# EDGAR Filing Document

**Accession Number:** 0001882879
**File Stem:** 0001193125-25-264172
**Filing Date:** 2025-11
**Character Count:** 497722
**Document Hash:** bb03758f624cea6457c85c17456f388e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-264172.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001193125-25-264172

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**EFFECTIVENESS DATE**: 20251104

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23757
- **FILM NUMBER:** 251447782

**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: August 31, 2025
ITEM 1. REPORTS TO STOCKHOLDERS.

The Annual Report to Shareholders is filed herewith.

![Image](g936516g90y09.jpg)

Annual Shareholder Report

August 31, 2025

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

# NYSE Arca, Inc.: GXUS

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs MarketBeta<sup>®</sup> Total International Equity ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025 (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 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 | $19 | 0.18% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market posted double-digit positive returns for the annual period but experienced varied performance, influenced by diverse economic conditions, central bank policies and political and geopolitical developments. Still, strong performance overall was supported by improved economic recovery in developed markets, solid corporate earnings, increased defense spending, European Central Bank interest rate cuts and some progress late in the annual period in trade deals with the U.S. that modestly eased significant concerns around the potential impact of U.S.-imposed tariffs.

Top Contributors to Performance:

* Solactive GBS Global Markets ex United States Large & Mid Cap Index (Index) constituents in the financials, industrials and communication services sectors contributed most positively to the Index's results during the annual period.

* China, Japan and Germany were the top country contributors to the Index's results.

* Positions in Taiwan-based semiconductor company Taiwan Semiconductor Manufacturing, China-based technology conglomerate Tencent Holdings and U.K.-based financial company HSBC Holdings contributed most positively to the Index's returns during the annual period (2.89%, 1.46% and 0.71% of Fund net assets as of August 31, 2025, respectively).

Top Detractors from Performance:

* Index constituents in the health care, energy and real estate sectors contributed least to the Index's results during the annual period.

* Denmark, India and Indonesia contributed least to the Index's results from a country perspective.

* Positions in Denmark-based pharmaceuticals company Novo Nordisk, Netherlands-based semiconductor company ASML Holding and France-based luxury goods conglomerate LVMH Moet Hennessy Louis Vuitton contributed least to the Index's results during the annual period (0.54%, 0.91% and 0.48% of Fund net assets as of August 31, 2025, respectively).

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

GXUS

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or less if the Fund has been in operation for less than 10 years). For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g936516g16a95.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Shares based on NAV** | **Solactive GBS Global Markets ex United States Large & Mid Cap Index** | **MSCI World ex USA Index** |
| **5/31/23** | $10000 | $10000 | $10000 |
| **8/23** | $10185 | $10393 | $10396 |
| **8/24** | $11981 | $12279 | $12418 |
| **8/25** | $13821 | $14175 | $14266 |

---

### Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception** |
| Shares based on NAV (Commenced May 31, 2023) | 15.36% | 15.43% |
| Solactive GBS Global Markets ex United States Large & Mid Cap Index | 15.44% | 16.74% |
| MSCI World ex USA Index | 14.88% | 17.06% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return, principal value and market share price will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:**am.gs.com **to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale or redemption of Fund shares. In accordance with regulatory requirements, the Fund is required to compare its performance to a regulatory benchmark, which in this case is the MSCI World ex USA Index.

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

GXUS

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $521750485 |
| # of Portfolio Holdings as of Period End | 2819 |
| Portfolio Turnover Rate for the Period | 5% |
| Total Net Advisory Fees Paid for the Period | $832189 |

---

## 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 | 24.3% |
| Industrials | 15.3% |
| Information Technology | 13.1% |
| Consumer Discretionary | 10.3% |
| Health Care | 7.8% |
| Consumer Staples | 6.3% |
| Materials | 6.3% |
| Communication Services | 6.1% |
| Energy | 4.5% |
| Other | 5.5% |

---

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 financial instrument is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Index and/or Index trademark or the Index Price at any time or in any other respect. See https://am.gs.com/en-us/individual/funds?search=Goldman+Sachs+MarketBeta+Total+International+Equity+ETF&sf=funds&filters=funds%7CETF for full disclaimer.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P 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 or 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, 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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

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

38150W206-AR-0825 GXUS

![Image](g936516g90y09.jpg)

Annual Shareholder Report

August 31, 2025

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

# NYSE Arca, Inc.: GUSA

## Fund Overview
This 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, 2024 to August 31, 2025 (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 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 | $11 | 0.10% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* The information technology, communication services and financials sectors contributed most positively to the Solactive GBS United States 1000 Index's (Index) relative results.

* Positions in information technology companies NVIDIA, Microsoft and Broadcom contributed most positively to the Index's returns during the annual period (6.84%, 6.22% and 2.30% of Fund net assets as of August 31, 2025, respectively).

Top Detractors from Performance:

* The health care, real estate and materials sectors contributed least to the Index's relative results.

* Positions in health insurance and health care services company UnitedHealth Group, pharmaceuticals company Eli Lilly & Co. and software company Adobe contributed least to the Index's results during the annual period (0.47%, 1.04% and 0.25% of Fund net assets as of August 31, 2025, respectively). 

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

GUSA

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or less if the Fund has been in operation for less than 10 years). For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g936516g08t44.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Shares based on NAV** | **Solactive GBS United States 1000 Index** | **Russell 1000<sup>®</sup> Index** |
| **4/5/22** | $10000 | $10000 | $10000 |
| **8/22** | $8764 | $8765 | $8773 |
| **8/23** | $10117 | $10113 | $10124 |
| **8/24** | $12798 | $12809 | $12817 |
| **8/25** | $14864 | $14895 | $14899 |

---

### Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception** |
| Shares based on NAV (Commenced April 5, 2022) | 16.14% | 12.33% |
| Solactive GBS United States 1000 Index | 16.28% | 12.40% |
| Russell 1000<sup>®</sup> Index | 16.24% | 12.41% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return, principal value and market share price will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:**am.gs.com **to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale or redemption of Fund shares. In accordance with regulatory requirements, the Fund is required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000<sup>®</sup> Index.

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

GUSA

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2020770507 |
| # of Portfolio Holdings as of Period End | 1013 |
| Portfolio Turnover Rate for the Period | 2% |
| Total Net Advisory Fees Paid for the Period | $1867059 |

---

## 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 | 32.0% |
| Financials | 13.6% |
| Consumer Discretionary | 10.9% |
| Communication Services | 9.9% |
| Industrials | 9.3% |
| Health Care | 9.2% |
| Consumer Staples | 5.0% |
| Energy | 3.1% |
| Utilities | 2.3% |
| Other | 4.6% |

---

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 financial instrument is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Index and/or Index trademark or the Index Price at any time or in any other respect. See https://am.gs.com/en-us/individual/funds?search=Goldman+Sachs+MarketBeta+US+1000+Equity+ETF&sf=funds&filters=funds%7CETF for full disclaimer.

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P 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 or 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, 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.© 2025 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-AR-0825 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.

**Table 1 — Items 4(a) - 4(d). The accountant fees below reflect the aggregate fees billed by the Funds of the Goldman Sachs ETF Trust II to which this certified shareholder report relates.** 

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **Description of Services Rendered** |
|  Audit Fees: |  |  |  |
| • PricewaterhouseCoopers LLP<br>("PwC") | $44600 | $52827 | Financial Statement audits. |
|  Audit-Related Fees: |  |  |  |
| • PwC | $12798 | $6300 | Other attest services. |
|  Tax Fees: |  |  |  |
| • PwC | $0 | $0 |  |
|  All Other Fees: |  |  |  |
| • PwC | $0 | $0 |  |
| <br> **Table 2 — Items 4(b)(c) & (d). Non-Audit Services to the Goldman Sachs ETF Trust II's service affiliates\* that were pre-approved by the Audit Committee of the Goldman Sachs ETF Trust II pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.** | <br> **Table 2 — Items 4(b)(c) & (d). Non-Audit Services to the Goldman Sachs ETF Trust II's service affiliates\* that were pre-approved by the Audit Committee of the Goldman Sachs ETF Trust II pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.** | <br> **Table 2 — Items 4(b)(c) & (d). Non-Audit Services to the Goldman Sachs ETF Trust II's service affiliates\* that were pre-approved by the Audit Committee of the Goldman Sachs ETF Trust II pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.** | <br> **Table 2 — Items 4(b)(c) & (d). Non-Audit Services to the Goldman Sachs ETF Trust II's service affiliates\* that were pre-approved by the Audit Committee of the Goldman Sachs ETF Trust II pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.** |
|  | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025**  | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024**  | **Description of Services Rendered** |
|  Audit-Related Fees: |  |  |  |
| • PwC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2081340 | $2122312 | Internal control review performanced in accordance with Statement on Standards for Attestation Engagements No. 16 and semi-annual updates related to withholding tax accrual for non-US jurisdictions. These fees are borne by the Funds' Adviser. |

---

\* These include the advisor (excluding sub-advisors) and any entity controlling, controlled by or under common control with the advisor that provides ongoing services to the registrant (hereinafter referred to as "service affiliates").

#### Item 4(e)(1) — Audit Committee Pre-Approval Policies and Procedures
<u>Pre-Approval of Audit and Non-Audit Services Provided to the Funds of the Goldman Sachs ETF Trust II.</u> The Audit and Non-Audit Services Pre-Approval Policy (the "Policy") adopted by the Audit Committee of Goldman Sachs ETF Trust II ("GS ETF II") sets forth the procedures and the conditions pursuant to which services performed by an independent auditor for GS ETF II may be pre-approved. Services may be pre-approved specifically by the Audit Committee as a whole or, in certain circumstances, by the Audit Committee Chairman or the person designated as the Audit Committee Financial Expert. In addition, subject to specified cost limitations, certain services may be pre-approved under the provisions of the Policy. The Policy provides that the Audit Committee will consider whether the services provided by an independent auditor are consistent with the Securities and Exchange Commission's rules on auditor independence. The Policy provides for periodic review and pre-approval by the Audit Committee of the services that may be provided by the independent auditor.

<u>De Minimis Waiver.</u> The pre-approval requirements of the Policy may be waived with respect to the provision of non-audit services that are permissible for an independent auditor to perform, provided (1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues subject to pre-approval that was paid to the independent auditors during the fiscal year in which the services are provided; (2) such services were not recognized by GS ETF II at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee, pursuant to the pre-approval provisions of the Policy.

<u>Pre-Approval of Non-Audit Services Provided to the Goldman Sachs ETF II's Investment Advisers.</u> The Policy provides that, in addition to requiring pre-approval of audit and non-audit services provided to GS ETF II, the Audit Committee will pre-approve those non-audit services provided to GS ETF II's investment advisers (and entities controlling, controlled by or under common control with the investment advisers that provide ongoing services to GS ETF II) where the engagement relates directly to the operations or financial reporting of GS ETF II.

**Item 4(e)(2) –** 0% of the audit-related fees, tax fees and other fees listed in Table 1 were approved by GS ETF II's Audit Committee pursuant to the "de minimis" exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X. In addition, 0% of the non-audit services to the GS ETF II's service affiliates listed in Table 2 were approved by GS ETF II's Audit Committee pursuant to the "de minimis" exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

**Item 4(f) –** Not applicable.

#### Item 4(g) Aggregate Non-Audit Fees Disclosure
The aggregate non-audit fees billed to GS ETF II by PwC for the twelve months ended August 31, 2025 and August 31, 2024 were approximately $12,798 and $6,300, respectively. The aggregate non-audit fees billed to GS ETF II's adviser and service affiliates by PwC for non-audit services for the twelve months ended December 31, 2024 and December 31, 2023 were approximately $20.7 million and $18.0 million, respectively. With regard to the aggregate non-audit fees billed to GS ETF II's adviser and service affiliates, the 2024 and 2023 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GS ETF II's operations or financial reporting.

**Item 4(h) —** GS ETF II's Audit Committee has considered whether the provision of non-audit services to GS ETF II's investment adviser and service affiliates that did not require pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the auditors' independence.

**Item 4(i)** – Not applicable.

**Item 4(j)** – Not applicable.

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 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, Lawrence W. Stranghoener, Paul C. Wirth, 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](g936516g01a01.jpg)

Goldman Sachs Funds Annual Financial Statements August 31, 2025 Goldman Sachs MarketBeta® ETFs II Goldman Sachs MarketBeta® Total International Equity ETF (GXUS) Goldman Sachs MarketBeta® U.S. 1000 Equity ETF (GUSA)

------

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

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

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

---

| | |
|:---|:---|
| **Table of Contents** | **Page** |
|  **[Schedules of Investments](#mbii936516_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs MarketBeta<sup>®</sup> Total International Equity ETF](#mbii936516_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs MarketBeta<sup>®</sup> U.S. 1000 Equity ETF](#mbii936516_3) | 55 |
|  **[Financial Statements](#mbii936516_4)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#mbii936516_5) | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#mbii936516_6) | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#mbii936516_7) | 68 |
|  **[Financial Highlights](#mbii936516_8)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs MarketBeta<sup>®</sup> Total International Equity ETF](#mbii936516_9) | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs MarketBeta<sup>®</sup> U.S. 1000 Equity ETF](#mbii936516_10) | 70 |
|  **[Notes to Financial Statements](#mbii936516_11)** | 71 |
|  **[Report of Independent Registered Public Accounting Firm](#mbii936516_12)** | 84 |
|  **[Statement Regarding Basis for Approval of Management Agreement](#mbii936516_13)** | 85 |

---

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

------

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

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

Schedule of Investments *August 31, 2025*

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

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

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – 98.6% | Common Stocks – 98.6% | Common Stocks – 98.6% |
| Argentina – 0.0% | 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;49115 |
| Australia – 4.7% | Australia – 4.7% |  |
| 9968 | AGL Energy Ltd. (Utilities) | 53693 |
| 3957 | Ampol Ltd. (Energy) | 76142 |
| 48639 | ANZ Group Holdings Ltd. (Financials) | 1071859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21312 | APA Group (Utilities) | 122888 |
| 9277 | Aristocrat Leisure Ltd. (Consumer Discretionary) | 441480 |
| 3186 | ASX Ltd. (Financials) | 130411 |
| 17262 | Atlas Arteria Ltd. (Industrials) | 60218 |
| 30508 | Aurizon Holdings Ltd. (Industrials) | 64695 |
| 82146 | BHP Group Ltd. (Materials) | 2322092 |
| 7543 | BlueScope Steel Ltd. (Materials) | 113302 |
| 22495 | Brambles Ltd. (Industrials) | 382061 |
| 5598 | CAR Group Ltd. (Communication Services) | 148168 |
| 7727 | Charter Hall Group REIT (Real Estate) | 118493 |
| 1087 | Cochlear Ltd. (Health Care) | 214535 |
| 21524 | Coles Group Ltd. (Consumer Staples) | 336408 |
| 27541 | Commonwealth Bank of Australia (Financials) | 3069758 |
| 8474 | Computershare Ltd. (Industrials) | 211700 |
| 17632 | Dexus REIT (Real Estate) | 86666 |
| 2596 | EBOS Group Ltd. (Health Care) | 49951 |
| 22420 | Endeavour Group Ltd. (Consumer Staples) | 56054 |
| 29649 | Evolution Mining Ltd. (Materials) | 168050 |
| 26208 | Fortescue Ltd. (Materials) | 331056 |
| 162803 | Glencore PLC (Materials)\* | 642708 |
| 32901 | Goodman Group REIT (Real Estate) | 739683 |
| 31795 | GPT Group (The) REIT (Real Estate) | 116119 |
| 38661 | Insurance Australia Group Ltd. (Financials) | 220395 |
| 1770 | JB Hi-Fi Ltd. (Consumer Discretionary) | 135784 |
| 36975 | Lottery Corp. Ltd. (The) (Consumer Discretionary) | 142297 |
| 15378 | Lynas Rare Earths Ltd. (Materials)\* | 139600 |
| 5841 | Macquarie Group Ltd. (Financials) | 860772 |
| 45320 | Medibank Pvt Ltd. (Financials) | 151276 |
| 65367 | Mirvac Group REIT (Real Estate) | 100967 |
| 50169 | National Australia Bank Ltd. (Financials) | 1405036 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Australia – (continued) | Australia – (continued) | Australia – (continued) |
| 9944 | NEXTDC Ltd. (Information Technology)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22640 | Northern Star Resources Ltd. (Materials) | 279910 |
| 7535 | Orica Ltd. (Materials) | 108398 |
| 28123 | Origin Energy Ltd. (Utilities) | 237812 |
| 48592 | Pilbara Minerals Ltd. (Materials)\* | 77918 |
| 804 | Pro Medicus Ltd. (Health Care) | 157239 |
| 24711 | Qantas Airways Ltd. (Industrials) | 190037 |
| 24762 | QBE Insurance Group Ltd. (Financials) | 350876 |
| 3008 | Ramsay Health Care Ltd. (Health Care) | 66740 |
| 786 | REA Group Ltd. (Communication Services) | 129139 |
| 4895 | Reece Ltd. (Industrials) | 35754 |
| 6057 | Rio Tinto Ltd. (Materials) | 457759 |
| 17747 | Rio Tinto PLC (Materials) | 1113016 |
| 53904 | Santos Ltd. (Energy) | 282947 |
| 85678 | Scentre Group REIT (Real Estate) | 228791 |
| 5688 | SEEK Ltd. (Communication Services) | 103345 |
| 3184 | SGH Ltd. (Industrials) | 105259 |
| 73789 | Sigma Healthcare Ltd. (Health Care) | 150680 |
| 7475 | Sonic Healthcare Ltd. (Health Care) | 117662 |
| 75086 | South32 Ltd. (Materials) | 133671 |
| 39633 | Stockland REIT (Real Estate) | 160827 |
| 17859 | Suncorp Group Ltd. (Financials) | 248736 |
| 4746 | Technology One Ltd. (Information Technology) | 124157 |
| 188595 | Telstra Group Ltd. (Communication Services) | 603599 |
| 6510 | TPG Telecom Ltd. (Communication Services) | 22540 |
| 51113 | Transurban Group (Industrials) | 488421 |
| 13225 | Treasury Wine Estates Ltd. (Consumer Staples) | 67775 |
| 63774 | Vicinity Ltd. REIT (Real Estate) | 108107 |
| 3847 | Washington H Soul Pattinson & Co. Ltd. (Financials) | 110182 |
| 18364 | Wesfarmers Ltd. (Consumer Discretionary) | 1103486 |
| 56059 | Westpac Banking Corp. (Financials) | 1416625 |
| 13610 | Whitehaven Coal Ltd. (Energy) | 58969 |
| 2844 | WiseTech Global Ltd. (Information Technology) | 189472 |
| 31001 | Woodside Energy Group Ltd. (Energy) | 535863 |
| 20073 | Woolworths Group Ltd. (Consumer Staples) | 378368 |
| 6179 | Worley Ltd. (Industrials) | 59409 |

---

&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) *August 31, 2025*

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

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

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Australia – (continued) | Australia – (continued) | Australia – (continued) |
| 4546 | Yancoal Australia Ltd. |  |
|  | (Energy)<sup>(a)</sup> | $16186 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24411380 |
| Austria – 0.3% | Austria – 0.3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1183 | ANDRITZ AG (Industrials) | 83290 |
| 1237 | BAWAG Group AG<br>(Financials)\*<sup>(b)</sup> | 159994 |
| 566 | CA Immobilien Anlagen AG (Real Estate) | 15529 |
| 4951 | Erste Group Bank AG (Financials) | 471146 |
| 553 | EVN AG (Utilities) | 15147 |
| 7333 | Mondi PLC (Materials) | 103184 |
| 2349 | OMV AG (Energy) | 129392 |
| 2081 | Raiffeisen Bank International AG (Financials) | 69128 |
| 276 | Strabag SE (Industrials) | 25360 |
| 1097 | Verbund AG (Utilities) | 78262 |
| 549 | Vienna Insurance Group AG Wiener Versicherung Gruppe (Financials) | 28467 |
| 1857 | voestalpine AG (Materials) | 61514 |
| 1776 | Wienerberger AG (Materials) | 61865 |
|  |  | 1302278 |
| Belgium – 0.6% | Belgium – 0.6% |  |
| 360 | Ackermans & van Haaren NV (Industrials) | 93378 |
| 2967 | Ageas SA/NV (Financials) | 209067 |
| 15862 | Anheuser-Busch InBev SA/NV (Consumer Staples) | 994050 |
| 1898 | Azelis Group NV (Industrials) | 28303 |
| 624 | Colruyt Group NV (Consumer Staples) | 27448 |
| 346 | D'ieteren Group (Consumer Discretionary) | 74964 |
| 717 | Elia Group SA/NV (Utilities) | 82079 |
| 315 | Financiere de Tubize SA (Health Care) | 58919 |
| 1364 | Groupe Bruxelles Lambert NV (Financials) | 119902 |
| 4114 | KBC Group NV (Financials) | 485156 |
| 7 | Lotus Bakeries NV (Consumer Staples) | 68580 |
| 248 | Sofina SA (Financials) | 75068 |
| 1160 | Solvay SA (Materials) | 38154 |
| 1160 | Syensqo SA (Materials) | 102485 |
| 1978 | UCB SA (Health Care) | 462703 |
| 2702 | Warehouses De Pauw CVA REIT (Real Estate) | 69326 |
|  |  | 2989582 |
| Brazil – 1.1% | Brazil – 1.1% |  |
| 73240 | Ambev SA (Consumer Staples) | 166635 |
| 87609 | B3 SA – Brasil Bolsa Balcao (Financials) | 209496 |
| 24214 | Banco Bradesco SA (Financials) | 64415 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Brazil – (continued) | Brazil – (continued) | Brazil – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19504 | Banco BTG Pactual SA (Financials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161189 |
| 28568 | Banco do Brasil SA (Financials) | 112575 |
| 6207 | Banco Santander Brasil SA (Financials) | 32269 |
| 11159 | BB Seguridade Participacoes SA (Financials) | 67471 |
| 12300 | BRF SA (Consumer Staples) | 46747 |
| 8598 | Caixa Seguridade Participacoes SA (Financials) | 22334 |
| 19276 | Centrais Eletricas Brasileiras SA (Utilities) | 159873 |
| 7549 | Cia de Saneamento Basico do Estado de Sao Paulo (Utilities) | 170350 |
| 12415 | Cia Paranaense de Energia (Utilities) | 25616 |
| 3119 | CPFL Energia SA (Utilities) | 22622 |
| 7459 | CSN Mineracao SA (Materials) | 7146 |
| 11400 | Embraer SA (Industrials) | 160034 |
| 4929 | Energisa SA (Utilities) | 44322 |
| 9973 | Eneva SA (Utilities)\* | 27762 |
| 2905 | Engie Brasil Energia SA (Utilities) | 21375 |
| 18059 | Equatorial Energia SA (Utilities) | 121666 |
| 5200 | Hapvida Participacoes e Investimentos SA (Health Care)\*<sup>(b)</sup> | 39957 |
| 8229 | Itau Unibanco Holding SA (Financials) | 52166 |
| 15258 | Klabin SA (Materials) | 52030 |
| 14300 | Localiza Rent a Car SA (Industrials) | 94418 |
| 17425 | Lojas Renner SA (Consumer Discretionary) | 52197 |
| 16590 | Motiva Infraestrutura de Mobilidade SA (Industrials) | 44011 |
| 13939 | Natura Cosmeticos SA (Consumer Staples)\* | 23137 |
| 3069 | Neoenergia SA (Utilities) | 15458 |
| 57872 | NU Holdings Ltd., Class A (Financials)\* | 856506 |
| 3308 | Pagseguro Digital Ltd., Class A (Financials) | 29640 |
| 60509 | Petroleo Brasileiro SA - Petrobras (Energy) | 376224 |
| 2807 | Porto Seguro SA (Financials) | 26761 |
| 13354 | PRIO SA (Energy)\* | 93166 |
| 20800 | Raia Drogasil SA (Consumer Staples) | 67250 |
| 11072 | Rede D'Or Sao Luiz SA (Health<br>Care)<sup>(b)</sup> | 80285 |
| 20244 | Rumo SA (Industrials) | 54264 |
| 3981 | StoneCo Ltd., Class A (Financials)\* | 65567 |
| 11514 | Suzano SA (Materials) | 111256 |
| 13440 | Telefonica Brasil SA (Communication Services) | 83862 |

---

&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;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Brazil – (continued) | Brazil – (continued) | Brazil – (continued) | Brazil – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13200 | TIM SA (Communication Services) | $| 55323 |
| 8628 | TOTVS SA (Information Technology) |  | 68508 |
| 12021 | Ultrapar Participacoes SA (Energy) |  | 43539 |
| 59600 | Vale SA (Materials) |  | 610043 |
| 18525 | Vibra Energia SA (Consumer Discretionary) |  | 82044 |
| 24648 | WEG SA (Industrials) |  | 171007 |
| 7409 | Wheaton Precious Metals Corp. (Materials) |  | 744273 |
| 6445 | XP, Inc., Class A (Financials) |  | 116912 |
| 2554 | Yara International ASA (Materials) |  | 92959 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5846660 |
| Canada – 7.8% | Canada – 7.8% | Canada – 7.8% | Canada – 7.8% |
| 8394 | Agnico Eagle Mines Ltd. (Materials) |  | 1210602 |
| 6863 | Alamos Gold, Inc., Class A (Materials) |  | 209147 |
| 11666 | Alimentation Couche-Tard, Inc. (Consumer Staples) |  | 591478 |
| 4641 | AltaGas Ltd. (Utilities) |  | 137613 |
| 9646 | ARC Resources Ltd. (Energy) |  | 185691 |
| 2871 | AtkinsRealis Group, Inc. (Industrials) |  | 197485 |
| 11885 | Bank of Montreal (Financials) |  | 1438631 |
| 20695 | Bank of Nova Scotia (The) (Financials) |  | 1292844 |
| 28132 | Barrick Mining Corp. (Materials) |  | 750556 |
| 15189 | BCE, Inc. (Communication Services)<sup>(a)</sup> |  | 379130 |
| 6659 | Brookfield Asset Management Ltd., Class A (Financials) |  | 400864 |
| 24900 | Brookfield Corp. (Financials) |  | 1637148 |
| 584 | Brookfield Wealth Solutions Ltd. (Financials)\* |  | 38334 |
| 5280 | CAE, Inc. (Industrials)\* |  | 142408 |
| 7140 | Cameco Corp. (Energy) |  | 552499 |
| 2774 | Canadian Apartment Properties REIT (Real Estate) |  | 85870 |
| 15476 | Canadian Imperial Bank of Commerce (Financials) |  | 1195855 |
| 9134 | Canadian National Railway Co. (Industrials) |  | 884493 |
| 33711 | Canadian Natural Resources Ltd. (Energy) |  | 1067840 |
| 15290 | Canadian Pacific Kansas City Ltd. (Industrials) |  | 1165000 |
| 885 | Canadian Tire Corp. Ltd., Class A (Consumer Discretionary) |  | 110387 |
| 2048 | Canadian Utilities Ltd., Class A (Utilities) |  | 57027 |
| 2400 | CCL Industries, Inc., Class B (Materials) |  | 143813 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Canada – (continued) | Canada – (continued) | Canada – (continued) |
| 1869 | Celestica, Inc. (Information Technology)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21099 | Cenovus Energy, Inc. (Energy) | 350997 |
| 3315 | CGI, Inc. (Information Technology) | 321999 |
| 4590 | Choice Properties Real Estate Investment Trust REIT (Real Estate) | 48509 |
| 331 | Constellation Software, Inc. (Information Technology) | 1097027 |
| 4441 | Dollarama, Inc. (Consumer Discretionary) | 605719 |
| 4931 | Emera, Inc. (Utilities) | 234922 |
| 2086 | Empire Co. Ltd. (Consumer Staples) | 80997 |
| 36115 | Enbridge, Inc. (Energy) | 1747946 |
| 361 | Fairfax Financial Holdings Ltd. (Financials) | 621668 |
| 643 | FirstService Corp. (Real Estate) | 129490 |
| 8040 | Fortis, Inc. (Utilities) | 400258 |
| 3163 | Franco-Nevada Corp. (Materials) | 596292 |
| 2619 | George Weston Ltd. (Consumer Staples) | 168706 |
| 2188 | Gildan Activewear, Inc. (Consumer Discretionary) | 119492 |
| 4484 | Great-West Lifeco, Inc. (Financials) | 177668 |
| 5206 | Hydro One Ltd. (Utilities)<sup>(b)</sup> | 189630 |
| 1527 | iA Financial Corp., Inc. (Financials) | 164328 |
| 1487 | IGM Financial, Inc. (Financials) | 53330 |
| 2467 | Imperial Oil Ltd. (Energy)<sup>(a)</sup> | 223925 |
| 2904 | Intact Financial Corp. (Financials) | 581731 |
| 3759 | Keyera Corp. (Energy) | 121152 |
| 19994 | Kinross Gold Corp. (Materials) | 418098 |
| 8904 | Loblaw Cos. Ltd. (Consumer Staples) | 363761 |
| 1633 | Lundin Gold, Inc. (Materials) | 100446 |
| 4410 | Magna International, Inc. (Consumer Discretionary) | 202488 |
| 28179 | Manulife Financial Corp. (Financials) | 867157 |
| 3584 | Metro, Inc. (Consumer Staples) | 256971 |
| 6486 | National Bank of Canada (Financials) | 681976 |
| 8066 | Nutrien Ltd. (Materials) | 465002 |
| 935 | Onex Corp. (Financials) | 80019 |
| 4426 | Open Text Corp. (Information Technology) | 146421 |
| 5942 | Pan American Silver Corp. (Materials) | 201637 |
| 9592 | Pembina Pipeline Corp. (Energy) | 362385 |
| 8918 | Power Corp. of Canada (Financials) | 377584 |

---

&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) *August 31, 2025*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Canada – (continued) | Canada – (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2544 | Quebecor, Inc., Class B (Communication Services) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77323 |
| 3011 | RB Global, Inc. (Industrials) |  | 344995 |
| 4966 | Restaurant Brands International, Inc. (Consumer Discretionary) |  | 314573 |
| 6158 | Rogers Communications, Inc., Class B (Communication Services) |  | 220718 |
| 23310 | Royal Bank of Canada (Financials) |  | 3388477 |
| 4056 | Saputo, Inc. (Consumer Staples) |  | 101566 |
| 19311 | Shopify, Inc., Class A (Information Technology)\* |  | 2728393 |
| 1882 | Stantec, Inc. (Industrials) |  | 204629 |
| 9298 | Sun Life Financial, Inc. (Financials) |  | 543272 |
| 20209 | Suncor Energy, Inc. (Energy)<sup>(a)</sup> |  | 835620 |
| 16943 | TC Energy Corp. (Energy) |  | 882598 |
| 7306 | Teck Resources Ltd., Class B (Materials) |  | 249892 |
| 25240 | TELUS Corp. (Communication Services) |  | 416209 |
| 1236 | TFI International, Inc. (Industrials) |  | 117141 |
| 2250 | Thomson Reuters Corp. (Industrials) |  | 399721 |
| 28866 | Toronto-Dominion Bank (The) (Financials) |  | 2168077 |
| 5692 | Tourmaline Oil Corp. (Energy) |  | 241784 |
| 909 | West Fraser Timber Co. Ltd. (Materials) |  | 66234 |
| 2161 | WSP Global, Inc. (Industrials) |  | 440212 |
|  |  |  | 40540028 |
| Chile – 0.2% | Chile – 0.2% | Chile – 0.2% | Chile – 0.2% |
| 5440 | Antofagasta PLC (Materials) |  | 157651 |
| 727109 | Banco de Chile (Financials) |  | 104603 |
| 1473 | Banco de Credito e Inversiones SA (Financials) |  | 59808 |
| 1027617 | Banco Santander Chile (Financials) |  | 61998 |
| 21127 | Cencosud SA (Consumer Staples) |  | 67217 |
| 235561 | Cia Sud Americana de Vapores SA (Industrials) |  | 11837 |
| 19320 | Empresas CMPC SA (Materials) |  | 30414 |
| 6905 | Empresas Copec SA (Consumer Discretionary) |  | 51626 |
| 316033 | Enel Americas SA (Utilities) |  | 32981 |
| 403063 | Enel Chile SA (Utilities) |  | 28377 |
| 13071 | Falabella SA (Consumer Discretionary) |  | 74693 |
| 3606330 | Latam Airlines Group SA (Industrials) |  | 91150 |
| 10880 | Lundin Mining Corp. (Materials) |  | 125921 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Chile – (continued) | Chile – (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7709 | Plaza SA (Real Estate) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18172 |
|  |  |  | 916448 |
| China – 9.3% | China – 9.3% | China – 9.3% | China – 9.3% |
| 6551 | 360 Security Technology, Inc., Class A (Information Technology) |  | 10669 |
| 2084 | 37 Interactive Entertainment Network Technology Group Co. Ltd., Class A (Communication Services) |  | 5761 |
| 30500 | 3SBio, Inc. (Health Care)\*<sup>(b)</sup> |  | 114084 |
| 11580 | AAC Technologies Holdings, Inc. (Information Technology) |  | 64288 |
| 695 | Accelink Technologies Co. Ltd., Class A (Information Technology) |  | 6704 |
| 230 | ACM Research Shanghai, Inc., Class A (Information Technology) |  | 5005 |
| 571 | Advanced Micro-Fabrication Equipment Inc China, Class A (Information Technology) |  | 17169 |
| 1191 | AECC Aero-Engine Control Co. Ltd., Class A (Industrials) |  | 3526 |
| 2481 | AECC Aviation Power Co. Ltd., Class A (Industrials) |  | 14062 |
| 78726 | Agricultural Bank of China Ltd., Class A (Financials) |  | 77590 |
| 504041 | Agricultural Bank of China Ltd., Class H (Financials) |  | 339439 |
| 9330 | Aier Eye Hospital Group Co. Ltd., Class A (Health Care) |  | 17552 |
| 595 | AIMA Technology Group Co. Ltd., Class A (Consumer Discretionary) |  | 3066 |
| 7047 | Air China Ltd., Class A (Industrials)\* |  | 7470 |
| 26591 | Air China Ltd., Class H (Industrials)\* |  | 17600 |
| 1825 | Airtac International Group (Industrials) |  | 47103 |
| 1687 | Aisino Corp., Class A (Information Technology) |  | 2186 |
| 10009 | Akeso, Inc. (Health Care)\*<sup>(b)</sup> |  | 199901 |
| 265528 | Alibaba Group Holding Ltd. (Consumer Discretionary) |  | 3940762 |
| 83650 | Alibaba Health Information Technology Ltd. (Consumer Staples)\* |  | 58586 |
| 12308 | Aluminum Corp. of China Ltd., Class A (Materials) |  | 13530 |
| 62560 | Aluminum Corp. of China Ltd., Class H (Materials) |  | 55612 |
| 384 | Amlogic Shanghai Co. Ltd., Class A (Information Technology)\* |  | 5393 |
| 5955 | Angang Steel Co. Ltd., Class A (Materials)\* |  | 2216 |

---

&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;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22012 | Angang Steel Co. Ltd., Class H (Materials)\*<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6042 |
| 794 | Angel Yeast Co. Ltd., Class A (Consumer Staples) | 4415 |
| 3672 | Anhui Conch Cement Co. Ltd., Class A (Materials) | 12553 |
| 19657 | Anhui Conch Cement Co. Ltd., Class H (Materials) | 61776 |
| 1390 | Anhui Gujing Distillery Co. Ltd., Class A (Consumer Staples) | 33429 |
| 1985 | Anhui Jianghuai Automobile Group Corp. Ltd., Class A (Consumer Discretionary)\* | 15174 |
| 595 | Anhui Kouzi Distillery Co. Ltd., Class A (Consumer Staples) | 2897 |
| 595 | Anhui Yingjia Distillery Co. Ltd., Class A (Consumer Staples) | 3808 |
| 298 | Anjoy Foods Group Co. Ltd., Class A (Consumer Staples) | 3109 |
| 387 | Anker Innovations Technology Co. Ltd., Class A (Information Technology) | 7619 |
| 21274 | ANTA Sports Products Ltd. (Consumer Discretionary) | 261973 |
| 1092 | Apeloa Pharmaceutical Co. Ltd., Class A (Health Care) | 2438 |
| 4000 | Ascentage Pharma Group International (Health Care)\*<sup>(b)</sup> | 42664 |
| 893 | Asia - Potash International Investment Guangzhou Co. Ltd., Class A (Materials)\* | 4248 |
| 389 | ASR Microelectronics Co. Ltd., Class A (Information Technology)\* | 5729 |
| 298 | Asymchem Laboratories Tianjin Co. Ltd., Class A (Health Care) | 4473 |
| 430 | Asymchem Laboratories Tianjin Co. Ltd., Class H (Health Care)<sup>(b)</sup> | 5033 |
| 1027 | Atour Lifestyle Holdings Ltd. ADR (Consumer Discretionary) | 39971 |
| 496 | Autobio Diagnostics Co. Ltd., Class A (Health Care) | 2825 |
| 1113 | Autohome, Inc. ADR (Communication Services) | 32143 |
| 1787 | Avary Holding Shenzhen Co. Ltd., Class A (Information Technology) | 15003 |
| 36575 | AviChina Industry & Technology Co. Ltd., Class H (Industrials) | 20737 |
| 595 | AVICOPTER PLC, Class A (Industrials) | 3377 |
| 5161 | BAIC BluePark New Energy Technology Co. Ltd., Class A (Consumer Discretionary)\* | 6405 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36500 | Baidu, Inc., Class A (Communication Services)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418569 |
| 5558 | Baiyin Nonferrous Group Co. Ltd., Class A (Materials) | 2747 |
| 19752 | Bank of Beijing Co. Ltd., Class A (Financials) | 16638 |
| 3672 | Bank of Changsha Co. Ltd., Class A (Financials) | 4954 |
| 3474 | Bank of Chengdu Co. Ltd., Class A (Financials) | 9008 |
| 41389 | Bank of China Ltd., Class A (Financials) | 32075 |
| 1107442 | Bank of China Ltd., Class H (Financials) | 605156 |
| 1390 | Bank of Chongqing Co. Ltd., Class A (Financials) | 1920 |
| 39106 | Bank of Communications Co. Ltd., Class A (Financials) | 39914 |
| 120826 | Bank of Communications Co. Ltd., Class H (Financials) | 104307 |
| 3375 | Bank of Guiyang Co. Ltd., Class A (Financials) | 2933 |
| 5459 | Bank of Hangzhou Co. Ltd., Class A (Financials) | 12163 |
| 15881 | Bank of Jiangsu Co. Ltd., Class A (Financials) | 24147 |
| 9628 | Bank of Nanjing Co. Ltd., Class A (Financials) | 15031 |
| 6551 | Bank of Ningbo Co. Ltd., Class A (Financials) | 25955 |
| 13201 | Bank of Shanghai Co. Ltd., Class A (Financials) | 17681 |
| 3375 | Bank of Suzhou Co. Ltd., Class A (Financials) | 3847 |
| 6551 | Bank of Zhengzhou Co. Ltd., Class A (Financials) | 1913 |
| 21042 | Baoshan Iron & Steel Co. Ltd., Class A (Materials) | 20472 |
| 7841 | BBMG Corp., Class A (Materials) | 1794 |
| 6849 | Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A (Utilities) | 3010 |
| 575 | Beijing Compass Technology Development Co. Ltd., Class A (Financials)\* | 12113 |
| 3871 | Beijing Dabeinong Technology Group Co. Ltd., Class A (Consumer Staples) | 2299 |
| 496 | Beijing Easpring Material Technology Co. Ltd., Class A (Industrials) | 3355 |
| 595 | Beijing E-Hualu Information Technology Co. Ltd., Class A (Information Technology)\* | 1972 |
| 2680 | Beijing Enlight Media Co. Ltd., Class A (Communication Services) | 7435 |

---

&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) *August 31, 2025*

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

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

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7873 | Beijing Enterprises Holdings Ltd. (Utilities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32680 |
| 61408 | Beijing Enterprises Water Group Ltd. (Utilities) | 20480 |
| 198 | Beijing Huafeng Test & Control Technology Co. Ltd., Class A (Information Technology) | 4810 |
| 4367 | Beijing Jingneng Power Co. Ltd., Class A (Utilities) | 2593 |
| 426 | Beijing Kingsoft Office Software, Inc., Class A (Information Technology) | 20006 |
| 1588 | Beijing New Building Materials PLC, Class A (Industrials) | 5953 |
| 2382 | Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A (Materials) | 3933 |
| 3375 | Beijing Originwater Technology Co. Ltd., Class A (Industrials) | 2151 |
| 387 | Beijing Roborock Technology Co. Ltd., Class A (Consumer Discretionary) | 11676 |
| 1787 | Beijing Shiji Information Technology Co. Ltd., Class A (Information Technology) | 2772 |
| 3375 | Beijing Shougang Co. Ltd., Class A (Materials) | 1971 |
| 1787 | Beijing Tiantan Biological Products Corp. Ltd., Class A (Health Care) | 5030 |
| 1290 | Beijing Tongrentang Co. Ltd., Class A (Health Care) | 6462 |
| 1787 | Beijing Ultrapower Software Co. Ltd., Class A (Information Technology) | 3462 |
| 695 | Beijing United Information Technology Co. Ltd., Class A (Industrials) | 2845 |
| 695 | Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A (Health Care)\* | 5722 |
| 2581 | Beijing Yanjing Brewery Co. Ltd., Class A (Consumer Staples) | 4566 |
| 40794 | Beijing-Shanghai High Speed Railway Co. Ltd., Class A (Industrials) | 30583 |
| 7444 | Beiqi Foton Motor Co. Ltd., Class A (Consumer Discretionary)\* | 2895 |
| 198 | BeOne Medicines Ltd., Class A (Health Care)\* | 7728 |
| 15284 | BeOne Medicines Ltd., Class H (Health Care)\* | 361130 |
| 556 | Bethel Automotive Safety Systems Co. Ltd., Class A (Consumer Discretionary) | 3723 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397 | Betta Pharmaceuticals Co. Ltd., Class A (Health Care) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3939 |
| 397 | BGI Genomics Co. Ltd., Class A (Health Care)\* | 2999 |
| 4684 | Bilibili, Inc., Class Z (Communication Services)\* | 108691 |
| 1200 | Bloks Group Ltd. (Consumer Discretionary)\* | 16316 |
| 429 | Bloomage Biotechnology Corp. Ltd., Class A (Consumer Staples) | 3445 |
| 3196 | Bluefocus Intelligent Communications Group Co. Ltd., Class A (Communication Services)\* | 3154 |
| 1092 | Bluestar Adisseo Co., Class A (Materials) | 1622 |
| 3459 | BOC Aviation Ltd. (Industrials)<sup>(b)</sup> | 30970 |
| 59623 | BOC Hong Kong Holdings Ltd. (Financials) | 269364 |
| 2581 | BOC International China Co. Ltd., Class A (Financials) | 5852 |
| 37320 | BOE Technology Group Co. Ltd., Class A (Information Technology) | 22163 |
| 48387 | Brilliance China Automotive Holdings Ltd. (Consumer Discretionary) | 24703 |
| 993 | BTG Hotels Group Co. Ltd., Class A (Consumer Discretionary) | 2126 |
| 27900 | Budweiser Brewing Co. APAC Ltd. (Consumer Staples)<sup>(a)(b)</sup> | 30062 |
| 5360 | BYD Co. Ltd., Class A (Consumer Discretionary) | 85832 |
| 58740 | BYD Co. Ltd., Class H (Consumer Discretionary) | 861979 |
| 12489 | BYD Electronic International Co. Ltd. (Information Technology) | 65971 |
| 1588 | By-health Co. Ltd., Class A (Consumer Staples) | 2733 |
| 8409 | C&D International Investment Group Ltd. (Real Estate) | 19977 |
| 2481 | Caida Securities Co. Ltd., Class A (Financials) | 2689 |
| 4268 | Caitong Securities Co. Ltd., Class A (Financials) | 5195 |
| 372 | Cambricon Technologies Corp. Ltd., Class A (Information Technology)\* | 77948 |
| 794 | Canmax Technologies Co. Ltd., Class A (Materials) | 2253 |
| 542 | Cathay Biotech, Inc., Class A (Materials) | 4035 |
| 3672 | CECEP Solar Energy Co. Ltd., Class A (Utilities) | 2418 |

---

&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;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5955 | CECEP Wind-Power Corp., Class A (Utilities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2533 |
| 794 | CETC Cyberspace Security Technology Co. Ltd., Class A (Information Technology) | 2131 |
| 14293 | CGN Power Co. Ltd., Class A (Utilities) | 7706 |
| 176015 | CGN Power Co. Ltd., Class H (Utilities)<sup>(b)</sup> | 66379 |
| 397 | Changchun High-Tech Industry Group Co. Ltd., Class A (Health Care) | 5744 |
| 5062 | Changjiang Securities Co. Ltd., Class A (Financials) | 6076 |
| 298 | Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A (Consumer Discretionary) | 5066 |
| 1787 | Chaozhou Three-Circle Group Co. Ltd., Class A (Information Technology) | 11094 |
| 1489 | Chifeng Jilong Gold Mining Co. Ltd., Class A (Materials) | 5429 |
| 893 | China Automotive Engineering Research Institute Co. Ltd., Class A (Consumer Discretionary) | 2296 |
| 2382 | China Baoan Group Co. Ltd., Class A (Industrials) | 3277 |
| 139603 | China Cinda Asset Management Co. Ltd., Class H (Financials) | 29189 |
| 4863 | China CITIC Bank Corp. Ltd., Class A (Financials) | 5394 |
| 131151 | China CITIC Bank Corp. Ltd., Class H (Financials) | 117089 |
| 206000 | China CITIC Financial Asset Management Co., Ltd., Class H (Financials)\*<sup>(b)</sup> | 30388 |
| 3573 | China Coal Energy Co. Ltd., Class A (Energy) | 5688 |
| 34794 | China Coal Energy Co. Ltd., Class H (Energy) | 42221 |
| 37056 | China Communications Services Corp. Ltd., Class H (Industrials) | 22008 |
| 21033 | China Construction Bank Corp., Class A (Financials) | 26576 |
| 1560723 | China Construction Bank Corp., Class H (Financials) | 1503496 |
| 4169 | China CSSC Holdings Ltd., Class A (Industrials) | 21879 |
| 9826 | China Eastern Airlines Corp. Ltd., Class A (Industrials)\* | 5615 |
| 31705 | China Eastern Airlines Corp. Ltd., Class H (Industrials)\*<sup>(a)</sup> | 12363 |
| 30372 | China Energy Engineering Corp. Ltd., Class A (Industrials) | 10447 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95353 | China Energy Engineering Corp. Ltd., Class H (Industrials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14922 |
| 3275 | China Enterprise Co. Ltd., Class A (Real Estate)\* | 1379 |
| 43374 | China Everbright Bank Co. Ltd., Class A (Financials) | 23018 |
| 121294 | China Everbright Bank Co. Ltd., Class H (Financials) | 54456 |
| 54601 | China Everbright Environment Group Ltd. (Industrials) | 30747 |
| 55270 | China Feihe Ltd. (Consumer Staples)<sup>(b)</sup> | 31124 |
| 1687 | China Film Group Co. Ltd., Class A (Communication Services) | 3302 |
| 6352 | China First Heavy Industries Co. Ltd., Class A (Industrials)\* | 2702 |
| 4169 | China Galaxy Securities Co. Ltd., Class A (Financials) | 10834 |
| 57251 | China Galaxy Securities Co. Ltd., Class H (Financials) | 82030 |
| 44802 | China Gas Holdings Ltd. (Utilities) | 44711 |
| 3900 | China Gold International Resources Corp. Ltd. (Materials) | 54729 |
| 3573 | China Great Wall Securities Co. Ltd., Class A (Financials) | 6135 |
| 2978 | China Greatwall Technology Group Co. Ltd., Class A (Information Technology)\* | 7480 |
| 1290 | China Green Electricity Investment of Tianjin Co. Ltd., Class A (Utilities) | 1612 |
| 39548 | China Hongqiao Group Ltd. (Materials) | 129056 |
| 1489 | China International Capital Corp. Ltd., Class A (Financials) | 8059 |
| 24670 | China International Capital Corp. Ltd., Class H (Financials)<sup>(b)</sup> | 67024 |
| 2084 | China International Marine Containers Group Co. Ltd., Class A (Industrials) | 2382 |
| 3672 | China Jushi Co. Ltd., Class A (Materials) | 8047 |
| 1985 | China Life Insurance Co. Ltd., Class A (Financials) | 11727 |
| 123641 | China Life Insurance Co. Ltd., Class H (Financials) | 380954 |
| 6157 | China Literature Ltd. (Communication Services)\*<sup>(b)</sup> | 32033 |
| 55497 | China Longyuan Power Group Corp. Ltd., Class H (Utilities) | 47838 |
| 20554 | China Medical System Holdings Ltd. (Health Care) | 34486 |
| 3306 | China Mengniu Dairy Co. Ltd. (Consumer Staples) | 6446 |

---

&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) *August 31, 2025*

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

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

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20546 | China Merchants Bank Co. Ltd., Class A (Financials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123718 |
| 62879 | China Merchants Bank Co. Ltd., Class H (Financials) | 387154 |
| 7543 | China Merchants Energy Shipping Co. Ltd., Class A (Energy) | 6873 |
| 2283 | China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A (Industrials) | 3337 |
| 20619 | China Merchants Port Holdings Co. Ltd. (Industrials) | 39647 |
| 6849 | China Merchants Securities Co. Ltd., Class A (Financials) | 18250 |
| 7075 | China Merchants Securities Co. Ltd., Class H (Financials)<sup>(a)(b)</sup> | 15237 |
| 7146 | China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A (Real Estate) | 9180 |
| 33151 | China Minsheng Banking Corp. Ltd., Class A (Financials) | 21409 |
| 114834 | China Minsheng Banking Corp. Ltd., Class H (Financials) | 65402 |
| 70712 | China National Building Material Co. Ltd., Class H (Materials) | 51157 |
| 5657 | China National Chemical Engineering Co. Ltd., Class A (Industrials) | 6242 |
| 695 | China National Medicines Corp. Ltd., Class A (Health Care) | 2888 |
| 17667 | China National Nuclear Power Co. Ltd., Class A (Utilities) | 22100 |
| 794 | China National Software & Service Co. Ltd., Class A (Information Technology)\* | 5972 |
| 22000 | China Nonferrous Mining Corp. Ltd. (Materials) | 29236 |
| 3375 | China Northern Rare Earth Group High-Tech Co. Ltd., Class A (Materials) | 26918 |
| 1290 | China Oilfield Services Ltd., Class A (Energy) | 2537 |
| 30095 | China Oilfield Services Ltd., Class H (Energy) | 27332 |
| 61649 | China Overseas Land & Investment Ltd. (Real Estate) | 109999 |
| 19897 | China Overseas Property Holdings Ltd. (Real Estate) | 13629 |
| 6849 | China Pacific Insurance Group Co. Ltd., Class A (Financials) | 38760 |
| 41978 | China Pacific Insurance Group Co. Ltd., Class H (Financials) | 190940 |
| 31265 | China Petroleum & Chemical Corp., Class A (Energy) | 25064 |
| 380989 | China Petroleum & Chemical Corp., Class H (Energy) | 210633 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 4764 | China Petroleum Engineering Corp., Class A (Energy) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80140 | China Power International Development Ltd. (Utilities) | 32176 |
| 4584 | China Railway Construction Heavy Industry Corp. Ltd., Class A (Industrials) | 3733 |
| 19156 | China Railway Group Ltd., Class A (Industrials) | 15276 |
| 67210 | China Railway Group Ltd., Class H (Industrials) | 34054 |
| 5685 | China Railway Signal & Communication Corp. Ltd., Class A (Information Technology) | 4454 |
| 26868 | China Railway Signal & Communication Corp. Ltd., Class H (Information Technology)<sup>(b)</sup> | 11925 |
| 893 | China Rare Earth Resources And Technology Co. Ltd., Class A (Materials)\* | 7312 |
| 110000 | China Reinsurance Group Corp., Class H (Financials) | 24128 |
| 25922 | China Resources Beer Holdings Co. Ltd. (Consumer Staples) | 93036 |
| 14818 | China Resources Gas Group Ltd. (Utilities) | 38053 |
| 47927 | China Resources Land Ltd. (Real Estate) | 187875 |
| 1229 | China Resources Microelectronics Ltd., Class A (Information Technology) | 9041 |
| 9967 | China Resources Mixc Lifestyle Services Ltd. (Real Estate)<sup>(b)</sup> | 49529 |
| 25779 | China Resources Pharmaceutical Group Ltd. (Health Care)<sup>(b)</sup> | 16137 |
| 29623 | China Resources Power Holdings Co. Ltd. (Utilities) | 68207 |
| 1509 | China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A (Health Care) | 6447 |
| 218893 | China Ruyi Holdings Ltd. (Communication Services)\* | 80865 |
| 397 | China Science Publishing & Media Ltd., Class A (Communication Services) | 1200 |
| 6452 | China Shenhua Energy Co. Ltd., Class A (Energy) | 33941 |
| 56119 | China Shenhua Energy Co. Ltd., Class H (Energy) | 251086 |
| 1687 | China South Publishing & Media Group Co. Ltd., Class A (Communication Services) | 3117 |
| 10422 | China Southern Airlines Co. Ltd., Class A (Industrials)\* | 8838 |

---

&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;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26897 | China Southern Airlines Co. Ltd., Class H (Industrials)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13283 |
| 2680 | China Southern Power Grid Energy Efficiency & Clean Energy Co. Ltd., Class A (Industrials) | 1780 |
| 1489 | China Southern Power Grid Energy Storage Co. Ltd., Class A (Utilities) | 2153 |
| 41786 | China State Construction Engineering Corp. Ltd., Class A (Industrials) | 32794 |
| 29455 | China State Construction International Holdings Ltd. (Industrials) | 40352 |
| 893 | China Suntien Green Energy Corp. Ltd., Class A (Energy) | 967 |
| 28681 | China Suntien Green Energy Corp. Ltd., Class H (Energy) | 15967 |
| 23142 | China Taiping Insurance Holdings Co. Ltd. (Financials) | 48030 |
| 28585 | China Three Gorges Renewables Group Co. Ltd., Class A (Utilities) | 17056 |
| 1985 | China Tourism Group Duty Free Corp. Ltd., Class A (Consumer Discretionary) | 19310 |
| 1390 | China Tourism Group Duty Free Corp. Ltd., Class H (Consumer Discretionary)<sup>(b)</sup> | 11197 |
| 72091 | China Tower Corp. Ltd., Class H (Communication Services)<sup>(b)</sup> | 108564 |
| 31662 | China United Network Communications Ltd., Class A (Communication Services) | 25337 |
| 9032 | China Vanke Co. Ltd., Class A (Real Estate)\* | 8610 |
| 36664 | China Vanke Co. Ltd., Class H (Real Estate)\* | 24973 |
| 4764 | China XD Electric Co. Ltd., Class A (Industrials) | 4388 |
| 23325 | China Yangtze Power Co. Ltd., Class A (Utilities) | 91986 |
| 496 | China Zhenhua Group Science & Technology Co. Ltd., Class A (Information Technology) | 3545 |
| 20049 | China Zheshang Bank Co. Ltd., Class A (Financials) | 9120 |
| 39407 | China Zheshang Bank Co. Ltd., Class H (Financials) | 13496 |
| 794 | Chinalin Securities Co. Ltd., Class A (Financials) | 1882 |
| 496 | Chongqing Brewery Co. Ltd., Class A (Consumer Staples) | 3860 |
| 13598 | Chongqing Changan Automobile Co. Ltd., Class A (Consumer Discretionary) | 23997 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3474 | Chongqing Qianli Technology Co. Ltd., Class A (Consumer Discretionary)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5765 |
| 8238 | Chongqing Rural Commercial Bank Co. Ltd., Class A (Financials) | 7275 |
| 36854 | Chongqing Rural Commercial Bank Co. Ltd., Class H (Financials) | 27230 |
| 1687 | Chongqing Water Group Co. Ltd., Class A (Utilities) | 1118 |
| 2382 | Chongqing Zhifei Biological Products Co. Ltd., Class A (Health Care) | 7528 |
| 29009 | Chow Tai Fook Jewellery Group Ltd. (Consumer Discretionary) | 54179 |
| 81708 | CITIC Ltd. (Industrials) | 116548 |
| 1687 | Citic Pacific Special Steel Group Co. Ltd., Class A (Materials) | 3093 |
| 12208 | CITIC Securities Co. Ltd., Class A (Financials) | 53955 |
| 29176 | CITIC Securities Co. Ltd., Class H (Financials) | 107110 |
| 16476 | CMOC Group Ltd., Class A (Materials) | 28590 |
| 60327 | CMOC Group Ltd., Class H (Materials) | 92009 |
| 834 | CNGR Advanced Material Co. Ltd., Class A (Industrials) | 4380 |
| 5657 | CNOOC Energy Technology & Services Ltd., Class A (Energy) | 3169 |
| 5062 | CNPC Capital Co. Ltd., Class A (Financials) | 9011 |
| 4367 | Contemporary Amperex Technology Co. Ltd., Class A (Industrials) | 187719 |
| 1900 | Contemporary Amperex Technology Co. Ltd., Class H (Industrials) | 103386 |
| 9231 | COSCO SHIPPING Development Co. Ltd., Class A (Industrials) | 3279 |
| 3176 | COSCO SHIPPING Energy Transportation Co. Ltd., Class A (Energy) | 4615 |
| 21531 | COSCO SHIPPING Energy Transportation Co. Ltd., Class H (Energy) | 19250 |
| 12804 | COSCO SHIPPING Holdings Co. Ltd., Class A (Industrials) | 27467 |
| 46385 | COSCO SHIPPING Holdings Co. Ltd., Class H (Industrials) | 80622 |
| 35802 | Country Garden Services Holdings Co. Ltd. (Real Estate) | 29805 |
| 22729 | CRRC Corp. Ltd., Class A (Industrials) | 24475 |

---

&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) *August 31, 2025*

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

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

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 72632 | CRRC Corp. Ltd., Class H (Industrials) | $58416 |
| 2779 | CSC Financial Co. Ltd., Class A (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14182 | CSC Financial Co. Ltd., Class H (Financials)<sup>(b)</sup> | 26578 |
| 1072 | CSPC Innovation Pharmaceutical Co. Ltd., Class A (Health Care) | 8034 |
| 138664 | CSPC Pharmaceutical Group Ltd. (Health Care) | 179114 |
| 1290 | CSSC Science & Technology Co. Ltd., Class A (Industrials) | 2296 |
| 14094 | Daqin Railway Co. Ltd., Class A (Industrials) | 12486 |
| 1092 | DaShenLin Pharmaceutical Group Co. Ltd., Class A (Consumer Staples) | 2585 |
| 8040 | Datang International Power Generation Co. Ltd., Class A (Utilities) | 3939 |
| 44210 | Datang International Power Generation Co. Ltd., Class H (Utilities)<sup>(a)</sup> | 12533 |
| 2978 | DHC Software Co. Ltd., Class A (Information Technology) | 4720 |
| 992 | Do-Fluoride New Materials Co. Ltd., Class A (Materials) | 1879 |
| 595 | Dong-E-E-Jiao Co. Ltd., Class A (Health Care) | 4334 |
| 2581 | Dongfang Electric Corp. Ltd., Class A (Industrials) | 7167 |
| 5304 | Dongfang Electric Corp. Ltd., Class H (Industrials) | 11886 |
| 43219 | Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary) | 49507 |
| 397 | Dongguan Yiheda Automation Co. Ltd., Class A (Industrials) | 1516 |
| 2978 | Dongxing Securities Co. Ltd., Class A (Financials) | 5105 |
| 900 | Duality Biotherapeutics, Inc. (Health Care)\* | 36435 |
| 15781 | East Money Information Co. Ltd., Class A (Financials) | 64052 |
| 257 | Eastroc Beverage Group Co. Ltd., Class A (Consumer Staples) | 11147 |
| 5161 | Easyhome New Retail Group Co. Ltd., Class A (Consumer Discretionary)\* | 2188 |
| 496 | Ecovacs Robotics Co. Ltd., Class A (Consumer Discretionary) | 6747 |
| 496 | Empyrean Technology Co. Ltd., Class A (Information Technology) | 8565 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 12661 | ENN Energy Holdings Ltd. (Utilities) | $101504 |
| 2184 | ENN Natural Gas Co. Ltd., Class A (Utilities) | 5764 |
| 973 | Eoptolink Technology, Inc. Ltd., Class A (Information Technology) | 48658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1886 | Eve Energy Co. Ltd., Class A (Industrials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15143 |
| 3573 | Everbright Securities Co. Ltd., Class A (Financials) | 10058 |
| 9517 | Everdisplay Optronics Shanghai Co. Ltd., Class A (Information Technology)\* | 3701 |
| 3672 | Fangda Carbon New Material Co. Ltd., Class A (Industrials) | 2547 |
| 39865 | Far East Horizon Ltd. (Financials) | 38096 |
| 1132 | Farasis Energy Gan Zhou Co. Ltd., Class A (Industrials)\* | 2927 |
| 2283 | FAW Jiefang Group Co. Ltd., Class A (Industrials) | 2292 |
| 1092 | Fiberhome Telecommunication Technologies Co. Ltd., Class A (Information Technology) | 4205 |
| 3871 | First Capital Securities Co. Ltd., Class A (Financials) | 4478 |
| 1489 | Flat Glass Group Co. Ltd., Class A (Information Technology) | 3713 |
| 6572 | Flat Glass Group Co. Ltd., Class H (Information Technology) | 8868 |
| 13399 | Focus Media Information Technology Co. Ltd., Class A (Communication Services) | 15632 |
| 4268 | Foshan Haitian Flavouring & Food Co. Ltd., Class A (Consumer Staples) | 24831 |
| 32526 | Fosun International Ltd. (Industrials) | 22071 |
| 7742 | Founder Securities Co. Ltd., Class A (Financials) | 9391 |
| 10422 | Foxconn Industrial Internet Co. Ltd., Class A (Information Technology) | 78763 |
| 2084 | Fujian Funeng Co. Ltd., Class A (Utilities) | 2829 |
| 556 | Fujian Kuncai Material Technology Co. Ltd., Class A (Materials)\* | 1564 |
| 1191 | Fujian Sunner Development Co. Ltd., Class A (Consumer Staples) | 2966 |
| 12293 | Full Truck Alliance Co. Ltd. ADR (Industrials) | 160424 |
| 1886 | Fuyao Glass Industry Group Co. Ltd., Class A (Consumer Discretionary) | 17386 |

---

&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;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 10081 | Fuyao Glass Industry Group Co. Ltd., Class H (Consumer Discretionary)<sup>(b)</sup> | $88967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1696 | GalaxyCore, Inc., Class A (Information Technology) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4107 |
| 496 | Gan & Lee Pharmaceuticals Co. Ltd., Class A (Health Care) | 5079 |
| 1489 | Ganfeng Lithium Group Co. Ltd., Class A (Materials) | 8345 |
| 6756 | Ganfeng Lithium Group Co. Ltd., Class H (Materials)<sup>(a)(b)</sup> | 27177 |
| 99 | G-bits Network Technology Xiamen Co. Ltd., Class A (Communication Services) | 6383 |
| 16675 | GD Power Development Co. Ltd., Class A (Utilities) | 11214 |
| 15800 | GDS Holdings Ltd., Class A (Information Technology)\* | 68422 |
| 95652 | Geely Automobile Holdings Ltd. (Consumer Discretionary) | 239993 |
| 4764 | GEM Co. Ltd., Class A (Industrials) | 4983 |
| 4169 | Gemdale Corp., Class A (Real Estate)\* | 2388 |
| 19010 | Genscript Biotech Corp. (Health Care)\* | 41942 |
| 5459 | GF Securities Co. Ltd., Class A (Financials) | 16769 |
| 16840 | GF Securities Co. Ltd., Class H (Financials) | 39984 |
| 6204 | Giant Biogene Holding Co. Ltd. (Consumer Staples)<sup>(b)</sup> | 42934 |
| 1886 | Giant Network Group Co. Ltd., Class A (Communication Services) | 8367 |
| 695 | GigaDevice Semiconductor, Inc., Class A (Information Technology) | 15512 |
| 397 | Ginlong Technologies Co. Ltd., Class A (Industrials) | 3769 |
| 1290 | Glodon Co. Ltd., Class A (Information Technology) | 2755 |
| 3176 | GoerTek, Inc., Class A (Information Technology) | 16373 |
| 3176 | Goldwind Science & Technology Co. Ltd., Class A (Industrials) | 5092 |
| 12065 | Goldwind Science & Technology Co. Ltd., Class H (Industrials) | 13665 |
| 806 | Goneo Group Co. Ltd., Class A (Industrials) | 5334 |
| 1687 | Gotion High-tech Co. Ltd., Class A (Industrials) | 8638 |
| 2581 | Great Wall Motor Co. Ltd., Class A (Consumer Discretionary) | 9367 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 38527 | Great Wall Motor Co. Ltd., Class H (Consumer Discretionary) | $91872 |
| 5657 | Gree Electric Appliances, Inc. of Zhuhai, Class A (Consumer Discretionary) | 33833 |
| 9925 | Greenland Holdings Corp. Ltd., Class A (Real Estate)\* | 2620 |
| 16208 | Greentown China Holdings Ltd. (Real Estate) | 20292 |
| 2283 | GRG Banking Equipment Co. Ltd., Class A (Information Technology) | 4593 |
| 2283 | Guangdong Construction Engineering Group Co. Ltd., Class A (Industrials) | 1170 |
| 2084 | Guangdong Electric Power Development Co. Ltd., Class A (Utilities) | 1358 |
| 1687 | Guangdong Haid Group Co. Ltd., Class A (Consumer Staples) | 14566 |
| 47266 | Guangdong Investment Ltd. (Utilities) | 44320 |
| 6055 | Guanghui Energy Co. Ltd., Class A (Energy) | 4505 |
| 2978 | Guangzhou Automobile Group Co. Ltd., Class A (Consumer Discretionary) | 3282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46482 | Guangzhou Automobile Group Co. Ltd., Class H (Consumer Discretionary)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21047 |
| 2184 | Guangzhou Baiyun International Airport Co. Ltd., Class A (Industrials) | 3069 |
| 1290 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (Health Care) | 4808 |
| 3429 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H (Health Care)<sup>(a)</sup> | 7961 |
| 2481 | Guangzhou Development Group, Inc., Class A (Energy) | 2302 |
| 2184 | Guangzhou Haige Communications Group, Inc. Co., Class A (Information Technology) | 4483 |
| 397 | Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A (Health Care) | 1781 |
| 3375 | Guangzhou Port Co. Ltd., Class A (Industrials) | 1630 |
| 695 | Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A (Information Technology) | 4122 |
| 1787 | Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials) | 5397 |

---

&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) *August 31, 2025*

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

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

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 3275 | Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A (Financials) | $3701 |
| 2184 | Guolian Minsheng Securities Co. Ltd., Class A (Financials) | 3750 |
| 6490 | Guolian Minsheng Securities Co. Ltd., Class H (Financials)<sup>(a)</sup> | 5569 |
| 4863 | Guosen Securities Co. Ltd., Class A (Financials) | 10125 |
| 13000 | Guotai Haitong Securities Co. Ltd., Class A (Financials) | 38273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37800 | Guotai Haitong Securities Co. Ltd., Class H (Financials)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78986 |
| 4069 | Guoyuan Securities Co. Ltd., Class A (Financials) | 5278 |
| 3160 | H World Group Ltd. ADR (Consumer Discretionary) | 116446 |
| 28062 | Haidilao International Holding Ltd. (Consumer<br>Discretionary)<sup>(b)</sup> | 49639 |
| 5856 | Haier Smart Home Co. Ltd., Class A (Consumer Discretionary) | 21590 |
| 38577 | Haier Smart Home Co. Ltd., Class H (Consumer Discretionary) | 129846 |
| 40099 | Hainan Airlines Holding Co. Ltd., Class A (Industrials)\* | 8951 |
| 10620 | Hainan Airport Infrastructure Co. Ltd., Class A (Real Estate) | 5830 |
| 496 | Haisco Pharmaceutical Group Co. Ltd., Class A (Health Care) | 3862 |
| 10368 | Haitian International Holdings Ltd. (Industrials) | 29285 |
| 993 | Han's Laser Technology Industry Group Co. Ltd., Class A (Industrials) | 5222 |
| 1251 | Hangcha Group Co. Ltd., Class A (Industrials) | 4078 |
| 2878 | Hangzhou Binjiang Real Estate Group Co. Ltd., Class A (Real Estate) | 4271 |
| 595 | Hangzhou Chang Chuan Technology Co. Ltd., Class A (Information Technology) | 4991 |
| 2362 | Hangzhou First Applied Material Co. Ltd., Class A (Information Technology) | 4977 |
| 1092 | Hangzhou GreatStar Industrial Co., Ltd., Class A (Consumer Discretionary) | 4723 |
| 595 | Hangzhou Lion Microelectronics Co. Ltd., Class A (Information Technology)\* | 2227 |
| 893 | Hangzhou Oxygen Plant Group Co. Ltd., Class A (Materials) | 3075 |
| 893 | Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Discretionary) | 2551 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 1290 | Hangzhou Silan Microelectronics Co. Ltd., Class A (Information Technology) | $5881 |
| 695 | Hangzhou Tigermed Consulting Co. Ltd., Class A (Health Care) | 6197 |
| 1921 | Hangzhou Tigermed Consulting Co. Ltd., Class H (Health<br>Care)<sup>(b)</sup> | 11463 |
| 17854 | Hansoh Pharmaceutical Group Co. Ltd. (Health Care)<sup>(b)</sup> | 82493 |
| 595 | Haohua Chemical Science & Technology Co. Ltd., Class A (Materials) | 2537 |
| 893 | Hebei Hengshui Laobaigan Liquor Co. Ltd., Class A (Consumer Staples) | 2281 |
| 278 | Hebei Sinopack Electronic Technology Co. Ltd., Class A (Information Technology) | 2407 |
| 1092 | Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A (Consumer Staples) | 3275 |
| 794 | Hefei Meiya Optoelectronic Technology, Inc., Class A (Industrials) | 2229 |
| 1687 | Heilongjiang Agriculture Co. Ltd., Class A (Consumer Staples) | 3527 |
| 2084 | Henan Shenhuo Coal Industry & Electricity Power Co. Ltd., Class A (Materials) | 5650 |
| 2779 | Henan Shuanghui Investment & Development Co. Ltd., Class A (Consumer Staples) | 9840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9711 | Hengan International Group Co. Ltd. (Consumer Staples) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30843 |
| 1489 | Hengdian Group DMEGC Magnetics Co. Ltd., Class A (Information Technology) | 3957 |
| 5062 | Hengli Petrochemical Co. Ltd., Class A (Materials) | 12515 |
| 2283 | Hengtong Optic-electric Co. Ltd., Class A (Information Technology) | 6564 |
| 3375 | Hengyi Petrochemical Co. Ltd., Class A (Materials) | 3075 |
| 9628 | Hesteel Co. Ltd., Class A (Materials) | 3339 |
| 893 | Hisense Home Appliances Group Co. Ltd., Class A (Consumer Discretionary) | 3188 |
| 5193 | Hisense Home Appliances Group Co. Ltd., Class H (Consumer Discretionary)<sup>(a)</sup> | 16054 |
| 1191 | Hisense Visual Technology Co. Ltd., Class A (Consumer Discretionary) | 3695 |

---

&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;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 496 | Hithink RoyalFlush Information Network Co. Ltd., Class A (Financials) | $28769 |
| 3474 | HLA Group Corp. Ltd., Class A (Consumer Discretionary) | 3399 |
| 2084 | Hongta Securities Co. Ltd., Class A (Financials) | 2771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142200 | Horizon Robotics (Information Technology)\* | 175109 |
| 595 | Hoshine Silicon Industry Co. Ltd., Class A (Materials) | 4405 |
| 13289 | Hua Hong Semiconductor Ltd., Class H (Information Technology)\*<sup>(a)(b)</sup> | 91709 |
| 4367 | Huaan Securities Co. Ltd., Class A (Financials) | 3985 |
| 8000 | Huadian Power International Corp. Ltd., Class A (Utilities) | 5953 |
| 25438 | Huadian Power International Corp. Ltd., Class H (Utilities)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13966 |
| 1588 | Huadong Medicine Co. Ltd., Class A (Health Care) | 9877 |
| 4566 | Huafon Chemical Co. Ltd., Class A (Materials) | 5154 |
| 893 | Huagong Tech Co. Ltd., Class A (Information Technology) | 8578 |
| 2283 | Huaibei Mining Holdings Co. Ltd., Class A (Materials) | 3994 |
| 1687 | Hualan Biological Engineering, Inc., Class A (Health Care) | 4050 |
| 397 | Huali Industrial Group Co. Ltd., Class A (Consumer Discretionary) | 2953 |
| 4268 | Huaneng Lancang River Hydropower, Inc., Class A (Utilities) | 5465 |
| 8139 | Huaneng Power International, Inc., Class A (Utilities) | 8433 |
| 68075 | Huaneng Power International, Inc., Class H (Utilities) | 48813 |
| 7345 | Huatai Securities Co. Ltd., Class A (Financials) | 22356 |
| 22272 | Huatai Securities Co. Ltd., Class H (Financials)<sup>(b)</sup> | 56367 |
| 2382 | Huaxi Securities Co. Ltd., Class A (Financials) | 3618 |
| 12109 | Huaxia Bank Co. Ltd., Class A (Financials) | 12869 |
| 298 | Huaxia Eye Hospital Group Co. Ltd., Class A (Health Care) | 870 |
| 1290 | Huaxin Cement Co. Ltd., Class A (Materials) | 2851 |
| 2878 | Huayu Automotive Systems Co. Ltd., Class A (Consumer Discretionary) | 7738 |
| 3672 | Hubei Energy Group Co. Ltd., Class A (Utilities) | 2387 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 496 | Hubei Feilihua Quartz Glass Co. Ltd., Class A (Materials) | $6644 |
| 893 | Hubei Jumpcan Pharmaceutical Co. Ltd., Class A (Health Care) | 3237 |
| 993 | Hubei Xingfa Chemicals Group Co. Ltd., Class A (Materials) | 3866 |
| 595 | Huizhou Desay Sv Automotive Co. Ltd., Class A (Consumer Discretionary) | 10620 |
| 1489 | Humanwell Healthcare Group Co. Ltd., Class A (Health Care) | 4265 |
| 6352 | Hunan Valin Steel Co. Ltd., Class A (Materials) | 5297 |
| 397 | Hunan Yuneng New Energy Battery Material Co. Ltd., Class A (Industrials) | 2017 |
| 1787 | Hundsun Technologies, Inc., Class A (Information Technology) | 9406 |
| 2243 | Hygon Information Technology Co. Ltd., Class A (Information Technology) | 61255 |
| 1390 | IEIT Systems Co. Ltd., Class A (Information Technology) | 13104 |
| 2184 | Iflytek Co. Ltd., Class A (Information Technology) | 16358 |
| 794 | IKD Co. Ltd., Class A (Consumer Discretionary) | 2193 |
| 278 | Imeik Technology Development Co. Ltd., Class A (Health Care) | 7571 |
| 61439 | Industrial & Commercial Bank of China Ltd., Class A (Financials) | 64089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113380 | Industrial & Commercial Bank of China Ltd., Class H (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824054 |
| 20744 | Industrial Bank Co. Ltd., Class A (Financials) | 65265 |
| 8040 | Industrial Securities Co. Ltd., Class A (Financials) | 7687 |
| 496 | Ingenic Semiconductor Co. Ltd., Class A (Information Technology) | 5235 |
| 42382 | Inner Mongolia BaoTou Steel Union Co. Ltd., Class A (Materials) | 16601 |
| 3375 | Inner Mongolia Berun Chemical Co. Ltd., Class A (Materials) | 3170 |
| 1886 | Inner Mongolia Dian Tou Energy Corp. Ltd., Class A (Energy) | 5492 |
| 1390 | Inner Mongolia ERDOS Resources Co. Ltd., Class A (Materials) | 2063 |
| 7841 | Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A (Materials) | 6154 |

---

&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) *August 31, 2025*

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

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

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 6055 | Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A (Utilities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3443 |
| 6352 | Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Consumer Staples) | 25478 |
| 3800 | InnoScience Suzhou Technology Holding Co. Ltd., Class H (Information Technology)\* | 42188 |
| 1985 | Innovation New Material Technology Co. Ltd., Class A (Materials) | 1282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23817 | Innovent Biologics, Inc. (Health<br>Care)\*<sup>(b)</sup> | 295885 |
| 7726 | iQIYI, Inc. ADR (Communication Services)\* | 20474 |
| 389 | iRay Group, Class A (Health Care) | 6592 |
| 893 | Isoftstone Information Technology Group Co. Ltd., Class A (Information Technology) | 7512 |
| 3077 | JA Solar Technology Co. Ltd., Class A (Information Technology)\* | 5469 |
| 794 | Jafron Biomedical Co. Ltd., Class A (Health Care) | 2565 |
| 794 | Jason Furniture Hangzhou Co. Ltd., Class A (Consumer Discretionary) | 3255 |
| 1687 | JCET Group Co. Ltd., Class A (Information Technology) | 9450 |
| 595 | JCHX Mining Management Co. Ltd., Class A (Materials) | 5325 |
| 16390 | JD Health International, Inc. (Consumer Staples)\*<sup>(b)</sup> | 132031 |
| 29829 | JD Logistics, Inc. (Industrials)\*<sup>(b)</sup> | 49091 |
| 47628 | JD.com, Inc., Class A (Consumer Discretionary) | 719688 |
| 5062 | Jiangsu Eastern Shenghong Co. Ltd., Class A (Materials)\* | 6986 |
| 1390 | Jiangsu Expressway Co. Ltd., Class A (Industrials) | 2617 |
| 19058 | Jiangsu Expressway Co. Ltd., Class H (Industrials) | 22491 |
| 1191 | Jiangsu Guoxin Corp. Ltd., Class A (Utilities) | 1298 |
| 1191 | Jiangsu Hengli Hydraulic Co. Ltd., Class A (Industrials) | 14952 |
| 6352 | Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A (Health Care) | 59063 |
| 3200 | Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class H (Health Care)\* | 31278 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 1191 | Jiangsu King's Luck Brewery JSC Ltd., Class A (Consumer Staples) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7238 |
| 893 | Jiangsu Nhwa Pharmaceutical Co. Ltd., Class A (Health Care) | 3102 |
| 595 | Jiangsu Pacific Quartz Co. Ltd., Class A (Information Technology) | 3391 |
| 1985 | Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A (Communication Services) | 3144 |
| 496 | Jiangsu Xinquan Automotive Trim Co. Ltd., Class A (Consumer Discretionary) | 3478 |
| 1489 | Jiangsu Yanghe Distillery Co. Ltd., Class A (Consumer Staples) | 15451 |
| 397 | Jiangsu Yangnong Chemical Co. Ltd., Class A (Materials) | 4094 |
| 397 | Jiangsu Yoke Technology Co. Ltd., Class A (Materials) | 3346 |
| 893 | Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A (Health Care) | 4694 |
| 3176 | Jiangsu Zhongtian Technology Co. Ltd., Class A (Industrials) | 7241 |
| 1886 | Jiangxi Copper Co. Ltd., Class A (Materials) | 7387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17929 | Jiangxi Copper Co. Ltd., Class H (Materials) | 52482 |
| 2481 | Jinduicheng Molybdenum Co. Ltd., Class A (Materials) | 5225 |
| 6075 | Jinko Solar Co. Ltd., Class A (Information Technology)\* | 4836 |
| 298 | JiuGui Liquor Co. Ltd., Class A (Consumer Staples) | 2856 |
| 3077 | Jizhong Energy Resources Co. Ltd., Class A (Energy) | 2592 |
| 1092 | JL Mag Rare-Earth Co. Ltd., Class A (Industrials) | 6286 |
| 1787 | Joincare Pharmaceutical Group Industry Co. Ltd., Class A (Health Care) | 3116 |
| 4660 | Jointown Pharmaceutical Group Co. Ltd., Class A (Health Care) | 3350 |
| 695 | Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A (Consumer Staples) | 1866 |
| 2084 | Juneyao Airlines Co. Ltd., Class A (Industrials) | 3687 |
| 4608 | Kanzhun Ltd. ADR (Industrials)\* | 108841 |
| 33700 | KE Holdings, Inc., Class A (Real Estate) | 196688 |
| 198 | Keboda Technology Co. Ltd., Class A (Consumer Discretionary) | 1640 |

---

&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;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 1787 | Keda Industrial Group Co. Ltd., Class A (Industrials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46064 | Kingdee International Software Group Co. Ltd. (Information Technology)\* | 96313 |
| 2481 | Kingfa Sci & Tech Co. Ltd., Class A (Materials) | 5566 |
| 1985 | Kingnet Network Co. Ltd., Class A (Communication Services) | 6485 |
| 32000 | Kingsoft Cloud Holdings Ltd. (Information Technology)\*<sup>(a)</sup> | 32222 |
| 15747 | Kingsoft Corp. Ltd. (Communication Services) | 68839 |
| 46662 | Kuaishou Technology (Communication Services)\*<sup>(b)</sup> | 451007 |
| 1985 | Kuang-Chi Technologies Co. Ltd., Class A (Industrials) | 15144 |
| 61029 | Kunlun Energy Co. Ltd. (Utilities) | 56678 |
| 1092 | Kunlun Tech Co. Ltd., Class A (Communication Services)\* | 6439 |
| 1291 | Kweichow Moutai Co. Ltd., Class A (Consumer Staples) | 268248 |
| 1489 | Lao Feng Xiang Co. Ltd., Class A (Consumer Discretionary) | 9888 |
| 500 | Laopu Gold Co. Ltd., Class H (Consumer Discretionary) | 45537 |
| 2184 | LB Group Co. Ltd., Class A (Materials) | 5700 |
| 128861 | Lenovo Group Ltd. (Information Technology) | 183146 |
| 4566 | Lens Technology Co. Ltd., Class A (Information Technology) | 19943 |
| 1687 | Lepu Medical Technology Beijing Co. Ltd., Class A (Health Care) | 4502 |
| 695 | Levima Advanced Materials Corp., Class A (Materials) | 1964 |
| 3962 | Li Auto, Inc., Class A (Consumer Discretionary)\* | 46604 |
| 38359 | Li Ning Co. Ltd. (Consumer Discretionary) | 92947 |
| 15881 | Liaoning Port Co. Ltd., Class A (Industrials) | 3701 |
| 6452 | Lingyi iTech Guangdong Co., Class A (Information Technology) | 14076 |
| 595 | Livzon Pharmaceutical Group, Inc., Class A (Health Care) | 3375 |
| 2285 | Livzon Pharmaceutical Group, Inc., Class H (Health Care) | 10388 |
| 33576 | Longfor Group Holdings Ltd. (Real Estate)<sup>(b)</sup> | 45567 |
| 7543 | LONGi Green Energy Technology Co. Ltd., Class A (Information Technology)\* | 18183 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 2689 | Lufax Holding Ltd. ADR (Financials)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7906 |
| 1787 | Luxi Chemical Group Co. Ltd., Class A (Materials) | 3650 |
| 7146 | Luxshare Precision Industry Co. Ltd., Class A (Information Technology) | 46130 |
| 1489 | Luzhou Laojiao Co. Ltd., Class A (Consumer Staples) | 28679 |
| 1687 | Mango Excellent Media Co. Ltd., Class A (Communication Services) | 6177 |
| 1800 | Mao Geping Cosmetics Co. Ltd., Class H (Consumer Staples) | 22766 |
| 496 | Maxscend Microelectronics Co. Ltd., Class A (Information Technology) | 5765 |
| 2680 | Meihua Holdings Group Co. Ltd., Class A (Materials) | 4161 |
| 3573 | Meinian Onehealth Healthcare Holdings Co. Ltd., Class A (Health Care) | 2879 |
| 37500 | Meitu, Inc. (Communication<br>Services)\*<sup>(b)</sup> | 56857 |
| 89953 | Meituan, Class B (Consumer Discretionary)\*<sup>(b)</sup> | 1185012 |
| 16675 | Metallurgical Corp. of China Ltd., Class A (Industrials) | 7983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44777 | Metallurgical Corp. of China Ltd., Class H (Industrials) | 13038 |
| 6948 | Midea Group Co. Ltd., Class A (Consumer Discretionary) | 71901 |
| 10100 | Midea Group Co. Ltd., Class H (Consumer Discretionary) | 105912 |
| 2084 | Ming Yang Smart Energy Group Ltd., Class A (Industrials) | 3552 |
| 7878 | MINISO Group Holding Ltd. (Consumer Discretionary)<sup>(a)</sup> | 48627 |
| 4169 | Minmetals Capital Co. Ltd., Class A (Financials) | 3763 |
| 11819 | Minth Group Ltd. (Consumer Discretionary) | 49848 |
| 700 | Mixue Group, Class H (Consumer Discretionary)\* | 38772 |
| 64000 | MMG Ltd. (Materials)\* | 42361 |
| 1050 | Montage Technology Co. Ltd., Class A (Information Technology) | 18117 |
| 5459 | Muyuan Foods Co. Ltd., Class A (Consumer Staples) | 42122 |
| 5757 | Nanjing Iron & Steel Co. Ltd., Class A (Materials) | 3863 |
| 1390 | Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A (Health Care) | 2209 |
| 3375 | Nanjing Securities Co. Ltd., Class A (Financials) | 4174 |

---

&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) *August 31, 2025*

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

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

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 8040 | NARI Technology Co. Ltd., Class A (Industrials) | $24551 |
| 2522 | National Silicon Industry Group Co. Ltd., Class A (Information Technology)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7343 |
| 669 | NAURA Technology Group Co. Ltd., Class A (Information Technology) | 34987 |
| 2184 | NavInfo Co. Ltd., Class A (Information Technology)\* | 2901 |
| 1050 | NetEase Cloud Music, Inc. (Communication Services)\*<sup>(b)</sup> | 37632 |
| 28875 | NetEase, Inc. (Communication Services) | 786707 |
| 1588 | New China Life Insurance Co. Ltd., Class A (Financials) | 15214 |
| 15252 | New China Life Insurance Co. Ltd., Class H (Financials) | 94182 |
| 4169 | New Hope Liuhe Co. Ltd., Class A (Consumer Staples) | 5783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23310 | New Oriental Education & Technology Group, Inc. (Consumer Discretionary) | 109316 |
| 1290 | Ninestar Corp., Class A (Information Technology)\* | 4519 |
| 778 | Ningbo Deye Technology Co. Ltd., Class A (Industrials) | 7062 |
| 1290 | Ningbo Joyson Electronic Corp., Class A (Consumer Discretionary) | 3843 |
| 595 | Ningbo Orient Wires & Cables Co. Ltd., Class A (Industrials) | 4409 |
| 1290 | Ningbo Sanxing Medical Electric Co. Ltd., Class A (Industrials) | 4171 |
| 2084 | Ningbo Shanshan Co. Ltd., Class A (Materials)\* | 3397 |
| 1439 | Ningbo Tuopu Group Co. Ltd., Class A (Consumer Discretionary) | 12649 |
| 5459 | Ningbo Zhoushan Port Co. Ltd., Class A (Industrials) | 2782 |
| 6154 | Ningxia Baofeng Energy Group Co. Ltd., Class A (Materials) | 14990 |
| 27210 | NIO, Inc., Class A (Consumer Discretionary)\* | 176610 |
| 29948 | Nongfu Spring Co. Ltd., Class H (Consumer Staples)<sup>(b)</sup> | 192000 |
| 1290 | North Industries Group Red Arrow Co. Ltd., Class A (Industrials)\* | 3945 |
| 4069 | Offshore Oil Engineering Co. Ltd., Class A (Energy) | 3159 |
| 2978 | OFILM Group Co. Ltd., Class A (Information Technology)\* | 5540 |
| 1191 | OmniVision Integrated Circuits Group, Inc., Class A (Information Technology) | 23949 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 1592 | Onewo, Inc., Class H (Real Estate) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5126 |
| 496 | Oppein Home Group, Inc., Class A (Consumer Discretionary) | 3854 |
| 6849 | Orient Securities Co. Ltd., Class A (Financials) | 11058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13070 | Orient Securities Co. Ltd., Class H (Financials)<sup>(b)</sup> | 12758 |
| 3176 | Oriental Pearl Group Co. Ltd., Class A (Communication Services) | 3951 |
| 794 | Ovctek China, Inc., Class A (Health Care) | 2012 |
| 6352 | Pacific Securities Co. Ltd. (The), Class A (Financials)\* | 3933 |
| 8040 | Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A (Materials)\* | 3149 |
| 12586 | PDD Holdings, Inc. ADR (Consumer Discretionary)\* | 1513089 |
| 992 | People.cn Co. Ltd., Class A (Communication Services) | 3042 |
| 9032 | People's Insurance Co. Group of China Ltd. (The), Class A (Financials) | 11387 |
| 144997 | People's Insurance Co. Group of China Ltd. (The), Class H (Financials) | 129823 |
| 1787 | Perfect World Co. Ltd., Class A (Communication Services) | 4180 |
| 24317 | PetroChina Co. Ltd., Class A (Energy) | 29770 |
| 350574 | PetroChina Co. Ltd., Class H (Energy) | 337720 |
| 1390 | Pharmaron Beijing Co. Ltd., Class A (Health Care) | 5905 |
| 4462 | Pharmaron Beijing Co. Ltd., Class H (Health Care)<sup>(b)</sup> | 11962 |
| 114636 | PICC Property & Casualty Co. Ltd., Class H (Financials) | 275861 |
| 19355 | Ping An Bank Co. Ltd., Class A (Financials) | 32744 |
| 10719 | Ping An Insurance Group Co. of China Ltd., Class A (Financials) | 90113 |
| 105808 | Ping An Insurance Group Co. of China Ltd., Class H (Financials) | 764123 |
| 2184 | Pingdingshan Tianan Coal Mining Co. Ltd., Class A (Energy) | 2392 |
| 294 | Piotech, Inc., Class A (Information Technology) | 7842 |
| 11117 | Poly Developments and Holdings Group Co. Ltd., Class A (Real Estate) | 12424 |
| 2255 | Poly Property Services Co. Ltd., Class H (Real Estate) | 10170 |

---

&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;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 2103 | Pony AI, Inc. ADR (Information Technology)\*<sup>(a)</sup> | $30220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10394 | Pop Mart International Group Ltd. (Consumer Discretionary)<sup>(b)</sup> | 429847 |
| 23821 | Postal Savings Bank of China Co. Ltd., Class A (Financials) | 20200 |
| 146246 | Postal Savings Bank of China Co. Ltd., Class H (Financials)<sup>(b)</sup> | 101489 |
| 16079 | Power Construction Corp. of China Ltd., Class A (Industrials) | 13364 |
| 21036 | Prosus NV (Consumer Discretionary)\* | 1300323 |
| 1180 | Qfin Holdings, Inc. ADR (Financials) | 34362 |
| 637 | Qi An Xin Technology Group, Inc., Class A (Information Technology)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3575 |
| 14000 | Qingdao Port International Co. Ltd., Class H (Industrials)<sup>(b)</sup> | 12158 |
| 973 | Qingdao Sentury Tire Co. Ltd., Class A (Consumer Discretionary) | 2710 |
| 5062 | Qinghai Salt Lake Industry Co. Ltd., Class A (Materials)\* | 14412 |
| 1600 | Qunabox Group Ltd. (Communication Services)\* | 17363 |
| 7940 | Quzhou Xin'an Development Co. Ltd., Class A (Real Estate)\* | 5418 |
| 1092 | Range Intelligent Computing Technology Group Co. Ltd., Class A (Information Technology) | 9041 |
| 413 | Raytron Technology Co. Ltd., Class A (Information Technology) | 4447 |
| 3000 | Remegen Co. Ltd., Class H (Health Care)\*<sup>(a)(b)</sup> | 37770 |
| 298 | Rockchip Electronics Co. Ltd., Class A (Information Technology) | 10305 |
| 7841 | Rongsheng Petrochemical Co. Ltd., Class A (Materials) | 11030 |
| 277 | Ruijie Networks Co. Ltd., Class A (Information Technology) | 3473 |
| 7246 | SAIC Motor Corp. Ltd., Class A (Consumer Discretionary) | 19115 |
| 2779 | Sailun Group Co. Ltd., Class A (Consumer Discretionary) | 5528 |
| 4566 | Sanan Optoelectronics Co. Ltd., Class A (Information Technology) | 9699 |
| 397 | Sangfor Technologies, Inc., Class A (Information Technology) | 7218 |
| 18100 | Sany Heavy Equipment International Holdings Co. Ltd. (Industrials) | 15927 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 7940 | Sany Heavy Industry Co. Ltd., Class A (Industrials) | $23443 |
| 3077 | Satellite Chemical Co. Ltd., Class A (Materials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8679 |
| 5757 | SDIC Capital Co. Ltd., Class A (Financials) | 6741 |
| 6551 | SDIC Power Holdings Co. Ltd., Class A (Utilities) | 13180 |
| 5062 | Sealand Securities Co. Ltd., Class A (Financials) | 3262 |
| 2084 | Seazen Holdings Co. Ltd., Class A (Real Estate)\* | 4339 |
| 377132 | SenseTime Group, Inc., Class B (Information Technology)\*<sup>(a)</sup> | 103525 |
| 1390 | Seres Group Co. Ltd., Class A (Consumer Discretionary) | 26718 |
| 4863 | SF Holding Co. Ltd., Class A (Industrials) | 30430 |
| 4000 | SF Holding Co. Ltd., Class H (Industrials) | 20524 |
| 644 | SG Micro Corp., Class A (Information Technology) | 7031 |
| 2283 | Shaanxi Beiyuan Chemical Industry Group Co. Ltd., Class A (Materials) | 1343 |
| 8536 | Shaanxi Coal Industry Co. Ltd., Class A (Energy) | 24423 |
| 2283 | Shaanxi Energy Investment Co. Ltd., Class A (Utilities) | 2939 |
| 389 | Shaanxi Huaqin Technology Industry Co. Ltd., Class A (Materials) | 3764 |
| 3375 | Shan Xi Hua Yang Group New Energy Co. Ltd., Class A (Energy) | 3326 |
| 3375 | Shandong Gold Mining Co. Ltd., Class A (Materials) | 15807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12999 | Shandong Gold Mining Co. Ltd., Class H (Materials)<sup>(b)</sup> | 48956 |
| 695 | Shandong Himile Mechanical Science & Technology Co. Ltd., Class A (Industrials) | 5849 |
| 1687 | Shandong Hi-speed Co. Ltd., Class A (Industrials) | 2160 |
| 41000 | Shandong Hi-Speed Holdings Group Ltd. (Utilities)\* | 92825 |
| 1985 | Shandong Hualu Hengsheng Chemical Co. Ltd., Class A (Materials) | 7644 |
| 1390 | Shandong Linglong Tyre Co. Ltd., Class A (Consumer Discretionary) | 3048 |
| 10918 | Shandong Nanshan Aluminum Co. Ltd., Class A (Materials) | 6223 |
| 695 | Shandong Sinocera Functional Material Co. Ltd., Class A (Materials) | 2234 |

---

&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) *August 31, 2025*

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

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

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 2581 | Shandong Sun Paper Industry JSC Ltd., Class A (Materials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40254 | Shandong Weigao Group Medical Polymer Co. Ltd., Class H (Health Care) | 30310 |
| 1687 | Shanghai Aiko Solar Energy Co. Ltd., Class A (Information Technology)\* | 3600 |
| 993 | Shanghai Bairun Investment Holding Group Co. Ltd., Class A (Consumer Staples) | 3923 |
| 5836 | Shanghai Baosight Software Co. Ltd., Class A (Information Technology) | 20746 |
| 389 | Shanghai BOCHU Electronic Technology Corp. Ltd., Class A (Information Technology) | 8361 |
| 8238 | Shanghai Construction Group Co. Ltd., Class A (Industrials) | 2799 |
| 1173 | Shanghai Daimay Automotive Interior Co. Ltd., Class A (Consumer Discretionary) | 983 |
| 10422 | Shanghai Electric Group Co. Ltd., Class A (Industrials)\* | 12978 |
| 42000 | Shanghai Electric Group Co. Ltd., Class H (Industrials)\* | 19934 |
| 2581 | Shanghai Electric Power Co. Ltd., Class A (Utilities) | 5548 |
| 99 | Shanghai Flyco Electrical Appliance Co. Ltd., Class A (Consumer Staples) | 547 |
| 1985 | Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A (Health Care) | 8037 |
| 7398 | Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H (Health Care)<sup>(a)</sup> | 20631 |
| 491 | Shanghai Fudan Microelectronics Group Co. Ltd., Class A (Information Technology) | 4389 |
| 4182 | Shanghai Fudan Microelectronics Group Co. Ltd., Class H (Information Technology)<sup>(a)</sup> | 19430 |
| 2283 | Shanghai International Airport Co. Ltd., Class A (Industrials) | 10359 |
| 6352 | Shanghai International Port Group Co. Ltd., Class A (Industrials) | 5030 |
| 893 | Shanghai Jinjiang International Hotels Co. Ltd., Class A (Consumer Discretionary) | 2912 |
| 708 | Shanghai Junshi Biosciences Co. Ltd., Class A (Health Care)\* | 4472 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) |  |
| 2503 | Shanghai Junshi Biosciences Co. Ltd., Class H (Health Care)\*<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9947 |
| 1985 | Shanghai Lingang Holdings Corp. Ltd., Class A (Real Estate) | 2606 |
| 1846 | Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A (Real Estate) | 2239 |
| 893 | Shanghai M&G Stationery, Inc., Class A (Industrials) | 3819 |
| 397 | Shanghai Moons' Electric Co. Ltd., Class A (Industrials) | 3591 |
| 2084 | Shanghai Pharmaceuticals Holding Co. Ltd., Class A (Health Care) | 5462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11180 | Shanghai Pharmaceuticals Holding Co. Ltd., Class H (Health Care) | 17711 |
| 29280 | Shanghai Pudong Development Bank Co. Ltd., Class A (Financials) | 56029 |
| 1886 | Shanghai Putailai New Energy Technology Co. Ltd., Class A (Materials) | 5936 |
| 6253 | Shanghai RAAS Blood Products Co. Ltd., Class A (Health Care) | 6040 |
| 9032 | Shanghai Rural Commercial Bank Co. Ltd., Class A (Financials) | 11032 |
| 819 | Shanghai United Imaging Healthcare Co. Ltd., Class A (Health Care) | 16305 |
| 3573 | Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A (Consumer Discretionary) | 3065 |
| 1489 | Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A (Real Estate) | 7942 |
| 1985 | Shanghai Zhonggu Logistics Co. Ltd., Class A (Industrials) | 2918 |
| 2581 | Shanjin International Gold Co. Ltd., Class A (Materials) | 7113 |
| 1787 | Shanxi Coal International Energy Group Co. Ltd., Class A (Industrials) | 2476 |
| 5260 | Shanxi Coking Coal Energy Group Co. Ltd., Class A (Energy) | 5214 |
| 2779 | Shanxi Lu'an Environmental Energy Development Co. Ltd., Class A (Energy) | 5060 |
| 3970 | Shanxi Meijin Energy Co. Ltd., Class A (Materials)\* | 2681 |
| 3375 | Shanxi Securities Co. Ltd., Class A (Financials) | 3156 |
| 5260 | Shanxi Taigang Stainless Steel Co. Ltd., Class A (Materials)\* | 3057 |

---

&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;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191 | Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A (Consumer Staples) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33780 |
| 298 | Shede Spirits Co. Ltd., Class A (Consumer Staples) | 2861 |
| 4566 | Shenergy Co. Ltd., Class A (Utilities) | 5180 |
| 2184 | Shengyi Technology Co. Ltd., Class A (Information Technology) | 16328 |
| 644 | Shennan Circuits Co. Ltd., Class A (Information Technology) | 17902 |
| 19553 | Shenwan Hongyuan Group Co. Ltd., Class A (Financials) | 14988 |
| 695 | Shenzhen Capchem Technology Co. Ltd., Class A (Materials) | 4605 |
| 3400 | Shenzhen Dobot Corp. Ltd., Class H (Industrials)\* | 22984 |
| 3772 | Shenzhen Energy Group Co. Ltd., Class A (Utilities) | 3506 |
| 1588 | Shenzhen Fastprint Circuit Tech Co. Ltd., Class A (Information Technology) | 4682 |
| 397 | Shenzhen Goodix Technology Co. Ltd., Class A (Information Technology) | 4588 |
| 99 | Shenzhen Han's CNC Technology Co. Ltd., Class A (Industrials) | 1307 |
| 794 | Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A (Health Care) | 1438 |
| 2680 | Shenzhen Inovance Technology Co. Ltd., Class A (Industrials) | 28231 |
| 1489 | Shenzhen Kaifa Technology Co. Ltd., Class A (Information Technology) | 4566 |
| 993 | Shenzhen Kangtai Biological Products Co. Ltd., Class A (Health Care) | 2608 |
| 298 | Shenzhen Kedali Industry Co. Ltd., Class A (Consumer Discretionary) | 5811 |
| 298 | Shenzhen Longsys Electronics Co. Ltd., Class A (Information Technology) | 3994 |
| 1191 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care) | 40597 |
| 4169 | Shenzhen MTC Co. Ltd., Class A (Consumer Discretionary) | 3272 |
| 695 | Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A (Health Care) | 6091 |
| 7643 | Shenzhen Overseas Chinese Town Co. Ltd., Class A (Real Estate)\* | 2414 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993 | Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A (Health Care) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7019 |
| 298 | Shenzhen SC New Energy Technology Corp., Class A (Information Technology) | 4132 |
| 1092 | Shenzhen SED Industry Co. Ltd., Class A (Industrials) | 4089 |
| 794 | Shenzhen Sunlord Electronics Co. Ltd., Class A (Information Technology) | 3632 |
| 1049 | Shenzhen Transsion Holdings Co. Ltd., Class A (Information Technology) | 13256 |
| 893 | Shenzhen YUTO Packaging Technology Co. Ltd., Class A (Materials) | 3275 |
| 13103 | Shenzhou International Group Holdings Ltd. (Consumer Discretionary) | 103283 |
| 198 | Shijiazhuang Shangtai Technology Co. Ltd., Class A (Industrials) | 1676 |
| 1588 | Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A (Health Care)\* | 3652 |
| 399 | SICC Co. Ltd., Class A (Information Technology)\* | 3613 |
| 4268 | Sichuan Changhong Electric Co. Ltd., Class A (Consumer Discretionary) | 6843 |
| 3672 | Sichuan Chuantou Energy Co. Ltd., Class A (Utilities) | 7676 |
| 8238 | Sichuan Hebang Biotechnology Co. Ltd., Class A (Materials) | 2209 |
| 1390 | Sichuan Kelun Pharmaceutical Co. Ltd., Class A (Health Care) | 7115 |
| 700 | Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd., Class H (Health Care)\*<sup>(a)</sup> | 40783 |
| 6749 | Sichuan Road and Bridge Group Co. Ltd., Class A (Industrials) | 8206 |
| 496 | Sichuan Swellfun Co. Ltd., Class A (Consumer Staples) | 3276 |
| 6000 | Silergy Corp. (Information Technology) | 60551 |
| 303 | Sinocelltech Group Ltd., Class A (Health Care)\* | 2701 |
| 3474 | Sinolink Securities Co. Ltd., Class A (Financials) | 5028 |
| 2481 | Sinoma International Engineering Co., Class A (Industrials) | 3211 |
| 1588 | Sinoma Science & Technology Co. Ltd., Class A (Materials) | 8080 |
| 6749 | Sinomach Heavy Equipment Group Co. Ltd., Class A (Industrials)\* | 3136 |

---

&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) *August 31, 2025*

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

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

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695 | Sinomine Resource Group Co. Ltd., Class A (Materials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4042 |
| 22000 | Sinopec Engineering Group Co. Ltd., Class H (Industrials) | 19641 |
| 7246 | Sinopec Oilfield Service Corp., Class A (Energy)\* | 2085 |
| 5657 | Sinopec Shanghai Petrochemical Co. Ltd., Class A (Materials) | 2271 |
| 50832 | Sinopec Shanghai Petrochemical Co. Ltd., Class H (Materials) | 8803 |
| 22295 | Sinopharm Group Co. Ltd., Class H (Health Care) | 53393 |
| 3573 | Sinotrans Ltd., Class A (Industrials) | 2844 |
| 28782 | Sinotrans Ltd., Class H (Industrials) | 16946 |
| 11010 | Sinotruk Hong Kong Ltd. (Industrials) | 32031 |
| 694 | Skshu Paint Co. Ltd., Class A (Materials) | 4741 |
| 29495 | Smoore International Holdings Ltd. (Consumer Staples)<sup>(a)(b)</sup> | 71545 |
| 2382 | Songcheng Performance Development Co. Ltd., Class A (Consumer Discretionary) | 2926 |
| 397 | Sonoscape Medical Corp., Class A (Health Care) | 1841 |
| 4665 | SooChow Securities Co. Ltd., Class A (Financials) | 6615 |
| 6154 | Southwest Securities Co. Ltd., Class A (Financials) | 4216 |
| 2581 | SPIC Industry-Finance Holdings Co. Ltd., Class A (Financials) | 2479 |
| 893 | Spring Airlines Co. Ltd., Class A (Industrials) | 6689 |
| 278 | StarPower Semiconductor Ltd., Class A (Information Technology) | 4260 |
| 2978 | State Grid Yingda Co. Ltd., Class A (Industrials) | 2458 |
| 1945 | Sungrow Power Supply Co. Ltd., Class A (Industrials) | 27271 |
| 11205 | Sunny Optical Technology Group Co. Ltd. (Information Technology) | 119655 |
| 496 | Sunresin New Materials Co. Ltd., Class A (Materials) | 3838 |
| 36500 | Sunshine Insurance Group Co. Ltd., Class H (Financials) | 19617 |
| 1687 | Sunwoda Electronic Co. Ltd., Class A (Industrials) | 5815 |
| 726 | SUPCON Technology Co. Ltd., Class A (Information Technology) | 5300 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1588 | Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A (Information Technology) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14719 |
| 298 | Suzhou Maxwell Technologies Co. Ltd., Class A (Information Technology) | 3780 |
| 778 | Suzhou TFC Optical Communication Co. Ltd., Class A (Information Technology) | 21685 |
| 7221 | TAL Education Group ADR (Consumer Discretionary)\* | 76687 |
| 1191 | Talkweb Information System Co. Ltd., Class A (Communication Services)\* | 6929 |
| 5558 | TangShan Port Group Co. Ltd., Class A (Industrials) | 3106 |
| 1400 | Tasly Pharmaceutical Group Co. Ltd., Class A (Health Care) | 3247 |
| 4665 | TBEA Co. Ltd., Class A (Industrials) | 9274 |
| 17568 | TCL Technology Group Corp., Class A (Information Technology) | 11444 |
| 3772 | TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A (Information Technology)\* | 4438 |
| 99190 | Tencent Holdings Ltd. (Communication Services) | 7589530 |
| 9314 | Tencent Music Entertainment Group ADR (Communication Services) | 228379 |
| 397 | Thunder Software Technology Co. Ltd., Class A (Information Technology) | 4405 |
| 3871 | Tian Di Science & Technology Co. Ltd., Class A (Industrials) | 3353 |
| 8040 | Tianfeng Securities Co. Ltd., Class A (Financials)\* | 6592 |
| 496 | Tianjin Pharmaceutical Da Re Tang Group Corp. Ltd., Class A (Health Care) | 3211 |
| 2283 | Tianma Microelectronics Co. Ltd., Class A (Information Technology)\* | 3266 |
| 406 | Tianneng Battery Group Co. Ltd., Class A (Consumer Discretionary) | 1708 |
| 1390 | Tianqi Lithium Corp., Class A (Materials)\* | 8579 |
| 2187 | Tianqi Lithium Corp., Class H (Materials)\* | 11407 |
| 4268 | Tianshan Aluminum Group Co. Ltd., Class A (Materials) | 6046 |
| 3176 | TianShan Material Co. Ltd., Class A (Materials)\* | 2912 |

---

&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;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2978 | Tianshui Huatian Technology Co. Ltd., Class A (Information Technology) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4950 |
| 30809 | Tingyi Cayman Islands Holding Corp. (Consumer Staples) | 43590 |
| 1687 | Titan Wind Energy Suzhou Co. Ltd., Class A (Industrials) | 1613 |
| 20027 | Tongcheng Travel Holdings Ltd. (Consumer Discretionary) | 56362 |
| 1390 | TongFu Microelectronics Co. Ltd., Class A (Information Technology) | 6457 |
| 1886 | Tonghua Dongbao Pharmaceutical Co. Ltd., Class A (Health Care) | 2227 |
| 2184 | Tongkun Group Co. Ltd., Class A (Materials) | 4498 |
| 12605 | Tongling Nonferrous Metals Group Co. Ltd., Class A (Materials) | 7981 |
| 4169 | Tongwei Co. Ltd., Class A (Information Technology)\* | 12894 |
| 417 | Topchoice Medical Corp., Class A (Health Care) | 2760 |
| 46243 | Topsports International Holdings Ltd. (Consumer Discretionary)<sup>(b)</sup> | 19100 |
| 15496 | TravelSky Technology Ltd., Class H (Consumer Discretionary) | 21607 |
| 2007 | Trina Solar Co. Ltd., Class A (Information Technology)\* | 4669 |
| 10331 | Trip.com Group Ltd. (Consumer Discretionary) | 765961 |
| 3077 | Tsinghua Tongfang Co. Ltd., Class A (Information Technology)\* | 3538 |
| 695 | Tsingtao Brewery Co. Ltd., Class A (Consumer Staples) | 6781 |
| 10248 | Tsingtao Brewery Co. Ltd., Class H (Consumer Staples) | 66450 |
| 2750 | UBTech Robotics Corp. Ltd., Class H (Industrials)\* | 33758 |
| 794 | Unigroup Guoxin Microelectronics Co. Ltd., Class A (Information Technology) | 9093 |
| 18607 | Uni-President China Holdings Ltd. (Consumer Staples) | 22197 |
| 2680 | Unisplendour Corp. Ltd., Class A (Information Technology) | 10498 |
| 1390 | Universal Scientific Industrial Shanghai Co. Ltd., Class A (Information Technology) | 3727 |
| 198 | Vanchip Tianjin Technology Co. Ltd., Class A (Information Technology)\* | 977 |
| 893 | Venustech Group, Inc., Class A (Information Technology)\* | 2136 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463 | Verisilicon Microelectronics Shanghai Co. Ltd., Class A (Information Technology)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9945 |
| 900 | Victory Giant Technology Huizhou Co. Ltd., Class A (Information Technology) | 33773 |
| 5269 | Vipshop Holdings Ltd. ADR (Consumer Discretionary) | 88203 |
| 1489 | Walvax Biotechnology Co. Ltd., Class A (Health Care) | 2642 |
| 1985 | Wanda Film Holding Co. Ltd., Class A (Communication Services)\* | 3266 |
| 1092 | Wangfujing Group Co. Ltd., Class A (Consumer Discretionary) | 2249 |
| 4000 | Wanguo Gold Group Ltd. (Materials)<sup>(a)</sup> | 15434 |
| 3176 | Wanhua Chemical Group Co. Ltd., Class A (Materials) | 30588 |
| 71179 | Want Want China Holdings Ltd. (Consumer Staples) | 49304 |
| 1096 | Weibo Corp. ADR (Communication Services) | 12560 |
| 6253 | Weichai Power Co. Ltd., Class A (Industrials) | 13291 |
| 32285 | Weichai Power Co. Ltd., Class H (Industrials) | 67503 |
| 794 | Weihai Guangwei Composites Co. Ltd., Class A (Materials) | 3563 |
| 6650 | Wens Foodstuff Group Co. Ltd., Class A (Consumer Staples) | 16983 |
| 2184 | Western Mining Co. Ltd., Class A (Materials) | 5718 |
| 4169 | Western Securities Co. Ltd., Class A (Financials) | 5238 |
| 599 | Western Superconducting Technologies Co. Ltd., Class A (Materials) | 5244 |
| 15884 | Wharf Holdings Ltd. (The) (Real Estate) | 45477 |
| 28764 | Wilmar International Ltd. (Consumer Staples) | 66137 |
| 1191 | Wingtech Technology Co. Ltd., Class A (Information Technology)\* | 7262 |
| 397 | Winner Medical Co. Ltd., Class A (Health Care) | 2361 |
| 1985 | Winning Health Technology Group Co. Ltd., Class A (Health Care) | 2806 |
| 20900 | Wintime Energy Group Co. Ltd., Class A (Utilities) | 4255 |
| 4863 | Wuchan Zhongda Group Co. Ltd., Class A (Consumer Discretionary) | 4021 |

---

&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) *August 31, 2025*

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

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

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3970 | Wuhan Guide Infrared Co. Ltd., Class A (Information Technology)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 |
| 298 | Wuhan Jingce Electronic Group Co. Ltd., Class A (Information Technology)\* | 2950 |
| 3871 | Wuliangye Yibin Co. Ltd., Class A (Consumer Staples) | 70395 |
| 1787 | WUS Printed Circuit Kunshan Co. Ltd., Class A (Information Technology) | 17258 |
| 2581 | WuXi AppTec Co. Ltd., Class A (Health Care) | 37432 |
| 5905 | WuXi AppTec Co. Ltd., Class H (Health Care)<sup>(b)</sup> | 81729 |
| 55918 | Wuxi Biologics Cayman, Inc. (Health Care)\*<sup>(b)</sup> | 238137 |
| 1489 | Wuxi Lead Intelligent Equipment Co. Ltd., Class A (Industrials) | 7423 |
| 5000 | WuXi XDC Cayman, Inc. (Health Care)\* | 36301 |
| 11017 | XCMG Construction Machinery Co. Ltd., Class A (Industrials) | 14787 |
| 2779 | Xiamen C & D, Inc., Class A (Industrials) | 4541 |
| 198 | Xiamen Faratronic Co. Ltd., Class A (Information Technology) | 3413 |
| 1290 | Xiamen Tungsten Co. Ltd., Class A (Materials) | 5575 |
| 2084 | Xiangcai Co. Ltd., Class A (Financials)\* | 3757 |
| 1191 | Xiangtan Electric Manufacturing Co. Ltd., Class A (Industrials)\* | 2874 |
| 283926 | Xiaomi Corp., Class B (Information Technology)\*<sup>(b)</sup> | 1924805 |
| 1319 | Xinjiang Daqo New Energy Co. Ltd., Class A (Information Technology)\* | 5961 |
| 26231 | Xinyi Glass Holdings Ltd.<br>(Industrials)<sup>(a)</sup> | 28634 |
| 76000 | Xinyi Solar Holdings Ltd. (Information Technology)<sup>(a)</sup> | 32853 |
| 21962 | XPeng, Inc., Class A (Consumer Discretionary)\* | 236358 |
| 28000 | XtalPi Holdings Ltd. (Health Care)\* | 37030 |
| 19157 | Yadea Group Holdings Ltd. (Consumer Discretionary)<sup>(b)</sup> | 33248 |
| 496 | Yangzhou Yangjie Electronic Technology Co. Ltd., Class A (Information Technology) | 4748 |
| 44062 | Yangzijiang Shipbuilding Holdings Ltd. (Industrials) | 99938 |
| 4516 | Yankuang Energy Group Co. Ltd., Class A (Energy) | 8211 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46818 | Yankuang Energy Group Co. Ltd., Class H (Energy)<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54350 |
| 993 | Yantai Jereh Oilfield Services Group Co. Ltd., Class A (Energy) | 6614 |
| 1290 | Yealink Network Technology Corp. Ltd., Class A (Information Technology) | 6844 |
| 1072 | Yifeng Pharmacy Chain Co. Ltd., Class A (Consumer Staples) | 3573 |
| 1588 | Yihai Kerry Arawana Holdings Co. Ltd., Class A (Consumer Staples) | 7504 |
| 595 | Yongan Futures Co. Ltd., Class A (Financials) | 1306 |
| 8437 | Yonghui Superstores Co. Ltd., Class A (Consumer Staples)\* | 6136 |
| 496 | YongXing Special Materials Technology Co. Ltd., Class A (Materials) | 2448 |
| 3176 | Yonyou Network Technology Co. Ltd., Class A (Information Technology)\* | 7344 |
| 4268 | Youngor Fashion Co. Ltd., Class A (Real Estate) | 4488 |
| 3176 | YTO Express Group Co. Ltd., Class A (Industrials) | 7558 |
| 27522 | Yuexiu Property Co. Ltd. (Real Estate) | 17440 |
| 2680 | YUNDA Holding Group Co., Ltd., Class A (Industrials) | 3006 |
| 3176 | Yunnan Aluminium Co. Ltd., Class A (Materials) | 8646 |
| 1687 | Yunnan Baiyao Group Co. Ltd., Class A (Health Care) | 13638 |
| 397 | Yunnan Botanee Bio-Technology Group Co. Ltd., Class A (Consumer Staples) | 2636 |
| 4665 | Yunnan Chihong Zinc&Germanium Co. Ltd., Class A (Materials) | 3962 |
| 893 | Yunnan Energy New Material Co. Ltd., Class A (Materials)\* | 4050 |
| 1489 | Yunnan Tin Co. Ltd., Class A (Materials) | 4568 |
| 1687 | Yunnan Yuntianhua Co. Ltd., Class A (Materials) | 6445 |
| 2084 | Yutong Bus Co. Ltd., Class A (Industrials) | 8081 |
| 14800 | Zai Lab Ltd. (Health Care)\* | 48638 |
| 1489 | Zangge Mining Co. Ltd., Class A (Materials) | 11270 |
| 595 | Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A (Health Care) | 17477 |
| 23664 | Zhaojin Mining Industry Co. Ltd., Class H (Materials) | 73155 |

---

&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;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4863 | Zhefu Holding Group Co. Ltd., Class A (Industrials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2437 |
| 198 | Zhejiang Cfmoto Power Co. Ltd., Class A (Consumer Discretionary) | 7413 |
| 5062 | Zhejiang China Commodities City Group Co. Ltd., Class A (Consumer Discretionary) | 15990 |
| 1985 | Zhejiang Chint Electrics Co. Ltd., Class A (Industrials) | 7639 |
| 3077 | Zhejiang Dahua Technology Co. Ltd., Class A (Information Technology) | 8389 |
| 496 | Zhejiang Dingli Machinery Co. Ltd., Class A (Industrials) | 3785 |
| 25304 | Zhejiang Expressway Co. Ltd., Class H (Industrials) | 22299 |
| 1886 | Zhejiang Hailiang Co. Ltd., Class A (Materials) | 3185 |
| 1390 | Zhejiang Huahai Pharmaceutical Co. Ltd., Class A (Health Care) | 4717 |
| 1588 | Zhejiang Huayou Cobalt Co. Ltd., Class A (Industrials) | 10713 |
| 1191 | Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A (Information Technology) | 5045 |
| 3275 | Zhejiang Jinke Tom Culture Industry Co. Ltd., Class A (Communication Services)\* | 2630 |
| 2481 | Zhejiang Juhua Co. Ltd., Class A (Materials) | 13476 |
| 10808 | Zhejiang Leapmotor Technology Co. Ltd., Class H (Consumer Discretionary)\*<sup>(b)</sup> | 89699 |
| 2978 | Zhejiang Longsheng Group Co. Ltd., Class A (Materials) | 4415 |
| 2878 | Zhejiang NHU Co. Ltd., Class A (Materials) | 10061 |
| 3672 | Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A (Industrials) | 16435 |
| 794 | Zhejiang Shuanghuan Driveline Co. Ltd., Class A (Consumer Discretionary) | 4153 |
| 397 | Zhejiang Supor Co. Ltd., Class A (Consumer Discretionary) | 2867 |
| 1588 | Zhejiang Weiming Environment Protection Co. Ltd., Class A (Industrials) | 4296 |
| 1489 | Zhejiang Weixing New Building Materials Co. Ltd., Class A (Industrials) | 2254 |
| 9032 | Zhejiang Zheneng Electric Power Co. Ltd., Class A (Utilities) | 6442 |
| 3573 | Zheshang Securities Co. Ltd., Class A (Financials) | 6060 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) | China – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11489 | ZhongAn Online P&C Insurance Co. Ltd., Class H (Financials)\*<sup>(b)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29062 |
| 675 | Zhongfu Shenying Carbon Fiber Co. Ltd., Class A (Materials)\* |  | 2464 |
| 1112 | Zhongji Innolight Co. Ltd., Class A (Information Technology) |  | 55410 |
| 4466 | Zhongjin Gold Corp. Ltd., Class A (Materials) |  | 10013 |
| 11669 | Zhongsheng Group Holdings Ltd. (Consumer Discretionary) |  | 24054 |
| 6055 | Zhongtai Securities Co. Ltd., Class A (Financials) |  | 6129 |
| 1042 | Zhuhai CosMX Battery Co. Ltd., Class A (Industrials) |  | 3328 |
| 1985 | Zhuhai Huafa Properties Co. Ltd., Class A (Real Estate) |  | 1466 |
| 590 | Zhuzhou CRRC Times Electric Co. Ltd., Class A (Industrials) |  | 4010 |
| 8451 | Zhuzhou CRRC Times Electric Co. Ltd., Class H (Industrials) |  | 43080 |
| 2481 | Zhuzhou Kibing Group Co. Ltd., Class A (Industrials) |  | 2212 |
| 20546 | Zijin Mining Group Co. Ltd., Class A (Materials) |  | 66575 |
| 90991 | Zijin Mining Group Co. Ltd., Class H (Materials) |  | 298563 |
| 7653 | ZJLD Group, Inc. (Consumer<br>Staples)<sup>(b)</sup> |  | 9964 |
| 1390 | ZMJ Group Co. Ltd., Class A (Industrials) |  | 3991 |
| 3770 | ZMJ Group Co. Ltd., Class H (Industrials)<sup>(a)</sup> |  | 8753 |
| 6551 | Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A (Industrials) |  | 6760 |
| 21648 | Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H (Industrials) |  | 17911 |
| 3672 | ZTE Corp., Class A (Information Technology) |  | 23426 |
| 12553 | ZTE Corp., Class H (Information Technology)<sup>(a)</sup> |  | 56390 |
| 6900 | ZTO Express Cayman, Inc. (Industrials) |  | 124443 |
|  |  |  | 48805375 |
| Colombia – 0.0% | Colombia – 0.0% | Colombia – 0.0% | Colombia – 0.0% |
| 78636 | Ecopetrol SA (Energy) |  | 36980 |
| 5122 | Grupo Argos SA (Materials) |  | 22022 |
| 3816 | Grupo Cibest SA (Financials) |  | 56019 |
| 1962 | Grupo de Inversiones Suramericana SA (Financials) |  | 22632 |
| 43119 | Grupo Energia Bogota SA ESP (Utilities) |  | 31650 |

---

&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) *August 31, 2025*

&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) |
| Colombia – (continued) | Colombia – (continued) | Colombia – (continued) | Colombia – (continued) |
| 7319 | Interconexion Electrica SA ESP (Utilities) | $| 39700 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209003 |
| Congo (Democratic Republic) – 0.0% | Congo (Democratic Republic) – 0.0% | Congo (Democratic Republic) – 0.0% | Congo (Democratic Republic) – 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11717 | Ivanhoe Mines Ltd., Class A (Materials)\* |  | 103605 |
| Cyprus – 0.0% | Cyprus – 0.0% | Cyprus – 0.0% | Cyprus – 0.0% |
| 5972 | Bank of Cyprus Holdings PLC (Financials) |  | 53825 |
| Czech Republic – 0.0% | Czech Republic – 0.0% | Czech Republic – 0.0% | Czech Republic – 0.0% |
| 2656 | CEZ AS (Utilities) |  | 166193 |
| 1232 | Komercni Banka AS (Financials) |  | 60221 |
|  |  |  | 226414 |
| Denmark – 1.1% | Denmark – 1.1% | Denmark – 1.1% | Denmark – 1.1% |
| 39 | AP Moller – Maersk A/S, Class A (Industrials) |  | 80113 |
| 73 | AP Moller – Maersk A/S, Class B (Industrials) |  | 150356 |
| 1513 | Carlsberg AS, Class B (Consumer Staples) |  | 185150 |
| 2149 | Coloplast A/S, Class B (Health Care) |  | 206501 |
| 10602 | Danske Bank A/S (Financials) |  | 436066 |
| 3102 | DSV A/S (Industrials) |  | 687307 |
| 1076 | Genmab A/S (Health Care)\* |  | 267935 |
| 49644 | Novo Nordisk A/S, Class B (Health Care) |  | 2793095 |
| 5965 | Novonesis Novozymes B, Class B (Materials) |  | 379380 |
| 2445 | Orsted AS (Utilities)\*<sup>(a)(b)</sup> |  | 74053 |
| 1270 | Pandora A/S (Consumer Discretionary) |  | 175447 |
| 5295 | Tryg A/S (Financials) |  | 139323 |
| 16715 | Vestas Wind Systems A/S (Industrials) |  | 332871 |
|  |  |  | 5907597 |
| Egypt – 0.0% | Egypt – 0.0% | Egypt – 0.0% | Egypt – 0.0% |
| 38864 | Commercial International Bank - Egypt (CIB) (Financials) |  | 77720 |
| 21794 | Eastern Co. SAE (Consumer Staples) |  | 17365 |
| 14004 | EFG Holding S.A.E. (Financials)\* |  | 7523 |
| 15362 | Talaat Moustafa Group (Real Estate) |  | 17541 |
|  |  |  | 120149 |
| Faroe Islands – 0.0% | Faroe Islands – 0.0% | Faroe Islands – 0.0% | Faroe Islands – 0.0% |
| 826 | Bakkafrost P/F (Consumer Staples) |  | 35860 |
| Finland – 0.6% | Finland – 0.6% | Finland – 0.6% | Finland – 0.6% |
| 2177 | Elisa OYJ (Communication Services) |  | 115993 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Finland – (continued) | Finland – (continued) | Finland – (continued) | Finland – (continued) |
| 6722 | Fortum OYJ (Utilities) | $| 116369 |
| 1628 | Huhtamaki OYJ (Materials) |  | 57853 |
| 4200 | Kesko OYJ, Class B (Consumer Staples) |  | 93160 |
| 5459 | Kone OYJ, Class B (Industrials) |  | 343258 |
| 10786 | Metso Corp. (Industrials) |  | 139444 |
| 7120 | Neste OYJ (Energy) |  | 130760 |
| 82554 | Nokia OYJ (Information Technology) |  | 355500 |
| 51944 | Nordea Bank Abp (Financials) |  | 792839 |
| 1657 | Orion OYJ, Class B (Health Care) |  | 132275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40876 | Sampo OYJ, Class A (Financials) |  | 469172 |
| 8837 | Stora Enso OYJ, Class R (Materials) |  | 103210 |
| 8738 | UPM-Kymmene OYJ (Materials) |  | 248843 |
| 7564 | Wartsila OYJ Abp (Industrials) |  | 221696 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3320372 |
| France – 5.0% | France – 5.0% | France – 5.0% | France – 5.0% |
| 9285 | Air Liquide SA (Materials) |  | 1915177 |
| 9685 | Airbus SE (Industrials) |  | 2029878 |
| 28472 | AXA SA (Financials) |  | 1326062 |
| 16540 | BNP Paribas SA (Financials) |  | 1487435 |
| 11564 | Bollore SE (Communication Services) |  | 67516 |
| 3232 | Bouygues SA (Industrials) |  | 138611 |
| 2553 | Capgemini SE (Information Technology) |  | 362928 |
| 7385 | Cie de Saint-Gobain SA (Industrials) |  | 796991 |
| 10842 | Cie Generale des Etablissements Michelin SCA (Consumer Discretionary) |  | 392519 |
| 16148 | Credit Agricole SA (Financials) |  | 295427 |
| 10496 | Danone SA (Consumer Staples) |  | 874488 |
| 11085 | Dassault Systemes (Information Technology) |  | 345135 |
| 28614 | Engie SA (Utilities) |  | 592486 |
| 4850 | EssilorLuxottica SA (Health Care) |  | 1477137 |
| 534 | Hermes International SCA (Consumer Discretionary) |  | 1306974 |
| 1177 | Kering (Consumer Discretionary) |  | 315695 |
| 4129 | Legrand SA (Industrials) |  | 628773 |
| 3701 | L'Oreal SA (Consumer Staples) |  | 1723712 |
| 4272 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary) |  | 2520692 |
| 30763 | Orange SA (Communication Services) |  | 500513 |
| 3129 | Pernod Ricard SA (Consumer Staples) |  | 355995 |
| 3740 | Publicis Groupe SA (Communication Services) |  | 345136 |
| 5784 | Safran SA (Industrials) |  | 1928824 |

---

&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) |
| France – (continued) | France – (continued) | France – (continued) |
| 459 | Sartorius Stedim Biotech (Health Care) | $93967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11683 | Societe Generale SA (Financials) | 720944 |
| 1423 | Thales SA (Industrials) | 375098 |
| 33813 | TotalEnergies SE (Energy) | 2117431 |
| 7810 | Vinci SA (Industrials) | 1059513 |
|  |  | 26095057 |
| Germany – 5.6% | Germany – 5.6% |  |
| 2707 | adidas AG (Consumer Discretionary) | 527088 |
| 6373 | Allianz SE (Financials) | 2694409 |
| 14601 | BASF SE (Materials) | 775224 |
| 16303 | Bayer AG (Health Care) | 535460 |
| 4828 | Bayerische Motoren Werke AG (Consumer Discretionary) | 505555 |
| 1575 | Beiersdorf AG (Consumer Staples) | 181109 |
| 1545 | BioNTech SE ADR (Health Care)\* | 155705 |
| 15287 | Commerzbank AG (Financials) | 583684 |
| 1794 | Continental AG (Consumer Discretionary) | 157491 |
| 8149 | Daimler Truck Holding AG (Industrials) | 383158 |
| 29617 | Deutsche Bank AG (Financials) | 1041042 |
| 2999 | Deutsche Boerse AG (Financials) | 883200 |
| 15743 | Deutsche Post AG (Industrials) | 716449 |
| 53280 | Deutsche Telekom AG (Communication Services) | 1947013 |
| 36183 | E.ON SE (Utilities) | 645660 |
| 3307 | Fresenius Medical Care AG (Health Care) | 169504 |
| 6773 | Fresenius SE & Co. KGaA (Health Care) | 367929 |
| 989 | Hannover Rueck SE (Financials) | 288017 |
| 98 | Hapag-Lloyd AG (Industrials)<sup>(b)</sup> | 13605 |
| 2089 | Heidelberg Materials AG (Materials) | 493926 |
| 1599 | Henkel AG & Co. KGaA (Consumer Staples) | 122873 |
| 21272 | Infineon Technologies AG (Information Technology) | 870466 |
| 1098 | Knorr-Bremse AG (Industrials) | 114641 |
| 11329 | Mercedes-Benz Group AG (Consumer Discretionary) | 707453 |
| 2147 | Merck KGaA (Health Care) | 272165 |
| 884 | MTU Aero Engines AG (Industrials) | 394229 |
| 2188 | Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen (Financials) | 1394751 |
| 758 | Rheinmetall AG (Industrials) | 1498992 |
| 11125 | RWE AG (Utilities) | 445867 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Germany – (continued) | Germany – (continued) | Germany – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16960 | SAP SE (Information Technology) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4599638 |
| 12215 | Siemens AG (Industrials) | 3382829 |
| 10664 | Siemens Energy AG (Industrials)\* | 1132387 |
| 4903 | Siemens Healthineers AG (Health Care)<sup>(b)</sup> | 271511 |
| 2205 | Symrise AG (Materials) | 213651 |
| 996 | Talanx AG (Financials) | 137334 |
| 475 | Volkswagen AG (Consumer Discretionary) | 56822 |
| 11559 | Vonovia SE (Real Estate) | 373829 |
|  |  | 29054666 |
| Greece – 0.2% | Greece – 0.2% |  |
| 33511 | Alpha Bank SA (Financials) | 132854 |
| 39426 | Eurobank Ergasias Services and Holdings SA (Financials) | 144905 |
| 2887 | Hellenic Telecommunications Organization SA (Communication Services) | 53730 |
| 1736 | JUMBO SA (Consumer Discretionary) | 61935 |
| 968 | Motor Oil Hellas Corinth Refineries SA (Energy) | 28530 |
| 13689 | National Bank of Greece SA (Financials) | 189552 |
| 3246 | OPAP SA (Consumer Discretionary) | 72835 |
| 16167 | Piraeus Financial Holdings SA (Financials)\* | 125084 |
| 3041 | Public Power Corp. SA (Utilities) | 50830 |
|  |  | 860255 |
| Hong Kong – 1.4% | Hong Kong – 1.4% |  |
| 176238 | AIA Group Ltd. (Financials) | 1659328 |
| 9395 | Cathay Pacific Airways Ltd. (Industrials) | 12907 |
| 29519 | CK Asset Holdings Ltd. (Real Estate) | 139040 |
| 10089 | CK Infrastructure Holdings Ltd. (Utilities) | 67619 |
| 30005 | CLP Holdings Ltd. (Utilities) | 253446 |
| 947 | Futu Holdings Ltd. ADR (Financials) | 175763 |
| 7600 | Guming Holdings Ltd. (Consumer Discretionary)\*<sup>(a)</sup> | 22071 |
| 40000 | Guotai Junan International Holdings Ltd. (Financials) | 30273 |
| 28901 | Hang Lung Properties Ltd. (Real Estate) | 29361 |
| 11973 | Hang Seng Bank Ltd. (Financials) | 171090 |
| 21867 | Henderson Land Development Co. Ltd. (Real Estate) | 75453 |
| 37584 | HK Electric Investments & HK Electric Investments Ltd. (Utilities) | 28926 |

---

&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) *August 31, 2025*

&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) |
| Hong Kong – (continued) | Hong Kong – (continued) | Hong Kong – (continued) | Hong Kong – (continued) |
| 59988 | HKT Trust & HKT Ltd. (Communication Services) | $| 90799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180047 | Hong Kong & China Gas Co. Ltd. (Utilities) |  | 161898 |
| 19521 | Hong Kong Exchanges & Clearing Ltd. (Financials) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129315 |
| 16862 | Hongkong Land Holdings Ltd. (Real Estate) |  | 104545 |
| 104200 | J&T Global Express Ltd. (Industrials)\* |  | 139007 |
| 3279 | Jardine Matheson Holdings Ltd. (Industrials) |  | 198675 |
| 42350 | Link REIT (Real Estate) |  | 225118 |
| 26010 | MTR Corp. Ltd. (Industrials) |  | 87947 |
| 2180 | Orient Overseas International Ltd. (Industrials) |  | 38114 |
| 22655 | Power Assets Holdings Ltd. (Utilities) |  | 147481 |
| 43445 | Prudential PLC (Financials) |  | 580272 |
| 162892 | Sino Biopharmaceutical Ltd. (Health Care) |  | 169456 |
| 55959 | Sino Land Co. Ltd. (Real Estate) |  | 66469 |
| 21689 | Sun Hung Kai Properties Ltd. (Real Estate) |  | 254842 |
| 6805 | Swire Pacific Ltd., Class A (Industrials) |  | 58266 |
| 11917 | Swire Pacific Ltd., Class B (Industrials) |  | 17809 |
| 17482 | Swire Properties Ltd. (Real Estate) |  | 47361 |
| 22661 | Techtronic Industries Co. Ltd. (Industrials) |  | 291843 |
| 126143 | WH Group Ltd. (Consumer Staples)<sup>(b)</sup> |  | 134948 |
| 25712 | Wharf Real Estate Investment Co. Ltd. (Real Estate) |  | 74539 |
|  |  |  | 6683981 |
| Hungary – 0.1% | Hungary – 0.1% | Hungary – 0.1% | Hungary – 0.1% |
| 6099 | MOL Hungarian Oil & Gas PLC (Energy) |  | 52419 |
| 3610 | OTP Bank Nyrt (Financials) |  | 314424 |
| 2308 | Richter Gedeon Nyrt (Health Care) |  | 69912 |
|  |  |  | 436755 |
| India – 5.0% | India – 5.0% | India – 5.0% | India – 5.0% |
| 3946 | 360 ONE WAM Ltd. (Financials) |  | 45537 |
| 880 | ABB India Ltd. (Industrials) |  | 49864 |
| 1147 | ACC Ltd. (Materials) |  | 23425 |
| 5989 | Adani Energy Solutions Ltd. (Utilities)\* |  | 51874 |
| 3549 | Adani Enterprises Ltd. (Industrials) |  | 90299 |
| 5129 | Adani Green Energy Ltd. (Utilities)\* |  | 53108 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| India – (continued) | India – (continued) | India – (continued) |
| 9416 | Adani Ports & Special Economic Zone Ltd. (Industrials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12956 | Adani Power Ltd. (Utilities)\* | 88208 |
| 4378 | Adani Total Gas Ltd. (Utilities) | 29333 |
| 7713 | Aditya Birla Capital Ltd. (Financials)\* | 24291 |
| 516 | Alkem Laboratories Ltd. (Health Care) | 31019 |
| 10062 | Ambuja Cements Ltd. (Materials) | 64234 |
| 2763 | APL Apollo Tubes Ltd. (Materials) | 50256 |
| 1682 | Apollo Hospitals Enterprise Ltd. (Health Care) | 145087 |
| 47694 | Ashok Leyland Ltd. (Industrials) | 68646 |
| 5625 | Asian Paints Ltd. (Materials) | 160583 |
| 1970 | Astral Ltd. (Industrials) | 30364 |
| 7598 | AU Small Finance Bank Ltd. (Financials)<sup>(b)</sup> | 61840 |
| 4689 | Aurobindo Pharma Ltd. (Health Care) | 54632 |
| 2408 | Avenue Supermarts Ltd. (Consumer Staples)\*<sup>(b)</sup> | 129801 |
| 2444 | AWL Agri Business Ltd. (Consumer Staples)\* | 6967 |
| 37867 | Axis Bank Ltd. (Financials) | 448619 |
| 1128 | Bajaj Auto Ltd. (Consumer Discretionary) | 110360 |
| 44170 | Bajaj Finance Ltd. (Financials) | 439506 |
| 6351 | Bajaj Finserv Ltd. (Financials) | 137749 |
| 444 | Bajaj Holdings & Investment Ltd. (Financials) | 64268 |
| 1340 | Balkrishna Industries Ltd. (Consumer Discretionary) | 34773 |
| 12626 | Bandhan Bank Ltd. (Financials)<sup>(b)</sup> | 23156 |
| 17185 | Bank of Baroda (Financials) | 45353 |
| 11819 | Bank of India (Financials) | 14775 |
| 15870 | Bank of Maharashtra (Financials) | 9345 |
| 4061 | Berger Paints India Ltd. (Materials) | 24535 |
| 1522 | Bharat Dynamics Ltd. (Industrials) | 24768 |
| 59344 | Bharat Electronics Ltd. (Industrials) | 248480 |
| 4234 | Bharat Forge Ltd. (Consumer Discretionary) | 53113 |
| 17292 | Bharat Heavy Electricals Ltd. (Industrials) | 40771 |
| 31956 | Bharat Petroleum Corp. Ltd. (Energy) | 111636 |
| 39385 | Bharti Airtel Ltd. (Communication Services) | 843207 |
| 1230 | Bharti Hexacom Ltd. (Communication Services) | 24733 |

---

&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) |
| India – (continued) | India – (continued) | India – (continued) |
| 7435 | Biocon Ltd. (Health Care) | $29357 |
| 144 | Bosch Ltd. (Consumer Discretionary) | 65224 |
| 1739 | Britannia Industries Ltd. (Consumer Staples) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114799 |
| 3267 | BSE Ltd. (Financials) | 77625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30144 | Canara Bank (Financials) | 35477 |
| 10625 | CG Power & Industrial Solutions Ltd. (Industrials) | 83617 |
| 6618 | Cholamandalam Investment and Finance Co. Ltd. (Financials) | 106573 |
| 8924 | Cipla Ltd. (Health Care) | 160772 |
| 24654 | Coal India Ltd. (Energy) | 104738 |
| 1182 | Cochin Shipyard Ltd. (Industrials)<sup>(b)</sup> | 21546 |
| 5440 | Coforge Ltd. (Information Technology) | 106323 |
| 2214 | Colgate-Palmolive India Ltd. (Consumer Staples) | 58518 |
| 5705 | Container Corp. Of India Ltd. (Industrials) | 34101 |
| 1986 | Coromandel International Ltd. (Materials) | 51980 |
| 2256 | Cummins India Ltd. (Industrials) | 97842 |
| 9834 | Dabur India Ltd. (Consumer Staples) | 58086 |
| 1335 | Dalmia Bharat Ltd. (Materials) | 36340 |
| 1230 | Deepak Nitrite Ltd. (Materials) | 24927 |
| 5076 | Delhivery Ltd. (Industrials)\* | 26930 |
| 1823 | Divi's Laboratories Ltd. (Health Care) | 126698 |
| 554 | Dixon Technologies India Ltd. (Consumer Discretionary) | 104805 |
| 10295 | DLF Ltd. (Real Estate) | 86242 |
| 9186 | Dr Reddy's Laboratories Ltd. (Health Care) | 131205 |
| 2309 | Eicher Motors Ltd. (Consumer Discretionary) | 159729 |
| 14487 | Embassy Office Parks REIT (Real Estate) | 63692 |
| 79159 | Eternal Ltd. (Consumer Discretionary)\* | 281694 |
| 6908 | Exide Industries Ltd. (Consumer Discretionary) | 31027 |
| 29673 | Federal Bank Ltd. (Financials) | 64480 |
| 7847 | Fortis Healthcare Ltd. (Health Care) | 81073 |
| 17018 | FSN E-Commerce Ventures Ltd. (Consumer Discretionary)\* | 44395 |
| 38893 | GAIL India Ltd. (Utilities) | 76298 |
| 2052 | GE Vernova T&D India Ltd. (Industrials) | 64642 |
| 3865 | General Insurance Corp. of India (Financials)<sup>(b)</sup> | 15931 |
| 1018 | Gland Pharma Ltd. (Health<br>Care)<sup>(b)</sup> | 21595 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| India – (continued) | India – (continued) | India – (continued) |
| 651 | GlaxoSmithKline Pharmaceuticals Ltd. (Health Care) | $20551 |
| 2254 | Glenmark Pharmaceuticals Ltd. (Health Care) | 49153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41010 | GMR Airports Ltd. (Industrials)\* | 40009 |
| 6250 | Godrej Consumer Products Ltd. (Consumer Staples) | 88030 |
| 2460 | Godrej Properties Ltd. (Real Estate)\* | 54309 |
| 5166 | Grasim Industries Ltd. (Materials) | 162528 |
| 571 | Gujarat Fluorochemicals Ltd. (Materials) | 22097 |
| 2719 | Gujarat Gas Ltd. (Utilities) | 12927 |
| 3648 | Havells India Ltd. (Industrials) | 63083 |
| 15564 | HCL Technologies Ltd. (Information Technology) | 256650 |
| 1607 | HDFC Asset Management Co. Ltd. (Financials)<sup>(b)</sup> | 99509 |
| 186916 | HDFC Bank Ltd. (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2016129 |
| 16262 | HDFC Life Insurance Co. Ltd. (Financials)<sup>(b)</sup> | 142310 |
| 2166 | Hero MotoCorp Ltd. (Consumer Discretionary) | 124910 |
| 22310 | Hindalco Industries Ltd. (Materials) | 178016 |
| 2761 | Hindustan Aeronautics Ltd. (Industrials) | 135591 |
| 15942 | Hindustan Petroleum Corp. Ltd. (Energy) | 67925 |
| 12696 | Hindustan Unilever Ltd. (Consumer Staples) | 382766 |
| 3878 | Hindustan Zinc Ltd. (Materials) | 18429 |
| 174 | Hitachi Energy India Ltd. (Industrials) | 37690 |
| 37 | Honeywell Automation India Ltd. (Information Technology) | 16247 |
| 6030 | Housing & Urban Development Corp. Ltd. (Financials) | 13977 |
| 2325 | Hyundai Motor India Ltd. (Consumer Discretionary) | 64840 |
| 87588 | ICICI Bank Ltd. (Financials) | 1387737 |
| 3919 | ICICI Lombard General Insurance Co. Ltd. (Financials)<sup>(b)</sup> | 81718 |
| 6367 | ICICI Prudential Life Insurance Co. Ltd. (Financials)<sup>(b)</sup> | 43291 |
| 88563 | IDFC First Bank Ltd. (Financials) | 68252 |
| 4027 | Indian Bank (Financials) | 29811 |
| 14080 | Indian Hotels Co. Ltd. (Consumer Discretionary) | 121045 |
| 47145 | Indian Oil Corp. Ltd. (Energy) | 73007 |
| 3636 | Indian Railway Catering & Tourism Corp. Ltd. (Industrials) | 28518 |

---

&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) *August 31, 2025*

&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) | India – (continued) |
| 29620 | Indian Railway Finance Corp. Ltd. (Financials)<sup>(b)</sup> | $39654 |
| 9460 | Indian Renewable Energy Development Agency Ltd. (Financials)\* | 15066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11630 | Indraprastha Gas Ltd. (Utilities) | 27253 |
| 20326 | Indus Towers Ltd. (Communication Services)\* | 78011 |
| 9541 | IndusInd Bank Ltd. (Financials)\* | 79974 |
| 5715 | Info Edge India Ltd. (Communication Services) | 87976 |
| 53064 | Infosys Ltd. (Information Technology) | 883927 |
| 3009 | InterGlobe Aviation Ltd. (Industrials)<sup>(b)</sup> | 192566 |
| 49560 | ITC Ltd. (Consumer Staples) | 230180 |
| 5049 | Jindal Stainless Ltd. (Materials) | 43664 |
| 6325 | Jindal Steel Ltd. (Materials) | 67807 |
| 50904 | Jio Financial Services Ltd. (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179848 |
| 587 | JK Cement Ltd. (Materials) | 46219 |
| 6396 | JSW Energy Ltd. (Utilities) | 35412 |
| 4172 | JSW Infrastructure Ltd. (Industrials) | 13998 |
| 13376 | JSW Steel Ltd. (Materials) | 155649 |
| 6345 | Jubilant Foodworks Ltd. (Consumer Discretionary) | 45148 |
| 5119 | Kalyan Jewellers India Ltd. (Consumer Discretionary)\* | 29252 |
| 18155 | Kotak Mahindra Bank Ltd. (Financials) | 403400 |
| 2465 | KPIT Technologies Ltd. (Information Technology) | 33263 |
| 12360 | L&T Finance Ltd. (Financials) | 30424 |
| 452 | L&T Technology Services Ltd. (Industrials)<sup>(b)</sup> | 21639 |
| 11151 | Larsen & Toubro Ltd. (Industrials) | 455150 |
| 3678 | Life Insurance Corp. of India (Financials) | 35526 |
| 326 | Linde India Ltd. (Materials) | 23570 |
| 1572 | Lloyds Metals & Energy Ltd. (Materials) | 22964 |
| 4004 | Lodha Developers Ltd. (Real Estate)<sup>(b)</sup> | 54112 |
| 1175 | LTIMindtree Ltd. (Information Technology)<sup>(b)</sup> | 68371 |
| 3992 | Lupin Ltd. (Health Care) | 85742 |
| 9578 | Mahindra & Mahindra Financial Services Ltd. (Financials) | 27570 |
| 14721 | Mahindra & Mahindra Ltd. (Consumer Discretionary) | 533872 |
| 1155 | MakeMyTrip Ltd. (Consumer Discretionary)\* | 114056 |
| 1840 | Mankind Pharma Ltd. (Health Care) | 51544 |
| 8672 | Marico Ltd. (Consumer Staples) | 71348 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| India – (continued) | India – (continued) | India – (continued) |
| 1957 | Maruti Suzuki India Ltd. (Consumer Discretionary) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328100 |
| 3675 | Max Financial Services Ltd. (Financials)\* | 66741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | Max Healthcare Institute Ltd. (Health Care) | 160932 |
| 948 | Mazagon Dock Shipbuilders Ltd. (Industrials) | 27972 |
| 2387 | Motilal Oswal Financial Services Ltd. (Financials) | 23195 |
| 1388 | Mphasis Ltd. (Information Technology) | 43863 |
| 37 | MRF Ltd. (Consumer Discretionary) | 59115 |
| 1771 | Muthoot Finance Ltd. (Financials) | 52951 |
| 10540 | Nestle India Ltd. (Consumer Staples) | 138131 |
| 45798 | NHPC Ltd. (Utilities) | 40091 |
| 2841 | Nippon Life India Asset Management Ltd. (Financials)<sup>(b)</sup> | 25271 |
| 57267 | NMDC Ltd. (Materials) | 44659 |
| 12150 | NTPC Green Energy Ltd. (Utilities)\* | 14178 |
| 72229 | NTPC Ltd. (Utilities) | 268168 |
| 1950 | Oberoi Realty Ltd. (Real Estate) | 35604 |
| 44930 | Oil & Natural Gas Corp. Ltd. (Energy) | 119023 |
| 9004 | Oil India Ltd. (Energy) | 39834 |
| 4877 | One 97 Communications Ltd. (Financials)\* | 66723 |
| 361 | Oracle Financial Services Software Ltd. (Information Technology) | 33936 |
| 85 | Page Industries Ltd. (Consumer Discretionary) | 42715 |
| 1790 | Patanjali Foods Ltd. (Consumer Staples) | 36067 |
| 5555 | PB Fintech Ltd. (Financials)\* | 111499 |
| 1658 | Persistent Systems Ltd. (Information Technology) | 99708 |
| 9934 | Petronet LNG Ltd. (Energy) | 30346 |
| 3108 | Phoenix Mills Ltd. (The) (Real Estate)\* | 52956 |
| 1343 | PI Industries Ltd. (Materials) | 56245 |
| 2207 | Pidilite Industries Ltd. (Materials) | 76307 |
| 725 | Polycab India Ltd. (Industrials) | 58272 |
| 24127 | Power Finance Corp. Ltd. (Financials) | 103839 |
| 75197 | Power Grid Corp. of India Ltd. (Utilities) | 234609 |
| 2288 | Prestige Estates Projects Ltd. (Real Estate) | 40504 |
| 159 | Procter & Gamble Hygiene & Health Care Ltd. (Consumer Staples) | 23584 |

---

&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;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| India – (continued) | India – (continued) | India – (continued) |
| 36589 | Punjab National Bank (Financials) | $41838 |
| 9407 | Rail Vikas Nigam Ltd. (Industrials) | 32265 |
| 20720 | REC Ltd. (Financials) | 82201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98832 | Reliance Industries Ltd. (Energy) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520404 |
| 66682 | Samvardhana Motherson International Ltd. (Consumer Discretionary) | 70104 |
| 4866 | SBI Cards & Payment Services Ltd. (Financials) | 44318 |
| 7407 | SBI Life Insurance Co. Ltd. (Financials)<sup>(b)</sup> | 151585 |
| 672 | Schaeffler India Ltd. (Industrials) | 29458 |
| 165 | Shree Cement Ltd. (Materials) | 54752 |
| 23308 | Shriram Finance Ltd. (Financials) | 153298 |
| 1479 | Siemens Ltd. (Industrials) | 51361 |
| 11811 | SJVN Ltd. (Utilities) | 12539 |
| 404 | Solar Industries India Ltd. (Materials) | 63171 |
| 6571 | Sona Blw Precision Forgings Ltd. (Consumer Discretionary)<sup>(b)</sup> | 32999 |
| 2426 | SRF Ltd. (Materials) | 77997 |
| 29658 | State Bank of India (Financials) | 269777 |
| 24020 | Steel Authority of India Ltd. (Materials) | 32307 |
| 16745 | Sun Pharmaceutical Industries Ltd. (Health Care) | 302641 |
| 1061 | Sundaram Finance Ltd. (Financials) | 54043 |
| 975 | Supreme Industries Ltd. (Materials) | 49414 |
| 164173 | Suzlon Energy Ltd. (Industrials)\* | 105010 |
| 3232 | Swiggy Ltd. (Consumer Discretionary)\* | 15011 |
| 1863 | Tata Communications Ltd. (Communication Services) | 32702 |
| 14112 | Tata Consultancy Services Ltd. (Information Technology) | 493423 |
| 9998 | Tata Consumer Products Ltd. (Consumer Staples) | 120738 |
| 581 | Tata Elxsi Ltd. (Information Technology) | 34469 |
| 33649 | Tata Motors Ltd. (Consumer Discretionary) | 255162 |
| 28197 | Tata Power Co. Ltd. (The) (Utilities) | 119582 |
| 121959 | Tata Steel Ltd. (Materials) | 213552 |
| 1091 | Tata Technologies Ltd. (Information Technology) | 8128 |
| 8717 | Tech Mahindra Ltd. (Information Technology) | 146372 |
| 614 | Thermax Ltd. (Industrials) | 22324 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| India – (continued) | India – (continued) | India – (continued) |
| 5829 | Titan Co. Ltd. (Consumer Discretionary) | $239759 |
| 1538 | Torrent Pharmaceuticals Ltd. (Health Care) | 62058 |
| 2671 | Torrent Power Ltd. (Utilities) | 37157 |
| 3012 | Trent Ltd. (Consumer Discretionary) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180877 |
| 1674 | Tube Investments of India Ltd. (Consumer Discretionary) | 56195 |
| 3810 | TVS Motor Co. Ltd. (Consumer Discretionary) | 141503 |
| 1911 | UltraTech Cement Ltd. (Materials) | 273795 |
| 24633 | Union Bank of India Ltd. (Financials) | 34851 |
| 1148 | United Breweries Ltd. (Consumer Staples) | 24074 |
| 4941 | United Spirits Ltd. (Consumer Staples) | 73423 |
| 2969 | UNO Minda Ltd. (Consumer Discretionary) | 43043 |
| 8637 | UPL Ltd. (Materials) | 70072 |
| 21872 | Varun Beverages Ltd. (Consumer Staples) | 120773 |
| 22316 | Vedanta Ltd. (Materials) | 106403 |
| 12514 | Vishal Mega Mart Ltd. (Consumer Discretionary)\* | 21193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427328 | Vodafone Idea Ltd. (Communication Services)\* | 31436 |
| 3832 | Voltas Ltd. (Industrials) | 59680 |
| 41806 | Wipro Ltd. (Information Technology) | 118187 |
| 262944 | Yes Bank Ltd. (Financials)\* | 56926 |
| 4199 | Zydus Lifesciences Ltd. (Health Care) | 46693 |
|  |  | 25978301 |
| Indonesia – 0.4% | Indonesia – 0.4% |  |
| 103067 | Alamtri Minerals Indonesia Tbk PT (Materials) | 6281 |
| 182881 | Alamtri Resources Indonesia Tbk PT (Energy) | 19464 |
| 207034 | Amman Mineral Internasional PT (Materials)\* | 98558 |
| 139400 | Aneka Tambang Tbk (Materials) | 25699 |
| 335459 | Astra International Tbk PT (Industrials) | 111887 |
| 854306 | Bank Central Asia Tbk PT (Financials) | 418346 |
| 603827 | Bank Mandiri Persero Tbk PT (Financials) | 173202 |
| 247703 | Bank Negara Indonesia Persero Tbk PT (Financials) | 65794 |
| 1158400 | Bank Rakyat Indonesia Persero Tbk PT (Financials) | 284507 |
| 421170 | Barito Pacific Tbk PT (Materials)\* | 55935 |
| 87520 | Barito Renewables Energy Tbk PT (Utilities) | 47900 |

---

&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) *August 31, 2025*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Indonesia – (continued) | Indonesia – (continued) | Indonesia – (continued) | Indonesia – (continued) |
| 114124 | Chandra Asri Pacific Tbk PT (Materials) | $| 57097 |
| 121161 | Charoen Pokphand Indonesia Tbk PT (Consumer Staples) |  | 31374 |
| 25800 | Dian Swastatika Sentosa Tbk PT (Energy)\* |  | 155207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12530058 | GoTo Gojek Tokopedia Tbk PT (Consumer Discretionary)\* |  | 44072 |
| 37729 | Indofood CBP Sukses Makmur Tbk PT (Consumer Staples) |  | 20535 |
| 72827 | Indofood Sukses Makmur Tbk PT (Consumer Staples) |  | 32902 |
| 82432 | Indosat Tbk PT (Communication Services) |  | 10098 |
| 315440 | Kalbe Farma Tbk PT (Health Care) |  | 23242 |
| 25019 | Pantai Indah Kapuk Dua Tbk PT (Real Estate) |  | 23062 |
| 278000 | Petrindo Jaya Kreasi Tbk PT (Energy) |  | 26299 |
| 313094 | Sumber Alfaria Trijaya Tbk PT (Consumer Staples) |  | 41771 |
| 788588 | Telkom Indonesia Persero Tbk PT (Communication Services) |  | 149683 |
| 95413 | Unilever Indonesia Tbk PT (Consumer Staples) |  | 9836 |
| 23464 | United Tractors Tbk PT (Energy) |  | 34719 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1967470 |
| Ireland – 0.2% | Ireland – 0.2% | Ireland – 0.2% | Ireland – 0.2% |
| 2874 | AerCap Holdings NV (Industrials) |  | 354939 |
| 34054 | AIB Group PLC (Financials) |  | 276630 |
| 15875 | Bank of Ireland Group PLC (Financials) |  | 234873 |
| 2473 | Kerry Group PLC, Class A (Consumer Staples) |  | 226217 |
| 2544 | Kingspan Group PLC (Industrials) |  | 196234 |
|  |  |  | 1288893 |
| Israel – 0.7% | Israel – 0.7% | Israel – 0.7% | Israel – 0.7% |
| 900 | Airport City Ltd. (Real Estate)\* |  | 16315 |
| 3368 | Amot Investments Ltd. (Real Estate) |  | 24047 |
| 607 | Azrieli Group Ltd. (Real Estate) |  | 58077 |
| 21544 | Bank Hapoalim BM (Financials) |  | 420632 |
| 24346 | Bank Leumi Le-Israel BM (Financials) |  | 467331 |
| 33256 | Bezeq The Israeli Telecommunication Corp. Ltd. (Communication Services) |  | 61102 |
| 203 | Big Shopping Centers Ltd. (Real Estate) |  | 39871 |
| 412 | Camtek Ltd. (Information Technology)\* |  | 36340 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Israel – (continued) | Israel – (continued) | Israel – (continued) |
| 1116 | Cellebrite DI Ltd. (Information Technology)\* | $18302 |
| 1382 | Check Point Software Technologies Ltd. (Information Technology)\* | 266919 |
| 1060 | Clal Insurance Enterprises Holdings Ltd. (Financials) | 54322 |
| 156 | Delek Group Ltd. (Energy) | 34283 |
| 412 | Elbit Systems Ltd. (Industrials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199179 |
| 4046 | Energix-Renewable Energies Ltd. (Utilities) | 15630 |
| 1927 | Enlight Renewable Energy Ltd. (Utilities)\* | 54585 |
| 378 | Etoro Group Ltd., Class A (Financials)\* | 16783 |
| 103 | Fattal Holdings 1998 Ltd. (Consumer Discretionary)\* | 16753 |
| 860 | First International Bank Of Israel Ltd. (The) (Financials) | 60915 |
| 1607 | Global-e Online Ltd. (Consumer Discretionary)\* | 53770 |
| 1719 | Harel Insurance Investments & Financial Services Ltd. (Financials) | 57205 |
| 11616 | ICL Group Ltd. (Materials) | 75367 |
| 59 | Israel Corp. Ltd. (Materials) | 19055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20188 | Israel Discount Bank Ltd., Class A (Financials) | 199734 |
| 409 | Melisron Ltd. (Real Estate) | 47974 |
| 292 | Menora Mivtachim Holdings Ltd. (Financials) | 28296 |
| 7826 | Migdal Insurance & Financial Holdings Ltd. (Financials) | 28196 |
| 9372 | Mivne Real Estate KD Ltd. (Real Estate) | 34383 |
| 2501 | Mizrahi Tefahot Bank Ltd. (Financials) | 163391 |
| 826 | Next Vision Stabilized Systems Ltd. (Information Technology) | 34304 |
| 1051 | Nice Ltd. (Information Technology)\* | 149077 |
| 477 | Nova Ltd. (Information Technology)\* | 128643 |
| 539 | Oddity Tech Ltd., Class A (Consumer Staples)\* | 32453 |
| 1585 | OPC Energy Ltd. (Utilities)\* | 25032 |
| 3757 | Phoenix Financial Ltd. (Financials) | 133226 |
| 1121 | Plus500 Ltd. (Financials) | 45920 |
| 2213 | Shapir Engineering and Industry Ltd. (Industrials) | 17488 |
| 4358 | Shufersal Ltd. (Consumer Staples) | 54010 |
| 780 | Strauss Group Ltd. (Consumer Staples) | 20467 |
| 18517 | Teva Pharmaceutical Industries Ltd. (Health Care)\* | 332299 |

---

&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;

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Israel – (continued) | Israel – (continued) | Israel – (continued) | Israel – (continued) |
| 1827 | Tower Semiconductor Ltd. (Information Technology)\* | $| 110618 |
| 878 | Wix.com Ltd. (Information Technology)\* |  | 123868 |
| 1578 | ZIM Integrated Shipping Services Ltd. (Industrials)<sup>(a)</sup> |  | 21477 |
|  |  |  | 3797639 |
| Italy – 1.9% | Italy – 1.9% | Italy – 1.9% | Italy – 1.9% |
| 25835 | A2A SpA (Utilities) |  | 64955 |
| 3372 | Banca Mediolanum SpA (Financials) |  | 68203 |
| 18127 | Banco BPM SpA (Financials) |  | 248777 |
| 9433 | Davide Campari-Milano NV (Consumer Staples) |  | 70974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127249 | Enel SpA (Utilities) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174283 |
| 34127 | Eni SpA (Energy) |  | 608852 |
| 1999 | Ferrari NV (Consumer Discretionary) |  | 951610 |
| 10060 | FinecoBank Banca Fineco SpA (Financials) |  | 220786 |
| 14748 | Generali (Financials) |  | 575879 |
| 5169 | Infrastrutture Wireless Italiane SpA (Communication<br>Services)<sup>(b)</sup> |  | 62681 |
| 240727 | Intesa Sanpaolo SpA (Financials) |  | 1514520 |
| 6593 | Leonardo SpA (Industrials) |  | 376055 |
| 8445 | Mediobanca Banca di Credito Finanziario SpA (Financials) |  | 204617 |
| 3543 | Moncler SpA (Consumer Discretionary) |  | 205986 |
| 8074 | Nexi SpA (Financials)<sup>(b)</sup> |  | 51241 |
| 7505 | Poste Italiane SpA (Financials)<sup>(b)</sup> |  | 175780 |
| 8512 | PRADA SpA (Consumer Discretionary) |  | 50029 |
| 4509 | Prysmian SpA (Industrials) |  | 394356 |
| 1622 | Recordati Industria Chimica e Farmaceutica SpA (Health Care) |  | 100149 |
| 7890 | Ryanair Holdings PLC ADR (Industrials) |  | 500778 |
| 34020 | Snam SpA (Utilities) |  | 207226 |
| 166110 | Telecom Italia SpA (Communication Services)\* |  | 79639 |
| 100152 | Telecom Italia SpA-RSP (Communication Services)\* |  | 54113 |
| 23311 | Terna - Rete Elettrica Nazionale (Utilities) |  | 234547 |
| 23090 | UniCredit SpA (Financials) |  | 1784854 |
| 6126 | Unipol Assicurazioni SpA (Financials) |  | 127993 |
|  |  |  | 10108883 |
| Japan – 15.3% | Japan – 15.3% | Japan – 15.3% | Japan – 15.3% |
| 1522 | ABC-Mart, Inc. (Consumer Discretionary) |  | 30342 |
| 5922 | Acom Co. Ltd. (Financials) |  | 18666 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 11985 | Advantest Corp. (Information Technology) | $953004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39108 | Aeon Co. Ltd. (Consumer Staples) | 475982 |
| 3382 | AGC, Inc. (Industrials) | 106718 |
| 3358 | Air Water, Inc. (Materials) | 58949 |
| 7260 | Aisin Corp. (Consumer Discretionary) | 121243 |
| 14082 | Ajinomoto Co., Inc. (Consumer Staples) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384504 |
| 3116 | Alfresa Holdings Corp. (Health Care) | 47135 |
| 5882 | ALSOK Co. Ltd. (Industrials) | 45129 |
| 4912 | Amada Co. Ltd. (Industrials) | 63280 |
| 7422 | ANA Holdings, Inc. (Industrials)<sup>(a)</sup> | 150159 |
| 23721 | Asahi Group Holdings Ltd. (Consumer Staples) | 299936 |
| 3544 | Asahi Intecc Co. Ltd. (Health Care) | 61213 |
| 20355 | Asahi Kasei Corp. (Materials) | 167678 |
| 10312 | Asics Corp. (Consumer Discretionary) | 280863 |
| 29674 | Astellas Pharma, Inc. (Health Care) | 327409 |
| 7584 | Azbil Corp. (Information Technology) | 76679 |
| 9332 | Bandai Namco Holdings, Inc. (Consumer Discretionary) | 323831 |
| 2145 | BayCurrent Consulting, Inc. (Industrials) | 122323 |
| 9108 | Bridgestone Corp. (Consumer Discretionary) | 415683 |
| 4177 | Brother Industries Ltd. (Information Technology) | 71350 |
| 1289 | Calbee, Inc. (Consumer Staples) | 23489 |
| 14725 | Canon, Inc. (Information Technology) | 436259 |
| 5458 | Capcom Co. Ltd. (Communication Services) | 148880 |
| 15475 | Central Japan Railway Co. (Industrials) | 413475 |
| 10344 | Chiba Bank Ltd. (The) (Financials) | 107403 |
| 10726 | Chubu Electric Power Co., Inc. (Utilities) | 148663 |
| 10424 | Chugai Pharmaceutical Co. Ltd. (Health Care) | 462113 |
| 2231 | Coca-Cola Bottlers Japan Holdings, Inc. (Consumer Staples) | 39097 |
| 17927 | Concordia Financial Group Ltd. (Financials) | 137421 |
| 634 | Cosmos Pharmaceutical Corp. (Consumer Staples) | 38405 |
| 6767 | CyberAgent, Inc. (Communication Services) | 82730 |

---

&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) *August 31, 2025*

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

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

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 7090 | Dai Nippon Printing Co. Ltd. (Industrials) | $119684 |
| 5381 | Daifuku Co. Ltd. (Industrials) | 172141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57540 | Dai-ichi Life Holdings, Inc. (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480659 |
| 28613 | Daiichi Sankyo Co. Ltd. (Health Care) | 687725 |
| 4419 | Daikin Industries Ltd. (Industrials) | 559805 |
| 996 | Daito Trust Construction Co. Ltd. (Real Estate) | 106468 |
| 9398 | Daiwa House Industry Co. Ltd. (Real Estate) | 334699 |
| 74 | Daiwa House REIT Investment Corp. REIT (Real Estate) | 63958 |
| 21566 | Daiwa Securities Group, Inc. (Financials) | 169355 |
| 27089 | Denso Corp. (Consumer Discretionary) | 393997 |
| 3304 | Dentsu Group, Inc. (Communication Services) | 65799 |
| 1481 | Disco Corp. (Information Technology) | 417091 |
| 16264 | East Japan Railway Co. (Industrials) | 400328 |
| 7567 | Ebara Corp. (Industrials) | 159148 |
| 4197 | Eisai Co. Ltd. (Health Care) | 129719 |
| 2791 | Electric Power Development Co. Ltd. (Utilities) | 53415 |
| 43710 | ENEOS Holdings, Inc. (Energy) | 261918 |
| 15227 | FANUC Corp. (Industrials) | 433294 |
| 2874 | Fast Retailing Co. Ltd. (Consumer Discretionary) | 910598 |
| 1800 | Food & Life Cos. Ltd. (Consumer Discretionary) | 104537 |
| 2262 | Fuji Electric Co. Ltd. (Industrials) | 145511 |
| 2400 | Fuji Media Holdings, Inc. (Communication Services) | 54138 |
| 19337 | FUJIFILM Holdings Corp. (Information Technology) | 462402 |
| 4000 | Fujikura Ltd. (Industrials) | 347897 |
| 29673 | Fujitsu Ltd. (Information Technology) | 722701 |
| 3040 | Fukuoka Financial Group, Inc. (Financials) | 92427 |
| 79 | GLP J REIT (Real Estate) | 73929 |
| 729 | GMO Payment Gateway, Inc. (Financials) | 42183 |
| 3634 | Hakuhodo DY Holdings, Inc. (Communication Services) | 29317 |
| 4642 | Hamamatsu Photonics KK (Information Technology) | 49321 |
| 3923 | Hankyu Hanshin Holdings, Inc. (Industrials) | 116574 |
| 4230 | Haseko Corp. (Consumer Discretionary) | 70152 |
| 219 | Hikari Tsushin, Inc. (Industrials) | 58693 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 486 | Hirose Electric Co. Ltd. (Information Technology) | $63586 |
| 1716 | Hitachi Construction Machinery Co. Ltd. (Industrials) | 53528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71731 | Hitachi Ltd. (Industrials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1978129 |
| 75735 | Honda Motor Co. Ltd. (Consumer Discretionary) | 846973 |
| 1797 | Hoshizaki Corp. (Industrials) | 69689 |
| 5556 | Hoya Corp. (Health Care) | 728439 |
| 8433 | Hulic Co. Ltd. (Real Estate) | 90806 |
| 2069 | Ibiden Co. Ltd. (Information Technology) | 102051 |
| 13087 | Idemitsu Kosan Co. Ltd. (Energy) | 87707 |
| 2435 | IHI Corp. (Industrials) | 256560 |
| 2656 | Iida Group Holdings Co. Ltd. (Consumer Discretionary) | 41995 |
| 14004 | Inpex Corp. (Energy) | 240164 |
| 5330 | Isetan Mitsukoshi Holdings Ltd. (Consumer Discretionary) | 90010 |
| 10031 | Isuzu Motors Ltd. (Consumer Discretionary) | 132984 |
| 20343 | ITOCHU Corp. (Industrials) | 1163427 |
| 4142 | J Front Retailing Co. Ltd. (Consumer Discretionary) | 64828 |
| 7133 | Japan Airlines Co. Ltd. (Industrials)<sup>(a)</sup> | 152401 |
| 17566 | Japan Exchange Group, Inc. (Financials) | 185261 |
| 116 | Japan Metropolitan Fund Invest REIT (Real Estate) | 88407 |
| 22702 | Japan Post Bank Co. Ltd. (Financials) | 288056 |
| 28392 | Japan Post Holdings Co. Ltd. (Financials) | 292670 |
| 2945 | Japan Post Insurance Co. Ltd. (Financials) | 83160 |
| 115 | Japan Real Estate Investment Corp. REIT (Real Estate) | 100177 |
| 18110 | Japan Tobacco, Inc. (Consumer Staples) | 578237 |
| 9702 | JFE Holdings, Inc. (Materials) | 121519 |
| 7050 | Kajima Corp. (Industrials) | 211512 |
| 15479 | Kansai Electric Power Co., Inc. (The) (Utilities) | 216859 |
| 2542 | Kansai Paint Co. Ltd. (Materials) | 43127 |
| 7406 | Kao Corp. (Consumer Staples) | 338156 |
| 2596 | Kawasaki Heavy Industries Ltd. (Industrials) | 159570 |
| 6292 | Kawasaki Kisen Kaisha Ltd. (Industrials)<sup>(a)</sup> | 97214 |
| 47886 | KDDI Corp. (Communication Services) | 831829 |
| 1825 | Keio Corp. (Industrials) | 46127 |
| 7869 | Keisei Electric Railway Co. Ltd. (Industrials) | 72942 |

---

&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;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 1711 | Kewpie Corp. (Consumer Staples) | $48210 |
| 3055 | Keyence Corp. (Information Technology) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1181426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12769 | Kikkoman Corp. (Consumer Staples) | 110536 |
| 1800 | Kinden Corp. (Industrials) | 64632 |
| 3140 | Kintetsu Group Holdings Co. Ltd. (Industrials) | 63303 |
| 1300 | Kioxia Holdings Corp. (Information Technology)\* | 22985 |
| 13551 | Kirin Holdings Co. Ltd. (Consumer Staples) | 197093 |
| 842 | Kobayashi Pharmaceutical Co. Ltd. (Consumer Staples) | 30532 |
| 2347 | Kobe Bussan Co. Ltd. (Consumer Staples) | 65842 |
| 1878 | Koei Tecmo Holdings Co. Ltd. (Communication Services) | 24808 |
| 3380 | Koito Manufacturing Co. Ltd. (Consumer Discretionary) | 48608 |
| 2250 | Kokusai Electric Corp. (Information Technology) | 44035 |
| 14490 | Komatsu Ltd. (Industrials) | 497195 |
| 1589 | Konami Group Corp. (Communication Services) | 242476 |
| 600 | Kose Corp. (Consumer Staples) | 23301 |
| 15458 | Kubota Corp. (Industrials) | 181664 |
| 4789 | Kuraray Co. Ltd. (Materials) | 57895 |
| 1868 | Kurita Water Industries Ltd. (Industrials) | 64198 |
| 22110 | Kyocera Corp. (Information Technology) | 297711 |
| 4900 | Kyoto Financial Group, Inc. (Financials) | 98000 |
| 4132 | Kyowa Kirin Co. Ltd. (Health Care) | 71622 |
| 7675 | Kyushu Electric Power Co., Inc. (Utilities) | 81363 |
| 2334 | Kyushu Railway Co. (Industrials) | 64683 |
| 1302 | Lasertec Corp. (Information Technology) | 138824 |
| 4623 | Lixil Corp. (Industrials) | 60438 |
| 40729 | LY Corp. (Communication Services) | 130044 |
| 6792 | M3, Inc. (Health Care) | 101099 |
| 3978 | Makita Corp. (Industrials) | 136199 |
| 23959 | Marubeni Corp. (Industrials) | 551877 |
| 2678 | Marui Group Co. Ltd. (Financials) | 57947 |
| 5902 | MatsukiyoCocokara & Co. (Consumer Staples) | 122522 |
| 9558 | Mazda Motor Corp. (Consumer Discretionary) | 64772 |
| 1417 | McDonald's Holdings Co. Japan Ltd. (Consumer Discretionary) | 63214 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 14976 | Mebuki Financial Group, Inc. (Financials) | $93329 |
| 3048 | Medipal Holdings Corp. (Health Care) | 54265 |
| 4004 | MEIJI Holdings Co. Ltd. (Consumer Staples) | 83393 |
| 9000 | Metaplanet, Inc. (Consumer Discretionary)\*<sup>(a)</sup> | 53880 |
| 5533 | MINEBEA MITSUMI, Inc. (Industrials) | 96001 |
| 4727 | MISUMI Group, Inc. (Industrials) | 72696 |
| 21466 | Mitsubishi Chemical Group Corp. (Materials) | 123482 |
| 54899 | Mitsubishi Corp. (Industrials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254086 |
| 31656 | Mitsubishi Electric Corp. (Industrials) | 765824 |
| 18831 | Mitsubishi Estate Co. Ltd. (Real Estate) | 405028 |
| 3009 | Mitsubishi Gas Chemical Co., Inc. (Materials) | 54964 |
| 13827 | Mitsubishi HC Capital, Inc. (Financials) | 113997 |
| 51217 | Mitsubishi Heavy Industries Ltd. (Industrials) | 1309160 |
| 10771 | Mitsubishi Motors Corp. (Consumer Discretionary) | 29806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190681 | Mitsubishi UFJ Financial Group, Inc. (Financials) | 2933754 |
| 39565 | Mitsui & Co. Ltd. (Industrials) | 923206 |
| 2952 | Mitsui Chemicals, Inc. (Materials) | 73144 |
| 44090 | Mitsui Fudosan Co. Ltd. (Real Estate) | 471454 |
| 5603 | Mitsui OSK Lines Ltd. (Industrials)<sup>(a)</sup> | 181227 |
| 40921 | Mizuho Financial Group, Inc. (Financials) | 1364266 |
| 4101 | MonotaRO Co. Ltd. (Industrials) | 71155 |
| 21201 | MS&AD Insurance Group Holdings, Inc. (Financials) | 499900 |
| 27629 | Murata Manufacturing Co. Ltd. (Information Technology) | 457645 |
| 20395 | NEC Corp. (Information Technology) | 630220 |
| 5203 | Nexon Co. Ltd. (Communication Services) | 118890 |
| 3904 | NGK Insulators Ltd. (Industrials) | 62352 |
| 1611 | NH Foods Ltd. (Consumer Staples) | 61061 |
| 3614 | Nichirei Corp. (Consumer Staples) | 41771 |
| 14736 | NIDEC Corp. (Industrials) | 322270 |
| 4309 | Nikon Corp. (Consumer Discretionary) | 48967 |

---

&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) *August 31, 2025*

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

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

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) |  |
| 19120 | Nintendo Co. Ltd. (Communication Services) | $1733269 |
| 135 | Nippon Building Fund, Inc. REIT (Real Estate) | 130747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3619 | NIPPON EXPRESS HOLDINGS, Inc. (Industrials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79738 |
| 14774 | Nippon Paint Holdings Co. Ltd. (Materials) | 108019 |
| 114 | Nippon Prologis REIT, Inc. REIT (Real Estate) | 66385 |
| 3100 | Nippon Sanso Holdings Corp. (Materials) | 113718 |
| 16380 | Nippon Steel Corp. (Materials) | 347514 |
| 2689 | Nippon Television Holdings, Inc. (Communication Services) | 70968 |
| 6812 | Nippon Yusen KK (Industrials) | 247426 |
| 2169 | Nissan Chemical Corp. (Materials) | 77335 |
| 36531 | Nissan Motor Co. Ltd. (Consumer Discretionary)\*<sup>(a)</sup> | 82703 |
| 4245 | Nisshin Seifun Group, Inc. (Consumer Staples) | 51752 |
| 3028 | Nissin Foods Holdings Co. Ltd. (Consumer Staples) | 57167 |
| 2591 | Niterra Co. Ltd. (Consumer Discretionary) | 93634 |
| 1360 | Nitori Holdings Co. Ltd. (Consumer Discretionary) | 125556 |
| 11390 | Nitto Denko Corp. (Materials) | 261119 |
| 49583 | Nomura Holdings, Inc. (Financials) | 357963 |
| 8575 | Nomura Real Estate Holdings, Inc. (Real Estate) | 53386 |
| 71 | Nomura Real Estate Master Fund, Inc. REIT (Real Estate) | 77855 |
| 6450 | Nomura Research Institute Ltd. (Information Technology) | 254617 |
| 10243 | NTT Data Group Corp. (Information Technology) | 275984 |
| 875443 | NTT, Inc. (Communication Services) | 928956 |
| 10785 | Obayashi Corp. (Industrials) | 176034 |
| 478 | OBIC Business Consultants Co. Ltd. (Information Technology) | 27874 |
| 5405 | Obic Co. Ltd. (Information Technology) | 192603 |
| 5272 | Odakyu Electric Railway Co. Ltd. (Industrials) | 60521 |
| 13126 | Oji Holdings Corp. (Materials) | 72574 |
| 17930 | Olympus Corp. (Health Care) | 210349 |
| 3112 | Omron Corp. (Information Technology) | 80373 |
| 6605 | Ono Pharmaceutical Co. Ltd. (Health Care) | 74541 |
| 1243 | Open House Group Co. Ltd. (Consumer Discretionary) | 64010 |
| 553 | Oracle Corp. Japan (Information Technology) | 57532 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104 | Oriental Land Co. Ltd. (Consumer Discretionary) | $26460 |
| 18496 | ORIX Corp. (Financials) | 482477 |
| 92 | Orix JREIT, Inc. REIT (Real Estate) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61406 |
| 5924 | Osaka Gas Co. Ltd. (Utilities) | 169338 |
| 3651 | Otsuka Corp. (Information Technology) | 75395 |
| 7155 | Otsuka Holdings Co. Ltd. (Health Care) | 378449 |
| 6246 | Pan Pacific International Holdings Corp. (Consumer Discretionary) | 226996 |
| 36900 | Panasonic Holdings Corp. (Consumer Discretionary) | 380749 |
| 30583 | Persol Holdings Co. Ltd. (Industrials) | 57427 |
| 1500 | Rakuten Bank Ltd. (Financials)\* | 85796 |
| 23585 | Rakuten Group, Inc. (Consumer Discretionary)\* | 147285 |
| 24219 | Recruit Holdings Co. Ltd. (Industrials) | 1415119 |
| 26942 | Renesas Electronics Corp. (Information Technology) | 324240 |
| 35528 | Resona Holdings, Inc. (Financials) | 361753 |
| 2938 | Resonac Holdings Corp. (Materials) | 77800 |
| 8798 | Ricoh Co. Ltd. (Information Technology) | 78797 |
| 1809 | Rinnai Corp. (Consumer Discretionary) | 45168 |
| 5833 | Rohm Co. Ltd. (Information Technology) | 86686 |
| 3269 | Rohto Pharmaceutical Co. Ltd. (Consumer Staples) | 56073 |
| 8552 | Ryohin Keikaku Co. Ltd. (Consumer Discretionary) | 185689 |
| 2700 | Sanrio Co. Ltd. (Consumer Discretionary) | 141799 |
| 5154 | Santen Pharmaceutical Co. Ltd. (Health Care) | 54848 |
| 3100 | Sanwa Holdings Corp. (Industrials) | 100796 |
| 4510 | SBI Holdings, Inc. (Financials) | 214987 |
| 1348 | SCREEN Holdings Co. Ltd. (Information Technology) | 104480 |
| 2381 | SCSK Corp. (Information Technology) | 76364 |
| 6900 | Secom Co. Ltd. (Industrials) | 256027 |
| 2570 | Sega Sammy Holdings, Inc. (Consumer Discretionary) | 53772 |
| 3704 | Seibu Holdings, Inc. (Industrials) | 134890 |
| 4569 | Seiko Epson Corp. (Information Technology) | 58892 |
| 6266 | Sekisui Chemical Co. Ltd. (Industrials) | 120028 |

---

&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;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9920 | Sekisui House Ltd. (Consumer Discretionary) | $225189 |
| 37328 | Seven & i Holdings Co. Ltd. (Consumer Staples) | 486478 |
| 5122 | SG Holdings Co. Ltd. (Industrials) | 55432 |
| 4606 | Sharp Corp. (Consumer Discretionary)\* | 27914 |
| 3854 | Shimadzu Corp. (Information Technology) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95074 |
| 784 | Shimamura Co. Ltd. (Consumer Discretionary) | 58123 |
| 1304 | Shimano, Inc. (Consumer Discretionary) | 145920 |
| 8806 | Shimizu Corp. (Industrials) | 119263 |
| 28563 | Shin-Etsu Chemical Co. Ltd. (Materials) | 886508 |
| 12419 | Shionogi & Co. Ltd. (Health Care) | 215688 |
| 6504 | Shiseido Co. Ltd. (Consumer Staples) | 106580 |
| 7411 | Shizuoka Financial Group, Inc. (Financials) | 99486 |
| 936 | SMC Corp. (Industrials) | 290697 |
| 456440 | SoftBank Corp. (Communication Services) | 709413 |
| 16203 | SoftBank Group Corp. (Communication Services) | 1791076 |
| 3712 | Sojitz Corp. (Industrials) | 98801 |
| 14886 | Sompo Holdings, Inc. (Financials) | 482293 |
| 99245 | Sony Group Corp. (Consumer Discretionary) | 2759866 |
| 1463 | Square Enix Holdings Co. Ltd. (Communication Services) | 100988 |
| 1878 | Stanley Electric Co. Ltd. (Consumer Discretionary) | 38398 |
| 9293 | Subaru Corp. (Consumer Discretionary) | 185670 |
| 1700 | Sugi Holdings Co. Ltd. (Consumer Staples) | 43002 |
| 23779 | Sumitomo Chemical Co. Ltd. (Materials) | 72216 |
| 17456 | Sumitomo Corp. (Industrials) | 493036 |
| 12014 | Sumitomo Electric Industries Ltd. (Consumer Discretionary) | 343912 |
| 8103 | Sumitomo Forestry Co. Ltd. (Consumer Discretionary) | 93075 |
| 1904 | Sumitomo Heavy Industries Ltd. (Industrials) | 42755 |
| 4257 | Sumitomo Metal Mining Co. Ltd. (Materials) | 116990 |
| 63154 | Sumitomo Mitsui Financial Group, Inc. (Financials) | 1741171 |
| 10749 | Sumitomo Mitsui Trust Group, Inc. (Financials) | 308871 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6867 | Sumitomo Realty & Development Co. Ltd. (Real Estate) | $285110 |
| 2908 | Sumitomo Rubber Industries Ltd. (Consumer Discretionary) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34462 |
| 1127 | Sundrug Co. Ltd. (Consumer Staples) | 35531 |
| 2080 | Suntory Beverage & Food Ltd. (Consumer Staples) | 64599 |
| 26374 | Suzuki Motor Corp. (Consumer Discretionary) | 354048 |
| 7912 | Sysmex Corp. (Health Care) | 100661 |
| 8474 | T&D Holdings, Inc. (Financials) | 222722 |
| 2671 | Taisei Corp. (Industrials) | 182099 |
| 24972 | Takeda Pharmaceutical Co. Ltd. (Health Care) | 751924 |
| 2136 | TBS Holdings, Inc. (Communication Services) | 78821 |
| 31210 | TDK Corp. (Information Technology) | 411528 |
| 22161 | Terumo Corp. (Health Care) | 402015 |
| 3514 | TIS, Inc. (Information Technology) | 117871 |
| 3469 | Tobu Railway Co. Ltd. (Industrials) | 63296 |
| 729 | Toei Animation Co. Ltd. (Communication Services) | 15566 |
| 1789 | Toho Co. Ltd. (Communication Services) | 114023 |
| 7662 | Tohoku Electric Power Co., Inc. (Utilities) | 59386 |
| 28699 | Tokio Marine Holdings, Inc. (Financials) | 1251165 |
| 2724 | Tokyo Century Corp. (Financials) | 34378 |
| 24757 | Tokyo Electric Power Co. Holdings, Inc. (Utilities)\* | 127322 |
| 7514 | Tokyo Electron Ltd. (Information Technology) | 1057564 |
| 5260 | Tokyo Gas Co. Ltd. (Utilities) | 201766 |
| 4700 | Tokyo Metro Co. Ltd. (Industrials) | 54771 |
| 8148 | Tokyu Corp. (Industrials) | 103248 |
| 9875 | Tokyu Fudosan Holdings Corp. (Real Estate) | 80002 |
| 4319 | TOPPAN Holdings, Inc. (Industrials) | 112663 |
| 23624 | Toray Industries, Inc. (Materials) | 159821 |
| 4979 | Tosoh Corp. (Materials) | 79166 |
| 2537 | TOTO Ltd. (Industrials) | 66231 |
| 1517 | Toyo Suisan Kaisha Ltd. (Consumer Staples) | 105232 |
| 2759 | Toyota Industries Corp. (Industrials) | 307046 |
| 173981 | Toyota Motor Corp. (Consumer Discretionary) | 3404375 |

---

&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) *August 31, 2025*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) |  |  |
| 10810 | Toyota Tsusho Corp. (Industrials) | $| 292439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2146 | Trend Micro, Inc. (Information Technology) |  | 114751 |
| 3135 | Tsuruha Holdings, Inc. (Consumer Staples) |  | 48512 |
| 18495 | Unicharm Corp. (Consumer Staples) |  | 123900 |
| 52 | United Urban Investment Corp. REIT (Real Estate) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62758 |
| 6096 | USS Co. Ltd. (Consumer Discretionary) |  | 74111 |
| 7501 | West Japan Railway Co. (Industrials) |  | 168335 |
| 4410 | Yakult Honsha Co. Ltd. (Consumer Staples) |  | 72161 |
| 10783 | Yamada Holdings Co. Ltd. (Consumer Discretionary) |  | 34121 |
| 6282 | Yamaha Corp. (Consumer Discretionary) |  | 41827 |
| 14340 | Yamaha Motor Co. Ltd. (Consumer Discretionary) |  | 105285 |
| 4419 | Yamato Holdings Co. Ltd. (Industrials) |  | 75062 |
| 2200 | Yamazaki Baking Co. Ltd. (Consumer Staples) |  | 51185 |
| 3949 | Yaskawa Electric Corp. (Industrials) |  | 79558 |
| 3681 | Yokogawa Electric Corp. (Information Technology) |  | 108982 |
| 2083 | Yokohama Rubber Co. Ltd. (The) (Consumer Discretionary) |  | 77972 |
| 1421 | Zensho Holdings Co. Ltd. (Consumer Discretionary) |  | 90249 |
| 5829 | ZOZO, Inc. (Consumer Discretionary) |  | 54528 |
|  |  |  | 79628182 |
| Kuwait – 0.2% | Kuwait – 0.2% | Kuwait – 0.2% | Kuwait – 0.2% |
| 21642 | Agility Public Warehousing Co. KSC (Industrials) |  | 9707 |
| 17791 | Al Ahli Bank of Kuwait KSCP (Financials) |  | 16891 |
| 24032 | Boubyan Bank KSCP (Financials) |  | 54366 |
| 22124 | Burgan Bank SAK (Financials) |  | 17601 |
| 40144 | Gulf Bank KSCP (Financials) |  | 44816 |
| 209616 | Kuwait Finance House KSCP (Financials) |  | 529101 |
| 11797 | Mabanee Co KPSC (Real Estate) |  | 37000 |
| 34854 | Mobile Telecommunications Co. KSCP (Communication Services) |  | 58423 |
| 134548 | National Bank of Kuwait SAKP (Financials) |  | 449741 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Kuwait – (continued) | Kuwait – (continued) |  |  |
| 42973 | Warba Bank KSCP (Financials)\* | $| 39533 |
|  |  |  | 1257179 |
| Luxembourg – 0.1% | Luxembourg – 0.1% | Luxembourg – 0.1% | Luxembourg – 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6959 | ArcelorMittal (Materials) |  | 231821 |
| 10597 | CVC Capital Partners PLC (Financials)<sup>(b)</sup> |  | 213966 |
| 2248 | Reinet Investments SCA (Financials) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68029 |
|  |  |  | 513816 |
| Macau – 0.0% | Macau – 0.0% | Macau – 0.0% | Macau – 0.0% |
| 34890 | Galaxy Entertainment Group Ltd. (Consumer Discretionary) |  | 183494 |
| 40289 | Sands China Ltd. (Consumer Discretionary) |  | 105117 |
|  |  |  | 288611 |
| Mexico – 0.6% | Mexico – 0.6% | Mexico – 0.6% | Mexico – 0.6% |
| 254272 | America Movil SAB de CV, Series B (Communication Services) |  | 253392 |
| 7747 | Arca Continental SAB de CV (Consumer Staples) |  | 79105 |
| 29000 | Becle SAB de CV (Consumer Staples) |  | 34001 |
| 251169 | Cemex SAB de CV, Series CPO (Materials) |  | 227533 |
| 8726 | Coca-Cola Femsa SAB de CV (Consumer Staples) |  | 74163 |
| 3079 | El Puerto de Liverpool SAB de CV (Consumer Discretionary) |  | 15282 |
| 47677 | Fibra Uno Administracion SA de CV REIT (Real Estate) |  | 67100 |
| 29209 | Fomento Economico Mexicano SAB de CV (Consumer Staples) |  | 253277 |
| 3061 | Fresnillo PLC (Materials) |  | 73944 |
| 3003 | Gruma SAB de CV, Class B (Consumer Staples) |  | 51681 |
| 4500 | Grupo Aeroportuario del Centro Norte SAB de CV (Industrials) |  | 57615 |
| 6150 | Grupo Aeroportuario del Pacifico SAB de CV, Class B (Industrials) |  | 148059 |
| 3022 | Grupo Aeroportuario del Sureste SAB de CV, Class B (Industrials) |  | 98712 |
| 22616 | Grupo Bimbo SAB de CV, Series A (Consumer Staples) |  | 70415 |
| 8125 | Grupo Carso SAB de CV, Series A1 (Industrials) |  | 53889 |
| 7508 | Grupo Comercial Chedraui SA de CV (Consumer Staples) |  | 60762 |
| 47910 | Grupo Financiero Banorte SAB de CV, Class O (Financials) |  | 438641 |
| 32544 | Grupo Financiero Inbursa SAB de CV, Class O (Financials) |  | 85861 |

---

&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;

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Mexico – (continued) | Mexico – (continued) |  |  |
| 51392 | Grupo Mexico SAB de CV, Series B (Materials) | $| 337248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3118 | Industrias Penoles SAB de CV (Materials)\* |  | 101759 |
| 26629 | Kimberly-Clark de Mexico SAB de CV, Class A (Consumer Staples) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50060 |
| 17160 | Prologis Property Mexico SA de CV REIT (Real Estate) |  | 63350 |
| 82775 | Wal-Mart de Mexico SAB de CV (Consumer Staples) |  | 247377 |
|  |  |  | 2943226 |
| Netherlands – 2.3% | Netherlands – 2.3% | Netherlands – 2.3% | Netherlands – 2.3% |
| 8288 | ABN AMRO Bank NV (Financials)<sup>(a)(b)</sup> |  | 239132 |
| 460 | Adyen NV (Financials)\*<sup>(b)</sup> |  | 772325 |
| 1007 | Argenx SE ADR (Health Care)\* |  | 717185 |
| 751 | ASM International NV (Information Technology) |  | 361024 |
| 6388 | ASML Holding NV (Information Technology) |  | 4759961 |
| 1235 | EXOR NV (Financials) |  | 123813 |
| 1841 | Heineken Holding NV (Consumer Staples) |  | 130479 |
| 4775 | Heineken NV (Consumer Staples) |  | 385651 |
| 49530 | ING Groep NV (Financials) |  | 1180369 |
| 15032 | Koninklijke Ahold Delhaize NV (Consumer Staples) |  | 602628 |
| 53677 | Koninklijke KPN NV (Communication Services) |  | 256091 |
| 13556 | Koninklijke Philips NV (Health Care) |  | 373675 |
| 4172 | NXP Semiconductors NV (Information Technology) |  | 979794 |
| 15626 | Universal Music Group NV (Communication Services) |  | 441527 |
| 3867 | Wolters Kluwer NV (Industrials) |  | 487033 |
|  |  |  | 11810687 |
| New Zealand – 0.2% | New Zealand – 0.2% | New Zealand – 0.2% | New Zealand – 0.2% |
| 11222 | a2 Milk Co. Ltd. (The) (Consumer Staples) |  | 70850 |
| 27971 | Auckland International Airport Ltd. (Industrials) |  | 124607 |
| 12880 | Contact Energy Ltd. (Utilities) |  | 68703 |
| 9116 | Fisher & Paykel Healthcare Corp. Ltd. (Health Care) |  | 196868 |
| 13404 | Infratil Ltd. (Financials) |  | 89847 |
| 1376 | Mainfreight Ltd. (Industrials) |  | 48187 |
| 10835 | Mercury NZ Ltd. (Utilities) |  | 41939 |
| 21014 | Meridian Energy Ltd. (Utilities) |  | 70800 |
| 30347 | Spark New Zealand Ltd. (Communication Services) |  | 46198 |
| 2652 | Xero Ltd. (Information Technology)\* |  | 283949 |
|  |  |  | 1041948 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>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) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5098 | Aker BP ASA (Energy) |  | 128827 |
| 12248 | AutoStore Holdings Ltd.<br>(Industrials)\*<sup>(b)</sup> |  | 10282 |
| 13480 | DNB Bank ASA (Financials) |  | 355131 |
| 9743 | Equinor ASA (Energy) |  | 240291 |
| 2375 | Frontline PLC (Energy) |  | 48812 |
| 3008 | Gjensidige Forsikring ASA (Financials) |  | 83587 |
| 6879 | Kongsberg Gruppen ASA (Industrials) |  | 205430 |
| 4184 | Leroy Seafood Group ASA (Consumer Staples) |  | 20488 |
| 7356 | Mowi ASA (Consumer Staples) |  | 151257 |
| 2729 | Nordic Semiconductor ASA (Information Technology)\* |  | 45060 |
| 21709 | Norsk Hydro ASA (Materials) |  | 140831 |
| 1447 | Opera Ltd. ADR (Information Technology) |  | 23514 |
| 12252 | Orkla ASA (Consumer Staples) |  | 136940 |
| 886 | Protector Forsikring ASA (Financials) |  | 42812 |
| 1080 | Salmar ASA (Consumer Staples) |  | 55304 |
| 2044 | SpareBank 1 SMN (Financials) |  | 39043 |
| 2826 | SpareBank 1 Sor-Norge ASA (Financials) |  | 49615 |
| 2380 | Sparebanken Norge (Financials) |  | 40212 |
| 6632 | Storebrand ASA (Financials) |  | 102047 |
| 9913 | Telenor ASA (Communication Services) |  | 165357 |
| 3876 | TOMRA Systems ASA (Industrials) |  | 58946 |
| 12585 | Var Energi ASA (Energy) |  | 43050 |
| 1088 | Vend Marketplaces ASA, Class A (Communication Services) |  | 42167 |
| 1487 | Vend Marketplaces ASA, Class B (Communication Services) |  | 54315 |
| 1582 | Wallenius Wilhelmsen ASA (Industrials) |  | 14793 |
|  |  |  | 2324885 |
| Philippines – 0.1% | Philippines – 0.1% | Philippines – 0.1% | Philippines – 0.1% |
| 4119 | Ayala Corp. (Industrials) |  | 39283 |
| 99445 | Ayala Land, Inc. (Real Estate) |  | 48726 |
| 32867 | Bank of the Philippine Islands (Financials) |  | 64992 |
| 35236 | BDO Unibank, Inc. (Financials) |  | 83365 |
| 585 | Globe Telecom, Inc. (Communication Services) |  | 15427 |
| 13295 | International Container Terminal Services, Inc. (Industrials) |  | 112372 |
| 7438 | Jollibee Foods Corp. (Consumer Discretionary) |  | 30197 |
| 4895 | Manila Electric Co. (Utilities) |  | 45828 |
| 29890 | Metropolitan Bank & Trust Co. (Financials) |  | 36614 |

---

&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) *August 31, 2025*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Philippines – (continued) | Philippines – (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1436 | PLDT, Inc. (Communication Services) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29125 |
| 8122 | SM Investments Corp. (Industrials) |  | 107308 |
| 144196 | SM Prime Holdings, Inc. (Real Estate) |  | 58289 |
|  |  |  | 671526 |
| Poland – 0.3% | Poland – 0.3% | Poland – 0.3% | Poland – 0.3% |
| 10336 | Allegro.eu SA (Consumer Discretionary)\*<sup>(b)</sup> |  | 103576 |
| 926 | Asseco Poland SA (Information Technology) |  | 48004 |
| 10060 | Bank Millennium SA (Financials)\* |  | 38899 |
| 2904 | Bank Pekao SA (Financials) |  | 146041 |
| 211 | Budimex SA (Industrials) |  | 30840 |
| 753 | CCC SA (Consumer Discretionary)\*<sup>(a)</sup> |  | 34489 |
| 1148 | CD Projekt SA (Communication Services) |  | 79392 |
| 7960 | Dino Polska SA (Consumer Staples)\*<sup>(b)</sup> |  | 99241 |
| 3906 | InPost SA (Industrials)\* |  | 56738 |
| 2267 | KGHM Polska Miedz SA (Materials)\* |  | 79633 |
| 19 | LPP SA (Consumer Discretionary) |  | 89945 |
| 217 | mBank SA (Financials)\* |  | 52298 |
| 9576 | ORLEN SA (Energy) |  | 204402 |
| 14592 | PGE Polska Grupa Energetyczna SA (Utilities)\* |  | 45431 |
| 14120 | Powszechna Kasa Oszczednosci Bank Polski SA (Financials) |  | 275123 |
| 9357 | Powszechny Zaklad Ubezpieczen SA (Financials) |  | 155509 |
| 554 | Santander Bank Polska SA (Financials) |  | 76930 |
| 6901 | Zabka Group SA (Consumer<br>Staples)\*<sup>(a)</sup> |  | 41286 |
|  |  |  | 1657777 |
| Portugal – 0.1% | Portugal – 0.1% | Portugal – 0.1% | Portugal – 0.1% |
| 121699 | Banco Comercial Portugues SA, Class R (Financials) |  | 103133 |
| 46599 | EDP SA (Utilities) |  | 206559 |
| 6849 | Galp Energia SGPS SA (Energy) |  | 133078 |
| 4567 | Jeronimo Martins SGPS SA (Consumer Staples) |  | 113007 |
| 3331 | Navigator Co. SA (The) (Materials) |  | 12929 |
|  |  |  | 568706 |
| Qatar – 0.2% | Qatar – 0.2% | Qatar – 0.2% | Qatar – 0.2% |
| 114599 | Al Rayan Bank (Financials) |  | 75696 |
| 55957 | Commercial Bank PSQC (The) (Financials) |  | 72232 |
| 28996 | Dukhan Bank (Financials) |  | 29195 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Qatar – (continued) | Qatar – (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33012 | Industries Qatar QSC (Industrials) | $| 116508 |
| 72118 | Mesaieed Petrochemical Holding Co. (Materials) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26938 |
| 11614 | Ooredoo QPSC (Communication Services) |  | 41084 |
| 8085 | Qatar Electricity & Water Co. QSC (Utilities) |  | 35085 |
| 9730 | Qatar Fuel QSC (Energy) |  | 40005 |
| 45271 | Qatar Gas Transport Co. Ltd. (Energy) |  | 58811 |
| 18456 | Qatar International Islamic Bank QSC (Financials) |  | 57279 |
| 27259 | Qatar Islamic Bank (Financials) |  | 183424 |
| 73772 | Qatar National Bank QPSC (Financials) |  | 384968 |
|  |  |  | 1121225 |
| Saudi Arabia – 1.0% | Saudi Arabia – 1.0% | Saudi Arabia – 1.0% | Saudi Arabia – 1.0% |
| 2214 | ACWA Power Co. (Utilities)\* |  | 125386 |
| 6161 | Ades Holding Co. (Energy) |  | 24531 |
| 2117 | Advanced Petrochemical Co. (Materials)\* |  | 19747 |
| 32016 | Al Rajhi Bank (Financials) |  | 803770 |
| 811 | Al Rajhi Co. for Co-operative Insurance (Financials)\* |  | 25224 |
| 20353 | Alinma Bank (Financials) |  | 136692 |
| 7735 | Almarai Co. JSC (Consumer Staples) |  | 98084 |
| 14745 | Arab National Bank (Financials) |  | 92348 |
| 419 | Arabian Internet & Co.mmunications Services Co. (Information Technology) |  | 26968 |
| 12212 | Bank AlBilad (Financials) |  | 85076 |
| 10381 | Bank Al-Jazira (Financials)\* |  | 33587 |
| 20352 | Banque Saudi Fransi (Financials) |  | 87978 |
| 1232 | Bupa Arabia for Cooperative Insurance Co. (Financials) |  | 48036 |
| 1221 | Co. for Cooperative Insurance (The) (Financials) |  | 38138 |
| 8679 | Dar Al Arkan Real Estate Development Co. (Real Estate)\* |  | 43300 |
| 1405 | Dr Sulaiman Al Habib Medical Services Group Co. (Health Care) |  | 90242 |
| 439 | Elm Co. (Information Technology) |  | 100326 |
| 6269 | Etihad Etisalat Co. (Communication Services) |  | 106845 |
| 9609 | Jabal Omar Development Co. (Consumer Discretionary)\* |  | 49041 |
| 9770 | Jarir Marketing Co. (Consumer Discretionary) |  | 33199 |
| 1629 | Makkah Construction & Development Co. (Real Estate) |  | 32626 |
| 1578 | Mouwasat Medical Services Co. (Health Care) |  | 30448 |

---

&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;

---

| | | | |
|:---|:---|:---|:---|
| **<br>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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648 | Nahdi Medical Co. (Consumer Staples) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19964 |
| 6942 | Rabigh Refining & Petrochemical Co. (Energy)\* |  | 13672 |
| 24425 | Riyad Bank (Financials) |  | 168987 |
| 771 | Riyadh Cables Group Co. (Industrials) |  | 26507 |
| 3876 | SABIC Agri-Nutrients Co. (Materials) |  | 125405 |
| 5930 | Sahara International Petrochemical Co. (Materials) |  | 31845 |
| 397 | SAL Saudi Logistics Services (Industrials) |  | 17987 |
| 23338 | Saudi Arabian Mining Co. (Materials)\* |  | 324674 |
| 94175 | Saudi Arabian Oil Co. (Energy)<sup>(b)</sup> |  | 594837 |
| 841 | Saudi Aramco Base Oil Co. (Materials) |  | 19343 |
| 16637 | Saudi Awwal Bank (Financials) |  | 133727 |
| 14954 | Saudi Basic Industries Corp. (Materials) |  | 243109 |
| 12987 | Saudi Electricity Co. (Utilities) |  | 50291 |
| 5531 | Saudi Industrial Investment Group (Materials)\* |  | 28302 |
| 10045 | Saudi Investment Bank (The) (Financials) |  | 36355 |
| 12212 | Saudi Kayan Petrochemical Co. (Materials)\* |  | 16664 |
| 48072 | Saudi National Bank (The) (Financials) |  | 446103 |
| 532 | Saudi Research & Media Group (Communication Services)\* |  | 24599 |
| 797 | Saudi Tadawul Group Holding Co. (Financials) |  | 36194 |
| 31063 | Saudi Telecom Co. (Communication Services) |  | 347702 |
| 2426 | Savola Group (The) (Consumer Staples)\* |  | 15582 |
| 10790 | Umm Al Qura for Development & Construction Co. (Real Estate)\* |  | 66140 |
| 4579 | Yanbu National Petrochemical Co. (Materials) |  | 40101 |
|  |  |  | 4959682 |
| Singapore – 1.1% | Singapore – 1.1% | Singapore – 1.1% | Singapore – 1.1% |
| 58985 | CapitaLand Ascendas REIT (Real Estate) |  | 125050 |
| 93229 | CapitaLand Integrated Commercial Trust REIT (Real Estate) |  | 165676 |
| 39883 | CapitaLand Investment Ltd. (Real Estate) |  | 85797 |
| 7329 | City Developments Ltd. (Real Estate) |  | 38844 |
| 32809 | DBS Group Holdings Ltd. (Financials) |  | 1291902 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94206 | Genting Singapore Ltd. (Consumer Discretionary) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52867 |
| 44204 | Grab Holdings Ltd., Class A (Industrials)\* |  | 220578 |
| 3785 | Hafnia Ltd. (Energy) |  | 23153 |
| 1075 | Jardine Cycle & Carriage Ltd. (Industrials) |  | 23695 |
| 23041 | Keppel Ltd. (Industrials) |  | 157138 |
| 34139 | Mapletree Industrial Trust REIT (Real Estate) |  | 54814 |
| 55239 | Mapletree Logistics Trust REIT (Real Estate) |  | 52527 |
| 38135 | Mapletree Pan Asia Commercial Trust REIT (Real Estate) |  | 41018 |
| 52452 | Oversea-Chinese Banking Corp. Ltd. (Financials) |  | 684370 |
| 14435 | SATS Ltd. (Industrials) |  | 37241 |
| 4851 | Sea Ltd. ADR (Consumer Discretionary)\* |  | 904906 |
| 53623 | Seatrium Ltd. (Industrials) |  | 97800 |
| 14895 | Sembcorp Industries Ltd. (Utilities) |  | 70470 |
| 22001 | Singapore Airlines Ltd. (Industrials) |  | 112834 |
| 13491 | Singapore Exchange Ltd. (Financials) |  | 174237 |
| 25025 | Singapore Technologies Engineering Ltd. (Industrials) |  | 149799 |
| 117578 | Singapore Telecommunications Ltd. (Communication Services) |  | 394981 |
| 10809 | STMicroelectronics NV (Information Technology) |  | 294158 |
| 21019 | United Overseas Bank Ltd. (Financials) |  | 576507 |
| 8727 | UOL Group Ltd. (Real Estate) |  | 50675 |
|  |  |  | 5881037 |
| South Africa – 1.0% | South Africa – 1.0% | South Africa – 1.0% | South Africa – 1.0% |
| 12747 | Absa Group Ltd. (Financials) |  | 136016 |
| 16552 | Anglo American PLC (Materials) |  | 509420 |
| 5960 | Aspen Pharmacare Holdings Ltd. (Health Care) |  | 35661 |
| 5549 | Bid Corp. Ltd. (Consumer Staples) |  | 144657 |
| 5638 | Bidvest Group Ltd. (Industrials) |  | 75487 |
| 1419 | Capitec Bank Holdings Ltd. (Financials) |  | 286199 |
| 3898 | Clicks Group Ltd. (Consumer Staples) |  | 82200 |
| 8835 | Discovery Ltd. (Financials) |  | 108354 |
| 4003 | Exxaro Resources Ltd. (Energy) |  | 43598 |
| 83139 | FirstRand Ltd. (Financials) |  | 349636 |
| 14507 | Gold Fields Ltd. (Materials) |  | 475301 |
| 8986 | Harmony Gold Mining Co. Ltd. (Materials) |  | 119429 |
| 14340 | Impala Platinum Holdings Ltd. (Materials)\* |  | 129235 |
| 3496 | Investec Ltd. (Financials) |  | 25802 |

---

&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) *August 31, 2025*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **<br>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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931 | Kumba Iron Ore Ltd. (Materials) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17022 |
| 4175 | Mr Price Group Ltd. (Consumer Discretionary) |  | 48952 |
| 27096 | MTN Group Ltd. (Communication Services) |  | 229402 |
| 4822 | MultiChoice Group (Communication Services)\* |  | 33439 |
| 2606 | Naspers Ltd., Class N (Consumer Discretionary) |  | 855522 |
| 7244 | Nedbank Group Ltd. (Financials) |  | 92699 |
| 5465 | Northam Platinum Holdings Ltd. (Materials) |  | 60955 |
| 80976 | Old Mutual Ltd. (Financials) |  | 63614 |
| 14039 | OUTsurance Group Ltd. (Financials) |  | 60270 |
| 37708 | Pepkor Holdings Ltd. (Consumer Discretionary)<sup>(b)</sup> |  | 54131 |
| 8427 | Remgro Ltd. (Financials) |  | 80747 |
| 27324 | Sanlam Ltd. (Financials) |  | 140838 |
| 9744 | Sasol Ltd. (Materials)\* |  | 65655 |
| 7876 | Shoprite Holdings Ltd. (Consumer Staples) |  | 117038 |
| 45781 | Sibanye Stillwater Ltd. (Materials)\* |  | 86264 |
| 21863 | Standard Bank Group Ltd. (Financials) |  | 307500 |
| 3473 | Valterra Platinum Ltd. (Materials) |  | 158588 |
| 9839 | Vodacom Group Ltd. (Communication Services) |  | 79057 |
| 14880 | Woolworths Holdings Ltd. (Consumer Discretionary) |  | 43680 |
|  |  |  | 5116368 |
| South Korea – 3.2% | South Korea – 3.2% | South Korea – 3.2% | South Korea – 3.2% |
| 593 | Alteogen, Inc. (Health Care)\* |  | 187039 |
| 483 | Amorepacific Corp. (Consumer Staples) |  | 41795 |
| 392 | Amorepacific Holdings Corp. (Consumer Staples) |  | 7669 |
| 398 | APR Corp. (Consumer Staples)\* |  | 64985 |
| 121 | BGF retail Co. Ltd. (Consumer Staples) |  | 10209 |
| 4482 | BNK Financial Group, Inc. (Financials) |  | 46424 |
| 304 | Celltrion Pharm, Inc. (Health Care)\* |  | 11305 |
| 2477 | Celltrion, Inc. (Health Care) |  | 298612 |
| 1065 | Cheil Worldwide, Inc. (Communication Services) |  | 15168 |
| 130 | CJ CheilJedang Corp. (Consumer Staples) |  | 21413 |
| 204 | CJ Corp. (Industrials) |  | 23463 |
| 140 | CJ Logistics Corp. (Industrials) |  | 8409 |
| 898 | Coway Co. Ltd. (Consumer Discretionary) |  | 67306 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| South Korea – (continued) | South Korea – (continued) | South Korea – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589 | DB HiTek Co. Ltd. (Information Technology) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19467 |
| 725 | DB Insurance Co. Ltd. (Financials) | 68784 |
| 500 | Dongsuh Cos., Inc. (Consumer Staples) | 9800 |
| 814 | Doosan Bobcat, Inc. (Industrials)\* | 31266 |
| 108 | Doosan Co. Ltd. (Industrials) | 43503 |
| 7132 | Doosan Enerbility Co. Ltd. (Industrials)\* | 316522 |
| 321 | Doosan Robotics, Inc. (Industrials)\* | 14431 |
| 760 | Ecopro BM Co. Ltd. (Industrials)\* | 66256 |
| 1634 | Ecopro Co. Ltd. (Industrials) | 59472 |
| 486 | Ecopro Materials Co. Ltd. (Industrials)\* | 17654 |
| 294 | E-MART, Inc. (Consumer Staples) | 15120 |
| 240 | F&F Co. Ltd. (Consumer Discretionary) | 11480 |
| 742 | GS Holdings Corp. (Industrials) | 24284 |
| 4576 | Hana Financial Group, Inc. (Financials) | 270561 |
| 413 | Hanjin Kal Corp. (Consumer Discretionary) | 33212 |
| 1137 | Hankook Tire & Technology Co. Ltd. (Consumer Discretionary) | 32836 |
| 106 | Hanmi Pharm Co. Ltd. (Health Care) | 23102 |
| 302 | Hanmi Science Co. Ltd. (Health Care)\* | 8917 |
| 703 | Hanmi Semiconductor Co. Ltd. (Information Technology) | 43993 |
| 2496 | Hanon Systems (Consumer Discretionary)\* | 6418 |
| 491 | Hanwha Aerospace Co. Ltd. (Industrials) | 312206 |
| 556 | Hanwha Corp. (Industrials) | 33514 |
| 4245 | Hanwha Life Insurance Co. Ltd. (Financials)\* | 9572 |
| 1715 | Hanwha Ocean Co. Ltd. (Industrials)\* | 138162 |
| 1729 | Hanwha Solutions Corp. (Materials) | 35258 |
| 975 | Hanwha Systems Co. Ltd. (Industrials) | 35697 |
| 698 | HD Hyundai Co. Ltd. (Energy) | 68834 |
| 351 | HD Hyundai Electric Co. Ltd. (Industrials) | 124343 |
| 317 | HD Hyundai Heavy Industries Co. Ltd. (Industrials) | 118569 |
| 147 | HD Hyundai Marine Solution Co. Ltd. (Industrials) | 22522 |
| 378 | HD HYUNDAI MIPO (Industrials) | 55602 |

---

&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;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| South Korea – (continued) | South Korea – (continued) | South Korea – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740 | HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (Industrials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216371 |
| 1930 | HLB, Inc. (Health Care)\* | 52406 |
| 4035 | HMM Co. Ltd. (Industrials) | 64142 |
| 505 | Hotel Shilla Co. Ltd. (Consumer Discretionary)\* | 17036 |
| 95 | Hugel, Inc. (Health Care)\* | 21559 |
| 298 | HYBE Co. Ltd. (Communication Services)\* | 61518 |
| 86 | Hyosung Heavy Industries Corp. (Industrials) | 76706 |
| 103 | Hyundai Autoever Corp. (Information Technology) | 13010 |
| 327 | Hyundai Elevator Co. Ltd. (Industrials) | 18440 |
| 1204 | Hyundai Engineering & Construction Co. Ltd. (Industrials) | 53781 |
| 619 | Hyundai Glovis Co. Ltd. (Industrials) | 82103 |
| 964 | Hyundai Marine & Fire Insurance Co. Ltd. (Financials)\* | 19346 |
| 1036 | Hyundai Mobis Co. Ltd. (Consumer Discretionary) | 237343 |
| 2353 | Hyundai Motor Co. (Consumer Discretionary) | 372350 |
| 1201 | Hyundai Rotem Co. Ltd. (Industrials) | 165950 |
| 1389 | Hyundai Steel Co. (Materials) | 32071 |
| 4156 | Industrial Bank of Korea (Financials) | 56858 |
| 458 | JYP Entertainment Corp. (Communication Services) | 23950 |
| 5017 | Kakao Corp. (Communication Services) | 225544 |
| 3550 | KakaoBank Corp. (Financials) | 62944 |
| 361 | Kakaopay Corp. (Financials)\* | 15528 |
| 1901 | Kangwon Land, Inc. (Consumer Discretionary) | 24681 |
| 6070 | KB Financial Group, Inc. (Financials) | 472414 |
| 64 | KCC Corp. (Materials) | 18322 |
| 201 | KEPCO Engineering & Construction Co., Inc. (Industrials) | 13359 |
| 338 | KEPCO Plant Service & Engineering Co. Ltd. (Industrials) | 12229 |
| 4106 | Kia Corp. (Consumer Discretionary) | 312472 |
| 218 | KIWOOM Securities Co. Ltd. (Financials) | 32224 |
| 1166 | Korea Aerospace Industries Ltd. (Industrials) | 79844 |
| 4267 | Korea Electric Power Corp. (Utilities) | 111567 |
| 432 | Korea Gas Corp. (Utilities) | 12290 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| South Korea – (continued) | South Korea – (continued) | South Korea – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685 | Korea Investment Holdings Co. Ltd. (Financials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66221 |
| 142 | Korea Zinc Co. Ltd. (Materials) | 83857 |
| 3058 | Korean Air Lines Co. Ltd. (Industrials) | 52241 |
| 476 | Krafton, Inc. (Communication Services)\* | 112131 |
| 1063 | KT Corp. (Communication Services) | 41365 |
| 1587 | KT&G Corp. (Consumer Staples) | 153763 |
| 273 | Kumho Petrochemical Co. Ltd. (Materials) | 21522 |
| 408 | L&F Co. Ltd. (Industrials)\* | 19369 |
| 780 | LG Chem Ltd. (Materials) | 155691 |
| 527 | LG CNS Co. Ltd. (Information Technology) | 25777 |
| 1479 | LG Corp. (Industrials) | 79256 |
| 3691 | LG Display Co. Ltd. (Information Technology)\* | 31859 |
| 1790 | LG Electronics, Inc. (Consumer Discretionary) | 95149 |
| 669 | LG Energy Solution Ltd. (Industrials)\* | 169385 |
| 155 | LG H&H Co. Ltd. (Consumer Staples) | 32946 |
| 233 | LG Innotek Co. Ltd. (Information Technology) | 28340 |
| 3555 | LG Uplus Corp. (Communication Services) | 37973 |
| 203 | LIG Nex1 Co. Ltd. (Industrials) | 71475 |
| 392 | LigaChem Biosciences, Inc. (Health Care)\* | 41562 |
| 302 | Lotte Chemical Corp. (Materials) | 13794 |
| 422 | Lotte Corp. (Industrials) | 8864 |
| 171 | Lotte Shopping Co. Ltd. (Consumer Discretionary) | 8130 |
| 267 | LS Corp. (Industrials) | 34108 |
| 245 | LS Electric Co. Ltd. (Industrials) | 50137 |
| 1343 | Meritz Financial Group, Inc. (Financials) | 122201 |
| 3184 | Mirae Asset Securities Co. Ltd. (Financials) | 43858 |
| 727 | Misto Holdings Corp. (Consumer Discretionary) | 21832 |
| 2183 | NAVER Corp. (Communication Services) | 336812 |
| 227 | NCSoft Corp. (Communication Services) | 33146 |
| 336 | Netmarble Corp. (Communication Services)<sup>(b)</sup> | 14477 |
| 2054 | NH Investment & Securities Co. Ltd. (Financials) | 28707 |
| 50 | NongShim Co. Ltd. (Consumer Staples) | 14746 |
| 369 | Orion Corp. (Consumer Staples) | 28612 |

---

&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) *August 31, 2025*

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

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

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| South Korea – (continued) | South Korea – (continued) | South Korea – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3770 | Pan Ocean Co. Ltd. (Industrials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10562 |
| 459 | Pearl Abyss Corp. (Communication Services)\* | 10796 |
| 104 | PharmaResearch Co. Ltd. (Health Care) | 50869 |
| 847 | Posco DX Co. Ltd. (Information Technology) | 13678 |
| 470 | POSCO Future M Co. Ltd. (Industrials)\* | 47769 |
| 1208 | POSCO Holdings, Inc. (Materials) | 248073 |
| 852 | Posco International Corp. (Industrials) | 29416 |
| 131 | Rainbow Robotics (Industrials)\* | 25771 |
| 279 | S-1 Corp. (Industrials) | 16075 |
| 238 | Sam Chun Dang Pharm Co. Ltd. (Health Care) | 32937 |
| 293 | Samsung Biologics Co. Ltd. (Health Care)\*<sup>(b)</sup> | 210964 |
| 1374 | Samsung C&T Corp. (Industrials) | 165839 |
| 365 | Samsung Card Co. Ltd. (Financials) | 13258 |
| 2578 | Samsung E&A Co. Ltd. (Industrials) | 53961 |
| 912 | Samsung Electro-Mechanics Co. Ltd. (Information Technology) | 105288 |
| 77788 | Samsung Electronics Co. Ltd. (Information Technology) | 3899891 |
| 516 | Samsung Fire & Marine Insurance Co. Ltd. (Financials) | 164793 |
| 10763 | Samsung Heavy Industries Co. Ltd. (Industrials)\* | 164900 |
| 1260 | Samsung Life Insurance Co. Ltd. (Financials) | 129693 |
| 972 | Samsung SDI Co. Ltd. (Information Technology) | 144725 |
| 603 | Samsung SDS Co. Ltd. (Information Technology) | 63889 |
| 1031 | Samsung Securities Co. Ltd. (Financials) | 51022 |
| 69 | Samyang Foods Co. Ltd. (Consumer Staples) | 77723 |
| 7757 | Shinhan Financial Group Co. Ltd. (Financials) | 364346 |
| 464 | SK Biopharmaceuticals Co. Ltd. (Health Care)\* | 32908 |
| 395 | SK Bioscience Co. Ltd. (Health Care)\* | 13425 |
| 8833 | SK Hynix, Inc. (Information Technology) | 1709101 |
| 445 | SK IE Technology Co. Ltd. (Industrials)\*<sup>(b)</sup> | 8882 |
| 1042 | SK Innovation Co. Ltd. (Energy) | 75625 |
| 1469 | SK Square Co. Ltd. (Industrials)\* | 157440 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| South Korea – (continued) | South Korea – (continued) | South Korea – (continued) | South Korea – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1744 | SK Telecom Co. Ltd. (Communication Services) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67991 |
| 593 | SK, Inc. (Industrials) |  | 88294 |
| 307 | SKC Co. Ltd. (Materials)\* |  | 20713 |
| 684 | S-Oil Corp. (Energy)\* |  | 29668 |
| 10787 | Woori Financial Group, Inc. (Financials) |  | 192424 |
| 908 | Yuhan Corp. (Health Care) |  | 74129 |
|  |  |  | 16499656 |
| Spain – 1.9% | Spain – 1.9% | Spain – 1.9% | Spain – 1.9% |
| 2830 | ACS Actividades de Construccion y Servicios SA (Industrials) |  | 213823 |
| 12101 | Aena SME SA (Industrials)<sup>(b)</sup> |  | 350423 |
| 7346 | Amadeus IT Group SA (Consumer Discretionary) |  | 615653 |
| 94157 | Banco Bilbao Vizcaya Argentaria SA (Financials) |  | 1707166 |
| 241528 | Banco Santander SA (Financials) |  | 2306904 |
| 56813 | CaixaBank SA (Financials) |  | 567242 |
| 9459 | Cellnex Telecom SA (Communication Services)\*<sup>(b)</sup> |  | 336471 |
| 5207 | Endesa SA (Utilities) |  | 158709 |
| 92483 | Iberdrola SA (Utilities) |  | 1740142 |
| 18048 | Industria de Diseno Textil SA (Consumer Discretionary) |  | 891484 |
| 1721 | Naturgy Energy Group SA (Utilities) |  | 54591 |
| 6711 | Redeia Corp. SA (Utilities) |  | 130475 |
| 19214 | Repsol SA (Energy) |  | 315085 |
| 65060 | Telefonica SA (Communication Services) |  | 348627 |
|  |  |  | 9736795 |
| Sweden – 2.1% | Sweden – 2.1% | Sweden – 2.1% | Sweden – 2.1% |
| 2916 | AAK AB (Consumer Staples) |  | 83728 |
| 3931 | AddTech AB, Class B (Industrials) |  | 137705 |
| 4685 | Alfa Laval AB (Industrials) |  | 213066 |
| 15875 | Assa Abloy AB, Class B (Industrials) |  | 560301 |
| 41348 | Atlas Copco AB, Class A (Industrials) |  | 659573 |
| 24988 | Atlas Copco AB, Class B (Industrials) |  | 354914 |
| 1968 | Avanza Bank Holding AB (Financials)<sup>(a)</sup> |  | 74283 |
| 1799 | Axfood AB (Consumer Staples) |  | 56729 |
| 6207 | Beijer Ref AB (Industrials) |  | 105504 |
| 4464 | Boliden AB (Materials)\* |  | 153641 |
| 6752 | Castellum AB (Real Estate) |  | 76464 |
| 2250 | Embracer Group AB (Communication Services)\* |  | 20094 |
| 10318 | Epiroc AB, Class A (Industrials) |  | 215384 |
| 6264 | Epiroc AB, Class B (Industrials) |  | 116465 |
| 8521 | EQT AB (Financials) |  | 306056 |

---

&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;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Sweden – (continued) | Sweden – (continued) | Sweden – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10011 | Essity AB, Class B (Consumer Staples) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270315 |
| 2306 | Evolution AB (Consumer Discretionary)<sup>(b)</sup> | 199758 |
| 10918 | Fastighets AB Balder, Class B (Real Estate)\* | 77623 |
| 3613 | Getinge AB, Class B (Health Care) | 79084 |
| 9116 | H & M Hennes & Mauritz AB, Class B (Consumer Discretionary) | 133715 |
| 34149 | Hexagon AB, Class B (Information Technology) | 380053 |
| 1234 | Holmen AB, Class B (Materials) | 48025 |
| 6373 | Husqvarna AB, Class B (Industrials) | 36140 |
| 1768 | Industrivarden AB, Class A (Financials) | 70301 |
| 2144 | Industrivarden AB, Class C (Financials) | 85252 |
| 4438 | Indutrade AB (Industrials) | 110363 |
| 2239 | Investment AB Latour, Class B (Industrials) | 56791 |
| 7969 | Investor AB, Class A (Financials) | 245399 |
| 28911 | Investor AB, Class B (Financials) | 889835 |
| 747 | L E Lundbergforetagen AB, Class B (Financials) | 37784 |
| 3707 | Lifco AB, Class B (Industrials) | 131581 |
| 24503 | Nibe Industrier AB, Class B (Industrials) | 100486 |
| 2343 | Nordnet AB publ (Financials) | 68166 |
| 5067 | Saab AB, Class B (Industrials) | 286483 |
| 3376 | Sagax AB, Class B (Real Estate) | 73112 |
| 17228 | Sandvik AB (Industrials) | 435157 |
| 2180 | Sectra AB, Class B (Health Care)\* | 76366 |
| 8266 | Securitas AB, Class B (Industrials) | 126400 |
| 26103 | Skandinaviska Enskilda Banken AB, Class A (Financials) | 482431 |
| 5452 | Skanska AB, Class B (Industrials) | 135234 |
| 5568 | SKF AB, Class B (Industrials) | 142758 |
| 3658 | SSAB AB, Class A (Materials) | 21269 |
| 10537 | SSAB AB, Class B (Materials) | 59731 |
| 9924 | Svenska Cellulosa AB SCA, Class B (Materials) | 134926 |
| 23007 | Svenska Handelsbanken AB, Class A (Financials) | 295667 |
| 550 | Svenska Handelsbanken AB, Class B (Financials)<sup>(a)</sup> | 11760 |
| 3003 | Sweco AB, Class B (Industrials) | 50631 |
| 14126 | Swedbank AB, Class A (Financials) | 397245 |
| 3050 | Swedish Orphan Biovitrum AB (Health Care)\* | 92537 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Sweden – (continued) | Sweden – (continued) | Sweden – (continued) | Sweden – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8916 | Tele2 AB, Class B (Communication Services) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156919 |
| 48348 | Telefonaktiebolaget LM Ericsson, Class B (Information Technology) |  | 384596 |
| 37108 | Telia Co. AB (Communication Services) |  | 138380 |
| 1755 | Thule Group AB (Consumer Discretionary)<sup>(b)</sup> |  | 49094 |
| 3478 | Trelleborg AB, Class B (Industrials) |  | 134475 |
| 3155 | Volvo AB, Class A (Industrials) |  | 96789 |
| 24383 | Volvo AB, Class B (Industrials) |  | 749311 |
| 7886 | Volvo Car AB, Class B (Consumer Discretionary)\*<sup>(a)</sup> |  | 16420 |
|  |  |  | 10702269 |
| Switzerland – 2.5% | Switzerland – 2.5% | Switzerland – 2.5% | Switzerland – 2.5% |
| 26077 | ABB Ltd. (Industrials) |  | 1751847 |
| 16 | Chocoladefabriken Lindt & Spruengli AG (Consumer Staples) |  | 244090 |
| 8703 | Cie Financiere Richemont SA (Consumer Discretionary) |  | 1522113 |
| 4120 | DSM-Firmenich AG (Materials) |  | 402676 |
| 1783 | Galderma Group AG (Health Care) |  | 311503 |
| 535 | Geberit AG (Industrials) |  | 392487 |
| 150 | Givaudan SA (Materials) |  | 632626 |
| 851 | Kuehne + Nagel International AG (Industrials) |  | 173384 |
| 1142 | Lonza Group AG (Health Care) |  | 810355 |
| 352 | Partners Group Holding AG (Financials) |  | 483474 |
| 325 | Schindler Holding AG (Industrials) |  | 116326 |
| 670 | Schindler Holding AG Participation Certificates (Industrials) |  | 249201 |
| 2758 | SGS SA (Industrials) |  | 281512 |
| 2486 | Sika AG (Materials) |  | 577127 |
| 1770 | Straumann Holding AG (Health Care) |  | 207824 |
| 467 | Swiss Life Holding AG (Financials) |  | 504960 |
| 422 | Swisscom AG (Communication Services) |  | 305257 |
| 52195 | UBS Group AG (Financials) |  | 2115104 |
| 2393 | Zurich Insurance Group AG (Financials) |  | 1750165 |
|  |  |  | 12832031 |
| Taiwan – 5.6% | Taiwan – 5.6% | Taiwan – 5.6% | Taiwan – 5.6% |
| 8390 | Accton Technology Corp. (Information Technology) |  | 278573 |
| 48652 | Acer, Inc. (Information Technology) |  | 47029 |
| 7158 | Advantech Co. Ltd. (Information Technology) |  | 80549 |

---

&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) *August 31, 2025*

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

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

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Taiwan – (continued) | Taiwan – (continued) | Taiwan – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191 | Alchip Technologies Ltd. (Information Technology) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157984 |
| 61229 | ASE Technology Holding Co. Ltd. (Information Technology) | 302445 |
| 42693 | Asia Cement Corp. (Materials) | 51744 |
| 4941 | Asia Vital Components Co. Ltd. (Information Technology) | 163248 |
| 500 | ASMedia Technology, Inc. (Information Technology) | 26988 |
| 498 | ASPEED Technology, Inc. (Information Technology) | 81372 |
| 11658 | Asustek Computer, Inc. (Information Technology) | 241020 |
| 95963 | AUO Corp. (Information Technology)\* | 40338 |
| 3000 | Bizlink Holding, Inc. (Industrials) | 105497 |
| 19000 | Caliway Biopharmaceuticals Co. Ltd. (Health Care)\* | 125550 |
| 8846 | Catcher Technology Co. Ltd. (Information Technology) | 54547 |
| 151405 | Cathay Financial Holding Co. Ltd. (Financials) | 304598 |
| 23064 | Chailease Holding Co. Ltd. (Financials) | 87897 |
| 105903 | Chang Hwa Commercial Bank Ltd. (Financials) | 66515 |
| 35933 | Cheng Shin Rubber Industry Co. Ltd. (Consumer Discretionary) | 44667 |
| 9955 | Chicony Electronics Co. Ltd. (Information Technology) | 44940 |
| 47463 | China Airlines Ltd. (Industrials) | 32916 |
| 202280 | China Steel Corp. (Materials) | 133003 |
| 6690 | Chroma ATE, Inc. (Information Technology) | 127149 |
| 63159 | Chunghwa Telecom Co. Ltd. (Communication Services) | 273755 |
| 66196 | Compal Electronics, Inc. (Information Technology) | 59874 |
| 261099 | CTBC Financial Holding Co. Ltd. (Financials) | 351469 |
| 31921 | Delta Electronics, Inc. (Information Technology) | 742434 |
| 12978 | E Ink Holdings, Inc. (Information Technology) | 111654 |
| 232126 | E.Sun Financial Holding Co. Ltd. (Financials) | 253999 |
| 2748 | Eclat Textile Co. Ltd. (Consumer Discretionary) | 36047 |
| 4860 | Elite Material Co. Ltd. (Information Technology) | 193958 |
| 1020 | eMemory Technology, Inc. (Information Technology) | 68902 |
| 44546 | Eva Airways Corp. (Industrials) | 56612 |
| 16704 | Evergreen Marine Corp. Taiwan Ltd. (Industrials) | 101362 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Taiwan – (continued) | Taiwan – (continued) | Taiwan – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49691 | Far Eastern New Century Corp. (Industrials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44864 |
| 26530 | Far EasTone Telecommunications Co. Ltd. (Communication Services) | 73074 |
| 7589 | Feng TAY Enterprise Co. Ltd. (Consumer Discretionary) | 29170 |
| 189848 | First Financial Holding Co. Ltd. (Financials) | 176064 |
| 55929 | Formosa Chemicals & Fibre Corp. (Materials) | 55070 |
| 23000 | Formosa Petrochemical Corp. (Energy) | 30208 |
| 71236 | Formosa Plastics Corp. (Materials) | 90765 |
| 2543 | Fortune Electric Co. Ltd. (Industrials) | 53822 |
| 16378 | Foxconn Technology Co. Ltd. (Information Technology) | 38093 |
| 124933 | Fubon Financial Holding Co. Ltd. (Financials) | 342887 |
| 8956 | Gigabyte Technology Co. Ltd. (Information Technology) | 81153 |
| 1450 | Global Unichip Corp. (Information Technology) | 63086 |
| 4505 | Globalwafers Co. Ltd. (Information Technology) | 54821 |
| 5367 | Gold Circuit Electronics Ltd. (Information Technology) | 88661 |
| 32236 | Highwealth Construction Corp. (Real Estate) | 44079 |
| 4607 | Hiwin Technologies Corp. (Industrials) | 32176 |
| 198371 | Hon Hai Precision Industry Co. Ltd. (Information Technology) | 1320548 |
| 1525 | Hon Precision, Inc. (Information Technology) | 86303 |
| 4317 | Hotai Motor Co. Ltd. (Consumer Discretionary) | 77812 |
| 143623 | Hua Nan Financial Holdings Co. Ltd. (Financials) | 131081 |
| 124107 | Innolux Corp. (Information Technology) | 57041 |
| 4192 | International Games System Co. Ltd. (Communication Services) | 104905 |
| 40116 | Inventec Corp. (Information Technology) | 54001 |
| 1692 | Jentech Precision Industrial Co. Ltd. (Information Technology) | 115957 |
| 272224 | KGI Financial Holding Co. Ltd. (Financials) | 135803 |
| 1281 | King Slide Works Co. Ltd. (Information Technology) | 126761 |
| 18480 | King Yuan Electronics Co. Ltd. (Information Technology) | 94306 |
| 1582 | Largan Precision Co. Ltd. (Information Technology) | 124461 |

---

&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> 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;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Taiwan – (continued) | Taiwan – (continued) | Taiwan – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32965 | Lite-On Technology Corp. (Information Technology) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140187 |
| 1486 | Lotes Co. Ltd. (Information Technology) | 70728 |
| 23995 | MediaTek, Inc. (Information Technology) | 1075358 |
| 194817 | Mega Financial Holding Co. Ltd. (Financials) | 255235 |
| 11824 | Micro-Star International Co. Ltd. (Information Technology) | 52217 |
| 1435 | momo.com, Inc. (Consumer Discretionary) | 11876 |
| 93492 | Nan Ya Plastics Corp. (Materials) | 132120 |
| 3546 | Nan Ya Printed Circuit Board Corp. (Information Technology) | 25520 |
| 19232 | Nanya Technology Corp. (Information Technology)\* | 29569 |
| 3134 | Nien Made Enterprise Co. Ltd. (Consumer Discretionary) | 44340 |
| 9408 | Novatek Microelectronics Corp. (Information Technology) | 133875 |
| 32181 | Pegatron Corp. (Information Technology) | 73901 |
| 4119 | PharmaEssentia Corp. (Health Care) | 66899 |
| 2751 | Phison Electronics Corp. (Information Technology) | 44006 |
| 38203 | Pou Chen Corp. (Consumer Discretionary) | 36054 |
| 50109 | Powerchip Semiconductor Manufacturing Corp. (Information Technology)\* | 26063 |
| 11032 | Powertech Technology, Inc. (Information Technology) | 42945 |
| 9134 | President Chain Store Corp. (Consumer Staples) | 76043 |
| 42246 | Quanta Computer, Inc. (Information Technology) | 362766 |
| 7543 | Realtek Semiconductor Corp. (Information Technology) | 131764 |
| 29339 | Ruentex Development Co. Ltd. (Real Estate) | 28936 |
| 11727 | Ruentex Industries Ltd. (Consumer Discretionary) | 20754 |
| 59505 | Shanghai Commercial & Savings Bank Ltd. (The) (Financials) | 79808 |
| 4431 | Shihlin Electric & Engineering Corp. (Industrials) | 29062 |
| 8824 | Sino-American Silicon Products, Inc. (Information Technology) | 29876 |
| 180510 | SinoPac Financial Holdings Co. Ltd. (Financials) | 138175 |
| 20961 | Synnex Technology International Corp. (Information Technology) | 45118 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Taiwan – (continued) | Taiwan – (continued) | Taiwan – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31452 | TA Chen Stainless Pipe (Materials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40023 |
| 74037 | Taichung Commercial Bank Co. Ltd. (Financials) | 51587 |
| 388040 | Taishin Financial Holding Co. Ltd. (Financials) | 206273 |
| 121750 | Taiwan Business Bank (Financials) | 60139 |
| 171912 | Taiwan Cooperative Financial Holding Co. Ltd. (Financials) | 133280 |
| 11157 | Taiwan Fertilizer Co. Ltd. (Materials)\* | 19490 |
| 34544 | Taiwan High Speed Rail Corp. (Industrials) | 31188 |
| 28652 | Taiwan Mobile Co. Ltd. (Communication Services) | 99820 |
| 396898 | Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology) | 15060818 |
| 32165 | Tatung Co. Ltd. (Industrials) | 41877 |
| 119103 | TCC Group Holdings Co. Ltd. (Materials) | 87468 |
| 28903 | Teco Electric and Machinery Co. Ltd. (Industrials) | 64293 |
| 8147 | Tripod Technology Corp. (Information Technology) | 85682 |
| 21472 | Unimicron Technology Corp. (Information Technology) | 101497 |
| 78644 | Uni-President Enterprises Corp. (Consumer Staples) | 199122 |
| 191732 | United Microelectronics Corp. (Information Technology) | 254016 |
| 14888 | Vanguard International Semiconductor Corp. (Information Technology) | 44562 |
| 1526 | VisEra Technologies Co. Ltd. (Information Technology) | 13179 |
| 1174 | Voltronic Power Technology Corp. (Industrials) | 38020 |
| 46449 | Walsin Lihwa Corp. (Industrials) | 34644 |
| 23307 | Wan Hai Lines Ltd. (Industrials) | 63129 |
| 49735 | Winbond Electronics Corp. (Information Technology)\* | 32051 |
| 48802 | Wistron Corp. (Information Technology) | 180396 |
| 1552 | Wiwynn Corp. (Information Technology) | 150532 |
| 26104 | WPG Holdings Ltd. (Information Technology) | 57213 |
| 9041 | WT Microelectronics Co. Ltd. (Information Technology) | 36378 |
| 26908 | Yageo Corp. (Information Technology) | 122791 |
| 29005 | Yang Ming Marine Transport Corp. (Industrials) | 54747 |
| 169260 | Yuanta Financial Holding Co. Ltd. (Financials) | 179949 |

---

&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> TOTAL INTERNATIONAL EQUITY ETF

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

Schedule of Investments (continued) *August 31, 2025*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Taiwan – (continued) | Taiwan – (continued) | Taiwan – (continued) | Taiwan – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5858 | Yulon Finance Corp. (Financials)\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20313 |
| 10582 | Zhen Ding Technology Holding Ltd. (Information Technology) |  | 68021 |
|  |  |  | 29411300 |
| Thailand – 0.4% | Thailand – 0.4% | Thailand – 0.4% | Thailand – 0.4% |
| 17710 | Advanced Info Service PCL, NVDR (Communication Services) |  | 160727 |
| 70700 | Airports of Thailand PCL, NVDR (Industrials) |  | 78568 |
| 124780 | Asset World Corp. PCL, NVDR (Consumer Discretionary) |  | 8551 |
| 183956 | Bangkok Dusit Medical Services PCL, NVDR (Health Care) |  | 117546 |
| 129419 | Bangkok Expressway & Metro PCL, NVDR (Industrials) |  | 21174 |
| 144372 | Banpu PCL, NVDR (Energy) |  | 21214 |
| 15979 | Berli Jucker PCL, NVDR (Consumer Staples) |  | 8484 |
| 129510 | BTS Group Holdings PCL, NVDR (Industrials)\* |  | 12633 |
| 8576 | Bumrungrad Hospital PCL, NVDR (Health Care) |  | 47122 |
| 5006 | Carabao Group PCL, NVDR (Consumer Staples) |  | 7920 |
| 53164 | Central Pattana PCL, NVDR (Real Estate) |  | 84518 |
| 61600 | Central Retail Corp. PCL, NVDR (Consumer Discretionary) |  | 40503 |
| 64252 | Charoen Pokphand Foods PCL, NVDR (Consumer Staples) |  | 43436 |
| 13266 | Com7 PCL, NVDR (Consumer Discretionary) |  | 10442 |
| 91941 | CP ALL PCL, NVDR (Consumer Staples) |  | 124877 |
| 22011 | CP AXTRA PCL, NVDR (Consumer Staples) |  | 12162 |
| 75900 | Delta Electronics Thailand PCL, NVDR (Information Technology) |  | 351443 |
| 3781 | Electricity Generating PCL, NVDR (Utilities) |  | 13772 |
| 10890 | Global Power Synergy PCL, NVDR (Utilities) |  | 14119 |
| 69270 | Gulf Development PCL, NVDR (Utilities)\* |  | 100500 |
| 79946 | Home Product Center PCL, NVDR (Consumer Discretionary) |  | 17522 |
| 28388 | Indorama Ventures PCL, NVDR (Materials) |  | 19016 |
| 9836 | Kasikornbank PCL, NVDR (Financials) |  | 51161 |
| 57852 | Krung Thai Bank PCL, NVDR (Financials) |  | 43931 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Thailand – (continued) | Thailand – (continued) | Thailand – (continued) | Thailand – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15414 | Krungthai Card PCL, NVDR (Financials) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12966 |
| 88669 | Land & Houses PCL, NVDR (Real Estate) |  | 10675 |
| 55681 | Minor International PCL, NVDR (Consumer Discretionary) |  | 40220 |
| 10758 | Muangthai Capital PCL, NVDR (Financials) |  | 12370 |
| 27627 | Osotspa PCL, NVDR (Consumer Staples) |  | 13986 |
| 22897 | PTT Exploration & Production PCL, NVDR (Energy) |  | 79162 |
| 31558 | PTT Global Chemical PCL, NVDR (Materials) |  | 25572 |
| 45916 | PTT Oil & Retail Business PCL, NVDR (Consumer Discretionary) |  | 18851 |
| 226042 | PTT PCL, NVDR (Energy) |  | 216308 |
| 9947 | Ratch Group PCL, NVDR (Utilities) |  | 8290 |
| 13969 | SCB X PCL, NVDR (Financials) |  | 55410 |
| 19885 | SCG Packaging PCL, NVDR (Materials) |  | 10496 |
| 12832 | Siam Cement PCL (The), NVDR (Materials) |  | 85164 |
| 142945 | Thai Beverage PCL (Consumer Staples) |  | 51251 |
| 38885 | Thai Life Insurance PCL, NVDR (Financials) |  | 11463 |
| 18894 | Thai Oil PCL, NVDR (Energy) |  | 18664 |
| 37903 | Thai Union Group PCL, NVDR (Consumer Staples) |  | 14391 |
| 20449 | TIDLOR Holdings PCL, NVDR (Financials) |  | 11867 |
| 3316 | Tisco Financial Group PCL, NVDR (Financials) |  | 10339 |
| 402765 | TMBThanachart Bank PCL, NVDR (Financials) |  | 23623 |
| 167640 | True Corp. PCL, NVDR (Communication Services)\* |  | 58994 |
|  |  |  | 2201403 |
| Turkey – 0.2% | Turkey – 0.2% | Turkey – 0.2% | Turkey – 0.2% |
| 14150 | AG Anadolu Grubu Holding AS (Industrials) |  | 9869 |
| 8223 | Ahlatci Dogal Gaz Dagitim Enerji VE Yatirim AS (Utilities)\* |  | 6834 |
| 45197 | Akbank TAS (Financials) |  | 74962 |
| 608 | Akcansa Cimento AS (Materials) |  | 2006 |
| 4830 | Akfen Yenilenebilir Enerji AS (Utilities)\* |  | 2148 |
| 21141 | Aksa Akrilik Kimya Sanayii AS (Consumer Discretionary) |  | 5435 |
| 3910 | Aksa Enerji Uretim AS (Utilities)\* |  | 3668 |

---

&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> 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;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Turkey – (continued) | Turkey – (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2267 | Alarko Holding AS (Industrials) | $4834 |
| 1118 | Alfa Solar Enerji Sanayi VE Ticaret AS (Information Technology)\* | 1333 |
| 10744 | Anadolu Anonim Turk Sigorta Sirketi (Financials) | 5833 |
| 30430 | Anadolu Efes Biracilik Ve Malt Sanayii AS (Consumer Staples) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12512 |
| 1003 | Anadolu Hayat Emeklilik AS (Financials) | 2168 |
| 712 | Anadolu Isuzu Otomotiv Sanayi Ve Ticaret AS, Class C (Industrials) | 1109 |
| 1529 | Arcelik AS (Consumer Discretionary)\* | 5090 |
| 19541 | Aselsan Elektronik Sanayi Ve Ticaret AS (Industrials) | 87044 |
| 3275 | Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS (Industrials) | 9399 |
| 1734 | Aydem Yenilenebilir Enerji AS (Utilities)\* | 825 |
| 823 | Aygaz AS (Utilities) | 3360 |
| 1121 | Bien Yapi Urunleri Sanayi Turizm ve Ticaret AS (Industrials)\* | 1174 |
| 6668 | BIM Birlesik Magazalar AS (Consumer Staples) | 85882 |
| 425 | Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret AS (Materials)\* | 5267 |
| 61 | Borusan Yatirim ve Pazarlama AS (Financials) | 4162 |
| 73 | Bosch Fren Sistemleri Sanayi ve Ticaret AS (Consumer Discretionary)\* | 326 |
| 45052 | Can2 Termik AS (Utilities)\* | 2704 |
| 39 | Celebi Hava Servisi AS (Industrials) | 1580 |
| 6601 | Cimsa Cimento Sanayi VE Ticaret AS (Materials) | 7764 |
| 13420 | Coca-Cola Icecek AS (Consumer Staples) | 16078 |
| 3620 | CW Enerji Muhendislik Ticaret VE Sanayi AS (Industrials)\* | 1692 |
| 3819 | DAP Gayrimenkul Gelistirme AS (Real Estate)\* | 1606 |
| 1381 | Destek Finans Faktoring AS (Financials)\* | 25506 |
| 14483 | Dogan Sirketler Grubu Holding AS (Consumer Discretionary)\* | 6772 |
| 683 | Dogu Aras Enerji Yatirimlari AS (Utilities) | 929 |
| 1176 | Dogus Otomotiv Servis ve Ticaret AS (Consumer Discretionary) | 5404 |
| 302 | Eczacibasi Yatirim Holding Ortakligi AS (Industrials) | 1758 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Turkey – (continued) | Turkey – (continued) |  |
| 17 | EGE Endustri VE Ticaret AS (Consumer Discretionary) | $3589 |
| 2007 | EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS (Consumer Staples) | 3112 |
| 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;15101 |
| 3683 | Enerjisa Enerji AS (Utilities)<sup>(b)</sup> | 7071 |
| 37490 | Enerya Enerji AS (Utilities) | 10040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8267 | Enka Insaat ve Sanayi AS (Industrials) | 14696 |
| 55328 | Eregli Demir ve Celik Fabrikalari TAS (Materials) | 40148 |
| 2808 | Europower Enerji VE Otomasyon Teknolojileri Sanayi Ticaret AS (Industrials)\* | 1992 |
| 10350 | Ford Otomotiv Sanayi AS (Consumer Discretionary) | 28095 |
| 1255 | GEN Ilac VE Saglik Urunleri Sanayi VE Ticaret AS (Health Care) | 5477 |
| 1825 | Girisim Elektrik Taahhut Ticaret Ve Sanayi AS (Industrials)\* | 2114 |
| 1213 | Gubre Fabrikalari TAS (Materials)\* | 8593 |
| 17112 | Haci Omer Sabanci Holding AS (Financials) | 39172 |
| 62355 | Hektas Ticaret TAS (Materials)\* | 6637 |
| 6118 | Is Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)\* | 3048 |
| 8015 | Is Yatirim Menkul Degerler AS (Financials) | 8492 |
| 9087 | Izdemir Enerji Elektrik Uretim AS (Utilities)\* | 1963 |
| 2291 | Jantsa Jant Sanayi Ve Ticaret AS (Industrials) | 1302 |
| 1694 | Kaleseramik Canakkale Kalebodur Seramik Sanayi AS (Industrials)\* | 1347 |
| 2931 | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class A (Materials)\* | 2823 |
| 1518 | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class B (Materials)\* | 1074 |
| 11120 | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D (Materials)\* | 7945 |
| 1643 | Kayseri Seker Fabrikasi AS (Consumer Staples)\* | 851 |
| 11128 | KOC Holding AS (Industrials) | 49569 |
| 7088 | Kocaer Celik Sanayi Ve Ticaret AS (Materials) | 2644 |
| 4258 | Kontrolmatik Enerji Ve Muhendislik AS (Industrials) | 2854 |

---

&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> TOTAL INTERNATIONAL EQUITY ETF

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

Schedule of Investments (continued) *August 31, 2025*

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

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

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Turkey – (continued) | Turkey – (continued) |  |
| 12 | Konya Cimento Sanayii AS (Materials)\* | $1595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2569 | Koza Anadolu Metal Madencilik Isletmeleri AS (Materials)\* | 4932 |
| 4442 | Margun Enerji Uretim Sanayi VE Ticaret AS (Utilities)\* | 5489 |
| 8932 | Mavi Giyim Sanayi Ve Ticaret AS, Class B (Consumer Discretionary)<sup>(b)</sup> | 9698 |
| 3742 | MIA Teknoloji AS (Information Technology)\* | 3785 |
| 1526 | Migros Ticaret AS (Consumer Staples) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18013 |
| 840 | MLP Saglik Hizmetleri AS (Health Care)\*<sup>(b)</sup> | 7298 |
| 511 | Otokar Otomotiv Ve Savunma Sanayi A.S. (Industrials)\* | 7010 |
| 18876 | Oyak Cimento Fabrikalari AS (Materials)\* | 11211 |
| 3526 | Pegasus Hava Tasimaciligi AS (Industrials)\* | 21336 |
| 19365 | Petkim Petrokimya Holding AS (Materials)\* | 9412 |
| 168170 | Sasa Polyester Sanayi AS (Materials)\* | 19167 |
| 1444 | Selcuk Ecza Deposu Ticaret ve Sanayi A.S. (Health Care) | 3039 |
| 2342 | Smart Gunes Enerjisi Teknolojileri ArGE Uretim Sanayi ve Ticaret AS (Information Technology)\* | 1759 |
| 4283 | Sok Marketler Ticaret AS (Consumer Staples) | 4199 |
| 2766 | TAV Havalimanlari Holding AS (Industrials)\* | 17040 |
| 1881 | Tekfen Holding AS (Industrials)\* | 4777 |
| 1916 | Tofas Turk Otomobil Fabrikasi AS (Consumer Discretionary) | 11652 |
| 3271 | Torunlar Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate) | 5644 |
| 14983 | Turk Altin Isletmeleri AS (Materials)\* | 8760 |
| 11559 | Turk Hava Yollari AO (Industrials) | 94101 |
| 7268 | Turk Telekomunikasyon AS (Communication Services)\* | 9811 |
| 390 | Turk Traktor ve Ziraat Makineleri AS (Industrials) | 5862 |
| 19721 | Turkcell Iletisim Hizmetleri AS (Communication Services) | 45432 |
| 9534 | Turkiye Halk Bankasi AS (Financials)\* | 6200 |
| 135537 | Turkiye Is Bankasi AS, Class C (Financials) | 49570 |
| 14874 | Turkiye Petrol Rafinerileri AS (Energy) | 62243 |
| 27429 | Turkiye Sigorta AS (Financials) | 6666 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Turkey – (continued) | Turkey – (continued) |  |  |
| 16831 | Turkiye Sinai Kalkinma Bankasi AS (Financials)\* | $| 5935 |
| 24893 | Turkiye Sise ve Cam Fabrikalari AS (Industrials) |  | 24621 |
| 2233 | Ulker Biskuvi Sanayi AS (Consumer Staples) |  | 6154 |
| 4829 | Vestel Beyaz Esya Sanayi ve Ticaret AS (Consumer Discretionary) |  | 1575 |
| 2043 | Vestel Elektronik Sanayi ve Ticaret AS (Consumer Discretionary)\* |  | 2100 |
| 54445 | Yapi ve Kredi Bankasi AS (Financials)\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2545 | Yayla Agro Gida Sanayi VE Nakliyat AS (Consumer Staples)\* |  | 679 |
| 1890 | YEO Teknoloji Enerji VE Endustri AS (Industrials)\* |  | 1749 |
| 21971 | Zorlu Enerji Elektrik Uretim AS (Utilities)\* |  | 2029 |
|  |  |  | 1220828 |
| United Arab Emirates – 0.8% | United Arab Emirates – 0.8% | United Arab Emirates – 0.8% | United Arab Emirates – 0.8% |
| 48408 | Abu Dhabi Commercial Bank PJSC (Financials) |  | 199536 |
| 24140 | Abu Dhabi Islamic Bank PJSC (Financials) |  | 140253 |
| 49875 | Abu Dhabi National Energy Co. PJSC (Utilities) |  | 45489 |
| 47772 | Abu Dhabi National Oil Co. for Distribution PJSC (Consumer Discretionary) |  | 48904 |
| 46114 | ADNOC Drilling Co. PJSC (Energy) |  | 69177 |
| 127527 | Adnoc Gas PLC (Energy) |  | 115618 |
| 60695 | Aldar Properties PJSC (Real Estate) |  | 158967 |
| 23029 | Alpha Dhabi Holding PJSC (Industrials) |  | 70849 |
| 49946 | Borouge PLC (Materials) |  | 36171 |
| 149538 | Dubai Electricity & Water Authority PJSC (Utilities) |  | 111960 |
| 48124 | Dubai Islamic Bank PJSC (Financials) |  | 126697 |
| 13630 | Emaar Development PJSC (Real Estate) |  | 54735 |
| 103199 | Emaar Properties PJSC (Real Estate) |  | 404592 |
| 40838 | Emirates NBD Bank PJSC (Financials) |  | 280740 |
| 57801 | Emirates Telecommunications Group Co. PJSC (Communication Services) |  | 284520 |
| 73425 | First Abu Dhabi Bank PJSC (Financials) |  | 331842 |
| 14047 | International Holding Co. PJSC (Industrials)\* |  | 1529758 |

---

&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> 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;

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United Arab Emirates – (continued) | United Arab Emirates – (continued) |  |  |
| 52293 | Modon Holding PSC (Industrials)\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53105 |
|  |  |  | 4062913 |
| United Kingdom – 6.9% | United Kingdom – 6.9% | United Kingdom – 6.9% | United Kingdom – 6.9% |
| 15667 | 3i Group PLC (Financials) |  | 850698 |
| 3868 | Admiral Group PLC (Financials) |  | 189490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7130 | Ashtead Group PLC (Industrials) |  | 524612 |
| 4946 | Associated British Foods PLC (Consumer Staples) |  | 144338 |
| 24829 | AstraZeneca PLC (Health Care) |  | 3954982 |
| 14223 | Auto Trader Group PLC (Communication Services)<sup>(b)</sup> |  | 154343 |
| 50658 | Aviva PLC (Financials) |  | 445965 |
| 49559 | BAE Systems PLC (Industrials) |  | 1176764 |
| 233171 | Barclays PLC (Financials) |  | 1135353 |
| 22150 | Barratt Redrow PLC (Consumer Discretionary) |  | 107643 |
| 34479 | British American Tobacco PLC (Consumer Staples) |  | 1949493 |
| 98985 | BT Group PLC (Communication Services) |  | 289533 |
| 5382 | Bunzl PLC (Industrials) |  | 181929 |
| 84966 | Centrica PLC (Utilities) |  | 184760 |
| 44121 | CK Hutchison Holdings Ltd. (Industrials) |  | 290618 |
| 3371 | Coca-Cola Europacific Partners PLC (Consumer Staples) |  | 299547 |
| 27796 | Compass Group PLC (Consumer Discretionary) |  | 943351 |
| 27408 | Convatec Group PLC (Health Care)<sup>(b)</sup> |  | 87612 |
| 2142 | Croda International PLC (Materials) |  | 72580 |
| 1641 | DCC PLC (Industrials) |  | 104291 |
| 28838 | Diageo PLC (Consumer Staples) |  | 798323 |
| 6199 | Halma PLC (Information Technology) |  | 275375 |
| 2620 | Hikma Pharmaceuticals PLC (Health Care) |  | 63185 |
| 289218 | HSBC Holdings PLC (Financials) |  | 3699212 |
| 4760 | ICG PLC (Financials) |  | 140324 |
| 12428 | Imperial Brands PLC (Consumer Staples) |  | 524210 |
| 21494 | Informa PLC (Communication Services) |  | 252760 |
| 2378 | InterContinental Hotels Group PLC (Consumer Discretionary) |  | 287610 |
| 28423 | International Consolidated Airlines Group SA ADR (Industrials) |  | 292473 |
| 2673 | Intertek Group PLC (Industrials) |  | 169373 |
| 29182 | J Sainsbury PLC (Consumer Staples) |  | 118042 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United Kingdom – (continued) | United Kingdom – (continued) |  |
| 41492 | JD Sports Fashion PLC (Consumer Discretionary) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53827 |
| 31505 | Kingfisher PLC (Consumer Discretionary) | 109562 |
| 11401 | Land Securities Group PLC REIT (Real Estate) | 85334 |
| 95758 | Legal & General Group PLC (Financials) | 320200 |
| 983103 | Lloyds Banking Group PLC (Financials) | 1056202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7907 | London Stock Exchange Group PLC (Financials) | 979395 |
| 37035 | M&G PLC (Financials) | 132646 |
| 33078 | Marks & Spencer Group PLC (Consumer Staples) | 154359 |
| 20831 | Melrose Industries PLC (Industrials) | 165485 |
| 1724 | Metlen Energy & Metals PLC (Industrials)\* | 110583 |
| 81187 | National Grid PLC (Utilities) | 1141849 |
| 128947 | NatWest Group PLC (Financials) | 889536 |
| 1876 | Next PLC (Consumer Discretionary) | 303008 |
| 10321 | Pearson PLC (Consumer Discretionary) | 150179 |
| 12427 | Phoenix Group Holdings PLC (Financials) | 114420 |
| 11185 | Reckitt Benckiser Group PLC (Consumer Staples) | 835666 |
| 30120 | RELX PLC (Industrials) | 1402302 |
| 41642 | Rentokil Initial PLC (Industrials) | 205351 |
| 12736 | Rightmove PLC (Communication Services) | 127882 |
| 139236 | Rolls-Royce Holdings PLC (Industrials) | 2012828 |
| 16378 | Sage Group PLC (The) (Information Technology) | 240415 |
| 12983 | Schroders PLC (Financials) | 66655 |
| 20275 | Segro PLC REIT (Real Estate) | 171751 |
| 4383 | Severn Trent PLC (Utilities) | 153134 |
| 14510 | Smith & Nephew PLC (Health Care) | 271120 |
| 5454 | Smiths Group PLC (Industrials) | 173605 |
| 1221 | Spirax Group PLC (Industrials) | 120341 |
| 18106 | SSE PLC (Utilities) | 423195 |
| 31124 | Standard Chartered PLC (Financials) | 582814 |
| 58630 | Taylor Wimpey PLC (Consumer Discretionary) | 75838 |
| 108193 | Tesco PLC (Consumer Staples) | 617878 |
| 40051 | Unilever PLC (Consumer Staples) | 2517239 |
| 11330 | United Utilities Group PLC (Utilities) | 176035 |
| 335170 | Vodafone Group PLC (Communication Services) | 400122 |

---

&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> TOTAL INTERNATIONAL EQUITY ETF

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

Schedule of Investments (continued) *August 31, 2025*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United Kingdom – (continued) | United Kingdom – (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4269 | Weir Group PLC (The) (Industrials) | $| 142114 |
| 2942 | Whitbread PLC (Consumer Discretionary) |  | 125007 |
| 11213 | Wise PLC, Class A (Financials)\* |  | 159674 |
| 17831 | WPP PLC (Communication Services) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94170 |
|  |  |  | 36570510 |
| United States – 5.8% | United States – 5.8% | United States – 5.8% | United States – 5.8% |
| 8029 | Alcon AG (Health Care) |  | 639667 |
| 241533 | BP PLC (Energy) |  | 1410042 |
| 8002 | CSL Ltd. (Health Care) |  | 1114971 |
| 762 | CyberArk Software Ltd. (Information Technology)\* |  | 345384 |
| 15010 | Experian PLC (Industrials) |  | 777101 |
| 7827 | Ferrovial SE (Industrials) |  | 427751 |
| 3603 | GFL Environmental, Inc. (Industrials) |  | 180288 |
| 67659 | GSK PLC (Health Care) |  | 1327740 |
| 150154 | Haleon PLC (Health Care) |  | 736199 |
| 7949 | Holcim AG (Materials)\* |  | 666520 |
| 1325 | ICON PLC (Health Care)\* |  | 235771 |
| 9544 | James Hardie Industries PLC CDI (Materials)\* |  | 194705 |
| 5670 | JBS NV, Class A (Consumer Staples)\* |  | 91911 |
| 655 | Monday.com Ltd. (Information Technology)\* |  | 126415 |
| 42632 | Nestle SA (Consumer Staples) |  | 4022310 |
| 31470 | Novartis AG (Health Care) |  | 3984113 |
| 11592 | Roche Holding AG (Health Care) |  | 3776231 |
| 476 | Roche Holding AG (Health Care) |  | 163343 |
| 18117 | Sanofi SA (Health Care) |  | 1791692 |
| 8913 | Schneider Electric SE (Industrials) |  | 2191384 |
| 97818 | Shell PLC (Energy) |  | 3599957 |
| 32162 | Stellantis NV (Consumer Discretionary) |  | 308092 |
| 4818 | Swiss Re AG (Financials) |  | 873698 |
| 5941 | Tenaris SA (Energy) |  | 107890 |
| 4194 | Waste Connections, Inc. |  |  |
|  | (Industrials) |  | 775292 |
|  |  |  | 29868467 |
| Zambia – 0.0% | Zambia – 0.0% | Zambia – 0.0% | Zambia – 0.0% |
| 11169 | First Quantum Minerals Ltd. (Materials)\* |  | 195810 |
| **TOTAL COMMON STOCKS**<br> **(Cost $311,069,039)** | **TOTAL COMMON STOCKS**<br> **(Cost $311,069,039)** |  | 514196428 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Rate** | **Value** |
| Preferred Stocks – 0.7% | Preferred Stocks – 0.7% | Preferred Stocks – 0.7% | Preferred Stocks – 0.7% |
| Brazil – 0.3% | Brazil – 0.3% | Brazil – 0.3% | Brazil – 0.3% |
| 86274 | Banco Bradesco SA (Financials) | 7.44% | $267495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4038 | Centrais Eletricas Brasileiras SA, Class B (Utilities) | 8.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35499 |
| 31067 | Cia Energetica de Minas Gerais (Utilities) | 12.86 | 63587 |
| 17172 | Cia Paranaense de Energia - Copel (Utilities) | 6.83 | 38026 |
| 22804 | Gerdau SA (Materials) | 3.79 | 69990 |
| 87076 | Itau Unibanco Holding SA (Financials) | 7.44 | 617446 |
| 94318 | Itausa SA (Financials) | 9.63 | 194957 |
| 71080 | Petroleo Brasileiro SA - Petrobras (Energy) | 9.67 | 407249 |
| 18761 | Raizen SA (Consumer Discretionary)\* | 0.81 | 4044 |
|  |  |  | 1698293 |
| 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 | 107375 |
| Colombia – 0.0% | Colombia – 0.0% | Colombia – 0.0% | Colombia – 0.0% |
| 7513 | Grupo Cibest SA (Financials) | 8.97 | 94029 |
| 2531 | Grupo de Inversiones Suramericana SA (Financials) | 4.10 | 22444 |
|  |  |  | 116473 |
| Germany – 0.2% | Germany – 0.2% | Germany – 0.2% | Germany – 0.2% |
| 977 | Bayerische Motoren Werke AG (Consumer Discretionary) | 5.24 | 93545 |
| 1829 | Dr. Ing hc F Porsche AG (Consumer Discretionary)<sup>(b)</sup> | 5.07 | 97087 |
| 2738 | Henkel AG & Co. KGaA (Consumer Staples) | 2.83 | 230940 |

---

&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> 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;**<br> **Shares** | **Description** | **Rate** | **Value** | **Value** |
| Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) |
| Germany – (continued) | Germany – (continued) | Germany – (continued) | Germany – (continued) | Germany – (continued) |
| 2544 | Porsche Automobil Holding SE (Consumer Discretionary) | 5.25% | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108361 |
| 409 | Sartorius AG (Health Care) | 0.36 |  | 94885 |
| 3427 | Volkswagen AG (Consumer Discretionary) | 6.37 |  | 399446 |
|  |  |  |  | 1024264 |
| India – 0.0% | India – 0.0% | India – 0.0% | India – 0.0% | India – 0.0% |
| 15240 | TVS Motor Co. Ltd. (Consumer Discretionary)\* | 0.00 |  | 1727 |
| South Korea – 0.2% | South Korea – 0.2% | South Korea – 0.2% | South Korea – 0.2% | South Korea – 0.2% |
| 572 | Hyundai Motor Co. (Consumer Discretionary) | 7.64 |  | 69944 |
| 360 | Hyundai Motor Co. (Consumer Discretionary) | 7.82 |  | 42726 |
| 127 | LG Chem Ltd. (Materials) | 0.79 |  | 12469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13655 | Samsung Electronics Co. Ltd. (Information Technology) | 2.63 |  | 555924 |
| 50 | Samsung Fire & Marine Insurance Co. Ltd. (Financials) | 5.76 |  | 11851 |
|  |  |  |  | 692914 |
| TOTAL PREFERRED STOCKS<br>(Cost $3,432,469) | TOTAL PREFERRED STOCKS<br>(Cost $3,432,469) | TOTAL PREFERRED STOCKS<br>(Cost $3,432,469) |  | 3641046 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Exchange-Traded Fund – 0.4% | Exchange-Traded Fund – 0.4% | Exchange-Traded Fund – 0.4% |
| United States – 0.4% | United States – 0.4% | United States – 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83372 | iShares MSCI Malaysia ETF |  |
| **(Cost $1,812,912)** | **(Cost $1,812,912)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2073462 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Units** | **Description** | **Expiration Month** | **Value** |
| Rights – 0.0% | Rights – 0.0% | Rights – 0.0% | Rights – 0.0% |
| Italy\* – 0.0% | Italy\* – 0.0% | Italy\* – 0.0% | Italy\* – 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100152 | Telecom Italia SpA\* | 09/25 |  |
| 178965 | Telecom Italia SpA-RSP\* | 09/25 |  |
| **TOTAL RIGHTS<br>(Cost $0)** | **TOTAL RIGHTS<br>(Cost $0)** |  |  |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.2%<sup>(d)</sup> | Investment Company – 0.2%<sup>(d)</sup> | Investment Company – 0.2%<sup>(d)</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1173084 | 4.114% | 1173084 |
| **(Cost $1,173,084)** | **(Cost $1,173,084)** |  |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $317,487,504) | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $317,487,504) | 521084020 |
| Securities Lending Reinvestment Vehicle – 0.6%<sup>(d)</sup> | Securities Lending Reinvestment Vehicle – 0.6%<sup>(d)</sup> | Securities Lending Reinvestment Vehicle – 0.6%<sup>(d)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| 3257935 | 4.154% | 3257935 |
| (Cost $3,257,935) | (Cost $3,257,935) |  |
| **TOTAL INVESTMENTS – 100.5%**<br> **(Cost $320,745,439)** | **TOTAL INVESTMENTS – 100.5%**<br> **(Cost $320,745,439)** | $524341955 |
|  **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.5)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.5)%** | (2591470) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521750485 |

---

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) Exempt from registration under Rule 144A of the Securities Act of 1933.

&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;(d) Represents an affiliated issuer.

---

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

---

&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> TOTAL INTERNATIONAL EQUITY ETF

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

Schedule of Investments (continued) *August 31, 2025*

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

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

---

| | |
|:---|:---|
| **Sector Name** | **% of** <br> **Market <br>Value**  |
|  Financials | 24.3% |
|  Industrials | 15.3 |
|  Information Technology | 13.1 |
|  Consumer Discretionary | 10.4 |
|  Health Care | 7.7 |
|  Consumer Staples | 6.4 |
|  Materials | 6.2 |
|  Communication Services | 6.1 |
|  Energy | 4.5 |
|  Utilities | 2.9 |
|  Real Estate | 1.9 |
|  Exchange-Traded Fund | 0.4 |
|  Investment Company | 0.2 |
|  Securities Lending Reinvestment Vehicle | 0.6 |
|  **TOTAL INVESTMENTS** | 100.0% |

---

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS— At August 31, 2025, 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:** |  |  |  |  |
|  MSCI EAFE E-Mini Index | 3 | 09/19/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408165 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12217 |
|  MSCI Emerging Markets Index | 2 | 09/19/25 | 126490 | 1986 |
|  **Total Futures Contracts** |  |  |  | $14203 |

---

&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;

Schedule of Investments *August 31, 2025*

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

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

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – 99.7% | Common Stocks – 99.7% | Common Stocks – 99.7% |
| Communication Services – 9.9% | Communication Services – 9.9% | Communication Services – 9.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196642 | Alphabet, Inc., Class A | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41867048 |
| 171936 | Alphabet, Inc., Class C | 36713494 |
| 6467 | AST SpaceMobile, Inc.\* | 316495 |
| 243462 | AT&T, Inc. | 7131002 |
| 3059 | Charter Communications, Inc., Class A\* | 812409 |
| 126399 | Comcast Corp., Class A | 4293774 |
| 4132 | EchoStar Corp., Class A\* | 255316 |
| 7648 | Electronic Arts, Inc. | 1315074 |
| 7176 | Fox Corp., Class A | 428407 |
| 4377 | Fox Corp., Class B | 238766 |
| 7833 | Frontier Communications Parent, Inc.\* | 290448 |
| 112 | GCI Liberty, Inc., Class A\* | 4181 |
| 768 | GCI Liberty, Inc., Class C\* | 28139 |
| 12566 | Interpublic Group of Cos., Inc. (The) | 337271 |
| 560 | Liberty Broadband Corp., Class A\* | 33975 |
| 3839 | Liberty Broadband Corp., Class C\* | 233642 |
| 780 | Liberty Media Corp.-Liberty Formula One, Class A\* | 70294 |
| 7155 | Liberty Media Corp.-Liberty Formula One, Class C\* | 714784 |
| 656 | Liberty Media Corp.-Liberty Live, Class A\* | 62071 |
| 1533 | Liberty Media Corp.-Liberty Live, Class C\* | 149283 |
| 5363 | Live Nation Entertainment, Inc.\* | 892886 |
| 7671 | Match Group, Inc. | 286435 |
| 73152 | Meta Platforms, Inc., Class A | 54037382 |
| 14059 | Netflix, Inc.\* | 16986787 |
| 5101 | New York Times Co. (The), Class A | 305244 |
| 12769 | News Corp., Class A | 375536 |
| 3455 | News Corp., Class B | 117021 |
| 960 | Nexstar Media Group, Inc. | 196349 |
| 6544 | Omnicom Group, Inc. | 512591 |
| 20104 | Paramount Skydance Corp., Class B\* | 295529 |
| 20022 | Pinterest, Inc., Class A\* | 733406 |
| 3820 | Reddit, Inc., Class A\* | 859806 |
| 19180 | ROBLOX Corp., Class A\* | 2389636 |
| 4373 | Roku, Inc.\* | 422257 |
| 6501 | Sirius XM Holdings, Inc. | 153684 |
| 35527 | Snap, Inc., Class A\* | 253663 |
| 5214 | Spotify Technology SA\* | 3555322 |
| 5591 | Take-Two Interactive Software, Inc.\* | 1304213 |
| 2426 | TKO Group Holdings, Inc. | 459873 |
| 16095 | T-Mobile US, Inc. | 4055779 |
| 15029 | Trade Desk, Inc. (The), Class A\* | 821485 |
| 5491 | Trump Media & Technology Group Corp.\* | 96257 |
| 142826 | Verizon Communications, Inc. | 6317194 |
| 60848 | Walt Disney Co. (The) | 7203186 |
| 76751 | Warner Bros Discovery, Inc.\* | 893382 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Communication Services – (continued) | Communication Services – (continued) | Communication Services – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4595 | Warner Music Group Corp., |  |
|  | Class A | $153243 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198974019 |
| Consumer Discretionary – 10.9% | Consumer Discretionary – 10.9% |  |
| 1576 | Abercrombie & Fitch Co., Class A\* | 147403 |
| 19902 | ADT, Inc. | 173346 |
| 14082 | Airbnb, Inc., Class A\* | 1838123 |
| 320707 | Amazon.com, Inc.\* | 73441903 |
| 4857 | Amer Sports, Inc. (Finland)\* | 190977 |
| 7336 | Aptiv PLC (Jersey)\* | 583432 |
| 8408 | Aramark | 328837 |
| 662 | Asbury Automotive Group, Inc.\* | 166519 |
| 2306 | Autoliv, Inc. (Sweden) | 286105 |
| 931 | AutoNation, Inc.\* | 203963 |
| 570 | AutoZone, Inc.\* | 2393162 |
| 6757 | Bath & Body Works, Inc. | 197372 |
| 6373 | Best Buy Co., Inc. | 469308 |
| 853 | Birkenstock Holding PLC (Germany)\* | 44467 |
| 1093 | Booking Holdings, Inc. | 6119762 |
| 7387 | BorgWarner, Inc. | 315868 |
| 1928 | Boyd Gaming Corp. | 165538 |
| 1921 | Bright Horizons Family Solutions, Inc.\* | 226755 |
| 1486 | Brinker International, Inc.\* | 231786 |
| 2131 | Burlington Stores, Inc.\* | 619439 |
| 6730 | Caesars Entertainment, Inc.\* | 180162 |
| 4992 | CarMax, Inc.\* | 306259 |
| 35300 | Carnival Corp.\* | 1125717 |
| 4177 | Carvana Co.\* | 1553510 |
| 3363 | Cava Group, Inc.\* | 227171 |
| 6522 | Chewy, Inc., Class A\* | 267141 |
| 45301 | Chipotle Mexican Grill, Inc.\* | 1908984 |
| 928 | Choice Hotels International,<br>Inc.<sup>(a)</sup> | 110970 |
| 2288 | Churchill Downs, Inc. | 237334 |
| 38184 | Coupang, Inc. (South Korea)\* | 1091299 |
| 1853 | Crocs, Inc.\* | 161582 |
| 9185 | D.R. Horton, Inc. | 1556674 |
| 3947 | Darden Restaurants, Inc. | 816792 |
| 5107 | Deckers Outdoor Corp.\* | 610950 |
| 1850 | Dick's Sporting Goods, Inc. | 393680 |
| 260 | Dillard's, Inc., Class A | 138549 |
| 1153 | Domino's Pizza, Inc. | 528420 |
| 11344 | DoorDash, Inc., Class A\* | 2782116 |
| 16194 | DraftKings, Inc., Class A\* | 776988 |
| 1317 | Duolingo, Inc.\* | 392282 |
| 3875 | Dutch Bros, Inc., Class A\* | 278341 |
| 15563 | eBay, Inc. | 1410163 |
| 3496 | Etsy, Inc.\* | 185323 |
| 4092 | Expedia Group, Inc. | 878962 |
| 1836 | Five Below, Inc.\* | 266404 |
| 3591 | Floor & Decor Holdings, Inc., Class A\* | 294175 |
| 5979 | Flutter Entertainment PLC (United Kingdom)\* | 1836569 |
| 131977 | Ford Motor Co. | 1553369 |

---

&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) *August 31, 2025*

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

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

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Consumer Discretionary – (continued) | Consumer Discretionary – (continued) | Consumer Discretionary – (continued) |
| 13870 | GameStop Corp., Class A\* | $310827 |
| 6790 | Gap, Inc. (The) | 149448 |
| 5190 | Garmin Ltd. | 1255046 |
| 32479 | General Motors Co. | 1902945 |
| 7585 | Gentex Corp. | 212456 |
| 4599 | Genuine Parts Co. | 640779 |
| 4477 | H&R Block, Inc. | 225417 |
| 4379 | Hasbro, Inc. | 355443 |
| 7892 | Hilton Worldwide Holdings, Inc. | 2178666 |
| 33647 | Home Depot, Inc. (The) | 13686590 |
| 1370 | Hyatt Hotels Corp., Class A | 197664 |
| 780 | Installed Building Products, Inc. | 204220 |
| 11326 | Las Vegas Sands Corp. | 652717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1801 | Lear Corp. | 198110 |
| 7568 | Lennar Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007604 |
| 280 | Lennar Corp., Class B | 35610 |
| 3317 | Levi Strauss & Co., Class A | 74201 |
| 3781 | Life Time Group Holdings, Inc.\* | 105566 |
| 2303 | Light & Wonder, Inc.\* | 212958 |
| 873 | Lithia Motors, Inc. | 293922 |
| 8285 | LKQ Corp. | 270257 |
| 18960 | Lowe's Cos., Inc. | 4892818 |
| 40522 | Lucid Group, Inc.\*<sup>(a)</sup> | 80234 |
| 3539 | Lululemon Athletica, Inc.\* | 715586 |
| 8073 | Marriott International, Inc., Class A | 2162434 |
| 10747 | Mattel, Inc.\* | 196670 |
| 24164 | McDonald's Corp. | 7576381 |
| 1592 | MercadoLibre, Inc. (Brazil)\* | 3936873 |
| 2380 | Meritage Homes Corp. | 184902 |
| 6729 | MGM Resorts International\* | 267074 |
| 3275 | Mobileye Global, Inc., Class A (Israel)\* | 45883 |
| 1672 | Modine Manufacturing Co.\* | 227609 |
| 1753 | Mohawk Industries, Inc.\* | 232606 |
| 609 | Murphy USA, Inc. | 229288 |
| 39323 | NIKE, Inc., Class B | 3042420 |
| 15039 | Norwegian Cruise Line Holdings Ltd.\* | 373569 |
| 93 | NVR, Inc.\* | 754941 |
| 2070 | Ollie's Bargain Outlet Holdings, Inc.\* | 262559 |
| 28872 | O'Reilly Automotive, Inc.\* | 2993449 |
| 608 | Penske Automotive Group, Inc. | 112121 |
| 2831 | Planet Fitness, Inc., Class A\* | 296689 |
| 1264 | Pool Corp. | 392737 |
| 6717 | PulteGroup, Inc. | 886778 |
| 1268 | Ralph Lauren Corp. | 376507 |
| 515 | RH\* | 116220 |
| 26023 | Rivian Automotive, Inc., Class A\* | 353132 |
| 10865 | Ross Stores, Inc. | 1598893 |
| 8494 | Royal Caribbean Cruises Ltd. | 3085191 |
| 4593 | Service Corp. International | 363995 |
| 1685 | SharkNinja, Inc.\* | 197078 |
| 1237 | Signet Jewelers Ltd. | 108918 |
| 4385 | Skechers USA, Inc., Class A\* | 276606 |
| 6860 | Somnigroup International, Inc. | 575897 |
| 37698 | Starbucks Corp. | 3324587 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **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) |
| 7028 | Tapestry, Inc. | $| 715591 |
| 3281 | Taylor Morrison Home Corp.\* |  | 221041 |
| 94788 | Tesla, Inc.\* |  | 31646870 |
| 2234 | Texas Roadhouse, Inc. |  | 385477 |
| 1716 | Thor Industries, Inc. |  | 188074 |
| 37731 | TJX Cos., Inc. (The) |  | 5154432 |
| 3342 | Toll Brothers, Inc. |  | 464538 |
| 964 | TopBuild Corp.\* |  | 405613 |
| 17907 | Tractor Supply Co. |  | 1105936 |
| 1515 | Ulta Beauty, Inc.\* |  | 746486 |
| 1218 | Vail Resorts, Inc. |  | 199508 |
| 4282 | Valvoline, Inc.\* |  | 166056 |
| 12465 | VF Corp. |  | 188595 |
| 4307 | Viking Holdings Ltd.\* |  | 274011 |
| 3279 | Wayfair, Inc., Class A\* |  | 244613 |
| 1827 | Whirlpool Corp.<sup>(a)</sup> |  | 170185 |
| 4011 | Williams-Sonoma, Inc. |  | 754830 |
| 938 | Wingstop, Inc. |  | 307777 |
| 2535 | Wyndham Hotels & Resorts, Inc. |  | 219556 |
| 2840 | Wynn Resorts Ltd. |  | 359970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12227 | Yum China Holdings, Inc. (China) |  | 546791 |
| 9402 | Yum! Brands, Inc. |  | 1381812 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220272804 |
| Consumer Staples – 5.0% | Consumer Staples – 5.0% | Consumer Staples – 5.0% | Consumer Staples – 5.0% |
| 13695 | Albertsons Cos., Inc., Class A |  | 266505 |
| 56972 | Altria Group, Inc. |  | 3829088 |
| 16146 | Archer-Daniels-Midland Co. |  | 1011385 |
| 4268 | BellRing Brands, Inc.\* |  | 175201 |
| 4432 | BJ's Wholesale Club Holdings, Inc.\* |  | 432918 |
| 1654 | Brown-Forman Corp., Class A |  | 50199 |
| 10094 | Brown-Forman Corp., Class B |  | 302214 |
| 4510 | Bunge Global SA |  | 379832 |
| 1253 | Casey's General Stores, Inc. |  | 619634 |
| 6306 | Celsius Holdings, Inc.\* |  | 396521 |
| 8323 | Church & Dwight Co., Inc. |  | 775371 |
| 4167 | Clorox Co. (The) |  | 492539 |
| 130949 | Coca-Cola Co. (The) |  | 9034171 |
| 1749 | Coca-Cola Consolidated, Inc. |  | 205053 |
| 27412 | Colgate-Palmolive Co. |  | 2304527 |
| 16082 | Conagra Brands, Inc. |  | 307649 |
| 5260 | Constellation Brands, Inc., Class A |  | 851804 |
| 14979 | Costco Wholesale Corp. |  | 14129990 |
| 12152 | Coty, Inc., Class A\* |  | 52011 |
| 5293 | Darling Ingredients, Inc.\* |  | 179750 |
| 7399 | Dollar General Corp. |  | 804715 |
| 6654 | Dollar Tree, Inc.\* |  | 726417 |
| 7399 | Estee Lauder Cos., Inc. (The), Class A |  | 678710 |
| 18314 | General Mills, Inc. |  | 903430 |
| 4997 | Hershey Co. (The) |  | 918199 |
| 9840 | Hormel Foods Corp. |  | 250330 |
| 2171 | Ingredion, Inc. |  | 281231 |
| 3505 | J M Smucker Co. (The) |  | 387338 |
| 9322 | Kellanova |  | 741099 |
| 64907 | Kenvue, Inc. |  | 1344224 |

---

&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;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **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) |
| 43508 | Keurig Dr Pepper, Inc. | $| 1265648 |
| 11195 | Kimberly-Clark Corp. |  | 1445722 |
| 29038 | Kraft Heinz Co. (The) |  | 812193 |
| 20515 | Kroger Co. (The) |  | 1391738 |
| 4800 | Lamb Weston Holdings, Inc. |  | 276144 |
| 5812 | Maplebear, Inc.\* |  | 252066 |
| 657 | Marzetti Company (The) |  | 119968 |
| 8564 | McCormick & Co., Inc. |  | 602649 |
| 5557 | Molson Coors Beverage Co., Class B |  | 280573 |
| 43797 | Mondelez International, Inc., Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2690888 |
| 23441 | Monster Beverage Corp.\* |  | 1462953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46398 | PepsiCo, Inc. |  | 6897063 |
| 5205 | Performance Food Group Co.\* |  | 527787 |
| 52621 | Philip Morris International, Inc. |  | 8794548 |
| 1391 | Pilgrim's Pride Corp. |  | 61830 |
| 1674 | Post Holdings, Inc.\* |  | 189413 |
| 8575 | Primo Brands Corp., Class A |  | 215318 |
| 79290 | Procter & Gamble Co. (The) |  | 12451702 |
| 1837 | Reynolds Consumer Products, Inc. |  | 42637 |
| 3286 | Sprouts Farmers Market, Inc.\* |  | 461814 |
| 16390 | Sysco Corp. |  | 1318903 |
| 15352 | Target Corp. |  | 1473485 |
| 6464 | The Campbell's Company |  | 206395 |
| 9532 | Tyson Foods, Inc., Class A |  | 541227 |
| 7480 | US Foods Holding Corp.\* |  | 580448 |
| 146756 | Walmart, Inc. |  | 14232397 |
|  |  |  | 101427564 |
| Energy – 3.1% | Energy – 3.1% | Energy – 3.1% | Energy – 3.1% |
| 11436 | Antero Midstream Corp. |  | 203446 |
| 9811 | Antero Resources Corp.\* |  | 313167 |
| 11709 | APA Corp. |  | 271883 |
| 33502 | Baker Hughes Co. |  | 1520991 |
| 7404 | Cheniere Energy, Inc. |  | 1790435 |
| 64709 | Chevron Corp. |  | 10392265 |
| 1939 | Chord Energy Corp. |  | 213077 |
| 42684 | ConocoPhillips |  | 4224435 |
| 25471 | Coterra Energy, Inc. |  | 622511 |
| 20334 | Devon Energy Corp. |  | 734057 |
| 6377 | Diamondback Energy, Inc. |  | 948643 |
| 3432 | DT Midstream, Inc. |  | 357546 |
| 18452 | EOG Resources, Inc. |  | 2303179 |
| 20133 | EQT Corp. |  | 1043695 |
| 7200 | Expand Energy Corp. |  | 696816 |
| 145760 | Exxon Mobil Corp. |  | 16658910 |
| 29000 | Halliburton Co. |  | 659170 |
| 3905 | Hess Midstream LP, Class A |  | 160886 |
| 5200 | HF Sinclair Corp. |  | 264576 |
| 65749 | Kinder Morgan, Inc. |  | 1773908 |
| 1310 | Kinetik Holdings, Inc. |  | 54797 |
| 6105 | Magnolia Oil & Gas Corp., Class A |  | 151892 |
| 10384 | Marathon Petroleum Corp. |  | 1866109 |
| 3982 | Matador Resources Co. |  | 200534 |
| 4380 | Noble Corp. PLC |  | 126232 |
| 12634 | NOV, Inc. |  | 167906 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Energy – (continued) | Energy – (continued) | Energy – (continued) | Energy – (continued) |
| 26065 | Occidental Petroleum Corp. | $| 1240955 |
| 21095 | ONEOK, Inc. |  | 1611236 |
| 8753 | Ovintiv, Inc. |  | 368676 |
| 19171 | Permian Resources Corp. |  | 273954 |
| 13770 | Phillips 66 |  | 1839397 |
| 7979 | Range Resources Corp. |  | 273440 |
| 50674 | Schlumberger NV |  | 1866830 |
| 1605 | Scorpio Tankers, Inc. (Monaco) |  | 80892 |
| 7236 | Targa Resources Corp. |  | 1213911 |
| 14094 | TechnipFMC PLC (United Kingdom) |  | 518095 |
| 637 | Texas Pacific Land Corp. |  | 594627 |
| 10554 | Valero Energy Corp. |  | 1604314 |
| 14969 | Venture Global, Inc., Class A |  | 194597 |
| 4426 | Viper Energy, Inc., Class A |  | 176354 |
| 2403 | Weatherford International PLC |  | 153083 |
| 41248 | Williams Cos., Inc. (The) |  | 2387434 |
|  |  |  | 62118861 |
| Financials – 13.6% | Financials – 13.6% | Financials – 13.6% | Financials – 13.6% |
| 940 | Affiliated Managers Group, Inc. |  | 211331 |
| 8174 | Affirm Holdings, Inc.\* |  | 723072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16513 | Aflac, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1764579 |
| 34411 | AGNC Investment Corp. REIT |  | 335851 |
| 8919 | Allstate Corp. (The) |  | 1814571 |
| 9332 | Ally Financial, Inc. |  | 383079 |
| 18646 | American Express Co. |  | 6177047 |
| 2410 | American Financial Group, Inc. |  | 327423 |
| 19460 | American International Group, Inc. |  | 1582487 |
| 3218 | Ameriprise Financial, Inc. |  | 1656659 |
| 20454 | Annaly Capital Management, Inc. REIT |  | 433420 |
| 6587 | Aon PLC, Class A |  | 2417429 |
| 13792 | Apollo Global Management, Inc. |  | 1878884 |
| 12152 | Arch Capital Group Ltd. |  | 1112273 |
| 7013 | Ares Management Corp., Class A |  | 1256730 |
| 8580 | Arthur J Gallagher & Co. |  | 2597595 |
| 1711 | Assurant, Inc. |  | 368909 |
| 2563 | Axis Capital Holdings Ltd. |  | 252661 |
| 220955 | Bank of America Corp. |  | 11211257 |
| 24210 | Bank of New York Mellon Corp. (The) |  | 2556576 |
| 3595 | Bank OZK |  | 188630 |
| 45284 | Berkshire Hathaway, Inc., Class B\* |  | 22776946 |
| 5202 | Blackrock, Inc. |  | 5863382 |
| 24549 | Blackstone, Inc. |  | 4207699 |
| 18684 | Block, Inc.\* |  | 1487994 |
| 19556 | Blue Owl Capital, Inc. |  | 362177 |
| 772 | BOK Financial Corp. |  | 86008 |
| 9682 | Brown & Brown, Inc. |  | 938670 |
| 21502 | Capital One Financial Corp. |  | 4885684 |
| 7643 | Carlyle Group, Inc. (The) |  | 493432 |
| 3524 | Cboe Global Markets, Inc. |  | 831488 |
| 57976 | Charles Schwab Corp. (The) |  | 5556420 |
| 12602 | Chubb Ltd. |  | 3466432 |
| 5200 | Cincinnati Financial Corp. |  | 798720 |
| 61343 | Citigroup, Inc. |  | 5923893 |

---

&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> U.S. 1000 EQUITY ETF

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

Schedule of Investments (continued) *August 31, 2025*

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

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

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financials – (continued) | Financials – (continued) | Financials – (continued) |
| 14722 | Citizens Financial Group, Inc. | $769666 |
| 12149 | CME Group, Inc. | 3237830 |
| 742 | CNA Financial Corp. | 36766 |
| 6927 | Coinbase Global, Inc., Class A\* | 2109549 |
| 4435 | Comerica, Inc. | 313022 |
| 4113 | Commerce Bancshares, Inc. | 254759 |
| 12520 | Corebridge Financial, Inc. | 435320 |
| 2315 | Corpay, Inc.\* | 753926 |
| 187 | Credit Acceptance Corp.\* | 96254 |
| 1990 | Cullen/Frost Bankers, Inc. | 256770 |
| 4622 | East West Bancorp, Inc. | 485957 |
| 10237 | Equitable Holdings, Inc. | 545223 |
| 847 | Erie Indemnity Co., Class A | 300160 |
| 3347 | Essent Group Ltd. | 209991 |
| 1372 | Euronet Worldwide, Inc.\* | 127857 |
| 1213 | Evercore, Inc., Class A | 390040 |
| 1423 | Everest Group Ltd. | 486495 |
| 1279 | FactSet Research Systems, Inc. | 477476 |
| 8842 | Fidelity National Financial, Inc. | 529371 |
| 17786 | Fidelity National Information Services, Inc. | 1241641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22542 | Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031747 |
| 3358 | First American Financial Corp. | 221628 |
| 325 | First Citizens BancShares, Inc., Class A | 644771 |
| 4042 | First Financial Bankshares, Inc. | 150241 |
| 17026 | First Horizon Corp. | 384788 |
| 18761 | Fiserv, Inc.\* | 2592395 |
| 10653 | Franklin Resources, Inc. | 273356 |
| 592 | Freedom Holding Corp. (Kazakhstan)\*<sup>(a)</sup> | 101185 |
| 3824 | Glacier Bancorp, Inc. | 187950 |
| 8187 | Global Payments, Inc. | 727169 |
| 2779 | Globe Life, Inc. | 388921 |
| 10330 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | 7698433 |
| 1284 | Hamilton Lane, Inc., Class A | 198173 |
| 1206 | Hanover Insurance Group, Inc. (The) | 209217 |
| 9619 | Hartford Insurance Group, Inc. (The) | 1272690 |
| 1820 | Houlihan Lokey, Inc. | 362635 |
| 49079 | Huntington Bancshares, Inc. | 874097 |
| 14005 | Interactive Brokers Group, Inc., Class A | 871671 |
| 19222 | Intercontinental Exchange, Inc. | 3394605 |
| 11036 | Invesco Ltd. | 241578 |
| 2452 | Jack Henry & Associates, Inc. | 400313 |
| 2387 | Jackson Financial, Inc., Class A | 235836 |
| 4264 | Janus Henderson Group PLC | 188980 |
| 5461 | Jefferies Financial Group, Inc. | 354146 |
| 93748 | JPMorgan Chase & Co. | 28257522 |
| 31502 | KeyCorp | 609879 |
| 746 | Kinsale Capital Group, Inc. | 341258 |
| 23007 | KKR & Co., Inc. | 3209246 |
| 3110 | Lazard, Inc. | 177768 |
| 5712 | Lincoln National Corp. | 245216 |
| 5849 | Loews Corp. | 566183 |
| 2696 | LPL Financial Holdings, Inc. | 982638 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financials – (continued) | Financials – (continued) | Financials – (continued) |
| 5414 | M&T Bank Corp. | $1091787 |
| 424 | Markel Group, Inc.\* | 830641 |
| 1246 | MarketAxess Holdings, Inc. | 229065 |
| 16649 | Marsh & McLennan Cos., Inc. | 3426531 |
| 27272 | Mastercard, Inc., Class A | 16234749 |
| 19007 | MetLife, Inc. | 1546409 |
| 5262 | Moody's Corp. | 2682357 |
| 41523 | Morgan Stanley | 6248381 |
| 838 | Morningstar, Inc. | 219908 |
| 2100 | Mr Cooper Group, Inc.\* | 395913 |
| 2535 | MSCI, Inc. | 1439170 |
| 13912 | Nasdaq, Inc. | 1318023 |
| 6562 | Northern Trust Corp. | 861459 |
| 10978 | Old National Bancorp | 251286 |
| 7754 | Old Republic International Corp. | 309927 |
| 4013 | OneMain Holdings, Inc. | 248244 |
| 32875 | PayPal Holdings, Inc.\* | 2307496 |
| 2578 | Pinnacle Financial Partners, Inc. | 250633 |
| 13349 | PNC Financial Services Group, Inc. (The) | 2769117 |
| 2268 | Popular, Inc. (Puerto Rico) | 284951 |
| 1114 | Primerica, Inc. | 300045 |
| 7576 | Principal Financial Group, Inc. | 609944 |
| 19785 | Progressive Corp. (The) | 4888082 |
| 3094 | Prosperity Bancshares, Inc. | 213888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11964 | Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311972 |
| 6164 | Raymond James Financial, Inc. | 1044428 |
| 30372 | Regions Financial Corp. | 831889 |
| 2228 | Reinsurance Group of America, Inc. | 433992 |
| 1629 | RenaissanceRe Holdings Ltd. (Bermuda) | 395831 |
| 17876 | Rithm Capital Corp. REIT | 221305 |
| 2816 | RLI Corp. | 190728 |
| 24889 | Robinhood Markets, Inc., Class A\* | 2589203 |
| 7758 | Rocket Cos., Inc., Class A<sup>(a)</sup> | 137860 |
| 3577 | Ryan Specialty Holdings, Inc. | 202208 |
| 10373 | S&P Global, Inc. | 5688968 |
| 3195 | SEI Investments Co. | 282055 |
| 2026 | Selective Insurance Group, Inc. | 158494 |
| 2250 | Shift4 Payments, Inc., Class A\* | 203467 |
| 6378 | SLM Corp. | 199504 |
| 34931 | SoFi Technologies, Inc.\* | 892138 |
| 3295 | SouthState Corp. | 336288 |
| 10823 | Starwood Property Trust, Inc. REIT | 219382 |
| 9617 | State Street Corp. | 1105666 |
| 2239 | StepStone Group, Inc., Class A | 138952 |
| 3350 | Stifel Financial Corp. | 386221 |
| 12855 | Synchrony Financial | 981351 |
| 4681 | Synovus Financial Corp. | 241586 |
| 7324 | T. Rowe Price Group, Inc. | 788209 |
| 15298 | Toast, Inc., Class A\* | 689940 |
| 4499 | TPG, Inc. | 271515 |
| 3939 | Tradeweb Markets, Inc., Class A | 485915 |
| 7643 | Travelers Cos., Inc. (The) | 2075151 |
| 44211 | Truist Financial Corp. | 2069959 |
| 2436 | UMB Financial Corp. | 296948 |

---

&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> 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;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financials – (continued) | Financials – (continued) | Financials – (continued) | Financials – (continued) |
| 4681 | United Bankshares, Inc. | $| 179470 |
| 5366 | Unum Group |  | 374869 |
| 2823 | Upstart Holdings, Inc.\* |  | 206869 |
| 50874 | US Bancorp |  | 2484177 |
| 6043 | UWM Holdings Corp. |  | 34445 |
| 57892 | Visa, Inc., Class A |  | 20365248 |
| 3254 | Voya Financial, Inc. |  | 244343 |
| 10130 | W R Berkley Corp. |  | 726220 |
| 5751 | Webster Financial Corp. |  | 357827 |
| 110072 | Wells Fargo & Co. |  | 9045717 |
| 3681 | Western Alliance Bancorp |  | 329634 |
| 1070 | WEX, Inc.\* |  | 183345 |
| 3355 | Willis Towers Watson PLC |  | 1096380 |
| 2207 | Wintrust Financial Corp. |  | 302999 |
| 4884 | Zions Bancorp NA |  | 283321 |
|  |  |  | 277427711 |
| Health Care – 9.2% | Health Care – 9.2% | Health Care – 9.2% | Health Care – 9.2% |
| 58597 | Abbott Laboratories |  | 7773478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59748 | AbbVie, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12570979 |
| 9596 | Agilent Technologies, Inc. |  | 1205833 |
| 2296 | Align Technology, Inc.\* |  | 325940 |
| 4392 | Alnylam Pharmaceuticals, Inc.\* |  | 1961072 |
| 18124 | Amgen, Inc. |  | 5214456 |
| 22258 | Avantor, Inc.\* |  | 299815 |
| 1377 | Bausch + Lomb Corp.\* |  | 20146 |
| 17320 | Baxter International, Inc. |  | 427631 |
| 9691 | Becton Dickinson & Co. |  | 1870169 |
| 4928 | Biogen, Inc.\* |  | 651580 |
| 6406 | BioMarin Pharmaceutical, Inc.\* |  | 373278 |
| 641 | Bio-Rad Laboratories, Inc., Class A\* |  | 190941 |
| 5253 | Bio-Techne Corp. |  | 286971 |
| 2 | Blueprint Medicines Corp.\*<sup>(c)</sup> |  | 1 |
| 49949 | Boston Scientific Corp.\* |  | 5269620 |
| 4085 | Bridgebio Pharma, Inc.\* |  | 211440 |
| 68836 | Bristol-Myers Squibb Co. |  | 3247683 |
| 3497 | Bruker Corp. |  | 118828 |
| 8075 | Cardinal Health, Inc. |  | 1201399 |
| 5871 | Cencora, Inc. |  | 1712042 |
| 16961 | Centene Corp.\* |  | 492547 |
| 1648 | Charles River Laboratories International, Inc.\* |  | 269135 |
| 488 | Chemed Corp. |  | 223480 |
| 8874 | Cigna Group (The) |  | 2669920 |
| 6715 | Cooper Cos., Inc. (The)\* |  | 452557 |
| 3156 | Corcept Therapeutics, Inc.\* |  | 220036 |
| 928 | CorVel Corp.\* |  | 82638 |
| 42789 | CVS Health Corp. |  | 3130015 |
| 3928 | Cytokinetics, Inc.\* |  | 138776 |
| 21557 | Danaher Corp. |  | 4436862 |
| 1349 | DaVita, Inc.\* |  | 185838 |
| 13234 | Dexcom, Inc.\* |  | 997050 |
| 4352 | Doximity, Inc., Class A\* |  | 295675 |
| 19531 | Edwards Lifesciences Corp.\* |  | 1588652 |
| 16709 | Elanco Animal Health, Inc.\* |  | 306610 |
| 7627 | Elevance Health, Inc. |  | 2430344 |
| 28687 | Eli Lilly & Co. |  | 21015522 |
| 3365 | Encompass Health Corp. |  | 409722 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care – (continued) | Health Care – (continued) | Health Care – (continued) |
| 1875 | Ensign Group, Inc. (The) | $322088 |
| 6328 | Exact Sciences Corp.\* | 300074 |
| 8121 | Exelixis, Inc.\* | 303888 |
| 15491 | GE HealthCare Technologies, Inc. | 1142151 |
| 42046 | Gilead Sciences, Inc. | 4749937 |
| 1874 | Glaukos Corp.\* | 179567 |
| 3795 | Globus Medical, Inc., Class A\* | 232520 |
| 4128 | Halozyme Therapeutics, Inc.\* | 301963 |
| 5741 | HCA Healthcare, Inc. | 2319134 |
| 2872 | HealthEquity, Inc.\* | 256556 |
| 3703 | Henry Schein, Inc.\* | 257655 |
| 6270 | Hims & Hers Health, Inc.\* | 265535 |
| 7485 | Hologic, Inc.\* | 502393 |
| 4078 | Humana, Inc. | 1238326 |
| 2697 | IDEXX Laboratories, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1745202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5358 | Illumina, Inc.\* | 535586 |
| 5494 | Incyte Corp.\* | 464847 |
| 6345 | Insmed, Inc.\* | 863555 |
| 983 | Inspire Medical Systems, Inc.\* | 92097 |
| 2364 | Insulet Corp.\* | 803476 |
| 12069 | Intuitive Surgical, Inc.\* | 5712197 |
| 5350 | Ionis Pharmaceuticals, Inc.\* | 228097 |
| 5807 | IQVIA Holdings, Inc.\* | 1108034 |
| 1991 | Jazz Pharmaceuticals PLC\* | 254350 |
| 81419 | Johnson & Johnson | 14425004 |
| 2824 | Labcorp Holdings, Inc. | 785044 |
| 2311 | Lantheus Holdings, Inc.\* | 126874 |
| 536 | Madrigal Pharmaceuticals, Inc.\* | 234688 |
| 1547 | Masimo Corp.\* | 216131 |
| 4223 | McKesson Corp. | 2899681 |
| 773 | Medpace Holdings, Inc.\* | 367569 |
| 43393 | Medtronic PLC | 4027304 |
| 84952 | Merck & Co., Inc. | 7146162 |
| 693 | Mettler-Toledo International, Inc.\* | 901621 |
| 11377 | Moderna, Inc.\* | 274072 |
| 1830 | Molina Healthcare, Inc.\* | 330919 |
| 4381 | Natera, Inc.\* | 737103 |
| 3314 | Neurocrine Biosciences, Inc.\* | 462634 |
| 1411 | Nuvalent, Inc., Class A\* | 108054 |
| 5506 | Option Care Health, Inc.\* | 157912 |
| 1243 | Penumbra, Inc.\* | 338892 |
| 192421 | Pfizer, Inc. | 4764344 |
| 7331 | QIAGEN NV | 340892 |
| 3757 | Quest Diagnostics, Inc. | 682421 |
| 3462 | Regeneron Pharmaceuticals, Inc. | 2010383 |
| 1773 | Repligen Corp.\* | 216873 |
| 4904 | ResMed, Inc. | 1346197 |
| 5956 | REVOLUTION Medicines, Inc.\* | 226149 |
| 3980 | Revvity, Inc. | 358638 |
| 12215 | Roivant Sciences Ltd.\* | 145725 |
| 12973 | Royalty Pharma PLC, Class A | 466769 |
| 4677 | Solventum Corp.\* | 341842 |
| 3320 | STERIS PLC | 813599 |
| 11640 | Stryker Corp. | 4556012 |
| 3674 | Summit Therapeutics, Inc.\*<sup>(a)</sup> | 87074 |
| 1493 | Teleflex, Inc. | 188730 |
| 3339 | Tempus AI, Inc.\* | 253296 |

---

&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> U.S. 1000 EQUITY ETF

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

Schedule of Investments (continued) *August 31, 2025*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **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) |
| 3096 | Tenet Healthcare Corp.\* | $| 570686 |
| 12753 | Thermo Fisher Scientific, Inc. |  | 6283658 |
| 1401 | United Therapeutics Corp.\* |  | 426969 |
| 30651 | UnitedHealth Group, Inc. |  | 9497825 |
| 1885 | Universal Health Services, Inc., Class B |  | 342278 |
| 4278 | Vaxcyte, Inc.\* |  | 131720 |
| 5053 | Veeva Systems, Inc., Class A\* |  | 1360268 |
| 8683 | Vertex Pharmaceuticals, Inc.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3395227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39628 | Viatris, Inc. |  | 418075 |
| 2004 | Waters Corp.\* |  | 604807 |
| 2784 | Waystar Holding Corp.\* |  | 105458 |
| 2434 | West Pharmaceutical Services, Inc. |  | 601076 |
| 6690 | Zimmer Biomet Holdings, Inc. |  | 709809 |
| 15062 | Zoetis, Inc. |  | 2355697 |
|  |  |  | 185600070 |
| Industrials – 9.3% | Industrials – 9.3% | Industrials – 9.3% | Industrials – 9.3% |
| 18166 | 3M Co. |  | 2825358 |
| 3904 | A O Smith Corp. |  | 278316 |
| 2105 | AAON, Inc. |  | 174610 |
| 1035 | Acuity, Inc. |  | 337896 |
| 2252 | Advanced Drainage Systems, Inc. |  | 324220 |
| 4460 | AECOM |  | 557009 |
| 1070 | AeroVironment, Inc.\* |  | 258245 |
| 2108 | AGCO Corp. |  | 228065 |
| 3517 | Air Lease Corp. |  | 211759 |
| 4136 | Alaska Air Group, Inc.\* |  | 259658 |
| 2906 | Allegion PLC |  | 493439 |
| 2837 | Allison Transmission Holdings, Inc. |  | 247698 |
| 4883 | Amentum Holdings, Inc.\* |  | 121831 |
| 22162 | American Airlines Group, Inc.\* |  | 296306 |
| 7785 | AMETEK, Inc. |  | 1438668 |
| 10329 | API Group Corp.\* |  | 368539 |
| 1272 | Applied Industrial Technologies, Inc. |  | 335274 |
| 1455 | Armstrong World Industries, Inc. |  | 284845 |
| 4732 | ATI, Inc.\* |  | 366919 |
| 13720 | Automatic Data Processing, Inc. |  | 4171566 |
| 2479 | Axon Enterprise, Inc.\* |  | 1852532 |
| 24416 | Boeing Co. (The)\* |  | 5729947 |
| 4130 | Booz Allen Hamilton Holding Corp. |  | 449014 |
| 3945 | Broadridge Financial Solutions, Inc. |  | 1008421 |
| 3665 | Builders FirstSource, Inc.\* |  | 508262 |
| 3083 | BWX Technologies, Inc. |  | 499569 |
| 3977 | C.H. Robinson Worldwide, Inc. |  | 511840 |
| 751 | CACI International, Inc., Class A\* |  | 360270 |
| 1453 | Carlisle Cos., Inc. |  | 560698 |
| 27002 | Carrier Global Corp. |  | 1760530 |
| 2100 | Casella Waste Systems, Inc., Class A\* |  | 206976 |
| 15894 | Caterpillar, Inc. |  | 6660222 |
| 1539 | Chart Industries, Inc.\* |  | 306815 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Industrials – (continued) | Industrials – (continued) | Industrials – (continued) |
| 11612 | Cintas Corp. | $2438868 |
| 1691 | Clean Harbors, Inc.\* | 409577 |
| 29762 | CNH Industrial NV | 340775 |
| 1178 | Comfort Systems USA, Inc. | 828582 |
| 29025 | Copart, Inc.\* | 1416710 |
| 3471 | Core & Main, Inc., Class A\* | 224643 |
| 1651 | Crane Co. | 305930 |
| 63442 | CSX Corp. | 2062499 |
| 4650 | Cummins, Inc. | 1852746 |
| 1269 | Curtiss-Wright Corp. | 606772 |
| 5174 | Dayforce, Inc.\* | 360990 |
| 8369 | Deere & Co. | 4005738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22029 | Delta Air Lines, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360952 |
| 3925 | Donaldson Co., Inc. | 312705 |
| 4627 | Dover Corp. | 827585 |
| 946 | Dycom Industries, Inc.\* | 238837 |
| 13172 | Eaton Corp. PLC | 4598872 |
| 1496 | EMCOR Group, Inc. | 927520 |
| 18979 | Emerson Electric Co. | 2505228 |
| 4169 | Equifax, Inc. | 1026825 |
| 1922 | Esab Corp. | 221741 |
| 5277 | ExlService Holdings, Inc.\* | 231027 |
| 4603 | Expeditors International of Washington, Inc. | 554846 |
| 1694 | Exponent, Inc. | 120918 |
| 38770 | Fastenal Co. | 1925318 |
| 1991 | Federal Signal Corp. | 244873 |
| 7446 | FedEx Corp. | 1720547 |
| 6304 | Ferguson Enterprises, Inc. | 1457170 |
| 4408 | Flowserve Corp. | 236533 |
| 5510 | Fluor Corp.\* | 226020 |
| 11455 | Fortive Corp. | 548236 |
| 4052 | Fortune Brands Innovations, Inc. | 237123 |
| 3431 | FTAI Aviation Ltd. | 527859 |
| 1142 | FTI Consulting, Inc.\* | 192587 |
| 1162 | GATX Corp. | 195576 |
| 9208 | GE Vernova, Inc. | 5644228 |
| 1967 | Generac Holdings, Inc.\* | 364387 |
| 7471 | General Dynamics Corp. | 2424862 |
| 35977 | General Electric Co. | 9900870 |
| 5382 | Genpact Ltd. | 244020 |
| 5604 | Graco, Inc. | 478526 |
| 3795 | GXO Logistics, Inc.\* | 199807 |
| 1396 | HEICO Corp. | 435580 |
| 2565 | HEICO Corp., Class A | 628451 |
| 2703 | Hexcel Corp. | 170694 |
| 21759 | Honeywell International, Inc. | 4776101 |
| 13518 | Howmet Aerospace, Inc. | 2353484 |
| 1803 | Hubbell, Inc. | 777075 |
| 1301 | Huntington Ingalls Industries, Inc. | 352298 |
| 2553 | IDEX Corp. | 419969 |
| 9849 | Illinois Tool Works, Inc. | 2606538 |
| 13635 | Ingersoll Rand, Inc. | 1083028 |
| 2651 | ITT, Inc. | 451333 |
| 2659 | J.B. Hunt Transport Services, Inc. | 385528 |
| 4021 | Jacobs Solutions, Inc. | 587991 |
| 14632 | Joby Aviation, Inc.\* | 207043 |

---

&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> 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;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Industrials – (continued) | Industrials – (continued) | Industrials – (continued) |
| 22115 | Johnson Controls International PLC | $2363872 |
| 4351 | KBR, Inc. | 219551 |
| 1885 | Kirby Corp.\* | 183222 |
| 5346 | Knight-Swift Transportation Holdings, Inc. | 234689 |
| 5506 | Kratos Defense & Security Solutions, Inc.\* | 362515 |
| 6331 | L3Harris Technologies, Inc. | 1757612 |
| 1172 | Landstar System, Inc. | 155091 |
| 4337 | Leidos Holdings, Inc. | 784650 |
| 1069 | Lennox International, Inc. | 596352 |
| 1769 | Leonardo DRS, Inc. | 73697 |
| 1856 | Lincoln Electric Holdings, Inc. | 450321 |
| 751 | Loar Holdings, Inc.\* | 53066 |
| 7926 | Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3611323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12749 | Lyft, Inc., Class A\* | 206789 |
| 7057 | Masco Corp. | 517913 |
| 2133 | MasTec, Inc.\* | 387545 |
| 1886 | Maximus, Inc. | 165817 |
| 1789 | Middleby Corp. (The)\* | 244825 |
| 937 | Moog, Inc., Class A | 183511 |
| 1248 | MSA Safety, Inc. | 212909 |
| 1454 | MSC Industrial Direct Co., Inc., Class A | 131194 |
| 3530 | Mueller Industries, Inc. | 338668 |
| 4531 | NEXTracker, Inc., Class A\* | 304755 |
| 1803 | Nordson Corp. | 405837 |
| 7618 | Norfolk Southern Corp. | 2132888 |
| 4860 | Northrop Grumman Corp. | 2867594 |
| 4132 | NuScale Power Corp.\*<sup>(a)</sup> | 143174 |
| 5536 | nVent Electric PLC | 500399 |
| 6272 | Old Dominion Freight Line, Inc. | 946884 |
| 2173 | Oshkosh Corp. | 302851 |
| 13377 | Otis Worldwide Corp. | 1155505 |
| 2861 | Owens Corning | 429636 |
| 17529 | PACCAR, Inc. | 1752549 |
| 4302 | Parker-Hannifin Corp. | 3266724 |
| 1570 | Parsons Corp.\* | 125757 |
| 10881 | Paychex, Inc. | 1517410 |
| 1735 | Paycom Software, Inc. | 394105 |
| 1456 | Paylocity Holding Corp.\* | 260959 |
| 5550 | Pentair PLC | 596792 |
| 4958 | Quanta Services, Inc. | 1873926 |
| 20748 | QXO, Inc.\* | 417657 |
| 1049 | RBC Bearings, Inc.\* | 409068 |
| 2236 | Regal Rexnord Corp. | 333902 |
| 6892 | Republic Services, Inc. | 1612521 |
| 3377 | Robert Half, Inc. | 126030 |
| 13885 | Rocket Lab Corp.\* | 674811 |
| 3810 | Rockwell Automation, Inc. | 1308468 |
| 10066 | Rollins, Inc. | 569132 |
| 45178 | RTX Corp. | 7165231 |
| 1372 | Ryder System, Inc. | 257277 |
| 900 | Saia, Inc.\* | 266814 |
| 1577 | Science Applications International Corp. | 185613 |
| 1407 | Simpson Manufacturing Co., Inc. | 268906 |
| 1495 | SiteOne Landscape Supply, Inc.\* | 214144 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Industrials – (continued) | Industrials – (continued) | Industrials – (continued) | Industrials – (continued) |
| 1741 | Snap-on, Inc. | $| 566243 |
| 17310 | Southwest Airlines Co. |  | 569499 |
| 1517 | SPX Technologies, Inc.\* |  | 283846 |
| 7281 | SS&C Technologies Holdings, Inc. |  | 645533 |
| 4938 | StandardAero, Inc.\* |  | 130808 |
| 5181 | Stanley Black & Decker, Inc. |  | 384897 |
| 992 | Sterling Infrastructure, Inc.\* |  | 276302 |
| 1462 | Symbotic, Inc.\*<sup>(a)</sup> |  | 69343 |
| 8873 | Tetra Tech, Inc. |  | 323155 |
| 6120 | Textron, Inc. |  | 490579 |
| 2127 | Timken Co. (The) |  | 164268 |
| 3329 | Toro Co. (The) |  | 269849 |
| 7538 | Trane Technologies PLC |  | 3132793 |
| 1860 | TransDigm Group, Inc. |  | 2601917 |
| 6591 | TransUnion |  | 582644 |
| 3612 | Trex Co., Inc.\* |  | 222608 |
| 68259 | Uber Technologies, Inc.\* |  | 6399281 |
| 1980 | UFP Industries, Inc. |  | 199921 |
| 288 | U-Haul Holding Co.\*<sup>(a)</sup> |  | 16574 |
| 3402 | U-Haul Holding Co. |  | 177721 |
| 2090 | UL Solutions, Inc., Class A |  | 132025 |
| 20193 | Union Pacific Corp. |  | 4514549 |
| 11006 | United Airlines Holdings, Inc.\* |  | 1155630 |
| 24826 | United Parcel Service, Inc., Class B |  | 2170785 |
| 2192 | United Rentals, Inc. |  | 2096297 |
| 665 | Valmont Industries, Inc. |  | 244135 |
| 8062 | Veralto Corp. |  | 856104 |
| 4708 | Verisk Analytics, Inc. |  | 1262309 |
| 11699 | Vertiv Holdings Co., Class A |  | 1492207 |
| 1471 | W.W. Grainger, Inc. |  | 1490859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13588 | Waste Management, Inc. |  | 3076187 |
| 1173 | Watsco, Inc. |  | 471992 |
| 920 | Watts Water Technologies, Inc., Class A |  | 254748 |
| 1499 | WESCO International, Inc. |  | 329540 |
| 5740 | Westinghouse Air Brake Technologies Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110690 |
| 5983 | WillScot Holdings Corp. |  | 145028 |
| 1998 | Woodward, Inc. |  | 493146 |
| 3915 | XPO, Inc.\* |  | 507776 |
| 8183 | Xylem, Inc. |  | 1158385 |
|  |  |  | 190272482 |
| Information Technology – 32.0% | Information Technology – 32.0% | Information Technology – 32.0% | Information Technology – 32.0% |
| 23015 | Accenture PLC, Class A (Ireland) |  | 5983210 |
| 14337 | Adobe, Inc.\* |  | 5114008 |
| 54487 | Advanced Micro Devices, Inc.\* |  | 8861221 |
| 4857 | Akamai Technologies, Inc.\* |  | 384334 |
| 4194 | Allegro MicroSystems, Inc. (Japan)\* |  | 129385 |
| 3692 | Amdocs Ltd. |  | 315924 |
| 3851 | Amkor Technology, Inc. |  | 93156 |
| 40319 | Amphenol Corp., Class A |  | 4389126 |
| 16731 | Analog Devices, Inc. |  | 4204668 |
| 749 | Appfolio, Inc., Class A\* |  | 207758 |
| 491981 | Apple, Inc. |  | 114208469 |
| 27090 | Applied Materials, Inc. |  | 4354988 |

---

&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> U.S. 1000 EQUITY ETF

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

Schedule of Investments (continued) *August 31, 2025*

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

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

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) |
| 8586 | AppLovin Corp., Class A\* | $4109174 |
| 34889 | Arista Networks, Inc.\* | 4764093 |
| 1747 | Arrow Electronics, Inc.\* | 220699 |
| 4341 | Astera Labs, Inc.\* | 790930 |
| 5579 | Atlassian Corp., Class A\* | 991835 |
| 34915 | Aurora Innovation, Inc.\* | 196571 |
| 7232 | Autodesk, Inc.\* | 2275910 |
| 992 | Badger Meter, Inc. | 181457 |
| 5482 | Bentley Systems, Inc., Class B | 305073 |
| 3304 | BILL Holdings, Inc.\* | 153372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155958 | Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46380350 |
| 9208 | Cadence Design Systems, Inc.\* | 3226759 |
| 16912 | CCC Intelligent Solutions Holdings, Inc.\* | 167429 |
| 4450 | CDW Corp. | 733182 |
| 4746 | Ciena Corp.\* | 445982 |
| 3642 | Circle Internet Group, Inc.\*<sup>(a)</sup> | 480671 |
| 1726 | Cirrus Logic, Inc.\* | 197092 |
| 134013 | Cisco Systems, Inc. | 9258958 |
| 8266 | Clearwater Analytics Holdings, Inc., Class A\* | 170858 |
| 10337 | Cloudflare, Inc., Class A\* | 2157435 |
| 5670 | Cognex Corp. | 249140 |
| 16665 | Cognizant Technology Solutions Corp., Class A | 1204046 |
| 4282 | Coherent Corp.\* | 387393 |
| 1494 | Commvault Systems, Inc.\* | 278848 |
| 9098 | Confluent, Inc., Class A\* | 180686 |
| 6259 | CoreWeave, Inc., Class A\* | 644927 |
| 26201 | Corning, Inc. | 1756253 |
| 4886 | Credo Technology Group Holding Ltd.\* | 601247 |
| 8266 | Crowdstrike Holdings, Inc., Class A\* | 3502304 |
| 10473 | Datadog, Inc., Class A\* | 1431450 |
| 10109 | Dell Technologies, Inc., Class C | 1234814 |
| 6760 | Docusign, Inc.\* | 518222 |
| 2065 | Dolby Laboratories, Inc., Class A | 148019 |
| 6861 | Dropbox, Inc., Class A\* | 199381 |
| 9947 | Dynatrace, Inc.\* | 503318 |
| 2970 | Elastic NV\* | 252628 |
| 4294 | Enphase Energy, Inc.\* | 161884 |
| 5100 | Entegris, Inc. | 427074 |
| 1858 | EPAM Systems, Inc.\* | 327677 |
| 1934 | F5, Inc.\* | 605613 |
| 1207 | Fabrinet (Thailand)\* | 399867 |
| 806 | Fair Isaac Corp.\* | 1226442 |
| 3439 | First Solar, Inc.\* | 671258 |
| 12527 | Flex Ltd.\* | 671698 |
| 20793 | Fortinet, Inc.\* | 1637865 |
| 2524 | Gartner, Inc.\* | 634004 |
| 18473 | Gen Digital, Inc. | 557885 |
| 4443 | Gitlab, Inc., Class A\* | 213353 |
| 2594 | GLOBALFOUNDRIES, Inc.\* | 86614 |
| 1458 | Globant SA\* | 98065 |
| 4606 | GoDaddy, Inc., Class A\* | 683116 |
| 2677 | Guidewire Software, Inc.\* | 580963 |
| 44292 | Hewlett Packard Enterprise Co. | 999670 |
| 31731 | HP, Inc. | 905603 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) |
| 1708 | HubSpot, Inc.\* | $825254 |
| 3761 | Informatica, Inc., Class A\* | 93762 |
| 928 | Insight Enterprises, Inc.\* | 120788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147556 | Intel Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3592989 |
| 31366 | International Business Machines Corp. | 7637307 |
| 9181 | Intuit, Inc. | 6123727 |
| 8594 | IonQ, Inc.\* | 367308 |
| 3555 | Jabil, Inc. | 728171 |
| 5805 | Keysight Technologies, Inc.\* | 948711 |
| 4471 | KLA Corp. | 3898712 |
| 3022 | Klaviyo, Inc., Class A\* | 98034 |
| 7801 | Kyndryl Holdings, Inc.\* | 247994 |
| 43195 | Lam Research Corp. | 4325979 |
| 4602 | Lattice Semiconductor Corp.\* | 305481 |
| 820 | Littelfuse, Inc. | 213061 |
| 2107 | MACOM Technology Solutions Holdings, Inc.\* | 270012 |
| 2037 | Manhattan Associates, Inc.\* | 438851 |
| 29064 | Marvell Technology, Inc. | 1827108 |
| 17887 | Microchip Technology, Inc. | 1162655 |
| 37782 | Micron Technology, Inc. | 4496436 |
| 248155 | Microsoft Corp. | 125737657 |
| 2103 | MKS, Inc. | 217324 |
| 2686 | MongoDB, Inc.\* | 847728 |
| 1561 | Monolithic Power Systems, Inc. | 1304621 |
| 5631 | Motorola Solutions, Inc. | 2660422 |
| 6759 | NetApp, Inc. | 762348 |
| 1213 | Novanta, Inc.\* | 141205 |
| 8457 | Nutanix, Inc., Class A\* | 568395 |
| 793026 | NVIDIA Corp. | 138129269 |
| 5630 | Okta, Inc.\* | 522295 |
| 14092 | ON Semiconductor Corp.\* | 698822 |
| 1644 | Onto Innovation, Inc.\* | 174264 |
| 55545 | Oracle Corp. | 12560391 |
| 71035 | Palantir Technologies, Inc., Class A\* | 11131895 |
| 22339 | Palo Alto Networks, Inc.\* | 4256026 |
| 2742 | Pegasystems, Inc. | 148644 |
| 2863 | Procore Technologies, Inc.\* | 199007 |
| 4013 | PTC, Inc.\* | 856775 |
| 10448 | Pure Storage, Inc., Class A\* | 810869 |
| 3129 | Qorvo, Inc.\* | 283800 |
| 37117 | QUALCOMM, Inc. | 5965815 |
| 1226 | Qualys, Inc.\* | 166503 |
| 3612 | Rambus, Inc.\* | 266457 |
| 3629 | Roper Technologies, Inc. | 1909979 |
| 3429 | Rubrik, Inc., Class A\* | 306553 |
| 2350 | SailPoint, Inc.\* | 48504 |
| 31402 | Salesforce, Inc. | 8046762 |
| 9609 | Samsara, Inc., Class A\* | 347269 |
| 3925 | Sandisk Corp.\* | 205945 |
| 6688 | Seagate Technology Holdings PLC | 1119571 |
| 10433 | SentinelOne, Inc., Class A\* | 196766 |
| 6992 | ServiceNow, Inc.\* | 6414880 |
| 1369 | ServiceTitan, Inc., Class A\* | 146798 |
| 5067 | Skyworks Solutions, Inc. | 379721 |
| 10721 | Snowflake, Inc.\* | 2558674 |

---

&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> 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;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **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) |
| 1278 | SPS Commerce, Inc.\* | $| 140963 |
| 8830 | Strategy, Inc., Class A\* |  | 2952840 |
| 17233 | Super Micro Computer, Inc.\* |  | 715859 |
| 6240 | Synopsys, Inc.\* |  | 3765965 |
| 2459 | TD SYNNEX Corp. |  | 364104 |
| 10021 | TE Connectivity PLC (Switzerland) |  | 2069336 |
| 1568 | Teledyne Technologies, Inc.\* |  | 843851 |
| 4074 | Tenable Holdings, Inc.\* |  | 125968 |
| 5426 | Teradyne, Inc. |  | 641570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30615 | Texas Instruments, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6198925 |
| 8053 | Trimble, Inc.\* |  | 650843 |
| 4875 | Twilio, Inc., Class A\* |  | 514849 |
| 1448 | Tyler Technologies, Inc.\* |  | 815050 |
| 141 | Ubiquiti, Inc. |  | 74466 |
| 13715 | UiPath, Inc., Class A\* |  | 152511 |
| 10589 | Unity Software, Inc.\* |  | 417312 |
| 1487 | Universal Display Corp. |  | 206083 |
| 2734 | VeriSign, Inc. |  | 747394 |
| 2176 | Vertex, Inc., Class A\* |  | 56184 |
| 4988 | Vontier Corp. |  | 214035 |
| 11776 | Western Digital Corp. |  | 946084 |
| 7273 | Workday, Inc., Class A\* |  | 1678754 |
| 1711 | Zebra Technologies Corp., Class A\* |  | 542541 |
| 8880 | Zoom Communications, Inc., Class A\* |  | 723010 |
| 3215 | Zscaler, Inc.\* |  | 890716 |
|  |  |  | 643698911 |
| Materials – 2.2% | Materials – 2.2% | Materials – 2.2% | Materials – 2.2% |
| 7417 | Air Products and Chemicals, Inc. |  | 2181414 |
| 3968 | Albemarle Corp. |  | 336963 |
| 8695 | Alcoa Corp. |  | 279892 |
| 77717 | Amcor PLC |  | 670698 |
| 16951 | Anglogold Ashanti PLC (United Kingdom) |  | 960444 |
| 2213 | AptarGroup, Inc. |  | 308204 |
| 2629 | Avery Dennison Corp. |  | 451268 |
| 7379 | Axalta Coating Systems Ltd.\* |  | 230668 |
| 9307 | Ball Corp. |  | 489920 |
| 1661 | Carpenter Technology Corp. |  | 400102 |
| 3402 | Celanese Corp. |  | 162037 |
| 5445 | CF Industries Holdings, Inc. |  | 471700 |
| 16120 | Cleveland-Cliffs, Inc.\* |  | 173290 |
| 3754 | Commercial Metals Co. |  | 216493 |
| 23071 | Corteva, Inc. |  | 1711637 |
| 22876 | CRH PLC |  | 2583844 |
| 3906 | Crown Holdings, Inc. |  | 388178 |
| 23905 | Dow, Inc. |  | 588780 |
| 14142 | DuPont de Nemours, Inc. |  | 1087803 |
| 1091 | Eagle Materials, Inc. |  | 251912 |
| 3881 | Eastman Chemical Co. |  | 272990 |
| 8506 | Ecolab, Inc. |  | 2356502 |
| 7571 | Element Solutions, Inc. |  | 194726 |
| 4190 | FMC Corp. |  | 163829 |
| 48408 | Freeport-McMoRan, Inc. |  | 2149315 |
| 10084 | Graphic Packaging Holding Co. |  | 224571 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Materials – (continued) | Materials – (continued) | Materials – (continued) | Materials – (continued) |
| 8641 | International Flavors & |  |  |
|  | Fragrances, Inc. | $| 583354 |
| 17613 | International Paper Co. |  | 875014 |
| 15904 | Linde PLC |  | 7606724 |
| 2126 | Louisiana-Pacific Corp. |  | 202204 |
| 8558 | LyondellBasell Industries NV, Class A |  | 482243 |
| 2031 | Martin Marietta Materials, Inc. |  | 1251908 |
| 10667 | Mosaic Co. (The) |  | 356278 |
| 258 | NewMarket Corp. |  | 213356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37664 | Newmont Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2802202 |
| 7784 | Nucor Corp. |  | 1157714 |
| 3004 | Packaging Corp. of America |  | 654752 |
| 7670 | PPG Industries, Inc. |  | 853134 |
| 1767 | Reliance, Inc. |  | 522431 |
| 2219 | Royal Gold, Inc. |  | 398488 |
| 4283 | RPM International, Inc. |  | 536703 |
| 4922 | Sealed Air Corp. |  | 159817 |
| 7831 | Sherwin-Williams Co. (The) |  | 2864815 |
| 2706 | Silgan Holdings, Inc. |  | 126966 |
| 17296 | Smurfit WestRock PLC |  | 819139 |
| 3322 | Sonoco Products Co. |  | 156964 |
| 3031 | Southern Copper Corp. (Mexico) |  | 291249 |
| 4712 | Steel Dynamics, Inc. |  | 616895 |
| 4453 | Vulcan Materials Co. |  | 1296535 |
| 1108 | Westlake Corp. |  | 97305 |
|  |  |  | 44233370 |
| Real Estate – 2.2% | Real Estate – 2.2% | Real Estate – 2.2% | Real Estate – 2.2% |
| 3664 | Agree Realty Corp. REIT |  | 266519 |
| 5269 | Alexandria Real Estate Equities, Inc. REIT |  | 434376 |
| 11554 | American Homes 4 Rent, Class A REIT |  | 413864 |
| 15828 | American Tower Corp. REIT |  | 3226538 |
| 9615 | Americold Realty Trust, Inc. REIT |  | 138841 |
| 4805 | AvalonBay Communities, Inc. REIT |  | 941059 |
| 10291 | Brixmor Property Group, Inc. REIT |  | 288045 |
| 4917 | BXP, Inc. REIT |  | 356532 |
| 3572 | Camden Property Trust REIT |  | 399993 |
| 10109 | CBRE Group, Inc., Class A\* |  | 1638871 |
| 14052 | CoStar Group, Inc.\* |  | 1257513 |
| 14671 | Crown Castle, Inc. REIT |  | 1454483 |
| 7666 | CubeSmart REIT |  | 313693 |
| 11393 | Digital Realty Trust, Inc. REIT |  | 1909923 |
| 1761 | EastGroup Properties, Inc. REIT |  | 298595 |
| 3301 | Equinix, Inc. REIT |  | 2595213 |
| 6188 | Equity LifeStyle Properties, Inc. REIT |  | 373075 |
| 11587 | Equity Residential REIT |  | 766132 |
| 2163 | Essex Property Trust, Inc. REIT |  | 584464 |
| 7102 | Extra Space Storage, Inc. REIT |  | 1019705 |
| 2633 | Federal Realty Investment Trust REIT |  | 264748 |
| 4443 | First Industrial Realty Trust, Inc. REIT |  | 233702 |

---

&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. | **63** |

---

------

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

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

Schedule of Investments (continued) *August 31, 2025*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **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) |
| 8913 | Gaming and Leisure Properties, Inc. REIT | $| 427913 |
| 11825 | Healthcare Realty Trust, Inc. REIT |  | 205519 |
| 23425 | Healthpeak Properties, Inc. REIT |  | 420245 |
| 23190 | Host Hotels & Resorts, Inc. REIT |  | 399100 |
| 19375 | Invitation Homes, Inc. REIT |  | 606244 |
| 9899 | Iron Mountain, Inc. REIT |  | 913975 |
| 1597 | Jones Lang LaSalle, Inc.\* |  | 487995 |
| 3978 | Kilroy Realty Corp. REIT |  | 165445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22324 | Kimco Realty Corp. REIT |  | 502067 |
| 2952 | Lamar Advertising Co., Class A REIT |  | 375642 |
| 2385 | Lineage, Inc. REIT |  | 99955 |
| 3938 | Mid-America Apartment Communities, Inc. REIT |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574239 |
| 3997 | Millrose Properties, Inc. REIT |  | 141134 |
| 2382 | National Storage Affiliates Trust REIT |  | 76772 |
| 6345 | NNN REIT, Inc. REIT |  | 272264 |
| 9776 | Omega Healthcare Investors, Inc. REIT |  | 416164 |
| 31325 | Prologis, Inc. REIT |  | 3564159 |
| 5336 | Public Storage REIT |  | 1571932 |
| 4788 | Rayonier, Inc. REIT |  | 125829 |
| 30548 | Realty Income Corp. REIT |  | 1795000 |
| 5506 | Regency Centers Corp. REIT |  | 399185 |
| 8007 | Rexford Industrial Realty, Inc. REIT |  | 331570 |
| 2069 | Ryman Hospitality Properties, Inc. REIT |  | 204397 |
| 3592 | SBA Communications Corp. REIT |  | 735821 |
| 10933 | Simon Property Group, Inc. REIT |  | 1975156 |
| 6306 | STAG Industrial, Inc. REIT |  | 232376 |
| 4277 | Sun Communities, Inc. REIT |  | 542623 |
| 10345 | UDR, Inc. REIT |  | 409352 |
| 15218 | Ventas, Inc. REIT |  | 1036041 |
| 35683 | VICI Properties, Inc. REIT |  | 1205372 |
| 5346 | Vornado Realty Trust REIT |  | 203308 |
| 7372 | W.P. Carey, Inc. REIT |  | 494661 |
| 22130 | Welltower, Inc. REIT |  | 3724036 |
| 24513 | Weyerhaeuser Co. REIT |  | 634151 |
| 1686 | Zillow Group, Inc., Class A\* |  | 137375 |
| 5847 | Zillow Group, Inc., Class C\* |  | 492961 |
|  |  |  | 45075862 |
| Utilities – 2.3% | Utilities – 2.3% | Utilities – 2.3% | Utilities – 2.3% |
| 24019 | AES Corp. (The) |  | 325217 |
| 8681 | Alliant Energy Corp. |  | 564873 |
| 9111 | Ameren Corp. |  | 909096 |
| 18081 | American Electric Power Co., Inc. |  | 2007353 |
| 6587 | American Water Works Co., Inc. |  | 945300 |
| 5357 | Atmos Energy Corp. |  | 889958 |
| 4903 | Brookfield Renewable Corp. (Canada) |  | 165231 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Utilities – (continued) | Utilities – (continued) | Utilities – (continued) | Utilities – (continued) |
| 22042 | CenterPoint Energy, Inc. | $| 831204 |
| 1104 | Clearway Energy, Inc., Class A |  | 31122 |
| 2799 | Clearway Energy, Inc., Class C |  | 83438 |
| 10072 | CMS Energy Corp. |  | 720853 |
| 12195 | Consolidated Edison, Inc. |  | 1197915 |
| 10591 | Constellation Energy Corp. |  | 3261816 |
| 28820 | Dominion Energy, Inc. |  | 1726318 |
| 6982 | DTE Energy Co. |  | 954090 |
| 26277 | Duke Energy Corp. |  | 3218670 |
| 13025 | Edison International |  | 731093 |
| 14538 | Entergy Corp. |  | 1280652 |
| 8727 | Essential Utilities, Inc. |  | 344804 |
| 7681 | Evergy, Inc. |  | 547348 |
| 12423 | Eversource Energy |  | 795942 |
| 34110 | Exelon Corp. |  | 1489925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18525 | FirstEnergy Corp. |  | 808060 |
| 1794 | IDACORP, Inc. |  | 224429 |
| 2945 | National Fuel Gas Co. |  | 255449 |
| 69631 | NextEra Energy, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5016914 |
| 15911 | NiSource, Inc. |  | 672558 |
| 6586 | NRG Energy, Inc. |  | 958658 |
| 6791 | OGE Energy Corp. |  | 303286 |
| 3934 | Oklo, Inc.\*<sup>(a)</sup> |  | 289700 |
| 74268 | PG&E Corp. |  | 1134815 |
| 4033 | Pinnacle West Capital Corp. |  | 360389 |
| 25016 | PPL Corp. |  | 912333 |
| 16864 | Public Service Enterprise Group, Inc. |  | 1388413 |
| 22067 | Sempra |  | 1821852 |
| 37112 | Southern Co. (The) |  | 3425438 |
| 1909 | Southwest Gas Holdings, Inc. |  | 152491 |
| 1541 | Talen Energy Corp.\* |  | 583916 |
| 7235 | UGI Corp. |  | 250620 |
| 11314 | Vistra Corp. |  | 2139591 |
| 10787 | WEC Energy Group, Inc. |  | 1148923 |
| 19508 | Xcel Energy, Inc. |  | 1412184 |
|  |  |  | 46282237 |
| TOTAL COMMON STOCKS<br>(Cost $521,969,535) | TOTAL COMMON STOCKS<br>(Cost $521,969,535) |  | 2015383891 |
| **Shares** | **Dividend Rate** | **Value** | **Value** |
| Investment Company – 0.2%<sup>(b)</sup> | Investment Company – 0.2%<sup>(b)</sup> | Investment Company – 0.2%<sup>(b)</sup> | Investment Company – 0.2%<sup>(b)</sup> |
| Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |  |
| 3367884 | 4.114% |  | 3367884 |
| **(Cost $3,367,884)** | **(Cost $3,367,884)** | **(Cost $3,367,884)** | **(Cost $3,367,884)** |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $525,337,419) | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $525,337,419) |  | 2018751775 |

---

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

---

| | |
|:---|:---|
| 64 | **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;

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

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695323 | 4.154% | $1695323 |
|  **(Cost $1,695,323)** | **(Cost $1,695,323)** |  |
|  **TOTAL INVESTMENTS – 100.0%<br>(Cost $527,032,742)** | **TOTAL INVESTMENTS – 100.0%<br>(Cost $527,032,742)** | $2020447098 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0%** | 323409 |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020770507 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

\* Non-income producing security.

(a) All or a portion of security is on loan. (b) Represents an affiliated issuer.

(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 August 31, 2025, 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 Russell 1000 Index | 11 | 09/19/25 | $1947990 | $58974 |

---

&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. | **65** |

---

------

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

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

Statements of Assets and Liabilities *August 31, 2025*

&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 $316,314,420 and $520,834,334, respectively)<sup>(a)</sup>  | $519910936 | $2007685458 |
|  Investments in affiliated issuers, at value (cost $1,173,084 and $4,503,085, respectively) | 1173084 | 11066317 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 3257935 | 1695323 |
|  Foreign Currency, at value (cost $303,513 and $–, respectively) | 305016 |  |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 946925 | 1930677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 545165 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts | 17835 | 150481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 5468 | 31007 |
|  Investments sold | 14 |  |
|  **Total assets** | 526162378 | 2022559263 |
| Liabilities: |  |  |
|  Variation margin on futures contracts | 3286 | 14585 |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned | 3257935 | 1695323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains taxes | 1114292 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 36263 | 78848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 117 |  |
|  **Total liabilities** | 4411893 | 1788756 |
| Net Assets: |  |  |
|  Paid-in capital | 330106846 | 536450925 |
|  Total distributable earnings | 191643639 | 1484319582 |
|  **NET ASSETS** | $521750485 | $2020770507 |
|  **SHARES ISSUED AND OUTSTANDING** |  |  |
|  Shares outstanding no par value (unlimited shares authorized): | 9985415 | 36107538 |
|  Net asset value per share: | $52.25 | $55.97 |

---

<sup>(a)</sup> Includes loaned securities having a market value of $2,887,751 and $1,624,895 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;

---

| | |
|:---|:---|
| 66 | **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 Fiscal Year Ended August 31, 2025*

&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 $1,704,204 and $2,672, respectively) | $12599872 | $23273606 |
|  Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer | 87047 | 74343 |
|  Dividends — affiliated issuers | 74730 | 253959 |
|  **Total Investment Income** | 12761649 | 23601908 |
| Expenses: |  |  |
|  Management fees | 835286 | 1871861 |
|  Trustee fees | 30178 | 38275 |
|  **Total expenses** | 865464 | 1910136 |
|  Less — expense reductions | (3097) | (4802) |
|  **Net expenses** | 862367 | 1905334 |
|  **NET INVESTMENT INCOME** | 11899282 | 21696574 |
| Realized and Unrealized gain (loss): |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (5538866) | (4666538) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers |  | 7374 |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — affiliated issuers |  | 325812 |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated issuers | 1121565 | 21744939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 5353 | (73) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 414230 | (162809) |
|  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 $210,202 and $–, respectively) | 62018305 | 240238091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers |  | 2176307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (2377) | 40323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 4978 |  |
|  **Net realized and unrealized gain** | 58023188 | 259703426 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $69922470 | $281400000 |

---

&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. | **67** |

---

------

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;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MarketBeta<sup>®</sup> Total International Equity ETF** | **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 Fiscal**<br> **Year Ended**<br> **August 31, 2025** | **For the Fiscal**<br> **Year Ended**<br> **August 31, 2024** | **For the Fiscal**<br> **Year Ended**<br> **August 31, 2025** | **For the Fiscal**<br> **Year Ended**<br> **August 31, 2024** |
| From operations: |  |  |  |  |
| Net investment income | $11899282 | $11136015 | $21696574 | $20739166 |
| Net realized gain (loss) | (3997718) | 4644122 | 17248705 | 19399591 |
| Net change in unrealized gain | 62020906 | 55329555 | 242454721 | 328043841 |
| **Net increase in net assets resulting from operations** | 69922470 | 71109692 | 281400000 | 368182598 |
| Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From distributable earnings | (14709315) | (10956194) | (21888499) | (20687634) |
| From share transactions: |  |  |  |  |
| Proceeds from sales of shares | 2027469 | 32522179 | 40047083 | 22903561 |
| Cost of shares redeemed | (2037215) | (30970329) | (26674512) | (22893168) |
| **Net increase (decrease) in net assets resulting from share transactions** | (9746) | 1551850 | 13372571 | 10393 |
|  **TOTAL INCREASE** | 55203409 | 61705348 | 272884072 | 347505357 |
| Net Assets: |  |  |  |  |
| Beginning of year | $466547076 | $404841728 | $1747886435 | $1400381078 |
| End of year | $521750485 | $466547076 | $2020770507 | $1747886435 |

---

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

---

| | |
|:---|:---|
| 68 | **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 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*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** |
|  | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Period**<br> **May 31, 2023<sup>\*</sup>**  |
|  | **2025** | **2024** | **to**<br> **August 31, 2023** |
| Per Share Operating Performance: |  |  |  |
|  Net asset value, beginning of period | $46.72 | $40.75 | $39.43 |
|  Net investment income<sup>(a)</sup>  | 1.19 | 1.11 | 0.20 |
|  Net realized and unrealized gain | 5.81 | 5.95 | 1.12 |
|  Total from investment operations | 7.00 | 7.06 | 1.32 |
|  Distributions to shareholders from net investment income | (1.47) | (1.09) |  |
|  Net asset value, end of period | $52.25 | $46.72 | $40.75 |
|  Market price, end of period | $52.77 | $46.91 | $41.25 |
|  **Total Return at Net Asset Value<sup>(b)</sup>**  | 15.36% | 17.63% | 3.35% |
|  Net assets, end of period (in 000's) | $&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% | 0.18% | 0.18%<sup>(c)</sup> |
|  Ratio of net investment income to average net assets | 2.53% | 2.59% | 1.95%<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(d)</sup>  | 5% | 4% | 48% |

---

<sup>\*</sup> 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. | **69** |

---

------

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

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

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

&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** |
|  | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Period**<br> **April 5, 2022<sup>\*</sup>**  |
|  | **2025** | **2024** | **2023** | **to**<br> **August 31, 2022** |
| Per Share Operating Performance: |  |  |  |  |
|  Net asset value, beginning of period | $48.77 | $39.08 | $34.49 | $39.49 |
|  Net investment income<sup>(a)</sup>  | 0.60 | 0.58 | 0.54 | 0.21 |
|  Net realized and unrealized gain (loss) | 7.21 | 9.69 | 4.69 | (5.09)<sup>(b)</sup> |
|  Total from investment operations | 7.81 | 10.27 | 5.23 | (4.88) |
|  Distributions to shareholders from net investment income | (0.61) | (0.58) | (0.55) | (0.12) |
|  Distributions to shareholders from net realized gains |  |  | (0.09) |  |
|  Total distributions | (0.61) | (0.58) | (0.64) | (0.12) |
|  Net asset value, end of period | $55.97 | $48.77 | $39.08 | $34.49 |
|  Market price, end of period | $55.95 | $48.73 | $39.09 | $34.54 |
|  **Total Return at Net Asset Value<sup>(c)</sup>**  | 16.14% | 26.50% | 15.44% | (12.36)% |
|  Net assets, end of period (in 000's) | $&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 | $1236018 |
|  Ratio of net expenses to average net assets | 0.10% | 0.11% | 0.11% | 0.11%<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 1.18% | 1.35% | 1.53% | 1.47%<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup>  | 2% | 2% | 7% | 25% |

---

<sup>\*</sup> 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;

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| | |
|:---|:---|
| 70 | **The accompanying notes are an integral part of these financial statements.** |

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

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

Notes to Financial Statements *August 31, 2025*

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

&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:

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| | |
|:---|:---|
| **Fund** | **Diversified/**<br> **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;

**71**

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

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

Notes to Financial Statements (continued) *August 31, 2025*

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

&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 Investment Adviser. The CODM monitors and 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

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds' policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

72.0 ------

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;

**73**

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

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

Notes to Financial Statements (continued) *August 31, 2025*

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

&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;&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 August 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| MarketBeta<sup>®</sup> Total International Equity ETF |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $5535932 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 232287674 | 2843275 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 168255868 | 1166309 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 73157016 | 194705 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania | 25453328 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 7222630 | 1720737 |  |
|  Exchange-Traded Fund | 2073462 |  |  |
|  Investment Company | 1173084 |  |  |
|  Securities Lending Reinvestment Vehicle | 3257935 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518416929 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5925026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Derivative Type** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(b)</sup>  | $14203 | $— | $— |

---

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

74.0 ------

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)

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| | | | |
|:---|:---|:---|:---|
| MarketBeta<sup>®</sup> U.S. 1000 Equity ETF |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $2314410 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 12553527 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 1996579080 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 3936873 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Company | 3367884 |  |  |
|  Securities Lending Reinvestment Vehicle | 1695323 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020447097 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(b)</sup>  | $58974 | $— | $— |

---

&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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount shown represents unrealized gain (loss) at fiscal year end.

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 August 31, 2025. 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| MarketBeta<sup>®</sup> Total International Equity ETF | MarketBeta<sup>®</sup> Total International Equity ETF |  |  |  |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14203 | Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 |  |  |  |
| **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 | $58974 | Variation margin on futures contracts | $— |

---

<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 August 31, 2025 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 fiscal year ended August 31, 2025. 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;

**75**

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

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

Notes to Financial Statements (continued) *August 31, 2025*

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

&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 DERIVATIVES (continued)

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| | | | |
|:---|:---|:---|:---|
| MarketBeta<sup>®</sup> Total International Equity ETF | MarketBeta<sup>®</sup> Total International Equity ETF |  |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414230 | $(2377) |
| MarketBeta<sup>®</sup> U.S. 1000 Equity ETF |  |  |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized**<br> **Gain (Loss)** |
|  Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts<br>| (162809) | 40323 |

---

For the fiscal year ended August 31, 2025, the relevant values for each derivative type was as follows:

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| | |
|:---|:---|
| **Fund** | **Average<br>Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Futures Contracts<sup>(a)</sup>** |
| MarketBeta<sup>®</sup> Total International Equity ETF | 18 |
| MarketBeta<sup>®</sup> U.S. 1000 Equity ETF | 10 |

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&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 fiscal year ended August 31, 2025.

&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 fiscal year ended August 31, 2025, 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 <br>Fee\*** |
| Goldman Sachs MarketBeta<sup>®</sup> Total International Equity ETF | 0.20% | 0.18% | 0.12% | 0.10% | 0.18% |

---

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

76.0 ------

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

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

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

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

&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)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Contractual Unitary Management Fee | Contractual Unitary Management Fee | Contractual Unitary Management Fee | Contractual Unitary Management Fee |  |
| **Fund** | **First<br>$300 million** | **Next<br>$700 milion** | **Next<br> $4 billion** | **Over<br>$5 billion** | **Effective Net <br>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% |

---

<sup>\*</sup> 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 fiscal year ended August 31, 2025, GSAM waived $3,097 and $4,802 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 fiscal year ended August 31, 2025, 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 fiscal year ended August 31, 2025.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 |  |  |  |  |  |  |
| **Underlying Fund** | **Beginning value<br>as of August<br>31, 2024** | **Purchases at Cost** | **Proceeds from<br>Sales** | **Realized Gain<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending value as of<br>August 31, 2025** | **Shares as of**<br> **August 31,** <br> **2025** | **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 |  |  |
|  | $1284250 | $19929078 | $(20040244) | $– | $– | $1173084 | 1173084 | $&nbsp;&nbsp;&nbsp;&nbsp;74730 | $– |
| 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 |  |  |  |  |  |  |
| **Underlying**<br> **Fund** | **Beginning value<br>as of August<br>31, 2024** | **Purchases at Cost** | **Proceeds from<br>Sales** | **Realized Gain<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending value as of**<br> **August 31, 2025** | **Shares as of<br>August 31,<br>2025** | **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 |  |  |
|  | 1747019 | 29966439 | (28345574) |  |  | 3367884 | 3367884 | 117401 |  |
|  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) |  |  |
|  | 5513251 | 127196 | (451507) | 333186 | 2176307 | 7698433 | 10330 | 136558 |  |
|  Total | $7260270 | $30093635 | $(28797081) | $333186 | $2176307 | $11066317 |  | $253959 | $– |

---

&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

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

**77**

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

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

Notes to Financial Statements (continued) *August 31, 2025*

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

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

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

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

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.

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 Fiscal Year**<br> **Ended August 31, 2025** | **For the Fiscal Year**<br> **Ended August 31, 2025** | **For the Fiscal Year**<br> **Ended August 31, 2024** | **For the Fiscal Year**<br> **Ended August 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund Share Activity** |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 40000 | $2027469 | 800000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32522179 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (40000) | (2037215) | (750000) | (30970329) |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET INCREASE (DECREASE) IN SHARES** |  | $(9746) | 50000 | $1551850 |
|  | **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 Fiscal Year**<br> **Ended August 31, 2025** | **For the Fiscal Year**<br> **Ended August 31, 2025** | **For the Fiscal Year**<br> **Ended August 31, 2024** | **For the Fiscal Year**<br> **Ended August 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund Share Activity** |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780000 | $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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530000 | $22903561 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (510000) | (26674512) | (530000) | (22893168) |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET INCREASE IN SHARES** | 270000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13372571 |  | $10393 |

---

&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 fiscal year ended August 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **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 | $22231959 | $22934691 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39245978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37747013 |

---

The purchases and sales from in-kind creation and redemption transactions for the fiscal year ended August 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **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 | $— | $2008377 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36878036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26401009 |

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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;

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

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

&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 Mellon ("BNYM"), to certain qualified borrowers. In accordance with the Funds' securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund ("Government Money Market Fund"), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds' master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction's bankruptcy or insolvency laws. The Funds' loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds' overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of August 31, 2025, are disclosed as "Payable upon return of securities loaned" on the Statements of Assets and Liabilities, where applicable.

Each of the Funds and BNYM received compensation relating to the lending of the Funds' securities. The amounts earned, if any, by the Funds for the fiscal year ended August 31, 2025, 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 fiscal year ended August 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Beginning value as<br>of August 31, 2024** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Ending value as <br>of August 31, 2025** |
|  MarketBeta<sup>®</sup> Total International Equity ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2375151 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79826294 | $(78943510) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3257935 |
|  MarketBeta<sup>®</sup> U.S. 1000 Equity ETF | 209945 | 16406464 | (14921086) | 1695323 |

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

**79**

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

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

Notes to Financial Statements (continued) *August 31, 2025*

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2025 were as follows:

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| | | |
|:---|:---|:---|
|  | **MarketBeta<sup>®</sup> Total<br>International Equity<br>ETF** | **MarketBeta<sup>®</sup> U.S. <br>1000 Equity ETF** |
|  Distributions paid from: |  |  |
|  Ordinary Income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14709315 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21888499 |

---

The tax character of distributions paid during the fiscal year ended August 31, 2024 were as follows:

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| | | |
|:---|:---|:---|
|  | **MarketBeta<sup>®</sup> Total<br>International Equity<br>ETF** | **MarketBeta<sup>®</sup> U.S.** <br> **1000 Equity ETF**  |
|  Distributions paid from: |  |  |
|  Ordinary Income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10956194 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20687634 |

---

As of August 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

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| | | |
|:---|:---|:---|
|  | **MarketBeta<sup>®</sup><br>Total International<br>Equity ETF** | **MarketBeta<sup>®</sup> U.S. <br>1000 Equity ETF** |
|  Undistributed Tax Exempt income — net | $3241558 | $3544535 |
|  Capital loss carryforwards: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | (4638333) | (2175948) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term |  | (1186609) |
|  Total capital loss carryforwards | (4638333) | (3362557) |
|  Timing differences — (Qualified Late Year Ordinary Loss Deferral/Post-October Capital Loss Deferral) | (5505503) | (5107653) |
|  Unrealized gains (losses) — net | 198545917 | 1489245257 |
|  Total accumulated earnings (losses) — net | $191643639 | $1484319582 |

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As of August 31, 2025, 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 | $324727253 | $531260815 |
|  Gross unrealized gain | 211635713 | 1505538351 |
|  Gross unrealized loss | (13089796) | (16293094) |
|  Net unrealized gain (loss) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198545917 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489245257 |

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80.0 ------

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. TAX INFORMATION (continued)

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.

In order to present certain components of the Funds' capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds' accounts. These reclassifications have no impact on the net asset value of the Funds' and result primarily from redemption in-kind transactions.

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| | | |
|:---|:---|:---|
| **Fund** | **Paid in**<br> **Capital** | **Total**<br> **Distributable**<br> **Earnings** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;1117060 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1117060) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs MarketBeta<sup>®</sup> U.S. 1000 Equity ETF | 22066441 | (22066441) |

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&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 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), confiscations of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in share registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange

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

**81**

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

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

Notes to Financial Statements (continued) *August 31, 2025*

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. OTHER RISKS (continued)

rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

Geographic Risk 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.

Large Shareholder Transactions Risk — Certain shareholders, including other funds advised by the Investment Adviser, may from time to time own a substantial amount of the Fund's Shares. In addition, a third party investor, the Investment Adviser or an affiliate of the Investment Adviser, an authorized participant, a lead market maker, or another entity (i.e., a seed investor) may invest in the Fund and hold its investment solely to facilitate commencement of the Fund or to facilitate the Fund's achieving a specified size or scale. Any such investment may be held for a limited period of time. There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund, including on the Fund's liquidity. In addition, transactions by large shareholders may account for a large percentage of the trading volume on NYSE Arca and may, therefore, have a material upward or downward effect on the market price of the Shares.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors, 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

&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;

&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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. OTHER RISKS (continued)

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.

&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. 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.

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**83**

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

## Report of Independent Registered Public

## Accounting Firm
To the Board of Trustees of Goldman Sachs ETF Trust II and Shareholders of Goldman Sachs MarketBeta Total International Equity ETF and Goldman Sachs MarketBeta U.S. 1000 Equity ETF

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs MarketBeta Total International Equity ETF and Goldman Sachs MarketBeta U.S. 1000 Equity ETF (two of the funds constituting Goldman Sachs ETF Trust II, hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations for the year ended August 31, 2025, the statements of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2025 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 27, 2025

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

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<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited)</u> 

#### Background
The Goldman Sachs MarketBeta Total International Equity ETF and Goldman Sachs MarketBeta U.S. 1000 Equity ETF (each, a "Fund") are investment portfolios of Goldman Sachs ETF Trust II (the "Trust"). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust's investment management agreement (the "Management Agreement") with Goldman Sachs Asset Management, L.P. (the "Investment Adviser") on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2026 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or "interested persons" (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the "Independent Trustees"), at a meeting held on June 17-18, 2025 (the "Annual Meeting").

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the "Committee"), comprised of the Independent Trustees. The Committee held six meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) trends in employee headcount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Investment Adviser's financial resources and ability to hire and retain talented personnel and strengthen its operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the parent company's support of the Investment Adviser and its registered fund business, as expressed by the firm's senior management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) information on the investment performance of the Fund, including comparisons to (i) the performance of similar exchange-traded funds ("ETFs"), as provided by a third-party fund data provider engaged as part of the contract review process (the "Outside Data Provider"); (ii) its underlying index; and (iii) information on general investment outlooks in the markets in which the Fund invests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the terms of the Management Agreement entered into by the Trust on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) fee and expense information for the Fund, including the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) with respect to the investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) information relating to the profitability of the Management Agreement to the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) whether the Fund's existing management fee schedule adequately addressed any economies of scale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a summary of the "fall-out" benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser's general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the Investment Adviser's processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund's compliance program; and periodic compliance reports.

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**85**

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<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

#### Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the Investment Adviser's commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and its service providers operate, including developments associated with geopolitical events and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. They also noted the changes in the Investment Adviser's senior management personnel and in the personnel of various of the Investment Adviser's portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. The Trustees considered that under the Management Agreement, each Fund pays a single fee to the Investment Adviser, and the Investment Adviser pays each Fund's ordinary operating expenses, excluding payments under each 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. The Trustees also considered information about each Fund's structure, investment objective, strategies and other characteristics. In particular, they noted that the Funds are passively-managed ETFs that seek to track an index developed and maintained by a third-party service provider. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Funds. In particular, the Trustees considered the Investment Adviser's extensive experience in managing investment strategies similar to those of the Funds. The Trustees also considered information regarding the Investment Adviser's efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

#### Investment Performance
The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings compiled by the Outside Data Provider as of December 31, 2024, and updated information prepared by the Investment Adviser regarding the Fund's category rankings using the peer group identified by the Outside Data Provider as of March 31, 2025. The information on each Fund's investment performance was provided for the one-year period ending on the applicable dates. As part of this review, they reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing each Fund's performance to that of its respective index. The Trustees observed that the Fund's investment performance was consistent with the investment objective of tracking its index.

In addition, the Trustees considered the Investment Adviser's periodic reports with respect to the Funds' risk profiles, and how the Investment Adviser's approach to risk monitoring and management influences portfolio management.

#### Unitary Fee Structure
The Trustees considered the unitary management fee rate payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single fee to the Investment Adviser, and the Investment Adviser then pays all of each Fund's ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and non-advisory services that were directed to the needs and operations of the Funds as ETFs.

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

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund's management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared each Fund's overall net and gross expenses to a peer group and a category universe; and data comparing each Fund's net expenses to the peer and category medians. The Trustees also considered information regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Funds' fee rates and expense ratios to those of relevant peer funds were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. The Trustees concluded that the comparisons provided by the Outside Data Provider and the Investment Adviser were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds. They also noted that shareholders are able to sell their Fund shares on the secondary market if they believe that Fund fees and expenses are too high or if they are dissatisfied with the performance of a Fund.

The Trustees considered that license fees would be payable by the Investment Adviser to Solactive AG for the use of its indices.

#### Profitability
The Trustees reviewed each Fund's contribution to the Investment Adviser's revenues and pre-tax profit margins. In this regard, the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules with respect to the Fund for various functions, and information on the Investment Adviser's expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC ("Goldman Sachs") organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser's expense allocation methodology and profitability analysis calculations. Profitability data for each Fund was provided for 2024 and 2023. The Trustees considered this information in relation to the Investment Adviser's overall profitability.

#### Economies of Scale
The Trustees noted that the Funds, unlike many other ETFs, have management fee breakpoints. The Trustees considered the breakpoints in the fee rate payable under the Management Agreement at the following annual percentage rates of the average daily net assets of the Funds:

---

| | |
|:---|:---|
|  | **Goldman Sachs<br>MarketBeta Total<br>International Equity ETF** |
|  First $100 million | 0.20% |
|  Next $400 million | 0.18 |
|  Next $500 million | 0.12 |
|  Over $1 billion | 0.10 |
|  | **Goldman Sachs<br>MarketBeta U.S. 1000<br>Equity ETF** |
|  First $300 million | 0.15% |
|  Next $700 million | 0.10 |
|  Next $4 billion | 0.09 |
|  Over $5 billion | 0.08 |

---

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with each Fund and its shareholders as assets under management reach those asset levels. The Trustees considered the amount of assets in each Fund and information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group. Upon reviewing these matters, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of each Fund, which each had asset levels above the second breakpoint during the prior fiscal year.

#### Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (b) fees earned by the Investment Adviser for managing the funds in which the Funds' securities lending cash collateral is invested; (c) the Investment Adviser's ability to leverage the infrastructure designed

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**87**

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

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

to service the Funds on behalf of its other clients; (d) the Investment Adviser's ability to cross-market other products and services to Fund shareholders; (e) the Investment Adviser's ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (f) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (g) the possibility that the working relationship between the Investment Adviser and the Funds' third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

#### Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser's ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser's knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser's ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds' access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) the Funds' access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the ETF marketplace, and considered that many of the Funds' shareholders invested in the Funds in part because of the Funds' relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

#### Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary fee paid by each Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser's costs and each Fund's current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser's continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2026.

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#### Goldman Sachs MarketBeta ETFs II — Tax Information (Unaudited)
From distributions paid during the fiscal year ended August 31, 2025, the total amount of income received by the MarketBeta Total International Equity ETF from sources within foreign countries and possessions of the United States was $1.1562 per share, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid from foreign sources by the MarketBeta Total International Equity ETF was 82.39%. The total amount of taxes paid by the MarketBeta Total International Equity ETF to foreign countries was $0.1463 per share.

For the fiscal year ended August 31, 2025, 100% and 75.21% of the dividends paid from net investment company taxable income by the MarketBeta U.S. 1000 Equity ETF and MarketBeta Total International Equity ETF, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

For the fiscal year ended August 31, 2025, 95.91% of the dividends paid from net investment company taxable income by MarketBeta U.S. 1000 Equity ETF qualify for the dividends received deduction available to corporations.

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**89**

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![LOGO](g936516g90a90.jpg)

TRUSTEES OFFICERS Gregory G. Weaver, Chair James A. McNamara, President Cheryl K. Beebe Joseph F. DiMaria, Principal Financial Officer, Dwight L. Bush Principal Accounting Officer and Treasurer Kathryn A. Cassidy Robert Griffith, Secretary John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener THE BANK OF NEW YORK MELLON Transfer Agent ALPS DISTRIBUTORS, INC. Distributor GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282© 2025 Goldman Sachs. All rights reserved. MKTBETAIIETFAR-25

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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.

The Funds' statement regarding the basis for approval of their investment advisory contract is included in Item 7 of this report.

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.  |

---

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

------

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.](d936516dex99cert.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.](d936516dex99906cert.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.

---

| | |
|:---|:---|
|  | Goldman Sachs ETF Trust II |
| By: | /s/ James A. McNamara |
|  | James A. McNamara |
|  | Principal Executive Officer |
|  | Goldman Sachs ETF Trust II |
| Date: | November 4, 2025 |

---

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: | November 4, 2025 |
| By: | /s/ Joseph F. DiMaria |
|  | Joseph F. DiMaria |
|  | Principal Financial Officer |
|  | Goldman Sachs ETF Trust II |
| Date: | November 4, 2025 |

---

## 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: November 4, 2025

---

| |
|:---|
|  /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: November 4, 2025

---

| |
|:---|
|  /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 August 31, 2025 (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: November 4, 2025 | Date: November 4, 2025 |

---

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.