 | China Coal Energy Co. Ltd., Class H (Energy) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51178 |
| 125056 | China Communications Services Corp. Ltd., Class H (Industrials) | 71144 |
| 1581723 | China Construction Bank Corp., Class H (Financials) | 1615664 |
| 7369 | China CSSC Holdings Ltd., Class A (Industrials) | 40546 |
| 9826 | China Eastern Airlines Corp. Ltd., Class A (Industrials)\* | 8206 |
| &nbsp;&nbsp;&nbsp;&nbsp;31705 | China Eastern Airlines Corp. Ltd., Class H (Industrials)\* | 22495 |
| 30372 | China Energy Engineering Corp. Ltd., Class A (Industrials) | 11244 |
| 95353 | China Energy Engineering Corp. Ltd., Class H (Industrials)(a) | 16091 |
| 3275 | China Enterprise Co. Ltd., Class A (Real Estate)\* | 1380 |
| 43374 | China Everbright Bank Co. Ltd., Class A (Financials) | 20483 |
| 121294 | China Everbright Bank Co. Ltd., Class H (Financials) | 51016 |
| 54601 | China Everbright Environment Group Ltd. (Industrials) | 35739 |
| 1687 | China Film Group Co. Ltd., Class A (Communication Services) | 3654 |
| 6352 | China First Heavy Industries Co. Ltd., Class A (Industrials)\* | 4768 |
| 4169 | China Galaxy Securities Co. Ltd., Class A (Financials) | 8878 |
| 56531 | China Galaxy Securities Co. Ltd., Class H (Financials) | 71620 |
| 3002 | China Gas Holdings Ltd. (Utilities) | 3109 |
| 3900 | China Gold International Resources Corp. Ltd. (Materials) | 102210 |
| 3573 | China Great Wall Securities Co. Ltd., Class A (Financials) | 5161 |
| 2978 | China Greatwall Technology Group Co. Ltd., Class A (Information Technology)\* | 7201 |
| 46548 | China Hongqiao Group Ltd. (Materials) | 211015 |
| 2084 | China International Marine Containers Group Co. Ltd., Class A (Industrials) | 4101 |
| 3672 | China Jushi Co. Ltd., Class A (Materials) | 14472 |
| 1985 | China Life Insurance Co. Ltd., Class A (Financials) | 12869 |
| 111641 | China Life Insurance Co. Ltd., Class H (Financials) | 450723 |
| 6157 | China Literature Ltd. (Communication Services)\*<sup>(b)</sup> | 24873 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 8 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 3497 | China Longyuan Power Group Corp. Ltd., Class H (Utilities) | $3384 |
| 20554 | China Medical System Holdings Ltd. (Health Care) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38364 |
| 70306 | China Mengniu Dairy Co. Ltd. (Consumer Staples) | 145427 |
| 20546 | China Merchants Bank Co. Ltd., Class A (Financials) | 116043 |
| 61879 | China Merchants Bank Co. Ltd., Class H (Financials) | 386361 |
| 7543 | China Merchants Energy Shipping Co. Ltd., Class A (Energy) | 17855 |
| 2283 | China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A (Industrials) | 3224 |
| &nbsp;&nbsp;&nbsp;&nbsp;42619 | China Merchants Port Holdings Co. Ltd. (Industrials) | 95240 |
| 6849 | China Merchants Securities Co. Ltd., Class A (Financials) | 16571 |
| 7075 | China Merchants Securities Co. Ltd., Class H (Financials)<sup>(b)</sup> | 12744 |
| 216334 | China Minsheng Banking Corp. Ltd., Class H (Financials) | 112009 |
| 58712 | China National Building Material Co. Ltd., Class H (Materials) | 51040 |
| 5657 | China National Chemical Engineering Co. Ltd., Class A (Industrials) | 7701 |
| 17667 | China National Nuclear Power Co. Ltd., Class A (Utilities) | 21939 |
| 794 | China National Software & Service Co. Ltd., Class A (Information Technology)\* | 5163 |
| 21000 | China Nonferrous Mining Corp. Ltd. (Materials) | 40297 |
| 3375 | China Northern Rare Earth Group High-Tech Co. Ltd., Class A (Materials) | 30696 |
| 1290 | China Oilfield Services Ltd., Class A (Energy) | 3172 |
| 2095 | China Oilfield Services Ltd., Class H (Energy) | 2702 |
| 27149 | China Overseas Land & Investment Ltd. (Real Estate) | 49806 |
| 6849 | China Pacific Insurance Group Co. Ltd., Class A (Financials) | 40739 |
| 41378 | China Pacific Insurance Group Co. Ltd., Class H (Financials) | 190117 |
| 31265 | China Petroleum & Chemical Corp., Class A (Energy) | 29438 |
| 380989 | China Petroleum & Chemical Corp., Class H (Energy) | 265450 |
| 4764 | China Petroleum Engineering Corp., Class A (Energy) | 2944 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 189140 | China Power International Development Ltd. (Utilities) | $79311 |
| 4584 | China Railway Construction Heavy Industry Corp. Ltd., Class A (Industrials) | 3621 |
| 4210 | China Railway Group Ltd., Class H (Industrials) | 2783 |
| 153868 | China Railway Signal & Communication Corp. Ltd., Class H (Information Technology)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72389 |
| 893 | China Rare Earth Resources And Technology Co. Ltd., Class A (Materials)\* | 8458 |
| 110000 | China Reinsurance Group Corp., Class H (Financials) | 23203 |
| 8000 | China Resources Beer Holdings Co. Ltd. (Consumer Staples) | 28228 |
| 27200 | China Resources Beverage Holdings Co. Ltd. (Consumer Staples) | 34912 |
| 31427 | China Resources Land Ltd. (Real Estate) | 127682 |
| 1229 | China Resources Microelectronics Ltd., Class A (Information Technology) | 10228 |
| 9767 | China Resources Mixc Lifestyle Services Ltd. (Real Estate)<sup>(b)</sup> | 59435 |
| &nbsp;&nbsp;&nbsp;&nbsp;49623 | China Resources Power Holdings Co. Ltd. (Utilities) | 118504 |
| 1509 | China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A (Health Care) | 6352 |
| 218893 | China Ruyi Holdings Ltd. (Communication Services)\* | 56807 |
| 397 | China Science Publishing & Media Ltd., Class A (Communication Services) | 1290 |
| 6452 | China Shenhua Energy Co. Ltd., Class A (Energy) | 39741 |
| 55119 | China Shenhua Energy Co. Ltd., Class H (Energy) | 316812 |
| 1687 | China South Publishing & Media Group Co. Ltd., Class A (Communication Services) | 2732 |
| 10422 | China Southern Airlines Co. Ltd., Class A (Industrials)\* | 11150 |
| 72897 | China Southern Airlines Co. Ltd., Class H (Industrials)\* | 54797 |
| 2680 | China Southern Power Grid Energy Efficiency & Clean Energy Co. Ltd., Class A (Industrials) | 3211 |
| 1489 | China Southern Power Grid Energy Storage Co. Ltd., Class A (Utilities) | 3240 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>9</sub>

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 586 | China State Construction Engineering Corp. Ltd., Class A (Industrials) | $430 |
| 29455 | China State Construction International Holdings Ltd. (Industrials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34982 |
| 18681 | China Suntien Green Energy Corp. Ltd., Class H (Energy) | 10031 |
| 23142 | China Taiping Insurance Holdings Co. Ltd. (Financials) | 67632 |
| 103591 | China Tower Corp. Ltd., Class H (Communication Services)<sup>(b)</sup> | 147663 |
| 31662 | China United Network Communications Ltd., Class A (Communication Services) | 22705 |
| 4764 | China XD Electric Co. Ltd., Class A (Industrials) | 11165 |
| 23325 | China Yangtze Power Co. Ltd., Class A (Utilities) | 88528 |
| 20049 | China Zheshang Bank Co. Ltd., Class A (Financials) | 8708 |
| &nbsp;&nbsp;&nbsp;&nbsp;32407 | China Zheshang Bank Co. Ltd., Class H (Financials) | 11145 |
| 794 | Chinalin Securities Co. Ltd., Class A (Financials) | 2096 |
| 3474 | Chongqing Afari Technology Co. Ltd., Class A (Consumer Discretionary)\* | 5899 |
| 8238 | Chongqing Rural Commercial Bank Co. Ltd., Class A (Financials) | 7793 |
| 36854 | Chongqing Rural Commercial Bank Co. Ltd., Class H (Financials) | 27751 |
| 28209 | Chow Tai Fook Jewellery Group Ltd. (Consumer Discretionary) | 47315 |
| 11500 | Chuangxin Industries Holdings Ltd. (Materials)\* | 34843 |
| 114708 | CITIC Ltd. (Industrials) | 183600 |
| 12208 | CITIC Securities Co. Ltd., Class A (Financials) | 48701 |
| 29176 | CITIC Securities Co. Ltd., Class H (Financials) | 104662 |
| 16476 | CMOC Group Ltd., Class A (Materials) | 57610 |
| 60327 | CMOC Group Ltd., Class H (Materials) | 186330 |
| 834 | CNGR Advanced Material Co. Ltd., Class A (Industrials) | 6976 |
| 5657 | CNOOC Energy Technology & Services Ltd., Class A (Energy) | 3776 |
| 5062 | CNPC Capital Co. Ltd., Class A (Financials) | 6707 |
| 4367 | Contemporary Amperex Technology Co. Ltd., Class A (Industrials) | 217691 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 1900 | Contemporary Amperex Technology Co. Ltd., Class H (Industrials) | $120478 |
| 9231 | COSCO SHIPPING Development Co. Ltd., Class A (Industrials) | 3915 |
| 419000 | COSCO SHIPPING Development Co. Ltd., Class H (Industrials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63743 |
| 3176 | COSCO SHIPPING Energy Transportation Co. Ltd., Class A (Energy) | 9527 |
| 21531 | COSCO SHIPPING Energy Transportation Co. Ltd., Class H (Energy) | 51831 |
| 12804 | COSCO SHIPPING Holdings Co. Ltd., Class A (Industrials) | 28012 |
| 70385 | COSCO SHIPPING Holdings Co. Ltd., Class H (Industrials) | 136592 |
| 151632 | CRRC Corp. Ltd., Class H (Industrials) | 112433 |
| 14182 | CSC Financial Co. Ltd., Class H (Financials)<sup>(b)</sup> | 21739 |
| 1072 | CSPC Innovation Pharmaceutical Co. Ltd., Class A (Health Care) | 5161 |
| 132664 | CSPC Pharmaceutical Group Ltd. (Health Care) | 167904 |
| 8040 | Datang International Power Generation Co. Ltd., Class A (Utilities) | 4676 |
| &nbsp;&nbsp;&nbsp;&nbsp;44210 | Datang International Power Generation Co. Ltd., Class H (Utilities) | 14978 |
| 17600 | DBG Technology Co. Ltd., Class A (Consumer Discretionary) | 67877 |
| 2978 | DHC Software Co. Ltd., Class A (Information Technology) | 4197 |
| 11800 | Digital China Group Co. Ltd., Class A (Information Technology) | 69879 |
| 992 | Do-Fluoride New Materials Co. Ltd., Class A (Materials) | 4430 |
| 595 | Dong-E-E-Jiao Co. Ltd., Class A (Health Care) | 4715 |
| 2581 | Dongfang Electric Corp. Ltd., Class A (Industrials) | 13945 |
| 5304 | Dongfang Electric Corp. Ltd., Class H (Industrials) | 26838 |
| 32000 | Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary)\* | 40132 |
| 397 | Dongguan Yiheda Automation Co. Ltd., Class A (Industrials) | 1732 |
| 2978 | Dongxing Securities Co. Ltd., Class A (Financials) | 6059 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 10 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 15781 | East Money Information Co. Ltd., Class A (Financials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51799 |
| 2057 | Eastroc Beverage Group Co. Ltd., Class A (Consumer Staples) | 72423 |
| 5161 | Easyhome New Retail Group Co. Ltd., Class A (Consumer Discretionary)\* | 2227 |
| 496 | Ecovacs Robotics Co. Ltd., Class A (Consumer Discretionary) | 5012 |
| &nbsp;&nbsp;&nbsp;&nbsp;10400 | Electric Connector Technology Co. Ltd., Class A (Information Technology) | 65787 |
| 496 | Empyrean Technology Co. Ltd., Class A (Information Technology) | 7300 |
| 5561 | ENN Energy Holdings Ltd. (Utilities) | 48912 |
| 2184 | ENN Natural Gas Co. Ltd., Class A (Utilities) | 6491 |
| 973 | Eoptolink Technology, Inc. Ltd., Class A (Information Technology) | 51035 |
| 1886 | Eve Energy Co. Ltd., Class A (Industrials) | 17134 |
| 46400 | Everbright Securities Co. Ltd., Class H (Financials)<sup>(b)</sup> | 50777 |
| 9517 | Everdisplay Optronics Shanghai Co. Ltd., Class A (Information Technology)\* | 3620 |
| 3672 | Fangda Carbon New Material Co. Ltd., Class A (Industrials) | 3377 |
| 39865 | Far East Horizon Ltd. (Financials) | 39446 |
| 1092 | Fiberhome Telecommunication Technologies Co. Ltd., Class A (Information Technology) | 8205 |
| 3871 | First Capital Securities Co. Ltd., Class A (Financials) | 4249 |
| 13399 | Focus Media Information Technology Co. Ltd., Class A (Communication Services) | 13807 |
| 2800 | Foshan Haitian Flavouring & Food Co. Ltd., Class H (Consumer Staples) | 12092 |
| 7742 | Founder Securities Co. Ltd., Class A (Financials) | 8666 |
| 10422 | Foxconn Industrial Internet Co. Ltd., Class A (Information Technology) | 84611 |
| 2084 | Fujian Funeng Co. Ltd., Class A (Utilities) | 3144 |
| 16083 | Full Truck Alliance Co. Ltd. ADR (Industrials) | 150859 |
| 1886 | Fuyao Glass Industry Group Co. Ltd., Class A (Consumer Discretionary) | 16603 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 15281 | Fuyao Glass Industry Group Co. Ltd., Class H (Consumer Discretionary)<sup>(b)</sup> | $126981 |
| 496 | Gan & Lee Pharmaceuticals Co. Ltd., Class A (Health Care) | 4769 |
| 1489 | Ganfeng Lithium Group Co. Ltd., Class A (Materials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15865 |
| 6756 | Ganfeng Lithium Group Co. Ltd., Class H (Materials)<sup>(b)</sup> | 59423 |
| 99 | G-bits Network Technology Xiamen Co. Ltd., Class A (Communication Services) | 6054 |
| &nbsp;&nbsp;&nbsp;&nbsp;16675 | GD Power Development Co. Ltd., Class A (Utilities) | 11933 |
| 21300 | GDS Holdings Ltd., Class A (Information Technology)\* | 113877 |
| 131652 | Geely Automobile Holdings Ltd. (Consumer Discretionary) | 271815 |
| 4764 | GEM Co. Ltd., Class A (Industrials) | 6895 |
| 5459 | GF Securities Co. Ltd., Class A (Financials) | 16582 |
| 16840 | GF Securities Co. Ltd., Class H (Financials) | 37115 |
| 14804 | Giant Biogene Holding Co. Ltd. (Consumer Staples)<sup>(b)</sup> | 60411 |
| 1886 | Giant Network Group Co. Ltd., Class A (Communication Services) | 10198 |
| 695 | GigaDevice Semiconductor, Inc., Class A (Information Technology) | 30390 |
| 1290 | Glodon Co. Ltd., Class A (Information Technology) | 2627 |
| 3176 | GoerTek, Inc., Class A (Information Technology) | 12582 |
| 3176 | Goldwind Science & Technology Co. Ltd., Class A (Industrials) | 13170 |
| 12065 | Goldwind Science & Technology Co. Ltd., Class H (Industrials) | 23877 |
| 1687 | Gotion High-tech Co. Ltd., Class A (Industrials) | 9319 |
| 66527 | Great Wall Motor Co. Ltd., Class H (Consumer Discretionary) | 109374 |
| 5657 | Gree Electric Appliances, Inc. of Zhuhai, Class A (Consumer Discretionary) | 30879 |
| 38208 | Greentown China Holdings Ltd. (Real Estate)<sup>(a)</sup> | 51093 |
| 2283 | GRG Banking Equipment Co. Ltd., Class A (Information Technology) | 4575 |
| 1687 | Guangdong Haid Group Co. Ltd., Class A (Consumer Staples) | 13477 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>11</sub>

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 45266 | Guangdong Investment Ltd. (Utilities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44154 |
| 204000 | Guangshen Railway Co. Ltd., Class H (Industrials) | 57115 |
| 2481 | Guangzhou Development Group, Inc., Class A (Energy) | 2669 |
| 2184 | Guangzhou Haige Communications Group, Inc. Co., Class A (Information Technology) | 5622 |
| 3375 | Guangzhou Port Co. Ltd., Class A (Industrials) | 1766 |
| 1787 | Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials) | 11012 |
| 3275 | Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A (Financials) | 4602 |
| &nbsp;&nbsp;&nbsp;&nbsp;44600 | Guangzhou Zhujiang Brewery Co. Ltd., Class A (Consumer Staples) | 61756 |
| 7600 | Guming Holdings Ltd. (Consumer Discretionary) | 27671 |
| 2184 | Guolian Minsheng Securities Co. Ltd., Class A (Financials) | 3135 |
| 6490 | Guolian Minsheng Securities Co. Ltd., Class H (Financials)<sup>(a)</sup> | 4165 |
| 4863 | Guosen Securities Co. Ltd., Class A (Financials) | 8903 |
| 13000 | Guotai Haitong Securities Co. Ltd., Class A (Financials) | 35868 |
| 32400 | Guotai Haitong Securities Co. Ltd., Class H (Financials)<sup>(b)</sup> | 66025 |
| 4069 | Guoyuan Securities Co. Ltd., Class A (Financials) | 4934 |
| 3160 | H World Group Ltd. ADR (Consumer Discretionary) | 173168 |
| 48000 | Haidilao International Holding Ltd. (Consumer Discretionary)<sup>(b)</sup> | 108124 |
| 5856 | Haier Smart Home Co. Ltd., Class A (Consumer Discretionary) | 21936 |
| 54177 | Haier Smart Home Co. Ltd., Class H (Consumer Discretionary) | 184788 |
| 284399 | Hainan Airlines Holding Co. Ltd., Class A (Industrials)\* | 70469 |
| 10620 | Hainan Airport Infrastructure Co. Ltd., Class A (Real Estate) | 6579 |
| 496 | Haisco Pharmaceutical Group Co. Ltd., Class A (Health Care) | 3372 |
| 29368 | Haitian International Holdings Ltd. (Industrials) | 95063 |
| 993 | Han's Laser Technology Industry Group Co. Ltd., Class A (Industrials) | 10464 |
| 1251 | Hangcha Group Co. Ltd., Class A (Industrials) | 5412 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 2878 | Hangzhou Binjiang Real Estate Group Co. Ltd., Class A (Real Estate) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4719 |
| 595 | Hangzhou Chang Chuan Technology Co. Ltd., Class A (Information Technology) | 12532 |
| 1092 | Hangzhou GreatStar Industrial Co., Ltd., Class A (Consumer Discretionary) | 5684 |
| 595 | Hangzhou Lion Microelectronics Co. Ltd., Class A (Information Technology)\* | 3626 |
| 1290 | Hangzhou Silan Microelectronics Co. Ltd., Class A (Information Technology) | 6052 |
| 695 | Hangzhou Tigermed Consulting Co. Ltd., Class A (Health Care) | 6041 |
| 1921 | Hangzhou Tigermed Consulting Co. Ltd., Class H (Health Care)<sup>(b)</sup> | 11557 |
| &nbsp;&nbsp;&nbsp;&nbsp;17854 | Hansoh Pharmaceutical Group Co. Ltd. (Health Care)<sup>(b)</sup> | 79796 |
| 595 | Haohua Chemical Science & Technology Co. Ltd., Class A (Materials) | 3272 |
| 18000 | Harbin Electric Co. Ltd., Class H (Industrials) | 64847 |
| 278 | Hebei Sinopack Electronic Technology Co. Ltd., Class A (Information Technology) | 3268 |
| 1092 | Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A (Consumer Staples) | 4827 |
| 1687 | Heilongjiang Agriculture Co. Ltd., Class A (Consumer Staples) | 3954 |
| 2084 | Henan Shenhuo Coal Industry & Electricity Power Co. Ltd., Class A (Materials) | 9857 |
| 2779 | Henan Shuanghui Investment & Development Co. Ltd., Class A (Consumer Staples) | 10645 |
| 711 | Hengan International Group Co. Ltd. (Consumer Staples) | 2652 |
| 1489 | Hengdian Group DMEGC Magnetics Co. Ltd., Class A (Information Technology) | 4807 |
| 5062 | Hengli Petrochemical Co. Ltd., Class A (Materials) | 18962 |
| 2283 | Hengtong Optic-electric Co. Ltd., Class A (Information Technology) | 15806 |
| 3375 | Hengyi Petrochemical Co. Ltd., Class A (Materials) | 6316 |
| 1829 | Hesai Group ADR (Consumer Discretionary)\* | 49292 |
| 9628 | Hesteel Co. Ltd., Class A (Materials) | 3747 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 12 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 893 | Hgtech Co. Ltd., Class A (Information Technology) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11696 |
| 893 | Hisense Home Appliances Group Co. Ltd., Class A (Consumer Discretionary) | 3090 |
| 15193 | Hisense Home Appliances Group Co. Ltd., Class H (Consumer Discretionary) | 46538 |
| 1191 | Hisense Visual Technology Co. Ltd., Class A (Consumer Discretionary) | 3925 |
| 496 | Hithink RoyalFlush Information Network Co. Ltd., Class A (Financials) | 24028 |
| 3474 | HLA Group Corp. Ltd., Class A (Consumer Discretionary) | 3281 |
| 2084 | Hongta Securities Co. Ltd., Class A (Financials) | 2479 |
| 139800 | Horizon Robotics (Information Technology)\* | 146732 |
| &nbsp;&nbsp;&nbsp;&nbsp;11289 | Hua Hong Semiconductor Ltd., Class H (Information Technology)\*<sup>(b)</sup> | 139630 |
| 4367 | Huaan Securities Co. Ltd., Class A (Financials) | 4074 |
| 107438 | Huadian Power International Corp. Ltd., Class H (Utilities) | 61396 |
| 4566 | Huafon Chemical Co. Ltd., Class A (Materials) | 8259 |
| 2283 | Huaibei Mining Holdings Co. Ltd., Class A (Materials) | 4496 |
| 8897 | Huali Industrial Group Co. Ltd., Class A (Consumer Discretionary) | 61791 |
| 4268 | Huaneng Lancang River Hydropower, Inc., Class A (Utilities) | 5829 |
| 66075 | Huaneng Power International, Inc., Class H (Utilities) | 50936 |
| 7345 | Huatai Securities Co. Ltd., Class A (Financials) | 22889 |
| 22272 | Huatai Securities Co. Ltd., Class H (Financials)<sup>(a)(b)</sup> | 47778 |
| 2382 | Huaxi Securities Co. Ltd., Class A (Financials) | 3104 |
| 12109 | Huaxia Bank Co. Ltd., Class A (Financials) | 11807 |
| 1290 | Huaxin Building Materials Group Co. Ltd., Class A (Materials) | 4381 |
| 2878 | Huayu Automotive Systems Co. Ltd., Class A (Consumer Discretionary) | 8109 |
| 3672 | Hubei Energy Group Co. Ltd., Class A (Utilities) | 2542 |
| 496 | Hubei Feilihua Quartz Glass Co. Ltd., Class A (Materials) | 9710 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 893 | Hubei Jumpcan Pharmaceutical |  |
|  | Co. Ltd., Class A (Health Care) | $3617 |
| 993 | Hubei Xingfa Chemicals Group Co. Ltd., Class A (Materials) | 6238 |
| 595 | Huizhou Desay Sv Automotive Co. Ltd., Class A (Consumer Discretionary) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10757 |
| 6352 | Hunan Valin Steel Co. Ltd., Class A (Materials) | 6212 |
| 397 | Hunan Yuneng New Energy Battery Material Co. Ltd., Class A (Industrials) | 3877 |
| 2243 | Hygon Information Technology Co. Ltd., Class A (Information Technology) | 85360 |
| 1390 | IEIT Systems Co. Ltd., Class A (Information Technology) | 12942 |
| 2184 | Iflytek Co. Ltd., Class A (Information Technology) | 17769 |
| 794 | IKD Co. Ltd., Class A (Consumer Discretionary) | 2134 |
| &nbsp;&nbsp;&nbsp;&nbsp;61439 | Industrial & Commercial Bank of China Ltd., Class A (Financials) | 61968 |
| 1109380 | Industrial & Commercial Bank of China Ltd., Class H (Financials) | 914774 |
| 20744 | Industrial Bank Co. Ltd., Class A (Financials) | 55360 |
| 8040 | Industrial Securities Co. Ltd., Class A (Financials) | 7910 |
| 496 | Ingenic Semiconductor Co. Ltd., Class A (Information Technology) | 9630 |
| 42382 | Inner Mongolia BaoTou Steel Union Co. Ltd., Class A (Materials) | 20015 |
| 3375 | Inner Mongolia Berun Chemical Co. Ltd., Class A (Materials) | 4609 |
| 1886 | Inner Mongolia Dian Tou Energy Corp. Ltd., Class A (Energy) | 8439 |
| 1390 | Inner Mongolia ERDOS Resources Co. Ltd., Class A (Materials) | 3537 |
| 7841 | Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A (Materials) | 6869 |
| 6055 | Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A (Utilities) | 4492 |
| 6352 | Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Consumer Staples) | 24146 |
| 3800 | InnoScience Suzhou Technology Holding Co. Ltd., Class H (Information Technology)\* | 33180 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>13</sub>

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 1985 | Innovation New Material Technology Co. Ltd., Class A (Materials) | $1389 |
| 20317 | Innovent Biologics, Inc. (Health Care)\*<sup>(b)</sup> | 221036 |
| &nbsp;&nbsp;&nbsp;&nbsp;24085 | iQIYI, Inc. ADR (Communication Services)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38536 |
| 389 | iRay Group, Class A (Health Care) | 6879 |
| 893 | Isoftstone Information Technology Group Co. Ltd., Class A (Information Technology) | 6443 |
| 102800 | J&T Global Express Ltd. (Industrials)\* | 134970 |
| 21194 | Jafron Biomedical Co. Ltd., Class A (Health Care) | 61319 |
| 1687 | JCET Group Co. Ltd., Class A (Information Technology) | 11842 |
| 595 | JCHX Mining Management Co. Ltd., Class A (Materials) | 6718 |
| 16240 | JD Health International, Inc. (Consumer Staples)\*<sup>(b)</sup> | 117822 |
| 2029 | JD Logistics, Inc. (Industrials)\*<sup>(b)</sup> | 2897 |
| 42428 | JD.com, Inc., Class A (Consumer Discretionary) | 566274 |
| 5062 | Jiangsu Eastern Shenghong Co. Ltd., Class A (Materials)\* | 9606 |
| 1390 | Jiangsu Expressway Co. Ltd., Class A (Industrials) | 2431 |
| 47058 | Jiangsu Expressway Co. Ltd., Class H (Industrials)<sup>(a)</sup> | 61243 |
| 1191 | Jiangsu Guoxin Corp. Ltd., Class A (Utilities) | 1430 |
| 1191 | Jiangsu Hengli Hydraulic Co. Ltd., Class A (Industrials) | 19586 |
| 13452 | Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A (Health Care) | 110896 |
| 9100 | Jiangsu Hoperun Software Co. Ltd., Class A (Information Technology) | 68626 |
| 893 | Jiangsu Nhwa Pharmaceutical Co. Ltd., Class A (Health Care) | 3099 |
| 1985 | Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A (Communication Services) | 2902 |
| 496 | Jiangsu Xinquan Automotive Trim Co. Ltd., Class A (Consumer Discretionary) | 6113 |
| 397 | Jiangsu Yangnong Chemical Co. Ltd., Class A (Materials) | 4658 |
| 397 | Jiangsu Yoke Technology Co. Ltd., Class A (Materials) | 5553 |
| 893 | Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A (Health Care) | 5037 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 3176 | Jiangsu Zhongtian Technology Co. Ltd., Class A (Industrials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13489 |
| 1886 | Jiangxi Copper Co. Ltd., Class A (Materials) | 15955 |
| 17929 | Jiangxi Copper Co. Ltd., Class H (Materials) | 104519 |
| &nbsp;&nbsp;&nbsp;&nbsp;14800 | Jinan Shengquan Group Share |  |
|  | Holding Co. Ltd., Class A (Materials) | 72545 |
| 2481 | Jinduicheng Molybdenum Co. Ltd., Class A (Materials) | 8870 |
| 1092 | JL Mag Rare-Earth Co. Ltd., Class A (Industrials) | 6538 |
| 1787 | Joincare Pharmaceutical Group Industry Co. Ltd., Class A (Health Care) | 2985 |
| 4660 | Jointown Pharmaceutical Group Co. Ltd., Class A (Health Care) | 3593 |
| 2084 | Juneyao Airlines Co. Ltd., Class A (Industrials) | 4246 |
| 229100 | Kangmei Pharmaceutical Co. Ltd., Class A (Health Care)\* | 64447 |
| 5060 | Kanzhun Ltd. ADR (Industrials) | 81365 |
| 33700 | KE Holdings, Inc., Class A (Real Estate) | 187669 |
| 198 | Keboda Technology Co. Ltd., Class A (Consumer Discretionary) | 1939 |
| 1787 | Keda Industrial Group Co. Ltd., Class A (Industrials) | 4686 |
| 46064 | Kingdee International Software Group Co. Ltd. (Information Technology)\* | 59301 |
| 2481 | Kingfa Sci & Tech Co. Ltd., Class A (Materials) | 6994 |
| 1985 | Kingnet Network Co. Ltd., Class A (Communication Services) | 6562 |
| 32000 | Kingsoft Cloud Holdings Ltd. (Information Technology)\*<sup>(a)</sup> | 29209 |
| 1147 | Kingsoft Corp. Ltd. (Communication Services) | 3813 |
| 50562 | Kuaishou Technology (Communication Services)<sup>(b)</sup> | 406259 |
| 1985 | Kuang-Chi Technologies Co. Ltd., Class A (Industrials)\* | 13861 |
| 95029 | Kunlun Energy Co. Ltd. (Utilities) | 101928 |
| 1092 | Kunlun Tech Co. Ltd., Class A (Communication Services)\* | 9725 |
| 991 | Kweichow Moutai Co. Ltd., Class A (Consumer Staples) | 210166 |
| 900 | Laopu Gold Co. Ltd., Class H (Consumer Discretionary)<sup>(a)</sup> | 83244 |
| 2184 | LB Group Co. Ltd., Class A (Materials) | 7433 |
| 78861 | Lenovo Group Ltd. (Information Technology) | 98095 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 14 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 4566 | Lens Technology Co. Ltd., Class A (Information Technology) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23406 |
| 4800 | Lens Technology Co. Ltd., Class H (Information Technology) | 16863 |
| 695 | Levima Advanced Materials Corp., Class A (Materials) | 2151 |
| 12562 | Li Auto, Inc., Class A (Consumer Discretionary)\* | 110409 |
| &nbsp;&nbsp;&nbsp;&nbsp;54359 | Li Ning Co. Ltd. (Consumer Discretionary) | 156500 |
| 15881 | Liaoning Port Co. Ltd., Class A (Industrials) | 4004 |
| 6452 | Lingyi iTech Guangdong Co., Class A (Information Technology) | 14463 |
| 595 | Livzon Pharmaceutical Group, Inc., Class A (Health Care) | 3073 |
| 13285 | Livzon Pharmaceutical Group, Inc., Class H (Health Care) | 49321 |
| 61500 | Longfor Group Holdings Ltd. <br>(Real Estate)<sup>(b)</sup> | 78230 |
| 1787 | Luxi Chemical Group Co. Ltd., Class A (Materials) | 4868 |
| 7146 | Luxshare Precision Industry Co. Ltd., Class A (Information Technology) | 52307 |
| 126000 | Maanshan Iron & Steel Co. Ltd., Class H (Materials)\* | 44136 |
| 2680 | Meihua Holdings Group Co. Ltd., Class A (Materials) | 4476 |
| 3573 | Meinian Onehealth Healthcare Holdings Co. Ltd., Class A (Health Care) | 3645 |
| 91353 | Meituan, Class B (Consumer <br>Discretionary)\*<sup>(b)</sup> | 947731 |
| 44777 | Metallurgical Corp. of China Ltd., Class H (Industrials)<sup>(a)</sup> | 11048 |
| 6624 | MGI Tech Co. Ltd., Class A (Health Care)\* | 61500 |
| 6948 | Midea Group Co. Ltd., Class A (Consumer Discretionary) | 79638 |
| 13100 | Midea Group Co. Ltd., Class H (Consumer Discretionary) | 152149 |
| 2084 | Ming Yang Smart Energy Group Ltd., Class A (Industrials) | 6962 |
| 4169 | Minmetals Capital Co. Ltd., Class A (Financials) | 3488 |
| 11819 | Minth Group Ltd. (Consumer Discretionary) | 66301 |
| 64000 | MMG Ltd. (Materials)\* | 88446 |
| 1050 | Montage Technology Co. Ltd., Class A (Information Technology) | 25030 |
| 5459 | Muyuan Foods Co. Ltd., Class A (Consumer Staples) | 37317 |
| 5757 | Nanjing Iron & Steel Co. Ltd., Class A (Materials) | 4959 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 4500 | Nanshan Aluminium International Holdings Ltd. (Materials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35265 |
| 8040 | NARI Technology Co. Ltd., Class A (Industrials) | 31992 |
| 2522 | National Silicon Industry Group Co. Ltd., Class A (Information Technology)\* | 7984 |
| 669 | NAURA Technology Group Co. Ltd., Class A (Information Technology) | 46013 |
| &nbsp;&nbsp;&nbsp;&nbsp;42484 | NavInfo Co. Ltd., Class A (Information Technology)\* | 67619 |
| 1050 | NetEase Cloud Music, Inc. (Communication Services)\*<sup>(b)</sup> | 20753 |
| 28475 | NetEase, Inc. (Communication Services) | 652342 |
| 1588 | New China Life Insurance Co. Ltd., Class A (Financials) | 17498 |
| 15052 | New China Life Insurance Co. Ltd., Class H (Financials) | 106316 |
| 23310 | New Oriental Education & Technology Group, Inc. (Consumer Discretionary) | 130345 |
| 778 | Ningbo Deye Technology Co. Ltd., Class A (Industrials) | 11850 |
| 1290 | Ningbo Joyson Electronic Corp., Class A (Consumer Discretionary) | 5263 |
| 595 | Ningbo Orient Wires & Cables Co. Ltd., Class A (Industrials) | 5134 |
| 1290 | Ningbo Sanxing Medical Electric Co. Ltd., Class A (Industrials) | 4951 |
| 1439 | Ningbo Tuopu Group Co. Ltd., Class A (Consumer Discretionary) | 14225 |
| 5459 | Ningbo Zhoushan Port Co. Ltd., Class A (Industrials) | 3397 |
| 6154 | Ningxia Baofeng Energy Group Co. Ltd., Class A (Materials) | 21464 |
| 29090 | NIO, Inc., Class A (Consumer Discretionary)\* | 147269 |
| 36348 | Nongfu Spring Co. Ltd., Class H (Consumer Staples)<sup>(b)</sup> | 220259 |
| 1290 | North Industries Group Red Arrow Co. Ltd., Class A (Industrials)\* | 3813 |
| 4069 | Offshore Oil Engineering Co. Ltd., Class A (Energy) | 4276 |
| 2978 | OFILM Group Co. Ltd., Class A (Information Technology)\* | 4267 |
| 1191 | OmniVision Integrated Circuits Group, Inc., Class A (Information Technology) | 21352 |
| 13070 | Orient Securities Co. Ltd., Class H (Financials)<sup>(b)</sup> | 10309 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **15** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 3176 | Oriental Pearl Group Co. Ltd., Class A (Communication Services) | $5319 |
| 6352 | Pacific Securities Co. Ltd. (The), Class A (Financials)\* | 3870 |
| &nbsp;&nbsp;&nbsp;&nbsp;11788 | PDD Holdings, Inc. ADR (Consumer Discretionary)\* | 1222769 |
| 9032 | People's Insurance Co. Group of China Ltd. (The), Class A (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11282 |
| 143175 | People's Insurance Co. Group of China Ltd. (The), Class H (Financials) | 117327 |
| 1787 | Perfect World Co. Ltd., Class A (Communication Services) | 5623 |
| 24317 | PetroChina Co. Ltd., Class A (Energy) | 38491 |
| 344574 | PetroChina Co. Ltd., Class H (Energy) | 420247 |
| 4700 | Phancy Group Co. Ltd., Class H (Information Technology)\* | 23902 |
| 1390 | Pharmaron Beijing Co. Ltd., Class A (Health Care) | 5997 |
| 4462 | Pharmaron Beijing Co. Ltd., Class H (Health Care)<sup>(b)</sup> | 11300 |
| 112636 | PICC Property & Casualty Co. Ltd., Class H (Financials) | 233130 |
| 555 | Ping An Bank Co. Ltd., Class A (Financials) | 882 |
| 14100 | Ping An Healthcare and Technology Co. Ltd. (Consumer Staples)\*<sup>(b)</sup> | 23740 |
| 10719 | Ping An Insurance Group Co. of China Ltd., Class A (Financials) | 98567 |
| 105808 | Ping An Insurance Group Co. of China Ltd., Class H (Financials) | 919817 |
| 2184 | Pingdingshan Tianan Coal Mining Co. Ltd., Class A (Energy) | 2839 |
| 294 | Piotech, Inc., Class A (Information Technology) | 15829 |
| 4503 | Pony AI, Inc. ADR (Information Technology)\* | 64573 |
| 10394 | Pop Mart International Group Ltd. (Consumer Discretionary)<sup>(b)</sup> | 305356 |
| 23821 | Postal Savings Bank of China Co. Ltd., Class A (Financials) | 17256 |
| 142246 | Postal Savings Bank of China Co. Ltd., Class H (Financials)<sup>(b)</sup> | 89652 |
| 16079 | Power Construction Corp. of China Ltd., Class A (Industrials) | 13429 |
| 20706 | Prosus NV (Consumer Discretionary)\* | 1063715 |
| 6200 | Proya Cosmetics Co. Ltd., Class A (Consumer Staples) | 64115 |
| 637 | Qi An Xin Technology Group, Inc., Class A (Information Technology)\* | 3319 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 14000 | Qingdao Port International Co. Ltd., Class H (Industrials)<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13531 |
| &nbsp;&nbsp;&nbsp;&nbsp;21573 | Qingdao Sentury Tire Co. Ltd., Class A (Consumer Discretionary) | 64993 |
| 5062 | Qinghai Salt Lake Industry Co. Ltd., Class A (Materials)\* | 28184 |
| 200 | QuantumCTek Co. Ltd., Class A (Information Technology)\* | 19767 |
| 7940 | Quzhou Xin'an Development Co. Ltd., Class A (Real Estate)\* | 4317 |
| 1092 | Range Intelligent Computing Technology Group Co. Ltd., Class A (Information Technology) | 16456 |
| 413 | Raytron Technology Co. Ltd., Class A (Information Technology) | 7032 |
| 3000 | Remegen Co. Ltd., Class H (Health Care)\*<sup>(b)</sup> | 30893 |
| 298 | Rockchip Electronics Co. Ltd., Class A (Information Technology) | 7817 |
| 7841 | Rongsheng Petrochemical Co. Ltd., Class A (Materials) | 17829 |
| 277 | Ruijie Networks Co. Ltd., Class A (Information Technology) | 3664 |
| 7246 | SAIC Motor Corp. Ltd., Class A (Consumer Discretionary) | 15134 |
| 2779 | Sailun Group Co. Ltd., Class A (Consumer Discretionary) | 6367 |
| 4566 | Sanan Optoelectronics Co. Ltd., Class A (Information Technology) | 11114 |
| 397 | Sangfor Technologies, Inc., Class A (Information Technology) | 7586 |
| 18100 | Sany Heavy Equipment International Holdings Co. Ltd. (Industrials) | 36445 |
| 7940 | Sany Heavy Industry Co. Ltd., Class A (Industrials) | 26791 |
| 15400 | Sany Heavy Industry Co. Ltd., Class H (Industrials)\* | 49534 |
| 3077 | Satellite Chemical Co. Ltd., Class A (Materials) | 10486 |
| 5757 | SDIC Capital Co. Ltd., Class A (Financials) | 6260 |
| 6551 | SDIC Power Holdings Co. Ltd., Class A (Utilities) | 12652 |
| 5062 | Sealand Securities Co. Ltd., Class A (Financials) | 3106 |
| 2084 | Seazen Holdings Co. Ltd., Class A (Real Estate)\* | 5064 |
| 590132 | SenseTime Group, Inc., Class B (Information Technology)\*<sup>(a)(b)</sup> | 193136 |
| 1390 | Seres Group Co. Ltd., Class A (Consumer Discretionary) | 21743 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 16 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 3300 | Seres Group Co. Ltd., Class H (Consumer Discretionary)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40184 |
| 644 | SG Micro Corp., Class A (Information Technology) | 6456 |
| 2283 | Shaanxi Beiyuan Chemical Industry Group Co. Ltd., Class A (Materials) | 1484 |
| 8536 | Shaanxi Coal Industry Co. Ltd., Class A (Energy) | 29486 |
| 2283 | Shaanxi Energy Investment Co. Ltd., Class A (Utilities) | 3547 |
| 389 | Shaanxi Huaqin Technology Industry Co. Ltd., Class A (Materials) | 5721 |
| 3375 | Shan Xi Hua Yang Group New Energy Co. Ltd., Class A (Energy) | 4963 |
| 3375 | Shandong Gold Mining Co. Ltd., Class A (Materials) | 23273 |
| &nbsp;&nbsp;&nbsp;&nbsp;12999 | Shandong Gold Mining Co. Ltd., Class H (Materials)<sup>(b)</sup> | 68500 |
| 695 | Shandong Himile Mechanical Science & Technology Co. Ltd., Class A (Industrials) | 9775 |
| 1687 | Shandong Hi-speed Co. Ltd., Class A (Industrials) | 2395 |
| 1985 | Shandong Hualu Hengsheng Chemical Co. Ltd., Class A (Materials) | 11168 |
| 10918 | Shandong Nanshan Aluminum Co. Ltd., Class A (Materials) | 11267 |
| 695 | Shandong Sinocera Functional Material Co. Ltd., Class A (Materials) | 3876 |
| 2581 | Shandong Sun Paper Industry JSC Ltd., Class A (Materials) | 6493 |
| 389 | Shanghai BOCHU Electronic Technology Corp. Ltd., Class A (Information Technology) | 8599 |
| 8238 | Shanghai Construction Group Co. Ltd., Class A (Industrials) | 3590 |
| 10422 | Shanghai Electric Group Co. Ltd., Class A (Industrials)\* | 13823 |
| 42000 | Shanghai Electric Group Co. Ltd., Class H (Industrials)\* | 25397 |
| 2581 | Shanghai Electric Power Co. Ltd., Class A (Utilities) | 8220 |
| 99 | Shanghai Flyco Electrical Appliance Co. Ltd., Class A (Consumer Staples) | 522 |
| 25898 | Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H (Health Care) | 66283 |
| 491 | Shanghai Fudan Microelectronics Group Co. Ltd., Class A (Information Technology) | 6132 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 4182 | Shanghai Fudan Microelectronics Group Co. Ltd., Class H (Information Technology) | $26336 |
| 12507 | Shanghai Junshi Biosciences Co. Ltd., Class A (Health Care)\* | 61980 |
| 6000 | Shanghai MicroPort MedBot Group Co. Ltd., Class H (Health Care)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21431 |
| 397 | Shanghai Moons' Electric Co. Ltd., Class A (Industrials) | 4000 |
| &nbsp;&nbsp;&nbsp;&nbsp;29280 | Shanghai Pudong Development Bank Co. Ltd., Class A (Financials) | 41482 |
| 1886 | Shanghai Putailai New Energy Technology Group Co. Ltd., Class A (Materials) | 7812 |
| 6253 | Shanghai RAAS Blood Products Co. Ltd., Class A (Health Care) | 5733 |
| 9032 | Shanghai Rural Commercial Bank Co. Ltd., Class A (Financials) | 11071 |
| 819 | Shanghai United Imaging Healthcare Co. Ltd., Class A (Health Care) | 15602 |
| 1489 | Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A (Real Estate) | 8963 |
| 1985 | Shanghai Zhonggu Logistics Co. Ltd., Class A (Industrials) | 3142 |
| 2581 | Shanjin International Gold Co. Ltd., Class A (Materials) | 11654 |
| 500 | Shannon Semiconductor Technology Co. Ltd., Class A (Information Technology) | 10857 |
| 3375 | Shanxi Securities Co. Ltd., Class A (Financials) | 2961 |
| 5260 | Shanxi Taigang Stainless Steel Co. Ltd., Class A (Materials)\* | 4056 |
| 4566 | Shenergy Co. Ltd., Class A (Utilities) | 5697 |
| 2184 | Shengyi Technology Co. Ltd., Class A (Information Technology) | 21999 |
| 644 | Shennan Circuits Co. Ltd., Class A (Information Technology) | 26795 |
| 19553 | Shenwan Hongyuan Group Co. Ltd., Class A (Financials) | 14278 |
| 695 | Shenzhen Capchem Technology Co. Ltd., Class A (Materials) | 5785 |
| 3772 | Shenzhen Energy Group Co. Ltd., Class A (Utilities) | 3859 |
| 1000 | Shenzhen Envicool Technology Co. Ltd., Class A (Industrials) | 15814 |
| 42000 | Shenzhen Expressway Corp. Ltd., Class H (Industrials) | 38552 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **17** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 1588 | Shenzhen Fastprint Circuit Tech Co. Ltd., Class A (Information Technology) | $6011 |
| 397 | Shenzhen Goodix Technology Co. Ltd., Class A (Information Technology) | 4530 |
| 99 | Shenzhen Han's CNC Technology Co. Ltd., Class A (Industrials) | 2257 |
| 794 | Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A (Health Care) | 1391 |
| &nbsp;&nbsp;&nbsp;&nbsp;44500 | Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class H (Health <br>Care)<sup>(b)</sup> | 29924 |
| 2680 | Shenzhen Inovance Technology Co. Ltd., Class A (Industrials) | 28484 |
| 1489 | Shenzhen Kaifa Technology Co. Ltd., Class A (Information Technology) | 7466 |
| 298 | Shenzhen Kedali Industry Co. Ltd., Class A (Consumer Discretionary) | 7179 |
| 298 | Shenzhen Longsys Electronics Co. Ltd., Class A (Information Technology)\* | 12670 |
| 4169 | Shenzhen MTC Co. Ltd., Class A (Consumer Discretionary) | 6496 |
| 695 | Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A (Health Care) | 5301 |
| 993 | Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A (Health Care) | 7108 |
| 298 | Shenzhen SC New Energy Technology Corp., Class A (Information Technology) | 5374 |
| 794 | Shenzhen Sunlord Electronics Co. Ltd., Class A (Information Technology) | 4837 |
| 15793 | Shenzhen YUTO Packaging Technology Co. Ltd., Class A (Materials) | 72855 |
| 5403 | Shenzhou International Group Holdings Ltd. (Consumer Discretionary) | 43758 |
| 21500 | Shijiazhuang Changshan BeiMing Technology Co. Ltd., Class A (Consumer Discretionary)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65870 |
| 198 | Shijiazhuang Shangtai Technology Co. Ltd., Class A (Industrials) | 2304 |
| 399 | SICC Co. Ltd., Class A (Information Technology)\* | 5426 |
| 4268 | Sichuan Changhong Electric Co. Ltd., Class A (Consumer Discretionary) | 6432 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 3672 | Sichuan Chuantou Energy Co. Ltd., Class A (Utilities) | $7728 |
| 8238 | Sichuan Hebang Biotechnology Co. Ltd., Class A (Materials)\* | 3518 |
| 1390 | Sichuan Kelun Pharmaceutical Co. Ltd., Class A (Health Care) | 6187 |
| 700 | Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd., Class H (Health Care)\* | 34668 |
| 6749 | Sichuan Road and Bridge Group Co. Ltd., Class A (Industrials) | 9778 |
| 159892 | Sino Biopharmaceutical Ltd. (Health Care) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123668 |
| 303 | Sinocelltech Group Ltd., Class A (Health Care)\* | 1740 |
| 1588 | Sinoma Science & Technology Co. Ltd., Class A (Materials) | 11719 |
| 6749 | Sinomach Heavy Equipment Group Co. Ltd., Class A (Industrials)\* | 5184 |
| 695 | Sinomine Resource Group Co. Ltd., Class A (Materials) | 9218 |
| 22000 | Sinopec Engineering Group Co. Ltd., Class H (Industrials) | 22275 |
| 7246 | Sinopec Oilfield Service Corp., Class A (Energy)\* | 3390 |
| 5657 | Sinopec Shanghai Petrochemical Co. Ltd., Class A (Materials) | 2614 |
| 348832 | Sinopec Shanghai Petrochemical Co. Ltd., Class H (Materials) | 71353 |
| 1095 | Sinopharm Group Co. Ltd., Class H (Health Care) | 2959 |
| 3573 | Sinotrans Ltd., Class A (Industrials) | 3104 |
| 116782 | Sinotrans Ltd., Class H (Industrials) | 78381 |
| 11010 | Sinotruk Hong Kong Ltd. (Industrials) | 57934 |
| 6000 | SITC International Holdings Co. Ltd. (Industrials) | 25604 |
| 694 | Skshu Paint Co. Ltd., Class A (Materials) | 5292 |
| &nbsp;&nbsp;&nbsp;&nbsp;29495 | Smoore International Holdings Ltd. (Consumer Staples)<sup>(b)</sup> | 44683 |
| 4665 | SooChow Securities Co. Ltd., Class A (Financials) | 6317 |
| 6154 | Southwest Securities Co. Ltd., Class A (Financials) | 4090 |
| 2581 | SPIC Industry-Finance Holdings Co. Ltd., Class A (Financials) | 2502 |
| 893 | Spring Airlines Co. Ltd., Class A (Industrials) | 7159 |
| 2978 | State Grid Yingda Co. Ltd., Class A (Industrials) | 3221 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 18 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 1945 | Sungrow Power Supply Co. Ltd., Class A (Industrials) | $40964 |
| 3305 | Sunny Optical Technology Group Co. Ltd. (Information Technology) | 24612 |
| 496 | Sunresin New Materials Co. Ltd., Class A (Materials) | 5401 |
| &nbsp;&nbsp;&nbsp;&nbsp;36500 | Sunshine Insurance Group Co. Ltd., Class H (Financials) | 18292 |
| 1687 | Sunwoda Electronic Co. Ltd., Class A (Industrials) | 6430 |
| 726 | SUPCON Technology Co. Ltd., Class A (Information Technology) | 8487 |
| 1588 | Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A (Information Technology) | 19801 |
| 298 | Suzhou Maxwell Technologies Co. Ltd., Class A (Information Technology) | 12675 |
| 778 | Suzhou TFC Optical Communication Co. Ltd., Class A (Information Technology) | 41809 |
| 6811 | TAL Education Group ADR (Consumer Discretionary)\* | 71720 |
| 1191 | Talkweb Information System Co. Ltd., Class A (Communication Services)\* | 6340 |
| 5558 | TangShan Port Group Co. Ltd., Class A (Industrials) | 3508 |
| 1400 | Tasly Pharmaceutical Group Co. Ltd., Class A (Health Care) | 2957 |
| 4665 | TBEA Co. Ltd., Class A (Industrials) | 20629 |
| 17568 | TCL Technology Group Corp., Class A (Information Technology) | 12726 |
| 101890 | Tencent Holdings Ltd. (Communication Services) | 6747380 |
| 9250 | Tencent Music Entertainment Group ADR (Communication Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135050 |
| 397 | Thunder Software Technology Co. Ltd., Class A (Information Technology) | 4224 |
| 3871 | Tian Di Science & Technology Co. Ltd., Class A (Industrials) | 3453 |
| 8040 | Tianfeng Securities Co. Ltd., Class A (Financials)\* | 4805 |
| 496 | Tianjin Pharmaceutical Da Re Tang Group Corp. Ltd., Class A (Health Care) | 3109 |
| 2283 | Tianma Microelectronics Co. Ltd., Class A (Information Technology)\* | 3377 |
| 406 | Tianneng Battery Group Co. Ltd., Class A (Consumer Discretionary) | 1989 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 2187 | Tianqi Lithium Corp., Class H (Materials)\* | $13459 |
| 4268 | Tianshan Aluminum Group Co. Ltd., Class A (Materials) | 10992 |
| 2978 | Tianshui Huatian Technology Co. Ltd., Class A (Information Technology) | 6589 |
| 54809 | Tingyi Cayman Islands Holding Corp. (Consumer Staples) | 91720 |
| &nbsp;&nbsp;&nbsp;&nbsp;30027 | Tongcheng Travel Holdings Ltd. (Consumer Discretionary) | 79308 |
| 1390 | TongFu Microelectronics Co. Ltd., Class A (Information Technology) | 10537 |
| 2184 | Tongkun Group Co. Ltd., Class A (Materials) | 7732 |
| 12605 | Tongling Nonferrous Metals Group Co. Ltd., Class A (Materials) | 14569 |
| 10231 | Trip.com Group Ltd. (Consumer Discretionary) | 538092 |
| 3077 | Tsinghua Tongfang Co. Ltd., Class A (Information Technology)\* | 4270 |
| 248 | Tsingtao Brewery Co. Ltd., Class H (Consumer Staples) | 1680 |
| 5800 | UBTech Robotics Corp. Ltd., Class H (Industrials)\*<sup>(a)</sup> | 90090 |
| 54607 | Uni-President China Holdings Ltd. (Consumer Staples) | 53894 |
| 2680 | Unisplendour Corp. Ltd., Class A (Information Technology) | 10137 |
| 1390 | Universal Scientific Industrial Shanghai Co. Ltd., Class A (Information Technology) | 9650 |
| 463 | Verisilicon Microelectronics Shanghai Co. Ltd., Class A (Information Technology)\* | 18738 |
| 900 | Victory Giant Technology Huizhou Co. Ltd., Class A (Information Technology) | 39886 |
| 1569 | Vipshop Holdings Ltd. ADR (Consumer Discretionary) | 27332 |
| 16000 | Wanguo Gold Group Ltd. (Materials) | 36675 |
| 276 | Wanhua Chemical Group Co. Ltd., Class A (Materials) | 3741 |
| 4179 | Want Want China Holdings Ltd. (Consumer Staples) | 2618 |
| 6253 | Weichai Power Co. Ltd., Class A (Industrials) | 25392 |
| 31285 | Weichai Power Co. Ltd., Class H (Industrials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130465 |
| 794 | Weihai Guangwei Composites Co. Ltd., Class A (Materials) | 4699 |
| 8600 | Weilong Delicious Global Holdings Ltd. (Consumer Staples) | 12874 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **19** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 2184 | Western Mining Co. Ltd., Class A (Materials) | $11030 |
| 4169 | Western Securities Co. Ltd., Class A (Financials) | 4861 |
| 599 | Western Superconducting Technologies Co. Ltd., Class A (Materials) | 7880 |
| 15884 | Wharf Holdings Ltd. (The) (Real Estate) | 52594 |
| &nbsp;&nbsp;&nbsp;&nbsp;12064 | Wilmar International Ltd. (Consumer Staples) | 33573 |
| 397 | Winner Medical Co. Ltd., Class A (Health Care) | 2066 |
| 1985 | Winning Health Technology Group Co. Ltd., Class A (Health Care) | 3113 |
| 20900 | Wintime Energy Group Co. Ltd., Class A (Utilities)\* | 5575 |
| 77963 | Wuchan Zhongda Group Co. Ltd., Class A (Consumer Discretionary) | 66476 |
| 3970 | Wuhan Guide Infrared Co. Ltd., Class A (Information Technology)\* | 9004 |
| 298 | Wuhan Jingce Electronic Group Co. Ltd., Class A (Information Technology)\* | 6634 |
| 1787 | WUS Printed Circuit Kunshan Co. Ltd., Class A (Information Technology) | 21775 |
| 2581 | WuXi AppTec Co. Ltd., Class A (Health Care) | 36870 |
| 7405 | WuXi AppTec Co. Ltd., Class H (Health Care)<sup>(b)</sup> | 112654 |
| 66918 | Wuxi Biologics Cayman, Inc. (Health Care)\*<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344080 |
| 1489 | Wuxi Lead Intelligent Equipment Co. Ltd., Class A (Industrials) | 11893 |
| 5000 | WuXi XDC Cayman, Inc. (Health Care)\* | 40366 |
| 11017 | XCMG Construction Machinery Co. Ltd., Class A (Industrials) | 19687 |
| 4600 | XD, Inc. (Communication Services) | 43459 |
| 5889 | Xiamen Amoytop Biotech Co. Ltd., Class A (Health Care) | 64487 |
| 2779 | Xiamen C & D, Inc., Class A (Industrials) | 3933 |
| 1290 | Xiamen Tungsten Co. Ltd., Class A (Materials) | 13190 |
| 2084 | Xiangcai Co. Ltd., Class A (Financials)\* | 3208 |
| 267926 | Xiaomi Corp., Class B (Information Technology)\*<sup>(b)</sup> | 1195402 |
| 26231 | Xinyi Glass Holdings Ltd. <br>(Industrials)<sup>(a)</sup> | 34809 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 76000 | Xinyi Solar Holdings Ltd. (Information Technology) | $33617 |
| 21962 | XPeng, Inc., Class A (Consumer Discretionary)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191904 |
| 43000 | XtalPi Holdings Ltd. (Health Care)\* | 56951 |
| 8500 | Yangtze Optical Fibre & Cable Joint Stock Ltd. Co., Class H (Information Technology)<sup>(a)</sup><sup>(b)</sup> | 161695 |
| 496 | Yangzhou Yangjie Electronic Technology Co. Ltd., Class A (Information Technology) | 6318 |
| &nbsp;&nbsp;&nbsp;&nbsp;43508 | Yangzijiang Shipbuilding Holdings Ltd. (Industrials) | 149286 |
| 4516 | Yankuang Energy Group Co. Ltd., Class A (Energy) | 11664 |
| 46818 | Yankuang Energy Group Co. Ltd., Class H (Energy) | 83794 |
| 993 | Yantai Jereh Oilfield Services Group Co. Ltd., Class A (Energy) | 16973 |
| 1290 | Yealink Network Technology Corp. Ltd., Class A (Information Technology) | 7066 |
| 40000 | Yili Chuanning Biotechnology Co. Ltd., Class A (Health Care) | 66172 |
| 595 | Yongan Futures Co. Ltd., Class A (Financials) | 1355 |
| 8437 | Yonghui Superstores Co. Ltd., Class A (Consumer Staples)\* | 5226 |
| 3176 | Yonyou Network Technology Co. Ltd., Class A (Information Technology)\* | 6583 |
| 4268 | Youngor Fashion Co. Ltd., Class A (Real Estate) | 4554 |
| 3176 | YTO Express Group Co. Ltd., Class A (Industrials) | 9078 |
| 3176 | Yunnan Aluminium Co. Ltd., Class A (Materials) | 14443 |
| 1687 | Yunnan Baiyao Group Co. Ltd., Class A (Health Care) | 13782 |
| 4665 | Yunnan Chihong Zinc&Germanium Co. Ltd., Class A (Materials) | 7500 |
| 1489 | Yunnan Tin Co. Ltd., Class A (Materials) | 9627 |
| 1687 | Yunnan Yuntianhua Co. Ltd., Class A (Materials) | 10910 |
| 2084 | Yutong Bus Co. Ltd., Class A (Industrials) | 9018 |
| 1489 | Zangge Mining Co. Ltd., Class A (Materials) | 18699 |
| 1390 | ZCZL Industrial Technology Group Co. Ltd., Class A (Industrials) | 5077 |
| 3770 | ZCZL Industrial Technology Group Co. Ltd., Class H (Industrials) | 11326 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 20 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 26664 | Zhaojin Mining Industry Co. Ltd., Class H (Materials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117603 |
| 4863 | Zhefu Holding Group Co. Ltd., Class A (Industrials) | 3700 |
| 198 | Zhejiang Cfmoto Power Co. Ltd., Class A (Consumer Discretionary) | 7136 |
| 5062 | Zhejiang China Commodities City Group Co. Ltd., Class A (Consumer Discretionary) | 10964 |
| 1985 | Zhejiang Chint Electrics Co. Ltd., Class A (Industrials) | 9559 |
| 496 | Zhejiang Dingli Machinery Co. Ltd., Class A (Industrials) | 4286 |
| &nbsp;&nbsp;&nbsp;&nbsp;25304 | Zhejiang Expressway Co. Ltd., Class H (Industrials) | 22159 |
| 1886 | Zhejiang Hailiang Co. Ltd., Class A (Materials) | 4044 |
| 1390 | Zhejiang Huahai Pharmaceutical Co. Ltd., Class A (Health Care) | 3240 |
| 1588 | Zhejiang Huayou Cobalt Co. Ltd., Class A (Industrials) | 18197 |
| 3275 | Zhejiang Jinke Tom Culture Industry Co. Ltd., Class A (Communication Services)\* | 2349 |
| 2481 | Zhejiang Juhua Co. Ltd., Class A (Materials) | 15043 |
| 2978 | Zhejiang Longsheng Group Co. Ltd., Class A (Materials) | 7114 |
| 2878 | Zhejiang NHU Co. Ltd., Class A (Materials) | 13214 |
| 11672 | Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A (Industrials) | 87120 |
| 794 | Zhejiang Shuanghuan Driveline Co. Ltd., Class A (Consumer Discretionary) | 4793 |
| 397 | Zhejiang Supor Co. Ltd., Class A (Consumer Discretionary) | 2575 |
| 29000 | Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A (Consumer Discretionary) | 69067 |
| 1588 | Zhejiang Weiming Environment Protection Co. Ltd., Class A (Industrials) | 6518 |
| 9032 | Zhejiang Zheneng Electric Power Co. Ltd., Class A (Utilities) | 7017 |
| 3573 | Zheshang Securities Co. Ltd., Class A (Financials) | 5557 |
| 17289 | ZhongAn Online P&C Insurance Co. Ltd., Class H (Financials)\*<sup>(b)</sup> | 33883 |
| 675 | Zhongfu Shenying Carbon Fiber Co. Ltd., Class A (Materials)\* | 3161 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 1112 | Zhongji Innolight Co. Ltd., Class A (Information Technology) | $86550 |
| 4466 | Zhongjin Gold Corp. Ltd., Class A (Materials) | 20726 |
| 1042 | Zhuhai CosMX Battery Co. Ltd., Class A (Industrials) | 2842 |
| 590 | Zhuzhou CRRC Times Electric Co. Ltd., Class A (Industrials) | 5108 |
| 17451 | Zhuzhou CRRC Times Electric Co. Ltd., Class H (Industrials) | 99011 |
| 20546 | Zijin Mining Group Co. Ltd., Class A (Materials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118438 |
| &nbsp;&nbsp;&nbsp;&nbsp;90991 | Zijin Mining Group Co. Ltd., Class H (Materials) | 523462 |
| 34653 | ZJLD Group, Inc. (Consumer Staples)<sup>(b)</sup> | 40491 |
| 6551 | Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A (Industrials) | 9539 |
| 21648 | Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H (Industrials)<sup>(a)</sup> | 28948 |
| 3672 | ZTE Corp., Class A (Information Technology) | 20686 |
| 12553 | ZTE Corp., Class H (Information Technology) | 43715 |
| 6900 | ZTO Express Cayman, Inc. (Industrials) | 168924 |
|  |  | 51270160 |
| Colombia – 0.0% | Colombia – 0.0% |  |
| 78636 | Ecopetrol SA (Energy) | 46906 |
| 5122 | Grupo Argos SA (Materials) | 22505 |
| 3816 | Grupo Cibest SA (Financials) | 83346 |
| 1962 | Grupo de Inversiones Suramericana SA (Financials) | 28317 |
| 7319 | Interconexion Electrica SA ESP (Utilities) | 53597 |
|  |  | 234671 |
| Congo (Democratic Republic) – 0.0% | Congo (Democratic Republic) – 0.0% |  |
| 11717 | Ivanhoe Mines Ltd., Class A (Materials)\* | 134021 |
| Cyprus – 0.0% | Cyprus – 0.0% |  |
| 5188 | Bank of Cyprus Holdings PLC (Financials) | 56722 |
| Czech Republic – 0.0% | Czech Republic – 0.0% |  |
| 2638 | CEZ AS (Utilities) | 149788 |
| 1212 | Komercni Banka AS (Financials) | 69409 |
|  |  | 219197 |
| Denmark – 0.8% | Denmark – 0.8% |  |
| 1044 | Carlsberg AS, Class B (Consumer Staples) | 162209 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **21** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Denmark – (continued) | Denmark – (continued) |  |
| 1430 | Coloplast A/S, Class B (Health Care) | $110278 |
| 10530 | Danske Bank A/S (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549297 |
| 3295 | DSV A/S (Industrials) | 851608 |
| 828 | Genmab A/S (Health Care)\* | 241871 |
| &nbsp;&nbsp;&nbsp;&nbsp;50221 | Novo Nordisk A/S, Class B (Health Care) | 1888049 |
| 6864 | Novonesis Novozymes B, Class B (Materials) | 407306 |
| 4934 | Orsted AS (Utilities)\*<sup>(b)</sup> | 116957 |
| 586 | Pandora A/S (Consumer Discretionary) | 46302 |
| 5295 | Tryg A/S (Financials) | 131036 |
| 16303 | Vestas Wind Systems A/S (Industrials) | 418525 |
|  |  | 4923438 |
| Egypt – 0.0% | Egypt – 0.0% |  |
| 22764 | Abou Kir Fertilizers & Chemical Industries (Materials) | 33090 |
| 42750 | Commercial International Bank - Egypt (CIB) (Financials) | 119022 |
| 34684 | Eastern Co. SAE (Consumer Staples) | 29657 |
| 14004 | EFG Holding S.A.E. (Financials)\* | 7903 |
| 15362 | Talaat Moustafa Group (Real Estate) | 27905 |
|  |  | 217577 |
| Faroe Islands – 0.0% | Faroe Islands – 0.0% |  |
| 52 | Bakkafrost P/F (Consumer Staples) | 2492 |
| Finland – 0.6% | Finland – 0.6% |  |
| 1071 | Elisa OYJ (Communication Services) | 54931 |
| 8420 | Fortum OYJ (Utilities) | 196941 |
| 5355 | Kesko OYJ, Class B (Consumer Staples) | 131891 |
| 5423 | Kone OYJ, Class B (Industrials) | 409916 |
| 10482 | Metso Oyj (Industrials) | 219119 |
| 7062 | Neste OYJ (Energy) | 176601 |
| 82554 | Nokia OYJ (Information Technology) | 632006 |
| 51300 | Nordea Bank Abp (Financials) | 996376 |
| 2008 | Orion OYJ, Class B (Health Care) | 160506 |
| 37356 | Sampo OYJ, Class A (Financials) | 414070 |
| 3948 | Stora Enso OYJ, Class R (Materials) | 53630 |
| 6381 | UPM-Kymmene OYJ (Materials) | 203269 |
| 7955 | Wartsila OYJ Abp (Industrials) | 346582 |
|  |  | 3995838 |
| France – 4.6% | France – 4.6% |  |
| 9273 | Air Liquide SA (Materials) | 1951486 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| France – (continued) | France – (continued) |  |
| 9510 | Airbus SE (Industrials) | $2068733 |
| 27441 | AXA SA (Financials) | 1343288 |
| 16053 | BNP Paribas SA (Financials) | 1810087 |
| 887 | Bollore SE (Energy) | 5190 |
| 3198 | Bouygues SA (Industrials) | 198914 |
| 2146 | Capgemini SE (Information Technology) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270988 |
| 7875 | Cie de Saint-Gobain SA (Industrials) | 801861 |
| 11633 | Cie Generale des Etablissements Michelin SCA (Consumer Discretionary) | 472487 |
| 16148 | Credit Agricole SA (Financials) | 358154 |
| &nbsp;&nbsp;&nbsp;&nbsp;10717 | Danone SA (Consumer Staples) | 919156 |
| 8906 | Dassault Systemes (Information Technology) | 195059 |
| 28614 | Engie SA (Utilities) | 977388 |
| 4841 | EssilorLuxottica SA (Health Care) | 1287192 |
| 539 | Hermes International SCA (Consumer Discretionary) | 1303979 |
| 1245 | Kering (Consumer Discretionary) | 420265 |
| 4117 | Legrand SA (Industrials) | 747857 |
| 3612 | L'Oreal SA (Consumer Staples) | 1694789 |
| 4098 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary) | 2632635 |
| 30551 | Orange SA (Communication Services) | 656142 |
| 2475 | Pernod Ricard SA (Consumer Staples) | 228694 |
| 3145 | Publicis Groupe SA (Communication Services) | 280057 |
| 5693 | Safran SA (Industrials) | 2285388 |
| 186 | Sartorius Stedim Biotech (Health Care) | 40211 |
| 11463 | Societe Generale SA (Financials) | 999649 |
| 1419 | Thales SA (Industrials) | 427063 |
| 33703 | TotalEnergies SE (Energy) | 2677284 |
| 7809 | Vinci SA (Industrials) | 1297728 |
|  |  | 28351724 |
| Germany – 4.9% | Germany – 4.9% |  |
| 2365 | adidas AG (Consumer Discretionary) | 441751 |
| 6258 | Allianz SE (Financials) | 2824010 |
| 15587 | BASF SE (Materials) | 896255 |
| 15075 | Bayer AG (Health Care) | 747739 |
| 3920 | Bayerische Motoren Werke AG (Consumer Discretionary) | 414052 |
| 1575 | Beiersdorf AG (Consumer Staples) | 200186 |
| 1545 | BioNTech SE ADR (Health Care)\* | 170379 |
| 11407 | Commerzbank AG (Financials) | 466675 |
| 2363 | Continental AG (Consumer Discretionary) | 204005 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 22 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Germany – (continued) | Germany – (continued) |  |
| 8149 | Daimler Truck Holding AG (Industrials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414014 |
| 29354 | Deutsche Bank AG (Financials) | 1049973 |
| 2975 | Deutsche Boerse AG (Financials) | 816325 |
| 15556 | Deutsche Post AG (Industrials) | 920186 |
| &nbsp;&nbsp;&nbsp;&nbsp;57994 | Deutsche Telekom AG (Communication Services) | 2334264 |
| 36183 | E.ON SE (Utilities) | 840755 |
| 2104 | Fresenius Medical Care AG (Health Care) | 98001 |
| 6727 | Fresenius SE & Co. KGaA (Health Care) | 404277 |
| 983 | Hannover Rueck SE (Financials) | 299210 |
| 2075 | Heidelberg Materials AG (Materials) | 464389 |
| 1573 | Henkel AG & Co. KGaA (Consumer Staples) | 142543 |
| 21272 | Infineon Technologies AG (Information Technology) | 1150935 |
| 1082 | Knorr-Bremse AG (Industrials) | 142443 |
| 10420 | Mercedes-Benz Group AG (Consumer Discretionary) | 725871 |
| 2147 | Merck KGaA (Health Care) | 325236 |
| 878 | MTU Aero Engines AG (Industrials) | 378794 |
| 2116 | Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen (Financials) | 1388091 |
| 734 | Rheinmetall AG (Industrials) | 1441646 |
| 10947 | RWE AG (Utilities) | 704937 |
| 16934 | SAP SE (Information Technology) | 3418173 |
| 12231 | Siemens AG (Industrials) | 3572741 |
| 12012 | Siemens Energy AG (Industrials) | 2360690 |
| 3638 | Siemens Healthineers AG (Health Care)<sup>(b)</sup> | 181008 |
| 984 | Talanx AG (Financials) | 124314 |
| 948 | Volkswagen AG (Consumer Discretionary) | 113945 |
| 12810 | Vonovia SE (Real Estate) | 433930 |
|  |  | 30611743 |
| Greece – 0.2% | Greece – 0.2% |  |
| 32501 | Alpha Bank SA (Financials) | 142751 |
| 1230 | Athens International Airport SA (Industrials) | 16614 |
| 39426 | Eurobank SA (Financials) | 182477 |
| 2733 | Hellenic Telecommunications Organization SA (Communication Services) | 56470 |
| 2712 | JUMBO SA (Consumer Discretionary) | 79475 |
| 968 | Motor Oil Hellas Corinth Refineries SA (Energy) | 41922 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Greece – (continued) | Greece – (continued) |  |
| 13689 | National Bank of Greece SA (Financials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222802 |
| 4656 | OPAP Holding SA (Consumer Discretionary) | 86858 |
| &nbsp;&nbsp;&nbsp;&nbsp;15967 | Piraeus Bank SA (Financials)\* | 153080 |
| 3041 | Public Power Corp. SA (Utilities) | 67861 |
|  |  | 1050310 |
| Hong Kong – 1.2% | Hong Kong – 1.2% |  |
| 170038 | AIA Group Ltd. (Financials) | 1886860 |
| 38395 | Cathay Pacific Airways Ltd. (Industrials) | 69013 |
| 36519 | CK Asset Holdings Ltd. (Real Estate) | 232406 |
| 10089 | CK Infrastructure Holdings Ltd. (Utilities) | 85707 |
| 29505 | CLP Holdings Ltd. (Utilities) | 279881 |
| 4000 | Cowell e Holdings, Inc. (Information Technology)\* | 14339 |
| 947 | Futu Holdings Ltd. ADR (Financials)\* | 140951 |
| 21867 | Henderson Land Development Co. Ltd. (Real Estate) | 99073 |
| 37584 | HK Electric Investments & HK Electric Investments Ltd. (Utilities) | 33682 |
| 58988 | HKT Trust & HKT Ltd. (Communication Services) | 93058 |
| 177047 | Hong Kong & China Gas Co. Ltd. (Utilities) | 172245 |
| 19321 | Hong Kong Exchanges & Clearing Ltd. (Financials) | 1034946 |
| 16562 | Hongkong Land Holdings Ltd. (Real Estate) | 143593 |
| 42350 | Link REIT (Real Estate) | 209851 |
| 32510 | MTR Corp. Ltd. (Industrials) | 155190 |
| 2180 | Orient Overseas International Ltd. (Industrials) | 41665 |
| 22155 | Power Assets Holdings Ltd. (Utilities) | 179712 |
| 41919 | Prudential PLC (Financials) | 641073 |
| 55959 | Sino Land Co. Ltd. (Real Estate) | 91427 |
| 21689 | Sun Hung Kai Properties Ltd. (Real Estate) | 404824 |
| 11805 | Swire Pacific Ltd., Class A (Industrials) | 126997 |
| 16882 | Swire Properties Ltd. (Real Estate) | 58272 |
| 26661 | Techtronic Industries Co. Ltd. (Industrials) | 434912 |
| 124143 | WH Group Ltd. (Consumer Staples)<sup>(b)</sup> | 156168 |
| 39712 | Wharf Real Estate Investment Co. Ltd. (Real Estate) | 146721 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **23** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Hong Kong – (continued) | Hong Kong – (continued) |  |
| 4400 | Zijin Gold International Co. Ltd. (Materials)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131514 |
|  |  | 7064080 |
| Hungary – 0.1% | Hungary – 0.1% |  |
| 6099 | MOL Hungarian Oil & Gas PLC (Energy) | 67420 |
| 3576 | OTP Bank Nyrt (Financials) | 440454 |
| 2308 | Richter Gedeon Nyrt (Health Care) | 86345 |
|  |  | 594219 |
| India – 4.2% | India – 4.2% |  |
| 3946 | 360 ONE WAM Ltd. (Financials) | 47868 |
| 880 | ABB India Ltd. (Industrials) | 58743 |
| 98 | Abbott India Ltd. (Health Care) | 28578 |
| 5989 | Adani Energy Solutions Ltd. (Utilities)\* | 66591 |
| 1171 | Adani Enterprises Ltd. (Industrials) | 27826 |
| 9416 | Adani Ports & Special Economic Zone Ltd. (Industrials) | 157423 |
| &nbsp;&nbsp;&nbsp;&nbsp;64780 | Adani Power Ltd. (Utilities)\* | 99766 |
| 11348 | Aditya Birla Capital Ltd. (Financials)\* | 42965 |
| 516 | Alkem Laboratories Ltd. (Health Care) | 31986 |
| 10062 | Ambuja Cements Ltd. (Materials) | 55344 |
| 2763 | APL Apollo Tubes Ltd. (Materials) | 67866 |
| 1682 | Apollo Hospitals Enterprise Ltd. (Health Care) | 144607 |
| 47694 | Ashok Leyland Ltd. (Industrials) | 110669 |
| 6289 | Asian Paints Ltd. (Materials) | 164262 |
| 7598 | AU Small Finance Bank Ltd. (Financials)<sup>(b)</sup> | 80038 |
| 6982 | Aurobindo Pharma Ltd. (Health Care) | 93660 |
| 896 | Avenue Supermarts Ltd. (Consumer Staples)\*<sup>(b)</sup> | 37894 |
| 37867 | Axis Bank Ltd. (Financials) | 576020 |
| 1411 | Bajaj Auto Ltd. (Consumer Discretionary) | 154669 |
| 43052 | Bajaj Finance Ltd. (Financials) | 471282 |
| 6351 | Bajaj Finserv Ltd. (Financials) | 139158 |
| 732 | Bajaj Holdings & Investment Ltd. (Financials) | 86930 |
| 29931 | Bajaj Housing Finance Ltd. (Financials)\* | 28636 |
| 17185 | Bank of Baroda (Financials) | 60815 |
| 11819 | Bank of India (Financials) | 22871 |
| 59344 | Bharat Electronics Ltd. (Industrials) | 290079 |
| 6748 | Bharat Forge Ltd. (Consumer Discretionary) | 141760 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| India – (continued) | India – (continued) |  |
| 17292 | Bharat Heavy Electricals Ltd. (Industrials) | $50359 |
| 31956 | Bharat Petroleum Corp. Ltd. (Energy) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135374 |
| 39368 | Bharti Airtel Ltd. (Communication Services) | 813226 |
| 1230 | Bharti Hexacom Ltd. (Communication Services) | 21725 |
| 14688 | Biocon Ltd. (Health Care) | 62933 |
| 144 | Bosch Ltd. (Consumer Discretionary) | 57655 |
| 2195 | Britannia Industries Ltd. (Consumer Staples) | 144823 |
| 3267 | BSE Ltd. (Financials) | 97213 |
| 30144 | Canara Bank (Financials) | 52143 |
| &nbsp;&nbsp;&nbsp;&nbsp;18381 | CG Power & Industrial Solutions Ltd. (Industrials) | 146521 |
| 8533 | Cholamandalam Investment and Finance Co. Ltd. (Financials) | 162338 |
| 10971 | Cipla Ltd. (Health Care) | 162582 |
| 27252 | Coal India Ltd. (Energy) | 129002 |
| 5440 | Coforge Ltd. (Information Technology) | 70906 |
| 2214 | Colgate-Palmolive India Ltd. (Consumer Staples) | 54866 |
| 1986 | Coromandel International Ltd. (Materials) | 48462 |
| 2256 | Cummins India Ltd. (Industrials) | 121467 |
| 12314 | Delhivery Ltd. (Industrials)\* | 58662 |
| 2333 | Divi's Laboratories Ltd. (Health Care) | 164340 |
| 38 | Dixon Technologies India Ltd. (Consumer Discretionary) | 4397 |
| 15305 | DLF Ltd. (Real Estate) | 101586 |
| 4401 | Dr Reddy's Laboratories Ltd. (Health Care) | 62225 |
| 2533 | Eicher Motors Ltd. (Consumer Discretionary) | 223032 |
| 14487 | Embassy Office Parks REIT (Real Estate) | 67682 |
| 79159 | Eternal Ltd. (Consumer Discretionary)\* | 214307 |
| 29673 | Federal Bank Ltd. (Financials) | 97800 |
| 7847 | Fortis Healthcare Ltd. (Health Care) | 81307 |
| 17018 | FSN E-Commerce Ventures Ltd. (Consumer Discretionary)\* | 49661 |
| 57135 | GAIL India Ltd. (Utilities) | 106468 |
| 2052 | GE Vernova T&D India Ltd. (Industrials) | 86843 |
| 3865 | General Insurance Corp. of India (Financials)<sup>(b)</sup> | 16273 |
| 1018 | Gland Pharma Ltd. (Health Care)<sup>(b)</sup> | 20390 |
| 2254 | Glenmark Pharmaceuticals Ltd. (Health Care) | 52938 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 24 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| India – (continued) | India – (continued) |  |
| 8545 | Godrej Consumer Products Ltd. (Consumer Staples) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114354 |
| 5166 | Grasim Industries Ltd. (Materials) | 158984 |
| 1577 | Gujarat Fluorochemicals Ltd. (Materials) | 60380 |
| &nbsp;&nbsp;&nbsp;&nbsp;16621 | HCL Technologies Ltd. (Information Technology) | 253783 |
| 3214 | HDFC Asset Management Co. Ltd. (Financials)<sup>(b)</sup> | 95336 |
| 184246 | HDFC Bank Ltd. (Financials) | 1797880 |
| 16262 | HDFC Life Insurance Co. Ltd. (Financials)<sup>(b)</sup> | 127860 |
| 2415 | Hero MotoCorp Ltd. (Consumer Discretionary) | 151574 |
| 6198 | Hexaware Technologies Ltd. (Information Technology) | 32258 |
| 22310 | Hindalco Industries Ltd. (Materials) | 226763 |
| 2761 | Hindustan Aeronautics Ltd. (Industrials) | 118760 |
| 15942 | Hindustan Petroleum Corp. Ltd. (Energy) | 76883 |
| 9801 | Hindustan Unilever Ltd. (Consumer Staples) | 251887 |
| 3878 | Hindustan Zinc Ltd. (Materials) | 25738 |
| 174 | Hitachi Energy India Ltd. (Industrials) | 48890 |
| 3547 | Hyundai Motor India Ltd. (Consumer Discretionary) | 84425 |
| 85605 | ICICI Bank Ltd. (Financials) | 1297490 |
| 3919 | ICICI Lombard General Insurance Co. Ltd. (Financials)<sup>(b)</sup> | 81911 |
| 6367 | ICICI Prudential Life Insurance Co. Ltd. (Financials)<sup>(b)</sup> | 45805 |
| 41249 | IDFC First Bank Ltd. (Financials) | 33316 |
| 4027 | Indian Bank (Financials) | 43844 |
| 18124 | Indian Hotels Co. Ltd. (Consumer Discretionary) | 132888 |
| 47145 | Indian Oil Corp. Ltd. (Energy) | 97149 |
| 55406 | Indian Railway Finance Corp. Ltd. (Financials)<sup>(b)</sup> | 63064 |
| 20326 | Indus Towers Ltd. (Communication Services)\* | 101645 |
| 9416 | IndusInd Bank Ltd. (Financials)\* | 99023 |
| 8380 | Info Edge India Ltd. (Communication Services) | 94839 |
| 54200 | Infosys Ltd. (Information Technology) | 774547 |
| 3549 | InterGlobe Aviation Ltd. (Industrials)<sup>(b)</sup> | 188310 |
| 31847 | ITC Ltd. (Consumer Staples) | 109778 |
| 5049 | Jindal Stainless Ltd. (Materials) | 43086 |
| 6325 | Jindal Steel Ltd. (Materials) | 86501 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| India – (continued) | India – (continued) |  |
| 47770 | Jio Financial Services Ltd. (Financials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134106 |
| 6396 | JSW Energy Ltd. (Utilities) | 34291 |
| 13376 | JSW Steel Ltd. (Materials) | 185946 |
| 15529 | Knowledge Realty Trust REIT (Real Estate) | 20459 |
| 88610 | Kotak Mahindra Bank Ltd. (Financials) | 404401 |
| &nbsp;&nbsp;&nbsp;&nbsp;12313 | Kwality Wall's India Ltd. (Consumer Staples)\* | 3535 |
| 12360 | L&T Finance Ltd. (Financials) | 38577 |
| 10920 | Larsen & Toubro Ltd. (Industrials) | 513530 |
| 6527 | Laurus Labs Ltd. (Health Care)<sup>(b)</sup> | 77182 |
| 1872 | LG Electronics India Ltd. (Consumer Discretionary)\* | 32697 |
| 3678 | Life Insurance Corp. of India (Financials) | 34340 |
| 779 | Linde India Ltd. (Materials) | 57627 |
| 1572 | Lloyds Metals & Energy Ltd. (Materials) | 21305 |
| 4004 | Lodha Developers Ltd. (Real Estate)<sup>(b)</sup> | 43494 |
| 1175 | LTIMindtree Ltd. (Information <br>Technology)<sup>(b)</sup> | 57629 |
| 3992 | Lupin Ltd. (Health Care) | 101006 |
| 9578 | Mahindra & Mahindra Financial Services Ltd. (Financials) | 39406 |
| 15202 | Mahindra & Mahindra Ltd. (Consumer Discretionary) | 567701 |
| 211 | MakeMyTrip Ltd. (Consumer Discretionary)\* | 11915 |
| 1840 | Mankind Pharma Ltd. (Health Care) | 45458 |
| 8672 | Marico Ltd. (Consumer Staples) | 75175 |
| 2085 | Maruti Suzuki India Ltd. (Consumer Discretionary) | 340494 |
| 3675 | Max Financial Services Ltd. (Financials)\* | 73253 |
| 15102 | Max Healthcare Institute Ltd. (Health Care) | 181263 |
| 948 | Mazagon Dock Shipbuilders Ltd. (Industrials) | 23184 |
| 2387 | Motilal Oswal Financial Services Ltd. (Financials) | 19026 |
| 3102 | Mphasis Ltd. (Information Technology) | 78303 |
| 65 | MRF Ltd. (Consumer Discretionary) | 100730 |
| 2838 | Multi Commodity Exchange of India Ltd. (Financials) | 76219 |
| 1771 | Muthoot Finance Ltd. (Financials) | 65281 |
| 21822 | National Aluminium Co. Ltd. (Materials) | 85056 |
| 10540 | Nestle India Ltd. (Consumer Staples) | 149649 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **25** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| India – (continued) | India – (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;87646 | NHPC Ltd. (Utilities) | $72573 |
| 2841 | Nippon Life India Asset Management Ltd. (Financials)<sup>(b)</sup> | 29079 |
| 57267 | NMDC Ltd. (Materials) | 51453 |
| 72229 | NTPC Ltd. (Utilities) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303203 |
| 3772 | Oberoi Realty Ltd. (Real Estate) | 63137 |
| 44930 | Oil & Natural Gas Corp. Ltd. (Energy) | 138134 |
| 9004 | Oil India Ltd. (Energy) | 47892 |
| 6662 | One 97 Communications Ltd. (Financials)\* | 80426 |
| 985 | Oracle Financial Services Software Ltd. (Information Technology) | 75053 |
| 10782 | Patanjali Foods Ltd. (Consumer Staples) | 60205 |
| 5555 | PB Fintech Ltd. (Financials)\* | 90466 |
| 1658 | Persistent Systems Ltd. (Information Technology) | 86257 |
| 9934 | Petronet LNG Ltd. (Energy) | 35313 |
| 551 | Pidilite Industries Ltd. (Materials) | 9036 |
| 725 | Polycab India Ltd. (Industrials) | 68618 |
| 31089 | Power Finance Corp. Ltd. (Financials) | 141406 |
| 75197 | Power Grid Corp. of India Ltd. (Utilities) | 246851 |
| 2288 | Prestige Estates Projects Ltd. (Real Estate) | 35033 |
| 36589 | Punjab National Bank (Financials) | 52058 |
| 9407 | Rail Vikas Nigam Ltd. (Industrials) | 32711 |
| 28114 | REC Ltd. (Financials) | 108097 |
| 96581 | Reliance Industries Ltd. (Energy) | 1479774 |
| 108272 | Samvardhana Motherson International Ltd. (Consumer Discretionary) | 158690 |
| 7407 | SBI Life Insurance Co. Ltd. <br>(Financials)<sup>(b)</sup> | 165862 |
| 1420 | Schaeffler India Ltd. (Consumer Discretionary) | 68009 |
| 165 | Shree Cement Ltd. (Materials) | 47291 |
| 23308 | Shriram Finance Ltd. (Financials) | 276541 |
| 404 | Solar Industries India Ltd. (Materials) | 59968 |
| 3780 | SRF Ltd. (Materials) | 106458 |
| 29658 | State Bank of India (Financials) | 391751 |
| 16868 | Steel Authority of India Ltd. (Materials) | 30724 |
| 18394 | Sun Pharmaceutical Industries Ltd. (Health Care) | 351195 |
| 1061 | Sundaram Finance Ltd. (Financials) | 64254 |
| 179564 | Suzlon Energy Ltd. (Industrials)\* | 84220 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| India – (continued) | India – (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;30850 | Swiggy Ltd. (Consumer Discretionary)\* | $102323 |
| 8317 | Tata Capital Ltd. (Financials)\* | 30498 |
| 12192 | Tata Consultancy Services Ltd. (Information Technology) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353446 |
| 9998 | Tata Consumer Products Ltd. (Consumer Staples) | 125392 |
| 33649 | Tata Motors Ltd. (Industrials)\* | 186893 |
| 41441 | Tata Motors Passenger Vehicles Ltd. (Consumer Discretionary) | 174303 |
| 28197 | Tata Power Co. Ltd. (The) (Utilities) | 117017 |
| 121959 | Tata Steel Ltd. (Materials) | 284641 |
| 10821 | Tech Mahindra Ltd. (Information Technology) | 161501 |
| 6508 | Titan Co. Ltd. (Consumer Discretionary) | 309568 |
| 1538 | Torrent Pharmaceuticals Ltd. (Health Care) | 73257 |
| 3734 | Trent Ltd. (Consumer Discretionary) | 160050 |
| 3810 | TVS Motor Co. Ltd. (Consumer Discretionary) | 162059 |
| 1911 | UltraTech Cement Ltd. (Materials) | 266287 |
| 24633 | Union Bank of India Ltd. (Financials) | 54767 |
| 7373 | United Spirits Ltd. (Consumer Staples) | 111904 |
| 2969 | UNO Minda Ltd. (Consumer Discretionary) | 38787 |
| 13790 | UPL Ltd. (Materials) | 96616 |
| 28264 | Varun Beverages Ltd. (Consumer Staples) | 140238 |
| 22316 | Vedanta Ltd. (Materials) | 176220 |
| 427328 | Vodafone Idea Ltd. (Communication Services)\* | 49743 |
| 3832 | Voltas Ltd. (Industrials) | 65763 |
| 2468 | WAAREE Energies Ltd. (Information Technology) | 73498 |
| 59673 | Wipro Ltd. (Information Technology) | 131813 |
| 262944 | Yes Bank Ltd. (Financials)\* | 59886 |
| 7251 | Zydus Lifesciences Ltd. (Health Care) | 73461 |
|  |  | 26330670 |
| Indonesia – 0.4% | Indonesia – 0.4% |  |
| 69400 | Adaro Andalan Indonesia PT (Energy) | 38291 |
| 369267 | Alamtri Minerals Indonesia Tbk PT (Materials) | 46255 |
| 204534 | Amman Mineral Internasional PT (Materials)\* | 93330 |
| 280200 | Aneka Tambang Tbk (Materials) | 72703 |
| 171459 | Astra International Tbk PT (Industrials) | 68267 |
| 721206 | Bank Central Asia Tbk PT (Financials) | 308658 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 26 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Indonesia – (continued) | Indonesia – (continued) |  |
| 391927 | Bank Mandiri Persero Tbk PT (Financials) | $123317 |
| 247703 | Bank Negara Indonesia Persero Tbk PT (Financials) | 65010 |
| 886100 | Bank Rakyat Indonesia Persero Tbk PT (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206660 |
| 421170 | Barito Pacific Tbk PT (Materials)\* | 49993 |
| 1223300 | Bumi Resources Minerals Tbk PT (Materials)\* | 70779 |
| 3378200 | Bumi Resources Tbk PT (Energy)\* | 51988 |
| 197624 | Chandra Asri Pacific Tbk PT (Materials) | 78979 |
| 492600 | Chandra Daya Investasi Tbk PT (Utilities) | 30852 |
| &nbsp;&nbsp;&nbsp;&nbsp;25800 | Dian Swastatika Sentosa Tbk PT (Energy)\* | 121459 |
| 199627 | Indofood Sukses Makmur Tbk PT (Consumer Staples) | 76803 |
| 343632 | Indosat Tbk PT (Communication Services) | 47348 |
| 3279 | Jardine Matheson Holdings Ltd. (Industrials) | 270517 |
| 827800 | Merdeka Battery Materials Tbk PT (Materials)\* | 42217 |
| 380100 | Merdeka Copper Gold Tbk PT (Materials)\* | 85021 |
| 131300 | Merdeka Gold Resources Tbk PT (Materials)\* | 65200 |
| 87219 | Pantai Indah Kapuk Dua Tbk PT (Real Estate) | 49553 |
| 590100 | Pertamina Geothermal Energy PT (Utilities)<sup>(b)</sup> | 38190 |
| 278000 | Petrindo Jaya Kreasi Tbk PT (Energy) | 26531 |
| 490688 | Telkom Indonesia Persero Tbk PT (Communication Services) | 103611 |
| 563100 | Trimegah Bangun Persada Tbk PT (Materials) | 51725 |
| 1264 | United Tractors Tbk PT (Energy) | 2156 |
| 117600 | Vale Indonesia Tbk PT (Materials) | 55415 |
| 229900 | XLSMART Telecom Sejahtera Tbk PT (Communication Services) | 43471 |
|  |  | 2384299 |
| Ireland – 0.2% | Ireland – 0.2% |  |
| 2854 | AerCap Holdings NV (Industrials) | 426502 |
| 33920 | AIB Group PLC (Financials) | 354437 |
| 15619 | Bank of Ireland Group PLC (Financials) | 304928 |
| 2744 | Kerry Group PLC, Class A (Consumer Staples) | 243960 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Ireland – (continued) | Ireland – (continued) |  |
| 2544 | Kingspan Group PLC (Industrials) | $253362 |
|  |  | 1583189 |
| Israel – 0.9% | Israel – 0.9% |  |
| 3066 | Airport City Ltd. (Real Estate)\* | 53783 |
| 3368 | Amot Investments Ltd. (Real Estate) | 22333 |
| 607 | Azrieli Group Ltd. (Real Estate) | 87139 |
| 21396 | Bank Hapoalim BM (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539037 |
| &nbsp;&nbsp;&nbsp;&nbsp;24346 | Bank Leumi Le-Israel BM (Financials) | 588354 |
| 53626 | Bezeq The Israeli Telecommunication Corp. Ltd. (Communication Services) | 141362 |
| 257 | Big Shopping Centers Ltd. (Real Estate) | 61886 |
| 412 | Camtek Ltd. (Information Technology)\* | 68528 |
| 4043 | Cellebrite DI Ltd. (Information Technology)\* | 53934 |
| 1586 | Check Point Software Technologies Ltd. (Information Technology)\* | 241183 |
| 1060 | Clal Insurance Enterprises Holdings Ltd. (Financials) | 79043 |
| 156 | Delek Group Ltd. (Energy) | 47695 |
| 439 | Elbit Systems Ltd. (Industrials) | 335885 |
| 4046 | Energix-Renewable Energies Ltd. (Utilities) | 25809 |
| 1927 | Enlight Renewable Energy Ltd. (Utilities)\* | 131833 |
| 103 | Fattal Holdings 1998 Ltd. (Consumer Discretionary)\* | 20204 |
| 860 | First International Bank Of Israel Ltd. (The) (Financials) | 73867 |
| 537 | Global-e Online Ltd. (Consumer Discretionary)\* | 18779 |
| 1719 | Harel Insurance Investments & Financial Services Ltd. (Financials) | 90189 |
| 467 | ICL Group Ltd. (Materials) | 2206 |
| 164 | Israel Corp. Ltd. (Materials) | 42253 |
| 20006 | Israel Discount Bank Ltd., Class A (Financials) | 241896 |
| 403 | Mega Or Holdings Ltd. (Real Estate) | 65540 |
| 409 | Melisron Ltd. (Real Estate) | 55349 |
| 292 | Menora Mivtachim Holdings Ltd. (Financials) | 41667 |
| 7826 | Migdal Insurance & Financial Holdings Ltd. (Financials)\* | 42308 |
| 9372 | Mivne Real Estate KD Ltd. (Real Estate) | 38829 |
| 2501 | Mizrahi Tefahot Bank Ltd. (Financials) | 187135 |
| 1165 | Next Vision Stabilized Systems Ltd. (Information Technology) | 132985 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **27** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Israel – (continued) | Israel – (continued) |  |
| 1321 | Nice Ltd. (Information Technology)\* | $149570 |
| 477 | Nova Ltd. (Information Technology)\* | 209172 |
| 2440 | OPC Energy Ltd. (Utilities)\* | 76818 |
| 3757 | Phoenix Financial Ltd. (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191723 |
| 1091 | Plus500 Ltd. (Financials) | 58789 |
| 2213 | Shapir Engineering and Industry Ltd. (Industrials)<sup>(a)</sup> | 23080 |
| &nbsp;&nbsp;&nbsp;&nbsp;10042 | Shikun & Binui Ltd. (Industrials)\* | 52879 |
| 6535 | Shufersal Ltd. (Consumer Staples) | 91501 |
| 780 | Strauss Group Ltd. (Consumer Staples) | 34356 |
| 1390 | Tel Aviv Stock Exchange Ltd. (Financials) | 67652 |
| 18517 | Teva Pharmaceutical Industries Ltd. (Health Care)\* | 626614 |
| 1827 | Tower Semiconductor Ltd. (Information Technology)\* | 230695 |
| 878 | Wix.com Ltd. (Information Technology)\* | 61864 |
|  |  | 5405724 |
| Italy – 1.9% | Italy – 1.9% |  |
| 25423 | A2A SpA (Utilities) | 74412 |
| 3372 | Banca Mediolanum SpA (Financials) | 72619 |
| 30272 | Banca Monte dei Paschi di Siena SpA (Financials) | 296589 |
| 18003 | Banco BPM SpA (Financials) | 266446 |
| 23311 | BPER Banca SpA (Financials) | 330555 |
| 14271 | Davide Campari-Milano NV (Consumer Staples) | 107468 |
| 124443 | Enel SpA (Utilities) | 1497804 |
| 33627 | Eni SpA (Energy) | 780411 |
| 2072 | Ferrari NV (Consumer Discretionary) | 786277 |
| 9992 | FinecoBank Banca Fineco SpA (Financials) | 235833 |
| 14648 | Generali (Financials) | 625384 |
| 1109 | Infrastrutture Wireless Italiane SpA (Communication Services)<sup>(b)</sup> | 11778 |
| 236949 | Intesa Sanpaolo SpA (Financials) | 1632434 |
| 6547 | Leonardo SpA (Industrials) | 439067 |
| 2443 | Moncler SpA (Consumer Discretionary) | 168567 |
| 7453 | Poste Italiane SpA (Financials)<sup>(b)</sup> | 200195 |
| 4625 | Prysmian SpA (Industrials) | 559726 |
| 2154 | Recordati Industria Chimica e Farmaceutica SpA (Health Care) | 123143 |
| 7890 | Ryanair Holdings PLC ADR (Industrials) | 532496 |
| 33478 | Snam SpA (Utilities) | 260486 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Italy – (continued) | Italy – (continued) |  |
| 166110 | Telecom Italia SpA (Communication Services)\* | $124775 |
| 100152 | Telecom Italia SpA-RSP (Communication Services)\* | 87718 |
| &nbsp;&nbsp;&nbsp;&nbsp;22941 | Terna - Rete Elettrica Nazionale (Utilities) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276282 |
| 22728 | UniCredit SpA (Financials) | 1943120 |
| 5326 | Unipol Assicurazioni SpA (Financials) | 133063 |
|  |  | 11566648 |
| Japan – 15.3% | Japan – 15.3% |  |
| 3322 | ABC-Mart, Inc. (Consumer Discretionary) | 55822 |
| 5922 | Acom Co. Ltd. (Financials) | 19443 |
| 11885 | Advantest Corp. (Information Technology) | 2043954 |
| 39108 | Aeon Co. Ltd. (Consumer Staples) | 557720 |
| 4182 | AGC, Inc. (Industrials) | 185629 |
| 6158 | Air Water, Inc. (Materials) | 85571 |
| 8160 | Aisin Corp. (Consumer Discretionary) | 145273 |
| 15282 | Ajinomoto Co., Inc. (Consumer Staples) | 486283 |
| 3116 | Alfresa Holdings Corp. (Health Care) | 53468 |
| 5882 | ALSOK Co. Ltd. (Industrials) | 48262 |
| 4912 | Amada Co. Ltd. (Industrials) | 81880 |
| 4322 | ANA Holdings, Inc. (Industrials)<sup>(a)</sup> | 94205 |
| 18621 | Asahi Group Holdings Ltd. (Consumer Staples) | 202699 |
| 5344 | Asahi Intecc Co. Ltd. (Health Care) | 115215 |
| 20155 | Asahi Kasei Corp. (Materials) | 238116 |
| 11512 | Asics Corp. (Consumer Discretionary) | 353489 |
| 25074 | Astellas Pharma, Inc. (Health Care) | 417806 |
| 7584 | Azbil Corp. (Information Technology) | 70630 |
| 10332 | Bandai Namco Holdings, Inc. (Consumer Discretionary) | 280858 |
| 2145 | BayCurrent, Inc. (Industrials) | 61894 |
| 18016 | Bridgestone Corp. (Consumer Discretionary) | 438038 |
| 4177 | Brother Industries Ltd. (Information Technology) | 86470 |
| 16325 | Canon, Inc. (Information Technology) | 497932 |
| 5458 | Capcom Co. Ltd. (Communication Services) | 125608 |
| 15075 | Central Japan Railway Co. (Industrials) | 444936 |
| 10344 | Chiba Bank Ltd. (The) (Financials)<sup>(a)</sup> | 154174 |
| 10626 | Chubu Electric Power Co., Inc. (Utilities) | 179510 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 28 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10424 | Chugai Pharmaceutical Co. Ltd. (Health Care) | $698049 |
| 3431 | Coca-Cola Bottlers Japan Holdings, Inc. (Consumer Staples) | 90629 |
| 634 | Cosmos Pharmaceutical Corp. (Consumer Staples) | 28174 |
| 6767 | CyberAgent, Inc. (Communication Services) | 59727 |
| 6690 | Dai Nippon Printing Co. Ltd. (Industrials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139263 |
| 5381 | Daifuku Co. Ltd. (Industrials) | 223064 |
| 57040 | Dai-ichi Life Holdings, Inc. (Financials) | 588576 |
| 29489 | Daiichi Sankyo Co. Ltd. (Health Care) | 578730 |
| 4657 | Daikin Industries Ltd. (Industrials) | 594038 |
| 4980 | Daito Trust Construction Co. Ltd. (Real Estate) | 114831 |
| 9398 | Daiwa House Industry Co. Ltd. (Real Estate) | 339682 |
| 4 | Daiwa House REIT Investment Corp. REIT (Real Estate) | 3408 |
| 21366 | Daiwa Securities Group, Inc. (Financials) | 225258 |
| 22689 | Denso Corp. (Consumer Discretionary) | 326983 |
| 4804 | Dentsu Group, Inc. (Communication Services)\* | 90018 |
| 1481 | Disco Corp. (Information Technology) | 716192 |
| 16164 | East Japan Railway Co. (Industrials) | 399635 |
| 7567 | Ebara Corp. (Industrials) | 268607 |
| 2097 | Eisai Co. Ltd. (Health Care) | 70395 |
| 2791 | Electric Power Development Co. |  |
|  | Ltd. (Utilities) | 66680 |
| 43410 | ENEOS Holdings, Inc. (Energy) | 413733 |
| 15027 | FANUC Corp. (Industrials) | 684625 |
| 2874 | Fast Retailing Co. Ltd. (Consumer Discretionary) | 1270727 |
| 1800 | Food & Life Cos. Ltd. (Consumer Discretionary) | 116042 |
| 2262 | Fuji Electric Co. Ltd. (Industrials) | 201534 |
| 2200 | Fuji Media Holdings, Inc. (Communication Services)<sup>(a)</sup> | 50461 |
| 16037 | FUJIFILM Holdings Corp. (Information Technology) | 333220 |
| 3900 | Fujikura Ltd. (Industrials) | 668589 |
| 29473 | Fujitsu Ltd. (Information Technology) | 677336 |
| 3040 | Fukuoka Financial Group, Inc. (Financials) | 133244 |
| 11 | GLP J REIT (Real Estate) | 9864 |
| 729 | GMO Payment Gateway, Inc. (Financials) | 37780 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) |  |
| 3634 | Hakuhodo DY Holdings, Inc. (Communication Services) | $27256 |
| 9642 | Hamamatsu Photonics KK (Information Technology) | 124968 |
| 3923 | Hankyu Hanshin Holdings, Inc. (Industrials)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114455 |
| 4130 | Haseko Corp. (Consumer Discretionary) | 90311 |
| 219 | Hikari Tsushin, Inc. (Industrials) | 62014 |
| 986 | Hirose Electric Co. Ltd. (Information Technology) | 147371 |
| 1416 | Hitachi Construction Machinery Co. Ltd. (Industrials) | 63732 |
| &nbsp;&nbsp;&nbsp;&nbsp;71731 | Hitachi Ltd. (Industrials) | 2401065 |
| 69335 | Honda Motor Co. Ltd. (Consumer Discretionary) | 703675 |
| 97 | Hoshizaki Corp. (Industrials) | 3415 |
| 5456 | Hoya Corp. (Health Care) | 987759 |
| 8433 | Hulic Co. Ltd. (Real Estate) | 111756 |
| 4138 | Ibiden Co. Ltd. (Information Technology) | 252772 |
| 13087 | Idemitsu Kosan Co. Ltd. (Energy) | 124981 |
| 16745 | IHI Corp. (Industrials) | 461513 |
| 4456 | Iida Group Holdings Co. Ltd. (Consumer Discretionary) | 79373 |
| 13804 | Inpex Corp. (Energy) | 335982 |
| 7230 | Isetan Mitsukoshi Holdings Ltd. (Consumer Discretionary) | 142632 |
| 10931 | Isuzu Motors Ltd. (Consumer Discretionary) | 204337 |
| 100715 | ITOCHU Corp. (Industrials) | 1464359 |
| 4142 | J Front Retailing Co. Ltd. (Consumer Discretionary)<sup>(a)</sup> | 68447 |
| 3933 | Japan Airlines Co. Ltd. (Industrials)<sup>(a)</sup> | 81318 |
| 16866 | Japan Exchange Group, Inc. (Financials) | 230696 |
| 116 | Japan Metropolitan Fund Invest REIT (Real Estate) | 90422 |
| 22202 | Japan Post Bank Co. Ltd. (Financials) | 435294 |
| 28192 | Japan Post Holdings Co. Ltd. (Financials) | 367647 |
| 2945 | Japan Post Insurance Co. Ltd. (Financials) | 96239 |
| 115 | Japan Real Estate Investment Corp. REIT (Real Estate) | 95830 |
| 18110 | Japan Tobacco, Inc. (Consumer Staples) | 694473 |
| 5102 | JFE Holdings, Inc. (Materials)<sup>(a)</sup> | 71910 |
| 8800 | JX Advanced Metals Corp. (Materials) | 234422 |
| 7050 | Kajima Corp. (Industrials) | 322505 |
| 2000 | Kandenko Co. Ltd. (Industrials) | 89492 |
| 14679 | Kansai Electric Power Co., Inc. (The) (Utilities) | 265421 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **29** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) |  |
| 2442 | Kansai Paint Co. Ltd. (Materials) | $43233 |
| 8106 | Kao Corp. (Consumer Staples) | 346514 |
| 2596 | Kawasaki Heavy Industries Ltd. (Industrials) | 303539 |
| 5902 | Kawasaki Kisen Kaisha Ltd. (Industrials)<sup>(a)</sup> | 94999 |
| &nbsp;&nbsp;&nbsp;&nbsp;49486 | KDDI Corp. (Communication Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846611 |
| 7869 | Keisei Electric Railway Co. Ltd. (Industrials) | 68345 |
| 1711 | Kewpie Corp. (Consumer Staples) | 49075 |
| 2855 | Keyence Corp. (Information Technology) | 1208015 |
| 12769 | Kikkoman Corp. (Consumer Staples) | 122681 |
| 1800 | Kinden Corp. (Industrials) | 97860 |
| 240 | Kintetsu Group Holdings Co. Ltd. (Industrials) | 5079 |
| 2800 | Kioxia Holdings Corp. (Information Technology)\* | 380388 |
| 14751 | Kirin Holdings Co. Ltd. (Consumer Staples) | 255763 |
| 2347 | Kobe Bussan Co. Ltd. (Consumer Staples) | 55712 |
| 3380 | Koito Manufacturing Co. Ltd. (Consumer Discretionary) | 61073 |
| 2250 | Kokusai Electric Corp. (Information Technology) | 93156 |
| 14490 | Komatsu Ltd. (Industrials) | 699140 |
| 1589 | Konami Group Corp. (Communication Services) | 212002 |
| 15458 | Kubota Corp. (Industrials) | 314457 |
| 8489 | Kuraray Co. Ltd. (Materials) | 100346 |
| 1868 | Kurita Water Industries Ltd. (Industrials) | 104249 |
| 22110 | Kyocera Corp. (Information Technology) | 391359 |
| 4800 | Kyoto Financial Group, Inc. (Financials) | 119197 |
| 7675 | Kyushu Electric Power Co., Inc. (Utilities) | 99007 |
| 3434 | Kyushu Railway Co. |  |
|  | (Industrials) | 87189 |
| 1302 | Lasertec Corp. (Information Technology) | 280707 |
| 19129 | LY Corp. (Communication Services) | 47662 |
| 6792 | M3, Inc. (Health Care) | 74739 |
| 3878 | Makita Corp. (Industrials) | 150401 |
| 23759 | Marubeni Corp. (Industrials) | 914293 |
| 2578 | Marui Group Co. Ltd. (Financials) | 52410 |
| 5902 | MatsukiyoCocokara & Co. (Consumer Staples) | 97872 |
| 4358 | Mazda Motor Corp. (Consumer Discretionary) | 38758 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) |  |
| 1417 | McDonald's Holdings Co. Japan Ltd. (Consumer Discretionary) | $67435 |
| 14376 | Mebuki Financial Group, Inc. (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123664 |
| 3048 | Medipal Holdings Corp. (Health Care) | 59876 |
| 5122 | MEIJI Holdings Co. Ltd. (Consumer Staples) | 132114 |
| &nbsp;&nbsp;&nbsp;&nbsp;17300 | Metaplanet, Inc. (Consumer Discretionary)\* | 35902 |
| 5433 | MINEBEA MITSUMI, Inc. (Industrials) | 117064 |
| 4727 | MISUMI Group, Inc. (Industrials) | 95312 |
| 26566 | Mitsubishi Chemical Group Corp. (Materials) | 197469 |
| 54399 | Mitsubishi Corp. (Industrials) | 1843207 |
| 31556 | Mitsubishi Electric Corp. (Industrials) | 1210901 |
| 18831 | Mitsubishi Estate Co. Ltd. (Real Estate) | 636605 |
| 5609 | Mitsubishi Gas Chemical Co., Inc. (Materials) | 156783 |
| 13827 | Mitsubishi HC Capital, Inc. (Financials) | 134085 |
| 50817 | Mitsubishi Heavy Industries Ltd. (Industrials) | 1632003 |
| 22871 | Mitsubishi Motors Corp. (Consumer Discretionary) | 62860 |
| 186481 | Mitsubishi UFJ Financial Group, Inc. (Financials) | 3545677 |
| 39265 | Mitsui & Co. Ltd. (Industrials) | 1476792 |
| 8304 | Mitsui Chemicals, Inc. (Materials) | 126588 |
| 44090 | Mitsui Fudosan Co. Ltd. (Real Estate) | 594880 |
| 1000 | Mitsui Kinzoku Co. Ltd. (Materials) | 236413 |
| 5503 | Mitsui OSK Lines Ltd. (Industrials)<sup>(a)</sup> | 204364 |
| 39921 | Mizuho Financial Group, Inc. (Financials) | 1828503 |
| 4001 | MonotaRO Co. Ltd. (Industrials) | 53317 |
| 21201 | MS&AD Insurance Group Holdings, Inc. (Financials) | 594239 |
| 27429 | Murata Manufacturing Co. Ltd. (Information Technology) | 721719 |
| 20295 | NEC Corp. (Information Technology) | 563385 |
| 5203 | Nexon Co. Ltd. (Communication Services) | 110675 |
| 3904 | NGK Insulators Ltd. (Industrials) | 114701 |
| 1411 | NH Foods Ltd. (Consumer Staples) | 64610 |
| 3514 | Nichirei Corp. (Consumer Staples) | 47817 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 30 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;14736 | NIDEC Corp. (Industrials) | $232378 |
| 409 | Nikon Corp. (Consumer Discretionary) | 5232 |
| 19320 | Nintendo Co. Ltd. (Communication Services) | 1113104 |
| 135 | Nippon Building Fund, Inc. REIT (Real Estate) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125640 |
| 3619 | NIPPON EXPRESS HOLDINGS, Inc. (Industrials) | 89244 |
| 14774 | Nippon Paint Holdings Co. Ltd. (Materials) | 109486 |
| 15 | Nippon Prologis REIT, Inc. REIT (Real Estate) | 8801 |
| 3008 | Nippon Sanso Holdings Corp. (Materials) | 115465 |
| 67500 | Nippon Steel Corp. (Materials) | 274972 |
| 2689 | Nippon Television Holdings, Inc. (Communication Services) | 58559 |
| 6612 | Nippon Yusen KK (Industrials)<sup>(a)</sup> | 227381 |
| 369 | Nissan Chemical Corp. (Materials) | 16797 |
| 11731 | Nissan Motor Co. Ltd. (Consumer Discretionary)\*<sup>(a)</sup> | 32550 |
| 4245 | Nisshin Seifun Group, Inc. (Consumer Staples) | 59382 |
| 3028 | Nissin Foods Holdings Co. Ltd. (Consumer Staples) | 63925 |
| 2591 | Niterra Co. Ltd. (Consumer Discretionary) | 131156 |
| 7900 | Nitori Holdings Co. Ltd. (Consumer Discretionary) | 158278 |
| 11390 | Nitto Denko Corp. (Materials) | 265335 |
| 49283 | Nomura Holdings, Inc. (Financials) | 458502 |
| 8575 | Nomura Real Estate Holdings, Inc. (Real Estate) | 63849 |
| 12 | Nomura Real Estate Master Fund, Inc. REIT (Real Estate) | 12828 |
| 6450 | Nomura Research Institute Ltd. (Information Technology) | 180414 |
| 813443 | NTT, Inc. (Communication Services) | 798724 |
| 10785 | Obayashi Corp. (Industrials) | 305054 |
| 478 | OBIC Business Consultants Co. Ltd. (Information Technology) | 19350 |
| 3505 | Obic Co. Ltd. (Information Technology) | 94290 |
| 13126 | Oji Holdings Corp. (Materials) | 82771 |
| 20430 | Olympus Corp. (Health Care) | 199949 |
| 500 | Omron Corp. (Information Technology) | 17781 |
| 6605 | Ono Pharmaceutical Co. Ltd. (Health Care) | 113147 |
| 1243 | Open House Group Co. Ltd. (Consumer Discretionary) | 92115 |
| 553 | Oracle Corp. Japan (Information Technology) | 33408 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;14404 | Oriental Land Co. Ltd. (Consumer Discretionary)<sup>(a)</sup> | $259802 |
| 18496 | ORIX Corp. (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656675 |
| 90 | Orix JREIT, Inc. REIT (Real Estate) | 60010 |
| 5924 | Osaka Gas Co. Ltd. (Utilities) | 247243 |
| 5151 | Otsuka Corp. (Information Technology) | 103894 |
| 7155 | Otsuka Holdings Co. Ltd. (Health Care) | 490825 |
| 36230 | Pan Pacific International Holdings Corp. (Consumer Discretionary) | 241340 |
| 38200 | Panasonic Holdings Corp. (Consumer Discretionary) | 620742 |
| 2083 | Persol Holdings Co. Ltd. (Industrials) | 3333 |
| 1400 | Rakuten Bank Ltd. (Financials)\* | 57058 |
| 29685 | Rakuten Group, Inc. (Consumer Discretionary)\* | 157452 |
| 24419 | Recruit Holdings Co. Ltd. (Industrials) | 1073889 |
| 22842 | Renesas Electronics Corp. (Information Technology) | 434382 |
| 35328 | Resona Holdings, Inc. (Financials) | 432308 |
| 2938 | Resonac Holdings Corp. (Materials) | 224502 |
| 15098 | Ricoh Co. Ltd. (Information Technology) | 142156 |
| 1709 | Rinnai Corp. (Consumer Discretionary) | 44585 |
| 3533 | Rohm Co. Ltd. (Information Technology) | 65082 |
| 5069 | Rohto Pharmaceutical Co. Ltd. (Consumer Staples) | 79286 |
| 8452 | Ryohin Keikaku Co. Ltd. (Consumer Discretionary) | 194728 |
| 2600 | Sanrio Co. Ltd. (Consumer Discretionary) | 95357 |
| 5154 | Santen Pharmaceutical Co. Ltd. (Health Care) | 57721 |
| 400 | Sanwa Holdings Corp. (Industrials) | 10592 |
| 9820 | SBI Holdings, Inc. (Financials) | 210709 |
| 1348 | SCREEN Holdings Co. Ltd. (Information Technology) | 197937 |
| 6900 | Secom Co. Ltd. (Industrials) | 266852 |
| 170 | Sega Sammy Holdings, Inc. (Consumer Discretionary) | 2847 |
| 3604 | Seibu Holdings, Inc. (Industrials)<sup>(a)</sup> | 107110 |
| 8969 | Seiko Epson Corp. (Information Technology) | 121645 |
| 7766 | Sekisui Chemical Co. Ltd. (Industrials) | 151664 |
| 11020 | Sekisui House Ltd. (Consumer Discretionary) | 270056 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **31** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;39428 | Seven & i Holdings Co. Ltd. (Consumer Staples) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554454 |
| 5122 | SG Holdings Co. Ltd. (Industrials) | 52032 |
| 2254 | Shimadzu Corp. (Information Technology) | 62932 |
| 2352 | Shimamura Co. Ltd. (Consumer Discretionary)<sup>(a)</sup> | 54173 |
| 1504 | Shimano, Inc. (Consumer Discretionary) | 161454 |
| 8806 | Shimizu Corp. (Industrials) | 197018 |
| 27363 | Shin-Etsu Chemical Co. Ltd. (Materials) | 1081025 |
| 12419 | Shionogi & Co. Ltd. (Health Care) | 291454 |
| 6504 | Shiseido Co. Ltd. (Consumer Staples) | 137474 |
| 7411 | Shizuoka Financial Group, Inc. (Financials) | 149241 |
| 836 | SMC Corp. (Industrials)<sup>(a)</sup> | 403850 |
| 456440 | SoftBank Corp. (Communication Services) | 625056 |
| 64012 | SoftBank Group Corp. (Communication Services) | 1676510 |
| 3412 | Sojitz Corp. (Industrials) | 154728 |
| 14786 | Sompo Holdings, Inc. (Financials) | 591440 |
| 121200 | Sony Financial Group, Inc. (Financials)\* | 124131 |
| 98245 | Sony Group Corp. (Consumer Discretionary) | 2292436 |
| 4289 | Square Enix Holdings Co. Ltd. (Communication Services) | 70726 |
| 3278 | Stanley Electric Co. Ltd. (Consumer Discretionary) | 69287 |
| 10693 | Subaru Corp. (Consumer Discretionary) | 203176 |
| 1700 | Sugi Holdings Co. Ltd. (Consumer Staples) | 39090 |
| 4179 | Sumitomo Chemical Co. Ltd. (Materials) | 15249 |
| 17356 | Sumitomo Corp. (Industrials) | 740708 |
| 11914 | Sumitomo Electric Industries Ltd. (Consumer Discretionary) | 791723 |
| 2503 | Sumitomo Forestry Co. Ltd. (Consumer Discretionary) | 27174 |
| 1904 | Sumitomo Heavy Industries Ltd. (Industrials) | 75282 |
| 4257 | Sumitomo Metal Mining Co. Ltd. (Materials) | 344241 |
| 61754 | Sumitomo Mitsui Financial Group, Inc. (Financials) | 2372066 |
| 10549 | Sumitomo Mitsui Trust Group, Inc. (Financials) | 370473 |
| 2800 | Sumitomo Pharma Co. Ltd. (Health Care)\* | 45266 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;13534 | Sumitomo Realty & Development Co. Ltd. (Real Estate) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458401 |
| 2908 | Sumitomo Rubber Industries Ltd. (Consumer Discretionary) | 51808 |
| 180 | Suntory Beverage & Food Ltd. (Consumer Staples) | 5669 |
| 28174 | Suzuki Motor Corp. (Consumer Discretionary) | 427776 |
| 11012 | Sysmex Corp. (Health Care) | 103825 |
| 8474 | T&D Holdings, Inc. (Financials) | 228723 |
| 2671 | Taisei Corp. (Industrials) | 347978 |
| 25872 | Takeda Pharmaceutical Co. Ltd. (Health Care) | 964286 |
| 2136 | TBS Holdings, Inc. (Communication Services) | 80857 |
| 31010 | TDK Corp. (Information Technology) | 481561 |
| 17361 | Terumo Corp. (Health Care) | 234631 |
| 3514 | TIS, Inc. (Information Technology) | 72565 |
| 4800 | Tobu Railway Co. Ltd. (Industrials) | 96722 |
| 729 | Toei Animation Co. Ltd. (Communication Services) | 11370 |
| 8945 | Toho Co. Ltd. (Communication Services)<sup>(a)</sup> | 89665 |
| 7662 | Tohoku Electric Power Co., Inc. (Utilities) | 63578 |
| 28499 | Tokio Marine Holdings, Inc. (Financials) | 1191436 |
| 2724 | Tokyo Century Corp. (Financials) | 39833 |
| 24357 | Tokyo Electric Power Co. Holdings, Inc. (Utilities)\* | 109269 |
| 7314 | Tokyo Electron Ltd. (Information Technology) | 2061740 |
| 5260 | Tokyo Gas Co. Ltd. (Utilities) | 257938 |
| 10748 | Tokyu Corp. (Industrials) | 137512 |
| 9675 | Tokyu Fudosan Holdings Corp. (Real Estate) | 97323 |
| 4319 | TOPPAN Holdings, Inc. (Industrials) | 148416 |
| 27824 | Toray Industries, Inc. (Materials) | 238810 |
| 8279 | Tosoh Corp. (Materials) | 144740 |
| 2537 | TOTO Ltd. (Industrials) | 99335 |
| 1517 | Toyo Suisan Kaisha Ltd. (Consumer Staples) | 119465 |
| 2759 | Toyota Industries Corp. (Industrials) | 357499 |
| 172181 | Toyota Motor Corp. (Consumer Discretionary) | 4218366 |
| 10810 | Toyota Tsusho Corp. (Industrials) | 483845 |
| 946 | Trend Micro, Inc. (Information Technology) | 31508 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 32 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) |  |
| 4435 | Tsuruha Holdings, Inc. (Consumer Staples)<sup>(a)</sup> | $74568 |
| &nbsp;&nbsp;&nbsp;&nbsp;12095 | Unicharm Corp. (Consumer Staples) | 82854 |
| 52 | United Urban Investment Corp. REIT (Real Estate) | 61751 |
| 5596 | USS Co. Ltd. (Consumer Discretionary) | 68191 |
| 7001 | West Japan Railway Co. (Industrials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150401 |
| 710 | Yakult Honsha Co. Ltd. (Consumer Staples) | 11890 |
| 19183 | Yamada Holdings Co. Ltd. (Consumer Discretionary) | 71338 |
| 6282 | Yamaha Corp. (Consumer Discretionary) | 48727 |
| 14340 | Yamaha Motor Co. Ltd. (Consumer Discretionary) | 114169 |
| 4419 | Yamato Holdings Co. Ltd. (Industrials) | 54174 |
| 2200 | Yamazaki Baking Co. Ltd. (Consumer Staples) | 49446 |
| 3800 | Yaskawa Electric Corp. (Industrials)<sup>(a)</sup> | 134232 |
| 3681 | Yokogawa Electric Corp. (Information Technology) | 147240 |
| 17927 | Yokohama Financial Group, Inc. (Financials) | 194054 |
| 2083 | Yokohama Rubber Co. Ltd. (The) (Consumer Discretionary) | 105161 |
| 1921 | Zensho Holdings Co. Ltd. (Consumer Discretionary) | 122169 |
| 9729 | ZOZO, Inc. (Consumer Discretionary)<sup>(a)</sup> | 70977 |
|  |  | 94829922 |
| Kuwait – 0.2% | Kuwait – 0.2% |  |
| 17791 | Al Ahli Bank of Kuwait KSCP (Financials) | 17745 |
| 28657 | Boubyan Bank KSCP (Financials) | 63423 |
| 22124 | Burgan Bank SAK (Financials) | 14855 |
| 40144 | Gulf Bank KSCP (Financials) | 44357 |
| 204994 | Kuwait Finance House KSCP (Financials) | 537207 |
| 11797 | Mabanee Co KPSC (Real Estate) | 37683 |
| 52433 | Mobile Telecommunications Co. KSCP (Communication Services) | 92629 |
| 134548 | National Bank of Kuwait SAKP (Financials) | 413555 |
| 42973 | Warba Bank KSCP (Financials)\* | 40340 |
|  |  | 1261794 |
| Luxembourg – 0.1% | Luxembourg – 0.1% |  |
| 6895 | ArcelorMittal (Materials) | 451659 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Luxembourg – (continued) | Luxembourg – (continued) |  |
| 7122 | CVC Capital Partners PLC (Financials)<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101664 |
| 2212 | Reinet Investments SCA (Financials) | 78203 |
|  |  | 631526 |
| Macau – 0.0% | Macau – 0.0% |  |
| 20890 | Galaxy Entertainment Group Ltd. (Consumer Discretionary) | 111525 |
| 40289 | Sands China Ltd. (Consumer Discretionary) | 91218 |
|  |  | 202743 |
| Mexico – 0.6% | Mexico – 0.6% |  |
| 264472 | America Movil SAB de CV, Series B (Communication Services) | 344155 |
| &nbsp;&nbsp;&nbsp;&nbsp;12247 | Arca Continental SAB de CV (Consumer Staples) | 147539 |
| 247169 | Cemex SAB de CV, Series CPO (Materials) | 309715 |
| 13026 | Coca-Cola Femsa SAB de CV (Consumer Staples) | 144932 |
| 3079 | El Puerto de Liverpool SAB de CV (Consumer Discretionary) | 19214 |
| 47677 | Fibra Uno Administracion SA de CV REIT (Real Estate) | 82907 |
| 22809 | Fomento Economico Mexicano SAB de CV (Consumer Staples) | 256167 |
| 3013 | Fresnillo PLC (Materials) | 171755 |
| 4628 | Gruma SAB de CV, Class B (Consumer Staples) | 83044 |
| 4500 | Grupo Aeroportuario del Centro Norte SAB de CV (Industrials) | 68808 |
| 6150 | Grupo Aeroportuario del Pacifico SAB de CV, Class B (Industrials) | 160631 |
| 2972 | Grupo Aeroportuario del Sureste SAB de CV, Class B (Industrials) | 106932 |
| 5516 | Grupo Bimbo SAB de CV, Series A (Consumer Staples)<sup>(a)</sup> | 20030 |
| 7508 | Grupo Comercial Chedraui SA de CV (Consumer Staples)<sup>(a)</sup> | 48191 |
| 47110 | Grupo Financiero Banorte SAB de CV, Class O (Financials) | 537715 |
| 32544 | Grupo Financiero Inbursa SAB de CV, Class O (Financials) | 82845 |
| 51092 | Grupo Mexico SAB de CV, Series B (Materials) | 650394 |
| 3118 | Industrias Penoles SAB de CV (Materials)\* | 198185 |
| 26629 | Kimberly-Clark de Mexico SAB de CV, Class A (Consumer Staples) | 66905 |
| 17828 | Prologis Property Mexico SA de CV REIT (Real Estate) | 87638 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **33** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Mexico – (continued) | Mexico – (continued) |  |
| 3090 | Promotora y Operadora de Infraestructura SAB de CV (Industrials) | $50958 |
| &nbsp;&nbsp;&nbsp;&nbsp;62575 | Wal-Mart de Mexico SAB de CV (Consumer Staples) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202716 |
|  |  | 3841376 |
| Netherlands – 2.7% | Netherlands – 2.7% |  |
| 9383 | ABN AMRO Bank NV (Financials)<sup>(b)</sup> | 314187 |
| 412 | Adyen NV (Financials)\*<sup>(b)</sup> | 483919 |
| 1036 | Argenx SE ADR (Health Care)\* | 794529 |
| 751 | ASM International NV (Information Technology) | 633286 |
| 6221 | ASML Holding NV (Information Technology) | 9059497 |
| 675 | EXOR NV (Financials) | 59255 |
| 2015 | Heineken Holding NV (Consumer Staples) | 174151 |
| 3969 | Heineken NV (Consumer Staples) | 368148 |
| 46501 | ING Groep NV (Financials) | 1352280 |
| 15392 | Koninklijke Ahold Delhaize NV (Consumer Staples) | 759101 |
| 53307 | Koninklijke KPN NV (Communication Services) | 302173 |
| 14397 | Koninklijke Philips NV (Health Care) | 460321 |
| 2768 | Nebius Group NV (Information Technology)\* | 252414 |
| 4343 | NXP Semiconductors NV (Information Technology) | 985904 |
| 12883 | Universal Music Group NV (Communication Services) | 290682 |
| 3215 | Wolters Kluwer NV (Industrials) | 258504 |
|  |  | 16548351 |
| New Zealand – 0.2% | New Zealand – 0.2% |  |
| 11222 | a2 Milk Co. Ltd. (The) (Consumer Staples) | 77775 |
| 20627 | Auckland International Airport Ltd. (Industrials) | 113375 |
| 14750 | Contact Energy Ltd. (Utilities) | 82223 |
| 10382 | Fisher & Paykel Healthcare Corp. Ltd. (Health Care) | 254796 |
| 22554 | Infratil Ltd. (Financials) | 151846 |
| 1376 | Mainfreight Ltd. (Industrials) | 53132 |
| 726 | Mercury NZ Ltd. (Utilities) | 2784 |
| 38313 | Meridian Energy Ltd. (Utilities) | 130122 |
| 55084 | Spark New Zealand Ltd. (Communication Services) | 75361 |
| 1750 | Xero Ltd. (Information Technology)\* | 103687 |
|  |  | 1045101 |
| Nigeria – 0.0% | Nigeria – 0.0% |  |
| 10707 | Airtel Africa PLC (Communication Services)<sup>(b)</sup> | 50239 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Norway – 0.5% | Norway – 0.5% |  |  |
| 367 | Aker ASA, Class A (Industrials) | $| 35645 |
| 5098 | Aker BP ASA (Energy) |  | 153368 |
| &nbsp;&nbsp;&nbsp;&nbsp;13388 | DNB Bank ASA (Financials) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424294 |
| 13736 | Equinor ASA (Energy) |  | 406591 |
| 2375 | Frontline PLC (Energy) |  | 88375 |
| 2960 | Gjensidige Forsikring ASA (Financials) |  | 83510 |
| 6833 | Kongsberg Gruppen ASA (Industrials) |  | 277101 |
| 10273 | Leroy Seafood Group ASA (Consumer Staples) |  | 53668 |
| 8532 | Mowi ASA (Consumer Staples) |  | 201072 |
| 2729 | Nordic Semiconductor ASA (Information Technology)\* |  | 41107 |
| 20707 | Norsk Hydro ASA (Materials) |  | 191847 |
| 12252 | Orkla ASA (Consumer Staples) |  | 167552 |
| 886 | Protector Forsikring ASA (Financials) |  | 48242 |
| 1587 | Salmar ASA (Consumer Staples) |  | 94919 |
| 1676 | SpareBank 1 SMN (Financials) |  | 37613 |
| 2826 | SpareBank 1 Sor-Norge ASA (Financials) |  | 62827 |
| 2380 | Sparebanken Norge (Financials) |  | 51448 |
| 6550 | Storebrand ASA (Financials) |  | 124068 |
| 9913 | Telenor ASA (Communication Services) |  | 183705 |
| 260 | TOMRA Systems ASA (Industrials) |  | 3214 |
| 12585 | Var Energi ASA (Energy) |  | 46949 |
| 2575 | Vend Marketplaces ASA, Class B (Communication Services) |  | 64528 |
| 1582 | Wallenius Wilhelmsen ASA (Industrials) |  | 21867 |
|  |  |  | 2863510 |
| Philippines – 0.1% | Philippines – 0.1% | Philippines – 0.1% | Philippines – 0.1% |
| 86700 | Aboitiz Power Corp. (Utilities) |  | 66606 |
| 32867 | Bank of the Philippine Islands (Financials) |  | 66116 |
| 9466 | BDO Unibank, Inc. (Financials) |  | 22539 |
| 13295 | International Container Terminal Services, Inc. (Industrials) |  | 165539 |
| 9955 | Manila Electric Co. (Utilities) |  | 110141 |
| 78450 | Metropolitan Bank & Trust Co. (Financials) |  | 104754 |
| 3021 | PLDT, Inc. (Communication Services) |  | 73344 |
| 3022 | SM Investments Corp. (Industrials) |  | 36946 |
|  |  |  | 645985 |
| Poland – 0.3% | Poland – 0.3% | Poland – 0.3% | Poland – 0.3% |
| 13118 | Allegro.eu SA (Consumer Discretionary)\*<sup>(b)</sup> |  | 101910 |
| 926 | Asseco Poland SA (Information Technology) |  | 45695 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 34 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Poland – (continued) | Poland – (continued) | Poland – (continued) | Poland – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;10060 | Bank Millennium SA (Financials)\* | $| 48827 |
| 2884 | Bank Pekao SA (Financials) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182599 |
| 211 | Budimex SA (Industrials) |  | 47661 |
| 1132 | CD Projekt SA (Communication Services) |  | 76900 |
| 2204 | Dino Polska SA (Consumer Staples)\*<sup>(b)</sup> |  | 24800 |
| 3906 | InPost SA (Industrials)\* |  | 70100 |
| 2231 | KGHM Polska Miedz SA (Materials)\* |  | 209508 |
| 19 | LPP SA (Consumer Discretionary) |  | 109927 |
| 217 | mBank SA (Financials)\* |  | 62774 |
| 9510 | ORLEN SA (Energy) |  | 305212 |
| 14592 | PGE Polska Grupa Energetyczna SA (Utilities)\* |  | 46092 |
| 14022 | Powszechna Kasa Oszczednosci Bank Polski SA (Financials) |  | 362889 |
| 9293 | Powszechny Zaklad Ubezpieczen SA (Financials) |  | 175942 |
| 633 | Santander Bank Polska SA (Financials) |  | 104748 |
| 6901 | Zabka Group SA (Consumer Staples)\* |  | 43172 |
|  |  |  | 2018756 |
| Portugal – 0.1% | Portugal – 0.1% | Portugal – 0.1% | Portugal – 0.1% |
| 119759 | Banco Comercial Portugues SA, Class R (Financials) |  | 126072 |
| 46599 | EDP SA (Utilities) |  | 248468 |
| 6849 | Galp Energia SGPS SA (Energy) |  | 147338 |
| 5802 | Jeronimo Martins SGPS SA (Consumer Staples) |  | 152491 |
| 18670 | Navigator Co. SA (The) (Materials)<sup>(a)</sup> |  | 75742 |
|  |  |  | 750111 |
| Qatar – 0.2% | Qatar – 0.2% | Qatar – 0.2% | Qatar – 0.2% |
| 21292 | Al Rayan Bank (Financials) |  | 13637 |
| 10095 | Commercial Bank PSQC (The) (Financials) |  | 13447 |
| 15530 | Industries Qatar QSC (Industrials) |  | 51568 |
| 34353 | Ooredoo QPSC (Communication Services) |  | 127845 |
| 602 | Qatar Fuel QSC (Energy) |  | 2447 |
| 89147 | Qatar Gas Transport Co. Ltd. (Energy) |  | 120707 |
| 18456 | Qatar International Islamic Bank QSC (Financials) |  | 57431 |
| 27259 | Qatar Islamic Bank (Financials) |  | 177434 |
| 73772 | Qatar National Bank QPSC (Financials) |  | 391047 |
|  |  |  | 955563 |
| Saudi Arabia – 0.8% | Saudi Arabia – 0.8% | Saudi Arabia – 0.8% | Saudi Arabia – 0.8% |
| 4717 | ACWA Power Co. (Utilities)\* |  | 208630 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Saudi Arabia – (continued) | Saudi Arabia – (continued) | Saudi Arabia – (continued) | Saudi Arabia – (continued) |
| 6161 | Ades Holding Co. (Energy) | $| 29451 |
| 33923 | Al Rajhi Bank (Financials) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913440 |
| &nbsp;&nbsp;&nbsp;&nbsp;20353 | Alinma Bank (Financials) |  | 151824 |
| 2574 | Almarai Co. JSC (Consumer Staples) |  | 27353 |
| 24199 | Arab National Bank (Financials) |  | 132901 |
| 3654 | Bank AlBilad (Financials) |  | 24939 |
| 27704 | Bank Al-Jazira (Financials) |  | 85529 |
| 7595 | Banque Saudi Fransi (Financials) |  | 40234 |
| 1232 | Bupa Arabia for Cooperative Insurance Co. (Financials) |  | 58399 |
| 1221 | Co. for Cooperative Insurance (The) (Financials) |  | 44173 |
| 18162 | Dar Al Arkan Real Estate Development Co. (Real Estate)\* |  | 96502 |
| 534 | Dr Sulaiman Al Habib Medical Services Group Co. (Health Care) |  | 32887 |
| 715 | Elm Co. (Information Technology) |  | 122188 |
| 8371 | Etihad Etisalat Co. (Communication Services) |  | 143500 |
| 6110 | MBC Group CJSC (Communication Services)\* |  | 46197 |
| 16134 | Riyad Bank (Financials) |  | 119492 |
| 2649 | Riyadh Cables Group Co. (Industrials) |  | 83194 |
| 2019 | SABIC Agri-Nutrients Co. (Materials) |  | 66638 |
| 25737 | Saudi Arabian Mining Co. (Materials)\* |  | 481681 |
| 85104 | Saudi Arabian Oil Co. (Energy)<sup>(b)</sup> |  | 566316 |
| 22427 | Saudi Awwal Bank (Financials) |  | 204605 |
| 10630 | Saudi Basic Industries Corp. (Materials) |  | 153602 |
| 25273 | Saudi Investment Bank (The) (Financials) |  | 90961 |
| 52504 | Saudi National Bank (The) (Financials) |  | 583425 |
| 2139 | Saudi Tadawul Group Holding Co. (Financials) |  | 78012 |
| 35817 | Saudi Telecom Co. (Communication Services) |  | 399335 |
|  |  |  | 4985408 |
| Singapore – 1.0% | Singapore – 1.0% | Singapore – 1.0% | Singapore – 1.0% |
| 75685 | CapitaLand Ascendas REIT (Real Estate) |  | 160962 |
| 110929 | CapitaLand Integrated Commercial Trust REIT (Real Estate) |  | 214868 |
| 12683 | CapitaLand Investment Ltd. (Real Estate) |  | 30683 |
| 7329 | City Developments Ltd. (Real Estate) |  | 56901 |
| 32509 | DBS Group Holdings Ltd. (Financials) |  | 1468090 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **35** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Singapore – (continued) | Singapore – (continued) | Singapore – (continued) | Singapore – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;43492 | Grab Holdings Ltd., Class A (Industrials)\* | $| 183536 |
| 1075 | Jardine Cycle & Carriage Ltd. (Industrials) |  | 30053 |
| 22641 | Keppel Ltd. (Industrials) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234134 |
| 51939 | Mapletree Industrial Trust REIT (Real Estate) |  | 83769 |
| 83539 | Mapletree Logistics Trust REIT (Real Estate) |  | 85200 |
| 63735 | Mapletree Pan Asia Commercial Trust REIT (Real Estate) |  | 71553 |
| 52452 | Oversea-Chinese Banking Corp. Ltd. (Financials) |  | 888680 |
| 14435 | SATS Ltd. (Industrials) |  | 44737 |
| 5194 | Sea Ltd. ADR (Consumer Discretionary)\* |  | 563289 |
| 20623 | Seatrium Ltd. (Industrials)<sup>(a)</sup> |  | 39131 |
| 14695 | Sembcorp Industries Ltd. (Utilities) |  | 71102 |
| 11101 | Singapore Airlines Ltd. (Industrials) |  | 63016 |
| 13391 | Singapore Exchange Ltd. (Financials) |  | 192684 |
| 24825 | Singapore Technologies Engineering Ltd. (Industrials) |  | 195680 |
| 116778 | Singapore Telecommunications Ltd. (Communication Services) |  | 465321 |
| 8608 | STMicroelectronics NV (Information Technology) |  | 288744 |
| 20719 | United Overseas Bank Ltd. (Financials) |  | 605591 |
| 8527 | UOL Group Ltd. (Real Estate) |  | 76044 |
|  |  |  | 6113768 |
| South Africa – 1.2% | South Africa – 1.2% | South Africa – 1.2% | South Africa – 1.2% |
| 13641 | Absa Group Ltd. (Financials) |  | 232499 |
| 16334 | Anglo American PLC (Materials) |  | 812749 |
| 6690 | Bid Corp. Ltd. (Consumer Staples) |  | 176582 |
| 5638 | Bidvest Group Ltd. (Industrials) |  | 89432 |
| 1409 | Capitec Bank Holdings Ltd. (Financials) |  | 419893 |
| 5286 | Clicks Group Ltd. (Consumer Staples) |  | 105674 |
| 8835 | Discovery Ltd. (Financials) |  | 145068 |
| 3865 | Exxaro Resources Ltd. (Energy) |  | 48029 |
| 81815 | FirstRand Ltd. (Financials) |  | 509831 |
| 14409 | Gold Fields Ltd. (Materials) |  | 840479 |
| 8986 | Harmony Gold Mining Co. Ltd. (Materials) |  | 202572 |
| 14242 | Impala Platinum Holdings Ltd. (Materials) |  | 316442 |
| 7022 | Investec Ltd. (Financials) |  | 60385 |
| 26910 | MTN Group Ltd. (Communication Services) |  | 350916 |
| 12334 | Naspers Ltd., Class N (Consumer Discretionary) |  | 685977 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| South Africa – (continued) | South Africa – (continued) | South Africa – (continued) | South Africa – (continued) |
| 7092 | Nedbank Group Ltd. (Financials) | $| 140347 |
| 5465 | Northam Platinum Holdings Ltd. (Materials) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148783 |
| &nbsp;&nbsp;&nbsp;&nbsp;76914 | Old Mutual Ltd. (Financials) |  | 79922 |
| 14039 | OUTsurance Group Ltd. (Financials) |  | 64799 |
| 75578 | Pepkor Holdings Ltd. (Consumer Discretionary)<sup>(b)</sup> |  | 126300 |
| 8293 | Remgro Ltd. (Financials) |  | 101016 |
| 27324 | Sanlam Ltd. (Financials) |  | 182269 |
| 9744 | Sasol Ltd. (Materials)\* |  | 88952 |
| 9536 | Shoprite Holdings Ltd. (Consumer Staples) |  | 158471 |
| 45781 | Sibanye Stillwater Ltd. (Materials)\* |  | 201330 |
| 21695 | Standard Bank Group Ltd. (Financials) |  | 437962 |
| 4294 | Valterra Platinum Ltd. (Materials) |  | 502949 |
| 9683 | Vodacom Group Ltd. (Communication Services) |  | 98999 |
|  |  |  | 7328627 |
| South Korea – 5.5% | South Korea – 5.5% | South Korea – 5.5% | South Korea – 5.5% |
| 702 | ABLBio, Inc. (Health Care)\* |  | 94674 |
| 593 | Alteogen, Inc. (Health Care) |  | 167986 |
| 842 | Amorepacific Corp. (Consumer Staples) |  | 88619 |
| 398 | APR Corp. (Consumer Staples)\* |  | 86462 |
| 4482 | BNK Financial Group, Inc. (Financials) |  | 62097 |
| 310 | Celltrion Pharm, Inc. (Health Care) |  | 15477 |
| 2695 | Celltrion, Inc. (Health Care)\* |  | 446825 |
| 204 | CJ Corp. (Industrials) |  | 30986 |
| 898 | Coway Co. Ltd. (Consumer Discretionary)\* |  | 51127 |
| 589 | DB HiTek Co. Ltd. (Information Technology) |  | 39185 |
| 725 | DB Insurance Co. Ltd. (Financials) |  | 92282 |
| 61 | Doosan Bobcat, Inc. (Industrials)\* |  | 2756 |
| 108 | Doosan Co. Ltd. (Industrials) |  | 95950 |
| 7132 | Doosan Enerbility Co. Ltd. (Industrials)\* |  | 527029 |
| 321 | Doosan Robotics, Inc. (Industrials)\* |  | 23765 |
| 760 | Ecopro BM Co. Ltd. (Industrials)\* |  | 117025 |
| 1634 | Ecopro Co. Ltd. (Industrials)\* |  | 210143 |
| 486 | Ecopro Materials Co. Ltd. (Industrials)\* |  | 24292 |
| 2061 | GS Holdings Corp. (Industrials) |  | 98429 |
| 4371 | Hana Financial Group, Inc. (Financials) |  | 370099 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 36 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| South Korea – (continued) | South Korea – (continued) | South Korea – (continued) |
| 413 | Hanjin Kal Corp. (Consumer Discretionary)\* | $44874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1137 | Hankook Tire & Technology Co. Ltd. (Consumer Discretionary) | 57621 |
| 106 | Hanmi Pharm Co. Ltd. (Health Care)\* | 43697 |
| 703 | Hanmi Semiconductor Co. Ltd. (Information Technology) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158096 |
| 545 | Hanwha Aerospace Co. Ltd. (Industrials) | 452746 |
| 556 | Hanwha Corp. (Industrials)\* | 52798 |
| 1715 | Hanwha Ocean Co. Ltd. (Industrials)\* | 168341 |
| 975 | Hanwha Systems Co. Ltd. (Industrials)\* | 76997 |
| 698 | HD Hyundai Co. Ltd. (Energy) | 141929 |
| 351 | HD Hyundai Electric Co. Ltd. (Industrials) | 256204 |
| 470 | HD Hyundai Heavy Industries Co. Ltd. (Industrials) | 197018 |
| 225 | HD Hyundai Marine Solution Co. Ltd. (Industrials) | 28827 |
| 740 | HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (Industrials) | 231491 |
| 1930 | HLB, Inc. (Health Care)\* | 69499 |
| 2201 | HMM Co. Ltd. (Industrials) | 32667 |
| 523 | HYBE Co. Ltd. (Communication Services)\* | 140885 |
| 86 | Hyosung Heavy Industries Corp. (Industrials) | 168772 |
| 103 | Hyundai Autoever Corp. (Information Technology) | 35873 |
| 327 | Hyundai Elevator Co. Ltd. (Industrials) | 22436 |
| 1204 | Hyundai Engineering & Construction Co. Ltd. (Industrials) | 137851 |
| 619 | Hyundai Glovis Co. Ltd. (Industrials) | 124575 |
| 984 | Hyundai Mobis Co. Ltd. (Consumer Discretionary) | 353652 |
| 2353 | Hyundai Motor Co. (Consumer Discretionary) | 1102483 |
| 1201 | Hyundai Rotem Co. Ltd. (Industrials) | 192444 |
| 4156 | Industrial Bank of Korea (Financials) | 74395 |
| 5017 | Kakao Corp. (Communication Services) | 217281 |
| 361 | Kakaopay Corp. (Financials)\* | 16789 |
| 1901 | Kangwon Land, Inc. (Consumer Discretionary) | 25175 |
| 6070 | KB Financial Group, Inc. (Financials) | 670928 |
| 64 | KCC Corp. (Materials) | 28963 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| South Korea – (continued) | South Korea – (continued) | South Korea – (continued) |
| 201 | KEPCO Engineering & Construction Co., Inc. (Industrials)\* | $24467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3955 | Kia Corp. (Consumer Discretionary) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565000 |
| 218 | KIWOOM Securities Co. Ltd. (Financials) | 70621 |
| 1166 | Korea Aerospace Industries Ltd. (Industrials) | 155223 |
| 4267 | Korea Electric Power Corp. (Utilities) | 173528 |
| 432 | Korea Gas Corp. (Utilities) | 12373 |
| 685 | Korea Investment Holdings Co. Ltd. (Financials) | 123095 |
| 146 | Korea Zinc Co. Ltd. (Materials) | 206034 |
| 772 | Krafton, Inc. (Communication Services)\* | 133363 |
| 1063 | KT Corp. (Communication Services) | 47146 |
| 1483 | KT&G Corp. (Consumer Staples) | 168145 |
| 273 | Kumho Petrochemical Co. Ltd. (Materials)\* | 29112 |
| 408 | L&F Co. Ltd. (Industrials)\* | 35652 |
| 780 | LG Chem Ltd. (Materials) | 226382 |
| 527 | LG CNS Co. Ltd. (Information Technology) | 27293 |
| 442 | LG Corp. (Industrials) | 33092 |
| 854 | LG Electronics, Inc. (Consumer Discretionary) | 86498 |
| 669 | LG Energy Solution Ltd. (Industrials)\* | 198584 |
| 3555 | LG Uplus Corp. (Communication Services) | 40876 |
| 203 | LIG Nex1 Co. Ltd. (Industrials)\* | 71830 |
| 392 | LigaChem Biosciences, Inc. (Health Care)\* | 52239 |
| 1056 | Lotte Chemical Corp. (Materials) | 70400 |
| 267 | LS Corp. (Industrials)\* | 52806 |
| 245 | LS Electric Co. Ltd. (Industrials) | 134039 |
| 1343 | Meritz Financial Group, Inc. (Financials)\* | 118662 |
| 3184 | Mirae Asset Securities Co. Ltd. (Financials) | 159366 |
| 2183 | NAVER Corp. (Communication Services) | 386217 |
| 336 | Netmarble Corp. (Communication Services)<sup>(b)</sup> | 12286 |
| 2054 | NH Investment & Securities Co. Ltd. (Financials) | 50690 |
| 351 | Peptron, Inc. (Health Care) | 69541 |
| 574 | POSCO Future M Co. Ltd. (Industrials)\* | 98560 |
| 1208 | POSCO Holdings, Inc. (Materials) | 346822 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **37** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| South Korea – (continued) | South Korea – (continued) | South Korea – (continued) |
| 751 | Posco International Corp. (Industrials) | $37694 |
| 131 | Rainbow Robotics (Industrials)\* | 78318 |
| 238 | Sam Chun Dang Pharm Co. Ltd. (Health Care) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136496 |
| 231 | Samsung Biologics Co. Ltd. (Health Care)\*<sup>(b)</sup> | 285518 |
| 1374 | Samsung C&T Corp. (Industrials) | 334784 |
| 365 | Samsung Card Co. Ltd. (Financials) | 15985 |
| 160 | Samsung E&A Co. Ltd. (Industrials) | 4049 |
| 912 | Samsung Electro-Mechanics Co. Ltd. (Information Technology) | 284346 |
| &nbsp;&nbsp;&nbsp;&nbsp;76073 | Samsung Electronics Co. Ltd. (Information Technology) | 11449291 |
| 102 | Samsung Episholdings Co. Ltd. (Health Care)\* | 47862 |
| 516 | Samsung Fire & Marine Insurance Co. Ltd. (Financials) | 190115 |
| 10763 | Samsung Heavy Industries Co. Ltd. (Industrials)\* | 216607 |
| 1260 | Samsung Life Insurance Co. Ltd. (Financials) | 201460 |
| 1026 | Samsung SDI Co. Ltd. (Information Technology)\* | 332371 |
| 603 | Samsung SDS Co. Ltd. (Information Technology) | 81741 |
| 1031 | Samsung Securities Co. Ltd. (Financials) | 76546 |
| 69 | Samyang Foods Co. Ltd. (Consumer Staples) | 58567 |
| 7554 | Shinhan Financial Group Co. Ltd. (Financials) | 508851 |
| 464 | SK Biopharmaceuticals Co. Ltd. (Health Care)\* | 38642 |
| 8714 | SK hynix, Inc. (Information Technology) | 6427219 |
| 1259 | SK Innovation Co. Ltd. (Energy) | 111765 |
| 1414 | SK Square Co. Ltd. (Industrials)\* | 634015 |
| 1744 | SK Telecom Co. Ltd. (Communication Services) | 96747 |
| 593 | SK, Inc. (Industrials) | 165306 |
| 866 | SKC Co. Ltd. (Materials)\* | 68148 |
| 684 | S-Oil Corp. (Energy)\* | 52304 |
| 10787 | Woori Financial Group, Inc. (Financials) | 269956 |
| 1399 | Yuhan Corp. (Health Care) | 107174 |
|  |  | 34262334 |
| Spain – 1.9% | Spain – 1.9% |  |
| 2810 | ACS Actividades de Construccion y Servicios SA (Industrials) | 363628 |
| 12019 | Aena SME SA (Industrials)<sup>(b)</sup> | 378470 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Spain – (continued) | Spain – (continued) | Spain – (continued) |
| 7346 | Amadeus IT Group SA (Consumer Discretionary) | $457437 |
| 92081 | Banco Bilbao Vizcaya Argentaria SA (Financials) | 2147222 |
| 237738 | Banco Santander SA (Financials) | 3028726 |
| 56423 | CaixaBank SA (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700829 |
| 7241 | Cellnex Telecom SA (Communication Services)\*<sup>(b)</sup> | 274779 |
| 5171 | Endesa SA (Utilities) | 211064 |
| &nbsp;&nbsp;&nbsp;&nbsp;98619 | Iberdrola SA (Utilities) | 2334613 |
| 18496 | Industria de Diseno Textil SA (Consumer Discretionary) | 1240849 |
| 4019 | Naturgy Energy Group SA (Utilities) | 124989 |
| 18356 | Repsol SA (Energy) | 412111 |
| 54402 | Telefonica SA (Communication Services) | 247295 |
|  |  | 11922012 |
| Sweden – 2.2% | Sweden – 2.2% |  |
| 3936 | AAK AB (Consumer Staples) | 107925 |
| 3931 | AddTech AB, Class B (Industrials) | 145780 |
| 4611 | Alfa Laval AB (Industrials) | 273412 |
| 15875 | Assa Abloy AB, Class B (Industrials) | 678452 |
| 41348 | Atlas Copco AB, Class A (Industrials) | 893858 |
| 24590 | Atlas Copco AB, Class B (Industrials) | 462906 |
| 1968 | Avanza Bank Holding AB (Financials)<sup>(a)</sup> | 72132 |
| 1799 | Axfood AB (Consumer Staples) | 65599 |
| 9439 | Beijer Ref AB (Industrials) | 148187 |
| 4464 | Boliden AB (Materials)\* | 354939 |
| 6174 | Castellum AB (Real Estate) | 82216 |
| 10156 | Epiroc AB, Class A (Industrials) | 306056 |
| 6164 | Epiroc AB, Class B (Industrials) | 160546 |
| 8521 | EQT AB (Financials) | 264528 |
| 10749 | Essity AB, Class B (Consumer Staples) | 342272 |
| 1242 | Evolution AB (Consumer <br>Discretionary)<sup>(b)</sup> | 75490 |
| 10918 | Fastighets AB Balder, Class B (Real Estate)\* | 82188 |
| 4891 | Getinge AB, Class B (Health Care) | 109989 |
| 8964 | H & M Hennes & Mauritz AB, Class B (Consumer Discretionary) | 191448 |
| 33697 | Hexagon AB, Class B (Information Technology) | 384304 |
| 2770 | Holmen AB, Class B (Materials) | 109479 |
| 15260 | Husqvarna AB, Class B (Industrials) | 73572 |
| 1768 | Industrivarden AB, Class A (Financials) | 100817 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 38 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Sweden – (continued) | Sweden – (continued) | Sweden – (continued) |
| 2504 | Industrivarden AB, Class C (Financials) | $142037 |
| 6775 | Indutrade AB (Industrials) | 176309 |
| 4250 | Investment AB Latour, Class B (Industrials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108622 |
| 8273 | Investor AB, Class A (Financials) | 343478 |
| &nbsp;&nbsp;&nbsp;&nbsp;28713 | Investor AB, Class B (Financials) | 1202130 |
| 747 | L E Lundbergforetagen AB, Class B (Financials) | 49096 |
| 3707 | Lifco AB, Class B (Industrials) | 132214 |
| 24503 | Nibe Industrier AB, Class B (Industrials) | 100672 |
| 2291 | Nordnet AB publ (Financials) | 72621 |
| 5033 | Saab AB, Class B (Industrials) | 364481 |
| 3376 | Sagax AB, Class B (Real Estate) | 71467 |
| 7814 | Sagax AB, Class D (Real Estate) | 30355 |
| 17110 | Sandvik AB (Industrials) | 757402 |
| 8266 | Securitas AB, Class B (Industrials) | 147224 |
| 24735 | Skandinaviska Enskilda Banken AB, Class A (Financials) | 528551 |
| 5416 | Skanska AB, Class B (Industrials) | 166875 |
| 5516 | SKF AB, Class B (Industrials) | 158707 |
| 3658 | SSAB AB, Class A (Materials) | 32726 |
| 10065 | SSAB AB, Class B (Materials) | 89109 |
| 5017 | Svenska Cellulosa AB SCA, Class B (Materials) | 68310 |
| 22849 | Svenska Handelsbanken AB, Class A (Financials) | 366188 |
| 550 | Svenska Handelsbanken AB, Class B (Financials)<sup>(a)</sup> | 14752 |
| 3003 | Sweco AB, Class B (Industrials) | 48127 |
| 14028 | Swedbank AB, Class A (Financials)<sup>(a)</sup> | 540746 |
| 3811 | Swedish Orphan Biovitrum AB (Health Care)\* | 167011 |
| 8916 | Tele2 AB, Class B (Communication Services) | 188546 |
| 47998 | Telefonaktiebolaget LM Ericsson, Class B (Information Technology) | 556180 |
| 37108 | Telia Co. AB (Communication Services) | 190669 |
| 3260 | Trelleborg AB, Class B (Industrials) | 143008 |
| 3103 | Volvo AB, Class A (Industrials) | 121058 |
| 24263 | Volvo AB, Class B (Industrials) | 946038 |
|  |  | 13510804 |
| Switzerland – 2.4% | Switzerland – 2.4% |  |
| 25668 | ABB Ltd. (Industrials) | 2397082 |
| 18 | Chocoladefabriken Lindt & Spruengli AG (Consumer Staples) | 296313 |
| 8695 | Cie Financiere Richemont SA (Consumer Discretionary) | 1777893 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Switzerland – (continued) | Switzerland – (continued) | Switzerland – (continued) |
| 3316 | DSM-Firmenich AG (Materials) | $236635 |
| 2562 | Galderma Group AG (Health Care) | 486049 |
| 533 | Geberit AG (Industrials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449105 |
| 159 | Givaudan SA (Materials) | 639267 |
| 577 | Kuehne + Nagel International AG (Industrials) | 134562 |
| 1215 | Lonza Group AG (Health Care) | 847127 |
| 386 | Partners Group Holding AG (Financials) | 430344 |
| 6515 | Sandoz Group AG (Health Care) | 576231 |
| 325 | Schindler Holding AG (Industrials) | 118962 |
| 666 | Schindler Holding AG Participation Certificates (Industrials) | 254259 |
| 2966 | SGS SA (Industrials) | 374100 |
| 2779 | Sika AG (Materials) | 576361 |
| 1242 | Straumann Holding AG (Health Care) | 149547 |
| 465 | Swiss Life Holding AG (Financials) | 532931 |
| 416 | Swisscom AG (Communication Services) | 390279 |
| &nbsp;&nbsp;&nbsp;&nbsp;50965 | UBS Group AG (Financials) | 2121305 |
| 2349 | Zurich Insurance Group AG (Financials) | 1773395 |
|  |  | 14561747 |
| Taiwan – 7.1% | Taiwan – 7.1% |  |
| 8390 | Accton Technology Corp. (Information Technology) | 376342 |
| 1158 | Advantech Co. Ltd. (Information Technology) | 12485 |
| 1191 | Alchip Technologies Ltd. (Information Technology) | 133177 |
| 61229 | ASE Technology Holding Co. Ltd. (Information Technology) | 760188 |
| 4941 | Asia Vital Components Co. Ltd. (Information Technology) | 279416 |
| 1500 | ASMedia Technology, Inc. (Information Technology) | 63199 |
| 498 | ASPEED Technology, Inc. (Information Technology) | 155251 |
| 13658 | Asustek Computer, Inc. (Information Technology) | 232804 |
| 3000 | Bizlink Holding, Inc. (Industrials) | 135529 |
| 19000 | Caliway Biopharmaceuticals Co. Ltd. (Health Care)\* | 100141 |
| 13846 | Catcher Technology Co. Ltd. (Information Technology) | 84954 |
| 151405 | Cathay Financial Holding Co. Ltd. (Financials) | 386626 |
| 25102 | Chailease Holding Co. Ltd. (Financials) | 83644 |
| 105903 | Chang Hwa Commercial Bank Ltd. (Financials) | 73292 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **39** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Taiwan – (continued) | Taiwan – (continued) | Taiwan – (continued) |
| 18955 | Chicony Electronics Co. Ltd. (Information Technology) | $75915 |
| 3463 | China Airlines Ltd. (Industrials) | 2330 |
| 110280 | China Steel Corp. (Materials) | 73318 |
| 6690 | Chroma ATE, Inc. (Information Technology) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295800 |
| &nbsp;&nbsp;&nbsp;&nbsp;63159 | Chunghwa Telecom Co. Ltd. (Communication Services) | 271164 |
| 111196 | Compal Electronics, Inc. (Information Technology) | 112760 |
| 254099 | CTBC Financial Holding Co. Ltd. (Financials) | 455100 |
| 30921 | Delta Electronics, Inc. (Information Technology) | 1416713 |
| 1978 | E Ink Holdings, Inc. (Information Technology) | 11851 |
| 232126 | E.Sun Financial Holding Co. Ltd. (Financials) | 261050 |
| 4860 | Elite Material Co. Ltd. (Information Technology) | 379943 |
| 1020 | eMemory Technology, Inc. (Information Technology) | 82682 |
| 69546 | Eva Airways Corp. (Industrials) | 84674 |
| 21704 | Evergreen Marine Corp. Taiwan Ltd. (Industrials) | 136993 |
| 26530 | Far EasTone Telecommunications Co. Ltd. (Communication Services) | 78202 |
| 189848 | First Financial Holding Co. Ltd. (Financials) | 181874 |
| 27000 | FIT Hon Teng Ltd. (Information Technology)\*<sup>(b)</sup> | 21677 |
| 55929 | Formosa Chemicals & Fibre Corp. (Materials) | 91390 |
| 23000 | Formosa Petrochemical Corp. (Energy) | 40162 |
| 92236 | Formosa Plastics Corp. (Materials) | 152490 |
| 2543 | Fortune Electric Co. Ltd. (Industrials) | 87181 |
| 43378 | Foxconn Technology Co. Ltd. (Information Technology) | 82695 |
| 128056 | Fubon Financial Holding Co. Ltd. (Financials) | 386494 |
| 14956 | Gigabyte Technology Co. Ltd. (Information Technology) | 114766 |
| 1450 | Global Unichip Corp. (Information Technology) | 128689 |
| 2505 | Globalwafers Co. Ltd. (Information Technology) | 36518 |
| 5367 | Gold Circuit Electronics Ltd. (Information Technology) | 142038 |
| 58847 | Highwealth Construction Corp. (Real Estate) | 71365 |
| 202371 | Hon Hai Precision Industry Co. Ltd. (Information Technology) | 1575603 |
| 1525 | Hon Precision, Inc. (Information Technology) | 237464 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Taiwan – (continued) | Taiwan – (continued) | Taiwan – (continued) |
| 1317 | Hotai Motor Co. Ltd. (Consumer Discretionary) | $24685 |
| 143623 | Hua Nan Financial Holdings Co. Ltd. (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175324 |
| 124107 | Innolux Corp. (Information Technology) | 106567 |
| 5192 | International Games System Co. Ltd. (Communication Services) | 115614 |
| 3116 | Inventec Corp. (Information Technology) | 4618 |
| 1692 | Jentech Precision Industrial Co. Ltd. (Information Technology) | 169140 |
| 272224 | KGI Financial Holding Co. Ltd. (Financials) | 191449 |
| 1281 | King Slide Works Co. Ltd. (Information Technology) | 141394 |
| 18480 | King Yuan Electronics Co. Ltd. (Information Technology) | 193616 |
| 2582 | Largan Precision Co. Ltd. (Information Technology) | 208473 |
| 32965 | Lite-On Technology Corp. (Information Technology) | 182722 |
| 2486 | Lotes Co. Ltd. (Information Technology) | 141381 |
| 23995 | MediaTek, Inc. (Information Technology) | 1495315 |
| 194817 | Mega Financial Holding Co. Ltd. (Financials) | 253111 |
| &nbsp;&nbsp;&nbsp;&nbsp;93492 | Nan Ya Plastics Corp. (Materials) | 274985 |
| 3546 | Nan Ya Printed Circuit Board Corp. (Information Technology) | 63056 |
| 19232 | Nanya Technology Corp. (Information Technology)\* | 175923 |
| 5134 | Nien Made Enterprise Co. Ltd. (Consumer Discretionary) | 66373 |
| 4408 | Novatek Microelectronics Corp. (Information Technology) | 55504 |
| 5181 | Pegatron Corp. (Information Technology) | 12201 |
| 4570 | PharmaEssentia Corp. (Health Care) | 106010 |
| 2751 | Phison Electronics Corp. (Information Technology) | 166588 |
| 68203 | Pou Chen Corp. (Consumer Discretionary) | 67851 |
| 50109 | Powerchip Semiconductor Manufacturing Corp. (Information Technology)\* | 123141 |
| 11032 | Powertech Technology, Inc. (Information Technology) | 91194 |
| 134 | President Chain Store Corp. (Consumer Staples) | 958 |
| 46246 | Quanta Computer, Inc. (Information Technology) | 431922 |
| 10543 | Realtek Semiconductor Corp. (Information Technology) | 162650 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 40 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Taiwan – (continued) | Taiwan – (continued) | Taiwan – (continued) |
| 11505 | Shanghai Commercial & Savings Bank Ltd. (The) (Financials) | $14800 |
| 211510 | SinoPac Financial Holdings Co. Ltd. (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224989 |
| &nbsp;&nbsp;&nbsp;&nbsp;37961 | Synnex Technology International Corp. (Information Technology) | 87450 |
| 31452 | TA Chen Stainless Pipe (Materials) | 37336 |
| 74037 | Taichung Commercial Bank Co. Ltd. (Financials) | 50052 |
| 363040 | Taishin Financial Holding Co. Ltd. (Financials) | 297774 |
| 121750 | Taiwan Business Bank (Financials) | 63974 |
| 89912 | Taiwan Cooperative Financial Holding Co. Ltd. (Financials) | 69139 |
| 28652 | Taiwan Mobile Co. Ltd. (Communication Services) | 98686 |
| 389898 | Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology) | 24922191 |
| 159000 | TCC Group Holdings Co. Ltd. (Materials) | 134491 |
| 28903 | Teco Electric and Machinery Co. Ltd. (Industrials) | 76770 |
| 8147 | Tripod Technology Corp. (Information Technology) | 101671 |
| 21472 | Unimicron Technology Corp. (Information Technology) | 331254 |
| 50644 | Uni-President Enterprises Corp. (Consumer Staples) | 117641 |
| 191732 | United Microelectronics Corp. (Information Technology) | 401758 |
| 24888 | Vanguard International Semiconductor Corp. (Information Technology) | 106454 |
| 8526 | VisEra Technologies Co. Ltd. (Information Technology) | 93425 |
| 46449 | Walsin Lihwa Corp. (Industrials) | 54692 |
| 23307 | Wan Hai Lines Ltd. (Industrials) | 57052 |
| 49735 | Winbond Electronics Corp. (Information Technology)\* | 195205 |
| 48802 | Wistron Corp. (Information Technology) | 212652 |
| 1552 | Wiwynn Corp. (Information Technology) | 198904 |
| 42104 | WPG Holdings Ltd. (Information Technology) | 94431 |
| 18041 | WT Microelectronics Co. Ltd. (Information Technology) | 106358 |
| 26908 | Yageo Corp. (Information Technology) | 256915 |
| 47005 | Yang Ming Marine Transport Corp. (Industrials) | 86447 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Taiwan – (continued) | Taiwan – (continued) | Taiwan – (continued) |
| 191260 | Yuanta Financial Holding Co. Ltd. (Financials) | $301190 |
| 16582 | Zhen Ding Technology Holding Ltd. (Information Technology) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111039 |
|  |  | 44072454 |
| Thailand – 0.5% | Thailand – 0.5% |  |
| 20310 | Advanced Info Service PCL, NVDR (Communication Services) | 248280 |
| &nbsp;&nbsp;&nbsp;&nbsp;88900 | Airports of Thailand PCL, NVDR (Industrials) | 155865 |
| 87756 | Bangkok Dusit Medical Services PCL, NVDR (Health Care) | 61261 |
| 317472 | Banpu PCL, NVDR (Energy) | 58214 |
| 230100 | Cal-Comp Electronics Thailand PCL, NVDR (Information Technology) | 41453 |
| 25664 | Central Pattana PCL, NVDR (Real Estate) | 57792 |
| 140900 | Central Retail Corp. PCL, NVDR (Consumer Discretionary) | 93374 |
| 109452 | Charoen Pokphand Foods PCL, NVDR (Consumer Staples) | 73942 |
| 77966 | Com7 PCL, NVDR (Consumer Discretionary) | 60447 |
| 48541 | CP ALL PCL, NVDR (Consumer Staples) | 80811 |
| 75300 | Delta Electronics Thailand PCL, NVDR (Information Technology) | 675847 |
| 11981 | Electricity Generating PCL, NVDR (Utilities) | 47600 |
| 91870 | Gulf Development PCL, NVDR (Utilities)\* | 183238 |
| 9636 | Kasikornbank PCL, NVDR (Financials) | 62308 |
| 57852 | Krung Thai Bank PCL, NVDR (Financials) | 63742 |
| 7281 | Minor International PCL, NVDR (Consumer Discretionary) | 6090 |
| 60858 | Muangthai Capital PCL, NVDR (Financials) | 72438 |
| 7397 | PTT Exploration & Production PCL, NVDR (Energy) | 32601 |
| 253042 | PTT PCL, NVDR (Energy) | 301192 |
| 52447 | Ratch Group PCL, NVDR (Utilities) | 52304 |
| 20869 | SCB X PCL, NVDR (Financials) | 99696 |
| 6132 | Siam Cement PCL (The), NVDR (Materials) | 44385 |
| 234900 | Thai Airways International PCL, NVDR (Industrials)\* | 51763 |
| 7845 | Thai Beverage PCL (Consumer Staples) | 2853 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **41** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Thailand – (continued) | Thailand – (continued) | Thailand – (continued) |
| 38885 | Thai Life Insurance PCL, NVDR (Financials) | $13760 |
| 118403 | Thai Union Group PCL, NVDR (Consumer Staples) | 47232 |
| &nbsp;&nbsp;&nbsp;&nbsp;94449 | TIDLOR Holdings PCL, NVDR (Financials) | 60464 |
| 3316 | Tisco Financial Group PCL, NVDR (Financials) | 12214 |
| 870665 | TMBThanachart Bank PCL, NVDR (Financials) | 66102 |
| 246840 | True Corp. PCL, NVDR (Communication Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115142 |
|  |  | 2942410 |
| Turkey – 0.3% | Turkey – 0.3% |  |
| 14150 | AG Anadolu Grubu Holding AS (Industrials) | 10875 |
| 8223 | Ahlatci Dogal Gaz Dagitim Enerji VE Yatirim AS (Utilities)\* | 4655 |
| 45197 | Akbank TAS (Financials) | 92703 |
| 229742 | Aksa Akrilik Kimya Sanayii AS (Consumer Discretionary) | 53212 |
| 3910 | Aksa Enerji Uretim AS (Utilities)\* | 5974 |
| 10744 | Anadolu Anonim Turk Sigorta Sirketi (Financials) | 6351 |
| 140778 | Anadolu Efes Biracilik Ve Malt Sanayii AS (Consumer Staples) | 60696 |
| 1003 | Anadolu Hayat Emeklilik AS (Financials) | 2560 |
| 19227 | Aselsan Elektronik Sanayi Ve Ticaret AS (Industrials) | 140860 |
| 100907 | Aydem Yenilenebilir Enerji AS (Utilities)\* | 58131 |
| 823 | Aygaz AS (Utilities) | 4603 |
| 6668 | BIM Birlesik Magazalar AS (Consumer Staples) | 101267 |
| 425 | Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret AS (Materials)\* | 6266 |
| 1 | Bosch Fren Sistemleri Sanayi ve Ticaret AS (Consumer Discretionary)\* | 2 |
| 39 | Celebi Hava Servisi AS (Industrials) | 1546 |
| 6601 | Cimsa Cimento Sanayi VE Ticaret AS (Materials) | 7689 |
| 13420 | Coca-Cola Icecek AS (Consumer Staples) | 21740 |
| 3909 | CW Enerji Muhendislik Ticaret VE Sanayi AS (Industrials)\* | 2712 |
| 1381 | Destek Finans Faktoring AS (Financials)\*<sup>(a)</sup> | 47036 |
| 14483 | Dogan Sirketler Grubu Holding AS (Consumer Discretionary) | 6630 |
| 302 | Eczacibasi Yatirim Holding Ortakligi AS (Industrials) | 1993 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Turkey – (continued) | Turkey – (continued) | Turkey – (continued) |
| 2007 | EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS (Consumer Staples) | $5251 |
| &nbsp;&nbsp;&nbsp;&nbsp;30019 | Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16187 |
| 3683 | Enerjisa Enerji AS (Utilities)<sup>(b)</sup> | 9000 |
| 37490 | Enerya Enerji AS (Utilities) | 8547 |
| 8267 | Enka Insaat ve Sanayi AS (Industrials) | 19129 |
| 6890 | Eregli Demir ve Celik Fabrikalari TAS (Materials) | 5120 |
| 18825 | GEN Ilac VE Saglik Urunleri Sanayi VE Ticaret AS (Health Care) | 3345 |
| 1213 | Gubre Fabrikalari TAS (Materials)\* | 14682 |
| 17112 | Haci Omer Sabanci Holding AS (Financials) | 39245 |
| 8015 | Is Yatirim Menkul Degerler AS (Financials) | 8782 |
| 95001 | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class A (Materials)\* | 66011 |
| 5596 | Kiler Holding AS (Industrials)\* | 39469 |
| 4897 | KOC Holding AS (Industrials) | 22239 |
| 4258 | Kontrolmatik Enerji Ve Muhendislik AS (Industrials) | 911 |
| 11106 | Margun Enerji Uretim Sanayi VE Ticaret AS (Utilities)\* | 12573 |
| 50400 | Mavi Giyim Sanayi Ve Ticaret AS, Class B (Consumer Discretionary)<sup>(b)</sup> | 52060 |
| 1526 | Migros Ticaret AS (Consumer Staples) | 22411 |
| 840 | MLP Saglik Hizmetleri AS (Health Care)\*<sup>(b)</sup> | 8352 |
| 295111 | Mogan Enerji Yatirim Holding AS (Utilities)\* | 71105 |
| 35812 | NET Holding AS (Consumer Discretionary)\* | 37204 |
| 18876 | Oyak Cimento Fabrikalari AS (Materials) | 10522 |
| 3530 | Pasifik Eurasia Lojistik Dis Ticaret AS (Industrials)\* | 9743 |
| 1444 | Selcuk Ecza Deposu Ticaret ve Sanayi A.S. (Health Care) | 2793 |
| 7026 | Smart Gunes Enerjisi Teknolojileri ArGE Uretim Sanayi ve Ticaret AS (Information Technology)\* | 1180 |
| 2766 | TAV Havalimanlari Holding AS (Industrials)\* | 19446 |
| 1297 | Tekfen Holding AS (Industrials) | 2122 |
| 3271 | Torunlar Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate) | 6333 |
| 2569 | TR Anadolu Metal Madencilik Isletmeleri AS (Materials)\* | 9866 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 42 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Turkey – (continued) | Turkey – (continued) | Turkey – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;14983 | Turk Altin Isletmeleri AS (Materials)\* | $20794 |
| 2990 | Turk Hava Yollari AO (Industrials) | 20919 |
| 7268 | Turk Telekomunikasyon AS (Communication Services)\* | 11236 |
| 19721 | Turkcell Iletisim Hizmetleri AS (Communication Services) | 51959 |
| 9534 | Turkiye Halk Bankasi AS (Financials)\* | 10629 |
| 135537 | Turkiye Is Bankasi AS, Class C (Financials) | 52146 |
| 14874 | Turkiye Petrol Rafinerileri AS (Energy) | 73943 |
| 27429 | Turkiye Sigorta AS (Financials) | 7614 |
| 16831 | Turkiye Sinai Kalkinma Bankasi AS (Financials)\* | 4971 |
| 79704 | Turkiye Sise ve Cam Fabrikalari AS (Industrials) | 81350 |
| 19628 | Ulker Biskuvi Sanayi AS (Consumer Staples) | 55152 |
| 54445 | Yapi ve Kredi Bankasi AS (Financials)\* | 53637 |
|  |  | 1605479 |
| United Arab Emirates – 0.7% | United Arab Emirates – 0.7% |  |
| 48408 | Abu Dhabi Commercial Bank PJSC (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199824 |
| 24140 | Abu Dhabi Islamic Bank PJSC (Financials) | 167614 |
| 74182 | Abu Dhabi National Oil Co. for Distribution PJSC (Consumer Discretionary) | 80796 |
| 46114 | ADNOC Drilling Co. PJSC (Energy) | 64289 |
| 113285 | Adnoc Gas PLC (Energy) | 104878 |
| 81214 | Aldar Properties PJSC (Real Estate) | 238829 |
| 1995 | Alpha Dhabi Holding PJSC (Industrials)\* | 4954 |
| 49946 | Borouge PLC (Materials) | 35224 |
| 149538 | Dubai Electricity & Water Authority PJSC (Utilities) | 122153 |
| 48124 | Dubai Islamic Bank PJSC (Financials) | 108761 |
| 13630 | Emaar Development PJSC (Real Estate) | 71814 |
| 103199 | Emaar Properties PJSC (Real Estate) | 455221 |
| 40838 | Emirates NBD Bank PJSC (Financials) | 366953 |
| 45763 | Emirates Telecommunications Group Co. PJSC (Communication Services) | 252706 |
| 73425 | First Abu Dhabi Bank PJSC (Financials) | 392261 |
| 13793 | International Holding Co. PJSC (Industrials)\* | 1500778 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United Arab Emirates – (continued) | United Arab Emirates – (continued) | United Arab Emirates – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;52293 | Modon Holding PSC (Industrials)\* | $47843 |
| 118437 | Two Point Zero Group PJSC (Industrials)\* | 64176 |
|  |  | 4279074 |
| United Kingdom – 6.5% | United Kingdom – 6.5% |  |
| 16007 | 3i Group PLC (Financials) | 714915 |
| 3842 | Admiral Group PLC (Financials) | 153102 |
| 6902 | Ashtead Group PLC (Industrials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494221 |
| 4844 | Associated British Foods PLC (Consumer Staples) | 128753 |
| 24282 | AstraZeneca PLC (Health Care) | 5073835 |
| 7074 | Autotrader Group PLC (Communication Services)<sup>(b)</sup> | 46878 |
| 49541 | Aviva PLC (Financials) | 456913 |
| 48686 | BAE Systems PLC (Industrials) | 1382430 |
| 226356 | Barclays PLC (Financials) | 1378134 |
| 10570 | Barratt Redrow PLC (Consumer Discretionary) | 51884 |
| 33577 | British American Tobacco PLC (Consumer Staples) | 2094618 |
| 97185 | BT Group PLC (Communication Services) | 283272 |
| 3517 | Bunzl PLC (Industrials) | 103742 |
| 77338 | Centrica PLC (Utilities) | 207071 |
| 43621 | CK Hutchison Holdings Ltd. (Industrials) | 359133 |
| 3689 | Coca-Cola Europacific Partners PLC (Consumer Staples) | 407376 |
| 28712 | Compass Group PLC (Consumer Discretionary) | 879351 |
| 35779 | Convatec Group PLC (Health Care)<sup>(b)</sup> | 123336 |
| 33617 | Diageo PLC (Consumer Staples) | 751390 |
| 6157 | Halma PLC (Information Technology) | 346343 |
| 279553 | HSBC Holdings PLC (Financials) | 5237780 |
| 4760 | ICG PLC (Financials) | 107449 |
| 12240 | Imperial Brands PLC (Consumer Staples) | 547165 |
| 21176 | Informa PLC (Communication Services) | 238636 |
| 2332 | InterContinental Hotels Group PLC (Consumer Discretionary) | 320650 |
| 27831 | International Consolidated Airlines Group SA ADR (Industrials) | 317273 |
| 2995 | Intertek Group PLC (Industrials) | 190137 |
| 28048 | J Sainsbury PLC (Consumer Staples) | 131605 |
| 28493 | Kingfisher PLC (Consumer Discretionary) | 141929 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **43** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United Kingdom – (continued) | United Kingdom – (continued) | United Kingdom – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;11401 | Land Securities Group PLC REIT (Real Estate) | $99096 |
| 92494 | Legal & General Group PLC (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337371 |
| 956641 | Lloyds Banking Group PLC (Financials) | 1317668 |
| 6934 | London Stock Exchange Group PLC (Financials) | 825967 |
| 37035 | M&G PLC (Financials) | 158188 |
| 33078 | Marks & Spencer Group PLC (Consumer Staples) | 176330 |
| 20449 | Melrose Industries PLC (Industrials) | 155554 |
| 80368 | National Grid PLC (Utilities) | 1502987 |
| 126741 | NatWest Group PLC (Financials) | 1054758 |
| 1858 | Next PLC (Consumer Discretionary) | 337728 |
| 12289 | Pearson PLC (Consumer Discretionary) | 158578 |
| 12277 | Phoenix Group Holdings PLC (Financials) | 126600 |
| 10570 | Reckitt Benckiser Group PLC (Consumer Staples) | 925410 |
| 29466 | RELX PLC (Industrials) | 1023667 |
| 41642 | Rentokil Initial PLC (Industrials) | 255406 |
| 136477 | Rolls-Royce Holdings PLC (Industrials) | 2446794 |
| 19381 | Sage Group PLC (The) (Information Technology) | 214135 |
| 12983 | Schroders PLC (Financials) | 102286 |
| 20275 | Segro PLC REIT (Real Estate) | 229301 |
| 4345 | Severn Trent PLC (Utilities) | 191606 |
| 13872 | Smith & Nephew PLC (Health Care) | 255788 |
| 5338 | Smiths Group PLC (Industrials) | 197072 |
| 610 | Spirax Group PLC (Industrials) | 64830 |
| 19690 | SSE PLC (Utilities) | 711839 |
| 30432 | Standard Chartered PLC (Financials) | 749551 |
| 106441 | Tesco PLC (Consumer Staples) | 687761 |
| 35208 | Unilever PLC (Consumer Staples) | 2587828 |
| 11150 | United Utilities Group PLC (Utilities) | 208819 |
| 2819 | Verisure PLC (Industrials)\* | 31437 |
| 315102 | Vodafone Group PLC (Communication Services) | 485067 |
| 4241 | Weir Group PLC (The) (Industrials) | 200818 |
| 2942 | Whitbread PLC (Consumer Discretionary) | 102840 |
| 11075 | Wise PLC, Class A (Financials)\* | 128127 |
|  |  | 40720528 |
| United States – 5.5% | United States – 5.5% |  |
| 7257 | Alcon AG (Health Care) | 630912 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United States – (continued) | United States – (continued) | United States – (continued) |
| 7731 | Amrize Ltd. (Materials)\* | $494491 |
| 44 | AP Moller – Maersk A/S, Class A (Industrials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107775 |
| 73 | AP Moller – Maersk A/S, Class B (Industrials)<sup>(a)</sup> | 180827 |
| 198 | BeOne Medicines Ltd., Class A (Health Care)\* | 7437 |
| &nbsp;&nbsp;&nbsp;&nbsp;16784 | BeOne Medicines Ltd., Class H (Health Care)\* | 412618 |
| 231775 | BP PLC (Energy) | 1488406 |
| 13345 | Experian PLC (Industrials) | 499856 |
| 7807 | Ferrovial SE (Industrials) | 582192 |
| 3353 | GFL Environmental, Inc. (Industrials) | 148197 |
| 65846 | GSK PLC (Health Care) | 1948473 |
| 133668 | Haleon PLC (Health Care) | 729084 |
| 7895 | Holcim AG (Materials)\* | 727648 |
| 1427 | ICON PLC (Health Care)\* | 154316 |
| 6804 | James Hardie Industries PLC CDI (Materials)\* | 165928 |
| 5670 | JBS NV, Class A (Consumer Staples)\* | 95766 |
| 121 | Monday.com Ltd. (Information Technology)\* | 8789 |
| 41246 | Nestle SA (Consumer Staples) | 4504049 |
| 30972 | Novartis AG (Health Care) | 5255635 |
| 533 | Roche Holding AG (Health Care) | 264334 |
| 11382 | Roche Holding AG (Health Care) | 5431629 |
| 17215 | Sanofi SA (Health Care) | 1670778 |
| 9010 | Schneider Electric SE (Industrials) | 2943567 |
| 94023 | Shell PLC (Energy) | 3885190 |
| 36542 | Stellantis NV (Consumer Discretionary) | 299471 |
| 4711 | Swiss Re AG (Financials) | 832794 |
| 5477 | Tenaris SA (Energy) | 149510 |
| 4381 | Waste Connections, Inc. (Industrials) | 754007 |
|  |  | 34373679 |
| Zambia – 0.1% | Zambia – 0.1% |  |
| 11169 | First Quantum Minerals Ltd. (Materials)\* | 334452 |
| TOTAL COMMON STOCKS<br>(Cost $304,400,626) | TOTAL COMMON STOCKS<br>(Cost $304,400,626) | 613176455 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Rate** | **Value** |
| Preferred Stocks – 0.8% | Preferred Stocks – 0.8% | Preferred Stocks – 0.8% | Preferred Stocks – 0.8% |
| Brazil – 0.4% | Brazil – 0.4% | Brazil – 0.4% | Brazil – 0.4% |
| 4038 | Axia Energia (Utilities) | 6.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52645 |
| 1 | Axia Energia (Utilities)\* | 0.00 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;86274 | Banco Bradesco SA (Financials) | 6.79 | 355806 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 44 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Rate** | **Value** |
| Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) |
| Brazil – (continued) | Brazil – (continued) | Brazil – (continued) | Brazil – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;54767 | Cia Energetica de Minas Gerais (Utilities) | 13.68% | $128899 |
| 7104 | Gerdau SA (Materials) | 2.95 | 29076 |
| 89688 | Itau Unibanco Holding SA (Financials) | 6.53 | 818122 |
| 96204 | Itausa SA (Financials) | 7.94 | 267696 |
| 1 | Localiza Rent a Car SA (Industrials)\* | 0.00 | 9 |
| 71080 | Petroleo Brasileiro SA - Petrobras (Energy) | 7.40 | 545122 |
|  |  |  | 2197384 |
| Chile – 0.0% | Chile – 0.0% | Chile – 0.0% | Chile – 0.0% |
| 2345 | Sociedad Quimica y Minera de Chile SA, Class B (Materials)\* | 0.00 | 178932 |
| Colombia – 0.0% | Colombia – 0.0% | Colombia – 0.0% | Colombia – 0.0% |
| 4518 | Grupo Argos SA (Materials) | 5.17 | 16001 |
| 7513 | Grupo Cibest SA (Financials) | 7.11 | 127281 |
| 2531 | Grupo de Inversiones Suramericana SA (Financials) | 3.26 | 31003 |
|  |  |  | 174285 |
| Germany – 0.1% | Germany – 0.1% | Germany – 0.1% | Germany – 0.1% |
| 866 | Bayerische Motoren Werke AG (Consumer Discretionary) | 4.86 | 90899 |
| 574 | Dr. Ing hc F Porsche AG (Consumer Discretionary)<sup>(b)</sup> | 5.58 | 28051 |
| 3032 | Henkel AG & Co. KGaA (Consumer Staples) | 2.45 | 297775 |
| 409 | Sartorius AG (Health Care) | 0.31 | 116042 |
| 2881 | Volkswagen AG (Consumer Discretionary) | 6.26 | 344242 |
|  |  |  | 877009 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Rate** | **Value** |
| Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) |
| India – 0.0% | India – 0.0% | India – 0.0% | India – 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;15240 | TVS Motor Co. Ltd. (Consumer Discretionary)\*<sup>(c)</sup> | 6.00% | $1675 |
| South Korea – 0.3% | South Korea – 0.3% | South Korea – 0.3% | South Korea – 0.3% |
| 572 | Hyundai Motor Co. (Consumer Discretionary) | 3.12 | 128635 |
| 360 | Hyundai Motor Co. (Consumer Discretionary) | 3.10 | 80459 |
| 127 | LG Chem Ltd. (Materials) | 0.52 | 17746 |
| 2047 | LG Electronics, Inc. (Consumer Discretionary) | 1.57 | 94915 |
| 2137 | Mirae Asset Securities Co. Ltd. (Financials) | 1.08 | 34243 |
| 13365 | Samsung Electronics Co. Ltd. (Information Technology) | 1.16 | 1336035 |
| 50 | Samsung Fire & Marine Insurance Co. Ltd. (Financials) | 4.62 | 14303 |
|  |  |  | 1706336 |
| TOTAL PREFERRED STOCKS<br>(Cost $3,175,944) | TOTAL PREFERRED STOCKS<br>(Cost $3,175,944) | TOTAL PREFERRED STOCKS<br>(Cost $3,175,944) | 5135621 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Exchange-Traded Fund – 0.4% | Exchange-Traded Fund – 0.4% |  |
| United States – 0.4% | United States – 0.4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;87098 | iShares MSCI Malaysia ETF |  |
| **(Cost $1,918,076)** | **(Cost $1,918,076)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2545004 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Units** | **Description** | **Expiration Month** | **Value** |
| Warrant – 0.0% | Warrant – 0.0% | Warrant – 0.0% | Warrant – 0.0% |
| Canada – 0.0% | Canada – 0.0% | Canada – 0.0% | Canada – 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 | Constellation Software, Inc. (Information Technology)\*<sup>(c)</sup> |  |  |
| (Cost $0) | (Cost $0) | 03/40 |  |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.1%<sup>(d)</sup> | Investment Company – 0.1%<sup>(d)</sup> |  |
| Goldman Sachs Financial Square Treasury Obligations Fund –<br>Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund –<br>Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund –<br>Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830235 | 3.571% | 830235 |
| **(Cost $830,235)** | **(Cost $830,235)** |  |
| TOTAL INVESTMENTS BEFORE SECURITIES<br>LENDING REINVESTMENT VEHICLE<br>(Cost $310,324,881) | TOTAL INVESTMENTS BEFORE SECURITIES<br>LENDING REINVESTMENT VEHICLE<br>(Cost $310,324,881) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621687315 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **45** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> TOTAL INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Securities Lending Reinvestment Vehicle – 1.3%<sup>(d)</sup> | Securities Lending Reinvestment Vehicle – 1.3%<sup>(d)</sup> | Securities Lending Reinvestment Vehicle – 1.3%<sup>(d)</sup> |
| Goldman Sachs Financial Square Government Fund - Institutional<br>Shares | Goldman Sachs Financial Square Government Fund - Institutional<br>Shares | Goldman Sachs Financial Square Government Fund - Institutional<br>Shares |
| 7968309 | 3.589% | $7968309 |
| (Cost $7,968,309) | (Cost $7,968,309) | (Cost $7,968,309) |
| TOTAL INVESTMENTS – 101.2%<br>(Cost $318,293,190) | TOTAL INVESTMENTS – 101.2%<br>(Cost $318,293,190) | $629655624 |
| LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (1.2)% | LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (1.2)% | (7504518) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622151106 |

---

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Exempt from registration under Rule 144A of the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | —American Depositary Receipt |
| CDI | —Chess Depositary Interest Rate |
| CVA | —Dutch Certification |
| NVDR | —Non-Voting Depository Receipt |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| **Sector Name** | **% of <br>Market <br>Value** |
|  Financials | 23.2% |
|  Information Technology | 16.2 |
|  Industrials | 15.3 |
|  Consumer Discretionary | 9.1 |
|  Materials | 7.4 |
|  Health Care | 7.3 |
|  Consumer Staples | 5.6 |
|  Communication Services | 4.9 |
|  Energy | 4.4 |
|  Utilities | 3.0 |
|  Real Estate | 1.8 |
|  Exchange-Traded Fund | 0.4 |
|  Investment Company | 0.1 |
|  Securities Lending Reinvestment Vehicle | 1.3 |
|  **TOTAL INVESTMENTS** | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 46 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> U.S. 1000 EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 99.8% | Common Stocks – 99.8% | Common Stocks – 99.8% |
| Communication Services – 10.4% | Communication Services – 10.4% | Communication Services – 10.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;196528 | Alphabet, Inc., Class A | $61269569 |
| 170200 | Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53005386 |
| 7495 | AST SpaceMobile, Inc.\*<sup>(a)</sup> | 593529 |
| 239732 | AT&T, Inc. | 6714893 |
| 2782 | Charter Communications, Inc., Class A\* | 652741 |
| 121074 | Comcast Corp., Class A | 3748451 |
| 4159 | EchoStar Corp., Class A\* | 480489 |
| 7634 | Electronic Arts, Inc. | 1531151 |
| 6994 | Fox Corp., Class A | 394042 |
| 4922 | Fox Corp., Class B | 254615 |
| 1710 | Globalstar, Inc.\* | 106482 |
| 560 | Liberty Broadband Corp., Class A\* | 30565 |
| 3866 | Liberty Broadband Corp., Class C\* | 211122 |
| 789 | Liberty Media Corp.-Liberty Formula One, Class A\* | 66568 |
| 7209 | Liberty Media Corp.-Liberty Formula One, Class C\* | 660272 |
| 5399 | Live Nation Entertainment, Inc.\* | 875394 |
| 32400 | Lumen Technologies, Inc.\* | 230364 |
| 7453 | Match Group, Inc. | 235515 |
| 73336 | Meta Platforms, Inc., Class A | 47534928 |
| 3135 | Millicom International Cellular SA (Guatemala) | 228510 |
| 154507 | Netflix, Inc.\* | 14869754 |
| 5097 | New York Times Co. (The), Class A | 406690 |
| 12868 | News Corp., Class A | 312564 |
| 3865 | News Corp., Class B | 103504 |
| 969 | Nexstar Media Group, Inc. | 243238 |
| 10566 | Omnicom Group, Inc. | 901174 |
| 33372 | Paramount Skydance Corp., Class B | 450856 |
| 20175 | Pinterest, Inc., Class A\* | 345598 |
| 4327 | Reddit, Inc., Class A\* | 630920 |
| 21107 | ROBLOX Corp., Class A\* | 1449207 |
| 4409 | Roku, Inc.\* | 433890 |
| 6546 | Sirius XM Holdings, Inc. | 143750 |
| 37598 | Snap, Inc., Class A\* | 195886 |
| 5250 | Spotify Technology SA\* | 2703435 |
| 5824 | Take-Two Interactive Software, Inc.\* | 1231659 |
| 2240 | TKO Group Holdings, Inc. | 501469 |
| 15692 | T-Mobile US, Inc. | 3406576 |
| 14758 | Trade Desk, Inc. (The), Class A\* | 351535 |
| 142743 | Verizon Communications, Inc. | 7157134 |
| 60392 | Walt Disney Co. (The) | 6403968 |
| 76927 | Warner Bros Discovery, Inc.\* | 2167034 |
| 4631 | Warner Music Group Corp., Class A | 132447 |
|  |  | 223366874 |
| Consumer Discretionary – 10.1% | Consumer Discretionary – 10.1% | Consumer Discretionary – 10.1% |
| 15230 | ADT, Inc. | 122145 |
| 13868 | Airbnb, Inc., Class A\* | 1873705 |
| 322872 | Amazon.com, Inc.\* | 67803120 |
| 4893 | Amer Sports, Inc. (Finland)\* | 185836 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Consumer Discretionary – (continued) | Consumer Discretionary – (continued) | Consumer Discretionary – (continued) |
| 7390 | Aptiv PLC\* | $543461 |
| 8471 | Aramark | 354511 |
| 671 | Asbury Automotive Group, Inc.\* | 143446 |
| 2280 | Autoliv, Inc. (Sweden) | 270226 |
| 940 | AutoNation, Inc.\* | 183450 |
| 559 | AutoZone, Inc.\* | 2099369 |
| 6811 | Bath & Body Works, Inc. | 155018 |
| 6418 | Best Buy Co., Inc. | 397723 |
| 1975 | Birkenstock Holding PLC (Germany)\* | 82259 |
| 1082 | Booking Holdings, Inc. | 4586977 |
| 7229 | BorgWarner, Inc. | 416174 |
| 1858 | Boyd Gaming Corp. | 154641 |
| 1939 | Bright Horizons Family Solutions, Inc.\* | 144494 |
| 1495 | Brinker International, Inc.\* | 221559 |
| 2137 | Burlington Stores, Inc.\* | 655781 |
| 6784 | Caesars Entertainment, Inc.\* | 169939 |
| 4756 | CarMax, Inc.\* | 205317 |
| 35562 | Carnival Corp. | 1121981 |
| 4512 | Carvana Co.\* | 1507730 |
| 3390 | Cava Group, Inc.\* | 279573 |
| 8011 | Chewy, Inc., Class A\* | 219662 |
| 44547 | Chipotle Mexican Grill, Inc.\* | 1658039 |
| 937 | Choice Hotels International, Inc. | 98713 |
| 2306 | Churchill Downs, Inc. | 211991 |
| 38472 | Coupang, Inc. (South Korea)\* | 734046 |
| 8727 | D.R. Horton, Inc. | 1399724 |
| 3918 | Darden Restaurants, Inc. | 837864 |
| 4991 | Deckers Outdoor Corp.\* | 585295 |
| 2176 | Dick's Sporting Goods, Inc. | 443099 |
| 260 | Dillard's, Inc., Class A | 156725 |
| 1137 | Domino's Pizza, Inc. | 457654 |
| 11555 | DoorDash, Inc., Class A\* | 2039111 |
| 16316 | DraftKings, Inc., Class A\* | 388973 |
| 1326 | Duolingo, Inc.\* | 133926 |
| 3902 | Dutch Bros, Inc., Class A\* | 209186 |
| 15356 | eBay, Inc. | 1395246 |
| 3307 | Etsy, Inc.\* | 181488 |
| 3951 | Expedia Group, Inc. | 852191 |
| 1846 | Five Below, Inc.\* | 412636 |
| 3618 | Floor & Decor Holdings, Inc., Class A\* | 249968 |
| 5926 | Flutter Entertainment PLC\* | 628986 |
| &nbsp;&nbsp;&nbsp;&nbsp;132169 | Ford Motor Co. | 1862261 |
| 13978 | GameStop Corp., Class A\* | 335891 |
| 6844 | Gap, Inc. (The) | 191906 |
| 5226 | Garmin Ltd. | 1321290 |
| 31578 | General Motors Co. | 2485504 |
| 7639 | Gentex Corp. | 178753 |
| 4635 | Genuine Parts Co. | 552770 |
| 4369 | H&R Block, Inc. | 133779 |
| 4415 | Hasbro, Inc. | 439690 |
| 7727 | Hilton Worldwide Holdings, Inc. | 2409124 |
| 33628 | Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12802852 |
| 1379 | Hyatt Hotels Corp., Class A | 222708 |
| 769 | Installed Building Products, Inc. | 252047 |
| 10919 | Las Vegas Sands Corp. | 619326 |
| 1747 | Lear Corp. | 229294 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **47** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> U.S. 1000 EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Consumer Discretionary – (continued) | Consumer Discretionary – (continued) | Consumer Discretionary – (continued) |
| 7470 | Lennar Corp., Class A | $854269 |
| 280 | Lennar Corp., Class B | 29885 |
| 3344 | Levi Strauss & Co., Class A | 74103 |
| 665 | Liberty Live Holdings, Inc., Class A\* | 64532 |
| 1542 | Liberty Live Holdings, Inc., Class C\* | 153660 |
| 3808 | Life Time Group Holdings, Inc.\* | 102816 |
| 822 | Lithia Motors, Inc. | 229815 |
| 8348 | LKQ Corp. | 276402 |
| 18981 | Lowe's Cos., Inc. | 5021803 |
| 3459 | Lululemon Athletica, Inc.\* | 640503 |
| 7923 | Marriott International, Inc., Class A | 2707527 |
| &nbsp;&nbsp;&nbsp;&nbsp;10828 | Mattel, Inc.\* | 183535 |
| 24053 | McDonald's Corp. | 8203516 |
| 1592 | MercadoLibre, Inc. (Brazil)\* | 2798067 |
| 2398 | Meritage Homes Corp. | 180857 |
| 6783 | MGM Resorts International\* | 250021 |
| 5382 | Mobileye Global, Inc., Class A (Israel)\* | 45532 |
| 1762 | Mohawk Industries, Inc.\* | 220726 |
| 581 | Murphy USA, Inc. | 227020 |
| 39620 | NIKE, Inc., Class B | 2463572 |
| 15156 | Norwegian Cruise Line Holdings Ltd.\* | 375717 |
| 90 | NVR, Inc.\* | 676601 |
| 2088 | Ollie's Bargain Outlet Holdings, Inc.\* | 223625 |
| 28493 | O'Reilly Automotive, Inc.\* | 2674923 |
| 617 | Penske Automotive Group, Inc. | 97190 |
| 2849 | Planet Fitness, Inc., Class A\* | 234045 |
| 1273 | Pool Corp. | 289200 |
| 6579 | PulteGroup, Inc. | 902639 |
| 15248 | QuantumScape Corp.\* | 105516 |
| 1277 | Ralph Lauren Corp. | 463040 |
| 26988 | Rivian Automotive, Inc., Class A\* | 413726 |
| 10758 | Ross Stores, Inc. | 2212275 |
| 8525 | Royal Caribbean Cruises Ltd. | 2650934 |
| 4573 | Service Corp. International | 384955 |
| 2932 | SharkNinja, Inc.\* | 360255 |
| 1246 | Signet Jewelers Ltd. | 119853 |
| 6914 | Somnigroup International, Inc. | 618872 |
| 37717 | Starbucks Corp. | 3697020 |
| 6934 | Tapestry, Inc. | 1078029 |
| 3308 | Taylor Morrison Home Corp.\* | 217964 |
| 97933 | Tesla, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39419012 |
| 2248 | Texas Roadhouse, Inc. | 411092 |
| 1725 | Thor Industries, Inc. | 165824 |
| 37536 | TJX Cos., Inc. (The) | 6068070 |
| 3261 | Toll Brothers, Inc. | 512760 |
| 953 | TopBuild Corp.\* | 427230 |
| 17930 | Tractor Supply Co. | 929491 |
| 1500 | Ulta Beauty, Inc.\* | 1027185 |
| 1227 | Vail Resorts, Inc. | 166639 |
| 12555 | VF Corp. | 243818 |
| 4327 | Viking Holdings Ltd.\* | 337593 |
| 3306 | Wayfair, Inc., Class A\* | 252347 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Consumer Discretionary – (continued) | Consumer Discretionary – (continued) | Consumer Discretionary – (continued) | Consumer Discretionary – (continued) |
| 3914 | Williams-Sonoma, Inc. | $| 804914 |
| 947 | Wingstop, Inc. |  | 245756 |
| 2501 | Wyndham Hotels & Resorts, Inc. |  | 204582 |
| 2838 | Wynn Resorts Ltd. |  | 307043 |
| &nbsp;&nbsp;&nbsp;&nbsp;11853 | Yum China Holdings, Inc. (China) |  | 650848 |
| 9438 | Yum! Brands, Inc. |  | 1587094 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217295991 |
| Consumer Staples – 5.3% | Consumer Staples – 5.3% | Consumer Staples – 5.3% | Consumer Staples – 5.3% |
| 13794 | Albertsons Cos., Inc., Class A |  | 246913 |
| 56875 | Altria Group, Inc. |  | 3926650 |
| 16263 | Archer-Daniels-Midland Co. |  | 1122798 |
| 4468 | BJ's Wholesale Club Holdings, Inc.\* |  | 441394 |
| 1663 | Brown-Forman Corp., Class A |  | 48826 |
| 9619 | Brown-Forman Corp., Class B |  | 277604 |
| 4505 | Bunge Global SA |  | 543528 |
| 6509 | Campbell's Company (The) |  | 175418 |
| 1250 | Casey's General Stores, Inc. |  | 856987 |
| 6126 | Celsius Holdings, Inc.\* |  | 328415 |
| 8110 | Church & Dwight Co., Inc. |  | 850415 |
| 4194 | Clorox Co. (The) |  | 533309 |
| 130874 | Coca-Cola Co. (The) |  | 10674083 |
| 1714 | Coca-Cola Consolidated, Inc. |  | 346914 |
| 27319 | Colgate-Palmolive Co. |  | 2708406 |
| 16199 | Conagra Brands, Inc. |  | 311831 |
| 5219 | Constellation Brands, Inc., Class A |  | 823871 |
| 14993 | Costco Wholesale Corp. |  | 15154774 |
| 5329 | Darling Ingredients, Inc.\* |  | 283290 |
| 7425 | Dollar General Corp. |  | 1160082 |
| 6327 | Dollar Tree, Inc.\* |  | 800239 |
| 1869 | elf Beauty, Inc.\* |  | 172041 |
| 8255 | Estee Lauder Cos., Inc. (The), Class A |  | 903675 |
| 17999 | General Mills, Inc. |  | 814095 |
| 5033 | Hershey Co. (The) |  | 1189197 |
| 9912 | Hormel Foods Corp. |  | 253747 |
| 2189 | Ingredion, Inc. |  | 257120 |
| 3532 | J M Smucker Co. (The) |  | 409535 |
| 64772 | Kenvue, Inc. |  | 1238441 |
| 43832 | Keurig Dr Pepper, Inc. |  | 1327233 |
| 11276 | Kimberly-Clark Corp. |  | 1256597 |
| 29254 | Kraft Heinz Co. (The) |  | 719941 |
| 19626 | Kroger Co. (The) |  | 1339278 |
| 4836 | Lamb Weston Holdings, Inc. |  | 233047 |
| 5857 | Maplebear, Inc.\* |  | 219696 |
| 666 | Marzetti Company (The) |  | 109450 |
| 8627 | McCormick & Co., Inc. |  | 612862 |
| 5602 | Molson Coors Beverage Co., Class B |  | 274442 |
| 43597 | Mondelez International, Inc., Class A |  | 2684703 |
| 23501 | Monster Beverage Corp.\* |  | 2004635 |
| 46214 | PepsiCo, Inc. |  | 7844364 |
| 5241 | Performance Food Group Co.\* |  | 508691 |
| 52591 | Philip Morris International, Inc. |  | 9825577 |
| 1400 | Pilgrim's Pride Corp. |  | 60424 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 48 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> U.S. 1000 EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Consumer Staples – (continued) | Consumer Staples – (continued) | Consumer Staples – (continued) | Consumer Staples – (continued) |
| 1599 | Post Holdings, Inc.\* | $| 169974 |
| 8638 | Primo Brands Corp., Class A |  | 195910 |
| &nbsp;&nbsp;&nbsp;&nbsp;78970 | Procter & Gamble Co. (The) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13203784 |
| 1855 | Reynolds Consumer Products, Inc. |  | 46023 |
| 1728 | Smithfield Foods, Inc. |  | 42993 |
| 3313 | Sprouts Farmers Market, Inc.\* |  | 244731 |
| 16184 | Sysco Corp. |  | 1475333 |
| 15290 | Target Corp. |  | 1739849 |
| 9421 | Tyson Foods, Inc., Class A |  | 612271 |
| 7290 | US Foods Holding Corp.\* |  | 704287 |
| 146483 | Walmart, Inc. |  | 18742500 |
|  |  |  | 113052193 |
| Energy – 3.5% | Energy – 3.5% | Energy – 3.5% | Energy – 3.5% |
| 11526 | Antero Midstream Corp. |  | 259104 |
| 9883 | Antero Resources Corp.\* |  | 363793 |
| 11799 | APA Corp. |  | 358336 |
| 33350 | Baker Hughes Co. |  | 2176421 |
| 7239 | Cheniere Energy, Inc. |  | 1706449 |
| 63817 | Chevron Corp. |  | 11918463 |
| 1957 | Chord Energy Corp. |  | 212080 |
| 41757 | ConocoPhillips |  | 4737749 |
| 25660 | Coterra Energy, Inc. |  | 784939 |
| 19854 | Devon Energy Corp. |  | 864245 |
| 6251 | Diamondback Energy, Inc. |  | 1088174 |
| 3459 | DT Midstream, Inc. |  | 480248 |
| 18441 | EOG Resources, Inc. |  | 2288159 |
| 21013 | EQT Corp. |  | 1290618 |
| 7254 | Expand Energy Corp. |  | 782852 |
| 142550 | Exxon Mobil Corp. |  | 21738875 |
| 28374 | Halliburton Co. |  | 1021464 |
| 4372 | Hess Midstream LP, Class A |  | 169109 |
| 5236 | HF Sinclair Corp. |  | 261852 |
| 65711 | Kinder Morgan, Inc. |  | 2186205 |
| 1319 | Kinetik Holdings, Inc. |  | 60001 |
| 10155 | Marathon Petroleum Corp. |  | 2012823 |
| 4009 | Matador Resources Co. |  | 206063 |
| 4416 | Noble Corp. PLC |  | 200619 |
| 12733 | NOV, Inc. |  | 257971 |
| 26263 | Occidental Petroleum Corp. |  | 1394040 |
| 21257 | ONEOK, Inc. |  | 1759442 |
| 8527 | Ovintiv, Inc. |  | 431381 |
| 23379 | Permian Resources Corp., Class A |  | 427602 |
| 13601 | Phillips 66 |  | 2099042 |
| 8042 | Range Resources Corp. |  | 331974 |
| 1614 | Scorpio Tankers, Inc. (Monaco) |  | 127635 |
| 50447 | SLB Ltd. |  | 2589949 |
| 7174 | Targa Resources Corp. |  | 1691629 |
| 13605 | TechnipFMC PLC (United Kingdom) |  | 902148 |
| 1934 | Texas Pacific Land Corp. |  | 1013977 |
| 10272 | Valero Energy Corp. |  | 2102062 |
| 15078 | Venture Global, Inc., Class A(a) |  | 146106 |
| 5632 | Viper Energy, Inc., Class A |  | 262113 |
| 2421 | Weatherford International PLC |  | 255319 |
| 41224 | Williams Cos., Inc. (The) |  | 3080257 |
|  |  |  | 76041288 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financials – 12.2% | Financials – 12.2% | Financials – 12.2% |
| 937 | Affiliated Managers Group, Inc. | $286891 |
| 8237 | Affirm Holdings, Inc.\* | 386974 |
| &nbsp;&nbsp;&nbsp;&nbsp;15842 | Aflac, Inc. | 1789037 |
| 36155 | AGNC Investment Corp. REIT | 405298 |
| 8808 | Allstate Corp. (The) | 1889492 |
| 9404 | Ally Financial, Inc. | 370894 |
| 18310 | American Express Co. | 5655959 |
| 2428 | American Financial Group, Inc. | 322875 |
| 18223 | American International Group, Inc. | 1466769 |
| 3153 | Ameriprise Financial, Inc. | 1482288 |
| 23079 | Annaly Capital Management, Inc. REIT | 536356 |
| 6551 | Aon PLC, Class A | 2197664 |
| 14422 | Apollo Global Management, Inc. | 1508541 |
| 11754 | Arch Capital Group Ltd.\* | 1177163 |
| 7067 | Ares Management Corp., Class A | 791575 |
| 8599 | Arthur J Gallagher & Co. | 1962292 |
| 1700 | Assurant, Inc. | 390303 |
| 2549 | Axis Capital Holdings Ltd. | 269480 |
| 214102 | Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10668703 |
| 23556 | Bank of New York Mellon Corp. (The) | 2805520 |
| 3622 | Bank OZK | 168640 |
| 46277 | Berkshire Hathaway, Inc., Class B\* | 23367571 |
| 5203 | Blackrock, Inc. | 5531986 |
| 24838 | Blackstone, Inc. | 2815884 |
| 18413 | Block, Inc.\* | 1172908 |
| 21141 | Blue Owl Capital, Inc. | 223038 |
| 765 | BOK Financial Corp. | 96176 |
| 9754 | Brown & Brown, Inc. | 700532 |
| 1858 | Bullish (Cayman Islands)\*<sup>(a)</sup> | 58323 |
| 21360 | Capital One Financial Corp. | 4178870 |
| 7697 | Carlyle Group, Inc. (The) | 400167 |
| 3543 | Cboe Global Markets, Inc. | 1061908 |
| 56665 | Charles Schwab Corp. (The) | 5394508 |
| 7704 | Chime Financial, Inc., Class A\* | 170490 |
| 12370 | Chubb Ltd. | 4216438 |
| 5236 | Cincinnati Financial Corp. | 858599 |
| 60487 | Citigroup, Inc. | 6665063 |
| 14482 | Citizens Financial Group, Inc. | 871672 |
| 12162 | CME Group, Inc. | 3885759 |
| 751 | CNA Financial Corp. | 36063 |
| 7505 | Coinbase Global, Inc., Class A\* | 1319754 |
| 10037 | Columbia Banking System, Inc. | 285553 |
| 4351 | Commerce Bancshares, Inc. | 221858 |
| 13752 | Corebridge Financial, Inc. | 355352 |
| 2296 | Corpay, Inc.\* | 746430 |
| 187 | Credit Acceptance Corp.\* | 88485 |
| 2008 | Cullen/Frost Bankers, Inc. | 277546 |
| 4622 | East West Bancorp, Inc. | 505878 |
| 9782 | Equitable Holdings, Inc. | 393432 |
| 856 | Erie Indemnity Co., Class A | 230641 |
| 3262 | Essent Group Ltd. | 198460 |
| 1218 | Evercore, Inc., Class A | 376167 |
| 1432 | Everest Group Ltd. | 480422 |
| 1288 | FactSet Research Systems, Inc. | 279251 |
| 8658 | Fidelity National Financial, Inc. | 457835 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **49** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> U.S. 1000 EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financials – (continued) | Financials – (continued) | Financials – (continued) |
| 17506 | Fidelity National Information Services, Inc. | $892106 |
| &nbsp;&nbsp;&nbsp;&nbsp;30399 | Fifth Third Bancorp | 1503839 |
| 5079 | Figure Technology Solutions, Inc., Class A\*<sup>(a)</sup> | 128397 |
| 3385 | First American Financial Corp. | 237322 |
| 286 | First Citizens BancShares, Inc., Class A | 542871 |
| 16526 | First Horizon Corp. | 393154 |
| 18080 | Fiserv, Inc.\* | 1126203 |
| 10734 | Franklin Resources, Inc. | 284880 |
| 592 | Freedom Holding Corp. (Kazakhstan)\* | 71141 |
| 4260 | Glacier Bancorp, Inc. | 193787 |
| 8038 | Global Payments, Inc. | 614585 |
| 2693 | Globe Life, Inc. | 391185 |
| 10091 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | 8673921 |
| 1383 | Hamilton Lane, Inc., Class A | 145132 |
| 1207 | Hanover Insurance Group, Inc. (The) | 218020 |
| 9455 | Hartford Insurance Group, Inc. (The) | 1331548 |
| 1838 | Houlihan Lokey, Inc. | 301009 |
| 67969 | Huntington Bancshares, Inc. | 1141879 |
| 14299 | Interactive Brokers Group, Inc., Class A | 1017946 |
| 19137 | Intercontinental Exchange, Inc. | 3140956 |
| 10989 | Invesco Ltd. | 288571 |
| 2470 | Jack Henry & Associates, Inc. | 401276 |
| 2271 | Jackson Financial, Inc., Class A | 248629 |
| 4168 | Janus Henderson Group PLC | 217153 |
| 5506 | Jefferies Financial Group, Inc. | 244466 |
| 91778 | JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27560933 |
| 31464 | KeyCorp | 652563 |
| 755 | Kinsale Capital Group, Inc. | 294201 |
| 23012 | KKR & Co., Inc. | 2017692 |
| 6445 | Klarna Group PLC (United Kingdom)\* | 87394 |
| 3137 | Lazard, Inc. | 158732 |
| 6373 | Lincoln National Corp. | 218594 |
| 5802 | Loews Corp. | 638336 |
| 2714 | LPL Financial Holdings, Inc. | 815231 |
| 5190 | M&T Bank Corp. | 1126126 |
| 424 | Markel Group, Inc.\* | 878727 |
| 1255 | MarketAxess Holdings, Inc. | 240960 |
| 16538 | Marsh & McLennan Cos., Inc. | 3088306 |
| 26954 | Mastercard, Inc., Class A | 13940878 |
| 18682 | MetLife, Inc. | 1346412 |
| 5212 | Moody's Corp. | 2489199 |
| 41111 | Morgan Stanley | 6845393 |
| 786 | Morningstar, Inc. | 143948 |
| 2455 | MSCI, Inc. | 1403843 |
| 14513 | Nasdaq, Inc. | 1271049 |
| 6387 | Northern Trust Corp. | 913916 |
| 11682 | Old National Bancorp | 269854 |
| 7808 | Old Republic International Corp. | 334729 |
| 4040 | OneMain Holdings, Inc. | 222281 |
| 31862 | PayPal Holdings, Inc. | 1472343 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financials – (continued) | Financials – (continued) | Financials – (continued) |
| 5065 | Pinnacle Financial Partners, Inc. | $459699 |
| 761 | PJT Partners, Inc., Class A | 112384 |
| 13264 | PNC Financial Services Group, |  |
|  | Inc. (The) | 2816610 |
| 2210 | Popular, Inc. (Puerto Rico) | 299146 |
| 1099 | Primerica, Inc. | 278772 |
| 7434 | Principal Financial Group, Inc. | 709352 |
| 19803 | Progressive Corp. (The) | 4231109 |
| 3121 | Prosperity Bancshares, Inc. | 219625 |
| 11822 | Prudential Financial, Inc. | 1163048 |
| 6037 | Raymond James Financial, Inc. | 924144 |
| 29665 | Regions Financial Corp. | 825577 |
| 2246 | Reinsurance Group of America, Inc. | 484530 |
| 1490 | RenaissanceRe Holdings Ltd. (Bermuda) | 450665 |
| 18011 | Rithm Capital Corp. REIT | 181011 |
| 2834 | RLI Corp. | 176615 |
| 25501 | Robinhood Markets, Inc., Class A\* | 1934251 |
| 31092 | Rocket Cos., Inc., Class A | 565563 |
| 3604 | Ryan Specialty Holdings, Inc. | 141817 |
| 10235 | S&P Global, Inc. | 4522642 |
| 3162 | SEI Investments Co. | 257134 |
| 2044 | Selective Insurance Group, Inc. | 171778 |
| 2268 | Shift4 Payments, Inc., Class A\*<sup>(a)</sup> | 99951 |
| 6423 | SLM Corp. | 120367 |
| 42196 | SoFi Technologies, Inc.\* | 749401 |
| 3322 | SouthState Bank Corp. | 327782 |
| 11860 | Starwood Property Trust, Inc. REIT | 211227 |
| 9433 | State Street Corp. | 1213272 |
| 2257 | StepStone Group, Inc., Class A | 97367 |
| 5029 | Stifel Financial Corp. | 372397 |
| 12238 | Synchrony Financial | 845768 |
| 7318 | T. Rowe Price Group, Inc. | 692502 |
| 15811 | Toast, Inc., Class A\* | 431798 |
| 4535 | TPG, Inc. | 196910 |
| 3966 | Tradeweb Markets, Inc., Class A | 488829 |
| 7515 | Travelers Cos., Inc. (The) | 2319430 |
| 43308 | Truist Financial Corp. | 2135517 |
| 2454 | UMB Financial Corp. | 284370 |
| 4717 | United Bankshares, Inc. | 194812 |
| 5174 | Unum Group | 371131 |
| 2841 | Upstart Holdings, Inc.\*<sup>(a)</sup> | 77360 |
| 50728 | US Bancorp | 2772792 |
| 6088 | UWM Holdings Corp. | 26848 |
| 57006 | Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18249901 |
| 3281 | Voya Financial, Inc. | 219433 |
| &nbsp;&nbsp;&nbsp;&nbsp;10202 | W R Berkley Corp. | 731483 |
| 5420 | Webster Financial Corp. | 390945 |
| 106118 | Wells Fargo & Co. | 8643311 |
| 3680 | Western Alliance Bancorp | 295578 |
| 1079 | WEX, Inc.\* | 160976 |
| 3258 | Willis Towers Watson PLC | 994244 |
| 2225 | Wintrust Financial Corp. | 320534 |
| 4920 | Zions Bancorp NA | 281818 |
|  |  | 261880875 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 50 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> U.S. 1000 EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care – 10.0% | Health Care – 10.0% | Health Care – 10.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;58564 | Abbott Laboratories | $6813921 |
| 59714 | AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13858425 |
| 9571 | Agilent Technologies, Inc. | 1161728 |
| 2314 | Align Technology, Inc.\* | 439891 |
| 4428 | Alnylam Pharmaceuticals, Inc.\* | 1474170 |
| 18177 | Amgen, Inc. | 7055584 |
| 3911 | Arrowhead Pharmaceuticals, Inc.\* | 247449 |
| 467 | Atrium Therapeutics, Inc.\* | 6888 |
| 22429 | Avantor, Inc.\* | 202982 |
| 4675 | Avidity Biosciences, Inc.\* | 336600 |
| 1308 | Axsome Therapeutics, Inc.\* | 214368 |
| 1386 | Bausch + Lomb Corp.\* | 25364 |
| 17446 | Baxter International, Inc. | 355375 |
| 9631 | Becton Dickinson & Co. | 1699679 |
| 4964 | Biogen, Inc.\* | 952194 |
| 6451 | BioMarin Pharmaceutical, Inc.\* | 398220 |
| 612 | Bio-Rad Laboratories, Inc., Class A\* | 170405 |
| 5289 | Bio-Techne Corp. | 312051 |
| 2 | Blueprint Medicines Corp.\*<sup>(c)</sup> | 1 |
| 50093 | Boston Scientific Corp.\* | 3849647 |
| 4112 | Bridgebio Pharma, Inc.\* | 273366 |
| 68906 | Bristol-Myers Squibb Co. | 4297667 |
| 3524 | Bruker Corp. | 141348 |
| 8050 | Cardinal Health, Inc. | 1845302 |
| 3901 | Caris Life Sciences, Inc.\* | 78566 |
| 5868 | Cencora, Inc. | 2183718 |
| 16715 | Centene Corp.\* | 750169 |
| 1657 | Charles River Laboratories International, Inc.\* | 295758 |
| 476 | Chemed Corp. | 195165 |
| 8869 | Cigna Group (The) | 2570414 |
| 6592 | Cooper Cos., Inc. (The)\* | 551553 |
| 42876 | CVS Health Corp. | 3425792 |
| 3955 | Cytokinetics, Inc.\* | 246080 |
| 21271 | Danaher Corp. | 4480523 |
| 1198 | DaVita, Inc.\* | 187247 |
| 13156 | Dexcom, Inc.\* | 966045 |
| 4388 | Doximity, Inc., Class A\* | 107638 |
| 19310 | Edwards Lifesciences Corp.\* | 1669736 |
| 16787 | Elanco Animal Health, Inc.\* | 443177 |
| 7498 | Elevance Health, Inc. | 2399360 |
| 28587 | Eli Lilly & Co. | 30073238 |
| 3392 | Encompass Health Corp. | 365929 |
| 1893 | Ensign Group, Inc. (The) | 405424 |
| 6373 | Exact Sciences Corp.\* | 658841 |
| 8040 | Exelixis, Inc.\* | 354242 |
| 15404 | GE HealthCare Technologies, Inc. | 1298095 |
| 41965 | Gilead Sciences, Inc. | 6250687 |
| 1892 | Glaukos Corp.\* | 227797 |
| 4551 | Globus Medical, Inc., Class A\* | 434438 |
| 4200 | Guardant Health, Inc.\* | 394380 |
| 3927 | Halozyme Therapeutics, Inc.\* | 273044 |
| 5319 | HCA Healthcare, Inc. | 2817474 |
| 2890 | HealthEquity, Inc.\* | 221056 |
| 3450 | Henry Schein, Inc.\* | 284246 |
| 6315 | Hims & Hers Health, Inc.\* | 91694 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care – (continued) | Health Care – (continued) | Health Care – (continued) |
| 7539 | Hologic, Inc.\* | $568139 |
| 4105 | Humana, Inc. | 782167 |
| 2676 | IDEXX Laboratories, Inc.\* | 1757409 |
| 5175 | Illumina, Inc.\* | 695831 |
| 5539 | Incyte Corp.\* | 560935 |
| 7086 | Insmed, Inc.\* | 1058152 |
| 2382 | Insulet Corp.\* | 587425 |
| &nbsp;&nbsp;&nbsp;&nbsp;11935 | Intuitive Surgical, Inc.\* | 6009392 |
| 5386 | Ionis Pharmaceuticals, Inc.\* | 437074 |
| 5713 | IQVIA Holdings, Inc.\* | 1021542 |
| 2009 | Jazz Pharmaceuticals PLC\* | 381750 |
| 81505 | Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20248287 |
| 2822 | Labcorp Holdings, Inc. | 815897 |
| 536 | Madrigal Pharmaceuticals, Inc.\* | 231552 |
| 1556 | Masimo Corp.\* | 272845 |
| 4171 | McKesson Corp. | 4118320 |
| 758 | Medpace Holdings, Inc.\* | 342434 |
| 43438 | Medtronic PLC | 4242155 |
| 83922 | Merck & Co., Inc. | 10391222 |
| 686 | Mettler-Toledo International, Inc.\* | 937549 |
| 11459 | Moderna, Inc.\* | 613859 |
| 1728 | Molina Healthcare, Inc.\* | 266198 |
| 4417 | Natera, Inc.\* | 918913 |
| 3341 | Neurocrine Biosciences, Inc.\* | 441847 |
| 1420 | Nuvalent, Inc., Class A\* | 144769 |
| 1252 | Penumbra, Inc.\* | 431176 |
| 192621 | Pfizer, Inc. | 5325971 |
| 7016 | QIAGEN NV | 349397 |
| 3764 | Quest Diagnostics, Inc. | 797629 |
| 3374 | Regeneron Pharmaceuticals, Inc. | 2637355 |
| 1782 | Repligen Corp.\* | 229397 |
| 4874 | ResMed, Inc. | 1249011 |
| 6160 | REVOLUTION Medicines, Inc.\* | 628443 |
| 3895 | Revvity, Inc. | 382917 |
| 14800 | Roivant Sciences Ltd.\* | 428312 |
| 13072 | Royalty Pharma PLC, Class A | 604057 |
| 4987 | Solventum Corp.\* | 370035 |
| 3339 | STERIS PLC | 842597 |
| 11654 | Stryker Corp. | 4515459 |
| 4910 | Summit Therapeutics, Inc.\* | 81457 |
| 1502 | Teleflex, Inc. | 183334 |
| 3366 | Tempus AI, Inc., Class A\*<sup>(a)</sup> | 179239 |
| 2962 | Tenet Healthcare Corp.\* | 709073 |
| 12693 | Thermo Fisher Scientific, Inc. | 6614449 |
| 1342 | United Therapeutics Corp.\* | 676234 |
| 30583 | UnitedHealth Group, Inc. | 8969076 |
| 1779 | Universal Health Services, Inc., Class B | 366652 |
| 4314 | Vaxcyte, Inc.\* | 266346 |
| 5089 | Veeva Systems, Inc., Class A\* | 926249 |
| 8589 | Vertex Pharmaceuticals, Inc.\* | 4267273 |
| 38905 | Viatris, Inc. | 580852 |
| 3325 | Waters Corp.\* | 1061939 |
| 4103 | Waystar Holding Corp.\* | 105242 |
| 2452 | West Pharmaceutical Services, Inc. | 623642 |
| 6744 | Zimmer Biomet Holdings, Inc. | 663879 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **51** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> U.S. 1000 EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care – (continued) | Health Care – (continued) | Health Care – (continued) | Health Care – (continued) |
| 14901 | Zoetis, Inc. | $| 1953521 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215700027 |
| Industrials – 10.5% | Industrials – 10.5% | Industrials – 10.5% | Industrials – 10.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;17921 | 3M Co. |  | 2962700 |
| 3815 | A O Smith Corp. |  | 297570 |
| 2123 | AAON, Inc.<sup>(a)</sup> |  | 214848 |
| 1044 | Acuity, Inc. |  | 314860 |
| 2270 | Advanced Drainage Systems, Inc. |  | 388942 |
| 4496 | AECOM |  | 440518 |
| 1079 | AeroVironment, Inc.\* |  | 272178 |
| 2126 | AGCO Corp. |  | 290199 |
| 3544 | Air Lease Corp. |  | 229793 |
| 3955 | Alaska Air Group, Inc.\* |  | 204078 |
| 2924 | Allegion PLC |  | 471203 |
| 2807 | Allison Transmission Holdings, Inc. |  | 351717 |
| 4919 | Amentum Holdings, Inc.\* |  | 146931 |
| 22329 | American Airlines Group, Inc.\* |  | 291840 |
| 7808 | AMETEK, Inc. |  | 1867830 |
| 12334 | API Group Corp.\* |  | 548370 |
| 1273 | Applied Industrial Technologies, Inc. |  | 359724 |
| 17888 | Archer Aviation, Inc., Class A\* |  | 127363 |
| 1464 | Armstrong World Industries, Inc. |  | 254004 |
| 4564 | ATI, Inc.\* |  | 746625 |
| 13703 | Automatic Data Processing, Inc. |  | 2937375 |
| 2497 | Axon Enterprise, Inc.\* |  | 1354373 |
| 7352 | Bloom Energy Corp., Class A\* |  | 1144486 |
| 25494 | Boeing Co. (The)\* |  | 5800650 |
| 4157 | Booz Allen Hamilton Holding Corp. |  | 327696 |
| 3917 | Broadridge Financial Solutions, Inc. |  | 728053 |
| 3692 | Builders FirstSource, Inc.\* |  | 385039 |
| 3098 | BWX Technologies, Inc. |  | 638126 |
| 3960 | C.H. Robinson Worldwide, Inc. |  | 733590 |
| 748 | CACI International, Inc., Class A\* |  | 456407 |
| 1410 | Carlisle Cos., Inc. |  | 556626 |
| 1670 | Carpenter Technology Corp. |  | 664777 |
| 26618 | Carrier Global Corp. |  | 1714199 |
| 2118 | Casella Waste Systems, Inc., Class A\* |  | 197313 |
| 15806 | Caterpillar, Inc. |  | 11741171 |
| 1528 | Chart Industries, Inc.\* |  | 316754 |
| 11550 | Cintas Corp. |  | 2323051 |
| 1700 | Clean Harbors, Inc.\* |  | 498440 |
| 29987 | CNH Industrial NV |  | 368840 |
| 1183 | Comfort Systems USA, Inc. |  | 1690945 |
| 29241 | Copart, Inc.\* |  | 1113790 |
| 3498 | Core & Main, Inc., Class A\* |  | 189452 |
| 1660 | Crane Co. |  | 332880 |
| 62964 | CSX Corp. |  | 2687933 |
| 4662 | Cummins, Inc. |  | 2722002 |
| 1246 | Curtiss-Wright Corp. |  | 872611 |
| 8363 | Deere & Co. |  | 5266265 |
| 22016 | Delta Air Lines, Inc. |  | 1446451 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Industrials – (continued) | Industrials – (continued) | Industrials – (continued) |
| 3892 | Donaldson Co., Inc. | $361022 |
| 4663 | Dover Corp. | 1051507 |
| 951 | Dycom Industries, Inc.\* | 399439 |
| 13067 | Eaton Corp. PLC | 4912147 |
| 1501 | EMCOR Group, Inc. | 1087655 |
| &nbsp;&nbsp;&nbsp;&nbsp;18944 | Emerson Electric Co. | 2855808 |
| 4106 | Equifax, Inc. | 857990 |
| 1940 | Esab Corp. | 244770 |
| 5313 | ExlService Holdings, Inc.\* | 166031 |
| 4571 | Expeditors International of Washington, Inc. | 662932 |
| 38748 | Fastenal Co. | 1783958 |
| 2009 | Federal Signal Corp. | 233908 |
| 7312 | FedEx Corp. | 2829744 |
| 6248 | Ferguson Enterprises, Inc. | 1629228 |
| 4304 | Flowserve Corp. | 380990 |
| 5419 | Fluor Corp.\* | 283468 |
| 10716 | Fortive Corp. | 634387 |
| 4079 | Fortune Brands Innovations, Inc. | 221653 |
| 3434 | FTAI Aviation Ltd. | 1050117 |
| 1024 | FTI Consulting, Inc.\* | 168366 |
| 1171 | GATX Corp. | 215663 |
| 9159 | GE Vernova, Inc. | 8001302 |
| 1985 | Generac Holdings, Inc.\* | 447359 |
| 7525 | General Dynamics Corp. | 2686801 |
| 35566 | General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12172819 |
| 5418 | Genpact Ltd. | 215203 |
| 5649 | Graco, Inc. | 530554 |
| 3822 | GXO Logistics, Inc.\* | 240136 |
| 1405 | HEICO Corp. | 448841 |
| 2583 | HEICO Corp., Class A | 620204 |
| 2689 | Hexcel Corp. | 249243 |
| 21500 | Honeywell International, Inc. | 5237185 |
| 13457 | Howmet Aerospace, Inc. | 3532866 |
| 1809 | Hubbell, Inc. | 925539 |
| 1306 | Huntington Ingalls Industries, Inc. | 580543 |
| 2571 | IDEX Corp. | 538547 |
| 652 | IES Holdings, Inc.\* | 322968 |
| 9764 | Illinois Tool Works, Inc. | 2837711 |
| 13339 | Ingersoll Rand, Inc. | 1255733 |
| 2902 | ITT, Inc. | 587394 |
| 2549 | J.B. Hunt Transport Services, Inc. | 594962 |
| 3980 | Jacobs Solutions, Inc. | 548683 |
| 1737 | JBT Marel Corp. | 267498 |
| 17575 | Joby Aviation, Inc.\* | 176804 |
| 20624 | Johnson Controls International PLC | 2976043 |
| 2595 | Karman Holdings, Inc.\* | 228645 |
| 4299 | KBR, Inc. | 181547 |
| 1903 | Kirby Corp.\* | 247009 |
| 5382 | Knight-Swift Transportation Holdings, Inc. | 338635 |
| 5551 | Kratos Defense & Security Solutions, Inc.\* | 478385 |
| 6312 | L3Harris Technologies, Inc. | 2300976 |
| 4345 | Leidos Holdings, Inc. | 760810 |
| 1074 | Lennox International, Inc. | 612116 |
| 1778 | Leonardo DRS, Inc. | 77147 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 52 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> U.S. 1000 EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Industrials – (continued) | Industrials – (continued) | Industrials – (continued) |
| 1834 | Lincoln Electric Holdings, Inc. | $526450 |
| 760 | Loar Holdings, Inc.\* | 53800 |
| 7833 | Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5154741 |
| &nbsp;&nbsp;&nbsp;&nbsp;12563 | Lyft, Inc., Class A\* | 173872 |
| 6983 | Masco Corp. | 500122 |
| 2139 | MasTec, Inc.\* | 637465 |
| 1832 | Maximus, Inc. | 138518 |
| 1678 | Middleby Corp. (The)\* | 283347 |
| 1681 | Modine Manufacturing Co.\* | 382007 |
| 946 | Moog, Inc., Class A | 319209 |
| 1257 | MSA Safety, Inc. | 245630 |
| 1463 | MSC Industrial Direct Co., Inc., Class A | 137288 |
| 3545 | Mueller Industries, Inc. | 418168 |
| 4551 | Nextpower, Inc., Class A\* | 478310 |
| 1781 | Nordson Corp. | 522617 |
| 7578 | Norfolk Southern Corp. | 2385100 |
| 4824 | Northrop Grumman Corp. | 3494409 |
| 5546 | NuScale Power Corp.\* | 71266 |
| 5449 | nVent Electric PLC | 644944 |
| 6209 | Old Dominion Freight Line, Inc. | 1260737 |
| 2139 | Oshkosh Corp. | 363673 |
| 13169 | Otis Worldwide Corp. | 1218923 |
| 2779 | Owens Corning | 339233 |
| 17552 | PACCAR, Inc. | 2213132 |
| 4310 | Parker-Hannifin Corp. | 4349566 |
| 1579 | Parsons Corp.\* | 104214 |
| 10838 | Paychex, Inc. | 1014979 |
| 1744 | Paycom Software, Inc. | 219448 |
| 1465 | Paylocity Holding Corp.\* | 156008 |
| 5571 | Pentair PLC | 552587 |
| 1804 | Primoris Services Corp. | 271899 |
| 4994 | Quanta Services, Inc. | 2812022 |
| 20901 | QXO, Inc.\* | 500579 |
| 1058 | RBC Bearings, Inc.\* | 609323 |
| 2242 | Regal Rexnord Corp. | 495437 |
| 6828 | Republic Services, Inc. | 1563612 |
| 16530 | Rocket Lab Corp.\* | 1142223 |
| 3805 | Rockwell Automation, Inc. | 1550347 |
| 10138 | Rollins, Inc. | 617303 |
| 45344 | RTX Corp. | 9187601 |
| 1341 | Ryder System, Inc. | 297112 |
| 909 | Saia, Inc.\* | 368500 |
| 1526 | Science Applications International Corp. | 140789 |
| 1404 | Simpson Manufacturing Co., Inc. | 271772 |
| 1504 | SiteOne Landscape Supply, Inc.\* | 214907 |
| 1738 | Snap-on, Inc. | 669512 |
| 15547 | Southwest Airlines Co. | 765845 |
| 1618 | SPX Technologies, Inc.\* | 367189 |
| 7247 | SS&C Technologies Holdings, Inc. | 545627 |
| 4974 | StandardAero, Inc.\* | 153199 |
| 5217 | Stanley Black & Decker, Inc. | 451218 |
| 1001 | Sterling Infrastructure, Inc.\* | 428558 |
| 2039 | Symbotic, Inc.\* | 111696 |
| 8832 | Tetra Tech, Inc. | 316539 |
| 5981 | Textron, Inc. | 590026 |
| 2121 | Timken Co. (The) | 229874 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Industrials – (continued) | Industrials – (continued) | Industrials – (continued) | Industrials – (continued) |
| 3304 | Toro Co. (The) | $| 326633 |
| 7485 | Trane Technologies PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3460465 |
| 1864 | TransDigm Group, Inc. |  | 2428401 |
| 6641 | TransUnion |  | 521651 |
| &nbsp;&nbsp;&nbsp;&nbsp;67765 | Uber Technologies, Inc.\* |  | 5110836 |
| 1998 | UFP Industries, Inc. |  | 205614 |
| 288 | U-Haul Holding Co.\* |  | 14590 |
| 3429 | U-Haul Holding Co. |  | 161712 |
| 2108 | UL Solutions, Inc., Class A |  | 177009 |
| 20066 | Union Pacific Corp. |  | 5317089 |
| 10935 | United Airlines Holdings, Inc.\* |  | 1162391 |
| 25015 | United Parcel Service, Inc., Class B |  | 2900739 |
| 2144 | United Rentals, Inc. |  | 1800960 |
| 658 | Valmont Industries, Inc. |  | 302634 |
| 8125 | Veralto Corp. |  | 791619 |
| 4686 | Verisk Analytics, Inc. |  | 972673 |
| 11789 | Vertiv Holdings Co., Class A |  | 3004898 |
| 1455 | W.W. Grainger, Inc. |  | 1665582 |
| 13604 | Waste Management, Inc. |  | 3276387 |
| 1182 | Watsco, Inc. |  | 493284 |
| 929 | Watts Water Technologies, Inc., Class A |  | 305399 |
| 1496 | WESCO International, Inc. |  | 433092 |
| 5749 | Westinghouse Air Brake Technologies Corp. |  | 1517449 |
| 2016 | Woodward, Inc. |  | 779708 |
| 3930 | XPO, Inc.\* |  | 827147 |
| 8246 | Xylem, Inc. |  | 1068352 |
| 4744 | Zurn Elkay Water Solutions Corp. |  | 241849 |
|  |  |  | 225542214 |
| Information Technology – 30.8% | Information Technology – 30.8% | Information Technology – 30.8% | Information Technology – 30.8% |
| 20813 | Accenture PLC, Class A |  | 4344089 |
| 14164 | Adobe, Inc.\* |  | 3716775 |
| 1265 | Advanced Energy Industries, Inc. |  | 424496 |
| 54678 | Advanced Micro Devices, Inc.\* |  | 10947082 |
| 4779 | Akamai Technologies, Inc.\* |  | 470206 |
| 4226 | Allegro MicroSystems, Inc. (Japan)\* |  | 154122 |
| 3603 | Amdocs Ltd. |  | 251489 |
| 3878 | Amkor Technology, Inc. |  | 185446 |
| 40778 | Amphenol Corp., Class A |  | 5956035 |
| 16526 | Analog Devices, Inc. |  | 5879786 |
| 758 | Appfolio, Inc., Class A\* |  | 134742 |
| 486447 | Apple, Inc. |  | 128509568 |
| 7773 | Applied Digital Corp.\* |  | 211970 |
| 26780 | Applied Materials, Inc. |  | 9970194 |
| 8580 | AppLovin Corp., Class A\* |  | 3730327 |
| 34970 | Arista Networks, Inc.\* |  | 4668495 |
| 1736 | Arrow Electronics, Inc.\* |  | 264150 |
| 4444 | Astera Labs, Inc.\* |  | 528081 |
| 5624 | Atlassian Corp., Class A\* |  | 422531 |
| 40954 | Aurora Innovation, Inc.\* |  | 191665 |
| 7162 | Autodesk, Inc.\* |  | 1760921 |
| 1001 | Badger Meter, Inc. |  | 152582 |
| 5527 | Bentley Systems, Inc., Class B |  | 202012 |
| 3307 | BILL Holdings, Inc.\* |  | 147195 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **53** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> U.S. 1000 EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) |
| 14378 | BitMine Immersion Technologies, Inc. | $272894 |
| &nbsp;&nbsp;&nbsp;&nbsp;157172 | Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50224313 |
| 9200 | Cadence Design Systems, Inc.\* | 2772880 |
| 19638 | CCC Intelligent Solutions Holdings, Inc.\* | 114490 |
| 4394 | CDW Corp. | 538880 |
| 4738 | Ciena Corp.\* | 1652141 |
| 4701 | Circle Internet Group, Inc.\* | 392251 |
| 1735 | Cirrus Logic, Inc.\* | 244843 |
| 133705 | Cisco Systems, Inc. | 10624199 |
| 9438 | Clearwater Analytics Holdings, Inc., Class A\* | 220755 |
| 10495 | Cloudflare, Inc., Class A\* | 1807134 |
| 5715 | Cognex Corp. | 310896 |
| 16431 | Cognizant Technology Solutions Corp., Class A | 1058649 |
| 4318 | Coherent Corp.\* | 1118060 |
| 1503 | Commvault Systems, Inc.\* | 127875 |
| 9840 | Confluent, Inc., Class A\* | 301793 |
| 8201 | CoreWeave, Inc., Class A\* | 652472 |
| 26211 | Corning, Inc. | 3941610 |
| 5401 | Credo Technology Group Holding Ltd.\* | 606370 |
| 8361 | Crowdstrike Holdings, Inc., Class A\* | 3110125 |
| 10672 | Datadog, Inc., Class A\* | 1194837 |
| 9931 | Dell Technologies, Inc., Class C | 1470582 |
| 6814 | Docusign, Inc.\* | 307107 |
| 2083 | Dolby Laboratories, Inc., Class A | 138665 |
| 6230 | Dropbox, Inc., Class A\* | 155688 |
| 11089 | D-Wave Quantum, Inc. (Canada)\* | 208251 |
| 10019 | Dynatrace, Inc.\* | 359882 |
| 2988 | Elastic NV\* | 155585 |
| 4330 | Enphase Energy, Inc.\* | 183029 |
| 5136 | Entegris, Inc. | 680263 |
| 1876 | EPAM Systems, Inc.\* | 264516 |
| 1952 | F5, Inc.\* | 529695 |
| 1208 | Fabrinet (Thailand)\* | 659121 |
| 794 | Fair Isaac Corp.\* | 1119032 |
| 6706 | Figma, Inc., Class A\* | 197089 |
| 3450 | First Solar, Inc.\* | 680340 |
| 12485 | Flex Ltd.\* | 786805 |
| 21190 | Fortinet, Inc.\* | 1674646 |
| 2387 | Gartner, Inc.\* | 375236 |
| 18608 | Gen Digital, Inc. | 419983 |
| 4479 | Gitlab, Inc., Class A\* | 117798 |
| 2612 | GLOBALFOUNDRIES, Inc.\* | 124201 |
| 4381 | GoDaddy, Inc., Class A\* | 381848 |
| 2695 | Guidewire Software, Inc.\* | 391637 |
| 44625 | Hewlett Packard Enterprise Co. | 958099 |
| 30994 | HP, Inc. | 588576 |
| 1717 | HubSpot, Inc.\* | 454164 |
| 149216 | Intel Corp.\* | 6805742 |
| 865 | InterDigital, Inc. | 317048 |
| 31600 | International Business Machines Corp. | 7590636 |
| 9158 | Intuit, Inc. | 3745897 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) |
| 11655 | IonQ, Inc.\* | $447202 |
| 3558 | Jabil, Inc. | 942834 |
| 5806 | Keysight Technologies, Inc.\* | 1784358 |
| 4440 | KLA Corp. | 6769002 |
| 4326 | Klaviyo, Inc., Class A\* | 75316 |
| 7860 | Kyndryl Holdings, Inc.\* | 96914 |
| 42390 | Lam Research Corp. | 9914597 |
| 4586 | Lattice Semiconductor Corp.\* | 438513 |
| 2571 | Life360, Inc.\* | 135363 |
| 829 | Littelfuse, Inc. | 292189 |
| 2385 | Lumentum Holdings, Inc.\* | 1671670 |
| 2125 | MACOM Technology Solutions Holdings, Inc.\* | 527255 |
| 2043 | Manhattan Associates, Inc.\* | 276683 |
| 28573 | Marvell Technology, Inc. | 2334128 |
| 18022 | Microchip Technology, Inc. | 1345162 |
| 37978 | Micron Technology, Inc. | 15660988 |
| &nbsp;&nbsp;&nbsp;&nbsp;248012 | Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97404233 |
| 2113 | MKS, Inc. | 516544 |
| 2673 | MongoDB, Inc.\* | 878000 |
| 1566 | Monolithic Power Systems, Inc. | 1789531 |
| 5616 | Motorola Solutions, Inc. | 2708372 |
| 6753 | NetApp, Inc. | 668750 |
| 8520 | Nutanix, Inc., Class A\* | 326146 |
| 789319 | NVIDIA Corp. | 139859434 |
| 5675 | Okta, Inc.\* | 411438 |
| 13569 | ON Semiconductor Corp.\* | 902067 |
| 1653 | Onto Innovation, Inc.\* | 356866 |
| 56784 | Oracle Corp. | 8256394 |
| 71673 | Palantir Technologies, Inc., Class A\* | 9832819 |
| 23337 | Palo Alto Networks, Inc.\* | 3475346 |
| 2760 | Pegasystems, Inc. | 120695 |
| 4173 | Procore Technologies, Inc.\* | 229682 |
| 4040 | PTC, Inc.\* | 632624 |
| 10529 | Pure Storage, Inc., Class A\* | 676172 |
| 7125 | Qnity Electronics, Inc. | 903165 |
| 3156 | Qorvo, Inc.\* | 261632 |
| 36183 | QUALCOMM, Inc. | 5151012 |
| 1235 | Qualys, Inc.\* | 114200 |
| 3639 | Rambus, Inc.\* | 362663 |
| 10807 | Rigetti Computing, Inc.\* | 188258 |
| 11090 | Riot Platforms, Inc.\* | 180656 |
| 3656 | Roper Technologies, Inc. | 1278613 |
| 4617 | Rubrik, Inc., Class A\* | 239899 |
| 2368 | SailPoint, Inc.\* | 33389 |
| 30760 | Salesforce, Inc. | 5991740 |
| 10597 | Samsara, Inc., Class A\* | 306253 |
| 4584 | Sandisk Corp.\* | 2912490 |
| 1781 | Sanmina Corp.\* | 276518 |
| 6734 | Seagate Technology Holdings PLC | 2746395 |
| 10514 | SentinelOne, Inc., Class A\* | 137944 |
| 35024 | ServiceNow, Inc.\* | 3782942 |
| 1685 | ServiceTitan, Inc., Class A\* | 121977 |
| 736 | SiTime Corp.\* | 292840 |
| 5103 | Skyworks Solutions, Inc. | 304037 |
| 10898 | Snowflake, Inc.\* | 1835332 |
| 12625 | SoundHound AI, Inc., Class A\*<sup>(a)</sup> | 108575 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 54 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> U.S. 1000 EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) |
| 9041 | Strategy, Inc.\* | $| 1170810 |
| &nbsp;&nbsp;&nbsp;&nbsp;17359 | Super Micro Computer, Inc.\* |  | 562258 |
| 6434 | Synopsys, Inc.\* |  | 2663676 |
| 2441 | TD SYNNEX Corp. |  | 382773 |
| 9935 | TE Connectivity PLC (Switzerland) |  | 2286540 |
| 1577 | Teledyne Technologies, Inc.\* |  | 1074095 |
| 5299 | Teradyne, Inc. |  | 1695839 |
| 30628 | Texas Instruments, Inc. |  | 6496505 |
| 8116 | Trimble, Inc.\* |  | 542717 |
| 4911 | Twilio, Inc., Class A\* |  | 594035 |
| 1457 | Tyler Technologies, Inc.\* |  | 516783 |
| 141 | Ubiquiti, Inc. |  | 108146 |
| 13814 | UiPath, Inc., Class A\* |  | 148224 |
| 10670 | Unity Software, Inc.\* |  | 194514 |
| 1496 | Universal Display Corp. |  | 159608 |
| 2716 | VeriSign, Inc. |  | 619085 |
| 5024 | Vontier Corp. |  | 205582 |
| 11546 | Western Digital Corp. |  | 3229416 |
| 7147 | Workday, Inc., Class A\* |  | 955983 |
| 1712 | Zebra Technologies Corp., Class A\* |  | 383420 |
| 8943 | Zoom Communications, Inc., Class A\* |  | 661245 |
| 3242 | Zscaler, Inc.\* |  | 476542 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660768200 |
| Materials – 2.4% | Materials – 2.4% | Materials – 2.4% | Materials – 2.4% |
| 7412 | Air Products and Chemicals, Inc. |  | 2043266 |
| 3979 | Albemarle Corp. |  | 710928 |
| 8758 | Alcoa Corp. |  | 543697 |
| 15660 | Amcor PLC |  | 758414 |
| 16977 | Anglogold Ashanti PLC (Australia) |  | 2169151 |
| 2231 | AptarGroup, Inc. |  | 320617 |
| 2615 | Avery Dennison Corp. |  | 513455 |
| 7261 | Axalta Coating Systems Ltd.\* |  | 242590 |
| 8986 | Ball Corp. |  | 603230 |
| 3429 | Celanese Corp. |  | 171244 |
| 5330 | CF Industries Holdings, Inc. |  | 530548 |
| 18562 | Cleveland-Cliffs, Inc.\* |  | 197871 |
| 21391 | Coeur Mining, Inc.\* |  | 580766 |
| 3725 | Commercial Metals Co. |  | 273042 |
| 22970 | Corteva, Inc. |  | 1840356 |
| 22669 | CRH PLC |  | 2719827 |
| 3889 | Crown Holdings, Inc. |  | 445679 |
| 24085 | Dow, Inc. |  | 740132 |
| 14218 | DuPont de Nemours, Inc. |  | 711469 |
| 1080 | Eagle Materials, Inc. |  | 241704 |
| 3908 | Eastman Chemical Co. |  | 295093 |
| 8489 | Ecolab, Inc. |  | 2617583 |
| 7625 | Element Solutions, Inc. |  | 267561 |
| 48428 | Freeport-McMoRan, Inc. |  | 3296978 |
| 10156 | Graphic Packaging Holding Co. |  | 124208 |
| 22376 | Hecla Mining Co. |  | 557386 |
| 8704 | International Flavors & Fragrances, Inc. |  | 715730 |
| 17748 | International Paper Co. |  | 772925 |
| 15767 | Linde PLC |  | 8010897 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Materials – (continued) | Materials – (continued) | Materials – (continued) | Materials – (continued) |
| 2144 | Louisiana-Pacific Corp. | $| 181683 |
| 8621 | LyondellBasell Industries NV, Class A |  | 495880 |
| 2045 | Martin Marietta Materials, Inc. |  | 1383586 |
| &nbsp;&nbsp;&nbsp;&nbsp;10721 | Mosaic Co. (The) |  | 298473 |
| 4545 | MP Materials Corp.\* |  | 267564 |
| 258 | NewMarket Corp. |  | 161511 |
| 36975 | Newmont Corp. |  | 4806750 |
| 7739 | Nucor Corp. |  | 1368874 |
| 3011 | Packaging Corp. of America |  | 698974 |
| 7579 | PPG Industries, Inc. |  | 934263 |
| 1768 | Reliance, Inc. |  | 558052 |
| 2788 | Royal Gold, Inc. |  | 835815 |
| 4319 | RPM International, Inc. |  | 492884 |
| 4958 | Sealed Air Corp. |  | 207641 |
| 7742 | Sherwin-Williams Co. (The) |  | 2807172 |
| 17422 | Smurfit WestRock PLC |  | 819008 |
| 5376 | Solstice Advanced Materials, Inc. |  | 422070 |
| 3089 | Southern Copper Corp. (Mexico) |  | 674329 |
| 4644 | Steel Dynamics, Inc. |  | 896896 |
| 4450 | Vulcan Materials Co. |  | 1379500 |
| 1117 | Westlake Corp. |  | 117709 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52824981 |
| Real Estate – 2.2% | Real Estate – 2.2% | Real Estate – 2.2% | Real Estate – 2.2% |
| 3691 | Agree Realty Corp. REIT |  | 297052 |
| 5286 | Alexandria Real Estate Equities, Inc. REIT |  | 285655 |
| 6294 | American Healthcare REIT, Inc. REIT |  | 328799 |
| 11644 | American Homes 4 Rent, Class A REIT |  | 349320 |
| 15818 | American Tower Corp. REIT |  | 3034841 |
| 4841 | AvalonBay Communities, Inc. REIT |  | 857970 |
| 10372 | Brixmor Property Group, Inc. REIT |  | 313960 |
| 4953 | BXP, Inc. REIT |  | 285194 |
| 3599 | Camden Property Trust REIT |  | 389916 |
| 7546 | CareTrust REIT, Inc. REIT |  | 306518 |
| 10026 | CBRE Group, Inc., Class A\* |  | 1480439 |
| 14160 | CoStar Group, Inc.\* |  | 631961 |
| 14779 | Crown Castle, Inc. REIT |  | 1323312 |
| 7720 | CubeSmart REIT |  | 317601 |
| 11618 | Digital Realty Trust, Inc. REIT |  | 2058710 |
| 1770 | EastGroup Properties, Inc. REIT |  | 347469 |
| 3311 | Equinix, Inc. REIT |  | 3225775 |
| 6233 | Equity LifeStyle Properties, Inc. REIT |  | 418608 |
| 11677 | Equity Residential REIT |  | 738103 |
| 2181 | Essex Property Trust, Inc. REIT |  | 556395 |
| 7156 | Extra Space Storage, Inc. REIT |  | 1080771 |
| 2651 | Federal Realty Investment Trust REIT |  | 288349 |
| 4479 | First Industrial Realty Trust, Inc. REIT |  | 282804 |
| 8976 | Gaming and Leisure Properties, Inc. REIT |  | 439016 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **55** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> U.S. 1000 EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Real Estate – (continued) | Real Estate – (continued) | Real Estate – (continued) | Real Estate – (continued) |
| 11915 | Healthcare Realty Trust, Inc. REIT | $| 219832 |
| &nbsp;&nbsp;&nbsp;&nbsp;23601 | Healthpeak Properties, Inc. REIT |  | 417266 |
| 23029 | Host Hotels & Resorts, Inc. REIT |  | 451138 |
| 19519 | Invitation Homes, Inc. REIT |  | 514130 |
| 9971 | Iron Mountain, Inc. REIT |  | 1080158 |
| 1594 | Jones Lang LaSalle, Inc.\* |  | 502987 |
| 4005 | Kilroy Realty Corp. REIT |  | 119429 |
| 22495 | Kimco Realty Corp. REIT |  | 529757 |
| 2946 | Lamar Advertising Co., Class A REIT |  | 405782 |
| 2403 | Lineage, Inc. REIT |  | 97370 |
| 3965 | Mid-America Apartment Communities, Inc. REIT |  | 530755 |
| 6390 | NNN REIT, Inc. REIT |  | 289595 |
| 9848 | Omega Healthcare Investors, Inc. REIT |  | 475363 |
| 31359 | Prologis, Inc. REIT |  | 4470853 |
| 5333 | Public Storage REIT |  | 1637551 |
| 31099 | Realty Income Corp. REIT |  | 2083633 |
| 5551 | Regency Centers Corp. REIT |  | 438529 |
| 8070 | Rexford Industrial Realty, Inc. REIT |  | 302383 |
| 2087 | Ryman Hospitality Properties, Inc. REIT |  | 206091 |
| 3559 | SBA Communications Corp. REIT |  | 715928 |
| 10926 | Simon Property Group, Inc. REIT |  | 2227265 |
| 6351 | STAG Industrial, Inc. REIT |  | 249086 |
| 4134 | Sun Communities, Inc. REIT |  | 564126 |
| 10426 | UDR, Inc. REIT |  | 390975 |
| 15840 | Ventas, Inc. REIT |  | 1364774 |
| 35953 | VICI Properties, Inc. REIT |  | 1086140 |
| 5382 | Vornado Realty Trust REIT |  | 148436 |
| 7426 | W.P. Carey, Inc. REIT |  | 554351 |
| 23213 | Welltower, Inc. REIT |  | 4807877 |
| 24693 | Weyerhaeuser Co. REIT |  | 605719 |
| 1695 | Zillow Group, Inc., Class A\* |  | 75936 |
| 5892 | Zillow Group, Inc., Class C\* |  | 262901 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47464654 |
| Utilities – 2.4% | Utilities – 2.4% | Utilities – 2.4% | Utilities – 2.4% |
| 24199 | AES Corp. (The) |  | 418159 |
| 8744 | Alliant Energy Corp. |  | 632541 |
| 9183 | Ameren Corp. |  | 1040250 |
| 18067 | American Electric Power Co., Inc. |  | 2417726 |
| 6633 | American Water Works Co., Inc. |  | 902287 |
| 5454 | Atmos Energy Corp. |  | 1018753 |
| 4939 | Brookfield Renewable Corp. (Canada)<sup>(a)</sup> |  | 211043 |
| 22204 | CenterPoint Energy, Inc. |  | 965874 |
| 1113 | Clearway Energy, Inc., Class A |  | 40090 |
| 2817 | Clearway Energy, Inc., Class C |  | 107920 |
| 10144 | CMS Energy Corp. |  | 791942 |
| 12285 | Consolidated Edison, Inc. |  | 1382308 |
| 10554 | Constellation Energy Corp. |  | 3481554 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Utilities – (continued) | Utilities – (continued) | Utilities – (continued) | Utilities – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;28850 | Dominion Energy, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1821589 |
| 7036 | DTE Energy Co. |  | 1043017 |
| 26305 | Duke Energy Corp. |  | 3442009 |
| 13124 | Edison International |  | 980888 |
| 15096 | Entergy Corp. |  | 1616933 |
| 8790 | Essential Utilities, Inc. |  | 351336 |
| 7735 | Evergy, Inc. |  | 647110 |
| 12513 | Eversource Energy |  | 953616 |
| 34090 | Exelon Corp. |  | 1686432 |
| 18660 | FirstEnergy Corp. |  | 954646 |
| 1803 | IDACORP, Inc. |  | 259578 |
| 3111 | National Fuel Gas Co. |  | 283194 |
| 70403 | NextEra Energy, Inc. |  | 6601689 |
| 16028 | NiSource, Inc. |  | 758124 |
| 6503 | NRG Energy, Inc. |  | 1163777 |
| 7092 | OGE Energy Corp. |  | 348501 |
| 4136 | Oklo, Inc.\* |  | 260361 |
| 74826 | PG&E Corp. |  | 1421694 |
| 4060 | Pinnacle West Capital Corp. |  | 407218 |
| 25205 | PPL Corp. |  | 982491 |
| 16990 | Public Service Enterprise Group, Inc. |  | 1462329 |
| 22055 | Sempra |  | 2123235 |
| 37151 | Southern Co. (The) |  | 3617764 |
| 1927 | Southwest Gas Holdings, Inc. |  | 169904 |
| 1550 | Talen Energy Corp.\* |  | 575004 |
| 7289 | UGI Corp. |  | 272681 |
| 11291 | Vistra Corp. |  | 1963392 |
| 10990 | WEC Energy Group, Inc. |  | 1285390 |
| 20025 | Xcel Energy, Inc. |  | 1669284 |
|  |  |  | 52533633 |
| **TOTAL COMMON STOCKS**<br> **(Cost $534,381,325)** | **TOTAL COMMON STOCKS**<br> **(Cost $534,381,325)** |  | 2146470930 |
| **Shares** | **Dividend Rate** | **Value** | **Value** |
| Investment Company – 0.1%<sup>(b)</sup> | Investment Company – 0.1%<sup>(b)</sup> | Investment Company – 0.1%<sup>(b)</sup> | Investment Company – 0.1%<sup>(b)</sup> |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3029121 | 3.571% |  | 3029121 |
| (Cost $3,029,121) | (Cost $3,029,121) |  |  |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br> **(Cost $537,410,446)** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br> **(Cost $537,410,446)** |  | 2149500051 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 56 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> U.S. 1000 EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Securities Lending Reinvestment Vehicle – 0.1%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 0.1%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 0.1%<sup>(b)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1852102 | 3.589% | $1852102 |
| (Cost $1,852,102) | (Cost $1,852,102) |  |
| TOTAL INVESTMENTS – 100.0%<br>(Cost $539,262,548) | TOTAL INVESTMENTS – 100.0%<br>(Cost $539,262,548) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2151352153 |
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0% | OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0% | 223865 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $2151576018 |

---

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.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents an affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| LP | —Limited Partnership |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

ADDITIONAL INVESTMENT INFORMATION

**FUTURES CONTRACTS** — At February 28, 2026, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional**<br> **Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  E-MINI RUSS 1000 MAR 26 | 16 | 03/20/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3011200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12431) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **57** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | MarketBeta<sup>®</sup> Total<br>International Equity<br>ETF | MarketBeta<sup>®</sup> U.S. 1000<br>Equity ETF |
| Assets: |  |  |
|  Investments in unaffiliated issuers, at value (cost $309,494,646 and $533,245,688, respectively)<sup>(a)</sup> | $620857080 | $2137797009 |
|  Investments in affiliated issuers, at value (cost $830,235 and $4,164,758, respectively) | 830235 | 11703042 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 7968309 | 1852102 |
|  Cash | 4741 |  |
|  Foreign Currency, at value (cost $352,519 and $–, respectively) | 355027 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 741174 | 1903036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 540305 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 6002 | 1414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts |  | 255697 |
|  **Total assets** | 631302873 | 2153512300 |
| Liabilities: |  |  |
|  Variation margin on futures contracts |  | 12499 |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned | 7968309 | 1852102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains taxes | 1148757 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 34639 | 71681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 62 |  |
|  **Total liabilities** | 9151767 | 1936282 |
| Net Assets: |  |  |
|  Paid-in capital | 330122267 | 538389293 |
|  Total distributable earnings | 292028839 | 1613186725 |
|  **NET ASSETS** | $622151106 | $2151576018 |
|  **SHARES ISSUED AND OUTSTANDING** |  |  |
|  Shares outstanding no par value (unlimited shares authorized): | 9985415 | 36137538 |
|  Net asset value per share: | $62.31 | $59.54 |

---

<sup>(a)</sup> Includes loaned securities having a market value of $7,298,909 and $1,694,469 for MarketBeta<sup>®</sup> Total International Equity ETF and MarketBeta<sup>®</sup> U.S. 1000 Equity ETF, respectively. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 58 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations *For the Six Months Ended February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | MarketBeta<sup>®</sup> Total<br>International<br>Equity ETF | MarketBeta<sup>®</sup> U.S.<br>1000 Equity ETF |
| Investment income: |  |  |
|  Dividends — unaffiliated issuers (net of foreign withholding taxes of $495,502 and $1,668, respectively) | $4236070 | $12152446 |
|  Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer | 52425 | 15710 |
|  Dividends — affiliated issuers | 25490 | 95358 |
|  **Total Investment Income** | 4313985 | 12263514 |
| Expenses: |  |  |
|  Management fees | 475911 | 1048971 |
|  Trustee fees | 15108 | 20069 |
|  **Total expenses** | 491019 | 1069040 |
|  Less — expense reductions | (1228) | (2538) |
|  **Net expenses** | 489791 | 1066502 |
|  **NET INVESTMENT INCOME** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3824194 | 11197012 |
| Realized and Unrealized gain (loss): |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers (including the effects of net foreign capital gains tax of $– and $–, respectively) | (5758658) | (2680380) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers |  | (396) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — affiliated issuers |  | 197884 |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated issuers | 1586314 | 11825230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 167054 | 181594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (57683) |  |
|  Net change in unrealized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $34,465 and $–, respectively) | 107731453 | 117700197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers |  | 975052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 1666 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (14203) | (71405) |
|  **Net realized and unrealized gain** | 103655943 | 128127776 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $107480137 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139324788 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **59** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MarketBeta<sup>®</sup> Total International Equity ETF** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MarketBeta<sup>®</sup> Total International Equity ETF** | **MarketBeta<sup>®</sup> U.S. 1000 Equity ETF** | **MarketBeta<sup>®</sup> U.S. 1000 Equity ETF** |
|  | **For the<br> Six Months Ended<br> February 28, 2026<br> (Unaudited)** | **For the Fiscal<br> Year Ended<br> August 31, 2025** | **For the<br> Six Months Ended<br> February 28, 2026<br> (Unaudited)** | **For the Fiscal<br> Year Ended<br> August 31, 2025** |
| From operations: |  |  |  |  |
| Net investment income | $3824194 | $11899282 | $11197012 | $21696574 |
| Net realized gain (loss) | (4062973) | (3997718) | 9523932 | 17248705 |
| Net change in unrealized gain | 107718916 | 62020906 | 118603844 | 242454721 |
| **Net increase in net assets resulting from operations** | 107480137 | 69922470 | 139324788 | 281400000 |
| Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From distributable earnings | (7094937) | (14709315) | (10457645) | (21888499) |
| From share transactions: |  |  |  |  |
| Proceeds from sales of shares | 4353572 | 2027469 | 16108446 | 40047083 |
| Cost of shares redeemed | (4338151) | (2037215) | (14170078) | (26674512) |
| **Net increase (decrease) in net assets resulting from share transactions** | 15421 | (9746) | 1938368 | 13372571 |
|  **TOTAL INCREASE** | 100400621 | 55203409 | 130805511 | 272884072 |
| Net Assets: |  |  |  |  |
| Beginning of period | $521750485 | $466547076 | $2020770507 | $1747886435 |
| End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622151106 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521750485 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2151576018 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020770507 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 60 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MarketBeta<sup>®</sup> Total International Equity ETF** | **MarketBeta<sup>®</sup> Total International Equity ETF** | **MarketBeta<sup>®</sup> Total International Equity ETF** | **MarketBeta<sup>®</sup> Total International Equity ETF** |
| | **For the Six Months<br>Ended<br>February 28, 2026<br>(Unaudited)** | **For the Fiscal Year Ended<br>August 31,** | **For the Fiscal Year Ended<br>August 31,** | **For the Period<br>May 31, 2023\*<br>to<br>August 31, 2023** |
| | **For the Six Months<br>Ended<br>February 28, 2026<br>(Unaudited)** | **2025** | **2024** | **For the Period<br>May 31, 2023\*<br>to<br>August 31, 2023** |
| Per Share Operating Performance: |  |  |  |  |
|  Net asset value, beginning of period | $52.25 | $46.72 | $40.75 | $39.43 |
|  Net investment income<sup>(a)</sup> | 0.38 | 1.19 | 1.11 | 0.20 |
|  Net realized and unrealized gain | 10.39 | 5.81 | 5.95 | 1.12 |
|  Total from investment operations | 10.77 | 7.00 | 7.06 | 1.32 |
|  Distributions to shareholders from net investment income | (0.71) | (1.47) | (1.09) |  |
|  Net asset value, end of period | $62.31 | $52.25 | $46.72 | $40.75 |
|  Market price, end of period | $61.92 | $52.77 | $46.91 | $41.25 |
|  **Total Return at Net Asset Value<sup>(b)</sup>** | 20.79% | 15.36% | 17.63% | 3.35% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622151 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521750 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466547 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404842 |
|  Ratio of net expenses to average net assets | 0.18 %<sup>(c)</sup> | 0.18% | 0.18% | 0.18 %<sup>(c)</sup> |
|  Ratio of net investment income to average net assets | 1.38 %<sup>(c)</sup> | 2.53% | 2.59% | 1.95 %<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(d)</sup> | 6% | 5% | 4% | 48% |

---

\* Commencement of operations.

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **61** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **MarketBeta<sup>®</sup> U.S. 1000 Equity ETF** | **MarketBeta<sup>®</sup> U.S. 1000 Equity ETF** | **MarketBeta<sup>®</sup> U.S. 1000 Equity ETF** | **MarketBeta<sup>®</sup> U.S. 1000 Equity ETF** | **MarketBeta<sup>®</sup> U.S. 1000 Equity ETF** |
|  | **For the Six Months<br>Ended<br>February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended August 31,** | **For the Fiscal Year Ended August 31,** | **For the Fiscal Year Ended August 31,** | **For the Period<br>April 5, 2022\*** |
|  | **For the Six Months<br>Ended<br>February 28, 2026**<br> (Unaudited) | **2025** | **2024** | **2023** | **to<br>August 31, 2022** |
| Per Share Operating Performance: |  |  |  |  |  |
|  Net asset value, beginning of period | $55.97 | $48.77 | $39.08 | $34.49 | $39.49 |
|  Net investment income<sup>(a)</sup> | 0.31 | 0.60 | 0.58 | 0.54 | 0.21 |
|  Net realized and unrealized gain (loss) | 3.55 | 7.21 | 9.69 | 4.69 | (5.09)<sup>(b)</sup> |
|  Total from investment operations | 3.86 | 7.81 | 10.27 | 5.23 | (4.88) |
|  Distributions to shareholders from net investment income | (0.29) | (0.61) | (0.58) | (0.55) | (0.12) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.09) |  |
|  Total distributions | (0.29) | (0.61) | (0.58) | (0.64) | (0.12) |
|  Net asset value, end of period | $59.54 | $55.97 | $48.77 | $39.08 | $34.49 |
|  Market price, end of period | $59.50 | $55.95 | $48.73 | $39.09 | $34.54 |
|  **Total Return at Net Asset Value<sup>(c)</sup>** | 6.91% | 16.14% | 26.50% | 15.44% | (12.36)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2151576 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020771 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1747886 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400381 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236018 |
|  Ratio of net expenses to average net assets | 0.10 %<sup>(d)</sup> | 0.10% | 0.11% | 0.11% | 0.11 %<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 1.07 %<sup>(d)</sup> | 1.18% | 1.35% | 1.53% | 1.47 %<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 1% | 2% | 2% | 7% | 25% |

---

\* Commencement of operations.

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Per Share net realized and unrealized loss may not correspond with the aggregate realized and change in unrealized gains and losses in the Fund's investments due to in-kind purchases processed at original security cost.

<sup>(c)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 62 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ORGANIZATION

Goldman Sachs ETF Trust II (the "Trust") is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the "Act"), consisting of multiple series. The Trust was organized as a Delaware statutory trust and was established by an Agreement and Declaration of Trust dated September 13, 2021. The following table lists those series of the Trust that are included in this report (collectively, the "Funds" or individually a "Fund") along with their respective diversification status under the Act:

---

| | |
|:---|:---|
| **Fund** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diversified/** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Diversified**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs MarketBeta<sup>®</sup> Total International Equity ETF | Diversified |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs MarketBeta<sup>®</sup> U.S. 1000 Equity ETF | Diversified |

---

The investment objective of each Fund is to provide investment results that closely correspond, before fees and expenses, to the performance of its respective Index.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to a management agreement ("Agreement") with the Trust. Each Fund is an exchange-traded fund ("ETF"). Shares of the Funds are listed and traded on the NYSE Arca, Inc. Market prices for the Funds' shares may be different from their net asset value ("NAV"). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as "Creation Units". Creation Units are issued and redeemed generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the "Distributor") may do business directly with the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds' investments in U.S. real estate investment trusts ("REITs") may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**63**

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GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

&nbsp;&nbsp;&nbsp;&nbsp;C. Expenses — Expenses incurred directly by the Fund are charged to the Fund, and certain expenses incurred by the Trust that may not solely relate to the Fund are allocated to the Fund and the other applicable funds of the Trust on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid quarterly and annually, respectively.

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

&nbsp;&nbsp;&nbsp;&nbsp;F. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds' prospectus. The Chief Operating Decision Maker ("CODM") is the portfolio management team within the Fund's Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for the Funds' single segment, is consistent with that presented within the Fund's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

64.0 ------

GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 ("Valuation Procedures"), 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 GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States ("U.S.") securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.

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 financial statements at SEC.gov.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**65**

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GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund's investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund's NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Funds' investments classified in the fair value hierarchy as of February 28, 2026:

MarketBeta<sup>®</sup> Total International Equity ETF

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| | | | |
|:---|:---|:---|:---|
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $8064916 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 285720313 | 4597890 | 1675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 191193967 | 1163145 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 84600968 | 165928 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania | 30645246 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 9786368 | 2371660 |  |
|  Exchange-Traded Fund | 2545004 |  |  |
|  Investment Company | 830235 |  |  |
|  Securities Lending Reinvestment Vehicle | 7968309 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621355326 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8298623 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1675 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

MarketBeta<sup>®</sup> U.S. 1000 Equity ETF

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| | | | |
|:---|:---|:---|:---|
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $2314810 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 3942038 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 2135246863 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania | 2169151 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 2798067 |  |  |
|  Investment Company | 3029121 |  |  |
|  Securities Lending Reinvestment Vehicle | 1852102 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2151352152 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1 |
| Derivative Type |  |  |  |
|  **Liabilities** |  |  |  |
|  Futures Contracts<sup>(b)</sup> | $(12431) | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

For further information regarding security characteristics, see the Schedules of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of February 28, 2026. These instruments were used as part of the Funds' investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds' net exposure.

MarketBeta<sup>®</sup> U.S. 1000 Equity ETF

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| | | | | |
|:---|:---|:---|:---|:---|
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Equity | Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12431) |

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<sup>1</sup> Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedule of Investments. Only the variation margin as of February 28, 2026 is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the six months ended February 28, 2026. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Statements of Operations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**67**

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GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVE (continued)

MarketBeta<sup>®</sup> Total International Equity ETF

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| | | | |
|:---|:---|:---|:---|
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain (Loss)**  |
| Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | $167054 | $(14203) |

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MarketBeta<sup>®</sup> U.S. 1000 Equity ETF

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| | | | |
|:---|:---|:---|:---|
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized <br> Gain (Loss)**  |
| Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | 181594 | (71405) |

---

For the six months ended February 28, 2026, the relevant values for each derivative type was as follows:

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| | |
|:---|:---|
| **Fund** | **Average** <br> **Number** <br> **of Futures** <br> **Contracts<sup>(a)</sup>**  |
|  MarketBeta<sup>®</sup> Total International Equity ETF | 11 |
|  MarketBeta<sup>®</sup> U.S. 1000 Equity ETF | 12 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts disclosed represent average number of contracts, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the six months ended February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

The Funds operate under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of the Fund, excluding payments under the Fund's 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. As the Funds directly pay fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Funds to the independent Trustees.

For the six months ended February 28, 2026, contractual and effective net unitary management fees with GSAM were at the following rates:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Contractual Unitary Management Fee** | **Contractual Unitary Management Fee** | **Contractual Unitary Management Fee** | **Contractual Unitary Management Fee** | |
| **Fund** | **First<br>$100 million** | **Next<br>$400 million** | **Next<br>$500 million** | **Over<br>$1 billion** | **Effective Net<br>Unitary<br>Management Fee\*** |
| Goldman Sachs MarketBeta<sup>®</sup> Total International Equity ETF | 0.20% | 0.18% | 0.12% | 0.10% | 0.18% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Contractual Unitary Management Fee** | **Contractual Unitary Management Fee** | **Contractual Unitary Management Fee** | **Contractual Unitary Management Fee** | |
| **Fund** | **First<br>$300 million** | **Next<br>$700 million** | **Next<br>$4 billion** | **Over<br>$5 billion** | **Effective<br>Net Unitary<br>Management<br>Fee\*** |
| Goldman Sachs MarketBeta<sup>®</sup> U.S. 1000 Equity ETF | 0.15% | 0.10% | 0.09% | 0.08% | 0.10% |

---

\* Effective Net Unitary Management Fee includes the impact of management fee waivers, if any.

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Treasury Obligations Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest except those management fees it earns from the Funds' investments of cash collateral received in connection with securities lending transactions in the affiliated Underlying Fund. For the six months ended February 28, 2026, GSAM waived $1,228 and $2,538 of the Funds' management fees for the MarketBeta<sup>®</sup> Total International Equity ETF and MarketBeta<sup>®</sup> U.S. 1000 Equity ETF, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;B. Other Transactions with Affiliates — For the six months ended February 28, 2026, Goldman Sachs did not earn any brokerage commissions from portfolio transactions on behalf of the Funds.

The following tables provide information about the Funds' investments in the Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares and Goldman Sachs Group, Inc. as of and for the six months ended February 28, 2026.

MarketBeta<sup>®</sup> Total International Equity ETF

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying**<br> **Fund** | **Beginning<br>value<br>as of August 31,<br>2025** | **Purchases at Cost** | **Proceeds from<br>Sales** | **Realized Gain<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending value as<br>of February 28,<br>2026** | **Shares as of<br>February 28,<br>2026** | **Dividend<br>Income** | **Capital Gain<br>Distribution** |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |
|  | $1173084 | $15078742 | $(15421592) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $830235 | 830235 | $25490 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |

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MarketBeta<sup>®</sup> U.S. 1000 Equity ETF

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying**<br> **Fund** | **Beginning<br>value<br>as of August 31,<br>2025** | **Purchases at Cost** | **Proceeds from<br>Sales** | **Realized Gain<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending value as<br>of February 28,<br>2026** | **Shares as of<br>February 28,<br>2026** | **Dividend<br>Income** | **Capital Gain<br>Distribution** |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |
|  | 3367884 | 13915331 | (14254094) |  |  | 3029121 | 3029121 | 54722 |  |
|  Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) |  |
|  | 7698433 | 65753 | (262805) | 197488 | 975052 | 8673921 | 10091 | 40636 |  |
|  Total | $11066317 | $13981084 | $(14516899) | $197488 | $975052 | $11703042 |  | $95358 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. CREATION AND REDEMPTION OF CREATION UNITS

The Trust issues and redeems shares of the Funds only in Creation Units on a continuous basis through the Distributor, without an initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional Information), of an order in proper form. Shares of the Funds may only be purchased or redeemed by certain financial institutions (each an "Authorized Participant"). An Authorized Participant is either (1) a "Participating Party" or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.

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**69**

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GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS II

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Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. CREATION AND REDEMPTION OF CREATION UNITS (continued)

Authorized Participants transacting in Creation Units for cash may also pay a variable charge to compensate the relevant fund for certain transaction costs (e.g. taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in "Proceeds from sale of shares" in the Statements of Changes in Net Assets.

Share activity is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs MarketBeta<sup>®</sup> Total International Equity ETF** | **Goldman Sachs MarketBeta<sup>®</sup> Total International Equity ETF** | **Goldman Sachs MarketBeta<sup>®</sup> Total International Equity ETF** | **Goldman Sachs MarketBeta<sup>®</sup> Total International Equity ETF** |
|  | **For the Six**<br> **Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Six**<br> **Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund Share Activity** |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 80000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4353572 | 40000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2027469 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (80000) | (4338151) | (40000) | (2037215) |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET INCREASE (DECREASE) IN SHARES** |  | $15421 |  | $(9746) |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs MarketBeta<sup>®</sup> U.S. 1000 Equity ETF** | **Goldman Sachs MarketBeta<sup>®</sup> U.S. 1000 Equity ETF** | **Goldman Sachs MarketBeta<sup>®</sup> U.S. 1000 Equity ETF** | **Goldman Sachs MarketBeta<sup>®</sup> U.S. 1000 Equity ETF** |
|  | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the**<br> **Six Months Ended**<br> **February 28, 2026**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund Share Activity** |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 270000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16108446 | 780000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40047083 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (240000) | (14170078) | (510000) | (26674512) |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET INCREASE IN SHARES** | 30000 | $1938368 | 270000 | $13372571 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 28, 2026, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| MarketBeta<sup>®</sup> Total International Equity ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33494317 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32567469 |
| MarketBeta<sup>®</sup> U.S. 1000 Equity ETF | 21485556 | 19968274 |

---

The purchases and sales from in-kind creation and redemption transactions for the six months ended February 28, 2026, were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MarketBeta<sup>®</sup> Total International Equity ETF | $— | $3130266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MarketBeta<sup>®</sup> U.S. 1000 Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16101735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14076017 |

---

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GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS II

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. SECURITIES LENDING

The Funds may lend their securities through a securities lending agent, the Bank of New York ("BNY"), to certain qualified borrowers. In accordance with the Funds' securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund ("Government Money Market Fund"), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, BNY 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 BNY is unable to purchase replacement securities, BNY 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 amounts of the Funds' overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of February 28, 2026, are disclosed as "Payable upon return of securities loaned" on the Statements of Assets and Liabilities, where applicable.

Each of the Funds and BNY received compensation relating to the lending of the Funds' securities. The amounts earned, if any, by the Funds for the six months ended February 28, 2026, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds' investment in the Government Money Market Fund for the six months ended February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Beginning value as<br>of August 31, 2025** | **Purchases<br>at Cost** | **Proceeds from<br>Sales** | **Ending value as<br>of February 28, 2026** |
|  MarketBeta<sup>®</sup> Total International Equity ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3257935 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47170203 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42459829) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7968309 |
|  MarketBeta<sup>®</sup> U.S. 1000 Equity ETF | 1695323 | 13008693 | (12851914) | 1852102 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**71**

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GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS II

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Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. TAX INFORMATION

As of the Funds' most recent fiscal year end, August 31, 2025, the Funds' capital loss carryforwards and certain timing differences on a tax-basis were as follows:

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| | | |
|:---|:---|:---|
|  | **MarketBeta<sup>®</sup> Total<br>International<br>Equity ETF** | **MarketBeta<sup>®</sup><br>U.S. 1000<br>Equity ETF** |
|  Capital loss carryforwards: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | $(4638333) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2175948) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term |  | (1186609) |
|  Total capital loss carryforwards | (4638333) | (3362557) |
|  Timing differences — (Post-October Capital Loss Deferral and Qualified Late Year Ordinary Loss Deferral) | (5505503) | (5107653) |

---

As of February 28, 2026, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

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| | | |
|:---|:---|:---|
|  | **MarketBeta<sup>®</sup> Total<br>International Equity<br>ETF** | **MarketBeta<sup>®</sup> U.S. 1000<br>Equity ETF** |
|  Tax Cost | $322275004 | $543490621 |
|  Gross unrealized gain | 318833114 | 3650620321 |
|  Gross unrealized loss | (11452494) | (2042758789) |
|  Net unrealized gain (loss) | $307380620 | $1607861532 |

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The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts, and differences in the tax treatment of partnership investments, passive foreign investment company investments and underlying fund investments.

GSAM has reviewed the Funds' tax positions for all open tax years (the current and prior year, as applicable) and has concluded that no provision for income tax is required in the Funds' financial statements. Such open tax year remains subject to examination and adjustment by tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. OTHER RISKS

The Funds' risks include, but are not limited to, the following:

Calculation Methodology Risk — The Index relies on various sources of information to assess the criteria of issuers included in the Index (or a Reference Index, if applicable), including fundamental information that may be based on assumptions and estimates. Neither the Fund, the Investment Adviser nor the Index Provider can offer assurances that the Index's calculation methodology or sources of information will provide a correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.

Depositary Receipts Risk — Foreign securities may trade in the form of depositary receipts, which include American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs") (collectively "Depositary Receipts"). To the extent the Fund acquires Depositary Receipts through banks which do not have a contractual relationship with the foreign issuer of the security underlying the Depositary Receipts to issue and service such unsponsored Depositary Receipts, there may be an increased possibility that the Fund would not become aware of and be able to respond to corporate actions such as stock splits or rights offerings involving the foreign

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. OTHER RISKS (continued)

issuer in a timely manner. In addition, the lack of information may result in inefficiencies in the valuation of such instruments. Investment in Depositary Receipts does not eliminate all the risks inherent in investing in securities of non-U.S. issuers. The market value of Depositary Receipts is dependent upon the market value of the underlying securities and fluctuations in the relative value of the currencies in which the Depositary Receipts and the underlying securities are quoted. The issuers of Depositary Receipts may discontinue issuing new Depositary Receipts and withdraw existing Depositary Receipts at any time, which may result in costs and delays in the distribution of the underlying assets to the Fund and may negatively impact the Fund's performance.

Foreign and Emerging Countries Risk — For the MarketBeta<sup>®</sup> Total International Equity ETF, investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

Geographic and Sector Risk — If a Fund invests a significant portion of its total assets in certain issuers within the same state, geographic region or economic sector, an adverse economic, business, political, environmental or other development affecting that state, region or sector may affect the value of the Fund's investments more than if its investments were not so focused.

Index Risk — Solactive AG (the "Index Provider") constructs each Fund's Index in accordance with a rules-based methodology. The Funds will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Funds are not "actively" managed, unless a specific security is removed from an Index, a Fund generally would not sell a security because the security's issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on a Fund's ability to adjust its exposure to the required levels in order to track the Index. A Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, a Fund's performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. When the Index is rebalanced and a Fund in turn rebalances its portfolio to attempt to increase the correlation between the Fund's portfolio and the Index, any transaction costs and market exposure arising from such portfolio rebalancing may be borne directly by the Fund and its shareholders. The Index Provider may utilize third party data in constructing the Index, but it does not guarantee the accuracy or availability of any such third party data. The Index Provider may delay or change a scheduled rebalancing or reconstitution of an Index or the implementation of certain rules at its sole discretion. In such circumstances, a Fund, in replicating the composition of its Index, may have more or less exposure to a particular sector or individual company than had the Index been constructed in accordance with its stated methodology.

Industry Concentration Risk— Concentrating Fund investments in a limited number of issuers conducting business in the same industry or group of industries will subject a Fund to a greater risk of loss as a result of adverse economic, business, political, environmental or other developments than if its investments were diversified across different industries.

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**73**

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GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS II

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Notes to Financial Statements (continued) *February 28, 2026 (Unaudited)*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. OTHER RISKS (continued)

Large Shareholder Transaction Risk — Certain shareholders, including other funds advised by the Investment Adviser, may from time to time own a substantial amount of the Fund's Shares. In addition, a third party investor, the Investment Adviser or an affiliate of the Investment Adviser, an authorized participant, a lead market maker, or another entity (i.e., a seed investor) may invest in the Fund and hold its investment solely to facilitate commencement of the Fund or to facilitate the Fund's achieving a specified size or scale. Any such investment may be held for a limited period of time. There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund, including on the Fund's liquidity. In addition, transactions by large shareholders may account for a large percentage of the trading volume on NYSE Arca, Inc. 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, governments or countries and/ or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Market Trading Risk— Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may pay more for, or receive less than, the underlying value of the Shares, respectively. The Investment Adviser cannot predict whether Shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the securities of a Fund's Index trading individually or in the aggregate at any point in time.

Mid-Cap Risk — Investments in mid-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

Seed Investor Risk — GSAM and/or its affiliates may make payments to one or more investors that contribute seed capital to the Fund. Such payments may continue for a specified period of time and/or until a specified dollar amount is reached. Those payments will be made from the assets of GSAM and/or such affiliates (and not the Fund). Seed investors may contribute cash and/ or securities in kind and such seed investment may constitute all or a majority of the assets in the Fund. There is a risk that such seed investors may redeem their investments in the Fund, particularly after payments from GSAM and/or its affiliates have ceased. As with redemptions by other large shareholders, such redemptions could have a significant negative impact on the Fund, including on the Fund's liquidity and the market price of the Fund's Shares. The form of a seed investor's contribution and any redemption activity by a seed investor can affect, including adversely, the tax efficiency of the Fund.

Tracking Error Risk — Tracking error is the divergence of a Fund's performance from that of its Index. The performance of a Fund may diverge from that of its Index for a number of reasons. Tracking error may occur because of transaction costs, a Fund's holding of cash, differences in accrual of dividends, changes to its Index or the need to meet new or existing regulatory requirements. Unlike a Fund, the returns of an Index are not reduced by investment and other operating expenses, including the trading costs associated with implementing changes to its portfolio of investments. Tracking error risk may be heightened during times of market volatility or other unusual market conditions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. INDEMNIFICATIONS

Under the Trust's organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. OTHER MATTERS

The Funds adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-09, Income Taxes (Topic 740)–Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect any Fund's financial position or the results of its operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date of issuance, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**75**

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![LOGO](g68337g27m02.jpg)

TRUSTEES Gregory G. Weaver, Chair Cheryl K. Beebe Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener Brian J. Wildman\* \*Effective April 1, 2026. THE BANK OF NEW YORK Transfer Agent ALPS DISTRIBUTORS, INC. Distributor GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282 OFFICERS James A. McNamara, President and Principal Executive Officer Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary© 2026 Goldman Sachs. All rights reserved. MKTBETAIIETFSAR-26

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ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The aggregate remuneration paid to the Funds' trustees, officers and others, if any, is included in Item 7 of this report.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Not applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

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| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.  |

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There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

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ITEM 16. CONTROLS AND PROCEDURES.

(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

(a) Not applicable.

(b) Not applicable.

ITEM 19. EXHIBITS.

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| | |
|:---|:---|
| (a)(1) | [Goldman Sachs ETF Trust II's Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 13(a)(1) of the registrant's Form N-CSR filed on November 3, 2022.](http://www.sec.gov/Archives/edgar/data/1882879/000119312522276727/d401599dex99codeeth.htm) |
| (a)(2) | Not Applicable. |
| (a)(3) | [Exhibit 99.CERT. Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.](d68337dex99cert.htm) |
| (a)(4) | Not applicable to open-end investment companies. |
| (a)(5) | There was no change in the registrant's independent public accountant for the period covered by this report. |
| (b) | [Exhibit 99.906CERT. Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.](d68337dex99906cert.htm) |
| (101) | Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. |

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
|  | Goldman Sachs ETF Trust II |
| By: | /s/ James A. McNamara |
|  | James A. McNamara |
|  | Principal Executive Officer |
|  | Goldman Sachs ETF Trust II |
| Date: | May 5, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ James A. McNamara |
|  | James A. McNamara |
|  | Principal Executive Officer |
|  | Goldman Sachs ETF Trust II |
| Date: | May 5, 2026 |
| By: | /s/ Joseph F. DiMaria |
|  | Joseph F. DiMaria |
|  | Principal Financial Officer |
|  | Goldman Sachs ETF Trust II |
| Date: | May 5, 2026 |

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## Ex-99.Cert

**CERTIFICATIONS** 

(Section 302)

I, James A. McNamara, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Goldman Sachs ETF Trust II;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: May 5, 2026

---

| |
|:---|
|  /s/ James A. McNamara |
|  James A. McNamara<br> Principal Executive Officer |

---

------

**CERTIFICATIONS** 

(Section 302)

I, Joseph F. DiMaria, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Goldman Sachs ETF Trust II;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: May 5, 2026

---

| |
|:---|
|  /s/ Joseph F. DiMaria |
|  Joseph F. DiMaria<br> Principal Financial Officer |

---

## Exhibit 99.906

EX-99.906CERT

**Certification Under Section 906** 

**of the Sarbanes-Oxley Act of 2002** 

James A. McNamara, Principal Executive Officer, and Joseph F. DiMaria, Principal Financial Officer, of the Goldman Sachs ETF Trust II (the "Registrant"), each certify to the best of his knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period
ended February 28, 2026 (the "Form N-CSR") fully complies with the requirements of section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Principal Executive Officer | Principal Financial Officer |
| Goldman Sachs ETF Trust II | Goldman Sachs ETF Trust II |
| /s/ James A. McNamara | /s/ Joseph F. DiMaria |
| James A. McNamara | Joseph F. DiMaria |
| Date: May 5, 2026 | Date: May 5, 2026 |

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This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.